UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-6093
Name of Registrant: Vanguard Institutional Index Funds
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2012 – June 30, 2012
Item 1: Reports to Shareholders
 |
| |
| Semiannual Report | June 30, 2012 |
| Vanguard Institutional Index Fund |
> For the six months ended June 30, 2012, Vanguard Institutional Index Fund closely tracked the 9.49% return of its benchmark, the Standard & Poor’s 500 Index.
> The fund’s performance mirrored that of the broad U.S. stock market, largely rising and retreating with shifting uncertainties on the global stage.
> The information technology, financial, and consumer discretionary sectors contributed most to returns; energy stocks weighed on performance.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Fund Profile. | 7 |
| Performance Summary. | 8 |
| Financial Statements. | 9 |
| About Your Fund’s Expenses. | 24 |
| Trustees Approve Advisory Arrangement. | 26 |
| Glossary. | 27 |
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.
See the Glossary for definitions of investment terms used in this report.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.
Your Fund’s Total Returns
| |
| Six Months Ended June 30, 2012 | |
| | Total |
| | Returns |
| Vanguard Institutional Index Fund | |
| Institutional Shares | 9.48% |
| Institutional Plus Shares | 9.48 |
| S&P 500 Index | 9.49 |
| Large-Cap Core Funds Average | 7.96 |
| Large-Cap Core Funds Average: Derived from data provided by Lipper Inc. | |
Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| December 31, 2011, Through June 30, 2012 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Institutional Index Fund | | | | |
| Institutional Shares | $115.04 | $124.74 | $1.203 | $0.000 |
| Institutional Plus Shares | 115.05 | 124.74 | 1.215 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
The Standard & Poor’s 500 Index began the six months ended June 30, 2012, with its best first-quarter return since 1998. The second quarter, however, was rockier as investors wrestled with both renewed anxiety about Europe’s debt crisis and fear of a global economic slowdown; in May, U.S. stock markets skidded into negative territory. Vanguard Institutional Index Fund delivered a solid return of about 9% for the half-year, closely tracking the S&P 500 Index and exceeding the average return of its peer group, large-capitalization core funds.
With the exception of energy, each of the ten stock sectors posted positive returns for the period. Information technology, financial, and consumer discretionary stocks contributed most to the overall result of the index.
In case you missed our announcement last month, George U. “Gus” Sauter, managing director and chief investment officer of Vanguard, plans to retire at the end of 2012. It’s hard to overstate the contributions that Gus has made to Vanguard in his 25-year career. He honed the strategy and built the team that have helped make Vanguard a world-class leader in indexing, he developed our active quantitative equity strategies, and he has been our chief investment officer since 2003.
We’re fortunate that Mortimer J. “Tim” Buckley, also a managing director, will succeed Gus. Tim has been a member
2
of Vanguard’s senior staff since 2001 and has directed Vanguard’s Retail Investor Group since 2006. I’ll have more to say about Gus’s retirement at the end of the year.
U.S. stocks delivered strong returns, but Europe remained a trouble spot
U.S. stocks were the standout performers for the six months ended June 30, returning about 9%. Domestic equities seemed to benefit from the perception that they offered some shelter from the storms roiling European markets. International stocks didn’t fare as well, returning about 3%. European stocks were the weakest performers. Returns for emerging markets and the developed markets of the Pacific region were restrained by signs of slowing growth.
Throughout the period, investors were preoccupied with Europe’s debt troubles, and global stock markets moved sharply up and down depending on whether the latest news from the region was positive or negative. Vanguard economists expect Europe to remain a trouble spot. The most likely scenario is that it will “muddle through” for several years, with occasional spikes in market volatility, as fiscal tightening continues in the face of weak economic growth.
Investors’ appetite for Treasuries drove 10-year yield to a new low
Amid the turmoil in Europe, U.S. Treasury securities continued to benefit from a “flight to quality.” Investor demand nudged bond prices higher, and in early
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended June 30, 2012 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 9.38% | 4.37% | 0.39% |
| Russell 2000 Index (Small-caps) | 8.53 | -2.08 | 0.54 |
| Dow Jones U.S. Total Stock Market Index | 9.45 | 3.78 | 0.63 |
| MSCI All Country World Index ex USA (International) | 2.77 | -14.57 | -4.62 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable | | | |
| market) | 2.37% | 7.47% | 6.79% |
| Barclays Municipal Bond Index (Broad tax-exempt | | | |
| market) | 3.66 | 9.90 | 5.95 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.03 | 0.04 | 0.87 |
| |
| CPI | | | |
| Consumer Price Index | 1.69% | 1.66% | 1.95% |
3
June, the yield of the 10-year U.S. Treasury note slipped below 1.5% for the first time. (Bond yields and prices move in opposite directions.) It’s worth remembering that low yields do imply lower future returns: As yields tumble, the scope for further declines—and price increases—diminishes.
The broad U.S. taxable bond market posted a return of about 2% for the half-year. Municipal bonds remained a bright spot, delivering a return of more than 3%.
As it has since December 2008, the Federal Reserve Board held its target for the shortest-term interest rates between 0% and 0.25%. That policy has kept a tight lid on the returns from money market funds and savings accounts.
Second-quarter retreat didn’t fully erase stocks’ strong start
The Institutional Index Fund gained over 12% in the first quarter, then fell about 3% in the second. As I mentioned earlier in this letter, much of the fluctuation was driven by uncertainties about the solvency of European banks and governments. A slowdown in global growth, notably in China, and an uneven U.S. recovery also took a toll.
Still, the Institutional Index Fund delivered a strong performance for the half-year. In addition to the first-quarter gains—when the U.S. recovery appeared stronger and the European crisis seemed to stabilize—the index got a lift on the last trading day of the period as stocks rallied in the wake of an agreement by policymakers to aid European banks.
Information technology, the index’s largest sector and one of the market’s best performers for the period, contributed more than a quarter of the index’s total return for the period. The sector’s star holdings included companies that make tablet computers and smartphones. Other standouts included software manufacturers, IT consulting firms, and data processors. Tech companies as a whole benefited from investor optimism at the beginning of the period that a stronger economy would lead to greater consumer and business demand.
Financials, the second-largest sector in the index, contributed nearly a fifth of the index’s overall return. Although financial companies have struggled since the 2008 credit crisis, they have rebounded over the past six months. Among the best results came from banks whose mortgage-lending businesses improved as they overcame some of the legacies associated with the deep recession and weak housing market.
The consumer discretionary sector was the next-largest contributor to returns. Media companies, including cable and satellite operators and moviemakers, produced the strongest results. Specialty retailers and online shopping outlets also were bright spots. U.S. consumers benefited from lower gas prices, which provided them with some newfound savings to spend on other items. U.S. retail sales were stronger at the start of the period, but turned mixed toward the end as consumer confidence waned.
4
The energy sector was the market’s weakest performer, returning about –2% for the six months. Investors have grown increasingly concerned over softening global demand for oil and its potential effect on the sector’s profitability.
Good news: Investors are smart, and they’re getting smarter
In recent years, I’ve often written in this space about the challenges facing investors, both individuals and institutions, from the 2008–2009 financial crisis to the more recent volatility caused by Europe’s debt troubles. Bad news inevitably seems to grab attention, and it’s our responsibility to speak to you candidly about these difficulties and to offer Vanguard’s perspective.
In the interest of presenting a full picture, I think it’s also our responsibility to point out positive developments that may not have received much attention. On that score, I want to tell you that I’ve been especially heartened to see individual investors become more discerning over time, particularly about the costs of investing. Institutional investors have long paid close attention to their investment costs, and it’s encouraging to see individual investors adopt a similar focus.
As I said in a recent address to financial advisors, “Individual investors are smart and getting smarter. And that’s a good thing. Increasingly, they are bringing a healthy consumer mentality to their investment portfolios. They want to know what they are buying and how much they are paying for it.”
Vanguard research confirms that over the past decade investors have displayed a growing cost consciousness, directing a larger share of their money to low-cost investments. You can read the full report —Costs Matter: Are Fund Investors Voting With Their Feet?— at vanguard.com/ research. In our view, investors are serving their interests by focusing on costs.
And, of course, important regulatory developments within the world of retirement plans have heightened scrutiny on investment fees for plan sponsors and participants. We have been working hard with our institutional clients to implement fee disclosures for both plan sponsors and participants. We consider these regulatory changes, though complex and a challenge for the industry, to be positive developments.
5
As you know, we have been consistent advocates of the benefits of low-cost investing in retirement plans and elsewhere. We continue to believe that holding a balanced and diversified portfolio of low-cost investments can give investors a greater chance of reaching their long-term financial goals. Vanguard Institutional Index Fund, with its broad diversification and low-cost exposure to the large-cap segment of the U.S. stock market, can play an important role in such a portfolio.
As always, thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 19, 2012
6
Institutional Index Fund
Fund Profile
As of June 30, 2012
| | |
| Share-Class Characteristics | |
| | Institutional | Institutional |
| | Shares | Plus Shares |
| Ticker Symbol | VINIX | VIIIX |
| Expense Ratio1 | 0.04% | 0.02% |
| 30-Day SEC Yield | 2.26% | 2.28% |
| | | |
| Portfolio Characteristics | | |
| | | | DJ |
| | | | U.S. Total |
| | | S&P 500 | Market |
| | Fund | Index | Index |
| Number of Stocks | 503 | 500 | 3,694 |
| Median Market Cap | $56.8B | $56.8B | $33.1B |
| Price/Earnings Ratio | 15.3x | 15.3x | 16.1x |
| Price/Book Ratio | 2.2x | 2.2x | 2.1x |
| Return on Equity | 19.8% | 19.7% | 18.1% |
| Earnings Growth Rate | 9.7% | 9.7% | 9.4% |
| Dividend Yield | 2.2% | 2.2% | 2.1% |
| Foreign Holdings | 0.0% | 0.0% | 0.0% |
| Turnover Rate | | | |
| (Annualized) | 3% | — | — |
| Short-Term Reserves | -0.1% | — | — |
| | | |
| Sector Diversification (% of equity exposure) |
| | | | DJ |
| | | | U.S. Total |
| | | S&P 500 | Market |
| | Fund | Index | Index |
| Consumer Discretionary | 10.9% | 11.0% | 11.9% |
| Consumer Staples | 11.3 | 11.3 | 9.8 |
| Energy | 10.8 | 10.8 | 10.0 |
| Financials | 14.4 | 14.4 | 15.9 |
| Health Care | 12.0 | 12.0 | 12.0 |
| Industrials | 10.5 | 10.5 | 10.8 |
| Information Technology | 19.8 | 19.7 | 19.1 |
| Materials | 3.4 | 3.4 | 3.9 |
| Telecommunication | | | |
| Services | 3.2 | 3.2 | 2.9 |
| Utilities | 3.7 | 3.7 | 3.7 |
| | |
| Volatility Measures | | |
| | | DJ |
| | | U.S. Total |
| | S&P 500 | Market |
| | Index | Index |
| R-Squared | 1.00 | 0.99 |
| Beta | 1.00 | 0.95 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
| | |
| Ten Largest Holdings (% of total net assets) |
| Apple Inc. | Computer | |
| | Hardware | 4.4% |
| Exxon Mobil Corp. | Integrated Oil & | |
| | Gas | 3.2 |
| Microsoft Corp. | Systems Software | 1.8 |
| International Business | IT Consulting & | |
| Machines Corp. | Other Services | 1.8 |
| General Electric Co. | Industrial | |
| | Conglomerates | 1.8 |
| AT&T Inc. | Integrated | |
| | Telecommunication | |
| | Services | 1.7 |
| Chevron Corp. | Integrated Oil & | |
| | Gas | 1.7 |
| Johnson & Johnson | Pharmaceuticals | 1.5 |
| Wells Fargo & Co. | Diversified Banks | 1.4 |
| Coca-Cola Co. | Soft Drinks | 1.4 |
| Top Ten | | 20.7% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2012. For the six months ended June 30, 2012, the annualized expense ratios were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
7
Institutional 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.
Fiscal-Year Total Returns (%): December 31, 2001, Through June 30, 2012
| | | | |
| Average Annual Total Returns: Periods Ended June 30, 2012 | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Institutional Shares | 7/31/1990 | 5.43% | 0.25% | 5.35% |
| Institutional Plus Shares | 7/7/1997 | 5.45 | 0.27 | 5.38 |
See Financial Highlights for dividend and capital gains information.
8
Institutional Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2012
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.5%)1 | | |
| Consumer Discretionary (10.9%) | |
| | McDonald’s Corp. | 9,015,849 | 798,173 |
| | Walt Disney Co. | 15,856,960 | 769,063 |
| | Comcast Corp. Class A | 23,075,079 | 737,710 |
| * | Amazon.com Inc. | 3,197,551 | 730,161 |
| | Home Depot Inc. | 13,579,565 | 719,581 |
| | News Corp. Class A | 18,690,990 | 416,622 |
| | Starbucks Corp. | 6,729,322 | 358,808 |
| | Target Corp. | 5,866,150 | 341,351 |
| | Time Warner Inc. | 8,516,314 | 327,878 |
| | Ford Motor Co. | 33,858,216 | 324,700 |
| | Lowe’s Cos. Inc. | 10,439,741 | 296,906 |
| * | priceline.com Inc. | 441,761 | 293,559 |
| | NIKE Inc. Class B | 3,253,262 | 285,571 |
| * | DIRECTV Class A | 5,811,152 | 283,701 |
| | TJX Cos. Inc. | 6,573,722 | 282,210 |
| | Yum! Brands Inc. | 4,086,097 | 263,226 |
| | Time Warner Cable Inc. | 2,772,531 | 227,625 |
| | Viacom Inc. Class B | 4,682,910 | 220,190 |
| | CBS Corp. Class B | 5,750,397 | 188,498 |
| | Johnson Controls Inc. | 6,034,844 | 167,226 |
| | Coach Inc. | 2,549,639 | 149,103 |
| | Carnival Corp. | 4,020,591 | 137,786 |
| * | Bed Bath & Beyond Inc. | 2,061,872 | 127,424 |
| | Macy’s Inc. | 3,665,643 | 125,915 |
| | Ross Stores Inc. | 2,000,581 | 124,976 |
| * | Discovery Communications | |
| | Inc. Class A | 2,261,153 | 122,102 |
| | Omnicom Group Inc. | 2,417,846 | 117,507 |
| | McGraw-Hill Cos. Inc. | 2,480,595 | 111,627 |
| * | Dollar Tree Inc. | 2,057,212 | 110,678 |
| * | Chipotle Mexican Grill Inc. | | |
| | Class A | 281,164 | 106,828 |
| | VF Corp. | 767,697 | 102,449 |
| | Mattel Inc. | 3,021,870 | 98,030 |
| | Kohl’s Corp. | 2,127,534 | 96,782 |
| | Harley-Davidson Inc. | 2,054,173 | 93,937 |
| * | O’Reilly Automotive Inc. | 1,118,288 | 93,679 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Starwood Hotels & | | |
| | Resorts Worldwide Inc. | 1,753,733 | 93,018 |
| | Marriott International Inc. | | |
| | Class A | 2,349,535 | 92,102 |
| | Limited Brands Inc. | 2,143,887 | 91,180 |
| * | AutoZone Inc. | 236,447 | 86,816 |
| | Genuine Parts Co. | 1,383,357 | 83,347 |
| | Gap Inc. | 2,951,690 | 80,758 |
| | Ralph Lauren Corp. | | |
| | Class A | 575,821 | 80,650 |
| | Staples Inc. | 6,112,341 | 79,766 |
| | Wynn Resorts Ltd. | 704,552 | 73,076 |
| | Nordstrom Inc. | 1,420,652 | 70,592 |
| | Family Dollar Stores Inc. | 1,035,348 | 68,830 |
| | Wyndham | | |
| | Worldwide Corp. | 1,294,109 | 68,251 |
| * | BorgWarner Inc. | 1,016,595 | 66,679 |
| | Tiffany & Co. | 1,124,563 | 59,546 |
| | Darden Restaurants Inc. | 1,141,122 | 57,775 |
| * | CarMax Inc. | 2,024,924 | 52,527 |
| | Best Buy Co. Inc. | 2,459,544 | 51,552 |
| | Scripps Networks | | |
| | Interactive Inc. Class A | 822,586 | 46,772 |
| | Newell Rubbermaid Inc. | 2,572,561 | 46,666 |
| | DR Horton Inc. | 2,486,145 | 45,695 |
| | Lennar Corp. Class A | 1,444,001 | 44,634 |
| | Interpublic Group of | | |
| | Cos. Inc. | 3,931,590 | 42,658 |
| | Whirlpool Corp. | 685,581 | 41,930 |
| | H&R Block Inc. | 2,605,094 | 41,629 |
| | International Game | | |
| | Technology | 2,617,819 | 41,231 |
| | Expedia Inc. | 800,137 | 38,463 |
| * | TripAdvisor Inc. | 845,023 | 37,764 |
| * | Fossil Inc. | 461,730 | 35,341 |
| | Hasbro Inc. | 1,035,051 | 35,057 |
| * | Apollo Group Inc. Class A | 952,178 | 34,459 |
| * | Netflix Inc. | 492,350 | 33,711 |
| * | PulteGroup Inc. | 2,994,025 | 32,036 |
| | Gannett Co. Inc. | 2,083,554 | 30,691 |
9
Institutional Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | JC Penney Co. Inc. | 1,298,825 | 30,276 |
| * | Urban Outfitters Inc. | 988,867 | 27,283 |
| | Comcast Corp. | 844,535 | 26,518 |
| | Leggett & Platt Inc. | 1,243,176 | 26,268 |
| * | Goodyear Tire & | | |
| | Rubber Co. | 2,170,130 | 25,629 |
| | Cablevision Systems Corp. | |
| | Class A | 1,899,194 | 25,240 |
| | Abercrombie & Fitch Co. | 732,008 | 24,991 |
| | Harman International | | |
| | Industries Inc. | 625,053 | 24,752 |
| * | Big Lots Inc. | 564,928 | 23,043 |
| ^ | GameStop Corp. Class A | 1,155,420 | 21,214 |
| *,^ | Sears Holdings Corp. | 339,264 | 20,254 |
| | DeVry Inc. | 522,514 | 16,182 |
| | Washington Post Co. | | |
| | Class B | 42,614 | 15,930 |
| *,^ | AutoNation Inc. | 368,343 | 12,995 |
| | | | 11,957,359 |
| Consumer Staples (11.2%) | | |
| | Coca-Cola Co. | 20,014,011 | 1,564,896 |
| | Procter & Gamble Co. | 24,309,195 | 1,488,938 |
| | Philip Morris | | |
| | International Inc. | 15,131,178 | 1,320,347 |
| | Wal-Mart Stores Inc. | 15,309,030 | 1,067,346 |
| | PepsiCo Inc. | 13,875,020 | 980,409 |
| | Altria Group Inc. | 18,052,562 | 623,716 |
| | Kraft Foods Inc. | 15,729,470 | 607,472 |
| | CVS Caremark Corp. | 11,369,211 | 531,283 |
| | Colgate-Palmolive Co. | 4,234,032 | 440,763 |
| | Costco Wholesale Corp. | 3,835,699 | 364,391 |
| | Kimberly-Clark Corp. | 3,478,864 | 291,424 |
| | Walgreen Co. | 7,654,315 | 226,415 |
| | General Mills Inc. | 5,742,969 | 221,334 |
| | Archer-Daniels-Mid | | |
| | and Co. | 5,842,558 | 172,472 |
| | Sysco Corp. | 5,197,107 | 154,926 |
| | HJ Heinz Co. | 2,838,176 | 154,340 |
| | Lorillard Inc. | 1,158,020 | 152,801 |
| | Mead Johnson | | |
| | Nutrition Co. | 1,809,036 | 145,645 |
| | Whole Foods Market Inc. | 1,448,928 | 138,112 |
| | Reynolds American Inc. | 2,941,050 | 131,965 |
| | Kroger Co. | 4,975,140 | 115,373 |
| | Estee Lauder Cos. Inc. | | |
| | Class A | 1,999,673 | 108,222 |
| | Kellogg Co. | 2,187,465 | 107,908 |
| | Hershey Co. | 1,348,852 | 97,158 |
| * | Monster Beverage Corp. | 1,346,950 | 95,903 |
| | ConAgra Foods Inc. | 3,685,385 | 95,562 |
| | Beam Inc. | 1,398,377 | 87,385 |
| | Brown-Forman Corp. | | |
| | Class B | 881,674 | 85,390 |
| | Clorox Co. | 1,154,089 | 83,625 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dr Pepper Snapple | | |
| | Group Inc. | 1,878,742 | 82,195 |
| | JM Smucker Co. | 1,005,468 | 75,933 |
| | Coca-Cola Enterprises Inc. 2,661,147 | 74,619 |
| | McCormick & Co. Inc. | 1,176,097 | 71,330 |
| | Avon Products Inc. | 3,829,916 | 62,083 |
| | Molson Coors Brewing Co. | |
| | Class B | 1,394,105 | 58,009 |
| | Campbell Soup Co. | 1,569,577 | 52,392 |
| | Tyson Foods Inc. Class A | 2,562,525 | 48,252 |
| | Safeway Inc. | 2,131,913 | 38,694 |
| | Hormel Foods Corp. | 1,215,490 | 36,975 |
| * | Constellation Brands Inc. | | |
| | Class A | 1,353,994 | 36,639 |
| * | Dean Foods Co. | 1,636,227 | 27,865 |
| | | | 12,320,507 |
| Energy (10.8%) | | |
| | Exxon Mobil Corp. | 41,485,036 | 3,549,875 |
| | Chevron Corp. | 17,505,329 | 1,846,812 |
| | Schlumberger Ltd. | 11,830,952 | 767,947 |
| | ConocoPhillips | 11,218,784 | 626,906 |
| | Occidental Petroleum | | |
| | Corp. | 7,195,647 | 617,171 |
| | Apache Corp. | 3,467,466 | 304,756 |
| | Anadarko Petroleum Corp. 4,432,197 | 293,411 |
| | National Oilwell Varco Inc. | 3,781,402 | 243,674 |
| | Halliburton Co. | 8,188,973 | 232,485 |
| | EOG Resources Inc. | 2,391,902 | 215,534 |
| | Devon Energy Corp. | 3,587,845 | 208,059 |
| * | Phillips 66 | 5,547,477 | 184,398 |
| | Spectra Energy Corp. | 5,791,254 | 168,294 |
| | Marathon Oil Corp. | 6,257,752 | 160,011 |
| | Williams Cos. Inc. | 5,550,941 | 159,978 |
| | Baker Hughes Inc. | 3,890,321 | 159,892 |
| | Kinder Morgan Inc. | 4,480,495 | 144,362 |
| | Marathon Petroleum Corp. 3,023,029 | 135,794 |
| | Noble Energy Inc. | 1,576,746 | 133,740 |
| | Valero Energy Corp. | 4,903,244 | 118,413 |
| | Hess Corp. | 2,696,463 | 117,161 |
| | Chesapeake Energy Corp. | 5,874,176 | 109,260 |
| * | Southwestern Energy Co. | 3,088,980 | 98,631 |
| | Pioneer Natural | | |
| | Resources Co. | 1,091,592 | 96,289 |
| * | Cameron International | | |
| | Corp. | 2,185,338 | 93,336 |
| | Range Resources Corp. | 1,439,074 | 89,035 |
| | Murphy Oil Corp. | 1,722,880 | 86,644 |
| * | FMC Technologies Inc. | 2,121,625 | 83,231 |
| | Cabot Oil & Gas Corp. | 1,861,069 | 73,326 |
| | Noble Corp. | 2,238,552 | 72,820 |
| | EQT Corp. | 1,326,621 | 71,147 |
| | CONSOL Energy Inc. | 2,018,302 | 61,033 |
| | Peabody Energy Corp. | 2,417,074 | 59,267 |
| * | Denbury Resources Inc. | 3,466,302 | 52,376 |
| | QEP Resources Inc. | 1,583,034 | 47,444 |
10
Institutional Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sunoco Inc. | 939,012 | 44,603 |
| | Helmerich & Payne Inc. | 953,267 | 41,448 |
| * | Nabors Industries Ltd. | 2,574,569 | 37,074 |
| | Diamond Offshore | | |
| | Drilling Inc. | 616,944 | 36,480 |
| * | Rowan Cos. plc Class A | 1,101,316 | 35,606 |
| * | Newfield Exploration Co. | 1,195,538 | 35,041 |
| * | Tesoro Corp. | 1,244,561 | 31,064 |
| * | WPX Energy Inc. | 1,763,689 | 28,536 |
| * | Alpha Natural | | |
| | Resources Inc. | 1,955,148 | 17,029 |
| | | | 11,789,393 |
| Financials (14.3%) | | |
| | Wells Fargo & Co. | 47,143,067 | 1,576,464 |
| | JPMorgan Chase & Co. | 33,771,406 | 1,206,652 |
| * | Berkshire Hathaway Inc. | | |
| | Class B | 14,462,874 | 1,205,191 |
| | Bank of America Corp. | 95,607,442 | 782,069 |
| | Citigroup Inc. | 26,013,255 | 713,023 |
| | US Bancorp | 16,804,786 | 540,442 |
| | American Express Co. | 8,883,319 | 517,098 |
| | Simon Property Group Inc. | 2,689,026 | 418,574 |
| | Goldman Sachs Group Inc. | 4,363,856 | 418,319 |
| | MetLife Inc. | 9,422,306 | 290,678 |
| | PNC Financial Services | | |
| | Group Inc. | 4,691,389 | 286,691 |
| | Capital One | | |
| | Financial Corp. | 5,148,800 | 281,433 |
| | American Tower | | |
| | Corporation | 3,500,773 | 244,739 |
| | Bank of New York | | |
| | Mellon Corp. | 10,581,835 | 232,271 |
| | ACE Ltd. | 3,004,960 | 222,758 |
| | Travelers Cos. Inc. | 3,451,551 | 220,347 |
| | Prudential Financial Inc. | 4,161,004 | 201,517 |
| | Morgan Stanley | 13,511,150 | 197,128 |
| | State Street Corp. | 4,334,887 | 193,509 |
| | BlackRock Inc. | 1,137,013 | 193,088 |
| | BB&T Corp. | 6,198,421 | 191,221 |
| | Public Storage | 1,262,909 | 182,377 |
| * | American International | | |
| | Group Inc. | 5,673,960 | 182,077 |
| | Aflac Inc. | 4,148,863 | 176,700 |
| | Chubb Corp. | 2,395,093 | 174,411 |
| | Equity Residential | 2,667,204 | 166,327 |
| | HCP Inc. | 3,721,905 | 164,322 |
| | Discover Financial | | |
| | Services | 4,705,103 | 162,703 |
| | Ventas Inc. | 2,564,318 | 161,860 |
| | CME Group Inc. | 589,697 | 158,104 |
| | Marsh & McLennan | | |
| | Cos. Inc. | 4,840,780 | 156,018 |
| | Allstate Corp. | 4,359,466 | 152,974 |
| | Boston Properties Inc. | 1,329,273 | 144,053 |
| | T. Rowe Price Group Inc. | 2,263,331 | 142,499 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Franklin Resources Inc. | 1,259,612 | 139,804 |
| | Vornado Realty Trust | 1,646,463 | 138,270 |
| | Prologis Inc. | 4,083,152 | 135,683 |
| | Aon plc | 2,896,122 | 135,481 |
| | Charles Schwab Corp. | 9,596,545 | 124,083 |
| | AvalonBay Communities | | |
| | Inc. | 845,675 | 119,646 |
| | SunTrust Banks Inc. | 4,772,924 | 115,648 |
| | Progressive Corp. | 5,407,260 | 112,633 |
| | Loews Corp. | 2,709,989 | 110,866 |
| | Health Care REIT Inc. | 1,896,353 | 110,557 |
| | Fifth Third Bancorp | 8,159,737 | 109,341 |
| | Weyerhaeuser Co. | 4,768,574 | 106,625 |
| | Ameriprise Financial Inc. | 1,938,928 | 101,328 |
| | Host Hotels & | | |
| | Resorts Inc. | 6,374,075 | 100,838 |
| | Northern Trust Corp. | 2,139,678 | 98,468 |
| * | Berkshire Hathaway Inc. | | |
| | Class A | 759 | 94,833 |
| | M&T Bank Corp. | 1,122,958 | 92,723 |
| | Invesco Ltd. | 3,976,992 | 89,880 |
| * | IntercontinentalExchange | | |
| | Inc. | 645,218 | 87,737 |
| | Regions Financial Corp. | 12,532,081 | 84,592 |
| | Principal Financial | | |
| | Group Inc. | 2,662,079 | 69,826 |
| | Hartford Financial | | |
| | Services Group Inc. | 3,910,162 | 68,936 |
| | Kimco Realty Corp. | 3,609,217 | 68,683 |
| | SLM Corp. | 4,325,389 | 67,952 |
| | KeyCorp | 8,453,693 | 65,432 |
| | Moody’s Corp. | 1,753,820 | 64,102 |
| | XL Group plc Class A | 2,764,745 | 58,170 |
| | NYSE Euronext | 2,252,952 | 57,631 |
| | Plum Creek Timber | | |
| | Co. Inc. | 1,432,450 | 56,868 |
| | Lincoln National Corp. | 2,531,594 | 55,366 |
| | Cincinnati Financial Corp. | 1,439,841 | 54,815 |
| | Comerica Inc. | 1,744,420 | 53,571 |
| | Huntington Bancshares | | |
| | Inc. | 7,672,798 | 49,106 |
| | Unum Group | 2,536,522 | 48,524 |
| * | CBRE Group Inc. Class A | 2,910,008 | 47,608 |
| | Torchmark Corp. | 873,667 | 44,164 |
| | Leucadia National Corp. | 1,756,942 | 37,370 |
| | People’s United | | |
| | Financial Inc. | 3,156,212 | 36,644 |
| | Apartment Investment & | | |
| | Management Co. | | |
| | Class A | 1,252,945 | 33,867 |
| | Zions Bancorporation | 1,633,571 | 31,724 |
| | Hudson City Bancorp Inc. | 4,683,553 | 29,834 |
| | Legg Mason Inc. | 1,114,393 | 29,387 |
| | Assurant Inc. | 760,371 | 26,491 |
11
Institutional Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Genworth Financial Inc. | | |
| | Class A | 4,358,736 | 24,670 |
| | NASDAQ OMX Group Inc. | 1,085,602 | 24,611 |
| | First Horizon | | |
| | National Corp. | 2,240,647 | 19,382 |
| * | E*TRADE Financial Corp. | 2,256,677 | 18,144 |
| ^ | Federated Investors Inc. | | |
| | Class B | 822,304 | 17,967 |
| | | | 15,727,518 |
| Health Care (11.9%) | | |
| | Johnson & Johnson | 24,364,764 | 1,646,083 |
| | Pfizer Inc. | 66,431,881 | 1,527,933 |
| | Merck & Co. Inc. | 26,983,720 | 1,126,570 |
| | Abbott Laboratories | 13,958,630 | 899,913 |
| | Bristol-Myers Squibb Co. | 14,985,183 | 538,717 |
| | UnitedHealth Group Inc. | 9,203,963 | 538,432 |
| | Amgen Inc. | 6,899,702 | 503,954 |
| * | Express Scripts | | |
| | Holding Co. | 7,146,139 | 398,969 |
| | Eli Lilly & Co. | 9,059,650 | 388,750 |
| | Medtronic Inc. | 9,231,995 | 357,555 |
| * | Gilead Sciences Inc. | 6,718,870 | 344,544 |
| * | Biogen Idec Inc. | 2,125,390 | 306,864 |
| | Baxter International Inc. | 4,884,889 | 259,632 |
| | Allergan Inc. | 2,728,437 | 252,571 |
| * | Celgene Corp. | 3,908,132 | 250,746 |
| | Covidien plc | 4,278,846 | 228,918 |
| | McKesson Corp. | 2,088,529 | 195,800 |
| * | Intuitive Surgical Inc. | 352,240 | 195,067 |
| | WellPoint Inc. | 2,935,149 | 187,233 |
| * | Alexion Pharmaceuticals | | |
| | Inc. | 1,704,277 | 169,235 |
| | Thermo Fisher Scientific | | |
| | Inc. | 3,258,827 | 169,166 |
| | Stryker Corp. | 2,872,822 | 158,292 |
| | Becton Dickinson and Co. | 1,797,735 | 134,381 |
| | Cardinal Health Inc. | 3,069,266 | 128,909 |
| | Agilent Technologies Inc. | 3,081,902 | 120,934 |
| | Aetna Inc. | 3,080,959 | 119,449 |
| | Cigna Corp. | 2,557,040 | 112,510 |
| | Humana Inc. | 1,447,266 | 112,076 |
| | St. Jude Medical Inc. | 2,783,242 | 111,079 |
| * | Cerner Corp. | 1,300,134 | 107,469 |
| * | Edwards Lifesciences | | |
| | Corp. | 1,016,370 | 104,991 |
| | Zimmer Holdings Inc. | 1,562,145 | 100,540 |
| | Perrigo Co. | 828,597 | 97,716 |
| | AmerisourceBergen Corp. | | |
| | Class A | 2,224,388 | 87,530 |
| | Quest Diagnostics Inc. | 1,407,688 | 84,320 |
| * | Watson Pharmaceuticals | | |
| | Inc. | 1,130,083 | 83,615 |
| * | Forest Laboratories Inc. | 2,357,449 | 82,487 |
| * | DaVita Inc. | 833,914 | 81,899 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Mylan Inc. | 3,803,344 | 81,277 |
| | CR Bard Inc. | 744,755 | 80,016 |
| * | Laboratory Corp. of | | |
| | America Holdings | 858,544 | 79,510 |
| * | Boston Scientific Corp. | 12,676,644 | 71,877 |
| * | Life Technologies Corp. | 1,583,881 | 71,259 |
| * | Waters Corp. | 788,617 | 62,671 |
| * | Varian Medical | | |
| | Systems Inc. | 989,019 | 60,103 |
| * | Hospira Inc. | 1,465,413 | 51,260 |
| * | CareFusion Corp. | 1,969,258 | 50,571 |
| | DENTSPLY International | | |
| | Inc. | 1,257,834 | 47,559 |
| | Coventry Health Care Inc. | 1,267,754 | 40,302 |
| | Patterson Cos. Inc. | 777,495 | 26,800 |
| | PerkinElmer Inc. | 1,010,044 | 26,059 |
| * | Tenet Healthcare Corp. | 3,669,745 | 19,229 |
| | | | 13,083,342 |
| Industrials (10.4%) | | |
| | General Electric Co. | 93,997,409 | 1,958,906 |
| | United Parcel Service Inc. | | |
| | Class B | 8,512,373 | 670,435 |
| | United Technologies Corp. | 8,085,318 | 610,684 |
| | 3M Co. | 6,155,901 | 551,569 |
| | Union Pacific Corp. | 4,224,949 | 504,079 |
| | Boeing Co. | 6,645,406 | 493,754 |
| | Caterpillar Inc. | 5,787,426 | 491,410 |
| | Honeywell International | | |
| | Inc. | 6,912,774 | 386,009 |
| | Emerson Electric Co. | 6,508,545 | 303,168 |
| | Deere & Co. | 3,528,700 | 285,366 |
| | Danaher Corp. | 5,101,306 | 265,676 |
| | FedEx Corp. | 2,797,967 | 256,322 |
| | Illinois Tool Works Inc. | 4,235,194 | 223,999 |
| | Tyco International Ltd. | 4,106,559 | 217,032 |
| | Precision Castparts Corp. | 1,289,232 | 212,066 |
| | General Dynamics Corp. | 3,199,356 | 211,030 |
| | Norfolk Southern Corp. | 2,890,260 | 207,434 |
| | CSX Corp. | 9,219,436 | 206,147 |
| | Lockheed Martin Corp. | 2,361,839 | 205,669 |
| | Raytheon Co. | 2,957,478 | 167,364 |
| | Cummins Inc. | 1,705,202 | 165,251 |
| | Northrop Grumman Corp. | 2,231,501 | 142,347 |
| | Goodrich Corp. | 1,117,214 | 141,774 |
| | Waste Management Inc. | 4,105,006 | 137,107 |
| | PACCAR Inc. | 3,163,386 | 123,973 |
| | Eaton Corp. | 2,994,900 | 118,688 |
| | Ingersoll-Rand plc | 2,649,370 | 111,750 |
| | Fastenal Co. | 2,619,151 | 105,578 |
| | WW Grainger Inc. | 541,215 | 103,502 |
| | Parker Hannifin Corp. | 1,339,703 | 102,996 |
| | Stanley Black & Decker | | |
| | Inc. | 1,515,629 | 97,546 |
| | Cooper Industries plc | 1,411,418 | 96,231 |
12
Institutional Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dover Corp. | 1,629,401 | 87,352 |
| | Roper Industries Inc. | 864,487 | 85,221 |
| | CH Robinson Worldwide | | |
| | Inc. | 1,442,856 | 84,450 |
| | Rockwell Automation Inc. | 1,266,380 | 83,657 |
| | Fluor Corp. | 1,500,033 | 74,012 |
| | Republic Services Inc. | | |
| | Class A | 2,791,129 | 73,853 |
| | Expeditors International | | |
| | of Washington Inc. | 1,883,856 | 72,999 |
| * | Stericycle Inc. | 755,017 | 69,212 |
| | L-3 Communications | | |
| | Holdings Inc. | 864,169 | 63,957 |
| | Rockwell Collins Inc. | 1,286,454 | 63,487 |
| | Southwest Airlines Co. | 6,808,968 | 62,779 |
| | Textron Inc. | 2,485,933 | 61,825 |
| | Pall Corp. | 1,027,162 | 56,299 |
| | Flowserve Corp. | 484,880 | 55,640 |
| | Joy Global Inc. | 939,212 | 53,282 |
| | Iron Mountain Inc. | 1,519,209 | 50,073 |
| | Equifax Inc. | 1,068,292 | 49,782 |
| * | Quanta Services Inc. | 1,890,478 | 45,504 |
| | Masco Corp. | 3,168,854 | 43,952 |
| * | Jacobs Engineering | | |
| | Group Inc. | 1,145,021 | 43,351 |
| | Xylem Inc. | 1,645,612 | 41,420 |
| | Cintas Corp. | 978,436 | 37,777 |
| | Robert Half | | |
| | International Inc. | 1,267,995 | 36,227 |
| | Snap-on Inc. | 515,216 | 32,072 |
| | Dun & Bradstreet Corp. | 424,516 | 30,213 |
| ^ | Pitney Bowes Inc. | 1,775,574 | 26,580 |
| | Avery Dennison Corp. | 919,047 | 25,127 |
| ^ | RR Donnelley & Sons Co. | 1,598,679 | 18,816 |
| | Ryder System Inc. | 454,763 | 16,376 |
| | | | 11,420,157 |
| Information Technology (19.7%) | |
| * | Apple Inc. | 8,295,477 | 4,844,559 |
| | Microsoft Corp. | 66,330,943 | 2,029,064 |
| | International Business | | |
| | Machines Corp. | 10,233,337 | 2,001,436 |
| * | Google Inc. Class A | 2,256,059 | 1,308,672 |
| | Intel Corp. | 44,633,283 | 1,189,477 |
| | Oracle Corp. | 34,427,263 | 1,022,490 |
| | QUALCOMM Inc. | 15,208,536 | 846,811 |
| | Cisco Systems Inc. | 47,524,575 | 815,997 |
| | Visa Inc. Class A | 4,417,703 | 546,161 |
| * | EMC Corp. | 18,628,193 | 477,441 |
| * | eBay Inc. | 10,195,428 | 428,310 |
| | Mastercard Inc. Class A | 941,827 | 405,089 |
| | Hewlett-Packard Co. | 17,542,707 | 352,784 |
| | Accenture plc Class A | 5,717,546 | 343,567 |
| | Texas Instruments Inc. | 10,152,636 | 291,279 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Automatic Data | | |
| | Processing Inc. | 4,339,158 | 241,517 |
| | Corning Inc. | 13,464,288 | 174,093 |
| * | Yahoo! Inc. | 10,812,495 | 171,162 |
| * | Salesforce.com Inc. | 1,224,383 | 169,283 |
| * | Dell Inc. | 13,189,931 | 165,138 |
| * | Cognizant Technology | | |
| | Solutions Corp. Class A | 2,701,522 | 162,091 |
| | Intuit Inc. | 2,605,572 | 154,641 |
| | Broadcom Corp. Class A | 4,399,772 | 148,712 |
| * | Adobe Systems Inc. | 4,401,794 | 142,486 |
| * | Citrix Systems Inc. | 1,651,285 | 138,609 |
| | Applied Materials Inc. | 11,371,776 | 130,321 |
| | Motorola Solutions Inc. | 2,590,187 | 124,614 |
| | TE Connectivity Ltd. | 3,792,037 | 121,004 |
| * | Teradata Corp. | 1,496,224 | 107,743 |
| * | NetApp Inc. | 3,219,885 | 102,457 |
| | Analog Devices Inc. | 2,645,945 | 99,673 |
| | Altera Corp. | 2,862,600 | 96,870 |
| * | Red Hat Inc. | 1,710,513 | 96,610 |
| | Xerox Corp. | 11,958,001 | 94,109 |
| * | Symantec Corp. | 6,394,922 | 93,430 |
| | Western Union Co. | 5,438,559 | 91,585 |
| | Paychex Inc. | 2,862,900 | 89,924 |
| * | Fiserv Inc. | 1,211,026 | 87,460 |
| | CA Inc. | 3,138,679 | 85,027 |
| | Seagate Technology plc | 3,293,162 | 81,440 |
| | Amphenol Corp. Class A | 1,436,932 | 78,916 |
| * | SanDisk Corp. | 2,161,114 | 78,837 |
| | Xilinx Inc. | 2,340,585 | 78,573 |
| * | Juniper Networks Inc. | 4,696,617 | 76,602 |
| * | NVIDIA Corp. | 5,488,293 | 75,848 |
| | KLA-Tencor Corp. | 1,484,154 | 73,095 |
| | Fidelity National | | |
| | Information Services Inc. | 2,117,956 | 72,180 |
| * | Autodesk Inc. | 2,038,169 | 71,315 |
| * | F5 Networks Inc. | 704,172 | 70,107 |
| * | Lam Research Corp. | 1,786,820 | 67,435 |
| | Linear Technology Corp. | 2,041,870 | 63,972 |
| * | Western Digital Corp. | 2,075,700 | 63,267 |
| * | VeriSign Inc. | 1,401,258 | 61,053 |
| * | BMC Software Inc. | 1,428,718 | 60,978 |
| | Microchip Technology Inc. | 1,717,036 | 56,800 |
| * | Micron Technology Inc. | 8,781,325 | 55,410 |
| * | Akamai Technologies Inc. | 1,590,063 | 50,484 |
| | Harris Corp. | 1,009,694 | 42,256 |
| * | Electronic Arts Inc. | 2,818,759 | 34,812 |
| | Computer Sciences Corp. | 1,376,355 | 34,161 |
| | Total System Services Inc. | 1,425,357 | 34,109 |
| | Jabil Circuit Inc. | 1,612,863 | 32,789 |
| * | LSI Corp. | 5,045,169 | 32,138 |
| * | Advanced Micro | | |
| | Devices Inc. | 5,224,497 | 29,936 |
| | SAIC Inc. | 2,453,611 | 29,738 |
13
Institutional Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Molex Inc. | 1,219,902 | 29,204 |
| | FLIR Systems Inc. | 1,367,588 | 26,668 |
| * | Teradyne Inc. | 1,655,460 | 23,276 |
| * | JDS Uniphase Corp. | 2,053,227 | 22,585 |
| | Lexmark International Inc. | | |
| | Class A | 630,841 | 16,768 |
| *,^ | First Solar Inc. | 523,283 | 7,881 |
| | | | 21,624,329 |
| Materials (3.4%) | | |
| | EI du Pont de Nemours | | |
| | & Co. | 8,313,304 | 420,404 |
| | Monsanto Co. | 4,732,567 | 391,762 |
| | Dow Chemical Co. | 10,605,228 | 334,065 |
| | Praxair Inc. | 2,650,016 | 288,136 |
| | Freeport-McMoRan | | |
| | Copper & Gold Inc. | 8,420,489 | 286,886 |
| | Newmont Mining Corp. | 4,396,492 | 213,274 |
| | Ecolab Inc. | 2,592,382 | 177,656 |
| | Air Products & | | |
| | Chemicals Inc. | 1,875,917 | 151,443 |
| | Mosaic Co. | 2,642,411 | 144,698 |
| | PPG Industries Inc. | 1,351,178 | 143,387 |
| | CF Industries Holdings | | |
| | Inc. | 582,167 | 112,789 |
| | International Paper Co. | 3,876,426 | 112,068 |
| | Nucor Corp. | 2,811,877 | 106,570 |
| | Sherwin-Williams Co. | 760,275 | 100,622 |
| | Alcoa Inc. | 9,464,648 | 82,816 |
| | Sigma-Aldrich Corp. | 1,072,687 | 79,304 |
| | FMC Corp. | 1,216,350 | 65,050 |
| | Cliffs Natural Resources | | |
| | Inc. | 1,263,763 | 62,291 |
| | Eastman Chemical Co. | 1,223,514 | 61,628 |
| | Ball Corp. | 1,389,804 | 57,052 |
| | Airgas Inc. | 613,963 | 51,579 |
| | Vulcan Materials Co. | 1,148,224 | 45,596 |
| | MeadWestvaco Corp. | 1,529,464 | 43,972 |
| | International Flavors & | | |
| | Fragrances Inc. | 719,406 | 39,423 |
| | Allegheny Technologies | | |
| | Inc. | 949,864 | 30,291 |
| | Bemis Co. Inc. | 915,018 | 28,677 |
| * | Owens-Illinois Inc. | 1,462,588 | 28,038 |
| | Sealed Air Corp. | 1,721,332 | 26,577 |
| | United States Steel Corp. | 1,278,121 | 26,329 |
| | Titanium Metals Corp. | 729,452 | 8,250 |
| | | | 3,720,633 |
| Telecommunication Services (3.2%) | |
| | AT&T Inc. | 52,014,254 | 1,854,828 |
| | Verizon Communications | | |
| | Inc. | 25,204,696 | 1,120,097 |
| | CenturyLink Inc. | 5,511,688 | 217,657 |
| * | Crown Castle | | |
| | International Corp. | 2,287,802 | 134,203 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Sprint Nextel Corp. | 26,607,701 | 86,741 |
| ^ | Windstream Corp. | 5,220,840 | 50,433 |
| ^ | Frontier Communications | | |
| | Corp. | 8,854,398 | 33,912 |
| * | MetroPCS | | |
| | Communications Inc. | 2,608,896 | 15,784 |
| | | | 3,513,655 |
| Utilities (3.7%) | | |
| | Southern Co. | 7,706,933 | 356,831 |
| | Exelon Corp. | 7,562,532 | 284,502 |
| | Dominion Resources Inc. | 5,070,343 | 273,798 |
| | Duke Energy Corp. | 11,871,626 | 273,760 |
| | NextEra Energy Inc. | 3,700,300 | 254,618 |
| | FirstEnergy Corp. | 3,710,512 | 182,520 |
| | American Electric | | |
| | Power Co. Inc. | 4,296,959 | 171,449 |
| | PG&E Corp. | 3,746,936 | 169,624 |
| | Consolidated Edison Inc. | 2,598,705 | 161,613 |
| | Progress Energy Inc. | 2,626,393 | 158,030 |
| | Sempra Energy | 2,128,581 | 146,617 |
| | Public Service Enterprise | | |
| | Group Inc. | 4,488,501 | 145,876 |
| | PPL Corp. | 5,146,111 | 143,113 |
| | Edison International | 2,890,745 | 133,552 |
| | Xcel Energy Inc. | 4,318,590 | 122,691 |
| | Northeast Utilities | 2,781,340 | 107,944 |
| | Entergy Corp. | 1,571,223 | 106,670 |
| | DTE Energy Co. | 1,509,374 | 89,551 |
| | Wisconsin Energy Corp. | 2,043,925 | 80,878 |
| | CenterPoint Energy Inc. | 3,789,796 | 78,335 |
| | ONEOK Inc. | 1,843,462 | 77,997 |
| * | AES Corp. | 5,717,891 | 73,361 |
| | Ameren Corp. | 2,152,057 | 72,180 |
| | NiSource Inc. | 2,519,767 | 62,364 |
| | CMS Energy Corp. | 2,308,794 | 54,257 |
| | Pinnacle West Capital | | |
| | Corp. | 971,522 | 50,267 |
| | SCANA Corp. | 1,032,991 | 49,418 |
| | AGL Resources Inc. | 1,041,055 | 40,341 |
| | Pepco Holdings Inc. | 2,025,806 | 39,645 |
| | Integrys Energy Group Inc. 690,893 | 39,291 |
| * | NRG Energy Inc. | 2,019,457 | 35,058 |
| | TECO Energy Inc. | 1,913,822 | 34,564 |
| | | | 4,070,715 |
| Total Common Stocks | | |
| (Cost $94,764,799) | | 109,227,608 |
| Temporary Cash Investments (0.5%)1 | |
| Money Market Fund (0.4%) | | |
| 2,3 | Vanguard Market | | |
| | Liquidity Fund, | | |
| | 0.148% | 457,693,054 | 457,693 |
14
Institutional Index Fund
| | |
| | Face | Market |
| | Amount | Value |
| | ($000) | ($000) |
| U.S. Government and Agency Obligations (0.1%) |
| 4,5 Freddie Mac | | |
| Discount Notes, | | |
| 0.150%, 8/27/12 | 43,500 | 43,489 |
| Total Temporary Cash Investments | |
| (Cost $501,183) | | 501,182 |
| Total Investments (100.0%) | | |
| (Cost $95,265,982) | | 109,728,790 |
| Other Assets and Liabilities (0.0%) | |
| Other Assets | | 1,208,219 |
| Liabilities3 | | (1,192,040) |
| | | 16,179 |
| Net Assets (100%) | | 109,744,969 |
| |
| At June 30, 2012, net assets consisted of: |
| | Amount |
| | ($000) |
| Paid-in Capital | 96,395,786 |
| Undistributed Net Investment Income | 42,698 |
| Accumulated Net Realized Losses | (1,173,297) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 14,462,808 |
| Futures Contracts | 16,974 |
| Net Assets | 109,744,969 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 518,716,116 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 64,703,585 |
| Net Asset Value Per Share— | |
| Institutional Shares | $124.74 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 361,073,374 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 45,041,384 |
| Net Asset Value Per Share— | |
| Institutional Plus Shares | $124.74 |
See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $48,808,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $50,687,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury in exchange for senior preferred stock.
5 Securities with a value of $34,991,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Institutional Index Fund
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | June 30, 2012 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends | 1,087,744 |
| Interest1 | 305 |
| Security Lending | 3,460 |
| Total Income | 1,091,509 |
| Expenses | |
| The Vanguard Group—Note B | |
| Management and Administrative—Institutional Shares | 12,814 |
| Management and Administrative—Institutional Plus Shares | 4,032 |
| Total Expenses | 16,846 |
| Net Investment Income | 1,074,663 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 1,222,907 |
| Futures Contracts | 53,074 |
| Realized Net Gain (Loss) | 1,275,981 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 6,576,846 |
| Futures Contracts | 6,247 |
| Change in Unrealized Appreciation (Depreciation) | 6,583,093 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8,933,737 |
| 1 Interest income from an affiliated company of the fund was $283,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
16
Institutional Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | June 30, | December 31, |
| | 2012 | 2011 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 1,074,663 | 1,908,940 |
| Realized Net Gain (Loss) | 1,275,981 | 1,166,611 |
| Change in Unrealized Appreciation (Depreciation) | 6,583,093 | (1,348,925) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 8,933,737 | 1,726,626 |
| Distributions | | |
| Net Investment Income | | |
| Institutional Shares | (632,021) | (1,173,111) |
| Institutional Plus Shares | (411,376) | (734,615) |
| Realized Capital Gain | | |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (1,043,397) | (1,907,726) |
| Capital Share Transactions | | |
| Institutional Shares | 1,265,224 | 3,742,810 |
| Institutional Plus Shares | 7,049,861 | 1,649,326 |
| Net Increase (Decrease) from Capital Share Transactions | 8,315,085 | 5,392,136 |
| Total Increase (Decrease) | 16,205,425 | 5,211,036 |
| Net Assets | | |
| Beginning of Period | 93,539,544 | 88,328,508 |
| End of Period1 | 109,744,969 | 93,539,544 |
| 1 Net Assets—End of Period includes undistributed net investment income of $42,698,000 and $11,432,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
17
Institutional Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | June 30, | | | Year Ended December 31, |
| Throughout Each Period | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $115.04 | $115.01 | $101.98 | $82.54 | $134.14 | $129.59 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.237 | 2.361 | 2.118 | 2.207 | 2.521 | 2.560 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 9.666 | .029 | 13.032 | 19.441 | (51.599) | 4.550 |
| Total from Investment Operations | 10.903 | 2.390 | 15.150 | 21.648 | (49.078) | 7.110 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.203) | (2.360) | (2.120) | (2.208) | (2.522) | (2.560) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (1.203) | (2.360) | (2.120) | (2.208) | (2.522) | (2.560) |
| Net Asset Value, End of Period | $124.74 | $115.04 | $115.01 | $101.98 | $82.54 | $134.14 |
| |
| Total Return | 9.48% | 2.09% | 15.05% | 26.63% | -36.95% | 5.47% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $64,704 | $58,399 | $54,686 | $44,401 | $31,543 | $45,847 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.040% | 0.044% | 0.050% | 0.050% | 0.050% | 0.050% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.05% | 2.05% | 2.05% | 2.56% | 2.28% | 1.90% |
| Portfolio Turnover Rate1 | 3% | 5% | 4% | 11% | 7% | 7% |
| The expense ratio, net income ratio, and turnover rate for the current period have been annualized. |
| 1 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
18
Institutional Index Fund
Financial Highlights
| | | | | | |
| Institutional Plus Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | June 30, | | | Year Ended December 31, |
| Throughout Each Period | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $115.05 | $115.01 | $101.98 | $82.54 | $134.14 | $129.59 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.250 | 2.386 | 2.144 | 2.229 | 2.548 | 2.597 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 9.655 | .040 | 13.031 | 19.441 | (51.598) | 4.548 |
| Total from Investment Operations | 10.905 | 2.426 | 15.175 | 21.670 | (49.050) | 7.145 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.215) | (2.386) | (2.145) | (2.230) | (2.550) | (2.595) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (1.215) | (2.386) | (2.145) | (2.230) | (2.550) | (2.595) |
| Net Asset Value, End of Period | $124.74 | $115.05 | $115.01 | $101.98 | $82.54 | $134.14 |
| |
| Total Return | 9.48% | 2.12% | 15.07% | 26.66% | -36.94% | 5.50% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $45,041 | $35,141 | $33,643 | $24,767 | $17,643 | $25,776 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.020% | 0.022% | 0.025% | 0.025% | 0.025% | 0.025% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.07% | 2.07% | 2.08% | 2.59% | 2.30% | 1.93% |
| Portfolio Turnover Rate1 | 3% | 5% | 4% | 11% | 7% | 7% |
| The expense ratio, net income ratio, and turnover rate for the current period have been annualized. |
| 1 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
19
Institutional Index Fund
Notes to Financial Statements
Vanguard Institutional 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, Institutional Shares and Institutional Plus Shares, to investors who invest minimum amounts of $5 million and $200 million, respectively.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market 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, enhancing returns, 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 fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 futures gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2008–2011), and for the period ended June 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
20
Institutional Index Fund
5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.
6. Other: Dividend income is recorded on the ex-dividend date. 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. Class-specific shareholder servicing fees are charged to each class at the contractual rate. Income, expenses not attributable to a specific class, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group provides investment advisory, corporate management, administrative, marketing, and distribution services and pays for all other operating expenses, except for taxes, in return for a fee calculated at an annual percentage rate of the average net assets of the fund, or, for shareholder services, each class of shares. Effective June 2011, the annual fee rate was reduced to 0.04% for the Institutional Shares and 0.02% for the Institutional Plus Shares. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. 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).
The following table summarizes the market value of the fund’s investments as of June 30, 2012, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 109,227,608 | — | — |
| Temporary Cash Investments | 457,693 | 43,489 | — |
| Futures Contracts—Assets1 | 13,286 | — | — |
| Total | 109,698,587 | 43,489 | — |
| 1 Represents variation margin on the last day of the reporting period. |
21
Institutional Index Fund
D. At June 30, 2012, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| S&P 500 Index | September 2012 | 1,423 | 482,539 | 15,753 |
| E-mini S&P 500 Index | September 2012 | 700 | 47,474 | 1,221 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2012, the fund realized $232,555,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2011, the fund had available capital loss carryforwards totaling $1,363,562,000 to offset future net capital gains. Of this amount, $764,352,000 is subject to expiration dates; $53,338,000 may be used to offset future net capital gains through December 31, 2014, $54,429,000 through December 31, 2015, and $656,585,000 through December 31, 2016. Capital losses of $599,210,000 realized beginning in fiscal 2011 may be carried forward indefinitely but must be used before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carry forward balance above.
At June 30, 2012, the cost of investment securities for tax purposes was $95,265,982,000. Net unrealized appreciation of investment securities for tax purposes was $14,462,808,000, consisting of unrealized gains of $25,235,136,000 on securities that had risen in value since their purchase and $10,772,328,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2012, the fund purchased $10,390,876,000 of investment securities and sold $1,883,282,000 of investment securities, other than temporary cash investments.
22
Institutional Index Fund
G. Capital share transactions for each class of shares were:
| | | | |
| | Six Months Ended | | Year Ended |
| | | June 30, 2012 | December 31, 2011 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 8,975,442 | 72,636 | 15,524,475 | 133,151 |
| Issued in Lieu of Cash Distributions | 588,619 | 4,715 | 1,095,297 | 9,510 |
| Redeemed | (8,298,837) | (66,266) | (12,876,962) | (110,532) |
| Net Increase (Decrease)—Institutional Shares | 1,265,224 | 11,085 | 3,742,810 | 32,129 |
| Institutional Plus Shares | | | | |
| Issued | 8,888,313 | 70,436 | 10,404,630 | 89,678 |
| Issued in Lieu of Cash Distributions | 395,049 | 3,169 | 715,050 | 6,205 |
| Redeemed | (2,233,501) | (17,981) | (9,470,354) | (82,955) |
| Net Increase (Decrease)—Institutional Plus Shares | 7,049,861 | 55,624 | 1,649,326 | 12,928 |
H. In preparing the financial statements as of June 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
23
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.
24
| | | |
| Six Months Ended June 30, 2012 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Institutional Index Fund | 12/31/2011 | 6/30/2012 | Period |
| Based on Actual Fund Return | | | |
| Institutional Shares | $1,000.00 | $1,094.79 | $0.21 |
| Institutional Plus Shares | 1,000.00 | 1,094.80 | 0.10 |
| Based on Hypothetical 5% Yearly Return | | | |
| Institutional Shares | $1,000.00 | $1,024.66 | $0.20 |
| Institutional Plus Shares | 1,000.00 | 1,024.76 | 0.10 |
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 0.040% for Institutional Shares and 0.020% for Institutional Plus 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.
25
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the fund’s investment management over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment 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 the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance of its target index and peer group. The board concluded that the fund has performed in line with expectations, and that its results have been consistent with its investment strategies. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
26
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
27
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
28
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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 on an at-cost basis.
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 179 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. 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.
| InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
| Senior Advisor at New Mountain Capital; Trustee of |
| The Conference Board. |
| F. William McNabb III | |
| Born 1957. Trustee Since July 2009. Chairman of the | |
| Board. Principal Occupation(s) During the Past Five | Amy Gutmann |
| Years: Chairman of the Board of The Vanguard Group, | Born 1949. Trustee Since June 2006. Principal |
| Inc., and of each of the investment companies served | Occupation(s) During the Past Five Years: President |
| by The Vanguard Group, since January 2010; Director | of the University of Pennsylvania; Christopher H. |
| of The Vanguard Group since 2008; Chief Executive | Browne Distinguished Professor of Political Science |
| Officer and President of The Vanguard Group and of | in the School of Arts and Sciences with secondary |
| each of the investment companies served by The | appointments at the Annenberg School for |
| Vanguard Group since 2008; Director of Vanguard | Communication and the Graduate School of Education |
| Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Member of the |
| Vanguard Group (1995–2008). | National Commission on the Humanities and Social |
| | Sciences; Trustee of Carnegie Corporation of New |
| York and of the National Constitution Center; Chair |
| IndependentTrustees | of the U. S. Presidential Commission for the Study |
| of Bioethical Issues. |
| Emerson U. Fullwood |
| Born 1948. Trustee Since January 2008. Principal | JoAnn Heffernan Heisen |
| Occupation(s) During the Past Five Years: Executive | Born 1950. Trustee Since July 1998. Principal |
| Chief Staff and Marketing Officer for North America | Occupation(s) During the Past Five Years: Corporate |
| and Corporate Vice President (retired 2008) of Xerox | Vice President and Chief Global Diversity Officer |
| Corporation (document management products and | (retired 2008) and Member of the Executive |
| services); Executive in Residence and 2010 | Committee (1997–2008) of Johnson & Johnson |
| Distinguished Minett Professor at the Rochester | (pharmaceuticals/medical devices/consumer |
| Institute of Technology; Director of SPX Corporation | products); Director of Skytop Lodge Corporation |
| (multi-industry manufacturing), the United Way of | (hotels), the University Medical Center at Princeton, |
| Rochester, Amerigroup Corporation (managed health | the Robert Wood Johnson Foundation, and the Center |
| care), the University of Rochester Medical Center, | for Talent Innovation; Member of the Advisory Board |
| Monroe Community College Foundation, and North | of the Maxwell School of Citizenship and Public Affairs |
| Carolina A&T University. | at Syracuse University. |
| |
| Rajiv L. Gupta | F. Joseph Loughrey |
| Born 1945. Trustee Since December 2001.2 | Born 1949. Trustee Since October 2009. Principal |
| Principal Occupation(s) During the Past Five Years: | Occupation(s) During the Past Five Years: President |
| Chairman and Chief Executive Officer (retired 2009) | and Chief Operating Officer (retired 2009) of Cummins |
| and President (2006–2008) of Rohm Haas Co. | Inc. (industrial machinery); Director of SKF AB |
| (chemicals); Director of Tyco International, Ltd. | (industrial machinery), Hillenbrand, Inc. (specialized |
| (diversified manufacturing and services), Hewlett- | consumer services), the Lumina Foundation for |
| Packard Co. (electronic computer manufacturing), | |
| | |
| Education, and Oxfam America; Chairman of the | Executive Officers | |
| Advisory Council for the College of Arts and Letters | | |
| and Member of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies at the University | Born 1967. Controller Since July 2010. Principal |
| of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Controller of each of |
| Mark Loughridge | the investment companies served by The Vanguard |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). |
| President and Chief Financial Officer at IBM (information | | |
| technology services); Fiduciary Member of IBM’s | Thomas J. Higgins | |
| Retirement Plan Committee. | Born 1957. Chief Financial Officer Since September |
| | 2008. Principal Occupation(s) During the Past Five |
| Scott C. Malpass | Years: Principal of The Vanguard Group, Inc.; Chief |
| Born 1962. Trustee Since March 2012. Principal | Financial Officer of each of the investment companies |
| Occupation(s) During the Past Five Years: Chief | served by The Vanguard Group; Treasurer of each of |
| Investment Officer and Vice President at the University | the investment companies served by The Vanguard |
| of Notre Dame; Assistant Professor of Finance at the | Group (1998–2008). | |
| Mendoza College of Business at Notre Dame; Member | | |
| of the Notre Dame 403(b) Investment Committee; | Kathryn J. Hyatt | |
| Director of TIFF Advisory Services, Inc. (investment | Born 1955. Treasurer Since November 2008. Principal |
| advisor); Member of the Investment Advisory | Occupation(s) During the Past Five Years: Principal of |
| Committees of the Financial Industry Regulatory | The Vanguard Group, Inc.; Treasurer of each of the |
| Authority (FINRA) and of Major League Baseball. | investment companies served by The Vanguard |
| | Group; Assistant Treasurer of each of the investment |
| André F. Perold | companies served by The Vanguard Group (1988–2008). |
| Born 1952. Trustee Since December 2004. Principal | | |
| Occupation(s) During the Past Five Years: George | Heidi Stam | |
| Gund Professor of Finance and Banking at the Harvard | Born 1956. Secretary Since July 2005. Principal |
| Business School (retired 2011); Chief Investment | Occupation(s) During the Past Five Years: Managing |
| Officer and Managing Partner of HighVista Strategies | Director of The Vanguard Group, Inc.; General Counsel |
| LLC (private investment firm); Director of Rand | of The Vanguard Group; Secretary of The Vanguard |
| Merchant Bank; Overseer of the Museum of Fine | Group and of each of the investment companies |
| Arts Boston. | served by The Vanguard Group; Director and Senior |
| | Vice President of Vanguard Marketing Corporation. |
| Alfred M. Rankin, Jr. | | |
| Born 1941. Trustee Since January 1993. Principal | Vanguard Senior ManagementTeam |
| Occupation(s) During the Past Five Years: Chairman, | | |
| President, and Chief Executive Officer of NACCO | Mortimer J. Buckley | Michael S. Miller |
| Industries, Inc. (forklift trucks/housewares/lignite); | Kathleen C. Gubanich | James M. Norris |
| Director of Goodrich Corporation (industrial products/ | Paul A. Heller | Glenn W. Reed |
| aircraft systems and services) and the National | Martha G. King | George U. Sauter |
| Association of Manufacturers; Chairman of the Board | Chris D. McIsaac | |
| of the Federal Reserve Bank of Cleveland and of | | |
| University Hospitals of Cleveland; Advisory Chairman | | |
| of the Board of The Cleveland Museum of Art. | Chairman Emeritus and Senior Advisor |
| | |
| | John J. Brennan | |
| Peter F. Volanakis | Chairman, 1996–2009 | |
| Born 1955. Trustee Since July 2009. Principal | Chief Executive Officer and President, 1996–2008 |
| Occupation(s) During the Past Five Years: President | | |
| and Chief Operating Officer (retired 2010) of Corning | | |
| Incorporated (communications equipment); Director | Founder | |
| of SPX Corporation (multi-industry manufacturing); | John C. Bogle | |
| Overseer of the Amos Tuck School of Business | Chairman and Chief Executive Officer, 1974–1996 |
| Administration at Dartmouth College; Advisor to the | | |
| Norris Cotton Cancer Center. | | |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
|  |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
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| guidelines by visiting vanguard.com/proxyreporting or by | advisability of investing in the products. |
| calling Vanguard at 800-662-2739. The guidelines are | |
| also available from the SEC’s website, sec.gov. In | |
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| voted the proxies for securities it owned during the 12 | |
| months ended June 30. To get the report, visit either | |
| vanguard.com/proxyreporting or sec.gov. | |
| |
| You can review and copy information about your fund at | |
| the SEC’s Public Reference Room in Washington, D.C. To | |
| find out more about this public service, call the SEC at | |
| 202-551-8090. Information about your fund is also | |
| available on the SEC’s website, and you can receive | |
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| Commission, Washington, DC 20549-1520. | |
| | © 2012 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q942 082012 |
 |
| |
| Semiannual Report | June 30, 2012 |
| |
| Vanguard Institutional Total Stock |
| Market Index Fund |
> For the six months ended June 30, 2012, Vanguard Institutional Total Stock Market Index Fund returned about 9%, a strong result that masked market volatility late in the period.
> The fund closely tracked its target index; its return was more than 2 percentage points above the average result for peer funds.
> With the exception of energy, all industry sectors posted gains. Financial and technology stocks were among the best performers.
| |
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Fund Profile. | 7 |
| Performance Summary. | 8 |
| Financial Statements. | 9 |
| About Your Fund’s Expenses. | 53 |
| Trustees Approve Advisory Arrangement. | 55 |
| Glossary. | 56 |
Institutional Total Stock Market Index Fund
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.
See the Glossary for definitions of investment terms used in this report.
About the cover: Vanguard was named for the HMS Vanguard, flagship of British Admiral Horatio Nelson. A ship—whose performance and safety depend on the work of all hands—has served as a fitting metaphor for the Vanguard crew as we strive to help clients reach their financial goals.
Your Fund’s Total Returns
| |
| Six Months Ended June 30, 2012 | |
| | Total |
| | Returns |
| Vanguard Institutional Total Stock Market Index Fund | |
| Institutional Shares | 9.38% |
| Institutional Plus Shares | 9.43 |
| MSCI US Broad Market Index | 9.39 |
| Multi-Cap Core Funds Average | 7.15 |
| Multi-Cap Core Funds Average: Derived from data provided by Lipper Inc. |
Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| December 31, 2011, Through June 30, 2012 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Institutional Total Stock Market Index | | | | |
| Fund | | | | |
| Institutional Shares | $28.32 | $30.68 | $0.298 | $0.000 |
| Institutional Plus Shares | 28.32 | 30.69 | 0.301 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
U.S. stocks opened 2012 with a powerful rally, recording their best first quarter since 1998. The advance faltered in the spring, however, amid a flare-up of concerns about Europe’s debt crisis and the slowing U.S. economy. Still, stocks hung on to much of their gains and finished the first half of the year with a strong result.
In this environment, Vanguard Institutional Total Stock Market Index Fund returned 9.38% for Institutional Shares. Consistent with its objective, the fund closely tracked its target benchmark, the MSCI US Broad Market Index, which returned 9.39%. Peer funds, on average, returned 7.15%.
On a separate note, I want to call your attention to an announcement we made on June 22: George U. “Gus” Sauter, managing director and Vanguard’s chief investment officer, plans to retire at the end of 2012. It’s hard to overstate the contributions Gus has made to Vanguard in his 25-year career. He honed the strategy and built the team that have helped make Vanguard a world leader in indexing, and he developed our active quantitative equity strategies.
We’re fortunate that Mortimer J. “Tim” Buckley, also a managing director, will succeed Gus. Tim has been a member of Vanguard’s senior staff since 2001 and has directed Vanguard’s Retail Investor Group since 2006. I’ll have more to say about Gus’s retirement at the end of the year.
2
Eurozone woes continued to cast a shadow on stock markets globally
U.S. stocks were the standout performers for the six months ended June 30. Domestic equities seemed to benefit from a perception that they offered some shelter from the storms roiling European markets. International stocks didn’t fare as well, returning about 3%. European stocks were the weakest performers. Returns for emerging markets and the developed markets of the Pacific region were restrained by signs of slowing growth.
Throughout the period, investors were preoccupied with Europe’s debt troubles, and global stock markets moved sharply up and down depending on whether the latest news from the region was positive or negative. Vanguard economists expect Europe to remain a trouble spot. The most likely scenario is that the Eurozone will
“muddle through” for several years, with occasional spikes in market volatility, as fiscal tightening continues in the face of weak economic growth.
Investors’ appetite for Treasuries drove 10-year yield to a new low
Amid the turmoil in Europe, U.S. Treasury securities continued to benefit from a “flight to quality.” Investor demand nudged bond prices higher, and in early
June, the yield of the 10-year U.S. Treasury note slipped below 1.5% for the first time. (Bond yields and prices move in opposite directions.) It’s important to understand that low yields imply lower future returns: As yields tumble, the scope for further declines—and price increases—diminishes.
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended June 30, 2012 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 9.38% | 4.37% | 0.39% |
| Russell 2000 Index (Small-caps) | 8.53 | -2.08 | 0.54 |
| Dow Jones U.S. Total Stock Market Index | 9.45 | 3.78 | 0.63 |
| MSCI All Country World Index ex USA (International) | 2.77 | -14.57 | -4.62 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable | | | |
| market) | 2.37% | 7.47% | 6.79% |
| Barclays Municipal Bond Index (Broad tax-exempt | | | |
| market) | 3.66 | 9.90 | 5.95 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.03 | 0.04 | 0.87 |
| |
| CPI | | | |
| Consumer Price Index | 1.69% | 1.66% | 1.95% |
3
The broad U.S. taxable bond market posted a return of about 2% for the half-year. Municipal bonds remained a bright spot, delivering a return of more than 3%.
As it has since December 2008, the Federal Reserve Board held its target for the shortest-term interest rates between 0% and 0.25%. That policy has kept a tight lid on the returns from money market funds and savings accounts.
Technology and financial stocks helped power the fund’s returns
As I mentioned, stocks surged in the early months of 2012. The technology sector was one of the notable beneficiaries of budding optimism among investors that a stronger economy would foster greater consumer and business demand. The already torrid sales growth of smartphones and tablet computers helped encourage this enthusiasm.
Financial stocks were also standouts, as investors saw signs that banks and other institutions were getting past the lingering effects of mortgage defaults associated with the U.S. housing downturn.
As the first quarter pivoted into the second, however, stocks reversed course in the face of renewed concerns about Europe’s debt crisis and stubbornly high U.S. unemployment. Along with the broader U.S. market, tech and financial stocks surrendered some of their earlier gains, but both sectors still managed to finish the period with double-digit returns.
Energy was the weakest performer for the six months and the only sector to post a negative return. Energy stocks had enjoyed outsized gains, particularly over the last three years, as robust demand from the developing world helped push oil prices higher. But as growth in China and other emerging markets has slowed, investors have grown increasingly concerned about the possibility that weakening demand will affect the energy sector’s profitability.
The ups and downs of the six-month period notwithstanding, your fund continued to meet its goal of tightly tracking its benchmark. (You can see how well it has done that over the past decade in the Performance Summary, later in this report.) This record is a credit to Vanguard Equity Investment Group—the team founded decades back by our retiring
CIO, Gus Sauter—which combines skilled portfolio management with sophisticated risk-control and trading systems. The fund’s low expense ratio is important as well.
The good news: Investors are smart, and they’re getting smarter
In recent years, I’ve often written in this space about the challenges facing investors, from the 2008–2009 financial crisis to the more recent market volatility caused by Europe’s troubles. Bad news inevitably seems to grab attention, and it’s our responsibility to speak to you candidly about these difficulties and to offer Vanguard’s perspective.
4
In the interest of presenting a full picture, I think it’s also our responsibility to point out positive developments that may have been overlooked. On that score, I’ve been especially heartened to see individual investors become more discerning over time, particularly about costs. Of course, institutional investors have long paid close attention to their investment costs, and it’s encouraging to see individual investors adopt a similar focus.
As I said in a recent address to financial advisors, “Individual investors are smart and getting smarter. And that’s a good thing. Increasingly, they are bringing a healthy consumer mentality to their investment portfolios. They want to know what they are buying and how much they are paying for it.”
Vanguard research confirms that over the past decade, investors have displayed a healthy cost-consciousness, directing a larger share of their money to low-cost investments. You can read the full report (Costs Matter: Are Fund Investors Voting With Their Feet?) at vanguard.com/ research.
In our view, investors are serving their interests by focusing on costs. And, of course, important regulatory developments within the world of retirement plans have heightened scrutiny on investment fees for plan sponsors and participants. We have been working hard with our institutional clients to implement fee disclosures for both plan sponsors and participants. We
|
| A note on expense ratios |
| The Fund Profile that follows this letter displays fund expense ratios from the most |
| recent prospectus. These figures include the fund’s actual operating expenses. The |
| figures also include “acquired fund fees and expenses,” which result from the fund’s |
| holdings in business development companies (BDCs). |
| |
| Although the Securities and Exchange Commission requires that BDC costs be |
| included in a fund’s expense ratio, these fees are not incurred by the fund. They |
| have no impact on a fund’s total return or on its tracking error relative to an index. |
| A footnote to the Expense Ratio entry in the Fund Profile reports the fund’s actual |
| expenses for the period, a more relevant tally of operating costs incurred by |
| shareholders. |
5
consider these regulatory changes, though complex and a challenge for the industry, to be positive developments.
As you know, we have been consistent advocates of the benefits of low-cost investing in retirement plans and elsewhere. We continue to believe that holding a balanced and diversified portfolio of low-cost investments can give investors a greater chance of reaching their long-term financial goals.
Vanguard Institutional Total Stock Market Index Fund, offering broad, low-cost exposure to the U.S. stock market, can play an important role in such a plan.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 19, 2012
6
Institutional Total Stock Market Index Fund
Fund Profile
As of June 30, 2012
| | |
| Share-Class Characteristics | |
| | Institutional | Institutional |
| | Shares | Plus Shares |
| Ticker Symbol | VITNX | VITPX |
| Expense Ratio1 | 0.047% | 0.027% |
| 30-Day SEC Yield | 2.11% | 2.13% |
| | |
| Portfolio Characteristics | | |
| | | MSCI US |
| | | Broad Market |
| | Fund | Index |
| Number of Stocks | 3,235 | 3,294 |
| Median Market Cap | $33.1B | $33.1B |
| Price/Earnings Ratio | 16.1x | 16.1x |
| Price/Book Ratio | 2.1x | 2.1x |
| Return on Equity | 18.2% | 18.1% |
| Earnings Growth Rate | 9.5% | 9.5% |
| Dividend Yield | 2.1% | 2.1% |
| Foreign Holdings | 0.0% | 0.0% |
| Turnover Rate | | |
| (Annualized) | 9% | — |
| Short-Term Reserves | -0.1% | — |
| | |
| Sector Diversification (% of equity exposure) |
| | | MSCI US |
| | | Broad Market |
| | Fund | Index |
| Consumer Discretionary | 12.0% | 12.0% |
| Consumer Staples | 9.9 | 9.9 |
| Energy | 10.0 | 10.0 |
| Financials | 15.4 | 15.4 |
| Health Care | 12.0 | 12.0 |
| Industrials | 11.0 | 11.0 |
| Information Technology | 19.2 | 19.2 |
| Materials | 3.9 | 3.9 |
| Telecommunication Services | 2.9 | 2.9 |
| Utilities | 3.7 | 3.7 |
| |
| Volatility Measures | |
| | MSCI US |
| | Broad Market |
| | Index |
| R-Squared | 1.00 |
| Beta | 1.00 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
| | |
| Ten Largest Holdings (% of total net assets) |
| Apple Inc. | Computer | |
| | Hardware | 3.6% |
| Exxon Mobil Corp. | Integrated Oil & | |
| | Gas | 2.7 |
| Microsoft Corp. | Systems Software | 1.5 |
| General Electric Co. | Industrial | |
| | Conglomerates | 1.5 |
| International Business | IT Consulting & | |
| Machines Corp. | Other Services | 1.4 |
| AT&T Inc. | Integrated | |
| | Telecommunication | |
| | Services | 1.4 |
| Chevron Corp. | Integrated Oil & | |
| | Gas | 1.4 |
| Johnson & Johnson | Pharmaceuticals | 1.2 |
| Pfizer Inc. | Pharmaceuticals | 1.2 |
| Procter & Gamble Co. | Household | |
| | Products | 1.1 |
| Top Ten | | 17.0% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2012. For the six months ended June 30, 2012, the annualized expense ratios were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
7
Institutional Total Stock Market 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.
Fiscal-Year Total Returns (%): December 31, 2001, Through June 30, 2012
For a benchmark description, see the Glossary.
Note: For 2012, performance data reflect the six months ended June 30, 2012.
| | | | |
| Average Annual Total Returns: Periods Ended June 30, 2012 | | | |
| |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Institutional Shares | 8/31/2001 | 3.96% | 0.70% | 6.19 |
| Institutional Plus Shares | 5/31/2001 | 3.98 | 0.72 | 6.22 |
See Financial Highlights for dividend and capital gains information.
8
Institutional Total Stock Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2012
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.5%)1 | | |
| Consumer Discretionary (11.9%) | |
| | McDonald’s Corp. | 1,398,434 | 123,803 |
| * | Amazon.com Inc. | 499,810 | 114,132 |
| | Walt Disney Co. | 2,337,702 | 113,379 |
| | Home Depot Inc. | 2,116,411 | 112,149 |
| | Comcast Corp. Class A | 3,483,169 | 111,357 |
| | News Corp. Class A | 2,890,006 | 64,418 |
| | Starbucks Corp. | 1,034,408 | 55,155 |
| | Time Warner Inc. | 1,331,425 | 51,260 |
| | Target Corp. | 873,104 | 50,806 |
| | Lowe’s Cos. Inc. | 1,704,067 | 48,464 |
| | Ford Motor Co. | 4,865,101 | 46,656 |
| * | priceline.com Inc. | 68,403 | 45,455 |
| * | DIRECTV Class A | 928,675 | 45,338 |
| | NIKE Inc. Class B | 506,683 | 44,477 |
| | TJX Cos. Inc. | 1,035,823 | 44,468 |
| | Yum! Brands Inc. | 632,449 | 40,742 |
| | Time Warner Cable Inc. | 431,323 | 35,412 |
| | Viacom Inc. Class B | 671,990 | 31,597 |
| | CBSCorp. Class B | 831,478 | 27,256 |
| | Johnson Controls Inc. | 934,658 | 25,899 |
| | Las Vegas Sands Corp. | 554,673 | 24,123 |
| | Coach Inc. | 395,247 | 23,114 |
| * | General Motors Co. | 1,075,836 | 21,215 |
| | Carnival Corp. | 614,034 | 21,043 |
| * | Bed Bath & Beyond Inc. | 331,286 | 20,473 |
| | Ross Stores Inc. | 313,999 | 19,616 |
| | Macy’s Inc. | 569,231 | 19,553 |
| | Omnicom Group Inc. | 374,990 | 18,225 |
| * | AutoZone Inc. | 48,137 | 17,674 |
| * | Dollar Tree Inc. | 327,000 | 17,593 |
| * | ChipotleMexican Grill Inc. | | |
| | Class A | 42,977 | 16,329 |
| | VF Corp. | 121,554 | 16,221 |
| * | Dollar General Corp. | 296,715 | 16,138 |
| | McGraw-Hill Cos. Inc. | 344,318 | 15,494 |
| | Mattel Inc. | 465,558 | 15,103 |
| | Kohl’s Corp. | 330,819 | 15,049 |
| | Limited Brands Inc. | 346,002 | 14,715 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | O’ReillyAutomotive Inc. | 175,068 | 14,665 |
| | Harley-Davidson Inc. | 316,709 | 14,483 |
| | Marriott International Inc. | | |
| | Class A | 367,157 | 14,393 |
| | Starwood Hotels & | | |
| | Resorts Worldwide Inc. | 269,233 | 14,280 |
| * | Liberty Interactive Corp. | | |
| | Class A | 749,920 | 13,341 |
| | Genuine Parts Co. | 214,109 | 12,900 |
| * | Liberty Media Corp. - | | |
| | Liberty Capital Class A | 146,475 | 12,877 |
| | Staples Inc. | 953,897 | 12,448 |
| | Gap Inc. | 436,594 | 11,945 |
| | Ralph Lauren Corp. Class A | 84,637 | 11,854 |
| | Wynn Resorts Ltd. | 110,608 | 11,472 |
| | Nordstrom Inc. | 228,492 | 11,354 |
| * | Discovery | | |
| | Communications Inc. | | |
| | Class A | 196,916 | 10,633 |
| | Wyndham Worldwide Corp. | 201,419 | 10,623 |
| | PetSmart Inc. | 153,413 | 10,460 |
| * | BorgWarner Inc. | 149,996 | 9,838 |
| * | Sirius XM Radio Inc. | 5,160,741 | 9,547 |
| * | Liberty Global Inc. Class A | 189,781 | 9,419 |
| | Tiffany & Co. | 174,442 | 9,237 |
| | Family Dollar Stores Inc. | 137,931 | 9,170 |
| | Darden Restaurants Inc. | 176,861 | 8,954 |
| | Virgin Media Inc. | 364,442 | 8,889 |
| | Best Buy Co. Inc. | 409,160 | 8,576 |
| * | Lululemon Athletica Inc. | 138,210 | 8,241 |
| | DISH Network Corp. | | |
| | Class A | 286,964 | 8,193 |
| | Tractor Supply Co. | 98,574 | 8,188 |
| * | CarMax Inc. | 312,233 | 8,099 |
| * | Liberty Global Inc. | 165,463 | 7,901 |
| | Ulta Salon Cosmetics & | | |
| | Fragrance Inc. | 82,023 | 7,659 |
| * | Discovery | | |
| | Communications Inc. | 150,582 | 7,543 |
| | PVH Corp. | 94,742 | 7,370 |
| | DR Horton Inc. | 393,099 | 7,225 |
9
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Scripps Networks | | |
| | Interactive Inc. Class A | 126,788 | 7,209 |
| | Newell Rubbermaid Inc. | 396,702 | 7,196 |
| | Comcast Corp. | 218,803 | 6,870 |
| | Advance Auto Parts Inc. | 100,491 | 6,855 |
| | Autoliv Inc. | 122,943 | 6,720 |
| | Interpublic Group | | |
| | of Cos. Inc. | 614,177 | 6,664 |
| | International Game | | |
| | Technology | 409,921 | 6,456 |
| | H&R Block Inc. | 403,639 | 6,450 |
| | Whirlpool Corp. | 105,262 | 6,438 |
| * | LKQ Corp. | 192,625 | 6,434 |
| | Polaris Industries Inc. | 89,579 | 6,403 |
| | Expedia Inc. | 133,052 | 6,396 |
| | Foot Locker Inc. | 209,081 | 6,394 |
| | Dick’s Sporting Goods Inc. | 133,108 | 6,389 |
| * | TripAdvisor Inc. | 141,978 | 6,345 |
| | Garmin Ltd. | 160,815 | 6,158 |
| * | Toll Brothers Inc. | 205,890 | 6,121 |
| | Lennar Corp. Class A | 192,095 | 5,938 |
| * | Sally Beauty Holdings Inc. | 222,555 | 5,729 |
| * | Apollo Group Inc. Class A | 155,675 | 5,634 |
| * | NVR Inc. | 6,620 | 5,627 |
| * | MGM Resorts International | 503,568 | 5,620 |
| * | Mohawk Industries Inc. | 80,426 | 5,616 |
| * | Fossil Inc. | 72,291 | 5,533 |
| * | Panera Bread Co. Class A | 38,978 | 5,435 |
| | Hasbro Inc. | 159,849 | 5,414 |
| * | TRW Automotive | | |
| | Holdings Corp. | 144,931 | 5,328 |
| | Signet Jewelers Ltd. | 119,775 | 5,271 |
| | Lear Corp. | 138,433 | 5,223 |
| | JC Penney Co. Inc. | 222,823 | 5,194 |
| * | PulteGroup Inc. | 475,211 | 5,085 |
| | Royal Caribbean | | |
| | Cruises Ltd. | 194,786 | 5,070 |
| * | Under Armour Inc. Class A | 53,124 | 5,019 |
| * | Netflix Inc. | 72,793 | 4,984 |
| | Gannett Co. Inc. | 327,096 | 4,818 |
| | American Eagle | | |
| | Outfitters Inc. | 240,442 | 4,744 |
| | Williams-Sonoma Inc. | 127,204 | 4,448 |
| * | Urban Outfitters Inc. | 159,001 | 4,387 |
| | Jarden Corp. | 103,735 | 4,359 |
| | Tupperware Brands Corp. | 77,149 | 4,225 |
| | Gentex Corp. | 198,612 | 4,145 |
| | Leggett & Platt Inc. | 193,148 | 4,081 |
| | Abercrombie & Fitch Co. | 118,067 | 4,031 |
| * | Penn National Gaming Inc. | 89,446 | 3,988 |
| * | Goodyear Tire & | | |
| | Rubber Co. | 337,024 | 3,980 |
| * | Charter | | |
| | Communications Inc. | | |
| | Class A | 55,472 | 3,931 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Harman International | | |
| | Industries Inc. | 96,552 | 3,823 |
| | Service Corp. International | 305,586 | 3,780 |
| | GNCHoldings Inc. Class A | 95,794 | 3,755 |
| * | Hanesbrands Inc. | 133,984 | 3,715 |
| | Dunkin’ Brands Group Inc. | 107,652 | 3,697 |
| * | Big Lots Inc. | 90,336 | 3,685 |
| | Cablevision Systems | | |
| | Corp. Class A | 273,372 | 3,633 |
| * | Carter’s Inc. | 69,041 | 3,632 |
| * | Delphi Automotive plc | 135,600 | 3,458 |
| | GameStop Corp. Class A | 188,081 | 3,453 |
| | Brinker International Inc. | 108,106 | 3,445 |
| | Chico’sFAS Inc. | 231,016 | 3,428 |
| * | Ascena Retail Group Inc. | 179,809 | 3,348 |
| | John Wiley & Sons Inc. | | |
| | Class A | 66,286 | 3,247 |
| | Cinemark Holdings Inc. | 141,937 | 3,243 |
| | Sotheby’s | 93,228 | 3,110 |
| * | Sears Holdings Corp. | 51,790 | 3,092 |
| | Six Flags | | |
| | Entertainment Corp. | 56,824 | 3,079 |
| * | Madison Square | | |
| | Garden Co. Class A | 81,605 | 3,055 |
| * | Coinstar Inc. | 42,690 | 2,931 |
| | Guess? Inc. | 95,575 | 2,903 |
| | Aaron’s Inc. | 99,480 | 2,816 |
| * | Bally Technologies Inc. | 60,220 | 2,810 |
| | Rent-A-Center Inc. | 81,591 | 2,753 |
| | Brunswick Corp. | 123,189 | 2,737 |
| | Pool Corp. | 65,597 | 2,654 |
| | Dillard’s Inc. Class A | 41,320 | 2,631 |
| | Dana Holding Corp. | 202,567 | 2,595 |
| * | Life Time Fitness Inc. | 55,754 | 2,593 |
| | DeVry Inc. | 83,330 | 2,581 |
| * | AMC Networks Inc. | | |
| | Class A | 72,584 | 2,580 |
| | Wolverine World Wide Inc. | 66,392 | 2,575 |
| | Washington Post Co. | | |
| | Class B | 6,675 | 2,495 |
| | Vail Resorts Inc. | 49,791 | 2,494 |
| * | Visteon Corp. | 65,844 | 2,469 |
| * | Lamar Advertising Co. | | |
| | Class A | 86,275 | 2,467 |
| * | Warnaco Group Inc. | 55,895 | 2,380 |
| * | Deckers Outdoor Corp. | 53,416 | 2,351 |
| | Domino’s Pizza Inc. | 75,736 | 2,341 |
| * | Cabela’s Inc. | 61,877 | 2,340 |
| * | Hyatt Hotels Corp. Class A | 62,786 | 2,333 |
| * | CheesecakeFactory Inc. | 72,241 | 2,309 |
| | DSW Inc. Class A | 41,902 | 2,279 |
| * | AutoNation Inc. | 64,142 | 2,263 |
| | HSN Inc. | 56,014 | 2,260 |
| *,^ | Tesla Motors Inc. | 72,053 | 2,255 |
| | Pier 1 Imports Inc. | 136,401 | 2,241 |
| * | Tenneco Inc. | 83,301 | 2,234 |
10
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Buffalo Wild Wings Inc. | 25,416 | 2,202 |
| * | Hibbett Sports Inc. | 36,386 | 2,100 |
| * | Tempur-Pedic | | |
| | International Inc. | 87,792 | 2,053 |
| * | Genesco Inc. | 33,520 | 2,016 |
| * | Crocs Inc. | 123,867 | 2,000 |
| | Morningstar Inc. | 34,569 | 1,999 |
| * | Vitamin Shoppe Inc. | 36,314 | 1,995 |
| * | Aeropostale Inc. | 111,324 | 1,985 |
| | Weight Watchers | | |
| | International Inc. | 37,983 | 1,958 |
| | Wendy’s Co. | 403,722 | 1,906 |
| * | Express Inc. | 104,870 | 1,905 |
| | Men’s Wearhouse Inc. | 67,294 | 1,894 |
| | MDC Holdings Inc. | 56,156 | 1,835 |
| * | ANN Inc. | 71,931 | 1,834 |
| * | DreamWorks Animation | | |
| | SKG Inc. Class A | 95,665 | 1,823 |
| * | Gaylord Entertainment Co. | 47,260 | 1,822 |
| * | Live Nation | | |
| | Entertainment Inc. | 195,739 | 1,797 |
| | Strayer Education Inc. | 16,467 | 1,795 |
| | Cracker Barrel Old | | |
| | Country Store Inc. | 28,484 | 1,789 |
| * | Collective Brands Inc. | 83,264 | 1,784 |
| * | Iconix Brand Group Inc. | 100,914 | 1,763 |
| | ThorIndustries Inc. | 64,254 | 1,761 |
| * | Steven Madden Ltd. | 54,446 | 1,729 |
| * | Children’sPlace | | |
| | Retail Stores Inc. | 34,348 | 1,712 |
| * | Saks Inc. | 155,198 | 1,653 |
| * | Jos A Bank Clothiers Inc. | 38,313 | 1,627 |
| | Regal Entertainment Group | | |
| | Class A | 117,695 | 1,619 |
| | Bob Evans Farms Inc. | 40,268 | 1,619 |
| | ChoiceHotels | | |
| | International Inc. | 40,460 | 1,616 |
| * | Jack in the Box Inc. | 57,788 | 1,611 |
| ^ | Meredith Corp. | 50,067 | 1,599 |
| | Texas Roadhouse Inc. | | |
| | Class A | 86,273 | 1,590 |
| | Hillenbrand Inc. | 86,036 | 1,581 |
| * | ITT Educational | | |
| | Services Inc. | 25,861 | 1,571 |
| | RylandGroup Inc. | 61,011 | 1,561 |
| ^ | Buckle Inc. | 39,067 | 1,546 |
| * | Select Comfort Corp. | 73,704 | 1,542 |
| * | WMS Industries Inc. | 77,003 | 1,536 |
| * | Fifth & Pacific Cos. Inc. | 138,844 | 1,490 |
| | Finish Line Inc. Class A | 70,019 | 1,464 |
| * | Lions Gate | | |
| | Entertainment Corp. | 98,749 | 1,456 |
| | Cooper Tire & Rubber Co. | 82,392 | 1,445 |
| | Regis Corp. | 80,110 | 1,439 |
| * | Valassis | | |
| | Communications Inc. | 63,989 | 1,392 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Asbury Automotive | | |
| | Group Inc. | 57,537 | 1,363 |
| | Arbitron Inc. | 38,754 | 1,356 |
| | Group 1 Automotive Inc. | 29,705 | 1,355 |
| | Scholastic Corp. | 47,869 | 1,348 |
| | Cato Corp. Class A | 44,231 | 1,347 |
| * | ShutterflyInc. | 43,454 | 1,334 |
| | Monro Muffler Brake Inc. | 39,976 | 1,329 |
| | Penske Automotive | | |
| | Group Inc. | 62,216 | 1,321 |
| * | Meritage Homes Corp. | 38,867 | 1,319 |
| * | BJ’s Restaurants Inc. | 34,406 | 1,307 |
| | Matthews International | | |
| | Corp. Class A | 39,444 | 1,282 |
| * | New York Times Co. | | |
| | Class A | 162,160 | 1,265 |
| * | Orient-Express Hotels Ltd. | | |
| | Class A | 145,749 | 1,220 |
| * | Helen of Troy Ltd. | 35,511 | 1,203 |
| | ChurchillDowns Inc. | 20,259 | 1,191 |
| * | Marriott Vacations | | |
| | Worldwide Corp. | 38,081 | 1,180 |
| * | Ascent Capital Group Inc. | | |
| | Class A | 22,775 | 1,179 |
| * | AFC Enterprises Inc. | 50,715 | 1,174 |
| * | American Axle & | | |
| | Manufacturing | | |
| | Holdings Inc. | 108,420 | 1,137 |
| * | Papa John’s | | |
| | International Inc. | 23,831 | 1,134 |
| | Jones Group Inc. | 118,072 | 1,129 |
| | Brown Shoe Co. Inc. | 84,885 | 1,096 |
| | CEC Entertainment Inc. | 30,107 | 1,095 |
| | KBHome | 108,401 | 1,062 |
| | Ameristar Casinos Inc. | 59,623 | 1,059 |
| | Belo Corp. Class A | 160,558 | 1,034 |
| | Ethan Allen Interiors Inc. | 51,673 | 1,030 |
| ^ | Sturm Ruger & Co. Inc. | 25,392 | 1,019 |
| * | Arctic Cat Inc. | 27,775 | 1,015 |
| * | Biglari Holdings Inc. | 2,615 | 1,010 |
| | National CineMedia Inc. | 64,430 | 977 |
| * | OfficeDepot Inc. | 438,333 | 947 |
| | International Speedway | | |
| | Corp. Class A | 35,665 | 934 |
| * | American Public | | |
| | Education Inc. | 28,912 | 925 |
| * | Skechers U.S.A. Inc. | | |
| | Class A | 43,985 | 896 |
| * | Francesca’s Holdings Corp. | 33,000 | 891 |
| | Blyth Inc. | 25,344 | 876 |
| * | Zumiez Inc. | 22,077 | 874 |
| * | DineEquity Inc. | 19,526 | 872 |
| | Columbia Sportswear Co. | 16,250 | 871 |
| * | Peet’s Coffee & Tea Inc. | 14,441 | 867 |
| * | Denny’s Corp. | 194,003 | 861 |
| * | Drew Industries Inc. | 30,256 | 843 |
11
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | America’s Car-Mart Inc. | 21,643 | 841 |
| | Movado Group Inc. | 33,512 | 838 |
| *,^ | Barnes & Noble Inc. | 50,298 | 828 |
| * | Maidenform Brands Inc. | 41,557 | 828 |
| * | Dorman Products Inc. | 32,624 | 819 |
| * | Capella Education Co. | 22,864 | 795 |
| * | Knology Inc. | 40,256 | 792 |
| | Interval Leisure Group Inc. | 40,589 | 772 |
| | Oxford Industries Inc. | 17,234 | 770 |
| * | Cavco Industries Inc. | 14,621 | 750 |
| * | K12 Inc. | 31,940 | 744 |
| | Stewart Enterprises Inc. | | |
| | Class A | 103,956 | 742 |
| * | La-Z-Boy Inc. | 59,499 | 731 |
| | True Religion Apparel Inc. | 25,211 | 731 |
| * | Krispy Kreme | | |
| | Doughnuts Inc. | 111,336 | 711 |
| | Fred’s Inc. Class A | 46,385 | 709 |
| * | Career Education Corp. | 103,376 | 692 |
| * | ShuffleMaster Inc. | 49,882 | 688 |
| * | Lumber Liquidators | | |
| | Holdings Inc. | 20,284 | 685 |
| * | iRobot Corp. | 30,663 | 679 |
| * | Boyd Gaming Corp. | 94,151 | 678 |
| | American Greetings Corp. | | |
| | Class A | 45,991 | 672 |
| * | Scientific Games Corp. | | |
| | Class A | 78,522 | 671 |
| * | Carmike Cinemas Inc. | 45,537 | 667 |
| * | Grand Canyon Education Inc. | 31,839 | 667 |
| * | G-III Apparel Group Ltd. | 28,074 | 665 |
| * | Standard Pacific Corp. | 106,383 | 659 |
| | Hot Topic Inc. | 66,345 | 643 |
| * | Sonic Corp. | 63,976 | 641 |
| | JAKKSPacific Inc. | 39,807 | 637 |
| *,^ | Blue Nile Inc. | 21,306 | 633 |
| * | HomeAway Inc. | 29,091 | 632 |
| | Benihana Inc. Class A | 38,657 | 623 |
| * | LeapFrog Enterprises Inc. | 60,147 | 617 |
| * | Steiner Leisure Ltd. | 13,237 | 614 |
| * | Amerigon Inc. | 52,715 | 606 |
| | PetMed Express Inc. | 49,803 | 606 |
| * | Pinnacle Entertainment Inc. | 62,642 | 603 |
| | bebe stores inc | 102,536 | 602 |
| | Lennar Corp. Class B | 24,500 | 589 |
| * | Red Robin Gourmet | | |
| | Burgers Inc. | 19,072 | 582 |
| | Standard Motor | | |
| | Products Inc. | 40,673 | 573 |
| | Lithia Motors Inc. Class A | 24,676 | 569 |
| | Callaway Golf Co. | 95,338 | 563 |
| * | Beazer Homes USA Inc. | 169,550 | 551 |
| * | Caribou Coffee Co. Inc. | 42,540 | 549 |
| * | OfficeMaxInc. | 107,444 | 544 |
| | RadioShack Corp. | 134,721 | 517 |
| | Harte-Hanks Inc. | 56,112 | 513 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Pandora Media Inc. | 46,500 | 505 |
| * | Town Sports International | | |
| | Holdings Inc. | 37,480 | 498 |
| * | VOXX International Corp. | | |
| | Class A | 53,037 | 494 |
| | Stage Stores Inc. | 26,937 | 493 |
| | Clear Channel Outdoor | | |
| | Holdings Inc. Class A | 81,614 | 491 |
| | Pep Boys-Manny | | |
| | Moe & Jack | 49,290 | 488 |
| | Carriage Services Inc. | | |
| | Class A | 58,072 | 483 |
| * | Digital Generation Inc. | 39,017 | 483 |
| | Universal Technical | | |
| | Institute Inc. | 35,352 | 478 |
| | Core-Mark Holding Co. Inc. | 9,910 | 477 |
| * | Fuel Systems Solutions Inc. | 28,116 | 469 |
| * | Bridgepoint Education Inc. | 21,388 | 466 |
| * | Citi Trends Inc. | 29,912 | 462 |
| | Nutrisystem Inc. | 39,128 | 452 |
| * | Multimedia Games | | |
| | Holding Co. Inc. | 31,612 | 443 |
| | Haverty Furniture Cos. Inc. | 39,055 | 436 |
| | Bassett Furniture | | |
| | Industries Inc. | 42,218 | 435 |
| * | Conn’s Inc. | 29,173 | 432 |
| | CSS Industries Inc. | 20,419 | 420 |
| | Sonic Automotive Inc. | | |
| | Class A | 29,584 | 404 |
| * | Winnebago Industries Inc. | 38,636 | 394 |
| * | Exide Technologies | 115,374 | 388 |
| * | Unifi Inc. | 34,010 | 385 |
| | Big 5 Sporting Goods Corp. | 50,476 | 382 |
| * | Corinthian Colleges Inc. | 130,895 | 378 |
| | Sinclair Broadcast | | |
| | Group Inc. Class A | 40,142 | 364 |
| * | Isle of Capri Casinos Inc. | 58,616 | 362 |
| * | Smith & Wesson | | |
| | Holding Corp. | 42,465 | 353 |
| * | Perry Ellis International Inc. | 16,892 | 351 |
| * | MarineMax Inc. | 36,780 | 350 |
| | CherokeeInc. | 24,597 | 343 |
| * | Vera Bradley Inc. | 16,129 | 340 |
| * | Quiksilver Inc. | 145,552 | 339 |
| * | Federal-Mogul Corp. | 30,440 | 335 |
| * | rue21 inc | 13,138 | 332 |
| * | Fisher Communications Inc. | 11,073 | 331 |
| * | Bluegreen Corp. | 65,897 | 327 |
| * | Build-A-Bear Workshop Inc. | 65,352 | 312 |
| * | Hovnanian Enterprises Inc. | | |
| | Class A | 106,744 | 310 |
| * | Ruby Tuesday Inc. | 45,171 | 308 |
| * | Cumulus Media Inc. | | |
| | Class A | 101,095 | 304 |
| | AH Belo Corp. Class A | 75,277 | 303 |
| | News Corp. Class B | 13,337 | 300 |
12
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Modine Manufacturing Co. | 42,675 | 296 |
| * | Journal | | |
| | Communications Inc. | | |
| | Class A | 54,804 | 283 |
| | Marcus Corp. | 20,135 | 277 |
| | Speedway Motorsports Inc. | 16,320 | 276 |
| * | Talbots Inc. | 105,680 | 266 |
| ^ | Bon-Ton Stores Inc. | 33,900 | 265 |
| | Superior Industries | | |
| | International Inc. | 16,009 | 262 |
| * | Nautilus Inc. | 78,451 | 260 |
| * | EWScripps Co. Class A | 26,986 | 259 |
| * | Steinway Musical | | |
| | Instruments Inc. | 10,572 | 259 |
| | Marine Products Corp. | 42,454 | 258 |
| * | Tuesday Morning Corp. | 59,578 | 256 |
| * | 1-800-Flowers.com Inc. | | |
| | Class A | 71,346 | 249 |
| * | Wet Seal Inc. Class A | 74,990 | 237 |
| * | Casual Male Retail | | |
| | Group Inc. | 64,168 | 233 |
| * | Overstock.com Inc. | 33,404 | 231 |
| * | Kenneth Cole | | |
| | Productions Inc. Class A | 15,309 | 230 |
| * | Stein Mart Inc. | 28,828 | 229 |
| * | Books-A-Million Inc. | 68,883 | 220 |
| | Destination Maternity Corp. | 9,767 | 211 |
| * | hhgregg Inc. | 18,651 | 211 |
| * | Kirkland’s Inc. | 18,643 | 210 |
| * | Entercom Communications | | |
| | Corp. Class A | 34,498 | 208 |
| * | Pacific Sunwear of | | |
| | California Inc. | 112,958 | 207 |
| | World Wrestling | | |
| | Entertainment Inc. | | |
| | Class A | 25,346 | 198 |
| * | SystemaxInc. | 16,547 | 196 |
| | ShoeCarnival Inc. | 8,742 | 188 |
| | Einstein Noah | | |
| | Restaurant Group Inc. | 10,381 | 182 |
| * | Cache Inc. | 37,957 | 176 |
| * | Universal Electronics Inc. | 13,281 | 175 |
| * | Luby’s Inc. | 26,003 | 174 |
| * | M/IHomes Inc. | 9,948 | 172 |
| * | Bravo Brio Restaurant | | |
| | Group Inc. | 9,480 | 169 |
| | Weyco Group Inc. | 7,238 | 168 |
| | ShilohIndustries Inc. | 14,508 | 167 |
| * | Zagg Inc. | 15,001 | 164 |
| * | K-Swiss Inc. Class A | 52,454 | 162 |
| * | Libbey Inc. | 9,970 | 153 |
| | Lincoln Educational | | |
| | Services Corp. | 23,474 | 153 |
| | Spartan Motors Inc. | 28,655 | 150 |
| * | Fiesta Restaurant Group Inc. | 11,255 | 149 |
| | Hooker Furniture Corp. | 12,445 | 147 |
| | Ambassadors Group Inc. | 26,865 | 146 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Morgans Hotel Group Co. | 30,577 | 144 |
| * | Rentrak Corp. | 6,565 | 136 |
| * | McClatchy Co. Class A | 59,201 | 130 |
| * | West Marine Inc. | 11,079 | 130 |
| | Flexsteel Industries Inc. | 6,549 | 130 |
| | Martha Stewart Living | | |
| | Omnimedia Class A | 36,719 | 125 |
| * | New York & Co. Inc. | 33,806 | 118 |
| * | Jamba Inc. | 59,416 | 116 |
| | Strattec Security Corp. | 5,291 | 111 |
| | Culp Inc. | 10,412 | 107 |
| * | Stoneridge Inc. | 15,383 | 105 |
| * | Cosi Inc. | 137,693 | 98 |
| * | Gaiam Inc. Class A | 24,536 | 96 |
| * | Harris Interactive Inc. | 83,901 | 95 |
| * | Monarch Casino & | | |
| | Resort Inc. | 10,199 | 93 |
| * | Body Central Corp. | 10,325 | 93 |
| * | dELiA*s Inc. | 59,804 | 93 |
| | Christopher& Banks Corp. | 73,023 | 86 |
| | Dover Downs Gaming & | | |
| | Entertainment Inc. | 28,574 | 86 |
| | Entravision | | |
| | Communications | | |
| | Corp. Class A | 70,315 | 85 |
| * | Valuevision Media Inc. | | |
| | Class A | 40,501 | 84 |
| * | Heelys Inc. | 42,099 | 80 |
| * | Gray Television Inc. | 53,874 | 79 |
| * | Geeknet Inc. | 3,963 | 79 |
| * | Learning Tree | | |
| | International Inc. | 17,928 | 78 |
| * | Johnson Outdoors Inc. | | |
| | Class A | 3,631 | 75 |
| * | Zale Corp. | 27,104 | 73 |
| * | ReachLocal Inc. | 6,620 | 73 |
| | Lifetime Brands Inc. | 5,762 | 72 |
| * | MTR Gaming Group Inc. | 14,610 | 69 |
| * | Media General Inc. Class A | 15,014 | 69 |
| * | Motorcar Parts of | | |
| | America Inc. | 15,140 | 68 |
| | Escalade Inc. | 12,187 | 68 |
| * | Fiesta Restaurant Group Inc. | 11,255 | 67 |
| * | Orbitz Worldwide Inc. | 18,270 | 67 |
| * | Perfumania Holdings Inc. | 7,777 | 64 |
| * | Delta Apparel Inc. | 4,553 | 62 |
| * | Stanley Furniture Co. Inc. | 15,291 | 61 |
| * | Century Casinos Inc. | 21,680 | 59 |
| * | Furniture Brands | | |
| | International Inc. | 46,892 | 58 |
| * | LodgeNet Interactive Corp. | 42,201 | 55 |
| * | Kid Brands Inc. | 27,010 | 54 |
| * | Navarre Corp. | 33,043 | 53 |
| * | Red Lion Hotels Corp. | 6,001 | 52 |
| | Salem Communications | | |
| | Corp. Class A | 9,336 | 51 |
| * | Dixie Group Inc. | 13,104 | 50 |
13
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Ruth’s Hospitality Group Inc. | 7,442 | 49 |
| * | Daily Journal Corp. | 572 | 49 |
| * | Lee Enterprises Inc. | 29,385 | 48 |
| * | Skullcandy Inc. | 3,200 | 45 |
| * | Saga Communications Inc. | | |
| | Class A | 1,172 | 43 |
| * | Coldwater Creek Inc. | 78,742 | 43 |
| * | Famous Dave’s Of | | |
| | America Inc. | 3,756 | 42 |
| * | Gordmans Stores Inc. | 2,496 | 41 |
| * | Vitacost.com Inc. | 6,923 | 41 |
| * | Orchard Supply Hardware | | |
| | Stores Corp. Class A | 2,448 | 41 |
| * | Entertainment Gaming | | |
| | Asia Inc. | 13,713 | 39 |
| | Collectors Universe | 2,637 | 39 |
| * | American Apparel Inc. | 44,964 | 39 |
| * | Emerson Radio Corp. | 17,970 | 36 |
| * | Sealy Corp. | 19,540 | 36 |
| * | US Auto Parts Network Inc. | 8,487 | 35 |
| | Mac-Gray Corp. | 2,471 | 35 |
| * | School Specialty Inc. | 10,487 | 34 |
| | Outdoor Channel | | |
| | Holdings Inc. | 4,561 | 33 |
| * | Reading International Inc. | | |
| | Class A | 6,019 | 33 |
| * | LIN TV Corp. Class A | 9,843 | 30 |
| | Superior Uniform Group Inc. | 2,385 | 29 |
| * | Nexstar Broadcasting | | |
| | Group Inc. Class A | 4,178 | 28 |
| * | Trans World | | |
| | Entertainment Corp. | 8,958 | 28 |
| * | TravelCenters of | | |
| | America LLC | 5,100 | 26 |
| * | UQM Technologies Inc. | 29,271 | 25 |
| * | Black Diamond Inc. | 2,307 | 22 |
| * | Radio One Inc. | 22,730 | 21 |
| * | Duckwall-ALCO Stores Inc. | 2,176 | 19 |
| * | Dex One Corp. | 19,978 | 19 |
| | Skyline Corp. | 3,395 | 17 |
| * | SuperMedia Inc. | 5,398 | 13 |
| * | Cambium Learning | | |
| | Group Inc. | 12,034 | 11 |
| * | Quantum Fuel Systems | | |
| | Technologies | | |
| | Worldwide Inc. | 15,407 | 11 |
| * | Empire Resorts Inc. | 5,900 | 11 |
| * | Hastings Entertainment Inc. | 4,944 | 10 |
| | Canterbury Park | | |
| | Holding Corp. | 818 | 9 |
| * | Hollywood Media Corp. | 7,061 | 8 |
| * | Hallwood Group Inc. | 804 | 8 |
| * | Lakes Entertainment Inc. | 2,747 | 8 |
| * | Dover Motorsports Inc. | 4,709 | 6 |
| | Bowl America Inc. Class A | 392 | 5 |
| | Educational | | |
| | Development Corp. | 1,122 | 5 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Gaming Partners | | |
| | International Corp. | 309 | 2 |
| * | Radio One Inc. Class A | 1,680 | 2 |
| * | Forward Industries Inc. | 557 | 1 |
| * | Premier Exhibitions Inc. | 319 | 1 |
| | Frisch’s Restaurants Inc. | 29 | 1 |
| * | Rick’s Cabaret | | |
| | International Inc. | 64 | 1 |
| * | Joe’s Jeans Inc. | 398 | — |
| * | Universal Travel Group | 118 | — |
| * | Sport Chalet Inc. Class A | 37 | — |
| | National American | | |
| | University Holdings Inc. | 8 | — |
| * | SPARGroup Inc. | 29 | — |
| * | Sport Chalet Inc. Class B | 5 | — |
| | | | 2,456,510 |
| Consumer Staples (9.9%) | | |
| | Procter & Gamble Co. | 3,781,504 | 231,617 |
| | Coca-Cola Co. | 2,796,462 | 218,655 |
| | Philip Morris | | |
| | International Inc. | 2,364,010 | 206,284 |
| | Wal-Mart Stores Inc. | 2,586,005 | 180,296 |
| | PepsiCo Inc. | 2,156,306 | 152,365 |
| | Altria Group Inc. | 2,808,489 | 97,033 |
| | Kraft Foods Inc. | 2,306,234 | 89,067 |
| | CVS Caremark Corp. | 1,788,066 | 83,556 |
| | Colgate-Palmolive Co. | 658,479 | 68,548 |
| | Costco Wholesale Corp. | 597,228 | 56,737 |
| | Kimberly-Clark Corp. | 540,643 | 45,290 |
| | Walgreen Co. | 1,199,734 | 35,488 |
| | General Mills Inc. | 885,160 | 34,114 |
| | Archer-Daniels-Midland Co. | 908,793 | 26,828 |
| | Lorillard Inc. | 181,416 | 23,938 |
| | SyscoCorp. | 802,888 | 23,934 |
| | HJ Heinz Co. | 439,322 | 23,890 |
| | Whole Foods Market Inc. | 238,042 | 22,690 |
| | Mead Johnson | | |
| | Nutrition Co. | 279,733 | 22,521 |
| | Reynolds American Inc. | 474,852 | 21,307 |
| | Estee Lauder Cos. Inc. | | |
| | Class A | 324,176 | 17,544 |
| | Kroger Co. | 750,602 | 17,406 |
| | Kellogg Co. | 343,492 | 16,944 |
| | Hershey Co. | 215,319 | 15,509 |
| | ConAgra Foods Inc. | 566,664 | 14,694 |
| * | Monster Beverage Corp. | 203,567 | 14,494 |
| | Dr Pepper Snapple | | |
| | Group Inc. | 291,452 | 12,751 |
| | Bunge Ltd. | 200,293 | 12,566 |
| | Clorox Co. | 169,684 | 12,295 |
| | Beam Inc. | 193,829 | 12,112 |
| | JM Smucker Co. | 155,728 | 11,761 |
| | Coca-Cola Enterprises Inc. | 415,883 | 11,661 |
| | Brown-Forman Corp. | | |
| | Class B | 112,277 | 10,874 |
| | Church& Dwight Co. Inc. | 195,708 | 10,856 |
| | McCormick & Co. Inc. | 165,753 | 10,053 |
14
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Avon Products Inc. | 592,325 | 9,602 |
| | Campbell Soup Co. | 263,381 | 8,792 |
| | Molson Coors Brewing Co. | | |
| | Class B | 204,934 | 8,527 |
| | TysonFoods Inc. Class A | 412,198 | 7,762 |
| | Herbalife Ltd. | 160,039 | 7,735 |
| * | Energizer Holdings Inc. | 90,824 | 6,835 |
| | Safeway Inc. | 369,017 | 6,698 |
| * | Constellation Brands Inc. | | |
| | Class A | 242,589 | 6,564 |
| | Hormel Foods Corp. | 200,345 | 6,095 |
| | Ingredion Inc. | 105,251 | 5,212 |
| * | Ralcorp Holdings Inc. | 76,131 | 5,081 |
| | Hillshire Brands Co. | 162,513 | 4,711 |
| * | Smithfield Foods Inc. | 210,776 | 4,559 |
| * | Dean Foods Co. | 254,304 | 4,331 |
| * | Green Mountain Coffee | | |
| | Roasters Inc. | 180,740 | 3,937 |
| | Flowers Foods Inc. | 168,803 | 3,921 |
| * | United Natural Foods Inc. | 67,030 | 3,677 |
| | Nu Skin Enterprises Inc. | | |
| | Class A | 78,352 | 3,675 |
| | Casey’s General Stores Inc. | 52,442 | 3,094 |
| * | TreeHouse Foods Inc. | 49,347 | 3,074 |
| * | Hain Celestial Group Inc. | 52,006 | 2,862 |
| * | Fresh Market Inc. | 52,852 | 2,834 |
| * | Darling International Inc. | 161,186 | 2,658 |
| | Harris Teeter | | |
| | Supermarkets Inc. | 64,601 | 2,648 |
| | Lancaster Colony Corp. | 26,400 | 1,880 |
| | PriceSmart Inc. | 26,816 | 1,810 |
| | B&G Foods Inc. Class A | 66,766 | 1,776 |
| | Snyders-Lance Inc. | 65,399 | 1,650 |
| ^ | SUPERVALUInc. | 296,363 | 1,535 |
| * | Boston Beer Co. Inc. | | |
| | Class A | 12,447 | 1,506 |
| | Universal Corp. | 31,999 | 1,483 |
| | Fresh Del Monte | | |
| | Produce Inc. | 57,570 | 1,351 |
| * | Rite Aid Corp. | 927,324 | 1,298 |
| | Andersons Inc. | 29,375 | 1,253 |
| * | Elizabeth Arden Inc. | 31,548 | 1,224 |
| | Sanderson Farms Inc. | 25,367 | 1,162 |
| * | Post Holdings Inc. | 37,322 | 1,148 |
| | J&J Snack Foods Corp. | 19,351 | 1,144 |
| | Cal-Maine Foods Inc. | 28,397 | 1,110 |
| * | Prestige Brands | | |
| | Holdings Inc. | 65,427 | 1,034 |
| | Vector Group Ltd. | 59,992 | 1,021 |
| | WD-40 Co. | 19,961 | 994 |
| * | Central Garden and | | |
| | Pet Co. Class A | 74,524 | 812 |
| | Coca-Cola Bottling Co. | | |
| | Consolidated | 11,708 | 753 |
| *,^ | Star Scientific Inc. | 163,614 | 746 |
| * | Susser Holdings Corp. | 19,826 | 737 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tootsie Roll Industries Inc. | 29,573 | 706 |
| * | Smart Balance Inc. | 70,540 | 662 |
| * | Medifast Inc. | 33,580 | 661 |
| * | Spectrum Brands | | |
| | Holdings Inc. | 20,146 | 656 |
| | Inter Parfums Inc. | 37,942 | 655 |
| | Weis Markets Inc. | 14,677 | 653 |
| * | Central Garden and Pet Co. | 54,405 | 565 |
| * | Pantry Inc. | 37,451 | 551 |
| ^ | Diamond Foods Inc. | 30,182 | 538 |
| | Nash Finch Co. | 21,416 | 460 |
| | Alico Inc. | 15,023 | 459 |
| * | Pilgrim’s Pride Corp. | 60,612 | 433 |
| * | USANA Health Sciences Inc. | 9,626 | 396 |
| * | John B Sanfilippo & Son Inc. | 22,171 | 396 |
| | Ingles Markets Inc. Class A | 24,587 | 394 |
| * | Alliance One | | |
| | International Inc. | 107,565 | 372 |
| * | ChiquitaBrands | | |
| | International Inc. | 65,619 | 328 |
| | Spartan Stores Inc. | 15,125 | 274 |
| * | Schiff Nutrition | | |
| | International Inc. | 14,214 | 255 |
| *,^ | Central European | | |
| | Distribution Corp. | 88,049 | 252 |
| * | Omega Protein Corp. | 33,479 | 246 |
| * | Revlon Inc. Class A | 17,235 | 245 |
| * | Dole Food Co. Inc. | 26,653 | 234 |
| * | National Beverage Corp. | 15,595 | 233 |
| | DE Master Blenders | 16,251 | 183 |
| | Calavo Growers Inc. | 6,680 | 171 |
| * | Physicians Formula | | |
| | Holdings Inc. | 46,781 | 163 |
| | Lifeway Foods Inc. | 15,345 | 159 |
| * | Farmer Bros Co. | 16,855 | 134 |
| | Griffin Land & Nurseries Inc. | 4,456 | 125 |
| | Oil-Dri Corp. of America | 5,107 | 112 |
| * | OverhillFarms Inc. | 27,356 | 107 |
| * | Inventure Foods Inc. | 15,484 | 98 |
| | Female Health Co. | 11,517 | 68 |
| * | Nutraceutical | | |
| | International Corp. | 3,078 | 47 |
| | Limoneira Co. | 2,460 | 40 |
| * | Seneca Foods Corp. Class A | 1,404 | 38 |
| * | Primo Water Corp. | 32,717 | 36 |
| * | Mannatech Inc. | 4,713 | 33 |
| | MGP Ingredients Inc. | 9,902 | 32 |
| * | Craft Brew Alliance Inc. | 3,865 | 32 |
| | Village Super Market Inc. | | |
| | Class A | 910 | 30 |
| * | Jones Soda Co. | 85,666 | 27 |
| * | Chefs’Warehouse Inc. | 1,200 | 22 |
| | Nature’s Sunshine | | |
| | Products Inc. | 1,400 | 21 |
| | Reliv International Inc. | 10,512 | 17 |
| | Orchids Paper Products Co. | 926 | 16 |
15
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bridgford Foods Corp. | 2,030 | 16 |
| * | Crystal Rock Holdings Inc. | 80 | — |
| | | | 2,030,340 |
| Energy (10.0%) | | |
| | Exxon Mobil Corp. | 6,470,734 | 553,701 |
| | ChevronCorp. | 2,714,214 | 286,350 |
| | Schlumberger Ltd. | 1,831,906 | 118,909 |
| | Occidental | | |
| | Petroleum Corp. | 1,113,497 | 95,505 |
| | ConocoPhillips | 1,669,037 | 93,266 |
| | Apache Corp. | 527,828 | 46,391 |
| | Anadarko Petroleum Corp. | 684,288 | 45,300 |
| | National Oilwell Varco Inc. | 582,787 | 37,555 |
| | Halliburton Co. | 1,263,280 | 35,864 |
| | EOG Resources Inc. | 369,457 | 33,292 |
| | Devon Energy Corp. | 527,199 | 30,572 |
| * | Phillips 66 | 866,088 | 28,789 |
| | Spectra Energy Corp. | 894,308 | 25,989 |
| | Marathon Oil Corp. | 966,415 | 24,711 |
| | Baker Hughes Inc. | 600,965 | 24,700 |
| | Williams Cos. Inc. | 813,369 | 23,441 |
| | Marathon Petroleum Corp. | 477,637 | 21,455 |
| | Kinder Morgan Inc. | 658,804 | 21,227 |
| | Noble Energy Inc. | 243,205 | 20,629 |
| | Valero Energy Corp. | 762,691 | 18,419 |
| | Hess Corp. | 420,341 | 18,264 |
| | ChesapeakeEnergy Corp. | 910,364 | 16,933 |
| * | Southwestern Energy Co. | 479,848 | 15,322 |
| * | Cameron | | |
| | International Corp. | 338,275 | 14,448 |
| | Pioneer Natural | | |
| | Resources Co. | 161,024 | 14,204 |
| | Range Resources Corp. | 222,274 | 13,752 |
| * | Weatherford | | |
| | International Ltd. | 1,041,899 | 13,159 |
| * | FMC Technologies Inc. | 328,680 | 12,894 |
| | Murphy Oil Corp. | 253,502 | 12,749 |
| * | Concho Resources Inc. | 135,505 | 11,534 |
| | Cabot Oil & Gas Corp. | 288,497 | 11,367 |
| | Noble Corp. | 346,664 | 11,277 |
| | EQT Corp. | 205,952 | 11,045 |
| | HollyFrontier Corp. | 271,968 | 9,636 |
| | CONSOL Energy Inc. | 312,191 | 9,441 |
| | Peabody Energy Corp. | 373,930 | 9,169 |
| * | Kinder Morgan | | |
| | Management LLC | 123,948 | 9,100 |
| * | Denbury Resources Inc. | 538,009 | 8,129 |
| | Core Laboratories NV | 65,573 | 7,600 |
| | QEP Resources Inc. | 244,012 | 7,313 |
| | Oceaneering | | |
| | International Inc. | 148,700 | 7,117 |
| | Sunoco Inc. | 147,236 | 6,994 |
| * | Whiting Petroleum Corp. | 161,730 | 6,650 |
| | Cimarex Energy Co. | 117,942 | 6,501 |
| | Helmerich & Payne Inc. | 147,813 | 6,427 |
| * | Plains Exploration & | | |
| | Production Co. | 176,605 | 6,213 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Cobalt International | | |
| | Energy Inc. | 252,829 | 5,941 |
| * | Nabors Industries Ltd. | 397,988 | 5,731 |
| | Diamond Offshore | | |
| | Drilling Inc. | 95,543 | 5,649 |
| * | Rowan Cos. plc Class A | 170,089 | 5,499 |
| * | Newfield Exploration Co. | 185,782 | 5,445 |
| * | Ultra Petroleum Corp. | 210,102 | 4,847 |
| * | Tesoro Corp. | 193,798 | 4,837 |
| * | Oil States International Inc. | 71,024 | 4,702 |
| * | Dresser-Rand Group Inc. | 103,713 | 4,619 |
| | Energen Corp. | 99,476 | 4,489 |
| * | WPX Energy Inc. | 273,417 | 4,424 |
| * | Superior Energy | | |
| | Services Inc. | 217,302 | 4,396 |
| | SM Energy Co. | 88,429 | 4,343 |
| * | Continental Resources Inc. | 62,081 | 4,136 |
| | World Fuel Services Corp. | 98,020 | 3,728 |
| * | McDermott | | |
| | International Inc. | 323,261 | 3,601 |
| * | SandRidge Energy Inc. | 505,160 | 3,379 |
| | Tidewater Inc. | 70,465 | 3,267 |
| | Patterson-UTI Energy Inc. | 214,888 | 3,129 |
| * | Dril-Quip Inc. | 47,280 | 3,101 |
| * | Atwood Oceanics Inc. | 80,644 | 3,052 |
| * | CheniereEnergy Inc. | 206,879 | 3,049 |
| * | Kodiak Oil & Gas Corp. | 363,666 | 2,986 |
| | Energy XXI Bermuda Ltd. | 90,799 | 2,841 |
| * | Rosetta Resources Inc. | 73,233 | 2,683 |
| * | Alpha Natural | | |
| | Resources Inc. | 302,520 | 2,635 |
| | Berry Petroleum Co. | | |
| | Class A | 64,494 | 2,558 |
| | Lufkin Industries Inc. | 45,670 | 2,481 |
| * | SEACOR Holdings Inc. | 27,603 | 2,467 |
| * | Oasis Petroleum Inc. | 102,019 | 2,467 |
| * | Helix Energy | | |
| | Solutions Group Inc. | 138,309 | 2,270 |
| * | Unit Corp. | 59,646 | 2,200 |
| ^ | CARBOCeramics Inc. | 28,607 | 2,195 |
| | Arch Coal Inc. | 294,914 | 2,032 |
| | Bristow Group Inc. | 49,116 | 1,998 |
| * | Gran Tierra Energy Inc. | 382,932 | 1,880 |
| * | Bill Barrett Corp. | 86,732 | 1,858 |
| *,^ | McMoRan Exploration Co. | 144,643 | 1,833 |
| | Western Refining Inc. | 81,463 | 1,814 |
| * | Hornbeck Offshore | | |
| | Services Inc. | 45,778 | 1,775 |
| | Targa Resources Corp. | 40,772 | 1,741 |
| * | SemGroup Corp. Class A | 52,124 | 1,664 |
| * | Stone Energy Corp. | 64,095 | 1,624 |
| * | Key Energy Services Inc. | 196,641 | 1,494 |
| | Enbridge Energy | | |
| | Management LLC | 46,280 | 1,480 |
| * | Exterran Holdings Inc. | 115,907 | 1,478 |
| * | Cloud Peak Energy Inc. | 86,404 | 1,461 |
| *,^ | Clean Energy Fuels Corp. | 93,897 | 1,455 |
16
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Approach Resources Inc. | 53,980 | 1,379 |
| * | Gulfport Energy Corp. | 65,780 | 1,357 |
| | EXCO Resources Inc. | 177,546 | 1,348 |
| * | Northern Oil and Gas Inc. | 82,231 | 1,311 |
| * | Carrizo Oil & Gas Inc. | 53,752 | 1,264 |
| * | Forest Oil Corp. | 160,644 | 1,178 |
| * | Gulfmark Offshore Inc. | 33,815 | 1,151 |
| * | ION Geophysical Corp. | 170,099 | 1,121 |
| ^ | RPCInc. | 88,221 | 1,049 |
| * | SwiftEnergy Co. | 56,322 | 1,048 |
| * | Vaalco Energy Inc. | 121,397 | 1,048 |
| * | Energy Partners Ltd. | 60,602 | 1,024 |
| * | Comstock Resources Inc. | 61,612 | 1,012 |
| * | CVR Energy Inc. | 36,981 | 983 |
| * | Contango Oil & Gas Co. | 15,979 | 946 |
| * | Goodrich Petroleum Corp. | 60,836 | 843 |
| * | Endeavour | | |
| | International Corp. | 99,531 | 836 |
| * | TETRA Technologies Inc. | 109,296 | 779 |
| *,^ | C&J Energy Services Inc. | 40,700 | 753 |
| | Crosstex Energy Inc. | 53,685 | 752 |
| * | Basic Energy Services Inc. | 70,604 | 729 |
| * | Cal Dive International Inc. | 250,344 | 726 |
| * | Clayton Williams Energy Inc. | 14,960 | 724 |
| | W&T Offshore Inc. | 46,967 | 719 |
| | Gulf Island Fabrication Inc. | 25,363 | 715 |
| | Delek US Holdings Inc. | 38,639 | 680 |
| * | Abraxas Petroleum Corp. | 212,515 | 678 |
| * | Newpark Resources Inc. | 114,478 | 675 |
| *,^ | Quicksilver Resources Inc. | 123,858 | 671 |
| * | PDC Energy Inc. | 27,365 | 671 |
| *,^ | BPZ Resources Inc. | 262,239 | 663 |
| * | FX Energy Inc. | 107,628 | 640 |
| * | GeoResources Inc. | 17,377 | 636 |
| * | Hercules Offshore Inc. | 178,122 | 631 |
| * | Pioneer Drilling Co. | 76,978 | 613 |
| * | Parker Drilling Co. | 135,763 | 612 |
| | Penn Virginia Corp. | 75,079 | 551 |
| *,^ | ATP Oil & Gas Corp. | 162,306 | 549 |
| *,^ | Halcon Resources Corp. | 57,900 | 547 |
| * | Matrix Service Co. | 47,168 | 535 |
| * | Magnum Hunter | | |
| | Resources Corp. | 127,510 | 533 |
| * | Callon Petroleum Co. | 123,640 | 527 |
| * | OYOGeospace Corp. | 5,587 | 503 |
| * | Harvest Natural | | |
| | Resources Inc. | 58,141 | 497 |
| | Alon USA Energy Inc. | 58,426 | 494 |
| * | Dawson Geophysical Co. | 18,621 | 444 |
| | OverseasShipholding | | |
| | Group Inc. | 35,839 | 398 |
| * | Triangle Petroleum Corp. | 69,927 | 390 |
| * | Resolute Energy Corp. | 40,586 | 388 |
| | Bolt Technology Corp. | 24,155 | 363 |
| * | Laredo Petroleum | | |
| | Holdings Inc. | 16,238 | 338 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Adams Resources & | | |
| | Energy Inc. | 7,855 | 329 |
| * | Venoco Inc. | 32,684 | 327 |
| * | Heckmann Corp. | 94,271 | 319 |
| * | Mitcham Industries Inc. | 17,173 | 291 |
| * | Rex Energy Corp. | 25,439 | 285 |
| * | PHI Inc. | 10,145 | 282 |
| * | CREDO Petroleum Corp. | 19,272 | 279 |
| * | Petroquest Energy Inc. | 53,547 | 268 |
| * | Tesco Corp. | 21,985 | 264 |
| * | Natural Gas Services | | |
| | Group Inc. | 17,555 | 260 |
| * | Lone Pine Resources Inc. | 83,387 | 229 |
| * | Rentech Inc. | 107,233 | 221 |
| * | US Energy Corp. Wyoming | 93,278 | 220 |
| * | Willbros Group Inc. | 33,378 | 216 |
| * | Gastar Exploration Ltd. | 108,518 | 209 |
| * | Global Geophysical | | |
| | Services Inc. | 33,374 | 204 |
| * | Amyris Inc. | 44,690 | 198 |
| * | Bonanza Creek Energy Inc. | 11,200 | 186 |
| *,^ | Solazyme Inc. | 13,034 | 181 |
| * | Vantage Drilling Co. | 109,142 | 164 |
| | Apco Oil and Gas | | |
| | International Inc. | 9,000 | 162 |
| *,^ | Patriot Coal Corp. | 122,221 | 149 |
| *,^ | Hyperdynamics Corp. | 157,899 | 132 |
| * | CAMACEnergy Inc. | 201,419 | 127 |
| *,^ | James River Coal Co. | 44,326 | 120 |
| * | USEC Inc. | 120,969 | 120 |
| * | Double Eagle Petroleum Co. | 23,947 | 105 |
| * | Warren Resources Inc. | 43,588 | 105 |
| *,^ | GMX Resources Inc. | 126,772 | 103 |
| * | KiOR Inc. | 11,000 | 98 |
| * | Union Drilling Inc. | 21,397 | 96 |
| * | REX American | | |
| | Resources Corp. | 4,844 | 95 |
| * | EvolutionPetroleum Corp. | 11,030 | 92 |
| * | ZaZa Energy Corp. | 18,622 | 84 |
| * | TGC Industries Inc. | 7,866 | 76 |
| | Panhandle Oil and | | |
| | Gas Inc. Class A | 2,516 | 76 |
| * | Crimson Exploration Inc. | 16,392 | 75 |
| * | Westmoreland Coal Co. | 9,078 | 73 |
| * | ENGlobalCorp. | 48,501 | 73 |
| * | TransAtlantic | | |
| | Petroleum Ltd. | 65,500 | 71 |
| * | Green Plains Renewable | | |
| | Energy Inc. | 11,136 | 69 |
| * | HKN Inc. | 28,657 | 68 |
| * | Uranium Energy Corp. | 20,935 | 48 |
| * | Oilsands Quest Inc. | 831,492 | 35 |
| * | Gasco Energy Inc. | 164,589 | 29 |
| * | GreenHunter Energy Inc. | 9,941 | 20 |
| * | SyntroleumCorp. | 28,793 | 19 |
| * | Houston American | | |
| | Energy Corp. | 14,695 | 16 |
17
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Verenium Corp. | 2,972 | 9 |
| * | GeoGlobal Resources Inc. | 19,882 | 8 |
| * | Sanchez Energy Corp. | 300 | 6 |
| * | Geokinetics Inc. | 22,198 | 6 |
| * | Barnwell Industries Inc. | 2,036 | 6 |
| * | Uranium Resources Inc. | 8,178 | 5 |
| * | Uranerz Energy Corp. | 681 | 1 |
| * | Isramco Inc. | 8 | 1 |
| * | PrimeEnergy Corp. | 10 | — |
| * | GeoMet Inc. | 761 | — |
| * | Cubic Energy Inc. | 223 | — |
| | | | 2,058,369 |
| Financials (15.3%) | | |
| | Wells Fargo & Co. | 6,877,577 | 229,986 |
| | JPMorganChase & Co. | 5,216,659 | 186,391 |
| | Bank of America Corp. | 14,734,340 | 120,527 |
| | Citigroup Inc. | 4,020,761 | 110,209 |
| * | Berkshire Hathaway Inc. | | |
| | Class B | 1,194,715 | 99,556 |
| | US Bancorp | 2,623,488 | 84,371 |
| | American Express Co. | 1,441,304 | 83,898 |
| | Simon Property Group Inc. | 408,836 | 63,639 |
| | Goldman Sachs Group Inc. | 645,654 | 61,892 |
| | PNC Financial Services | | |
| | Group Inc. | 724,463 | 44,272 |
| | American Tower | | |
| | Corporation | 540,646 | 37,797 |
| | Capital One Financial Corp. | 684,187 | 37,398 |
| | Bank of New York | | |
| | Mellon Corp. | 1,654,822 | 36,323 |
| | MetLife Inc. | 1,165,631 | 35,960 |
| | Travelers Cos. Inc. | 539,837 | 34,463 |
| | ACE Ltd. | 462,949 | 34,318 |
| | Prudential Financial Inc. | 642,980 | 31,140 |
| | BlackRock Inc. | 181,684 | 30,854 |
| | State Street Corp. | 670,182 | 29,917 |
| | Morgan Stanley | 2,037,865 | 29,732 |
| | BB&T Corp. | 957,311 | 29,533 |
| | Public Storage | 199,957 | 28,876 |
| | Aflac Inc. | 641,275 | 27,312 |
| | ChubbCorp. | 372,230 | 27,106 |
| * | American International | | |
| | Group Inc. | 830,784 | 26,660 |
| | EquityResidential | 412,445 | 25,720 |
| | Discover Financial Services | 727,881 | 25,170 |
| | Ventas Inc. | 396,722 | 25,041 |
| | HCP Inc. | 562,550 | 24,837 |
| | Marsh & McLennan | | |
| | Cos. Inc. | 746,440 | 24,058 |
| | Allstate Corp. | 684,300 | 24,012 |
| | CME Group Inc. | 86,720 | 23,250 |
| | Franklin Resources Inc. | 207,583 | 23,040 |
| | Annaly Capital | | |
| | Management Inc. | 1,333,228 | 22,372 |
| | Boston Properties Inc. | 203,597 | 22,064 |
| | T. Rowe Price Group Inc. | 348,298 | 21,929 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Prologis Inc. | 630,876 | 20,964 |
| | Aon plc | 424,550 | 19,860 |
| | Vornado Realty Trust | 228,952 | 19,227 |
| | CharlesSchwab Corp. | 1,485,051 | 19,202 |
| | AvalonBay | | |
| | Communities Inc. | 130,813 | 18,507 |
| | SunTrust Banks Inc. | 737,218 | 17,863 |
| | Loews Corp. | 435,834 | 17,830 |
| | Fifth Third Bancorp | 1,264,202 | 16,940 |
| | Health Care REIT Inc. | 288,685 | 16,830 |
| | Progressive Corp. | 797,977 | 16,622 |
| | Weyerhaeuser Co. | 737,640 | 16,494 |
| | Ameriprise Financial Inc. | 305,034 | 15,941 |
| | Host Hotels & Resorts Inc. | 972,216 | 15,380 |
| | American Capital | | |
| | Agency Corp. | 412,186 | 13,854 |
| | Invesco Ltd. | 612,714 | 13,847 |
| | Northern Trust Corp. | 298,044 | 13,716 |
| * | IntercontinentalExchange | | |
| | Inc. | 99,728 | 13,561 |
| | Regions Financial Corp. | 1,941,569 | 13,106 |
| | M&T Bank Corp. | 156,607 | 12,931 |
| | Digital Realty Trust Inc. | 165,167 | 12,399 |
| | SLM Corp. | 704,103 | 11,061 |
| | Principal Financial | | |
| | Group Inc. | 413,961 | 10,858 |
| | Macerich Co. | 181,473 | 10,716 |
| | Kimco Realty Corp. | 559,217 | 10,642 |
| | General Growth | | |
| | Properties Inc. | 579,871 | 10,490 |
| | KeyCorp | 1,310,012 | 10,139 |
| | Hartford Financial | | |
| | Services Group Inc. | 574,564 | 10,130 |
| | Moody’s Corp. | 275,548 | 10,071 |
| | SL Green Realty Corp. | 118,743 | 9,528 |
| * | CIT Group Inc. | 262,225 | 9,346 |
| | UDR Inc. | 360,446 | 9,314 |
| | XL Group plc Class A | 433,499 | 9,121 |
| | Federal Realty | | |
| | Investment Trust | 87,415 | 9,099 |
| | NYSE Euronext | 355,167 | 9,085 |
| | Plum Creek Timber Co. Inc. | 221,844 | 8,807 |
| | Lincoln National Corp. | 400,925 | 8,768 |
| | Willis Group Holdings plc | 239,425 | 8,737 |
| | Comerica Inc. | 272,359 | 8,364 |
| | Cincinnati Financial Corp. | 211,972 | 8,070 |
| * | Affiliated Managers | | |
| | Group Inc. | 71,263 | 7,800 |
| | Unum Group | 400,693 | 7,665 |
| | Realty Income Corp. | 183,507 | 7,665 |
| | EverestRe Group Ltd. | 73,970 | 7,655 |
| | Huntington | | |
| | Bancshares Inc. | 1,189,351 | 7,612 |
| | Rayonier Inc. | 168,444 | 7,563 |
| | New York Community | | |
| | Bancorp Inc. | 601,497 | 7,537 |
18
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Essex Property Trust Inc. | 47,989 | 7,386 |
| | Camden Property Trust | 108,508 | 7,343 |
| * | Arch Capital Group Ltd. | 184,915 | 7,339 |
| * | CBREGroup Inc. Class A | 429,011 | 7,019 |
| | Torchmark Corp. | 137,873 | 6,969 |
| | PartnerRe Ltd. | 89,983 | 6,809 |
| | WR Berkley Corp. | 161,416 | 6,282 |
| | Alexandria Real Estate | | |
| | Equities Inc. | 85,302 | 6,203 |
| | Taubman Centers Inc. | 80,004 | 6,173 |
| | Leucadia National Corp. | 286,325 | 6,090 |
| * | Alleghany Corp. | 17,459 | 5,932 |
| | Liberty Property Trust | 160,249 | 5,904 |
| | Regency Centers Corp. | 123,895 | 5,894 |
| | People’s United | | |
| | Financial Inc. | 495,344 | 5,751 |
| * | MSCI Inc. Class A | 167,296 | 5,691 |
| | Arthur J Gallagher & Co. | 161,562 | 5,666 |
| * | Markel Corp. | 12,592 | 5,562 |
| | Raymond James | | |
| | Financial Inc. | 159,400 | 5,458 |
| | RenaissanceRe | | |
| | Holdings Ltd. | 70,899 | 5,389 |
| | Reinsurance Group of | | |
| | America Inc. Class A | 101,132 | 5,381 |
| * | Berkshire Hathaway Inc. | | |
| | Class A | 43 | 5,373 |
| | Apartment Investment & | | |
| | Management Co. Class A | 198,378 | 5,362 |
| | Fidelity National | | |
| | Financial Inc. Class A | 274,058 | 5,278 |
| | Axis Capital Holdings Ltd. | 161,816 | 5,267 |
| | Duke Realty Corp. | 355,748 | 5,208 |
| | BRE Properties Inc. | 103,554 | 5,180 |
| | TD Ameritrade | | |
| | Holding Corp. | 302,304 | 5,139 |
| | Senior Housing | | |
| | Properties Trust | 224,156 | 5,003 |
| | Zions Bancorporation | 253,492 | 4,923 |
| | Ares Capital Corp. | 304,185 | 4,855 |
| | East West Bancorp Inc. | 204,131 | 4,789 |
| * | American Capital Ltd. | 463,764 | 4,670 |
| | American Campus | | |
| | Communities Inc. | 102,658 | 4,618 |
| | Legg Mason Inc. | 173,835 | 4,584 |
| | Brown & Brown Inc. | 167,561 | 4,569 |
| | Kilroy Realty Corp. | 94,204 | 4,560 |
| | HCC Insurance | | |
| | Holdings Inc. | 143,359 | 4,501 |
| | DDR Corp. | 305,400 | 4,471 |
| | Cullen/Frost Bankers Inc. | 75,757 | 4,355 |
| | Eaton Vance Corp. | 158,866 | 4,281 |
| | Jones Lang LaSalle Inc. | 60,158 | 4,233 |
| | Douglas Emmett Inc. | 182,771 | 4,222 |
| | Hospitality Properties Trust | 170,307 | 4,218 |
| * | First Republic Bank | 125,356 | 4,212 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Assurant Inc. | 120,683 | 4,205 |
| | Hudson City Bancorp Inc. | 656,749 | 4,183 |
| | Weingarten Realty | | |
| | Investors | 158,242 | 4,168 |
| | Extra Space Storage Inc. | 133,629 | 4,089 |
| | Piedmont Office Realty | | |
| | Trust Inc. Class A | 237,259 | 4,083 |
| | Home Properties Inc. | 66,530 | 4,082 |
| | NASDAQ OMX Group Inc. | 179,576 | 4,071 |
| | Allied World Assurance | | |
| | Co. Holdings AG | 50,826 | 4,039 |
| | White Mountains | | |
| | Insurance Group Ltd. | 7,740 | 4,038 |
| | National Retail | | |
| | Properties Inc. | 142,315 | 4,026 |
| | Tanger Factory | | |
| | Outlet Centers | 124,852 | 4,001 |
| | BioMed Realty Trust Inc. | 212,533 | 3,970 |
| | American Financial | | |
| | Group Inc. | 101,046 | 3,964 |
| | Commerce Bancshares Inc. | 104,062 | 3,944 |
| | MFA Financial Inc. | 491,982 | 3,882 |
| * | Signature Bank | 63,580 | 3,876 |
| | SEI Investments Co. | 194,597 | 3,871 |
| * | Genworth Financial Inc. | | |
| | Class A | 675,895 | 3,826 |
| | Mid-America Apartment | | |
| | Communities Inc. | 55,993 | 3,821 |
| | CBL& Associates | | |
| | Properties Inc. | 194,395 | 3,798 |
| | Hatteras Financial Corp. | 130,838 | 3,742 |
| | EquityLifestyle | | |
| | Properties Inc. | 53,944 | 3,721 |
| | First Niagara Financial | | |
| | Group Inc. | 484,294 | 3,705 |
| | Post Properties Inc. | 73,423 | 3,594 |
| | Waddell & Reed | | |
| | Financial Inc. Class A | 118,150 | 3,578 |
| | ProAssurance Corp. | 40,148 | 3,577 |
| * | SVB Financial Group | 60,092 | 3,529 |
| | Mack-Cali Realty Corp. | 121,270 | 3,525 |
| | LaSalle Hotel Properties | 118,298 | 3,447 |
| | CBOEHoldings Inc. | 122,256 | 3,384 |
| | Highwoods Properties Inc. | 100,377 | 3,378 |
| | Hancock Holding Co. | 110,732 | 3,371 |
| | ChimeraInvestment Corp. | 1,417,315 | 3,345 |
| | Starwood Property | | |
| | Trust Inc. | 156,444 | 3,334 |
| | Protective Life Corp. | 112,734 | 3,315 |
| | Omega Healthcare | | |
| | Investors Inc. | 143,008 | 3,218 |
| | City National Corp. | 66,059 | 3,209 |
| | Assured Guaranty Ltd. | 225,734 | 3,183 |
| | Associated Banc-Corp | 239,728 | 3,162 |
| | TwoHarbors | | |
| | Investment Corp. | 295,560 | 3,062 |
19
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | First Horizon National Corp. | 351,939 | 3,044 |
| * | E*TRADE Financial Corp. | 373,272 | 3,001 |
| | Invesco Mortgage | | |
| | Capital Inc. | 159,270 | 2,921 |
| | Bank of Hawaii Corp. | 63,307 | 2,909 |
| | Erie Indemnity Co. Class A | 39,511 | 2,829 |
| | Federated Investors Inc. | | |
| | Class B | 128,795 | 2,814 |
| | Aspen Insurance | | |
| | Holdings Ltd. | 97,191 | 2,809 |
| | Old Republic | | |
| | International Corp. | 334,635 | 2,774 |
| | Fulton Financial Corp. | 276,333 | 2,761 |
| | Capitol Federal | | |
| | Financial Inc. | 231,516 | 2,750 |
| | Valley National Bancorp | 257,599 | 2,731 |
| * | Ocwen Financial Corp. | 142,792 | 2,682 |
| | Validus Holdings Ltd. | 83,296 | 2,668 |
| | Entertainment | | |
| | Properties Trust | 64,348 | 2,645 |
| | Washington REIT | 91,202 | 2,595 |
| | CNOFinancial Group Inc. | 332,534 | 2,594 |
| | Prosperity Bancshares Inc. | 61,684 | 2,593 |
| * | LPLFinancial Holdings Inc. | 76,247 | 2,575 |
| | Healthcare Realty Trust Inc. | 107,418 | 2,561 |
| | Colonial Properties Trust | 114,979 | 2,546 |
| | Susquehanna | | |
| | Bancshares Inc. | 246,634 | 2,540 |
| | Washington Federal Inc. | 148,078 | 2,501 |
| | FirstMerit Corp. | 150,477 | 2,486 |
| | DuPont Fabros | | |
| | Technology Inc. | 86,927 | 2,483 |
| | Hanover Insurance | | |
| | Group Inc. | 62,338 | 2,439 |
| | Brandywine Realty Trust | 197,486 | 2,437 |
| * | Howard Hughes Corp. | 39,461 | 2,432 |
| | TCF Financial Corp. | 211,803 | 2,431 |
| * | Forest City Enterprises Inc. | | |
| | Class A | 165,775 | 2,420 |
| | Jefferies Group Inc. | 183,817 | 2,388 |
| | RLJ Lodging Trust | 131,677 | 2,387 |
| | DiamondRock | | |
| | Hospitality Co. | 231,920 | 2,366 |
| * | Popular Inc. | 141,457 | 2,350 |
| | First American | | |
| | Financial Corp. | 137,938 | 2,339 |
| | Corporate Office | | |
| | Properties Trust | 99,136 | 2,331 |
| | UMB Financial Corp. | 44,591 | 2,284 |
| | Alterra Capital Holdings Ltd. | 97,738 | 2,282 |
| | Endurance Specialty | | |
| | Holdings Ltd. | 59,425 | 2,277 |
| | StanCorp Financial | | |
| | Group Inc. | 61,260 | 2,276 |
| | BOK Financial Corp. | 38,386 | 2,234 |
| | Webster Financial Corp. | 103,075 | 2,233 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | CommonWealth REIT | 115,202 | 2,203 |
| * | Stifel Financial Corp. | 70,339 | 2,173 |
| | Kemper Corp. | 70,457 | 2,167 |
| | CapitalSource Inc. | 321,906 | 2,163 |
| * | MBIAInc. | 199,702 | 2,159 |
| | DCT Industrial Trust Inc. | 341,205 | 2,150 |
| | CYSInvestments Inc. | 154,014 | 2,121 |
| * | Texas Capital | | |
| | Bancshares Inc. | 52,351 | 2,114 |
| | FNBCorp. | 192,664 | 2,094 |
| | Apollo Investment Corp. | 271,023 | 2,081 |
| | SynovusFinancial Corp. | 1,043,351 | 2,066 |
| | IberiabankCorp. | 40,825 | 2,060 |
| | Trustmark Corp. | 83,767 | 2,051 |
| * | Sunstone Hotel | | |
| | Investors Inc. | 186,395 | 2,048 |
| | EastGroup Properties Inc. | 38,359 | 2,045 |
| | Umpqua Holdings Corp. | 155,205 | 2,042 |
| | Janus Capital Group Inc. | 260,986 | 2,041 |
| | Sovran Self Storage Inc. | 39,847 | 1,996 |
| | Glimcher Realty Trust | 188,571 | 1,927 |
| ^ | Prospect Capital Corp. | 168,321 | 1,917 |
| | Platinum Underwriters | | |
| | Holdings Ltd. | 49,070 | 1,870 |
| | CubeSmart | 159,692 | 1,864 |
| | Westamerica | | |
| | Bancorporation | 38,781 | 1,830 |
| * | First Industrial Realty | | |
| | Trust Inc. | 144,343 | 1,822 |
| | Pebblebrook Hotel Trust | 78,053 | 1,819 |
| | PS Business Parks Inc. | 26,825 | 1,817 |
| | Community Bank | | |
| | System Inc. | 66,599 | 1,806 |
| | Medical Properties | | |
| | Trust Inc. | 187,374 | 1,803 |
| | United Bankshares Inc. | 69,312 | 1,794 |
| | Primerica Inc. | 67,062 | 1,793 |
| | RLI Corp. | 26,231 | 1,789 |
| | Potlatch Corp. | 55,800 | 1,782 |
| | Cash America | | |
| | International Inc. | 40,365 | 1,778 |
| | Wintrust Financial Corp. | 49,413 | 1,754 |
| | Acadia Realty Trust | 74,914 | 1,736 |
| | Capstead Mortgage Corp. | 124,188 | 1,727 |
| * | Strategic Hotels & | | |
| | Resorts Inc. | 265,817 | 1,717 |
| | Cathay General Bancorp | 103,460 | 1,708 |
| | BancorpSouth Inc. | 117,501 | 1,706 |
| | National Penn | | |
| | Bancshares Inc. | 178,252 | 1,706 |
| | ARMOUR Residential | | |
| | REIT Inc. | 238,654 | 1,697 |
| | Anworth Mortgage | | |
| | Asset Corp. | 239,623 | 1,689 |
| | CVB Financial Corp. | 144,022 | 1,678 |
| | EquityOne Inc. | 79,091 | 1,677 |
20
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | National Health | | |
| | Investors Inc. | 32,688 | 1,664 |
| * | Altisource Portfolio | | |
| | Solutions SA | 22,660 | 1,659 |
| | Lexington Realty Trust | 194,264 | 1,645 |
| * | Knight Capital Group Inc. | | |
| | Class A | 136,307 | 1,627 |
| | Montpelier Re Holdings Ltd. | 76,087 | 1,620 |
| | First Financial Bancorp | 100,548 | 1,607 |
| | Astoria Financial Corp. | 162,744 | 1,595 |
| | Northwest | | |
| | Bancshares Inc. | 135,249 | 1,584 |
| | Mercury General Corp. | 37,985 | 1,583 |
| | PrivateBancorp Inc. Class A | 107,235 | 1,583 |
| | First Midwest Bancorp Inc. | 142,920 | 1,569 |
| | Old National Bancorp | 130,222 | 1,564 |
| * | First Cash Financial | | |
| | Services Inc. | 38,711 | 1,555 |
| | MBFinancial Inc. | 72,146 | 1,554 |
| | Sun Communities Inc. | 34,909 | 1,544 |
| | Glacier Bancorp Inc. | 99,069 | 1,535 |
| * | BBCN Bancorp Inc. | 140,425 | 1,529 |
| | LTC Properties Inc. | 41,977 | 1,523 |
| * | St. Joe Co. | 95,071 | 1,503 |
| | Alexander’s Inc. | 3,409 | 1,470 |
| | Bank of the Ozarks Inc. | 48,848 | 1,469 |
| * | Ezcorp Inc. Class A | 62,396 | 1,464 |
| | Columbia Banking | | |
| | System Inc. | 77,318 | 1,455 |
| | International | | |
| | Bancshares Corp. | 74,275 | 1,450 |
| | Fifth Street Finance Corp. | 144,753 | 1,445 |
| | MarketAxess Holdings Inc. | 53,639 | 1,429 |
| | PacWest Bancorp | 59,535 | 1,409 |
| | BlackRock Kelso | | |
| | Capital Corp. | 144,003 | 1,405 |
| * | Citizens Republic | | |
| | Bancorp Inc. | 80,874 | 1,385 |
| | Home BancShares Inc. | 45,188 | 1,382 |
| | SymetraFinancial Corp. | 109,013 | 1,376 |
| * | PHH Corp. | 78,294 | 1,369 |
| | First Commonwealth | | |
| | Financial Corp. | 203,212 | 1,368 |
| * | World Acceptance Corp. | 20,513 | 1,350 |
| | NBT Bancorp Inc. | 62,503 | 1,349 |
| | Cousins Properties Inc. | 173,892 | 1,348 |
| * | Financial Engines Inc. | 62,435 | 1,339 |
| | Boston Private Financial | | |
| | Holdings Inc. | 147,374 | 1,316 |
| * | Pinnacle Financial | | |
| | Partners Inc. | 66,383 | 1,295 |
| | Argo Group International | | |
| | Holdings Ltd. | 43,512 | 1,274 |
| | Amtrust Financial | | |
| | Services Inc. | 42,769 | 1,271 |
| | Brookline Bancorp Inc. | 142,697 | 1,263 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Greenhill & Co. Inc. | 35,381 | 1,261 |
| | Selective Insurance | | |
| | Group Inc. | 72,256 | 1,258 |
| | Redwood Trust Inc. | 99,382 | 1,240 |
| | ChemicalFinancial Corp. | 57,631 | 1,239 |
| | Associated Estates | | |
| | Realty Corp. | 82,706 | 1,236 |
| | EvercorePartners Inc. | | |
| | Class A | 52,423 | 1,226 |
| | First Citizens | | |
| | BancShares Inc. Class A | 7,330 | 1,222 |
| | Independent Bank Corp. | 41,463 | 1,211 |
| * | Enstar Group Ltd. | 12,146 | 1,202 |
| | First Financial | | |
| | Bankshares Inc. | 34,770 | 1,202 |
| | Oritani Financial Corp. | 82,996 | 1,194 |
| | Cohen & Steers Inc. | 33,982 | 1,173 |
| * | TFS Financial Corp. | 121,726 | 1,162 |
| * | DFC Global Corp. | 61,824 | 1,139 |
| | Provident Financial | | |
| | Services Inc. | 73,409 | 1,127 |
| | BGC Partners Inc. Class A | 191,581 | 1,125 |
| | Government Properties | | |
| | Income Trust | 49,694 | 1,124 |
| | American Equity | | |
| | Investment Life | | |
| | Holding Co. | 101,430 | 1,117 |
| | Franklin Street | | |
| | Properties Corp. | 105,445 | 1,116 |
| | ChesapeakeLodging Trust | 64,748 | 1,115 |
| | Tower Group Inc. | 53,079 | 1,108 |
| | Education Realty Trust Inc. | 99,861 | 1,106 |
| | Saul Centers Inc. | 25,242 | 1,082 |
| | Ashford Hospitality | | |
| | Trust Inc. | 128,335 | 1,082 |
| * | Investors Bancorp Inc. | 70,959 | 1,071 |
| | City Holding Co. | 31,780 | 1,071 |
| | Employers Holdings Inc. | 58,710 | 1,059 |
| | Banner Corp. | 46,330 | 1,015 |
| * | AMERISAFE Inc. | 38,671 | 1,004 |
| ^ | Park National Corp. | 14,353 | 1,001 |
| | Community Trust | | |
| | Bancorp Inc. | 29,331 | 982 |
| * | Hilltop Holdings Inc. | 94,220 | 971 |
| | First Busey Corp. | 200,945 | 971 |
| | Berkshire Hills Bancorp Inc. | 43,896 | 966 |
| | S&T Bancorp Inc. | 52,108 | 962 |
| * | MGIC Investment Corp. | 332,372 | 957 |
| | Newcastle | | |
| | Investment Corp. | 141,891 | 951 |
| | Hersha Hospitality | | |
| | Trust Class A | 179,661 | 949 |
| * | Western Alliance Bancorp | 99,223 | 929 |
| | Colony Financial Inc. | 53,648 | 928 |
| | First Merchants Corp. | 74,340 | 926 |
| * | Credit Acceptance Corp. | 10,917 | 922 |
21
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dime Community | | |
| | Bancshares Inc. | 68,965 | 917 |
| | Oriental Financial Group Inc. | 82,278 | 912 |
| | Cardinal Financial Corp. | 72,847 | 895 |
| | Duff & Phelps Corp. Class A | 60,384 | 876 |
| | Infinity Property & | | |
| | Casualty Corp. | 14,996 | 865 |
| | American Assets Trust Inc. | 35,382 | 858 |
| * | Ameris Bancorp | 67,893 | 855 |
| | Hercules Technology | | |
| | Growth Capital Inc. | 74,689 | 847 |
| * | Beneficial Mutual | | |
| | Bancorp Inc. | 97,734 | 843 |
| | Flushing Financial Corp. | 61,552 | 839 |
| * | Navigators Group Inc. | 16,694 | 836 |
| | Capital Southwest Corp. | 8,096 | 833 |
| | Pennsylvania REIT | 54,081 | 810 |
| | FBLFinancial Group Inc. | | |
| | Class A | 28,862 | 808 |
| | Arrow Financial Corp. | 33,411 | 808 |
| | Great Southern Bancorp Inc. | 29,197 | 805 |
| * | iStar Financial Inc. | 124,609 | 804 |
| | NorthStar Realty | | |
| | Finance Corp. | 153,372 | 801 |
| | ViewPoint Financial | | |
| | Group Inc. | 50,845 | 795 |
| | Camden National Corp. | 21,529 | 788 |
| | Bancfirst Corp. | 18,465 | 774 |
| | Lakeland Financial Corp. | 28,839 | 774 |
| | Bryn Mawr Bank Corp. | 36,406 | 767 |
| | Horace Mann | | |
| | Educators Corp. | 43,866 | 767 |
| | American National | | |
| | Insurance Co. | 10,735 | 765 |
| | Federal Agricultural | | |
| | Mortgage Corp. | 28,588 | 750 |
| | Calamos Asset | | |
| | Management Inc. | | |
| | Class A | 65,410 | 749 |
| | First Potomac Realty Trust | 62,877 | 740 |
| * | Central Pacific | | |
| | Financial Corp. | 51,926 | 733 |
| | Inland Real Estate Corp. | 87,190 | 731 |
| | Interactive Brokers | | |
| | Group Inc. | 49,405 | 727 |
| | BankUnited Inc. | 30,750 | 725 |
| * | Greenlight Capital Re Ltd. | | |
| | Class A | 28,310 | 720 |
| | Cedar Realty Trust Inc. | 142,237 | 718 |
| | Nelnet Inc. Class A | 31,206 | 718 |
| | PennyMac Mortgage | | |
| | Investment Trust | 36,210 | 714 |
| | Northfield Bancorp Inc. | 49,885 | 709 |
| | CoBiz Financial Inc. | 112,877 | 707 |
| | Hudson Valley Holding Corp. | 38,688 | 700 |
| * | ICG Group Inc. | 75,111 | 695 |
| | Radian Group Inc. | 210,265 | 692 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank Mutual Corp. | 156,801 | 691 |
| | Walter Investment | | |
| | Management Corp. | 29,431 | 690 |
| | KBWInc. | 41,914 | 689 |
| | Solar Capital Ltd. | 30,728 | 684 |
| * | Citizens Inc. | 69,749 | 680 |
| | Campus Crest | | |
| | Communities Inc. | 64,172 | 667 |
| | Agree Realty Corp. | 29,894 | 662 |
| | American Capital Mortgage | | |
| | Investment Corp. | 27,700 | 661 |
| | CreXus Investment Corp. | 64,479 | 656 |
| * | Eagle Bancorp Inc. | 41,470 | 653 |
| | Getty Realty Corp. | 33,889 | 649 |
| | Arlington Asset | | |
| | Investment Corp. Class A | 29,667 | 644 |
| | TrustCo Bank Corp. NY | 115,773 | 632 |
| | Flagstone Reinsurance | | |
| | Holdings SA | 78,913 | 632 |
| * | HFF Inc. Class A | 45,217 | 630 |
| | Apollo Commercial | | |
| | Real Estate Finance Inc. | 39,196 | 630 |
| | WesBanco Inc. | 28,693 | 610 |
| | Alliance Financial Corp. | 17,543 | 602 |
| | Southside Bancshares Inc. | 26,503 | 596 |
| | Safety Insurance Group Inc. | 14,544 | 591 |
| * | Green Dot Corp. Class A | 26,359 | 583 |
| | GAMCOInvestors Inc. | 13,016 | 578 |
| | Provident New York | | |
| | Bancorp | 74,247 | 564 |
| * | Cowen Group Inc. Class A | 210,146 | 559 |
| | Excel Trust Inc. | 46,154 | 552 |
| | BankFinancial Corp. | 72,276 | 544 |
| * | Forestar Group Inc. | 41,198 | 528 |
| * | AV Homes Inc. | 35,930 | 524 |
| * | Piper Jaffray Cos. | 22,173 | 520 |
| | Heartland Financial USA Inc. | 21,643 | 519 |
| | Investors Real Estate Trust | 65,073 | 514 |
| | Arbor Realty Trust Inc. | 96,008 | 514 |
| | Ames National Corp. | 21,938 | 504 |
| ^ | Main Street Capital Corp. | 20,688 | 501 |
| | Bank of Marin Bancorp | 13,503 | 500 |
| | SCBT Financial Corp. | 14,080 | 496 |
| * | PICO Holdings Inc. | 21,902 | 491 |
| | 1st Source Corp. | 21,614 | 488 |
| * | Investment Technology | | |
| | Group Inc. | 52,661 | 484 |
| | ChathamLodging Trust | 33,912 | 484 |
| | GFI Group Inc. | 134,693 | 479 |
| * | Global Indemnity plc | 23,364 | 473 |
| * | INTL.FCStone Inc. | 24,370 | 472 |
| | Epoch Holding Corp. | 20,470 | 466 |
| | First Financial Holdings Inc. | 43,405 | 465 |
| | Sabra Health Care REIT Inc. | 27,077 | 463 |
| * | National Financial | | |
| | Partners Corp. | 34,259 | 459 |
| * | Netspend Holdings Inc. | 49,825 | 458 |
22
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | United Fire Group Inc. | 21,347 | 455 |
| * | FelCor Lodging Trust Inc. | 95,582 | 449 |
| | Republic Bancorp Inc. | | |
| | Class A | 19,506 | 434 |
| | Centerstate Banks Inc. | 60,378 | 432 |
| | PennantPark | | |
| | Investment Corp. | 41,454 | 429 |
| * | Sterling Financial Corp. | 22,686 | 429 |
| | Triangle Capital Corp. | 18,802 | 428 |
| | Simmons First National Corp. | | |
| | Class A | 18,418 | 428 |
| | Renasant Corp. | 27,230 | 428 |
| | Edelman Financial Group Inc. | 47,894 | 417 |
| | Retail Opportunity | | |
| | Investments Corp. | 34,406 | 415 |
| | Hudson Pacific | | |
| | Properties Inc. | 23,154 | 403 |
| | Meadowbrook Insurance | | |
| | Group Inc. | 45,580 | 401 |
| | Presidential Life Corp. | 40,566 | 399 |
| | Sandy Spring Bancorp Inc. | 21,646 | 390 |
| | Artio Global Investors Inc. | | |
| | Class A | 110,567 | 387 |
| | Marlin Business | | |
| | Services Corp. | 23,447 | 384 |
| | Baldwin & Lyons Inc. | 16,532 | 384 |
| | MCG Capital Corp. | 83,010 | 382 |
| | Consolidated-Tomoka | | |
| | Land Co. | 12,803 | 368 |
| | Ramco-Gershenson | | |
| | Properties Trust | 29,245 | 368 |
| * | Virtus Investment | | |
| | Partners Inc. | 4,521 | 366 |
| * | eHealthInc. | 22,572 | 364 |
| | Gladstone Capital Corp. | 45,782 | 361 |
| | Enterprise Financial | | |
| | Services Corp. | 32,911 | 361 |
| | Maiden Holdings Ltd. | 40,302 | 350 |
| * | Capital Trust Inc. Class A | 121,148 | 349 |
| | Lakeland Bancorp Inc. | 32,970 | 347 |
| * | BRT Realty Trust | 52,794 | 343 |
| | Gladstone Investment Corp. | 46,087 | 341 |
| | American National | | |
| | Bankshares Inc. | 14,067 | 331 |
| | DynexCapital Inc. | 31,783 | 330 |
| | Coresite Realty Corp. | 12,637 | 326 |
| * | Gramercy Capital Corp. | 130,290 | 326 |
| * | Phoenix Cos. Inc. | 175,967 | 326 |
| * | Rouse Properties Inc. | 23,845 | 323 |
| * | NewStar Financial Inc. | 24,590 | 319 |
| * | Doral Financial Corp. | 208,027 | 312 |
| | First Defiance | | |
| | Financial Corp. | 18,074 | 309 |
| | Donegal Group Inc. | | |
| | Class A | 22,475 | 298 |
| * | Ladenburg Thalmann | | |
| | Financial Services Inc. | 188,647 | 291 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Stewart Information | | |
| | Services Corp. | 18,521 | 284 |
| | Universal Health Realty | | |
| | Income Trust | 6,744 | 280 |
| * | Safeguard Scientifics Inc. | 17,087 | 264 |
| * | American Safety Insurance | | |
| | Holdings Ltd. | 14,083 | 264 |
| * | FBR& Co. | 94,049 | 261 |
| | StellarOne Corp. | 20,857 | 260 |
| | Medallion Financial Corp. | 24,457 | 260 |
| | SYBancorp Inc. | 10,771 | 258 |
| | National Western Life | | |
| | Insurance Co. Class A | 1,815 | 258 |
| * | Flagstar Bancorp Inc. | 306,392 | 257 |
| * | AmeriServ Financial Inc. | 91,246 | 257 |
| * | Bridge Capital Holdings | 15,925 | 257 |
| * | State Bank Financial Corp. | 16,723 | 254 |
| * | BankAtlantic Bancorp Inc. | | |
| | Class A | 45,604 | 252 |
| * | Zillow Inc. Class A | 6,500 | 251 |
| | First Pactrust Bancorp Inc. | 20,769 | 246 |
| | ESSA Bancorp Inc. | 22,091 | 239 |
| * | CIFC Corp. | 32,366 | 239 |
| * | Tejon Ranch Co. | 8,297 | 237 |
| | Parkway Properties Inc. | 20,713 | 237 |
| | First of Long Island Corp. | 7,987 | 231 |
| | Apollo Residential | | |
| | Mortgage Inc. | 11,814 | 228 |
| | Capital City Bank Group Inc. | 29,455 | 217 |
| * | MPGOffice Trust Inc. | 106,619 | 214 |
| | Bridge Bancorp Inc. | 8,989 | 212 |
| | Center Bancorp Inc. | 18,481 | 208 |
| | First Community | | |
| | Bancshares Inc. | 14,396 | 208 |
| | Sierra Bancorp | 20,100 | 199 |
| | EMC Insurance Group Inc. | 9,778 | 198 |
| | Urstadt Biddle | | |
| | Properties Inc. Class A | 9,981 | 197 |
| | Washington Trust | | |
| | Bancorp Inc. | 8,065 | 197 |
| | Diamond Hill Investment | | |
| | Group Inc. | 2,451 | 192 |
| | Bar Harbor Bankshares | 5,322 | 192 |
| | TowneBank | 13,488 | 189 |
| * | First Marblehead Corp. | 159,153 | 186 |
| | MVC Capital Inc. | 14,312 | 185 |
| | US Global Investors Inc. | | |
| | Class A | 42,305 | 185 |
| | Westfield Financial Inc. | 24,409 | 178 |
| | First Financial Corp. | 6,108 | 177 |
| | Tompkins Financial Corp. | 4,653 | 175 |
| | Crawford & Co. Class B | 42,732 | 175 |
| | OneBeacon Insurance | | |
| | Group Ltd. Class A | 13,245 | 172 |
| | Resource America Inc. | | |
| | Class A | 27,022 | 172 |
| | Resource Capital Corp. | 31,868 | 170 |
23
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Investors Title Co. | 2,968 | 169 |
| * | Hanmi Financial Corp. | 15,951 | 167 |
| * | WisdomTree | | |
| | Investments Inc. | 25,074 | 165 |
| | Trico Bancshares | 10,697 | 165 |
| | Kennedy-Wilson | | |
| | Holdings Inc. | 11,736 | 164 |
| | German American | | |
| | Bancorp Inc. | 7,886 | 162 |
| | WSFS Financial Corp. | 3,949 | 160 |
| * | Guaranty Bancorp | 73,755 | 156 |
| * | CompuCredit Holdings Corp. | 41,821 | 151 |
| | OceanFirst Financial Corp. | 10,355 | 149 |
| | Clifton Savings Bancorp Inc. | 14,108 | 147 |
| | FXCM Inc. Class A | 12,083 | 142 |
| * | American Independence | | |
| | Corp. | 24,191 | 137 |
| | State Auto Financial Corp. | 9,657 | 136 |
| | Financial Institutions Inc. | 7,971 | 135 |
| * | SWSGroup Inc. | 25,127 | 134 |
| | Crawford & Co. Class A | 34,505 | 133 |
| * | United Community | | |
| | Banks Inc. | 15,440 | 132 |
| | Golub Capital BDC Inc. | 8,756 | 132 |
| * | Gleacher & Co. Inc. | 164,410 | 132 |
| * | West Coast Bancorp | 6,687 | 131 |
| | Mission West Properties Inc. | 15,193 | 131 |
| | Univest Corp. of | | |
| | Pennsylvania | 7,755 | 128 |
| | Kite Realty Group Trust | 25,520 | 127 |
| | Merchants Bancshares Inc. | 4,593 | 127 |
| | RAITFinancial Trust | 27,057 | 125 |
| | Century Bancorp Inc. | | |
| | Class A | 4,130 | 123 |
| | First Bancorp | 13,764 | 122 |
| | National Interstate Corp. | 4,505 | 120 |
| | CapLease Inc. | 28,661 | 119 |
| | SeaBright Holdings Inc. | 12,256 | 109 |
| | Monmouth Real Estate | | |
| | Investment Corp. Class A | 9,168 | 107 |
| | Union First Market | | |
| | Bankshares Corp. | 7,385 | 107 |
| * | BofI Holding Inc. | 5,300 | 105 |
| | Nicholas Financial Inc. | 8,016 | 103 |
| | MainSource Financial | | |
| | Group Inc. | 8,507 | 101 |
| | Sterling Bancorp | 10,065 | 100 |
| | Kohlberg Capital Corp. | 13,744 | 100 |
| | ThomasProperties | | |
| | Group Inc. | 18,002 | 98 |
| | One Liberty Properties Inc. | 5,034 | 95 |
| * | BancTrust Financial | | |
| | Group Inc. | 31,127 | 93 |
| | TICC Capital Corp. | 9,259 | 90 |
| | Citizens & Northern Corp. | 4,704 | 90 |
| | Kaiser Federal | | |
| | Financial Group Inc. | 5,900 | 87 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Peoples Bancorp Inc. | 3,924 | 86 |
| | CFS Bancorp Inc. | 19,042 | 85 |
| | Winthrop Realty Trust | 6,882 | 84 |
| * | First Financial Northwest Inc. | 10,288 | 84 |
| | CNBFinancial Corp. | 5,116 | 83 |
| * | Mercantile Bank Corp. | 4,071 | 75 |
| | VIST Financial Corp. | 6,454 | 75 |
| | Life Partners Holdings Inc. | 35,038 | 75 |
| * | Wilshire Bancorp Inc. | 13,464 | 74 |
| * | Metro Bancorp Inc. | 6,058 | 73 |
| * | Cape Bancorp Inc. | 8,730 | 73 |
| | ESB Financial Corp. | 5,426 | 72 |
| | Oppenheimer Holdings Inc. | | |
| | Class A | 4,171 | 66 |
| | AG Mortgage Investment | | |
| | Trust Inc. | 3,000 | 64 |
| | STAG Industrial Inc. | 4,400 | 64 |
| | Central Bancorp Inc. | 2,000 | 62 |
| | Gain Capital Holdings Inc. | 12,395 | 62 |
| | Ameriana Bancorp | 11,164 | 61 |
| * | Suffolk Bancorp | 4,640 | 60 |
| | Bank of Kentucky | | |
| | Financial Corp. | 2,227 | 59 |
| | Pzena Investment | | |
| | Management Inc. | | |
| | Class A | 12,816 | 57 |
| | Rockville Financial Inc. | 4,873 | 56 |
| * | Firstcity Financial Corp. | 6,268 | 54 |
| * | Virginia Commerce | | |
| | Bancorp Inc. | 6,417 | 54 |
| | Westwood Holdings | | |
| | Group Inc. | 1,437 | 54 |
| * | Consumer Portfolio | | |
| | Services Inc. | 27,554 | 53 |
| * | Tree.com Inc. | 4,506 | 52 |
| | West Bancorporation Inc. | 5,282 | 50 |
| * | First Acceptance Corp. | 36,967 | 50 |
| | Kansas City Life | | |
| | Insurance Co. | 1,335 | 47 |
| | Gladstone Commercial Corp. | 2,735 | 46 |
| * | Bancorp Inc. | 4,624 | 44 |
| | Heritage Financial Corp. | 2,981 | 44 |
| * | Hallmark Financial Services | 5,462 | 43 |
| * | Colony Bankcorp Inc. | 8,747 | 41 |
| * | Southwest Bancorp Inc. | 4,391 | 41 |
| * | Republic First Bancorp Inc. | 19,317 | 40 |
| | NGP Capital Resources Co. | 5,652 | 40 |
| | Eastern Insurance | | |
| | Holdings Inc. | 2,351 | 40 |
| | United Financial Bancorp Inc. | 2,777 | 40 |
| * | NewBridge Bancorp | 8,541 | 37 |
| | QC Holdings Inc. | 8,515 | 36 |
| | UMH Properties Inc. | 3,150 | 34 |
| | Institutional Financial | | |
| | Markets Inc. | 39,632 | 34 |
| * | Heritage Commerce Corp. | 5,119 | 33 |
| * | Macatawa Bank Corp. | 9,356 | 32 |
24
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | American River Bankshares | 4,369 | 32 |
| | Pulaski Financial Corp. | 4,255 | 32 |
| | PMC Commercial Trust | 3,945 | 30 |
| * | FNBUnited Corp. | 2,200 | 29 |
| * | Eastern Virginia | | |
| | Bankshares Inc. | 7,531 | 28 |
| | Citizens South Banking Corp. | 4,075 | 28 |
| | Peapack Gladstone | | |
| | Financial Corp. | 1,781 | 28 |
| * | Waterstone Financial Inc. | 7,258 | 28 |
| | Provident Financial | | |
| | Holdings Inc. | 2,366 | 27 |
| * | 21st Century Holding Co. | 6,330 | 25 |
| | Alliance Bancorp Inc. | | |
| | of Pennsylvania | 1,999 | 25 |
| | Home Federal Bancorp Inc. | 2,343 | 25 |
| | First M&F Corp. | 4,721 | 24 |
| * | United Community | | |
| | Financial Corp. | 7,740 | 23 |
| * | Pacific Mercantile Bancorp | 3,311 | 23 |
| | National Bankshares Inc. | 758 | 23 |
| | Territorial Bancorp Inc. | 952 | 22 |
| | Meta Financial Group Inc. | 1,065 | 21 |
| | First Interstate | | |
| | Bancsystem Inc. | 1,458 | 21 |
| | Washington Banking Co. | 1,457 | 20 |
| | Federal Agricultural | | |
| | Mortgage Corp. Class A | 1,021 | 20 |
| * | Maui Land & | | |
| | Pineapple Co. Inc. | 4,926 | 18 |
| | Independence Holding Co. | 1,816 | 18 |
| * | North Valley Bancorp | 1,335 | 18 |
| | Universal Insurance | | |
| | Holdings Inc. | 5,131 | 17 |
| | Summit Hotel Properties Inc. | 2,077 | 17 |
| * | BCSB Bancorp Inc. | 1,216 | 17 |
| | TF Financial Corp. | 662 | 16 |
| | Codorus Valley Bancorp Inc. | 1,213 | 16 |
| * | 1st United Bancorp Inc. | 2,581 | 16 |
| | Greene County Bancorp Inc. | 800 | 15 |
| * | Stratus Properties Inc. | 1,643 | 15 |
| | Pacific Continental Corp. | 1,661 | 15 |
| | ShoreBancshares Inc. | 2,438 | 14 |
| | Penns Woods Bancorp Inc. | 363 | 14 |
| | First Bancorp Inc. | 791 | 13 |
| | California First | | |
| | National Bancorp | 849 | 13 |
| * | Sun Bancorp Inc. | 4,829 | 13 |
| * | First South Bancorp Inc. | 3,190 | 13 |
| | Terreno Realty Corp. | 801 | 12 |
| * | Preferred Bank | 793 | 11 |
| | Indiana Community Bancorp | 461 | 10 |
| | HopFed Bancorp Inc. | 1,411 | 10 |
| | Middleburg Financial Corp. | 539 | 9 |
| * | Hampton Roads | | |
| | Bankshares Inc. Rights | 5,951 | 9 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Firstbank Corp. | 878 | 9 |
| * | Farmers Capital Bank Corp. | 1,229 | 8 |
| * | Unity Bancorp Inc. | 1,345 | 8 |
| * | First United Corp. | 1,861 | 8 |
| * | Seacoast Banking | | |
| | Corp. of Florida | 4,924 | 7 |
| | Northrim BanCorp Inc. | 303 | 6 |
| * | Hampton Roads | | |
| | Bankshares Inc. | 5,951 | 6 |
| * | Berkshire Bancorp Inc. | 701 | 6 |
| | Wayne Savings | | |
| | Bancshares Inc. | 693 | 6 |
| | MutualFirst Financial Inc. | 544 | 6 |
| * | Old Second Bancorp Inc. | 4,290 | 6 |
| | HF Financial Corp. | 396 | 5 |
| * | Premierwest Bancorp | 2,834 | 4 |
| * | Jefferson Bancshares Inc. | 1,639 | 4 |
| * | Timberland Bancorp Inc. | 706 | 3 |
| * | Royal Bancshares | | |
| | of Pennsylvania Inc. | 1,796 | 3 |
| * | Independent Bank Corp. | 1,015 | 3 |
| | JMP Group Inc. | 411 | 3 |
| * | Penson Worldwide Inc. | 13,212 | 2 |
| | CharterFinancial Corp. | 200 | 2 |
| * | ZipRealty Inc. | 1,295 | 2 |
| | Peoples Financial Corp. | 187 | 2 |
| | New Hampshire Thrift | | |
| | Bancshares Inc. | 141 | 2 |
| * | MetroCorp Bancshares Inc. | 159 | 2 |
| | THLCredit Inc. | 117 | 2 |
| * | Community Bankers | | |
| | Trust Corp. | 851 | 1 |
| * | Taylor Capital Group Inc. | 87 | 1 |
| | Encore Bancshares Inc. | 51 | 1 |
| | C&F Financial Corp. | 23 | 1 |
| * | Home Bancorp Inc. | 53 | 1 |
| * | Harris & Harris Group Inc. | 229 | 1 |
| | MidSouth Bancorp Inc. | 54 | 1 |
| | Horizon Bancorp | 27 | 1 |
| * | United Security Bancshares | 128 | 1 |
| | Fox Chase Bancorp Inc. | 43 | 1 |
| | OhioValley Banc Corp. | 28 | 1 |
| | Citizens Holding Co. | 29 | 1 |
| | Hingham Institution for Savings | 9 | 1 |
| | Oneida Financial Corp. | 52 | 1 |
| | Norwood Financial Corp. | 18 | 1 |
| * | Intervest Bancshares Corp. | | |
| | Class A | 131 | 1 |
| | Union Bankshares Inc. | 25 | — |
| | Orrstown Financial | | |
| | Services Inc. | 53 | — |
| | Auburn National | | |
| | Bancorporation Inc. | 18 | — |
| * | Southern Community | | |
| | Financial Corp. | 118 | — |
| | SI Financial Group Inc. | 31 | — |
25
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | First Citizens Banc Corp. | 54 | — |
| | Landmark Bancorp Inc. | 16 | — |
| * | MBTFinancial Corp. | 114 | — |
| | LNBBancorp Inc. | 46 | — |
| * | Yadkin Valley Financial Corp. | 114 | — |
| * | 1st Constitution Bancorp | 32 | — |
| | Old Point Financial Corp. | 27 | — |
| | Community Bank Shares | | |
| | of Indiana Inc. | 22 | — |
| | Salisbury Bancorp Inc. | 11 | — |
| | Hawthorn Bancshares Inc. | 29 | — |
| * | Valley National Bancorp | | |
| | Warrants Exp. 6/30/2015 | 240 | — |
| | Mid Penn Bancorp Inc. | 24 | — |
| * | Tower Financial Corp. | 24 | — |
| * | Summit Financial Group Inc. | 44 | — |
| * | United Bancshares Inc. | 23 | — |
| | CheviotFinancial Corp. | 19 | — |
| | ECB Bancorp Inc. | 16 | — |
| * | United Security Bancshares | 57 | — |
| * | Severn Bancorp Inc. | 41 | — |
| | Heritage Financial Group Inc. | 9 | — |
| * | Vestin Realty Mortgage II Inc. | 90 | — |
| * | Prudential Bancorp Inc. | | |
| | of Pennsylvania | 19 | — |
| * | WSB Holdings Inc. | 35 | — |
| | National Security Group Inc. | 11 | — |
| * | Park Sterling Corp. | 19 | — |
| | WVS Financial Corp. | 11 | — |
| * | Direct Markets Holdings Corp. | 129 | — |
| | Commercial National | | |
| | Financial Corp. | 2 | — |
| * | Porter Bancorp Inc. | 25 | — |
| * | Transcontinental Realty | | |
| | Investors Inc. | 12 | — |
| | | | 3,160,647 |
| Health Care (11.9%) | | |
| | Johnson & Johnson | 3,768,709 | 254,614 |
| | Pfizer Inc. | 10,349,570 | 238,040 |
| | Merck & Co. Inc. | 4,179,087 | 174,477 |
| | Abbott Laboratories | 2,158,736 | 139,174 |
| | UnitedHealth Group Inc. | 1,434,653 | 83,927 |
| | Bristol-Myers Squibb Co. | 2,317,574 | 83,317 |
| | Amgen Inc. | 1,086,559 | 79,362 |
| | Eli Lilly & Co. | 1,433,889 | 61,528 |
| * | Express Scripts | | |
| | Holding Co. | 1,097,133 | 61,253 |
| | Medtronic Inc. | 1,449,066 | 56,122 |
| * | Gilead Sciences Inc. | 1,039,802 | 53,321 |
| * | Biogen Idec Inc. | 311,479 | 44,971 |
| | Baxter International Inc. | 769,472 | 40,897 |
| | Allergan Inc. | 418,148 | 38,708 |
| * | Celgene Corp. | 602,678 | 38,668 |
| | Covidien plc | 663,890 | 35,518 |
| | McKesson Corp. | 338,141 | 31,701 |
| * | Intuitive Surgical Inc. | 53,988 | 29,898 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | WellPoint Inc. | 459,695 | 29,324 |
| | ThermoFisher | | |
| | Scientific Inc. | 502,341 | 26,077 |
| * | Alexion | | |
| | Pharmaceuticals Inc. | 255,466 | 25,368 |
| | Stryker Corp. | 418,576 | 23,064 |
| | Becton Dickinson and Co. | 288,625 | 21,575 |
| | Cardinal Health Inc. | 474,966 | 19,949 |
| | Agilent Technologies Inc. | 477,378 | 18,732 |
| | Aetna Inc. | 481,436 | 18,665 |
| | St. Jude Medical Inc. | 438,025 | 17,482 |
| | Humana Inc. | 225,256 | 17,444 |
| | Cigna Corp. | 393,753 | 17,325 |
| * | Cerner Corp. | 198,167 | 16,380 |
| * | Edwards Lifesciences Corp. | 157,961 | 16,317 |
| * | Vertex Pharmaceuticals Inc. | 288,941 | 16,158 |
| | Zimmer Holdings Inc. | 244,887 | 15,761 |
| | Perrigo Co. | 121,959 | 14,383 |
| | AmerisourceBergen Corp. | | |
| | Class A | 354,213 | 13,938 |
| | Quest Diagnostics Inc. | 217,577 | 13,033 |
| * | Watson | | |
| | Pharmaceuticals Inc. | 174,748 | 12,930 |
| * | Forest Laboratories Inc. | 364,999 | 12,771 |
| * | DaVita Inc. | 128,667 | 12,636 |
| * | MylanInc. | 586,523 | 12,534 |
| * | Laboratory Corp. of | | |
| | America Holdings | 133,664 | 12,379 |
| | CR Bard Inc. | 109,951 | 11,813 |
| * | Regeneron | | |
| | Pharmaceuticals Inc. | 100,927 | 11,528 |
| * | Boston Scientific Corp. | 1,995,440 | 11,314 |
| * | Life Technologies Corp. | 245,010 | 11,023 |
| * | Waters Corp. | 122,301 | 9,719 |
| * | Henry Schein Inc. | 123,422 | 9,687 |
| * | Varian Medical | | |
| | Systems Inc. | 155,453 | 9,447 |
| * | CareFusion Corp. | 309,160 | 7,939 |
| * | Hospira Inc. | 226,523 | 7,924 |
| | DENTSPLY | | |
| | International Inc. | 195,328 | 7,385 |
| | HCA Holdings Inc. | 240,472 | 7,318 |
| * | IDEXX Laboratories Inc. | 75,872 | 7,294 |
| * | Illumina Inc. | 168,440 | 6,803 |
| * | Mettler-Toledo | | |
| | International Inc. | 43,253 | 6,741 |
| * | BioMarin | | |
| | Pharmaceutical Inc. | 168,178 | 6,656 |
| * | Hologic Inc. | 362,961 | 6,548 |
| * | ResMed Inc. | 198,474 | 6,192 |
| | Coventry Health Care Inc. | 194,483 | 6,183 |
| * | Amylin Pharmaceuticals Inc. | 210,318 | 5,937 |
| * | Onyx Pharmaceuticals Inc. | 88,305 | 5,868 |
| * | Catalyst Health Solutions Inc. | 58,840 | 5,498 |
| | Universal Health | | |
| | Services Inc. Class B | 123,193 | 5,317 |
26
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cooper Cos. Inc. | 65,290 | 5,208 |
| * | Gen-Probe Inc. | 62,348 | 5,125 |
| * | Endo Health Solutions Inc. | 160,253 | 4,965 |
| | Omnicare Inc. | 156,157 | 4,877 |
| * | Questcor | | |
| | Pharmaceuticals Inc. | 87,329 | 4,649 |
| * | MEDNAX Inc. | 67,578 | 4,632 |
| * | Salix Pharmaceuticals Ltd. | 81,813 | 4,454 |
| * | AMERIGROUP Corp. | 66,268 | 4,368 |
| * | Medivation Inc. | 47,118 | 4,307 |
| * | Warner Chilcott plc Class A | 240,010 | 4,301 |
| | Patterson Cos. Inc. | 122,508 | 4,223 |
| * | Arena Pharmaceuticals Inc. | 421,229 | 4,204 |
| * | Pharmacyclics Inc. | 75,681 | 4,133 |
| | Lincare Holdings Inc. | 119,002 | 4,048 |
| | PerkinElmer Inc. | 156,434 | 4,036 |
| * | Cepheid Inc. | 89,946 | 4,025 |
| * | HMS Holdings Corp. | 118,111 | 3,934 |
| * | Covance Inc. | 80,801 | 3,866 |
| * | athenahealth Inc. | 48,792 | 3,863 |
| * | Vivus Inc. | 134,766 | 3,846 |
| * | Ariad Pharmaceuticals Inc. | 219,351 | 3,775 |
| * | Human Genome | | |
| | Sciences Inc. | 274,649 | 3,606 |
| * | Incyte Corp. Ltd. | 157,688 | 3,580 |
| | Techne Corp. | 48,175 | 3,575 |
| * | Community Health | | |
| | Systems Inc. | 125,690 | 3,523 |
| * | Sirona Dental Systems Inc. | 76,937 | 3,463 |
| * | Seattle Genetics Inc. | 136,213 | 3,458 |
| | Teleflex Inc. | 56,322 | 3,431 |
| * | United Therapeutics Corp. | 66,645 | 3,291 |
| * | Cubist Pharmaceuticals Inc. | 86,485 | 3,279 |
| * | WellCare Health Plans Inc. | 58,951 | 3,124 |
| * | HealthSouth Corp. | 130,495 | 3,035 |
| * | Tenet Healthcare Corp. | 564,344 | 2,957 |
| * | Align Technology Inc. | 87,270 | 2,920 |
| * | Alkermes plc | 170,126 | 2,887 |
| | Medicis Pharmaceutical | | |
| | Corp. Class A | 81,479 | 2,782 |
| * | Health Net Inc. | 114,615 | 2,782 |
| * | MyriadGenetics Inc. | 116,446 | 2,768 |
| * | Health Management | | |
| | Associates Inc. Class A | 350,953 | 2,755 |
| * | Allscripts Healthcare | | |
| | Solutions Inc. | 248,486 | 2,716 |
| * | LifePoint Hospitals Inc. | 66,251 | 2,715 |
| * | ThoratecCorp. | 80,510 | 2,704 |
| * | Bio-Rad Laboratories Inc. | | |
| | Class A | 27,031 | 2,703 |
| | Owens& Minor Inc. | 87,816 | 2,690 |
| | Hill-Rom Holdings Inc. | 85,208 | 2,629 |
| * | Haemonetics Corp. | 34,726 | 2,574 |
| * | VCA Antech Inc. | 113,741 | 2,500 |
| * | Brookdale Senior Living Inc. | | |
| | Class A | 133,532 | 2,369 |
| | STERIS Corp. | 75,454 | 2,367 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | West Pharmaceutical | | |
| | Services Inc. | 46,727 | 2,359 |
| * | PAREXEL International Corp. | 82,204 | 2,321 |
| * | ViroPharma Inc. | 97,166 | 2,303 |
| * | CharlesRiver Laboratories | | |
| | International Inc. | 67,314 | 2,205 |
| * | Centene Corp. | 70,164 | 2,116 |
| * | TheravanceInc. | 95,147 | 2,114 |
| * | Jazz Pharmaceuticals plc | 46,556 | 2,095 |
| * | Volcano Corp. | 72,817 | 2,086 |
| * | Alere Inc. | 104,977 | 2,041 |
| * | Akorn Inc. | 117,740 | 1,857 |
| * | Par Pharmaceutical | | |
| | Cos. Inc. | 50,784 | 1,835 |
| * | Auxilium | | |
| | Pharmaceuticals Inc. | 66,770 | 1,795 |
| * | Immunogen Inc. | 105,966 | 1,778 |
| * | Impax Laboratories Inc. | 87,345 | 1,770 |
| * | MWIVeterinary Supply Inc. | 16,831 | 1,730 |
| * | Masimo Corp. | 76,818 | 1,719 |
| * | Nektar Therapeutics | 212,946 | 1,718 |
| * | Medicines Co. | 74,797 | 1,716 |
| * | CyberonicsInc. | 38,147 | 1,714 |
| * | Acorda Therapeutics Inc. | 72,095 | 1,699 |
| * | Magellan Health | | |
| | Services Inc. | 37,442 | 1,697 |
| * | Bruker Corp. | 125,895 | 1,676 |
| * | Amsurg Corp. Class A | 54,504 | 1,634 |
| | ChemedCorp. | 26,563 | 1,605 |
| * | Exelixis Inc. | 288,437 | 1,595 |
| * | Dendreon Corp. | 212,000 | 1,569 |
| | Quality Systems Inc. | 56,951 | 1,567 |
| * | Isis Pharmaceuticals Inc. | 130,554 | 1,567 |
| * | ABIOMED Inc. | 67,244 | 1,534 |
| * | Air Methods Corp. | 15,614 | 1,534 |
| * | Abaxis Inc. | 41,156 | 1,523 |
| * | NuVasive Inc. | 58,728 | 1,489 |
| * | PSS World Medical Inc. | 70,769 | 1,485 |
| | Analogic Corp. | 23,552 | 1,460 |
| | CONMED Corp. | 52,356 | 1,449 |
| * | Ironwood Pharmaceuticals | | |
| | Inc. Class A | 103,692 | 1,429 |
| * | Neogen Corp. | 30,714 | 1,419 |
| * | Bio-Reference Labs Inc. | 50,892 | 1,337 |
| * | Team Health Holdings Inc. | 55,132 | 1,328 |
| * | Optimer | | |
| | Pharmaceuticals Inc. | 84,209 | 1,307 |
| * | Idenix Pharmaceuticals Inc. | 125,720 | 1,295 |
| | Cantel Medical Corp. | 47,170 | 1,285 |
| * | ArthroCare Corp. | 41,358 | 1,211 |
| | Computer Programs & | | |
| | Systems Inc. | 20,732 | 1,186 |
| * | AVANIR | | |
| | Pharmaceuticals Inc. | 299,513 | 1,174 |
| * | Integra LifeSciences | | |
| | Holdings Corp. | 31,526 | 1,172 |
| * | Opko Health Inc. | 253,333 | 1,165 |
27
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Wright Medical Group Inc. | 54,577 | 1,165 |
| * | Alnylam | | |
| | Pharmaceuticals Inc. | 99,507 | 1,161 |
| * | Halozyme Therapeutics Inc. | 129,827 | 1,150 |
| * | DexCom Inc. | 88,145 | 1,142 |
| | PDL BioPharma Inc. | 170,348 | 1,129 |
| * | Genomic Health Inc. | 33,093 | 1,105 |
| | Meridian Bioscience Inc. | 51,974 | 1,063 |
| * | Curis Inc. | 192,675 | 1,040 |
| * | Luminex Corp. | 42,376 | 1,038 |
| * | Conceptus Inc. | 52,317 | 1,037 |
| * | NxStage Medical Inc. | 59,638 | 1,000 |
| * | MAKOSurgical Corp. | 38,716 | 992 |
| * | DynavaxTechnologies Corp. | 228,695 | 988 |
| * | Hanger Inc. | 38,428 | 985 |
| * | Momenta | | |
| | Pharmaceuticals Inc. | 72,481 | 980 |
| * | Insulet Corp. | 45,826 | 979 |
| * | ICU Medical Inc. | 18,223 | 973 |
| * | Amedisys Inc. | 77,482 | 965 |
| * | HeartWare International Inc. | 10,805 | 959 |
| * | Endologix Inc. | 61,667 | 952 |
| * | Affymax Inc. | 73,317 | 944 |
| * | Molina Healthcare Inc. | 40,245 | 944 |
| * | Greatbatch Inc. | 40,137 | 911 |
| * | InterMune Inc. | 75,982 | 908 |
| * | Arqule Inc. | 148,063 | 878 |
| * | BioScrip Inc. | 117,851 | 876 |
| * | Corvel Corp. | 16,736 | 820 |
| * | Spectrum | | |
| | Pharmaceuticals Inc. | 52,682 | 820 |
| * | Capital Senior Living Corp. | 76,759 | 814 |
| * | Array BioPharma Inc. | 229,158 | 795 |
| * | Lexicon | | |
| | Pharmaceuticals Inc. | 353,288 | 795 |
| * | Accuray Inc. | 113,266 | 775 |
| * | OraSure Technologies Inc. | 68,013 | 764 |
| * | AMAG Pharmaceuticals Inc. | 49,214 | 758 |
| * | Emergent Biosolutions Inc. | 49,951 | 757 |
| * | Acadia Healthcare Co. Inc. | 43,100 | 756 |
| * | Enzon Pharmaceuticals Inc. | 109,298 | 751 |
| * | Affymetrix Inc. | 157,929 | 741 |
| * | NPS Pharmaceuticals Inc. | 86,023 | 741 |
| * | Natus Medical Inc. | 61,453 | 714 |
| * | Infinity Pharmaceuticals Inc. | 52,632 | 714 |
| * | MedAssets Inc. | 52,641 | 708 |
| * | Orthofix International NV | 17,018 | 702 |
| * | Allos Therapeutics Inc. | 390,384 | 699 |
| * | Emeritus Corp. | 41,100 | 692 |
| * | AngioDynamics Inc. | 57,393 | 689 |
| * | Achillion | | |
| | Pharmaceuticals Inc. | 110,430 | 685 |
| * | Depomed Inc. | 117,377 | 668 |
| | Invacare Corp. | 42,029 | 648 |
| * | Almost Family Inc. | 28,809 | 644 |
| * | Cadence | | |
| | Pharmaceuticals Inc. | 179,113 | 639 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | IPCThe Hospitalist Co. Inc. | 14,067 | 637 |
| | Assisted Living Concepts | | |
| | Inc. Class A | 44,792 | 637 |
| * | Kindred Healthcare Inc. | 64,189 | 631 |
| * | Medidata Solutions Inc. | 19,060 | 623 |
| * | Anika Therapeutics Inc. | 45,701 | 621 |
| | Landauer Inc. | 10,564 | 606 |
| * | Accretive Health Inc. | 53,571 | 587 |
| * | Cerus Corp. | 173,653 | 577 |
| | Atrion Corp. | 2,751 | 564 |
| | Ensign Group Inc. | 19,278 | 545 |
| * | AVEO Pharmaceuticals Inc. | 43,183 | 525 |
| * | ACADIA | | |
| | Pharmaceuticals Inc. | 297,514 | 524 |
| * | Cambrex Corp. | 55,205 | 519 |
| * | Rigel Pharmaceuticals Inc. | 55,581 | 517 |
| * | Corcept Therapeutics Inc. | 114,418 | 514 |
| * | Agenus Inc. | 98,028 | 514 |
| * | Exactech Inc. | 30,584 | 513 |
| * | Merit Medical Systems Inc. | 36,772 | 508 |
| * | AMN Healthcare | | |
| | Services Inc. | 83,808 | 497 |
| * | Hi-Tech Pharmacal Co. Inc. | 14,716 | 477 |
| * | Select Medical | | |
| | Holdings Corp. | 46,859 | 474 |
| * | CynosureInc. Class A | 21,518 | 455 |
| * | Exact Sciences Corp. | 42,067 | 451 |
| * | Sciclone | | |
| | Pharmaceuticals Inc. | 63,215 | 443 |
| * | BioCryst | | |
| | Pharmaceuticals Inc. | 107,475 | 428 |
| * | Alphatec Holdings Inc. | 230,936 | 425 |
| * | Geron Corp. | 245,058 | 421 |
| * | Healthways Inc. | 52,526 | 419 |
| * | Universal American Corp. | 39,761 | 419 |
| * | Orexigen Therapeutics Inc. | 75,463 | 418 |
| * | Quidel Corp. | 26,584 | 417 |
| * | Biotime Inc. | 89,714 | 413 |
| * | MannKind Corp. | 177,534 | 407 |
| * | SynagevaBioPharma Corp. | 9,902 | 402 |
| | eResearchTechnology Inc. | 48,592 | 388 |
| * | Antares Pharma Inc. | 103,553 | 377 |
| * | NewLink Genetics Corp. | 24,643 | 369 |
| * | Cutera Inc. | 51,303 | 369 |
| * | Neurocrine Biosciences Inc. | 44,697 | 354 |
| * | Celldex Therapeutics Inc. | 67,126 | 348 |
| * | PharMerica Corp. | 31,861 | 348 |
| * | Albany Molecular | | |
| | Research Inc. | 136,035 | 347 |
| * | Omnicell Inc. | 23,390 | 342 |
| * | CryoLife Inc. | 65,326 | 342 |
| *,^ | Aastrom Biosciences Inc. | 158,863 | 342 |
| * | Gentiva Health Services Inc. | 48,764 | 338 |
| * | Furiex Pharmaceuticals Inc. | 15,164 | 318 |
| * | SymmetryMedical Inc. | 37,011 | 318 |
| * | Triple-S Management Corp. | | |
| | Class B | 17,218 | 315 |
28
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Cross Country | | |
| | Healthcare Inc. | 71,896 | 314 |
| * | Sequenom Inc. | 77,247 | 314 |
| * | Anacor Pharmaceuticals Inc. | 46,492 | 302 |
| * | Immunomedics Inc. | 79,767 | 285 |
| * | Sunrise Senior Living Inc. | 38,956 | 284 |
| * | Biolase Inc. | 144,119 | 281 |
| * | Metropolitan Health | | |
| | Networks Inc. | 28,618 | 274 |
| * | HealthStream Inc. | 10,272 | 267 |
| * | SurModics Inc. | 15,195 | 263 |
| * | ExamWorks Group Inc. | 19,477 | 258 |
| * | LHCGroup Inc. | 14,844 | 252 |
| * | Ligand Pharmaceuticals Inc. | | |
| | Class B | 14,817 | 251 |
| * | Aegerion | | |
| | Pharmaceuticals Inc. | 16,687 | 248 |
| * | CytoriTherapeutics Inc. | 91,608 | 247 |
| * | Five Star Quality Care Inc. | 80,021 | 246 |
| | US Physical Therapy Inc. | 9,334 | 237 |
| | National Healthcare Corp. | 5,137 | 232 |
| * | Pain Therapeutics Inc. | 48,537 | 228 |
| * | AVI BioPharma Inc. | 349,426 | 219 |
| * | ZIOPHARM Oncology Inc. | 34,782 | 207 |
| *,^ | Biosante | | |
| | Pharmaceuticals Inc. | 80,991 | 207 |
| * | ChelseaTherapeutics | | |
| | International Ltd. | 138,203 | 205 |
| * | Alliance HealthCare | | |
| | Services Inc. | 204,539 | 204 |
| * | Navidea | | |
| | Biopharmaceuticals Inc. | 53,926 | 201 |
| * | DyaxCorp. | 94,090 | 200 |
| * | IRIS International Inc. | 17,181 | 194 |
| * | Progenics | | |
| | Pharmaceuticals Inc. | 19,226 | 188 |
| * | Codexis Inc. | 49,208 | 184 |
| * | Spectranetics Corp. | 16,088 | 184 |
| * | Oncothyreon Inc. | 39,256 | 184 |
| * | Novavax Inc. | 116,882 | 182 |
| * | AtriCure Inc. | 18,702 | 180 |
| * | XenoPort Inc. | 29,526 | 178 |
| * | MAPPharmaceuticals Inc. | 11,598 | 174 |
| * | BioClinica Inc. | 34,347 | 166 |
| * | Endocyte Inc. | 19,600 | 161 |
| * | GTx Inc. | 44,872 | 158 |
| * | Pozen Inc. | 25,338 | 158 |
| * | Protalix BioTherapeutics Inc. | 26,905 | 154 |
| * | Columbia Laboratories Inc. | 210,081 | 143 |
| * | Mediware Information | | |
| | Systems | 9,699 | 142 |
| * | MModal Inc. | 10,895 | 141 |
| * | Sun Healthcare Group Inc. | 16,003 | 134 |
| * | BioMimetic | | |
| | Therapeutics Inc. | 50,806 | 134 |
| * | Staar Surgical Co. | 17,120 | 133 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Cell Therapeutics Inc. | 229,189 | 133 |
| * | Palomar Medical | | |
| | Technologies Inc. | 14,943 | 127 |
| * | Durect Corp. | 138,205 | 126 |
| * | PDI Inc. | 14,959 | 123 |
| * | Harvard Bioscience Inc. | 32,527 | 123 |
| * | Merge Healthcare Inc. | 42,689 | 122 |
| * | Ampio Pharmaceuticals Inc. | 23,867 | 121 |
| * | Alexza Pharmaceuticals Inc. | 28,152 | 119 |
| * | CytokineticsInc. | 183,998 | 118 |
| * | Astex Pharmaceuticals | 55,965 | 117 |
| * | Vascular Solutions Inc. | 8,957 | 112 |
| * | Hooper Holmes Inc. | 194,540 | 111 |
| * | Omeros Corp. | 11,103 | 111 |
| * | Sangamo Biosciences Inc. | 19,311 | 107 |
| * | Apricus Biosciences Inc. | 30,853 | 106 |
| * | LCA-Vision Inc. | 23,998 | 103 |
| * | Alimera Sciences Inc. | 34,359 | 103 |
| * | Delcath Systems Inc. | 62,073 | 102 |
| * | Santarus Inc. | 14,048 | 100 |
| * | Arrowhead Research Corp. | 25,542 | 98 |
| * | Rochester Medical Corp. | 8,804 | 95 |
| * | RTI Biologics Inc. | 25,082 | 94 |
| * | CardioNet Inc. | 45,835 | 93 |
| * | Targacept Inc. | 21,528 | 93 |
| * | Digirad Corp. | 40,423 | 89 |
| * | ObagiMedical Products Inc. | 5,664 | 86 |
| * | Vical Inc. | 23,842 | 86 |
| * | Maxygen Inc. | 14,258 | 85 |
| *,^ | Osiris Therapeutics Inc. | 7,222 | 79 |
| * | Providence Service Corp. | 5,764 | 79 |
| * | Authentidate Holding Corp. | 119,942 | 78 |
| * | Hansen Medical Inc. | 32,538 | 74 |
| * | Icad Inc. | 156,093 | 72 |
| * | Adolor Corp. Rights Exp. | | |
| | 07/01/2019 | 126,930 | 66 |
| * | Vanguard Health | | |
| | Systems Inc. | 7,375 | 66 |
| * | PROLOR Biotech Inc. | 12,986 | 65 |
| * | Biodel Inc. | 23,858 | 62 |
| *,^ | BSD Medical Corp. | 37,207 | 61 |
| * | CytRxCorp. | 13,198 | 60 |
| * | Medical Action | | |
| | Industries Inc. | 17,304 | 60 |
| * | Bovie Medical Corp. | 25,571 | 59 |
| * | SIGA Technologies Inc. | 20,268 | 58 |
| * | Pacira Pharmaceuticals Inc. | 3,600 | 58 |
| * | MyrexisInc. | 21,693 | 57 |
| *,^ | KV Pharmaceutical Co. | | |
| | Class A | 104,427 | 56 |
| * | Solta Medical Inc. | 19,114 | 56 |
| * | Acura Pharmaceuticals Inc. | 17,554 | 55 |
| * | Unilife Corp. | 16,001 | 54 |
| * | Cardiovascular Systems Inc. | 5,493 | 54 |
| * | Nabi Biopharmaceuticals | 32,813 | 52 |
| * | RadNet Inc. | 18,952 | 50 |
29
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Medtox Scientific Inc. | 1,858 | 50 |
| | Psychemedics Corp. | 4,661 | 48 |
| * | Anthera | | |
| | Pharmaceuticals Inc. | 67,992 | 46 |
| *,^ | Savient | | |
| | Pharmaceuticals Inc. | 80,765 | 44 |
| * | Cumberland | | |
| | Pharmaceuticals Inc. | 6,675 | 43 |
| * | Insmed Inc. | 12,761 | 42 |
| * | Zalicus Inc. | 34,526 | 41 |
| * | Discovery Laboratories Inc. | 17,399 | 40 |
| * | Tornier NV | 1,800 | 40 |
| * | TheragenicsCorp. | 18,481 | 37 |
| * | ChindexInternational Inc. | 3,762 | 37 |
| * | Transcept | | |
| | Pharmaceuticals Inc. | 5,840 | 36 |
| | Young Innovations Inc. | 962 | 33 |
| * | Celsion Corp. | 10,211 | 31 |
| * | Repligen Corp. | 7,281 | 31 |
| *,^ | MELA Sciences Inc. | 9,482 | 31 |
| * | Vanda Pharmaceuticals Inc. | 6,866 | 30 |
| * | Keryx Biopharmaceuticals Inc. | 15,988 | 29 |
| * | Sagent Pharmaceuticals Inc. | 1,572 | 28 |
| * | Forest Laboratories Inc. | | |
| | Contingent Value Rights | | |
| | Exp. 04/14/2018 | 29,879 | 28 |
| * | Metabolix Inc. | 14,335 | 27 |
| * | Enzo Biochem Inc. | 14,966 | 25 |
| * | Raptor Pharmaceutical Corp. | 4,470 | 25 |
| * | Threshold | | |
| | Pharmaceuticals Inc. | 3,300 | 24 |
| * | Hemispherx Biopharma Inc. | 85,879 | 24 |
| *,^ | Complete Genomics Inc. | 12,245 | 23 |
| * | GenVec Inc. | 8,765 | 21 |
| * | Cel-Sci Corp. | 51,767 | 20 |
| * | Skilled Healthcare Group Inc. | 3,154 | 20 |
| * | ADVENTRX | | |
| | Pharmaceuticals Inc. | 32,620 | 17 |
| * | EnteroMedics Inc. | 4,462 | 15 |
| * | SyntaPharmaceuticals Corp. | 2,778 | 15 |
| * | Amicus Therapeutics Inc. | 2,502 | 14 |
| * | ThermoGenesisCorp. | 14,114 | 13 |
| * | Strategic Diagnostics Inc. | 9,571 | 11 |
| * | Idera Pharmaceuticals Inc. | 10,479 | 11 |
| * | SynergeticsUSA Inc. | 2,112 | 9 |
| * | Epocrates Inc. | 1,113 | 9 |
| * | Cardica Inc. | 4,675 | 9 |
| * | Biospecifics | | |
| | Technologies Corp. | 412 | 8 |
| * | ERBA Diagnostics Inc. | 11,606 | 8 |
| * | Dusa Pharmaceuticals Inc. | 1,194 | 6 |
| * | XOMA Corp. | 2,060 | 6 |
| * | Lannett Co. Inc. | 1,384 | 6 |
| * | Peregrine | | |
| | Pharmaceuticals Inc. | 9,884 | 5 |
| | National Research Corp. | 82 | 4 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | DynaVoxInc. Class A | 3,582 | 4 |
| * | Entremed Inc. | 2,162 | 4 |
| * | SharpsCompliance Corp. | 1,172 | 4 |
| | Heska Corp. | 291 | 3 |
| * | Galena Biopharma Inc. | 1,714 | 3 |
| * | Cornerstone | | |
| | Therapeutics Inc. | 400 | 3 |
| * | CombiMatrix Corp. | 2,351 | 2 |
| * | ARCA Biopharma Inc. | 4,167 | 2 |
| * | Stereotaxis Inc. | 8,643 | 2 |
| * | StemCells Inc. | 1,892 | 1 |
| | Daxor Corp. | 161 | 1 |
| * | OncoGenex | | |
| | Pharmaceutical Inc. | 64 | 1 |
| | Utah Medical Products Inc. | 24 | 1 |
| * | Repros Therapeutics Inc. | 66 | 1 |
| * | ProPhase Labs Inc. | 465 | 1 |
| * | Sucampo | | |
| | Pharmaceuticals Inc. | | |
| | Class A | 58 | — |
| * | Inovio Pharmaceuticals Inc. | 648 | — |
| * | Nanosphere Inc. | 116 | — |
| * | Vision Sciences Inc. | 140 | — |
| * | TranS1 Inc. | 84 | — |
| * | PURE Bioscience Inc. | 236 | — |
| * | Somaxon Pharmaceuticals Inc. | 279 | — |
| * | Retractable Technologies Inc. | 71 | — |
| | | | 2,457,521 |
| Industrials (11.0%) | | |
| | General Electric Co. | 14,526,888 | 302,740 |
| | United Technologies Corp. | 1,187,122 | 89,663 |
| | 3M Co. | 905,885 | 81,167 |
| | Union Pacific Corp. | 659,092 | 78,636 |
| | United Parcel Service Inc. | | |
| | Class B | 993,480 | 78,246 |
| | Caterpillar Inc. | 889,034 | 75,488 |
| | Boeing Co. | 972,654 | 72,268 |
| | Honeywell | | |
| | International Inc. | 1,011,381 | 56,476 |
| | Emerson Electric Co. | 1,008,484 | 46,975 |
| | Deere & Co. | 526,245 | 42,557 |
| | Danaher Corp. | 804,852 | 41,917 |
| | FedEx Corp. | 410,177 | 37,576 |
| | TycoInternational Ltd. | 632,938 | 33,451 |
| | Lockheed Martin Corp. | 379,528 | 33,049 |
| | Precision Castparts Corp. | 199,440 | 32,806 |
| | Norfolk Southern Corp. | 453,458 | 32,545 |
| | CSX Corp. | 1,445,210 | 32,315 |
| | Illinois Tool Works Inc. | 597,968 | 31,627 |
| | General Dynamics Corp. | 416,792 | 27,492 |
| | Raytheon Co. | 466,730 | 26,412 |
| | Cummins Inc. | 250,467 | 24,273 |
| | Goodrich Corp. | 172,855 | 21,935 |
| | Northrop Grumman Corp. | 329,629 | 21,027 |
| | Waste Management Inc. | 601,881 | 20,103 |
| | PACCAR Inc. | 465,474 | 18,242 |
30
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Eaton Corp. | 436,689 | 17,306 |
| | Ingersoll-Rand plc | 408,698 | 17,239 |
| | Parker Hannifin Corp. | 207,211 | 15,930 |
| | WW Grainger Inc. | 81,992 | 15,680 |
| | Fastenal Co. | 385,640 | 15,545 |
| | Cooper Industries plc | 217,827 | 14,851 |
| | Stanley Black & | | |
| | Decker Inc. | 221,473 | 14,254 |
| | Dover Corp. | 252,182 | 13,519 |
| | CHRobinson | | |
| | Worldwide Inc. | 224,577 | 13,144 |
| | Roper Industries Inc. | 133,280 | 13,139 |
| | Rockwell Automation Inc. | 195,779 | 12,933 |
| * | Delta Air Lines Inc. | 1,161,394 | 12,717 |
| | Fluor Corp. | 232,032 | 11,448 |
| | Republic Services Inc. | | |
| | Class A | 432,276 | 11,438 |
| | Expeditors International | | |
| | of Washington Inc. | 291,565 | 11,298 |
| * | United Continental | | |
| | Holdings Inc. | 456,291 | 11,102 |
| | AMETEK Inc. | 220,629 | 11,012 |
| * | Stericycle Inc. | 116,666 | 10,695 |
| | Kansas City Southern | 151,157 | 10,514 |
| | L-3 Communications | | |
| | Holdings Inc. | 136,009 | 10,066 |
| | Southwest Airlines Co. | 1,061,294 | 9,785 |
| | Rockwell Collins Inc. | 194,386 | 9,593 |
| | Textron Inc. | 384,967 | 9,574 |
| * | Verisk Analytics Inc. | | |
| | Class A | 192,622 | 9,489 |
| * | TransDigm Group Inc. | 66,210 | 8,892 |
| | Pall Corp. | 158,735 | 8,700 |
| | Flowserve Corp. | 74,822 | 8,586 |
| | Joy Global Inc. | 147,121 | 8,346 |
| * | IHSInc. Class A | 76,922 | 8,287 |
| | JBHunt Transport | | |
| | Services Inc. | 128,883 | 7,681 |
| | EquifaxInc. | 164,777 | 7,679 |
| * | Quanta Services Inc. | 285,436 | 6,870 |
| | Masco Corp. | 495,098 | 6,867 |
| * | Jacobs Engineering | | |
| | Group Inc. | 176,834 | 6,695 |
| | Donaldson Co. Inc. | 194,353 | 6,486 |
| | XylemInc. | 254,609 | 6,409 |
| * | BE Aerospace Inc. | 143,051 | 6,246 |
| | Cintas Corp. | 161,105 | 6,220 |
| * | AGCO Corp. | 133,822 | 6,120 |
| | Iron Mountain Inc. | 177,109 | 5,838 |
| | Hubbell Inc. Class B | 71,333 | 5,560 |
| | Robert Half | | |
| | International Inc. | 185,772 | 5,308 |
| | Timken Co. | 114,294 | 5,234 |
| | Pentair Inc. | 135,996 | 5,206 |
| | Wabtec Corp. | 66,010 | 5,149 |
| | KBRInc. | 203,605 | 5,031 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Snap-on Inc. | 80,333 | 5,001 |
| | Towers Watson & Co. | | |
| | Class A | 80,558 | 4,825 |
| | Waste Connections Inc. | 160,746 | 4,810 |
| | Lincoln Electric | | |
| | Holdings Inc. | 109,366 | 4,789 |
| * | Hertz Global Holdings Inc. | 372,834 | 4,772 |
| * | WABCO Holdings Inc. | 88,677 | 4,694 |
| | Dun & Bradstreet Corp. | 65,756 | 4,680 |
| | SPXCorp. | 70,518 | 4,606 |
| * | Nielsen Holdings NV | 173,613 | 4,552 |
| * | OwensCorning | 158,381 | 4,520 |
| | Carlisle Cos. Inc. | 84,912 | 4,502 |
| | IDEX Corp. | 115,219 | 4,491 |
| * | Fortune Brands Home & | | |
| | Security Inc. | 195,911 | 4,363 |
| | MSC Industrial Direct | | |
| | Co. Inc. Class A | 64,533 | 4,230 |
| | Pitney Bowes Inc. | 274,461 | 4,109 |
| | Corrections Corp. | | |
| | of America | 137,247 | 4,042 |
| | Manpower Inc. | 110,130 | 4,036 |
| | Avery Dennison Corp. | 146,966 | 4,018 |
| | Valmont Industries Inc. | 32,923 | 3,983 |
| * | Spirit Aerosystems | | |
| | Holdings Inc. Class A | 163,574 | 3,898 |
| | Nordson Corp. | 75,927 | 3,894 |
| | Triumph Group Inc. | 68,410 | 3,849 |
| | URS Corp. | 109,495 | 3,819 |
| | Graco Inc. | 82,406 | 3,797 |
| * | United Rentals Inc. | 109,316 | 3,721 |
| * | Clean Harbors Inc. | 65,713 | 3,708 |
| | Gardner Denver Inc. | 69,704 | 3,688 |
| | Kennametal Inc. | 109,870 | 3,642 |
| * | Copart Inc. | 152,451 | 3,612 |
| * | Babcock & Wilcox Co. | 146,741 | 3,595 |
| * | Hexcel Corp. | 137,266 | 3,540 |
| * | Alaska Air Group Inc. | 97,811 | 3,511 |
| * | WESCO International Inc. | 59,928 | 3,449 |
| | Regal-Beloit Corp. | 54,327 | 3,382 |
| | Woodward Inc. | 85,352 | 3,366 |
| | CLARCOR Inc. | 69,095 | 3,328 |
| | Landstar System Inc. | 64,233 | 3,322 |
| * | Sensata Technologies | | |
| | Holding NV | 121,849 | 3,263 |
| * | Kirby Corp. | 69,295 | 3,262 |
| * | Dollar Thrifty Automotive | | |
| | Group Inc. | 38,923 | 3,151 |
| * | Alexander & Baldwin Inc. | 57,546 | 3,064 |
| | Toro Co. | 41,336 | 3,030 |
| * | Teledyne Technologies Inc. | 48,597 | 2,996 |
| * | US Airways Group Inc. | 222,988 | 2,972 |
| | Acuity Brands Inc. | 58,060 | 2,956 |
| * | Genesee & Wyoming Inc. | | |
| | Class A | 55,646 | 2,940 |
| | Covanta Holding Corp. | 168,730 | 2,894 |
31
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | RR Donnelley & Sons Co. | 245,252 | 2,887 |
| * | ChartIndustries Inc. | 40,777 | 2,804 |
| | Lennox International Inc. | 59,690 | 2,783 |
| | Con-way Inc. | 76,675 | 2,769 |
| | Trinity Industries Inc. | 110,124 | 2,751 |
| * | Huntington Ingalls | | |
| | Industries Inc. | 67,565 | 2,719 |
| * | Terex Corp. | 151,751 | 2,706 |
| | AO Smith Corp. | 54,269 | 2,653 |
| * | Esterline Technologies Corp. | 42,224 | 2,633 |
| | Watsco Inc. | 35,132 | 2,593 |
| * | Polypore International Inc. | 63,880 | 2,580 |
| * | Old Dominion Freight | | |
| | Line Inc. | 59,423 | 2,572 |
| * | Foster Wheeler AG | 148,346 | 2,571 |
| * | Middleby Corp. | 25,760 | 2,566 |
| | EMCOR Group Inc. | 91,753 | 2,553 |
| | RyderSystem Inc. | 70,848 | 2,551 |
| | Exelis Inc. | 253,918 | 2,504 |
| * | ShawGroup Inc. | 90,007 | 2,458 |
| * | Navistar International Corp. | 85,576 | 2,428 |
| | Actuant Corp. Class A | 88,902 | 2,415 |
| * | AECOM Technology Corp. | 145,921 | 2,400 |
| * | Oshkosh Corp. | 113,186 | 2,371 |
| | GATXCorp. | 61,192 | 2,356 |
| | Robbins & Myers Inc. | 56,329 | 2,356 |
| | Crane Co. | 63,768 | 2,320 |
| * | EnerSys | 65,970 | 2,314 |
| | Alliant Techsystems Inc. | 45,439 | 2,298 |
| * | Advisory Board Co. | 45,972 | 2,280 |
| | Harsco Corp. | 111,505 | 2,272 |
| * | Tetra Tech Inc. | 86,822 | 2,264 |
| * | Moog Inc. Class A | 53,834 | 2,226 |
| * | Avis Budget Group Inc. | 144,990 | 2,204 |
| * | Acacia Research Corp. | 59,109 | 2,201 |
| | ITT Corp. | 124,732 | 2,195 |
| * | Portfolio Recovery | | |
| | Associates Inc. | 23,559 | 2,150 |
| * | Colfax Corp. | 77,200 | 2,128 |
| | Belden Inc. | 63,314 | 2,112 |
| | UTi Worldwide Inc. | 141,854 | 2,072 |
| | Rollins Inc. | 90,800 | 2,031 |
| | Manitowoc Co. Inc. | 172,258 | 2,015 |
| * | Air Lease Corp. | 102,463 | 1,987 |
| * | Geo Group Inc. | 86,467 | 1,965 |
| * | USG Corp. | 101,731 | 1,938 |
| | Applied Industrial | | |
| | Technologies Inc. | 52,461 | 1,933 |
| | HEICO Corp. Class A | 58,357 | 1,883 |
| | Corporate Executive | | |
| | Board Co. | 45,808 | 1,873 |
| | Brady Corp. Class A | 67,873 | 1,867 |
| * | Hub Group Inc. Class A | 51,289 | 1,857 |
| | Macquarie | | |
| | Infrastructure Co. LLC | 54,736 | 1,822 |
| | Curtiss-Wright Corp. | 58,084 | 1,804 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | General Cable Corp. | 68,747 | 1,783 |
| | Franklin Electric Co. Inc. | 34,431 | 1,760 |
| | Deluxe Corp. | 70,210 | 1,751 |
| * | JetBlue Airways Corp. | 329,521 | 1,746 |
| | Mine Safety Appliances Co. | 43,115 | 1,735 |
| | Healthcare Services | | |
| | Group Inc. | 87,259 | 1,691 |
| | Mueller Industries Inc. | 39,658 | 1,689 |
| | Raven Industries Inc. | 23,934 | 1,666 |
| * | FTI Consulting Inc. | 57,389 | 1,650 |
| * | GrafTech International Ltd. | 168,622 | 1,627 |
| * | Beacon Roofing Supply Inc. | 64,420 | 1,625 |
| | HNI Corp. | 62,472 | 1,609 |
| * | ACCO Brands Corp. | 155,208 | 1,605 |
| * | Interface Inc. Class A | 117,000 | 1,595 |
| | Armstrong World | | |
| | Industries Inc. | 32,421 | 1,594 |
| * | Atlas Air Worldwide | | |
| | Holdings Inc. | 36,581 | 1,592 |
| | Brink’s Co. | 68,386 | 1,585 |
| | Simpson Manufacturing | | |
| | Co. Inc. | 53,293 | 1,573 |
| | Briggs & Stratton Corp. | 89,562 | 1,566 |
| | Barnes Group Inc. | 63,853 | 1,551 |
| | United Stationers Inc. | 55,545 | 1,497 |
| | Herman Miller Inc. | 80,633 | 1,493 |
| | Granite Construction Inc. | 56,751 | 1,482 |
| | AZZ Inc. | 24,181 | 1,481 |
| * | Allegiant Travel Co. Class A | 21,121 | 1,472 |
| | Werner Enterprises Inc. | 60,408 | 1,443 |
| | ABM Industries Inc. | 73,778 | 1,443 |
| * | RBCBearings Inc. | 30,031 | 1,420 |
| | TALInternational Group Inc. | 41,953 | 1,405 |
| | Forward Air Corp. | 40,934 | 1,321 |
| | Knight Transportation Inc. | 82,382 | 1,317 |
| | ESCO Technologies Inc. | 36,070 | 1,314 |
| | Titan International Inc. | 53,392 | 1,310 |
| * | MasTec Inc. | 86,672 | 1,304 |
| | Aircastle Ltd. | 105,679 | 1,273 |
| * | Spirit Airlines Inc. | 63,683 | 1,239 |
| | Watts Water Technologies | | |
| | Inc. Class A | 36,939 | 1,232 |
| * | II-VI Inc. | 71,819 | 1,197 |
| * | On Assignment Inc. | 73,012 | 1,165 |
| | Knoll Inc. | 86,588 | 1,162 |
| * | DycomIndustries Inc. | 62,340 | 1,160 |
| * | Encore Capital Group Inc. | 38,812 | 1,150 |
| * | Astec Industries Inc. | 36,568 | 1,122 |
| * | Interline Brands Inc. | 43,922 | 1,101 |
| * | SwiftTransportation Co. | 115,615 | 1,093 |
| | G&K Services Inc. Class A | 34,706 | 1,082 |
| | CIRCOR International Inc. | 31,363 | 1,069 |
| | Albany International Corp. | 55,269 | 1,034 |
| * | Orbital Sciences Corp. | 79,031 | 1,021 |
| | Insperity Inc. | 36,974 | 1,000 |
| | UniFirst Corp. | 15,338 | 978 |
32
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Steelcase Inc. Class A | 106,180 | 959 |
| * | Blount International Inc. | 65,277 | 956 |
| | Standex International Corp. | 22,461 | 956 |
| | Heartland Express Inc. | 66,214 | 948 |
| | Cubic Corp. | 19,623 | 943 |
| | Kaydon Corp. | 43,843 | 938 |
| | Kaman Corp. | 29,911 | 925 |
| * | Aegion Corp. Class A | 50,839 | 910 |
| | Cascade Corp. | 19,206 | 904 |
| | Universal Forest | | |
| | Products Inc. | 22,909 | 893 |
| | Celadon Group Inc. | 54,338 | 890 |
| | Amerco Inc. | 9,645 | 868 |
| * | Generac Holdings Inc. | 35,981 | 866 |
| | Lindsay Corp. | 13,317 | 864 |
| | American Science & | | |
| | Engineering Inc. | 15,254 | 861 |
| | Altra Holdings Inc. | 54,373 | 858 |
| | Ceradyne Inc. | 33,329 | 855 |
| * | Korn/Ferry International | 59,551 | 855 |
| | Marten Transport Ltd. | 40,125 | 853 |
| | Ennis Inc. | 55,036 | 846 |
| * | Exponent Inc. | 16,009 | 846 |
| * | Seaboard Corp. | 373 | 796 |
| | AAON Inc. | 42,133 | 794 |
| * | American Railcar | | |
| | Industries Inc. | 28,586 | 775 |
| * | Builders FirstSource Inc. | 163,199 | 774 |
| | Mueller Water Products Inc. | | |
| | Class A | 223,399 | 773 |
| * | SykesEnterprises Inc. | 48,243 | 770 |
| * | Huron Consulting Group Inc. | 23,930 | 757 |
| * | Mobile Mini Inc. | 51,713 | 745 |
| | Comfort Systems USA Inc. | 74,195 | 743 |
| * | GenCorp Inc. | 114,078 | 743 |
| | Apogee Enterprises Inc. | 46,121 | 741 |
| * | DigitalGlobe Inc. | 47,860 | 726 |
| | AAR Corp. | 53,575 | 722 |
| * | EnPro Industries Inc. | 18,983 | 709 |
| | Alamo Group Inc. | 22,366 | 702 |
| * | American Reprographics Co. | 138,698 | 698 |
| | CDI Corp. | 41,412 | 679 |
| * | Navigant Consulting Inc. | 53,402 | 675 |
| | Aceto Corp. | 74,739 | 675 |
| * | Meritor Inc. | 126,971 | 663 |
| * | Layne Christensen Co. | 31,497 | 652 |
| | Quanex Building | | |
| | Products Corp. | 36,418 | 651 |
| | US Ecology Inc. | 36,256 | 643 |
| * | Hawaiian Holdings Inc. | 98,768 | 643 |
| | Gorman-Rupp Co. | 21,552 | 642 |
| * | Greenbrier Cos. Inc. | 35,814 | 630 |
| * | Powell Industries Inc. | 16,849 | 629 |
| * | CBIZInc. | 105,257 | 625 |
| * | Franklin Covey Co. | 60,617 | 621 |
| * | KARAuction Services Inc. | 36,056 | 620 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | H&E Equipment | | |
| | Services Inc. | 41,161 | 619 |
| | Barrett Business | | |
| | Services Inc. | 29,139 | 616 |
| | DynamicMaterials Corp. | 35,155 | 609 |
| * | Consolidated Graphics Inc. | 20,615 | 599 |
| * | Trex Co. Inc. | 19,859 | 598 |
| * | Rush Enterprises Inc. | | |
| | Class A | 36,424 | 596 |
| | Tennant Co. | 14,751 | 589 |
| | Sauer-Danfoss Inc. | 16,774 | 586 |
| | NACCO Industries Inc. | | |
| | Class A | 5,018 | 583 |
| | Resources Connection Inc. | 47,279 | 582 |
| * | Trimas Corp. | 28,279 | 568 |
| | SkyWest Inc. | 84,977 | 555 |
| | Griffon Corp. | 63,306 | 543 |
| * | TrueBlue Inc. | 35,086 | 543 |
| * | Michael Baker Corp. | 20,580 | 537 |
| | Arkansas Best Corp. | 41,656 | 525 |
| | McGrath RentCorp | 19,754 | 523 |
| * | RailAmerica Inc. | 21,562 | 522 |
| | Ampco-Pittsburgh Corp. | 28,294 | 519 |
| *,^ | American Superconductor | | |
| | Corp. | 109,662 | 515 |
| * | GPStrategies Corp. | 27,036 | 499 |
| * | Aerovironment Inc. | 18,593 | 489 |
| * | DXP Enterprises Inc. | 11,519 | 478 |
| * | Air Transport Services | | |
| | Group Inc. | 90,931 | 473 |
| | Great Lakes Dredge & | | |
| | Dock Corp. | 65,624 | 467 |
| | Intersections Inc. | 29,272 | 464 |
| * | GeoEye Inc. | 28,839 | 446 |
| * | Asset Acceptance | | |
| | Capital Corp. | 63,692 | 433 |
| * | Federal Signal Corp. | 73,560 | 430 |
| * | Astronics Corp. | 15,048 | 425 |
| * | ICF International Inc. | 16,929 | 404 |
| * | InnerWorkings Inc. | 29,142 | 394 |
| * | Team Inc. | 12,636 | 394 |
| * | KforceInc. | 29,162 | 393 |
| | Houston Wire & Cable Co. | 35,716 | 390 |
| * | NN Inc. | 38,108 | 389 |
| | Encore Wire Corp. | 14,523 | 389 |
| * | Park-Ohio Holdings Corp. | 20,341 | 387 |
| | Miller Industries Inc. | 24,232 | 386 |
| * | Wesco Aircraft | | |
| | Holdings Inc. | 29,800 | 379 |
| | Sun Hydraulics Corp. | 15,431 | 375 |
| * | LydallInc. | 27,446 | 371 |
| * | Northwest Pipe Co. | 15,277 | 371 |
| * | Pacer International Inc. | 67,217 | 364 |
| * | Wabash National Corp. | 54,565 | 361 |
| * | CRA International Inc. | 24,097 | 354 |
| * | Titan Machinery Inc. | 11,588 | 352 |
| * | Dolan Co. | 52,213 | 351 |
33
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | American Woodmark Corp. | 20,271 | 347 |
| * | Casella Waste Systems Inc. | | |
| | Class A | 58,695 | 343 |
| * | Tutor Perini Corp. | 27,018 | 342 |
| * | Columbus McKinnon Corp. | 22,094 | 333 |
| * | Ducommun Inc. | 33,973 | 333 |
| * | Republic Airways | | |
| | Holdings Inc. | 60,015 | 333 |
| | Graham Corp. | 17,539 | 327 |
| * | Commercial Vehicle | | |
| | Group Inc. | 37,191 | 321 |
| * | Accuride Corp. | 52,495 | 315 |
| | National Presto | | |
| | Industries Inc. | 4,329 | 302 |
| * | Capstone Turbine Corp. | 298,252 | 301 |
| * | Furmanite Corp. | 61,905 | 301 |
| | Kelly Services Inc. Class A | 23,203 | 300 |
| | Kimball International Inc. | | |
| | Class B | 38,129 | 294 |
| * | Quality Distribution Inc. | 26,070 | 289 |
| * | Kratos Defense & Security | | |
| | Solutions Inc. | 48,611 | 284 |
| | Global Power Equipment | | |
| | Group Inc. | 12,940 | 283 |
| | Heidrick & Struggles | | |
| | International Inc. | 16,080 | 281 |
| * | Active Power Inc. | 347,481 | 280 |
| * | Flow International Corp. | 87,939 | 277 |
| | John Bean | | |
| | Technologies Corp. | 20,371 | 276 |
| * | BlueLinx Holdings Inc. | 112,411 | 264 |
| * | Ameresco Inc. Class A | 22,022 | 263 |
| * | Saia Inc. | 11,857 | 260 |
| | International | | |
| | Shipholding Corp. | 13,746 | 259 |
| * | Taser International Inc. | 49,467 | 259 |
| * | Kadant Inc. | 10,869 | 255 |
| | LBFoster Co. Class A | 8,893 | 254 |
| | Courier Corp. | 19,111 | 253 |
| * | Gibraltar Industries Inc. | 24,208 | 251 |
| | Multi-Color Corp. | 11,120 | 247 |
| | Hardinge Inc. | 26,370 | 240 |
| *,^ | Cenveo Inc. | 121,157 | 234 |
| | Viad Corp. | 11,586 | 232 |
| * | EnerNOC Inc. | 31,802 | 230 |
| * | Orion Marine Group Inc. | 32,973 | 229 |
| * | MYRGroup Inc. | 13,105 | 224 |
| * | Covenant Transportation | | |
| | Group Inc. Class A | 54,468 | 203 |
| | PAM Transportation | | |
| | Services Inc. | 20,294 | 196 |
| | Asta Funding Inc. | 20,359 | 191 |
| * | EnergySolutions Inc. | 111,326 | 188 |
| * | Mistras Group Inc. | 6,900 | 181 |
| *,^ | SwisherHygiene Inc. | 71,136 | 180 |
| | LSI Industries Inc. | 25,138 | 179 |
| | Quad/Graphics Inc. | 12,326 | 177 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Insteel Industries Inc. | 15,789 | 176 |
| * | Odyssey Marine | | |
| | Exploration Inc. | 46,783 | 175 |
| * | Pendrell Corp. | 155,134 | 174 |
| | Primoris Services Corp. | 14,432 | 173 |
| * | FuelCell Energy Inc. | 152,123 | 154 |
| | Ceco Environmental Corp. | 19,322 | 153 |
| * | Hudson Global Inc. | 35,653 | 149 |
| * | Heritage-Crystal Clean Inc. | 8,623 | 141 |
| | Acorn Energy Inc. | 16,900 | 141 |
| * | PowerSecure | | |
| | International Inc. | 26,134 | 130 |
| | Coleman Cable Inc. | 14,904 | 130 |
| | LS Starrett Co. Class A | 11,175 | 129 |
| * | Pike Electric Corp. | 16,616 | 128 |
| | HEICO Corp. | 3,168 | 125 |
| * | Standard Parking Corp. | 5,794 | 125 |
| * | CAIInternational Inc. | 6,152 | 122 |
| * | Genco Shipping & | | |
| | Trading Ltd. | 39,914 | 122 |
| * | Fuel Tech Inc. | 24,849 | 121 |
| | Preformed Line Products Co. | 2,048 | 119 |
| * | AT Cross Co. Class A | 11,894 | 117 |
| | Met-Pro Corp. | 12,563 | 116 |
| * | Hurco Cos. Inc. | 5,580 | 114 |
| * | KEYW Holding Corp. | 11,269 | 113 |
| *,^ | A123 Systems Inc. | 88,754 | 112 |
| | SyprisSolutions Inc. | 15,958 | 111 |
| | FreightCar America Inc. | 4,776 | 110 |
| * | Sterling Construction Co. Inc. | 10,485 | 107 |
| | Vicor Corp. | 14,805 | 103 |
| * | NCI Building Systems Inc. | 9,426 | 102 |
| | Eastern Co. | 6,310 | 102 |
| * | LMI Aerospace Inc. | 5,705 | 99 |
| | SeaCube Container | | |
| | Leasing Ltd. | 5,470 | 93 |
| | Argan Inc. | 6,279 | 88 |
| * | Magnetek Inc. | 5,279 | 82 |
| * | Echo Global Logistics Inc. | 4,250 | 81 |
| * | Energy Recovery Inc. | 33,226 | 80 |
| * | Willis Lease Finance Corp. | 6,194 | 76 |
| * | TRC Cos. Inc. | 12,065 | 73 |
| | Lawson Products Inc. | 7,689 | 71 |
| * | Metalico Inc. | 30,954 | 68 |
| | Schawk Inc. Class A | 5,261 | 67 |
| | TwinDisc Inc. | 3,407 | 63 |
| * | Broadwind Energy Inc. | 220,132 | 59 |
| * | Perma-Fix Environmental | | |
| | Services | 49,757 | 58 |
| * | Innovative Solutions & | | |
| | Support Inc. | 17,618 | 58 |
| * | Integrated Electrical | | |
| | Services Inc. | 19,898 | 55 |
| | US Home Systems Inc. | 5,121 | 52 |
| * | Eagle Bulk Shipping Inc. | 16,139 | 51 |
| * | Roadrunner Transportation | | |
| | Systems Inc. | 2,647 | 45 |
34
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Douglas Dynamics Inc. | 3,125 | 45 |
| * | Tecumseh Products Co. | | |
| | Class A | 8,631 | 44 |
| * | Altair Nanotechnologies Inc. | 81,682 | 42 |
| * | Innotrac Corp. | 28,467 | 41 |
| * | Ultralife Corp. | 9,678 | 37 |
| * | PMFG Inc. | 4,339 | 34 |
| * | Key Technology Inc. | 3,273 | 33 |
| * | Hill International Inc. | 10,176 | 33 |
| * | Patriot Transportation | | |
| | Holding Inc. | 1,334 | 31 |
| * | Zipcar Inc. | 2,667 | 31 |
| * | Frozen Food Express | | |
| | Industries | 27,702 | 30 |
| * | Valence Technology Inc. | 47,866 | 30 |
| * | Astronics Corp. Class B | 1,003 | 27 |
| * | Innovaro Inc. | 35,674 | 26 |
| * | USA Truck Inc. | 5,558 | 26 |
| | Standard Register Co. | 42,047 | 25 |
| * | Ascent Solar | | |
| | Technologies Inc. | 30,091 | 24 |
| * | Arotech Corp. | 23,576 | 24 |
| | VSE Corp. | 817 | 19 |
| * | Ocean Power | | |
| | Technologies Inc. | 7,673 | 16 |
| | Baltic Trading Ltd. | 4,324 | 15 |
| * | Plug Power Inc. | 12,727 | 15 |
| * | Satcon Technology Corp. | 51,461 | 12 |
| * | Orion Energy Systems Inc. | 4,514 | 10 |
| * | Virco Manufacturing Corp. | 5,576 | 9 |
| * | PGT Inc. | 2,968 | 9 |
| * | Omega Flex Inc. | 626 | 7 |
| * | Sparton Corp. | 700 | 7 |
| * | Ampal American | | |
| | Israel Class A | 43,513 | 6 |
| *,^ | Hoku Corp. | 16,297 | 2 |
| * | Supreme Industries Inc. | | |
| | Class A | 435 | 2 |
| | SL Industries Inc. | 28 | — |
| * | Xerium Technologies Inc. | 89 | — |
| * | Lime Energy Co. | 96 | — |
| | | | 2,257,483 |
| Information Technology (19.1%) | |
| * | Apple Inc. | 1,280,039 | 747,543 |
| | Microsoft Corp. | 10,367,665 | 317,147 |
| | International Business | | |
| | Machines Corp. | 1,511,173 | 295,555 |
| * | Google Inc. Class A | 354,152 | 205,433 |
| | Intel Corp. | 6,858,997 | 182,792 |
| | Oracle Corp. | 5,519,940 | 163,942 |
| | QUALCOMMInc. | 2,322,180 | 129,299 |
| | Cisco Systems Inc. | 7,394,259 | 126,959 |
| | Visa Inc. Class A | 721,182 | 89,160 |
| * | EMC Corp. | 2,818,694 | 72,243 |
| * | eBayInc. | 1,590,189 | 66,804 |
| | Mastercard Inc. Class A | 149,929 | 64,486 |
| | Hewlett-Packard Co. | 2,713,482 | 54,568 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Accenture plc Class A | 888,716 | 53,403 |
| | Texas Instruments Inc. | 1,572,281 | 45,109 |
| | Automatic Data | | |
| | Processing Inc. | 673,796 | 37,503 |
| | Corning Inc. | 2,089,497 | 27,017 |
| * | Dell Inc. | 2,096,475 | 26,248 |
| * | Yahoo! Inc. | 1,583,094 | 25,060 |
| * | Cognizant Technology | | |
| | Solutions Corp. Class A | 416,655 | 24,999 |
| * | Salesforce.com Inc. | 177,417 | 24,530 |
| | Broadcom Corp. Class A | 675,664 | 22,837 |
| | Intuit Inc. | 384,754 | 22,835 |
| * | Adobe Systems Inc. | 678,561 | 21,965 |
| * | Citrix Systems Inc. | 255,025 | 21,407 |
| | Applied Materials Inc. | 1,773,726 | 20,327 |
| * | Facebook Inc. Class A | 611,214 | 19,021 |
| | TE Connectivity Ltd. | 585,745 | 18,691 |
| | Motorola Solutions Inc. | 371,446 | 17,870 |
| * | Teradata Corp. | 229,953 | 16,559 |
| * | NetApp Inc. | 492,954 | 15,686 |
| | Analog Devices Inc. | 409,359 | 15,421 |
| * | Red Hat Inc. | 265,485 | 14,995 |
| | Altera Corp. | 442,637 | 14,979 |
| * | SymantecCorp. | 1,002,710 | 14,650 |
| | Xerox Corp. | 1,830,805 | 14,408 |
| | Western Union Co. | 852,887 | 14,363 |
| | Paychex Inc. | 448,209 | 14,078 |
| * | Fiserv Inc. | 190,468 | 13,756 |
| | Seagate Technology plc | 554,805 | 13,720 |
| | CAInc. | 467,619 | 12,668 |
| | Amphenol Corp. Class A | 224,608 | 12,335 |
| * | SanDisk Corp. | 333,251 | 12,157 |
| | Xilinx Inc. | 360,210 | 12,092 |
| * | Juniper Networks Inc. | 723,151 | 11,795 |
| * | NVIDIA Corp. | 839,032 | 11,595 |
| | Avago Technologies Ltd. | 318,364 | 11,429 |
| * | EquinixInc. | 64,210 | 11,278 |
| | KLA-Tencor Corp. | 228,967 | 11,277 |
| * | Autodesk Inc. | 310,657 | 10,870 |
| * | F5 Networks Inc. | 108,969 | 10,849 |
| | Fidelity National Information | |
| | Services Inc. | 318,320 | 10,848 |
| * | Lam Research Corp. | 277,080 | 10,457 |
| | Maxim Integrated | | |
| | Products Inc. | 401,033 | 10,282 |
| * | VMware Inc. Class A | 111,868 | 10,184 |
| * | Western Digital Corp. | 323,492 | 9,860 |
| | Linear Technology Corp. | 314,423 | 9,851 |
| * | BMC Software Inc. | 225,850 | 9,639 |
| * | VeriSign Inc. | 219,537 | 9,565 |
| * | Alliance Data | | |
| | Systems Corp. | 68,888 | 9,300 |
| | Microchip Technology Inc. | 264,162 | 8,738 |
| * | Micron Technology Inc. | 1,359,657 | 8,579 |
| * | ANSYS Inc. | 128,082 | 8,083 |
| * | Nuance | | |
| | Communications Inc. | 339,041 | 8,076 |
35
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Trimble Navigation Ltd. | 171,589 | 7,895 |
| * | Akamai Technologies Inc. | 244,205 | 7,754 |
| | Marvell Technology | | |
| | Group Ltd. | 682,154 | 7,695 |
| | Activision Blizzard Inc. | 617,759 | 7,407 |
| * | Skyworks Solutions Inc. | 259,249 | 7,096 |
| * | TIBCO Software Inc. | 229,374 | 6,863 |
| | Harris Corp. | 156,725 | 6,559 |
| * | Rackspace Hosting Inc. | 148,212 | 6,512 |
| * | Informatica Corp. | 147,814 | 6,261 |
| * | LinkedIn Corp. Class A | 58,588 | 6,226 |
| * | Avnet Inc. | 199,659 | 6,161 |
| * | Ariba Inc. | 137,036 | 6,134 |
| * | Flextronics | | |
| | International Ltd. | 945,533 | 5,862 |
| * | SynopsysInc. | 198,392 | 5,839 |
| * | MICROS Systems Inc. | 110,131 | 5,639 |
| * | Electronic Arts Inc. | 455,351 | 5,624 |
| * | Gartner Inc. | 128,227 | 5,520 |
| | FactSet Research | | |
| | Systems Inc. | 59,111 | 5,494 |
| | Computer Sciences Corp. | 213,961 | 5,311 |
| | Total System Services Inc. | 221,611 | 5,303 |
| | Jabil Circuit Inc. | 259,606 | 5,278 |
| * | Arrow Electronics Inc. | 153,780 | 5,046 |
| * | LSI Corp. | 779,440 | 4,965 |
| * | NCR Corp. | 217,485 | 4,943 |
| * | VeriFone Systems Inc. | 146,634 | 4,852 |
| | IAC/InterActiveCorp | 104,084 | 4,746 |
| * | Advanced Micro | | |
| | Devices Inc. | 817,127 | 4,682 |
| | Global Payments Inc. | 107,677 | 4,655 |
| | SAICInc. | 377,041 | 4,570 |
| * | ONSemiconductor Corp. | 623,534 | 4,427 |
| * | Concur Technologies Inc. | 64,008 | 4,359 |
| * | Atmel Corp. | 621,631 | 4,165 |
| * | Cadence Design | | |
| | Systems Inc. | 377,885 | 4,153 |
| | FLIR Systems Inc. | 212,350 | 4,141 |
| | Solera Holdings Inc. | 96,631 | 4,038 |
| * | Fortinet Inc. | 172,040 | 3,995 |
| | Jack Henry & | | |
| | Associates Inc. | 113,634 | 3,923 |
| * | Cree Inc. | 152,162 | 3,906 |
| * | AOL Inc. | 130,872 | 3,675 |
| | Broadridge Financial | | |
| | Solutions Inc. | 171,213 | 3,642 |
| * | Ingram Micro Inc. | 206,988 | 3,616 |
| * | Teradyne Inc. | 256,795 | 3,611 |
| | National Instruments Corp. | 132,601 | 3,562 |
| * | JDS Uniphase Corp. | 321,373 | 3,535 |
| | MercadoLibre Inc. | 45,729 | 3,466 |
| * | Parametric | | |
| | Technology Corp. | 164,279 | 3,443 |
| * | Riverbed Technology Inc. | 206,042 | 3,328 |
| * | SolarWinds Inc. | 74,597 | 3,249 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Molex Inc. Class A | 160,165 | 3,240 |
| | Diebold Inc. | 85,973 | 3,173 |
| * | Wright Express Corp. | 50,561 | 3,121 |
| * | NeuStar Inc. Class A | 92,675 | 3,095 |
| * | Ultimate Software | | |
| | Group Inc. | 34,557 | 3,080 |
| * | Aspen Technology Inc. | 128,970 | 2,986 |
| * | Rovi Corp. | 151,558 | 2,974 |
| * | Brocade Communications | | |
| | Systems Inc. | 598,757 | 2,952 |
| * | Dolby Laboratories Inc. | | |
| | Class A | 71,000 | 2,932 |
| | Lender Processing | | |
| | Services Inc. | 115,942 | 2,931 |
| * | CommVault Systems Inc. | 58,095 | 2,880 |
| * | CoStar Group Inc. | 35,379 | 2,873 |
| * | Compuware Corp. | 300,106 | 2,788 |
| * | Tech Data Corp. | 56,829 | 2,737 |
| | CypressSemiconductor | | |
| | Corp. | 202,613 | 2,679 |
| * | Cirrus Logic Inc. | 88,170 | 2,635 |
| | Lexmark International Inc. | | |
| | Class A | 97,634 | 2,595 |
| * | Polycom Inc. | 245,161 | 2,579 |
| | ADTRAN Inc. | 83,491 | 2,521 |
| | DST Systems Inc. | 45,538 | 2,473 |
| * | Zebra Technologies Corp. | 71,777 | 2,466 |
| * | Fairchild Semiconductor | | |
| | International Inc. Class A | 174,416 | 2,459 |
| | MAXIMUSInc. | 46,640 | 2,414 |
| * | ACI Worldwide Inc. | 54,146 | 2,394 |
| * | CymerInc. | 40,512 | 2,388 |
| * | FEI Co. | 49,841 | 2,384 |
| | Convergys Corp. | 159,482 | 2,356 |
| * | 3D Systems Corp. | 68,469 | 2,338 |
| * | QLIK Technologies Inc. | 105,109 | 2,325 |
| * | Itron Inc. | 55,131 | 2,274 |
| * | Aruba Networks Inc. | 149,986 | 2,257 |
| * | Quest Software Inc. | 80,564 | 2,244 |
| * | Microsemi Corp. | 120,867 | 2,235 |
| * | Ciena Corp. | 135,507 | 2,218 |
| * | FleetCor Technologies Inc. | 63,066 | 2,210 |
| * | Arris Group Inc. | 158,498 | 2,205 |
| * | Semtech Corp. | 89,921 | 2,187 |
| * | CoreLogic Inc. | 117,115 | 2,144 |
| * | ViaSat Inc. | 56,150 | 2,121 |
| | Fair Isaac Corp. | 49,815 | 2,106 |
| * | Silicon Laboratories Inc. | 55,406 | 2,100 |
| | MKS Instruments Inc. | 72,367 | 2,094 |
| * | Sourcefire Inc. | 40,036 | 2,058 |
| | Anixter International Inc. | 38,780 | 2,057 |
| * | Universal Display Corp. | 57,079 | 2,051 |
| * | Hittite Microwave Corp. | 39,340 | 2,011 |
| | Plantronics Inc. | 59,258 | 1,979 |
| * | IPGPhotonics Corp. | 45,068 | 1,965 |
| *,^ | VirnetX Holding Corp. | 55,648 | 1,962 |
36
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | PMC - Sierra Inc. | 318,484 | 1,955 |
| * | Mentor Graphics Corp. | 128,299 | 1,924 |
| * | CACIInternational Inc. | | |
| | Class A | 34,888 | 1,920 |
| * | Cavium Inc. | 68,252 | 1,911 |
| * | International Rectifier Corp. | 95,145 | 1,902 |
| * | Finisar Corp. | 125,842 | 1,883 |
| * | Vishay Intertechnology Inc. | 198,953 | 1,876 |
| * | QLogic Corp. | 136,342 | 1,867 |
| | Intersil Corp. Class A | 174,022 | 1,853 |
| * | NetSuite Inc. | 33,676 | 1,844 |
| * | Veeco Instruments Inc. | 53,421 | 1,836 |
| | InterDigital Inc. | 62,048 | 1,831 |
| | Littelfuse Inc. | 32,000 | 1,820 |
| * | NETGEAR Inc. | 52,360 | 1,807 |
| * | Progress Software Corp. | 85,330 | 1,781 |
| * | Comverse Technology Inc. | 301,767 | 1,756 |
| * | JDA Software Group Inc. | 59,017 | 1,752 |
| | Cognex Corp. | 55,052 | 1,742 |
| * | Cardtronics Inc. | 57,676 | 1,742 |
| * | DealerTrack Holdings Inc. | 57,695 | 1,737 |
| * | ValueClick Inc. | 105,197 | 1,724 |
| * | Manhattan Associates Inc. | 36,758 | 1,680 |
| | j2 Global Inc. | 62,989 | 1,664 |
| * | OSI Systems Inc. | 26,015 | 1,648 |
| * | Acxiom Corp. | 108,023 | 1,632 |
| * | RF Micro Devices Inc. | 383,838 | 1,631 |
| | Heartland Payment | | |
| | Systems Inc. | 54,003 | 1,624 |
| * | Liquidity Services Inc. | 31,635 | 1,619 |
| * | Entegris Inc. | 189,337 | 1,617 |
| | Tellabs Inc. | 480,785 | 1,601 |
| | Blackbaud Inc. | 62,177 | 1,596 |
| | Sapient Corp. | 155,848 | 1,569 |
| | SyntelInc. | 25,410 | 1,542 |
| * | MicroStrategy Inc. Class A | 11,733 | 1,524 |
| * | TylerTechnologies Inc. | 37,489 | 1,513 |
| * | Acme Packet Inc. | 79,762 | 1,488 |
| | Power Integrations Inc. | 39,361 | 1,468 |
| * | TiVo Inc. | 177,213 | 1,466 |
| * | Ancestry.com Inc. | 52,805 | 1,454 |
| * | Monster Worldwide Inc. | 169,675 | 1,442 |
| * | Advent Software Inc. | 53,111 | 1,440 |
| * | WebMD Health Corp. | 70,160 | 1,439 |
| * | Fusion-io Inc. | 68,639 | 1,434 |
| | NIC Inc. | 112,748 | 1,432 |
| * | Coherent Inc. | 32,774 | 1,419 |
| *,^ | VistaPrint NV | 43,779 | 1,414 |
| * | Plexus Corp. | 48,800 | 1,376 |
| * | Stratasys Inc. | 27,159 | 1,346 |
| * | Websense Inc. | 71,702 | 1,343 |
| * | TriQuint | | |
| | Semiconductor Inc. | 243,205 | 1,338 |
| * | EchoStar Corp. Class A | 50,430 | 1,332 |
| * | BroadSoft Inc. | 45,829 | 1,327 |
| * | Benchmark Electronics Inc. | 94,135 | 1,313 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | FAROTechnologies Inc. | 31,135 | 1,310 |
| * | Euronet Worldwide Inc. | 75,636 | 1,295 |
| * | SynapticsInc. | 43,850 | 1,255 |
| * | Insight Enterprises Inc. | 73,960 | 1,245 |
| * | ATMI Inc. | 59,923 | 1,233 |
| * | SYNNEXCorp. | 34,715 | 1,197 |
| * | CSG Systems | | |
| | International Inc. | 69,221 | 1,196 |
| * | Bottomline | | |
| | Technologies Inc. | 66,046 | 1,192 |
| * | Advanced Energy | | |
| | Industries Inc. | 88,321 | 1,185 |
| | EarthLink Inc. | 156,240 | 1,162 |
| *,^ | First Solar Inc. | 76,624 | 1,154 |
| | Badger Meter Inc. | 29,949 | 1,125 |
| * | Kenexa Corp. | 38,649 | 1,122 |
| * | ScanSource Inc. | 36,506 | 1,119 |
| | Brooks Automation Inc. | 116,803 | 1,103 |
| * | ZyngaInc. Class A | 201,522 | 1,096 |
| * | Integrated Device | | |
| | Technology Inc. | 194,636 | 1,094 |
| * | OmniVision | | |
| | Technologies Inc. | 81,736 | 1,092 |
| * | Electronics for Imaging Inc. | 65,984 | 1,072 |
| | Black Box Corp. | 37,009 | 1,062 |
| | EbixInc. | 53,088 | 1,059 |
| * | Dice Holdings Inc. | 111,087 | 1,043 |
| * | Kulicke & Soffa | | |
| | Industries Inc. | 116,901 | 1,043 |
| * | Amkor Technology Inc. | 212,599 | 1,037 |
| * | Accelrys Inc. | 126,329 | 1,022 |
| * | Blucora Inc. | 82,873 | 1,021 |
| * | Unisys Corp. | 51,557 | 1,008 |
| * | Digital River Inc. | 60,571 | 1,007 |
| * | Netscout Systems Inc. | 46,246 | 998 |
| * | Ceva Inc. | 56,306 | 992 |
| | Tessera Technologies Inc. | 64,306 | 988 |
| | Pegasystems Inc. | 29,520 | 974 |
| | Forrester Research Inc. | 28,458 | 964 |
| | Cabot Microelectronics Corp. | 32,760 | 957 |
| * | OpenTable Inc. | 21,175 | 953 |
| | Comtech | | |
| | Telecommunications Corp. | 33,264 | 951 |
| * | GT Advanced | | |
| | Technologies Inc. | 179,793 | 949 |
| * | Cray Inc. | 78,396 | 947 |
| * | Constant Contact Inc. | 52,795 | 944 |
| * | Take-Two Interactive | | |
| | Software Inc. | 97,723 | 924 |
| * | RealPage Inc. | 39,646 | 918 |
| * | Applied Micro Circuits Corp. | 158,216 | 905 |
| * | Diodes Inc. | 47,250 | 887 |
| | EPIQSystems Inc. | 69,651 | 853 |
| * | Ellie Mae Inc. | 46,700 | 841 |
| * | LivePerson Inc. | 44,073 | 840 |
| * | Emulex Corp. | 115,024 | 828 |
37
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Internap Network | | |
| | Services Corp. | 126,075 | 821 |
| * | RealD Inc. | 54,807 | 820 |
| * | Bankrate Inc. | 43,933 | 808 |
| * | Sanmina-SCI Corp. | 97,543 | 799 |
| * | Interactive Intelligence | | |
| | Group Inc. | 28,267 | 797 |
| * | Rofin-Sinar | | |
| | Technologies Inc. | 42,087 | 797 |
| | Loral Space & | | |
| | Communications Inc. | 11,811 | 795 |
| * | Actuate Corp. | 114,398 | 793 |
| * | CIBER Inc. | 181,653 | 783 |
| * | Lattice Semiconductor | | |
| | Corp. | 206,155 | 777 |
| * | SS&C Technologies | | |
| | Holdings Inc. | 30,955 | 774 |
| * | Spansion Inc. Class A | 69,608 | 764 |
| | MTS Systems Corp. | 19,791 | 763 |
| | Molex Inc. | 31,536 | 755 |
| * | Infinera Corp. | 108,981 | 745 |
| | Electro Scientific | | |
| | Industries Inc. | 62,883 | 743 |
| * | Rambus Inc. | 129,130 | 741 |
| * | Harmonic Inc. | 173,986 | 741 |
| * | Active Network Inc. | 48,130 | 741 |
| * | Brightpoint Inc. | 136,142 | 737 |
| * | Rogers Corp. | 18,532 | 734 |
| * | Standard Microsystems | | |
| | Corp. | 19,881 | 733 |
| * | Anaren Inc. | 37,185 | 729 |
| * | PROS Holdings Inc. | 43,066 | 724 |
| * | FormFactor Inc. | 111,842 | 724 |
| | CTS Corp. | 76,292 | 719 |
| * | Ultratech Inc. | 22,584 | 711 |
| * | iGATE Corp. | 41,342 | 704 |
| * | DTS Inc. | 26,658 | 695 |
| * | Computer Task Group Inc. | 45,531 | 683 |
| * | MEMC Electronic | | |
| | Materials Inc. | 312,076 | 677 |
| * | Integrated Silicon | | |
| | Solution Inc. | 67,016 | 676 |
| * | CalAmp Corp. | 89,204 | 654 |
| * | TNSInc. | 36,359 | 652 |
| * | TTM Technologies Inc. | 69,285 | 652 |
| * | Agilysys Inc. | 74,761 | 648 |
| * | MIPS Technologies Inc. | | |
| | Class A | 96,336 | 643 |
| * | ExlService Holdings Inc. | 25,837 | 637 |
| * | TeleTech Holdings Inc. | 39,140 | 626 |
| | Keynote Systems Inc. | 41,773 | 620 |
| | Unwired Planet Inc. | 268,854 | 618 |
| * | IXYS Corp. | 55,052 | 615 |
| * | Monolithic Power | | |
| | Systems Inc. | 30,822 | 612 |
| | Methode Electronics Inc. | 70,899 | 603 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | XO Group Inc. | 67,574 | 599 |
| | Mantech International | | |
| | Corp.Class A | 25,341 | 595 |
| * | Web.com Group Inc. | 32,450 | 594 |
| * | Move Inc. | 64,967 | 592 |
| * | Avid Technology Inc. | 75,908 | 564 |
| | AVX Corp. | 52,578 | 562 |
| * | Entropic | | |
| | Communications Inc. | 99,481 | 561 |
| | Cohu Inc. | 55,061 | 559 |
| | Park Electrochemical Corp. | 21,537 | 557 |
| * | Verint Systems Inc. | 18,043 | 532 |
| * | Power-One Inc. | 116,170 | 525 |
| * | Multi-Fineline Electronix Inc. | 21,291 | 525 |
| * | Sonus Networks Inc. | 242,672 | 522 |
| * | Limelight Networks Inc. | 176,577 | 517 |
| * | Axcelis Technologies Inc. | 429,729 | 516 |
| * | CheckpointSystems Inc. | 58,689 | 511 |
| | Daktronics Inc. | 73,434 | 507 |
| * | Extreme Networks | 147,297 | 507 |
| * | LogMeIn Inc. | 16,317 | 498 |
| * | Imation Corp. | 84,008 | 496 |
| * | Digi International Inc. | 48,319 | 495 |
| * | Volterra | | |
| | Semiconductor Corp. | 21,049 | 494 |
| * | Exar Corp. | 59,498 | 486 |
| * | Freescale | | |
| | Semiconductor Ltd. | 47,085 | 483 |
| * | Callidus Software Inc. | 96,646 | 481 |
| * | LTX-Credence Corp. | 69,610 | 466 |
| * | Synchronoss | | |
| | Technologies Inc. | 24,899 | 460 |
| * | Intermec Inc. | 73,857 | 458 |
| | Electro Rent Corp. | 28,130 | 457 |
| * | Quantum Corp. | 223,325 | 453 |
| * | Cornerstone OnDemand Inc. | 19,021 | 453 |
| * | Monotype Imaging | | |
| | Holdings Inc. | 26,825 | 450 |
| | Micrel Inc. | 46,569 | 444 |
| * | Hackett Group Inc. | 78,778 | 439 |
| | American Software Inc. | | |
| | Class A | 54,908 | 437 |
| * | Measurement | | |
| | Specialties Inc. | 13,131 | 427 |
| * | Tangoe Inc. | 19,900 | 424 |
| * | Ipass Inc. | 175,326 | 417 |
| * | Saba Software Inc. | 44,797 | 416 |
| * | Stamps.com Inc. | 16,846 | 416 |
| * | ServiceSource | | |
| | International Inc. | 29,908 | 414 |
| * | comScore Inc. | 24,836 | 409 |
| * | Oplink Communications Inc. | 29,804 | 403 |
| * | Fabrinet | 32,085 | 403 |
| * | KVH Industries Inc. | 32,125 | 402 |
| | OPNET | 14,936 | 397 |
| * | FalconStor Software Inc. | 150,119 | 392 |
38
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Global Cash Access | | |
| | Holdings Inc. | 54,297 | 391 |
| | Cass Information | | |
| | Systems Inc. | 9,255 | 373 |
| * | ModusLink Global | | |
| | Solutions Inc. | 119,675 | 358 |
| | RealNetworks Inc. | 41,299 | 357 |
| * | NVE Corp. | 6,628 | 356 |
| * | Aviat Networks Inc. | 124,830 | 350 |
| * | Envestnet Inc. | 29,041 | 348 |
| * | SycamoreNetworks Inc. | 23,787 | 345 |
| | United Online Inc. | 81,653 | 345 |
| * | Higher One Holdings Inc. | 27,738 | 339 |
| * | Kopin Corp. | 98,250 | 338 |
| * | Newport Corp. | 28,032 | 337 |
| * | Net 1 UEPS | | |
| | Technologies Inc. | 40,139 | 336 |
| * | ANADIGICS Inc. | 184,001 | 333 |
| * | SunPower Corp. Class A | 68,850 | 331 |
| * | Mercury Computer | | |
| | Systems Inc. | 25,556 | 330 |
| * | Ixia | 26,351 | 317 |
| * | STEC Inc. | 40,298 | 314 |
| | Aware Inc. | 48,420 | 312 |
| * | Immersion Corp. | 55,249 | 311 |
| | Booz Allen Hamilton | | |
| | Holding Corp. | 20,051 | 306 |
| * | Globecomm Systems Inc. | 28,930 | 293 |
| | Bel Fuse Inc. Class B | 16,516 | 291 |
| * | Calix Inc. | 35,375 | 291 |
| * | Kemet Corp. | 47,588 | 286 |
| *,^ | KIT Digital Inc. | 66,595 | 286 |
| * | FSI International Inc. | 79,347 | 285 |
| * | Silicon Graphics | | |
| | International Corp. | 43,262 | 278 |
| * | DSP Group Inc. | 43,784 | 278 |
| * | Lionbridge Technologies Inc. | 87,265 | 275 |
| * | AuthenTec Inc. | 62,540 | 271 |
| * | Super Micro Computer Inc. | 16,702 | 265 |
| * | Perficient Inc. | 23,019 | 259 |
| * | Emcore Corp. | 57,367 | 254 |
| | Marchex Inc. Class B | 70,034 | 253 |
| * | Echelon Corp. | 72,562 | 253 |
| * | Vocus Inc. | 13,005 | 242 |
| * | Angie’s List Inc. | 15,200 | 241 |
| * | Silicon Image Inc. | 56,547 | 234 |
| * | IntraLinks Holdings Inc. | 52,673 | 231 |
| * | MoneyGram | | |
| | International Inc. | 15,355 | 224 |
| * | Vishay Precision Group Inc. | 15,985 | 223 |
| * | OCZ Technology Group Inc. | 41,752 | 221 |
| * | Datalink Corp. | 22,855 | 218 |
| * | ZygoCorp. | 11,953 | 213 |
| * | Procera Networks Inc. | 8,524 | 207 |
| * | Sigma Designs Inc. | 32,175 | 205 |
| * | Nanometrics Inc. | 13,307 | 204 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Oclaro Inc. | 64,900 | 197 |
| * | LeCroy Corp. | 13,659 | 195 |
| * | Novatel Wireless Inc. | 78,198 | 195 |
| * | Demand Media Inc. | 16,600 | 186 |
| * | AXT Inc. | 47,038 | 186 |
| * | DynamicsResearch Corp. | 31,852 | 185 |
| * | VASCOData Security | | |
| | International Inc. | 22,548 | 184 |
| * | Virtusa Corp. | 13,814 | 184 |
| * | Edgewater Technology Inc. | 46,266 | 180 |
| * | QuinStreet Inc. | 19,202 | 178 |
| * | Intevac Inc. | 22,587 | 170 |
| * | Autobytel Inc. | 224,073 | 169 |
| * | Photronics Inc. | 27,458 | 167 |
| * | Carbonite Inc. | 18,635 | 167 |
| * | Information Services | | |
| | Group Inc. | 128,428 | 166 |
| * | Dot Hill Systems Corp. | 145,296 | 166 |
| * | Supertex Inc. | 7,784 | 147 |
| * | Maxwell Technologies Inc. | 21,636 | 142 |
| * | Alpha & Omega | | |
| | Semiconductor Ltd. | 15,316 | 140 |
| * | Aeroflex Holding Corp. | 22,771 | 138 |
| * | Jive Software Inc. | 6,522 | 137 |
| | PC-Tel Inc. | 20,954 | 136 |
| * | Reis Inc. | 13,713 | 132 |
| * | Amtech Systems Inc. | 34,538 | 130 |
| * | STR Holdings Inc. | 27,740 | 126 |
| * | Concurrent Computer Corp. | 29,783 | 124 |
| * | ShoreTelInc. | 28,187 | 123 |
| * | Rubicon Technology Inc. | 11,949 | 122 |
| * | CyberOpticsCorp. | 14,065 | 119 |
| * | Seachange International Inc. | 14,436 | 119 |
| * | Responsys Inc. | 9,767 | 118 |
| * | Pericom Semiconductor | | |
| | Corp. | 12,912 | 116 |
| | PC Connection Inc. | 10,505 | 112 |
| * | Mindspeed | | |
| | Technologies Inc. | 44,954 | 111 |
| * | Innodata Inc. | 15,170 | 104 |
| * | Rudolph Technologies Inc. | 11,852 | 103 |
| * | Cinedigm Digital Cinema | | |
| | Corp. Class A | 67,677 | 102 |
| * | Network Engines Inc. | 71,984 | 101 |
| * | SymmetricomInc. | 16,944 | 101 |
| * | LRAD Corp. | 82,645 | 98 |
| * | Inphi Corp. | 10,284 | 97 |
| * | Guidance Software Inc. | 10,250 | 97 |
| * | Radisys Corp. | 15,433 | 97 |
| | Crexendo Inc. | 25,382 | 94 |
| * | LoJack Corp. | 30,922 | 93 |
| * | support.com Inc. | 29,004 | 93 |
| | Richardson Electronics Ltd. | 7,239 | 89 |
| * | PLX Technology Inc. | 13,702 | 87 |
| * | SPSCommerce Inc. | 2,824 | 86 |
| * | Travelzoo Inc. | 3,696 | 84 |
39
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Deltek Inc. | 7,244 | 84 |
| * | Mattson Technology Inc. | 45,776 | 80 |
| | TheStreetInc. | 53,147 | 80 |
| * | MaxLinear Inc. | 15,986 | 79 |
| * | PDF Solutions Inc. | 8,005 | 79 |
| * | Zix Corp. | 29,453 | 77 |
| | EvolvingSystems Inc. | 13,528 | 74 |
| * | SRS Labs Inc. | 8,051 | 72 |
| * | Identive Group Inc. | 75,453 | 71 |
| * | QuickLogic Corp. | 27,004 | 68 |
| * | Document Security | | |
| | Systems Inc. | 16,521 | 66 |
| | Telular Corp. | 7,116 | 66 |
| * | MoSys Inc. | 19,222 | 62 |
| * | TeleNav Inc. | 9,993 | 61 |
| * | PRGX Global Inc. | 7,236 | 58 |
| * | Smith Micro Software Inc. | 31,088 | 57 |
| * | Hutchinson Technology Inc. | 36,408 | 53 |
| * | Frequency Electronics Inc. | 6,498 | 53 |
| * | SciQuest Inc. | 2,900 | 52 |
| * | Motricity Inc. | 83,249 | 52 |
| | QADInc. Class A | 3,629 | 52 |
| | Pulse Electronics Corp. | 26,190 | 52 |
| | Rimage Corp. | 6,050 | 48 |
| * | GSI Technology Inc. | 10,119 | 48 |
| * | Glu Mobile Inc. | 8,452 | 47 |
| * | Network Equipment | | |
| | Technologies Inc. | 35,089 | 46 |
| * | Bsquare Corp. | 15,441 | 45 |
| * | StarTek Inc. | 15,375 | 45 |
| *,^ | Wave Systems Corp. | | |
| | Class A | 62,907 | 43 |
| * | Looksmart Ltd. | 54,701 | 43 |
| * | Westell Technologies Inc. | | |
| | Class A | 17,678 | 42 |
| * | THQInc. | 64,284 | 40 |
| * | GSI Group Inc. | 3,461 | 40 |
| * | PAR Technology Corp. | 7,772 | 38 |
| * | Spark Networks Inc. | 7,405 | 38 |
| * | Pixelworks Inc. | 15,645 | 38 |
| * | TeleCommunication | | |
| | Systems Inc. Class A | 27,184 | 33 |
| * | Ikanos Communications Inc. | 36,361 | 31 |
| * | Online Resources Corp. | 12,713 | 31 |
| * | GSE Systems Inc. | 13,415 | 31 |
| * | ID Systems Inc. | 6,809 | 30 |
| * | Ditech Networks Inc. | 34,438 | 30 |
| * | Intellicheck Mobilisa Inc. | 16,110 | 28 |
| | Bel Fuse Inc. Class A | 1,477 | 27 |
| * | Rosetta Stone Inc. | 1,884 | 26 |
| * | Viasystems Group Inc. | 1,531 | 26 |
| * | BTU International Inc. | 9,344 | 25 |
| * | Powerwave | | |
| | Technologies Inc. | 32,363 | 23 |
| | Digimarc Corp. | 904 | 23 |
| * | WebMediaBrands Inc. | 36,233 | 23 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Planar Systems Inc. | 13,735 | 23 |
| * | Numerex Corp. Class A | 2,362 | 22 |
| * | Cascade Microtech Inc. | 4,600 | 21 |
| * | MEMSIC Inc. | 8,040 | 21 |
| * | Ramtron International Corp. | 6,551 | 20 |
| * | Presstek Inc. | 46,306 | 20 |
| * | Mitek Systems Inc. | 4,800 | 19 |
| * | Transwitch Corp. | 16,462 | 18 |
| * | Parkervision Inc. | 7,548 | 18 |
| * | Mattersight Corp. | 2,159 | 17 |
| * | Opnext Inc. | 13,481 | 17 |
| * | Rainmaker Systems Inc. | 19,115 | 16 |
| * | NCI Inc. Class A | 3,856 | 16 |
| * | Lantronix Inc. | 6,995 | 14 |
| * | Ultra Clean Holdings | 2,159 | 14 |
| * | TechTarget Inc. | 2,379 | 12 |
| * | Transact Technologies Inc. | 1,540 | 12 |
| * | Microvision Inc. | 7,110 | 11 |
| * | Remark Media Inc. | 3,300 | 11 |
| * | Research Frontiers Inc. | 2,555 | 8 |
| | QADInc. Class B | 573 | 8 |
| * | Pervasive Software Inc. | 1,008 | 8 |
| * | ZhoneTechnologies Inc. | 10,572 | 7 |
| * | iGO Inc. | 11,872 | 5 |
| * | Superconductor | | |
| | Technologies Inc. | 7,872 | 5 |
| * | Digital Ally Inc. | 9,500 | 4 |
| * | Selectica Inc. | 829 | 3 |
| * | Mitel Networks Corp. | 700 | 3 |
| * | Market Leader Inc. | 464 | 2 |
| * | Wireless Telecom Group Inc. | 1,403 | 2 |
| * | Management Network | | |
| | Group Inc. | 626 | 1 |
| * | Spire Corp. | 1,179 | 1 |
| * | OfficialPayments | | |
| | Holdings Inc. Class B | 121 | — |
| * | PC Mall Inc. | 63 | — |
| * | Newtek Business Services Inc. | 204 | — |
| * | Performance Technologies Inc. | 70 | — |
| * | Video Display Corp. | 19 | — |
| | | | 3,936,617 |
| Materials (3.9%) | | |
| | EI du Pont de | | |
| | Nemours & Co. | 1,280,020 | 64,731 |
| | Monsanto Co. | 735,045 | 60,847 |
| | Dow Chemical Co. | 1,627,574 | 51,269 |
| | Praxair Inc. | 409,840 | 44,562 |
| | Freeport-McMoRan | | |
| | Copper & Gold Inc. | 1,302,309 | 44,370 |
| | Newmont Mining Corp. | 679,822 | 32,978 |
| | Ecolab Inc. | 399,978 | 27,410 |
| | Air Products & | | |
| | Chemicals Inc. | 289,264 | 23,352 |
| | Mosaic Co. | 407,561 | 22,318 |
| | PPG Industries Inc. | 208,840 | 22,162 |
40
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LyondellBasellIndustries | | |
| | NV Class A | 433,414 | 17,454 |
| | CF Industries Holdings Inc. | 90,001 | 17,437 |
| | International Paper Co. | 570,825 | 16,503 |
| | Nucor Corp. | 435,288 | 16,497 |
| | Sherwin-WilliamsCo. | 121,705 | 16,108 |
| | Alcoa Inc. | 1,465,508 | 12,823 |
| | Sigma-Aldrich Corp. | 166,000 | 12,272 |
| | FMC Corp. | 191,792 | 10,257 |
| | Cliffs Natural | | |
| | Resources Inc. | 195,102 | 9,617 |
| | Eastman Chemical Co. | 188,682 | 9,504 |
| | Ball Corp. | 204,347 | 8,388 |
| | Airgas Inc. | 89,491 | 7,518 |
| | Ashland Inc. | 107,716 | 7,466 |
| | Celanese Corp. Class A | 215,471 | 7,460 |
| | Albemarle Corp. | 122,445 | 7,303 |
| * | Crown Holdings Inc. | 204,695 | 7,060 |
| | Vulcan Materials Co. | 177,733 | 7,058 |
| | MeadWestvaco Corp. | 234,987 | 6,756 |
| | Valspar Corp. | 122,050 | 6,406 |
| | Royal Gold Inc. | 81,014 | 6,351 |
| | International Flavors & | | |
| | Fragrances Inc. | 111,425 | 6,106 |
| | Rock-Tenn Co. Class A | 97,302 | 5,308 |
| | Reliance Steel & | | |
| | Aluminum Co. | 103,471 | 5,225 |
| | Martin Marietta | | |
| | Materials Inc. | 62,654 | 4,938 |
| | RPMInternational Inc. | 180,859 | 4,919 |
| * | WR Grace & Co. | 96,491 | 4,868 |
| | Solutia Inc. | 168,313 | 4,721 |
| | Aptargroup Inc. | 90,886 | 4,640 |
| | Allegheny | | |
| | Technologies Inc. | 140,001 | 4,465 |
| | Bemis Co. Inc. | 142,312 | 4,460 |
| | United States Steel Corp. | 207,903 | 4,283 |
| | Rockwood Holdings Inc. | 96,081 | 4,261 |
| | Sonoco Products Co. | 138,598 | 4,179 |
| * | Owens-IllinoisInc. | 215,899 | 4,139 |
| | Sealed Air Corp. | 252,384 | 3,897 |
| | Domtar Corp. | 50,474 | 3,872 |
| | Packaging Corp. of America | 135,783 | 3,834 |
| | Walter Energy Inc. | 85,911 | 3,794 |
| | Huntsman Corp. | 279,047 | 3,611 |
| | Cabot Corp. | 86,753 | 3,531 |
| | CytecIndustries Inc. | 59,769 | 3,505 |
| | Compass Minerals | | |
| | International Inc. | 45,450 | 3,467 |
| | Steel Dynamics Inc. | 285,721 | 3,357 |
| * | Allied Nevada Gold Corp. | 117,426 | 3,333 |
| | NewMarket Corp. | 14,768 | 3,199 |
| | Silgan Holdings Inc. | 72,405 | 3,091 |
| | Carpenter Technology Corp. | 61,248 | 2,930 |
| | Sensient Technologies Corp. | 69,087 | 2,538 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Scotts Miracle-Gro Co. | | |
| | Class A | 58,949 | 2,424 |
| | Olin Corp. | 110,041 | 2,299 |
| | Eagle Materials Inc. | 58,973 | 2,202 |
| * | Coeur d’Alene Mines Corp. | 124,398 | 2,184 |
| | HB Fuller Co. | 68,114 | 2,091 |
| * | Louisiana-Pacific Corp. | 188,751 | 2,054 |
| * | Molycorp Inc. | 91,692 | 1,976 |
| * | ChemturaCorp. | 133,037 | 1,929 |
| | Hecla Mining Co. | 393,377 | 1,868 |
| | Commercial Metals Co. | 143,454 | 1,813 |
| * | Intrepid Potash Inc. | 77,787 | 1,770 |
| | Innophos Holdings Inc. | 29,919 | 1,689 |
| | Worthington Industries Inc. | 80,512 | 1,648 |
| | PolyOne Corp. | 117,448 | 1,607 |
| * | Resolute Forest Products | 134,629 | 1,559 |
| | Buckeye Technologies Inc. | 54,692 | 1,558 |
| | Minerals Technologies Inc. | 24,403 | 1,556 |
| | Titanium Metals Corp. | 133,966 | 1,515 |
| | Schweitzer-Mauduit | | |
| | International Inc. | 21,920 | 1,494 |
| | Westlake Chemical Corp. | 27,736 | 1,449 |
| | Greif Inc. Class A | 34,581 | 1,418 |
| * | SunCoke Energy Inc. | 94,386 | 1,383 |
| * | Stillwater Mining Co. | 157,555 | 1,345 |
| | Balchem Corp. | 40,206 | 1,311 |
| * | Clearwater Paper Corp. | 37,312 | 1,273 |
| | AMCOL International Corp. | 42,367 | 1,199 |
| | American Vanguard Corp. | 44,902 | 1,194 |
| | Georgia Gulf Corp. | 46,112 | 1,184 |
| * | Calgon Carbon Corp. | 79,049 | 1,124 |
| | Texas Industries Inc. | 28,637 | 1,117 |
| | Globe Specialty Metals Inc. | 82,305 | 1,105 |
| | Haynes International Inc. | 21,660 | 1,103 |
| | PH Glatfelter Co. | 65,793 | 1,077 |
| * | Innospec Inc. | 35,917 | 1,063 |
| | MyersIndustries Inc. | 60,032 | 1,030 |
| | Quaker Chemical Corp. | 21,113 | 976 |
| * | Graphic Packaging | | |
| | Holding Co. | 172,000 | 946 |
| | Schnitzer Steel | | |
| | Industries Inc. | 33,471 | 938 |
| | Neenah Paper Inc. | 34,589 | 923 |
| | Stepan Co. | 9,744 | 918 |
| * | Kraton Performance | | |
| | Polymers Inc. | 41,664 | 913 |
| | AK Steel Holding Corp. | 151,384 | 889 |
| * | RTI International Metals Inc. | 37,948 | 859 |
| | Kaiser Aluminum Corp. | 16,353 | 848 |
| | Koppers Holdings Inc. | 24,620 | 837 |
| * | McEwen Mining Inc. | 273,722 | 824 |
| | Materion Corp. | 34,794 | 801 |
| * | OM Group Inc. | 40,319 | 766 |
| ^ | Gold Resource Corp. | 28,207 | 733 |
| | Deltic Timber Corp. | 11,849 | 723 |
| * | Flotek Industries Inc. | 73,253 | 684 |
41
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hawkins Inc. | 16,787 | 641 |
| | Boise Inc. | 95,579 | 629 |
| * | Ferro Corp. | 131,007 | 629 |
| * | Century Aluminum Co. | 84,716 | 621 |
| * | AM Castle & Co. | 54,058 | 574 |
| | A Schulman Inc. | 28,868 | 573 |
| * | Omnova Solutions Inc. | 71,425 | 539 |
| * | Headwaters Inc. | 102,319 | 527 |
| * | KapStone Paper and | | |
| | Packaging Corp. | 33,068 | 524 |
| | Tredegar Corp. | 34,843 | 507 |
| * | Horsehead Holding Corp. | 47,129 | 469 |
| * | Mercer International Inc. | 81,563 | 466 |
| * | LSB Industries Inc. | 14,300 | 442 |
| * | ADA-ES Inc. | 17,056 | 433 |
| * | General Moly Inc. | 137,486 | 432 |
| * | Landec Corp. | 45,424 | 389 |
| | Wausau Paper Corp. | 34,826 | 339 |
| | Zep Inc. | 22,054 | 303 |
| * | Zoltek Cos. Inc. | 32,566 | 294 |
| | Olympic Steel Inc. | 17,882 | 294 |
| ^ | Kronos Worldwide Inc. | 17,560 | 277 |
| | Noranda Aluminum | | |
| | Holding Corp. | 34,663 | 276 |
| * | TPCGroup Inc. | 7,362 | 272 |
| * | Metals USA Holdings Corp. | 17,076 | 272 |
| * | Universal Stainless & Alloy | 5,459 | 224 |
| | KMG Chemicals Inc. | 10,994 | 212 |
| | ChaseCorp. | 13,725 | 181 |
| * | Spartech Corp. | 34,455 | 178 |
| * | AEP Industries Inc. | 3,657 | 159 |
| * | Paramount Gold and | | |
| | Silver Corp. | 65,935 | 158 |
| * | American Pacific Corp. | 11,774 | 124 |
| * | Arabian American | | |
| | Development Co. | 10,000 | 97 |
| * | Penford Corp. | 10,687 | 96 |
| * | Golden Minerals Co. | 16,060 | 72 |
| * | Senomyx Inc. | 16,555 | 39 |
| * | United States Lime & | | |
| | Minerals Inc. | 813 | 38 |
| *,^ | Clean Diesel | | |
| | Technologies Inc. | 14,310 | 28 |
| * | Solitario Exploration & | | |
| | Royalty Corp. | 12,887 | 17 |
| * | Verso Paper Corp. | 12,787 | 15 |
| * | Midway Gold Corp. | 100 | — |
| * | Continental Materials Corp. | 5 | — |
| | | | 799,257 |
| Telecommunication Services (2.8%) | |
| | AT&T Inc. | 8,139,515 | 290,255 |
| | Verizon | | |
| | Communications Inc. | 3,892,868 | 172,999 |
| | CenturyLink Inc. | 850,830 | 33,599 |
| * | Crown Castle | | |
| | International Corp. | 390,618 | 22,914 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Sprint Nextel Corp. | 4,117,343 | 13,422 |
| * | SBACommunications | | |
| | Corp. Class A | 159,190 | 9,082 |
| | Windstream Corp. | 806,304 | 7,789 |
| * | twtelecom inc Class A | 206,581 | 5,301 |
| ^ | Frontier | | |
| | Communications Corp. | 1,369,909 | 5,247 |
| * | Level 3 | | |
| | Communications Inc. | 200,603 | 4,443 |
| | Telephone & Data | | |
| | Systems Inc. | 132,790 | 2,827 |
| | AboveNet Inc. | 30,675 | 2,577 |
| * | MetroPCS | | |
| | Communications Inc. | 425,388 | 2,573 |
| * | NII Holdings Inc. | 236,067 | 2,415 |
| * | Cincinnati Bell Inc. | 372,584 | 1,386 |
| * | Cogent Communications | | |
| | Group Inc. | 63,007 | 1,213 |
| * | United States Cellular Corp. | 20,519 | 792 |
| | Atlantic Tele-Network Inc. | 22,144 | 747 |
| * | Leap Wireless | | |
| | International Inc. | 104,806 | 674 |
| * | 8x8 Inc. | 153,141 | 643 |
| * | Premiere Global | | |
| | Services Inc. | 67,298 | 565 |
| * | General Communication Inc. | | |
| | Class A | 58,470 | 486 |
| * | Clearwire Corp. Class A | 420,631 | 471 |
| | Consolidated | | |
| | Communications | | |
| | Holdings Inc. | 29,780 | 441 |
| | NTELOS Holdings Corp. | 23,328 | 440 |
| | HickoryTech Corp. | 36,868 | 410 |
| * | CbeyondInc. | 56,839 | 385 |
| * | Neutral Tandem Inc. | 26,952 | 355 |
| | Shenandoah | | |
| | Telecommunications Co. | 25,862 | 352 |
| ^ | Alaska Communications | | |
| | Systems Group Inc. | 162,925 | 342 |
| * | Vonage Holdings Corp. | 158,412 | 318 |
| * | Iridium Communications Inc. | 33,739 | 302 |
| | USA Mobility Inc. | 23,093 | 297 |
| | Lumos Networks Corp. | 24,967 | 236 |
| | SureWest Communications | 11,131 | 234 |
| | IDT Corp. Class B | 23,847 | 234 |
| | Primus Telecommunications | | |
| | Group Inc. | 6,100 | 95 |
| * | Towerstream Corp. | 19,301 | 80 |
| *,^ | Globalstar Inc. | 134,809 | 43 |
| * | Elephant Talk | | |
| | Communications Inc. | 19,600 | 33 |
| * | ORBCOMM Inc. | 9,769 | 32 |
| | Warwick Valley | | |
| | Telephone Co. | 38 | 1 |
| | | | 587,050 |
42
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Utilities (3.7%) | | |
| | Southern Co. | 1,183,470 | 54,795 |
| | Exelon Corp. | 1,169,088 | 43,981 |
| * | Duke Energy Corp. | 1,834,301 | 42,299 |
| | Dominion Resources Inc. | 782,940 | 42,279 |
| | NextEra Energy Inc. | 543,031 | 37,366 |
| | FirstEnergy Corp. | 574,363 | 28,253 |
| | American Electric | | |
| | Power Co. Inc. | 663,891 | 26,489 |
| | PG&E Corp. | 567,123 | 25,674 |
| | Consolidated Edison Inc. | 402,360 | 25,023 |
| | Progress Energy Inc. | 405,513 | 24,400 |
| | Public Service Enterprise | | |
| | Group Inc. | 694,800 | 22,581 |
| | PPL Corp. | 795,675 | 22,128 |
| | Sempra Energy | 312,836 | 21,548 |
| | Edison International | 425,376 | 19,652 |
| | Xcel Energy Inc. | 668,807 | 19,001 |
| | Northeast Utilities | 430,396 | 16,704 |
| | Entergy Corp. | 242,707 | 16,477 |
| | DTE Energy Co. | 232,876 | 13,817 |
| | Wisconsin Energy Corp. | 316,653 | 12,530 |
| | CenterPoint Energy Inc. | 556,864 | 11,510 |
| | ONEOKInc. | 271,492 | 11,487 |
| * | AES Corp. | 894,299 | 11,474 |
| | Ameren Corp. | 333,334 | 11,180 |
| | NiSource Inc. | 388,321 | 9,611 |
| | CMS Energy Corp. | 354,164 | 8,323 |
| | American Water | | |
| | Works Co. Inc. | 241,651 | 8,284 |
| | SCANA Corp. | 170,326 | 8,148 |
| | Pinnacle West Capital Corp. | 150,206 | 7,772 |
| * | Calpine Corp. | 430,438 | 7,107 |
| | OGE Energy Corp. | 134,986 | 6,991 |
| | Alliant Energy Corp. | 152,750 | 6,961 |
| | AGL Resources Inc. | 161,049 | 6,241 |
| | Integrys Energy Group Inc. | 108,118 | 6,149 |
| | Pepco Holdings Inc. | 313,711 | 6,139 |
| | NV Energy Inc. | 324,901 | 5,712 |
| * | NRG Energy Inc. | 313,240 | 5,438 |
| | MDU Resources Group Inc. | 246,493 | 5,327 |
| | Westar Energy Inc. | 173,138 | 5,185 |
| | Questar Corp. | 245,077 | 5,112 |
| | TECO Energy Inc. | 282,572 | 5,103 |
| | ITC Holdings Corp. | 70,805 | 4,879 |
| | Aqua America Inc. | 190,754 | 4,761 |
| | National Fuel Gas Co. | 97,071 | 4,560 |
| | UGI Corp. | 154,481 | 4,546 |
| | Atmos Energy Corp. | 123,907 | 4,345 |
| | Great Plains Energy Inc. | 187,072 | 4,005 |
| | Hawaiian Electric | | |
| | Industries Inc. | 132,739 | 3,786 |
| | Cleco Corp. | 83,822 | 3,506 |
| | Vectren Corp. | 112,640 | 3,325 |
| | Piedmont Natural | | |
| | Gas Co. Inc. | 99,680 | 3,209 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | IDACORP Inc. | 69,033 | 2,905 |
| | WGL Holdings Inc. | 70,929 | 2,819 |
| | Southwest Gas Corp. | 63,352 | 2,765 |
| | Portland General | | |
| | Electric Co. | 103,514 | 2,760 |
| | UIL Holdings Corp. | 69,549 | 2,494 |
| | New Jersey | | |
| | Resources Corp. | 56,957 | 2,484 |
| | Avista Corp. | 80,712 | 2,155 |
| | PNM Resources Inc. | 110,268 | 2,155 |
| | South Jersey Industries Inc. | 41,796 | 2,130 |
| | UNS Energy Corp. | 52,513 | 2,017 |
| | ALLETE Inc. | 46,490 | 1,943 |
| | Black Hills Corp. | 57,814 | 1,860 |
| * | GenOn Energy Inc. | 1,070,466 | 1,830 |
| | NorthWestern Corp. | 49,848 | 1,829 |
| | Northwest Natural Gas Co. | 37,147 | 1,768 |
| | El Paso Electric Co. | 52,669 | 1,746 |
| | MGE Energy Inc. | 31,875 | 1,508 |
| | Laclede Group Inc. | 33,230 | 1,323 |
| | CHEnergy Group Inc. | 18,309 | 1,203 |
| | American States Water Co. | 28,774 | 1,139 |
| | Empire District Electric Co. | 52,999 | 1,118 |
| | Otter Tail Corp. | 43,785 | 1,001 |
| | California Water | | |
| | Service Group | 48,860 | 902 |
| | SJW Corp. | 27,475 | 660 |
| | Connecticut Water | | |
| | Service Inc. | 20,610 | 597 |
| | Ormat Technologies Inc. | 26,286 | 562 |
| | ChesapeakeUtilities Corp. | 11,624 | 508 |
| | Middlesex Water Co. | 15,893 | 302 |
| | Unitil Corp. | 8,188 | 217 |
| | Genie Energy Ltd. Class B | 22,882 | 178 |
| *,^ | Cadiz Inc. | 19,263 | 139 |
| | Artesian Resources Corp. | | |
| | Class A | 6,245 | 135 |
| | York Water Co. | 7,075 | 127 |
| | Consolidated Water Co. Ltd. | 13,015 | 108 |
| * | DynegyInc. Class A | 143,246 | 84 |
| | Delta Natural Gas Co. Inc. | 2,400 | 52 |
| * | SynthesisEnergy | | |
| | Systems Inc. | 30,151 | 37 |
| * | Pure Cycle Corp. | 11,129 | 24 |
| | RGC Resources Inc. | 32 | 1 |
| | | | 762,758 |
| Total Common Stocks | | |
| (Cost $17,501,855) | | 20,506,552 |
| Temporary Cash Investments (0.5%)1 | |
| Money Market Fund (0.5%) | | |
| 2,3 | Vanguard Market | | |
| | Liquidity Fund, | | |
| | 0.148% | 94,531,033 | 94,531 |
43
Institutional Total Stock Market Index Fund
| | | |
| | | Face | Market |
| | | Amount | Value |
| | | ($000) | ($000) |
| U.S. Government and Agency Obligations (0.0%) |
| 4,5 | Fannie Mae Discount | | |
| | Notes, 0.150%, 9/5/12 | 1,000 | 1,000 |
| 5,6 | Federal Home Loan | | |
| | Bank Discount Notes, | | |
| | 0.100%, 7/11/12 | 1,000 | 1,000 |
| 4,5 | Freddie Mac Discount | | |
| | Notes, 0.145%, 9/17/12 | 4,000 | 3,999 |
| 5 | United States Treasury | | |
| | Note/Bond, 0.375%, | | |
| | 8/31/12 | 500 | 500 |
| | | | 6,499 |
| Total Temporary Cash Investments | |
| (Cost $101,030) | | 101,030 |
| Total Investments (100.0%) | | |
| (Cost $17,602,885) | | 20,607,582 |
| Other Assets and Liabilities (0.0%) | |
| Other Assets | | 68,948 |
| Liabilities3 | | (64,753) |
| | | | 4,195 |
| Net Assets (100%) | | 20,611,777 |
| |
| At June 30, 2012, net assets consisted of: |
| | Amount |
| | ($000) |
| Paid-in Capital | 18,111,549 |
| Undistributed Net Investment Income | 4,976 |
| Accumulated Net Realized Losses | (512,755) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 3,004,697 |
| Futures Contracts | 3,310 |
| Net Assets | 20,611,777 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 98,446,841 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 3,020,639 |
| Net Asset Value Per Share— | |
| Institutional Shares | $30.68 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 573,247,250 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 17,591,138 |
| Net Asset Value Per Share— | |
| Institutional Plus Shares | $30.69 |
See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $15,166,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $16,183,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury in exchange for senior preferred stock.
5 Securities with a value of $5,599,000 have been segregated as initial margin for open futures contracts.
6 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
44
Institutional Total Stock Market Index Fund
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | June 30, 2012 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends | 199,873 |
| Interest1 | 42 |
| Security Lending | 2,466 |
| Total Income | 202,381 |
| Expenses | |
| The Vanguard Group—Note B | |
| Management and Administrative—Institutional Shares | 580 |
| Management and Administrative—Institutional Plus Shares | 1,716 |
| Total Expenses | 2,296 |
| Net Investment Income | 200,085 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 361,335 |
| Futures Contracts | 7,278 |
| Realized Net Gain (Loss) | 368,613 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 1,233,420 |
| Futures Contracts | 1,964 |
| Change in Unrealized Appreciation (Depreciation) | 1,235,384 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,804,082 |
| 1 Interest income from an affiliated company of the fund was $40,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
45
Institutional Total Stock Market Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | June 30, | December 31, |
| | 2012 | 2011 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 200,085 | 320,924 |
| Realized Net Gain (Loss) | 368,613 | (195,466) |
| Change in Unrealized Appreciation (Depreciation) | 1,235,384 | 145,627 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,804,082 | 271,085 |
| Distributions | | |
| Net Investment Income | | |
| Institutional Shares | (28,394) | (50,403) |
| Institutional Plus Shares | (169,050) | (269,359) |
| Realized Capital Gain | | |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (197,444) | (319,762) |
| Capital Share Transactions | | |
| Institutional Shares | (98,687) | 661,395 |
| Institutional Plus Shares | 143,288 | 3,123,665 |
| Net Increase (Decrease) from Capital Share Transactions | 44,601 | 3,785,060 |
| Total Increase (Decrease) | 1,651,239 | 3,736,383 |
| Net Assets | | |
| Beginning of Period | 18,960,538 | 15,224,155 |
| End of Period1 | 20,611,777 | 18,960,538 |
| 1 Net Assets—End of Period includes undistributed net investment income of $4,976,000 and $2,335,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
46
Institutional Total Stock Market Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | June 30, | | | Year Ended December 31, |
| Throughout Each Period | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $28.32 | $28.54 | $24.80 | $19.68 | $31.89 | $30.71 |
| Investment Operations | | | | | | |
| Net Investment Income | .302 | .532 | .495 | .483 | .550 | .547 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 2.356 | (.222) | 3.741 | 5.120 | (12.208) | 1.179 |
| Total from Investment Operations | 2.658 | .310 | 4.236 | 5.603 | (11.658) | 1.726 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.298) | (.530) | (.496) | (.483) | (.552) | (.546) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.298) | (.530) | (.496) | (.483) | (.552) | (.546) |
| Net Asset Value, End of Period | $30.68 | $28.32 | $28.54 | $24.80 | $19.68 | $31.89 |
| |
| Total Return | 9.38% | 1.09% | 17.28% | 28.84% | -36.90% | 5.60% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,021 | $2,874 | $2,248 | $1,700 | $1,106 | $1,271 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.040% | 0.042% | 0.045% | 0.045% | 0.045% | 0.045% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.98% | 1.93% | 1.95% | 2.36% | 2.12% | 1.81% |
| Portfolio Turnover Rate1 | 9% | 12% | 14% | 13% | 13% | 10% |
| The expense ratio, net income ratio, and turnover rate for the current period have been annualized. |
| 1 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
47
Institutional Total Stock Market Index Fund
Financial Highlights
| | | | | | |
| Institutional Plus Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | June 30, | | | Year Ended December 31, |
| Throughout Each Period | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
| Net Asset Value, Beginning of Period | $28.32 | $28.54 | $24.81 | $19.68 | $31.89 | $30.71 |
| Investment Operations | | | | | | |
| Net Investment Income | .305 | .537 | .499 | .487 | .556 | .553 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 2.366 | (.221) | 3.732 | 5.130 | (12.209) | 1.179 |
| Total from Investment Operations | 2.671 | .316 | 4.231 | 5.617 | (11.653) | 1.732 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.301) | (.536) | (.501) | (.487) | (.557) | (.552) |
| Distributions from Realized Capital Gains | — | — | — | — | — | — |
| Total Distributions | (.301) | (.536) | (.501) | (.487) | (.557) | (.552) |
| Net Asset Value, End of Period | $30.69 | $28.32 | $28.54 | $24.81 | $19.68 | $31.89 |
| |
| Total Return | 9.43% | 1.11% | 17.25% | 28.92% | -36.89% | 5.62% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $17,591 | $16,087 | $12,976 | $10,520 | $6,631 | $8,599 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.020% | 0.022% | 0.025% | 0.025% | 0.025% | 0.025% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.00% | 1.95% | 1.97% | 2.38% | 2.14% | 1.83% |
| Portfolio Turnover Rate1 | 9% | 12% | 14% | 13% | 13% | 10% |
| The expense ratio, net income ratio, and turnover rate for the current period have been annualized. |
| 1 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
48
Institutional Total Stock Market Index Fund
Notes to Financial Statements
Vanguard Institutional Total Stock Market 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, Institutional Shares and Institutional Plus Shares, to investors who invest minimum amounts of $100 million and $200 million, respectively.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual funds. 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market 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, enhancing returns, 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 fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 futures gains (losses).
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2008–2011), and for the period ended June 30, 2012, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
49
Institutional Total Stock Market Index Fund
5. Security Lending: The fund may lend its securities to qualified institutional borrowers to earn additional income. Security loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Security lending income represents fees charged to borrowers plus income earned on investing cash collateral, less expenses associated with the loan.
6. Other: Dividend income is recorded on the ex-dividend date. 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. Class-specific shareholder servicing fees are charged to each class at the contractual rate. Income, expenses not attributable to a specific class, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group provides investment advisory, corporate management, administrative, marketing, and distribution services and pays for all other operating expenses, except for taxes, in return for a fee calculated at an annual percentage rate of the average net assets of the fund, or, for shareholder services, each class of shares. Effective June 2011, the annual fee rate was reduced to 0.04% for the Institutional Shares and 0.02% for the Institutional Plus Shares. The fund’s trustees and officers are also directors and officers of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. 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).
The following table summarizes the market value of the fund’s investments as of June 30, 2012, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 20,506,266 | 192 | 94 |
| Temporary Cash Investments | 94,531 | 6,499 | — |
| Futures Contracts—Assets1 | 2,604 | — | — |
| Total | 20,603,401 | 6,691 | 94 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
50
Institutional Total Stock Market Index Fund
D. At June 30, 2012, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
| | | | |
| | | | | ($000) |
| | | | Aggregate | |
| | | Number of | Settlement | Unrealized |
| | | Long (Short) | Value | Appreciation |
| Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
| S&P 500 Index | September 2012 | 235 | 79,688 | 2,414 |
| E-mini S&P 500 Index | September 2012 | 180 | 12,208 | 253 |
| E-mini Russell 2000 Index | September 2012 | 128 | 10,181 | 643 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2012, the fund realized $282,169,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2011, the fund had available capital loss carryforwards totaling $454,538,000 to offset future net capital gains. Of this amount, $115,540,000 may be used to offset future net capital gains through December 31, 2017. Capital losses of $338,998,000 realized beginning in fiscal 2011 may be carried forward indefinitely but must be used before any expiring loss carry-forwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2012; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2012, the cost of investment securities for tax purposes was $17,602,885,000. Net unrealized appreciation of investment securities for tax purposes was $3,004,697,000, consisting of unrealized gains of $4,416,467,000 on securities that had risen in value since their purchase and $1,411,770,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2012, the fund purchased $1,659,633,000 of investment securities and sold $1,598,858,000 of investment securities, other than temporary cash investments.
51
Institutional Total Stock Market Index Fund
G. Capital share transactions for each class of shares were:
| | | | |
| | Six Months Ended | | Year Ended |
| | | June 30, 2012 | December 31, 2011 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 264,927 | 8,743 | 889,661 | 30,675 |
| Issued in Lieu of Cash Distributions | 24,967 | 812 | 44,048 | 1,551 |
| Redeemed | (388,581) | (12,593) | (272,314) | (9,515) |
| Net Increase (Decrease)—Institutional Shares | (98,687) | (3,038) | 661,395 | 22,711 |
| Institutional Plus Shares | | | | |
| Issued | 1,814,144 | 59,007 | 5,795,813 | 207,689 |
| Issued in Lieu of Cash Distributions | 156,113 | 5,073 | 246,311 | 8,660 |
| Redeemed | (1,826,969) | (58,853) | (2,918,459) | (102,938) |
| Net Increase (Decrease)—Institutional Plus Shares | 143,288 | 5,227 | 3,123,665 | 113,411 |
H. In preparing the financial statements as of June 30, 2012, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements.
52
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.
53
| | | |
| Six Months Ended June 30, 2012 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Institutional Total Stock Market Index Fund | 12/31/2011 | 6/30/2012 | Period |
| Based on Actual Fund Return | | | |
| Institutional Shares | $1,000.00 | $1,093.85 | $0.21 |
| Institutional Plus Shares | 1,000.00 | 1,094.31 | 0.10 |
| Based on Hypothetical 5% Yearly Return | | | |
| Institutional Shares | $1,000.00 | $1,024.66 | $0.20 |
| Institutional Plus Shares | 1,000.00 | 1,024.76 | 0.10 |
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 0.040% for Institutional Shares and 0.020% for Institutional Plus 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.
54
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. Vanguard—through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the fund’s investment management over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment 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 the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance of its target index and peer group. The board concluded that the fund has performed in line with expectations, and that its results have been consistent with its investment strategies. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
55
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
56
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Institutional Total Stock Market Index: Dow Jones Wilshire 5000 Index through April 8, 2005; MSCI US Broad Market Index thereafter.
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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 on an at-cost basis.
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 179 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. 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.
| |
| InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
| | Senior Advisor at New Mountain Capital; Trustee of |
| F. William McNabb III | The Conference Board. |
| Born 1957. Trustee Since July 2009. Chairman of the | |
| Board. Principal Occupation(s) During the Past Five | Amy Gutmann |
| Years: Chairman of the Board of The Vanguard Group, | Born 1949. Trustee Since June 2006. Principal |
| Inc., and of each of the investment companies served | Occupation(s) During the Past Five Years: President |
| by The Vanguard Group, since January 2010; Director | of the University of Pennsylvania; Christopher H. |
| of The Vanguard Group since 2008; Chief Executive | Browne Distinguished Professor of Political Science |
| Officer and President of The Vanguard Group and of | in the School of Arts and Sciences with secondary |
| each of the investment companies served by The | appointments at the Annenberg School for |
| Vanguard Group since 2008; Director of Vanguard | Communication and the Graduate School of Education |
| Marketing Corporation; Managing Director of The | of the University of Pennsylvania; Member of the |
| Vanguard Group (1995–2008). | National Commission on the Humanities and Social |
| | Sciences; Trustee of Carnegie Corporation of New |
| | York and of the National Constitution Center; Chair |
| IndependentTrustees | of the U.S. Presidential Commission for the Study |
| of Bioethical Issues. |
| Emerson U. Fullwood | |
| Born 1948. Trustee Since January 2008. Principal | JoAnn Heffernan Heisen |
| Occupation(s) During the Past Five Years: Executive | Born 1950. Trustee Since July 1998. Principal |
| Chief Staff and Marketing Officer for North America | Occupation(s) During the Past Five Years: Corporate |
| and Corporate Vice President (retired 2008) of Xerox | Vice President and Chief Global Diversity Officer |
| Corporation (document management products and | (retired 2008) and Member of the Executive |
| services); Executive in Residence and 2010 | Committee (1997–2008) of Johnson & Johnson |
| Distinguished Minett Professor at the Rochester | (pharmaceuticals/medical devices/consumer |
| Institute of Technology; Director of SPX Corporation | products); Director of Skytop Lodge Corporation |
| (multi-industry manufacturing), the United Way of | (hotels), the University Medical Center at Princeton, |
| Rochester, Amerigroup Corporation (managed health | the Robert Wood Johnson Foundation, and the Center |
| care), the University of Rochester Medical Center, | for Talent Innovation; Member of the Advisory Board |
| Monroe Community College Foundation, and North | of the Maxwell School of Citizenship and Public Affairs |
| Carolina A&T University. | at Syracuse University. |
| |
| Rajiv L. Gupta | F. Joseph Loughrey |
| Born 1945. Trustee Since December 2001. 2 | Born 1949. Trustee Since October 2009. Principal |
| Principal Occupation(s) During the Past Five Years: | Occupation(s) During the Past Five Years: President |
| Chairman and Chief Executive Officer (retired 2009) | and Chief Operating Officer (retired 2009) of Cummins |
| and President (2006–2008) of Rohm Haas Co. | Inc. (industrial machinery); Director of SKF AB |
| (chemicals); Director of Tyco International, Ltd. | (industrial machinery), Hillenbrand, Inc. (specialized |
| (diversified manufacturing and services), Hewlett- | consumer services), the Lumina Foundation for |
| Packard Co. (electronic computer manufacturing), | |
| | |
| Education, and Oxfam America; Chairman of the | Executive Officers | |
| Advisory Council for the College of Arts and Letters | | |
| and Member of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies at the University | Born 1967. Controller Since July 2010. Principal |
| of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Controller of each of |
| Mark Loughridge | the investment companies served by The Vanguard |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). |
| President and Chief Financial Officer at IBM (information | | |
| technology services); Fiduciary Member of IBM’s | Thomas J. Higgins | |
| Retirement Plan Committee. | Born 1957. Chief Financial Officer Since September |
| | 2008. Principal Occupation(s) During the Past Five |
| Scott C. Malpass | Years: Principal of The Vanguard Group, Inc.; Chief |
| Born 1962. Trustee Since March 2012. Principal | Financial Officer of each of the investment companies |
| Occupation(s) During the Past Five Years: Chief | served by The Vanguard Group; Treasurer of each of |
| Investment Officer and Vice President at the University | the investment companies served by The Vanguard |
| of Notre Dame; Assistant Professor of Finance at the | Group (1998–2008). | |
| Mendoza College of Business at Notre Dame; Member | | |
| of the Notre Dame 403(b) Investment Committee; | Kathryn J. Hyatt | |
| Director of TIFF Advisory Services, Inc. (investment | Born 1955. Treasurer Since November 2008. Principal |
| advisor); Member of the Investment Advisory | Occupation(s) During the Past Five Years: Principal of |
| Committees of the Financial Industry Regulatory | The Vanguard Group, Inc.; Treasurer of each of the |
| Authority (FINRA) and of Major League Baseball. | investment companies served by The Vanguard |
| | Group; Assistant Treasurer of each of the investment |
| André F. Perold | companies served by The Vanguard Group (1988–2008). |
| Born 1952. Trustee Since December 2004. Principal | | |
| Occupation(s) During the Past Five Years: George | Heidi Stam | |
| Gund Professor of Finance and Banking at the Harvard | Born 1956. Secretary Since July 2005. Principal |
| Business School (retired 2011); Chief Investment | Occupation(s) During the Past Five Years: Managing |
| Officer and Managing Partner of HighVista Strategies | Director of The Vanguard Group, Inc.; General Counsel |
| LLC (private investment firm); Director of Rand | of The Vanguard Group; Secretary of The Vanguard |
| Merchant Bank; Overseer of the Museum of Fine | Group and of each of the investment companies |
| Arts Boston. | served by The Vanguard Group; Director and Senior |
| | Vice President of Vanguard Marketing Corporation. |
| Alfred M. Rankin, Jr. | | |
| Born 1941. Trustee Since January 1993. Principal | Vanguard Senior ManagementTeam |
| Occupation(s) During the Past Five Years: Chairman, | | |
| President, and Chief Executive Officer of NACCO | Mortimer J. Buckley | Michael S. Miller |
| Industries, Inc. (forklift trucks/housewares/lignite); | Kathleen C. Gubanich | James M. Norris |
| Director of Goodrich Corporation (industrial products/ | Paul A. Heller | Glenn W. Reed |
| aircraft systems and services) and the National | Martha G. King | George U. Sauter |
| Association of Manufacturers; Chairman of the Board | Chris D. McIsaac | |
| of the Federal Reserve Bank of Cleveland and of | | |
| University Hospitals of Cleveland; Advisory Chairman | | |
| of the Board of The Cleveland Museum of Art. | Chairman Emeritus and Senior Advisor |
| | |
| Peter F. Volanakis | John J. Brennan | |
| Born 1955. Trustee Since July 2009. Principal | Chairman, 1996–2009 | |
| Occupation(s) During the Past Five Years: President | Chief Executive Officer and President, 1996–2008 |
| and Chief Operating Officer (retired 2010) of Corning | | |
| Incorporated (communications equipment); Director | Founder | |
| of SPX Corporation (multi-industry manufacturing); | John C. Bogle | |
| Overseer of the Amos Tuck School of Business | Chairman and Chief Executive Officer, 1974–1996 |
| Administration at Dartmouth College; Advisor to the | | |
| Norris Cotton Cancer Center. | | |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, Vanguard Growth Equity Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
|  |
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
| The funds or securities referred to herein are not |
| Fund Information > 800-662-7447 | sponsored, endorsed, or promoted by MSCI, and MSCI |
| Direct Investor Account Services > 800-662-2739 | bears no liability with respect to any such funds or |
| Institutional Investor Services > 800-523-1036 | securities. The prospectus or the Statement of |
| Text Telephone for People | Additional Information contains a more detailed |
| With Hearing Impairment > 800-749-7273 | description of the limited relationship MSCI has with |
| | Vanguard and any related funds. |
| 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 Lipper Inc. or | |
| 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, 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 sec.gov. | |
| |
| You can review and copy information about your fund at | |
| the SEC’s Public Reference Room in Washington, D.C. To | |
| find out more about this public service, call the SEC at | |
| 202-551-8090. Information about your fund is also | |
| available on the SEC’s website, and you can receive | |
| copies of this information, for a fee, by sending a | |
| request in either of two ways: via e-mail addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| | © 2012 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q8712 082012 |
Item 2:
Not Applicable.
Item 3:
Not Applicable.
Item 4: Principal Accountant Fees and Services.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
| | VANGUARD INSTITUTIONAL INDEX FUNDS |
| |
| By: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: August 21, 2012 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
| | VANGUARD INSTITUTIONAL INDEX FUNDS |
| |
| By: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: August 21, 2012 |
| |
| | VANGUARD INSTITUTIONAL INDEX FUNDS |
| |
| By: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: August 21, 2012 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012 see file Number 2-11444, Incorporated by Reference.
