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: | 811-06093 | |
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, 2013 – December 31, 2013 | ||
Item 1: Reports to Shareholders |
Annual Report | December 31, 2013
Vanguard Institutional Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 8 |
Performance Summary. | 10 |
Financial Statements. | 12 |
About Your Fund’s Expenses. | 28 |
Glossary. | 30 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the
flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2013 | |
Total | |
Returns | |
Vanguard Institutional Index Fund | |
Institutional Shares | 32.35% |
Institutional Plus Shares | 32.37 |
S&P 500 Index | 32.39 |
Large-Cap Core Funds Average | 31.42 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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, 2012, Through December 31, 2013 | ||||
Distributions Per Share | ||||
Starting | Ending | |||
Share | Share | Income | Capital | |
Price | Price | Dividends | Gains | |
Vanguard Institutional Index Fund | ||||
Institutional Shares | $130.52 | $169.28 | $3.127 | $0.000 |
Institutional Plus Shares | 130.53 | 169.28 | 3.158 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
U.S. stocks steamed forward over the past 12 months, pausing little despite meeting a variety of obstacles along the way. Vanguard Institutional Index Fund returned about 32% for the period, its best fiscal-year result since 1997, and closely tracked its benchmark, the Standard & Poor’s 500 Index. The fund slightly exceeded the average return of its large-capitalization core fund peers.
Stocks of every size, style, and sector participated in the rally. However, small-and mid-capitalization stocks led large-caps over the period. Smaller companies generate more of their revenues and profits within the United States than larger multinational firms do. Because of this, small- and mid-caps are at an advantage when U.S. stocks trump their international counterparts and the U.S. economy is generally growing faster than other economies around the world.
Earnings, optimism, and stimulus made it a big year for U.S. stocks
For the 12 months ended December 31, the broad U.S. stock market surged about 34%, its best calendar-year finish since 1995. Corporations posted solid earnings and investors placed a higher premium on those earnings. The Federal Reserve’s stimulative bond-buying program also supported stock markets; in fact, markets slumped a bit in the summer when questions arose about the timing of the program’s unwinding. In December, the
2
Fed ended the uncertainty by announcing that it would begin paring its bond purchases in January 2014.
International stocks, in aggregate, returned about 15%, with the developed markets of Europe and the Pacific region posting double-digit results and emerging-market stocks dipping into negative territory.
For 2014, Vanguard Chief Economist Joe Davis and his team are guarded in their outlook for global stock returns, and their forecast for the bond market remains muted. While Joe readily acknowledges that such forecasts are accompanied by uncertainty, he writes, “We believe a balanced and diversified, low-cost portfolio can remain a high-value proposition in the decade ahead.” (You can read more about our expectations for bond and stock returns in Vanguard’s Economic and Investment Outlook, available at vanguard.com/research.)
Bond returns faltered in 2013 as the Fed’s phaseout loomed
The broad U.S. taxable bond market returned –2.02%—its first negative calendar-year result since 1999 and its worst calendar-year performance since 1994. The Fed’s plans for phasing out its bond-buying program rattled investors, who sold bonds in anticipation of further price declines. Municipal bonds returned –2.55% in aggregate. The yield of the 10-year Treasury note closed at 2.97%, up from 1.76% at the close of December 2012. (Bond yields and prices move in opposite directions.)
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2013 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 33.11% | 16.30% | 18.59% |
Russell 2000 Index (Small-caps) | 38.82 | 15.67 | 20.08 |
Russell 3000 Index (Broad U.S. market) | 33.55 | 16.24 | 18.71 |
MSCI All Country World Index ex USA (International) | 15.29 | 5.14 | 12.81 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | -2.02% | 3.26% | 4.44% |
Barclays Municipal Bond Index (Broad tax-exempt market) | -2.55 | 4.83 | 5.89 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.05 | 0.06 | 0.09 |
CPI | |||
Consumer Price Index | 1.50% | 2.07% | 2.08% |
3
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –3.08%. As for money market funds and savings accounts, returns remained tiny as the Fed held short-term interest rates between 0% and 0.25%.
A broad spectrum of sectors produced an impressive result
In 2013, the stock market overcame much more than the Fed’s plans to curtail its bond-buying program; investors also confronted the U.S. government shutdown, strife in the Middle East, the
Don’t let a trick of the calendar alter your course | |
When making investment decisions, it’s important to weigh past returns with caution. That’s | |
because investment returns from any particular period are an unreliable anchor for gauging the | |
future. They can be highly date-dependent. | |
For example, take the five-year average annual return for the broad U.S. stock market. That | |
average just made a startling bounce: from 2.04% for the period ended December 31, 2012, | |
to 18.71% for the period ended December 31, 2013. True, the market returned a hearty 33.55% | |
in the most recent 12 months, but that’s not enough to explain such a big leap in the average. | |
Significantly, the 12 months ended December 31, 2008—when U.S. stocks returned –37.31% | |
during the financial crisis—has now rolled off the five-year calculation. | |
The important thing to remember is that historical returns are just that: historical. Basing | |
investment decisions on such date-dependent snapshots could easily lead you to alter | |
course—possibly in the wrong direction. Instead, Vanguard believes, you should build your | |
asset allocation strategy on long-term risk-and-return relationships, always recognizing that | |
no level of return is guaranteed. | |
Which five-year average should you count on? | |
(Answer: None of them!) | |
Average annual returns for U.S. stocks over five-year periods ended December 31, | |
2007 | 13.63% |
2008 | –1.95 |
2009 | 0.76 |
2010 | 2.74 |
2011 | –0.01 |
2012 | 2.04 |
2013 | 18.71 |
Note: The U.S. stock market is represented by the Russell 3000 Index. | |
Source: Vanguard. |
4
failure of Cyprus’s banking system, and the sluggish global economy. Still, as I mentioned earlier, corporate profits impressed, and investors displayed growing confidence in the market.
Each of the fund’s ten industry sectors recorded double-digit returns, but just five accounted for three-quarters of its return: financials, health care, information technology, consumer discretionary, and industrials. The fund’s two smallest sectors––utilities and telecommunication services––were the only ones with returns below 20%.
The financial sector, the fund’s second largest, returned nearly 36%. Notable gains came from diversified financial services giants, insurance firms, commercial banks, asset managers, and consumer finance companies. Overall the sector was helped by the strong investing environment, fewer insurance claims, firmer corporate balance sheets, better lending conditions, and improved housing and labor markets.
The health care, consumer discretionary, and industrial sectors each returned more than 40%. Major pharmaceutical and biotechnology companies shined as pipelines for new medicines expanded and favorable rulings from the Food and Drug Administration contributed to a more congenial business climate.
Within the consumer discretionary sector, media corporations and internet and specialty retailers reaped rewards from favorable customer and economic trends.
Total Returns | |
Ten Years Ended December 31, 2013 | |
Average | |
Annual Return | |
Institutional Index Fund Institutional Shares | 7.41% |
S&P 500 Index | 7.41 |
Large-Cap Core Funds Average | 6.12 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (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.
5
Setting the pace in industrials were the aerospace and defense industries, where technological improvements and cost management have helped some companies offset cuts in government spending. Industrial conglomerates also did well.
Information technology, the fund’s largest sector, returned about 28% overall as software, internet, data processing services, and semiconductor stocks flourished. The consumer staples, energy, and materials sectors had returns of about 25%.
Although strength was evident across every sector, within materials, gold mining companies hurt returns. Gold prices fell amid less global demand and investor perception that the tapering of the Fed’s bond-buying program would reduce gold’s value as a safe haven.
The fund has sustained its lead over large-cap core peers
For the decade ended December 31, the Institutional Index Fund recorded an average annual return of 7.41% for Institutional Shares. This result was in line with that of the fund’s unmanaged benchmark, the S&P 500 Index, which has no transaction costs or operating expenses.
The close index tracking is all the more impressive when you remember that those ten years included the financial crisis and global recession of 2008–2009, which sent markets reeling.
Vanguard Equity Investment Group, the fund’s advisor, deserves credit for its success in tracking the benchmark. The advisor was helped in this task by the fund’s low expenses, which are far below the average for its peer group.
Over the decade, the fund topped the 6.12% average annual result of its large-cap core fund peers, most of which are actively managed funds.
Rebalancing your portfolio keeps your target in focus
The surge in U.S. stocks in 2013 undoubtedly brought good cheer to investors at the end of the year. But while the rally has been welcome, we simply don’t know how long it will last. History teaches that it’s wise to anticipate a pullback in stocks after an extended winning streak.
At Vanguard, no matter what the current market conditions, we encourage you to maintain a diversified portfolio with a mix of stock, bond, and money market funds consistent with your organization’s long-term goals and risk tolerance.
6
Following such a robust year for stocks, you may find that your organization’s asset mix has drifted from its original target.
If the allocation is off-target by about 5 percentage points or more, it may be time to rebalance. Specifically, the strong results for stocks and weak results for bonds in 2013 may mean directing assets from equities to fixed income.
I understand that it can feel counterintuitive to move away from one asset class that’s done well recently and into another that’s underperformed. But, as a Vanguard research paper puts it, “bonds are likely to remain one of the best diversifiers of equity market risk and . . . will likely provide downside protection to balanced investors over the long term.” (You can read the paper, Risk of Loss: Should the Prospect of Rising Rates Push Investors from High-Quality Bonds?, at vanguard.com/research.)
Ultimately, rebalancing is about controlling risk by keeping your organization’s portfolio in line with its target asset allocation. The alternative is to allow market fluctuations to set your asset mix, potentially leaving your organization with a portfolio that’s more risky than it intended. As we’ve long counseled our clients, focusing on what you can control is one of the most prudent steps you can take as an investor.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 13, 2014
7
Institutional Index Fund
Fund Profile
As of December 31, 2013
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VINIX | VIIIX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 1.97% | 1.99% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Stock | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 502 | 500 | 3,653 |
Median Market Cap | $70.5B | $70.5B | $43.0B |
Price/Earnings Ratio | 19.2x | 19.2x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x | 2.7x |
Return on Equity | 18.1% | 17.9% | 16.5% |
Earnings Growth | |||
Rate | 11.0% | 11.0% | 11.4% |
Dividend Yield | 2.0% | 2.0% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 5% | — | — |
Short-Term Reserves | -0.2% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Stock Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
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 | 3.0% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.7 |
Google Inc. | Internet Software & | |
Services | 1.9 | |
Microsoft Corp. | Systems Software | 1.7 |
General Electric Co. | Industrial | |
Conglomerates | 1.7 | |
Johnson & Johnson | Pharmaceuticals | 1.6 |
Chevron Corp. | Integrated Oil & Gas | 1.5 |
Procter & Gamble Co. | Household Products | 1.3 |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
Wells Fargo & Co. | Diversified Banks | 1.3 |
Top Ten | 18.0% | |
The holdings listed exclude any temporary cash investments and equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated March 28, 2013. For the fiscal year ended December 31, 2013, the expense ratios were
0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
8
Institutional Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. Total | |||
Stock | |||
S&P 500 | Market | ||
Fund | Index FA Index | ||
Consumer | |||
Discretionary | 12.5% | 12.5% | 13.3% |
Consumer Staples | 9.8 | 9.8 | 8.5 |
Energy | 10.3 | 10.3 | 9.4 |
Financials | 16.2 | 16.2 | 17.3 |
Health Care | 13.0 | 13.0 | 12.6 |
Industrials | 10.9 | 10.9 | 11.8 |
Information | |||
Technology | 18.6 | 18.6 | 18.1 |
Materials | 3.5 | 3.5 | 3.9 |
Telecommunication | |||
Services | 2.3 | 2.3 | 2.1 |
Utilities | 2.9 | 2.9 | 3.0 |
9
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.
Cumulative Performance: December 31, 2003, Through December 31, 2013
Initial Investment of $5,000,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2013 | |||||
Final Value | |||||
One | Five | Ten | of a $5,000,000 | ||
Year | Years | Years | Investment | ||
Institutional Index Fund*Institutional | |||||
Shares | 32.35% | 17.95% | 7.41% | $10,221,701 | |
•••••••• | S&P 500 Index | 32.39 | 17.94 | 7.41 | 10,214,756 |
– – – – | Large-Cap Core Funds Average | 31.42 | 16.62 | 6.12 | 9,057,010 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 33.47 | 18.86 | 8.09 | 10,888,699 | |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $200,000,000 | |
Year | Years | Years | Investment | |
Institutional Index Fund Institutional Plus | ||||
Shares | 32.37% | 17.98% | 7.44% | $409,827,937 |
S&P 500 Index | 32.39 | 17.94 | 7.41 | 362,280,418 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 33.47 | 18.86 | 8.09 | 435,547,944 |
See Financial Highlights for dividend and capital gains information.
10
Institutional Index Fund
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
11
Institutional Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2013
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 (99.6%)1 | |||
Consumer Discretionary (12.5%) | |||
* | Amazon.com Inc. | 3,644,737 | 1,453,485 |
Comcast Corp. Class A | 24,773,038 | 1,287,331 | |
Walt Disney Co. | 16,065,309 | 1,227,390 | |
Home Depot Inc. | 13,843,249 | 1,139,853 | |
McDonald’s Corp. | 9,781,355 | 949,085 | |
Twenty-First Century | |||
Fox Inc. Class A | 19,290,292 | 678,632 | |
Time Warner Inc. | 8,893,579 | 620,060 | |
Ford Motor Co. | 38,774,436 | 598,290 | |
* | priceline.com Inc. | 505,537 | 587,636 |
Starbucks Corp. | 7,407,942 | 580,709 | |
NIKE Inc. Class B | 7,345,336 | 577,637 | |
Lowe’s Cos. Inc. | 10,280,597 | 509,404 | |
* | General Motors Co. | 11,196,069 | 457,583 |
TJX Cos. Inc. | 6,991,126 | 445,544 | |
Target Corp. | 6,213,368 | 393,120 | |
Time Warner Cable Inc. | 2,770,976 | 375,467 | |
CBS Corp. Class B | 5,485,820 | 349,666 | |
Viacom Inc. Class B | 3,989,425 | 348,436 | |
Johnson Controls Inc. | 6,733,453 | 345,426 | |
* | DIRECTV | 4,803,511 | 331,875 |
Yum! Brands Inc. | 4,377,572 | 330,988 | |
VF Corp. | 3,462,824 | 215,872 | |
* | Netflix Inc. | 582,488 | 214,455 |
* | Discovery | ||
Communications Inc. | |||
Class A | 2,218,249 | 200,574 | |
Macy’s Inc. | 3,621,975 | 193,413 | |
Omnicom Group Inc. | 2,529,664 | 188,131 | |
* | Dollar General Corp. | 2,896,063 | 174,691 |
Carnival Corp. | 4,305,536 | 172,953 | |
* | Bed Bath & Beyond Inc. | 2,110,822 | 169,499 |
Delphi Automotive plc | 2,752,454 | 165,505 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 304,155 | 162,048 | |
* | AutoZone Inc. | 334,515 | 159,878 |
Ross Stores Inc. | 2,129,850 | 159,590 | |
Mattel Inc. | 3,326,527 | 158,276 |
Coach Inc. | 2,756,712 | 154,734 | |
Wynn Resorts Ltd. | 793,876 | 154,179 | |
Harley-Davidson Inc. | 2,173,301 | 150,479 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 1,882,424 | 149,559 | |
L Brands Inc. | 2,396,724 | 148,237 | |
* | Michael Kors Holdings | ||
Ltd. | 1,763,188 | 143,153 | |
* | O’Reilly Automotive Inc. | 1,054,864 | 135,772 |
Genuine Parts Co. | 1,517,193 | 126,215 | |
BorgWarner Inc. | 2,237,581 | 125,103 | |
Whirlpool Corp. | 771,503 | 121,018 | |
* | Dollar Tree Inc. | 2,045,298 | 115,396 |
Kohl’s Corp. | 1,978,482 | 112,279 | |
PVH Corp. | 801,705 | 109,048 | |
Marriott International Inc. | 2,208,073 | 108,991 | |
Best Buy Co. Inc. | 2,686,664 | 107,144 | |
Ralph Lauren Corp. | |||
Class A | 586,528 | 103,563 | |
* | CarMax Inc. | 2,195,270 | 103,222 |
Staples Inc. | 6,491,917 | 103,157 | |
Gap Inc. | 2,603,559 | 101,747 | |
Tiffany & Co. | 1,083,342 | 100,512 | |
Wyndham Worldwide | |||
Corp. | 1,281,964 | 94,468 | |
Scripps Networks | |||
Interactive Inc. Class A | 1,077,771 | 93,130 | |
Newell Rubbermaid Inc. | 2,825,513 | 91,575 | |
* | TripAdvisor Inc. | 1,090,113 | 90,294 |
* | Mohawk Industries Inc. | 600,181 | 89,367 |
* | News Corp. Class A | 4,897,507 | 88,253 |
Nordstrom Inc. | 1,407,691 | 86,995 | |
H&R Block Inc. | 2,688,376 | 78,070 | |
PetSmart Inc. | 1,020,468 | 74,239 | |
Interpublic Group of | |||
Cos. Inc. | 4,095,008 | 72,482 | |
Expedia Inc. | 1,013,103 | 70,573 | |
Darden Restaurants Inc. | 1,283,198 | 69,767 | |
PulteGroup Inc. | 3,391,696 | 69,089 | |
Gannett Co. Inc. | 2,242,009 | 66,319 |
12
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Lennar Corp. Class A | 1,644,996 | 65,076 | |
Hasbro Inc. | 1,136,117 | 62,498 | |
* | DR Horton Inc. | 2,795,906 | 62,405 |
Family Dollar Stores Inc. | 951,127 | 61,795 | |
* | Fossil Group Inc. | 483,289 | 57,966 |
Goodyear Tire & Rubber | |||
Co. | 2,429,075 | 57,933 | |
GameStop Corp. Class A | 1,150,003 | 56,649 | |
^ | Garmin Ltd. | 1,209,934 | 55,923 |
Harman International | |||
Industries Inc. | 664,531 | 54,392 | |
International Game | |||
Technology | 2,448,672 | 44,468 | |
Leggett & Platt Inc. | 1,389,242 | 42,983 | |
Comcast Corp. | 844,535 | 42,125 | |
* | Urban Outfitters Inc. | 1,072,864 | 39,803 |
Cablevision Systems | |||
Corp. Class A | 2,106,170 | 37,764 | |
* | AutoNation Inc. | 635,084 | 31,557 |
* | Graham Holdings Co. | ||
Class B | 42,863 | 28,432 | |
20,332,400 | |||
Consumer Staples (9.7%) | |||
Procter & Gamble Co. | 26,721,198 | 2,175,373 | |
Coca-Cola Co. | 37,332,610 | 1,542,210 | |
Philip Morris | |||
International Inc. | 15,749,810 | 1,372,281 | |
Wal-Mart Stores Inc. | 15,904,318 | 1,251,511 | |
PepsiCo Inc. | 15,075,718 | 1,250,380 | |
CVS Caremark Corp. | 11,700,482 | 837,404 | |
Altria Group Inc. | 19,660,600 | 754,770 | |
Mondelez International | |||
Inc. Class A | 17,240,006 | 608,572 | |
Colgate-Palmolive Co. | 8,640,167 | 563,425 | |
Costco Wholesale Corp. | 4,294,923 | 511,139 | |
Walgreen Co. | 8,560,720 | 491,728 | |
Kimberly-Clark Corp. | 3,751,521 | 391,884 | |
Kraft Foods Group Inc. | 5,857,323 | 315,827 | |
General Mills Inc. | 6,234,704 | 311,174 | |
Archer-Daniels-Midland | |||
Co. | 6,467,727 | 280,699 | |
Whole Foods Market Inc. | 3,657,990 | 211,542 | |
Sysco Corp. | 5,716,708 | 206,373 | |
Kroger Co. | 5,115,491 | 202,215 | |
Estee Lauder Cos. Inc. | |||
Class A | 2,516,821 | 189,567 | |
Lorillard Inc. | 3,620,779 | 183,501 | |
Mead Johnson Nutrition | |||
Co. | 1,985,405 | 166,298 | |
Kellogg Co. | 2,527,652 | 154,364 | |
Reynolds American Inc. | 3,081,061 | 154,022 | |
Hershey Co. | 1,472,470 | 143,168 | |
ConAgra Foods Inc. | 4,146,697 | 139,744 | |
Brown-Forman Corp. | |||
Class B | 1,592,604 | 120,353 | |
Clorox Co. | 1,268,371 | 117,654 |
* | Constellation Brands Inc. | ||
Class A | 1,637,628 | 115,256 | |
Beam Inc. | 1,602,772 | 109,085 | |
JM Smucker Co. | 1,033,370 | 107,078 | |
Coca-Cola Enterprises | |||
Inc. | 2,373,334 | 104,735 | |
Dr Pepper Snapple | |||
Group Inc. | 1,973,911 | 96,169 | |
* | Monster Beverage Corp. | 1,334,856 | 90,463 |
McCormick & Co. Inc. | 1,299,101 | 89,534 | |
Tyson Foods Inc. | |||
Class A | 2,672,190 | 89,412 | |
Molson Coors Brewing | |||
Co. Class B | 1,555,591 | 87,346 | |
Safeway Inc. | 2,428,103 | 79,083 | |
Campbell Soup Co. | 1,766,555 | 76,457 | |
Avon Products Inc. | 4,267,441 | 73,485 | |
Hormel Foods Corp. | 1,324,247 | 59,816 | |
15,825,097 | |||
Energy (10.2%) | |||
Exxon Mobil Corp. | 42,944,238 | 4,345,957 | |
Chevron Corp. | 18,905,432 | 2,361,477 | |
Schlumberger Ltd. | 12,946,001 | 1,166,564 | |
ConocoPhillips | 12,042,959 | 850,835 | |
Occidental Petroleum | |||
Corp. | 7,923,753 | 753,549 | |
Phillips 66 | 5,893,397 | 454,558 | |
EOG Resources Inc. | 2,683,346 | 450,373 | |
Halliburton Co. | 8,338,103 | 423,159 | |
Anadarko Petroleum | |||
Corp. | 4,947,105 | 392,404 | |
Apache Corp. | 3,924,398 | 337,263 | |
National Oilwell Varco | |||
Inc. | 4,208,193 | 334,678 | |
Marathon Petroleum | |||
Corp. | 2,958,962 | 271,426 | |
Valero Energy Corp. | 5,303,722 | 267,308 | |
Williams Cos. Inc. | 6,717,935 | 259,111 | |
Pioneer Natural | |||
Resources Co. | 1,401,918 | 258,051 | |
Marathon Oil Corp. | 6,847,713 | 241,724 | |
Baker Hughes Inc. | 4,356,758 | 240,754 | |
Noble Energy Inc. | 3,531,563 | 240,535 | |
Kinder Morgan Inc. | 6,618,403 | 238,262 | |
Spectra Energy Corp. | 6,586,313 | 234,604 | |
Devon Energy Corp. | 3,751,364 | 232,097 | |
Hess Corp. | 2,796,011 | 232,069 | |
Transocean Ltd. | 3,331,730 | 164,654 | |
Cabot Oil & Gas Corp. | 4,139,663 | 160,453 | |
* | Cameron International | ||
Corp. | 2,338,073 | 139,185 | |
* | Southwestern Energy | ||
Co. | 3,447,027 | 135,572 | |
Range Resources Corp. | 1,606,294 | 135,427 | |
Chesapeake Energy Corp. | 4,968,392 | 134,842 | |
EQT Corp. | 1,481,341 | 132,995 |
13
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Ensco plc Class A | 2,295,926 | 131,281 | |
* | FMC Technologies Inc. | 2,325,405 | 121,409 |
Murphy Oil Corp. | 1,727,564 | 112,084 | |
Noble Corp. plc | 2,493,030 | 93,414 | |
Helmerich & Payne Inc. | 1,054,103 | 88,629 | |
CONSOL Energy Inc. | 2,252,308 | 85,678 | |
Tesoro Corp. | 1,306,774 | 76,446 | |
* | Denbury Resources Inc. | 3,607,530 | 59,272 |
QEP Resources Inc. | 1,763,717 | 54,058 | |
Peabody Energy Corp. | 2,654,635 | 51,845 | |
Nabors Industries Ltd. | 2,555,432 | 43,417 | |
* | Rowan Cos. plc Class A | 1,222,197 | 43,217 |
* | WPX Energy Inc. | 1,973,174 | 40,213 |
Diamond Offshore Drilling | |||
Inc. | 683,872 | 38,926 | |
* | Newfield Exploration Co. | 1,337,080 | 32,932 |
16,662,707 | |||
Financials (16.1%) | |||
JPMorgan Chase & Co. | 36,954,220 | 2,161,083 | |
Wells Fargo & Co. | 47,121,969 | 2,139,337 | |
* | Berkshire Hathaway Inc. | ||
Class B | 16,556,403 | 1,962,927 | |
Bank of America Corp. | 104,851,818 | 1,632,543 | |
Citigroup Inc. | 29,815,382 | 1,553,680 | |
American Express Co. | 9,056,464 | 821,693 | |
American International | |||
Group Inc. | 14,473,466 | 738,870 | |
Goldman Sachs Group | |||
Inc. | 4,143,439 | 734,466 | |
US Bancorp | 17,952,902 | 725,297 | |
MetLife Inc. | 11,020,161 | 594,207 | |
Simon Property Group | |||
Inc. | 3,050,451 | 464,157 | |
Capital One Financial | |||
Corp. | 5,667,538 | 434,190 | |
Morgan Stanley | 13,619,069 | 427,094 | |
Prudential Financial Inc. | 4,551,227 | 419,714 | |
PNC Financial Services | |||
Group Inc. | 5,230,616 | 405,791 | |
BlackRock Inc. | 1,249,000 | 395,271 | |
Bank of New York Mellon | |||
Corp. | 11,289,985 | 394,472 | |
ACE Ltd. | 3,342,756 | 346,076 | |
Travelers Cos. Inc. | 3,578,771 | 324,022 | |
State Street Corp. | 4,315,281 | 316,698 | |
American Tower | |||
Corporation | 3,879,184 | 309,636 | |
Aflac Inc. | 4,581,575 | 306,049 | |
Charles Schwab Corp. | 11,405,510 | 296,543 | |
Discover Financial | |||
Services | 4,708,444 | 263,437 | |
Marsh & McLennan | |||
Cos. Inc. | 5,394,365 | 260,872 | |
BB&T Corp. | 6,929,210 | 258,598 | |
IntercontinentalExchange | |||
Group Inc. | 1,130,778 | 254,335 |
Aon plc | 2,959,189 | 248,246 | |
Allstate Corp. | 4,471,027 | 243,850 | |
CME Group Inc. | 3,098,665 | 243,121 | |
Chubb Corp. | 2,474,692 | 239,130 | |
Franklin Resources Inc. | 3,968,586 | 229,106 | |
Ameriprise Financial Inc. | 1,912,214 | 220,000 | |
T. Rowe Price Group Inc. | 2,564,636 | 214,840 | |
Public Storage | 1,420,704 | 213,844 | |
McGraw Hill Financial Inc. | 2,661,793 | 208,152 | |
SunTrust Banks Inc. | 5,261,447 | 193,674 | |
Fifth Third Bancorp | 8,677,816 | 182,494 | |
Prologis Inc. | 4,902,243 | 181,138 | |
Weyerhaeuser Co. | 5,728,236 | 180,840 | |
Equity Residential | 3,294,616 | 170,892 | |
Ventas Inc. | 2,892,065 | 165,658 | |
HCP Inc. | 4,484,823 | 162,889 | |
Hartford Financial | |||
Services Group Inc. | 4,394,530 | 159,214 | |
Invesco Ltd. | 4,357,145 | 158,600 | |
Health Care REIT Inc. | 2,837,423 | 152,001 | |
Vornado Realty Trust | 1,709,818 | 151,815 | |
Boston Properties Inc. | 1,502,635 | 150,820 | |
M&T Bank Corp. | 1,280,049 | 149,023 | |
Progressive Corp. | 5,425,723 | 147,959 | |
Moody’s Corp. | 1,860,514 | 145,995 | |
Loews Corp. | 3,006,306 | 145,024 | |
Host Hotels & Resorts | |||
Inc. | 7,433,755 | 144,512 | |
AvalonBay Communities | |||
Inc. | 1,195,624 | 141,359 | |
Northern Trust Corp. | 2,208,041 | 136,656 | |
* | Berkshire Hathaway Inc. | ||
Class A | 759 | 135,026 | |
Regions Financial Corp. | 13,540,272 | 133,913 | |
Lincoln National Corp. | 2,578,587 | 133,107 | |
Principal Financial Group | |||
Inc. | 2,690,812 | 132,684 | |
KeyCorp | 8,813,401 | 118,276 | |
SLM Corp. | 4,288,020 | 112,689 | |
General Growth | |||
Properties Inc. | 5,284,011 | 106,050 | |
Unum Group | 2,569,336 | 90,132 | |
XL Group plc Class A | 2,782,337 | 88,590 | |
Leucadia National Corp. | 3,084,277 | 87,408 | |
Comerica Inc. | 1,799,492 | 85,548 | |
Macerich Co. | 1,382,610 | 81,422 | |
Plum Creek Timber Co. | |||
Inc. | 1,740,507 | 80,951 | |
Kimco Realty Corp. | 4,030,595 | 79,604 | |
Huntington Bancshares | |||
Inc. | 8,170,737 | 78,848 | |
Cincinnati Financial Corp. | 1,450,534 | 75,964 | |
* | Genworth Financial Inc. | ||
Class A | 4,862,606 | 75,516 | |
* | CBRE Group Inc. | ||
Class A | 2,738,735 | 72,029 |
14
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Torchmark Corp. | 889,507 | 69,515 | |
* | E*TRADE Financial Corp. | 2,825,439 | 55,492 |
Zions Bancorporation | 1,816,185 | 54,413 | |
Assurant Inc. | 715,392 | 47,481 | |
People’s United | |||
Financial Inc. | 3,126,593 | 47,274 | |
Legg Mason Inc. | 1,044,351 | 45,408 | |
NASDAQ OMX Group | |||
Inc. | 1,137,956 | 45,291 | |
Hudson City Bancorp | |||
Inc. | 4,673,385 | 44,070 | |
Apartment Investment | |||
& Management Co. | |||
Class A | 1,435,455 | 37,193 | |
26,235,804 | |||
Health Care (12.9%) | |||
Johnson & Johnson | 27,735,812 | 2,540,323 | |
Pfizer Inc. | 63,711,196 | 1,951,474 | |
Merck & Co. Inc. | 28,723,472 | 1,437,610 | |
* | Gilead Sciences Inc. | 15,073,233 | 1,132,753 |
Bristol-Myers Squibb Co. | 16,185,915 | 860,281 | |
Amgen Inc. | 7,413,161 | 846,286 | |
AbbVie Inc. | 15,638,557 | 825,872 | |
UnitedHealth Group Inc. | 9,896,640 | 745,217 | |
* | Celgene Corp. | 4,050,654 | 684,398 |
* | Biogen Idec Inc. | 2,322,019 | 649,585 |
Abbott Laboratories | 15,199,221 | 582,586 | |
Medtronic Inc. | 9,813,941 | 563,222 | |
* | Express Scripts Holding | ||
Co. | 7,921,045 | 556,374 | |
Eli Lilly & Co. | 9,746,062 | 497,049 | |
Thermo Fisher Scientific | |||
Inc. | 3,552,153 | 395,532 | |
Baxter International Inc. | 5,334,704 | 371,029 | |
McKesson Corp. | 2,258,035 | 364,447 | |
Allergan Inc. | 2,921,063 | 324,472 | |
Covidien plc | 4,521,723 | 307,929 | |
* | Actavis plc | 1,710,826 | 287,419 |
WellPoint Inc. | 2,903,806 | 268,283 | |
* | Alexion Pharmaceuticals | ||
Inc. | 1,927,339 | 256,452 | |
Aetna Inc. | 3,612,387 | 247,774 | |
Cigna Corp. | 2,716,969 | 237,680 | |
Cardinal Health Inc. | 3,356,548 | 224,251 | |
Stryker Corp. | 2,901,338 | 218,007 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 772,034 | 212,495 | |
Becton Dickinson and Co. | 1,907,855 | 210,799 | |
* | Perrigo Co. plc | 1,307,433 | 200,639 |
Agilent Technologies Inc. | 3,251,513 | 185,954 | |
St. Jude Medical Inc. | 2,868,309 | 177,692 | |
* | Vertex Pharmaceuticals | ||
Inc. | 2,297,698 | 170,719 | |
* | Mylan Inc. | 3,763,236 | 163,324 |
* | Cerner Corp. | 2,901,617 | 161,736 |
Zoetis Inc. | 4,914,755 | 160,663 | |
AmerisourceBergen | |||
Corp. Class A | 2,260,995 | 158,971 | |
Humana Inc. | 1,532,516 | 158,186 | |
* | Boston Scientific Corp. | 13,124,393 | 157,755 |
Zimmer Holdings Inc. | 1,680,603 | 156,615 | |
* | Intuitive Surgical Inc. | 374,137 | 143,699 |
* | Forest Laboratories Inc. | 2,331,243 | 139,944 |
* | Life Technologies Corp. | 1,697,107 | 128,641 |
* | DaVita HealthCare | ||
Partners Inc. | 1,735,204 | 109,960 | |
CR Bard Inc. | 765,570 | 102,540 | |
* | Waters Corp. | 837,500 | 83,750 |
* | CareFusion Corp. | 2,079,182 | 82,793 |
* | Varian Medical Systems | ||
Inc. | 1,040,001 | 80,798 | |
* | Laboratory Corp. of | ||
America Holdings | 859,816 | 78,561 | |
Quest Diagnostics Inc. | 1,430,697 | 76,600 | |
* | Edwards Lifesciences | ||
Corp. | 1,076,304 | 70,778 | |
DENTSPLY International | |||
Inc. | 1,403,575 | 68,045 | |
* | Hospira Inc. | 1,631,872 | 67,364 |
PerkinElmer Inc. | 1,105,794 | 45,592 | |
* | Tenet Healthcare Corp. | 976,140 | 41,115 |
Patterson Cos. Inc. | 821,324 | 33,839 | |
21,005,872 | |||
Industrials (10.9%) | |||
General Electric Co. | 99,457,638 | 2,787,798 | |
United Technologies | |||
Corp. | 8,298,414 | 944,359 | |
Boeing Co. | 6,795,934 | 927,577 | |
3M Co. | 6,287,480 | 881,819 | |
Union Pacific Corp. | 4,527,419 | 760,606 | |
United Parcel Service | |||
Inc. Class B | 7,026,882 | 738,385 | |
Honeywell International | |||
Inc. | 7,713,481 | 704,781 | |
Caterpillar Inc. | 6,255,475 | 568,060 | |
Emerson Electric Co. | 6,919,986 | 485,645 | |
Danaher Corp. | 5,893,992 | 455,016 | |
FedEx Corp. | 2,925,758 | 420,636 | |
Lockheed Martin Corp. | 2,644,784 | 393,174 | |
Precision Castparts Corp. | 1,427,864 | 384,524 | |
Eaton Corp. plc | 4,664,309 | 355,047 | |
Deere & Co. | 3,763,285 | 343,701 | |
Illinois Tool Works Inc. | 4,013,794 | 337,480 | |
General Dynamics Corp. | 3,288,968 | 314,261 | |
CSX Corp. | 9,964,294 | 286,673 | |
Raytheon Co. | 3,140,354 | 284,830 | |
Norfolk Southern Corp. | 3,036,470 | 281,875 | |
Northrop Grumman Corp. | 2,182,032 | 250,083 | |
Cummins Inc. | 1,712,778 | 241,450 | |
Delta Air Lines Inc. | 8,409,773 | 231,016 |
15
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
PACCAR Inc. | 3,480,577 | 205,946 | |
Waste Management Inc. | 4,289,043 | 192,449 | |
Parker Hannifin Corp. | 1,466,830 | 188,693 | |
Tyco International Ltd. | 4,573,643 | 187,702 | |
Ingersoll-Rand plc | 2,633,463 | 162,221 | |
Dover Corp. | 1,674,532 | 161,659 | |
Rockwell Automation Inc. | 1,362,953 | 161,046 | |
WW Grainger Inc. | 607,228 | 155,098 | |
Pentair Ltd. | 1,959,303 | 152,179 | |
Roper Industries Inc. | 976,121 | 135,368 | |
Kansas City Southern | 1,083,226 | 134,136 | |
Southwest Airlines Co. | 6,848,171 | 129,020 | |
Fluor Corp. | 1,605,621 | 128,915 | |
Fastenal Co. | 2,683,375 | 127,487 | |
AMETEK Inc. | 2,405,703 | 126,708 | |
Stanley Black & Decker | |||
Inc. | 1,525,615 | 123,102 | |
Nielsen Holdings NV | 2,487,199 | 114,138 | |
Flowserve Corp. | 1,370,759 | 108,057 | |
Textron Inc. | 2,766,159 | 101,684 | |
Rockwell Collins Inc. | 1,329,244 | 98,258 | |
* | Stericycle Inc. | 842,331 | 97,854 |
L-3 Communications | |||
Holdings Inc. | 871,877 | 93,169 | |
Pall Corp. | 1,089,931 | 93,026 | |
Expeditors International | |||
of Washington Inc. | 2,022,497 | 89,495 | |
Republic Services Inc. | |||
Class A | 2,657,004 | 88,213 | |
CH Robinson Worldwide | |||
Inc. | 1,491,768 | 87,030 | |
Equifax Inc. | 1,197,212 | 82,715 | |
* | Jacobs Engineering | ||
Group Inc. | 1,294,506 | 81,541 | |
Masco Corp. | 3,512,057 | 79,970 | |
ADT Corp. | 1,967,566 | 79,627 | |
* | Quanta Services Inc. | 2,123,739 | 67,025 |
Xylem Inc. | 1,815,033 | 62,800 | |
Snap-on Inc. | 572,042 | 62,650 | |
Joy Global Inc. | 1,045,584 | 61,156 | |
Cintas Corp. | 990,764 | 59,040 | |
Robert Half International | |||
Inc. | 1,363,450 | 57,251 | |
Iron Mountain Inc. | 1,674,254 | 50,814 | |
Pitney Bowes Inc. | 1,987,214 | 46,302 | |
Dun & Bradstreet Corp. | 375,346 | 46,074 | |
* | Allegion plc | 878,588 | 38,825 |
Ryder System Inc. | 517,432 | 38,176 | |
17,735,415 | |||
Information Technology (18.6%) | |||
Apple Inc. | 8,844,790 | 4,962,900 | |
* | Google Inc. Class A | 2,758,724 | 3,091,730 |
Microsoft Corp. | 74,677,943 | 2,795,195 | |
International Business | |||
Machines Corp. | 10,033,847 | 1,882,049 |
Oracle Corp. | 34,496,941 | 1,319,853 | |
Intel Corp. | 48,866,436 | 1,268,573 | |
QUALCOMM Inc. | 16,607,681 | 1,233,120 | |
Cisco Systems Inc. | 52,558,866 | 1,179,947 | |
Visa Inc. Class A | 5,005,965 | 1,114,728 | |
* | Facebook Inc. Class A | 16,168,097 | 883,748 |
MasterCard Inc. Class A | 1,017,674 | 850,226 | |
* | eBay Inc. | 11,453,494 | 628,682 |
Hewlett-Packard Co. | 18,891,726 | 528,591 | |
Accenture plc Class A | 6,249,246 | 513,813 | |
EMC Corp. | 20,228,798 | 508,754 | |
Texas Instruments Inc. | 10,759,615 | 472,455 | |
Automatic Data | |||
Processing Inc. | 4,732,389 | 382,424 | |
* | Yahoo! Inc. | 9,273,887 | 375,036 |
* | Salesforce.com Inc. | 5,453,183 | 300,961 |
* | Cognizant Technology | ||
Solutions Corp. | |||
Class A | 2,973,460 | 300,260 | |
* | Adobe Systems Inc. | 4,569,761 | 273,637 |
Corning Inc. | 14,225,711 | 253,502 | |
* | Micron Technology Inc. | 10,339,411 | 224,986 |
TE Connectivity Ltd. | 4,033,847 | 222,305 | |
Intuit Inc. | 2,799,949 | 213,692 | |
Applied Materials Inc. | 11,836,707 | 209,391 | |
Seagate Technology plc | 3,205,743 | 180,035 | |
Western Digital Corp. | 2,069,208 | 173,607 | |
Symantec Corp. | 6,841,536 | 161,323 | |
Broadcom Corp. Class A | 5,303,905 | 157,261 | |
SanDisk Corp. | 2,220,304 | 156,620 | |
Analog Devices Inc. | 3,057,315 | 155,709 | |
Fidelity National | |||
Information Services | |||
Inc. | 2,861,577 | 153,609 | |
Motorola Solutions Inc. | 2,263,245 | 152,769 | |
* | Fiserv Inc. | 2,535,276 | 149,708 |
Paychex Inc. | 3,194,744 | 145,457 | |
Amphenol Corp. Class A | 1,555,790 | 138,745 | |
Xerox Corp. | 11,374,812 | 138,431 | |
NetApp Inc. | 3,349,982 | 137,818 | |
* | Alliance Data Systems | ||
Corp. | 478,800 | 125,891 | |
Xilinx Inc. | 2,637,212 | 121,101 | |
* | Citrix Systems Inc. | 1,832,051 | 115,877 |
* | Juniper Networks Inc. | 4,963,645 | 112,030 |
* | Autodesk Inc. | 2,217,398 | 111,602 |
CA Inc. | 3,193,594 | 107,464 | |
KLA-Tencor Corp. | 1,637,975 | 105,584 | |
Linear Technology Corp. | 2,301,558 | 104,836 | |
* | Red Hat Inc. | 1,864,268 | 104,474 |
Altera Corp. | 3,156,305 | 102,675 | |
Western Union Co. | 5,433,117 | 93,721 | |
NVIDIA Corp. | 5,692,375 | 91,192 | |
Microchip Technology Inc. | 1,951,607 | 87,334 | |
* | Lam Research Corp. | 1,597,586 | 86,989 |
16
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Akamai Technologies Inc. | 1,760,848 | 83,077 |
Computer Sciences Corp. | 1,448,260 | 80,929 | |
* | VeriSign Inc. | 1,267,399 | 75,765 |
Harris Corp. | 1,051,406 | 73,399 | |
* | Teradata Corp. | 1,605,852 | 73,050 |
* | Electronic Arts Inc. | 3,041,278 | 69,767 |
* | F5 Networks Inc. | 763,480 | 69,370 |
LSI Corp. | 5,361,113 | 59,079 | |
Total System Services Inc. | 1,642,845 | 54,674 | |
FLIR Systems Inc. | 1,393,550 | 41,946 | |
* | First Solar Inc. | 694,678 | 37,957 |
Jabil Circuit Inc. | 1,817,455 | 31,696 | |
30,213,129 | |||
Materials (3.5%) | |||
Monsanto Co. | 5,169,008 | 602,448 | |
EI du Pont de Nemours | |||
& Co. | 9,103,749 | 591,471 | |
Dow Chemical Co. | 11,922,570 | 529,362 | |
Freeport-McMoRan | |||
Copper & Gold Inc. | 10,205,014 | 385,137 | |
Praxair Inc. | 2,893,529 | 376,246 | |
LyondellBasell Industries | |||
NV Class A | 4,294,161 | 344,735 | |
Ecolab Inc. | 2,665,475 | 277,929 | |
PPG Industries Inc. | 1,395,989 | 264,763 | |
Air Products | |||
& Chemicals Inc. | 2,076,785 | 232,143 | |
International Paper Co. | 4,360,683 | 213,804 | |
Nucor Corp. | 3,127,781 | 166,961 | |
Mosaic Co. | 3,349,624 | 158,337 | |
Sherwin-Williams Co. | 846,625 | 155,356 | |
CF Industries Holdings | |||
Inc. | 563,338 | 131,280 | |
Eastman Chemical Co. | 1,512,835 | 122,086 | |
Newmont Mining Corp. | 4,893,536 | 112,698 | |
Alcoa Inc. | 10,512,977 | 111,753 | |
Sigma-Aldrich Corp. | 1,176,137 | 110,569 | |
FMC Corp. | 1,311,120 | 98,937 | |
Vulcan Materials Co. | 1,278,857 | 75,990 | |
Ball Corp. | 1,422,842 | 73,504 | |
Airgas Inc. | 652,450 | 72,976 | |
International Flavors | |||
& Fragrances Inc. | 801,905 | 68,948 | |
Sealed Air Corp. | 1,929,954 | 65,715 | |
MeadWestvaco Corp. | 1,748,155 | 64,559 | |
* | Owens-Illinois Inc. | 1,621,625 | 58,022 |
Avery Dennison Corp. | 950,447 | 47,703 | |
United States Steel Corp. | 1,421,498 | 41,934 | |
Bemis Co. Inc. | 1,011,521 | 41,432 | |
Cliffs Natural Resources | |||
Inc. | 1,504,623 | 39,436 | |
Allegheny Technologies | |||
Inc. | 1,060,985 | 37,803 | |
5,674,037 |
Telecommunication Services (2.3%) | |||
AT&T Inc. | 51,786,318 | 1,820,807 | |
Verizon Communications | |||
Inc. | 28,131,861 | 1,382,400 | |
* | Crown Castle | ||
International Corp. | 3,283,829 | 241,131 | |
CenturyLink Inc. | 5,809,929 | 185,046 | |
^ | Windstream Holdings | ||
Inc. | 5,864,386 | 46,798 | |
Frontier Communications | |||
Corp. | 9,833,728 | 45,727 | |
3,721,909 | |||
Utilities (2.9%) | |||
Duke Energy Corp. | 6,939,941 | 478,925 | |
Dominion Resources Inc. | 5,705,672 | 369,100 | |
NextEra Energy Inc. | 4,233,585 | 362,480 | |
Southern Co. | 8,667,447 | 356,319 | |
Exelon Corp. | 8,423,164 | 230,710 | |
American Electric | |||
Power Co. Inc. | 4,789,850 | 223,878 | |
Sempra Energy | 2,234,196 | 200,541 | |
PPL Corp. | 6,195,077 | 186,410 | |
PG&E Corp. | 4,416,336 | 177,890 | |
Public Service Enterprise | |||
Group Inc. | 4,972,276 | 159,312 | |
Consolidated Edison Inc. | 2,878,860 | 159,143 | |
Edison International | 3,202,511 | 148,276 | |
Xcel Energy Inc. | 4,891,411 | 136,666 | |
FirstEnergy Corp. | 4,110,786 | 135,574 | |
Northeast Utilities | 3,097,049 | 131,284 | |
ONEOK Inc. | 2,027,565 | 126,074 | |
DTE Energy Co. | 1,737,718 | 115,367 | |
Entergy Corp. | 1,752,646 | 110,890 | |
NiSource Inc. | 3,079,251 | 101,246 | |
CenterPoint Energy Inc. | 4,216,988 | 97,750 | |
AES Corp. | 6,460,126 | 93,736 | |
Wisconsin Energy Corp. | 2,228,502 | 92,126 | |
NRG Energy Inc. | 3,178,725 | 91,293 | |
Ameren Corp. | 2,387,096 | 86,317 | |
CMS Energy Corp. | 2,616,897 | 70,054 | |
SCANA Corp. | 1,382,799 | 64,895 | |
Pinnacle West Capital | |||
Corp. | 1,082,573 | 57,290 | |
AGL Resources Inc. | 1,167,348 | 55,134 | |
Pepco Holdings Inc. | 2,456,974 | 47,002 | |
Integrys Energy Group Inc. | 785,063 | 42,715 | |
TECO Energy Inc. | 2,009,566 | 34,645 | |
4,743,042 | |||
Total Common Stocks | |||
(Cost $106,949,790) | 162,149,412 |
17
Institutional Index Fund
Market | ||||
Value | ||||
Shares | ($000) | |||
Temporary Cash Investments (0.2%)1 | ||||
Money Market Fund (0.2%) | ||||
2,3 | Vanguard Market | |||
Liquidity Fund, | ||||
0.125% | 305,702,760 | 305,703 | ||
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
4,5 | Fannie Mae Discount | |||
Notes, 0.065%, 2/3/14 | 1,200 | 1,200 | ||
4,5 | Fannie Mae Discount | |||
Notes, 0.095%, 4/9/14 | 6,000 | 5,996 | ||
4,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.050%, 1/10/14 | 1,100 | 1,100 | ||
4,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.070%, 2/5/14 | 800 | 800 | ||
4,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.125%, 5/30/14 | 1,400 | 1,399 | ||
4,5 | Freddie Mac Discount | |||
Notes, 0.080%, 2/10/14 | 1,200 | 1,200 | ||
4,5 | Freddie Mac Discount | |||
Notes, 0.063%, 3/17/14 | 8,000 | 7,997 | ||
4 | United States Treasury | |||
Note/Bond, | ||||
1.750%, 3/31/14 | 3,500 | 3,514 | ||
23,206 | ||||
Total Temporary Cash Investments | ||||
(Cost $328,913) | 328,909 | |||
Total Investments (99.8%) | ||||
(Cost $107,278,703) | 162,478,321 |
Market | |
Value | |
($000) | |
Other Assets and Liabilities (0.2%) | |
Other Assets | 920,700 |
Liabilities3 | (640,783) |
279,917 | |
Net Assets (100%) | 162,758,238 |
At December 31, 2013, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 108,946,229 |
Undistributed Net Investment Income | 19,296 |
Accumulated Net Realized Losses | (1,418,876) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 55,199,618 |
Futures Contracts | 11,971 |
Net Assets | 162,758,238 |
Institutional Shares—Net Assets | |
Applicable to 518,934,292 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 87,843,144 |
Net Asset Value Per Share— | |
Institutional Shares | $169.28 |
Institutional Plus Shares—Net Assets | |
Applicable to 442,542,505 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 74,915,094 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $169.28 |
See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $20,311,000.
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 -0.2%, 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 $21,684,000 of collateral received for securities on loan.
4 Securities with a value of $23,206,000 have been segregated as initial margin for open futures contracts.
5 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, as needed to maintain a positive net worth, in exchange for
senior preferred stock.
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.
18
Institutional Index Fund
Statement of Operations
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends | 2,977,261 |
Interest1 | 587 |
Securities Lending | 2,972 |
Total Income | 2,980,820 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 31,556 |
Management and Administrative—Institutional Plus Shares | 12,295 |
Total Expenses | 43,851 |
Net Investment Income | 2,936,969 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 63,037 |
Futures Contracts | 159,882 |
Realized Net Gain (Loss) | 222,919 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 35,826,111 |
Futures Contracts | 13,405 |
Change in Unrealized Appreciation (Depreciation) | 35,839,516 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 38,999,404 |
1 Interest income from an affiliated company of the fund was $546,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
19
Institutional Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,936,969 | 2,499,641 |
Realized Net Gain (Loss) | 222,919 | 1,500,621 |
Change in Unrealized Appreciation (Depreciation) | 35,839,516 | 11,475,384 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 38,999,404 | 15,475,646 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (1,632,147) | (1,475,484) |
Institutional Plus Shares | (1,302,981) | (1,018,134) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (2,935,128) | (2,493,618) |
Capital Share Transactions | ||
Institutional Shares | (498,153) | 1,647,564 |
Institutional Plus Shares | 9,850,889 | 9,172,090 |
Net Increase (Decrease) from Capital Share Transactions | 9,352,736 | 10,819,654 |
Total Increase (Decrease) | 45,417,012 | 23,801,682 |
Net Assets | ||
Beginning of Period | 117,341,226 | 93,539,544 |
End of Period1 | 162,758,238 | 117,341,226 |
1 Net Assets—End of Period includes undistributed net investment income of $19,296,000 and $17,455,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Institutional Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $130.52 | $115.04 | $115.01 | $101.98 | $82.54 |
Investment Operations | |||||
Net Investment Income | 3.128 | 2.835 | 2.361 | 2.118 | 2.207 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 38.759 | 15.475 | .029 | 13.032 | 19.441 |
Total from Investment Operations | 41.887 | 18.310 | 2.390 | 15.150 | 21.648 |
Distributions | |||||
Dividends from Net Investment Income | (3.127) | (2.830) | (2.360) | (2.120) | (2.208) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.127) | (2.830) | (2.360) | (2.120) | (2.208) |
Net Asset Value, End of Period | $169.28 | $130.52 | $115.04 | $115.01 | $101.98 |
Total Return | 32.35% | 15.98% | 2.09% | 15.05% | 26.63% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $87,843 | $68,055 | $58,399 | $54,686 | $44,401 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.040% | 0.040% | 0.044% | 0.050% | 0.050% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.08% | 2.27% | 2.05% | 2.05% | 2.56% |
Portfolio Turnover Rate1 | 5% | 5% | 5% | 4% | 11% |
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.
21
Institutional Index Fund
Financial Highlights
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $130.53 | $115.05 | $115.01 | $101.98 | $82.54 |
Investment Operations | |||||
Net Investment Income | 3.158 | 2.861 | 2.386 | 2.144 | 2.229 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 38.750 | 15.474 | .040 | 13.031 | 19.441 |
Total from Investment Operations | 41.908 | 18.335 | 2.426 | 15.175 | 21.670 |
Distributions | |||||
Dividends from Net Investment Income | (3.158) | (2.855) | (2.386) | (2.145) | (2.230) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.158) | (2.855) | (2.386) | (2.145) | (2.230) |
Net Asset Value, End of Period | $169.28 | $130.53 | $115.05 | $115.01 | $101.98 |
Total Return | 32.37% | 16.00% | 2.12% | 15.07% | 26.66% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $74,915 | $49,286 | $35,141 | $33,643 | $24,767 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.020% | 0.020% | 0.022% | 0.025% | 0.025% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.10% | 2.29% | 2.07% | 2.08% | 2.59% |
Portfolio Turnover Rate1 | 5% | 5% | 5% | 4% | 11% |
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.
22
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 meet certain administrative, service, and account-size criteria.
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 may use 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. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional 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).
During the year ended December 31, 2013, the fund’s average investments in long and short futures contracts each represented less than 1% and 0% of net assets, based on quarterly average aggregate settlement values.
23
Institutional Index Fund
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, 2010–2013), 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.
5. Securities Lending: To earn additional income, the fund may lend its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested 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. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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. 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).
Institutional Index Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2013, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 162,149,412 | — | — |
Temporary Cash Investments | 305,703 | 23,206 | — |
Futures Contracts—Assets1 | 1,805 | — | — |
Futures Contracts—Liabilities1 | (376) | — | — |
Total | 162,456,544 | 23,206 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 2013, 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) |
E-mini S&P 500 Index | March 2014 | 4,300 | 395,837 | 302 |
S&P 500 Index | March 2014 | 658 | 302,861 | 11,669 |
11,971 |
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 year ended December 31, 2013, the fund realized $555,979,000 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.
For tax purposes, at December 31, 2013, the fund had $18,859,000 of ordinary income available for distribution. At December 31, 2013, the fund had available capital losses totaling $1,405,196,000 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 $640,844,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
25
Institutional Index Fund
At December 31, 2013, the cost of investment securities for tax purposes was $107,279,976,000. Net unrealized appreciation of investment securities for tax purposes was $55,198,345,000, consisting of unrealized gains of $58,695,440,000 on securities that had risen in value since their purchase and $3,497,095,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2013, the fund purchased $17,447,987,000 of investment securities and sold $7,867,651,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,302,486,000 and $944,063,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2013 | 2012 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 17,384,208 | 115,862 | 15,985,832 | 126,720 |
Issued in Lieu of Cash Distributions | 1,504,523 | 9,771 | 1,371,165 | 10,686 |
Redeemed | (19,386,884) | (128,099) | (15,709,433) | (123,636) |
Net Increase (Decrease) —Institutional Shares | (498,153) | (2,466) | 1,647,564 | 13,770 |
Institutional Plus Shares | ||||
Issued | 17,404,271 | 115,169 | 13,524,694 | 106,372 |
Issued in Lieu of Cash Distributions | 1,255,757 | 8,130 | 974,640 | 7,592 |
Redeemed | (8,809,139) | (58,343) | (5,327,244) | (41,827) |
Net Increase (Decrease) —Institutional Plus Shares | 9,850,889 | 64,956 | 9,172,090 | 72,137 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition or disclosure in these financial statements.
26
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Institutional Index Funds and the Shareholders of Vanguard Institutional Index Fund:
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Institutional Index Fund (constituting a separate portfolio of Vanguard Institutional Index Funds, hereafter referred to as the “Fund”) at December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and broker and by agreement to the underlying ownership records of the transfer agent, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 18, 2014
This information for the fiscal year ended December 31, 2013, is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $2,935,128,000 of qualified dividend income to shareholders during the
fiscal year.
For corporate shareholders, 96.1% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
27
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.
28
Six Months Ended December 31, 2013 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Index Fund | 6/30/2013 | 12/31/2013 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,162.85 | $0.22 |
Institutional Plus Shares | 1,000.00 | 1,162.97 | 0.11 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.00 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 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.
29
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.
30
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.
31
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 182 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 | |
IndependentTrustees | York and of the National Constitution Center; Chair |
of the U.S. Presidential Commission for the Study | |
Emerson U. Fullwood | of Bioethical Issues. |
Born 1948. Trustee Since January 2008. Principal | |
Occupation(s) During the Past Five Years: Executive | JoAnn Heffernan Heisen |
Chief Staff and Marketing Officer for North America | Born 1950. Trustee Since July 1998. Principal |
and Corporate Vice President (retired 2008) of Xerox | Occupation(s) During the Past Five Years: Corporate |
Corporation (document management products and | Vice President and Chief Global Diversity Officer |
services); Executive in Residence and 2010 | (retired 2008) and Member of the Executive |
Distinguished Minett Professor at the Rochester | Committee (1997–2008) of Johnson & Johnson |
Institute of Technology; Director of SPX Corporation | (pharmaceuticals/medical devices/consumer |
(multi-industry manufacturing), the United Way of | products); Director of Skytop Lodge Corporation |
Rochester, Amerigroup Corporation (managed health | (hotels), the University Medical Center at Princeton, |
care), the University of Rochester Medical Center, | the Robert Wood Johnson Foundation, and the Center |
Monroe Community College Foundation, and North | for Talent Innovation; Member of the Advisory Board |
Carolina A&T University. | of the Maxwell School of Citizenship and Public Affairs |
at Syracuse University. | |
Rajiv L. Gupta | |
Born 1945. Trustee Since December 2001.2 | F. Joseph Loughrey |
Principal Occupation(s) During the Past Five Years: | Born 1949. Trustee Since October 2009. Principal |
Chairman and Chief Executive Officer (retired 2009) | Occupation(s) During the Past Five Years: President |
and President (2006–2008) of Rohm and Haas Co. | and Chief Operating Officer (retired 2009) of Cummins |
(chemicals); Director of Tyco International, Ltd. | Inc. (industrial machinery); Chairman of the Board of |
(diversified manufacturing and services), Hewlett- | Hillenbrand, Inc. (specialized consumer services) and |
Packard Co. (electronic computer manufacturing), | of Oxfam America; Director of SKF AB (industrial |
machinery), Hyster-Yale Materials Handling, Inc. | Executive Officers | |
(forklift trucks), and the Lumina Foundation for | ||
Education; Member of the Advisory Council for the | Glenn Booraem | |
College of Arts and Letters and of the Advisory Board | Born 1967. Controller Since July 2010. Principal | |
to the Kellogg Institute for International Studies, both | Occupation(s) During the Past Five Years: Principal | |
at the University of Notre Dame. | of The Vanguard Group, Inc.; Controller of each of | |
the investment companies served by The Vanguard | ||
Mark Loughridge | Group; Assistant Controller of each of the investment | |
Born 1953. Trustee Since March 2012. Principal | companies served by The Vanguard Group (2001–2010). | |
Occupation(s) During the Past Five Years: Senior Vice | ||
President and Chief Financial Officer at IBM (information | Thomas J. Higgins | |
technology services); Fiduciary Member of IBM’s | Born 1957. Chief Financial Officer Since September | |
Retirement Plan Committee. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Director of TIFF Advisory Services, Inc. (investment | Occupation(s) During the Past Five Years: Principal of | |
advisor); Member of the Investment Advisory | The Vanguard Group, Inc.; Treasurer of each of the | |
Committees of the Financial Industry Regulatory | investment companies served by The Vanguard | |
Authority (FINRA) and of Major League Baseball. | Group; Assistant Treasurer of each of the investment | |
companies served by The Vanguard Group (1988–2008). | ||
André F. Perold | ||
Born 1952. Trustee Since December 2004. Principal | Heidi Stam | |
Occupation(s) During the Past Five Years: George | Born 1956. Secretary Since July 2005. Principal | |
Gund Professor of Finance and Banking at the Harvard | Occupation(s) During the Past Five Years: Managing | |
Business School (retired 2011); Chief Investment | Director of The Vanguard Group, Inc.; General Counsel | |
Officer and Managing Partner of HighVista Strategies | of The Vanguard Group; Secretary of The Vanguard | |
LLC (private investment firm); Director of Rand | Group and of each of the investment companies | |
Merchant Bank; Overseer of the Museum of Fine | served by The Vanguard Group; Director and Senior | |
Arts Boston. | Vice President of Vanguard Marketing Corporation. | |
Alfred M. Rankin, Jr. | Vanguard Senior ManagementTeam | |
Born 1941. Trustee Since January 1993. Principal | ||
Occupation(s) During the Past Five Years: Chairman, | Mortimer J. Buckley | Chris D. McIsaac |
President, and Chief Executive Officer of NACCO | Kathleen C. Gubanich | Michael S. Miller |
Industries, Inc. (housewares/lignite) and of Hyster-Yale | Paul A. Heller | James M. Norris |
Materials Handling, Inc. (forklift trucks); Director of | Martha G. King | Glenn W. Reed |
the National Association of Manufacturers; Chairman | John T. Marcante | |
of the Board 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); | ||
Overseer of the Amos Tuck School of Business | John C. Bogle | |
Administration at Dartmouth College; Advisor to the | Chairman and Chief Executive Officer, 1974–1996 | |
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 | |
Fund Information > 800-662-7447 | S&P® and S&P 500® are registered trademarks of |
Direct Investor Account Services > 800-662-2739 | Standard & Poor’s Financial Services LLC (“S&P”) and |
have been licensed for use by S&P Dow Jones Indices | |
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Text Telephone for People | purposes by Vanguard. The S&P Index is a product of |
With Hearing Impairment > 800-749-7273 | S&P Dow Jones Indices LLC and has been licensed for |
use by Vanguard. The Vanguard funds are not | |
This material may be used in conjunction | sponsored, endorsed, sold, or promoted by S&P Dow |
with the offering of shares of any Vanguard | Jones Indices LLC, Dow Jones, S&P, or their respective |
fund only if preceded or accompanied by | affiliates, and none of S&P Dow Jones Indices LLC, |
Dow Jones, S&P, nor their respective affiliates makes | |
the fund’s current prospectus. | any representation regarding the advisability of |
All comparative mutual fund data are from Lipper, a | investing in such products. |
Thomson Reuters Company, 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. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q940 022014 |
Annual Report | December 31, 2013
Vanguard Institutional Total Stock
Market Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 8 |
Performance Summary. | 9 |
Financial Statements. | 11 |
About Your Fund’s Expenses. | 59 |
Glossary. | 61 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the
flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2013 | |
Total | |
Returns | |
Vanguard Institutional Total Stock Market Index Fund | |
Institutional Shares | 33.64% |
Institutional Plus Shares | 33.63 |
Spliced Institutional Total Stock Market Index | 33.61 |
Multi-Cap Core Funds Average | 32.12 |
For a benchmark description, see the Glossary. | |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
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, 2012, Through December 31, 2013
Distributions Per Share | ||||
Starting | Ending | |||
Share | Share | Income | Capital | |
Price | Price | Dividends | Gains | |
Vanguard Institutional Total Stock Market Index Fund | ||||
Institutional Shares | $32.27 | $42.32 | $0.727 | $0.000 |
Institutional Plus Shares | 32.28 | 42.32 | 0.735 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
U.S. stocks led global markets in 2013 as investor confidence trumped political wrangling in Washington, a mixed economic picture, and fiscal policy uncertainty.
For the 12 months ended December 31, 2013, Vanguard Institutional Total Stock Market Index Fund surged nearly 34%—its best calendar-year result since 2003. The fund closely tracked its benchmark, the Spliced Institutional Total Stock Market Index, and surpassed the average return of its peer group.
Earnings, optimism, and stimulus made it a big year for U.S. stocks
For the 12 months, U.S. corporations posted solid earnings, and investors placed a higher premium on those earnings. The Federal Reserve’s stimulative bond-buying program also supported stock markets; in fact, markets slumped a bit in the summer when questions arose about the timing of the program’s unwinding. In December, the Fed ended the uncertainty by announcing that it would begin paring its bond purchases in January 2014.
International stocks, in aggregate, returned about 15% as the developed markets of Europe and the Pacific region posted double-digit results and emerging-market stocks dipped into negative territory.
2
For 2014, Vanguard Chief Economist Joe Davis and his team are guarded in their outlook for global stock returns, and their forecast for the bond market remains muted. Although Joe readily acknowledges that such forecasts are accompanied by uncertainty, he writes, “We believe a balanced and diversified, low-cost portfolio can remain a high-value proposition in the decade ahead.” (You can read more about our expectations for bond and stock returns in Vanguard’s Economic and Investment Outlook, available at vanguard.com/research.)
Bond returns faltered as the Fed’s phaseout loomed
The broad U.S. taxable bond market returned –2.02%—its first negative calendar-year result since 1999 and its worst since 1994. The Fed’s plan for phasing out its bond-buying program rattled investors, who sold bonds in anticipation of further price declines. Municipal bonds returned –2.55% in aggregate. The yield of the 10-year Treasury note closed at 2.97%, up from 1.76% at the close of December 2012. (Bond yields and prices move in opposite directions.)
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2013 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 33.11% | 16.30% | 18.59% |
Russell 2000 Index (Small-caps) | 38.82 | 15.67 | 20.08 |
Russell 3000 Index (Broad U.S. market) | 33.55 | 16.24 | 18.71 |
MSCI All Country World Index ex USA (International) | 15.29 | 5.14 | 12.81 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | -2.02% | 3.26% | 4.44% |
Barclays Municipal Bond Index (Broad tax-exempt market) | -2.55 | 4.83 | 5.89 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.05 | 0.06 | 0.09 |
CPI | |||
Consumer Price Index | 1.50% | 2.07% | 2.08% |
3
International bond markets (as measured by the Barclays Global Aggregate Index exUSD) returned –3.08%. Returns for money market funds and savings accounts remained tiny as the Fed held short-term interest rates between 0% and 0.25%.
Financial, consumer services, and industrial stocks stood out
Vanguard Institutional Total Stock Market Index Fund benefited from widespread gains across all market segments.
The stocks of small and midsized U.S. companies performed best, but stocks of all sizes rode the rising tide of investor confidence. Each of the fund’s ten sectors posted double-digit returns.
The financial, consumer services, and industrial sectors, which together constituted more than 40% of the fund’s assets, contributed most to its overall result. Financial stocks soared, thanks partly to improvements in the U.S. economic outlook and increased investment activity. Credit card processors, investment service providers, banks, and insurance companies recorded impressive returns.
Total Returns | |
Ten Years Ended December 31, 2013 | |
Average | |
Annual Return | |
Institutional Total Stock Market Index Fund Institutional Shares | 8.17% |
Spliced Institutional Total Stock Market Index | 8.13 |
Multi-Cap Core Funds Average | 6.88 |
For a benchmark description, see the Glossary.
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
The figures shown represent past performance, which is not a guarantee of future results. (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.
4
Consumer services stocks also benefited from rising consumer confidence. Large retailers, media companies, and leisure and hospitality providers did well. With the labor market improving, inflation low, and home values rising, consumers were willing to spend more money on shopping, eating out, and entertainment.
Don’t let a trick of the calendar alter your course | |
When making investment decisions, it’s important to weigh past returns with caution. That’s | |
because investment returns from any particular period are an unreliable anchor for gauging the | |
future. They can be highly date-dependent. | |
For example, take the five-year average annual return for the broad U.S. stock market. That | |
average just made a startling bounce: from 2.04% for the period ended December 31, 2012, | |
to 18.71% for the period ended December 31, 2013. True, the market returned a hearty 33.55% | |
in the most recent 12 months, but that’s not enough to explain such a big leap in the average. | |
Significantly, the 12 months ended December 31, 2008—when U.S. stocks returned –37.31% | |
during the financial crisis—has now rolled off the five-year calculation. | |
The important thing to remember is that historical returns are just that: historical. Basing | |
investment decisions on such date-dependent snapshots could easily lead you to alter | |
course—possibly in the wrong direction. Instead, Vanguard believes, you should build your | |
asset allocation strategy on long-term risk-and-return relationships, always recognizing that | |
no level of return is guaranteed. | |
Which five-year average should you count on? | |
(Answer: None of them!) | |
Average annual returns for U.S. stocks over five-year periods ended December 31 | |
2007 | 13.63% |
2008 | –1.95 |
2009 | 0.76 |
2010 | 2.74 |
2011 | –0.01 |
2012 | 2.04 |
2013 | 18.71 |
Note: The U.S. stock market is represented by the Russell 3000 Index. | |
Source: Vanguard. |
5
Industrial stocks stood out largely because of the strength of major conglomerates, including some in the aerospace and defense industry, where technological improvements and cost management have helped counteract cuts in government spending.
Telecommunication and utilities, which made up a relatively small proportion of the fund’s holdings, had the smallest gains.
The fund has a strong record of tracking its benchmark index
For the decade ended December 31, 2013, Vanguard Institutional Total Stock Market Index Fund’s Institutional Shares posted an annual average return of 8.17%, in line with its broad-market benchmark and ahead of the average return of its peers.
The fund successfully tracked its benchmark’s return over a volatile ten years, which included the 2008–2009 financial crisis. Credit goes to the fund’s advisor, Vanguard Equity Investment Group, whose experience and sophisticated portfolio tracking techniques enabled the fund to capture the returns of its benchmark while keeping costs low.
Rebalancing your portfolio keeps your target in focus
The surge in U.S. stocks in 2013 undoubtedly brought good cheer to investors at the end of the year. Although the rally has been welcome, we simply don’t know how long it will last. History teaches that it’s wise to anticipate a pull-back after an extended winning streak.
At Vanguard, no matter what the current market conditions, we encourage you to maintain a diversified portfolio with a mix of stock, bond, and money market funds consistent with your organization’s long-term goals and risk tolerance.
Following such a robust year for stocks, you may find that your asset mix has drifted from your original target. If your allocation is off-target by about 5 percentage points or more, it may be time to rebalance. Specifically, the strong results for stocks and weak results for bonds in 2013 may mean directing assets from equities to fixed income.
I understand that it feels counterintuitive to move away from one asset class that has done well recently and into another that has underperformed. But, as a Vanguard research paper puts it, “bonds are likely to remain one of the best diversifiers of equity market risk and . . . will likely provide downside protection to balanced investors over the long term.” (You can read the paper, Risk of Loss: Should the Prospect of Rising Rates Push Investors from High-Quality Bonds?, at vanguard.com/research.)
6
Ultimately, rebalancing is about controlling risk by keeping your organization’s portfolio in line with your target asset allocation. The alternative is to allow market fluctuations to set your asset mix, potentially leaving you with a riskier portfolio than you intended. As we’ve long counseled our clients, focusing on what you can control is one of the most prudent steps an investor can take.
Thank you for entrusting your assets to Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
January 17, 2014
7
Institutional Total Stock Market Index Fund
Fund Profile
As of December 31, 2013
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VITNX | VITPX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 1.81% | 1.83% |
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,326 | 3,626 |
Median Market Cap | $45.6B | $45.6B |
Price/Earnings Ratio | 20.6x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x |
Return on Equity | 16.8% | 16.6% |
Earnings Growth | ||
Rate | 11.4% | 11.3% |
Dividend Yield | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | 9% | — |
Short-Term Reserves | 0.5% | — |
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 3.1% | 3.1% |
Consumer Goods | 10.1 | 10.1 |
Consumer Services | 13.5 | 13.5 |
Financials | 18.5 | 18.5 |
Health Care | 11.8 | 11.8 |
Industrials | 13.7 | 13.7 |
Oil & Gas | 9.2 | 9.2 |
Technology | 15.0 | 15.0 |
Telecommunications | 2.1 | 2.1 |
Utilities | 3.0 | 3.0 |
Volatility Measures | |
Spliced Inst. | |
Total Stock | |
Mkt. Idx | |
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 | 2.5% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.1 |
Google Inc. | Internet | 1.5 |
General Electric Co. | Diversified Industrials | 1.4 |
Microsoft Corp. | Software | 1.4 |
Johnson & Johnson | Pharmaceuticals | 1.3 |
Chevron Corp. | Integrated Oil & Gas | 1.2 |
Wells Fargo & Co. | Banks | 1.2 |
Procter & Gamble Co. | Nondurable | |
Household Products | 1.1 | |
JPMorgan Chase & Co. | Banks | 1.1 |
Top Ten | 14.8% | |
The holdings listed exclude any temporary cash investments and equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated March 28, 2013, as supplemented. For the fiscal year ended December 31, 2013, the
expense ratios were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
8
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.
Cumulative Performance: December 31, 2003, Through December 31, 2013
Initial Investment of $100,000,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2013 | |||||
Final Value | |||||
One | Five | Ten | of a $100,000,000 | ||
Year | Years | Years | Investment | ||
Institutional Total Stock Market Index | |||||
Fund*Institutional Shares | 33.64% | 18.91% | 8.17% | $219,237,258 | |
Spliced Institutional Total Stock | |||||
•••••••• | Market Index | 33.61 | 18.89 | 8.13 | 218,427,005 |
– – – – | Multi-Cap Core Funds Average | 32.12 | 17.45 | 6.88 | 194,586,785 |
For a benchmark description, see the Glossary. | |||||
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $200,000,000 | |
Year | Years | Years | Investment | |
Institutional Total Stock Market Index Fund | ||||
Institutional Plus Shares | 33.63% | 18.93% | 8.19% | $439,408,600 |
Spliced Institutional Total Stock Market Index | 33.61 | 18.89 | 8.13 | 436,854,010 |
See Financial Highlights for dividend and capital gains information.
9
Institutional Total Stock Market Index Fund
Fiscal-Year Total Returns (%): December 31, 2003, Through December 31, 2013
10
Institutional Total Stock Market Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2013
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 | |||
Basic Materials (3.0%) | |||
EI du Pont de Nemours | |||
& Co. | 1,643,049 | 106,749 | |
Dow Chemical Co. | 2,151,806 | 95,540 | |
Freeport-McMoRan | |||
Copper & Gold Inc. | 1,841,788 | 69,509 | |
Praxair Inc. | 522,225 | 67,905 | |
LyondellBasell Industries | |||
NV Class A | 834,944 | 67,029 | |
Ecolab Inc. | 481,118 | 50,166 | |
PPG Industries Inc. | 239,429 | 45,410 | |
Air Products & Chemicals | |||
Inc. | 375,240 | 41,944 | |
International Paper Co. | 787,106 | 38,592 | |
Nucor Corp. | 564,578 | 30,137 | |
CF Industries Holdings | |||
Inc. | 101,658 | 23,690 | |
Mosaic Co. | 500,944 | 23,680 | |
Eastman Chemical Co. | 273,079 | 22,038 | |
Alcoa Inc. | 1,897,588 | 20,171 | |
Newmont Mining Corp. | 874,822 | 20,147 | |
Sigma-Aldrich Corp. | 212,371 | 19,965 | |
FMC Corp. | 236,521 | 17,848 | |
Celanese Corp. Class A | 279,792 | 15,475 | |
CONSOL Energy Inc. | 406,259 | 15,454 | |
Ashland Inc. | 137,640 | 13,357 | |
Airgas Inc. | 117,865 | 13,183 | |
* | WR Grace & Co. | 129,666 | 12,820 |
International Flavors | |||
& Fragrances Inc. | 144,727 | 12,444 | |
Reliance Steel | |||
& Aluminum Co. | 130,464 | 9,894 | |
RPM International Inc. | 236,005 | 9,797 | |
Peabody Energy Corp. | 479,025 | 9,355 | |
Rockwood Holdings Inc. | 129,914 | 9,343 | |
Albemarle Corp. | 144,555 | 9,163 | |
Avery Dennison Corp. | 171,533 | 8,609 | |
Huntsman Corp. | 343,019 | 8,438 |
United States Steel Corp. | 256,882 | 7,578 | |
Steel Dynamics Inc. | 374,537 | 7,319 | |
Cliffs Natural Resources | |||
Inc. | 272,036 | 7,130 | |
Allegheny Technologies | |||
Inc. | 182,328 | 6,496 | |
NewMarket Corp. | 18,876 | 6,307 | |
PolyOne Corp. | 171,148 | 6,050 | |
Cytec Industries Inc. | 64,340 | 5,994 | |
Axiall Corp. | 124,269 | 5,895 | |
Carpenter Technology Corp. | 89,585 | 5,572 | |
Domtar Corp. | 56,576 | 5,337 | |
Cabot Corp. | 102,544 | 5,271 | |
Royal Gold Inc. | 108,668 | 5,006 | |
* | Chemtura Corp. | 172,780 | 4,824 |
Compass Minerals | |||
International Inc. | 59,459 | 4,760 | |
HB Fuller Co. | 89,305 | 4,647 | |
Westlake Chemical Corp. | 35,674 | 4,355 | |
Sensient Technologies | |||
Corp. | 89,126 | 4,324 | |
Commercial Metals Co. | 208,178 | 4,232 | |
Olin Corp. | 141,699 | 4,088 | |
* | KapStone Paper | ||
and Packaging Corp. | 72,259 | 4,036 | |
Worthington Industries Inc. | 94,104 | 3,960 | |
Minerals Technologies Inc. | 61,132 | 3,672 | |
Balchem Corp. | 53,761 | 3,156 | |
* | Polypore International Inc. | 80,101 | 3,116 |
US Silica Holdings Inc. | 89,774 | 3,062 | |
* | Alpha Natural Resources | ||
Inc. | 394,224 | 2,815 | |
* | AK Steel Holding Corp. | 341,853 | 2,803 |
* | Ferro Corp. | 206,174 | 2,645 |
* | SunCoke Energy Inc. | 113,623 | 2,592 |
Tronox Ltd. Class A | 110,749 | 2,555 | |
* | Stillwater Mining Co. | 198,161 | 2,445 |
Arch Coal Inc. | 541,368 | 2,409 | |
* | Resolute Forest Products | ||
Inc. | 150,212 | 2,406 |
11
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Calgon Carbon Corp. | 114,600 | 2,357 |
* | Clearwater Paper Corp. | 44,294 | 2,326 |
Kaiser Aluminum Corp. | 31,613 | 2,221 | |
PH Glatfelter Co. | 78,960 | 2,183 | |
AMCOL International Corp. | 62,590 | 2,127 | |
* | Cloud Peak Energy Inc. | 114,157 | 2,055 |
* | Coeur Mining Inc. | 182,473 | 1,980 |
Walter Energy Inc. | 118,280 | 1,967 | |
* | OM Group Inc. | 52,245 | 1,902 |
Innospec Inc. | 40,530 | 1,873 | |
Globe Specialty Metals Inc. | 102,760 | 1,851 | |
Aceto Corp. | 73,571 | 1,840 | |
Innophos Holdings Inc. | 35,848 | 1,742 | |
Quaker Chemical Corp. | 22,411 | 1,727 | |
* | RTI International Metals | ||
Inc. | 48,986 | 1,676 | |
* | Intrepid Potash Inc. | 104,997 | 1,663 |
Neenah Paper Inc. | 38,487 | 1,646 | |
Hecla Mining Co. | 512,683 | 1,579 | |
Stepan Co. | 23,367 | 1,534 | |
* | Cambrex Corp. | 85,544 | 1,525 |
* | Kraton Performance | ||
Polymers Inc. | 60,784 | 1,401 | |
Koppers Holdings Inc. | 29,930 | 1,369 | |
American Vanguard Corp. | 56,307 | 1,368 | |
Haynes International Inc. | 23,229 | 1,283 | |
A Schulman Inc. | 33,583 | 1,184 | |
* | Century Aluminum Co. | 112,077 | 1,172 |
Deltic Timber Corp. | 16,449 | 1,118 | |
Tredegar Corp. | 37,730 | 1,087 | |
* | Molycorp Inc. | 189,962 | 1,068 |
* | Horsehead Holding Corp. | 58,000 | 940 |
Kronos Worldwide Inc. | 49,264 | 939 | |
* | Allied Nevada Gold Corp. | 264,323 | 938 |
Ampco-Pittsburgh Corp. | 46,340 | 901 | |
* | LSB Industries Inc. | 20,853 | 855 |
* | Zoltek Cos. Inc. | 46,621 | 781 |
Hawkins Inc. | 19,323 | 719 | |
* | OMNOVA Solutions Inc. | 75,297 | 686 |
Chase Corp. | 16,107 | 569 | |
Olympic Steel Inc. | 19,107 | 554 | |
Wausau Paper Corp. | 42,028 | 533 | |
* | American Pacific Corp. | 14,219 | 530 |
* | Rentech Inc. | 295,689 | 518 |
* | General Moly Inc. | 341,714 | 458 |
Zep Inc. | 22,334 | 406 | |
Gold Resource Corp. | 87,301 | 396 | |
* | Senomyx Inc. | 66,934 | 339 |
* | Universal Stainless | ||
& Alloy Products Inc. | 8,233 | 297 | |
Friedman Industries Inc. | 29,963 | 255 | |
* | Penford Corp. | 17,218 | 221 |
Noranda Aluminum Holding | |||
Corp. | 65,560 | 216 | |
KMG Chemicals Inc. | 11,917 | 201 |
*,^ | Paramount Gold and Silver | ||
Corp. | 194,400 | 181 | |
* | Westmoreland Coal Co. | 9,200 | 178 |
FutureFuel Corp. | 10,994 | 174 | |
* | Golden Minerals Co. | 243,316 | 115 |
* | Codexis Inc. | 54,399 | 76 |
*,^ | James River Coal Co. | 55,876 | 75 |
NL Industries Inc. | 4,487 | 50 | |
* | Material Sciences Corp. | 4,242 | 50 |
* | Solitario Exploration | ||
& Royalty Corp. | 56,237 | 48 | |
* | Ikonics Corp. | 2,424 | 36 |
^ | USEC Inc. | 4,838 | 32 |
* | Verso Paper Corp. | 45,739 | 29 |
* | Mines Management Inc. | 48,299 | 29 |
United-Guardian Inc. | 950 | 27 | |
*,^ | Uni-Pixel Inc. | 2,531 | 25 |
* | Metabolix Inc. | 14,335 | 18 |
* | Comstock Mining Inc. | 9,200 | 16 |
* | Handy & Harman Ltd. | 597 | 15 |
* | Northern Technologies | ||
International Corp. | 600 | 11 | |
* | Midway Gold Corp. | 9,116 | 7 |
* | TOR Minerals International | ||
Inc. | 682 | 7 | |
*,^ | Uranium Resources Inc. | 1,071 | 3 |
* | Uranerz Energy Corp. | 681 | 1 |
1,116,988 | |||
Consumer Goods (10.1%) | |||
Procter & Gamble Co. | 4,822,352 | 392,588 | |
Coca-Cola Co. | 7,050,862 | 291,271 | |
Philip Morris | |||
International Inc. | 2,700,308 | 235,278 | |
PepsiCo Inc. | 2,720,731 | 225,657 | |
Altria Group Inc. | 3,548,178 | 136,215 | |
Mondelez International | |||
Inc. Class A | 3,111,418 | 109,833 | |
Monsanto Co. | 932,889 | 108,728 | |
Colgate-Palmolive Co. | 1,641,451 | 107,039 | |
Ford Motor Co. | 6,872,017 | 106,035 | |
NIKE Inc. Class B | 1,262,498 | 99,283 | |
* | General Motors Co. | 1,848,191 | 75,536 |
Kimberly-Clark Corp. | 677,101 | 70,730 | |
Johnson Controls Inc. | 1,215,533 | 62,357 | |
Kraft Foods Group Inc. | 1,057,187 | 57,004 | |
General Mills Inc. | 1,125,329 | 56,165 | |
Archer-Daniels-Midland | |||
Co. | 1,167,349 | 50,663 | |
VF Corp. | 625,032 | 38,964 | |
Lorillard Inc. | 653,583 | 33,124 | |
Delphi Automotive plc | 545,965 | 32,829 | |
Estee Lauder Cos. Inc. | |||
Class A | 424,457 | 31,970 | |
Kellogg Co. | 514,120 | 31,397 |
12
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Mead Johnson Nutrition | |||
Co. | 358,408 | 30,020 | |
Reynolds American Inc. | 575,319 | 28,760 | |
Mattel Inc. | 600,520 | 28,573 | |
Coach Inc. | 497,612 | 27,931 | |
Harley-Davidson Inc. | 392,382 | 27,169 | |
* | Michael Kors Holdings Ltd. | 324,897 | 26,378 |
Stanley Black & Decker Inc. | 313,935 | 25,331 | |
Hershey Co. | 260,267 | 25,306 | |
ConAgra Foods Inc. | 748,464 | 25,223 | |
BorgWarner Inc. | 403,774 | 22,575 | |
Whirlpool Corp. | 139,387 | 21,864 | |
Genuine Parts Co. | 260,165 | 21,643 | |
*,^ | Tesla Motors Inc. | 141,492 | 21,278 |
Clorox Co. | 228,944 | 21,237 | |
Bunge Ltd. | 248,594 | 20,412 | |
Beam Inc. | 289,368 | 19,694 | |
PVH Corp. | 144,761 | 19,690 | |
* | Constellation Brands Inc. | ||
Class A | 279,580 | 19,677 | |
Coca-Cola Enterprises Inc. | 437,700 | 19,316 | |
Ralph Lauren Corp. Class A | 107,388 | 18,962 | |
JM Smucker Co. | 177,250 | 18,367 | |
* | Monster Beverage Corp. | 267,735 | 18,144 |
Polaris Industries Inc. | 122,965 | 17,909 | |
Dr Pepper Snapple Group | |||
Inc. | 356,662 | 17,377 | |
Newell Rubbermaid Inc. | 509,591 | 16,516 | |
Church & Dwight Co. Inc. | 246,432 | 16,334 | |
* | Mohawk Industries Inc. | 109,669 | 16,330 |
Tyson Foods Inc. Class A | 485,750 | 16,253 | |
* | Green Mountain Coffee | ||
Roasters Inc. | 211,579 | 15,991 | |
* | LKQ Corp. | 480,070 | 15,794 |
* | TRW Automotive Holdings | ||
Corp. | 204,707 | 15,228 | |
Campbell Soup Co. | 335,419 | 14,517 | |
Activision Blizzard Inc. | 802,035 | 14,300 | |
Molson Coors Brewing Co. | |||
Class B | 254,421 | 14,286 | |
McCormick & Co. Inc. | 201,987 | 13,921 | |
Brown-Forman Corp. | |||
Class B | 182,770 | 13,812 | |
* | Jarden Corp. | 216,888 | 13,306 |
Avon Products Inc. | 769,657 | 13,253 | |
Nu Skin Enterprises Inc. | |||
Class A | 95,085 | 13,143 | |
* | Under Armour Inc. Class A | 144,375 | 12,604 |
PulteGroup Inc. | 611,796 | 12,462 | |
Hanesbrands Inc. | 175,831 | 12,356 | |
Energizer Holdings Inc. | 111,215 | 12,038 | |
* | Electronic Arts Inc. | 521,188 | 11,956 |
Lear Corp. | 143,203 | 11,595 | |
* | DR Horton Inc. | 515,914 | 11,515 |
Hasbro Inc. | 207,286 | 11,403 |
Snap-on Inc. | 103,335 | 11,317 | |
* | Lululemon Athletica Inc. | 183,806 | 10,850 |
Herbalife Ltd. | 134,878 | 10,615 | |
Hormel Foods Corp. | 234,326 | 10,585 | |
Lennar Corp. Class A | 267,250 | 10,572 | |
Goodyear Tire & Rubber | |||
Co. | 438,264 | 10,453 | |
* | Toll Brothers Inc. | 279,888 | 10,356 |
* | WABCO Holdings Inc. | 110,399 | 10,312 |
Harman International | |||
Industries Inc. | 119,912 | 9,815 | |
* | Fossil Group Inc. | 78,467 | 9,411 |
Ingredion Inc. | 136,096 | 9,317 | |
* | Middleby Corp. | 33,951 | 8,147 |
Gentex Corp. | 244,163 | 8,055 | |
Leggett & Platt Inc. | 250,805 | 7,760 | |
Tupperware Brands Corp. | 81,057 | 7,662 | |
* | NVR Inc. | 7,276 | 7,465 |
Brunswick Corp. | 161,665 | 7,446 | |
* | Hain Celestial Group Inc. | 80,693 | 7,325 |
Hillshire Brands Co. | 218,490 | 7,306 | |
* | Visteon Corp. | 88,148 | 7,218 |
Flowers Foods Inc. | 333,428 | 7,159 | |
* | WhiteWave Foods Co. | ||
Class A | 308,125 | 7,068 | |
* | Fifth & Pacific Cos. Inc. | 218,016 | 6,992 |
Carter’s Inc. | 92,008 | 6,605 | |
* | Tenneco Inc. | 108,044 | 6,112 |
* | Darling International Inc. | 281,194 | 5,871 |
* | Tempur Sealy International | ||
Inc. | 107,497 | 5,801 | |
Wolverine World Wide Inc. | 169,876 | 5,769 | |
Scotts Miracle-Gro Co. | |||
Class A | 82,547 | 5,136 | |
Dana Holding Corp. | 261,309 | 5,127 | |
* | Deckers Outdoor Corp. | 58,331 | 4,927 |
Pool Corp. | 77,552 | 4,509 | |
Thor Industries Inc. | 80,658 | 4,455 | |
* | Zynga Inc. Class A | 1,114,467 | 4,235 |
* | TreeHouse Foods Inc. | 61,446 | 4,235 |
* | Steven Madden Ltd. | 110,162 | 4,031 |
* | Boston Beer Co. Inc. | ||
Class A | 15,730 | 3,803 | |
* | Iconix Brand Group Inc. | 90,273 | 3,584 |
Ryland Group Inc. | 82,262 | 3,571 | |
B&G Foods Inc. | 95,329 | 3,233 | |
Lancaster Colony Corp. | 36,473 | 3,215 | |
HNI Corp. | 80,369 | 3,121 | |
* | Dorman Products Inc. | 55,041 | 3,086 |
KB Home | 167,815 | 3,068 | |
Interface Inc. Class A | 138,984 | 3,052 | |
Herman Miller Inc. | 99,446 | 2,936 | |
La-Z-Boy Inc. | 93,624 | 2,902 | |
Schweitzer-Mauduit | |||
International Inc. | 55,953 | 2,880 |
13
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | G-III Apparel Group Ltd. | 38,759 | 2,860 |
* | Take-Two Interactive | ||
Software Inc. | 163,939 | 2,848 | |
Andersons Inc. | 31,589 | 2,817 | |
* | Meritage Homes Corp. | 57,712 | 2,770 |
Dean Foods Co. | 158,810 | 2,730 | |
* | Post Holdings Inc. | 54,814 | 2,701 |
* | TiVo Inc. | 205,588 | 2,697 |
Spectrum Brands Holdings | |||
Inc. | 37,731 | 2,662 | |
Snyders-Lance Inc. | 92,575 | 2,659 | |
Cooper Tire & Rubber Co. | 109,947 | 2,643 | |
Sanderson Farms Inc. | 36,498 | 2,640 | |
* | American Axle | ||
& Manufacturing | |||
Holdings Inc. | 122,929 | 2,514 | |
Drew Industries Inc. | 47,732 | 2,444 | |
* | Helen of Troy Ltd. | 48,899 | 2,421 |
* | Standard Pacific Corp. | 265,558 | 2,403 |
* | MDC Holdings Inc. | 73,330 | 2,364 |
* | Crocs Inc. | 147,151 | 2,343 |
Universal Corp. | 42,146 | 2,301 | |
J&J Snack Foods Corp. | 25,083 | 2,222 | |
Briggs & Stratton Corp. | 99,843 | 2,173 | |
Steelcase Inc. Class A | 135,854 | 2,155 | |
* | iRobot Corp. | 61,428 | 2,136 |
Cal-Maine Foods Inc. | 35,210 | 2,121 | |
Jones Group Inc. | 139,141 | 2,082 | |
Movado Group Inc. | 46,570 | 2,050 | |
Columbia Sportswear Co. | 24,945 | 1,964 | |
* | Select Comfort Corp. | 92,887 | 1,959 |
Fresh Del Monte Produce | |||
Inc. | 66,679 | 1,887 | |
Ethan Allen Interiors Inc. | 61,186 | 1,861 | |
Arctic Cat Inc. | 32,619 | 1,859 | |
* | Beazer Homes USA Inc. | 75,499 | 1,844 |
Pinnacle Foods Inc. | 67,096 | 1,842 | |
Inter Parfums Inc. | 49,640 | 1,778 | |
Knoll Inc. | 92,803 | 1,699 | |
* | Federal-Mogul Corp. | 84,733 | 1,668 |
WD-40 Co. | 22,291 | 1,665 | |
* | Elizabeth Arden Inc. | 45,564 | 1,615 |
* | Skechers U.S.A. Inc. | ||
Class A | 48,622 | 1,611 | |
Oxford Industries Inc. | 19,939 | 1,608 | |
* | ACCO Brands Corp. | 236,321 | 1,588 |
Vector Group Ltd. | 95,365 | 1,561 | |
Standard Motor Products | |||
Inc. | 42,114 | 1,550 | |
* | Gentherm Inc. | 54,981 | 1,474 |
* | Boulder Brands Inc. | 92,342 | 1,465 |
* | Unifi Inc. | 53,611 | 1,460 |
* | Blount International Inc. | 100,139 | 1,449 |
* | Quiksilver Inc. | 161,250 | 1,414 |
* | Cavco Industries Inc. | 19,933 | 1,369 |
* | Winnebago Industries Inc. | 49,197 | 1,350 |
* | Tumi Holdings Inc. | 58,875 | 1,328 |
Callaway Golf Co. | 150,875 | 1,272 | |
* | Chiquita Brands | ||
International Inc. | 106,986 | 1,252 | |
* | Pilgrim’s Pride Corp. | 74,835 | 1,216 |
*,^ | Eastman Kodak Co. | 33,579 | 1,166 |
* | Medifast Inc. | 44,323 | 1,158 |
* | Diamond Foods Inc. | 44,706 | 1,155 |
* | Seaboard Corp. | 404 | 1,129 |
Titan International Inc. | 61,015 | 1,097 | |
Coty Inc. Class A | 70,303 | 1,072 | |
Tootsie Roll Industries Inc. | 31,863 | 1,037 | |
* | Jamba Inc. | 80,460 | 1,000 |
* | Modine Manufacturing Co. | 76,207 | 977 |
* | USANA Health Sciences Inc. | 12,667 | 957 |
* | Farmer Bros Co. | 40,037 | 931 |
Coca-Cola Bottling Co. | |||
Consolidated | 12,693 | 929 | |
Nutrisystem Inc. | 56,474 | 928 | |
Bassett Furniture Industries | |||
Inc. | 57,962 | 886 | |
* | Hovnanian Enterprises Inc. | ||
Class A | 132,228 | 875 | |
* | DTS Inc. | 36,277 | 870 |
* | Motorcar Parts of America | ||
Inc. | 44,446 | 858 | |
Lennar Corp. Class B | 24,500 | 826 | |
* | Vera Bradley Inc. | 31,393 | 755 |
* | Taylor Morrison Home Corp. | ||
Class A | 33,360 | 749 | |
* | Alliance One International | ||
Inc. | 242,577 | 740 | |
John B Sanfilippo | |||
& Son Inc. | 29,175 | 720 | |
Calavo Growers Inc. | 23,459 | 710 | |
Alico Inc. | 18,161 | 706 | |
Superior Industries | |||
International Inc. | 33,358 | 688 | |
* | Annie’s Inc. | 15,961 | 687 |
* | Universal Electronics Inc. | 17,849 | 680 |
* | Nautilus Inc. | 78,852 | 665 |
* | M/I Homes Inc. | 25,860 | 658 |
* | LeapFrog Enterprises Inc. | 82,851 | 658 |
* | Fuel Systems Solutions Inc. | 47,162 | 654 |
Flexsteel Industries Inc. | 20,912 | 643 | |
* | Central Garden and Pet Co. | ||
Class A | 94,279 | 636 | |
^ | Blyth Inc. | 57,374 | 624 |
* | Dixie Group Inc. | 43,512 | 574 |
* | Perry Ellis International Inc. | 34,725 | 548 |
* | Revlon Inc. Class A | 20,904 | 522 |
Cherokee Inc. | 37,406 | 516 | |
* | RealD Inc. | 60,308 | 515 |
Female Health Co. | 52,115 | 443 |
14
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Omega Protein Corp. | 35,618 | 438 |
Marine Products Corp. | 43,390 | 436 | |
Culp Inc. | 19,518 | 399 | |
* | Central Garden and Pet Co. | 57,588 | 396 |
* | National Presto Industries | ||
Inc. | 4,899 | 394 | |
* | Shiloh Industries Inc. | 19,708 | 384 |
JAKKS Pacific Inc. | 54,838 | 369 | |
* | Stoneridge Inc. | 28,131 | 359 |
* | Costa Inc. | 15,768 | 343 |
Lifeway Foods Inc. | 20,817 | 333 | |
* | National Beverage Corp. | 16,499 | 333 |
* | Libbey Inc. | 13,412 | 282 |
*,^ | Ceres Inc. | 189,734 | 262 |
Strattec Security Corp. | 5,741 | 256 | |
Hooker Furniture Corp. | 15,189 | 253 | |
* | Inventure Foods Inc. | 18,959 | 251 |
Weyco Group Inc. | 8,341 | 245 | |
Limoneira Co. | 9,066 | 241 | |
* | Star Scientific Inc. | 180,428 | 209 |
* | Black Diamond Inc. | 15,067 | 201 |
Oil-Dri Corp. of America | 5,175 | 196 | |
* | S&W Seed Co. | 27,184 | 189 |
Griffin Land & Nurseries Inc. | 5,467 | 182 | |
* | Nutraceutical International | ||
Corp. | 6,463 | 173 | |
*,^ | American Apparel Inc. | 137,863 | 170 |
LS Starrett Co. Class A | 11,175 | 163 | |
*,^ | Quantum Fuel Systems | ||
Technologies | |||
Worldwide Inc. | 20,411 | 159 | |
Escalade Inc. | 13,447 | 158 | |
* | Core Molding Technologies | ||
Inc. | 11,460 | 157 | |
* | Vince Holding Corp. | 4,741 | 145 |
* | Craft Brew Alliance Inc. | 8,811 | 145 |
* | Coffee Holding Co. Inc. | 27,694 | 141 |
*,^ | Comstock Holding Cos. Inc. | ||
Class A | 69,475 | 139 | |
Lifetime Brands Inc. | 8,735 | 137 | |
*,^ | Glu Mobile Inc. | 34,819 | 135 |
Johnson Outdoors Inc. | |||
Class A | 4,806 | 130 | |
* | Zagg Inc. | 28,548 | 124 |
* | LoJack Corp. | 30,922 | 112 |
* | Mannatech Inc. | 6,299 | 107 |
* | Primo Water Corp. | 37,917 | 100 |
* | Skullcandy Inc. | 11,413 | 82 |
* | Delta Apparel Inc. | 4,553 | 77 |
* | Natural Alternatives | ||
International Inc. | 11,666 | 65 | |
* | Lifevantage Corp. | 37,842 | 62 |
* | Majesco Entertainment Co. | 104,462 | 62 |
* | Stanley Furniture Co. Inc. | 15,291 | 59 |
* | Seneca Foods Corp. | ||
Class A | 1,806 | 58 | |
MGP Ingredients Inc. | 9,902 | 51 | |
Nature’s Sunshine Products | |||
Inc. | 2,785 | 48 | |
* | Tower International Inc. | 1,908 | 41 |
RG Barry Corp. | 2,074 | 40 | |
* | Kid Brands Inc. | 37,410 | 38 |
* | Summer Infant Inc. | 19,700 | 36 |
* | Emerson Radio Corp. | 18,733 | 36 |
CCA Industries Inc. | 11,733 | 35 | |
Rocky Brands Inc. | 2,299 | 33 | |
Orchids Paper Products Co. | 1,003 | 33 | |
Reliv International Inc. | 10,512 | 29 | |
* | WCI Communities Inc. | 1,200 | 23 |
*,^ | Clean Diesel Technologies | ||
Inc. | 14,310 | 21 | |
* | US Auto Parts Network Inc. | 8,487 | 21 |
* | Skyline Corp. | 3,395 | 17 |
Crown Crafts Inc. | 1,800 | 14 | |
Compx International Inc. | 965 | 14 | |
Acme United Corp. | 900 | 13 | |
* | Willamette Valley Vineyards | ||
Inc. | 1,400 | 9 | |
Golden Enterprises Inc. | 755 | 3 | |
* | Cyanotech Corp. | 597 | 3 |
* | Joe’s Jeans Inc. | 398 | — |
* | Crystal Rock Holdings Inc. | 80 | — |
3,671,560 | |||
Consumer Services (13.4%) | |||
* | Amazon.com Inc. | 649,696 | 259,092 |
Wal-Mart Stores Inc. | 2,870,354 | 225,868 | |
Comcast Corp. Class A | 4,331,246 | 225,073 | |
Walt Disney Co. | 2,805,842 | 214,366 | |
Home Depot Inc. | 2,498,330 | 205,712 | |
McDonald’s Corp. | 1,765,312 | 171,288 | |
CVS Caremark Corp. | 2,111,693 | 151,134 | |
Twenty-First Century Fox | |||
Inc. Class A | 3,343,124 | 117,611 | |
* | eBay Inc. | 2,067,072 | 113,462 |
Time Warner Inc. | 1,524,864 | 106,314 | |
* | priceline.com Inc. | 91,238 | 106,055 |
Starbucks Corp. | 1,270,142 | 99,566 | |
Costco Wholesale Corp. | 780,112 | 92,841 | |
Lowe’s Cos. Inc. | 1,855,482 | 91,939 | |
Walgreen Co. | 1,516,359 | 87,100 | |
TJX Cos. Inc. | 1,198,623 | 76,388 | |
Target Corp. | 1,121,435 | 70,953 | |
Time Warner Cable Inc. | 500,118 | 67,766 | |
McKesson Corp. | 407,629 | 65,791 | |
CBS Corp. Class B | 1,007,511 | 64,219 | |
Viacom Inc. Class B | 718,694 | 62,771 | |
* | DIRECTV | 885,666 | 61,191 |
Yum! Brands Inc. | 790,063 | 59,737 | |
Las Vegas Sands Corp. | 654,423 | 51,614 |
15
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Delta Air Lines Inc. | 1,517,882 | 41,696 | |
Cardinal Health Inc. | 605,910 | 40,481 | |
Whole Foods Market Inc. | 660,280 | 38,184 | |
Sysco Corp. | 1,031,851 | 37,250 | |
* | Netflix Inc. | 99,868 | 36,768 |
Macy’s Inc. | 653,144 | 34,878 | |
* | Dollar General Corp. | 568,256 | 34,277 |
Kroger Co. | 864,700 | 34,182 | |
Omnicom Group Inc. | 456,624 | 33,959 | |
Carnival Corp. | 840,199 | 33,751 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 54,903 | 29,251 | |
* | Bed Bath & Beyond Inc. | 361,975 | 29,067 |
* | AutoZone Inc. | 60,406 | 28,870 |
AmerisourceBergen Corp. | |||
Class A | 408,180 | 28,699 | |
Wynn Resorts Ltd. | 143,629 | 27,894 | |
Ross Stores Inc. | 365,300 | 27,372 | |
L Brands Inc. | 437,757 | 27,075 | |
Starwood Hotels | |||
& Resorts Worldwide Inc. | 339,805 | 26,998 | |
* | Liberty Interactive Corp. | ||
Class A | 850,757 | 24,970 | |
* | Liberty Media Corp. | ||
Class A | 166,697 | 24,413 | |
* | United Continental | ||
Holdings Inc. | 642,067 | 24,289 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 259,948 | 23,504 | |
Southwest Airlines Co. | 1,236,072 | 23,288 | |
* | O’Reilly Automotive Inc. | 180,899 | 23,284 |
* | Hertz Global Holdings Inc. | 796,551 | 22,797 |
* | DISH Network Corp. | ||
Class A | 369,806 | 21,419 | |
Nielsen Holdings NV | 435,621 | 19,991 | |
* | Dollar Tree Inc. | 350,762 | 19,790 |
Kohl’s Corp. | 341,962 | 19,406 | |
Best Buy Co. Inc. | 484,693 | 19,330 | |
Tractor Supply Co. | 247,665 | 19,214 | |
Gap Inc. | 477,998 | 18,680 | |
* | CarMax Inc. | 396,297 | 18,634 |
Staples Inc. | 1,159,685 | 18,427 | |
Tiffany & Co. | 193,102 | 17,916 | |
* | Sirius XM Holdings Inc. | 4,898,259 | 17,095 |
Marriott International Inc. | |||
Class A | 345,493 | 17,054 | |
Wyndham Worldwide | |||
Corp. | 231,169 | 17,035 | |
* | Charter Communications | ||
Inc. Class A | 120,188 | 16,437 | |
* | TripAdvisor Inc. | 194,919 | 16,145 |
Nordstrom Inc. | 257,359 | 15,905 | |
* | News Corp. Class A | 867,595 | 15,634 |
* | MGM Resorts | ||
International | 652,171 | 15,339 | |
Comcast Corp. | 291,952 | 14,563 | |
Advance Auto Parts Inc. | 129,344 | 14,316 | |
Safeway Inc. | 437,916 | 14,263 | |
H&R Block Inc. | 484,835 | 14,080 | |
PetSmart Inc. | 184,022 | 13,388 | |
Interpublic Group of Cos. | |||
Inc. | 738,559 | 13,072 | |
Darden Restaurants Inc. | 231,722 | 12,599 | |
Expedia Inc. | 177,303 | 12,351 | |
* | IHS Inc. Class A | 101,479 | 12,147 |
Scripps Networks | |||
Interactive Inc. Class A | 138,911 | 12,003 | |
Gannett Co. Inc. | 404,435 | 11,963 | |
* | Discovery | ||
Communications Inc. | 142,520 | 11,952 | |
Family Dollar Stores Inc. | 173,761 | 11,289 | |
Signet Jewelers Ltd. | 142,426 | 11,209 | |
Royal Caribbean Cruises | |||
Ltd. | 234,303 | 11,111 | |
Omnicare Inc. | 182,845 | 11,037 | |
Foot Locker Inc. | 263,558 | 10,922 | |
* | Ulta Salon Cosmetics | ||
& Fragrance Inc. | 108,417 | 10,464 | |
Dick’s Sporting Goods Inc. | 179,149 | 10,409 | |
GNC Holdings Inc. Class A | 168,680 | 9,859 | |
GameStop Corp. Class A | 197,242 | 9,716 | |
Dunkin’ Brands Group Inc. | 189,469 | 9,132 | |
Alaska Air Group Inc. | 123,451 | 9,058 | |
* | Sally Beauty Holdings Inc. | 290,973 | 8,796 |
* | Panera Bread Co. Class A | 47,725 | 8,433 |
Williams-Sonoma Inc. | 144,670 | 8,431 | |
*,^ | American Airlines Group | ||
Inc. | 332,347 | 8,392 | |
* | Groupon Inc. | 709,330 | 8,349 |
Dun & Bradstreet Corp. | 67,929 | 8,338 | |
* | Rite Aid Corp. | 1,626,450 | 8,230 |
International Game | |||
Technology | 442,008 | 8,027 | |
FactSet Research | |||
Systems Inc. | 72,836 | 7,909 | |
* | Avis Budget Group Inc. | 190,396 | 7,696 |
* | Lamar Advertising Co. | ||
Class A | 142,128 | 7,426 | |
* | Copart Inc. | 200,820 | 7,360 |
* | Pandora Media Inc. | 276,019 | 7,342 |
* | Urban Outfitters Inc. | 196,288 | 7,282 |
* | AMC Networks Inc. | ||
Class A | 102,600 | 6,988 | |
KAR Auction Services Inc. | 234,234 | 6,922 | |
Domino’s Pizza Inc. | 98,954 | 6,892 | |
* | Yelp Inc. Class A | 96,830 | 6,676 |
Sotheby’s | 122,111 | 6,496 | |
Service Corp. International | 357,826 | 6,487 |
16
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Cablevision Systems Corp. | |||
Class A | 360,332 | 6,461 | |
* | AutoNation Inc. | 129,919 | 6,456 |
* | United Natural Foods Inc. | 83,721 | 6,312 |
DSW Inc. Class A | 147,468 | 6,301 | |
* | Madison Square Garden | ||
Co. Class A | 106,913 | 6,156 | |
Cinemark Holdings Inc. | 184,480 | 6,149 | |
* | Spirit Airlines Inc. | 129,180 | 5,866 |
Brinker International Inc. | 119,214 | 5,524 | |
* | Bally Technologies Inc. | 69,350 | 5,441 |
* | Cabela’s Inc. | 81,570 | 5,437 |
* | Graham Holdings Co. | ||
Class B | 7,737 | 5,132 | |
Chico’s FAS Inc. | 269,834 | 5,084 | |
* | Sprouts Farmers Market | ||
Inc. | 129,982 | 4,995 | |
* | Acxiom Corp. | 133,689 | 4,944 |
* | Apollo Education Group Inc. | 180,778 | 4,939 |
* | Starz | 168,801 | 4,936 |
* | Buffalo Wild Wings Inc. | 33,435 | 4,922 |
* | Live Nation Entertainment | ||
Inc. | 248,075 | 4,902 | |
* | Ascena Retail Group Inc. | 228,995 | 4,846 |
Vail Resorts Inc. | 64,060 | 4,819 | |
* | Lumber Liquidators | ||
Holdings Inc. | 46,686 | 4,804 | |
Casey’s General Stores Inc. | 68,351 | 4,802 | |
Sinclair Broadcast | |||
Group Inc. Class A | 131,562 | 4,701 | |
CST Brands Inc. | 127,570 | 4,684 | |
Cracker Barrel Old Country | |||
Store Inc. | 42,290 | 4,655 | |
Dillard’s Inc. Class A | 47,874 | 4,654 | |
* | HomeAway Inc. | 113,793 | 4,652 |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 127,555 | 4,524 | |
Abercrombie & Fitch Co. | 137,223 | 4,516 | |
* | Office Depot Inc. | 846,828 | 4,480 |
* | JC Penney Co. Inc. | 487,575 | 4,461 |
* | VCA Antech Inc. | 141,825 | 4,448 |
American Eagle Outfitters | |||
Inc. | 308,484 | 4,442 | |
Harris Teeter | |||
Supermarkets Inc. | 88,088 | 4,347 | |
John Wiley & Sons Inc. | |||
Class A | 78,599 | 4,339 | |
Cheesecake Factory Inc. | 89,577 | 4,324 | |
Burger King Worldwide Inc. | 187,383 | 4,284 | |
Wendy’s Co. | 487,420 | 4,250 | |
* | Sears Holdings Corp. | 85,362 | 4,186 |
Men’s Wearhouse Inc. | 80,839 | 4,129 | |
* | DreamWorks Animation | ||
SKG Inc. Class A | 114,734 | 4,073 |
Six Flags Entertainment | |||
Corp. | 110,070 | 4,053 | |
* | Hyatt Hotels Corp. Class A | 78,518 | 3,883 |
Lions Gate Entertainment | |||
Corp. | 122,393 | 3,875 | |
* | Jack in the Box Inc. | 76,753 | 3,839 |
Pier 1 Imports Inc. | 166,248 | 3,837 | |
* | Hilton Worldwide Holdings | ||
Inc. | 172,283 | 3,833 | |
Aaron’s Inc. | 129,091 | 3,795 | |
PriceSmart Inc. | 32,348 | 3,737 | |
* | JetBlue Airways Corp. | 427,092 | 3,652 |
New York Times Co. | |||
Class A | 225,035 | 3,571 | |
Rollins Inc. | 116,909 | 3,541 | |
* | Conn’s Inc. | 44,920 | 3,539 |
HSN Inc. | 56,520 | 3,521 | |
* | Beacon Roofing Supply Inc. | 87,118 | 3,509 |
* | Grand Canyon Education Inc. | 80,467 | 3,508 |
* | Restoration Hardware | ||
Holdings Inc. | 51,930 | 3,495 | |
Penske Automotive Group | |||
Inc. | 72,433 | 3,416 | |
* | Five Below Inc. | 77,100 | 3,331 |
* | SolarCity Corp. | 58,073 | 3,300 |
Guess? Inc. | 105,962 | 3,292 | |
* | Murphy USA Inc. | 78,899 | 3,279 |
* | Shutterfly Inc. | 64,281 | 3,274 |
* | Dolby Laboratories Inc. | ||
Class A | 84,028 | 3,240 | |
* | Life Time Fitness Inc. | 68,389 | 3,214 |
DeVry Education Group Inc. | 90,061 | 3,197 | |
Meredith Corp. | 61,639 | 3,193 | |
* | Big Lots Inc. | 98,660 | 3,186 |
Texas Roadhouse Inc. | |||
Class A | 113,091 | 3,144 | |
Hillenbrand Inc. | 106,653 | 3,138 | |
*,^ | Hibbett Sports Inc. | 46,213 | 3,106 |
Rent-A-Center Inc. | 90,527 | 3,018 | |
Monro Muffler Brake Inc. | 53,242 | 3,001 | |
* | WebMD Health Corp. | 75,414 | 2,979 |
* | OpenTable Inc. | 37,398 | 2,968 |
* | Asbury Automotive Group | ||
Inc. | 55,220 | 2,968 | |
* | Genesco Inc. | 40,420 | 2,953 |
* | ValueClick Inc. | 125,195 | 2,926 |
Morningstar Inc. | 36,776 | 2,872 | |
* | Orient-Express Hotels Ltd. | ||
Class A | 189,626 | 2,865 | |
* | ANN Inc. | 77,872 | 2,847 |
Choice Hotels International | |||
Inc. | 57,526 | 2,825 | |
Allegiant Travel Co. | |||
Class A | 26,585 | 2,803 | |
* | Fresh Market Inc. | 69,022 | 2,795 |
17
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Group 1 Automotive Inc. | 39,085 | 2,776 | |
Brown Shoe Co. Inc. | 98,504 | 2,772 | |
Papa John’s International | |||
Inc. | 60,608 | 2,752 | |
* | Jos A Bank Clothiers Inc. | 49,967 | 2,735 |
Regal Entertainment Group | |||
Class A | 140,407 | 2,731 | |
Lithia Motors Inc. Class A | 39,325 | 2,730 | |
Bob Evans Farms Inc. | 53,533 | 2,708 | |
Buckle Inc. | 51,428 | 2,703 | |
SeaWorld Entertainment | |||
Inc. | 92,751 | 2,668 | |
* | SUPERVALU Inc. | 364,287 | 2,656 |
Valassis Communications | |||
Inc. | 77,298 | 2,647 | |
* | Vitamin Shoppe Inc. | 50,717 | 2,638 |
* | Express Inc. | 141,187 | 2,636 |
Churchill Downs Inc. | 29,122 | 2,611 | |
Chemed Corp. | 33,981 | 2,604 | |
* | Pinnacle Entertainment Inc. | 98,259 | 2,554 |
* | AMERCO | 10,214 | 2,429 |
* | Constant Contact Inc. | 76,335 | 2,372 |
* | Marriott Vacations | ||
Worldwide Corp. | 44,874 | 2,368 | |
Finish Line Inc. Class A | 83,640 | 2,356 | |
Twenty-First Century Fox | |||
Inc. | 67,534 | 2,337 | |
* | Ascent Capital Group Inc. | ||
Class A | 26,982 | 2,309 | |
* | Susser Holdings Corp. | 34,911 | 2,286 |
Interval Leisure Group Inc. | 73,647 | 2,276 | |
* | AFC Enterprises Inc. | 58,328 | 2,246 |
* | Krispy Kreme | ||
Doughnuts Inc. | 116,343 | 2,244 | |
* | Children’s Place Retail | ||
Stores Inc. | 38,863 | 2,214 | |
Nexstar Broadcasting | |||
Group Inc. Class A | 37,904 | 2,112 | |
Scholastic Corp. | 61,519 | 2,092 | |
^ | Weight Watchers | ||
International Inc. | 62,279 | 2,051 | |
* | Gray Television Inc. | 135,218 | 2,012 |
CEC Entertainment Inc. | 44,132 | 1,954 | |
DineEquity Inc. | 23,215 | 1,940 | |
Matthews International | |||
Corp. Class A | 43,981 | 1,874 | |
* | Scientific Games Corp. | ||
Class A | 110,312 | 1,868 | |
* | BJ’s Restaurants Inc. | 59,743 | 1,856 |
* | Angie’s List Inc. | 122,246 | 1,852 |
Capella Education Co. | 27,503 | 1,827 | |
* | Biglari Holdings Inc. | 3,606 | 1,827 |
* | Denny’s Corp. | 245,522 | 1,765 |
Cato Corp. Class A | 55,296 | 1,758 | |
* | Carmike Cinemas Inc. | 62,544 | 1,741 |
* | American Public Education | ||
Inc. | 39,240 | 1,706 | |
* | Francesca’s Holdings Corp. | 91,799 | 1,690 |
* | Red Robin Gourmet | ||
Burgers Inc. | 22,723 | 1,671 | |
* | Rush Enterprises Inc. | ||
Class A | 54,875 | 1,627 | |
National CineMedia Inc. | 80,603 | 1,609 | |
* | Bloomin’ Brands Inc. | 66,284 | 1,591 |
* | Clean Energy Fuels Corp. | 122,534 | 1,578 |
International Speedway | |||
Corp. Class A | 43,795 | 1,554 | |
* | Fiesta Restaurant Group | ||
Inc. | 29,380 | 1,535 | |
* | ARAMARK Holdings Corp. | 57,589 | 1,510 |
* | Penn National Gaming Inc. | 104,846 | 1,502 |
Spartan Stores Inc. | 61,627 | 1,496 | |
* | Boyd Gaming Corp. | 129,542 | 1,459 |
* | Sonic Corp. | 71,555 | 1,445 |
* | Cumulus Media Inc. | ||
Class A | 184,164 | 1,424 | |
* | Liquidity Services Inc. | 60,900 | 1,380 |
Regis Corp. | 93,866 | 1,362 | |
* | Caesars Entertainment | ||
Corp. | 63,209 | 1,362 | |
* | Blue Nile Inc. | 28,870 | 1,359 |
SkyWest Inc. | 90,867 | 1,348 | |
Clear Channel Outdoor | |||
Holdings Inc. Class A | 129,566 | 1,314 | |
* | Pep Boys-Manny Moe | ||
& Jack | 104,586 | 1,270 | |
Haverty Furniture Cos. Inc. | 39,279 | 1,229 | |
* | Overstock.com Inc. | 39,750 | 1,224 |
* | Barnes & Noble Inc. | 81,523 | 1,219 |
* | Aeropostale Inc. | 133,279 | 1,211 |
* | Multimedia Games Holding | ||
Co. Inc. | 37,563 | 1,178 | |
Carriage Services Inc. | |||
Class A | 59,816 | 1,168 | |
*,^ | Media General Inc. | 51,127 | 1,155 |
* | Digital Generation Inc. | 86,064 | 1,097 |
* | ITT Educational Services Inc. | 32,637 | 1,096 |
* | Autobytel Inc. | 71,508 | 1,082 |
Big 5 Sporting Goods Corp. | 53,927 | 1,069 | |
Core-Mark Holding Co. Inc. | 14,036 | 1,066 | |
* | Demand Media Inc. | 184,614 | 1,065 |
* | America’s Car-Mart Inc. | 24,768 | 1,046 |
* | Tuesday Morning Corp. | 65,153 | 1,040 |
* | Hawaiian Holdings Inc. | 107,497 | 1,035 |
Weis Markets Inc. | 19,554 | 1,028 | |
* | XO Group Inc. | 69,131 | 1,027 |
* | Marchex Inc. Class B | 118,295 | 1,023 |
* | Pantry Inc. | 60,815 | 1,020 |
Sonic Automotive Inc. | |||
Class A | 41,616 | 1,019 |
18
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | comScore Inc. | 35,257 | 1,009 |
PetMed Express Inc. | 60,247 | 1,002 | |
Fred’s Inc. Class A | 51,257 | 949 | |
Ingles Markets Inc. Class A | 34,931 | 947 | |
* | Christopher & Banks Corp. | 109,881 | 938 |
MDC Partners Inc. Class A | 36,122 | 921 | |
* | Bankrate Inc. | 50,285 | 902 |
AH Belo Corp. Class A | 119,630 | 894 | |
* | Career Education Corp. | 149,754 | 854 |
Town Sports International | |||
Holdings Inc. | 57,535 | 849 | |
* | Bright Horizons Family | ||
Solutions Inc. | 22,373 | 822 | |
Stage Stores Inc. | 36,773 | 817 | |
Bon-Ton Stores Inc. | 49,948 | 813 | |
* | Kirkland’s Inc. | 33,879 | 802 |
* | Strayer Education Inc. | 23,214 | 800 |
* | K12 Inc. | 36,454 | 793 |
* | Extended Stay America Inc. | 29,448 | 773 |
* | Ruby Tuesday Inc. | 111,312 | 771 |
* | Avid Technology Inc. | 93,818 | 765 |
CSS Industries Inc. | 26,359 | 756 | |
* | Steiner Leisure Ltd. | 15,018 | 739 |
* | Build-A-Bear Workshop Inc. | 97,303 | 735 |
* | Natural Grocers by Vitamin | ||
Cottage Inc. | 17,223 | 731 | |
* | hhgregg Inc. | 52,111 | 728 |
* | Stamps.com Inc. | 17,056 | 718 |
* | EW Scripps Co. Class A | 31,832 | 691 |
Harte-Hanks Inc. | 88,173 | 690 | |
* | Entercom Communications | ||
Corp. Class A | 64,518 | 678 | |
* | Republic Airways Holdings | ||
Inc. | 62,776 | 671 | |
bebe stores inc | 124,638 | 663 | |
* | Isle of Capri Casinos Inc. | 71,209 | 641 |
* | Zumiez Inc. | 23,621 | 614 |
* | Citi Trends Inc. | 35,892 | 610 |
* | Chuy’s Holdings Inc. | 16,760 | 604 |
* | MarineMax Inc. | 37,356 | 601 |
* | FTD Cos. Inc. | 18,256 | 595 |
*,^ | Titan Machinery Inc. | 33,280 | 593 |
* | Destination XL Group Inc. | 88,423 | 581 |
* | Journal Communications | ||
Inc. Class A | 59,418 | 553 | |
Shoe Carnival Inc. | 18,658 | 541 | |
* | Chefs’ Warehouse Inc. | 18,510 | 540 |
Destination Maternity Corp. | 17,667 | 528 | |
* | 1-800-Flowers.com Inc. | ||
Class A | 96,831 | 524 | |
*,^ | Dex Media Inc. | 77,171 | 523 |
* | Orbitz Worldwide Inc. | 70,430 | 506 |
* | Bravo Brio Restaurant | ||
Group Inc. | 30,394 | 495 |
* | Fairway Group Holdings | ||
Corp. | 27,085 | 491 | |
* | Bridgepoint Education Inc. | 26,929 | 477 |
World Wrestling | |||
Entertainment Inc. Class A | 28,341 | 470 | |
Einstein Noah Restaurant | |||
Group Inc. | 32,068 | 465 | |
* | Mattress Firm Holding Corp. | 10,751 | 463 |
* | Pacific Sunwear | ||
of California Inc. | 137,155 | 458 | |
Entravision | |||
Communications Corp. | |||
Class A | 75,157 | 458 | |
* | Cache Inc. | 83,654 | 454 |
* | Century Casinos Inc. | 84,816 | 442 |
* | Tile Shop Holdings Inc. | 24,203 | 437 |
* | Zale Corp. | 27,524 | 434 |
*,^ | RadioShack Corp. | 160,675 | 418 |
* | Famous Dave’s | ||
Of America Inc. | 22,456 | 411 | |
* | TheStreet Inc. | 181,048 | 409 |
* | Del Frisco’s Restaurant | ||
Group Inc. | 17,079 | 403 | |
Marcus Corp. | 29,228 | 393 | |
Stein Mart Inc. | 29,159 | 392 | |
* | Lee Enterprises Inc. | 110,835 | 385 |
Collectors Universe Inc. | 22,168 | 380 | |
* | ValueVision Media Inc. | ||
Class A | 54,289 | 379 | |
* | Monarch Casino | ||
& Resort Inc. | 18,767 | 377 | |
* | McClatchy Co. Class A | 102,847 | 350 |
Courier Corp. | 19,237 | 348 | |
* | RealNetworks Inc. | 45,580 | 344 |
Speedway Motorsports Inc. | 17,188 | 341 | |
* | Corinthian Colleges Inc. | 190,849 | 340 |
* | Noodles & Co. Class A | 9,400 | 338 |
Ruth’s Hospitality Group | |||
Inc. | 22,409 | 318 | |
*,^ | Pizza Inn Holdings Inc. | 39,164 | 318 |
* | Morgans Hotel Group Co. | 37,126 | 302 |
* | RetailMeNot Inc. | 10,300 | 297 |
* | Carrols Restaurant Group | ||
Inc. | 41,511 | 274 | |
* | Luby’s Inc. | 33,656 | 260 |
* | Spark Networks Inc. | 41,935 | 258 |
* | Gaiam Inc. Class A | 33,286 | 220 |
* | Container Store Group Inc. | 4,572 | 213 |
* | Wet Seal Inc. Class A | 76,247 | 208 |
* | QuinStreet Inc. | 23,346 | 203 |
* | Daily Journal Corp. | 1,060 | 196 |
* | Cosi Inc. | 112,228 | 189 |
* | Speed Commerce Inc. | 39,661 | 185 |
* | Providence Service Corp. | 7,023 | 181 |
* | Books-A-Million Inc. | 77,721 | 180 |
19
Institutional Total Stock Market Index Fund
* | Education Management | ||
Corp. | 16,771 | 169 | |
* | Burlington Stores Inc. | 5,097 | 163 |
Saga Communications Inc. | |||
Class A | 3,223 | 162 | |
* | West Marine Inc. | 11,266 | 160 |
* | SP Plus Corp. | 5,985 | 156 |
* | Martha Stewart Living | ||
Omnimedia Inc. Class A | 37,013 | 155 | |
* | ReachLocal Inc. | 11,810 | 150 |
* | New York & Co. Inc. | 34,183 | 149 |
Frisch’s Restaurants Inc. | 5,460 | 140 | |
* | Ignite Restaurant Group Inc. | 10,589 | 132 |
Ambassadors Group Inc. | 27,831 | 129 | |
* | PDI Inc. | 26,259 | 126 |
* | Reading International Inc. | ||
Class A | 15,971 | 120 | |
* | Geeknet Inc. | 5,163 | 93 |
* | Body Central Corp. | 23,256 | 92 |
CBS Corp. Class A | 1,425 | 91 | |
* | Travelzoo Inc. | 4,200 | 90 |
* | Cambium Learning Group | ||
Inc. | 52,983 | 88 | |
* | Radio One Inc. | 22,730 | 86 |
* | Sears Hometown and | ||
Outlet Stores Inc. | 3,353 | 85 | |
Salem Communications | |||
Corp. Class A | 9,471 | 82 | |
Schawk Inc. Class A | 5,397 | 80 | |
* | Dover Downs Gaming | ||
& Entertainment Inc. | 52,774 | 78 | |
* | SFX Entertainment Inc. | 6,400 | 77 |
* | MTR Gaming Group Inc. | 14,610 | 75 |
Ark Restaurants Corp. | 3,300 | 73 | |
* | Vitacost.com Inc. | 11,886 | 69 |
* | JTH Holding Inc. Class A | 2,760 | 67 |
* | Learning Tree International | ||
Inc. | 20,728 | 65 | |
* | Potbelly Corp. | 2,535 | 62 |
* | dELiA*s Inc. | 67,004 | 59 |
* | Red Lion Hotels Corp. | 9,601 | 58 |
Mac-Gray Corp. | 2,621 | 56 | |
* | You On Demand Holdings | ||
Inc. | 23,900 | 54 | |
* | Perfumania Holdings Inc. | 8,079 | 51 |
Village Super Market Inc. | |||
Class A | 1,585 | 49 | |
* | Empire Resorts Inc. | 10,105 | 49 |
* | Trans World Entertainment | ||
Corp. | 9,095 | 40 | |
Arden Group Inc. | 315 | 40 | |
* | ALCO Stores Inc. | 4,176 | 39 |
* | Diversified Restaurant | ||
Holdings Inc. | 8,039 | 38 | |
* | Dover Saddlery Inc. | 7,100 | 38 |
Gordmans Stores Inc. | 4,163 | 32 | |
* | Rick’s Cabaret | ||
International Inc. | 2,364 | 27 | |
* | Emmis Communications | ||
Corp. Class A | 8,800 | 24 | |
Beasley Broadcasting | |||
Group Inc. Class A | 2,572 | 22 | |
National American | |||
University Holdings Inc. | 5,908 | 21 | |
* | Insignia Systems Inc. | 7,050 | 19 |
* | Bacterin International | ||
Holdings Inc. | 36,431 | 18 | |
* | Coldwater Creek Inc. | 22,413 | 17 |
* | Digital Cinema | ||
Destinations Corp. | |||
Class A | 2,800 | 16 | |
* | Lakes Entertainment Inc. | 3,047 | 12 |
Dover Motorsports Inc. | 4,709 | 12 | |
* | Hollywood Media Corp. | 7,061 | 10 |
* | Hastings Entertainment | ||
Inc. | 4,944 | 9 | |
* | DGSE Cos. Inc. | 3,314 | 7 |
* | Tilly’s Inc. Class A | 603 | 7 |
* | Radio One Inc. Class A | 1,680 | 6 |
* | Gaming Partners | ||
International Corp. | 609 | 5 | |
Educational Development | |||
Corp. | 1,122 | 3 | |
* | Envivio Inc. | 700 | 2 |
* | PCM Inc. | 63 | 1 |
* | Premier Exhibitions Inc. | 319 | — |
* | SPAR Group Inc. | 29 | — |
* | Sport Chalet Inc. Class A | 37 | — |
* | Universal Travel Group | 118 | — |
* | Sport Chalet Inc. Class B | 5 | — |
4,902,579 | |||
Financials (18.4%) | |||
Wells Fargo & Co. | 9,345,114 | 424,268 | |
JPMorgan Chase & Co. | 6,669,127 | 390,011 | |
* | Berkshire Hathaway Inc. | ||
Class B | 3,040,435 | 360,474 | |
Bank of America Corp. | 18,922,436 | 294,622 | |
Citigroup Inc. | 5,111,741 | 266,373 | |
Visa Inc. Class A | 898,748 | 200,133 | |
American Express Co. | 1,900,583 | 172,440 | |
MasterCard Inc. Class A | 184,887 | 154,466 | |
American International | |||
Group Inc. | 2,612,135 | 133,350 | |
US Bancorp | 3,240,057 | 130,898 | |
Goldman Sachs Group | |||
Inc. | 723,725 | 128,288 | |
MetLife Inc. | 1,690,538 | 91,154 | |
Simon Property Group | |||
Inc. | 550,591 | 83,778 |
20
Institutional Total Stock Market Index Fund
Market | ||
Value | ||
Shares | ($000) | |
Capital One Financial | ||
Corp. | 1,022,897 | 78,364 |
Morgan Stanley | 2,423,332 | 75,996 |
Prudential Financial Inc. | 817,899 | 75,427 |
PNC Financial Services | ||
Group Inc. | 944,054 | 73,240 |
Bank of New York | ||
Mellon Corp. | 2,037,586 | 71,193 |
BlackRock Inc. | 192,673 | 60,975 |
Travelers Cos. Inc. | 645,954 | 58,485 |
ACE Ltd. | 543,019 | 56,219 |
American Tower | ||
Corporation | 700,230 | 55,892 |
Aflac Inc. | 826,942 | 55,240 |
State Street Corp. | 739,895 | 54,301 |
Charles Schwab Corp. | 1,944,199 | 50,549 |
Discover Financial | ||
Services | 845,991 | 47,333 |
Marsh & McLennan | ||
Cos. Inc. | 973,642 | 47,085 |
BB&T Corp. | 1,250,598 | 46,672 |
IntercontinentalExchange | ||
Group Inc. | 204,032 | 45,891 |
Aon plc | 534,106 | 44,806 |
CME Group Inc. | 565,258 | 44,350 |
Allstate Corp. | 807,042 | 44,016 |
Chubb Corp. | 446,736 | 43,168 |
Franklin Resources Inc. | 727,531 | 42,000 |
Ameriprise Financial Inc. | 345,261 | 39,722 |
Public Storage | 259,499 | 39,060 |
McGraw Hill Financial Inc. | 480,422 | 37,569 |
T. Rowe Price Group Inc. | 439,820 | 36,844 |
SunTrust Banks Inc. | 951,099 | 35,010 |
Equity Residential | 639,474 | 33,170 |
Fifth Third Bancorp | 1,566,293 | 32,939 |
Prologis Inc. | 884,791 | 32,693 |
Weyerhaeuser Co. | 1,033,900 | 32,640 |
Moody’s Corp. | 381,674 | 29,950 |
Ventas Inc. | 521,757 | 29,886 |
HCP Inc. | 809,481 | 29,400 |
Hartford Financial | ||
Services Group Inc. | 793,215 | 28,738 |
Invesco Ltd. | 786,418 | 28,626 |
Health Care REIT Inc. | 512,221 | 27,440 |
Boston Properties Inc. | 271,277 | 27,228 |
Vornado Realty Trust | 298,760 | 26,527 |
Loews Corp. | 549,495 | 26,508 |
Progressive Corp. | 957,975 | 26,124 |
Host Hotels & Resorts | ||
Inc. | 1,341,729 | 26,083 |
AvalonBay Communities | ||
Inc. | 218,124 | 25,789 |
Principal Financial Group | ||
Inc. | 522,260 | 25,753 |
M&T Bank Corp. | 207,942 | 24,209 |
Regions Financial Corp. | 2,443,914 | 24,170 | |
Lincoln National Corp. | 465,414 | 24,025 | |
Northern Trust Corp. | 381,625 | 23,619 | |
KeyCorp | 1,590,876 | 21,350 | |
SLM Corp. | 774,005 | 20,341 | |
* | Affiliated Managers | ||
Group Inc. | 93,738 | 20,330 | |
General Growth | |||
Properties Inc. | 969,942 | 19,467 | |
CIT Group Inc. | 355,208 | 18,517 | |
Western Union Co. | 979,783 | 16,901 | |
Annaly Capital | |||
Management Inc. | 1,680,831 | 16,758 | |
Unum Group | 463,310 | 16,253 | |
XL Group plc Class A | 501,776 | 15,977 | |
Leucadia National Corp. | 549,742 | 15,580 | |
Comerica Inc. | 324,567 | 15,430 | |
SL Green Realty Corp. | 163,723 | 15,125 | |
Equifax Inc. | 215,883 | 14,915 | |
Macerich Co. | 249,354 | 14,684 | |
Plum Creek Timber Co. | |||
Inc. | 313,969 | 14,603 | |
Cincinnati Financial Corp. | 276,139 | 14,461 | |
Huntington Bancshares | |||
Inc. | 1,473,462 | 14,219 | |
* | Markel Corp. | 23,552 | 13,668 |
Fidelity National Financial | |||
Inc. Class A | 420,970 | 13,660 | |
Kimco Realty Corp. | 690,549 | 13,638 | |
* | Genworth Financial Inc. | ||
Class A | 876,930 | 13,619 | |
TD Ameritrade Holding | |||
Corp. | 439,552 | 13,468 | |
* | Arch Capital Group Ltd. | 225,193 | 13,442 |
American Capital Agency | |||
Corp. | 681,839 | 13,153 | |
* | CBRE Group Inc. Class A | 499,861 | 13,146 |
Realty Income Corp. | 348,521 | 13,010 | |
* | Realogy Holdings Corp. | 259,193 | 12,822 |
Willis Group Holdings plc | 284,019 | 12,727 | |
Torchmark Corp. | 160,436 | 12,538 | |
New York Community | |||
Bancorp Inc. | 743,143 | 12,522 | |
First Republic Bank | 234,113 | 12,256 | |
Federal Realty Investment | |||
Trust | 115,474 | 11,710 | |
Cole Real Estate | |||
Investment Inc. | 832,797 | 11,692 | |
Raymond James | |||
Financial Inc. | 223,695 | 11,675 | |
* | Ocwen Financial Corp. | 204,898 | 11,362 |
* | Alleghany Corp. | 28,294 | 11,316 |
Digital Realty Trust Inc. | 228,054 | 11,202 | |
Arthur J Gallagher & Co. | 235,175 | 11,037 |
21
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Berkshire Hathaway Inc. | ||
Class A | 61 | 10,852 | |
Everest Re Group Ltd. | 68,192 | 10,629 | |
UDR Inc. | 445,070 | 10,392 | |
* | E*TRADE Financial Corp. | 509,833 | 10,013 |
Zions Bancorporation | 327,666 | 9,817 | |
Essex Property Trust Inc. | 67,616 | 9,704 | |
Reinsurance Group of | |||
America Inc. Class A | 125,346 | 9,703 | |
Starwood Property | |||
Trust Inc. | 346,658 | 9,602 | |
SEI Investments Co. | 272,978 | 9,481 | |
PartnerRe Ltd. | 89,766 | 9,464 | |
Rayonier Inc. | 224,207 | 9,439 | |
Waddell & Reed | |||
Financial Inc. Class A | 144,118 | 9,385 | |
Lazard Ltd. Class A | 206,277 | 9,348 | |
* | MSCI Inc. Class A | 211,920 | 9,265 |
Liberty Property Trust | 260,337 | 8,818 | |
Eaton Vance Corp. | 204,520 | 8,751 | |
Assurant Inc. | 131,288 | 8,714 | |
Duke Realty Corp. | 578,460 | 8,700 | |
Axis Capital Holdings Ltd. | 182,740 | 8,693 | |
Camden Property Trust | 151,506 | 8,618 | |
East West Bancorp Inc. | 244,710 | 8,558 | |
People’s United Financial | |||
Inc. | 565,100 | 8,544 | |
* | SVB Financial Group | 81,147 | 8,509 |
Legg Mason Inc. | 192,889 | 8,387 | |
* | Signature Bank | 78,005 | 8,379 |
WR Berkley Corp. | 191,947 | 8,329 | |
NASDAQ OMX Group Inc. | 208,379 | 8,293 | |
Extra Space Storage Inc. | 195,368 | 8,231 | |
HCC Insurance Holdings | |||
Inc. | 177,966 | 8,211 | |
Alexandria Real Estate | |||
Equities Inc. | 127,270 | 8,097 | |
Jones Lang LaSalle Inc. | 78,974 | 8,086 | |
LPL Financial Holdings Inc. | 171,701 | 8,075 | |
Mid-America Apartment | |||
Communities Inc. | 132,834 | 8,068 | |
CBOE Holdings Inc. | 154,910 | 8,049 | |
Hudson City Bancorp Inc. | 844,382 | 7,963 | |
DDR Corp. | 510,387 | 7,845 | |
American Financial Group | |||
Inc. | 134,930 | 7,788 | |
Regency Centers Corp. | 164,097 | 7,598 | |
BRE Properties Inc. | 137,183 | 7,505 | |
Senior Housing Properties | |||
Trust | 334,182 | 7,429 | |
ING US Inc. | 208,561 | 7,331 | |
* | Liberty Ventures Class A | 59,714 | 7,320 |
Kilroy Realty Corp. | 145,853 | 7,319 | |
RenaissanceRe Holdings | |||
Ltd. | 75,016 | 7,302 |
Cullen/Frost Bankers Inc. | 96,734 | 7,200 | |
* | Howard Hughes Corp. | 59,895 | 7,193 |
Old Republic International | |||
Corp. | 415,615 | 7,178 | |
Hospitality Properties | |||
Trust | 263,489 | 7,122 | |
Protective Life Corp. | 139,553 | 7,070 | |
Prosperity Bancshares Inc. | 110,403 | 6,998 | |
CNO Financial Group Inc. | 394,406 | 6,977 | |
NorthStar Realty Finance | |||
Corp. | 514,757 | 6,923 | |
Brown & Brown Inc. | 219,655 | 6,895 | |
Assured Guaranty Ltd. | 290,984 | 6,864 | |
Taubman Centers Inc. | 107,311 | 6,859 | |
Validus Holdings Ltd. | 167,918 | 6,765 | |
Apartment Investment | |||
& Management Co. | |||
Class A | 259,241 | 6,717 | |
First Niagara Financial | |||
Group Inc. | 628,749 | 6,677 | |
Corrections Corp. | |||
of America | 205,867 | 6,602 | |
National Retail Properties | |||
Inc. | 216,539 | 6,568 | |
FirstMerit Corp. | 293,366 | 6,522 | |
City National Corp. | 82,215 | 6,513 | |
Commerce Bancshares Inc. | 144,882 | 6,507 | |
Omega Healthcare | |||
Investors Inc. | 217,709 | 6,488 | |
* | Gaming and Leisure | ||
Properties Inc. | 126,546 | 6,430 | |
Allied World Assurance | |||
Co. Holdings AG | 56,931 | 6,422 | |
WP Carey Inc. | 103,251 | 6,334 | |
Financial Engines Inc. | 89,532 | 6,221 | |
BioMed Realty Trust Inc. | 341,278 | 6,184 | |
Spirit Realty Capital Inc. | 625,108 | 6,145 | |
Two Harbors | |||
Investment Corp. | 647,417 | 6,008 | |
American Campus | |||
Communities Inc. | 186,187 | 5,997 | |
Synovus Financial Corp. | 1,641,045 | 5,908 | |
* | Forest City Enterprises | ||
Inc. Class A | 303,360 | 5,794 | |
Highwoods Properties Inc. | 159,904 | 5,784 | |
Chimera Investment Corp. | 1,825,809 | 5,660 | |
LaSalle Hotel Properties | 183,026 | 5,648 | |
Weingarten Realty | |||
Investors | 205,971 | 5,648 | |
Douglas Emmett Inc. | 240,832 | 5,609 | |
Home Properties Inc. | 101,213 | 5,427 | |
Tanger Factory Outlet | |||
Centers | 168,067 | 5,382 | |
Hancock Holding Co. | 146,100 | 5,359 |
22
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Retail Properties of | |||
America Inc. | 420,027 | 5,343 | |
StanCorp Financial Group | |||
Inc. | 78,162 | 5,178 | |
CBL & Associates | |||
Properties Inc. | 287,330 | 5,160 | |
* | Stifel Financial Corp. | 107,370 | 5,145 |
Equity Lifestyle Properties | |||
Inc. | 140,967 | 5,107 | |
Associated Banc-Corp | 292,755 | 5,094 | |
* | MGIC Investment Corp. | 600,795 | 5,071 |
Columbia Property Trust | |||
Inc. | 202,350 | 5,059 | |
ProAssurance Corp. | 104,319 | 5,057 | |
First American Financial | |||
Corp. | 179,192 | 5,053 | |
RLJ Lodging Trust | 206,999 | 5,034 | |
* | Popular Inc. | 174,665 | 5,018 |
Webster Financial Corp. | 160,743 | 5,012 | |
First Horizon National Corp. | 421,499 | 4,910 | |
CommonWealth REIT | 210,655 | 4,910 | |
Aspen Insurance Holdings | |||
Ltd. | 118,216 | 4,884 | |
Federated Investors Inc. | |||
Class B | 167,319 | 4,819 | |
Piedmont Office Realty | |||
Trust Inc. Class A | 291,549 | 4,816 | |
CapitalSource Inc. | 333,000 | 4,785 | |
* | Portfolio Recovery | ||
Associates Inc. | 88,854 | 4,695 | |
Bank of Hawaii Corp. | 79,250 | 4,687 | |
Hanover Insurance Group | |||
Inc. | 77,881 | 4,650 | |
UMB Financial Corp. | 72,147 | 4,638 | |
^ | MFA Financial Inc. | 651,223 | 4,598 |
* | Altisource Portfolio | ||
Solutions SA | 28,533 | 4,526 | |
Fulton Financial Corp. | 342,367 | 4,478 | |
EPR Properties | 90,423 | 4,445 | |
Endurance Specialty | |||
Holdings Ltd. | 74,931 | 4,396 | |
Post Properties Inc. | 96,570 | 4,368 | |
BankUnited Inc. | 132,544 | 4,363 | |
Sunstone Hotel Investors | |||
Inc. | 325,169 | 4,357 | |
Radian Group Inc. | 307,568 | 4,343 | |
* | Texas Capital Bancshares | ||
Inc. | 69,161 | 4,302 | |
TCF Financial Corp. | 264,277 | 4,295 | |
Susquehanna Bancshares | |||
Inc. | 332,782 | 4,273 | |
MarketAxess Holdings Inc. | 63,641 | 4,256 | |
American Realty Capital | |||
Properties Inc. | 330,060 | 4,245 | |
Washington Federal Inc. | 181,310 | 4,223 |
Primerica Inc. | 97,696 | 4,192 | |
Geo Group Inc. | 128,171 | 4,130 | |
American National | |||
Insurance Co. | 35,871 | 4,109 | |
DCT Industrial Trust Inc. | 564,178 | 4,023 | |
DiamondRock Hospitality | |||
Co. | 347,771 | 4,017 | |
White Mountains Insurance | |||
Group Ltd. | 6,558 | 3,955 | |
Brandywine Realty Trust | 278,884 | 3,929 | |
BancorpSouth Inc. | 152,649 | 3,880 | |
^ | Umpqua Holdings Corp. | 199,312 | 3,815 |
* | Zillow Inc. Class A | 46,628 | 3,811 |
Glacier Bancorp Inc. | 125,367 | 3,735 | |
Sovran Self Storage Inc. | 57,008 | 3,715 | |
Corporate Office Properties | |||
Trust | 155,601 | 3,686 | |
Home BancShares Inc. | 98,539 | 3,680 | |
Healthcare Realty Trust Inc. | 170,740 | 3,638 | |
First Financial Bankshares | |||
Inc. | 54,194 | 3,594 | |
FNB Corp. | 282,775 | 3,569 | |
CubeSmart | 222,361 | 3,544 | |
Invesco Mortgage Capital | |||
Inc. | 240,840 | 3,536 | |
PrivateBancorp Inc. | 122,001 | 3,530 | |
Newcastle Investment | |||
Corp. | 612,942 | 3,518 | |
Pebblebrook Hotel Trust | 113,306 | 3,485 | |
Valley National Bancorp | 337,713 | 3,418 | |
Cathay General Bancorp | 127,438 | 3,406 | |
Community Bank System | |||
Inc. | 85,631 | 3,398 | |
RLI Corp. | 34,480 | 3,358 | |
Medical Properties Trust | |||
Inc. | 273,141 | 3,338 | |
Janus Capital Group Inc. | 268,713 | 3,324 | |
Erie Indemnity Co. Class A | 45,458 | 3,324 | |
Bank of the Ozarks Inc. | 58,661 | 3,320 | |
Lexington Realty Trust | 325,033 | 3,319 | |
Cousins Properties Inc. | 320,067 | 3,297 | |
Wintrust Financial Corp. | 70,972 | 3,273 | |
* | WisdomTree Investments | ||
Inc. | 183,752 | 3,254 | |
First Industrial Realty Trust | |||
Inc. | 186,112 | 3,248 | |
* | Virtus Investment Partners | ||
Inc. | 16,172 | 3,235 | |
Columbia Banking System | |||
Inc. | 117,354 | 3,228 | |
Chambers Street Properties | 420,443 | 3,216 | |
Ryman Hospitality | |||
Properties Inc. | 76,490 | 3,196 | |
Alexander & Baldwin Inc. | 76,528 | 3,194 | |
Symetra Financial Corp. | 167,850 | 3,182 |
23
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Platinum Underwriters | |||
Holdings Ltd. | 51,851 | 3,177 | |
Iberiabank Corp. | 50,227 | 3,157 | |
* | Western Alliance Bancorp | 132,208 | 3,154 |
Healthcare Trust | |||
of America Inc. Class A | 319,326 | 3,142 | |
* | Strategic Hotels | ||
& Resorts Inc. | 329,009 | 3,109 | |
Westamerica | |||
Bancorporation | 54,726 | 3,090 | |
Kemper Corp. | 75,409 | 3,083 | |
American Equity | |||
Investment Life | |||
Holding Co. | 116,729 | 3,079 | |
First Financial | |||
Holdings Inc. | 46,103 | 3,066 | |
* | MBIA Inc. | 256,530 | 3,063 |
Trustmark Corp. | 113,830 | 3,055 | |
Mack-Cali Realty Corp. | 141,285 | 3,035 | |
* | First Cash Financial | ||
Services Inc. | 48,791 | 3,017 | |
Potlatch Corp. | 72,261 | 3,016 | |
EastGroup Properties Inc. | 51,880 | 3,005 | |
New Residential | |||
Investment Corp. | 449,463 | 3,002 | |
MB Financial Inc. | 93,033 | 2,985 | |
Chesapeake Lodging Trust | 117,213 | 2,964 | |
BBCN Bancorp Inc. | 177,917 | 2,952 | |
First Midwest Bancorp Inc. | 167,926 | 2,944 | |
Argo Group International | |||
Holdings Ltd. | 63,179 | 2,937 | |
PennyMac Mortgage | |||
Investment Trust | 126,916 | 2,914 | |
Home Loan Servicing | |||
Solutions Ltd. | 126,702 | 2,910 | |
United Bankshares Inc. | 92,529 | 2,910 | |
CYS Investments Inc. | 391,271 | 2,899 | |
Northwest Bancshares Inc. | 195,697 | 2,892 | |
CVB Financial Corp. | 168,958 | 2,884 | |
Hatteras Financial Corp. | 175,552 | 2,869 | |
Capitol Federal | |||
Financial Inc. | 236,376 | 2,863 | |
^ | Redwood Trust Inc. | 146,882 | 2,845 |
DuPont Fabros | |||
Technology Inc. | 114,952 | 2,840 | |
PacWest Bancorp | 67,243 | 2,839 | |
International Bancshares | |||
Corp. | 107,204 | 2,829 | |
Equity One Inc. | 125,278 | 2,811 | |
EverBank Financial Corp. | 152,986 | 2,806 | |
* | Encore Capital Group Inc. | 55,798 | 2,804 |
Evercore Partners Inc. | |||
Class A | 46,665 | 2,790 | |
Colony Financial Inc. | 136,246 | 2,764 | |
Washington REIT | 118,156 | 2,760 |
Old National Bancorp | 179,511 | 2,759 | |
Astoria Financial Corp. | 197,751 | 2,735 | |
Sun Communities Inc. | 64,090 | 2,733 | |
Selective Insurance Group | |||
Inc. | 100,379 | 2,716 | |
Montpelier Re Holdings Ltd. | 93,329 | 2,716 | |
PS Business Parks Inc. | 35,353 | 2,702 | |
ARMOUR Residential REIT | |||
Inc. | 660,309 | 2,648 | |
American Assets Trust Inc. | 83,872 | 2,636 | |
Pinnacle Financial Partners | |||
Inc. | 80,521 | 2,619 | |
Investors Bancorp Inc. | 101,214 | 2,589 | |
National Health Investors | |||
Inc. | 45,962 | 2,578 | |
Greenhill & Co. Inc. | 44,469 | 2,577 | |
Capstead Mortgage Corp. | 208,199 | 2,515 | |
* | Hilltop Holdings Inc. | 108,417 | 2,508 |
Acadia Realty Trust | 100,459 | 2,494 | |
Mercury General Corp. | 50,156 | 2,493 | |
NBT Bancorp Inc. | 95,567 | 2,475 | |
Boston Private Financial | |||
Holdings Inc. | 192,199 | 2,426 | |
Glimcher Realty Trust | 256,888 | 2,404 | |
BOK Financial Corp. | 36,234 | 2,403 | |
First Financial Bancorp | 137,393 | 2,395 | |
Government Properties | |||
Income Trust | 95,227 | 2,366 | |
* | St. Joe Co. | 122,442 | 2,350 |
* | FelCor Lodging Trust Inc. | 282,620 | 2,306 |
* | BofI Holding Inc. | 29,374 | 2,304 |
Provident Financial | |||
Services Inc. | 116,290 | 2,247 | |
Independent Bank Corp. | 56,582 | 2,217 | |
National Penn Bancshares | |||
Inc. | 195,659 | 2,217 | |
Banner Corp. | 49,442 | 2,216 | |
First Commonwealth | |||
Financial Corp. | 250,189 | 2,207 | |
* | Walter Investment | ||
Management Corp. | 62,020 | 2,193 | |
First Merchants Corp. | 96,020 | 2,185 | |
* | Trulia Inc. | 61,936 | 2,184 |
First Citizens BancShares | |||
Inc. Class A | 9,770 | 2,175 | |
OFG Bancorp | 123,768 | 2,146 | |
LTC Properties Inc. | 59,941 | 2,121 | |
Pennsylvania REIT | 109,431 | 2,077 | |
Sterling Financial Corp. | 59,180 | 2,017 | |
Chemical Financial Corp. | 63,615 | 2,015 | |
Employers Holdings Inc. | 63,598 | 2,013 | |
Associated Estates Realty | |||
Corp. | 125,144 | 2,009 | |
* | Enstar Group Ltd. | 14,323 | 1,990 |
24
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Amtrust Financial Services | |||
Inc. | 60,797 | 1,987 | |
Education Realty Trust Inc. | 222,547 | 1,963 | |
Renasant Corp. | 62,292 | 1,960 | |
Franklin Street Properties | |||
Corp. | 162,683 | 1,944 | |
AMERISAFE Inc. | 45,875 | 1,938 | |
* | Eagle Bancorp Inc. | 62,754 | 1,922 |
Cash America | |||
International Inc. | 49,798 | 1,907 | |
* | First BanCorp | 307,175 | 1,901 |
* | iStar Financial Inc. | 132,687 | 1,893 |
* | World Acceptance Corp. | 21,462 | 1,879 |
* | Altisource Asset | ||
Management Corp. | 2,015 | 1,874 | |
Hanmi Financial Corp. | 85,333 | 1,868 | |
ViewPoint Financial Group | |||
Inc. | 67,946 | 1,865 | |
* | Credit Acceptance Corp. | 14,221 | 1,849 |
Berkshire Hills Bancorp Inc. | 67,759 | 1,848 | |
Interactive Brokers Group | |||
Inc. | 75,607 | 1,840 | |
City Holding Co. | 39,210 | 1,817 | |
BGC Partners Inc. Class A | 299,489 | 1,815 | |
Community Trust Bancorp | |||
Inc. | 39,952 | 1,804 | |
Artisan Partners Asset | |||
Management Inc. Class A | 27,538 | 1,795 | |
Apollo Commercial Real | |||
Estate Finance Inc. | 110,313 | 1,793 | |
Anworth Mortgage Asset | |||
Corp. | 422,674 | 1,779 | |
American Capital Mortgage | |||
Investment Corp. | 101,675 | 1,775 | |
Flushing Financial Corp. | 85,216 | 1,764 | |
* | eHealth Inc. | 37,593 | 1,748 |
* | HFF Inc. Class A | 64,713 | 1,738 |
Brookline Bancorp Inc. | 180,357 | 1,726 | |
Ashford Hospitality Trust | |||
Inc. | 205,765 | 1,704 | |
Kennedy-Wilson Holdings | |||
Inc. | 76,021 | 1,691 | |
Cardinal Financial Corp. | 92,321 | 1,662 | |
Altisource Residential Corp. | 54,952 | 1,655 | |
Horace Mann Educators | |||
Corp. | 52,245 | 1,648 | |
Park National Corp. | 19,283 | 1,640 | |
CoreSite Realty Corp. | 50,779 | 1,635 | |
Empire State Realty Trust | |||
Inc. | 105,532 | 1,615 | |
National Bank Holdings | |||
Corp. Class A | 74,635 | 1,597 | |
* | TFS Financial Corp. | 131,394 | 1,592 |
Apollo Residential | |||
Mortgage Inc. | 107,206 | 1,585 |
* | Ameris Bancorp | 74,665 | 1,576 |
Central Pacific | |||
Financial Corp. | 77,476 | 1,556 | |
Dime Community | |||
Bancshares Inc. | 91,219 | 1,543 | |
Lakeland Financial Corp. | 38,727 | 1,510 | |
Hudson Pacific | |||
Properties Inc. | 68,804 | 1,505 | |
CoBiz Financial Inc. | 124,427 | 1,488 | |
Agree Realty Corp. | 50,867 | 1,476 | |
* | Greenlight Capital Re Ltd. | ||
Class A | 43,678 | 1,472 | |
Oritani Financial Corp. | 91,512 | 1,469 | |
Nelnet Inc. Class A | 34,833 | 1,468 | |
* | Arrowhead Research Corp. | 134,618 | 1,461 |
Cedar Realty Trust Inc. | 232,598 | 1,456 | |
Inland Real Estate Corp. | 138,114 | 1,453 | |
First Busey Corp. | 250,424 | 1,452 | |
* | Flagstar Bancorp Inc. | 73,576 | 1,444 |
Cohen & Steers Inc. | 35,214 | 1,411 | |
S&T Bancorp Inc. | 54,177 | 1,371 | |
Saul Centers Inc. | 28,262 | 1,349 | |
* | Ambac Financial Group Inc. | 54,880 | 1,348 |
Bancfirst Corp. | 23,937 | 1,342 | |
FBL Financial Group Inc. | |||
Class A | 29,814 | 1,335 | |
Hersha Hospitality Trust | |||
Class A | 239,619 | 1,335 | |
Heartland Financial USA | |||
Inc. | 46,239 | 1,331 | |
Arlington Asset Investment | |||
Corp. Class A | 49,028 | 1,294 | |
* | Forestar Group Inc. | 60,601 | 1,289 |
Alexander’s Inc. | 3,884 | 1,282 | |
Ares Commercial Real | |||
Estate Corp. | 97,134 | 1,272 | |
Parkway Properties Inc. | 65,121 | 1,256 | |
FXCM Inc. Class A | 69,732 | 1,244 | |
Bryn Mawr Bank Corp. | 41,130 | 1,241 | |
1st Source Corp. | 38,846 | 1,241 | |
Bank Mutual Corp. | 176,215 | 1,235 | |
* | Sterling Bancorp | 92,246 | 1,233 |
* | Gramercy Property Trust | ||
Inc. | 211,010 | 1,213 | |
Sandy Spring Bancorp Inc. | 42,745 | 1,205 | |
* | Beneficial Mutual Bancorp | ||
Inc. | 110,069 | 1,202 | |
Ramco-Gershenson | |||
Properties Trust | 75,016 | 1,181 | |
* | Capital Bank Financial Corp. | 51,712 | 1,176 |
* | Move Inc. | 73,106 | 1,169 |
* | Investment Technology | ||
Group Inc. | 56,631 | 1,164 | |
Infinity Property | |||
& Casualty Corp. | 16,179 | 1,161 |
25
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
WesBanco Inc. | 35,587 | 1,139 | |
* | American Residential | ||
Properties Inc. | 65,917 | 1,131 | |
* | Brixmor Property Group Inc. | 55,301 | 1,124 |
* | Cowen Group Inc. Class A | 284,097 | 1,111 |
Sabra Health Care REIT Inc. | 42,282 | 1,105 | |
* | Navigators Group Inc. | 17,475 | 1,104 |
Arrow Financial Corp. | 41,362 | 1,099 | |
Bank of Marin Bancorp | 25,143 | 1,091 | |
Camden National Corp. | 25,728 | 1,086 | |
Campus Crest | |||
Communities Inc. | 114,933 | 1,082 | |
Retail Opportunity | |||
Investments Corp. | 73,157 | 1,077 | |
Blackstone Mortgage Trust | |||
Inc. Class A | 39,675 | 1,076 | |
*,^ | Nationstar Mortgage | ||
Holdings Inc. | 29,104 | 1,076 | |
* | Bridge Capital Holdings | 52,099 | 1,070 |
GAMCO Investors Inc. | 12,300 | 1,070 | |
Federal Agricultural | |||
Mortgage Corp. | 31,217 | 1,069 | |
NRG Yield Inc. Class A | 26,223 | 1,049 | |
WSFS Financial Corp. | 13,103 | 1,016 | |
Northfield Bancorp Inc. | 76,469 | 1,009 | |
Investors Real Estate Trust | 116,791 | 1,002 | |
* | Green Dot Corp. Class A | 39,731 | 999 |
Rouse Properties Inc. | 44,464 | 987 | |
* | AV Homes Inc. | 52,958 | 962 |
Banc of California Inc. | 70,687 | 948 | |
STAG Industrial Inc. | 46,215 | 942 | |
CyrusOne Inc. | 42,045 | 939 | |
Calamos Asset | |||
Management Inc. Class A | 78,391 | 928 | |
American National | |||
Bankshares Inc. | 35,162 | 923 | |
* | Piper Jaffray Cos. | 23,307 | 922 |
Great Southern Bancorp Inc. | 30,208 | 919 | |
Chatham Lodging Trust | 44,435 | 909 | |
Arbor Realty Trust Inc. | 135,923 | 905 | |
* | Ezcorp Inc. Class A | 77,156 | 902 |
Safety Insurance Group Inc. | 15,898 | 895 | |
TrustCo Bank Corp. NY | 122,980 | 883 | |
Diamond Hill Investment | |||
Group Inc. | 7,410 | 877 | |
American Homes 4 Rent | |||
Class A | 54,000 | 875 | |
Dynex Capital Inc. | 107,188 | 858 | |
Summit Hotel | |||
Properties Inc. | 95,125 | 856 | |
* | DFC Global Corp. | 72,072 | 825 |
Hudson Valley Holding Corp. | 40,367 | 821 | |
First Potomac Realty Trust | 70,089 | 815 | |
* | PICO Holdings Inc. | 34,023 | 786 |
BankFinancial Corp. | 85,831 | 786 |
Southside Bancshares Inc. | 28,565 | 781 | |
Simmons First National | |||
Corp. Class A | 20,854 | 775 | |
* | Citizens Inc. Class A | 87,343 | 764 |
* | BBX Capital Corp. | 48,358 | 754 |
Kite Realty Group Trust | 113,657 | 747 | |
Getty Realty Corp. | 40,507 | 744 | |
Centerstate Banks Inc. | 71,681 | 728 | |
Excel Trust Inc. | 62,639 | 713 | |
Ashford Hospitality Prime | |||
Inc. | 38,953 | 709 | |
Select Income REIT | 26,371 | 705 | |
AmREIT Inc. | 41,499 | 697 | |
Marlin Business Services | |||
|Corp. | 27,618 | 696 | |
Ames National Corp. | 31,064 | 696 | |
Resource Capital Corp. | 117,277 | 695 | |
* | FBR & Co. | 26,047 | 687 |
Enterprise Financial | |||
Services Corp. | 33,094 | 676 | |
First Interstate | |||
Bancsystem Inc. | 23,551 | 668 | |
Bridge Bancorp Inc. | 25,658 | 667 | |
Donegal Group Inc. Class A | 40,983 | 652 | |
United Fire Group Inc. | 22,645 | 649 | |
* | United Community | ||
Banks Inc. | 36,305 | 644 | |
Stewart Information | |||
Services Corp. | 19,944 | 644 | |
* | NewStar Financial Inc. | 35,129 | 624 |
* | Global Indemnity plc | 24,497 | 620 |
Consolidated-Tomoka Land | |||
Co. | 16,544 | 600 | |
* | Ladenburg Thalmann | ||
Financial Services Inc. | 190,788 | 597 | |
Maiden Holdings Ltd. | 54,199 | 592 | |
Republic Bancorp Inc. | |||
Class A | 23,530 | 577 | |
Wilshire Bancorp Inc. | 51,266 | 560 | |
* | KCG Holdings Inc. Class A | 46,616 | 558 |
First Community | |||
Bancshares Inc. | 33,128 | 553 | |
Baldwin & Lyons Inc. | 20,233 | 553 | |
GFI Group Inc. | 139,677 | 546 | |
* | Phoenix Cos. Inc. | 8,869 | 545 |
Winthrop Realty Trust | 47,643 | 526 | |
* | Xoom Corp. | 19,112 | 523 |
StellarOne Corp. | 21,646 | 521 | |
RAIT Financial Trust | 54,992 | 493 | |
National Western Life | |||
Insurance Co. Class A | 2,162 | 483 | |
Sierra Bancorp | 29,982 | 482 | |
State Bank Financial Corp. | 26,391 | 480 | |
Lakeland Bancorp Inc. | 38,739 | 479 | |
First Defiance Financial Corp. | 18,194 | 473 |
26
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Bar Harbor Bankshares | 11,466 | 459 | |
* | INTL. FCStone Inc. | 24,509 | 454 |
Silver Bay Realty Trust Corp. | 27,799 | 445 | |
Century Bancorp Inc. | |||
Class A | 13,346 | 444 | |
Aviv REIT Inc. | 17,463 | 414 | |
* | Tejon Ranch Co. | 11,025 | 405 |
Tompkins Financial Corp. | 7,865 | 404 | |
* | Bancorp Inc. | 22,384 | 401 |
Universal Health Realty | |||
Income Trust | 9,936 | 398 | |
* | TESARO Inc. | 13,893 | 392 |
* | Walker & Dunlop Inc. | 24,167 | 391 |
United Insurance | |||
Holdings Corp. | 27,184 | 383 | |
Center Bancorp Inc. | 20,331 | 381 | |
* | Safeguard Scientifics Inc. | 18,349 | 369 |
* | ZipRealty Inc. | 64,495 | 361 |
AG Mortgage | |||
Investment Trust Inc. | 22,915 | 358 | |
CIFC Corp. | 45,931 | 357 | |
* | MoneyGram | ||
International Inc. | 17,060 | 355 | |
* | Capital City Bank Group Inc. | 29,613 | 349 |
SY Bancorp Inc. | 10,916 | 348 | |
First of Long Island Corp. | 8,073 | 346 | |
Meadowbrook Insurance | |||
Group Inc. | 48,974 | 341 | |
* | Consumer Portfolio Services | ||
Inc. | 35,074 | 329 | |
Union First Market | |||
Bankshares Corp. | 13,004 | 323 | |
Athens Bancshares Corp. | 13,574 | 319 | |
Urstadt Biddle Properties | |||
Inc. Class A | 17,024 | 314 | |
* | Springleaf Holdings Inc. | 12,327 | 312 |
Trico Bancshares | 10,868 | 308 | |
Washington Trust Bancorp | |||
Inc. | 8,239 | 307 | |
EMC Insurance Group Inc. | 9,875 | 302 | |
* | Reis Inc. | 14,871 | 286 |
Access National Corp. | 19,111 | 286 | |
Charter Financial Corp. | 26,149 | 282 | |
* | Synergy Resources Corp. | 30,022 | 278 |
Cape Bancorp Inc. | 27,131 | 276 | |
* | First NBC Bank Holding Co. | 8,134 | 263 |
TowneBank | 16,823 | 259 | |
ESSA Bancorp Inc. | 22,265 | 257 | |
Resource America Inc. | |||
Class A | 27,332 | 256 | |
Gain Capital Holdings Inc. | 32,771 | 246 | |
Tower Group | |||
International Ltd. | 72,169 | 244 | |
Investors Title Co. | 2,985 | 242 |
Armada Hoffler Properties | |||
Inc. | 25,658 | 238 | |
OneBeacon Insurance | |||
Group Ltd. Class A | 14,838 | 235 | |
First Bancorp | 13,957 | 232 | |
Intersections Inc. | 29,386 | 229 | |
German American Bancorp | |||
Inc. | 8,031 | 229 | |
First Financial Corp. | 6,244 | 228 | |
State Auto Financial Corp. | 10,650 | 226 | |
Gladstone Commercial Corp. | 12,205 | 219 | |
Guaranty Bancorp | 14,954 | 210 | |
HCI Group Inc. | 3,885 | 208 | |
* | RE/MAX Holdings Inc. | 6,421 | 206 |
Ellington Residential | |||
Mortgage REIT | 13,273 | 204 | |
Oppenheimer Holdings Inc. | |||
Class A | 8,231 | 204 | |
Clifton Savings Bancorp Inc. | 15,830 | 203 | |
New York Mortgage | |||
Trust Inc. | 28,856 | 202 | |
Financial Institutions Inc. | 8,111 | 200 | |
HomeStreet Inc. | 10,014 | 200 | |
Preferred Apartment | |||
Communities Inc. Class A | 24,449 | 197 | |
* | BSB Bancorp Inc. | 12,970 | 196 |
^ | Western Asset Mortgage | ||
Capital Corp. | 13,095 | 195 | |
* | Atlas Financial Holdings Inc. | 13,230 | 195 |
Westfield Financial Inc. | 24,792 | 185 | |
Ameriana Bancorp | 13,383 | 184 | |
OceanFirst Financial Corp. | 10,533 | 180 | |
Merchants Bancshares Inc. | 5,356 | 179 | |
Pzena Investment | |||
Management Inc. Class A | 15,254 | 179 | |
Rockville Financial Inc. | 12,104 | 172 | |
* | Asta Funding Inc. | 20,359 | 171 |
Bank of Kentucky Financial | |||
Corp. | 4,584 | 169 | |
Doral Financial Corp. | 10,554 | 165 | |
Univest Corp. of | |||
Pennsylvania | 7,968 | 165 | |
* | First Acceptance Corp. | 71,063 | 161 |
MainSource Financial | |||
Group Inc. | 8,753 | 158 | |
* | SWS Group Inc. | 25,490 | 155 |
Citizens & Northern Corp. | 7,353 | 152 | |
* | Tree.com Inc. | 4,587 | 151 |
National Interstate Corp. | 6,396 | 147 | |
ESB Financial Corp. | 10,217 | 145 | |
US Global Investors Inc. | |||
Class A | 56,403 | 143 | |
* | American Independence | ||
Corp. | 11,911 | 143 | |
* | Metro Bancorp Inc. | 6,247 | 135 |
27
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Camco Financial Corp. | 18,939 | 127 |
Federated National | |||
Holding Co. | 8,630 | 126 | |
One Liberty Properties Inc. | 6,240 | 126 | |
First Financial Northwest Inc. | 11,902 | 123 | |
Universal Insurance | |||
Holdings Inc. | 8,304 | 120 | |
UMH Properties Inc. | 12,666 | 119 | |
Eastern Insurance Holdings | |||
Inc. | 4,840 | 119 | |
First Marblehead Corp. | 15,994 | 118 | |
* | Eastern Virginia Bankshares | ||
Inc. | 16,807 | 118 | |
JMP Group Inc. | 15,841 | 117 | |
* | Virginia Commerce Bancorp | ||
Inc. | 6,669 | 113 | |
Life Partners Holdings Inc. | 62,258 | 111 | |
Monmouth Real Estate | |||
Investment Corp. Class A | 12,081 | 110 | |
Bank of Commerce Holdings | 18,855 | 108 | |
* | Customers Bancorp Inc. | 5,200 | 106 |
Gleacher & Co. Inc. | 10,238 | 106 | |
CNB Financial Corp. | 5,466 | 104 | |
Meta Financial Group Inc. | 2,569 | 104 | |
* | Suffolk Bancorp | 4,759 | 99 |
Terreno Realty Corp. | 5,464 | 97 | |
Simplicity Bancorp Inc. | 5,900 | 95 | |
* | Atlanticus Holdings Corp. | 26,603 | 94 |
Westwood Holdings Group | |||
Inc. | 1,506 | 93 | |
Peoples Bancorp Inc. | 4,038 | 91 | |
Mercantile Bank Corp. | 4,186 | 90 | |
West Bancorporation Inc. | 5,505 | 87 | |
United Financial Bancorp Inc. | 4,582 | 87 | |
* | Republic First Bancorp Inc. | 27,568 | 82 |
* | Waterstone Financial Inc. | 7,356 | 82 |
Institutional Financial | |||
Markets Inc. | 39,632 | 79 | |
JAVELIN Mortgage | |||
Investment Corp. | 5,669 | 79 | |
* | Southwest Bancorp Inc. | 4,643 | 74 |
Codorus Valley Bancorp Inc. | 3,646 | 73 | |
Kansas City Life Insurance | |||
Co. | 1,487 | 71 | |
* | NewBridge Bancorp | 8,868 | 67 |
* | Fortegra Financial Corp. | 7,800 | 65 |
Physicians Realty Trust | 5,000 | 64 | |
Home Federal Bancorp Inc. | 4,261 | 64 | |
* | Maui Land & Pineapple Co. | ||
Inc. | 9,626 | 59 | |
National Bankshares Inc. | 1,549 | 57 | |
Provident Financial Holdings | |||
Inc. | 3,696 | 55 | |
Heritage Financial Corp. | 3,173 | 54 | |
PMC Commercial Trust | 6,141 | 53 |
* | Meridian Interstate Bancorp | ||
Inc. | 2,333 | 53 | |
* | Hampton Roads Bankshares | ||
Inc. | 29,753 | 52 | |
* | Shore Bancshares Inc. | 5,538 | 51 |
* | Hallmark Financial Services | ||
Inc. | 5,605 | 50 | |
Peapack Gladstone Financial | |||
Corp. | 2,544 | 49 | |
* | Macatawa Bank Corp. | 9,663 | 48 |
Pulaski Financial Corp. | 4,255 | 48 | |
Park Sterling Corp. | 6,702 | 48 | |
C&F Financial Corp. | 1,028 | 47 | |
Heritage Commerce Corp. | 5,677 | 47 | |
Alliance Bancorp Inc. | |||
of Pennsylvania | 2,959 | 45 | |
First Internet Bancorp | 1,900 | 43 | |
* | CommunityOne Bancorp | 3,134 | 40 |
* | ASB Bancorp Inc. | 2,200 | 38 |
California First National | |||
Bancorp | 2,236 | 34 | |
Manning & Napier Inc. | 1,900 | 34 | |
Territorial Bancorp Inc. | 1,380 | 32 | |
* | United Community Financial | ||
Corp. | 8,716 | 31 | |
Pacific Continental Corp. | 1,900 | 30 | |
Washington Banking Co. | 1,656 | 29 | |
* | Farmers Capital Bank Corp. | 1,326 | 29 |
Federal Agricultural Mortgage | |||
Corp. Class A | 1,021 | 28 | |
Five Oaks Investment Corp. | 2,677 | 28 | |
Independence Holding Co. | 2,059 | 28 | |
HopFed Bancorp Inc. | 2,411 | 27 | |
* | Old Second Bancorp Inc. | 5,640 | 26 |
Monarch Financial Holdings | |||
Inc. | 2,100 | 26 | |
* | North Valley Bancorp | 1,335 | 25 |
* | Guaranty Federal Bancshares | ||
Inc. | 2,281 | 25 | |
* | American Realty Investors Inc. | 4,786 | 24 |
* | Regional Management Corp. | 715 | 24 |
Northeast Bancorp | 2,506 | 24 | |
* | Health Insurance Innovations | ||
Inc. Class A | 2,276 | 23 | |
Citizens Community Bancorp | |||
Inc. | 2,945 | 22 | |
1st United Bancorp Inc. | 2,856 | 22 | |
Penns Woods Bancorp Inc. | 414 | 21 | |
* | First Federal Bancshares of | ||
Arkansas Inc. | 2,417 | 21 | |
* | Pacific Mercantile Bancorp | 3,311 | 21 |
* | ConnectOne Bancorp Inc. | 513 | 20 |
MicroFinancial Inc. | 2,338 | 20 | |
* | Carolina Bank Holdings Inc. | 1,902 | 20 |
* | Preferred Bank | 950 | 19 |
28
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Performant Financial Corp. | 1,820 | 19 |
* | Sun Bancorp Inc. | 5,293 | 19 |
Yadkin Financial Corp. | 1,024 | 17 | |
Firstbank Corp. | 878 | 17 | |
Wheeler REIT Inc. | 3,900 | 17 | |
* | Colonial Financial Services Inc. | 1,300 | 17 |
First Bancorp Inc. | 902 | 16 | |
QC Holdings Inc. | 8,515 | 15 | |
* | Internet Patents Corp. | 4,802 | 15 |
Seacoast Banking Corp. | |||
of Florida | 1,163 | 14 | |
First Clover Leaf Financial | |||
Corp. | 1,340 | 13 | |
* | Independent Bank Corp. | 1,015 | 12 |
* | HomeTrust Bancshares Inc. | 740 | 12 |
* | Kearny Financial Corp. | 953 | 11 |
Middleburg Financial Corp. | 611 | 11 | |
* | Jefferson Bancshares Inc. | 1,639 | 10 |
Northrim BanCorp Inc. | 390 | 10 | |
Unity Bancorp Inc. | 1,321 | 10 | |
Cheviot Financial Corp. | 912 | 9 | |
MutualFirst Financial Inc. | 544 | 9 | |
MidSouth Bancorp Inc. | 520 | 9 | |
Fifth Street Senior Floating | |||
Rate Corp. | 700 | 9 | |
Fidelity Southern Corp. | 547 | 9 | |
* | Tejon Ranch Co. Warrants | ||
Exp. 08/31/2016 | 1,629 | 9 | |
* | Riverview Bancorp Inc. | 2,700 | 8 |
WVS Financial Corp. | 511 | 6 | |
* | Taylor Capital Group Inc. | 227 | 6 |
* | World Energy Solutions Inc. | 1,379 | 6 |
Fox Chase Bancorp Inc. | 337 | 6 | |
MetroCorp Bancshares Inc. | 370 | 6 | |
IF Bancorp Inc. | 300 | 5 | |
Premier Financial Bancorp Inc. | 340 | 5 | |
NASB Financial Inc. | 156 | 5 | |
* | American River Bankshares | 338 | 3 |
Horizon Bancorp | 115 | 3 | |
* | Home Bancorp Inc. | 145 | 3 |
* | Intervest Bancshares Corp. | ||
Class A | 363 | 3 | |
MidWestOne Financial Group | |||
Inc. | 100 | 3 | |
* | Royal Bancshares | ||
of Pennsylvania Inc. | 1,796 | 2 | |
United Community Bancorp | 200 | 2 | |
Hingham Institution for | |||
Savings | 27 | 2 | |
Hawthorn Bancshares Inc. | 148 | 2 | |
Sotherly Hotels Inc. | 300 | 2 | |
Supertel Hospitality Inc. | 648 | 2 | |
Bank of South Carolina Corp. | 100 | 2 | |
* | SP Bancorp Inc. | 55 | 1 |
* | Orrstown Financial Services | |||
Inc. | 53 | 1 | ||
* | Atlantic American Corp. | 200 | 1 | |
BNC Bancorp | 43 | 1 | ||
Tower Financial Corp. | 24 | 1 | ||
HF Financial Corp. | 45 | 1 | ||
SI Financial Group Inc. | 31 | — | ||
Eagle Bancorp Montana Inc. | 30 | — | ||
Salisbury Bancorp Inc. | 11 | — | ||
Old Line Bancshares Inc. | 17 | — | ||
* | Heritage Financial Group Inc. | 9 | — | |
* | Vestin Realty Mortgage II Inc. | 90 | — | |
* | Transcontinental Realty | |||
Investors Inc. | 12 | — | ||
* | Valley National Bancorp | |||
Warrants Exp. 6/30/2015 | 240 | — | ||
Kingstone Cos. Inc. | 9 | — | ||
* | Porter Bancorp Inc. | 25 | — | |
* | Prospect Global Resources Inc. | 1 | — | |
6,707,947 | ||||
Health Care (11.8%) | ||||
Johnson & Johnson | 5,005,469 | 458,451 | ||
Pfizer Inc. | 11,497,854 | 352,179 | ||
Merck & Co. Inc. | 5,183,727 | 259,446 | ||
* | Gilead Sciences Inc. | 2,720,239 | 204,426 | |
Bristol-Myers Squibb Co. | 2,921,200 | 155,262 | ||
Amgen Inc. | 1,337,900 | 152,735 | ||
AbbVie Inc. | 2,822,301 | 149,046 | ||
UnitedHealth Group Inc. | 1,786,076 | 134,492 | ||
* | Celgene Corp. | 731,102 | 123,527 | |
* | Biogen Idec Inc. | 419,094 | 117,242 | |
Abbott Laboratories | 2,743,094 | 105,143 | ||
Medtronic Inc. | 1,771,161 | 101,647 | ||
* | Express Scripts Holding | |||
Co. | 1,429,643 | 100,418 | ||
Eli Lilly & Co. | 1,798,910 | 91,744 | ||
Thermo Fisher Scientific | ||||
Inc. | 641,183 | 71,396 | ||
Baxter International Inc. | 962,791 | 66,962 | ||
Allergan Inc. | 527,291 | 58,571 | ||
Covidien plc | 802,644 | 54,660 | ||
* | Actavis plc | 308,834 | 51,884 | |
WellPoint Inc. | 524,132 | 48,425 | ||
* | Alexion Pharmaceuticals | |||
Inc. | 347,932 | 46,296 | ||
Aetna Inc. | 652,033 | 44,723 | ||
Cigna Corp. | 490,449 | 42,904 | ||
* | Regeneron | |||
Pharmaceuticals Inc. | 138,269 | 38,057 | ||
Becton Dickinson and Co. | 344,392 | 38,052 | ||
Stryker Corp. | 503,566 | 37,838 | ||
St. Jude Medical Inc. | 517,724 | 32,073 | ||
* | Vertex Pharmaceuticals | |||
Inc. | 414,813 | 30,821 | ||
* | Mylan Inc. | 679,340 | 29,483 |
29
Institutional Total Stock Market Index Fund
Zoetis Inc. | 887,144 | 29,001 | |
Humana Inc. | 276,616 | 28,552 | |
* | Boston Scientific Corp. | 2,368,860 | 28,474 |
Zimmer Holdings Inc. | 303,415 | 28,275 | |
* | HCA Holdings Inc. | 556,222 | 26,537 |
* | Intuitive Surgical Inc. | 67,551 | 25,945 |
* | Forest Laboratories Inc. | 430,271 | 25,829 |
* | Illumina Inc. | 224,289 | 24,811 |
* | Perrigo Co. plc | 159,016 | 24,403 |
* | Life Technologies Corp. | 306,665 | 23,245 |
* | DaVita HealthCare | ||
Partners Inc. | 358,550 | 22,721 | |
CR Bard Inc. | 138,698 | 18,577 | |
* | BioMarin Pharmaceutical | ||
Inc. | 252,314 | 17,730 | |
* | Henry Schein Inc. | 152,355 | 17,408 |
* | CareFusion Corp. | 375,031 | 14,934 |
* | Varian Medical Systems | ||
Inc. | 187,616 | 14,576 | |
* | Waters Corp. | 143,562 | 14,356 |
* | Laboratory Corp. | ||
of America Holdings | 155,116 | 14,173 | |
Quest Diagnostics Inc. | 258,039 | 13,815 | |
* | Endo Health Solutions Inc. | 203,712 | 13,742 |
Universal Health Services | |||
Inc. Class B | 161,501 | 13,124 | |
* | Incyte Corp. Ltd. | 257,305 | 13,027 |
* | Edwards Lifesciences | ||
Corp. | 194,196 | 12,770 | |
DENTSPLY International | |||
Inc. | 253,220 | 12,276 | |
* | Hospira Inc. | 294,349 | 12,151 |
ResMed Inc. | 252,181 | 11,873 | |
* | Pharmacyclics Inc. | 104,788 | 11,084 |
* | Jazz Pharmaceuticals plc | 87,266 | 11,044 |
* | Hologic Inc. | 484,778 | 10,835 |
Cooper Cos. Inc. | 86,966 | 10,770 | |
* | Alkermes plc | 242,831 | 9,874 |
* | IDEXX Laboratories Inc. | 92,190 | 9,806 |
* | Salix Pharmaceuticals Ltd. | 106,174 | 9,549 |
* | MEDNAX Inc. | 178,632 | 9,535 |
* | United Therapeutics Corp. | 80,345 | 9,085 |
* | Cubist Pharmaceuticals Inc. | 131,454 | 9,053 |
* | Covance Inc. | 99,752 | 8,784 |
* | Isis Pharmaceuticals Inc. | 206,288 | 8,219 |
* | Medivation Inc. | 127,375 | 8,129 |
* | Tenet Healthcare Corp. | 176,290 | 7,425 |
* | Seattle Genetics Inc. | 184,955 | 7,378 |
* | Align Technology Inc. | 121,318 | 6,933 |
* | Sirona Dental Systems Inc. | 97,719 | 6,860 |
Teleflex Inc. | 73,044 | 6,856 | |
* | Community Health | ||
Systems Inc. | 160,401 | 6,299 | |
Techne Corp. | 65,576 | 6,208 |
* | Alnylam Pharmaceuticals | ||
Inc. | 95,943 | 6,172 | |
* | Health Management | ||
Associates Inc. Class A | 446,522 | 5,849 | |
* | ViroPharma Inc. | 117,334 | 5,849 |
Patterson Cos. Inc. | 140,738 | 5,798 | |
West Pharmaceutical | |||
Services Inc. | 117,977 | 5,788 | |
* | Team Health Holdings Inc. | 124,221 | 5,658 |
* | Cepheid Inc. | 120,611 | 5,635 |
Questcor Pharmaceuticals | |||
Inc. | 102,674 | 5,591 | |
* | WellCare Health Plans Inc. | 77,692 | 5,471 |
* | Centene Corp. | 92,626 | 5,460 |
* | Mallinckrodt plc | 102,552 | 5,359 |
STERIS Corp. | 104,502 | 5,021 | |
* | Alere Inc. | 138,433 | 5,011 |
* | NPS Pharmaceuticals Inc. | 163,181 | 4,954 |
HealthSouth Corp. | 147,449 | 4,913 | |
* | Theravance Inc. | 137,722 | 4,910 |
* | Brookdale Senior Living | ||
Inc. Class A | 176,603 | 4,800 | |
* | Charles River Laboratories | ||
International Inc. | 86,435 | 4,585 | |
* | Puma Biotechnology Inc. | 43,346 | 4,488 |
* | PAREXEL International | ||
Corp. | 99,066 | 4,476 | |
* | Bio-Rad Laboratories Inc. | ||
Class A | 35,771 | 4,422 | |
* | Medicines Co. | 113,877 | 4,398 |
* | DexCom Inc. | 121,352 | 4,297 |
Hill-Rom Holdings Inc. | 103,723 | 4,288 | |
* | LifePoint Hospitals Inc. | 79,504 | 4,201 |
Owens & Minor Inc. | 112,083 | 4,098 | |
* | Health Net Inc. | 134,430 | 3,989 |
* | Haemonetics Corp. | 91,537 | 3,856 |
* | Celldex Therapeutics Inc. | 156,606 | 3,791 |
* | Thoratec Corp. | 101,383 | 3,711 |
* | Air Methods Corp. | 62,407 | 3,640 |
* | Insulet Corp. | 96,896 | 3,595 |
* | HMS Holdings Corp. | 157,202 | 3,573 |
* | Bruker Corp. | 178,484 | 3,529 |
* | Santarus Inc. | 107,436 | 3,434 |
Healthcare Services Group | |||
Inc. | 118,185 | 3,353 | |
* | Aegerion Pharmaceuticals | ||
Inc. | 46,870 | 3,326 | |
* | Prestige Brands Holdings | ||
Inc. | 91,966 | 3,292 | |
* | ACADIA Pharmaceuticals | ||
Inc. | 129,207 | 3,229 | |
* | Akorn Inc. | 128,877 | 3,174 |
* | Pacira Pharmaceuticals Inc. | 53,740 | 3,090 |
* | Opko Health Inc. | 362,594 | 3,060 |
* | Halozyme Therapeutics Inc. | 202,823 | 3,040 |
30
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Cyberonics Inc. | 45,798 | 3,000 |
*,^ | Arena Pharmaceuticals Inc. | 510,525 | 2,987 |
* | Acadia Healthcare Co. Inc. | 63,066 | 2,985 |
* | Quintiles Transnational | ||
Holdings Inc. | 64,217 | 2,976 | |
* | Masimo Corp. | 100,947 | 2,951 |
* | Impax Laboratories Inc. | 117,276 | 2,948 |
* | Magellan Health Services | ||
Inc. | 48,347 | 2,896 | |
* | InterMune Inc. | 192,041 | 2,829 |
* | Neogen Corp. | 61,836 | 2,826 |
^ | PDL BioPharma Inc. | 332,752 | 2,808 |
* | Amsurg Corp. Class A | 60,861 | 2,795 |
CONMED Corp. | 65,742 | 2,794 | |
*,^ | Myriad Genetics Inc. | 132,639 | 2,783 |
* | Globus Medical Inc. | 137,425 | 2,773 |
Cantel Medical Corp. | 78,297 | 2,655 | |
* | Nektar Therapeutics | 233,069 | 2,645 |
* | ArthroCare Corp. | 64,932 | 2,613 |
Analogic Corp. | 29,008 | 2,569 | |
*,^ | Exelixis Inc. | 410,991 | 2,519 |
* | HeartWare International | ||
Inc. | 26,217 | 2,463 | |
* | Synageva BioPharma Corp. | 37,923 | 2,454 |
* | Ariad Pharmaceuticals Inc. | 359,031 | 2,449 |
* | Auxilium Pharmaceuticals | ||
Inc. | 117,866 | 2,445 | |
* | NuVasive Inc. | 71,872 | 2,324 |
* | Ironwood Pharmaceuticals | ||
Inc. Class A | 198,329 | 2,303 | |
* | Dyax Corp. | 302,602 | 2,279 |
* | ABIOMED Inc. | 84,819 | 2,268 |
* | Integra LifeSciences | ||
Holdings Corp. | 47,022 | 2,243 | |
* | Abaxis Inc. | 55,648 | 2,227 |
* | ImmunoGen Inc. | 150,809 | 2,212 |
* | Wright Medical Group Inc. | 71,995 | 2,211 |
* | Exact Sciences Corp. | 185,202 | 2,165 |
* | Envision Healthcare | ||
Holdings Inc. | 59,356 | 2,108 | |
* | Acorda Therapeutics Inc. | 71,950 | 2,101 |
* | Keryx Biopharmaceuticals | ||
Inc. | 161,769 | 2,095 | |
* | Clovis Oncology Inc. | 34,461 | 2,077 |
* | Volcano Corp. | 89,145 | 1,948 |
* | Emergent Biosolutions Inc. | 83,046 | 1,909 |
* | Bio-Reference Labs Inc. | 71,745 | 1,832 |
* | Accuray Inc. | 209,674 | 1,826 |
* | Affymetrix Inc. | 210,529 | 1,804 |
*,^ | Idenix Pharmaceuticals Inc. | 295,749 | 1,769 |
* | Natus Medical Inc. | 78,387 | 1,764 |
* | Momenta Pharmaceuticals | ||
Inc. | 99,235 | 1,754 | |
* | AMAG Pharmaceuticals Inc. | 70,406 | 1,709 |
* | Cadence Pharmaceuticals | ||
Inc. | 188,556 | 1,706 | |
* | Geron Corp. | 353,819 | 1,677 |
* | Infinity Pharmaceuticals Inc. | 120,503 | 1,664 |
* | Anika Therapeutics Inc. | 43,446 | 1,658 |
Meridian Bioscience Inc. | 62,091 | 1,647 | |
* | Hanger Inc. | 41,823 | 1,645 |
* | Vivus Inc. | 180,926 | 1,643 |
* | Corvel Corp. | 35,088 | 1,639 |
* | Depomed Inc. | 150,553 | 1,593 |
* | Array BioPharma Inc. | 313,614 | 1,571 |
* | Capital Senior Living Corp. | 65,391 | 1,569 |
Kindred Healthcare Inc. | 79,272 | 1,565 | |
* | ICU Medical Inc. | 24,373 | 1,553 |
* | Amedisys Inc. | 104,658 | 1,531 |
* | AngioDynamics Inc. | 87,357 | 1,502 |
* | Molina Healthcare Inc. | 43,209 | 1,502 |
* | MannKind Corp. | 287,819 | 1,500 |
* | BioCryst Pharmaceuticals | ||
Inc. | 196,620 | 1,494 | |
* | Anacor Pharmaceuticals | ||
Inc. | 88,452 | 1,484 | |
* | Cerus Corp. | 229,636 | 1,481 |
* | Genomic Health Inc. | 49,285 | 1,443 |
*,^ | Dendreon Corp. | 471,627 | 1,410 |
* | Chelsea Therapeutics | ||
International Ltd. | 311,770 | 1,381 | |
* | Sarepta Therapeutics Inc. | 64,975 | 1,324 |
* | Ligand Pharmaceuticals Inc. | ||
Class B | 25,054 | 1,318 | |
* | Emeritus Corp. | 60,376 | 1,306 |
* | Quidel Corp. | 41,207 | 1,273 |
* | Achillion Pharmaceuticals | ||
Inc. | 373,311 | 1,239 | |
Ensign Group Inc. | 27,774 | 1,230 | |
* | AVANIR Pharmaceuticals | ||
Inc. | 359,053 | 1,206 | |
* | Almost Family Inc. | 37,007 | 1,196 |
* | Endologix Inc. | 67,842 | 1,183 |
* | Accretive Health Inc. | 125,142 | 1,146 |
* | IPC The Hospitalist Co. Inc. | 18,584 | 1,104 |
*,^ | Ampio Pharmaceuticals Inc. | 153,762 | 1,096 |
Invacare Corp. | 46,777 | 1,086 | |
* | Healthways Inc. | 70,495 | 1,082 |
* | Cynosure Inc. Class A | 40,412 | 1,078 |
* | Novavax Inc. | 207,591 | 1,063 |
* | Athersys Inc. | 416,402 | 1,041 |
Atrion Corp. | 3,507 | 1,039 | |
* | Neurocrine Biosciences Inc. | 111,171 | 1,038 |
* | BioScrip Inc. | 136,786 | 1,012 |
*,^ | ChemoCentryx Inc. | 174,485 | 1,010 |
* | Spectranetics Corp. | 40,247 | 1,006 |
* | AtriCure Inc. | 53,110 | 992 |
* | Cutera Inc. | 96,538 | 983 |
* | Antares Pharma Inc. | 218,527 | 979 |
31
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Dynavax Technologies | ||
Corp. | 493,550 | 967 | |
* | Albany Molecular Research | ||
Inc. | 95,499 | 963 | |
* | Fluidigm Corp. | 24,820 | 951 |
* | Alliance HealthCare | ||
Services Inc. | 37,503 | 928 | |
* | Hi-Tech Pharmacal Co. Inc. | 21,330 | 926 |
* | Gentiva Health Services Inc. | 74,345 | 923 |
*,^ | Organovo Holdings Inc. | 82,845 | 917 |
* | Raptor Pharmaceutical Corp. | 67,744 | 882 |
* | Luminex Corp. | 45,138 | 876 |
* | PharMerica Corp. | 40,726 | 876 |
Select Medical Holdings | |||
Corp. | 74,092 | 860 | |
*,^ | Biotime Inc. | 231,499 | 833 |
* | Arqule Inc. | 387,533 | 833 |
* | Alphatec Holdings Inc. | 413,879 | 832 |
* | Omnicell Inc. | 32,276 | 824 |
* | Cardiovascular Systems Inc. | 24,010 | 823 |
* | Symmetry Medical Inc. | 80,029 | 807 |
CryoLife Inc. | 71,831 | 797 | |
* | Spectrum Pharmaceuticals | ||
Inc. | 89,611 | 793 | |
* | Exactech Inc. | 33,289 | 791 |
* | Lexicon Pharmaceuticals | ||
Inc. | 426,596 | 768 | |
*,^ | AcelRx Pharmaceuticals | ||
Inc. | 67,286 | 761 | |
* | AVEO Pharmaceuticals Inc. | 412,100 | 758 |
* | NxStage Medical Inc. | 75,625 | 756 |
* | BioTelemetry Inc. | 94,659 | 752 |
*,^ | Omeros Corp. | 65,872 | 744 |
*,^ | Biolase Inc. | 262,620 | 743 |
* | Sangamo Biosciences Inc. | 52,652 | 731 |
* | Furiex Pharmaceuticals Inc. | 16,618 | 698 |
* | Merit Medical Systems Inc. | 43,528 | 685 |
* | Curis Inc. | 242,304 | 683 |
*,^ | ANI Pharmaceuticals Inc. | 33,906 | 681 |
* | Sagent Pharmaceuticals Inc. | 26,635 | 676 |
* | Immunomedics Inc. | 142,092 | 654 |
* | KYTHERA | ||
Biopharmaceuticals Inc. | 16,226 | 604 | |
* | HealthStream Inc. | 18,427 | 604 |
* | Lannett Co. Inc. | 18,196 | 602 |
* | Addus HomeCare Corp. | 26,456 | 594 |
* | Intercept Pharmaceuticals | ||
Inc. | 8,658 | 591 | |
*,^ | Agenus Inc. | 223,511 | 590 |
* | Insys Therapeutics Inc. | 15,000 | 581 |
* | Hyperion Therapeutics Inc. | 28,170 | 570 |
* | MiMedx Group Inc. | 62,908 | 550 |
* | NewLink Genetics Corp. | 24,847 | 547 |
* | Chimerix Inc. | 34,190 | 517 |
* | Catalyst Pharmaceutical | ||
Partners Inc. | 257,742 | 503 | |
* | Five Star Quality Care Inc. | 85,876 | 471 |
* | Endocyte Inc. | 43,345 | 463 |
* | Orexigen Therapeutics Inc. | 80,607 | 454 |
* | Merrimack Pharmaceuticals | ||
Inc. | 82,137 | 439 | |
* | Orthofix International NV | 19,031 | 434 |
* | OraSure Technologies Inc. | 68,580 | 431 |
* | Sciclone Pharmaceuticals | ||
Inc. | 83,071 | 419 | |
* | LHC Group Inc. | 17,054 | 410 |
* | Corcept Therapeutics Inc. | 126,035 | 406 |
* | BioSpecifics Technologies | ||
Corp. | 17,702 | 384 | |
* | Portola Pharmaceuticals Inc. | 14,585 | 376 |
* | Inovio Pharmaceuticals Inc. | 129,462 | 375 |
*,^ | Alexza Pharmaceuticals Inc. | 79,035 | 374 |
* | Triple-S Management Corp. | ||
Class B | 19,212 | 373 | |
* | Tornier NV | 19,149 | 360 |
* | Insmed Inc. | 20,827 | 354 |
* | Durect Corp. | 200,605 | 347 |
*,^ | Coronado Biosciences Inc. | 130,354 | 343 |
* | Staar Surgical Co. | 21,157 | 343 |
US Physical Therapy Inc. | 9,458 | 333 | |
* | Anthera Pharmaceuticals | ||
Inc. Class A | 107,168 | 329 | |
* | SurModics Inc. | 13,357 | 326 |
* | Cytori Therapeutics Inc. | 123,519 | 317 |
* | CytRx Corp. | 50,304 | 315 |
* | Rigel Pharmaceuticals Inc. | 109,592 | 312 |
National Healthcare Corp. | 5,758 | 310 | |
Universal American Corp. | 42,372 | 309 | |
* | Repros Therapeutics Inc. | 16,524 | 302 |
*,^ | Acura Pharmaceuticals Inc. | 178,752 | 299 |
* | Alimera Sciences Inc. | 62,039 | 292 |
*,^ | Apricus Biosciences Inc. | 105,521 | 280 |
* | Cytokinetics Inc. | 42,787 | 278 |
*,^ | Biodel Inc. | 120,701 | 278 |
* | Cell Therapeutics Inc. | 143,809 | 276 |
*,^ | Galena Biopharma Inc. | 54,193 | 269 |
*,^ | Venaxis Inc. | 122,333 | 262 |
* | GenMark Diagnostics Inc. | 17,932 | 239 |
* | Enzo Biochem Inc. | 81,108 | 237 |
* | Pain Therapeutics Inc. | 48,537 | 236 |
* | Synergy Pharmaceuticals | ||
Inc. | 41,723 | 235 | |
* | Repligen Corp. | 17,193 | 235 |
* | Hansen Medical Inc. | 129,025 | 223 |
Pozen Inc. | 27,102 | 218 | |
Columbia Laboratories Inc. | 32,526 | 215 | |
* | Vascular Solutions Inc. | 9,169 | 212 |
* | Harvard Bioscience Inc. | 45,022 | 212 |
32
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | OncoMed Pharmaceuticals | ||
Inc. | 7,100 | 210 | |
* | Agios Pharmaceuticals Inc. | 8,563 | 205 |
* | Sequenom Inc. | 85,701 | 201 |
* | Bluebird Bio Inc. | 9,500 | 199 |
*,^ | Accelerate Diagnostics Inc. | 16,133 | 197 |
* | Osiris Therapeutics Inc. | 11,967 | 192 |
* | XOMA Corp. | 27,982 | 188 |
* | XenoPort Inc. | 31,708 | 182 |
* | NeoGenomics Inc. | 48,442 | 175 |
* | BG Medicine Inc. | 162,483 | 169 |
* | Vanda Pharmaceuticals Inc. | 13,319 | 165 |
* | EnteroMedics Inc. | 77,431 | 158 |
* | ZIOPHARM Oncology Inc. | 35,503 | 154 |
* | Medical Action Industries | ||
Inc. | 17,692 | 151 | |
* | Rockwell Medical Inc. | 14,443 | 151 |
Digirad Corp. | 40,423 | 150 | |
* | Progenics Pharmaceuticals | ||
Inc. | 27,461 | 146 | |
* | RTI Surgical Inc. | 41,134 | 146 |
* | Navidea Biopharmaceuticals | ||
Inc. | 69,910 | 145 | |
Enzon Pharmaceuticals Inc. | 123,147 | 143 | |
* | Hooper Holmes Inc. | 265,238 | 141 |
LeMaitre Vascular Inc. | 17,245 | 138 | |
* | Peregrine Pharmaceuticals | ||
Inc. | 98,096 | 136 | |
* | Horizon Pharma Inc. | 17,834 | 136 |
* | BioDelivery Sciences | ||
International Inc. | 22,234 | 131 | |
* | Cornerstone Therapeutics | ||
Inc. | 13,480 | 128 | |
* | Chindex International Inc. | 7,031 | 123 |
* | BSD Medical Corp. | 102,783 | 122 |
* | Tandem Diabetes Care Inc. | 4,410 | 114 |
* | Surgical Care Affiliates Inc. | 3,127 | 109 |
* | Karyopharm Therapeutics | ||
Inc. | 4,402 | 101 | |
* | AdCare Health Systems Inc. | 23,016 | 99 |
* | Cubist Pharmaceutic-CVR | 71,808 | 97 |
* | IGI Laboratories Inc. | 31,085 | 95 |
* | LCA-Vision Inc. | 23,998 | 94 |
* | GTx Inc. | 56,394 | 93 |
* | Solta Medical Inc. | 31,457 | 93 |
* | Bovie Medical Corp. | 43,121 | 91 |
* | Targacept Inc. | 21,867 | 91 |
* | Receptos Inc. | 3,003 | 87 |
* | MacroGenics Inc. | 3,100 | 85 |
* | Celsion Corp. | 21,242 | 83 |
* | Unilife Corp. | 17,445 | 77 |
* | InfuSystems Holdings Inc. | 34,480 | 74 |
* | Synta Pharmaceuticals Corp. | 13,525 | 71 |
* | Oncothyreon Inc. | 39,256 | 69 |
Psychemedics Corp. | 4,661 | 68 |
* | SIGA Technologies Inc. | 20,690 | 68 |
* | Aastrom Biosciences Inc. | 20,678 | 67 |
* | Derma Sciences Inc. | 5,826 | 63 |
* | Foundation Medicine Inc. | 2,595 | 62 |
* | Ophthotech Corp. | 1,872 | 61 |
* | Cumberland | ||
Pharmaceuticals Inc. | 10,775 | 55 | |
* | Synergetics USA Inc. | 15,077 | 55 |
* | Harvard Apparatus | ||
Regenerative Technology | |||
Inc. | 11,255 | 53 | |
* | Discovery Laboratories Inc. | 22,888 | 52 |
* | Baxano Surgical Inc. | 46,005 | 46 |
* | Threshold Pharmaceuticals | ||
Inc. | 9,500 | 44 | |
* | MEI Pharma Inc. | 5,181 | 42 |
* | Cleveland Biolabs Inc. | 35,300 | 41 |
* | Stemline Therapeutics Inc. | 2,100 | 41 |
* | Mast Therapeutics Inc. | 81,953 | 38 |
* | EntreMed Inc. | 20,962 | 36 |
* | Epizyme Inc. | 1,716 | 36 |
MGC Diagnostics Corp. | 2,800 | 35 | |
* | ERBA Diagnostics Inc. | 11,606 | 32 |
* | Veracyte Inc. | 2,228 | 32 |
* | Skilled Healthcare Group Inc. | 6,697 | 32 |
* | RadNet Inc. | 18,952 | 32 |
* | Vical Inc. | 24,716 | 29 |
* | Oculus Innovative Sciences | ||
Inc. | 7,757 | 27 | |
* | Hemispherx Biopharma Inc. | 96,879 | 26 |
* | Supernus Pharmaceuticals | ||
Inc. | 3,000 | 23 | |
* | ARCA Biopharma Inc. | 12,400 | 21 |
* | Transcept Pharmaceuticals | ||
Inc. | 5,840 | 20 | |
* | iBio Inc. | 57,800 | 19 |
* | Delcath Systems Inc. | 75,773 | 19 |
* | Cardica Inc. | 17,675 | 17 |
* | Wright Medical Group Inc. | ||
CVR | 50,806 | 16 | |
* | OncoGenex Pharmaceutical | ||
Inc. | 1,867 | 16 | |
* | Cancer Genetics Inc. | 1,100 | 15 |
* | BIND Therapeutics Inc. | 1,000 | 15 |
* | ThermoGenesis Corp. | 14,114 | 14 |
* | Neuralstem Inc. | 4,645 | 14 |
* | Zalicus Inc. | 10,037 | 11 |
* | Pernix Therapeutics Holdings | 4,205 | 11 |
* | Durata Therapeutics Inc. | 800 | 10 |
* | Ambit Biosciences Corp. | 750 | 7 |
* | Amicus Therapeutics Inc. | 2,697 | 6 |
* | MELA Sciences Inc. | 9,482 | 6 |
* | Heska Corp. | 591 | 5 |
Birner Dental Management | |||
Services Inc. | 265 | 5 |
33
Institutional Total Stock Market Index Fund
Market | ||||
Value | ||||
Shares | ($000) | |||
* | Stereotaxis Inc. | 1,152 | 4 | |
Utah Medical Products Inc. | 68 | 4 | ||
* | CAS Medical Systems Inc. | 1,800 | 3 | |
* | Cel-Sci Corp. | 5,176 | 3 | |
* | LipoScience Inc. | 647 | 3 | |
Diversicare Healthcare | ||||
Services Inc. | 500 | 2 | ||
* | StemCells Inc. | 1,892 | 2 | |
* | Nanosphere Inc. | 759 | 2 | |
* | Sucampo Pharmaceuticals | |||
Inc. Class A | 158 | 1 | ||
Daxor Corp. | 161 | 1 | ||
* | ProPhase Labs Inc. | 465 | 1 | |
* | Sunesis Pharmaceuticals | |||
Inc. | 100 | — | ||
* | Vision Sciences Inc. | 140 | — | |
4,292,931 | ||||
Industrials (13.6%) | ||||
General Electric Co. | 17,948,964 | 503,109 | ||
United Technologies | ||||
Corp. | 1,627,911 | 185,256 | ||
Boeing Co. | 1,333,207 | 181,969 | ||
3M Co. | 1,194,480 | 167,526 | ||
Union Pacific Corp. | 817,194 | 137,289 | ||
United Parcel Service Inc. | ||||
Class B | 1,269,871 | 133,438 | ||
Honeywell International | ||||
Inc. | 1,392,167 | 127,202 | ||
Caterpillar Inc. | 1,129,000 | 102,524 | ||
Accenture plc Class A | 1,127,927 | 92,738 | ||
Emerson Electric Co. | 1,248,967 | 87,653 | ||
Lockheed Martin Corp. | 568,335 | 84,489 | ||
Danaher Corp. | 1,051,391 | 81,167 | ||
FedEx Corp. | 533,666 | 76,725 | ||
Precision Castparts Corp. | 257,711 | 69,402 | ||
Automatic Data | ||||
Processing Inc. | 854,142 | 69,023 | ||
Eaton Corp. plc | 841,843 | 64,081 | ||
Illinois Tool Works Inc. | 748,101 | 62,900 | ||
Deere & Co. | 665,364 | 60,768 | ||
General Dynamics Corp. | 593,702 | 56,728 | ||
CSX Corp. | 1,798,378 | 51,739 | ||
Raytheon Co. | 566,808 | 51,409 | ||
Norfolk Southern Corp. | 548,067 | 50,877 | ||
Cummins Inc. | 332,521 | 46,875 | ||
Northrop Grumman Corp. | 393,930 | 45,148 | ||
TE Connectivity Ltd. | 728,099 | 40,126 | ||
* | LinkedIn Corp. Class A | 180,567 | 39,152 | |
PACCAR Inc. | 628,306 | 37,177 | ||
Waste Management Inc. | 790,777 | 35,482 | ||
Parker Hannifin Corp. | 264,811 | 34,065 | ||
Tyco International Ltd. | 825,534 | 33,880 | ||
Agilent Technologies Inc. | 586,975 | 33,569 | ||
Ingersoll-Rand plc | 485,576 | 29,911 | ||
Dover Corp. | 302,318 | 29,186 |
Rockwell Automation Inc. | 246,039 | 29,072 | |
WW Grainger Inc. | 110,879 | 28,321 | |
Sherwin-Williams Co. | 152,913 | 28,060 | |
Pentair Ltd. | 353,748 | 27,476 | |
* | Fiserv Inc. | 457,618 | 27,022 |
Paychex Inc. | 583,151 | 26,551 | |
Xerox Corp. | 2,074,959 | 25,252 | |
Amphenol Corp. Class A | 280,847 | 25,046 | |
Fidelity National | |||
Information Services Inc. | 464,898 | 24,956 | |
Roper Industries Inc. | 176,257 | 24,443 | |
Kansas City Southern | 195,595 | 24,221 | |
Fluor Corp. | 289,848 | 23,272 | |
AMETEK Inc. | 434,302 | 22,875 | |
Fastenal Co. | 473,874 | 22,514 | |
* | Alliance Data Systems | ||
Corp. | 82,108 | 21,589 | |
Flowserve Corp. | 247,482 | 19,509 | |
Textron Inc. | 498,846 | 18,338 | |
Rockwell Collins Inc. | 239,769 | 17,724 | |
* | Stericycle Inc. | 152,157 | 17,676 |
* | Verisk Analytics Inc. | ||
Class A | 268,696 | 17,659 | |
Pall Corp. | 196,606 | 16,780 | |
* | B/E Aerospace Inc. | 185,894 | 16,178 |
Expeditors International | |||
of Washington Inc. | 364,843 | 16,144 | |
Towers Watson & Co. | |||
Class A | 125,950 | 16,072 | |
L-3 Communications | |||
Holdings Inc. | 149,424 | 15,967 | |
Republic Services Inc. | |||
Class A | 479,146 | 15,908 | |
* | Trimble Navigation Ltd. | 457,424 | 15,873 |
Chicago Bridge & Iron Co. | |||
NV | 190,785 | 15,862 | |
CH Robinson Worldwide | |||
Inc. | 269,069 | 15,697 | |
* | FleetCor Technologies Inc. | 124,162 | 14,548 |
ADT Corp. | 358,029 | 14,489 | |
Masco Corp. | 633,434 | 14,423 | |
* | Jacobs Engineering Group | ||
Inc. | 222,120 | 13,991 | |
Vulcan Materials Co. | 230,695 | 13,708 | |
TransDigm Group Inc. | 84,265 | 13,568 | |
Fortune Brands Home | |||
& Security Inc. | 294,972 | 13,480 | |
Rock Tenn Co. Class A | 127,865 | 13,427 | |
Ball Corp. | 256,612 | 13,257 | |
JB Hunt Transport | |||
Services Inc. | 167,333 | 12,935 | |
* | United Rentals Inc. | 165,440 | 12,896 |
* | Mettler-Toledo | ||
International Inc. | 52,671 | 12,777 | |
Wabtec Corp. | 162,414 | 12,062 |
34
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Manpowergroup Inc. | 140,213 | 12,039 | |
* | Quanta Services Inc. | 376,921 | 11,896 |
Sealed Air Corp. | 348,213 | 11,857 | |
MeadWestvaco Corp. | 315,800 | 11,663 | |
Xylem Inc. | 327,512 | 11,332 | |
Donaldson Co. Inc. | 259,580 | 11,281 | |
Joy Global Inc. | 188,689 | 11,036 | |
Packaging Corp. | |||
of America | 174,140 | 11,020 | |
* | Crown Holdings Inc. | 246,736 | 10,997 |
Avnet Inc. | 244,245 | 10,774 | |
IDEX Corp. | 144,029 | 10,637 | |
* | Owens-Illinois Inc. | 292,958 | 10,482 |
Lincoln Electric Holdings | |||
Inc. | 144,917 | 10,338 | |
Cintas Corp. | 171,443 | 10,216 | |
Total System Services Inc. | 303,180 | 10,090 | |
Hubbell Inc. Class B | 92,329 | 10,055 | |
Valspar Corp. | 138,513 | 9,875 | |
Robert Half International | |||
Inc. | 233,745 | 9,815 | |
* | Colfax Corp. | 153,834 | 9,798 |
MDU Resources Group Inc. | 318,405 | 9,727 | |
* | Arrow Electronics Inc. | 178,833 | 9,702 |
Iron Mountain Inc. | 305,533 | 9,273 | |
AGCO Corp. | 155,624 | 9,211 | |
Waste Connections Inc. | 208,467 | 9,095 | |
* | Kirby Corp. | 90,851 | 9,017 |
Jack Henry & Associates | |||
Inc. | 151,967 | 8,998 | |
Carlisle Cos. Inc. | 112,926 | 8,966 | |
* | CoStar Group Inc. | 48,510 | 8,954 |
* | Genesee & Wyoming Inc. | ||
Class A | 92,146 | 8,851 | |
Global Payments Inc. | 132,423 | 8,606 | |
Timken Co. | 156,077 | 8,595 | |
Graco Inc. | 108,733 | 8,494 | |
* | Flextronics International | ||
Ltd. | 1,080,536 | 8,396 | |
KBR Inc. | 263,065 | 8,389 | |
Broadridge Financial | |||
Solutions Inc. | 211,758 | 8,369 | |
Acuity Brands Inc. | 76,499 | 8,363 | |
* | Sensata Technologies | ||
Holding NV | 213,952 | 8,295 | |
PerkinElmer Inc. | 199,647 | 8,231 | |
Martin Marietta Materials | |||
Inc. | 82,257 | 8,221 | |
Aptargroup Inc. | 116,900 | 7,927 | |
* | Hexcel Corp. | 176,915 | 7,906 |
Huntington Ingalls | |||
Industries Inc. | 87,701 | 7,894 | |
Terex Corp. | 187,942 | 7,892 | |
Oshkosh Corp. | 153,406 | 7,729 | |
* | Owens Corning | 188,219 | 7,664 |
FLIR Systems Inc. | 251,609 | 7,573 | |
Trinity Industries Inc. | 138,724 | 7,563 | |
Sonoco Products Co. | 181,100 | 7,555 | |
Bemis Co. Inc. | 182,888 | 7,491 | |
AO Smith Corp. | 138,835 | 7,489 | |
* | Spirit Aerosystems | ||
Holdings Inc. Class A | 214,507 | 7,310 | |
Kennametal Inc. | 139,346 | 7,256 | |
SPX Corp. | 72,467 | 7,218 | |
Nordson Corp. | 96,974 | 7,205 | |
* | Allegion plc | 162,058 | 7,161 |
* | Vantiv Inc. Class A | 219,359 | 7,153 |
* | WESCO International Inc. | 78,528 | 7,152 |
MSC Industrial Direct Co. | |||
Inc. Class A | 87,582 | 7,083 | |
URS Corp. | 133,071 | 7,051 | |
Triumph Group Inc. | 92,485 | 7,035 | |
ITT Corp. | 161,193 | 6,999 | |
Generac Holdings Inc. | 121,835 | 6,901 | |
Ryder System Inc. | 93,490 | 6,898 | |
Alliant Techsystems Inc. | 56,626 | 6,890 | |
* | WEX Inc. | 69,024 | 6,835 |
Valmont Industries Inc. | 45,196 | 6,740 | |
Lennox International Inc. | 79,175 | 6,735 | |
Babcock & Wilcox Co. | 196,896 | 6,732 | |
FEI Co. | 74,259 | 6,636 | |
RR Donnelley & Sons Co. | 322,833 | 6,547 | |
Toro Co. | 101,475 | 6,454 | |
Exelis Inc. | 335,502 | 6,395 | |
* | Old Dominion Freight Line | ||
Inc. | 114,908 | 6,092 | |
EnerSys Inc. | 84,247 | 5,905 | |
Eagle Materials Inc. | 75,508 | 5,847 | |
* | Teledyne Technologies Inc. | 63,265 | 5,812 |
* | Foster Wheeler AG | 174,893 | 5,775 |
CLARCOR Inc. | 89,058 | 5,731 | |
National Instruments Corp. | 178,002 | 5,700 | |
* | CoreLogic Inc. | 159,984 | 5,684 |
Lender Processing | |||
Services Inc. | 151,899 | 5,678 | |
Jabil Circuit Inc. | 324,970 | 5,667 | |
* | Cognex Corp. | 147,443 | 5,629 |
Regal-Beloit Corp. | 76,139 | 5,613 | |
Crane Co. | 82,646 | 5,558 | |
* | NeuStar Inc. Class A | 111,405 | 5,555 |
Manitowoc Co. Inc. | 237,737 | 5,544 | |
* | DigitalGlobe Inc. | 133,770 | 5,505 |
* | Clean Harbors Inc. | 91,672 | 5,497 |
Belden Inc. | 77,278 | 5,444 | |
World Fuel Services Corp. | 122,139 | 5,272 | |
* | Genpact Ltd. | 286,354 | 5,260 |
* | Esterline Technologies | ||
Corp. | 50,311 | 5,130 | |
MAXIMUS Inc. | 115,867 | 5,097 | |
* | Moog Inc. Class A | 73,988 | 5,027 |
35
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Woodward Inc. | 109,074 | 4,975 | |
* | AECOM Technology Corp. | 167,752 | 4,937 |
* | Zebra Technologies Corp. | 89,295 | 4,829 |
EMCOR Group Inc. | 113,551 | 4,819 | |
Air Lease Corp. Class A | 153,605 | 4,774 | |
Curtiss-Wright Corp. | 75,800 | 4,717 | |
Deluxe Corp. | 89,702 | 4,682 | |
Landstar System Inc. | 81,249 | 4,668 | |
* | USG Corp. | 164,082 | 4,657 |
* | Louisiana-Pacific Corp. | 250,919 | 4,645 |
*,^ | IPG Photonics Corp. | 59,748 | 4,637 |
Corporate Executive Board | |||
Co. | 59,705 | 4,623 | |
Actuant Corp. Class A | 123,605 | 4,529 | |
Anixter International Inc. | 49,278 | 4,427 | |
Watsco Inc. | 45,473 | 4,368 | |
GATX Corp. | 82,215 | 4,289 | |
* | Armstrong World | ||
Industries Inc. | 72,279 | 4,164 | |
* | Graphic Packaging Holding | ||
Co. | 433,241 | 4,159 | |
* | Advisory Board Co. | 64,129 | 4,083 |
* | Euronet Worldwide Inc. | 84,863 | 4,061 |
Allison Transmission | |||
Holdings Inc. | 146,110 | 4,034 | |
Harsco Corp. | 143,558 | 4,024 | |
Con-way Inc. | 101,168 | 4,017 | |
HEICO Corp. Class A | 92,418 | 3,893 | |
Silgan Holdings Inc. | 79,075 | 3,797 | |
Littelfuse Inc. | 39,948 | 3,712 | |
* | MWI Veterinary Supply Inc. | 21,673 | 3,697 |
* | MasTec Inc. | 110,052 | 3,601 |
* | Navistar International Corp. | 93,225 | 3,560 |
Covanta Holding Corp. | 197,337 | 3,503 | |
* | Cardtronics Inc. | 80,188 | 3,484 |
Convergys Corp. | 164,914 | 3,471 | |
TAL International Group Inc. | 60,319 | 3,459 | |
* | Outerwall Inc. | 49,751 | 3,347 |
Applied Industrial | |||
Technologies Inc. | 67,428 | 3,310 | |
* | WageWorks Inc. | 55,433 | 3,295 |
* | Coherent Inc. | 44,227 | 3,290 |
United Stationers Inc. | 71,072 | 3,262 | |
* | Mobile Mini Inc. | 78,210 | 3,221 |
Franklin Electric Co. Inc. | 72,082 | 3,218 | |
* | Tetra Tech Inc. | 114,359 | 3,200 |
CIRCOR International Inc. | 39,598 | 3,199 | |
* | Vishay Intertechnology Inc. | 240,347 | 3,187 |
* | Berry Plastics Group Inc. | 133,654 | 3,180 |
Heartland Payment | |||
Systems Inc. | 62,452 | 3,113 | |
Barnes Group Inc. | 79,662 | 3,052 | |
* | Trimas Corp. | 75,999 | 3,032 |
Watts Water Technologies | |||
Inc. Class A | 48,816 | 3,020 |
* | VistaPrint NV | 53,067 | 3,017 |
* | On Assignment Inc. | 86,265 | 3,012 |
Mueller Industries Inc. | 47,785 | 3,011 | |
* | Benchmark Electronics Inc. | 128,022 | 2,955 |
* | FTI Consulting Inc. | 71,642 | 2,947 |
Brink’s Co. | 85,983 | 2,935 | |
* | RBC Bearings Inc. | 41,033 | 2,903 |
Mine Safety Appliances Co. | 56,398 | 2,888 | |
Greif Inc. Class A | 54,751 | 2,869 | |
ABM Industries Inc. | 98,805 | 2,825 | |
AZZ Inc. | 57,799 | 2,824 | |
UTi Worldwide Inc. | 158,957 | 2,791 | |
Aircastle Ltd. | 145,393 | 2,786 | |
G&K Services Inc. Class A | 44,102 | 2,744 | |
UniFirst Corp. | 25,587 | 2,738 | |
* | Itron Inc. | 65,473 | 2,713 |
Methode Electronics Inc. | 79,119 | 2,705 | |
Simpson Manufacturing | |||
Co. Inc. | 73,255 | 2,691 | |
Raven Industries Inc. | 64,540 | 2,655 | |
* | Texas Industries Inc. | 38,525 | 2,650 |
* | Hub Group Inc. Class A | 66,019 | 2,633 |
* | Plexus Corp. | 59,906 | 2,593 |
* | Swift Transportation Co. | 116,706 | 2,592 |
General Cable Corp. | 86,184 | 2,535 | |
Brady Corp. Class A | 81,532 | 2,522 | |
* | GrafTech International Ltd. | 222,459 | 2,498 |
* | Sanmina Corp. | 148,514 | 2,480 |
* | PHH Corp. | 101,638 | 2,475 |
Albany International Corp. | 68,145 | 2,448 | |
Apogee Enterprises Inc. | 67,937 | 2,440 | |
Sturm Ruger & Co. Inc. | 33,244 | 2,430 | |
* | Proto Labs Inc. | 33,762 | 2,403 |
* | Universal Display Corp. | 69,268 | 2,380 |
Mueller Water Products | |||
Inc. Class A | 250,459 | 2,347 | |
* | DXP Enterprises Inc. | 20,052 | 2,310 |
* | FARO Technologies Inc. | 39,580 | 2,308 |
Altra Industrial Motion Corp. | 66,971 | 2,292 | |
Granite Construction Inc. | 65,282 | 2,284 | |
AAON Inc. | 70,946 | 2,267 | |
* | OSI Systems Inc. | 42,309 | 2,247 |
AAR Corp. | 80,104 | 2,244 | |
* | Greatbatch Inc. | 50,403 | 2,230 |
* | Veeco Instruments Inc. | 67,405 | 2,218 |
* | Orbital Sciences Corp. | 95,008 | 2,214 |
* | GenCorp Inc. | 122,603 | 2,209 |
* | Greenbrier Cos. Inc. | 64,716 | 2,125 |
Heartland Express Inc. | 105,602 | 2,072 | |
Badger Meter Inc. | 37,553 | 2,047 | |
* | Wesco Aircraft Holdings Inc. | 92,659 | 2,031 |
EVERTEC Inc. | 81,323 | 2,005 | |
Forward Air Corp. | 45,335 | 1,991 | |
* | Huron Consulting Group Inc. | 31,499 | 1,976 |
ESCO Technologies Inc. | 56,719 | 1,943 |
36
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Astec Industries Inc. | 49,454 | 1,910 | |
* | Masonite International Corp. | 31,799 | 1,908 |
Exponent Inc. | 24,414 | 1,891 | |
* | Monster Worldwide Inc. | 265,096 | 1,890 |
Myers Industries Inc. | 88,324 | 1,865 | |
* | HD Supply Holdings Inc. | 77,411 | 1,859 |
Arkansas Best Corp. | 55,117 | 1,856 | |
Barrett Business Services | |||
Inc. | 19,994 | 1,854 | |
Knight Transportation Inc. | 100,570 | 1,844 | |
CTS Corp. | 92,421 | 1,840 | |
Matson Inc. | 69,772 | 1,822 | |
Comfort Systems USA Inc. | 93,605 | 1,815 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 44,106 | 1,815 | |
Werner Enterprises Inc. | 71,567 | 1,770 | |
Standex International Corp. | 28,056 | 1,764 | |
* | Trex Co. Inc. | 22,035 | 1,752 |
* | Checkpoint Systems Inc. | 109,214 | 1,722 |
* | Korn/Ferry International | 65,151 | 1,702 |
* | Consolidated Graphics Inc. | 25,047 | 1,689 |
* | Advanced Emissions | ||
Solutions Inc. | 30,997 | 1,681 | |
Daktronics Inc. | 107,068 | 1,679 | |
* | AMN Healthcare Services | ||
Inc. | 111,471 | 1,639 | |
MTS Systems Corp. | 22,723 | 1,619 | |
* | American Woodmark Corp. | 40,558 | 1,603 |
* | Aegion Corp. Class A | 72,994 | 1,598 |
* | Federal Signal Corp. | 108,907 | 1,595 |
Insperity Inc. | 44,041 | 1,591 | |
* | II-VI Inc. | 88,340 | 1,555 |
Otter Tail Corp. | 52,461 | 1,536 | |
Cubic Corp. | 28,983 | 1,526 | |
Tennant Co. | 22,298 | 1,512 | |
Alamo Group Inc. | 24,842 | 1,508 | |
* | EnPro Industries Inc. | 26,000 | 1,499 |
Acacia Research Corp. | 102,938 | 1,497 | |
* | H&E Equipment Services | ||
Inc. | 50,222 | 1,488 | |
Black Box Corp. | 49,736 | 1,482 | |
* | Rexnord Corp. | 54,464 | 1,471 |
* | Global Cash Access | ||
Holdings Inc. | 146,855 | 1,467 | |
American Science | |||
& Engineering Inc. | 20,349 | 1,463 | |
Universal Forest Products | |||
Inc. | 27,894 | 1,454 | |
Powell Industries Inc. | 21,437 | 1,436 | |
* | Meritor Inc. | 136,937 | 1,428 |
US Ecology Inc. | 37,767 | 1,405 | |
* | Park-Ohio Holdings Corp. | 26,679 | 1,398 |
American Railcar Industries | |||
Inc. | 30,542 | 1,397 | |
* | Imperva Inc. | 28,764 | 1,384 |
* | Rogers Corp. | 22,278 | 1,370 |
* | CBIZ Inc. | 150,043 | 1,368 |
* | Measurement Specialties | ||
Inc. | 22,521 | 1,367 | |
* | Rofin-Sinar Technologies | ||
Inc. | 50,361 | 1,361 | |
* | Tutor Perini Corp. | 51,317 | 1,350 |
^ | Lindsay Corp. | 16,299 | 1,349 |
Schnitzer Steel Industries | |||
Inc. | 40,990 | 1,339 | |
Materion Corp. | 43,045 | 1,328 | |
* | Builders FirstSource Inc. | 184,587 | 1,318 |
Kaman Corp. | 33,124 | 1,316 | |
Marten Transport Ltd. | 64,284 | 1,298 | |
* | ExlService Holdings Inc. | 46,843 | 1,294 |
Celadon Group Inc. | 66,367 | 1,293 | |
Primoris Services Corp. | 41,487 | 1,291 | |
* | Taser International Inc. | 79,506 | 1,263 |
McGrath RentCorp | 31,332 | 1,247 | |
* | ARC Document Solutions | ||
Inc. | 150,049 | 1,233 | |
* | Ducommun Inc. | 41,011 | 1,223 |
AVX Corp. | 86,504 | 1,205 | |
* | Anaren Inc. | 42,349 | 1,185 |
* | TrueBlue Inc. | 45,972 | 1,185 |
* | TeleTech Holdings Inc. | 48,774 | 1,168 |
Booz Allen Hamilton | |||
Holding Corp. Class A | 60,655 | 1,162 | |
Ennis Inc. | 65,594 | 1,161 | |
* | Era Group Inc. | 37,400 | 1,154 |
Heidrick & Struggles | |||
International Inc. | 56,967 | 1,147 | |
* | AM Castle & Co. | 77,451 | 1,144 |
* | Astronics Corp. | 22,331 | 1,139 |
^ | Textainer Group Holdings | ||
Ltd. | 28,313 | 1,139 | |
* | Navigant Consulting Inc. | 58,567 | 1,124 |
* | Headwaters Inc. | 113,834 | 1,114 |
* | Sykes Enterprises Inc. | 51,044 | 1,113 |
Quanex Building Products | |||
Corp. | 55,531 | 1,106 | |
* | Dice Holdings Inc. | 152,288 | 1,104 |
* | Franklin Covey Co. | 54,884 | 1,091 |
Gorman-Rupp Co. | 32,555 | 1,088 | |
Encore Wire Corp. | 19,429 | 1,053 | |
Griffon Corp. | 79,584 | 1,051 | |
* | EnerNOC Inc. | 60,744 | 1,045 |
* | GP Strategies Corp. | 34,397 | 1,025 |
Coleman Cable Inc. | 39,029 | 1,023 | |
Cass Information Systems | |||
Inc. | 14,946 | 1,007 | |
* | LifeLock Inc. | 59,863 | 982 |
* | Pacer International Inc. | 118,375 | 978 |
ManTech International Corp. | |||
Class A | 31,995 | 958 |
37
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Dynamic Materials Corp. | 43,694 | 950 | |
* | Boise Cascade Co. | 31,805 | 938 |
* | Columbus McKinnon Corp. | 34,535 | 937 |
* | Air Transport Services | ||
Group Inc. | 114,654 | 928 | |
* | Furmanite Corp. | 86,779 | 922 |
* | Lionbridge Technologies | ||
Inc. | 153,882 | 917 | |
* | Information Services Group | ||
Inc. | 215,042 | 912 | |
* | Engility Holdings Inc. | 27,290 | 911 |
* | ExamWorks Group Inc. | 30,427 | 909 |
Sun Hydraulics Corp. | 22,109 | 903 | |
* | Cross Country Healthcare | ||
Inc. | 89,559 | 894 | |
* | ModusLink Global | ||
Solutions Inc. | 153,608 | 880 | |
CDI Corp. | 46,283 | 858 | |
* | Team Inc. | 20,176 | 854 |
* | CRA International Inc. | 42,711 | 846 |
* | Quality Distribution Inc. | 65,528 | 841 |
* | Wabash National Corp. | 67,096 | 829 |
Argan Inc. | 29,995 | 827 | |
* | Smith & Wesson Holding | ||
Corp. | 61,159 | 825 | |
Hyster-Yale Materials | |||
Handling Inc. | 8,787 | 819 | |
* | Accuride Corp. | 218,872 | 816 |
* | Fabrinet | 38,105 | 783 |
NN Inc. | 38,316 | 774 | |
* | Aerovironment Inc. | 26,528 | 773 |
* | Saia Inc. | 24,026 | 770 |
John Bean Technologies | |||
Corp. | 26,007 | 763 | |
Graham Corp. | 20,640 | 749 | |
* | Thermon Group Holdings | ||
Inc. | 27,321 | 747 | |
Insteel Industries Inc. | 32,649 | 742 | |
Kelly Services Inc. Class A | 29,482 | 735 | |
* | Bazaarvoice Inc. | 92,732 | 734 |
* | Roadrunner Transportation | ||
Systems Inc. | 27,181 | 733 | |
Kadant Inc. | 17,994 | 729 | |
LB Foster Co. Class A | 15,244 | 721 | |
Resources Connection Inc. | 50,079 | 718 | |
* | Great Lakes Dredge & Dock | ||
Corp. | 76,493 | 704 | |
Kforce Inc. | 34,320 | 702 | |
* | Aeroflex Holding Corp. | 107,665 | 700 |
Ceco Environmental Corp. | 42,753 | 691 | |
Electro Scientific Industries | |||
Inc. | 65,891 | 689 | |
* | Layne Christensen Co. | 40,127 | 685 |
Quad/Graphics Inc. | 24,869 | 677 | |
Electro Rent Corp. | 36,293 | 672 |
* | Gibraltar Industries Inc. | 35,558 | 661 |
Park Electrochemical Corp. | 22,921 | 658 | |
* | XPO Logistics Inc. | 24,035 | 632 |
* | Capstone Turbine Corp. | 489,758 | 632 |
* | TTM Technologies Inc. | 73,017 | 626 |
Houston Wire & Cable Co. | 46,711 | 625 | |
Landauer Inc. | 11,734 | 617 | |
* | Northwest Pipe Co. | 16,293 | 615 |
* | RPX Corp. | 36,017 | 609 |
Kimball International Inc. | |||
Class B | 40,324 | 606 | |
* | Landec Corp. | 49,608 | 601 |
* | ICF International Inc. | 17,247 | 599 |
Crawford & Co. Class B | 63,879 | 590 | |
* | Nortek Inc. | 7,863 | 587 |
* | Cenveo Inc. | 167,766 | 577 |
* | Newport Corp. | 31,705 | 573 |
Multi-Color Corp. | 15,124 | 571 | |
* | Kemet Corp. | 99,912 | 564 |
Universal Technical | |||
Institute Inc. | 38,410 | 534 | |
* | Echelon Corp. | 248,129 | 533 |
* | Kratos Defense | ||
& Security Solutions Inc. | 68,262 | 524 | |
* | CAI International Inc. | 22,182 | 523 |
* | PowerSecure International | ||
Inc. | 30,035 | 516 | |
* | BlueLinx Holdings Inc. | 263,401 | 514 |
Crawford & Co. Class A | 66,440 | 511 | |
* | Commercial Vehicle Group | ||
Inc. | 69,313 | 504 | |
* | Covenant Transportation | ||
Group Inc. Class A | 59,775 | 491 | |
* | Lydall Inc. | 27,660 | 487 |
* | Astronics Corp. Class B | 9,136 | 464 |
* | American Superconductor | ||
Corp. | 282,598 | 463 | |
* | ServiceSource International | ||
Inc. | 54,970 | 461 | |
* | United States Lime | ||
& Minerals Inc. | 7,516 | 460 | |
*,^ | ExOne Co. | 7,579 | 458 |
* | Nuverra Environmental | ||
Solutions Inc. | 27,209 | 457 | |
*,^ | ClearSign Combustion Corp. | 39,797 | 456 |
Miller Industries Inc. | 24,364 | 454 | |
NACCO Industries Inc. | |||
Class A | 7,289 | 453 | |
Hardinge Inc. | 31,326 | 453 | |
Bel Fuse Inc. Class B | 20,221 | 431 | |
* | Fuel Tech Inc. | 60,481 | 429 |
International Shipholding | |||
Corp. | 14,524 | 428 | |
* | PAM Transportation | ||
Services Inc. | 20,494 | 425 |
38
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Echo Global Logistics Inc. | 19,481 | 418 |
* | Orion Marine Group Inc. | 33,320 | 401 |
* | Flow International Corp. | 99,075 | 400 |
* | Adept Technology Inc. | 23,510 | 397 |
* | Energy Recovery Inc. | 70,702 | 393 |
* | NVE Corp. | 6,690 | 390 |
HEICO Corp. | 6,637 | 385 | |
* | Maxwell Technologies Inc. | 48,488 | 377 |
* | Higher One Holdings Inc. | 37,954 | 370 |
Viad Corp. | 13,137 | 365 | |
* | Ameresco Inc. Class A | 37,473 | 362 |
* | Active Power Inc. | 105,647 | 356 |
Spartan Motors Inc. | 52,914 | 355 | |
* | MYR Group Inc. | 13,959 | 350 |
* | Casella Waste Systems Inc. | ||
Class A | 59,008 | 342 | |
* | Heritage-Crystal Clean Inc. | 16,039 | 329 |
* | Multi-Fineline Electronix Inc. | 23,168 | 322 |
LSI Industries Inc. | 37,049 | 321 | |
Eastern Co. | 19,595 | 312 | |
* | CUI Global Inc. | 48,143 | 304 |
* | AEP Industries Inc. | 5,711 | 302 |
* | US Concrete Inc. | 13,307 | 301 |
*,^ | Eagle Bulk Shipping Inc. | 64,319 | 295 |
* | Vicor Corp. | 21,927 | 294 |
* | InnerWorkings Inc. | 37,219 | 290 |
Global Power Equipment | |||
Group Inc. | 14,735 | 288 | |
* | Vishay Precision Group Inc. | 19,013 | 283 |
* | Rentrak Corp. | 7,435 | 282 |
* | PGT Inc. | 27,633 | 280 |
* | Sterling Construction Co. | ||
Inc. | 23,800 | 279 | |
* | Taminco Corp. | 13,427 | 271 |
* | Metalico Inc. | 119,793 | 248 |
* | Arotech Corp. | 70,111 | 245 |
* | Lawson Products Inc. | 19,589 | 240 |
* | YRC Worldwide Inc. | 13,484 | 234 |
* | Innotrac Corp. | 28,467 | 233 |
* | Broadwind Energy Inc. | 24,713 | 233 |
* | Intevac Inc. | 30,977 | 230 |
* | Patrick Industries Inc. | 7,950 | 230 |
Mesa Laboratories Inc. | 2,907 | 228 | |
* | Pike Corp. | 21,387 | 226 |
* | NCI Building Systems Inc. | 12,819 | 225 |
* | Innovative Solutions | ||
& Support Inc. | 29,838 | 218 | |
* | CTPartners Executive | ||
Search Inc. | 38,600 | 216 | |
* | PRGX Global Inc. | 32,040 | 215 |
* | Mistras Group Inc. | 9,970 | 208 |
*,^ | Genco Shipping | ||
& Trading Ltd. | 80,914 | 202 | |
* | Harris Interactive Inc. | 93,877 | 188 |
* | Dolan Co. | 266,412 | 186 |
* | Zygo Corp. | 12,190 | 180 |
* | Ballantyne Strong Inc. | 34,205 | 158 |
* | API Technologies Corp. | 45,257 | 154 |
* | Document Security | ||
Systems Inc. | 74,050 | 153 | |
* | Odyssey Marine Exploration | ||
Inc. | 74,618 | 151 | |
* | Xerium Technologies Inc. | 8,965 | 148 |
* | UFP Technologies Inc. | 5,749 | 145 |
* | Hudson Global Inc. | 35,653 | 143 |
Hurco Cos. Inc. | 5,660 | 142 | |
* | Rubicon Technology Inc. | 13,744 | 137 |
* | LMI Aerospace Inc. | 9,175 | 135 |
* | American Electric | ||
Technologies Inc. | 13,170 | 131 | |
FreightCar America Inc. | 4,922 | 131 | |
* | CyberOptics Corp. | 20,335 | 129 |
* | GSI Group Inc. | 11,324 | 127 |
* | Magnetek Inc. | 5,279 | 126 |
* | Power Solutions | ||
International Inc. | 1,662 | 125 | |
* | Erickson Air-Crane Inc. | 5,709 | 119 |
Lincoln Educational Services | |||
Corp. | 23,818 | 119 | |
* | Sparton Corp. | 4,233 | 118 |
* | Willis Lease Finance Corp. | 6,584 | 114 |
*,^ | Revolution Lighting | ||
Technologies Inc. | 31,452 | 108 | |
* | StarTek Inc. | 15,981 | 104 |
* | Goldfield Corp. | 52,795 | 103 |
* | TRC Cos. Inc. | 13,553 | 97 |
* | Hill International Inc. | 24,339 | 96 |
* | USA Truck Inc. | 7,058 | 94 |
* | National Research Corp. | ||
Class B | 2,635 | 91 | |
Twin Disc Inc. | 3,509 | 91 | |
* | Patriot Transportation | ||
Holding Inc. | 2,185 | 91 | |
Richardson Electronics Ltd. | 7,894 | 90 | |
* | Orion Energy Systems Inc. | 13,116 | 89 |
* | Tecumseh Products Co. | ||
Class A | 9,250 | 84 | |
* | UQM Technologies Inc. | 37,845 | 81 |
* | Frequency Electronics Inc. | 6,878 | 80 |
Allied Motion Technologies | |||
Inc. | 6,239 | 78 | |
* | M/A-COM Technology | ||
Solutions Holdings Inc. | 4,236 | 72 | |
* | Altair Nanotechnologies Inc. | 17,121 | 69 |
* | BTU International Inc. | 23,344 | 68 |
AMCON Distributing Co. | 800 | 63 | |
* | GSE Holding Inc. | 29,010 | 60 |
Douglas Dynamics Inc. | 3,473 | 58 | |
Standard Register Co. | 8,409 | 58 | |
* | Key Technology Inc. | 3,973 | 57 |
39
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Radiant Logistics Inc. | 19,700 | 53 |
* | Perma-Fix Environmental | ||
Services | 15,311 | 50 | |
Sypris Solutions Inc. | 15,958 | 49 | |
* | SL Industries Inc. | 1,698 | 46 |
VSE Corp. | 875 | 42 | |
* | PMFG Inc. | 4,555 | 41 |
* | Planar Systems Inc. | 16,117 | 41 |
* | Swisher Hygiene Inc. | 78,737 | 40 |
* | Stock Building Supply | ||
Holdings Inc. | 2,200 | 40 | |
* | Supreme Industries Inc. | ||
Class A | 6,861 | 40 | |
* | Asure Software Inc. | 7,063 | 39 |
* | AeroCentury Corp. | 2,175 | 37 |
* | Ultralife Corp. | 9,678 | 34 |
* | Lightbridge Corp. | 23,050 | 33 |
* | Mattersight Corp. | 6,659 | 32 |
Bel Fuse Inc. Class A | 1,477 | 29 | |
Global Brass & Copper | |||
Holdings Inc. | 1,656 | 27 | |
* | Synthesis Energy Systems | ||
Inc. | 43,351 | 26 | |
* | IEC Electronics Corp. | 5,961 | 25 |
* | Research Frontiers Inc. | 4,224 | 24 |
* | Essex Rental Corp. | 7,239 | 24 |
* | Management Network | ||
Group Inc. | 7,826 | 22 | |
* | Microvision Inc. | 16,405 | 22 |
* | Ply Gem Holdings Inc. | 1,200 | 22 |
* | Viasystems Group Inc. | 1,396 | 19 |
Greif Inc. Class B | 318 | 19 | |
* | Elecsys Corp. | 1,380 | 18 |
* | American DG Energy Inc. | 8,832 | 15 |
* | Industrial Services | ||
of America Inc. | 4,680 | 15 | |
* | Hudson Technologies Inc. | 3,927 | 15 |
* | Onvia Inc. | 2,951 | 14 |
* | Transcat Inc. | 1,800 | 14 |
Art’s-Way Manufacturing Co. | |||
Inc. | 2,300 | 14 | |
* | Gencor Industries Inc. | 1,450 | 14 |
Omega Flex Inc. | 666 | 14 | |
Universal Truckload Services | |||
Inc. | 360 | 11 | |
Air T Inc. | 800 | 10 | |
Pulse Electronics Corp. | 2,759 | 8 | |
* | National Research Corp. | ||
Class A | 342 | 6 | |
* | Sharps Compliance Corp. | 1,172 | 6 |
Ecology and Environment Inc. | 450 | 5 | |
* | Parametric Sound Corp. | 301 | 4 |
* | Rand Logistics Inc. | 696 | 4 |
* | Breeze-Eastern Corp. | 401 | 4 |
* | Wireless Telecom Group Inc. | 1,403 | 3 |
* | Wells-Gardner Electronics | ||
Corp. | 1,180 | 2 | |
* | Newtek Business Services | ||
Inc. | 204 | 1 | |
* | Integrated Electrical Services | ||
Inc. | 100 | 1 | |
* | Video Display Corp. | 47 | — |
* | Lime Energy Co. | 13 | — |
4,965,792 | |||
Oil & Gas (9.2%) | |||
Exxon Mobil Corp. | 7,750,125 | 784,313 | |
Chevron Corp. | 3,411,871 | 426,177 | |
Schlumberger Ltd. | 2,336,458 | 210,538 | |
ConocoPhillips | 2,173,549 | 153,561 | |
Occidental Petroleum | |||
Corp. | 1,430,031 | 135,996 | |
Phillips 66 | 1,063,673 | 82,041 | |
EOG Resources Inc. | 484,278 | 81,281 | |
Halliburton Co. | 1,429,617 | 72,553 | |
Anadarko Petroleum | |||
Corp. | 892,934 | 70,827 | |
Apache Corp. | 708,378 | 60,878 | |
National Oilwell Varco | |||
Inc. | 759,484 | 60,402 | |
Marathon Petroleum | |||
Corp. | 534,091 | 48,992 | |
Valero Energy Corp. | 957,240 | 48,245 | |
Williams Cos. Inc. | 1,212,518 | 46,767 | |
Pioneer Natural | |||
Resources Co. | 246,079 | 45,296 | |
Marathon Oil Corp. | 1,235,945 | 43,629 | |
Baker Hughes Inc. | 786,342 | 43,453 | |
Noble Energy Inc. | 637,445 | 43,416 | |
Kinder Morgan Inc. | 1,194,510 | 43,002 | |
Devon Energy Corp. | 684,323 | 42,339 | |
Hess Corp. | 509,129 | 42,258 | |
Cabot Oil & Gas Corp. | 748,616 | 29,016 | |
Chesapeake Energy Corp. | 1,061,972 | 28,822 | |
* | Cameron International | ||
Corp. | 422,122 | 25,129 | |
* | Southwestern Energy Co. | 624,151 | 24,548 |
Ensco plc Class A | 414,359 | 23,693 | |
Range Resources Corp. | 275,510 | 23,228 | |
* | FMC Technologies Inc. | 419,805 | 21,918 |
EQT Corp. | 240,730 | 21,613 | |
Murphy Oil Corp. | 315,158 | 20,447 | |
* | Concho Resources Inc. | 186,439 | 20,135 |
* | Weatherford International | ||
Ltd. | 1,228,504 | 19,030 | |
HollyFrontier Corp. | 353,190 | 17,550 | |
Noble Corp. plc | 449,608 | 16,847 | |
* | Cheniere Energy Inc. | 381,563 | 16,453 |
Core Laboratories NV | 80,611 | 15,393 | |
Cimarex Energy Co. | 146,418 | 15,361 | |
Helmerich & Payne Inc. | 180,656 | 15,190 |
40
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Oceaneering International | |||
Inc. | 192,023 | 15,147 | |
Tesoro Corp. | 235,716 | 13,789 | |
* | Whiting Petroleum Corp. | 210,655 | 13,033 |
OGE Energy Corp. | 352,187 | 11,939 | |
* | Denbury Resources Inc. | 650,876 | 10,694 |
* | Oil States International Inc. | 97,946 | 9,963 |
SM Energy Co. | 118,922 | 9,884 | |
QEP Resources Inc. | 318,263 | 9,755 | |
* | Gulfport Energy Corp. | 149,306 | 9,429 |
* | Continental Resources Inc. | 82,519 | 9,285 |
Energen Corp. | 129,036 | 9,129 | |
Nabors Industries Ltd. | 497,879 | 8,459 | |
* | Cobalt International | ||
Energy Inc. | 511,224 | 8,410 | |
* | Dresser-Rand Group Inc. | 135,563 | 8,084 |
* | Rowan Cos. plc Class A | 220,745 | 7,806 |
* | Superior Energy Services | ||
Inc. | 283,254 | 7,537 | |
* | WPX Energy Inc. | 356,699 | 7,270 |
* | First Solar Inc. | 132,485 | 7,239 |
* | Dril-Quip Inc. | 65,182 | 7,165 |
* | Oasis Petroleum Inc. | 152,159 | 7,147 |
Diamond Offshore Drilling | |||
Inc. | 123,520 | 7,031 | |
Patterson-UTI Energy Inc. | 243,498 | 6,165 | |
Targa Resources Corp. | 67,813 | 5,979 | |
* | Newfield Exploration Co. | 241,988 | 5,960 |
* | Atwood Oceanics Inc. | 108,255 | 5,780 |
* | Ultra Petroleum Corp. | 258,443 | 5,595 |
* | MRC Global Inc. | 171,955 | 5,547 |
* | Kodiak Oil & Gas Corp. | 472,906 | 5,301 |
* | Rosetta Resources Inc. | 109,038 | 5,238 |
Tidewater Inc. | 88,242 | 5,230 | |
* | Chart Industries Inc. | 53,997 | 5,164 |
*,^ | SandRidge Energy Inc. | 828,157 | 5,027 |
SemGroup Corp. Class A | 75,521 | 4,926 | |
Bristow Group Inc. | 65,108 | 4,887 | |
* | Unit Corp. | 87,214 | 4,502 |
* | Antero Resources Corp. | 70,005 | 4,441 |
* | Helix Energy Solutions | ||
Group Inc. | 178,886 | 4,147 | |
CARBO Ceramics Inc. | 34,887 | 4,065 | |
Western Refining Inc. | 92,645 | 3,929 | |
* | McDermott International | ||
Inc. | 420,965 | 3,856 | |
* | Exterran Holdings Inc. | 105,607 | 3,612 |
Energy XXI Bermuda Ltd. | 128,239 | 3,470 | |
* | PDC Energy Inc. | 63,449 | 3,377 |
* | Laredo Petroleum Holdings | ||
Inc. | 121,656 | 3,369 | |
* | Carrizo Oil & Gas Inc. | 72,928 | 3,265 |
* | SEACOR Holdings Inc. | 34,456 | 3,142 |
* | Stone Energy Corp. | 84,306 | 2,916 |
* | Hornbeck Offshore | ||
Services Inc. | 57,918 | 2,851 | |
* | Forum Energy Technologies | ||
Inc. | 94,953 | 2,683 | |
* | Diamondback Energy Inc. | 49,996 | 2,643 |
* | Bill Barrett Corp. | 89,181 | 2,388 |
* | Bonanza Creek Energy Inc. | 54,296 | 2,360 |
* | SunPower Corp. Class A | 77,904 | 2,322 |
* | Northern Oil and Gas Inc. | 148,753 | 2,242 |
* | Geospace Technologies | ||
Corp. | 23,452 | 2,224 | |
* | Flotek Industries Inc. | 110,766 | 2,223 |
Delek US Holdings Inc. | 63,461 | 2,184 | |
Crosstex Energy Inc. | 59,440 | 2,149 | |
Comstock Resources Inc. | 115,122 | 2,106 | |
* | Newpark Resources Inc. | 162,371 | 1,996 |
Gulfmark Offshore Inc. | 40,254 | 1,897 | |
* | EPL Oil & Gas Inc. | 65,604 | 1,870 |
* | Approach Resources Inc. | 95,798 | 1,848 |
* | Key Energy Services Inc. | 233,233 | 1,843 |
* | Magnum Hunter | ||
Resources Corp. | 251,503 | 1,838 | |
* | Matrix Service Co. | 74,590 | 1,825 |
* | GT Advanced | ||
Technologies Inc. | 202,867 | 1,769 | |
RPC Inc. | 94,983 | 1,695 | |
* | Parker Drilling Co. | 208,071 | 1,692 |
* | Basic Energy Services Inc. | 105,305 | 1,662 |
PBF Energy Inc. Class A | 52,345 | 1,647 | |
* | C&J Energy Services Inc. | 68,797 | 1,589 |
* | Clayton Williams Energy | ||
Inc. | 19,018 | 1,558 | |
* | TETRA Technologies Inc. | 125,062 | 1,546 |
* | Contango Oil & Gas Co. | 31,757 | 1,501 |
* | Vaalco Energy Inc. | 198,857 | 1,370 |
CVR Energy Inc. | 30,602 | 1,329 | |
* | Hercules Offshore Inc. | 201,797 | 1,318 |
* | Goodrich Petroleum Corp. | 75,517 | 1,285 |
* | Halcon Resources Corp. | 317,075 | 1,224 |
* | Callon Petroleum Co. | 183,704 | 1,200 |
* | Rex Energy Corp. | 59,274 | 1,168 |
* | Matador Resources Co. | 61,368 | 1,144 |
* | Forest Oil Corp. | 316,328 | 1,142 |
Alon USA Energy Inc. | 68,901 | 1,140 | |
* | Sanchez Energy Corp. | 44,969 | 1,102 |
Adams Resources | |||
& Energy Inc. | 14,978 | 1,026 | |
* | Abraxas Petroleum Corp. | 310,046 | 1,017 |
Green Plains Renewable | |||
Energy Inc. | 48,682 | 944 | |
* | Endeavour International | ||
Corp. | 178,367 | 936 | |
* | Dawson Geophysical Co. | 26,753 | 905 |
* | Swift Energy Co. | 66,496 | 898 |
EXCO Resources Inc. | 161,156 | 856 |
41
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Penn Virginia Corp. | 88,237 | 832 |
* | Cal Dive International Inc. | 408,743 | 822 |
Bolt Technology Corp. | 36,266 | 798 | |
W&T Offshore Inc. | 49,346 | 790 | |
*,^ | Amyris Inc. | 146,510 | 775 |
*,^ | FuelCell Energy Inc. | 542,815 | 765 |
* | Gastar Exploration Inc. | 109,199 | 756 |
* | Pioneer Energy Services | ||
Corp. | 88,256 | 707 | |
Gulf Island Fabrication Inc. | 29,139 | 677 | |
* | ION Geophysical Corp. | 199,966 | 660 |
* | BPZ Resources Inc. | 345,576 | 629 |
* | Quicksilver Resources Inc. | 199,621 | 613 |
* | Triangle Petroleum Corp. | 73,657 | 613 |
* | PHI Inc. | 12,507 | 543 |
* | Willbros Group Inc. | 56,738 | 534 |
* | CAMAC Energy Inc. | 342,357 | 507 |
* | Resolute Energy Corp. | 55,080 | 497 |
* | Tesco Corp. | 24,985 | 494 |
* | Natural Gas Services | ||
Group Inc. | 17,710 | 488 | |
* | Mitcham Industries Inc. | 26,737 | 473 |
* | Solazyme Inc. | 41,551 | 452 |
* | FX Energy Inc. | 113,973 | 417 |
Evolution Petroleum Corp. | 32,625 | 403 | |
*,^ | Enphase Energy Inc. | 55,500 | 352 |
* | US Energy Corp. Wyoming | 93,278 | 351 |
* | Emerald Oil Inc. | 43,407 | 332 |
* | Harvest Natural Resources | ||
Inc. | 67,199 | 304 | |
* | Midstates Petroleum Co. | ||
Inc. | 44,174 | 292 | |
* | PetroQuest Energy Inc. | 57,380 | 248 |
Pattern Energy Group Inc. | 7,443 | 226 | |
* | Vantage Drilling Co. | 121,445 | 223 |
* | REX American Resources | ||
Corp. | 4,932 | 220 | |
* | Arabian American | ||
Development Co. | 17,283 | 217 | |
* | Athlon Energy Inc. | 7,011 | 212 |
* | Warren Resources Inc. | 67,043 | 210 |
* | Renewable Energy Group | ||
Inc. | 16,799 | 192 | |
* | Global Geophysical | ||
Services Inc. | 113,495 | 183 | |
* | Forbes Energy Services | ||
Ltd. | 49,454 | 162 | |
*,^ | Ascent Solar Technologies | ||
Inc. | 201,207 | 142 | |
* | Gevo Inc. | 89,060 | 127 |
* | TGC Industries Inc. | 14,664 | 107 |
*,^ | KiOR Inc. | 60,611 | 102 |
* | Double Eagle Petroleum Co. | 41,726 | 97 |
Panhandle Oil and Gas Inc. | |||
Class A | 2,610 | 87 |
* | TherapeuticsMD Inc. | 16,500 | 86 | |
* | Hyperdynamics Corp. | 19,737 | 80 | |
* | Lucas Energy Inc. | 55,087 | 53 | |
* | STR Holdings Inc. | 27,740 | 44 | |
* | GreenHunter Resources Inc. | 33,926 | 39 | |
* | BioFuel Energy Corp. | 19,867 | 34 | |
* | EXCO Resources Inc. | |||
Rights Exp. 01/09/2014 | 210,075 | 34 | ||
* | Miller Energy Resources | |||
Inc. | 2,900 | 20 | ||
* | FieldPoint Petroleum Corp. | 4,556 | 19 | |
* | ZaZa Energy Corp. | 18,953 | 18 | |
* | Ocean Power Technologies | |||
Inc. | 7,673 | 15 | ||
* | Syntroleum Corp. | 2,879 | 10 | |
* | Houston American Energy | |||
Corp. | 14,695 | 4 | ||
* | Isramco Inc. | 23 | 3 | |
* | Lilis Energy Inc. | 385 | 1 | |
* | MagneGas Corp. | 1,300 | 1 | |
* | Barnwell Industries Inc. | 174 | 1 | |
* | PrimeEnergy Corp. | 10 | — | |
3,352,670 | ||||
Other (0.0%) | ||||
* | Adolor Corp. Rights | |||
Exp. 07/01/2019 | 126,930 | 66 | ||
* | Cubist Pharmaceuticals, | |||
Inc. CVR | 16,200 | 2 | ||
* | Forest Laboratories Inc. | |||
Contingent Value Rights | ||||
Exp. 04/14/2018 | 29,879 | — | ||
* | Southern Community | |||
Financial Corp. | 118 | — | ||
68 | ||||
Technology (14.9%) | ||||
Apple Inc. | 1,596,160 | 895,621 | ||
* | Google Inc. Class A | 490,939 | 550,200 | |
Microsoft Corp. | 13,328,969 | 498,903 | ||
International Business | ||||
Machines Corp. | 1,926,501 | 361,354 | ||
Oracle Corp. | 6,063,902 | 232,005 | ||
Intel Corp. | 8,819,003 | 228,941 | ||
QUALCOMM Inc. | 2,997,232 | 222,544 | ||
Cisco Systems Inc. | 9,485,345 | 212,946 | ||
* | Facebook Inc. Class A | 3,324,163 | 181,699 | |
Hewlett-Packard Co. | 3,409,523 | 95,398 | ||
EMC Corp. | 3,650,791 | 91,817 | ||
Texas Instruments Inc. | 1,941,944 | 85,271 | ||
* | Yahoo! Inc. | 1,619,765 | 65,503 | |
* | Cognizant Technology | |||
Solutions Corp. Class A | 536,735 | 54,199 | ||
* | Salesforce.com Inc. | 962,859 | 53,140 | |
* | Adobe Systems Inc. | 842,563 | 50,453 | |
Corning Inc. | 2,567,531 | 45,753 |
42
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Micron Technology Inc. | 1,866,112 | 40,607 |
Applied Materials Inc. | 2,136,350 | 37,792 | |
Intuit Inc. | 480,152 | 36,645 | |
Western Digital Corp. | 398,340 | 33,421 | |
Seagate Technology plc | 549,714 | 30,872 | |
* | Cerner Corp. | 548,117 | 30,552 |
Symantec Corp. | 1,234,847 | 29,118 | |
SanDisk Corp. | 400,809 | 28,273 | |
Analog Devices Inc. | 551,919 | 28,109 | |
Motorola Solutions Inc. | 413,192 | 27,890 | |
Broadcom Corp. Class A | 918,959 | 27,247 | |
NetApp Inc. | 604,681 | 24,877 | |
Xilinx Inc. | 476,069 | 21,861 | |
* | Citrix Systems Inc. | 330,772 | 20,921 |
* | Autodesk Inc. | 400,293 | 20,147 |
Avago Technologies Ltd. | |||
Class A | 373,282 | 19,743 | |
* | Juniper Networks Inc. | 851,158 | 19,211 |
KLA-Tencor Corp. | 295,712 | 19,062 | |
Linear Technology Corp. | 415,532 | 18,927 | |
CA Inc. | 560,476 | 18,860 | |
* | Red Hat Inc. | 336,260 | 18,844 |
Altera Corp. | 569,741 | 18,534 | |
* | Catamaran Corp. | 366,070 | 17,381 |
* | 3D Systems Corp. | 173,233 | 16,099 |
* | Equinix Inc. | 88,444 | 15,694 |
* | Lam Research Corp. | 288,129 | 15,689 |
NVIDIA Corp. | 958,219 | 15,351 | |
Microchip Technology Inc. | 334,365 | 14,963 | |
Computer Sciences Corp. | 261,260 | 14,599 | |
* | VeriSign Inc. | 243,230 | 14,540 |
* | ANSYS Inc. | 164,436 | 14,339 |
* | Akamai Technologies Inc. | 301,725 | 14,235 |
Maxim Integrated Products | |||
Inc. | 501,398 | 13,994 | |
* | VMware Inc. Class A | 150,426 | 13,495 |
* | Cree Inc. | 214,216 | 13,403 |
Harris Corp. | 189,688 | 13,242 | |
* | Teradata Corp. | 290,055 | 13,195 |
* | F5 Networks Inc. | 137,788 | 12,519 |
* | ServiceNow Inc. | 209,350 | 11,726 |
* | Workday Inc. Class A | 138,974 | 11,557 |
* | Synopsys Inc. | 273,693 | 11,104 |
* | Gartner Inc. | 155,488 | 11,047 |
LSI Corp. | 967,040 | 10,657 | |
* | NCR Corp. | 295,463 | 10,063 |
Marvell Technology Group | |||
Ltd. | 698,488 | 10,044 | |
Garmin Ltd. | 208,067 | 9,617 | |
* | Skyworks Solutions Inc. | 334,561 | 9,555 |
IAC/InterActiveCorp | 137,564 | 9,449 | |
*,^ | Twitter Inc. | 145,129 | 9,237 |
* | Splunk Inc. | 131,488 | 9,029 |
* | athenahealth Inc. | 66,183 | 8,902 |
Solera Holdings Inc. | 122,236 | 8,649 |
Pitney Bowes Inc. | 358,698 | 8,358 | |
* | Concur Technologies Inc. | 79,753 | 8,229 |
* | Informatica Corp. | 192,746 | 7,999 |
* | Rackspace Hosting Inc. | 198,770 | 7,778 |
* | MICROS Systems Inc. | 134,159 | 7,697 |
* | PTC Inc. | 212,257 | 7,512 |
* | Ultimate Software Group | ||
Inc. | 47,093 | 7,216 | |
* | Cadence Design Systems | ||
Inc. | 511,031 | 7,165 | |
Leidos Holdings Inc. | 152,241 | 7,078 | |
* | Brocade Communications | ||
Systems Inc. | 790,814 | 7,015 | |
* | Aspen Technology Inc. | 165,261 | 6,908 |
* | Nuance Communications | ||
Inc. | 447,505 | 6,802 | |
* | ON Semiconductor Corp. | 790,226 | 6,511 |
* | Ingram Micro Inc. | 273,944 | 6,427 |
* | TIBCO Software Inc. | 275,208 | 6,187 |
* | NetSuite Inc. | 59,775 | 6,158 |
* | AOL Inc. | 129,991 | 6,060 |
* | Teradyne Inc. | 340,629 | 6,002 |
* | CommVault Systems Inc. | 79,839 | 5,978 |
* | SunEdison Inc. | 450,057 | 5,873 |
* | Atmel Corp. | 718,975 | 5,630 |
* | Tyler Technologies Inc. | 54,511 | 5,567 |
* | Guidewire Software Inc. | 113,216 | 5,556 |
* | SS&C Technologies | ||
Holdings Inc. | 124,300 | 5,502 | |
* | Medidata Solutions Inc. | 90,478 | 5,480 |
* | JDS Uniphase Corp. | 407,942 | 5,295 |
* | VeriFone Systems Inc. | 194,199 | 5,208 |
* | Palo Alto Networks Inc. | 90,296 | 5,189 |
* | Riverbed Technology Inc. | 273,373 | 4,943 |
Mentor Graphics Corp. | 203,834 | 4,906 | |
* | ARRIS Group Inc. | 196,389 | 4,785 |
DST Systems Inc. | 52,685 | 4,781 | |
* | Fortinet Inc. | 247,063 | 4,726 |
* | Allscripts Healthcare | ||
Solutions Inc. | 301,939 | 4,668 | |
* | ViaSat Inc. | 73,101 | 4,580 |
* | ACI Worldwide Inc. | 69,249 | 4,501 |
* | Ciena Corp. | 183,448 | 4,390 |
* | SolarWinds Inc. | 113,500 | 4,294 |
* | Advanced Micro Devices | ||
Inc. | 1,093,889 | 4,233 | |
* | Microsemi Corp. | 167,377 | 4,176 |
Compuware Corp. | 366,056 | 4,103 | |
* | Finisar Corp. | 171,194 | 4,095 |
* | Verint Systems Inc. | 94,913 | 4,076 |
* | Manhattan Associates Inc. | 34,273 | 4,026 |
* | Qlik Technologies Inc. | 150,078 | 3,997 |
j2 Global Inc. | 78,745 | 3,938 | |
Lexmark International Inc. | |||
Class A | 110,813 | 3,936 |
43
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Fair Isaac Corp. | 62,330 | 3,917 | |
* | EchoStar Corp. Class A | 75,568 | 3,757 |
* | Dealertrack Technologies | ||
Inc. | 78,110 | 3,756 | |
* | Cornerstone OnDemand | ||
Inc. | 69,490 | 3,707 | |
* | Sapient Corp. | 211,518 | 3,672 |
Plantronics Inc. | 77,743 | 3,611 | |
* | Rovi Corp. | 182,073 | 3,585 |
Diebold Inc. | 107,131 | 3,536 | |
* | Polycom Inc. | 303,744 | 3,411 |
* | Aruba Networks Inc. | 184,770 | 3,307 |
NIC Inc. | 132,912 | 3,306 | |
* | International Rectifier Corp. | 126,360 | 3,294 |
* | Tech Data Corp. | 63,691 | 3,286 |
* | Electronics For Imaging Inc. | 83,544 | 3,236 |
* | Demandware Inc. | 49,384 | 3,167 |
* | SYNNEX Corp. | 46,894 | 3,161 |
* | Semtech Corp. | 122,248 | 3,090 |
* | Synaptics Inc. | 59,424 | 3,079 |
Cogent Communications | |||
Group Inc. | 76,016 | 3,072 | |
Blackbaud Inc. | 81,288 | 3,060 | |
* | CACI International Inc. | ||
Class A | 41,580 | 3,044 | |
* | Cavium Inc. | 88,043 | 3,038 |
* | Fairchild Semiconductor | ||
International Inc. Class A | 225,949 | 3,016 | |
* | Silicon Laboratories Inc. | 69,204 | 2,997 |
* | Syntel Inc. | 32,689 | 2,973 |
* | Progress Software Corp. | 114,827 | 2,966 |
* | Hittite Microwave Corp. | 47,596 | 2,938 |
Advent Software Inc. | 82,737 | 2,895 | |
Science Applications | |||
International Corp. | 86,897 | 2,874 | |
* | Entegris Inc. | 246,354 | 2,858 |
MKS Instruments Inc. | 94,534 | 2,830 | |
Power Integrations Inc. | 50,372 | 2,812 | |
ADTRAN Inc. | 100,381 | 2,711 | |
* | Blucora Inc. | 90,558 | 2,641 |
* | RF Micro Devices Inc. | 503,012 | 2,596 |
Intersil Corp. Class A | 225,545 | 2,587 | |
* | Integrated Device | ||
Technology Inc. | 253,863 | 2,587 | |
* | Bottomline Technologies | ||
de Inc. | 71,483 | 2,585 | |
* | FleetMatics Group plc | 59,568 | 2,576 |
* | Web.com Group Inc. | 80,814 | 2,569 |
* | iGATE Corp. | 63,580 | 2,553 |
* | Envestnet Inc. | 61,940 | 2,496 |
Cypress Semiconductor | |||
Corp. | 236,533 | 2,484 | |
* | Applied Micro Circuits | ||
Corp. | 185,518 | 2,482 | |
* | Cray Inc. | 87,196 | 2,394 |
* | CalAmp Corp. | 84,401 | 2,361 |
CSG Systems | |||
International Inc. | 80,050 | 2,353 | |
* | PROS Holdings Inc. | 58,339 | 2,328 |
* | ATMI Inc. | 76,951 | 2,325 |
* | Cirrus Logic Inc. | 112,659 | 2,302 |
* | NETGEAR Inc. | 69,827 | 2,300 |
* | PMC - Sierra Inc. | 354,999 | 2,283 |
* | MedAssets Inc. | 114,149 | 2,264 |
* | MicroStrategy Inc. Class A | 17,957 | 2,231 |
* | Interactive Intelligence | ||
Group Inc. | 33,078 | 2,228 | |
InterDigital Inc. | 75,128 | 2,216 | |
* | Advanced Energy | ||
Industries Inc. | 96,477 | 2,205 | |
* | TriQuint Semiconductor Inc. | 259,784 | 2,167 |
Tessera Technologies Inc. | 109,453 | 2,157 | |
* | Insight Enterprises Inc. | 94,249 | 2,140 |
* | Infoblox Inc. | 64,161 | 2,119 |
* | Unisys Corp. | 62,924 | 2,112 |
* | Dycom Industries Inc. | 75,113 | 2,087 |
* | Diodes Inc. | 87,412 | 2,059 |
* | BroadSoft Inc. | 75,220 | 2,057 |
* | Comverse Inc. | 52,492 | 2,037 |
* | Cabot Microelectronics | ||
Corp. | 44,296 | 2,024 | |
* | QLogic Corp. | 160,813 | 1,902 |
Computer Programs | |||
& Systems Inc. | 30,653 | 1,895 | |
* | Ellie Mae Inc. | 69,924 | 1,879 |
* | Amkor Technology Inc. | 305,424 | 1,872 |
* | OmniVision Technologies | ||
Inc. | 105,937 | 1,822 | |
* | ScanSource Inc. | 42,362 | 1,797 |
* | Premier Inc. Class A | 47,935 | 1,762 |
* | Kulicke & Soffa Industries | ||
Inc. | 131,546 | 1,750 | |
* | Ubiquiti Networks Inc. | 37,961 | 1,745 |
* | Callidus Software Inc. | 126,016 | 1,730 |
* | Tableau Software Inc. | ||
Class A | 24,100 | 1,661 | |
Pegasystems Inc. | 33,098 | 1,628 | |
* | Digital River Inc. | 87,085 | 1,611 |
* | Netscout Systems Inc. | 54,081 | 1,600 |
* | Infinera Corp. | 161,443 | 1,579 |
* | Accelrys Inc. | 164,539 | 1,570 |
* | Lattice Semiconductor | ||
Corp. | 283,991 | 1,565 | |
Brooks Automation Inc. | 148,567 | 1,558 | |
* | ICG Group Inc. | 82,458 | 1,536 |
* | InvenSense Inc. | 72,985 | 1,517 |
Quality Systems Inc. | 71,433 | 1,504 | |
* | Emulex Corp. | 208,675 | 1,494 |
Monotype Imaging | |||
Holdings Inc. | 46,627 | 1,486 |
44
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Epiq Systems Inc. | 90,427 | 1,466 | |
* | RealPage Inc. | 61,051 | 1,427 |
* | Loral Space | ||
& Communications Inc. | 17,518 | 1,419 | |
* | Responsys Inc. | 51,307 | 1,406 |
* | Harmonic Inc. | 189,531 | 1,399 |
* | Monolithic Power Systems | ||
Inc. | 39,711 | 1,376 | |
*,^ | VirnetX Holding Corp. | 70,364 | 1,366 |
* | Ixia | 101,193 | 1,347 |
* | Rambus Inc. | 140,353 | 1,329 |
* | Spansion Inc. Class A | 94,568 | 1,314 |
^ | Ebix Inc. | 88,422 | 1,302 |
* | Synchronoss Technologies | ||
Inc. | 41,164 | 1,279 | |
* | Actuate Corp. | 165,612 | 1,277 |
* | CommScope Holding Co. | ||
Inc. | 65,893 | 1,247 | |
* | Axcelis Technologies Inc. | 505,859 | 1,234 |
* | IntraLinks Holdings Inc. | 100,830 | 1,221 |
* | Freescale Semiconductor | ||
Ltd. | 75,043 | 1,204 | |
Comtech | |||
Telecommunications Corp. | 38,207 | 1,204 | |
* | VOXX International Corp. | ||
Class A | 71,600 | 1,196 | |
* | Shutterstock Inc. | 14,263 | 1,193 |
* | SPS Commerce Inc. | 17,944 | 1,172 |
* | EPAM Systems Inc. | 32,930 | 1,151 |
* | Internap Network Services | ||
Corp. | 151,485 | 1,139 | |
* | Fusion-io Inc. | 127,566 | 1,137 |
* | Extreme Networks Inc. | 157,245 | 1,101 |
* | CIBER Inc. | 264,215 | 1,094 |
* | FormFactor Inc. | 180,632 | 1,087 |
* | Sonus Networks Inc. | 344,808 | 1,086 |
* | LivePerson Inc. | 71,587 | 1,061 |
CDW Corp. | 44,380 | 1,037 | |
Forrester Research Inc. | 27,092 | 1,037 | |
* | Brightcove Inc. | 71,638 | 1,013 |
* | Ceva Inc. | 65,631 | 999 |
American Software Inc. | |||
Class A | 98,094 | 968 | |
Computer Task Group Inc. | 51,182 | 967 | |
* | Calix Inc. | 99,180 | 956 |
* | Exar Corp. | 79,340 | 935 |
Inteliquent Inc. | 81,731 | 933 | |
* | LogMeIn Inc. | 27,459 | 921 |
* | Digi International Inc. | 75,909 | 920 |
* | Agilysys Inc. | 65,182 | 907 |
* | Guidance Software Inc. | 89,345 | 902 |
* | Premiere Global Services | ||
Inc. | 77,640 | 900 | |
* | Virtusa Corp. | 23,334 | 889 |
* | Ultratech Inc. | 30,501 | 885 |
* | Tangoe Inc. | 48,170 | 868 |
* | Integrated Silicon Solution | ||
Inc. | 71,029 | 859 | |
* | Proofpoint Inc. | 24,185 | 802 |
* | Silicon Graphics | ||
International Corp. | 59,349 | 796 | |
* | Perficient Inc. | 32,333 | 757 |
* | Icad Inc. | 64,632 | 754 |
* | AXT Inc. | 282,829 | 738 |
* | Ruckus Wireless Inc. | 51,951 | 738 |
Hackett Group Inc. | 117,187 | 728 | |
* | Carbonite Inc. | 61,384 | 726 |
Cohu Inc. | 68,641 | 721 | |
IXYS Corp. | 55,446 | 719 | |
* | FireEye Inc. | 16,047 | 700 |
* | Aviat Networks Inc. | 302,467 | 684 |
West Corp. | 25,239 | 649 | |
* | Entropic Communications | ||
Inc. | 133,126 | 627 | |
Alliance Fiber Optic | |||
Products Inc. | 40,167 | 605 | |
* | Immersion Corp. | 57,685 | 599 |
* | LTX-Credence Corp. | 73,422 | 587 |
* | Oplink Communications Inc. | 30,881 | 574 |
* | RigNet Inc. | 11,760 | 564 |
* | Dot Hill Systems Corp. | 163,500 | 551 |
* | iPass Inc. | 349,416 | 549 |
* | Dynamics Research Corp. | 47,484 | 545 |
* | Jive Software Inc. | 47,461 | 534 |
Micrel Inc. | 51,595 | 509 | |
* | Marketo Inc. | 13,695 | 508 |
* | Datawatch Corp. | 14,398 | 490 |
* | Aware Inc. | 80,072 | 489 |
* | Limelight Networks Inc. | 239,554 | 474 |
* | SciQuest Inc. | 16,465 | 469 |
* | DSP Group Inc. | 47,478 | 461 |
* | KVH Industries Inc. | 35,175 | 458 |
* | Imation Corp. | 97,843 | 458 |
* | Super Micro Computer Inc. | 25,990 | 446 |
Acorn Energy Inc. | 109,169 | 444 | |
* | Kopin Corp. | 105,030 | 443 |
* | Unwired Planet Inc. | 313,393 | 432 |
* | Mercury Systems Inc. | 39,223 | 429 |
* | ANADIGICS Inc. | 229,174 | 422 |
* | Textura Corp. | 14,000 | 419 |
* | Pendrell Corp. | 202,636 | 407 |
* | Amtech Systems Inc. | 58,341 | 406 |
* | Silicon Image Inc. | 61,931 | 381 |
* | Veeva Systems Inc. Class A | 11,727 | 376 |
* | Datalink Corp. | 34,059 | 371 |
* | Audience Inc. | 31,844 | 371 |
* | Alpha & Omega | ||
Semiconductor Ltd. | 46,136 | 356 | |
* | ShoreTel Inc. | 37,147 | 345 |
Concurrent Computer Corp. | 40,714 | 333 |
45
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Edgewater Technology Inc. | 46,566 | 325 |
* | KEYW Holding Corp. | 23,960 | 322 |
* | Nanometrics Inc. | 16,593 | 316 |
* | Emcore Corp. | 60,428 | 309 |
* | ChannelAdvisor Corp. | 7,400 | 309 |
* | PDF Solutions Inc. | 11,988 | 307 |
* | Photronics Inc. | 33,314 | 301 |
* | Quantum Corp. | 248,082 | 298 |
PC Connection Inc. | 11,926 | 296 | |
* | Millennial Media Inc. | 38,185 | 278 |
*,^ | Parkervision Inc. | 58,498 | 266 |
* | Merge Healthcare Inc. | 113,737 | 264 |
* | VASCO Data Security | ||
International Inc. | 33,863 | 262 | |
* | Rosetta Stone Inc. | 20,321 | 248 |
* | support.com Inc. | 63,843 | 242 |
PC-Tel Inc. | 25,151 | 241 | |
* | Cvent Inc. | 6,558 | 239 |
* | LRAD Corp. | 118,475 | 223 |
* | Procera Networks Inc. | 14,819 | 223 |
* | FalconStor Software Inc. | 157,919 | 213 |
* | Seachange International | ||
Inc. | 16,877 | 205 | |
* | MeetMe Inc. | 111,347 | 204 |
Preformed Line Products | |||
Co. | 2,778 | 203 | |
*,^ | Mitek Systems Inc. | 33,388 | 198 |
* | Supertex Inc. | 7,904 | 198 |
Evolving Systems Inc. | 20,122 | 196 | |
* | eGain Corp. | 19,104 | 196 |
* | Systemax Inc. | 17,314 | 195 |
* | MaxLinear Inc. | 18,480 | 193 |
* | Authentidate Holding Corp. | 138,357 | 185 |
* | Novatel Wireless Inc. | 78,198 | 185 |
* | Cyan Inc. | 34,210 | 181 |
* | Zix Corp. | 38,837 | 177 |
* | Oclaro Inc. | 70,562 | 176 |
* | UniTek Global Services Inc. | 105,753 | 176 |
* | GSI Technology Inc. | 26,114 | 173 |
United Online Inc. | 12,540 | 173 | |
* | Cascade Microtech Inc. | 18,193 | 170 |
* | Vocus Inc. | 14,610 | 166 |
* | Clearfield Inc. | 8,217 | 166 |
* | Benefitfocus Inc. | 2,866 | 165 |
* | Vocera Communications Inc. | 10,161 | 159 |
* | Telenav Inc. | 23,763 | 157 |
* | Sigma Designs Inc. | 32,557 | 154 |
* | Inphi Corp. | 11,546 | 149 |
* | Rudolph Technologies Inc. | 12,228 | 144 |
* | Lantronix Inc. | 89,562 | 141 |
QAD Inc. Class A | 7,308 | 129 | |
* | Intermolecular Inc. | 25,996 | 128 |
* | Zhone Technologies Inc. | 23,672 | 126 |
* | Hutchinson Technology Inc. | 39,231 | 126 |
* | Mattson Technology Inc. | 45,776 | 125 |
*,^ | CVD Equipment Corp. | 8,553 | 124 |
* | Gigamon Inc. | 4,400 | 124 |
* | Pericom Semiconductor | ||
Corp. | 13,248 | 117 | |
* | RingCentral Inc. Class A | 6,103 | 112 |
* | MoSys Inc. | 19,562 | 108 |
Digimarc Corp. | 5,592 | 108 | |
* | QuickLogic Corp. | 27,004 | 107 |
* | Rally Software Development | ||
Corp. | 5,200 | 101 | |
* | Nimble Storage Inc. | 2,162 | 98 |
* | PLX Technology Inc. | 14,181 | 93 |
* | Crossroads Systems Inc. | 37,250 | 90 |
* | Innodata Inc. | 35,130 | 86 |
* | Crexendo Inc. | 27,483 | 83 |
* | Vringo Inc. | 28,067 | 83 |
Mastech Holdings Inc. | 5,931 | 83 | |
Simulations Plus Inc. | 16,100 | 81 | |
* | Qumu Corp. | 6,050 | 77 |
* | Park City Group Inc. | 7,553 | 77 |
* | Pixelworks Inc. | 15,645 | 75 |
* | Westell Technologies Inc. | ||
Class A | 18,333 | 74 | |
* | Mitel Networks Corp. | 6,881 | 69 |
* | Ikanos Communications Inc. | 53,944 | 65 |
* | TeleCommunication | ||
Systems Inc. Class A | 27,799 | 64 | |
* | Identive Group Inc. | 103,793 | 60 |
* | Bsquare Corp. | 16,441 | 59 |
* | NetSol Technologies Inc. | 9,569 | 56 |
* | Smith Micro Software Inc. | 36,488 | 54 |
* | ePlus Inc. | 949 | 54 |
* | Rocket Fuel Inc. | 857 | 53 |
* | NCI Inc. Class A | 7,496 | 50 |
* | Synacor Inc. | 18,940 | 46 |
CSP Inc. | 5,391 | 44 | |
* | Numerex Corp. Class A | 3,305 | 43 |
* | PAR Technology Corp. | 7,772 | 42 |
* | ClearOne Inc. | 4,569 | 40 |
* | ID Systems Inc. | 6,809 | 39 |
* | ADDvantage Technologies | ||
Group Inc. | 13,830 | 37 | |
* | Radisys Corp. | 15,728 | 36 |
* | Exa Corp. | 2,578 | 34 |
* | Meru Networks Inc. | 7,840 | 34 |
* | GigOptix Inc. | 20,182 | 31 |
* | Voltari Corp. | 8,324 | 29 |
* | Ultra Clean Holdings Inc. | 2,430 | 24 |
*,^ | Violin Memory Inc. | 5,789 | 23 |
* | Inuvo Inc. | 17,600 | 23 |
* | Boingo Wireless Inc. | 3,400 | 22 |
* | GSE Systems Inc. | 13,415 | 21 |
Transact Technologies Inc. | 1,540 | 19 | |
* | ChyronHego Corp. | 9,049 | 19 |
46
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Wave Systems Corp. | ||
Class A | 15,726 | 14 | |
Communications Systems | |||
Inc. | 1,077 | 12 | |
* | Cobra Electronics Corp. | 3,967 | 12 |
QAD Inc. Class B | 573 | 9 | |
* | Overland Storage Inc. | 9,096 | 9 |
* | Intellicheck Mobilisa Inc. | 16,110 | 8 |
* | Relm Wireless Corp. | 1,800 | 6 |
* | Selectica Inc. | 829 | 5 |
* | Key Tronic Corp. | 400 | 4 |
Optical Cable Corp. | 959 | 4 | |
* | inTEST Corp. | 900 | 3 |
* | Bridgeline Digital Inc. | 1,800 | 2 |
* | Cover-All Technologies Inc. | 1,300 | 2 |
* | Superconductor | ||
Technologies Inc. | 656 | 1 | |
* | Netlist Inc. | 100 | — |
5,452,655 | |||
Telecommunications (2.1%) | |||
AT&T Inc. | 9,345,824 | 328,599 | |
Verizon Communications | |||
Inc. | 5,073,898 | 249,331 | |
* | Crown Castle | ||
International Corp. | 592,769 | 43,527 | |
CenturyLink Inc. | 1,048,653 | 33,400 | |
* | SBA Communications | ||
Corp. Class A | 227,816 | 20,467 | |
* | Sprint Corp. | 1,395,280 | 14,999 |
* | T-Mobile US Inc. | 423,111 | 14,234 |
* | Level 3 Communications | ||
Inc. | 297,735 | 9,876 | |
Windstream Holdings Inc. | 1,058,115 | 8,444 | |
Frontier Communications | |||
Corp. | 1,774,394 | 8,251 | |
* | tw telecom inc Class A | 255,898 | 7,797 |
Telephone & Data | |||
Systems Inc. | 161,873 | 4,173 | |
* | Leap Wireless | ||
International Inc. | 134,187 | 2,335 | |
* | 8x8 Inc. | 181,387 | 1,843 |
* | Cincinnati Bell Inc. | 506,520 | 1,803 |
Atlantic Tele-Network Inc. | 27,741 | 1,569 | |
EarthLink Inc. | 247,311 | 1,254 | |
United States Cellular Corp. | 23,438 | 980 | |
Consolidated | |||
Communications | |||
Holdings Inc. | 45,889 | 901 | |
* | General Communication | ||
Inc. Class A | 73,641 | 821 | |
*,^ | NII Holdings Inc. | 290,008 | 798 |
Shenandoah | |||
Telecommunications Co. | 29,162 | 749 | |
NTELOS Holdings Corp. | 36,107 | 730 | |
* | Vonage Holdings Corp. | 219,131 | 730 |
* | Cbeyond Inc. | 96,930 | 669 |
* | Alaska Communications | ||
Systems Group Inc. | 314,731 | 667 | |
IDT Corp. Class B | 35,949 | 642 | |
Lumos Networks Corp. | 28,613 | 601 | |
HickoryTech Corp. | 40,033 | 514 | |
* | Iridium Communications Inc. | 76,247 | 477 |
USA Mobility Inc. | 32,415 | 463 | |
* | Elephant Talk | ||
Communications Corp. | 200,169 | 246 | |
* | Intelsat SA | 9,000 | 203 |
* | Fairpoint | ||
Communications Inc. | 17,505 | 198 | |
* | inContact Inc. | 19,879 | 155 |
* | Straight Path | ||
Communications Inc. | |||
Class B | 16,324 | 134 | |
* | ORBCOMM Inc. | 17,997 | 114 |
* | Hawaiian Telcom Holdco | ||
Inc. | 2,246 | 66 | |
* | Towerstream Corp. | 19,717 | 58 |
Alteva | 5,138 | 42 | |
762,860 | |||
Utilities (3.0%) | |||
Duke Energy Corp. | 1,252,506 | 86,435 | |
Dominion Resources Inc. | 1,029,830 | 66,620 | |
NextEra Energy Inc. | 772,049 | 66,103 | |
Southern Co. | 1,564,291 | 64,308 | |
Spectra Energy Corp. | 1,188,691 | 42,341 | |
Exelon Corp. | 1,520,282 | 41,640 | |
American Electric Power | |||
Co. Inc. | 864,572 | 40,410 | |
Sempra Energy | 412,018 | 36,983 | |
PPL Corp. | 1,118,198 | 33,647 | |
PG&E Corp. | 797,166 | 32,110 | |
Public Service Enterprise | |||
Group Inc. | 897,493 | 28,756 | |
Consolidated Edison Inc. | 519,674 | 28,728 | |
Edison International | 578,043 | 26,763 | |
Xcel Energy Inc. | 882,920 | 24,669 | |
FirstEnergy Corp. | 742,045 | 24,473 | |
Northeast Utilities | 559,096 | 23,700 | |
ONEOK Inc. | 366,091 | 22,763 | |
DTE Energy Co. | 313,701 | 20,827 | |
Entergy Corp. | 316,440 | 20,021 | |
NiSource Inc. | 555,891 | 18,278 | |
CenterPoint Energy Inc. | 760,533 | 17,629 | |
Wisconsin Energy Corp. | 401,944 | 16,616 | |
NRG Energy Inc. | 573,799 | 16,479 | |
AES Corp. | 1,119,519 | 16,244 | |
Ameren Corp. | 430,549 | 15,569 | |
* | Calpine Corp. | 694,930 | 13,558 |
American Water Works | |||
Co. Inc. | 316,410 | 13,371 | |
CMS Energy Corp. | 473,978 | 12,688 |
47
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
SCANA Corp. | 224,583 | 10,540 | |
Pinnacle West Capital Corp. | 195,379 | 10,339 | |
Alliant Energy Corp. | 196,932 | 10,162 | |
National Fuel Gas Co. | 141,130 | 10,077 | |
AGL Resources Inc. | 210,977 | 9,964 | |
ITC Holdings Corp. | 93,245 | 8,935 | |
Pepco Holdings Inc. | 443,435 | 8,483 | |
UGI Corp. | 202,621 | 8,401 | |
Integrys Energy Group Inc. | 141,727 | 7,711 | |
Aqua America Inc. | 313,848 | 7,404 | |
Atmos Energy Corp. | 161,573 | 7,339 | |
Westar Energy Inc. Class A | 225,879 | 7,266 | |
Questar Corp. | 311,014 | 7,150 | |
TECO Energy Inc. | 386,018 | 6,655 | |
Great Plains Energy Inc. | 273,296 | 6,625 | |
Vectren Corp. | 146,468 | 5,200 | |
Cleco Corp. | 107,422 | 5,008 | |
IDACORP Inc. | 89,200 | 4,624 | |
Hawaiian Electric Industries | |||
Inc. | 177,187 | 4,617 | |
Southwest Gas Corp. | 82,317 | 4,602 | |
Piedmont Natural Gas Co. | |||
Inc. | 135,082 | 4,479 | |
UNS Energy Corp. | 70,310 | 4,208 | |
Portland General Electric | |||
Co. | 138,941 | 4,196 | |
Black Hills Corp. | 79,201 | 4,159 | |
UIL Holdings Corp. | 100,331 | 3,888 | |
WGL Holdings Inc. | 92,391 | 3,701 | |
ALLETE Inc. | 72,354 | 3,609 | |
New Jersey Resources | |||
Corp. | 74,818 | 3,460 | |
PNM Resources Inc. | 141,381 | 3,410 | |
* | Dynegy Inc. Class A | 151,060 | 3,251 |
South Jersey Industries | |||
Inc. | 57,439 | 3,214 | |
Avista Corp. | 107,117 | 3,020 | |
NorthWestern Corp. | 68,349 | 2,961 | |
El Paso Electric Co. | 76,887 | 2,699 | |
Laclede Group Inc. | 55,425 | 2,524 | |
MGE Energy Inc. | 42,279 | 2,448 | |
Empire District Electric Co. | 105,843 | 2,402 | |
American States Water Co. | 72,309 | 2,077 | |
Northwest Natural Gas Co. | 48,241 | 2,066 | |
California Water Service | |||
Group | 73,742 | 1,701 | |
Chesapeake Utilities Corp. | 18,490 | 1,110 | |
SJW Corp. | 37,119 | 1,106 | |
Connecticut Water Service | |||
Inc. | 25,226 | 896 | |
Ormat Technologies Inc. | 30,754 | 837 | |
Atlantic Power Corp. | 216,253 | 753 | |
Unitil Corp. | 16,080 | 490 | |
* | Genie Energy Ltd. Class B | 33,337 | 340 |
Middlesex Water Co. | 16,081 | 337 |
* | Cadiz Inc. | 39,826 | 277 | |
York Water Co. | 12,613 | 264 | ||
Artesian Resources Corp. | ||||
Class A | 11,011 | 253 | ||
Delta Natural Gas Co. Inc. | 9,196 | 206 | ||
* | Pure Cycle Corp. | 21,848 | 138 | |
* | US Geothermal Inc. | 216,938 | 82 | |
Gas Natural Inc. | 2,653 | 21 | ||
* | EuroSite Power Inc. | 883 | 1 | |
1,093,415 | ||||
Total Common Stocks | ||||
(Cost $24,385,094) | 36,319,465 | |||
Temporary Cash Investments (1.1%)1 | ||||
Money Market Fund (1.1%) | ||||
2,3 | Vanguard Market Liquidity | |||
Fund, 0.125% | 381,067,995 | 381,068 | ||
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
4,5 | Fannie Mae | |||
Discount Notes, | ||||
0.075%, 3/5/14 | 1,000 | 1,000 | ||
4,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.190%, 1/15/14 | 900 | 900 | ||
4,5 | Freddie Mac | |||
Discount Notes, | ||||
0.063%, 3/17/14 | 5,100 | 5,098 | ||
6,998 | ||||
Total Temporary Cash Investments | ||||
(Cost $388,067) | 388,066 | |||
Total Investments (100.6%) | ||||
(Cost $24,773,161) | 36,707,531 | |||
Other Assets and Liabilities (-0.6%) | ||||
Other Assets | 115,185 | |||
Liabilities3 | (331,801) | |||
(216,616) | ||||
Net Assets (100%) | 36,490,915 |
48
Institutional Total Stock Market Index Fund | |
At December 31, 2013, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 24,760,327 |
Undistributed Net Investment Income | 2,781 |
Accumulated Net Realized Losses | (211,759) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 11,934,370 |
Futures Contracts | 5,196 |
Net Assets | 36,490,915 |
Institutional Shares—Net Assets | |
Applicable to 77,739,783 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,289,831 |
Net Asset Value Per Share— | |
Institutional Shares | $42.32 |
Institutional Plus Shares—Net Assets | |
Applicable to 784,450,414 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 33,201,084 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $42.32 |
Securities with a market value of less than $500 are displayed with a dash.
See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $48,171,000.
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 0.6%, 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 $50,956,000 of collateral received for securities on loan.
4 Securities with a value of $6,998,000 have been segregated as initial margin for open futures contracts.
5 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, as needed to maintain a positive net worth, in exchange for
senior preferred stock.
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.
49
Institutional Total Stock Market Index Fund
Statement of Operations
Year Ended | |
December 31, 2013 | |
($000) | |
Investment Income | |
Income | |
Dividends | 600,883 |
Interest1 | 189 |
Securities Lending | 3,921 |
Total Income | 604,993 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 1,290 |
Management and Administrative—Institutional Plus Shares | 5,404 |
Total Expenses | 6,694 |
Net Investment Income | 598,299 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 198,794 |
Futures Contracts | 41,792 |
Realized Net Gain (Loss) | 240,586 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 7,840,964 |
Futures Contracts | 3,997 |
Change in Unrealized Appreciation (Depreciation) | 7,844,961 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,683,846 |
1 Interest income from an affiliated company of the fund was $178,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
50
Institutional Total Stock Market Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2013 | 2012 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 598,299 | 486,820 |
Realized Net Gain (Loss) | 240,586 | 429,144 |
Change in Unrealized Appreciation (Depreciation) | 7,844,961 | 2,321,982 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,683,846 | 3,237,946 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (61,941) | (65,877) |
Institutional Plus Shares | (536,704) | (420,252) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (598,645) | (486,129) |
Capital Share Transactions | ||
Institutional Shares | (585,939) | (278,956) |
Institutional Plus Shares | 5,259,520 | 2,298,734 |
Net Increase (Decrease) from Capital Share Transactions | 4,673,581 | 2,019,778 |
Total Increase (Decrease) | 12,758,782 | 4,771,595 |
Net Assets | ||
Beginning of Period | 23,732,133 | 18,960,538 |
End of Period1 | 36,490,915 | 23,732,133 |
1 Net Assets—End of Period includes undistributed net investment income of $2,781,000 and $3,026,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
51
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $32.27 | $28.32 | $28.54 | $24.80 | $19.68 |
Investment Operations | |||||
Net Investment Income | .726 | .694 | .532 | .495 | .483 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.051 | 3.950 | (.222) | 3.741 | 5.120 |
Total from Investment Operations | 10.777 | 4.644 | .310 | 4.236 | 5.603 |
Distributions | |||||
Dividends from Net Investment Income | (.727) | (.694) | (. 530) | (. 496) | (.483) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.727) | (.694) | (. 530) | (. 496) | (.483) |
Net Asset Value, End of Period | $42.32 | $32.27 | $28.32 | $28.54 | $24.80 |
Total Return | 33.64% | 16.47% | 1.09% | 17.28% | 28.84% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,290 | $3,001 | $2,874 | $2,248 | $1,700 |
Ratio of Total Expenses to Average Net Assets | 0.040% | 0.040% | 0.042% | 0.045% | 0.045% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.96% | 2.25% | 1.93% | 1.95% | 2.36% |
Portfolio Turnover Rate1 | 9% | 8% | 12% | 14% | 13% |
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.
52
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $32.28 | $28.32 | $28.54 | $24.81 | $19.68 |
Investment Operations | |||||
Net Investment Income | .734 | .701 | .537 | .499 | .487 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 10.041 | 3.959 | (.221) | 3.732 | 5.130 |
Total from Investment Operations | 10.775 | 4.660 | . 316 | 4.231 | 5.617 |
Distributions | |||||
Dividends from Net Investment Income | (.735) | (.700) | (. 536) | (. 501) | (. 487) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.735) | (.700) | (. 536) | (. 501) | (. 487) |
Net Asset Value, End of Period | $42.32 | $32.28 | $28.32 | $28.54 | $24.81 |
Total Return | 33.63% | 16.53% | 1.11% | 17.25% | 28.92% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $33,201 | $20,731 | $16,087 | $12,976 | $10,520 |
Ratio of Total Expenses to Average Net Assets | 0.020% | 0.020% | 0.022% | 0.025% | 0.025% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.98% | 2.27% | 1.95% | 1.97% | 2.38% |
Portfolio Turnover Rate1 | 9% | 8% | 12% | 14% | 13% |
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.
53
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 meet certain administrative, service, and account-size criteria.
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 may use 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. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate notional 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).
During the year ended December 31, 2013, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values.
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, 2010–2013), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
54
Institutional Total Stock Market Index Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Securities Lending: To earn additional income, the fund may lend its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested 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. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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. 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).
55
Institutional Total Stock Market Index Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2013, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 36,319,397 | — | 68 |
Temporary Cash Investments | 381,068 | 6,998 | — |
Futures Contracts—Assets1 | 552 | — | — |
Total | 36,701,017 | 6,998 | 68 |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 2013, 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 | March 2014 | 206 | 94,817 | 3,721 |
E-mini S&P 500 Index | March 2014 | 477 | 43,910 | 816 |
E-mini Russell 2000 Index | March 2014 | 145 | 16,840 | 659 |
5,196 |
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.
Certain of the fund’s investments are in securities considered to be passive foreign investment companies, for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended December 31, 2013, the fund realized gains on the sale of passive foreign investment companies of $101,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at December 31, 2013, had unrealized appreciation of $1,254,000, of which all has been distributed and is reflected in the balance of undistributed net investment income.
For tax purposes, at December 31, 2013, the fund had $4,075,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $245,652,000 to offset taxable capital gains realized during the year ended December 31, 2013. At December 31, 2013, the fund had available capital losses totaling $205,305,000 to offset future net capital gains. Of this amount, $115,540,000
56
Institutional Total Stock Market Index Fund
is subject to expiration on December 31, 2017. Capital losses of $89,765,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2013, the cost of investment securities for tax purposes was $24,775,673,000. Net unrealized appreciation of investment securities for tax purposes was $11,931,858,000, consisting of unrealized gains of $12,455,536,000 on securities that had risen in value since their purchase and $523,678,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2013, the fund purchased $7,214,859,000 of investment securities and sold $2,548,101,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,050,027,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2013 | 2012 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 513,171 | 13,430 | 372,441 | 12,116 |
Issued in Lieu of Cash Distributions | 54,455 | 1,418 | 57,941 | 1,833 |
Redeemed | (1,153,565) | (30,091) | (709,338) | (22,452) |
Net Increase (Decrease) —Institutional Shares | (585,939) | (15,243) | (278,956) | (8,503) |
Institutional Plus Shares | ||||
Issued | 8,673,299 | 232,142 | 4,801,320 | 154,229 |
Issued in Lieu of Cash Distributions | 512,628 | 13,274 | 391,269 | 12,357 |
Redeemed | (3,926,407) | (103,228) | (2,893,855) | (92,343) |
Net Increase (Decrease)—Institutional Plus Shares | 5,259,520 | 142,188 | 2,298,734 | 74,243 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2013, that would require recognition or disclosure in these financial statements.
57
Report of Independent Registered
Public Accounting Firm
To the Trustees of Vanguard Institutional Index Funds and the Shareholders of Vanguard Institutional Total Stock Market Index Fund:
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Institutional Total Stock Market Index Fund (constituting a separate portfolio of Vanguard Institutional Index Funds, hereafter referred to as the “Fund”) at December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and broker and by agreement to the underlying ownership records of the transfer agent, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 18, 2014
This information for the fiscal year ended December 31, 2013, is included pursuant to provisions of
the Internal Revenue Code.
The fund distributed $553,387,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 90.1% of investment income (dividend income plus short-term gains, if
any) qualifies for the dividends-received deduction.
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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.
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Six Months Ended December 31, 2013 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Total Stock Market Index Fund | 6/30/2013 | 12/31/2013 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,170.22 | $0.22 |
Institutional Plus Shares | 1,000.00 | 1,170.33 | 0.11 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.00 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 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.
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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.
61
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 U.S. Total Stock Market Index (formally known as the Dow Jones Wilshire 5000 Index) through April 8, 2005; the MSCI US Broad Market Index through January 14, 2013; CRSP US Total 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 182 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 | |
IndependentTrustees | York and of the National Constitution Center; Chair |
of the U.S. Presidential Commission for the Study | |
Emerson U. Fullwood | of Bioethical Issues. |
Born 1948. Trustee Since January 2008. Principal | |
Occupation(s) During the Past Five Years: Executive | JoAnn Heffernan Heisen |
Chief Staff and Marketing Officer for North America | Born 1950. Trustee Since July 1998. Principal |
and Corporate Vice President (retired 2008) of Xerox | Occupation(s) During the Past Five Years: Corporate |
Corporation (document management products and | Vice President and Chief Global Diversity Officer |
services); Executive in Residence and 2010 | (retired 2008) and Member of the Executive |
Distinguished Minett Professor at the Rochester | Committee (1997–2008) of Johnson & Johnson |
Institute of Technology; Director of SPX Corporation | (pharmaceuticals/medical devices/consumer |
(multi-industry manufacturing), the United Way of | products); Director of Skytop Lodge Corporation |
Rochester, Amerigroup Corporation (managed health | (hotels), the University Medical Center at Princeton, |
care), the University of Rochester Medical Center, | the Robert Wood Johnson Foundation, and the Center |
Monroe Community College Foundation, and North | for Talent Innovation; Member of the Advisory Board |
Carolina A&T University. | of the Maxwell School of Citizenship and Public Affairs |
at Syracuse University. | |
Rajiv L. Gupta | |
Born 1945. Trustee Since December 2001.2 | F. Joseph Loughrey |
Principal Occupation(s) During the Past Five Years: | Born 1949. Trustee Since October 2009. Principal |
Chairman and Chief Executive Officer (retired 2009) | Occupation(s) During the Past Five Years: President |
and President (2006–2008) of Rohm and Haas Co. | and Chief Operating Officer (retired 2009) of Cummins |
(chemicals); Director of Tyco International, Ltd. | Inc. (industrial machinery); Chairman of the Board of |
(diversified manufacturing and services), Hewlett- | Hillenbrand, Inc. (specialized consumer services) and |
Packard Co. (electronic computer manufacturing), | of Oxfam America; Director of SKF AB (industrial |
machinery), Hyster-Yale Materials Handling, Inc. | Executive Officers | |
(forklift trucks), and the Lumina Foundation for | ||
Education; Member of the Advisory Council for the | Glenn Booraem | |
College of Arts and Letters and of the Advisory Board | Born 1967. Controller Since July 2010. Principal | |
to the Kellogg Institute for International Studies, both | Occupation(s) During the Past Five Years: Principal | |
at the University of Notre Dame. | of The Vanguard Group, Inc.; Controller of each of | |
the investment companies served by The Vanguard | ||
Mark Loughridge | Group; Assistant Controller of each of the investment | |
Born 1953. Trustee Since March 2012. Principal | companies served by The Vanguard Group (2001–2010). | |
Occupation(s) During the Past Five Years: Senior Vice | ||
President and Chief Financial Officer at IBM (information | Thomas J. Higgins | |
technology services); Fiduciary Member of IBM’s | Born 1957. Chief Financial Officer Since September | |
Retirement Plan Committee. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Director of TIFF Advisory Services, Inc. (investment | Occupation(s) During the Past Five Years: Principal of | |
advisor); Member of the Investment Advisory | The Vanguard Group, Inc.; Treasurer of each of the | |
Committees of the Financial Industry Regulatory | investment companies served by The Vanguard | |
Authority (FINRA) and of Major League Baseball. | Group; Assistant Treasurer of each of the investment | |
companies served by The Vanguard Group (1988–2008). | ||
André F. Perold | ||
Born 1952. Trustee Since December 2004. Principal | Heidi Stam | |
Occupation(s) During the Past Five Years: George | Born 1956. Secretary Since July 2005. Principal | |
Gund Professor of Finance and Banking at the Harvard | Occupation(s) During the Past Five Years: Managing | |
Business School (retired 2011); Chief Investment | Director of The Vanguard Group, Inc.; General Counsel | |
Officer and Managing Partner of HighVista Strategies | of The Vanguard Group; Secretary of The Vanguard | |
LLC (private investment firm); Director of Rand | Group and of each of the investment companies | |
Merchant Bank; Overseer of the Museum of Fine | served by The Vanguard Group; Director and Senior | |
Arts Boston. | Vice President of Vanguard Marketing Corporation. | |
Alfred M. Rankin, Jr. | Vanguard Senior ManagementTeam | |
Born 1941. Trustee Since January 1993. Principal | ||
Occupation(s) During the Past Five Years: Chairman, | Mortimer J. Buckley | Chris D. McIsaac |
President, and Chief Executive Officer of NACCO | Kathleen C. Gubanich | Michael S. Miller |
Industries, Inc. (housewares/lignite) and of Hyster-Yale | Paul A. Heller | James M. Norris |
Materials Handling, Inc. (forklift trucks); Director of | Martha G. King | Glenn W. Reed |
the National Association of Manufacturers; Chairman | John T. Marcante | |
of the Board 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 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
With Hearing Impairment > 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, 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. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q8710 022014 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, André F. Perold, and Alfred M. Rankin, Jr.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2013: $53,000
Fiscal Year Ended December 31, 2012: $47,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2013: $5,714,113
Fiscal Year Ended December 31, 2012: $4,809,780
Includes fees billed in connection with audits of the Registrant and other registered investment companies in the Vanguard complex. Also includes fees billed in connection with audits of The Vanguard Group, Inc. and Vanguard Marketing Corporation for Fiscal Year Ended December 31, 2013.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2013: $1,552,950
Fiscal Year Ended December 31, 2012: $1,812,565
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2013: $110,000
Fiscal Year Ended December 31, 2012: $490,518
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. Also includes fees billed in connection with certain tax services related to audits of the Registrant and other registered investment companies in the Vanguard complex for Fiscal Year Ended December 31, 2012.
(d) All Other Fees.
Fiscal Year Ended December 31, 2013: $132,000
Fiscal Year Ended December 31, 2012: $16,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2013: $242,000
Fiscal Year Ended December 31, 2012: $506,518
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
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) Code of Ethics.
(b) 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: February 20, 2014 |
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: February 20, 2014 | |
| VANGUARD INSTITUTIONAL INDEX FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 20, 2014 |
* 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.