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, 2014 – June 30, 2014 | |
Item 1: Reports to Shareholders |
Semiannual Report | June 30, 2014
Vanguard Institutional Index Fund
![](https://capedge.com/proxy/N-CSRS/0000932471-14-006498/institutionalindexfund_9x1x2.jpg)
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. | 6 |
Performance Summary. | 8 |
Financial Statements. | 9 |
About Your Fund’s Expenses. | 25 |
Trustees Approve Advisory Arrangement. | 27 |
Glossary. | 28 |
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
Six Months Ended June 30, 2014 | |
Total | |
Returns | |
Vanguard Institutional Index Fund | |
Institutional Shares | 7.11% |
Institutional Plus Shares | 7.13 |
S&P 500 Index | 7.14 |
Large-Cap Core Funds Average | 6.36 |
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, 2013, Through June 30, 2014
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Institutional Index Fund | ||||
Institutional Shares | $169.28 | $179.66 | $1.612 | $0.000 |
Institutional Plus Shares | 169.28 | 179.67 | 1.628 | 0.000 |
![](https://capedge.com/proxy/N-CSRS/0000932471-14-006498/institutionalindexfund_9x4x1.jpg)
Chairman’s Letter
Dear Shareholder,
U.S. stocks overcame a rough start to finish the half year near record highs. Investors looked beyond obvious challenges—such as the U.S. economy’s contraction in the first quarter, rising oil prices, and the World Bank’s reduced estimate for 2014 global growth. Instead, they focused on positives that included lower U.S. unemployment and strong corporate earnings.
Vanguard Institutional Index Fund returned about 7%, closely tracking its target index, the Standard & Poor’s 500 Index. The fund exceeded the average return of its large-capitalization core fund peers.
All ten industry sectors advanced, with information technology, health care, and energy stocks contributing the most.
After starting the half year slowly, stocks pushed higher
Although U.S. stocks began the period with a January decline, they went on to advance in each of the next five months. For the half year, the broad U.S. stock market returned about 7% as the global economy continued to recover, albeit unevenly, and corporate earnings remained solid. Stocks were notably resilient, surging ahead after dips caused by turmoil in Iraq and conflict in Ukraine.
Citing the U.S. economy’s progress, the Federal Reserve has steadily trimmed its stimulative monthly bond-buying since January. At the same time, investors
2
have been reassured by the Fed’s decision to keep interest rates low for an extended period.
International stocks overall returned nearly 6%. Emerging markets stocks, which have rebounded sharply in recent months, were the top performers, followed by stocks of developed markets in Europe and then those in the Pacific region.
The period was strong for bonds as yields dropped and prices rose
Bond prices spent most of the six months regaining the ground they lost in 2013. Over the period, the broad U.S. taxable bond market returned 3.93%. The yield of the benchmark 10-year Treasury note ended June at 2.54%, down from almost 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 6.00% amid support from the broad bond market rally, investors’ greater appetite for tax-exempt income, and a decline in the pool of new issues.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 5.59%.
In June, the European Central Bank made the unprecedented move of lowering a key interest rate below zero, to –0.10%, in an effort to avert deflation and induce banks to lend and thus fuel economic growth.
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2014 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 7.27% | 25.35% | 19.25% |
Russell 2000 Index (Small-caps) | 3.19 | 23.64 | 20.21 |
Russell 3000 Index (Broad U.S. market) | 6.94 | 25.22 | 19.33 |
FTSE All-World ex US Index (International) | 5.75 | 21.93 | 11.40 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 3.93% | 4.37% | 4.85% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 6.00 | 6.14 | 5.81 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.07 |
CPI | |||
Consumer Price Index | 2.27% | 2.07% | 2.02% |
3
Although the period was strong worldwide for bonds, it’s worth remembering that the current low yields imply lower future returns: As yields drop, the scope for further declines—and increases in prices—diminishes.
Returns remained tiny for money market funds and savings account returns because of the Fed’s target of 0%–0.25% for short-term interest rates.
Technology and health care helped drive the fund’s returns
Vanguard Institutional Index Fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. stock market’s value.
As I mentioned earlier, information technology, health care, and energy stocks were among the index’s top performers for the half year.
Stocks in the information technology sector, the fund’s largest, contributed most to returns. Some of the nation’s largest hardware, software, and internet companies thrived during the period. Global demand for smartphones and internet-related products and services has translated to revenues and profits for companies willing to invest in resources and plans to reach a wider clientele. The sector also got a boost from the continued growth of cloud-based computing.
Health care stocks were the second-largest contributors to performance. As a whole, health care companies gained as investor concerns about the Affordable Care Act began to ease. Pharmaceutical firms did well amid enthusiasm over promising drug pipelines.
The energy sector was also a strong one for the fund. Oil and gas producers benefited from higher oil prices resulting from geopolitical tensions in the Middle East, demand for natural gas during the severe U.S. winter, and growing reliance on oil in the developing world. Rising natural gas prices also helped the small utilities sector, which was the fund’s best performer (it returned about 19%).
The consumer discretionary sector was the weakest performer, returning less than 1%. Retailers struggled during the period, while media companies, hotels, and restaurants fared better.
4
Don’t let complacency set your portfolio adrift
At Vanguard, we often warn all investors against letting emotions become entangled with investments. When the financial markets are in turmoil, for example, we’ll caution investors not to let fear lead to rash decisions. But complacency can also stand in the way of achieving financial goals. And lately, conditions may have been leading investors to feel a little too comfortable.
Volatility, a hallmark of stock investing, seems to have vanished for the moment, and returns have been robust. In the more than five years since its March 2009 bottom, the broad U.S. stock market, as measured by the Russell 3000 Index, has produced average annual returns of about 26%. That’s more than double the market’s historical average annual return. And in recent weeks, several indexes have reached all-time highs.
The investment winds don’t always blow so favorably, of course. While the smooth sailing lasts, however, it creates risks of its own: In such a calm climate, it can be easy to lose sight of fundamentals, especially the importance of rebalancing. Without rebalancing—periodically adjusting a portfolio’s asset allocation so that it stays in line with goals and risk tolerance—institutional investors can end up with a portfolio that’s very different from, and potentially riskier than, the one they intended to have.
Whether the market’s moving up, down, or sideways, we always encourage our institutional clients to stay focused on the four keys to Vanguard’s timeless principles for investment success: goals, balance, cost, and discipline. (You can read more about our principles in Vanguard’s Principles for Investment Success, available at vanguard.com/research.)
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-14-006498/institutionalindexfund_9x7x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
July 17, 2014
5
Institutional Index Fund
Fund Profile
As of June 30, 2014
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 | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 504 | 501 | 3,730 |
Median Market Cap | $68.2B | $68.8B | $45.5B |
Price/Earnings Ratio | 19.1x | 19.1x | 20.7x |
Price/Book Ratio | 2.7x | 2.7x | 2.7x |
Return on Equity | 18.9% | 18.7% | 17.4% |
Earnings Growth | |||
Rate | 14.2% | 14.3% | 14.4% |
Dividend Yield | 2.0% | 2.0% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 4% | — | — |
Short-Term Reserves | -0.1% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.95 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. | ||
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Computer Hardware | 3.2% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.5 |
Google Inc. | Internet Software & | |
Services | 1.9 | |
Microsoft Corp. | Systems Software | 1.8 |
Johnson & Johnson | Pharmaceuticals | 1.7 |
General Electric Co. | Industrial | |
Conglomerates | 1.5 | |
Wells Fargo & Co. | Diversified Banks | 1.4 |
Chevron Corp. | Integrated Oil & Gas | 1.4 |
Berkshire Hathaway Inc. | Multi-Sector Holdings | 1.3 |
JPMorgan Chase & Co. | Diversified Banks | 1.2 |
Top Ten | 17.9% | |
The holdings listed exclude any temporary cash investments and equity index products. | ||
Investment Focus
1 The expense ratios shown are from the prospectus dated April 28, 2014. For the six months ended June 30, 2014, the annualized expense ratios
were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
6
Institutional Index Fund
Sector Diversification (% of equity exposure)
DJ | |||
U.S. | |||
Total | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Consumer Discretionary 11.8% | 11.8% | 12.6% | |
Consumer Staples | 9.5 | 9.5 | 8.2 |
Energy | 10.9 | 10.9 | 10.0 |
Financials | 16.1 | 16.1 | 17.3 |
Health Care | 13.3 | 13.3 | 13.0 |
Industrials | 10.5 | 10.5 | 11.5 |
Information Technology | 18.8 | 18.8 | 18.1 |
Materials | 3.5 | 3.5 | 3.9 |
Telecommunication | |||
Services | 2.4 | 2.4 | 2.2 |
Utilities | 3.2 | 3.2 | 3.2 |
7
Institutional Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2003, Through June 30, 2014
![](https://capedge.com/proxy/N-CSRS/0000932471-14-006498/institutionalindexfund_x10x1.jpg)
Average Annual Total Returns: Periods Ended June 30, 2014 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Institutional Shares | 7/31/1990 | 24.56% | 18.81% | 7.79% |
Institutional Plus Shares | 7/7/1997 | 24.59 | 18.84 | 7.81 |
See Financial Highlights for dividend and capital gains information.
8
Institutional Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2014
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 (99.7%)1 | |||
Consumer Discretionary (11.8%) | |||
Walt Disney Co. | 16,180,851 | 1,387,346 | |
Comcast Corp. Class A | 25,274,091 | 1,356,713 | |
* | Amazon.com Inc. | 3,744,636 | 1,216,183 |
Home Depot Inc. | 13,744,378 | 1,112,745 | |
McDonald’s Corp. | 9,929,930 | 1,000,341 | |
Ford Motor Co. | 39,725,584 | 684,869 | |
Twenty-First Century | |||
Fox Inc. Class A | 19,235,294 | 676,121 | |
* | Priceline Group Inc. | 526,740 | 633,668 |
Time Warner Inc. | 8,861,746 | 622,538 | |
Starbucks Corp. | 7,562,752 | 585,206 | |
NIKE Inc. Class B | 7,410,409 | 574,677 | |
Lowe’s Cos. Inc. | 10,019,129 | 480,818 | |
General Motors Co. | 13,211,122 | 479,564 | |
Time Warner Cable Inc. | 2,798,964 | 412,287 | |
* | DIRECTV | 4,707,078 | 400,149 |
TJX Cos. Inc. | 7,035,364 | 373,930 | |
Target Corp. | 6,364,129 | 368,801 | |
Yum! Brands Inc. | 4,434,058 | 360,045 | |
Viacom Inc. Class B | 3,929,294 | 340,788 | |
Johnson Controls Inc. | 6,672,076 | 333,137 | |
CBS Corp. Class B | 5,309,450 | 329,929 | |
* | Netflix Inc. | 602,228 | 265,342 |
VF Corp. | 3,458,312 | 217,874 | |
Macy’s Inc. | 3,620,778 | 210,077 | |
Delphi Automotive plc | 2,775,911 | 190,816 | |
* | Chipotle Mexican | ||
Grill Inc. Class A | 312,244 | 185,008 | |
Omnicom Group Inc. | 2,596,162 | 184,899 | |
* | AutoZone Inc. | 333,772 | 178,982 |
* | Dollar General Corp. | 3,046,775 | 174,763 |
Wynn Resorts Ltd. | 813,739 | 168,900 | |
Carnival Corp. | 4,405,268 | 165,858 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 2,190,386 | 162,702 | |
* | O’Reilly Automotive Inc. | 1,065,582 | 160,477 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Michael Kors | ||
Holdings Ltd. | 1,805,881 | 160,091 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 1,928,648 | 155,873 | |
Harley-Davidson Inc. | 2,193,535 | 153,218 | |
BorgWarner Inc. | 2,296,526 | 149,710 | |
L Brands Inc. | 2,463,428 | 144,505 | |
Marriott International Inc. | |||
Class A | 2,205,633 | 141,381 | |
Ross Stores Inc. | 2,133,703 | 141,102 | |
Genuine Parts Co. | 1,542,982 | 135,474 | |
Mattel Inc. | 3,407,790 | 132,802 | |
* | TripAdvisor Inc. | 1,117,690 | 121,448 |
* | Bed Bath & Beyond Inc. | 2,049,257 | 117,586 |
* | CarMax Inc. | 2,218,291 | 115,373 |
* | Dollar Tree Inc. | 2,081,159 | 113,340 |
Tiffany & Co. | 1,116,728 | 111,952 | |
Whirlpool Corp. | 782,269 | 108,907 | |
Gap Inc. | 2,616,636 | 108,774 | |
Kohl’s Corp. | 1,957,348 | 103,113 | |
Wyndham Worldwide | |||
Corp. | 1,281,009 | 96,998 | |
* | Under Armour Inc. | ||
Class A | 1,626,821 | 96,780 | |
PVH Corp. | 826,336 | 96,351 | |
Nordstrom Inc. | 1,412,063 | 95,921 | |
Ralph Lauren Corp. | |||
Class A | 588,194 | 94,517 | |
Coach Inc. | 2,753,972 | 94,158 | |
H&R Block Inc. | 2,754,403 | 92,328 | |
* | News Corp. Class A | 5,001,712 | 89,731 |
Scripps Networks | |||
Interactive Inc. Class A | 1,076,662 | 87,360 | |
Newell Rubbermaid Inc. | 2,784,276 | 86,285 | |
Best Buy Co. Inc. | 2,767,746 | 85,828 | |
* | Mohawk Industries Inc. | 614,381 | 84,993 |
Tractor Supply Co. | 1,391,016 | 84,017 | |
Interpublic Group | |||
of Cos. Inc. | 4,255,362 | 83,022 | |
Expedia Inc. | 1,030,218 | 81,140 |
9
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Goodyear Tire | |||
& Rubber Co. | 2,772,414 | 77,018 | |
^ | Garmin Ltd. | 1,232,417 | 75,054 |
Lennar Corp. Class A | 1,765,675 | 74,123 | |
Harman International | |||
Industries Inc. | 683,983 | 73,480 | |
Gannett Co. Inc. | 2,279,855 | 71,382 | |
DR Horton Inc. | 2,874,930 | 70,666 | |
Staples Inc. | 6,506,342 | 70,529 | |
PulteGroup Inc. | 3,429,033 | 69,129 | |
Family Dollar Stores Inc. | 960,308 | 63,515 | |
Hasbro Inc. | 1,162,430 | 61,667 | |
Darden Restaurants Inc. | 1,325,308 | 61,322 | |
PetSmart Inc. | 996,353 | 59,582 | |
* | Fossil Group Inc. | 479,211 | 50,087 |
Leggett & Platt Inc. | 1,392,116 | 47,722 | |
GameStop Corp. Class A | 1,152,870 | 46,657 | |
Comcast Corp. | 844,535 | 45,039 | |
Cablevision Systems | |||
Corp. Class A | 2,181,938 | 38,511 | |
* | AutoNation Inc. | 637,861 | 38,068 |
* | Urban Outfitters Inc. | 1,020,065 | 34,539 |
Graham Holdings Co. | |||
Class B | 44,045 | 31,629 | |
20,719,350 | |||
Consumer Staples (9.5%) | |||
Procter & Gamble Co. | 27,185,260 | 2,136,490 | |
Coca-Cola Co. | 37,973,997 | 1,608,579 | |
PepsiCo Inc. | 15,230,808 | 1,360,720 | |
Philip Morris | |||
International Inc. | 15,801,703 | 1,332,242 | |
Wal-Mart Stores Inc. | 16,192,774 | 1,215,592 | |
CVS Caremark Corp. | 11,746,453 | 885,330 | |
Altria Group Inc. | 19,956,629 | 836,981 | |
Walgreen Co. | 8,820,430 | 653,858 | |
Mondelez International | |||
Inc. Class A | 16,992,821 | 639,100 | |
Colgate-Palmolive Co. | 8,736,385 | 595,647 | |
Costco Wholesale Corp. | 4,403,202 | 507,073 | |
Kimberly-Clark Corp. | 3,785,260 | 420,997 | |
Kraft Foods Group Inc. | 5,980,418 | 358,526 | |
General Mills Inc. | 6,173,147 | 324,337 | |
Archer-Daniels- | |||
Midland Co. | 6,574,727 | 290,011 | |
Kroger Co. | 5,118,799 | 253,022 | |
Lorillard Inc. | 3,641,886 | 222,046 | |
Sysco Corp. | 5,872,424 | 219,922 | |
Mead Johnson | |||
Nutrition Co. | 2,030,178 | 189,152 | |
Reynolds American Inc. | 3,125,723 | 188,637 | |
Estee Lauder Cos. Inc. | |||
Class A | 2,537,924 | 188,466 | |
Kellogg Co. | 2,560,738 | 168,240 | |
Keurig Green | |||
Mountain Inc. | 1,275,098 | 158,890 |
Market | |||
Value | |||
Shares | ($000) | ||
Brown-Forman Corp. | |||
Class B | 1,628,283 | 153,335 | |
* | Constellation Brands Inc. | ||
Class A | 1,695,381 | 149,414 | |
Hershey Co. | 1,498,840 | 145,942 | |
Whole Foods Market Inc. | 3,692,302 | 142,634 | |
ConAgra Foods Inc. | 4,230,471 | 125,560 | |
Molson Coors | |||
Brewing Co. Class B | 1,596,033 | 118,362 | |
Clorox Co. | 1,291,572 | 118,050 | |
Dr Pepper Snapple | |||
Group Inc. | 1,976,147 | 115,763 | |
Coca-Cola | |||
Enterprises Inc. | 2,352,994 | 112,426 | |
JM Smucker Co. | 1,043,416 | 111,197 | |
Tyson Foods Inc. Class A | 2,764,829 | 103,792 | |
* | Monster Beverage Corp. | 1,361,734 | 96,724 |
McCormick & Co. Inc. | 1,313,134 | 94,007 | |
Campbell Soup Co. | 1,797,195 | 82,329 | |
Safeway Inc. | 2,313,163 | 79,434 | |
Hormel Foods Corp. | 1,352,254 | 66,734 | |
Avon Products Inc. | 4,363,403 | 63,749 | |
16,633,310 | |||
Energy (10.8%) | |||
Exxon Mobil Corp. | 43,143,399 | 4,343,677 | |
Chevron Corp. | 19,124,955 | 2,496,763 | |
Schlumberger Ltd. | 13,082,291 | 1,543,056 | |
ConocoPhillips | 12,333,966 | 1,057,391 | |
Occidental Petroleum | |||
Corp. | 7,892,446 | 810,002 | |
EOG Resources Inc. | 5,490,289 | 641,595 | |
Halliburton Co. | 8,484,189 | 602,462 | |
Anadarko Petroleum | |||
Corp. | 5,073,797 | 555,429 | |
Phillips 66 | 5,684,549 | 457,208 | |
Williams Cos. Inc. | 7,419,181 | 431,871 | |
Apache Corp. | 3,874,804 | 389,883 | |
National Oilwell | |||
Varco Inc. | 4,310,213 | 354,946 | |
Pioneer Natural | |||
Resources Co. | 1,437,050 | 330,248 | |
Baker Hughes Inc. | 4,379,733 | 326,071 | |
Devon Energy Corp. | 3,851,814 | 305,834 | |
Spectra Energy Corp. | 6,737,589 | 286,213 | |
Noble Energy Inc. | 3,608,917 | 279,547 | |
Marathon Oil Corp. | 6,791,714 | 271,125 | |
Valero Energy Corp. | 5,360,662 | 268,569 | |
Hess Corp. | 2,651,411 | 262,198 | |
Kinder Morgan Inc. | 6,711,987 | 243,377 | |
Marathon Petroleum | |||
Corp. | 2,899,497 | 226,364 | |
EQT Corp. | 1,524,346 | 162,953 | |
* | Southwestern Energy Co. | 3,546,764 | 161,342 |
Chesapeake Energy Corp. | 5,086,110 | 158,076 | |
^ | Transocean Ltd. | 3,418,131 | 153,918 |
Range Resources Corp. | 1,694,153 | 147,307 |
10
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | FMC Technologies Inc. | 2,362,415 | 144,273 |
Cabot Oil & Gas Corp. | 4,191,799 | 143,108 | |
ONEOK Inc. | 2,088,072 | 142,156 | |
* | Cameron International | ||
Corp. | 2,051,064 | 138,878 | |
Ensco plc Class A | 2,347,589 | 130,456 | |
Helmerich & Payne Inc. | 1,086,240 | 126,123 | |
Cimarex Energy Co. | 874,225 | 125,416 | |
Murphy Oil Corp. | 1,697,385 | 112,842 | |
CONSOL Energy Inc. | 2,313,547 | 106,585 | |
Noble Corp. plc | 2,553,591 | 85,699 | |
Nabors Industries Ltd. | 2,629,004 | 77,214 | |
Tesoro Corp. | 1,298,928 | 76,208 | |
Denbury Resources Inc. | 3,532,193 | 65,204 | |
QEP Resources Inc. | 1,808,527 | 62,394 | |
* | Newfield Exploration Co. | 1,369,263 | 60,521 |
Peabody Energy Corp. | 2,719,953 | 44,471 | |
Rowan Cos. plc Class A | 1,245,663 | 39,774 | |
^ | Diamond Offshore | ||
Drilling Inc. | 689,689 | 34,229 | |
18,982,976 | |||
Financials (16.0%) | |||
Wells Fargo & Co. | 48,153,003 | 2,530,922 | |
JPMorgan Chase & Co. | 38,022,941 | 2,190,882 | |
* | Berkshire Hathaway Inc. | ||
Class B | 16,950,111 | 2,145,206 | |
Bank of America Corp. | 105,644,910 | 1,623,762 | |
Citigroup Inc. | 30,518,803 | 1,437,436 | |
American Express Co. | 9,146,164 | 867,697 | |
American International | |||
Group Inc. | 14,533,471 | 793,237 | |
US Bancorp | 18,235,523 | 789,963 | |
Goldman Sachs | |||
Group Inc. | 4,177,983 | 699,561 | |
MetLife Inc. | 11,307,792 | 628,261 | |
Simon Property | |||
Group Inc. | 3,120,933 | 518,949 | |
PNC Financial Services | |||
Group Inc. | 5,365,881 | 477,832 | |
Capital One Financial | |||
Corp. | 5,742,146 | 474,301 | |
Morgan Stanley | 14,060,760 | 454,584 | |
Bank of New York | |||
Mellon Corp. | 11,456,233 | 429,380 | |
Prudential Financial Inc. | 4,641,235 | 412,002 | |
BlackRock Inc. | 1,256,905 | 401,707 | |
American Tower | |||
Corporation | 3,975,589 | 357,723 | |
ACE Ltd. | 3,392,523 | 351,805 | |
Travelers Cos. Inc. | 3,490,633 | 328,364 | |
Charles Schwab Corp. | 11,764,074 | 316,807 | |
State Street Corp. | 4,327,538 | 291,070 | |
Discover Financial | |||
Services | 4,684,073 | 290,319 | |
Marsh & McLennan | |||
Cos. Inc. | 5,521,209 | 286,109 |
Market | |||
Value | |||
Shares | ($000) | ||
BB&T Corp. | 7,217,917 | 284,602 | |
Aflac Inc. | 4,562,211 | 283,998 | |
Aon plc | 2,978,501 | 268,333 | |
Allstate Corp. | 4,359,801 | 256,008 | |
Public Storage | 1,455,935 | 249,474 | |
Crown Castle | |||
International Corp. | 3,353,231 | 249,011 | |
Franklin Resources Inc. | 4,035,544 | 233,416 | |
Ameriprise Financial Inc. | 1,907,395 | 228,887 | |
McGraw Hill Financial Inc. | 2,734,450 | 227,041 | |
Chubb Corp. | 2,455,993 | 226,369 | |
CME Group Inc. | 3,170,826 | 224,970 | |
T. Rowe Price Group Inc. | 2,639,351 | 222,788 | |
Intercontinental | |||
Exchange Inc. | 1,156,134 | 218,394 | |
SunTrust Banks Inc. | 5,352,732 | 214,430 | |
Equity Residential | 3,374,008 | 212,562 | |
Prologis Inc. | 5,019,710 | 206,260 | |
^ | Weyerhaeuser Co. | 5,879,314 | 194,546 |
Health Care REIT Inc. | 3,068,443 | 192,299 | |
HCP Inc. | 4,602,847 | 190,466 | |
Ventas Inc. | 2,956,787 | 189,530 | |
Vornado Realty Trust | 1,750,798 | 186,863 | |
Fifth Third Bancorp | 8,543,887 | 182,412 | |
Boston Properties Inc. | 1,537,306 | 181,679 | |
AvalonBay | |||
Communities Inc. | 1,223,843 | 174,018 | |
Host Hotels | |||
& Resorts Inc. | 7,603,769 | 167,359 | |
Moody’s Corp. | 1,889,027 | 165,592 | |
Invesco Ltd. | 4,346,423 | 164,077 | |
M&T Bank Corp. | 1,320,813 | 163,847 | |
Hartford Financial | |||
Services Group Inc. | 4,517,309 | 161,765 | |
Regions Financial Corp. | 13,852,603 | 147,115 | |
* | Berkshire Hathaway Inc. | ||
Class A | 759 | 144,134 | |
Northern Trust Corp. | 2,232,941 | 143,377 | |
Principal Financial | |||
Group Inc. | 2,748,663 | 138,753 | |
Progressive Corp. | 5,471,099 | 138,747 | |
Lincoln National Corp. | 2,649,319 | 136,281 | |
Loews Corp. | 3,071,049 | 135,157 | |
KeyCorp | 8,872,887 | 127,148 | |
General Growth | |||
Properties Inc. | 5,237,447 | 123,394 | |
Essex Property Trust Inc. | 629,016 | 116,311 | |
* | Affiliated Managers | ||
Group Inc. | 510,107 | 104,776 | |
Kimco Realty Corp. | 4,124,219 | 94,775 | |
Macerich Co. | 1,413,122 | 94,326 | |
Comerica Inc. | 1,824,777 | 91,531 | |
Unum Group | 2,590,178 | 90,035 | |
* | CBRE Group Inc. Class A | 2,801,444 | 89,758 |
XL Group plc Class A | 2,727,055 | 89,257 |
11
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Genworth Financial Inc. | ||
Class A | 4,984,878 | 86,737 | |
Leucadia National Corp. | 3,183,702 | 83,477 | |
Plum Creek Timber | |||
Co. Inc. | 1,778,767 | 80,222 | |
Huntington | |||
Bancshares Inc. | 8,331,889 | 79,486 | |
Navient Corp. | 4,246,038 | 75,197 | |
Torchmark Corp. | 883,534 | 72,379 | |
Cincinnati Financial Corp. | 1,478,174 | 71,011 | |
* | E*TRADE Financial Corp. | 2,893,122 | 61,508 |
Zions Bancorporation | 1,863,614 | 54,921 | |
Legg Mason Inc. | 1,035,982 | 53,156 | |
Apartment Investment | |||
& Management Co. | |||
Class A | 1,464,286 | 47,253 | |
People’s United | |||
Financial Inc. | 3,109,555 | 47,172 | |
Assurant Inc. | 718,247 | 47,081 | |
Hudson City Bancorp Inc. | 4,766,482 | 46,855 | |
NASDAQ OMX Group Inc. | 1,186,971 | 45,841 | |
28,176,046 | |||
Health Care (13.3%) | |||
Johnson & Johnson | 28,422,489 | 2,973,561 | |
Pfizer Inc. | 64,083,451 | 1,901,997 | |
Merck & Co. Inc. | 29,359,427 | 1,698,443 | |
* | Gilead Sciences Inc. | 15,428,087 | 1,279,143 |
AbbVie Inc. | 15,974,302 | 901,590 | |
Amgen Inc. | 7,605,247 | 900,233 | |
Bristol-Myers Squibb Co. | 16,648,463 | 807,617 | |
UnitedHealth Group Inc. | 9,843,930 | 804,741 | |
* | Biogen Idec Inc. | 2,382,980 | 751,377 |
* | Celgene Corp. | 8,045,320 | 690,932 |
Medtronic Inc. | 10,036,137 | 639,904 | |
Abbott Laboratories | 15,088,847 | 617,134 | |
Eli Lilly & Co. | 9,896,727 | 615,280 | |
* | Express Scripts | ||
Holding Co. | 7,765,526 | 538,384 | |
Allergan Inc. | 2,989,251 | 505,841 | |
Thermo Fisher | |||
Scientific Inc. | 4,007,768 | 472,917 | |
McKesson Corp. | 2,316,321 | 431,322 | |
* | Actavis plc | 1,859,803 | 414,829 |
Covidien plc | 4,529,466 | 408,467 | |
Baxter International Inc. | 5,450,986 | 394,106 | |
* | Alexion | ||
Pharmaceuticals Inc. | 1,986,961 | 310,463 | |
WellPoint Inc. | 2,809,481 | 302,328 | |
Aetna Inc. | 3,590,348 | 291,105 | |
Stryker Corp. | 2,970,436 | 250,467 | |
Cigna Corp. | 2,698,794 | 248,208 | |
* | Forest Laboratories Inc. | 2,414,096 | 238,995 |
Cardinal Health Inc. | 3,417,551 | 234,307 | |
Becton Dickinson and Co. | 1,940,842 | 229,602 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 800,605 | 226,147 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Vertex | ||
Pharmaceuticals Inc. | 2,372,740 | 224,651 | |
Humana Inc. | 1,554,883 | 198,590 | |
St. Jude Medical Inc. | 2,855,169 | 197,720 | |
Perrigo Co. plc | 1,344,051 | 195,909 | |
* | Mylan Inc. | 3,754,358 | 193,575 |
Agilent Technologies Inc. | 3,347,797 | 192,297 | |
Zimmer Holdings Inc. | 1,685,806 | 175,088 | |
* | Boston Scientific Corp. | 13,286,919 | 169,674 |
AmerisourceBergen | |||
Corp. Class A | 2,268,587 | 164,836 | |
Zoetis Inc. | 5,032,912 | 162,412 | |
* | Intuitive Surgical Inc. | 385,781 | 158,865 |
* | Cerner Corp. | 2,966,394 | 153,007 |
* | DaVita HealthCare | ||
Partners Inc. | 1,785,861 | 129,153 | |
CR Bard Inc. | 767,354 | 109,739 | |
* | CareFusion Corp. | 2,082,308 | 92,350 |
* | Edwards Lifesciences | ||
Corp. | 1,059,575 | 90,954 | |
* | Waters Corp. | 851,575 | 88,938 |
* | Laboratory Corp. of | ||
America Holdings | 853,251 | 87,373 | |
* | Varian Medical | ||
Systems Inc. | 1,044,055 | 86,803 | |
* | Hospira Inc. | 1,678,872 | 86,244 |
Quest Diagnostics Inc. | 1,451,222 | 85,172 | |
DENTSPLY | |||
International Inc. | 1,424,114 | 67,432 | |
PerkinElmer Inc. | 1,141,250 | 53,456 | |
* | Tenet Healthcare Corp. | 984,268 | 46,202 |
Patterson Cos. Inc. | 822,310 | 32,489 | |
23,322,369 | |||
Industrials (10.5%) | |||
General Electric Co. | 100,743,713 | 2,647,545 | |
United Technologies | |||
Corp. | 8,472,970 | 978,204 | |
Union Pacific Corp. | 9,100,176 | 907,743 | |
3M Co. | 6,244,448 | 894,455 | |
Boeing Co. | 6,739,888 | 857,516 | |
Honeywell | |||
International Inc. | 7,867,378 | 731,273 | |
United Parcel Service Inc. | |||
Class B | 7,081,113 | 726,947 | |
Caterpillar Inc. | 6,271,188 | 681,490 | |
Danaher Corp. | 6,043,736 | 475,823 | |
Emerson Electric Co. | 7,049,757 | 467,822 | |
Lockheed Martin Corp. | 2,678,269 | 430,478 | |
FedEx Corp. | 2,790,648 | 422,448 | |
General Dynamics Corp. | 3,272,180 | 381,373 | |
Eaton Corp. plc | 4,788,915 | 369,608 | |
Precision Castparts Corp. | 1,454,294 | 367,064 | |
Illinois Tool Works Inc. | 3,813,197 | 333,884 | |
Deere & Co. | 3,654,607 | 330,925 | |
Delta Air Lines Inc. | 8,518,240 | 329,826 | |
Norfolk Southern Corp. | 3,110,637 | 320,489 |
12
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
CSX Corp. | 10,089,749 | 310,865 | |
Raytheon Co. | 3,142,887 | 289,931 | |
Cummins Inc. | 1,717,943 | 265,061 | |
Northrop Grumman Corp. | 2,151,100 | 257,336 | |
PACCAR Inc. | 3,563,107 | 223,870 | |
Tyco International Ltd. | 4,633,755 | 211,299 | |
Waste Management Inc. | 4,345,949 | 194,394 | |
Parker Hannifin Corp. | 1,496,055 | 188,099 | |
Southwest Airlines Co. | 6,949,897 | 186,674 | |
Rockwell Automation Inc. | 1,390,745 | 174,066 | |
Ingersoll-Rand plc | 2,521,474 | 157,617 | |
WW Grainger Inc. | 611,798 | 155,562 | |
Dover Corp. | 1,672,346 | 152,100 | |
Nielsen NV | 3,044,961 | 147,407 | |
Roper Industries Inc. | 1,002,378 | 146,357 | |
* | Pentair plc | 1,955,776 | 141,051 |
Stanley Black | |||
& Decker Inc. | 1,567,604 | 137,667 | |
Fastenal Co. | 2,742,585 | 135,731 | |
AMETEK Inc. | 2,464,097 | 128,823 | |
Fluor Corp. | 1,598,542 | 122,928 | |
Kansas City Southern | 1,108,211 | 119,144 | |
Textron Inc. | 2,808,899 | 107,553 | |
Rockwell Collins Inc. | 1,363,442 | 106,539 | |
L-3 Communications | |||
Holdings Inc. | 867,664 | 104,770 | |
Flowserve Corp. | 1,381,966 | 102,749 | |
Republic Services Inc. | |||
Class A | 2,684,604 | 101,934 | |
* | Stericycle Inc. | 852,190 | 100,916 |
CH Robinson | |||
Worldwide Inc. | 1,490,839 | 95,101 | |
Pall Corp. | 1,101,695 | 94,074 | |
Equifax Inc. | 1,225,722 | 88,914 | |
Expeditors International | |||
of Washington Inc. | 1,982,476 | 87,546 | |
Masco Corp. | 3,581,216 | 79,503 | |
* | Quanta Services Inc. | 2,188,190 | 75,668 |
Xylem Inc. | 1,845,811 | 72,134 | |
* | Jacobs Engineering | ||
Group Inc. | 1,328,424 | 70,778 | |
Snap-on Inc. | 584,886 | 69,321 | |
Robert Half | |||
International Inc. | 1,380,849 | 65,922 | |
Cintas Corp. | 1,013,996 | 64,429 | |
Joy Global Inc. | 1,003,156 | 61,774 | |
ADT Corp. | 1,750,052 | 61,147 | |
Iron Mountain Inc. | 1,715,808 | 60,825 | |
Pitney Bowes Inc. | 2,042,476 | 56,413 | |
Allegion plc | 904,903 | 51,290 | |
Ryder System Inc. | 535,223 | 47,148 | |
Dun & Bradstreet Corp. | 373,045 | 41,110 | |
18,368,453 | |||
Information Technology (18.8%) | |||
Apple Inc. | 60,577,111 | 5,629,431 | |
Microsoft Corp. | 75,519,151 | 3,149,149 |
Market | |||
Value | |||
Shares | ($000) | ||
International Business | |||
Machines Corp. | 9,558,628 | 1,732,692 | |
* | Google Inc. Class A | 2,846,022 | 1,663,984 |
* | Google Inc. Class C | 2,846,022 | 1,637,260 |
Intel Corp. | 50,011,068 | 1,545,342 | |
Oracle Corp. | 34,492,764 | 1,397,992 | |
QUALCOMM Inc. | 16,956,995 | 1,342,994 | |
Cisco Systems Inc. | 51,464,580 | 1,278,895 | |
* | Facebook Inc. Class A | 17,274,196 | 1,162,381 |
Visa Inc. Class A | 5,050,326 | 1,064,154 | |
MasterCard Inc. Class A | 10,094,725 | 741,659 | |
Hewlett-Packard Co. | 18,800,092 | 633,187 | |
* | eBay Inc. | 11,458,782 | 573,627 |
EMC Corp. | 20,567,593 | 541,750 | |
Texas Instruments Inc. | 10,843,369 | 518,205 | |
Accenture plc Class A | 6,359,866 | 514,132 | |
Automatic Data | |||
Processing Inc. | 4,843,162 | 383,966 | |
* | Micron Technology Inc. | 10,753,025 | 354,312 |
* | Adobe Systems Inc. | 4,650,103 | 336,481 |
* | Yahoo! Inc. | 9,406,312 | 330,444 |
* | salesforce.com inc | 5,674,785 | 329,591 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 6,112,496 | 298,962 | |
Corning Inc. | 13,144,805 | 288,528 | |
Applied Materials Inc. | 12,229,843 | 275,783 | |
TE Connectivity Ltd. | 4,105,968 | 253,913 | |
SanDisk Corp. | 2,272,440 | 237,311 | |
Intuit Inc. | 2,851,827 | 229,658 | |
Broadcom Corp. Class A | 5,582,845 | 207,235 | |
Western Digital Corp. | 2,101,653 | 193,983 | |
Seagate Technology plc | 3,280,431 | 186,394 | |
Avago Technologies | |||
Ltd. Class A | 2,528,548 | 182,232 | |
Analog Devices Inc. | 3,155,724 | 170,630 | |
Symantec Corp. | 6,948,330 | 159,117 | |
Fidelity National | |||
Information Services Inc. | 2,890,967 | 158,252 | |
* | Alliance Data | ||
Systems Corp. | 544,535 | 153,150 | |
Amphenol Corp. Class A | 1,578,459 | 152,069 | |
Motorola Solutions Inc. | 2,272,624 | 151,289 | |
* | Fiserv Inc. | 2,503,508 | 151,012 |
Xerox Corp. | 10,973,324 | 136,508 | |
Paychex Inc. | 3,251,879 | 135,148 | |
* | Autodesk Inc. | 2,288,905 | 129,048 |
Xilinx Inc. | 2,700,018 | 127,738 | |
NetApp Inc. | 3,327,662 | 121,526 | |
KLA-Tencor Corp. | 1,665,679 | 120,995 | |
* | Juniper Networks Inc. | 4,758,944 | 116,784 |
* | Electronic Arts Inc. | 3,165,244 | 113,537 |
Linear Technology Corp. | 2,380,434 | 112,047 | |
Lam Research Corp. | 1,631,457 | 110,254 | |
Altera Corp. | 3,152,263 | 109,573 | |
* | Akamai Technologies Inc. | 1,787,957 | 109,173 |
* | Red Hat Inc. | 1,905,319 | 105,307 |
13
Institutional Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
NVIDIA Corp. | 5,614,776 | 104,098 | |
* | Citrix Systems Inc. | 1,648,918 | 103,140 |
Microchip Technology Inc. | 2,011,828 | 98,197 | |
Western Union Co. | 5,413,266 | 93,866 | |
Computer Sciences Corp. | 1,457,752 | 92,130 | |
CA Inc. | 3,203,406 | 92,066 | |
* | F5 Networks Inc. | 760,538 | 84,754 |
Harris Corp. | 1,070,535 | 81,093 | |
* | Teradata Corp. | 1,586,765 | 63,788 |
* | VeriSign Inc. | 1,240,955 | 60,571 |
Total System Services Inc. | 1,674,125 | 52,584 | |
* | First Solar Inc. | 716,580 | 50,920 |
FLIR Systems Inc. | 1,427,536 | 49,578 | |
Jabil Circuit Inc. | 1,864,411 | 38,966 | |
32,924,535 | |||
Materials (3.5%) | |||
Monsanto Co. | 5,265,967 | 656,877 | |
Dow Chemical Co. | 12,096,255 | 622,473 | |
EI du Pont de | |||
Nemours & Co. | 9,225,943 | 603,746 | |
LyondellBasell | |||
Industries NV | |||
Class A | 4,184,779 | 408,644 | |
Praxair Inc. | 2,942,800 | 390,922 | |
Freeport-McMoRan | |||
Copper & Gold Inc. | 10,435,001 | 380,877 | |
Ecolab Inc. | 2,714,110 | 302,189 | |
PPG Industries Inc. | 1,388,945 | 291,887 | |
Air Products | |||
& Chemicals Inc. | 2,132,490 | 274,281 | |
International Paper Co. | 4,351,611 | 219,626 | |
Sherwin-Williams Co. | 850,891 | 176,058 | |
Alcoa Inc. | 11,776,170 | 175,347 | |
Mosaic Co. | 3,249,500 | 160,688 | |
Nucor Corp. | 3,199,063 | 157,554 | |
Eastman Chemical Co. | 1,509,121 | 131,822 | |
Newmont Mining Corp. | 5,007,787 | 127,398 | |
CF Industries Holdings Inc. | 523,076 | 125,815 | |
Sigma-Aldrich Corp. | 1,193,772 | 121,144 | |
FMC Corp. | 1,337,541 | 95,219 | |
Ball Corp. | 1,402,775 | 87,926 | |
International Flavors | |||
& Fragrances Inc. | 816,455 | 85,140 | |
Vulcan Materials Co. | 1,313,806 | 83,755 | |
MeadWestvaco Corp. | 1,686,025 | 74,623 | |
Airgas Inc. | 671,504 | 73,133 | |
Sealed Air Corp. | 1,951,771 | 66,692 | |
* | Owens-Illinois Inc. | 1,663,854 | 57,636 |
Allegheny | |||
Technologies Inc. | 1,094,404 | 49,358 | |
Avery Dennison Corp. | 957,835 | 49,089 | |
Bemis Co. Inc. | 1,014,604 | 41,254 | |
^ | United States Steel Corp. | 1,450,747 | 37,777 |
6,128,950 |
Market | |||
Value | |||
Shares | ($000) | ||
Telecommunication Services (2.4%) | |||
Verizon | |||
Communications Inc. | 41,603,849 | 2,035,677 | |
AT&T Inc. | 52,141,006 | 1,843,706 | |
CenturyLink Inc. | 5,753,598 | 208,280 | |
^ Windstream Holdings Inc. | 6,052,806 | 60,286 | |
^ Frontier | |||
Communications Corp. | 10,102,268 | 58,997 | |
4,206,946 | |||
Utilities (3.1%) | |||
Duke Energy Corp. | 7,104,966 | 527,117 | |
NextEra Energy Inc. | 4,381,316 | 448,997 | |
Dominion Resources Inc. | 5,842,845 | 417,880 | |
Southern Co. | 8,949,090 | 406,110 | |
Exelon Corp. | 8,626,690 | 314,702 | |
American Electric | |||
Power Co. Inc. | 4,903,190 | 273,451 | |
Sempra Energy | 2,290,315 | 239,819 | |
PPL Corp. | 6,346,273 | 225,483 | |
PG&E Corp. | 4,668,757 | 224,194 | |
Public Service Enterprise | |||
Group Inc. | 5,082,393 | 207,311 | |
Edison International | 3,272,873 | 190,187 | |
Consolidated Edison Inc. | 2,942,199 | 169,883 | |
Xcel Energy Inc. | 5,042,492 | 162,519 | |
Northeast Utilities | 3,174,149 | 150,042 | |
Entergy Corp. | 1,801,873 | 147,916 | |
FirstEnergy Corp. | 4,218,072 | 146,451 | |
DTE Energy Co. | 1,778,109 | 138,461 | |
NRG Energy Inc. | 3,387,612 | 126,019 | |
NiSource Inc. | 3,162,882 | 124,428 | |
CenterPoint Energy Inc. | 4,324,518 | 110,448 | |
Wisconsin Energy Corp. | 2,269,369 | 106,479 | |
AES Corp. | 6,642,031 | 103,284 | |
Ameren Corp. | 2,437,119 | 99,629 | |
CMS Energy Corp. | 2,706,830 | 84,318 | |
SCANA Corp. | 1,422,120 | 76,524 | |
Pepco Holdings Inc. | 2,521,228 | 69,283 | |
AGL Resources Inc. | 1,197,798 | 65,915 | |
Pinnacle West | |||
Capital Corp. | 1,108,392 | 64,109 | |
Integrys Energy | |||
Group Inc. | 801,723 | 57,027 | |
TECO Energy Inc. | 2,053,094 | 37,941 | |
5,515,927 | |||
Total Common Stocks | |||
(Cost $109,461,483) | 174,978,862 | ||
Temporary Cash Investments (0.3%)1 | |||
Money Market Fund (0.3%) | |||
2,3 Vanguard Market Liquidity | |||
Fund, 0.111% | 435,289,470 | 435,289 |
14
Institutional Index Fund
Face | Market | ||
Amount | Value | ||
($000) | ($000) | ||
U.S. Government and Agency Obligations (0.0%) | |||
4 | Fannie Mae Discount | ||
Notes, 0.060%, 7/2/14 | 8,000 | 8,000 | |
4,5 | Fannie Mae Discount | ||
Notes, 0.075%, 10/15/14 | 4,900 | 4,899 | |
6 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.080%, 7/16/14 | 4,100 | 4,100 | |
5,6 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.110%, 7/30/14 | 800 | 800 | |
5,6 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.060%, 8/13/14 | 4,200 | 4,199 | |
5,6 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.081%–0.086%, 9/12/14 | 17,500 | 17,496 | |
4,5 | Freddie Mac Discount | ||
Notes, 0.090%, 8/13/14 | 3,800 | 3,800 | |
43,294 | |||
Total Temporary Cash Investments | |||
(Cost $478,585) | 478,583 | ||
Total Investments (100.0%) | |||
(Cost $109,940,068) | 175,457,445 | ||
Other Assets and Liabilities (0.0%) | |||
Other Assets | 904,494 | ||
Liabilities3 | (832,843) | ||
71,651 | |||
Net Assets (100%) | 175,529,096 |
At June 30, 2014, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 111,853,139 |
Undistributed Net Investment Income | 92,296 |
Accumulated Net Realized Losses | (1,940,465) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 65,517,377 |
Futures Contracts | 6,749 |
Net Assets | 175,529,096 |
Institutional Shares—Net Assets | |
Applicable to 527,405,374 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 94,753,672 |
Net Asset Value Per Share— | |
Institutional Shares | $179.66 |
Institutional Plus Shares—Net Assets | |
Applicable to 449,578,175 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 80,775,424 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $179.67 |
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 $87,708,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%, respectively,
of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is
the 7-day yield.
3 Includes $90,392,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the
Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange
for senior preferred stock.
5 Securities with a value of $23,896,000 have been segregated as initial margin for open futures contracts.
6 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the
full faith and credit of the U.S. government.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Institutional Index Fund
Statement of Operations
Six Months Ended | |
June 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,669,057 |
Interest1 | 296 |
Securities Lending | 800 |
Total Income | 1,670,153 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 17,863 |
Management and Administrative—Institutional Plus Shares | 7,573 |
Total Expenses | 25,436 |
Net Investment Income | 1,644,717 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (293,144) |
Futures Contracts | 56,488 |
Swap Contracts | 2,181 |
Realized Net Gain (Loss) | (234,475) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 10,317,759 |
Futures Contracts | (5,222) |
Change in Unrealized Appreciation (Depreciation) | 10,312,537 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,722,779 |
1 Interest income from an affiliated company of the fund was $284,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
16
Institutional Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,644,717 | 2,936,969 |
Realized Net Gain (Loss) | (234,475) | 222,919 |
Change in Unrealized Appreciation (Depreciation) | 10,312,537 | 35,839,516 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,722,779 | 38,999,404 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (849,997) | (1,632,147) |
Institutional Plus Shares | (723,901) | (1,302,981) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (1,573,898) | (2,935,128) |
Capital Share Transactions | ||
Institutional Shares | 1,431,767 | (498,153) |
Institutional Plus Shares | 1,190,210 | 9,850,889 |
Net Increase (Decrease) from Capital Share Transactions | 2,621,977 | 9,352,736 |
Total Increase (Decrease) | 12,770,858 | 45,417,012 |
Net Assets | ||
Beginning of Period | 162,758,238 | 117,341,226 |
End of Period1 | 175,529,096 | 162,758,238 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $92,296,000 and $19,296,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
17
Institutional Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $169.28 | $130.52 | $115.04 | $115.01 | $101.98 | $82.54 |
Investment Operations | ||||||
Net Investment Income | 1.686 | 3.128 | 2.835 | 2.361 | 2.118 | 2.207 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 10.306 | 38.759 | 15.475 | .029 | 13.032 | 19.441 |
Total from Investment Operations | 11.992 | 41.887 | 18.310 | 2.390 | 15.150 | 21.648 |
Distributions | ||||||
Dividends from Net Investment Income | (1.612) | (3.127) | (2.830) | (2.360) | (2.120) | (2.208) |
Distributions from Realized Capital Gains — | — | — | — | — | — | |
Total Distributions | (1.612) | (3.127) | (2.830) | (2.360) | (2.120) | (2.208) |
Net Asset Value, End of Period | $179.66 | $169.28 | $130.52 | $115.04 | $115.01 | $101.98 |
Total Return | 7.11% | 32.35% | 15.98% | 2.09% | 15.05% | 26.63% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $94,754 | $87,843 | $68,055 | $58,399 | $54,686 | $44,401 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.040% | 0.040% | 0.040% | 0.044% | 0.050% | 0.050% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.00% | 2.08% | 2.27% | 2.05% | 2.05% | 2.56% |
Portfolio Turnover Rate1 | 4% | 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.
18
Institutional Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $169.28 | $130.53 | $115.05 | $115.01 | $101.98 | $82.54 |
Investment Operations | ||||||
Net Investment Income | 1.703 | 3.158 | 2.861 | 2.386 | 2.144 | 2.229 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 10.315 | 38.750 | 15.474 | .040 | 13.031 | 19.441 |
Total from Investment Operations | 12.018 | 41.908 | 18.335 | 2.426 | 15.175 | 21.670 |
Distributions | ||||||
Dividends from Net Investment Income | (1.628) | (3.158) | (2.855) | (2.386) | (2.145) | (2.230) |
Distributions from Realized Capital Gains — | — | — | — | — | — | |
Total Distributions | (1.628) | (3.158) | (2.855) | (2.386) | (2.145) | (2.230) |
Net Asset Value, End of Period | $179.67 | $169.28 | $130.53 | $115.05 | $115.01 | $101.98 |
Total Return | 7.13% | 32.37% | 16.00% | 2.12% | 15.07% | 26.66% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $80,775 | $74,915 | $49,286 | $35,141 | $33,643 | $24,767 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.020% | 0.020% | 0.020% | 0.022% | 0.025% | 0.025% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.02% | 2.10% | 2.29% | 2.07% | 2.08% | 2.59% |
Portfolio Turnover Rate1 | 4% | 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.
19
Institutional Index Fund
Notes to Financial Statements
Vanguard Institutional Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares, Institutional Shares and Institutional Plus Shares, to investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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).
20
Institutional Index Fund
During the six months ended June 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at which time realized gain (loss) is recorded. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of pre-qualified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
During the six months ended June 30, 2014, the fund’s average amounts of total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no open swap contracts at June 30, 2014.
4. 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 for the period ended June 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
21
Institutional Index Fund
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends 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 counter-parties, 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 counter-party 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 in the Statement of Net Assets 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.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2014, or at any time during the period then ended.
8. 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.
22
Institutional Index Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2014, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 174,978,862 | — | — |
Temporary Cash Investments | 435,289 | 43,294 | — |
Futures Contracts—Assets1 | 109 | — | — |
Total | 175,414,260 | 43,294 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2014, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
S&P 500 Index | September 2014 | 1,088 | 531,053 | 6,749 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2014, the fund realized $284,933,000 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.
23
Institutional Index Fund
Realized and unrealized gains (losses) on certain of the fund’s swap contracts are treated as ordinary income (loss) for tax purposes. Realized gains of $2,181,000 on swap contracts have been reclassified from accumulated net realized losses to undistributed net investment income.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2014, the cost of investment securities for tax purposes was $109,940,068,000. Net unrealized appreciation of investment securities for tax purposes was $65,517,377,000, consisting of unrealized gains of $68,183,996,000 on securities that had risen in value since their purchase and $2,666,619,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2014, the fund purchased $6,587,184,000 of investment securities and sold $3,756,440,000 of investment securities, other than temporary cash investments. Purchases and sales include $201,634,000 and $454,767,000, 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:
Six Months Ended | Year Ended | |||
June 30, 2014 | December 31, 2013 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 8,771,464 | 51,195 | 17,384,208 | 115,862 |
Issued in Lieu of Cash Distributions | 783,151 | 4,479 | 1,504,523 | 9,771 |
Redeemed | (8,122,848) | (47,203) | (19,386,884) | (128,099) |
Net Increase (Decrease)—Institutional Shares | 1,431,767 | 8,471 | (498,153) | (2,466) |
Institutional Plus Shares | ||||
Issued | 5,024,597 | 29,360 | 17,404,271 | 115,169 |
Issued in Lieu of Cash Distributions | 698,812 | 3,996 | 1,255,757 | 8,130 |
Redeemed | (4,533,199) | (26,320) | (8,809,139) | (58,343) |
Net Increase (Decrease)—Institutional Plus Shares | 1,190,210 | 7,036 | 9,850,889 | 64,956 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2014, that would require recognition or disclosure in these financial statements.
24
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.
25
Six Months Ended June 30, 2014 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Index Fund | 12/31/2013 | 6/30/2014 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,071.13 | $0.21 |
Institutional Plus Shares | 1,000.00 | 1,071.28 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,024.60 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.10 |
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.
26
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard’s Equity Investment Group—through its Equity Index Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
27
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.
28
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.
29
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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 177 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. | |
F. William McNabb III | |
Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
of the Presidential Commission for the Study of | |
Bioethical Issues. | |
IndependentTrustees | |
JoAnn Heffernan Heisen | |
Emerson U. Fullwood | Born 1950. Trustee Since July 1998. Principal |
Born 1948. Trustee Since January 2008. Principal | Occupation(s) During the Past Five Years: Corporate |
Occupation(s) During the Past Five Years: Executive | Vice President and Chief Global Diversity Officer |
Chief Staff and Marketing Officer for North America | (retired 2008) and Member of the Executive |
and Corporate Vice President (retired 2008) of Xerox | Committee (1997–2008) of Johnson & Johnson |
Corporation (document management products and | (pharmaceuticals/medical devices/consumer |
services); Executive in Residence and 2009–2010 | products); Director of Skytop Lodge Corporation |
Distinguished Minett Professor at the Rochester | (hotels), the University Medical Center at Princeton, |
Institute of Technology; Director of SPX Corporation | the Robert Wood Johnson Foundation, and the Center |
(multi-industry manufacturing), the United Way of | for Talent Innovation; Member of the Advisory Board |
Rochester, Amerigroup Corporation (managed health | of the Maxwell School of Citizenship and Public Affairs |
care), the University of Rochester Medical Center, | at Syracuse University. |
Monroe Community College Foundation, and North | |
Carolina A&T University. | F. Joseph Loughrey |
Born 1949. Trustee Since October 2009. Principal | |
Rajiv L. Gupta | Occupation(s) During the Past Five Years: President |
Born 1945. Trustee Since December 2001.2 | and Chief Operating Officer (retired 2009) of Cummins |
Principal Occupation(s) During the Past Five Years: | Inc. (industrial machinery); Chairman of the Board |
Chairman and Chief Executive Officer (retired 2009) | of Hillenbrand, Inc. (specialized consumer services), |
and President (2006–2008) of Rohm and Haas Co. | and of Oxfam America; Director of SKF AB (industrial |
(chemicals); Director of Tyco International, Ltd. | machinery), Hyster-Yale Materials Handling, Inc. |
(diversified manufacturing and services), Hewlett- | (forklift trucks), the Lumina Foundation for Education, |
Packard Co. (electronic computer manufacturing), |
and the V Foundation for Cancer Research; Member | Executive Officers | |
of the Advisory Council for the College of Arts and | ||
Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal | |
University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
of The Vanguard Group, Inc.; Controller of each of | ||
Mark Loughridge | the investment companies served by The Vanguard | |
Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment | |
Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). | |
President and Chief Financial Officer (retired 2013) | ||
at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September | |
2013); Member of the Council on Chicago Booth. | 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 | |
Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of | |
(investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the | |
Advisory Committees of the Financial Industry | investment companies served by The Vanguard | |
Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment | |
Baseball. | companies served by The Vanguard Group (1988–2008). | |
André F. Perold | Heidi Stam | |
Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal | |
Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing | |
Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel | |
at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard | |
Chief Investment Officer and Managing Partner of | Group and of each of the investment companies | |
HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior | |
Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. | |
Museum of Fine Arts Boston. | ||
Vanguard Senior ManagementTeam | ||
Alfred M. Rankin, Jr. | ||
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland. | ||
Peter F. Volanakis | Chairman Emeritus and Senior Advisor | |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | John J. Brennan | |
and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 | |
Colby-Sawyer College; Member of the Advisory Board | ||
of the Norris Cotton Cancer Center and of the Advisory | Founder | |
Board of the Parthenon Group (strategy consulting). | John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 | ||
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
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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 |
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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. | |
Q942 082014 |
Semiannual Report | June 30, 2014
Vanguard Institutional Total Stock
Market Index Fund
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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. | 6 |
Performance Summary. | 7 |
Financial Statements. | 8 |
About Your Fund’s Expenses. | 54 |
Trustees Approve Advisory Arrangement. | 56 |
Glossary. | 57 |
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
Six Months Ended June 30, 2014 | |
Total | |
Returns | |
Vanguard Institutional Total Stock Market Index Fund | |
Institutional Shares | 6.99% |
Institutional Plus Shares | 7.03 |
CRSP US Total Market Index | 7.00 |
Multi-Cap Core Funds Average | 6.21 |
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, 2013, Through June 30, 2014
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Institutional Total Stock Market Index | ||||
Fund | ||||
Institutional Shares | $42.32 | $44.90 | $0.369 | $0.000 |
Institutional Plus Shares | 42.32 | 44.91 | 0.373 | 0.000 |
1
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Chairman’s Letter
Dear Shareholder,
U.S. stocks overcame a rough start to finish the half year near all-time highs as investors anticipated that the U.S. economy’s slow growth would still support a rise in corporate profits. Investors have also been encouraged by stimulus efforts in Europe and Asia and the low-interest rate environment in the United States even as the Federal Reserve has slowly withdrawn its monthly stimulus over the six-month period.
Vanguard Institutional Total Stock Market Index Fund returned about 7%, closely tracking its target benchmark, the CRSP US Total Market Index. Its return was higher than the average return of its multi-cap core fund peers.
Stocks of all sizes and styles shared in the market’s gains. Value stocks outpaced growth stocks, a difference most notable in the small-capitalization arena, and mid-cap stocks surpassed both large-and small-caps. All ten industry sectors registered positive results.
After starting the half year slowly, stocks pushed higher
Although U.S. stocks began the period with a decline in January, they went on to advance in each of the next five months. Stocks were notably resilient, surging ahead after dips caused by turmoil in Iraq and conflict in Ukraine.
2
Citing the U.S. economy’s progress, the Fed has steadily trimmed its stimulative monthly bond-buying since January. At the same time, investors have been reassured by the Fed’s decision to keep interest rates low for an extended period.
International stocks overall returned nearly 6%. Emerging markets stocks, which have rebounded sharply in recent months, were the top performers, followed by stocks of developed markets in Europe and then those in the Pacific region.
The period was strong for bonds as yields dropped and prices rose
Bond prices spent most of the six months regaining the ground they lost in 2013. Over the period, the broad U.S. taxable bond market returned 3.93%. The yield of the benchmark 10-year Treasury note ended June at 2.54%, down from almost 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 6.00% amid support from the broad bond market rally, investors’ greater appetite for tax-exempt income, and a decline in the pool of new issues.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 5.59%. In June, the European Central Bank made the unprecedented move of lowering a key interest rate below zero, to –0.10%, in an effort to avert deflation and induce banks to lend and thus fuel economic growth.
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2014 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 7.27% | 25.35% | 19.25% |
Russell 2000 Index (Small-caps) | 3.19 | 23.64 | 20.21 |
Russell 3000 Index (Broad U.S. market) | 6.94 | 25.22 | 19.33 |
FTSE All-World ex US Index (International) | 5.75 | 21.93 | 11.40 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 3.93% | 4.37% | 4.85% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 6.00 | 6.14 | 5.81 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.07 |
CPI | |||
Consumer Price Index | 2.27% | 2.07% | 2.02% |
3
Although the period was strong worldwide for bonds, it’s worth remembering that the current low yields imply lower future returns: As yields drop, the scope for further declines—and increases in prices—diminishes.
Returns remained tiny for money market funds and savings accounts because of the Fed’s target of 0%–0.25% for short-term interest rates.
All capitalizations, categories played parts in the fund’s result
Vanguard Institutional Total Stock Market Index Fund invests across all market-capitalization and style segments. Your fund benefited from this broad diversification and the market’s mostly balanced strength over the period.
As I mentioned earlier, mid-cap stocks surpassed their large- and small-cap counterparts, and value stocks trumped growth. But all joined in the market’s solid showing, and the Institutional Total Stock Market Index Fund was well poised to participate with its wide exposure to the different capitalizations and categories.
Your fund’s diversification among sectors also served it well. Some sectors performed better than others––as is always the case––but no sector subtracted from results.
The technology sector, the fund’s second-largest, contributed the most to the return. Some of the nation’s largest hardware, software, semiconductor, and internet companies thrived over the period. Global demand for the internet and smartphones has translated to revenues and profits for companies with the resources and business plans to succeed both at home and abroad. The growth of cloud-based computing has also boosted the sector, and the expected increase of electronic content in cars and industrial products has supported the volatile semiconductor group.
Health care stocks also excelled during the six months. Although there were concerns about certain biotechnology firms being overvalued earlier in the period, the subsector ultimately held up. Productive pipelines for new medicines and the projection of few patent losses have helped biotechnology and pharmaceutical giants. Despite unease about the effects of regulation on the managed care industry, health care providers also did well.
The oil and gas sector was also a strong one for the fund. Energy producers were boosted by several factors: geopolitical tensions in Eastern Europe and the Middle East, demand for natural gas during the severe U.S. winter, and growing reliance on oil in the developing world. Rising natural gas prices also contributed to the smallish utilities sector, which had the fund’s highest return at about 18%.
Financials, the fund’s largest sector, returned about 5%. Real estate investment trusts (REITs) and a few banks offset some weakness among consumer finance and investment services firms. Consumer goods, consumer services, industrials, and basic materials also recorded single-digit returns.
4
Don’t let complacency set your portfolio adrift
At Vanguard, we often warn investors against letting their emotions become entangled with their investments. When the financial markets are in turmoil, for example, we’ll caution investors not to let fear lead to rash decisions. But complacency can also stand in the way of achieving financial goals. And lately, conditions may have been leading investors to feel a little too comfortable.
Volatility, a hallmark of stock investing, seems to have vanished for the moment, and returns have been robust. In the more than five years since its March 2009 bottom, the broad U.S. stock market, as measured by the Russell 3000 Index, has produced average annual returns of about 26%. That’s more than double the market’s historical average annual return. And in recent weeks, several indexes have reached all-time highs.
The investment winds don’t always blow so favorably, of course. While the smooth sailing lasts, however, it creates risks of its own: In such a calm climate, it can be easy to lose sight of fundamentals, especially the importance of rebalancing. Without rebalancing—periodically adjusting your asset allocation so that it stays in line with your goals and risk tolerance—you can end up with a portfolio that’s very different from, and potentially riskier than, the one you intended to have.
Whether the market’s moving up, down, or sideways, we always encourage our institutional clients to stay focused on the four keys to Vanguard’s timeless principles for investment success: goals, balance, cost, and discipline. (You can read more about our principles in Vanguard’s Principles for Investment Success, available at vanguard.com/research.)
As always, thank you for investing with Vanguard.
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-14-006498/insttotalstockmarkindex_x7x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
July 17, 2014
5
Institutional Total Stock Market Index Fund
Fund Profile
As of June 30, 2014
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VITNX | VITPX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 1.82% | 1.84% |
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,336 | 3,720 |
Median Market Cap | $45.5B | $44.7B |
Price/Earnings Ratio | 20.7x | 20.9x |
Price/Book Ratio | 2.7x | 2.7x |
Return on Equity | 17.7% | 17.5% |
Earnings Growth | ||
Rate | 14.4% | 14.2% |
Dividend Yield | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | ||
(Annualized) | 6% | — |
Short-Term Reserves | -0.1% | — |
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 3.1% | 3.1% |
Consumer Goods | 9.8 | 9.8 |
Consumer Services | 13.0 | 12.9 |
Financials | 18.3 | 18.4 |
Health Care | 12.2 | 12.2 |
Industrials | 12.9 | 12.9 |
Oil & Gas | 9.8 | 9.8 |
Technology | 15.4 | 15.4 |
Telecommunications | 2.2 | 2.2 |
Utilities | 3.3 | 3.3 |
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 | 2.6% |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.0 |
Google Inc. | Internet | 1.5 |
Microsoft Corp. | Software | 1.4 |
Johnson & Johnson | Pharmaceuticals | 1.4 |
Wells Fargo & Co. | Banks | 1.3 |
General Electric Co. | Diversified Industrials | 1.2 |
Chevron Corp. | Integrated Oil & Gas | 1.1 |
Berkshire Hathaway Inc. | Reinsurance | 1.1 |
JPMorgan Chase & Co. | Banks | 1.0 |
Top Ten | 14.6% | |
The holdings listed exclude any temporary cash investments and equity index products. | ||
Investment Focus
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1 The expense ratios shown are from the prospectus dated April 28, 2014. For the six months ended June 30, 2014, the annualized expense ratios
were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
6
Institutional Total Stock Market Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2003, Through June 30, 2014
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Note: For 2014, performance data reflect the six months ended June 30, 2014.
Average Annual Total Returns: Periods Ended June 30, 2014
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Institutional Shares | 8/31/2001 | 25.21% | 19.50% | 8.47% |
Institutional Plus Shares | 5/31/2001 | 25.26 | 19.51 | 8.50 |
See Financial Highlights for dividend and capital gains information.
7
Institutional Total Stock Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2014
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 | |||
Basic Materials (3.1%) | |||
Dow Chemical Co. | 2,167,957 | 111,563 | |
EI du Pont de | |||
Nemours & Co. | 1,653,568 | 108,209 | |
LyondellBasell Industries | |||
NV Class A | 807,034 | 78,807 | |
Praxair Inc. | 527,429 | 70,064 | |
Freeport-McMoRan | |||
Copper & Gold Inc. | 1,868,956 | 68,217 | |
Ecolab Inc. | 487,245 | 54,250 | |
PPG Industries Inc. | 248,913 | 52,309 | |
Air Products | |||
& Chemicals Inc. | 381,856 | 49,114 | |
International Paper Co. | 780,006 | 39,367 | |
Alcoa Inc. | 2,110,783 | 31,430 | |
Mosaic Co. | 581,668 | 28,763 | |
Nucor Corp. | 573,026 | 28,222 | |
Newmont Mining Corp. | 897,638 | 22,836 | |
CF Industries Holdings Inc. | 93,747 | 22,549 | |
Sigma-Aldrich Corp. | 215,165 | 21,835 | |
Eastman Chemical Co. | 247,129 | 21,587 | |
CONSOL Energy Inc. | 413,817 | 19,065 | |
Celanese Corp. Class A | 282,699 | 18,172 | |
FMC Corp. | 239,827 | 17,073 | |
International Flavors | |||
& Fragrances Inc. | 146,489 | 15,276 | |
Ashland Inc. | 140,296 | 15,256 | |
Airgas Inc. | 120,404 | 13,113 | |
* | WR Grace & Co. | 131,989 | 12,477 |
RPM International Inc. | 239,985 | 11,082 | |
Huntsman Corp. | 371,602 | 10,442 | |
Albemarle Corp. | 143,389 | 10,252 | |
Rockwood Holdings Inc. | 133,266 | 10,127 | |
Reliance Steel | |||
& Aluminum Co. | 132,827 | 9,791 | |
Avery Dennison Corp. | 172,782 | 8,855 | |
Royal Gold Inc. | 110,705 | 8,427 | |
Allegheny Technologies Inc. | 185,889 | 8,384 | |
Peabody Energy Corp. | 489,646 | 8,006 |
Market | |||
Value | |||
Shares | ($000) | ||
NewMarket Corp. | 18,786 | 7,366 | |
PolyOne Corp. | 170,584 | 7,188 | |
Steel Dynamics Inc. | 382,394 | 6,864 | |
Cytec Industries Inc. | 64,657 | 6,816 | |
United States Steel Corp. | 260,506 | 6,784 | |
* | Platform Specialty | ||
Products Corp. | 234,659 | 6,577 | |
Cabot Corp. | 104,544 | 6,062 | |
Westlake Chemical Corp. | 72,340 | 6,059 | |
Axiall Corp. | 126,359 | 5,973 | |
Compass Minerals | |||
International Inc. | 60,515 | 5,794 | |
Carpenter Technology Corp. | 91,133 | 5,764 | |
US Silica Holdings Inc. | 96,929 | 5,374 | |
Sensient Technologies Corp. | 90,706 | 5,054 | |
Domtar Corp. | 115,462 | 4,948 | |
* | KapStone Paper | ||
and Packaging Corp. | 146,734 | 4,861 | |
* | Chemtura Corp. | 174,408 | 4,557 |
HB Fuller Co. | 90,209 | 4,339 | |
^ | Cliffs Natural | ||
Resources Inc. | 276,171 | 4,156 | |
Worthington Industries Inc. | 95,256 | 4,100 | |
Minerals Technologies Inc. | 62,392 | 4,092 | |
*,^ | Polypore International Inc. | 81,169 | 3,874 |
Olin Corp. | 142,741 | 3,843 | |
* | Stillwater Mining Co. | 215,913 | 3,789 |
Commercial Metals Co. | 212,378 | 3,676 | |
Tronox Ltd. Class A | 110,749 | 2,979 | |
Balchem Corp. | 54,901 | 2,940 | |
* | Clearwater Paper Corp. | 44,294 | 2,734 |
* | AK Steel Holding Corp. | 341,853 | 2,721 |
* | Ferro Corp. | 216,374 | 2,718 |
* | Calgon Carbon Corp. | 116,700 | 2,606 |
* | Resolute Forest | ||
Products Inc. | 150,212 | 2,521 | |
* | SunCoke Energy Inc. | 113,623 | 2,443 |
Kaiser Aluminum Corp. | 31,613 | 2,304 | |
Innophos Holdings Inc. | 38,228 | 2,201 | |
Globe Specialty Metals Inc. | 102,760 | 2,135 |
8
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Cloud Peak Energy Inc. | 114,157 | 2,103 |
PH Glatfelter Co. | 78,960 | 2,095 | |
* | Intrepid Potash Inc. | 124,757 | 2,091 |
Neenah Paper Inc. | 38,487 | 2,046 | |
Arch Coal Inc. | 545,418 | 1,991 | |
* | Cambrex Corp. | 88,928 | 1,841 |
Innospec Inc. | 42,030 | 1,814 | |
Hecla Mining Co. | 512,683 | 1,769 | |
* | Century Aluminum Co. | 112,077 | 1,757 |
Quaker Chemical Corp. | 22,411 | 1,721 | |
OM Group Inc. | 52,945 | 1,717 | |
* | Coeur Mining Inc. | 182,473 | 1,675 |
* | Kraton Performance | ||
Polymers Inc. | 66,253 | 1,483 | |
* | Alpha Natural | ||
Resources Inc. | 396,834 | 1,472 | |
Aceto Corp. | 75,345 | 1,367 | |
Haynes International Inc. | 23,229 | 1,315 | |
* | RTI International Metals Inc. | 48,986 | 1,303 |
A Schulman Inc. | 33,583 | 1,300 | |
Koppers Holdings Inc. | 33,030 | 1,263 | |
Stepan Co. | 23,367 | 1,235 | |
Ampco-Pittsburgh Corp. | 46,340 | 1,063 | |
* | Horsehead Holding Corp. | 58,000 | 1,059 |
Deltic Timber Corp. | 17,319 | 1,046 | |
*,^ | Allied Nevada Gold Corp. | 264,323 | 994 |
Tredegar Corp. | 38,585 | 903 | |
Kronos Worldwide Inc. | 56,434 | 884 | |
* | LSB Industries Inc. | 20,853 | 869 |
American Vanguard Corp. | 65,548 | 867 | |
* | Rentech Inc. | 295,689 | 766 |
Hawkins Inc. | 19,323 | 718 | |
* | OMNOVA Solutions Inc. | 78,397 | 713 |
^ | Walter Energy Inc. | 118,280 | 645 |
* | Senomyx Inc. | 66,934 | 579 |
Chase Corp. | 16,107 | 550 | |
*,^ | Molycorp Inc. | 189,962 | 488 |
Olympic Steel Inc. | 19,107 | 473 | |
Wausau Paper Corp. | 42,028 | 455 | |
^ | Gold Resource Corp. | 87,301 | 442 |
Zep Inc. | 23,017 | 406 | |
*,^ | General Moly Inc. | 341,714 | 393 |
* | Westmoreland Coal Co. | 9,200 | 334 |
KMG Chemicals Inc. | 18,032 | 324 | |
FutureFuel Corp. | 19,044 | 316 | |
*,^ | Golden Minerals Co. | 243,316 | 280 |
* | Universal Stainless | ||
& Alloy Products Inc. | 8,233 | 267 | |
Friedman Industries Inc. | 29,963 | 253 | |
* | Penford Corp. | 18,568 | 238 |
Noranda Aluminum | |||
Holding Corp. | 65,560 | 231 | |
*,^ | Paramount Gold | ||
and Silver Corp. | 194,400 | 187 | |
*,^ | Verso Paper Corp. | 52,139 | 109 |
* | Codexis Inc. | 54,399 | 79 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Solitario Exploration | ||
& Royalty Corp. | 56,237 | 74 | |
* | Ikonics Corp. | 2,424 | 61 |
* | Mines Management Inc. | 48,299 | 54 |
NL Industries Inc. | 4,487 | 42 | |
United-Guardian Inc. | 950 | 27 | |
* | Uranium Resources Inc. | 8,371 | 22 |
* | Uni-Pixel Inc. | 2,531 | 20 |
* | Northern Technologies | ||
International Corp. | 800 | 17 | |
* | Handy & Harman Ltd. | 597 | 16 |
* | Comstock Mining Inc. | 9,200 | 15 |
* | Metabolix Inc. | 14,335 | 12 |
* | Uranerz Energy Corp. | 6,105 | 9 |
* | Midway Gold Corp. | 9,116 | 8 |
* | TOR Minerals | ||
International Inc. | 682 | 7 | |
^ | USEC Inc. | 1,503 | 5 |
1,211,810 | |||
Consumer Goods (9.8%) | |||
Procter & Gamble Co. | 4,872,301 | 382,914 | |
Coca-Cola Co. | 7,122,495 | 301,709 | |
PepsiCo Inc. | 2,729,745 | 243,875 | |
Philip Morris | |||
International Inc. | 2,690,521 | 226,838 | |
Altria Group Inc. | 3,576,781 | 150,010 | |
Ford Motor Co. | 6,992,443 | 120,550 | |
Monsanto Co. | 944,740 | 117,847 | |
Colgate-Palmolive Co. | 1,648,262 | 112,378 | |
Mondelez International | |||
Inc. Class A | 2,893,342 | 108,819 | |
NIKE Inc. Class B | 1,261,436 | 97,824 | |
General Motors Co. | 2,310,048 | 83,855 | |
Kimberly-Clark Corp. | 678,409 | 75,453 | |
Kraft Foods Group Inc. | 1,073,297 | 64,344 | |
Johnson Controls Inc. | 1,195,165 | 59,675 | |
General Mills Inc. | 1,106,462 | 58,134 | |
Archer-Daniels-Midland Co. | 1,178,463 | 51,982 | |
Lorillard Inc. | 652,196 | 39,764 | |
VF Corp. | 619,850 | 39,051 | |
Delphi Automotive plc | 546,763 | 37,584 | |
Reynolds American Inc. | 579,846 | 34,994 | |
* | Tesla Motors Inc. | 145,266 | 34,873 |
Kellogg Co. | 517,205 | 33,980 | |
Mead Johnson Nutrition Co. | 363,694 | 33,885 | |
Estee Lauder Cos. Inc. | |||
Class A | 421,430 | 31,295 | |
* | Michael Kors Holdings Ltd. | 330,928 | 29,337 |
Harley-Davidson Inc. | 396,130 | 27,670 | |
Keurig Green Mountain Inc. | 219,757 | 27,384 | |
BorgWarner Inc. | 411,412 | 26,820 | |
Hershey Co. | 264,450 | 25,749 | |
* | Constellation Brands Inc. | ||
Class A | 287,995 | 25,381 | |
Stanley Black & Decker Inc. | 280,865 | 24,666 | |
Mattel Inc. | 612,774 | 23,880 |
9
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Genuine Parts Co. | 262,935 | 23,086 | |
ConAgra Foods Inc. | 758,105 | 22,501 | |
Clorox Co. | 231,523 | 21,161 | |
Dr Pepper Snapple | |||
Group Inc. | 355,449 | 20,822 | |
Activision Blizzard Inc. | 900,856 | 20,089 | |
Coca-Cola Enterprises Inc. | 410,815 | 19,629 | |
Whirlpool Corp. | 139,993 | 19,490 | |
* | Electronic Arts Inc. | 538,083 | 19,301 |
Molson Coors Brewing Co. | |||
Class B | 259,800 | 19,267 | |
* | Monster Beverage Corp. | 270,647 | 19,224 |
Bunge Ltd. | 252,336 | 19,087 | |
JM Smucker Co. | 177,443 | 18,910 | |
Tyson Foods Inc. Class A | 501,338 | 18,820 | |
* | Under Armour Inc. Class A | 313,195 | 18,632 |
Ralph Lauren Corp. Class A | 111,366 | 17,895 | |
* | TRW Automotive | ||
Holdings Corp. | 199,465 | 17,856 | |
Hanesbrands Inc. | 179,213 | 17,642 | |
Brown-Forman Corp. | |||
Class B | 185,693 | 17,487 | |
Church & Dwight Co. Inc. | 247,035 | 17,280 | |
PVH Corp. | 148,031 | 17,260 | |
Coach Inc. | 493,650 | 16,878 | |
Newell Rubbermaid Inc. | 501,894 | 15,554 | |
Campbell Soup Co. | 339,108 | 15,535 | |
Polaris Industries Inc. | 118,528 | 15,437 | |
* | Mohawk Industries Inc. | 111,475 | 15,421 |
Leucadia National Corp. | 563,581 | 14,777 | |
McCormick & Co. Inc. | 203,642 | 14,579 | |
Hillshire Brands Co. | 220,970 | 13,766 | |
Energizer Holdings Inc. | 111,006 | 13,546 | |
Harman International | |||
Industries Inc. | 122,580 | 13,169 | |
* | Jarden Corp. | 220,686 | 13,098 |
Lear Corp. | 146,336 | 13,071 | |
* | LKQ Corp. | 489,444 | 13,063 |
DR Horton Inc. | 526,710 | 12,947 | |
PulteGroup Inc. | 617,515 | 12,449 | |
Goodyear Tire | |||
& Rubber Co. | 447,706 | 12,437 | |
Snap-on Inc. | 104,777 | 12,418 | |
Lennar Corp. Class A | 288,317 | 12,104 | |
* | WABCO Holdings Inc. | 110,523 | 11,806 |
Hormel Foods Corp. | 237,536 | 11,722 | |
Avon Products Inc. | 781,858 | 11,423 | |
Hasbro Inc. | 212,410 | 11,268 | |
* | Toll Brothers Inc. | 287,880 | 10,623 |
* | WhiteWave Foods Co. | ||
Class A | 312,793 | 10,125 | |
Ingredion Inc. | 134,242 | 10,074 | |
* | NVR Inc. | 7,558 | 8,696 |
* | Kate Spade & Co. | 227,736 | 8,686 |
* | Middleby Corp. | 103,611 | 8,571 |
Leggett & Platt Inc. | 249,989 | 8,570 |
Market | |||
Value | |||
Shares | ($000) | ||
^ | Herbalife Ltd. | 132,514 | 8,552 |
* | Visteon Corp. | 87,348 | 8,474 |
* | Fossil Group Inc. | 78,043 | 8,157 |
* | Hain Celestial Group Inc. | 85,795 | 7,613 |
* | Lululemon Athletica Inc. | 186,999 | 7,570 |
Gentex Corp. | 249,589 | 7,261 | |
* | Tenneco Inc. | 110,056 | 7,231 |
Brunswick Corp. | 167,261 | 7,047 | |
Dana Holding Corp. | 282,420 | 6,897 | |
Tupperware Brands Corp. | 81,872 | 6,853 | |
Flowers Foods Inc. | 320,018 | 6,746 | |
Nu Skin Enterprises Inc. | |||
Class A | 90,177 | 6,669 | |
* | Tempur Sealy | ||
International Inc. | 109,637 | 6,545 | |
Carter’s Inc. | 92,128 | 6,350 | |
* | Darling Ingredients Inc. | 296,658 | 6,200 |
* | Deckers Outdoor Corp. | 59,571 | 5,143 |
* | TreeHouse Foods Inc. | 62,996 | 5,044 |
Scotts Miracle-Gro Co. | |||
Class A | 84,221 | 4,789 | |
Thor Industries Inc. | 81,818 | 4,653 | |
Wolverine World Wide Inc. | 173,746 | 4,528 | |
Pool Corp. | 77,472 | 4,382 | |
* | Zynga Inc. Class A | 1,268,507 | 4,072 |
* | Post Holdings Inc. | 75,478 | 3,843 |
* | Take-Two Interactive | ||
Software Inc. | 170,064 | 3,782 | |
* | Steven Madden Ltd. | 109,062 | 3,741 |
Sanderson Farms Inc. | 37,683 | 3,663 | |
Lancaster Colony Corp. | 37,043 | 3,525 | |
* | Boston Beer Co. Inc. | ||
Class A | 15,768 | 3,524 | |
Cooper Tire & Rubber Co. | 112,109 | 3,363 | |
* | Iconix Brand Group Inc. | 78,297 | 3,362 |
* | Helen of Troy Ltd. | 55,179 | 3,345 |
Ryland Group Inc. | 84,384 | 3,328 | |
* | Skechers U.S.A. Inc. | ||
Class A | 72,432 | 3,310 | |
Spectrum Brands | |||
Holdings Inc. | 38,196 | 3,286 | |
KB Home | 173,632 | 3,243 | |
HNI Corp. | 81,509 | 3,188 | |
B&G Foods Inc. | 97,234 | 3,179 | |
* | G-III Apparel Group Ltd. | 38,759 | 3,165 |
Pinnacle Foods Inc. | 95,219 | 3,133 | |
Herman Miller Inc. | 101,576 | 3,072 | |
Dean Foods Co. | 161,110 | 2,834 | |
* | Meritage Homes Corp. | 65,702 | 2,773 |
* | Dorman Products Inc. | 56,201 | 2,772 |
*,^ | iRobot Corp. | 67,152 | 2,750 |
Cal-Maine Foods Inc. | 36,410 | 2,706 | |
* | TiVo Inc. | 208,038 | 2,686 |
Interface Inc. Class A | 138,984 | 2,618 | |
Andersons Inc. | 48,600 | 2,507 | |
Snyder’s-Lance Inc. | 94,005 | 2,487 |
10
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Universal Corp. | 44,906 | 2,486 | |
Schweitzer-Mauduit | |||
International Inc. | 56,313 | 2,459 | |
* | Gentherm Inc. | 54,981 | 2,444 |
Drew Industries Inc. | 48,232 | 2,412 | |
* | Standard Pacific Corp. | 280,298 | 2,411 |
* | American Axle | ||
& Manufacturing | |||
Holdings Inc. | 126,229 | 2,384 | |
* | Crocs Inc. | 157,371 | 2,365 |
J&J Snack Foods Corp. | 25,083 | 2,361 | |
La-Z-Boy Inc. | 100,239 | 2,323 | |
MDC Holdings Inc. | 74,730 | 2,264 | |
Columbia Sportswear Co. | 25,755 | 2,129 | |
Vector Group Ltd. | 101,331 | 2,096 | |
Steelcase Inc. Class A | 138,454 | 2,095 | |
Movado Group Inc. | 49,945 | 2,081 | |
* | Pilgrim’s Pride Corp. | 76,005 | 2,079 |
Fresh Del Monte | |||
Produce Inc. | 67,479 | 2,068 | |
Briggs & Stratton Corp. | 99,843 | 2,043 | |
Standard Motor | |||
Products Inc. | 45,659 | 2,040 | |
* | Select Comfort Corp. | 92,887 | 1,919 |
* | Cavco Industries Inc. | 21,001 | 1,791 |
* | Federal-Mogul | ||
Holdings Corp. | 85,433 | 1,728 | |
WD-40 Co. | 22,591 | 1,699 | |
* | Beazer Homes USA Inc. | 80,804 | 1,695 |
* | ACCO Brands Corp. | 262,511 | 1,683 |
Knoll Inc. | 92,803 | 1,608 | |
Ethan Allen Interiors Inc. | 62,586 | 1,548 | |
* | Unifi Inc. | 55,211 | 1,520 |
Coty Inc. Class A | 87,365 | 1,497 | |
Inter Parfums Inc. | 49,640 | 1,467 | |
Arctic Cat Inc. | 37,179 | 1,466 | |
Oxford Industries Inc. | 21,405 | 1,427 | |
* | Blount International Inc. | 100,139 | 1,413 |
* | Modine Manufacturing Co. | 88,327 | 1,390 |
* | Medifast Inc. | 43,923 | 1,336 |
* | Boulder Brands Inc. | 92,342 | 1,309 |
* | Diamond Foods Inc. | 44,706 | 1,261 |
Callaway Golf Co. | 150,875 | 1,255 | |
* | Winnebago Industries Inc. | 49,197 | 1,239 |
*,^ | Seaboard Corp. | 404 | 1,220 |
* | Tumi Holdings Inc. | 58,875 | 1,185 |
* | Chiquita Brands | ||
International Inc. | 106,986 | 1,161 | |
* | Motorcar Parts | ||
of America Inc. | 44,446 | 1,082 | |
* | Jamba Inc. | 85,390 | 1,033 |
Titan International Inc. | 61,015 | 1,026 | |
Coca-Cola Bottling Co. | |||
Consolidated | 13,623 | 1,004 | |
Nutrisystem Inc. | 57,982 | 992 | |
* | Cooper-Standard Holding Inc. | 14,993 | 992 |
Market | |||
Value | |||
Shares | ($000) | ||
* | USANA Health Sciences Inc. | 12,667 | 990 |
* | Elizabeth Arden Inc. | 46,104 | 988 |
* | Central Garden and Pet Co. | ||
Class A | 107,054 | 985 | |
* | Nautilus Inc. | 87,152 | 967 |
Tootsie Roll Industries Inc. | 32,818 | 966 | |
*,^ | Eastman Kodak Co. | 39,252 | 960 |
* | Universal Electronics Inc. | 17,849 | 872 |
Lennar Corp. Class B | 24,500 | 870 | |
* | Farmer Bros Co. | 40,037 | 865 |
* | Taylor Morrison Home Corp. | ||
Class A | 36,870 | 827 | |
Calavo Growers Inc. | 24,089 | 815 | |
Bassett Furniture | |||
Industries Inc. | 61,836 | 814 | |
Superior Industries | |||
International Inc. | 38,358 | 791 | |
John B Sanfilippo & Son Inc. | 29,175 | 772 | |
* | RealD Inc. | 60,308 | 770 |
* | Hovnanian Enterprises Inc. | ||
Class A | 141,528 | 729 | |
Flexsteel Industries Inc. | 20,912 | 697 | |
* | Vera Bradley Inc. | 31,393 | 687 |
* | DTS Inc. | 37,227 | 685 |
Alico Inc. | 18,161 | 681 | |
* | Revlon Inc. Class A | 20,904 | 638 |
* | M/I Homes Inc. | 25,860 | 628 |
* | LeapFrog Enterprises Inc. | 82,851 | 609 |
* | Alliance One | ||
International Inc. | 242,577 | 606 | |
* | Perry Ellis International Inc. | 34,725 | 606 |
* | Fuel Systems Solutions Inc. | 52,018 | 579 |
* | Quiksilver Inc. | 161,250 | 577 |
Cherokee Inc. | 37,406 | 568 | |
* | Annie’s Inc. | 15,961 | 540 |
* | Libbey Inc. | 20,212 | 538 |
* | Central Garden and Pet Co. | 58,888 | 536 |
* | Dixie Group Inc. | 49,812 | 527 |
* | Shiloh Industries Inc. | 28,486 | 526 |
* | Tower International Inc. | 13,302 | 490 |
* | Omega Protein Corp. | 35,618 | 487 |
^ | Blyth Inc. | 57,374 | 446 |
*,^ | JAKKS Pacific Inc. | 57,538 | 445 |
* | GoPro Inc. Class A | 9,143 | 371 |
Strattec Security Corp. | 5,741 | 370 | |
Marine Products Corp. | 43,390 | 360 | |
National Presto Industries Inc. | 4,899 | 357 | |
* | Stoneridge Inc. | 32,131 | 344 |
Culp Inc. | 19,518 | 340 | |
* | National Beverage Corp. | 16,499 | 312 |
* | Black Diamond Inc. | 27,241 | 306 |
* | Glu Mobile Inc. | 59,971 | 300 |
* | Lifeway Foods Inc. | 20,817 | 291 |
*,^ | Quantum Fuel Systems | ||
Technologies | |||
Worldwide Inc. | 49,935 | 289 |
11
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Female Health Co. | 52,315 | 288 | |
* | Vince Holding Corp. | 7,741 | 283 |
* | Core Molding | ||
Technologies Inc. | 21,460 | 279 | |
Hooker Furniture Corp. | 15,189 | 245 | |
Weyco Group Inc. | 8,341 | 229 | |
Escalade Inc. | 13,847 | 223 | |
* | Inventure Foods Inc. | 18,959 | 214 |
Limoneira Co. | 9,066 | 199 | |
*,^ | Coffee Holding Co. Inc. | 27,694 | 196 |
* | Primo Water Corp. | 40,617 | 194 |
* | ZAGG Inc. | 33,148 | 180 |
* | S&W Seed Co. | 27,184 | 176 |
LS Starrett Co. Class A | 11,175 | 172 | |
* | LoJack Corp. | 30,922 | 168 |
*,^ | American Apparel Inc. | 184,133 | 166 |
Griffin Land & Nurseries Inc. | 5,467 | 161 | |
Oil-Dri Corp. of America | 5,275 | 161 | |
* | Nutraceutical | ||
International Corp. | 6,463 | 154 | |
Orchids Paper Products Co. | 4,683 | 150 | |
Lifetime Brands Inc. | 8,735 | 137 | |
Johnson Outdoors Inc. | |||
Class A | 5,006 | 129 | |
* | Ceres Inc. | 192,728 | 128 |
*,^ | Rock Creek | ||
Pharmaceuticals Inc. | 180,428 | 106 | |
* | Craft Brew Alliance Inc. | 8,811 | 97 |
* | William Lyon Homes Class A | 3,200 | 97 |
*,^ | Comstock Holding Cos. Inc. | ||
Class A | 77,650 | 92 | |
* | Lifevantage Corp. | 61,122 | 88 |
* | Skullcandy Inc. | 11,413 | 83 |
MGP Ingredients Inc. | 10,002 | 80 | |
* | Mannatech Inc. | 6,299 | 76 |
* | Delta Apparel Inc. | 5,153 | 74 |
* | Natural Alternatives | ||
International Inc. | 12,166 | 66 | |
* | Summer Infant Inc. | 22,600 | 65 |
* | Malibu Boats Inc. Class A | 3,100 | 62 |
* | Clean Diesel | ||
Technologies Inc. | 22,810 | 62 | |
* | Seneca Foods Corp. Class A | 1,806 | 55 |
Nature’s Sunshine | |||
Products Inc. | 2,785 | 47 | |
RG Barry Corp. | 2,474 | 47 | |
* | Stanley Furniture Co. Inc. | 15,291 | 41 |
CCA Industries Inc. | 11,733 | 41 | |
* | Majesco Entertainment Co. | 14,923 | 34 |
* | Emerson Radio Corp. | 18,753 | 33 |
Rocky Brands Inc. | 2,299 | 33 | |
* | US Auto Parts Network Inc. | 8,487 | 31 |
* | WCI Communities Inc. | 1,200 | 23 |
Acme United Corp. | 1,275 | 21 | |
Reliv International Inc. | 10,512 | 17 | |
Crown Crafts Inc. | 2,061 | 16 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Skyline Corp. | 3,395 | 14 |
Compx International Inc. | 1,065 | 11 | |
* | Willamette Valley | ||
Vineyards Inc. | 1,400 | 8 | |
* | Crystal Rock Holdings Inc. | 7,780 | 6 |
* | Cyanotech Corp. | 997 | 5 |
Golden Enterprises Inc. | 755 | 3 | |
* | Joe’s Jeans Inc. | 398 | — |
3,841,702 | |||
Consumer Services (12.9%) | |||
Walt Disney Co. | 2,806,474 | 240,627 | |
Comcast Corp. Class A | 4,372,156 | 234,697 | |
Wal-Mart Stores Inc. | 2,905,306 | 218,101 | |
* | Amazon.com Inc. | 662,868 | 215,286 |
Home Depot Inc. | 2,462,458 | 199,361 | |
McDonald’s Corp. | 1,781,633 | 179,482 | |
CVS Caremark Corp. | 2,105,307 | 158,677 | |
Twenty-First Century Fox | |||
Inc. Class A | 3,294,141 | 115,789 | |
Walgreen Co. | 1,546,529 | 114,644 | |
* | Priceline Group Inc. | 94,448 | 113,621 |
Time Warner Inc. | 1,508,123 | 105,946 | |
* | eBay Inc. | 2,053,718 | 102,809 |
Starbucks Corp. | 1,287,712 | 99,643 | |
Costco Wholesale Corp. | 789,149 | 90,878 | |
Lowe’s Cos. Inc. | 1,795,751 | 86,178 | |
McKesson Corp. | 414,867 | 77,252 | |
Time Warner Cable Inc. | 501,636 | 73,891 | |
* | DIRECTV | 859,029 | 73,026 |
Target Corp. | 1,140,145 | 66,071 | |
Yum! Brands Inc. | 797,245 | 64,736 | |
TJX Cos. Inc. | 1,197,964 | 63,672 | |
Viacom Inc. Class B | 700,471 | 60,752 | |
CBS Corp. Class B | 965,571 | 60,001 | |
Delta Air Lines Inc. | 1,528,786 | 59,195 | |
* | American Airlines | ||
Group Inc. | 1,296,763 | 55,709 | |
Las Vegas Sands Corp. | 727,288 | 55,434 | |
* | Netflix Inc. | 102,445 | 45,137 |
Kroger Co. | 870,870 | 43,047 | |
Cardinal Health Inc. | 612,588 | 41,999 | |
Sysco Corp. | 1,052,859 | 39,430 | |
Macy’s Inc. | 651,474 | 37,799 | |
Southwest Airlines Co. | 1,245,731 | 33,460 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 55,937 | 33,143 | |
Omnicom Group Inc. | 464,960 | 33,114 | |
* | AutoZone Inc. | 58,735 | 31,496 |
* | Dollar General Corp. | 546,112 | 31,325 |
Wynn Resorts Ltd. | 145,733 | 30,248 | |
Carnival Corp. | 799,870 | 30,115 | |
AmerisourceBergen Corp. | |||
Class A | 386,279 | 28,067 | |
Starwood Hotels | |||
& Resorts Worldwide Inc. | 345,476 | 27,921 |
12
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | United Continental | ||
Holdings Inc. | 671,881 | 27,594 | |
* | O’Reilly Automotive Inc. | 181,941 | 27,400 |
Nielsen NV | 545,562 | 26,411 | |
L Brands Inc. | 446,455 | 26,189 | |
Whole Foods Market Inc. | 661,889 | 25,569 | |
* | DISH Network Corp. | ||
Class A | 377,096 | 24,541 | |
* | Liberty Interactive Corp. | ||
Class A | 831,792 | 24,421 | |
Ross Stores Inc. | 363,317 | 24,026 | |
* | Charter Communications | ||
Inc. Class A | 146,127 | 23,144 | |
* | Liberty Media Corp. | ||
Class A | 169,253 | 23,134 | |
* | Hertz Global Holdings Inc. | 808,259 | 22,655 |
Marriott International Inc. | |||
Class A | 345,075 | 22,119 | |
* | TripAdvisor Inc. | 198,716 | 21,592 |
* | CarMax Inc. | 396,942 | 20,645 |
* | Bed Bath & Beyond Inc. | 346,548 | 19,885 |
Tiffany & Co. | 197,364 | 19,786 | |
* | Discovery Communications | ||
Inc. Class A | 265,575 | 19,727 | |
* | Dollar Tree Inc. | 355,920 | 19,383 |
Gap Inc. | 442,432 | 18,392 | |
Advance Auto Parts Inc. | 131,401 | 17,729 | |
Kohl’s Corp. | 335,935 | 17,697 | |
Nordstrom Inc. | 258,225 | 17,541 | |
* | MGM Resorts International | 662,705 | 17,495 |
Wyndham | |||
Worldwide Corp. | 230,781 | 17,475 | |
* | Sirius XM Holdings Inc. | 4,937,266 | 17,083 |
H&R Block Inc. | 493,455 | 16,541 | |
Signet Jewelers Ltd. | 144,428 | 15,972 | |
* | IHS Inc. Class A | 116,488 | 15,804 |
* | News Corp. Class A | 880,270 | 15,792 |
Comcast Corp. | 291,952 | 15,570 | |
Best Buy Co. Inc. | 501,459 | 15,550 | |
Tractor Supply Co. | 250,532 | 15,132 | |
Interpublic Group | |||
of Cos. Inc. | 763,058 | 14,887 | |
Safeway Inc. | 414,469 | 14,233 | |
Expedia Inc. | 179,109 | 14,107 | |
Foot Locker Inc. | 264,078 | 13,394 | |
Royal Caribbean | |||
Cruises Ltd. | 239,889 | 13,338 | |
Gannett Co. Inc. | 409,158 | 12,811 | |
Staples Inc. | 1,170,943 | 12,693 | |
* | Rite Aid Corp. | 1,754,759 | 12,582 |
Omnicare Inc. | 179,685 | 11,962 | |
Scripps Networks | |||
Interactive Inc. Class A | 146,637 | 11,898 | |
Alaska Air Group Inc. | 123,682 | 11,756 | |
Williams-Sonoma Inc. | 161,207 | 11,571 | |
Family Dollar Stores Inc. | 174,197 | 11,521 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Avis Budget Group Inc. | 192,433 | 11,486 |
Darden Restaurants Inc. | 237,999 | 11,012 | |
PetSmart Inc. | 178,658 | 10,684 | |
* | Hilton Worldwide | ||
Holdings Inc. | 443,203 | 10,327 | |
* | Ulta Salon Cosmetics | ||
& Fragrance Inc. | 110,050 | 10,060 | |
* | Pandora Media Inc. | 332,895 | 9,820 |
* | Discovery | ||
Communications Inc. | 128,912 | 9,358 | |
FactSet Research | |||
Systems Inc. | 73,162 | 8,800 | |
Dunkin’ Brands Group Inc. | 191,544 | 8,775 | |
GameStop Corp. Class A | 209,124 | 8,463 | |
* | Spirit Airlines Inc. | 131,183 | 8,296 |
Dick’s Sporting Goods Inc. | 175,946 | 8,192 | |
KAR Auction Services Inc. | 251,799 | 8,025 | |
* | Yelp Inc. Class A | 104,420 | 8,007 |
* | AutoNation Inc. | 129,080 | 7,703 |
Lamar Advertising Co. | |||
Class A | 145,006 | 7,685 | |
Service Corp. International | 365,302 | 7,569 | |
Dun & Bradstreet Corp. | 67,889 | 7,481 | |
* | Copart Inc. | 204,640 | 7,359 |
* | Sally Beauty Holdings Inc. | 293,063 | 7,350 |
Domino’s Pizza Inc. | 100,536 | 7,348 | |
* | Panera Bread Co. Class A | 47,575 | 7,128 |
International Game | |||
Technology | 445,668 | 7,091 | |
* | Madison Square Garden Co. | ||
Class A | 108,745 | 6,791 | |
Cinemark Holdings Inc. | 187,390 | 6,626 | |
Cablevision Systems Corp. | |||
Class A | 370,048 | 6,531 | |
* | AMC Networks Inc. Class A | 104,478 | 6,424 |
* | Urban Outfitters Inc. | 185,890 | 6,294 |
* | Live Nation | ||
Entertainment Inc. | 253,315 | 6,254 | |
*,^ | SolarCity Corp. | 82,925 | 5,855 |
Brinker International Inc. | 117,339 | 5,709 | |
* | Groupon Inc. Class A | 861,075 | 5,700 |
Abercrombie & Fitch Co. | 130,993 | 5,665 | |
Graham Holdings Co. | |||
Class B | 7,862 | 5,646 | |
* | Buffalo Wild Wings Inc. | 34,063 | 5,645 |
* | Restoration Hardware | ||
Holdings Inc. | 60,431 | 5,623 | |
GNC Holdings Inc. Class A | 163,950 | 5,591 | |
* | United Natural Foods Inc. | 84,893 | 5,527 |
Six Flags | |||
Entertainment Corp. | 128,712 | 5,477 | |
* | Apollo Education Group Inc. | 169,640 | 5,301 |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 166,700 | 5,284 | |
Burger King Worldwide Inc. | 190,939 | 5,197 | |
* | Cabela’s Inc. | 83,150 | 5,189 |
13
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | VCA Inc. | 143,479 | 5,035 |
Vail Resorts Inc. | 65,190 | 5,031 | |
Dillard’s Inc. Class A | 42,350 | 4,938 | |
* | JetBlue Airways Corp. | 454,995 | 4,937 |
* | Office Depot Inc. | 867,165 | 4,934 |
Casey’s General Stores Inc. | 69,621 | 4,894 | |
John Wiley & Sons Inc. | |||
Class A | 80,635 | 4,886 | |
* | Sprouts Farmers | ||
Market Inc. | 148,318 | 4,853 | |
* | Starz | 162,639 | 4,845 |
* | Big Lots Inc. | 104,610 | 4,781 |
Sotheby’s | 111,706 | 4,691 | |
* | Bally Technologies Inc. | 70,822 | 4,654 |
* | Time Inc. | 190,790 | 4,621 |
Chico’s FAS Inc. | 272,234 | 4,617 | |
Men’s Wearhouse Inc. | 82,209 | 4,587 | |
* | Hyatt Hotels Corp. Class A | 74,416 | 4,538 |
Sinclair Broadcast Group | |||
Inc. Class A | 130,352 | 4,530 | |
*,^ | JC Penney Co. Inc. | 495,200 | 4,482 |
CST Brands Inc. | 129,744 | 4,476 | |
Aaron’s Inc. | 123,817 | 4,413 | |
* | HomeAway Inc. | 126,191 | 4,394 |
Lions Gate | |||
Entertainment Corp. | 152,653 | 4,363 | |
Jack in the Box Inc. | 72,109 | 4,315 | |
Cracker Barrel Old Country | |||
Store Inc. | 43,060 | 4,287 | |
Wendy’s Co. | 495,540 | 4,227 | |
DSW Inc. Class A | 150,150 | 4,195 | |
* | Ascena Retail Group Inc. | 232,842 | 3,982 |
* | OpenTable Inc. | 38,253 | 3,963 |
* | Murphy USA Inc. | 80,449 | 3,933 |
Cheesecake Factory Inc. | 83,597 | 3,881 | |
DeVry Education Group Inc. | 91,571 | 3,877 | |
* | Grand Canyon Education Inc. | 84,287 | 3,875 |
* | Dolby Laboratories Inc. | ||
Class A | 89,345 | 3,860 | |
* | Asbury Automotive | ||
Group Inc. | 55,912 | 3,843 | |
Extended Stay America Inc. | 165,889 | 3,842 | |
Lithia Motors Inc. Class A | 40,402 | 3,801 | |
New York Times Co. | |||
Class A | 242,733 | 3,692 | |
Penske Automotive | |||
Group Inc. | 73,383 | 3,632 | |
* | Lumber Liquidators | ||
Holdings Inc. | 47,142 | 3,580 | |
Rollins Inc. | 118,976 | 3,569 | |
Hillenbrand Inc. | 108,476 | 3,538 | |
* | Five Below Inc. | 88,050 | 3,514 |
SeaWorld | |||
Entertainment Inc. | 121,510 | 3,442 | |
HSN Inc. | 57,660 | 3,416 | |
* | WebMD Health Corp. | 69,789 | 3,371 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Genesco Inc. | 40,990 | 3,367 |
American Eagle | |||
Outfitters Inc. | 298,690 | 3,351 | |
Group 1 Automotive Inc. | 39,577 | 3,337 | |
* | Life Time Fitness Inc. | 68,295 | 3,329 |
* | Bloomin’ Brands Inc. | 147,242 | 3,303 |
* | ANN Inc. | 79,212 | 3,259 |
Meredith Corp. | 66,716 | 3,226 | |
^ | Chemed Corp. | 34,281 | 3,213 |
Allegiant Travel Co. Class A | 26,975 | 3,177 | |
Guess? Inc. | 115,391 | 3,116 | |
AMERCO | 10,614 | 3,086 | |
* | SUPERVALU Inc. | 374,707 | 3,080 |
* | Houghton Mifflin | ||
Harcourt Co. | 160,281 | 3,071 | |
* | Caesars Acquisition Co. | ||
Class A | 245,924 | 3,042 | |
Regal Entertainment Group | |||
Class A | 144,007 | 3,039 | |
* | Acxiom Corp. | 138,989 | 3,015 |
Texas Roadhouse Inc. | |||
Class A | 114,175 | 2,969 | |
* | Beacon Roofing Supply Inc. | 89,266 | 2,956 |
* | Conversant Inc. | 115,987 | 2,946 |
* | Susser Holdings Corp. | 35,991 | 2,905 |
Bob Evans Farms Inc. | 57,908 | 2,898 | |
Monro Muffler Brake Inc. | 54,002 | 2,872 | |
PriceSmart Inc. | 32,828 | 2,857 | |
Brown Shoe Co. Inc. | 99,404 | 2,844 | |
* | Shutterfly Inc. | 65,896 | 2,837 |
Churchill Downs Inc. | 31,222 | 2,813 | |
* | Orient-Express Hotels Ltd. | ||
Class A | 190,886 | 2,775 | |
Choice Hotels | |||
International Inc. | 58,476 | 2,755 | |
* | DreamWorks Animation | ||
SKG Inc. Class A | 118,074 | 2,746 | |
Morningstar Inc. | 37,546 | 2,696 | |
Nexstar Broadcasting | |||
Group Inc. Class A | 51,604 | 2,663 | |
* | Marriott Vacations | ||
Worldwide Corp. | 44,874 | 2,631 | |
Rent-A-Center Inc. | 91,704 | 2,630 | |
* | Constant Contact Inc. | 81,238 | 2,609 |
* | Popeyes Louisiana | ||
Kitchen Inc. | 59,528 | 2,602 | |
Pier 1 Imports Inc. | 166,926 | 2,572 | |
*,^ | Sears Holdings Corp. | 64,212 | 2,566 |
* | Hibbett Sports Inc. | 46,883 | 2,540 |
Finish Line Inc. Class A | 83,640 | 2,487 | |
* | Pinnacle Entertainment Inc. | 98,259 | 2,474 |
Papa John’s | |||
International Inc. | 58,363 | 2,474 | |
* | Express Inc. | 143,707 | 2,447 |
*,^ | Fresh Market Inc. | 69,472 | 2,325 |
^ | Buckle Inc. | 52,228 | 2,317 |
14
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Twenty-First Century | |||
Fox Inc. | 67,534 | 2,312 | |
* | Conn’s Inc. | 46,590 | 2,301 |
Scholastic Corp. | 66,419 | 2,264 | |
* | BJ’s Restaurants Inc. | 64,802 | 2,262 |
* | Vitamin Shoppe Inc. | 50,717 | 2,182 |
* | Carmike Cinemas Inc. | 61,441 | 2,158 |
* | Rush Enterprises Inc. | ||
Class A | 57,511 | 1,994 | |
* | Krispy Kreme | ||
Doughnuts Inc. | 124,623 | 1,991 | |
Children’s Place Inc. | 38,863 | 1,929 | |
Aramark | 74,400 | 1,925 | |
DineEquity Inc. | 24,085 | 1,915 | |
* | Boyd Gaming Corp. | 156,722 | 1,901 |
Matthews International | |||
Corp. Class A | 45,406 | 1,888 | |
* | Gray Television Inc. | 142,652 | 1,873 |
* | Barnes & Noble Inc. | 81,523 | 1,858 |
* | Ascent Capital Group Inc. | ||
Class A | 27,807 | 1,836 | |
Cato Corp. Class A | 55,296 | 1,709 | |
* | Angie’s List Inc. | 142,109 | 1,697 |
* | Denny’s Corp. | 256,786 | 1,674 |
*,^ | Media General Inc. | 81,147 | 1,666 |
* | Red Robin Gourmet | ||
Burgers Inc. | 22,723 | 1,618 | |
Interval Leisure Group Inc. | 73,647 | 1,616 | |
*,^ | Clean Energy Fuels Corp. | 137,024 | 1,606 |
* | Biglari Holdings Inc. | 3,754 | 1,588 |
* | Sonic Corp. | 71,555 | 1,580 |
Capella Education Co. | 28,643 | 1,558 | |
* | Bright Horizons Family | ||
Solutions Inc. | 35,203 | 1,512 | |
* | American Public | ||
Education Inc. | 43,185 | 1,485 | |
National CineMedia Inc. | 84,333 | 1,477 | |
International Speedway | |||
Corp. Class A | 44,335 | 1,475 | |
* | Fiesta Restaurant Group Inc. | 31,780 | 1,475 |
* | Hawaiian Holdings Inc. | 107,497 | 1,474 |
Core-Mark Holding Co. Inc. | 30,514 | 1,392 | |
* | Francesca’s Holdings Corp. | 91,799 | 1,353 |
Clear Channel Outdoor | |||
Holdings Inc. Class A | 162,344 | 1,328 | |
* | comScore Inc. | 37,257 | 1,322 |
Regis Corp. | 93,866 | 1,322 | |
SpartanNash Co. | 61,627 | 1,295 | |
Marchex Inc. Class B | 107,295 | 1,290 | |
^ | Weight Watchers | ||
International Inc. | 63,279 | 1,276 | |
* | Penn National Gaming Inc. | 104,846 | 1,273 |
* | Cumulus Media Inc. Class A | 190,054 | 1,252 |
* | Scientific Games Corp. | ||
Class A | 110,312 | 1,227 | |
* | Strayer Education Inc. | 23,214 | 1,219 |
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Caesars Entertainment Corp. | 66,883 | 1,209 |
* | Bankrate Inc. | 68,885 | 1,208 |
* | Pep Boys-Manny Moe | ||
& Jack | 104,586 | 1,199 | |
* | Tuesday Morning Corp. | 65,153 | 1,161 |
* | Multimedia Games | ||
Holding Co. Inc. | 37,563 | 1,113 | |
Carriage Services Inc. | |||
Class A | 64,916 | 1,112 | |
SkyWest Inc. | 90,867 | 1,110 | |
Sonic Automotive Inc. | |||
Class A | 41,616 | 1,110 | |
AH Belo Corp. Class A | 93,630 | 1,110 | |
*,^ | Dex Media Inc. | 97,652 | 1,088 |
* | Liquidity Services Inc. | 68,010 | 1,072 |
* | Build-A-Bear Workshop Inc. | 78,303 | 1,046 |
Haverty Furniture Cos. Inc. | 39,871 | 1,002 | |
* | Autobytel Inc. | 75,528 | 990 |
* | Christopher & Banks Corp. | 112,521 | 986 |
* | Pantry Inc. | 60,815 | 985 |
* | America’s Car-Mart Inc. | 24,768 | 980 |
Ingles Markets Inc. Class A | 36,495 | 962 | |
* | Ruby Tuesday Inc. | 120,012 | 911 |
MDC Partners Inc. Class A | 42,352 | 910 | |
* | Burlington Stores Inc. | 28,397 | 905 |
Weis Markets Inc. | 19,554 | 894 | |
* | Demand Media Inc. | 184,614 | 890 |
* | Blue Nile Inc. | 31,470 | 881 |
* | Chuy’s Holdings Inc. | 24,188 | 878 |
* | K12 Inc. | 36,454 | 877 |
PetMed Express Inc. | 64,887 | 875 | |
* | Orbitz Worldwide Inc. | 98,159 | 874 |
* | XO Group Inc. | 69,131 | 845 |
* | EW Scripps Co. Class A | 39,206 | 830 |
* | Sizmek Inc. | 86,064 | 820 |
* | RetailMeNot Inc. | 30,300 | 806 |
Fred’s Inc. Class A | 51,257 | 784 | |
* | La Quinta Holdings Inc. | 40,657 | 778 |
* | Citi Trends Inc. | 35,892 | 770 |
* | Famous Dave’s | ||
of America Inc. | 25,956 | 745 | |
CSS Industries Inc. | 28,060 | 740 | |
* | FTD Cos. Inc. | 23,051 | 733 |
* | Entercom Communications | ||
Corp. Class A | 68,038 | 730 | |
* | Career Education Corp. | 149,754 | 701 |
Stage Stores Inc. | 36,773 | 687 | |
* | Lands’ End Inc. | 20,314 | 682 |
* | Republic Airways | ||
Holdings Inc. | 62,776 | 680 | |
^ | Bon-Ton Stores Inc. | 65,872 | 679 |
* | Overstock.com Inc. | 42,859 | 676 |
Big 5 Sporting Goods Corp. | 53,927 | 662 | |
Harte-Hanks Inc. | 90,721 | 652 | |
* | Zumiez Inc. | 23,621 | 652 |
* | Steiner Leisure Ltd. | 15,018 | 650 |
15
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | 1-800-Flowers.com Inc. | ||
Class A | 111,979 | 649 | |
* | Diamond Resorts | ||
International Inc. | 27,688 | 644 | |
* | New Media Investment | ||
Group Inc. | 44,975 | 635 | |
* | Kirkland’s Inc. | 33,879 | 628 |
* | Sabre Corp. | 31,264 | 627 |
* | MarineMax Inc. | 37,356 | 625 |
* | Isle of Capri Casinos Inc. | 71,209 | 610 |
Marcus Corp. | 32,726 | 597 | |
* | Stamps.com Inc. | 17,056 | 575 |
* | McClatchy Co. Class A | 102,847 | 571 |
*,^ | Titan Machinery Inc. | 33,280 | 548 |
* | zulily Inc. Class A | 13,363 | 547 |
Einstein Noah Restaurant | |||
Group Inc. | 33,968 | 546 | |
*,^ | ITT Educational Services Inc. | 32,637 | 545 |
* | Mattress Firm Holding Corp. | 11,351 | 542 |
* | hhgregg Inc. | 52,111 | 530 |
* | Journal Communications Inc. | ||
Class A | 59,418 | 527 | |
* | Lee Enterprises Inc. | 116,135 | 517 |
* | Del Frisco’s Restaurant | ||
Group Inc. | 18,679 | 515 | |
* | Bravo Brio Restaurant | ||
Group Inc. | 32,592 | 509 | |
* | Century Casinos Inc. | 84,816 | 491 |
* | Destination XL Group Inc. | 88,423 | 487 |
* | Noodles & Co. Class A | 14,100 | 485 |
Entravision Communications | |||
Corp. Class A | 75,157 | 467 | |
* | Aeropostale Inc. | 133,279 | 465 |
* | Natural Grocers by Vitamin | ||
Cottage Inc. | 21,003 | 450 | |
TheStreet Inc. | 181,048 | 436 | |
Collectors Universe Inc. | 22,168 | 434 | |
* | Bridgepoint Education Inc. | 32,209 | 428 |
* | Chefs’ Warehouse Inc. | 21,170 | 419 |
Ruth’s Hospitality Group Inc. | 33,299 | 411 | |
Stein Mart Inc. | 29,159 | 405 | |
Destination Maternity Corp. | 17,667 | 402 | |
Shoe Carnival Inc. | 18,658 | 385 | |
Town Sports International | |||
Holdings Inc. | 57,535 | 383 | |
bebe stores inc | 124,638 | 380 | |
*,^ | Tile Shop Holdings Inc. | 24,203 | 370 |
* | RealNetworks Inc. | 45,580 | 348 |
Courier Corp. | 23,077 | 344 | |
World Wrestling | |||
Entertainment Inc. Class A | 28,841 | 344 | |
* | Pacific Sunwear | ||
of California Inc. | 144,155 | 343 | |
^ | CBS Outdoor Americas Inc. | 10,272 | 336 |
Speedway Motorsports Inc. | 18,288 | 334 |
Market | |||
Value | |||
Shares | ($000) | ||
AMC Entertainment | |||
Holdings Inc. | 13,300 | 331 | |
* | Morgans Hotel Group Co. | 39,926 | 317 |
*,^ | Spark Networks Inc. | 53,035 | 301 |
* | Carrols Restaurant | ||
Group Inc. | 41,511 | 296 | |
* | Care.com Inc. | 22,685 | 287 |
* | Monarch Casino | ||
& Resort Inc. | 18,767 | 284 | |
* | Gaiam Inc. Class A | 35,686 | 274 |
* | Providence Service Corp. | 7,467 | 273 |
* | ValueVision Media Inc. | ||
Class A | 54,289 | 271 | |
*,^ | Pizza Inn Holdings Inc. | 39,164 | 244 |
*,^ | RadioShack Corp. | 233,675 | 232 |
* | Fairway Group | ||
Holdings Corp. | 33,775 | 225 | |
* | Daily Journal Corp. | 1,060 | 219 |
* | Luby’s Inc. | 33,656 | 198 |
ClubCorp Holdings Inc. | 10,600 | 197 | |
* | Martha Stewart Living | ||
Omnimedia Inc. Class A | 37,013 | 174 | |
* | Books-A-Million Inc. | 77,721 | 169 |
* | Ignite Restaurant Group Inc. | 10,689 | 156 |
* | Speed Commerce Inc. | 39,661 | 148 |
* | Diversified Restaurant | ||
Holdings Inc. | 29,030 | 138 | |
Saga Communications Inc. | |||
Class A | 3,223 | 138 | |
* | Reading International Inc. | ||
Class A | 15,971 | 136 | |
* | Cache Inc. | 83,654 | 135 |
Frisch’s Restaurants Inc. | 5,660 | 134 | |
* | Ambassadors Group Inc. | 27,931 | 129 |
* | QuinStreet Inc. | 23,346 | 129 |
Schawk Inc. Class A | 6,310 | 128 | |
* | SP Plus Corp. | 5,985 | 128 |
* | Cosi Inc. | 112,228 | 128 |
*,^ | Container Store Group Inc. | 4,572 | 127 |
* | New York & Co. Inc. | 34,183 | 126 |
* | Cambium Learning | ||
Group Inc. | 55,883 | 122 | |
* | West Marine Inc. | 11,266 | 116 |
* | PDI Inc. | 26,259 | 115 |
* | Vitacost.com Inc. | 17,935 | 112 |
* | Radio One Inc. | 22,730 | 112 |
Salem Communications | |||
Corp. Class A | 10,229 | 97 | |
* | SFX Entertainment Inc. | 11,587 | 94 |
* | JTH Holding Inc. Class A | 2,760 | 92 |
CBS Corp. Class A | 1,425 | 88 | |
* | ReachLocal Inc. | 11,810 | 83 |
* | Travelzoo Inc. | 4,212 | 82 |
Ark Restaurants Corp. | 3,601 | 80 | |
* | MTR Gaming Group Inc. | 14,610 | 78 |
16
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Empire Resorts Inc. | 10,778 | 77 |
*,^ | dELiA*s Inc. | 97,004 | 75 |
* | Dover Downs Gaming | ||
& Entertainment Inc. | 52,774 | 72 | |
* | Sears Hometown | ||
and Outlet Stores Inc. | 3,353 | 72 | |
*,^ | Wet Seal Inc. Class A | 76,247 | 69 |
* | Geeknet Inc. | 5,363 | 67 |
*,^ | You On Demand | ||
Holdings Inc. | 23,900 | 64 | |
* | Potbelly Corp. | 3,957 | 63 |
* | Zoe’s Kitchen Inc. | 1,834 | 63 |
*,^ | Corinthian Colleges Inc. | 206,972 | 61 |
* | Everyday Health Inc. | 3,048 | 56 |
* | Perfumania Holdings Inc. | 8,079 | 55 |
Village Super Market Inc. | |||
Class A | 2,285 | 54 | |
* | Learning Tree | ||
International Inc. | 20,728 | 53 | |
* | Red Lion Hotels Corp. | 9,601 | 53 |
Gordmans Stores Inc. | 10,263 | 44 | |
*,^ | Coupons.com Inc. | 1,533 | 40 |
* | Dover Saddlery Inc. | 7,100 | 39 |
Trans World | |||
Entertainment Corp. | 9,095 | 35 | |
* | ALCO Stores Inc. | 4,376 | 33 |
*,^ | Education | ||
Management Corp. | 16,771 | 28 | |
* | Emmis Communications | ||
Corp. Class A | 8,800 | 26 | |
* | Bacterin International | ||
Holdings Inc. | 36,831 | 25 | |
* | Rick’s Cabaret | ||
International Inc. | 2,364 | 24 | |
* | Insignia Systems Inc. | 7,050 | 23 |
Beasley Broadcasting | |||
Group Inc. Class A | 3,526 | 22 | |
*,^ | Body Central Corp. | 23,256 | 21 |
National American | |||
University Holdings Inc. | 5,908 | 18 | |
* | Digital Cinema Destinations | ||
Corp. Class A | 2,800 | 17 | |
Dover Motorsports Inc. | 5,809 | 17 | |
* | Hastings Entertainment Inc. | 4,944 | 15 |
* | Lakes Entertainment Inc. | 3,047 | 14 |
* | Radio One Inc. Class A | 1,680 | 8 |
* | DGSE Cos. Inc. | 3,814 | 6 |
* | Gaming Partners | ||
International Corp. | 609 | 5 | |
* | Tilly’s Inc. Class A | 603 | 5 |
Educational | |||
Development Corp. | 1,122 | 4 | |
* | Envivio Inc. | 700 | 2 |
* | PCM Inc. | 63 | 1 |
* | Premier Exhibitions Inc. | 319 | — |
Market | |||
Value | |||
Shares | ($000) | ||
* | SPAR Group Inc. | 29 | — |
* | Sport Chalet Inc. Class A | 37 | — |
* | Universal Travel Group | 118 | — |
* | Sport Chalet Inc. Class B | 5 | — |
5,068,917 | |||
Financials (18.2%) | |||
Wells Fargo & Co. | 9,483,767 | 498,467 | |
* | Berkshire Hathaway Inc. | ||
Class B | 3,199,550 | 404,935 | |
JPMorgan Chase & Co. | 6,815,542 | 392,712 | |
Bank of America Corp. | 18,934,200 | 291,019 | |
Citigroup Inc. | 5,196,302 | 244,746 | |
Visa Inc. Class A | 899,150 | 189,460 | |
American Express Co. | 1,906,130 | 180,835 | |
American | |||
International Group Inc. | 2,604,759 | 142,168 | |
US Bancorp | 3,268,318 | 141,584 | |
MasterCard Inc. Class A | 1,820,930 | 133,784 | |
Goldman Sachs Group Inc. | 724,607 | 121,328 | |
Simon Property Group Inc. | 559,129 | 92,972 | |
MetLife Inc. | 1,619,801 | 89,996 | |
Morgan Stanley | 2,662,091 | 86,065 | |
PNC Financial Services | |||
Group Inc. | 961,227 | 85,597 | |
Capital One | |||
Financial Corp. | 1,030,965 | 85,158 | |
Bank of New York | |||
Mellon Corp. | 2,053,375 | 76,960 | |
Prudential Financial Inc. | 829,764 | 73,658 | |
American Tower | |||
Corporation | 711,925 | 64,059 | |
BlackRock Inc. | 195,262 | 62,406 | |
Travelers Cos. Inc. | 625,649 | 58,855 | |
ACE Ltd. | 546,743 | 56,697 | |
Charles Schwab Corp. | 1,989,501 | 53,577 | |
Discover Financial | |||
Services | 839,534 | 52,034 | |
Marsh & McLennan | |||
Cos. Inc. | 988,691 | 51,234 | |
Aflac Inc. | 820,415 | 51,071 | |
BB&T Corp. | 1,293,716 | 51,011 | |
State Street Corp. | 738,031 | 49,640 | |
Aon plc | 533,849 | 48,094 | |
Allstate Corp. | 781,443 | 45,886 | |
Public Storage | 263,939 | 45,226 | |
Crown Castle | |||
International Corp. | 601,298 | 44,652 | |
Franklin Resources Inc. | 738,046 | 42,689 | |
Ameriprise Financial Inc. | 343,562 | 41,227 | |
Equity Residential | 649,884 | 40,943 | |
Chubb Corp. | 442,048 | 40,744 | |
CME Group Inc. | 573,977 | 40,724 | |
McGraw Hill Financial Inc. | 489,741 | 40,663 | |
Intercontinental | |||
Exchange Inc. | 207,223 | 39,144 |
17
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
SunTrust Banks Inc. | 962,332 | 38,551 | |
T. Rowe Price Group Inc. | 449,126 | 37,911 | |
Prologis Inc. | 899,251 | 36,950 | |
^ | Weyerhaeuser Co. | 1,053,333 | 34,855 |
Health Care REIT Inc. | 549,973 | 34,467 | |
HCP Inc. | 824,333 | 34,111 | |
Ventas Inc. | 529,671 | 33,952 | |
Moody’s Corp. | 385,227 | 33,769 | |
AvalonBay | |||
Communities Inc. | 233,336 | 33,178 | |
Fifth Third Bancorp | 1,532,662 | 32,722 | |
Boston Properties Inc. | 275,392 | 32,546 | |
Vornado Realty Trust | 303,422 | 32,384 | |
Host Hotels | |||
& Resorts Inc. | 1,362,068 | 29,979 | |
Invesco Ltd. | 779,643 | 29,432 | |
Hartford Financial | |||
Services Group Inc. | 809,706 | 28,996 | |
Principal Financial | |||
Group Inc. | 531,950 | 26,853 | |
M&T Bank Corp. | 212,992 | 26,422 | |
Regions Financial Corp. | 2,483,011 | 26,370 | |
Northern Trust Corp. | 404,559 | 25,977 | |
Loews Corp. | 557,845 | 24,551 | |
Progressive Corp. | 964,331 | 24,455 | |
Lincoln National Corp. | 474,822 | 24,425 | |
General Growth | |||
Properties Inc. | 1,034,305 | 24,368 | |
KeyCorp | 1,601,271 | 22,946 | |
Essex Property Trust Inc. | 112,543 | 20,810 | |
* | Affiliated Managers | ||
Group Inc. | 99,560 | 20,450 | |
American Realty | |||
Capital Properties Inc. | 1,601,798 | 20,071 | |
Annaly Capital | |||
Management Inc. | 1,705,957 | 19,499 | |
SL Green Realty Corp. | 171,719 | 18,788 | |
^ | Realty Income Corp. | 398,429 | 17,698 |
Macerich Co. | 253,217 | 16,902 | |
Western Union Co. | 970,383 | 16,826 | |
Comerica Inc. | 327,636 | 16,434 | |
* | CBRE Group Inc. Class A | 508,276 | 16,285 |
Unum Group | 466,871 | 16,228 | |
Kimco Realty Corp. | 702,218 | 16,137 | |
CIT Group Inc. | 351,650 | 16,092 | |
XL Group plc Class A | 488,824 | 15,999 | |
Equifax Inc. | 219,830 | 15,946 | |
* | Markel Corp. | 23,942 | 15,697 |
* | Genworth Financial Inc. | ||
Class A | 893,566 | 15,548 | |
Fidelity National | |||
Financial Inc. Class A | 473,163 | 15,501 | |
American Capital | |||
Agency Corp. | 640,882 | 15,003 | |
Federal Realty | |||
Investment Trust | 121,063 | 14,639 |
Market | |||
Value | |||
Shares | ($000) | ||
Huntington | |||
Bancshares Inc. | 1,511,076 | 14,416 | |
Plum Creek | |||
Timber Co. Inc. | 318,658 | 14,371 | |
^ | Digital Realty Trust Inc. | 243,688 | 14,212 |
TD Ameritrade | |||
Holding Corp. | 447,012 | 14,014 | |
Navient Corp. | 771,388 | 13,661 | |
Cincinnati Financial Corp. | 279,548 | 13,429 | |
Arthur J Gallagher & Co. | 282,864 | 13,181 | |
* | Arch Capital Group Ltd. | 229,472 | 13,181 |
Torchmark Corp. | 159,576 | 13,072 | |
First Republic Bank | 237,375 | 13,053 | |
UDR Inc. | 452,427 | 12,953 | |
Willis Group Holdings plc | 289,963 | 12,555 | |
* | Alleghany Corp. | 28,569 | 12,517 |
New York Community | |||
Bancorp Inc. | 756,783 | 12,093 | |
Lazard Ltd. Class A | 232,002 | 11,962 | |
Raymond James | |||
Financial Inc. | 228,675 | 11,601 | |
* | Berkshire Hathaway Inc. | ||
Class A | 61 | 11,584 | |
* | Ally Financial Inc. | 475,088 | 11,359 |
NorthStar Realty | |||
Finance Corp. | 652,696 | 11,344 | |
* | E*TRADE Financial Corp. | 519,470 | 11,044 |
Duke Realty Corp. | 592,719 | 10,764 | |
Everest Re Group Ltd. | 66,452 | 10,665 | |
Extra Space Storage Inc. | 198,279 | 10,558 | |
* | SVB Financial Group | 89,866 | 10,480 |
Camden Property Trust | 146,252 | 10,406 | |
WP Carey Inc. | 160,953 | 10,365 | |
Jones Lang LaSalle Inc. | 80,227 | 10,140 | |
Liberty Property Trust | 266,003 | 10,089 | |
Alexandria Real Estate | |||
Equities Inc. | 128,923 | 10,010 | |
* | Signature Bank | 78,973 | 9,965 |
* | Realogy Holdings Corp. | 263,728 | 9,945 |
Legg Mason Inc. | 192,954 | 9,900 | |
Mid-America Apartment | |||
Communities Inc. | 135,120 | 9,871 | |
Protective Life Corp. | 141,978 | 9,843 | |
Reinsurance Group | |||
of America Inc. Class A | 124,360 | 9,812 | |
Zions Bancorporation | 332,744 | 9,806 | |
DDR Corp. | 549,907 | 9,695 | |
* | MSCI Inc. Class A | 210,265 | 9,641 |
* | Howard Hughes Corp. | 60,615 | 9,567 |
Starwood Property | |||
Trust Inc. | 398,289 | 9,467 | |
PartnerRe Ltd. | 86,435 | 9,440 | |
Kilroy Realty Corp. | 148,597 | 9,255 | |
Regency Centers Corp. | 166,181 | 9,253 | |
Voya Financial Inc. | 252,060 | 9,160 |
18
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Waddell & Reed | |||
Financial Inc. Class A | 145,958 | 9,136 | |
East West Bancorp Inc. | 258,172 | 9,033 | |
SEI Investments Co. | 274,637 | 9,000 | |
* | Liberty Ventures Class A | 121,308 | 8,953 |
Senior Housing | |||
Properties Trust | 366,688 | 8,907 | |
HCC Insurance | |||
Holdings Inc. | 179,986 | 8,809 | |
WR Berkley Corp. | 185,097 | 8,572 | |
People’s United | |||
Financial Inc. | 560,184 | 8,498 | |
Apartment Investment | |||
& Management Co. | |||
Class A | 263,035 | 8,488 | |
Assurant Inc. | 129,088 | 8,462 | |
Hudson City Bancorp Inc. | 856,118 | 8,416 | |
Omega Healthcare | |||
Investors Inc. | 226,739 | 8,358 | |
NASDAQ OMX Group Inc. | 215,121 | 8,308 | |
National Retail | |||
Properties Inc. | 221,882 | 8,252 | |
Taubman Centers Inc. | 108,187 | 8,202 | |
Hospitality Properties Trust | 269,368 | 8,189 | |
Rayonier Inc. | 227,522 | 8,088 | |
Eaton Vance Corp. | 209,199 | 7,906 | |
Cullen/Frost Bankers Inc. | 98,753 | 7,843 | |
Axis Capital Holdings Ltd. | 174,670 | 7,734 | |
* | Ocwen Financial Corp. | 207,272 | 7,690 |
CBOE Holdings Inc. | 156,090 | 7,681 | |
Spirit Realty Capital Inc. | 676,151 | 7,681 | |
LPL Financial Holdings Inc. | 153,916 | 7,656 | |
BioMed Realty Trust Inc. | 346,785 | 7,570 | |
PacWest Bancorp | 174,373 | 7,528 | |
Prosperity Bancshares Inc. | 119,233 | 7,464 | |
RenaissanceRe | |||
Holdings Ltd. | 69,314 | 7,417 | |
*,^ | Zillow Inc. Class A | 51,364 | 7,341 |
Assured Guaranty Ltd. | 295,461 | 7,239 | |
American Campus | |||
Communities Inc. | 189,097 | 7,231 | |
American Financial | |||
Group Inc. | 120,847 | 7,198 | |
* | Investors Bancorp Inc. | 644,958 | 7,127 |
CNO Financial Group Inc. | 397,496 | 7,075 | |
Umpqua Holdings Corp. | 390,288 | 6,994 | |
Old Republic | |||
International Corp. | 422,086 | 6,981 | |
Douglas Emmett Inc. | 245,983 | 6,942 | |
Two Harbors | |||
Investment Corp. | 660,254 | 6,919 | |
Corrections Corp. | |||
of America | 209,428 | 6,880 | |
Brown & Brown Inc. | 223,113 | 6,852 | |
Commerce Bancshares Inc. | 147,307 | 6,850 | |
Highwoods Properties Inc. | 162,515 | 6,818 |
Market | |||
Value | |||
Shares | ($000) | ||
LaSalle Hotel Properties | 187,886 | 6,631 | |
Home Properties Inc. | 103,033 | 6,590 | |
Retail Properties | |||
of America Inc. | 427,077 | 6,568 | |
Weingarten | |||
Realty Investors | 198,422 | 6,516 | |
Allied World Assurance Co. | |||
Holdings AG | 170,619 | 6,487 | |
RLJ Lodging Trust | 224,271 | 6,479 | |
SLM Corp. | 774,596 | 6,437 | |
City National Corp. | 84,052 | 6,368 | |
Equity Lifestyle | |||
Properties Inc. | 142,977 | 6,314 | |
* | Forest City Enterprises Inc. | ||
Class A | 309,164 | 6,143 | |
Validus Holdings Ltd. | 160,030 | 6,120 | |
* | Popular Inc. | 177,534 | 6,068 |
Chimera | |||
Investment Corp. | 1,856,177 | 5,921 | |
FirstMerit Corp. | 298,415 | 5,894 | |
Columbia Property | |||
Trust Inc. | 225,742 | 5,872 | |
BankUnited Inc. | 174,109 | 5,829 | |
Synovus Financial Corp. | 238,599 | 5,817 | |
Tanger Factory Outlet | |||
Centers Inc. | 163,831 | 5,729 | |
* | MGIC Investment Corp. | 609,725 | 5,634 |
CommonWealth REIT | 214,047 | 5,634 | |
American Homes 4 Rent | |||
Class A | 316,891 | 5,628 | |
First Niagara Financial | |||
Group Inc. | 640,020 | 5,594 | |
CBL & Associates | |||
Properties Inc. | 292,514 | 5,558 | |
Gaming and Leisure | |||
Properties Inc. | 161,699 | 5,493 | |
MFA Financial Inc. | 662,461 | 5,439 | |
Sunstone Hotel | |||
Investors Inc. | 363,074 | 5,421 | |
EPR Properties | 96,469 | 5,390 | |
Hancock Holding Co. | 152,037 | 5,370 | |
* | Portfolio Recovery | ||
Associates Inc. | 90,194 | 5,369 | |
Aspen Insurance | |||
Holdings Ltd. | 117,831 | 5,352 | |
* | Stifel Financial Corp. | 111,905 | 5,299 |
Piedmont Office Realty | |||
Trust Inc. Class A | 279,010 | 5,284 | |
Federated Investors Inc. | |||
Class B | 170,372 | 5,268 | |
Associated Banc-Corp | 290,655 | 5,255 | |
Post Properties Inc. | 98,200 | 5,250 | |
* | Washington Prime | ||
Group Inc. | 280,110 | 5,249 | |
Webster Financial Corp. | 163,547 | 5,158 |
19
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Healthcare Trust | |||
of America Inc. Class A | 428,426 | 5,158 | |
First American | |||
Financial Corp. | 182,732 | 5,078 | |
First Horizon National Corp. | 427,761 | 5,073 | |
StanCorp Financial | |||
Group Inc. | 79,062 | 5,060 | |
Radian Group Inc. | 341,594 | 5,059 | |
Hanover Insurance | |||
Group Inc. | 79,461 | 5,018 | |
ProAssurance Corp. | 109,444 | 4,859 | |
DCT Industrial Trust Inc. | 591,252 | 4,854 | |
* | Strategic Hotels | ||
& Resorts Inc. | 414,490 | 4,854 | |
Primerica Inc. | 99,446 | 4,758 | |
Bank of Hawaii Corp. | 80,410 | 4,719 | |
UMB Financial Corp. | 73,715 | 4,673 | |
Geo Group Inc. | 130,621 | 4,667 | |
Sovran Self Storage Inc. | 59,430 | 4,591 | |
DiamondRock | |||
Hospitality Co. | 352,891 | 4,524 | |
CubeSmart | 246,633 | 4,518 | |
TCF Financial Corp. | 270,192 | 4,423 | |
Brandywine Realty Trust | 283,234 | 4,418 | |
White Mountains | |||
Insurance Group Ltd. | 7,256 | 4,415 | |
Healthcare Realty Trust Inc. | 173,168 | 4,402 | |
Corporate Office | |||
Properties Trust | 157,771 | 4,388 | |
Fulton Financial Corp. | 346,222 | 4,290 | |
Pebblebrook Hotel Trust | 115,336 | 4,263 | |
Cousins Properties Inc. | 341,305 | 4,249 | |
Financial Engines Inc. | 92,945 | 4,209 | |
* | Texas Capital | ||
Bancshares Inc. | 77,641 | 4,189 | |
American National | |||
Insurance Co. | 36,411 | 4,158 | |
Washington Federal Inc. | 184,928 | 4,148 | |
Bank of the Ozarks Inc. | 121,928 | 4,078 | |
Medical Properties | |||
Trust Inc. | 307,641 | 4,073 | |
Endurance Specialty | |||
Holdings Ltd. | 76,587 | 3,951 | |
Symetra Financial Corp. | 170,840 | 3,885 | |
PrivateBancorp Inc. | 133,491 | 3,879 | |
Colony Financial Inc. | 166,932 | 3,876 | |
Invesco Mortgage | |||
Capital Inc. | 223,000 | 3,871 | |
Iberiabank Corp. | 55,824 | 3,862 | |
Wintrust Financial Corp. | 83,882 | 3,859 | |
FNB Corp. | 300,049 | 3,847 | |
BancorpSouth Inc. | 155,646 | 3,824 | |
Ryman Hospitality | |||
Properties Inc. | 77,825 | 3,747 | |
Lexington Realty Trust | 331,533 | 3,650 | |
Glacier Bancorp Inc. | 128,091 | 3,635 |
Market | |||
Value | |||
Shares | ($000) | ||
United Bankshares Inc. | 112,139 | 3,625 | |
Susquehanna | |||
Bancshares Inc. | 338,894 | 3,579 | |
EverBank Financial Corp. | 177,084 | 3,570 | |
* | Harbinger Group Inc. | 280,400 | 3,561 |
First Industrial Realty | |||
Trust Inc. | 188,937 | 3,560 | |
MarketAxess Holdings Inc. | 65,043 | 3,516 | |
Sun Communities Inc. | 70,390 | 3,508 | |
Chesapeake Lodging Trust | 115,533 | 3,493 | |
* | Virtus Investment | ||
Partners Inc. | 16,462 | 3,486 | |
Alexander & Baldwin Inc. | 83,777 | 3,473 | |
Hatteras Financial Corp. | 175,252 | 3,472 | |
First Financial | |||
Bankshares Inc. | 109,908 | 3,448 | |
EastGroup Properties Inc. | 53,670 | 3,447 | |
Janus Capital Group Inc. | 275,943 | 3,444 | |
Chambers Street Properties | 428,273 | 3,443 | |
Valley National Bancorp | 343,713 | 3,406 | |
CYS Investments Inc. | 373,631 | 3,370 | |
Kennedy-Wilson | |||
Holdings Inc. | 124,071 | 3,328 | |
* | American Realty Capital | ||
Healthcare Trust Inc. | 304,900 | 3,320 | |
Cathay General Bancorp | 129,786 | 3,317 | |
Platinum Underwriters | |||
Holdings Ltd. | 50,819 | 3,296 | |
Home BancShares Inc. | 100,279 | 3,291 | |
Community Bank | |||
System Inc. | 90,635 | 3,281 | |
* | Altisource Portfolio | ||
Solutions SA | 28,541 | 3,270 | |
Evercore Partners Inc. | |||
Class A | 56,621 | 3,264 | |
*,^ | New York REIT Inc. | 292,000 | 3,230 |
DuPont Fabros | |||
Technology Inc. | 119,109 | 3,211 | |
RLI Corp. | 70,000 | 3,205 | |
* | Western Alliance Bancorp | 134,548 | 3,202 |
Argo Group International | |||
Holdings Ltd. | 62,604 | 3,200 | |
National Health | |||
Investors Inc. | 50,972 | 3,189 | |
New Residential | |||
Investment Corp. | 503,136 | 3,170 | |
Pinnacle Financial | |||
Partners Inc. | 80,021 | 3,159 | |
Erie Indemnity Co. Class A | 41,875 | 3,152 | |
American Equity Investment | |||
Life Holding Co. | 127,168 | 3,128 | |
Washington REIT | 120,266 | 3,125 | |
Columbia Banking | |||
System Inc. | 117,874 | 3,101 | |
Mack-Cali Realty Corp. | 144,235 | 3,098 | |
* | St. Joe Co. | 121,742 | 3,096 |
20
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Santander Consumer USA | |||
Holdings Inc. | 157,908 | 3,070 | |
Newcastle | |||
Investment Corp. | 637,281 | 3,053 | |
Potlatch Corp. | 73,211 | 3,031 | |
Acadia Realty Trust | 107,089 | 3,008 | |
ARMOUR Residential | |||
REIT Inc. | 694,329 | 3,006 | |
Artisan Partners Asset | |||
Management Inc. Class A | 52,958 | 3,002 | |
*,^ | Trulia Inc. | 63,076 | 2,989 |
Montpelier Re Holdings Ltd. | 93,329 | 2,982 | |
CVB Financial Corp. | 183,538 | 2,942 | |
* | Rayonier Advanced | ||
Materials Inc. | 75,840 | 2,939 | |
FelCor Lodging Trust Inc. | 279,580 | 2,938 | |
Home Loan Servicing | |||
Solutions Ltd. | 128,912 | 2,930 | |
International | |||
Bancshares Corp. | 108,204 | 2,922 | |
* | MBIA Inc. | 264,466 | 2,920 |
American Assets Trust Inc. | 84,312 | 2,913 | |
Redwood Trust Inc. | 148,972 | 2,900 | |
First Midwest Bancorp Inc. | 170,206 | 2,899 | |
BBCN Bancorp Inc. | 181,547 | 2,896 | |
Capitol Federal | |||
Financial Inc. | 237,106 | 2,883 | |
Westamerica | |||
Bancorporation | 54,726 | 2,861 | |
* | First Cash Financial | ||
Services Inc. | 49,551 | 2,854 | |
Trustmark Corp. | 115,350 | 2,848 | |
* | South State Corp. | 46,503 | 2,837 |
PS Business Parks Inc. | 33,951 | 2,835 | |
Glimcher Realty Trust | 261,688 | 2,834 | |
Capstead Mortgage Corp. | 214,069 | 2,815 | |
Astoria Financial Corp. | 207,591 | 2,792 | |
Equity One Inc. | 117,878 | 2,781 | |
Kemper Corp. | 75,409 | 2,780 | |
Northwest Bancshares Inc. | 200,817 | 2,725 | |
MB Financial Inc. | 99,408 | 2,689 | |
Boston Private Financial | |||
Holdings Inc. | 196,669 | 2,643 | |
PennyMac Mortgage | |||
Investment Trust | 120,154 | 2,636 | |
* | Hilltop Holdings Inc. | 122,817 | 2,611 |
Associated Estates | |||
Realty Corp. | 142,862 | 2,574 | |
^ | AmTrust Financial | ||
Services Inc. | 61,497 | 2,571 | |
Old National Bancorp | 179,539 | 2,564 | |
* | Encore Capital Group Inc. | 55,798 | 2,534 |
Altisource Residential Corp. | 97,352 | 2,534 | |
Ashford Hospitality | |||
Trust Inc. | 219,165 | 2,529 |
Market | |||
Value | |||
Shares | ($000) | ||
Selective Insurance | |||
Group Inc. | 100,379 | 2,481 | |
Education Realty Trust Inc. | 230,827 | 2,479 | |
First Citizens BancShares | |||
Inc. Class A | 9,987 | 2,447 | |
BOK Financial Corp. | 36,594 | 2,437 | |
HFF Inc. Class A | 65,413 | 2,433 | |
Mercury General Corp. | 51,506 | 2,423 | |
Government Properties | |||
Income Trust | 95,227 | 2,418 | |
First Financial Bancorp | 137,393 | 2,365 | |
First Commonwealth | |||
Financial Corp. | 256,265 | 2,363 | |
LTC Properties Inc. | 59,941 | 2,340 | |
Greenhill & Co. Inc. | 47,357 | 2,332 | |
* | WisdomTree | ||
Investments Inc. | 187,312 | 2,315 | |
Independent Bank Corp. | 60,122 | 2,307 | |
NBT Bancorp Inc. | 95,567 | 2,296 | |
OFG Bancorp | 123,568 | 2,275 | |
BGC Partners Inc. Class A | 305,449 | 2,273 | |
Franklin Street | |||
Properties Corp. | 178,683 | 2,248 | |
Brixmor Property Group Inc. | 96,501 | 2,215 | |
Cash America | |||
International Inc. | 49,798 | 2,213 | |
* | Altisource Asset | ||
Management Corp. | 2,986 | 2,159 | |
* | Enstar Group Ltd. | 14,323 | 2,159 |
* | BofI Holding Inc. | 29,314 | 2,154 |
First Merchants Corp. | 100,380 | 2,122 | |
AMERISAFE Inc. | 51,912 | 2,111 | |
Banner Corp. | 52,487 | 2,080 | |
National Penn | |||
Bancshares Inc. | 195,659 | 2,070 | |
American Capital Mortgage | |||
Investment Corp. | 102,875 | 2,060 | |
Pennsylvania REIT | 109,431 | 2,059 | |
Chemical Financial Corp. | 73,282 | 2,058 | |
* | Arrowhead Research Corp. | 142,242 | 2,035 |
Provident Financial | |||
Services Inc. | 117,490 | 2,035 | |
* | Eagle Bancorp Inc. | 59,766 | 2,017 |
City Holding Co. | 44,120 | 1,991 | |
* | iStar Financial Inc. | 132,687 | 1,988 |
Anworth Mortgage | |||
Asset Corp. | 376,114 | 1,941 | |
Parkway Properties Inc. | 93,221 | 1,925 | |
Park National Corp. | 24,483 | 1,890 | |
* | TFS Financial Corp. | 131,394 | 1,874 |
National Bank Holdings | |||
Corp. Class A | 92,635 | 1,847 | |
* | Walter Investment | ||
Management Corp. | 62,020 | 1,847 | |
* | Starwood Waypoint | ||
Residential Trust | 70,237 | 1,841 |
21
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
ViewPoint Financial | |||
Group Inc. | 67,946 | 1,828 | |
* | Blackhawk Network | ||
Holdings Inc. Class B | 67,946 | 1,824 | |
* | Capital Bank Financial Corp. | 77,233 | 1,823 |
Horace Mann | |||
Educators Corp. | 58,185 | 1,819 | |
Apollo Commercial | |||
Real Estate Finance Inc. | 110,313 | 1,819 | |
Renasant Corp. | 62,292 | 1,811 | |
Hanmi Financial Corp. | 85,746 | 1,808 | |
Hudson Pacific | |||
Properties Inc. | 71,327 | 1,807 | |
Retail Opportunity | |||
Investments Corp. | 114,305 | 1,798 | |
Cardinal Financial Corp. | 97,297 | 1,796 | |
Brookline Bancorp Inc. | 191,447 | 1,794 | |
Interactive Brokers | |||
Group Inc. | 76,417 | 1,780 | |
Empire State Realty | |||
Trust Inc. | 106,363 | 1,755 | |
* | Credit Acceptance Corp. | 14,221 | 1,751 |
Flushing Financial Corp. | 85,028 | 1,747 | |
* | Ambac Financial Group Inc. | 63,980 | 1,747 |
Apollo Residential | |||
Mortgage Inc. | 103,106 | 1,724 | |
CoreSite Realty Corp. | 50,779 | 1,679 | |
Sabra Health Care REIT Inc. | 58,210 | 1,671 | |
* | First BanCorp | 307,175 | 1,671 |
Central Pacific | |||
Financial Corp. | 84,033 | 1,668 | |
* | Ameris Bancorp | 77,113 | 1,663 |
* | eHealth Inc. | 43,113 | 1,637 |
* | World Acceptance Corp. | 21,462 | 1,630 |
Blackstone Mortgage Trust | |||
Inc. Class A | 56,151 | 1,628 | |
Hersha Hospitality Trust | |||
Class A | 239,619 | 1,608 | |
Berkshire Hills Bancorp Inc. | 69,159 | 1,606 | |
S&T Bancorp Inc. | 62,099 | 1,543 | |
STAG Industrial Inc. | 64,215 | 1,542 | |
Cohen & Steers Inc. | 35,214 | 1,528 | |
Alexander’s Inc. | 4,104 | 1,516 | |
FBL Financial Group Inc. | |||
Class A | 32,789 | 1,508 | |
Community Trust | |||
Bancorp Inc. | 43,947 | 1,504 | |
Employers Holdings Inc. | 70,688 | 1,497 | |
Cedar Realty Trust Inc. | 239,190 | 1,495 | |
Agree Realty Corp. | 49,273 | 1,490 | |
Lakeland Financial Corp. | 38,727 | 1,478 | |
BancFirst Corp. | 23,837 | 1,476 | |
Inland Real Estate Corp. | 138,114 | 1,468 | |
* | Greenlight Capital Re Ltd. | ||
Class A | 44,378 | 1,462 |
Market | |||
Value | |||
Shares | ($000) | ||
Dime Community | |||
Bancshares Inc. | 92,272 | 1,457 | |
Arlington Asset Investment | |||
Corp. Class A | 53,188 | 1,454 | |
Nelnet Inc. Class A | 34,833 | 1,443 | |
* | Beneficial Mutual | ||
Bancorp Inc. | 105,806 | 1,435 | |
First Busey Corp. | 246,719 | 1,433 | |
Oritani Financial Corp. | 92,812 | 1,428 | |
CoBiz Financial Inc. | 130,809 | 1,409 | |
* | Flagstar Bancorp Inc. | 77,221 | 1,398 |
Saul Centers Inc. | 28,664 | 1,393 | |
NRG Yield Inc. Class A | 26,673 | 1,388 | |
Union Bankshares Corp. | 54,010 | 1,385 | |
Gramercy Property | |||
Trust Inc. | 223,540 | 1,352 | |
* | Forestar Group Inc. | 69,721 | 1,331 |
Select Income REIT | 44,271 | 1,312 | |
CyrusOne Inc. | 51,455 | 1,281 | |
Ramco-Gershenson | |||
Properties Trust | 76,416 | 1,270 | |
* | Piper Jaffray Cos. | 24,307 | 1,258 |
* | American Residential | ||
Properties Inc. | 65,917 | 1,236 | |
1st Source Corp. | 39,949 | 1,223 | |
Bryn Mawr Bank Corp. | 41,917 | 1,221 | |
Heartland Financial USA Inc. | 49,142 | 1,215 | |
Bank of Marin Bancorp | 26,543 | 1,210 | |
Ares Commercial Real | |||
Estate Corp. | 97,134 | 1,205 | |
FXCM Inc. Class A | 80,322 | 1,202 | |
* | Cowen Group Inc. Class A | 284,097 | 1,199 |
* | Bridge Capital Holdings | 48,521 | 1,175 |
* | Navigators Group Inc. | 17,475 | 1,172 |
Northfield Bancorp Inc. | 88,557 | 1,161 | |
Calamos Asset | |||
Management Inc. Class A | 86,251 | 1,155 | |
Infinity Property | |||
& Casualty Corp. | 16,479 | 1,108 | |
Sterling Bancorp | 92,246 | 1,107 | |
WesBanco Inc. | 35,587 | 1,105 | |
Chatham Lodging Trust | 49,735 | 1,089 | |
Dynex Capital Inc. | 123,063 | 1,089 | |
Arrow Financial Corp. | 41,898 | 1,087 | |
* | Move Inc. | 73,106 | 1,081 |
*,^ | Nationstar Mortgage | ||
Holdings Inc. | 29,644 | 1,076 | |
Investors Real Estate Trust | 116,791 | 1,076 | |
Sandy Spring Bancorp Inc. | 42,745 | 1,065 | |
Federal Agricultural | |||
Mortgage Corp. | 33,963 | 1,056 | |
Bank Mutual Corp. | 180,415 | 1,046 | |
Great Southern Bancorp Inc. | 31,875 | 1,022 | |
GAMCO Investors Inc. | 12,300 | 1,022 | |
Campus Crest | |||
Communities Inc. | 116,925 | 1,013 |
22
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Summit Hotel Properties Inc. | 95,125 | 1,008 | |
Camden National Corp. | 25,728 | 997 | |
* | Investment Technology | ||
Group Inc. | 57,531 | 971 | |
BankFinancial Corp. | 86,591 | 966 | |
WSFS Financial Corp. | 13,103 | 965 | |
First Potomac Realty Trust | 72,629 | 953 | |
Diamond Hill Investment | |||
Group Inc. | 7,410 | 946 | |
Arbor Realty Trust Inc. | 135,923 | 945 | |
* | Customers Bancorp Inc. | 45,647 | 913 |
* | AV Homes Inc. | 55,558 | 908 |
* | KCG Holdings Inc. Class A | 75,311 | 895 |
* | Ezcorp Inc. Class A | 77,156 | 891 |
Banc of California Inc. | 81,257 | 886 | |
^ | Southside Bancshares Inc. | 29,993 | 869 |
* | BBX Capital Corp. | 47,388 | 853 |
* | Springleaf Holdings Inc. | 32,694 | 848 |
Excel Trust Inc. | 62,639 | 835 | |
Ames National Corp. | 35,568 | 823 | |
TrustCo Bank Corp. NY | 122,980 | 822 | |
Simmons First National | |||
Corp. Class A | 20,854 | 821 | |
* | Green Dot Corp. Class A | 43,097 | 818 |
Safety Insurance Group Inc. | 15,898 | 817 | |
* | PICO Holdings Inc. | 34,023 | 808 |
Centerstate Banks Inc. | 71,681 | 803 | |
Winthrop Realty Trust | 52,243 | 802 | |
American National | |||
Bankshares Inc. | 36,700 | 797 | |
Bridge Bancorp Inc. | 32,686 | 784 | |
Getty Realty Corp. | 40,507 | 773 | |
Hudson Valley Holding Corp. | 42,767 | 772 | |
Rouse Properties Inc. | 44,464 | 761 | |
AmREIT Inc. | 41,499 | 759 | |
Consolidated-Tomoka | |||
Land Co. | 16,544 | 759 | |
* | Citizens Inc. Class A | 100,325 | 742 |
* | FBR & Co. | 27,175 | 737 |
Ashford Hospitality | |||
Prime Inc. | 42,953 | 737 | |
First Interstate | |||
BancSystem Inc. | 26,751 | 727 | |
Kite Realty Group Trust | 117,457 | 721 | |
* | Synergy Resources Corp. | 53,390 | 707 |
Lakeland Bancorp Inc. | 64,664 | 698 | |
Stewart Information | |||
Services Corp. | 22,415 | 695 | |
United Community | |||
Banks Inc. | 41,959 | 687 | |
United Fire Group Inc. | 22,645 | 664 | |
Resource Capital Corp. | 117,277 | 660 | |
Maiden Holdings Ltd. | 54,199 | 655 | |
* | Global Indemnity plc | 24,497 | 637 |
RCS Capital Corp. Class A | 29,653 | 630 | |
Donegal Group Inc. Class A | 40,983 | 627 |
Market | |||
Value | |||
Shares | ($000) | ||
Aviv REIT Inc. | 21,943 | 618 | |
* | Ladenburg Thalmann | ||
Financial Services Inc. | 190,788 | 601 | |
* | CareTrust REIT Inc. | 30,274 | 599 |
Enterprise Financial | |||
Services Corp. | 33,094 | 598 | |
Republic Bancorp Inc. | |||
Class A | 23,530 | 558 | |
Wilshire Bancorp Inc. | 52,866 | 543 | |
National Western Life | |||
Insurance Co. Class A | 2,162 | 539 | |
Baldwin & Lyons Inc. | 20,233 | 525 | |
New York Mortgage | |||
Trust Inc. | 67,156 | 524 | |
First Defiance Financial Corp. | 18,194 | 522 | |
* | TESARO Inc. | 16,673 | 519 |
* | INTL. FCStone Inc. | 25,689 | 512 |
ESSA Bancorp Inc. | 45,915 | 511 | |
Bar Harbor Bankshares | 18,295 | 510 | |
RAIT Financial Trust | 61,292 | 507 | |
* | Xoom Corp. | 19,112 | 504 |
Marlin Business | |||
Services Corp. | 27,618 | 502 | |
* | NewStar Financial Inc. | 35,129 | 494 |
Century Bancorp Inc. | |||
Class A | 13,512 | 478 | |
First Community | |||
Bancshares Inc. | 33,128 | 475 | |
Sierra Bancorp | 29,982 | 474 | |
United Insurance | |||
Holdings Corp. | 27,184 | 469 | |
GFI Group Inc. | 139,677 | 464 | |
Silver Bay Realty Trust Corp. | 27,799 | 454 | |
United Financial Bancorp Inc. | 33,344 | 452 | |
State Bank Financial Corp. | 26,391 | 446 | |
Preferred Apartment | |||
Communities Inc. Class A | 49,542 | 439 | |
Capital City Bank Group Inc. | 29,913 | 435 | |
AG Mortgage Investment | |||
Trust Inc. | 22,915 | 434 | |
Universal Health Realty | |||
Income Trust | 9,936 | 432 | |
* | NMI Holdings Inc. Class A | 40,969 | 430 |
* | Phoenix Cos. Inc. | 8,869 | 429 |
Armada Hoffler | |||
Properties Inc. | 44,069 | 427 | |
CIFC Corp. | 46,041 | 415 | |
Access National Corp. | 27,097 | 411 | |
Tompkins Financial Corp. | 8,200 | 395 | |
ConnectOnc Bancorp Inc. | 20,331 | 391 | |
* | Marcus & Millichap Inc. | 15,323 | 391 |
National General | |||
Holdings Corp. | 22,431 | 390 | |
* | Safeguard Scientifics Inc. | 18,349 | 381 |
Urstadt Biddle Properties Inc. | |||
Class A | 17,024 | 355 |
23
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Tejon Ranch Co. | 11,025 | 355 |
Meadowbrook Insurance | |||
Group Inc. | 48,974 | 352 | |
Federated National | |||
Holding Co. | 13,650 | 348 | |
* | Walker & Dunlop Inc. | 24,167 | 341 |
* | Atlas Financial Holdings Inc. | 22,030 | 334 |
Bank of Kentucky | |||
Financial Corp. | 9,599 | 334 | |
Stock Yards Bancorp Inc. | 10,916 | 326 | |
First of Long Island Corp. | 8,073 | 315 | |
Gain Capital Holdings Inc. | 40,061 | 315 | |
Reis Inc. | 14,871 | 313 | |
Cape Bancorp Inc. | 28,532 | 306 | |
EMC Insurance Group Inc. | 9,875 | 304 | |
Athens Bancshares Corp. | 13,574 | 303 | |
Washington Trust | |||
Bancorp Inc. | 8,239 | 303 | |
Terreno Realty Corp. | 15,296 | 296 | |
Charter Financial Corp. | 26,149 | 290 | |
* | Consumer Portfolio | ||
Services Inc. | 37,574 | 286 | |
* | Bancorp Inc. | 23,984 | 286 |
HCI Group Inc. | 6,885 | 280 | |
* | First NBC Bank Holding Co. | 8,134 | 273 |
Western Asset Mortgage | |||
Capital Corp. | 19,065 | 270 | |
TowneBank | 16,823 | 264 | |
* | Ladder Capital Corp. Class A | 14,393 | 260 |
First Bancorp | 13,957 | 256 | |
Resource America Inc. | |||
Class A | 27,332 | 256 | |
Trico Bancshares | 10,868 | 251 | |
* | MoneyGram International Inc. | 17,060 | 251 |
State Auto Financial Corp. | 10,650 | 250 | |
* | BSB Bancorp Inc. | 13,915 | 239 |
US Global Investors Inc. | |||
Class A | 65,597 | 231 | |
OneBeacon Insurance | |||
Group Ltd. Class A | 14,838 | 231 | |
Ellington Residential | |||
Mortgage REIT | 13,273 | 226 | |
Citizens & Northern Corp. | 11,342 | 221 | |
Clifton Bancorp Inc. | 17,299 | 219 | |
National Interstate Corp. | 7,804 | 219 | |
Gladstone Commercial Corp. | 12,205 | 218 | |
German American | |||
Bancorp Inc. | 8,031 | 217 | |
Physicians Realty Trust | 14,600 | 210 | |
Guaranty Bancorp | 14,954 | 208 | |
Pzena Investment | |||
Management Inc. Class A | 18,534 | 207 | |
Investors Title Co. | 2,985 | 201 | |
First Financial Corp. | 6,244 | 201 | |
Oppenheimer Holdings Inc. | |||
Class A | 8,231 | 197 |
Market | |||
Value | |||
Shares | ($000) | ||
Ameriana Bancorp | 13,383 | 197 | |
* | ZipRealty Inc. | 64,495 | 195 |
* | Asta Funding Inc. | 23,459 | 194 |
RE/MAX Holdings Inc. | 6,421 | 190 | |
Financial Institutions Inc. | 8,111 | 190 | |
* | SWS Group Inc. | 25,490 | 186 |
Westfield Financial Inc. | 24,792 | 185 | |
HomeStreet Inc. | 10,014 | 184 | |
OceanFirst Financial Corp. | 10,533 | 174 | |
* | First Acceptance Corp. | 71,063 | 174 |
Merchants Bancshares Inc. | 5,356 | 171 | |
Life Partners Holdings Inc. | 67,821 | 169 | |
Univest Corp. | |||
of Pennsylvania | 7,968 | 165 | |
MainSource Financial | |||
Group Inc. | 8,753 | 151 | |
Fifth Street Senior Floating | |||
Rate Corp. | 10,460 | 147 | |
* | Tree.com Inc. | 4,965 | 145 |
Intersections Inc. | 29,386 | 145 | |
* | Metro Bancorp Inc. | 6,247 | 144 |
Monmouth Real Estate | |||
Investment Corp. Class A | 14,151 | 142 | |
* | Republic First Bancorp Inc. | 27,568 | 139 |
C&F Financial Corp. | 3,728 | 134 | |
Five Oaks Investment Corp. | 11,883 | 134 | |
One Liberty Properties Inc. | 6,240 | 133 | |
ESB Financial Corp. | 10,217 | 132 | |
First Financial Northwest Inc. | 12,002 | 130 | |
Tower Group | |||
International Ltd. | 72,169 | 130 | |
UMH Properties Inc. | 12,666 | 127 | |
* | Suffolk Bancorp | 5,655 | 126 |
CNB Financial Corp. | 7,319 | 123 | |
Universal Insurance | |||
Holdings Inc. | 9,466 | 123 | |
JMP Group Inc. | 15,841 | 120 | |
Bank of Commerce Holdings | 18,855 | 119 | |
Mercantile Bank Corp. | 5,064 | 116 | |
* | Health Insurance | ||
Innovations Inc. Class A | 9,031 | 111 | |
* | Gleacher & Co. Inc. | 10,238 | 108 |
* | Eastern Virginia | ||
Bankshares Inc. | 16,807 | 108 | |
* | Hallmark Financial | ||
Services Inc. | 9,970 | 107 | |
Peoples Bancorp Inc. | 4,038 | 107 | |
Meta Financial Group Inc. | 2,669 | 107 | |
Independent Bank Group Inc. | 1,907 | 106 | |
Simplicity Bancorp Inc. | 5,900 | 103 | |
JAVELIN Mortgage | |||
Investment Corp. | 7,019 | 99 | |
First Marblehead Corp. | 17,694 | 93 | |
Waterstone Financial Inc. | 8,071 | 92 | |
Westwood Holdings | |||
Group Inc. | 1,506 | 90 |
24
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Old Second Bancorp Inc. | 18,140 | 90 |
OmniAmerican Bancorp Inc. | 3,600 | 90 | |
* | Maui Land | ||
& Pineapple Co. Inc. | 12,826 | 88 | |
West Bancorporation Inc. | 5,505 | 84 | |
* | Meridian Interstate | ||
Bancorp Inc. | 3,224 | 83 | |
Institutional Financial | |||
Markets Inc. | 39,632 | 80 | |
Southwest Bancorp Inc. | 4,643 | 79 | |
Heritage Financial Corp. | 4,646 | 75 | |
* | Atlanticus Holdings Corp. | 26,603 | 74 |
* | NewBridge Bancorp | 8,868 | 71 |
Kansas City Life Insurance Co. | 1,487 | 68 | |
* | Fortegra Financial Corp. | 7,800 | 59 |
* | Square 1 Financial Inc. | ||
Class A | 3,057 | 58 | |
Pulaski Financial Corp. | 4,915 | 56 | |
Manning & Napier Inc. | 3,200 | 55 | |
Alliance Bancorp Inc. | |||
of Pennsylvania | 3,459 | 55 | |
Peapack Gladstone | |||
Financial Corp. | 2,544 | 54 | |
Provident Financial | |||
Holdings Inc. | 3,696 | 54 | |
* | Jacksonville Bancorp Inc. | 5,100 | 54 |
Atlantic American Corp. | 13,632 | 52 | |
* | Hampton Roads | ||
Bankshares Inc. | 29,753 | 51 | |
* | Shore Bancshares Inc. | 5,538 | 50 |
Macatawa Bank Corp. | 9,663 | 49 | |
National Bankshares Inc. | 1,549 | 48 | |
Heritage Commerce Corp. | 5,677 | 46 | |
*,^ | Doral Financial Corp. | 10,554 | 46 |
* | ASB Bancorp Inc. | 2,200 | 44 |
Park Sterling Corp. | 6,702 | 44 | |
* | Taylor Capital Group Inc. | 2,027 | 43 |
* | CommunityOne Bancorp | 4,334 | 42 |
First Internet Bancorp | 1,900 | 39 | |
* | Farmers Capital Bank Corp. | 1,626 | 37 |
* | United Community | ||
Financial Corp. | 8,716 | 36 | |
California First | |||
National Bancorp | 2,366 | 35 | |
QC Holdings Inc. | 12,815 | 34 | |
* | Community West | ||
Bancshares | 5,000 | 33 | |
* | American Realty | ||
Investors Inc. | 4,786 | 32 | |
Northrim BanCorp Inc. | 1,190 | 30 | |
Independence Holding Co. | 2,059 | 29 | |
* | North Valley Bancorp | 1,335 | 29 |
Territorial Bancorp Inc. | 1,380 | 29 | |
* | Guaranty Federal | ||
Bancshares Inc. | 2,281 | 29 | |
HopFed Bancorp Inc. | 2,411 | 28 |
Market | |||
Value | |||
Shares | ($000) | ||
Pacific Continental Corp. | 1,900 | 26 | |
* | ConnectOne Bancorp Inc. | 513 | 26 |
Federal Agricultural Mortgage | |||
Corp. Class A | 1,021 | 25 | |
Citizens Community | |||
Bancorp Inc. | 2,945 | 25 | |
1st United Bancorp Inc. | 2,856 | 25 | |
Monarch Financial | |||
Holdings Inc. | 2,100 | 25 | |
Northeast Bancorp | 2,506 | 24 | |
* | Preferred Bank | 950 | 22 |
* | Pacific Mercantile Bancorp | 3,311 | 22 |
* | Regional Management Corp. | 1,415 | 22 |
* | Bear State Financial Inc. | 2,417 | 21 |
* | Sun Bancorp Inc. | 5,293 | 21 |
Penns Woods Bancorp Inc. | 414 | 20 | |
* | Yadkin Financial Corp. | 1,024 | 19 |
* | Carolina Bank Holdings Inc. | 1,902 | 19 |
Wheeler REIT Inc. | 3,900 | 19 | |
* | HomeTrust Bancshares Inc. | 1,176 | 19 |
* | Performant Financial Corp. | 1,820 | 18 |
MicroFinancial Inc. | 2,338 | 18 | |
* | Kearny Financial Corp. | 1,053 | 16 |
First Bancorp Inc. | 902 | 16 | |
* | Internet Patents Corp. | 4,802 | 15 |
Independent Bank Corp. | 1,015 | 13 | |
Seacoast Banking Corp. | |||
of Florida | 1,163 | 13 | |
Middleburg Financial Corp. | 611 | 12 | |
Cheviot Financial Corp. | 912 | 11 | |
* | Riverview Bancorp Inc. | 2,700 | 10 |
MutualFirst Financial Inc. | 544 | 10 | |
MidSouth Bancorp Inc. | 520 | 10 | |
* | American River Bankshares | 1,038 | 9 |
* | Home Bancorp Inc. | 343 | 8 |
Fidelity Southern Corp. | 549 | 7 | |
* | World Energy Solutions Inc. | 1,579 | 6 |
Fox Chase Bancorp Inc. | 337 | 6 | |
WVS Financial Corp. | 511 | 6 | |
Premier Financial Bancorp Inc. | 340 | 5 | |
IF Bancorp Inc. | 300 | 5 | |
* | Tejon Ranch Co. | ||
Warrants Exp. 08/31/2016 | 1,629 | 5 | |
NASB Financial Inc. | 156 | 4 | |
* | Royal Bancshares | ||
of Pennsylvania Inc. | 1,796 | 3 | |
Intervest Bancshares Corp. | |||
Class A | 363 | 3 | |
Horizon Bancorp | 115 | 3 | |
MidWestOne Financial | |||
Group Inc. | 100 | 2 | |
United Community Bancorp | 200 | 2 | |
Sotherly Hotels Inc. | 300 | 2 | |
Hingham Institution for Savings | 27 | 2 | |
CIM Commercial Trust Corp. | 91 | 2 | |
* | SP Bancorp Inc. | 55 | 2 |
25
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Bank of South Carolina Corp. | 100 | 2 | |
* | Orrstown Financial | ||
Services Inc. | 53 | 1 | |
BNC Bancorp | 43 | 1 | |
SI Financial Group Inc. | 31 | — | |
Salisbury Bancorp Inc. | 11 | — | |
Eagle Bancorp Montana Inc. | 30 | — | |
Old Line Bancshares Inc. | 17 | — | |
Heritage Financial Group Inc. | 9 | — | |
* | Transcontinental Realty | ||
Investors Inc. | 12 | — | |
Vestin Realty Mortgage II Inc. | 22 | — | |
Kingstone Cos. Inc. | 9 | — | |
* | Valley National Bancorp | ||
Warrants Exp. 6/30/2015 | 240 | — | |
* | Porter Bancorp Inc. | 25 | — |
7,172,642 | |||
Health Care (12.2%) | |||
Johnson & Johnson | 5,094,044 | 532,939 | |
Pfizer Inc. | 11,471,462 | 340,473 | |
Merck & Co. Inc. | 5,261,952 | 304,404 | |
* | Gilead Sciences Inc. | 2,765,082 | 229,253 |
AbbVie Inc. | 2,863,048 | 161,590 | |
Amgen Inc. | 1,363,115 | 161,352 | |
Bristol-Myers Squibb Co. | 2,983,907 | 144,749 | |
UnitedHealth Group Inc. | 1,764,266 | 144,229 | |
* | Biogen Idec Inc. | 427,064 | 134,658 |
* | Celgene Corp. | 1,442,026 | 123,841 |
Medtronic Inc. | 1,801,300 | 114,851 | |
Eli Lilly & Co. | 1,813,806 | 112,764 | |
Abbott Laboratories | 2,704,384 | 110,609 | |
* | Express Scripts | ||
Holding Co. | 1,396,709 | 96,834 | |
Allergan Inc. | 535,807 | 90,669 | |
Thermo Fisher | |||
Scientific Inc. | 718,270 | 84,756 | |
Covidien plc | 811,289 | 73,162 | |
Baxter International Inc. | 973,960 | 70,417 | |
* | Actavis plc | 306,096 | 68,275 |
* | Alexion | ||
Pharmaceuticals Inc. | 356,091 | 55,639 | |
WellPoint Inc. | 503,590 | 54,191 | |
Aetna Inc. | 643,534 | 52,178 | |
Cigna Corp. | 483,710 | 44,487 | |
* | Forest Laboratories Inc. | 441,735 | 43,732 |
Stryker Corp. | 511,502 | 43,130 | |
* | Illumina Inc. | 231,132 | 41,266 |
Becton Dickinson and Co. | 347,574 | 41,118 | |
* | Vertex Pharmaceuticals Inc. | 425,088 | 40,247 |
* | Regeneron | ||
Pharmaceuticals Inc. | 133,574 | 37,731 | |
Humana Inc. | 278,505 | 35,571 | |
St. Jude Medical Inc. | 511,452 | 35,418 | |
* | Mylan Inc. | 672,330 | 34,665 |
Perrigo Co. plc | 228,749 | 33,342 | |
* | HCA Holdings Inc. | 580,240 | 32,714 |
Market | |||
Value | |||
Shares | ($000) | ||
Zimmer Holdings Inc. | 302,197 | 31,386 | |
* | Boston Scientific Corp. | 2,383,330 | 30,435 |
Zoetis Inc. | 901,574 | 29,094 | |
* | Intuitive Surgical Inc. | 69,085 | 28,449 |
* | DaVita HealthCare | ||
Partners Inc. | 366,136 | 26,479 | |
CR Bard Inc. | 137,297 | 19,635 | |
* | Henry Schein Inc. | 153,882 | 18,261 |
* | Endo International plc | 260,478 | 18,239 |
* | CareFusion Corp. | 374,997 | 16,631 |
* | BioMarin | ||
Pharmaceutical Inc. | 262,534 | 16,332 | |
* | Edwards Lifesciences Corp. | 189,920 | 16,303 |
Universal Health Services | |||
Inc. Class B | 164,779 | 15,779 | |
* | Laboratory Corp. | ||
of America Holdings | 153,517 | 15,720 | |
* | Varian Medical Systems Inc. | 187,238 | 15,567 |
* | Hospira Inc. | 300,874 | 15,456 |
* | Incyte Corp. Ltd. | 271,424 | 15,319 |
Quest Diagnostics Inc. | 259,979 | 15,258 | |
* | Waters Corp. | 145,624 | 15,209 |
* | Jazz Pharmaceuticals plc | 101,619 | 14,939 |
* | Salix Pharmaceuticals Ltd. | 108,428 | 13,375 |
* | Alkermes plc | 260,206 | 13,096 |
ResMed Inc. | 254,941 | 12,908 | |
* | IDEXX Laboratories Inc. | 93,002 | 12,422 |
DENTSPLY | |||
International Inc. | 255,205 | 12,084 | |
Cooper Cos. Inc. | 86,270 | 11,692 | |
* | Hologic Inc. | 422,500 | 10,710 |
* | MEDNAX Inc. | 182,245 | 10,598 |
* | Medivation Inc. | 130,897 | 10,090 |
* | Pharmacyclics Inc. | 108,221 | 9,708 |
Questcor | |||
Pharmaceuticals Inc. | 104,355 | 9,652 | |
* | Cubist Pharmaceuticals Inc. | 135,559 | 9,465 |
* | Community Health | ||
Systems Inc. | 197,051 | 8,940 | |
* | Covance Inc. | 103,341 | 8,844 |
* | Sirona Dental Systems Inc. | 103,845 | 8,563 |
*,^ | Mallinckrodt plc | 105,329 | 8,428 |
* | Tenet Healthcare Corp. | 176,050 | 8,264 |
Teleflex Inc. | 74,599 | 7,878 | |
* | InterMune Inc. | 177,951 | 7,857 |
* | Centene Corp. | 98,744 | 7,466 |
* | Isis Pharmaceuticals Inc. | 212,149 | 7,309 |
* | Brookdale Senior Living Inc. | 213,746 | 7,126 |
* | Align Technology Inc. | 125,057 | 7,008 |
* | United Therapeutics Corp. | 77,770 | 6,882 |
* | Seattle Genetics Inc. | 177,612 | 6,794 |
* | Alnylam | ||
Pharmaceuticals Inc. | 102,014 | 6,444 | |
* | Team Health Holdings Inc. | 126,671 | 6,326 |
* | Quintiles Transnational | ||
Holdings Inc. | 117,493 | 6,261 |
26
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Techne Corp. | 66,601 | 6,165 | |
* | Cepheid | 125,429 | 6,013 |
Patterson Cos. Inc. | 150,024 | 5,927 | |
* | WellCare Health Plans Inc. | 79,144 | 5,909 |
STERIS Corp. | 106,622 | 5,702 | |
* | Health Net Inc. | 137,214 | 5,700 |
* | NPS Pharmaceuticals Inc. | 172,152 | 5,690 |
* | Pacira Pharmaceuticals Inc. | 60,951 | 5,599 |
HealthSouth Corp. | 150,869 | 5,412 | |
* | PAREXEL International Corp. | 102,392 | 5,410 |
* | Alere Inc. | 141,707 | 5,303 |
* | Envision Healthcare | ||
Holdings Inc. | 146,196 | 5,250 | |
*,^ | Myriad Genetics Inc. | 134,659 | 5,241 |
* | Idenix Pharmaceuticals Inc. | 217,264 | 5,236 |
* | DexCom Inc. | 131,462 | 5,214 |
West Pharmaceutical | |||
Services Inc. | 121,002 | 5,104 | |
* | Intercept | ||
Pharmaceuticals Inc. | 20,880 | 4,941 | |
* | LifePoint Hospitals Inc. | 76,064 | 4,724 |
* | Charles River Laboratories | ||
International Inc. | 87,195 | 4,667 | |
*,^ | MannKind Corp. | 419,509 | 4,610 |
* | Bruker Corp. | 181,564 | 4,407 |
* | Akorn Inc. | 131,177 | 4,362 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 36,381 | 4,355 | |
Hill-Rom Holdings Inc. | 104,108 | 4,321 | |
*,^ | Theravance Inc. | 142,076 | 4,231 |
* | Synageva BioPharma Corp. | 38,669 | 4,052 |
* | Insulet Corp. | 99,851 | 3,961 |
Owens & Minor Inc. | 114,033 | 3,875 | |
* | Impax Laboratories Inc. | 120,106 | 3,602 |
* | Acadia Healthcare Co. Inc. | 79,126 | 3,600 |
* | Thoratec Corp. | 103,123 | 3,595 |
Healthcare Services | |||
Group Inc. | 120,406 | 3,545 | |
* | Medicines Co. | 117,199 | 3,406 |
* | Amsurg Corp. | 73,861 | 3,366 |
*,^ | Exact Sciences Corp. | 196,702 | 3,350 |
*,^ | OPKO Health Inc. | 374,454 | 3,310 |
* | Haemonetics Corp. | 93,737 | 3,307 |
* | Ironwood Pharmaceuticals | ||
Inc. Class A | 215,664 | 3,306 | |
* | Air Methods Corp. | 63,567 | 3,283 |
^ | PDL BioPharma Inc. | 337,072 | 3,263 |
* | ACADIA | ||
Pharmaceuticals Inc. | 142,997 | 3,230 | |
* | HMS Holdings Corp. | 157,916 | 3,223 |
* | Acorda Therapeutics Inc. | 94,420 | 3,183 |
* | Prestige Brands | ||
Holdings Inc. | 93,806 | 3,179 | |
* | Magellan Health Inc. | 49,827 | 3,101 |
* | Puma Biotechnology Inc. | 46,255 | 3,053 |
* | Dyax Corp. | 308,802 | 2,964 |
Market | |||
Value | |||
Shares | ($000) | ||
* | NuVasive Inc. | 83,259 | 2,961 |
* | Nektar Therapeutics | 228,677 | 2,932 |
* | Cyberonics Inc. | 46,126 | 2,881 |
Cantel Medical Corp. | 78,297 | 2,867 | |
* | Wright Medical Group Inc. | 88,695 | 2,785 |
CONMED Corp. | 61,929 | 2,734 | |
* | Globus Medical Inc. | 112,791 | 2,698 |
* | HeartWare International Inc. | 29,587 | 2,618 |
* | Celldex Therapeutics Inc. | 160,316 | 2,616 |
* | Neogen Corp. | 62,286 | 2,521 |
*,^ | Keryx | ||
Biopharmaceuticals Inc. | 161,769 | 2,488 | |
Abaxis Inc. | 55,648 | 2,466 | |
* | Masimo Corp. | 100,947 | 2,382 |
* | Auxilium | ||
Pharmaceuticals Inc. | 116,876 | 2,345 | |
* | ARIAD Pharmaceuticals Inc. | 364,809 | 2,324 |
* | Aegerion | ||
Pharmaceuticals Inc. | 72,269 | 2,319 | |
* | Arena Pharmaceuticals Inc. | 395,525 | 2,318 |
Analogic Corp. | 29,008 | 2,270 | |
* | Integra LifeSciences | ||
Holdings Corp. | 47,522 | 2,236 | |
* | Depomed Inc. | 159,508 | 2,217 |
* | BioCryst | ||
Pharmaceuticals Inc. | 172,400 | 2,198 | |
* | Bio-Reference Labs Inc. | 71,341 | 2,156 |
* | ABIOMED Inc. | 84,819 | 2,132 |
* | Molina Healthcare Inc. | 47,289 | 2,110 |
* | AVANIR | ||
Pharmaceuticals Inc. | 362,333 | 2,044 | |
* | Halozyme Therapeutics Inc. | 205,523 | 2,031 |
* | Sarepta Therapeutics Inc. | 67,251 | 2,003 |
* | Achillion | ||
Pharmaceuticals Inc. | 263,369 | 1,994 | |
* | Anika Therapeutics Inc. | 42,846 | 1,985 |
* | Natus Medical Inc. | 78,387 | 1,971 |
* | Emeritus Corp. | 60,376 | 1,911 |
* | Emergent Biosolutions Inc. | 84,923 | 1,907 |
* | Affymetrix Inc. | 212,853 | 1,896 |
Kindred Healthcare Inc. | 79,272 | 1,831 | |
* | Accuray Inc. | 207,174 | 1,823 |
*,^ | Exelixis Inc. | 532,605 | 1,805 |
Select Medical | |||
Holdings Corp. | 115,284 | 1,798 | |
* | ImmunoGen Inc. | 150,809 | 1,787 |
* | Anacor Pharmaceuticals Inc. | 100,115 | 1,775 |
* | Furiex Pharmaceuticals Inc. | 16,618 | 1,764 |
* | Amedisys Inc. | 104,158 | 1,744 |
*,^ | Inovio Pharmaceuticals Inc. | 158,956 | 1,718 |
* | CorVel Corp. | 37,488 | 1,694 |
* | Capital Senior Living Corp. | 70,135 | 1,672 |
* | Neurocrine Biosciences Inc. | 111,171 | 1,650 |
* | Albany Molecular | ||
Research Inc. | 81,899 | 1,648 | |
* | Clovis Oncology Inc. | 39,671 | 1,643 |
27
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | AMAG Pharmaceuticals Inc. | 78,282 | 1,622 |
* | Volcano Corp. | 90,145 | 1,587 |
* | Ligand Pharmaceuticals Inc. | 25,054 | 1,561 |
* | Infinity Pharmaceuticals Inc. | 120,503 | 1,535 |
* | Epizyme Inc. | 48,826 | 1,519 |
* | ICU Medical Inc. | 24,373 | 1,482 |
* | Array BioPharma Inc. | 323,014 | 1,473 |
* | Genomic Health Inc. | 53,221 | 1,458 |
*,^ | Ampio Pharmaceuticals Inc. | 173,612 | 1,450 |
* | AngioDynamics Inc. | 87,357 | 1,427 |
* | Lannett Co. Inc. | 28,730 | 1,426 |
* | BioScrip Inc. | 169,578 | 1,414 |
* | Sangamo BioSciences Inc. | 90,112 | 1,376 |
* | Hanger Inc. | 42,903 | 1,349 |
* | Healthways Inc. | 76,711 | 1,345 |
* | Momenta | ||
Pharmaceuticals Inc. | 111,370 | 1,345 | |
* | Agios Pharmaceuticals Inc. | 28,980 | 1,328 |
* | Bluebird Bio Inc. | 34,158 | 1,317 |
*,^ | Galena Biopharma Inc. | 424,609 | 1,299 |
* | Gentiva Health Services Inc. | 85,776 | 1,292 |
*,^ | Theravance Biopharma Inc. | 40,453 | 1,290 |
Meridian Bioscience Inc. | 62,091 | 1,282 | |
* | PharMerica Corp. | 43,345 | 1,239 |
* | Enanta Pharmaceuticals Inc. | 28,700 | 1,236 |
* | Geron Corp. | 385,019 | 1,236 |
*,^ | Dendreon Corp. | 523,663 | 1,204 |
* | CTI BioPharma Corp. | 418,859 | 1,177 |
* | ANI Pharmaceuticals Inc. | 34,051 | 1,173 |
*,^ | Omeros Corp. | 65,872 | 1,146 |
Atrion Corp. | 3,507 | 1,143 | |
* | Chimerix Inc. | 51,690 | 1,134 |
* | NxStage Medical Inc. | 75,625 | 1,087 |
* | Novavax Inc. | 234,229 | 1,082 |
* | Spectranetics Corp. | 46,543 | 1,065 |
* | Endologix Inc. | 67,842 | 1,032 |
* | Agenus Inc. | 315,491 | 1,016 |
* | Omnicell Inc. | 35,176 | 1,010 |
* | Dynavax | ||
Technologies Corp. | 629,415 | 1,007 | |
*,^ | VIVUS Inc. | 187,244 | 996 |
* | Fluidigm Corp. | 33,874 | 996 |
* | Alliance HealthCare | ||
Services Inc. | 36,608 | 988 | |
* | Cerus Corp. | 235,616 | 978 |
* | AtriCure Inc. | 53,110 | 976 |
* | Cutera Inc. | 93,038 | 967 |
*,^ | ChemoCentryx Inc. | 161,990 | 948 |
Ensign Group Inc. | 30,274 | 941 | |
* | Sagent Pharmaceuticals Inc. | 35,756 | 925 |
* | Quidel Corp. | 41,207 | 911 |
Invacare Corp. | 49,477 | 909 | |
* | Intrexon Corp. | 36,020 | 905 |
* | Almost Family Inc. | 39,607 | 874 |
* | AcelRx Pharmaceuticals Inc. | 83,842 | 859 |
* | Cynosure Inc. Class A | 40,412 | 859 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Cardiovascular Systems Inc. | 27,210 | 848 |
* | Hyperion Therapeutics Inc. | 32,391 | 845 |
* | IPC The Hospitalist Co. Inc. | 19,084 | 844 |
* | Insmed Inc. | 42,204 | 843 |
* | Exactech Inc. | 33,289 | 840 |
* | BioTelemetry Inc. | 114,769 | 823 |
* | KYTHERA | ||
Biopharmaceuticals Inc. | 21,026 | 807 | |
* | Orexigen Therapeutics Inc. | 130,207 | 805 |
*,^ | BioTime Inc. | 260,899 | 796 |
* | Raptor Pharmaceutical Corp. | 67,744 | 782 |
* | Horizon Pharma Inc. | 49,155 | 778 |
* | Luminex Corp. | 45,138 | 774 |
* | NewLink Genetics Corp. | 29,127 | 773 |
* | Orthofix International NV | 20,831 | 755 |
* | AVEO Pharmaceuticals Inc. | 412,100 | 754 |
*,^ | MiMedx Group Inc. | 105,609 | 749 |
* | Addus HomeCare Corp. | 32,608 | 733 |
* | Spectrum | ||
Pharmaceuticals Inc. | 89,611 | 729 | |
CryoLife Inc. | 79,431 | 711 | |
* | Symmetry Medical Inc. | 80,029 | 709 |
* | Insys Therapeutics Inc. | 22,500 | 703 |
* | Alphatec Holdings Inc. | 430,379 | 701 |
* | Catalyst Pharmaceutical | ||
Partners Inc. | 276,282 | 699 | |
*,^ | Organovo Holdings Inc. | 82,845 | 692 |
* | Alimera Sciences Inc. | 114,950 | 687 |
* | Lexicon | ||
Pharmaceuticals Inc. | 426,596 | 687 | |
* | Receptos Inc. | 15,959 | 680 |
* | Repligen Corp. | 29,071 | 662 |
* | ArQule Inc. | 426,641 | 661 |
* | Merit Medical Systems Inc. | 43,528 | 657 |
* | Tornier NV | 27,749 | 649 |
*,^ | Athersys Inc. | 353,110 | 632 |
*,^ | Biolase Inc. | 281,018 | 618 |
* | Portola Pharmaceuticals Inc. | 20,890 | 610 |
*,^ | Idera Pharmaceuticals Inc. | 206,802 | 600 |
* | Merrimack | ||
Pharmaceuticals Inc. | 82,137 | 599 | |
* | BioSpecifics | ||
Technologies Corp. | 22,082 | 595 | |
* | OraSure Technologies Inc. | 68,580 | 590 |
* | Antares Pharma Inc. | 218,527 | 583 |
* | Curis Inc. | 308,961 | 575 |
* | Immunomedics Inc. | 150,892 | 551 |
* | Durect Corp. | 291,059 | 530 |
* | Ophthotech Corp. | 12,006 | 508 |
* | BioDelivery Sciences | ||
International Inc. | 41,159 | 497 | |
* | Neuralstem Inc. | 109,041 | 460 |
* | SciClone | ||
Pharmaceuticals Inc. | 87,346 | 459 | |
* | Foundation Medicine Inc. | 16,912 | 456 |
* | HealthStream Inc. | 18,427 | 448 |
28
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Accelerate Diagnostics Inc. | 17,164 | 446 |
* | Five Star Quality Care Inc. | 85,876 | 430 |
* | Enzo Biochem Inc. | 81,108 | 426 |
* | PTC Therapeutics Inc. | 15,600 | 408 |
* | Endocyte Inc. | 61,245 | 404 |
* | Rigel Pharmaceuticals Inc. | 109,592 | 398 |
* | XOMA Corp. | 85,572 | 393 |
* | LHC Group Inc. | 18,204 | 389 |
* | STAAR Surgical Co. | 22,704 | 381 |
* | Corcept Therapeutics Inc. | 136,085 | 381 |
* | Anthera Pharmaceuticals Inc. | ||
Class A | 110,168 | 373 | |
*,^ | Alexza Pharmaceuticals Inc. | 81,627 | 373 |
Universal American Corp. | 42,372 | 353 | |
* | TherapeuticsMD Inc. | 78,645 | 348 |
National Healthcare Corp. | 6,158 | 347 | |
* | Triple-S Management Corp. | ||
Class B | 19,212 | 344 | |
*,^ | Cytori Therapeutics Inc. | 139,519 | 333 |
* | Sequenom Inc. | 85,701 | 332 |
* | Zeltiq Aesthetics Inc. | 21,312 | 324 |
US Physical Therapy Inc. | 9,458 | 323 | |
* | Repros Therapeutics Inc. | 18,614 | 322 |
* | Vanda Pharmaceuticals Inc. | 18,779 | 304 |
* | MacroGenics Inc. | 13,629 | 296 |
* | Biodel Inc. | 136,501 | 295 |
* | SurModics Inc. | 13,357 | 286 |
* | Acceleron Pharma Inc. | 8,346 | 283 |
* | Pain Therapeutics Inc. | 48,537 | 279 |
*,^ | CytRx Corp. | 65,584 | 274 |
* | Venaxis Inc. | 122,333 | 273 |
*,^ | Apricus Biosciences Inc. | 120,161 | 270 |
*,^ | Unilife Corp. | 89,751 | 266 |
Pozen Inc. | 31,094 | 259 | |
* | Medical Action | ||
Industries Inc. | 17,692 | 243 | |
* | GenMark Diagnostics Inc. | 17,932 | 243 |
*,^ | Coronado Biosciences Inc. | 139,507 | 240 |
* | Auspex Pharmaceuticals Inc. | 10,669 | 238 |
*,^ | Acura Pharmaceuticals Inc. | 205,102 | 224 |
Columbia Laboratories Inc. | 32,526 | 223 | |
* | Hooper Holmes Inc. | 297,738 | 223 |
* | Advaxis Inc. | 69,438 | 219 |
* | Zogenix Inc. | 107,824 | 217 |
* | Ultragenyx | ||
Pharmaceutical Inc. | 4,624 | 208 | |
* | Karyopharm Therapeutics Inc. | 4,402 | 205 |
* | Harvard Bioscience Inc. | 45,022 | 205 |
* | Cytokinetics Inc. | 42,787 | 204 |
* | Osiris Therapeutics Inc. | 13,039 | 204 |
* | Vascular Solutions Inc. | 9,169 | 203 |
* | Dicerna Pharmaceuticals Inc. | 8,921 | 201 |
*,^ | Rockwell Medical Inc. | 16,443 | 197 |
* | IGI Laboratories Inc. | 37,107 | 197 |
* | Peregrine | ||
Pharmaceuticals Inc. | 98,096 | 184 |
Market | |||
Value | |||
Shares | ($000) | ||
* | RTI Surgical Inc. | 41,134 | 179 |
* | Supernus | ||
Pharmaceuticals Inc. | 16,272 | 178 | |
*,^ | EnteroMedics Inc. | 113,831 | 178 |
*,^ | BG Medicine Inc. | 162,483 | 171 |
* | Synergy Pharmaceuticals Inc. | 41,723 | 170 |
*,^ | Navidea | ||
Biopharmaceuticals Inc. | 114,710 | 170 | |
*,^ | Hansen Medical Inc. | 129,025 | 169 |
* | Ambit Biosciences Corp. | 24,236 | 167 |
* | Chindex International Inc. | 7,031 | 167 |
* | OncoMed | ||
Pharmaceuticals Inc. | 7,100 | 165 | |
* | NeoGenomics Inc. | 48,442 | 161 |
* | Bovie Medical Corp. | 43,121 | 156 |
* | XenoPort Inc. | 31,708 | 153 |
* | ZIOPHARM Oncology Inc. | 37,953 | 153 |
Digirad Corp. | 40,423 | 144 | |
LeMaitre Vascular Inc. | 17,245 | 143 | |
* | Surgical Care Affiliates Inc. | 4,527 | 132 |
* | Progenics | ||
Pharmaceuticals Inc. | 30,191 | 130 | |
Enzon Pharmaceuticals Inc. | 123,147 | 128 | |
* | Oncothyreon Inc. | 39,256 | 127 |
* | RadNet Inc. | 18,952 | 126 |
* | Harvard Apparatus | ||
Regenerative | |||
Technology Inc. | 11,255 | 118 | |
* | Stemline Therapeutics Inc. | 7,700 | 113 |
* | AdCare Health Systems Inc. | 25,016 | 107 |
* | Inogen Inc. | 4,740 | 107 |
*,^ | ARCA Biopharma Inc. | 69,700 | 102 |
* | BSD Medical Corp. | 102,783 | 102 |
* | Targacept Inc. | 21,867 | 99 |
*,^ | GTx Inc. | 69,694 | 96 |
* | InfuSystems Holdings Inc. | 34,480 | 91 |
* | Achaogen Inc. | 6,133 | 86 |
* | Aastrom Biosciences Inc. | 20,678 | 85 |
* | BIND Therapeutics Inc. | 6,333 | 83 |
* | Derma Sciences Inc. | 6,973 | 81 |
* | Wright Medical Group Inc. | ||
CVR | 50,806 | 76 | |
* | Pernix Therapeutics | ||
Holdings Inc. | 8,405 | 75 | |
* | Celsion Corp. | 21,242 | 74 |
*,^ | Oculus Innovative | ||
Sciences Inc. | 23,597 | 73 | |
* | Tandem Diabetes Care Inc. | 4,410 | 72 |
Psychemedics Corp. | 4,661 | 66 | |
* | SIGA Technologies Inc. | 20,690 | 58 |
* | MEI Pharma Inc. | 8,987 | 57 |
*,^ | StemCells Inc. | 27,652 | 56 |
* | Synta Pharmaceuticals Corp. | 13,525 | 55 |
* | Kite Pharma Inc. | 1,817 | 53 |
* | Mast Therapeutics Inc. | 81,953 | 52 |
* | Akebia Therapeutics Inc. | 1,820 | 51 |
29
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Cumberland | ||
Pharmaceuticals Inc. | 10,775 | 48 | |
* | Ardelyx Inc. | 3,036 | 48 |
* | Synergetics USA Inc. | 15,077 | 47 |
* | Adeptus Health Inc. Class A | 1,820 | 46 |
* | Skilled Healthcare Group Inc. | 6,697 | 42 |
* | Sunesis Pharmaceuticals Inc. | 6,300 | 41 |
* | Discovery Laboratories Inc. | 22,888 | 41 |
* | CASI Pharmaceuticals Inc. | 22,562 | 41 |
* | Cancer Genetics Inc. | 3,500 | 40 |
* | Veracyte Inc. | 2,228 | 38 |
* | Threshold | ||
Pharmaceuticals Inc. | 9,500 | 38 | |
* | Vical Inc. | 24,716 | 30 |
* | Hemispherx Biopharma Inc. | 96,879 | 30 |
*,^ | Baxano Surgical Inc. | 46,005 | 26 |
* | Versartis Inc. | 917 | 26 |
* | iBio Inc. | 57,800 | 24 |
* | MGC Diagnostics Corp. | 2,800 | 23 |
* | ERBA Diagnostics Inc. | 11,606 | 23 |
* | Cardica Inc. | 17,675 | 20 |
*,^ | Cel-Sci Corp. | 15,976 | 20 |
* | Cesca Therapeutics Inc. | 14,114 | 20 |
* | Cleveland Biolabs Inc. | 35,300 | 17 |
* | Concert Pharmaceuticals Inc. | 1,550 | 16 |
* | Durata Therapeutics Inc. | 800 | 14 |
* | Delcath Systems Inc. | 4,735 | 12 |
* | Zalicus Inc. | 10,037 | 12 |
Transcept | |||
Pharmaceuticals Inc. | 5,840 | 12 | |
* | Onconova Therapeutics Inc. | 1,800 | 10 |
* | Amicus Therapeutics Inc. | 2,697 | 9 |
* | OncoGenex | ||
Pharmaceutical Inc. | 1,867 | 7 | |
* | Heska Corp. | 591 | 6 |
Birner Dental Management | |||
Services Inc. | 265 | 5 | |
* | Stereotaxis Inc. | 1,152 | 4 |
Diversicare Healthcare | |||
Services Inc. | 500 | 4 | |
* | CAS Medical Systems Inc. | 1,800 | 4 |
Utah Medical Products Inc. | 68 | 3 | |
* | MELA Sciences Inc. | 9,482 | 3 |
* | LipoScience Inc. | 647 | 2 |
* | Nanosphere Inc. | 759 | 1 |
Daxor Corp. | 161 | 1 | |
* | Sucampo Pharmaceuticals Inc. | ||
Class A | 158 | 1 | |
* | ProPhase Labs Inc. | 465 | 1 |
* | Vision Sciences Inc. | 140 | — |
4,778,735 | |||
Industrials (12.9%) | |||
General Electric Co. | 18,055,798 | 474,506 | |
United Technologies | |||
Corp. | 1,568,129 | 181,040 | |
3M Co. | 1,178,080 | 168,748 |
Market | |||
Value | |||
Shares | ($000) | ||
Union Pacific Corp. | 1,632,190 | 162,811 | |
Boeing Co. | 1,181,725 | 150,351 | |
United Parcel Service Inc. | |||
Class B | 1,271,529 | 130,535 | |
Honeywell | |||
International Inc. | 1,340,787 | 124,626 | |
Caterpillar Inc. | 1,123,931 | 122,138 | |
Accenture plc Class A | 1,139,935 | 92,152 | |
Danaher Corp. | 1,069,678 | 84,216 | |
Emerson Electric Co. | 1,265,286 | 83,964 | |
Lockheed Martin Corp. | 488,685 | 78,546 | |
FedEx Corp. | 505,521 | 76,526 | |
Automatic Data | |||
Processing Inc. | 868,070 | 68,821 | |
Eaton Corp. plc | 858,375 | 66,249 | |
Precision Castparts Corp. | 261,389 | 65,975 | |
Illinois Tool Works Inc. | 705,712 | 61,792 | |
General Dynamics Corp. | 524,286 | 61,106 | |
Deere & Co. | 655,058 | 59,316 | |
Norfolk Southern Corp. | 557,441 | 57,433 | |
CSX Corp. | 1,813,519 | 55,875 | |
Raytheon Co. | 563,290 | 51,964 | |
Cummins Inc. | 331,057 | 51,079 | |
TE Connectivity Ltd. | 737,980 | 45,637 | |
Northrop Grumman Corp. | 347,001 | 41,512 | |
PACCAR Inc. | 638,156 | 40,095 | |
Tyco International Ltd. | 829,920 | 37,844 | |
Waste Management Inc. | 795,148 | 35,567 | |
Agilent Technologies Inc. | 600,132 | 34,472 | |
Parker Hannifin Corp. | 268,450 | 33,752 | |
* | LinkedIn Corp. Class A | 189,604 | 32,511 |
Sherwin-Williams Co. | 153,166 | 31,692 | |
Rockwell Automation Inc. | 249,833 | 31,269 | |
Ingersoll-Rand plc | 461,703 | 28,861 | |
WW Grainger Inc. | 111,453 | 28,339 | |
Amphenol Corp. Class A | 284,768 | 27,435 | |
Dover Corp. | 299,770 | 27,264 | |
* | Fiserv Inc. | 448,762 | 27,069 |
Roper Industries Inc. | 179,672 | 26,234 | |
* | Alliance Data Systems Corp. | 92,738 | 26,083 |
Fidelity National Information | |||
Services Inc. | 466,363 | 25,529 | |
* | Pentair plc | 348,551 | 25,137 |
Xerox Corp. | 1,996,777 | 24,840 | |
Paychex Inc. | 589,993 | 24,520 | |
Fastenal Co. | 480,901 | 23,800 | |
AMETEK Inc. | 441,375 | 23,075 | |
Fluor Corp. | 288,682 | 22,200 | |
Kansas City Southern | 198,488 | 21,339 | |
Rockwell Collins Inc. | 243,992 | 19,066 | |
Flowserve Corp. | 247,784 | 18,423 | |
* | United Rentals Inc. | 175,099 | 18,338 |
Republic Services Inc. | |||
Class A | 481,209 | 18,272 | |
* | Stericycle Inc. | 153,367 | 18,162 |
* | FleetCor Technologies Inc. | 134,411 | 17,715 |
30
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | B/E Aerospace Inc. | 189,369 | 17,515 |
* | Trimble Navigation Ltd. | 469,419 | 17,345 |
Textron Inc. | 452,298 | 17,318 | |
CH Robinson | |||
Worldwide Inc. | 267,439 | 17,060 | |
Pall Corp. | 197,771 | 16,888 | |
L-3 Communications | |||
Holdings Inc. | 139,686 | 16,867 | |
* | Verisk Analytics Inc. | ||
Class A | 270,520 | 16,237 | |
Ball Corp. | 252,929 | 15,854 | |
Vulcan Materials Co. | 235,300 | 15,000 | |
Expeditors International | |||
of Washington Inc. | 337,596 | 14,908 | |
TransDigm Group Inc. | 85,877 | 14,364 | |
Masco Corp. | 642,017 | 14,253 | |
Rock-Tenn Co. Class A | 129,282 | 13,651 | |
Wabtec Corp. | 164,953 | 13,623 | |
* | Mettler-Toledo | ||
International Inc. | 52,887 | 13,390 | |
MeadWestvaco Corp. | 302,242 | 13,377 | |
* | Quanta Services Inc. | 384,303 | 13,289 |
Sealed Air Corp. | 388,746 | 13,283 | |
Chicago Bridge | |||
& Iron Co. NV | 194,485 | 13,264 | |
Towers Watson & Co. | |||
Class A | 126,952 | 13,232 | |
Xylem Inc. | 332,311 | 12,987 | |
* | Sensata Technologies | ||
Holding NV | 272,547 | 12,750 | |
Packaging Corp. of America | 176,949 | 12,650 | |
JB Hunt Transport | |||
Services Inc. | 168,795 | 12,454 | |
* | Crown Holdings Inc. | 249,526 | 12,416 |
Trinity Industries Inc. | 279,028 | 12,199 | |
Manpowergroup Inc. | 143,379 | 12,166 | |
* | Jacobs Engineering | ||
Group Inc. | 226,338 | 12,059 | |
Fortune Brands Home | |||
& Security Inc. | 299,276 | 11,950 | |
IDEX Corp. | 145,511 | 11,749 | |
Cintas Corp. | 183,943 | 11,688 | |
* | Flextronics | ||
International Ltd. | 1,054,136 | 11,669 | |
Hubbell Inc. Class B | 93,676 | 11,536 | |
MDU Resources Group Inc. | 327,451 | 11,494 | |
Robert Half | |||
International Inc. | 234,985 | 11,218 | |
Joy Global Inc. | 180,217 | 11,098 | |
Donaldson Co. Inc. | 261,274 | 11,057 | |
Avnet Inc. | 249,290 | 11,046 | |
Iron Mountain Inc. | 311,301 | 11,036 | |
Martin Marietta | |||
Materials Inc. | 83,199 | 10,986 | |
ADT Corp. | 313,772 | 10,963 | |
* | Arrow Electronics Inc. | 179,993 | 10,873 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Kirby Corp. | 92,333 | 10,816 |
* | Colfax Corp. | 144,567 | 10,776 |
Acuity Brands Inc. | 77,917 | 10,772 | |
Valspar Corp. | 137,022 | 10,440 | |
Waste Connections Inc. | 212,222 | 10,303 | |
* | Owens-Illinois Inc. | 297,027 | 10,289 |
Timken Co. | 150,308 | 10,197 | |
Lincoln Electric | |||
Holdings Inc. | 145,863 | 10,193 | |
Carlisle Cos. Inc. | 115,407 | 9,997 | |
Allegion plc | 173,931 | 9,858 | |
* | Genesee & Wyoming Inc. | ||
Class A | 93,819 | 9,851 | |
Total System Services Inc. | 305,898 | 9,608 | |
PerkinElmer Inc. | 204,032 | 9,557 | |
Global Payments Inc. | 129,415 | 9,428 | |
Allison Transmission | |||
Holdings Inc. | 301,007 | 9,361 | |
Jack Henry | |||
& Associates Inc. | 153,903 | 9,146 | |
Broadridge Financial | |||
Solutions Inc. | 217,158 | 9,042 | |
FLIR Systems Inc. | 255,209 | 8,863 | |
* | Vantiv Inc. Class A | 263,033 | 8,843 |
* | CoStar Group Inc. | 54,304 | 8,589 |
AGCO Corp. | 152,415 | 8,569 | |
Graco Inc. | 109,535 | 8,552 | |
Oshkosh Corp. | 152,932 | 8,492 | |
Ryder System Inc. | 96,342 | 8,487 | |
Huntington Ingalls | |||
Industries Inc. | 88,514 | 8,373 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 87,476 | 8,366 | |
Sonoco Products Co. | 184,105 | 8,088 | |
Manitowoc Co. Inc. | 243,732 | 8,009 | |
* | Spirit AeroSystems | ||
Holdings Inc. Class A | 237,073 | 7,989 | |
ITT Corp. | 165,212 | 7,947 | |
AptarGroup Inc. | 118,280 | 7,926 | |
Nordson Corp. | 98,800 | 7,923 | |
* | Old Dominion Freight | ||
Line Inc. | 124,150 | 7,906 | |
SPX Corp. | 72,707 | 7,868 | |
Terex Corp. | 189,892 | 7,805 | |
Owens Corning | 201,409 | 7,790 | |
Alliant Techsystems Inc. | 57,334 | 7,678 | |
* | Zebra Technologies Corp. | 90,898 | 7,483 |
Bemis Co. Inc. | 183,068 | 7,444 | |
* | WEX Inc. | 70,053 | 7,353 |
* | Hexcel Corp. | 178,700 | 7,309 |
Eagle Materials Inc. | 76,733 | 7,234 | |
Lennox International Inc. | 79,588 | 7,129 | |
Jabil Circuit Inc. | 335,138 | 7,004 | |
Valmont Industries Inc. | 46,056 | 6,998 | |
AO Smith Corp. | 140,925 | 6,987 | |
FEI Co. | 76,377 | 6,930 |
31
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | WESCO International Inc. | 80,150 | 6,923 |
* | Graphic Packaging | ||
Holding Co. | 588,726 | 6,888 | |
* | USG Corp. | 223,447 | 6,732 |
Air Lease Corp. Class A | 174,189 | 6,720 | |
Triumph Group Inc. | 94,758 | 6,616 | |
Kennametal Inc. | 141,811 | 6,563 | |
Babcock & Wilcox Co. | 199,396 | 6,472 | |
Toro Co. | 101,595 | 6,461 | |
KBR Inc. | 267,236 | 6,374 | |
Crane Co. | 84,863 | 6,310 | |
Belden Inc. | 78,572 | 6,141 | |
Foster Wheeler AG | 179,478 | 6,115 | |
RR Donnelley & Sons Co. | 359,889 | 6,104 | |
Regal-Beloit Corp. | 77,413 | 6,082 | |
World Fuel Services Corp. | 123,199 | 6,065 | |
* | Generac Holdings Inc. | 124,183 | 6,053 |
* | Clean Harbors Inc. | 93,388 | 6,000 |
* | Esterline Technologies Corp. | 51,765 | 5,959 |
* | Teledyne Technologies Inc. | 61,211 | 5,948 |
National Instruments Corp. | 182,398 | 5,908 | |
EnerSys | 85,230 | 5,863 | |
Exelis Inc. | 342,173 | 5,810 | |
* | Cognex Corp. | 148,934 | 5,719 |
URS Corp. | 124,141 | 5,692 | |
CLARCOR Inc. | 91,066 | 5,632 | |
GATX Corp. | 83,239 | 5,572 | |
* | Moog Inc. Class A | 75,450 | 5,500 |
* | AECOM Technology Corp. | 170,128 | 5,478 |
Woodward Inc. | 108,944 | 5,467 | |
Deluxe Corp. | 91,195 | 5,342 | |
Landstar System Inc. | 82,149 | 5,258 | |
Con-way Inc. | 102,908 | 5,188 | |
EMCOR Group Inc. | 115,046 | 5,123 | |
Curtiss-Wright Corp. | 78,044 | 5,117 | |
Anixter International Inc. | 50,033 | 5,007 | |
* | HD Supply Holdings Inc. | 176,331 | 5,006 |
MAXIMUS Inc. | 115,808 | 4,982 | |
Watsco Inc. | 46,228 | 4,750 | |
* | Knowles Corp. | 153,840 | 4,729 |
* | Berry Plastics Group Inc. | 179,314 | 4,626 |
* | Armstrong World | ||
Industries Inc. | 78,977 | 4,536 | |
* | CoreLogic Inc. | 148,803 | 4,518 |
* | Genpact Ltd. | 252,903 | 4,433 |
Actuant Corp. Class A | 125,095 | 4,325 | |
* | IPG Photonics Corp. | 61,190 | 4,210 |
* | Euronet Worldwide Inc. | 87,228 | 4,208 |
Corporate Executive | |||
Board Co. | 60,948 | 4,158 | |
Covanta Holding Corp. | 200,817 | 4,139 | |
Silgan Holdings Inc. | 80,300 | 4,081 | |
Harsco Corp. | 145,978 | 3,887 | |
* | Swift Transportation Co. | 152,126 | 3,838 |
* | Louisiana-Pacific Corp. | 254,887 | 3,828 |
HEICO Corp. Class A | 94,293 | 3,828 |
Market | |||
Value | |||
Shares | ($000) | ||
Mobile Mini Inc. | 79,885 | 3,826 | |
* | DigitalGlobe Inc. | 136,530 | 3,796 |
Vishay Intertechnology Inc. | 244,087 | 3,781 | |
Littelfuse Inc. | 40,518 | 3,766 | |
* | Texas Industries Inc. | 38,965 | 3,599 |
* | Navistar International Corp. | 95,765 | 3,589 |
Convergys Corp. | 164,414 | 3,525 | |
Applied Industrial | |||
Technologies Inc. | 68,238 | 3,462 | |
* | Advisory Board Co. | 66,149 | 3,427 |
Barnes Group Inc. | 88,452 | 3,409 | |
* | Greenbrier Cos. Inc. | 58,016 | 3,342 |
MSA Safety Inc. | 57,158 | 3,285 | |
* | Benchmark Electronics Inc. | 127,732 | 3,255 |
* | Sanmina Corp. | 142,714 | 3,251 |
* | MasTec Inc. | 105,395 | 3,248 |
* | Orbital Sciences Corp. | 109,704 | 3,242 |
Tetra Tech Inc. | 117,215 | 3,223 | |
* | Proto Labs Inc. | 39,182 | 3,210 |
* | Hub Group Inc. Class A | 63,519 | 3,201 |
* | On Assignment Inc. | 88,177 | 3,136 |
* | MWI Veterinary Supply Inc. | 22,053 | 3,131 |
* | Rexnord Corp. | 109,364 | 3,079 |
Watts Water Technologies | |||
Inc. Class A | 49,576 | 3,060 | |
CIRCOR International Inc. | 39,598 | 3,054 | |
Methode Electronics Inc. | 79,719 | 3,046 | |
* | Huron Consulting Group Inc. | 42,284 | 2,995 |
* | EnPro Industries Inc. | 40,915 | 2,993 |
* | TriMas Corp. | 78,485 | 2,993 |
Greif Inc. Class A | 54,751 | 2,987 | |
* | Coherent Inc. | 44,797 | 2,964 |
Franklin Electric Co. Inc. | 73,457 | 2,963 | |
United Stationers Inc. | 71,322 | 2,958 | |
*,^ | NeuStar Inc. Class A | 110,417 | 2,873 |
Mueller Industries Inc. | 97,371 | 2,864 | |
* | OSI Systems Inc. | 42,309 | 2,824 |
ABM Industries Inc. | 104,235 | 2,812 | |
AZZ Inc. | 60,749 | 2,799 | |
* | Cardtronics Inc. | 81,638 | 2,782 |
UniFirst Corp. | 26,103 | 2,767 | |
EVERTEC Inc. | 113,845 | 2,760 | |
Booz Allen Hamilton | |||
Holding Corp. Class A | 129,721 | 2,755 | |
TAL International Group Inc. | 62,064 | 2,753 | |
* | Itron Inc. | 67,628 | 2,742 |
* | FTI Consulting Inc. | 72,477 | 2,741 |
* | Outerwall Inc. | 46,051 | 2,733 |
* | WageWorks Inc. | 56,361 | 2,717 |
RBC Bearings Inc. | 42,003 | 2,690 | |
Albany International Corp. | 70,625 | 2,681 | |
Simpson Manufacturing | |||
Co. Inc. | 73,255 | 2,664 | |
Heartland Payment | |||
Systems Inc. | 63,402 | 2,613 | |
Aircastle Ltd. | 146,983 | 2,612 |
32
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Plexus Corp. | 59,906 | 2,593 |
Apogee Enterprises Inc. | 73,957 | 2,578 | |
* | Veeco Instruments Inc. | 68,240 | 2,543 |
Brink’s Co. | 88,485 | 2,497 | |
* | Greatbatch Inc. | 50,403 | 2,473 |
ArcBest Corp. | 56,287 | 2,449 | |
Altra Industrial Motion Corp. | 66,971 | 2,437 | |
Brady Corp. Class A | 81,532 | 2,435 | |
G&K Services Inc. Class A | 46,022 | 2,396 | |
Knight Transportation Inc. | 100,570 | 2,391 | |
* | GenCorp Inc. | 123,683 | 2,362 |
AAON Inc. | 70,226 | 2,354 | |
Granite Construction Inc. | 65,282 | 2,349 | |
Standex International Corp. | 31,372 | 2,337 | |
General Cable Corp. | 91,054 | 2,336 | |
* | PHH Corp. | 101,638 | 2,336 |
Acacia Research Corp. | 131,342 | 2,331 | |
* | GrafTech International Ltd. | 222,459 | 2,327 |
Heartland Express Inc. | 107,202 | 2,288 | |
* | Universal Display Corp. | 70,668 | 2,268 |
Forward Air Corp. | 47,135 | 2,255 | |
AAR Corp. | 81,544 | 2,247 | |
* | Wesco Aircraft | ||
Holdings Inc. | 109,659 | 2,189 | |
Astec Industries Inc. | 49,754 | 2,183 | |
* | Vistaprint NV | 53,927 | 2,182 |
* | XPO Logistics Inc. | 75,793 | 2,169 |
* | Masonite International Corp. | 38,542 | 2,168 |
Mueller Water Products Inc. | |||
Class A | 250,459 | 2,164 | |
Raven Industries Inc. | 64,990 | 2,154 | |
ESCO Technologies Inc. | 60,319 | 2,089 | |
US Ecology Inc. | 42,217 | 2,067 | |
^ | Sturm Ruger & Co. Inc. | 34,702 | 2,048 |
* | Measurement | ||
Specialties Inc. | 23,741 | 2,043 | |
Badger Meter Inc. | 38,477 | 2,026 | |
* | H&E Equipment | ||
Services Inc. | 54,662 | 1,986 | |
* | FARO Technologies Inc. | 40,300 | 1,980 |
* | Korn/Ferry International | 66,551 | 1,955 |
Werner Enterprises Inc. | 71,567 | 1,897 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 51,036 | 1,881 | |
Matson Inc. | 69,772 | 1,873 | |
American Railcar | |||
Industries Inc. | 27,392 | 1,856 | |
Exponent Inc. | 25,014 | 1,854 | |
* | Astronics Corp. | 32,099 | 1,812 |
* | Meritor Inc. | 136,937 | 1,786 |
Tennant Co. | 22,798 | 1,740 | |
CTS Corp. | 92,421 | 1,728 | |
* | Aegion Corp. Class A | 73,994 | 1,722 |
Federal Signal Corp. | 116,407 | 1,705 | |
* | Monster Worldwide Inc. | 256,996 | 1,681 |
Myers Industries Inc. | 83,524 | 1,678 |
Market | |||
Value | |||
Shares | ($000) | ||
* | UTi Worldwide Inc. | 160,037 | 1,655 |
* | Tutor Perini Corp. | 51,317 | 1,629 |
* | Headwaters Inc. | 114,994 | 1,597 |
Materion Corp. | 43,045 | 1,592 | |
Otter Tail Corp. | 52,461 | 1,589 | |
Park-Ohio Holdings Corp. | 26,999 | 1,569 | |
Celadon Group Inc. | 73,056 | 1,558 | |
Marten Transport Ltd. | 69,124 | 1,545 | |
MTS Systems Corp. | 22,723 | 1,540 | |
Comfort Systems USA Inc. | 97,074 | 1,534 | |
Powell Industries Inc. | 23,397 | 1,530 | |
* | Checkpoint Systems Inc. | 109,214 | 1,528 |
* | Advanced Emissions | ||
Solutions Inc. | 66,094 | 1,516 | |
* | DXP Enterprises Inc. | 20,052 | 1,515 |
Kaman Corp. | 34,599 | 1,478 | |
* | Rogers Corp. | 22,278 | 1,478 |
Universal Forest | |||
Products Inc. | 30,534 | 1,474 | |
Insperity Inc. | 44,041 | 1,453 | |
* | AMN Healthcare | ||
Services Inc. | 116,771 | 1,436 | |
* | ExamWorks Group Inc. | 44,634 | 1,416 |
American Science | |||
& Engineering Inc. | 20,349 | 1,416 | |
* | TeleTech Holdings Inc. | 48,774 | 1,414 |
* | CBIZ Inc. | 156,416 | 1,412 |
* | Builders FirstSource Inc. | 185,762 | 1,389 |
* | ExlService Holdings Inc. | 46,843 | 1,380 |
Lindsay Corp. | 16,299 | 1,377 | |
Quanex Building | |||
Products Corp. | 76,554 | 1,368 | |
Alamo Group Inc. | 25,202 | 1,363 | |
* | TrueBlue Inc. | 49,072 | 1,353 |
* | American Woodmark Corp. | 41,758 | 1,331 |
* | EnerNOC Inc. | 69,064 | 1,309 |
Cubic Corp. | 29,383 | 1,308 | |
* | Global Cash Access | ||
Holdings Inc. | 146,855 | 1,307 | |
Primoris Services Corp. | 44,917 | 1,295 | |
* | II-VI Inc. | 89,420 | 1,293 |
* | Rofin-Sinar Technologies Inc. | 53,561 | 1,288 |
Daktronics Inc. | 107,068 | 1,276 | |
* | Trex Co. Inc. | 44,070 | 1,270 |
* | Boise Cascade Co. | 44,157 | 1,265 |
Griffon Corp. | 99,063 | 1,228 | |
Black Box Corp. | 52,300 | 1,226 | |
* | Dice Holdings Inc. | 158,740 | 1,208 |
* | LifeLock Inc. | 86,242 | 1,204 |
Textainer Group | |||
Holdings Ltd. | 30,785 | 1,189 | |
* | Saia Inc. | 26,993 | 1,186 |
AVX Corp. | 88,615 | 1,177 | |
Gorman-Rupp Co. | 33,255 | 1,176 | |
* | Aeroflex Holding Corp. | 111,765 | 1,174 |
Argan Inc. | 31,435 | 1,172 |
33
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
McGrath RentCorp | 31,872 | 1,171 | |
* | Era Group Inc. | 40,464 | 1,161 |
* | Sykes Enterprises Inc. | 51,044 | 1,109 |
* | Franklin Covey Co. | 54,884 | 1,105 |
* | Navigant Consulting Inc. | 62,747 | 1,095 |
* | Ducommun Inc. | 41,825 | 1,093 |
* | Accuride Corp. | 223,172 | 1,091 |
Dynamic Materials Corp. | 49,004 | 1,084 | |
Schnitzer Steel | |||
Industries Inc. | 40,990 | 1,069 | |
* | Taser International Inc. | 79,506 | 1,057 |
Heidrick & Struggles | |||
International Inc. | 56,967 | 1,054 | |
Encore Wire Corp. | 21,356 | 1,047 | |
* | Engility Holdings Inc. | 27,290 | 1,044 |
Ennis Inc. | 67,648 | 1,032 | |
* | Furmanite Corp. | 88,579 | 1,031 |
* | Wabash National Corp. | 71,496 | 1,019 |
Columbus McKinnon Corp. | 37,435 | 1,013 | |
*,^ | Smith & Wesson | ||
Holding Corp. | 68,259 | 992 | |
* | CRA International Inc. | 42,711 | 984 |
NN Inc. | 38,316 | 980 | |
* | Quality Distribution Inc. | 65,528 | 974 |
*,^ | Capstone Turbine Corp. | 644,808 | 974 |
* | Air Transport Services | ||
Group Inc. | 114,654 | 960 | |
ManTech International Corp. | |||
Class A | 31,995 | 944 | |
Barrett Business | |||
Services Inc. | 19,994 | 940 | |
* | Information Services | ||
Group Inc. | 194,242 | 934 | |
Sun Hydraulics Corp. | 22,809 | 926 | |
* | Maxwell Technologies Inc. | 61,076 | 924 |
* | Lionbridge | ||
Technologies Inc. | 153,882 | 914 | |
* | GP Strategies Corp. | 34,397 | 890 |
* | Team Inc. | 21,676 | 889 |
* | ARC Document | ||
Solutions Inc. | 151,249 | 886 | |
* | AM Castle & Co. | 77,451 | 855 |
Ceco Environmental Corp. | 54,403 | 848 | |
John Bean | |||
Technologies Corp. | 27,337 | 847 | |
* | Aerovironment Inc. | 26,528 | 844 |
Hyster-Yale Materials | |||
Handling Inc. | 9,387 | 831 | |
LB Foster Co. Class A | 15,244 | 825 | |
* | CTPartners Executive | ||
Search Inc. | 84,900 | 794 | |
* | Fabrinet | 38,105 | 785 |
Kadant Inc. | 20,038 | 770 | |
* | Covenant Transportation | ||
Group Inc. Class A | 59,775 | 770 | |
*,^ | Bazaarvoice Inc. | 97,432 | 769 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Nortek Inc. | 8,563 | 769 |
* | Roadrunner Transportation | ||
Systems Inc. | 27,181 | 764 | |
* | Lydall Inc. | 27,660 | 757 |
Insteel Industries Inc. | 38,399 | 755 | |
* | Imperva Inc. | 28,764 | 753 |
Kforce Inc. | 34,320 | 743 | |
Cass Information | |||
Systems Inc. | 14,946 | 740 | |
* | Thermon Group | ||
Holdings Inc. | 28,050 | 738 | |
* | RPX Corp. | 41,571 | 738 |
Graham Corp. | 20,640 | 718 | |
*,^ | YRC Worldwide Inc. | 24,854 | 699 |
* | Commercial Vehicle | ||
Group Inc. | 69,313 | 696 | |
Kimball International Inc. | |||
Class B | 41,464 | 693 | |
* | Cenveo Inc. | 183,712 | 682 |
* | Landec Corp. | 53,668 | 670 |
CDI Corp. | 46,283 | 667 | |
* | Northwest Pipe Co. | 16,293 | 657 |
Resources Connection Inc. | 50,079 | 657 | |
* | NCI Building Systems Inc. | 33,463 | 650 |
Park Electrochemical Corp. | 22,921 | 647 | |
Crawford & Co. Class B | 63,879 | 644 | |
* | PGT Inc. | 73,465 | 622 |
* | TTM Technologies Inc. | 75,417 | 618 |
* | Great Lakes Dredge | ||
& Dock Corp. | 76,493 | 611 | |
* | ICF International Inc. | 17,247 | 610 |
Electro Rent Corp. | 36,293 | 607 | |
Multi-Color Corp. | 15,124 | 605 | |
* | Echelon Corp. | 248,129 | 603 |
* | Gibraltar Industries Inc. | 38,134 | 591 |
Crawford & Co. Class A | 72,724 | 589 | |
* | Newport Corp. | 31,705 | 587 |
* | Cross Country | ||
Healthcare Inc. | 89,559 | 584 | |
Houston Wire & Cable Co. | 46,711 | 580 | |
* | Kemet Corp. | 99,912 | 574 |
*,^ | ModusLink Global | ||
Solutions Inc. | 153,608 | 574 | |
* | PAM Transportation | ||
Services Inc. | 20,494 | 573 | |
* | Layne Christensen Co. | 42,527 | 566 |
Bel Fuse Inc. Class B | 21,864 | 561 | |
* | Patrick Industries Inc. | 12,040 | 561 |
Quad/Graphics Inc. | 24,869 | 556 | |
*,^ | Nuverra Environmental | ||
Solutions Inc. | 27,209 | 547 | |
* | CAI International Inc. | 24,472 | 539 |
* | Kratos Defense | ||
& Security Solutions Inc. | 68,262 | 532 | |
* | Rentrak Corp. | 9,914 | 520 |
Kelly Services Inc. Class A | 29,482 | 506 |
34
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Miller Industries Inc. | 24,364 | 501 | |
Landauer Inc. | 11,734 | 493 | |
United States Lime | |||
& Minerals Inc. | 7,516 | 487 | |
Universal Technical | |||
Institute Inc. | 38,410 | 466 | |
* | CUI Global Inc. | 55,345 | 465 |
* | Taminco Corp. | 19,967 | 464 |
* | American Superconductor | ||
Corp. | 282,598 | 461 | |
Electro Scientific | |||
Industries Inc. | 65,891 | 449 | |
*,^ | Energy Recovery Inc. | 88,292 | 434 |
* | US Concrete Inc. | 17,240 | 427 |
*,^ | ClearSign Combustion Corp. | 45,606 | 419 |
* | Arotech Corp. | 92,751 | 414 |
* | Ameresco Inc. Class A | 57,389 | 403 |
Hardinge Inc. | 31,532 | 399 | |
* | Fuel Tech Inc. | 69,259 | 391 |
* | BlueLinx Holdings Inc. | 278,526 | 390 |
* | PowerSecure | ||
International Inc. | 38,435 | 374 | |
NACCO Industries Inc. | |||
Class A | 7,389 | 374 | |
* | Echo Global Logistics Inc. | 19,481 | 373 |
* | NVE Corp. | 6,690 | 372 |
* | Vishay Precision Group Inc. | 22,068 | 363 |
* | Orion Marine Group Inc. | 33,320 | 361 |
International Shipholding | |||
Corp. | 15,524 | 356 | |
* | MYR Group Inc. | 13,959 | 354 |
HEICO Corp. | 6,637 | 345 | |
* | Active Power Inc. | 122,510 | 338 |
* | Heritage-Crystal Clean Inc. | 16,389 | 322 |
* | Lawson Products Inc. | 19,589 | 319 |
* | ServiceSource | ||
International Inc. | 54,970 | 319 | |
* | InnerWorkings Inc. | 37,219 | 316 |
*,^ | Eagle Bulk Shipping Inc. | 102,101 | 315 |
LSI Industries Inc. | 39,282 | 313 | |
Viad Corp. | 13,137 | 313 | |
Eastern Co. | 19,602 | 303 | |
*,^ | ExOne Co. | 7,579 | 300 |
* | Casella Waste Systems Inc. | ||
Class A | 59,008 | 296 | |
* | Adept Technology Inc. | 27,410 | 288 |
* | Broadwind Energy Inc. | 31,113 | 273 |
* | Multi-Fineline Electronix Inc. | 23,168 | 256 |
* | Sterling Construction Co. Inc. | 27,200 | 255 |
* | Intevac Inc. | 30,977 | 248 |
* | Mistras Group Inc. | 9,970 | 244 |
Mesa Laboratories Inc. | 2,907 | 244 | |
Spartan Motors Inc. | 52,914 | 240 | |
Global Power Equipment | |||
Group Inc. | 14,735 | 238 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Innovative Solutions | ||
& Support Inc. | 31,038 | 231 | |
Hurco Cos. Inc. | 7,342 | 207 | |
* | PRGX Global Inc. | 32,040 | 205 |
* | CyberOptics Corp. | 25,135 | 201 |
* | AEP Industries Inc. | 5,711 | 199 |
* | Pike Corp. | 21,387 | 192 |
* | Vicor Corp. | 21,927 | 184 |
*,^ | Document Security | ||
Systems Inc. | 119,798 | 164 | |
* | Willis Lease Finance Corp. | 6,584 | 161 |
* | USA Truck Inc. | 8,258 | 154 |
* | Hill International Inc. | 24,339 | 152 |
* | Metalico Inc. | 119,793 | 149 |
* | Higher One Holdings Inc. | 37,954 | 145 |
* | Hudson Global Inc. | 36,753 | 144 |
* | GSI Group Inc. | 11,324 | 144 |
* | Ballantyne Strong Inc. | 34,205 | 143 |
*,^ | Odyssey Marine | ||
Exploration Inc. | 84,918 | 143 | |
* | UFP Technologies Inc. | 5,749 | 138 |
* | M/A-COM Technology | ||
Solutions Holdings Inc. | 6,035 | 136 | |
* | Magnetek Inc. | 5,279 | 126 |
* | Xerium Technologies Inc. | 8,965 | 125 |
* | API Technologies Corp. | 45,257 | 124 |
* | StarTek Inc. | 15,981 | 123 |
FreightCar America Inc. | 4,922 | 123 | |
* | Rubicon Technology Inc. | 13,744 | 120 |
* | LMI Aerospace Inc. | 9,175 | 120 |
* | Power Solutions | ||
International Inc. | 1,662 | 120 | |
*,^ | UQM Technologies Inc. | 52,587 | 119 |
* | Sparton Corp. | 4,233 | 117 |
Twin Disc Inc. | 3,509 | 116 | |
* | American Electric | ||
Technologies Inc. | 16,080 | 109 | |
*,^ | Erickson Inc. | 6,609 | 107 |
Lincoln Educational | |||
Services Corp. | 23,818 | 107 | |
* | National Research Corp. | ||
Class B | 2,635 | 103 | |
* | Goldfield Corp. | 55,560 | 96 |
Allied Motion | |||
Technologies Inc. | 6,439 | 93 | |
* | Tecumseh Products Co. | 18,215 | 93 |
Sypris Solutions Inc. | 15,958 | 89 | |
* | Control4 Corp. | 4,460 | 87 |
*,^ | Lightbridge Corp. | 31,250 | 87 |
* | Frequency Electronics Inc. | 6,878 | 85 |
* | TRC Cos. Inc. | 13,553 | 84 |
* | Ply Gem Holdings Inc. | 8,300 | 84 |
* | Patriot Transportation | ||
Holding Inc. | 2,385 | 83 | |
Richardson Electronics Ltd. | 7,894 | 83 |
35
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Synthesis Energy | ||
Systems Inc. | 43,351 | 81 | |
*,^ | Revolution Lighting | ||
Technologies Inc. | 33,852 | 78 | |
* | BTU International Inc. | 23,344 | 76 |
AMCON Distributing Co. | 900 | 73 | |
* | Radiant Logistics Inc. | 23,100 | 71 |
* | Elecsys Corp. | 5,884 | 71 |
* | Perma-Fix Environmental | ||
Services | 15,311 | 70 | |
VSE Corp. | 875 | 62 | |
Douglas Dynamics Inc. | 3,473 | 61 | |
* | Turtle Beach Corp. | 6,403 | 59 |
* | Altair Nanotechnologies Inc. | 17,221 | 59 |
* | Orion Energy Systems Inc. | 13,216 | 54 |
* | SL Industries Inc. | 1,698 | 50 |
* | Key Technology Inc. | 3,973 | 49 |
* | TriNet Group Inc. | 1,980 | 48 |
* | Standard Register Co. | 8,409 | 47 |
* | Supreme Industries Inc. | ||
Class A | 6,861 | 45 | |
* | Stock Building Supply | ||
Holdings Inc. | 2,200 | 43 | |
* | Asure Software Inc. | 7,063 | 43 |
* | Planar Systems Inc. | 16,117 | 39 |
* | Ultralife Corp. | 9,678 | 37 |
Bel Fuse Inc. Class A | 1,477 | 36 | |
* | Mattersight Corp. | 6,659 | 35 |
* | AeroCentury Corp. | 2,175 | 35 |
* | Swisher Hygiene Inc. | 7,873 | 34 |
* | Cartesian Inc. | 7,826 | 34 |
* | MicroVision Inc. | 16,405 | 33 |
* | Air T Inc. | 2,500 | 33 |
* | Transcat Inc. | 2,800 | 29 |
Global Brass & Copper | |||
Holdings Inc. | 1,656 | 28 | |
* | Paylocity Holding Corp. | 1,230 | 27 |
* | IEC Electronics Corp. | 5,961 | 26 |
* | Research Frontiers Inc. | 4,224 | 26 |
* | PMFG Inc. | 4,555 | 24 |
* | Industrial Services | ||
of America Inc. | 4,680 | 23 | |
* | National Research Corp. | ||
Class A | 1,642 | 23 | |
* | American DG Energy Inc. | 12,332 | 22 |
Greif Inc. Class B | 318 | 19 | |
* | Essex Rental Corp. | 7,239 | 18 |
* | Gencor Industries Inc. | 1,450 | 16 |
* | Viasystems Group Inc. | 1,396 | 15 |
Art’s-Way Manufacturing | |||
Co. Inc. | 2,553 | 15 | |
* | Onvia Inc. | 2,951 | 14 |
Omega Flex Inc. | 666 | 13 | |
* | Hudson Technologies Inc. | 4,027 | 12 |
Universal Truckload | |||
Services Inc. | 360 | 9 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Pulse Electronics Corp. | 2,759 | 7 |
* | Sharps Compliance Corp. | 1,172 | 5 |
* | Breeze-Eastern Corp. | 401 | 5 |
Ecology and Environment Inc. | 450 | 5 | |
* | Rand Logistics Inc. | 696 | 4 |
* | Wireless Telecom Group Inc. | 1,403 | 4 |
* | Wells-Gardner | ||
Electronics Corp. | 1,180 | 2 | |
* | Integrated Electrical | ||
Services Inc. | 200 | 1 | |
* | Newtek Business | ||
Services Inc. | 204 | 1 | |
* | Video Display Corp. | 47 | — |
* | Lime Energy Co. | 13 | — |
5,062,413 | |||
Oil & Gas (9.7%) | |||
Exxon Mobil Corp. | 7,732,368 | 778,495 | |
Chevron Corp. | 3,427,674 | 447,483 | |
Schlumberger Ltd. | 2,341,756 | 276,210 | |
ConocoPhillips | 2,210,562 | 189,511 | |
Occidental Petroleum | |||
Corp. | 1,414,523 | 145,172 | |
EOG Resources Inc. | 983,162 | 114,892 | |
Halliburton Co. | 1,444,594 | 102,581 | |
Anadarko Petroleum Corp. | 909,401 | 99,552 | |
Phillips 66 | 1,018,829 | 81,944 | |
Apache Corp. | 694,458 | 69,876 | |
Williams Cos. Inc. | 1,196,658 | 69,657 | |
National Oilwell Varco Inc. | 772,259 | 63,596 | |
Pioneer Natural | |||
Resources Co. | 257,384 | 59,149 | |
Baker Hughes Inc. | 785,082 | 58,449 | |
Devon Energy Corp. | 697,284 | 55,364 | |
Hess Corp. | 509,196 | 50,354 | |
Noble Energy Inc. | 648,977 | 50,270 | |
Marathon Oil Corp. | 1,217,293 | 48,594 | |
Valero Energy Corp. | 959,926 | 48,092 | |
Kinder Morgan Inc. | 1,205,783 | 43,722 | |
Marathon Petroleum Corp. | 467,771 | 36,519 | |
Chesapeake Energy Corp. | 1,078,648 | 33,524 | |
* | Concho Resources Inc. | 201,163 | 29,068 |
* | Southwestern Energy Co. | 635,255 | 28,898 |
* | Weatherford | ||
International plc | 1,251,265 | 28,779 | |
EQT Corp. | 259,810 | 27,774 | |
* | Cheniere Energy Inc. | 385,739 | 27,657 |
* | FMC Technologies Inc. | 424,850 | 25,946 |
Cabot Oil & Gas Corp. | 751,327 | 25,650 | |
* | Cameron International Corp. | 367,687 | 24,896 |
Range Resources Corp. | 280,210 | 24,364 | |
Ensco plc Class A | 420,572 | 23,371 | |
Cimarex Energy Co. | 156,708 | 22,481 | |
Helmerich & Payne Inc. | 184,876 | 21,466 | |
Murphy Oil Corp. | 306,936 | 20,405 | |
* | Whiting Petroleum Corp. | 214,266 | 17,195 |
HollyFrontier Corp. | 358,456 | 15,661 |
36
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
Noble Corp. plc | 457,736 | 15,362 | |
Oceaneering | |||
International Inc. | 194,735 | 15,215 | |
Nabors Industries Ltd. | 508,611 | 14,938 | |
OGE Energy Corp. | 358,588 | 14,014 | |
Tesoro Corp. | 232,820 | 13,660 | |
Core Laboratories NV | 80,753 | 13,491 | |
* | Continental Resources Inc. | 83,809 | 13,245 |
Denbury Resources Inc. | 640,568 | 11,825 | |
Energen Corp. | 130,937 | 11,638 | |
* | Newfield Exploration Co. | 245,391 | 10,846 |
Superior Energy | |||
Services Inc. | 286,199 | 10,343 | |
* | Cobalt International | ||
Energy Inc. | 557,263 | 10,226 | |
SM Energy Co. | 120,747 | 10,155 | |
QEP Resources Inc. | 291,835 | 10,068 | |
* | Gulfport Energy Corp. | 154,037 | 9,674 |
* | First Solar Inc. | 135,190 | 9,607 |
Targa Resources Corp. | 68,757 | 9,596 | |
* | Dresser-Rand Group Inc. | 137,611 | 8,770 |
* | WPX Energy Inc. | 363,990 | 8,703 |
* | Oasis Petroleum Inc. | 155,269 | 8,678 |
Patterson-UTI Energy Inc. | 247,233 | 8,638 | |
* | Ultra Petroleum Corp. | 262,185 | 7,784 |
* | Dril-Quip Inc. | 69,786 | 7,623 |
Rowan Cos. plc Class A | 224,152 | 7,157 | |
* | Kodiak Oil & Gas Corp. | 480,528 | 6,992 |
* | NOW Inc. | 192,981 | 6,988 |
* | Diamondback Energy Inc. | 73,291 | 6,508 |
^ | Diamond Offshore | ||
Drilling Inc. | 125,567 | 6,232 | |
* | Antero Resources Corp. | 94,545 | 6,205 |
* | Oil States International Inc. | 95,855 | 6,143 |
* | Unit Corp. | 89,230 | 6,142 |
*,^ | SandRidge Energy Inc. | 849,967 | 6,077 |
* | Rosetta Resources Inc. | 110,663 | 6,070 |
SemGroup Corp. Class A | 76,811 | 6,057 | |
* | Atwood Oceanics Inc. | 110,314 | 5,789 |
CARBO Ceramics Inc. | 35,467 | 5,466 | |
* | Carrizo Oil & Gas Inc. | 73,878 | 5,117 |
Tidewater Inc. | 89,562 | 5,029 | |
Bristow Group Inc. | 62,341 | 5,026 | |
* | MRC Global Inc. | 175,133 | 4,954 |
Exterran Holdings Inc. | 108,327 | 4,874 | |
* | Civeo Corp. | 191,710 | 4,798 |
* | Athlon Energy Inc. | 96,229 | 4,590 |
* | Chart Industries Inc. | 54,867 | 4,540 |
* | Helix Energy Solutions | ||
Group Inc. | 172,248 | 4,532 | |
* | Stone Energy Corp. | 94,946 | 4,443 |
* | Laredo Petroleum Inc. | 142,205 | 4,405 |
*,^ | GT Advanced | ||
Technologies Inc. | 233,632 | 4,346 | |
PBF Energy Inc. Class A | 157,805 | 4,205 | |
* | PDC Energy Inc. | 64,527 | 4,075 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Forum Energy | ||
Technologies Inc. | 109,732 | 3,998 | |
* | SunPower Corp. Class A | 94,084 | 3,856 |
Energy XXI Bermuda Ltd. | 159,366 | 3,766 | |
* | Flotek Industries Inc. | 116,366 | 3,742 |
* | Sanchez Energy Corp. | 94,183 | 3,540 |
Western Refining Inc. | 93,745 | 3,520 | |
*,^ | McDermott | ||
International Inc. | 429,891 | 3,478 | |
* | Matador Resources Co. | 112,128 | 3,283 |
* | Bonanza Creek Energy Inc. | 54,501 | 3,117 |
Comstock Resources Inc. | 104,922 | 3,026 | |
* | Basic Energy Services Inc. | 102,205 | 2,986 |
* | SEACOR Holdings Inc. | 35,026 | 2,881 |
* | Hornbeck Offshore | ||
Services Inc. | 61,368 | 2,879 | |
* | Rice Energy Inc. | 92,033 | 2,802 |
Delek US Holdings Inc. | 96,381 | 2,721 | |
* | Bill Barrett Corp. | 92,411 | 2,475 |
* | Northern Oil and Gas Inc. | 150,013 | 2,444 |
* | C&J Energy Services Inc. | 72,297 | 2,442 |
* | Clayton Williams Energy Inc. | 17,118 | 2,351 |
* | Goodrich Petroleum Corp. | 83,957 | 2,317 |
*,^ | Halcon Resources Corp. | 317,075 | 2,311 |
RPC Inc. | 97,143 | 2,282 | |
* | Approach Resources Inc. | 98,593 | 2,241 |
* | Magnum Hunter | ||
Resources Corp. | 264,383 | 2,168 | |
* | Matrix Service Co. | 65,890 | 2,161 |
* | Newpark Resources Inc. | 171,371 | 2,135 |
* | Key Energy Services Inc. | 233,233 | 2,132 |
Gulfmark Offshore Inc. | 42,054 | 1,900 | |
* | Abraxas Petroleum Corp. | 296,910 | 1,859 |
* | Geospace | ||
Technologies Corp. | 32,816 | 1,807 | |
* | Callon Petroleum Co. | 142,304 | 1,658 |
Green Plains Inc. | 48,682 | 1,600 | |
^ | CVR Energy Inc. | 32,402 | 1,561 |
* | Pioneer Energy | ||
Services Corp. | 88,256 | 1,548 | |
Pattern Energy Group Inc. | |||
Class A | 46,653 | 1,545 | |
* | Penn Virginia Corp. | 88,237 | 1,496 |
* | TETRA Technologies Inc. | 125,062 | 1,473 |
* | VAALCO Energy Inc. | 198,857 | 1,438 |
* | Parker Drilling Co. | 210,321 | 1,371 |
* | Contango Oil & Gas Co. | 32,207 | 1,363 |
*,^ | FuelCell Energy Inc. | 549,919 | 1,320 |
^ | EXCO Resources Inc. | 216,153 | 1,273 |
*,^ | Emerald Oil Inc. | 163,107 | 1,248 |
* | BPZ Resources Inc. | 380,416 | 1,172 |
Adams Resources | |||
& Energy Inc. | 14,172 | 1,107 | |
* | Rex Energy Corp. | 59,274 | 1,050 |
* | Gastar Exploration Inc. | 114,979 | 1,001 |
Alon USA Energy Inc. | 75,901 | 944 |
37
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Triangle Petroleum Corp. | 78,682 | 925 |
* | Hercules Offshore Inc. | 221,987 | 892 |
*,^ | Swift Energy Co. | 66,496 | 863 |
W&T Offshore Inc. | 51,686 | 846 | |
* | ION Geophysical Corp. | 199,966 | 844 |
*,^ | Plug Power Inc. | 180,037 | 843 |
Dawson Geophysical Co. | 28,093 | 805 | |
* | Forest Oil Corp. | 321,828 | 734 |
* | EP Energy Corp. Class A | 31,188 | 719 |
*,^ | Enphase Energy Inc. | 82,216 | 703 |
* | Willbros Group Inc. | 56,738 | 701 |
Bolt Technology Corp. | 37,546 | 689 | |
* | Resolute Energy Corp. | 76,360 | 660 |
*,^ | Amyris Inc. | 176,635 | 659 |
Gulf Island Fabrication Inc. | 29,139 | 627 | |
*,^ | CAMAC Energy Inc. | 879,634 | 616 |
* | Natural Gas Services | ||
Group Inc. | 17,710 | 585 | |
* | PHI Inc. | 12,507 | 557 |
*,^ | Cal Dive International Inc. | 408,743 | 540 |
Tesco Corp. | 24,985 | 533 | |
*,^ | Quicksilver Resources Inc. | 199,621 | 533 |
* | Solazyme Inc. | 41,551 | 489 |
* | FX Energy Inc. | 123,948 | 447 |
* | RSP Permian Inc. | 13,619 | 442 |
* | PetroQuest Energy Inc. | 57,380 | 431 |
* | Eclipse Resources Corp. | 17,031 | 428 |
* | Warren Resources Inc. | 67,043 | 416 |
* | US Energy Corp. Wyoming | 94,693 | 410 |
Evolution Petroleum Corp. | 35,297 | 386 | |
* | Harvest Natural | ||
Resources Inc. | 75,749 | 378 | |
* | Mitcham Industries Inc. | 26,737 | 374 |
* | REX American | ||
Resources Corp. | 4,932 | 362 | |
* | Midstates Petroleum Co. Inc. | 44,174 | 319 |
*,^ | Endeavour | ||
International Corp. | 202,067 | 277 | |
* | Vantage Drilling Co. | 133,145 | 256 |
* | Trecora Resources | 20,083 | 238 |
* | Forbes Energy Services Ltd. | 50,054 | 229 |
* | Renewable Energy | ||
Group Inc. | 16,799 | 193 | |
* | Miller Energy Resources Inc. | 30,100 | 193 |
* | Parsley Energy Inc. Class A | 6,636 | 160 |
Panhandle Oil and Gas Inc. | |||
Class A | 2,610 | 146 | |
* | BioFuel Energy Corp. | 19,867 | 136 |
* | TGC Industries Inc. | 22,374 | 122 |
* | Escalera Resources Co. | 41,726 | 110 |
*,^ | Ascent Solar | ||
Technologies Inc. | 228,807 | 96 | |
* | Hyperdynamics Corp. | 28,303 | 92 |
*,^ | Gevo Inc. | 103,260 | 89 |
Market | |||
Value | |||
Shares | ($000) | ||
* | GreenHunter Resources Inc. | 33,926 | 67 |
*,^ | KiOR Inc. | 117,211 | 42 |
* | Lucas Energy Inc. | 55,087 | 32 |
* | FieldPoint Petroleum Corp. | 4,756 | 26 |
* | STR Holdings Inc. | 13,870 | 19 |
* | ZaZa Energy Corp. | 18,953 | 17 |
* | Ocean Power | ||
Technologies Inc. | 7,673 | 13 | |
* | Syntroleum Corp. | 2,879 | 10 |
* | Houston American | ||
Energy Corp. | 14,695 | 7 | |
* | Isramco Inc. | 23 | 3 |
*,^ | MagneGas Corp. | 1,300 | 2 |
* | Lilis Energy Inc. | 385 | 1 |
* | PrimeEnergy Corp. | 10 | 1 |
3,816,597 | |||
Other (0.0%) | |||
* | Leap Wireless | ||
International Inc CVR | 134,187 | 338 | |
* | Adolor Corp. Rights | ||
Exp. 07/01/2019 | 126,930 | 66 | |
* | Chelsea Therapeutics | ||
International Ltd. CVR | 288,407 | 32 | |
* | Cubist Pharmaceuticals, | ||
Inc. CVR | 16,200 | 2 | |
* | Forest Laboratories Inc. | ||
Contingent Value Rights | |||
Exp. 04/14/2018 | 29,879 | — | |
* | Southern Community | ||
Financial Corp | 118 | — | |
438 | |||
Technology (15.3%) | |||
Apple Inc. | 10,856,898 | 1,008,932 | |
Microsoft Corp. | 13,386,143 | 558,202 | |
International Business | |||
Machines Corp. | 1,822,464 | 330,358 | |
* | Google Inc. Class C | 516,144 | 296,927 |
* | Google Inc. Class A | 507,132 | 296,505 |
Intel Corp. | 8,963,223 | 276,964 | |
Oracle Corp. | 6,021,434 | 244,049 | |
* | Facebook Inc. Class A | 3,587,731 | 241,418 |
QUALCOMM Inc. | 3,039,120 | 240,698 | |
Cisco Systems Inc. | 9,223,753 | 229,210 | |
Hewlett-Packard Co. | 3,412,343 | 114,928 | |
EMC Corp. | 3,686,349 | 97,098 | |
Texas Instruments Inc. | 1,946,912 | 93,043 | |
* | Micron Technology Inc. | 1,927,287 | 63,504 |
* | Adobe Systems Inc. | 854,072 | 61,801 |
* | salesforce.com inc | 1,050,298 | 61,001 |
* | Yahoo! Inc. | 1,635,056 | 57,440 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 1,094,704 | 53,542 | |
Corning Inc. | 2,355,997 | 51,714 | |
Applied Materials Inc. | 2,192,048 | 49,431 |
38
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
SanDisk Corp. | 407,016 | 42,505 | |
Intuit Inc. | 485,232 | 39,076 | |
Western Digital Corp. | 404,041 | 37,293 | |
Broadcom Corp. Class A | 963,260 | 35,756 | |
* | Twitter Inc. | 796,672 | 32,640 |
Seagate Technology plc | 562,143 | 31,941 | |
Analog Devices Inc. | 565,190 | 30,560 | |
Avago Technologies Ltd. | |||
Class A | 404,535 | 29,155 | |
* | Cerner Corp. | 557,203 | 28,741 |
Symantec Corp. | 1,244,784 | 28,506 | |
Motorola Solutions Inc. | 411,942 | 27,423 | |
* | Autodesk Inc. | 409,908 | 23,111 |
Xilinx Inc. | 482,659 | 22,835 | |
KLA-Tencor Corp. | 300,041 | 21,795 | |
NetApp Inc. | 596,370 | 21,779 | |
Linear Technology Corp. | 425,855 | 20,045 | |
* | Juniper Networks Inc. | 810,368 | 19,886 |
Lam Research Corp. | 292,389 | 19,760 | |
Altera Corp. | 564,034 | 19,606 | |
* | Red Hat Inc. | 341,378 | 18,868 |
* | Equinix Inc. | 89,584 | 18,821 |
* | Akamai Technologies Inc. | 305,485 | 18,653 |
* | Citrix Systems Inc. | 295,006 | 18,453 |
NVIDIA Corp. | 954,394 | 17,694 | |
Maxim Integrated | |||
Products Inc. | 509,097 | 17,213 | |
Microchip Technology Inc. | 342,348 | 16,710 | |
Computer Sciences Corp. | 262,480 | 16,589 | |
* | Catamaran Corp. | 372,137 | 16,434 |
CA Inc. | 564,483 | 16,223 | |
Skyworks Solutions Inc. | 341,345 | 16,030 | |
* | Workday Inc. Class A | 170,537 | 15,324 |
* | F5 Networks Inc. | 136,344 | 15,194 |
* | VMware Inc. Class A | 153,229 | 14,834 |
Harris Corp. | 192,205 | 14,560 | |
* | ServiceNow Inc. | 220,434 | 13,658 |
^ | Garmin Ltd. | 210,721 | 12,833 |
* | ANSYS Inc. | 166,751 | 12,643 |
* | VeriSign Inc. | 240,570 | 11,742 |
* | Teradata Corp. | 287,109 | 11,542 |
*,^ | 3D Systems Corp. | 187,360 | 11,204 |
* | Cree Inc. | 219,360 | 10,957 |
* | Gartner Inc. | 154,307 | 10,882 |
* | Synopsys Inc. | 278,707 | 10,819 |
* | NCR Corp. | 302,061 | 10,599 |
Marvell Technology | |||
Group Ltd. | 731,996 | 10,489 | |
Pitney Bowes Inc. | 364,524 | 10,068 | |
* | Splunk Inc. | 180,767 | 10,002 |
* | SunEdison Inc. | 433,444 | 9,796 |
IAC/InterActiveCorp | 138,990 | 9,622 | |
* | Palo Alto Networks Inc. | 111,005 | 9,308 |
* | MICROS Systems Inc. | 135,735 | 9,216 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Cadence Design | ||
Systems Inc. | 521,219 | 9,116 | |
* | Nuance | ||
Communications Inc. | 458,445 | 8,605 | |
* | athenahealth Inc. | 68,093 | 8,520 |
Solera Holdings Inc. | 124,447 | 8,357 | |
* | PTC Inc. | 214,795 | 8,334 |
* | Ingram Micro Inc. | 279,608 | 8,167 |
* | Aspen Technology Inc. | 167,036 | 7,750 |
* | Concur Technologies Inc. | 82,150 | 7,668 |
* | ARRIS Group Inc. | 232,914 | 7,577 |
* | VeriFone Systems Inc. | 201,005 | 7,387 |
* | ON Semiconductor Corp. | 795,826 | 7,274 |
Brocade Communications | |||
Systems Inc. | 785,928 | 7,231 | |
* | Informatica Corp. | 198,040 | 7,060 |
* | Rackspace Hosting Inc. | 204,805 | 6,894 |
Teradyne Inc. | 349,990 | 6,860 | |
* | Atmel Corp. | 730,076 | 6,841 |
* | Ultimate Software | ||
Group Inc. | 48,625 | 6,719 | |
DST Systems Inc. | 64,549 | 5,949 | |
* | Fortinet Inc. | 235,263 | 5,912 |
* | Synaptics Inc. | 65,024 | 5,894 |
* | Riverbed Technology Inc. | 278,026 | 5,736 |
* | SS&C Technologies | ||
Holdings Inc. | 127,271 | 5,628 | |
* | AOL Inc. | 136,813 | 5,444 |
Lexmark International Inc. | |||
Class A | 112,283 | 5,408 | |
CDW Corp. | 168,354 | 5,367 | |
* | NetSuite Inc. | 61,388 | 5,333 |
* | TIBCO Software Inc. | 263,731 | 5,319 |
*,^ | FireEye Inc. | 130,541 | 5,293 |
* | JDS Uniphase Corp. | 422,259 | 5,266 |
* | Verint Systems Inc. | 106,373 | 5,218 |
* | Tableau Software Inc. | ||
Class A | 72,474 | 5,170 | |
Leidos Holdings Inc. | 134,626 | 5,162 | |
* | Tyler Technologies Inc. | 56,450 | 5,149 |
* | RF Micro Devices Inc. | 515,206 | 4,941 |
* | Allscripts Healthcare | ||
Solutions Inc. | 307,044 | 4,928 | |
* | TriQuint Semiconductor Inc. | 308,504 | 4,877 |
* | Guidewire Software Inc. | 117,266 | 4,768 |
* | Manhattan Associates Inc. | 138,177 | 4,757 |
* | Cavium Inc. | 95,143 | 4,725 |
*,^ | Advanced Micro | ||
Devices Inc. | 1,116,649 | 4,679 | |
* | Microsemi Corp. | 171,067 | 4,578 |
* | Freescale | ||
Semiconductor Ltd. | 190,698 | 4,481 | |
* | SolarWinds Inc. | 115,340 | 4,459 |
Hittite Microwave Corp. | 56,884 | 4,434 |
39
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | ViaSat Inc. | 75,109 | 4,353 |
* | Tech Data Corp. | 68,817 | 4,302 |
* | Rovi Corp. | 178,296 | 4,272 |
Diebold Inc. | 104,612 | 4,202 | |
* | Dealertrack Technologies Inc. | 91,685 | 4,157 |
j2 Global Inc. | 81,380 | 4,139 | |
* | EchoStar Corp. Class A | 77,808 | 4,119 |
Fair Isaac Corp. | 63,262 | 4,034 | |
* | CommVault Systems Inc. | 81,417 | 4,003 |
* | Medidata Solutions Inc. | 92,917 | 3,978 |
* | Integrated Device | ||
Technology Inc. | 255,412 | 3,949 | |
* | Ciena Corp. | 180,712 | 3,914 |
* | ACI Worldwide Inc. | 69,649 | 3,888 |
* | Electronics For Imaging Inc. | 85,184 | 3,850 |
* | IMS Health Holdings Inc. | 149,416 | 3,837 |
* | Demandware Inc. | 55,102 | 3,822 |
Compuware Corp. | 376,646 | 3,763 | |
Mentor Graphics Corp. | 174,374 | 3,761 | |
Plantronics Inc. | 77,993 | 3,748 | |
* | Qlik Technologies Inc. | 161,253 | 3,648 |
* | International Rectifier Corp. | 128,780 | 3,593 |
* | SYNNEX Corp. | 49,260 | 3,589 |
* | Fairchild Semiconductor | ||
International Inc. Class A | 226,399 | 3,532 | |
* | Cornerstone OnDemand Inc. | 76,573 | 3,524 |
* | Sapient Corp. | 215,513 | 3,502 |
* | CommScope | ||
Holding Co. Inc. | 150,915 | 3,491 | |
InterDigital Inc. | 72,828 | 3,481 | |
Intersil Corp. Class A | 232,312 | 3,473 | |
* | Silicon Laboratories Inc. | 70,504 | 3,472 |
* | Entegris Inc. | 251,322 | 3,454 |
* | Finisar Corp. | 174,550 | 3,447 |
Science Applications | |||
International Corp. | 75,349 | 3,327 | |
* | Aruba Networks Inc. | 186,414 | 3,266 |
* | Semtech Corp. | 124,323 | 3,251 |
* | Envestnet Inc. | 64,060 | 3,134 |
* | Polycom Inc. | 249,214 | 3,123 |
MKS Instruments Inc. | 96,564 | 3,017 | |
Power Integrations Inc. | 51,812 | 2,981 | |
* | CACI International Inc. | ||
Class A | 42,450 | 2,980 | |
Blackbaud Inc. | 82,888 | 2,962 | |
* | Insight Enterprises Inc. | 94,249 | 2,897 |
* | Amkor Technology Inc. | 256,864 | 2,872 |
* | InvenSense Inc. | 125,969 | 2,858 |
* | Syntel Inc. | 32,689 | 2,810 |
Advent Software Inc. | 86,237 | 2,809 | |
* | Progress Software Corp. | 114,827 | 2,760 |
* | Cirrus Logic Inc. | 120,159 | 2,732 |
* | PMC-Sierra Inc. | 354,999 | 2,702 |
Market | |||
Value | |||
Shares | ($000) | ||
Cypress | |||
Semiconductor Corp. | 245,333 | 2,677 | |
Cogent Communications | |||
Holdings Inc. | 76,966 | 2,659 | |
* | MedAssets Inc. | 114,149 | 2,607 |
* | Web.com Group Inc. | 88,432 | 2,553 |
* | Diodes Inc. | 87,412 | 2,531 |
* | MicroStrategy Inc. Class A | 17,957 | 2,525 |
* | Ubiquiti Networks Inc. | 54,971 | 2,484 |
* | NETGEAR Inc. | 70,947 | 2,467 |
* | Dycom Industries Inc. | 78,153 | 2,447 |
Tessera Technologies Inc. | 109,453 | 2,417 | |
* | NetScout Systems Inc. | 54,081 | 2,398 |
* | Spansion Inc. Class A | 111,758 | 2,355 |
* | Lattice Semiconductor Corp. | 283,991 | 2,343 |
* | OmniVision | ||
Technologies Inc. | 105,937 | 2,328 | |
ADTRAN Inc. | 102,901 | 2,321 | |
* | Cray Inc. | 87,196 | 2,319 |
* | iGATE Corp. | 63,580 | 2,314 |
* | Ellie Mae Inc. | 72,148 | 2,246 |
* | Applied Micro Circuits Corp. | 201,478 | 2,178 |
* | Bottomline Technologies | ||
de Inc. | 72,043 | 2,156 | |
* | BroadSoft Inc. | 81,160 | 2,142 |
* | Cabot Microelectronics Corp. | 47,896 | 2,139 |
NIC Inc. | 134,602 | 2,133 | |
CSG Systems | |||
International Inc. | 80,050 | 2,090 | |
* | CalAmp Corp. | 96,411 | 2,088 |
* | Blucora Inc. | 110,549 | 2,086 |
Monolithic Power | |||
Systems Inc. | 47,611 | 2,016 | |
* | Rambus Inc. | 140,853 | 2,014 |
* | EPAM Systems Inc. | 45,806 | 2,004 |
Computer Programs | |||
& Systems Inc. | 31,113 | 1,979 | |
* | FleetMatics Group plc | 61,068 | 1,975 |
* | Kulicke & Soffa | ||
Industries Inc. | 131,546 | 1,876 | |
* | Advanced Energy | ||
Industries Inc. | 96,477 | 1,857 | |
* | Interactive Intelligence | ||
Group Inc. | 33,078 | 1,857 | |
* | ICG Group Inc. | 86,693 | 1,810 |
* | ScanSource Inc. | 45,562 | 1,735 |
* | QLogic Corp. | 168,013 | 1,695 |
* | Infinera Corp. | 180,583 | 1,661 |
* | Harmonic Inc. | 214,815 | 1,603 |
Brooks Automation Inc. | 148,567 | 1,600 | |
* | Unisys Corp. | 62,924 | 1,557 |
* | PROS Holdings Inc. | 58,339 | 1,542 |
* | Premier Inc. Class A | 52,778 | 1,531 |
* | Comverse Inc. | 57,052 | 1,522 |
40
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | FormFactor Inc. | 180,632 | 1,503 |
* | Callidus Software Inc. | 123,516 | 1,475 |
* | Fusion-io Inc. | 130,066 | 1,470 |
* | Synchronoss | ||
Technologies Inc. | 41,164 | 1,439 | |
Comtech | |||
Telecommunications Corp. | 38,207 | 1,426 | |
^ | Ebix Inc. | 99,097 | 1,418 |
* | Digital River Inc. | 91,401 | 1,410 |
Pegasystems Inc. | 66,196 | 1,398 | |
* | RealPage Inc. | 61,051 | 1,372 |
* | Shutterstock Inc. | 16,183 | 1,343 |
* | LogMeIn Inc. | 28,759 | 1,341 |
* | Proofpoint Inc. | 35,485 | 1,329 |
* | Sonus Networks Inc. | 369,858 | 1,328 |
Monotype Imaging | |||
Holdings Inc. | 46,627 | 1,313 | |
* | CIBER Inc. | 264,215 | 1,305 |
* | Loral Space | ||
& Communications Inc. | 17,818 | 1,295 | |
Epiq Systems Inc. | 90,427 | 1,270 | |
*,^ | VirnetX Holding Corp. | 71,354 | 1,257 |
* | Emulex Corp. | 211,275 | 1,204 |
* | Infoblox Inc. | 90,991 | 1,197 |
* | Ixia | 104,333 | 1,193 |
Alliance Fiber Optic | |||
Products Inc. | 63,554 | 1,150 | |
Quality Systems Inc. | 71,433 | 1,146 | |
* | SPS Commerce Inc. | 17,944 | 1,134 |
Inteliquent Inc. | 81,731 | 1,134 | |
*,^ | Gogo Inc. | 57,400 | 1,123 |
American Software Inc. | |||
Class A | 109,598 | 1,083 | |
* | Internap Network | ||
Services Corp. | 153,051 | 1,079 | |
* | Integrated Silicon | ||
Solution Inc. | 71,029 | 1,049 | |
* | Premiere Global | ||
Services Inc. | 77,640 | 1,036 | |
* | Axcelis Technologies Inc. | 513,259 | 1,027 |
Forrester Research Inc. | 27,092 | 1,026 | |
* | Brightcove Inc. | 95,684 | 1,008 |
* | Carbonite Inc. | 81,984 | 981 |
* | CEVA Inc. | 65,631 | 969 |
* | Veeva Systems Inc. | ||
Class A | 37,427 | 953 | |
* | Virtusa Corp. | 26,334 | 943 |
* | Agilysys Inc. | 65,182 | 918 |
* | RigNet Inc. | 16,700 | 899 |
* | Exar Corp. | 79,340 | 897 |
* | Intralinks Holdings Inc. | 100,830 | 896 |
* | Actuate Corp. | 181,212 | 864 |
* | Calix Inc. | 103,980 | 851 |
Computer Task Group Inc. | 51,182 | 842 |
Market | |||
Value | |||
Shares | ($000) | ||
Cohu Inc. | 76,738 | 821 | |
* | Guidance Software Inc. | 89,345 | 815 |
* | Ruckus Wireless Inc. | 67,851 | 808 |
* | Amtech Systems Inc. | 64,341 | 787 |
* | Limelight Networks Inc. | 252,917 | 774 |
* | Super Micro Computer Inc. | 30,490 | 770 |
* | Dot Hill Systems Corp. | 163,500 | 768 |
* | Extreme Networks Inc. | 171,913 | 763 |
* | LivePerson Inc. | 74,947 | 761 |
West Corp. | 28,279 | 758 | |
* | Tangoe Inc. | 48,808 | 735 |
* | Immersion Corp. | 57,685 | 734 |
* | Digi International Inc. | 75,909 | 715 |
IXYS Corp. | 57,046 | 703 | |
Hackett Group Inc. | 117,187 | 700 | |
* | VOXX International Corp. | ||
Class A | 74,300 | 699 | |
* | Unwired Planet Inc. | 313,393 | 699 |
* | Xcerra Corp. | 75,822 | 690 |
* | Ultratech Inc. | 30,501 | 676 |
* | Perficient Inc. | 32,333 | 630 |
* | AXT Inc. | 282,829 | 605 |
* | Silicon Graphics | ||
International Corp. | 60,949 | 586 | |
Micrel Inc. | 51,595 | 582 | |
* | Alpha & Omega | ||
Semiconductor Ltd. | 59,224 | 549 | |
* | Aware Inc. | 81,152 | 532 |
* | Oplink Communications Inc. | 30,881 | 524 |
* | Entropic | ||
Communications Inc. | 148,178 | 493 | |
* | Marketo Inc. | 16,895 | 491 |
* | ChannelAdvisor Corp. | 18,542 | 489 |
* | KVH Industries Inc. | 35,175 | 458 |
* | Cvent Inc. | 15,535 | 452 |
* | iPass Inc. | 375,216 | 450 |
* | Mercury Systems Inc. | 39,223 | 445 |
* | Emcore Corp. | 107,928 | 445 |
* | Audience Inc. | 35,444 | 424 |
*,^ | Endurance International | ||
Group Holdings Inc. | 27,674 | 423 | |
* | Aviat Networks Inc. | 327,967 | 420 |
* | Icad Inc. | 64,632 | 414 |
* | Jive Software Inc. | 47,461 | 404 |
* | DSP Group Inc. | 47,478 | 403 |
* | VASCO Data Security | ||
International Inc. | 33,863 | 393 | |
* | Mitel Networks Corp. | 36,781 | 388 |
* | SciQuest Inc. | 20,225 | 358 |
* | Datalink Corp. | 35,769 | 358 |
* | Pendrell Corp. | 202,636 | 357 |
* | Acorn Energy Inc. | 149,869 | 354 |
* | Edgewater Technology Inc. | 46,566 | 346 |
* | Kopin Corp. | 105,030 | 342 |
41
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | Imation Corp. | 98,843 | 340 |
*,^ | Benefitfocus Inc. | 7,246 | 335 |
*,^ | Textura Corp. | 14,000 | 331 |
* | Silicon Image Inc. | 61,931 | 312 |
Concurrent Computer Corp. | 40,914 | 305 | |
*,^ | MeetMe Inc. | 111,347 | 303 |
* | Nanometrics Inc. | 16,593 | 303 |
* | Quantum Corp. | 248,082 | 303 |
*,^ | KEYW Holding Corp. | 23,960 | 301 |
* | E2open Inc. | 14,540 | 301 |
* | PDF Solutions Inc. | 14,148 | 300 |
* | Photronics Inc. | 33,314 | 286 |
* | Gigamon Inc. | 14,500 | 278 |
*,^ | Rocket Fuel Inc. | 8,797 | 273 |
* | FalconStor Software Inc. | 157,919 | 268 |
* | Merge Healthcare Inc. | 113,737 | 258 |
* | Cascade Microtech Inc. | 18,793 | 257 |
Digimarc Corp. | 7,821 | 255 | |
* | Systemax Inc. | 17,314 | 249 |
PC Connection Inc. | 11,926 | 247 | |
* | LRAD Corp. | 118,475 | 244 |
* | ShoreTel Inc. | 37,147 | 242 |
* | Datawatch Corp. | 14,398 | 215 |
*,^ | Cyan Inc. | 52,616 | 212 |
* | eGain Corp. | 31,076 | 210 |
* | ANADIGICS Inc. | 259,752 | 210 |
PC-Tel Inc. | 25,151 | 203 | |
* | Rosetta Stone Inc. | 20,321 | 198 |
* | Support.com Inc. | 72,043 | 195 |
* | Millennial Media Inc. | 38,185 | 191 |
* | MaxLinear Inc. | 18,480 | 186 |
Evolving Systems Inc. | 20,622 | 177 | |
* | Lantronix Inc. | 89,562 | 176 |
* | Inphi Corp. | 11,546 | 169 |
* | Oclaro Inc. | 76,832 | 169 |
* | Zix Corp. | 46,953 | 161 |
United Online Inc. | 15,390 | 160 | |
* | Clearfield Inc. | 9,367 | 157 |
QAD Inc. Class A | 7,308 | 156 | |
* | GSI Technology Inc. | 26,114 | 156 |
Preformed Line Products Co. | 2,778 | 150 | |
* | Procera Networks Inc. | 14,819 | 150 |
* | Novatel Wireless Inc. | 78,198 | 149 |
* | Sigma Designs Inc. | 32,557 | 149 |
* | Seachange International Inc. | 18,579 | 149 |
* | Crossroads Systems Inc. | 43,650 | 146 |
*,^ | QuickLogic Corp. | 27,004 | 140 |
* | Telenav Inc. | 23,763 | 135 |
* | Vocera Communications Inc. | 10,161 | 134 |
* | Qualys Inc. | 5,101 | 131 |
* | RingCentral Inc. Class A | 8,503 | 129 |
* | Rudolph Technologies Inc. | 12,228 | 121 |
* | Pericom Semiconductor Corp. | 13,248 | 120 |
* | Pixelworks Inc. | 15,645 | 118 |
Market | |||
Value | |||
Shares | ($000) | ||
* | Identiv Inc. | 10,379 | 115 |
* | Innodata Inc. | 35,130 | 113 |
* | Mitek Systems Inc. | 33,388 | 111 |
* | CVD Equipment Corp. | 8,553 | 104 |
* | Mattson Technology Inc. | 45,776 | 100 |
* | ePlus Inc. | 1,709 | 99 |
* | Hutchinson Technology Inc. | 39,231 | 98 |
* | Authentidate Holding Corp. | 146,691 | 97 |
* | Vringo Inc. | 28,067 | 96 |
Mastech Holdings Inc. | 5,931 | 92 | |
* | PLX Technology Inc. | 14,181 | 92 |
* | TeleCommunication | ||
Systems Inc. Class A | 27,799 | 91 | |
Simulations Plus Inc. | 16,100 | 90 | |
* | Qumu Corp. | 6,425 | 90 |
* | Crexendo Inc. | 27,483 | 88 |
*,^ | ParkerVision Inc. | 58,498 | 87 |
* | Zhone Technologies Inc. | 27,092 | 84 |
* | Park City Group Inc. | 7,553 | 82 |
* | A10 Networks Inc. | 6,107 | 81 |
* | Rally Software | ||
Development Corp. | 6,700 | 73 | |
* | Exa Corp. | 6,278 | 71 |
* | NCI Inc. Class A | 7,496 | 67 |
* | BSQUARE Corp. | 19,990 | 64 |
* | Aerohive Networks Inc. | 7,609 | 63 |
* | MoSys Inc. | 19,562 | 61 |
* | Synacor Inc. | 23,769 | 61 |
* | Intermolecular Inc. | 25,996 | 61 |
* | ClearOne Inc. | 5,669 | 56 |
* | Radisys Corp. | 15,728 | 55 |
* | RELM Wireless Corp. | 13,400 | 52 |
* | 2U Inc. | 3,056 | 51 |
* | Imprivata Inc. | 3,033 | 50 |
* | Westell Technologies Inc. | ||
Class A | 18,333 | 45 | |
* | Varonis Systems Inc. | 1,533 | 44 |
* | UniTek Global Services Inc. | 105,753 | 43 |
* | ADDvantage Technologies | ||
Group Inc. | 14,730 | 41 | |
* | Amber Road Inc. | 2,460 | 40 |
* | Numerex Corp. Class A | 3,305 | 38 |
* | Smith Micro Software Inc. | 36,488 | 38 |
CSP Inc. | 5,391 | 37 | |
*,^ | Castlight Health Inc. Class B | 2,449 | 37 |
* | NetSol Technologies Inc. | 9,569 | 37 |
* | ID Systems Inc. | 6,809 | 37 |
* | Q2 Holdings Inc. | 2,453 | 35 |
* | Ikanos Communications Inc. | 78,544 | 33 |
* | PAR Technology Corp. | 7,772 | 33 |
* | Meru Networks Inc. | 7,840 | 29 |
* | GigOptix Inc. | 20,182 | 28 |
* | Violin Memory Inc. | 5,789 | 26 |
* | Boingo Wireless Inc. | 3,400 | 23 |
42
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
* | GSE Systems Inc. | 13,415 | 22 |
* | Wave Systems Corp. Class A | 15,726 | 22 |
* | Ultra Clean Holdings Inc. | 2,430 | 22 |
* | ChyronHego Corp. | 9,980 | 20 |
* | OPOWER Inc. | 900 | 17 |
* | Voltari Corp. | 8,324 | 16 |
Transact Technologies Inc. | 1,540 | 16 | |
* | Inuvo Inc. | 17,600 | 16 |
* | Cobra Electronics Corp. | 3,967 | 15 |
Communications Systems Inc. | 1,077 | 13 | |
* | Intellicheck Mobilisa Inc. | 16,110 | 12 |
QAD Inc. Class B | 573 | 10 | |
* | Borderfree Inc. | 613 | 10 |
* | Key Tronic Corp. | 850 | 9 |
* | Overland Storage Inc. | 1,819 | 9 |
* | Selectica Inc. | 829 | 5 |
Optical Cable Corp. | 959 | 4 | |
* | inTEST Corp. | 900 | 3 |
* | Superconductor | ||
Technologies Inc. | 656 | 2 | |
* | Cover-All Technologies Inc. | 1,400 | 2 |
* | Bridgeline Digital Inc. | 1,800 | 2 |
* | Netlist Inc. | 100 | — |
6,020,592 | |||
Telecommunications (2.2%) | |||
Verizon | |||
Communications Inc. | 7,453,221 | 364,686 | |
AT&T Inc. | 9,345,917 | 330,472 | |
CenturyLink Inc. | 1,031,257 | 37,331 | |
* | SBA Communications | ||
Corp. Class A | 231,900 | 23,723 | |
* | T-Mobile US Inc. | 505,846 | 17,006 |
* | Level 3 | ||
Communications Inc. | 320,266 | 14,063 | |
* | Sprint Corp. | 1,420,601 | 12,118 |
Windstream Holdings Inc. | 1,084,193 | 10,799 | |
Frontier Communications | |||
Corp. | 1,805,208 | 10,542 | |
* | tw telecom inc Class A | 253,224 | 10,207 |
Telephone & Data | |||
Systems Inc. | 165,495 | 4,321 | |
* | Globalstar Inc. | 499,237 | 2,122 |
* | Cincinnati Bell Inc. | 536,630 | 2,109 |
Atlantic Tele-Network Inc. | 28,237 | 1,638 | |
* | 8x8 Inc. | 181,387 | 1,466 |
Shenandoah | |||
Telecommunications Co. | 37,562 | 1,144 | |
* | Cbeyond Inc. | 107,112 | 1,066 |
Consolidated | |||
Communications | |||
Holdings Inc. | 45,889 | 1,021 | |
* | United States Cellular Corp. | 23,438 | 956 |
EarthLink Holdings Corp. | 250,227 | 931 | |
* | Vonage Holdings Corp. | 237,531 | 891 |
Market | |||
Value | |||
Shares | ($000) | ||
NTELOS Holdings Corp. | 68,112 | 849 | |
* | General Communication | ||
Inc. Class A | 76,341 | 846 | |
* | Iridium Communications Inc. | 79,547 | 673 |
Enventis Corp. | 40,033 | 634 | |
IDT Corp. Class B | 35,949 | 626 | |
USA Mobility Inc. | 40,575 | 625 | |
* | Alaska Communications | ||
Systems Group Inc. | 328,385 | 591 | |
Lumos Networks Corp. | 28,613 | 414 | |
* | FairPoint | ||
Communications Inc. | 17,505 | 244 | |
*,^ | NII Holdings Inc. | 420,898 | 231 |
* | inContact Inc. | 22,079 | 203 |
*,^ | Elephant Talk | ||
Communications Corp. | 200,169 | 190 | |
* | Intelsat SA | 9,810 | 185 |
* | Straight Path | ||
Communications Inc. | |||
Class B | 16,734 | 171 | |
* | ORBCOMM Inc. | 18,297 | 121 |
* | Hawaiian Telcom Holdco Inc. | 2,246 | 64 |
* | Alteva | 7,638 | 53 |
* | Towerstream Corp. | 19,717 | 38 |
855,370 | |||
Utilities (3.3%) | |||
Duke Energy Corp. | 1,272,296 | 94,392 | |
NextEra Energy Inc. | 784,555 | 80,401 | |
Dominion Resources Inc. | 1,046,567 | 74,850 | |
Southern Co. | 1,603,962 | 72,788 | |
Exelon Corp. | 1,544,916 | 56,358 | |
Spectra Energy Corp. | 1,206,558 | 51,255 | |
American Electric Power | |||
Co. Inc. | 878,178 | 48,976 | |
Sempra Energy | 419,561 | 43,932 | |
PPL Corp. | 1,136,638 | 40,385 | |
PG&E Corp. | 836,791 | 40,183 | |
Public Service Enterprise | |||
Group Inc. | 911,026 | 37,161 | |
Edison International | 586,481 | 34,080 | |
Consolidated Edison Inc. | 527,230 | 30,442 | |
Xcel Energy Inc. | 903,806 | 29,130 | |
Northeast Utilities | 568,771 | 26,886 | |
Entergy Corp. | 322,714 | 26,492 | |
FirstEnergy Corp. | 755,488 | 26,231 | |
ONEOK Inc. | 374,123 | 25,470 | |
DTE Energy Co. | 318,766 | 24,822 | |
NRG Energy Inc. | 607,271 | 22,590 | |
NiSource Inc. | 566,740 | 22,296 | |
CenterPoint Energy Inc. | 773,670 | 19,759 | |
Wisconsin Energy Corp. | 406,904 | 19,092 | |
AES Corp. | 1,175,028 | 18,272 | |
Ameren Corp. | 437,054 | 17,867 | |
* | Calpine Corp. | 723,689 | 17,231 |
43
Institutional Total Stock Market Index Fund
Market | |||
Value | |||
Shares | ($000) | ||
American Water Works | |||
Co. Inc. | 322,035 | 15,925 | |
CMS Energy Corp. | 484,808 | 15,102 | |
Pepco Holdings Inc. | 452,177 | 12,426 | |
SCANA Corp. | 229,475 | 12,348 | |
Alliant Energy Corp. | 199,670 | 12,152 | |
AGL Resources Inc. | 214,817 | 11,821 | |
Pinnacle West Capital Corp. | 198,599 | 11,487 | |
National Fuel Gas Co. | 143,785 | 11,258 | |
UGI Corp. | 207,403 | 10,474 | |
ITC Holdings Corp. | 283,558 | 10,344 | |
Integrys Energy Group Inc. | 144,397 | 10,271 | |
Atmos Energy Corp. | 180,299 | 9,628 | |
Westar Energy Inc. Class A | 232,595 | 8,883 | |
Aqua America Inc. | 318,850 | 8,360 | |
Questar Corp. | 315,302 | 7,819 | |
Great Plains Energy Inc. | 278,043 | 7,471 | |
TECO Energy Inc. | 393,366 | 7,269 | |
Cleco Corp. | 109,382 | 6,448 | |
Vectren Corp. | 148,970 | 6,331 | |
* | Dynegy Inc. Class A | 171,660 | 5,974 |
Piedmont Natural Gas | |||
Co. Inc. | 140,980 | 5,274 | |
IDACORP Inc. | 90,590 | 5,239 | |
Black Hills Corp. | 80,361 | 4,933 | |
Portland General Electric Co. | 140,971 | 4,887 | |
^ | Hawaiian Electric | ||
Industries Inc. | 183,557 | 4,648 | |
Southwest Gas Corp. | 84,107 | 4,440 | |
New Jersey Resources Corp. | 76,223 | 4,357 | |
UNS Energy Corp. | 71,634 | 4,327 | |
PNM Resources Inc. | 143,901 | 4,221 | |
WGL Holdings Inc. | 93,811 | 4,043 | |
UIL Holdings Corp. | 101,951 | 3,946 | |
ALLETE Inc. | 76,284 | 3,917 | |
NorthWestern Corp. | 70,274 | 3,668 | |
South Jersey Industries Inc. | 59,527 | 3,596 | |
ONE Gas Inc. | 93,929 | 3,546 | |
Laclede Group Inc. | 71,525 | 3,472 | |
Avista Corp. | 103,015 | 3,453 | |
El Paso Electric Co. | 78,687 | 3,164 | |
Empire District Electric Co. | 107,763 | 2,767 | |
MGE Energy Inc. | 64,558 | 2,551 | |
American States Water Co. | 75,239 | 2,500 | |
Northwest Natural Gas Co. | 48,241 | 2,275 | |
California Water | |||
Service Group | 73,742 | 1,785 | |
Chesapeake Utilities Corp. | 18,822 | 1,343 | |
^ | Atlantic Power Corp. | 290,954 | 1,193 |
SJW Corp. | 37,119 | 1,010 | |
Ormat Technologies Inc. | 32,354 | 933 | |
Connecticut Water | |||
Service Inc. | 25,226 | 854 |
Market | ||||
Value | ||||
Shares | ($000) | |||
Unitil Corp. | 16,080 | 544 | ||
* | Genie Energy Ltd. Class B | 44,732 | 352 | |
Middlesex Water Co. | 16,081 | 341 | ||
* | Cadiz Inc. | 40,409 | 337 | |
York Water Co. | 12,613 | 263 | ||
Artesian Resources Corp. | ||||
Class A | 11,011 | 247 | ||
Delta Natural Gas Co. Inc. | 9,196 | 202 | ||
* | US Geothermal Inc. | 257,490 | 154 | |
* | Pure Cycle Corp. | 21,848 | 148 | |
Gas Natural Inc. | 4,059 | 43 | ||
1,298,105 | ||||
Total Common Stocks | ||||
(Cost $24,997,069) | 39,127,321 | |||
Temporary Cash Investments (0.6%)1 | ||||
Money Market Fund (0.6%) | ||||
2,3 | Vanguard Market | |||
Liquidity Fund, | ||||
0.111% | 209,385,427 | 209,385 | ||
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
4,5 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.080%, 7/16/14 | 3,500 | 3,500 | ||
4,5 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.090%, 8/6/14 | 500 | 500 | ||
4,5 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.080%, 9/24/14 | 2,000 | 2,000 | ||
4,6 | Freddie Mac Discount Notes, | |||
0.077%, 10/20/14 | 2,500 | 2,499 | ||
8,499 | ||||
Total Temporary Cash Investments | ||||
(Cost $217,884) | 217,884 | |||
Total Investments (100.2%) | ||||
(Cost $25,214,953) | 39,345,205 | |||
Other Assets and Liabilities (-0.2%) | ||||
Other Assets | 76,231 | |||
Liabilities3 | (145,351) | |||
(69,120) | ||||
Net Assets (100%) | 39,276,085 |
44
Institutional Total Stock Market Index Fund
At June 30, 2014, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 25,278,130 |
Undistributed Net Investment Income | 22,527 |
Accumulated Net Realized Losses | (156,352) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 14,130,252 |
Futures Contracts | 1,528 |
Net Assets | 39,276,085 |
Institutional Shares—Net Assets | |
Applicable to 66,982,714 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,007,834 |
Net Asset Value Per Share— | |
Institutional Shares | $44.90 |
Institutional Plus Shares—Net Assets | |
Applicable to 807,560,337 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 36,268,251 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $44.91 |
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 $79,299,000.
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 $84,643,000 of collateral received for securities on loan.
4 Securities with a value of $6,499,000 have been segregated as initial margin for open futures contracts.
5 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.
6 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.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
45
Institutional Total Stock Market Index Fund
Statement of Operations
Six Months Ended | |
June 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Dividends | 345,153 |
Interest1 | 77 |
Securities Lending | 2,757 |
Total Income | 347,987 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 597 |
Management and Administrative—Institutional Plus Shares | 3,408 |
Total Expenses | 4,005 |
Net Investment Income | 343,982 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 43,516 |
Futures Contracts | 11,891 |
Realized Net Gain (Loss) | 55,407 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 2,195,882 |
Futures Contracts | (3,668) |
Change in Unrealized Appreciation (Depreciation) | 2,192,214 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,591,603 |
1 Interest income from an affiliated company of the fund was $73,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
46
Institutional Total Stock Market Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 343,982 | 598,299 |
Realized Net Gain (Loss) | 55,407 | 240,586 |
Change in Unrealized Appreciation (Depreciation) | 2,192,214 | 7,844,961 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,591,603 | 8,683,846 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (24,797) | (61,941) |
Institutional Plus Shares | (299,439) | (536,704) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (324,236) | (598,645) |
Capital Share Transactions | ||
Institutional Shares | (450,348) | (585,939) |
Institutional Plus Shares | 968,151 | 5,259,520 |
Net Increase (Decrease) from Capital Share Transactions | 517,803 | 4,673,581 |
Total Increase (Decrease) | 2,785,170 | 12,758,782 |
Net Assets | ||
Beginning of Period | 36,490,915 | 23,732,133 |
End of Period1 | 39,276,085 | 36,490,915 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $22,527,000 and $2,781,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
47
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $42.32 | $32.27 | $28.32 | $28.54 | $24.80 | $19.68 |
Investment Operations | ||||||
Net Investment Income | .391 | .726 | .694 | .532 | .495 | .483 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.558 | 10.051 | 3.950 | (.222) | 3.741 | 5.120 |
Total from Investment Operations | 2.949 | 10.777 | 4.644 | .310 | 4.236 | 5.603 |
Distributions | ||||||
Dividends from Net Investment Income | (.369) | (.727) | (.694) | (.530) | (.496) | (.483) |
Distributions from Realized Capital Gains — | — | — | — | — | — | |
Total Distributions | (.369) | (.727) | (.694) | (.530) | (.496) | (.483) |
Net Asset Value, End of Period | $44.90 | $42.32 | $32.27 | $28.32 | $28.54 | $24.80 |
Total Return | 6.99% | 33.64% | 16.47% | 1.09% | 17.28% | 28.84% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,008 | $3,290 | $3,001 | $2,874 | $2,248 | $1,700 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.040% | 0.040% | 0.040% | 0.042% | 0.045% | 0.045% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.88% | 1.96% | 2.25% | 1.93% | 1.95% | 2.36% |
Portfolio Turnover Rate1 | 6% | 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.
48
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $42.32 | $32.28 | $28.32 | $28.54 | $24.81 | $19.68 |
Investment Operations | ||||||
Net Investment Income | .396 | .734 | .701 | .537 | .499 | .487 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.567 | 10.041 | 3.959 | (.221) | 3.732 | 5.130 |
Total from Investment Operations | 2.963 | 10.775 | 4.660 | .316 | 4.231 | 5.617 |
Distributions | ||||||
Dividends from Net Investment Income | (.373) | (.735) | (.700) | (.536) | (.501) | (.487) |
Distributions from Realized Capital Gains — | — | — | — | — | — | |
Total Distributions | (.373) | (.735) | (.700) | (.536) | (.501) | (.487) |
Net Asset Value, End of Period | $44.91 | $42.32 | $32.28 | $28.32 | $28.54 | $24.81 |
Total Return | 7.03% | 33.63% | 16.53% | 1.11% | 17.25% | 28.92% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $36,268 | $33,201 | $20,731 | $16,087 | $12,976 | $10,520 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.020% | 0.020% | 0.020% | 0.022% | 0.025% | 0.025% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.90% | 1.98% | 2.27% | 1.95% | 1.97% | 2.38% |
Portfolio Turnover Rate1 | 6% | 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.
49
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. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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 six months ended June 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
50
Institutional Total Stock Market 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 for the period ended June 30, 2014, 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 lends 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 in the Statement of Net Assets 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. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2014, or at any time during the period then ended.
7. 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.
51
Institutional Total Stock Market Index Fund
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).
The following table summarizes the market value of the fund’s investments as of June 30, 2014, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 39,126,873 | — | 448 |
Temporary Cash Investments | 209,385 | 8,499 | — |
Futures Contracts—Assets1 | 149 | — | — |
Total | 39,336,407 | 8,499 | 448 |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2014, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
S&P 500 Index | September 2014 | 152 | 74,191 | 954 |
E-mini S&P 500 Index | September 2014 | 709 | 69,213 | 117 |
E-mini Russell 2000 Index | September 2014 | 145 | 17,259 | 457 |
1,528 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
52
Institutional Total Stock Market Index Fund
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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at 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 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2014, the cost of investment securities for tax purposes was $25,216,207,000. Net unrealized appreciation of investment securities for tax purposes was $14,128,998,000, consisting of unrealized gains of $14,598,574,000 on securities that had risen in value since their purchase and $469,576,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2014, the fund purchased $1,697,598,000 of investment securities and sold $1,115,115,000 of investment securities, other than temporary cash investments.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2014 | December 31, 2013 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 86,216 | 2,022 | 513,171 | 13,430 |
Issued in Lieu of Cash Distributions | 22,539 | 516 | 54,455 | 1,418 |
Redeemed | (559,103) | (13,295) | (1,153,565) | (30,091) |
Net Increase (Decrease)—Institutional Shares | (450,348) | (10,757) | (585,939) | (15,243) |
Institutional Plus Shares | ||||
Issued | 3,127,932 | 73,620 | 8,673,299 | 232,142 |
Issued in Lieu of Cash Distributions | 285,886 | 6,545 | 512,628 | 13,274 |
Redeemed | (2,445,667) | (57,055) | (3,926,407) | (103,228) |
Net Increase (Decrease)—Institutional Plus Shares | 968,151 | 23,110 | 5,259,520 | 142,188 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2014, that would require recognition or disclosure in these financial statements.
53
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.
54
Six Months Ended June 30, 2014 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Total Stock Market Index Fund | 12/31/2013 | 6/30/2014 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,069.95 | $0.21 |
Institutional Plus Shares | 1,000.00 | 1,070.28 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,024.60 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.10 |
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.
55
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard’s Equity Investment Group—through its Equity Index Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
56
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.
57
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 (formerly known as the Dow Jones Wilshire 5000 Index) through April 8, 2005; 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 177 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. | |
F. William McNabb III | |
Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
of the Presidential Commission for the Study of | |
Bioethical Issues. | |
IndependentTrustees | |
JoAnn Heffernan Heisen | |
Emerson U. Fullwood | Born 1950. Trustee Since July 1998. Principal |
Born 1948. Trustee Since January 2008. Principal | Occupation(s) During the Past Five Years: Corporate |
Occupation(s) During the Past Five Years: Executive | Vice President and Chief Global Diversity Officer |
Chief Staff and Marketing Officer for North America | (retired 2008) and Member of the Executive |
and Corporate Vice President (retired 2008) of Xerox | Committee (1997–2008) of Johnson & Johnson |
Corporation (document management products and | (pharmaceuticals/medical devices/consumer |
services); Executive in Residence and 2009–2010 | products); Director of Skytop Lodge Corporation |
Distinguished Minett Professor at the Rochester | (hotels), the University Medical Center at Princeton, |
Institute of Technology; Director of SPX Corporation | the Robert Wood Johnson Foundation, and the Center |
(multi-industry manufacturing), the United Way of | for Talent Innovation; Member of the Advisory Board |
Rochester, Amerigroup Corporation (managed health | of the Maxwell School of Citizenship and Public Affairs |
care), the University of Rochester Medical Center, | at Syracuse University. |
Monroe Community College Foundation, and North | |
Carolina A&T University. | F. Joseph Loughrey |
Born 1949. Trustee Since October 2009. Principal | |
Rajiv L. Gupta | Occupation(s) During the Past Five Years: President |
Born 1945. Trustee Since December 2001.2 | and Chief Operating Officer (retired 2009) of Cummins |
Principal Occupation(s) During the Past Five Years: | Inc. (industrial machinery); Chairman of the Board |
Chairman and Chief Executive Officer (retired 2009) | of Hillenbrand, Inc. (specialized consumer services), |
and President (2006–2008) of Rohm and Haas Co. | and of Oxfam America; Director of SKF AB (industrial |
(chemicals); Director of Tyco International, Ltd. | machinery), Hyster-Yale Materials Handling, Inc. |
(diversified manufacturing and services), Hewlett- | (forklift trucks), the Lumina Foundation for Education, |
Packard Co. (electronic computer manufacturing), |
and the V Foundation for Cancer Research; Member | Executive Officers | |
of the Advisory Council for the College of Arts and | ||
Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal | |
University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
of The Vanguard Group, Inc.; Controller of each of | ||
Mark Loughridge | the investment companies served by The Vanguard | |
Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment | |
Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). | |
President and Chief Financial Officer (retired 2013) | ||
at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September | |
2013); Member of the Council on Chicago Booth. | 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 | |
Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of | |
(investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the | |
Advisory Committees of the Financial Industry | investment companies served by The Vanguard | |
Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment | |
Baseball. | companies served by The Vanguard Group (1988–2008). | |
André F. Perold | Heidi Stam | |
Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal | |
Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing | |
Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel | |
at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard | |
Chief Investment Officer and Managing Partner of | Group and of each of the investment companies | |
HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior | |
Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. | |
Museum of Fine Arts Boston. | ||
Vanguard Senior ManagementTeam | ||
Alfred M. Rankin, Jr. | ||
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland. | ||
Peter F. Volanakis | Chairman Emeritus and Senior Advisor | |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | John J. Brennan | |
and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 | |
Colby-Sawyer College; Member of the Advisory Board | ||
of the Norris Cotton Cancer Center and of the Advisory | Founder | |
Board of the Parthenon Group (strategy consulting). | ||
John C. Bogle | ||
Chairman and Chief Executive Officer, 1974–1996 | ||
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
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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. | |
Q8712 082014 |
Item 2: Code of Ethics.
Not Applicable.
Item 3:
Not Applicable.
Item 4: Principal Accountant Fees and Services.
Not. Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could
significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: August 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: August 20, 2014 | |
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: August 20, 2014 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number
2-17620, Incorporated by Reference.