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, 2015 – June 30, 2015
Item 1: Reports to Shareholders
Semiannual Report | June 30, 2015
Vanguard Institutional Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| 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. | 24 |
| Trustees Approve Advisory Arrangement. | 26 |
| Glossary. | 27 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
| Your Fund’s Total Returns | |
| Six Months Ended June 30, 2015 | |
| Total | |
| Returns | |
| Vanguard Institutional Index Fund | |
| Institutional Shares | 1.22% |
| Institutional Plus Shares | 1.23 |
| S&P 500 Index | 1.23 |
| Large-Cap Core Funds Average | 1.01 |
| Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
| Your Fund’s Performance at a Glance | ||||
| December 31, 2014, Through June 30, 2015 | ||||
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard Institutional Index Fund | ||||
| Institutional Shares | $188.67 | $188.50 | $2.486 | $0.000 |
| Institutional Plus Shares | 188.68 | 188.51 | 2.505 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
For the six months ended June 30, 2015, Vanguard Institutional Index Fund returned about 1%. It closely tracked its target index, the Standard & Poor’s 500 Index, and slightly outpaced the average return of its large-capitalization core fund peers.
U.S. stocks navigated several challenges during the half year to end the period with modest results. Large-cap stocks such as those held by your fund underperformed their small- and mid-cap counterparts.
Five of the ten industry sectors represented in the index advanced, but the rest lost ground. Stocks of health care and consumer discretionary companies returned the most; energy, utilities, and industrials suffered the steepest declines.
U.S. stocks held onto gains despite fading at the finish
U.S. stocks traveled a choppy course en route to about a 2% return for the half year as Greece’s debt drama intensified. Mixed economic news, stock valuations perceived as high by some investors, and the strong U.S. dollar’s negative effect on the profits of U.S.-based multinational companies also unsettled markets.
On the other side of the ledger, investors seemed reassured by the Federal Reserve’s careful approach to a potential rise in short-term interest rates. Other nations’ monetary stimulus programs and corporate earnings that generally surpassed forecasts further boosted investor confidence.
2
International stocks returned about 5% for U.S. investors; results would have been higher if not for the dollar’s strength against many foreign currencies. Returns for the developed markets of the Pacific region, led by Japan, surpassed those of Europe and emerging markets.
After bursting from the gate, bond prices lost momentum
Strong results in January didn’t hold up for the broad U.S. taxable bond market, which returned –0.10% for the half year after declining in four other months. The yield of the 10-year Treasury note ended June at 2.33%, up from 2.19% six months earlier. (Bond prices and yields move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –5.43% as the dollar’s strength limited returns. Without this currency effect, returns were just marginally negative. As investors grew more confident about Europe’s economic growth, European bond yields bounced back from their very low (and in some cases, negative) levels.
Returns were negligible for money market funds and savings accounts, which remained handcuffed by the Fed’s target of 0%–0.25% for short-term rates.
| Market Barometer | |||
| Total Returns | |||
| Periods Ended June 30, 2015 | |||
| Six | One | Five Years | |
| Months | Year | (Annualized) | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 1.71% | 7.37% | 17.58% |
| Russell 2000 Index (Small-caps) | 4.75 | 6.49 | 17.08 |
| Russell 3000 Index (Broad U.S. market) | 1.94 | 7.29 | 17.54 |
| FTSE All-World ex US Index (International) | 4.61 | -4.36 | 8.16 |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | -0.10% | 1.86% | 3.35% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 0.11 | 3.00 | 4.50 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.02 | 0.05 |
| CPI | |||
| Consumer Price Index | 1.63% | 0.12% | 1.83% |
3
Weakness across several sectors muted the fund’s performance
Vanguard Institutional Index Fund offers investors broad exposure to the large-cap segment of the domestic stock market by investing in 500 of the largest U.S. companies. Together, these companies account for about three-fourths of the broad U.S. stock market’s value.
As I mentioned, the health care and consumer discretionary sectors led performance for the most recent six months. Health care stocks, which were generally strong across the board, received a boost in late June from the Supreme Court’s decision to uphold a key provision of the Affordable Care Act. Stocks of managed care providers rose as speculation about consolidation within the industry intensified. Pharmaceutical companies and biotechnology firms also stood out amid a high level of merger and acquisition activity.
Results in the consumer discretionary sector were mixed. Strength among internet retailers, media companies, and restaurants offset disappointing results from automobile manufacturers and apparel and luxury goods companies. Stocks in the information technology, telecommunication services, and materials sectors also added modestly to returns.
The energy sector detracted the most from the index’s return. Oil and gas stocks, which pared their losses from earlier in the period as oil prices bounced back a bit, still declined more than 5%.
Stocks in the utilities and industrial sectors also hurt returns. After hitting a peak in late January, utilities declined sharply, dropping more than 10% through the end of June. Investors searching for yield had lifted the stocks, which are known for paying relatively high dividends. But with a potential Fed rate hike on the horizon, the sector sharply reversed course. To some investors, higher rates can make dividend-paying stocks less attractive than bonds.
Weakened demand and the strength of the U.S. dollar abroad weighed on the industrial sector. A long, cold winter in parts of the country took its toll on railroad stocks, which were among the hardest hit, and airline companies declined amid fears of increased capacity. Stocks in the consumer staples and financial sectors also lost ground.
As your investment costs go down, your chance for success can go up
Being an investor can be frustrating at times: You’re planning for your financial future, but some factors—for example, the financial markets—are beyond your control. Although you can’t control the markets, you do have some choice in how much you pay to invest in them. And what you pay can greatly affect your chance for investing success.
4
At Vanguard, as you know, we take minimizing costs seriously. Indeed, that’s one of our four investment principles. (You can read more in Vanguard’s Principles for Investing Success, available at vanguard.com/ research.) Paying less in expenses has an intuitive, immediate appeal.
Less obvious, perhaps, is the enormous advantage that low costs can offer over time.
Imagine two well-diversified portfolios, each with a starting balance of $100,000 and each earning a yearly return of 6%, which is reinvested over a 30-year period. In one scenario, the investor pays 0.25% of assets in portfolio expenses every year; in the other, the investor pays 0.90%. (Keep in mind that this is a hypothetical example and doesn’t represent any particular investment.)
After 30 years, the lower-cost portfolio has a balance of more than $530,000, while the higher-cost portfolio has a balance of almost $440,000. What might seem like a trifling cost difference at the start becomes a meaningful difference in the long term—in this example, nearly $100,000.
Increasingly, investors recognize the importance of minimizing costs. According to Morningstar, over the past ten years, 95% of cash flows have gone into funds ranked in the lowest 20% in terms of their expenses. We’re pleased to see this trend, because it means investors are keeping more of their returns. In doing so, they’ve given themselves a better chance of reaching their financial goals.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 13, 2015
5
Institutional Index Fund
Fund Profile
As of June 30, 2015
| Share-Class Characteristics | |||
| Institutional | Institutional | ||
| Shares | Plus Shares | ||
| Ticker Symbol | VINIX | VIIIX | |
| Expense Ratio1 | 0.04% | 0.02% | |
| 30-Day SEC Yield | 2.06% | 2.08% | |
| Portfolio Characteristics | |||
| DJ | |||
| U.S. | |||
| Total | |||
| Market | |||
| S&P 500 | FA | ||
| Fund | Index | Index | |
| Number of Stocks | 506 | 501 | 3,854 |
| Median Market Cap | $80.4B | $80.4B | $49.5B |
| Price/Earnings Ratio | 20.1x | 20.0x | 21.6x |
| Price/Book Ratio | 2.8x | 2.8x | 2.8x |
| Return on Equity | 18.9% | 18.7% | 17.4% |
| Earnings Growth | |||
| Rate | 11.3% | 11.3% | 11.6% |
| Dividend Yield | 2.1% | 2.1% | 1.9% |
| Foreign Holdings | 0.0% | 0.0% | 0.0% |
| Turnover Rate | |||
| (Annualized) | 6% | — | — |
| Short-Term | |||
| Reserves | 0.0% | — | — |
| Volatility Measures | ||
| DJ | ||
| U.S. Total | ||
| S&P 500 | Market | |
| Index | FA Index | |
| R-Squared | 1.00 | 0.98 |
| Beta | 1.00 | 0.97 |
| 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. | Technology | |
| Hardware, Storage & | ||
| Peripherals | 4.0% | |
| Microsoft Corp. | Systems Software | 2.0 |
| Exxon Mobil Corp. | Integrated Oil & Gas | 1.9 |
| Google Inc. | Internet Software & | |
| Services | 1.7 | |
| Johnson & Johnson | Pharmaceuticals | 1.5 |
| General Electric Co. | Industrial | |
| Conglomerates | 1.5 | |
| Wells Fargo & Co. | Diversified Banks | 1.4 |
| JPMorgan Chase & Co. | Diversified Banks | 1.4 |
| Berkshire Hathaway Inc. Multi-Sector Holdings | 1.4 | |
| Procter & Gamble Co. | Household Products | 1.2 |
| Top Ten | 18.0% | |
| The holdings listed exclude any temporary cash investments and | ||
| equity index products. | ||
Investment Focus
1 The expense ratios shown are from the prospectus dated April 28, 2015. For the six months ended June 30, 2015, 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 12.8% | 12.8% | 13.5% | |
| Consumer Staples | 9.4 | 9.4 | 8.2 |
| Energy | 7.8 | 7.9 | 7.2 |
| Financials | 16.5 | 16.5 | 17.9 |
| Health Care | 15.4 | 15.4 | 15.1 |
| Industrials | 10.1 | 10.1 | 10.8 |
| Information Technology | 19.7 | 19.7 | 18.9 |
| Materials | 3.2 | 3.1 | 3.5 |
| Telecommunication | |||
| Services | 2.3 | 2.3 | 2.0 |
| Utilities | 2.8 | 2.8 | 2.9 |
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, 2004, Through June 30, 2015
| Average Annual Total Returns: Periods Ended June 30, 2015 | ||||
| Inception | One | Five | Ten | |
| Date | Year | Years | Years | |
| Institutional Shares | 7/31/1990 | 7.41% | 17.31% | 7.90% |
| Institutional Plus Shares | 7/7/1997 | 7.43 | 17.34 | 7.92 |
8
Institutional Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2015
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Common Stocks (99.6%)1 | |||
| Consumer Discretionary (12.7%) | |||
| Walt Disney Co. | 16,665,876 | 1,902,243 | |
| * | Amazon.com Inc. | 4,076,820 | 1,769,707 |
| Comcast Corp. Class A | 25,990,826 | 1,563,088 | |
| Home Depot Inc. | 13,868,258 | 1,541,180 | |
| McDonald’s Corp. | 10,233,518 | 972,901 | |
| Starbucks Corp. | 16,019,944 | 858,909 | |
| NIKE Inc. Class B | 7,435,080 | 803,137 | |
| Time Warner Inc. | 8,803,835 | 769,543 | |
| Lowe’s Cos. Inc. | 9,957,880 | 666,879 | |
| * | Priceline Group Inc. | 553,442 | 637,217 |
| Ford Motor Co. | 42,442,824 | 637,067 | |
| Twenty-First Century | |||
| Fox Inc. Class A | 18,891,177 | 614,813 | |
| Target Corp. | 6,816,932 | 556,466 | |
| Time Warner Cable Inc. | 3,018,189 | 537,751 | |
| * | DIRECTV | 5,368,249 | 498,120 |
| TJX Cos. Inc. | 7,264,218 | 480,673 | |
| General Motors Co. | 14,414,048 | 480,420 | |
| * | Netflix Inc. | 647,259 | 425,210 |
| Yum! Brands Inc. | 4,616,649 | 415,868 | |
| Johnson Controls Inc. | 6,991,501 | 346,289 | |
| CBS Corp. Class B | 4,834,248 | 268,301 | |
| Delphi Automotive plc | 3,082,849 | 262,320 | |
| VF Corp. | 3,630,052 | 253,160 | |
| Dollar General Corp. | 3,172,309 | 246,615 | |
| Viacom Inc. Class B | 3,814,611 | 246,576 | |
| * | O’Reilly Automotive Inc. | 1,078,274 | 243,668 |
| Macy’s Inc. | 3,591,858 | 242,343 | |
| Carnival Corp. | 4,815,438 | 237,834 | |
| * | AutoZone Inc. | 338,709 | 225,885 |
| L Brands Inc. | 2,618,644 | 224,496 | |
| Ross Stores Inc. | 4,418,186 | 214,768 | |
| * | Chipotle Mexican Grill Inc. | ||
| Class A | 331,499 | 200,554 | |
| Omnicom Group Inc. | 2,608,630 | 181,274 | |
| * | Dollar Tree Inc. | 2,201,594 | 173,904 |
| Marriott International Inc. | |||
| Class A | 2,201,869 | 163,797 | |
| * | Under Armour Inc. Class A | 1,795,161 | 149,788 |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Starwood Hotels & | |||
| Resorts Worldwide Inc. | 1,824,725 | 147,967 | |
| * | CarMax Inc. | 2,234,106 | 147,920 |
| Genuine Parts Co. | 1,625,201 | 145,504 | |
| Whirlpool Corp. | 839,820 | 145,331 | |
| Hanesbrands Inc. | 4,288,892 | 142,906 | |
| Royal Caribbean | |||
| Cruises Ltd. | 1,761,109 | 138,582 | |
| BorgWarner Inc. | 2,416,036 | 137,327 | |
| Kohl’s Corp. | 2,112,871 | 132,287 | |
| Tractor Supply Co. | 1,456,752 | 131,020 | |
| * | Mohawk Industries Inc. | 663,475 | 126,657 |
| * | Bed Bath & Beyond Inc. | 1,829,291 | 126,184 |
| Harley-Davidson Inc. | 2,232,319 | 125,791 | |
| Newell Rubbermaid Inc. | 2,869,160 | 117,951 | |
| Expedia Inc. | 1,063,148 | 116,255 | |
| Nordstrom Inc. | 1,505,570 | 112,165 | |
| Tiffany & Co. | 1,199,912 | 110,152 | |
| Gap Inc. | 2,807,723 | 107,171 | |
| Wyndham | |||
| Worldwide Corp. | 1,281,907 | 105,001 | |
| Staples Inc. | 6,841,009 | 104,736 | |
| * | TripAdvisor Inc. | 1,195,298 | 104,158 |
| Coach Inc. | 2,946,318 | 101,972 | |
| Best Buy Co. Inc. | 3,126,648 | 101,960 | |
| PVH Corp. | 883,035 | 101,726 | |
| DR Horton Inc. | 3,557,917 | 97,345 | |
| Lennar Corp. Class A | 1,906,459 | 97,306 | |
| Darden Restaurants Inc. | 1,343,340 | 95,485 | |
| Mattel Inc. | 3,607,947 | 92,688 | |
| Harman International | |||
| Industries Inc. | 759,876 | 90,380 | |
| Hasbro Inc. | 1,196,353 | 89,475 | |
| * | Michael Kors Holdings Ltd. | 2,118,952 | 89,187 |
| H&R Block Inc. | 2,939,252 | 87,149 | |
| Goodyear Tire & | |||
| Rubber Co. | 2,880,796 | 86,856 | |
| * | Discovery | ||
| Communications Inc. | 2,784,200 | 86,533 | |
| Wynn Resorts Ltd. | 870,752 | 85,917 | |
| Ralph Lauren Corp. Class A | 645,361 | 85,420 |
9
| Institutional Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Interpublic Group of | |||
| Cos. Inc. | 4,409,653 | 84,974 | |
| Family Dollar Stores Inc. | 1,024,507 | 80,741 | |
| * | News Corp. Class A | 5,347,276 | 78,017 |
| * | TEGNA Inc. | 2,417,551 | 77,531 |
| Leggett & Platt Inc. | 1,470,051 | 71,562 | |
| PulteGroup Inc. | 3,496,733 | 70,459 | |
| Scripps Networks | |||
| Interactive Inc. Class A | 1,012,557 | 66,191 | |
| Garmin Ltd. | 1,285,170 | 56,458 | |
| Cablevision Systems | |||
| Corp. Class A | 2,349,441 | 56,246 | |
| * | Discovery | ||
| Communications Inc. | |||
| Class A | 1,589,474 | 52,866 | |
| Comcast Corp. Special | |||
| Class A | 844,535 | 50,621 | |
| * | AutoNation Inc. | 801,921 | 50,505 |
| ^ | GameStop Corp. Class A | 1,137,129 | 48,851 |
| * | Urban Outfitters Inc. | 1,037,641 | 36,317 |
| * | Fossil Group Inc. | 457,704 | 31,746 |
| * | Gannett Co. Inc. | 2,827 | 40 |
| 24,840,353 | |||
| Consumer Staples (9.4%) | |||
| Procter & Gamble Co. | 28,964,630 | 2,266,193 | |
| Coca-Cola Co. | 41,881,232 | 1,643,001 | |
| PepsiCo Inc. | 15,758,791 | 1,470,925 | |
| Philip Morris | |||
| International Inc. | 16,539,148 | 1,325,943 | |
| CVS Health Corp. | 12,046,428 | 1,263,429 | |
| Wal-Mart Stores Inc. | 16,847,988 | 1,195,028 | |
| Altria Group Inc. | 20,995,766 | 1,026,903 | |
| Walgreens Boots | |||
| Alliance Inc. | 9,316,323 | 786,670 | |
| Mondelez International | |||
| Inc. Class A | 17,366,582 | 714,461 | |
| Costco Wholesale Corp. | 4,692,233 | 633,733 | |
| Colgate-Palmolive Co. | 9,078,255 | 593,809 | |
| Kraft Foods Group Inc. | 6,323,569 | 538,389 | |
| Kimberly-Clark Corp. | 3,887,426 | 411,950 | |
| Kroger Co. | 5,233,782 | 379,501 | |
| General Mills Inc. | 6,364,381 | 354,623 | |
| Reynolds American Inc. | 4,438,103 | 331,349 | |
| Archer-Daniels- | |||
| Midland Co. | 6,623,657 | 319,393 | |
| Sysco Corp. | 6,339,635 | 228,861 | |
| * | Monster Beverage Corp. | 1,569,791 | 210,383 |
| Constellation Brands Inc. | |||
| Class A | 1,809,000 | 209,880 | |
| Estee Lauder Cos. Inc. | |||
| Class A | 2,383,737 | 206,575 | |
| ConAgra Foods Inc. | 4,559,720 | 199,351 | |
| Mead Johnson | |||
| Nutrition Co. | 2,162,611 | 195,111 | |
| Kellogg Co. | 2,675,397 | 167,747 | |
| Market | ||
| Value• | ||
| Shares | ($000) | |
| Brown-Forman Corp. | ||
| Class B | 1,663,913 | 166,691 |
| Whole Foods Market Inc. | 3,825,589 | 150,881 |
| Dr Pepper Snapple | ||
| Group Inc. | 2,047,228 | 149,243 |
| Clorox Co. | 1,400,702 | 145,701 |
| Hershey Co. | 1,567,068 | 139,203 |
| Tyson Foods Inc. Class A | 3,115,056 | 132,795 |
| Molson Coors Brewing | ||
| Co. Class B | 1,704,812 | 119,013 |
| JM Smucker Co. | 1,034,925 | 112,196 |
| McCormick & Co. Inc. | 1,364,522 | 110,458 |
| Coca-Cola | ||
| Enterprises Inc. | 2,285,844 | 99,297 |
| Keurig Green | ||
| Mountain Inc. | 1,233,142 | 94,496 |
| Campbell Soup Co. | 1,897,788 | 90,430 |
| Hormel Foods Corp. | 1,439,343 | 81,136 |
| 18,264,748 | ||
| Energy (7.8%) | ||
| Exxon Mobil Corp. | 44,638,452 | 3,713,919 |
| Chevron Corp. | 20,076,475 | 1,936,778 |
| Schlumberger Ltd. | 13,556,091 | 1,168,399 |
| ConocoPhillips | 13,163,470 | 808,369 |
| Kinder Morgan Inc. | 18,518,612 | 710,930 |
| Occidental | ||
| Petroleum Corp. | 8,200,858 | 637,781 |
| EOG Resources Inc. | 5,860,761 | 513,110 |
| Phillips 66 | 5,790,311 | 466,467 |
| Anadarko Petroleum Corp. | 5,423,131 | 423,330 |
| Williams Cos. Inc. | 7,197,349 | 413,056 |
| Halliburton Co. | 9,084,518 | 391,270 |
| Valero Energy Corp. | 5,430,517 | 339,950 |
| Marathon | ||
| Petroleum Corp. | 5,800,516 | 303,425 |
| Baker Hughes Inc. | 4,641,081 | 286,355 |
| Devon Energy Corp. | 4,126,025 | 245,457 |
| Spectra Energy Corp. | 7,167,862 | 233,672 |
| Apache Corp. | 4,026,301 | 232,036 |
| Pioneer Natural | ||
| Resources Co. | 1,594,090 | 221,084 |
| National Oilwell Varco Inc. | 4,141,414 | 199,947 |
| Marathon Oil Corp. | 7,206,684 | 191,265 |
| Noble Energy Inc. | 4,132,260 | 176,365 |
| Hess Corp. | 2,608,208 | 174,437 |
| Cabot Oil & Gas Corp. | 4,416,316 | 139,291 |
| EQT Corp. | 1,626,800 | 132,324 |
| Tesoro Corp. | 1,344,759 | 113,511 |
| Cimarex Energy Co. | 998,856 | 110,184 |
| * Cameron | ||
| International Corp. | 2,043,869 | 107,037 |
| * FMC Technologies Inc. | 2,462,552 | 102,171 |
| * Southwestern | ||
| Energy Co. | 4,126,802 | 93,802 |
| ONEOK Inc. | 2,229,256 | 88,011 |
| Range Resources Corp. | 1,775,642 | 87,681 |
10
| Institutional Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Helmerich & Payne Inc. | 1,149,612 | 80,956 | |
| Murphy Oil Corp. | 1,782,606 | 74,103 | |
| * | Newfield Exploration Co. | 1,734,768 | 62,660 |
| ^ | Chesapeake Energy Corp. | 5,514,933 | 61,602 |
| ^ | Transocean Ltd. | 3,639,523 | 58,669 |
| Ensco plc Class A | 2,497,158 | 55,612 | |
| CONSOL Energy Inc. | 2,438,394 | 53,011 | |
| Noble Corp. plc | 2,578,668 | 39,686 | |
| ^ | Diamond Offshore | ||
| Drilling Inc. | 717,260 | 18,512 | |
| 15,266,225 | |||
| Financials (16.4%) | |||
| Wells Fargo & Co. | 50,026,493 | 2,813,490 | |
| JPMorgan Chase & Co. | 39,620,448 | 2,684,682 | |
| * | Berkshire Hathaway Inc. | ||
| Class B | 18,332,437 | 2,495,228 | |
| Bank of America Corp. | 112,123,239 | 1,908,338 | |
| Citigroup Inc. | 32,393,382 | 1,789,410 | |
| Goldman Sachs | |||
| Group Inc. | 4,289,512 | 895,607 | |
| American International | |||
| Group Inc. | 14,235,915 | 880,064 | |
| US Bancorp | 18,929,694 | 821,549 | |
| American Express Co. | 9,326,856 | 724,883 | |
| MetLife Inc. | 11,913,056 | 667,012 | |
| Morgan Stanley | 16,405,756 | 636,379 | |
| Simon Property | |||
| Group Inc. | 3,323,359 | 575,008 | |
| PNC Financial Services | |||
| Group Inc. | 5,529,663 | 528,912 | |
| Capital One | |||
| Financial Corp. | 5,834,023 | 513,219 | |
| Bank of New York | |||
| Mellon Corp. | 11,973,903 | 502,545 | |
| BlackRock Inc. | 1,355,776 | 469,071 | |
| Prudential Financial Inc. | 4,836,575 | 423,297 | |
| American Tower | |||
| Corporation | 4,517,270 | 421,416 | |
| Charles Schwab Corp. | 12,341,138 | 402,938 | |
| ACE Ltd. | 3,487,036 | 354,562 | |
| State Street Corp. | 4,395,419 | 338,447 | |
| Travelers Cos. Inc. | 3,402,673 | 328,902 | |
| Marsh & McLennan | |||
| Cos. Inc. | 5,748,492 | 325,939 | |
| CME Group Inc. | 3,387,844 | 315,273 | |
| BB&T Corp. | 7,804,277 | 314,590 | |
| Aon plc | 3,008,041 | 299,842 | |
| McGraw Hill | |||
| Financial Inc. | 2,922,353 | 293,550 | |
| Crown Castle | |||
| International Corp. | 3,603,297 | 289,345 | |
| Aflac Inc. | 4,632,626 | 288,149 | |
| Public Storage | 1,550,663 | 285,896 | |
| Allstate Corp. | 4,367,062 | 283,291 | |
| Equity Residential | 3,886,313 | 272,703 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Discover Financial | |||
| Services | 4,724,622 | 272,233 | |
| Intercontinental | |||
| Exchange Inc. | 1,193,193 | 266,810 | |
| Health Care REIT Inc. | 3,747,987 | 245,980 | |
| Ameriprise Financial Inc. | 1,936,677 | 241,949 | |
| SunTrust Banks Inc. | 5,511,784 | 237,117 | |
| Chubb Corp. | 2,453,106 | 233,389 | |
| AvalonBay | |||
| Communities Inc. | 1,411,449 | 225,648 | |
| Ventas Inc. | 3,532,950 | 219,361 | |
| T. Rowe Price Group Inc. | 2,805,397 | 218,064 | |
| Prologis Inc. | 5,595,341 | 207,587 | |
| Moody’s Corp. | 1,899,631 | 205,084 | |
| Franklin Resources Inc. | 4,164,528 | 204,187 | |
| Boston Properties Inc. | 1,638,055 | 198,270 | |
| Hartford Financial | |||
| Services Group Inc. | 4,483,705 | 186,388 | |
| Fifth Third Bancorp | 8,647,928 | 180,050 | |
| HCP Inc. | 4,929,526 | 179,780 | |
| Northern Trust Corp. | 2,342,270 | 179,090 | |
| Vornado Realty Trust | 1,869,614 | 177,482 | |
| M&T Bank Corp. | 1,419,764 | 177,371 | |
| Weyerhaeuser Co. | 5,528,220 | 174,139 | |
| Invesco Ltd. | 4,598,869 | 172,412 | |
| General Growth | |||
| Properties Inc. | 6,718,419 | 172,395 | |
| Host Hotels & Resorts Inc. | 8,090,097 | 160,427 | |
| Lincoln National Corp. | 2,701,668 | 159,993 | |
| Progressive Corp. | 5,700,686 | 158,650 | |
| * | Berkshire Hathaway Inc. | ||
| Class A | 759 | 155,481 | |
| Principal Financial | |||
| Group Inc. | 2,926,312 | 150,091 | |
| Essex Property Trust Inc. | 697,804 | 148,283 | |
| Regions Financial Corp. | 14,311,746 | 148,270 | |
| KeyCorp | 9,057,968 | 136,051 | |
| * | Affiliated Managers | ||
| Group Inc. | 584,334 | 127,735 | |
| Loews Corp. | 3,172,514 | 122,174 | |
| XL Group plc Class A | 3,274,228 | 121,801 | |
| SL Green Realty Corp. | 1,063,430 | 116,860 | |
| Macerich Co. | 1,504,107 | 112,206 | |
| * | CBRE Group Inc. Class A | 2,986,710 | 110,508 |
| Realty Income Corp. | 2,483,117 | 110,226 | |
| Kimco Realty Corp. | 4,401,337 | 99,206 | |
| Huntington | |||
| Bancshares Inc. | 8,622,042 | 97,515 | |
| Comerica Inc. | 1,897,918 | 97,401 | |
| Unum Group | 2,660,767 | 95,122 | |
| * | E*TRADE Financial Corp. | 3,091,383 | 92,587 |
| Leucadia National Corp. | 3,367,357 | 81,759 | |
| Cincinnati Financial Corp. | 1,578,693 | 79,219 | |
| Torchmark Corp. | 1,346,685 | 78,404 | |
| Plum Creek | |||
| Timber Co. Inc. | 1,872,522 | 75,968 |
11
| Institutional Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Navient Corp. | 4,154,388 | 75,651 | |
| Zions Bancorporation | 2,165,366 | 68,718 | |
| Iron Mountain Inc. | 1,996,814 | 61,901 | |
| NASDAQ OMX Group Inc. | 1,262,071 | 61,602 | |
| Apartment Investment & | |||
| Management Co. | 1,665,424 | 61,504 | |
| Legg Mason Inc. | 1,039,269 | 53,554 | |
| People’s United | |||
| Financial Inc. | 3,293,888 | 53,394 | |
| Hudson City Bancorp Inc. | 5,134,758 | 50,731 | |
| Assurant Inc. | 723,579 | 48,480 | |
| * | Genworth Financial Inc. | ||
| Class A | 5,300,612 | 40,126 | |
| 32,129,921 | |||
| Health Care (15.4%) | |||
| Johnson & Johnson | 29,605,706 | 2,885,372 | |
| Pfizer Inc. | 65,740,837 | 2,204,290 | |
| Gilead Sciences Inc. | 15,689,955 | 1,836,980 | |
| Merck & Co. Inc. | 30,162,871 | 1,717,172 | |
| * | Allergan plc | 4,189,874 | 1,271,459 |
| Amgen Inc. | 8,117,497 | 1,246,198 | |
| UnitedHealth Group Inc. | 10,162,839 | 1,239,866 | |
| AbbVie Inc. | 18,358,637 | 1,233,517 | |
| Bristol-Myers Squibb Co. | 17,797,195 | 1,184,225 | |
| Medtronic plc | 15,214,545 | 1,127,398 | |
| * | Biogen Inc. | 2,511,401 | 1,014,455 |
| * | Celgene Corp. | 8,467,958 | 980,039 |
| Eli Lilly & Co. | 10,426,341 | 870,495 | |
| Abbott Laboratories | 15,894,639 | 780,109 | |
| * | Express Scripts | ||
| Holding Co. | 7,786,338 | 692,517 | |
| McKesson Corp. | 2,472,200 | 555,775 | |
| Thermo Fisher | |||
| Scientific Inc. | 4,249,869 | 551,463 | |
| Aetna Inc. | 3,728,285 | 475,207 | |
| Anthem Inc. | 2,824,421 | 463,601 | |
| Cigna Corp. | 2,747,902 | 445,160 | |
| * | Alexion | ||
| Pharmaceuticals Inc. | 2,390,555 | 432,141 | |
| * | Regeneron | ||
| Pharmaceuticals Inc. | 804,938 | 410,623 | |
| Baxter International Inc. | 5,810,852 | 406,353 | |
| * | Vertex | ||
| Pharmaceuticals Inc. | 2,602,551 | 321,363 | |
| Becton Dickinson and Co. | 2,235,592 | 316,672 | |
| Humana Inc. | 1,599,230 | 305,901 | |
| Stryker Corp. | 3,191,856 | 305,046 | |
| * | Mylan NV | 4,394,975 | 298,243 |
| Cardinal Health Inc. | 3,532,352 | 295,481 | |
| Perrigo Co. plc | 1,561,687 | 288,647 | |
| * | HCA Holdings Inc. | 3,096,661 | 280,929 |
| Zoetis Inc. | 5,338,158 | 257,406 | |
| * | Boston Scientific Corp. | 14,314,417 | 253,365 |
| AmerisourceBergen | |||
| Corp. Class A | 2,228,341 | 236,962 | |
| * | Cerner Corp. | 3,269,664 | 225,803 |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| St. Jude Medical Inc. | 2,990,904 | 218,545 | |
| Zimmer Biomet | |||
| Holdings Inc. | 1,819,464 | 198,740 | |
| * | Intuitive Surgical Inc. | 393,549 | 190,675 |
| * | Endo International plc | 2,165,080 | 172,449 |
| * | Hospira Inc. | 1,844,874 | 163,659 |
| * | Edwards | ||
| Lifesciences Corp. | 1,148,451 | 163,574 | |
| * | Mallinckrodt plc | 1,249,064 | 147,040 |
| * | DaVita HealthCare | ||
| Partners Inc. | 1,836,071 | 145,913 | |
| Universal Health | |||
| Services Inc. Class B | 973,347 | 138,313 | |
| Agilent Technologies Inc. | 3,557,799 | 137,260 | |
| CR Bard Inc. | 792,838 | 135,337 | |
| * | Laboratory Corp. of | ||
| America Holdings | 1,072,090 | 129,959 | |
| * | Henry Schein Inc. | 892,903 | 126,899 |
| * | Waters Corp. | 883,013 | 113,361 |
| Quest Diagnostics Inc. | 1,533,761 | 111,228 | |
| * | Varian Medical | ||
| Systems Inc. | 1,064,283 | 89,751 | |
| DENTSPLY | |||
| International Inc. | 1,491,316 | 76,877 | |
| PerkinElmer Inc. | 1,206,255 | 63,497 | |
| * | Tenet Healthcare Corp. | 1,057,294 | 61,196 |
| Patterson Cos. Inc. | 913,087 | 44,422 | |
| *,2 | Baxalta Inc. | 8,600 | 275 |
| 30,039,203 | |||
| Industrials (10.1%) | |||
| General Electric Co. | 107,572,921 | 2,858,212 | |
| 3M Co. | 6,772,505 | 1,044,997 | |
| United Technologies | |||
| Corp. | 8,838,831 | 980,492 | |
| Boeing Co. | 6,866,137 | 952,471 | |
| Union Pacific Corp. | 9,348,218 | 891,540 | |
| Honeywell | |||
| International Inc. | 8,345,875 | 851,029 | |
| United Parcel Service Inc. | |||
| Class B | 7,409,043 | 718,010 | |
| Danaher Corp. | 6,574,758 | 562,734 | |
| Caterpillar Inc. | 6,444,917 | 546,658 | |
| Lockheed Martin Corp. | 2,856,535 | 531,030 | |
| FedEx Corp. | 2,814,507 | 479,592 | |
| General Dynamics Corp. | 3,334,304 | 472,438 | |
| Emerson Electric Co. | 7,135,349 | 395,512 | |
| Delta Air Lines Inc. | 8,769,019 | 360,231 | |
| Deere & Co. | 3,564,673 | 345,951 | |
| CSX Corp. | 10,548,446 | 344,407 | |
| Eaton Corp. plc | 4,987,202 | 336,586 | |
| Illinois Tool Works Inc. | 3,611,754 | 331,523 | |
| Northrop Grumman Corp. | 2,069,053 | 328,214 | |
| Raytheon Co. | 3,258,029 | 311,728 | |
| American Airlines | |||
| Group Inc. | 7,396,982 | 295,398 | |
| Precision Castparts Corp. | 1,475,854 | 294,979 | |
12
| Institutional Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Norfolk Southern Corp. | 3,254,915 | 284,349 | |
| PACCAR Inc. | 3,788,197 | 241,725 | |
| Southwest Airlines Co. | 7,135,467 | 236,113 | |
| Cummins Inc. | 1,790,341 | 234,875 | |
| Waste Management Inc. | 4,546,077 | 210,711 | |
| Ingersoll-Rand plc | 2,826,555 | 190,566 | |
| Roper Technologies Inc. | 1,073,335 | 185,107 | |
| Rockwell Automation Inc. | 1,437,170 | 179,129 | |
| Nielsen NV | 3,941,124 | 176,444 | |
| Tyco International plc | 4,495,572 | 172,990 | |
| Stanley Black & | |||
| Decker Inc. | 1,641,464 | 172,748 | |
| Parker-Hannifin Corp. | 1,480,745 | 172,255 | |
| WW Grainger Inc. | 635,957 | 150,499 | |
| Pall Corp. | 1,140,761 | 141,968 | |
| AMETEK Inc. | 2,578,955 | 141,275 | |
| Textron Inc. | 2,964,617 | 132,311 | |
| Pentair plc | 1,918,240 | 131,879 | |
| Rockwell Collins Inc. | 1,412,419 | 130,437 | |
| Equifax Inc. | 1,270,807 | 123,383 | |
| Fastenal Co. | 2,902,914 | 122,445 | |
| * | Stericycle Inc. | 906,946 | 121,449 |
| Dover Corp. | 1,712,576 | 120,189 | |
| Kansas City Southern | 1,180,463 | 107,658 | |
| Republic Services Inc. | |||
| Class A | 2,660,056 | 104,194 | |
| L-3 Communications | |||
| Holdings Inc. | 878,143 | 99,564 | |
| Snap-on Inc. | 622,863 | 99,191 | |
| CH Robinson | |||
| Worldwide Inc. | 1,554,652 | 96,995 | |
| Expeditors International | |||
| of Washington Inc. | 2,039,367 | 94,025 | |
| 3 | Masco Corp. | 3,706,377 | 92,287 |
| * | United Rentals Inc. | 1,035,528 | 90,733 |
| Cintas Corp. | 1,013,942 | 85,769 | |
| Fluor Corp. | 1,571,939 | 83,328 | |
| JB Hunt Transport | |||
| Services Inc. | 983,320 | 80,721 | |
| Robert Half | |||
| International Inc. | 1,442,478 | 80,058 | |
| Flowserve Corp. | 1,435,256 | 75,581 | |
| Xylem Inc. | 1,932,624 | 71,642 | |
| * | Quanta Services Inc. | 2,257,241 | 65,054 |
| Allegion plc | 1,020,476 | 61,371 | |
| ADT Corp. | 1,825,531 | 61,283 | |
| * | Jacobs Engineering | ||
| Group Inc. | 1,338,186 | 54,357 | |
| Ryder System Inc. | 568,087 | 49,634 | |
| Dun & Bradstreet Corp. | 384,042 | 46,853 | |
| Pitney Bowes Inc. | 2,149,225 | 44,725 | |
| Joy Global Inc. | 1,038,503 | 37,594 | |
| 19,689,196 | |||
| Information Technology (19.6%) | |||
| Apple Inc. | 61,505,866 | 7,714,373 | |
| Microsoft Corp. | 86,365,968 | 3,813,057 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| * | Facebook Inc. Class A | 22,486,174 | 1,928,527 |
| * | Google Inc. Class A | 3,055,575 | 1,650,133 |
| * | Google Inc. Class C | 3,064,317 | 1,595,008 |
| International Business | |||
| Machines Corp. | 9,777,400 | 1,590,392 | |
| Intel Corp. | 50,648,356 | 1,540,470 | |
| Cisco Systems Inc. | 54,298,488 | 1,491,036 | |
| Visa Inc. Class A | 20,637,907 | 1,385,835 | |
| Oracle Corp. | 34,035,667 | 1,371,637 | |
| QUALCOMM Inc. | 17,397,920 | 1,089,632 | |
| MasterCard Inc. Class A | 10,347,569 | 967,291 | |
| * | eBay Inc. | 11,802,776 | 710,999 |
| Accenture plc Class A | 6,686,285 | 647,099 | |
| Hewlett-Packard Co. | 19,286,246 | 578,780 | |
| Texas Instruments Inc. | 11,107,454 | 572,145 | |
| EMC Corp. | 20,734,529 | 547,184 | |
| * | Salesforce.com inc | 6,509,226 | 453,237 |
| * | Adobe Systems Inc. | 5,074,188 | 411,060 |
| Automatic Data | |||
| Processing Inc. | 5,013,017 | 402,194 | |
| * | Cognizant Technology | ||
| Solutions Corp. Class A | 6,518,375 | 398,207 | |
| * | Yahoo! Inc. | 9,318,204 | 366,112 |
| Avago Technologies Ltd. | |||
| Class A | 2,739,604 | 364,176 | |
| Broadcom Corp. Class A | 5,806,583 | 298,981 | |
| Intuit Inc. | 2,943,304 | 296,597 | |
| TE Connectivity Ltd. | 4,341,130 | 279,135 | |
| Corning Inc. | 13,437,523 | 265,122 | |
| Applied Materials Inc. | 13,149,771 | 252,739 | |
| * | Electronic Arts Inc. | 3,319,925 | 220,775 |
| * | Micron Technology Inc. | 11,502,662 | 216,710 |
| Analog Devices Inc. | 3,347,812 | 214,879 | |
| Skyworks Solutions Inc. | 2,040,420 | 212,408 | |
| * | Fiserv Inc. | 2,528,298 | 209,419 |
| * | Alliance Data | ||
| Systems Corp. | 662,514 | 193,414 | |
| Amphenol Corp. Class A | 3,298,495 | 191,214 | |
| Fidelity National | |||
| Information Services Inc. | 3,026,712 | 187,051 | |
| Western Digital Corp. | 2,317,662 | 181,751 | |
| Symantec Corp. | 7,268,483 | 168,992 | |
| Altera Corp. | 3,214,860 | 164,601 | |
| Paychex Inc. | 3,490,595 | 163,639 | |
| Seagate Technology plc | 3,388,863 | 160,971 | |
| Equinix Inc. | 607,802 | 154,382 | |
| * | Red Hat Inc. | 1,957,439 | 148,628 |
| Lam Research Corp. | 1,690,552 | 137,526 | |
| * | Akamai Technologies Inc. | 1,906,617 | 133,120 |
| SanDisk Corp. | 2,220,196 | 129,260 | |
| * | Qorvo Inc. | 1,595,675 | 128,085 |
| Xilinx Inc. | 2,761,329 | 121,940 | |
| * | Autodesk Inc. | 2,430,930 | 121,729 |
| * | Citrix Systems Inc. | 1,711,542 | 120,082 |
| Xerox Corp. | 11,080,572 | 117,897 | |
| Motorola Solutions Inc. | 1,982,225 | 113,661 |
13
| Institutional Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Linear Technology Corp. | 2,557,105 | 113,101 | |
| Western Union Co. | 5,513,231 | 112,084 | |
| NVIDIA Corp. | 5,457,558 | 109,751 | |
| NetApp Inc. | 3,329,383 | 105,075 | |
| Microchip Technology Inc. | 2,160,481 | 102,461 | |
| Harris Corp. | 1,315,983 | 101,212 | |
| CA Inc. | 3,375,965 | 98,882 | |
| Juniper Networks Inc. | 3,746,774 | 97,304 | |
| Computer Sciences Corp. | 1,468,201 | 96,373 | |
| KLA-Tencor Corp. | 1,705,411 | 95,861 | |
| * | F5 Networks Inc. | 767,031 | 92,312 |
| Total System Services Inc. | 1,748,447 | 73,033 | |
| * | VeriSign Inc. | 1,117,787 | 68,990 |
| * | Teradata Corp. | 1,513,205 | 55,989 |
| FLIR Systems Inc. | 1,493,214 | 46,021 | |
| * | First Solar Inc. | 805,810 | 37,857 |
| 38,299,598 | |||
| Materials (3.1%) | |||
| Dow Chemical Co. | 11,570,219 | 592,048 | |
| 4 | EI du Pont de Nemours | ||
| & Co. | 9,664,805 | 587,189 | |
| Monsanto Co. | 5,083,179 | 541,816 | |
| LyondellBasell Industries | |||
| NV Class A | 4,194,229 | 434,187 | |
| Praxair Inc. | 3,078,206 | 368,000 | |
| PPG Industries Inc. | 2,902,514 | 332,976 | |
| Ecolab Inc. | 2,861,268 | 323,524 | |
| Air Products & | |||
| Chemicals Inc. | 2,063,820 | 282,393 | |
| Sherwin-Williams Co. | 845,713 | 232,588 | |
| International Paper Co. | 4,515,029 | 214,870 | |
| Freeport-McMoRan Inc. | 11,104,679 | 206,769 | |
| Sigma-Aldrich Corp. | 1,275,250 | 177,706 | |
| CF Industries | |||
| Holdings Inc. | 2,512,931 | 161,531 | |
| Mosaic Co. | 3,313,874 | 155,255 | |
| Nucor Corp. | 3,407,637 | 150,175 | |
| Alcoa Inc. | 13,052,136 | 145,531 | |
| Newmont Mining Corp. | 5,646,935 | 131,912 | |
| Eastman Chemical Co. | 1,590,748 | 130,155 | |
| Vulcan Materials Co. | 1,416,596 | 118,895 | |
| Sealed Air Corp. | 2,244,144 | 115,304 | |
| Ball Corp. | 1,472,119 | 103,269 | |
| International Flavors & | |||
| Fragrances Inc. | 863,778 | 94,402 | |
| Martin Marietta | |||
| Materials Inc. | 662,976 | 93,818 | |
| MeadWestvaco Corp. | 1,788,284 | 84,389 | |
| Rock-Tenn Co. Class A | 1,382,400 | 83,221 | |
| Airgas Inc. | 724,249 | 76,611 | |
| FMC Corp. | 1,423,003 | 74,779 | |
| Avery Dennison Corp. | 969,985 | 59,111 | |
| * | Owens-Illinois Inc. | 1,718,365 | 39,419 |
| Allegheny | |||
| Technologies Inc. | 1,163,887 | 35,149 | |
| 6,146,992 | |||
| Market | ||
| Value• | ||
| Shares | ($000) | |
| Telecommunication Services (2.3%) | ||
| Verizon | ||
| Communications Inc. | 43,543,026 | 2,029,540 |
| AT&T Inc. | 55,441,822 | 1,969,294 |
| CenturyLink Inc. | 6,019,407 | 176,850 |
| * Level 3 | ||
| Communications Inc. | 3,141,388 | 165,457 |
| Frontier | ||
| Communications Corp. | 12,290,383 | 60,837 |
| 4,401,978 | ||
| Utilities (2.8%) | ||
| Duke Energy Corp. | 7,383,314 | 521,410 |
| NextEra Energy Inc. | 4,741,736 | 464,832 |
| Dominion Resources Inc. | 6,336,353 | 423,712 |
| Southern Co. | 9,697,251 | 406,315 |
| Exelon Corp. | 9,195,465 | 288,922 |
| American Electric | ||
| Power Co. Inc. | 5,231,070 | 277,090 |
| PG&E Corp. | 5,126,422 | 251,707 |
| Sempra Energy | 2,484,941 | 245,860 |
| Public Service Enterprise | ||
| Group Inc. | 5,401,256 | 212,161 |
| PPL Corp. | 7,133,495 | 210,224 |
| Edison International | 3,478,796 | 193,352 |
| Consolidated Edison Inc. | 3,127,144 | 180,999 |
| Xcel Energy Inc. | 5,412,538 | 174,176 |
| NiSource Inc. | 3,388,862 | 154,498 |
| Eversource Energy | 3,391,777 | 154,021 |
| WEC Energy Group Inc. | 3,365,783 | 151,359 |
| FirstEnergy Corp. | 4,506,233 | 146,678 |
| DTE Energy Co. | 1,914,867 | 142,926 |
| Entergy Corp. | 1,916,886 | 135,140 |
| Ameren Corp. | 2,587,402 | 97,493 |
| AES Corp. | 7,277,497 | 96,500 |
| CMS Energy Corp. | 2,943,058 | 93,707 |
| CenterPoint Energy Inc. | 4,594,017 | 87,424 |
| NRG Energy Inc. | 3,561,296 | 81,482 |
| SCANA Corp. | 1,526,278 | 77,306 |
| Pepco Holdings Inc. | 2,694,120 | 72,580 |
| Pinnacle West | ||
| Capital Corp. | 1,180,071 | 67,134 |
| AGL Resources Inc. | 1,278,184 | 59,512 |
| TECO Energy Inc. | 2,507,527 | 44,283 |
| 5,512,803 | ||
| Total Common Stocks | ||
| (Cost $123,587,841) | 194,591,017 | |
| Temporary Cash Investments (0.4%)1 | ||
| Money Market Fund (0.4%) | ||
| 5,6 Vanguard Market | ||
| Liquidity Fund, | ||
| 0.137% | 671,354,199 | 671,354 |
14
| Institutional Index Fund | |||
| Face | Market | ||
| Amount | Value• | ||
| ($000) | ($000) | ||
| U.S. Government and Agency Obligations (0.0%) | |||
| 7 | Fannie Mae Discount | ||
| Notes, 0.070%, 7/15/15 | 4,600 | 4,600 | |
| 8,9 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.088%, 9/4/15 | 15,000 | 14,997 | |
| 7,9 | Freddie Mac Discount | ||
| Notes, 0.066%, 7/20/15 | 10,000 | 10,000 | |
| 7,9 | Freddie Mac Discount | ||
| Notes, 0.118%, 7/31/15 | 20,000 | 19,999 | |
| 49,596 | |||
| Total Temporary Cash Investments | |||
| (Cost $720,949) | 720,950 | ||
| Total Investments (100.0%) | |||
| (Cost $124,308,790) | 195,311,967 | ||
| Other Assets and Liabilities (0.0%) | |||
| Other Assets | 933,073 | ||
| Liabilities6 | (955,590) | ||
| (22,517) | |||
| Net Assets (100%) | 195,289,450 | ||
| At June 30, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 124,973,678 |
| Undistributed Net Investment Income | 120,554 |
| Accumulated Net Realized Losses | (799,535) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 71,003,177 |
| Futures Contracts | (8,424) |
| Net Assets | 195,289,450 |
| Institutional Shares—Net Assets | |
| Applicable to 556,790,102 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 104,957,368 |
| Net Asset Value Per Share— | |
| Institutional Shares | $188.50 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 479,177,195 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 90,332,082 |
| Net Asset Value Per Share— | |
| Institutional Plus Shares | $188.51 |
• 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 $64,752,000.
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 Security will be issued after June 30, 2015, pursuant to a spin-off. Security was purchased by the fund on a when-issued basis because
the issuer will be part of the benchmark index.
3 The market value of Masco Corp. is adjusted by $6,562,000 to account for the when-issued sale on June 30, 2015, of shares of TopBuild
Corp. to be received through a spin-off from Masco Corp. The TopBuild Corp. shares were sold because TopBuild Corp. is not part of the
benchmark index, and the when-issued sale was settled on July 7, 2015, after receipt of the shares from Masco Corp.
4 The market value of EI du Pont de Nemours & Co. (“Dupont”) is adjusted by $30,875,000 to account for the when-issued sale on June 30,
2015, of shares of Chemours Co. to be received through a spin-off from Dupont. The Chemours Co. shares were sold because Chemours Co.
is not part of the benchmark index, and the when-issued sale was settled on July 7, 2015, after receipt of the shares from Dupont.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is
the 7-day yield.
6 Includes $68,285,000 of collateral received for securities on loan.
7 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.
8 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.
9 Securities with a value of $34,297,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
15
| Institutional Index Fund | |
| Statement of Operations | |
| Six Months Ended | |
| June 30, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends | 2,664,396 |
| Interest1 | 551 |
| Securities Lending | 3,668 |
| Total Income | 2,668,615 |
| Expenses | |
| The Vanguard Group—Note B | |
| Management and Administrative—Institutional Shares | 20,923 |
| Management and Administrative—Institutional Plus Shares | 8,832 |
| Total Expenses | 29,755 |
| Net Investment Income | 2,638,860 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 1,214,975 |
| Futures Contracts | 32,062 |
| Realized Net Gain (Loss) | 1,247,037 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (1,495,638) |
| Futures Contracts | (19,824) |
| Change in Unrealized Appreciation (Depreciation) | (1,515,462) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,370,435 |
| 1 Interest income from an affiliated company of the fund was $526,000. | |
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, | |
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 2,638,860 | 3,508,148 |
| Realized Net Gain (Loss) | 1,247,037 | 1,744,432 |
| Change in Unrealized Appreciation (Depreciation) | (1,515,462) | 17,298,626 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,370,435 | 22,551,206 |
| Distributions | ||
| Net Investment Income | ||
| Institutional Shares | (1,374,063) | (1,893,337) |
| Institutional Plus Shares | (1,174,945) | (1,605,586) |
| Realized Capital Gain | ||
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (2,549,008) | (3,498,923) |
| Capital Share Transactions | ||
| Institutional Shares | 2,907,970 | 3,944,794 |
| Institutional Plus Shares | 4,835,323 | 1,969,415 |
| Net Increase (Decrease) from Capital Share Transactions | 7,743,293 | 5,914,209 |
| Total Increase (Decrease) | 7,564,720 | 24,966,492 |
| Net Assets | ||
| Beginning of Period | 187,724,730 | 162,758,238 |
| End of Period1 | 195,289,450 | 187,724,730 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $120,554,000 and $30,702,000.
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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $188.67 | $169.28 | $130.52 | $115.04 | $115.01 | $101.98 |
| Investment Operations | ||||||
| Net Investment Income | 2.5721 | 3.561 | 3.128 | 2.835 | 2.361 | 2.118 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (. 256) | 19.380 | 38.759 | 15.475 | .029 | 13.032 |
| Total from Investment Operations | 2.316 | 22.941 | 41.887 | 18.310 | 2.390 | 15.150 |
| Distributions | ||||||
| Dividends from Net Investment Income | (2.486) | (3.551) | (3.127) | (2.830) | (2.360) | (2.120) |
| Distributions from Realized Capital Gains — | — | — | — | — | — | |
| Total Distributions | (2.486) | (3.551) | (3.127) | (2.830) | (2.360) | (2.120) |
| Net Asset Value, End of Period | $188.50 | $188.67 | $169.28 | $130.52 | $115.04 | $115.01 |
| Total Return | 1.22% | 13.65% | 32.35% | 15.98% | 2.09% | 15.05% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) $104,957 | $102,114 | $87,843 | $68,055 | $58,399 | $54,686 | |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.040% | 0.040% | 0.040% | 0.040% | 0.044% | 0.050% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 2.38%1 | 2.01% | 2.08% | 2.27% | 2.05% | 2.05% |
| Portfolio Turnover Rate2 | 6% | 4% | 5% | 5% | 5% | 4% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $0.677 and 0.36%, respectively, resulting from income received from Medtronic plc in January 2015.
2 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $188.68 | $169.28 | $130.53 | $115.05 | $115.01 | $101.98 |
| Investment Operations | ||||||
| Net Investment Income | 2.5901 | 3.597 | 3.158 | 2.861 | 2.386 | 2.144 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | (. 255) | 19.388 | 38.750 | 15.474 | .040 | 13.031 |
| Total from Investment Operations | 2.335 | 22.985 | 41.908 | 18.335 | 2.426 | 15.175 |
| Distributions | ||||||
| Dividends from Net Investment Income | (2.505) | (3.585) | (3.158) | (2.855) | (2.386) | (2.145) |
| Distributions from Realized Capital Gains — | — | — | — | — | — | |
| Total Distributions | (2.505) | (3.585) | (3.158) | (2.855) | (2.386) | (2.145) |
| Net Asset Value, End of Period | $188.51 | $188.68 | $169.28 | $130.53 | $115.05 | $115.01 |
| Total Return | 1.23% | 13.68% | 32.37% | 16.00% | 2.12% | 15.07% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $90,332 | $85,611 | $74,915 | $49,286 | $35,141 | $33,643 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.020% | 0.020% | 0.020% | 0.020% | 0.022% | 0.025% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 2.40%1 | 2.03% | 2.10% | 2.29% | 2.07% | 2.08% |
| Portfolio Turnover Rate2 | 6% | 4% | 5% | 5% | 5% | 4% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $0.677 and 0.36%, respectively, resulting from income received from Medtronic plc in January 2015.
2 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 settlement values 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, 2015, 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.
20
Institutional Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2011–2014), and for the period ended June 30, 2015, 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 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.
6. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $3 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, 2015, 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.
21
Institutional 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 employees, respectively, 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, 2015, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 194,591,017 | — | — |
| Temporary Cash Investments | 671,354 | 49,596 | — |
| Futures Contracts—Assets1 | 1,560 | — | — |
| Futures Contracts—Liabilities1 | (166) | — | — |
| Total | 195,263,765 | 49,596 | — |
| 1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2015, 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 2015 | 1,276 | 655,354 | (8,529) |
| E-mini S&P 500 Index | September 2015 | 540 | 55,469 | 105 |
| (8,424) |
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
22
Institutional Index Fund
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 December 31, 2014, the fund had available capital losses totaling $1,616,579,000 to offset future net capital gains. Of this amount, $711,014,000 is subject to expiration dates; $54,429,000 may be used to offset future net capital gains through December 31, 2015, and $656,585,000 through December 31, 2016. Capital losses of $905,565,000 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, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2015, the cost of investment securities for tax purposes was $124,308,790,000. Net unrealized appreciation of investment securities for tax purposes was $71,003,177,000, consisting of unrealized gains of $74,597,573,000 on securities that had risen in value since their purchase and $3,594,396,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2015, the fund purchased $12,958,693,000 of investment securities and sold $5,323,411,000 of investment securities, other than temporary cash investments. Purchases and sales include $958,448,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
| G. Capital share transactions for each class of shares were: | ||||
| Six Months Ended | Year Ended | |||
| June 30, 2015 | December 31, 2014 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Institutional Shares | ||||
| Issued | 11,061,125 | 58,141 | 19,957,320 | 112,327 |
| Issued in Lieu of Cash Distributions | 1,258,247 | 6,642 | 1,745,420 | 9,621 |
| Redeemed | (9,411,402) | (49,218) | (17,757,946) | (99,657) |
| Net Increase (Decrease)—Institutional Shares | 2,907,970 | 15,565 | 3,944,794 | 22,291 |
| Institutional Plus Shares | ||||
| Issued | 8,713,326 | 45,735 | 13,403,357 | 75,177 |
| Issued in Lieu of Cash Distributions | 1,143,949 | 6,038 | 1,550,709 | 8,549 |
| Redeemed | (5,021,952) | (26,327) | (12,984,651) | (72,538) |
| Net Increase (Decrease)—Institutional Plus Shares | 4,835,323 | 25,446 | 1,969,415 | 11,188 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2015, that would require recognition or disclosure in these financial statements.
23
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
24
| Six Months Ended June 30, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| Institutional Index Fund | 12/31/2014 | 6/30/2015 | Period |
| Based on Actual Fund Return | |||
| Institutional Shares | $1,000.00 | $1,012.25 | $0.20 |
| Institutional Plus Shares | 1,000.00 | 1,012.35 | 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 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
25
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). 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 reviewed 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 considered 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.
26
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
27
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
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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 193 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
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Mortimer J. Buckley Kathleen C. Gubanich Paul A. Heller Martha G. King John T. Marcante Chris D. McIsaac | Michael S. Miller James M. Norris Thomas M. Rampulla Glenn W. Reed Karin A. Risi |
Chairman Emeritus and Senior Advisor
John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 |
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| 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 | |
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| © 2015 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q942 082015 | |
Semiannual Report | June 30, 2015
Vanguard Institutional Total Stock Market Index Fund
The mission continues
On May 1, 1975, Vanguard began operations, a fledgling company based on the simple but revolutionary idea that a mutual fund company should be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the enterprise. Vanguard remains on a mission to give investors the best chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets to Vanguard and giving us the opportunity to help you reach your financial goals in the decades to come.
| Contents | |
| Your Fund’s Total Returns. | 1 |
| Chairman’s Letter. | 2 |
| Fund Profile. | 7 |
| Performance Summary. | 8 |
| Financial Statements. | 9 |
| About Your Fund’s Expenses. | 57 |
| Trustees Approve Advisory Arrangement. | 59 |
| Glossary. | 60 |
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: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant ship from the same era as Nelson’s flagship, the HMS Vanguard.
| Your Fund’s Total Returns | |
| Six Months Ended June 30, 2015 | |
| Total | |
| Returns | |
| Vanguard Institutional Total Stock Market Index Fund | |
| Institutional Shares | 1.89% |
| Institutional Plus Shares | 1.90 |
| CRSP US Total Market Index | 1.89 |
| Multi-Cap Core Funds Average | 1.77 |
| Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
| Your Fund’s Performance at a Glance | ||||
| December 31, 2014, Through June 30, 2015 | ||||
| Distributions Per Share | ||||
| Starting | Ending | Income | Capital | |
| Share Price | Share Price | Dividends | Gains | |
| Vanguard Institutional Total Stock Market Index Fund | ||||
| Institutional Shares | $46.78 | $47.12 | $0.545 | $0.000 |
| Institutional Plus Shares | 46.79 | 47.13 | 0.552 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
After touching all-time highs earlier in June, U.S. stocks skidded over the final days of the half year and finished with muted gains. Vanguard Institutional Total Stock Market Index Fund returned about 2% for the six months ended June 30, 2015, tightly tracking the performance of its target benchmark, the CRSP US Total Market Index. The fund’s result slightly exceeded the average return of its multi-capitalization core fund peers.
Growth stocks outperformed their value counterparts, and small- and mid-cap stocks surpassed large-caps. Results spanned a wide spectrum among the ten industry sectors, with health care far out front and utilities way in the rear.
U.S. stocks held onto gains despite fading at the finish
U.S. stocks traveled a choppy course en route to a return of about 2% for the half year as Greece’s debt drama intensified. Mixed economic news, stock valuations perceived as high by some investors, and the strong U.S. dollar’s negative effect on the profits of U.S.-based multinational companies also unsettled markets. On the other side of the ledger, investors seemed reassured by the Federal Reserve’s careful approach to a potential rise in short-term interest rates, by other nations’ monetary stimulus programs, and by corporate earnings that generally surpassed forecasts.
International stocks returned about 5% for U.S. investors; results would have been higher if not for the dollar’s strength
2
against many foreign currencies. Returns for the developed markets of the Pacific region, led by Japan, surpassed those of Europe and emerging markets.
After bursting from the gate, bond prices lost momentum
Strong results in January didn’t hold up for the broad U.S. taxable bond market, which returned –0.10% for the half year after declining in four of the six months. The yield of the 10-year Treasury note ended June at 2.33%, up from 2.19% six months earlier. (Bond prices and yields move in opposite directions.)
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –5.43% as the dollar’s strength limited returns. Without this currency effect, returns were just marginally negative. As investors grew more confident about Europe’s economic growth, European bond yields bounced back from their very low (and in some cases, negative) levels.
Returns were negligible for money market funds and savings accounts, which remained handcuffed by the Fed’s target of 0%–0.25% for short-term rates.
Diversification may smooth the ride when market sectors diverge
During the broad stock market’s rebound from the financial crisis, stocks of all sectors, sizes, and styles have contributed to the positive returns, albeit at different levels and at different times. As the
| Market Barometer | |||
| Total Returns | |||
| Periods Ended June 30, 2015 | |||
| Six | One | Five Years | |
| Months | Year | (Annualized) | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 1.71% | 7.37% | 17.58% |
| Russell 2000 Index (Small-caps) | 4.75 | 6.49 | 17.08 |
| Russell 3000 Index (Broad U.S. market) | 1.94 | 7.29 | 17.54 |
| FTSE All-World ex US Index (International) | 4.61 | -4.36 | 8.16 |
| Bonds | |||
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | -0.10% | 1.86% | 3.35% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 0.11 | 3.00 | 4.50 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.02 | 0.05 |
| CPI | |||
| Consumer Price Index | 1.63% | 0.12% | 1.83% |
3
market’s recovery stretched into its seventh year, gains were not as widespread or as robust.
Whether market returns are broad-based or thinly sliced, they’ll be reflected in Vanguard Institutional Total Stock Market Index Fund’s performance. The fund, which represents the entire U.S. equity market, provides exposure to growth and value stocks; large-, mid-, and small-caps; and all ten industry sectors. It’s impossible to know for certain which market segments will lead and which will lag, but the fund’s
Growth stocks versus value stocks: A case for both
Growth and value stocks typically take turns outperforming each other. The chart here shows how they have switched off during the past 20 years in leading or lagging a broad market average.
These two styles of investing are typically considered complementary—when growth is performing well, value typically isn’t, and vice versa. Very generally speaking, growth stocks represent companies that are expected to expand their businesses at a rapid pace, while value stocks typically represent more established, slower-growing companies.
Which does better in the long run? Neither. Vanguard research has shown that there is no significant long-term difference in the risk/reward characteristics of growth and value stocks. But, because their performance can vary considerably over shorter time periods, a truly diversified portfolio should have exposure to both.
Rolling 12-month return differences, 1994–2014
Russell 3000 Growth Index
Russell 3000 Value Index
Note:“Rolling” means here that 12-month returns were calculated from the start of each month in the 20-year period ended December 31, 2014. The Russell 3000 Index represents the broad U.S. stock market. The Russell indexes use a different index construction methodology than the CRSP indexes used in your fund.
Source: Vanguard.
4
broad diversification ensures exposure to every segment and may offer a smoother market ride compared with more narrowly focused investments.
Health care stocks returned nearly 12% for the period, more than double any other sector, and made the biggest contribution to the fund’s performance. Health care providers and biotechnology and pharmaceutical companies accounted for most of the strength, but medical equipment and medical supply companies also helped.
The sector may have benefited from several trends, as a growing aging population requires more health care services, more Americans seek care they may have postponed during the recession, and more people are likely to have insurance as a result of the Affordable Care Act. Pharmaceutical and biotechnology companies have benefited as new and innovative drugs have come to market and strong research has contributed to their pipelines. Finally, industry mergers and acquisitions have boosted stocks.
With returns of about 5%, consumer services stocks also bolstered the fund. Impressive results from certain internet, drug, home improvement, and specialty retailers lifted the category. The economy and labor markets have improved, and lower gasoline prices have made funds available for other purchases. Still, consumers have been discriminating, and the firms at the head of the pack tended to be those that were helped by economies of scale or offered unique services, goods, or shopping experiences.
The financial sector, the fund’s largest, returned less than 1% and barely made a contribution to the outcome. Modest gains by banks and several investment firms were offset by some declines among REITs (real estate investment trusts) and property and casualty insurance companies. The technology, consumer goods, basic materials, and industrial sectors all finished with returns between –1% and 1%.
Oil and gas stocks, which pared their losses from earlier periods as oil prices bounced back a bit, returned nearly –4%. The utilities sector was the worst performer, with a return of about –11%; investors who last year had favored high-yielding utilities stocks focused on other opportunities because of a possible interest rate increase later this year.
As your investment costs go down, your chance for success can go up
Being an investor can be frustrating at times: You’re planning for your financial future, but some factors—for example, the financial markets—are beyond your control. Although you can’t control the markets, you do have some choice in how much you pay to invest in them. And what you pay can greatly affect your chance for investing success.
5
At Vanguard, as you know, we take minimizing costs seriously. Indeed, that’s one of our four investment principles. (You can read more in Vanguard’s Principles for Investing Success, available at vanguard.com/research.)
Paying less in expenses has an intuitive, immediate appeal. Less obvious, perhaps, is the enormous advantage that low costs can offer over time.
Imagine two well-diversified portfolios, each with a starting balance of $100,000 and each earning a yearly return of 6%, which is reinvested over a 30-year period. In one scenario, the investor pays 0.25% of assets in portfolio expenses every year, while in the other the investor pays 0.90%. (Keep in mind that this is a hypothetical example and doesn’t represent any particular investment.)
After 30 years, the lower-cost portfolio would have a balance of more than $530,000, while the higher-cost portfolio’s balance would be almost $440,000. What might seem like a trifling cost difference at the start becomes a meaningful difference over the long term—in this example, nearly $100,000.
Increasingly, investors recognize the importance of minimizing costs. According to Morningstar, over the past ten years, 95% of mutual fund cash flows have gone into funds ranked in the lowest 20% in terms of their expenses. We’re pleased to see this trend, because it means investors are keeping more of their returns, and by doing so, they’ve given themselves a better chance of reaching their financial goals.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 16, 2015
6
Institutional Total Stock Market Index Fund
| Fund Profile | ||
| As of June 30, 2015 | ||
| Share-Class Characteristics | ||
| Institutional | Institutional | |
| Shares | Plus Shares | |
| Ticker Symbol | VITNX | VITPX |
| Expense Ratio1 | 0.04% | 0.02% |
| 30-Day SEC Yield | 1.91% | 1.93% |
| Portfolio Characteristics | ||
| CRSP US | ||
| Total Market | ||
| Fund | Index | |
| Number of Stocks | 3,335 | 3,803 |
| Median Market Cap | $49.5B | $48.4B |
| Price/Earnings Ratio | 21.6x | 21.7x |
| Price/Book Ratio | 2.8x | 2.8x |
| Return on Equity | 17.7% | 17.5% |
| Earnings Growth | ||
| Rate | 11.6% | 11.5% |
| Dividend Yield | 1.9% | 1.9% |
| Foreign Holdings | 0.0% | 0.0% |
| Turnover Rate | ||
| (Annualized) | 5% | — |
| Short-Term | ||
| Reserves | -0.1% | — |
| Sector Diversification (% of equity exposure) | ||
| CRSP US | ||
| Total Market | ||
| Fund | Index | |
| Basic Materials | 2.7% | 2.7% |
| Consumer Goods | 9.8 | 9.8 |
| Consumer Services | 14.0 | 14.0 |
| Financials | 19.0 | 19.1 |
| Health Care | 14.3 | 14.3 |
| Industrials | 12.4 | 12.3 |
| Oil & Gas | 7.2 | 7.2 |
| Technology | 15.7 | 15.7 |
| Telecommunications | 2.0 | 2.0 |
| Utilities | 2.9 | 2.9 |
| 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 | 3.2% |
| Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
| Microsoft Corp. | Software | 1.4 |
| Google Inc. | Internet | 1.4 |
| Johnson & Johnson | Pharmaceuticals | 1.2 |
| General Electric Co. | Diversified Industrials | 1.2 |
| Wells Fargo & Co. | Banks | 1.2 |
| JPMorgan Chase & Co. | Banks | 1.1 |
| Berkshire Hathaway Inc. Reinsurance | 1.1 | |
| Procter & Gamble Co. | Nondurable | |
| Household Products | 0.9 | |
| Top Ten | 14.2% | |
| 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, 2015. For the six months ended June 30, 2015, the annualized expense ratios were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
7
Institutional Total Stock Market Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Institutional Total Stock Market Index Fund Institutional Shares Spliced Institutional Total Stock Market Index
For a benchmark description, see the Glossary.
Note: For 2015, performance data reflect the six months ended June 30, 2015.
Average Annual Total Returns: Periods Ended June 30, 2015
| Inception | One | Five | Ten | |
| Date | Year | Years | Years | |
| Institutional Shares | 8/31/2001 | 7.23% | 17.61% | 8.38% |
| Institutional Plus Shares | 5/31/2001 | 7.25 | 17.63 | 8.41 |
8
Institutional Total Stock Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2015
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 | |||
| Basic Materials (2.7%) | |||
| Dow Chemical Co. | 2,176,098 | 111,351 | |
| EI du Pont de Nemours | |||
| & Co. | 1,701,860 | 108,834 | |
| LyondellBasell Industries | |||
| NV Class A | 717,549 | 74,281 | |
| Praxair Inc. | 542,861 | 64,899 | |
| PPG Industries Inc. | 511,456 | 58,674 | |
| Ecolab Inc. | 507,717 | 57,408 | |
| Air Products & Chemicals | |||
| Inc. | 362,490 | 49,599 | |
| International Paper Co. | 794,795 | 37,824 | |
| Freeport-McMoRan Inc. | 1,952,980 | 36,364 | |
| Sigma-Aldrich Corp. | 224,486 | 31,282 | |
| Mosaic Co. | 622,713 | 29,174 | |
| CF Industries Holdings | |||
| Inc. | 450,280 | 28,944 | |
| Nucor Corp. | 599,651 | 26,427 | |
| Alcoa Inc. | 2,297,612 | 25,618 | |
| Newmont Mining Corp. | 994,122 | 23,223 | |
| Celanese Corp. Class A | 287,877 | 20,693 | |
| Eastman Chemical Co. | 251,698 | 20,594 | |
| International Flavors | |||
| & Fragrances Inc. | 152,221 | 16,636 | |
| Ashland Inc. | 130,442 | 15,901 | |
| * | WR Grace & Co. | 136,926 | 13,734 |
| Airgas Inc. | 127,325 | 13,468 | |
| FMC Corp. | 250,642 | 13,171 | |
| RPM International Inc. | 251,907 | 12,336 | |
| Albemarle Corp. | 211,827 | 11,708 | |
| Avery Dennison Corp. | 170,499 | 10,390 | |
| CONSOL Energy Inc. | 433,666 | 9,428 | |
| Steel Dynamics Inc. | 429,474 | 8,897 | |
| NewMarket Corp. | 19,912 | 8,839 | |
| Huntsman Corp. | 392,111 | 8,654 | |
| Reliance Steel | |||
| & Aluminum Co. | 139,862 | 8,459 | |
| Cytec Industries Inc. | 134,220 | 8,124 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Axalta Coating Systems | ||
| Ltd. | 238,480 | 7,889 | |
| Royal Gold Inc. | 116,048 | 7,147 | |
| * | Platform Specialty | ||
| Products Corp. | 274,467 | 7,021 | |
| PolyOne Corp. | 167,963 | 6,579 | |
| Allegheny Technologies | |||
| Inc. | 204,741 | 6,183 | |
| Sensient Technologies | |||
| Corp. | 89,783 | 6,136 | |
| United States Steel Corp. | 275,425 | 5,679 | |
| Compass Minerals | |||
| International Inc. | 63,441 | 5,211 | |
| Westlake Chemical Corp. | 74,944 | 5,140 | |
| * | Polypore International Inc. | 84,548 | 5,063 |
| Domtar Corp. | 121,437 | 5,027 | |
| Axiall Corp. | 132,511 | 4,777 | |
| Minerals Technologies Inc. | 65,506 | 4,463 | |
| Cabot Corp. | 108,240 | 4,036 | |
| Olin Corp. | 146,060 | 3,936 | |
| HB Fuller Co. | 95,970 | 3,898 | |
| KapStone Paper and | |||
| Packaging Corp. | 162,443 | 3,756 | |
| * | Chemtura Corp. | 130,792 | 3,703 |
| Carpenter Technology Corp. | 94,302 | 3,648 | |
| * | Ferro Corp. | 217,049 | 3,642 |
| Commercial Metals Co. | 220,798 | 3,550 | |
| * | Cambrex Corp. | 78,081 | 3,431 |
| Balchem Corp. | 58,154 | 3,240 | |
| US Silica Holdings Inc. | 101,722 | 2,987 | |
| Worthington Industries Inc. | 94,874 | 2,852 | |
| * | Stillwater Mining Co. | 228,313 | 2,646 |
| Kaiser Aluminum Corp. | 31,794 | 2,641 | |
| * | Clearwater Paper Corp. | 44,479 | 2,549 |
| Innophos Holdings Inc. | 48,084 | 2,531 | |
| Calgon Carbon Corp. | 119,732 | 2,320 | |
| Neenah Paper Inc. | 38,656 | 2,279 | |
| Quaker Chemical Corp. | 22,536 | 2,002 | |
| Aceto Corp. | 80,245 | 1,976 |
9
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Innospec Inc. | 42,264 | 1,904 | |
| Globe Specialty Metals | |||
| Inc. | 105,075 | 1,860 | |
| OM Group Inc. | 52,945 | 1,779 | |
| PH Glatfelter Co. | 79,381 | 1,746 | |
| * | Resolute Forest Products | ||
| Inc. | 152,734 | 1,718 | |
| * | Kraton Performance | ||
| Polymers Inc. | 71,428 | 1,706 | |
| * | Intrepid Potash Inc. | 137,494 | 1,642 |
| * | RTI International Metals | ||
| Inc. | 51,706 | 1,630 | |
| Tronox Ltd. Class A | 110,168 | 1,612 | |
| SunCoke Energy Inc. | 115,658 | 1,504 | |
| A Schulman Inc. | 34,356 | 1,502 | |
| * | Coeur Mining Inc. | 255,262 | 1,457 |
| * | AK Steel Holding Corp. | 375,653 | 1,454 |
| Hecla Mining Co. | 526,981 | 1,386 | |
| Stepan Co. | 23,867 | 1,291 | |
| Rayonier Advanced | |||
| Materials Inc. | 76,940 | 1,251 | |
| * | Century Aluminum Co. | 117,477 | 1,225 |
| ^ | Cliffs Natural Resources | ||
| Inc. | 279,934 | 1,212 | |
| Haynes International Inc. | 24,329 | 1,200 | |
| Deltic Timber Corp. | 17,319 | 1,171 | |
| ^ | Peabody Energy Corp. | 523,267 | 1,146 |
| American Vanguard Corp. | 72,848 | 1,005 | |
| * | LSB Industries Inc. | 22,453 | 917 |
| Koppers Holdings Inc. | 34,530 | 854 | |
| Tredegar Corp. | 38,585 | 853 | |
| Hawkins Inc. | 19,723 | 797 | |
| Ampco-Pittsburgh Corp. | 49,240 | 744 | |
| * | Horsehead Holding Corp. | 58,000 | 680 |
| * | Cloud Peak Energy Inc. | 145,857 | 680 |
| * | Veritiv Corp. | 18,012 | 657 |
| Chase Corp. | 16,107 | 640 | |
| Kronos Worldwide Inc. | 56,434 | 618 | |
| * | OMNOVA Solutions Inc. | 78,397 | 587 |
| KMG Chemicals Inc. | 18,032 | 459 | |
| *,^ | Arch Coal Inc. | 1,205,575 | 410 |
| Wausau Paper Corp. | 42,028 | 386 | |
| * | Rentech Inc. | 344,489 | 369 |
| * | Senomyx Inc. | 66,934 | 359 |
| Olympic Steel Inc. | 19,107 | 333 | |
| FutureFuel Corp. | 22,544 | 290 | |
| *,^ | Alpha Natural Resources | ||
| Inc. | 817,188 | 247 | |
| * | General Moly Inc. | 341,714 | 242 |
| Gold Resource Corp. | 87,301 | 241 | |
| * | Codexis Inc. | 54,399 | 212 |
| * | Westmoreland Coal Co. | 10,000 | 208 |
| Friedman Industries Inc. | 29,963 | 187 | |
| * | Universal Stainless & Alloy | ||
| Products Inc. | 8,233 | 162 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Univar Inc. | 3,790 | 99 |
| * | Handy & Harman Ltd. | 2,697 | 93 |
| *,^ | Golden Minerals Co. | 243,316 | 86 |
| Noranda Aluminum Holding | |||
| Corp. | 83,660 | 71 | |
| * | Ikonics Corp. | 2,424 | 37 |
| * | Solitario Exploration | ||
| & Royalty Corp. | 56,237 | 35 | |
| * | Verso Corp. | 52,139 | 34 |
| * | NL Industries Inc. | 4,487 | 33 |
| ^ | Walter Energy Inc. | 149,510 | 33 |
| * | Mines Management Inc. | 48,299 | 24 |
| United-Guardian Inc. | 950 | 18 | |
| *,^ | Paramount Gold Nevada | ||
| Corp. | 9,720 | 15 | |
| * | Northern Technologies | ||
| International Corp. | 800 | 13 | |
| * | Metabolix Inc. | 2,389 | 9 |
| * | Uranium Resources Inc. | 8,371 | 8 |
| *,^ | Uni-Pixel Inc. | 2,531 | 6 |
| * | Comstock Mining Inc. | 9,200 | 5 |
| * | Energy Fuels Inc. | 1,111 | 5 |
| * | TOR Minerals International | ||
| Inc. | 682 | 4 | |
| Centrus Energy Corp. | |||
| Class A | 137 | 1 | |
| 1,148,034 | |||
| Consumer Goods (9.8%) | |||
| Procter & Gamble Co. | 5,117,755 | 400,413 | |
| Coca-Cola Co. | 7,386,254 | 289,763 | |
| PepsiCo Inc. | 2,786,337 | 260,077 | |
| Philip Morris International | |||
| Inc. | 2,922,242 | 234,276 | |
| Altria Group Inc. | 3,701,581 | 181,044 | |
| NIKE Inc. Class B | 1,290,178 | 139,365 | |
| Mondelez International | |||
| Inc. Class A | 2,914,974 | 119,922 | |
| Colgate-Palmolive Co. | 1,704,993 | 111,524 | |
| Ford Motor Co. | 7,365,345 | 110,554 | |
| Monsanto Co. | 898,059 | 95,724 | |
| Kraft Foods Group Inc. | 1,116,623 | 95,069 | |
| General Motors Co. | 2,728,571 | 90,943 | |
| Kimberly-Clark Corp. | 686,952 | 72,796 | |
| General Mills Inc. | 1,134,906 | 63,237 | |
| Johnson Controls Inc. | 1,235,483 | 61,193 | |
| Reynolds American Inc. | 778,085 | 58,092 | |
| Archer-Daniels-Midland | |||
| Co. | 1,170,262 | 56,430 | |
| *,^ | Tesla Motors Inc. | 178,878 | 47,986 |
| Delphi Automotive plc | 545,642 | 46,429 | |
| VF Corp. | 649,416 | 45,290 | |
| * | Monster Beverage Corp. | 288,167 | 38,620 |
| Estee Lauder Cos. Inc. | |||
| Class A | 432,601 | 37,489 | |
| * | Electronic Arts Inc. | 553,649 | 36,818 |
10
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Constellation Brands Inc. | |||
| Class A | 303,727 | 35,238 | |
| ConAgra Foods Inc. | 800,616 | 35,003 | |
| Mead Johnson Nutrition | |||
| Co. | 379,768 | 34,263 | |
| Stanley Black & Decker | |||
| Inc. | 295,871 | 31,137 | |
| Kellogg Co. | 469,241 | 29,421 | |
| * | Under Armour Inc. | ||
| Class A | 333,330 | 27,813 | |
| Dr Pepper Snapple Group | |||
| Inc. | 362,777 | 26,446 | |
| Clorox Co. | 246,607 | 25,652 | |
| Whirlpool Corp. | 146,845 | 25,412 | |
| Hanesbrands Inc. | 754,452 | 25,138 | |
| Tyson Foods Inc. Class A | 573,370 | 24,443 | |
| Genuine Parts Co. | 272,724 | 24,417 | |
| BorgWarner Inc. | 425,669 | 24,195 | |
| Hershey Co. | 271,441 | 24,112 | |
| JM Smucker Co. | 214,464 | 23,250 | |
| Activision Blizzard Inc. | 947,398 | 22,937 | |
| Bunge Ltd. | 259,708 | 22,802 | |
| Harley-Davidson Inc. | 398,164 | 22,437 | |
| * | Mohawk Industries Inc. | 116,495 | 22,239 |
| Newell Rubbermaid Inc. | 509,736 | 20,955 | |
| Brown-Forman Corp. | |||
| Class B | 202,151 | 20,251 | |
| Church & Dwight Co. Inc. | 245,779 | 19,940 | |
| Molson Coors Brewing Co. | |||
| Class B | 275,984 | 19,266 | |
| Campbell Soup Co. | 383,477 | 18,273 | |
| Coach Inc. | 519,280 | 17,972 | |
| PVH Corp. | 155,173 | 17,876 | |
| * | Jarden Corp. | 344,038 | 17,804 |
| Polaris Industries Inc. | 119,059 | 17,634 | |
| Snap-on Inc. | 109,505 | 17,439 | |
| Coca-Cola Enterprises Inc. | 399,582 | 17,358 | |
| DR Horton Inc. | 619,839 | 16,959 | |
| McCormick & Co. Inc. | 208,264 | 16,859 | |
| Lear Corp. | 146,723 | 16,471 | |
| Mattel Inc. | 637,531 | 16,378 | |
| Keurig Green Mountain | |||
| Inc. | 213,100 | 16,330 | |
| * | WhiteWave Foods Co. | ||
| Class A | 328,621 | 16,063 | |
| Hasbro Inc. | 210,882 | 15,772 | |
| * | LKQ Corp. | 514,027 | 15,547 |
| Lennar Corp. Class A | 304,444 | 15,539 | |
| Harman International | |||
| Industries Inc. | 130,221 | 15,488 | |
| Edgewell Personal Care Co. | 116,846 | 15,371 | |
| Goodyear Tire & Rubber | |||
| Co. | 508,093 | 15,319 | |
| Ralph Lauren Corp. | |||
| Class A | 115,682 | 15,312 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Michael Kors Holdings Ltd. | 358,619 | 15,094 |
| Leucadia National Corp. | 590,320 | 14,333 | |
| Hormel Foods Corp. | 247,990 | 13,979 | |
| * | WABCO Holdings Inc. | 110,194 | 13,633 |
| * | Hain Celestial Group Inc. | 193,025 | 12,713 |
| PulteGroup Inc. | 624,183 | 12,577 | |
| * | lululemon athletica Inc. | 186,698 | 12,191 |
| * | Middleby Corp. | 107,867 | 12,106 |
| Leggett & Platt Inc. | 247,586 | 12,052 | |
| * | Toll Brothers Inc. | 297,472 | 11,360 |
| Ingredion Inc. | 134,700 | 10,750 | |
| Carter’s Inc. | 94,470 | 10,042 | |
| * | NVR Inc. | 7,249 | 9,714 |
| Pinnacle Foods Inc. | 208,032 | 9,474 | |
| Brunswick Corp. | 174,714 | 8,886 | |
| * | Visteon Corp. | 83,611 | 8,777 |
| Gentex Corp. | 528,123 | 8,672 | |
| * | Skechers U.S.A. Inc. | ||
| Class A | 78,100 | 8,575 | |
| * | Tempur Sealy International | ||
| Inc. | 114,794 | 7,565 | |
| Flowers Foods Inc. | 336,638 | 7,120 | |
| *,^ | Herbalife Ltd. | 121,528 | 6,695 |
| * | GoPro Inc. Class A | 126,477 | 6,668 |
| Dana Holding Corp. | 310,480 | 6,390 | |
| * | Tenneco Inc. | 109,832 | 6,309 |
| * | TreeHouse Foods Inc. | 76,596 | 6,207 |
| * | Fossil Group Inc. | 80,690 | 5,597 |
| Pool Corp. | 78,167 | 5,486 | |
| * | Vista Outdoor Inc. | 120,520 | 5,411 |
| * | Post Holdings Inc. | 98,836 | 5,330 |
| Tupperware Brands Corp. | 80,055 | 5,167 | |
| Wolverine World Wide Inc. | 181,375 | 5,166 | |
| * | Kate Spade & Co. | 239,574 | 5,160 |
| Avon Products Inc. | 819,491 | 5,130 | |
| Thor Industries Inc. | 90,675 | 5,103 | |
| Scotts Miracle-Gro Co. | |||
| Class A | 85,799 | 5,080 | |
| * | G-III Apparel Group Ltd. | 72,060 | 5,069 |
| * | Helen of Troy Ltd. | 51,037 | 4,976 |
| Nu Skin Enterprises Inc. | |||
| Class A | 100,642 | 4,743 | |
| * | Steven Madden Ltd. | 108,185 | 4,628 |
| * | Darling Ingredients Inc. | 309,648 | 4,539 |
| Spectrum Brands | |||
| Holdings Inc. | 44,421 | 4,531 | |
| * | Deckers Outdoor Corp. | 61,753 | 4,444 |
| Coty Inc. Class A | 138,936 | 4,442 | |
| HNI Corp. | 83,449 | 4,268 | |
| * | TRI Pointe Homes Inc. | 273,025 | 4,177 |
| * | Take-Two Interactive | ||
| Software Inc. | 150,656 | 4,154 | |
| Ryland Group Inc. | 88,200 | 4,090 | |
| * | Boston Beer Co. Inc. | ||
| Class A | 17,403 | 4,037 |
11
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Zynga Inc. Class A | 1,392,470 | 3,982 |
| * | Gentherm Inc. | 68,115 | 3,740 |
| Cal-Maine Foods Inc. | 69,080 | 3,606 | |
| Vector Group Ltd. | 152,686 | 3,582 | |
| Interface Inc. Class A | 139,611 | 3,497 | |
| Snyder’s-Lance Inc. | 107,351 | 3,464 | |
| * | Meritage Homes Corp. | 72,111 | 3,396 |
| Cooper Tire & Rubber Co. | 97,791 | 3,308 | |
| Lancaster Colony Corp. | 36,229 | 3,291 | |
| Columbia Sportswear Co. | 53,304 | 3,223 | |
| KB Home | 188,778 | 3,134 | |
| B&G Foods Inc. | 109,601 | 3,127 | |
| Herman Miller Inc. | 106,841 | 3,091 | |
| Drew Industries Inc. | 51,923 | 3,013 | |
| ^ | Sanderson Farms Inc. | 39,898 | 2,999 |
| * | Select Comfort Corp. | 96,168 | 2,892 |
| J&J Snack Foods Corp. | 25,233 | 2,793 | |
| * | Dorman Products Inc. | 58,467 | 2,787 |
| La-Z-Boy Inc. | 105,375 | 2,776 | |
| * | American Axle | ||
| & Manufacturing | |||
| Holdings Inc. | 130,376 | 2,726 | |
| Dean Foods Co. | 167,854 | 2,714 | |
| Fresh Del Monte Produce | |||
| Inc. | 68,579 | 2,651 | |
| Universal Corp. | 46,233 | 2,650 | |
| Steelcase Inc. Class A | 139,242 | 2,633 | |
| * | Standard Pacific Corp. | 281,811 | 2,511 |
| * | Crocs Inc. | 166,746 | 2,453 |
| Knoll Inc. | 94,062 | 2,354 | |
| Andersons Inc. | 60,241 | 2,349 | |
| * | ACCO Brands Corp. | 302,111 | 2,347 |
| MDC Holdings Inc. | 78,031 | 2,339 | |
| * | iRobot Corp. | 72,652 | 2,316 |
| Schweitzer-Mauduit | |||
| International Inc. | 57,066 | 2,276 | |
| ^ | Pilgrim’s Pride Corp. | 97,646 | 2,243 |
| * | TiVo Inc. | 221,151 | 2,242 |
| * | Iconix Brand Group Inc. | 88,007 | 2,198 |
| Nutrisystem Inc. | 85,097 | 2,117 | |
| Coca-Cola Bottling Co. | |||
| Consolidated | 13,723 | 2,073 | |
| Oxford Industries Inc. | 23,351 | 2,042 | |
| Briggs & Stratton Corp. | 103,543 | 1,994 | |
| WD-40 Co. | 22,728 | 1,981 | |
| Ethan Allen Interiors Inc. | 73,366 | 1,932 | |
| * | Beazer Homes USA Inc. | 95,639 | 1,908 |
| * | Nautilus Inc. | 87,152 | 1,875 |
| * | Unifi Inc. | 55,511 | 1,860 |
| * | USANA Health Sciences | ||
| Inc. | 12,767 | 1,745 | |
| * | Cavco Industries Inc. | 22,901 | 1,728 |
| Inter Parfums Inc. | 50,740 | 1,722 | |
| Movado Group Inc. | 60,645 | 1,647 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Standard Motor Products | |||
| Inc. | 45,859 | 1,611 | |
| John B Sanfilippo | |||
| & Son Inc. | 29,175 | 1,514 | |
| * | Motorcar Parts of | ||
| America Inc. | 49,446 | 1,488 | |
| * | Seaboard Corp. | 407 | 1,465 |
| * | Fitbit Inc. | 38,159 | 1,459 |
| * | Tumi Holdings Inc. | 69,218 | 1,420 |
| Bassett Furniture | |||
| Industries Inc. | 49,736 | 1,413 | |
| * | Diamond Foods Inc. | 44,706 | 1,403 |
| * | Medifast Inc. | 42,923 | 1,387 |
| Callaway Golf Co. | 150,875 | 1,349 | |
| * | Glu Mobile Inc. | 213,571 | 1,326 |
| * | DTS Inc. | 41,827 | 1,275 |
| * | Jamba Inc. | 81,390 | 1,261 |
| Calavo Growers Inc. | 24,089 | 1,251 | |
| Arctic Cat Inc. | 37,179 | 1,235 |
| * | Central Garden & Pet Co. |
| Class A | 107,054 | 1,221 | |
| Winnebago Industries Inc. | 49,897 | 1,177 | |
| * | Blount International Inc. | 100,139 | 1,094 |
| Tootsie Roll Industries Inc. | 33,802 | 1,092 | |
| * | Cooper-Standard Holding | ||
| Inc. | 17,393 | 1,069 | |
| Lennar Corp. Class B | 24,672 | 1,064 | |
| * | Modine Manufacturing Co. | 98,407 | 1,056 |
| Cherokee Inc. | 37,406 | 1,054 |
| * | Federal-Mogul Holdings |
| Corp. | 85,433 | 970 | |
| * | Perry Ellis International Inc. | 38,625 | 918 |
| Flexsteel Industries Inc. | 20,912 | 901 | |
| * | Universal Electronics Inc. | 17,849 | 890 |
| * | M/I Homes Inc. | 35,860 | 885 |
| * | Farmer Bros Co. | 36,337 | 854 |
| * | Taylor Morrison Home | ||
| Corp. Class A | 41,870 | 852 | |
| Libbey Inc. | 20,212 | 835 | |
| Alico Inc. | 18,161 | 824 | |
| * | Revlon Inc. Class A | 21,204 | 778 |
| * | RealD Inc. | 60,308 | 744 |
| * | Eastman Kodak Co. | 43,352 | 728 |
| Superior Industries | |||
| International Inc. | 39,758 | 728 | |
| *,^ | Elizabeth Arden Inc. | 47,307 | 675 |
| Culp Inc. | 21,718 | 673 | |
| Remy International Inc. | 29,659 | 656 | |
| Titan International Inc. | 61,015 | 655 | |
| Kimball International Inc. | |||
| Class B | 53,064 | 645 | |
| * | Boulder Brands Inc. | 92,342 | 641 |
| * | Central Garden & Pet Co. | 58,888 | 622 |
| Alliance One International | |||
| Inc. | 24,257 | 580 |
12
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | JAKKS Pacific Inc. | 57,538 | 569 |
| Phibro Animal Health Corp. | |||
| Class A | 14,600 | 569 | |
| * | Wayfair Inc. | 14,031 | 528 |
| * | Dixie Group Inc. | 49,812 | 523 |
| * | Core Molding Technologies | ||
| Inc. | 21,460 | 490 | |
| * | Omega Protein Corp. | 35,618 | 490 |
| Hooker Furniture Corp. | 19,289 | 484 | |
| * | Hovnanian Enterprises Inc. | ||
| Class A | 173,128 | 461 | |
| * | Fuel Systems Solutions Inc. | 60,361 | 452 |
| * | Stoneridge Inc. | 37,471 | 439 |
| * | Tower International Inc. | 16,150 | 421 |
| * | Lifeway Foods Inc. | 20,817 | 399 |
| Strattec Security Corp. | 5,741 | 394 | |
| National Presto Industries | |||
| Inc. | 4,899 | 393 | |
| * | Blyth Inc. | 61,814 | 393 |
| * | National Beverage Corp. | 16,899 | 380 |
| Weyco Group Inc. | 12,387 | 369 | |
| * | Shiloh Industries Inc. | 28,486 | 369 |
| * | Vera Bradley Inc. | 31,993 | 361 |
| Marine Products Corp. | 43,390 | 271 | |
| * | ZAGG Inc. | 33,148 | 263 |
| Escalade Inc. | 13,847 | 255 | |
| * | Black Diamond Inc. | 27,241 | 252 |
| *,^ | American Apparel Inc. | 495,533 | 243 |
| * | Primo Water Corp. | 40,617 | 232 |
| Limoneira Co. | 9,066 | 202 | |
| * | Inventure Foods Inc. | 18,959 | 192 |
| Griffin Industrial Realty Inc. | 5,467 | 175 | |
| MGP Ingredients Inc. | 10,002 | 168 | |
| LS Starrett Co. Class A | 11,175 | 168 | |
| * | Nutraceutical International | ||
| Corp. | 6,763 | 167 | |
| Oil-Dri Corp. of America | 5,275 | 160 | |
| *,^ | Quantum Fuel Systems | ||
| Technologies Worldwide | |||
| Inc. | 72,360 | 160 | |
| Lifetime Brands Inc. | 9,635 | 142 | |
| * | Coffee Holding Co. Inc. | 27,694 | 138 |
| * | S&W Seed Co. | 27,184 | 133 |
| * | Vince Holding Corp. | 10,841 | 130 |
| * | Quiksilver Inc. | 192,550 | 128 |
| * | Mannatech Inc. | 6,899 | 124 |
| Johnson Outdoors Inc. | |||
| Class A | 5,006 | 118 | |
| * | LeapFrog Enterprises Inc. | 82,851 | 116 |
| * | Craft Brew Alliance Inc. | 10,411 | 115 |
| Orchids Paper Products Co. | 4,683 | 113 | |
| * | LoJack Corp. | 32,222 | 111 |
| * | William Lyon Homes | ||
| Class A | 3,940 | 101 | |
| * | Skullcandy Inc. | 12,513 | 96 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Female Health Co. | 52,315 | 94 |
| Rocky Brands Inc. | 3,999 | 75 | |
| * | Delta Apparel Inc. | 5,153 | 74 |
| *,^ | Clean Diesel Technologies | ||
| Inc. | 39,010 | 72 | |
| * | Natural Alternatives | ||
| International Inc. | 12,166 | 69 | |
| * | Malibu Boats Inc. Class A | 3,100 | 62 |
| * | Freshpet Inc. | 3,032 | 56 |
| * | Seneca Foods Corp. | ||
| Class A | 1,806 | 50 | |
| *,^ | Ceres Inc. | 24,091 | 47 |
| * | Summer Infant Inc. | 22,600 | 46 |
| * | Stanley Furniture Co. Inc. | 15,291 | 45 |
| Emerson Radio Corp. | 37,808 | 44 | |
| * | Comstock Holding Cos. Inc. | ||
| Class A | 77,650 | 43 | |
| Nature’s Sunshine Products | |||
| Inc. | 2,785 | 38 | |
| * | CCA Industries Inc. | 11,733 | 37 |
| * | US Auto Parts Network Inc. 16,787 | 37 | |
| * | Lifevantage Corp. | 61,122 | 32 |
| * | WCI Communities Inc. | 1,200 | 29 |
| Acme United Corp. | 1,375 | 25 | |
| Crown Crafts Inc. | 2,061 | 17 | |
| * | Reliv International Inc. | 10,512 | 13 |
| Compx International Inc. | 1,065 | 12 | |
| *,^ | Rock Creek | ||
| Pharmaceuticals Inc. | 7,217 | 11 | |
| * | Skyline Corp. | 3,395 | 10 |
| * | Willamette Valley | ||
| Vineyards Inc. | 1,400 | 10 | |
| * | Cyanotech Corp. | 997 | 9 |
| * | Crystal Rock Holdings Inc. | 7,780 | 6 |
| Golden Enterprises Inc. | 755 | 3 | |
| * | Joe’s Jeans Inc. | 398 | — |
| 4,159,283 | |||
| Consumer Services (13.9%) | |||
| Walt Disney Co. | 2,875,099 | 328,164 | |
| * | Amazon.com Inc. | 702,796 | 305,077 |
| Home Depot Inc. | 2,450,320 | 272,304 | |
| Comcast Corp. Class A | 4,394,040 | 264,258 | |
| CVS Health Corp. | 2,128,481 | 223,235 | |
| Wal-Mart Stores Inc. | 2,738,068 | 194,211 | |
| McDonald’s Corp. | 1,806,567 | 171,750 | |
| Starbucks Corp. | 2,677,823 | 143,571 | |
| Walgreens Boots Alliance | |||
| Inc. | 1,638,995 | 138,397 | |
| Time Warner Inc. | 1,483,016 | 129,630 | |
| * | eBay Inc. | 2,062,469 | 124,243 |
| Lowe’s Cos. Inc. | 1,795,267 | 120,229 | |
| * | Priceline Group Inc. | 97,633 | 112,412 |
| Costco Wholesale Corp. | 828,041 | 111,835 | |
| Twenty-First Century Fox | |||
| Inc. Class A | 3,129,808 | 101,860 | |
13
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| McKesson Corp. | 437,659 | 98,390 | |
| Target Corp. | 1,197,322 | 97,737 | |
| Time Warner Cable Inc. | 533,287 | 95,016 | |
| * | DIRECTV | 903,261 | 83,814 |
| TJX Cos. Inc. | 1,222,663 | 80,904 | |
| Yum! Brands Inc. | 814,118 | 73,336 | |
| * | Netflix Inc. | 108,031 | 70,970 |
| Delta Air Lines Inc. | 1,549,340 | 63,647 | |
| Kroger Co. | 877,414 | 63,621 | |
| American Airlines Group | |||
| Inc. | 1,309,506 | 52,295 | |
| Cardinal Health Inc. | 620,533 | 51,908 | |
| CBS Corp. Class B | 833,462 | 46,257 | |
| Macy’s Inc. | 649,066 | 43,792 | |
| Dollar General Corp. | 544,211 | 42,307 | |
| Southwest Airlines Co. | 1,270,653 | 42,046 | |
| AmerisourceBergen Corp. | |||
| Class A | 392,152 | 41,701 | |
| Viacom Inc. Class B | 640,153 | 41,379 | |
| * | O’Reilly Automotive Inc. | 181,147 | 40,936 |
| Sysco Corp. | 1,113,440 | 40,195 | |
| L Brands Inc. | 467,628 | 40,090 | |
| * | AutoZone Inc. | 59,955 | 39,984 |
| Las Vegas Sands Corp. | 753,776 | 39,626 | |
| Carnival Corp. | 783,587 | 38,701 | |
| * | United Continental | ||
| Holdings Inc. | 722,279 | 38,288 | |
| Ross Stores Inc. | 780,610 | 37,945 | |
| * | Chipotle Mexican Grill Inc. | ||
| Class A | 58,310 | 35,277 | |
| Omnicom Group Inc. | 463,837 | 32,232 | |
| * | Dollar Tree Inc. | 367,258 | 29,010 |
| Marriott International Inc. | |||
| Class A | 363,860 | 27,068 | |
| * | DISH Network Corp. | ||
| Class A | 398,909 | 27,010 | |
| Whole Foods Market Inc. | 676,277 | 26,672 | |
| Nielsen NV | 591,101 | 26,464 | |
| Starwood Hotels & Resorts | |||
| Worldwide Inc. | 322,762 | 26,173 | |
| * | CarMax Inc. | 394,798 | 26,140 |
| Royal Caribbean Cruises | |||
| Ltd. | 331,832 | 26,112 | |
| * | Hilton Worldwide Holdings | ||
| Inc. | 928,148 | 25,570 | |
| * | Charter Communications | ||
| Inc. Class A | 147,884 | 25,325 | |
| * | Liberty Interactive Corp. | ||
| QVC Group Class A | 836,222 | 23,205 | |
| Tractor Supply Co. | 256,443 | 23,064 | |
| Kohl’s Corp. | 361,270 | 22,619 | |
| Advance Auto Parts Inc. | 137,433 | 21,892 | |
| * | Bed Bath & Beyond Inc. | 310,357 | 21,408 |
| Nordstrom Inc. | 268,638 | 20,014 | |
| Expedia Inc. | 182,323 | 19,937 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Signet Jewelers Ltd. | 150,990 | 19,363 | |
| Tiffany & Co. | 206,988 | 19,002 | |
| Wyndham Worldwide | |||
| Corp. | 227,008 | 18,594 | |
| Staples Inc. | 1,203,110 | 18,420 | |
| Best Buy Co. Inc. | 560,598 | 18,281 | |
| * | TripAdvisor Inc. | 207,960 | 18,122 |
| Foot Locker Inc. | 267,179 | 17,904 | |
| * | Ulta Salon Cosmetics | ||
| & Fragrance Inc. | 115,115 | 17,780 | |
| Comcast Corp. Special | |||
| Class A | 293,703 | 17,605 | |
| Omnicare Inc. | 182,882 | 17,237 | |
| Gap Inc. | 438,071 | 16,721 | |
| Family Dollar Stores Inc. | 204,661 | 16,129 | |
| Alaska Air Group Inc. | 246,970 | 15,912 | |
| * | IHS Inc. Class A | 123,085 | 15,832 |
| * | Discovery Communications | ||
| Inc. | 508,677 | 15,810 | |
| * | MGM Resorts | ||
| International | 849,660 | 15,506 | |
| * | Rite Aid Corp. | 1,850,702 | 15,453 |
| * | Sirius XM Holdings Inc. | 4,129,434 | 15,403 |
| H&R Block Inc. | 518,623 | 15,377 | |
| Wynn Resorts Ltd. | 152,434 | 15,041 | |
| Interpublic Group of Cos. | |||
| Inc. | 777,273 | 14,978 | |
| Darden Restaurants Inc. | 210,273 | 14,946 |
| * | Norwegian Cruise Line |
| Holdings Ltd. | 259,531 | 14,544 | |
| * | Hertz Global Holdings Inc. | 776,693 | 14,074 |
| * | TEGNA Inc. | 427,555 | 13,712 |
| * | News Corp. Class A | 920,718 | 13,433 |
| * | Liberty Media Corp. | 363,082 | 13,035 |
| Williams-Sonoma Inc. | 156,097 | 12,842 | |
| FactSet Research Systems | |||
| Inc. | 74,662 | 12,133 | |
| Domino’s Pizza Inc. | 104,789 | 11,883 | |
| Aramark | 359,227 | 11,125 | |
| Service Corp. International | 363,116 | 10,687 | |
| * | JetBlue Airways Corp. | 497,822 | 10,335 |
| Dunkin’ Brands Group Inc. | 183,727 | 10,105 | |
| KAR Auction Services Inc. | 266,243 | 9,957 | |
| * | Madison Square Garden | ||
| Co. Class A | 119,160 | 9,949 | |
| Scripps Networks | |||
| Interactive Inc. Class A | 145,200 | 9,492 | |
| * | AutoNation Inc. | 150,137 | 9,456 |
| Cablevision Systems Corp. | |||
| Class A | 393,588 | 9,423 | |
| * | Sally Beauty Holdings Inc. | 298,115 | 9,414 |
| Graham Holdings Co. | |||
| Class B | 8,671 | 9,322 | |
| * | Discovery Communications | ||
| Inc. Class A | 280,141 | 9,317 |
14
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Dick’s Sporting Goods Inc. | 178,322 | 9,232 | |
| * | AMC Networks Inc. | ||
| Class A | 108,746 | 8,901 | |
| * | Office Depot Inc. | 1,022,785 | 8,857 |
| * | Avis Budget Group Inc. | 199,953 | 8,814 |
| GameStop Corp. Class A | 204,465 | 8,784 | |
| Tribune Media Co. Class A | 160,731 | 8,581 | |
| * | Spirit Airlines Inc. | 137,548 | 8,542 |
| * | Panera Bread Co. Class A | 48,013 | 8,391 |
| Dun & Bradstreet Corp. | 68,002 | 8,296 | |
| * | VCA Inc. | 151,149 | 8,223 |
| Cinemark Holdings Inc. | 196,196 | 7,881 | |
| * | Copart Inc. | 215,007 | 7,628 |
| Vail Resorts Inc. | 68,594 | 7,490 | |
| GNC Holdings Inc. Class A | 165,627 | 7,367 | |
| * | ServiceMaster Global | ||
| Holdings Inc. | 202,786 | 7,335 | |
| * | Live Nation Entertainment | ||
| Inc. | 265,790 | 7,307 | |
| Casey’s General Stores Inc. | 73,204 | 7,009 | |
| * | Starz | 155,679 | 6,962 |
| * | Burlington Stores Inc. | 135,181 | 6,921 |
| Brinker International Inc. | 119,323 | 6,879 | |
| Cracker Barrel Old Country | |||
| Store Inc. | 45,090 | 6,726 | |
| * | Restoration Hardware | ||
| Holdings Inc. | 67,051 | 6,546 | |
| * | Urban Outfitters Inc. | 186,022 | 6,511 |
| * | Liberty Media Corp. | ||
| Class A | 177,217 | 6,387 | |
| Lions Gate Entertainment | |||
| Corp. | 170,941 | 6,333 | |
| Jack in the Box Inc. | 71,774 | 6,328 | |
| * | Sprouts Farmers Market | ||
| Inc. | 230,072 | 6,207 | |
| Six Flags Entertainment | |||
| Corp. | 131,492 | 5,897 | |
| * | Houghton Mifflin Harcourt | ||
| Co. | 233,154 | 5,875 | |
| *,^ | SolarCity Corp. | 109,573 | 5,868 |
| ^ | Wendy’s Co. | 519,667 | 5,862 |
| * | Pandora Media Inc. | 375,669 | 5,838 |
| * | United Natural Foods Inc. | 89,552 | 5,703 |
| * | Buffalo Wild Wings Inc. | 35,598 | 5,578 |
| Men’s Wearhouse Inc. | 85,906 | 5,504 | |
| CST Brands Inc. | 139,147 | 5,435 | |
| American Eagle Outfitters | |||
| Inc. | 310,863 | 5,353 | |
| Sotheby’s | 117,204 | 5,302 | |
| Rollins Inc. | 185,759 | 5,300 | |
| DSW Inc. Class A | 151,316 | 5,049 | |
| * | HomeAway Inc. | 159,936 | 4,977 |
| Sabre Corp. | 204,769 | 4,874 | |
| Dillard’s Inc. Class A | 45,770 | 4,815 | |
| Lithia Motors Inc. Class A | 42,490 | 4,808 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Yelp Inc. Class A | 111,678 | 4,806 |
| * | Cabela’s Inc. | 94,006 | 4,698 |
| Allegiant Travel Co. | |||
| Class A | 26,362 | 4,689 | |
| Cheesecake Factory Inc. | 84,121 | 4,588 | |
| John Wiley & Sons Inc. | |||
| Class A | 83,916 | 4,563 | |
| * | Murphy USA Inc. | 81,657 | 4,558 |
| Big Lots Inc. | 101,214 | 4,554 | |
| Chico’s FAS Inc. | 273,184 | 4,543 | |
| Aaron’s Inc. | 123,528 | 4,473 | |
| Bloomin’ Brands Inc. | 209,224 | 4,467 | |
| * | Groupon Inc. Class A | 887,937 | 4,466 |
| Texas Roadhouse Inc. | |||
| Class A | 117,438 | 4,396 | |
| *,^ | JC Penney Co. Inc. | 515,846 | 4,369 |
| * | Bright Horizons Family | ||
| Solutions Inc. | 74,759 | 4,321 | |
| Time Inc. | 185,240 | 4,262 | |
| * | Asbury Automotive Group | ||
| Inc. | 46,834 | 4,244 | |
| HSN Inc. | 59,400 | 4,169 | |
| * | Ascena Retail Group Inc. | 244,591 | 4,074 |
| Penske Automotive Group | |||
| Inc. | 77,325 | 4,029 | |
| * | Pinnacle Entertainment Inc. | 107,671 | 4,014 |
| Chemed Corp. | 30,514 | 4,000 | |
| Papa John’s International | |||
| Inc. | 52,683 | 3,983 | |
| Churchill Downs Inc. | 31,747 | 3,970 | |
| * | ANN Inc. | 82,093 | 3,964 |
| * | La Quinta Holdings Inc. | 172,898 | 3,951 |
| Marriott Vacations | |||
| Worldwide Corp. | 42,557 | 3,905 | |
| * | Grand Canyon Education | ||
| Inc. | 89,022 | 3,775 | |
| * | Hyatt Hotels Corp. | ||
| Class A | 66,326 | 3,760 | |
| Group 1 Automotive Inc. | 41,305 | 3,752 | |
| Meredith Corp. | 71,005 | 3,703 | |
| * | Five Below Inc. | 93,377 | 3,691 |
| Dolby Laboratories Inc. | |||
| Class A | 92,567 | 3,673 | |
| * | GrubHub Inc. | 107,269 | 3,655 |
| Sinclair Broadcast Group | |||
| Inc. Class A | 130,862 | 3,652 | |
| Extended Stay America Inc. | 193,767 | 3,637 | |
| AMERCO | 11,058 | 3,615 | |
| * | WebMD Health Corp. | 81,633 | 3,615 |
| * | SUPERVALU Inc. | 442,163 | 3,577 |
| Choice Hotels International | |||
| Inc. | 65,639 | 3,561 | |
| Monro Muffler Brake Inc. | 56,548 | 3,515 | |
| PriceSmart Inc. | 38,476 | 3,511 | |
| Hillenbrand Inc. | 114,109 | 3,503 |
15
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | DreamWorks Animation | ||
| SKG Inc. Class A | 131,916 | 3,480 | |
| * | Shutterfly Inc. | 72,673 | 3,475 |
| * | comScore Inc. | 64,795 | 3,451 |
| * | Popeyes Louisiana Kitchen | ||
| Inc. | 56,773 | 3,406 | |
| New York Times Co. | |||
| Class A | 249,178 | 3,401 | |
| DineEquity Inc. | 32,846 | 3,255 | |
| Caleres Inc. | 101,389 | 3,222 | |
| * | Beacon Roofing Supply Inc. | 96,337 | 3,200 |
| Regal Entertainment Group | |||
| Class A | 151,699 | 3,172 | |
| * | Michaels Cos. Inc. | 116,327 | 3,130 |
| Nexstar Broadcasting Group | |||
| Inc. Class A | 55,318 | 3,098 | |
| DeVry Education Group Inc. | 103,187 | 3,094 | |
| Scholastic Corp. | 69,007 | 3,045 | |
| Morningstar Inc. | 38,193 | 3,038 | |
| * | Gannett Co. Inc. | 213,777 | 2,991 |
| Abercrombie & Fitch Co. | 135,005 | 2,904 | |
| Bob Evans Farms Inc. | 56,597 | 2,889 | |
| * | Genesco Inc. | 43,142 | 2,849 |
| * | Hawaiian Holdings Inc. | 116,759 | 2,773 |
| * | Gray Television Inc. | 175,452 | 2,751 |
| Matthews International | |||
| Corp. Class A | 51,367 | 2,730 | |
| * | Denny’s Corp. | 233,786 | 2,714 |
| Rent-A-Center Inc. | 94,849 | 2,689 | |
| * | Fresh Market Inc. | 83,167 | 2,673 |
| * | Express Inc. | 146,043 | 2,645 |
| * | Belmond Ltd. Class A | 208,595 | 2,605 |
| Children’s Place Inc. | 39,437 | 2,580 | |
| * | Acxiom Corp. | 141,063 | 2,480 |
| * | Krispy Kreme Doughnuts | ||
| Inc. | 126,822 | 2,443 | |
| Buckle Inc. | 52,920 | 2,422 | |
| * | Boyd Gaming Corp. | 161,822 | 2,419 |
| * | Constant Contact Inc. | 83,588 | 2,404 |
| Finish Line Inc. Class A | 85,896 | 2,390 | |
| SpartanNash Co. | 73,138 | 2,380 | |
| Twenty-First Century Fox | |||
| Inc. | 73,455 | 2,367 | |
| SeaWorld Entertainment | |||
| Inc. | 126,733 | 2,337 | |
| * | BJ’s Restaurants Inc. | 47,402 | 2,297 |
| Cato Corp. Class A | 58,686 | 2,275 | |
| * | Apollo Education Group Inc. | 175,288 | 2,258 |
| * | Media General Inc. | 136,182 | 2,250 |
| * | Hibbett Sports Inc. | 47,533 | 2,214 |
| * | Barnes & Noble Inc. | 84,323 | 2,189 |
| Pier 1 Imports Inc. | 171,879 | 2,171 | |
| Core-Mark Holding Co. Inc. | 35,534 | 2,105 | |
| * | Biglari Holdings Inc. | 5,076 | 2,100 |
| Guess? Inc. | 109,014 | 2,090 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Sonic Corp. | 72,054 | 2,075 | |
| AMC Entertainment | |||
| Holdings Inc. | 67,100 | 2,059 | |
| Ingles Markets Inc. | |||
| Class A | 42,895 | 2,049 | |
| * | Penn National Gaming Inc. | 108,154 | 1,985 |
| * | Red Robin Gourmet | ||
| Burgers Inc. | 23,062 | 1,979 | |
| * | Carmike Cinemas Inc. | 72,235 | 1,917 |
| * | Orbitz Worldwide Inc. | 167,805 | 1,916 |
| * | Vitamin Shoppe Inc. | 51,393 | 1,915 |
| *,^ | Conn’s Inc. | 47,531 | 1,887 |
| * | Diamond Resorts | ||
| International Inc. | 57,271 | 1,807 | |
| EW Scripps Co. Class A | 78,297 | 1,789 | |
| International Speedway | |||
| Corp. Class A | 48,335 | 1,772 | |
| *,^ | Sears Holdings Corp. | 65,124 | 1,739 |
| Capella Education Co. | 32,313 | 1,734 | |
| * | Caesars Acquisition Co. | ||
| Class A | 251,308 | 1,729 | |
| *,^ | Scientific Games Corp. | ||
| Class A | 110,312 | 1,714 | |
| * | Fiesta Restaurant Group | ||
| Inc. | 34,018 | 1,701 | |
| National CineMedia Inc. | 105,633 | 1,686 | |
| Interval Leisure Group Inc. | 73,647 | 1,683 | |
| * | Rush Enterprises Inc. | ||
| Class A | 63,111 | 1,654 | |
| Carriage Services Inc. | |||
| Class A | 65,416 | 1,562 | |
| * | Diplomat Pharmacy Inc. | 33,925 | 1,518 |
| Clear Channel Outdoor | |||
| Holdings Inc. Class A | 148,271 | 1,502 | |
| * | Regis Corp. | 95,013 | 1,497 |
| PetMed Express Inc. | 86,175 | 1,488 | |
| *,^ | Mattress Firm Holding | ||
| Corp. | 24,043 | 1,465 | |
| SkyWest Inc. | 91,767 | 1,380 | |
| * | Angie’s List Inc. | 218,809 | 1,348 |
| * | Francesca’s Holdings Corp. | 99,626 | 1,342 |
| * | Isle of Capri Casinos Inc. | 73,409 | 1,332 |
| * | Stamps.com Inc. | 17,756 | 1,306 |
| * | Pep Boys-Manny Moe | ||
| & Jack | 104,586 | 1,283 | |
| * | Blue Nile Inc. | 42,108 | 1,280 |
| * | Ascent Capital Group Inc. | ||
| Class A | 29,607 | 1,265 | |
| * | American Public Education | ||
| Inc. | 48,328 | 1,243 | |
| * | America’s Car-Mart Inc. | 25,168 | 1,241 |
| * | 1-800-Flowers.com Inc. | ||
| Class A | 112,858 | 1,180 | |
| ClubCorp Holdings Inc. | 48,552 | 1,159 | |
| *,^ | Clean Energy Fuels Corp. | 206,024 | 1,158 |
16
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Fred’s Inc. Class A | 59,047 | 1,139 | |
| * | XO Group Inc. | 69,131 | 1,130 |
| * | Autobytel Inc. | 70,028 | 1,120 |
| ^ | MDC Partners Inc. | ||
| Class A | 55,152 | 1,086 | |
| * | Strayer Education Inc. | 24,384 | 1,051 |
| * | Build-A-Bear Workshop Inc. | 64,103 | 1,025 |
| *,^ | Lumber Liquidators | ||
| Holdings Inc. | 47,938 | 993 | |
| Sonic Automotive Inc. | |||
| Class A | 41,616 | 992 | |
| * | Overstock.com Inc. | 43,969 | 991 |
| * | Chuy’s Holdings Inc. | 36,188 | 969 |
| * | FTD Cos. Inc. | 33,781 | 952 |
| Kirkland’s Inc. | 33,879 | 944 | |
| * | Bankrate Inc. | 85,885 | 901 |
| New Media Investment | |||
| Group Inc. | 49,917 | 895 | |
| * | Party City Holdco Inc. | 43,791 | 888 |
| CSS Industries Inc. | 29,060 | 879 | |
| * | MarineMax Inc. | 37,356 | 878 |
| * | Citi Trends Inc. | 35,892 | 869 |
| Haverty Furniture Cos. Inc. | 39,871 | 862 | |
| Weis Markets Inc. | 20,019 | 844 | |
| Entravision Communications | |||
| Corp. Class A | 100,757 | 829 | |
| * | Steiner Leisure Ltd. | 15,418 | 829 |
| * | Entercom Communications | ||
| Corp. Class A | 71,438 | 816 | |
| Big 5 Sporting Goods Corp. | 54,827 | 779 | |
| * | Ruby Tuesday Inc. | 122,912 | 771 |
| *,^ | Coupons.com Inc. | 71,098 | 767 |
| * | Tuesday Morning Corp. | 67,771 | 763 |
| * | Lands’ End Inc. | 30,630 | 761 |
| * | Republic Airways Holdings | ||
| Inc. | 82,176 | 754 | |
| * | zulily Inc. Class A | 57,325 | 748 |
| * | Cumulus Media Inc. | ||
| Class A | 358,254 | 727 | |
| * | Liquidity Services Inc. | 70,010 | 674 |
| * | Dave & Buster’s | ||
| Entertainment Inc. | 18,200 | 657 | |
| * | RetailMeNot Inc. | 36,600 | 653 |
| Ruth’s Hospitality Group Inc. | 40,099 | 646 | |
| Stage Stores Inc. | 36,773 | 645 | |
| * | Zumiez Inc. | 23,621 | 629 |
| Marcus Corp. | 32,726 | 628 | |
| * | Sizmek Inc. | 88,164 | 626 |
| * | Titan Machinery Inc. | 42,180 | 621 |
| ^ | World Wrestling | ||
| Entertainment Inc. | |||
| Class A | 36,041 | 595 | |
| * | Chefs’ Warehouse Inc. | 27,680 | 588 |
| * | TrueCar Inc. | 48,300 | 579 |
| Harte-Hanks Inc. | 95,721 | 571 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Century Casinos Inc. | 87,616 | 552 |
| * | Bravo Brio Restaurant | ||
| Group Inc. | 40,692 | 551 | |
| Marchex Inc. Class B | 110,495 | 547 | |
| A H Belo Corp. Class A | 96,630 | 541 | |
| Shoe Carnival Inc. | 18,658 | 538 | |
| * | Career Education Corp. | 162,477 | 536 |
| * | Christopher & Banks Corp. | 131,321 | 527 |
| * | Famous Dave’s of | ||
| America Inc. | 25,956 | 520 |
| * | Natural Grocers by Vitamin |
| Cottage Inc. | 21,003 | 517 | |
| * | Rave Restaurant Group Inc. | 39,164 | 511 |
| * | Del Frisco’s Restaurant |
| Group Inc. | 27,179 | 506 | |
| Speedway Motorsports Inc. | 22,088 | 500 | |
| * | K12 Inc. | 38,674 | 489 |
| Collectors Universe Inc. | 23,593 | 470 | |
| * | Carrols Restaurant Group | ||
| Inc. | 43,411 | 451 | |
| * | Destination XL Group Inc. | 88,423 | 443 |
| * | Global Eagle Entertainment | ||
| Inc. | 33,849 | 441 | |
| * | Zoe’s Kitchen Inc. | 10,534 | 431 |
| * | Demand Media Inc. | 67,540 | 430 |
| * | Lee Enterprises Inc. | 124,235 | 414 |
| * | Cosi Inc. | 205,033 | 412 |
| *,^ | Caesars Entertainment | ||
| Corp. | 66,883 | 409 | |
| * | Bridgepoint Education Inc. | 41,209 | 394 |
| * | Monarch Casino & Resort | ||
| Inc. | 18,767 | 386 | |
| * | Fairway Group Holdings | ||
| Corp. | 102,415 | 365 | |
| * | Martha Stewart Living | ||
| Omnimedia Inc. Class A | 57,278 | 357 | |
| * | Providence Service Corp. | 7,930 | 351 |
| * | Tile Shop Holdings Inc. | 24,203 | 343 |
| TheStreet Inc. | 181,048 | 328 | |
| *,^ | Weight Watchers | ||
| International Inc. | 66,649 | 323 | |
| * | Smart & Final Stores Inc. | 17,675 | 316 |
| Stein Mart Inc. | 29,959 | 314 | |
| * | SP Plus Corp. | 11,985 | 313 |
| ^ | Bon-Ton Stores Inc. | 65,872 | 304 |
| * | Reading International Inc. | ||
| Class A | 20,671 | 286 | |
| * | Avid Technology Inc. | 20,459 | 273 |
| * | Morgans Hotel Group Co. | 39,926 | 269 |
| * | Daily Journal Corp. | 1,360 | 267 |
| * | Aeropostale Inc. | 154,101 | 250 |
| bebe stores inc | 124,638 | 249 | |
| * | Noodles & Co. Class A | 17,000 | 248 |
| * | Cambium Learning Group | ||
| Inc. | 57,983 | 248 |
17
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | RealNetworks Inc. | 45,580 | 247 |
| * | Gaiam Inc. Class A | 35,786 | 234 |
| * | Books-A-Million Inc. | 77,721 | 222 |
| * | EVINE Live Inc. | 78,989 | 212 |
| * | Boot Barn Holdings Inc. | 6,517 | 209 |
| Destination Maternity Corp. | 17,667 | 206 | |
| Tribune Publishing Co. | 12,900 | 200 | |
| Journal Media Group Inc. | 23,128 | 192 | |
| Town Sports International | |||
| Holdings Inc. | 65,935 | 191 | |
| *,^ | hhgregg Inc. | 57,211 | 191 |
| Frisch’s Restaurants Inc. | 5,660 | 190 | |
| *,^ | ITT Educational Services | ||
| Inc. | 47,237 | 188 | |
| * | QuinStreet Inc. | 27,046 | 174 |
| * | Pacific Sunwear of | ||
| California Inc. | 144,155 | 164 | |
| * | Luby’s Inc. | 33,656 | 163 |
| * | Spark Networks Inc. | 53,035 | 163 |
| * | Care.com Inc. | 22,685 | 134 |
| * | Diversified Restaurant | ||
| Holdings Inc. | 34,766 | 129 | |
| * | Geeknet Inc. | 6,365 | 127 |
| * | McClatchy Co. Class A | 114,847 | 124 |
| * | Everyday Health Inc. | 9,648 | 123 |
| Saga Communications Inc. | |||
| Class A | 3,223 | 122 | |
| * | West Marine Inc. | 11,266 | 109 |
| *,^ | Shake Shack Inc. Class A | 1,713 | 103 |
| * | SFX Entertainment Inc. | 22,687 | 102 |
| Liberty Tax Inc. | 4,055 | 100 | |
| Village Super Market Inc. | |||
| Class A | 3,022 | 96 | |
| Ark Restaurants Corp. | 3,751 | 94 | |
| * | New York & Co. Inc. | 34,183 | 92 |
| * | Eldorado Resorts Inc. | 11,023 | 86 |
| * | Radio One Inc. | 25,730 | 82 |
| * | Potbelly Corp. | 6,657 | 82 |
| * | ReachLocal Inc. | 25,510 | 80 |
| * | RCI Hospitality Holdings | ||
| Inc. | 6,664 | 79 | |
| * | Gordmans Stores Inc. | 12,663 | 78 |
| *,^ | Container Store Group Inc. | 4,572 | 77 |
| *,^ | Dex Media Inc. | 102,852 | 75 |
| * | Red Lion Hotels Corp. | 9,601 | 74 |
| * | El Pollo Loco Holdings Inc. | 3,512 | 73 |
| CBS Corp. Class A | 1,214 | 70 | |
| * | Ambassadors Group Inc. | 27,931 | 68 |
| Salem Media Group Inc. | |||
| Class A | 10,229 | 65 | |
| * | Dover Saddlery Inc. | 7,100 | 60 |
| * | Virgin America Inc. | 2,100 | 58 |
| * | Empire Resorts Inc. | 10,778 | 55 |
| * | Ignite Restaurant Group Inc. | 10,689 | 53 |
| * | News Corp. Class B | 3,627 | 52 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | YOU On Demand Holdings | ||
| Inc. | 23,900 | 49 | |
| * | Dover Downs Gaming | ||
| & Entertainment Inc. | 52,774 | 49 | |
| * | Travelzoo Inc. | 4,212 | 48 |
| * | Perfumania Holdings Inc. | 8,079 | 46 |
| * | PDI Inc. | 26,259 | 38 |
| * | MaxPoint Interactive Inc. | 4,538 | 37 |
| * | Fogo De Chao Inc. | 1,519 | 35 |
| * | Wingstop Inc. | 1,211 | 34 |
| * | Trans World Entertainment | ||
| Corp. | 9,095 | 33 | |
| * | Sears Hometown and | ||
| Outlet Stores Inc. | 3,353 | 32 | |
| * | Learning Tree International | ||
| Inc. | 20,728 | 27 | |
| * | Rubicon Project Inc. | 1,669 | 25 |
| * | Insignia Systems Inc. | 7,050 | 19 |
| National American | |||
| University Holdings Inc. | 5,908 | 17 | |
| Beasley Broadcast Group | |||
| Inc. Class A | 3,626 | 17 | |
| * | Lakes Entertainment Inc. | 1,523 | 14 |
| * | Speed Commerce Inc. | 39,661 | 11 |
| * | Emmis Communications | ||
| Corp. Class A | 8,800 | 9 | |
| * | Gaming Partners | ||
| International Corp. | 609 | 6 | |
| * | Tilly’s Inc. Class A | 603 | 6 |
| * | Radio One Inc. Class A | 1,680 | 6 |
| Educational Development | |||
| Corp. | 1,122 | 5 | |
| * | Envivio Inc. | 700 | 1 |
| * | PCM Inc. | 63 | 1 |
| * | Premier Exhibitions Inc. | 31 | — |
| * | SPAR Group Inc. | 29 | — |
| * | Universal Travel Group | 118 | — |
| 5,938,241 | |||
| Financials (19.0%) | |||
| Wells Fargo & Co. | 8,742,017 | 491,651 | |
| JPMorgan Chase & Co. | 7,007,910 | 474,856 | |
| * | Berkshire Hathaway Inc. | ||
| Class B | 3,389,979 | 461,410 | |
| Bank of America Corp. 19,772,835 | 336,534 | ||
| Citigroup Inc. | 5,437,367 | 300,360 | |
| Visa Inc. Class A | 3,691,302 | 247,871 | |
| MasterCard Inc. Class A | 1,894,879 | 177,133 | |
| American International | |||
| Group Inc. | 2,515,287 | 155,495 | |
| Goldman Sachs Group Inc. | 733,465 | 153,140 | |
| US Bancorp | 3,177,330 | 137,896 | |
| American Express Co. | 1,628,764 | 126,588 | |
| Morgan Stanley | 2,787,113 | 108,112 | |
| Simon Property Group Inc. | 584,166 | 101,072 | |
| MetLife Inc. | 1,683,873 | 94,280 | |
18
| Institutional Total Stock Market Index Fund | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| PNC Financial Services | ||
| Group Inc. | 976,955 | 93,446 |
| Capital One Financial | ||
| Corp. | 1,036,843 | 91,211 |
| Bank of New York Mellon | ||
| Corp. | 1,904,000 | 79,911 |
| Prudential Financial Inc. | 853,410 | 74,690 |
| American Tower | ||
| Corporation | 798,127 | 74,457 |
| Charles Schwab Corp. | 2,217,950 | 72,416 |
| BlackRock Inc. | 201,858 | 69,839 |
| ACE Ltd. | 592,393 | 60,235 |
| Travelers Cos. Inc. | 604,102 | 58,392 |
| Marsh & McLennan Cos. | ||
| Inc. | 1,012,750 | 57,423 |
| State Street Corp. | 736,255 | 56,692 |
| CME Group Inc. | 601,496 | 55,975 |
| BB&T Corp. | 1,374,551 | 55,408 |
| Aon plc | 526,831 | 52,515 |
| McGraw Hill Financial Inc. | 514,165 | 51,648 |
| Public Storage | 276,157 | 50,915 |
| Crown Castle International | ||
| Corp. | 627,582 | 50,395 |
| Allstate Corp. | 771,498 | 50,047 |
| Discover Financial Services | 840,667 | 48,439 |
| Aflac Inc. | 777,533 | 48,363 |
| Equity Residential | 683,841 | 47,985 |
| Intercontinental Exchange | ||
| Inc. | 210,541 | 47,079 |
| Ameriprise Financial Inc. | 343,078 | 42,861 |
| Health Care REIT Inc. | 652,125 | 42,799 |
| SunTrust Banks Inc. | 982,989 | 42,288 |
| Chubb Corp. | 434,005 | 41,291 |
| AvalonBay Communities | ||
| Inc. | 248,262 | 39,690 |
| Ventas Inc. | 621,834 | 38,610 |
| Franklin Resources Inc. | 759,736 | 37,250 |
| Prologis Inc. | 988,558 | 36,675 |
| T. Rowe Price Group Inc. | 465,640 | 36,194 |
| Moody’s Corp. | 324,178 | 34,998 |
| Boston Properties Inc. | 287,832 | 34,839 |
| Hartford Financial Services | ||
| Group Inc. | 792,148 | 32,930 |
| Fifth Third Bancorp | 1,548,897 | 32,248 |
| Northern Trust Corp. | 420,603 | 32,159 |
| HCP Inc. | 866,078 | 31,586 |
| Weyerhaeuser Co. | 986,860 | 31,086 |
| Invesco Ltd. | 806,802 | 30,247 |
| Vornado Realty Trust | 317,873 | 30,176 |
| Progressive Corp. | 1,052,272 | 29,285 |
| Lincoln National Corp. | 481,993 | 28,544 |
| Principal Financial Group | ||
| Inc. | 552,890 | 28,358 |
| Host Hotels & Resorts | ||
| Inc. | 1,424,053 | 28,239 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| M&T Bank Corp. | 224,844 | 28,090 | |
| Equinix Inc. | 107,362 | 27,270 | |
| Regions Financial Corp. | 2,524,200 | 26,151 | |
| General Growth | |||
| Properties Inc. | 997,244 | 25,589 | |
| Essex Property Trust Inc. | 120,359 | 25,576 | |
| KeyCorp | 1,630,731 | 24,494 | |
| * | Affiliated Managers Group | ||
| Inc. | 103,331 | 22,588 | |
| Macerich Co. | 297,771 | 22,214 | |
| Equifax Inc. | 224,959 | 21,841 | |
| Loews Corp. | 561,993 | 21,642 | |
| XL Group plc Class A | 578,458 | 21,519 | |
| SL Green Realty Corp. | 185,730 | 20,410 | |
| Voya Financial Inc. | 429,631 | 19,965 | |
| * | Markel Corp. | 24,929 | 19,960 |
| Western Union Co. | 981,593 | 19,956 | |
| * | CBRE Group Inc. Class A | 532,622 | 19,707 |
| Realty Income Corp. | 437,478 | 19,420 | |
| FNF Group | 494,579 | 18,294 | |
| * | Ally Financial Inc. | 812,488 | 18,224 |
| Huntington Bancshares | |||
| Inc. | 1,523,387 | 17,230 | |
| Comerica Inc. | 335,400 | 17,213 | |
| Digital Realty Trust Inc. | 255,389 | 17,029 | |
| TD Ameritrade Holding | |||
| Corp. | 460,024 | 16,938 | |
| Unum Group | 472,832 | 16,904 | |
| Citizens Financial Group | |||
| Inc. | 607,769 | 16,598 | |
| Kimco Realty Corp. | 735,016 | 16,567 | |
| Federal Realty Investment | |||
| Trust | 129,315 | 16,564 | |
| First Republic Bank | 260,629 | 16,427 | |
| Annaly Capital | |||
| Management Inc. | 1,782,076 | 16,377 | |
| * | E*TRADE Financial Corp. | 545,105 | 16,326 |
| UDR Inc. | 487,689 | 15,621 | |
| CIT Group Inc. | 330,876 | 15,382 | |
| * | Arch Capital Group Ltd. | 227,493 | 15,233 |
| Cincinnati Financial Corp. | 292,769 | 14,691 | |
| Arthur J Gallagher & Co. | 310,493 | 14,686 | |
| New York Community | |||
| Bancorp Inc. | 791,881 | 14,555 | |
| Jones Lang LaSalle Inc. | 84,456 | 14,442 | |
| Raymond James Financial | |||
| Inc. | 242,213 | 14,431 | |
| Willis Group Holdings plc | 304,444 | 14,278 | |
| American Realty Capital | |||
| Properties Inc. | 1,743,398 | 14,174 | |
| HCC Insurance Holdings | |||
| Inc. | 181,964 | 13,982 | |
| SEI Investments Co. | 282,754 | 13,863 | |
| * | SVB Financial Group | 95,758 | 13,787 |
| Lazard Ltd. Class A | 242,492 | 13,638 |
19
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Extra Space Storage Inc. | 208,012 | 13,567 | |
| Plum Creek Timber Co. | |||
| Inc. | 331,511 | 13,449 | |
| * | Alleghany Corp. | 28,658 | 13,434 |
| Navient Corp. | 733,803 | 13,363 | |
| * | Signature Bank | 90,084 | 13,187 |
| Torchmark Corp. | 226,013 | 13,158 | |
| * | Realogy Holdings Corp. | 275,754 | 12,883 |
| * | Berkshire Hathaway Inc. | ||
| Class A | 61 | 12,496 | |
| MSCI Inc. Class A | 200,498 | 12,341 | |
| Reinsurance Group of | |||
| America Inc. Class A | 129,481 | 12,284 | |
| American Capital Agency | |||
| Corp. | 664,412 | 12,205 | |
| Camden Property Trust | 163,419 | 12,139 | |
| Zions Bancorporation | 382,249 | 12,131 | |
| East West Bancorp Inc. | 270,391 | 12,119 | |
| Duke Realty Corp. | 649,308 | 12,058 | |
| Alexandria Real Estate | |||
| Equities Inc. | 135,761 | 11,874 | |
| Omega Healthcare | |||
| Investors Inc. | 344,642 | 11,832 | |
| Everest Re Group Ltd. | 63,843 | 11,620 | |
| Iron Mountain Inc. | 355,640 | 11,025 | |
| WP Carey Inc. | 186,138 | 10,971 | |
| Legg Mason Inc. | 212,187 | 10,934 | |
| Kilroy Realty Corp. | 162,644 | 10,922 | |
| NASDAQ OMX Group Inc. | 222,544 | 10,862 | |
| Apartment Investment | |||
| & Management Co. | 293,409 | 10,836 | |
| Regency Centers Corp. | 177,358 | 10,461 | |
| PartnerRe Ltd. | 81,003 | 10,409 | |
| NorthStar Realty Finance | |||
| Corp. | 654,344 | 10,404 | |
| Mid-America Apartment | |||
| Communities Inc. | 141,851 | 10,328 | |
| * | Liberty Ventures Class A | 253,097 | 9,939 |
| WR Berkley Corp. | 191,078 | 9,923 | |
| Axis Capital Holdings Ltd. | 180,518 | 9,634 | |
| * | Forest City Enterprises Inc. | ||
| Class A | 429,717 | 9,497 | |
| People’s United Financial | |||
| Inc. | 579,768 | 9,398 | |
| * | Howard Hughes Corp. | 63,484 | 9,112 |
| Starwood Property Trust | |||
| Inc. | 421,456 | 9,091 | |
| CBOE Holdings Inc. | 158,139 | 9,049 | |
| Liberty Property Trust | 280,269 | 9,030 | |
| DDR Corp. | 576,721 | 8,916 | |
| Hudson City Bancorp Inc. | 895,920 | 8,852 | |
| Lamar Advertising Co. | |||
| Class A | 152,141 | 8,745 | |
| National Retail Properties | |||
| Inc. | 248,893 | 8,714 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Assurant Inc. | 129,814 | 8,698 | |
| PacWest Bancorp | 183,025 | 8,558 | |
| American Financial Group | |||
| Inc. | 131,533 | 8,555 | |
| Cullen/Frost Bankers Inc. | 107,422 | 8,441 | |
| RenaissanceRe Holdings | |||
| Ltd. | 81,666 | 8,290 | |
| Eaton Vance Corp. | 211,023 | 8,257 | |
| Hospitality Properties Trust | 282,263 | 8,135 | |
| City National Corp. | 88,521 | 8,001 | |
| *,^ | Zillow Group Inc. Class A | 92,091 | 7,988 |
| Home Properties Inc. | 109,206 | 7,977 | |
| American Campus | |||
| Communities Inc. | 211,466 | 7,970 | |
| Equity LifeStyle Properties | |||
| Inc. | 150,853 | 7,932 | |
| * | SLM Corp. | 800,946 | 7,905 |
| Taubman Centers Inc. | 113,689 | 7,901 | |
| Investors Bancorp Inc. | 641,674 | 7,893 | |
| Senior Housing Properties | |||
| Trust | 442,513 | 7,766 | |
| Brixmor Property Group | |||
| Inc. | 335,599 | 7,762 | |
| * | Synchrony Financial | 235,658 | 7,760 |
| Spirit Realty Capital Inc. | 784,295 | 7,584 | |
| LaSalle Hotel Properties | 213,500 | 7,571 | |
| Synovus Financial Corp. | 244,477 | 7,535 | |
| Umpqua Holdings Corp. | 415,425 | 7,473 | |
| Allied World Assurance Co. | |||
| Holdings AG | 172,448 | 7,453 | |
| BioMed Realty Trust Inc. | 385,231 | 7,450 | |
| RLJ Lodging Trust | 249,699 | 7,436 | |
| Corrections Corp. of | |||
| America | 220,888 | 7,307 | |
| * | MGIC Investment Corp. | 638,166 | 7,262 |
| Commerce Bancshares Inc. | 154,498 | 7,226 | |
| * | Liberty Broadband Corp. | 141,014 | 7,214 |
| Prosperity Bancshares Inc. | 124,848 | 7,209 | |
| First American Financial | |||
| Corp. | 193,572 | 7,203 | |
| LPL Financial Holdings Inc. | 154,487 | 7,182 | |
| Brown & Brown Inc. | 216,690 | 7,120 | |
| Waddell & Reed Financial | |||
| Inc. Class A | 150,150 | 7,104 | |
| * | Genworth Financial Inc. | ||
| Class A | 936,212 | 7,087 | |
| Assured Guaranty Ltd. | 292,980 | 7,029 | |
| Highwoods Properties Inc. | 175,659 | 7,018 | |
| Douglas Emmett Inc. | 259,300 | 6,986 | |
| Old Republic International | |||
| Corp. | 444,008 | 6,940 | |
| CNO Financial Group Inc. | 377,141 | 6,921 | |
| First Horizon National Corp. | 441,433 | 6,917 | |
| * | Stifel Financial Corp. | 118,150 | 6,822 |
20
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Weingarten Realty | |||
| Investors | 208,440 | 6,814 | |
| CubeSmart | 292,638 | 6,777 | |
| Radian Group Inc. | 360,045 | 6,754 | |
| Two Harbors Investment | |||
| Corp. | 692,379 | 6,744 | |
| Bank of the Ozarks Inc. | 147,170 | 6,733 | |
| Webster Financial Corp. | 170,079 | 6,727 | |
| New Residential | |||
| Investment Corp. | 433,934 | 6,613 | |
| Validus Holdings Ltd. | 149,826 | 6,591 | |
| BankUnited Inc. | 181,576 | 6,524 | |
| FirstMerit Corp. | 311,739 | 6,494 | |
| Outfront Media Inc. | 257,231 | 6,493 | |
| First Niagara Financial | |||
| Group Inc. | 669,744 | 6,322 | |
| * | Equity Commonwealth | 244,499 | 6,276 |
| NorthStar Asset | |||
| Management Group Inc. | 337,568 | 6,242 | |
| Gaming and Leisure | |||
| Properties Inc. | 170,097 | 6,236 | |
| Retail Properties of | |||
| America Inc. | 445,965 | 6,212 | |
| MarketAxess Holdings Inc. | 66,804 | 6,197 | |
| Hanover Insurance Group | |||
| Inc. | 83,579 | 6,187 | |
| Rayonier Inc. | 238,263 | 6,088 | |
| American Homes 4 Rent | |||
| Class A | 377,558 | 6,056 | |
| StanCorp Financial Group | |||
| Inc. | 79,432 | 6,006 | |
| * | Strategic Hotels & Resorts | ||
| Inc. | 492,040 | 5,964 | |
| Federated Investors Inc. | |||
| Class B | 177,742 | 5,953 | |
| EPR Properties | 107,515 | 5,890 | |
| * | PRA Group Inc. | 94,498 | 5,888 |
| Sunstone Hotel Investors | |||
| Inc. | 392,029 | 5,884 | |
| * | Springleaf Holdings Inc. | ||
| Class A | 126,849 | 5,824 | |
| Pebblebrook Hotel Trust | 135,271 | 5,800 | |
| Sovran Self Storage Inc. | 66,607 | 5,789 | |
| Columbia Property Trust | |||
| Inc. | 235,767 | 5,788 | |
| Tanger Factory Outlet | |||
| Centers Inc. | 180,031 | 5,707 | |
| Associated Banc-Corp | 281,088 | 5,698 | |
| * | Popular Inc. | 195,677 | 5,647 |
| Aspen Insurance Holdings | |||
| Ltd. | 117,875 | 5,646 | |
| Healthcare Trust of | |||
| America Inc. Class A | 235,324 | 5,636 | |
| Communications Sales | |||
| & Leasing Inc. | 226,712 | 5,604 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Post Properties Inc. | 102,740 | 5,586 | |
| PrivateBancorp Inc. | 139,586 | 5,558 | |
| Bank of Hawaii Corp. | 82,299 | 5,488 | |
| Paramount Group Inc. | 319,250 | 5,478 | |
| * | Texas Capital Bancshares | ||
| Inc. | 86,053 | 5,356 | |
| Chimera Investment Corp. | 386,436 | 5,298 | |
| Sun Communities Inc. | 85,437 | 5,283 | |
| Endurance Specialty | |||
| Holdings Ltd. | 80,121 | 5,264 | |
| DCT Industrial Trust Inc. | 166,516 | 5,235 | |
| MFA Financial Inc. | 696,451 | 5,147 | |
| White Mountains Insurance | |||
| Group Ltd. | 7,795 | 5,105 | |
| Piedmont Office Realty | |||
| Trust Inc. Class A | 290,184 | 5,104 | |
| * | Santander Consumer USA | ||
| Holdings Inc. | 197,684 | 5,055 | |
| Medical Properties Trust | |||
| Inc. | 382,201 | 5,011 | |
| CBL & Associates | |||
| Properties Inc. | 304,122 | 4,927 | |
| ProAssurance Corp. | 105,956 | 4,896 | |
| Hancock Holding Co. | 153,358 | 4,894 | |
| Susquehanna Bancshares | |||
| Inc. | 342,457 | 4,835 | |
| Janus Capital Group Inc. | 281,645 | 4,822 | |
| * | Western Alliance Bancorp | 142,153 | 4,799 |
| GEO Group Inc. | 139,493 | 4,765 | |
| United Bankshares Inc. | 117,667 | 4,734 | |
| TCF Financial Corp. | 284,120 | 4,719 | |
| DiamondRock Hospitality | |||
| Co. | 367,935 | 4,713 | |
| Colony Capital Inc. | |||
| Class A | 207,731 | 4,705 | |
| Wintrust Financial Corp. | 87,812 | 4,687 | |
| WP GLIMCHER Inc. | 346,209 | 4,684 | |
| FNB Corp. | 326,241 | 4,672 | |
| Cathay General Bancorp | 142,993 | 4,640 | |
| IBERIABANK Corp. | 67,700 | 4,619 | |
| MB Financial Inc. | 133,809 | 4,608 | |
| Blackstone Mortgage Trust | |||
| Inc. Class A | 163,531 | 4,549 | |
| Fulton Financial Corp. | 348,322 | 4,549 | |
| Primerica Inc. | 98,739 | 4,511 | |
| ^ | AmTrust Financial Services | ||
| Inc. | 68,634 | 4,496 | |
| Brandywine Realty Trust | 337,899 | 4,487 | |
| Hudson Pacific Properties | |||
| Inc. | 158,147 | 4,487 | |
| WisdomTree Investments | |||
| Inc. | 200,795 | 4,410 | |
| UMB Financial Corp. | 77,319 | 4,409 | |
| Xenia Hotels & Resorts | |||
| Inc. | 202,523 | 4,403 |
21
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Interactive Brokers Group | |||
| Inc. | 105,726 | 4,394 | |
| Healthcare Realty Trust | |||
| Inc. | 187,741 | 4,367 | |
| Ryman Hospitality | |||
| Properties Inc. | 81,914 | 4,350 | |
| Valley National Bancorp | 415,036 | 4,279 | |
| Washington Federal Inc. | 182,213 | 4,255 | |
| Symetra Financial Corp. | 175,063 | 4,231 | |
| BancorpSouth Inc. | 162,927 | 4,197 | |
| Financial Engines Inc. | 98,036 | 4,165 | |
| South State Corp. | 54,763 | 4,161 | |
| * | Blackhawk Network | ||
| Holdings Inc. | 100,921 | 4,158 | |
| Corporate Office | |||
| Properties Trust | 175,657 | 4,135 | |
| * | Liberty TripAdvisor | ||
| Holdings Inc. Class A | 127,377 | 4,104 | |
| Columbia Banking System | |||
| Inc. | 125,839 | 4,095 | |
| Cousins Properties Inc. | 391,360 | 4,062 | |
| CVB Financial Corp. | 229,974 | 4,050 | |
| First Financial Bankshares | |||
| Inc. | 115,409 | 3,998 | |
| Home BancShares Inc. | 109,271 | 3,995 | |
| Glacier Bancorp Inc. | 134,671 | 3,962 | |
| Kennedy-Wilson Holdings | |||
| Inc. | 159,247 | 3,916 | |
| Kite Realty Group Trust | 156,948 | 3,841 | |
| Associated Estates Realty | |||
| Corp. | 133,851 | 3,832 | |
| National Health Investors | |||
| Inc. | 60,406 | 3,763 | |
| First Industrial Realty Trust | |||
| Inc. | 200,335 | 3,752 | |
| RLI Corp. | 72,797 | 3,741 | |
| Acadia Realty Trust | 128,106 | 3,729 | |
| Capitol Federal Financial | |||
| Inc. | 308,122 | 3,710 | |
| DuPont Fabros Technology | |||
| Inc. | 125,809 | 3,705 | |
| EverBank Financial Corp. | 187,307 | 3,681 | |
| Argo Group International | |||
| Holdings Ltd. | 65,982 | 3,675 | |
| Kemper Corp. | 95,081 | 3,665 | |
| American Equity | |||
| Investment Life Holding | |||
| Co. | 135,778 | 3,663 | |
| * | Hilltop Holdings Inc. | 151,058 | 3,639 |
| Community Bank System | |||
| Inc. | 96,292 | 3,637 | |
| Urban Edge Properties | 174,778 | 3,634 | |
| Chambers Street Properties | 451,317 | 3,588 | |
| Erie Indemnity Co. Class A | 43,702 | 3,587 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| First Citizens BancShares | |||
| Inc. Class A | 13,528 | 3,558 | |
| First Midwest Bancorp Inc. | 187,413 | 3,555 | |
| Selective Insurance Group | |||
| Inc. | 126,412 | 3,546 | |
| American Assets Trust Inc. | 90,131 | 3,534 | |
| * | BofI Holding Inc. | 33,240 | 3,514 |
| Pinnacle Financial Partners | |||
| Inc. | 64,259 | 3,494 | |
| Montpelier Re Holdings Ltd. | 88,230 | 3,485 | |
| Alexander & Baldwin Inc. | 88,370 | 3,482 | |
| Chesapeake Lodging Trust | 111,657 | 3,403 | |
| CyrusOne Inc. | 115,366 | 3,398 | |
| Invesco Mortgage Capital | |||
| Inc. | 231,466 | 3,315 | |
| Washington REIT | 127,067 | 3,297 | |
| EastGroup Properties Inc. | 58,417 | 3,285 | |
| Old National Bancorp | 226,870 | 3,281 | |
| International Bancshares | |||
| Corp. | 118,285 | 3,178 | |
| * | Credit Acceptance Corp. | 12,904 | 3,177 |
| Astoria Financial Corp. | 229,495 | 3,165 | |
| Equity One Inc. | 134,923 | 3,149 | |
| Artisan Partners Asset | |||
| Management Inc. | |||
| Class A | 67,704 | 3,146 | |
| Empire State Realty Trust | |||
| Inc. | 183,528 | 3,131 | |
| Evercore Partners Inc. | |||
| Class A | 56,908 | 3,071 | |
| CYS Investments Inc. | 396,889 | 3,068 | |
| National Penn Bancshares | |||
| Inc. | 271,625 | 3,064 | |
| Lexington Realty Trust | 358,288 | 3,038 | |
| New York REIT Inc. | 305,209 | 3,037 | |
| BBCN Bancorp Inc. | 205,084 | 3,033 | |
| Hatteras Financial Corp. | 184,512 | 3,008 | |
| Trustmark Corp. | 120,379 | 3,007 | |
| Independent Bank Corp. | 63,278 | 2,967 | |
| Northwest Bancshares | |||
| Inc. | 229,074 | 2,937 | |
| Mercury General Corp. | 52,368 | 2,914 | |
| Boston Private Financial | |||
| Holdings Inc. | 214,346 | 2,874 | |
| Westamerica | |||
| Bancorporation | 56,350 | 2,854 | |
| * | HRG Group Inc. | 219,491 | 2,853 |
| Education Realty Trust Inc. | 90,608 | 2,841 | |
| Capstead Mortgage Corp. | 254,151 | 2,821 | |
| HFF Inc. Class A | 67,232 | 2,806 | |
| FelCor Lodging Trust Inc. | 281,149 | 2,778 | |
| * | Eagle Bancorp Inc. | 63,043 | 2,771 |
| Sabra Health Care REIT Inc. | 107,441 | 2,766 | |
| BGC Partners Inc. Class A | 315,200 | 2,758 |
22
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| LTC Properties Inc. | 65,713 | 2,734 | |
| Mack-Cali Realty Corp. | 148,131 | 2,730 | |
| Potlatch Corp. | 76,625 | 2,706 | |
| Retail Opportunity | |||
| Investments Corp. | 173,211 | 2,706 | |
| Chemical Financial Corp. | 80,782 | 2,671 | |
| ARMOUR Residential | |||
| REIT Inc. | 948,727 | 2,666 | |
| * | FNFV Group | 172,858 | 2,659 |
| First Merchants Corp. | 106,205 | 2,623 | |
| * | First Cash Financial | ||
| Services Inc. | 57,512 | 2,622 | |
| Apollo Commercial Real | |||
| Estate Finance Inc. | 159,246 | 2,616 | |
| Banner Corp. | 54,444 | 2,609 | |
| Renasant Corp. | 79,992 | 2,608 | |
| First Financial Bancorp | 144,793 | 2,598 | |
| BOK Financial Corp. | 37,299 | 2,595 | |
| CoreSite Realty Corp. | 57,094 | 2,594 | |
| * | Encore Capital Group Inc. | 60,298 | 2,577 |
| Provident Financial | |||
| Services Inc. | 134,790 | 2,560 | |
| Horace Mann Educators | |||
| Corp. | 69,386 | 2,524 | |
| AMERISAFE Inc. | 53,412 | 2,514 | |
| NBT Bancorp Inc. | 95,990 | 2,512 | |
| PS Business Parks Inc. | 34,637 | 2,499 | |
| First Commonwealth | |||
| Financial Corp. | 258,465 | 2,479 | |
| Parkway Properties Inc. | 141,944 | 2,475 | |
| Government Properties | |||
| Income Trust | 133,379 | 2,474 | |
| Redwood Trust Inc. | 157,569 | 2,474 | |
| Pennsylvania REIT | 115,174 | 2,458 | |
| * | Essent Group Ltd. | 89,000 | 2,434 |
| LegacyTexas Financial | |||
| Group Inc. | 79,328 | 2,396 | |
| STAG Industrial Inc. | 119,784 | 2,396 | |
| Berkshire Hills Bancorp Inc. | 82,924 | 2,362 | |
| Virtus Investment Partners | |||
| Inc. | 17,633 | 2,332 | |
| Hanmi Financial Corp. | 92,521 | 2,298 | |
| * | Liberty Broadband Corp. | ||
| Class A | 44,963 | 2,292 | |
| Brookline Bancorp Inc. | 202,047 | 2,281 | |
| * | Enstar Group Ltd. | 14,720 | 2,281 |
| Park National Corp. | 26,083 | 2,279 | |
| Ashford Hospitality Trust | |||
| Inc. | 267,465 | 2,263 | |
| * | Capital Bank Financial Corp. | 77,566 | 2,255 |
| City Holding Co. | 45,345 | 2,233 | |
| TFS Financial Corp. | 132,217 | 2,224 | |
| Ameris Bancorp | 85,113 | 2,153 | |
| Cardinal Financial Corp. | 98,197 | 2,140 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| PennyMac Mortgage | |||
| Investment Trust | 122,326 | 2,132 | |
| Central Pacific Financial | |||
| Corp. | 89,756 | 2,132 | |
| S&T Bancorp Inc. | 70,993 | 2,101 | |
| Franklin Street Properties | |||
| Corp. | 184,581 | 2,088 | |
| Sterling Bancorp | 139,285 | 2,047 | |
| Employers Holdings Inc. | 89,488 | 2,039 | |
| Chatham Lodging Trust | 76,605 | 2,028 | |
| Greenhill & Co. Inc. | 49,024 | 2,026 | |
| * | American Residential | ||
| Properties Inc. | 106,375 | 1,968 | |
| * | Cowen Group Inc. | ||
| Class A | 306,997 | 1,965 | |
| Monogram Residential | |||
| Trust Inc. | 215,537 | 1,944 | |
| National Bank Holdings | |||
| Corp. Class A | 93,235 | 1,942 | |
| *,^ | Ocwen Financial Corp. | 189,508 | 1,933 |
| FBL Financial Group Inc. | |||
| Class A | 33,389 | 1,927 | |
| * | St. Joe Co. | 123,777 | 1,922 |
| Select Income REIT | 91,367 | 1,886 | |
| * | MBIA Inc. | 310,976 | 1,869 |
| Heartland Financial USA Inc. | 49,742 | 1,851 | |
| Alexander’s Inc. | 4,504 | 1,847 | |
| Dime Community | |||
| Bancshares Inc. | 106,772 | 1,809 | |
| New Senior Investment | |||
| Group Inc. | 134,893 | 1,804 | |
| Flushing Financial Corp. | 85,828 | 1,803 | |
| Anworth Mortgage Asset | |||
| Corp. | 365,514 | 1,802 | |
| First Busey Corp. | 272,194 | 1,788 | |
| * | iStar Financial Inc. | 133,559 | 1,779 |
| CoBiz Financial Inc. | 135,309 | 1,768 | |
| Cash America International | |||
| Inc. | 67,063 | 1,756 | |
| American Capital Mortgage | |||
| Investment Corp. | 109,612 | 1,753 | |
| Ramco-Gershenson | |||
| Properties Trust | 105,556 | 1,723 | |
| Apollo Residential | |||
| Mortgage Inc. | 115,014 | 1,690 | |
| Agree Realty Corp. | 57,873 | 1,688 | |
| Lakeland Financial Corp. | 38,727 | 1,680 | |
| * | Beneficial Bancorp Inc. | 133,974 | 1,673 |
| Starwood Waypoint | |||
| Residential Trust | 70,237 | 1,669 | |
| Nelnet Inc. Class A | 38,433 | 1,665 | |
| Altisource Residential Corp. | 98,703 | 1,663 | |
| BancFirst Corp. | 25,237 | 1,652 | |
| Oritani Financial Corp. | 102,287 | 1,642 |
23
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Greenlight Capital Re Ltd. | ||
| Class A | 56,178 | 1,639 | |
| Gramercy Property Trust | |||
| Inc. | 70,108 | 1,638 | |
| * | First BanCorp | 336,650 | 1,623 |
| Northfield Bancorp Inc. | 107,557 | 1,619 | |
| Cedar Realty Trust Inc. | 248,490 | 1,590 | |
| NRG Yield Inc. | 72,573 | 1,589 | |
| Community Trust Bancorp | |||
| Inc. | 44,947 | 1,567 | |
| Hersha Hospitality Trust | |||
| Class A | 60,372 | 1,548 | |
| * | Bridge Capital Holdings | 51,921 | 1,547 |
| * | Flagstar Bancorp Inc. | 82,921 | 1,532 |
| Infinity Property & Casualty | |||
| Corp. | 20,179 | 1,530 | |
| Diamond Hill Investment | |||
| Group Inc. | 7,410 | 1,479 | |
| OFG Bancorp | 138,368 | 1,476 | |
| WesBanco Inc. | 42,993 | 1,463 | |
| Great Southern Bancorp | |||
| Inc. | 34,575 | 1,457 | |
| NRG Yield Inc. Class A | 65,973 | 1,451 | |
| Investment Technology | |||
| Group Inc. | 58,431 | 1,449 | |
| * | LendingClub Corp. | 98,186 | 1,448 |
| Saul Centers Inc. | 29,164 | 1,435 | |
| *,^ | Walter Investment | ||
| Management Corp. | 62,485 | 1,429 | |
| Ares Commercial Real | |||
| Estate Corp. | 123,924 | 1,411 | |
| Bank Mutual Corp. | 184,015 | 1,411 | |
| Banc of California Inc. | 100,857 | 1,387 | |
| Bank of Marin Bancorp | 27,043 | 1,376 | |
| *,^ | World Acceptance Corp. | 22,362 | 1,375 |
| 1st Source Corp. | 39,949 | 1,363 | |
| * | Navigators Group Inc. | 17,475 | 1,355 |
| Summit Hotel Properties | |||
| Inc. | 103,435 | 1,346 | |
| * | Piper Jaffray Cos. | 30,507 | 1,331 |
| Inland Real Estate Corp. | 138,114 | 1,301 | |
| Bryn Mawr Bank Corp. | 42,617 | 1,285 | |
| QTS Realty Trust Inc. | |||
| Class A | 34,900 | 1,272 | |
| Arrow Financial Corp. | 47,037 | 1,271 | |
| Union Bankshares Corp. | 54,010 | 1,255 | |
| Simmons First National | |||
| Corp. Class A | 26,443 | 1,234 | |
| Excel Trust Inc. | 78,239 | 1,234 | |
| * | Customers Bancorp Inc. | 45,647 | 1,227 |
| * | Ambac Financial Group Inc. | 73,524 | 1,223 |
| Sandy Spring Bancorp Inc. | 43,645 | 1,221 | |
| Hudson Valley Holding Corp. | 43,267 | 1,221 | |
| Arlington Asset Investment | |||
| Corp. Class A | 62,288 | 1,218 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Cohen & Steers Inc. | 35,214 | 1,200 | |
| Physicians Realty Trust | 77,574 | 1,192 | |
| * | FCB Financial Holdings Inc. | ||
| Class A | 35,610 | 1,132 | |
| Federal Agricultural | |||
| Mortgage Corp. | 38,963 | 1,132 | |
| STORE Capital Corp. | 54,433 | 1,094 | |
| WSFS Financial Corp. | 39,309 | 1,075 | |
| Camden National Corp. | 27,728 | 1,073 | |
| CenterState Banks Inc. | 79,281 | 1,071 | |
| Arbor Realty Trust Inc. | 157,523 | 1,065 | |
| Calamos Asset | |||
| Management Inc. | |||
| Class A | 86,251 | 1,057 | |
| BankFinancial Corp. | 89,691 | 1,057 | |
| Winthrop Realty Trust | 69,643 | 1,055 | |
| Southside Bancshares Inc. | 35,383 | 1,034 | |
| TrustCo Bank Corp. NY | 143,980 | 1,012 | |
| United Community Banks | |||
| Inc. | 48,159 | 1,005 | |
| Ames National Corp. | 40,032 | 1,005 | |
| * | eHealth Inc. | 78,813 | 1,000 |
| * | Forestar Group Inc. | 75,821 | 998 |
| Bridge Bancorp Inc. | 37,059 | 989 | |
| * | Enova International Inc. | 52,665 | 984 |
| Investors Real Estate | |||
| Trust | 135,691 | 969 | |
| Consolidated-Tomoka | |||
| Land Co. | 16,544 | 954 | |
| Sierra Bancorp | 54,491 | 943 | |
| Talmer Bancorp Inc. | |||
| Class A | 56,250 | 942 | |
| Dynex Capital Inc. | 123,063 | 938 | |
| Stewart Information | |||
| Services Corp. | 23,315 | 928 | |
| Safety Insurance Group | |||
| Inc. | 15,898 | 917 | |
| * | Altisource Portfolio | ||
| Solutions SA | 28,789 | 886 | |
| American National | |||
| Bankshares Inc. | 36,800 | 876 | |
| First Interstate BancSystem | |||
| Inc. Class A | 31,551 | 875 | |
| * | KCG Holdings Inc. Class A | 70,932 | 875 |
| Ashford Hospitality Prime | |||
| Inc. | 58,156 | 873 | |
| * | Green Dot Corp. Class A | 45,497 | 870 |
| Great Western Bancorp Inc. | 35,907 | 866 | |
| Terreno Realty Corp. | 43,858 | 864 | |
| Maiden Holdings Ltd. | 54,199 | 855 | |
| * | INTL. FCStone Inc. | 25,689 | 854 |
| * | Virtu Financial Inc. Class A | 36,338 | 853 |
| First Potomac Realty Trust | 82,429 | 849 | |
| GAMCO Investors Inc. | 12,300 | 845 | |
| * | HealthEquity Inc. | 26,237 | 841 |
24
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Enterprise Financial | |||
| Services Corp. | 36,694 | 836 | |
| United Fire Group Inc. | 24,645 | 807 | |
| Campus Crest Communities | |||
| Inc. | 144,900 | 803 | |
| * | AV Homes Inc. | 55,558 | 798 |
| Lakeland Bancorp Inc. | 66,514 | 791 | |
| Wilshire Bancorp Inc. | 61,766 | 780 | |
| * | Meridian Bancorp Inc. | 57,670 | 773 |
| State Bank Financial Corp. | 34,891 | 757 | |
| Kearny Financial Corp. | 67,471 | 753 | |
| *,^ | Citizens Inc. Class A | 100,325 | 748 |
| * | Nationstar Mortgage | ||
| Holdings Inc. | 44,044 | 740 | |
| * | Walker & Dunlop Inc. | 27,267 | 729 |
| Rexford Industrial Realty | |||
| Inc. | 50,000 | 729 | |
| Rouse Properties Inc. | 44,464 | 727 | |
| ConnectOne Bancorp Inc. | 33,550 | 722 | |
| New York Mortgage Trust | |||
| Inc. | 95,456 | 714 | |
| First Defiance Financial | |||
| Corp. | 18,994 | 713 | |
| * | Marcus & Millichap Inc. | 15,323 | 707 |
| * | Ezcorp Inc. Class A | 93,156 | 692 |
| Newcastle Investment | |||
| Corp. | 156,049 | 690 | |
| * | Global Indemnity plc | 24,497 | 688 |
| ServisFirst Bancshares Inc. | 18,019 | 677 | |
| * | LendingTree Inc. | 8,565 | 673 |
| GAIN Capital Holdings Inc. | 69,926 | 668 | |
| * | Ladenburg Thalmann | ||
| Financial Services Inc. | 190,788 | 668 | |
| Getty Realty Corp. | 40,507 | 663 | |
| Bar Harbor Bankshares | 18,295 | 648 | |
| * | FBR & Co. | 27,975 | 647 |
| Armada Hoffler Properties | |||
| Inc. | 64,428 | 644 | |
| CareTrust REIT Inc. | 50,433 | 639 | |
| AG Mortgage Investment | |||
| Trust Inc. | 36,915 | 638 | |
| HCI Group Inc. | 14,385 | 636 | |
| Preferred Apartment | |||
| Communities Inc. | |||
| Class A | 63,042 | 627 | |
| Donegal Group Inc. | |||
| Class A | 40,983 | 624 | |
| First Community | |||
| Bancshares Inc. | 33,928 | 618 | |
| * | PICO Holdings Inc. | 41,298 | 608 |
| Republic Bancorp Inc. | |||
| Class A | 23,530 | 605 | |
| Access National Corp. | 30,697 | 597 | |
| ESSA Bancorp Inc. | 45,915 | 590 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Universal Insurance | |||
| Holdings Inc. | 24,060 | 582 | |
| * | NMI Holdings Inc. Class A | 71,569 | 574 |
| National General Holdings | |||
| Corp. | 27,331 | 569 | |
| Towne Bank | 34,723 | 566 | |
| Century Bancorp Inc. | |||
| Class A | 13,512 | 549 | |
| National Western Life | |||
| Insurance Co. Class A | 2,252 | 539 | |
| United Financial Bancorp | |||
| Inc. | 39,517 | 531 | |
| Marlin Business Services | |||
| Corp. | 31,418 | 530 | |
| Capital City Bank Group | |||
| Inc. | 34,413 | 525 | |
| Resource Capital Corp. | 130,577 | 505 | |
| Baldwin & Lyons Inc. | 21,933 | 505 | |
| InfraREIT Inc. | 17,589 | 499 | |
| Meadowbrook Insurance | |||
| Group Inc. | 55,474 | 477 | |
| Tompkins Financial Corp. | 8,600 | 462 | |
| Universal Health Realty | |||
| Income Trust | 9,936 | 462 | |
| Silver Bay Realty Trust | |||
| Corp. | 27,799 | 453 | |
| Federated National Holding | |||
| Co. | 18,650 | 451 | |
| * | NewStar Financial Inc. | 39,929 | 439 |
| * | Atlas Financial Holdings Inc. | 22,030 | 437 |
| *,^ | Altisource Asset | ||
| Management Corp. | 3,017 | 435 | |
| ^ | United Development | ||
| Funding IV | 24,240 | 424 | |
| Ameriana Bancorp | 19,883 | 423 | |
| * | HomeStreet Inc. | 18,514 | 422 |
| United Insurance Holdings | |||
| Corp. | 27,184 | 422 | |
| Stock Yards Bancorp Inc. | 10,916 | 413 | |
| Independent Bank Group | |||
| Inc. | 9,613 | 412 | |
| * | Xoom Corp. | 19,112 | 402 |
| EMC Insurance Group Inc. | 16,012 | 401 | |
| Athens Bancshares Corp. | 13,574 | 383 | |
| RAIT Financial Trust | 61,292 | 374 | |
| * | Safeguard Scientifics Inc. | 19,149 | 373 |
| CIFC Corp. | 46,041 | 365 | |
| *,^ | RCS Capital Corp. Class A | 47,353 | 363 |
| ^ | Western Asset Mortgage | ||
| Capital Corp. | 23,365 | 345 | |
| Charter Financial Corp. | 27,449 | 341 | |
| First of Long Island Corp. | 12,109 | 336 | |
| Reis Inc. | 14,871 | 330 | |
| Washington Trust Bancorp | |||
| Inc. | 8,239 | 325 |
25
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Urstadt Biddle Properties | |||
| Inc. Class A | 17,024 | 318 | |
| TriCo Bancshares | 12,913 | 311 | |
| * | BSB Bancorp Inc. | 13,915 | 308 |
| Hannon Armstrong | |||
| Sustainable Infrastructure | |||
| Capital Inc. | 15,000 | 301 | |
| Cape Bancorp Inc. | 31,413 | 297 | |
| * | Square 1 Financial Inc. | ||
| Class A | 10,857 | 297 | |
| * | First NBC Bank Holding Co. | 8,134 | 293 |
| * | Bancorp Inc. | 31,312 | 291 |
| Ellington Residential | |||
| Mortgage REIT | 20,248 | 289 | |
| Ladder Capital Corp. | 16,593 | 288 | |
| * | Tejon Ranch Co. | 11,025 | 283 |
| * | Consumer Portfolio | ||
| Services Inc. | 44,874 | 280 | |
| Moelis & Co. Class A | 9,200 | 264 | |
| Monmouth Real Estate | |||
| Investment Corp. | 27,151 | 264 | |
| Clifton Bancorp Inc. | 18,499 | 259 | |
| State Auto Financial Corp. | 10,650 | 255 | |
| * | First Marblehead Corp. | 44,194 | 255 |
| * | First Acceptance Corp. | 78,314 | 251 |
| Easterly Government | |||
| Properties Inc. | 15,614 | 249 | |
| Guaranty Bancorp | 14,954 | 247 | |
| * | Ashford Inc. | 2,819 | 246 |
| OneBeacon Insurance | |||
| Group Ltd. Class A | 16,538 | 240 | |
| German American Bancorp | |||
| Inc. | 8,031 | 237 | |
| Citizens & Northern Corp. | 11,342 | 233 | |
| First Bancorp | 13,957 | 233 | |
| Resource America Inc. | |||
| Class A | 27,332 | 230 | |
| National Interstate Corp. | 8,404 | 230 | |
| Pzena Investment | |||
| Management Inc. | |||
| Class A | 20,734 | 229 | |
| RE/MAX Holdings Inc. | 6,421 | 228 | |
| Investors Title Co. | 3,185 | 226 | |
| First Financial Corp. | 6,244 | 223 | |
| * | Yadkin Financial Corp. | 10,624 | 223 |
| Waterstone Financial Inc. | 16,861 | 223 | |
| * | BBX Capital Corp. | 13,655 | 222 |
| C&F Financial Corp. | 5,961 | 221 | |
| OceanFirst Financial Corp. | 11,733 | 219 | |
| Oppenheimer Holdings Inc. | |||
| Class A | 8,231 | 216 | |
| Gladstone Commercial | |||
| Corp. | 12,205 | 202 | |
| Financial Institutions Inc. | 8,111 | 201 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Asta Funding Inc. | 23,859 | 200 |
| MainSource Financial | |||
| Group Inc. | 8,753 | 192 | |
| US Global Investors Inc. | |||
| Class A | 67,397 | 187 | |
| BNC Bancorp | 9,662 | 187 | |
| Univest Corp. of | |||
| Pennsylvania | 9,068 | 185 | |
| Westfield Financial Inc. | 24,792 | 181 | |
| CNB Financial Corp. | 9,819 | 181 | |
| Merchants Bancshares Inc. | 5,356 | 177 | |
| Metro Bancorp Inc. | 6,747 | 176 | |
| First Financial Northwest | |||
| Inc. | 13,902 | 173 | |
| State National Cos. Inc. | 15,900 | 172 | |
| One Liberty Properties Inc. | 7,940 | 169 | |
| * | Phoenix Cos. Inc. | 9,169 | 167 |
| Meta Financial Group Inc. | 3,769 | 162 | |
| Premier Financial Bancorp | |||
| Inc. | 10,265 | 159 | |
| Heritage Financial Corp. | 8,846 | 158 | |
| * | MoneyGram International | ||
| Inc. | 17,060 | 157 | |
| * | Heritage Insurance Holdings | ||
| Inc. | 6,700 | 154 | |
| * | Franklin Financial Network | ||
| Inc. | 6,458 | 148 | |
| UMH Properties Inc. | 14,866 | 146 | |
| Suffolk Bancorp | 5,655 | 145 | |
| * | Republic First Bancorp Inc. | 38,554 | 134 |
| Alliance Bancorp Inc. of | |||
| Pennsylvania | 5,859 | 134 | |
| JAVELIN Mortgage | |||
| Investment Corp. | 18,519 | 132 | |
| ^ | FXCM Inc. Class A | 83,722 | 121 |
| * | Old Second Bancorp Inc. | 18,140 | 120 |
| * | Hallmark Financial Services | ||
| Inc. | 9,970 | 113 | |
| * | Health Insurance | ||
| Innovations Inc. Class A | 22,431 | 111 | |
| Eastern Virginia Bankshares | |||
| Inc. | 17,407 | 110 | |
| West Bancorporation Inc. | 5,505 | 109 | |
| Mercantile Bank Corp. | 5,064 | 108 | |
| Five Oaks Investment Corp. | 11,883 | 99 | |
| Peoples Bancorp Inc. | 4,038 | 94 | |
| * | Atlanticus Holdings Corp. | 26,603 | 94 |
| *,^ | Intersections Inc. | 29,386 | 90 |
| Westwood Holdings Group | |||
| Inc. | 1,506 | 90 | |
| Southwest Bancorp Inc. | 4,643 | 86 | |
| * | On Deck Capital Inc. | 6,956 | 81 |
| NewBridge Bancorp | 8,868 | 79 | |
| * | FRP Holdings Inc. | 2,385 | 77 |
26
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Opus Bank | 2,100 | 76 | |
| * | Hampton Roads | ||
| Bankshares Inc. | 36,253 | 75 | |
| * | Maui Land & Pineapple Co. | ||
| Inc. | 12,826 | 73 | |
| Kansas City Life Insurance | |||
| Co. | 1,487 | 68 | |
| * | Jacksonville Bancorp Inc. | 5,100 | 67 |
| Pulaski Financial Corp. | 4,915 | 63 | |
| National Bankshares Inc. | 2,149 | 63 | |
| Provident Financial Holdings | |||
| Inc. | 3,696 | 62 | |
| Peapack Gladstone Financial | |||
| Corp. | 2,544 | 57 | |
| Institutional Financial | |||
| Markets Inc. | 39,632 | 55 | |
| Heritage Commerce Corp. | 5,677 | 55 | |
| Macatawa Bank Corp. | 9,663 | 51 | |
| * | American River Bankshares | 5,338 | 50 |
| Atlantic American Corp. | 13,632 | 49 | |
| Park Sterling Corp. | 6,702 | 48 | |
| Territorial Bancorp Inc. | 1,980 | 48 | |
| * | ASB Bancorp Inc. | 2,200 | 48 |
| * | Performant Financial Corp. | 14,420 | 47 |
| * | CommunityOne Bancorp | 4,334 | 47 |
| United Community Financial | |||
| Corp. | 8,716 | 47 | |
| First Internet Bancorp | 1,900 | 47 | |
| * | Farmers Capital Bank Corp. | 1,626 | 46 |
| * | Jernigan Capital Inc. | 2,148 | 44 |
| HopFed Bancorp Inc. | 3,323 | 39 | |
| Guaranty Federal | |||
| Bancshares Inc. | 2,564 | 38 | |
| Northrim BanCorp Inc. | 1,390 | 36 | |
| Community West | |||
| Bancshares | 5,000 | 33 | |
| Citizens Community | |||
| Bancorp Inc. | 3,545 | 32 | |
| California First National | |||
| Bancorp | 2,366 | 32 | |
| Manning & Napier Inc. | 3,200 | 32 | |
| Federal Agricultural | |||
| Mortgage Corp. Class A | 1,021 | 29 | |
| Preferred Bank | 950 | 29 | |
| Independence Holding Co. | 2,059 | 27 | |
| Cheviot Financial Corp. | 1,812 | 27 | |
| Monarch Financial Holdings | |||
| Inc. | 2,100 | 26 | |
| Pacific Continental Corp. | 1,900 | 26 | |
| * | Carolina Bank Holdings Inc. | 2,102 | 25 |
| * | Regional Management Corp. | 1,415 | 25 |
| * | Pacific Mercantile Bancorp | 3,311 | 25 |
| * | Bear State Financial Inc. | 2,685 | 25 |
| Northeast Bancorp | 2,506 | 25 | |
| QC Holdings Inc. | 13,215 | 25 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Sun Bancorp Inc. | 1,058 | 20 |
| * | HomeTrust Bancshares Inc. | 1,176 | 20 |
| Heritage Financial Group Inc. | 609 | 18 | |
| * | Seacoast Banking Corp. of | ||
| Florida | 1,163 | 18 | |
| Penns Woods Bancorp Inc. | 414 | 18 | |
| First Bancorp Inc. | 902 | 18 | |
| * | Internet Patents Corp. | 4,802 | 14 |
| Independent Bank Corp. | 1,015 | 14 | |
| Baylake Corp. | 1,000 | 13 | |
| MutualFirst Financial Inc. | 544 | 13 | |
| * | Ohr Pharmaceutical Inc. | 5,000 | 13 |
| Riverview Bancorp Inc. | 2,700 | 12 | |
| Middleburg Financial Corp. | 611 | 11 | |
| Fidelity Southern Corp. | 549 | 10 | |
| Eagle Bancorp Montana Inc. | 830 | 9 | |
| Home Bancorp Inc. | 343 | 9 | |
| MidSouth Bancorp Inc. | 520 | 8 | |
| Wheeler REIT Inc. | 3,900 | 8 | |
| * | Royal Bancshares of | ||
| Pennsylvania Inc. | 3,688 | 7 | |
| Kingstone Cos. Inc. | 909 | 7 | |
| WVS Financial Corp. | 511 | 6 | |
| Fox Chase Bancorp Inc. | 337 | 6 | |
| IF Bancorp Inc. | 342 | 6 | |
| * | American Realty Investors | ||
| Inc. | 797 | 4 | |
| MidWestOne Financial | |||
| Group Inc. | 100 | 3 | |
| Hingham Institution for | |||
| Savings | 27 | 3 | |
| Horizon Bancorp | 115 | 3 | |
| United Community Bancorp | 200 | 3 | |
| Orrstown Financial Services | |||
| Inc. | 153 | 2 | |
| Sotherly Hotels Inc. | 300 | 2 | |
| Bank of South Carolina Corp. | 100 | 2 | |
| * | Tejon Ranch Co. | ||
| Warrants Exp. 08/31/2016 | 1,629 | 1 | |
| SI Financial Group Inc. | 31 | — | |
| Salisbury Bancorp Inc. | 11 | — | |
| Old Line Bancshares Inc. | 17 | — | |
| * | Transcontinental Realty | ||
| Investors Inc. | 12 | — | |
| * | Vestin Realty Mortgage II | ||
| Inc. | 22 | — | |
| 8,078,754 | |||
| Health Care (14.2%) | |||
| Johnson & Johnson | 5,226,311 | 509,356 | |
| Pfizer Inc. | 11,615,689 | 389,474 | |
| Gilead Sciences Inc. | 2,772,209 | 324,570 | |
| Merck & Co. Inc. | 5,329,410 | 303,403 | |
| * | Allergan plc | 740,686 | 224,769 |
| Amgen Inc. | 1,434,219 | 220,181 | |
27
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| UnitedHealth Group Inc. | 1,792,682 | 218,707 | |
| Bristol-Myers Squibb Co. | 3,144,499 | 209,235 | |
| AbbVie Inc. | 3,073,751 | 206,525 | |
| Medtronic plc | 2,688,223 | 199,197 | |
| * | Biogen Inc. | 443,694 | 179,226 |
| * | Celgene Corp. | 1,496,204 | 173,163 |
| Eli Lilly & Co. | 1,879,647 | 156,932 | |
| Abbott Laboratories | 2,808,307 | 137,832 | |
| * | Express Scripts Holding | ||
| Co. | 1,375,670 | 122,352 | |
| Thermo Fisher Scientific | |||
| Inc. | 745,887 | 96,786 | |
| Aetna Inc. | 661,155 | 84,271 | |
| Anthem Inc. | 496,852 | 81,553 | |
| * | Alexion Pharmaceuticals | ||
| Inc. | 447,028 | 80,809 | |
| Cigna Corp. | 485,848 | 78,707 | |
| * | Regeneron | ||
| Pharmaceuticals Inc. | 141,884 | 72,379 | |
| Baxter International Inc. | 1,019,855 | 71,318 | |
| * | Illumina Inc. | 270,288 | 59,020 |
| Stryker Corp. | 605,178 | 57,837 | |
| * | Vertex Pharmaceuticals | ||
| Inc. | 455,070 | 56,192 | |
| Becton Dickinson and Co. | 392,560 | 55,606 | |
| * | HCA Holdings Inc. | 592,948 | 53,792 |
| Humana Inc. | 281,205 | 53,789 | |
| * | Mylan NV | 781,991 | 53,066 |
| Perrigo Co. plc | 264,694 | 48,923 | |
| * | Boston Scientific Corp. | 2,500,873 | 44,265 |
| * | BioMarin Pharmaceutical | ||
| Inc. | 301,862 | 41,289 | |
| Zoetis Inc. | 848,137 | 40,897 | |
| St. Jude Medical Inc. | 528,726 | 38,634 | |
| Zimmer Biomet Holdings | |||
| Inc. | 319,378 | 34,886 | |
| * | Intuitive Surgical Inc. | 68,799 | 33,333 |
| * | Incyte Corp. | 300,781 | 31,344 |
| * | Endo International plc | 381,320 | 30,372 |
| * | Edwards Lifesciences | ||
| Corp. | 202,714 | 28,873 | |
| * | Hospira Inc. | 321,595 | 28,529 |
| * | DaVita HealthCare | ||
| Partners Inc. | 324,435 | 25,783 | |
| * | Mallinckrodt plc | 218,958 | 25,776 |
| Universal Health Services | |||
| Inc. Class B | 172,611 | 24,528 | |
| CR Bard Inc. | 139,814 | 23,866 | |
| * | Laboratory Corp. of | ||
| America Holdings | 187,925 | 22,780 | |
| * | Henry Schein Inc. | 157,753 | 22,420 |
| Quest Diagnostics Inc. | 271,720 | 19,705 | |
| * | Waters Corp. | 148,962 | 19,124 |
| * | Jazz Pharmaceuticals plc | 108,469 | 19,098 |
| * | Alkermes plc | 278,519 | 17,920 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Hologic Inc. | 447,537 | 17,033 |
| * | Medivation Inc. | 148,425 | 16,950 |
| Cooper Cos. Inc. | 91,011 | 16,197 | |
| * | Centene Corp. | 198,812 | 15,985 |
| * | Varian Medical Systems | ||
| Inc. | 188,230 | 15,873 | |
| * | Alnylam Pharmaceuticals | ||
| Inc. | 125,975 | 15,101 | |
| ResMed Inc. | 264,259 | 14,896 | |
| * | United Therapeutics Corp. | 83,563 | 14,536 |
| * | Envision Healthcare | ||
| Holdings Inc. | 346,854 | 13,694 | |
| DENTSPLY International | |||
| Inc. | 264,296 | 13,624 | |
| * | MEDNAX Inc. | 180,966 | 13,411 |
| * | Community Health |
| Systems Inc. | 208,915 | 13,155 | |
| * | Isis Pharmaceuticals Inc. | 222,690 | 12,816 |
| * | Brookdale Senior Living | ||
| Inc. | 345,672 | 11,995 | |
| * | IDEXX Laboratories Inc. | 177,588 | 11,391 |
| * | DexCom Inc. | 138,453 | 11,073 |
| * | Sirona Dental Systems Inc. | 109,251 | 10,971 |
| * | Tenet Healthcare Corp. | 185,336 | 10,727 |
| Teleflex Inc. | 77,985 | 10,563 | |
| * | Bluebird Bio Inc. | 60,593 | 10,202 |
| * | Quintiles Transnational | ||
| Holdings Inc. | 136,795 | 9,933 | |
| * | Health Net Inc. | 139,930 | 8,972 |
| * | Receptos Inc. | 46,641 | 8,864 |
| * | Team Health Holdings Inc. | 134,462 | 8,784 |
| * | Seattle Genetics Inc. | 174,666 | 8,454 |
| * | Acadia Healthcare Co. Inc. | 107,071 | 8,387 |
| * | Horizon Pharma plc | 238,133 | 8,273 |
| * | Cepheid | 132,767 | 8,119 |
| * | Align Technology Inc. | 128,623 | 8,066 |
| Patterson Cos. Inc. | 165,731 | 8,063 | |
| * | Alere Inc. | 150,054 | 7,915 |
| West Pharmaceutical | |||
| Services Inc. | 127,925 | 7,430 | |
| * | LifePoint Health Inc. | 83,675 | 7,276 |
| STERIS Corp. | 112,752 | 7,266 | |
| HealthSouth Corp. | 157,091 | 7,236 | |
| * | Dyax Corp. | 271,736 | 7,201 |
| * | Neurocrine Biosciences | ||
| Inc. | 150,731 | 7,199 |
| * | Intercept Pharmaceuticals |
| Inc. | 29,298 | 7,072 | |
| * | WellCare Health Plans Inc. | 82,791 | 7,023 |
| Bio-Techne Corp. | 69,923 | 6,885 | |
| * | PAREXEL International | ||
| Corp. | 103,205 | 6,637 | |
| *,^ | OPKO Health Inc. | 401,319 | 6,453 |
| * | Amsurg Corp. | 90,630 | 6,340 |
28
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | ACADIA Pharmaceuticals | ||
| Inc. | 150,413 | 6,299 | |
| * | Charles River Laboratories | ||
| International Inc. | 89,167 | 6,272 | |
| * | Akorn Inc. | 141,904 | 6,196 |
| * | Puma Biotechnology Inc. | 50,245 | 5,866 |
| * | Agios Pharmaceuticals Inc. | 52,723 | 5,860 |
| * | Impax Laboratories Inc. | 127,513 | 5,855 |
| Hill-Rom Holdings Inc. | 106,826 | 5,804 | |
| * | Bio-Rad Laboratories Inc. | ||
| Class A | 38,352 | 5,776 | |
| * | Molina Healthcare Inc. | 77,916 | 5,478 |
| * | Novavax Inc. | 479,147 | 5,338 |
| * | Catalent Inc. | 175,465 | 5,146 |
| * | Ultragenyx Pharmaceutical | ||
| Inc. | 49,497 | 5,068 | |
| * | Anacor Pharmaceuticals | ||
| Inc. | 64,745 | 5,013 | |
| *,^ | Exact Sciences Corp. | 166,571 | 4,954 |
| *,^ | Myriad Genetics Inc. | 137,221 | 4,664 |
| * | Pacira Pharmaceuticals Inc. | 64,947 | 4,593 |
| * | Celldex Therapeutics Inc. | 182,095 | 4,592 |
| * | ABIOMED Inc. | 69,558 | 4,572 |
| * | Prestige Brands Holdings | ||
| Inc. | 98,292 | 4,545 | |
| * | Thoratec Corp. | 101,764 | 4,536 |
| * | Ligand Pharmaceuticals Inc. | 42,887 | 4,327 |
| * | NuVasive Inc. | 90,528 | 4,289 |
| Cantel Medical Corp. | 79,379 | 4,260 | |
| Healthcare Services Group | |||
| Inc. | 128,868 | 4,259 | |
| * | Halozyme Therapeutics Inc. | 188,603 | 4,259 |
| * | Clovis Oncology Inc. | 48,203 | 4,236 |
| * | Intrexon Corp. | 82,978 | 4,049 |
| Owens & Minor Inc. | 119,083 | 4,049 | |
| * | Haemonetics Corp. | 97,265 | 4,023 |
| * | Bruker Corp. | 192,445 | 3,928 |
| * | AMAG Pharmaceuticals Inc. | 56,007 | 3,868 |
| CONMED Corp. | 62,170 | 3,623 | |
| ^ | Theravance Inc. | 199,720 | 3,609 |
| * | Halyard Health Inc. | 88,587 | 3,588 |
| * | Acorda Therapeutics Inc. | 106,729 | 3,557 |
| * | Medicines Co. | 123,495 | 3,533 |
| * | Magellan Health Inc. | 50,378 | 3,530 |
| * | ARIAD Pharmaceuticals Inc. | 420,824 | 3,480 |
| * | Masimo Corp. | 89,307 | 3,460 |
| * | Lannett Co. Inc. | 57,111 | 3,395 |
| * | Integra LifeSciences | ||
| Holdings Corp. | 50,385 | 3,394 | |
| * | Natus Medical Inc. | 79,733 | 3,393 |
| * | Momenta Pharmaceuticals | ||
| Inc. | 147,270 | 3,359 | |
| * | Portola Pharmaceuticals | ||
| Inc. Class A | 73,570 | 3,351 | |
| * | Insulet Corp. | 107,698 | 3,337 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Globus Medical Inc. | 127,247 | 3,266 |
| * | Depomed Inc. | 151,208 | 3,245 |
| * | Nektar Therapeutics | 254,917 | 3,189 |
| *,^ | Kite Pharma Inc. | 52,016 | 3,171 |
| * | Neogen Corp. | 66,425 | 3,151 |
| * | Air Methods Corp. | 73,506 | 3,039 |
| * | KYTHERA | ||
| Biopharmaceuticals Inc. | 40,126 | 3,022 | |
| * | Arena Pharmaceuticals Inc. | 648,177 | 3,008 |
| * | Ophthotech Corp. | 57,532 | 2,995 |
| * | BioCryst Pharmaceuticals | ||
| Inc. | 199,600 | 2,980 | |
| * | Amedisys Inc. | 73,458 | 2,919 |
| Kindred Healthcare Inc. | 143,298 | 2,908 | |
| * | Ironwood Pharmaceuticals | ||
| Inc. Class A | 238,843 | 2,880 | |
| * | HMS Holdings Corp. | 166,248 | 2,854 |
| * | Bio-Reference Laboratories | ||
| Inc. | 68,641 | 2,831 | |
| * | Insys Therapeutics Inc. | 78,806 | 2,831 |
| Abaxis Inc. | 54,455 | 2,803 | |
| * | Emergent BioSolutions Inc. | 84,823 | 2,795 |
| * | Cyberonics Inc. | 47,001 | 2,795 |
| * | Chimerix Inc. | 60,244 | 2,783 |
| * | Array BioPharma Inc. | 368,404 | 2,656 |
| Analogic Corp. | 33,604 | 2,651 | |
| *,^ | MannKind Corp. | 456,860 | 2,600 |
| * | Sarepta Therapeutics Inc. | 85,051 | 2,588 |
| Select Medical Holdings | |||
| Corp. | 155,229 | 2,515 | |
| * | PTC Therapeutics Inc. | 51,322 | 2,470 |
| * | Achillion Pharmaceuticals | ||
| Inc. | 277,869 | 2,462 | |
| * | ImmunoGen Inc. | 170,979 | 2,459 |
| * | Wright Medical Group Inc. | 92,005 | 2,416 |
| * | MacroGenics Inc. | 63,229 | 2,401 |
| * | Tetraphase | ||
| Pharmaceuticals Inc. | 50,290 | 2,386 | |
| * | ICU Medical Inc. | 24,513 | 2,345 |
| * | Affymetrix Inc. | 213,653 | 2,333 |
| *,^ | Exelixis Inc. | 619,405 | 2,329 |
| *,^ | Keryx Biopharmaceuticals | ||
| Inc. | 232,270 | 2,318 | |
| * | HeartWare International Inc. | 31,746 | 2,308 |
| * | Cynosure Inc. Class A | 59,177 | 2,283 |
| PDL BioPharma Inc. | 342,206 | 2,200 | |
| * | Cempra Inc. | 63,400 | 2,178 |
| * | Epizyme Inc. | 90,126 | 2,163 |
| * | TESARO Inc. | 34,670 | 2,038 |
| * | NewLink Genetics Corp. | 44,227 | 1,958 |
| *,^ | MiMedx Group Inc. | 166,909 | 1,934 |
| * | Agenus Inc. | 223,971 | 1,933 |
| * | Amicus Therapeutics Inc. | 136,244 | 1,928 |
| *,^ | Albany Molecular Research | ||
| Inc. | 94,299 | 1,907 |
29
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Dynavax Technologies Corp. | 81,281 | 1,904 |
| * | AtriCure Inc. | 77,110 | 1,900 |
| Ensign Group Inc. | 35,174 | 1,796 | |
| *,^ | ZIOPHARM Oncology Inc. | 149,541 | 1,795 |
| * | Capital Senior Living Corp. | 72,935 | 1,787 |
| * | Advaxis Inc. | 85,838 | 1,745 |
| *,^ | Cerus Corp. | 333,916 | 1,733 |
| * | Relypsa Inc. | 50,900 | 1,684 |
| * | Geron Corp. | 392,919 | 1,682 |
| * | Inovio Pharmaceuticals Inc. | 203,107 | 1,657 |
| * | Alder Biopharmaceuticals | ||
| Inc. | 31,188 | 1,652 | |
| * | ANI Pharmaceuticals Inc. | 26,551 | 1,648 |
| * | Insmed Inc. | 67,026 | 1,637 |
| *,^ | Arrowhead Research Corp. | 227,842 | 1,629 |
| * | Aegerion Pharmaceuticals | ||
| Inc. | 85,441 | 1,621 | |
| * | Accuray Inc. | 239,099 | 1,612 |
| Atrion Corp. | 4,104 | 1,610 | |
| * | Omnicell Inc. | 42,481 | 1,602 |
| * | AngioDynamics Inc. | 96,832 | 1,588 |
| * | Anika Therapeutics Inc. | 47,856 | 1,581 |
| * | Infinity Pharmaceuticals Inc. | 141,893 | 1,554 |
| *,^ | Juno Therapeutics Inc. | 29,106 | 1,552 |
| * | TherapeuticsMD Inc. | 195,515 | 1,537 |
| * | Merrimack Pharmaceuticals | ||
| Inc. | 122,578 | 1,516 | |
| * | Repligen Corp. | 36,671 | 1,513 |
| *,^ | Foundation Medicine Inc. | 44,412 | 1,503 |
| * | Almost Family Inc. | 37,007 | 1,477 |
| * | Raptor Pharmaceutical Corp. | 92,344 | 1,458 |
| * | VWR Corp. | 54,433 | 1,455 |
| * | Genomic Health Inc. | 52,221 | 1,451 |
| * | PharMerica Corp. | 43,345 | 1,443 |
| * | Cardiovascular Systems Inc. | 53,510 | 1,415 |
| * | Enanta Pharmaceuticals Inc. | 30,500 | 1,372 |
| * | Adeptus Health Inc. | ||
| Class A | 14,420 | 1,370 | |
| * | Radius Health Inc. | 20,201 | 1,368 |
| * | CorVel Corp. | 42,388 | 1,357 |
| * | Anthera Pharmaceuticals | ||
| Inc. | 157,068 | 1,354 | |
| * | Esperion Therapeutics Inc. | 16,522 | 1,351 |
| * | Cutera Inc. | 85,138 | 1,318 |
| *,^ | Omeros Corp. | 72,872 | 1,311 |
| Invacare Corp. | 59,377 | 1,284 | |
| * | Spectranetics Corp. | 55,521 | 1,278 |
| * | BioDelivery Sciences | ||
| International Inc. | 154,829 | 1,232 | |
| * | ChemoCentryx Inc. | 146,990 | 1,210 |
| Meridian Bioscience Inc. | 64,152 | 1,196 | |
| * | BioSpecifics Technologies | ||
| Corp. | 22,882 | 1,181 | |
| * | Endologix Inc. | 76,842 | 1,179 |
| * | BioScrip Inc. | 322,088 | 1,169 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | BioTelemetry Inc. | 122,817 | 1,158 |
| * | NxStage Medical Inc. | 80,882 | 1,155 |
| * | Sage Therapeutics Inc. | 15,821 | 1,155 |
| * | Addus HomeCare Corp. | 41,208 | 1,148 |
| * | Curis Inc. | 346,109 | 1,146 |
| * | Catalyst Pharmaceuticals | ||
| Inc. | 276,282 | 1,141 | |
| * | IPC Healthcare Inc. | 19,084 | 1,057 |
| *,^ | BioTime Inc. | 287,499 | 1,044 |
| * | Sangamo BioSciences Inc. | 92,412 | 1,025 |
| * | Hanger Inc. | 43,703 | 1,024 |
| *,^ | Accelerate Diagnostics Inc. | 39,464 | 1,019 |
| * | Fluidigm Corp. | 41,553 | 1,006 |
| * | Merit Medical Systems Inc. | 46,428 | 1,000 |
| CryoLife Inc. | 88,331 | 996 | |
| * | Quidel Corp. | 42,007 | 964 |
| * | Corcept Therapeutics Inc. | 158,232 | 951 |
| * | FibroGen Inc. | 40,184 | 944 |
| * | SciClone Pharmaceuticals | ||
| Inc. | 95,450 | 937 | |
| * | Retrophin Inc. | 28,216 | 935 |
| * | AcelRx Pharmaceuticals | ||
| Inc. | 220,042 | 933 | |
| * | Healthways Inc. | 77,611 | 930 |
| * | CTI BioPharma Corp. | 476,159 | 929 |
| * | Triple-S Management Corp. | ||
| Class B | 36,112 | 927 | |
| * | Tornier NV | 36,911 | 922 |
| * | Sagent Pharmaceuticals | ||
| Inc. | 37,556 | 913 | |
| *,^ | Idera Pharmaceuticals Inc. | 245,902 | 912 |
| *,^ | Organovo Holdings Inc. | 238,645 | 900 |
| * | LDR Holding Corp. | 20,800 | 900 |
| *,^ | AVEO Pharmaceuticals Inc. | 515,800 | 898 |
| * | Theravance Biopharma Inc. | 66,087 | 860 |
| * | ArQule Inc. | 537,532 | 860 |
| * | Antares Pharma Inc. | 413,327 | 860 |
| * | Zeltiq Aesthetics Inc. | 27,712 | 817 |
| * | Orexigen Therapeutics Inc. | 164,407 | 814 |
| * | Luminex Corp. | 46,438 | 802 |
| *,^ | Fortress Biotech Inc. | 237,089 | 797 |
| * | Durect Corp. | 326,659 | 781 |
| * | Heron Therapeutics Inc. | 24,900 | 776 |
| * | Lexicon Pharmaceuticals | ||
| Inc. | 95,684 | 770 | |
| *,^ | BIND Therapeutics Inc. | 136,033 | 760 |
| * | LHC Group Inc. | 19,704 | 754 |
| * | Exactech Inc. | 34,989 | 729 |
| * | Surgical Care Affiliates Inc. | 18,953 | 727 |
| *,^ | Galena Biopharma Inc. | 424,609 | 722 |
| * | Nevro Corp. | 13,222 | 711 |
| * | Orthofix International NV | 20,831 | 690 |
| * | Alliance HealthCare | ||
| Services Inc. | 36,608 | 684 | |
| * | Eagle Pharmaceuticals Inc. | 8,300 | 671 |
30
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | ZS Pharma Inc. | 12,717 | 666 |
| * | Spectrum Pharmaceuticals | ||
| Inc. | 92,611 | 633 | |
| * | Lion Biotechnologies Inc. | 68,925 | 632 |
| * | Alphatec Holdings Inc. | 452,502 | 624 |
| * | HealthStream Inc. | 20,427 | 621 |
| * | OvaScience Inc. | 21,300 | 616 |
| * | Aratana Therapeutics Inc. | 40,600 | 614 |
| * | Immunomedics Inc. | 150,892 | 613 |
| * | Concert Pharmaceuticals | ||
| Inc. | 40,450 | 602 | |
| * | Acceleron Pharma Inc. | 18,740 | 593 |
| * | Avalanche Biotechnologies | ||
| Inc. | 36,389 | 591 | |
| *,^ | Alimera Sciences Inc. | 121,750 | 561 |
| * | Karyopharm Therapeutics | ||
| Inc. | 20,202 | 550 | |
| * | PRA Health Sciences Inc. | 15,032 | 546 |
| US Physical Therapy Inc. | 9,658 | 529 | |
| *,^ | Athersys Inc. | 431,868 | 523 |
| *,^ | VIVUS Inc. | 217,970 | 514 |
| * | Dicerna Pharmaceuticals | ||
| Inc. | 35,621 | 497 | |
| *,^ | IGI Laboratories Inc. | 78,107 | 492 |
| * | Biolase Inc. | 281,018 | 489 |
| *,^ | Endocyte Inc. | 91,845 | 477 |
| * | Juniper Pharmaceuticals | ||
| Inc. | 51,226 | 469 | |
| * | XenoPort Inc. | 75,008 | 460 |
| *,^ | Ampio Pharmaceuticals Inc. | 193,912 | 460 |
| * | Five Star Quality Care Inc. | 94,576 | 454 |
| * | Aerie Pharmaceuticals Inc. | 25,600 | 452 |
| * | Amphastar Pharmaceuticals | ||
| Inc. | 24,874 | 437 | |
| *,^ | CytRx Corp. | 117,384 | 437 |
| *,^ | Synergy Pharmaceuticals | ||
| Inc. | 52,523 | 436 | |
| * | Universal American Corp. | 42,372 | 429 |
| * | Coherus Biosciences Inc. | 14,735 | 426 |
| * | Vascular Solutions Inc. | 12,069 | 419 |
| National HealthCare Corp. | 6,358 | 413 | |
| * | Osiris Therapeutics Inc. | 21,027 | 409 |
| Digirad Corp. | 93,523 | 406 | |
| *,^ | Rockwell Medical Inc. | 25,143 | 405 |
| * | XOMA Corp. | 103,772 | 403 |
| * | OraSure Technologies Inc. | 73,080 | 394 |
| * | Inogen Inc. | 8,643 | 385 |
| * | Vanda Pharmaceuticals Inc. | 30,224 | 384 |
| * | Progenics Pharmaceuticals | ||
| Inc. | 50,891 | 380 | |
| * | SurModics Inc. | 15,857 | 371 |
| * | Zogenix Inc. | 220,124 | 370 |
| * | Rigel Pharmaceuticals Inc. | 109,592 | 352 |
| * | INC Research Holdings Inc. | ||
| Class A | 8,233 | 330 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | RTI Surgical Inc. | 50,534 | 326 |
| * | POZEN Inc. | 31,094 | 321 |
| * | NeoGenomics Inc. | 59,111 | 320 |
| * | Ardelyx Inc. | 18,836 | 301 |
| * | Enzo Biochem Inc. | 98,908 | 300 |
| *,^ | Apricus Biosciences Inc. | 174,727 | 299 |
| * | Supernus Pharmaceuticals | ||
| Inc. | 17,372 | 295 | |
| *,^ | Neuralstem Inc. | 149,054 | 289 |
| * | Cytokinetics Inc. | 42,787 | 288 |
| * | Atara Biotherapeutics Inc. | 5,400 | 285 |
| * | Otonomy Inc. | 12,231 | 281 |
| * | Dermira Inc. | 15,936 | 280 |
| * | Bellicum Pharmaceuticals | ||
| Inc. | 12,967 | 276 | |
| * | Akebia Therapeutics Inc. | 26,220 | 270 |
| * | Sequenom Inc. | 85,701 | 261 |
| * | Harvard Bioscience Inc. | 45,022 | 257 |
| *,^ | Navidea Biopharmaceuticals | ||
| Inc. | 158,410 | 255 | |
| * | OncoMed Pharmaceuticals | ||
| Inc. | 10,900 | 245 | |
| * | GenMark Diagnostics Inc. | 24,632 | 223 |
| * | STAAR Surgical Co. | 22,704 | 219 |
| * | Zafgen Inc. | 6,300 | 218 |
| *,^ | Northwest Biotherapeutics | ||
| Inc. | 21,900 | 217 | |
| LeMaitre Vascular Inc. | 17,245 | 208 | |
| * | Wright Medical Group Inc. | ||
| CVR Exp. 12/31/2049 | 50,806 | 204 | |
| *,^ | Acura Pharmaceuticals Inc. | 205,102 | 202 |
| *,^ | Unilife Corp. | 93,651 | 201 |
| * | Oncothyreon Inc. | 51,256 | 192 |
| * | Symmetry Surgical Inc. | 20,007 | 174 |
| *,^ | XBiotech Inc. | 9,598 | 174 |
| * | Pernix Therapeutics | ||
| Holdings Inc. | 28,805 | 171 | |
| Enzon Pharmaceuticals Inc. | 141,847 | 170 | |
| * | Spark Therapeutics Inc. | 2,818 | 170 |
| * | Repros Therapeutics Inc. | 23,614 | 169 |
| *,^ | iBio Inc. | 177,100 | 168 |
| * | Xencor Inc. | 7,200 | 158 |
| * | Regulus Therapeutics Inc. | 14,100 | 155 |
| * | Cumberland | ||
| Pharmaceuticals Inc. | 21,189 | 152 | |
| * | Biodel Inc. | 145,521 | 150 |
| * | Five Prime Therapeutics | ||
| Inc. | 5,800 | 144 | |
| * | Entellus Medical Inc. | 5,448 | 141 |
| * | Genesis Healthcare Inc. | 21,297 | 141 |
| * | Intersect ENT Inc. | 4,700 | 135 |
| * | RadNet Inc. | 19,852 | 133 |
| * | Calithera Biosciences Inc. | 18,562 | 133 |
| * | Peregrine Pharmaceuticals | ||
| Inc. | 98,096 | 129 |
31
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Bovie Medical Corp. | 45,545 | 127 |
| *,^ | Hansen Medical Inc. | 135,025 | 124 |
| * | Derma Sciences Inc. | 16,573 | 119 |
| * | Alexza Pharmaceuticals Inc. | 104,627 | 114 |
| * | K2M Group Holdings Inc. | 4,700 | 113 |
| * | InfuSystems Holdings Inc. | 34,480 | 110 |
| * | Paratek Pharmaceuticals | ||
| Inc. | 4,104 | 106 | |
| * | GTx Inc. | 69,694 | 102 |
| * | Stemline Therapeutics Inc. | 8,700 | 102 |
| *,^ | BG Medicine Inc. | 182,278 | 100 |
| * | Versartis Inc. | 6,517 | 99 |
| * | Nobilis Health Corp. | 14,331 | 97 |
| *,^ | ARCA biopharma Inc. | 81,100 | 93 |
| * | CorMedix Inc. | 23,400 | 91 |
| * | TG Therapeutics Inc. | 5,400 | 90 |
| * | Pain Therapeutics Inc. | 51,137 | 88 |
| * | Flex Pharma Inc. | 5,140 | 88 |
| *,^ | EnteroMedics Inc. | 140,131 | 87 |
| AdCare Health Systems | |||
| Inc. | 25,016 | 87 | |
| * | MEI Pharma Inc. | 48,787 | 83 |
| * | Achaogen Inc. | 13,533 | 82 |
| * | Avinger Inc. | 6,264 | 81 |
| * | Synergetics USA Inc. | 16,877 | 79 |
| * | Cytori Therapeutics Inc. | 139,519 | 78 |
| * | Vericel Corp. | 20,679 | 74 |
| *,^ | Celladon Corp. | 57,900 | 73 |
| * | Carbylan Therapeutics Inc. | 10,130 | 72 |
| * | Heska Corp. | 2,424 | 72 |
| Psychemedics Corp. | 4,661 | 69 | |
| * | Vical Inc. | 96,241 | 67 |
| * | Catabasis Pharmaceuticals | ||
| Inc. | 5,346 | 65 | |
| * | Tandem Diabetes Care Inc. | 6,010 | 65 |
| * | Glaukos Corp. | 2,120 | 61 |
| * | Targacept Inc. | 21,867 | 61 |
| *,^ | Actinium Pharmaceuticals | ||
| Inc. | 23,000 | 61 | |
| * | Hooper Holmes Inc. | 300,038 | 57 |
| * | Synta Pharmaceuticals | ||
| Corp. | 25,225 | 56 | |
| * | Sunesis Pharmaceuticals | ||
| Inc. | 18,400 | 55 | |
| * | Venaxis Inc. | 122,333 | 55 |
| * | Threshold Pharmaceuticals | ||
| Inc. | 13,478 | 54 | |
| * | Seres Therapeutics Inc. | 1,211 | 50 |
| * | Celsion Corp. | 21,241 | 50 |
| * | Discovery Laboratories Inc. | 62,288 | 42 |
| * | Cancer Genetics Inc. | 3,500 | 41 |
| * | CASI Pharmaceuticals Inc. | 22,562 | 40 |
| * | Mast Therapeutics Inc. | 81,953 | 40 |
| * | Revance Therapeutics Inc. | 1,200 | 38 |
| * | Nivalis Therapeutics Inc. | 2,432 | 37 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | ERBA Diagnostics Inc. | 15,727 | 34 |
| * | CEL-SCI Corp. | 51,277 | 34 |
| *,^ | Oculus Innovative Sciences | ||
| Inc. | 23,597 | 34 | |
| * | Neothetics Inc. | 3,040 | 27 |
| * | Argos Therapeutics Inc. | 3,850 | 26 |
| * | Presbia plc | 3,100 | 26 |
| * | Veracyte Inc. | 2,228 | 25 |
| * | EndoChoice Holdings Inc. | 1,463 | 24 |
| *,^ | Biocept Inc. | 8,600 | 22 |
| * | Hemispherx Biopharma Inc. 96,879 | 20 | |
| * | Perseon Corp. | 10,278 | 19 |
| * | Ocular Therapeutix Inc. | 910 | 19 |
| * | Cesca Therapeutics Inc. | 22,057 | 19 |
| *,^ | Vital Therapies Inc. | 800 | 17 |
| * | ADMA Biologics Inc. | 1,800 | 17 |
| * | Harvard Apparatus | ||
| Regenerative Technology | |||
| Inc. | 11,255 | 16 | |
| * | Sucampo Pharmaceuticals | ||
| Inc. Class A | 958 | 16 | |
| * | StemCells Inc. | 27,652 | 15 |
| * | Cardica Inc. | 29,575 | 15 |
| * | MGC Diagnostics Corp. | 2,800 | 15 |
| * | Stereotaxis Inc. | 7,252 | 10 |
| Diversicare Healthcare | |||
| Services Inc. | 800 | 10 | |
| * | Cleveland BioLabs Inc. | 1,765 | 8 |
| * | EPIRUS | ||
| Biopharmaceuticals Inc. | 1,003 | 6 | |
| * | CAS Medical Systems Inc. | 4,100 | 5 |
| * | Delcath Systems Inc. | 4,736 | 5 |
| * | OncoGenex | ||
| Pharmaceuticals Inc. | 1,867 | 4 | |
| * | Onconova Therapeutics Inc. 1,800 | 4 | |
| Utah Medical Products Inc. | 68 | 4 | |
| Birner Dental Management | |||
| Services Inc. | 265 | 3 | |
| Daxor Corp. | 161 | 1 | |
| * | ProPhase Labs Inc. | 465 | 1 |
| * | Nanosphere Inc. | 37 | — |
| * | Cogentix Medical Inc. | 28 | — |
| 6,071,921 | |||
| Industrials (12.3%) | |||
| General Electric Co. | 19,006,901 | 505,013 | |
| 3M Co. | 1,193,167 | 184,106 | |
| United Technologies | |||
| Corp. | 1,595,323 | 176,969 | |
| Boeing Co. | 1,173,963 | 162,852 | |
| Union Pacific Corp. | 1,656,546 | 157,985 | |
| Honeywell International | |||
| Inc. | 1,397,556 | 142,509 | |
| United Parcel Service Inc. | |||
| Class B | 1,323,296 | 128,241 | |
| Accenture plc Class A | 1,180,736 | 114,272 | |
32
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Caterpillar Inc. | 1,139,415 | 96,645 | |
| Danaher Corp. | 1,127,653 | 96,516 | |
| Lockheed Martin Corp. | 504,228 | 93,736 | |
| FedEx Corp. | 505,927 | 86,210 | |
| General Dynamics Corp. | 530,010 | 75,097 | |
| Automatic Data | |||
| Processing Inc. | 893,124 | 71,655 | |
| Emerson Electric Co. | 1,260,699 | 69,881 | |
| CSX Corp. | 1,861,949 | 60,793 | |
| Eaton Corp. plc | 879,530 | 59,359 | |
| Deere & Co. | 598,348 | 58,070 | |
| Northrop Grumman Corp. | 365,585 | 57,993 | |
| Raytheon Co. | 577,741 | 55,278 | |
| Illinois Tool Works Inc. | 589,512 | 54,111 | |
| Norfolk Southern Corp. | 577,836 | 50,480 | |
| Precision Castparts Corp. | 247,675 | 49,503 | |
| TE Connectivity Ltd. | 763,634 | 49,102 | |
| Cummins Inc. | 342,024 | 44,870 | |
| PACCAR Inc. | 666,432 | 42,525 | |
| * | LinkedIn Corp. Class A | 205,617 | 42,487 |
| Sherwin-Williams Co. | 151,612 | 41,696 | |
| Waste Management Inc. | 863,074 | 40,003 | |
| * | Fiserv Inc. | 448,712 | 37,167 |
| Amphenol Corp. Class A | 583,074 | 33,801 | |
| Ingersoll-Rand plc | 494,963 | 33,370 | |
| Fidelity National | |||
| Information Services Inc. | 533,347 | 32,961 | |
| Roper Technologies Inc. | 188,678 | 32,539 | |
| * | Alliance Data Systems | ||
| Corp. | 111,122 | 32,441 | |
| Rockwell Automation Inc. | 254,623 | 31,736 | |
| Tyco International plc | 789,577 | 30,383 | |
| Parker-Hannifin Corp. | 248,513 | 28,910 | |
| Paychex Inc. | 614,364 | 28,801 | |
| WW Grainger Inc. | 115,358 | 27,299 | |
| Pall Corp. | 200,531 | 24,956 | |
| AMETEK Inc. | 453,852 | 24,862 | |
| Agilent Technologies Inc. | 632,222 | 24,391 | |
| Pentair plc | 343,469 | 23,613 | |
| Rockwell Collins Inc. | 249,051 | 23,000 | |
| * | FleetCor Technologies Inc. | 146,690 | 22,892 |
| Xerox Corp. | 2,079,149 | 22,122 | |
| Dover Corp. | 306,958 | 21,542 | |
| * | TransDigm Group Inc. | 95,493 | 21,454 |
| * | Stericycle Inc. | 159,637 | 21,377 |
| Fastenal Co. | 500,662 | 21,118 | |
| Textron Inc. | 469,067 | 20,934 | |
| Vulcan Materials Co. | 247,911 | 20,807 | |
| * | Verisk Analytics Inc. | ||
| Class A | 284,850 | 20,726 | |
| Sealed Air Corp. | 396,489 | 20,372 | |
| Kansas City Southern | 207,873 | 18,958 | |
| Republic Services Inc. | |||
| Class A | 464,673 | 18,201 | |
| Ball Corp. | 258,574 | 18,139 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Mettler-Toledo | ||
| International Inc. | 52,895 | 18,062 | |
| Masco Corp. | 658,029 | 17,550 | |
| CH Robinson Worldwide | |||
| Inc. | 275,139 | 17,166 | |
| Martin Marietta Materials | |||
| Inc. | 120,036 | 16,986 | |
| * | Sensata Technologies | ||
| Holding NV | 318,310 | 16,788 | |
| Towers Watson & Co. | |||
| Class A | 130,983 | 16,478 | |
| Wabtec Corp. | 172,073 | 16,216 | |
| * | United Rentals Inc. | 181,586 | 15,911 |
| L-3 Communications | |||
| Holdings Inc. | 139,716 | 15,841 | |
| Expeditors International of | |||
| Washington Inc. | 342,677 | 15,799 | |
| Cintas Corp. | 176,929 | 14,966 | |
| * | WestRock Co. | 245,702 | 14,963 |
| MeadWestvaco Corp. | 314,950 | 14,862 | |
| Fluor Corp. | 277,899 | 14,731 | |
| Acuity Brands Inc. | 81,716 | 14,707 | |
| * | Spirit AeroSystems | ||
| Holdings Inc. Class A | 265,661 | 14,641 | |
| JB Hunt Transport | |||
| Services Inc. | 175,690 | 14,422 | |
| * | Crown Holdings Inc. | 261,289 | 13,825 |
| Fortune Brands Home | |||
| & Security Inc. | 298,831 | 13,692 | |
| Robert Half International | |||
| Inc. | 241,823 | 13,421 | |
| Flowserve Corp. | 253,646 | 13,357 | |
| ManpowerGroup Inc. | 147,466 | 13,181 | |
| Total System Services Inc. | 313,636 | 13,101 | |
| Global Payments Inc. | 126,257 | 13,061 | |
| Xylem Inc. | 343,342 | 12,728 | |
| Carlisle Cos. Inc. | 122,480 | 12,263 | |
| * | Flextronics International | ||
| Ltd. | 1,078,028 | 12,192 | |
| Macquarie Infrastructure | |||
| Corp. | 142,365 | 11,764 | |
| * | CoStar Group Inc. | 57,819 | 11,637 |
| IDEX Corp. | 147,367 | 11,580 | |
| Packaging Corp. of | |||
| America | 185,299 | 11,579 | |
| * | Quanta Services Inc. | 400,232 | 11,535 |
| * | Trimble Navigation Ltd. | 488,181 | 11,453 |
| Broadridge Financial | |||
| Solutions Inc. | 227,681 | 11,386 | |
| Valspar Corp. | 138,843 | 11,360 | |
| PerkinElmer Inc. | 212,876 | 11,206 | |
| * | HD Supply Holdings Inc. | 315,448 | 11,097 |
| B/E Aerospace Inc. | 198,398 | 10,892 | |
| Allegion plc | 180,376 | 10,848 | |
| ADT Corp. | 322,570 | 10,829 |
33
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Zebra Technologies Corp. | 95,874 | 10,647 |
| Avnet Inc. | 256,872 | 10,560 | |
| Hubbell Inc. Class B | 96,711 | 10,472 | |
| * | Vantiv Inc. Class A | 273,930 | 10,461 |
| Waste Connections Inc. | 221,938 | 10,458 | |
| AO Smith Corp. | 143,527 | 10,331 | |
| Huntington Ingalls | |||
| Industries Inc. | 90,979 | 10,243 | |
| * | Arrow Electronics Inc. | 180,160 | 10,053 |
| Jack Henry & Associates | |||
| Inc. | 153,756 | 9,948 | |
| * | Keysight Technologies Inc. | 316,275 | 9,865 |
| * | Jacobs Engineering Group | ||
| Inc. | 241,759 | 9,820 | |
| * | AECOM | 292,574 | 9,678 |
| Donaldson Co. Inc. | 258,780 | 9,264 | |
| ^ | Chicago Bridge & Iron Co. | ||
| NV | 184,519 | 9,233 | |
| Hexcel Corp. | 180,278 | 8,967 | |
| Allison Transmission | |||
| Holdings Inc. | 305,000 | 8,924 | |
| * | Old Dominion Freight Line | ||
| Inc. | 129,398 | 8,877 | |
| Ryder System Inc. | 99,874 | 8,726 | |
| Owens Corning | 210,553 | 8,685 | |
| Nordson Corp. | 110,873 | 8,636 | |
| Graphic Packaging Holding | |||
| Co. | 615,837 | 8,579 | |
| AGCO Corp. | 147,866 | 8,396 | |
| * | WEX Inc. | 73,357 | 8,361 |
| Bemis Co. Inc. | 183,726 | 8,270 | |
| Orbital ATK Inc. | 112,064 | 8,221 | |
| FLIR Systems Inc. | 266,421 | 8,211 | |
| MAXIMUS Inc. | 124,485 | 8,182 | |
| Sonoco Products Co. | 190,711 | 8,174 | |
| Lennox International Inc. | 75,795 | 8,162 | |
| Lincoln Electric Holdings | |||
| Inc. | 130,413 | 7,941 | |
| Graco Inc. | 111,549 | 7,923 | |
| AptarGroup Inc. | 121,957 | 7,777 | |
| Trinity Industries Inc. | 293,108 | 7,747 | |
| * | Kirby Corp. | 99,482 | 7,626 |
| * | Genesee & Wyoming Inc. | ||
| Class A | 99,591 | 7,587 | |
| * | Colfax Corp. | 163,283 | 7,536 |
| Cognex Corp. | 154,917 | 7,452 | |
| * | Berry Plastics Group Inc. | 224,812 | 7,284 |
| ITT Corp. | 171,529 | 7,177 | |
| * | Owens-Illinois Inc. | 310,536 | 7,124 |
| Jabil Circuit Inc. | 327,732 | 6,977 | |
| Eagle Materials Inc. | 90,270 | 6,890 | |
| MDU Resources Group | |||
| Inc. | 348,120 | 6,799 | |
| Toro Co. | 100,200 | 6,792 | |
| Joy Global Inc. | 184,095 | 6,664 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Babcock & Wilcox Co. | 201,106 | 6,596 | |
| * | Genpact Ltd. | 307,201 | 6,553 |
| FEI Co. | 78,780 | 6,533 | |
| Belden Inc. | 80,401 | 6,531 | |
| RR Donnelley & Sons Co. | 372,130 | 6,486 | |
| MSC Industrial Direct Co. | |||
| Inc. Class A | 91,472 | 6,382 | |
| * | Teledyne Technologies Inc. | 60,132 | 6,345 |
| Triumph Group Inc. | 95,040 | 6,272 | |
| Oshkosh Corp. | 147,268 | 6,241 | |
| Air Lease Corp. Class A | 183,921 | 6,235 | |
| World Fuel Services Corp. | 129,436 | 6,206 | |
| National Instruments Corp. | 209,999 | 6,187 | |
| * | XPO Logistics Inc. | 134,620 | 6,082 |
| Woodward Inc. | 110,346 | 6,068 | |
| * | CoreLogic Inc. | 151,953 | 6,031 |
| Watsco Inc. | 48,389 | 5,988 | |
| CLARCOR Inc. | 94,719 | 5,895 | |
| EnerSys | 83,718 | 5,885 | |
| Curtiss-Wright Corp. | 81,028 | 5,870 | |
| Deluxe Corp. | 94,008 | 5,828 | |
| * | Euronet Worldwide Inc. | 94,118 | 5,807 |
| * | WESCO International Inc. | 84,043 | 5,769 |
| Landstar System Inc. | 84,339 | 5,640 | |
| Regal Beloit Corp. | 76,146 | 5,527 | |
| CEB Inc. | 63,371 | 5,517 | |
| Timken Co. | 150,455 | 5,502 | |
| * | IPG Photonics Corp. | 63,907 | 5,443 |
| EMCOR Group Inc. | 113,322 | 5,413 | |
| KBR Inc. | 273,417 | 5,326 | |
| *,^ | Ambarella Inc. | 51,485 | 5,287 |
| Crane Co. | 87,703 | 5,151 | |
| * | Clean Harbors Inc. | 95,786 | 5,148 |
| Kennametal Inc. | 149,366 | 5,096 | |
| * | Esterline Technologies | ||
| Corp. | 53,333 | 5,085 | |
| SPX Corp. | 69,578 | 5,037 | |
| HEICO Corp. Class A | 98,939 | 5,023 | |
| Manitowoc Co. Inc. | 254,985 | 4,998 | |
| * | Generac Holdings Inc. | 123,965 | 4,928 |
| * | Moog Inc. Class A | 68,785 | 4,862 |
| Valmont Industries Inc. | 40,853 | 4,856 | |
| Booz Allen Hamilton | |||
| Holding Corp. Class A | 181,494 | 4,581 | |
| * | USG Corp. | 164,563 | 4,573 |
| * | Louisiana-Pacific Corp. | 267,387 | 4,554 |
| Covanta Holding Corp. | 211,114 | 4,474 | |
| Terex Corp. | 190,718 | 4,434 | |
| GATX Corp. | 83,304 | 4,428 | |
| Silgan Holdings Inc. | 83,538 | 4,407 | |
| * | KLX Inc. | 99,650 | 4,398 |
| Convergys Corp. | 167,571 | 4,271 | |
| Con-way Inc. | 108,257 | 4,154 | |
| * | Advisory Board Co. | 75,329 | 4,118 |
| Littelfuse Inc. | 42,701 | 4,052 |
34
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | FTI Consulting Inc. | 96,816 | 3,993 |
| * | Cimpress NV | 45,963 | 3,868 |
| * | DigitalGlobe Inc. | 137,426 | 3,819 |
| * | Universal Display Corp. | 73,102 | 3,782 |
| * | AMN Healthcare Services | ||
| Inc. | 119,549 | 3,777 | |
| * | Masonite International | ||
| Corp. | 53,648 | 3,761 | |
| Mueller Industries Inc. | 107,027 | 3,716 | |
| * | Rexnord Corp. | 154,938 | 3,705 |
| * | Swift Transportation Co. | 162,787 | 3,690 |
| Barnes Group Inc. | 92,416 | 3,603 | |
| * | Armstrong World | ||
| Industries Inc. | 67,569 | 3,600 | |
| Apogee Enterprises Inc. | 67,298 | 3,543 | |
| * | On Assignment Inc. | 89,853 | 3,529 |
| Mobile Mini Inc. | 83,602 | 3,515 | |
| Heartland Payment | |||
| Systems Inc. | 65,017 | 3,514 | |
| * | Anixter International Inc. | 53,175 | 3,464 |
| Outerwall Inc. | 45,512 | 3,464 | |
| Matson Inc. | 81,525 | 3,427 | |
| * | Coherent Inc. | 53,516 | 3,397 |
| Aircastle Ltd. | 147,113 | 3,335 | |
| ABM Industries Inc. | 100,612 | 3,307 | |
| *,^ | NeuStar Inc. Class A | 111,909 | 3,269 |
| AZZ Inc. | 62,894 | 3,258 | |
| UniFirst Corp. | 29,055 | 3,250 | |
| G&K Services Inc. | |||
| Class A | 46,527 | 3,217 | |
| * | Sanmina Corp. | 158,639 | 3,198 |
| * | Cardtronics Inc. | 85,720 | 3,176 |
| * | TASER International Inc. | 93,802 | 3,125 |
| Knight Transportation Inc. | 116,117 | 3,105 | |
| * | RBC Bearings Inc. | 42,786 | 3,070 |
| Tetra Tech Inc. | 119,258 | 3,058 | |
| * | Huron Consulting Group | ||
| Inc. | 43,512 | 3,050 | |
| * | OSI Systems Inc. | 42,777 | 3,028 |
| * | Proto Labs Inc. | 44,251 | 2,986 |
| * | Benchmark Electronics Inc. | 136,833 | 2,980 |
| Vishay Intertechnology Inc. | 254,602 | 2,974 | |
| Albany International Corp. | 74,460 | 2,964 | |
| *,^ | Knowles Corp. | 162,329 | 2,938 |
| Brink’s Co. | 98,606 | 2,902 | |
| * | Greatbatch Inc. | 53,706 | 2,896 |
| * | Atlas Air Worldwide | ||
| Holdings Inc. | 52,341 | 2,877 | |
| MSA Safety Inc. | 59,258 | 2,875 | |
| Essendant Inc. | 72,638 | 2,851 | |
| Actuant Corp. Class A | 123,359 | 2,848 | |
| Applied Industrial | |||
| Technologies Inc. | 71,597 | 2,839 | |
| Simpson Manufacturing Co. | |||
| Inc. | 81,997 | 2,788 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | PHH Corp. | 106,913 | 2,783 |
| * | Astronics Corp. | 39,218 | 2,780 |
| * | Plexus Corp. | 60,643 | 2,661 |
| Watts Water Technologies | |||
| Inc. Class A | 51,066 | 2,648 | |
| Korn/Ferry International | 75,955 | 2,641 | |
| * | Hub Group Inc. Class A | 65,424 | 2,639 |
| * | WageWorks Inc. | 64,439 | 2,607 |
| Harsco Corp. | 156,161 | 2,577 | |
| * | Aerojet Rocketdyne | ||
| Holdings Inc. | 124,226 | 2,560 | |
| Forward Air Corp. | 48,237 | 2,521 | |
| Standex International Corp. | 31,498 | 2,518 | |
| Badger Meter Inc. | 39,477 | 2,506 | |
| AAON Inc. | 109,939 | 2,476 | |
| EVERTEC Inc. | 115,169 | 2,446 | |
| * | Itron Inc. | 70,896 | 2,442 |
| Franklin Electric Co. Inc. | 75,223 | 2,432 | |
| * | Imperva Inc. | 35,618 | 2,411 |
| Granite Construction Inc. | 66,717 | 2,369 | |
| EnPro Industries Inc. | 41,353 | 2,366 | |
| * | ExamWorks Group Inc. | 60,311 | 2,358 |
| AAR Corp. | 73,727 | 2,350 | |
| TimkenSteel Corp. | 86,917 | 2,346 | |
| * | TriMas Corp. | 78,912 | 2,336 |
| Comfort Systems USA Inc. | 101,574 | 2,331 | |
| * | Headwaters Inc. | 127,517 | 2,323 |
| Mueller Water Products Inc. | |||
| Class A | 251,963 | 2,293 | |
| US Ecology Inc. | 47,017 | 2,291 | |
| ESCO Technologies Inc. | 60,319 | 2,257 | |
| Insperity Inc. | 44,267 | 2,253 | |
| Exponent Inc. | 50,274 | 2,251 | |
| * | MasTec Inc. | 112,896 | 2,243 |
| ^ | Greenbrier Cos. Inc. | 47,728 | 2,236 |
| * | American Woodmark Corp. | 40,513 | 2,222 |
| * | Trex Co. Inc. | 44,770 | 2,213 |
| Heartland Express Inc. | 109,315 | 2,211 | |
| * | Navistar International Corp. | 97,420 | 2,205 |
| * | FARO Technologies Inc. | 47,100 | 2,200 |
| CIRCOR International Inc. | 39,598 | 2,159 | |
| Astec Industries Inc. | 51,154 | 2,139 | |
| Altra Industrial Motion Corp. | 77,971 | 2,119 | |
| Brady Corp. Class A | 85,593 | 2,118 | |
| * | Builders FirstSource Inc. | 159,462 | 2,047 |
| Sturm Ruger & Co. Inc. | 34,893 | 2,005 | |
| * | Veeco Instruments Inc. | 69,361 | 1,993 |
| General Cable Corp. | 100,939 | 1,992 | |
| Greif Inc. Class A | 55,467 | 1,988 | |
| TAL International Group Inc. | 62,890 | 1,987 | |
| * | Boise Cascade Co. | 53,633 | 1,967 |
| CTS Corp. | 100,421 | 1,935 | |
| Werner Enterprises Inc. | 72,897 | 1,914 | |
| Methode Electronics Inc. | 68,825 | 1,889 | |
| * | Meritor Inc. | 140,406 | 1,842 |
35
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Quanex Building Products | |||
| Corp. | 85,754 | 1,838 | |
| ArcBest Corp. | 56,287 | 1,790 | |
| Federal Signal Corp. | 116,407 | 1,736 | |
| Alamo Group Inc. | 31,702 | 1,732 | |
| * | II-VI Inc. | 90,420 | 1,716 |
| * | Monster Worldwide Inc. | 260,096 | 1,701 |
| * | LifeLock Inc. | 102,203 | 1,676 |
| * | Wesco Aircraft Holdings | ||
| Inc. | 109,659 | 1,661 | |
| Griffon Corp. | 103,036 | 1,640 | |
| * | UTi Worldwide Inc. | 163,910 | 1,637 |
| * | Rogers Corp. | 24,662 | 1,631 |
| * | ExlService Holdings Inc. | 47,159 | 1,631 |
| * | CBIZ Inc. | 169,116 | 1,630 |
| Universal Forest Products | |||
| Inc. | 31,127 | 1,620 | |
| Myers Industries Inc. | 83,524 | 1,587 | |
| MTS Systems Corp. | 22,874 | 1,577 | |
| * | TrueBlue Inc. | 51,710 | 1,546 |
| Materion Corp. | 43,545 | 1,535 | |
| Kaman Corp. | 36,477 | 1,530 | |
| Acacia Research Corp. | 173,634 | 1,523 | |
| Heidrick & Struggles | |||
| International Inc. | 58,367 | 1,522 | |
| Tennant Co. | 23,178 | 1,514 | |
| Celadon Group Inc. | 73,056 | 1,511 | |
| Marten Transport Ltd. | 69,124 | 1,500 | |
| * | Rofin-Sinar Technologies | ||
| Inc. | 53,561 | 1,478 | |
| * | Inovalon Holdings Inc. | ||
| Class A | 52,186 | 1,456 | |
| * | DHI Group Inc. | 163,340 | 1,452 |
| Cubic Corp. | 30,496 | 1,451 | |
| Raven Industries Inc. | 71,348 | 1,451 | |
| * | Aegion Corp. Class A | 75,694 | 1,434 |
| ^ | Lindsay Corp. | 16,299 | 1,433 |
| Otter Tail Corp. | 53,601 | 1,426 | |
| Ennis Inc. | 76,648 | 1,425 | |
| * | TriNet Group Inc. | 56,132 | 1,423 |
| Checkpoint Systems Inc. | 137,714 | 1,402 | |
| * | Cross Country Healthcare | ||
| Inc. | 108,459 | 1,375 | |
| American Railcar Industries | |||
| Inc. | 27,992 | 1,362 | |
| TeleTech Holdings Inc. | 50,076 | 1,356 | |
| Argan Inc. | 33,535 | 1,352 | |
| AVX Corp. | 97,640 | 1,314 | |
| Park-Ohio Holdings Corp. | 26,999 | 1,308 | |
| Daktronics Inc. | 108,468 | 1,286 | |
| * | Air Transport Services | ||
| Group Inc. | 122,354 | 1,283 | |
| * | ARC Document Solutions | ||
| Inc. | 167,539 | 1,275 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Sykes Enterprises Inc. | 51,044 | 1,238 |
| H&E Equipment Services | |||
| Inc. | 61,062 | 1,219 | |
| * | EnerNOC Inc. | 122,864 | 1,192 |
| * | Saia Inc. | 30,293 | 1,190 |
| * | Covenant Transportation | ||
| Group Inc. Class A | 47,075 | 1,180 | |
| * | Global Cash Access | ||
| Holdings Inc. | 151,155 | 1,170 | |
| Kadant Inc. | 24,738 | 1,168 | |
| * | PAM Transportation | ||
| Services Inc. | 20,094 | 1,166 | |
| * | Bazaarvoice Inc. | 196,332 | 1,156 |
| * | PGT Inc. | 78,865 | 1,144 |
| * | GrafTech International Ltd. | 229,081 | 1,136 |
| * | Smith & Wesson Holding | ||
| Corp. | 68,259 | 1,132 | |
| John Bean Technologies | |||
| Corp. | 29,902 | 1,124 | |
| * | Summit Materials Inc. | ||
| Class A | 43,832 | 1,118 | |
| * | Franklin Covey Co. | 54,884 | 1,114 |
| NN Inc. | 43,416 | 1,108 | |
| * | Tutor Perini Corp. | 51,317 | 1,107 |
| Barrett Business Services | |||
| Inc. | 29,694 | 1,078 | |
| * | Ducommun Inc. | 41,825 | 1,074 |
| * | Era Group Inc. | 51,662 | 1,058 |
| Black Box Corp. | 52,300 | 1,046 | |
| McGrath RentCorp | 33,664 | 1,024 | |
| * | Quality Distribution Inc. | 65,528 | 1,013 |
| Multi-Color Corp. | 15,587 | 996 | |
| Columbus McKinnon Corp. | 39,135 | 978 | |
| * | GP Strategies Corp. | 29,017 | 965 |
| Encore Wire Corp. | 21,756 | 964 | |
| Advanced Drainage | |||
| Systems Inc. | 32,527 | 954 | |
| * | Lionbridge Technologies | ||
| Inc. | 153,882 | 949 | |
| * | Navigant Consulting Inc. | 63,647 | 946 |
| Gorman-Rupp Co. | 33,255 | 934 | |
| * | DXP Enterprises Inc. | 20,052 | 932 |
| Information Services Group | |||
| Inc. | 194,242 | 928 | |
| ManTech International | |||
| Corp. Class A | 31,995 | 928 | |
| American Science | |||
| & Engineering Inc. | 21,149 | 927 | |
| * | Fabrinet | 48,405 | 907 |
| * | Wabash National Corp. | 71,596 | 898 |
| Primoris Services Corp. | 44,917 | 889 | |
| * | M/A-COM Technology | ||
| Solutions Holdings Inc. | 23,235 | 889 | |
| * | Team Inc. | 21,676 | 872 |
| * | CRA International Inc. 44,811 1,249 Sun Hydraulics Corp. 22,809 869 |
36
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Kforce Inc. | 37,720 | 863 | |
| * | Accuride Corp. | 223,172 | 859 |
| Cass Information Systems | |||
| Inc. | 14,946 | 840 | |
| Resources Connection Inc. | 52,079 | 838 | |
| * | Newport Corp. | 44,105 | 836 |
| * | US Concrete Inc. | 21,820 | 827 |
| * | Lydall Inc. | 27,960 | 827 |
| Powell Industries Inc. | 23,497 | 826 | |
| Textainer Group Holdings | |||
| Ltd. | 30,785 | 801 | |
| * | Gibraltar Industries Inc. | 39,034 | 795 |
| Insteel Industries Inc. | 42,464 | 794 | |
| * | Nortek Inc. | 9,519 | 791 |
| Schnitzer Steel Industries | |||
| Inc. | 44,690 | 781 | |
| * | Landec Corp. | 53,668 | 774 |
| * | Furmanite Corp. | 94,679 | 769 |
| * | TTM Technologies Inc. | 76,402 | 763 |
| CECO Environmental Corp. | 65,903 | 747 | |
| * | RPX Corp. | 44,071 | 745 |
| * | Aerovironment Inc. | 27,528 | 718 |
| *,^ | AM Castle & Co. | 115,751 | 714 |
| * | Rentrak Corp. | 10,114 | 706 |
| * | Roadrunner Transportation | ||
| Systems Inc. | 27,181 | 701 | |
| * | Thermon Group Holdings | ||
| Inc. | 28,950 | 697 | |
| * | Patrick Industries Inc. | 18,060 | 687 |
| * | Engility Holdings Inc. | 27,290 | 687 |
| * | Echo Global Logistics Inc. | 20,381 | 666 |
| Hyster-Yale Materials | |||
| Handling Inc. | 9,387 | 650 | |
| * | CAI International Inc. | 30,972 | 638 |
| Dynamic Materials Corp. | 56,104 | 617 | |
| * | ICF International Inc. | 17,547 | 612 |
| CDI Corp. | 46,883 | 609 | |
| * | NCI Building Systems Inc. | 39,568 | 596 |
| LB Foster Co. Class A | 16,644 | 576 | |
| * | PowerSecure International | ||
| Inc. | 38,435 | 567 | |
| Crawford & Co. Class A | 73,052 | 556 | |
| * | Cenveo Inc. | 262,017 | 555 |
| Quad/Graphics Inc. | 29,269 | 542 | |
| Houston Wire & Cable Co. | 54,511 | 541 | |
| Crawford & Co. Class B | 63,879 | 539 | |
| NVE Corp. | 6,690 | 524 | |
| ModusLink Global Solutions | |||
| Inc. | 153,608 | 522 | |
| NACCO Industries Inc. | |||
| Class A | 8,389 | 510 | |
| * | Multi-Fineline Electronix Inc. | 23,168 | 506 |
| Landauer Inc. | 14,199 | 506 | |
| * | Kimball Electronics Inc. | 34,648 | 506 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Commercial Vehicle Group | ||
| Inc. | 69,313 | 500 | |
| Miller Industries Inc. | 24,364 | 486 | |
| Kelly Services Inc. Class A | 31,582 | 485 | |
| United States Lime | |||
| & Minerals Inc. | 8,186 | 476 | |
| Park Electrochemical Corp. | 24,221 | 464 | |
| * | Lawson Products Inc. | 19,589 | 460 |
| * | Great Lakes Dredge | ||
| & Dock Corp. | 76,493 | 456 | |
| Bel Fuse Inc. Class B | 21,864 | 449 | |
| * | Ameresco Inc. Class A | 57,389 | 439 |
| * | MYR Group Inc. | 13,959 | 432 |
| * | Kratos Defense & Security | ||
| Solutions Inc. | 68,262 | 430 | |
| * | Continental Building | ||
| Products Inc. | 20,110 | 426 | |
| Graham Corp. | 20,640 | 423 | |
| * | Casella Waste Systems Inc. | ||
| Class A | 70,808 | 397 | |
| Electro Rent Corp. | 36,293 | 394 | |
| Viad Corp. | 14,537 | 394 | |
| HEICO Corp. | 6,637 | 387 | |
| *,^ | Layne Christensen Co. | 42,527 | 381 |
| LSI Industries Inc. | 40,082 | 374 | |
| Electro Scientific Industries | |||
| Inc. | 69,591 | 367 | |
| * | Ply Gem Holdings Inc. | 31,039 | 366 |
| *,^ | Maxwell Technologies Inc. | 61,076 | 365 |
| Eastern Co. | 19,602 | 363 | |
| Universal Technical Institute | |||
| Inc. | 40,610 | 349 | |
| * | Paylocity Holding Corp. | 9,730 | 349 |
| * | Heritage-Crystal Clean Inc. | 23,489 | 345 |
| * | Vishay Precision Group Inc. | 22,868 | 344 |
| * | Vicor Corp. | 27,927 | 340 |
| * | Northwest Pipe Co. | 16,293 | 332 |
| * | YRC Worldwide Inc. | 24,854 | 323 |
| * | AEP Industries Inc. | 5,711 | 315 |
| *,^ | Nuverra Environmental | ||
| Solutions Inc. | 50,159 | 315 | |
| * | Kemet Corp. | 108,012 | 311 |
| Hardinge Inc. | 31,532 | 311 | |
| * | ServiceSource International | ||
| Inc. | 54,970 | 301 | |
| *,^ | Capstone Turbine Corp. | 717,908 | 295 |
| * | CUI Global Inc. | 55,345 | 280 |
| * | GSI Group Inc. | 18,624 | 280 |
| * | Adept Technology Inc. | 37,310 | 269 |
| * | BlueLinx Holdings Inc. | 278,526 | 267 |
| Allied Motion Technologies | |||
| Inc. | 11,539 | 259 | |
| Mesa Laboratories Inc. | 2,907 | 258 | |
| Hurco Cos. Inc. | 7,342 | 254 |
37
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | CyberOptics Corp. | 25,135 | 254 |
| *,^ | ClearSign Combustion Corp. | 46,906 | 254 |
| *,^ | Energy Recovery Inc. | 91,692 | 251 |
| Spartan Motors Inc. | 54,514 | 250 | |
| * | InnerWorkings Inc. | 37,219 | 248 |
| * | Active Power Inc. | 122,510 | 246 |
| * | Orion Marine Group Inc. | 33,320 | 241 |
| * | Arotech Corp. | 92,751 | 224 |
| * | Control4 Corp. | 24,960 | 222 |
| * | Magnetek Inc. | 6,279 | 216 |
| * | Milacron Holdings Corp. | 10,582 | 208 |
| * | Radiant Logistics Inc. | 28,000 | 205 |
| * | Echelon Corp. | 249,529 | 200 |
| * | Ballantyne Strong Inc. | 42,291 | 198 |
| * | Mistras Group Inc. | 9,970 | 189 |
| * | American Superconductor | ||
| Corp. | 36,159 | 189 | |
| * | Intevac Inc. | 30,977 | 181 |
| * | USA Truck Inc. | 8,258 | 175 |
| * | TRC Cos. Inc. | 17,053 | 173 |
| * | Xerium Technologies Inc. | 8,965 | 163 |
| ^ | Eagle Bulk Shipping Inc. | 22,911 | 160 |
| * | Fuel Tech Inc. | 71,059 | 156 |
| * | PRGX Global Inc. | 32,040 | 141 |
| * | Sparton Corp. | 4,933 | 135 |
| * | Broadwind Energy Inc. | 31,113 | 132 |
| * | Hill International Inc. | 24,339 | 128 |
| International Shipholding | |||
| Corp. | 19,624 | 125 | |
| * | Willis Lease Finance Corp. | 6,584 | 121 |
| * | UFP Technologies Inc. | 5,749 | 120 |
| FreightCar America Inc. | 5,522 | 115 | |
| Global Power Equipment | |||
| Group Inc. | 14,735 | 114 | |
| * | TransUnion | 4,542 | 114 |
| * | API Technologies Corp. | 45,257 | 114 |
| * | Higher One Holdings Inc. | 37,954 | 113 |
| * | Hudson Global Inc. | 48,253 | 111 |
| * | Sterling Construction Co. | ||
| Inc. | 27,200 | 109 | |
| * | Goldfield Corp. | 63,860 | 106 |
| National Research Corp. | |||
| Class B | 3,096 | 105 | |
| * | Innovative Solutions | ||
| & Support Inc. | 31,038 | 102 | |
| * | CTPartners Executive | ||
| Search Inc. | 74,003 | 101 | |
| * | Power Solutions | ||
| International Inc. | 1,862 | 101 | |
| *,^ | ExOne Co. | 8,979 | 100 |
| *,^ | MicroVision Inc. | 32,105 | 96 |
| * | LMI Aerospace Inc. | 9,475 | 95 |
| * | StarTek Inc. | 15,981 | 94 |
| * | Stock Building Supply | ||
| Holdings Inc. | 4,300 | 84 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | American Electric | ||
| Technologies Inc. | 16,080 | 82 | |
| Global Brass & Copper | |||
| Holdings Inc. | 4,756 | 81 | |
| * | Evolent Health Inc. Class A | 4,083 | 80 |
| VSE Corp. | 1,475 | 79 | |
| * | Frequency Electronics Inc. | 6,878 | 78 |
| Douglas Dynamics Inc. | 3,473 | 75 | |
| AMCON Distributing Co. | 900 | 73 | |
| * | Planar Systems Inc. | 16,117 | 70 |
| * | SL Industries Inc. | 1,698 | 66 |
| Twin Disc Inc. | 3,509 | 65 | |
| Richardson Electronics Ltd. | 7,894 | 64 | |
| *,^ | Synthesis Energy Systems | ||
| Inc. | 43,351 | 62 | |
| * | Metalico Inc. | 119,793 | 61 |
| Lincoln Educational | |||
| Services Corp. | 30,118 | 61 | |
| * | Press Ganey Holdings Inc. | 2,114 | 61 |
| * | IEC Electronics Corp. | 13,361 | 60 |
| Supreme Industries Inc. | |||
| Class A | 6,861 | 59 | |
| * | Perma-Fix Environmental | ||
| Services | 15,311 | 58 | |
| * | Key Technology Inc. | 3,973 | 52 |
| * | Air T Inc. | 2,500 | 52 |
| *,^ | Lightbridge Corp. | 45,232 | 51 |
| *,^ | Odyssey Marine | ||
| Exploration Inc. | 99,418 | 47 | |
| * | UQM Technologies Inc. | 52,587 | 45 |
| * | Tecumseh Products Co. | 18,215 | 45 |
| * | Asure Software Inc. | 7,363 | 45 |
| * | Ultralife Corp. | 9,678 | 41 |
| * | Mattersight Corp. | 6,659 | 39 |
| *,^ | Revolution Lighting | ||
| Technologies Inc. | 33,852 | 39 | |
| * | Rubicon Technology Inc. | 13,744 | 33 |
| * | Orion Energy Systems Inc. | 13,216 | 33 |
| * | Document Security | ||
| Systems Inc. | 119,798 | 32 | |
| Bel Fuse Inc. Class A | 1,477 | 31 | |
| * | PMFG Inc. | 4,555 | 29 |
| * | Erickson Inc. | 6,609 | 29 |
| * | Onvia Inc. | 6,351 | 27 |
| * | Turtle Beach Corp. | 11,768 | 27 |
| * | Transcat Inc. | 2,800 | 26 |
| * | Cartesian Inc. | 7,826 | 26 |
| * | MINDBODY Inc. Class A | 1,814 | 25 |
| Omega Flex Inc. | 666 | 25 | |
| National Research Corp. | |||
| Class A | 1,642 | 23 | |
| Sypris Solutions Inc. | 15,958 | 23 | |
| * | Research Frontiers Inc. | 4,224 | 23 |
| * | Rand Logistics Inc. | 6,796 | 22 |
| * | Yodlee Inc. | 1,514 | 22 |
38
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Industrial Services of | ||
| America Inc. | 5,080 | 20 | |
| * | Patriot Transportation | ||
| Holding Inc. | 794 | 20 | |
| * | Hudson Technologies Inc. | 5,527 | 19 |
| * | AeroCentury Corp. | 2,175 | 18 |
| * | Essex Rental Corp. | 19,739 | 16 |
| * | Gencor Industries Inc. | 1,450 | 14 |
| Greif Inc. Class B | 318 | 13 | |
| Art’s-Way Manufacturing | |||
| Co. Inc. | 2,553 | 12 | |
| * | Swisher Hygiene Inc. | 7,873 | 8 |
| * | Sharps Compliance Corp. | 1,172 | 8 |
| Universal Truckload | |||
| Services Inc. | 360 | 8 | |
| * | American DG Energy Inc. | 15,120 | 6 |
| * | Installed Building Products | ||
| Inc. | 200 | 5 | |
| Ecology and Environment | |||
| Inc. | 450 | 5 | |
| * | Breeze-Eastern Corp. | 401 | 5 |
| * | Wireless Telecom Group | ||
| Inc. | 1,403 | 3 | |
| * | Integrated Electrical | ||
| Services Inc. | 246 | 2 | |
| 5,260,203 | |||
| Oil & Gas (7.2%) | |||
| Exxon Mobil Corp. | 7,884,458 | 655,987 | |
| Chevron Corp. | 3,547,292 | 342,207 | |
| Schlumberger Ltd. | 2,401,995 | 207,028 | |
| ConocoPhillips | 2,314,702 | 142,146 | |
| Kinder Morgan Inc. | 3,271,942 | 125,610 | |
| Occidental Petroleum | |||
| Corp. | 1,448,386 | 112,641 | |
| EOG Resources Inc. | 1,030,902 | 90,255 | |
| Phillips 66 | 1,021,622 | 82,302 | |
| Anadarko Petroleum Corp. | 952,384 | 74,343 | |
| Williams Cos. Inc. | 1,265,223 | 72,611 | |
| Halliburton Co. | 1,517,232 | 65,347 | |
| Valero Energy Corp. | 967,844 | 60,587 | |
| Marathon Petroleum Corp. | 1,024,812 | 53,608 | |
| Baker Hughes Inc. | 816,797 | 50,396 | |
| Devon Energy Corp. | 734,099 | 43,672 | |
| Spectra Energy Corp. | 1,261,300 | 41,118 | |
| Apache Corp. | 707,651 | 40,782 | |
| Pioneer Natural | |||
| Resources Co. | 280,066 | 38,842 | |
| National Oilwell Varco Inc. | 731,663 | 35,325 | |
| Marathon Oil Corp. | 1,268,566 | 33,668 | |
| Noble Energy Inc. | 727,006 | 31,029 | |
| Hess Corp. | 460,832 | 30,820 | |
| * | Cheniere Energy Inc. | 423,933 | 29,362 |
| * | Concho Resources Inc. | 223,724 | 25,473 |
| Cabot Oil & Gas Corp. | 776,334 | 24,486 | |
| EQT Corp. | 285,178 | 23,196 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Tesoro Corp. | 236,614 | 19,973 | |
| Cimarex Energy Co. | 176,395 | 19,458 | |
| * | Cameron International | ||
| Corp. | 364,729 | 19,101 | |
| * | FMC Technologies Inc. | 435,242 | 18,058 |
| * | Southwestern Energy Co. | 723,077 | 16,436 |
| * | Weatherford International | ||
| plc | 1,310,370 | 16,078 | |
| HollyFrontier Corp. | 368,808 | 15,744 | |
| Range Resources Corp. | 301,681 | 14,897 | |
| Helmerich & Payne Inc. | 192,567 | 13,561 | |
| Murphy Oil Corp. | 317,497 | 13,198 | |
| * | Whiting Petroleum Corp. | 385,144 | 12,941 |
| ^ | Chesapeake Energy Corp. | 1,128,346 | 12,604 |
| * | Dresser-Rand Group Inc. | 144,412 | 12,301 |
| * | Newfield Exploration Co. | 300,265 | 10,846 |
| OGE Energy Corp. | 375,743 | 10,735 | |
| ^ | Transocean Ltd. | 648,328 | 10,451 |
| Energen Corp. | 148,148 | 10,119 | |
| Ensco plc Class A | 441,396 | 9,830 | |
| ^ | Core Laboratories NV | 81,635 | 9,310 |
| * | Diamondback Energy Inc. | 118,691 | 8,947 |
| Oceaneering International | |||
| Inc. | 187,485 | 8,735 | |
| Nabors Industries Ltd. | 592,004 | 8,543 | |
| Targa Resources Corp. | 93,226 | 8,318 | |
| * | Gulfport Energy Corp. | 200,735 | 8,080 |
| * | Continental Resources Inc. | 175,767 | 7,451 |
| Noble Corp. plc | 475,564 | 7,319 | |
| * | First Solar Inc. | 141,759 | 6,660 |
| SemGroup Corp. Class A | 81,898 | 6,509 | |
| * | Cobalt International | ||
| Energy Inc. | 658,969 | 6,399 | |
| QEP Resources Inc. | 332,646 | 6,157 | |
| Western Refining Inc. | 139,389 | 6,080 | |
| Superior Energy Services | |||
| Inc. | 281,607 | 5,925 | |
| SM Energy Co. | 127,116 | 5,863 | |
| * | Dril-Quip Inc. | 70,774 | 5,326 |
| Rowan Cos. plc Class A | 234,104 | 4,942 | |
| Patterson-UTI Energy Inc. | 261,574 | 4,922 | |
| * | WPX Energy Inc. | 382,420 | 4,696 |
| PBF Energy Inc. Class A | 161,999 | 4,604 | |
| * | Carrizo Oil & Gas Inc. | 90,805 | 4,471 |
| * | Antero Resources Corp. | 129,306 | 4,440 |
| Denbury Resources Inc. | 662,975 | 4,217 | |
| Exterran Holdings Inc. | 123,649 | 4,037 | |
| *,^ | NOW Inc. | 201,310 | 4,008 |
| * | PDC Energy Inc. | 74,530 | 3,998 |
| * | Oil States International Inc. | 97,239 | 3,620 |
| * | Oasis Petroleum Inc. | 227,501 | 3,606 |
| Delek US Holdings Inc. | 97,643 | 3,595 | |
| California Resources Corp. | 580,071 | 3,504 | |
| *,^ | Ultra Petroleum Corp. | 274,170 | 3,433 |
| * | Matador Resources Co. | 136,931 | 3,423 |
39
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Bristow Group Inc. | 62,896 | 3,352 | |
| * | Rosetta Resources Inc. | 139,268 | 3,223 |
| * | Memorial Resource | ||
| Development Corp. | 165,439 | 3,138 | |
| Atwood Oceanics Inc. | 116,070 | 3,069 | |
| ^ | Diamond Offshore Drilling | ||
| Inc. | 116,959 | 3,019 | |
| * | Rice Energy Inc. | 142,098 | 2,960 |
| * | SunPower Corp. Class A | 100,417 | 2,853 |
| * | MRC Global Inc. | 182,345 | 2,815 |
| *,^ | Laredo Petroleum Inc. | 214,354 | 2,697 |
| * | SEACOR Holdings Inc. | 37,836 | 2,684 |
| * | Unit Corp. | 94,355 | 2,559 |
| Green Plains Inc. | 86,047 | 2,371 | |
| * | Forum Energy | ||
| Technologies Inc. | 116,484 | 2,362 | |
| * | McDermott International | ||
| Inc. | 435,667 | 2,326 | |
| * | Helix Energy Solutions | ||
| Group Inc. | 181,045 | 2,287 | |
| ^ | Tidewater Inc. | 92,529 | 2,103 |
| Alon USA Energy Inc. | 108,636 | 2,053 | |
| Pattern Energy Group Inc. | |||
| Class A | 71,205 | 2,021 | |
| * | Chart Industries Inc. | 55,989 | 2,002 |
| * | Flotek Industries Inc. | 143,766 | 1,801 |
| * | Parsley Energy Inc. | ||
| Class A | 96,631 | 1,683 | |
| * | RSP Permian Inc. | 58,634 | 1,648 |
| * | Clayton Williams Energy | ||
| Inc. | 24,883 | 1,636 | |
| ^ | CARBO Ceramics Inc. | 38,208 | 1,591 |
| * | Bonanza Creek Energy Inc. | 80,913 | 1,477 |
| * | Bill Barrett Corp. | 170,611 | 1,466 |
| * | Newpark Resources Inc. | 171,371 | 1,393 |
| * | Callon Petroleum Co. | 163,004 | 1,356 |
| RPC Inc. | 97,143 | 1,343 | |
| * | Hornbeck Offshore | ||
| Services Inc. | 61,833 | 1,269 | |
| CVR Energy Inc. | 33,673 | 1,267 | |
| * | Matrix Service Co. | 68,370 | 1,250 |
| * | Abraxas Petroleum Corp. | 418,510 | 1,235 |
| * | Stone Energy Corp. | 97,326 | 1,225 |
| * | C&J Energy Services Ltd. | 83,957 | 1,108 |
| * | Synergy Resources Corp. | 96,868 | 1,107 |
| *,^ | Approach Resources Inc. | 158,908 | 1,089 |
| * | Green Brick Partners Inc. | 96,984 | 1,062 |
| * | Northern Oil and Gas Inc. | 150,013 | 1,016 |
| *,^ | Sanchez Energy Corp. | 101,106 | 991 |
| * | Geospace Technologies |
| Corp. | 36,416 | 839 | |
| * | Basic Energy Services Inc. | 108,705 | 821 |
| * | TETRA Technologies Inc. | 125,062 | 798 |
| *,^ | SandRidge Energy Inc. | 865,611 | 759 |
| * | Parker Drilling Co. | 210,321 | 698 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Enphase Energy Inc. | 90,916 | 692 |
| *,^ | Magnum Hunter | ||
| Resources Corp. | 367,076 | 686 | |
| Civeo Corp. | 220,385 | 677 | |
| Adams Resources | |||
| & Energy Inc. | 14,172 | 632 | |
| * | Pioneer Energy Services | ||
| Corp. | 89,756 | 569 | |
| *,^ | FuelCell Energy Inc. | 569,619 | 556 |
| * | Key Energy Services Inc. | 304,733 | 549 |
| Gulfmark Offshore Inc. | 45,754 | 531 | |
| * | Penn Virginia Corp. | 118,637 | 520 |
| *,^ | Halcon Resources Corp. | 435,875 | 506 |
| *,^ | Plug Power Inc. | 195,937 | 480 |
| * | Gastar Exploration Inc. | 154,979 | 479 |
| ^ | Energy XXI Ltd. | 177,705 | 467 |
| * | VAALCO Energy Inc. | 194,357 | 416 |
| * | Natural Gas Services | ||
| Group Inc. | 17,710 | 404 | |
| * | EP Energy Corp. Class A | 31,188 | 397 |
| * | Contango Oil & Gas Co. | 32,207 | 395 |
| *,^ | Triangle Petroleum Corp. | 78,682 | 395 |
| ^ | Comstock Resources Inc. | 117,122 | 390 |
| * | REX American Resources | ||
| Corp. | 6,032 | 384 | |
| *,^ | Rex Energy Corp. | 67,774 | 379 |
| * | PHI Inc. | 12,507 | 375 |
| Gulf Island Fabrication Inc. | 30,939 | 346 | |
| *,^ | Amyris Inc. | 176,635 | 344 |
| * | Seventy Seven Energy Inc. | 79,544 | 341 |
| Dawson Geophysical Co. | 66,933 | 315 | |
| * | Trecora Resources | 20,083 | 303 |
| ^ | W&T Offshore Inc. | 54,286 | 297 |
| Tesco Corp. | 24,985 | 272 | |
| ^ | EXCO Resources Inc. | 218,757 | 258 |
| Evolution Petroleum Corp. | 38,997 | 257 | |
| *,^ | Goodrich Petroleum Corp. | 132,057 | 246 |
| * | ION Geophysical Corp. | 207,366 | 222 |
| * | PetroQuest Energy Inc. | 110,845 | 219 |
| * | Renewable Energy Group | ||
| Inc. | 17,703 | 205 | |
| Paragon Offshore plc | 184,679 | 201 | |
| *,^ | Swift Energy Co. | 96,996 | 197 |
| *,^ | Eclipse Resources Corp. | 36,531 | 192 |
| * | Mitcham Industries Inc. | 38,767 | 162 |
| *,^ | Midstates Petroleum Co. | ||
| Inc. | 162,604 | 151 | |
| * | Solazyme Inc. | 46,451 | 146 |
| * | Harvest Natural Resources | ||
| Inc. | 75,749 | 133 | |
| * | FX Energy Inc. | 131,548 | 116 |
| * | Emerald Oil Inc. | 25,870 | 110 |
| Panhandle Oil and Gas Inc. | |||
| Class A | 5,220 | 108 | |
| *,^ | Hercules Offshore Inc. | 402,987 | 94 |
40
| Institutional Total Stock Market Index Fund | ||||
| Market | ||||
| Value | ||||
| Shares | ($000) | |||
| * | Willbros Group Inc. | 59,038 | 76 | |
| * | Resolute Energy Corp. | 76,360 | 74 | |
| * | Forbes Energy Services Ltd. 50,054 | 69 | ||
| *,^ | Gevo Inc. | 16,350 | 53 | |
| * | US Energy Corp. Wyoming | 94,693 | 50 | |
| * | Warren Resources Inc. | 67,043 | 31 | |
| * | Vantage Drilling Co. | 133,145 | 25 | |
| *,^ | GreenHunter Resources | |||
| Inc. | 33,926 | 23 | ||
| *,^ | Ascent Solar Technologies | |||
| Inc. | 38,780 | 21 | ||
| *,^ | MagneGas Corp. | 17,025 | 20 | |
| *,^ | Miller Energy Resources | |||
| Inc. | 30,100 | 11 | ||
| * | STR Holdings Inc. | 4,623 | 5 | |
| * | FieldPoint Petroleum Corp. | 4,756 | 5 | |
| * | Isramco Inc. | 23 | 3 | |
| ZaZa Energy Corp. | 1,895 | 1 | ||
| * | PrimeEnergy Corp. | 10 | 1 | |
| * | Lilis Energy Inc. | 385 | — | |
| 3,068,714 | ||||
| Other (0.0%)2 | ||||
| * | Leap Wireless International | |||
| Inc CVR | 134,187 | 338 | ||
| * | Furiex Pharmaceuticals Inc. | |||
| CVR | 16,618 | 162 | ||
| * | Adolor Corp. | |||
| Rights Exp. 07/01/2019 | 126,930 | 66 | ||
| * | Chelsea Therapeutics | |||
| International Ltd. CVR | ||||
| Exp. 12/31/2016 | 288,407 | 32 | ||
| * | Ambit Biosciences Corp. | |||
| CVR Rights | 29,736 | 18 | ||
| * | Cubist Pharmaceuticals, | |||
| Inc. CVR | 16,200 | 2 | ||
| * | Durata Therapeutics Inc | |||
| CVR Expire 12/31/2018 | 800 | 1 | ||
| * | Forest Laboratories Inc. | |||
| Contingent Value Rights | ||||
| Exp. 04/14/2018 | 29,879 | — | ||
| * | Gerber Scientific Inc. CVR | 53,384 | — | |
| * | Magnum Hunter Resources | |||
| Corp. Warrants Expire | ||||
| 4/15/2016 | 23,285 | — | ||
| * | Allen Organ Co. Escrow | |||
| Shares | 283 | — | ||
| 619 | ||||
| Technology (15.7%) | ||||
| Apple Inc. | 10,867,475 | 1,363,053 | ||
| Microsoft Corp. | 13,733,938 | 606,353 | ||
| * | Facebook Inc. Class A | 4,030,139 | 345,645 | |
| * | Google Inc. Class A | 543,739 | 293,641 | |
| * | Google Inc. Class C | 547,873 | 285,173 | |
| Intel Corp. | 8,948,945 | 272,182 | ||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| International Business | |||
| Machines Corp. | 1,671,814 | 271,937 | |
| Cisco Systems Inc. | 9,595,042 | 263,480 | |
| Oracle Corp. | 6,190,656 | 249,483 | |
| QUALCOMM Inc. | 3,075,046 | 192,590 | |
| Hewlett-Packard Co. | 3,435,065 | 103,086 | |
| Texas Instruments Inc. | 1,968,255 | 101,385 | |
| EMC Corp. | 3,663,457 | 96,679 | |
| * | Salesforce.com inc | 1,175,620 | 81,858 |
| * | Adobe Systems Inc. | 889,823 | 72,085 |
| * | Cognizant Technology | ||
| Solutions Corp. Class A | 1,144,576 | 69,922 | |
| Avago Technologies Ltd. | |||
| Class A | 481,911 | 64,060 | |
| * | Yahoo! Inc. | 1,602,694 | 62,970 |
| Broadcom Corp. Class A | 1,035,610 | 53,324 | |
| Intuit Inc. | 494,224 | 49,803 | |
| Corning Inc. | 2,389,718 | 47,149 | |
| Applied Materials Inc. | 2,309,513 | 44,389 | |
| * | Cerner Corp. | 579,547 | 40,024 |
| * | Micron Technology Inc. | 2,025,032 | 38,152 |
| * | Twitter Inc. | 1,049,875 | 38,026 |
| Analog Devices Inc. | 585,744 | 37,596 | |
| Skyworks Solutions Inc. | 358,703 | 37,341 | |
| Western Digital Corp. | 412,547 | 32,352 | |
| Symantec Corp. | 1,282,696 | 29,823 | |
| Altera Corp. | 565,566 | 28,957 | |
| Seagate Technology plc | 568,715 | 27,014 | |
| * | Red Hat Inc. | 344,807 | 26,181 |
| * | Palo Alto Networks Inc. | 141,992 | 24,806 |
| Lam Research Corp. | 299,883 | 24,395 | |
| * | Catamaran Corp. | 390,629 | 23,860 |
| SanDisk Corp. | 400,413 | 23,312 | |
| * | Qorvo Inc. | 279,486 | 22,434 |
| * | Akamai Technologies Inc. | 318,308 | 22,224 |
| Xilinx Inc. | 492,191 | 21,735 | |
| * | Autodesk Inc. | 428,324 | 21,448 |
| * | Citrix Systems Inc. | 300,881 | 21,110 |
| Motorola Solutions Inc. | 367,111 | 21,050 | |
| * | ServiceNow Inc. | 275,610 | 20,481 |
| Linear Technology Corp. | 450,290 | 19,916 | |
| NVIDIA Corp. | 970,947 | 19,526 | |
| Juniper Networks Inc. | 727,856 | 18,902 | |
| NetApp Inc. | 586,150 | 18,499 | |
| Maxim Integrated Products | |||
| Inc. | 531,925 | 18,391 | |
| Harris Corp. | 232,394 | 17,873 | |
| Computer Sciences Corp. | 265,250 | 17,411 | |
| KLA-Tencor Corp. | 306,257 | 17,215 | |
| CA Inc. | 583,532 | 17,092 | |
| Microchip Technology Inc. | 359,908 | 17,069 | |
| * | SunEdison Inc. | 561,750 | 16,802 |
| CDK Global Inc. | 302,522 | 16,330 | |
| * | F5 Networks Inc. | 135,633 | 16,323 |
41
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Splunk Inc. | 224,570 | 15,635 |
| * | ANSYS Inc. | 169,235 | 15,441 |
| * | Workday Inc. Class A | 201,221 | 15,371 |
| * | Synopsys Inc. | 289,634 | 14,670 |
| * | VMware Inc. Class A | 159,835 | 13,704 |
| * | Gartner Inc. | 148,753 | 12,760 |
| * | VeriSign Inc. | 197,695 | 12,202 |
| IAC/InterActiveCorp | 146,946 | 11,706 | |
| * | FireEye Inc. | 235,896 | 11,538 |
| * | Fortinet Inc. | 264,009 | 10,911 |
| * | Tableau Software Inc. | ||
| Class A | 94,114 | 10,851 | |
| * | Cadence Design Systems | ||
| Inc. | 550,700 | 10,827 | |
| Marvell Technology Group | |||
| Ltd. | 770,373 | 10,157 | |
| * | Teradata Corp. | 267,881 | 9,912 |
| * | Informatica Corp. | 204,299 | 9,902 |
| * | ON Semiconductor Corp. | 821,221 | 9,600 |
| Garmin Ltd. | 216,411 | 9,507 | |
| SS&C Technologies | |||
| Holdings Inc. | 151,775 | 9,486 | |
| Brocade Communications | |||
| Systems Inc. | 796,464 | 9,462 | |
| * | NCR Corp. | 301,169 | 9,065 |
| * | Nuance Communications | ||
| Inc. | 490,051 | 8,581 | |
| * | PTC Inc. | 205,793 | 8,442 |
| * | Manhattan Associates Inc. | 140,348 | 8,372 |
| * | Ultimate Software Group | ||
| Inc. | 50,928 | 8,370 | |
| CDW Corp. | 240,626 | 8,249 | |
| * | athenahealth Inc. | 71,966 | 8,246 |
| * | Freescale Semiconductor | ||
| Ltd. | 201,849 | 8,068 | |
| * | Rackspace Hosting Inc. | 216,416 | 8,049 |
| DST Systems Inc. | 62,919 | 7,927 | |
| Pitney Bowes Inc. | 379,735 | 7,902 | |
| Teradyne Inc. | 407,656 | 7,864 | |
| * | Tyler Technologies Inc. | 60,327 | 7,805 |
| * | Aspen Technology Inc. | 166,217 | 7,571 |
| * | ARRIS Group Inc. | 245,414 | 7,510 |
| Atmel Corp. | 745,330 | 7,345 | |
| * | CommScope Holding Co. | ||
| Inc. | 231,875 | 7,074 | |
| * | Verint Systems Inc. | 114,381 | 6,948 |
| * | Guidewire Software Inc. | 131,165 | 6,943 |
| * | VeriFone Systems Inc. | 203,362 | 6,906 |
| * | IMS Health Holdings Inc. | 222,907 | 6,832 |
| Cypress Semiconductor | |||
| Corp. | 574,045 | 6,751 | |
| * | Cavium Inc. | 96,525 | 6,642 |
| * | Ingram Micro Inc. | 265,350 | 6,642 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Dealertrack Technologies | ||
| Inc. | 102,211 | 6,418 | |
| * | Microsemi Corp. | 179,361 | 6,269 |
| * | Integrated Device | ||
| Technology Inc. | 279,484 | 6,065 | |
| * | Synaptics Inc. | 69,340 | 6,014 |
| * | NetSuite Inc. | 65,235 | 5,985 |
| * | Qlik Technologies Inc. | 170,199 | 5,950 |
| j2 Global Inc. | 85,394 | 5,802 | |
| Solera Holdings Inc. | 127,030 | 5,660 | |
| * | SolarWinds Inc. | 122,566 | 5,654 |
| Leidos Holdings Inc. | 139,697 | 5,640 | |
| *,^ | Cree Inc. | 210,329 | 5,475 |
| * | EPAM Systems Inc. | 76,679 | 5,462 |
| Mentor Graphics Corp. | 206,091 | 5,447 | |
| Fair Isaac Corp. | 59,631 | 5,413 | |
| * | ACI Worldwide Inc. | 218,405 | 5,366 |
| * | Medidata Solutions Inc. | 97,143 | 5,277 |
| Lexmark International Inc. | |||
| Class A | 116,612 | 5,154 | |
| * | Arista Networks Inc. | 62,639 | 5,120 |
| * | JDS Uniphase Corp. | 438,524 | 5,078 |
| * | Infinera Corp. | 240,663 | 5,049 |
| Blackbaud Inc. | 87,400 | 4,977 | |
| * | ViaSat Inc. | 80,942 | 4,878 |
| * | Ciena Corp. | 194,869 | 4,614 |
| Plantronics Inc. | 81,188 | 4,572 | |
| * | Allscripts Healthcare | ||
| Solutions Inc. | 321,977 | 4,405 | |
| * | Demandware Inc. | 58,869 | 4,184 |
| * | Tech Data Corp. | 72,237 | 4,158 |
| Advent Software Inc. | 93,481 | 4,133 | |
| * | Cornerstone OnDemand | ||
| Inc. | 118,221 | 4,114 | |
| SYNNEX Corp. | 55,946 | 4,095 | |
| * | EchoStar Corp. Class A | 83,301 | 4,055 |
| * | Cirrus Logic Inc. | 118,851 | 4,044 |
| InterDigital Inc. | 70,291 | 3,999 | |
| * | Proofpoint Inc. | 62,673 | 3,990 |
| Science Applications | |||
| International Corp. | 73,750 | 3,898 | |
| *,^ | 3D Systems Corp. | 198,649 | 3,878 |
| * | Silicon Laboratories Inc. | 71,621 | 3,868 |
| Diebold Inc. | 110,053 | 3,852 | |
| * | Fairchild Semiconductor | ||
| International Inc. Class A | 220,707 | 3,836 | |
| * | Electronics For Imaging Inc. | 88,147 | 3,835 |
| * | Entegris Inc. | 262,282 | 3,821 |
| MKS Instruments Inc. | 100,011 | 3,794 | |
| * | CACI International Inc. | ||
| Class A | 45,680 | 3,695 | |
| * | Ellie Mae Inc. | 51,597 | 3,601 |
| * | Dycom Industries Inc. | 60,916 | 3,585 |
| * | Fleetmatics Group plc | 74,752 | 3,501 |
42
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Finisar Corp. | 194,400 | 3,474 |
| Tessera Technologies Inc. | 90,633 | 3,442 | |
| * | MicroStrategy Inc. Class A | 20,183 | 3,433 |
| * | Veeva Systems Inc. | ||
| Class A | 121,208 | 3,397 | |
| * | Infoblox Inc. | 127,868 | 3,351 |
| Monolithic Power Systems | |||
| Inc. | 66,010 | 3,347 | |
| * | IGATE Corp. | 68,843 | 3,283 |
| * | CommVault Systems Inc. | 76,508 | 3,245 |
| * | Progress Software Corp. | 116,557 | 3,205 |
| * | Rambus Inc. | 217,852 | 3,157 |
| * | Syntel Inc. | 66,419 | 3,154 |
| Intersil Corp. Class A | 248,942 | 3,114 | |
| * | PMC-Sierra Inc. | 358,849 | 3,072 |
| Cogent Communications | |||
| Holdings Inc. | 87,844 | 2,973 | |
| * | OmniVision Technologies | ||
| Inc. | 111,993 | 2,934 | |
| * | Polycom Inc. | 252,276 | 2,886 |
| * | Insight Enterprises Inc. | 95,956 | 2,870 |
| * | Rovi Corp. | 179,216 | 2,858 |
| *,^ | Advanced Micro Devices | ||
| Inc. | 1,183,063 | 2,839 | |
| * | Advanced Energy | ||
| �� | Industries Inc. | 103,077 | 2,834 |
| * | Cray Inc. | 93,484 | 2,759 |
| * | BroadSoft Inc. | 78,460 | 2,712 |
| * | Bottomline Technologies | ||
| de Inc. | 95,342 | 2,651 | |
| Ebix Inc. | 78,697 | 2,566 | |
| CSG Systems International | |||
| Inc. | 80,850 | 2,560 | |
| * | MedAssets Inc. | 115,343 | 2,544 |
| * | Semtech Corp. | 127,309 | 2,527 |
| * | Cabot Microelectronics | ||
| Corp. | 52,726 | 2,484 | |
| NIC Inc. | 134,902 | 2,466 | |
| * | Callidus Software Inc. | 156,974 | 2,446 |
| * | QLogic Corp. | 168,893 | 2,397 |
| * | Envestnet Inc. | 59,063 | 2,388 |
| Power Integrations Inc. | 52,821 | 2,386 | |
| * | LogMeIn Inc. | 36,985 | 2,385 |
| *,^ | NetScout Systems Inc. | 63,229 | 2,319 |
| * | Gigamon Inc. | 67,585 | 2,230 |
| * | Synchronoss Technologies | ||
| Inc. | 48,405 | 2,214 | |
| * | Diodes Inc. | 90,112 | 2,173 |
| * | NETGEAR Inc. | 72,229 | 2,168 |
| * | Premier Inc. Class A | 56,023 | 2,155 |
| * | Web.com Group Inc. | 88,432 | 2,142 |
| *,^ | InvenSense Inc. | 136,884 | 2,067 |
| * | Blucora Inc. | 125,859 | 2,033 |
| * | SPS Commerce Inc. | 30,707 | 2,021 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| West Corp. | 65,790 | 1,980 | |
| * | Gogo Inc. | 90,863 | 1,947 |
| Computer Programs | |||
| & Systems Inc. | 35,123 | 1,876 | |
| * | Endurance International | ||
| Group Holdings Inc. | 90,068 | 1,861 | |
| * | ScanSource Inc. | 47,247 | 1,798 |
| Integrated Silicon Solution | |||
| Inc. | 81,129 | 1,796 | |
| Brooks Automation Inc. | 154,367 | 1,767 | |
| Epiq Systems Inc. | 104,427 | 1,763 | |
| * | CalAmp Corp. | 96,411 | 1,760 |
| Ubiquiti Networks Inc. | 54,971 | 1,754 | |
| * | Applied Micro Circuits | ||
| Corp. | 254,978 | 1,721 | |
| ADTRAN Inc. | 104,048 | 1,691 | |
| * | Virtusa Corp. | 32,702 | 1,681 |
| * | Lattice Semiconductor | ||
| Corp. | 283,991 | 1,673 | |
| * | Amkor Technology Inc. | 278,064 | 1,663 |
| * | Interactive Intelligence | ||
| Group Inc. | 37,378 | 1,662 | |
| * | FormFactor Inc. | 180,632 | 1,662 |
| * | Kulicke & Soffa Industries | ||
| Inc. | 141,712 | 1,659 | |
| Hackett Group Inc. | 117,187 | 1,574 | |
| * | Nimble Storage Inc. | 56,041 | 1,573 |
| * | Intralinks Holdings Inc. | 131,630 | 1,568 |
| Pegasystems Inc. | 68,046 | 1,558 | |
| Inteliquent Inc. | 84,531 | 1,555 | |
| * | Zendesk Inc. | 68,089 | 1,512 |
| * | Axcelis Technologies Inc. | 500,159 | 1,480 |
| * | PROS Holdings Inc. | 70,039 | 1,479 |
| * | Harmonic Inc. | 214,815 | 1,467 |
| * | Internap Corp. | 157,326 | 1,455 |
| * | Comverse Inc. | 70,252 | 1,411 |
| * | Super Micro Computer Inc. | 47,511 | 1,405 |
| * | Actua Corp. | 97,793 | 1,395 |
| * | CEVA Inc. | 71,431 | 1,388 |
| * | Shutterstock Inc. | 22,787 | 1,336 |
| * | Ixia | 106,069 | 1,319 |
| * | Unisys Corp. | 65,214 | 1,304 |
| * | Loral Space | ||
| & Communications Inc. | 20,518 | 1,295 | |
| * | Qualys Inc. | 31,989 | 1,291 |
| Quality Systems Inc. | 73,463 | 1,217 | |
| Monotype Imaging | |||
| Holdings Inc. | 49,812 | 1,201 | |
| Alliance Fiber Optic | |||
| Products Inc. | 63,554 | 1,179 | |
| * | RealPage Inc. | 61,051 | 1,164 |
| * | Limelight Networks Inc. | 288,017 | 1,135 |
| * | Carbonite Inc. | 94,884 | 1,121 |
43
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Comtech | |||
| Telecommunications | |||
| Corp. | 38,207 | 1,110 | |
| American Software Inc. | |||
| Class A | 115,198 | 1,094 | |
| *,^ | VASCO Data Security | ||
| International Inc. | 35,563 | 1,074 | |
| Cohu Inc. | 76,738 | 1,015 | |
| * | Dot Hill Systems Corp. | 163,500 | 1,001 |
| Forrester Research Inc. | 27,092 | 976 | |
| * | GoDaddy Inc. Class A | 33,864 | 955 |
| Concurrent Computer Corp. | 153,819 | 954 | |
| * | Marketo Inc. | 33,595 | 943 |
| * | Ciber Inc. | 268,615 | 927 |
| IXYS Corp. | 60,446 | 925 | |
| * | Ruckus Wireless Inc. | 86,051 | 890 |
| * | Paycom Software Inc. | 25,964 | 887 |
| * | VOXX International Corp. | ||
| Class A | 102,600 | 850 | |
| * | Benefitfocus Inc. | 19,346 | 848 |
| * | Exar Corp. | 86,740 | 848 |
| * | LivePerson Inc. | 84,947 | 833 |
| * | Perficient Inc. | 42,833 | 824 |
| * | Premiere Global Services | ||
| Inc. | 79,740 | 821 | |
| * | Calix Inc. | 103,980 | 791 |
| * | RingCentral Inc. Class A | 41,723 | 771 |
| * | Guidance Software Inc. | 90,745 | 769 |
| * | Amtech Systems Inc. | 72,023 | 748 |
| * | Brightcove Inc. | 107,619 | 738 |
| * | Immersion Corp. | 57,685 | 731 |
| * | Digi International Inc. | 75,909 | 725 |
| Micrel Inc. | 51,595 | 717 | |
| * | AXT Inc. | 282,829 | 713 |
| * | Inphi Corp. | 30,904 | 706 |
| * | Tangoe Inc. | 52,208 | 657 |
| * | EMCORE Corp. | 107,928 | 650 |
| * | Cvent Inc. | 24,435 | 630 |
| * | MaxLinear Inc. | 51,079 | 618 |
| * | Agilysys Inc. | 67,182 | 617 |
| * | Merge Healthcare Inc. | 127,937 | 614 |
| * | Mercury Systems Inc. | 40,523 | 593 |
| * | Xcerra Corp. | 75,822 | 574 |
| * | SunEdison Semiconductor | ||
| Ltd. | 33,100 | 572 | |
| * | Ultratech Inc. | 30,501 | 566 |
| * | HubSpot Inc. | 11,223 | 556 |
| * | RigNet Inc. | 17,200 | 526 |
| * | Barracuda Networks Inc. | 13,164 | 522 |
| * | Alpha & Omega | ||
| Semiconductor Ltd. | 59,224 | 518 | |
| * | ChannelAdvisor Corp. | 43,142 | 516 |
| * | Sonus Networks Inc. | 73,971 | 512 |
| * | DSP Group Inc. | 47,478 | 490 |
| * | KVH Industries Inc. | 35,175 | 473 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Vectrus Inc. | 19,009 | 473 |
| *,^ | Textura Corp. | 16,800 | 468 |
| * | Jive Software Inc. | 88,234 | 463 |
| * | Extreme Networks Inc. | 171,913 | 462 |
| * | Rally Software | ||
| Development Corp. | 22,955 | 446 | |
| * | Quantum Corp. | 259,882 | 437 |
| * | Aviat Networks Inc. | 327,967 | 413 |
| * | iPass Inc. | 390,816 | 410 |
| * | Digimarc Corp. | 9,021 | 407 |
| * | Imation Corp. | 98,843 | 401 |
| * | Silicon Graphics |
| International Corp. | 61,749 | 400 | |
| Computer Task Group Inc. | 51,182 | 395 | |
| * | Sigma Designs Inc. | 32,557 | 388 |
| * | Photronics Inc. | 39,814 | 379 |
| * | Kopin Corp. | 105,030 | 362 |
| Aware Inc. | 87,446 | 352 | |
| * | ePlus Inc. | 4,549 | 349 |
| * | Edgewater Technology Inc. | 46,566 | 340 |
| * | 2U Inc. | 10,156 | 327 |
| * | Datalink Corp. | 35,769 | 320 |
| *,^ | VirnetX Holding Corp. | 75,553 | 317 |
| PC Connection Inc. | 12,726 | 315 | |
| * | SciQuest Inc. | 21,225 | 314 |
| * | Castlight Health Inc. | ||
| Class B | 38,089 | 310 | |
| * | Pendrell Corp. | 215,736 | 296 |
| * | Cascade Microtech Inc. | 19,393 | 295 |
| * | Rocket Fuel Inc. | 34,797 | 285 |
| * | Nanometrics Inc. | 17,193 | 277 |
| * | Cyan Inc. | 52,616 | 276 |
| *,^ | Box Inc. | 14,520 | 271 |
| * | FalconStor Software Inc. | 164,416 | 261 |
| * | Novatel Wireless Inc. | 78,198 | 254 |
| * | United Online Inc. | 16,190 | 254 |
| * | ShoreTel Inc. | 37,147 | 252 |
| * | Rightside Group Ltd. | 36,922 | 250 |
| * | eGain Corp. | 49,676 | 249 |
| * | PDF Solutions Inc. | 15,248 | 244 |
| * | Zix Corp. | 46,953 | 243 |
| * | Intra-Cellular Therapies Inc. | 7,525 | 240 |
| * | LRAD Corp. | 118,475 | 236 |
| * | Covisint Corp. | 71,869 | 235 |
| QAD Inc. Class A | 8,758 | 231 | |
| *,^ | KEYW Holding Corp. | 23,960 | 223 |
| * | ANADIGICS Inc. | 291,252 | 213 |
| * | Icad Inc. | 64,632 | 209 |
| * | Telenav Inc. | 25,963 | 209 |
| * | MeetMe Inc. | 122,147 | 208 |
| * | Audience Inc. | 40,444 | 198 |
| * | Unwired Planet Inc. | 313,393 | 194 |
| Evolving Systems Inc. | 20,622 | 185 | |
| PC-Tel Inc. | 25,151 | 181 |
44
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Pericom Semiconductor | |||
| Corp. | 13,248 | 174 | |
| * | Oclaro Inc. | 76,832 | 174 |
| * | Amber Road Inc. | 23,960 | 168 |
| * | Rosetta Stone Inc. | 20,321 | 162 |
| * | Rudolph Technologies Inc. | 13,328 | 160 |
| * | Hortonworks Inc. | 6,133 | 155 |
| * | Mitek Systems Inc. | 40,588 | 154 |
| * | Mattson Technology Inc. | 45,776 | 153 |
| * | Systemax Inc. | 17,314 | 150 |
| * | Clearfield Inc. | 9,367 | 149 |
| * | Datawatch Corp. | 21,298 | 149 |
| * | Lantronix Inc. | 89,562 | 148 |
| * | Boingo Wireless Inc. | 17,500 | 145 |
| * | BSQUARE Corp. | 21,190 | 144 |
| * | GSI Technology Inc. | 26,114 | 136 |
| * | Seachange International Inc. | 18,579 | 130 |
| * | OPOWER Inc. | 11,200 | 129 |
| * | Aerohive Networks Inc. | 17,209 | 120 |
| *,^ | Park City Group Inc. | 9,553 | 118 |
| * | Vocera Communications Inc. | 10,161 | 116 |
| * | Support.com Inc. | 80,043 | 113 |
| * | Identiv Inc. | 18,779 | 111 |
| * | Hutchinson Technology Inc. | 62,811 | 107 |
| Preformed Line Products | |||
| Co. | 2,778 | 105 | |
| Simulations Plus Inc. | 16,404 | 103 | |
| *,^ | CVD Equipment Corp. | 8,553 | 95 |
| * | Alarm.com Holdings Inc. | 6,050 | 93 |
| * | Innodata Inc. | 35,130 | 92 |
| * | TeleCommunication | ||
| Systems Inc. Class A | 27,799 | 92 | |
| * | Pixelworks Inc. | 15,645 | 92 |
| * | Varonis Systems Inc. | 4,133 | 91 |
| * | Imprivata Inc. | 5,533 | 91 |
| * | Exa Corp. | 7,578 | 84 |
| NCI Inc. Class A | 7,496 | 77 | |
| ClearOne Inc. | 5,669 | 73 | |
| * | Q2 Holdings Inc. | 2,453 | 69 |
| * | Crossroads Systems Inc. | 44,350 | 68 |
| * | RELM Wireless Corp. | 13,400 | 66 |
| * | Acorn Energy Inc. | 149,869 | 66 |
| * | New Relic Inc. | 1,807 | 64 |
| * | Millennial Media Inc. | 38,185 | 62 |
| * | Violin Memory Inc. | 25,189 | 62 |
| * | A10 Networks Inc. | 9,507 | 61 |
| * | Zhone Technologies Inc. | 27,092 | 61 |
| * | Inuvo Inc. | 17,600 | 54 |
| * | Qumu Corp. | 6,425 | 53 |
| * | Mastech Holdings Inc. | 5,931 | 53 |
| * | QuickLogic Corp. | 32,504 | 52 |
| * | Intermolecular Inc. | 25,996 | 51 |
| * | NetSol Technologies Inc. | 9,569 | 49 |
| * | Smith Micro Software Inc. | 36,488 | 42 |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | ID Systems Inc. | 6,809 | 42 |
| * | Radisys Corp. | 15,728 | 40 |
| * | Synacor Inc. | 23,769 | 38 |
| * | PAR Technology Corp. | 7,772 | 38 |
| CSP Inc. | 5,391 | 37 | |
| * | GigOptix Inc. | 21,882 | 37 |
| * | MoSys Inc. | 19,562 | 37 |
| * | ADDvantage Technologies | ||
| Group Inc. | 14,730 | 34 | |
| * | Appfolio Inc. | 2,120 | 30 |
| * | Numerex Corp. Class A | 3,305 | 28 |
| *,^ | ParkerVision Inc. | 58,498 | 22 |
| * | GSE Systems Inc. | 13,415 | 21 |
| * | Westell Technologies Inc. |
| Class A | 18,333 | 18 | |
| * | Ikanos Communications Inc. | 7,854 | 16 |
| * | Vringo Inc. | 28,067 | 16 |
| * | Ultra Clean Holdings Inc. | 2,430 | 15 |
| * | Meru Networks Inc. | 7,840 | 13 |
| QAD Inc. Class B | 573 | 12 | |
| Communications Systems | |||
| Inc. | 1,077 | 11 | |
| TransAct Technologies Inc. | 1,540 | 10 | |
| * | Key Tronic Corp. | 850 | 9 |
| * | Wave Systems Corp. |
| Class A | 15,726 | 9 | |
| * | Authentidate Holding Corp. | 29,665 | 6 |
| * | Selectica Inc. | 829 | 4 |
| * | inTEST Corp. | 900 | 4 |
| Optical Cable Corp. | 959 | 3 | |
| * | Intellicheck Mobilisa Inc. | 2,013 | 3 |
| * | Majesco | 302 | 2 |
| * | Superconductor | ||
| Technologies Inc. | 656 | 1 | |
| * | Netlist Inc. | 100 | — |
| 6,672,047 | |||
| Telecommunications (2.0%) | |||
| Verizon Communications | |||
| Inc. | 7,693,579 | 358,598 | |
| AT&T Inc. | 9,795,923 | 347,951 | |
| CenturyLink Inc. | 1,064,790 | 31,283 | |
| * | Level 3 Communications | ||
| Inc. | 534,931 | 28,175 | |
| * | SBA Communications | ||
| Corp. Class A | 242,706 | 27,904 | |
| * | T-Mobile US Inc. | 532,205 | 20,634 |
| Frontier Communications | |||
| Corp. | 2,169,004 | 10,737 | |
| *,^ | Sprint Corp. | 1,492,142 | 6,804 |
| Telephone & Data | |||
| Systems Inc. | 170,814 | 5,022 | |
| * | Cincinnati Bell Inc. | 619,830 | 2,368 |
| EarthLink Holdings Corp. | 312,400 | 2,340 | |
| * | Zayo Group Holdings Inc. | 84,370 | 2,170 |
45
| Institutional Total Stock Market Index Fund | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Atlantic Tele-Network Inc. | 30,637 | 2,116 | |
| * | 8x8 Inc. | 203,787 | 1,826 |
| Consolidated | |||
| Communications | |||
| Holdings Inc. | 82,713 | 1,738 | |
| *,^ | Globalstar Inc. | 733,881 | 1,548 |
| * | General Communication | ||
| Inc. Class A | 82,041 | 1,395 | |
| * | United States Cellular Corp. | 34,938 | 1,316 |
| Shenandoah | |||
| Telecommunications Co. | 38,162 | 1,306 | |
| ^ | Windstream Holdings Inc. | 191,760 | 1,223 |
| * | Vonage Holdings Corp. | 242,731 | 1,192 |
| * | Alaska Communications | ||
| Systems Group Inc. | 389,302 | 934 | |
| Spok Holdings Inc. | 50,475 | 850 | |
| IDT Corp. Class B | 42,249 | 764 | |
| * | Iridium Communications | ||
| Inc. | 83,947 | 763 | |
| * | Straight Path | ||
| Communications Inc. | |||
| Class B | 21,734 | 713 | |
| * | FairPoint Communications | ||
| Inc. | 35,708 | 651 | |
| * | NTELOS Holdings Corp. | 124,812 | 577 |
| Lumos Networks Corp. | 28,613 | 423 | |
| * | inContact Inc. | 40,779 | 402 |
| * | GTT Communications Inc. | 10,507 | 251 |
| * | Pacific DataVision Inc. | 5,800 | 244 |
| * | Hawaiian Telcom Holdco | ||
| Inc. | 6,486 | 169 | |
| * | ORBCOMM Inc. | 22,897 | 155 |
| * | Intelsat SA | 13,010 | 129 |
| * | Towerstream Corp. | 69,717 | 125 |
| * | Elephant Talk | ||
| Communications Corp. | 214,438 | 84 | |
| * | Alteva Inc. | 11,338 | 81 |
| 864,961 | |||
| Utilities (2.9%) | |||
| Duke Energy Corp. | 1,304,487 | 92,123 | |
| NextEra Energy Inc. | 833,584 | 81,716 | |
| Dominion Resources Inc. | 1,119,535 | 74,863 | |
| Southern Co. | 1,713,302 | 71,787 | |
| Exelon Corp. | 1,616,230 | 50,782 | |
| American Electric Power | |||
| Co. Inc. | 919,919 | 48,728 | |
| PG&E Corp. | 895,464 | 43,967 | |
| Sempra Energy | 441,614 | 43,693 | |
| Public Service Enterprise | |||
| Group Inc. | 951,460 | 37,373 | |
| PPL Corp. | 1,256,220 | 37,021 | |
| Edison International | 612,492 | 34,042 | |
| Consolidated Edison Inc. | 550,559 | 31,866 | |
| Xcel Energy Inc. | 951,157 | 30,608 | |
| Market | |||
| Value | |||
| Shares | ($000) | ||
| NiSource Inc. | 594,470 | 27,102 | |
| Eversource Energy | 595,532 | 27,043 | |
| WEC Energy Group Inc. | 594,415 | 26,731 | |
| FirstEnergy Corp. | 791,764 | 25,772 | |
| DTE Energy Co. | 333,610 | 24,901 | |
| Entergy Corp. | 339,309 | 23,921 | |
| Ameren Corp. | 456,370 | 17,196 | |
| AES Corp. | 1,283,512 | 17,019 | |
| CMS Energy Corp. | 519,617 | 16,545 | |
| American Water Works | |||
| Co. Inc. | 338,099 | 16,442 | |
| ONEOK Inc. | 391,847 | 15,470 | |
| CenterPoint Energy Inc. | 769,609 | 14,646 | |
| NRG Energy Inc. | 637,312 | 14,582 | |
| Pepco Holdings Inc. | 474,442 | 12,781 | |
| * | Calpine Corp. | 709,135 | 12,757 |
| SCANA Corp. | 241,642 | 12,239 | |
| Alliant Energy Corp. | 208,975 | 12,062 | |
| Pinnacle West Capital Corp. | 208,321 | 11,851 | |
| UGI Corp. | 325,492 | 11,213 | |
| AGL Resources Inc. | 225,434 | 10,496 | |
| Atmos Energy Corp. | 189,804 | 9,733 | |
| ITC Holdings Corp. | 293,431 | 9,443 | |
| National Fuel Gas Co. | 150,765 | 8,879 | |
| Westar Energy Inc. | |||
| Class A | 248,773 | 8,513 | |
| Aqua America Inc. | 332,588 | 8,145 | |
| TECO Energy Inc. | 443,895 | 7,839 | |
| Great Plains Energy Inc. | 290,612 | 7,021 | |
| Questar Corp. | 331,924 | 6,941 | |
| * | Dynegy Inc. | 222,774 | 6,516 |
| Cleco Corp. | 114,479 | 6,165 | |
| Vectren Corp. | 155,633 | 5,989 | |
| Hawaiian Electric Industries | |||
| Inc. | 193,469 | 5,752 | |
| IDACORP Inc. | 94,853 | 5,325 | |
| Piedmont Natural Gas Co. | |||
| Inc. | 147,870 | 5,221 | |
| WGL Holdings Inc. | 93,943 | 5,100 | |
| UIL Holdings Corp. | 106,640 | 4,886 | |
| Portland General Electric | |||
| Co. | 147,051 | 4,876 | |
| TerraForm Power Inc. | |||
| Class A | 125,711 | 4,775 | |
| Southwest Gas Corp. | 88,052 | 4,685 | |
| New Jersey Resources | |||
| Corp. | 160,599 | 4,425 | |
| NorthWestern Corp. | 88,574 | 4,318 | |
| ONE Gas Inc. | 96,702 | 4,116 | |
| Laclede Group Inc. | 77,664 | 4,043 | |
| ALLETE Inc. | 86,820 | 4,028 | |
| PNM Resources Inc. | 151,653 | 3,731 | |
| Black Hills Corp. | 84,437 | 3,686 | |
| Avista Corp. | 112,871 | 3,460 |
46
Institutional Total Stock Market Index Fund
| Market | |||
| Value | |||
| Shares | ($000) | ||
| South Jersey Industries Inc. | 128,368 | 3,175 | |
| American States Water Co. | 79,767 | 2,982 | |
| El Paso Electric Co. | 79,833 | 2,767 | |
| * | Talen Energy Corp. | 156,821 | 2,691 |
| MGE Energy Inc. | 64,908 | 2,514 | |
| Empire District Electric Co. | 107,054 | 2,334 | |
| Northwest Natural Gas Co. | 49,601 | 2,092 | |
| California Water Service | |||
| Group | 77,748 | 1,777 | |
| Ormat Technologies Inc. | 46,235 | 1,742 | |
| Chesapeake Utilities Corp. | 28,933 | 1,558 | |
| SJW Corp. | 40,219 | 1,234 | |
| Atlantic Power Corp. | 351,954 | 1,084 | |
| Connecticut Water Service | |||
| Inc. | 26,326 | 899 | |
| Unitil Corp. | 16,080 | 531 | |
| Genie Energy Ltd. Class B | 44,732 | 468 | |
| Middlesex Water Co. | 17,081 | 385 | |
| *,^ | Cadiz Inc. | 41,609 | 362 |
| York Water Co. | 13,313 | 278 | |
| Artesian Resources Corp. | |||
| Class A | 11,011 | 232 | |
| Delta Natural Gas Co. Inc. | 9,196 | 185 | |
| * | Vivint Solar Inc. | 13,200 | 161 |
| * | Pure Cycle Corp. | 27,648 | 144 |
| * | US Geothermal Inc. | 270,190 | 143 |
| Gas Natural Inc. | 4,059 | 42 | |
| 1,216,729 | |||
| Total Common Stocks | |||
| (Cost $27,209,084) | 42,479,506 | ||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Temporary Cash Investments (0.4%)1 | |||
| Money Market Fund (0.4%) | |||
| 3,4 | Vanguard Market | ||
| Liquidity Fund, | |||
| 0.137% | 164,510,918 | 164,511 | |
| Face | |||
| Amount | |||
| ($000) | |||
| U.S. Government and Agency Obligations (0.0%) | |||
| 5 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.089%, 7/6/15 | 300 | 300 | |
| 5,6 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.140%, 7/8/15 | 5,000 | 5,000 | |
| 5,6 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.092%, 9/16/15 | 2,000 | 2,000 | |
| 7,300 | |||
| Total Temporary Cash Investments | |||
| (Cost $171,810) | 171,811 | ||
| Total Investments (100.1%) | |||
| (Cost $27,380,894) | 42,651,317 | ||
| Other Assets and Liabilities (-0.1%) | |||
| Other Assets | 74,538 | ||
| Liabilities4 | (111,247) | ||
| (36,709) | |||
| Net Assets (100%) | 42,614,608 | ||
47
| Institutional Total Stock Market Index Fund | |
| At June 30, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 27,022,661 |
| Undistributed Net Investment Income | 28,887 |
| Accumulated Net Realized Gains | 294,315 |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 15,270,423 |
| Futures Contracts | (1,678) |
| Net Assets | 42,614,608 |
| Institutional Shares—Net Assets | |
| Applicable to 39,725,584 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 1,871,991 |
| Net Asset Value Per Share— | |
| Institutional Shares | $47.12 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 864,505,102 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 40,742,617 |
| Net Asset Value Per Share— | |
| Institutional Plus Shares | $47.13 |
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 $89,510,000.
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 0.1%, respectively, of
net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
4 Includes $96,802,000 of collateral received for securities on loan.
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 Securities with a value of $5,200,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
48
| Institutional Total Stock Market Index Fund | |
| Statement of Operations | |
| Six Months Ended | |
| June 30, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends | 522,845 |
| Interest1 | 87 |
| Securities Lending | 3,979 |
| Total Income | 526,911 |
| Expenses | |
| The Vanguard Group—Note B | |
| Management and Administrative—Institutional Shares | 489 |
| Management and Administrative—Institutional Plus Shares | 4,034 |
| Total Expenses | 4,523 |
| Net Investment Income | 522,388 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 714,672 |
| Futures Contracts | 9,399 |
| Realized Net Gain (Loss) | 724,071 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (404,335) |
| Futures Contracts | (6,823) |
| Change in Unrealized Appreciation (Depreciation) | (411,158) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 835,301 |
| 1 Interest income from an affiliated company of the fund was $81,000. | |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
49
| Institutional Total Stock Market Index Fund | ||
| Statement of Changes in Net Assets | ||
| Six Months Ended | Year Ended | |
| June 30, | December 31, | |
| 2015 | 2014 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 522,388 | 737,185 |
| Realized Net Gain (Loss) | 724,071 | 172,520 |
| Change in Unrealized Appreciation (Depreciation) | (411,158) | 3,740,337 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 835,301 | 4,650,042 |
| Distributions | ||
| Net Investment Income | ||
| Institutional Shares | (27,205) | (55,787) |
| Institutional Plus Shares | (472,796) | (677,679) |
| Realized Capital Gain | ||
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (500,001) | (733,466) |
| Capital Share Transactions | ||
| Institutional Shares | (756,477) | (996,064) |
| Institutional Plus Shares | 1,542,887 | 2,081,471 |
| Net Increase (Decrease) from Capital Share Transactions | 786,410 | 1,085,407 |
| Total Increase (Decrease) | 1,121,710 | 5,001,983 |
| Net Assets | ||
| Beginning of Period | 41,492,898 | 36,490,915 |
| End of Period1 | 42,614,608 | 41,492,898 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $28,887,000 and $6,500,000.
See accompanying Notes, which are an integral part of the Financial Statements.
50
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $46.78 | $42.32 | $32.27 | $28.32 | $28.54 | $24.80 |
| Investment Operations | ||||||
| Net Investment Income | . 5711 | .838 | .726 | .694 | .532 | .495 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .314 | 4.457 | 10.051 | 3.950 | (.222) | 3.741 |
| Total from Investment Operations | .885 | 5.295 | 10.777 | 4.644 | .310 | 4.236 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.545) | (.835) | (.727) | (.694) | (.530) | (.496) |
| Distributions from Realized Capital Gains — | — | — | — | — | — | |
| Total Distributions | (.545) | (.835) | (.727) | (.694) | (.530) | (.496) |
| Net Asset Value, End of Period | $47.12 | $46.78 | $42.32 | $32.27 | $28.32 | $28.54 |
| Total Return | 1.89% | 12.60% | 33.64% | 16.47% | 1.09% | 17.28% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $1,872 | $2,590 | $3,290 | $3,001 | $2,874 | $2,248 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.040% | 0.040% | 0.040% | 0.040% | 0.042% | 0.045% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 2.17%1 | 1.90% | 1.96% | 2.25% | 1.93% | 1.95% |
| Portfolio Turnover Rate2 | 5% | 5% | 9% | 8% | 12% | 14% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.140 and 0.30%, respectively, resulting from income received from Medtronic plc in January 2015.
2 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.
51
| 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 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net Asset Value, Beginning of Period | $46.79 | $42.32 | $32.28 | $28.32 | $28.54 | $24.81 |
| Investment Operations | ||||||
| Net Investment Income | . 5771 | .847 | .734 | .701 | .537 | .499 |
| Net Realized and Unrealized Gain (Loss) | ||||||
| on Investments | .315 | 4.466 | 10.041 | 3.959 | (.221) | 3.732 |
| Total from Investment Operations | .892 | 5.313 | 10.775 | 4.660 | .316 | 4.231 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.552) | (.843) | (.735) | (.700) | (.536) | (.501) |
| Distributions from Realized Capital Gains — | — | — | — | — | — | |
| Total Distributions | (.552) | (.843) | (.735) | (.700) | (.536) | (.501) |
| Net Asset Value, End of Period | $47.13 | $46.79 | $42.32 | $32.28 | $28.32 | $28.54 |
| Total Return | 1.90% | 12.64% | 33.63% | 16.53% | 1.11% | 17.25% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $40,743 | $38,903 | $33,201 | $20,731 | $16,087 | $12,976 |
| Ratio of Total Expenses to | ||||||
| Average Net Assets | 0.020% | 0.020% | 0.020% | 0.020% | 0.022% | 0.025% |
| Ratio of Net Investment Income to | ||||||
| Average Net Assets | 2.19%1 | 1.92% | 1.98% | 2.27% | 1.95% | 1.97% |
| Portfolio Turnover Rate2 | 5% | 5% | 9% | 8% | 12% | 14% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.140 and 0.30%, respectively, resulting from income received from Medtronic plc in January 2015.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
52
Institutional Total Stock Market Index Fund
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 settlement values 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, 2015, 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.
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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, 2011–2014), and for the period ended June 30, 2015, 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 $3 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, 2015, 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.
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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 employees, respectively, 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, 2015, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 42,478,786 | — | 720 |
| Temporary Cash Investments | 164,511 | 7,300 | — |
| Futures Contracts—Assets1 | 274 | — | — |
| Futures Contracts—Liabilities1 | (6) | — | — |
| Total | 42,643,565 | 7,300 | 720 |
| 1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2015, 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 2015 | 125 | 64,200 | (832) |
| E-mini S&P 500 Index | September 2015 | 437 | 44,889 | (658) |
| E-mini Russell 2000 Index | September 2015 | 210 | 26,258 | (188) |
| (1,678) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
55
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.
During the six months ended June 30, 2015, the fund realized $390,517,000 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 gains to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2014, the fund had available capital losses totaling $28,521,000 to offset future net capital gains through December 31, 2017. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2015; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2015, the cost of investment securities for tax purposes was $27,382,205,000. Net unrealized appreciation of investment securities for tax purposes was $15,269,112,000, consisting of unrealized gains of $16,182,793,000 on securities that had risen in value since their purchase and $913,681,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2015, the fund purchased $2,471,104,000 of investment securities and sold $1,718,754,000 of investment securities, other than temporary cash investments. Purchases and sales include $546,508,000 and $579,073,000, 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, 2015 | December 31, 2014 | |||
| Amount | Shares | Amount | Shares | |
| ($000) | (000) | ($000) | (000) | |
| Institutional Shares | ||||
| Issued | 88,509 | 1,901 | 279,683 | 6,295 |
| Issued in Lieu of Cash Distributions | 24,334 | 515 | 50,677 | 1,123 |
| Redeemed | (869,320) | (18,050) | (1,326,424) | (29,798) |
| Net Increase (Decrease)—Institutional Shares | (756,477) | (15,634) | (996,064) | (22,380) |
| Institutional Plus Shares | ||||
| Issued | 3,303,998 | 70,069 | 6,791,984 | 153,792 |
| Issued in Lieu of Cash Distributions | 439,328 | 9,279 | 646,100 | 14,312 |
| Redeemed | (2,200,439) | (46,333) | (5,356,613) | (121,064) |
| Net Increase (Decrease)—Institutional Plus Shares | 1,542,887 | 33,015 | 2,081,471 | 47,040 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2015, that would require recognition or disclosure in these financial statements.
56
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| Six Months Ended June 30, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| Institutional Total Stock Market Index Fund | 12/31/2014 | 6/30/2015 | Period |
| Based on Actual Fund Return | |||
| Institutional Shares | $1,000.00 | $1,018.89 | $0.20 |
| Institutional Plus Shares | 1,000.00 | 1,019.04 | 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 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
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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 reviewed 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 considered 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.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
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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 193 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 F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
IndependentTrustees Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, Amerigroup Corporation (managed health care), the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/ consumer products); Director of Skytop Lodge Corporation (hotels), the University Medical Center at Princeton, the Robert Wood Johnson Foundation, and the Center for Talent Innovation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).
Executive Officers Glenn Booraem
Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Mortimer J. Buckley Kathleen C. Gubanich Paul A. Heller Martha G. King John T. Marcante Chris D. McIsaac | Michael S. Miller James M. Norris Thomas M. Rampulla Glenn W. Reed Karin A. Risi |
Chairman Emeritus and Senior Advisor John J. Brennan
Chairman, 1996–2009
Chief Executive Officer and President, 1996–2008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 1974–1996
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
 |
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Connect with Vanguard® > vanguard.com
| Fund Information > 800-662-7447 | |
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| Who Are Deaf or Hard of Hearing> 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 email addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| © 2015 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q8712 082015 | |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
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 18, 2015
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 18, 2015
VANGUARD INSTITUTIONAL INDEX FUNDS
By:
/s/ THOMAS J. HIGGINS*
THOMAS J. HIGGINS
CHIEF FINANCIAL OFFICER
Date: August 18, 2015
* 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.