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 – December 31, 2015 | ||
Item 1: Reports to Shareholders |
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/institutionalindexfundx1x1.jpg)
Annual Report | December 31, 2015
Vanguard Institutional Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 8 |
Performance Summary. | 10 |
Financial Statements. | 12 |
About Your Fund’s Expenses. | 29 |
Glossary. | 31 |
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: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the
sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows
us to help millions of clients around the world reach their financial goals.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2015 | |
Total | |
Returns | |
Vanguard Institutional Index Fund | |
Institutional Shares | 1.37% |
Institutional Plus Shares | 1.39 |
S&P 500 Index | 1.38 |
Large-Cap Core Funds Average | -0.66 |
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 December 31, 2015
Distributions Per Share | ||||
Starting | Ending | |||
Share | Share | Income | Capital | |
Price | Price | Dividends | Gains | |
Vanguard Institutional Index Fund | ||||
Institutional Shares | $188.67 | $186.62 | $4.570 | $0.000 |
Institutional Plus Shares | 188.68 | 186.63 | 4.607 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
The fiscal year ended December 31, 2015, was a tumultuous one for the world’s financial markets, and the broad U.S. stock market navigated a bumpy road to modest gains. Stocks of larger domestic companies such as those held in Vanguard Institutional Index Fund generally outperformed their mid- and small-sized counterparts.
In this investment environment, Institutional Shares of the fund returned 1.37%, closely tracking the fund’s benchmark, the Standard & Poor’s 500 Index, and surpassing the –0.66% average return of its peers.
Results among the fund’s ten market sectors were mixed. Half posted gains; consumer discretionary, information technology, and health care stocks added most to returns. Energy stocks were a notable drag on performance.
Despite troubles, U.S. stocks eked out a seventh year of gains
U.S. stocks returned 0.48% for the 12 months ended December 31, 2015. Although the broad market recorded its worst performance since 2008, it still posted gains for the seventh straight calendar year when dividends are factored into returns.
Stocks rose modestly over the first half of the year but slid in August and September as concerns mounted that China’s economic slowdown would spread globally. Falling oil and commodity
2
prices also affected economies and markets across the world for better or worse. Central banks in Europe and Asia bolstered their stimulus efforts against weak growth and low inflation. And in December, the Federal Reserve ended months of uncertainty when it raised the target for short-term interest rates to 0.25%–0.5%.
International stocks returned about –5%, restrained by the U.S. dollar’s strength against many foreign currencies. Emerging markets fared the worst.
U.S. bonds ended the year with a slender advance
The broad U.S. taxable bond market gained 0.55% over the 12 months; income accounted for the modestly positive result.
The yield of the 10-year Treasury note ended December at 2.30%, up from 2.19% a year earlier. (Bond prices and yields move in opposite directions.)
Investors focused on the Fed’s stance on short-term interest rates and alternately embraced or avoided safe-haven assets depending on the stock market’s strength.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –6.02%, reduced by the dollar’s strength against many foreign currencies. Without this currency effect, returns were modestly positive.
Although the Fed raised its target for short-term interest rates in mid-December, returns for money market funds and savings
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2015 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 0.92% | 15.01% | 12.44% |
Russell 2000 Index (Small-caps) | -4.41 | 11.65 | 9.19 |
Russell 3000 Index (Broad U.S. market) | 0.48 | 14.74 | 12.18 |
FTSE All-World ex US Index (International) | -4.72 | 2.04 | 1.48 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 0.55% | 1.44% | 3.25% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 3.30 | 3.16 | 5.35 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.03 | 0.02 | 0.04 |
CPI | |||
Consumer Price Index | 0.73% | 1.00% | 1.53% |
3
accounts remained limited by the 0%–0.25% levels in place for much of the past seven years.
Energy’s double-digit decline offset gains in several sectors
The Institutional Index Fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. stock market’s value. As I mentioned, stocks of large-cap companies returned more than those of smaller companies, boosting your fund’s performance relative to the broad market.
Most segments of the U.S. economy grew, propped up by shoppers’ overall confidence and their willingness and ability to spend. This trend benefited the consumer discretionary and consumer staples sectors, which were among the market’s top performers. Internet retailers led the way in consumer discretionary; home improvement stores and restaurants also excelled. In consumer goods, notable showings came from tobacco, beverage, and packaged food companies.
The information technology and health care sectors also boosted performance; however, their returns paled compared with those of some robust recent periods. In IT, gains from internet and software firms were partially offset by poor results from technology hardware and communications equipment companies.
Total Returns | |
Ten Years Ended December 31, 2015 | |
Average | |
Annual Return | |
Institutional Index Fund Institutional Shares | 7.31% |
S&P 500 Index | 7.31 |
Large-Cap Core Funds Average | 5.91 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be
lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our
website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so
an investor’s shares, when sold, could be worth more or less than their original cost.
4
Merger-and-acquisition activity, vibrant drug pipelines, and favorable long-term demographic and economic trends lifted the health care sector. But political controversy over high drug prices and lofty valuations of biotechnology stocks led to a few stumbles. The fund’s tiny holding in telecommunications was also positive.
Much of the contribution made by these industries was erased by a double-digit decline in energy. The lengthy and sharp slide of oil prices punished the sector. Their effect was worsened by high production levels from some leading oil-producing countries and concerns about the slower growth in China, the world’s largest oil importer.
Natural gas prices also dropped, though not as dramatically. Some integrated oil and gas firms held up better than others, but the majority of companies engaged in production and exploration and services and distribution suffered.
Stocks in the financial, industrials, materials, and utilities sectors also weighed on the fund’s performance.
Vanguard’s outlook for investors: Not bearish, but cautious |
In Vanguard’s recently published global economic and investment outlook, Global Chief |
Economist Joseph Davis and his team discuss various market and economic events 2016 |
may bring, along with challenges and opportunities for investors. |
Our forecast includes “frustratingly fragile” economic growth and more modest long-term |
returns from the global stock and bond markets. The report cautions that for the decade ending |
2025, returns for a balanced portfolio are likely to be moderately below historical averages. |
Our simulations indicate that the average annualized returns of a 60% equity/40% bond |
portfolio for the decade are most likely to be centered in the 3%–5% range after inflation, |
below the actual average after-inflation return of 5.5% for the same portfolio since 1926. |
Even so, Vanguard’s steadfast belief in its principles for investing success—focusing on clear |
goals, a suitable asset allocation, low costs, and long-term discipline—remains unchanged. |
For more information about our expectations and the probability of various outcomes, see |
Vanguard’s Economic and Investment Outlook, available at vanguard.com/research. |
IMPORTANT: The projections or other information generated by the Vanguard Capital Markets Model® (VCMM) |
regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment |
results, and are not guarantees of future results. Distribution of return outcomes from VCMM, derived from |
10,000 simulations for U.S. equity returns and fixed income returns. Simulations as of September 30, 2015. |
Results from the model may vary with each use and over time. For more information, please see page 6. |
5
The fund’s long-term record continues to be admirable
Over the last ten years, Vanguard Institutional Index Fund’s Institutional Shares have produced an average annual return of 7.31%. That’s more than 1 percentage point better than the average return of peer funds.
Most important, the fund has succeeded in meeting its primary objective of closely tracking its index over the long term. That was no easy feat during a period that included the worst global recession since the Great Depression. This success is a tribute to the experience, talent, and sophisticated systems of the fund’s advisor, Vanguard Equity Index Group. Low expenses––which allow you to keep more of the fund’s return—have helped as well.
To reach your long-term goals, be realistic and try to save more
Although there have been times when it felt as if stocks and bonds were riding a roller coaster, the markets have generally risen in recent years. The broad global stock market in particular has posted some impressive gains since its turnaround began in 2009.
But 2015 served as a reminder that returns aren’t always favorable. The U.S. stock and bond markets were barely positive, and international stocks and unhedged bonds finished in the red.
In Vanguard’s recently updated long-term look at the economy and markets, our global economists explain why they expect economic growth to remain “frustratingly fragile” and why their outlook for stock
IMPORTANT: The projections or other information generated by the Vanguard Capital Markets Model (VCMM)
regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual
investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the
historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios
unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s primary investment research
and advice teams. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset
classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income
markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment
strategies. The theoretical and empirical foundation for the VCMM is that the returns of various asset classes reflect the
compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates
of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on
available monthly financial and economic data from as early as 1960. Using a system of estimated equations, the model
then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset
classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for
each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these
simulations. Results produced by the tool will vary with each use and over time.
6
and bond markets is the most guarded since 2006. (For more details, see the box on page 5 and Vanguard’s Economic and Investment Outlook, available at vanguard.com/research.)
Given these muted expectations, what’s the best course of action? I’ve often encouraged shareholders to focus on the things they can control. That advice holds true today.
Consider saving more than you think you may need. That’s one way you can prepare for the volatility that may lie ahead, particularly as markets adjust to changes in policies from the Fed and other central banks.
And, as always, investors would be well-served to follow Vanguard’s principles for investing success:
• Goals. Create clear, appropriate investment goals.
• Balance. Develop a suitable asset allocation using broadly diversified funds.
• Cost. Minimize cost.
• Discipline. Maintain perspective and long-term discipline.
As with saving, each of these principles is within your control, and focusing on them can keep you on the right path.
As always, thank you for investing with Vanguard.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/institutionalindexfundx9x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
January 19, 2016
7
Institutional Index Fund
Fund Profile
As of December 31, 2015
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VINIX | VIIIX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 2.15% | 2.17% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 503 | 504 | 3,960 |
Median Market Cap | $81.0B | $81.0B | $51.4B |
Price/Earnings Ratio | 20.5x | 20.5x | 21.9x |
Price/Book Ratio | 2.8x | 2.8x | 2.7x |
Return on Equity | 18.5% | 18.3% | 17.2% |
Earnings Growth Rate | 9.2% | 9.2% | 9.5% |
Dividend Yield | 2.2% | 2.2% | 2.1% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | 5% | — | — |
Short-Term Reserves | 0.0% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.98 |
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 | 3.3% | |
Alphabet Inc. | Internet Software & | |
Services | 2.5 | |
Microsoft Corp. | Systems Software | 2.5 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.8 |
General Electric Co. | Industrial | |
Conglomerates | 1.6 | |
Johnson & Johnson | Pharmaceuticals | 1.6 |
Amazon.com Inc. | Internet Retail | 1.4 |
Wells Fargo & Co. | Diversified Banks | 1.4 |
Berkshire Hathaway Inc. Multi-Sector Holdings | 1.4 | |
JPMorgan Chase & Co. | Diversified Banks | 1.4 |
Top Ten | 18.9% | |
The holdings listed exclude any temporary cash investments and equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 28, 2015. For the fiscal year ended December 31, 2015, the expense ratios were
0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
8
Institutional Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index FA Index | ||
Consumer | |||
Discretionary | 12.9% | 12.9% | 13.4% |
Consumer Staples | 10.1 | 10.1 | 8.8 |
Energy | 6.5 | 6.5 | 5.9 |
Financials | 16.5 | 16.5 | 18.2 |
Health Care | 15.1 | 15.1 | 14.8 |
Industrials | 10.0 | 10.0 | 10.5 |
Information | |||
Technology | 20.7 | 20.7 | 20.0 |
Materials | 2.8 | 2.8 | 3.1 |
Telecommunication | |||
Services | 2.4 | 2.4 | 2.2 |
Utilities | 3.0 | 3.0 | 3.1 |
9
Institutional Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2005, Through December 31, 2015
Initial Investment of $5,000,000
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/institutionalindexfundx12x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2015 | |||||
Final Value | |||||
One | Five | Ten | of a $5,000,000 | ||
Year | Years | Years | Investment | ||
Institutional Index Fund*Institutional | |||||
Shares | 1.37% | 12.54% | 7.31% | $10,125,514 | |
•••••••• | S&P 500 Index | 1.38 | 12.57 | 7.31 | 10,121,087 |
– – – – | Large-Cap Core Funds Average | -0.66 | 10.65 | 5.91 | 8,875,214 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 0.44 | 12.14 | 7.48 | 10,281,716 | |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $200,000,000 | |
Year | Years | Years | Investment | |
Institutional Index Fund Institutional Plus | ||||
Shares | 1.39% | 12.57% | 7.34% | $405,946,083 |
S&P 500 Index | 1.38 | 12.57 | 7.31 | 404,843,496 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 0.44 | 12.14 | 7.48 | 411,268,632 |
See Financial Highlights for dividend and capital gains information.
10
Institutional Index Fund
Fiscal-Year Total Returns (%): December 31, 2005, Through December 31, 2015
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/institutionalindexfundx13x1.jpg)
11
Institutional Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (12.8%) | |||
* | Amazon.com Inc. | 4,162,490 | 2,813,385 |
Home Depot Inc. | 13,729,765 | 1,815,761 | |
Walt Disney Co. | 16,469,878 | 1,730,655 | |
Comcast Corp. Class A | 26,442,327 | 1,492,141 | |
McDonald’s Corp. | 9,943,297 | 1,174,701 | |
Starbucks Corp. | 16,078,572 | 965,197 | |
NIKE Inc. Class B | 14,613,174 | 913,323 | |
Lowe’s Cos. Inc. | 9,909,370 | 753,509 | |
* | Priceline Group Inc. | 539,092 | 687,315 |
Ford Motor Co. | 42,207,728 | 594,707 | |
Time Warner Cable Inc. | 3,066,647 | 569,139 | |
Time Warner Inc. | 8,657,270 | 559,866 | |
* | Netflix Inc. | 4,627,965 | 529,347 |
General Motors Co. | 15,334,598 | 521,530 | |
TJX Cos. Inc. | 7,250,009 | 514,098 | |
Target Corp. | 6,670,985 | 484,380 | |
Twenty-First Century Fox | |||
Inc. Class A | 17,346,869 | 471,141 | |
Yum! Brands Inc. | 4,669,574 | 341,112 | |
Johnson Controls Inc. | 7,013,220 | 276,952 | |
Carnival Corp. | 4,984,018 | 271,529 | |
* | O’Reilly Automotive Inc. | 1,068,096 | 270,677 |
L Brands Inc. | 2,757,919 | 264,264 | |
Delphi Automotive plc | 3,032,795 | 260,002 | |
* | AutoZone Inc. | 330,089 | 244,896 |
Ross Stores Inc. | 4,385,392 | 235,978 | |
VF Corp. | 3,692,897 | 229,883 | |
Dollar General Corp. | 3,150,201 | 226,405 | |
CBS Corp. Class B | 4,696,075 | 221,326 | |
Omnicom Group Inc. | 2,623,061 | 198,461 | |
* | Dollar Tree Inc. | 2,542,313 | 196,317 |
Royal Caribbean Cruises | |||
Ltd. | 1,857,955 | 188,044 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 337,690 | 162,041 | |
Expedia Inc. | 1,274,316 | 158,397 |
* | Under Armour Inc. | ||
Class A | 1,950,152 | 157,202 | |
Viacom Inc. Class B | 3,758,952 | 154,718 | |
Genuine Parts Co. | 1,632,331 | 140,201 | |
Marriott International Inc. | |||
Class A | 2,088,031 | 139,982 | |
* | Mohawk Industries Inc. | 688,286 | 130,354 |
Newell Rubbermaid Inc. | 2,891,935 | 127,477 | |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 1,826,569 | 126,545 | |
Hanesbrands Inc. | 4,242,291 | 124,851 | |
Tractor Supply Co. | 1,454,394 | 124,351 | |
Whirlpool Corp. | 846,540 | 124,331 | |
Advance Auto Parts Inc. | 792,871 | 119,335 | |
Macy’s Inc. | 3,403,720 | 119,062 | |
* | CarMax Inc. | 2,193,912 | 118,405 |
DR Horton Inc. | 3,552,858 | 113,798 | |
Signet Jewelers Ltd. | 861,067 | 106,505 | |
BorgWarner Inc. | 2,426,791 | 104,910 | |
* | TripAdvisor Inc. | 1,223,369 | 104,292 |
Interpublic Group of | |||
Cos. Inc. | 4,399,461 | 102,419 | |
Mattel Inc. | 3,674,151 | 99,827 | |
Coach Inc. | 3,004,617 | 98,341 | |
Best Buy Co. Inc. | 3,228,130 | 98,297 | |
Kohl’s Corp. | 2,055,113 | 97,885 | |
Goodyear Tire & Rubber | |||
Co. | 2,911,402 | 95,116 | |
^ | Lennar Corp. Class A | 1,938,415 | 94,808 |
Harley-Davidson Inc. | 2,077,215 | 94,285 | |
Tiffany & Co. | 1,207,573 | 92,126 | |
Wyndham Worldwide | |||
Corp. | 1,257,019 | 91,322 | |
* | Bed Bath & Beyond Inc. | 1,806,848 | 87,180 |
H&R Block Inc. | 2,553,473 | 85,056 | |
Hasbro Inc. | 1,217,762 | 82,028 | |
* | Michael Kors Holdings | ||
Ltd. | 1,998,170 | 80,047 | |
Darden Restaurants Inc. | 1,248,538 | 79,457 |
12
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Cablevision Systems | |||
Corp. Class A | 2,409,471 | 76,862 | |
Nordstrom Inc. | 1,477,614 | 73,600 | |
Harman International | |||
Industries Inc. | 771,991 | 72,729 | |
Ralph Lauren Corp. | |||
Class A | 637,968 | 71,121 | |
News Corp. Class A | 5,314,176 | 70,997 | |
* | Discovery | ||
Communications Inc. | 2,801,603 | 70,656 | |
Staples Inc. | 6,989,709 | 66,193 | |
PVH Corp. | 895,355 | 65,943 | |
Leggett & Platt Inc. | 1,476,650 | 62,049 | |
PulteGroup Inc. | 3,449,132 | 61,464 | |
^ | Gap Inc. | 2,484,815 | 61,375 |
TEGNA Inc. | 2,404,678 | 61,367 | |
^ | Wynn Resorts Ltd. | 881,456 | 60,988 |
Scripps Networks | |||
Interactive Inc. Class A | 1,026,235 | 56,658 | |
* | AutoNation Inc. | 828,069 | 49,403 |
Garmin Ltd. | 1,280,542 | 47,598 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 1,622,333 | 43,284 | |
^ | GameStop Corp. Class A | 1,147,659 | 32,180 |
* | Urban Outfitters Inc. | 942,615 | 21,444 |
*,^ | Fossil Group Inc. | 448,381 | 16,393 |
24,993,296 | |||
Consumer Staples (10.0%) | |||
Procter & Gamble Co. | 29,460,904 | 2,339,490 | |
Coca-Cola Co. | 42,385,300 | 1,820,873 | |
PepsiCo Inc. | 15,776,044 | 1,576,342 | |
Philip Morris International | |||
Inc. | 16,777,130 | 1,474,878 | |
Altria Group Inc. | 21,231,927 | 1,235,910 | |
CVS Health Corp. | 11,990,914 | 1,172,352 | |
Wal-Mart Stores Inc. | 16,989,575 | 1,041,461 | |
Walgreens Boots | |||
Alliance Inc. | 9,432,185 | 803,198 | |
Mondelez International | |||
Inc. Class A | 17,208,668 | 771,637 | |
Costco Wholesale Corp. | 4,736,508 | 764,946 | |
Colgate-Palmolive Co. | 9,712,436 | 647,043 | |
Kimberly-Clark Corp. | 3,930,679 | 500,375 | |
Kraft Heinz Co. | 6,438,603 | 468,473 | |
Kroger Co. | 10,540,835 | 440,923 | |
Reynolds American Inc. | 8,975,462 | 414,218 | |
General Mills Inc. | 6,472,030 | 373,177 | |
Constellation Brands Inc. | |||
Class A | 1,874,823 | 267,050 | |
* | Monster Beverage Corp. | 1,624,281 | 241,953 |
Archer-Daniels-Midland | |||
Co. | 6,461,554 | 237,010 | |
Sysco Corp. | 5,684,717 | 233,073 |
Estee Lauder Cos. Inc. | ||
Class A | 2,410,055 | 212,229 |
Kellogg Co. | 2,762,848 | 199,671 |
ConAgra Foods Inc. | 4,687,505 | 197,625 |
Dr Pepper Snapple Group | ||
Inc. | 2,045,267 | 190,619 |
Clorox Co. | 1,397,732 | 177,274 |
Tyson Foods Inc. Class A | 3,201,082 | 170,714 |
Mead Johnson Nutrition | ||
Co. | 2,134,471 | 168,516 |
Molson Coors Brewing | ||
Co. Class B | 1,706,126 | 160,239 |
JM Smucker Co. | 1,295,724 | 159,815 |
Hershey Co. | 1,555,625 | 138,871 |
Whole Foods Market Inc. | 3,694,986 | 123,782 |
Church & Dwight Co. Inc. | 1,419,657 | 120,500 |
Hormel Foods Corp. | 1,460,537 | 115,499 |
Keurig Green Mountain | ||
Inc. | 1,257,631 | 113,162 |
Coca-Cola Enterprises Inc. | 2,260,646 | 111,314 |
Brown-Forman Corp. | ||
Class B | 1,100,359 | 109,244 |
McCormick & Co. Inc. | 1,259,016 | 107,721 |
Campbell Soup Co. | 1,944,446 | 102,181 |
19,503,358 | ||
Energy (6.5%) | ||
Exxon Mobil Corp. | 45,080,308 | 3,514,010 |
Chevron Corp. | 20,380,378 | 1,833,419 |
Schlumberger Ltd. | 13,656,209 | 952,521 |
ConocoPhillips | 13,369,517 | 624,223 |
Occidental Petroleum | ||
Corp. | 8,270,231 | 559,150 |
EOG Resources Inc. | 5,952,428 | 421,372 |
Phillips 66 | 5,140,935 | 420,528 |
Valero Energy Corp. | 5,213,926 | 368,677 |
Halliburton Co. | 9,267,051 | 315,450 |
Marathon Petroleum | ||
Corp. | 5,771,139 | 299,176 |
Kinder Morgan Inc. | 19,814,005 | 295,625 |
Anadarko Petroleum | ||
Corp. | 5,502,270 | 267,300 |
Baker Hughes Inc. | 4,721,896 | 217,916 |
Pioneer Natural | ||
Resources Co. | 1,617,420 | 202,792 |
Williams Cos. Inc. | 7,387,674 | 189,863 |
Apache Corp. | 4,093,011 | 182,016 |
Spectra Energy Corp. | 7,269,862 | 174,040 |
Noble Energy Inc. | 4,608,405 | 151,755 |
Tesoro Corp. | 1,303,465 | 137,346 |
National Oilwell Varco Inc. | 4,068,337 | 136,249 |
Devon Energy Corp. | 4,183,031 | 133,857 |
* Cameron International | ||
Corp. | 2,069,204 | 130,774 |
Hess Corp. | 2,601,979 | 126,144 |
13
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Marathon Oil Corp. | 7,332,476 | 92,316 | |
Cimarex Energy Co. | 1,023,713 | 91,499 | |
EQT Corp. | 1,651,422 | 86,089 | |
Columbia Pipeline Group | |||
Inc. | 4,224,512 | 84,490 | |
Cabot Oil & Gas Corp. | 4,494,446 | 79,507 | |
* | FMC Technologies Inc. | 2,475,848 | 71,824 |
^ | Helmerich & Payne Inc. | 1,169,098 | 62,605 |
* | Newfield Exploration Co. | 1,753,908 | 57,107 |
ONEOK Inc. | 2,270,919 | 56,001 | |
^ | Transocean Ltd. | 3,709,987 | 45,930 |
Range Resources Corp. | 1,837,911 | 45,231 | |
Murphy Oil Corp. | 1,754,780 | 39,395 | |
Ensco plc Class A | 2,555,902 | 39,335 | |
* | Southwestern Energy | ||
Co. | 4,173,951 | 29,677 | |
^ | Chesapeake Energy | ||
Corp. | 5,605,689 | 25,226 | |
^ | CONSOL Energy Inc. | 2,481,773 | 19,606 |
^ | Diamond Offshore | ||
Drilling Inc. | 698,592 | 14,740 | |
12,594,781 | |||
Financials (16.4%) | |||
Wells Fargo & Co. | 50,334,161 | 2,736,165 | |
JPMorgan Chase & Co. | 39,862,733 | 2,632,136 | |
* | Berkshire Hathaway Inc. | ||
Class B | 19,148,859 | 2,528,415 | |
Bank of America Corp. | 112,755,950 | 1,897,683 | |
Citigroup Inc. | 32,259,152 | 1,669,411 | |
American International | |||
Group Inc. | 13,395,260 | 830,104 | |
Goldman Sachs Group | |||
Inc. | 4,295,518 | 774,181 | |
US Bancorp | 17,804,867 | 759,734 | |
Simon Property Group | |||
Inc. | 3,350,508 | 651,473 | |
American Express Co. | 9,059,345 | 630,077 | |
MetLife Inc. | 12,037,371 | 580,322 | |
PNC Financial Services | |||
Group Inc. | 5,498,828 | 524,093 | |
Morgan Stanley | 16,353,931 | 520,219 | |
Bank of New York | |||
Mellon Corp. | 11,835,109 | 487,843 | |
BlackRock Inc. | 1,367,380 | 465,620 | |
American Tower | |||
Corporation | 4,586,645 | 444,675 | |
Charles Schwab Corp. | 12,972,966 | 427,200 | |
Capital One Financial | |||
Corp. | 5,761,195 | 415,843 | |
ACE Ltd. | 3,510,337 | 410,183 | |
Prudential Financial Inc. | 4,861,951 | 395,811 | |
Public Storage | 1,593,763 | 394,775 | |
Travelers Cos. Inc. | 3,294,130 | 371,776 | |
CME Group Inc. | 3,662,483 | 331,821 |
Intercontinental Exchange | |||
Inc. | 1,285,798 | 329,499 | |
Chubb Corp. | 2,458,576 | 326,106 | |
Equity Residential | 3,944,343 | 321,819 | |
BB&T Corp. | 8,447,668 | 319,406 | |
Marsh & McLennan | |||
Cos. Inc. | 5,648,534 | 313,211 | |
Crown Castle | |||
International Corp. | 3,614,163 | 312,444 | |
State Street Corp. | 4,368,986 | 289,926 | |
McGraw Hill Financial Inc. | 2,926,821 | 288,526 | |
Aflac Inc. | 4,620,806 | 276,786 | |
* | Synchrony Financial | 9,028,833 | 274,567 |
Aon plc | 2,966,016 | 273,496 | |
AvalonBay Communities | |||
Inc. | 1,482,056 | 272,891 | |
Welltower Inc. | 3,831,809 | 260,678 | |
Allstate Corp. | 4,193,810 | 260,394 | |
Discover Financial | |||
Services | 4,628,800 | 248,196 | |
Prologis Inc. | 5,677,319 | 243,671 | |
SunTrust Banks Inc. | 5,518,108 | 236,396 | |
Boston Properties Inc. | 1,662,863 | 212,082 | |
M&T Bank Corp. | 1,732,349 | 209,926 | |
Ventas Inc. | 3,605,447 | 203,455 | |
Equinix Inc. | 671,011 | 202,914 | |
Progressive Corp. | 6,328,911 | 201,259 | |
Ameriprise Financial Inc. | 1,885,272 | 200,631 | |
T. Rowe Price Group Inc. | 2,718,825 | 194,369 | |
Hartford Financial | |||
Services Group Inc. | 4,435,211 | 192,754 | |
HCP Inc. | 5,035,445 | 192,555 | |
Vornado Realty Trust | 1,918,929 | 191,816 | |
Moody’s Corp. | 1,862,300 | 186,863 | |
Fifth Third Bancorp | 8,600,810 | 172,876 | |
General Growth | |||
Properties Inc. | 6,304,802 | 171,554 | |
Essex Property Trust Inc. | 715,015 | 171,182 | |
Northern Trust Corp. | 2,353,295 | 169,649 | |
Weyerhaeuser Co. | 5,526,958 | 165,698 | |
Invesco Ltd. | 4,589,401 | 153,653 | |
Franklin Resources Inc. | 4,102,974 | 151,072 | |
* | Berkshire Hathaway Inc. | ||
Class A | 759 | 150,130 | |
Realty Income Corp. | 2,702,502 | 139,530 | |
Regions Financial Corp. | 14,134,951 | 135,696 | |
Lincoln National Corp. | 2,679,447 | 134,669 | |
Principal Financial Group | |||
Inc. | 2,947,860 | 132,595 | |
XL Group plc Class A | 3,223,855 | 126,311 | |
Host Hotels & Resorts | |||
Inc. | 8,137,972 | 124,836 | |
SL Green Realty Corp. | 1,079,422 | 121,953 | |
KeyCorp | 9,044,721 | 119,300 |
14
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Kimco Realty Corp. | 4,475,013 | 118,409 | |
Macerich Co. | 1,457,093 | 117,573 | |
Loews Corp. | 3,030,844 | 116,384 | |
* | CBRE Group Inc. Class A | 3,147,646 | 108,846 |
Huntington Bancshares | |||
Inc. | 8,625,217 | 95,395 | |
Cincinnati Financial Corp. | 1,596,576 | 94,469 | |
* | E*TRADE Financial Corp. | 3,171,181 | 93,994 |
* | Affiliated Managers | ||
Group Inc. | 584,949 | 93,451 | |
Plum Creek Timber | |||
Co. Inc. | 1,879,503 | 89,690 | |
Unum Group | 2,635,713 | 87,743 | |
Comerica Inc. | 1,917,358 | 80,203 | |
Nasdaq Inc. | 1,248,582 | 72,630 | |
Torchmark Corp. | 1,245,670 | 71,202 | |
Apartment Investment | |||
& Management Co. | 1,698,801 | 68,003 | |
Leucadia National Corp. | 3,615,753 | 62,878 | |
Zions Bancorporation | 2,215,734 | 60,490 | |
Assurant Inc. | 714,195 | 57,521 | |
Iron Mountain Inc. | 2,084,245 | 56,295 | |
People’s United Financial | |||
Inc. | 3,365,112 | 54,347 | |
Legg Mason Inc. | 1,168,994 | 45,860 | |
Navient Corp. | 3,931,279 | 45,013 | |
31,947,296 | |||
Health Care (15.1%) | |||
Johnson & Johnson | 29,963,098 | 3,077,809 | |
Pfizer Inc. | 66,847,066 | 2,157,823 | |
Merck & Co. Inc. | 30,251,020 | 1,597,859 | |
Gilead Sciences Inc. | 15,606,398 | 1,579,211 | |
* | Allergan plc | 4,267,926 | 1,333,727 |
Amgen Inc. | 8,168,439 | 1,325,983 | |
Bristol-Myers Squibb Co. | 18,065,579 | 1,242,731 | |
UnitedHealth Group Inc. | 10,321,029 | 1,214,166 | |
Medtronic plc | 15,227,022 | 1,171,263 | |
AbbVie Inc. | 17,702,413 | 1,048,691 | |
* | Celgene Corp. | 8,507,697 | 1,018,882 |
Eli Lilly & Co. | 10,568,742 | 890,522 | |
* | Biogen Inc. | 2,413,753 | 739,453 |
Abbott Laboratories | 16,153,407 | 725,449 | |
* | Express Scripts Holding | ||
Co. | 7,323,177 | 640,119 | |
Thermo Fisher Scientific | |||
Inc. | 4,321,621 | 613,022 | |
McKesson Corp. | 2,491,726 | 491,443 | |
* | Alexion Pharmaceuticals | ||
Inc. | 2,439,851 | 465,402 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 840,676 | 456,378 | |
Aetna Inc. | 3,775,904 | 408,251 | |
Cigna Corp. | 2,789,383 | 408,170 | |
Anthem Inc. | 2,826,900 | 394,183 | |
Becton Dickinson and Co. | 2,281,857 | 351,611 |
* | Vertex Pharmaceuticals | ||
Inc. | 2,660,665 | 334,791 | |
Cardinal Health Inc. | 3,562,323 | 318,009 | |
Stryker Corp. | 3,420,029 | 317,857 | |
* | Illumina Inc. | 1,585,208 | 304,273 |
Humana Inc. | 1,604,957 | 286,501 | |
* | Boston Scientific Corp. | 14,566,109 | 268,599 |
* | Mylan NV | 4,472,741 | 241,841 |
Zoetis Inc. | 4,960,180 | 237,692 | |
* | HCA Holdings Inc. | 3,398,921 | 229,869 |
Baxalta Inc. | 5,877,334 | 229,392 | |
Perrigo Co. plc | 1,585,219 | 229,381 | |
Baxter International Inc. | 5,923,115 | 225,967 | |
* | Intuitive Surgical Inc. | 404,584 | 220,968 |
AmerisourceBergen Corp. | |||
Class A | 2,115,271 | 219,375 | |
* | Cerner Corp. | 3,296,816 | 198,369 |
Zimmer Biomet Holdings | |||
Inc. | 1,853,462 | 190,147 | |
St. Jude Medical Inc. | 3,060,552 | 189,050 | |
* | Edwards Lifesciences | ||
Corp. | 2,335,638 | 184,469 | |
CR Bard Inc. | 799,928 | 151,538 | |
Agilent Technologies Inc. | 3,588,285 | 150,026 | |
* | Henry Schein Inc. | 897,825 | 142,027 |
* | Endo International plc | 2,253,816 | 137,979 |
* | Laboratory Corp. of | ||
America Holdings | 1,095,655 | 135,467 | |
* | DaVita HealthCare | ||
Partners Inc. | 1,804,773 | 125,811 | |
* | Waters Corp. | 884,142 | 118,988 |
Universal Health Services | |||
Inc. Class B | 987,285 | 117,971 | |
Quest Diagnostics Inc. | 1,552,023 | 110,411 | |
* | Mallinckrodt plc | 1,255,307 | 93,684 |
DENTSPLY International | |||
Inc. | 1,514,203 | 92,139 | |
* | Varian Medical Systems | ||
Inc. | 1,048,926 | 84,753 | |
PerkinElmer Inc. | 1,215,661 | 65,123 | |
Patterson Cos. Inc. | 906,317 | 40,975 | |
* | Tenet Healthcare Corp. | 1,081,831 | 32,779 |
29,378,369 | |||
Industrials (10.0%) | |||
General Electric Co. 102,202,461 | 3,183,607 | ||
3M Co. | 6,667,363 | 1,004,372 | |
Boeing Co. | 6,819,798 | 986,075 | |
Honeywell International | |||
Inc. | 8,345,621 | 864,356 | |
United Technologies | |||
Corp. | 8,932,951 | 858,189 | |
United Parcel Service Inc. | |||
Class B | 7,538,338 | 725,414 | |
Union Pacific Corp. | 9,248,967 | 723,269 | |
Lockheed Martin Corp. | 2,861,744 | 621,428 |
15
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Danaher Corp. | 6,455,972 | 599,631 | |
General Dynamics Corp. | 3,217,725 | 441,987 | |
Delta Air Lines Inc. | 8,516,300 | 431,691 | |
Caterpillar Inc. | 6,304,674 | 428,466 | |
FedEx Corp. | 2,843,634 | 423,673 | |
Raytheon Co. | 3,260,412 | 406,019 | |
Northrop Grumman Corp. | 1,974,850 | 372,871 | |
Precision Castparts Corp. | 1,489,858 | 345,662 | |
Emerson Electric Co. | 7,087,762 | 339,008 | |
Illinois Tool Works Inc. | 3,542,388 | 328,308 | |
Southwest Airlines Co. | 7,042,264 | 303,240 | |
American Airlines Group | |||
Inc. | 6,825,357 | 289,054 | |
CSX Corp. | 10,556,938 | 273,952 | |
Norfolk Southern Corp. | 3,232,905 | 273,471 | |
Eaton Corp. plc | 5,011,252 | 260,786 | |
Deere & Co. | 3,375,757 | 257,469 | |
Waste Management Inc. | 4,496,223 | 239,963 | |
* | United Continental | ||
Holdings Inc. | 4,036,835 | 231,311 | |
Roper Technologies Inc. | 1,091,470 | 207,150 | |
Nielsen Holdings plc | 3,941,956 | 183,695 | |
PACCAR Inc. | 3,827,143 | 181,407 | |
Stanley Black & Decker | |||
Inc. | 1,621,164 | 173,027 | |
Cummins Inc. | 1,778,470 | 156,523 | |
Ingersoll-Rand plc | 2,826,539 | 156,279 | |
Rockwell Automation Inc. | 1,429,360 | 146,667 | |
Tyco International plc | 4,577,423 | 145,974 | |
Equifax Inc. | 1,282,787 | 142,864 | |
Parker-Hannifin Corp. | 1,472,325 | 142,786 | |
AMETEK Inc. | 2,575,592 | 138,026 | |
Rockwell Collins Inc. | 1,423,153 | 131,357 | |
* | Verisk Analytics Inc. | ||
Class A | 1,687,621 | 129,744 | |
^ | Fastenal Co. | 3,136,612 | 128,036 |
^ | WW Grainger Inc. | 625,454 | 126,711 |
Textron Inc. | 2,963,028 | 124,477 | |
Republic Services Inc. | |||
Class A | 2,594,113 | 114,115 | |
* | Stericycle Inc. | 920,142 | 110,969 |
Snap-on Inc. | 628,701 | 107,778 | |
Masco Corp. | 3,642,896 | 103,094 | |
Dover Corp. | 1,677,792 | 102,865 | |
L-3 Communications | |||
Holdings Inc. | 848,630 | 101,420 | |
Pentair plc | 1,951,487 | 96,657 | |
CH Robinson Worldwide | |||
Inc. | 1,554,922 | 96,436 | |
Expeditors International | |||
of Washington Inc. | 2,018,161 | 91,019 | |
Kansas City Southern | 1,181,479 | 88,221 | |
Cintas Corp. | 946,714 | 86,198 | |
* | United Rentals Inc. | 1,008,136 | 73,130 |
Fluor Corp. | 1,537,884 | 72,619 |
JB Hunt Transport | |||
Services Inc. | 983,234 | 72,130 | |
Xylem Inc. | 1,947,865 | 71,097 | |
Allegion plc | 1,041,637 | 68,665 | |
Robert Half International | |||
Inc. | 1,441,004 | 67,929 | |
Flowserve Corp. | 1,419,535 | 59,734 | |
ADT Corp. | 1,789,081 | 59,004 | |
* | Jacobs Engineering Group | ||
Inc. | 1,330,104 | 55,798 | |
Pitney Bowes Inc. | 2,138,202 | 44,154 | |
Dun & Bradstreet Corp. | 392,177 | 40,759 | |
* | Quanta Services Inc. | 1,733,753 | 35,108 |
Ryder System Inc. | 579,899 | 32,956 | |
19,479,850 | |||
Information Technology (20.6%) | |||
Apple Inc. | 60,375,238 | 6,355,098 | |
Microsoft Corp. | 86,501,015 | 4,799,076 | |
* | Facebook Inc. Class A | 24,586,668 | 2,573,241 |
* | Alphabet Inc. Class A | 3,154,769 | 2,454,442 |
* | Alphabet Inc. | 3,217,634 | 2,441,798 |
Intel Corp. | 51,101,648 | 1,760,452 | |
Visa Inc. Class A | 21,077,819 | 1,634,585 | |
Cisco Systems Inc. | 54,968,300 | 1,492,664 | |
International Business | |||
Machines Corp. | 9,664,726 | 1,330,060 | |
Oracle Corp. | 34,669,190 | 1,266,466 | |
MasterCard Inc. Class A | 10,722,774 | 1,043,969 | |
QUALCOMM Inc. | 16,276,582 | 813,585 | |
Accenture plc Class A | 6,765,845 | 707,031 | |
Texas Instruments Inc. | 10,984,672 | 602,070 | |
EMC Corp. | 20,994,921 | 539,150 | |
* | salesforce.com inc | 6,758,727 | 529,884 |
* | Adobe Systems Inc. | 5,401,211 | 507,390 |
* | PayPal Holdings Inc. | 12,038,464 | 435,792 |
Automatic Data | |||
Processing Inc. | 4,994,115 | 423,101 | |
Avago Technologies Ltd. | |||
Class A | 2,839,217 | 412,112 | |
* | Cognizant Technology | ||
Solutions Corp. Class A | 6,584,389 | 395,195 | |
Broadcom Corp. Class A | 6,074,684 | 351,238 | |
* | eBay Inc. | 11,961,030 | 328,689 |
* | Yahoo! Inc. | 9,407,760 | 312,902 |
Hewlett Packard | |||
Enterprise Co. | 19,471,678 | 295,970 | |
Intuit Inc. | 2,858,695 | 275,864 | |
TE Connectivity Ltd. | 4,183,014 | 270,265 | |
Corning Inc. | 12,809,456 | 234,157 | |
Applied Materials Inc. | 12,442,939 | 232,310 | |
HP Inc. | 19,560,068 | 231,591 | |
* | Electronic Arts Inc. | 3,365,452 | 231,274 |
* | Fiserv Inc. | 2,474,596 | 226,327 |
Activision Blizzard Inc. | 5,462,850 | 211,467 | |
Analog Devices Inc. | 3,378,902 | 186,921 |
16
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Paychex Inc. | 3,474,371 | 183,759 | |
* | Alliance Data Systems | ||
Corp. | 661,990 | 183,087 | |
NVIDIA Corp. | 5,534,040 | 182,402 | |
Fidelity National | |||
Information Services Inc. | 3,003,969 | 182,041 | |
Amphenol Corp. Class A | 3,337,756 | 174,331 | |
* | Micron Technology Inc. | 11,756,233 | 166,468 |
SanDisk Corp. | 2,172,985 | 165,125 | |
* | Red Hat Inc. | 1,979,327 | 163,908 |
Skyworks Solutions Inc. | 2,069,647 | 159,011 | |
Symantec Corp. | 7,314,345 | 153,601 | |
Western Digital Corp. | 2,508,918 | 150,661 | |
* | Autodesk Inc. | 2,449,110 | 149,224 |
Lam Research Corp. | 1,714,935 | 136,200 | |
Xilinx Inc. | 2,782,295 | 130,684 | |
* | Citrix Systems Inc. | 1,665,495 | 125,995 |
Motorola Solutions Inc. | 1,739,618 | 119,077 | |
Seagate Technology plc | 3,237,649 | 118,692 | |
KLA-Tencor Corp. | 1,688,440 | 117,093 | |
Harris Corp. | 1,346,987 | 117,053 | |
Linear Technology Corp. | 2,589,242 | 109,965 | |
Xerox Corp. | 10,303,684 | 109,528 | |
Juniper Networks Inc. | 3,843,384 | 106,077 | |
Microchip Technology | |||
Inc. | 2,199,144 | 102,348 | |
* | Akamai Technologies Inc. | 1,926,480 | 101,391 |
Western Union Co. | 5,470,544 | 97,977 | |
CA Inc. | 3,372,556 | 96,320 | |
*,^ | VeriSign Inc. | 1,062,330 | 92,805 |
Total System Services | |||
Inc. | 1,832,556 | 91,261 | |
NetApp Inc. | 3,165,010 | 83,968 | |
* | Qorvo Inc. | 1,534,517 | 78,107 |
* | F5 Networks Inc. | 763,761 | 74,054 |
* | First Solar Inc. | 821,295 | 54,197 |
CSRA Inc. | 1,495,402 | 44,862 | |
FLIR Systems Inc. | 1,498,941 | 42,075 | |
* | Teradata Corp. | 1,443,274 | 38,131 |
40,107,614 | |||
Materials (2.8%) | |||
EI du Pont de Nemours | |||
& Co. | 9,490,300 | 632,054 | |
Dow Chemical Co. | 12,176,996 | 626,872 | |
Monsanto Co. | 4,762,725 | 469,224 | |
LyondellBasell Industries | |||
NV Class A | 3,893,357 | 338,333 | |
Ecolab Inc. | 2,877,815 | 329,164 | |
Praxair Inc. | 3,084,403 | 315,843 | |
PPG Industries Inc. | 2,915,726 | 288,132 | |
Air Products & Chemicals | |||
Inc. | 2,099,380 | 273,150 | |
Sherwin-Williams Co. | 856,890 | 222,449 | |
International Paper Co. | 4,488,757 | 169,226 | |
Alcoa Inc. | 14,185,408 | 140,010 |
Nucor Corp. | 3,460,559 | 139,460 | |
Vulcan Materials Co. | 1,443,418 | 137,081 | |
WestRock Co. | 2,783,842 | 126,999 | |
Eastman Chemical Co. | 1,608,991 | 108,623 | |
Ball Corp. | 1,475,940 | 107,345 | |
International Flavors | |||
& Fragrances Inc. | 868,770 | 103,940 | |
Newmont Mining Corp. | 5,728,713 | 103,060 | |
CF Industries Holdings | |||
Inc. | 2,523,443 | 102,982 | |
Mosaic Co. | 3,630,631 | 100,169 | |
Martin Marietta Materials | |||
Inc. | 716,024 | 97,795 | |
Airgas Inc. | 702,115 | 97,116 | |
Sealed Air Corp. | 2,137,429 | 95,329 | |
Freeport-McMoRan Inc. | 12,514,016 | 84,720 | |
Avery Dennison Corp. | 988,462 | 61,937 | |
FMC Corp. | 1,449,461 | 56,717 | |
* | Owens-Illinois Inc. | 1,745,908 | 30,414 |
5,358,144 | |||
Telecommunication Services (2.4%) | |||
AT&T Inc. | 66,619,629 | 2,292,382 | |
Verizon Communications | |||
Inc. | 44,061,579 | 2,036,526 | |
* | Level 3 Communications | ||
Inc. | 3,124,601 | 169,853 | |
CenturyLink Inc. | 5,944,377 | 149,561 | |
Frontier Communications | |||
Corp. | 12,670,956 | 59,173 | |
4,707,495 | |||
Utilities (3.0%) | |||
Duke Energy Corp. | 7,453,708 | 532,120 | |
NextEra Energy Inc. | 4,986,910 | 518,090 | |
Southern Co. | 9,842,468 | 460,529 | |
Dominion Resources Inc. | 6,446,592 | 436,047 | |
American Electric Power | |||
Co. Inc. | 5,314,711 | 309,688 | |
PG&E Corp. | 5,310,765 | 282,480 | |
Exelon Corp. | 9,957,288 | 276,514 | |
PPL Corp. | 7,274,282 | 248,271 | |
Sempra Energy | 2,553,279 | 240,034 | |
Public Service Enterprise | |||
Group Inc. | 5,478,517 | 211,964 | |
Edison International | 3,527,891 | 208,886 | |
Consolidated Edison Inc. | 3,174,645 | 204,034 | |
Xcel Energy Inc. | 5,495,096 | 197,329 | |
Eversource Energy | 3,434,405 | 175,395 | |
WEC Energy Group Inc. | 3,418,129 | 175,384 | |
DTE Energy Co. | 1,943,215 | 155,826 | |
FirstEnergy Corp. | 4,580,478 | 145,339 | |
Entergy Corp. | 1,931,426 | 132,032 | |
Ameren Corp. | 2,626,971 | 113,564 | |
CMS Energy Corp. | 2,999,855 | 108,235 | |
SCANA Corp. | 1,547,331 | 93,598 |
17
Institutional Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
CenterPoint Energy Inc. | 4,658,211 | 85,525 | ||
AGL Resources Inc. | 1,302,840 | 83,134 | ||
Pinnacle West Capital | ||||
Corp. | 1,200,026 | 77,378 | ||
Pepco Holdings Inc. | 2,754,272 | 71,639 | ||
AES Corp. | 7,307,218 | 69,930 | ||
TECO Energy Inc. | 2,554,633 | 68,081 | ||
NiSource Inc. | 3,460,780 | 67,520 | ||
NRG Energy Inc. | 3,409,487 | 40,130 | ||
5,788,696 | ||||
Total Common Stocks | ||||
(Cost $126,204,102) | 193,858,899 | |||
Temporary Cash Investments (0.4%)1 | ||||
Money Market Fund (0.4%) | ||||
2,3 | Vanguard Market | |||
Liquidity Fund, | ||||
0.363% | 800,019,507 | 800,020 | ||
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
4,5 | Federal Home Loan | |||
Bank Discount Notes, | ||||
0.315%, 3/2/16 | 5,000 | 4,997 | ||
4,5 | Federal Home Loan | |||
Bank Discount Notes, | ||||
0.355%, 3/4/16 | 15,000 | 14,990 | ||
5,6 | Freddie Mac Discount | |||
Notes, 0.220%, 4/15/16 | 25,000 | 24,972 | ||
5 | United States Treasury | |||
Bill, 0.386%, 5/26/16 | 1,000 | 998 | ||
45,957 | ||||
Total Temporary Cash Investments | ||||
(Cost $845,990) | 845,977 | |||
Total Investments (100.0%) | ||||
(Cost $127,050,092) | 194,704,876 |
Amount | |
($000) | |
Other Assets and Liabilities (0.0%) | |
Other Assets | |
Receivables for Investment | |
Securities Sold | 495,327 |
Receivables for Accrued Income | 260,047 |
Receivables for Capital Shares Issued | 683,282 |
Other Assets | 3 |
Total Other Assets | 1,438,659 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (150,403) |
Collateral for Securities on Loan | (121,854) |
Payables for Capital Shares Redeemed | (1,113,949) |
Payables to Vanguard | (2,788) |
Other Liabilities | (7,900) |
Total Liabilities | (1,396,894) |
Net Assets (100%) | 194,746,641 |
18
Institutional Index Fund
At December 31, 2015, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 128,099,024 |
Undistributed Net Investment Income | 47,580 |
Accumulated Net Realized Losses | (1,064,647) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 67,654,784 |
Futures Contracts | 9,900 |
Net Assets | 194,746,641 |
Institutional Shares—Net Assets | |
Applicable to 561,073,927 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 104,704,957 |
Net Asset Value Per Share— | |
Institutional Shares | $186.62 |
Institutional Plus Shares—Net Assets | |
Applicable to 482,470,678 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 90,041,684 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $186.63 |
• 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 $115,366,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $121,854,000 of collateral received for securities on loan.
4 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.
5 Securities with a value of $37,963,000 have been segregated as initial margin for open futures contracts.
6 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the
Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for
senior preferred stock.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Institutional Index Fund
Statement of Operations
Year Ended | |
December 31, 2015 | |
($000) | |
Investment Income | |
Income | |
Dividends | 4,788,558 |
Interest1 | 1,091 |
Securities Lending | 6,979 |
Total Income | 4,796,628 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 41,825 |
Management and Administrative—Institutional Plus Shares | 17,928 |
Total Expenses | 59,753 |
Net Investment Income | 4,736,875 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 2,640,943 |
Futures Contracts | 7,530 |
Realized Net Gain (Loss) | 2,648,473 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (4,844,031) |
Futures Contracts | (1,500) |
Change in Unrealized Appreciation (Depreciation) | (4,845,531) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,539,817 |
1 Interest income from an affiliated company of the fund was $1,028,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Institutional Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2015 | 2014 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 4,736,875 | 3,508,148 |
Realized Net Gain (Loss) | 2,648,473 | 1,744,432 |
Change in Unrealized Appreciation (Depreciation) | (4,845,531) | 17,298,626 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,539,817 | 22,551,206 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (2,532,676) | (1,893,337) |
Institutional Plus Shares | (2,187,321) | (1,605,586) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (4,719,997) | (3,498,923) |
Capital Share Transactions | ||
Institutional Shares | 3,756,057 | 3,944,794 |
Institutional Plus Shares | 5,446,034 | 1,969,415 |
Net Increase (Decrease) from Capital Share Transactions | 9,202,091 | 5,914,209 |
Total Increase (Decrease) | 7,021,911 | 24,966,492 |
Net Assets | ||
Beginning of Period | 187,724,730 | 162,758,238 |
End of Period1 | 194,746,641 | 187,724,730 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $47,580,000 and $30,702,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Institutional Index Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $188.67 | $169.28 | $130.52 | $115.04 | $115.01 |
Investment Operations | |||||
Net Investment Income | 4.5851 | 3.561 | 3.128 | 2.835 | 2.361 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (2.065) | 19.380 | 38.759 | 15.475 | .029 |
Total from Investment Operations | 2.520 | 22.941 | 41.887 | 18.310 | 2.390 |
Distributions | |||||
Dividends from Net Investment Income | (4.570) | (3.551) | (3.127) | (2.830) | (2.360) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.570) | (3.551) | (3.127) | (2.830) | (2.360) |
Net Asset Value, End of Period | $186.62 | $188.67 | $169.28 | $130.52 | $115.04 |
Total Return | 1.37% | 13.65% | 32.35% | 15.98% | 2.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $104,705 | $102,114 | $87,843 | $68,055 | $58,399 |
Ratio of Total Expenses to Average Net Assets | 0.040% | 0.040% | 0.040% | 0.040% | 0.044% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.43%1 | 2.01% | 2.08% | 2.27% | 2.05% |
Portfolio Turnover Rate2 | 5% | 4% | 5% | 5% | 5% |
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.
22
Institutional Index Fund
Financial Highlights
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $188.68 | $169.28 | $130.53 | $115.05 | $115.01 |
Investment Operations | |||||
Net Investment Income | 4.6221 | 3.597 | 3.158 | 2.861 | 2.386 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (2.065) | 19.388 | 38.750 | 15.474 | .040 |
Total from Investment Operations | 2.557 | 22.985 | 41.908 | 18.335 | 2.426 |
Distributions | |||||
Dividends from Net Investment Income | (4.607) | (3.585) | (3.158) | (2.855) | (2.386) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.607) | (3.585) | (3.158) | (2.855) | (2.386) |
Net Asset Value, End of Period | $186.63 | $188.68 | $169.28 | $130.53 | $115.05 |
Total Return | 1.39% | 13.68% | 32.37% | 16.00% | 2.12% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $90,042 | $85,611 | $74,915 | $49,286 | $35,141 |
Ratio of Total Expenses to Average Net Assets | 0.020% | 0.020% | 0.020% | 0.020% | 0.022% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.45%1 | 2.03% | 2.10% | 2.29% | 2.07% |
Portfolio Turnover Rate2 | 5% | 4% | 5% | 5% | 5% |
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.
23
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 year ended December 31, 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.
24
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, 2012–2015), 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 subject to termination by the fund at any time and 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 (“Vanguard”) 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 December 31, 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.
25
Institutional Index Fund
B. In accordance with the terms of a services agreement, Vanguard provides to the fund investment advisory, corporate management, administrative, marketing, and distribution services and pays for all other operating expenses (except taxes) for a fee calculated at an annual percentage rate of the average net assets of the fund (or, with respect to shareholder services, the average net assets of 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 December 31, 2015, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 193,858,899 | — | — |
Temporary Cash Investments | 800,020 | 45,957 | — |
Futures Contracts—Liabilities1 | (7,824) | — | — |
Total | 194,651,095 | 45,957 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 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) |
E-mini S&P 500 Index | March 2016 | 8,150 | 829,426 | 9,900 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
26
Institutional Index Fund
During the year ended December 31, 2015, the fund realized $1,666,628,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2015, the fund had $47,143,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $1,152,925,000 to offset taxable capital gains realized during the year ended December 31, 2015. At December 31, 2015, the fund had available capital losses totaling $463,654,000 to offset future net capital gains through December 31, 2016.
At December 31, 2015, the cost of investment securities for tax purposes was $127,640,749,000. Net unrealized appreciation of investment securities for tax purposes was $67,064,127,000, consisting of unrealized gains of $73,167,651,000 on securities that had risen in value since their purchase and $6,103,524,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2015, the fund purchased $21,337,112,000 of investment securities and sold $12,499,357,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,222,869,000 and $2,700,636,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2015 | 2014 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 20,842,840 | 110,657 | 19,957,320 | 112,327 |
Issued in Lieu of Cash Distributions | 2,325,127 | 12,535 | 1,745,420 | 9,621 |
Redeemed | (19,411,910) | (103,343) | (17,757,946) | (99,657) |
Net Increase (Decrease)—Institutional Shares | 3,756,057 | 19,849 | 3,944,794 | 22,291 |
Institutional Plus Shares | ||||
Issued | 15,373,083 | 81,730 | 13,403,357 | 75,177 |
Issued in Lieu of Cash Distributions | 2,128,546 | 11,477 | 1,550,709 | 8,549 |
Redeemed | (12,055,595) | (64,467) | (12,984,651) | (72,538) |
Net Increase (Decrease)—Institutional Plus Shares | 5,446,034 | 28,740 | 1,969,415 | 11,188 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2015, that would require recognition or disclosure in these financial statements.
27
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Institutional Index Funds and the Shareholders of Vanguard Institutional Index Fund:
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Institutional Index Fund (constituting a separate portfolio of Vanguard Institutional Index Funds, hereafter referred to as the “Fund”) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, by agreement to the underlying ownership records of the transfer agent and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2016
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/institutionalindexfundx30x1.jpg)
This information for the fiscal year ended December 31, 2015, is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $4,719,997,000 of qualified dividend income to shareholders during the
fiscal year.
For corporate shareholders, 80.2% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
28
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.
29
Six Months Ended December 31, 2015 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Index Fund | 6/30/2015 | 12/31/2015 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,001.46 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,001.56 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.00 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that
period are 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal
to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by the number of days in the most recent 12-month period (184/365).
30
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.
32
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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 194 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 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years and Other |
Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
Board of The Vanguard Group, Inc., and of each of | International PLC (diversified manufacturing and |
the investment companies served by The Vanguard | services), Hewlett-Packard Co. (electronic computer |
Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive PLC |
Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at New |
President of The Vanguard Group, and of each of | Mountain Capital. |
the investment companies served by The Vanguard | |
Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
Group (1995–2008). | Occupation(s) During the Past Five Years and |
Other Experience: President of the University of | |
IndependentTrustees | Pennsylvania; Christopher H. Browne Distinguished |
Professor of Political Science, School of Arts and | |
Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
Occupation(s) During the Past Five Years and | appointments in the Department of Philosophy, School |
Other Experience: Executive Chief Staff and | of Arts and Sciences, and at the Graduate School of |
Marketing Officer for North America and Corporate | Education, University of Pennsylvania; Trustee of the |
Vice President (retired 2008) of Xerox Corporation | National Constitution Center; Chair of the Presidential |
(document management products and services); | Commission for the Study of Bioethical Issues. |
Executive in Residence and 2009–2010 Distinguished | |
Minett Professor at the Rochester Institute of | JoAnn Heffernan Heisen |
Technology; Director of SPX Corporation (multi-industry | Born 1950. Trustee Since July 1998. Principal |
manufacturing), the United Way of Rochester, the | Occupation(s) During the Past Five Years and |
University of Rochester Medical Center, Monroe | Other Experience: Corporate Vice President and |
Community College Foundation, and North Carolina | Chief Global Diversity Officer (retired 2008) and |
A&T University. | Member of the Executive Committee (1997–2008) |
of Johnson & Johnson (pharmaceuticals/medical | |
devices/consumer products); Director of Skytop | |
Lodge Corporation (hotels) and the Robert Wood | |
Johnson Foundation; Member of the Advisory | |
Board of the Institute for Women’s Leadership | |
at Rutgers University. |
F. Joseph Loughrey | Executive Officers | |
Born 1949. Trustee Since October 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
(retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of | |
Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
to the Kellogg Institute for International Studies, both | ||
at the University of Notre Dame. | Thomas J. Higgins | |
Born 1957. Chief Financial Officer Since September | ||
Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). | |
Committee (2004–2013); Director of the Dow Chemical | ||
Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
Born 1974. Controller Since May 2015. Principal | ||
Scott C. Malpass | Occupation(s) During the Past Five Years and | |
Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
Professor of Finance at the Mendoza College of | Group (2008–2014). | |
Business at Notre Dame; Member of the Notre Dame | ||
403(b) Investment Committee; Board Member of | Heidi Stam | |
TIFF Advisory Services, Inc., and Catholic Investment | Born 1956. Secretary Since July 2005. Principal | |
Services, Inc. (investment advisors); Member of | Occupation(s) During the Past Five Years and Other | |
the Investment Advisory Committee of Major | Experience: Managing Director of The Vanguard | |
Group, Inc.; General Counsel of The Vanguard Group; | ||
League Baseball. | Secretary of The Vanguard Group and of each of the | |
André F. Perold | investment companies served by The Vanguard Group; | |
Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard | |
Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
Experience: George Gund Professor of Finance and | ||
Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam | |
(retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | Chris D. McIsaac |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | James M. Norris |
firm); Director of Rand Merchant Bank; Overseer of | Paul A. Heller | Thomas M. Rampulla |
the Museum of Fine Arts Boston. | Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi | |
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Chairman Emeritus and Senior Advisor | |
Experience: President and Chief Operating Officer | ||
(retired 2010) of Corning Incorporated (communications | John J. Brennan | |
equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
Member of the Advisory Board of the Norris Cotton | Chief Executive Officer and President, 1996–2008 | |
Cancer Center and of the Advisory Board of the | ||
Parthenon Group (strategy consulting). | 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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P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | The index is a product of S&P Dow Jones Indices LLC |
Direct Investor Account Services > 800-662-2739 | (“SPDJI”), and has been licensed for use by Vanguard. |
Standard & Poor’s® and S&P® are registered | |
Institutional Investor Services > 800-523-1036 | trademarks of Standard & Poor’s Financial Services LLC |
Text Telephone for People | (“S&P”); Dow Jones® is a registered trademark of Dow |
Who Are Deaf or Hard of Hearing> 800-749-7273 | Jones Trademark Holdings LLC (“Dow Jones”); S&P® |
and S&P 500® are trademarks of S&P; and these | |
This material may be used in conjunction | trademarks have been licensed for use by SPDJI and |
with the offering of shares of any Vanguard | sublicensed for certain purposes by Vanguard. |
fund only if preceded or accompanied by | Vanguard product(s) are not sponsored, endorsed, sold |
or promoted by SPDJI, Dow Jones, S&P, or their | |
the fund’s current prospectus. | respective affiliates and none of such parties make any |
All comparative mutual fund data are from Lipper, a | representation regarding the advisability of investing in |
Thomson Reuters Company, or Morningstar, Inc., unless | such product(s) nor do they have any liability for any |
otherwise noted. | errors, omissions, or interruptions of the index. |
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. | |
© 2016 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q940 022016 |
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/insttotalstockmrktindexx1x1.jpg)
Annual Report | December 31, 2015
Vanguard Institutional Total Stock
Market Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 8 |
Performance Summary. | 9 |
Financial Statements. | 11 |
About Your Fund’s Expenses. | 58 |
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: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the
sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows
us to help millions of clients around the world reach their financial goals.
Your Fund’s Total Returns
Fiscal Year Ended December 31, 2015 | |
Total | |
Returns | |
Vanguard Institutional Total Stock Market Index Fund | |
Institutional Shares | 0.45% |
Institutional Plus Shares | 0.48 |
CRSP US Total Market Index | 0.40 |
Multi-Cap Core Funds Average | -2.29 |
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 December 31, 2015 | ||||
Distributions Per Share | ||||
Starting | Ending | |||
Share | Share | Income | Capital | |
Price | Price | Dividends | Gains | |
Vanguard Institutional Total Stock Market Index Fund | ||||
Institutional Shares | $46.78 | $45.94 | $1.046 | $0.000 |
Institutional Plus Shares | 46.79 | 45.95 | 1.058 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
Buffeted by various global economic and market challenges, U.S. stocks traced a roundabout route in 2015 before finishing slightly ahead of where they started. Over the 12-month period ended December 31, 2015, Vanguard Institutional Total Stock Market Index Fund’s Institutional Shares returned 0.45%. The fund closely tracked the performance of its benchmark, the CRSP US Total Market Index, and surpassed the average return of its multi-cap core fund peers by about 2 percentage points.
Growth stocks outpaced their value counterparts, and large-capitalization stocks exceeded mid-caps and small-caps. Six of the market’s ten industry sectors posted positive results. Consumer and health care stocks were the top performers, while oil and gas and basic materials stocks noticeably lagged.
Despite troubles, U.S. stocks eked out a seventh year of gains
U.S. stocks returned 0.48% for the 12 months. Although the broad market recorded its worst performance since 2008, it still posted gains for the seventh straight calendar year when dividends are factored into returns.
Stocks rose modestly over the first half of the year but slid in August and September as concerns mounted that China’s economic slowdown would spread globally. Falling oil and commodity prices also affected economies and markets across the world
2
for better or worse. Central banks in Europe and Asia bolstered their stimulus efforts against weak growth and low inflation. And in December, the Federal Reserve ended months of uncertainty when it raised the target for short-term interest rates to 0.25%–0.5%.
International stocks returned about –5%, restrained by the U.S. dollar’s strength against many foreign currencies. Emerging markets fared the worst.
U.S. bonds ended the year with a slender advance
The broad U.S. taxable bond market gained 0.55% over the 12 months; income accounted for the modestly positive result. The yield of the 10-year Treasury note ended December at 2.30%, up from 2.19% a year earlier. (Bond prices and yields move in opposite directions.)
Investors focused on the Fed’s stance on short-term interest rates and alternately embraced or avoided safe-haven assets depending on the stock market’s strength.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –6.02%, reduced by the dollar’s strength against many foreign currencies. Without this currency effect, returns were modestly positive.
Although the Fed raised its target for short-term interest rates in mid-December, returns for money market funds and savings
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2015 | |||
One | Three | Five | |
Year | Years | Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 0.92% | 15.01% | 12.44% |
Russell 2000 Index (Small-caps) | -4.41 | 11.65 | 9.19 |
Russell 3000 Index (Broad U.S. market) | 0.48 | 14.74 | 12.18 |
FTSE All-World ex US Index (International) | -4.72 | 2.04 | 1.48 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 0.55% | 1.44% | 3.25% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 3.30 | 3.16 | 5.35 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.03 | 0.02 | 0.04 |
CPI | |||
Consumer Price Index | 0.73% | 1.00% | 1.53% |
3
accounts remained limited by the 0%–0.25% levels in place for much of the past seven years.
Oil and gas stocks’ fall continued; consumer sectors were bright spots
Vanguard Institutional Total Stock Market Index Fund offers institutional investors exposure to every segment of the U.S. equity market. Stocks of all sizes, styles, and sectors are represented. The fund’s overall performance was helped by its heavy exposure to large-cap stocks.
The retreat of oil and gas stocks, which returned about –22% over the period, had the largest impact on the fund’s overall results. Oil prices’ lengthy and sharp slide punished the sector, in part because of high production levels from some leading oil-producing countries and the concerns about China, the world’s largest oil importer. Natural gas prices also dropped, though not as dramatically. Some integrated oil and gas firms held up better than others, but most companies engaged in production and exploration and services and distribution suffered.
The basic materials sector, which returned –12%, was also one of the broad market’s weakest as commodity prices fell along with those of oil. Metals and mining firms, which dominate the sector, posted the poorest results, but chemical companies also struggled. The industrial and utilities sectors declined, although not as severely as oil and gas and materials.
Total Returns | |
Ten Years Ended December 31, 2015 | |
Average | |
Annual Return | |
Institutional Total Stock Market Index Fund Institutional Shares | 7.57% |
Spliced Institutional Total Stock Market Index | 7.52 |
Multi-Cap Core Funds Average | 5.81 |
For a benchmark description, see the Glossary.
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be
lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our
website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so
an investor’s shares, when sold, could be worth more or less than their original cost.
4
The investment environment wasn’t all grim. The U.S. economy mostly grew, propped up by shoppers’ overall confidence and their willingness to spend. Among the market’s strongest sectors were consumer services and consumer goods. In consumer services, the internet retail area was especially productive; several home improvement retailers also excelled. In consumer goods, notable showings came from toy, tobacco, and beverage companies.
Health care stocks climbed nearly 7%, results that were a fraction better than those of consumer services and the best of the ten sectors. Merger-and-acquisition activity, vibrant drug pipelines, and favorable long-term demographic and economic trends lifted the sector, but there were stumbles related to controversy over high drug prices and lofty valuations of biotechnology stocks.
Technology returned almost 4%. As with health care, results paled compared with some robust recent periods but were still positive. Gains from internet and software
Vanguard’s outlook for investors: Not bearish, but cautious |
In Vanguard’s recently published global economic and investment outlook, Global Chief |
Economist Joseph Davis and his team discuss various market and economic events 2016 |
may bring, along with challenges and opportunities for investors. |
Our forecast includes “frustratingly fragile” economic growth and more modest long-term |
returns from the global stock and bond markets. The report cautions that for the decade ending |
2025, returns for a balanced portfolio are likely to be moderately below historical averages. |
Our simulations indicate that the average annualized returns of a 60% equity/40% bond |
portfolio for the decade are most likely to be centered in the 3%–5% range after inflation, |
below the actual average after-inflation return of 5.5% for the same portfolio since 1926. |
Even so, Vanguard’s steadfast belief in its principles for investing success—focusing on clear |
goals, a suitable asset allocation, low costs, and long-term discipline—remains unchanged. |
For more information about our expectations and the probability of various outcomes, see |
Vanguard’s Economic and Investment Outlook, available at vanguard.com/research. |
IMPORTANT: The projections or other information generated by the Vanguard Capital Markets Model® (VCMM) |
regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment |
results, and are not guarantees of future results. Distribution of return outcomes from VCMM, derived from |
10,000 simulations for U.S. equity returns and fixed income returns. Simulations as of September 30, 2015. |
Results from the model may vary with each use and over time. For more information, please see page 6. |
5
firms were partially offset by poorer performance from computer hardware and semiconductor companies.
The financial sector, the fund’s largest, mirrored the broader market’s return with a result that was barely positive. Real estate investment trusts (REITs) and banks managed to produce small returns, while asset managers and life insurance companies declined.
Tight tracking is evident over the previous decade
Over the last ten years the Institutional Total Stock Market Index Fund’s Institutional Shares have produced an average annual return of 7.57%, in line with the benchmark return over the period and nearly 2 percentage points higher than peer funds, many of which are actively managed.
First and foremost, the fund’s objective is to track the index closely, and its success in doing so is a testament to the expertise and experience of the advisor, Vanguard Equity Index Group.
This group of professionals uses well-honed portfolio construction and trading methodologies that have allowed Vanguard to provide effective index-tracking regardless of the market’s volatility or direction. The fund has also benefited from its low costs, which help close the gap between the index’s results and yours.
To reach your long-term goals, be realistic and try to save more
Although there have been times when it felt as if stocks and bonds were riding a roller coaster, the markets have generally risen in recent years. The broad global
IMPORTANT: The projections or other information generated by the Vanguard Capital Markets Model (VCMM)
regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual
investment results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the
historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios
unobserved in the historical period on which the model estimation is based.
The VCMM is a proprietary financial simulation tool developed and maintained by Vanguard’s primary investment research
and advice teams. The model forecasts distributions of future returns for a wide array of broad asset classes. Those asset
classes include U.S. and international equity markets, several maturities of the U.S. Treasury and corporate fixed income
markets, international fixed income markets, U.S. money markets, commodities, and certain alternative investment
strategies. The theoretical and empirical foundation for the VCMM is that the returns of various asset classes reflect the
compensation investors require for bearing different types of systematic risk (beta). At the core of the model are estimates
of the dynamic statistical relationship between risk factors and asset returns, obtained from statistical analysis based on
available monthly financial and economic data from as early as 1960. Using a system of estimated equations, the model
then applies a Monte Carlo simulation method to project the estimated interrelationships among risk factors and asset
classes as well as uncertainty and randomness over time. The model generates a large set of simulated outcomes for
each asset class over several time horizons. Forecasts are obtained by computing measures of central tendency in these
simulations. Results produced by the tool will vary with each use and over time.
6
stock market in particular has posted some impressive gains since its turnaround began in 2009.
But 2015 served as a reminder that returns aren’t always favorable. The U.S. stock and bond markets were barely positive, and international stocks and unhedged bonds finished in the red.
In Vanguard’s recently updated long-term look at the economy and markets, our global economists explain why they expect economic growth to remain “frustratingly fragile,” and why their outlook for stock and bond markets is the most guarded since 2006. (For more details, see the box on page 5 and Vanguard’s Economic and Investment Outlook, available at vanguard.com/research.)
Given these muted expectations, what’s the best course of action? I’ve often encouraged institutional shareholders to focus on the things they can control. That advice holds true today.
Consider saving more than you think you may need. That’s one way you can prepare for the volatility that may lie ahead, particularly as markets adjust to changes in policies from the Fed and other central banks.
And, as always, institutional investors would be well-served to follow Vanguard’s principles for investing success:
• Goals. Create clear, appropriate investment goals.
• Balance. Develop a suitable asset allocation using broadly diversified funds.
• Cost. Minimize cost.
• Discipline. Maintain perspective and long-term discipline.
As with saving, each of these principles is within your control, and focusing on them can keep you on the right path.
As always, thank you for investing with Vanguard.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/insttotalstockmrktindexx9x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
January 20, 2016
7
Institutional Total Stock Market Index Fund
Fund Profile
As of December 31, 2015
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VITNX | VITPX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 2.02% | 2.04% |
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,276 | 3,743 |
Median Market Cap | $51.9B | $49.9B |
Price/Earnings Ratio | 21.9x | 21.9x |
Price/Book Ratio | 2.7x | 2.7x |
Return on Equity | 17.4% | 17.2% |
Earnings Growth Rate | 9.5% | 9.4% |
Dividend Yield | 2.1% | 2.1% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | 9% | — |
Short-Term Reserves | 0.0% | — |
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 2.3% | 2.3% |
Consumer Goods | 10.3 | 10.3 |
Consumer Services | 14.0 | 14.0 |
Financials | 19.5 | 19.5 |
Health Care | 14.1 | 14.1 |
Industrials | 12.3 | 12.3 |
Oil & Gas | 6.0 | 6.0 |
Technology | 16.2 | 16.2 |
Telecommunications | 2.2 | 2.2 |
Utilities | 3.1 | 3.1 |
Volatility Measures | |
Spliced Inst. | |
Total Stock | |
Mkt. Idx | |
R-Squared | 1.00 |
Beta | 1.00 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Computer Hardware | 2.5% |
Alphabet Inc. | Internet | 2.1 |
Microsoft Corp. | Software | 1.9 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
General Electric Co. | Diversified Industrials | 1.3 |
Johnson & Johnson | Pharmaceuticals | 1.3 |
Amazon.com Inc. | Broadline Retailers | 1.2 |
Berkshire Hathaway Inc. Reinsurance | 1.2 | |
Wells Fargo & Co. | Banks | 1.1 |
JPMorgan Chase & Co. | Banks | 1.1 |
Top Ten | 15.2% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/insttotalstockmrktindexx10x1.jpg)
1 The expense ratios shown are from the prospectus dated April 28, 2015. For the fiscal year ended December 31, 2015, the expense ratios were
0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
8
Institutional Total Stock Market Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2005, Through December 31, 2015
Initial Investment of $100,000,000
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/insttotalstockmrktindexx11x1.jpg)
Average Annual Total Returns | |||||
Periods Ended December 31, 2015 | |||||
Final Value | |||||
One | Five | Ten | of a $100,000,000 | ||
Year | Years | Years | Investment | ||
Institutional Total Stock Market Index | |||||
Fund*Institutional Shares | 0.45% | 12.22% | 7.57% | $207,390,252 | |
Spliced Institutional Total Stock | |||||
•••••••• | Market Index | 0.40 | 12.19 | 7.52 | 206,493,809 |
– – – – | Multi-Cap Core Funds Average | -2.29 | 9.61 | 5.81 | 175,865,155 |
For a benchmark description, see the Glossary. | |||||
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Final Value | ||||
One | Five | Ten | of a $200,000,000 | |
Year | Years | Years | Investment | |
Institutional Total Stock Market Index Fund | ||||
Institutional Plus Shares | 0.48% | 12.25% | 7.59% | $415,683,249 |
Spliced Institutional Total Stock Market Index | 0.40 | 12.19 | 7.52 | 412,987,618 |
See Financial Highlights for dividend and capital gains information.
9
Institutional Total Stock Market Index Fund
Fiscal-Year Total Returns (%): December 31, 2005, Through December 31, 2015
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/insttotalstockmrktindexx12x1.jpg)
10
Institutional Total Stock Market Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (99.3%)1 | |||
Basic Materials (2.3%) | |||
Dow Chemical Co. | 2,073,066 | 106,721 | |
EI du Pont de Nemours | |||
& Co. | 1,568,167 | 104,440 | |
LyondellBasell Industries | |||
NV Class A | 643,278 | 55,901 | |
Ecolab Inc. | 475,659 | 54,406 | |
Praxair Inc. | 512,666 | 52,497 | |
PPG Industries Inc. | 482,023 | 47,633 | |
Air Products & | |||
Chemicals Inc. | 346,923 | 45,138 | |
International Paper Co. | 742,242 | 27,982 | |
Alcoa Inc. | 2,345,779 | 23,153 | |
Nucor Corp. | 571,804 | 23,044 | |
Celanese Corp. Class A | 271,318 | 18,268 | |
International Flavors & | |||
Fragrances Inc. | 143,770 | 17,201 | |
Eastman Chemical Co. | 252,862 | 17,071 | |
CF Industries Holdings Inc. | 417,454 | 17,036 | |
Airgas Inc. | 118,801 | 16,433 | |
Mosaic Co. | 569,946 | 15,725 | |
* | WR Grace & Co. | 128,551 | 12,802 |
Newmont Mining Corp. | 691,430 | 12,439 | |
Ashland Inc. | 120,190 | 12,343 | |
Albemarle Corp. | 200,755 | 11,244 | |
RPM International Inc. | 238,117 | 10,491 | |
Avery Dennison Corp. | 163,285 | 10,231 | |
FMC Corp. | 239,178 | 9,359 | |
Freeport-McMoRan Inc. | 1,332,147 | 9,019 | |
Steel Dynamics Inc. | 411,951 | 7,362 | |
Reliance Steel & | |||
Aluminum Co. | 123,988 | 7,180 | |
NewMarket Corp. | 18,769 | 7,146 | |
* | Axalta Coating | ||
Systems Ltd. | 255,454 | 6,808 | |
Sensient | |||
Technologies Corp. | 81,560 | 5,124 | |
Olin Corp. | 296,306 | 5,114 |
PolyOne Corp. | 157,668 | 5,008 | |
Compass Minerals | |||
International Inc. | 60,580 | 4,560 | |
Royal Gold Inc. | 117,307 | 4,278 | |
Huntsman Corp. | 373,283 | 4,244 | |
Domtar Corp. | 112,981 | 4,175 | |
Cabot Corp. | 101,413 | 4,146 | |
Westlake Chemical Corp. | 70,344 | 3,821 | |
KapStone Paper and | |||
Packaging Corp. | 155,814 | 3,520 | |
Balchem Corp. | 56,686 | 3,446 | |
Carpenter Technology Corp. | 110,408 | 3,342 | |
HB Fuller Co. | 90,673 | 3,307 | |
* | Chemtura Corp. | 120,486 | 3,286 |
CONSOL Energy Inc. | 409,800 | 3,237 | |
Worthington Industries Inc. | 106,545 | 3,211 | |
Minerals Technologies Inc. | 62,453 | 2,864 | |
Commercial Metals Co. | 208,670 | 2,857 | |
Kaiser Aluminum Corp. | 32,875 | 2,750 | |
* | Platform Specialty | ||
Products Corp. | 211,200 | 2,710 | |
* | Cambrex Corp. | 56,005 | 2,637 |
Neenah Paper Inc. | 38,828 | 2,424 | |
Innospec Inc. | 42,500 | 2,308 | |
Aceto Corp. | 78,245 | 2,111 | |
* | Stillwater Mining Co. | 245,599 | 2,105 |
Calgon Carbon Corp. | 119,732 | 2,065 | |
Globe Specialty Metals Inc. | 191,088 | 2,054 | |
* | Clearwater Paper Corp. | 44,668 | 2,034 |
Axiall Corp. | 127,111 | 1,957 | |
US Silica Holdings Inc. | 102,257 | 1,915 | |
Chemours Co. | 327,796 | 1,757 | |
Quaker Chemical Corp. | 22,666 | 1,751 | |
* | AK Steel Holding Corp. | 657,599 | 1,473 |
PH Glatfelter Co. | 79,381 | 1,464 | |
Innophos Holdings Inc. | 48,300 | 1,400 | |
* | Kraton Performance | ||
Polymers Inc. | 71,428 | 1,186 | |
Stepan Co. | 23,867 | 1,186 |
11
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Resolute Forest | ||
Products Inc. | 152,734 | 1,156 | |
* | Ferro Corp. | 103,533 | 1,151 |
* | Century Aluminum Co. | 256,377 | 1,133 |
A Schulman Inc. | 34,636 | 1,061 | |
Hecla Mining Co. | 545,981 | 1,032 | |
American Vanguard Corp. | 72,848 | 1,021 | |
Deltic Timber Corp. | 17,319 | 1,020 | |
Haynes International Inc. | 25,909 | 951 | |
*,^ | Westmoreland Coal Co. | 144,500 | 850 |
* | Cliffs Natural | ||
Resources Inc. | 482,001 | 762 | |
Hawkins Inc. | 19,723 | 705 | |
Chase Corp. | 16,107 | 656 | |
* | Veritiv Corp. | 18,012 | 652 |
* | Koppers Holdings Inc. | 34,530 | 630 |
* | Univar Inc. | 32,840 | 559 |
Ampco-Pittsburgh Corp. | 52,064 | 534 | |
Tredegar Corp. | 38,585 | 526 | |
Hallador Energy Co. | 115,082 | 525 | |
* | Coeur Mining Inc. | 194,430 | 482 |
* | OMNOVA Solutions Inc. | 78,397 | 481 |
* | Fairmount Santrol | ||
Holdings Inc. | 202,572 | 476 | |
KMG Chemicals Inc. | 19,032 | 438 | |
Tronox Ltd. Class A | 110,168 | 431 | |
SunCoke Energy Inc. | 123,931 | 430 | |
Wausau Paper Corp. | 42,028 | 430 | |
Kronos Worldwide Inc. | 56,434 | 318 | |
* | CSW Industrials Inc. | 8,115 | 306 |
FutureFuel Corp. | 22,544 | 304 | |
* | Senomyx Inc. | 66,934 | 252 |
Allegheny Technologies Inc. | 20,627 | 232 | |
* | Codexis Inc. | 54,399 | 230 |
Olympic Steel Inc. | 19,107 | 221 | |
Friedman Industries Inc. | 30,651 | 169 | |
* | LSB Industries Inc. | 22,453 | 163 |
* | Real Industry Inc. | 20,249 | 163 |
Peabody Energy Corp. | 20,000 | 154 | |
^ | United States Steel Corp. | 15,788 | 126 |
* | Uranium Energy Corp. | 110,492 | 117 |
* | Handy & Harman Ltd. | 3,800 | 78 |
* | Universal Stainless & | ||
Alloy Products Inc. | 8,333 | 77 | |
* | General Moly Inc. | 384,371 | 77 |
Arch Coal Inc. | 75,863 | 75 | |
* | Cloud Peak Energy Inc. | 27,500 | 57 |
* | Ryerson Holding Corp. | 11,938 | 56 |
* | Golden Minerals Co. | 243,316 | 49 |
* | Solitario Exploration & | ||
Royalty Corp. | 56,237 | 28 | |
* | Ikonics Corp. | 2,424 | 27 |
* | AgroFresh Solutions Inc. | 3,000 | 19 |
United-Guardian Inc. | 950 | 18 |
* | Northern Technologies | ||
International Corp. | 800 | 11 | |
* | Pershing Gold Corp. | 2,703 | 9 |
Synalloy Corp. | 1,000 | 7 | |
* | NL Industries Inc. | 2,169 | 7 |
* | Comstock Mining Inc. | 9,200 | 4 |
* | TOR Minerals | ||
International Inc. | 682 | 3 | |
* | Paramount Gold | ||
Nevada Corp. | 2,223 | 2 | |
Rentech Inc. | 200 | 1 | |
Gold Resource Corp. | 100 | — | |
887,352 | |||
Consumer Goods (10.3%) | |||
Procter & Gamble Co. | 4,867,230 | 386,507 | |
Coca-Cola Co. | 7,002,532 | 300,829 | |
PepsiCo Inc. | 2,606,406 | 260,432 | |
Philip Morris | |||
International Inc. | 2,771,893 | 243,677 | |
Altria Group Inc. | 3,507,852 | 204,192 | |
NIKE Inc. Class B | 2,414,515 | 150,907 | |
Mondelez International | |||
Inc. Class A | 2,701,200 | 121,122 | |
Colgate-Palmolive Co. | 1,604,851 | 106,915 | |
Ford Motor Co. | 6,974,236 | 98,267 | |
General Motors Co. | 2,506,092 | 85,232 | |
Kimberly-Clark Corp. | 649,603 | 82,694 | |
Kraft Heinz Co. | 1,085,756 | 79,000 | |
Monsanto Co. | 787,170 | 77,552 | |
Reynolds American Inc. | 1,534,462 | 70,815 | |
General Mills Inc. | 1,069,594 | 61,673 | |
Johnson Controls Inc. | 1,159,199 | 45,777 | |
Delphi Automotive plc | 503,866 | 43,196 | |
*,^ | Tesla Motors Inc. | 175,785 | 42,190 |
Constellation Brands Inc. | |||
Class A | 294,310 | 41,922 | |
* | Monster Beverage Corp. | 274,048 | 40,822 |
Archer-Daniels-Midland | |||
Co. | 1,079,442 | 39,594 | |
VF Corp. | 610,528 | 38,005 | |
* | Electronic Arts Inc. | 528,519 | 36,320 |
Activision Blizzard Inc. | 916,211 | 35,467 | |
Estee Lauder Cos. Inc. | |||
Class A | 400,327 | 35,253 | |
ConAgra Foods Inc. | 774,965 | 32,673 | |
Kellogg Co. | 444,084 | 32,094 | |
Dr Pepper Snapple | |||
Group Inc. | 338,311 | 31,531 | |
Clorox Co. | 231,001 | 29,298 | |
Stanley Black & Decker Inc. | 271,547 | 28,982 | |
Mead Johnson | |||
Nutrition Co. | 359,366 | 28,372 | |
Tyson Foods Inc. Class A | 528,959 | 28,209 | |
JM Smucker Co. | 214,117 | 26,409 | |
* | Under Armour Inc. Class A | 322,248 | 25,976 |
12
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Molson Coors Brewing Co. | |||
Class B | 262,587 | 24,662 | |
Hershey Co. | 253,265 | 22,609 | |
Genuine Parts Co. | 256,284 | 22,012 | |
* | Jarden Corp. | 374,880 | 21,413 |
* | Mohawk Industries Inc. | 112,613 | 21,328 |
Newell Rubbermaid Inc. | 477,896 | 21,066 | |
Hanesbrands Inc. | 713,453 | 20,997 | |
Whirlpool Corp. | 139,941 | 20,553 | |
DR Horton Inc. | 627,294 | 20,092 | |
Church & Dwight Co. Inc. | 234,643 | 19,916 | |
Hormel Foods Corp. | 236,615 | 18,712 | |
Keurig Green Mountain Inc. | 205,391 | 18,481 | |
Brown-Forman Corp. | |||
Class B | 185,495 | 18,416 | |
Coca-Cola Enterprises Inc. | 365,917 | 18,018 | |
Snap-on Inc. | 103,946 | 17,819 | |
Campbell Soup Co. | 332,903 | 17,494 | |
Bunge Ltd. | 255,155 | 17,422 | |
BorgWarner Inc. | 401,018 | 17,336 | |
McCormick & Co. Inc. | 197,700 | 16,915 | |
Lear Corp. | 135,713 | 16,670 | |
Mattel Inc. | 607,118 | 16,495 | |
Coach Inc. | 496,529 | 16,251 | |
Goodyear Tire & | |||
Rubber Co. | 481,750 | 15,739 | |
Harley-Davidson Inc. | 343,295 | 15,582 | |
Lennar Corp. Class A | 312,505 | 15,285 | |
* | LKQ Corp. | 492,548 | 14,594 |
Hasbro Inc. | 200,676 | 13,518 | |
Ingredion Inc. | 128,271 | 12,293 | |
* | WhiteWave Foods Co. | ||
Class A | 315,354 | 12,270 | |
Harman International | |||
Industries Inc. | 127,399 | 12,002 | |
Ralph Lauren Corp. Class A | 106,198 | 11,839 | |
* | Middleby Corp. | 102,543 | 11,061 |
* | NVR Inc. | 6,657 | 10,937 |
PVH Corp. | 147,847 | 10,889 | |
Leucadia National Corp. | 583,537 | 10,148 | |
PulteGroup Inc. | 564,402 | 10,058 | |
* | WABCO Holdings Inc. | 97,762 | 9,997 |
Leggett & Platt Inc. | 231,523 | 9,729 | |
Polaris Industries Inc. | 111,698 | 9,600 | |
* | Toll Brothers Inc. | 283,798 | 9,450 |
* | lululemon athletica Inc. | 175,393 | 9,203 |
* | Michael Kors Holdings Ltd. | 226,638 | 9,079 |
Pinnacle Foods Inc. | 208,676 | 8,860 | |
* | Edgewell Personal Care Co. | 111,385 | 8,729 |
* | Visteon Corp. | 73,053 | 8,365 |
Gentex Corp. | 522,431 | 8,364 | |
Brunswick Corp. | 163,439 | 8,255 | |
Carter’s Inc. | 88,491 | 7,878 | |
* | Tempur Sealy | ||
International Inc. | 111,362 | 7,847 |
* | Hain Celestial Group Inc. | 184,354 | 7,446 |
* | Skechers U.S.A. Inc. | ||
Class A | 232,873 | 7,035 | |
Flowers Foods Inc. | 323,554 | 6,953 | |
* | Post Holdings Inc. | 111,309 | 6,868 |
*,^ | Herbalife Ltd. | 116,279 | 6,235 |
Pool Corp. | 72,578 | 5,863 | |
* | TreeHouse Foods Inc. | 73,358 | 5,756 |
CalAtlantic Group Inc. | 141,113 | 5,351 | |
Scotts Miracle-Gro Co. | |||
Class A | 82,555 | 5,326 | |
* | Take-Two Interactive | ||
Software Inc. | 145,131 | 5,056 | |
* | Vista Outdoor Inc. | 112,463 | 5,006 |
* | Helen of Troy Ltd. | 50,830 | 4,791 |
Thor Industries Inc. | 84,464 | 4,743 | |
* | Tenneco Inc. | 102,713 | 4,716 |
Spectrum Brands | |||
Holdings Inc. | 42,567 | 4,333 | |
Tupperware Brands Corp. | 76,925 | 4,281 | |
* | Kate Spade & Co. | 228,452 | 4,060 |
Lancaster Colony Corp. | 34,328 | 3,964 | |
Dana Holding Corp. | 284,064 | 3,920 | |
^ | Nu Skin Enterprises Inc. | ||
Class A | 103,044 | 3,904 | |
Vector Group Ltd. | 164,571 | 3,882 | |
Energizer Holdings Inc. | 111,895 | 3,811 | |
Cooper Tire & Rubber Co. | 100,689 | 3,811 | |
Snyder’s-Lance Inc. | 107,455 | 3,686 | |
* | Zynga Inc. Class A | 1,362,967 | 3,653 |
B&G Foods Inc. | 104,181 | 3,648 | |
* | TRI Pointe Group Inc. | 261,164 | 3,309 |
* | Boston Beer Co. Inc. | ||
Class A | 16,263 | 3,284 | |
Columbia Sportswear Co. | 66,592 | 3,247 | |
* | G-III Apparel Group Ltd. | 72,998 | 3,231 |
Drew Industries Inc. | 52,152 | 3,176 | |
Avon Products Inc. | 780,200 | 3,160 | |
*,^ | Fitbit Inc. Class A | 106,115 | 3,140 |
J&J Snack Foods Corp. | 26,828 | 3,130 | |
Sanderson Farms Inc. | 40,101 | 3,109 | |
* | Darling Ingredients Inc. | 294,806 | 3,101 |
Herman Miller Inc. | 107,419 | 3,083 | |
* | Gentherm Inc. | 64,874 | 3,075 |
Coty Inc. Class A | 119,190 | 3,055 | |
* | Steven Madden Ltd. | 100,763 | 3,045 |
Wolverine World Wide Inc. | 175,939 | 2,940 | |
Dean Foods Co. | 168,407 | 2,888 | |
HNI Corp. | 79,193 | 2,856 | |
* | Deckers Outdoor Corp. | 57,480 | 2,713 |
Interface Inc. Class A | 140,253 | 2,684 | |
Fresh Del Monte | |||
Produce Inc. | 68,972 | 2,682 | |
*,^ | Fossil Group Inc. | 72,518 | 2,651 |
* | Dorman Products Inc. | 55,070 | 2,614 |
13
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Universal Corp. | 46,464 | 2,606 | |
La-Z-Boy Inc. | 105,895 | 2,586 | |
* | iRobot Corp. | 71,352 | 2,526 |
* | Meritage Homes Corp. | 72,460 | 2,463 |
* | American Axle & | ||
Manufacturing | |||
Holdings Inc. | 128,018 | 2,425 | |
Schweitzer-Mauduit | |||
International Inc. | 57,363 | 2,409 | |
KB Home | 189,676 | 2,339 | |
^ | Cal-Maine Foods Inc. | 50,166 | 2,325 |
WD-40 Co. | 22,870 | 2,256 | |
Coca-Cola Bottling Co. | |||
Consolidated | 12,223 | 2,231 | |
Steelcase Inc. Class A | 146,846 | 2,188 | |
^ | Pilgrim’s Pride Corp. | 98,309 | 2,172 |
* | ACCO Brands Corp. | 294,111 | 2,097 |
* | Select Comfort Corp. | 96,693 | 2,070 |
MDC Holdings Inc. | 78,419 | 2,002 | |
* | TiVo Inc. | 230,351 | 1,988 |
Ethan Allen Interiors Inc. | 71,166 | 1,980 | |
Andersons Inc. | 60,514 | 1,914 | |
* | Cavco Industries Inc. | 22,901 | 1,908 |
Briggs & Stratton Corp. | 103,543 | 1,791 | |
Knoll Inc. | 94,531 | 1,777 | |
Nutrisystem Inc. | 80,697 | 1,746 | |
Standard Motor | |||
Products Inc. | 45,859 | 1,745 | |
* | Diamond Foods Inc. | 44,706 | 1,723 |
* | Crocs Inc. | 167,497 | 1,715 |
* | Motorcar Parts of | ||
America Inc. | 49,446 | 1,672 | |
* | USANA Health Sciences Inc. | 12,767 | 1,631 |
John B Sanfilippo & Son Inc. | 28,275 | 1,528 | |
Oxford Industries Inc. | 23,500 | 1,500 | |
* | Unifi Inc. | 52,911 | 1,489 |
Movado Group Inc. | 57,445 | 1,477 | |
* | Nautilus Inc. | 87,152 | 1,457 |
* | Central Garden & Pet Co. | ||
Class A | 107,054 | 1,456 | |
Callaway Golf Co. | 150,875 | 1,421 | |
* | Cooper-Standard | ||
Holding Inc. | 17,393 | 1,350 | |
*,^ | Wayfair Inc. | 27,631 | 1,316 |
Medifast Inc. | 42,023 | 1,277 | |
* | Beazer Homes USA Inc. | 107,539 | 1,236 |
Inter Parfums Inc. | 50,740 | 1,209 | |
* | Seaboard Corp. | 410 | 1,187 |
Calavo Growers Inc. | 24,089 | 1,180 | |
* | Tumi Holdings Inc. | 69,783 | 1,160 |
Bassett Furniture | |||
Industries Inc. | 45,736 | 1,147 | |
Tootsie Roll Industries Inc. | 33,802 | 1,068 | |
*,^ | Jamba Inc. | 78,590 | 1,060 |
* | Farmer Brothers Co. | 31,437 | 1,014 |
* | Boulder Brands Inc. | 92,342 | 1,014 |
Winnebago Industries Inc. | 49,897 | 993 | |
Lennar Corp. Class B | 24,672 | 991 | |
* | Blount International Inc. | 100,139 | 982 |
* | DTS Inc. | 41,827 | 944 |
Flexsteel Industries Inc. | 20,912 | 924 | |
* | Universal Electronics Inc. | 17,849 | 917 |
* | Modine Manufacturing Co. | 98,407 | 891 |
* | Central Garden & Pet Co. | 58,888 | 796 |
* | Omega Protein Corp. | 35,618 | 791 |
*,^ | Elizabeth Arden Inc. | 79,688 | 789 |
* | M/I Homes Inc. | 35,860 | 786 |
* | Blue Buffalo Pet | ||
Products Inc. | 41,810 | 782 | |
* | National Beverage Corp. | 16,899 | 768 |
Superior Industries | |||
International Inc. | 39,758 | 732 | |
* | Perry Ellis International Inc. | 38,625 | 711 |
Alico Inc. | 18,161 | 703 | |
* | Taylor Morrison Home Corp. | ||
Class A | 41,870 | 670 | |
* | Cherokee Inc. | 38,606 | 666 |
* | RealD Inc. | 60,308 | 636 |
Culp Inc. | 24,118 | 614 | |
Arctic Cat Inc. | 37,179 | 609 | |
* | Iconix Brand Group Inc. | 88,476 | 604 |
* | Revlon Inc. Class A | 21,604 | 601 |
* | Federal-Mogul | ||
Holdings Corp. | 85,433 | 585 | |
* | Stoneridge Inc. | 37,471 | 555 |
* | Eastman Kodak Co. | 43,352 | 544 |
* | Glu Mobile Inc. | 213,571 | 519 |
Kimball International Inc. | |||
Class B | 53,064 | 518 | |
* | Vera Bradley Inc. | 31,993 | 504 |
Hooker Furniture Corp. | 19,289 | 487 | |
Libbey Inc. | 22,212 | 474 | |
Tower International Inc. | 16,150 | 461 | |
*,^ | JAKKS Pacific Inc. | 57,538 | 458 |
Phibro Animal Health Corp. | |||
Class A | 14,600 | 440 | |
National Presto Industries Inc. | 4,899 | 406 | |
* | ZAGG Inc. | 33,148 | 363 |
Weyco Group Inc. | 12,387 | 331 | |
* | Primo Water Corp. | 40,617 | 325 |
Strattec Security Corp. | 5,741 | 324 | |
* | Fuel Systems Solutions Inc. | 60,361 | 295 |
Alliance One | |||
International Inc. | 24,257 | 278 | |
* | Core Molding | ||
Technologies Inc. | 21,460 | 275 | |
Marine Products Corp. | 43,390 | 262 | |
* | Dixie Group Inc. | 49,812 | 261 |
MGP Ingredients Inc. | 10,002 | 260 | |
* | Lifevantage Corp. | 24,901 | 237 |
14
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Lifeway Foods Inc. | 20,817 | 231 |
*,^ | GoPro Inc. Class A | 12,641 | 228 |
Oil-Dri Corp. of America | 5,275 | 194 | |
Escalade Inc. | 13,847 | 183 | |
* | LoJack Corp. | 32,222 | 179 |
* | Nutraceutical International | ||
Corp. | 6,763 | 175 | |
* | Shiloh Industries Inc. | 28,486 | 149 |
Lifetime Brands Inc. | 11,235 | 149 | |
* | Hovnanian Enterprises Inc. | ||
Class A | 80,100 | 145 | |
Orchids Paper Products Co. | 4,683 | 145 | |
* | Mannatech Inc. | 7,199 | 137 |
Limoneira Co. | 9,066 | 135 | |
* | Inventure Foods Inc. | 18,959 | 135 |
* | Natural Alternatives | ||
International Inc. | 12,166 | 126 | |
* | Black Diamond Inc. | 27,241 | 120 |
* | S&W Seed Co. | 27,184 | 115 |
Johnson Outdoors Inc. | |||
Class A | 5,006 | 110 | |
LS Starrett Co. Class A | 11,175 | 109 | |
* | Coffee Holding Co. Inc. | 27,694 | 107 |
Nature’s Sunshine | |||
Products Inc. | 10,016 | 101 | |
* | William Lyon Homes Class A | 6,000 | 99 |
* | Craft Brew Alliance Inc. | 10,411 | 87 |
* | Female Health Co. | 52,315 | 76 |
* | Delta Apparel Inc. | 5,153 | 72 |
* | Skullcandy Inc. | 12,513 | 59 |
* | WCI Communities Inc. | 2,407 | 54 |
*,^ | Quantum Fuel Systems | ||
Technologies | |||
Worldwide Inc. | 72,360 | 53 | |
* | Seneca Foods Corp. Class A | 1,806 | 52 |
* | Malibu Boats Inc. Class A | 3,100 | 51 |
* | Summer Infant Inc. | 22,600 | 50 |
* | US Auto Parts Network Inc. | 16,787 | 49 |
Rocky Brands Inc. | 3,999 | 46 | |
* | Stanley Furniture Co. Inc. | 15,291 | 43 |
* | LGI Homes Inc. | 1,600 | 39 |
* | CCA Industries Inc. | 12,279 | 38 |
* | Emerson Radio Corp. | 37,808 | 37 |
*,^ | Clean Diesel | ||
Technologies Inc. | 39,010 | 37 | |
* | Sequential Brands Group Inc. | 4,123 | 33 |
* | DS Healthcare Group Inc. | 11,481 | 29 |
* | LeapFrog Enterprises Inc. | 40,613 | 29 |
* | Amplify Snack Brands Inc. | 2,273 | 26 |
* | Freshpet Inc. | 3,032 | 26 |
Superior Uniform Group Inc. | 1,515 | 26 | |
Crown Crafts Inc. | 2,958 | 25 | |
Acme United Corp. | 1,375 | 23 | |
* | MCBC Holdings Inc. | 1,211 | 17 |
Compx International Inc. | 1,065 | 12 |
* | Willamette Valley | ||
Vineyards Inc. | 1,400 | 10 | |
* | Skyline Corp. | 2,012 | 7 |
* | Cyanotech Corp. | 997 | 5 |
* | Crystal Rock Holdings Inc. | 7,780 | 5 |
Titan International Inc. | 1,144 | 5 | |
*,^ | Comstock Holding Cos. Inc. | ||
Class A | 3,140 | 4 | |
Golden Enterprises Inc. | 755 | 4 | |
4,015,517 | |||
Consumer Services (13.9%) | |||
* | Amazon.com Inc. | 670,907 | 453,459 |
Home Depot Inc. | 2,268,299 | 299,983 | |
Walt Disney Co. | 2,661,927 | 279,715 | |
Comcast Corp. Class A | 4,368,554 | 246,517 | |
McDonald’s Corp. | 1,642,895 | 194,092 | |
CVS Health Corp. | 1,981,247 | 193,707 | |
Wal-Mart Stores Inc. | 2,581,166 | 158,225 | |
Starbucks Corp. | 2,523,775 | 151,502 | |
Costco Wholesale Corp. | 782,682 | 126,403 | |
Lowe’s Cos. Inc. | 1,655,518 | 125,886 | |
Walgreens Boots | |||
Alliance Inc. | 1,461,149 | 124,424 | |
* | Priceline Group Inc. | 89,082 | 113,575 |
Time Warner Cable Inc. | 506,664 | 94,032 | |
Time Warner Inc. | 1,359,131 | 87,895 | |
* | Netflix Inc. | 726,529 | 83,100 |
TJX Cos. Inc. | 1,146,366 | 81,289 | |
McKesson Corp. | 411,838 | 81,227 | |
Target Corp. | 1,102,437 | 80,048 | |
Twenty-First Century | |||
Fox Inc. Class A | 2,807,339 | 76,247 | |
Delta Air Lines Inc. | 1,407,561 | 71,349 | |
Kroger Co. | 1,654,808 | 69,221 | |
Yum! Brands Inc. | 771,529 | 56,360 | |
* | eBay Inc. | 2,041,289 | 56,095 |
Cardinal Health Inc. | 588,590 | 52,543 | |
Southwest Airlines Co. | 1,166,802 | 50,242 | |
American Airlines | |||
Group Inc. | 1,128,155 | 47,777 | |
* | O’Reilly Automotive Inc. | 167,717 | 42,503 |
L Brands Inc. | 441,574 | 42,312 | |
* | AutoZone Inc. | 54,625 | 40,527 |
Carnival Corp. | 739,024 | 40,262 | |
Ross Stores Inc. | 730,066 | 39,285 | |
* | United Continental | ||
Holdings Inc. | 683,436 | 39,161 | |
Sysco Corp. | 909,436 | 37,287 | |
AmerisourceBergen Corp. | |||
Class A | 349,685 | 36,266 | |
Dollar General Corp. | 500,805 | 35,993 | |
CBS Corp. Class B | 749,932 | 35,344 | |
Omnicom Group Inc. | 433,697 | 32,814 | |
Royal Caribbean | |||
Cruises Ltd. | 314,920 | 31,873 |
15
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Las Vegas Sands Corp. | 712,423 | 31,233 | |
* | Dollar Tree Inc. | 399,349 | 30,838 |
Nielsen Holdings plc | 590,696 | 27,526 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 55,846 | 26,798 | |
Expedia Inc. | 208,587 | 25,927 | |
Viacom Inc. Class B | 608,211 | 25,034 | |
*,^ | Charter Communications | ||
Inc. Class A | 130,286 | 23,855 | |
* | DISH Network Corp. | ||
Class A | 382,088 | 21,848 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 795,485 | 21,733 | |
Starwood Hotels & Resorts | |||
Worldwide Inc. | 302,390 | 20,950 | |
Hilton Worldwide | |||
Holdings Inc. | 971,629 | 20,793 | |
Tractor Supply Co. | 240,712 | 20,581 | |
Marriott International Inc. | |||
Class A | 306,315 | 20,535 | |
Whole Foods Market Inc. | 610,573 | 20,454 | |
* | Ulta Salon Cosmetics & | ||
Fragrance Inc. | 108,860 | 20,139 | |
* | CarMax Inc. | 368,709 | 19,899 |
Macy’s Inc. | 563,051 | 19,696 | |
Advance Auto Parts Inc. | 124,493 | 18,737 | |
* | MGM Resorts International | 807,307 | 18,342 |
Alaska Air Group Inc. | 225,688 | 18,170 | |
Signet Jewelers Ltd. | 142,396 | 17,613 | |
* | TripAdvisor Inc. | 199,840 | 17,036 |
Interpublic Group of | |||
Cos. Inc. | 727,237 | 16,930 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 285,354 | 16,722 | |
Kohl’s Corp. | 347,997 | 16,575 | |
H&R Block Inc. | 494,454 | 16,470 | |
Foot Locker Inc. | 249,404 | 16,234 | |
Best Buy Co. Inc. | 531,490 | 16,184 | |
* | Sirius XM Holdings Inc. | 3,768,023 | 15,336 |
Wyndham | |||
Worldwide Corp. | 208,923 | 15,178 | |
Tiffany & Co. | 195,094 | 14,884 | |
* | Rite Aid Corp. | 1,874,238 | 14,694 |
* | IHS Inc. Class A | 122,165 | 14,468 |
* | Bed Bath & Beyond Inc. | 286,350 | 13,816 |
Aramark | 407,922 | 13,155 | |
Darden Restaurants Inc. | 206,327 | 13,131 | |
* | Liberty Media Corp. | 338,366 | 12,885 |
* | JetBlue Airways Corp. | 563,682 | 12,767 |
Nordstrom Inc. | 253,989 | 12,651 | |
Cablevision Systems | |||
Corp. Class A | 378,944 | 12,088 | |
News Corp. Class A | 894,713 | 11,953 | |
* | Discovery | ||
Communications Inc. | 467,225 | 11,783 |
FactSet Research | ||||
Systems Inc. | 70,560 | 11,471 | ||
Staples Inc. | 1,153,548 | 10,924 | ||
Domino’s Pizza Inc. | 97,844 | 10,885 | ||
TEGNA Inc. | 402,529 | 10,273 | ||
Gap Inc. | 408,007 | 10,078 | ||
Wynn Resorts Ltd. | 145,453 | 10,064 | ||
* | Hertz Global Holdings Inc. | 675,736 | 9,616 | |
* | ServiceMaster Global | |||
Holdings Inc. | 239,962 | 9,416 | ||
KAR Auction Services Inc. | 251,953 | 9,330 | ||
Service Corp. International | 338,297 | 8,802 | ||
Williams-Sonoma Inc. | 146,431 | 8,553 | ||
* | Panera Bread Co. Class A | 43,331 | 8,440 | |
* | AutoNation Inc. | 141,136 | 8,420 | |
Casey’s General Stores Inc. | 69,846 | 8,413 | ||
Vail Resorts Inc. | 65,462 | 8,378 | ||
* | AMC Networks Inc. Class A | 109,114 | 8,149 | |
* | Sally Beauty Holdings Inc. | 278,785 | 7,775 | |
*,^ | Copart Inc. | 202,364 | 7,692 | |
* | VCA Inc. | 137,351 | 7,554 | |
Scripps Networks | ||||
Interactive Inc. Class A | 135,512 | 7,482 | ||
Six Flags | ||||
Entertainment Corp. | 135,692 | 7,455 | ||
Dunkin’ Brands Group Inc. | 169,215 | 7,207 | ||
* | Discovery Communications | |||
Inc. Class A | 267,900 | 7,148 | ||
* | Sprouts Farmers | |||
Market Inc. | 257,005 | 6,834 | ||
Dun & Bradstreet Corp. | 64,828 | 6,738 | ||
* | Avis Budget Group Inc. | 183,919 | 6,674 | |
* | Liberty Media Corp. Class A | 164,822 | 6,469 | |
Cinemark Holdings Inc. | 187,235 | 6,259 | ||
* | Live Nation | |||
Entertainment Inc. | 253,957 | 6,240 | ||
* | Madison Square Garden | |||
Co. Class A | 36,766 | 5,949 | ||
Dick’s Sporting Goods Inc. | 165,980 | 5,867 | ||
* | Burlington Stores Inc. | 136,096 | 5,839 | |
^ | Lions Gate Entertainment | |||
Corp. | 173,514 | 5,620 | ||
Sabre Corp. | 198,657 | 5,556 | ||
* | Office Depot Inc. | 984,356 | 5,552 | |
* | Restoration Hardware | |||
Holdings Inc. | 68,597 | 5,450 | ||
* | Buffalo Wild Wings Inc. | 34,086 | 5,442 | |
^ | Cracker Barrel Old Country | |||
Store Inc. | 42,828 | 5,432 | ||
*,^ | SolarCity Corp. | 105,652 | 5,390 | |
^ | GameStop Corp. Class A | 189,661 | 5,318 | |
* | Houghton Mifflin | |||
Harcourt Co. | 240,814 | 5,245 | ||
* | Starz | 156,449 | 5,241 | |
* | Spirit Airlines Inc. | 130,480 | 5,200 |
16
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Brinker International Inc. | 106,961 | 5,129 | |
* | Bright Horizons Family | ||
Solutions Inc. | 75,996 | 5,077 | |
CST Brands Inc. | 129,081 | 5,052 | |
Jack in the Box Inc. | 65,057 | 4,991 | |
American Eagle | |||
Outfitters Inc. | 315,824 | 4,895 | |
* | Pandora Media Inc. | 363,520 | 4,875 |
Tribune Media Co. Class A | 143,566 | 4,854 | |
* | Murphy USA Inc. | 79,696 | 4,841 |
GNC Holdings Inc. Class A | 150,607 | 4,672 | |
Rollins Inc. | 176,181 | 4,563 | |
Wendy’s Co. | 415,520 | 4,475 | |
* | Beacon Roofing Supply Inc. | 105,853 | 4,359 |
Chemed Corp. | 28,776 | 4,311 | |
Lithia Motors Inc. Class A | 40,316 | 4,301 | |
AMERCO | 10,569 | 4,117 | |
* | Cabela’s Inc. | 87,712 | 4,099 |
Allegiant Travel Co. Class A | 24,221 | 4,065 | |
Texas Roadhouse Inc. | |||
Class A | 113,361 | 4,055 | |
Sinclair Broadcast Group | |||
Inc. Class A | 124,448 | 4,050 | |
Graham Holdings Co. | |||
Class B | 8,327 | 4,038 | |
John Wiley & Sons Inc. | |||
Class A | 87,879 | 3,957 | |
Cable One Inc. | 8,831 | 3,830 | |
* | Urban Outfitters Inc. | 168,109 | 3,824 |
Cheesecake Factory Inc. | 79,502 | 3,666 | |
Bloomin’ Brands Inc. | 214,357 | 3,620 | |
Monro Muffler Brake Inc. | 54,348 | 3,599 | |
Big Lots Inc. | 92,750 | 3,575 | |
Churchill Downs Inc. | 25,262 | 3,574 | |
* | Yelp Inc. Class A | 118,545 | 3,414 |
* | Grand Canyon | ||
Education Inc. | 84,791 | 3,402 | |
Gannett Co. Inc. | 206,912 | 3,371 | |
* | United Natural Foods Inc. | 85,525 | 3,366 |
* | Shutterfly Inc. | 73,037 | 3,255 |
Abercrombie & Fitch Co. | 120,331 | 3,249 | |
* | DreamWorks Animation | ||
SKG Inc. Class A | 126,036 | 3,248 | |
Dillard’s Inc. Class A | 49,215 | 3,234 | |
* | Pinnacle Entertainment Inc. | 103,841 | 3,232 |
* | Boyd Gaming Corp. | 162,581 | 3,230 |
* | SUPERVALU Inc. | 476,470 | 3,230 |
Core-Mark Holding Co. Inc. | 39,356 | 3,225 | |
* | Hawaiian Holdings Inc. | 91,027 | 3,216 |
Nexstar Broadcasting | |||
Group Inc. Class A | 54,013 | 3,171 | |
New York Times Co. | |||
Class A | 233,227 | 3,130 | |
DSW Inc. Class A | 130,921 | 3,124 |
* | Popeyes Louisiana | ||
Kitchen Inc. | 53,106 | 3,107 | |
Choice Hotels | |||
International Inc. | 61,591 | 3,105 | |
* | WebMD Health Corp. | 64,189 | 3,100 |
* | Ascena Retail Group Inc. | 314,163 | 3,094 |
Morningstar Inc. | 38,402 | 3,088 | |
Penske Automotive | |||
Group Inc. | 72,537 | 3,071 | |
Hillenbrand Inc. | 101,321 | 3,002 | |
Matthews International | |||
Corp. Class A | 55,990 | 2,993 | |
* | Five Below Inc. | 93,105 | 2,989 |
Dolby Laboratories Inc. | |||
Class A | 88,561 | 2,980 | |
Papa John’s International Inc. | 52,986 | 2,960 | |
* | Stamps.com Inc. | 26,856 | 2,944 |
PriceSmart Inc. | 35,374 | 2,936 | |
Meredith Corp. | 67,677 | 2,927 | |
Aaron’s Inc. | 130,370 | 2,919 | |
Group 1 Automotive Inc. | 38,483 | 2,913 | |
* | Asbury Automotive | ||
Group Inc. | 43,091 | 2,906 | |
* | Michaels Cos. Inc. | 130,730 | 2,890 |
^ | Regal Entertainment Group | ||
Class A | 152,486 | 2,877 | |
HSN Inc. | 56,715 | 2,874 | |
Sotheby’s | 111,530 | 2,873 | |
* | Acxiom Corp. | 133,213 | 2,787 |
Extended Stay America Inc. | 174,271 | 2,771 | |
Time Inc. | 175,026 | 2,743 | |
* | Hyatt Hotels Corp. Class A | 57,599 | 2,708 |
Caleres Inc. | 99,510 | 2,669 | |
* | Gray Television Inc. | 162,369 | 2,647 |
DineEquity Inc. | 31,115 | 2,635 | |
DeVry Education Group Inc. | 103,728 | 2,625 | |
*,^ | GrubHub Inc. | 107,246 | 2,595 |
Chico’s FAS Inc. | 243,014 | 2,593 | |
* | comScore Inc. | 62,139 | 2,557 |
* | Express Inc. | 146,773 | 2,536 |
* | Diplomat Pharmacy Inc. | 74,046 | 2,534 |
*,^ | Groupon Inc. Class A | 821,245 | 2,521 |
SeaWorld | |||
Entertainment Inc. | 127,441 | 2,509 | |
* | Genesco Inc. | 43,371 | 2,465 |
* | Constant Contact Inc. | 80,888 | 2,365 |
Scholastic Corp. | 60,976 | 2,351 | |
Sonic Corp. | 72,560 | 2,344 | |
* | MSG Networks Inc. | 112,701 | 2,344 |
* | La Quinta Holdings Inc. | 165,815 | 2,257 |
* | Media General Inc. | 137,101 | 2,214 |
Children’s Place Inc. | 39,641 | 2,188 | |
Cato Corp. Class A | 58,686 | 2,161 | |
* | Denny’s Corp. | 217,952 | 2,142 |
17
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Marriott Vacations | |||
Worldwide Corp. | 37,087 | 2,112 | |
Guess? Inc. | 109,606 | 2,069 | |
* | BJ’s Restaurants Inc. | 47,402 | 2,061 |
Bob Evans Farms Inc. | 52,620 | 2,044 | |
Twenty-First Century | |||
Fox Inc. | 73,455 | 2,000 | |
* | Belmond Ltd. Class A | 209,475 | 1,990 |
* | Fresh Market Inc. | 83,600 | 1,958 |
* | Pep Boys-Manny | ||
Moe & Jack | 104,586 | 1,925 | |
* | Krispy Kreme | ||
Doughnuts Inc. | 127,468 | 1,921 | |
Ingles Markets Inc. Class A | 40,895 | 1,803 | |
SkyWest Inc. | 91,767 | 1,745 | |
* | Penn National Gaming Inc. | 108,858 | 1,744 |
* | Francesca’s Holdings Corp. | 99,626 | 1,734 |
* | Caesars Acquisition Co. | ||
Class A | 251,308 | 1,711 | |
* | Vitamin Shoppe Inc. | 51,702 | 1,691 |
* | Dave & Buster’s | ||
Entertainment Inc. | 40,400 | 1,686 | |
National CineMedia Inc. | 105,633 | 1,659 | |
* | Carmike Cinemas Inc. | 72,235 | 1,657 |
* | Four Corners Property | ||
Trust Inc. | 68,075 | 1,645 | |
^ | Buckle Inc. | 53,213 | 1,638 |
International Speedway | |||
Corp. Class A | 48,335 | 1,630 | |
AMC Entertainment | |||
Holdings Inc. | 67,100 | 1,610 | |
SpartanNash Co. | 73,512 | 1,591 | |
*,^ | Sears Holdings Corp. | 77,124 | 1,586 |
Finish Line Inc. Class A | 86,376 | 1,562 | |
*,^ | Weight Watchers | ||
International Inc. | 66,649 | 1,520 | |
* | Blue Nile Inc. | 40,808 | 1,515 |
* | Angie’s List Inc. | 161,909 | 1,514 |
EW Scripps Co. Class A | 78,856 | 1,498 | |
Capella Education Co. | 32,313 | 1,494 | |
* | Diamond Resorts | ||
International Inc. | 57,729 | 1,473 | |
* | Strayer Education Inc. | 24,384 | 1,466 |
* | Hibbett Sports Inc. | 47,782 | 1,445 |
* | Chuy’s Holdings Inc. | 45,788 | 1,435 |
* | Red Robin Gourmet | ||
Burgers Inc. | 23,203 | 1,433 | |
Rent-A-Center Inc. | 95,350 | 1,427 | |
Carriage Services Inc. | |||
Class A | 59,116 | 1,425 | |
* | Rush Enterprises Inc. | ||
Class A | 63,111 | 1,381 | |
PetMed Express Inc. | 80,475 | 1,379 | |
ClubCorp Holdings Inc. | 74,408 | 1,359 | |
* | Regis Corp. | 95,013 | 1,344 |
* | Autobytel Inc. | 59,128 | 1,334 |
Men’s Wearhouse Inc. | 87,492 | 1,284 | |
*,^ | Clean Energy Fuels Corp. | 345,465 | 1,244 |
MDC Partners Inc. Class A | 55,152 | 1,198 | |
* | Fiesta Restaurant Group Inc. | 34,305 | 1,153 |
Interval Leisure Group Inc. | 73,647 | 1,150 | |
* | Bankrate Inc. | 85,885 | 1,142 |
*,^ | Conn’s Inc. | 47,531 | 1,116 |
* | XO Group Inc. | 69,131 | 1,110 |
*,^ | Mattress Firm Holding Corp. | 24,238 | 1,082 |
* | Isle of Capri Casinos Inc. | 73,409 | 1,023 |
*,^ | Scientific Games Corp. | ||
Class A | 110,312 | 989 | |
New Media Investment | |||
Group Inc. | 49,917 | 971 | |
Fred’s Inc. Class A | 59,047 | 967 | |
Sonic Automotive Inc. | |||
Class A | 41,616 | 947 | |
* | American Public | ||
Education Inc. | 48,328 | 899 | |
Weis Markets Inc. | 20,019 | 887 | |
* | FTD Cos. Inc. | 33,781 | 884 |
Pier 1 Imports Inc. | 172,761 | 879 | |
* | Biglari Holdings Inc. | 2,667 | 869 |
CSS Industries Inc. | 30,184 | 857 | |
Haverty Furniture Cos. Inc. | 39,871 | 855 | |
*,^ | Lumber Liquidators | ||
Holdings Inc. | 47,938 | 832 | |
* | Clear Channel Outdoor | ||
Holdings Inc. Class A | 148,271 | 829 | |
* | 1-800-Flowers.com Inc. | ||
Class A | 112,858 | 822 | |
* | Entercom Communications | ||
Corp. Class A | 71,438 | 802 | |
* | Build-A-Bear Workshop Inc. | 64,103 | 785 |
Entravision Communications | |||
Corp. Class A | 100,757 | 777 | |
Citi Trends Inc. | 35,892 | 763 | |
Barnes & Noble Inc. | 84,825 | 739 | |
*,^ | Lands’ End Inc. | 30,630 | 718 |
* | MarineMax Inc. | 37,356 | 688 |
* | Century Casinos Inc. | 87,616 | 682 |
* | Ruby Tuesday Inc. | 122,912 | 677 |
* | America’s Car-Mart Inc. | 25,168 | 672 |
World Wrestling | |||
Entertainment Inc. Class A | 36,041 | 643 | |
Ruth’s Hospitality Group Inc. | 40,099 | 638 | |
* | Tuesday Morning Corp. | 95,771 | 623 |
Marcus Corp. | 32,726 | 621 | |
* | Party City Holdco Inc. | 43,791 | 565 |
Big 5 Sporting Goods Corp. | 54,827 | 548 | |
* | Overstock.com Inc. | 43,969 | 540 |
* | Barnes & Noble | ||
Education Inc. | 53,292 | 530 | |
* | Caesars Entertainment Corp. | 66,883 | 528 |
18
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Apollo Education Group Inc. | 67,100 | 515 |
* | Carrols Restaurant Group Inc. | 43,411 | 510 |
* | Ascent Capital Group Inc. | ||
Class A | 29,607 | 495 | |
Kirkland’s Inc. | 33,879 | 491 | |
* | Destination XL Group Inc. | 88,423 | 488 |
* | Quotient Technology Inc. | 71,098 | 485 |
A H Belo Corp. Class A | 96,630 | 483 | |
* | Chefs’ Warehouse Inc. | 27,680 | 462 |
* | Titan Machinery Inc. | 42,180 | 461 |
* | Del Frisco’s Restaurant | ||
Group Inc. | 28,679 | 459 | |
Speedway Motorsports Inc. | 22,088 | 458 | |
* | Liquidity Services Inc. | 70,010 | 455 |
* | Monarch Casino & | ||
Resort Inc. | 19,267 | 438 | |
Shoe Carnival Inc. | 18,658 | 433 | |
Marchex Inc. Class B | 110,495 | 430 | |
* | Natural Grocers by Vitamin | ||
Cottage Inc. | 21,003 | 428 | |
* | Tile Shop Holdings Inc. | 24,203 | 397 |
* | Zoe’s Kitchen Inc. | 13,534 | 379 |
* | Bravo Brio Restaurant | ||
Group Inc. | 41,392 | 373 | |
* | Providence Service Corp. | 7,930 | 372 |
* | Demand Media Inc. | 67,540 | 371 |
* | Virgin America Inc. | 10,200 | 367 |
Collectors Universe Inc. | 23,593 | 366 | |
* | RetailMeNot Inc. | 36,600 | 363 |
* | Zumiez Inc. | 23,621 | 357 |
* | J Alexander’s Holdings Inc. | 32,109 | 351 |
* | K12 Inc. | 38,674 | 340 |
Stage Stores Inc. | 36,773 | 335 | |
* | Global Eagle | ||
Entertainment Inc. | 33,849 | 334 | |
* | Republic Airways | ||
Holdings Inc. | 82,176 | 323 | |
* | Smart & Final Stores Inc. | 17,675 | 322 |
* | Sizmek Inc. | 88,164 | 322 |
* | Bridgepoint Education Inc. | 41,209 | 314 |
Harte-Hanks Inc. | 95,721 | 310 | |
* | SP Plus Corp. | 11,985 | 286 |
* | Cambium Learning | ||
Group Inc. | 57,983 | 281 | |
Journal Media Group Inc. | 23,128 | 278 | |
* | Daily Journal Corp. | 1,360 | 275 |
TheStreet Inc. | 181,048 | 272 | |
* | Reading International Inc. | ||
Class A | 20,671 | 271 | |
* | Rave Restaurant Group Inc. | 39,164 | 250 |
^ | Bon-Ton Stores Inc. | 109,407 | 230 |
* | Shake Shack Inc. Class A | 5,713 | 226 |
* | Gaiam Inc. Class A | 35,786 | 223 |
* | Christopher & Banks Corp. | 131,321 | 217 |
*,^ | hhgregg Inc. | 57,211 | 209 |
* | Lee Enterprises Inc. | 124,235 | 209 |
* | Ollie’s Bargain Outlet | ||
Holdings Inc. | 12,015 | 204 | |
* | Spark Networks Inc. | 53,035 | 204 |
Stein Mart Inc. | 29,959 | 202 | |
* | RealNetworks Inc. | 45,580 | 194 |
*,^ | Famous Dave’s of | ||
America Inc. | 25,956 | 180 | |
* | Eldorado Resorts Inc. | 15,423 | 170 |
* | Career Education Corp. | 45,582 | 165 |
* | Noodles & Co. Class A | 17,000 | 165 |
* | Care.com Inc. | 22,685 | 162 |
* | Luby’s Inc. | 35,510 | 159 |
Destination Maternity Corp. | 17,667 | 154 | |
* | Etsy Inc. | 18,429 | 152 |
* | Avid Technology Inc. | 20,459 | 149 |
* | EVINE Live Inc. | 78,989 | 141 |
* | McClatchy Co. Class A | 114,847 | 139 |
* | TrueCar Inc. | 14,400 | 137 |
* | Rubicon Project Inc. | 8,269 | 136 |
* | Morgans Hotel Group Co. | 39,926 | 135 |
Saga Communications Inc. | |||
Class A | 3,223 | 124 | |
Tribune Publishing Co. | 12,900 | 119 | |
* | Cumulus Media Inc. | ||
Class A | 358,254 | 118 | |
* | QuinStreet Inc. | 27,046 | 116 |
Liberty Tax Inc. | 4,055 | 97 | |
* | West Marine Inc. | 11,266 | 96 |
* | Performance Food | ||
Group Co. | 4,000 | 93 | |
* | Cosi Inc. | 205,033 | 90 |
Ark Restaurants Corp. | 3,854 | 89 | |
* | Planet Fitness Inc. Class A | 5,438 | 85 |
* | Boot Barn Holdings Inc. | 6,517 | 80 |
Village Super Market Inc. | |||
Class A | 3,022 | 80 | |
Town Sports International | |||
Holdings Inc. | 65,935 | 78 | |
* | New York & Co. Inc. | 34,183 | 78 |
* | Diversified Restaurant | ||
Holdings Inc. | 34,766 | 78 | |
* | Potbelly Corp. | 6,657 | 78 |
* | JC Penney Co. Inc. | 11,180 | 74 |
bebe stores inc | 124,638 | 70 | |
* | Red Lion Hotels Corp. | 9,601 | 67 |
* | RCI Hospitality Holdings Inc. | 6,664 | 67 |
CBS Corp. Class A | 1,214 | 63 | |
* | Everyday Health Inc. | 9,648 | 58 |
* | Dover Downs Gaming & | ||
Entertainment Inc. | 52,774 | 51 | |
Salem Media Group Inc. | |||
Class A | 10,229 | 51 | |
News Corp. Class B | 3,627 | 51 |
19
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
*,^ | YOU On Demand | |||
Holdings Inc. | 23,900 | 45 | ||
* | El Pollo Loco Holdings Inc. | 3,512 | 44 | |
* | Radio One Inc. | 25,730 | 44 | |
* | Fogo De Chao Inc. | 2,919 | 44 | |
*,^ | ReachLocal Inc. | 25,510 | 42 | |
* | Gordmans Stores Inc. | 12,763 | 40 | |
* | Container Store Group Inc. | 4,572 | 37 | |
* | Pacific Sunwear of | |||
California Inc. | 144,155 | 35 | ||
* | Papa Murphy’s Holdings Inc. | 3,000 | 34 | |
Natural Health Trends Corp. | 1,000 | 34 | ||
* | Wingstop Inc. | 1,211 | 28 | |
*,^ | ITT Educational Services Inc. | 6,768 | 25 | |
* | Empire Resorts Inc. | 1,179 | 21 | |
* | Insignia Systems Inc. | 7,050 | 21 | |
* | TubeMogul Inc. | 1,500 | 20 | |
* | Bojangles’ Inc. | 1,200 | 19 | |
* | Interpace Diagnostics | |||
Group Inc. | 36,910 | 18 | ||
* | Golden Entertainment Inc. | 1,523 | 16 | |
* | Digital Turbine Inc. | 11,400 | 15 | |
Educational | ||||
Development Corp. | 1,122 | 12 | ||
National American | ||||
University Holdings Inc. | 5,908 | 12 | ||
* | MaxPoint Interactive Inc. | 4,538 | 8 | |
Flanigan’s Enterprises Inc. | 329 | 7 | ||
* | Perfumania Holdings Inc. | 2,879 | 7 | |
* | Emmis Communications | |||
Corp. Class A | 8,800 | 6 | ||
* | Gaming Partners | |||
International Corp. | 609 | 5 | ||
Beasley Broadcast | ||||
Group Inc. Class A | 1,402 | 5 | ||
* | Tilly’s Inc. Class A | 603 | 4 | |
* | Radio One Inc. Class A | 1,680 | 3 | |
* | Trans World | |||
Entertainment Corp. | 647 | 2 | ||
* | PCM Inc. | 63 | 1 | |
* | Aeropostale Inc. | 836 | — | |
* | Fairway Group Holdings Corp. | 300 | — | |
* | Profire Energy Inc. | 171 | — | |
* | SPAR Group Inc. | 29 | — | |
* | Universal Travel Group | 118 | — | |
* | Speed Commerce Inc. | 194 | — | |
5,429,800 | ||||
Financials (19.3%) | ||||
Wells Fargo & Co. | 8,224,259 | 447,071 | ||
* | Berkshire Hathaway Inc. | |||
Class B | 3,334,478 | 440,284 | ||
JPMorgan Chase & Co. | 6,585,752 | 434,857 | ||
Bank of America Corp. | 18,628,364 | 313,515 | ||
Visa Inc. Class A | 3,482,266 | 270,050 | ||
Citigroup Inc. | 5,063,078 | 262,014 |
MasterCard Inc. Class A | 1,771,676 | 172,490 | |
American International | |||
Group Inc. | 2,102,629 | 130,300 | |
US Bancorp | 2,980,645 | 127,184 | |
Goldman Sachs Group Inc. | 686,805 | 123,783 | |
Simon Property Group Inc. | 553,576 | 107,637 | |
American Express Co. | 1,496,963 | 104,114 | |
PNC Financial Services | |||
Group Inc. | 908,850 | 86,622 | |
Morgan Stanley | 2,598,530 | 82,659 | |
MetLife Inc. | 1,591,378 | 76,720 | |
Bank of New York | |||
Mellon Corp. | 1,860,221 | 76,678 | |
American Tower | |||
Corporation | 758,029 | 73,491 | |
Charles Schwab Corp. | 2,120,357 | 69,823 | |
Capital One Financial Corp. | 952,100 | 68,723 | |
Prudential Financial Inc. | 803,543 | 65,416 | |
Public Storage | 263,373 | 65,237 | |
BlackRock Inc. | 190,750 | 64,954 | |
ACE Ltd. | 551,136 | 64,400 | |
Travelers Cos. Inc. | 544,270 | 61,426 | |
Intercontinental | |||
Exchange Inc. | 212,505 | 54,457 | |
Chubb Corp. | 406,250 | 53,885 | |
Equity Residential | 651,969 | 53,194 | |
BB&T Corp. | 1,396,237 | 52,792 | |
CME Group Inc. | 575,141 | 52,108 | |
Marsh & McLennan | |||
Cos. Inc. | 937,877 | 52,005 | |
Crown Castle | |||
International Corp. | 597,401 | 51,645 | |
* | Synchrony Financial | 1,574,662 | 47,885 |
McGraw Hill Financial Inc. | 483,626 | 47,676 | |
State Street Corp. | 686,099 | 45,530 | |
Aon plc | 490,062 | 45,189 | |
AvalonBay | |||
Communities Inc. | 244,942 | 45,101 | |
Welltower Inc. | 633,117 | 43,071 | |
Allstate Corp. | 693,245 | 43,044 | |
Discover Financial | |||
Services | 770,261 | 41,301 | |
Aflac Inc. | 687,470 | 41,179 | |
Prologis Inc. | 937,995 | 40,259 | |
SunTrust Banks Inc. | 912,143 | 39,076 | |
Boston Properties Inc. | 274,760 | 35,043 | |
Ameriprise Financial Inc. | 315,919 | 33,620 | |
Ventas Inc. | 595,745 | 33,618 | |
Equinix Inc. | 110,234 | 33,335 | |
Hartford Financial Services | |||
Group Inc. | 735,334 | 31,958 | |
HCP Inc. | 832,545 | 31,837 | |
Progressive Corp. | 994,097 | 31,612 | |
M&T Bank Corp. | 257,588 | 31,215 | |
T. Rowe Price Group Inc. | 431,426 | 30,843 |
20
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Vornado Realty Trust | 303,761 | 30,364 | |
Moody’s Corp. | 301,731 | 30,276 | |
Fifth Third Bancorp | 1,434,581 | 28,835 | |
Northern Trust Corp. | 393,249 | 28,349 | |
Essex Property Trust Inc. | 118,223 | 28,304 | |
Weyerhaeuser Co. | 914,127 | 27,406 | |
General Growth | |||
Properties Inc. | 948,057 | 25,797 | |
Invesco Ltd. | 759,909 | 25,442 | |
Citizens Financial | |||
Group Inc. | 944,746 | 24,743 | |
Franklin Resources Inc. | 645,676 | 23,774 | |
Equifax Inc. | 211,963 | 23,606 | |
Principal Financial | |||
Group Inc. | 524,237 | 23,580 | |
Realty Income Corp. | 446,574 | 23,057 | |
Macerich Co. | 283,268 | 22,857 | |
Regions Financial Corp. | 2,348,617 | 22,547 | |
Lincoln National Corp. | 444,767 | 22,354 | |
XL Group plc Class A | 535,848 | 20,995 | |
* | Markel Corp. | 23,716 | 20,950 |
Loews Corp. | 539,407 | 20,713 | |
Host Hotels & | |||
Resorts Inc. | 1,345,898 | 20,646 | |
SL Green Realty Corp. | 178,449 | 20,161 | |
Digital Realty Trust Inc. | 261,827 | 19,799 | |
KeyCorp | 1,495,991 | 19,732 | |
Kimco Realty Corp. | 703,201 | 18,607 | |
Extra Space Storage Inc. | 209,879 | 18,513 | |
Federal Realty | |||
Investment Trust | 124,282 | 18,158 | |
UDR Inc. | 468,777 | 17,612 | |
* | CBRE Group Inc. Class A | 508,184 | 17,573 |
First Republic Bank | 259,830 | 17,164 | |
Cincinnati Financial Corp. | 278,512 | 16,480 | |
FNF Group | 471,106 | 16,333 | |
Western Union Co. | 906,533 | 16,236 | |
Annaly Capital | |||
Management Inc. | 1,697,850 | 15,926 | |
Huntington | |||
Bancshares Inc. | 1,426,963 | 15,782 | |
* | E*TRADE Financial Corp. | 524,817 | 15,556 |
* | Affiliated Managers | ||
Group Inc. | 96,825 | 15,469 | |
TD Ameritrade | |||
Holding Corp. | 432,483 | 15,011 | |
Plum Creek Timber Co. Inc. | 310,579 | 14,821 | |
Voya Financial Inc. | 401,110 | 14,805 | |
Unum Group | 436,452 | 14,529 | |
* | Arch Capital Group Ltd. | 208,116 | 14,516 |
* | Ally Financial Inc. | 776,750 | 14,479 |
CIT Group Inc. | 359,598 | 14,276 | |
Willis Group Holdings plc | 290,185 | 14,094 | |
SEI Investments Co. | 265,370 | 13,905 |
New York Community | |||
Bancorp Inc. | 825,443 | 13,471 | |
Raymond James | |||
Financial Inc. | 230,718 | 13,375 | |
Comerica Inc. | 316,213 | 13,227 | |
* | Signature Bank | 85,629 | 13,133 |
Duke Realty Corp. | 617,717 | 12,984 | |
Arthur J Gallagher & Co. | 316,138 | 12,943 | |
Jones Lang LaSalle Inc. | 80,702 | 12,901 | |
* | Alleghany Corp. | 26,961 | 12,885 |
VEREIT Inc. | 1,621,543 | 12,843 | |
Mid-America Apartment | |||
Communities Inc. | 134,958 | 12,256 | |
Nasdaq Inc. | 210,107 | 12,222 | |
Torchmark Corp. | 211,195 | 12,072 | |
* | Berkshire Hathaway Inc. | ||
Class A | 61 | 12,066 | |
Camden Property Trust | 155,446 | 11,932 | |
MSCI Inc. Class A | 165,358 | 11,927 | |
Alexandria Real Estate | |||
Equities Inc. | 129,895 | 11,737 | |
Omega Healthcare | |||
Investors Inc. | 334,642 | 11,706 | |
Regency Centers Corp. | 168,528 | 11,480 | |
Apartment Investment & | |||
Management Co. | 279,885 | 11,204 | |
* | SVB Financial Group | 92,200 | 10,963 |
* | Liberty Ventures Class A | 241,147 | 10,878 |
PartnerRe Ltd. | 77,199 | 10,788 | |
Everest Re Group Ltd. | 58,884 | 10,781 | |
American Capital | |||
Agency Corp. | 619,983 | 10,751 | |
East West Bancorp Inc. | 257,929 | 10,720 | |
Lazard Ltd. Class A | 232,192 | 10,451 | |
Kilroy Realty Corp. | 165,064 | 10,445 | |
Reinsurance Group of | |||
America Inc. Class A | 118,083 | 10,102 | |
Zions Bancorporation | 365,596 | 9,981 | |
WP Carey Inc. | 168,233 | 9,926 | |
National Retail | |||
Properties Inc. | 243,924 | 9,769 | |
* | Realogy Holdings Corp. | 262,219 | 9,616 |
CBOE Holdings Inc. | 147,880 | 9,597 | |
Assurant Inc. | 118,716 | 9,561 | |
Axis Capital Holdings Ltd. | 169,892 | 9,551 | |
Equity LifeStyle | |||
Properties Inc. | 142,281 | 9,486 | |
* | Forest City Enterprises Inc. | ||
Class A | 431,557 | 9,464 | |
DDR Corp. | 550,747 | 9,275 | |
RenaissanceRe | |||
Holdings Ltd. | 81,602 | 9,237 | |
Iron Mountain Inc. | 339,985 | 9,183 | |
WR Berkley Corp. | 165,580 | 9,066 |
21
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
American Financial | |||
Group Inc. | 125,105 | 9,018 | |
CubeSmart | 293,751 | 8,995 | |
Brixmor Property | |||
Group Inc. | 347,641 | 8,976 | |
People’s United | |||
Financial Inc. | 555,200 | 8,966 | |
PacWest Bancorp | 204,626 | 8,819 | |
Lamar Advertising Co. | |||
Class A | 146,795 | 8,805 | |
StanCorp Financial | |||
Group Inc. | 75,822 | 8,635 | |
BioMed Realty Trust Inc. | 364,474 | 8,634 | |
Starwood Property | |||
Trust Inc. | 404,821 | 8,323 | |
American Campus | |||
Communities Inc. | 200,977 | 8,308 | |
Liberty Property Trust | 266,313 | 8,269 | |
Taubman Centers Inc. | 102,690 | 7,878 | |
Old Republic | |||
International Corp. | 421,261 | 7,848 | |
Douglas Emmett Inc. | 249,498 | 7,779 | |
Legg Mason Inc. | 195,013 | 7,650 | |
Navient Corp. | 664,885 | 7,613 | |
Spirit Realty Capital Inc. | 750,670 | 7,522 | |
Highwoods Properties Inc. | 171,033 | 7,457 | |
Investors Bancorp Inc. | 587,677 | 7,311 | |
Endurance Specialty | |||
Holdings Ltd. | 113,382 | 7,255 | |
* | Howard Hughes Corp. | 64,021 | 7,245 |
Synovus Financial Corp. | 222,270 | 7,197 | |
Hospitality Properties Trust | 271,507 | 7,100 | |
MarketAxess Holdings Inc. | 63,559 | 7,093 | |
Bank of the Ozarks Inc. | 142,152 | 7,031 | |
First American | |||
Financial Corp. | 194,901 | 6,997 | |
Sovran Self Storage Inc. | 64,806 | 6,954 | |
Weingarten Realty Investors | 199,852 | 6,911 | |
First Niagara Financial | |||
Group Inc. | 635,597 | 6,896 | |
Assured Guaranty Ltd. | 260,423 | 6,883 | |
* | Liberty Broadband Corp. | 132,567 | 6,875 |
CNO Financial Group Inc. | 340,692 | 6,504 | |
Brown & Brown Inc. | 201,795 | 6,478 | |
Validus Holdings Ltd. | 139,350 | 6,451 | |
Eaton Vance Corp. | 197,846 | 6,416 | |
* | Equity Commonwealth | 229,963 | 6,377 |
Hanover Insurance | |||
Group Inc. | 78,320 | 6,371 | |
BankUnited Inc. | 176,346 | 6,359 | |
Commerce Bancshares Inc. | 148,590 | 6,321 | |
Senior Housing Properties | |||
Trust | 425,721 | 6,318 | |
Retail Properties of | |||
America Inc. | 425,335 | 6,282 |
Umpqua Holdings Corp. | 394,731 | 6,276 | |
EPR Properties | 107,116 | 6,261 | |
^ | LPL Financial Holdings Inc. | 144,522 | 6,164 |
Healthcare Trust of | |||
America Inc. Class A | 227,844 | 6,145 | |
Webster Financial Corp. | 164,053 | 6,101 | |
First Horizon National Corp. | 419,942 | 6,098 | |
Sun Communities Inc. | 88,757 | 6,083 | |
Cullen/Frost Bankers Inc. | 100,791 | 6,047 | |
DCT Industrial Trust Inc. | 158,535 | 5,924 | |
^ | Apple Hospitality REIT Inc. | 296,398 | 5,919 |
* | Western Alliance Bancorp | 164,973 | 5,916 |
American Homes 4 Rent | |||
Class A | 355,073 | 5,916 | |
Gramercy Property Trust | 753,641 | 5,818 | |
Allied World Assurance | |||
Co. Holdings AG | 155,063 | 5,767 | |
NorthStar Realty | |||
Finance Corp. | 338,468 | 5,764 | |
White Mountains | |||
Insurance Group Ltd. | 7,922 | 5,758 | |
Post Properties Inc. | 97,113 | 5,745 | |
Prosperity Bancshares Inc. | 119,522 | 5,720 | |
* | LendingClub Corp. | 508,641 | 5,620 |
Tanger Factory Outlet | |||
Centers Inc. | 171,608 | 5,612 | |
Corrections Corp. of | |||
America | 210,360 | 5,572 | |
FirstMerit Corp. | 297,420 | 5,547 | |
PrivateBancorp Inc. | 134,725 | 5,526 | |
Paramount Group Inc. | 304,635 | 5,514 | |
Outfront Media Inc. | 246,904 | 5,390 | |
* | MGIC Investment Corp. | 609,455 | 5,381 |
Two Harbors Investment | |||
Corp. | 651,495 | 5,277 | |
Popular Inc. | 185,913 | 5,269 | |
Aspen Insurance | |||
Holdings Ltd. | 108,801 | 5,255 | |
Columbia Property Trust Inc. | 222,623 | 5,227 | |
Healthcare Realty Trust Inc. | 180,614 | 5,115 | |
LaSalle Hotel Properties | 202,035 | 5,083 | |
Piedmont Office Realty | |||
Trust Inc. Class A | 268,223 | 5,064 | |
Associated Banc-Corp | 269,927 | 5,061 | |
New Residential | |||
Investment Corp. | 413,751 | 5,031 | |
* | Stifel Financial Corp. | 118,479 | 5,019 |
*,^ | Zillow Group Inc. | 212,762 | 4,996 |
* | SLM Corp. | 765,082 | 4,988 |
Radian Group Inc. | 371,337 | 4,972 | |
Chimera Investment Corp. | 364,386 | 4,970 | |
Rayonier Inc. | 223,234 | 4,956 | |
Medical Properties | |||
Trust Inc. | 427,066 | 4,916 | |
Bank of Hawaii Corp. | 77,749 | 4,890 |
22
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
AmTrust Financial | |||
Services Inc. | 78,946 | 4,861 | |
Federated Investors Inc. | |||
Class B | 168,290 | 4,822 | |
RLJ Lodging Trust | 220,211 | 4,763 | |
Interactive Brokers | |||
Group Inc. | 108,555 | 4,733 | |
Sunstone Hotel | |||
Investors Inc. | 374,603 | 4,679 | |
ProAssurance Corp. | 95,127 | 4,617 | |
Care Capital Properties Inc. | 150,380 | 4,597 | |
Gaming and Leisure | |||
Properties Inc. | 164,930 | 4,585 | |
RLI Corp. | 74,093 | 4,575 | |
Brandywine Realty Trust | 322,265 | 4,402 | |
First Industrial Realty | |||
Trust Inc. | 198,374 | 4,390 | |
MFA Financial Inc. | 663,541 | 4,379 | |
United Bankshares Inc. | 118,295 | 4,376 | |
Cathay General Bancorp | 139,494 | 4,370 | |
Erie Indemnity Co. Class A | 45,460 | 4,348 | |
* | Blackhawk Network | ||
Holdings Inc. | 98,136 | 4,339 | |
Home BancShares Inc. | 106,633 | 4,321 | |
Symetra Financial Corp. | 135,697 | 4,311 | |
Blackstone Mortgage | |||
Trust Inc. Class A | 158,979 | 4,254 | |
Hudson Pacific | |||
Properties Inc. | 151,117 | 4,252 | |
CyrusOne Inc. | 112,991 | 4,232 | |
Wintrust Financial Corp. | 86,689 | 4,206 | |
FNB Corp. | 314,538 | 4,196 | |
Primerica Inc. | 88,666 | 4,188 | |
Urban Edge Properties | 178,281 | 4,181 | |
MB Financial Inc. | 126,742 | 4,103 | |
Acadia Realty Trust | 123,579 | 4,097 | |
Fulton Financial Corp. | 313,416 | 4,078 | |
IBERIABANK Corp. | 73,897 | 4,070 | |
* | Texas Capital | ||
Bancshares Inc. | 82,313 | 4,068 | |
Valley National Bancorp | 412,524 | 4,063 | |
Waddell & Reed Financial | |||
Inc. Class A | 141,539 | 4,057 | |
Ryman Hospitality | |||
Properties Inc. | 78,264 | 4,042 | |
Communications Sales | |||
& Leasing Inc. | 216,234 | 4,041 | |
Washington Federal Inc. | 168,308 | 4,011 | |
* | OneMain Holdings Inc. | ||
Class A | 96,327 | 4,001 | |
NorthStar Asset | |||
Management Group Inc. | 329,601 | 4,001 | |
Kennedy-Wilson | |||
Holdings Inc. | 164,505 | 3,961 |
National Health | |||
Investors Inc. | 63,918 | 3,891 | |
Kite Realty Group Trust | 149,281 | 3,871 | |
GEO Group Inc. | 133,684 | 3,865 | |
TCF Financial Corp. | 273,453 | 3,861 | |
Equity One Inc. | 139,227 | 3,780 | |
CBL & Associates | |||
Properties Inc. | 305,379 | 3,778 | |
Education Realty Trust Inc. | 99,435 | 3,767 | |
Janus Capital Group Inc. | 265,344 | 3,739 | |
DuPont Fabros | |||
Technology Inc. | 117,262 | 3,728 | |
BancorpSouth Inc. | 155,207 | 3,723 | |
* | Liberty TripAdvisor | ||
Holdings Inc. Class A | 122,457 | 3,715 | |
Colony Capital Inc. Class A | 190,032 | 3,702 | |
Corporate Office P | |||
roperties Trust | 169,478 | 3,700 | |
Cousins Properties Inc. | 384,452 | 3,625 | |
Pebblebrook Hotel Trust | 128,694 | 3,606 | |
Sterling Bancorp | 221,040 | 3,585 | |
Pinnacle Financial | |||
Partners Inc. | 69,457 | 3,567 | |
American Equity | |||
Investment Life | |||
Holding Co. | 146,949 | 3,531 | |
WP Glimcher Inc. | 331,539 | 3,518 | |
* | Hilltop Holdings Inc. | 182,334 | 3,504 |
Hancock Holding Co. | 138,774 | 3,493 | |
Empire State Realty | |||
Trust Inc. | 193,292 | 3,493 | |
UMB Financial Corp. | 74,991 | 3,491 | |
DiamondRock | |||
Hospitality Co. | 359,573 | 3,470 | |
Evercore Partners Inc. | |||
Class A | 63,827 | 3,451 | |
Glacier Bancorp Inc. | 129,996 | 3,449 | |
STORE Capital Corp. | 147,408 | 3,420 | |
First Financial | |||
Bankshares Inc. | 112,236 | 3,386 | |
Mack-Cali Realty Corp. | 144,031 | 3,363 | |
Columbia Banking | |||
System Inc. | 103,296 | 3,358 | |
New York REIT Inc. | 291,141 | 3,348 | |
First Midwest Bancorp Inc. | 181,590 | 3,347 | |
Kemper Corp. | 89,494 | 3,334 | |
First Citizens BancShares | |||
Inc. Class A | 12,832 | 3,313 | |
WisdomTree | |||
Investments Inc. | 211,165 | 3,311 | |
Washington REIT | 122,349 | 3,311 | |
Astoria Financial Corp. | 208,507 | 3,305 | |
Selective Insurance | |||
Group Inc. | 97,614 | 3,278 | |
CoreSite Realty Corp. | 57,348 | 3,253 |
23
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
BGC Partners Inc. Class A | 329,680 | 3,234 | |
* | Eagle Bancorp Inc. | 63,835 | 3,222 |
*,^ | Credit Acceptance Corp. | 15,018 | 3,214 |
Retail Opportunity | |||
Investments Corp. | 178,429 | 3,194 | |
QTS Realty Trust Inc. | |||
Class A | 69,729 | 3,145 | |
BBCN Bancorp Inc. | 180,768 | 3,113 | |
Financial Engines Inc. | 92,356 | 3,110 | |
National Penn | |||
Bancshares Inc. | 251,929 | 3,106 | |
EastGroup Properties Inc. | 55,317 | 3,076 | |
Xenia Hotels & Resorts Inc. | 200,187 | 3,069 | |
* | Santander Consumer | ||
USA Holdings Inc. | 192,865 | 3,057 | |
* | PRA Group Inc. | 86,501 | 3,001 |
* | HRG Group Inc. | 220,450 | 2,989 |
South State Corp. | 41,404 | 2,979 | |
PS Business Parks Inc. | 34,029 | 2,975 | |
BOK Financial Corp. | 49,712 | 2,972 | |
Community Bank | |||
System Inc. | 74,287 | 2,967 | |
Alexander & Baldwin Inc. | 83,251 | 2,940 | |
Monogram Residential | |||
Trust Inc. | 299,873 | 2,927 | |
CVB Financial Corp. | 171,968 | 2,910 | |
Great Western Bancorp Inc. | 99,152 | 2,877 | |
International | |||
Bancshares Corp. | 111,940 | 2,877 | |
EverBank Financial Corp. | 179,306 | 2,865 | |
Northwest Bancshares Inc. | 213,732 | 2,862 | |
LTC Properties Inc. | 66,061 | 2,850 | |
Argo Group International | |||
Holdings Ltd. | 47,465 | 2,840 | |
Park National Corp. | 31,340 | 2,836 | |
* | Enstar Group Ltd. | 18,899 | 2,836 |
Independent Bank Corp. | 60,541 | 2,816 | |
Renasant Corp. | 81,567 | 2,807 | |
Capitol Federal | |||
Financial Inc. | 223,151 | 2,803 | |
Chemical Financial Corp. | 81,719 | 2,801 | |
Old National Bancorp | 206,159 | 2,796 | |
Invesco Mortgage | |||
Capital Inc. | 222,987 | 2,763 | |
Provident Financial | |||
Services Inc. | 135,368 | 2,728 | |
CYS Investments Inc. | 381,300 | 2,719 | |
TFS Financial Corp. | 143,569 | 2,703 | |
* | Essent Group Ltd. | 123,114 | 2,695 |
Lexington Realty Trust | 336,719 | 2,694 | |
NBT Bancorp Inc. | 96,435 | 2,689 | |
American Assets Trust Inc. | 69,482 | 2,665 | |
Chesapeake Lodging Trust | 105,742 | 2,660 | |
Westamerica | |||
Bancorporation | 56,619 | 2,647 |
Trustmark Corp. | 114,053 | 2,628 | |
First Financial Bancorp | 145,378 | 2,627 | |
Ameris Bancorp | 77,013 | 2,618 | |
Pennsylvania REIT | 115,829 | 2,533 | |
Apollo Commercial Real | |||
Estate Finance Inc. | 145,946 | 2,515 | |
Banner Corp. | 54,544 | 2,501 | |
Mercury General Corp. | 53,643 | 2,498 | |
First Merchants Corp. | 97,196 | 2,471 | |
AMERISAFE Inc. | 47,712 | 2,429 | |
Global Net Lease Inc. | 303,576 | 2,413 | |
Artisan Partners Asset | |||
Management Inc. Class A | 66,877 | 2,412 | |
Boston Private Financial | |||
Holdings Inc. | 212,146 | 2,406 | |
Sabra Health Care REIT Inc. | 118,001 | 2,387 | |
ARMOUR Residential | |||
REIT Inc. | 109,538 | 2,384 | |
* | Liberty Broadband Corp. | ||
Class A | 45,229 | 2,336 | |
Potlatch Corp. | 77,028 | 2,329 | |
Berkshire Hills Bancorp Inc. | 79,624 | 2,318 | |
Horace Mann | |||
Educators Corp. | 69,793 | 2,316 | |
*,^ | St. Joe Co. | 124,490 | 2,304 |
Hatteras Financial Corp. | 174,766 | 2,298 | |
Employers Holdings Inc. | 83,088 | 2,268 | |
National General | |||
Holdings Corp. | 102,978 | 2,251 | |
*,^ | Zillow Group Inc. Class A | 85,968 | 2,239 |
First Commonwealth | |||
Financial Corp. | 246,065 | 2,232 | |
Parkway Properties Inc. | 142,783 | 2,232 | |
STAG Industrial Inc. | 120,468 | 2,223 | |
S&T Bancorp Inc. | 70,993 | 2,188 | |
Capstead Mortgage Corp. | 248,092 | 2,168 | |
* | First Cash Financial | ||
Services Inc. | 57,774 | 2,162 | |
Brookline Bancorp Inc. | 185,347 | 2,131 | |
Government Properties | |||
Income Trust | 134,049 | 2,127 | |
Capital Bank Financial Corp. | 65,966 | 2,110 | |
HFF Inc. Class A | 67,601 | 2,100 | |
Redwood Trust Inc. | 158,406 | 2,091 | |
Virtus Investment | |||
Partners Inc. | 17,719 | 2,081 | |
FelCor Lodging Trust Inc. | 282,435 | 2,062 | |
Hanmi Financial Corp. | 85,621 | 2,031 | |
* | BofI Holding Inc. | 96,272 | 2,027 |
* | MBIA Inc. | 310,976 | 2,015 |
Cash America | |||
International Inc. | 67,063 | 2,009 | |
Cardinal Financial Corp. | 87,997 | 2,002 | |
LegacyTexas Financial | |||
Group Inc. | 79,816 | 1,997 |
24
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
CenterState Banks Inc. | 127,481 | 1,995 | |
Central Pacific | |||
Financial Corp. | 89,756 | 1,976 | |
Agree Realty Corp. | 57,773 | 1,964 | |
* | FNFV Group | 173,749 | 1,951 |
City Holding Co. | 42,445 | 1,937 | |
Franklin Street Properties | |||
Corp. | 185,525 | 1,920 | |
FBL Financial Group Inc. | |||
Class A | 29,789 | 1,896 | |
National Bank Holdings | |||
Corp. Class A | 88,235 | 1,886 | |
American Residential | |||
Properties Inc. | 99,475 | 1,880 | |
PennyMac Mortgage | |||
Investment Trust | 123,056 | 1,878 | |
Physicians Realty Trust | 108,896 | 1,836 | |
Flushing Financial Corp. | 84,328 | 1,825 | |
Select Income REIT | 92,048 | 1,824 | |
* | Customers Bancorp Inc. | 66,893 | 1,821 |
Lakeland Financial Corp. | 38,727 | 1,805 | |
* | Beneficial Bancorp Inc. | 134,838 | 1,796 |
Ramco-Gershenson | |||
Properties Trust | 106,376 | 1,767 | |
* | Encore Capital Group Inc. | 60,546 | 1,761 |
Cedar Realty Trust Inc. | 248,490 | 1,759 | |
Infinity Property & | |||
Casualty Corp. | 21,079 | 1,733 | |
Alexander’s Inc. | 4,504 | 1,730 | |
Simmons First National | |||
Corp. Class A | 33,399 | 1,715 | |
Northfield Bancorp Inc. | 107,557 | 1,712 | |
Dime Community | |||
Bancshares Inc. | 96,872 | 1,694 | |
Oritani Financial Corp. | 102,287 | 1,688 | |
CoBiz Financial Inc. | 124,909 | 1,676 | |
Ashford Hospitality | |||
Trust Inc. | 264,165 | 1,667 | |
Banc of California Inc. | 113,447 | 1,659 | |
First Busey Corp. | 79,731 | 1,645 | |
Great Southern Bancorp Inc. | 36,175 | 1,637 | |
Starwood Waypoint | |||
Residential Trust | 70,237 | 1,590 | |
* | iStar Inc. | 134,443 | 1,577 |
Chatham Lodging Trust | 76,982 | 1,577 | |
Community Trust | |||
Bancorp Inc. | 44,947 | 1,571 | |
* | Flagstar Bancorp Inc. | 67,521 | 1,560 |
Heartland Financial USA Inc. | 49,742 | 1,560 | |
* | FCB Financial Holdings Inc. | ||
Class A | 42,783 | 1,531 | |
American Capital Mortgage | |||
Investment Corp. | 109,612 | 1,530 | |
* | Navigators Group Inc. | 17,475 | 1,499 |
Saul Centers Inc. | 29,164 | 1,495 |
Anworth Mortgage Asset | |||
Corp. | 337,314 | 1,467 | |
Inland Real Estate Corp. | 138,114 | 1,467 | |
1st Source Corp. | 46,843 | 1,446 | |
BancFirst Corp. | 24,437 | 1,432 | |
Blue Hills Bancorp Inc. | 92,230 | 1,412 | |
Greenhill & Co. Inc. | 49,295 | 1,410 | |
Diamond Hill Investment | |||
Group Inc. | 7,410 | 1,400 | |
WSFS Financial Corp. | 43,152 | 1,396 | |
Camden National Corp. | 31,513 | 1,389 | |
Arrow Financial Corp. | 50,608 | 1,375 | |
Union Bankshares Corp. | 54,451 | 1,374 | |
Bank Mutual Corp. | 175,515 | 1,369 | |
Apollo Residential | |||
Mortgage Inc. | 113,914 | 1,361 | |
WesBanco Inc. | 44,949 | 1,349 | |
New Senior Investment | |||
Group Inc. | 135,752 | 1,339 | |
Bank of Marin Bancorp | 24,943 | 1,332 | |
Hersha Hospitality Trust | |||
Class A | 60,842 | 1,324 | |
* | Ocwen Financial Corp. | 189,508 | 1,321 |
Bryn Mawr Bank Corp. | 45,182 | 1,298 | |
First Interstate BancSystem | |||
Inc. Class A | 44,555 | 1,295 | |
Nelnet Inc. Class A | 38,433 | 1,290 | |
Talmer Bancorp Inc. | |||
Class A | 69,632 | 1,261 | |
Ares Commercial Real | |||
Estate Corp. | 109,824 | 1,256 | |
Summit Hotel | |||
Properties Inc. | 104,250 | 1,246 | |
* | Piper Jaffray Cos. | 30,507 | 1,232 |
Federal Agricultural | |||
Mortgage Corp. | 38,963 | 1,230 | |
Altisource Residential Corp. | 98,703 | 1,225 | |
Sandy Spring Bancorp Inc. | 43,645 | 1,177 | |
* | Cowen Group Inc. Class A | 306,997 | 1,176 |
American National | |||
Bankshares Inc. | 45,571 | 1,167 | |
Bridge Bancorp Inc. | 37,869 | 1,152 | |
* | Greenlight Capital Re Ltd. | ||
Class A | 61,178 | 1,145 | |
Arbor Realty Trust Inc. | 157,523 | 1,126 | |
ServisFirst Bancshares Inc. | 23,372 | 1,111 | |
BankFinancial Corp. | 86,891 | 1,097 | |
United Community | |||
Banks Inc. | 56,169 | 1,095 | |
* | First BanCorp | 336,650 | 1,094 |
NRG Yield Inc. | 73,173 | 1,080 | |
Cohen & Steers Inc. | 35,214 | 1,073 | |
Enterprise Financial | |||
Services Corp. | 37,494 | 1,063 | |
* | Ambac Financial Group Inc. | 73,524 | 1,036 |
25
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
OFG Bancorp | 138,368 | 1,013 | |
Ashford Hospitality | |||
Prime Inc. | 69,103 | 1,002 | |
Investment Technology | |||
Group Inc. | 58,431 | 994 | |
Terreno Realty Corp. | 43,858 | 992 | |
* | Campus Crest | ||
Communities Inc. | 144,900 | 985 | |
Ames National Corp. | 40,465 | 983 | |
Seritage Growth Properties | |||
Class A | 24,050 | 967 | |
Sierra Bancorp | 54,491 | 962 | |
United Fire Group Inc. | 24,645 | 944 | |
Investors Real Estate Trust | 135,691 | 943 | |
First Potomac Realty Trust | 82,429 | 940 | |
BNC Bancorp | 36,839 | 935 | |
Safety Insurance Group Inc. | 16,298 | 919 | |
NRG Yield Inc. Class A | 65,973 | 918 | |
Winthrop Realty Trust | 69,643 | 903 | |
*,^ | Walter Investment | ||
Management Corp. | 62,485 | 889 | |
TrustCo Bank Corp. NY | 143,980 | 884 | |
Towne Bank | 42,223 | 881 | |
Consolidated-Tomoka | |||
Land Co. | 16,544 | 872 | |
Stewart Information | |||
Services Corp. | 23,315 | 870 | |
* | HealthEquity Inc. | 34,540 | 866 |
Kearny Financial Corp. | 67,471 | 855 | |
Rexford Industrial Realty Inc. | 52,199 | 854 | |
Southside Bancshares Inc. | 35,383 | 850 | |
Calamos Asset | |||
Management Inc. | |||
Class A | 86,251 | 835 | |
*,^ | World Acceptance Corp. | 22,362 | 830 |
* | Forestar Group Inc. | 75,821 | 829 |
Preferred Apartment | |||
Communities Inc. Class A | 63,042 | 825 | |
^ | Arlington Asset Investment | ||
Corp. Class A | 62,288 | 824 | |
Virtu Financial Inc. Class A | 36,338 | 823 | |
Meridian Bancorp Inc. | 57,670 | 813 | |
Maiden Holdings Ltd. | 54,199 | 808 | |
State Bank Financial Corp. | 38,391 | 807 | |
* | Altisource Portfolio | ||
Solutions SA | 28,789 | 801 | |
* | eHealth Inc. | 78,813 | 787 |
* | Walker & Dunlop Inc. | 27,267 | 786 |
Lakeland Bancorp Inc. | 66,514 | 784 | |
Dynex Capital Inc. | 123,063 | 781 | |
* | LendingTree Inc. | 8,565 | 765 |
*,^ | Citizens Inc. Class A | 102,705 | 763 |
* | Third Point Reinsurance Ltd. | 56,769 | 761 |
* | KCG Holdings Inc. Class A | 61,204 | 753 |
Wilshire Bancorp Inc. | 65,066 | 752 |
* | Green Dot Corp. Class A | 45,497 | 747 |
Universal Insurance | |||
Holdings Inc. | 31,960 | 741 | |
* | Global Indemnity plc | 25,303 | 734 |
ConnectOne Bancorp Inc. | 38,550 | 720 | |
First Defiance Financial Corp. | 18,994 | 718 | |
* | AV Homes Inc. | 55,558 | 712 |
Getty Realty Corp. | 40,507 | 695 | |
First Community | |||
Bancshares Inc. | 36,993 | 689 | |
Armada Hoffler | |||
Properties Inc. | 64,428 | 675 | |
Access National Corp. | 32,704 | 669 | |
InfraREIT Inc. | 36,012 | 666 | |
Tompkins Financial Corp. | 11,700 | 657 | |
Rouse Properties Inc. | 44,464 | 647 | |
Bar Harbor Bankshares | 18,695 | 643 | |
* | Atlas Financial Holdings Inc. | 31,865 | 634 |
* | INTL. FCStone Inc. | 18,816 | 630 |
ESSA Bancorp Inc. | 45,915 | 628 | |
* | Black Knight Financial | ||
Services Inc. Class A | 18,847 | 623 | |
Republic Bancorp Inc. | |||
Class A | 23,530 | 621 | |
Baldwin & Lyons Inc. | 25,590 | 615 | |
National Western Life | |||
Group Inc. Class A | 2,412 | 608 | |
First Bancorp | 31,957 | 599 | |
Tier REIT Inc. | 40,060 | 591 | |
* | Nationstar Mortgage | ||
Holdings Inc. | 44,044 | 589 | |
Century Bancorp Inc. | |||
Class A | 13,512 | 587 | |
Donegal Group Inc. Class A | 40,983 | 577 | |
GAIN Capital Holdings Inc. | 69,926 | 567 | |
FBR & Co. | 27,975 | 557 | |
CareTrust REIT Inc. | 50,433 | 552 | |
Federated National | |||
Holding Co. | 18,650 | 551 | |
HCI Group Inc. | 15,585 | 543 | |
Capital City Bank Group Inc. | 34,778 | 534 | |
* | First NBC Bank Holding Co. | 14,134 | 528 |
* | Ladenburg Thalmann | ||
Financial Services Inc. | 190,788 | 527 | |
United Financial Bancorp Inc. | 39,517 | 509 | |
New York Mortgage | |||
Trust Inc. | 95,456 | 509 | |
Marlin Business Services | |||
Corp. | 31,418 | 505 | |
Universal Health Realty | |||
Income Trust | 9,936 | 497 | |
United Insurance Holdings | |||
Corp. | 28,384 | 485 | |
* | NMI Holdings Inc. Class A | 71,569 | 485 |
26
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
AG Mortgage Investment | |||
Trust Inc. | 36,915 | 474 | |
Hannon Armstrong | |||
Sustainable Infrastructure | |||
Capital Inc. | 24,600 | 465 | |
* | EZCORP Inc. Class A | 93,156 | 465 |
Ameriana Bancorp | 19,883 | 456 | |
* | Marcus & Millichap Inc. | 15,323 | 447 |
Silver Bay Realty Trust Corp. | 27,799 | 435 | |
EMC Insurance Group Inc. | 16,912 | 428 | |
* | PICO Holdings Inc. | 41,298 | 426 |
Resource Capital Corp. | 32,644 | 417 | |
Stock Yards Bancorp Inc. | 10,916 | 413 | |
* | HomeStreet Inc. | 18,514 | 402 |
Cape Bancorp Inc. | 31,413 | 390 | |
GAMCO Investors Inc. | |||
Class A | 12,300 | 382 | |
* | Associated Capital Group | ||
Inc. Class A | 12,300 | 375 | |
Independent Bank Group Inc. | 11,613 | 372 | |
First of Long Island Corp. | 12,109 | 363 | |
Charter Financial Corp. | 27,449 | 363 | |
* | NewStar Financial Inc. | 39,929 | 359 |
Reis Inc. | 14,871 | 353 | |
RE/MAX Holdings Inc. | |||
Class A | 9,421 | 351 | |
* | Enova International Inc. | 52,665 | 348 |
* | C1 Financial Inc. | 14,344 | 347 |
Yadkin Financial Corp. | 13,424 | 338 | |
C&F Financial Corp. | 8,567 | 334 | |
Urstadt Biddle Properties | |||
Inc. Class A | 17,024 | 328 | |
Washington Trust | |||
Bancorp Inc. | 8,239 | 326 | |
* | BSB Bancorp Inc. | 13,915 | 325 |
TriCo Bancshares | 11,699 | 321 | |
Investors Title Co. | 3,186 | 308 | |
Heritage Insurance | |||
Holdings Inc. | 13,600 | 297 | |
First Connecticut | |||
Bancorp Inc. | 16,800 | 292 | |
Monmouth Real Estate | |||
Investment Corp. | 27,151 | 284 | |
* | Safeguard Scientifics Inc. | 19,149 | 278 |
Moelis & Co. Class A | 9,200 | 268 | |
Easterly Government | |||
Properties Inc. | 15,614 | 268 | |
German American | |||
Bancorp Inc. | 8,031 | 268 | |
^ | United Development | ||
Funding IV | 24,240 | 267 | |
Clifton Bancorp Inc. | 18,499 | 265 | |
Opus Bank | 6,900 | 255 | |
* | Franklin Financial | ||
Network Inc. | 8,058 | 253 |
Financial Institutions Inc. | 9,011 | 252 | |
Ellington Residential | |||
Mortgage REIT | 20,248 | 250 | |
Guaranty Bancorp | 14,954 | 247 | |
Newcastle Investment Corp. | 60,481 | 247 | |
Western Asset Mortgage | |||
Capital Corp. | 23,365 | 239 | |
Citizens & Northern Corp. | 11,342 | 238 | |
Waterstone Financial Inc. | 16,861 | 238 | |
OceanFirst Financial Corp. | 11,733 | 235 | |
* | Consumer Portfolio | ||
Services Inc. | 44,874 | 233 | |
OneBeacon Insurance | |||
Group Ltd. Class A | 18,138 | 225 | |
National Interstate Corp. | 8,404 | 224 | |
State Auto Financial Corp. | 10,650 | 219 | |
First Financial Corp. | 6,244 | 212 | |
Metro Bancorp Inc. | 6,747 | 212 | |
* | Tejon Ranch Co. | 11,025 | 211 |
Westfield Financial Inc. | 24,792 | 208 | |
Ladder Capital Corp. | 16,593 | 206 | |
MainSource Financial | |||
Group Inc. | 8,753 | 200 | |
* | Bancorp Inc. | 31,312 | 199 |
First Financial Northwest Inc. | 13,902 | 194 | |
* | Asta Funding Inc. | 23,859 | 190 |
Univest Corp. of | |||
Pennsylvania | 9,068 | 189 | |
* | First Acceptance Corp. | 78,314 | 186 |
* | First Marblehead Corp. | 44,194 | 186 |
Pzena Investment | |||
Management Inc. Class A | 20,734 | 178 | |
Gladstone Commercial Corp. | 12,205 | 178 | |
CNB Financial Corp. | 9,819 | 177 | |
* | RMR Group Inc. Class A | 12,204 | 176 |
*,^ | Health Insurance Innovations | ||
Inc. Class A | 26,135 | 175 | |
* | WMIH Corp. | 67,015 | 174 |
Meta Financial Group Inc. | 3,769 | 173 | |
One Liberty Properties Inc. | 7,940 | 170 | |
Premier Financial | |||
Bancorp Inc. | 10,265 | 169 | |
Merchants Bancshares Inc. | 5,356 | 169 | |
Heritage Financial Corp. | 8,946 | 169 | |
Resource America Inc. | |||
Class A | 27,332 | 168 | |
* | Republic First Bancorp Inc. | 38,554 | 167 |
Suffolk Bancorp | 5,655 | 160 | |
State National Cos. Inc. | 15,900 | 156 | |
* | Genworth Financial Inc. | ||
Class A | 41,133 | 153 | |
UMH Properties Inc. | 14,866 | 150 | |
* | Ashford Inc. | 2,819 | 150 |
* | Phoenix Cos. Inc. | 3,958 | 147 |
27
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Oppenheimer Holdings Inc. | |||
Class A | 8,231 | 143 | |
Fidelity & Guaranty Life | 5,600 | 142 | |
Chemung Financial Corp. | 5,000 | 138 | |
* | Allegiance Bancshares Inc. | 5,750 | 136 |
Eastern Virginia | |||
Bankshares Inc. | 17,407 | 125 | |
Mercantile Bank Corp. | 5,064 | 124 | |
* | Hallmark Financial | ||
Services Inc. | 9,970 | 117 | |
JAVELIN Mortgage | |||
Investment Corp. | 18,519 | 116 | |
RAIT Financial Trust | 41,189 | 111 | |
* | Old Second Bancorp Inc. | 13,938 | 109 |
West Bancorporation Inc. | 5,505 | 109 | |
NewBridge Bancorp | 8,868 | 108 | |
* | Jacksonville Bancorp Inc. | 5,100 | 96 |
* | Atlanticus Holdings Corp. | 26,603 | 85 |
* | Pacific Premier Bancorp Inc. | 4,000 | 85 |
*,^ | Intersections Inc. | 29,386 | 84 |
* | First Foundation Inc. | 3,564 | 84 |
* | Atlantic Capital | ||
Bancshares Inc. | 5,455 | 82 | |
Southwest Bancorp Inc. | 4,643 | 81 | |
* | FRP Holdings Inc. | 2,385 | 81 |
US Global Investors Inc. | |||
Class A | 67,397 | 79 | |
Westwood Holdings | |||
Group Inc. | 1,506 | 78 | |
Pulaski Financial Corp. | 4,915 | 78 | |
* | Del Taco Restaurants Inc. | 7,200 | 77 |
National Bankshares Inc. | 2,149 | 76 | |
Peoples Bancorp Inc. | 4,038 | 76 | |
* | On Deck Capital Inc. | 6,956 | 72 |
CIFC Corp. | 12,677 | 71 | |
* | Maui Land & Pineapple | ||
Co. Inc. | 12,826 | 70 | |
Provident Financial | |||
Holdings Inc. | 3,696 | 70 | |
Atlantic American Corp. | 13,780 | 68 | |
* | Avenue Financial | ||
Holdings Inc. | 4,648 | 68 | |
Heritage Commerce Corp. | 5,677 | 68 | |
* | Hampton Roads | ||
Bankshares Inc. | 36,253 | 67 | |
Five Oaks Investment Corp. | 11,883 | 65 | |
* | American River Bankshares | 5,676 | 60 |
* | CommunityOne Bancorp | 4,334 | 58 |
* | Kansas City Life | ||
Insurance Co. | 1,487 | 57 | |
* | ASB Bancorp Inc. | 2,200 | 57 |
Territorial Bancorp Inc. | 1,980 | 55 | |
First Internet Bancorp | 1,900 | 55 | |
Peapack Gladstone Financial | |||
Corp. | 2,544 | 52 |
United Community Financial | |||
Corp. | 8,716 | 51 | |
Park Sterling Corp. | 6,702 | 49 | |
* | Cascade Bancorp | 7,945 | 48 |
* | Farmers Capital Bank Corp. | 1,726 | 47 |
Institutional Financial | |||
Markets Inc. | 39,632 | 46 | |
* | Carolina Bank Holdings Inc. | 2,327 | 43 |
Monarch Financial | |||
Holdings Inc. | 2,310 | 42 | |
NorthStar Realty Europe Corp. | 3,430 | 41 | |
HopFed Bancorp Inc. | 3,323 | 40 | |
Northrim BanCorp Inc. | 1,390 | 37 | |
Community West | |||
Bancshares | 5,000 | 35 | |
Fidelity Southern Corp. | 1,549 | 35 | |
Jernigan Capital Inc. | 2,148 | 32 | |
California First National | |||
Bancorp | 2,366 | 31 | |
* | Ohr Pharmaceutical Inc. | 5,000 | 31 |
* | Bear State Financial Inc. | 2,685 | 29 |
Macatawa Bank Corp. | 4,802 | 29 | |
Independence Holding Co. | 2,059 | 29 | |
Pacific Continental Corp. | 1,900 | 28 | |
Cheviot Financial Corp. | 1,812 | 28 | |
Manning & Napier Inc. | 3,200 | 27 | |
Federal Agricultural Mortgage | |||
Corp. Class A | 1,021 | 27 | |
Northeast Bancorp | 2,506 | 26 | |
Baylake Corp. | 1,800 | 26 | |
* | Performant Financial Corp. | 14,420 | 26 |
* | HomeTrust Bancshares Inc. | 1,176 | 24 |
* | Regional Management Corp. | 1,415 | 22 |
Kingstone Cos. Inc. | 2,352 | 21 | |
FXCM Inc. Class A | 1,237 | 21 | |
QC Holdings Inc. | 13,215 | 19 | |
First Bancorp Inc. | 902 | 18 | |
Penns Woods Bancorp Inc. | 414 | 18 | |
Middleburg Financial Corp. | 859 | 16 | |
CatchMark Timber Trust Inc. | |||
Class A | 1,400 | 16 | |
CB Financial Services Inc. | 661 | 15 | |
* | Conifer Holdings Inc. | 1,606 | 15 |
MutualFirst Financial Inc. | 544 | 14 | |
Preferred Bank | 380 | 13 | |
Eagle Bancorp Montana Inc. | 971 | 12 | |
Landmark Bancorp Inc. | 371 | 10 | |
Home Bancorp Inc. | 343 | 9 | |
Wheeler REIT Inc. | 3,900 | 8 | |
* | Howard Bancorp Inc. | 565 | 7 |
Fox Chase Bancorp Inc. | 337 | 7 | |
Blue Capital Reinsurance | |||
Holdings Ltd. | 379 | 6 | |
IF Bancorp Inc. | 342 | 6 | |
WVS Financial Corp. | 511 | 6 |
28
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Prism Technologies | |||
Group Inc. | 4,802 | 5 | ||
MidSouth Bancorp Inc. | 520 | 5 | ||
* | Royal Bancshares of | |||
Pennsylvania Inc. | 2,140 | 4 | ||
* | Seacoast Banking Corp. of | |||
Florida | 282 | 4 | ||
First Bancshares Inc. | 200 | 4 | ||
Hingham Institution for | ||||
Savings | 27 | 3 | ||
Horizon Bancorp | 115 | 3 | ||
MidWestOne Financial | ||||
Group Inc. | 100 | 3 | ||
United Community Bancorp | 200 | 3 | ||
* | Coastway Bancorp Inc. | 165 | 2 | |
County Bancorp Inc. | 106 | 2 | ||
Old Line Bancshares Inc. | 117 | 2 | ||
Bankwell Financial Group Inc. | 100 | 2 | ||
* | Sun Bancorp Inc. | 92 | 2 | |
Sotherly Hotels Inc. | 300 | 2 | ||
* | Peoples Financial Corp. | 140 | 1 | |
Central Valley Community | ||||
Bancorp | 100 | 1 | ||
Independent Bank Corp. | 53 | 1 | ||
SI Financial Group Inc. | 31 | — | ||
Salisbury Bancorp Inc. | 11 | — | ||
* | Vestin Realty Mortgage II Inc. | 22 | — | |
* | Tejon Ranch Co. Warrants | |||
Exp. 08/31/2016 | 1,629 | — | ||
7,567,600 | ||||
Health Care (14.0%) | ||||
Johnson & Johnson | 4,950,244 | 508,489 | ||
Pfizer Inc. | 11,043,744 | 356,492 | ||
Merck & Co. Inc. | 4,997,755 | 263,981 | ||
Gilead Sciences Inc. | 2,578,396 | 260,908 | ||
* | Allergan plc | 705,114 | 220,348 | |
Amgen Inc. | 1,356,637 | 220,223 | ||
Bristol-Myers Squibb Co. | 2,984,678 | 205,316 | ||
UnitedHealth Group Inc. | 1,705,237 | 200,604 | ||
Medtronic plc | 2,529,083 | 194,537 | ||
* | Celgene Corp. | 1,405,733 | 168,351 | |
AbbVie Inc. | 2,778,585 | 164,603 | ||
Eli Lilly & Co. | 1,784,313 | 150,346 | ||
* | Biogen Inc. | 398,817 | 122,178 | |
Abbott Laboratories | 2,669,027 | 119,866 | ||
* | Express Scripts | |||
Holding Co. | 1,210,127 | 105,777 | ||
Thermo Fisher | ||||
Scientific Inc. | 714,191 | 101,308 | ||
* | Regeneron | |||
Pharmaceuticals Inc. | 137,097 | 74,426 | ||
* | Alexion | |||
Pharmaceuticals Inc. | 383,148 | 73,085 | ||
Aetna Inc. | 624,003 | 67,467 | ||
Cigna Corp. | 461,022 | 67,461 |
Anthem Inc. | 466,924 | 65,108 | |
Becton Dickinson and Co. | 377,073 | 58,103 | |
* | Vertex | ||
Pharmaceuticals Inc. | 439,633 | 55,319 | |
* | Illumina Inc. | 262,098 | 50,308 |
Stryker Corp. | 537,755 | 49,979 | |
Humana Inc. | 265,207 | 47,342 | |
* | Boston Scientific Corp. | 2,407,491 | 44,394 |
* | HCA Holdings Inc. | 588,621 | 39,808 |
Zoetis Inc. | 802,160 | 38,440 | |
* | Mylan NV | 704,183 | 38,075 |
Baxalta Inc. | 971,656 | 37,924 | |
Baxter International Inc. | 978,635 | 37,335 | |
* | Intuitive Surgical Inc. | 66,850 | 36,511 |
Perrigo Co. plc | 249,021 | 36,033 | |
* | Incyte Corp. | 299,519 | 32,483 |
Zimmer Biomet | |||
Holdings Inc. | 310,070 | 31,810 | |
St. Jude Medical Inc. | 506,061 | 31,259 | |
* | Edwards Lifesciences Corp. | 385,958 | 30,483 |
* | BioMarin | ||
Pharmaceutical Inc. | 288,559 | 30,229 | |
CR Bard Inc. | 132,241 | 25,052 | |
* | Endo International plc | 405,144 | 24,803 |
* | Henry Schein Inc. | 148,400 | 23,475 |
* | Laboratory Corp. of | ||
America Holdings | 180,925 | 22,370 | |
* | Alkermes plc | 268,494 | 21,313 |
* | DaVita HealthCare | ||
Partners Inc. | 305,560 | 21,301 | |
Universal Health Services | |||
Inc. Class B | 163,199 | 19,501 | |
* | Waters Corp. | 138,858 | 18,688 |
Quest Diagnostics Inc. | 256,464 | 18,245 | |
* | Hologic Inc. | 455,522 | 17,624 |
* | Mallinckrodt plc | 208,522 | 15,562 |
DENTSPLY | |||
International Inc. | 250,236 | 15,227 | |
* | Jazz Pharmaceuticals plc | 104,602 | 14,703 |
* | Medivation Inc. | 293,368 | 14,181 |
* | Varian Medical Systems Inc. | 175,436 | 14,175 |
ResMed Inc. | 250,090 | 13,427 | |
* | Centene Corp. | 202,672 | 13,338 |
* | Ionis Pharmaceuticals Inc. | 214,985 | 13,314 |
* | United Therapeutics Corp. | 77,745 | 12,176 |
* | Alnylam | ||
Pharmaceuticals Inc. | 129,086 | 12,152 | |
* | MEDNAX Inc. | 168,283 | 12,059 |
* | IDEXX Laboratories Inc. | 163,537 | 11,925 |
Cooper Cos. Inc. | 87,017 | 11,678 | |
* | STERIS plc | 153,795 | 11,587 |
* | DexCom Inc. | 138,393 | 11,334 |
* | Sirona Dental Systems Inc. | 100,054 | 10,963 |
* | Dyax Corp. | 263,523 | 9,914 |
29
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Quintiles Transnational | ||
Holdings Inc. | 143,274 | 9,837 | |
Teleflex Inc. | 74,566 | 9,802 | |
* | Health Net Inc. | 131,412 | 8,996 |
* | Neurocrine | ||
Biosciences Inc. | 154,218 | 8,724 | |
* | Envision Healthcare | ||
Holdings Inc. | 334,513 | 8,687 | |
* | Seattle Genetics Inc. | 182,714 | 8,200 |
* | Align Technology Inc. | 120,910 | 7,962 |
* | Anacor Pharmaceuticals Inc. | 67,296 | 7,602 |
West Pharmaceutical | |||
Services Inc. | 122,837 | 7,397 | |
* | Amsurg Corp. | 96,613 | 7,343 |
Patterson Cos. Inc. | 157,129 | 7,104 | |
* | Ultragenyx | ||
Pharmaceutical Inc. | 62,621 | 7,025 | |
* | Charles River Laboratories | ||
International Inc. | 83,435 | 6,707 | |
* | PAREXEL International Corp. | 98,352 | 6,700 |
* | Acadia Healthcare Co. Inc. | 102,998 | 6,433 |
* | ABIOMED Inc. | 68,545 | 6,188 |
* | WellCare Health Plans Inc. | 78,932 | 6,173 |
* | Brookdale Senior Living Inc. | 331,253 | 6,115 |
* | Alere Inc. | 154,610 | 6,044 |
Bio-Techne Corp. | 66,693 | 6,002 | |
*,^ | OPKO Health Inc. | 585,074 | 5,880 |
* | LifePoint Health Inc. | 78,925 | 5,793 |
* | Team Health Holdings Inc. | 129,871 | 5,700 |
* | Horizon Pharma plc | 256,725 | 5,563 |
*,^ | Juno Therapeutics Inc. | 126,255 | 5,551 |
HealthSouth Corp. | 155,973 | 5,429 | |
* | Tenet Healthcare Corp. | 178,515 | 5,409 |
*,^ | Myriad Genetics Inc. | 125,147 | 5,401 |
* | Community Health | ||
Systems Inc. | 201,256 | 5,339 | |
* | Akorn Inc. | 142,913 | 5,332 |
* | Impax Laboratories Inc. | 122,880 | 5,254 |
* | ACADIA | ||
Pharmaceuticals Inc. | 144,720 | 5,159 | |
* | Bio-Rad Laboratories Inc. | ||
Class A | 36,956 | 5,124 | |
Hill-Rom Holdings Inc. | 105,020 | 5,047 | |
* | Prestige Brands | ||
Holdings Inc. | 94,433 | 4,861 | |
* | Pacira Pharmaceuticals Inc. | 62,492 | 4,799 |
* | NuVasive Inc. | 87,940 | 4,758 |
* | Bruker Corp. | 196,000 | 4,757 |
* | Cepheid | 129,700 | 4,738 |
* | Molina Healthcare Inc. | 75,588 | 4,545 |
* | Ophthotech Corp. | 57,768 | 4,537 |
* | Medicines Co. | 119,428 | 4,459 |
* | Portola | ||
Pharmaceuticals Inc. | 84,928 | 4,370 |
Healthcare Services | |||
Group Inc. | 122,333 | 4,266 | |
* | Intercept | ||
Pharmaceuticals Inc. | 28,304 | 4,227 | |
* | Kite Pharma Inc. | 68,524 | 4,222 |
* | Catalent Inc. | 167,703 | 4,198 |
Owens & Minor Inc. | 112,722 | 4,056 | |
* | Nektar Therapeutics | 239,539 | 4,036 |
* | Bluebird Bio Inc. | 62,359 | 4,005 |
* | Wright Medical Group NV | 165,448 | 4,001 |
* | Puma Biotechnology Inc. | 49,479 | 3,879 |
* | Insulet Corp. | 102,265 | 3,867 |
* | Novavax Inc. | 459,082 | 3,852 |
Cantel Medical Corp. | 59,621 | 3,705 | |
* | Neogen Corp. | 63,883 | 3,611 |
* | Integra LifeSciences | ||
Holdings Corp. | 52,959 | 3,590 | |
* | Radius Health Inc. | 57,740 | 3,553 |
* | Ligand Pharmaceuticals Inc. | 31,667 | 3,433 |
* | TESARO Inc. | 65,330 | 3,418 |
* | Masimo Corp. | 81,779 | 3,395 |
* | Globus Medical Inc. | 121,557 | 3,382 |
* | Acorda Therapeutics Inc. | 77,647 | 3,322 |
* | Agios Pharmaceuticals Inc. | 50,603 | 3,285 |
* | TherapeuticsMD Inc. | 311,015 | 3,225 |
* | Magellan Health Inc. | 51,857 | 3,198 |
* | Emergent BioSolutions Inc. | 79,723 | 3,190 |
* | Halozyme Therapeutics Inc. 183,645 | 3,183 | |
* | FibroGen Inc. | 102,236 | 3,115 |
* | Air Methods Corp. | 73,859 | 3,097 |
*,^ | Exelixis Inc. | 536,828 | 3,028 |
* | VWR Corp. | 105,960 | 3,000 |
* | Achillion | ||
Pharmaceuticals Inc. | 277,369 | 2,993 | |
* | Haemonetics Corp. | 91,086 | 2,937 |
Abaxis Inc. | 52,672 | 2,933 | |
* | ICU Medical Inc. | 25,857 | 2,916 |
* | Intra-Cellular Therapies Inc. | ||
Class A | 52,819 | 2,841 | |
* | Sarepta Therapeutics Inc. | 73,428 | 2,833 |
*,^ | Intrexon Corp. | 93,722 | 2,826 |
* | Nevro Corp. | 41,822 | 2,823 |
* | Halyard Health Inc. | 83,653 | 2,795 |
* | Ironwood Pharmaceuticals | ||
Inc. Class A | 240,106 | 2,783 | |
* | Celldex Therapeutics Inc. | 177,088 | 2,777 |
CONMED Corp. | 61,023 | 2,688 | |
* | Natus Medical Inc. | 55,646 | 2,674 |
* | Amedisys Inc. | 67,234 | 2,644 |
Analogic Corp. | 31,504 | 2,602 | |
* | Cynosure Inc. Class A | 57,677 | 2,576 |
* | ARIAD | ||
Pharmaceuticals Inc. | 402,870 | 2,518 | |
* | Lannett Co. Inc. | 58,844 | 2,361 |
* | ImmunoGen Inc. | 171,840 | 2,332 |
30
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Insys Therapeutics Inc. | 79,290 | 2,270 |
* | Momenta | ||
Pharmaceuticals Inc. | 147,877 | 2,195 | |
*,^ | Relypsa Inc. | 76,900 | 2,179 |
* | Affymetrix Inc. | 213,653 | 2,156 |
* | BioCryst | ||
Pharmaceuticals Inc. | 208,888 | 2,156 | |
* | Dynavax Technologies Corp. | 88,027 | 2,127 |
^ | Theravance Inc. | 200,536 | 2,114 |
* | HMS Holdings Corp. | 167,132 | 2,062 |
* | AMAG Pharmaceuticals Inc. | 68,140 | 2,057 |
* | Genomic Health Inc. | 58,221 | 2,049 |
*,^ | Cempra Inc. | 63,726 | 1,984 |
* | Amicus Therapeutics Inc. | 204,108 | 1,980 |
* | MacroGenics Inc. | 63,229 | 1,958 |
* | Depomed Inc. | 107,803 | 1,954 |
* | Geron Corp. | 392,919 | 1,902 |
* | Clovis Oncology Inc. | 54,106 | 1,894 |
Select Medical Holdings | |||
Corp. | 156,288 | 1,861 | |
*,^ | Cerus Corp. | 292,116 | 1,846 |
* | NxStage Medical Inc. | 82,882 | 1,816 |
* | INC Research Holdings Inc. | ||
Class A | 36,533 | 1,772 | |
* | Array BioPharma Inc. | 414,104 | 1,748 |
* | Exact Sciences Corp. | 188,743 | 1,742 |
* | AtriCure Inc. | 77,110 | 1,730 |
* | Anika Therapeutics Inc. | 45,156 | 1,723 |
Kindred Healthcare Inc. | 144,240 | 1,718 | |
* | Accuray Inc. | 253,199 | 1,709 |
* | Capital Senior Living Corp. | 81,035 | 1,690 |
* | PTC Therapeutics Inc. | 51,593 | 1,672 |
* | Albany Molecular | ||
Research Inc. | 83,499 | 1,657 | |
* | HeartWare International Inc. | 32,709 | 1,649 |
* | CorVel Corp. | 37,188 | 1,633 |
Atrion Corp. | 4,284 | 1,633 | |
* | NewLink Genetics Corp. | 44,427 | 1,617 |
Ensign Group Inc. | 70,800 | 1,602 | |
* | Bellicum | ||
Pharmaceuticals Inc. | 78,567 | 1,593 | |
*,^ | MiMedx Group Inc. | 167,902 | 1,573 |
* | Aduro Biotech Inc. | 55,900 | 1,573 |
* | PharMerica Corp. | 43,657 | 1,528 |
* | Sage Therapeutics Inc. | 25,421 | 1,482 |
* | Lexicon | ||
Pharmaceuticals Inc. | 107,084 | 1,425 | |
* | Agenus Inc. | 313,471 | 1,423 |
*,^ | Arrowhead Research Corp. | 224,742 | 1,382 |
*,^ | Inovio Pharmaceuticals Inc. | 203,107 | 1,365 |
*,^ | ZIOPHARM Oncology Inc. | 163,372 | 1,358 |
* | Omnicell Inc. | 43,423 | 1,350 |
Meridian Bioscience Inc. | 64,152 | 1,316 | |
*,^ | Epizyme Inc. | 81,926 | 1,312 |
* | Arena Pharmaceuticals Inc. | 683,540 | 1,299 |
* | AngioDynamics Inc. | 106,532 | 1,293 |
*,^ | Advaxis Inc. | 128,538 | 1,293 |
* | Aegerion | ||
Pharmaceuticals Inc. | 127,541 | 1,288 | |
* | Insmed Inc. | 70,864 | 1,286 |
* | Alder | ||
Biopharmaceuticals Inc. | 38,707 | 1,279 | |
* | Almost Family Inc. | 33,207 | 1,270 |
* | SciClone | ||
Pharmaceuticals Inc. | 131,708 | 1,212 | |
PDL BioPharma Inc. | 342,206 | 1,211 | |
* | ChemoCentryx Inc. | 149,490 | 1,211 |
* | Surgical Care Affiliates Inc. | 30,126 | 1,199 |
* | ANI Pharmaceuticals Inc. | 26,551 | 1,198 |
* | BioSpecifics | ||
Technologies Corp. | 27,502 | 1,182 | |
*,^ | BioTime Inc. | 287,499 | 1,179 |
*,^ | Keryx | ||
Biopharmaceuticals Inc. | 232,270 | 1,173 | |
*,^ | Omeros Corp. | 72,872 | 1,146 |
* | Acceleron Pharma Inc. | 22,940 | 1,119 |
* | BioTelemetry Inc. | 95,717 | 1,118 |
* | Infinity Pharmaceuticals Inc. | 141,893 | 1,114 |
* | Aimmune Therapeutics Inc. | 59,916 | 1,105 |
* | BioDelivery Sciences | ||
International Inc. | 226,829 | 1,087 | |
* | Theravance Biopharma Inc. | 66,087 | 1,083 |
* | Repligen Corp. | 38,188 | 1,080 |
CryoLife Inc. | 95,931 | 1,034 | |
Invacare Corp. | 59,377 | 1,033 | |
* | Zeltiq Aesthetics Inc. | 35,749 | 1,020 |
* | Curis Inc. | 346,109 | 1,007 |
* | Enanta Pharmaceuticals Inc. | 30,500 | 1,007 |
* | Applied Genetic | ||
Technologies Corp. | 49,161 | 1,003 | |
* | ArQule Inc. | 461,013 | 1,000 |
* | Healthways Inc. | 77,611 | 999 |
* | Luminex Corp. | 46,438 | 993 |
* | PRA Health Sciences Inc. | 21,732 | 984 |
* | Sangamo BioSciences Inc. | 107,112 | 978 |
* | Five Prime Therapeutics Inc. | 23,500 | 975 |
* | Merrimack | ||
Pharmaceuticals Inc. | 122,578 | 968 | |
* | AcelRx | ||
Pharmaceuticals Inc. | 249,387 | 960 | |
* | Ardelyx Inc. | 52,259 | 947 |
* | Addus HomeCare Corp. | 40,608 | 945 |
* | Cutera Inc. | 73,338 | 938 |
*,^ | Foundation Medicine Inc. | 44,412 | 935 |
* | Heron Therapeutics Inc. | 34,100 | 910 |
* | Mirati Therapeutics Inc. | 28,400 | 897 |
* | LHC Group Inc. | 19,704 | 892 |
* | Quidel Corp. | 42,007 | 891 |
* | Corcept Therapeutics Inc. | 175,315 | 873 |
* | Merit Medical Systems Inc. | 46,845 | 871 |
31
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Eagle Pharmaceuticals Inc. | 9,800 | 869 |
* | Triple-S Management Corp. | ||
Class B | 36,112 | 863 | |
*,^ | Accelerate Diagnostics Inc. | 39,464 | 848 |
* | Spectranetics Corp. | 55,521 | 836 |
* | Concert | ||
Pharmaceuticals Inc. | 43,843 | 832 | |
* | Durect Corp. | 375,159 | 829 |
* | Anthera | ||
Pharmaceuticals Inc. | 178,568 | 829 | |
* | Dermira Inc. | 23,936 | 828 |
* | Orthofix International NV | 20,831 | 817 |
* | Cardiovascular Systems Inc. | 53,510 | 809 |
* | Adeptus Health Inc. Class A | 14,540 | 793 |
* | Pacific Biosciences of | ||
California Inc. | 58,000 | 762 | |
* | Endologix Inc. | 76,842 | 761 |
* | Idera Pharmaceuticals Inc. | 245,902 | 760 |
* | AVEO Pharmaceuticals Inc. | 596,946 | 752 |
* | CTI BioPharma Corp. | 593,874 | 730 |
* | Hanger Inc. | 43,703 | 719 |
* | Inogen Inc. | 17,443 | 699 |
* | Catalyst | ||
Pharmaceuticals Inc. | 284,282 | 697 | |
*,^ | Teligent Inc. | 78,107 | 695 |
* | Spark Therapeutics Inc. | 15,018 | 680 |
*,^ | Ampio Pharmaceuticals Inc. | 193,912 | 679 |
*,^ | MannKind Corp. | 459,613 | 666 |
* | Chimerix Inc. | 74,004 | 662 |
*,^ | Fortress Biotech Inc. | 237,089 | 661 |
* | Exactech Inc. | 34,989 | 635 |
*,^ | BioScrip Inc. | 361,688 | 633 |
* | Coherus Biosciences Inc. | 27,535 | 632 |
*,^ | Galena Biopharma Inc. | 424,609 | 624 |
* | Aerie Pharmaceuticals Inc. | 25,600 | 623 |
* | Retrophin Inc. | 31,716 | 612 |
* | Sagent Pharmaceuticals Inc. | 37,556 | 598 |
*,^ | Organovo Holdings Inc. | 238,645 | 594 |
* | Antares Pharma Inc. | 487,927 | 590 |
US Physical Therapy Inc. | 10,958 | 588 | |
* | XenoPort Inc. | 106,508 | 585 |
* | Spectrum | ||
Pharmaceuticals Inc. | 92,611 | 558 | |
* | LDR Holding Corp. | 22,100 | 555 |
Digirad Corp. | 95,823 | 555 | |
* | Atara Biotherapeutics Inc. | 20,997 | 555 |
* | Lion Biotechnologies Inc. | 68,925 | 532 |
* | Juniper Pharmaceuticals Inc. | 51,226 | 528 |
* | Raptor Pharmaceutical Corp. | 93,141 | 484 |
* | OraSure Technologies Inc. | 73,080 | 471 |
* | NeoGenomics Inc. | 59,111 | 465 |
* | Immunomedics Inc. | 150,892 | 463 |
* | Synergy | ||
Pharmaceuticals Inc. | 81,023 | 459 | |
* | Zogenix Inc. | 31,115 | 459 |
* | Adamas | ||
Pharmaceuticals Inc. | 15,925 | 451 | |
* | HealthStream Inc. | 20,427 | 449 |
* | Cytokinetics Inc. | 42,787 | 448 |
* | Athersys Inc. | 431,868 | 445 |
* | Dicerna Pharmaceuticals Inc. | 35,621 | 423 |
* | Akebia Therapeutics Inc. | 32,520 | 420 |
* | Vascular Solutions Inc. | 12,069 | 415 |
*,^ | Rockwell Medical Inc. | 38,443 | 394 |
* | Revance Therapeutics Inc. | 11,500 | 393 |
National HealthCare Corp. | 6,358 | 392 | |
* | Enzo Biochem Inc. | 83,942 | 378 |
* | Supernus | ||
Pharmaceuticals Inc. | 27,672 | 372 | |
* | Otonomy Inc. | 13,331 | 370 |
*,^ | Endocyte Inc. | 91,845 | 368 |
Osiris Therapeutics Inc. | 35,327 | 367 | |
* | Amphastar | ||
Pharmaceuticals Inc. | 24,874 | 354 | |
*,^ | Actinium | ||
Pharmaceuticals Inc. | 106,660 | 345 | |
* | BIND Therapeutics Inc. | 146,943 | 337 |
* | Carbylan Therapeutics Inc. | 92,248 | 334 |
* | SurModics Inc. | 15,857 | 321 |
* | Progenics | ||
Pharmaceuticals Inc. | 50,891 | 312 | |
* | CytRx Corp. | 117,384 | 311 |
* | Orexigen Therapeutics Inc. | 175,407 | 302 |
* | Five Star Quality Care Inc. | 94,576 | 301 |
LeMaitre Vascular Inc. | 17,245 | 297 | |
Universal American Corp. | 42,372 | 297 | |
*,^ | Alimera Sciences Inc. | 121,750 | 295 |
* | SeaSpine Holdings Corp. | 16,795 | 289 |
* | Vanda Pharmaceuticals Inc. | 30,224 | 281 |
* | Alliance HealthCare | ||
Services Inc. | 30,624 | 281 | |
*,^ | OvaScience Inc. | 27,700 | 271 |
* | Karyopharm | ||
Therapeutics Inc. | 20,202 | 268 | |
* | Collegium | ||
Pharmaceutical Inc. | 9,311 | 256 | |
* | OncoMed | ||
Pharmaceuticals Inc. | 10,900 | 246 | |
*,^ | Biolase Inc. | 281,018 | 236 |
* | Avinger Inc. | 10,264 | 233 |
* | Aratana Therapeutics Inc. | 40,600 | 227 |
* | POZEN Inc. | 31,094 | 212 |
* | Navidea | ||
Biopharmaceuticals Inc. | 158,410 | 211 | |
* | Avalanche | ||
Biotechnologies Inc. | 21,721 | 207 | |
* | K2M Group Holdings Inc. | 10,300 | 203 |
* | RTI Surgical Inc. | 50,534 | 201 |
* | Xencor Inc. | 13,600 | 199 |
* | GenMark Diagnostics Inc. | 24,632 | 191 |
32
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Apricus Biosciences Inc. | 188,587 | 187 |
* | TG Therapeutics Inc. | 15,500 | 185 |
* | Symmetry Surgical Inc. | 20,007 | 184 |
* | Achaogen Inc. | 30,324 | 174 |
* | Cara Therapeutics Inc. | 9,848 | 166 |
* | STAAR Surgical Co. | 22,704 | 162 |
* | Harvard Bioscience Inc. | 45,022 | 156 |
* | Alphatec Holdings Inc. | 511,402 | 153 |
* | Calithera Biosciences Inc. | 18,562 | 142 |
* | ARCA biopharma Inc. | 30,485 | 142 |
* | Derma Sciences Inc. | 29,473 | 135 |
* | Intersect ENT Inc. | 5,700 | 128 |
* | Regulus Therapeutics Inc. | 14,100 | 123 |
* | RadNet Inc. | 19,852 | 123 |
* | Sucampo Pharmaceuticals | ||
Inc. Class A | 7,058 | 122 | |
* | Paratek Pharmaceuticals Inc. | 6,304 | 120 |
* | Chiasma Inc. | 6,057 | 119 |
* | Peregrine | ||
Pharmaceuticals Inc. | 98,096 | 115 | |
* | Oncothyreon Inc. | 51,256 | 114 |
* | La Jolla Pharmaceutical Co. | 4,200 | 113 |
* | Cumberland | ||
Pharmaceuticals Inc. | 21,189 | 111 | |
*,^ | Northwest | ||
Biotherapeutics Inc. | 33,900 | 108 | |
* | InfuSystems Holdings Inc. | 34,480 | 105 |
* | XBiotech Inc. | 9,598 | 104 |
* | Acura Pharmaceuticals Inc. | 41,020 | 104 |
*,^ | iBio Inc. | 177,100 | 99 |
Enzon Pharmaceuticals Inc. | 141,847 | 97 | |
*,^ | Hansen Medical Inc. | 41,502 | 97 |
* | Bovie Medical Corp. | 45,545 | 96 |
* | Heska Corp. | 2,424 | 94 |
*,^ | Celladon Corp. | 63,164 | 93 |
* | Flexion Therapeutics Inc. | 4,800 | 93 |
* | Entellus Medical Inc. | 5,448 | 92 |
* | Pain Therapeutics Inc. | 51,137 | 90 |
*,^ | Catabasis | ||
Pharmaceuticals Inc. | 10,960 | 87 | |
* | Pernix Therapeutics | ||
Holdings Inc. | 28,805 | 85 | |
* | Versartis Inc. | 6,517 | 81 |
* | MEI Pharma Inc. | 48,787 | 78 |
* | Nobilis Health Corp. | 27,531 | 78 |
* | Aldeyra Therapeutics Inc. | 11,070 | 75 |
* | Genesis Healthcare Inc. | 21,297 | 74 |
* | ConforMIS Inc. | 4,256 | 74 |
* | Alexza Pharmaceuticals Inc. | 104,627 | 73 |
* | Tandem Diabetes Care Inc. | 6,010 | 71 |
AdCare Health Systems Inc. | 26,056 | 65 | |
* | Flex Pharma Inc. | 5,140 | 64 |
* | vTv Therapeutics Inc. | ||
Class A | 9,072 | 62 | |
Psychemedics Corp. | 5,861 | 59 |
* | AAC Holdings Inc. | 2,900 | 55 |
* | Stemline Therapeutics Inc. | 8,700 | 55 |
* | Glaukos Corp. | 2,120 | 52 |
* | Wright Medical Group Inc. | ||
CVR | 50,806 | 52 | |
* | Abeona Therapeutics Inc. | 15,250 | 51 |
*,^ | GTx Inc. | 69,694 | 49 |
* | CorMedix Inc. | 23,800 | 48 |
* | Invitae Corp. | 5,410 | 44 |
* | Seres Therapeutics Inc. | 1,211 | 43 |
* | Fibrocell Science Inc. | 9,200 | 42 |
* | Vical Inc. | 96,241 | 39 |
* | AxoGen Inc. | 7,610 | 38 |
* | Venaxis Inc. | 122,333 | 37 |
* | Alliqua BioMedical Inc. | 17,100 | 37 |
* | ADMA Biologics Inc. | 3,976 | 32 |
* | REGENXBIO Inc. | 1,817 | 30 |
* | Cerulean Pharma Inc. | 10,400 | 29 |
*,^ | Oculus Innovative | ||
Sciences Inc. | 23,597 | 27 | |
* | Adamis | ||
Pharmaceuticals Corp. | 5,000 | 27 | |
* | Penumbra Inc. | 453 | 24 |
*,^ | Biocept Inc. | 16,561 | 23 |
* | Agile Therapeutics Inc. | 2,300 | 22 |
* | Corindus Vascular | ||
Robotics Inc. | 6,927 | 22 | |
* | ERBA Diagnostics Inc. | 15,727 | 22 |
*,^ | Teladoc Inc. | 1,210 | 22 |
* | Vericel Corp. | 8,106 | 21 |
* | Ocata Therapeutics Inc. | 2,400 | 20 |
* | Caladrius Biosciences Inc. | 18,200 | 20 |
* | CEL-SCI Corp. | 51,277 | 19 |
* | Nivalis Therapeutics Inc. | 2,432 | 19 |
* | MGC Diagnostics Corp. | 2,800 | 18 |
* | Presbia plc | 3,100 | 16 |
* | Veracyte Inc. | 2,228 | 16 |
* | Asterias Biotherapeutics Inc. | 4,000 | 16 |
* | Neos Therapeutics Inc. | 912 | 13 |
* | EndoChoice Holdings Inc. | 1,463 | 12 |
* | Cancer Genetics Inc. | 3,500 | 12 |
* | Discovery Laboratories Inc. | 49,389 | 11 |
* | Vital Therapies Inc. | 800 | 9 |
* | Cytori Therapeutics Inc. | 49,137 | 9 |
* | Amedica Corp. | 75,400 | 9 |
* | Argos Therapeutics Inc. | 3,850 | 9 |
* | Ocular Therapeutix Inc. | 910 | 9 |
* | CAS Medical Systems Inc. | 4,100 | 7 |
Birner Dental Management | |||
Services Inc. | 603 | 7 | |
Diversicare Healthcare | |||
Services Inc. | 800 | 7 | |
* | Threshold | ||
Pharmaceuticals Inc. | 13,478 | 6 | |
* | Hooper Holmes Inc. | 92,235 | 6 |
33
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Cidara Therapeutics Inc. | 281 | 5 | |
* | Aethlon Medical Inc. | 698 | 5 | |
* | Neothetics Inc. | 3,040 | 4 | |
Utah Medical Products Inc. | 68 | 4 | ||
* | Sequenom Inc. | 1,514 | 3 | |
* | USMD Holdings Inc. | 284 | 2 | |
Daxor Corp. | 161 | 1 | ||
* | AmpliPhi Biosciences Corp. | 288 | 1 | |
* | Hemispherx Biopharma Inc. | 10,732 | 1 | |
* | ProPhase Labs Inc. | 465 | 1 | |
* | Catalyst Biosciences Inc. | 100 | — | |
* | Celsion Corp. | 127 | — | |
* | Unilife Corp. | 491 | — | |
* | Biodel Inc. | 700 | — | |
* | CASI Pharmaceuticals Inc. | 200 | — | |
* | Repros Therapeutics Inc. | 66 | — | |
* | EnteroMedics Inc. | 188 | — | |
* | StemCells Inc. | 1 | — | |
5,475,142 | ||||
Industrials (12.3%) | ||||
General Electric Co. | 16,884,782 | 525,961 | ||
3M Co. | 1,101,655 | 165,953 | ||
Boeing Co. | 1,138,817 | 164,662 | ||
United Technologies | ||||
Corp. | 1,507,794 | 144,854 | ||
Honeywell | ||||
International Inc. | 1,309,956 | 135,672 | ||
United Parcel Service Inc. | ||||
Class B | 1,245,705 | 119,874 | ||
Union Pacific Corp. | 1,528,265 | 119,510 | ||
Accenture plc Class A | 1,117,941 | 116,825 | ||
Lockheed Martin Corp. | 467,364 | 101,488 | ||
Danaher Corp. | 1,042,323 | 96,811 | ||
* | PayPal Holdings Inc. | 2,076,868 | 75,183 | |
FedEx Corp. | 479,955 | 71,509 | ||
Caterpillar Inc. | 1,041,844 | 70,804 | ||
Raytheon Co. | 538,832 | 67,101 | ||
Automatic Data | ||||
Processing Inc. | 784,102 | 66,429 | ||
General Dynamics Corp. | 480,786 | 66,041 | ||
Northrop Grumman Corp. | 326,344 | 61,617 | ||
Emerson Electric Co. | 1,171,438 | 56,030 | ||
Precision Castparts Corp. | 233,916 | 54,271 | ||
Illinois Tool Works Inc. | 552,795 | 51,233 | ||
* | LinkedIn Corp. Class A | 206,646 | 46,512 | |
CSX Corp. | 1,744,936 | 45,281 | ||
Norfolk Southern Corp. | 534,436 | 45,208 | ||
TE Connectivity Ltd. | 691,485 | 44,677 | ||
Eaton Corp. plc | 828,359 | 43,108 | ||
Waste Management Inc. | 800,498 | 42,723 | ||
Deere & Co. | 557,787 | 42,542 | ||
* | Fiserv Inc. | 409,132 | 37,419 | |
Sherwin-Williams Co. | 141,650 | 36,772 | ||
Roper Technologies Inc. | 180,382 | 34,235 | ||
Paychex Inc. | 580,885 | 30,723 |
Fidelity National | |||
Information Services Inc. | 505,174 | 30,614 | |
PACCAR Inc. | 632,812 | 29,995 | |
Amphenol Corp. Class A | 551,860 | 28,824 | |
* | Alliance Data Systems Corp. | 103,909 | 28,738 |
Cummins Inc. | 317,840 | 27,973 | |
Ingersoll-Rand plc | 470,364 | 26,006 | |
Agilent Technologies Inc. | 592,892 | 24,789 | |
Rockwell Automation Inc. | 237,685 | 24,389 | |
Tyco International plc | 756,989 | 24,140 | |
Parker-Hannifin Corp. | 245,366 | 23,796 | |
AMETEK Inc. | 429,245 | 23,003 | |
Vulcan Materials Co. | 238,571 | 22,657 | |
* | FleetCor Technologies Inc. | 156,826 | 22,415 |
Rockwell Collins Inc. | 235,202 | 21,709 | |
WestRock Co. | 468,935 | 21,393 | |
* | Verisk Analytics Inc. | ||
Class A | 272,819 | 20,974 | |
* | TransDigm Group Inc. | 91,335 | 20,865 |
WW Grainger Inc. | 101,193 | 20,501 | |
Fastenal Co. | 492,365 | 20,098 | |
Republic Services Inc. | |||
Class A | 434,872 | 19,130 | |
Textron Inc. | 440,868 | 18,521 | |
* | Stericycle Inc. | 152,051 | 18,337 |
Xerox Corp. | 1,722,486 | 18,310 | |
Acuity Brands Inc. | 78,066 | 18,252 | |
Ball Corp. | 243,960 | 17,743 | |
Masco Corp. | 609,539 | 17,250 | |
Dover Corp. | 277,295 | 17,001 | |
* | Mettler-Toledo | ||
International Inc. | 49,010 | 16,621 | |
Sealed Air Corp. | 364,788 | 16,270 | |
Martin Marietta | |||
Materials Inc. | 118,340 | 16,163 | |
Pentair plc | 322,540 | 15,975 | |
Towers Watson & Co. | |||
Class A | 124,288 | 15,966 | |
CH Robinson | |||
Worldwide Inc. | 256,955 | 15,936 | |
Fortune Brands Home & | |||
Security Inc. | 285,746 | 15,859 | |
L-3 Communications | |||
Holdings Inc. | 128,466 | 15,353 | |
Expeditors International of | |||
Washington Inc. | 334,698 | 15,095 | |
Global Payments Inc. | 232,413 | 14,993 | |
Total System Services Inc. | 296,309 | 14,756 | |
Kansas City Southern | 195,284 | 14,582 | |
Cintas Corp. | 156,664 | 14,264 | |
* | Sensata Technologies | ||
Holding NV | 304,472 | 14,024 | |
* | Vantiv Inc. Class A | 279,495 | 13,254 |
* | Crown Holdings Inc. | 249,480 | 12,649 |
34
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Spirit AeroSystems | ||
Holdings Inc. Class A | 251,572 | 12,596 | |
Waste Connections Inc. | 219,281 | 12,350 | |
* | United Rentals Inc. | 169,457 | 12,292 |
Fluor Corp. | 257,585 | 12,163 | |
JB Hunt Transport | |||
Services Inc. | 165,231 | 12,121 | |
Valspar Corp. | 142,396 | 11,812 | |
Xylem Inc. | 322,549 | 11,773 | |
Wabtec Corp. | 164,037 | 11,666 | |
ManpowerGroup Inc. | 136,457 | 11,502 | |
* | CoStar Group Inc. | 55,313 | 11,433 |
Broadridge Financial | |||
Solutions Inc. | 212,231 | 11,403 | |
Allegion plc | 171,653 | 11,315 | |
Jack Henry & | |||
Associates Inc. | 143,875 | 11,231 | |
Packaging Corp. of America | 174,890 | 11,027 | |
PerkinElmer Inc. | 201,519 | 10,795 | |
Huntington Ingalls | |||
Industries Inc. | 84,966 | 10,778 | |
* | HD Supply Holdings Inc. | 356,654 | 10,710 |
Robert Half | |||
International Inc. | 227,115 | 10,706 | |
IDEX Corp. | 137,559 | 10,538 | |
Carlisle Cos. Inc. | 116,476 | 10,330 | |
AO Smith Corp. | 134,591 | 10,311 | |
Avnet Inc. | 238,937 | 10,236 | |
Flowserve Corp. | 237,001 | 9,973 | |
ADT Corp. | 302,000 | 9,960 | |
* | Trimble Navigation Ltd. | 456,897 | 9,800 |
Lennox International Inc. | 76,615 | 9,569 | |
* | Hubbell Inc. Class B | 94,705 | 9,569 |
Orbital ATK Inc. | 105,358 | 9,413 | |
Macquarie | |||
Infrastructure Corp. | 128,798 | 9,351 | |
Owens Corning | 198,473 | 9,334 | |
* | Jacobs Engineering | ||
Group Inc. | 220,056 | 9,231 | |
* | Arrow Electronics Inc. | 169,024 | 9,158 |
* | Keysight Technologies Inc. | 303,319 | 8,593 |
* | AECOM | 271,038 | 8,139 |
AptarGroup Inc. | 111,828 | 8,124 | |
B/E Aerospace Inc. | 188,758 | 7,998 | |
Hexcel Corp. | 171,337 | 7,959 | |
* | Berry Plastics Group Inc. | 215,260 | 7,788 |
Bemis Co. Inc. | 171,929 | 7,684 | |
Graphic Packaging | |||
Holding Co. | 587,503 | 7,538 | |
Sonoco Products Co. | 180,826 | 7,390 | |
Graco Inc. | 102,542 | 7,390 | |
Allison Transmission | |||
Holdings Inc. | 282,182 | 7,306 | |
Jabil Circuit Inc. | 309,159 | 7,200 | |
* | Genpact Ltd. | 287,248 | 7,175 |
FLIR Systems Inc. | 251,242 | 7,052 | |
Donaldson Co. Inc. | 240,965 | 6,906 | |
Toro Co. | 93,446 | 6,828 | |
* | Old Dominion Freight | ||
Line Inc. | 113,779 | 6,721 | |
Trinity Industries Inc. | 274,467 | 6,593 | |
MAXIMUS Inc. | 117,140 | 6,589 | |
* | Euronet Worldwide Inc. | 89,866 | 6,509 |
* | Zebra Technologies Corp. | 93,409 | 6,506 |
MDU Resources Group Inc. | 349,897 | 6,410 | |
Nordson Corp. | 97,287 | 6,241 | |
Lincoln Electric | |||
Holdings Inc. | 119,317 | 6,191 | |
* | WEX Inc. | 69,343 | 6,130 |
Booz Allen Hamilton | |||
Holding Corp. Class A | 197,038 | 6,079 | |
AGCO Corp. | 131,736 | 5,980 | |
Heartland Payment | |||
Systems Inc. | 62,663 | 5,942 | |
National Instruments Corp. | 206,187 | 5,916 | |
FEI Co. | 73,700 | 5,881 | |
ITT Corp. | 160,637 | 5,834 | |
Air Lease Corp. Class A | 172,690 | 5,782 | |
* | Quanta Services Inc. | 274,370 | 5,556 |
RR Donnelley & Sons Co. | 374,441 | 5,512 | |
* | IPG Photonics Corp. | 61,551 | 5,488 |
* | Genesee & Wyoming Inc. | ||
Class A | 102,021 | 5,478 | |
BWX Technologies Inc. | 171,481 | 5,448 | |
Oshkosh Corp. | 139,260 | 5,437 | |
Ryder System Inc. | 95,604 | 5,433 | |
Watsco Inc. | 46,044 | 5,393 | |
* | CoreLogic Inc. | 157,869 | 5,345 |
* | First Data Corp. Class A | 322,986 | 5,174 |
Eagle Materials Inc. | 85,244 | 5,151 | |
Curtiss-Wright Corp. | 74,861 | 5,128 | |
EMCOR Group Inc. | 106,722 | 5,127 | |
* | Kirby Corp. | 96,901 | 5,099 |
Woodward Inc. | 102,437 | 5,087 | |
* | Teledyne Technologies Inc. | 57,160 | 5,070 |
* | Owens-Illinois Inc. | 288,874 | 5,032 |
Cognex Corp. | 146,641 | 4,952 | |
World Fuel Services Corp. | 127,671 | 4,910 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 86,563 | 4,871 | |
Deluxe Corp. | 88,904 | 4,849 | |
*,^ | XPO Logistics Inc. | 175,281 | 4,776 |
Regal Beloit Corp. | 80,186 | 4,692 | |
EnerSys | 82,933 | 4,638 | |
HEICO Corp. Class A | 94,063 | 4,628 | |
* | Louisiana-Pacific Corp. | 255,601 | 4,603 |
Landstar System Inc. | 77,589 | 4,551 | |
CLARCOR Inc. | 89,423 | 4,443 | |
* | Esterline | ||
Technologies Corp. | 54,726 | 4,433 |
35
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
KBR Inc. | 258,275 | 4,370 | |
Littelfuse Inc. | 40,228 | 4,305 | |
Valmont Industries Inc. | 39,506 | 4,188 | |
* | Universal Display Corp. | 75,324 | 4,101 |
Silgan Holdings Inc. | 75,701 | 4,067 | |
Crane Co. | 83,169 | 3,979 | |
Convergys Corp. | 158,384 | 3,942 | |
Timken Co. | 134,846 | 3,855 | |
* | On Assignment Inc. | 85,273 | 3,833 |
* | USG Corp. | 156,897 | 3,811 |
* | Advisory Board Co. | 75,574 | 3,749 |
* | Clean Harbors Inc. | 88,200 | 3,674 |
* | Generac Holdings Inc. | 123,065 | 3,664 |
CEB Inc. | 59,510 | 3,653 | |
* | Colfax Corp. | 156,351 | 3,651 |
* | Moog Inc. Class A | 60,163 | 3,646 |
Belden Inc. | 75,827 | 3,615 | |
* | Cimpress NV | 43,511 | 3,530 |
Triumph Group Inc. | 88,247 | 3,508 | |
Terex Corp. | 185,414 | 3,426 | |
* | Armstrong World | ||
Industries Inc. | 74,344 | 3,400 | |
Manitowoc Co. Inc. | 220,656 | 3,387 | |
* | WESCO International Inc. | 77,188 | 3,372 |
Matson Inc. | 78,361 | 3,341 | |
GATX Corp. | 77,045 | 3,278 | |
AZZ Inc. | 57,145 | 3,176 | |
* | Masonite | ||
International Corp. | 51,833 | 3,174 | |
Covanta Holding Corp. | 203,187 | 3,147 | |
Barnes Group Inc. | 88,410 | 3,129 | |
Tetra Tech Inc. | 119,884 | 3,119 | |
Aircastle Ltd. | 147,229 | 3,076 | |
Korn/Ferry International | 92,183 | 3,059 | |
* | Anixter International Inc. | 50,455 | 3,047 |
* | Imperva Inc. | 48,067 | 3,043 |
*,^ | Ambarella Inc. | 53,840 | 3,001 |
* | OSI Systems Inc. | 33,685 | 2,987 |
* | WageWorks Inc. | 65,015 | 2,950 |
* | Sanmina Corp. | 142,578 | 2,934 |
Vishay | |||
Intertechnology Inc. | 243,253 | 2,931 | |
Applied Industrial | |||
Technologies Inc. | 71,969 | 2,914 | |
* | Coherent Inc. | 44,668 | 2,908 |
* | KLX Inc. | 94,386 | 2,906 |
Granite Construction Inc. | 67,578 | 2,900 | |
* | Greatbatch Inc. | 54,861 | 2,880 |
G&K Services Inc. Class A | 45,618 | 2,869 | |
UniFirst Corp. | 27,410 | 2,856 | |
Simpson Manufacturing | |||
Co. Inc. | 82,424 | 2,815 | |
Mueller Industries Inc. | 102,806 | 2,786 | |
Apogee Enterprises Inc. | 63,875 | 2,779 | |
* | RBC Bearings Inc. | 43,012 | 2,778 |
* | Rexnord Corp. | 152,635 | 2,766 |
* | MasTec Inc. | 157,937 | 2,745 |
ABM Industries Inc. | 96,346 | 2,743 | |
Kennametal Inc. | 142,062 | 2,728 | |
* | Proto Labs Inc. | 42,820 | 2,727 |
* | American Woodmark Corp. | 33,913 | 2,712 |
Mobile Mini Inc. | 86,851 | 2,704 | |
* | AMN Healthcare | ||
Services Inc. | 86,132 | 2,674 | |
* | FTI Consulting Inc. | 76,235 | 2,642 |
Knight Transportation Inc. | 108,825 | 2,637 | |
Albany International Corp. | 72,052 | 2,634 | |
Standex International Corp. | 31,498 | 2,619 | |
Comfort Systems USA Inc. | 91,174 | 2,591 | |
MSA Safety Inc. | 59,576 | 2,590 | |
* | Itron Inc. | 71,248 | 2,578 |
Watts Water Technologies | |||
Inc. Class A | 51,337 | 2,550 | |
Exponent Inc. | 50,529 | 2,524 | |
* | Cardtronics Inc. | 74,864 | 2,519 |
* | Huron Consulting Group Inc. | 41,945 | 2,492 |
AAON Inc. | 104,439 | 2,425 | |
*,^ | NeuStar Inc. Class A | 99,564 | 2,387 |
Essendant Inc. | 73,028 | 2,374 | |
* | TopBuild Corp. | 73,500 | 2,262 |
Badger Meter Inc. | 37,477 | 2,196 | |
Methode Electronics Inc. | 68,825 | 2,191 | |
Mueller Water | |||
Products Inc. Class A | 253,493 | 2,180 | |
ESCO Technologies Inc. | 60,319 | 2,180 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 52,591 | 2,174 | |
* | Swift Transportation Co. | 157,142 | 2,172 |
* | Hub Group Inc. Class A | 65,776 | 2,167 |
* | Headwaters Inc. | 128,260 | 2,164 |
* | Knowles Corp. | 160,757 | 2,143 |
Universal Forest | |||
Products Inc. | 31,324 | 2,142 | |
Insperity Inc. | 44,470 | 2,141 | |
* | ExlService Holdings Inc. | 47,482 | 2,133 |
* | Plexus Corp. | 60,989 | 2,130 |
* | Babcock & Wilcox | ||
Enterprises Inc. | 101,093 | 2,110 | |
Sturm Ruger & Co. Inc. | 35,086 | 2,091 | |
Forward Air Corp. | 48,547 | 2,088 | |
Astec Industries Inc. | 51,154 | 2,082 | |
* | DigitalGlobe Inc. | 131,359 | 2,057 |
Franklin Electric Co. Inc. | 75,632 | 2,044 | |
Brady Corp. Class A | 86,056 | 1,978 | |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 124,780 | 1,954 | |
EVERTEC Inc. | 115,809 | 1,939 | |
AAR Corp. | 73,727 | 1,938 | |
Heartland Express Inc. | 109,977 | 1,872 | |
* | SPX FLOW Inc. | 66,450 | 1,855 |
36
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Federal Signal Corp. | 116,407 | 1,845 | |
Griffon Corp. | 103,036 | 1,834 | |
Altra Industrial Motion Corp. | 72,971 | 1,830 | |
EnPro Industries Inc. | 41,595 | 1,824 | |
Brink’s Co. | 62,888 | 1,815 | |
John Bean Technologies | |||
Corp. | 36,202 | 1,804 | |
Quanex Building Products | |||
Corp. | 85,754 | 1,788 | |
CTS Corp. | 100,421 | 1,771 | |
Chicago Bridge & Iron | |||
Co. NV | 45,213 | 1,763 | |
* | TASER International Inc. | 101,246 | 1,751 |
* | PHH Corp. | 107,451 | 1,741 |
* | Trex Co. Inc. | 45,107 | 1,716 |
Werner Enterprises Inc. | 73,332 | 1,715 | |
US Ecology Inc. | 47,017 | 1,713 | |
* | Builders FirstSource Inc. | 154,562 | 1,713 |
Greif Inc. Class A | 55,467 | 1,709 | |
* | II-VI Inc. | 90,420 | 1,678 |
CIRCOR International Inc. | 39,598 | 1,669 | |
^ | Outerwall Inc. | 44,998 | 1,644 |
* | Cross Country | ||
Healthcare Inc. | 99,959 | 1,638 | |
* | ExamWorks Group Inc. | 60,694 | 1,614 |
Alamo Group Inc. | 30,802 | 1,605 | |
* | Astronics Corp. | 39,401 | 1,604 |
Heidrick & Struggles | |||
International Inc. | 58,367 | 1,589 | |
* | Sykes Enterprises Inc. | 51,044 | 1,571 |
Greenbrier Cos. Inc. | 47,971 | 1,565 | |
* | CBIZ Inc. | 158,316 | 1,561 |
Actuant Corp. Class A | 63,741 | 1,527 | |
Kaman Corp. | 36,764 | 1,500 | |
* | Smith & Wesson | ||
Holding Corp. | 68,259 | 1,500 | |
* | DHI Group Inc. | 163,340 | 1,498 |
* | Monster Worldwide Inc. | 260,096 | 1,490 |
* | TriMas Corp. | 79,355 | 1,480 |
Ennis Inc. | 76,648 | 1,475 | |
* | LifeLock Inc. | 102,203 | 1,467 |
* | Aegion Corp. Class A | 75,694 | 1,462 |
MTS Systems Corp. | 22,874 | 1,450 | |
Cubic Corp. | 30,496 | 1,441 | |
Otter Tail Corp. | 54,057 | 1,440 | |
* | Rofin-Sinar | ||
Technologies Inc. | 53,561 | 1,434 | |
* | Veeco Instruments Inc. | 69,764 | 1,434 |
TeleTech Holdings Inc. | 50,076 | 1,398 | |
* | FARO Technologies Inc. | 47,100 | 1,390 |
* | Boise Cascade Co. | 54,031 | 1,379 |
Materion Corp. | 49,245 | 1,379 | |
General Cable Corp. | 100,939 | 1,356 | |
* | TrueBlue Inc. | 52,132 | 1,343 |
Tennant Co. | 23,364 | 1,314 |
* | Wesco Aircraft | ||
Holdings Inc. | 109,659 | 1,313 | |
^ | American Railcar | ||
Industries Inc. | 27,992 | 1,295 | |
Barrett Business | |||
Services Inc. | 29,694 | 1,293 | |
* | Rogers Corp. | 24,848 | 1,281 |
TimkenSteel Corp. | 149,656 | 1,254 | |
Harsco Corp. | 156,970 | 1,237 | |
* | Air Transport Services | ||
Group Inc. | 122,354 | 1,233 | |
Marten Transport Ltd. | 69,124 | 1,224 | |
* | Benchmark Electronics Inc. | 58,579 | 1,211 |
ArcBest Corp. | 56,287 | 1,204 | |
* | Tutor Perini Corp. | 71,251 | 1,193 |
AVX Corp. | 97,640 | 1,185 | |
* | Meritor Inc. | 141,393 | 1,181 |
^ | Lindsay Corp. | 16,299 | 1,180 |
* | Fabrinet | 48,405 | 1,153 |
* | UTi Worldwide Inc. | 163,910 | 1,152 |
* | US Concrete Inc. | 21,820 | 1,149 |
Argan Inc. | 34,456 | 1,116 | |
Raven Industries Inc. | 71,348 | 1,113 | |
Myers Industries Inc. | 83,524 | 1,113 | |
* | TriNet Group Inc. | 56,563 | 1,094 |
H&E Equipment | |||
Services Inc. | 61,062 | 1,067 | |
* | Navigant Consulting Inc. | 63,647 | 1,022 |
* | TransUnion | 36,648 | 1,010 |
* | Summit Materials Inc. | ||
Class A | 50,140 | 1,005 | |
Kadant Inc. | 24,738 | 1,005 | |
TAL International Group Inc. | 62,890 | 1,000 | |
* | Gibraltar Industries Inc. | 39,034 | 993 |
Park-Ohio Holdings Corp. | 26,999 | 993 | |
* | Lydall Inc. | 27,960 | 992 |
Primoris Services Corp. | 44,917 | 990 | |
* | M/A-COM Technology | ||
Solutions Holdings Inc. | 24,035 | 983 | |
Schnitzer Steel | |||
Industries Inc. | 67,394 | 968 | |
ManTech International Corp. | |||
Class A | 31,995 | 968 | |
Kforce Inc. | 37,720 | 954 | |
Daktronics Inc. | 108,468 | 946 | |
Multi-Color Corp. | 15,587 | 932 | |
* | Franklin Covey Co. | 54,884 | 919 |
* | PGT Inc. | 78,865 | 898 |
* | Covenant Transportation | ||
Group Inc. Class A | 47,075 | 889 | |
Gorman-Rupp Co. | 33,255 | 889 | |
Insteel Industries Inc. | 42,464 | 888 | |
* | Inovalon Holdings Inc. | ||
Class A | 52,186 | 887 | |
* | Engility Holdings Inc. | 27,290 | 886 |
37
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
American Science & | |||
Engineering Inc. | 21,149 | 875 | |
Checkpoint Systems Inc. | 137,714 | 863 | |
* | Navistar International Corp. | 97,420 | 861 |
* | Bazaarvoice Inc. | 196,332 | 860 |
Resources Connection Inc. | 52,079 | 851 | |
McGrath RentCorp | 33,664 | 848 | |
* | Wabash National Corp. | 71,596 | 847 |
* | CRA International Inc. | 44,811 | 836 |
* | Aerovironment Inc. | 27,528 | 811 |
Encore Wire Corp. | 21,756 | 807 | |
* | Paylocity Holding Corp. | 19,530 | 792 |
* | Patrick Industries Inc. | 18,060 | 786 |
Advanced Drainage | |||
Systems Inc. | 32,627 | 784 | |
Cass Information | |||
Systems Inc. | 14,946 | 769 | |
* | Era Group Inc. | 68,693 | 766 |
* | Lionbridge | ||
Technologies Inc. | 153,882 | 756 | |
* | ARC Document | ||
Solutions Inc. | 167,539 | 741 | |
Columbus McKinnon Corp. | 39,135 | 740 | |
Acacia Research Corp. | 170,434 | 731 | |
* | GP Strategies Corp. | 29,017 | 729 |
Sun Hydraulics Corp. | 22,809 | 724 | |
Celadon Group Inc. | 73,056 | 723 | |
* | Continental Building | ||
Products Inc. | 40,510 | 707 | |
Information Services | |||
Group Inc. | 194,242 | 703 | |
* | Newport Corp. | 44,105 | 700 |
* | Team Inc. | 21,676 | 693 |
NN Inc. | 43,416 | 692 | |
* | Saia Inc. | 30,544 | 680 |
* | Ducommun Inc. | 41,825 | 678 |
* | Furmanite Corp. | 100,835 | 672 |
* | Everi Holdings Inc. | 151,155 | 664 |
* | Energy Recovery Inc. | 91,692 | 648 |
* | MYR Group Inc. | 30,996 | 639 |
* | Landec Corp. | 53,668 | 635 |
* | ICF International Inc. | 17,547 | 624 |
SPX Corp. | 66,450 | 620 | |
Powell Industries Inc. | 23,497 | 612 | |
* | PowerSecure | ||
International Inc. | 38,435 | 578 | |
* | PAM Transportation | ||
Services Inc. | 20,094 | 554 | |
Miller Industries Inc. | 24,364 | 531 | |
CECO Environmental Corp. | 67,095 | 515 | |
Kelly Services Inc. Class A | 31,582 | 510 | |
Black Box Corp. | 52,300 | 498 | |
* | TTM Technologies Inc. | 76,402 | 497 |
Hyster-Yale Materials | |||
Handling Inc. | 9,387 | 492 |
* | NCI Building Systems Inc. | 39,568 | 491 |
* | Thermon Group | ||
Holdings Inc. | 28,950 | 490 | |
LSI Industries Inc. | 40,082 | 489 | |
* | RPX Corp. | 44,071 | 485 |
* | Rentrak Corp. | 10,114 | 481 |
* | Multi-Fineline Electronix Inc. | 23,168 | 479 |
* | EnerNOC Inc. | 122,864 | 473 |
Landauer Inc. | 14,199 | 467 | |
* | Lawson Products Inc. | 19,589 | 457 |
* | DXP Enterprises Inc. | 20,052 | 457 |
United States Lime & | |||
Minerals Inc. | 8,186 | 450 | |
* | AEP Industries Inc. | 5,711 | 441 |
* | Maxwell Technologies Inc. | 61,076 | 436 |
^ | Textainer Group | ||
Holdings Ltd. | 30,785 | 434 | |
* | Casella Waste Systems Inc. | ||
Class A | 70,808 | 423 | |
* | Echo Global Logistics Inc. | 20,381 | 416 |
* | Nortek Inc. | 9,519 | 415 |
Viad Corp. | 14,537 | 410 | |
* | Ameresco Inc. Class A | 63,389 | 396 |
Dynamic Materials Corp. | 56,104 | 392 | |
* | CUI Global Inc. | 55,345 | 390 |
* | Ply Gem Holdings Inc. | 31,039 | 389 |
ModusLink Global | |||
Solutions Inc. | 153,608 | 381 | |
* | Kimball Electronics Inc. | 34,648 | 381 |
Bel Fuse Inc. Class B | 21,864 | 378 | |
NVE Corp. | 6,690 | 376 | |
* | Accuride Corp. | 223,172 | 370 |
Crawford & Co. Class A | 73,052 | 370 | |
Eastern Co. | 19,602 | 368 | |
Park Electrochemical Corp. | 24,221 | 365 | |
* | Electro Scientific | ||
Industries Inc. | 69,591 | 361 | |
HEICO Corp. | 6,637 | 361 | |
NACCO Industries Inc. | |||
Class A | 8,389 | 354 | |
* | YRC Worldwide Inc. | 24,854 | 352 |
Graham Corp. | 20,640 | 347 | |
Crawford & Co. Class B | 65,204 | 346 | |
* | Great Lakes Dredge & | ||
Dock Corp. | 86,493 | 343 | |
Electro Rent Corp. | 36,293 | 334 | |
* | Horizon Global Corp. | 31,564 | 327 |
CDI Corp. | 46,883 | 317 | |
* | CAI International Inc. | 30,972 | 312 |
Allied Motion | |||
Technologies Inc. | 11,539 | 302 | |
Hardinge Inc. | 31,532 | 294 | |
Mesa Laboratories Inc. | 2,907 | 289 | |
Houston Wire & Cable Co. | 54,511 | 288 |
38
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Kratos Defense & Security | ||
Solutions Inc. | 68,262 | 280 | |
* | InnerWorkings Inc. | 37,219 | 279 |
Quad/Graphics Inc. | 29,269 | 272 | |
* | Vishay Precision Group Inc. | 22,868 | 259 |
* | Press Ganey Holdings Inc. | 8,145 | 257 |
* | Roadrunner Transportation | ||
Systems Inc. | 27,181 | 256 | |
* | Kemet Corp. | 108,012 | 256 |
* | Vicor Corp. | 27,927 | 255 |
* | GSI Group Inc. | 18,624 | 254 |
* | ServiceSource | ||
International Inc. | 54,970 | 253 | |
* | Heritage-Crystal Clean Inc. | 23,489 | 249 |
* | Astronics Corp. Class B | 5,910 | 240 |
* | American | ||
Superconductor Corp. | 36,159 | 230 | |
* | Cenveo Inc. | 262,017 | 228 |
*,^ | ClearSign | ||
Combustion Corp. | 46,906 | 228 | |
LB Foster Co. Class A | 16,644 | 227 | |
* | Layne Christensen Co. | 42,700 | 225 |
*,^ | A. M. Castle & Co. | 126,703 | 201 |
Hurco Cos. Inc. | 7,342 | 195 | |
* | Ballantyne Strong Inc. | 42,291 | 193 |
* | CyberOptics Corp. | 25,135 | 192 |
* | Commercial Vehicle | ||
Group Inc. | 69,313 | 191 | |
* | Mistras Group Inc. | 9,970 | 190 |
Universal Technical | |||
Institute Inc. | 40,610 | 189 | |
* | Arotech Corp. | 92,751 | 189 |
* | Installed Building | ||
Products Inc. | 7,600 | 189 | |
* | Northwest Pipe Co. | 16,293 | 182 |
* | Control4 Corp. | 24,960 | 181 |
Spartan Motors Inc. | 54,514 | 170 | |
* | Sterling Construction | ||
Co. Inc. | 27,200 | 165 | |
* | Active Power Inc. | 122,510 | 159 |
* | TRC Cos. Inc. | 17,053 | 158 |
* | BlueLinx Holdings Inc. | 278,526 | 148 |
* | Intevac Inc. | 30,977 | 146 |
* | USA Truck Inc. | 8,258 | 144 |
* | Hudson Global Inc. | 48,253 | 141 |
* | Echelon Corp. | 24,952 | 141 |
* | Orion Marine Group Inc. | 33,320 | 139 |
* | UFP Technologies Inc. | 5,749 | 137 |
* | Fuel Tech Inc. | 71,059 | 134 |
* | Milacron Holdings Corp. | 10,582 | 132 |
* | Willis Lease Finance Corp. | 6,584 | 132 |
* | PRGX Global Inc. | 32,040 | 119 |
National Research Corp. | |||
Class B | 3,096 | 111 | |
FreightCar America Inc. | 5,522 | 107 |
* | Xerium Technologies Inc. | 8,965 | 106 |
Global Brass & Copper | |||
Holdings Inc. | 4,756 | 101 | |
* | Goldfield Corp. | 63,860 | 99 |
* | Sparton Corp. | 4,933 | 99 |
* | Radiant Logistics Inc. | 28,000 | 96 |
* | LMI Aerospace Inc. | 9,475 | 95 |
* | Hill International Inc. | 24,339 | 94 |
VSE Corp. | 1,475 | 92 | |
* | Innovative Solutions & | ||
Support Inc. | 31,038 | 86 | |
* | Aspen Aerogels Inc. | 13,412 | 81 |
* | Eagle Bulk Shipping Inc. | 22,911 | 81 |
Douglas Dynamics Inc. | 3,473 | 73 | |
* | Frequency Electronics Inc. | 6,878 | 73 |
AMCON Distributing Co. | 900 | 73 | |
* | BMC Stock Holdings Inc. | 4,300 | 72 |
* | Broadwind Energy Inc. | 31,113 | 65 |
* | Ultralife Corp. | 9,678 | 63 |
* | Air T Inc. | 2,500 | 61 |
* | Lincoln Educational | ||
Services Corp. | 30,118 | 60 | |
* | Perma-Fix | ||
Environmental Services | 15,311 | 57 | |
* | StarTek Inc. | 15,981 | 57 |
* | SL Industries Inc. | 1,698 | 54 |
*,^ | Synthesis Energy | ||
Systems Inc. | 55,859 | 54 | |
* | Capstone Turbine Corp. | 35,895 | 50 |
* | Evolent Health Inc. Class A | 4,083 | 49 |
Supreme Industries Inc. | |||
Class A | 6,861 | 47 | |
*,^ | Lightbridge Corp. | 45,232 | 46 |
Richardson Electronics Ltd. | 7,894 | 45 | |
* | Mattersight Corp. | 6,659 | 44 |
* | IEC Electronics Corp. | 13,361 | 44 |
* | Key Technology Inc. | 3,973 | 41 |
* | Asure Software Inc. | 9,030 | 41 |
Twin Disc Inc. | 3,509 | 37 | |
* | Power Solutions | ||
International Inc. | 1,862 | 34 | |
* | American Electric | ||
Technologies Inc. | 16,080 | 34 | |
Joy Global Inc. | 2,568 | 32 | |
Global Power Equipment | |||
Group Inc. | 9,124 | 32 | |
* | Orion Energy Systems Inc. | 13,216 | 29 |
* | AeroCentury Corp. | 2,175 | 28 |
*,^ | MINDBODY Inc. Class A | 1,814 | 27 |
* | Revolution Lighting | ||
Technologies Inc. | 33,852 | 27 | |
*,^ | MicroVision Inc. | 9,295 | 27 |
National Research Corp. | |||
Class A | 1,642 | 26 | |
* | Turtle Beach Corp. | 11,768 | 24 |
39
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Onvia Inc. | 6,351 | 24 | |
* | Research Frontiers Inc. | 4,224 | 22 | |
Omega Flex Inc. | 666 | 22 | ||
Bel Fuse Inc. Class A | 1,477 | 22 | ||
* | Patriot Transportation | |||
Holding Inc. | 794 | 18 | ||
* | Cartesian Inc. | 7,826 | 17 | |
* | Hudson Technologies Inc. | 5,527 | 16 | |
* | Gencor Industries Inc. | 1,450 | 16 | |
* | API Technologies Corp. | 11,367 | 16 | |
Greif Inc. Class B | 318 | 14 | ||
* | Rand Logistics Inc. | 6,796 | 11 | |
* | Sharps Compliance Corp. | 1,172 | 10 | |
* | Breeze-Eastern Corp. | 401 | 8 | |
Art’s-Way Manufacturing | ||||
Co. Inc. | 2,553 | 8 | ||
* | Rubicon Technology Inc. | 6,096 | 7 | |
* | Industrial Services of | |||
America Inc. | 5,080 | 7 | ||
* | Document Security | |||
Systems Inc. | 34,217 | 6 | ||
Universal Truckload | ||||
Services Inc. | 360 | 5 | ||
* | American DG Energy Inc. | 15,120 | 5 | |
*,^ | Odyssey Marine | |||
Exploration Inc. | 17,197 | 5 | ||
Ecology and Environment Inc. | 450 | 5 | ||
* | Integrated Electrical | |||
Services Inc. | 246 | 3 | ||
* | Wireless Telecom Group Inc. | 1,403 | 2 | |
* | Sypris Solutions Inc. | 1,594 | 2 | |
* | Overseas Shipholding Group | |||
Inc. Class B | 200 | 1 | ||
* | Nuverra Environmental | |||
Solutions Inc. | 300 | — | ||
* | CTPartners Executive | |||
Search Inc. | 74,003 | — | ||
* | Overseas Shipholding | |||
Group Inc. Class A | 20 | — | ||
4,804,943 | ||||
Oil & Gas (5.9%) | ||||
Exxon Mobil Corp. | 7,447,705 | 580,549 | ||
Chevron Corp. | 3,367,054 | 302,900 | ||
Schlumberger Ltd. | 2,256,281 | 157,376 | ||
ConocoPhillips | 2,209,126 | 103,144 | ||
Occidental Petroleum | ||||
Corp. | 1,366,547 | 92,392 | ||
Phillips 66 | 859,201 | 70,283 | ||
EOG Resources Inc. | 983,707 | 69,637 | ||
Valero Energy Corp. | 861,719 | 60,932 | ||
Halliburton Co. | 1,455,072 | 49,531 | ||
Marathon Petroleum | ||||
Corp. | 953,514 | 49,430 | ||
Kinder Morgan Inc. | 3,226,783 | 48,144 |
Anadarko Petroleum | |||
Corp. | 909,537 | 44,185 | |
Baker Hughes Inc. | 780,178 | 36,005 | |
Pioneer Natural | |||
Resources Co. | 267,310 | 33,515 | |
Williams Cos. Inc. | 1,208,099 | 31,048 | |
Apache Corp. | 676,741 | 30,095 | |
Spectra Energy Corp. | 1,202,054 | 28,777 | |
Noble Energy Inc. | 765,774 | 25,217 | |
Tesoro Corp. | 218,189 | 22,991 | |
National Oilwell Varco Inc. | 680,304 | 22,783 | |
Hess Corp. | 460,711 | 22,335 | |
* | Cameron International | ||
Corp. | 341,958 | 21,612 | |
* | Concho Resources Inc. | 231,339 | 21,482 |
Devon Energy Corp. | 619,767 | 19,833 | |
Marathon Oil Corp. | 1,213,320 | 15,276 | |
Cimarex Energy Co. | 169,256 | 15,128 | |
EQT Corp. | 272,901 | 14,226 | |
Columbia Pipeline | |||
Group Inc. | 696,160 | 13,923 | |
* | Cheniere Energy Inc. | 358,992 | 13,372 |
HollyFrontier Corp. | 333,670 | 13,310 | |
Cabot Oil & Gas Corp. | 740,463 | 13,099 | |
* | FMC Technologies Inc. | 407,868 | 11,832 |
* | Weatherford | ||
International plc | 1,396,111 | 11,713 | |
*,^ | Antero Resources Corp. | 470,901 | 10,266 |
Helmerich & Payne Inc. | 183,215 | 9,811 | |
* | Newfield Exploration Co. | 292,907 | 9,537 |
OGE Energy Corp. | 357,331 | 9,394 | |
* | First Solar Inc. | 135,717 | 8,956 |
Core Laboratories NV | 78,834 | 8,572 | |
Transocean Ltd. | 646,180 | 8,000 | |
* | Diamondback Energy Inc. | 119,461 | 7,992 |
Oceaneering | |||
International Inc. | 175,092 | 6,569 | |
Ensco plc Class A | 422,141 | 6,497 | |
PBF Energy Inc. Class A | 175,105 | 6,446 | |
Energen Corp. | 141,045 | 5,781 | |
^ | Chesapeake Energy Corp. | 1,072,000 | 4,824 |
* | Gulfport Energy Corp. | 193,661 | 4,758 |
Range Resources Corp. | 185,948 | 4,576 | |
Western Refining Inc. | 127,523 | 4,542 | |
Murphy Oil Corp. | 191,685 | 4,303 | |
QEP Resources Inc. | 317,148 | 4,250 | |
* | Dril-Quip Inc. | 69,274 | 4,103 |
* | PDC Energy Inc. | 72,144 | 3,851 |
* | Continental Resources Inc. | 167,110 | 3,840 |
Patterson-UTI Energy Inc. | 251,365 | 3,791 | |
Rowan Cos. plc Class A | 223,554 | 3,789 | |
Superior Energy | |||
Services Inc. | 269,719 | 3,633 | |
* | RSP Permian Inc. | 140,210 | 3,420 |
* | Parsley Energy Inc. Class A | 181,632 | 3,351 |
40
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | SunPower Corp. Class A | 100,957 | 3,030 |
* | Memorial Resource | ||
Development Corp. | 184,132 | 2,974 | |
* | Carrizo Oil & Gas Inc. | 99,194 | 2,934 |
* | NOW Inc. | 183,035 | 2,896 |
* | WPX Energy Inc. | 489,080 | 2,807 |
* | Oil States International Inc. | 96,570 | 2,632 |
Targa Resources Corp. | 96,370 | 2,608 | |
* | Oasis Petroleum Inc. | 352,072 | 2,595 |
* | Matador Resources Co. | 129,356 | 2,557 |
Delek US Holdings Inc. | 102,062 | 2,511 | |
Nabors Industries Ltd. | 281,735 | 2,398 | |
SM Energy Co. | 121,597 | 2,391 | |
* | Southwestern Energy Co. | 333,449 | 2,371 |
* | MRC Global Inc. | 183,318 | 2,365 |
SemGroup Corp. Class A | 81,113 | 2,341 | |
Green Plains Inc. | 100,047 | 2,291 | |
California Resources Corp. | 931,046 | 2,169 | |
^ | Noble Corp. plc | 203,925 | 2,151 |
CVR Energy Inc. | 50,973 | 2,006 | |
* | SEACOR Holdings Inc. | 38,008 | 1,998 |
* | Rice Energy Inc. | 180,855 | 1,971 |
Bristow Group Inc. | 75,025 | 1,943 | |
* | Callon Petroleum Co. | 208,604 | 1,740 |
*,^ | Laredo Petroleum Inc. | 215,570 | 1,722 |
Alon USA Energy Inc. | 110,236 | 1,636 | |
Diamond Offshore | |||
Drilling Inc. | 75,000 | 1,582 | |
* | McDermott | ||
International Inc. | 453,888 | 1,521 | |
*,^ | Flotek Industries Inc. | 132,766 | 1,519 |
Pattern Energy Group Inc. | |||
Class A | 71,774 | 1,501 | |
* | Forum Energy | ||
Technologies Inc. | 116,484 | 1,451 | |
* | Matrix Service Co. | 68,370 | 1,404 |
* | REX American | ||
Resources Corp. | 24,932 | 1,348 | |
* | Newpark Resources Inc. | 243,687 | 1,287 |
* | Exterran Corp. | 76,501 | 1,228 |
* | Bonanza Creek Energy Inc. | 228,921 | 1,206 |
^ | Atwood Oceanics Inc. | 116,682 | 1,194 |
* | Archrock Inc. | 158,603 | 1,193 |
RPC Inc. | 98,843 | 1,181 | |
* | Bill Barrett Corp. | 300,434 | 1,181 |
* | Par Pacific Holdings Inc. | 50,112 | 1,180 |
* | Clayton Williams | ||
Energy Inc. | 38,883 | 1,150 | |
* | TETRA Technologies Inc. | 140,562 | 1,057 |
* | Chart Industries Inc. | 55,989 | 1,006 |
* | Renewable Energy | ||
Group Inc. | 107,526 | 999 | |
* | ION Geophysical Corp. | 1,947,145 | 980 |
* | Cobalt International | ||
Energy Inc. | 174,213 | 941 |
* | Ultra Petroleum Corp. | 355,463 | 889 |
Dawson Geophysical Co. | 254,545 | 881 | |
* | Natural Gas Services | ||
Group Inc. | 39,059 | 871 | |
*,^ | Basic Energy Services Inc. | 318,405 | 853 |
* | Synergy Resources Corp. | 99,268 | 846 |
* | Whiting Petroleum Corp. | 86,801 | 819 |
* | Hornbeck Offshore | ||
Services Inc. | 75,367 | 749 | |
Denbury Resources Inc. | 366,300 | 740 | |
* | Abraxas Petroleum Corp. | 693,215 | 735 |
* | Northern Oil and Gas Inc. | 188,077 | 726 |
Gulf Island Fabrication Inc. | 66,844 | 699 | |
* | Green Brick Partners Inc. | 96,984 | 698 |
Adams Resources & | |||
Energy Inc. | 16,223 | 623 | |
*,^ | Amyris Inc. | 311,257 | 504 |
* | Independence Contract | ||
Drilling Inc. | 98,339 | 497 | |
Tesco Corp. | 65,832 | 477 | |
* | Parker Drilling Co. | 246,302 | 448 |
* | VAALCO Energy Inc. | 276,856 | 443 |
* | Unit Corp. | 35,800 | 437 |
*,^ | Solazyme Inc. | 173,475 | 430 |
*,^ | Plug Power Inc. | 195,937 | 413 |
* | EXCO Resources Inc. | 325,931 | 404 |
* | Pacific Ethanol Inc. | 69,913 | 334 |
* | Enphase Energy Inc. | 90,916 | 319 |
* | Gastar Exploration Inc. | 226,590 | 297 |
* | PHI Inc. (non-voting shares) | 16,385 | 269 |
* | Jones Energy Inc. Class A | 69,223 | 267 |
* | Trecora Resources | 20,083 | 249 |
* | Contango Oil & Gas Co. | 38,407 | 246 |
Panhandle Oil and Gas Inc. | |||
Class A | 14,610 | 236 | |
*,^ | FuelCell Energy Inc. | 47,468 | 235 |
* | Eclipse Resources Corp. | 126,000 | 229 |
Evolution Petroleum Corp. | 43,091 | 207 | |
* | Approach Resources Inc. | 105,451 | 194 |
* | EP Energy Corp. Class A | 44,100 | 193 |
* | Mitcham Industries Inc. | 41,316 | 124 |
* | Helix Energy Solutions | ||
Group Inc. | 20,700 | 109 | |
* | Ring Energy Inc. | 13,495 | 95 |
* | PetroQuest Energy Inc. | 174,922 | 87 |
CARBO Ceramics Inc. | 4,800 | 83 | |
* | Harvest Natural | ||
Resources Inc. | 106,081 | 45 | |
* | FX Energy Inc. | 26,730 | 31 |
* | Geospace | ||
Technologies Corp. | 1,988 | 28 | |
*,^ | MagneGas Corp. | 17,025 | 27 |
* | Resolute Energy Corp. | 15,241 | 13 |
* | Zion Oil & Gas Inc. | 6,828 | 13 |
* | Halcon Resources Corp. | 4,573 | 6 |
41
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Forbes Energy Services Ltd. | 18,384 | 5 | |
* | US Energy Corp. Wyoming | 27,549 | 4 | |
* | PHI Inc. voting shares | 229 | 4 | |
* | Yuma Energy Inc. | 12,744 | 2 | |
* | Goodrich Petroleum Corp. | 6,947 | 2 | |
* | GreenHunter Resources Inc. | 16,948 | 2 | |
* | Dakota Plains Holdings Inc. | 6,076 | 2 | |
* | Penn Virginia Corp. | 4,655 | 1 | |
* | Comstock Resources Inc. | 725 | 1 | |
* | Aemetis Inc. | 200 | 1 | |
* | PrimeEnergy Corp. | 10 | 1 | |
* | Willbros Group Inc. | 190 | 1 | |
* | Triangle Petroleum Corp. | 600 | — | |
* | Midstates Petroleum Co. Inc. | 200 | — | |
* | Torchlight Energy | |||
Resources Inc. | 344 | — | ||
* | Warren Resources Inc. | 400 | — | |
* | SAExploration Holdings Inc. | 1 | — | |
2,324,217 | ||||
Other (0.0%)2 | ||||
* | Leap Wireless | |||
International Inc CVR | 134,187 | 338 | ||
* | 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 | ||
* | Clinical Data Contingent | |||
Value Rights | 29,879 | — | ||
* | Gerber Scientific Inc. CVR | 53,384 | — | |
*,^ | Biosante Pharmaceutical | |||
Inc CVR | 156,953 | — | ||
* | Hooper Holmes Inc. Rights | |||
Expire 1/18/2016 | 139,518 | — | ||
* | Magnum Hunter Resources | |||
Corp. Warrants | ||||
Expire 4/15/2016 | 23,285 | — | ||
* | Allen Organ Co. Escrow | |||
Shares | 283 | — | ||
457 | ||||
Technology (16.1%) | ||||
Apple Inc. | 9,475,757 | 997,418 | ||
Microsoft Corp. | 13,576,183 | 753,207 | ||
* | Alphabet Inc. Class A | 521,204 | 405,502 | |
* | Facebook Inc. Class A | 3,858,887 | 403,871 | |
* | Alphabet Inc. | 525,402 | 398,717 | |
Intel Corp. | 8,442,467 | 290,843 | ||
Cisco Systems Inc. | 9,081,359 | 246,604 |
International Business | |||
Machines Corp. | 1,562,084 | 214,974 | |
Oracle Corp. | 5,722,364 | 209,038 | |
QUALCOMM Inc. | 2,689,311 | 134,425 | |
Texas Instruments Inc. | 1,815,139 | 99,488 | |
EMC Corp. | 3,470,745 | 89,129 | |
* | salesforce.com inc | 1,128,743 | 88,493 |
* | Adobe Systems Inc. | 848,027 | 79,664 |
Avago Technologies Ltd. | |||
Class A | 469,258 | 68,113 | |
* | Cognizant Technology | ||
Solutions Corp. Class A | 1,088,236 | 65,316 | |
Broadcom Corp. Class A | 1,003,960 | 58,049 | |
* | Yahoo! Inc. | 1,521,026 | 50,589 |
Hewlett Packard | |||
Enterprise Co. | 3,230,347 | 49,101 | |
Intuit Inc. | 448,750 | 43,304 | |
Applied Materials Inc. | 2,148,938 | 40,121 | |
Corning Inc. | 2,117,397 | 38,706 | |
HP Inc. | 3,230,643 | 38,251 | |
* | Cerner Corp. | 550,845 | 33,144 |
Analog Devices Inc. | 558,644 | 30,904 | |
NVIDIA Corp. | 914,914 | 30,156 | |
SanDisk Corp. | 362,318 | 27,533 | |
* | Micron Technology Inc. | 1,943,853 | 27,525 |
* | Red Hat Inc. | 327,331 | 27,106 |
Skyworks Solutions Inc. | 342,034 | 26,278 | |
* | Palo Alto Networks Inc. | 146,019 | 25,720 |
Symantec Corp. | 1,212,751 | 25,468 | |
* | Autodesk Inc. | 404,685 | 24,657 |
Western Digital Corp. | 394,192 | 23,671 | |
* | ServiceNow Inc. | 270,514 | 23,416 |
Lam Research Corp. | 283,430 | 22,510 | |
Xilinx Inc. | 459,757 | 21,595 | |
* | Twitter Inc. | 917,231 | 21,225 |
* | Citrix Systems Inc. | 261,446 | 19,778 |
Seagate Technology plc | 535,339 | 19,626 | |
Motorola Solutions Inc. | 284,324 | 19,462 | |
KLA-Tencor Corp. | 279,190 | 19,362 | |
Harris Corp. | 222,640 | 19,347 | |
Maxim Integrated | |||
Products Inc. | 509,035 | 19,343 | |
Linear Technology Corp. | 428,317 | 18,191 | |
Juniper Networks Inc. | 655,794 | 18,100 | |
CA Inc. | 589,354 | 16,832 | |
Microchip Technology Inc. | 354,803 | 16,513 | |
* | Akamai Technologies Inc. | 302,818 | 15,937 |
* | Workday Inc. Class A | 198,648 | 15,828 |
* | VeriSign Inc. | 171,437 | 14,977 |
* | ANSYS Inc. | 160,143 | 14,813 |
NetApp Inc. | 531,780 | 14,108 | |
CDK Global Inc. | 285,436 | 13,550 | |
* | Splunk Inc. | 229,847 | 13,517 |
* | Qorvo Inc. | 252,868 | 12,871 |
* | Gartner Inc. | 140,826 | 12,773 |
* | Synopsys Inc. | 279,054 | 12,728 |
42
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | F5 Networks Inc. | 127,060 | 12,320 |
CDW Corp. | 270,994 | 11,393 | |
* | athenahealth Inc. | 69,531 | 11,192 |
* | Cadence Design | ||
Systems Inc. | 532,325 | 11,078 | |
SS&C Technologies | |||
Holdings Inc. | 147,966 | 10,102 | |
* | Tyler Technologies Inc. | 57,090 | 9,952 |
* | Ultimate Software | ||
Group Inc. | 48,766 | 9,534 | |
* | Tableau Software Inc. | ||
Class A | 94,060 | 8,862 | |
* | Nuance | ||
Communications Inc. | 443,544 | 8,822 | |
* | Manhattan Associates Inc. | 130,795 | 8,655 |
IAC/InterActiveCorp | 138,334 | 8,307 | |
* | Fortinet Inc. | 262,485 | 8,182 |
Ingram Micro Inc. | 268,013 | 8,142 | |
Computer Sciences Corp. | 248,329 | 8,115 | |
* | VMware Inc. Class A | 140,964 | 7,974 |
Teradyne Inc. | 374,720 | 7,745 | |
* | Guidewire Software Inc. | 127,092 | 7,646 |
Garmin Ltd. | 204,871 | 7,615 | |
Pitney Bowes Inc. | 358,850 | 7,410 | |
CSRA Inc. | 244,213 | 7,326 | |
Leidos Holdings Inc. | 129,141 | 7,265 | |
* | ON Semiconductor Corp. | 739,904 | 7,251 |
* | ARRIS Group Inc. | 236,468 | 7,229 |
* | PTC Inc. | 205,159 | 7,105 |
* | NCR Corp. | 289,375 | 7,078 |
* | Integrated Device | ||
Technology Inc. | 262,762 | 6,924 | |
Brocade Communications | |||
Systems Inc. | 742,652 | 6,818 | |
* | SolarWinds Inc. | 115,410 | 6,798 |
j2 Global Inc. | 82,480 | 6,790 | |
DST Systems Inc. | 58,961 | 6,725 | |
* | Teradata Corp. | 250,935 | 6,630 |
Solera Holdings Inc. | 120,613 | 6,613 | |
Marvell Technology | |||
Group Ltd. | 742,017 | 6,545 | |
* | Cavium Inc. | 95,258 | 6,259 |
Atmel Corp. | 714,774 | 6,154 | |
* | NetSuite Inc. | 71,149 | 6,021 |
* | IMS Health Holdings Inc. | 235,681 | 6,003 |
* | EPAM Systems Inc. | 76,136 | 5,986 |
* | CommScope Holding | ||
Co. Inc. | 222,006 | 5,748 | |
* | Aspen Technology Inc. | 149,294 | 5,637 |
* | Microsemi Corp. | 172,364 | 5,617 |
Cypress Semiconductor | |||
Corp. | 568,611 | 5,578 | |
Blackbaud Inc. | 84,166 | 5,543 | |
* | VeriFone Systems Inc. | 195,725 | 5,484 |
* | Rackspace Hosting Inc. | 214,448 | 5,430 |
* | Qlik Technologies Inc. | 166,797 | 5,281 |
Fair Isaac Corp. | 55,650 | 5,241 | |
* | Synaptics Inc. | 65,108 | 5,231 |
* | Allscripts Healthcare | ||
Solutions Inc. | 339,322 | 5,219 | |
* | NetScout Systems Inc. | 169,638 | 5,208 |
*,^ | Arista Networks Inc. | 66,749 | 5,196 |
* | Ciena Corp. | 241,456 | 4,996 |
* | Cree Inc. | 184,856 | 4,930 |
SYNNEX Corp. | 53,187 | 4,783 | |
* | ViaSat Inc. | 78,204 | 4,771 |
* | Medidata Solutions Inc. | 94,481 | 4,657 |
* | ACI Worldwide Inc. | 212,446 | 4,546 |
* | Infinera Corp. | 250,587 | 4,541 |
* | Verint Systems Inc. | 111,449 | 4,520 |
* | Proofpoint Inc. | 68,848 | 4,476 |
* | Fairchild Semiconductor | ||
International Inc. Class A | 204,591 | 4,237 | |
* | PMC-Sierra Inc. | 357,049 | 4,149 |
* | Tech Data Corp. | 62,010 | 4,116 |
Monolithic Power | |||
Systems Inc. | 63,777 | 4,063 | |
* | Dycom Industries Inc. | 57,846 | 4,047 |
* | CACI International Inc. | ||
Class A | 43,517 | 4,038 | |
* | Electronics For Imaging Inc. | 85,483 | 3,995 |
Mentor Graphics Corp. | 210,574 | 3,879 | |
Lexmark International Inc. | |||
Class A | 111,132 | 3,606 | |
* | Veeva Systems Inc. | ||
Class A | 122,842 | 3,544 | |
* | Fleetmatics Group plc | 69,187 | 3,514 |
MKS Instruments Inc. | 95,759 | 3,447 | |
* | Silicon Laboratories Inc. | 70,965 | 3,445 |
* | Cirrus Logic Inc. | 114,182 | 3,372 |
* | Zendesk Inc. | 127,039 | 3,359 |
* | Entegris Inc. | 252,089 | 3,345 |
* | Demandware Inc. | 60,818 | 3,282 |
* | Advanced Micro | ||
Devices Inc. | 1,130,961 | 3,246 | |
Science Applications | |||
International Corp. | 70,351 | 3,221 | |
Diebold Inc. | 105,238 | 3,167 | |
* | MedAssets Inc. | 102,039 | 3,157 |
* | EchoStar Corp. Class A | 80,445 | 3,146 |
InterDigital Inc. | 63,764 | 3,127 | |
* | OmniVision | ||
Technologies Inc. | 107,021 | 3,106 | |
* | Ellie Mae Inc. | 50,915 | 3,067 |
Cogent Communications | |||
Holdings Inc. | 88,259 | 3,062 | |
* | Cornerstone | ||
OnDemand Inc. | 88,203 | 3,046 | |
Intersil Corp. Class A | 238,053 | 3,038 | |
* | Syntel Inc. | 66,716 | 3,019 |
* | Rovi Corp. | 180,143 | 3,001 |
* | Cray Inc. | 92,477 | 3,001 |
43
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | MicroStrategy Inc. Class A | 16,713 | 2,996 |
* | Polycom Inc. | 237,039 | 2,984 |
Plantronics Inc. | 62,615 | 2,969 | |
* | NETGEAR Inc. | 70,775 | 2,966 |
* | HubSpot Inc. | 51,556 | 2,903 |
* | CommVault Systems Inc. | 73,316 | 2,885 |
* | LogMeIn Inc. | 42,739 | 2,868 |
* | Progress Software Corp. | 117,056 | 2,809 |
* | Bottomline Technologies | ||
de Inc. | 94,247 | 2,802 | |
Tessera Technologies Inc. | 93,021 | 2,792 | |
CSG Systems | |||
International Inc. | 77,085 | 2,774 | |
* | Finisar Corp. | 188,237 | 2,737 |
* | Advanced Energy | ||
Industries Inc. | 95,775 | 2,704 | |
NIC Inc. | 135,518 | 2,667 | |
* | BroadSoft Inc. | 73,152 | 2,587 |
Power Integrations Inc. | 53,102 | 2,582 | |
* | Paycom Software Inc. | 68,264 | 2,569 |
* | Viavi Solutions Inc. | 421,063 | 2,564 |
* | Callidus Software Inc. | 138,074 | 2,564 |
* | Rambus Inc. | 209,390 | 2,427 |
* | Semtech Corp. | 127,980 | 2,421 |
* | Insight Enterprises Inc. | 95,959 | 2,410 |
* | Infoblox Inc. | 128,371 | 2,361 |
* | Cabot Microelectronics Corp. | 52,961 | 2,319 |
Ebix Inc. | 68,697 | 2,253 | |
* | SPS Commerce Inc. | 30,874 | 2,168 |
* | Diodes Inc. | 90,112 | 2,071 |
* | QLogic Corp. | 168,893 | 2,060 |
* | Premier Inc. Class A | 56,392 | 1,989 |
Pegasystems Inc. | 70,446 | 1,937 | |
* | CalAmp Corp. | 96,411 | 1,921 |
* | Lumentum Holdings Inc. | 84,212 | 1,854 |
* | Gigamon Inc. | 69,185 | 1,838 |
* | Lattice Semiconductor | ||
Corp. | 283,991 | 1,837 | |
ADTRAN Inc. | 104,048 | 1,792 | |
* | Envestnet Inc. | 59,706 | 1,782 |
* | Web.com Group Inc. | 88,934 | 1,780 |
*,^ | Ubiquiti Networks Inc. | 55,294 | 1,752 |
*,^ | 3D Systems Corp. | 201,222 | 1,749 |
* | Xura Inc. | 71,052 | 1,746 |
Computer Programs & | |||
Systems Inc. | 34,923 | 1,737 | |
* | Synchronoss | ||
Technologies Inc. | 48,754 | 1,718 | |
* | Amkor Technology Inc. | 278,064 | 1,691 |
Brooks Automation Inc. | 154,367 | 1,649 | |
* | FormFactor Inc. | 180,632 | 1,626 |
*,^ | Gogo Inc. | 90,863 | 1,617 |
* | PROS Holdings Inc. | 70,039 | 1,614 |
* | CEVA Inc. | 68,431 | 1,599 |
* | Applied Micro Circuits Corp. | 249,378 | 1,589 |
* | Interactive Intelligence | ||
Group Inc. | 49,278 | 1,548 | |
* | ScanSource Inc. | 47,541 | 1,532 |
Inteliquent Inc. | 84,531 | 1,502 | |
West Corp. | 66,296 | 1,430 | |
Hackett Group Inc. | 88,487 | 1,422 | |
* | InvenSense Inc. | 136,884 | 1,400 |
* | Virtusa Corp. | 33,803 | 1,397 |
Epiq Systems Inc. | 105,536 | 1,379 | |
* | RealPage Inc. | 61,051 | 1,371 |
* | Ixia | 106,069 | 1,318 |
* | RingCentral Inc. Class A | 54,323 | 1,281 |
American Software Inc. | |||
Class A | 121,347 | 1,235 | |
* | Blucora Inc. | 125,159 | 1,227 |
* | Intralinks Holdings Inc. | 131,630 | 1,194 |
Quality Systems Inc. | 73,463 | 1,184 | |
Monotype Imaging | |||
Holdings Inc. | 49,812 | 1,178 | |
* | Marketo Inc. | 40,945 | 1,176 |
* | Super Micro Computer Inc. | 47,893 | 1,174 |
* | Axcelis Technologies Inc. | 438,959 | 1,137 |
* | Actua Corp. | 97,793 | 1,120 |
* | Boingo Wireless Inc. | 168,030 | 1,112 |
* | GoDaddy Inc. Class A | 33,864 | 1,086 |
* | Qualys Inc. | 31,989 | 1,059 |
* | Cvent Inc. | 29,935 | 1,045 |
* | Internap Corp. | 157,326 | 1,007 |
* | Endurance International | ||
Group Holdings Inc. | 90,675 | 991 | |
* | Inphi Corp. | 36,646 | 990 |
* | Ruckus Wireless Inc. | 91,977 | 985 |
* | Alliance Fiber Optic | ||
Products Inc. | 63,554 | 963 | |
* | Ciber Inc. | 268,615 | 943 |
* | Carbonite Inc. | 94,884 | 930 |
Cohu Inc. | 76,738 | 926 | |
* | Harmonic Inc. | 214,815 | 874 |
* | Digi International Inc. | 75,909 | 864 |
* | RigNet Inc. | 40,600 | 840 |
* | Loral Space & | ||
Communications Inc. | 20,518 | 835 | |
* | Calix Inc. | 103,980 | 818 |
Forrester Research Inc. | 27,092 | 772 | |
Comtech | |||
Telecommunications Corp. | 38,207 | 768 | |
IXYS Corp. | 60,446 | 763 | |
Concurrent Computer Corp. | 153,819 | 761 | |
* | MaxLinear Inc. | 51,079 | 752 |
* | 2U Inc. | 26,839 | 751 |
* | Mercury Systems Inc. | 40,523 | 744 |
*,^ | Shutterstock Inc. | 22,787 | 737 |
* | Perficient Inc. | 42,833 | 733 |
* | Unisys Corp. | 65,214 | 721 |
* | Photronics Inc. | 57,614 | 717 |
44
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Benefitfocus Inc. | 19,346 | 704 |
* | AXT Inc. | 282,829 | 701 |
* | Extreme Networks Inc. | 171,913 | 701 |
* | Immersion Corp. | 57,685 | 673 |
* | Agilysys Inc. | 67,182 | 671 |
* | Brightcove Inc. | 107,619 | 667 |
* | FireEye Inc. | 31,917 | 662 |
* | EMCORE Corp. | 107,928 | 662 |
* | New Relic Inc. | 17,311 | 631 |
* | Ultratech Inc. | 30,501 | 605 |
* | ChannelAdvisor Corp. | 43,142 | 598 |
*,^ | VASCO Data Security | ||
International Inc. | 35,563 | 595 | |
* | LivePerson Inc. | 84,947 | 573 |
* | Guidance Software Inc. | 90,745 | 546 |
* | Alpha & Omega | ||
Semiconductor Ltd. | 59,224 | 544 | |
* | VOXX International Corp. | ||
Class A | 102,600 | 540 | |
* | Exar Corp. | 86,740 | 532 |
* | Nimble Storage Inc. | 56,485 | 520 |
* | Xcerra Corp. | 75,822 | 459 |
* | Amtech Systems Inc. | 72,023 | 451 |
* | DSP Group Inc. | 47,478 | 448 |
* | Tangoe Inc. | 52,208 | 438 |
* | MeetMe Inc. | 122,147 | 437 |
* | ePlus Inc. | 4,549 | 424 |
* | Limelight Networks Inc. | 288,017 | 420 |
* | Digimarc Corp. | 11,421 | 417 |
* | Vectrus Inc. | 19,009 | 397 |
* | iPass Inc. | 390,816 | 391 |
* | Edgewater Technology Inc. | 46,566 | 373 |
* | Textura Corp. | 16,800 | 363 |
* | Jive Software Inc. | 88,234 | 360 |
* | Q2 Holdings Inc. | 13,353 | 352 |
Computer Task Group Inc. | 51,182 | 339 | |
* | Icad Inc. | 64,632 | 334 |
* | KVH Industries Inc. | 35,175 | 331 |
* | ShoreTel Inc. | 37,347 | 331 |
* | Cascade Microtech Inc. | 19,393 | 315 |
* | FalconStor Software Inc. | 164,416 | 309 |
* | Rightside Group Ltd. | 36,922 | 306 |
* | A10 Networks Inc. | 45,769 | 300 |
PC Connection Inc. | 12,726 | 288 | |
* | Kopin Corp. | 105,030 | 286 |
* | Aware Inc. | 87,593 | 286 |
* | SciQuest Inc. | 21,225 | 275 |
* | Unwired Planet Inc. | 313,393 | 270 |
* | Barracuda Networks Inc. | 14,264 | 266 |
* | Nanometrics Inc. | 17,193 | 260 |
* | SunEdison | ||
Semiconductor Ltd. | 33,100 | 259 | |
* | Aviat Networks Inc. | 327,967 | 252 |
* | Datalink Corp. | 35,769 | 243 |
* | Quantum Corp. | 259,882 | 242 |
* | Zix Corp. | 46,953 | 239 |
* | LRAD Corp. | 118,475 | 236 |
* | eGain Corp. | 49,676 | 213 |
* | Sigma Designs Inc. | 32,557 | 206 |
* | Mitek Systems Inc. | 49,988 | 205 |
* | Box Inc. | 14,520 | 203 |
* | BSQUARE Corp. | 32,490 | 198 |
* | Hortonworks Inc. | 8,899 | 195 |
* | United Online Inc. | 16,190 | 191 |
* | Rudolph Technologies Inc. | 13,328 | 190 |
* | ANADIGICS Inc. | 291,252 | 186 |
*,^ | SunEdison Inc. | 35,564 | 181 |
QAD Inc. Class A | 8,758 | 180 | |
* | Covisint Corp. | 71,869 | 180 |
* | PDF Solutions Inc. | 15,248 | 165 |
* | Castlight Health Inc. Class B | 38,089 | 163 |
Simulations Plus Inc. | 16,404 | 163 | |
* | Mattson Technology Inc. | 45,776 | 162 |
* | Systemax Inc. | 17,314 | 149 |
* | Telenav Inc. | 25,963 | 148 |
* | KEYW Holding Corp. | 23,960 | 144 |
* | Match Group Inc. | 10,588 | 143 |
*,^ | Park City Group Inc. | 11,753 | 140 |
* | TeleCommunication | ||
Systems Inc. Class A | 27,799 | 138 | |
* | Rosetta Stone Inc. | 20,321 | 136 |
* | Imation Corp. | 98,843 | 135 |
* | Datawatch Corp. | 21,298 | 127 |
* | Clearfield Inc. | 9,367 | 126 |
* | Hutchinson Technology Inc. | 34,932 | 125 |
* | Seachange International Inc. | 18,579 | 125 |
* | Vocera Communications Inc. | 10,161 | 124 |
* | Amber Road Inc. | 23,960 | 122 |
* | OPOWER Inc. | 11,200 | 118 |
Preformed Line Products Co. | 2,778 | 117 | |
PC-Tel Inc. | 25,151 | 114 | |
Evolving Systems Inc. | 20,622 | 113 | |
* | Pendrell Corp. | 215,736 | 108 |
NCI Inc. Class A | 7,496 | 102 | |
* | Lantronix Inc. | 89,562 | 101 |
* | Alarm.com Holdings Inc. | 6,050 | 101 |
* | Pure Storage Inc. Class A | 6,400 | 100 |
* | GSI Technology Inc. | 26,114 | 97 |
* | Exa Corp. | 7,578 | 88 |
* | Aerohive Networks Inc. | 17,209 | 88 |
*,^ | CVD Equipment Corp. | 8,553 | 86 |
* | Support.com Inc. | 80,043 | 81 |
* | Varonis Systems Inc. | 4,133 | 78 |
* | NetSol Technologies Inc. | 9,891 | 77 |
ClearOne Inc. | 5,669 | 73 | |
* | GigOptix Inc. | 21,882 | 67 |
*,^ | VirnetX Holding Corp. | 25,600 | 66 |
* | Imprivata Inc. | 5,533 | 63 |
* | Intermolecular Inc. | 25,996 | 60 |
* | MobileIron Inc. | 15,800 | 57 |
45
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | RELM Wireless Corp. | 13,400 | 53 | |
* | PAR Technology Corp. | 7,772 | 52 | |
* | Inuvo Inc. | 17,600 | 48 | |
* | Crossroads Systems Inc. | 44,350 | 47 | |
* | Mastech Holdings Inc. | 5,931 | 43 | |
* | Synacor Inc. | 23,769 | 42 | |
CSP Inc. | 5,391 | 37 | ||
* | Pixelworks Inc. | 15,645 | 37 | |
* | QuickLogic Corp. | 32,504 | 37 | |
* | GSE Systems Inc. | 14,462 | 35 | |
* | ID Systems Inc. | 6,809 | 31 | |
* | Appfolio Inc. | 2,120 | 31 | |
* | ADDvantage Technologies | |||
Group Inc. | 14,730 | 26 | ||
* | Westell Technologies Inc. | |||
Class A | 18,333 | 23 | ||
* | Violin Memory Inc. | 25,189 | 23 | |
* | MoSys Inc. | 19,562 | 21 | |
* | Numerex Corp. Class A | 3,305 | 21 | |
* | Identiv Inc. | 10,335 | 21 | |
* | Rapid7 Inc. | 1,210 | 18 | |
* | Oclaro Inc. | 4,416 | 15 | |
TransAct Technologies Inc. | 1,540 | 13 | ||
* | Zhone Technologies Inc. | 13,100 | 13 | |
* | Innodata Inc. | 4,585 | 13 | |
* | Ultra Clean Holdings Inc. | 2,430 | 12 | |
QAD Inc. Class B | 573 | 11 | ||
* | Smith Micro Software Inc. | 14,080 | 10 | |
Communications | ||||
Systems Inc. | 1,077 | 8 | ||
* | Square Inc. | 605 | 8 | |
* | Key Tronic Corp. | 850 | 6 | |
* | inTEST Corp. | 900 | 4 | |
* | ParkerVision Inc. | 10,838 | 3 | |
* | Rocket Fuel Inc. | 228 | 1 | |
* | Code Rebel Corp. | 100 | — | |
* | Netlist Inc. | 100 | — | |
6,292,652 | ||||
Telecommunications (2.2%) | ||||
AT&T Inc. | 11,006,240 | 378,725 | ||
Verizon | ||||
Communications Inc. | 7,279,413 | 336,454 | ||
* | Level 3 | |||
Communications Inc. | 510,263 | 27,738 | ||
CenturyLink Inc. | 997,952 | 25,108 | ||
* | SBA Communications | |||
Corp. Class A | 226,312 | 23,779 | ||
* | T-Mobile US Inc. | 511,533 | 20,011 | |
Frontier | ||||
Communications Corp. | 2,094,126 | 9,780 | ||
Telephone & Data | ||||
Systems Inc. | 164,235 | 4,252 | ||
*,^ | Sprint Corp. | 1,065,498 | 3,857 | |
* | Zayo Group Holdings Inc. | 109,703 | 2,917 | |
* | 8x8 Inc. | 203,787 | 2,333 |
Atlantic Tele-Network Inc. | 28,437 | 2,225 | |
* | Cincinnati Bell Inc. | 596,630 | 2,148 |
Shenandoah | |||
Telecommunications Co. | 47,960 | 2,065 | |
EarthLink Holdings Corp. | 274,900 | 2,043 | |
Consolidated | |||
Communications | |||
Holdings Inc. | 82,713 | 1,733 | |
* | General Communication | ||
Inc. Class A | 82,041 | 1,623 | |
Spok Holdings Inc. | 80,917 | 1,482 | |
* | United States Cellular Corp. | 34,938 | 1,426 |
* | Vonage Holdings Corp. | 244,543 | 1,404 |
^ | Windstream Holdings Inc. | 191,760 | 1,235 |
* | Globalstar Inc. | 733,881 | 1,057 |
* | NTELOS Holdings Corp. | 112,912 | 1,032 |
* | Iridium | ||
Communications Inc. | 83,947 | 706 | |
* | Alaska Communications | ||
Systems Group Inc. | 389,302 | 681 | |
* | FairPoint | ||
Communications Inc. | 35,708 | 574 | |
IDT Corp. Class B | 42,249 | 493 | |
* | inContact Inc. | 40,779 | 389 |
*,^ | Straight Path | ||
Communications Inc. | |||
Class B | 21,734 | 373 | |
* | Lumos Networks Corp. | 28,613 | 320 |
* | GTT Communications Inc. | 14,507 | 247 |
* | ORBCOMM Inc. | 22,897 | 166 |
* | Hawaiian Telcom | ||
Holdco Inc. | 6,486 | 161 | |
* | pdvWireless Inc. | 5,800 | 159 |
* | Elephant Talk | ||
Communications Corp. | 214,438 | 58 | |
* | HC2 Holdings Inc. | 7,800 | 41 |
* | Towerstream Corp. | 35,314 | 13 |
858,808 | |||
Utilities (3.0%) | |||
Duke Energy Corp. | 1,231,733 | 87,933 | |
NextEra Energy Inc. | 823,921 | 85,597 | |
Southern Co. | 1,626,503 | 76,104 | |
Dominion Resources Inc. | 1,065,322 | 72,058 | |
American Electric | |||
Power Co. Inc. | 878,415 | 51,185 | |
PG&E Corp. | 877,444 | 46,671 | |
Exelon Corp. | 1,645,822 | 45,705 | |
PPL Corp. | 1,199,156 | 40,927 | |
Sempra Energy | 422,139 | 39,685 | |
Public Service Enterprise | |||
Group Inc. | 905,776 | 35,045 | |
Edison International | 582,927 | 34,515 | |
Consolidated Edison Inc. | 524,920 | 33,737 | |
Xcel Energy Inc. | 908,514 | 32,625 | |
Eversource Energy | 567,454 | 28,980 |
46
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
WEC Energy Group Inc. | 564,770 | 28,978 | |
DTE Energy Co. | 321,124 | 25,751 | |
FirstEnergy Corp. | 756,866 | 24,015 | |
Entergy Corp. | 319,421 | 21,836 | |
American Water Works | |||
Co. Inc. | 321,451 | 19,207 | |
Ameren Corp. | 434,143 | 18,768 | |
CMS Energy Corp. | 497,694 | 17,957 | |
SCANA Corp. | 230,159 | 13,922 | |
AGL Resources Inc. | 215,227 | 13,734 | |
CenterPoint Energy Inc. | 732,340 | 13,446 | |
Pinnacle West | |||
Capital Corp. | 198,352 | 12,790 | |
Alliant Energy Corp. | 202,917 | 12,672 | |
Pepco Holdings Inc. | 453,765 | 11,802 | |
AES Corp. | 1,213,750 | 11,616 | |
Atmos Energy Corp. | 181,886 | 11,466 | |
TECO Energy Inc. | 420,847 | 11,216 | |
NiSource Inc. | 570,364 | 11,128 | |
ITC Holdings Corp. | 277,540 | 10,893 | |
Westar Energy Inc. | |||
Class A | 252,918 | 10,726 | |
UGI Corp. | 309,120 | 10,436 | |
Aqua America Inc. | 315,681 | 9,407 | |
* | Calpine Corp. | 640,106 | 9,262 |
ONEOK Inc. | 374,552 | 9,236 | |
Piedmont Natural Gas | |||
Co. Inc. | 141,856 | 8,089 | |
Great Plains Energy Inc. | 276,537 | 7,552 | |
Vectren Corp. | 148,291 | 6,291 | |
National Fuel Gas Co. | 144,166 | 6,163 | |
IDACORP Inc. | 90,356 | 6,144 | |
Questar Corp. | 313,671 | 6,110 | |
Portland General | |||
Electric Co. | 159,344 | 5,795 | |
Cleco Corp. | 108,500 | 5,665 | |
WGL Holdings Inc. | 89,257 | 5,622 | |
Hawaiian Electric | |||
Industries Inc. | 192,501 | 5,573 | |
New Jersey Resources | |||
Corp. | 153,493 | 5,059 | |
ONE Gas Inc. | 93,652 | 4,699 | |
NorthWestern Corp. | 86,407 | 4,688 | |
ALLETE Inc. | 87,747 | 4,460 | |
Southwest Gas Corp. | 80,807 | 4,457 | |
Laclede Group Inc. | 73,866 | 4,388 | |
PNM Resources Inc. | 142,552 | 4,358 | |
* | Avangrid Inc. | 111,010 | 4,263 |
Black Hills Corp. | 90,132 | 4,185 | |
Avista Corp. | 106,374 | 3,762 | |
American States Water Co. | 79,957 | 3,354 | |
El Paso Electric Co. | 80,272 | 3,091 | |
MGE Energy Inc. | 65,270 | 3,029 | |
Empire District Electric Co. | 107,357 | 3,014 | |
* | Dynegy Inc. | 217,910 | 2,920 |
South Jersey Industries Inc. | 124,040 | 2,917 |
Northwest Natural Gas Co. | 49,885 | 2,525 | ||
NRG Energy Inc. | 162,706 | 1,915 | ||
California Water Service | ||||
Group | 77,748 | 1,809 | ||
Ormat Technologies Inc. | 46,616 | 1,700 | ||
Chesapeake Utilities Corp. | 28,933 | 1,642 | ||
TerraForm Power Inc. | ||||
Class A | 123,093 | 1,549 | ||
SJW Corp. | 40,219 | 1,193 | ||
Connecticut Water | ||||
Service Inc. | 26,326 | 1,001 | ||
* | Talen Energy Corp. | 157,660 | 982 | |
Atlantic Power Corp. | 351,954 | 693 | ||
Unitil Corp. | 16,080 | 577 | ||
Genie Energy Ltd. Class B | 44,732 | 499 | ||
Middlesex Water Co. | 17,081 | 453 | ||
York Water Co. | 13,313 | 332 | ||
Artesian Resources Corp. | ||||
Class A | 11,011 | 305 | ||
*,^ | Cadiz Inc. | 41,609 | 219 | |
Delta Natural Gas Co. Inc. | 9,196 | 193 | ||
* | Sunrun Inc. | 15,150 | 178 | |
* | US Geothermal Inc. | 270,190 | 169 | |
* | Pure Cycle Corp. | 27,648 | 133 | |
* | Vivint Solar Inc. | 13,200 | 126 | |
Gas Natural Inc. | 4,059 | 30 | ||
1,194,902 | ||||
Total Common Stocks | ||||
(Cost $24,240,665) | 38,851,390 | |||
Temporary Cash Investments (1.2%)1 | ||||
Money Market Fund (1.2%) | ||||
3,4 | Vanguard Market | |||
Liquidity Fund, | ||||
0.363% | 459,351,119 | 459,351 | ||
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
5,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.200%, 2/19/16 | 10,000 | 9,996 | ||
5,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.285%, 4/29/16 | 5,000 | 4,993 | ||
5,6 | Federal Home Loan Bank | |||
Discount Notes, | ||||
0.501%, 5/3/16 | 2,000 | 1,996 | ||
16,985 | ||||
Total Temporary Cash Investments | ||||
(Cost $476,340) | 476,336 | |||
Total Investments (100.5%) | ||||
(Cost $24,717,005) | 39,327,726 |
47
Institutional Total Stock Market Index Fund
Amount | |
($000) | |
Other Assets and Liabilities (-0.5%) | |
Other Assets | |
Receivables for Investment Securities Sold 68,078 | |
Receivables for Accrued Income | 53,643 |
Receivables for Capital Shares Issued | 44,537 |
Total Other Assets | 166,258 |
Liabilities | |
Payables for Investment | |
Securities Purchased | (240,162) |
Collateral for Securities on Loan | (127,099) |
Payables for Capital Shares Redeemed | (4,651) |
Payables to Vanguard | (376) |
Other Liabilities | (2,929) |
Total Liabilities | (375,217) |
Net Assets (100%) | 39,118,767 |
At December 31, 2015, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 24,573,178 |
Undistributed Net Investment Income | 11,465 |
Accumulated Net Realized Losses | (78,433) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 14,610,721 |
Futures Contracts | 1,836 |
Net Assets | 39,118,767 |
Institutional Shares—Net Assets | |
Applicable to 28,228,280 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,296,842 |
Net Asset Value Per Share— | |
Institutional Shares | $45.94 |
Institutional Plus Shares—Net Assets | |
Applicable to 823,184,642 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 37,821,925 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $45.95 |
• 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 $120,449,000.
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 0.5%, 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 $127,099,000 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 $10,890,000 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
Year Ended | |
December 31, 2015 | |
($000) | |
Investment Income | |
Income | |
Dividends | 936,691 |
Interest1 | 256 |
Securities Lending | 8,106 |
Total Income | 945,053 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 779 |
Management and Administrative—Institutional Plus Shares | 7,919 |
Total Expenses | 8,698 |
Net Investment Income | 936,355 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 443,975 |
Futures Contracts | 9,343 |
Realized Net Gain (Loss) | 453,318 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (1,064,037) |
Futures Contracts | (3,309) |
Change in Unrealized Appreciation (Depreciation) | (1,067,346) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 322,327 |
1 Interest income from an affiliated company of the fund was $239,000. |
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
Year Ended December 31, | ||
2015 | 2014 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 936,355 | 737,185 |
Realized Net Gain (Loss) | 453,318 | 172,520 |
Change in Unrealized Appreciation (Depreciation) | (1,067,346) | 3,740,337 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 322,327 | 4,650,042 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (42,019) | (55,787) |
Institutional Plus Shares | (889,380) | (677,679) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (931,399) | (733,466) |
Capital Share Transactions | ||
Institutional Shares | (1,283,293) | (996,064) |
Institutional Plus Shares | (481,766) | 2,081,471 |
Net Increase (Decrease) from Capital Share Transactions | (1,765,059) | 1,085,407 |
Total Increase (Decrease) | (2,374,131) | 5,001,983 |
Net Assets | ||
Beginning of Period | 41,492,898 | 36,490,915 |
End of Period1 | 39,118,767 | 41,492,898 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $11,465,000 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 | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $46.78 | $42.32 | $32.27 | $28.32 | $28.54 |
Investment Operations | |||||
Net Investment Income | 1.0531 | .838 | .726 | .694 | .532 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (. 847) | 4.457 | 10.051 | 3.950 | (.222) |
Total from Investment Operations | .206 | 5.295 | 10.777 | 4.644 | .310 |
Distributions | |||||
Dividends from Net Investment Income | (1.046) | (.835) | (.727) | (.694) | (.530) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.046) | (.835) | (.727) | (.694) | (.530) |
Net Asset Value, End of Period | $45.94 | $46.78 | $42.32 | $32.27 | $28.32 |
Total Return | 0.45% | 12.60% | 33.64% | 16.47% | 1.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,297 | $2,590 | $3,290 | $3,001 | $2,874 |
Ratio of Total Expenses to Average Net Assets | 0.040% | 0.040% | 0.040% | 0.040% | 0.042% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.24%1 | 1.90% | 1.96% | 2.25% | 1.93% |
Portfolio Turnover Rate2 | 9% | 5% | 9% | 8% | 12% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.140 and 0.31%, 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 | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $46.79 | $42.32 | $32.28 | $28.32 | $28.54 |
Investment Operations | |||||
Net Investment Income | 1.0641 | .847 | .734 | .701 | .537 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (. 846) | 4.466 | 10.041 | 3.959 | (.221) |
Total from Investment Operations | . 218 | 5.313 | 10.775 | 4.660 | .316 |
Distributions | |||||
Dividends from Net Investment Income | (1.058) | (.843) | (.735) | (.700) | (.536) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.058) | (.843) | (.735) | (.700) | (.536) |
Net Asset Value, End of Period | $45.95 | $46.79 | $42.32 | $32.28 | $28.32 |
Total Return | 0.48% | 12.64% | 33.63% | 16.53% | 1.11% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $37,822 | $38,903 | $33,201 | $20,731 | $16,087 |
Ratio of Total Expenses to Average Net Assets | 0.020% | 0.020% | 0.020% | 0.020% | 0.022% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 2.26%1 | 1.92% | 1.98% | 2.27% | 1.95% |
Portfolio Turnover Rate2 | 9% | 5% | 9% | 8% | 12% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.140 and 0.31%, 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 year ended December 31, 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.
53
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, 2012–2015), 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 subject to termination by the fund at any time and 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 (“Vanguard”) 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 December 31, 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.
54
Institutional Total Stock Market Index Fund
B. In accordance with the terms of a services agreement, Vanguard provides to the fund investment advisory, corporate management, administrative, marketing, and distribution services and pays for all other operating expenses (except taxes) for a fee calculated at an annual percentage rate of the average net assets of the fund (or, with respect to shareholder services, the average net assets of 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 December 31, 2015, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 38,850,933 | — | 457 |
Temporary Cash Investments | 459,351 | 16,985 | — |
Futures Contracts—Liabilities1 | (2,196) | — | — |
Total | 39,308,088 | 16,985 | 457 |
1 Represents variation margin on the last day of the reporting period. |
D. At December 31, 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) |
E-mini S&P 500 Index | March 2016 | 2244 | 228,372 | 1,378 |
E-mini Russell 2000 Index | March 2016 | 210 | 23,761 | 458 |
1,836 |
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
55
Institutional Total Stock Market 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.
During the year ended December 31, 2015, the fund realized $480,018,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $12,485,000 from accumulated net realized gains to paid-in capital.
For tax purposes, at December 31, 2015, the fund had $12,678,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $28,521,000 to offset taxable capital gains realized during the year ended December 31, 2015. The fund had available capital losses totaling $76,597,000 that may be carried forward indefinitely to offset future net capital gains.
At December 31, 2015, the cost of investment securities for tax purposes was $24,718,218,000. Net unrealized appreciation of investment securities for tax purposes was $14,609,508,000, consisting of unrealized gains of $15,604,132,000 on securities that had risen in value since their purchase and $994,624,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended December 31, 2015, the fund purchased $4,307,404,000 of investment securities and sold $6,249,553,000 of investment securities, other than temporary cash investments. Purchases and sales include $771,503,000 and $690,911,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||
2015 | 2014 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 266,666 | 5,798 | 279,683 | 6,295 |
Issued in Lieu of Cash Distributions | 36,893 | 795 | 50,677 | 1,123 |
Redeemed | (1,586,852) | (33,724) | (1,326,424) | (29,798) |
Net Increase (Decrease) —Institutional Shares | (1,283,293) | (27,131) | (996,064) | (22,380) |
Institutional Plus Shares | ||||
Issued | 5,475,151 | 117,871 | 6,791,984 | 153,792 |
Issued in Lieu of Cash Distributions | 823,108 | 17,835 | 646,100 | 14,312 |
Redeemed | (6,780,025) | (144,011) | (5,356,613) | (121,064) |
Net Increase (Decrease) —Institutional Plus Shares | (481,766) | (8,305) | 2,081,471 | 47,040 |
H. Management has determined that no material events or transactions occurred subsequent to December 31, 2015, that would require recognition or disclosure in these financial statements.
56
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Institutional Index Funds and the Shareholders of Vanguard Institutional Total Stock Market Index Fund: In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Institutional Total Stock Market Index Fund (constituting a separate portfolio of Vanguard Institutional Index Funds, hereafter referred to as the “Fund”) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, by agreement to the underlying ownership records of the transfer agent and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2016
![](https://capedge.com/proxy/N-CSR/0000932471-16-012807/insttotalstockmrktindexx59x1.jpg)
This information for the fiscal year ended December 31, 2015, is included pursuant to provisions of
the Internal Revenue Code.
The fund distributed $876,167,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 76.4% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
57
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.
58
Six Months Ended December 31, 2015 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Total Stock Market Index Fund | 6/30/2015 | 12/31/2015 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $985.88 | $0.20 |
Institutional Plus Shares | 1,000.00 | 985.99 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.00 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that
period are 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal
to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by the number of days in the most recent 12-month period (184/365).
59
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.
60
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 194 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 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years and Other |
Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
Board of The Vanguard Group, Inc., and of each of | International PLC (diversified manufacturing and |
the investment companies served by The Vanguard | services), Hewlett-Packard Co. (electronic computer |
Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive PLC |
Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at New |
President of The Vanguard Group, and of each of | Mountain Capital. |
the investment companies served by The Vanguard | |
Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
Group (1995–2008). | Occupation(s) During the Past Five Years and |
Other Experience: President of the University of | |
IndependentTrustees | Pennsylvania; Christopher H. Browne Distinguished |
Professor of Political Science, School of Arts and | |
Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
Occupation(s) During the Past Five Years and | appointments in the Department of Philosophy, School |
Other Experience: Executive Chief Staff and | of Arts and Sciences, and at the Graduate School of |
Marketing Officer for North America and Corporate | Education, University of Pennsylvania; Trustee of the |
Vice President (retired 2008) of Xerox Corporation | National Constitution Center; Chair of the Presidential |
(document management products and services); | Commission for the Study of Bioethical Issues. |
Executive in Residence and 2009–2010 Distinguished | |
Minett Professor at the Rochester Institute of | JoAnn Heffernan Heisen |
Technology; Director of SPX Corporation (multi-industry | Born 1950. Trustee Since July 1998. Principal |
manufacturing), the United Way of Rochester, the | Occupation(s) During the Past Five Years and |
University of Rochester Medical Center, Monroe | Other Experience: Corporate Vice President and |
Community College Foundation, and North Carolina | Chief Global Diversity Officer (retired 2008) and |
A&T University. | Member of the Executive Committee (1997–2008) |
of Johnson & Johnson (pharmaceuticals/medical | |
devices/consumer products); Director of Skytop | |
Lodge Corporation (hotels) and the Robert Wood | |
Johnson Foundation; Member of the Advisory | |
Board of the Institute for Women’s Leadership | |
at Rutgers University. |
F. Joseph Loughrey | Executive Officers | |
Born 1949. Trustee Since October 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
(retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of | |
Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
to the Kellogg Institute for International Studies, both | ||
at the University of Notre Dame. | Thomas J. Higgins | |
Born 1957. Chief Financial Officer Since September | ||
Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). | |
Committee (2004–2013); Director of the Dow Chemical | ||
Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
Born 1974. Controller Since May 2015. Principal | ||
Scott C. Malpass | Occupation(s) During the Past Five Years and | |
Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
Professor of Finance at the Mendoza College of | Group (2008–2014). | |
Business at Notre Dame; Member of the Notre Dame | ||
403(b) Investment Committee; Board Member of | Heidi Stam | |
TIFF Advisory Services, Inc., and Catholic Investment | Born 1956. Secretary Since July 2005. Principal | |
Services, Inc. (investment advisors); Member of | Occupation(s) During the Past Five Years and Other | |
the Investment Advisory Committee of Major | Experience: Managing Director of The Vanguard | |
League Baseball. | Group, Inc.; General Counsel of The Vanguard Group; | |
Secretary of The Vanguard Group and of each of the | ||
André F. Perold | investment companies served by The Vanguard Group; | |
Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard | |
Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
Experience: George Gund Professor of Finance and | ||
Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam | |
(retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | Chris D. McIsaac |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | James M. Norris |
firm); Director of Rand Merchant Bank; Overseer of | Paul A. Heller | Thomas M. Rampulla |
the Museum of Fine Arts Boston. | Martha G. King | Glenn W. Reed |
John T. Marcante | Karin A. Risi | |
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Chairman Emeritus and Senior Advisor | |
Experience: President and Chief Operating Officer | John J. Brennan | |
(retired 2010) of Corning Incorporated (communications | Chairman, 1996–2009 | |
equipment); Trustee of Colby-Sawyer College; | Chief Executive Officer and President, 1996–2008 | |
Member of the Advisory Board of the Norris Cotton | ||
Cancer Center and of the Advisory Board of the | ||
Parthenon Group (strategy consulting). | 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.
![]() | |
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
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. | |
© 2016 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q8710 022016 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, and André F. Perold.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2015: $69,000
Fiscal Year Ended December 31, 2014: $59,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2015: $7,000,200
Fiscal Year Ended December 31, 2014: $6,605,127
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2015: $2,899,096
Fiscal Year Ended December 31, 2014: $2,176,479
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2015: $353,389
Fiscal Year Ended December 31, 2014: $316,869
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2015: $202,313
Fiscal Year Ended December 31, 2014: $198,163
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2015: $555,702
Fiscal Year Ended December 31, 2014: $515,032
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Code of Ethics.
(b) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: February 18, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: February 18, 2016 | |
| VANGUARD INSTITUTIONAL INDEX FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: February 18, 2016 |
* 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.