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 31, 2016 – June 30, 2016 | ||
Item 1: Reports to Shareholders |
![](https://capedge.com/proxy/N-CSRS/0000932471-16-014107/institutionalindexfundsx1x1.jpg)
Semiannual Report | June 30, 2016
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. | 6 |
Performance Summary. | 8 |
Financial Statements. | 9 |
About Your Fund’s Expenses. | 25 |
Trustees Approve Advisory Arrangement. | 27 |
Glossary. | 28 |
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
Six Months Ended June 30, 2016 | |
Total | |
Returns | |
Vanguard Institutional Index Fund | |
Institutional Shares | 3.82% |
Institutional Plus Shares | 3.83 |
S&P 500 Index | 3.84 |
Large-Cap Core Funds Average | 2.21 |
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, 2015, Through June 30, 2016 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Institutional Index Fund | ||||
Institutional Shares | $186.62 | $191.78 | $1.921 | $0.000 |
Institutional Plus Shares | 186.63 | 191.79 | 1.940 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
Despite significant volatility during the period, the broad U.S. stock market managed to finish the first half of 2016 with solid gains. Vanguard Institutional Index Fund returned almost 4% for the six months ended June 30, 2016. The fund tightly tracked the performance of its target index, the Standard & Poor’s 500 Index, and exceeded the average return of its large-capitalization core fund peers by more than 1.5 percentage points.
Eight of the ten industry sectors represented in the index advanced, with consumer staples and energy stocks adding most to returns. Financial stocks detracted most from performance.
Stocks waxed and waned through periods of turbulence
Toward the end of the half year, global stock markets dropped sharply and then rose after the momentous decision by United Kingdom voters to leave the European Union. The markets already were jittery before the June 23 “Brexit” vote. Volatility spiked afterward, however, as investors digested the significant global economic implications and the likelihood of extended uncertainty while the separation is carried out.
The broad U.S. stock market returned roughly 4% for the six months. U.S. stocks plunged on news of the referendum’s outcome but quickly reversed. Worries about Brexit’s effect on trade and global
2
economic growth seemed to diminish as expectations increased that major central banks would be responsive to any fallout.
International stocks had a rougher time, returning about –1%. European stocks in particular suffered as the lead-up to the Brexit referendum and subsequent uncertainty hit closer to home. Developed Pacific markets also retreated. Emerging-market stocks were a bright spot, returning nearly 8%.
Bonds rolled to strong returns as investors weighed options
The broad U.S. bond market returned 5.31% as investors sought safe-haven assets amid questionable global economic growth, low inflation, and stock market volatility. Exceptionally low or negative yields abroad attracted foreign investors to U.S. Treasury debt. The yield of the 10-year Treasury note closed at 1.47% at the end of June, down from 2.30% at the end of December. (Bond prices and yields move in opposite directions.)
The Federal Reserve has held its target for short-term interest rates steady since raising it by a quarter of a percentage point in December. During the period, the 0.25%–0.5% rate remained historically low and continued to curb returns for money market funds and savings accounts.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 11.94%. Counter to recent trends, a number of foreign
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2016 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 3.74% | 2.93% | 11.88% |
Russell 2000 Index (Small-caps) | 2.22 | -6.73 | 8.35 |
Russell 3000 Index (Broad U.S. market) | 3.62 | 2.14 | 11.60 |
FTSE All-World ex US Index (International) | -0.92 | -9.75 | 0.49 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 5.31% | 6.00% | 3.76% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.33 | 7.65 | 5.33 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.11 | 0.14 | 0.05 |
CPI | |||
Consumer Price Index | 1.91% | 1.01% | 1.32% |
3
currencies strengthened against the dollar, but returns were solid even without this currency benefit.
Consumer staples and energy stocks helped the fund’s performance most
Vanguard Institutional Index Fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. stock market’s value.
As I mentioned, eight of the index’s ten market sectors closed out the most recent six months with gains. Four of them—consumer staples, energy, telecommunication services, and utilities—posted double-digit returns.
The consumer staples and energy sectors each added more than 1 percentage point to the overall result. Leaders within consumer staples (+10%) included tobacco, food, and household product companies. As oil and commodity prices have bounced back a bit over the past few months, so has the energy sector (+16%), through integrated oil and gas companies and exploration and production firms.
Stocks in telecommunications (+25%) and utilities (+23%), two of the fund’s smallest-weighted sectors, also provided a significant boost. Firms in both industries deliver stable and steady dividend yields, which tend to be attractive to investors seeking income in a climate where bond yields are historically low and stock volatility is high.
Industrials, which returned more than 6%, also contributed notably to returns. Gains were evident across most of the sector, with conglomerates, machinery, and aerospace and defense firms making solid contributions.
The financial sector (–3%) detracted the most from the index’s return. Lower long-term interest rates have hurt banks, asset managers, consumer finance companies, and investment firms. Information technology was down slightly for the period, as stocks of some internet and technology hardware firms experienced declines.
A dose of discipline is crucial when markets become volatile
The heightened volatility in capital markets that surrounded the Brexit vote reminds us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term. However, investors can control how they react to unstable and turbulent markets.
During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline. Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read Vanguard’s Principles for Investing Success at vanguard.com/research.)
4
As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.
The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.
As always, thank you for investing with Vanguard.
Sincerely,
![](https://capedge.com/proxy/N-CSRS/0000932471-16-014107/institutionalindexfundsx7x1.jpg)
F. William McNabb III
Chairman and Chief Executive Officer
July 13, 2016
5
Institutional Index Fund
Fund Profile
As of June 30, 2016
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VINIX | VIIIX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 2.12% | 2.14% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 507 | 505 | 3,863 |
Median Market Cap | $77.0B | $78.7B | $53.0B |
Price/Earnings Ratio | 20.7x | 20.7x | 22.0x |
Price/Book Ratio | 2.8x | 2.8x | 2.7x |
Return on Equity | 17.6% | 17.3% | 16.5% |
Earnings Growth | |||
Rate | 6.9% | 7.0% | 7.3% |
Dividend Yield | 2.2% | 2.2% | 2.1% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 5% | — | — |
Short-Term | |||
Reserves | 0.1% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.98 |
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 | 2.9% | |
Alphabet Inc. | Internet Software & | |
Services | 2.3 | |
Microsoft Corp. | Systems Software | 2.2 |
Exxon Mobil Corp. | Integrated Oil & Gas | 2.1 |
Johnson & Johnson | Pharmaceuticals | 1.8 |
General Electric Co. | Industrial | |
Conglomerates | 1.6 | |
Amazon.com Inc. | Internet Retail | 1.5 |
Berkshire Hathaway Inc. Multi-Sector Holdings | 1.5 | |
AT&T Inc. | Integrated | |
Telecommunication | ||
Services | 1.5 | |
Facebook Inc. | Internet Software & | |
Services | 1.4 | |
Top Ten | 18.8% | |
The holdings listed exclude any temporary cash investments and equity index products. |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2016. For the six months ended June 30, 2016, the annualized expense ratios
were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
6
Institutional Index Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. | |||
Total | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Consumer Discretionary | 12.3% | 12.3% | 12.9% |
Consumer Staples | 10.5 | 10.6 | 9.3 |
Energy | 7.4 | 7.4 | 6.7 |
Financials | 15.7 | 15.7 | 17.5 |
Health Care | 14.7 | 14.7 | 14.2 |
Industrials | 10.2 | 10.2 | 10.6 |
Information Technology | 19.7 | 19.8 | 19.2 |
Materials | 2.9 | 2.8 | 3.3 |
Telecommunication | |||
Services | 2.9 | 2.9 | 2.6 |
Utilities | 3.7 | 3.6 | 3.7 |
7
Institutional Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future
results that may be achieved by the fund. (Current performance may be lower or higher than
the performance data cited. For performance data current to the most recent month-end, visit
our website at vanguard.com/performance.) Note, too, that both investment returns and principal
value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than
their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund
distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2005, Through June 30, 2016
![](https://capedge.com/proxy/N-CSRS/0000932471-16-014107/institutionalindexfundsx10x1.jpg)
Average Annual Total Returns: Periods Ended June 30, 2016 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Institutional Shares | 7/31/1990 | 3.97% | 12.07% | 7.43% |
Institutional Plus Shares | 7/7/1997 | 3.99 | 12.10 | 7.45 |
8
Institutional Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2016
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 (99.8%)1 | |||
Consumer Discretionary (12.2%) | |||
* | Amazon.com Inc. | 4,317,006 | 3,089,336 |
Home Depot Inc. | 13,881,331 | 1,772,507 | |
Comcast Corp. Class A | 26,978,598 | 1,758,735 | |
Walt Disney Co. | 16,655,892 | 1,629,279 | |
McDonald’s Corp. | 9,796,238 | 1,178,879 | |
Starbucks Corp. | 16,347,919 | 933,793 | |
NIKE Inc. Class B | 14,859,265 | 820,231 | |
Lowe’s Cos. Inc. | 9,889,057 | 782,917 | |
* | Priceline Group Inc. | 554,005 | 691,625 |
Time Warner Inc. | 8,776,814 | 645,447 | |
TJX Cos. Inc. | 7,372,965 | 569,414 | |
Ford Motor Co. | 43,517,642 | 547,017 | |
Target Corp. | 6,577,564 | 459,246 | |
Twenty-First Century | |||
Fox Inc. Class A | 16,578,631 | 448,452 | |
General Motors Co. | 15,641,090 | 442,643 | |
* | Netflix Inc. | 4,780,918 | 437,358 |
Yum! Brands Inc. | 4,548,388 | 377,152 | |
Johnson Controls Inc. | 7,238,685 | 320,384 | |
Dollar General Corp. | 3,168,346 | 297,825 | |
* | O’Reilly Automotive Inc. | 1,076,919 | 291,953 |
* | AutoZone Inc. | 333,404 | 264,669 |
Ross Stores Inc. | 4,486,628 | 254,347 | |
CBS Corp. Class B | 4,637,624 | 252,472 | |
* | Dollar Tree Inc. | 2,630,495 | 247,898 |
Newell Brands Inc. | 5,099,521 | 247,684 | |
VF Corp. | 3,717,939 | 228,616 | |
Carnival Corp. | 4,886,483 | 215,983 | |
Omnicom Group Inc. | 2,649,557 | 215,912 | |
Delphi Automotive plc | 3,042,206 | 190,442 | |
L Brands Inc. | 2,819,598 | 189,280 | |
* | Ulta Salon Cosmetics | ||
& Fragrance Inc. | 696,036 | 169,582 | |
Genuine Parts Co. | 1,667,557 | 168,840 | |
Viacom Inc. Class B | 3,862,852 | 160,192 | |
^ | Marriott International Inc. | ||
Class A | 2,125,062 | 141,232 | |
Whirlpool Corp. | 846,545 | 141,068 |
Starwood Hotels & | |||
Resorts Worldwide Inc. | 1,881,985 | 139,173 | |
Expedia Inc. | 1,306,345 | 138,864 | |
Tractor Supply Co. | 1,486,901 | 135,576 | |
* | Mohawk Industries Inc. | 710,183 | 134,764 |
Advance Auto Parts Inc. | 819,794 | 132,503 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 325,427 | 131,069 | |
Coach Inc. | 3,098,551 | 126,235 | |
Royal Caribbean Cruises | |||
Ltd. | 1,871,047 | 125,641 | |
Mattel Inc. | 3,794,190 | 118,720 | |
DR Horton Inc. | 3,679,161 | 115,820 | |
Macy’s Inc. | 3,434,368 | 115,429 | |
* | LKQ Corp. | 3,417,925 | 108,348 |
*,^ | CarMax Inc. | 2,166,158 | 106,207 |
Hanesbrands Inc. | 4,207,252 | 105,728 | |
Hasbro Inc. | 1,250,872 | 105,061 | |
Interpublic Group of Cos. | |||
Inc. | 4,484,706 | 103,597 | |
* | Michael Kors Holdings | ||
Ltd. | 1,966,621 | 97,308 | |
Best Buy Co. Inc. | 3,142,297 | 96,154 | |
Lennar Corp. Class A | 2,044,000 | 94,228 | |
Harley-Davidson Inc. | 2,018,185 | 91,424 | |
Wyndham Worldwide | |||
Corp. | 1,248,594 | 88,937 | |
PVH Corp. | 903,076 | 85,097 | |
Foot Locker Inc. | 1,520,545 | 83,417 | |
^ | Wynn Resorts Ltd. | 909,878 | 82,471 |
* | TripAdvisor Inc. | 1,273,836 | 81,908 |
*,^ | Under Armour Inc. | ||
Class A | 2,037,379 | 81,760 | |
Darden Restaurants Inc. | 1,271,062 | 80,509 | |
Kohl’s Corp. | 2,047,279 | 77,633 | |
Leggett & Platt Inc. | 1,497,017 | 76,513 | |
Goodyear Tire & Rubber | |||
Co. | 2,969,605 | 76,200 | |
* | Under Armour Inc. | 2,056,097 | 74,842 |
Bed Bath & Beyond Inc. | 1,720,292 | 74,351 |
9
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Tiffany & Co. | 1,221,795 | 74,090 | |
Signet Jewelers Ltd. | 869,326 | 71,641 | |
BorgWarner Inc. | 2,426,605 | 71,633 | |
PulteGroup Inc. | 3,521,243 | 68,629 | |
Scripps Networks | |||
Interactive Inc. Class A | 1,062,562 | 66,166 | |
* | Discovery | ||
Communications Inc. | 2,660,866 | 63,462 | |
Staples Inc. | 7,202,727 | 62,088 | |
News Corp. Class A | 5,442,780 | 61,776 | |
H&R Block Inc. | 2,500,910 | 57,521 | |
Ralph Lauren Corp. | |||
Class A | 635,437 | 56,948 | |
Harman International | |||
Industries Inc. | 786,217 | 56,466 | |
TEGNA Inc. | 2,436,320 | 56,450 | |
Garmin Ltd. | 1,303,513 | 55,295 | |
^ | Nordstrom Inc. | 1,430,331 | 54,424 |
Gap Inc. | 2,539,499 | 53,888 | |
* | Discovery | ||
Communications Inc. | |||
Class A | 1,685,633 | 42,529 | |
* | AutoNation Inc. | 792,846 | 37,248 |
* | Urban Outfitters Inc. | 965,898 | 26,562 |
Twenty-First Century | |||
Fox Inc. | 459,708 | 12,527 | |
24,917,240 | |||
Consumer Staples (10.5%) | |||
Procter & Gamble Co. | 29,701,364 | 2,514,814 | |
Coca-Cola Co. | 43,446,128 | 1,969,413 | |
Philip Morris | |||
International Inc. | 17,309,870 | 1,760,760 | |
PepsiCo Inc. | 16,117,649 | 1,707,504 | |
Altria Group Inc. | 21,831,305 | 1,505,487 | |
Wal-Mart Stores Inc. | 17,041,708 | 1,244,385 | |
CVS Health Corp. | 11,985,249 | 1,147,468 | |
Walgreens Boots | |||
Alliance Inc. | 9,644,527 | 803,100 | |
Mondelez International | |||
Inc. Class A | 17,321,453 | 788,299 | |
Costco Wholesale Corp. | 4,888,916 | 767,755 | |
Colgate-Palmolive Co. | 9,966,391 | 729,540 | |
Kraft Heinz Co. | 6,645,020 | 587,951 | |
Kimberly-Clark Corp. | 4,016,512 | 552,190 | |
Reynolds American Inc. | 9,240,459 | 498,338 | |
General Mills Inc. | 6,634,949 | 473,205 | |
Kroger Co. | 10,647,114 | 391,707 | |
Constellation Brands Inc. | |||
Class A | 1,969,589 | 325,770 | |
Sysco Corp. | 5,851,213 | 296,891 | |
Archer-Daniels-Midland | |||
Co. | 6,560,747 | 281,390 | |
*,^ | Monster Beverage Corp. | 1,572,072 | 252,648 |
ConAgra Foods Inc. | 4,863,782 | 232,537 | |
Kellogg Co. | 2,808,876 | 229,345 |
Estee Lauder Cos. Inc. | ||
Class A | 2,480,618 | 225,786 |
Tyson Foods Inc. Class A | 3,349,427 | 223,708 |
Molson Coors Brewing | ||
Co. Class B | 2,052,034 | 207,522 |
JM Smucker Co. | 1,333,891 | 203,298 |
Dr Pepper Snapple Group | ||
Inc. | 2,070,782 | 200,100 |
Clorox Co. | 1,441,461 | 199,484 |
Mead Johnson Nutrition | ||
Co. | 2,080,309 | 188,788 |
Hershey Co. | 1,566,090 | 177,736 |
Church & Dwight Co. | ||
Inc. | 1,430,116 | 147,145 |
McCormick & Co. Inc. | 1,284,654 | 137,034 |
Campbell Soup Co. | 1,999,670 | 133,038 |
Whole Foods Market Inc. | 3,577,685 | 114,557 |
Brown-Forman Corp. | ||
Class B | 1,120,155 | 111,747 |
Hormel Foods Corp. | 3,011,704 | 110,228 |
21,440,668 | ||
Energy (7.4%) | ||
Exxon Mobil Corp. | 46,266,919 | 4,337,061 |
Chevron Corp. | 21,030,033 | 2,204,578 |
Schlumberger Ltd. | 15,505,871 | 1,226,204 |
Occidental Petroleum | ||
Corp. | 8,523,940 | 644,069 |
ConocoPhillips | 13,811,179 | 602,167 |
EOG Resources Inc. | 6,141,999 | 512,366 |
Halliburton Co. | 9,591,634 | 434,405 |
Phillips 66 | 5,221,555 | 414,278 |
Kinder Morgan Inc. | 20,427,549 | 382,404 |
Anadarko Petroleum | ||
Corp. | 5,698,859 | 303,464 |
Spectra Energy Corp. | 7,639,608 | 279,839 |
Pioneer Natural | ||
Resources Co. | 1,826,240 | 276,146 |
Valero Energy Corp. | 5,245,538 | 267,522 |
Apache Corp. | 4,218,702 | 234,855 |
Marathon Petroleum | ||
Corp. | 5,904,905 | 224,150 |
Baker Hughes Inc. | 4,880,441 | 220,254 |
Devon Energy Corp. | 5,839,814 | 211,693 |
Hess Corp. | 2,939,738 | 176,678 |
* Concho Resources Inc. | 1,452,781 | 173,273 |
Noble Energy Inc. | 4,776,314 | 171,326 |
Williams Cos. Inc. | 7,612,100 | 164,650 |
EQT Corp. | 1,925,101 | 149,061 |
Marathon Oil Corp. | 9,446,816 | 141,797 |
National Oilwell Varco | ||
Inc. | 4,202,248 | 141,406 |
Cabot Oil & Gas Corp. | 5,182,323 | 133,393 |
Cimarex Energy Co. | 1,058,966 | 126,356 |
Columbia Pipeline Group | ||
Inc. | 4,456,167 | 113,588 |
10
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
ONEOK Inc. | 2,341,577 | 111,108 | |
Tesoro Corp. | 1,337,156 | 100,180 | |
* | Newfield Exploration Co. | 2,192,161 | 96,850 |
Range Resources Corp. | 1,897,191 | 81,845 | |
^ | Helmerich & Payne Inc. | 1,207,701 | 81,073 |
* | FMC Technologies Inc. | 2,531,438 | 67,513 |
* | Southwestern Energy Co. | 5,276,509 | 66,378 |
Murphy Oil Corp. | 1,803,946 | 57,275 | |
^ | Transocean Ltd. | 3,809,635 | 45,297 |
* | Chesapeake Energy | ||
Corp. | 6,517,875 | 27,897 | |
Diamond Offshore | |||
Drilling Inc. | 721,783 | 17,561 | |
15,019,960 | |||
Financials (15.7%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 19,769,858 | 2,862,478 | |
JPMorgan Chase & Co. | 40,801,623 | 2,535,413 | |
Wells Fargo & Co. | 51,552,017 | 2,439,957 | |
Bank of America Corp. | 114,621,831 | 1,521,032 | |
Citigroup Inc. | 32,750,599 | 1,388,298 | |
Simon Property Group | |||
Inc. | 3,453,078 | 748,973 | |
US Bancorp | 18,111,314 | 730,429 | |
Chubb Ltd. | 5,183,958 | 677,595 | |
American International | |||
Group Inc. | 12,489,315 | 660,560 | |
Goldman Sachs Group | |||
Inc. | 4,311,672 | 640,628 | |
American Express Co. | 9,015,671 | 547,792 | |
American Tower | |||
Corporation | 4,738,712 | 538,365 | |
MetLife Inc. | 12,263,348 | 488,449 | |
BlackRock Inc. | 1,404,118 | 480,953 | |
Bank of New York | |||
Mellon Corp. | 12,022,682 | 467,081 | |
PNC Financial Services | |||
Group Inc. | 5,569,275 | 453,283 | |
Morgan Stanley | 16,865,315 | 438,161 | |
Public Storage | 1,645,061 | 420,461 | |
Marsh & McLennan | |||
Cos. Inc. | 5,818,535 | 398,337 | |
Travelers Cos. Inc. | 3,264,080 | 388,556 | |
Crown Castle | |||
International Corp. | 3,760,934 | 381,472 | |
CME Group Inc. | 3,780,448 | 368,216 | |
Capital One Financial | |||
Corp. | 5,717,008 | 363,087 | |
Prudential Financial Inc. | 4,934,415 | 352,021 | |
Intercontinental | |||
Exchange Inc. | 1,329,023 | 340,177 | |
Charles Schwab Corp. | 13,427,367 | 339,847 | |
Aflac Inc. | 4,621,876 | 333,515 | |
BB&T Corp. | 9,164,410 | 326,345 | |
Aon plc | 2,957,680 | 323,067 |
S&P Global Inc. | 2,954,187 | 316,866 | |
Welltower Inc. | 3,985,793 | 303,598 | |
Equinix Inc. | 775,163 | 300,554 | |
Allstate Corp. | 4,179,876 | 292,382 | |
Prologis Inc. | 5,865,791 | 287,658 | |
Equity Residential | 4,080,985 | 281,098 | |
AvalonBay Communities | |||
Inc. | 1,531,485 | 276,265 | |
Ventas Inc. | 3,775,450 | 274,928 | |
Weyerhaeuser Co. | 8,325,945 | 247,863 | |
Discover Financial | |||
Services | 4,598,033 | 246,409 | |
State Street Corp. | 4,412,557 | 237,925 | |
* | Synchrony Financial | 9,293,828 | 234,948 |
SunTrust Banks Inc. | 5,584,840 | 229,425 | |
Boston Properties Inc. | 1,711,984 | 225,811 | |
Progressive Corp. | 6,497,354 | 217,661 | |
M&T Bank Corp. | 1,772,077 | 209,513 | |
T. Rowe Price Group Inc. | 2,766,191 | 201,849 | |
Realty Income Corp. | 2,871,292 | 199,153 | |
Vornado Realty Trust | 1,977,625 | 198,000 | |
Hartford Financial | |||
Services Group Inc. | 4,384,062 | 194,565 | |
General Growth | |||
Properties Inc. | 6,496,417 | 193,723 | |
Willis Towers Watson plc | 1,542,968 | 191,806 | |
HCP Inc. | 5,205,553 | 184,172 | |
Digital Realty Trust Inc. | 1,636,333 | 178,344 | |
Moody’s Corp. | 1,886,744 | 176,807 | |
Essex Property Trust Inc. | 729,199 | 166,323 | |
Ameriprise Financial Inc. | 1,847,886 | 166,033 | |
* | Berkshire Hathaway Inc. | ||
Class A | 759 | 164,684 | |
Northern Trust Corp. | 2,392,396 | 158,520 | |
Fifth Third Bancorp | 8,555,907 | 150,498 | |
Kimco Realty Corp. | 4,676,900 | 146,761 | |
Franklin Resources Inc. | 4,106,783 | 137,043 | |
Host Hotels & Resorts | |||
Inc. | 8,328,498 | 135,005 | |
Federal Realty | |||
Investment Trust | 790,238 | 130,824 | |
Extra Space Storage Inc. | 1,395,491 | 129,139 | |
Principal Financial Group | |||
Inc. | 3,004,188 | 123,502 | |
Cincinnati Financial Corp. | 1,648,511 | 123,457 | |
Loews Corp. | 2,991,064 | 122,903 | |
Macerich Co. | 1,409,794 | 120,382 | |
Regions Financial Corp. | 14,117,064 | 120,136 | |
SL Green Realty Corp. | 1,117,129 | 118,941 | |
Invesco Ltd. | 4,650,355 | 118,770 | |
Citizens Financial Group | |||
Inc. | 5,783,795 | 115,560 | |
UDR Inc. | 2,977,152 | 109,916 | |
Iron Mountain Inc. | 2,663,667 | 106,094 | |
XL Group plc Class A | 3,172,515 | 105,677 |
11
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
KeyCorp | 9,388,005 | 103,737 | |
Lincoln National Corp. | 2,663,598 | 103,268 | |
Arthur J Gallagher & Co. | 1,974,039 | 93,964 | |
* | CBRE Group Inc. Class A | 3,252,371 | 86,123 |
* | Affiliated Managers | ||
Group Inc. | 601,319 | 84,648 | |
Unum Group | 2,647,238 | 84,156 | |
Nasdaq Inc. | 1,283,479 | 83,003 | |
Comerica Inc. | 1,951,893 | 80,281 | |
Huntington Bancshares | |||
Inc. | 8,903,124 | 79,594 | |
Torchmark Corp. | 1,253,880 | 77,515 | |
Apartment Investment & | |||
Management Co. | 1,741,609 | 76,909 | |
* | E*TRADE Financial Corp. | 3,106,267 | 72,966 |
Leucadia National Corp. | 3,715,040 | 64,382 | |
Assurant Inc. | 690,221 | 59,573 | |
Zions Bancorporation | 2,289,035 | 57,523 | |
People’s United Financial | |||
Inc. | 3,464,472 | 50,789 | |
Navient Corp. | 3,683,431 | 44,017 | |
Legg Mason Inc. | 1,174,605 | 34,639 | |
31,963,126 | |||
Health Care (14.6%) | |||
Johnson & Johnson | 30,691,338 | 3,722,859 | |
Pfizer Inc. | 67,672,793 | 2,382,759 | |
Merck & Co. Inc. | 30,887,096 | 1,779,406 | |
UnitedHealth Group Inc. | 10,609,778 | 1,498,101 | |
Bristol-Myers Squibb Co. | 18,627,614 | 1,370,061 | |
Medtronic plc | 15,691,213 | 1,361,527 | |
Amgen Inc. | 8,382,880 | 1,275,455 | |
Gilead Sciences Inc. | 14,861,868 | 1,239,777 | |
AbbVie Inc. | 18,048,586 | 1,117,388 | |
* | Allergan plc | 4,414,192 | 1,020,076 |
Eli Lilly & Co. | 10,840,555 | 853,694 | |
* | Celgene Corp. | 8,644,476 | 852,605 |
Thermo Fisher Scientific | |||
Inc. | 4,391,939 | 648,953 | |
Abbott Laboratories | 16,391,666 | 644,356 | |
* | Biogen Inc. | 2,442,987 | 590,763 |
* | Express Scripts Holding | ||
Co. | 7,057,709 | 534,974 | |
Aetna Inc. | 3,913,434 | 477,948 | |
McKesson Corp. | 2,511,808 | 468,829 | |
Stryker Corp. | 3,506,713 | 420,209 | |
Becton Dickinson and | |||
Co. | 2,368,827 | 401,729 | |
Anthem Inc. | 2,935,482 | 385,546 | |
Cigna Corp. | 2,863,556 | 366,507 | |
* | Boston Scientific Corp. | 15,147,733 | 354,003 |
* | Regeneron | ||
Pharmaceuticals Inc. | 870,817 | 304,115 | |
Humana Inc. | 1,663,940 | 299,310 | |
* | Alexion Pharmaceuticals | ||
Inc. | 2,501,195 | 292,040 |
Cardinal Health Inc. | 3,637,896 | 283,792 | |
* | Intuitive Surgical Inc. | 424,961 | 281,073 |
Baxter International Inc. | 6,166,342 | 278,842 | |
Zimmer Biomet | |||
Holdings Inc. | 2,221,216 | 267,390 | |
* | HCA Holdings Inc. | 3,362,246 | 258,927 |
St. Jude Medical Inc. | 3,174,359 | 247,600 | |
Zoetis Inc. | 5,097,593 | 241,932 | |
* | Vertex Pharmaceuticals | ||
Inc. | 2,756,630 | 237,125 | |
* | Edwards Lifesciences | ||
Corp. | 2,360,007 | 235,363 | |
* | Illumina Inc. | 1,640,558 | 230,302 |
* | Mylan NV | 4,759,164 | 205,786 |
* | Cerner Corp. | 3,353,318 | 196,504 |
CR Bard Inc. | 817,111 | 192,152 | |
AmerisourceBergen Corp. | |||
Class A | 2,044,774 | 162,191 | |
Agilent Technologies Inc. | 3,652,897 | 162,043 | |
DENTSPLY SIRONA Inc. | 2,610,404 | 161,949 | |
* | Henry Schein Inc. | 914,609 | 161,703 |
* | Laboratory Corp. of | ||
America Holdings | 1,141,276 | 148,674 | |
Perrigo Co. plc | 1,596,149 | 144,723 | |
* | DaVita HealthCare | ||
Partners Inc. | 1,818,057 | 140,572 | |
* | Centene Corp. | 1,899,876 | 135,594 |
Universal Health | |||
Services Inc. Class B | 1,000,286 | 134,138 | |
Quest Diagnostics Inc. | 1,576,486 | 128,342 | |
* | Waters Corp. | 903,600 | 127,091 |
* | Hologic Inc. | 2,703,465 | 93,540 |
* | Varian Medical Systems | ||
Inc. | 1,059,744 | 87,143 | |
* | Mallinckrodt plc | 1,218,382 | 74,053 |
PerkinElmer Inc. | 1,215,001 | 63,690 | |
Patterson Cos. Inc. | 927,971 | 44,441 | |
* | Endo International plc | 2,275,317 | 35,472 |
29,825,137 | |||
Industrials (10.2%) | |||
General Electric Co. 102,604,750 | 3,229,998 | ||
3M Co. | 6,768,214 | 1,185,250 | |
Honeywell International | |||
Inc. | 8,504,919 | 989,292 | |
United Technologies | |||
Corp. | 8,685,584 | 890,707 | |
Boeing Co. | 6,682,474 | 867,853 | |
United Parcel Service | |||
Inc. Class B | 7,705,441 | 830,030 | |
Union Pacific Corp. | 9,386,000 | 818,928 | |
Lockheed Martin Corp. | 2,922,126 | 725,184 | |
Danaher Corp. | 6,687,100 | 675,397 | |
Caterpillar Inc. | 6,517,176 | 494,067 | |
Raytheon Co. | 3,315,046 | 450,680 | |
Northrop Grumman Corp. | 2,014,264 | 447,731 |
12
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
General Dynamics Corp. | 3,207,122 | 446,560 | |
FedEx Corp. | 2,786,590 | 422,949 | |
Illinois Tool Works Inc. | 3,610,678 | 376,088 | |
Emerson Electric Co. | 7,182,012 | 374,614 | |
Delta Air Lines Inc. | 8,614,594 | 313,830 | |
Waste Management Inc. | 4,612,890 | 305,696 | |
Eaton Corp. plc | 5,113,515 | 305,430 | |
Norfolk Southern Corp. | 3,302,077 | 281,106 | |
Southwest Airlines Co. | 7,131,340 | 279,620 | |
CSX Corp. | 10,672,785 | 278,346 | |
Deere & Co. | 3,330,856 | 269,933 | |
Nielsen Holdings plc | 4,026,287 | 209,246 | |
PACCAR Inc. | 3,905,824 | 202,595 | |
Tyco International plc | 4,742,030 | 202,010 | |
Cummins Inc. | 1,765,632 | 198,528 | |
Roper Technologies Inc. | 1,127,933 | 192,380 | |
Stanley Black & Decker | |||
Inc. | 1,672,933 | 186,064 | |
Ingersoll-Rand plc | 2,869,373 | 182,722 | |
American Airlines Group | |||
Inc. | 6,443,514 | 182,416 | |
Equifax Inc. | 1,326,462 | 170,318 | |
Rockwell Automation Inc. | 1,451,694 | 166,683 | |
Parker-Hannifin Corp. | 1,504,644 | 162,577 | |
* | TransDigm Group Inc. | 590,433 | 155,691 |
* | United Continental | ||
Holdings Inc. | 3,739,426 | 153,466 | |
^ | Fastenal Co. | 3,219,579 | 142,917 |
WW Grainger Inc. | 628,733 | 142,880 | |
* | Verisk Analytics Inc. | ||
Class A | 1,724,239 | 139,801 | |
Republic Services Inc. | |||
Class A | 2,645,949 | 135,764 | |
L-3 Communications | |||
Holdings Inc. | 857,523 | 125,790 | |
Rockwell Collins Inc. | 1,450,907 | 123,530 | |
Acuity Brands Inc. | 488,476 | 121,122 | |
AMETEK Inc. | 2,601,197 | 120,253 | |
Dover Corp. | 1,729,099 | 119,861 | |
CH Robinson Worldwide | |||
Inc. | 1,591,129 | 118,141 | |
Pentair plc | 2,013,970 | 117,394 | |
Masco Corp. | 3,716,327 | 114,983 | |
Textron Inc. | 3,001,067 | 109,719 | |
Kansas City Southern | 1,206,341 | 108,679 | |
Snap-on Inc. | 648,073 | 102,279 | |
Expeditors International | |||
of Washington Inc. | 2,029,021 | 99,503 | |
Fortune Brands Home & | |||
Security Inc. | 1,709,004 | 99,071 | |
* | Stericycle Inc. | 946,365 | 98,536 |
Cintas Corp. | 965,879 | 94,782 | |
Xylem Inc. | 1,993,823 | 89,024 | |
JB Hunt Transport | |||
Services Inc. | 994,823 | 80,511 |
Alaska Air Group Inc. | 1,373,543 | 80,064 | |
Fluor Corp. | 1,551,704 | 76,468 | |
Allegion plc | 1,068,950 | 74,217 | |
* | Jacobs Engineering | ||
Group Inc. | 1,363,243 | 67,903 | |
* | United Rentals Inc. | 986,318 | 66,182 |
Flowserve Corp. | 1,452,983 | 65,631 | |
Robert Half International | |||
Inc. | 1,463,577 | 55,850 | |
Dun & Bradstreet Corp. | 404,110 | 49,237 | |
* | Quanta Services Inc. | 1,683,315 | 38,918 |
Pitney Bowes Inc. | 2,102,008 | 37,416 | |
Ryder System Inc. | 601,998 | 36,806 | |
20,677,217 | |||
Information Technology (19.7%) | |||
Apple Inc. | 61,115,149 | 5,842,608 | |
Microsoft Corp. | 87,705,170 | 4,487,874 | |
* | Facebook Inc. Class A | 25,795,794 | 2,947,943 |
* | Alphabet Inc. Class A | 3,276,898 | 2,305,396 |
* | Alphabet Inc. Class C | 3,295,672 | 2,280,935 |
Intel Corp. | 52,690,844 | 1,728,260 | |
Cisco Systems Inc. | 56,124,836 | 1,610,222 | |
Visa Inc. Class A | 21,254,934 | 1,576,478 | |
International Business | |||
Machines Corp. | 9,855,046 | 1,495,799 | |
Oracle Corp. | 34,730,828 | 1,421,533 | |
MasterCard Inc. Class A | 10,833,667 | 954,013 | |
QUALCOMM Inc. | 16,392,890 | 878,167 | |
Accenture plc Class A | 6,961,656 | 788,686 | |
Texas Instruments Inc. | 11,207,731 | 702,164 | |
Broadcom Ltd. | 4,139,924 | 643,344 | |
EMC Corp. | 21,783,020 | 591,845 | |
* | salesforce.com Inc. | 7,102,617 | 564,019 |
* | Adobe Systems Inc. | 5,578,884 | 534,401 |
Automatic Data | |||
Processing Inc. | 5,081,013 | 466,793 | |
* | PayPal Holdings Inc. | 12,311,516 | 449,493 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 6,763,442 | 387,139 | |
* | Yahoo! Inc. | 9,756,131 | 366,440 |
Hewlett Packard | |||
Enterprise Co. | 18,551,517 | 338,936 | |
Intuit Inc. | 2,854,581 | 318,600 | |
Applied Materials Inc. | 12,160,517 | 291,488 | |
* | eBay Inc. | 11,801,773 | 276,280 |
* | Fiserv Inc. | 2,480,649 | 269,721 |
NVIDIA Corp. | 5,664,412 | 266,284 | |
* | Electronic Arts Inc. | 3,367,925 | 255,154 |
Corning Inc. | 12,008,212 | 245,928 | |
HP Inc. | 19,064,099 | 239,254 | |
Fidelity National | |||
Information Services | |||
Inc. | 3,092,547 | 227,859 | |
TE Connectivity Ltd. | 3,985,485 | 227,611 | |
Activision Blizzard Inc. | 5,676,898 | 224,975 |
13
Institutional Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Paychex Inc. | 3,571,949 | 212,531 | |
Amphenol Corp. Class A | 3,431,790 | 196,745 | |
Analog Devices Inc. | 3,425,268 | 194,007 | |
* | Micron Technology Inc. | 11,557,514 | 159,031 |
Lam Research Corp. | 1,778,759 | 149,522 | |
Western Digital Corp. | 3,136,529 | 148,232 | |
* | Red Hat Inc. | 2,022,023 | 146,799 |
Symantec Corp. | 6,823,845 | 140,162 | |
* | Citrix Systems Inc. | 1,728,641 | 138,447 |
* | Autodesk Inc. | 2,504,964 | 135,619 |
Skyworks Solutions Inc. | 2,120,137 | 134,162 | |
Xilinx Inc. | 2,830,608 | 130,576 | |
* | Alliance Data Systems | ||
Corp. | 658,098 | 128,935 | |
KLA-Tencor Corp. | 1,735,359 | 127,115 | |
Linear Technology Corp. | 2,669,908 | 124,231 | |
Global Payments Inc. | 1,716,345 | 122,513 | |
Microchip Technology Inc. | 2,394,133 | 121,526 | |
Motorola Solutions Inc. | 1,770,823 | 116,821 | |
Harris Corp. | 1,390,056 | 115,986 | |
* | Akamai Technologies Inc. | 1,960,548 | 109,653 |
CA Inc. | 3,297,895 | 108,270 | |
Western Union Co. | 5,473,456 | 104,981 | |
Xerox Corp. | 10,612,174 | 100,710 | |
Total System Services | |||
Inc. | 1,882,616 | 99,986 | |
* | VeriSign Inc. | 1,063,784 | 91,975 |
Juniper Networks Inc. | 3,936,704 | 88,536 | |
* | F5 Networks Inc. | 746,380 | 84,968 |
Seagate Technology plc | 3,326,558 | 81,035 | |
NetApp Inc. | 3,231,250 | 79,456 | |
* | Qorvo Inc. | 1,421,215 | 78,536 |
FLIR Systems Inc. | 1,533,878 | 47,474 | |
* | First Solar Inc. | 854,713 | 41,437 |
* | Teradata Corp. | 1,448,719 | 36,319 |
CSRA Inc. | 1,538,187 | 36,040 | |
40,137,978 | |||
Materials (2.9%) | |||
EI du Pont de Nemours | |||
& Co. | 9,749,155 | 631,745 | |
Dow Chemical Co. | 12,531,809 | 622,956 | |
Monsanto Co. | 4,872,177 | 503,832 | |
Praxair Inc. | 3,184,626 | 357,920 | |
Ecolab Inc. | 2,946,972 | 349,511 | |
PPG Industries Inc. | 2,970,499 | 309,378 | |
Air Products & | |||
Chemicals Inc. | 2,171,306 | 308,412 | |
LyondellBasell Industries | |||
NV Class A | 3,811,612 | 283,660 | |
Sherwin-Williams Co. | 877,882 | 257,808 | |
Newmont Mining Corp. | 5,912,670 | 231,304 | |
International Paper Co. | 4,582,418 | 194,203 | |
Vulcan Materials Co. | 1,484,388 | 178,661 | |
Nucor Corp. | 3,543,229 | 175,071 | |
Freeport-McMoRan Inc. | 13,954,743 | 155,456 | |
Ball Corp. | 1,939,150 | 140,181 |
Martin Marietta | |||
Materials Inc. | 707,942 | 135,925 | |
Alcoa Inc. | 14,656,427 | 135,865 | |
Eastman Chemical Co. | 1,656,789 | 112,496 | |
International Flavors & | |||
Fragrances Inc. | 888,405 | 112,001 | |
WestRock Co. | 2,821,545 | 109,673 | |
Mosaic Co. | 3,903,309 | 102,189 | |
Sealed Air Corp. | 2,197,125 | 101,002 | |
Albemarle Corp. | 1,252,304 | 99,320 | |
Avery Dennison Corp. | 994,512 | 74,340 | |
FMC Corp. | 1,495,362 | 69,250 | |
CF Industries Holdings | |||
Inc. | 2,606,154 | 62,808 | |
* | Owens-Illinois Inc. | 1,795,609 | 32,339 |
5,847,306 | |||
Telecommunication Services (2.9%) | |||
AT&T Inc. | 68,688,740 | 2,968,040 | |
Verizon | |||
Communications Inc. | 45,483,783 | 2,539,814 | |
CenturyLink Inc. | 6,085,649 | 176,545 | |
* | Level 3 | ||
Communications Inc. | 3,231,104 | 166,370 | |
Frontier | |||
Communications Corp. | 13,073,650 | 64,584 | |
5,915,353 | |||
Utilities (3.7%) | |||
NextEra Energy Inc. | 5,150,010 | 671,561 | |
Duke Energy Corp. | 7,688,652 | 659,609 | |
Southern Co. | 10,467,738 | 561,385 | |
Dominion Resources Inc. | 6,877,962 | 535,999 | |
American Electric Power | |||
Co. Inc. | 5,484,632 | 384,418 | |
Exelon Corp. | 10,290,457 | 374,161 | |
PG&E Corp. | 5,537,686 | 353,969 | |
Sempra Energy | 2,646,366 | 301,739 | |
PPL Corp. | 7,558,289 | 285,325 | |
Edison International | 3,637,832 | 282,550 | |
Consolidated Edison Inc. | 3,396,094 | 273,182 | |
Public Service Enterprise | |||
Group Inc. | 5,649,281 | 263,313 | |
Xcel Energy Inc. | 5,671,884 | 253,987 | |
WEC Energy Group Inc. | 3,517,794 | 229,712 | |
Eversource Energy | 3,535,254 | 211,762 | |
DTE Energy Co. | 1,999,824 | 198,222 | |
American Water Works | |||
Co. Inc. | 1,980,626 | 167,383 | |
FirstEnergy Corp. | 4,733,345 | 165,241 | |
Entergy Corp. | 1,992,048 | 162,053 | |
Ameren Corp. | 2,704,145 | 144,888 | |
CMS Energy Corp. | 3,111,171 | 142,678 | |
SCANA Corp. | 1,592,847 | 120,515 | |
CenterPoint Energy Inc. | 4,799,108 | 115,179 | |
Pinnacle West Capital | |||
Corp. | 1,238,696 | 100,409 |
14
Institutional Index Fund
Market | ||
Value• | ||
Shares | ($000) | |
NiSource Inc. | 3,583,515 | 95,035 |
AES Corp. | 7,365,072 | 91,916 |
AGL Resources Inc. | 1,347,986 | 88,927 |
Alliant Energy Corp. | 2,132,336 | 84,654 |
TECO Energy Inc. | 2,639,380 | 72,952 |
NRG Energy Inc. | 3,525,395 | 52,846 |
7,445,570 | ||
Total Common Stocks | ||
(Cost $133,142,039) | 203,189,555 | |
Temporary Cash Investments (0.5%)1 | ||
Money Market Fund (0.5%) | ||
2,3 Vanguard Market | ||
Liquidity Fund, | ||
0.538% | 911,687,599 | 911,688 |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.352%, 7/6/16 | 1,100 | 1,100 | |
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.350%, 7/8/16 | 1,100 | 1,100 | |
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.346%, 7/13/16 | 1,100 | 1,100 | |
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.471%, 8/10/16 | 15,000 | 14,995 | |
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.516%, 8/31/16 | 10,000 | 9,994 | |
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.371%, 9/13/16 | 5,000 | 4,997 | |
4,5 | Federal Home Loan | ||
Bank Discount Notes, | |||
0.465%, 10/28/16 | 4,000 | 3,995 | |
37,281 | |||
Total Temporary Cash Investments | |||
(Cost $948,961) | 948,969 | ||
Total Investments (100.3%) | |||
(Cost $134,091,000) | 204,138,524 |
Amount | ||
($000) | ||
Other Assets and Liabilities (-0.3%) | ||
Other Assets | ||
Receivables for Investment Securities Sold | 507 | |
Receivables for Accrued Income | 231,502 | |
Receivables for Capital Shares Issued | 347,960 | |
Other Assets 5 | 37,646 | |
Total Other Assets | 617,615 | |
Liabilities | ||
Payables for Investment Securities | ||
Purchased | (375,845) | |
Collateral for Securities on Loan | (107,619) | |
Payables for Capital Shares Redeemed | (665,304) | |
Payables to Vanguard | (2,888) | |
Other Liabilities | (4,212) | |
Total Liabilities | (1,155,868) | |
Net Assets (100%) | 203,600,271 |
At June 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 133,134,246 |
Undistributed Net Investment Income | 138,700 |
Accumulated Net Realized Gains | 272,123 |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 70,047,524 |
Futures Contracts | 7,678 |
Net Assets | 203,600,271 |
15
Institutional Index Fund
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 575,710,218 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 110,407,917 |
Net Asset Value Per Share— | |
Institutional Shares | $191.78 |
Institutional Plus Shares—Net Assets | |
Applicable to 485,917,445 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 93,192,354 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $191.79 |
• 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 $106,413,000.
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 100.1% and 0.2%, respectively,
of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $107,619,000 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 $37,281,000 and cash of $50,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
16
Institutional Index Fund
Statement of Operations
Six Months Ended | |
June 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends | 2,163,567 |
Interest1 | 1,353 |
Securities Lending | 2,961 |
Total Income | 2,167,881 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 20,915 |
Management and Administrative—Institutional Plus Shares | 8,908 |
Total Expenses | 29,823 |
Net Investment Income | 2,138,058 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 2,974,338 |
Futures Contracts | 26,446 |
Realized Net Gain (Loss) | 3,000,784 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 2,392,740 |
Futures Contracts | (2,222) |
Change in Unrealized Appreciation (Depreciation) | 2,390,518 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,529,360 |
1 Interest income from an affiliated company of the fund was $1,275,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
17
Institutional Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,138,058 | 4,736,875 |
Realized Net Gain (Loss) | 3,000,784 | 2,648,473 |
Change in Unrealized Appreciation (Depreciation) | 2,390,518 | (4,845,531) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,529,360 | 2,539,817 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (1,098,977) | (2,532,676) |
Institutional Plus Shares | (947,961) | (2,187,321) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (2,046,938) | (4,719,997) |
Capital Share Transactions | ||
Institutional Shares | 2,638,719 | 3,756,057 |
Institutional Plus Shares | 732,489 | 5,446,034 |
Net Increase (Decrease) from Capital Share Transactions | 3,371,208 | 9,202,091 |
Total Increase (Decrease) | 8,853,630 | 7,021,911 |
Net Assets | ||
Beginning of Period | 194,746,641 | 187,724,730 |
End of Period1 | 203,600,271 | 194,746,641 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $138,700,000 and $47,580,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
18
Institutional Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $186.62 | $188.67 | $169.28 | $130.52 | $115.04 | $115.01 |
Investment Operations | ||||||
Net Investment Income | 2.006 | 4.5851 | 3.561 | 3.128 | 2.835 | 2.361 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 5.075 | (2.065) | 19.380 | 38.759 | 15.475 | .029 |
Total from Investment Operations | 7.081 | 2.520 | 22.941 | 41.887 | 18.310 | 2.390 |
Distributions | ||||||
Dividends from Net Investment Income | (1.921) | (4.570) | (3.551) | (3.127) | (2.830) | (2.360) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.921) | (4.570) | (3.551) | (3.127) | (2.830) | (2.360) |
Net Asset Value, End of Period | $191.78 | $186.62 | $188.67 | $169.28 | $130.52 | $115.04 |
Total Return | 3.82% | 1.37% | 13.65% | 32.35% | 15.98% | 2.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) $110,408 | $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% | 0.040% | 0.044% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.20% | 2.43%1 | 2.01% | 2.08% | 2.27% | 2.05% |
Portfolio Turnover Rate2 | 5% | 5% | 4% | 5% | 5% | 5% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $0.677 and 0.36%, respectively,
resulting from income received from Medtronic plc in January 2015.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Institutional Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $186.63 | $188.68 | $169.28 | $130.53 | $115.05 | $115.01 |
Investment Operations | ||||||
Net Investment Income | 2.024 | 4.6221 | 3.597 | 3.158 | 2.861 | 2.386 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 5.076 | (2.065) | 19.388 | 38.750 | 15.474 | .040 |
Total from Investment Operations | 7.100 | 2.557 | 22.985 | 41.908 | 18.335 | 2.426 |
Distributions | ||||||
Dividends from Net Investment Income | (1.940) | (4.607) | (3.585) | (3.158) | (2.855) | (2.386) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.940) | (4.607) | (3.585) | (3.158) | (2.855) | (2.386) |
Net Asset Value, End of Period | $191.79 | $186.63 | $188.68 | $169.28 | $130.53 | $115.05 |
Total Return | 3.83% | 1.39% | 13.68% | 32.37% | 16.00% | 2.12% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $93,192 | $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% | 0.020% | 0.022% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.22% | 2.45%1 | 2.03% | 2.10% | 2.29% | 2.07% |
Portfolio Turnover Rate2 | 5% | 5% | 4% | 5% | 5% | 5% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $0.677 and 0.36%, respectively,
resulting from income received from Medtronic plc in January 2015.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Institutional Index Fund
Notes to Financial Statements
Vanguard Institutional Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares, Institutional Shares and Institutional Plus Shares, to investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended June 30, 2016, 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.
21
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 for the period ended June 30, 2016, 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 $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2016, 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.
22
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 June 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 203,189,555 | — | — |
Temporary Cash Investments | 911,688 | 37,281 | — |
Futures Contracts—Assets1 | 14,096 | — | — |
Futures Contracts—Liabilities1 | (4,212) | — | — |
Total | 204,111,127 | 37,281 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2016, 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 | September 2016 | 5,195 | 542,929 | 7,678 |
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
23
Institutional Index Fund
are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2016, the fund realized $1,664,014,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2015, the fund had available capital losses totaling $463,654,000 to offset future net capital gains through December 31, 2016. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2016; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2016, the cost of investment securities for tax purposes was $134,091,000,000. Net unrealized appreciation of investment securities for tax purposes was $70,047,524,000, consisting of unrealized gains of $76,182,326,000 on securities that had risen in value since their purchase and $6,134,802,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2016, the fund purchased $11,759,117,000 of investment securities and sold $7,724,997,000 of investment securities, other than temporary cash investments. Purchases and sales include $344,480,000 and $2,736,077,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2016 | December 31, 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 10,557,590 | 57,355 | 20,842,840 | 110,657 |
Issued in Lieu of Cash Distributions | 1,008,965 | 5,387 | 2,325,127 | 12,535 |
Redeemed | (8,927,836) | (48,106) | (19,411,910) | (103,343) |
Net Increase (Decrease)—Institutional Shares | 2,638,719 | 14,636 | 3,756,057 | 19,849 |
Institutional Plus Shares | ||||
Issued | 7,074,069 | 38,143 | 15,373,083 | 81,730 |
Issued in Lieu of Cash Distributions | 922,186 | 4,922 | 2,128,546 | 11,477 |
Redeemed | (7,263,766) | (39,618) | (12,055,595) | (64,467) |
Net Increase (Decrease)—Institutional Plus Shares | 732,489 | 3,447 | 5,446,034 | 28,740 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2016, that would require recognition or disclosure in these financial statements.
24
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
25
Six Months Ended June 30, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Index Fund | 12/31/2015 | 6/30/2016 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,038.22 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,038.32 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,024.66 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.76 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that
period are 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal
to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by the number of days in the most recent 12-month period (182/366).
26
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)—through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
27
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
28
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
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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 198 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), HP Inc. (printer and personal 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 |
President of The Vanguard Group, and of each of | New 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 Other | appointments in the Department of Philosophy, School |
Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
(retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
and 2009–2010 Distinguished Minett Professor at | |
the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
and Roberts Wesleyan College. | 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, the Board of Advisors | Heidi Stam | |
for Spruceview Capital Partners, and the Investment | Born 1956. Secretary Since July 2005. Principal | |
Advisory Committee of Major League Baseball; Board | Occupation(s) During the Past Five Years and Other | |
Member of TIFF Advisory Services, Inc., and Catholic | Experience: Managing Director of The Vanguard | |
Investment Services, Inc. (investment advisors). | 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 | James M. Norris |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | Thomas M. Rampulla |
firm); Director of Rand Merchant Bank; Overseer of | Martha G. King | Glenn W. Reed |
the Museum of Fine Arts Boston. | John T. Marcante | Karin A. Risi |
Chris D. McIsaac | Michael Rollings | |
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 and | Chairman, 1996–2009 | |
Chairman of its Finance and Enrollment Committee; | Chief Executive Officer and President, 1996–2008 | |
Member of the Advisory Board of the Norris Cotton | ||
Cancer Center. | 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. | |
Q942 082016 |
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Semiannual Report | June 30, 2016
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. | 7 |
Performance Summary. | 8 |
Financial Statements. | 9 |
About Your Fund’s Expenses. | 55 |
Trustees Approve Advisory Arrangement. | 57 |
Glossary. | 58 |
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
Six Months Ended June 30, 2016 | |
Total | |
Returns | |
Vanguard Institutional Total Stock Market Index Fund | |
Institutional Shares | 3.71% |
Institutional Plus Shares | 3.69 |
CRSP US Total Market Index | 3.66 |
Multi-Cap Core Funds Average | 1.64 |
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, 2015, Through June 30, 2016 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Institutional Total Stock Market Index Fund | ||||
Institutional Shares | $45.94 | $47.19 | $0.440 | $0.000 |
Institutional Plus Shares | 45.95 | 47.19 | 0.444 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
U.S. stocks overcame several hurdles en route to gains over the half year. Vanguard Institutional Total Stock Market Index Fund returned almost 4% for the six months ended June 30, 2016. The fund tightly tracked its target benchmark, the CRSP US Total Market Index, and exceeded the average return of its multi-capitalization core fund peers by about 2 percentage points.
In a reversal from the previous reporting period, value stocks outperformed growth. Small-capitalization stocks held up better against mid-caps and large-caps than they had over the previous period. The utilities and telecommunications sectors were the top performers. Financials, health care, and technology recorded slightly negative returns.
Stocks waxed and waned through periods of turbulence
Toward the end of the half year, global stock markets dropped sharply and then rose after U.K. voters made the momentous decision to leave the European Union. The markets already were jittery before the June 23 “Brexit” vote. But volatility spiked afterward as investors digested the global economic implications and the likelihood of extended uncertainty while the separation is carried out.
2
The broad U.S. stock market returned roughly 4% for the six months. U.S. stocks plunged on news of the referendum’s outcome but quickly reversed. Worries about Brexit’s effect on trade and global economic growth seemed to diminish as expectations increased that major central banks would respond to any fallout.
International stocks had a rougher time, returning about –1%. European stocks in particular suffered as the lead-up to the Brexit referendum and subsequent uncertainty hit closer to home. Developed Pacific markets also retreated. Emerging-market stocks were a bright spot, returning nearly 8%.
Bonds rolled to strong returns as investors weighed options
The broad U.S. bond market returned 5.31% as investors sought safe-haven assets amid questionable global economic growth, low inflation, and stock market volatility. Exceptionally low or negative yields abroad drew foreign investors to U.S. Treasury debt. The yield of the 10-year Treasury note closed at 1.47% at the end
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2016 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 3.74% | 2.93% | 11.88% |
Russell 2000 Index (Small-caps) | 2.22 | -6.73 | 8.35 |
Russell 3000 Index (Broad U.S. market) | 3.62 | 2.14 | 11.60 |
FTSE All-World ex US Index (International) | -0.92 | -9.75 | 0.49 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 5.31% | 6.00% | 3.76% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.33 | 7.65 | 5.33 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.11 | 0.14 | 0.05 |
CPI | |||
Consumer Price Index | 1.91% | 1.01% | 1.32% |
3
of June, down from 2.30% at the end of December. (Bond prices and yields move in opposite directions.)
The Federal Reserve has held its target for short-term interest rates steady since raising it by a quarter of a percentage point in December. During the period, the 0.25%–0.5% rate remained historically low and continued to curb returns for money market funds and savings accounts.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 11.94%. Counter to recent trends, a number of foreign currencies strengthened against the dollar, but returns were solid even without this currency benefit.
Utilities, telecommunications produced impressive results
In the first month of the reporting period, the broad U.S. stock market dropped as investors worried about the widespread impact of China’s slow economic growth and falling commodity and oil prices. Stocks generally rebounded over the next few months as concerns about China eased, commodity and oil prices started to recover, and the Fed scaled back its plan for raising short-term interest rates.
4
Brexit was the next major challenge for the markets. As I mentioned earlier, stocks’ two-day retreat after the vote was followed by a surge in the period’s final week. Of course, the long-term effects of Brexit may take years to play out. We can be sure only that financial markets will continue to move in both directions in the short term, and stocks of different capitalizations, styles, and sectors will alternately triumph and trail.
Along with its low costs and notable record of closely tracking its benchmark, one of the hallmarks of Vanguard Institutional Total Stock Market Index Fund is its diversification. The fund reflects the returns of the broad U.S. equity market and offers wide exposure to growth and value stocks; large-, mid-, and small-capitalization stocks; and all ten industry sectors.
Utilities and telecommunications, two of the fund’s smallest-weighted sectors, topped the field with returns of about 24% apiece. Firms in both industries deliver stable and steady dividend yields, which tend to be attractive to investors seeking income in a climate where bond yields are historically low and stock volatility is high.
Industrial, oil and gas, and consumer goods stocks also significantly boosted the fund’s returns. Gains were evident across most of the industrial sector, with conglomerates, building materials, transportation, machinery, and defense firms making solid contributions. As oil and commodity prices have bounced back a bit over the past few months, so has the energy sector, via integrated oil and gas companies and exploration and production firms. Food, household product, and tobacco companies were among the leaders in consumer goods.
The four highest-weighted sectors were also the fund’s weakest. Consumer services was essentially flat, while technology, health care, and financials each declined about 1%. Airlines lagged in consumer services, while internet and software companies detracted in technology. Lower long-term interest rates have hurt banks, asset managers, consumer finance companies, and investment firms within the financial sector. Biotechnology companies dragged down the health care sector.
A dose of discipline is crucial when markets become volatile
The heightened volatility in capital markets that surrounded the Brexit vote reminds us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term. However, investors can control how they react to unstable and turbulent markets.
During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline.
5
Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read Vanguard’s Principles for Investing Success at vanguard.com/research.)
As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.
The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.
As always, thank you for investing with Vanguard.
Sincerely,
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F. William McNabb III
Chairman and Chief Executive Officer
July 19, 2016
6
Institutional Total Stock Market Index Fund
Fund Profile
As of June 30, 2016
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VITNX | VITPX |
Expense Ratio1 | 0.04% | 0.02% |
30-Day SEC Yield | 2.01% | 2.03% |
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,232 | 3,624 |
Median Market Cap | $53.0B | $51.1B |
Price/Earnings Ratio | 22.2x | 22.1x |
Price/Book Ratio | 2.7x | 2.7x |
Return on Equity | 16.6% | 16.4% |
Earnings Growth | ||
Rate | 7.3% | 7.2% |
Dividend Yield | 2.1% | 2.1% |
Foreign Holdings | 0.0% | 0.0% |
Turnover Rate | ||
(Annualized) | 8% | — |
Short-Term | ||
Reserves | 0.2% | — |
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 2.5% | 2.4% |
Consumer Goods | 10.7 | 10.7 |
Consumer Services | 13.4 | 13.4 |
Financials | 18.6 | 18.6 |
Health Care | 13.5 | 13.5 |
Industrials | 12.7 | 12.8 |
Oil & Gas | 6.8 | 6.8 |
Technology | 15.5 | 15.5 |
Telecommunications | 2.6 | 2.6 |
Utilities | 3.7 | 3.7 |
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 | 2.3% |
Alphabet Inc. | Internet | 1.9 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.8 |
Microsoft Corp. | Software | 1.7 |
Johnson & Johnson | Pharmaceuticals | 1.5 |
General Electric Co. | Diversified Industrials | 1.3 |
Amazon.com Inc. | Broadline Retailers | 1.3 |
Berkshire Hathaway Inc. Reinsurance | 1.3 | |
AT&T Inc. | Fixed Line | |
Telecommunications | 1.2 | |
Facebook Inc. | Internet | 1.1 |
Top Ten | 15.4% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
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1 The expense ratios shown are from the prospectus dated April 27, 2016. For the six months ended June 30, 2016, the annualized expense ratios
were 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares.
7
Institutional Total Stock Market Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2005, Through June 30, 2016
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Note: For 2016, performance data reflect the six months ended June 30, 2016.
Average Annual Total Returns: Periods Ended June 30, 2016 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Institutional Shares | 8/31/2001 | 2.24% | 11.65% | 7.60% |
Institutional Plus Shares | 5/31/2001 | 2.24 | 11.67 | 7.62 |
8
Institutional Total Stock Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2016
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | ||
Value• | ||
Shares | ($000) | |
Common Stocks (99.6%)1 | ||
Basic Materials (2.4%) | ||
EI du Pont de Nemours | ||
& Co. | 1,577,297 | 102,209 |
Dow Chemical Co. | 2,027,551 | 100,790 |
Praxair Inc. | 515,069 | 57,889 |
Ecolab Inc. | 476,624 | 56,528 |
Air Products & Chemicals | ||
Inc. | 370,643 | 52,646 |
PPG Industries Inc. | 480,387 | 50,032 |
LyondellBasell Industries | ||
NV Class A | 616,438 | 45,875 |
Newmont Mining Corp. | 957,995 | 37,477 |
International Paper Co. | 742,485 | 31,466 |
Nucor Corp. | 574,012 | 28,362 |
Freeport-McMoRan Inc. | 2,034,897 | 22,669 |
Alcoa Inc. | 2,374,706 | 22,013 |
International Flavors & | ||
Fragrances Inc. | 143,873 | 18,138 |
Celanese Corp. Class A | 268,366 | 17,565 |
Eastman Chemical Co. | 255,020 | 17,316 |
Mosaic Co. | 631,689 | 16,538 |
Albemarle Corp. | 203,882 | 16,170 |
Ashland Inc. | 111,980 | 12,852 |
Avery Dennison Corp. | 162,618 | 12,156 |
RPM International Inc. | 241,458 | 12,061 |
FMC Corp. | 242,595 | 11,235 |
Steel Dynamics Inc. | 421,029 | 10,315 |
CF Industries Holdings Inc. | 423,520 | 10,207 |
Reliance Steel & | ||
Aluminum Co. | 125,016 | 9,614 |
WR Grace & Co. | 128,331 | 9,395 |
Royal Gold Inc. | 118,809 | 8,557 |
* Axalta Coating Systems | ||
Ltd. | 303,466 | 8,051 |
Olin Corp. | 300,373 | 7,461 |
NewMarket Corp. | 17,108 | 7,089 |
Sensient Technologies | ||
Corp. | 81,753 | 5,808 |
Scotts Miracle-Gro Co. | |||
Class A | 82,834 | 5,791 | |
CONSOL Energy Inc. | 353,942 | 5,695 | |
PolyOne Corp. | 155,105 | 5,466 | |
Huntsman Corp. | 365,508 | 4,916 | |
Cabot Corp. | 102,162 | 4,665 | |
Compass Minerals | |||
International Inc. | 61,402 | 4,555 | |
United States Steel Corp. | 266,151 | 4,487 | |
Axiall Corp. | 128,667 | 4,196 | |
HB Fuller Co. | 91,174 | 4,011 | |
Domtar Corp. | 114,416 | 4,006 | |
US Silica Holdings Inc. | 115,519 | 3,982 | |
Minerals Technologies Inc. | 63,472 | 3,605 | |
Commercial Metals Co. | 211,549 | 3,575 | |
* | Stillwater Mining Co. | 299,502 | 3,552 |
Hecla Mining Co. | 693,352 | 3,536 | |
Balchem Corp. | 57,434 | 3,426 | |
Worthington Industries Inc. | 80,620 | 3,410 | |
* | GCP Applied Technologies | ||
Inc. | 128,480 | 3,346 | |
* | Chemtura Corp. | 120,695 | 3,184 |
Westlake Chemical Corp. | 71,199 | 3,056 | |
* | Cambrex Corp. | 58,110 | 3,006 |
* | Coeur Mining Inc. | 276,559 | 2,948 |
* | Clearwater Paper Corp. | 43,679 | 2,855 |
Carpenter Technology Corp. | 85,103 | 2,802 | |
Kaiser Aluminum Corp. | 30,766 | 2,781 | |
Neenah Paper Inc. | 37,968 | 2,748 | |
Chemours Co. | 330,290 | 2,722 | |
* | Ingevity Corp. | 76,573 | 2,606 |
*,^ | Cliffs Natural Resources | ||
Inc. | 451,650 | 2,561 | |
Allegheny Technologies | |||
Inc. | 198,402 | 2,530 | |
* | AK Steel Holding Corp. | 494,802 | 2,306 |
Innophos Holdings Inc. | 47,522 | 2,006 | |
KapStone Paper and | |||
Packaging Corp. | 153,370 | 1,995 | |
Quaker Chemical Corp. | 22,296 | 1,989 |
9
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Kraton Performance | ||
Polymers Inc. | 70,272 | 1,963 | |
Innospec Inc. | 41,782 | 1,921 | |
* | Platform Specialty | ||
Products Corp. | 206,541 | 1,834 | |
Aceto Corp. | 76,910 | 1,684 | |
Calgon Carbon Corp. | 117,068 | 1,539 | |
* | Fairmount Santrol | ||
Holdings Inc. | 199,322 | 1,537 | |
PH Glatfelter Co. | 78,094 | 1,527 | |
Stepan Co. | 23,485 | 1,398 | |
* | Ferro Corp. | 101,871 | 1,363 |
SunCoke Energy Inc. | 221,551 | 1,289 | |
* | Century Aluminum Co. | 191,949 | 1,215 |
Deltic Timber Corp. | 17,042 | 1,144 | |
*,^ | Westmoreland Coal Co. | 119,244 | 1,135 |
American Vanguard Corp. | 72,535 | 1,096 | |
Haynes International Inc. | 34,009 | 1,091 | |
* | Koppers Holdings Inc. | 33,975 | 1,044 |
Chase Corp. | 16,437 | 971 | |
Hawkins Inc. | 19,410 | 843 | |
A Schulman Inc. | 34,081 | 832 | |
* | Resolute Forest Products | ||
Inc. | 150,335 | 795 | |
* | Veritiv Corp. | 17,728 | 666 |
Olympic Steel Inc. | 23,427 | 640 | |
Tredegar Corp. | 39,284 | 633 | |
* | Univar Inc. | 33,485 | 633 |
Ampco-Pittsburgh Corp. | 52,420 | 593 | |
* | OMNOVA Solutions Inc. | 78,397 | 568 |
Hallador Energy Co. | 119,982 | 554 | |
KMG Chemicals Inc. | 19,032 | 495 | |
Tronox Ltd. Class A | 110,168 | 486 | |
* | Ryerson Holding Corp. | 22,286 | 390 |
* | LSB Industries Inc. | 26,149 | 316 |
Kronos Worldwide Inc. | 56,434 | 296 | |
Rayonier Advanced | |||
Materials Inc. | 20,348 | 276 | |
* | Cloud Peak Energy Inc. | 133,404 | 275 |
* | CSW Industrials Inc. | 8,115 | 265 |
FutureFuel Corp. | 23,329 | 254 | |
* | Codexis Inc. | 54,399 | 219 |
Gold Resource Corp. | 55,720 | 200 | |
*,^ | Senomyx Inc. | 66,934 | 184 |
Friedman Industries Inc. | 30,651 | 179 | |
* | Real Industry Inc. | 22,749 | 177 |
*,^ | Golden Minerals Co. | 243,316 | 158 |
* | General Moly Inc. | 384,371 | 133 |
* | Universal Stainless & Alloy | ||
Products Inc. | 10,736 | 117 | |
* | Handy & Harman Ltd. | 4,280 | 112 |
*,^ | Uranium Energy Corp. | 110,492 | 97 |
* | Ikonics Corp. | 3,253 | 36 |
* | Solitario Exploration & | ||
Royalty Corp. | 56,237 | 29 | |
*,^ | Pershing Gold Corp. | 4,000 | 17 |
* | AgroFresh Solutions Inc. | 3,000 | 16 |
United-Guardian Inc. | 950 | 15 | |
* | Northern Technologies | ||
International Corp. | 1,269 | 14 | |
Synalloy Corp. | 1,703 | 13 | |
* | Comstock Mining Inc. | 21,959 | 8 |
* | NL Industries Inc. | 2,169 | 6 |
* | TOR Minerals International | ||
Inc. | 682 | 3 | |
Rentech Inc. | 200 | — | |
972,093 | |||
Consumer Goods (10.7%) | |||
Procter & Gamble Co. | 4,806,662 | 406,980 | |
Coca-Cola Co. | 7,030,899 | 318,711 | |
Philip Morris | |||
International Inc. | 2,801,166 | 284,935 | |
PepsiCo Inc. | 2,608,228 | 276,316 | |
Altria Group Inc. | 3,532,830 | 243,624 | |
NIKE Inc. Class B | 2,404,341 | 132,720 | |
Mondelez International | |||
Inc. Class A | 2,662,518 | 121,171 | |
Colgate-Palmolive Co. | 1,612,541 | 118,038 | |
Kraft Heinz Co. | 1,097,812 | 97,134 | |
Kimberly-Clark Corp. | 650,221 | 89,392 | |
Ford Motor Co. | 7,046,077 | 88,569 | |
Reynolds American Inc. | 1,546,409 | 83,398 | |
Monsanto Co. | 788,829 | 81,573 | |
General Mills Inc. | 1,073,308 | 76,548 | |
General Motors Co. | 2,502,432 | 70,819 | |
Johnson Controls Inc. | 1,170,800 | 51,820 | |
Constellation Brands Inc. | |||
Class A | 302,597 | 50,050 | |
Archer-Daniels-Midland | |||
Co. | 1,060,997 | 45,506 | |
* | Monster Beverage Corp. | 274,936 | 44,185 |
*,^ | Tesla Motors Inc. | 197,682 | 41,964 |
Newell Brands Inc. | 863,053 | 41,918 | |
* | Electronic Arts Inc. | 530,599 | 40,198 |
Activision Blizzard Inc. | 999,735 | 39,620 | |
ConAgra Foods Inc. | 787,998 | 37,674 | |
Estee Lauder Cos. Inc. | |||
Class A | 401,839 | 36,575 | |
Tyson Foods Inc. Class A | 542,642 | 36,243 | |
Kellogg Co. | 442,390 | 36,121 | |
Dr Pepper Snapple Group | |||
Inc. | 335,530 | 32,422 | |
Clorox Co. | 233,495 | 32,313 | |
Molson Coors Brewing Co. | |||
Class B | 314,924 | 31,848 | |
JM Smucker Co. | 205,307 | 31,291 | |
Delphi Automotive plc | 492,918 | 30,857 | |
Mead Johnson Nutrition | |||
Co. | 337,034 | 30,586 | |
Stanley Black & Decker | |||
Inc. | 271,060 | 30,147 | |
VF Corp. | 489,473 | 30,098 |
10
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Hershey Co. | 248,163 | 28,164 | |
Genuine Parts Co. | 256,654 | 25,986 | |
Campbell Soup Co. | 362,772 | 24,135 | |
Church & Dwight Co. Inc. | 231,729 | 23,843 | |
Whirlpool Corp. | 137,080 | 22,843 | |
McCormick & Co. Inc. | 209,615 | 22,360 | |
* | Mohawk Industries Inc. | 113,653 | 21,567 |
Coach Inc. | 502,004 | 20,452 | |
DR Horton Inc. | 641,215 | 20,185 | |
Mattel Inc. | 619,613 | 19,388 | |
Brown-Forman Corp. | |||
Class B | 178,725 | 17,830 | |
Hormel Foods Corp. | 482,168 | 17,647 | |
Hasbro Inc. | 204,130 | 17,145 | |
Hanesbrands Inc. | 681,632 | 17,129 | |
Ingredion Inc. | 130,690 | 16,913 | |
Snap-on Inc. | 105,603 | 16,666 | |
* | LKQ Corp. | 502,333 | 15,924 |
* | Michael Kors Holdings | ||
Ltd. | 309,871 | 15,332 | |
* | WhiteWave Foods Co. | ||
Class A | 321,985 | 15,114 | |
Lennar Corp. Class A | 325,772 | 15,018 | |
Bunge Ltd. | 251,662 | 14,886 | |
Harley-Davidson Inc. | 326,982 | 14,812 | |
PVH Corp. | 146,323 | 13,788 | |
Lear Corp. | 133,149 | 13,549 | |
*,^ | Under Armour Inc. Class A | 331,334 | 13,296 |
* | lululemon athletica Inc. | 173,927 | 12,846 |
Leggett & Platt Inc. | 243,895 | 12,465 | |
Goodyear Tire & Rubber | |||
Co. | 485,386 | 12,455 | |
* | Under Armour Inc. | 339,282 | 12,350 |
* | Middleby Corp. | 104,740 | 12,071 |
* | NVR Inc. | 6,745 | 12,008 |
BorgWarner Inc. | 397,315 | 11,729 | |
PulteGroup Inc. | 562,290 | 10,959 | |
* | TreeHouse Foods Inc. | 102,426 | 10,514 |
Leucadia National Corp. | 592,591 | 10,270 | |
Pinnacle Foods Inc. | 211,856 | 9,807 | |
Harman International | |||
Industries Inc. | 129,175 | 9,277 | |
Carter’s Inc. | 87,083 | 9,272 | |
Ralph Lauren Corp. Class A | 102,957 | 9,227 | |
* | Post Holdings Inc. | 111,191 | 9,194 |
Polaris Industries Inc. | 112,082 | 9,164 | |
* | Edgewell Personal Care Co. | 107,838 | 9,103 |
* | WABCO Holdings Inc. | 97,971 | 8,971 |
* | Hain Celestial Group Inc. | 178,129 | 8,862 |
Gentex Corp. | 524,777 | 8,108 | |
* | Toll Brothers Inc. | 279,153 | 7,512 |
Brunswick Corp. | 165,666 | 7,508 | |
*,^ | Herbalife Ltd. | 126,310 | 7,393 |
* | Skechers U.S.A. Inc. | ||
Class A | 241,678 | 7,183 | |
Pool Corp. | 73,597 | 6,920 |
Flowers Foods Inc. | 338,235 | 6,342 | |
Energizer Holdings Inc. | 112,602 | 5,798 | |
Thor Industries Inc. | 85,949 | 5,564 | |
* | Take-Two Interactive | ||
Software Inc. | 146,726 | 5,564 | |
B&G Foods Inc. | 113,949 | 5,492 | |
* | Vista Outdoor Inc. | 111,047 | 5,300 |
* | Helen of Troy Ltd. | 51,479 | 5,294 |
CalAtlantic Group Inc. | 142,825 | 5,243 | |
* | Tempur Sealy International | ||
Inc. | 93,462 | 5,170 | |
Spectrum Brands Holdings | |||
Inc. | 43,149 | 5,148 | |
* | Kate Spade & Co. | 232,632 | 4,795 |
Snyder’s-Lance Inc. | 139,318 | 4,721 | |
* | Tenneco Inc. | 99,192 | 4,623 |
Nu Skin Enterprises Inc. | |||
Class A | 96,850 | 4,474 | |
* | Darling Ingredients Inc. | 299,798 | 4,467 |
Lancaster Colony Corp. | 34,888 | 4,452 | |
* | Manitowoc Foodservice | ||
Inc. | 248,623 | 4,381 | |
Tupperware Brands Corp. | 77,763 | 4,377 | |
Visteon Corp. | 61,398 | 4,041 | |
HNI Corp. | 82,491 | 3,835 | |
Vector Group Ltd. | 168,605 | 3,780 | |
Wolverine World Wide Inc. | 178,381 | 3,625 | |
Drew Industries Inc. | 41,865 | 3,552 | |
* | Steven Madden Ltd. | 102,629 | 3,508 |
* | Dorman Products Inc. | 60,250 | 3,446 |
* | Deckers Outdoor Corp. | 58,907 | 3,388 |
* | Blue Buffalo Pet Products | ||
Inc. | 143,024 | 3,338 | |
Fresh Del Monte Produce | |||
Inc. | 60,747 | 3,306 | |
Herman Miller Inc. | 109,135 | 3,262 | |
J&J Snack Foods Corp. | 27,265 | 3,252 | |
* | G-III Apparel Group Ltd. | 70,026 | 3,202 |
* | TRI Pointe Group Inc. | 269,831 | 3,189 |
* | Zynga Inc. Class A | 1,264,457 | 3,149 |
Sanderson Farms Inc. | 35,057 | 3,037 | |
Dean Foods Co. | 166,463 | 3,011 | |
Avon Products Inc. | 795,037 | 3,005 | |
Cooper Tire & Rubber Co. | 100,662 | 3,002 | |
Pilgrim’s Pride Corp. | 115,741 | 2,949 | |
WD-40 Co. | 24,918 | 2,927 | |
*,^ | Fitbit Inc. Class A | 239,486 | 2,927 |
Columbia Sportswear Co. | 50,206 | 2,889 | |
La-Z-Boy Inc. | 103,546 | 2,881 | |
Dana Holding Corp. | 272,129 | 2,874 | |
KB Home | 185,469 | 2,821 | |
* | ACCO Brands Corp. | 271,395 | 2,804 |
* | Boston Beer Co. Inc. | ||
Class A | 16,384 | 2,802 | |
* | Tumi Holdings Inc. | 104,024 | 2,782 |
* | Meritage Homes Corp. | 70,846 | 2,660 |
11
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Universal Corp. | 45,434 | 2,623 | |
* | iRobot Corp. | 68,684 | 2,409 |
^ | Coty Inc. Class A | 91,413 | 2,376 |
Ethan Allen Interiors Inc. | 69,599 | 2,300 | |
^ | Cal-Maine Foods Inc. | 51,138 | 2,266 |
* | Gentherm Inc. | 65,546 | 2,245 |
Knoll Inc. | 92,434 | 2,244 | |
* | TiVo Inc. | 225,232 | 2,230 |
* | Central Garden & Pet Co. | ||
Class A | 102,430 | 2,224 | |
Briggs & Stratton Corp. | 104,832 | 2,220 | |
* | Fossil Group Inc. | 74,393 | 2,122 |
* | Cavco Industries Inc. | 22,559 | 2,114 |
Andersons Inc. | 59,177 | 2,103 | |
Interface Inc. Class A | 137,132 | 2,091 | |
* | Select Comfort Corp. | 94,545 | 2,021 |
Nutrisystem Inc. | 79,404 | 2,014 | |
Schweitzer-Mauduit | |||
International Inc. | 56,095 | 1,979 | |
Steelcase Inc. Class A | 143,600 | 1,949 | |
* | Crocs Inc. | 167,709 | 1,892 |
MDC Holdings Inc. | 76,678 | 1,866 | |
* | American Axle & | ||
Manufacturing Holdings | |||
Inc. | 127,733 | 1,850 | |
Standard Motor Products | |||
Inc. | 45,125 | 1,795 | |
Coca-Cola Bottling Co. | |||
Consolidated | 11,955 | 1,763 | |
* | Cooper-Standard Holding | ||
Inc. | 20,276 | 1,602 | |
Calavo Growers Inc. | 23,700 | 1,588 | |
* | Nautilus Inc. | 85,749 | 1,530 |
Callaway Golf Co. | 148,469 | 1,516 | |
* | Unifi Inc. | 53,848 | 1,466 |
Inter Parfums Inc. | 49,927 | 1,426 | |
* | USANA Health Sciences | ||
Inc. | 12,562 | 1,400 | |
Medifast Inc. | 41,350 | 1,376 | |
Oxford Industries Inc. | 24,174 | 1,369 | |
*,^ | Wayfair Inc. | 34,960 | 1,363 |
^ | Tootsie Roll Industries Inc. | 34,262 | 1,320 |
* | Motorcar Parts of America | ||
Inc. | 48,350 | 1,314 | |
* | Central Garden & Pet Co. | 56,278 | 1,285 |
* | Universal Electronics Inc. | 17,565 | 1,270 |
Movado Group Inc. | 53,684 | 1,164 | |
* | Seaboard Corp. | 403 | 1,157 |
Winnebago Industries Inc. | 49,084 | 1,125 | |
John B Sanfilippo & Son Inc. | 25,889 | 1,104 | |
* | DTS Inc. | 41,589 | 1,100 |
* | Elizabeth Arden Inc. | 78,404 | 1,079 |
Superior Industries | |||
International Inc. | 39,898 | 1,068 | |
* | National Beverage Corp. | 16,628 | 1,044 |
Bassett Furniture | |||
Industries Inc. | 42,344 | 1,014 | |
* | Farmer Brothers Co. | 30,931 | 992 |
Culp Inc. | 33,270 | 919 | |
*,^ | GoPro Inc. Class A | 84,833 | 917 |
Lennar Corp. Class B | 24,267 | 904 | |
* | Perry Ellis International Inc. | 43,955 | 884 |
* | Beazer Homes USA Inc. | 111,356 | 863 |
* | Modine Manufacturing Co. | 96,801 | 852 |
Flexsteel Industries Inc. | 20,857 | 826 | |
*,^ | Jamba Inc. | 77,298 | 795 |
* | Omega Protein Corp. | 35,041 | 700 |
* | Federal-Mogul Holdings | ||
Corp. | 84,076 | 699 | |
* | Iconix Brand Group Inc. | 102,966 | 696 |
* | Eastman Kodak Co. | 42,648 | 686 |
* | Revlon Inc. Class A | 21,266 | 684 |
* | M/I Homes Inc. | 35,295 | 665 |
Arctic Cat Inc. | 37,179 | 632 | |
* | Taylor Morrison Home | ||
Corp. Class A | 42,091 | 625 | |
Kimball International Inc. | |||
Class B | 53,064 | 604 | |
* | Stoneridge Inc. | 37,471 | 560 |
Alico Inc. | 18,161 | 549 | |
* | Vera Bradley Inc. | 36,562 | 518 |
* | Cherokee Inc. | 45,991 | 511 |
* | Primo Water Corp. | 40,617 | 480 |
* | Glu Mobile Inc. | 213,571 | 470 |
National Presto Industries | |||
Inc. | 4,899 | 462 | |
*,^ | JAKKS Pacific Inc. | 57,538 | 455 |
Libbey Inc. | 27,412 | 436 | |
Hooker Furniture Corp. | 19,289 | 415 | |
MGP Ingredients Inc. | 10,002 | 382 | |
* | Alliance One International | ||
Inc. | 24,257 | 374 | |
Marine Products Corp. | 43,390 | 367 | |
Weyco Group Inc. | 12,387 | 344 | |
* | Lifevantage Corp. | 24,901 | 339 |
Tower International Inc. | 16,150 | 332 | |
*,^ | Sequential Brands Group | ||
Inc. | 39,641 | 316 | |
* | Core Molding Technologies | ||
Inc. | 22,260 | 304 | |
Phibro Animal Health Corp. | |||
Class A | 14,600 | 272 | |
Strattec Security Corp. | 5,741 | 234 | |
* | Shiloh Industries Inc. | 28,486 | 208 |
* | Lifeway Foods Inc. | 20,817 | 201 |
Oil-Dri Corp. of America | 5,275 | 182 | |
* | Dixie Group Inc. | 49,812 | 177 |
* | ZAGG Inc. | 33,148 | 174 |
Orchids Paper Products Co. | 4,683 | 167 | |
Lifetime Brands Inc. | 11,235 | 164 |
12
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
^ | Limoneira Co. | 9,066 | 160 |
* | Nutraceutical International | ||
Corp. | 6,763 | 157 | |
* | Coffee Holding Co. Inc. | 27,694 | 156 |
* | Hovnanian Enterprises Inc. | ||
Class A | 91,200 | 153 | |
* | Inventure Foods Inc. | 18,959 | 148 |
* | Mannatech Inc. | 7,199 | 146 |
Escalade Inc. | 13,847 | 142 | |
* | Natural Alternatives | ||
International Inc. | 12,166 | 134 | |
LS Starrett Co. Class A | 11,175 | 133 | |
* | Skullcandy Inc. | 21,313 | 131 |
* | US Foods Holding Corp. | 5,360 | 130 |
Johnson Outdoors Inc. | |||
Class A | 5,006 | 129 | |
* | LGI Homes Inc. | 3,855 | 123 |
* | Craft Brew Alliance Inc. | 10,411 | 120 |
* | S&W Seed Co. | 27,184 | 119 |
* | Delta Apparel Inc. | 5,153 | 116 |
* | Black Diamond Inc. | 27,241 | 113 |
* | William Lyon Homes | ||
Class A | 6,000 | 97 | |
Nature’s Sunshine Products | |||
Inc. | 10,016 | 95 | |
Rocky Brands Inc. | 6,414 | 73 | |
* | US Auto Parts Network Inc. | 16,787 | 66 |
* | Female Health Co. | 52,315 | 66 |
* | Seneca Foods Corp. Class A | 1,806 | 65 |
* | Zedge Inc. Class B | 14,082 | 65 |
Superior Uniform Group Inc. | 2,555 | 49 | |
* | WCI Communities Inc. | 2,407 | 41 |
Crown Crafts Inc. | 4,278 | 40 | |
* | CCA Industries Inc. | 12,279 | 40 |
* | Summer Infant Inc. | 22,600 | 38 |
* | Stanley Furniture Co. Inc. | 15,291 | 37 |
* | Malibu Boats Inc. Class A | 3,100 | 37 |
* | Amplify Snack Brands Inc. | 2,273 | 34 |
* | Freshpet Inc. | 3,032 | 28 |
Acme United Corp. | 1,375 | 25 | |
* | Vuzix Corp. | 3,300 | 25 |
* | Emerson Radio Corp. | 37,808 | 22 |
* | Skyline Corp. | 2,012 | 19 |
* | Lakeland Industries Inc. | 1,900 | 16 |
* | Century Communities Inc. | 789 | 14 |
MCBC Holdings Inc. | 1,211 | 13 | |
CompX International Inc. | 1,065 | 12 | |
* | Willamette Valley | ||
Vineyards Inc. | 1,400 | 12 | |
* | DS Healthcare Group Inc. | 11,481 | 8 |
Titan International Inc. | 1,144 | 7 | |
Golden Enterprises Inc. | 755 | 5 | |
* | Crystal Rock Holdings Inc. | 7,780 | 5 |
* | Cyanotech Corp. | 997 | 5 |
4,242,034 |
Consumer Services (13.3%) | |||
* | Amazon.com Inc. | 724,210 | 518,259 |
Home Depot Inc. | 2,246,361 | 286,838 | |
Comcast Corp. Class A | 4,365,884 | 284,612 | |
Walt Disney Co. | 2,636,711 | 257,923 | |
McDonald’s Corp. | 1,585,135 | 190,755 | |
Wal-Mart Stores Inc. | 2,550,541 | 186,241 | |
CVS Health Corp. | 1,939,443 | 185,682 | |
Starbucks Corp. | 2,512,927 | 143,538 | |
Walgreens Boots | |||
Alliance Inc. | 1,560,457 | 129,939 | |
Lowe’s Cos. Inc. | 1,620,499 | 128,295 | |
Costco Wholesale Corp. | 792,735 | 124,491 | |
* | Priceline Group Inc. | 89,628 | 111,893 |
Time Warner Inc. | 1,348,979 | 99,204 | |
TJX Cos. Inc. | 1,136,188 | 87,748 | |
* | Charter Communications | ||
Inc. Class A | 360,876 | 82,511 | |
McKesson Corp. | 406,297 | 75,835 | |
Target Corp. | 1,064,065 | 74,293 | |
* | Netflix Inc. | 734,742 | 67,214 |
Kroger Co. | 1,722,243 | 63,361 | |
Twenty-First Century | |||
Fox Inc. Class A | 2,254,255 | 60,978 | |
Yum! Brands Inc. | 698,899 | 57,953 | |
Delta Air Lines Inc. | 1,393,270 | 50,757 | |
Sysco Corp. | 915,728 | 46,464 | |
* | eBay Inc. | 1,970,883 | 46,138 |
Cardinal Health Inc. | 588,339 | 45,896 | |
Southwest Airlines Co. | 1,153,313 | 45,221 | |
* | O’Reilly Automotive Inc. | 165,461 | 44,856 |
Dollar General Corp. | 465,875 | 43,792 | |
* | AutoZone Inc. | 53,912 | 42,798 |
Ross Stores Inc. | 725,561 | 41,132 | |
CBS Corp. Class B | 724,875 | 39,462 | |
* | Dollar Tree Inc. | 404,100 | 38,082 |
Omnicom Group Inc. | 429,293 | 34,983 | |
Nielsen Holdings plc | 618,934 | 32,166 | |
Carnival Corp. | 710,492 | 31,404 | |
Las Vegas Sands Corp. | 717,481 | 31,203 | |
L Brands Inc. | 440,456 | 29,568 | |
American Airlines Group | |||
Inc. | 1,043,976 | 29,555 | |
Viacom Inc. Class B | 643,713 | 26,695 | |
AmerisourceBergen | |||
Corp. Class A | 331,301 | 26,279 | |
* | Ulta Salon Cosmetics & | ||
Fragrance Inc. | 107,442 | 26,177 | |
Starwood Hotels & Resorts | |||
Worldwide Inc. | 306,113 | 22,637 | |
* | United Continental | ||
Holdings Inc. | 545,574 | 22,390 | |
Expedia Inc. | 209,201 | 22,238 | |
Hilton Worldwide | |||
Holdings Inc. | 982,932 | 22,145 |
13
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Tractor Supply Co. | 240,841 | 21,960 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 52,721 | 21,234 | |
Royal Caribbean Cruises | |||
Ltd. | 310,915 | 20,878 | |
Advance Auto Parts Inc. | 127,122 | 20,547 | |
* | DISH Network Corp. | ||
Class A | 388,096 | 20,336 | |
* | MGM Resorts International | 874,310 | 19,786 |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 774,569 | 19,651 | |
Macy’s Inc. | 556,846 | 18,716 | |
Whole Foods Market Inc. | 579,633 | 18,560 | |
Marriott International Inc. | |||
Class A | 277,609 | 18,450 | |
* | CarMax Inc. | 349,366 | 17,129 |
Interpublic Group of Cos. | |||
Inc. | 732,394 | 16,918 | |
Best Buy Co. Inc. | 500,099 | 15,303 | |
Aramark | 440,822 | 14,732 | |
Wyndham Worldwide | |||
Corp. | 202,100 | 14,396 | |
* | Rite Aid Corp. | 1,908,250 | 14,293 |
Darden Restaurants Inc. | 218,603 | 13,846 | |
Foot Locker Inc. | 245,753 | 13,482 | |
Wynn Resorts Ltd. | 148,259 | 13,438 | |
* | IHS Inc. Class A | 115,619 | 13,367 |
* | TripAdvisor Inc. | 205,648 | 13,223 |
Alaska Air Group Inc. | 222,502 | 12,970 | |
Kohl’s Corp. | 334,336 | 12,678 | |
* | Sirius XM Holdings Inc. | 3,150,364 | 12,444 |
Twenty-First Century | |||
Fox Inc. | 445,205 | 12,132 | |
Domino’s Pizza Inc. | 91,266 | 11,991 | |
Tiffany & Co. | 193,412 | 11,729 | |
Signet Jewelers Ltd. | 141,561 | 11,666 | |
Bed Bath & Beyond Inc. | 267,315 | 11,553 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 289,969 | 11,552 | |
FactSet Research | |||
Systems Inc. | 70,080 | 11,312 | |
* | Liberty SiriusXM Group | ||
Class C | 363,893 | 11,233 | |
KAR Auction Services Inc. | 249,232 | 10,403 | |
News Corp. Class A | 906,043 | 10,284 | |
* | Discovery | ||
Communications Inc. | 426,634 | 10,175 | |
Staples Inc. | 1,175,965 | 10,137 | |
* | ServiceMaster Global | ||
Holdings Inc. | 247,090 | 9,834 | |
* | JetBlue Airways Corp. | 583,850 | 9,669 |
* | VCA Inc. | 139,338 | 9,421 |
Sabre Corp. | 350,186 | 9,381 | |
Casey’s General Stores Inc. | 70,871 | 9,320 | |
H&R Block Inc. | 405,194 | 9,319 |
Scripps Networks | |||
Interactive Inc. Class A | 147,154 | 9,163 | |
TEGNA Inc. | 392,872 | 9,103 | |
Service Corp. International | 336,546 | 9,100 | |
Vail Resorts Inc. | 65,814 | 9,097 | |
*,^ | Copart Inc. | 183,026 | 8,970 |
* | Panera Bread Co. Class A | 40,644 | 8,614 |
* | Burlington Stores Inc. | 128,717 | 8,587 |
Gap Inc. | 402,338 | 8,538 | |
^ | Nordstrom Inc. | 220,552 | 8,392 |
Dun & Bradstreet Corp. | 65,777 | 8,014 | |
Six Flags Entertainment | |||
Corp. | 135,521 | 7,853 | |
* | Sally Beauty Holdings Inc. | 265,606 | 7,811 |
Williams-Sonoma Inc. | 146,850 | 7,655 | |
^ | Cracker Barrel Old Country | ||
Store Inc. | 43,539 | 7,466 | |
Dunkin’ Brands Group Inc. | 166,810 | 7,276 | |
* | Hertz Global Holdings Inc. | 651,434 | 7,211 |
Cinemark Holdings Inc. | 189,547 | 6,911 | |
Dick’s Sporting Goods Inc. | 152,880 | 6,889 | |
* | Discovery Communications | ||
Inc. Class A | 272,752 | 6,882 | |
* | AMC Networks Inc. | ||
Class A | 111,368 | 6,729 | |
* | Madison Square Garden | ||
Co. Class A | 36,501 | 6,297 | |
* | AutoNation Inc. | 130,250 | 6,119 |
* | Sprouts Farmers Market | ||
Inc. | 259,628 | 5,945 | |
CST Brands Inc. | 137,572 | 5,927 | |
* | Spirit Airlines Inc. | 130,023 | 5,834 |
* | Live Nation Entertainment | ||
Inc. | 239,131 | 5,620 | |
* | Liberty SiriusXM Group | ||
Class A | 176,636 | 5,539 | |
Tribune Media Co. Class A | 141,185 | 5,532 | |
* | Bright Horizons Family | ||
Solutions Inc. | 81,383 | 5,397 | |
* | DreamWorks Animation | ||
SKG Inc. Class A | 128,527 | 5,253 | |
Rollins Inc. | 179,069 | 5,241 | |
Texas Roadhouse Inc. | |||
Class A | 114,753 | 5,233 | |
* | Avis Budget Group Inc. | 158,598 | 5,112 |
GameStop Corp. Class A | 190,210 | 5,056 | |
Jack in the Box Inc. | 58,739 | 5,047 | |
* | Murphy USA Inc. | 67,577 | 5,012 |
* | Beacon Roofing Supply Inc. | 107,806 | 4,902 |
* | Pandora Media Inc. | 393,265 | 4,896 |
* | Michaels Cos. Inc. | 169,483 | 4,820 |
* | Buffalo Wild Wings Inc. | 34,236 | 4,757 |
Brinker International Inc. | 103,914 | 4,731 | |
* | Starz | 156,959 | 4,696 |
* | JC Penney Co. Inc. | 527,938 | 4,688 |
14
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
American Eagle Outfitters | |||
Inc. | 293,899 | 4,682 | |
* | Five Below Inc. | 99,407 | 4,613 |
John Wiley & Sons Inc. | |||
Class A | 88,397 | 4,613 | |
* | GrubHub Inc. | 146,637 | 4,556 |
Big Lots Inc. | 90,266 | 4,523 | |
Dolby Laboratories Inc. | |||
Class A | 92,553 | 4,429 | |
Cable One Inc. | 8,519 | 4,357 | |
* | Cabela’s Inc. | 86,372 | 4,324 |
* | Urban Outfitters Inc. | 148,372 | 4,080 |
* | United Natural Foods Inc. | 87,152 | 4,079 |
Cheesecake Factory Inc. | 83,635 | 4,026 | |
AMERCO | 10,701 | 4,008 | |
Chemed Corp. | 29,218 | 3,983 | |
Graham Holdings Co. | |||
Class B | 7,977 | 3,905 | |
* | WebMD Health Corp. | 66,871 | 3,886 |
Wendy’s Co. | 398,152 | 3,830 | |
Sinclair Broadcast Group | |||
Inc. Class A | 125,305 | 3,742 | |
Core-Mark Holding Co. Inc. | 79,734 | 3,736 | |
* | Yelp Inc. Class A | 123,042 | 3,736 |
Bloomin’ Brands Inc. | 207,853 | 3,714 | |
Allegiant Travel Co. | |||
Class A | 24,040 | 3,642 | |
Meredith Corp. | 68,814 | 3,572 | |
Monro Muffler Brake Inc. | 55,625 | 3,536 | |
* | Houghton Mifflin Harcourt | ||
Co. | 224,817 | 3,514 | |
* | Hawaiian Holdings Inc. | 92,381 | 3,507 |
^ | Lions Gate Entertainment | ||
Corp. | 172,710 | 3,494 | |
* | Grand Canyon Education | ||
Inc. | 84,881 | 3,388 | |
PriceSmart Inc. | 36,050 | 3,373 | |
* | Office Depot Inc. | 1,001,695 | 3,316 |
Papa John’s International | |||
Inc. | 48,006 | 3,264 | |
Interval Leisure Group Inc. | 205,219 | 3,263 | |
^ | Regal Entertainment | ||
Group Class A | 145,158 | 3,199 | |
* | Dave & Buster’s | ||
Entertainment Inc. | 68,253 | 3,194 | |
Matthews International | |||
Corp. Class A | 57,302 | 3,188 | |
Hillenbrand Inc. | 103,413 | 3,107 | |
* | Media General Inc. | 178,503 | 3,068 |
* | Diplomat Pharmacy Inc. | 87,663 | 3,068 |
Churchill Downs Inc. | 24,234 | 3,062 | |
Sotheby’s | 109,635 | 3,004 | |
GNC Holdings Inc. Class A | 123,405 | 2,998 | |
Morningstar Inc. | 36,391 | 2,976 | |
* | Acxiom Corp. | 134,622 | 2,960 |
Choice Hotels | |||
International Inc. | 61,458 | 2,927 | |
Gannett Co. Inc. | 211,439 | 2,920 | |
Lithia Motors Inc. Class A | 41,058 | 2,918 | |
Children’s Place Inc. | 36,300 | 2,911 | |
Aaron’s Inc. | 132,295 | 2,896 | |
Time Inc. | 171,102 | 2,816 | |
New York Times Co. | |||
Class A | 232,009 | 2,807 | |
HSN Inc. | 57,268 | 2,802 | |
* | Caesars Acquisition Co. | ||
Class A | 247,283 | 2,775 | |
* | Shutterfly Inc. | 59,507 | 2,774 |
*,^ | SolarCity Corp. | 115,779 | 2,771 |
* | Hyatt Hotels Corp. Class A | 56,324 | 2,768 |
* | Liberty TripAdvisor | ||
Holdings Inc. Class A | 124,403 | 2,722 | |
Extended Stay America Inc. | 179,349 | 2,681 | |
* | Krispy Kreme Doughnuts | ||
Inc. | 124,661 | 2,613 | |
* | Genesco Inc. | 40,478 | 2,603 |
* | Boyd Gaming Corp. | 141,210 | 2,598 |
Chico’s FAS Inc. | 241,653 | 2,588 | |
DineEquity Inc. | 30,324 | 2,571 | |
DSW Inc. Class A | 121,352 | 2,570 | |
Nexstar Broadcasting | |||
Group Inc. Class A | 52,822 | 2,513 | |
* | Popeyes Louisiana Kitchen | ||
Inc. | 45,745 | 2,500 | |
* | Groupon Inc. Class A | 765,809 | 2,489 |
Marriott Vacations | |||
Worldwide Corp. | 36,267 | 2,484 | |
SkyWest Inc. | 93,605 | 2,477 | |
Scholastic Corp. | 59,622 | 2,362 | |
Caleres Inc. | 97,293 | 2,355 | |
* | Stamps.com Inc. | 26,916 | 2,353 |
Penske Automotive Group | |||
Inc. | 73,410 | 2,309 | |
* | SUPERVALU Inc. | 488,836 | 2,307 |
Sonic Corp. | 84,941 | 2,298 | |
* | Ascena Retail Group Inc. | 319,400 | 2,233 |
* | Asbury Automotive | ||
Group Inc. | 42,139 | 2,222 | |
* | Denny’s Corp. | 205,466 | 2,205 |
SpartanNash Co. | 71,889 | 2,198 | |
Abercrombie & Fitch Co. | 122,520 | 2,182 | |
Cato Corp. Class A | 57,384 | 2,165 | |
Dillard’s Inc. Class A | 35,338 | 2,141 | |
* | Express Inc. | 143,513 | 2,082 |
* | Carmike Cinemas Inc. | 67,708 | 2,039 |
* | BJ’s Restaurants Inc. | 46,360 | 2,032 |
* | Belmond Ltd. Class A | 204,847 | 2,028 |
* | Restoration Hardware | ||
Holdings Inc. | 69,635 | 1,997 | |
Bob Evans Farms Inc. | 50,173 | 1,904 |
15
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Group 1 Automotive Inc. | 37,626 | 1,857 | |
* | La Quinta Holdings Inc. | 162,122 | 1,848 |
* | comScore Inc. | 76,114 | 1,818 |
DeVry Education Group Inc. | 101,422 | 1,809 | |
AMC Entertainment | |||
Holdings Inc. | 64,834 | 1,790 | |
SeaWorld Entertainment | |||
Inc. | 124,609 | 1,786 | |
* | Gray Television Inc. | 158,743 | 1,722 |
Finish Line Inc. Class A | 84,452 | 1,705 | |
*,^ | Diamond Resorts | ||
International Inc. | 56,795 | 1,702 | |
* | MSG Networks Inc. | 110,221 | 1,691 |
Capella Education Co. | 31,596 | 1,663 | |
* | Hibbett Sports Inc. | 46,728 | 1,626 |
Guess? Inc. | 107,169 | 1,613 | |
National CineMedia Inc. | 103,956 | 1,609 | |
International Speedway | |||
Corp. Class A | 47,257 | 1,581 | |
* | Chuy’s Holdings Inc. | 45,051 | 1,559 |
* | Vitamin Shoppe Inc. | 50,864 | 1,555 |
* | Liberty Media Group | 80,281 | 1,523 |
Ingles Markets Inc. Class A | 40,232 | 1,501 | |
* | Penn National Gaming Inc. | 106,461 | 1,485 |
PetMed Express Inc. | 78,007 | 1,463 | |
Carriage Services Inc. | |||
Class A | 58,165 | 1,377 | |
^ | Buckle Inc. | 52,034 | 1,352 |
* | Rush Enterprises Inc. | ||
Class A | 62,085 | 1,338 | |
* | American Public Education | ||
Inc. | 47,545 | 1,336 | |
* | Isle of Capri Casinos Inc. | 72,213 | 1,323 |
* | Clean Energy Fuels Corp. | 372,640 | 1,293 |
Fred’s Inc. Class A | 76,906 | 1,239 | |
* | EW Scripps Co. Class A | 77,576 | 1,229 |
* | XO Group Inc. | 68,792 | 1,199 |
* | Strayer Education Inc. | 23,987 | 1,178 |
* | Pinnacle Entertainment Inc. | 105,043 | 1,164 |
* | Regis Corp. | 93,462 | 1,164 |
Rent-A-Center Inc. | 93,829 | 1,152 | |
*,^ | Tuesday Morning Corp. | 163,069 | 1,145 |
* | Ollie’s Bargain Outlet | ||
Holdings Inc. | 44,722 | 1,113 | |
Blue Nile Inc. | 40,154 | 1,099 | |
* | Angie’s List Inc. | 167,854 | 1,093 |
Tailored Brands Inc. | 86,072 | 1,090 | |
* | Red Robin Gourmet | ||
Burgers Inc. | 22,832 | 1,083 | |
* | Francesca’s Holdings Corp. | 97,417 | 1,076 |
* | Biglari Holdings Inc. | 2,624 | 1,058 |
*,^ | Sears Holdings Corp. | 76,958 | 1,047 |
* | Virgin America Inc. | 18,151 | 1,020 |
* | 1-800-Flowers.com Inc. | ||
Class A | 111,020 | 1,001 |
* | Scientific Games Corp. | ||
Class A | 108,557 | 998 | |
Weis Markets Inc. | 19,698 | 996 | |
MDC Partners Inc. Class A | 54,267 | 993 | |
Entercom Communications | |||
Corp. Class A | 70,303 | 954 | |
ClubCorp Holdings Inc. | 73,222 | 952 | |
Barnes & Noble Inc. | 83,479 | 947 | |
* | Quotient Technology Inc. | 69,934 | 938 |
Clear Channel Outdoor | |||
Holdings Inc. Class A | 145,878 | 907 | |
* | Bankrate Inc. | 121,290 | 907 |
* | Performance Food Group | ||
Co. | 33,383 | 898 | |
New Media Investment | |||
Group Inc. | 49,125 | 888 | |
Pier 1 Imports Inc. | 169,986 | 874 | |
* | Build-A-Bear Workshop Inc. | 63,083 | 847 |
* | FTD Cos. Inc. | 33,230 | 829 |
* | Liberty Braves Group | 54,594 | 800 |
*,^ | Mattress Firm Holding Corp. | 23,841 | 800 |
CSS Industries Inc. | 29,709 | 797 | |
* | Etsy Inc. | 81,699 | 784 |
*,^ | Weight Watchers | ||
International Inc. | 66,649 | 775 | |
* | Liberty Media Group | ||
Class A | 39,307 | 752 | |
* | Autobytel Inc. | 54,230 | 752 |
* | Fiesta Restaurant Group Inc. | 33,761 | 736 |
* | Apollo Education Group Inc. | 80,540 | 735 |
*,^ | Lumber Liquidators | ||
Holdings Inc. | 47,173 | 727 | |
Haverty Furniture Cos. Inc. | 39,226 | 707 | |
Sonic Automotive Inc. | |||
Class A | 40,953 | 701 | |
* | America’s Car-Mart Inc. | 24,752 | 699 |
* | Overstock.com Inc. | 43,265 | 697 |
Marcus Corp. | 32,207 | 680 | |
Entravision Communications | |||
Corp. Class A | 99,100 | 666 | |
World Wrestling | |||
Entertainment Inc. Class A | 35,449 | 653 | |
Ruth’s Hospitality | |||
Group Inc. | 39,473 | 630 | |
* | MarineMax Inc. | 36,743 | 624 |
* | Party City Holdco Inc. | 43,791 | 609 |
Citi Trends Inc. | 35,892 | 557 | |
* | Liquidity Services Inc. | 70,010 | 549 |
* | Century Casinos Inc. | 87,616 | 546 |
* | Barnes & Noble Education | ||
Inc. | 53,292 | 541 | |
* | Carrols Restaurant Group | ||
Inc. | 43,411 | 517 | |
* | Caesars Entertainment Corp. | 66,883 | 514 |
Big 5 Sporting Goods Corp. | 54,827 | 508 |
16
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Lands’ End Inc. | 30,630 | 503 |
* | Kirkland’s Inc. | 33,879 | 497 |
* | Zoe’s Kitchen Inc. | 13,634 | 495 |
A H Belo Corp. Class A | 96,630 | 483 | |
* | K12 Inc. | 38,674 | 483 |
* | Tile Shop Holdings Inc. | 24,203 | 481 |
* | Titan Machinery Inc. | 42,180 | 470 |
Shoe Carnival Inc. | 18,658 | 468 | |
Collectors Universe Inc. | 23,593 | 466 | |
* | Ascent Capital Group Inc. | ||
Class A | 29,607 | 456 | |
* | Ruby Tuesday Inc. | 122,912 | 444 |
* | Chefs’ Warehouse Inc. | 27,680 | 443 |
* | Providence Service Corp. | 9,530 | 428 |
* | Monarch Casino & Resort | ||
Inc. | 19,267 | 423 | |
* | Del Frisco’s Restaurant | ||
Group Inc. | 28,679 | 411 | |
* | Destination XL Group Inc. | 88,423 | 404 |
Speedway Motorsports Inc. | 22,088 | 392 | |
*,^ | Conn’s Inc. | 47,531 | 357 |
* | Marchex Inc. Class B | 110,495 | 351 |
* | Demand Media Inc. | 67,540 | 349 |
* | Bravo Brio Restaurant | ||
Group Inc. | 41,392 | 339 | |
* | Zumiez Inc. | 23,621 | 338 |
* | Daily Journal Corp. | 1,360 | 322 |
* | J Alexander’s Holdings Inc. | 32,109 | 319 |
* | Red Rock Resorts Inc. | ||
Class A | 13,873 | 305 | |
* | Bridgepoint Education Inc. | 41,209 | 298 |
* | Care.com Inc. | 25,285 | 295 |
* | Christopher & Banks Corp. | 131,321 | 288 |
* | RetailMeNot Inc. | 36,600 | 282 |
* | Gaiam Inc. Class A | 35,786 | 277 |
* | Natural Grocers by Vitamin | ||
Cottage Inc. | 21,003 | 274 | |
* | Career Education Corp. | 45,582 | 271 |
* | SP Plus Corp. | 11,985 | 271 |
* | Smart & Final Stores Inc. | 17,675 | 263 |
* | Cambium Learning Group | ||
Inc. | 57,983 | 262 | |
* | Reading International Inc. | ||
Class A | 20,671 | 258 | |
* | Liberty Braves Group | ||
Class A | 15,985 | 240 | |
* | Lee Enterprises Inc. | 124,235 | 237 |
* | Eldorado Resorts Inc. | 15,423 | 234 |
Stein Mart Inc. | 29,959 | 231 | |
* | Global Eagle Entertainment | ||
Inc. | 33,849 | 225 | |
* | Rubicon Project Inc. | 16,169 | 221 |
* | Shake Shack Inc. Class A | 5,813 | 212 |
TheStreet Inc. | 181,048 | 205 | |
* | Sizmek Inc. | 88,164 | 202 |
^ | Bon-Ton Stores Inc. | 139,487 | 197 |
* | RealNetworks Inc. | 45,580 | 196 |
Stage Stores Inc. | 36,773 | 179 | |
* | Town Sports International | ||
Holdings Inc. | 65,935 | 179 | |
* | Luby’s Inc. | 35,510 | 178 |
* | tronc Inc. | 12,900 | 178 |
McClatchy Co. Class A | 11,484 | 168 | |
* | Noodles & Co. Class A | 17,000 | 166 |
*,^ | Rave Restaurant Group Inc. | 39,164 | 157 |
Harte-Hanks Inc. | 95,721 | 152 | |
*,^ | Famous Dave’s of America | ||
Inc. | 25,956 | 131 | |
* | EVINE Live Inc. | 78,989 | 130 |
Saga Communications Inc. | |||
Class A | 3,223 | 127 | |
* | Avid Technology Inc. | 20,459 | 119 |
* | ReachLocal Inc. | 25,510 | 116 |
* | TrueCar Inc. | 14,400 | 113 |
* | Cumulus Media Inc. | ||
Class A | 358,254 | 111 | |
Destination Maternity Corp. | 17,667 | 104 | |
* | Planet Fitness Inc. Class A | 5,438 | 103 |
*,^ | Cosi Inc. | 205,033 | 103 |
*,^ | hhgregg Inc. | 57,211 | 101 |
* | QuinStreet Inc. | 27,046 | 96 |
* | West Marine Inc. | 11,266 | 95 |
Village Super Market Inc. | |||
Class A | 3,022 | 87 | |
Ark Restaurants Corp. | 3,854 | 86 | |
* | TubeMogul Inc. | 7,202 | 86 |
* | Morgans Hotel Group Co. | 39,926 | 85 |
* | Spark Networks Inc. | 53,035 | 84 |
* | Potbelly Corp. | 6,657 | 83 |
* | Radio One Inc. | 25,730 | 82 |
* | Everyday Health Inc. | 9,648 | 76 |
Salem Media Group Inc. | |||
Class A | 10,229 | 74 | |
CBS Corp. Class A | 1,214 | 70 | |
* | Red Lion Hotels Corp. | 9,601 | 70 |
RCI Hospitality Holdings Inc. | 6,664 | 68 | |
* | Del Taco Restaurants Inc. | 7,200 | 66 |
*,^ | bebe stores inc | 124,638 | 63 |
* | Boot Barn Holdings Inc. | 6,517 | 56 |
* | Dover Downs Gaming & | ||
Entertainment Inc. | 52,774 | 56 | |
Liberty Tax Inc. | 4,055 | 54 | |
* | Diversified Restaurant | ||
Holdings Inc. | 34,766 | 53 | |
* | New York & Co. Inc. | 34,183 | 51 |
* | El Pollo Loco Holdings Inc. | 3,512 | 46 |
News Corp. Class B | 3,627 | 42 | |
* | TechTarget Inc. | 5,000 | 41 |
*,^ | YOU On Demand | ||
Holdings Inc. | 23,900 | 39 |
17
Institutional Total Stock Market Index Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Fogo De Chao Inc. | 2,919 | 38 | |
* | Wingstop Inc. | 1,211 | 33 | |
Natural Health Trends Corp. | 1,000 | 28 | ||
*,^ | Digital Turbine Inc. | 24,819 | 27 | |
* | Container Store Group Inc. | 4,572 | 24 | |
* | Bojangles’ Inc. | 1,200 | 20 | |
* | Papa Murphy’s Holdings Inc. | 3,000 | 20 | |
Golden Entertainment Inc. | 1,523 | 18 | ||
* | Gordmans Stores Inc. | 12,763 | 16 | |
* | Insignia Systems Inc. | 7,050 | 15 | |
Educational Development | ||||
Corp. | 1,122 | 13 | ||
* | ITT Educational Services Inc. | 6,768 | 13 | |
* | MaxPoint Interactive Inc. | 1,134 | 12 | |
National American | ||||
University Holdings Inc. | 5,908 | 12 | ||
* | Interpace Diagnostics | |||
Group Inc. | 26,023 | 9 | ||
Flanigan’s Enterprises Inc. | 329 | 7 | ||
* | Emmis Communications | |||
Corp. Class A | 8,800 | 6 | ||
* | Gaming Partners | |||
International Corp. | 609 | 6 | ||
* | Radio One Inc. Class A | 1,680 | 5 | |
* | Tilly’s Inc. Class A | 603 | 4 | |
Beasley Broadcast Group Inc. | ||||
Class A | 187 | 1 | ||
* | PCM Inc. | 63 | 1 | |
* | Profire Energy Inc. | 171 | — | |
* | SPAR Group Inc. | 29 | — | |
* | Universal Travel Group | 118 | — | |
5,308,962 | ||||
Financials (18.6%) | ||||
* | Berkshire Hathaway Inc. | |||
Class B | 3,374,932 | 488,656 | ||
JPMorgan Chase & Co. | 6,603,075 | 410,315 | ||
Wells Fargo & Co. | 8,251,159 | 390,527 | ||
Visa Inc. Class A | 3,439,607 | 255,116 | ||
Bank of America Corp. | 18,548,816 | 246,143 | ||
Citigroup Inc. | 5,299,769 | 224,657 | ||
MasterCard Inc. Class A | 1,752,450 | 154,321 | ||
Simon Property Group | ||||
Inc. | 558,723 | 121,187 | ||
US Bancorp | 2,961,547 | 119,439 | ||
Chubb Ltd. | 796,748 | 104,143 | ||
American International | ||||
Group Inc. | 1,919,609 | 101,528 | ||
Goldman Sachs Group | ||||
Inc. | 675,020 | 100,294 | ||
American Express Co. | 1,459,690 | 88,691 | ||
American Tower | ||||
Corporation | 766,769 | 87,113 | ||
PNC Financial Services | ||||
Group Inc. | 901,610 | 73,382 |
Bank of New York | |||
Mellon Corp. | 1,847,662 | 71,782 | |
Morgan Stanley | 2,623,370 | 68,155 | |
Public Storage | 266,119 | 68,017 | |
BlackRock Inc. | 191,743 | 65,678 | |
Marsh & McLennan | |||
Cos. Inc. | 941,139 | 64,430 | |
MetLife Inc. | 1,587,067 | 63,213 | |
Travelers Cos. Inc. | 527,953 | 62,848 | |
Crown Castle | |||
International Corp. | 609,543 | 61,826 | |
Capital One Financial | |||
Corp. | 924,669 | 58,726 | |
Prudential Financial Inc. | 798,080 | 56,935 | |
CME Group Inc. | 580,929 | 56,582 | |
Charles Schwab Corp. | 2,147,972 | 54,365 | |
Aflac Inc. | 747,534 | 53,942 | |
Intercontinental | |||
Exchange Inc. | 204,215 | 52,271 | |
Aon plc | 478,350 | 52,250 | |
BB&T Corp. | 1,466,358 | 52,217 | |
S&P Global Inc. | 477,726 | 51,241 | |
Welltower Inc. | 644,559 | 49,096 | |
Equinix Inc. | 125,372 | 48,610 | |
Allstate Corp. | 675,938 | 47,282 | |
Prologis Inc. | 948,108 | 46,495 | |
Equity Residential | 659,945 | 45,457 | |
AvalonBay Communities | |||
Inc. | 247,665 | 44,676 | |
Ventas Inc. | 610,577 | 44,462 | |
Weyerhaeuser Co. | 1,348,970 | 40,159 | |
Discover Financial | |||
Services | 744,293 | 39,887 | |
* | Synchrony Financial | 1,505,864 | 38,068 |
SunTrust Banks Inc. | 904,921 | 37,174 | |
State Street Corp. | 679,219 | 36,623 | |
Boston Properties Inc. | 277,377 | 36,586 | |
Progressive Corp. | 1,000,092 | 33,503 | |
Realty Income Corp. | 465,054 | 32,256 | |
Hartford Financial | |||
Services Group Inc. | 710,269 | 31,522 | |
Digital Realty Trust Inc. | 287,676 | 31,354 | |
T. Rowe Price Group Inc. | 425,771 | 31,069 | |
General Growth | |||
Properties Inc. | 1,036,581 | 30,911 | |
Vornado Realty Trust | 306,780 | 30,715 | |
M&T Bank Corp. | 258,342 | 30,544 | |
HCP Inc. | 843,424 | 29,840 | |
Willis Towers Watson plc | 237,448 | 29,517 | |
Moody’s Corp. | 298,183 | 27,943 | |
Equifax Inc. | 214,850 | 27,587 | |
Essex Property Trust Inc. | 118,143 | 26,947 | |
Ameriprise Financial Inc. | 299,378 | 26,899 | |
Northern Trust Corp. | 391,376 | 25,933 | |
Fifth Third Bancorp | 1,386,264 | 24,384 | |
Macerich Co. | 268,115 | 22,894 |
18
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Markel Corp. | 23,953 | 22,822 |
Kimco Realty Corp. | 719,812 | 22,588 | |
Host Hotels & Resorts | |||
Inc. | 1,349,453 | 21,875 | |
Principal Financial Group | |||
Inc. | 523,352 | 21,515 | |
Loews Corp. | 520,328 | 21,380 | |
Federal Realty Investment | |||
Trust | 127,950 | 21,182 | |
Franklin Resources Inc. | 633,714 | 21,147 | |
Cincinnati Financial Corp. | 282,154 | 21,131 | |
Extra Space Storage Inc. | 216,003 | 19,989 | |
Regions Financial Corp. | 2,287,350 | 19,465 | |
SL Green Realty Corp. | 182,396 | 19,420 | |
Invesco Ltd. | 759,311 | 19,393 | |
Citizens Financial Group | |||
Inc. | 950,524 | 18,991 | |
First Republic Bank | 270,378 | 18,924 | |
Annaly Capital | |||
Management Inc. | 1,670,005 | 18,487 | |
FNF Group | 478,712 | 17,952 | |
UDR Inc. | 485,936 | 17,941 | |
XL Group plc Class A | 514,481 | 17,137 | |
Western Union Co. | 886,845 | 17,010 | |
KeyCorp | 1,532,366 | 16,933 | |
Duke Realty Corp. | 628,546 | 16,757 | |
Lincoln National Corp. | 431,526 | 16,730 | |
VEREIT Inc. | 1,643,356 | 16,664 | |
* | Liberty Broadband Corp. | 264,705 | 15,882 |
Arthur J Gallagher & Co. | 322,414 | 15,347 | |
* | Arch Capital Group Ltd. | 211,677 | 15,241 |
Regency Centers Corp. | 177,285 | 14,844 | |
* | Alleghany Corp. | 26,649 | 14,646 |
Mid-America Apartment | |||
Communities Inc. | 137,486 | 14,629 | |
* | CBRE Group Inc. Class A | 548,055 | 14,512 |
* | Ally Financial Inc. | 834,192 | 14,240 |
Camden Property Trust | 158,383 | 14,004 | |
Everest Re Group Ltd. | 76,388 | 13,954 | |
Alexandria Real Estate | |||
Equities Inc. | 134,423 | 13,915 | |
Iron Mountain Inc. | 347,078 | 13,824 | |
* | Affiliated Managers Group | ||
Inc. | 98,200 | 13,824 | |
Unum Group | 433,835 | 13,792 | |
National Retail Properties | |||
Inc. | 261,909 | 13,546 | |
Nasdaq Inc. | 208,971 | 13,514 | |
* | Berkshire Hathaway Inc. | ||
Class A | 60 | 13,019 | |
Comerica Inc. | 316,253 | 13,007 | |
Huntington Bancshares | |||
Inc. | 1,453,616 | 12,995 | |
WP Carey Inc. | 185,709 | 12,892 | |
Torchmark Corp. | 206,951 | 12,794 |
MSCI Inc. Class A | 165,476 | 12,762 | |
SEI Investments Co. | 263,213 | 12,663 | |
New York Community | |||
Bancorp Inc. | 841,842 | 12,619 | |
Apartment Investment & | |||
Management Co. | 284,164 | 12,549 | |
American Campus | |||
Communities Inc. | 237,204 | 12,541 | |
TD Ameritrade Holding | |||
Corp. | 429,700 | 12,236 | |
Gaming and Leisure | |||
Properties Inc. | 347,612 | 11,986 | |
American Capital Agency | |||
Corp. | 597,666 | 11,846 | |
* | E*TRADE Financial Corp. | 503,275 | 11,822 |
CIT Group Inc. | 367,016 | 11,711 | |
Omega Healthcare | |||
Investors Inc. | 342,359 | 11,623 | |
* | Signature Bank | 91,739 | 11,460 |
Raymond James Financial | |||
Inc. | 230,997 | 11,388 | |
Reinsurance Group of | |||
America Inc. Class A | 115,687 | 11,220 | |
Spirit Realty Capital Inc. | 872,595 | 11,143 | |
Kilroy Realty Corp. | 167,896 | 11,130 | |
Equity LifeStyle Properties | |||
Inc. | 138,420 | 11,081 | |
Liberty Property Trust | 268,257 | 10,655 | |
Brixmor Property Group | |||
Inc. | 390,712 | 10,338 | |
DDR Corp. | 564,471 | 10,240 | |
WR Berkley Corp. | 167,268 | 10,023 | |
CubeSmart | 322,251 | 9,951 | |
Lamar Advertising Co. | |||
Class A | 149,389 | 9,904 | |
CBOE Holdings Inc. | 148,581 | 9,898 | |
Forest City Realty Trust | |||
Inc. Class A | 438,150 | 9,775 | |
Assurant Inc. | 111,797 | 9,649 | |
MarketAxess Holdings Inc. | 64,928 | 9,441 | |
American Financial Group | |||
Inc. | 127,033 | 9,392 | |
Highwoods Properties Inc. | 177,165 | 9,354 | |
EPR Properties | 115,717 | 9,336 | |
Zions Bancorporation | 370,869 | 9,320 | |
Axis Capital Holdings Ltd. | 168,696 | 9,278 | |
Voya Financial Inc. | 368,234 | 9,117 | |
* | Liberty Ventures Class A | 244,736 | 9,072 |
Douglas Emmett Inc. | 254,520 | 9,041 | |
Senior Housing Properties | |||
Trust | 431,213 | 8,982 | |
* | SVB Financial Group | 94,330 | 8,976 |
East West Bancorp Inc. | 261,265 | 8,930 | |
RenaissanceRe Holdings | |||
Ltd. | 74,465 | 8,745 |
19
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Old Republic International | |||
Corp. | 452,098 | 8,721 | |
Sovran Self Storage Inc. | 82,638 | 8,670 | |
Starwood Property Trust | |||
Inc. | 409,518 | 8,485 | |
Weingarten Realty | |||
Investors | 205,483 | 8,388 | |
People’s United Financial | |||
Inc. | 563,863 | 8,266 | |
PacWest Bancorp | 207,331 | 8,248 | |
Sun Communities Inc. | 106,162 | 8,136 | |
STORE Capital Corp. | 275,841 | 8,124 | |
Healthcare Trust of | |||
America Inc. Class A | 248,380 | 8,033 | |
First American Financial | |||
Corp. | 198,552 | 7,986 | |
Jones Lang LaSalle Inc. | 81,885 | 7,980 | |
Hospitality Properties | |||
Trust | 275,338 | 7,930 | |
Communications Sales & | |||
Leasing Inc. | 272,693 | 7,881 | |
DCT Industrial Trust Inc. | 163,551 | 7,857 | |
Endurance Specialty | |||
Holdings Ltd. | 116,503 | 7,824 | |
* | Realogy Holdings Corp. | 266,138 | 7,723 |
Taubman Centers Inc. | 103,999 | 7,717 | |
Brown & Brown Inc. | 204,861 | 7,676 | |
CyrusOne Inc. | 137,360 | 7,645 | |
Corrections Corp. of | |||
America | 213,348 | 7,471 | |
* | Howard Hughes Corp. | 65,050 | 7,437 |
Healthcare Realty Trust | |||
Inc. | 208,724 | 7,303 | |
Retail Properties of | |||
America Inc. | 430,872 | 7,282 | |
Commerce Bancshares | |||
Inc. | 149,592 | 7,165 | |
Navient Corp. | 596,779 | 7,132 | |
Eaton Vance Corp. | 199,682 | 7,057 | |
Gramercy Property Trust | 765,078 | 7,054 | |
Lazard Ltd. Class A | 235,628 | 7,017 | |
Tanger Factory Outlet | |||
Centers Inc. | 174,101 | 6,995 | |
Validus Holdings Ltd. | 139,822 | 6,794 | |
*,^ | Zillow Group Inc. | 184,269 | 6,685 |
* | Equity Commonwealth | 228,710 | 6,662 |
Medical Properties Trust | |||
Inc. | 432,859 | 6,584 | |
Hanover Insurance Group | |||
Inc. | 77,763 | 6,580 | |
Cullen/Frost Bankers Inc. | 101,373 | 6,461 | |
DuPont Fabros Technology | |||
Inc. | 135,354 | 6,435 | |
Investors Bancorp Inc. | 576,195 | 6,384 |
First Niagara Financial | |||
Group Inc. | 645,704 | 6,289 | |
Synovus Financial Corp. | 215,288 | 6,241 | |
Umpqua Holdings Corp. | 400,342 | 6,193 | |
American Homes 4 Rent | |||
Class A | 302,018 | 6,185 | |
Prosperity Bancshares Inc. | 120,892 | 6,164 | |
Assured Guaranty Ltd. | 242,573 | 6,154 | |
FirstMerit Corp. | 300,974 | 6,101 | |
Outfront Media Inc. | 249,742 | 6,036 | |
PrivateBancorp Inc. | 136,641 | 6,016 | |
Post Properties Inc. | 98,358 | 6,005 | |
First Industrial Realty | |||
Trust Inc. | 212,807 | 5,920 | |
Rayonier Inc. | 224,916 | 5,902 | |
BankUnited Inc. | 189,207 | 5,812 | |
New Residential | |||
Investment Corp. | 418,493 | 5,792 | |
First Horizon National | |||
Corp. | 419,878 | 5,786 | |
CNO Financial Group Inc. | 326,516 | 5,701 | |
Piedmont Office Realty | |||
Trust Inc. Class A | 263,499 | 5,676 | |
Apple Hospitality REIT Inc. | 300,779 | 5,658 | |
Webster Financial Corp. | 166,612 | 5,656 | |
Bank of the Ozarks Inc. | 148,289 | 5,564 | |
Education Realty Trust Inc. | 120,101 | 5,541 | |
* | Western Alliance Bancorp | 169,178 | 5,524 |
Popular Inc. | 188,095 | 5,511 | |
White Mountains | |||
Insurance Group Ltd. | 6,538 | 5,505 | |
Allied World Assurance | |||
Co. Holdings AG | 156,128 | 5,486 | |
Bank of Hawaii Corp. | 78,682 | 5,413 | |
Equity One Inc. | 168,094 | 5,409 | |
Urban Edge Properties | 180,504 | 5,390 | |
Two Harbors Investment | |||
Corp. | 627,599 | 5,372 | |
Brandywine Realty Trust | 318,494 | 5,351 | |
ProAssurance Corp. | 96,654 | 5,176 | |
RLI Corp. | 75,043 | 5,161 | |
Aspen Insurance Holdings | |||
Ltd. | 110,845 | 5,141 | |
Physicians Realty Trust | 244,156 | 5,130 | |
Chimera Investment Corp. | 324,354 | 5,092 | |
Corporate Office | |||
Properties Trust | 171,832 | 5,081 | |
Legg Mason Inc. | 171,251 | 5,050 | |
Primerica Inc. | 87,403 | 5,003 | |
National Health Investors | |||
Inc. | 66,357 | 4,983 | |
Paramount Group Inc. | 308,174 | 4,912 | |
MFA Financial Inc. | 674,634 | 4,905 | |
Federated Investors Inc. | |||
Class B | 169,867 | 4,889 |
20
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Columbia Property Trust | |||
Inc. | 228,067 | 4,881 | |
LaSalle Hotel Properties | 205,246 | 4,840 | |
FNB Corp. | 380,841 | 4,776 | |
Wintrust Financial Corp. | 93,606 | 4,774 | |
Sunstone Hotel Investors | |||
Inc. | 392,609 | 4,739 | |
* | SLM Corp. | 764,418 | 4,724 |
CoreSite Realty Corp. | 53,097 | 4,709 | |
Associated Banc-Corp | 272,193 | 4,668 | |
RLJ Lodging Trust | 215,844 | 4,630 | |
MB Financial Inc. | 127,559 | 4,628 | |
Acadia Realty Trust | 130,242 | 4,626 | |
^ | United Bankshares Inc. | 120,340 | 4,514 |
Hudson Pacific Properties | |||
Inc. | 154,515 | 4,509 | |
Blackstone Mortgage | |||
Trust Inc. Class A | 162,380 | 4,493 | |
IBERIABANK Corp. | 74,925 | 4,475 | |
GEO Group Inc. | 129,199 | 4,416 | |
Home BancShares Inc. | 217,644 | 4,307 | |
Fulton Financial Corp. | 316,684 | 4,275 | |
AmTrust Financial | |||
Services Inc. | 173,616 | 4,254 | |
Kite Realty Group Trust | 151,549 | 4,248 | |
Erie Indemnity Co. Class A | 42,138 | 4,186 | |
Empire State Realty Trust | |||
Inc. | 220,414 | 4,186 | |
Washington REIT | 132,802 | 4,178 | |
American National | |||
Insurance Co. | 36,444 | 4,124 | |
UMB Financial Corp. | 76,625 | 4,077 | |
Radian Group Inc. | 389,299 | 4,056 | |
Washington Federal Inc. | 166,925 | 4,050 | |
Ryman Hospitality | |||
Properties Inc. | 79,379 | 4,021 | |
QTS Realty Trust Inc. | |||
Class A | 71,778 | 4,018 | |
Cousins Properties Inc. | 386,354 | 4,018 | |
Care Capital Properties Inc. | 152,870 | 4,007 | |
Valley National Bancorp | 439,187 | 4,005 | |
Mack-Cali Realty Corp. | 146,785 | 3,963 | |
Cathay General Bancorp | 140,012 | 3,948 | |
Retail Opportunity | |||
Investments Corp. | 181,286 | 3,928 | |
* | Texas Capital Bancshares | ||
Inc. | 83,585 | 3,908 | |
Interactive Brokers Group | |||
Inc. | 110,239 | 3,902 | |
EastGroup Properties Inc. | 56,078 | 3,865 | |
NorthStar Realty Finance | |||
Corp. | 334,212 | 3,820 | |
Selective Insurance Group | |||
Inc. | 99,649 | 3,808 | |
WP Glimcher Inc. | 337,529 | 3,777 | |
Janus Capital Group Inc. | 270,678 | 3,768 |
^ | First Financial Bankshares | ||
Inc. | 114,255 | 3,746 | |
Hancock Holding Co. | 140,926 | 3,680 | |
* | MGIC Investment Corp. | 618,059 | 3,677 |
Glacier Bancorp Inc. | 138,300 | 3,676 | |
PS Business Parks Inc. | 34,492 | 3,659 | |
First Citizens BancShares | |||
Inc. Class A | 14,016 | 3,629 | |
* | Stifel Financial Corp. | 113,933 | 3,583 |
Pinnacle Financial Partners | |||
Inc. | 72,639 | 3,548 | |
LTC Properties Inc. | 68,452 | 3,541 | |
Sterling Bancorp | 224,473 | 3,524 | |
TCF Financial Corp. | 277,868 | 3,515 | |
BancorpSouth Inc. | 154,542 | 3,507 | |
Lexington Realty Trust | 342,655 | 3,464 | |
Pebblebrook Hotel Trust | 131,078 | 3,441 | |
NorthStar Asset | |||
Management Group Inc. | 335,072 | 3,421 | |
* | Blackhawk Network | ||
Holdings Inc. | 102,109 | 3,420 | |
Xenia Hotels & Resorts | |||
Inc. | 203,415 | 3,413 | |
*,^ | Zillow Group Inc. Class A | 92,315 | 3,383 |
Great Western Bancorp | |||
Inc. | 106,865 | 3,371 | |
* | Enstar Group Ltd. | 20,553 | 3,329 |
DiamondRock Hospitality | |||
Co. | 365,512 | 3,301 | |
BGC Partners Inc. Class A | 369,560 | 3,219 | |
Kennedy-Wilson Holdings | |||
Inc. | 167,129 | 3,169 | |
Capitol Federal Financial | |||
Inc. | 224,945 | 3,138 | |
Astoria Financial Corp. | 204,563 | 3,136 | |
Community Bank System | |||
Inc. | 76,238 | 3,133 | |
First Midwest Bancorp Inc. | 178,134 | 3,128 | |
Monogram Residential | |||
Trust Inc. | 304,201 | 3,106 | |
CYS Investments Inc. | 371,012 | 3,105 | |
Northwest Bancshares Inc. | 208,984 | 3,099 | |
^ | BOK Financial Corp. | 49,186 | 3,084 |
Alexander & Baldwin Inc. | 84,808 | 3,065 | |
CVB Financial Corp. | 185,753 | 3,044 | |
Government Properties | |||
Income Trust | 131,084 | 3,023 | |
Chemical Financial Corp. | 80,721 | 3,010 | |
American Assets Trust Inc. | 70,514 | 2,993 | |
Colony Capital Inc. Class A | 193,283 | 2,967 | |
Select Income REIT | 114,044 | 2,964 | |
Columbia Banking | |||
System Inc. | 105,221 | 2,953 | |
STAG Industrial Inc. | 123,835 | 2,949 | |
Old National Bancorp | 233,447 | 2,925 |
21
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
First Cash Financial | |||
Services Inc. | 56,494 | 2,900 | |
Trustmark Corp. | 116,627 | 2,898 | |
LPL Financial Holdings Inc. | 128,509 | 2,895 | |
Park National Corp. | 31,529 | 2,894 | |
CBL & Associates | |||
Properties Inc. | 310,619 | 2,892 | |
AMERISAFE Inc. | 47,148 | 2,886 | |
First Financial Bancorp | 147,061 | 2,860 | |
South State Corp. | 41,900 | 2,851 | |
Invesco Mortgage Capital | |||
Inc. | 207,216 | 2,837 | |
Ramco-Gershenson | |||
Properties Trust | 144,110 | 2,826 | |
Hatteras Financial Corp. | 171,889 | 2,819 | |
* | Hilltop Holdings Inc. | 133,397 | 2,800 |
Colony Starwood Homes | 91,542 | 2,785 | |
BBCN Bancorp Inc. | 186,094 | 2,777 | |
Argo Group International | |||
Holdings Ltd. | 53,219 | 2,762 | |
* | HRG Group Inc. | 200,765 | 2,757 |
Kemper Corp. | 88,687 | 2,748 | |
*,^ | Credit Acceptance Corp. | 14,830 | 2,745 |
New York REIT Inc. | 296,367 | 2,741 | |
^ | Westamerica | ||
Bancorporation | 55,362 | 2,727 | |
Evercore Partners Inc. | |||
Class A | 61,637 | 2,724 | |
Independent Bank Corp. | 59,194 | 2,705 | |
NBT Bancorp Inc. | 94,297 | 2,700 | |
International Bancshares | |||
Corp. | 102,964 | 2,686 | |
Agree Realty Corp. | 55,620 | 2,683 | |
* | Liberty Broadband Corp. | ||
Class A | 45,018 | 2,674 | |
EverBank Financial Corp. | 179,690 | 2,670 | |
* | Eagle Bancorp Inc. | 54,942 | 2,643 |
Mercury General Corp. | 49,467 | 2,630 | |
* | Essent Group Ltd. | 120,393 | 2,626 |
Cash America International | |||
Inc. | 61,556 | 2,624 | |
First Merchants Corp. | 105,190 | 2,622 | |
Renasant Corp. | 80,935 | 2,617 | |
Provident Financial | |||
Services Inc. | 132,362 | 2,600 | |
Potlatch Corp. | 75,319 | 2,568 | |
Pennsylvania REIT | 119,167 | 2,556 | |
Chesapeake Lodging Trust | 108,713 | 2,528 | |
Waddell & Reed Financial | |||
Inc. Class A | 143,821 | 2,477 | |
Ameris Bancorp | 83,343 | 2,475 | |
TFS Financial Corp. | 143,420 | 2,470 | |
Boston Private Financial | |||
Holdings Inc. | 208,965 | 2,462 | |
Global Net Lease Inc. | 307,151 | 2,442 |
Banner Corp. | 57,245 | 2,435 | |
Sabra Health Care REIT | |||
Inc. | 117,857 | 2,432 | |
Employers Holdings Inc. | 82,628 | 2,398 | |
*,^ | LendingClub Corp. | 552,893 | 2,377 |
Financial Engines Inc. | 91,674 | 2,372 | |
Capstead Mortgage Corp. | 242,611 | 2,353 | |
Banc of California Inc. | 129,728 | 2,348 | |
Parkway Properties Inc. | 139,630 | 2,336 | |
* | Genworth Financial Inc. | ||
Class A | 904,136 | 2,333 | |
Horace Mann Educators | |||
Corp. | 68,242 | 2,306 | |
Apollo Commercial Real | |||
Estate Finance Inc. | 142,700 | 2,293 | |
First Commonwealth | |||
Financial Corp. | 244,463 | 2,249 | |
* | OneMain Holdings Inc. | ||
Class A | 98,141 | 2,240 | |
Berkshire Hills Bancorp Inc. | 83,162 | 2,239 | |
Franklin Street Properties | |||
Corp. | 181,394 | 2,226 | |
* | St. Joe Co. | 121,743 | 2,157 |
National General Holdings | |||
Corp. | 100,704 | 2,157 | |
Redwood Trust Inc. | 154,908 | 2,139 | |
LegacyTexas Financial | |||
Group Inc. | 79,426 | 2,137 | |
Brookline Bancorp Inc. | 192,058 | 2,118 | |
* | PRA Group Inc. | 87,349 | 2,109 |
^ | WisdomTree Investments | ||
Inc. | 212,914 | 2,084 | |
Hanmi Financial Corp. | 88,625 | 2,082 | |
* | MBIA Inc. | 304,120 | 2,077 |
ARMOUR Residential | |||
REIT Inc. | 103,781 | 2,076 | |
Central Pacific Financial | |||
Corp. | 86,990 | 2,053 | |
American Equity Investment | |||
Life Holding Co. | 143,701 | 2,048 | |
CenterState Banks Inc. | 129,771 | 2,044 | |
Cardinal Financial Corp. | 91,526 | 2,008 | |
Lakeland Financial Corp. | 42,271 | 1,987 | |
* | Santander Consumer USA | ||
Holdings Inc. | 189,976 | 1,962 | |
PennyMac Mortgage | |||
Investment Trust | 120,313 | 1,953 | |
* | FNFV Group | 169,905 | 1,949 |
City Holding Co. | 42,623 | 1,938 | |
Capital Bank Financial Corp. | 67,075 | 1,932 | |
HFF Inc. Class A | 66,102 | 1,909 | |
First Busey Corp. | 88,784 | 1,899 | |
Four Corners Property | |||
Trust Inc. | 90,981 | 1,873 | |
* | Customers Bancorp Inc. | 74,093 | 1,862 |
22
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
FBL Financial Group Inc. | |||
Class A | 30,002 | 1,820 | |
Artisan Partners Asset | |||
Management Inc. Class A | 65,394 | 1,810 | |
Cedar Realty Trust Inc. | 242,990 | 1,805 | |
Alexander’s Inc. | 4,404 | 1,802 | |
Saul Centers Inc. | 28,690 | 1,770 | |
S&T Bancorp Inc. | 72,288 | 1,767 | |
Heartland Financial USA Inc. | 49,819 | 1,758 | |
National Bank Holdings | |||
Corp. Class A | 86,296 | 1,757 | |
Rexford Industrial Realty | |||
Inc. | 81,769 | 1,725 | |
FelCor Lodging Trust Inc. | 276,228 | 1,721 | |
Infinity Property & | |||
Casualty Corp. | 21,299 | 1,718 | |
American Capital Mortgage | |||
Investment Corp. | 107,844 | 1,703 | |
* | Beneficial Bancorp Inc. | 131,857 | 1,677 |
*,^ | BofI Holding Inc. | 94,133 | 1,667 |
Chatham Lodging Trust | 75,742 | 1,665 | |
* | Flagstar Bancorp Inc. | 68,062 | 1,661 |
Flushing Financial Corp. | 82,866 | 1,647 | |
Bryn Mawr Bank Corp. | 55,702 | 1,627 | |
Northfield Bancorp Inc. | 109,298 | 1,621 | |
Dime Community | |||
Bancshares Inc. | 94,716 | 1,611 | |
Community Trust Bancorp | |||
Inc. | 46,229 | 1,602 | |
Oritani Financial Corp. | 100,015 | 1,599 | |
Navigators Group Inc. | 17,196 | 1,582 | |
Anworth Mortgage Asset | |||
Corp. | 331,896 | 1,560 | |
* | FCB Financial Holdings Inc. | ||
Class A | 45,040 | 1,531 | |
Simmons First National | |||
Corp. Class A | 32,861 | 1,518 | |
Apollo Residential | |||
Mortgage Inc. | 112,095 | 1,502 | |
BancFirst Corp. | 24,793 | 1,496 | |
CoBiz Financial Inc. | 127,664 | 1,494 | |
Arrow Financial Corp. | 49,207 | 1,490 | |
Diamond Hill Investment | |||
Group Inc. | 7,764 | 1,463 | |
Talmer Bancorp Inc. | |||
Class A | 75,307 | 1,444 | |
New Senior Investment | |||
Group Inc. | 133,552 | 1,426 | |
* | HealthEquity Inc. | 46,386 | 1,409 |
* | Encore Capital Group Inc. | 59,567 | 1,402 |
Cohen & Steers Inc. | 34,654 | 1,401 | |
* | Greenlight Capital Re Ltd. | ||
Class A | 69,294 | 1,397 | |
Ashford Hospitality Trust | |||
Inc. | 259,971 | 1,396 | |
Blue Hills Bancorp Inc. | 93,131 | 1,375 |
WesBanco Inc. | 44,223 | 1,373 | |
United Community Banks | |||
Inc. | 75,039 | 1,372 | |
WSFS Financial Corp. | 42,452 | 1,367 | |
Great Southern Bancorp | |||
Inc. | 36,777 | 1,360 | |
Summit Hotel Properties | |||
Inc. | 102,566 | 1,358 | |
Enterprise Financial | |||
Services Corp. | 48,427 | 1,351 | |
Camden National Corp. | 32,106 | 1,348 | |
Bank Mutual Corp. | 175,070 | 1,345 | |
Ares Commercial Real | |||
Estate Corp. | 108,071 | 1,328 | |
Union Bankshares Corp. | 53,566 | 1,324 | |
Yadkin Financial Corp. | 52,436 | 1,316 | |
* | First BanCorp | 331,289 | 1,315 |
Nelnet Inc. Class A | 37,811 | 1,314 | |
^ | Seritage Growth Properties | ||
Class A | 26,118 | 1,302 | |
First Interstate BancSystem | |||
Inc. Class A | 45,902 | 1,290 | |
* | Ambac Financial Group Inc. | 78,015 | 1,284 |
BNC Bancorp | 56,076 | 1,273 | |
* | iStar Inc. | 132,286 | 1,269 |
Federal Agricultural | |||
Mortgage Corp. | 36,274 | 1,263 | |
^ | Virtus Investment Partners | ||
Inc. | 17,597 | 1,253 | |
Sandy Spring Bancorp Inc. | 42,935 | 1,248 | |
ServisFirst Bancshares Inc. | 25,157 | 1,243 | |
Bank of Marin Bancorp | 25,231 | 1,220 | |
Kearny Financial Corp. | 93,366 | 1,175 | |
1st Source Corp. | 35,881 | 1,162 | |
United Fire Group Inc. | 27,311 | 1,159 | |
* | Piper Jaffray Cos. | 30,012 | 1,131 |
OFG Bancorp | 136,179 | 1,130 | |
Southside Bancshares Inc. | 36,549 | 1,130 | |
American National | |||
Bankshares Inc. | 44,832 | 1,129 | |
NRG Yield Inc. | 72,011 | 1,123 | |
Terreno Realty Corp. | 43,154 | 1,116 | |
Arbor Realty Trust Inc. | 154,949 | 1,114 | |
Bridge Bancorp Inc. | 38,446 | 1,092 | |
Stewart Information | |||
Services Corp. | 26,287 | 1,089 | |
* | eHealth Inc. | 77,561 | 1,087 |
Towne Bank | 49,999 | 1,082 | |
Ames National Corp. | 39,813 | 1,068 | |
* | Green Dot Corp. Class A | 46,329 | 1,065 |
BankFinancial Corp. | 86,158 | 1,033 | |
Hersha Hospitality Trust | |||
Class A | 59,871 | 1,027 | |
* | World Acceptance Corp. | 22,005 | 1,003 |
NRG Yield Inc. Class A | 64,902 | 988 | |
Safety Insurance Group Inc. | 16,041 | 988 |
23
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Investment Technology | |||
Group Inc. | 58,255 | 974 | |
Ashford Hospitality Prime | |||
Inc. | 68,014 | 962 | |
* | Cowen Group Inc. Class A | 321,885 | 953 |
Sierra Bancorp | 56,679 | 946 | |
TrustCo Bank Corp. NY | 146,625 | 940 | |
Preferred Apartment | |||
Communities Inc. Class A | 62,011 | 913 | |
Tompkins Financial Corp. | 14,028 | 912 | |
Altisource Residential Corp. | 97,141 | 893 | |
* | Forestar Group Inc. | 74,600 | 887 |
Meridian Bancorp Inc. | 59,680 | 882 | |
Armada Hoffler Properties | |||
Inc. | 63,384 | 871 | |
Investors Real Estate Trust | 133,503 | 864 | |
Getty Realty Corp. | 40,065 | 859 | |
*,^ | Citizens Inc. Class A | 111,178 | 845 |
Arlington Asset Investment | |||
Corp. Class A | 64,726 | 842 | |
Dynex Capital Inc. | 121,101 | 840 | |
First Community | |||
Bancshares Inc. | 36,883 | 828 | |
* | KCG Holdings Inc. Class A | 62,046 | 825 |
State Bank Financial Corp. | 40,227 | 819 | |
Rouse Properties Inc. | 43,736 | 798 | |
* | Black Knight Financial | ||
Services Inc. Class A | 21,202 | 797 | |
Hannon Armstrong | |||
Sustainable Infrastructure | |||
Capital Inc. | 36,860 | 796 | |
* | Altisource Portfolio | ||
Solutions SA | 28,333 | 789 | |
Greenhill & Co. Inc. | 48,499 | 781 | |
Opus Bank | 22,905 | 774 | |
Consolidated-Tomoka | |||
Land Co. | 16,272 | 772 | |
Lakeland Bancorp Inc. | 65,920 | 750 | |
First Defiance Financial | |||
Corp. | 19,285 | 749 | |
First Potomac Realty Trust | 81,117 | 746 | |
*,^ | LendingTree Inc. | 8,428 | 744 |
* | Global Indemnity plc | 25,527 | 703 |
* | EZCORP Inc. Class A | 91,638 | 693 |
CareTrust REIT Inc. | 49,630 | 684 | |
Donegal Group Inc. Class A | 41,209 | 680 | |
* | AV Homes Inc. | 54,642 | 668 |
Wilshire Bancorp Inc. | 64,015 | 667 | |
Virtu Financial Inc. Class A | 36,858 | 663 | |
* | Third Point Reinsurance Ltd. | 55,835 | 654 |
Maiden Holdings Ltd. | 53,323 | 653 | |
Baldwin & Lyons Inc. | 26,223 | 647 | |
Bar Harbor Bankshares | 18,397 | 646 | |
Republic Bancorp Inc. | |||
Class A | 23,154 | 640 | |
Access National Corp. | 32,268 | 630 |
InfraREIT Inc. | 35,416 | 621 | |
Monmouth Real Estate | |||
Investment Corp. | 46,847 | 621 | |
Calamos Asset | |||
Management Inc. Class A | 84,835 | 620 | |
ESSA Bancorp Inc. | 45,915 | 615 | |
Tier REIT Inc. | 40,060 | 614 | |
ConnectOne Bancorp Inc. | 39,098 | 613 | |
Winthrop Realty Trust | 69,643 | 612 | |
* | Walker & Dunlop Inc. | 26,832 | 611 |
Independent Bank Group | |||
Inc. | 14,240 | 611 | |
OceanFirst Financial Corp. | 32,728 | 595 | |
Universal Insurance | |||
Holdings Inc. | 31,960 | 594 | |
New York Mortgage | |||
Trust Inc. | 95,456 | 582 | |
Century Bancorp Inc. | |||
Class A | 13,512 | 572 | |
Universal Health Realty | |||
Income Trust | 9,936 | 568 | |
* | Atlas Financial Holdings Inc. | 32,765 | 564 |
First Bancorp | 31,957 | 562 | |
AG Mortgage Investment | |||
Trust Inc. | 36,915 | 533 | |
RE/MAX Holdings Inc. | |||
Class A | 13,040 | 525 | |
Capital City Bank Group Inc. | 37,482 | 522 | |
National Storage Affiliates | |||
Trust | 24,996 | 520 | |
* | Nationstar Mortgage | ||
Holdings Inc. | 45,744 | 515 | |
* | INTL. FCStone Inc. | 18,816 | 513 |
United Financial Bancorp | |||
Inc. | 39,517 | 513 | |
Marlin Business Services | |||
Corp. | 31,418 | 512 | |
EMC Insurance Group Inc. | 17,508 | 485 | |
United Insurance Holdings | |||
Corp. | 29,584 | 485 | |
Silver Bay Realty Trust | |||
Corp. | 27,799 | 473 | |
National Western Life | |||
Group Inc. Class A | 2,412 | 471 | |
Stock Yards Bancorp Inc. | 16,374 | 462 | |
* | Ladenburg Thalmann | ||
Financial Services Inc. | 194,508 | 459 | |
* | Avenue Financial Holdings | ||
Inc. | 23,241 | 457 | |
* | HomeStreet Inc. | 22,514 | 448 |
GAIN Capital Holdings Inc. | 69,926 | 442 | |
HCI Group Inc. | 15,585 | 425 | |
FBR & Co. | 28,455 | 425 | |
Urstadt Biddle Properties | |||
Inc. Class A | 17,024 | 422 | |
Resource Capital Corp. | 32,644 | 420 |
24
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Pacific Premier Bancorp Inc. | 17,462 | 419 |
GAMCO Investors Inc. | |||
Class A | 12,300 | 403 | |
C&F Financial Corp. | 8,883 | 398 | |
* | NMI Holdings Inc. Class A | 71,569 | 392 |
* | PICO Holdings Inc. | 41,298 | 391 |
* | Marcus & Millichap Inc. | 15,323 | 389 |
* | Enova International Inc. | 52,665 | 388 |
RMR Group Inc. Class A | 12,204 | 378 | |
Reis Inc. | 14,871 | 370 | |
James River Group | |||
Holdings Ltd. | 10,809 | 367 | |
Charter Financial Corp. | 27,449 | 365 | |
Associated Capital Group | |||
Inc. Class A | 12,620 | 362 | |
Federated National | |||
Holding Co. | 18,650 | 355 | |
First of Long Island Corp. | 12,109 | 347 | |
* | C1 Financial Inc. | 14,844 | 346 |
* | NewStar Financial Inc. | 39,929 | 336 |
* | Ocwen Financial Corp. | 192,455 | 329 |
* | BSB Bancorp Inc. | 14,315 | 324 |
TriCo Bancshares | 11,699 | 323 | |
Washington Trust Bancorp | |||
Inc. | 8,239 | 312 | |
Easterly Government | |||
Properties Inc. | 15,614 | 308 | |
Investors Title Co. | 3,186 | 303 | |
Clifton Bancorp Inc. | 18,499 | 279 | |
First Connecticut Bancorp | |||
Inc. | 16,800 | 278 | |
Newcastle Investment Corp. | 60,481 | 278 | |
Waterstone Financial Inc. | 17,706 | 271 | |
Resource America Inc. | |||
Class A | 27,332 | 266 | |
Ellington Residential | |||
Mortgage REIT | 20,248 | 264 | |
* | Franklin Financial Network | ||
Inc. | 8,427 | 264 | |
German American Bancorp | |||
Inc. | 8,206 | 262 | |
* | Tejon Ranch Co. | 11,025 | 261 |
State National Cos. Inc. | 24,265 | 256 | |
National Interstate Corp. | 8,404 | 254 | |
* | Asta Funding Inc. | 23,859 | 252 |
OneBeacon Insurance | |||
Group Ltd. Class A | 18,138 | 250 | |
Guaranty Bancorp | 14,954 | 250 | |
Citizens & Northern Corp. | 12,297 | 249 | |
Suffolk Bancorp | 7,855 | 246 | |
* | Safeguard Scientifics Inc. | 19,149 | 239 |
* | First NBC Bank Holding Co. | 14,134 | 237 |
Financial Institutions Inc. | 9,011 | 235 | |
State Auto Financial Corp. | 10,650 | 233 | |
First Financial Corp. | 6,244 | 229 | |
Ladder Capital Corp. | 18,212 | 222 |
Western Asset Mortgage | |||
Capital Corp. | 23,365 | 219 | |
Heritage Financial Corp. | 12,259 | 216 | |
* | First Marblehead Corp. | 44,194 | 215 |
MainSource Financial Group | |||
Inc. | 9,546 | 210 | |
Moelis & Co. Class A | 9,200 | 207 | |
Gladstone Commercial Corp. | 12,205 | 206 | |
Meta Financial Group Inc. | 3,769 | 192 | |
Westfield Financial Inc. | 24,792 | 191 | |
Univest Corp. of | |||
Pennsylvania | 9,068 | 191 | |
One Liberty Properties Inc. | 7,940 | 189 | |
* | Bancorp Inc. | 31,312 | 188 |
CNB Financial Corp. | 10,431 | 186 | |
First Financial Northwest | |||
Inc. | 13,902 | 185 | |
* | Atlantic Capital Bancshares | ||
Inc. | 12,211 | 177 | |
Premier Financial Bancorp | |||
Inc. | 10,265 | 173 | |
*,^ | Walter Investment | ||
Management Corp. | 62,485 | 172 | |
* | Consumer Portfolio | ||
Services Inc. | 44,874 | 169 | |
UMH Properties Inc. | 14,866 | 167 | |
* | Republic First Bancorp Inc. | 38,554 | 166 |
Merchants Bancshares Inc. | 5,356 | 163 | |
Heritage Insurance | |||
Holdings Inc. | 13,600 | 163 | |
* | Allegiance Bancshares Inc. | 6,350 | 158 |
Pzena Investment | |||
Management Inc. Class A | 20,734 | 158 | |
* | Ashford Inc. | 3,035 | 152 |
* | WMIH Corp. | 67,015 | 149 |
Eastern Virginia Bankshares | |||
Inc. | 17,962 | 136 | |
Fidelity & Guaranty Life | 5,600 | 130 | |
RAIT Financial Trust | 41,189 | 129 | |
Oppenheimer Holdings Inc. | |||
Class A | 8,231 | 127 | |
Mercantile Bank Corp. | 5,064 | 121 | |
* | Health Insurance | ||
Innovations Inc. Class A | 30,158 | 119 | |
* | Hallmark Financial Services | ||
Inc. | 9,970 | 116 | |
US Global Investors Inc. | |||
Class A | 67,397 | 115 | |
* | First Acceptance Corp. | 79,063 | 111 |
West Bancorporation Inc. | 5,505 | 102 | |
Southwest Bancorp Inc. | 5,843 | 99 | |
National Bankshares Inc. | 2,789 | 97 | |
Old Second Bancorp Inc. | 13,938 | 95 | |
* | Maui Land & Pineapple Co. | ||
Inc. | 12,826 | 93 |
25
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Westwood Holdings Group | |||
Inc. | 1,737 | 90 | |
Peoples Bancorp Inc. | 4,038 | 88 | |
* | FRP Holdings Inc. | 2,385 | 82 |
* | American River Bankshares | 8,076 | 82 |
* | CommunityOne Bancorp | 6,452 | 82 |
^ | United Development | ||
Funding IV | 24,240 | 78 | |
Heritage Commerce Corp. | 7,357 | 77 | |
* | First Foundation Inc. | 3,564 | 77 |
CatchMark Timber Trust | |||
Inc. Class A | 6,000 | 73 | |
Fidelity Southern Corp. | 4,549 | 71 | |
Provident Financial Holdings | |||
Inc. | 3,696 | 68 | |
Five Oaks Investment Corp. | 11,883 | 65 | |
Stonegate Bank | 2,012 | 65 | |
* | Hampton Roads Bankshares | ||
Inc. | 36,253 | 65 | |
*,^ | Intersections Inc. | 29,386 | 63 |
* | Seacoast Banking Corp. of | ||
Florida | 3,691 | 60 | |
Independence Holding Co. | 3,224 | 58 | |
United Community Financial | |||
Corp. | 8,716 | 53 | |
FXCM Inc. Class A | 6,070 | 53 | |
Territorial Bancorp Inc. | 1,980 | 52 | |
Atlantic American Corp. | 13,780 | 52 | |
* | Carolina Bank Holdings Inc. | 2,826 | 49 |
Park Sterling Corp. | 6,702 | 48 | |
Farmers Capital Bank Corp. | 1,726 | 47 | |
Peapack Gladstone Financial | |||
Corp. | 2,544 | 47 | |
* | Nicolet Bankshares Inc. | 1,192 | 45 |
First Internet Bancorp | 1,900 | 45 | |
* | Cascade Bancorp | 8,045 | 45 |
Bear State Financial Inc. | 4,605 | 43 | |
Manning & Napier Inc. | 4,280 | 41 | |
HopFed Bancorp Inc. | 3,323 | 39 | |
Federal Agricultural | |||
Mortgage Corp. Class A | 1,021 | 38 | |
Northrim BanCorp Inc. | 1,390 | 37 | |
* | On Deck Capital Inc. | 6,956 | 36 |
Macatawa Bank Corp. | 4,802 | 36 | |
California First National | |||
Bancorp | 2,366 | 35 | |
* | Conifer Holdings Inc. | 4,822 | 33 |
Institutional Financial | |||
Markets Inc. | 39,632 | 32 | |
Jernigan Capital Inc. | 2,148 | 30 | |
Pacific Continental Corp. | 1,900 | 30 | |
Blue Capital Reinsurance | |||
Holdings Ltd. | 1,567 | 29 | |
Northeast Bancorp | 2,506 | 28 | |
PJT Partners Inc. | 1,135 | 26 |
Middleburg Financial Corp. | 859 | 23 | |
* | Performant Financial Corp. | 14,420 | 23 |
Landmark Bancorp Inc. | 863 | 22 | |
* | HomeTrust Bancshares Inc. | 1,176 | 22 |
* | Bay Bancorp Inc. | 4,284 | 22 |
Kingstone Cos. Inc. | 2,352 | 21 | |
* | Regional Management Corp. | 1,415 | 21 |
First Bancorp Inc. | 902 | 19 | |
Penns Woods Bancorp Inc. | 414 | 17 | |
Fox Chase Bancorp Inc. | 777 | 16 | |
MutualFirst Financial Inc. | 544 | 15 | |
CB Financial Services Inc. | 661 | 14 | |
Horizon Bancorp | 520 | 13 | |
Eagle Bancorp Montana Inc. | 1,015 | 13 | |
Preferred Bank | 380 | 11 | |
Medley Management Inc. | |||
Class A | 1,751 | 10 | |
* | Jason Industries Inc. | 2,757 | 10 |
* | Anchor Bancorp Inc. | 404 | 10 |
Home Bancorp Inc. | 343 | 9 | |
IF Bancorp Inc. | 509 | 9 | |
* | Entegra Financial Corp. | 447 | 8 |
Central Valley Community | |||
Bancorp | 509 | 7 | |
WVS Financial Corp. | 623 | 7 | |
FS Bancorp Inc. | 270 | 7 | |
Parke Bancorp Inc. | 490 | 6 | |
* | Coastway Bancorp Inc. | 497 | 6 |
Wheeler REIT Inc. | 3,900 | 6 | |
First Bancshares Inc. | 325 | 6 | |
MidSouth Bancorp Inc. | 520 | 5 | |
* | CU Bancorp | 225 | 5 |
* | Atlantic Coast Financial Corp. | 761 | 5 |
Hingham Institution for | |||
Savings | 27 | 3 | |
Bank of Commerce Holdings | 500 | 3 | |
MidWestOne Financial | |||
Group Inc. | 100 | 3 | |
United Community Bancorp | 200 | 3 | |
AmeriServ Financial Inc. | 887 | 3 | |
* | Unico American Corp. | 241 | 3 |
Pathfinder Bancorp Inc. | 234 | 3 | |
* | Village Bank and Trust | ||
Financial Corp. | 100 | 2 | |
* | Melrose Bancorp Inc. | 152 | 2 |
Bankwell Financial Group Inc. | 100 | 2 | |
Old Line Bancshares Inc. | 117 | 2 | |
United Bancorp Inc. | 197 | 2 | |
* | Sun Bancorp Inc. | 92 | 2 |
Sotherly Hotels Inc. | 300 | 2 | |
* | National Holdings Corp. | 454 | 1 |
Bancorp of New Jersey Inc. | 68 | 1 | |
Independent Bank Corp. | 53 | 1 | |
* | Equitable Financial Corp. | 68 | 1 |
* | Porter Bancorp Inc. | 288 | — |
26
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
SI Financial Group Inc. | 31 | — | |
Salisbury Bancorp Inc. | 11 | — | |
* | Cordia Bancorp Inc. | 47 | — |
* | Vestin Realty Mortgage II | ||
Inc. | 22 | — | |
* | Tejon Ranch Co. Warrants | ||
Exp. 08/31/2016 | 1,629 | — | |
7,393,666 | |||
Health Care (13.4%) | |||
Johnson & Johnson | 4,967,025 | 602,500 | |
Pfizer Inc. | 10,951,778 | 385,612 | |
Merck & Co. Inc. | 4,998,404 | 287,958 | |
UnitedHealth Group Inc. | 1,716,942 | 242,432 | |
Bristol-Myers Squibb Co. | 3,014,339 | 221,705 | |
Medtronic plc | 2,529,911 | 219,520 | |
Amgen Inc. | 1,356,495 | 206,391 | |
Gilead Sciences Inc. | 2,404,980 | 200,623 | |
AbbVie Inc. | 2,920,576 | 180,813 | |
* | Allergan plc | 714,287 | 165,065 |
Eli Lilly & Co. | 1,793,957 | 141,274 | |
* | Celgene Corp. | 1,398,662 | 137,950 |
Thermo Fisher Scientific | |||
Inc. | 710,515 | 104,986 | |
Abbott Laboratories | 2,652,895 | 104,285 | |
* | Biogen Inc. | 395,554 | 95,653 |
* | Express Scripts Holding | ||
Co. | 1,142,152 | 86,575 | |
Aetna Inc. | 633,102 | 77,321 | |
Becton Dickinson and Co. | 383,118 | 64,973 | |
Stryker Corp. | 540,245 | 64,738 | |
Anthem Inc. | 474,752 | 62,354 | |
Cigna Corp. | 463,176 | 59,282 | |
* | Boston Scientific Corp. | 2,450,150 | 57,260 |
* | Regeneron | ||
Pharmaceuticals Inc. | 139,719 | 48,794 | |
Humana Inc. | 269,064 | 48,399 | |
* | HCA Holdings Inc. | 600,226 | 46,223 |
* | Intuitive Surgical Inc. | 68,723 | 45,454 |
Baxter International Inc. | 997,200 | 45,093 | |
* | Alexion Pharmaceuticals | ||
Inc. | 384,261 | 44,866 | |
Zimmer Biomet Holdings | |||
Inc. | 359,698 | 43,300 | |
Zoetis Inc. | 895,945 | 42,522 | |
* | Vertex Pharmaceuticals | ||
Inc. | 446,568 | 38,414 | |
* | Edwards Lifesciences | ||
Corp. | 382,330 | 38,130 | |
St. Jude Medical Inc. | 487,584 | 38,032 | |
* | Illumina Inc. | 265,777 | 37,310 |
* | Mylan NV | 780,302 | 33,740 |
CR Bard Inc. | 132,395 | 31,134 | |
DENTSPLY SIRONA Inc. | 422,884 | 26,236 | |
* | Henry Schein Inc. | 148,189 | 26,200 |
* | Laboratory Corp. of | ||
America Holdings | 184,850 | 24,080 |
* | DaVita HealthCare | ||
Partners Inc. | 298,288 | 23,064 | |
* | Incyte Corp. | 287,943 | 23,030 |
Perrigo Co. plc | 245,655 | 22,274 | |
Universal Health Services | |||
Inc. Class B | 162,055 | 21,732 | |
* | BioMarin Pharmaceutical | ||
Inc. | 278,416 | 21,661 | |
* | Centene Corp. | 292,395 | 20,868 |
Quest Diagnostics Inc. | 255,344 | 20,788 | |
* | Waters Corp. | 138,820 | 19,525 |
* | Medivation Inc. | 299,589 | 18,065 |
* | Hologic Inc. | 507,456 | 17,558 |
ResMed Inc. | 255,541 | 16,158 | |
* | IDEXX Laboratories Inc. | 162,869 | 15,124 |
Cooper Cos. Inc. | 87,848 | 15,072 | |
* | Jazz Pharmaceuticals plc | 103,555 | 14,633 |
* | Varian Medical Systems | ||
Inc. | 173,636 | 14,278 | |
Teleflex Inc. | 79,169 | 14,037 | |
* | MEDNAX Inc. | 167,898 | 12,161 |
* | Mallinckrodt plc | 197,406 | 11,998 |
* | Alkermes plc | 275,125 | 11,891 |
* | DexCom Inc. | 144,135 | 11,434 |
STERIS plc | 156,065 | 10,729 | |
* | Align Technology Inc. | 131,311 | 10,577 |
West Pharmaceutical | |||
Services Inc. | 132,711 | 10,070 | |
* | Quintiles Transnational | ||
Holdings Inc. | 152,046 | 9,932 | |
* | WellCare Health Plans Inc. | 80,276 | 8,612 |
* | Envision Healthcare | ||
Holdings Inc. | 339,235 | 8,606 | |
* | United Therapeutics Corp. | 80,900 | 8,569 |
* | Amsurg Corp. | 99,535 | 7,718 |
Bio-Techne Corp. | 67,564 | 7,619 | |
* | ABIOMED Inc. | 69,350 | 7,579 |
Patterson Cos. Inc. | 153,570 | 7,354 | |
* | Alnylam Pharmaceuticals | ||
Inc. | 132,378 | 7,346 | |
* | Seattle Genetics Inc. | 178,000 | 7,193 |
* | Neurocrine Biosciences | ||
Inc. | 157,348 | 7,151 | |
* | Charles River Laboratories | ||
International Inc. | 85,877 | 7,080 | |
* | Acadia Healthcare Co. Inc. | 127,122 | 7,043 |
* | Alere Inc. | 157,255 | 6,554 |
* | PAREXEL International | ||
Corp. | 97,542 | 6,133 | |
HealthSouth Corp. | 154,887 | 6,013 | |
* | Endo International plc | 363,802 | 5,672 |
*,^ | OPKO Health Inc. | 594,839 | 5,556 |
*,^ | Juno Therapeutics Inc. | 143,682 | 5,523 |
Hill-Rom Holdings Inc. | 106,969 | 5,397 | |
* | NuVasive Inc. | 90,255 | 5,390 |
27
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | ACADIA Pharmaceuticals | ||
Inc. | 164,701 | 5,346 | |
* | Bio-Rad Laboratories Inc. | ||
Class A | 37,373 | 5,345 | |
* | Prestige Brands Holdings | ||
Inc. | 95,787 | 5,307 | |
* | Brookdale Senior Living | ||
Inc. | 335,699 | 5,183 | |
Healthcare Services Group | |||
Inc. | 124,957 | 5,171 | |
* | LifePoint Health Inc. | 78,527 | 5,133 |
* | Ionis Pharmaceuticals Inc. | 218,714 | 5,094 |
* | Team Health Holdings Inc. | 120,124 | 4,885 |
*,^ | TESARO Inc. | 53,734 | 4,516 |
* | Catalent Inc. | 192,335 | 4,422 |
* | Akorn Inc. | 151,792 | 4,324 |
Bruker Corp. | 189,489 | 4,309 | |
* | Horizon Pharma plc | 261,102 | 4,300 |
* | Integra LifeSciences | ||
Holdings Corp. | 53,869 | 4,298 | |
* | Masimo Corp. | 81,461 | 4,278 |
Owens & Minor Inc. | 114,302 | 4,273 | |
Cantel Medical Corp. | 60,717 | 4,173 | |
* | VWR Corp. | 143,493 | 4,147 |
*,^ | Intercept Pharmaceuticals | ||
Inc. | 28,822 | 4,112 | |
* | Ligand Pharmaceuticals | ||
Inc. | 34,078 | 4,064 | |
* | Cepheid | 131,979 | 4,058 |
* | Medicines Co. | 120,078 | 4,038 |
* | Myriad Genetics Inc. | 129,837 | 3,973 |
* | Tenet Healthcare Corp. | 143,437 | 3,965 |
* | Molina Healthcare Inc. | 76,656 | 3,825 |
* | Impax Laboratories Inc. | 127,604 | 3,678 |
* | Neogen Corp. | 64,927 | 3,652 |
* | Kite Pharma Inc. | 71,552 | 3,578 |
*,^ | Novavax Inc. | 491,377 | 3,572 |
* | Nektar Therapeutics | 247,809 | 3,526 |
* | Amedisys Inc. | 65,522 | 3,308 |
* | Wright Medical Group NV | 187,024 | 3,249 |
* | Exelixis Inc. | 413,025 | 3,226 |
* | Insulet Corp. | 103,780 | 3,138 |
* | Ultragenyx Pharmaceutical | ||
Inc. | 63,565 | 3,109 | |
* | Magellan Health Inc. | 46,686 | 3,071 |
* | Ironwood Pharmaceuticals | ||
Inc. Class A | 234,798 | 3,070 | |
* | ICU Medical Inc. | 26,342 | 2,970 |
* | Globus Medical Inc. | 123,673 | 2,947 |
* | ARIAD Pharmaceuticals | ||
Inc. | 395,777 | 2,925 | |
CONMED Corp. | 60,465 | 2,886 | |
* | HMS Holdings Corp. | 163,417 | 2,878 |
* | Nevro Corp. | 38,236 | 2,820 |
* | INC Research Holdings Inc. | ||
Class A | 73,786 | 2,813 |
* | Ophthotech Corp. | 54,557 | 2,784 |
* | Halyard Health Inc. | 84,839 | 2,759 |
* | Cynosure Inc. Class A | 56,398 | 2,743 |
* | Haemonetics Corp. | 92,857 | 2,692 |
* | TherapeuticsMD Inc. | 312,165 | 2,653 |
* | Bluebird Bio Inc. | 60,237 | 2,608 |
* | Intra-Cellular Therapies Inc. | ||
Class A | 64,372 | 2,499 | |
Analogic Corp. | 30,808 | 2,447 | |
Abaxis Inc. | 51,501 | 2,432 | |
* | Air Methods Corp. | 67,344 | 2,413 |
* | Community Health | ||
Systems Inc. | 196,856 | 2,372 | |
* | AMAG Pharmaceuticals Inc. | 99,039 | 2,369 |
*,^ | Intrexon Corp. | 95,181 | 2,342 |
* | Exact Sciences Corp. | 188,173 | 2,305 |
* | Achillion Pharmaceuticals | ||
Inc. | 293,640 | 2,290 | |
* | Depomed Inc. | 114,737 | 2,251 |
* | Acorda Therapeutics Inc. | 86,356 | 2,203 |
* | Anika Therapeutics Inc. | 40,788 | 2,188 |
* | Emergent BioSolutions Inc. | 77,689 | 2,185 |
* | Agios Pharmaceuticals Inc. | 51,440 | 2,155 |
* | Pacira Pharmaceuticals Inc. | 63,736 | 2,150 |
* | Radius Health Inc. | 56,845 | 2,089 |
* | Natus Medical Inc. | 54,904 | 2,075 |
*,^ | Innoviva Inc. | 195,914 | 2,063 |
* | Portola Pharmaceuticals | ||
Inc. | 85,810 | 2,025 | |
* | FibroGen Inc. | 118,113 | 1,938 |
* | HeartWare International Inc. | 32,181 | 1,858 |
* | Penumbra Inc. | 31,054 | 1,848 |
*,^ | Inovio Pharmaceuticals Inc. | 198,608 | 1,835 |
Atrion Corp. | 4,235 | 1,812 | |
*,^ | Cerus Corp. | 285,697 | 1,783 |
* | NxStage Medical Inc. | 81,552 | 1,768 |
* | MacroGenics Inc. | 64,987 | 1,754 |
* | PRA Health Sciences Inc. | 41,124 | 1,717 |
* | SciClone Pharmaceuticals | ||
Inc. | 129,582 | 1,692 | |
* | Select Medical Holdings | ||
Corp. | 152,814 | 1,661 | |
Kindred Healthcare Inc. | 144,865 | 1,636 | |
* | Surgical Care Affiliates Inc. | 33,865 | 1,614 |
* | Array BioPharma Inc. | 446,609 | 1,590 |
* | Keryx Biopharmaceuticals | ||
Inc. | 238,384 | 1,578 | |
* | Momenta Pharmaceuticals | ||
Inc. | 145,526 | 1,572 | |
* | ANI Pharmaceuticals Inc. | 28,012 | 1,564 |
* | Halozyme Therapeutics Inc. 180,977 | 1,562 | |
* | BioTelemetry Inc. | 94,178 | 1,535 |
* | Lexicon Pharmaceuticals | ||
Inc. | 105,369 | 1,512 | |
* | CorVel Corp. | 34,911 | 1,507 |
* | AngioDynamics Inc. | 104,488 | 1,502 |
28
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Puma Biotechnology Inc. | 49,808 | 1,484 |
* | Genomic Health Inc. | 57,276 | 1,483 |
*,^ | Theravance Biopharma Inc. | 65,022 | 1,475 |
Ensign Group Inc. | 69,666 | 1,464 | |
* | Omnicell Inc. | 42,724 | 1,462 |
* | Capital Senior Living Corp. | 81,908 | 1,447 |
*,^ | Relypsa Inc. | 77,490 | 1,434 |
* | Lannett Co. Inc. | 60,252 | 1,433 |
* | Almost Family Inc. | 32,677 | 1,392 |
*,^ | Sarepta Therapeutics Inc. | 72,233 | 1,377 |
* | Accuray Inc. | 264,514 | 1,373 |
* | Arena Pharmaceuticals Inc. | 802,609 | 1,372 |
* | Amicus Therapeutics Inc. | 247,856 | 1,353 |
* | Agenus Inc. | 331,692 | 1,343 |
*,^ | MiMedx Group Inc. | 165,228 | 1,319 |
*,^ | Advaxis Inc. | 156,479 | 1,266 |
* | Dynavax Technologies | ||
Corp. | 86,613 | 1,263 | |
* | Cardiovascular Systems | ||
Inc. | 68,535 | 1,259 | |
* | Aduro Biotech Inc. | 111,222 | 1,258 |
* | Alder Biopharmaceuticals | ||
Inc. | 49,818 | 1,244 | |
*,^ | Arrowhead | ||
Pharmaceuticals Inc. | 232,626 | 1,238 | |
Meridian Bioscience Inc. | 63,129 | 1,231 | |
* | AtriCure Inc. | 83,374 | 1,178 |
* | Adamas Pharmaceuticals | ||
Inc. | 77,247 | 1,170 | |
CryoLife Inc. | 96,023 | 1,134 | |
* | Albany Molecular Research | ||
Inc. | 82,141 | 1,104 | |
* | Spark Therapeutics Inc. | 21,203 | 1,084 |
* | BioSpecifics Technologies | ||
Corp. | 27,000 | 1,078 | |
* | Cempra Inc. | 64,372 | 1,062 |
* | PharMerica Corp. | 42,943 | 1,059 |
PDL BioPharma Inc. | 336,643 | 1,057 | |
*,^ | Bellicum Pharmaceuticals | ||
Inc. | 81,143 | 1,052 | |
* | Five Prime Therapeutics | ||
Inc. | 25,095 | 1,038 | |
*,^ | Geron Corp. | 386,569 | 1,036 |
* | Repligen Corp. | 37,573 | 1,028 |
* | Spectranetics Corp. | 54,638 | 1,022 |
*,^ | Insys Therapeutics Inc. | 78,787 | 1,020 |
* | Zeltiq Aesthetics Inc. | 37,054 | 1,013 |
* | Inogen Inc. | 20,115 | 1,008 |
* | Merit Medical Systems Inc. | 50,433 | 1,000 |
* | Endologix Inc. | 79,743 | 994 |
* | BioScrip Inc. | 382,483 | 975 |
* | LDR Holding Corp. | 26,273 | 971 |
* | Acceleron Pharma Inc. | 28,086 | 954 |
* | Celator Pharmaceuticals Inc. | 31,570 | 953 |
* | Exactech Inc. | 35,596 | 952 |
* | Corcept Therapeutics Inc. | 172,528 | 942 |
* | Luminex Corp. | 45,692 | 924 |
*,^ | Athersys Inc. | 424,786 | 922 |
* | Healthways Inc. | 78,899 | 911 |
* | Sage Therapeutics Inc. | 30,133 | 908 |
*,^ | ZIOPHARM Oncology Inc. | 160,792 | 883 |
* | Supernus Pharmaceuticals | ||
Inc. | 42,932 | 875 | |
*,^ | Organovo Holdings Inc. | 234,868 | 874 |
* | Orthofix International NV | 20,491 | 869 |
* | Triple-S Management Corp. | ||
Class B | 35,524 | 868 | |
* | ArQule Inc. | 453,727 | 862 |
* | Applied Genetic | ||
Technologies Corp. | 59,975 | 847 | |
* | LHC Group Inc. | 19,388 | 839 |
* | Epizyme Inc. | 80,577 | 825 |
* | Cutera Inc. | 72,900 | 817 |
*,^ | Foundation Medicine Inc. | 43,686 | 815 |
* | XenoPort Inc. | 114,113 | 803 |
* | Celldex Therapeutics Inc. | 175,786 | 772 |
*,^ | Omeros Corp. | 71,703 | 754 |
* | Clovis Oncology Inc. | 54,202 | 744 |
*,^ | Adeptus Health Inc. | ||
Class A | 14,308 | 739 | |
*,^ | BioTime Inc. | 282,923 | 738 |
* | Quidel Corp. | 41,341 | 738 |
* | Addus HomeCare Corp. | 42,020 | 732 |
*,^ | Anthera Pharmaceuticals | ||
Inc. | 231,373 | 715 | |
Invacare Corp. | 58,444 | 709 | |
* | AcelRx Pharmaceuticals | ||
Inc. | 260,000 | 699 | |
* | Dermira Inc. | 23,541 | 689 |
* | Insmed Inc. | 69,744 | 688 |
* | Enanta Pharmaceuticals Inc. | 30,381 | 670 |
* | ChemoCentryx Inc. | 147,095 | 660 |
* | Merrimack | ||
Pharmaceuticals Inc. | 120,584 | 650 | |
US Physical Therapy Inc. | 10,787 | 649 | |
* | Aimmune Therapeutics Inc. | 59,842 | 648 |
* | Coherus Biosciences Inc. | 38,210 | 645 |
* | Heron Therapeutics Inc. | 35,412 | 639 |
*,^ | Fortress Biotech Inc. | 237,089 | 638 |
* | Sangamo BioSciences Inc. | 107,112 | 620 |
* | Spectrum Pharmaceuticals | ||
Inc. | 92,611 | 608 | |
* | BioCryst Pharmaceuticals | ||
Inc. | 211,924 | 602 | |
* | AVEO Pharmaceuticals Inc. | 596,946 | 574 |
* | Atara Biotherapeutics Inc. | 25,297 | 569 |
*,^ | Accelerate Diagnostics Inc. | 39,464 | 568 |
*,^ | Teligent Inc. | 79,367 | 567 |
* | Ardelyx Inc. | 64,780 | 566 |
* | Retrophin Inc. | 31,716 | 565 |
* | Sagent Pharmaceuticals Inc. | 37,556 | 563 |
* | Lion Biotechnologies Inc. | 68,925 | 558 |
29
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Antares Pharma Inc. | 526,652 | 553 |
* | Curis Inc. | 353,909 | 552 |
* | HealthStream Inc. | 20,427 | 542 |
*,^ | BioDelivery Sciences | ||
International Inc. | 226,829 | 535 | |
*,^ | MannKind Corp. | 459,613 | 533 |
* | Concert Pharmaceuticals | ||
Inc. | 47,443 | 533 | |
* | ImmunoGen Inc. | 171,840 | 529 |
* | Vascular Solutions Inc. | 12,669 | 528 |
* | Quorum Health Corp. | 49,195 | 527 |
* | NewLink Genetics Corp. | 45,780 | 515 |
Digirad Corp. | 98,283 | 506 | |
* | Enzo Biochem Inc. | 83,942 | 501 |
* | Raptor Pharmaceutical Corp. | 93,141 | 500 |
* | Aerie Pharmaceuticals Inc. | 28,349 | 499 |
* | NeoGenomics Inc. | 59,111 | 475 |
National HealthCare Corp. | 7,198 | 466 | |
* | Akebia Therapeutics Inc. | 61,571 | 461 |
* | Durect Corp. | 375,159 | 458 |
* | Amphastar | ||
Pharmaceuticals Inc. | 28,239 | 455 | |
* | Pacific Biosciences of | ||
California Inc. | 62,760 | 442 | |
* | OraSure Technologies Inc. | 73,080 | 432 |
* | Cytokinetics Inc. | 42,787 | 406 |
* | SurModics Inc. | 16,857 | 396 |
* | Eagle Pharmaceuticals Inc. | 10,199 | 396 |
* | Synergy Pharmaceuticals | ||
Inc. | 102,623 | 390 | |
*,^ | Idera Pharmaceuticals Inc. | 245,902 | 376 |
* | Glaukos Corp. | 12,820 | 374 |
* | PTC Therapeutics Inc. | 51,593 | 362 |
* | Juniper Pharmaceuticals | ||
Inc. | 51,226 | 359 | |
*,^ | Immunomedics Inc. | 150,892 | 350 |
* | Vanda Pharmaceuticals Inc. | 30,224 | 338 |
* | Biolase Inc. | 281,018 | 329 |
Universal American Corp. | 42,372 | 321 | |
*,^ | Rockwell Medical Inc. | 41,233 | 312 |
* | Endocyte Inc. | 91,845 | 295 |
* | Chimerix Inc. | 74,004 | 291 |
* | Seres Therapeutics Inc. | 9,511 | 276 |
*,^ | Ampio Pharmaceuticals | ||
Inc. | 205,812 | 266 | |
* | Symmetry Surgical Inc. | 20,007 | 263 |
*,^ | Aegerion Pharmaceuticals | ||
Inc. | 176,216 | 263 | |
*,^ | CytRx Corp. | 117,384 | 262 |
* | Xencor Inc. | 13,600 | 258 |
* | Aratana Therapeutics Inc. | 40,600 | 257 |
* | ConforMIS Inc. | 36,067 | 253 |
* | Zogenix Inc. | 31,115 | 250 |
LeMaitre Vascular Inc. | 17,245 | 246 | |
* | Collegium Pharmaceutical | ||
Inc. | 19,980 | 237 |
*,^ | Editas Medicine Inc. | 9,527 | 232 |
* | Five Star Quality Care Inc. | 94,576 | 221 |
* | Revance Therapeutics Inc. | 16,130 | 219 |
* | Progenics Pharmaceuticals | ||
Inc. | 50,891 | 215 | |
* | GenMark Diagnostics Inc. | 24,632 | 214 |
*,^ | Catalyst Pharmaceuticals | ||
Inc. | 298,621 | 212 | |
* | Otonomy Inc. | 13,331 | 212 |
* | Infinity Pharmaceuticals | ||
Inc. | 152,248 | 202 | |
* | CTI BioPharma Corp. | 593,874 | 202 |
*,^ | XBiotech Inc. | 9,598 | 201 |
*,^ | Galena Biopharma Inc. | 417,681 | 195 |
* | Alliance HealthCare | ||
Services Inc. | 30,624 | 191 | |
*,^ | Actinium Pharmaceuticals | ||
Inc. | 106,660 | 189 | |
* | RTI Surgical Inc. | 50,534 | 181 |
^ | Osiris Therapeutics Inc. | 35,327 | 180 |
* | Alphatec Holdings Inc. | 511,402 | 179 |
* | SeaSpine Holdings Corp. | 16,795 | 176 |
*,^ | Hansen Medical Inc. | 41,502 | 165 |
*,^ | Alimera Sciences Inc. | 130,300 | 160 |
* | K2M Group Holdings Inc. | 10,300 | 160 |
* | Mirati Therapeutics Inc. | 28,400 | 155 |
*,^ | OvaScience Inc. | 27,700 | 144 |
* | Avinger Inc. | 12,064 | 144 |
* | Derma Sciences Inc. | 35,606 | 140 |
* | Karyopharm Therapeutics | ||
Inc. | 20,202 | 136 | |
* | OncoMed Pharmaceuticals | ||
Inc. | 10,900 | 134 | |
* | Flexion Therapeutics Inc. | 8,700 | 130 |
* | Harvard Bioscience Inc. | 45,022 | 129 |
* | iBio Inc. | 177,100 | 128 |
* | STAAR Surgical Co. | 22,704 | 125 |
* | Heska Corp. | 3,364 | 125 |
* | MyoKardia Inc. | 10,058 | 125 |
* | Adverum Biotechnologies | ||
Inc. | 38,121 | 120 | |
* | Achaogen Inc. | 31,274 | 119 |
* | Pain Therapeutics Inc. | 51,137 | 112 |
* | Dicerna Pharmaceuticals | ||
Inc. | 35,621 | 107 | |
* | RadNet Inc. | 19,852 | 106 |
* | Aralez Pharmaceuticals Inc. | 31,094 | 103 |
* | Entellus Medical Inc. | 5,448 | 100 |
* | Cumberland | ||
Pharmaceuticals Inc. | 22,092 | 99 | |
* | TG Therapeutics Inc. | 15,500 | 94 |
* | ARCA biopharma Inc. | 32,141 | 93 |
*,^ | AAC Holdings Inc. | 4,000 | 91 |
* | InfuSystem Holdings Inc. | 34,480 | 90 |
* | Paratek Pharmaceuticals Inc. | 6,304 | 88 |
* | Selecta Biosciences Inc. | 6,080 | 85 |
30
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | Navidea | ||
Biopharmaceuticals Inc. | 158,410 | 84 | |
*,^ | Eiger BioPharmaceuticals | ||
Inc. | 4,210 | 83 | |
* | MEI Pharma Inc. | 61,287 | 83 |
Psychemedics Corp. | 5,861 | 81 | |
* | Sucampo Pharmaceuticals | ||
Inc. Class A | 7,058 | 77 | |
* | Acura Pharmaceuticals Inc. | 41,356 | 77 |
*,^ | Orexigen Therapeutics Inc. | 175,407 | 75 |
*,^ | Apricus Biosciences Inc. | 188,587 | 75 |
* | Bovie Medical Corp. | 45,545 | 75 |
* | Intersect ENT Inc. | 5,700 | 74 |
* | Versartis Inc. | 6,517 | 72 |
*,^ | Nobilis Health Corp. | 31,760 | 71 |
* | AxoGen Inc. | 10,130 | 70 |
* | Aclaris Therapeutics Inc. | 3,749 | 69 |
* | Aldeyra Therapeutics Inc. | 12,121 | 69 |
* | Calithera Biosciences Inc. | 18,562 | 69 |
*,^ | Abeona Therapeutics Inc. | 28,563 | 67 |
* | La Jolla Pharmaceutical Co. | 4,200 | 67 |
* | Wright Medical Group Inc. | ||
CVR Exp. 12/31/2049 | 50,806 | 64 | |
* | Carbylan Therapeutics Inc. | 92,248 | 61 |
* | Stemline Therapeutics Inc. | 8,700 | 59 |
* | Blueprint Medicines Corp. | 2,685 | 54 |
AdCare Health Systems Inc. | 28,860 | 53 | |
* | vTv Therapeutics Inc. | ||
Class A | 9,072 | 53 | |
* | Flex Pharma Inc. | 5,140 | 52 |
* | Oncocyte Corp. | 14,374 | 51 |
*,^ | Novocure Ltd. | 4,312 | 50 |
* | Cascadian Therapeutics Inc. | 51,256 | 48 |
* | Cara Therapeutics Inc. | 9,848 | 47 |
*,^ | CorMedix Inc. | 23,800 | 47 |
* | Tandem Diabetes Care Inc. | 6,010 | 45 |
* | Vical Inc. | 9,624 | 44 |
* | Regulus Therapeutics Inc. | 14,100 | 41 |
* | Catabasis Pharmaceuticals | ||
Inc. | 10,960 | 41 | |
* | Invitae Corp. | 5,410 | 40 |
*,^ | GTx Inc. | 69,694 | 38 |
* | Genesis Healthcare Inc. | 21,297 | 38 |
* | Peregrine Pharmaceuticals | ||
Inc. | 98,096 | 36 | |
*,^ | Reata Pharmaceuticals Inc. | ||
Class A | 1,783 | 35 | |
* | ADMA Biologics Inc. | 5,316 | 32 |
* | Loxo Oncology Inc. | 1,127 | 26 |
* | Alliqua BioMedical Inc. | 22,830 | 26 |
*,^ | MediciNova Inc. | 3,300 | 25 |
*,^ | Argos Therapeutics Inc. | 3,850 | 24 |
* | CEL-SCI Corp. | 51,277 | 24 |
* | Cerulean Pharma Inc. | 10,400 | 22 |
* | Cymabay Therapeutics Inc. | 11,957 | 21 |
*,^ | Northwest Biotherapeutics | ||
Inc. | 33,900 | 20 | |
* | Teladoc Inc. | 1,210 | 19 |
*,^ | Oculus Innovative Sciences | ||
Inc. | 4,719 | 19 | |
*,^ | Biocept Inc. | 28,081 | 19 |
* | Adamis Pharmaceuticals | ||
Corp. | 6,605 | 19 | |
* | MGC Diagnostics Corp. | 2,800 | 18 |
* | Vericel Corp. | 8,106 | 18 |
* | Chiasma Inc. | 6,057 | 18 |
* | Agile Therapeutics Inc. | 2,300 | 18 |
* | Asterias Biotherapeutics Inc. | 6,720 | 16 |
* | Vital Therapies Inc. | 2,600 | 16 |
* | REGENXBIO Inc. | 1,817 | 15 |
* | Presbia plc | 3,100 | 14 |
* | Corbus Pharmaceuticals | ||
Holdings Inc. | 4,620 | 14 | |
* | Ohr Pharmaceutical Inc. | 5,000 | 14 |
*,^ | Pernix Therapeutics | ||
Holdings Inc. | 28,805 | 13 | |
*,^ | Second Sight Medical | ||
Products Inc. | 3,600 | 13 | |
* | CoLucid Pharmaceuticals Inc. | 1,560 | 13 |
* | Corindus Vascular Robotics | ||
Inc. | 8,802 | 13 | |
* | ERBA Diagnostics Inc. | 15,727 | 13 |
* | InVivo Therapeutics | ||
Holdings Corp. | 2,160 | 12 | |
* | Veracyte Inc. | 2,228 | 11 |
* | Nivalis Therapeutics Inc. | 2,432 | 11 |
* | Caladrius Biosciences Inc. | 18,200 | 11 |
* | Fibrocell Science Inc. | 9,200 | 11 |
* | CytoSorbents Corp. | 2,200 | 10 |
* | Assembly Biosciences Inc. | 1,600 | 9 |
* | Tetraphase Pharmaceuticals | ||
Inc. | 2,000 | 9 | |
* | Threshold Pharmaceuticals | ||
Inc. | 13,478 | 9 | |
* | Neos Therapeutics Inc. | 912 | 8 |
* | USMD Holdings Inc. | 447 | 8 |
* | CAS Medical Systems Inc. | 4,100 | 8 |
Diversicare Healthcare | |||
Services Inc. | 913 | 7 | |
* | EndoChoice Holdings Inc. | 1,463 | 7 |
* | Aethlon Medical Inc. | 1,232 | 7 |
* | Cancer Genetics Inc. | 3,500 | 7 |
* | Cytori Therapeutics Inc. | 3,275 | 7 |
* | Windtree Therapeutics Inc. | 3,527 | 7 |
* | Esperion Therapeutics Inc. | 675 | 7 |
* | Amedica Corp. | 5,026 | 7 |
* | Ocular Therapeutix Inc. | 910 | 5 |
Utah Medical Products Inc. | 68 | 4 | |
* | Cidara Therapeutics Inc. | 281 | 3 |
Catalyst Biosciences Inc. | 1,384 | 2 |
31
Institutional Total Stock Market Index Fund
Market | |||||
Value• | |||||
Shares | ($000) | ||||
*,^ | BioLife Solutions Inc. | 1,215 | 2 | ||
* | BioPharmX Corp. | 2,553 | 2 | ||
* | Sequenom Inc. | 1,514 | 1 | ||
Daxor Corp. | 161 | 1 | |||
* | Aviragen Therapeutics Inc. | 917 | 1 | ||
* | Hemispherx Biopharma Inc. | 10,732 | 1 | ||
* | CytomX Therapeutics Inc. | 100 | 1 | ||
* | AmpliPhi Biosciences Corp. | 288 | — | ||
* | Asterias Biotherapeutics Inc. | ||||
Warrants Exp. 9/30/16 | 1,344 | — | |||
* | CASI Pharmaceuticals Inc. | 200 | — | ||
* | Biodel Inc. | 700 | — | ||
* | Celsion Corp. | 127 | — | ||
* | Unilife Corp. | 49 | — | ||
* | Repros Therapeutics Inc. | 66 | — | ||
5,339,470 | |||||
Industrials (12.7%) | |||||
General Electric Co. | 16,605,258 | 522,734 | |||
3M Co. | 1,095,221 | 191,795 | |||
Honeywell International | |||||
Inc. | 1,376,178 | 160,077 | |||
United Technologies | |||||
Corp. | 1,435,631 | 147,224 | |||
Boeing Co. | 1,092,761 | 141,917 | |||
United Parcel Service | |||||
Inc. Class B | 1,246,715 | 134,296 | |||
Union Pacific Corp. | 1,518,635 | 132,501 | |||
Accenture plc Class A | 1,126,339 | 127,603 | |||
Lockheed Martin Corp. | 467,302 | 115,970 | |||
Danaher Corp. | 1,119,224 | 113,042 | |||
Caterpillar Inc. | 1,054,329 | 79,929 | |||
* | PayPal Holdings Inc. | 2,079,138 | 75,909 | ||
Raytheon Co. | 536,229 | 72,900 | |||
Northrop Grumman Corp. | 325,850 | 72,430 | |||
Automatic Data | |||||
Processing Inc. | 781,405 | 71,788 | |||
FedEx Corp. | 436,184 | 66,204 | |||
General Dynamics Corp. | 469,050 | 65,311 | |||
Emerson Electric Co. | 1,161,672 | 60,593 | |||
Illinois Tool Works Inc. | 551,508 | 57,445 | |||
Waste Management Inc. | 802,213 | 53,163 | |||
Eaton Corp. plc | 826,954 | 49,394 | |||
Norfolk Southern Corp. | 533,955 | 45,456 | |||
CSX Corp. | 1,726,049 | 45,015 | |||
* | Fiserv Inc. | 401,389 | 43,643 | ||
Fidelity National | |||||
Information Services Inc. | 589,468 | 43,432 | |||
Sherwin-Williams Co. | 141,971 | 41,693 | |||
Deere & Co. | 512,376 | 41,523 | |||
* | LinkedIn Corp. Class A | 212,981 | 40,307 | ||
TE Connectivity Ltd. | 645,712 | 36,877 | |||
Paychex Inc. | 585,208 | 34,820 | |||
Cummins Inc. | 307,574 | 34,584 | |||
PACCAR Inc. | 632,765 | 32,822 | |||
Tyco International plc | 768,345 | 32,732 | |||
Amphenol Corp. Class A | 556,046 | 31,878 |
Roper Technologies Inc. | 182,670 | 31,156 | |
Ingersoll-Rand plc | 464,830 | 29,600 | |
Vulcan Materials Co. | 240,430 | 28,938 | |
Rockwell Automation Inc. | 235,158 | 27,001 | |
Parker-Hannifin Corp. | 243,201 | 26,278 | |
Agilent Technologies Inc. | 591,834 | 26,254 | |
* | TransDigm Group Inc. | 90,882 | 23,965 |
Fastenal Co. | 521,591 | 23,153 | |
* | Waste Connections Inc. | 316,615 | 22,812 |
* | FleetCor Technologies Inc. | 158,759 | 22,723 |
WW Grainger Inc. | 99,661 | 22,648 | |
Republic Services Inc. | |||
Class A | 434,688 | 22,304 | |
* | Verisk Analytics Inc. | ||
Class A | 273,243 | 22,155 | |
Martin Marietta Materials | |||
Inc. | 114,661 | 22,015 | |
Rockwell Collins Inc. | 235,088 | 20,015 | |
Global Payments Inc. | 280,294 | 20,007 | |
* | Alliance Data Systems | ||
Corp. | 101,099 | 19,807 | |
Acuity Brands Inc. | 79,756 | 19,776 | |
Dover Corp. | 282,425 | 19,578 | |
AMETEK Inc. | 421,402 | 19,481 | |
CH Robinson Worldwide | |||
Inc. | 257,714 | 19,135 | |
Ball Corp. | 258,099 | 18,658 | |
Masco Corp. | 600,798 | 18,589 | |
L-3 Communications | |||
Holdings Inc. | 124,975 | 18,333 | |
WestRock Co. | 456,127 | 17,730 | |
* | Mettler-Toledo | ||
International Inc. | 48,311 | 17,630 | |
Kansas City Southern | 194,903 | 17,559 | |
Pentair plc | 296,026 | 17,255 | |
Xerox Corp. | 1,747,417 | 16,583 | |
Sealed Air Corp. | 358,685 | 16,489 | |
Expeditors International | |||
of Washington Inc. | 330,873 | 16,226 | |
* | Vantiv Inc. Class A | 284,438 | 16,099 |
* | Stericycle Inc. | 154,431 | 16,079 |
Fortune Brands Home & | |||
Security Inc. | 276,957 | 16,055 | |
Total System Services Inc. | 300,751 | 15,973 | |
Textron Inc. | 436,838 | 15,971 | |
Cintas Corp. | 154,507 | 15,162 | |
Xylem Inc. | 325,905 | 14,552 | |
Huntington Ingalls | |||
Industries Inc. | 85,552 | 14,375 | |
Broadridge Financial | |||
Solutions Inc. | 215,895 | 14,076 | |
Valspar Corp. | 129,832 | 14,026 | |
JB Hunt Transport | |||
Services Inc. | 163,817 | 13,258 | |
* | CoStar Group Inc. | 59,093 | 12,921 |
* | Crown Holdings Inc. | 253,389 | 12,839 |
32
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | HD Supply Holdings Inc. | 365,064 | 12,712 |
Jack Henry & Associates | |||
Inc. | 143,323 | 12,508 | |
Fluor Corp. | 252,532 | 12,445 | |
Carlisle Cos. Inc. | 116,728 | 12,336 | |
Allegion plc | 174,330 | 12,104 | |
AO Smith Corp. | 135,804 | 11,966 | |
Packaging Corp. of | |||
America | 169,896 | 11,371 | |
IDEX Corp. | 137,860 | 11,318 | |
* | Trimble Navigation Ltd. | 455,642 | 11,099 |
* | Jacobs Engineering | ||
Group Inc. | 222,737 | 11,095 | |
Wabtec Corp. | 154,565 | 10,855 | |
* | Sensata Technologies | ||
Holding NV | 309,735 | 10,807 | |
* | United Rentals Inc. | 159,786 | 10,722 |
Flowserve Corp. | 236,603 | 10,687 | |
Lennox International Inc. | 74,738 | 10,658 | |
Hubbell Inc. Class B | 99,873 | 10,534 | |
* | Arrow Electronics Inc. | 166,755 | 10,322 |
PerkinElmer Inc. | 196,808 | 10,317 | |
* | Spirit AeroSystems | ||
Holdings Inc. Class A | 238,971 | 10,276 | |
Owens Corning | 199,320 | 10,269 | |
Macquarie Infrastructure | |||
Corp. | 131,107 | 9,708 | |
Avnet Inc. | 232,061 | 9,401 | |
Sonoco Products Co. | 183,614 | 9,118 | |
AptarGroup Inc. | 114,986 | 9,099 | |
Orbital ATK Inc. | 106,848 | 9,097 | |
* | Keysight Technologies Inc. | 311,449 | 9,060 |
* | AECOM | 279,063 | 8,866 |
Bemis Co. Inc. | 171,921 | 8,852 | |
Robert Half International | |||
Inc. | 226,507 | 8,644 | |
B/E Aerospace Inc. | 184,524 | 8,520 | |
MDU Resources Group | |||
Inc. | 354,592 | 8,510 | |
* | Berry Plastics Group Inc. | 218,921 | 8,505 |
ManpowerGroup Inc. | 131,256 | 8,445 | |
Toro Co. | 94,926 | 8,372 | |
Donaldson Co. Inc. | 240,818 | 8,275 | |
Graco Inc. | 101,200 | 7,994 | |
FEI Co. | 74,297 | 7,941 | |
FLIR Systems Inc. | 248,525 | 7,692 | |
Graphic Packaging | |||
Holding Co. | 586,630 | 7,356 | |
Nordson Corp. | 87,972 | 7,355 | |
Allison Transmission | |||
Holdings Inc. | 260,437 | 7,352 | |
* | Old Dominion Freight | ||
Line Inc. | 120,532 | 7,269 | |
* | Genpact Ltd. | 266,014 | 7,140 |
Hexcel Corp. | 169,443 | 7,056 |
Booz Allen Hamilton | |||
Holding Corp. Class A | 228,483 | 6,772 | |
Chicago Bridge & Iron | |||
Co. NV | 190,785 | 6,607 | |
Lincoln Electric Holdings | |||
Inc. | 111,819 | 6,606 | |
Watsco Inc. | 46,745 | 6,577 | |
MAXIMUS Inc. | 118,000 | 6,534 | |
* | First Data Corp. Class A | 584,401 | 6,469 |
RR Donnelley & Sons Co. | 379,541 | 6,422 | |
Eagle Materials Inc. | 82,736 | 6,383 | |
Oshkosh Corp. | 132,922 | 6,342 | |
Cognex Corp. | 146,432 | 6,311 | |
* | Euronet Worldwide Inc. | 91,171 | 6,308 |
* | WEX Inc. | 70,198 | 6,224 |
* | CoreLogic Inc. | 161,648 | 6,220 |
MSC Industrial Direct Co. | |||
Inc. Class A | 87,740 | 6,191 | |
Curtiss-Wright Corp. | 72,868 | 6,139 | |
BWX Technologies Inc. | 171,474 | 6,134 | |
World Fuel Services Corp. | 128,636 | 6,109 | |
* | Genesee & Wyoming Inc. | ||
Class A | 103,355 | 6,093 | |
* | Quanta Services Inc. | 260,241 | 6,017 |
AGCO Corp. | 126,552 | 5,964 | |
Ryder System Inc. | 97,315 | 5,950 | |
Deluxe Corp. | 89,000 | 5,907 | |
Woodward Inc. | 101,189 | 5,833 | |
* | Kirby Corp. | 92,989 | 5,802 |
National Instruments Corp. | 208,995 | 5,726 | |
* | Teledyne Technologies Inc. | 56,063 | 5,553 |
Jabil Circuit Inc. | 294,323 | 5,436 | |
EMCOR Group Inc. | 110,265 | 5,432 | |
CLARCOR Inc. | 88,415 | 5,378 | |
Valmont Industries Inc. | 39,326 | 5,320 | |
Landstar System Inc. | 77,230 | 5,303 | |
* | Owens-Illinois Inc. | 293,095 | 5,279 |
ITT Inc. | 163,972 | 5,244 | |
* | Universal Display Corp. | 76,729 | 5,202 |
Trinity Industries Inc. | 277,955 | 5,162 | |
HEICO Corp. Class A | 95,786 | 5,139 | |
Crane Co. | 90,038 | 5,107 | |
* | IPG Photonics Corp. | 62,340 | 4,987 |
* | Clean Harbors Inc. | 94,096 | 4,903 |
Littelfuse Inc. | 40,488 | 4,785 | |
Air Lease Corp. Class A | 177,266 | 4,747 | |
*,^ | XPO Logistics Inc. | 179,554 | 4,715 |
EnerSys | 79,178 | 4,709 | |
Belden Inc. | 76,461 | 4,616 | |
* | Louisiana-Pacific Corp. | 260,725 | 4,524 |
* | Zebra Technologies Corp. | 90,042 | 4,511 |
Regal Beloit Corp. | 81,271 | 4,474 | |
* | USG Corp. | 159,076 | 4,289 |
* | Generac Holdings Inc. | 122,174 | 4,271 |
* | Colfax Corp. | 156,280 | 4,135 |
33
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Coherent Inc. | 44,109 | 4,048 |
Timken Co. | 130,935 | 4,014 | |
Convergys Corp. | 158,562 | 3,964 | |
*,^ | Cimpress NV | 42,837 | 3,962 |
* | WESCO International Inc. | 76,831 | 3,956 |
* | WageWorks Inc. | 65,811 | 3,936 |
* | TransUnion | 115,823 | 3,873 |
Terex Corp. | 187,616 | 3,810 | |
Joy Global Inc. | 178,237 | 3,768 | |
CEB Inc. | 60,286 | 3,718 | |
Silgan Holdings Inc. | 71,433 | 3,676 | |
Covanta Holding Corp. | 218,267 | 3,590 | |
* | Sanmina Corp. | 132,902 | 3,563 |
ABM Industries Inc. | 96,968 | 3,537 | |
* | AMN Healthcare Services | ||
Inc. | 87,354 | 3,492 | |
* | Masonite International | ||
Corp. | 52,557 | 3,476 | |
KBR Inc. | 262,537 | 3,476 | |
* | MasTec Inc. | 154,054 | 3,438 |
Universal Forest Products | |||
Inc. | 36,786 | 3,410 | |
G&K Services Inc. Class A | 44,459 | 3,404 | |
GATX Corp. | 76,713 | 3,373 | |
* | Esterline Technologies | ||
Corp. | 54,013 | 3,351 | |
AZZ Inc. | 55,694 | 3,341 | |
Mueller Industries Inc. | 104,161 | 3,321 | |
* | Cardtronics Inc. | 82,442 | 3,282 |
* | Moog Inc. Class A | 60,697 | 3,273 |
Granite Construction Inc. | 71,827 | 3,272 | |
* | Rexnord Corp. | 166,505 | 3,268 |
Tetra Tech Inc. | 105,276 | 3,237 | |
Kennametal Inc. | 145,109 | 3,208 | |
* | On Assignment Inc. | 86,631 | 3,201 |
Triumph Group Inc. | 89,862 | 3,190 | |
Mueller Water Products | |||
Inc. Class A | 278,580 | 3,181 | |
Insperity Inc. | 39,849 | 3,078 | |
Applied Industrial | |||
Technologies Inc. | 68,013 | 3,070 | |
* | FTI Consulting Inc. | 75,454 | 3,069 |
Barnes Group Inc. | 92,677 | 3,069 | |
John Bean Technologies | |||
Corp. | 50,107 | 3,068 | |
Vishay Intertechnology Inc. | 247,128 | 3,062 | |
MSA Safety Inc. | 57,994 | 3,046 | |
* | RBC Bearings Inc. | 41,826 | 3,032 |
UniFirst Corp. | 26,192 | 3,031 | |
Simpson Manufacturing | |||
Co. Inc. | 74,915 | 2,994 | |
* | ExlService Holdings Inc. | 57,123 | 2,994 |
Comfort Systems USA Inc. | 91,909 | 2,993 | |
Watts Water Technologies | |||
Inc. Class A | 51,294 | 2,988 | |
* | KLX Inc. | 96,299 | 2,985 |
* | Armstrong World | ||
Industries Inc. | 75,842 | 2,969 | |
* | Itron Inc. | 68,848 | 2,967 |
Knight Transportation Inc. | 110,287 | 2,931 | |
Apogee Enterprises Inc. | 62,466 | 2,895 | |
Exponent Inc. | 49,409 | 2,886 | |
* | Ambarella Inc. | 56,624 | 2,877 |
Albany International Corp. | 71,835 | 2,868 | |
Mobile Mini Inc. | 80,988 | 2,805 | |
AAON Inc. | 100,963 | 2,777 | |
* | DigitalGlobe Inc. | 128,437 | 2,747 |
* | Anixter International Inc. | 51,250 | 2,731 |
Astec Industries Inc. | 48,052 | 2,698 | |
* | Smith & Wesson Holding | ||
Corp. | 98,322 | 2,672 | |
* | Advisory Board Co. | 75,230 | 2,662 |
Badger Meter Inc. | 36,036 | 2,632 | |
Aircastle Ltd. | 134,036 | 2,622 | |
* | TopBuild Corp. | 71,862 | 2,601 |
* | Plexus Corp. | 59,632 | 2,576 |
Brady Corp. Class A | 84,162 | 2,572 | |
Matson Inc. | 78,927 | 2,549 | |
Standex International Corp. | 30,804 | 2,545 | |
Brink’s Co. | 88,205 | 2,513 | |
* | Huron Consulting Group Inc. | 41,012 | 2,478 |
* | Proto Labs Inc. | 42,907 | 2,470 |
* | Hub Group Inc. Class A | 64,316 | 2,468 |
* | TASER International Inc. | 98,994 | 2,463 |
Forward Air Corp. | 55,192 | 2,458 | |
Franklin Electric Co. Inc. | 73,964 | 2,445 | |
* | Swift Transportation Co. | 157,666 | 2,430 |
ESCO Technologies Inc. | 58,984 | 2,356 | |
* | Headwaters Inc. | 128,572 | 2,307 |
Methode Electronics Inc. | 67,294 | 2,303 | |
* | NeuStar Inc. Class A | 97,348 | 2,289 |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 122,013 | 2,230 | |
CIRCOR International Inc. | 38,995 | 2,222 | |
* | American Woodmark Corp. | 33,159 | 2,201 |
Sturm Ruger & Co. Inc. | 34,306 | 2,196 | |
Essendant Inc. | 71,404 | 2,182 | |
* | Knowles Corp. | 157,192 | 2,150 |
* | Atlas Air Worldwide | ||
Holdings Inc. | 51,421 | 2,130 | |
US Ecology Inc. | 45,977 | 2,113 | |
* | ExamWorks Group Inc. | 59,353 | 2,068 |
* | Imperva Inc. | 47,612 | 2,048 |
Greif Inc. Class A | 54,233 | 2,021 | |
* | Trex Co. Inc. | 44,117 | 1,982 |
Altra Industrial Motion Corp. | 73,307 | 1,978 | |
Alamo Group Inc. | 29,433 | 1,942 | |
* | OSI Systems Inc. | 33,393 | 1,941 |
* | Fabrinet | 51,923 | 1,927 |
Korn/Ferry International | 92,300 | 1,911 | |
* | Tutor Perini Corp. | 80,674 | 1,900 |
Heartland Express Inc. | 107,527 | 1,870 |
34
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
^ | Outerwall Inc. | 44,269 | 1,859 |
EnPro Industries Inc. | 40,680 | 1,806 | |
CTS Corp. | 100,646 | 1,804 | |
Otter Tail Corp. | 53,194 | 1,781 | |
EVERTEC Inc. | 113,962 | 1,771 | |
* | SPX FLOW Inc. | 67,001 | 1,747 |
Argan Inc. | 41,547 | 1,733 | |
* | Builders FirstSource Inc. | 152,073 | 1,711 |
Griffon Corp. | 101,380 | 1,709 | |
AAR Corp. | 72,100 | 1,683 | |
* | Rofin-Sinar Technologies | ||
Inc. | 52,381 | 1,673 | |
* | Greatbatch, Inc. | 54,045 | 1,672 |
* | Aegion Corp. Class A | 85,536 | 1,669 |
* | II-VI Inc. | 88,411 | 1,659 |
Werner Enterprises Inc. | 71,703 | 1,647 | |
* | CBIZ Inc. | 155,778 | 1,622 |
Actuant Corp. Class A | 71,376 | 1,614 | |
* | LifeLock Inc. | 100,572 | 1,590 |
* | FARO Technologies Inc. | 46,734 | 1,581 |
Quanex Building Products | |||
Corp. | 84,377 | 1,569 | |
* | Air Transport Services | ||
Group Inc. | 119,640 | 1,551 | |
Schnitzer Steel Industries | |||
Inc. | 87,851 | 1,546 | |
Kaman Corp. | 36,171 | 1,538 | |
* | Summit Materials Inc. | ||
Class A | 73,804 | 1,510 | |
* | Rogers Corp. | 24,451 | 1,494 |
Federal Signal Corp. | 114,513 | 1,475 | |
* | Babcock & Wilcox | ||
Enterprises Inc. | 99,339 | 1,459 | |
* | Sykes Enterprises Inc. | 50,213 | 1,454 |
* | Wesco Aircraft Holdings | ||
Inc. | 107,902 | 1,448 | |
Ennis Inc. | 75,422 | 1,447 | |
* | Cross Country Healthcare | ||
Inc. | 103,405 | 1,439 | |
* | PHH Corp. | 105,735 | 1,408 |
* | TriMas Corp. | 78,070 | 1,405 |
* | US Concrete Inc. | 22,797 | 1,389 |
TimkenSteel Corp. | 143,618 | 1,382 | |
Greenbrier Cos. Inc. | 47,208 | 1,375 | |
*,^ | Inovalon Holdings Inc. | ||
Class A | 75,651 | 1,362 | |
Materion Corp. | 54,848 | 1,358 | |
Marten Transport Ltd. | 68,026 | 1,347 | |
TeleTech Holdings Inc. | 49,263 | 1,337 | |
Raven Industries Inc. | 70,214 | 1,330 | |
AVX Corp. | 96,075 | 1,305 | |
General Cable Corp. | 101,430 | 1,289 | |
Kadant Inc. | 24,815 | 1,278 | |
* | Astronics Corp. | 38,398 | 1,277 |
* | Benchmark Electronics Inc. | 59,189 | 1,252 |
Tennant Co. | 22,983 | 1,238 | |
* | Boise Cascade Co. | 53,148 | 1,220 |
* | MACOM Technology | ||
Solutions Holdings Inc. | 36,839 | 1,215 | |
Manitowoc Co. Inc. | 222,797 | 1,214 | |
* | Gibraltar Industries Inc. | 38,401 | 1,212 |
Barrett Business Services | |||
Inc. | 29,214 | 1,207 | |
Cubic Corp. | 30,011 | 1,205 | |
Insteel Industries Inc. | 41,775 | 1,194 | |
ManTech International | |||
Corp. Class A | 31,483 | 1,191 | |
* | BMC Stock Holdings Inc. | 66,494 | 1,185 |
Myers Industries Inc. | 82,194 | 1,184 | |
* | TriNet Group Inc. | 55,646 | 1,157 |
^ | American Railcar Industries | ||
Inc. | 29,298 | 1,156 | |
H&E Equipment Services | |||
Inc. | 60,068 | 1,143 | |
* | Veeco Instruments Inc. | 68,626 | 1,136 |
* | Navistar International Corp. | 95,856 | 1,121 |
* | CRA International Inc. | 44,091 | 1,112 |
Lindsay Corp. | 16,039 | 1,088 | |
* | Team Inc. | 43,384 | 1,077 |
* | Patrick Industries Inc. | 17,769 | 1,071 |
* | Lydall Inc. | 27,511 | 1,061 |
* | MYR Group Inc. | 43,829 | 1,055 |
Harsco Corp. | 155,964 | 1,036 | |
McGrath RentCorp | 33,127 | 1,013 | |
* | Navigant Consulting Inc. | 62,604 | 1,011 |
* | Meritor Inc. | 139,106 | 1,002 |
* | DHI Group Inc. | 160,724 | 1,001 |
MTS Systems Corp. | 22,503 | 987 | |
Multi-Color Corp. | 15,335 | 972 | |
* | SPX Corp. | 65,383 | 971 |
* | TrueBlue Inc. | 51,301 | 971 |
Heidrick & Struggles | |||
International Inc. | 57,435 | 970 | |
Primoris Services Corp. | 50,263 | 951 | |
* | Paylocity Holding Corp. | 21,769 | 940 |
Advanced Drainage | |||
Systems Inc. | 33,390 | 914 | |
Powell Industries Inc. | 23,118 | 909 | |
ArcBest Corp. | 55,382 | 900 | |
Gorman-Rupp Co. | 32,718 | 897 | |
* | Wabash National Corp. | 70,435 | 895 |
* | Continental Building | ||
Products Inc. | 39,854 | 886 | |
* | Energy Recovery Inc. | 94,223 | 838 |
* | Covenant Transportation | ||
Group Inc. Class A | 46,302 | 837 | |
* | Bazaarvoice Inc. | 208,235 | 835 |
TAL International Group | |||
Inc. | 61,860 | 830 | |
* | Franklin Covey Co. | 53,993 | 828 |
35
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Encore Wire Corp. | 22,071 | 823 | |
* | Ducommun Inc. | 41,167 | 814 |
* | EnerNOC Inc. | 126,710 | 801 |
* | PGT Inc. | 77,600 | 799 |
Daktronics Inc. | 125,861 | 787 | |
American Science & | |||
Engineering Inc. | 20,809 | 778 | |
Cass Information | |||
Systems Inc. | 14,701 | 760 | |
Resources Connection Inc. | 51,251 | 757 | |
* | Saia Inc. | 30,061 | 756 |
* | Aerovironment Inc. | 27,078 | 753 |
Park-Ohio Holdings Corp. | 26,555 | 751 | |
Acacia Research Corp. | 167,653 | 738 | |
* | Information Services | ||
Group Inc. | 191,045 | 716 | |
* | ICF International Inc. | 17,263 | 706 |
* | Press Ganey Holdings Inc. | 17,187 | 676 |
Black Box Corp. | 51,466 | 673 | |
Quad/Graphics Inc. | 28,784 | 670 | |
Sun Hydraulics Corp. | 22,435 | 666 | |
Dynamic Materials Corp. | 60,214 | 647 | |
* | ARC Document Solutions | ||
Inc. | 164,816 | 641 | |
* | Armstrong Flooring Inc. | 37,606 | 637 |
* | Era Group Inc. | 67,600 | 635 |
Kforce Inc. | 37,105 | 627 | |
* | NCI Building Systems Inc. | 38,917 | 622 |
* | GP Strategies Corp. | 28,536 | 619 |
* | Monster Worldwide Inc. | 255,829 | 611 |
NN Inc. | 43,525 | 609 | |
Kelly Services Inc. Class A | 31,582 | 599 | |
* | Lionbridge Technologies | ||
Inc. | 151,449 | 598 | |
Celadon Group Inc. | 71,903 | 587 | |
CECO Environmental Corp. | 67,095 | 586 | |
Crawford & Co. Class B | 68,858 | 585 | |
Landauer Inc. | 14,199 | 584 | |
* | Landec Corp. | 53,668 | 577 |
* | Engility Holdings Inc. | 27,290 | 576 |
* | TTM Technologies Inc. | 76,402 | 575 |
^ | Crawford & Co. Class A | 75,035 | 573 |
Columbus McKinnon Corp. | 40,150 | 568 | |
* | Nortek Inc. | 9,519 | 565 |
Electro Rent Corp. | 36,293 | 559 | |
Hyster-Yale Materials | |||
Handling Inc. | 9,387 | 558 | |
* | Thermon Group Holdings | ||
Inc. | 28,950 | 556 | |
* | Casella Waste Systems Inc. | ||
Class A | 70,808 | 556 | |
Miller Industries Inc. | 26,603 | 548 | |
* | Multi-Fineline Electronix Inc. | 23,168 | 538 |
* | Installed Building Products | ||
Inc. | 14,500 | 526 |
United States Lime & | |||
Minerals Inc. | 8,666 | 511 | |
* | Layne Christensen Co. | 61,517 | 498 |
* | Echo Global Logistics Inc. | 21,481 | 482 |
NACCO Industries Inc. | |||
Class A | 8,389 | 470 | |
AEP Industries Inc. | 5,711 | 460 | |
* | Ply Gem Holdings Inc. | 31,039 | 452 |
Viad Corp. | 14,537 | 451 | |
LSI Industries Inc. | 40,082 | 444 | |
* | Kimball Electronics Inc. | 34,648 | 431 |
HEICO Corp. | 6,304 | 421 | |
* | Great Lakes Dredge & | ||
Dock Corp. | 95,202 | 415 | |
* | Electro Scientific Industries | ||
Inc. | 69,591 | 406 | |
* | RPX Corp. | 44,071 | 404 |
Graham Corp. | 21,420 | 395 | |
NVE Corp. | 6,690 | 392 | |
* | Lawson Products Inc. | 19,589 | 389 |
Bel Fuse Inc. Class B | 21,864 | 389 | |
* | Horizon Global Corp. | 33,364 | 379 |
* | CyberOptics Corp. | 25,135 | 377 |
Park Electrochemical Corp. | 25,781 | 375 | |
* | Commercial Vehicle | ||
Group Inc. | 69,313 | 360 | |
Mesa Laboratories Inc. | 2,907 | 358 | |
Textainer Group Holdings | |||
Ltd. | 30,785 | 343 | |
Spartan Motors Inc. | 54,514 | 341 | |
Hardinge Inc. | 32,619 | 328 | |
Eastern Co. | 19,602 | 325 | |
* | Maxwell Technologies Inc. | 61,076 | 322 |
* | PAM Transportation | ||
Services Inc. | 20,094 | 319 | |
* | American Superconductor | ||
Corp. | 37,559 | 317 | |
* | Kemet Corp. | 108,012 | 316 |
* | DXP Enterprises Inc. | 20,637 | 308 |
* | InnerWorkings Inc. | 37,219 | 308 |
* | Vishay Precision Group Inc. | 22,868 | 307 |
* | Ameresco Inc. Class A | 68,671 | 300 |
Global Brass & Copper | |||
Holdings Inc. | 10,819 | 295 | |
* | Accuride Corp. | 238,030 | 295 |
* | Heritage-Crystal Clean Inc. | 23,489 | 287 |
* | Control4 Corp. | 35,100 | 286 |
Houston Wire & Cable Co. | 54,511 | 286 | |
CDI Corp. | 46,883 | 286 | |
Allied Motion Technologies | |||
Inc. | 12,159 | 283 | |
* | Novanta Inc. | 18,624 | 282 |
* | Vicor Corp. | 27,927 | 281 |
* | Kratos Defense & Security | ||
Solutions Inc. | 68,262 | 280 |
36
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
*,^ | CUI Global Inc. | 55,345 | 279 |
* | Arotech Corp. | 92,751 | 261 |
*,^ | ClearSign Combustion Corp. | 50,569 | 253 |
* | Mistras Group Inc. | 9,970 | 238 |
* | Northwest Pipe Co. | 22,027 | 237 |
* | CAI International Inc. | 30,972 | 232 |
* | ServiceSource International | ||
Inc. | 54,970 | 222 | |
* | Ballantyne Strong Inc. | 42,291 | 221 |
* | YRC Worldwide Inc. | 24,854 | 219 |
* | Goldfield Corp. | 66,601 | 218 |
*,^ | A. M. Castle & Co. | 132,138 | 217 |
* | Westport Fuel Systems | ||
Inc. | 129,397 | 216 | |
* | Cenveo Inc. | 262,017 | 214 |
Hurco Cos. Inc. | 7,342 | 204 | |
* | Roadrunner Transportation | ||
Systems Inc. | 27,181 | 203 | |
BlueLinx Holdings Inc. | 27,852 | 196 | |
* | Astronics Corp. Class B | 5,910 | 196 |
LB Foster Co. Class A | 17,828 | 194 | |
* | ModusLink Global | ||
Solutions Inc. | 153,608 | 189 | |
* | Orion Group Holdings Inc. | 33,320 | 177 |
* | Intevac Inc. | 30,977 | 176 |
* | Everi Holdings Inc. | 151,155 | 174 |
* | PRGX Global Inc. | 32,040 | 167 |
* | Milacron Holdings Corp. | 10,582 | 154 |
* | Willis Lease Finance Corp. | 6,584 | 146 |
* | USA Truck Inc. | 8,258 | 145 |
Overseas Shipholding | |||
Group Inc. Class A | 12,655 | 139 | |
* | Nuvectra Corp. | 18,420 | 136 |
* | Sterling Construction Co. | ||
Inc. | 27,200 | 134 | |
* | Broadwind Energy Inc. | 31,113 | 131 |
* | UFP Technologies Inc. | 5,749 | 130 |
* | Echelon Corp. | 26,683 | 127 |
Douglas Dynamics Inc. | 4,573 | 118 | |
* | IES Holdings Inc. | 8,711 | 108 |
* | TRC Cos. Inc. | 17,053 | 108 |
* | Sparton Corp. | 4,933 | 107 |
* | Fuel Tech Inc. | 71,059 | 105 |
National Research Corp. | |||
Class B | 3,096 | 103 | |
* | Hill International Inc. | 24,339 | 99 |
VSE Corp. | 1,475 | 99 | |
Hudson Global Inc. | 48,253 | 95 | |
Supreme Industries Inc. | |||
Class A | 6,861 | 94 | |
Universal Technical | |||
Institute Inc. | 40,610 | 92 | |
FreightCar America Inc. | 6,512 | 91 | |
* | Innovative Solutions & | ||
Support Inc. | 31,038 | 88 | |
* | Cotiviti Holdings Inc. | 4,020 | 85 |
* | Radiant Logistics Inc. | 28,000 | 84 |
AMCON Distributing Co. | 900 | 80 | |
* | Evolent Health Inc. Class A | 4,083 | 78 |
* | Perma-Fix Environmental | ||
Services | 15,311 | 78 | |
* | LMI Aerospace Inc. | 9,475 | 76 |
* | StarTek Inc. | 15,981 | 70 |
* | Frequency Electronics Inc. | 7,273 | 68 |
* | Aspen Aerogels Inc. | 13,412 | 67 |
*,^ | Synthesis Energy Systems | ||
Inc. | 55,859 | 59 | |
* | Xerium Technologies Inc. | 8,965 | 57 |
* | IEC Electronics Corp. | 13,361 | 55 |
* | Air T Inc. | 2,500 | 54 |
* | Capstone Turbine Corp. | 35,895 | 50 |
* | Active Power Inc. | 124,779 | 49 |
* | Ultralife Corp. | 9,678 | 48 |
* | Lincoln Educational | ||
Services Corp. | 30,118 | 45 | |
* | American Electric | ||
Technologies Inc. | 17,847 | 45 | |
* | Asure Software Inc. | 9,398 | 44 |
Richardson Electronics Ltd. | 7,894 | 42 | |
* | Key Technology Inc. | 4,289 | 40 |
* | Multi Packaging Solutions | ||
International Ltd. | 2,900 | 39 | |
* | Applied DNA Sciences Inc. | 11,980 | 39 |
Twin Disc Inc. | 3,509 | 38 | |
* | Power Solutions | ||
International Inc. | 1,862 | 33 | |
* | NV5 Global Inc. | 1,100 | 31 |
National Research Corp. | |||
Class A | 2,202 | 30 | |
* | MicroVision Inc. | 17,717 | 30 |
* | MINDBODY Inc. Class A | 1,814 | 29 |
* | Mattersight Corp. | 6,659 | 26 |
Omega Flex Inc. | 666 | 25 | |
* | Onvia Inc. | 6,351 | 23 |
* | Gencor Industries Inc. | 1,450 | 23 |
Bel Fuse Inc. Class A | 1,477 | 22 | |
* | Revolution Lighting | ||
Technologies Inc. | 3,385 | 21 | |
* | AeroCentury Corp. | 2,175 | 20 |
* | Hudson Technologies Inc. | 5,527 | 20 |
Greif Inc. Class B | 318 | 17 | |
* | Patriot Transportation | ||
Holding Inc. | 794 | 15 | |
* | Research Frontiers Inc. | 4,224 | 15 |
* | Orion Energy Systems Inc. | 13,216 | 15 |
* | Digital Ally Inc. | 3,600 | 14 |
* | Energy Focus Inc. | 1,890 | 12 |
* | Turtle Beach Corp. | 11,768 | 11 |
*,^ | Eagle Bulk Shipping Inc. | 22,911 | 10 |
* | Industrial Services of | ||
America Inc. | 5,080 | 9 | |
* | Cartesian Inc. | 7,826 | 8 |
37
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Art’s-Way Manufacturing | ||
Co. Inc. | 2,553 | 8 | |
* | Rand Logistics Inc. | 6,796 | 7 |
* | Sharps Compliance Corp. | 1,172 | 5 |
Universal Logistics | |||
Holdings Inc. | 360 | 5 | |
Ecology and Environment | |||
Inc. | 450 | 5 | |
* | Rubicon Technology Inc. | 6,096 | 4 |
* | American DG Energy Inc. | 15,120 | 4 |
* | Odyssey Marine | ||
Exploration Inc. | 1,433 | 3 | |
* | Wireless Telecom Group | ||
Inc. | 1,403 | 2 | |
* | Sypris Solutions Inc. | 1,594 | 1 |
Chicago Rivet & Machine | |||
Co. | 28 | 1 | |
* | CTPartners Executive | ||
Search Inc. | 74,003 | — | |
5,032,174 | |||
Oil & Gas (6.8%) | |||
Exxon Mobil Corp. | 7,487,868 | 701,913 | |
Chevron Corp. | 3,403,319 | 356,770 | |
Schlumberger Ltd. | 2,512,220 | 198,666 | |
Occidental Petroleum | |||
Corp. | 1,379,137 | 104,208 | |
ConocoPhillips | 2,236,171 | 97,497 | |
EOG Resources Inc. | 993,605 | 82,887 | |
Halliburton Co. | 1,473,969 | 66,756 | |
Kinder Morgan Inc. | 3,425,228 | 64,120 | |
Phillips 66 | 806,632 | 63,998 | |
Anadarko Petroleum | |||
Corp. | 921,717 | 49,081 | |
Spectra Energy Corp. | 1,265,669 | 46,361 | |
Pioneer Natural | |||
Resources Co. | 295,303 | 44,653 | |
Valero Energy Corp. | 848,299 | 43,263 | |
Apache Corp. | 683,517 | 38,051 | |
Marathon Petroleum | |||
Corp. | 956,741 | 36,318 | |
Baker Hughes Inc. | 790,678 | 35,683 | |
Devon Energy Corp. | 898,854 | 32,583 | |
Hess Corp. | 514,647 | 30,930 | |
* | Concho Resources Inc. | 237,465 | 28,322 |
Noble Energy Inc. | 775,675 | 27,823 | |
Williams Cos. Inc. | 1,219,804 | 26,384 | |
EQT Corp. | 311,870 | 24,148 | |
Marathon Oil Corp. | 1,530,591 | 22,974 | |
National Oilwell Varco | |||
Inc. | 680,873 | 22,911 | |
Cabot Oil & Gas Corp. | 839,659 | 21,613 | |
Cimarex Energy Co. | 172,231 | 20,551 | |
Columbia Pipeline Group | |||
Inc. | 728,706 | 18,575 | |
Tesoro Corp. | 218,715 | 16,386 | |
* | Newfield Exploration Co. | 361,031 | 15,950 |
* | Cheniere Energy Inc. | 363,424 | 13,647 |
Range Resources Corp. | 291,184 | 12,562 | |
Helmerich & Payne Inc. | 186,629 | 12,528 | |
* | Diamondback Energy Inc. | 130,547 | 11,907 |
OGE Energy Corp. | 363,009 | 11,889 | |
Targa Resources Corp. | 277,321 | 11,686 | |
* | FMC Technologies Inc. | 412,220 | 10,994 |
* | Southwestern Energy Co. | 871,086 | 10,958 |
Core Laboratories NV | 79,856 | 9,893 | |
Murphy Oil Corp. | 296,737 | 9,421 | |
* | Antero Resources Corp. | 358,537 | 9,315 |
* | Weatherford | ||
International plc | 1,628,474 | 9,038 | |
Energen Corp. | 176,545 | 8,511 | |
* | Continental Resources | ||
Inc. | 169,547 | 7,675 | |
HollyFrontier Corp. | 320,506 | 7,618 | |
QEP Resources Inc. | 429,738 | 7,576 | |
Transocean Ltd. | 629,803 | 7,488 | |
* | Parsley Energy Inc. | ||
Class A | 271,114 | 7,336 | |
* | Gulfport Energy Corp. | 227,950 | 7,126 |
* | First Solar Inc. | 138,817 | 6,730 |
* | WPX Energy Inc. | 591,870 | 5,510 |
Patterson-UTI Energy Inc. | 254,911 | 5,435 | |
Oceaneering International | |||
Inc. | 178,270 | 5,323 | |
Ensco plc Class A | 547,542 | 5,317 | |
Superior Energy Services | |||
Inc. | 275,106 | 5,065 | |
Nabors Industries Ltd. | 490,308 | 4,928 | |
* | PDC Energy Inc. | 84,231 | 4,853 |
* | Chesapeake Energy | ||
Corp. | 1,118,580 | 4,788 | |
* | Rice Energy Inc. | 199,296 | 4,392 |
* | Whiting Petroleum Corp. | 456,846 | 4,230 |
PBF Energy Inc. Class A | 177,466 | 4,220 | |
* | RSP Permian Inc. | 119,975 | 4,186 |
* | Dril-Quip Inc. | 68,955 | 4,029 |
Rowan Cos. plc Class A | 227,040 | 4,010 | |
Noble Corp. plc | 442,806 | 3,649 | |
* | Carrizo Oil & Gas Inc. | 100,883 | 3,617 |
* | NOW Inc. | 185,798 | 3,370 |
SM Energy Co. | 123,757 | 3,341 | |
* | Oil States International Inc. | 93,546 | 3,076 |
SemGroup Corp. Class A | 93,724 | 3,052 | |
Denbury Resources Inc. | 840,812 | 3,019 | |
* | Memorial Resource | ||
Development Corp. | 186,762 | 2,966 | |
* | Oasis Petroleum Inc. | 312,775 | 2,921 |
* | Callon Petroleum Co. | 259,391 | 2,913 |
* | Matador Resources Co. | 144,640 | 2,864 |
Diamond Offshore Drilling | |||
Inc. | 112,049 | 2,726 | |
Western Refining Inc. | 130,278 | 2,688 | |
* | Laredo Petroleum Inc. | 243,515 | 2,552 |
38
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | MRC Global Inc. | 179,249 | 2,547 |
*,^ | RPC Inc. | 148,432 | 2,305 |
* | McDermott International | ||
Inc. | 443,832 | 2,193 | |
* | SEACOR Holdings Inc. | 37,162 | 2,154 |
Green Plains Inc. | 104,650 | 2,064 | |
* | Forum Energy | ||
Technologies Inc. | 114,605 | 1,984 | |
*,^ | Flotek Industries Inc. | 130,654 | 1,725 |
Pattern Energy Group Inc. | |||
Class A | 70,625 | 1,622 | |
*,^ | SunPower Corp. Class A | 98,117 | 1,520 |
Archrock Inc. | 156,023 | 1,470 | |
Delek US Holdings Inc. | 109,651 | 1,449 | |
Atwood Oceanics Inc. | 114,823 | 1,438 | |
* | California Resources Corp. | 117,590 | 1,435 |
* | REX American Resources | ||
Corp. | 23,574 | 1,410 | |
* | Synergy Resources Corp. | 209,891 | 1,398 |
* | Newpark Resources Inc. | 239,821 | 1,389 |
* | Chart Industries Inc. | 55,076 | 1,329 |
* | Renewable Energy Group | ||
Inc. | 148,504 | 1,311 | |
* | Bill Barrett Corp. | 189,782 | 1,213 |
*,^ | Clayton Williams Energy | ||
Inc. | 41,309 | 1,134 | |
* | Matrix Service Co. | 67,287 | 1,110 |
* | Dawson Geophysical Co. | 136,058 | 1,109 |
* | Exterran Corp. | 75,288 | 967 |
* | Northern Oil and Gas Inc. | 206,468 | 954 |
* | TETRA Technologies Inc. | 138,250 | 881 |
* | Natural Gas Services | ||
Group Inc. | 38,436 | 880 | |
* | Par Pacific Holdings Inc. | 56,546 | 867 |
Bristow Group Inc. | 73,828 | 842 | |
* | Abraxas Petroleum Corp. | 744,748 | 842 |
CVR Energy Inc. | 52,325 | 811 | |
* | ION Geophysical Corp. | 126,182 | 786 |
Alon USA Energy Inc. | 116,576 | 755 | |
* | EXCO Resources Inc. | 572,995 | 745 |
* | Green Brick Partners Inc. | 95,396 | 694 |
Adams Resources & | |||
Energy Inc. | 16,481 | 635 | |
* | Hornbeck Offshore | ||
Services Inc. | 74,150 | 618 | |
* | Unit Corp. | 37,992 | 591 |
* | Parker Drilling Co. | 246,302 | 564 |
* | Contango Oil & Gas Co. | 45,407 | 556 |
* | Eclipse Resources Corp. | 166,058 | 555 |
*,^ | Basic Energy Services Inc. | 327,605 | 550 |
* | Independence Contract | ||
Drilling Inc. | 98,339 | 534 | |
* | Cobalt International | ||
Energy Inc. | 392,445 | 526 | |
* | Helix Energy Solutions | ||
Group Inc. | 75,540 | 511 |
*,^ | Bonanza Creek Energy Inc. | 251,039 | 505 |
Gulf Island Fabrication Inc. | 66,844 | 464 | |
*,^ | TerraVia Holdings Inc. | 173,475 | 455 |
Tesco Corp. | 65,832 | 440 | |
* | Plug Power Inc. | 216,277 | 402 |
* | Pacific Ethanol Inc. | 69,913 | 381 |
* | EP Energy Corp. Class A | 60,300 | 312 |
* | Approach Resources Inc. | 146,177 | 307 |
* | VAALCO Energy Inc. | 280,966 | 298 |
*,^ | FuelCell Energy Inc. | 47,468 | 295 |
* | PHI Inc. (non-voting shares) | 16,385 | 293 |
* | Jones Energy Inc. Class A | 69,223 | 285 |
* | Gastar Exploration Inc. | 226,590 | 249 |
Panhandle Oil and Gas | |||
Inc. Class A | 14,610 | 244 | |
Evolution Petroleum Corp. | 43,091 | 236 | |
* | Sanchez Energy Corp. | 32,900 | 232 |
* | Trecora Resources | 20,083 | 209 |
*,^ | Enphase Energy Inc. | 90,916 | 181 |
* | PetroQuest Energy Inc. | 46,985 | 156 |
* | Mitcham Industries Inc. | 41,316 | 155 |
*,^ | Amyris Inc. | 320,610 | 144 |
* | Ring Energy Inc. | 13,495 | 119 |
*,^ | Harvest Natural | ||
Resources Inc. | 111,432 | 93 | |
CARBO Ceramics Inc. | 6,000 | 79 | |
* | Geospace Technologies | ||
Corp. | 1,988 | 33 | |
* | Resolute Energy Corp. | 5,270 | 16 |
* | Stone Energy Corp. | 1,167 | 14 |
*,^ | Rex Energy Corp. | 19,900 | 13 |
* | Halcon Resources Corp. | 28,300 | 13 |
*,^ | MagneGas Corp. | 17,025 | 10 |
* | Comstock Resources Inc. | 11,495 | 10 |
* | Zion Oil & Gas Inc. | 6,828 | 10 |
* | Key Energy Services Inc. | 27,200 | 6 |
* | Ideal Power Inc. | 791 | 4 |
* | PHI Inc. (voting shares) | 229 | 4 |
* | Yuma Energy Inc. | 12,744 | 4 |
* | Aemetis Inc. | 1,072 | 2 |
* | Torchlight Energy | ||
Resources Inc. | 3,977 | 2 | |
* | PrimeEnergy Corp. | 10 | 1 |
* | Willbros Group Inc. | 190 | — |
* | Triangle Petroleum Corp. | 600 | — |
2,699,962 | |||
Other (0.0%)2 | |||
* | Leap Wireless | ||
International Inc CVR | 134,187 | 338 | |
* | Dyax Corp CVR Expire | ||
12/31/2019 | 266,416 | 295 | |
* | Adolor Corp. Rights Exp. | ||
07/01/2019 | 126,930 | 66 | |
* | Chelsea Therapeutics | ||
International Ltd. CVR | |||
Exp. 12/31/2016 | 288,407 | 32 |
39
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Ambit Biosciences Corp. | ||
CVR Rights | 29,736 | 18 | |
* | Alexza Pharmaceuticals | ||
Inc CVR | 80,591 | 3 | |
* | Durata Therapeutics Inc | ||
CVR Expire 12/31/2018 | 800 | 1 | |
* | Clinical Data CVR | 29,879 | — |
* | Gerber Scientific Inc. CVR | 53,384 | — |
*,^ | Biosante Pharmaceutical | ||
Inc CVR | 156,953 | — | |
* | Cubist Pharmaceuticals, | ||
Inc. CVR | 16,200 | — | |
* | Allen Organ Co. Escrow | ||
Shares | 283 | — | |
753 | |||
Technology (15.4%) | |||
Apple Inc. | 9,396,441 | 898,300 | |
Microsoft Corp. | 13,484,498 | 690,002 | |
* | Facebook Inc. Class A | 3,965,931 | 453,227 |
* | Alphabet Inc. Class A | 530,309 | 373,088 |
* | Alphabet Inc. Class C | 527,148 | 364,839 |
Intel Corp. | 8,526,871 | 279,681 | |
Cisco Systems Inc. | 9,082,496 | 260,577 | |
International Business | |||
Machines Corp. | 1,560,056 | 236,785 | |
Oracle Corp. | 5,620,227 | 230,036 | |
QUALCOMM Inc. | 2,652,502 | 142,095 | |
Texas Instruments Inc. | 1,813,413 | 113,610 | |
Broadcom Ltd. | 705,313 | 109,606 | |
EMC Corp. | 3,527,034 | 95,830 | |
* | salesforce.com Inc. | 1,162,182 | 92,289 |
* | Adobe Systems Inc. | 903,220 | 86,519 |
* | Cognizant Technology | ||
Solutions Corp. Class A | 1,094,012 | 62,621 | |
* | Yahoo! Inc. | 1,543,716 | 57,982 |
Hewlett Packard | |||
Enterprise Co. | 3,099,735 | 56,632 | |
Intuit Inc. | 438,887 | 48,984 | |
Applied Materials Inc. | 2,041,795 | 48,942 | |
NVIDIA Corp. | 916,070 | 43,064 | |
Corning Inc. | 1,941,784 | 39,768 | |
HP Inc. | 3,117,968 | 39,131 | |
* | Cerner Corp. | 549,378 | 32,194 |
Analog Devices Inc. | 554,941 | 31,432 | |
* | Micron Technology Inc. | 1,872,649 | 25,768 |
Lam Research Corp. | 288,148 | 24,222 | |
* | Red Hat Inc. | 327,555 | 23,780 |
Western Digital Corp. | 482,778 | 22,816 | |
Symantec Corp. | 1,105,591 | 22,709 | |
Skyworks Solutions Inc. | 343,471 | 21,735 | |
* | Citrix Systems Inc. | 265,988 | 21,303 |
Xilinx Inc. | 461,388 | 21,284 | |
* | Autodesk Inc. | 385,218 | 20,856 |
KLA-Tencor Corp. | 281,124 | 20,592 | |
Linear Technology Corp. | 434,677 | 20,226 |
Motorola Solutions Inc. | 301,910 | 19,917 | |
Harris Corp. | 227,040 | 18,944 | |
Microchip Technology Inc. | 371,320 | 18,848 | |
* | Palo Alto Networks Inc. | 152,805 | 18,740 |
* | ServiceNow Inc. | 281,791 | 18,711 |
CA Inc. | 567,683 | 18,637 | |
Maxim Integrated | |||
Products Inc. | 513,371 | 18,322 | |
* | Twitter Inc. | 1,021,123 | 17,267 |
* | Akamai Technologies Inc. | 301,200 | 16,846 |
CDK Global Inc. | 282,145 | 15,656 | |
* | Workday Inc. Class A | 203,605 | 15,203 |
* | Synopsys Inc. | 276,348 | 14,945 |
Juniper Networks Inc. | 663,775 | 14,928 | |
* | ANSYS Inc. | 160,163 | 14,535 |
* | VeriSign Inc. | 166,480 | 14,394 |
* | Gartner Inc. | 142,640 | 13,895 |
* | Qorvo Inc. | 249,239 | 13,773 |
* | F5 Networks Inc. | 120,869 | 13,760 |
Seagate Technology plc | 543,055 | 13,229 | |
* | Cadence Design Systems | ||
Inc. | 543,256 | 13,201 | |
* | Splunk Inc. | 241,134 | 13,065 |
NetApp Inc. | 521,940 | 12,835 | |
Computer Sciences Corp. | 251,076 | 12,466 | |
CDW Corp. | 285,666 | 11,449 | |
* | Ultimate Software Group | ||
Inc. | 49,964 | 10,507 | |
* | athenahealth Inc. | 71,510 | 9,869 |
* | Tyler Technologies Inc. | 58,609 | 9,771 |
Ingram Micro Inc. | 271,821 | 9,454 | |
Garmin Ltd. | 206,685 | 8,768 | |
SS&C Technologies | |||
Holdings Inc. | 306,365 | 8,603 | |
* | Manhattan Associates Inc. | 132,590 | 8,503 |
*,^ | VMware Inc. Class A | 147,044 | 8,414 |
* | CommScope Holding Co. | ||
Inc. | 261,930 | 8,128 | |
* | Guidewire Software Inc. | 131,173 | 8,101 |
* | Nuance Communications | ||
Inc. | 506,843 | 7,922 | |
* | PTC Inc. | 208,486 | 7,835 |
Brocade Communications | |||
Systems Inc. | 850,686 | 7,809 | |
IAC/InterActiveCorp | 132,509 | 7,460 | |
* | Fortinet Inc. | 233,752 | 7,384 |
Teradyne Inc. | 373,831 | 7,361 | |
* | ARRIS International plc | 342,926 | 7,188 |
Marvell Technology | |||
Group Ltd. | 747,697 | 7,126 | |
DST Systems Inc. | 60,368 | 7,029 | |
CSRA Inc. | 294,558 | 6,902 | |
* | Microsemi Corp. | 205,791 | 6,725 |
* | ON Semiconductor Corp. | 754,708 | 6,657 |
Fair Isaac Corp. | 57,006 | 6,442 |
40
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Leidos Holdings Inc. | 131,027 | 6,272 | |
* | NCR Corp. | 223,673 | 6,211 |
Pitney Bowes Inc. | 348,101 | 6,196 | |
* | Aspen Technology Inc. | 151,622 | 6,101 |
* | Advanced Micro Devices | ||
Inc. | 1,153,329 | 5,928 | |
* | Teradata Corp. | 234,656 | 5,883 |
Blackbaud Inc. | 86,453 | 5,870 | |
* | ViaSat Inc. | 79,848 | 5,701 |
Cypress Semiconductor | |||
Corp. | 534,727 | 5,641 | |
* | EPAM Systems Inc. | 87,145 | 5,604 |
* | Veeva Systems Inc. | ||
Class A | 157,776 | 5,383 | |
* | IMS Health Holdings Inc. | 209,812 | 5,321 |
* | NetSuite Inc. | 72,849 | 5,303 |
j2 Global Inc. | 83,839 | 5,296 | |
SYNNEX Corp. | 54,223 | 5,141 | |
* | Dycom Industries Inc. | 56,918 | 5,109 |
* | Qlik Technologies Inc. | 170,983 | 5,058 |
* | Tableau Software Inc. | ||
Class A | 99,978 | 4,891 | |
* | Arista Networks Inc. | 74,830 | 4,818 |
* | Ellie Mae Inc. | 51,883 | 4,755 |
* | Medidata Solutions Inc. | 98,920 | 4,636 |
* | Demandware Inc. | 61,825 | 4,631 |
* | Integrated Device | ||
Technology Inc. | 229,231 | 4,614 | |
* | Tech Data Corp. | 63,762 | 4,581 |
Monolithic Power | |||
Systems Inc. | 65,964 | 4,507 | |
* | Proofpoint Inc. | 71,189 | 4,491 |
* | Cree Inc. | 183,614 | 4,488 |
* | FireEye Inc. | 272,018 | 4,480 |
* | Cirrus Logic Inc. | 115,135 | 4,466 |
* | Ciena Corp. | 237,124 | 4,446 |
* | Allscripts Healthcare | ||
Solutions Inc. | 343,854 | 4,367 | |
* | ACI Worldwide Inc. | 215,332 | 4,201 |
MKS Instruments Inc. | 97,080 | 4,180 | |
* | Fairchild Semiconductor | ||
International Inc. Class A | 206,808 | 4,105 | |
Mentor Graphics Corp. | 193,078 | 4,105 | |
Science Applications | |||
International Corp. | 70,324 | 4,103 | |
Lexmark International Inc. | |||
Class A | 108,229 | 4,086 | |
* | Rackspace Hosting Inc. | 192,950 | 4,025 |
* | CACI International Inc. | ||
Class A | 44,212 | 3,997 | |
* | NetScout Systems Inc. | 178,873 | 3,980 |
* | Cavium Inc. | 98,851 | 3,816 |
* | Verint Systems Inc. | 113,422 | 3,758 |
* | Zendesk Inc. | 141,727 | 3,739 |
* | Entegris Inc. | 255,912 | 3,703 |
* | Electronics For Imaging Inc. | 85,946 | 3,699 |
* | Synaptics Inc. | 66,709 | 3,586 |
InterDigital Inc. | 63,535 | 3,538 | |
* | VeriFone Systems Inc. | 190,261 | 3,527 |
* | Silicon Laboratories Inc. | 72,003 | 3,509 |
* | Advanced Energy | ||
Industries Inc. | 92,073 | 3,495 | |
* | Finisar Corp. | 195,180 | 3,418 |
* | Cornerstone OnDemand | ||
Inc. | 89,280 | 3,398 | |
Intersil Corp. Class A | 245,544 | 3,325 | |
* | EchoStar Corp. Class A | 82,990 | 3,295 |
* | NETGEAR Inc. | 69,204 | 3,290 |
* | Paycom Software Inc. | 75,564 | 3,265 |
* | CommVault Systems Inc. | 74,074 | 3,199 |
* | Progress Software Corp. | 114,060 | 3,132 |
* | Fleetmatics Group plc | 70,452 | 3,053 |
CSG Systems International | |||
Inc. | 74,912 | 3,020 | |
NIC Inc. | 137,427 | 3,015 | |
Cogent Communications | |||
Holdings Inc. | 74,377 | 2,980 | |
* | MicroStrategy Inc. Class A | 16,960 | 2,968 |
* | BroadSoft Inc. | 72,046 | 2,956 |
* | Infinera Corp. | 257,836 | 2,908 |
* | Viavi Solutions Inc. | 429,183 | 2,845 |
Tessera Technologies Inc. | 92,432 | 2,832 | |
* | Semtech Corp. | 118,454 | 2,826 |
* | Polycom Inc. | 246,583 | 2,774 |
* | Syntel Inc. | 61,081 | 2,765 |
* | Gigamon Inc. | 72,162 | 2,698 |
* | Callidus Software Inc. | 135,026 | 2,698 |
* | Premier Inc. Class A | 82,314 | 2,692 |
Plantronics Inc. | 60,435 | 2,659 | |
*,^ | 3D Systems Corp. | 194,077 | 2,657 |
* | LogMeIn Inc. | 41,790 | 2,651 |
^ | Ebix Inc. | 55,290 | 2,648 |
Diebold Inc. | 106,099 | 2,634 | |
Power Integrations Inc. | 51,932 | 2,600 | |
* | Insight Enterprises Inc. | 93,837 | 2,440 |
* | QLogic Corp. | 165,184 | 2,435 |
* | HubSpot Inc. | 55,702 | 2,419 |
* | Infoblox Inc. | 128,741 | 2,415 |
* | Rambus Inc. | 197,516 | 2,386 |
* | Rovi Corp. | 140,807 | 2,202 |
Cabot Microelectronics | |||
Corp. | 51,793 | 2,193 | |
*,^ | Ubiquiti Networks Inc. | 54,427 | 2,104 |
* | Cray Inc. | 70,271 | 2,103 |
* | Lumentum Holdings Inc. | 82,336 | 1,993 |
* | Interactive Intelligence | ||
Group Inc. | 48,581 | 1,991 | |
* | Bottomline Technologies | ||
de Inc. | 92,174 | 1,985 | |
* | Envestnet Inc. | 58,747 | 1,957 |
ADTRAN Inc. | 101,740 | 1,897 | |
Pegasystems Inc. | 68,886 | 1,856 |
41
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | SPS Commerce Inc. | 30,381 | 1,841 |
* | CEVA Inc. | 66,340 | 1,802 |
* | GoDaddy Inc. Class A | 56,749 | 1,770 |
* | ScanSource Inc. | 47,245 | 1,753 |
* | Marketo Inc. | 50,226 | 1,749 |
* | Synchronoss Technologies | ||
Inc. | 53,840 | 1,715 | |
* | FormFactor Inc. | 190,395 | 1,712 |
* | Xura Inc. | 69,912 | 1,708 |
Brooks Automation Inc. | 151,863 | 1,704 | |
* | Diodes Inc. | 88,127 | 1,656 |
Inteliquent Inc. | 83,171 | 1,654 | |
* | Web.com Group Inc. | 86,955 | 1,581 |
* | Applied Micro Circuits | ||
Corp. | 245,392 | 1,575 | |
* | Amkor Technology Inc. | 273,592 | 1,573 |
Epiq Systems Inc. | 105,265 | 1,537 | |
* | Lattice Semiconductor | ||
Corp. | 277,690 | 1,486 | |
* | Boingo Wireless Inc. | 165,315 | 1,475 |
* | CalAmp Corp. | 94,252 | 1,396 |
Computer Programs & | |||
Systems Inc. | 33,659 | 1,344 | |
* | RealPage Inc. | 60,075 | 1,341 |
* | Inphi Corp. | 41,450 | 1,328 |
* | Blucora Inc. | 128,127 | 1,327 |
West Corp. | 65,230 | 1,282 | |
American Software Inc. | |||
Class A | 120,278 | 1,261 | |
Hackett Group Inc. | 87,078 | 1,208 | |
Monotype Imaging | |||
Holdings Inc. | 49,005 | 1,207 | |
* | PROS Holdings Inc. | 68,906 | 1,201 |
* | 2U Inc. | 39,822 | 1,171 |
* | Super Micro Computer Inc. | 47,115 | 1,171 |
* | Axcelis Technologies Inc. | 431,825 | 1,162 |
* | RingCentral Inc. Class A | 57,295 | 1,130 |
* | MaxLinear Inc. | 62,665 | 1,127 |
* | Cvent Inc. | 31,064 | 1,110 |
* | Mercury Systems Inc. | 41,642 | 1,035 |
*,^ | Shutterstock Inc. | 22,422 | 1,027 |
* | Ixia | 104,343 | 1,025 |
Forrester Research Inc. | 26,659 | 983 | |
* | Actua Corp. | 106,681 | 963 |
* | Brightcove Inc. | 109,233 | 961 |
* | Virtusa Corp. | 33,254 | 960 |
* | Qualys Inc. | 31,484 | 939 |
* | Gogo Inc. | 111,646 | 937 |
* | InvenSense Inc. | 152,382 | 934 |
* | Carbonite Inc. | 93,335 | 908 |
* | AXT Inc. | 278,282 | 888 |
Quality Systems Inc. | 72,275 | 861 | |
* | Perficient Inc. | 42,131 | 856 |
* | Intralinks Holdings Inc. | 129,553 | 842 |
Cohu Inc. | 75,521 | 819 | |
* | Alpha & Omega | ||
Semiconductor Ltd. | 58,255 | 811 | |
* | Endurance International | ||
Group Holdings Inc. | 89,237 | 802 | |
* | Digi International Inc. | 74,692 | 801 |
* | Benefitfocus Inc. | 19,039 | 726 |
Concurrent Computer Corp. | 138,503 | 723 | |
* | Loral Space & | ||
Communications Inc. | 20,185 | 712 | |
* | Calix Inc. | 102,291 | 707 |
* | Agilysys Inc. | 66,073 | 692 |
* | Ultratech Inc. | 30,019 | 690 |
* | Exar Corp. | 85,374 | 687 |
* | New Relic Inc. | 23,091 | 678 |
* | MeetMe Inc. | 122,147 | 651 |
* | EMCORE Corp. | 106,230 | 631 |
* | ChannelAdvisor Corp. | 42,426 | 615 |
* | Harmonic Inc. | 214,815 | 612 |
IXYS Corp. | 59,452 | 609 | |
*,^ | Box Inc. | 58,024 | 600 |
* | VASCO Data Security | ||
International Inc. | 35,563 | 583 | |
* | Extreme Networks Inc. | 171,913 | 583 |
* | Guidance Software Inc. | 93,445 | 578 |
* | LivePerson Inc. | 88,347 | 560 |
* | RigNet Inc. | 40,600 | 544 |
* | Vectrus Inc. | 19,009 | 542 |
* | Photronics Inc. | 60,667 | 541 |
* | DSP Group Inc. | 47,478 | 504 |
Comtech | |||
Telecommunications Corp. | 38,207 | 491 | |
* | iPass Inc. | 392,516 | 487 |
* | Alarm.com Holdings Inc. | 18,865 | 484 |
* | Q2 Holdings Inc. | 17,253 | 483 |
* | Unisys Corp. | 65,214 | 475 |
* | Tangoe Inc. | 59,708 | 461 |
* | Nimble Storage Inc. | 56,485 | 450 |
* | A10 Networks Inc. | 68,949 | 446 |
* | Xcerra Corp. | 75,822 | 436 |
* | Amtech Systems Inc. | 72,023 | 430 |
* | Limelight Networks Inc. | 288,017 | 429 |
* | Immersion Corp. | 57,685 | 423 |
*,^ | Digimarc Corp. | 12,861 | 411 |
* | Mitek Systems Inc. | 57,594 | 410 |
* | Ciber Inc. | 268,615 | 403 |
* | Edgewater Technology Inc. | 46,566 | 402 |
* | ePlus Inc. | 4,849 | 397 |
* | Rightside Group Ltd. | 36,922 | 393 |
* | Aware Inc. | 87,593 | 380 |
* | SciQuest Inc. | 21,225 | 375 |
* | Nanometrics Inc. | 17,193 | 357 |
* | Icad Inc. | 64,632 | 337 |
* | Jive Software Inc. | 88,234 | 332 |
42
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Internap Corp. | 157,326 | 324 |
PC Connection Inc. | 12,726 | 303 | |
* | VOXX International Corp. | ||
Class A | 102,600 | 286 | |
* | KVH Industries Inc. | 35,175 | 271 |
* | Datalink Corp. | 35,769 | 268 |
Computer Task Group Inc. | 51,182 | 254 | |
* | Apigee Corp. | 20,571 | 251 |
* | ShoreTel Inc. | 37,347 | 250 |
* | KEYW Holding Corp. | 23,960 | 238 |
* | Kopin Corp. | 105,030 | 233 |
*,^ | Match Group Inc. | 15,388 | 232 |
* | Barracuda Networks Inc. | 15,188 | 230 |
LRAD Corp. | 119,396 | 214 | |
* | PDF Solutions Inc. | 15,248 | 213 |
* | Aviat Networks Inc. | 27,330 | 213 |
* | Sigma Designs Inc. | 32,557 | 209 |
* | Rudolph Technologies Inc. | 13,328 | 207 |
* | SunEdison Semiconductor | ||
Ltd. | 33,100 | 196 | |
* | Amber Road Inc. | 24,560 | 189 |
* | Rosetta Stone Inc. | 24,171 | 187 |
* | Zix Corp. | 48,978 | 184 |
Great Elm Capital Group Inc. | 27,716 | 183 | |
* | BSQUARE Corp. | 32,490 | 181 |
* | United Online Inc. | 16,190 | 178 |
* | FalconStor Software Inc. | 164,416 | 173 |
QAD Inc. Class A | 8,758 | 169 | |
* | Clearfield Inc. | 9,367 | 168 |
* | Covisint Corp. | 74,854 | 163 |
* | Castlight Health Inc. | ||
Class B | 38,089 | 151 | |
* | Systemax Inc. | 17,314 | 148 |
* | eGain Corp. | 49,676 | 140 |
* | Telenav Inc. | 25,963 | 132 |
* | Vocera Communications | ||
Inc. | 10,161 | 131 | |
* | Varonis Systems Inc. | 5,433 | 131 |
* | Exa Corp. | 8,672 | 125 |
Simulations Plus Inc. | 16,404 | 124 | |
* | Imation Corp. | 98,843 | 124 |
* | Oclaro Inc. | 25,316 | 124 |
* | Pure Storage Inc. Class A | 10,921 | 119 |
PC-Tel Inc. | 25,151 | 118 | |
* | Hutchinson Technology Inc. | 34,932 | 118 |
* | Datawatch Corp. | 21,298 | 118 |
* | Aerohive Networks Inc. | 17,209 | 114 |
Evolving Systems Inc. | 21,792 | 113 | |
Preformed Line Products | |||
Co. | 2,778 | 112 | |
* | Quantum Corp. | 259,882 | 109 |
* | GSI Technology Inc. | 26,114 | 109 |
* | Pendrell Corp. | 215,736 | 109 |
* | Park City Group Inc. | 11,753 | 105 |
NCI Inc. Class A | 7,496 | 105 |
*,^ | VirnetX Holding Corp. | 25,600 | 102 |
* | Hortonworks Inc. | 8,899 | 95 |
* | Lantronix Inc. | 89,562 | 87 |
* | Imprivata Inc. | 5,533 | 77 |
*,^ | CVD Equipment Corp. | 8,553 | 73 |
* | Synacor Inc. | 23,769 | 73 |
RELM Wireless Corp. | 13,400 | 68 | |
* | Support.com Inc. | 80,043 | 67 |
ClearOne Inc. | 5,669 | 63 | |
* | Seachange International Inc. | 18,579 | 59 |
* | NetSol Technologies Inc. | 9,891 | 58 |
* | Twilio Inc. | 1,524 | 56 |
* | Acacia Communications Inc. | 1,334 | 53 |
* | MobileIron Inc. | 15,800 | 48 |
CSP Inc. | 5,391 | 44 | |
* | GigPeak Inc. | 21,882 | 43 |
* | Mastech Holdings Inc. | 5,931 | 39 |
* | Five9 Inc. | 3,250 | 39 |
* | Intermolecular Inc. | 25,996 | 38 |
* | PAR Technology Corp. | 7,772 | 37 |
* | ID Systems Inc. | 6,809 | 33 |
* | GSE Systems Inc. | 14,462 | 32 |
* | QuickLogic Corp. | 32,504 | 32 |
* | Appfolio Inc. | 2,120 | 31 |
* | Silver Spring Networks Inc. | 2,415 | 29 |
* | Pixelworks Inc. | 15,645 | 29 |
* | ADDvantage Technologies | ||
Group Inc. | 14,730 | 26 | |
* | Numerex Corp. Class A | 3,305 | 25 |
* | Inuvo Inc. | 17,600 | 25 |
*,^ | Violin Memory Inc. | 25,189 | 23 |
* | Identiv Inc. | 11,839 | 21 |
* | Zhone Technologies Inc. | 13,100 | 16 |
* | Rapid7 Inc. | 1,210 | 15 |
* | Ultra Clean Holdings Inc. | 2,430 | 14 |
* | Westell Technologies Inc. | ||
Class A | 18,333 | 13 | |
TransAct Technologies Inc. | 1,540 | 12 | |
QAD Inc. Class B | 597 | 10 | |
* | Workiva Inc. | 646 | 9 |
* | Smith Micro Software Inc. | 14,080 | 8 |
* | MoSys Inc. | 19,562 | 8 |
Communications Systems | |||
Inc. | 1,077 | 8 | |
* | TransEnterix Inc. | 6,030 | 7 |
* | Key Tronic Corp. | 850 | 6 |
* | Square Inc. | 605 | 5 |
* | inTEST Corp. | 900 | 3 |
* | ParkerVision Inc. | 1,083 | 3 |
* | ARC Group Worldwide Inc. | 579 | 1 |
* | Rocket Fuel Inc. | 228 | 1 |
* | ARI Network Services Inc. | 100 | — |
* | Crossroads Systems Inc. | 41 | — |
* | Netlist Inc. | 100 | — |
6,140,346 |
43
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Telecommunications (2.6%) | |||
AT&T Inc. | 11,116,311 | 480,336 | |
Verizon Communications | |||
Inc. | 7,360,817 | 411,028 | |
CenturyLink Inc. | 985,978 | 28,603 | |
* | Level 3 Communications | ||
Inc. | 517,029 | 26,622 | |
* | SBA Communications | ||
Corp. Class A | 226,614 | 24,461 | |
* | T-Mobile US Inc. | 519,633 | 22,485 |
Frontier Communications | |||
Corp. | 2,134,437 | 10,544 | |
* | Zayo Group Holdings Inc. | 219,905 | 6,142 |
Telephone & Data | |||
Systems Inc. | 166,394 | 4,935 | |
*,^ | Sprint Corp. | 1,082,839 | 4,905 |
Shenandoah | |||
Telecommunications Co. | 83,598 | 3,265 | |
* | 8x8 Inc. | 199,276 | 2,911 |
* | Cincinnati Bell Inc. | 579,998 | 2,651 |
Consolidated | |||
Communications | |||
Holdings Inc. | 80,894 | 2,204 | |
ATN International Inc. | 27,809 | 2,164 | |
EarthLink Holdings Corp. | 310,520 | 1,987 | |
^ | Windstream Holdings Inc. | 188,654 | 1,749 |
Spok Holdings Inc. | 78,854 | 1,511 | |
* | Vonage Holdings Corp. | 240,645 | 1,468 |
* | United States Cellular | ||
Corp. | 34,382 | 1,350 | |
* | General Communication | ||
Inc. Class A | 80,714 | 1,275 | |
* | Globalstar Inc. | 721,913 | 874 |
*,^ | Iridium Communications | ||
Inc. | 82,580 | 733 | |
* | inContact Inc. | 49,631 | 687 |
* | Alaska Communications | ||
Systems Group Inc. | 382,901 | 651 | |
*,^ | Straight Path | ||
Communications Inc. | |||
Class B | 21,734 | 601 | |
IDT Corp. Class B | 42,249 | 600 | |
* | FairPoint Communications | ||
Inc. | 35,708 | 524 | |
* | ORBCOMM Inc. | 35,897 | 357 |
* | Lumos Networks Corp. | 28,613 | 346 |
* | GTT Communications Inc. | 17,795 | 329 |
* | HC2 Holdings Inc. | 32,201 | 139 |
* | Hawaiian Telcom Holdco | ||
Inc. | 6,486 | 138 | |
* | pdvWireless Inc. | 5,800 | 124 |
* | Elephant Talk | ||
Communications Corp. | 214,438 | 38 | |
* | Towerstream Corp. | 35,314 | 6 |
1,048,743 |
Utilities (3.7%) | ||
NextEra Energy Inc. | 833,193 | 108,648 |
Duke Energy Corp. | 1,243,757 | 106,702 |
Southern Co. | 1,692,262 | 90,756 |
Dominion Resources Inc. | 1,112,686 | 86,712 |
American Electric Power | ||
Co. Inc. | 887,134 | 62,179 |
Exelon Corp. | 1,664,329 | 60,515 |
PG&E Corp. | 895,664 | 57,251 |
Sempra Energy | 427,962 | 48,796 |
PPL Corp. | 1,220,222 | 46,063 |
Edison International | 588,265 | 45,691 |
Consolidated Edison Inc. | 549,154 | 44,174 |
Public Service Enterprise | ||
Group Inc. | 913,583 | 42,582 |
Xcel Energy Inc. | 917,249 | 41,074 |
WEC Energy Group Inc. | 569,987 | 37,220 |
Eversource Energy | 572,762 | 34,309 |
DTE Energy Co. | 323,933 | 32,108 |
American Water Works | ||
Co. Inc. | 320,832 | 27,114 |
FirstEnergy Corp. | 766,864 | 26,771 |
Entergy Corp. | 322,732 | 26,254 |
Ameren Corp. | 438,094 | 23,473 |
CMS Energy Corp. | 505,522 | 23,183 |
ONEOK Inc. | 381,503 | 18,102 |
CenterPoint Energy Inc. | 744,482 | 17,868 |
SCANA Corp. | 233,628 | 17,676 |
Pinnacle West Capital | ||
Corp. | 202,300 | 16,399 |
Alliant Energy Corp. | 412,497 | 16,376 |
NiSource Inc. | 585,062 | 15,516 |
Atmos Energy Corp. | 185,612 | 15,094 |
AES Corp. | 1,198,857 | 14,962 |
AGL Resources Inc. | 219,662 | 14,491 |
Westar Energy Inc. | ||
Class A | 257,365 | 14,436 |
UGI Corp. | 314,260 | 14,220 |
ITC Holdings Corp. | 278,327 | 13,031 |
TECO Energy Inc. | 427,487 | 11,816 |
Aqua America Inc. | 322,612 | 11,504 |
* Calpine Corp. | 653,214 | 9,635 |
Piedmont Natural Gas Co. | ||
Inc. | 147,571 | 8,872 |
NRG Energy Inc. | 570,507 | 8,552 |
Great Plains Energy Inc. | 280,388 | 8,524 |
National Fuel Gas Co. | 146,262 | 8,319 |
Questar Corp. | 317,862 | 8,064 |
Vectren Corp. | 150,603 | 7,932 |
IDACORP Inc. | 91,321 | 7,429 |
Portland General Electric | ||
Co. | 161,331 | 7,118 |
WGL Holdings Inc. | 91,627 | 6,486 |
Southwest Gas Corp. | 81,874 | 6,444 |
Hawaiian Electric | ||
Industries Inc. | 195,591 | 6,413 |
44
Institutional Total Stock Market Index Fund
Market | |||
Value• | |||
Shares | ($000) | ||
ONE Gas Inc. | 95,064 | 6,330 | |
New Jersey Resources | |||
Corp. | 156,250 | 6,023 | |
Black Hills Corp. | 93,891 | 5,919 | |
ALLETE Inc. | 89,302 | 5,772 | |
Spire Inc. | 78,249 | 5,543 | |
NorthWestern Corp. | 87,692 | 5,531 | |
Avangrid Inc. | 112,846 | 5,198 | |
Avista Corp. | 115,031 | 5,153 | |
PNM Resources Inc. | 144,941 | 5,137 | |
South Jersey Industries | |||
Inc. | 144,574 | 4,571 | |
* | Dynegy Inc. | 212,787 | 3,669 |
MGE Energy Inc. | 63,148 | 3,569 | |
El Paso Electric Co. | 73,701 | 3,484 | |
Northwest Natural Gas Co. | 49,953 | 3,238 | |
California Water Service | |||
Group | 86,972 | 3,038 | |
American States Water Co. | 66,222 | 2,902 | |
Empire District Electric Co. | 78,483 | 2,666 | |
* | Talen Energy Corp. | 155,109 | 2,102 |
Ormat Technologies Inc. | 46,686 | 2,043 | |
Chesapeake Utilities Corp. | 28,291 | 1,872 | |
SJW Corp. | 39,567 | 1,558 | |
Connecticut Water Service | |||
Inc. | 25,908 | 1,456 | |
TerraForm Power Inc. | |||
Class A | 121,125 | 1,320 | |
Atlantic Power Corp. | 346,320 | 859 | |
Middlesex Water Co. | 16,813 | 729 | |
Unitil Corp. | 15,820 | 675 | |
York Water Co. | 13,313 | 427 | |
Artesian Resources Corp. | |||
Class A | 11,011 | 374 | |
Genie Energy Ltd. Class B | 44,732 | 303 |
Delta Natural Gas Co. Inc. | 9,196 | 248 | ||
*,^ | Cadiz Inc. | 41,609 | 244 | |
* | US Geothermal Inc. | 270,190 | 221 | |
* | Pure Cycle Corp. | 27,648 | 130 | |
* | Sunrun Inc. | 16,950 | 101 | |
*,^ | Vivint Solar Inc. | 13,200 | 41 | |
Gas Natural Inc. | 4,059 | 28 | ||
1,469,328 | ||||
Total Common Stocks | ||||
(Cost $24,847,593) | 39,647,531 | |||
Temporary Cash Investments (0.9%)1 | ||||
Money Market Fund (0.8%) | ||||
3,4 | Vanguard Market | |||
Liquidity Fund, | ||||
0.538% | 329,616,021 | 329,616 | ||
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.1%) | ||||
5,6 | Federal Home Loan | |||
Bank Discount Notes, | ||||
0.476%, 8/17/16 | 9,100 | 9,097 | ||
5 | Federal Home Loan Bank | |||
Discount Notes, 0.371%, | ||||
9/13/16 | 2,500 | 2,498 | ||
11,595 | ||||
Total Temporary Cash Investments | ||||
(Cost $341,208) | 341,211 | |||
Total Investments (100.5%) | ||||
(Cost $25,188,801) | 39,988,742 |
45
Institutional Total Stock Market Index Fund
Amount | |
($000) | |
Other Assets and Liabilities (-0.5%) | |
Other Assets | |
Receivables for Investment | |
Securities Sold | 310,502 |
Receivables for Accrued Income | 47,030 |
Receivables for Capital Shares Issued | 12,753 |
Other Assets | 4,388 |
Total Other Assets | 374,673 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (104,147) |
Collateral for Securities on Loan | (105,274) |
Payables for Capital Shares Redeemed | (367,621) |
Payables to Vanguard | (383) |
Other Liabilities | (37) |
Total Liabilities | (577,462) |
Net Assets (100%) | 39,785,953 |
At June 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 24,774,975 |
Undistributed Net Investment Income | 31,375 |
Accumulated Net Realized Gains | 178,874 |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 14,799,941 |
Futures Contracts | 788 |
Net Assets | 39,785,953 |
Institutional Shares—Net Assets | |
Applicable to 27,740,318 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,308,972 |
Net Asset Value Per Share— | |
Institutional Shares | $47.19 |
Institutional Plus Shares—Net Assets | |
Applicable to 815,328,088 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 38,476,981 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $47.19 |
• 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 $99,752,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund’s effective common stock and temporary cash investment positions represent 100.1% and 0.4%, 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 $105,274,000 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 $7,347,000 have been segregated as initial margin for open futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust
See accompanying Notes, which are an integral part of the Financial Statements.
46
Institutional Total Stock Market Index Fund
Statement of Operations
Six Months Ended | |
June 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends | 401,254 |
Interest1 | 451 |
Securities Lending | 4,771 |
Total Income | 406,476 |
Expenses | |
The Vanguard Group—Note B | |
Management and Administrative—Institutional Shares | 254 |
Management and Administrative—Institutional Plus Shares | 3,746 |
Total Expenses | 4,000 |
Net Investment Income | 402,476 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 889,737 |
Futures Contracts | 1,776 |
Realized Net Gain (Loss) | 891,513 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 189,220 |
Futures Contracts | (1,048) |
Change in Unrealized Appreciation (Depreciation) | 188,172 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,482,161 |
1 Interest income from an affiliated company of the fund was $423,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
47
Institutional Total Stock Market Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 402,476 | 936,355 |
Realized Net Gain (Loss) | 891,513 | 453,318 |
Change in Unrealized Appreciation (Depreciation) | 188,172 | (1,067,346) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,482,161 | 322,327 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (12,097) | (42,019) |
Institutional Plus Shares | (370,469) | (889,380) |
Realized Capital Gain | ||
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (382,566) | (931,399) |
Capital Share Transactions | ||
Institutional Shares | (25,721) | (1,283,293) |
Institutional Plus Shares | (406,688) | (481,766) |
Net Increase (Decrease) from Capital Share Transactions | (432,409) | (1,765,059) |
Total Increase (Decrease) | 667,186 | (2,374,131) |
Net Assets | ||
Beginning of Period | 39,118,767 | 41,492,898 |
End of Period1 | 39,785,953 | 39,118,767 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $31,375,000 and $11,465,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
48
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $45.94 | $46.78 | $42.32 | $32.27 | $28.32 | $28.54 |
Investment Operations | ||||||
Net Investment Income | . 463 | 1.0531 | .838 | .726 | .694 | .532 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.227 | (.847) | 4.457 | 10.051 | 3.950 | (.222) |
Total from Investment Operations | 1.690 | .206 | 5.295 | 10.777 | 4.644 | .310 |
Distributions | ||||||
Dividends from Net Investment Income | (. 440) | (1.046) | (. 835) | (.727) | (. 694) | (. 530) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 440) | (1.046) | (. 835) | (.727) | (. 694) | (. 530) |
Net Asset Value, End of Period | $47.19 | $45.94 | $46.78 | $42.32 | $32.27 | $28.32 |
Total Return | 3.71% | 0.45% | 12.60% | 33.64% | 16.47% | 1.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,309 | $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% | 0.040% | 0.042% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.09% | 2.24%1 | 1.90% | 1.96% | 2.25% | 1.93% |
Portfolio Turnover Rate2 | 8% | 9% | 5% | 9% | 8% | 12% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.140 and 0.31%, 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.
49
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $45.95 | $46.79 | $42.32 | $32.28 | $28.32 | $28.54 |
Investment Operations | ||||||
Net Investment Income | . 468 | 1.0641 | .847 | .734 | .701 | .537 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.216 | (.846) | 4.466 | 10.041 | 3.959 | (.221) |
Total from Investment Operations | 1.684 | .218 | 5.313 | 10.775 | 4.660 | .316 |
Distributions | ||||||
Dividends from Net Investment Income | (.444) | (1.058) | (.843) | (.735) | (.700) | (.536) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.444) | (1.058) | (.843) | (.735) | (.700) | (.536) |
Net Asset Value, End of Period | $47.19 | $45.95 | $46.79 | $42.32 | $32.28 | $28.32 |
Total Return | 3.69% | 0.48% | 12.64% | 33.63% | 16.53% | 1.11% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $38,477 | $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% | 0.020% | 0.022% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.11% | 2.26%1 | 1.92% | 1.98% | 2.27% | 1.95% |
Portfolio Turnover Rate2 | 8% | 9% | 5% | 9% | 8% | 12% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.140 and 0.31%, 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.
50
Institutional Total Stock Market Index Fund
Notes to Financial Statements
Vanguard Institutional Total Stock Market Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares, Institutional Shares and Institutional Plus Shares, to investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended June 30, 2016, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
51
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 for the period ended June 30, 2016, 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 $3.1 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 0.10% 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 based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2016, 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.
52
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 June 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 39,646,693 | — | 838 |
Temporary Cash Investments | 329,616 | 11,595 | — |
Futures Contracts—Assets1 | 2,075 | — | — |
Total | 39,978,384 | 11,595 | 838 |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2016, 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 | September 2016 | 1,445 | 151,017 | 894 |
E-mini Russell 2000 Index | September 2016 | 210 | 24,095 | (106) |
788 |
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
53
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 six months ended June 30, 2016, the fund realized $634,206,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2015, the fund had available capital losses totaling $76,597,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2016; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2016, the cost of investment securities for tax purposes was $25,190,014,000. Net unrealized appreciation of investment securities for tax purposes was $14,798,728,000, consisting of unrealized gains of $15,822,895,000 on securities that had risen in value since their purchase and $1,024,167,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2016, the fund purchased $2,256,491,000 of investment securities and sold $2,507,992,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $990,103,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2016 | December 31, 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 251,563 | 5,565 | 266,666 | 5,798 |
Issued in Lieu of Cash Distributions | 10,731 | 233 | 36,893 | 795 |
Redeemed | (288,015) | (6,286) | (1,586,852) | (33,724) |
Net Increase (Decrease)—Institutional Shares | (25,721) | (488) | (1,283,293) | (27,131) |
Institutional Plus Shares | ||||
Issued | 2,079,691 | 46,857 | 5,475,151 | 117,871 |
Issued in Lieu of Cash Distributions | 342,158 | 7,445 | 823,108 | 17,835 |
Redeemed | (2,828,537) | (62,159) | (6,780,025) | (144,011) |
Net Increase (Decrease)—Institutional Plus Shares | (406,688) | (7,857) | (481,766) | (8,305) |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2016, that would require recognition or disclosure in these financial statements.
54
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.
55
Six Months Ended June 30, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Total Stock Market Index Fund | 12/31/2015 | 6/30/2016 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,037.07 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,036.93 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,024.66 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.76 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that
period are 0.040% for Institutional Shares and 0.020% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal
to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent
six-month period, then divided by the number of days in the most recent 12-month period (182/366).
56
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)—through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
57
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.
58
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.
59
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 198 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), HP Inc. (printer and personal 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 |
President of The Vanguard Group, and of each of | New 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 Other | appointments in the Department of Philosophy, School |
Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
(retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
and 2009–2010 Distinguished Minett Professor at | |
the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
and Roberts Wesleyan College. | 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, the Board of Advisors | Heidi Stam | |
for Spruceview Capital Partners, and the Investment | Born 1956. Secretary Since July 2005. Principal | |
Advisory Committee of Major League Baseball; Board | Occupation(s) During the Past Five Years and Other | |
Member of TIFF Advisory Services, Inc., and Catholic | Experience: Managing Director of The Vanguard | |
Investment Services, Inc. (investment advisors). | 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 | James M. Norris |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | Thomas M. Rampulla |
firm); Director of Rand Merchant Bank; Overseer of | Martha G. King | Glenn W. Reed |
the Museum of Fine Arts Boston. | John T. Marcante | Karin A. Risi |
Chris D. McIsaac | Michael Rollings | |
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 and | Chairman, 1996–2009 | |
Chairman of its Finance and Enrollment Committee; | Chief Executive Officer and President, 1996–2008 | |
Member of the Advisory Board of the Norris Cotton | ||
Cancer Center. | 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 | |
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. | |
Q8712 082016 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: August 17, 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: August 17, 2016 | |
| VANGUARD INSTITUTIONAL INDEX FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: August 17, 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.