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: | Anne E. Robinson, Esquire |
| | P.O. Box 876 |
| | Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000 |
Date of fiscal year end: December 31 | |
Date of reporting period: January 1, 2017 – June 30, 2017 |
Item 1: Reports to Shareholders | |
Semiannual Report | June 30, 2017
Vanguard Institutional Index Fund
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you make sound investment decisions. Thank you for entrusting your assets to us.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| Chairman’s Perspective. | 2 |
| Fund Profile. | 6 |
| Performance Summary. | 7 |
| Financial Statements. | 8 |
| About Your Fund’s Expenses. | 24 |
| Trustees Approve Advisory Arrangement. | 26 |
| 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: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown translated into seven languages, reflecting our expanding global presence.
Your Fund’s Performance at a Glance
• Vanguard Institutional Index Fund returned about 9% for the six months ended June 30, 2017. The fund closely tracked its target index, the Standard & Poor’s 500 Index, and exceeded the average return of its large-capitalization core fund peers.
• The fund offers investors exposure to roughly 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.
• The fund recorded positive returns in nine of the 11 market sectors, with three posting double-digit gains.
• Information technology, the fund’s largest sector, was the top contributor; health care, consumer discretionary, financials, industrials, and consumer staples also added significantly to returns. Only telecommunication services and energy stocks declined.
| |
| Total Returns: Six Months Ended June 30, 2017 | |
| | Total |
| | Returns |
| Vanguard Institutional Index Fund | |
| Institutional Shares | 9.32% |
| Institutional Plus Shares | 9.33 |
| S&P 500 Index | 9.34 |
| Large-Cap Core Funds Average | 8.64 |
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.
1
Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
More than a decade ago, the eminent investor and commentator Howard Marks published a memo to his clients titled simply “Risk.” In it, Howard distilled the relationship between investors and risk. “When you boil it all down, it’s the investor’s job to intelligently bear risk for profit,” he wrote.
It’s not surprising, then, that everyone from portfolio managers to behavioral economists avidly studies how investors’ reactions to risk influence not only individual investment decisions but also the broader financial markets. I’m a big fan of some of the behavioral finance work being done, which includes studies by our own investment strategists and analysts.
A lens on investor behavior
For example, Vanguard’s Investment Strategy Group introduced a “risk speedometers” report in January to look at how investors are reacting to market developments. This lens on real-world behavior measures the risk investors are taking in a given period by calculating the difference between net cash flows into higher-risk assets, such as stocks, and net cash flows into lower-risk assets, such as Treasuries. The measures are then compared with long-term averages.
In the spring, the risk speedometer spiked. The spike was fueled by investors’ decisions to direct more of their equity
2
dollars to international investments in developed and emerging markets, and their bond dollars to riskier credit categories.
A spiking speedometer seems a fitting analogy for what can happen. I consider myself a responsible driver. Still, when the highway is clear and the weather is nice, I might glance down at the speedometer and find that my right foot has gotten a little heavy.
The same phenomenon is possible with our investment portfolios. Just as our attention can drift from our speed—and the risk level on the road—we can neglect the risk level of our portfolio’s asset allocation. Experience teaches that investors are especially prone to lose sight of risk when markets have been buoyant.
How I manage risk in my own portfolio
Rebalancing—periodically adjusting your asset allocation so it stays in line with your goals and risk tolerance—is one of the best ways I know of to help manage risk. Without rebalancing, your portfolio may end up potentially riskier than you intended and no longer aligned with your goals.
I have a ritual I perform every June and again each December, between Christmas and New Year’s, as I prepare for a series of annual meetings with the Vanguard crew. I’ll set aside some time, review my
| | | |
| Market Barometer | | | |
| | | | Total Returns |
| | | Periods Ended June 30, 2017 |
| | | | Five Years |
| | Six Months | One Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 9.27% | 18.03% | 14.67% |
| Russell 2000 Index (Small-caps) | 4.99 | 24.60 | 13.70 |
| Russell 3000 Index (Broad U.S. market) | 8.93 | 18.51 | 14.58 |
| FTSE All-World ex US Index (International) | 13.95 | 20.53 | 7.68 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | 2.27% | -0.31% | 2.21% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | 3.57 | -0.49 | 3.26 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.30 | 0.46 | 0.13 |
| |
| CPI | | | |
| Consumer Price Index | 1.46% | 1.63% | 1.31% |
3
investment portfolio, and, if necessary, rebalance back to my target asset allocation.
My own portfolio is a mix of equity and fixed income funds, and I invest in both actively managed funds and index funds. Most years, I’ll make a minor adjustment to get back to the appropriate asset allocation for my own longer-term goals and risk tolerance. It’s not all that complicated, although my portfolio is a little more complex than some because I own more funds than we’d typically suggest. As chairman of Vanguard’s funds, I feel I should own a significant number of them.
Consider your options
You should consider rebalancing if your target allocation is off by 5 percentage points or more. Admittedly, this is often easier said than done. When an investment has performed exceptionally well, people have a hard time trimming it. They can be led astray by that old (and none-too-helpful) investing saw: Let your winners run.
Fortunately, in recent years we’ve seen all sorts of investors take steps to rebalance. Many of the endowments, foundations, and traditional pension plans that Vanguard serves have good processes built into their investment guidelines to make sure rebalancing takes place on a regular basis. And among investors in defined contribution retirement plans, more and more are using target-date funds, where rebalancing happens automatically.
If you choose to rebalance on your own, use your target asset allocation as your guidepost. Don’t be afraid to buy into bad news. In a sense, don’t worry about the noise of the marketplace. If you work with an advisor, make sure he or she understands the importance you place on your rebalancing ritual.
And remember, the goal of rebalancing is to manage risk, not to avoid it altogether. Risk is inherent in investing—we just want to bear that risk intelligently.
In that insightful memo on risk, Howard Marks included a saying often attributed to Will Rogers: “You’ve got to go out on a limb sometimes because that’s where the fruit is.”
Tim Buckley chosen as Vanguard’s next CEO
In closing, I’ll note senior leadership changes that we announced in July. Our board of directors has elected Vanguard Chief Investment Officer Tim Buckley as president and director of Vanguard. Under the planned transition, Tim will succeed me as Vanguard’s chief executive officer on January 1, 2018.
I’m delighted with our board’s selection of Tim. We first met in 1991 when Tim was interviewing for a job at Vanguard. In the decades since, we’ve worked closely together, and he’s always impressed me as a man of tremendous character and an outstanding leader with a passion for serving our clients. During the transition
4
period, I will work closely with Tim in managing the firm and overseeing its operations.
Replacing Tim as chief investment officer is Greg Davis, who had been global head of Vanguard Fixed Income Group. And succeeding Greg as our fixed income leader is John Hollyer, who most recently served as our global head of investment risk management. I know Greg and John will both do a superb job in their new roles.
As with past successions, I will remain as chairman for a period of time determined by the board. On a personal note, it has been an honor and a privilege to lead Vanguard. Having spent more than half my life at Vanguard, I have come to know many fabulous crew members who are incredibly dedicated to Vanguard’s mission. Please be assured that Tim and the rest of the team will serve you and our other clients extremely well as Vanguard prepares for its next chapter.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer July 14, 2017
|
| Vanguard fund shareholders encouraged to vote in proxy campaign |
| |
| This summer you will be asked to vote on the election of trustees for all U.S.-domiciled |
| Vanguard funds. Shareholders will also be asked to vote on several fund policy proposals |
| that we believe are in the best interests of all shareholders. As a shareholder of Vanguard |
| Institutional Index Fund, you will be asked to vote on proposals that are specific to your fund. |
| |
| Vanguard filed a preliminary proxy statement on July 13, 2017, with the U.S. Securities and |
| Exchange Commission (SEC). Following the SEC’s review, we expect to provide the proxy |
| materials to Vanguard fund shareholders beginning in late August 2017. That’s when you |
| can begin to vote online, by phone, or by mail. |
| |
| A shareholder meeting is scheduled to be held in Scottsdale, Arizona, on November 15, |
| 2017, when voting will conclude. We encourage you to vote promptly. Please visit |
| vanguard.com for updates. |
5
Institutional Index Fund
Fund Profile
As of June 30, 2017
| | |
| Share-Class Characteristics | |
| | Institutional | Institutional |
| | Shares | Plus Shares |
| Ticker Symbol | VINIX | VIIIX |
| Expense Ratio1 | 0.04% | 0.02% |
| 30-Day SEC Yield | 1.97% | 1.99% |
| | | |
| Portfolio Characteristics | | |
| | | | DJ |
| | | | U.S. Total |
| | | S&P 500 | Market |
| | Fund | Index | FA Index |
| Number of Stocks | 505 | 505 | 3,800 |
| Median Market Cap | $87.8B | $87.8B | $59.8B |
| Price/Earnings Ratio | 21.5x | 21.5x | 21.2x |
| Price/Book Ratio | 3.0x | 3.0x | 2.9x |
| Return on Equity | 24.1% | 24.1% | 16.3% |
| Earnings Growth Rate | 8.1% | 8.1% | 10.0% |
| Dividend Yield | 1.9% | 1.9% | 1.8% |
| Foreign Holdings | 0.0% | 0.0% | 0.0% |
| Turnover Rate | | | |
| (Annualized) | 4% | — | — |
| Short-Term Reserves | -0.1% | — | — |
| | | |
| Sector Diversification (% of equity exposure) |
| | | | DJ |
| | | | U.S. Total |
| | | S&P 500 | Market |
| | Fund | Index | FA Index |
| Consumer Discretionary | 12.3% | 12.3% | 12.7% |
| Consumer Staples | 9.0 | 9.0 | 8.0 |
| Energy | 6.1 | 6.0 | 5.6 |
| Financials | 14.5 | 14.5 | 15.0 |
| Health Care | 14.5 | 14.5 | 14.0 |
| Industrials | 10.3 | 10.3 | 10.8 |
| Information Technology | 22.3 | 22.3 | 21.4 |
| Materials | 2.8 | 2.9 | 3.3 |
| Real Estate | 2.9 | 2.9 | 4.1 |
| Telecommunication | | | |
| Services | 2.1 | 2.1 | 1.9 |
| Utilities | 3.2 | 3.2 | 3.2 |
| | |
| Volatility Measures | | |
| | | DJ |
| | | U.S. Total |
| | S&P 500 | Market |
| | Index | FA Index |
| R-Squared | 1.00 | 0.99 |
| Beta | 1.00 | 0.97 |
| These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months. |
|
| | |
| Ten Largest Holdings (% of total net assets) |
| Apple Inc. | Technology | |
| | Hardware, Storage & | |
| | Peripherals | 3.6% |
| Alphabet Inc. | Internet Software & | |
| | Services | 2.6 |
| Microsoft Corp. | Systems Software | 2.6 |
| Amazon.com Inc. | Internet & Direct | |
| | Marketing Retail | 1.8 |
| Facebook Inc. | Internet Software & | |
| | Services | 1.7 |
| Johnson & Johnson | Pharmaceuticals | 1.7 |
| Exxon Mobil Corp. | Integrated Oil & Gas | 1.6 |
| JPMorgan Chase & Co. | Diversified Banks | 1.6 |
| Berkshire Hathaway Inc. Multi-Sector | |
| | Holdings | 1.5 |
| Wells Fargo & Co. | Diversified Banks | 1.2 |
| Top Ten | | 19.9% |
| The holdings listed exclude any temporary cash investments and equity index products. |
| | |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2017. For the six months ended June 30, 2017, the annualized expense ratios were 0.04% for Institutional Shares and 0.02% for Institutional Plus Shares.
6
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, 2006, Through June 30, 2017
7
Note: For 2017, performance data reflect the six months ended June 30, 2017.
Average Annual Total Returns: Periods Ended June 30, 2017
| | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Institutional Shares | 7/31/1990 | 17.86% | 14.60% | 7.18% |
| Institutional Plus Shares | 7/7/1997 | 17.88 | 14.62 | 7.21 |
Institutional Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2017
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Common Stocks (99.6%)1 | | |
| Consumer Discretionary (12.2%) | |
| * | Amazon.com Inc. | 4,352,641 | 4,213,357 |
| | Comcast Corp. Class A | 51,922,528 | 2,020,825 |
| | Home Depot Inc. | 13,116,395 | 2,012,055 |
| | Walt Disney Co. | 15,959,488 | 1,695,696 |
| | McDonald’s Corp. | 8,944,085 | 1,369,876 |
| * | Priceline Group Inc. | 539,598 | 1,009,329 |
| | Starbucks Corp. | 15,891,603 | 926,639 |
| | NIKE Inc. Class B | 14,543,960 | 858,094 |
| | Time Warner Inc. | 8,511,202 | 854,610 |
| * | Charter | | |
| | Communications | | |
| | Inc. Class A | 2,367,060 | 797,344 |
| | Lowe’s Cos. Inc. | 9,417,146 | 730,111 |
| * | Netflix Inc. | 4,730,297 | 706,754 |
| | General Motors Co. | 15,073,275 | 526,510 |
| | TJX Cos. Inc. | 7,060,801 | 509,578 |
| | Ford Motor Co. | 42,931,302 | 480,401 |
| | Marriott International | | |
| | Inc. Class A | 3,406,676 | 341,724 |
| | Twenty-First Century | | |
| | Fox Inc. Class A | 11,553,926 | 327,438 |
| | Target Corp. | 6,058,949 | 316,822 |
| | Carnival Corp. | 4,597,227 | 301,440 |
| | Newell Brands Inc. | 5,306,184 | 284,518 |
| | Yum! Brands Inc. | 3,627,320 | 267,551 |
| | CBS Corp. Class B | 4,038,894 | 257,601 |
| | Delphi Automotive plc | 2,937,331 | 257,457 |
| | Ross Stores Inc. | 4,298,117 | 248,130 |
| * | O’Reilly Automotive Inc. | 997,831 | 218,266 |
| | Omnicom Group Inc. | 2,551,934 | 211,555 |
| | VF Corp. | 3,512,696 | 202,331 |
| | Royal Caribbean | | |
| | Cruises Ltd. | 1,839,502 | 200,929 |
| | Dollar General Corp. | 2,766,144 | 199,411 |
| | Expedia Inc. | 1,332,972 | 198,546 |
| * | Ulta Beauty Inc. | 639,351 | 183,711 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Dollar Tree Inc. | 2,595,309 | 181,464 |
| *,^ | AutoZone Inc. | 308,701 | 176,102 |
| * | Mohawk Industries Inc. | 692,660 | 167,409 |
| | Best Buy Co. Inc. | 2,909,018 | 166,774 |
| * | DISH Network Corp. | | |
| | Class A | 2,494,191 | 156,535 |
| | Whirlpool Corp. | 811,001 | 155,404 |
| | Genuine Parts Co. | 1,616,097 | 149,909 |
| | Twenty-First Century | | |
| | Fox Inc. | 5,352,553 | 149,176 |
| | Coach Inc. | 3,089,398 | 146,252 |
| | L Brands Inc. | 2,641,916 | 142,373 |
| | Hilton Worldwide | | |
| | Holdings Inc. | 2,246,683 | 138,957 |
| | Hasbro Inc. | 1,233,621 | 137,561 |
| * | Chipotle Mexican | | |
| | Grill Inc. Class A | 314,278 | 130,771 |
| | Viacom Inc. Class B | 3,862,910 | 129,678 |
| | DR Horton Inc. | 3,747,459 | 129,550 |
| * | CarMax Inc. | 2,030,730 | 128,058 |
| | Darden Restaurants Inc. | 1,363,431 | 123,309 |
| | Lennar Corp. Class A | 2,227,096 | 118,749 |
| | Wynn Resorts Ltd. | 875,464 | 117,417 |
| | Wyndham Worldwide | | |
| | Corp. | 1,144,196 | 114,889 |
| * | LKQ Corp. | 3,376,451 | 111,254 |
| | Tiffany & Co. | 1,179,082 | 110,680 |
| | Interpublic Group | | |
| | of Cos. Inc. | 4,332,284 | 106,574 |
| | Harley-Davidson Inc. | 1,919,168 | 103,673 |
| | PVH Corp. | 855,288 | 97,931 |
| | Goodyear Tire & | | |
| | Rubber Co. | 2,760,258 | 96,499 |
| | Advance Auto | | |
| | Parts Inc. | 809,760 | 94,410 |
| | BorgWarner Inc. | 2,189,003 | 92,726 |
| ^ | Hanesbrands Inc. | 3,992,746 | 92,472 |
| | Mattel Inc. | 3,757,135 | 80,891 |
| | Macy’s Inc. | 3,339,698 | 77,615 |
8
| | | |
| Institutional Index Fund | | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Tractor Supply Co. | 1,409,594 | 76,414 |
| | PulteGroup Inc. | 3,113,393 | 76,372 |
| | Leggett & Platt Inc. | 1,450,678 | 76,204 |
| | News Corp. Class A | 5,496,300 | 75,299 |
| | Kohl’s Corp. | 1,869,168 | 72,281 |
| | Staples Inc. | 7,161,807 | 72,119 |
| | Scripps Networks | | |
| | Interactive Inc. Class A | 1,051,650 | 71,838 |
| | Foot Locker Inc. | 1,438,864 | 70,907 |
| | H&R Block Inc. | 2,272,435 | 70,241 |
| ^ | Garmin Ltd. | 1,259,535 | 64,274 |
| * | Michael Kors Holdings | | |
| | Ltd. | 1,708,634 | 61,938 |
| | Nordstrom Inc. | 1,219,797 | 58,343 |
| * | Discovery | | |
| | Communications Inc. | 2,311,637 | 58,276 |
| | Gap Inc. | 2,406,789 | 52,925 |
| | Bed Bath & Beyond Inc. | 1,591,483 | 48,381 |
| ^ | Signet Jewelers Ltd. | 749,888 | 47,423 |
| * | TripAdvisor Inc. | 1,210,822 | 46,253 |
| | Ralph Lauren Corp. | | |
| | Class A | 604,236 | 44,593 |
| *,^ | Under Armour Inc. | | |
| | Class A | 2,018,137 | 43,915 |
| * | Discovery | | |
| | Communications Inc. | | |
| | Class A | 1,695,868 | 43,804 |
| *,^ | Under Armour Inc. | 2,016,678 | 40,656 |
| * | AutoNation Inc. | 717,106 | 30,233 |
| | | | 27,956,360 |
| Consumer Staples (9.0%) | | |
| | Procter & Gamble Co. | 28,060,059 | 2,445,434 |
| | Philip Morris | | |
| | International Inc. | 17,039,501 | 2,001,289 |
| | Coca-Cola Co. | 42,186,310 | 1,892,056 |
| | PepsiCo Inc. | 15,671,817 | 1,809,938 |
| | Altria Group Inc. | 21,191,372 | 1,578,121 |
| | Wal-Mart Stores Inc. | 16,208,899 | 1,226,689 |
| | CVS Health Corp. | 11,180,640 | 899,594 |
| | Costco Wholesale Corp. | 4,813,363 | 769,801 |
| | Walgreens Boots | | |
| | Alliance Inc. | 9,371,976 | 733,919 |
| | Mondelez International | | |
| | Inc. Class A | 16,651,830 | 719,193 |
| | Colgate-Palmolive Co. | 9,694,059 | 718,621 |
| | Reynolds American Inc. | 9,082,430 | 590,721 |
| | Kraft Heinz Co. | 6,548,595 | 560,822 |
| | Kimberly-Clark Corp. | 3,895,935 | 503,004 |
| | Constellation Brands | | |
| | Inc. Class A | 1,879,820 | 364,178 |
| | General Mills Inc. | 6,326,933 | 350,512 |
| | Sysco Corp. | 5,408,027 | 272,186 |
| | Archer-Daniels- | | |
| | Midland Co. | 6,257,461 | 258,934 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Estee Lauder Cos. | | |
| | Inc. Class A | 2,454,746 | 235,607 |
| | Kroger Co. | 10,023,304 | 233,743 |
| * | Monster Beverage | | |
| | Corp. | 4,420,414 | 219,606 |
| | Tyson Foods Inc. | | |
| | Class A | 3,160,011 | 197,911 |
| | Kellogg Co. | 2,767,235 | 192,212 |
| | Clorox Co. | 1,412,281 | 188,172 |
| | Dr Pepper Snapple | | |
| | Group Inc. | 2,015,506 | 183,633 |
| | Molson Coors | | |
| | Brewing Co. Class B | 2,024,777 | 174,819 |
| | Hershey Co. | 1,535,035 | 164,817 |
| | Conagra Brands Inc. | 4,432,208 | 158,496 |
| | JM Smucker Co. | 1,277,948 | 151,220 |
| | Whole Foods | | |
| | Market Inc. | 3,503,986 | 147,553 |
| | Church & Dwight | | |
| | Co. Inc. | 2,732,901 | 141,783 |
| | McCormick & Co. Inc. | 1,241,478 | 121,057 |
| | Campbell Soup Co. | 2,102,534 | 109,647 |
| | Hormel Foods Corp. | 2,957,682 | 100,887 |
| | Coty Inc. Class A | 5,164,948 | 96,894 |
| | Brown-Forman | | |
| | Corp. Class B | 1,940,964 | 94,331 |
| | | | 20,607,400 |
| Energy (6.0%) | | |
| | Exxon Mobil Corp. | 46,489,268 | 3,753,079 |
| | Chevron Corp. | 20,785,237 | 2,168,524 |
| | Schlumberger Ltd. | 15,247,929 | 1,003,924 |
| | ConocoPhillips | 13,577,880 | 596,884 |
| | EOG Resources Inc. | 6,336,071 | 573,541 |
| | Occidental | | |
| | Petroleum Corp. | 8,392,417 | 502,454 |
| | Halliburton Co. | 9,526,865 | 406,892 |
| | Kinder Morgan Inc. | 21,053,131 | 403,378 |
| | Phillips 66 | 4,810,371 | 397,770 |
| | Valero Energy Corp. | 4,911,848 | 331,353 |
| | Marathon | | |
| | Petroleum Corp. | 5,697,373 | 298,143 |
| | Pioneer Natural | | |
| | Resources Co. | 1,868,150 | 298,119 |
| | Anadarko | | |
| | Petroleum Corp. | 6,154,488 | 279,044 |
| | Williams Cos. Inc. | 9,059,868 | 274,333 |
| | Baker Hughes Inc. | 4,665,326 | 254,307 |
| | ONEOK Inc. | 4,166,722 | 217,336 |
| | Apache Corp. | 4,170,637 | 199,899 |
| * | Concho Resources Inc. | 1,628,022 | 197,853 |
| | Devon Energy Corp. | 5,764,196 | 184,281 |
| | Tesoro Corp. | 1,656,374 | 155,037 |
| | Noble Energy Inc. | 5,001,719 | 141,549 |
| * | TechnipFMC plc | 5,111,930 | 139,044 |
9
| | | | |
| Institutional Index Fund | | |
| |
| |
| |
| | | | | Market |
| | | | | Value• |
| | | | Shares | ($000) |
| | National Oilwell | | | |
| | Varco Inc. | | 4,167,079 | 137,264 |
| | Hess Corp. | | 2,963,045 | 129,989 |
| | Cabot Oil & Gas Corp. | 5,104,226 | 128,014 |
| | EQT Corp. | | 1,900,173 | 111,331 |
| | Marathon Oil Corp. | 9,319,934 | 110,441 |
| | Cimarex Energy Co. | 1,043,610 | 98,110 |
| ^ | Helmerich & Payne Inc. | 1,188,460 | 64,581 |
| * | Newfield Exploration Co. | 2,184,775 | 62,179 |
| | Range Resources Corp. | 2,063,551 | 47,812 |
| ^ | Murphy Oil Corp. | | 1,778,418 | 45,581 |
| *,^ | Chesapeake Energy | | |
| | Corp. | | 8,361,277 | 41,555 |
| *,^ | Transocean Ltd. | | 4,272,153 | 35,160 |
| | | | | 13,788,761 |
| Financials (14.5%) | | | |
| | JPMorgan Chase & Co. | 38,979,419 | 3,562,719 |
| * | Berkshire Hathaway | | |
| | Inc. Class B | | 19,701,658 | 3,336,870 |
| | Wells Fargo & Co. | | 49,344,003 | 2,734,151 |
| | Bank of America | | | |
| | Corp. | 109,184,348 | 2,648,812 |
| | Citigroup Inc. | | 30,205,658 | 2,020,155 |
| | US Bancorp | | 17,385,027 | 902,631 |
| | Goldman Sachs | | | |
| | Group Inc. | | 4,017,431 | 891,468 |
| | Chubb Ltd. | | 5,124,493 | 744,999 |
| | Morgan Stanley | | 15,632,120 | 696,567 |
| | American Express Co. | 8,239,982 | 694,136 |
| | PNC Financial Services | | |
| | Group Inc. | | 5,310,995 | 663,184 |
| | MetLife Inc. | | 11,858,468 | 651,504 |
| | American International | | |
| | Group Inc. | | 9,652,815 | 603,494 |
| | Bank of New York | | | |
| | Mellon Corp. | | 11,413,704 | 582,327 |
| | Charles Schwab Corp. | 13,355,461 | 573,751 |
| | BlackRock Inc. | | 1,330,750 | 562,122 |
| | Prudential Financial Inc. | 4,708,890 | 509,219 |
| | CME Group Inc. | | 3,729,890 | 467,132 |
| | Marsh & McLennan | | |
| | Cos. Inc. | | 5,656,965 | 441,017 |
| | Capital One Financial | | |
| | Corp. | | 5,301,763 | 438,032 |
| | Intercontinental | | | |
| | Exchange Inc. | | 6,499,426 | 428,442 |
| | S&P Global Inc. | | 2,830,068 | 413,162 |
| | BB&T Corp. | | 8,897,204 | 404,022 |
| | Travelers Cos. Inc. | | 3,067,448 | 388,124 |
| | Aon plc | | 2,873,708 | 382,060 |
| | Allstate Corp. | | 3,999,998 | 353,760 |
| | State Street Corp. | | 3,877,780 | 347,953 |
| | Aflac Inc. | | 4,351,277 | 338,007 |
| | SunTrust Banks Inc. | 5,310,200 | 301,195 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Progressive Corp. | 6,380,454 | 281,314 |
| | M&T Bank Corp. | 1,687,922 | 273,359 |
| | Discover Financial | | |
| | Services | 4,168,617 | 259,246 |
| | Synchrony Financial | 8,458,695 | 252,238 |
| | Northern Trust Corp. | 2,366,343 | 230,032 |
| | KeyCorp | 12,018,525 | 225,227 |
| | Moody’s Corp. | 1,824,878 | 222,051 |
| | Fifth Third Bancorp | 8,225,662 | 213,538 |
| | Ameriprise Financial Inc. | 1,671,564 | 212,773 |
| | Hartford Financial | | |
| | Services Group Inc. | 4,027,969 | 211,750 |
| | Willis Towers | | |
| | Watson plc | 1,394,405 | 202,830 |
| | Citizens Financial | | |
| | Group Inc. | 5,554,099 | 198,170 |
| | T. Rowe Price | | |
| | Group Inc. | 2,645,358 | 196,312 |
| * | Berkshire Hathaway | | |
| | Inc. Class A | 759 | 193,317 |
| | Regions Financial Corp. | 13,192,214 | 193,134 |
| | Principal Financial | | |
| | Group Inc. | 2,939,059 | 188,306 |
| | Franklin Resources Inc. | 3,754,315 | 168,156 |
| | Lincoln National Corp. | 2,459,124 | 166,188 |
| | Huntington | | |
| | Bancshares Inc. | 11,919,924 | 161,157 |
| | Invesco Ltd. | 4,461,071 | 156,985 |
| | Comerica Inc. | 1,940,071 | 142,091 |
| | Loews Corp. | 3,026,946 | 141,691 |
| | XL Group Ltd. | 2,866,558 | 125,555 |
| | Cincinnati Financial | | |
| | Corp. | 1,647,921 | 119,392 |
| | Unum Group | 2,502,283 | 116,682 |
| | Everest Re Group Ltd. | 450,178 | 114,611 |
| * | E*TRADE Financial | | |
| | Corp. | 3,012,129 | 114,551 |
| | Raymond James | | |
| | Financial Inc. | 1,409,284 | 113,053 |
| | Arthur J Gallagher | | |
| | & Co. | 1,967,913 | 112,663 |
| | Affiliated Managers | | |
| | Group Inc. | 622,281 | 103,212 |
| | Zions Bancorporation | 2,220,685 | 97,510 |
| | Leucadia National | | |
| | Corp. | 3,545,653 | 92,754 |
| | CBOE Holdings Inc. | 1,006,972 | 92,037 |
| | Torchmark Corp. | 1,192,817 | 91,251 |
| | Nasdaq Inc. | 1,249,641 | 89,337 |
| | People’s United | | |
| | Financial Inc. | 3,792,075 | 66,968 |
| | Assurant Inc. | 600,664 | 62,283 |
| | Navient Corp. | 3,124,274 | 52,019 |
| | | | 33,134,758 |
10
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| | | | Value• |
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| Health Care (14.5%) | | |
| | Johnson & Johnson | 29,555,489 | 3,909,896 |
| | Pfizer Inc. | 65,473,512 | 2,199,255 |
| | UnitedHealth Group | | |
| | Inc. | 10,572,200 | 1,960,297 |
| | Merck & Co. Inc. | 30,007,144 | 1,923,158 |
| | Amgen Inc. | 8,075,215 | 1,390,794 |
| | Medtronic plc | 15,021,337 | 1,333,144 |
| | AbbVie Inc. | 17,464,855 | 1,266,377 |
| * | Celgene Corp. | 8,568,766 | 1,112,826 |
| | Gilead Sciences Inc. | 14,340,261 | 1,015,004 |
| | Bristol-Myers | | |
| | Squibb Co. | 18,079,091 | 1,007,367 |
| | Abbott Laboratories | 19,043,364 | 925,698 |
| | Allergan plc | 3,685,955 | 896,019 |
| | Eli Lilly & Co. | 10,656,000 | 876,989 |
| | Thermo Fisher | | |
| | Scientific Inc. | 4,293,595 | 749,103 |
| * | Biogen Inc. | 2,344,559 | 636,219 |
| | Danaher Corp. | 6,704,430 | 565,787 |
| | Aetna Inc. | 3,640,820 | 552,786 |
| | Anthem Inc. | 2,908,521 | 547,180 |
| | Becton Dickinson | | |
| | and Co. | 2,495,631 | 486,923 |
| | Stryker Corp. | 3,405,260 | 472,582 |
| | Cigna Corp. | 2,810,267 | 470,411 |
| * | Boston Scientific | | |
| | Corp. | 15,017,101 | 416,274 |
| * | Express Scripts | | |
| | Holding Co. | 6,508,680 | 415,514 |
| * | Regeneron | | |
| | Pharmaceuticals Inc. | 835,585 | 410,389 |
| | Humana Inc. | 1,582,465 | 380,773 |
| | McKesson Corp. | 2,312,628 | 380,520 |
| * | Intuitive Surgical Inc. | 403,974 | 377,865 |
| * | Vertex | | |
| | Pharmaceuticals Inc. | 2,730,955 | 351,938 |
| | Zoetis Inc. | 5,381,477 | 335,696 |
| | Baxter | | |
| | International Inc. | 5,347,911 | 323,762 |
| * | Alexion | | |
| | Pharmaceuticals Inc. | 2,465,853 | 300,020 |
| | Zimmer Biomet | | |
| | Holdings Inc. | 2,210,266 | 283,798 |
| * | Illumina Inc. | 1,601,729 | 277,932 |
| * | HCA Healthcare Inc. | 3,137,892 | 273,624 |
| * | Edwards | | |
| | Lifesciences Corp. | 2,304,546 | 272,489 |
| | Cardinal Health Inc. | 3,463,568 | 269,881 |
| | CR Bard Inc. | 794,030 | 251,001 |
| * | Incyte Corp. | 1,863,632 | 234,650 |
| * | Cerner Corp. | 3,223,616 | 214,274 |
| | Agilent Technologies | | |
| | Inc. | 3,540,054 | 209,961 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Mylan NV | 5,063,352 | 196,559 |
| * | Laboratory Corp. of | | |
| | America Holdings | 1,124,050 | 173,261 |
| | AmerisourceBergen | | |
| | Corp. Class A | 1,819,653 | 172,012 |
| | Quest Diagnostics Inc. | 1,500,203 | 166,763 |
| * | Mettler-Toledo | | |
| | International Inc. | 283,126 | 166,631 |
| | Dentsply Sirona Inc. | 2,514,593 | 163,046 |
| * | Waters Corp. | 879,653 | 161,715 |
| * | Henry Schein Inc. | 869,852 | 159,200 |
| * | IDEXX Laboratories Inc. | 966,264 | 155,974 |
| * | Centene Corp. | 1,889,054 | 150,898 |
| * | Hologic Inc. | 3,070,249 | 139,328 |
| | Cooper Cos. Inc. | 536,344 | 128,411 |
| * | Align Technology Inc. | 827,876 | 124,281 |
| | Universal Health | | |
| | Services Inc. Class B | 982,979 | 120,002 |
| | Perrigo Co. plc | 1,570,333 | 118,592 |
| * | DaVita Inc. | 1,705,121 | 110,424 |
| * | Varian Medical | | |
| | Systems Inc. | 1,007,834 | 103,998 |
| | PerkinElmer Inc. | 1,206,613 | 82,219 |
| * | Envision Healthcare | | |
| | Corp. | 1,286,178 | 80,605 |
| * | Mallinckrodt plc | 1,093,360 | 48,993 |
| | Patterson Cos. Inc. | 894,547 | 41,999 |
| | | | 33,043,087 |
| Industrials (10.2%) | | |
| | General Electric Co. | 95,545,504 | 2,580,684 |
| | 3M Co. | 6,557,616 | 1,365,230 |
| | Boeing Co. | 6,159,853 | 1,218,111 |
| | Honeywell | | |
| | International Inc. | 8,365,693 | 1,115,063 |
| | United Technologies | | |
| | Corp. | 8,177,263 | 998,526 |
| | Union Pacific Corp. | 8,860,934 | 965,044 |
| | United Parcel | | |
| | Service Inc. Class B | 7,558,956 | 835,945 |
| | Lockheed Martin Corp. | 2,731,862 | 758,392 |
| | Caterpillar Inc. | 6,466,166 | 694,854 |
| | General | | |
| | Dynamics Corp. | 3,112,478 | 616,582 |
| | FedEx Corp. | 2,699,915 | 586,773 |
| | CSX Corp. | 10,127,567 | 552,560 |
| | Raytheon Co. | 3,194,994 | 515,928 |
| | Northrop | | |
| | Grumman Corp. | 1,916,214 | 491,911 |
| | Illinois Tool Works Inc. | 3,412,737 | 488,875 |
| | Johnson Controls | | |
| | International plc | 10,298,001 | 446,521 |
| | Delta Air Lines Inc. | 8,071,511 | 433,763 |
| | Emerson Electric Co. | 7,074,671 | 421,792 |
| | Southwest Airlines Co. | 6,630,629 | 412,027 |
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| | | | Value• |
| | | Shares | ($000) |
| | Deere & Co. | 3,226,930 | 398,816 |
| | Norfolk Southern Corp. | 3,177,592 | 386,713 |
| | Eaton Corp. plc | 4,904,796 | 381,740 |
| | Waste Management Inc. | 4,463,919 | 327,428 |
| | Cummins Inc. | 1,696,991 | 275,286 |
| | American Airlines | | |
| | Group Inc. | 5,401,058 | 271,781 |
| | Roper Technologies Inc. | 1,118,750 | 259,024 |
| | Ingersoll-Rand plc | 2,807,255 | 256,555 |
| | PACCAR Inc. | 3,851,685 | 254,365 |
| | Stanley Black & | | |
| | Decker Inc. | 1,677,378 | 236,057 |
| | Parker-Hannifin Corp. | 1,463,213 | 233,851 |
| * | United Continental | | |
| | Holdings Inc. | 3,089,604 | 232,493 |
| | Rockwell Automation | | |
| | Inc. | 1,412,656 | 228,794 |
| | Fortive Corp. | 3,306,191 | 209,447 |
| | Rockwell Collins Inc. | 1,783,751 | 187,437 |
| | Equifax Inc. | 1,318,133 | 181,138 |
| | Republic Services | | |
| | Inc. Class A | 2,524,164 | 160,865 |
| * | IHS Markit Ltd. | 3,487,905 | 153,607 |
| | AMETEK Inc. | 2,523,094 | 152,824 |
| | TransDigm Group Inc. | 536,202 | 144,169 |
| | L3 Technologies Inc. | 856,076 | 143,033 |
| | Nielsen Holdings plc | 3,692,006 | 142,733 |
| * | Verisk Analytics | | |
| | Inc. Class A | 1,685,951 | 142,244 |
| | Textron Inc. | 2,935,096 | 138,243 |
| | Fastenal Co. | 3,172,235 | 138,087 |
| | Dover Corp. | 1,710,685 | 137,231 |
| | Masco Corp. | 3,507,379 | 134,017 |
| | Pentair plc | 1,838,463 | 122,331 |
| | Kansas City Southern | 1,163,123 | 121,721 |
| | Alaska Air Group Inc. | 1,355,302 | 121,652 |
| | Cintas Corp. | 947,048 | 119,366 |
| | Expeditors | | |
| | International of | | |
| | Washington Inc. | 1,980,836 | 111,878 |
| | Fortune Brands Home | | |
| | & Security Inc. | 1,686,888 | 110,053 |
| | Arconic Inc. | 4,844,264 | 109,723 |
| | Xylem Inc. | 1,969,147 | 109,150 |
| | WW Grainger Inc. | 589,167 | 106,362 |
| | CH Robinson | | |
| | Worldwide Inc. | 1,547,666 | 106,294 |
| * | United Rentals Inc. | 929,331 | 104,745 |
| | Snap-on Inc. | 635,794 | 100,455 |
| | Acuity Brands Inc. | 484,093 | 98,406 |
| | JB Hunt Transport | | |
| | Services Inc. | 940,557 | 85,948 |
| | Allegion plc | 1,048,159 | 85,027 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Jacobs Engineering | | |
| | Group Inc. | 1,325,226 | 72,079 |
| * | Stericycle Inc. | 938,522 | 71,628 |
| | Fluor Corp. | 1,538,609 | 70,438 |
| | Robert Half | | |
| | International Inc. | 1,394,433 | 66,835 |
| | Flowserve Corp. | 1,428,744 | 66,337 |
| * | Quanta Services Inc. | 1,623,978 | 53,461 |
| | | | 23,420,448 |
| Information Technology (22.2%) | |
| | Apple Inc. | 57,205,596 | 8,238,750 |
| | Microsoft Corp. | 84,707,687 | 5,838,901 |
| * | Facebook Inc. Class A | 25,933,828 | 3,915,489 |
| * | Alphabet Inc. Class A | 3,265,399 | 3,035,776 |
| * | Alphabet Inc. Class C | 3,273,771 | 2,974,974 |
| | Visa Inc. Class A | 20,254,976 | 1,899,512 |
| | Intel Corp. | 51,661,419 | 1,743,056 |
| | Cisco Systems Inc. | 54,854,274 | 1,716,939 |
| | Oracle Corp. | 32,960,375 | 1,652,633 |
| | International Business | | |
| | Machines Corp. | 9,381,467 | 1,443,151 |
| | Mastercard Inc. | | |
| | Class A | 10,293,044 | 1,250,090 |
| | Broadcom Ltd. | 4,404,485 | 1,026,465 |
| | NVIDIA Corp. | 6,529,546 | 943,911 |
| | QUALCOMM Inc. | 16,213,737 | 895,323 |
| | Accenture plc Class A | 6,805,094 | 841,654 |
| | Texas Instruments Inc. | 10,934,009 | 841,153 |
| * | Adobe Systems Inc. | 5,429,281 | 767,918 |
| * | PayPal Holdings Inc. | 12,261,501 | 658,075 |
| * | salesforce.com Inc. | 7,338,794 | 635,540 |
| | Automatic Data | | |
| | Processing Inc. | 4,908,446 | 502,919 |
| | Applied Materials Inc. | 11,795,474 | 487,271 |
| | Activision Blizzard Inc. | 7,611,261 | 438,180 |
| | Cognizant Technology | | |
| | Solutions Corp. | | |
| | Class A | 6,465,653 | 429,319 |
| * | eBay Inc. | 11,037,693 | 385,436 |
| * | Electronic Arts Inc. | 3,399,668 | 359,413 |
| | Intuit Inc. | 2,669,045 | 354,476 |
| * | Micron Technology Inc. | 11,420,443 | 341,014 |
| | HP Inc. | 18,487,482 | 323,161 |
| | Analog Devices Inc. | 4,030,718 | 313,590 |
| | Fidelity National | | |
| | Information | | |
| | Services Inc. | 3,630,723 | 310,064 |
| | TE Connectivity Ltd. | 3,899,371 | 306,803 |
| | Corning Inc. | 10,107,263 | 303,723 |
| | Hewlett Packard | | |
| | Enterprise Co. | 18,279,134 | 303,251 |
| * | Fiserv Inc. | 2,332,709 | 285,384 |
| | Western Digital Corp. | 3,198,943 | 283,426 |
| | Lam Research Corp. | 1,771,889 | 250,598 |
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| | | | Value• |
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| | Amphenol Corp. | | |
| | Class A | 3,350,948 | 247,367 |
| | DXC Technology Co. | 3,104,797 | 238,200 |
| * | Autodesk Inc. | 2,126,463 | 214,390 |
| | Paychex Inc. | 3,505,835 | 199,622 |
| ^ | Microchip Technology | | |
| | Inc. | 2,519,647 | 194,466 |
| | Skyworks Solutions Inc. | 2,023,975 | 194,200 |
| | Symantec Corp. | 6,669,054 | 188,401 |
| * | Red Hat Inc. | 1,951,294 | 186,836 |
| | Xilinx Inc. | 2,719,724 | 174,933 |
| | KLA-Tencor Corp. | 1,718,886 | 157,295 |
| | Alliance Data Systems | | |
| | Corp. | 610,468 | 156,701 |
| | Motorola Solutions Inc. | 1,792,381 | 155,471 |
| | Global Payments Inc. | 1,671,938 | 151,010 |
| | Harris Corp. | 1,336,689 | 145,806 |
| * | Citrix Systems Inc. | 1,657,256 | 131,885 |
| | Seagate Technology plc | 3,256,515 | 126,190 |
| * | Gartner Inc. | 991,610 | 122,474 |
| * | Synopsys Inc. | 1,649,837 | 120,323 |
| | NetApp Inc. | 2,978,651 | 119,295 |
| | CA Inc. | 3,431,883 | 118,297 |
| | Juniper Networks Inc. | 4,200,085 | 117,098 |
| * | ANSYS Inc. | 937,447 | 114,069 |
| *,^ | Advanced Micro | | |
| | Devices Inc. | 8,496,664 | 106,038 |
| | Total System | | |
| | Services Inc. | 1,816,066 | 105,786 |
| | Western Union Co. | 5,167,079 | 98,433 |
| * | Akamai | | |
| | Technologies Inc. | 1,899,378 | 94,608 |
| * | F5 Networks Inc. | 711,072 | 90,349 |
| *,^ | VeriSign Inc. | 967,976 | 89,983 |
| * | Qorvo Inc. | 1,393,642 | 88,245 |
| | Xerox Corp. | 2,337,430 | 67,154 |
| | FLIR Systems Inc. | 1,494,508 | 51,800 |
| | CSRA Inc. | 1,593,101 | 50,581 |
| | | | 50,714,644 |
| Materials (2.8%) | | |
| | Dow Chemical Co. | 12,335,023 | 777,970 |
| | EI du Pont de | | |
| | Nemours & Co. | 9,515,405 | 767,988 |
| | Monsanto Co. | 4,816,385 | 570,067 |
| | Praxair Inc. | 3,134,765 | 415,513 |
| | Ecolab Inc. | 2,862,393 | 379,983 |
| | Air Products & | | |
| | Chemicals Inc. | 2,387,299 | 341,527 |
| | Sherwin-Williams Co. | 888,653 | 311,882 |
| | PPG Industries Inc. | 2,813,776 | 309,403 |
| | LyondellBasell | | |
| | Industries NV Class A | 3,627,834 | 306,153 |
| | International Paper Co. | 4,527,333 | 256,292 |
| | Nucor Corp. | 3,504,296 | 202,794 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Newmont Mining Corp. | 5,846,739 | 189,376 |
| | Vulcan Materials Co. | 1,450,854 | 183,794 |
| * | Freeport-McMoRan Inc. | 14,594,732 | 175,283 |
| | Ball Corp. | 3,848,105 | 162,428 |
| | WestRock Co. | 2,753,284 | 156,001 |
| | Martin Marietta | | |
| | Materials Inc. | 686,720 | 152,850 |
| | Eastman Chemical Co. | 1,598,901 | 134,292 |
| | Albemarle Corp. | 1,214,310 | 128,158 |
| | International Flavors | | |
| | & Fragrances Inc. | 866,976 | 117,042 |
| | FMC Corp. | 1,469,310 | 107,333 |
| | Sealed Air Corp. | 2,147,084 | 96,103 |
| | Mosaic Co. | 3,848,864 | 87,870 |
| | Avery Dennison Corp. | 970,940 | 85,802 |
| | CF Industries | | |
| | Holdings Inc. | 2,556,752 | 71,487 |
| | | | 6,487,391 |
| Real Estate (2.9%) | | |
| | American Tower | | |
| | Corporation | 4,664,799 | 617,246 |
| | Simon Property | | |
| | Group Inc. | 3,426,777 | 554,315 |
| | Crown Castle | | |
| | International Corp. | 4,014,651 | 402,188 |
| | Equinix Inc. | 854,335 | 366,646 |
| | Public Storage | 1,639,341 | 341,852 |
| | Prologis Inc. | 5,824,134 | 341,527 |
| | Welltower Inc. | 4,021,673 | 301,022 |
| | AvalonBay | | |
| | Communities Inc. | 1,510,625 | 290,297 |
| | Weyerhaeuser Co. | 8,252,165 | 276,448 |
| | Ventas Inc. | 3,891,122 | 270,355 |
| | Equity Residential | 4,025,784 | 265,017 |
| | Boston Properties Inc. | 1,690,367 | 207,949 |
| | Digital Realty Trust Inc. | 1,751,955 | 197,883 |
| | Essex Property Trust Inc. | 720,600 | 185,389 |
| | Vornado Realty Trust | 1,892,417 | 177,698 |
| | Realty Income Corp. | 2,994,007 | 165,209 |
| | HCP Inc. | 5,137,812 | 164,205 |
| | GGP Inc. | 6,395,685 | 150,682 |
| | Host Hotels & | | |
| | Resorts Inc. | 8,128,440 | 148,507 |
| | Mid-America Apartment | | |
| | Communities Inc. | 1,248,275 | 131,543 |
| * | CBRE Group Inc. | | |
| | Class A | 3,306,620 | 120,361 |
| | Alexandria Real Estate | | |
| | Equities Inc. | 998,685 | 120,312 |
| | SL Green Realty Corp. | 1,116,571 | 118,133 |
| | UDR Inc. | 2,929,286 | 114,154 |
| | Extra Space Storage Inc. | 1,380,844 | 107,706 |
| | Regency Centers Corp. | 1,601,716 | 100,332 |
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| | | | Value• |
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| | Federal Realty | | |
| | Investment Trust | 790,957 | 99,969 |
| | Iron Mountain Inc. | 2,691,634 | 92,485 |
| | Kimco Realty Corp. | 4,672,441 | 85,739 |
| | Macerich Co. | 1,305,810 | 75,815 |
| | Apartment Investment | | |
| | & Management Co. | 1,720,657 | 73,937 |
| | | | 6,664,921 |
| Telecommunication Services (2.1%) | |
| | AT&T Inc. | 67,451,054 | 2,544,928 |
| | Verizon | | |
| | Communications Inc. | 44,754,597 | 1,998,740 |
| * | Level 3 | | |
| | Communications Inc. | 3,209,705 | 190,336 |
| ^ | CenturyLink Inc. | 6,017,596 | 143,700 |
| | | | 4,877,704 |
| Utilities (3.2%) | | |
| | NextEra Energy Inc. | 5,138,121 | 720,005 |
| | Duke Energy Corp. | 7,681,458 | 642,093 |
| | Dominion Energy Inc. | 6,903,801 | 529,038 |
| | Southern Co. | 10,916,761 | 522,695 |
| | American Electric | | |
| | Power Co. Inc. | 5,392,000 | 374,582 |
| | PG&E Corp. | 5,599,169 | 371,617 |
| | Exelon Corp. | 10,166,980 | 366,723 |
| | Sempra Energy | 2,750,120 | 310,076 |
| | PPL Corp. | 7,503,625 | 290,090 |
| | Edison International | 3,577,532 | 279,727 |
| | Consolidated | | |
| | Edison Inc. | 3,354,296 | 271,094 |
| | Xcel Energy Inc. | 5,567,520 | 255,438 |
| | Public Service | | |
| | Enterprise Group Inc. | 5,555,490 | 238,942 |
| | WEC Energy Group Inc. | 3,467,114 | 212,812 |
| | Eversource Energy | 3,481,521 | 211,363 |
| | DTE Energy Co. | 1,970,242 | 208,432 |
| | American Water | | |
| | Works Co. Inc. | 1,952,999 | 152,236 |
| | Entergy Corp. | 1,967,866 | 151,073 |
| | Ameren Corp. | 2,658,961 | 145,365 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | CMS Energy Corp. | 3,081,908 | 142,538 |
| | FirstEnergy Corp. | 4,865,527 | 141,879 |
| | CenterPoint Energy Inc. | 4,723,114 | 129,319 |
| | SCANA Corp. | 1,566,777 | 104,990 |
| | Pinnacle West | | |
| | Capital Corp. | 1,221,550 | 104,027 |
| | Alliant Energy Corp. | 2,496,128 | 100,270 |
| | NiSource Inc. | 3,547,869 | 89,974 |
| | AES Corp. | 7,224,787 | 80,267 |
| | NRG Energy Inc. | 3,471,207 | 59,774 |
| | | | 7,206,439 |
| Total Common Stocks | | |
| (Cost $138,341,928) | 227,901,913 |
| Temporary Cash Investments (0.4%)1 | |
| Money Market Fund (0.4%) | | |
| 2,3 | Vanguard Market | | |
| | Liquidity Fund, | | |
| | 1.181% | 9,197,945 | 919,979 |
| |
| | | Face | |
| | | Amount | |
| | | ($000) | |
| U. S. Government and Agency Obligations (0.0%) |
| 4 | United States Treasury | | |
| | Bill, 0.918%, 9/14/17 | 7,000 | 6,986 |
| 4 | United States Treasury | | |
| | Bill, 0.909%, 10/5/17 | 20,000 | 19,947 |
| 4 | United States Treasury | | |
| | Bill, 1.052%–1.056%, | | |
| | 11/24/17 | 12,000 | 11,949 |
| | | | 38,882 |
| Total Temporary Cash Investments | |
| (Cost $958,835) | | 958,861 |
| Total Investments (100.0%) | | |
| (Cost $139,300,763) | | 228,860,774 |
14
| |
| Institutional Index Fund | |
| |
| |
| |
| |
| | Amount |
| | ($000) |
| Other Assets and Liabilities (0.0%) | |
| Other Assets | |
| Receivables for Accrued Income | 228,028 |
| Receivables for Capital Shares Issued | 499,105 |
| Other Assets | 444 |
| Total Other Assets | 727,577 |
| Liabilities | |
| Payables for Investment Securities | |
| Purchased | (97,263) |
| Collateral for Securities on Loan | (152,159) |
| Payables for Capital Shares Redeemed | (428,759) |
| Payables to Vanguard | (3,388) |
| Other Liabilities | (1,114) |
| Total Liabilities | (682,683) |
| Net Assets (100%) | 228,905,668 |
| |
| At June 30, 2017, net assets consisted of: |
| | Amount |
| | ($000) |
| Paid-in Capital | 139,547,377 |
| Undistributed Net Investment Income | 87,499 |
| Accumulated Net Realized Losses | (286,925) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 89,560,011 |
| Futures Contracts | (2,294) |
| Net Assets | 228,905,668 |
| |
| | Amount |
| | ($000) |
| Institutional Shares—Net Assets | |
| Applicable to 598,904,349 outstanding |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 132,229,388 |
| Net Asset Value Per Share— | |
| Institutional Shares | $220.79 |
| |
| |
| Institutional Plus Shares—Net Assets |
| Applicable to 437,847,875 outstanding |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 96,676,280 |
| Net Asset Value Per Share— | |
| Institutional Plus Shares | $220.80 |
• 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 $146,509,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect
to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%,
respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown
is the 7-day yield.
3 Includes $152,159,000 of collateral received for securities on loan.
4 Securities with a value of $38,185,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Institutional Index Fund
Statement of Operations
| |
| | Six Months Ended |
| | June30,2017 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends | 2,171,240 |
| Interest1 | 3,503 |
| Securities Lending—Net | 1,024 |
| Total Income | 2,175,767 |
| Expenses | |
| The Vanguard Group—Note B | |
| Management and Administrative—Institutional Shares | 25,458 |
| Management and Administrative—Institutional Plus Shares | 9,450 |
| Total Expenses | 34,908 |
| Net Investment Income | 2,140,859 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1 | 3,721,483 |
| Futures Contracts | 80,699 |
| Realized Net Gain (Loss) | 3,802,182 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 13,783,195 |
| Futures Contracts | 5,512 |
| Change in Unrealized Appreciation (Depreciation) | 13,788,707 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 19,731,748 |
| 1 Interest income and realized net gain (loss) from an affiliated company of the fund were $3,348,000 and $86,000 respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
16
Institutional Index Fund
Statement of Changes in Net Assets
| | |
| | Six Months Ended | Year Ended |
| | June 30, | December 31, |
| | 2017 | 2016 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 2,140,859 | 4,442,107 |
| Realized Net Gain (Loss) | 3,802,182 | 10,669,396 |
| Change in Unrealized Appreciation (Depreciation) | 13,788,707 | 8,104,326 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 19,731,748 | 23,215,829 |
| Distributions | | |
| Net Investment Income | | |
| Institutional Shares | (1,195,500) | (2,442,559) |
| Institutional Plus Shares | (892,438) | (2,012,550) |
| Realized Capital Gain | | |
| Institutional Shares | — | (346,073) |
| Institutional Plus Shares | — | (266,240) |
| Total Distributions | (2,087,938) | (5,067,422) |
| Capital Share Transactions | | |
| Institutional Shares | 2,142,517 | 5,253,646 |
| Institutional Plus Shares | (2,375,847) | (6,653,506) |
| Net Increase (Decrease) from Capital Share Transactions | (233,330) | (1,399,860) |
| Total Increase (Decrease) | 17,410,480 | 16,748,547 |
| Net Assets | | |
| Beginning of Period | 211,495,188 | 194,746,641 |
| End of Period1 | 228,905,668 | 211,495,188 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $87,499,000 and $34,578,000.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Institutional Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | June 30, | | | Year Ended December 31, |
| Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $203.83 | $186.62 | $188.67 | $169.28 | $130.52 | $115.04 |
| Investment Operations | | | | | | |
| Net Investment Income | 2.058 | 4.210 | 4.5851 | 3.561 | 3.128 | 2.835 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 16.909 | 17.814 | (2.065) | 19.380 | 38.759 | 15.475 |
| Total from Investment Operations | 18.967 | 22.024 | 2.520 | 22.941 | 41.887 | 18.310 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (2.007) | (4.223) | (4.570) | (3.551) | (3.127) | (2.830) |
| Distributions from Realized Capital Gains | — | (.591) | — | — | — | — |
| Total Distributions | (2.007) | (4.814) | (4.570) | (3.551) | (3.127) | (2.830) |
| Net Asset Value, End of Period | $220.79 | $203.83 | $186.62 | $188.67 | $169.28 | $130.52 |
| |
| Total Return | 9.32% | 11.93% | 1.37% | 13.65% | 32.35% | 15.98% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $132,229 | $120,014 | $104,705 | $102,114 | $87,843 | $68,055 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.95% | 2.19% | 2.43%1 | 2.01% | 2.08% | 2.27% |
| Portfolio Turnover Rate2 | 4% | 5% | 5% | 4% | 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.
18
Institutional Index Fund
Financial Highlights
| | | | | | |
| Institutional Plus Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | June 30, | | | Year Ended December 31, |
| Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $203.84 | $186.63 | $188.68 | $169.28 | $130.53 | $115.05 |
| Investment Operations | | | | | | |
| Net Investment Income | 2.079 | 4.248 | 4.6221 | 3.597 | 3.158 | 2.861 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 16.909 | 17.814 | (2.065) | 19.388 | 38.750 | 15.474 |
| Total from Investment Operations | 18.988 | 22.062 | 2.557 | 22.985 | 41.908 | 18.335 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (2.028) | (4.261) | (4.607) | (3.585) | (3.158) | (2.855) |
| Distributions from Realized Capital Gains | — | (.591) | — | — | — | — |
| Total Distributions | (2.028) | (4.852) | (4.607) | (3.585) | (3.158) | (2.855) |
| Net Asset Value, End of Period | $220.80 | $203.84 | $186.63 | $188.68 | $169.28 | $130.53 |
| |
| Total Return | 9.33% | 11.95% | 1.39% | 13.68% | 32.37% | 16.00% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $96,676 | $91,481 | $90,042 | $85,611 | $74,915 | $49,286 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.97% | 2.21% | 2.45%1 | 2.03% | 2.10% | 2.29% |
| Portfolio Turnover Rate2 | 4% | 5% | 5% | 4% | 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
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 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.
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, 2017, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period.
20
Institutional Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2013–2016), and for the period ended June 30, 2017, 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 counter-parties. 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
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, 2017, 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
21
Institutional Index Fund
fees are charged to each class at the contractual rate. Income, expenses not attributable to a specific class, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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, 2017, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 227,901,913 | — | — |
| Temporary Cash Investments | 919,979 | 38,882 | — |
| Futures Contracts—Assets1 | 444 | — | — |
| Total | 228,822,336 | 38,882 | — |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At June 30, 2017, 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 2017 | 7,970 | 964,729 | (2,294) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
22
Institutional Index Fund
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
During the six months ended June 30, 2017, the fund realized $3,755,318,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
At June 30, 2017, the cost of investment securities for tax purposes was $139,300,763,000. Net unrealized appreciation of investment securities for tax purposes was $89,560,011,000, consisting of unrealized gains of $93,503,713,000 on securities that had risen in value since their purchase and $3,943,702,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2017, the fund purchased $10,011,587,000 of investment securities and sold $10,028,149,000 of investment securities, other than temporary cash investments. Purchases and sales include $890,105,000 and $5,970,959,000, 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, 2017 | December 31, 2016 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 13,187,432 | 61,388 | 22,246,070 | 116,023 |
| Issued in Lieu of Cash Distributions | 1,097,035 | 5,031 | 2,562,300 | 13,073 |
| Redeemed | (12,141,950) | (56,315) | (19,554,724) | (101,369) |
| Net Increase (Decrease)—Institutional Shares | 2,142,517 | 10,104 | 5,253,646 | 27,727 |
| Institutional Plus Shares | | | | |
| Issued | 9,608,699 | 44,694 | 15,503,083 | 80,386 |
| Issued in Lieu of Cash Distributions | 880,230 | 4,037 | 2,234,893 | 11,422 |
| Redeemed | (12,864,776) | (59,674) | (24,391,482) | (125,488) |
| Net Increase (Decrease)— | | | | |
| Institutional Plus Shares | (2,375,847) | (10,943) | (6,653,506) | (33,680) |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2017, that would require recognition or disclosure in these financial statements.
23
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
24
| | | |
| Six Months Ended June 30, 2017 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Institutional Index Fund | 12/31/2016 | 6/30/2017 | Period |
| Based on Actual Fund Return | | | |
| Institutional Shares | $1,000.00 | $1,093.20 | $0.21 |
| Institutional Plus Shares | 1,000.00 | 1,093.30 | 0.10 |
| Based on Hypothetical 5% Yearly Return | | | |
| Institutional Shares | $1,000.00 | $1,024.60 | $0.20 |
| Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for
that period are 0.04% for Institutional Shares and 0.02% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are
equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the
most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
25
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), 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. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also 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 compared with its 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.
26
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 expense rate was also well below the peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
27
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share.
For a fund, the weighted average price/book ratio of the stocks it holds.
28
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
29
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
30
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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 197 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) 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
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina
Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Treasurer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Director of Vanguard Marketing Corporation; Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
| |
| Vanguard Senior ManagementTeam |
| Mortimer J. Buckley | James M. Norris |
| John James | Thomas M. Rampulla |
| Martha G. King | Glenn W. Reed |
| John T. Marcante | Karin A. Risi |
| Chris D. McIsaac | |
| |
| Chairman Emeritus and Senior Advisor |
| John J. Brennan | |
| Chairman, 1996–2009 | |
| Chief Executive Officer and President, 1996–2008 |
| |
| Founder | |
| John C. Bogle | |
| Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
|  |
| | 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 |
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| Who Are Deaf or Hard of Hearing> 800-749-7273 | trademark of Dow Jones Trademark Holdings LLC |
| | (“Dow Jones”); S&P® and S&P 500® are trademarks |
| This material may be used in conjunction | of S&P; and these trademarks have been licensed for |
| with the offering of shares of any Vanguard | use by SPDJI and sublicensed for certain purposes by |
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| | endorsed, sold or promoted by SPDJI, Dow Jones, |
| the fund’s current prospectus. | S&P, or their respective affiliates and none of such |
| All comparative mutual fund data are from Lipper, a | parties make any representation regarding the |
| Thomson Reuters Company, or Morningstar, Inc., unless | advisability of investing in such product(s) nor do they |
| otherwise noted. | have any liability for any 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 | |
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| 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. | |
| | © 2017 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q942 082017 |
Semiannual Report | June 30, 2017
Vanguard Institutional Total Stock
Market Index Fund
A new format, unwavering commitment
As you begin reading this report, you’ll notice that we’ve made some improvements to the opening sections—based on feedback from you, our clients.
Page 1 starts with a new ”Your Fund’s Performance at a Glance,” a concise, handy summary of how your fund performed during the period.
In the renamed ”Chairman’s Perspective,” Bill McNabb will focus on enduring principles and investment insights.
We’ve modified some tables, and eliminated some redundancy, but we haven’t removed any information.
At Vanguard, we’re always looking for better ways to communicate and to help you make sound investment decisions. Thank you for entrusting your assets to us.
| |
| Contents | |
| Your Fund’s Performance at a Glance. | 1 |
| Chairman’s Perspective. | 2 |
| Fund Profile. | 6 |
| Performance Summary. | 7 |
| Financial Statements. | 8 |
| About Your Fund’s Expenses. | 55 |
| Trustees Approve Advisory Arrangement. | 57 |
| Glossary. | 59 |
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: No matter what language you speak, Vanguard has one consistent message and set of principles. Our primary focus is on you, our clients. We conduct our business with integrity as a faithful steward of your assets. This message is shown translated into seven languages, reflecting our expanding global presence.
Your Fund’s Performance at a Glance
• Vanguard Institutional Total Stock Market Index Fund returned nearly 9% for the six months ended June 30, 2017. The fund closely tracked its target index, the CRSP US Total Market Index, and exceeded the average return of its multicapitalization core fund peers.
• The fund offers investors exposure to every segment, size, and style of the U.S. equity market.
• Large-cap stocks outperformed their small- and mid-cap counterparts. Growth stocks outpaced value, reversing a trend from 2016.
• Eight of the fund’s ten market sectors recorded positive returns, with technology, health care, and financials contributing most to the overall return.
• The two sectors posting negative returns were oil and gas and telecommunications.
| |
| Total Returns: Six Months Ended June 30, 2017 | |
| | Total |
| | Returns |
| Vanguard Institutional Total Stock Market Index Fund | |
| Institutional Shares | 8.96% |
| Institutional Plus Shares | 8.95 |
| CRSP US Total Market Index | 9.00 |
| Multi-Cap Core Funds Average | 8.35 |
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.
1
Chairman’s Perspective
Bill McNabb
Chairman and Chief Executive Officer
Dear Shareholder,
More than a decade ago, the eminent investor and commentator Howard Marks published a memo to his clients titled simply “Risk.” In it, Howard distilled the relationship between investors and risk. “When you boil it all down, it’s the investor’s job to intelligently bear risk for profit,” he wrote.
It’s not surprising, then, that everyone from portfolio managers to behavioral economists avidly studies how investors’ reactions to risk influence not only individual investment decisions but also the broader financial markets. I’m a big fan of some of the behavioral finance work being done, which includes studies by our own investment strategists and analysts.
A lens on investor behavior
For example, Vanguard’s Investment Strategy Group introduced a “risk speedometers” report in January to look at how investors are reacting to market developments. This lens on real-world behavior measures the risk investors are taking in a given period by calculating the difference between net cash flows into higher-risk assets, such as stocks, and net cash flows into lower-risk assets, such as Treasuries. The measures are then compared with long-term averages.
In the spring, the risk speedometer spiked. The spike was fueled by investors’ decisions to direct more of their equity
2
dollars to international investments in developed and emerging markets, and their bond dollars to riskier credit categories.
A spiking speedometer seems a fitting analogy for what can happen. I consider myself a responsible driver. Still, when the highway is clear and the weather is nice, I might glance down at the speedometer and find that my right foot has gotten a little heavy.
The same phenomenon is possible with our investment portfolios. Just as our attention can drift from our speed—and the risk level on the road—we can neglect the risk level of our portfolio’s asset allocation. Experience teaches that investors are especially prone to lose sight of risk when markets have been buoyant.
How I manage risk in my own portfolio
Rebalancing—periodically adjusting your asset allocation so it stays in line with your goals and risk tolerance—is one of the best ways I know of to help manage risk. Without rebalancing, your portfolio may end up potentially riskier than you intended and no longer aligned with your goals.
I have a ritual I perform every June and again each December, between Christmas and New Year’s, as I prepare for a series of annual meetings with the Vanguard crew. I’ll set aside some time, review my
| | | |
| Market Barometer | | | |
| | | | Total Returns |
| | | Periods Ended June 30, 2017 |
| | | | Five Years |
| | Six Months | One Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 9.27% | 18.03% | 14.67% |
| Russell 2000 Index (Small-caps) | 4.99 | 24.60 | 13.70 |
| Russell 3000 Index (Broad U.S. market) | 8.93 | 18.51 | 14.58 |
| FTSE All-World ex US Index (International) | 13.95 | 20.53 | 7.68 |
| |
| Bonds | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | | |
| (Broad taxable market) | 2.27% | -0.31% | 2.21% |
| Bloomberg Barclays Municipal Bond Index | | | |
| (Broad tax-exempt market) | 3.57 | -0.49 | 3.26 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.30 | 0.46 | 0.13 |
| |
| CPI | | | |
| Consumer Price Index | 1.46% | 1.63% | 1.31% |
3
investment portfolio, and, if necessary, rebalance back to my target asset allocation.
My own portfolio is a mix of equity and fixed income funds, and I invest in both actively managed funds and index funds. Most years, I’ll make a minor adjustment to get back to the appropriate asset allocation for my own longer-term goals and risk tolerance. It’s not all that complicated, although my portfolio is a little more complex than some because I own more funds than we’d typically suggest. As chairman of Vanguard’s funds, I feel I should own a significant number of them.
Consider your options
You should consider rebalancing if your target allocation is off by 5 percentage points or more. Admittedly, this is often easier said than done. When an investment has performed exceptionally well, people have a hard time trimming it. They can be led astray by that old (and none-too-helpful) investing saw: Let your winners run.
Fortunately, in recent years we’ve seen all sorts of investors take steps to rebalance. Many of the endowments, foundations, and traditional pension plans that Vanguard serves have good processes built into their investment guidelines to make sure rebalancing takes place on a regular basis. And among investors in defined contribution retirement plans, more and more are using target-date funds, where rebalancing happens automatically.
If you choose to rebalance on your own, use your target asset allocation as your guidepost. Don’t be afraid to buy into bad news. In a sense, don’t worry about the noise of the marketplace. If you work with an advisor, make sure he or she understands the importance you place on your rebalancing ritual.
And remember, the goal of rebalancing is to manage risk, not to avoid it altogether. Risk is inherent in investing—we just want to bear that risk intelligently.
In that insightful memo on risk, Howard Marks included a saying often attributed to Will Rogers: “You’ve got to go out on a limb sometimes because that’s where the fruit is.”
Tim Buckley chosen as Vanguard’s next CEO
In closing, I’ll note senior leadership changes that we announced in July. Our board of directors has elected Vanguard Chief Investment Officer Tim Buckley as president and director of Vanguard. Under the planned transition, Tim will succeed me as Vanguard’s chief executive officer on January 1, 2018.
I’m delighted with our board’s selection of Tim. We first met in 1991 when Tim was interviewing for a job at Vanguard. In the decades since, we’ve worked closely together, and he’s always impressed me as a man of tremendous character and an outstanding leader with a passion for serving our clients. During the transition
4
period, I will work closely with Tim in managing the firm and overseeing its operations.
Replacing Tim as chief investment officer is Greg Davis, who had been global head of Vanguard Fixed Income Group. And succeeding Greg as our fixed income leader is John Hollyer, who most recently served as our global head of investment risk management. I know Greg and John will both do a superb job in their new roles.
As with past successions, I will remain as chairman for a period of time determined by the board. On a personal note, it has been an honor and a privilege to lead Vanguard. Having spent more than half
my life at Vanguard, I have come to know many fabulous crew members who are incredibly dedicated to Vanguard’s mission. Please be assured that Tim and the rest of the team will serve you and our other clients extremely well as Vanguard prepares for its next chapter.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 14, 2017
|
| Vanguard fund shareholders encouraged to vote in proxy campaign |
| |
| This summer you will be asked to vote on the election of trustees for all U.S.-domiciled |
| Vanguard funds. Shareholders will also be asked to vote on several fund policy proposals |
| that we believe are in the best interests of all shareholders. As a shareholder of Vanguard |
| Institutional Total Stock Market Index Fund, you will be asked to vote on proposals that |
| are specific to your fund. |
| |
| Vanguard filed a preliminary proxy statement on July 13, 2017, with the U.S. Securities and |
| Exchange Commission (SEC). Following the SEC’s review, we expect to provide the proxy |
| materials to Vanguard fund shareholders beginning in late August 2017. That’s when you |
| can begin to vote online, by phone, or by mail. |
| |
| A shareholder meeting is scheduled to be held in Scottsdale, Arizona, on November 15, |
| 2017, when voting will conclude. We encourage you to vote promptly. Please visit |
| vanguard.com for updates. |
5
Institutional Total Stock Market Index Fund
Fund Profile
As of June 30, 2017
| | |
| Share-Class Characteristics | |
| | Institutional | Institutional |
| | Shares | Plus Shares |
| Ticker Symbol | VITNX | VITPX |
| Expense Ratio1 | 0.04% | 0.02% |
| 30-Day SEC Yield | 1.86% | 1.88% |
| | |
| Portfolio Characteristics | | |
| | | CRSP US |
| | | Total Market |
| | Fund | Index |
| Number of Stocks | 3,141 | 3,598 |
| Median Market Cap | $59.8B | $59.8B |
| Price/Earnings Ratio | 21.3x | 21.2x |
| Price/Book Ratio | 2.9x | 2.9x |
| Return on Equity | 20.2% | 16.0% |
| Earnings Growth Rate | 9.9% | 10.0% |
| Dividend Yield | 1.8% | 1.8% |
| Foreign Holdings | 0.0% | 0.0% |
| Turnover Rate | | |
| (Annualized) | 5% | — |
| Short-Term Reserves | -0.1% | — |
| | |
| Sector Diversification (% of equity exposure) |
| | | CRSP US |
| | | Total Market |
| | Fund | Index |
| Basic Materials | 2.6% | 2.6% |
| Consumer Goods | 9.7 | 9.7 |
| Consumer Services | 13.1 | 13.0 |
| Financials | 20.4 | 20.5 |
| Health Care | 13.1 | 13.1 |
| Industrials | 13.0 | 13.0 |
| Oil & Gas | 5.6 | 5.6 |
| Technology | 17.4 | 17.4 |
| Telecommunications | 2.0 | 1.9 |
| Utilities | 3.1 | 3.2 |
| |
| Volatility Measures | |
| | CRSP US |
| | Total Market |
| | Index |
| 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 | 2.7% |
| Alphabet Inc. | Internet | 2.2 |
| Microsoft Corp. | Software | 2.1 |
| Amazon.com Inc. | Broadline Retailers | 1.6 |
| Facebook Inc. | Internet | 1.4 |
| Johnson & Johnson | Pharmaceuticals | 1.4 |
| Exxon Mobil Corp. | Integrated Oil & Gas | 1.4 |
| Berkshire Hathaway Inc. | Reinsurance | 1.3 |
| JPMorgan Chase & Co. | Banks | 1.3 |
| Wells Fargo & Co. | Banks | 1.0 |
| Top Ten | | 16.4% |
| 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, 2017. For the six months ended June 30, 2017, the annualized expense ratios were 0.04% for Institutional Shares and 0.02% for Institutional Plus Shares.
6
Institutional Total Stock Market Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2006, Through June 30, 2017
For a benchmark description, see the Glossary.
Note: For 2017, performance data reflect the six months ended June 30, 2017.
Average Annual Total Returns: Periods Ended June 30, 2017
| | | | |
| | Inception | One | Five | Ten |
| | Date | Year | Years | Years |
| Institutional Shares | 8/31/2001 | 18.46% | 14.61% | 7.43% |
| Institutional Plus Shares | 5/31/2001 | 18.49 | 14.62 | 7.45 |
7
Institutional Total Stock Market Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2017
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 (99.0%)1 | | |
| Basic Materials (2.6%) | | |
| | Dow Chemical Co. | 1,954,688 | 123,282 |
| | EI du Pont de Nemours | | |
| | & Co. | 1,387,210 | 111,962 |
| | Praxair Inc. | 456,642 | 60,528 |
| | Ecolab Inc. | 417,909 | 55,477 |
| | Air Products & | | |
| | Chemicals Inc. | 348,420 | 49,845 |
| | PPG Industries Inc. | 410,684 | 45,159 |
| | LyondellBasell Industries | | |
| | NV Class A | 515,594 | 43,511 |
| | International Paper Co. | 660,678 | 37,401 |
| | Nucor Corp. | 510,557 | 29,546 |
| | Newmont Mining Corp. | 853,175 | 27,634 |
| * | Freeport-McMoRan Inc. | 2,083,345 | 25,021 |
| | Celanese Corp. Class A | 224,857 | 21,348 |
| | Albemarle Corp. | 179,153 | 18,908 |
| | Eastman Chemical Co. | 210,010 | 17,639 |
| | International Flavors & | | |
| | Fragrances Inc. | 126,369 | 17,060 |
| | Arconic Inc. | 705,297 | 15,975 |
| | FMC Corp. | 214,448 | 15,665 |
| | Steel Dynamics Inc. | 368,899 | 13,210 |
| | Mosaic Co. | 561,663 | 12,823 |
| | Avery Dennison Corp. | 141,763 | 12,528 |
| | RPM International Inc. | 213,754 | 11,660 |
| | Chemours Co. | 295,178 | 11,193 |
| * | Axalta Coating Systems | | |
| | Ltd. | 348,636 | 11,170 |
| | CF Industries Holdings | | |
| | Inc. | 373,084 | 10,431 |
| * | Alcoa Corp. | 294,799 | 9,625 |
| | Huntsman Corp. | 325,948 | 8,422 |
| | Royal Gold Inc. | 104,603 | 8,177 |
| | Reliance Steel & | | |
| | Aluminum Co. | 110,849 | 8,071 |
| | Olin Corp. | 265,425 | 8,037 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | WR Grace & Co. | 110,652 | 7,968 |
| | NewMarket Corp. | 15,173 | 6,987 |
| | Ashland Global Holdings | | |
| | Inc. | 99,156 | 6,535 |
| | Scotts Miracle-Gro Co. | 71,700 | 6,414 |
| ^ | United States Steel Corp. | 279,537 | 6,189 |
| | Sensient Technologies | | |
| | Corp. | 71,027 | 5,720 |
| | Versum Materials Inc. | 174,511 | 5,672 |
| | PolyOne Corp. | 132,301 | 5,125 |
| | Cabot Corp. | 89,394 | 4,776 |
| | US Silica Holdings Inc. | 129,948 | 4,612 |
| * | Univar Inc. | 157,023 | 4,585 |
| | HB Fuller Co. | 80,897 | 4,135 |
| | Westlake Chemical Corp. | 62,302 | 4,125 |
| | Minerals Technologies Inc. | 56,317 | 4,122 |
| * | Platform Specialty | | |
| | Products Corp. | 320,566 | 4,065 |
| | Balchem Corp. | 50,986 | 3,962 |
| * | Ingevity Corp. | 67,537 | 3,877 |
| | Domtar Corp. | 100,377 | 3,856 |
| * | CONSOL Energy Inc. | 258,010 | 3,855 |
| | Commercial Metals Co. | 185,449 | 3,603 |
| | Worthington Industries Inc. | 71,522 | 3,592 |
| | Compass Minerals | | |
| | International Inc. | 54,291 | 3,545 |
| * | GCP Applied Technologies | | |
| | Inc. | 113,517 | 3,462 |
| * | AK Steel Holding Corp. | 506,620 | 3,328 |
| * | Cliffs Natural Resources | | |
| | Inc. | 474,262 | 3,282 |
| * | Peabody Energy Corp. | 134,001 | 3,276 |
| | Hecla Mining Co. | 635,497 | 3,241 |
| * | Cambrex Corp. | 52,165 | 3,117 |
| ^ | Allegheny Technologies | | |
| | Inc. | 174,949 | 2,976 |
| | Quaker Chemical Corp. | 20,352 | 2,956 |
| | KapStone Paper and | | |
| | Packaging Corp. | 139,087 | 2,869 |
8
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Carpenter Technology Corp. | 74,697 | 2,796 |
| | Neenah Paper Inc. | 33,910 | 2,721 |
| * | Coeur Mining Inc. | 299,398 | 2,569 |
| | Kaiser Aluminum Corp. | 27,745 | 2,456 |
| | Innospec Inc. | 37,182 | 2,437 |
| * | Kraton Corp. | 62,734 | 2,161 |
| * | AdvanSix Inc. | 67,378 | 2,105 |
| | Stepan Co. | 23,280 | 2,029 |
| * | Century Aluminum Co. | 125,221 | 1,951 |
| | Innophos Holdings Inc. | 42,440 | 1,861 |
| * | Clearwater Paper Corp. | 37,923 | 1,773 |
| * | Ferro Corp. | 91,350 | 1,671 |
| | Arch Coal Inc. Class A | 24,115 | 1,647 |
| | Calgon Carbon Corp. | 104,616 | 1,580 |
| | Chase Corp. | 14,675 | 1,566 |
| | Tronox Ltd. Class A | 102,871 | 1,555 |
| | PH Glatfelter Co. | 69,738 | 1,363 |
| * | SunCoke Energy Inc. | 124,992 | 1,362 |
| | Aceto Corp. | 83,404 | 1,289 |
| | Deltic Timber Corp. | 15,223 | 1,137 |
| | American Vanguard Corp. | 64,678 | 1,116 |
| | Haynes International Inc. | 30,361 | 1,102 |
| * | Koppers Holdings Inc. | 30,343 | 1,097 |
| | A Schulman Inc. | 31,811 | 1,018 |
| *,^ | Fairmount Santrol | | |
| | Holdings Inc. | 248,236 | 968 |
| | Kronos Worldwide Inc. | 52,615 | 959 |
| | Hallador Energy Co. | 113,025 | 878 |
| | KMG Chemicals Inc. | 17,785 | 866 |
| | Hawkins Inc. | 18,122 | 840 |
| * | Veritiv Corp. | 16,978 | 764 |
| | Ampco-Pittsburgh Corp. | 48,960 | 722 |
| * | OMNOVA Solutions Inc. | 73,095 | 713 |
| * | Resolute Forest Products | | |
| | Inc. | 140,309 | 617 |
| * | CSW Industrials Inc. | 15,456 | 597 |
| | Tredegar Corp. | 36,672 | 559 |
| * | Cloud Peak Energy Inc. | 127,884 | 451 |
| | Olympic Steel Inc. | 21,873 | 426 |
| | Rayonier Advanced | | |
| | Materials Inc. | 22,836 | 359 |
| * | Westmoreland Coal Co. | 70,819 | 345 |
| | FutureFuel Corp. | 21,815 | 329 |
| * | Codexis Inc. | 50,575 | 276 |
| * | LSB Industries Inc. | 26,149 | 270 |
| | Gold Resource Corp. | 52,189 | 213 |
| * | Universal Stainless & Alloy | | |
| | Products Inc. | 10,736 | 209 |
| * | Ryerson Holding Corp. | 20,819 | 206 |
| *,^ | Uranium Energy Corp. | 110,492 | 176 |
| | Friedman Industries Inc. | 30,651 | 174 |
| * | General Moly Inc. | 384,371 | 142 |
| *,^ | Golden Minerals Co. | 243,316 | 137 |
| * | Handy & Harman Ltd. | 4,280 | 134 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Real Industry Inc. | 22,749 | 66 |
| * | Senomyx Inc. | 66,934 | 56 |
| * | Solitario Exploration & | | |
| | Royalty Corp. | 56,237 | 38 |
| | Warrior Met Coal Inc. | 2,133 | 37 |
| * | Ikonics Corp. | 3,253 | 29 |
| * | AgroFresh Solutions Inc. | 3,000 | 22 |
| * | Northern Technologies | | |
| | International Corp. | 1,269 | 20 |
| * | Synalloy Corp. | 1,703 | 19 |
| * | NL Industries Inc. | 2,169 | 15 |
| | United-Guardian Inc. | 950 | 15 |
| *,^ | Pershing Gold Corp. | 4,000 | 11 |
| *,^ | Ramaco Resources Inc. | 1,279 | 8 |
| * | Verso Corp. | 1,197 | 6 |
| * | TOR Minerals | | |
| | International Inc. | 682 | 5 |
| * | Comstock Mining Inc. | 21,959 | 4 |
| * | Rentech Inc. | 200 | — |
| | | | 1,032,178 |
| Consumer Goods (9.6%) | | |
| | Procter & Gamble Co. | 4,092,031 | 356,621 |
| | Philip Morris | | |
| | International Inc. | 2,484,944 | 291,857 |
| | Coca-Cola Co. | 6,152,249 | 275,928 |
| | PepsiCo Inc. | 2,285,506 | 263,953 |
| | Altria Group Inc. | 3,090,501 | 230,150 |
| | NIKE Inc. Class B | 2,114,352 | 124,747 |
| | Colgate-Palmolive Co. | 1,413,280 | 104,766 |
| | Mondelez International | | |
| | Inc. Class A | 2,306,156 | 99,603 |
| | Reynolds American Inc. | 1,369,613 | 89,080 |
| | Kraft Heinz Co. | 974,083 | 83,420 |
| | Monsanto Co. | 702,141 | 83,105 |
| | Kimberly-Clark Corp. | 567,912 | 73,323 |
| | General Motors Co. | 2,052,355 | 71,689 |
| *,^ | Tesla Inc. | 197,111 | 71,277 |
| | Ford Motor Co. | 6,257,594 | 70,023 |
| | Activision Blizzard Inc. | 1,145,583 | 65,951 |
| | General Mills Inc. | 923,795 | 51,178 |
| * | Electronic Arts Inc. | 468,581 | 49,538 |
| | Constellation Brands | | |
| | Inc. Class A | 247,605 | 47,969 |
| | Newell Brands Inc. | 772,936 | 41,445 |
| | Archer-Daniels-Midland | | |
| | Co. | 909,540 | 37,637 |
| | Delphi Automotive plc | 429,363 | 37,634 |
| | Stanley Black & Decker | | |
| | Inc. | 244,935 | 34,470 |
| | Estee Lauder Cos. Inc. | | |
| | Class A | 358,236 | 34,384 |
| * | Monster Beverage Corp. | 682,019 | 33,883 |
| | Tyson Foods Inc. Class A | 461,155 | 28,882 |
| | Clorox Co. | 206,102 | 27,461 |
9
Institutional Total Stock Market Index Fund
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Kellogg Co. | 392,363 | 27,254 |
| | Dr Pepper Snapple Group | | |
| | Inc. | 294,180 | 26,803 |
| | Conagra Brands Inc. | 693,150 | 24,787 |
| | VF Corp. | 428,268 | 24,668 |
| * | Mohawk Industries Inc. | 101,076 | 24,429 |
| | Molson Coors Brewing Co. | | |
| | Class B | 280,465 | 24,215 |
| | Hershey Co. | 219,135 | 23,529 |
| | Whirlpool Corp. | 118,687 | 22,743 |
| | Church & Dwight Co. Inc. | 411,939 | 21,371 |
| | Coach Inc. | 449,828 | 21,295 |
| | JM Smucker Co. | 177,080 | 20,954 |
| | Genuine Parts Co. | 225,066 | 20,877 |
| | Hasbro Inc. | 180,065 | 20,079 |
| | DR Horton Inc. | 570,886 | 19,736 |
| | McCormick & Co. Inc. | 181,343 | 17,683 |
| | Lennar Corp. Class A | 317,477 | 16,928 |
| | Bunge Ltd. | 224,655 | 16,759 |
| | Campbell Soup Co. | 317,866 | 16,577 |
| | Lear Corp. | 110,606 | 15,715 |
| * | LKQ Corp. | 468,632 | 15,441 |
| | Harley-Davidson Inc. | 280,921 | 15,175 |
| | Snap-on Inc. | 92,789 | 14,661 |
| | PVH Corp. | 126,343 | 14,466 |
| | Hormel Foods Corp. | 423,145 | 14,433 |
| | BorgWarner Inc. | 339,595 | 14,385 |
| | Brown-Forman Corp. | | |
| | Class B | 292,259 | 14,204 |
| | Goodyear Tire & Rubber | | |
| | Co. | 402,932 | 14,087 |
| | Hanesbrands Inc. | 603,154 | 13,969 |
| * | NVR Inc. | 5,701 | 13,743 |
| | Ingredion Inc. | 114,709 | 13,674 |
| | Leucadia National Corp. | 518,168 | 13,555 |
| | Coty Inc. Class A | 717,781 | 13,466 |
| * | Take-Two Interactive | | |
| | Software Inc. | 166,132 | 12,191 |
| | Mattel Inc. | 548,137 | 11,801 |
| | PulteGroup Inc. | 466,512 | 11,444 |
| | Pinnacle Foods Inc. | 189,950 | 11,283 |
| | Leggett & Platt Inc. | 213,254 | 11,202 |
| * | Middleby Corp. | 92,141 | 11,196 |
| * | WABCO Holdings Inc. | 82,596 | 10,532 |
| | Lamb Weston Holdings | | |
| | Inc. | 233,715 | 10,293 |
| | Toll Brothers Inc. | 247,204 | 9,767 |
| * | Lululemon Athletica Inc. | 152,700 | 9,112 |
| | Brunswick Corp. | 143,102 | 8,977 |
| * | Michael Kors Holdings | | |
| | Ltd. | 246,991 | 8,953 |
| ^ | Polaris Industries Inc. | 95,761 | 8,832 |
| | Gentex Corp. | 459,682 | 8,720 |
| | Thor Industries Inc. | 79,953 | 8,357 |
| | | | |
| | | | | Market |
| | | | | Value• |
| | | | Shares | ($000) |
| * | Post Holdings Inc. | | 100,756 | 7,824 |
| | Valvoline Inc. | | 326,363 | 7,741 |
| *,^ | Herbalife Ltd. | | 104,564 | 7,459 |
| * | TreeHouse Foods Inc. | 91,189 | 7,449 |
| | Pool Corp. | | 62,922 | 7,398 |
| * | Edgewell Personal Care | | |
| | Co. | | 91,957 | 6,991 |
| | Ralph Lauren Corp. Class | | |
| | A | | 89,730 | 6,622 |
| | Carter’s Inc. | | 74,008 | 6,583 |
| * | Hain Celestial Group Inc. | 165,728 | 6,434 |
| *,^ | Under Armour Inc. Class | | |
| | A | | 295,515 | 6,430 |
| * | Skechers U. S. A. Inc. | | | |
| | Class A | | 214,075 | 6,315 |
| * | US Foods Holding Corp. | 230,586 | 6,277 |
| * | Under Armour Inc. | | 300,818 | 6,065 |
| * | Visteon Corp. | | 53,804 | 5,491 |
| | Flowers Foods Inc. | | 299,638 | 5,187 |
| | Nu Skin Enterprises Inc. | | |
| | Class A | | 82,518 | 5,185 |
| | Dana Inc. | | 231,295 | 5,165 |
| * | Wayfair Inc. | | 66,245 | 5,093 |
| | Tenneco Inc. | | 88,001 | 5,089 |
| | Energizer Holdings Inc. | 99,128 | 4,760 |
| | Spectrum Brands | | | |
| | Holdings Inc. | | 37,705 | 4,715 |
| | Tupperware Brands Corp. | 65,009 | 4,566 |
| * | Zynga Inc. Class A | 1,253,572 | 4,563 |
| | CalAtlantic Group Inc. | 125,061 | 4,421 |
| * | Dorman Products Inc. | 52,598 | 4,354 |
| | Snyder’s-Lance Inc. | | 123,018 | 4,259 |
| | Wolverine World Wide Inc. | 149,906 | 4,199 |
| * | Tempur Sealy International | | |
| | Inc. | | 78,639 | 4,199 |
| * | Welbilt Inc. | | 222,264 | 4,190 |
| * | Darling Ingredients Inc. | 263,463 | 4,147 |
| * | Helen of Troy Ltd. | | 44,053 | 4,145 |
| | LCI Industries | | 37,887 | 3,880 |
| | KB Home | | 161,751 | 3,877 |
| * | Kate Spade & Co. | | 206,295 | 3,814 |
| ^ | B&G Foods Inc. | | 106,550 | 3,793 |
| | Lancaster Colony Corp. | 30,890 | 3,788 |
| | Sanderson Farms Inc. | 30,925 | 3,576 |
| * | iRobot Corp. | | 41,745 | 3,512 |
| * | Deckers Outdoor Corp. | 51,365 | 3,506 |
| * | Steven Madden Ltd. | | 87,142 | 3,481 |
| | Vector Group Ltd. | | 155,393 | 3,313 |
| | Nutrisystem Inc. | | 62,329 | 3,244 |
| * | Blue Buffalo Pet Products | | |
| | Inc. | | 141,887 | 3,236 |
| * | TRI Pointe Group Inc. | 241,895 | 3,191 |
| | J&J Snack Foods Corp. | 23,997 | 3,169 |
| | Cooper Tire & Rubber Co. | 84,892 | 3,065 |
10
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | La-Z-Boy Inc. | 92,466 | 3,005 |
| * | Select Comfort Corp. | 84,456 | 2,997 |
| | Herman Miller Inc. | 95,835 | 2,913 |
| * | Cooper-Standard Holdings | | |
| | Inc. | 28,623 | 2,887 |
| | HNI Corp. | 71,359 | 2,845 |
| * | ACCO Brands Corp. | 236,696 | 2,758 |
| | Fresh Del Monte Produce | | |
| | Inc. | 53,454 | 2,721 |
| * | Meritage Homes Corp. | 63,258 | 2,670 |
| * | Avon Products Inc. | 695,012 | 2,641 |
| | Universal Corp. | 40,583 | 2,626 |
| * | Cavco Industries Inc. | 20,153 | 2,613 |
| | Columbia Sportswear Co. | 44,209 | 2,567 |
| | MDC Holdings Inc. | 71,899 | 2,540 |
| | Dean Foods Co. | 145,338 | 2,471 |
| | Coca-Cola Bottling Co. | | |
| | Consolidated | 10,682 | 2,445 |
| | Interface Inc. Class A | 122,526 | 2,408 |
| | WD-40 Co. | 21,713 | 2,396 |
| | Briggs & Stratton Corp. | 97,173 | 2,342 |
| * | Central Garden & Pet Co. | | |
| | Class A | 77,477 | 2,326 |
| * | Gentherm Inc. | 58,575 | 2,273 |
| * | Pilgrim’s Pride Corp. | 103,335 | 2,265 |
| * | Vista Outdoor Inc. | 95,650 | 2,153 |
| | Standard Motor Products | | |
| | Inc. | 40,303 | 2,105 |
| | Ethan Allen Interiors Inc. | 59,579 | 1,924 |
| | Schweitzer-Mauduit | | |
| | International Inc. | 50,099 | 1,865 |
| * | Boston Beer Co. Inc. | | |
| | Class A | 14,101 | 1,863 |
| * | Taylor Morrison Home | | |
| | Corp. Class A | 76,388 | 1,834 |
| *,^ | Cal-Maine Foods Inc. | 45,671 | 1,809 |
| | Andersons Inc. | 52,860 | 1,805 |
| | Steelcase Inc. Class A | 128,318 | 1,796 |
| * | American Axle & | | |
| | Manufacturing Holdings | | |
| | Inc. | 113,676 | 1,773 |
| | Callaway Golf Co. | 132,693 | 1,696 |
| | Knoll Inc. | 82,527 | 1,655 |
| | Inter Parfums Inc. | 44,624 | 1,635 |
| * | G-III Apparel Group Ltd. | 62,526 | 1,560 |
| | Winnebago Industries Inc. | 43,831 | 1,534 |
| * | Nautilus Inc. | 78,770 | 1,508 |
| * | Hostess Brands Inc. | | |
| | Class A | 93,500 | 1,505 |
| | John B Sanfilippo & Son | | |
| | Inc. | 23,145 | 1,461 |
| | Calavo Growers Inc. | 21,145 | 1,460 |
| | Seaboard Corp. | 360 | 1,438 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | USANA Health Sciences | | |
| | Inc. | 22,430 | 1,438 |
| * | Unifi Inc. | 46,571 | 1,434 |
| | Bassett Furniture | | |
| | Industries Inc. | 37,767 | 1,433 |
| * | Modine Manufacturing Co. | 86,477 | 1,431 |
| * | Beazer Homes USA Inc. | 104,026 | 1,427 |
| | Medifast Inc. | 33,570 | 1,392 |
| | National Beverage Corp. | 14,858 | 1,390 |
| | Oxford Industries Inc. | 21,579 | 1,348 |
| * | Motorcar Parts of | | |
| | America Inc. | 43,131 | 1,218 |
| | Movado Group Inc. | 47,938 | 1,210 |
| * | Fox Factory Holding Corp. | 33,784 | 1,203 |
| * | Fitbit Inc. Class A | 224,635 | 1,193 |
| * | Central Garden & Pet Co. | 37,224 | 1,183 |
| * | Crocs Inc. | 149,814 | 1,155 |
| ^ | Tootsie Roll Industries Inc. | 31,531 | 1,099 |
| | Flexsteel Industries Inc. | 19,486 | 1,054 |
| * | Universal Electronics Inc. | 15,679 | 1,048 |
| | Lennar Corp. Class B | 22,644 | 1,018 |
| | Culp Inc. | 29,737 | 966 |
| * | M/I Homes Inc. | 32,976 | 941 |
| * | Farmer Brothers Co. | 27,582 | 834 |
| | Kimball International Inc. | | |
| | Class B | 49,604 | 828 |
| * | Perry Ellis International | | |
| | Inc. | 39,234 | 764 |
| | Hooker Furniture Corp. | 17,970 | 739 |
| | Superior Industries | | |
| | International Inc. | 35,606 | 732 |
| * | Fossil Group Inc. | 66,446 | 688 |
| *,^ | GoPro Inc. Class A | 83,003 | 675 |
| * | Iconix Brand Group Inc. | 96,145 | 664 |
| | Omega Protein Corp. | 32,711 | 586 |
| *,^ | Jamba Inc. | 72,175 | 562 |
| * | Stoneridge Inc. | 35,053 | 540 |
| | Alico Inc. | 16,932 | 530 |
| | Phibro Animal Health | | |
| | Corp. Class A | 13,665 | 506 |
| | National Presto | | |
| | Industries Inc. | 4,575 | 506 |
| * | Glu Mobile Inc. | 199,352 | 498 |
| * | Primo Water Corp. | 38,032 | 483 |
| | MGP Ingredients Inc. | 9,343 | 478 |
| * | Revlon Inc. Class A | 19,900 | 472 |
| * | Core Molding | | |
| | Technologies Inc. | 20,725 | 448 |
| * | Eastman Kodak Co. | 39,871 | 363 |
| | Marine Products Corp. | 22,403 | 350 |
| | Tower International Inc. | 15,061 | 338 |
| * | Shiloh Industries Inc. | 28,486 | 334 |
| * | Vera Bradley Inc. | 34,158 | 334 |
11
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Alliance One International | | |
| | Inc. | 22,691 | 327 |
| | Weyco Group Inc. | 11,573 | 323 |
| * | LGI Homes Inc. | 7,514 | 302 |
| * | Cherokee Inc. | 42,923 | 298 |
| * | ZAGG Inc. | 30,892 | 267 |
| | Camping World Holdings | | |
| | Inc. Class A | 8,625 | 266 |
| | Nutraceutical International | | |
| | Corp. | 6,285 | 262 |
| * | Hovnanian Enterprises Inc. | | |
| | Class A | 91,200 | 255 |
| | Johnson Outdoors Inc. | | |
| | Class A | 5,006 | 241 |
| * | Dixie Group Inc. | 49,812 | 224 |
| | Oil-Dri Corp. of America | 5,275 | 222 |
| *,^ | Amplify Snack Brands Inc. | 22,773 | 220 |
| *,^ | JAKKS Pacific Inc. | 53,883 | 216 |
| | Limoneira Co. | 9,066 | 214 |
| | Libbey Inc. | 25,544 | 206 |
| | Lifetime Brands Inc. | 11,235 | 204 |
| | Strattec Security Corp. | 5,352 | 189 |
| * | Lifeway Foods Inc. | 19,531 | 182 |
| | Escalade Inc. | 13,847 | 181 |
| * | Black Diamond Inc. | 27,241 | 181 |
| * | Craft Brew Alliance Inc. | 10,411 | 175 |
| | Titan International Inc. | 13,744 | 165 |
| * | Sequential Brands Group | | |
| | Inc. | 39,641 | 158 |
| * | e.l.f. Beauty, Inc. | 5,651 | 154 |
| * | William Lyon Homes Class | | |
| | A | 6,000 | 145 |
| | Nature’s Sunshine Products | | |
| | Inc. | 10,016 | 133 |
| * | Coffee Holding Co. Inc. | 27,694 | 124 |
| * | Natural Alternatives | | |
| | International Inc. | 12,166 | 122 |
| | Mannatech Inc. | 7,199 | 114 |
| * | Delta Apparel Inc. | 5,153 | 114 |
| *,^ | S&W Seed Co. | 27,184 | 113 |
| * | Lifevantage Corp. | 24,902 | 108 |
| | Acushnet Holdings Corp. | 5,367 | 107 |
| | LS Starrett Co. Class A | 11,175 | 96 |
| | Rocky Brands Inc. | 6,414 | 86 |
| * | Inventure Foods Inc. | 18,959 | 82 |
| * | Malibu Boats Inc. Class A | 3,100 | 80 |
| ^ | Orchids Paper Products Co. | 4,683 | 61 |
| | Superior Uniform Group Inc. | 2,555 | 57 |
| | Acme United Corp. | 1,971 | 56 |
| * | Seneca Foods Corp. Class A | 1,806 | 56 |
| * | Female Health Co. | 52,315 | 55 |
| * | US Auto Parts Network Inc. | 16,787 | 54 |
| * | Emerson Radio Corp. | 37,808 | 53 |
| * | Freshpet Inc. | 3,032 | 50 |
| | | |
| | | | Market |
| | | | Value• |
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| * | Century Communities Inc. | 1,789 | 44 |
| * | Summer Infant Inc. | 22,600 | 40 |
| * | Zedge Inc. Class B | 14,083 | 31 |
| | Crown Crafts Inc. | 4,278 | 30 |
| * | Lakeland Industries Inc. | 1,900 | 28 |
| * | MCBC Holdings Inc. | 1,211 | 24 |
| *,^ | Vuzix Corp. | 3,300 | 22 |
| | Stanley Furniture Co. Inc. | 15,291 | 17 |
| | CompX International Inc. | 1,065 | 16 |
| * | Skyline Corp. | 2,012 | 12 |
| * | Willamette Valley | | |
| | Vineyards Inc. | 1,400 | 11 |
| * | Crystal Rock Holdings Inc. | 7,780 | 6 |
| * | Cyanotech Corp. | 997 | 4 |
| | | | 3,884,560 |
| Consumer Services (12.9%) | | |
| * | Amazon.com Inc. | 650,023 | 629,222 |
| | Comcast Corp. Class A | 7,573,256 | 294,751 |
| | Home Depot Inc. | 1,912,877 | 293,435 |
| | Walt Disney Co. | 2,378,554 | 252,721 |
| | McDonald’s Corp. | 1,304,098 | 199,736 |
| | Wal-Mart Stores Inc. | 2,425,177 | 183,537 |
| * | Priceline Group Inc. | 78,625 | 147,070 |
| | CVS Health Corp. | 1,630,007 | 131,150 |
| | Starbucks Corp. | 2,201,034 | 128,342 |
| | Time Warner Inc. | 1,178,828 | 118,366 |
| | Walgreens Boots | | |
| | Alliance Inc. | 1,470,055 | 115,120 |
| | Costco Wholesale Corp. | 702,351 | 112,327 |
| * | Charter Communications | | |
| | Inc. Class A | 321,183 | 108,190 |
| | Lowe’s Cos. Inc. | 1,371,729 | 106,350 |
| * | Netflix Inc. | 655,194 | 97,893 |
| | TJX Cos. Inc. | 979,771 | 70,710 |
| * | eBay Inc. | 1,645,283 | 57,453 |
| | Delta Air Lines Inc. | 1,059,865 | 56,957 |
| | McKesson Corp. | 337,766 | 55,576 |
| | Southwest Airlines Co. | 870,716 | 54,106 |
| | Twenty-First Century | | |
| | Fox Inc. Class A | 1,683,700 | 47,716 |
| | Target Corp. | 882,754 | 46,159 |
| | Marriott International Inc. | | |
| | Class A | 459,025 | 46,045 |
| | Yum! Brands Inc. | 557,163 | 41,096 |
| | Las Vegas Sands Corp. | 633,829 | 40,495 |
| | Carnival Corp. | 601,010 | 39,408 |
| | Cardinal Health Inc. | 505,408 | 39,381 |
| | Sysco Corp. | 774,355 | 38,973 |
| | CBS Corp. Class B | 573,517 | 36,579 |
| | Ross Stores Inc. | 627,734 | 36,239 |
| | American Airlines Group | | |
| | Inc. | 709,361 | 35,695 |
| | Kroger Co. | 1,494,067 | 34,842 |
| * | O’Reilly Automotive Inc. | 148,062 | 32,387 |
12
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | United Continental | | |
| | Holdings Inc. | 427,768 | 32,190 |
| | Dollar General Corp. | 441,578 | 31,833 |
| | Omnicom Group Inc. | 373,522 | 30,965 |
| | Royal Caribbean Cruises | | |
| | Ltd. | 275,292 | 30,070 |
| | Expedia Inc. | 198,950 | 29,634 |
| * | Ulta Beauty Inc. | 94,453 | 27,140 |
| * | AutoZone Inc. | 45,582 | 26,003 |
| | MGM Resorts | | |
| | International | 827,599 | 25,896 |
| * | Dollar Tree Inc. | 359,564 | 25,141 |
| | AmerisourceBergen | | |
| | Corp. Class A | 262,079 | 24,774 |
| | Best Buy Co. Inc. | 424,905 | 24,360 |
| | Nielsen Holdings plc | 571,694 | 22,102 |
| * | DISH Network Corp. | | |
| | Class A | 345,807 | 21,703 |
| | Whole Foods Market Inc. | 511,378 | 21,534 |
| | Hilton Worldwide | | |
| | Holdings Inc. | 338,291 | 20,923 |
| | L Brands Inc. | 387,592 | 20,887 |
| | Viacom Inc. Class B | 579,538 | 19,455 |
| * | Chipotle Mexican Grill | | |
| | Inc. Class A | 45,880 | 19,091 |
| * | CarMax Inc. | 298,870 | 18,847 |
| | Darden Restaurants Inc. | 198,991 | 17,997 |
| | Twenty-First Century | | |
| | Fox Inc. | 638,807 | 17,804 |
| | Tiffany & Co. | 189,530 | 17,791 |
| | Alaska Air Group Inc. | 197,831 | 17,757 |
| | Wynn Resorts Ltd. | 131,030 | 17,574 |
| | Wyndham Worldwide | | |
| | Corp. | 168,904 | 16,960 |
| | Domino’s Pizza Inc. | 76,945 | 16,276 |
| * | Liberty Interactive Corp. | | |
| | QVC Group Class A | 662,057 | 16,247 |
| | Aramark | 392,299 | 16,076 |
| | Interpublic Group of Cos. | | |
| | Inc. | 632,243 | 15,553 |
| * | Norwegian Cruise Line | | |
| | Holdings Ltd. | 255,268 | 13,858 |
| | Advance Auto Parts Inc. | 112,230 | 13,085 |
| | Vail Resorts Inc. | 63,976 | 12,976 |
| ^ | Sirius XM Holdings Inc. | 2,253,833 | 12,328 |
| * | JetBlue Airways Corp. | 537,059 | 12,261 |
| * | Liberty Media Corp- | | |
| | Liberty SiriusXM | | |
| | Class C | 283,896 | 11,838 |
| * | VCA Inc. | 123,726 | 11,421 |
| | Macy’s Inc. | 488,373 | 11,350 |
| | Tractor Supply Co. | 209,110 | 11,336 |
| | News Corp. Class A | 799,548 | 10,954 |
| | Kohl’s Corp. | 281,454 | 10,884 |
| | | | |
| | | | | Market |
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| * | Panera Bread Co. | | | |
| | Class A | | 34,420 | 10,830 |
| | Staples Inc. | 1,045,053 | 10,524 |
| | FactSet Research | | | |
| | Systems Inc. | | 63,267 | 10,514 |
| | Foot Locker Inc. | | 210,871 | 10,392 |
| * | Burlington Stores Inc. | 112,501 | 10,349 |
| | H&R Block Inc. | | 331,512 | 10,247 |
| * | Copart Inc. | | 312,389 | 9,931 |
| | Service Corp. | | | |
| | International | | 285,949 | 9,565 |
| | Scripps Networks | | | |
| | Interactive Inc. Class A | 138,130 | 9,436 |
| | Nordstrom Inc. | | 193,452 | 9,253 |
| | KAR Auction Services Inc. | 220,274 | 9,245 |
| * | Discovery | | | |
| | Communications Inc. | 355,079 | 8,952 |
| *,^ | Liberty Media Corp- | | | |
| | Liberty Formula One | 239,209 | 8,760 |
| | Gap Inc. | | 384,275 | 8,450 |
| * | ServiceMaster Global | | |
| | Holdings Inc. | | 215,139 | 8,431 |
| | Dunkin’ Brands Group Inc. | 147,480 | 8,129 |
| * | Live Nation | | | |
| | Entertainment Inc. | | 213,905 | 7,455 |
| | Six Flags Entertainment | | |
| | Corp. | | 123,309 | 7,350 |
| | Signet Jewelers Ltd. | | 110,617 | 6,995 |
| | Bed Bath & Beyond Inc. | 227,616 | 6,920 |
| * | TripAdvisor Inc. | | 178,190 | 6,807 |
| | Sabre Corp. | | 311,490 | 6,781 |
| | Cinemark Holdings Inc. | 173,610 | 6,745 |
| | Casey’s General Stores | | |
| | Inc. | | 62,787 | 6,725 |
| ^ | Cracker Barrel Old | | | |
| | Country Store Inc. | | 38,538 | 6,445 |
| | Rollins Inc. | | 157,049 | 6,393 |
| | Dun & Bradstreet Corp. | 59,037 | 6,385 |
| * | Discovery | | | |
| | Communications Inc. | | |
| | Class A | | 246,046 | 6,355 |
| * | Bright Horizons Family | | |
| | Solutions Inc. | | 81,433 | 6,287 |
| * | Madison Square Garden | | |
| | Co. Class A | | 31,117 | 6,127 |
| | Williams-Sonoma Inc. | 126,101 | 6,116 |
| * | GrubHub Inc. | | 138,000 | 6,017 |
| * | Grand Canyon Education | | |
| | Inc. | | 76,715 | 6,015 |
| * | Liberty Media Corp- | | | |
| | Liberty SiriusXM Class A | 138,621 | 5,819 |
| * | Spirit Airlines Inc. | | 111,070 | 5,737 |
| | Extended Stay America | | |
| | Inc. | | 294,141 | 5,695 |
13
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Dick’s Sporting Goods | | |
| | Inc. | 135,659 | 5,403 |
| * | Cabela’s Inc. | 88,248 | 5,244 |
| | Cable One Inc. | 7,331 | 5,212 |
| | Texas Roadhouse Inc. | | |
| | Class A | 102,222 | 5,208 |
| * | AMC Networks Inc. | | |
| | Class A | 94,100 | 5,026 |
| | Chemed Corp. | 24,572 | 5,026 |
| | Jack in the Box Inc. | 50,985 | 5,022 |
| * | Rite Aid Corp. | 1,686,290 | 4,975 |
| | TEGNA Inc. | 343,740 | 4,953 |
| * | Sprouts Farmers Market | | |
| | Inc. | 213,510 | 4,840 |
| | Tribune Media Co. Class | | |
| | A | 118,467 | 4,830 |
| * | AutoNation Inc. | 113,473 | 4,784 |
| | Wendy’s Co. | 307,708 | 4,773 |
| | Office Depot Inc. | 842,675 | 4,753 |
| * | Beacon Roofing Supply | | |
| | Inc. | 96,522 | 4,730 |
| * | Liberty Expedia | | |
| | Holdings Inc. Class A | 86,920 | 4,695 |
| | ILG Inc. | 169,775 | 4,667 |
| * | Sally Beauty Holdings | | |
| | Inc. | 227,058 | 4,598 |
| * | Dave & Buster’s | | |
| | Entertainment Inc. | 67,520 | 4,491 |
| | Aaron’s Inc. | 114,143 | 4,440 |
| * | Lions Gate | | |
| | Entertainment Corp. | | |
| | Class B | 165,288 | 4,344 |
| | Dolby Laboratories Inc. | | |
| | Class A | 88,338 | 4,325 |
| * | Five Below Inc. | 87,575 | 4,324 |
| * | Murphy USA Inc. | 57,945 | 4,294 |
| | Nexstar Media Group Inc. | | |
| | Class A | 71,794 | 4,293 |
| | Graham Holdings Co. | | |
| | Class B | 7,043 | 4,223 |
| | Marriott Vacations | | |
| | Worldwide Corp. | 34,793 | 4,097 |
| | Sinclair Broadcast | | |
| | Group Inc. Class A | 123,157 | 4,052 |
| * | Hawaiian Holdings Inc. | 85,882 | 4,032 |
| *,^ | RH | 62,206 | 4,014 |
| * | Hilton Grand Vacations | | |
| | Inc. | 111,033 | 4,004 |
| *,^ | Stamps.com Inc. | 25,776 | 3,992 |
| | Churchill Downs Inc. | 21,242 | 3,894 |
| | John Wiley & Sons Inc. | | |
| | Class A | 73,506 | 3,877 |
| * | Sotheby’s | 71,708 | 3,849 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Choice Hotels | | |
| | International Inc. | 58,759 | 3,775 |
| | Meredith Corp. | 63,337 | 3,765 |
| | Regal Entertainment Group | | |
| | Class A | 182,116 | 3,726 |
| * | Michaels Cos. Inc. | 200,573 | 3,715 |
| * | Yelp Inc. Class A | 122,573 | 3,680 |
| | Cheesecake Factory Inc. | 72,960 | 3,670 |
| * | Buffalo Wild Wings Inc. | 28,876 | 3,659 |
| | New York Times Co. | | |
| | Class A | 206,601 | 3,657 |
| * | Performance Food Group | | |
| | Co. | 133,352 | 3,654 |
| | PriceSmart Inc. | 41,394 | 3,626 |
| ^ | GameStop Corp. Class A | 164,411 | 3,553 |
| | Bloomin’ Brands Inc. | 166,731 | 3,540 |
| | Big Lots Inc. | 71,908 | 3,473 |
| | AMERCO | 9,448 | 3,459 |
| * | Adtalem Global Education | | |
| | Inc. | 90,228 | 3,424 |
| * | WebMD Health Corp. | 58,329 | 3,421 |
| * | Avis Budget Group Inc. | 125,106 | 3,412 |
| | Lithia Motors Inc. Class A | 36,158 | 3,407 |
| * | Caesars Acquisition Co. | | |
| | Class A | 178,081 | 3,392 |
| * | Ollie’s Bargain Outlet | | |
| | Holdings Inc. | 78,223 | 3,332 |
| | Hillenbrand Inc. | 91,754 | 3,312 |
| * | Pandora Media Inc. | 365,374 | 3,259 |
| * | Altice USA Inc. Class A | 98,878 | 3,194 |
| | Papa John’s International | | |
| | Inc. | 44,339 | 3,182 |
| | American Eagle Outfitters | | |
| | Inc. | 262,022 | 3,157 |
| | Boyd Gaming Corp. | 126,877 | 3,148 |
| | Planet Fitness Inc. Class A | 134,153 | 3,131 |
| * | Acxiom Corp. | 119,687 | 3,109 |
| | Bob Evans Farms Inc. | 42,995 | 3,088 |
| * | Cars.com Inc. | 114,646 | 3,053 |
| | Matthews International | | |
| | Corp. Class A | 49,230 | 3,015 |
| * | Hyatt Hotels Corp. Class A | 53,578 | 3,012 |
| | Brinker International Inc. | 78,425 | 2,988 |
| * | United Natural Foods Inc. | 81,348 | 2,985 |
| | Children’s Place Inc. | 28,817 | 2,942 |
| | Allegiant Travel Co. Class A | 21,400 | 2,902 |
| | SkyWest Inc. | 78,685 | 2,762 |
| * | Groupon Inc. Class A | 684,575 | 2,629 |
| | Morningstar Inc. | 32,488 | 2,545 |
| * | Scientific Games Corp. | | |
| | Class A | 96,960 | 2,531 |
| * | Shutterfly Inc. | 52,065 | 2,473 |
| * | Belmond Ltd. Class A | 182,921 | 2,433 |
14
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Houghton Mifflin Harcourt | | |
| | Co. | 197,353 | 2,427 |
| * | Urban Outfitters Inc. | 130,162 | 2,413 |
| | Penske Automotive Group | | |
| | Inc. | 54,517 | 2,394 |
| | Caleres Inc. | 85,980 | 2,389 |
| | Core-Mark Holding Co. Inc. | 70,411 | 2,328 |
| | Capella Education Co. | 26,613 | 2,278 |
| | Scholastic Corp. | 51,246 | 2,234 |
| * | MSG Networks Inc. | 98,437 | 2,210 |
| | Time Inc. | 152,345 | 2,186 |
| *,^ | JC Penney Co. Inc. | 469,172 | 2,182 |
| | PetMed Express Inc. | 53,290 | 2,164 |
| | Lions Gate Entertainment | | |
| | Corp. Class A | 76,321 | 2,154 |
| * | La Quinta Holdings Inc. | 144,752 | 2,138 |
| * | Asbury Automotive Group | | |
| | Inc. | 37,651 | 2,129 |
| | Abercrombie & Fitch Co. | 170,643 | 2,123 |
| | Group 1 Automotive Inc. | 33,514 | 2,122 |
| *,^ | Weight Watchers | | |
| | International Inc. | 62,187 | 2,078 |
| * | Rush Enterprises Inc. | | |
| | Class A | 55,398 | 2,060 |
| | Monro Muffler Brake Inc. | 49,057 | 2,048 |
| * | Penn National Gaming Inc. | 95,162 | 2,036 |
| | Sonic Corp. | 75,867 | 2,010 |
| * | SiteOne Landscape Supply | | |
| | Inc. | 38,431 | 2,001 |
| | Strayer Education Inc. | 21,396 | 1,995 |
| * | Denny’s Corp. | 169,423 | 1,994 |
| * | Gray Television Inc. | 141,697 | 1,941 |
| | DSW Inc. Class A | 108,336 | 1,918 |
| | Chico’s FAS Inc. | 201,080 | 1,894 |
| * | BJ’s Restaurants Inc. | 50,479 | 1,880 |
| * | Pinnacle Entertainment Inc. | 93,841 | 1,854 |
| ^ | Dillard’s Inc. Class A | 31,576 | 1,822 |
| | SeaWorld Entertainment | | |
| | Inc. | 111,293 | 1,811 |
| | Red Rock Resorts Inc. | | |
| | Class A | 74,227 | 1,748 |
| * | Angie’s List Inc. | 131,273 | 1,679 |
| | SpartanNash Co. | 64,202 | 1,667 |
| | Gannett Co. Inc. | 188,911 | 1,647 |
| | HSN Inc. | 51,149 | 1,632 |
| * | Etsy Inc. | 107,271 | 1,609 |
| | AMC Entertainment | | |
| | Holdings Inc. Class A | 70,324 | 1,600 |
| | International Speedway | | |
| | Corp. Class A | 42,171 | 1,583 |
| * | SUPERVALU Inc. | 436,635 | 1,437 |
| * | Herc Holdings Inc. | 36,441 | 1,433 |
| * | Eldorado Resorts Inc. | 70,597 | 1,412 |
| * | Bankrate Inc. | 108,362 | 1,392 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Trade Desk Inc. Class A | 27,150 | 1,360 |
| * | Liberty Media Corp- | | |
| | Liberty Braves | 56,214 | 1,347 |
| * | Red Robin Gourmet | | |
| | Burgers Inc. | 20,390 | 1,330 |
| *,^ | Hertz Global Holdings Inc. | 115,112 | 1,324 |
| | Carriage Services Inc. | | |
| | Class A | 48,444 | 1,306 |
| * | Liberty TripAdvisor | | |
| | Holdings Inc. Class A | 111,154 | 1,289 |
| * | Liberty Media Corp- | | |
| | Liberty Formula One | | |
| | Class A | 36,679 | 1,285 |
| * | TrueCar Inc. | 62,000 | 1,236 |
| * | EW Scripps Co. Class A | 69,228 | 1,233 |
| * | Genesco Inc. | 36,165 | 1,226 |
| ^ | Guess? Inc. | 95,638 | 1,222 |
| | Ingles Markets Inc. | | |
| | Class A | 35,942 | 1,197 |
| | DineEquity Inc. | 27,069 | 1,192 |
| * | Diplomat Pharmacy Inc. | 78,299 | 1,159 |
| * | XO Group Inc. | 64,988 | 1,145 |
| | Barnes & Noble Inc. | 148,261 | 1,127 |
| * | Lumber Liquidators | | |
| | Holdings Inc. | 44,129 | 1,106 |
| | Finish Line Inc. Class A | 75,425 | 1,069 |
| | Cato Corp. Class A | 58,237 | 1,024 |
| * | American Public | | |
| | Education Inc. | 42,464 | 1,004 |
| | Rent-A-Center Inc. | 83,791 | 982 |
| * | 1-800-Flowers.com Inc. | | |
| | Class A | 99,071 | 966 |
| * | Francesca’s Holdings Corp. | 87,071 | 953 |
| ^ | GNC Holdings Inc. | | |
| | Class A | 112,176 | 946 |
| * | Chuy’s Holdings Inc. | 40,257 | 942 |
| * | Biglari Holdings Inc. | 2,345 | 937 |
| | Haverty Furniture Cos. Inc. | 36,631 | 919 |
| | Marcus Corp. | 30,097 | 909 |
| *,^ | America’s Car-Mart Inc. | 23,137 | 900 |
| * | Hibbett Sports Inc. | 41,737 | 866 |
| * | Express Inc. | 128,172 | 865 |
| | Weis Markets Inc. | 17,604 | 858 |
| | Tailored Brands Inc. | 76,841 | 858 |
| | ClubCorp Holdings Inc. | 65,409 | 857 |
| * | Regis Corp. | 83,425 | 857 |
| *,^ | Conn’s Inc. | 44,330 | 847 |
| * | Clean Energy Fuels Corp. | 332,841 | 845 |
| | Buckle Inc. | 46,518 | 828 |
| | Pier 1 Imports Inc. | 158,628 | 823 |
| * | Autobytel Inc. | 63,765 | 804 |
| | Ruth’s Hospitality | | |
| | Group Inc. | 36,923 | 803 |
15
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Caesars Entertainment | | |
| | Corp. | 62,293 | 747 |
| | Sonic Automotive Inc. | | |
| | Class A | 38,208 | 743 |
| | CSS Industries Inc. | 27,703 | 725 |
| * | Quotient Technology Inc. | 62,461 | 718 |
| | Citi Trends Inc. | 33,553 | 712 |
| * | Titan Machinery Inc. | 39,377 | 708 |
| | National CineMedia Inc. | 92,869 | 689 |
| | Wingstop Inc. | 22,210 | 686 |
| *,^ | Chegg Inc. | 55,754 | 685 |
| | World Wrestling | | |
| | Entertainment Inc. | | |
| | Class A | 33,116 | 675 |
| * | MarineMax Inc. | 34,378 | 672 |
| ^ | Big 5 Sporting Goods Corp. | 51,159 | 668 |
| * | Overstock.com Inc. | 40,464 | 660 |
| * | Fiesta Restaurant Group Inc. | 31,524 | 651 |
| | Entercom Communications | | |
| | Corp. Class A | 62,778 | 650 |
| * | K12 Inc. | 36,165 | 648 |
| * | Party City Holdco Inc. | 40,872 | 640 |
| ^ | Fred’s Inc. Class A | 68,608 | 633 |
| * | Build-A-Bear Workshop Inc. | 60,373 | 631 |
| | Clear Channel Outdoor | | |
| | Holdings Inc. Class A | 129,972 | 630 |
| * | FTD Cos. Inc. | 31,088 | 622 |
| | New Media Investment | | |
| | Group Inc. | 45,883 | 618 |
| * | Ascena Retail Group Inc. | 285,108 | 613 |
| | Entravision | | |
| | Communications Corp. | | |
| | Class A | 92,516 | 611 |
| *,^ | Sears Holdings Corp. | 68,808 | 610 |
| * | Century Casinos Inc. | 81,651 | 602 |
| * | Bridgepoint Education Inc. | 38,451 | 568 |
| | Collectors Universe Inc. | 22,039 | 548 |
| * | Monarch Casino & Resort | | |
| | Inc. | 17,984 | 544 |
| * | Vitamin Shoppe Inc. | 45,439 | 529 |
| * | Barnes & Noble Education | | |
| | Inc. | 49,703 | 528 |
| | MDC Partners Inc. Class A | 50,807 | 503 |
| * | Carrols Restaurant Group | | |
| | Inc. | 40,549 | 497 |
| | AH Belo Corp. Class A | 90,301 | 497 |
| * | Leaf Group Ltd. | 62,994 | 491 |
| | Tile Shop Holdings Inc. | 22,642 | 468 |
| * | Providence Service Corp. | 8,902 | 451 |
| * | Shake Shack Inc. Class A | 12,690 | 443 |
| * | Del Frisco’s Restaurant | | |
| | Group Inc. | 26,814 | 432 |
| *,^ | Lands’ End Inc. | 28,589 | 426 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Ascent Capital Group Inc. | | |
| | Class A | 27,699 | 425 |
| * | Care.com Inc. | 27,699 | 418 |
| * | Liquidity Services Inc. | 65,391 | 415 |
| * | Career Education Corp. | 42,462 | 408 |
| | Speedway Motorsports | | |
| | Inc. | 20,587 | 376 |
| * | Gaia Inc. Class A | 33,386 | 374 |
| * | J Alexander’s Holdings Inc. | 30,023 | 368 |
| | Shoe Carnival Inc. | 17,467 | 365 |
| * | Liberty Media Corp- | | |
| | Liberty Braves | 14,955 | 357 |
| * | SP Plus Corp. | 11,236 | 343 |
| * | Chefs’ Warehouse Inc. | 25,911 | 337 |
| * | Kirkland’s Inc. | 31,646 | 325 |
| * | Cambium Learning Group | | |
| | Inc. | 61,827 | 313 |
| * | Reading International Inc. | | |
| | Class A | 19,360 | 312 |
| * | Town Sports International | | |
| | Holdings Inc. | 65,935 | 310 |
| * | Marchex Inc. Class B | 103,454 | 308 |
| *,^ | Tuesday Morning Corp. | 145,725 | 277 |
| * | Zumiez Inc. | 22,035 | 272 |
| * | Daily Journal Corp. | 1,275 | 263 |
| * | Ruby Tuesday Inc. | 114,376 | 230 |
| * | Lee Enterprises Inc. | 116,251 | 221 |
| * | Destination XL Group Inc. | 82,862 | 195 |
| * | Bravo Brio Restaurant | | |
| | Group Inc. | 41,392 | 190 |
| * | Bojangles’ Inc. | 11,443 | 186 |
| * | RealNetworks Inc. | 42,363 | 183 |
| * | Drive Shack Inc. | 56,426 | 178 |
| * | tronc Inc. | 12,900 | 166 |
| * | Natural Grocers by Vitamin | | |
| | Cottage Inc. | 19,620 | 162 |
| * | Christopher & Banks Corp. | 122,373 | 160 |
| | RCI Hospitality Holdings | | |
| | Inc. | 6,664 | 159 |
| * | Zoe’s Kitchen Inc. | 12,695 | 151 |
| * | Smart & Final Stores Inc. | 16,517 | 150 |
| * | TheStreet Inc. | 181,048 | 150 |
| | Saga Communications Inc. | | |
| | Class A | 3,223 | 147 |
| | West Marine Inc. | 11,266 | 145 |
| * | Blue Apron Holdings Inc. | | |
| | Class A | 13,753 | 128 |
| * | Global Eagle | | |
| | Entertainment Inc. | 34,451 | 123 |
| * | QuinStreet Inc. | 27,046 | 113 |
| * | Laureate Education Inc. | | |
| | Class A | 6,200 | 109 |
| * | Avid Technology Inc. | 20,459 | 108 |
| *,^ | McClatchy Co. Class A | 11,484 | 107 |
16
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Luby’s Inc. | 35,510 | 100 |
| * | Del Taco Restaurants Inc. | 7,200 | 99 |
| * | Harte-Hanks Inc. | 95,721 | 99 |
| * | Famous Dave’s of America | | |
| | Inc. | 25,956 | 95 |
| | Ark Restaurants Corp. | 3,854 | 94 |
| * | Diversified Restaurant | | |
| | Holdings Inc. | 34,766 | 90 |
| * | Rubicon Project Inc. | 16,169 | 83 |
| *,^ | Rave Restaurant Group | | |
| | Inc. | 39,164 | 79 |
| * | EVINE Live Inc. | 78,989 | 79 |
| | CBS Corp. Class A | 1,214 | 79 |
| | Village Super Market Inc. | | |
| | Class A | 3,022 | 78 |
| * | Potbelly Corp. | 6,657 | 77 |
| ^ | Stage Stores Inc. | 36,773 | 76 |
| ^ | bebe stores inc | 12,463 | 74 |
| | Salem Media Group Inc. | | |
| | Class A | 10,229 | 73 |
| * | Red Lion Hotels Corp. | 9,601 | 71 |
| * | Noodles & Co. Class A | 17,000 | 66 |
| * | Dover Downs Gaming & | | |
| | Entertainment Inc. | 52,774 | 59 |
| * | Urban One Inc. | 25,730 | 58 |
| * | Destination Maternity | | |
| | Corp. | 17,667 | 57 |
| *,^ | Bon-Ton Stores Inc. | 129,935 | 57 |
| | Liberty Tax Inc. | 4,055 | 52 |
| * | TechTarget Inc. | 5,000 | 52 |
| | News Corp. Class B | 3,627 | 51 |
| * | Spark Networks Inc. | 53,035 | 51 |
| ^ | Stein Mart Inc. | 29,959 | 51 |
| * | El Pollo Loco Holdings Inc. | 3,512 | 49 |
| * | New York & Co. Inc. | 34,183 | 47 |
| * | Boot Barn Holdings Inc. | 6,517 | 46 |
| * | Digital Turbine Inc. | 42,919 | 44 |
| * | Fogo De Chao Inc. | 2,919 | 41 |
| * | Golden Entertainment Inc. | 1,523 | 32 |
| | Natural Health Trends Corp. | 1,000 | 28 |
| * | Container Store Group Inc. | 4,572 | 27 |
| *,^ | Cumulus Media Inc. Class | | |
| | A | 44,781 | 20 |
| ^ | National American | | |
| | University Holdings Inc. | 5,908 | 15 |
| *,^ | Papa Murphy’s Holdings | | |
| | Inc. | 3,000 | 13 |
| ^ | Educational Development | | |
| | Corp. | 1,122 | 12 |
| | Flanigan’s Enterprises Inc. | 329 | 10 |
| * | MaxPoint Interactive Inc. | 1,134 | 8 |
| | Insignia Systems Inc. | 7,050 | 7 |
| | Emmis Communications | | |
| | Corp. Class A | 2,200 | 6 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Tilly’s Inc. Class A | 603 | 6 |
| * | Urban One Inc. Class A | 1,680 | 4 |
| *,^ | WeCast Network Inc. | 1,809 | 3 |
| * | PCM Inc. | 63 | 1 |
| * | Profire Energy Inc. | 171 | — |
| * | SPAR Group Inc. | 29 | — |
| * | Universal Travel Group | 118 | — |
| | | | 5,243,868 |
| Financials (20.2%) | | |
| | JPMorgan Chase & Co. | 5,684,234 | 519,539 |
| * | Berkshire Hathaway Inc. | | |
| | Class B | 3,023,364 | 512,067 |
| | Wells Fargo & Co. | 7,195,887 | 398,724 |
| | Bank of America Corp. | 15,922,286 | 386,275 |
| | Citigroup Inc. | 4,405,042 | 294,609 |
| | Visa Inc. Class A | 2,953,928 | 277,019 |
| | Mastercard Inc. Class A | 1,517,643 | 184,318 |
| | US Bancorp | 2,563,081 | 133,075 |
| | Goldman Sachs Group | | |
| | Inc. | 566,808 | 125,775 |
| | Chubb Ltd. | 709,752 | 103,184 |
| | American Express Co. | 1,220,063 | 102,778 |
| | Morgan Stanley | 2,219,712 | 98,910 |
| | PNC Financial Services | | |
| | Group Inc. | 774,817 | 96,751 |
| | American International | | |
| | Group Inc. | 1,475,369 | 92,240 |
| | American Tower | | |
| | Corporation | 680,032 | 89,982 |
| | Charles Schwab Corp. | 1,925,420 | 82,716 |
| | BlackRock Inc. | 193,980 | 81,939 |
| | Simon Property Group | | |
| | Inc. | 500,437 | 80,951 |
| | Bank of New York | | |
| | Mellon Corp. | 1,580,625 | 80,643 |
| | MetLife Inc. | 1,377,180 | 75,662 |
| | Prudential Financial Inc. | 686,407 | 74,228 |
| | CME Group Inc. | 516,512 | 64,688 |
| | Marsh & McLennan | | |
| | Cos. Inc. | 822,668 | 64,135 |
| | Capital One Financial | | |
| | Corp. | 772,758 | 63,845 |
| | Intercontinental | | |
| | Exchange Inc. | 948,128 | 62,501 |
| | S&P Global Inc. | 412,543 | 60,227 |
| | BB&T Corp. | 1,298,204 | 58,951 |
| | Crown Castle | | |
| | International Corp. | 585,777 | 58,683 |
| | Travelers Cos. Inc. | 447,098 | 56,571 |
| | Aon plc | 419,358 | 55,754 |
| | Equinix Inc. | 124,660 | 53,499 |
| | State Street Corp. | 577,950 | 51,859 |
| | Allstate Corp. | 583,263 | 51,584 |
| | Prologis Inc. | 847,260 | 49,683 |
17
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Aflac Inc. | 634,927 | 49,321 |
| | Public Storage | 236,425 | 49,302 |
| | SunTrust Banks Inc. | 781,703 | 44,338 |
| | Welltower Inc. | 585,921 | 43,856 |
| | AvalonBay Communities | | |
| | Inc. | 220,458 | 42,365 |
| | Progressive Corp. | 929,465 | 40,980 |
| | Weyerhaeuser Co. | 1,203,077 | 40,303 |
| | Ventas Inc. | 567,819 | 39,452 |
| | Synchrony Financial | 1,297,578 | 38,694 |
| | Equity Residential | 587,428 | 38,670 |
| | Discover Financial | | |
| | Services | 614,016 | 38,186 |
| | M&T Bank Corp. | 221,649 | 35,896 |
| | Northern Trust Corp. | 349,007 | 33,927 |
| | KeyCorp | 1,753,757 | 32,865 |
| | Moody’s Corp. | 260,211 | 31,662 |
| | Fifth Third Bancorp | 1,203,463 | 31,242 |
| | Ameriprise Financial Inc. | 245,405 | 31,238 |
| | Hartford Financial | | |
| | Services Group Inc. | 587,797 | 30,901 |
| | Boston Properties Inc. | 246,190 | 30,286 |
| | Willis Towers Watson plc | 206,931 | 30,100 |
| | Principal Financial Group | | |
| | Inc. | 461,180 | 29,548 |
| | Citizens Financial Group | | |
| | Inc. | 815,207 | 29,087 |
| | Digital Realty Trust Inc. | 255,654 | 28,876 |
| | Regions Financial Corp. | 1,960,418 | 28,701 |
| | T. Rowe Price Group Inc. | 368,315 | 27,333 |
| | Essex Property Trust Inc. | 104,962 | 27,004 |
| | Equifax Inc. | 192,367 | 26,435 |
| * | SBA Communications | | |
| | Corp. Class A | 194,608 | 26,253 |
| | Vornado Realty Trust | 272,693 | 25,606 |
| | First Republic Bank | 251,383 | 25,163 |
| * | IHS Markit Ltd. | 553,401 | 24,372 |
| | Lincoln National Corp. | 359,105 | 24,268 |
| | Franklin Resources Inc. | 540,207 | 24,196 |
| | Realty Income Corp. | 436,952 | 24,111 |
| | HCP Inc. | 749,771 | 23,963 |
| | Huntington Bancshares | | |
| | Inc. | 1,739,364 | 23,516 |
| | GGP Inc. | 988,483 | 23,289 |
| | Invesco Ltd. | 651,033 | 22,910 |
| | Host Hotels & Resorts | | |
| | Inc. | 1,183,560 | 21,624 |
| | Loews Corp. | 457,902 | 21,434 |
| | Comerica Inc. | 283,142 | 20,737 |
| * | Markel Corp. | 21,201 | 20,689 |
| | Annaly Capital | | |
| | Management Inc. | 1,630,314 | 19,645 |
| | Mid-America Apartment | | |
| | Communities Inc. | 181,805 | 19,159 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | FNF Group | 413,927 | 18,556 |
| | XL Group Ltd. | 422,403 | 18,501 |
| * | Arch Capital Group Ltd. | 196,829 | 18,362 |
| | TD Ameritrade Holding | | |
| | Corp. | 422,514 | 18,164 |
| | Cincinnati Financial Corp. | 250,361 | 18,139 |
| | Alexandria Real Estate | | |
| | Equities Inc. | 145,728 | 17,556 |
| | SL Green Realty Corp. | 162,909 | 17,236 |
| | Unum Group | 365,157 | 17,027 |
| * | E*TRADE Financial Corp. | 440,027 | 16,734 |
| * | CBRE Group Inc. Class A | 459,584 | 16,729 |
| | UDR Inc. | 427,875 | 16,674 |
| | Raymond James | | |
| | Financial Inc. | 207,390 | 16,637 |
| | Arthur J Gallagher & Co. | 287,273 | 16,446 |
| | CBOE Holdings Inc. | 179,276 | 16,386 |
| | Duke Realty Corp. | 568,971 | 15,903 |
| | Ally Financial Inc. | 751,085 | 15,698 |
| | MSCI Inc. Class A | 147,818 | 15,224 |
| | Affiliated Managers | | |
| | Group Inc. | 90,571 | 15,022 |
| | Extra Space Storage Inc. | 191,505 | 14,937 |
| * | Liberty Broadband Corp. | 171,564 | 14,883 |
| * | SVB Financial Group | 84,058 | 14,777 |
| | Federal Realty | | |
| | Investment Trust | 115,585 | 14,609 |
| | Western Union Co. | 765,943 | 14,591 |
| | Regency Centers Corp. | 231,387 | 14,494 |
| | Zions Bancorporation | 324,485 | 14,248 |
| * | Alleghany Corp. | 23,438 | 13,941 |
| | Iron Mountain Inc. | 401,476 | 13,795 |
| | Torchmark Corp. | 179,602 | 13,740 |
| | East West Bancorp Inc. | 231,228 | 13,545 |
| * | Berkshire Hathaway Inc. | | |
| | Class A | 53 | 13,499 |
| | Macerich Co. | 228,970 | 13,294 |
| | Reinsurance Group of | | |
| | America Inc. Class A | 103,103 | 13,237 |
| | Nasdaq Inc. | 185,054 | 13,230 |
| | VEREIT Inc. | 1,558,828 | 12,689 |
| | Everest Re Group Ltd. | 49,286 | 12,548 |
| | SEI Investments Co. | 228,595 | 12,294 |
| | AGNC Investment Corp. | 568,862 | 12,111 |
| | Camden Property Trust | 140,296 | 11,997 |
| * | Signature Bank | 83,096 | 11,927 |
| | Kimco Realty Corp. | 647,016 | 11,873 |
| | Kilroy Realty Corp. | 157,332 | 11,824 |
| | Colony NorthStar Inc. | | |
| | Class A | 838,797 | 11,819 |
| | Gaming and Leisure | | |
| | Properties Inc. | 307,930 | 11,600 |
| | MarketAxess Holdings | | |
| | Inc. | 57,129 | 11,489 |
18
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Equity LifeStyle | | |
| | Properties Inc. | 132,046 | 11,401 |
| | CIT Group Inc. | 232,755 | 11,335 |
| | Voya Financial Inc. | 305,610 | 11,274 |
| | WP Carey Inc. | 170,421 | 11,250 |
| | American Financial Group | | |
| | Inc. | 112,219 | 11,151 |
| | Apartment Investment & | | |
| | Management Co. | 251,243 | 10,796 |
| | Omega Healthcare | | |
| | Investors Inc. | 314,961 | 10,400 |
| | American Campus | | |
| | Communities Inc. | 214,595 | 10,150 |
| | WR Berkley Corp. | 145,471 | 10,062 |
| | Sun Communities Inc. | 112,772 | 9,889 |
| | Lamar Advertising Co. | | |
| | Class A | 133,662 | 9,834 |
| | New York Community | | |
| | Bancorp Inc. | 743,348 | 9,760 |
| | People’s United Financial | | |
| | Inc. | 550,967 | 9,730 |
| | Lazard Ltd. Class A | 207,688 | 9,622 |
| | Liberty Property Trust | 235,619 | 9,592 |
| | Healthcare Trust of | | |
| | America Inc. Class A | 306,225 | 9,527 |
| | National Retail Properties | | |
| | Inc. | 238,701 | 9,333 |
| | Assurant Inc. | 89,952 | 9,327 |
| | Starwood Property Trust | | |
| | Inc. | 416,520 | 9,326 |
| | Forest City Realty Trust | | |
| | Inc. Class A | 385,412 | 9,315 |
| | Bank of the Ozarks | 194,898 | 9,135 |
| | RenaissanceRe Holdings | | |
| | Ltd. | 65,251 | 9,073 |
| | Jones Lang LaSalle Inc. | 72,471 | 9,059 |
| | Axis Capital Holdings Ltd. | 138,903 | 8,981 |
| | Douglas Emmett Inc. | 235,027 | 8,980 |
| | PacWest Bancorp | 191,809 | 8,957 |
| * | Janus Henderson Group | | |
| | plc | 267,594 | 8,860 |
| | Brixmor Property Group | | |
| | Inc. | 487,904 | 8,724 |
| | Assured Guaranty Ltd. | 207,954 | 8,680 |
| | Cullen/Frost Bankers Inc. | 92,167 | 8,655 |
| | Hudson Pacific Properties | | |
| | Inc. | 249,711 | 8,538 |
| | EPR Properties | 117,870 | 8,471 |
| | Commerce Bancshares | | |
| | Inc. | 146,390 | 8,319 |
| | Highwoods Properties Inc. | 163,306 | 8,281 |
| | Eaton Vance Corp. | 174,519 | 8,258 |
| * | Athene Holding Ltd. | | |
| | Class A | 166,070 | 8,239 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Synovus Financial Corp. | 186,017 | 8,229 |
| | Brown & Brown Inc. | 190,832 | 8,219 |
| * | Zillow Group Inc. | 167,398 | 8,204 |
| | Navient Corp. | 483,350 | 8,048 |
| | American Homes 4 Rent | | |
| | Class A | 351,218 | 7,927 |
| | First American Financial | | |
| | Corp. | 176,886 | 7,905 |
| | DCT Industrial Trust Inc. | 147,172 | 7,865 |
| | Old Republic International | | |
| | Corp. | 400,725 | 7,826 |
| | Senior Housing Properties | | |
| | Trust | 380,071 | 7,769 |
| * | SLM Corp. | 673,473 | 7,745 |
| | Webster Financial Corp. | 147,597 | 7,708 |
| | New Residential | | |
| | Investment Corp. | 491,984 | 7,655 |
| | Hospitality Properties | | |
| | Trust | 261,803 | 7,632 |
| | DuPont Fabros | | |
| | Technology Inc. | 124,566 | 7,618 |
| | Realogy Holdings Corp. | 232,184 | 7,534 |
| | Medical Properties | | |
| | Trust Inc. | 582,444 | 7,496 |
| * | Western Alliance Bancorp | 151,852 | 7,471 |
| | CyrusOne Inc. | 133,367 | 7,435 |
| | Pinnacle Financial | | |
| | Partners Inc. | 117,321 | 7,368 |
| | FNB Corp. | 517,008 | 7,321 |
| | Gramercy Property Trust | 243,013 | 7,220 |
| * | Howard Hughes Corp. | 58,157 | 7,144 |
| | Allied World Assurance | | |
| | Co. Holdings AG | 133,010 | 7,036 |
| | CubeSmart | 288,285 | 6,930 |
| | Popular Inc. | 165,409 | 6,899 |
| | Colony Starwood Homes | 199,756 | 6,854 |
| | Wintrust Financial Corp. | 89,053 | 6,807 |
| | Prosperity Bancshares Inc. | 105,801 | 6,797 |
| * | Liberty Ventures Class A | 129,473 | 6,770 |
| | Uniti Group Inc. | 266,729 | 6,706 |
| | IBERIABANK Corp. | 81,623 | 6,652 |
| * | MGIC Investment Corp. | 592,961 | 6,641 |
| | Hancock Holding Co. | 135,300 | 6,630 |
| | First Horizon National | | |
| | Corp. | 374,248 | 6,519 |
| | Umpqua Holdings Corp. | 352,643 | 6,475 |
| | Healthcare Realty | | |
| | Trust Inc. | 186,440 | 6,367 |
| | Apple Hospitality | | |
| | REIT Inc. | 340,049 | 6,362 |
| * | Equity Commonwealth | 198,922 | 6,286 |
| | Investors Bancorp Inc. | 469,108 | 6,267 |
| | Validus Holdings Ltd. | 120,293 | 6,252 |
| | United Bankshares Inc. | 159,379 | 6,248 |
19
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | STORE Capital Corp. | 274,253 | 6,157 |
| | Associated Banc-Corp | 243,749 | 6,142 |
| * | Texas Capital Bancshares | | |
| | Inc. | 79,322 | 6,140 |
| | Hanover Insurance Group | | |
| | Inc. | 68,174 | 6,042 |
| | Park Hotels & Resorts | | |
| | Inc. | 223,392 | 6,023 |
| | Rayonier Inc. | 206,115 | 5,930 |
| | Cousins Properties Inc. | 670,470 | 5,893 |
| | Weingarten Realty | | |
| | Investors | 195,224 | 5,876 |
| | GEO Group Inc. | 198,688 | 5,875 |
| | LPL Financial Holdings | | |
| | Inc. | 137,372 | 5,833 |
| | CNO Financial Group Inc. | 277,058 | 5,785 |
| | BankUnited Inc. | 170,949 | 5,763 |
| | Spirit Realty Capital Inc. | 774,434 | 5,739 |
| | Physicians Realty Trust | 284,308 | 5,726 |
| | Sunstone Hotel Investors | | |
| | Inc. | 352,767 | 5,687 |
| | CoreSite Realty Corp. | 54,802 | 5,674 |
| | Bank of Hawaii Corp. | 68,359 | 5,672 |
| | Radian Group Inc. | 344,170 | 5,627 |
| | MB Financial Inc. | 127,483 | 5,614 |
| | Corporate Office | | |
| | Properties Trust | 159,167 | 5,576 |
| | Primerica Inc. | 73,168 | 5,542 |
| | Two Harbors Investment | | |
| | Corp. | 558,275 | 5,533 |
| | Life Storage Inc. | 74,459 | 5,517 |
| | Chemical Financial Corp. | 113,878 | 5,513 |
| | Taubman Centers Inc. | 92,281 | 5,495 |
| | Legg Mason Inc. | 143,356 | 5,470 |
| | LaSalle Hotel Properties | 181,479 | 5,408 |
| | UMB Financial Corp. | 71,922 | 5,384 |
| | First Industrial Realty | | |
| | Trust Inc. | 187,655 | 5,371 |
| | Chimera Investment | | |
| | Corp. | 286,129 | 5,331 |
| | MFA Financial Inc. | 634,183 | 5,321 |
| | Fulton Financial Corp. | 279,718 | 5,315 |
| | CoreCivic Inc. | 189,078 | 5,215 |
| | Empire State Realty | | |
| | Trust Inc. | 250,990 | 5,213 |
| | ProAssurance Corp. | 85,451 | 5,195 |
| | Home BancShares Inc. | 206,529 | 5,143 |
| | Outfront Media Inc. | 222,063 | 5,134 |
| | Erie Indemnity Co. | | |
| | Class A | 40,715 | 5,092 |
| | White Mountains | | |
| | Insurance Group Ltd. | 5,857 | 5,088 |
| | Paramount Group Inc. | 314,677 | 5,035 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | National Health Investors | | |
| | Inc. | 62,312 | 4,935 |
| | Brandywine Realty Trust | 280,593 | 4,919 |
| | Piedmont Office Realty | | |
| | Trust Inc. Class A | 233,282 | 4,918 |
| | Sterling Bancorp | 206,104 | 4,792 |
| *,^ | Credit Acceptance Corp. | 18,616 | 4,787 |
| * | Stifel Financial Corp. | 104,069 | 4,785 |
| | Aspen Insurance Holdings | | |
| | Ltd. | 95,978 | 4,785 |
| | Washington Federal Inc. | 143,201 | 4,754 |
| | Valley National Bancorp | 401,745 | 4,745 |
| | Selective Insurance Group | | |
| | Inc. | 93,305 | 4,670 |
| | Retail Properties of | | |
| | America Inc. | 379,967 | 4,639 |
| | Cathay General Bancorp | 121,434 | 4,608 |
| | Blackstone Mortgage | | |
| | Trust Inc. Class A | 144,441 | 4,564 |
| | BGC Partners Inc. Class A | 360,103 | 4,552 |
| | DDR Corp. | 500,705 | 4,541 |
| | Education Realty Trust Inc. | 117,092 | 4,537 |
| | Glacier Bancorp Inc. | 123,084 | 4,506 |
| | Ryman Hospitality | | |
| | Properties Inc. | 69,731 | 4,463 |
| | First Financial Bankshares | | |
| | Inc. | 100,634 | 4,448 |
| * | Essent Group Ltd. | 119,526 | 4,439 |
| | Columbia Property Trust | | |
| | Inc. | 196,233 | 4,392 |
| | EastGroup Properties Inc. | 51,587 | 4,323 |
| | FirstCash Inc. | 73,731 | 4,299 |
| | First Midwest Bancorp | | |
| | Inc. | 179,777 | 4,191 |
| | Community Bank System | | |
| | Inc. | 74,545 | 4,157 |
| | Federated Investors Inc. | | |
| | Class B | 146,836 | 4,148 |
| | BancorpSouth Inc. | 134,665 | 4,107 |
| * | Zillow Group Inc. Class A | 83,300 | 4,068 |
| | PS Business Parks Inc. | 30,490 | 4,037 |
| | Tanger Factory Outlet | | |
| | Centers Inc. | 154,381 | 4,011 |
| | TCF Financial Corp. | 246,937 | 3,936 |
| * | Blackhawk Network | | |
| | Holdings Inc. | 90,128 | 3,930 |
| | Washington REIT | 122,936 | 3,922 |
| | STAG Industrial Inc. | 141,990 | 3,919 |
| | Interactive Brokers | | |
| | Group Inc. | 103,892 | 3,888 |
| | Great Western Bancorp | | |
| | Inc. | 94,302 | 3,848 |
| | Hope Bancorp Inc. | 205,922 | 3,840 |
| | South State Corp. | 44,699 | 3,831 |
20
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | HealthEquity Inc. | 76,694 | 3,822 |
| | American National | | |
| | Insurance Co. | 32,479 | 3,783 |
| | RLJ Lodging Trust | 189,721 | 3,770 |
| | Acadia Realty Trust | 135,599 | 3,770 |
| | CVB Financial Corp. | 167,476 | 3,756 |
| | Old National Bancorp | 217,567 | 3,753 |
| | Columbia Banking System | | |
| | Inc. | 93,371 | 3,721 |
| | Evercore Partners Inc. | | |
| | Class A | 52,595 | 3,708 |
| | Pebblebrook Hotel Trust | 114,908 | 3,705 |
| | Urban Edge Properties | 154,980 | 3,678 |
| | RLI Corp. | 67,112 | 3,666 |
| | First Citizens BancShares | | |
| | Inc. Class A | 9,709 | 3,619 |
| | Care Capital Properties | | |
| | Inc. | 135,233 | 3,611 |
| | American Equity | | |
| | Investment Life Holding | | |
| | Co. | 134,927 | 3,546 |
| | Mack-Cali Realty Corp. | 129,454 | 3,513 |
| | DiamondRock Hospitality | | |
| | Co. | 320,419 | 3,509 |
| | Financial Engines Inc. | 95,646 | 3,501 |
| * | Liberty Broadband Corp. | | |
| | Class A | 39,865 | 3,420 |
| * | HRG Group Inc. | 193,109 | 3,420 |
| | QTS Realty Trust Inc. | | |
| | Class A | 65,212 | 3,413 |
| | First Financial Bancorp | 122,771 | 3,401 |
| | First Merchants Corp. | 84,653 | 3,398 |
| | Retail Opportunity | | |
| | Investments Corp. | 175,716 | 3,372 |
| | BOK Financial Corp. | 40,028 | 3,368 |
| | Independent Bank Corp. | 50,236 | 3,348 |
| | Xenia Hotels & Resorts | | |
| | Inc. | 171,668 | 3,325 |
| | Trustmark Corp. | 103,159 | 3,318 |
| | Ameris Bancorp | 68,659 | 3,309 |
| * | Eagle Bancorp Inc. | 51,858 | 3,283 |
| | LTC Properties Inc. | 63,697 | 3,273 |
| | Invitation Homes Inc. | 150,732 | 3,260 |
| * | LendingClub Corp. | 581,561 | 3,204 |
| | Renasant Corp. | 72,146 | 3,156 |
| | International Bancshares | | |
| | Corp. | 89,993 | 3,154 |
| | Hilltop Holdings Inc. | 118,932 | 3,117 |
| | Summit Hotel Properties | | |
| | Inc. | 166,827 | 3,111 |
| * | FCB Financial Holdings | | |
| | Inc. Class A | 64,867 | 3,097 |
| | Alexander & Baldwin Inc. | 74,849 | 3,097 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Apollo Commercial Real | | |
| | Estate Finance Inc. | 166,810 | 3,094 |
| * | Genworth Financial Inc. | | |
| | Class A | 801,202 | 3,021 |
| | United Community Banks | | |
| | Inc. | 108,124 | 3,006 |
| | Lexington Realty Trust | 303,013 | 3,003 |
| | Invesco Mortgage Capital | | |
| | Inc. | 179,450 | 2,999 |
| | Provident Financial | | |
| | Services Inc. | 117,936 | 2,993 |
| | Kemper Corp. | 77,484 | 2,991 |
| | Potlatch Corp. | 65,363 | 2,987 |
| | Astoria Financial Corp. | 147,308 | 2,968 |
| | Kennedy-Wilson Holdings | | |
| | Inc. | 155,415 | 2,961 |
| * | PRA Group Inc. | 77,812 | 2,949 |
| | Rexford Industrial Realty | | |
| | Inc. | 107,058 | 2,938 |
| | Westamerica | | |
| | Bancorporation | 51,448 | 2,883 |
| | Employers Holdings Inc. | 68,107 | 2,881 |
| | Banner Corp. | 50,980 | 2,881 |
| * | Enstar Group Ltd. | 14,293 | 2,839 |
| | Capitol Federal Financial | | |
| | Inc. | 198,928 | 2,827 |
| | Park National Corp. | 27,166 | 2,818 |
| | Government Properties | | |
| | Income Trust | 153,044 | 2,802 |
| | Towne Bank | 89,876 | 2,768 |
| | Argo Group International | | |
| | Holdings Ltd. | 45,540 | 2,760 |
| * | Quality Care Properties | | |
| | Inc. | 149,545 | 2,738 |
| | CYS Investments Inc. | 323,897 | 2,724 |
| | Boston Private Financial | | |
| | Holdings Inc. | 176,347 | 2,707 |
| | LegacyTexas Financial | | |
| | Group Inc. | 70,728 | 2,697 |
| | CenterState Banks Inc. | 107,974 | 2,684 |
| | Berkshire Hills Bancorp | | |
| | Inc. | 76,210 | 2,679 |
| | WesBanco Inc. | 66,546 | 2,631 |
| | ServisFirst Bancshares | | |
| | Inc. | 71,201 | 2,627 |
| | First Busey Corp. | 89,369 | 2,620 |
| | Monogram Residential | | |
| | Trust Inc. | 266,923 | 2,592 |
| * | MBIA Inc. | 271,707 | 2,562 |
| | First Commonwealth | | |
| | Financial Corp. | 201,280 | 2,552 |
| | Lakeland Financial Corp. | 55,419 | 2,543 |
| | NBT Bancorp Inc. | 68,625 | 2,536 |
21
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Sabra Health Care REIT | | |
| | Inc. | 105,052 | 2,532 |
| | Heartland Financial USA | | |
| | Inc. | 53,717 | 2,530 |
| | Kite Realty Group Trust | 133,301 | 2,523 |
| | Brookline Bancorp Inc. | 171,431 | 2,503 |
| | Washington Prime Group | | |
| | Inc. | 295,725 | 2,475 |
| | Capital Bank Financial | | |
| | Corp. | 64,960 | 2,475 |
| | American Assets Trust | | |
| | Inc. | 62,830 | 2,475 |
| ^ | Waddell & Reed Financial | | |
| | Inc. Class A | 128,342 | 2,423 |
| | Northwest Bancshares Inc. | 154,934 | 2,419 |
| | Agree Realty Corp. | 52,530 | 2,410 |
| | Select Income REIT | 100,257 | 2,409 |
| ^ | Mercury General Corp. | 44,439 | 2,400 |
| * | FNFV Group | 151,779 | 2,398 |
| | Simmons First National | | |
| | Corp. Class A | 45,010 | 2,381 |
| | Chesapeake Lodging Trust | 97,045 | 2,375 |
| ^ | Banc of California Inc. | 109,926 | 2,363 |
| | Redwood Trust Inc. | 138,408 | 2,358 |
| | City Holding Co. | 35,775 | 2,357 |
| | S&T Bancorp Inc. | 64,554 | 2,315 |
| ^ | CBL & Associates | | |
| | Properties Inc. | 273,035 | 2,302 |
| | AMERISAFE Inc. | 40,392 | 2,300 |
| | New York REIT Inc. | 265,859 | 2,297 |
| | Horace Mann Educators | | |
| | Corp. | 60,736 | 2,296 |
| | Capstead Mortgage Corp. | 216,699 | 2,260 |
| | Central Pacific Financial | | |
| | Corp. | 71,401 | 2,247 |
| *,^ | BofI Holding Inc. | 94,697 | 2,246 |
| | ARMOUR Residential | | |
| | REIT Inc. | 88,652 | 2,216 |
| * | Santander Consumer | | |
| | USA Holdings Inc. | 169,523 | 2,163 |
| * | OneMain Holdings Inc. | | |
| | Class A | 87,667 | 2,156 |
| | National Bank Holdings | | |
| | Corp. Class A | 64,789 | 2,145 |
| * | Encore Capital Group Inc. | 53,231 | 2,137 |
| | HFF Inc. Class A | 59,056 | 2,053 |
| | Four Corners Property | | |
| | Trust Inc. | 81,180 | 2,038 |
| * | St. Joe Co. | 108,696 | 2,038 |
| | Flushing Financial Corp. | 72,295 | 2,038 |
| | Global Net Lease Inc. | 91,374 | 2,032 |
| | Hanmi Financial Corp. | 71,279 | 2,028 |
| * | Customers Bancorp Inc. | 71,363 | 2,018 |
| | BancFirst Corp. | 20,661 | 1,996 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Bryn Mawr Bank Corp. | 46,932 | 1,995 |
| | Enterprise Financial | | |
| | Services Corp. | 48,740 | 1,989 |
| | TFS Financial Corp. | 128,087 | 1,982 |
| | PennyMac Mortgage | | |
| | Investment Trust | 107,504 | 1,966 |
| ^ | WisdomTree Investments | | |
| | Inc. | 190,214 | 1,934 |
| * | Green Dot Corp. Class A | 49,911 | 1,923 |
| | First Interstate BancSystem | |
| | Inc. Class A | 51,547 | 1,918 |
| | National General Holdings | | |
| | Corp. | 89,976 | 1,899 |
| | CoBiz Financial Inc. | 108,507 | 1,888 |
| | Beneficial Bancorp Inc. | 123,010 | 1,845 |
| * | First BanCorp | 316,121 | 1,830 |
| | First of Long Island Corp. | 63,556 | 1,818 |
| | Great Southern Bancorp | | |
| | Inc. | 33,867 | 1,812 |
| | Community Trust Bancorp | | |
| | Inc. | 41,360 | 1,810 |
| | MTGE Investment Corp. | 96,232 | 1,809 |
| | Camden National Corp. | 42,057 | 1,805 |
| | Franklin Street Properties | | |
| | Corp. | 162,059 | 1,796 |
| | Artisan Partners Asset | | |
| | Management Inc. | | |
| | Class A | 58,384 | 1,792 |
| | Infinity Property & | | |
| | Casualty Corp. | 19,042 | 1,790 |
| | FelCor Lodging Trust Inc. | 246,768 | 1,779 |
| * | Flagstar Bancorp Inc. | 57,724 | 1,779 |
| | Bridge Bancorp Inc. | 52,820 | 1,759 |
| | Terreno Realty Corp. | 52,077 | 1,753 |
| | Dime Community | | |
| | Bancshares Inc. | 88,754 | 1,740 |
| * | CU Bancorp | 48,013 | 1,736 |
| | WSFS Financial Corp. | 37,921 | 1,720 |
| | Anworth Mortgage | | |
| | Asset Corp. | 282,184 | 1,696 |
| | Navigators Group Inc. | 30,702 | 1,686 |
| * | KCG Holdings Inc. Class A | 84,136 | 1,678 |
| | Northfield Bancorp Inc. | 97,589 | 1,674 |
| | First Hawaiian Inc. | 54,487 | 1,668 |
| | Virtus Investment | | |
| | Partners Inc. | 15,019 | 1,666 |
| | Ramco-Gershenson | | |
| | Properties Trust | 128,608 | 1,659 |
| | Sandy Spring Bancorp Inc. | 40,737 | 1,656 |
| | Alexander’s Inc. | 3,929 | 1,656 |
| | Union Bankshares Corp. | 48,517 | 1,645 |
| ^ | AmTrust Financial | | |
| | Services Inc. | 108,440 | 1,642 |
22
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Federal Agricultural | | |
| | Mortgage Corp. | 25,005 | 1,618 |
| | Piper Jaffray Cos. | 26,811 | 1,607 |
| | Nelnet Inc. Class A | 33,736 | 1,586 |
| | First Bancorp | 50,375 | 1,575 |
| * | Ambac Financial Group Inc. | 89,912 | 1,560 |
| | Oritani Financial Corp. | 90,645 | 1,546 |
| | FBL Financial Group Inc. | | |
| | Class A | 24,985 | 1,537 |
| | Parkway Inc. | 66,660 | 1,526 |
| | Saul Centers Inc. | 25,622 | 1,486 |
| | ConnectOne Bancorp Inc. | 63,321 | 1,428 |
| * | iStar Inc. | 118,122 | 1,422 |
| * | Pacific Premier Bancorp | | |
| | Inc. | 38,430 | 1,418 |
| | Ashford Hospitality Trust | | |
| | Inc. | 230,247 | 1,400 |
| * | Walker & Dunlop Inc. | 28,491 | 1,391 |
| | Blue Hills Bancorp Inc. | 77,553 | 1,388 |
| | Diamond Hill Investment | | |
| | Group Inc. | 6,935 | 1,383 |
| * | LendingTree Inc. | 7,919 | 1,364 |
| * | eHealth Inc. | 72,322 | 1,360 |
| | Chatham Lodging Trust | 67,619 | 1,358 |
| | CareTrust REIT Inc. | 73,238 | 1,358 |
| * | HomeStreet Inc. | 49,036 | 1,357 |
| | Bank Mutual Corp. | 148,234 | 1,356 |
| | Kearny Financial Corp. | 90,157 | 1,339 |
| * | Greenlight Capital Re Ltd. | | |
| | Class A | 61,879 | 1,293 |
| | 1st Source Corp. | 26,772 | 1,283 |
| | OFG Bancorp | 126,833 | 1,268 |
| | American National | | |
| | Bankshares Inc. | 34,249 | 1,266 |
| | Cohen & Steers Inc. | 30,959 | 1,255 |
| * | World Acceptance Corp. | 16,736 | 1,254 |
| | Arrow Financial Corp. | 39,376 | 1,246 |
| | Southside Bancshares Inc. | 35,243 | 1,231 |
| | Bank of Marin Bancorp | 19,996 | 1,231 |
| | Ares Commercial Real | | |
| | Estate Corp. | 93,581 | 1,225 |
| * | Forestar Group Inc. | 71,427 | 1,225 |
| | New Senior Investment | | |
| | Group Inc. | 119,219 | 1,198 |
| | Pennsylvania REIT | 105,301 | 1,192 |
| | Guaranty Bancorp | 43,205 | 1,175 |
| * | Cowen Inc. Class A | 71,896 | 1,168 |
| | Tompkins Financial Corp. | 14,840 | 1,168 |
| | Arbor Realty Trust Inc. | 139,630 | 1,165 |
| | Lakeland Bancorp Inc. | 61,607 | 1,161 |
| | NRG Yield Inc. | 64,387 | 1,133 |
| | Sierra Bancorp | 45,920 | 1,127 |
| | Altisource Residential | | |
| | Corp. | 86,731 | 1,122 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | BankFinancial Corp. | 74,967 | 1,119 |
| | Investment Technology | | |
| | Group Inc. | 52,124 | 1,107 |
| | Ames National Corp. | 35,856 | 1,097 |
| | United Fire Group Inc. | 24,431 | 1,076 |
| | Stewart Information | | |
| | Services Corp. | 23,495 | 1,066 |
| | Cedar Realty Trust Inc. | 217,101 | 1,053 |
| * | Black Knight Financial | | |
| | Services Inc. Class A | 25,039 | 1,025 |
| * | AV Homes Inc. | 50,969 | 1,022 |
| | State Bank Financial Corp. | 37,618 | 1,020 |
| | TrustCo Bank Corp. NY | 130,769 | 1,013 |
| | Armada Hoffler Properties | | |
| | Inc. | 77,242 | 1,000 |
| | Hannon Armstrong | | |
| | Sustainable Infrastructure | | |
| | Capital Inc. | 43,589 | 997 |
| | Access National Corp. | 37,513 | 995 |
| | First Defiance Financial | | |
| | Corp. | 18,805 | 991 |
| | Hersha Hospitality Trust | | |
| | Class A | 53,498 | 990 |
| | NRG Yield Inc. Class A | 58,024 | 990 |
| ^ | Seritage Growth | | |
| | Properties Class A | 23,358 | 980 |
| | Safety Insurance Group | | |
| | Inc. | 14,299 | 977 |
| | Meta Financial Group Inc. | 10,921 | 972 |
| * | NMI Holdings Inc. Class A | 82,697 | 947 |
| | First Community | | |
| | Bancshares Inc. | 34,489 | 943 |
| | Meridian Bancorp Inc. | 55,744 | 942 |
| * | Global Indemnity Ltd. | 23,860 | 925 |
| | Preferred Apartment | | |
| | Communities Inc. | | |
| | Class A | 57,927 | 912 |
| | Getty Realty Corp. | 35,714 | 896 |
| | National Storage Affiliates | | |
| | Trust | 38,773 | 896 |
| | Great Ajax Corp. | 62,550 | 874 |
| | Greenhill & Co. Inc. | 43,271 | 870 |
| | Consolidated-Tomoka | | |
| | Land Co. | 15,179 | 864 |
| | Ladder Capital Corp. | | |
| | Class A | 63,952 | 858 |
| | Moelis & Co. Class A | 22,064 | 857 |
| *,^ | Altisource Portfolio | | |
| | Solutions SA | 39,251 | 856 |
| | RE/MAX Holdings Inc. | | |
| | Class A | 15,160 | 850 |
| | First Potomac Realty Trust | 75,837 | 843 |
| | OceanFirst Financial Corp. | 30,546 | 828 |
| | Bar Harbor Bankshares | 26,455 | 815 |
23
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Century Bancorp Inc. | | |
| | Class A | 12,743 | 810 |
| *,^ | Citizens Inc. Class A | 108,990 | 804 |
| | Dynex Capital Inc. | 112,992 | 802 |
| | Arlington Asset | | |
| | Investment Corp. Class A | 57,887 | 791 |
| | Independent Bank Group | | |
| | Inc. | 13,285 | 790 |
| | Monmouth Real Estate | | |
| | Investment Corp. | 51,846 | 780 |
| | Investors Real Estate Trust | 124,679 | 774 |
| | Republic Bancorp Inc. | | |
| | Class A | 21,600 | 771 |
| * | Nationstar Mortgage | | |
| | Holdings Inc. | 42,658 | 763 |
| | Universal Insurance | | |
| | Holdings Inc. | 29,855 | 752 |
| | Maiden Holdings Ltd. | 67,730 | 752 |
| * | Seacoast Banking Corp. | | |
| | of Florida | 30,991 | 747 |
| | Universal Health Realty | | |
| | Income Trust | 9,291 | 739 |
| | Marlin Business Services | | |
| | Corp. | 29,378 | 739 |
| * | Enova International Inc. | 49,086 | 729 |
| * | Third Point Reinsurance | | |
| | Ltd. | 52,128 | 725 |
| | National Western Life | | |
| | Group Inc. Class A | 2,253 | 720 |
| | Capital City Bank Group | | |
| | Inc. | 35,031 | 715 |
| | Tier REIT Inc. | 37,486 | 693 |
| ^ | HCI Group Inc. | 14,582 | 685 |
| * | PICO Holdings Inc. | 38,623 | 676 |
| * | INTL. FCStone Inc. | 17,562 | 663 |
| * | Health Insurance | | |
| | Innovations Inc. Class A | 28,139 | 661 |
| * | EZCORP Inc. Class A | 85,614 | 659 |
| | ESSA Bancorp Inc. | 44,448 | 654 |
| | United Financial Bancorp | | |
| | Inc. | 38,602 | 644 |
| | James River Group | | |
| | Holdings Ltd. | 16,181 | 643 |
| | Stock Yards Bancorp Inc. | 16,419 | 639 |
| | InfraREIT Inc. | 33,062 | 633 |
| | AG Mortgage Investment | | |
| | Trust Inc. | 34,494 | 631 |
| | Ashford Hospitality Prime | | |
| | Inc. | 60,647 | 624 |
| | Donegal Group Inc. | | |
| | Class A | 38,486 | 612 |
| | MainSource Financial | | |
| | Group Inc. | 18,175 | 609 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| ^ | Virtu Financial Inc. | | |
| | Class A | 34,431 | 608 |
| | Baldwin & Lyons Inc. | 24,477 | 600 |
| | Investors Title Co. | 2,979 | 576 |
| | New York Mortgage | | |
| | Trust Inc. | 89,250 | 555 |
| | RMR Group Inc. Class A | 11,403 | 555 |
| | Associated Capital | | |
| | Group Inc. Class A | 15,924 | 541 |
| | Preferred Bank | 10,080 | 539 |
| | Heritage Financial Corp. | 20,008 | 530 |
| | German American | | |
| | Bancorp Inc. | 15,453 | 527 |
| | Opus Bank | 21,428 | 519 |
| | Easterly Government | | |
| | Properties Inc. | 23,470 | 492 |
| *,^ | Ocwen Financial Corp. | 179,745 | 484 |
| | Univest Corp. of | | |
| | Pennsylvania | 16,082 | 482 |
| * | Atlas Financial | | |
| | Holdings Inc. | 31,682 | 472 |
| | TriCo Bancshares | 13,353 | 469 |
| * | BSB Bancorp Inc. | 15,946 | 466 |
| | Charter Financial Corp. | 25,666 | 462 |
| | EMC Insurance Group Inc. | 16,312 | 453 |
| | Winthrop Realty Trust | 55,387 | 444 |
| * | Ladenburg Thalmann | | |
| | Financial Services Inc. | 181,479 | 443 |
| | United Insurance Holdings | | |
| | Corp. | 27,714 | 436 |
| | Washington Trust Bancorp | | |
| | Inc. | 8,385 | 432 |
| | State National Cos. Inc. | 22,747 | 418 |
| | C&F Financial Corp. | 8,736 | 410 |
| | GAIN Capital Holdings Inc. | 65,128 | 406 |
| | First Connecticut Bancorp | | |
| | Inc. | 15,736 | 404 |
| | NewStar Financial Inc. | 37,235 | 391 |
| * | Marcus & Millichap Inc. | 14,298 | 377 |
| | Urstadt Biddle Properties | | |
| | Inc. Class A | 18,094 | 358 |
| * | Republic First Bancorp Inc. | 38,554 | 357 |
| * | Allegiance Bancshares Inc. | 9,089 | 348 |
| * | Atlantic Capital Bancshares | | |
| | Inc. | 18,084 | 344 |
| | GAMCO Investors Inc. | | |
| | Class A | 11,529 | 341 |
| * | Franklin Financial Network | | |
| | Inc. | 7,876 | 325 |
| | Horizon Bancorp | 12,240 | 323 |
| | Waterstone Financial Inc. | 16,559 | 312 |
| | Resource Capital Corp. | 30,512 | 310 |
| | OneBeacon Insurance | | |
| | Group Ltd. Class A | 16,989 | 310 |
24
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Kinsale Capital Group Inc. | 8,219 | 307 |
| | First Financial Corp. | 6,356 | 301 |
| | Independence Realty Trust | | |
| | Inc. | 30,214 | 298 |
| | Houlihan Lokey Inc. Class A | 8,500 | 297 |
| | Reis Inc. | 13,938 | 296 |
| * | FB Financial Corp. | 7,925 | 287 |
| | Clifton Bancorp Inc. | 17,235 | 285 |
| | Federated National Holding | | |
| | Co. | 17,478 | 280 |
| | Ellington Residential | | |
| | Mortgage REIT | 18,917 | 277 |
| | MedEquities Realty Trust | | |
| | Inc. | 21,964 | 277 |
| | Citizens & Northern Corp. | 11,534 | 268 |
| | Canadian Imperial Bank of | | |
| | Commerce | 3,218 | 261 |
| * | Maui Land & Pineapple Co. | | |
| | Inc. | 12,826 | 260 |
| | PJT Partners Inc. | 6,435 | 259 |
| | State Auto Financial Corp. | 9,937 | 256 |
| * | Green Bancorp Inc. | 13,075 | 254 |
| | UMH Properties Inc. | 14,866 | 253 |
| | Western New England | | |
| | Bancorp Inc. | 24,792 | 252 |
| | Financial Institutions Inc. | 8,415 | 251 |
| | Gladstone Commercial | | |
| | Corp. | 11,405 | 249 |
| | Park Sterling Corp. | 20,702 | 246 |
| *,^ | Safety Income and Growth | | |
| | Inc. | 12,714 | 243 |
| | CNB Financial Corp. | 9,770 | 234 |
| | Premier Financial Bancorp | | |
| | Inc. | 11,291 | 233 |
| | Western Asset Mortgage | | |
| | Capital Corp. | 21,923 | 226 |
| * | Bancorp Inc. | 29,147 | 221 |
| | Mercantile Bank Corp. | 6,864 | 216 |
| * | Tejon Ranch Co. | 10,334 | 213 |
| * | Safeguard Scientifics Inc. | 17,824 | 212 |
| | Pzena Investment | | |
| | Management Inc. Class A | 20,734 | 211 |
| | First Financial Northwest | | |
| | Inc. | 12,993 | 210 |
| * | Anchor Bancorp Inc. | 8,142 | 206 |
| | QCR Holdings Inc. | 4,100 | 194 |
| * | Consumer Portfolio | | |
| | Services Inc. | 41,851 | 190 |
| | One Liberty Properties Inc. | 7,940 | 186 |
| | Midland States Bancorp Inc. | 5,402 | 181 |
| | Stonegate Bank | 3,912 | 181 |
| | Heritage Insurance | | |
| | Holdings Inc. | 13,600 | 177 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Central Valley Community | | |
| | Bancorp | 7,955 | 176 |
| | Fidelity & Guaranty Life | 5,600 | 174 |
| | BCB Bancorp Inc. | 10,939 | 167 |
| | Old Second Bancorp Inc. | 13,938 | 161 |
| | Peoples Bancorp Inc. | 4,803 | 154 |
| * | Ashford Inc. | 3,049 | 153 |
| | KKR Real Estate Finance | | |
| | Trust Inc. | 7,055 | 152 |
| | Southwest Bancorp Inc. | 5,843 | 149 |
| * | Intersections Inc. | 29,386 | 138 |
| *,^ | Altisource Asset | | |
| | Management Corp. | 1,486 | 136 |
| | Pacific Continental Corp. | 5,300 | 135 |
| | Oppenheimer Holdings Inc. | | |
| | Class A | 8,231 | 135 |
| | West Bancorporation Inc. | 5,505 | 130 |
| | Fidelity Southern Corp. | 5,449 | 125 |
| | American River Bankshares | 8,076 | 117 |
| * | First Foundation Inc. | 7,128 | 117 |
| | National Bankshares Inc. | 2,789 | 114 |
| | Xenith Bankshares Inc. | 3,625 | 113 |
| * | Hallmark Financial Services | | |
| | Inc. | 9,970 | 112 |
| * | FRP Holdings Inc. | 2,385 | 110 |
| * | ASB Bancorp Inc. | 2,500 | 110 |
| | US Global Investors Inc. | | |
| | Class A | 67,397 | 103 |
| | Heritage Commerce Corp. | 7,357 | 101 |
| | Westwood Holdings Group | | |
| | Inc. | 1,737 | 98 |
| | Codorus Valley Bancorp Inc. | 3,332 | 95 |
| | RAIT Financial Trust | 41,189 | 90 |
| * | First Acceptance Corp. | 79,063 | 90 |
| * | WMIH Corp. | 67,015 | 84 |
| * | TriState Capital Holdings | | |
| | Inc. | 3,300 | 83 |
| | Peapack Gladstone | | |
| | Financial Corp. | 2,544 | 80 |
| | United Community | | |
| | Financial Corp. | 8,716 | 72 |
| | Provident Financial | | |
| | Holdings Inc. | 3,696 | 71 |
| | Bankwell Financial Group | | |
| | Inc. | 2,209 | 69 |
| | CatchMark Timber Trust | | |
| | Inc. Class A | 6,000 | 68 |
| ^ | Five Oaks Investment Corp. | 13,706 | 67 |
| | Farmers Capital Bank Corp. | 1,726 | 67 |
| | Independence Holding Co. | 3,224 | 66 |
| * | Nicolet Bankshares Inc. | 1,192 | 65 |
| | Territorial Bancorp Inc. | 1,980 | 62 |
| | Home Bancorp Inc. | 1,443 | 61 |
| * | Byline Bancorp Inc. | 3,058 | 61 |
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| Institutional Total Stock Market Index Fund | |
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| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Federal Agricultural | | |
| | Mortgage Corp. Class A | 1,021 | 61 |
| | Parke Bancorp Inc. | 2,529 | 57 |
| *,^ | Walter Investment | | |
| | Management Corp. | 58,239 | 55 |
| | First Internet Bancorp | 1,900 | 53 |
| | Northeast Bancorp | 2,506 | 51 |
| | Atlantic American Corp. | 13,780 | 51 |
| | ACNB Corp. | 1,640 | 50 |
| | HopFed Bancorp Inc. | 3,323 | 49 |
| | California First National | | |
| | Bancorp | 2,539 | 48 |
| | Jernigan Capital Inc. | 2,148 | 47 |
| ^ | Institutional Financial | | |
| | Markets Inc. | 39,632 | 47 |
| * | HarborOne Bancorp Inc. | 2,300 | 46 |
| | Macatawa Bank Corp. | 4,802 | 46 |
| | Bear State Financial Inc. | 4,605 | 44 |
| | Northrim BanCorp Inc. | 1,390 | 42 |
| | Kingstone Cos. Inc. | 2,352 | 36 |
| * | Conifer Holdings Inc. | 4,822 | 34 |
| * | Regional Management | | |
| | Corp. | 1,415 | 33 |
| * | Bay Bancorp Inc. | 4,284 | 33 |
| * | On Deck Capital Inc. | 6,956 | 32 |
| * | Performant Financial Corp. | 14,420 | 30 |
| * | Coastway Bancorp Inc. | 1,428 | 29 |
| * | HomeTrust Bancshares Inc. | 1,176 | 29 |
| | Blue Capital Reinsurance | | |
| | Holdings Ltd. | 1,567 | 29 |
| | First Bancorp Inc. | 902 | 24 |
| | MidSouth Bancorp Inc. | 2,020 | 24 |
| | County Bancorp Inc. | 973 | 23 |
| * | Asta Funding Inc. | 2,806 | 23 |
| | Prudential Bancorp Inc. | 1,100 | 20 |
| | MutualFirst Financial Inc. | 544 | 19 |
| | Manning & Napier Inc. | 4,280 | 19 |
| | Whitestone REIT | 1,500 | 18 |
| | Eagle Bancorp Montana Inc. | 1,015 | 18 |
| | LCNB Corp. | 900 | 18 |
| | CB Financial Services Inc. | 661 | 17 |
| | Penns Woods Bancorp Inc. | 414 | 17 |
| * | Entegra Financial Corp. | 547 | 12 |
| *,^ | Global Brokerage Inc. | 6,070 | 12 |
| | FS Bancorp Inc. | 270 | 12 |
| | Medley Management Inc. | | |
| | Class A | 1,751 | 11 |
| | WVS Financial Corp. | 623 | 10 |
| | First Bancshares Inc. | 325 | 9 |
| * | Atlantic Coast Financial | | |
| | Corp. | 761 | 6 |
| | Bank of Commerce Holdings | 500 | 6 |
| | Wheeler REIT Inc. | 487 | 5 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Hingham Institution for | | |
| | Savings | 27 | 5 |
| | Pathfinder Bancorp Inc. | 234 | 4 |
| | AmeriServ Financial Inc. | 887 | 4 |
| * | Jason Industries Inc. | 2,757 | 4 |
| | MidWestOne Financial | | |
| | Group Inc. | 100 | 3 |
| | Old Line Bancshares Inc. | 117 | 3 |
| | United Bancorp Inc. | 197 | 2 |
| | Sun Bancorp Inc. | 92 | 2 |
| | Sotherly Hotels Inc. | 300 | 2 |
| * | National Holdings Corp. | 454 | 1 |
| | Independent Bank Corp. | 53 | 1 |
| | Bancorp of New Jersey | | |
| | Inc. | 68 | 1 |
| * | Equitable Financial Corp. | 68 | 1 |
| | Porter Bancorp Inc. | 58 | 1 |
| | SI Financial Group Inc. | 31 | 1 |
| | | | 8,192,685 |
| Health Care (13.0%) | | |
| | Johnson & Johnson | 4,309,939 | 570,162 |
| | Pfizer Inc. | 9,548,177 | 320,723 |
| | UnitedHealth Group Inc. | 1,541,874 | 285,894 |
| | Merck & Co. Inc. | 4,376,103 | 280,464 |
| | Amgen Inc. | 1,176,590 | 202,644 |
| | Medtronic plc | 2,190,153 | 194,376 |
| | AbbVie Inc. | 2,546,378 | 184,638 |
| * | Celgene Corp. | 1,249,335 | 162,251 |
| | Gilead Sciences Inc. | 2,090,681 | 147,978 |
| | Bristol-Myers Squibb | | |
| | Co. | 2,635,785 | 146,866 |
| | Abbott Laboratories | 2,776,303 | 134,956 |
| | Eli Lilly & Co. | 1,588,810 | 130,759 |
| | Allergan plc | 537,371 | 130,630 |
| | Thermo Fisher Scientific | | |
| | Inc. | 626,009 | 109,220 |
| * | Biogen Inc. | 339,373 | 92,092 |
| | Aetna Inc. | 530,746 | 80,583 |
| | Anthem Inc. | 423,988 | 79,765 |
| | Becton Dickinson and Co. | 361,782 | 70,587 |
| | Cigna Corp. | 409,642 | 68,570 |
| | Stryker Corp. | 478,475 | 66,403 |
| * | Regeneron | | |
| | Pharmaceuticals Inc. | 125,257 | 61,519 |
| * | Boston Scientific Corp. | 2,190,951 | 60,733 |
| * | Express Scripts | | |
| | Holding Co. | 949,662 | 60,626 |
| | Humana Inc. | 230,898 | 55,559 |
| * | Intuitive Surgical Inc. | 58,952 | 55,142 |
| * | Vertex Pharmaceuticals | | |
| | Inc. | 398,547 | 51,361 |
| | Zoetis Inc. | 785,269 | 48,985 |
| | Baxter International Inc. | 782,889 | 47,396 |
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| | | |
| Institutional Total Stock Market Index Fund | |
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| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Alexion Pharmaceuticals | | |
| | Inc. | 341,363 | 41,534 |
| | Zimmer Biomet Holdings | | |
| | Inc. | 322,674 | 41,431 |
| * | HCA Healthcare Inc. | 471,664 | 41,129 |
| * | Illumina Inc. | 233,597 | 40,534 |
| * | Edwards Lifesciences | | |
| | Corp. | 338,457 | 40,019 |
| | CR Bard Inc. | 115,868 | 36,627 |
| * | Incyte Corp. | 278,481 | 35,064 |
| * | Mylan NV | 814,678 | 31,626 |
| * | BioMarin Pharmaceutical | | |
| | Inc. | 279,195 | 25,357 |
| * | Laboratory Corp. of | | |
| | America Holdings | 164,132 | 25,299 |
| | Quest Diagnostics Inc. | 219,046 | 24,349 |
| | Dentsply Sirona Inc. | 367,699 | 23,842 |
| * | Henry Schein Inc. | 127,020 | 23,247 |
| * | IDEXX Laboratories Inc. | 141,091 | 22,775 |
| * | Waters Corp. | 121,918 | 22,413 |
| * | Centene Corp. | 261,881 | 20,919 |
| * | Quintiles IMS Holdings | | |
| | Inc. | 228,848 | 20,482 |
| * | Hologic Inc. | 448,090 | 20,334 |
| | Cooper Cos. Inc. | 78,295 | 18,745 |
| | ResMed Inc. | 226,953 | 17,673 |
| | Universal Health Services | | |
| | Inc. Class B | 143,094 | 17,469 |
| * | Align Technology Inc. | 115,707 | 17,370 |
| | Perrigo Co. plc | 218,046 | 16,467 |
| * | DaVita Inc. | 251,519 | 16,288 |
| * | Varian Medical Systems | | |
| | Inc. | 148,878 | 15,363 |
| | Teleflex Inc. | 71,974 | 14,953 |
| * | Alkermes plc | 245,118 | 14,210 |
| * | Jazz Pharmaceuticals plc | 91,266 | 14,192 |
| * | WellCare Health Plans Inc. | 71,284 | 12,800 |
| * | Envision Healthcare Corp. | 188,129 | 11,790 |
| * | Exelixis Inc. | 468,021 | 11,527 |
| | West Pharmaceutical | | |
| | Services Inc. | 117,745 | 11,129 |
| | STERIS plc | 135,972 | 11,082 |
| * | Alnylam Pharmaceuticals | | |
| | Inc. | 131,393 | 10,480 |
| * | Bioverativ Inc. | 173,464 | 10,437 |
| * | DexCom Inc. | 138,250 | 10,113 |
| * | Ionis Pharmaceuticals Inc. | 198,345 | 10,090 |
| * | ABIOMED Inc. | 66,185 | 9,484 |
| * | United Therapeutics Corp. | 72,097 | 9,353 |
| * | MEDNAX Inc. | 149,391 | 9,019 |
| * | TESARO Inc. | 60,349 | 8,440 |
| | Hill-Rom Holdings Inc. | 105,300 | 8,383 |
| * | Kite Pharma Inc. | 76,927 | 7,975 |
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| | | | Market |
| | | | Value• |
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| * | Charles River | | |
| | Laboratories International | | |
| | Inc. | 76,315 | 7,719 |
| * | Seattle Genetics Inc. | 148,426 | 7,680 |
| * | Mallinckrodt plc | 169,860 | 7,611 |
| * | Bio-Rad Laboratories Inc. | | |
| | Class A | 33,313 | 7,539 |
| * | Bluebird Bio Inc. | 71,636 | 7,525 |
| * | PAREXEL International | | |
| | Corp. | 84,102 | 7,309 |
| | Bio-Techne Corp. | 59,757 | 7,021 |
| * | Alere Inc. | 139,353 | 6,994 |
| * | Masimo Corp. | 74,111 | 6,757 |
| * | Exact Sciences Corp. | 189,114 | 6,689 |
| * | Catalent Inc. | 189,938 | 6,667 |
| | HealthSouth Corp. | 136,185 | 6,591 |
| * | Clovis Oncology Inc. | 69,423 | 6,500 |
| * | Neurocrine Biosciences | | |
| | Inc. | 141,006 | 6,486 |
| | Patterson Cos. Inc. | 133,122 | 6,250 |
| * | Acadia Healthcare Co. | | |
| | Inc. | 126,456 | 6,244 |
| * | NuVasive Inc. | 81,153 | 6,242 |
| * | Integra LifeSciences | | |
| | Holdings Corp. | 96,865 | 5,280 |
| | Healthcare Services | | |
| | Group Inc. | 110,960 | 5,196 |
| * | Portola Pharmaceuticals | | |
| | Inc. | 91,316 | 5,129 |
| * | INC Research Holdings | | |
| | Inc. Class A | 86,596 | 5,066 |
| * | PRA Health Sciences Inc. | 65,020 | 4,877 |
| * | Nektar Therapeutics | | |
| | Class A | 248,248 | 4,853 |
| | Bruker Corp. | 166,825 | 4,811 |
| * | Insulet Corp. | 92,746 | 4,759 |
| * | Molina Healthcare Inc. | 68,453 | 4,736 |
| * | Akorn Inc. | 140,181 | 4,702 |
| * | Wright Medical Group NV | 165,750 | 4,556 |
| * | VWR Corp. | 136,997 | 4,522 |
| * | Prestige Brands Holdings | | |
| | Inc. | 84,872 | 4,482 |
| | Cantel Medical Corp. | 56,750 | 4,421 |
| * | Puma Biotechnology Inc. | 50,298 | 4,396 |
| * | Brookdale Senior Living | | |
| | Inc. | 297,944 | 4,383 |
| *,^ | ACADIA Pharmaceuticals | | |
| | Inc. | 156,294 | 4,359 |
| * | LifePoint Health Inc. | 64,594 | 4,338 |
| * | Sage Therapeutics Inc. | 53,823 | 4,286 |
| * | ICU Medical Inc. | 23,883 | 4,120 |
| *,^ | Medicines Co. | 107,609 | 4,090 |
| * | Ironwood Pharmaceuticals | | |
| | Inc. Class A | 214,553 | 4,051 |
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| Institutional Total Stock Market Index Fund | |
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| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Neogen Corp. | 58,128 | 4,017 |
| *,^ | Juno Therapeutics Inc. | 127,407 | 3,808 |
| * | Penumbra Inc. | 43,335 | 3,803 |
| * | Ultragenyx Pharmaceutical | | |
| | Inc. | 60,991 | 3,788 |
| * | Ligand Pharmaceuticals | | |
| | Inc. | 30,266 | 3,674 |
| * | Globus Medical Inc. | 109,900 | 3,643 |
| * | Endo International plc | 322,085 | 3,598 |
| *,^ | OPKO Health Inc. | 538,412 | 3,543 |
| * | FibroGen Inc. | 105,484 | 3,407 |
| * | Agios Pharmaceuticals Inc. | 65,639 | 3,377 |
| * | Amedisys Inc. | 53,046 | 3,332 |
| * | Haemonetics Corp. | 83,968 | 3,316 |
| * | Supernus Pharmaceuticals | | |
| | Inc. | 76,480 | 3,296 |
| | Owens & Minor Inc. | 98,359 | 3,166 |
| * | Intercept Pharmaceuticals | | |
| | Inc. | 26,113 | 3,162 |
| * | Horizon Pharma plc | 260,337 | 3,090 |
| * | Array BioPharma Inc. | 368,733 | 3,086 |
| * | Myriad Genetics Inc. | 118,678 | 3,067 |
| * | Nevro Corp. | 39,849 | 2,966 |
| * | Halyard Health Inc. | 74,718 | 2,935 |
| * | Pacira Pharmaceuticals Inc. | 61,009 | 2,910 |
| * | Aerie Pharmaceuticals Inc. | 55,345 | 2,908 |
| * | Loxo Oncology Inc. | 35,211 | 2,824 |
| * | Tivity Health Inc. | 70,473 | 2,808 |
| * | Sarepta Therapeutics Inc. | 82,991 | 2,798 |
| | CONMED Corp. | 53,963 | 2,749 |
| * | Magellan Health Inc. | 37,026 | 2,699 |
| | Abaxis Inc. | 49,674 | 2,634 |
| *,^ | Radius Health Inc. | 58,155 | 2,630 |
| * | NxStage Medical Inc. | 103,932 | 2,606 |
| * | Blueprint Medicines Corp. | 50,972 | 2,583 |
| * | HMS Holdings Corp. | 135,273 | 2,503 |
| * | Tenet Healthcare Corp. | 127,635 | 2,468 |
| * | Acorda Therapeutics Inc. | 120,888 | 2,382 |
| *,^ | Immunomedics Inc. | 268,022 | 2,367 |
| * | Emergent BioSolutions Inc. | 69,359 | 2,352 |
| * | BioTelemetry Inc. | 69,922 | 2,339 |
| * | Eagle Pharmaceuticals Inc. | 29,335 | 2,314 |
| * | Theravance Biopharma Inc. | 58,054 | 2,313 |
| * | Esperion Therapeutics Inc. | 49,775 | 2,304 |
| | Atrion Corp. | 3,565 | 2,293 |
| * | Innoviva Inc. | 174,920 | 2,239 |
| *,^ | Amicus Therapeutics Inc. | 221,355 | 2,229 |
| * | MiMedx Group Inc. | 147,560 | 2,209 |
| * | Cardiovascular Systems | | |
| | Inc. | 68,192 | 2,198 |
| * | Momenta | | |
| | Pharmaceuticals Inc. | 129,926 | 2,196 |
| * | AtriCure Inc. | 89,086 | 2,160 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Select Medical Holdings | | |
| | Corp. | 136,060 | 2,089 |
| * | Merit Medical Systems | | |
| | Inc. | 54,456 | 2,078 |
| * | Natus Medical Inc. | 55,620 | 2,075 |
| * | Halozyme Therapeutics Inc. | 161,641 | 2,072 |
| *,^ | Intrexon Corp. | 85,008 | 2,048 |
| * | Inogen Inc. | 21,136 | 2,017 |
| * | Varex Imaging Corp. | 59,382 | 2,007 |
| | Analogic Corp. | 27,521 | 1,999 |
| * | Anika Therapeutics Inc. | 39,105 | 1,929 |
| * | Almost Family Inc. | 30,984 | 1,910 |
| * | Impax Laboratories Inc. | 118,333 | 1,905 |
| * | Spectranetics Corp. | 48,777 | 1,873 |
| *,^ | Aimmune Therapeutics | | |
| | Inc. | 90,983 | 1,871 |
| * | AMAG Pharmaceuticals | | |
| | Inc. | 100,908 | 1,857 |
| * | Amphastar | | |
| | Pharmaceuticals Inc. | 102,880 | 1,837 |
| * | Corcept Therapeutics Inc. | 154,053 | 1,818 |
| *,^ | Keryx Biopharmaceuticals | | |
| | Inc. | 250,648 | 1,812 |
| * | Genomic Health Inc. | 54,708 | 1,781 |
| * | CryoLife Inc. | 88,538 | 1,766 |
| *,^ | Achaogen Inc. | 81,074 | 1,762 |
| * | AngioDynamics Inc. | 108,681 | 1,762 |
| * | Community Health | | |
| | Systems Inc. | 175,808 | 1,751 |
| * | Achillion Pharmaceuticals | | |
| | Inc. | 379,637 | 1,743 |
| * | Albany Molecular | | |
| | Research Inc. | 78,006 | 1,693 |
| * | Aclaris Therapeutics Inc. | 62,109 | 1,684 |
| * | Repligen Corp. | 40,327 | 1,671 |
| * | Avexis Inc. | 20,316 | 1,669 |
| * | Omnicell Inc. | 38,177 | 1,645 |
| *,^ | Lexicon Pharmaceuticals | | |
| | Inc. | 96,926 | 1,594 |
| * | Spark Therapeutics Inc. | 26,527 | 1,585 |
| * | Antares Pharma Inc. | 491,967 | 1,584 |
| *,^ | Alder Biopharmaceuticals | | |
| | Inc. | 136,932 | 1,568 |
| *,^ | Foundation Medicine Inc. | 39,025 | 1,551 |
| *,^ | Insys Therapeutics Inc. | 119,134 | 1,507 |
| | Kindred Healthcare Inc. | 129,330 | 1,507 |
| * | CorVel Corp. | 31,140 | 1,478 |
| *,^ | TherapeuticsMD Inc. | 278,616 | 1,468 |
| * | Akebia Therapeutics Inc. | 101,261 | 1,455 |
| *,^ | Aduro Biotech Inc. | 124,649 | 1,421 |
| * | ANI Pharmaceuticals Inc. | 30,267 | 1,417 |
| *,^ | Omeros Corp. | 70,786 | 1,409 |
| * | Inovio Pharmaceuticals Inc. | 177,301 | 1,390 |
| * | Cutera Inc. | 52,740 | 1,366 |
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| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Ensign Group Inc. | 62,162 | 1,353 |
| * | BioCryst Pharmaceuticals | | |
| | Inc. | 243,167 | 1,352 |
| * | Teladoc Inc. | 38,251 | 1,327 |
| * | ChemoCentryx Inc. | 137,290 | 1,285 |
| *,^ | Lannett Co. Inc. | 62,658 | 1,278 |
| * | SciClone Pharmaceuticals | | |
| | Inc. | 115,683 | 1,273 |
| * | Arena Pharmaceuticals Inc. | 73,883 | 1,246 |
| * | AVEO Pharmaceuticals Inc. | 557,183 | 1,237 |
| * | Addus HomeCare Corp. | 33,061 | 1,230 |
| * | LHC Group Inc. | 18,115 | 1,230 |
| * | Depomed Inc. | 113,895 | 1,223 |
| * | Adamas Pharmaceuticals | | |
| | Inc. | 68,948 | 1,206 |
| * | Insmed Inc. | 68,807 | 1,181 |
| * | Accuray Inc. | 247,686 | 1,177 |
| * | OraSure Technologies Inc. | 68,155 | 1,176 |
| * | Epizyme Inc. | 76,361 | 1,153 |
| * | ImmunoGen Inc. | 160,496 | 1,141 |
| * | Enanta Pharmaceuticals | | |
| | Inc. | 31,191 | 1,122 |
| * | Capital Senior Living Corp. | 73,140 | 1,112 |
| *,^ | Fortress Biotech Inc. | 223,435 | 1,061 |
| * | BioSpecifics Technologies | | |
| | Corp. | 20,996 | 1,040 |
| * | Novocure Ltd. | 59,091 | 1,022 |
| * | MacroGenics Inc. | 58,105 | 1,017 |
| *,^ | Accelerate Diagnostics Inc. | 36,827 | 1,007 |
| * | PharMerica Corp. | 38,359 | 1,007 |
| * | Quidel Corp. | 36,876 | 1,001 |
| *,^ | Geron Corp. | 344,353 | 954 |
| * | Exactech Inc. | 31,757 | 946 |
| *,^ | Advaxis Inc. | 144,532 | 938 |
| * | Dermira Inc. | 32,148 | 937 |
| *,^ | ZIOPHARM Oncology Inc. | 150,043 | 933 |
| * | Atara Biotherapeutics Inc. | 66,155 | 926 |
| *,^ | BioScrip Inc. | 340,420 | 924 |
| | Meridian Bioscience Inc. | 57,623 | 908 |
| * | Agenus Inc. | 230,098 | 900 |
| * | Intra-Cellular Therapies | | |
| | Inc. Class A | 71,956 | 894 |
| * | Orthofix International NV | 19,133 | 889 |
| * | PTC Therapeutics Inc. | 48,199 | 884 |
| * | Sangamo Therapeutics Inc. | 99,926 | 879 |
| * | Enzo Biochem Inc. | 78,444 | 866 |
| | Luminex Corp. | 40,835 | 862 |
| * | Coherus Biosciences Inc. | 59,916 | 860 |
| * | Global Blood Therapeutics | | |
| | Inc. | 31,300 | 856 |
| * | Five Prime Therapeutics | | |
| | Inc. | 28,402 | 855 |
| *,^ | Bellicum Pharmaceuticals | | |
| | Inc. | 72,429 | 846 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| *,^ | BioTime Inc. | 264,388 | 833 |
| * | Acceleron Pharma Inc. | 27,139 | 825 |
| * | Glaukos Corp. | 19,389 | 804 |
| *,^ | Catalyst Pharmaceuticals | | |
| | Inc. | 288,069 | 795 |
| * | K2M Group Holdings Inc. | 32,300 | 787 |
| *,^ | Cerus Corp. | 305,086 | 766 |
| * | Dynavax Technologies | | |
| | Corp. | 77,354 | 746 |
| * | PDL BioPharma Inc. | 300,478 | 742 |
| | Invacare Corp. | 54,591 | 721 |
| *,^ | Athersys Inc. | 475,848 | 719 |
| *,^ | Synergy Pharmaceuticals | | |
| | Inc. | 157,694 | 702 |
| * | Xencor Inc. | 33,121 | 699 |
| *,^ | Abeona Therapeutics Inc. | 108,375 | 694 |
| * | Teligent Inc. | 73,976 | 677 |
| * | Concert Pharmaceuticals | | |
| | Inc. | 48,190 | 672 |
| * | Spectrum Pharmaceuticals | | |
| | Inc. | 86,758 | 646 |
| *,^ | Collegium Pharmaceutical | | |
| | Inc. | 50,507 | 632 |
| * | Calithera Biosciences Inc. | 42,062 | 625 |
| * | Curis Inc. | 330,318 | 624 |
| | US Physical Therapy Inc. | 10,058 | 608 |
| * | Editas Medicine Inc. | 35,327 | 593 |
| *,^ | BioDelivery Sciences | | |
| | International Inc. | 211,102 | 591 |
| * | Triple-S Management Corp. | | |
| | Class B | 34,096 | 577 |
| * | Retrophin Inc. | 29,647 | 575 |
| * | La Jolla Pharmaceutical Co. | 19,200 | 572 |
| | LeMaitre Vascular Inc. | 18,227 | 569 |
| * | Durect Corp. | 364,106 | 568 |
| * | Ardelyx Inc. | 110,674 | 564 |
| *,^ | Organovo Holdings Inc. | 210,185 | 553 |
| *,^ | AcelRx Pharmaceuticals | | |
| | Inc. | 254,730 | 548 |
| * | Cempra Inc. | 118,980 | 547 |
| * | Asterias Biotherapeutics | | |
| | Inc. | 149,223 | 530 |
| * | Cytokinetics Inc. | 43,655 | 528 |
| *,^ | ArQule Inc. | 423,717 | 525 |
| * | GenMark Diagnostics Inc. | 43,482 | 514 |
| * | HealthStream Inc. | 19,098 | 503 |
| * | Novavax Inc. | 434,798 | 500 |
| * | NeoGenomics Inc. | 55,230 | 495 |
| *,^ | Heron Therapeutics Inc. | 34,525 | 478 |
| * | Iovance Biotherapeutics | | |
| | Inc. | 64,346 | 473 |
| | National HealthCare Corp. | 6,716 | 471 |
| * | Vanda Pharmaceuticals | | |
| | Inc. | 28,216 | 460 |
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| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Celldex Therapeutics Inc. | 181,267 | 448 |
| * | Surmodics Inc. | 15,789 | 444 |
| *,^ | Adamis Pharmaceuticals | | |
| | Corp. | 85,043 | 442 |
| *,^ | Cara Therapeutics Inc. | 28,548 | 439 |
| * | Zogenix Inc. | 29,056 | 421 |
| * | AAC Holdings Inc. | 60,614 | 420 |
| * | Alliance HealthCare | | |
| | Services Inc. | 30,606 | 407 |
| * | Revance Therapeutics | | |
| | Inc. | 15,092 | 398 |
| * | Idera Pharmaceuticals | | |
| | Inc. | 229,955 | 396 |
| * | Intersect ENT Inc. | 14,100 | 394 |
| * | Chimerix Inc. | 68,906 | 376 |
| | Digirad Corp. | 91,586 | 371 |
| * | CytomX Therapeutics | | |
| | Inc. | 22,400 | 347 |
| * | Endologix Inc. | 71,251 | 346 |
| * | Progenics | | |
| | Pharmaceuticals Inc. | 47,450 | 322 |
| * | AxoGen Inc. | 19,230 | 322 |
| * | Heska Corp. | 3,134 | 320 |
| * | NewLink Genetics Corp. | 42,836 | 315 |
| *,^ | Arrowhead | | |
| | Pharmaceuticals Inc. | 192,824 | 312 |
| *,^ | Rockwell Medical Inc. | 38,438 | 305 |
| * | RTI Surgical Inc. | 50,534 | 296 |
| * | Applied Genetic | | |
| | Technologies Corp. | 55,878 | 285 |
| * | American Renal | | |
| | Associates Holdings Inc. | 15,080 | 280 |
| * | Aratana Therapeutics Inc. | 38,081 | 275 |
| * | Infinity Pharmaceuticals | | |
| | Inc. | 164,648 | 259 |
| * | Biolase Inc. | 262,172 | 254 |
| * | Juniper Pharmaceuticals | | |
| | Inc. | 49,724 | 251 |
| * | Otonomy Inc. | 12,454 | 235 |
| * | STAAR Surgical Co. | 21,256 | 230 |
| * | Flexion Therapeutics Inc. | 10,900 | 220 |
| * | Pacific Biosciences of | | |
| | California Inc. | 58,716 | 209 |
| * | SeaSpine Holdings Corp. | 16,794 | 193 |
| * | Quorum Health Corp. | 46,058 | 191 |
| * | Alimera Sciences Inc. | 132,811 | 185 |
| *,^ | CTI BioPharma Corp. | 55,680 | 184 |
| * | Karyopharm Therapeutics | | |
| | Inc. | 20,202 | 183 |
| * | Clearside Biomedical Inc. | 18,800 | 171 |
| * | Fate Therapeutics Inc. | 51,200 | 166 |
| * | Cumberland | | |
| | Pharmaceuticals Inc. | 22,092 | 156 |
| *,^ | TG Therapeutics Inc. | 15,500 | 156 |
| | | |
| | | | Market |
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| * | RadNet Inc. | 19,852 | 154 |
| *,^ | Anavex Life Sciences | | |
| | Corp. | 28,700 | 153 |
| * | Paratek Pharmaceuticals | | |
| | Inc. | 6,304 | 152 |
| * | MEI Pharma Inc. | 61,287 | 146 |
| | Psychemedics Corp. | 5,861 | 146 |
| * | ConforMIS Inc. | 33,724 | 145 |
| | Merrimack | | |
| | Pharmaceuticals Inc. | 112,613 | 140 |
| * | MyoKardia Inc. | 10,058 | 132 |
| * | Adverum Biotechnologies | | |
| | Inc. | 52,607 | 132 |
| * | Ophthotech Corp. | 51,069 | 131 |
| *,^ | Actinium Pharmaceuticals | | |
| | Inc. | 106,660 | 130 |
| * | Endocyte Inc. | 86,057 | 129 |
| *,^ | MannKind Corp. | 85,570 | 121 |
| * | REGENXBIO Inc. | 5,917 | 117 |
| * | Civitas Solutions Inc. | 6,665 | 117 |
| * | Harvard Bioscience Inc. | 45,022 | 115 |
| * | Versartis Inc. | 6,517 | 114 |
| * | Dicerna Pharmaceuticals | | |
| | Inc. | 35,621 | 113 |
| * | Bovie Medical Corp. | 45,545 | 113 |
| * | Seres Therapeutics Inc. | 9,511 | 107 |
| *,^ | Ampio Pharmaceuticals | | |
| | Inc. | 205,812 | 107 |
| * | Mirati Therapeutics Inc. | 28,400 | 104 |
| * | Agile Therapeutics Inc. | 26,778 | 100 |
| * | Aldeyra Therapeutics Inc. | 20,614 | 97 |
| * | Genocea Biosciences Inc. | 17,900 | 93 |
| * | Entellus Medical Inc. | 5,448 | 90 |
| * | AnaptysBio Inc. | 3,440 | 82 |
| *,^ | Navidea | | |
| | Biopharmaceuticals Inc. | 158,410 | 81 |
| * | Aptevo Therapeutics Inc. | 38,844 | 80 |
| * | Stemline Therapeutics Inc. | 8,700 | 80 |
| * | ARCA biopharma Inc. | 32,141 | 79 |
| * | Wright Medical Group Inc. | | |
| | CVR Exp. 12/31/2049 | 50,806 | 77 |
| t* | iRhythm Technologies Inc. | 1,788 | 76 |
| * | Oncocyte Corp. | 14,374 | 75 |
| * | Alphatec Holdings Inc. | 39,700 | 75 |
| * | Sucampo Pharmaceuticals | | |
| | Inc. Class A | 7,058 | 74 |
| *,^ | CytRx Corp. | 117,384 | 74 |
| * | Cymabay Therapeutics | | |
| | Inc. | 11,957 | 69 |
| * | iBio Inc. | 177,100 | 68 |
| * | Ra Pharmaceuticals Inc. | 3,570 | 67 |
| * | G1 Therapeutics Inc. | 3,800 | 66 |
| *,^ | Obalon Therapeutics Inc. | 6,357 | 63 |
| * | InfuSystem Holdings Inc. | 34,480 | 62 |
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| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| *,^ | Nobilis Health Corp. | 31,760 | 60 |
| * | Peregrine | | |
| | Pharmaceuticals Inc. | 98,096 | 60 |
| * | Mersana Therapeutics Inc. | 3,833 | 54 |
| * | Invitae Corp. | 5,410 | 52 |
| *,^ | Orexigen Therapeutics Inc. | 17,540 | 51 |
| * | Ovid therapeutics Inc. | 4,600 | 48 |
| *,^ | KalVista Pharmaceuticals | | |
| | Inc. | 6,589 | 47 |
| *,^ | XBiotech Inc. | 9,598 | 45 |
| * | vTv Therapeutics Inc. | | |
| | Class A | 9,072 | 45 |
| *,^ | Anthera Pharmaceuticals | | |
| | Inc. | 27,078 | 44 |
| * | OvaScience Inc. | 27,700 | 43 |
| * | Athenex Inc. | 2,541 | 41 |
| * | Genesis Healthcare Inc. | 21,297 | 37 |
| * | GTx Inc. | 6,969 | 37 |
| * | OncoMed Pharmaceuticals | | |
| | Inc. | 10,900 | 36 |
| * | Eiger BioPharmaceuticals | | |
| | Inc. | 4,210 | 33 |
| * | Assembly Biosciences Inc. | 1,600 | 33 |
| * | Cascadian Therapeutics Inc. | 8,742 | 33 |
| * | Sonoma Pharmaceuticals | | |
| | Inc. | 4,719 | 31 |
| | Pain Therapeutics Inc. | 7,305 | 30 |
| * | Lantheus Holdings Inc. | 1,700 | 30 |
| * | Five Star Senior Living Inc. | 19,810 | 30 |
| *,^ | Corbus Pharmaceuticals | | |
| | Holdings Inc. | 4,620 | 29 |
| * | ADMA Biologics Inc. | 7,439 | 29 |
| * | AdCare Health Systems | | |
| | Inc. | 28,860 | 28 |
| * | Neos Therapeutics Inc. | 3,712 | 27 |
| * | Vericel Corp. | 8,106 | 27 |
| *,^ | Edge Therapeutics Inc. | 2,600 | 27 |
| * | Vical Inc. | 9,624 | 26 |
| | MGC Diagnostics Corp. | 2,800 | 24 |
| * | Reata Pharmaceuticals Inc. | | |
| | Class A | 700 | 22 |
| *,^ | Apricus Biosciences Inc. | 18,858 | 21 |
| * | Pulse Biosciences Inc. | 600 | 21 |
| * | Dova Pharmaceuticals Inc. | 890 | 20 |
| * | Flex Pharma Inc. | 5,140 | 20 |
| * | Conatus Pharmaceuticals | | |
| | Inc. | 3,300 | 19 |
| * | Veracyte Inc. | 2,228 | 19 |
| * | Jounce Therapeutics Inc. | 1,271 | 18 |
| * | MediciNova Inc. | 3,300 | 17 |
| * | Corindus Vascular Robotics | | |
| | Inc. | 8,802 | 16 |
| * | Medpace Holdings Inc. | 553 | 16 |
| *,^ | Catabasis Pharmaceuticals | | |
| | Inc. | 10,960 | 16 |
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| | | | Market |
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| * | Tetraphase Pharmaceuticals | | |
| | Inc. | 2,000 | 14 |
| * | Regulus Therapeutics Inc. | 14,100 | 14 |
| *,^ | Cancer Genetics Inc. | 3,500 | 14 |
| *,^ | Biocept Inc. | 9,361 | 13 |
| * | Fibrocell Science Inc. | 3,067 | 12 |
| *,^ | Galena Biopharma Inc. | 20,884 | 12 |
| | Pernix Therapeutics | | |
| | Holdings Inc. | 2,881 | 12 |
| * | CorMedix Inc. | 23,800 | 10 |
| * | CytoSorbents Corp. | 2,200 | 9 |
| * | Presbia plc | 4,139 | 9 |
| * | Novan Inc. | 2,317 | 9 |
| * | Chiasma Inc. | 6,057 | 9 |
| | Diversicare Healthcare | | |
| | Services Inc. | 913 | 9 |
| * | Caladrius Biosciences | | |
| | Inc. | 1,820 | 8 |
| *,^ | Alliqua BioMedical Inc. | 22,830 | 8 |
| * | Ocular Therapeutix Inc. | 910 | 8 |
| * | Vital Therapies Inc. | 2,600 | 8 |
| * | Nivalis Therapeutics Inc. | 2,432 | 6 |
| *,^ | InVivo Therapeutics | | |
| | Holdings Corp. | 2,160 | 6 |
| * | Aileron Therapeutics Inc. | 517 | 6 |
| * | Avinger Inc. | 12,064 | 5 |
| * | Threshold | | |
| | Pharmaceuticals Inc. | 13,478 | 5 |
| | Utah Medical Products Inc. | 68 | 5 |
| * | Tandem Diabetes Care Inc. | 6,010 | 5 |
| * | CAS Medical Systems Inc. | 4,100 | 5 |
| *,^ | Cerulean Pharma Inc. | 10,400 | 5 |
| * | CEL-SCI Corp. | 2,051 | 5 |
| *,^ | Second Sight Medical | | |
| | Products Inc. | 3,600 | 5 |
| * | Aeglea BioTherapeutics | | |
| | Inc. | 1,100 | 4 |
| * | Cytori Therapeutics Inc. | 3,276 | 4 |
| * | Ohr Pharmaceutical Inc. | 5,000 | 3 |
| * | BioLife Solutions Inc. | 1,215 | 3 |
| *,^ | Aethlon Medical Inc. | 1,232 | 3 |
| * | Cidara Therapeutics Inc. | 281 | 2 |
| * | Amedica Corp. | 5,027 | 2 |
| *,^ | Argos Therapeutics Inc. | 3,850 | 1 |
| * | BioPharmX Corp. | 2,553 | 1 |
| | Daxor Corp. | 161 | 1 |
| * | Asterias Biotherapeutics | | |
| | Inc. Warrants Exp. | | |
| | 09/29/2017 | 1,344 | 1 |
| * | Aviragen Therapeutics Inc. | 917 | 1 |
| * | Hemispherx Biopharma Inc. | 895 | — |
| * | CASI Pharmaceuticals Inc. | 200 | — |
| * | Repros Therapeutics Inc. | 66 | — |
| * | Celsion Corp. | 9 | — |
| | | | 5,273,004 |
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| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| Industrials (12.9%) | | |
| | General Electric Co. | 13,893,755 | 375,270 |
| | 3M Co. | 955,547 | 198,935 |
| | Boeing Co. | 917,468 | 181,429 |
| | Honeywell International | | |
| | Inc. | 1,219,764 | 162,582 |
| | United Technologies | | |
| | Corp. | 1,155,121 | 141,052 |
| | Union Pacific Corp. | 1,291,889 | 140,700 |
| | Accenture plc Class A | 992,103 | 122,703 |
| | United Parcel Service | | |
| | Inc. Class B | 1,102,076 | 121,879 |
| | Lockheed Martin Corp. | 393,626 | 109,275 |
| | Caterpillar Inc. | 942,700 | 101,303 |
| * | PayPal Holdings Inc. | 1,827,022 | 98,056 |
| | Danaher Corp. | 999,568 | 84,354 |
| | FedEx Corp. | 385,005 | 83,673 |
| | General Dynamics Corp. | 410,325 | 81,285 |
| | CSX Corp. | 1,402,395 | 76,515 |
| | Raytheon Co. | 466,458 | 75,324 |
| | Northrop Grumman | | |
| | Corp. | 279,305 | 71,700 |
| | Automatic Data | | |
| | Processing Inc. | 680,050 | 69,678 |
| | Johnson Controls | | |
| | International plc | 1,500,989 | 65,083 |
| | Illinois Tool Works Inc. | 442,204 | 63,346 |
| | Deere & Co. | 509,313 | 62,946 |
| | Emerson Electric Co. | 1,031,193 | 61,480 |
| | Norfolk Southern Corp. | 463,691 | 56,431 |
| | Eaton Corp. plc | 716,236 | 55,745 |
| | Waste Management Inc. | 707,128 | 51,868 |
| | Sherwin-Williams Co. | 134,098 | 47,063 |
| | Fidelity National | | |
| | Information Services | | |
| | Inc. | 528,940 | 45,171 |
| | TE Connectivity Ltd. | 568,105 | 44,699 |
| | Cummins Inc. | 268,804 | 43,605 |
| * | Fiserv Inc. | 341,715 | 41,805 |
| | Roper Technologies Inc. | 163,250 | 37,797 |
| | Ingersoll-Rand plc | 413,295 | 37,771 |
| | PACCAR Inc. | 562,029 | 37,116 |
| | Amphenol Corp. Class A | 489,990 | 36,171 |
| | Parker-Hannifin Corp. | 213,123 | 34,061 |
| | Rockwell Automation Inc. | 206,181 | 33,393 |
| | Fortive Corp. | 499,181 | 31,623 |
| | Agilent Technologies Inc. | 515,731 | 30,588 |
| | Paychex Inc. | 517,358 | 29,458 |
| | Rockwell Collins Inc. | 259,886 | 27,309 |
| | Waste Connections Inc. | 421,811 | 27,173 |
| | Vulcan Materials Co. | 211,459 | 26,788 |
| * | Mettler-Toledo | | |
| | International Inc. | 41,320 | 24,318 |
| | | |
| | | | Market |
| | | | Value• |
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| | Republic Services Inc. | | |
| | Class A | 378,636 | 24,130 |
| | Ball Corp. | 561,864 | 23,716 |
| | WestRock Co. | 401,812 | 22,767 |
| | Martin Marietta | | |
| | Materials Inc. | 101,080 | 22,498 |
| | Alliance Data Systems | | |
| | Corp. | 87,395 | 22,433 |
| | AMETEK Inc. | 368,169 | 22,300 |
| | Global Payments Inc. | 244,032 | 22,041 |
| * | FleetCor Technologies Inc. | 147,643 | 21,292 |
| * | Verisk Analytics Inc. | | |
| | Class A | 251,335 | 21,205 |
| | L3 Technologies Inc. | 124,640 | 20,825 |
| | TransDigm Group Inc. | 75,748 | 20,366 |
| | Fastenal Co. | 462,854 | 20,148 |
| | Dover Corp. | 249,147 | 19,987 |
| | Masco Corp. | 514,532 | 19,660 |
| | Textron Inc. | 387,187 | 18,237 |
| | Kansas City Southern | 169,990 | 17,789 |
| | Pentair plc | 262,450 | 17,463 |
| | Cintas Corp. | 134,832 | 16,994 |
| | Packaging Corp. of | | |
| | America | 150,808 | 16,799 |
| * | Vantiv Inc. Class A | 259,243 | 16,420 |
| | Expeditors International | | |
| | of Washington Inc. | 288,257 | 16,281 |
| | Fortune Brands Home | | |
| | & Security Inc. | 246,231 | 16,064 |
| | Xylem Inc. | 287,566 | 15,940 |
| | CH Robinson Worldwide | | |
| | Inc. | 225,618 | 15,495 |
| | Total System Services Inc. | 265,087 | 15,441 |
| * | United Rentals Inc. | 135,281 | 15,248 |
| | WW Grainger Inc. | 80,689 | 14,567 |
| * | Trimble Inc. | 404,696 | 14,436 |
| | Acuity Brands Inc. | 70,595 | 14,351 |
| | Broadridge Financial | | |
| | Solutions Inc. | 188,477 | 14,241 |
| | Sealed Air Corp. | 313,383 | 14,027 |
| * | CoStar Group Inc. | 52,400 | 13,813 |
| | IDEX Corp. | 122,170 | 13,806 |
| | Huntington Ingalls | | |
| | Industries Inc. | 73,694 | 13,719 |
| * | Crown Holdings Inc. | 222,761 | 13,290 |
| | AO Smith Corp. | 235,110 | 13,244 |
| | JB Hunt Transport | | |
| | Services Inc. | 141,868 | 12,964 |
| | Jack Henry & Associates | | |
| | Inc. | 124,301 | 12,911 |
| ^ | Wabtec Corp. | 138,197 | 12,645 |
| | Allegion plc | 152,530 | 12,373 |
| | ManpowerGroup Inc. | 107,817 | 12,038 |
| | PerkinElmer Inc. | 176,055 | 11,996 |
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| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Owens Corning | 179,084 | 11,984 |
| | Lennox International Inc. | 65,160 | 11,966 |
| * | Berry Global Group Inc. | 207,202 | 11,813 |
| * | Sensata Technologies | | |
| | Holding NV | 273,863 | 11,699 |
| * | XPO Logistics Inc. | 178,818 | 11,557 |
| * | Keysight Technologies Inc. | 295,558 | 11,506 |
| | Toro Co. | 163,731 | 11,345 |
| | Spirit AeroSystems | | |
| | Holdings Inc. Class A | 193,742 | 11,225 |
| | Cognex Corp. | 131,777 | 11,188 |
| * | Arrow Electronics Inc. | 142,213 | 11,152 |
| * | First Data Corp. Class A | 599,793 | 10,916 |
| | Jacobs Engineering Group | | |
| | Inc. | 192,859 | 10,490 |
| * | Stericycle Inc. | 136,470 | 10,415 |
| | Fluor Corp. | 223,728 | 10,242 |
| | Old Dominion Freight Line | | |
| | Inc. | 105,610 | 10,058 |
| | Hubbell Inc. Class B | 88,396 | 10,004 |
| | Xerox Corp. | 345,626 | 9,930 |
| * | HD Supply Holdings Inc. | 322,796 | 9,887 |
| | Carlisle Cos. Inc. | 103,388 | 9,863 |
| | Macquarie Infrastructure | | |
| | Corp. | 125,308 | 9,824 |
| | Graco Inc. | 89,271 | 9,756 |
| | Flowserve Corp. | 209,005 | 9,704 |
| | Donaldson Co. Inc. | 211,412 | 9,628 |
| | Nordson Corp. | 78,270 | 9,496 |
| | Robert Half International | | |
| | Inc. | 193,406 | 9,270 |
| | Orbital ATK Inc. | 93,283 | 9,175 |
| * | Coherent Inc. | 39,399 | 8,864 |
| * | TransUnion | 202,677 | 8,778 |
| | Lincoln Electric Holdings | | |
| | Inc. | 94,854 | 8,735 |
| * | IPG Photonics Corp. | 60,183 | 8,733 |
| | AptarGroup Inc. | 99,883 | 8,676 |
| * | Zebra Technologies Corp. | 84,455 | 8,489 |
| | Oshkosh Corp. | 119,708 | 8,246 |
| | Allison Transmission | | |
| | Holdings Inc. | 218,983 | 8,214 |
| | MDU Resources Group | | |
| | Inc. | 312,558 | 8,189 |
| | Sonoco Products Co. | 159,033 | 8,178 |
| * | AECOM | 249,231 | 8,058 |
| | Avnet Inc. | 205,310 | 7,982 |
| * | Quanta Services Inc. | 237,028 | 7,803 |
| | Hexcel Corp. | 146,028 | 7,709 |
| | Jabil Inc. | 262,556 | 7,664 |
| | FLIR Systems Inc. | 218,368 | 7,569 |
| | Watsco Inc. | 48,707 | 7,511 |
| | National Instruments Corp. | 186,672 | 7,508 |
| | Universal Display Corp. | 67,771 | 7,404 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Booz Allen Hamilton | | |
| | Holding Corp. Class A | 226,970 | 7,386 |
| | BWX Technologies Inc. | 150,640 | 7,344 |
| | AGCO Corp. | 108,727 | 7,327 |
| * | Euronet Worldwide Inc. | 79,726 | 6,966 |
| | Graphic Packaging Holding | | |
| | Co. | 502,081 | 6,919 |
| | Trinity Industries Inc. | 243,834 | 6,835 |
| | Bemis Co. Inc. | 147,425 | 6,818 |
| | Eagle Materials Inc. | 73,731 | 6,814 |
| * | WEX Inc. | 65,200 | 6,798 |
| * | Genesee & Wyoming Inc. | | |
| | Class A | 98,496 | 6,736 |
| | MAXIMUS Inc. | 103,803 | 6,501 |
| | HEICO Corp. Class A | 104,558 | 6,488 |
| * | Teledyne Technologies Inc. | 50,811 | 6,486 |
| | Crane Co. | 80,978 | 6,428 |
| | EMCOR Group Inc. | 95,649 | 6,254 |
| * | Owens-Illinois Inc. | 260,334 | 6,227 |
| | MSC Industrial Direct Co. | | |
| | Inc. Class A | 72,153 | 6,202 |
| | Ryder System Inc. | 85,745 | 6,172 |
| | Genpact Ltd. | 221,671 | 6,169 |
| | Littelfuse Inc. | 36,390 | 6,004 |
| | Woodward Inc. | 88,519 | 5,982 |
| * | CoreLogic Inc. | 137,556 | 5,967 |
| | Terex Corp. | 158,780 | 5,954 |
| | Curtiss-Wright Corp. | 63,973 | 5,871 |
| | Regal Beloit Corp. | 71,885 | 5,862 |
| | Air Lease Corp. Class A | 156,833 | 5,859 |
| * | Kirby Corp. | 86,501 | 5,783 |
| | Landstar System Inc. | 67,119 | 5,745 |
| | ITT Inc. | 141,921 | 5,702 |
| * | Louisiana-Pacific Corp. | 231,682 | 5,586 |
| | Valmont Industries Inc. | 36,185 | 5,413 |
| | Deluxe Corp. | 77,601 | 5,372 |
| | Timken Co. | 112,349 | 5,196 |
| | Brink’s Co. | 76,623 | 5,134 |
| | Belden Inc. | 67,687 | 5,106 |
| * | Conduent Inc. | 318,179 | 5,072 |
| | EnerSys | 69,659 | 5,047 |
| * | Colfax Corp. | 127,972 | 5,038 |
| | John Bean Technologies | | |
| | Corp. | 50,627 | 4,961 |
| * | Summit Materials Inc. | | |
| | Class A | 170,366 | 4,918 |
| | Kennametal Inc. | 128,890 | 4,823 |
| | Barnes Group Inc. | 81,760 | 4,785 |
| * | MasTec Inc. | 105,887 | 4,781 |
| * | Sanmina Corp. | 120,869 | 4,605 |
| * | Clean Harbors Inc. | 82,480 | 4,605 |
| * | Esterline Technologies | | |
| | Corp. | 47,730 | 4,525 |
| * | WESCO International Inc. | 78,071 | 4,473 |
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| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | MSA Safety Inc. | 54,675 | 4,438 |
| * | USG Corp. | 151,618 | 4,400 |
| * | On Assignment Inc. | 80,596 | 4,364 |
| | World Fuel Services Corp. | 111,787 | 4,298 |
| | Knight Transportation Inc. | 115,868 | 4,293 |
| * | WageWorks Inc. | 63,349 | 4,257 |
| | Tetra Tech Inc. | 91,617 | 4,192 |
| * | KLX Inc. | 83,797 | 4,190 |
| * | Itron Inc. | 61,837 | 4,189 |
| | GATX Corp. | 63,035 | 4,051 |
| * | MACOM Technology | | |
| | Solutions Holdings Inc. | 71,549 | 3,990 |
| | Silgan Holdings Inc. | 122,562 | 3,895 |
| * | Rexnord Corp. | 164,974 | 3,836 |
| * | RBC Bearings Inc. | 36,704 | 3,735 |
| * | Moog Inc. Class A | 51,676 | 3,706 |
| | ABM Industries Inc. | 89,136 | 3,701 |
| | Applied Industrial | | |
| | Technologies Inc. | 62,504 | 3,691 |
| * | Generac Holdings Inc. | 102,091 | 3,689 |
| * | Masonite International | | |
| | Corp. | 47,944 | 3,620 |
| | Convergys Corp. | 150,674 | 3,583 |
| | Vishay Intertechnology | | |
| | Inc. | 214,632 | 3,563 |
| *,^ | Cimpress NV | 37,641 | 3,558 |
| * | Anixter International Inc. | 45,302 | 3,543 |
| | KBR Inc. | 229,915 | 3,499 |
| | UniFirst Corp. | 24,827 | 3,493 |
| * | TopBuild Corp. | 63,665 | 3,379 |
| * | Swift Transportation Co. | 127,297 | 3,373 |
| * | Advisory Board Co. | 65,021 | 3,349 |
| * | DigitalGlobe Inc. | 99,298 | 3,307 |
| | Albany International Corp. | 61,229 | 3,270 |
| * | Trex Co. Inc. | 47,172 | 3,192 |
| ^ | Chicago Bridge & Iron Co. | | |
| | NV | 161,358 | 3,184 |
| | Apogee Enterprises Inc. | 55,616 | 3,161 |
| * | Rogers Corp. | 29,032 | 3,153 |
| * | Armstrong World | | |
| | Industries Inc. | 68,130 | 3,134 |
| * | II-VI Inc. | 90,985 | 3,121 |
| | ESCO Technologies Inc. | 51,890 | 3,095 |
| | AAON Inc. | 83,839 | 3,089 |
| | Granite Construction Inc. | 63,800 | 3,078 |
| | Mueller Water Products | | |
| | Inc. Class A | 259,372 | 3,029 |
| * | AMN Healthcare Services | | |
| | Inc. | 76,935 | 3,004 |
| | Comfort Systems USA Inc. | 80,472 | 2,986 |
| * | NeuStar Inc. Class A | 89,247 | 2,976 |
| * | ExlService Holdings Inc. | 51,200 | 2,846 |
| | Korn/Ferry International | 82,390 | 2,845 |
| * | Plexus Corp. | 53,975 | 2,837 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | American Woodmark Corp. | 29,603 | 2,829 |
| | Watts Water Technologies | | |
| | Inc. Class A | 44,535 | 2,815 |
| | Mueller Industries Inc. | 92,005 | 2,802 |
| | Simpson Manufacturing | | |
| | Co. Inc. | 63,957 | 2,796 |
| | Universal Forest Products | | |
| | Inc. | 31,021 | 2,708 |
| | Greif Inc. Class A | 48,423 | 2,701 |
| | Forward Air Corp. | 49,319 | 2,628 |
| * | Air Transport Services | | |
| | Group Inc. | 119,942 | 2,612 |
| | Aircastle Ltd. | 119,684 | 2,603 |
| | Franklin Electric Co. Inc. | 62,635 | 2,593 |
| | EnPro Industries Inc. | 36,304 | 2,591 |
| * | Proto Labs Inc. | 38,325 | 2,577 |
| | Exponent Inc. | 44,152 | 2,574 |
| | Badger Meter Inc. | 64,561 | 2,573 |
| | Triumph Group Inc. | 80,279 | 2,537 |
| | Insperity Inc. | 35,329 | 2,508 |
| | Standex International Corp. | 27,528 | 2,497 |
| | Methode Electronics Inc. | 60,105 | 2,476 |
| ^ | Covanta Holding Corp. | 187,358 | 2,473 |
| | Brady Corp. Class A | 72,113 | 2,445 |
| *,^ | Ambarella Inc. | 50,212 | 2,438 |
| * | Atlas Air Worldwide | | |
| | Holdings Inc. | 45,995 | 2,399 |
| * | Cardtronics plc Class A | 72,446 | 2,381 |
| * | FTI Consulting Inc. | 68,033 | 2,378 |
| * | Knowles Corp. | 140,350 | 2,375 |
| | Altra Industrial Motion | | |
| | Corp. | 59,102 | 2,352 |
| | Astec Industries Inc. | 42,129 | 2,339 |
| | Mobile Mini Inc. | 77,763 | 2,321 |
| | AZZ Inc. | 41,226 | 2,300 |
| * | Aerojet Rocketdyne | | |
| | Holdings Inc. | 108,992 | 2,267 |
| * | Navistar International | | |
| | Corp. | 85,619 | 2,246 |
| * | Harsco Corp. | 139,303 | 2,243 |
| * | OSI Systems Inc. | 29,815 | 2,241 |
| | AAR Corp. | 64,371 | 2,238 |
| *,^ | Axon Enterprise Inc. | 88,467 | 2,224 |
| * | SPX FLOW Inc. | 59,837 | 2,207 |
| * | Hub Group Inc. Class A | 57,428 | 2,202 |
| | Alamo Group Inc. | 23,513 | 2,135 |
| | US Ecology Inc. | 42,277 | 2,135 |
| * | Integer Holdings Corp. | 48,258 | 2,087 |
| | Raven Industries Inc. | 62,669 | 2,087 |
| * | Builders FirstSource Inc. | 135,812 | 2,081 |
| | Matson Inc. | 69,159 | 2,078 |
| * | Tutor Perini Corp. | 72,041 | 2,071 |
| | CIRCOR International Inc. | 34,818 | 2,068 |
| * | Meritor Inc. | 124,168 | 2,062 |
34
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Imperva Inc. | 42,538 | 2,035 |
| * | CBIZ Inc. | 134,876 | 2,023 |
| | Heartland Express Inc. | 96,065 | 2,000 |
| * | Fabrinet | 46,405 | 1,980 |
| * | American Outdoor Brands | | |
| | Corp. | 88,871 | 1,969 |
| | Greenbrier Cos. Inc. | 42,148 | 1,949 |
| | Triton International Ltd. | 57,826 | 1,934 |
| | Argan Inc. | 31,925 | 1,916 |
| * | Veeco Instruments Inc. | 68,756 | 1,915 |
| | Sturm Ruger & Co. Inc. | 30,622 | 1,903 |
| | Werner Enterprises Inc. | 64,060 | 1,880 |
| | Otter Tail Corp. | 47,477 | 1,880 |
| | General Cable Corp. | 113,769 | 1,860 |
| | Materion Corp. | 48,953 | 1,831 |
| | Griffon Corp. | 83,168 | 1,826 |
| * | Aegion Corp. Class A | 83,008 | 1,816 |
| * | Benchmark Electronics Inc. | 55,508 | 1,793 |
| | Federal Signal Corp. | 102,155 | 1,773 |
| | EVERTEC Inc. | 101,794 | 1,761 |
| * | TTM Technologies Inc. | 100,973 | 1,753 |
| | CTS Corp. | 81,005 | 1,750 |
| | TeleTech Holdings Inc. | 41,420 | 1,690 |
| | Kadant Inc. | 22,164 | 1,667 |
| | Marten Transport Ltd. | 60,709 | 1,663 |
| | Schnitzer Steel Industries | | |
| | Inc. | 65,911 | 1,661 |
| * | Aerovironment Inc. | 43,233 | 1,652 |
| * | FARO Technologies Inc. | 43,519 | 1,645 |
| * | TriNet Group Inc. | 49,676 | 1,626 |
| | Kaman Corp. | 32,301 | 1,611 |
| * | US Concrete Inc. | 20,352 | 1,599 |
| | Quanex Building Products | | |
| | Corp. | 75,415 | 1,595 |
| * | Huron Consulting Group | | |
| | Inc. | 36,622 | 1,582 |
| | Actuant Corp. Class A | 63,750 | 1,568 |
| * | Babcock & Wilcox | | |
| | Enterprises Inc. | 130,139 | 1,530 |
| | Tennant Co. | 20,523 | 1,515 |
| * | Sykes Enterprises Inc. | 44,869 | 1,504 |
| * | BMC Stock Holdings Inc. | 68,333 | 1,493 |
| * | SPX Corp. | 58,387 | 1,469 |
| * | TriMas Corp. | 69,729 | 1,454 |
| | Wabash National Corp. | 65,757 | 1,445 |
| * | Boise Cascade Co. | 47,499 | 1,444 |
| * | Saia Inc. | 28,070 | 1,440 |
| * | TimkenSteel Corp. | 93,179 | 1,432 |
| | Ennis Inc. | 73,965 | 1,413 |
| | RR Donnelley & Sons Co. | 111,755 | 1,401 |
| | AVX Corp. | 85,741 | 1,401 |
| * | Casella Waste Systems | | |
| | Inc. Class A | 85,308 | 1,400 |
| * | JELD-WEN Holding Inc. | 42,490 | 1,379 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | PHH Corp. | 98,986 | 1,363 |
| | Barrett Business Services | | |
| | Inc. | 23,367 | 1,339 |
| | Myers Industries Inc. | 73,394 | 1,317 |
| | ArcBest Corp. | 63,854 | 1,315 |
| | H&E Equipment Services | | |
| | Inc. | 63,959 | 1,305 |
| * | KEMET Corp. | 100,973 | 1,292 |
| * | Astronics Corp. | 42,211 | 1,286 |
| | Lindsay Corp. | 14,325 | 1,279 |
| * | Lydall Inc. | 24,569 | 1,270 |
| | Cubic Corp. | 26,806 | 1,241 |
| | Insteel Industries Inc. | 37,303 | 1,230 |
| * | Gibraltar Industries Inc. | 34,293 | 1,223 |
| * | TrueBlue Inc. | 45,845 | 1,215 |
| * | MYR Group Inc. | 39,111 | 1,213 |
| * | Evolent Health Inc. Class A | 47,557 | 1,206 |
| | CRA International Inc. | 33,014 | 1,199 |
| * | Manitowoc Co. Inc. | 198,721 | 1,194 |
| * | Cross Country Healthcare | | |
| | Inc. | 92,361 | 1,192 |
| | Primoris Services Corp. | 46,967 | 1,171 |
| | Multi-Color Corp. | 14,310 | 1,168 |
| | ManTech International | | |
| | Corp.Class A | 28,131 | 1,164 |
| * | Ducommun Inc. | 36,739 | 1,160 |
| * | Patrick Industries Inc. | 15,866 | 1,156 |
| | Daktronics Inc. | 117,522 | 1,132 |
| | American Railcar Industries | | |
| | Inc. | 29,442 | 1,128 |
| | Heidrick & Struggles | | |
| | International Inc. | 51,388 | 1,118 |
| | NN Inc. | 40,683 | 1,117 |
| * | Navigant Consulting Inc. | 55,902 | 1,105 |
| * | Paylocity Holding Corp. | 24,068 | 1,087 |
| | McGrath RentCorp | 30,984 | 1,073 |
| * | DXP Enterprises Inc. | 31,047 | 1,071 |
| | LSC Communications Inc. | 48,955 | 1,048 |
| * | Wesco Aircraft Holdings | | |
| | Inc. | 96,247 | 1,044 |
| | MTS Systems Corp. | 20,104 | 1,041 |
| * | Everi Holdings Inc. | 140,729 | 1,025 |
| | HEICO Corp. | 14,246 | 1,023 |
| * | Franklin Covey Co. | 50,401 | 973 |
| * | Installed Building Products | | |
| | Inc. | 18,315 | 970 |
| * | Novanta Inc. | 26,861 | 967 |
| * | Bazaarvoice Inc. | 194,361 | 962 |
| * | Donnelley Financial | | |
| | Solutions Inc. | 41,689 | 957 |
| | Columbus McKinnon Corp. | 37,453 | 952 |
| | Park-Ohio Holdings Corp. | 24,831 | 946 |
| | Essendant Inc. | 63,746 | 945 |
| * | EnerNOC Inc. | 121,853 | 944 |
35
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | PGT Innovations Inc. | 72,570 | 929 |
| * | Cotiviti Holdings Inc. | 24,620 | 914 |
| * | Team Inc. | 38,783 | 909 |
| | Cass Information | | |
| | Systems Inc. | 13,746 | 902 |
| | Sun Hydraulics Corp. | 20,927 | 893 |
| * | Inovalon Holdings Inc. | | |
| | Class A | 67,666 | 890 |
| | Encore Wire Corp. | 20,611 | 880 |
| * | CAI International Inc. | 37,029 | 874 |
| * | Continental Building | | |
| | Products Inc. | 37,225 | 867 |
| * | Thermon Group Holdings | | |
| | Inc. | 41,345 | 793 |
| | Gorman-Rupp Co. | 30,523 | 777 |
| * | ICF International Inc. | 16,136 | 760 |
| * | Kratos Defense & Security | | |
| | Solutions Inc. | 63,913 | 759 |
| | Viad Corp. | 15,925 | 752 |
| * | Armstrong Flooring Inc. | 41,626 | 748 |
| * | GMS Inc. | 26,500 | 745 |
| * | Landec Corp. | 50,064 | 743 |
| | DMC Global Inc. | 56,197 | 736 |
| * | Information Services | | |
| | Group Inc. | 178,070 | 732 |
| * | Covenant Transportation | | |
| | Group Inc. Class A | 41,348 | 725 |
| * | Engility Holdings Inc. | 25,480 | 724 |
| * | GP Strategies Corp. | 26,686 | 705 |
| | Schneider National Inc. | | |
| | Class B | 31,333 | 701 |
| *,^ | Energy Recovery Inc. | 84,102 | 697 |
| | Landauer Inc. | 13,262 | 694 |
| | Powell Industries Inc. | 21,617 | 692 |
| * | Control4 Corp. | 35,044 | 687 |
| | Kforce Inc. | 34,650 | 679 |
| * | ARC Document Solutions | | |
| | Inc. | 163,100 | 679 |
| *,^ | Advanced Disposal | | |
| | Services Inc. | 29,237 | 665 |
| | Kelly Services Inc. Class A | 29,434 | 661 |
| * | Acacia Research Corp. | 160,107 | 656 |
| | Resources Connection Inc. | 47,887 | 656 |
| * | Milacron Holdings Corp. | 37,282 | 656 |
| * | MINDBODY Inc. Class A | 23,914 | 650 |
| *,^ | Aqua Metals Inc. | 51,000 | 640 |
| | United States Lime & | | |
| | Minerals Inc. | 8,096 | 635 |
| | Advanced Drainage | | |
| | Systems Inc. | 31,243 | 628 |
| | Miller Industries Inc. | 24,863 | 618 |
| | Quad/Graphics Inc. | 26,926 | 617 |
| | Hyster-Yale Materials | | |
| | Handling Inc. | 8,749 | 615 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | NCI Building Systems Inc. | 36,330 | 607 |
| | Crawford & Co. Class B | 64,367 | 599 |
| * | Era Group Inc. | 63,164 | 598 |
| * | Kimball Electronics Inc. | 32,302 | 583 |
| | CECO Environmental | | |
| | Corp. | 62,648 | 575 |
| * | RPX Corp. | 41,091 | 573 |
| | NACCO Industries Inc. | | |
| | Class A | 7,828 | 555 |
| * | Gardner Denver Holdings | | |
| | Inc. | 25,664 | 555 |
| | Bel Fuse Inc. Class B | 22,436 | 554 |
| | Eastern Co. | 18,360 | 552 |
| * | Commercial Vehicle | | |
| | Group Inc. | 64,688 | 547 |
| | Crawford & Co. Class A | 70,163 | 546 |
| * | Electro Scientific | | |
| | Industries Inc. | 64,830 | 534 |
| * | Ply Gem Holdings Inc. | 29,049 | 521 |
| * | Layne Christensen Co. | 57,548 | 506 |
| * | Ameresco Inc. Class A | 64,346 | 495 |
| * | CyberOptics Corp. | 23,480 | 485 |
| | NVE Corp. | 6,264 | 482 |
| * | Vicor Corp. | 25,998 | 465 |
| * | Atkore International | | |
| | Group Inc. | 20,500 | 462 |
| | Spartan Motors Inc. | 51,015 | 452 |
| * | Horizon Global Corp. | 31,118 | 447 |
| | Park Electrochemical | | |
| | Corp. | 24,128 | 444 |
| * | DHI Group Inc. | 148,869 | 424 |
| | Graham Corp. | 20,885 | 411 |
| | Black Box Corp. | 47,995 | 410 |
| | Global Brass & Copper | | |
| | Holdings Inc. | 13,419 | 410 |
| * | Lawson Products Inc. | 18,270 | 405 |
| * | InnerWorkings Inc. | 34,750 | 403 |
| * | Echo Global Logistics Inc. | 20,028 | 399 |
| | Mesa Laboratories Inc. | 2,725 | 391 |
| | Douglas Dynamics Inc. | 11,652 | 383 |
| * | Great Lakes Dredge & | | |
| | Dock Corp. | 88,787 | 382 |
| | Hardinge Inc. | 30,403 | 378 |
| * | Astronics Corp. Class B | 12,266 | 375 |
| * | Vishay Precision Group | | |
| | Inc. | 21,317 | 369 |
| * | PAM Transportation | | |
| | Services Inc. | 18,743 | 355 |
| | LB Foster Co. Class A | 16,557 | 355 |
| * | Heritage-Crystal Clean | | |
| | Inc. | 21,897 | 348 |
| * | Intevac Inc. | 30,977 | 344 |
| * | Goldfield Corp. | 62,224 | 342 |
36
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Maxwell Technologies | | |
| | Inc. | 56,916 | 341 |
| | LSI Industries Inc. | 37,390 | 338 |
| * | Northwest Pipe Co. | 20,617 | 335 |
| | Allied Motion | | |
| | Technologies Inc. | 12,215 | 333 |
| * | Sterling Construction Co. | | |
| | Inc. | 25,390 | 332 |
| | B. Riley Financial Inc. | 17,876 | 332 |
| *,^ | Arotech Corp. | 86,685 | 308 |
| * | BlueLinx Holdings Inc. | 27,679 | 302 |
| | Houston Wire & Cable Co. | 50,932 | 267 |
| * | Ballantyne Strong Inc. | 39,388 | 264 |
| * | YRC Worldwide Inc. | 23,127 | 257 |
| * | CDI Corp. | 43,830 | 256 |
| * | Nuvectra Corp. | 18,420 | 245 |
| * | ModusLink Global | | |
| | Solutions Inc. | 142,643 | 244 |
| | Hurco Cos. Inc. | 6,859 | 238 |
| * | Orion Group Holdings Inc. | 31,178 | 233 |
| ^ | Celadon Group Inc. | 68,892 | 217 |
| * | Asure Software Inc. | 14,598 | 213 |
| * | International Seaways Inc. | 9,664 | 209 |
| * | PRGX Global Inc. | 32,040 | 208 |
| * | Mistras Group Inc. | 9,290 | 204 |
| * | ServiceSource | | |
| | International Inc. | 51,463 | 200 |
| * | CUI Global Inc. | 51,891 | 199 |
| * | StarTek Inc. | 15,981 | 196 |
| * | ClearSign Combustion | | |
| | Corp. | 50,569 | 192 |
| * | Cenveo Inc. | 30,439 | 185 |
| * | Roadrunner | | |
| | Transportation | | |
| | Systems Inc. | 25,355 | 184 |
| * | Willis Lease Finance Corp. | 6,584 | 176 |
| * | UFP Technologies Inc. | 5,749 | 163 |
| * | American | | |
| | Superconductor Corp. | 35,215 | 163 |
| * | IES Holdings Inc. | 8,711 | 158 |
| * | Broadwind Energy Inc. | 31,113 | 157 |
| * | Radiant Logistics Inc. | 28,000 | 151 |
| | National Research Corp. | | |
| | Class B | 3,096 | 147 |
| * | Universal Technical | | |
| | Institute Inc. | 40,610 | 145 |
| * | Echelon Corp. | 26,683 | 140 |
| * | Innovative Solutions & | | |
| | Support Inc. | 31,038 | 137 |
| | EnviroStar Inc. | 5,000 | 135 |
| | VSE Corp. | 2,950 | 133 |
| * | Hill International Inc. | 24,339 | 127 |
| * | Huttig Building Products | | |
| | Inc. | 17,400 | 122 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | FreightCar America Inc. | 6,512 | 113 |
| | Supreme Industries Inc. | | |
| | Class A | 6,861 | 113 |
| * | Sparton Corp. | 4,933 | 109 |
| * | Floor & Decor Holdings Inc. | | |
| | Class A | 2,673 | 105 |
| | AMCON Distributing Co. | 900 | 95 |
| * | Lincoln Educational | | |
| | Services Corp. | 30,118 | 93 |
| * | Ultralife Corp. | 11,093 | 80 |
| * | Overseas Shipholding | | |
| | Group Inc. Class A | 28,997 | 77 |
| | REV Group Inc. | 2,695 | 75 |
| * | USA Truck Inc. | 8,258 | 72 |
| * | Frequency Electronics | | |
| | Inc. | 7,273 | 69 |
| * | Hudson Global Inc. | 48,253 | 65 |
| * | Xerium Technologies Inc. | 8,965 | 64 |
| * | Fuel Tech Inc. | 71,059 | 60 |
| * | Aspen Aerogels Inc. | 13,412 | 60 |
| | National Research Corp. | | |
| | Class A | 2,202 | 59 |
| * | Key Technology Inc. | 4,289 | 59 |
| * | Perma-Fix Environmental | | |
| | Services | 15,311 | 57 |
| * | Twin Disc Inc. | 3,509 | 57 |
| * | Air T Inc. | 2,500 | 53 |
| * | IEC Electronics Corp. | 13,361 | 48 |
| | Richardson Electronics | | |
| | Ltd. | 7,894 | 47 |
| * | NV5 Global Inc. | 1,100 | 47 |
| * | Hudson Technologies Inc. | 5,527 | 47 |
| | Omega Flex Inc. | 666 | 43 |
| *,^ | MicroVision Inc. | 17,717 | 38 |
| *,^ | Synthesis Energy | | |
| | Systems Inc. | 55,859 | 37 |
| * | Gencor Industries Inc. | 2,175 | 35 |
| * | American Electric | | |
| | Technologies Inc. | 17,847 | 32 |
| | Bel Fuse Inc. Class A | 1,477 | 31 |
| * | AeroCentury Corp. | 2,175 | 27 |
| *,^ | Capstone Turbine Corp. | 35,896 | 24 |
| * | Revolution Lighting | | |
| | Technologies Inc. | 3,385 | 22 |
| * | Applied DNA Sciences | | |
| | Inc. | 11,980 | 21 |
| | Greif Inc. Class B | 318 | 19 |
| * | Iteris Inc. | 2,800 | 17 |
| * | Mattersight Corp. | 6,659 | 17 |
| * | Orion Energy Systems | | |
| | Inc. | 13,216 | 17 |
| * | Digital Ally Inc. | 3,600 | 11 |
| * | Turtle Beach Corp. | 11,768 | 8 |
37
| | | |
| Institutional Total Stock Market Index Fund |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Art’s-Way | | |
| | Manufacturing Co. Inc. | 2,553 | 8 |
| * | Industrial Services of | | |
| | America Inc. | 5,080 | 8 |
| | Ecology and | | |
| | Environment Inc. | 450 | 6 |
| * | Rubicon Technology Inc. | 609 | 6 |
| * | Research Frontiers Inc. | 4,224 | 5 |
| | Eagle Bulk Shipping Inc. | 1,145 | 5 |
| | Universal Logistics | | |
| | Holdings Inc. | 360 | 5 |
| * | Odyssey Marine | | |
| | Exploration Inc. | 1,433 | 5 |
| * | Energy Focus Inc. | 1,890 | 5 |
| * | Sharps Compliance Corp. | 1,172 | 5 |
| * | Rand Logistics Inc. | 6,796 | 3 |
| * | Sypris Solutions Inc. | 1,594 | 3 |
| * | Patriot Transportation | | |
| | Holding Inc. | 129 | 2 |
| * | Wireless Telecom | | |
| | Group Inc. | 1,403 | 2 |
| | Chicago Rivet & | | |
| | Machine Co. | 28 | 1 |
| * | CTPartners Executive | | |
| | Search Inc. | 74,003 | — |
| | | | 5,233,732 |
| Oil & Gas (5.5%) | | |
| | Exxon Mobil Corp. | 6,779,327 | 547,295 |
| | Chevron Corp. | 3,031,192 | 316,244 |
| | Schlumberger Ltd. | 2,223,103 | 146,369 |
| | ConocoPhillips | 1,979,356 | 87,012 |
| | EOG Resources Inc. | 923,670 | 83,611 |
| | Occidental Petroleum | | |
| | Corp. | 1,223,342 | 73,241 |
| | Kinder Morgan Inc. | 3,036,009 | 58,170 |
| | Phillips 66 | 701,010 | 57,967 |
| | Halliburton Co. | 1,319,166 | 56,342 |
| | Valero Energy Corp. | 718,330 | 48,459 |
| | Marathon Petroleum | | |
| | Corp. | 840,653 | 43,991 |
| | Pioneer Natural | | |
| | Resources Co. | 272,147 | 43,429 |
| | Anadarko Petroleum | | |
| | Corp. | 896,560 | 40,650 |
| | Williams Cos. Inc. | 1,321,983 | 40,030 |
| | Baker Hughes Inc. | 680,801 | 37,110 |
| | Apache Corp. | 608,761 | 29,178 |
| * | Concho Resources Inc. | 237,560 | 28,871 |
| | Devon Energy Corp. | 799,087 | 25,547 |
| | Tesoro Corp. | 243,377 | 22,780 |
| | Hess Corp. | 483,270 | 21,201 |
| | National Oilwell Varco | | |
| | Inc. | 608,132 | 20,032 |
| | Noble Energy Inc. | 700,463 | 19,823 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Cabot Oil & Gas Corp. | 744,872 | 18,681 |
| | EQT Corp. | 277,296 | 16,247 |
| | Marathon Oil Corp. | 1,359,961 | 16,116 |
| * | Cheniere Energy Inc. | 323,540 | 15,760 |
| | Targa Resources Corp. | 344,206 | 15,558 |
| | Cimarex Energy Co. | 152,253 | 14,313 |
| * | Diamondback Energy | | |
| | Inc. | 157,008 | 13,944 |
| | OGE Energy Corp. | 319,578 | 11,118 |
| * | Parsley Energy Inc. | | |
| | Class A | 374,702 | 10,398 |
| | Range Resources Corp. | 396,192 | 9,180 |
| * | Newfield Exploration Co. | 318,780 | 9,072 |
| ^ | Helmerich & Payne Inc. | 156,409 | 8,499 |
| | HollyFrontier Corp. | 283,795 | 7,796 |
| * | Energen Corp. | 155,585 | 7,681 |
| *,^ | Antero Resources Corp. | 353,378 | 7,637 |
| *,^ | Chesapeake Energy | | |
| | Corp. | 1,452,889 | 7,221 |
| ^ | Core Laboratories NV | 70,775 | 7,167 |
| * | Rice Energy Inc. | 262,556 | 6,992 |
| * | RSP Permian Inc. | 215,264 | 6,947 |
| | Patterson-UTI Energy | | |
| | Inc. | 339,143 | 6,847 |
| | Murphy Oil Corp. | 262,281 | 6,722 |
| * | WPX Energy Inc. | 636,141 | 6,145 |
| *,^ | Weatherford | | |
| | International plc | 1,577,194 | 6,104 |
| *,^ | Transocean Ltd. | 625,729 | 5,150 |
| * | First Solar Inc. | 125,224 | 4,994 |
| * | Southwestern Energy | | |
| | Co. | 809,366 | 4,921 |
| * | Continental Resources | | |
| | Inc. | 150,102 | 4,853 |
| * | PDC Energy Inc. | 105,429 | 4,545 |
| | PBF Energy Inc. Class A | 175,546 | 3,908 |
| * | QEP Resources Inc. | 384,819 | 3,887 |
| * | Gulfport Energy Corp. | 263,295 | 3,884 |
| | Oceaneering | | |
| | International Inc. | 157,365 | 3,594 |
| | Nabors Industries Ltd. | 434,426 | 3,536 |
| * | Ultra Petroleum Corp. | 315,875 | 3,427 |
| * | Callon Petroleum Co. | 322,234 | 3,419 |
| * | McDermott | | |
| | International Inc. | 454,183 | 3,256 |
| * | Whiting Petroleum Corp. | 583,209 | 3,213 |
| * | C&J Energy Services | | |
| | Inc. | 91,264 | 3,128 |
| * | Oasis Petroleum Inc. | 381,104 | 3,068 |
| *,^ | Matador Resources Co. | 142,556 | 3,046 |
| * | Dril-Quip Inc. | 60,621 | 2,958 |
| | SM Energy Co. | 178,952 | 2,958 |
38
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| *,^ | Centennial Resource | | |
| | Development Inc. | | |
| | Class A | 181,908 | 2,878 |
| | SemGroup Corp. | | |
| | Class A | 105,627 | 2,852 |
| * | NOW Inc. | 171,990 | 2,766 |
| | Pattern Energy Group | | |
| | Inc. Class A | 110,923 | 2,644 |
| * | Superior Energy | | |
| | Services Inc. | 243,339 | 2,538 |
| | Ensco plc Class A | 485,793 | 2,507 |
| ^ | RPC Inc. | 121,757 | 2,461 |
| * | Laredo Petroleum Inc. | 231,856 | 2,439 |
| * | MRC Global Inc. | 145,983 | 2,412 |
| * | Oil States International Inc. | 82,299 | 2,234 |
| * | Rowan Cos. plc Class A | 201,512 | 2,063 |
| *,^ | SRC Energy Inc. | 301,829 | 2,031 |
| * | Carrizo Oil & Gas Inc. | 113,194 | 1,972 |
| | Archrock Inc. | 160,341 | 1,828 |
| * | Exterran Corp. | 67,209 | 1,794 |
| | Delek US Holdings Inc. | 67,100 | 1,774 |
| | Green Plains Inc. | 84,876 | 1,744 |
| * | Chart Industries Inc. | 49,196 | 1,709 |
| * | Extraction Oil & Gas Inc. | 123,105 | 1,656 |
| * | Renewable Energy Group | | |
| | Inc. | 123,265 | 1,596 |
| * | Forum Energy | | |
| | Technologies Inc. | 102,100 | 1,593 |
| * | REX American Resources | | |
| | Corp. | 16,413 | 1,585 |
| * | Newpark Resources Inc. | 214,220 | 1,575 |
| | Alon USA Energy Inc. | 110,828 | 1,476 |
| ^ | Noble Corp. plc | 394,191 | 1,427 |
| * | Atwood Oceanics Inc. | 156,652 | 1,277 |
| * | Denbury Resources Inc. | 750,644 | 1,148 |
| * | SEACOR Holdings Inc. | 33,168 | 1,138 |
| *,^ | Diamond Offshore Drilling | | |
| | Inc. | 100,021 | 1,083 |
| * | Unit Corp. | 56,872 | 1,065 |
| | CVR Energy Inc. | 48,792 | 1,062 |
| * | Par Pacific Holdings Inc. | 57,959 | 1,046 |
| *,^ | Flotek Industries Inc. | 116,731 | 1,044 |
| * | Green Brick Partners Inc. | 89,224 | 1,022 |
| * | Natural Gas Services | | |
| | Group Inc. | 34,346 | 854 |
| * | Abraxas Petroleum Corp. | 516,613 | 837 |
| *,^ | California Resources Corp. | 96,624 | 826 |
| *,^ | SunPower Corp. Class A | 87,857 | 821 |
| * | Helix Energy Solutions | | |
| | Group Inc. | 139,101 | 785 |
| | Gulf Island Fabrication Inc. | 62,370 | 723 |
| * | SEACOR Marine Holdings | | |
| | Inc. | 33,347 | 679 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Adams Resources & | | |
| | Energy Inc. | 15,613 | 641 |
| ^ | Bristow Group Inc. | 76,025 | 582 |
| * | Matrix Service Co. | 61,169 | 572 |
| * | Bonanza Creek Energy Inc. | 17,909 | 568 |
| *,^ | Approach Resources Inc. | 155,862 | 525 |
| * | Bill Barrett Corp. | 169,565 | 521 |
| *,^ | ION Geophysical Corp. | 110,920 | 483 |
| * | Dawson Geophysical Co. | 121,498 | 476 |
| *,^ | Plug Power Inc. | 230,634 | 470 |
| * | Basic Energy Services Inc. | 18,237 | 454 |
| * | Eclipse Resources Corp. | 155,327 | 444 |
| * | Pacific Ethanol Inc. | 65,334 | 408 |
| * | Independence Contract | | |
| | Drilling Inc. | 94,819 | 369 |
| * | Resolute Energy Corp. | 12,257 | 365 |
| * | TETRA Technologies Inc. | 129,247 | 361 |
| *,^ | Sanchez Energy Corp. | 48,940 | 351 |
| | Evolution Petroleum Corp. | 40,190 | 326 |
| | Panhandle Oil and Gas Inc. | | |
| | Class A | 13,637 | 315 |
| * | Parker Drilling Co. | 229,846 | 310 |
| * | Contango Oil & Gas Co. | 45,562 | 303 |
| * | Tesco Corp. | 61,537 | 274 |
| *,^ | Northern Oil and Gas Inc. | 192,810 | 270 |
| * | VAALCO Energy Inc. | 280,966 | 263 |
| * | Trecora Resources | 18,796 | 211 |
| *,^ | EP Energy Corp. Class A | 56,584 | 207 |
| * | Halcon Resources Corp. | 44,600 | 202 |
| * | SandRidge Energy Inc. | 11,626 | 200 |
| *,^ | Hornbeck Offshore | | |
| | Services Inc. | 69,410 | 196 |
| *,^ | Gastar Exploration Inc. | 210,656 | 195 |
| * | Penn Virginia Corp. | 4,869 | 179 |
| * | Ring Energy Inc. | 13,495 | 175 |
| * | Mitcham Industries Inc. | 41,316 | 164 |
| * | PHI Inc. (non-voting shares) | 15,304 | 149 |
| | Comstock Resources Inc. | 20,299 | 144 |
| * | Mammoth Energy | | |
| | Services Inc. | 7,140 | 133 |
| *,^ | Jones Energy Inc. Class A | 70,075 | 112 |
| ^ | EXCO Resources Inc. | 35,655 | 94 |
| * | PetroQuest Energy Inc. | 46,985 | 93 |
| *,^ | Enphase Energy Inc. | 90,916 | 79 |
| *,^ | Amyris Inc. | 20,025 | 64 |
| * | Cobalt International | | |
| | Energy Inc. | 24,388 | 60 |
| *,^ | FuelCell Energy Inc. | 47,468 | 59 |
| * | Jagged Peak Energy Inc. | 4,280 | 57 |
| * | Energy XXI Gulf Coast Inc. | 2,685 | 50 |
| * | CARBO Ceramics Inc. | 6,000 | 41 |
| *,^ | TerraVia Holdings Inc. | 162,737 | 38 |
| * | Keane Group Inc. | 2,167 | 35 |
| * | Tellurian Inc. | 3,090 | 31 |
39
| | | |
| Institutional Total Stock Market Index Fund |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Geospace Technologies | | |
| | Corp. | 1,988 | 27 |
| *,^ | Zion Oil & Gas Inc. | 6,828 | 23 |
| * | Pioneer Energy Services | | |
| | Corp. | 8,500 | 17 |
| *,^ | Torchlight Energy | | |
| | Resources Inc. | 9,677 | 16 |
| *,^ | Bonanza Creek Energy | | |
| | Inc. Warrants Expires | | |
| | 04/28/2020 | 7,759 | 11 |
| * | Rex Energy Corp. | 1,990 | 6 |
| * | Stone Energy Corp. | 205 | 4 |
| * | PHI Inc. (voting shares) | 229 | 2 |
| *,^ | MagneGas Corp. | 1,702 | 2 |
| * | Ideal Power Inc. | 791 | 2 |
| * | Stone Energy Corp. | | |
| | Warrants Expire | | |
| | 2/28/2021 | 725 | 1 |
| * | Aemetis Inc. | 1,072 | 1 |
| *,^ | Yuma Energy Inc. | 637 | 1 |
| * | Willbros Group Inc. | 190 | — |
| ^ | Harvest Natural | | |
| | Resources Inc. | 27,025 | — |
| | | | 2,234,938 |
| Other (0.0%)2 | | |
| * | Dyax Corp CVR Expire | | |
| | 12/31/2019 | 266,416 | 533 |
| * | Adolor Corp. Rights | | |
| | Exp. 07/01/2019 | 126,930 | 66 |
| * | Tobira Therapeutics | | |
| | Inc. CV Rights | 4,500 | 62 |
| * | Media General Inc. | | |
| | CVR | 175,133 | 52 |
| * | Chelsea Therapeutics | | |
| | International Ltd. CVR | 288,407 | 31 |
| * | Ambit Biosciences | | |
| | Corp. CVR | 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 | — |
| | | | 766 |
| Technology (17.2%) | | |
| | Apple Inc. | 7,507,584 | 1,081,242 |
| | Microsoft Corp. | 12,352,290 | 851,443 |
| * | Facebook Inc. Class A | 3,783,508 | 571,234 |
| * | Alphabet Inc. Class A | 476,192 | 442,706 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Alphabet Inc. Class C | 471,862 | 428,795 |
| | Intel Corp. | 7,534,046 | 254,199 |
| | Cisco Systems Inc. | 7,999,737 | 250,392 |
| | Oracle Corp. | 4,937,469 | 247,565 |
| | International Business | | |
| | Machines Corp. | 1,428,061 | 219,679 |
| | Broadcom Ltd. | 642,152 | 149,654 |
| | NVIDIA Corp. | 904,442 | 130,746 |
| | QUALCOMM Inc. | 2,363,789 | 130,528 |
| | Texas Instruments Inc. | 1,594,085 | 122,633 |
| * | Adobe Systems Inc. | 791,534 | 111,955 |
| * | salesforce.com Inc. | 1,082,532 | 93,747 |
| | Applied Materials Inc. | 1,727,722 | 71,372 |
| | Cognizant Technology | | |
| | Solutions Corp. Class A | 942,391 | 62,575 |
| | Intuit Inc. | 389,468 | 51,725 |
| * | Micron Technology Inc. | 1,681,557 | 50,211 |
| | HP Inc. | 2,705,174 | 47,286 |
| | Analog Devices Inc. | 584,119 | 45,444 |
| | Corning Inc. | 1,478,104 | 44,417 |
| | Hewlett Packard | | |
| | Enterprise Co. | 2,652,211 | 44,000 |
| | Western Digital Corp. | 465,984 | 41,286 |
| | Lam Research Corp. | 259,436 | 36,692 |
| | DXC Technology Co. | 453,286 | 34,776 |
| * | Autodesk Inc. | 336,789 | 33,955 |
| * | Cerner Corp. | 475,819 | 31,628 |
| * | ServiceNow Inc. | 271,831 | 28,814 |
| | Skyworks Solutions Inc. | 295,265 | 28,331 |
| | Symantec Corp. | 985,613 | 27,844 |
| * | Red Hat Inc. | 284,450 | 27,236 |
| | Microchip Technology Inc. | 346,326 | 26,729 |
| | Xilinx Inc. | 396,955 | 25,532 |
| | KLA-Tencor Corp. | 250,834 | 22,954 |
| | Motorola Solutions Inc. | 262,443 | 22,764 |
| | Harris Corp. | 198,223 | 21,622 |
| * | Workday Inc. Class A | 209,766 | 20,347 |
| * | Dell Technologies Inc. | | |
| | Class V | 332,378 | 20,312 |
| | Maxim Integrated | | |
| | Products Inc. | 452,146 | 20,301 |
| * | Citrix Systems Inc. | 236,647 | 18,832 |
| * | Palo Alto Networks Inc. | 139,902 | 18,720 |
| | Seagate Technology plc | 474,614 | 18,391 |
| | NetApp Inc. | 438,593 | 17,566 |
| * | Synopsys Inc. | 240,518 | 17,541 |
| | CA Inc. | 501,426 | 17,284 |
| | Juniper Networks Inc. | 611,354 | 17,045 |
| *,^ | Advanced Micro | | |
| | Devices Inc. | 1,360,792 | 16,983 |
| * | Gartner Inc. | 137,474 | 16,979 |
| * | Twitter Inc. | 935,428 | 16,716 |
| * | ANSYS Inc. | 136,871 | 16,654 |
| | CDW Corp. | 255,688 | 15,988 |
40
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Cadence Design Systems | | |
| | Inc. | 449,386 | 15,050 |
| | CDK Global Inc. | 235,064 | 14,588 |
| * | F5 Networks Inc. | 103,601 | 13,164 |
| * | Akamai Technologies Inc. | 262,775 | 13,089 |
| * | VeriSign Inc. | 139,303 | 12,950 |
| * | Qorvo Inc. | 203,435 | 12,881 |
| * | Splunk Inc. | 221,362 | 12,593 |
| | Leidos Holdings Inc. | 241,678 | 12,492 |
| * | IAC/InterActiveCorp | 117,120 | 12,091 |
| * | CommScope Holding Co. | | |
| | Inc. | 309,110 | 11,755 |
| *,^ | Arista Networks Inc. | 74,965 | 11,229 |
| | SS&C Technologies | | |
| | Holdings Inc. | 277,466 | 10,657 |
| * | PTC Inc. | 184,919 | 10,193 |
| | Marvell Technology Group | | |
| | Ltd. | 606,679 | 10,022 |
| * | Tyler Technologies Inc. | 56,427 | 9,913 |
| | Teradyne Inc. | 320,519 | 9,625 |
| * | Veeva Systems Inc. | | |
| | Class A | 155,649 | 9,543 |
| * | Ultimate Software Group | | |
| | Inc. | 45,171 | 9,489 |
| * | ON Semiconductor Corp. | 673,158 | 9,451 |
| * | athenahealth Inc. | 63,759 | 8,961 |
| * | Fortinet Inc. | 239,112 | 8,952 |
| | LogMeIn Inc. | 84,625 | 8,843 |
| * | Microsemi Corp. | 184,787 | 8,648 |
| * | ARRIS International plc | 302,146 | 8,466 |
| | CSRA Inc. | 261,028 | 8,288 |
| | Brocade Communications | | |
| | Systems Inc. | 652,321 | 8,226 |
| * | Square Inc. | 349,566 | 8,201 |
| * | Guidewire Software Inc. | 118,314 | 8,129 |
| * | Nuance Communications | | |
| | Inc. | 465,286 | 8,101 |
| * | NCR Corp. | 198,180 | 8,094 |
| | Garmin Ltd. | 150,640 | 7,687 |
| * | VMware Inc. Class A | 86,727 | 7,583 |
| * | Medidata Solutions Inc. | 88,743 | 6,940 |
| | Fair Isaac Corp. | 49,688 | 6,927 |
| | Cypress Semiconductor | | |
| | Corp. | 500,726 | 6,835 |
| *,^ | Snap Inc. | 382,003 | 6,788 |
| * | Aspen Technology Inc. | 121,472 | 6,713 |
| * | EPAM Systems Inc. | 78,839 | 6,630 |
| | Blackbaud Inc. | 76,930 | 6,597 |
| * | Cirrus Logic Inc. | 102,454 | 6,426 |
| * | Cavium Inc. | 103,183 | 6,411 |
| | DST Systems Inc. | 102,004 | 6,294 |
| | j2 Global Inc. | 73,316 | 6,238 |
| * | Tech Data Corp. | 61,079 | 6,169 |
| * | Teradata Corp. | 207,406 | 6,116 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Tableau Software Inc. | | |
| | Class A | 96,028 | 5,884 |
| | MKS Instruments Inc. | 86,608 | 5,829 |
| * | ViaSat Inc. | 87,836 | 5,815 |
| * | Proofpoint Inc. | 66,538 | 5,777 |
| | SYNNEX Corp. | 48,080 | 5,768 |
| | Monolithic Power | | |
| | Systems Inc. | 59,506 | 5,736 |
| * | Ellie Mae Inc. | 51,801 | 5,693 |
| * | Ciena Corp. | 226,206 | 5,660 |
| * | Manhattan Associates Inc. | 112,624 | 5,413 |
| * | GoDaddy Inc. Class A | 125,972 | 5,344 |
| * | Lumentum Holdings Inc. | 93,029 | 5,307 |
| * | Integrated Device | | |
| | Technology Inc. | 202,506 | 5,223 |
| * | Paycom Software Inc. | 76,149 | 5,209 |
| * | Entegris Inc. | 226,709 | 4,976 |
| * | CACI International Inc. | | |
| | Class A | 39,186 | 4,900 |
| * | NetScout Systems Inc. | 140,031 | 4,817 |
| * | Silicon Laboratories Inc. | 67,819 | 4,635 |
| * | Finisar Corp. | 178,270 | 4,631 |
| | Pitney Bowes Inc. | 299,255 | 4,519 |
| | InterDigital Inc. | 55,559 | 4,295 |
| * | Dycom Industries Inc. | 47,839 | 4,283 |
| * | ACI Worldwide Inc. | 188,890 | 4,225 |
| * | Zendesk Inc. | 150,442 | 4,179 |
| * | Advanced Energy | | |
| | Industries Inc. | 63,799 | 4,127 |
| * | Verint Systems Inc. | 100,286 | 4,082 |
| *,^ | FireEye Inc. | 256,849 | 3,907 |
| | Science Applications | | |
| | International Corp. | 55,985 | 3,886 |
| * | Cree Inc. | 157,044 | 3,871 |
| * | Viavi Solutions Inc. | 366,839 | 3,863 |
| * | Semtech Corp. | 105,473 | 3,771 |
| * | Allscripts Healthcare | | |
| | Solutions Inc. | 294,963 | 3,764 |
| * | EchoStar Corp. Class A | 61,713 | 3,746 |
| * | CommVault Systems Inc. | 64,887 | 3,663 |
| * | Electronics For Imaging | | |
| | Inc. | 74,489 | 3,529 |
| * | HubSpot Inc. | 52,651 | 3,462 |
| | TiVo Corp. | 184,332 | 3,438 |
| * | 2U Inc. | 72,310 | 3,393 |
| | Cabot Microelectronics | | |
| | Corp. | 45,878 | 3,387 |
| * | RealPage Inc. | 92,648 | 3,331 |
| | Power Integrations Inc. | 45,224 | 3,297 |
| * | RingCentral Inc. Class A | 89,765 | 3,281 |
| | Pegasystems Inc. | 55,594 | 3,244 |
| *,^ | 3D Systems Corp. | 173,054 | 3,236 |
| * | VeriFone Systems Inc. | 178,706 | 3,235 |
| * | Mercury Systems Inc. | 72,958 | 3,071 |
41
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Diebold Nixdorf Inc. | 109,242 | 3,059 |
| | Progress Software Corp. | 97,216 | 3,003 |
| * | Premier Inc. Class A | 82,809 | 2,981 |
| * | Insight Enterprises Inc. | 73,909 | 2,956 |
| * | Callidus Software Inc. | 121,478 | 2,940 |
| * | Cornerstone OnDemand | | |
| | Inc. | 81,865 | 2,927 |
| * | Synaptics Inc. | 56,581 | 2,926 |
| | Brooks Automation Inc. | 134,542 | 2,918 |
| * | MicroStrategy Inc. Class A | 15,159 | 2,906 |
| | Plantronics Inc. | 53,106 | 2,778 |
| * | BroadSoft Inc. | 63,213 | 2,721 |
| | Cogent Communications | | |
| | Holdings Inc. | 66,235 | 2,656 |
| * | MaxLinear Inc. | 93,582 | 2,610 |
| | CSG Systems | | |
| | International Inc. | 64,317 | 2,610 |
| | Ebix Inc. | 48,386 | 2,608 |
| | NIC Inc. | 135,211 | 2,562 |
| *,^ | Ubiquiti Networks Inc. | 48,625 | 2,527 |
| *,^ | Infinera Corp. | 230,377 | 2,458 |
| * | CEVA Inc. | 52,631 | 2,392 |
| | Xperi Corp. | 77,469 | 2,309 |
| * | Bottomline Technologies | | |
| | de Inc. | 89,459 | 2,298 |
| * | Blucora Inc. | 104,258 | 2,210 |
| * | NETGEAR Inc. | 50,001 | 2,155 |
| * | FormFactor Inc. | 170,109 | 2,109 |
| * | Envestnet Inc. | 52,441 | 2,077 |
| * | Inphi Corp. | 59,297 | 2,034 |
| * | Rambus Inc. | 176,019 | 2,012 |
| * | Gigamon Inc. | 50,562 | 1,990 |
| * | Amkor Technology Inc. | 202,226 | 1,976 |
| * | Web.com Group Inc. | 77,686 | 1,965 |
| *,^ | Twilio Inc. Class A | 66,220 | 1,928 |
| | ADTRAN Inc. | 91,954 | 1,899 |
| * | Box Inc. | 103,926 | 1,896 |
| * | Diodes Inc. | 78,721 | 1,892 |
| * | New Relic Inc. | 41,245 | 1,774 |
| * | SPS Commerce Inc. | 27,120 | 1,729 |
| * | PROS Holdings Inc. | 62,978 | 1,725 |
| * | CalAmp Corp. | 84,164 | 1,711 |
| * | ScanSource Inc. | 42,205 | 1,701 |
| * | Axcelis Technologies Inc. | 78,792 | 1,651 |
| * | Lattice Semiconductor | | |
| | Corp. | 247,837 | 1,651 |
| *,^ | Oclaro Inc. | 175,079 | 1,635 |
| * | Boingo Wireless Inc. | 108,967 | 1,630 |
| * | Carbonite Inc. | 74,775 | 1,630 |
| * | Hortonworks Inc. | 123,477 | 1,590 |
| * | Extreme Networks Inc. | 166,702 | 1,537 |
| * | Actua Corp. | 106,442 | 1,496 |
| *,^ | Gogo Inc. | 122,996 | 1,418 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | West Corp. | 58,298 | 1,359 |
| | Hackett Group Inc. | 76,101 | 1,180 |
| * | Quality Systems Inc. | 67,426 | 1,160 |
| * | Cray Inc. | 62,701 | 1,154 |
| * | Q2 Holdings Inc. | 31,164 | 1,151 |
| | American Software Inc. | | |
| | Class A | 111,757 | 1,150 |
| * | Qualys Inc. | 28,095 | 1,146 |
| | Cohu Inc. | 70,602 | 1,111 |
| * | Synchronoss | | |
| | Technologies Inc. | 64,793 | 1,066 |
| | EMCORE Corp. | 99,258 | 1,057 |
| *,^ | Harmonic Inc. | 200,460 | 1,052 |
| * | Super Micro Computer Inc. | 42,061 | 1,037 |
| * | AXT Inc. | 161,893 | 1,028 |
| * | Pure Storage Inc. Class A | 79,773 | 1,022 |
| *,^ | Applied Optoelectronics | | |
| | Inc. | 16,345 | 1,010 |
| * | Alpha & Omega | | |
| | Semiconductor Ltd. | 59,999 | 1,000 |
| * | Match Group Inc. | 57,195 | 994 |
| ^ | Computer Programs & | | |
| | Systems Inc. | 30,079 | 987 |
| * | Agilysys Inc. | 97,183 | 983 |
| * | Five9 Inc. | 45,369 | 976 |
| * | Coupa Software Inc. | 32,730 | 949 |
| | Forrester Research Inc. | 23,827 | 933 |
| | Syntel Inc. | 54,526 | 925 |
| * | Virtusa Corp. | 31,059 | 913 |
| * | IXYS Corp. | 55,443 | 912 |
| * | LivePerson Inc. | 82,442 | 907 |
| * | Shutterstock Inc. | 20,021 | 883 |
| | Concurrent Computer | | |
| | Corp. | 130,134 | 877 |
| *,^ | Benefitfocus Inc. | 23,639 | 859 |
| * | ePlus Inc. | 11,348 | 841 |
| * | Alarm.com Holdings Inc. | 21,850 | 822 |
| | Monotype Imaging | | |
| | Holdings Inc. | 43,699 | 800 |
| * | CommerceHub Inc. | 45,197 | 788 |
| * | VOXX International Corp. | | |
| | Class A | 95,985 | 787 |
| * | Loral Space & | | |
| | Communications Inc. | 18,879 | 784 |
| * | Unisys Corp. | 60,831 | 779 |
| * | Limelight Networks Inc. | 268,583 | 776 |
| * | Endurance International | | |
| | Group Holdings Inc. | 88,087 | 736 |
| * | Perficient Inc. | 39,401 | 734 |
| * | Apptio Inc. Class A | 41,592 | 722 |
| * | Digi International Inc. | 69,803 | 708 |
| * | Xcerra Corp. | 70,672 | 690 |
| * | A10 Networks Inc. | 81,399 | 687 |
42
| | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Comtech | | |
| | Telecommunications | | |
| | Corp. | 35,703 | 677 |
| * | Calix Inc. | 95,551 | 655 |
| * | Internap Corp. | 178,026 | 653 |
| * | Brightcove Inc. | 99,808 | 619 |
| * | RigNet Inc. | 37,974 | 609 |
| * | Guidance Software Inc. | 87,223 | 577 |
| * | Vectrus Inc. | 17,781 | 575 |
| * | Barracuda Networks Inc. | 24,889 | 574 |
| * | Amtech Systems Inc. | 67,173 | 567 |
| * | Meet Group Inc. | 109,230 | 552 |
| * | Photronics Inc. | 56,556 | 532 |
| * | Digimarc Corp. | 13,033 | 523 |
| * | DSP Group Inc. | 44,399 | 515 |
| *,^ | Nutanix Inc. | 24,755 | 499 |
| * | ChannelAdvisor Corp. | 43,153 | 498 |
| * | iPass Inc. | 371,537 | 490 |
| * | Immersion Corp. | 53,846 | 489 |
| * | Appfolio Inc. | 14,899 | 486 |
| * | VASCO Data Security | | |
| | International Inc. | 33,228 | 477 |
| * | Acacia Communications | | |
| | Inc. | 11,446 | 475 |
| * | Amber Road Inc. | 53,973 | 463 |
| * | CommerceHub Inc. | | |
| | Class A | 26,317 | 458 |
| * | Mitek Systems Inc. | 53,920 | 453 |
| * | Impinj Inc. | 9,120 | 444 |
| * | Aviat Networks Inc. | 25,444 | 443 |
| * | Aware Inc. | 81,777 | 421 |
| * | Nanometrics Inc. | 16,014 | 405 |
| * | Rightside Group Ltd. | 34,384 | 365 |
| | PC Connection Inc. | 13,479 | 365 |
| * | Kopin Corp. | 98,044 | 364 |
| * | Rudolph Technologies Inc. | 15,420 | 352 |
| | Systemax Inc. | 17,314 | 325 |
| * | Varonis Systems Inc. | 8,633 | 321 |
| * | KVH Industries Inc. | 32,929 | 313 |
| * | Edgewater Technology Inc. | 43,518 | 297 |
| | Computer Task Group Inc. | 51,182 | 286 |
| * | Vocera Communications | | |
| | Inc. | 10,161 | 268 |
| | QAD Inc. Class A | 8,141 | 261 |
| * | Rosetta Stone Inc. | 24,171 | 261 |
| * | Zix Corp. | 45,518 | 259 |
| * | Icad Inc. | 60,331 | 253 |
| * | WideOpenWest Inc. | 14,045 | 244 |
| * | Quantum Corp. | 30,298 | 237 |
| * | PDF Solutions Inc. | 14,264 | 235 |
| * | Ultra Clean Holdings Inc. | 12,030 | 226 |
| * | Lantronix Inc. | 89,562 | 219 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| | Great Elm Capital Group | | |
| | Inc. | 64,026 | 218 |
| * | Telenav Inc. | 25,963 | 210 |
| * | KeyW Holding Corp. | 22,339 | 209 |
| * | GSI Technology Inc. | 26,114 | 205 |
| | Simulations Plus Inc. | 16,404 | 203 |
| * | LRAD Corp. | 119,396 | 202 |
| * | ShoreTel Inc. | 34,733 | 201 |
| * | Datawatch Corp. | 21,298 | 198 |
| * | Covisint Corp. | 74,854 | 183 |
| * | BSQUARE Corp. | 32,490 | 182 |
| * | Sigma Designs Inc. | 30,522 | 179 |
| | PC-Tel Inc. | 25,151 | 178 |
| * | MobileIron Inc. | 27,200 | 165 |
| * | NCI Inc. Class A | 7,496 | 158 |
| * | Castlight Health Inc. | | |
| | Class B | 38,089 | 158 |
| * | Pendrell Corp. | 21,573 | 156 |
| *,^ | Park City Group Inc. | 11,753 | 143 |
| | Preformed Line Products | | |
| | Co. | 2,778 | 129 |
| * | Clearfield Inc. | 9,367 | 124 |
| * | Exa Corp. | 8,672 | 120 |
| * | NeoPhotonics Corp. | 15,454 | 119 |
| *,^ | VirnetX Holding Corp. | 25,600 | 116 |
| * | Evolving Systems Inc. | 21,792 | 112 |
| * | CVD Equipment Corp. | 8,553 | 95 |
| * | Blackline Inc. | 2,562 | 92 |
| * | Silver Spring Networks Inc. | 8,015 | 90 |
| * | Synacor Inc. | 23,769 | 87 |
| * | Aerohive Networks Inc. | 17,209 | 86 |
| * | eGain Corp. | 49,676 | 84 |
| * | Everbridge Inc. | 3,071 | 75 |
| * | Pixelworks Inc. | 15,645 | 72 |
| * | PAR Technology Corp. | 7,772 | 66 |
| * | Support.com Inc. | 26,681 | 62 |
| * | Identiv Inc. | 11,839 | 62 |
| * | Rocket Fuel Inc. | 22,128 | 61 |
| | CSP Inc. | 5,391 | 58 |
| * | Tintri Inc. | 7,600 | 55 |
| | ClearOne Inc. | 5,669 | 54 |
| | RELM Wireless Corp. | 13,400 | 51 |
| * | Seachange International | | |
| | Inc. | 18,579 | 49 |
| * | Quantenna | | |
| | Communications Inc. | 2,550 | 48 |
| * | QuickLogic Corp. | 32,504 | 47 |
| *,^ | FalconStor Software Inc. | 164,416 | 43 |
| * | GSE Systems Inc. | 14,462 | 43 |
| * | ID Systems Inc. | 6,809 | 42 |
| * | ARI Network Services Inc. | 5,900 | 42 |
| | GlassBridge Enterprises Inc. | 9,884 | 39 |
| * | NetSol Technologies Inc. | 9,891 | 39 |
43
| | | |
| Institutional Total Stock Market Index Fund |
| |
| |
| |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| * | Mastech Digital Inc. | 5,931 | 38 |
| * | Okta Inc. | 1,539 | 35 |
| *,^ | Yext Inc. | 2,562 | 34 |
| * | Intermolecular Inc. | 25,996 | 24 |
| * | ADDvantage Technologies | |
| | Group Inc. | 14,730 | 24 |
| * | Cloudera Inc. | 1,392 | 22 |
| * | Airgain Inc. | 1,500 | 21 |
| * | Rapid7 Inc. | 1,210 | 20 |
| * | Inuvo Inc. | 17,600 | 18 |
| * | Numerex Corp. Class A | 3,305 | 16 |
| | QAD Inc. Class B | 597 | 16 |
| * | DASAN Zhone Solutions | | |
| | Inc. | 2,620 | 16 |
| * | Westell Technologies Inc. | | |
| | Class A | 4,583 | 14 |
| | TransAct Technologies | | |
| | Inc. | 1,540 | 13 |
| * | Workiva Inc. | 646 | 12 |
| * | Ciber Inc. | 161,456 | 11 |
| * | inTEST Corp. | 900 | 6 |
| * | Key Tronic Corp. | 850 | 6 |
| * | Aehr Test Systems | 1,420 | 5 |
| * | Smith Micro Software | | |
| | Inc. | 3,520 | 5 |
| | Communications | | |
| | Systems Inc. | 1,077 | 5 |
| * | TransEnterix Inc. | 6,030 | 4 |
| | AstroNova Inc. | 201 | 3 |
| *,^ | ParkerVision Inc. | 1,084 | 2 |
| * | ARC Group Worldwide | | |
| | Inc. | 579 | 2 |
| * | Netlist Inc. | 100 | — |
| | | | 6,966,073 |
| Telecommunications (2.0%) | |
| | AT&T Inc. | 9,836,385 | 371,127 |
| | Verizon Communications | | |
| | Inc. | 6,526,687 | 291,482 |
| * | T-Mobile US Inc. | 465,283 | 28,206 |
| * | Level 3 Communications | | |
| | Inc. | 462,631 | 27,434 |
| | CenturyLink Inc. | 878,111 | 20,969 |
| * | Zayo Group Holdings Inc. | 255,585 | 7,898 |
| * | Sprint Corp. | 956,970 | 7,857 |
| | Telephone & Data | | |
| | Systems Inc. | 156,694 | 4,348 |
| * | Straight Path | | |
| | Communications Inc. | | |
| | Class B | 14,658 | 2,633 |
| * | 8x8 Inc. | 178,080 | 2,591 |
| | Shenandoah | | |
| | Telecommunications | | |
| | Co. | 74,708 | 2,294 |
| * | General Communication | | |
| | Inc. Class A | 59,179 | 2,168 |
| | | |
| | | | Market |
| | | | Value• |
| | | Shares | ($000) |
| ^ | Frontier Communications | | |
| | Corp. | 1,862,089 | 2,160 |
| | Cincinnati Bell Inc. | 101,003 | 1,975 |
| | ATN International Inc. | 24,843 | 1,700 |
| | Consolidated | | |
| | Communications | | |
| | Holdings Inc. | 72,284 | 1,552 |
| ^ | Windstream Holdings Inc. | 397,920 | 1,544 |
| *,^ | Globalstar Inc. | 674,680 | 1,437 |
| * | Vonage Holdings Corp. | 214,781 | 1,405 |
| | Spok Holdings Inc. | 68,038 | 1,204 |
| * | United States Cellular | | |
| | Corp. | 30,674 | 1,175 |
| * | Iridium Communications | | |
| | Inc. | 77,040 | 851 |
| * | Alaska Communications | | |
| | Systems Group Inc. | 357,788 | 787 |
| * | GTT Communications Inc. | 21,188 | 671 |
| | IDT Corp. Class B | 39,436 | 567 |
| * | FairPoint | | |
| | Communications Inc. | 33,280 | 521 |
| * | Lumos Networks Corp. | 26,673 | 477 |
| * | ORBCOMM Inc. | 38,889 | 439 |
| * | HC2 Holdings Inc. | 32,201 | 189 |
| * | Hawaiian Telcom Holdco | | |
| | Inc. | 6,486 | 162 |
| * | pdvWireless Inc. | 5,800 | 135 |
| | | | 787,958 |
| Utilities (3.1%) | | |
| | NextEra Energy Inc. | 749,121 | 104,974 |
| | Duke Energy Corp. | 1,119,857 | 93,609 |
| | Dominion Energy Inc. | 1,006,359 | 77,117 |
| | Southern Co. | 1,592,308 | 76,240 |
| | American Electric Power | | |
| | Co. Inc. | 786,767 | 54,657 |
| | PG&E Corp. | 817,662 | 54,268 |
| | Exelon Corp. | 1,481,165 | 53,426 |
| | Sempra Energy | 401,033 | 45,216 |
| | PPL Corp. | 1,089,284 | 42,112 |
| | Edison International | 521,359 | 40,765 |
| | Consolidated Edison Inc. | 488,639 | 39,492 |
| | Xcel Energy Inc. | 812,462 | 37,276 |
| | Public Service Enterprise | | |
| | Group Inc. | 809,460 | 34,815 |
| | WEC Energy Group Inc. | 504,980 | 30,996 |
| | Eversource Energy | 507,025 | 30,781 |
| | DTE Energy Co. | 287,100 | 30,372 |
| | American Water Works | | |
| | Co. Inc. | 285,182 | 22,230 |
| | Entergy Corp. | 287,159 | 22,045 |
| | Ameren Corp. | 388,270 | 21,227 |
| | CMS Energy Corp. | 448,744 | 20,754 |
| | FirstEnergy Corp. | 710,028 | 20,704 |
| | CenterPoint Energy Inc. | 655,045 | 17,935 |
| | ONEOK Inc. | 337,594 | 17,609 |
44
| | | | |
| Institutional Total Stock Market Index Fund | |
| |
| |
| |
| | | | | Market |
| | | | | Value• |
| | | | Shares | ($000) |
| | Pinnacle West Capital | | |
| | Corp. | | 178,490 | 15,200 |
| | Alliant Energy Corp. | | 364,551 | 14,644 |
| | Atmos Energy Corp. | | 168,537 | 13,980 |
| | SCANA Corp. | | 205,805 | 13,791 |
| | UGI Corp. | | 277,026 | 13,411 |
| | NiSource Inc. | | 519,499 | 13,175 |
| | Westar Energy Inc. | | | |
| | Class A | | 227,410 | 12,057 |
| | AES Corp. | 1,056,211 | 11,735 |
| | Great Plains Energy Inc. | 345,021 | 10,102 |
| | Aqua America Inc. | | 284,171 | 9,463 |
| | NRG Energy Inc. | | 502,754 | 8,657 |
| * | Vistra Energy Corp. | | 475,096 | 7,977 |
| * | Calpine Corp. | | 577,243 | 7,810 |
| | Vectren Corp. | | 132,750 | 7,758 |
| | National Fuel Gas Co. | 129,438 | 7,228 |
| | IDACORP Inc. | | 80,798 | 6,896 |
| | WGL Holdings Inc. | | 82,127 | 6,852 |
| | Portland General Electric | | |
| | Co. | | 142,526 | 6,512 |
| | ONE Gas Inc. | | 83,955 | 5,861 |
| | ALLETE Inc. | | 81,507 | 5,842 |
| | Black Hills Corp. | | 85,588 | 5,775 |
| | Hawaiian Electric | | | |
| | Industries Inc. | | 174,046 | 5,636 |
| | New Jersey Resources | | |
| | Corp. | | 138,343 | 5,492 |
| | Southwest Gas Holdings | | |
| | Inc. | | 72,084 | 5,266 |
| | Spire Inc. | | 73,375 | 5,118 |
| | PNM Resources Inc. | | 127,888 | 4,892 |
| | NorthWestern Corp. | | 77,618 | 4,736 |
| | Avista Corp. | | 103,280 | 4,385 |
| | Avangrid Inc. | | 98,987 | 4,370 |
| | South Jersey Industries | | |
| | Inc. | | 127,371 | 4,352 |
| | Ormat Technologies Inc. | 63,714 | 3,739 |
| | MGE Energy Inc. | | 55,470 | 3,569 |
| | El Paso Electric Co. | | 65,178 | 3,370 |
| | California Water Service | | |
| | Group | | 77,497 | 2,852 |
| | American States Water Co. | 58,986 | 2,797 |
| | Northwest Natural Gas Co. | 45,306 | 2,712 |
| | Chesapeake Utilities Corp. | 25,269 | 1,894 |
| | SJW Group | | 35,328 | 1,737 |
| * | Dynegy Inc. | | 190,182 | 1,573 |
| * | TerraForm Power Inc. | | |
| | Class A | | 108,165 | 1,298 |
| | | | |
| | | | | Market |
| | | | | Value• |
| | | | Shares | ($000) |
| | Connecticut Water | | | |
| | Service Inc. | | 23,273 | 1,292 |
| * | Atlantic Power Corp. | | 323,254 | 776 |
| | Unitil Corp. | | 14,773 | 714 |
| | Middlesex Water Co. | 15,707 | 622 |
| *,^ | Cadiz Inc. | | 39,801 | 537 |
| | York Water Co. | | 12,418 | 433 |
| | Artesian Resources | | | |
| | Corp. Class A | | 10,544 | 397 |
| | Genie Energy Ltd. Class B | 41,816 | 319 |
| | Delta Natural Gas Co. Inc. | 8,602 | 262 |
| * | Pure Cycle Corp. | | 27,648 | 214 |
| * | US Geothermal Inc. | | 45,031 | 207 |
| * | Sunrun Inc. | | 16,950 | 121 |
| *,^ | Vivint Solar Inc. | | 13,200 | 77 |
| | Gas Natural Inc. | | 4,059 | 52 |
| * | AquaVenture Holdings Ltd. | 1,715 | 26 |
| | | | | 1,269,183 |
| Total Common Stocks | | | |
| (Cost $22,952,856) | | | 40,118,945 |
| Temporary Cash Investments (1.2%)1 | |
| Money Market Fund (1.2%) | | |
| 3,4 | Vanguard Market | | | |
| | Liquidity Fund, | | | |
| | 1.181% | 4,720,046 | 472,099 |
| |
| | | | Face | |
| | | | Amount | |
| | | | ($000) | |
| U. S. Government and Agency Obligations (0.0%) |
| 5 | United States Treasury | | |
| | Bill, 0.593%, 7/13/17 | 8,000 | 7,998 |
| 5 | United States Treasury | | |
| | Bill, 0.963%–0.982%, | | |
| | 9/7/17 | | 3,000 | 2,995 |
| 5 | United States Treasury | | |
| | Bill, 0.976%–1.003%, | | |
| | 10/5/17 | | 4,100 | 4,089 |
| 5 | United States Treasury | | |
| | Bill, 1.056%, 11/24/17 | 500 | 498 |
| | | | | 15,580 |
| Total Temporary Cash Investments | |
| (Cost $487,640) | | | 487,679 |
| Total Investments (100.2%) | | |
| (Cost $23,440,496) | | | 40,606,624 |
45
| |
| Institutional Total Stock Market Index Fund |
| |
| |
| |
| |
| | Amount |
| | ($000) |
| Other Assets and Liabilities (-0.2%) | |
| Other Assets | |
| Receivables for Investment | |
| Securities Sold | 1,256 |
| Receivables for Accrued Income | 42,233 |
| Receivables for Capital Shares Issued | 242,552 |
| Other Assets 5 | 292 |
| Total Other Assets | 286,333 |
| Liabilities | |
| Payables for Investment Securities | |
| Purchased | (224,827) |
| Collateral for Securities on Loan | (130,603) |
| Payables for Capital Shares Redeemed | (5,129) |
| Payables to Vanguard | (385) |
| Other Liabilities | (926) |
| Total Liabilities | (361,870) |
| Net Assets (100%) | 40,531,087 |
| |
| At June 30, 2017, net assets consisted of: |
| | Amount |
| | ($000) |
| Paid-in Capital | 23,068,320 |
| Undistributed Net Investment Income | 16,133 |
| Accumulated Net Realized Gains | 282,498 |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 17,166,128 |
| Futures Contracts | (1,992) |
| Net Assets | 40,531,087 |
| |
| |
| Institutional Shares—Net Assets | |
| Applicable to 12,637,100 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 686,929 |
| Net Asset Value Per Share— | |
| Institutional Shares | $54.36 |
| |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 732,948,074 outstanding |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 39,844,158 |
| Net Asset Value Per Share— | |
| Institutional Plus Shares | $54.36 |
• 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 $122,564,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.2%, respectively, of net assets.
2 “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 $130,603,000 of collateral received for securities on loan.
5 Securities with a value of $14,483,000 and cash of $161,000 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 30,2017 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends | 347,877 |
| Interest1 | 949 |
| Securities Lending—Net | 2,487 |
| Total Income | 351,313 |
| Expenses | |
| The Vanguard Group—Note B | |
| Management and Administrative—Institutional Shares | 137 |
| Management and Administrative—Institutional Plus Shares | 3,818 |
| Total Expenses | 3,955 |
| Net Investment Income | 347,358 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1 | 521,292 |
| Futures Contracts | 13,966 |
| Realized Net Gain (Loss) | 535,258 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 2,444,022 |
| Futures Contracts | (460) |
| Change in Unrealized Appreciation (Depreciation) | 2,443,562 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,326,178 |
1 Interest income and realized net gain (loss) from an affiliated company of the fund were $907,000 and $2,000, respectively.
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, |
| | 2017 | 2016 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 347,358 | 817,046 |
| Realized Net Gain (Loss) | 535,258 | 3,860,027 |
| Change in Unrealized Appreciation (Depreciation) | 2,443,562 | 108,017 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,326,178 | 4,785,090 |
| Distributions | | |
| Net Investment Income | | |
| Institutional Shares | (5,757) | (21,773) |
| Institutional Plus Shares | (330,630) | (801,892) |
| Realized Capital Gain1 | | |
| Institutional Shares | (399) | (5,003) |
| Institutional Plus Shares | (22,387) | (274,217) |
| Total Distributions | (359,173) | (1,102,885) |
| Capital Share Transactions | | |
| Institutional Shares | (29,617) | (733,956) |
| Institutional Plus Shares | 280,925 | (4,754,242) |
| Net Increase (Decrease) from Capital Share Transactions | 251,308 | (5,488,198) |
| Total Increase (Decrease) | 3,218,313 | (1,805,993) |
| Net Assets | | |
| Beginning of Period | 37,312,774 | 39,118,767 |
| End of Period2 | 40,531,087 | 37,312,774 |
1 Includes fiscal 2017 and 2016 short-term gain distributions totaling $14,528,000 and $25,796,000, respectively. Short-term gain
distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $16,133,000 and $5,162,000.
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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $50.34 | $45.94 | $46.78 | $42.32 | $32.27 | $28.32 |
| Investment Operations | | | | | | |
| Net Investment Income | .465 | 1.009 | 1.0531 | .838 | .726 | .694 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 4.036 | 4.789 | (.847) | 4.457 | 10.051 | 3.950 |
| Total from Investment Operations | 4.501 | 5.798 | .206 | 5.295 | 10.777 | 4.644 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.450) | (1.016) | (1.046) | (.835) | (.727) | (.694) |
| Distributions from Realized Capital Gains | (.031) | (.382) | — | — | — | — |
| Total Distributions | (.481) | (1.398) | (1.046) | (.835) | (.727) | (.694) |
| Net Asset Value, End of Period | $54.36 | $50.34 | $45.94 | $46.78 | $42.32 | $32.27 |
| |
| Total Return | 8.96% | 12.75% | 0.45% | 12.60% | 33.64% | 16.47% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $687 | $664 | $1,297 | $2,590 | $3,290 | $3,001 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.83% | 2.08% | 2.24%1 | 1.90% | 1.96% | 2.25% |
| Portfolio Turnover Rate2 | 5% | 8% | 9% | 5% | 9% | 8% |
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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Net Asset Value, Beginning of Period | $50.35 | $45.95 | $46.79 | $42.32 | $32.28 | $28.32 |
| Investment Operations | | | | | | |
| Net Investment Income | .471 | 1.021 | 1.0641 | .847 | .734 | .701 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 4.026 | 4.788 | (.846) | 4.466 | 10.041 | 3.959 |
| Total from Investment Operations | 4.497 | 5.809 | .218 | 5.313 | 10.775 | 4.660 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.456) | (1.027) | (1.058) | (.843) | (.735) | (.700) |
| Distributions from Realized Capital Gains | (.031) | (.382) | — | — | — | — |
| Total Distributions | (.487) | (1.409) | (1.058) | (.843) | (.735) | (.700) |
| Net Asset Value, End of Period | $54.36 | $50.35 | $45.95 | $46.79 | $42.32 | $32.28 |
| |
| Total Return | 8.95% | 12.77% | 0.48% | 12.64% | 33.63% | 16.53% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $39,844 | $36,648 | $37,822 | $38,903 | $33,201 | $20,731 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.85% | 2.10% | 2.26%1 | 1.92% | 1.98% | 2.27% |
| Portfolio Turnover Rate2 | 5% | 8% | 9% | 5% | 9% | 8% |
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.
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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 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.
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, 2017, 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.
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Institutional Total Stock Market Index Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2013–2016), and for the period ended June 30, 2017, 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 event 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. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
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, 2017, 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
52
Institutional Total Stock Market Index Fund
fees are charged to each class at the contractual rate. Income, expenses not attributable to a specific class, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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, 2017, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 40,117,735 | — | 1,210 |
| Temporary Cash Investments | 472,099 | 15,580 | — |
| Futures Contracts—Assets1 | 134 | — | — |
| Futures Contracts—Liabilities1 | (78) | — | — |
| Total | 40,589,890 | 15,580 | 1,210 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At June 30, 2017, 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 2017 | 3,063 | 370,761 | (1,842) |
| E-mini Russell 2000 Index | September 2017 | 420 | 29,700 | (150) |
| | | | | (1,992) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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Institutional Total Stock Market Index Fund
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2017, the fund realized $254,277,000 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.
At June 30, 2017, the cost of investment securities for tax purposes was $23,441,387,000. Net unrealized appreciation of investment securities for tax purposes was $14,165,237,000, consisting of unrealized gains of $18,131,372,000 on securities that had risen in value since their purchase and $966,135,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2017, the fund purchased $1,482,534,000 of investment securities and sold $1,423,617,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $403,224,000 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, 2017 | December 31, 2016 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 113,018 | 2,208 | 293,621 | 6,425 |
| Issued in Lieu of Cash Distributions | 4,769 | 89 | 22,494 | 470 |
| Redeemed | (147,404) | (2,858) | (1,050,071) | (21,925) |
| Net Increase (Decrease)—Institutional Shares | (29,617) | (561) | (733,956) | (15,030) |
| Institutional Plus Shares | | | | |
| Issued | 3,900,037 | 73,141 | 3,716,206 | 80,225 |
| Issued in Lieu of Cash Distributions | 326,094 | 6,105 | 996,994 | 20,508 |
| Redeemed | (3,945,206) | (74,235) | (9,467,442) | (195,981) |
| Net Increase (Decrease)— | | | | |
| Institutional Plus Shares | 280,925 | 5,011 | (4,754,242) | (95,248) |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2017, that would require recognition or disclosure in these financial statements.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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| | | |
| Six Months Ended June 30, 2017 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Institutional Total Stock Market Index Fund | 12/31/2016 | 6/30/2017 | Period |
| Based on Actual Fund Return | | | |
| Institutional Shares | $1,000.00 | $1,089.60 | $0.21 |
| Institutional Plus Shares | 1,000.00 | 1,089.51 | 0.10 |
| Based on Hypothetical 5% Yearly Return | | | |
| Institutional Shares | $1,000.00 | $1,024.60 | $0.20 |
| Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.04% for Institutional Shares and 0.02% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
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Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), 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. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also 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 compared with its 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 expense rate was also well below the 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.
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The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s low-cost arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share.
For a fund, the weighted average price/book ratio of the stocks it holds.
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Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Institutional Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 8, 2005; MSCI US Broad Market Index through January 14, 2013; CRSP US Total Market Index thereafter.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 197 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. 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.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Lead Director of SPX FLOW, Inc. (multi-industry manufacturing); Director of the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, North Carolina A&T University, and Roberts Wesleyan College; Trustee of the University of Rochester.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Arconic Inc. (diversified manufacturer), HP Inc. (printer and personal computer manufacturing), and Delphi Automotive plc (automotive components); Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Member of the Executive Committee (1997–2008), Chief Global Diversity Officer (retired 2008), Vice President and Chief Information Officer (1997–2006), Controller (1995–1997), Treasurer (1991–1995), and Assistant Treasurer (1989–1991) 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
Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina
Foundation for Education; Director of the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and Chair of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee, the Board of Advisors for Spruceview Capital Partners, the Board of Catholic Investment Services, Inc. (investment advisor), and the Board of Superintendence of the Institute for the Works of Religion; Chairman of the Board of TIFF Advisory Services, Inc. (investment advisor).
André F. Perold
Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Co-Managing Partner of HighVista Strategies LLC (private investment firm); Overseer of the Museum of Fine Arts Boston.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Chairman of the Board of Trustees of Colby-Sawyer College; Member of the Board of Hypertherm, Inc. (industrial cutting systems, software, and consumables).
Executive Officers
Glenn Booraem
Born 1967. Investment Stewardship Officer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer (2015–2017), Controller (2010–2015), and Assistant Controller (2001–2010) of each of the investment companies served by The Vanguard Group.
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).
Peter Mahoney
Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).
Anne E. Robinson
Born 1970. Secretary Since September 2016. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation; Managing Director and General Counsel of Global Cards and Consumer Services at Citigroup (2014–2016); Counsel at American Express (2003–2014).
Michael Rollings
Born 1963. Treasurer Since February 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Director of Vanguard Marketing Corporation; Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
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| Vanguard Senior ManagementTeam |
| Mortimer J. Buckley | James M. Norris |
| John James | Thomas M. Rampulla |
| Martha G. King | Glenn W. Reed |
| John T. Marcante | Karin A. Risi |
| Chris D. McIsaac | |
| |
| Chairman Emeritus and Senior Advisor |
| John J. Brennan | |
| Chairman, 1996–2009 | |
| Chief Executive Officer and President, 1996–2008 |
| |
| Founder | |
| John C. Bogle | |
| Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
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| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
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| |
| |
| 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. |
| © 2017 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
| |
| Q8712 082017 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
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.
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| | VANGUARD INSTITUTIONAL INDEX FUNDS |
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| |
| BY: | /s/ F. WILLIAM MCNABB III* |
| | F. WILLIAM MCNABB III |
| | CHIEF EXECUTIVE OFFICER |
| |
| Date: August 17, 2017 |
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, 2017 |
| VANGUARD INSTITUTIONAL INDEX FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
Date: August 17, 2017 |
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016 see file Number 33-32548, Incorporated by Reference.
