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 – December 31, 2017
Item 1: Reports to Shareholders
Annual Report | December 31, 2017
Vanguard Institutional Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These
principles, grounded in Vanguard’s research and experience, can put you on
the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 2 |
Results of Proxy Voting. | 6 |
Fund Profile. | 8 |
Performance Summary. | 10 |
Financial Statements. | 12 |
About Your Fund’s Expenses. | 32 |
Glossary. | 34 |
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: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs, stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• U.S. stocks hit record highs in 2017 as investors welcomed tax legislation,
strong corporate profits, low unemployment, and solid economic growth.
• In this environment, Vanguard Institutional Index Fund returned nearly 22% for the
12 months ended December 31, 2017, closely tracking its target index, the Standard
& Poor’s 500 Index. The fund, which provides exposure to the stocks of the largest
U.S. companies, outpaced the average return of peer funds.
• Among sectors, information technology, health care, and financial stocks were
strong performers. Telecommunication services and energy stocks notched modestly
negative returns.
• For the ten years ended December 31, the Institutional Index Fund recorded an
average annual return of 8.50% for Institutional Shares, closely tracking its target index.
The fund’s return exceeded the average annual return of peer funds.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Institutional Index Fund | |
Institutional Shares | 21.79% |
Institutional Plus Shares | 21.82 |
S&P 500 Index | 21.83 |
Large-Cap Core Funds Average | 20.42 |
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.
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Institutional Index Fund Institutional Shares | 8.50% |
S&P 500 Index | 8.50 |
Large-Cap Core Funds Average | 7.03 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
1
Chairman’s Perspective
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
2
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits
of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
3
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
4
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
F. William McNabb III
Chairman
January 1, 2018
5
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 1,022,675,273 | 29,084,695 | 97.2% |
Emerson U. Fullwood | 1,022,589,162 | 29,170,807 | 97.2% |
Amy Gutmann | 1,022,485,898 | 29,274,071 | 97.2% |
JoAnn Heffernan Heisen | 1,022,596,459 | 29,163,510 | 97.2% |
F. Joseph Loughrey | 1,022,659,628 | 29,100,341 | 97.2% |
Mark Loughridge | 1,022,754,831 | 29,005,138 | 97.2% |
Scott C. Malpass | 1,022,570,307 | 29,189,661 | 97.2% |
F. William McNabb III | 1,022,529,651 | 29,230,318 | 97.2% |
Deanna Mulligan | 1,021,979,981 | 29,779,988 | 97.2% |
André F. Perold | 1,021,568,866 | 30,191,102 | 97.1% |
Sarah Bloom Raskin | 1,021,945,540 | 29,814,428 | 97.2% |
Peter F. Volanakis | 1,022,632,821 | 29,127,147 | 97.2% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Index Fund | 409,813,962 | 27,254,225 | 9,981,179 | 69,675,376 | 79.3% |
6
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Index Fund | 410,571,346 | 27,615,209 | 8,862,810 | 69,675,376 | 79.5% |
Proposal 6—Adopt the Funds’ Service Agreement for Vanguard Institutional Index Fund.
The Fifth Amended and Restated Funds’ Service Agreement sets forth the advisory, administration, and distribution arrangements the funds have with Vanguard.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Index Fund | 411,273,259 | 22,961,669 | 3,889,391 | 78,600,423 | 79.6% |
Fund shareholders did not approve the following proposal:
Proposal 7—Institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.
The trustees recommended a vote against the proposal for the following reasons: (1) Vanguard is fully compliant with all applicable U.S. laws and regulations that prohibit the investment in any company owned or controlled by the government of Sudan; (2) the addition of further investment constraints is not in fund shareholders’ best interests if those constraints are unrelated to a fund’s stated investment objective, policies, and strategies; and (3) divestment is an ineffective means to implement social change, as it often puts the shares into the hands of another owner with no direct impact to the company’s capitalization.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Index Fund | 74,306,485 | 62,208,776 | 301,609,057 | 78,600,423 | 14.4% |
7
Institutional Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VINIX | VIIIX |
Expense Ratio1 | 0.035% | 0.02% |
30-Day SEC | ||
Yield | 1.84% | 1.86% |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P 500 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.99 |
Beta | 1.00 | 0.98 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Market | |||
S&P 500 | FA | ||
Fund | Index | Index | |
Number of Stocks | 505 | 505 | 3,775 |
Median Market Cap | $94.4B | $94.4B | $66.8B |
Price/Earnings Ratio | 23.2x | 23.2x | 22.8x |
Price/Book Ratio | 3.2x | 3.2x | 3.0x |
Return on Equity | 16.0% | 16.0% | 15.1% |
Earnings Growth Rate | 9.6% | 9.6% | 9.9% |
Dividend Yield | 1.8% | 1.8% | 1.7% |
Foreign Holdings | 0.1% | 0.00% | 0.0% |
Turnover Rate | 5% | — | — |
Short-Term Reserves | -0.1% | — | — |
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Technology | |
Hardware, Storage & | ||
Peripherals | 3.8% | |
Microsoft Corp. | Systems Software | 2.9 |
Alphabet Inc. | Internet Software & | |
Services | 2.7 | |
Amazon.com Inc. | Internet & Direct | |
Marketing Retail | 2.0 | |
Facebook Inc. | Internet Software & | |
Services | 1.8 | |
Berkshire Hathaway Inc. | Multi-Sector | |
Holdings | 1.7 | |
Johnson & Johnson | Pharmaceuticals | 1.6 |
JPMorgan Chase & Co. | Diversified Banks | 1.6 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.5 |
Bank of America Corp. | Diversified Banks | 1.2 |
Top Ten | 20.8% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 27, 2017, as supplemented, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2017, the expense ratios were 0.04% for Institutional Shares and 0.02% for Institutional Plus Shares.
8
Institutional Index Fund
Sector Diversification (% of equity exposure)
DJ | |||
U.S. Total | |||
S&P 500 | Market | ||
Fund | Index FA Index | ||
Consumer | |||
Discretionary | 12.2% | 12.2% | 12.6% |
Consumer Staples | 8.2 | 8.2 | 7.3 |
Energy | 6.1 | 6.1 | 5.8 |
Financials | 14.8 | 14.8 | 15.1 |
Health Care | 13.8 | 13.8 | 13.3 |
Industrials | 10.2 | 10.2 | 10.9 |
Information | |||
Technology | 23.8 | 23.8 | 22.8 |
Materials | 3.0 | 3.0 | 3.4 |
Real Estate | 2.9 | 2.9 | 3.9 |
Telecommunication | |||
Services | 2.1 | 2.1 | 1.9 |
Utilities | 2.9 | 2.9 | 3.0 |
Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
9
Institutional Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2007, Through December 31, 2017
Initial Investment of $5,000,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2017 | |||||
Final Value | |||||
One | Five | Ten | of a $5,000,000 | ||
Year | Years | Years | Investment | ||
Institutional Index Fund*Institutional | |||||
Shares | 21.79% | 15.76% | 8.50% | $11,302,510 | |
• • • • • • • • | S&P 500 Index | 21.83 | 15.79 | 8.50 | 11,301,471 |
– – – – | Large-Cap Core Funds Average | 20.42 | 13.98 | 7.03 | 9,859,756 |
Dow Jones U.S. Total Stock Market | |||||
Float Adjusted Index | 21.16 | 15.52 | 8.66 | 11,473,897 |
Large-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Final Value | ||||
One | Five | Ten | of a $100,000,000 | |
Year | Years | Years | Investment | |
Institutional Index Fund Institutional Plus | ||||
Shares | 21.82% | 15.78% | 8.52% | $226,546,969 |
S&P 500 Index | 21.83 | 15.79 | 8.50 | 226,029,427 |
Dow Jones U.S. Total Stock Market Float | ||||
Adjusted Index | 21.16 | 15.52 | 8.66 | 229,477,944 |
See Financial Highlights for dividend and capital gains information.
10
Institutional Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
11
Institutional Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (99.5%)1 | |||
Consumer Discretionary (12.2%) | |||
* | Amazon.com Inc. | 4,050,622 | 4,737,081 |
Home Depot Inc. | 11,826,412 | 2,241,460 | |
Comcast Corp. | |||
Class A | 47,238,926 | 1,891,919 | |
Walt Disney Co. | 15,296,016 | 1,644,475 | |
McDonald’s Corp. | 8,073,511 | 1,389,613 | |
* | Priceline Group Inc. | 493,900 | 858,270 |
* | Netflix Inc. | 4,382,531 | 841,271 |
NIKE Inc. Class B | 13,307,538 | 832,386 | |
Starbucks Corp. | 14,409,344 | 827,529 | |
Lowe’s Cos. Inc. | 8,434,395 | 783,893 | |
Time Warner Inc. | 7,885,491 | 721,286 | |
* | Charter | ||
Communications Inc. | |||
Class A | 1,963,912 | 659,796 | |
General Motors Co. | 12,947,674 | 530,725 | |
Ford Motor Co. | 39,517,017 | 493,568 | |
TJX Cos. Inc. | 6,443,777 | 492,691 | |
Marriott International | |||
Inc. Class A | 3,101,480 | 420,964 | |
Twenty-First Century | |||
Fox Inc. Class A | 10,674,148 | 368,578 | |
Target Corp. | 5,504,932 | 359,197 | |
Ross Stores Inc. | 3,905,025 | 313,378 | |
Yum! Brands Inc. | 3,413,105 | 278,543 | |
Carnival Corp. | 4,130,232 | 274,123 | |
* | Dollar Tree Inc. | 2,401,065 | 257,658 |
VF Corp. | 3,322,093 | 245,835 | |
Dollar General Corp. | 2,638,154 | 245,375 | |
* | Aptiv plc | 2,692,604 | 228,414 |
CBS Corp. Class B | 3,672,397 | 216,671 | |
* | O’Reilly Automotive Inc. | 861,140 | 207,139 |
Royal Caribbean | |||
Cruises Ltd. | 1,734,543 | 206,896 | |
* | AutoZone Inc. | 278,400 | 198,045 |
* | Mohawk Industries Inc. | 640,215 | 176,635 |
DR Horton Inc. | 3,457,720 | 176,586 | |
Best Buy Co. Inc. | 2,575,695 | 176,358 | |
MGM Resorts | |||
International | 5,160,282 | 172,302 | |
Omnicom Group Inc. | 2,334,317 | 170,008 | |
Hilton Worldwide | |||
Holdings Inc. | 2,047,858 | 163,542 | |
Newell Brands Inc. | 4,964,229 | 153,395 | |
Twenty-First Century | |||
Fox Inc. | 4,448,612 | 151,787 | |
L Brands Inc. | 2,501,034 | 150,612 | |
Expedia Inc. | 1,245,106 | 149,126 | |
Genuine Parts Co. | 1,484,686 | 141,060 | |
Wynn Resorts Ltd. | 811,914 | 136,881 | |
* | Ulta Beauty Inc. | 591,058 | 132,196 |
Lennar Corp. Class A | 2,034,839 | 128,683 | |
Tapestry Inc. | 2,880,675 | 127,412 | |
* | LKQ Corp. | 3,129,809 | 127,289 |
Whirlpool Corp. | 728,004 | 122,771 | |
Darden Restaurants Inc. | 1,252,450 | 120,260 | |
Wyndham Worldwide | |||
Corp. | 1,026,101 | 118,894 | |
* | CarMax Inc. | 1,846,582 | 118,421 |
* | DISH Network Corp. | ||
Class A | 2,308,493 | 110,231 | |
Viacom Inc. Class B | 3,573,600 | 110,103 | |
PVH Corp. | 784,138 | 107,592 | |
Tiffany & Co. | 1,033,996 | 107,484 | |
Hasbro Inc. | 1,148,008 | 104,342 | |
BorgWarner Inc. | 2,007,751 | 102,576 | |
* | Michael Kors Holdings | ||
Ltd. | 1,539,766 | 96,928 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 1,804,264 | 96,077 | |
Tractor Supply Co. | 1,271,013 | 95,008 | |
Kohl’s Corp. | 1,707,244 | 92,584 | |
PulteGroup Inc. | 2,737,602 | 91,025 | |
^ | Harley-Davidson Inc. | 1,702,645 | 86,631 |
News Corp. Class A | 5,124,145 | 83,062 |
12
Institutional Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Scripps Networks | |||
Interactive Inc. Class A | 971,646 | 82,959 | |
Goodyear Tire & | |||
Rubber Co. | 2,491,153 | 80,489 | |
Interpublic Group of | |||
Cos. Inc. | 3,943,384 | 79,499 | |
Macy’s Inc. | 3,090,654 | 77,854 | |
^ | Hanesbrands Inc. | 3,688,852 | 77,134 |
Gap Inc. | 2,209,407 | 75,252 | |
Advance Auto Parts Inc. | 747,687 | 74,537 | |
* | Chipotle Mexican | ||
Grill Inc. Class A | 252,101 | 72,865 | |
Garmin Ltd. | 1,121,930 | 66,833 | |
Leggett & Platt Inc. | 1,334,120 | 63,678 | |
Foot Locker Inc. | 1,256,846 | 58,921 | |
Ralph Lauren Corp. | |||
Class A | 560,644 | 58,133 | |
Nordstrom Inc. | 1,181,467 | 55,978 | |
H&R Block Inc. | 2,121,058 | 55,614 | |
^ | Mattel Inc. | 3,485,240 | 53,603 |
* | Discovery | ||
Communications Inc. | 2,073,475 | 43,895 | |
* | TripAdvisor Inc. | 1,096,312 | 37,779 |
* | Discovery | ||
Communications Inc. | |||
Class A | 1,548,175 | 34,648 | |
^ | Signet Jewelers Ltd. | 611,573 | 34,584 |
*,^ | Under Armour Inc. | ||
Class A | 1,862,759 | 26,880 | |
*,^ | Under Armour Inc. | 1,877,678 | 25,011 |
Lennar Corp. Class B | 41,972 | 2,169 | |
28,202,955 | |||
Consumer Staples (8.2%) | |||
Procter & Gamble Co. | 25,806,048 | 2,371,060 | |
Coca-Cola Co. | 38,835,859 | 1,781,789 | |
PepsiCo Inc. | 14,402,996 | 1,727,207 | |
Philip Morris | |||
International Inc. | 15,729,759 | 1,661,849 | |
Wal-Mart Stores Inc. | 14,824,008 | 1,463,871 | |
Altria Group Inc. | 19,325,419 | 1,380,028 | |
Costco Wholesale | |||
Corp. | 4,425,671 | 823,706 | |
CVS Health Corp. | 10,259,253 | 743,796 | |
Colgate-Palmolive Co. | 8,893,191 | 670,991 | |
Mondelez International | |||
Inc. Class A | 15,134,882 | 647,773 | |
Walgreens Boots | |||
Alliance Inc. | 8,792,914 | 638,541 | |
Kraft Heinz Co. | 6,046,849 | 470,203 | |
Kimberly-Clark Corp. | 3,562,500 | 429,851 | |
Constellation Brands | |||
Inc. Class A | 1,744,759 | 398,800 | |
General Mills Inc. | 5,756,155 | 341,283 |
Sysco Corp. | 4,854,860 | 294,836 | |
Estee Lauder Cos. Inc. | |||
Class A | 2,267,350 | 288,498 | |
* | Monster Beverage Corp. | 4,169,525 | 263,889 |
Kroger Co. | 9,008,855 | 247,293 | |
Tyson Foods Inc. | |||
Class A | 3,013,979 | 244,343 | |
Archer-Daniels-Midland | |||
Co. | 5,664,108 | 227,018 | |
Clorox Co. | 1,305,898 | 194,239 | |
Dr Pepper Snapple | |||
Group Inc. | 1,828,747 | 177,498 | |
Kellogg Co. | 2,518,481 | 171,206 | |
Hershey Co. | 1,428,861 | 162,190 | |
Conagra Brands Inc. | 4,137,509 | 155,860 | |
Molson Coors | |||
Brewing Co. Class B | 1,870,011 | 153,472 | |
JM Smucker Co. | 1,150,443 | 142,931 | |
Brown-Forman Corp. | |||
Class B | 1,983,288 | 136,192 | |
Church & Dwight | |||
Co. Inc. | 2,531,395 | 127,000 | |
McCormick & Co. Inc. | 1,212,915 | 123,608 | |
Hormel Foods Corp. | 2,728,386 | 99,286 | |
Coty Inc. Class A | 4,781,623 | 95,107 | |
Campbell Soup Co. | 1,946,870 | 93,664 | |
18,948,878 | |||
Energy (6.0%) | |||
Exxon Mobil Corp. | 42,913,395 | 3,589,276 | |
Chevron Corp. | 19,236,164 | 2,408,175 | |
Schlumberger Ltd. | 14,029,537 | 945,451 | |
ConocoPhillips | 12,107,783 | 664,596 | |
EOG Resources Inc. | 5,856,035 | 631,925 | |
Occidental Petroleum | |||
Corp. | 7,750,186 | 570,879 | |
Phillips 66 | 4,351,571 | 440,161 | |
Halliburton Co. | 8,837,048 | 431,867 | |
Valero Energy Corp. | 4,431,665 | 407,314 | |
Kinder Morgan Inc. | 19,451,609 | 351,491 | |
Marathon Petroleum | |||
Corp. | 4,946,522 | 326,372 | |
Pioneer Natural | |||
Resources Co. | 1,723,441 | 297,897 | |
Anadarko Petroleum | |||
Corp. | 5,541,580 | 297,250 | |
Williams Cos. Inc. | 8,373,213 | 255,299 | |
* | Concho Resources Inc. | 1,506,107 | 226,247 |
Devon Energy Corp. | 5,322,324 | 220,344 | |
ONEOK Inc. | 3,883,446 | 207,570 | |
Andeavor | 1,453,520 | 166,196 | |
Apache Corp. | 3,858,097 | 162,889 | |
Marathon Oil Corp. | 8,605,384 | 145,689 | |
Noble Energy Inc. | 4,928,563 | 143,618 |
13
Institutional Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
EQT Corp. | 2,479,668 | 141,143 | |
TechnipFMC plc | 4,440,694 | 139,038 | |
National Oilwell | |||
Varco Inc. | 3,849,227 | 138,649 | |
Baker Hughes a GE Co. | 4,336,593 | 137,210 | |
Cabot Oil & Gas Corp. | 4,684,100 | 133,965 | |
Hess Corp. | 2,733,303 | 129,750 | |
Cimarex Energy Co. | 964,841 | 117,720 | |
^ | Helmerich & Payne Inc. | 1,098,650 | 71,017 |
* | Newfield Exploration | ||
Co. | 2,019,625 | 63,679 | |
Range Resources Corp. | 2,287,121 | 39,018 | |
*,^ | Chesapeake Energy | ||
Corp. | 9,197,861 | 36,424 | |
14,038,119 | |||
Financials (14.7%) | |||
JPMorgan Chase | |||
& Co. | 35,140,057 | 3,757,878 | |
* | Berkshire Hathaway | ||
Inc. Class B | 18,509,523 | 3,668,958 | |
Bank of America Corp. | 98,242,922 | 2,900,131 | |
Wells Fargo & Co. | 44,884,042 | 2,723,115 | |
Citigroup Inc. | 26,777,569 | 1,992,519 | |
Goldman Sachs Group | |||
Inc. | 3,552,769 | 905,103 | |
US Bancorp | 15,966,411 | 855,480 | |
Morgan Stanley | 14,098,725 | 739,760 | |
American Express Co. | 7,296,475 | 724,613 | |
PNC Financial Services | |||
Group Inc. | 4,818,757 | 695,298 | |
Chubb Ltd. | 4,701,935 | 687,094 | |
BlackRock Inc. | 1,250,328 | 642,306 | |
Charles Schwab Corp. | 12,083,314 | 620,720 | |
Bank of New York | |||
Mellon Corp. | 10,371,042 | 558,584 | |
American International | |||
Group Inc. | 9,104,546 | 542,449 | |
MetLife Inc. | 10,657,371 | 538,837 | |
CME Group Inc. | 3,446,329 | 503,336 | |
Prudential Financial Inc. | 4,294,219 | 493,749 | |
Capital One Financial | |||
Corp. | 4,909,591 | 488,897 | |
S&P Global Inc. | 2,582,465 | 437,470 | |
Marsh & McLennan | |||
Cos. Inc. | 5,168,674 | 420,678 | |
Intercontinental | |||
Exchange Inc. | 5,924,934 | 418,063 | |
BB&T Corp. | 7,990,226 | 397,274 | |
Allstate Corp. | 3,634,084 | 380,525 | |
Travelers Cos. Inc. | 2,771,944 | 375,986 | |
State Street Corp. | 3,755,747 | 366,598 | |
Aflac Inc. | 3,981,768 | 349,520 | |
Aon plc | 2,530,936 | 339,145 | |
Progressive Corp. | 5,890,227 | 331,738 |
SunTrust Banks Inc. | 4,821,426 | 311,416 | |
Synchrony Financial | 7,450,649 | 287,670 | |
Discover Financial | |||
Services | 3,680,541 | 283,107 | |
M&T Bank Corp. | 1,524,440 | 260,664 | |
T. Rowe Price Group | |||
Inc. | 2,453,993 | 257,497 | |
Ameriprise Financial | |||
Inc. | 1,498,186 | 253,898 | |
Moody’s Corp. | 1,683,881 | 248,558 | |
KeyCorp | 10,892,245 | 219,697 | |
Northern Trust Corp. | 2,175,242 | 217,285 | |
Fifth Third Bancorp | 7,146,599 | 216,828 | |
Citizens Financial | |||
Group Inc. | 4,983,137 | 209,192 | |
Hartford Financial | |||
Services Group Inc. | 3,612,974 | 203,338 | |
Regions Financial Corp. | 11,748,880 | 203,021 | |
Willis Towers Watson | |||
plc | 1,337,335 | 201,523 | |
* | Berkshire Hathaway | ||
Inc. Class A | 653 | 194,333 | |
Principal Financial | |||
Group Inc. | 2,719,742 | 191,905 | |
Lincoln National Corp. | 2,216,393 | 170,374 | |
Huntington | |||
Bancshares Inc. | 10,943,150 | 159,332 | |
Comerica Inc. | 1,760,605 | 152,838 | |
Invesco Ltd. | 4,123,036 | 150,656 | |
Franklin Resources Inc. | 3,309,932 | 143,419 | |
Cboe Global Markets | |||
Inc. | 1,148,772 | 143,125 | |
Loews Corp. | 2,796,019 | 139,885 | |
* | E*TRADE Financial | ||
Corp. | 2,741,553 | 135,899 | |
Unum Group | 2,272,749 | 124,751 | |
Raymond James | |||
Financial Inc. | 1,301,657 | 116,238 | |
Arthur J Gallagher | |||
& Co. | 1,831,362 | 115,889 | |
Affiliated Managers | |||
Group Inc. | 562,907 | 115,537 | |
Cincinnati Financial | |||
Corp. | 1,512,288 | 113,376 | |
Zions Bancorporation | 2,023,045 | 102,831 | |
Torchmark Corp. | 1,087,214 | 98,621 | |
Everest Re Group Ltd. | 415,650 | 91,967 | |
XL Group Ltd. | 2,590,621 | 91,086 | |
Nasdaq Inc. | 1,179,768 | 90,642 | |
Leucadia National | |||
Corp. | 3,171,482 | 84,013 | |
People’s United | |||
Financial Inc. | 3,507,227 | 65,585 |
14
Institutional Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Brighthouse | ||
Financial Inc. | 972,438 | 57,024 | |
Assurant Inc. | 543,853 | 54,842 | |
Navient Corp. | 2,655,403 | 35,370 | |
34,169,056 | |||
Health Care (13.7%) | |||
Johnson & Johnson | 27,208,091 | 3,801,514 | |
Pfizer Inc. | 60,367,896 | 2,186,525 | |
UnitedHealth | |||
Group Inc. | 9,814,352 | 2,163,672 | |
AbbVie Inc. | 16,144,368 | 1,561,322 | |
Merck & Co. Inc. | 27,700,856 | 1,558,727 | |
Amgen Inc. | 7,351,753 | 1,278,470 | |
Medtronic plc | 13,708,703 | 1,106,978 | |
Bristol-Myers Squibb | |||
Co. | 16,575,989 | 1,015,777 | |
Abbott Laboratories | 17,628,184 | 1,006,040 | |
Gilead Sciences Inc. | 13,229,476 | 947,760 | |
* | Celgene Corp. | 7,973,718 | 832,137 |
Eli Lilly & Co. | 9,812,384 | 828,754 | |
Thermo Fisher | |||
Scientific Inc. | 4,061,194 | 771,139 | |
* | Biogen Inc. | 2,141,351 | 682,170 |
Aetna Inc. | 3,302,649 | 595,765 | |
Anthem Inc. | 2,600,357 | 585,106 | |
Danaher Corp. | 6,199,461 | 575,434 | |
Becton Dickinson | |||
and Co. | 2,684,389 | 574,620 | |
Allergan plc | 3,368,364 | 550,997 | |
Cigna Corp. | 2,496,946 | 507,105 | |
Stryker Corp. | 3,259,544 | 504,708 | |
* | Express Scripts | ||
Holding Co. | 5,736,148 | 428,146 | |
* | Intuitive Surgical Inc. | 1,134,811 | 414,138 |
* | Vertex | ||
Pharmaceuticals Inc. | 2,561,313 | 383,838 | |
Humana Inc. | 1,446,845 | 358,919 | |
Zoetis Inc. | 4,935,171 | 355,530 | |
* | Boston Scientific Corp. | 13,907,543 | 344,768 |
McKesson Corp. | 2,111,367 | 329,268 | |
Baxter International | |||
Inc. | 5,076,950 | 328,174 | |
* | Illumina Inc. | 1,478,649 | 323,070 |
* | Regeneron | ||
Pharmaceuticals Inc. | 780,183 | 293,318 | |
* | Alexion | ||
Pharmaceuticals Inc. | 2,262,598 | 270,584 | |
* | HCA Healthcare Inc. | 2,868,736 | 251,990 |
Zimmer Biomet | |||
Holdings Inc. | 2,050,598 | 247,446 | |
* | Edwards Lifesciences | ||
Corp. | 2,143,288 | 241,570 | |
* | Mylan NV | 5,431,360 | 229,801 |
Agilent Technologies | |||
Inc. | 3,259,426 | 218,284 | |
* | Cerner Corp. | 3,198,275 | 215,532 |
Cardinal Health Inc. | 3,186,275 | 195,223 | |
* | Centene Corp. | 1,746,835 | 176,221 |
* | Incyte Corp. | 1,774,012 | 168,017 |
* | Laboratory Corp. of | ||
America Holdings | 1,031,073 | 164,466 | |
* | Align Technology Inc. | 730,830 | 162,383 |
* | Mettler-Toledo | ||
International Inc. | 259,088 | 160,510 | |
* | Waters Corp. | 805,535 | 155,621 |
Dentsply Sirona Inc. | 2,326,238 | 153,136 | |
AmerisourceBergen | |||
Corp. Class A | 1,634,424 | 150,073 | |
* | IQVIA Holdings Inc. | 1,474,624 | 144,366 |
* | IDEXX Laboratories Inc. | 883,379 | 138,143 |
Quest Diagnostics Inc. | 1,380,167 | 135,933 | |
ResMed Inc. | 1,437,186 | 121,715 | |
* | Hologic Inc. | 2,792,284 | 119,370 |
Perrigo Co. plc | 1,326,599 | 115,626 | |
* | Henry Schein Inc. | 1,589,699 | 111,088 |
* | DaVita Inc. | 1,533,281 | 110,780 |
Cooper Cos. Inc. | 495,815 | 108,028 | |
* | Varian Medical | ||
Systems Inc. | 927,633 | 103,106 | |
Universal Health | |||
Services Inc. Class B | 887,358 | 100,582 | |
PerkinElmer Inc. | 1,114,736 | 81,509 | |
* | Envision Healthcare | ||
Corp. | 1,225,579 | 42,356 | |
Patterson Cos. Inc. | 834,741 | 30,159 | |
31,817,507 | |||
Industrials (10.1%) | |||
Boeing Co. | 5,669,826 | 1,672,088 | |
General Electric Co. | 87,827,973 | 1,532,598 | |
3M Co. | 6,043,707 | 1,422,507 | |
Honeywell | |||
International Inc. | 7,715,185 | 1,183,201 | |
Union Pacific Corp. | 7,972,075 | 1,069,055 | |
United Technologies | |||
Corp. | 7,521,484 | 959,516 | |
Caterpillar Inc. | 6,025,212 | 949,453 | |
United Parcel Service | |||
Inc. Class B | 6,958,197 | 829,069 | |
Lockheed Martin Corp. | 2,526,349 | 811,084 | |
FedEx Corp. | 2,498,474 | 623,469 | |
General Dynamics | |||
Corp. | 2,812,203 | 572,143 | |
Raytheon Co. | 2,927,708 | 549,970 | |
Northrop Grumman | |||
Corp. | 1,762,997 | 541,081 | |
Illinois Tool Works Inc. | 3,122,605 | 521,007 | |
Deere & Co. | 3,239,394 | 506,998 |
15
Institutional Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
CSX Corp. | 9,051,325 | 497,913 | |
Emerson Electric Co. | 6,499,788 | 452,970 | |
Norfolk Southern Corp. | 2,897,992 | 419,919 | |
Delta Air Lines Inc. | 6,643,395 | 372,030 | |
Southwest Airlines Co. | 5,529,039 | 361,876 | |
Johnson Controls | |||
International plc | 9,372,649 | 357,192 | |
Eaton Corp. plc | 4,462,067 | 352,548 | |
Waste Management | |||
Inc. | 4,045,951 | 349,166 | |
Cummins Inc. | 1,579,951 | 279,083 | |
Parker-Hannifin Corp. | 1,349,197 | 269,273 | |
Roper Technologies | |||
Inc. | 1,036,714 | 268,509 | |
Stanley Black & | |||
Decker Inc. | 1,552,986 | 263,526 | |
Rockwell Automation | |||
Inc. | 1,301,336 | 255,517 | |
PACCAR Inc. | 3,561,029 | 253,118 | |
Ingersoll-Rand plc | 2,530,566 | 225,701 | |
American Airlines | |||
Group Inc. | 4,313,221 | 224,417 | |
Fortive Corp. | 3,097,346 | 224,093 | |
Rockwell Collins Inc. | 1,648,787 | 223,608 | |
* | United Continental | ||
Holdings Inc. | 2,550,490 | 171,903 | |
AMETEK Inc. | 2,340,374 | 169,607 | |
* | IHS Markit Ltd. | 3,677,762 | 166,051 |
Dover Corp. | 1,577,784 | 159,340 | |
Fastenal Co. | 2,910,507 | 159,176 | |
L3 Technologies Inc. | 791,485 | 156,595 | |
Republic Services Inc. | |||
Class A | 2,302,115 | 155,646 | |
* | Verisk Analytics Inc. | ||
Class A | 1,574,097 | 151,113 | |
Textron Inc. | 2,668,017 | 150,983 | |
* | United Rentals Inc. | 855,916 | 147,141 |
Equifax Inc. | 1,216,215 | 143,416 | |
Masco Corp. | 3,183,168 | 139,868 | |
Cintas Corp. | 872,108 | 135,901 | |
TransDigm Group Inc. | 489,469 | 134,418 | |
CH Robinson | |||
Worldwide Inc. | 1,411,915 | 125,788 | |
WW Grainger Inc. | 525,174 | 124,072 | |
Xylem Inc. | 1,818,833 | 124,044 | |
Nielsen Holdings plc | 3,390,937 | 123,430 | |
Pentair plc | 1,672,542 | 118,115 | |
Arconic Inc. | 4,289,833 | 116,898 | |
Expeditors International | |||
of Washington Inc. | 1,799,755 | 116,426 | |
Kansas City Southern | 1,048,639 | 110,338 | |
Fortune Brands Home | |||
& Security Inc. | 1,560,051 | 106,770 |
Snap-on Inc. | 577,304 | 100,624 | |
JB Hunt Transport | |||
Services Inc. | 866,902 | 99,676 | |
Alaska Air Group Inc. | 1,245,355 | 91,546 | |
AO Smith Corp. | 1,479,343 | 90,654 | |
Jacobs Engineering | |||
Group Inc. | 1,222,120 | 80,611 | |
Allegion plc | 961,724 | 76,515 | |
Acuity Brands Inc. | 427,652 | 75,267 | |
Fluor Corp. | 1,415,862 | 73,129 | |
Robert Half | |||
International Inc. | 1,271,697 | 70,630 | |
* | Quanta Services Inc. | 1,567,975 | 61,324 |
* | Stericycle Inc. | 862,906 | 58,669 |
Flowserve Corp. | 1,325,461 | 55,842 | |
23,535,224 | |||
Information Technology (23.7%) | |||
Apple Inc. | 51,998,552 | 8,799,715 | |
Microsoft Corp. | 78,130,486 | 6,683,282 | |
* | Facebook Inc. Class A | 24,152,380 | 4,261,929 |
* | Alphabet Inc. Class C | 3,057,391 | 3,199,254 |
* | Alphabet Inc. Class A | 3,018,237 | 3,179,411 |
Intel Corp. | 47,397,475 | 2,187,867 | |
Visa Inc. Class A | 18,366,162 | 2,094,110 | |
Cisco Systems Inc. | 50,068,046 | 1,917,606 | |
Oracle Corp. | 30,855,383 | 1,458,843 | |
Mastercard Inc. | |||
Class A | 9,406,624 | 1,423,787 | |
International Business | |||
Machines Corp. | 8,719,796 | 1,337,791 | |
NVIDIA Corp. | 6,137,375 | 1,187,582 | |
Broadcom Ltd. | 4,117,892 | 1,057,886 | |
Texas Instruments Inc. | 9,981,499 | 1,042,468 | |
Accenture plc Class A | 6,258,728 | 958,149 | |
QUALCOMM Inc. | 14,929,948 | 955,815 | |
* | Adobe Systems Inc. | 4,992,347 | 874,859 |
* | PayPal Holdings Inc. | 11,442,211 | 842,376 |
* | salesforce.com Inc. | 6,949,508 | 710,448 |
Applied Materials Inc. | 10,801,215 | 552,158 | |
Automatic Data | |||
Processing Inc. | 4,491,526 | 526,362 | |
Activision Blizzard Inc. | 7,657,561 | 484,877 | |
* | Micron Technology Inc. | 11,679,889 | 480,277 |
Cognizant Technology | |||
Solutions Corp. | |||
Class A | 5,971,929 | 424,126 | |
Intuit Inc. | 2,459,666 | 388,086 | |
* | eBay Inc. | 9,838,855 | 371,318 |
HP Inc. | 16,916,312 | 355,412 | |
TE Connectivity Ltd. | 3,561,293 | 338,465 | |
Analog Devices Inc. | 3,733,641 | 332,406 | |
* | Electronic Arts Inc. | 3,118,642 | 327,645 |
16
Institutional Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Fidelity National | |||
Information Services | |||
Inc. | 3,381,627 | 318,177 | |
Lam Research Corp. | 1,640,170 | 301,906 | |
Corning Inc. | 8,801,713 | 281,567 | |
* | Fiserv Inc. | 2,110,836 | 276,794 |
DXC Technology Co. | 2,889,159 | 274,181 | |
Amphenol Corp. | |||
Class A | 3,092,544 | 271,525 | |
Western Digital Corp. | 2,995,685 | 238,247 | |
* | Autodesk Inc. | 2,219,928 | 232,715 |
Hewlett Packard | |||
Enterprise Co. | 16,154,434 | 231,978 | |
Paychex Inc. | 3,239,016 | 220,512 | |
* | Red Hat Inc. | 1,792,076 | 215,228 |
Microchip | |||
Technology Inc. | 2,369,154 | 208,201 | |
Skyworks Solutions Inc. | 1,860,953 | 176,697 | |
Symantec Corp. | 6,279,222 | 176,195 | |
Xilinx Inc. | 2,541,763 | 171,366 | |
Harris Corp. | 1,207,537 | 171,048 | |
KLA-Tencor Corp. | 1,587,252 | 166,773 | |
Global Payments Inc. | 1,611,871 | 161,574 | |
NetApp Inc. | 2,732,231 | 151,147 | |
Motorola Solutions Inc. | 1,639,625 | 148,124 | |
Total System | |||
Services Inc. | 1,694,520 | 134,020 | |
* | Synopsys Inc. | 1,521,730 | 129,712 |
* | Citrix Systems Inc. | 1,449,790 | 127,582 |
* | ANSYS Inc. | 859,451 | 126,846 |
Alliance Data | |||
Systems Corp. | 486,297 | 123,267 | |
Seagate Technology plc | 2,930,309 | 122,604 | |
* | Cadence Design | ||
Systems Inc. | 2,859,846 | 119,599 | |
* | Gartner Inc. | 918,263 | 113,084 |
* | Akamai Technologies | ||
Inc. | 1,713,307 | 111,433 | |
Juniper Networks Inc. | 3,797,853 | 108,239 | |
CA Inc. | 3,179,599 | 105,817 | |
* | VeriSign Inc. | 858,066 | 98,197 |
Western Union Co. | 4,645,670 | 88,314 | |
* | Qorvo Inc. | 1,287,604 | 85,754 |
*,^ | Advanced Micro | ||
Devices Inc. | 8,298,448 | 85,308 | |
* | F5 Networks Inc. | 632,979 | 83,059 |
FLIR Systems Inc. | 1,405,237 | 65,512 | |
Xerox Corp. | 2,159,859 | 62,960 | |
CSRA Inc. | 1,657,810 | 49,602 | |
55,089,174 |
Materials (3.0%) | |||
DowDuPont Inc. | 23,698,488 | 1,687,806 | |
Monsanto Co. | 4,449,309 | 519,590 | |
Praxair Inc. | 2,899,633 | 448,515 | |
Air Products & | |||
Chemicals Inc. | 2,207,406 | 362,191 | |
LyondellBasell | |||
Industries NV Class A | 3,275,911 | 361,399 | |
Ecolab Inc. | 2,633,501 | 353,363 | |
Sherwin-Williams Co. | 833,443 | 341,745 | |
PPG Industries Inc. | 2,577,245 | 301,074 | |
* | Freeport-McMoRan | ||
Inc. | 13,634,439 | 258,509 | |
International Paper Co. | 4,181,690 | 242,287 | |
Nucor Corp. | 3,219,864 | 204,719 | |
Newmont Mining Corp. | 5,401,493 | 202,664 | |
Vulcan Materials Co. | 1,339,607 | 171,965 | |
WestRock Co. | 2,578,679 | 162,998 | |
Albemarle Corp. | 1,119,102 | 143,122 | |
Martin Marietta | |||
Materials Inc. | 636,577 | 140,709 | |
Eastman Chemical Co. | 1,455,894 | 134,874 | |
Ball Corp. | 3,545,475 | 134,196 | |
FMC Corp. | 1,359,795 | 128,718 | |
International Flavors | |||
& Fragrances Inc. | 799,840 | 122,064 | |
Packaging Corp. | |||
of America | 956,515 | 115,308 | |
Avery Dennison Corp. | 895,124 | 102,814 | |
CF Industries | |||
Holdings Inc. | 2,362,314 | 100,493 | |
Mosaic Co. | 3,555,227 | 91,227 | |
Sealed Air Corp. | 1,825,471 | 89,996 | |
6,922,346 | |||
Real Estate (2.9%) | |||
American Tower Corp. | 4,343,292 | 619,657 | |
Simon Property Group | |||
Inc. | 3,148,083 | 540,652 | |
Crown Castle | |||
International Corp. | 4,114,580 | 456,759 | |
Equinix Inc. | 792,292 | 359,083 | |
Prologis Inc. | 5,388,743 | 347,628 | |
Public Storage | 1,515,806 | 316,803 | |
Weyerhaeuser Co. | 7,644,733 | 269,553 | |
AvalonBay | |||
Communities Inc. | 1,398,541 | 249,514 | |
Welltower Inc. | 3,751,086 | 239,207 | |
Equity Residential | 3,722,048 | 237,355 | |
Digital Realty Trust Inc. | 2,080,718 | 236,994 | |
Ventas Inc. | 3,607,120 | 216,463 |
17
Institutional Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Boston Properties Inc. | 1,563,001 | 203,237 | |
* | SBA Communications | ||
Corp. Class A | 1,190,468 | 194,475 | |
Realty Income Corp. | 2,854,153 | 162,744 | |
Essex Property | |||
Trust Inc. | 668,863 | 161,443 | |
Host Hotels & | |||
Resorts Inc. | 7,489,822 | 148,673 | |
GGP Inc. | 6,323,427 | 147,905 | |
Vornado Realty Trust | 1,746,331 | 136,528 | |
* | CBRE Group Inc. | ||
Class A | 3,060,024 | 132,530 | |
Alexandria Real Estate | |||
Equities Inc. | 969,500 | 126,607 | |
HCP Inc. | 4,751,511 | 123,919 | |
Mid-America Apartment | |||
Communities Inc. | 1,150,947 | 115,739 | |
Extra Space Storage | |||
Inc. | 1,275,261 | 111,522 | |
Iron Mountain Inc. | 2,850,555 | 107,551 | |
UDR Inc. | 2,709,672 | 104,377 | |
Regency Centers Corp. | 1,498,278 | 103,651 | |
SL Green Realty Corp. | 994,920 | 100,417 | |
Duke Realty Corp. | 3,604,579 | 98,081 | |
Federal Realty | |||
Investment Trust | 734,275 | 97,519 | |
Kimco Realty Corp. | 4,318,110 | 78,374 | |
Macerich Co. | 1,097,122 | 72,059 | |
Apartment Investment | |||
& Management Co. | 1,590,349 | 69,514 | |
6,686,533 | |||
Telecommunication Services (2.1%) | |||
AT&T Inc. | 62,184,174 | 2,417,721 | |
Verizon | |||
Communications Inc. | 41,314,604 | 2,186,782 | |
CenturyLink Inc. | 9,852,598 | 164,341 | |
4,768,844 | |||
Utilities (2.9%) | |||
NextEra Energy Inc. | 4,763,991 | 744,088 | |
Duke Energy Corp. | 7,088,531 | 596,216 | |
Dominion Energy Inc. | 6,517,460 | 528,305 | |
Southern Co. | 10,164,779 | 488,824 | |
Exelon Corp. | 9,723,771 | 383,214 | |
American Electric | |||
Power Co. Inc. | 4,981,535 | 366,492 | |
Sempra Energy | 2,542,961 | 271,893 | |
Consolidated Edison | |||
Inc. | 3,140,561 | 266,791 | |
Public Service | |||
Enterprise Group Inc. | 5,125,126 | 263,944 |
Xcel Energy Inc. | 5,143,440 | 247,451 |
PG&E Corp. | 5,194,057 | 232,850 |
PPL Corp. | 6,919,949 | 214,172 |
WEC Energy Group Inc. | 3,196,467 | 212,341 |
Edison International | 3,299,961 | 208,690 |
Eversource Energy | 3,210,227 | 202,822 |
DTE Energy Co. | 1,817,086 | 198,898 |
American Water | ||
Works Co. Inc. | 1,806,477 | 165,275 |
Entergy Corp. | 1,824,272 | 148,477 |
Ameren Corp. | 2,457,827 | 144,987 |
FirstEnergy Corp. | 4,505,916 | 137,971 |
CMS Energy Corp. | 2,857,212 | 135,146 |
CenterPoint Energy Inc. | 4,365,972 | 123,819 |
Alliant Energy Corp. | 2,340,324 | 99,721 |
Pinnacle West | ||
Capital Corp. | 1,130,789 | 96,321 |
NiSource Inc. | 3,406,705 | 87,450 |
NRG Energy Inc. | 3,045,674 | 86,741 |
AES Corp. | 6,682,418 | 72,371 |
SCANA Corp. | 1,440,817 | 57,316 |
6,782,586 | ||
Total Common Stocks | ||
(Cost $128,429,892) | 230,961,222 | |
Temporary Cash Investments (0.3%)1 | ||
Money Market Fund (0.3%) | ||
2,3 Vanguard Market | ||
Liquidity Fund, | ||
1.458% | 7,825,413 | 782,620 |
Face | ||
Amount | ||
($000) | ||
U.S. Government and Agency Obligations (0.0%) | ||
United States Cash | ||
Management Bill, | ||
1.029%, 1/2/18 | 30,000 | 29,999 |
United States | ||
Treasury Bill, | ||
1.398%, 5/3/18 | 12,000 | 11,943 |
4 United States | ||
Treasury Bill, | ||
1.446%, 5/31/18 | 20,275 | 20,155 |
62,097 | ||
Total Temporary Cash Investments | ||
(Cost $844,651) | 844,717 | |
Total Investments (99.8%) | ||
(Cost $129,274,543) | 231,805,939 |
18
Institutional Index Fund | |
Amount | |
($000) | |
Other Assets and Liabilities (0.2%) | |
Other Assets | |
Investment in Vanguard | 12,938 |
Receivables for Investment | |
Securities Sold | 822,936 |
Receivables for Accrued Income | 235,926 |
Receivables for Capital Shares Issued | 175,623 |
Other Assets 4 | 14,123 |
Total Other Assets | 1,261,546 |
Liabilities | |
Payables for Investment | |
Securities Purchased | (81,606) |
Collateral for Securities on Loan | (80,746) |
Payables for Capital Shares Redeemed | (736,735) |
Payables to Vanguard | (3,344) |
Variation Margin Payable— | |
Futures Contracts | (3,635) |
Other Liabilities | (3,322) |
Total Liabilities | (909,388) |
Net Assets (100%) | 232,158,097 |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 130,553,211 |
Undistributed Net Investment Income | 30,339 |
Accumulated Net Realized Losses | (952,797) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 102,531,396 |
Futures Contracts | (4,052) |
Net Assets | 232,158,097 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 577,469,661 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 140,591,349 |
Net Asset Value Per Share— | |
Institutional Shares | $243.46 |
Institutional Plus Shares—Net Assets | |
Applicable to 376,080,622 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 91,566,748 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $243.48 |
• 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 $75,284,000.
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 99.9% and -0.1%, 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 $80,746,000 of collateral received for securities
on loan.
4 Securities with a value of $20,155,000 and cash of
$14,119,000 have been segregated as initial margin
for open futures contracts.
19
Institutional Index Fund | ||||
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 7,494 | 1,002,697 | (4,052) |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Institutional Index Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 4,525,716 |
Interest1 | 6,574 |
Securities Lending—Net | 2,643 |
Total Income | 4,534,933 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 555 |
Management and Administrative—Institutional Shares | 50,866 |
Management and Administrative—Institutional Plus Shares | 18,022 |
Marketing and Distribution—Institutional Shares | 216 |
Marketing and Distribution—Institutional Plus Shares | 79 |
Custodian Fees | 305 |
Auditing Fees | 32 |
Shareholders’ Reports and Proxy—Institutional Shares | 488 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 373 |
Total Expenses | 70,936 |
Net Investment Income | 4,463,997 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 13,192,160 |
Futures Contracts | 168,259 |
Realized Net Gain (Loss) | 13,360,419 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 26,754,580 |
Futures Contracts | 3,754 |
Change in Unrealized Appreciation (Depreciation) | 26,758,334 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 44,582,750 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $6,193,000, ($9,000), and $23,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Institutional Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 4,463,997 | 4,442,107 |
Realized Net Gain (Loss) | 13,360,419 | 10,669,396 |
Change in Unrealized Appreciation (Depreciation) | 26,758,334 | 8,104,326 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 44,582,750 | 23,215,829 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (2,614,732) | (2,442,559) |
Institutional Plus Shares | (1,853,504) | (2,012,550) |
Realized Capital Gain1 | ||
Institutional Shares | — | (346,073) |
Institutional Plus Shares | — | (266,240) |
Total Distributions | (4,468,236) | (5,067,422) |
Capital Share Transactions | ||
Institutional Shares | (2,887,561) | 5,253,646 |
Institutional Plus Shares | (16,564,044) | (6,653,506) |
Net Increase (Decrease) from Capital Share Transactions | (19,451,605) | (1,399,860) |
Total Increase (Decrease) | 20,662,909 | 16,748,547 |
Net Assets | ||
Beginning of Period | 211,495,188 | 194,746,641 |
End of Period2 | 232,158,097 | 211,495,188 |
1 Includes fiscal 2017 and 2016 short-term gain distributions totaling $0 and $0, 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 $30,339,000 and $34,578,000.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Institutional Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $203.83 | $186.62 | $188.67 | $169.28 | $130.52 |
Investment Operations | |||||
Net Investment Income | 4.3791 | 4.210 | 4.5852 | 3.561 | 3.128 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 39.687 | 17.814 | (2.065) | 19.380 | 38.759 |
Total from Investment Operations | 44.066 | 22.024 | 2.520 | 22.941 | 41.887 |
Distributions | |||||
Dividends from Net Investment Income | (4.436) | (4.223) | (4.570) | (3.551) | (3.127) |
Distributions from Realized Capital Gains | — | (.591) | — | — | — |
Total Distributions | (4.436) | (4.814) | (4.570) | (3.551) | (3.127) |
Net Asset Value, End of Period | $243.46 | $203.83 | $186.62 | $188.67 | $169.28 |
Total Return | 21.79% | 11.93% | 1.37% | 13.65% | 32.35% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $140,591 | $120,014 | $104,705 | $102,114 | $87,843 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.96% | 2.19% | 2.43%2 | 2.01% | 2.08% |
Portfolio Turnover Rate 3 | 5% | 5% | 5% | 4% | 5% |
1 Calculated based on average shares outstanding.
2 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.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s
capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
23
Institutional Index Fund | |||||
Financial Highlights | |||||
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $203.84 | $186.63 | $188.68 | $169.28 | $130.53 |
Investment Operations | |||||
Net Investment Income | 4.4141 | 4.248 | 4.622 2 | 3.597 | 3.158 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 39.705 | 17.814 | (2.065) | 19.388 | 38.750 |
Total from Investment Operations | 44.119 | 22.062 | 2.557 | 22.985 | 41.908 |
Distributions | |||||
Dividends from Net Investment Income | (4.479) | (4.261) | (4.607) | (3.585) | (3.158) |
Distributions from Realized Capital Gains | — | (.591) | — | — | — |
Total Distributions | (4.479) | (4.852) | (4.607) | (3.585) | (3.158) |
Net Asset Value, End of Period | $243.48 | $203.84 | $186.63 | $188.68 | $169.28 |
Total Return | 21.82% | 11.95% | 1.39% | 13.68% | 32.37% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $91,567 | $91,481 | $90,042 | $85,611 | $74,915 |
Ratio of Total Expenses to Average Net Assets | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.98% | 2.21% | 2.45%2 | 2.03% | 2.10% |
Portfolio Turnover Rate 3 | 5% | 5% | 5% | 4% | 5% |
1 Calculated based on average shares outstanding.
2 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.
3 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.
24
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, 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 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 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 the notional amounts at each quarter-end during the period.
25
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, 2014–2017), 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 December 31, 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
26
Institutional Index Fund
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.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees, subject to the services agreements discussed in Note B. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Prior to November 15, 2017, in accordance with the terms of a services agreement, Vanguard provided to the fund investment advisory, corporate management, administrative, marketing, and distribution services and paid 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).
On November 15, 2017, shareholders of the fund approved and adopted the Funds’ Service Agreement under which all other publicly offered Vanguard U.S. mutual funds operate (the “FSA”). In accordance with the terms of the FSA between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $12,938,000, representing 0.01% of the fund’s net assets and 5.17% of Vanguard’s capitalization. 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). Any investments valued with significant unobservable inputs are
noted on the Statement of Net Assets.
27
Institutional Index Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 230,961,222 | — | — |
Temporary Cash Investments | 782,620 | 62,097 | — |
Futures Contracts—Liabilities1 | (3,635) | — | — |
Total | 231,740,207 | 62,097 | — |
1 Represents variation margin on the last day of the reporting period. |
D. 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 year ended December 31, 2017, the fund realized $13,979,427,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at December 31, 2017, the fund had $29,902,000 of ordinary income available for distribution. The fund had available capital losses totaling $956,412,000 that may be carried forward indefinitely to offset future net capital gains.
At December 31, 2017, the cost of investment securities for tax purposes was $129,274,543,000. Net unrealized appreciation of investment securities for tax purposes was $102,531,396,000, consisting of unrealized gains of $106,943,365,000 on securities that had risen in value since their purchase and $4,411,969,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the year ended December 31, 2017, the fund purchased $14,494,360,000 of investment securities and sold $33,879,433,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,194,787,000 and $22,209,902,000, respectively, in connection with in-kind purchases and redemptions of the fund���s capital shares.
28
Institutional Index Fund
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 21,584,727 | 97,781 | 22,246,070 | 116,023 |
Issued in Lieu of Cash Distributions | 2,408,508 | 10,595 | 2,562,300 | 13,073 |
Redeemed | (26,880,796) | (119,707) | (19,554,724) | (101,369) |
Net Increase (Decrease)—Institutional Shares | (2,887,561) | (11,331) | 5,253,646 | 27,727 |
Institutional Plus Shares | ||||
Issued | 23,771,287 | 105,816 | 15,503,083 | 80,386 |
Issued in Lieu of Cash Distributions | 1,823,107 | 8,044 | 2,234,893 | 11,422 |
Redeemed | (42,158,438) | (186,570) | (24,391,482) | (125,488) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | (16,564,044) | (72,710) | (6,653,506) | (33,680) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
29
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Institutional Index Funds and Shareholders of Vanguard Institutional Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets of Vanguard Institutional Index Fund (one of the funds constituting Vanguard Institutional Index Funds, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
30
Special 2017 tax information (unaudited) for Vanguard Institutional Index Fund
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $4,468,236,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 94.1% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
31
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.
32
Six Months Ended December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Index Fund | 6/30/2017 | 12/31/2017 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,114.07 | $0.21 |
Institutional Plus Shares | 1,000.00 | 1,114.21 | 0.11 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.00 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.04% 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 (184/365).
33
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.
34
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.
35
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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 201 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; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); 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
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.
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); 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.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
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. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante |
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
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | The index is a product of S&P Dow Jones Indices LLC |
Direct Investor Account Services > 800-662-2739 | (“SPDJI”), and has been licensed for use by Vanguard. |
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and S&P 500® are trademarks of S&P; and these | |
This material may be used in conjunction | trademarks have been licensed for use by SPDJI and |
with the offering of shares of any Vanguard | sublicensed for certain purposes by Vanguard. |
fund only if preceded or accompanied by | Vanguard product(s) are not sponsored, endorsed, sold |
or promoted by SPDJI, Dow Jones, S&P, or their | |
the fund’s current prospectus. | respective affiliates and none of such parties make any |
All comparative mutual fund data are from Lipper, a | representation regarding the advisability of investing in |
Thomson Reuters Company, or Morningstar, Inc., unless | such product(s) nor do they have any liability for any |
otherwise noted. | errors, omissions, or interruptions of the index. |
You can obtain a free copy of Vanguard’s proxy voting | Source for Bloomberg Barclays indexes: Bloomberg |
guidelines by visiting vanguard.com/proxyreporting or by | Index Services Limited. Copyright 2017, Bloomberg. All |
calling Vanguard at 800-662-2739. The guidelines are | rights reserved. |
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. | |
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q940 022018 |
Annual Report | December 31, 2017
Vanguard Institutional Total Stock Market
Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These
principles, grounded in Vanguard’s research and experience, can put you on
the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Performance at a Glance. | 1 |
Chairman’s Perspective. | 2 |
Results of Proxy Voting. | 6 |
Fund Profile. | 8 |
Performance Summary. | 9 |
Financial Statements. | 11 |
About Your Fund’s Expenses. | 66 |
Glossary. | 68 |
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: Nautical images have been part of Vanguard’s rich heritage since its start in 1975. For an incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put you first––and light the way––as you strive to meet your financial goals. Our client focus and low costs, stemming from our unique ownership structure, assure that your interests are paramount.
Your Fund’s Performance at a Glance
• Vanguard Institutional Total Stock Market Index Fund returned about 21% for the 12
months ended December 31, 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.
• For the period, large-cap stocks outperformed their small- and mid-cap counterparts.
Growth stocks outpaced value.
• Nine of the fund’s ten market sectors recorded positive returns, with technology,
financials, and industrials contributing most to overall performance. Eight of the sectors
had double-digit returns.
• The oil and gas and telecommunications sectors were the only detractors.
• For the ten years ended December 31, 2017, the fund posted an average annual
return of almost 9%, in line with its benchmark and more than 2 percentage points
ahead of its peers.
Total Returns: Fiscal Year Ended December 31, 2017 | |
Total | |
Returns | |
Vanguard Institutional Total Stock Market Index Fund | |
Institutional Shares | 21.13% |
Institutional Plus Shares | 21.13 |
CRSP US Total Market Index | 21.19 |
Multi-Cap Core Funds Average | 19.15 |
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.
Total Returns: Ten Years Ended December 31, 2017 | |
Average | |
Annual Return | |
Institutional Total Stock Market Index Fund Institutional Shares | 8.77% |
Spliced Institutional Total Stock Market Index | 8.72 |
Multi-Cap Core Funds Average | 6.74 |
For a benchmark description, see the Glossary. | |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.
1
Chairman’s Perspective
Bill McNabb
Chairman
Dear Shareholder,
Lately I’ve been asked a lot about my legacy. And candidly, that phrase bugs me—it isn’t my legacy. Vanguard’s success is a result of thousands of my colleagues committing to a clear mission: helping investors achieve their financial goals.
The reason the topic has come up is that on December 31, 2017, I officially stepped down as Vanguard’s CEO after almost a decade in that role. I’ll remain chairman for a period to be determined by the board of directors. Tim Buckley, who was previously Vanguard’s president and chief investment officer, was elected CEO. I can’t think of a better successor.
I’ve spent 32 years at Vanguard—almost my entire professional life—and during that time I’ve had the good fortune of working with smart, principled colleagues from across the world. I’ve learned from each of them.
In particular, I would like to thank Jack Bogle, our founder, who took a chance on me when I was a young business school graduate, and Jack Brennan, my predecessor as CEO, who constantly challenged me with new roles and responsibilities.
2
When you’re just starting out, there is nothing quite like getting votes of confidence from people you respect.
The short list
A milestone like this naturally brings about some reflection. With that in mind, here’s a tally—by no means exhaustive—of the accomplishments that we at Vanguard are proud of:
Low costs. Over the last decade, we cut our average asset-weighted expense ratio by about 50%.1 This isn’t a result of some contrived price war. Since its founding, Vanguard has emphasized the benefits
of low-cost investing. As Jack Bogle once said: “The honest steward who charges least, wins most. But not for himself; for those investors who entrust their assets to his care. It is not all that complicated.”
Global diversification. Through our thought leadership and investment options, such as our target-date funds, Vanguard has encouraged clients to obtain exposure to international markets.
Global diversification isn’t just about helping to control risk—it can also be a way of expanding your set of opportunities and harnessing the potential of all markets.
Market Barometer | |||
Average Annual Total Returns | |||
Periods Ended December 31, 2017 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 21.69% | 11.23% | 15.71% |
Russell 2000 Index (Small-caps) | 14.65 | 9.96 | 14.12 |
Russell 3000 Index (Broad U.S. market) | 21.13 | 11.12 | 15.58 |
FTSE All-World ex US Index (International) | 27.11 | 8.27 | 7.19 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 3.54% | 2.24% | 2.10% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 5.45 | 2.98 | 3.02 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.84 | 0.37 | 0.23 |
CPI | |||
Consumer Price Index | 2.11% | 1.64% | 1.43% |
1 Source: Vanguard calculation, based on data from Morningstar, Inc., as of December 31, 2016.
3
I’ve been glad to see more and more clients embracing global diversification. I believe this trend will continue as Vanguard’s way of investing takes hold in international markets.
Affordable advice. In the wake of the 2008–2009 Global Financial Crisis, we began working on a new advice model. In 2015, we launched Vanguard Personal Advisor Services®, a hybrid advice offering that delivers value through a combination of a professional advisor and powerful digital technology at a competitive price.
Across the industry, we’ve seen the cost of providing advice coming down. Traditional advisors are embracing low-cost investments, and that, in turn, helps them reduce costs for their own clients. This is a trend that all of us at Vanguard would like to see continue.
Great people. I’ve interacted with hundreds of companies of all sizes and in all industries, and the one quality that sets Vanguard apart from most of them is our emphasis on people. It’s a testament to our culture that colleagues spend 15, 20, or, as in my case, more than 30 years of their professional lives here. Investors benefit because we have consistent, experienced fund management teams and a deep bench of talent that ensures that things go smoothly when it’s time for a transition.
We’ve done a great job attracting new talent, too. We made some notable additions to senior management in the last two years, and we’re continuously grooming our next generation of leaders.
Ready for what comes next
When I was contemplating coming to work at Vanguard, I sat down with my rowing coach at his home in Philadelphia. Over cheesesteaks, he told me that the most important thing was to work for a company that had the same values I held deeply. He was like a second father to me, so I trusted his judgment at a time when I wasn’t so sure about my own. Back then, I never could have anticipated the success Vanguard would have in the coming decades.
I’m no better at predicting the future now. Vanguard has enjoyed significant growth in the last few years, and that presents its own unique set of challenges and opportunities, such as the role we’re playing in advocating for better corporate governance among companies our funds invest in. And the asset management industry is confronting significant changes brought on by technology, shifting demographics, and new regulations.
Although the future is uncertain, I’m confident that Vanguard is well-prepared to tackle whatever comes its way. And one thing I’m sure of: There are big parts of the world that would be well-served by our way of investing.
4
It’s humbling to think about the impact the work we do at Vanguard has on clients who are trying to raise a family, buy a first home, save for college, or prepare for retirement. I’ve always tried to make decisions with investors’ best interests in mind. It has been a privilege working with people who hold to that same ideal.
Thank you for entrusting us with your assets.
F. William McNabb III
Chairman
January 1, 2018
5
Results of Proxy Voting
At a special meeting of shareholders on November 15, 2017, fund shareholders approved the following proposals:
Proposal 1—Elect trustees for the fund.*
The individuals listed in the table below were elected as trustees for the fund. All trustees with the exception of Ms. Mulligan, Ms. Raskin, and Mr. Buckley (each of whom already serves as a director of The Vanguard Group, Inc.) served as trustees to the funds prior to the shareholder meeting.
Percentage | |||
Trustee | For | Withheld | For |
Mortimer J. Buckley | 1,022,675,273 | 29,084,695 | 97.2% |
Emerson U. Fullwood | 1,022,589,162 | 29,170,807 | 97.2% |
Amy Gutmann | 1,022,485,898 | 29,274,071 | 97.2% |
JoAnn Heffernan Heisen | 1,022,596,459 | 29,163,510 | 97.2% |
F. Joseph Loughrey | 1,022,659,628 | 29,100,341 | 97.2% |
Mark Loughridge | 1,022,754,831 | 29,005,138 | 97.2% |
Scott C. Malpass | 1,022,570,307 | 29,189,661 | 97.2% |
F. William McNabb III | 1,022,529,651 | 29,230,318 | 97.2% |
Deanna Mulligan | 1,021,979,981 | 29,779,988 | 97.2% |
André F. Perold | 1,021,568,866 | 30,191,102 | 97.1% |
Sarah Bloom Raskin | 1,021,945,540 | 29,814,428 | 97.2% |
Peter F. Volanakis | 1,022,632,821 | 29,127,147 | 97.2% |
* Results are for all funds within the same trust. |
Proposal 2—Approve a manager-of-managers arrangement with third-party investment advisors.
This arrangement enables the fund to enter into and materially amend investment advisory arrangements with third-party investment advisors, subject to the approval of the fund’s board of trustees and certain conditions imposed by the Securities and Exchange Commission, while avoiding the costs and delays associated with obtaining future shareholder approval.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Total Stock Market | |||||
Index Fund | 515,409,756 | 7,058,070 | 2,521,671 | 10,045,730 | 96.3% |
6
Proposal 3—Approve a manager-of-managers arrangement with wholly owned subsidiaries of Vanguard.
This arrangement enables Vanguard or the fund to enter into and materially amend investment advisory arrangements with wholly owned subsidiaries of Vanguard, subject to the approval of the fund’s board of trustees and any conditions imposed by the Securities and Exchange Commission (SEC), while avoiding the costs and delays associated with obtaining future shareholder approval. The ability of the fund to operate in this manner is contingent upon the SEC’s approval of a pending application for an order of exemption.
Broker | Percentage | ||||
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Total Stock | |||||
Market Index Fund | 515,711,812 | 7,164,229 | 2,113,456 | 10,045,730 | 96.4% |
Proposal 6—Adopt the Funds’ Service Agreement for Vanguard Institutional Total Stock Market Index Fund.
The Fifth Amended and Restated Funds’ Service Agreement sets forth the advisory, administration, and distribution arrangements the funds have with Vanguard.
Vanguard Fund | For | Abstain | Against | Non-Votes | For |
Institutional Total Stock | |||||
Market Index Fund | 506,293,843 | 7,709,909 | 10,985,744 | 10,045,730 | 94.6% |
7
Institutional Total Stock Market Index Fund
Fund Profile
As of December 31, 2017
Share-Class Characteristics | ||
Institutional | Institutional | |
Shares | Plus Shares | |
Ticker Symbol | VITNX | VITPX |
Expense Ratio1 | 0.035% | 0.02% |
30-Day SEC | ||
Yield | 1.77% | 1.78% |
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.
Portfolio Characteristics | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Number of Stocks | 3,427 | 3,581 |
Median Market Cap | $66.8B | $66.8B |
Price/Earnings Ratio | 22.9x | 22.9x |
Price/Book Ratio | 3.0x | 3.0x |
Return on Equity | 15.1% | 15.1% |
Earnings Growth Rate | 9.9% | 9.9% |
Dividend Yield | 1.7% | 1.7% |
Foreign Holdings | 0.1% | 0.0% |
Turnover Rate | 7% | — |
Short-Term Reserves | 0.0% | — |
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Computer Hardware | 2.8% |
Microsoft Corp. | Software | 2.4 |
Alphabet Inc. | Internet | 2.3 |
Amazon.com Inc. | Broadline Retailers | 1.7 |
Facebook Inc. | Internet | 1.5 |
Berkshire Hathaway Inc. | Reinsurance | 1.4 |
Johnson & Johnson | Pharmaceuticals | 1.4 |
JPMorgan Chase & Co. | Banks | 1.3 |
Exxon Mobil Corp. | Integrated Oil & Gas | 1.3 |
Bank of America Corp. | Banks | 1.1 |
Top Ten | 17.2% |
The holdings listed exclude any temporary cash investments and equity index products.
Sector Diversification (% of equity exposure) | ||
CRSP US | ||
Total Market | ||
Fund | Index | |
Basic Materials | 2.7% | 2.7% |
Consumer Goods | 9.0 | 9.0 |
Consumer Services | 12.8 | 12.8 |
Financials | 20.5 | 20.5 |
Health Care | 12.6 | 12.6 |
Industrials | 13.3 | 13.3 |
Oil & Gas | 5.7 | 5.7 |
Technology | 18.5 | 18.5 |
Telecommunications | 1.9 | 1.9 |
Utilities | 3.0 | 3.0 |
Investment Focus
Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
1 The expense ratios shown are from the prospectus dated April 27, 2017, as supplemented, and represent estimated costs for the current fiscal year. For the fiscal year ended December 31, 2017, the expense ratios were 0.04% for Institutional Shares and 0.02% for Institutional Plus Shares.
8
Institutional Total Stock Market Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2007, Through December 31, 2017
Initial Investment of $5,000,000
Average Annual Total Returns | ||||
Periods Ended December 31, 2017 | ||||
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Institutional Total Stock Market Index | ||||
Fund*Institutional Shares | 21.13% | 15.60% | 8.77% | $11,586,890 |
Spliced Institutional Total Stock Market | ||||
• • • • • • • • | ||||
Index | 21.19 | 15.58 | 8.72 | 11,538,737 |
– – – – Multi-Cap Core Funds Average | 19.15 | 13.18 | 6.74 | 9,596,040 |
For a benchmark description, see the Glossary.
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Final Value | ||||
One | Five | Ten | of a $100,000,000 | |
Year | Years | Years | Investment | |
Institutional Total Stock Market Index Fund | ||||
Institutional Plus Shares | 21.13% | 15.62% | 8.79% | $232,208,413 |
Spliced Institutional Total Stock Market Index | 21.19 | 15.58 | 8.72 | 230,774,745 |
See Financial Highlights for dividend and capital gains information.
9
Institutional Total Stock Market Index Fund
Fiscal-Year Total Returns (%): December 31, 2007, Through December 31, 2017
For a benchmark description, see the Glossary.
10
Institutional Total Stock Market Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (99.7%)1 | |||
Basic Materials (2.7%) | |||
DowDuPont Inc. | 3,701,739 | 263,638 | |
Praxair Inc. | 452,244 | 69,953 | |
Air Products & | |||
Chemicals Inc. | 344,873 | 56,587 | |
Ecolab Inc. | 410,383 | 55,065 | |
LyondellBasell | |||
Industries NV Class A | 498,339 | 54,977 | |
PPG Industries Inc. | 401,540 | 46,908 | |
* | Freeport-McMoRan Inc. | 2,175,685 | 41,251 |
International Paper Co. | 653,076 | 37,839 | |
Nucor Corp. | 501,637 | 31,894 | |
Newmont Mining Corp. | 844,398 | 31,682 | |
Celanese Corp. Class A | 213,993 | 22,914 | |
Albemarle Corp. | 174,277 | 22,288 | |
Arconic Inc. | 760,580 | 20,726 | |
FMC Corp. | 212,632 | 20,128 | |
International Flavors & | |||
Fragrances Inc. | 125,514 | 19,155 | |
Eastman Chemical Co. | 202,817 | 18,789 | |
Avery Dennison Corp. | 139,310 | 16,001 | |
CF Industries Holdings | |||
Inc. | 370,601 | 15,765 | |
Steel Dynamics Inc. | 354,884 | 15,306 | |
* | Alcoa Corp. | 277,622 | 14,956 |
Chemours Co. | 292,694 | 14,652 | |
Mosaic Co. | 554,760 | 14,235 | |
* | Axalta Coating Systems | ||
Ltd. | 345,074 | 11,167 | |
RPM International Inc. | 211,702 | 11,097 | |
Huntsman Corp. | 322,718 | 10,743 | |
United States Steel Corp. | 275,570 | 9,697 | |
Olin Corp. | 265,510 | 9,447 | |
Reliance Steel & | |||
Aluminum Co. | 107,167 | 9,194 | |
Royal Gold Inc. | 103,536 | 8,502 | |
WR Grace & Co. | 107,748 | 7,556 |
Scotts Miracle-Gro Co. | 69,871 | 7,476 | |
Ashland Global Holdings | |||
Inc. | 99,090 | 7,055 | |
Westlake Chemical Corp. | 61,876 | 6,592 | |
Versum Materials Inc. | 173,764 | 6,577 | |
NewMarket Corp. | 15,155 | 6,022 | |
* | Peabody Energy Corp. | 149,793 | 5,897 |
PolyOne Corp. | 130,766 | 5,688 | |
* | Univar Inc. | 178,388 | 5,523 |
Cabot Corp. | 84,671 | 5,215 | |
Sensient Technologies | |||
Corp. | 70,794 | 5,179 | |
Domtar Corp. | 100,402 | 4,972 | |
* | Allegheny Technologies | ||
Inc. | 200,009 | 4,828 | |
* | Ingevity Corp. | 67,542 | 4,760 |
HB Fuller Co. | 80,751 | 4,350 | |
US Silica Holdings Inc. | 129,816 | 4,227 | |
Balchem Corp. | 50,985 | 4,109 | |
Minerals Technologies Inc. | 56,260 | 3,874 | |
Carpenter Technology | |||
Corp. | 75,022 | 3,825 | |
^ | Compass Minerals | ||
International Inc. | 52,493 | 3,793 | |
Commercial Metals Co. | 169,210 | 3,608 | |
* | GCP Applied | ||
Technologies Inc. | 108,807 | 3,471 | |
* | Cleveland-Cliffs Inc. | 474,289 | 3,420 |
* | Platform Specialty | ||
Products Corp. | 322,836 | 3,203 | |
Worthington Industries | |||
Inc. | 71,480 | 3,149 | |
Quaker Chemical Corp. | 20,315 | 3,063 | |
KapStone Paper and | |||
Packaging Corp. | 133,263 | 3,024 | |
* | Ferro Corp. | 126,962 | 2,995 |
Arch Coal Inc. Class A | 31,637 | 2,947 | |
Tronox Ltd. Class A | 135,594 | 2,781 | |
Kaiser Aluminum Corp. | 25,552 | 2,730 |
11
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | AK Steel Holding Corp. | 473,389 | 2,679 |
Innospec Inc. | 36,732 | 2,593 | |
Hecla Mining Co. | 635,806 | 2,524 | |
* | Cambrex Corp. | 52,351 | 2,513 |
* | Kraton Corp. | 51,120 | 2,462 |
Stepan Co. | 29,809 | 2,354 | |
Neenah Paper Inc. | 24,952 | 2,262 | |
* | Coeur Mining Inc. | 295,977 | 2,220 |
* | AdvanSix Inc. | 47,486 | 1,998 |
Rayonier Advanced | |||
Materials Inc. | 85,703 | 1,753 | |
Calgon Carbon Corp. | 82,088 | 1,748 | |
Innophos Holdings Inc. | 34,094 | 1,593 | |
Chase Corp. | 12,897 | 1,554 | |
* | Koppers Holdings Inc. | 30,343 | 1,544 |
* | Century Aluminum Co. | 77,734 | 1,527 |
A Schulman Inc. | 40,279 | 1,500 | |
PH Glatfelter Co. | 69,738 | 1,495 | |
Deltic Timber Corp. | 15,986 | 1,464 | |
KMG Chemicals Inc. | 20,285 | 1,340 | |
* | Clearwater Paper Corp. | 29,346 | 1,332 |
* | Fairmount Santrol | ||
Holdings Inc. | 248,236 | 1,298 | |
* | SunCoke Energy Inc. | 107,817 | 1,293 |
* | CONSOL Energy Inc. | 30,195 | 1,193 |
Warrior Met Coal Inc. | 42,903 | 1,079 | |
* | Resolute Forest | ||
Products Inc. | 96,759 | 1,069 | |
Kronos Worldwide Inc. | 39,830 | 1,026 | |
* | CSW Industrials Inc. | 20,541 | 944 |
American Vanguard Corp. | 46,909 | 922 | |
* | Verso Corp. | 52,298 | 919 |
* | PQ Group Holdings Inc. | 51,484 | 847 |
Tredegar Corp. | 44,001 | 845 | |
* | OMNOVA Solutions Inc. | 73,095 | 731 |
Haynes International Inc. | 22,316 | 715 | |
Hawkins Inc. | 18,122 | 638 | |
* | Intrepid Potash Inc. | 132,867 | 632 |
* | Cloud Peak Energy Inc. | 127,884 | 569 |
* | Codexis Inc. | 67,816 | 566 |
Aceto Corp. | 51,223 | 529 | |
* | Veritiv Corp. | 16,978 | 491 |
FutureFuel Corp. | 32,588 | 459 | |
*,^ | Uranium Energy Corp. | 208,018 | 368 |
Hallador Energy Co. | 59,094 | 360 | |
Gold Resource Corp. | 80,637 | 355 | |
Olympic Steel Inc. | 16,393 | 352 | |
* | Nexeo Solutions Inc. | 38,412 | 350 |
* | AgroFresh Solutions Inc. | 39,917 | 295 |
Ampco-Pittsburgh Corp. | 20,590 | 255 | |
* | Universal Stainless & | ||
Alloy Products Inc. | 10,736 | 230 | |
* | LSB Industries Inc. | 26,149 | 229 |
* | Ryerson Holding Corp. | 20,819 | 217 |
* | ChromaDex Corp. | 34,347 | 202 |
Northern Technologies | |||
International Corp. | 7,320 | 182 | |
Friedman Industries Inc. | 30,651 | 174 | |
* | NL Industries Inc. | 11,171 | 159 |
Synalloy Corp. | 8,721 | 117 | |
* | General Moly Inc. | 296,729 | 98 |
* | Senomyx Inc. | 66,934 | 87 |
*,^ | Pershing Gold Corp. | 35,760 | 86 |
*,^ | Golden Minerals Co. | 192,977 | 83 |
*,^ | Westwater Resources Inc. | 59,443 | 64 |
*,^ | Solitario Zinc Corp. | 56,237 | 34 |
* | Westmoreland Coal Co. | 26,176 | 32 |
* | Ikonics Corp. | 3,253 | 25 |
United-Guardian Inc. | 1,067 | 20 | |
* | Ur-Energy Inc. | 15,872 | 11 |
*,^ | Ramaco Resources Inc. | 1,279 | 9 |
* | TOR Minerals | ||
International Inc. | 682 | 4 | |
* | Comstock Mining Inc. | 4,391 | 2 |
^ | US Gold Corp. | 915 | 2 |
* | Paramount Gold Nevada | ||
Corp. | 700 | 1 | |
1,176,088 | |||
Consumer Goods (9.0%) | |||
Procter & Gamble Co. | 4,014,305 | 368,834 | |
Coca-Cola Co. | 6,068,943 | 278,443 | |
PepsiCo Inc. | 2,250,041 | 269,825 | |
Philip Morris | |||
International Inc. | 2,458,913 | 259,784 | |
Altria Group Inc. | 3,020,108 | 215,666 | |
NIKE Inc. Class B | 2,059,841 | 128,843 | |
Colgate-Palmolive Co. | 1,389,157 | 104,812 | |
Mondelez International | |||
Inc. Class A | 2,245,480 | 96,107 | |
Monsanto Co. | 695,825 | 81,258 | |
General Motors Co. | 1,907,538 | 78,190 | |
Ford Motor Co. | 6,156,377 | 76,893 | |
Kraft Heinz Co. | 963,605 | 74,930 | |
Activision Blizzard Inc. | 1,136,558 | 71,967 | |
Kimberly-Clark Corp. | 555,089 | 66,977 | |
*,^ | Tesla Inc. | 212,731 | 66,234 |
Constellation Brands | |||
Inc. Class A | 258,988 | 59,197 | |
General Mills Inc. | 898,346 | 53,263 | |
* | Electronic Arts Inc. | 486,993 | 51,163 |
Estee Lauder Cos. Inc. | |||
Class A | 355,462 | 45,229 | |
* | Monster Beverage Corp. | 669,993 | 42,404 |
Stanley Black & Decker | |||
Inc. | 241,787 | 41,029 | |
Tyson Foods Inc. Class A | 470,816 | 38,169 | |
VF Corp. | 497,769 | 36,835 | |
* | Aptiv plc | 419,783 | 35,610 |
12
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Archer-Daniels-Midland | |||
Co. | 883,166 | 35,397 | |
Clorox Co. | 203,502 | 30,269 | |
Kellogg Co. | 436,491 | 29,673 | |
DR Horton Inc. | 560,078 | 28,603 | |
Dr Pepper Snapple | |||
Group Inc. | 285,307 | 27,692 | |
* | Mohawk Industries Inc. | 99,445 | 27,437 |
Hershey Co. | 225,023 | 25,542 | |
Conagra Brands Inc. | 644,838 | 24,291 | |
Newell Brands Inc. | 774,241 | 23,924 | |
Molson Coors Brewing | |||
Co. Class B | 277,610 | 22,783 | |
JM Smucker Co. | 170,546 | 21,189 | |
Genuine Parts Co. | 220,450 | 20,945 | |
Brown-Forman Corp. | |||
Class B | 291,828 | 20,040 | |
Lennar Corp. Class A | 314,820 | 19,909 | |
Church & Dwight Co. Inc. | 396,321 | 19,883 | |
* | Take-Two Interactive | ||
Software Inc. | 180,952 | 19,865 | |
Tapestry Inc. | 448,859 | 19,853 | |
* | NVR Inc. | 5,641 | 19,790 |
McCormick & Co. Inc. | 189,014 | 19,262 | |
Whirlpool Corp. | 113,183 | 19,087 | |
* | LKQ Corp. | 463,183 | 18,838 |
Lear Corp. | 106,394 | 18,796 | |
BorgWarner Inc. | 332,471 | 16,986 | |
PVH Corp. | 121,856 | 16,720 | |
Hasbro Inc. | 176,687 | 16,059 | |
Ingredion Inc. | 113,029 | 15,801 | |
Snap-on Inc. | 89,908 | 15,671 | |
Hormel Foods Corp. | 418,424 | 15,226 | |
Campbell Soup Co. | 309,089 | 14,870 | |
Bunge Ltd. | 221,340 | 14,847 | |
* | Michael Kors Holdings | ||
Ltd. | 228,181 | 14,364 | |
Coty Inc. Class A | 710,424 | 14,130 | |
PulteGroup Inc. | 418,481 | 13,914 | |
^ | Harley-Davidson Inc. | 266,582 | 13,564 |
Leucadia National Corp. | 507,338 | 13,439 | |
Lamb Weston Holdings | |||
Inc. | 231,743 | 13,082 | |
Goodyear Tire & Rubber | |||
Co. | 386,168 | 12,477 | |
* | WABCO Holdings Inc. | 84,827 | 12,173 |
Hanesbrands Inc. | 574,504 | 12,013 | |
Thor Industries Inc. | 79,120 | 11,925 | |
* | Middleby Corp. | 87,734 | 11,840 |
* | Lululemon Athletica Inc. | 148,722 | 11,688 |
Polaris Industries Inc. | 93,953 | 11,649 | |
Toll Brothers Inc. | 235,908 | 11,328 | |
Pinnacle Foods Inc. | 187,865 | 11,172 | |
* | US Foods Holding Corp. | 340,352 | 10,867 |
Leggett & Platt Inc. | 209,005 | 9,976 | |
Gentex Corp. | 452,489 | 9,480 | |
Ralph Lauren Corp. | |||
Class A | 87,591 | 9,082 | |
Carter’s Inc. | 74,612 | 8,766 | |
Mattel Inc. | 540,912 | 8,319 | |
* | Skechers U. S. A. Inc. | ||
Class A | 213,766 | 8,089 | |
Valvoline Inc. | 322,514 | 8,082 | |
* | Post Holdings Inc. | 99,310 | 7,868 |
Pool Corp. | 59,679 | 7,737 | |
Brunswick Corp. | 138,876 | 7,669 | |
* | Delphi Technologies plc | 140,901 | 7,393 |
Dana Inc. | 227,955 | 7,297 | |
CalAtlantic Group Inc. | 128,072 | 7,222 | |
* | Wayfair Inc. | 86,098 | 6,911 |
* | Hain Celestial Group Inc. | 156,029 | 6,614 |
* | Herbalife Ltd. | 96,200 | 6,515 |
* | Visteon Corp. | 50,114 | 6,271 |
Snyder’s-Lance Inc. | 121,660 | 6,093 | |
Nu Skin Enterprises Inc. | |||
Class A | 79,636 | 5,434 | |
Flowers Foods Inc. | 278,435 | 5,377 | |
* | Edgewell Personal Care | ||
Co. | 88,315 | 5,245 | |
* | Welbilt Inc. | 222,953 | 5,242 |
* | Zynga Inc. Class A | 1,239,117 | 4,956 |
LCI Industries | 37,841 | 4,919 | |
Tenneco Inc. | 82,205 | 4,812 | |
* | Darling Ingredients Inc. | 264,160 | 4,789 |
Energizer Holdings Inc. | 98,970 | 4,749 | |
Wolverine World Wide | |||
Inc. | 148,181 | 4,724 | |
*,^ | Blue Buffalo Pet | ||
Products Inc. | 142,393 | 4,669 | |
* | Tempur Sealy | ||
International Inc. | 73,295 | 4,595 | |
* | TreeHouse Foods Inc. | 91,017 | 4,502 |
Tupperware Brands Corp. | 68,905 | 4,320 | |
KB Home | 135,079 | 4,316 | |
Sanderson Farms Inc. | 30,795 | 4,274 | |
*,^ | Under Armour Inc. | ||
Class A | 291,897 | 4,212 | |
* | Helen of Troy Ltd. | 43,544 | 4,195 |
* | TRI Pointe Group Inc. | 230,724 | 4,135 |
Spectrum Brands | |||
Holdings Inc. | 36,784 | 4,135 | |
* | Deckers Outdoor Corp. | 51,166 | 4,106 |
* | Steven Madden Ltd. | 86,135 | 4,023 |
*,^ | Under Armour Inc. | 296,662 | 3,952 |
Herman Miller Inc. | 96,013 | 3,845 | |
^ | B&G Foods Inc. | 106,501 | 3,744 |
J&J Snack Foods Corp. | 24,117 | 3,662 | |
Vector Group Ltd. | 163,334 | 3,655 |
13
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Lancaster Colony Corp. | 27,385 | 3,538 | |
* | Cooper-Standard | ||
Holdings Inc. | 28,685 | 3,514 | |
* | iRobot Corp. | 41,856 | 3,210 |
* | Taylor Morrison Home | ||
Corp. Class A | 130,901 | 3,203 | |
* | Meritage Homes Corp. | 62,536 | 3,202 |
* | Dorman Products Inc. | 52,287 | 3,197 |
Columbia Sportswear Co. | 43,681 | 3,140 | |
Cooper Tire & Rubber Co. | 82,361 | 2,911 | |
HNI Corp. | 71,131 | 2,744 | |
* | American Axle & | ||
Manufacturing Holdings | |||
Inc. | 159,138 | 2,710 | |
Interface Inc. Class A | 103,611 | 2,606 | |
Winnebago Industries Inc. | 46,505 | 2,586 | |
* | Boston Beer Co. Inc. | ||
Class A | 13,474 | 2,575 | |
WD-40 Co. | 21,463 | 2,533 | |
Fresh Del Monte | |||
Produce Inc. | 52,829 | 2,518 | |
Nutrisystem Inc. | 47,443 | 2,496 | |
* | Pilgrim’s Pride Corp. | 79,635 | 2,473 |
La-Z-Boy Inc. | 77,559 | 2,420 | |
* | Central Garden & Pet | ||
Co. Class A | 62,520 | 2,358 | |
MDC Holdings Inc. | 73,829 | 2,354 | |
* | G-III Apparel Group Ltd. | 62,526 | 2,307 |
* | Sleep Number Corp. | 61,192 | 2,300 |
Schweitzer-Mauduit | |||
International Inc. | 50,099 | 2,272 | |
Camping World Holdings | |||
Inc. Class A | 50,070 | 2,240 | |
* | Cavco Industries Inc. | 14,275 | 2,178 |
Callaway Golf Co. | 155,476 | 2,166 | |
* | ACCO Brands Corp. | 175,812 | 2,145 |
* | Hostess Brands Inc. | ||
Class A | 143,900 | 2,131 | |
* | Fox Factory Holding Corp. | 54,831 | 2,130 |
Universal Corp. | 40,106 | 2,106 | |
* | Cal-Maine Foods Inc. | 45,671 | 2,030 |
* | LGI Homes Inc. | 26,536 | 1,991 |
Oxford Industries Inc. | 26,278 | 1,976 | |
Steelcase Inc. Class A | 128,318 | 1,950 | |
Seaboard Corp. | 441 | 1,945 | |
Calavo Growers Inc. | 22,592 | 1,907 | |
Knoll Inc. | 82,527 | 1,901 | |
* | Gentherm Inc. | 57,881 | 1,838 |
Coca-Cola Bottling Co. | |||
Consolidated | 8,130 | 1,750 | |
National Beverage Corp. | 17,924 | 1,747 | |
Briggs & Stratton Corp. | 67,148 | 1,704 | |
Dean Foods Co. | 143,619 | 1,660 | |
* | Fitbit Inc. Class A | 283,829 | 1,621 |
* | Modine Manufacturing Co. | 79,929 | 1,615 |
* | M/I Homes Inc. | 45,406 | 1,562 |
* | USANA Health Sciences | ||
Inc. | 20,714 | 1,534 | |
Lennar Corp. Class B | 29,349 | 1,517 | |
MGP Ingredients Inc. | 19,255 | 1,480 | |
* | Avon Products Inc. | 686,678 | 1,476 |
Standard Motor | |||
Products Inc. | 32,712 | 1,469 | |
* | Crocs Inc. | 110,386 | 1,395 |
* | Vista Outdoor Inc. | 94,569 | 1,378 |
Andersons Inc. | 43,787 | 1,364 | |
*,^ | GoPro Inc. Class A | 178,563 | 1,352 |
Inter Parfums Inc. | 30,510 | 1,326 | |
* | William Lyon Homes | ||
Class A | 43,676 | 1,270 | |
Medifast Inc. | 18,137 | 1,266 | |
* | Century Communities Inc. | 40,040 | 1,245 |
Ethan Allen Interiors Inc. | 42,167 | 1,206 | |
^ | Acushnet Holdings Corp. | 53,251 | 1,123 |
* | Unifi Inc. | 29,894 | 1,072 |
* | Beazer Homes USA Inc. | 54,611 | 1,049 |
John B Sanfilippo & Son | |||
Inc. | 15,878 | 1,004 | |
Phibro Animal Health | |||
Corp. Class A | 28,689 | 961 | |
Titan International Inc. | 74,015 | 953 | |
* | Universal Electronics Inc. | 20,130 | 951 |
Kimball International Inc. | |||
Class B | 49,604 | 926 | |
Movado Group Inc. | 28,151 | 906 | |
* | Stoneridge Inc. | 38,742 | 886 |
^ | National Presto Industries | ||
Inc. | 8,904 | 886 | |
* | Malibu Boats Inc. Class A | 29,477 | 876 |
Tower International Inc. | 27,919 | 853 | |
* | Motorcar Parts of | ||
America Inc. | 33,341 | 833 | |
Culp Inc. | 23,930 | 802 | |
Hooker Furniture Corp. | 17,970 | 763 | |
* | Nautilus Inc. | 54,113 | 722 |
* | ZAGG Inc. | 39,099 | 721 |
*,^ | elf Beauty Inc. | 31,982 | 714 |
^ | Tootsie Roll Industries Inc. | 19,596 | 713 |
Bassett Furniture | |||
Industries Inc. | 18,870 | 710 | |
* | Freshpet Inc. | 36,257 | 687 |
Flexsteel Industries Inc. | 13,641 | 638 | |
* | Farmer Brothers Co. | 19,716 | 634 |
* | Glu Mobile Inc. | 170,862 | 622 |
* | Perry Ellis International | ||
Inc. | 23,056 | 577 | |
* | Hovnanian Enterprises | ||
Inc. Class A | 169,959 | 569 |
14
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Amplify Snack Brands Inc. | 45,735 | 549 |
* | Central Garden & Pet Co. | 13,588 | 529 |
Superior Industries | |||
International Inc. | 35,606 | 529 | |
*,^ | Fossil Group Inc. | 66,446 | 516 |
* | MCBC Holdings Inc. | 22,762 | 506 |
*,^ | 22nd Century Group Inc. | 173,168 | 485 |
* | Primo Water Corp. | 38,032 | 478 |
Johnson Outdoors Inc. | |||
Class A | 6,747 | 419 | |
* | Vera Bradley Inc. | 34,158 | 416 |
Limoneira Co. | 15,910 | 356 | |
Weyco Group Inc. | 11,573 | 344 | |
Hamilton Beach Brands | |||
Holding Co. Class A | 12,850 | 330 | |
Core Molding | |||
Technologies Inc. | 14,876 | 323 | |
Alico Inc. | 10,314 | 304 | |
Lifetime Brands Inc. | 18,025 | 297 | |
Superior Uniform Group | |||
Inc. | 11,098 | 296 | |
Marine Products Corp. | 22,001 | 280 | |
*,^ | Revlon Inc. Class A | 12,613 | 275 |
*,^ | Jamba Inc. | 30,975 | 250 |
Strattec Security Corp. | 5,352 | 233 | |
Turning Point Brands Inc. | 10,586 | 224 | |
* | Seneca Foods Corp. | ||
Class A | 7,222 | 222 | |
Oil-Dri Corp. of America | 5,275 | 219 | |
* | Clarus Corp. | 27,241 | 214 |
* | Craft Brew Alliance Inc. | 10,411 | 200 |
* | Delta Apparel Inc. | 9,636 | 195 |
Libbey Inc. | 25,544 | 192 | |
* | Dixie Group Inc. | 49,612 | 191 |
*,^ | Castle Brands Inc. | 144,703 | 177 |
Escalade Inc. | 13,847 | 170 | |
* | Alliance One | ||
International Inc. | 12,741 | 169 | |
* | Eastman Kodak Co. | 53,569 | 166 |
* | Lifeway Foods Inc. | 19,311 | 154 |
* | New Home Co. Inc. | 11,770 | 147 |
* | Celsius Holdings Inc. | 27,420 | 144 |
* | Shiloh Industries Inc. | 17,337 | 142 |
*,^ | PolarityTE Inc. | 5,858 | 136 |
^ | Orchids Paper Products | ||
Co. | 10,552 | 135 | |
* | Skyline Corp. | 10,242 | 132 |
*,^ | JAKKS Pacific Inc. | 53,883 | 127 |
* | Lakeland Industries Inc. | 8,700 | 127 |
* | Natural Alternatives | ||
International Inc. | 12,166 | 126 | |
* | Iconix Brand Group Inc. | 96,145 | 124 |
*,^ | Vuzix Corp. | 19,829 | 124 |
Rocky Brands Inc. | 6,414 | 121 |
* | Lifevantage Corp. | 24,902 | 119 | |
* | Coffee Holding Co. Inc. | 27,594 | 118 | |
Nature’s Sunshine | ||||
Products Inc. | 10,016 | 116 | ||
*,^ | S&W Seed Co. | 29,005 | 113 | |
* | US Auto Parts Network | |||
Inc. | 44,190 | 111 | ||
Mannatech Inc. | 7,199 | 108 | ||
LS Starrett Co. Class A | 11,175 | 96 | ||
Kewaunee Scientific Corp. | 3,287 | 95 | ||
*,^ | Funko Inc. Class A | 13,160 | 88 | |
* | Lipocine Inc. | 24,909 | 86 | |
A-Mark Precious Metals | ||||
Inc. | 5,546 | 82 | ||
* | Sequential Brands Group | |||
Inc. | 39,641 | 71 | ||
*,^ | Akoustis Technologies | |||
Inc. | 11,221 | 70 | ||
Virco Manufacturing | ||||
Corp. | 12,967 | 65 | ||
*,^ | Veru Inc. | 52,315 | 60 | |
* | Emerson Radio Corp. | 37,808 | 55 | |
*,^ | New Age Beverages | |||
Corp. | 24,648 | 53 | ||
Acme United Corp. | 1,981 | 46 | ||
* | Zedge Inc. Class B | 14,083 | 39 | |
* | Summer Infant Inc. | 22,600 | 34 | |
* | Cherokee Inc. | 17,282 | 33 | |
Crown Crafts Inc. | 4,278 | 28 | ||
* | Alpha Pro Tech Ltd. | 6,000 | 24 | |
CompX International Inc. | 1,065 | 14 | ||
* | Stanley Furniture Co. Inc. | 15,291 | 13 | |
* | Willamette Valley | |||
Vineyards Inc. | 1,400 | 12 | ||
* | Crystal Rock Holdings Inc. | 7,780 | 6 | |
* | Cyanotech Corp. | 997 | 4 | |
Rocky Mountain | ||||
Chocolate Factory Inc. | 224 | 3 | ||
3,900,950 | ||||
Consumer Services (12.7%) | ||||
* | Amazon.com Inc. | 648,226 | 758,081 | |
Home Depot Inc. | 1,847,727 | 350,200 | ||
Comcast Corp. Class A | 7,382,159 | 295,655 | ||
Walt Disney Co. | 2,270,632 | 244,116 | ||
Wal-Mart Stores Inc. | 2,364,269 | 233,472 | ||
McDonald’s Corp. | 1,262,098 | 217,232 | ||
* | Priceline Group Inc. | 77,062 | 133,914 | |
Costco Wholesale Corp. | 691,241 | 128,654 | ||
* | Netflix Inc. | 650,424 | 124,855 | |
Starbucks Corp. | 2,138,298 | 122,802 | ||
Lowe’s Cos. Inc. | 1,317,325 | 122,432 | ||
CVS Health Corp. | 1,602,788 | 116,202 | ||
Time Warner Inc. | 1,170,213 | 107,039 |
15
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Charter Communications | ||
Inc. Class A | 295,142 | 99,156 | |
Walgreens Boots | |||
Alliance Inc. | 1,357,520 | 98,583 | |
TJX Cos. Inc. | 954,236 | 72,961 | |
* | eBay Inc. | 1,566,741 | 59,129 |
Marriott International | |||
Inc. Class A | 432,491 | 58,702 | |
Twenty-First Century | |||
Fox Inc. Class A | 1,658,161 | 57,256 | |
Delta Air Lines Inc. | 1,014,182 | 56,794 | |
Target Corp. | 859,548 | 56,085 | |
Southwest Airlines Co. | 844,492 | 55,272 | |
McKesson Corp. | 329,903 | 51,448 | |
Ross Stores Inc. | 608,863 | 48,861 | |
Sysco Corp. | 741,457 | 45,029 | |
Yum! Brands Inc. | 533,713 | 43,556 | |
Las Vegas Sands Corp. | 624,684 | 43,409 | |
Carnival Corp. | 632,392 | 41,972 | |
Dollar General Corp. | 431,797 | 40,161 | |
Kroger Co. | 1,406,548 | 38,610 | |
* | Dollar Tree Inc. | 355,521 | 38,151 |
American Airlines | |||
Group Inc. | 681,145 | 35,440 | |
* | O’Reilly Automotive Inc. | 134,426 | 32,335 |
Royal Caribbean | |||
Cruises Ltd. | 270,890 | 32,312 | |
CBS Corp. Class B | 528,035 | 31,154 | |
* | AutoZone Inc. | 43,393 | 30,868 |
Cardinal Health Inc. | 497,963 | 30,510 | |
* | United Continental | ||
Holdings Inc. | 409,005 | 27,567 | |
Best Buy Co. Inc. | 402,205 | 27,539 | |
MGM Resorts | |||
International | 806,148 | 26,917 | |
Omnicom Group Inc. | 364,208 | 26,525 | |
Hilton Worldwide | |||
Holdings Inc. | 329,428 | 26,308 | |
Twenty-First Century | |||
Fox Inc. | 703,998 | 24,020 | |
AmerisourceBergen | |||
Corp. Class A | 258,883 | 23,771 | |
Expedia Inc. | 197,929 | 23,706 | |
L Brands Inc. | 381,012 | 22,945 | |
Wynn Resorts Ltd. | 129,920 | 21,903 | |
* | Ulta Beauty Inc. | 92,270 | 20,637 |
Nielsen Holdings plc | 562,928 | 20,491 | |
Tiffany & Co. | 187,021 | 19,441 | |
Darden Restaurants Inc. | 195,027 | 18,726 | |
* | CarMax Inc. | 287,196 | 18,418 |
Viacom Inc. Class B | 575,697 | 17,737 | |
Wyndham Worldwide | |||
Corp. | 151,116 | 17,510 | |
Aramark | 390,506 | 16,690 |
* | DISH Network Corp. | ||
Class A | 343,016 | 16,379 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 289,731 | 15,428 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 610,079 | 14,898 | |
Tractor Supply Co. | 198,255 | 14,820 | |
Kohl’s Corp. | 265,428 | 14,394 | |
Alaska Air Group Inc. | 195,437 | 14,367 | |
* | Copart Inc. | 330,417 | 14,271 |
Gap Inc. | 400,459 | 13,640 | |
Vail Resorts Inc. | 63,963 | 13,590 | |
* | Burlington Stores Inc. | 108,300 | 13,324 |
Domino’s Pizza Inc. | 69,361 | 13,106 | |
News Corp. Class A | 798,601 | 12,945 | |
*,^ | Chipotle Mexican Grill | ||
Inc. Class A | 44,741 | 12,931 | |
Interpublic Group of | |||
Cos. Inc. | 615,280 | 12,404 | |
Macy’s Inc. | 479,007 | 12,066 | |
FactSet Research | |||
Systems Inc. | 61,666 | 11,887 | |
^ | Sirius XM Holdings Inc. | 2,190,772 | 11,743 |
Scripps Networks | |||
Interactive Inc. Class A | 135,694 | 11,586 | |
* | JetBlue Airways Corp. | 505,224 | 11,287 |
Advance Auto Parts Inc. | 110,734 | 11,039 | |
KAR Auction Services Inc. | 215,644 | 10,892 | |
* | ServiceMaster Global | ||
Holdings Inc. | 211,802 | 10,859 | |
* | Caesars Entertainment | ||
Corp. | 843,200 | 10,666 | |
Service Corp. | |||
International | 281,656 | 10,511 | |
* | Liberty Media Corp- | ||
Liberty Formula One | 304,442 | 10,400 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | |||
Class C | 260,804 | 10,343 | |
* | GrubHub Inc. | 137,882 | 9,900 |
Dunkin’ Brands Group | |||
Inc. | 143,106 | 9,226 | |
Foot Locker Inc. | 196,440 | 9,209 | |
* | Live Nation | ||
Entertainment Inc. | 213,998 | 9,110 | |
Nordstrom Inc. | 184,341 | 8,734 | |
H&R Block Inc. | 331,318 | 8,687 | |
* | Bright Horizons Family | ||
Solutions Inc. | 83,176 | 7,819 | |
Rollins Inc. | 157,200 | 7,315 | |
Six Flags Entertainment | |||
Corp. | 107,901 | 7,183 | |
Dun & Bradstreet Corp. | 59,143 | 7,003 |
16
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Discovery | ||
Communications Inc. | 329,928 | 6,985 | |
* | Grand Canyon | ||
Education Inc. | 76,713 | 6,868 | |
Casey’s General Stores | |||
Inc. | 60,636 | 6,788 | |
* | Beacon Roofing Supply | ||
Inc. | 106,384 | 6,783 | |
Chemed Corp. | 25,961 | 6,309 | |
Sabre Corp. | 306,687 | 6,287 | |
^ | Williams-Sonoma Inc. | 120,604 | 6,235 |
^ | Cracker Barrel Old | ||
Country Store Inc. | 38,487 | 6,115 | |
Cinemark Holdings Inc. | 168,892 | 5,881 | |
* | Five Below Inc. | 88,209 | 5,850 |
* | TripAdvisor Inc. | 168,754 | 5,815 |
* | Madison Square Garden | ||
Co. Class A | 27,449 | 5,788 | |
Extended Stay America | |||
Inc. | 299,529 | 5,691 | |
Dolby Laboratories Inc. | |||
Class A | 88,103 | 5,462 | |
^ | Signet Jewelers Ltd. | 96,108 | 5,435 |
* | Discovery | ||
Communications Inc. | |||
Class A | 241,957 | 5,415 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM | |||
Class A | 136,311 | 5,406 | |
Nexstar Media Group | |||
Inc. Class A | 68,941 | 5,391 | |
Texas Roadhouse Inc. | |||
Class A | 102,225 | 5,385 | |
Tribune Media Co. | |||
Class A | 124,578 | 5,291 | |
AMERCO | 13,817 | 5,222 | |
* | Performance Food | ||
Group Co. | 157,635 | 5,218 | |
* | Lions Gate Entertainment | ||
Corp. Class B | 163,543 | 5,191 | |
Cable One Inc. | 7,335 | 5,159 | |
* | Yelp Inc. Class A | 122,536 | 5,142 |
* | Avis Budget Group Inc. | 116,313 | 5,104 |
* | Hyatt Hotels Corp. | ||
Class A | 68,451 | 5,034 | |
* | Spirit Airlines Inc. | 110,963 | 4,977 |
* | Hilton Grand Vacations | ||
Inc. | 118,495 | 4,971 | |
* | Sprouts Farmers Market | ||
Inc. | 201,927 | 4,917 | |
* | SiteOne Landscape | ||
Supply Inc. | 63,695 | 4,885 | |
* | Stamps.com Inc. | 25,901 | 4,869 |
ILG Inc. | 170,185 | 4,847 |
TEGNA Inc. | 343,905 | 4,842 | |
* | AutoNation Inc. | 94,230 | 4,837 |
John Wiley & Sons Inc. | |||
Class A | 73,449 | 4,829 | |
American Eagle | |||
Outfitters Inc. | 256,234 | 4,817 | |
Wendy’s Co. | 290,031 | 4,762 | |
Churchill Downs Inc. | 20,459 | 4,761 | |
Bed Bath & Beyond Inc. | 214,307 | 4,713 | |
Sinclair Broadcast | |||
Group Inc. Class A | 123,116 | 4,660 | |
Jack in the Box Inc. | 47,320 | 4,643 | |
* | Planet Fitness Inc. | �� | |
Class A | 133,494 | 4,623 | |
Marriott Vacations | |||
Worldwide Corp. | 34,056 | 4,605 | |
Choice Hotels | |||
International Inc. | 58,870 | 4,568 | |
Aaron’s Inc. | 113,415 | 4,520 | |
Boyd Gaming Corp. | 127,079 | 4,454 | |
* | Scientific Games Corp. | ||
Class A | 85,026 | 4,362 | |
* | AMC Networks Inc. | ||
Class A | 80,337 | 4,345 | |
* | Murphy USA Inc. | 52,612 | 4,228 |
Lithia Motors Inc. Class A | 37,059 | 4,210 | |
* | Michaels Cos. Inc. | 173,764 | 4,203 |
SkyWest Inc. | 78,955 | 4,192 | |
Meredith Corp. | 63,398 | 4,187 | |
* | Ollie’s Bargain Outlet | ||
Holdings Inc. | 78,301 | 4,170 | |
Regal Entertainment | |||
Group Class A | 181,089 | 4,167 | |
Hillenbrand Inc. | 90,691 | 4,054 | |
Children’s Place Inc. | 27,771 | 4,036 | |
* | Penn National Gaming | ||
Inc. | 127,446 | 3,993 | |
* | United Natural Foods Inc. | 80,998 | 3,991 |
Graham Holdings Co. | |||
Class B | 7,041 | 3,931 | |
*,^ | Altice USA Inc. Class A | 184,114 | 3,909 |
* | Sally Beauty Holdings Inc. | 207,056 | 3,884 |
* | Liberty Expedia Holdings | ||
Inc. Class A | 87,097 | 3,861 | |
New York Times Co. | |||
Class A | 206,485 | 3,820 | |
* | Urban Outfitters Inc. | 108,946 | 3,820 |
Red Rock Resorts Inc. | |||
Class A | 110,466 | 3,727 | |
Adtalem Global | |||
Education Inc. | 88,235 | 3,710 | |
* | Sotheby’s | 71,664 | 3,698 |
^ | Big Lots Inc. | 64,894 | 3,644 |
17
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Dick’s Sporting Goods | |||
Inc. | 126,369 | 3,632 | |
* | Dave & Buster’s | ||
Entertainment Inc. | 65,579 | 3,618 | |
PriceSmart Inc. | 41,508 | 3,574 | |
* | Buffalo Wild Wings Inc. | 21,769 | 3,404 |
* | Groupon Inc. Class A | 657,568 | 3,354 |
* | Etsy Inc. | 163,102 | 3,335 |
*,^ | Rite Aid Corp. | 1,690,340 | 3,330 |
Hawaiian Holdings Inc. | 83,458 | 3,326 | |
* | Acxiom Corp. | 119,886 | 3,304 |
^ | Cheesecake Factory Inc. | 66,879 | 3,222 |
Allegiant Travel Co. | |||
Class A | 20,499 | 3,172 | |
* | Rush Enterprises Inc. | ||
Class A | 61,055 | 3,102 | |
Office Depot Inc. | 833,407 | 2,950 | |
Brinker International Inc. | 75,509 | 2,933 | |
* | Pinnacle Entertainment | ||
Inc. | 89,430 | 2,927 | |
GameStop Corp. Class A | 162,503 | 2,917 | |
*,^ | Cars.com Inc. | 100,346 | 2,894 |
Time Inc. | 156,054 | 2,879 | |
Bloomin’ Brands Inc. | 134,221 | 2,864 | |
* | Eldorado Resorts Inc. | 84,441 | 2,799 |
Monro Inc. | 49,057 | 2,794 | |
Morningstar Inc. | 27,605 | 2,677 | |
* | RH | 30,503 | 2,630 |
Matthews International | |||
Corp. Class A | 49,050 | 2,590 | |
Penske Automotive | |||
Group Inc. | 53,868 | 2,578 | |
* | Shutterfly Inc. | 51,466 | 2,560 |
* | Lions Gate | ||
Entertainment Corp. | |||
Class A | 75,331 | 2,547 | |
Bob Evans Farms Inc. | 31,635 | 2,493 | |
* | La Quinta Holdings Inc. | 132,441 | 2,445 |
* | Herc Holdings Inc. | 37,529 | 2,350 |
DSW Inc. Class A | 108,336 | 2,319 | |
Group 1 Automotive Inc. | 31,995 | 2,271 | |
Caleres Inc. | 67,310 | 2,254 | |
Core-Mark Holding Co. | |||
Inc. | 69,586 | 2,198 | |
* | Chegg Inc. | 133,712 | 2,182 |
Papa John’s International | |||
Inc. | 37,910 | 2,127 | |
Entercom | |||
Communications Corp. | |||
Class A | 194,801 | 2,104 | |
Gannett Co. Inc. | 180,823 | 2,096 | |
*,^ | Trade Desk Inc. Class A | 45,589 | 2,085 |
HSN Inc. | 51,149 | 2,064 |
* | Weight Watchers | ||
International Inc. | 46,545 | 2,061 | |
* | Gray Television Inc. | 121,976 | 2,043 |
* | Asbury Automotive | ||
Group Inc. | 30,931 | 1,980 | |
* | MSG Networks Inc. | 97,289 | 1,970 |
* | Hertz Global Holdings Inc. | 87,476 | 1,933 |
Abercrombie & Fitch Co. | 109,228 | 1,904 | |
^ | Sonic Corp. | 66,368 | 1,824 |
*,^ | Overstock.com Inc. | 28,356 | 1,812 |
World Wrestling | |||
Entertainment Inc. | |||
Class A | 59,103 | 1,807 | |
* | Belmond Ltd. Class A | 145,992 | 1,788 |
Chico’s FAS Inc. | 201,080 | 1,774 | |
* | Pandora Media Inc. | 365,591 | 1,762 |
Scholastic Corp. | 43,587 | 1,748 | |
Wingstop Inc. | 44,377 | 1,730 | |
Tailored Brands Inc. | 76,841 | 1,677 | |
Guess? Inc. | 95,638 | 1,614 | |
* | Houghton Mifflin | ||
Harcourt Co. | 172,920 | 1,608 | |
SpartanNash Co. | 59,939 | 1,599 | |
* | Diplomat Pharmacy Inc. | 78,299 | 1,571 |
Strayer Education Inc. | 17,188 | 1,540 | |
PetMed Express Inc. | 32,923 | 1,498 | |
*,^ | JC Penney Co. Inc. | 469,172 | 1,483 |
*,^ | Roku Inc. | 28,289 | 1,465 |
Capella Education Co. | 18,828 | 1,457 | |
* | Quotient Technology Inc. | 121,771 | 1,431 |
* | Lumber Liquidators | ||
Holdings Inc. | 44,129 | 1,385 | |
DineEquity Inc. | 27,069 | 1,373 | |
SUPERVALU Inc. | 62,376 | 1,347 | |
* | EW Scripps Co. Class A | 84,992 | 1,328 |
International Speedway | |||
Corp. Class A | 33,288 | 1,327 | |
BJ’s Restaurants Inc. | 35,556 | 1,294 | |
* | Liberty Media Corp- | ||
Liberty Braves Series C | 56,214 | 1,249 | |
* | Simply Good Foods Co. | 87,441 | 1,247 |
^ | Dillard’s Inc. Class A | 20,376 | 1,224 |
New Media Investment | |||
Group Inc. | 71,814 | 1,205 | |
* | Express Inc. | 118,629 | 1,204 |
* | Liberty Media Corp- | ||
Liberty Formula One | |||
Class A | 36,679 | 1,200 | |
* | TrueCar Inc. | 106,431 | 1,192 |
* | Denny’s Corp. | 89,333 | 1,183 |
* | Career Education Corp. | 97,483 | 1,178 |
* | Red Robin Gourmet | ||
Burgers Inc. | 20,390 | 1,150 | |
* | SP Plus Corp. | 30,661 | 1,138 |
18
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
AMC Entertainment | |||
Holdings Inc. Class A | 75,204 | 1,136 | |
* | SeaWorld Entertainment | ||
Inc. | 83,388 | 1,132 | |
^ | Buckle Inc. | 46,518 | 1,105 |
* | Shake Shack Inc. Class A | 24,914 | 1,076 |
* | Liberty TripAdvisor | ||
Holdings Inc. Class A | 111,154 | 1,048 | |
* | Laureate Education Inc. | ||
Class A | 75,795 | 1,028 | |
* | Genesco Inc. | 30,260 | 983 |
* | Trupanion Inc. | 32,961 | 965 |
* | XO Group Inc. | 51,921 | 958 |
* | Providence Service Corp. | 15,954 | 947 |
Finish Line Inc. Class A | 64,786 | 941 | |
* | National Vision Holdings | ||
Inc. | 23,011 | 934 | |
* | Regis Corp. | 60,618 | 931 |
*,^ | Party City Holdco Inc. | 64,872 | 905 |
*,^ | Conn’s Inc. | 25,163 | 895 |
Ruth’s Hospitality Group | |||
Inc. | 40,885 | 885 | |
* | ANGI Homeservices Inc. | ||
Class A | 84,584 | 885 | |
* | MDC Partners Inc. | ||
Class A | 86,937 | 848 | |
Ingles Markets Inc. | |||
Class A | 24,484 | 847 | |
* | Biglari Holdings Inc. | 2,013 | 834 |
Marcus Corp. | 30,097 | 823 | |
* | K12 Inc. | 51,552 | 820 |
* | Chuy’s Holdings Inc. | 29,098 | 816 |
* | Monarch Casino & | ||
Resort Inc. | 17,984 | 806 | |
Rent-A-Center Inc. | 71,646 | 795 | |
* | Chefs’ Warehouse Inc. | 35,994 | 738 |
Weis Markets Inc. | 17,604 | 729 | |
* | At Home Group Inc. | 23,915 | 727 |
National CineMedia Inc. | 105,180 | 722 | |
* | MarineMax Inc. | 38,169 | 721 |
Sonic Automotive Inc. | |||
Class A | 38,208 | 705 | |
Haverty Furniture Cos. | |||
Inc. | 31,026 | 703 | |
* | Hibbett Sports Inc. | 33,924 | 692 |
* | American Public | ||
Education Inc. | 27,396 | 686 | |
* | Titan Machinery Inc. | 31,964 | 677 |
* | Ascena Retail Group Inc. | 285,108 | 670 |
Entravision | |||
Communications Corp. | |||
Class A | 92,516 | 661 | |
* | Golden Entertainment Inc. | 20,064 | 655 |
Carriage Services Inc. | |||
Class A | 25,156 | 647 | |
Cato Corp. Class A | 39,831 | 634 | |
* | Fiesta Restaurant Group | ||
Inc. | 33,050 | 628 | |
Barnes & Noble Inc. | 90,564 | 607 | |
* | Zumiez Inc. | 28,364 | 591 |
* | Care.com Inc. | 32,526 | 587 |
CSS Industries Inc. | 20,949 | 583 | |
* | America’s Car-Mart Inc. | 12,916 | 577 |
Citi Trends Inc. | 21,545 | 570 | |
Pier 1 Imports Inc. | 132,436 | 548 | |
* | Carrols Restaurant | ||
Group Inc. | 45,075 | 548 | |
* | 1-800-Flowers.com Inc. | ||
Class A | 50,417 | 539 | |
Tile Shop Holdings Inc. | 55,357 | 531 | |
* | Clean Energy Fuels Corp. | 245,468 | 498 |
* | Del Frisco’s Restaurant | ||
Group Inc. | 31,944 | 487 | |
Collectors Universe Inc. | 16,982 | 486 | |
Drive Shack Inc. | 85,473 | 473 | |
* | Century Casinos Inc. | 51,296 | 468 |
Shoe Carnival Inc. | 17,467 | 467 | |
*,^ | Cargurus Inc. | 15,543 | 466 |
* | Del Taco Restaurants Inc. | 38,116 | 462 |
Emerald Expositions | |||
Events Inc. | 22,689 | 461 | |
* | Francesca’s Holdings | ||
Corp. | 62,998 | 461 | |
* | QuinStreet Inc. | 54,409 | 456 |
*,^ | Zoe’s Kitchen Inc. | 27,075 | 453 |
* | Barnes & Noble | ||
Education Inc. | 49,703 | 410 | |
* | Carvana Co. | 21,407 | 409 |
Winmark Corp. | 3,147 | 407 | |
Speedway Motorsports | |||
Inc. | 20,587 | 388 | |
* | Kirkland’s Inc. | 31,646 | 379 |
* | GNC Holdings Inc. | ||
Class A | 101,003 | 373 | |
* | Leaf Group Ltd. | 36,216 | 359 |
* | Potbelly Corp. | 28,634 | 352 |
* | tronc Inc. | 19,982 | 351 |
* | Liquidity Services Inc. | 68,062 | 330 |
* | Liberty Media Corp- | ||
Liberty Braves Series A | 14,955 | 330 | |
*,^ | Sportsman’s | ||
Warehouse Holdings Inc. | 49,428 | 327 | |
* | Reading International | ||
Inc. Class A | 19,360 | 323 | |
Clear Channel Outdoor | |||
Holdings Inc. Class A | 69,386 | 319 |
19
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Bridgepoint Education | ||
Inc. Class A | 38,451 | 319 | |
* | Smart & Final Stores Inc. | 37,242 | 318 |
RCI Hospitality Holdings | |||
Inc. | 11,193 | 313 | |
* | Boot Barn Holdings Inc. | 18,577 | 309 |
* | Stitch Fix Inc. Class A | 11,815 | 305 |
*,^ | Lands’ End Inc. | 15,519 | 303 |
* | TechTarget Inc. | 21,492 | 299 |
* | Daily Journal Corp. | 1,275 | 294 |
* | Remark Holdings Inc. | 29,154 | 284 |
^ | Big 5 Sporting Goods | ||
Corp. | 36,047 | 274 | |
*,^ | Lee Enterprises Inc. | 116,251 | 273 |
* | Avid Technology Inc. | 48,316 | 260 |
Tilly’s Inc. Class A | 17,464 | 258 | |
*,^ | Duluth Holdings Inc. | 14,351 | 256 |
* | Lindblad Expeditions | ||
Holdings Inc. | 26,003 | 255 | |
Nathan’s Famous Inc. | 3,352 | 253 | |
Saga Communications | |||
Inc. Class A | 6,161 | 249 | |
* | Build-A-Bear Workshop | ||
Inc. | 26,953 | 248 | |
* | Habit Restaurants Inc. | ||
Class A | 25,798 | 246 | |
* | Bojangles’ Inc. | 20,158 | 238 |
* | Cambium Learning | ||
Group Inc. | 40,553 | 230 | |
* | El Pollo Loco Holdings | ||
Inc. | 22,907 | 227 | |
* | J Alexander’s Holdings | ||
Inc. | 23,223 | 225 | |
* | FTD Cos. Inc. | 31,088 | 224 |
* | AutoWeb Inc. | 24,654 | 222 |
*,^ | Tuesday Morning Corp. | 80,767 | 222 |
Fred’s Inc. Class A | 53,902 | 218 | |
*,^ | Noodles & Co. Class A | 38,387 | 202 |
* | Marchex Inc. Class B | 62,354 | 201 |
* | Ascent Capital Group | ||
Inc. Class A | 17,463 | 201 | |
* | Vitamin Shoppe Inc. | 45,439 | 200 |
YuMe Inc. | 39,482 | 189 | |
* | Hemisphere Media | ||
Group Inc. Class A | 16,077 | 186 | |
* | Destination XL Group | ||
Inc. | 82,862 | 182 | |
* | Gaia Inc. Class A | 14,540 | 180 |
* | Natural Grocers by | ||
Vitamin Cottage Inc. | 19,620 | 175 | |
* | Blue Apron Holdings | ||
Inc. Class A | 42,139 | 170 |
* | Town Sports | ||
International Holdings | |||
Inc. | 28,003 | 155 | |
* | RealNetworks Inc. | 42,363 | 145 |
*,^ | Boston Omaha Corp. | 4,292 | 139 |
*,^ | Sears Holdings Corp. | 37,141 | 133 |
*,^ | Cogint Inc. | 28,266 | 124 |
* | PCM Inc. | 11,179 | 111 |
* | EVINE Live Inc. | 78,989 | 111 |
* | Global Eagle | ||
Entertainment Inc. | 48,195 | 110 | |
* | Bravo Brio Restaurant | ||
Group Inc. | 42,792 | 107 | |
Natural Health Trends | |||
Corp. | 6,880 | 104 | |
Ark Restaurants Corp. | 3,857 | 104 | |
* | McClatchy Co. Class A | 11,484 | 103 |
* | Rubicon Project Inc. | 54,125 | 101 |
* | Inspired Entertainment Inc. | 10,307 | 101 |
* | Red Lion Hotels Corp. | 10,216 | 101 |
* | J. Jill Inc. | 12,879 | 100 |
Village Super Market Inc. | |||
Class A | 4,322 | 99 | |
* | New York & Co. Inc. | 34,183 | 98 |
* | Luby’s Inc. | 35,510 | 94 |
* | Harte-Hanks Inc. | 95,721 | 91 |
* | Fogo De Chao Inc. | 7,183 | 83 |
* | Digital Turbine Inc. | 45,727 | 82 |
* | Townsquare Media Inc. | ||
Class A | 9,970 | 77 | |
AH Belo Corp. Class A | 15,949 | 77 | |
CBS Corp. Class A | 1,214 | 72 | |
* | Christopher & Banks Corp. | 52,928 | 67 |
^ | Stage Stores Inc. | 36,773 | 62 |
Liberty Tax Inc. | 5,501 | 60 | |
* | Rave Restaurant Group | ||
Inc. | 39,164 | 57 | |
* | Diversified Restaurant | ||
Holdings Inc. | 34,766 | 56 | |
* | Dover Downs Gaming & | ||
Entertainment Inc. | 52,774 | 54 | |
* | Destination Maternity | ||
Corp. | 17,667 | 52 | |
Salem Media Group Inc. | |||
Class A | 10,229 | 46 | |
* | Urban One Inc. | 25,730 | 45 |
* | Famous Dave’s of | ||
America Inc. | 6,256 | 41 | |
^ | Stein Mart Inc. | 29,959 | 35 |
* | Profire Energy Inc. | 16,653 | 32 |
*,^ | Container Store Group Inc. | 4,572 | 22 |
*,^ | Educational Development | ||
Corp. | 1,122 | 21 |
20
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Papa Murphy’s Holdings | ||
Inc. | 3,000 | 16 | |
* | Full House Resorts Inc. | 4,000 | 16 |
Beasley Broadcast | |||
Group Inc. Class A | 651 | 9 | |
Insignia Systems Inc. | 7,050 | 8 | |
National American | |||
University Holdings Inc. | 5,908 | 8 | |
* | Emmis Communications | ||
Corp. Class A | 2,200 | 8 | |
Flanigan’s Enterprises Inc. | 329 | 8 | |
* | ONE Group Hospitality Inc. | 1,915 | 5 |
* | Urban One Inc. Class A | 1,680 | 3 |
* | SPAR Group Inc. | 29 | — |
*,2 | Universal Travel Group | 118 | — |
5,547,991 | |||
Financials (20.5%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 3,005,036 | 595,658 | |
JPMorgan Chase & Co. | 5,490,370 | 587,140 | |
Bank of America Corp. | 15,675,489 | 462,740 | |
Wells Fargo & Co. | 7,012,740 | 425,463 | |
Visa Inc. Class A | 2,870,023 | 327,240 | |
Citigroup Inc. | 4,182,962 | 311,254 | |
Mastercard Inc. Class A | 1,485,914 | 224,908 | |
Goldman Sachs Group | |||
Inc. | 536,661 | 136,720 | |
US Bancorp | 2,489,497 | 133,387 | |
Morgan Stanley | 2,143,195 | 112,453 | |
American Express Co. | 1,097,425 | 108,985 | |
PNC Financial Services | |||
Group Inc. | 750,029 | 108,222 | |
Chubb Ltd. | 697,477 | 101,922 | |
Charles Schwab Corp. | 1,906,655 | 97,945 | |
American Tower Corp. | 679,189 | 96,900 | |
BlackRock Inc. | 177,428 | 91,147 | |
American International | |||
Group Inc. | 1,421,343 | 84,684 | |
Simon Property Group | |||
Inc. | 491,868 | 84,473 | |
Bank of New York | |||
Mellon Corp. | 1,537,431 | 82,806 | |
CME Group Inc. | 538,335 | 78,624 | |
Prudential Financial Inc. | 669,209 | 76,946 | |
Capital One Financial | |||
Corp. | 765,598 | 76,238 | |
Crown Castle | |||
International Corp. | 643,508 | 71,436 | |
S&P Global Inc. | 403,255 | 68,311 | |
| MetLife Inc. | 1,330,539 | 67,272 |
Marsh & McLennan | |||
Cos. Inc. | 807,499 | 65,722 | |
Intercontinental | |||
Exchange Inc. | 925,693 | 65,317 |
BB&T Corp. | 1,242,708 | 61,787 | |
Allstate Corp. | 568,927 | 59,572 | |
Travelers Cos. Inc. | 432,928 | 58,722 | |
Equinix Inc. | 123,916 | 56,161 | |
Aflac Inc. | 620,810 | 54,495 | |
State Street Corp. | 556,558 | 54,326 | |
Prologis Inc. | 838,034 | 54,062 | |
Aon plc | 395,366 | 52,979 | |
Progressive Corp. | 920,369 | 51,835 | |
Public Storage | 234,200 | 48,948 | |
SunTrust Banks Inc. | 747,214 | 48,263 | |
Synchrony Financial | 1,175,214 | 45,375 | |
Discover Financial | |||
Services | 574,530 | 44,193 | |
Weyerhaeuser Co. | 1,193,169 | 42,071 | |
Ameriprise Financial Inc. | 233,499 | 39,571 | |
AvalonBay Communities | |||
Inc. | 218,459 | 38,975 | |
T. Rowe Price Group Inc. | 363,224 | 38,113 | |
Moody’s Corp. | 256,810 | 37,908 | |
Welltower Inc. | 585,594 | 37,343 | |
Equity Residential | 581,126 | 37,058 | |
Digital Realty Trust Inc. | 325,037 | 37,022 | |
M&T Bank Corp. | 213,550 | 36,515 | |
KeyCorp | 1,690,356 | 34,094 | |
Northern Trust Corp. | 341,144 | 34,077 | |
Ventas Inc. | 564,011 | 33,846 | |
Fifth Third Bancorp | 1,106,782 | 33,580 | |
Citizens Financial Group | |||
Inc. | 773,648 | 32,478 | |
Principal Financial Group | |||
Inc. | 454,828 | 32,093 | |
Boston Properties Inc. | 243,866 | 31,710 | |
Hartford Financial | |||
Services Group Inc. | 562,015 | 31,630 | |
Regions Financial Corp. | 1,823,035 | 31,502 | |
Willis Towers Watson | |||
plc | 208,309 | 31,390 | |
* | SBA Communications | ||
Corp. Class A | 186,466 | 30,461 | |
Lincoln National Corp. | 344,654 | 26,494 | |
Realty Income Corp. | 446,009 | 25,431 | |
Essex Property Trust | |||
Inc. | 104,526 | 25,229 | |
TD Ameritrade Holding | |||
Corp. | 493,015 | 25,208 | |
Huntington Bancshares | |||
Inc. | 1,699,593 | 24,746 | |
* | IHS Markit Ltd. | 534,775 | 24,145 |
* | Markel Corp. | 21,048 | 23,976 |
Comerica Inc. | 273,922 | 23,779 | |
Loews Corp. | 471,393 | 23,584 | |
Invesco Ltd. | 643,291 | 23,506 |
21
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Host Hotels & Resorts | |||
Inc. | 1,167,105 | 23,167 | |
GGP Inc. | 974,823 | 22,801 | |
Franklin Resources Inc. | 522,198 | 22,627 | |
Cboe Global Markets | |||
Inc. | 179,838 | 22,406 | |
Equifax Inc. | 189,388 | 22,333 | |
First Republic Bank | 252,024 | 21,835 | |
Annaly Capital | |||
Management Inc. | 1,833,249 | 21,797 | |
* | E*TRADE Financial Corp. | 426,461 | 21,140 |
Vornado Realty Trust | 269,197 | 21,046 | |
* | CBRE Group Inc. | ||
Class A | 477,949 | 20,700 | |
Ally Financial Inc. | 696,800 | 20,319 | |
Alexandria Real Estate | |||
Equities Inc. | 151,339 | 19,763 | |
* | SVB Financial Group | 83,439 | 19,506 |
Unum Group | 353,499 | 19,404 | |
HCP Inc. | 741,891 | 19,349 | |
Cincinnati Financial Corp. | 248,376 | 18,621 | |
Raymond James | |||
Financial Inc. | 205,851 | 18,382 | |
MSCI Inc. Class A | 142,857 | 18,077 | |
Affiliated Managers | |||
Group Inc. | 88,026 | 18,067 | |
Arthur J Gallagher & Co. | 285,294 | 18,053 | |
Mid-America Apartment | |||
Communities Inc. | 179,462 | 18,047 | |
* | Arch Capital Group Ltd. | 196,518 | 17,838 |
Regency Centers Corp. | 243,501 | 16,845 | |
Extra Space Storage Inc. | 189,029 | 16,531 | |
SEI Investments Co. | 226,697 | 16,290 | |
UDR Inc. | 422,686 | 16,282 | |
FNF Group | 411,126 | 16,133 | |
Zions Bancorporation | 315,109 | 16,017 | |
Iron Mountain Inc. | 422,791 | 15,952 | |
Reinsurance Group of | |||
America Inc. Class A | 101,748 | 15,866 | |
* | Berkshire Hathaway Inc. | ||
Class A | 53 | 15,773 | |
SL Green Realty Corp. | 155,753 | 15,720 | |
Duke Realty Corp. | 566,198 | 15,406 | |
Federal Realty | |||
Investment Trust | 114,560 | 15,215 | |
Torchmark Corp. | 167,261 | 15,172 | |
Macerich Co. | 222,602 | 14,620 | |
* | Liberty Broadband Corp. | 171,478 | 14,603 |
XL Group Ltd. | 407,678 | 14,334 | |
Everest Re Group Ltd. | 64,764 | 14,330 | |
Nasdaq Inc. | 184,778 | 14,196 | |
Voya Financial Inc. | 284,802 | 14,089 | |
East West Bancorp Inc. | 229,082 | 13,935 | |
* | Alleghany Corp. | 23,157 | 13,804 |
Western Union Co. | 724,499 | 13,773 | |
Camden Property Trust | 146,016 | 13,442 | |
AGNC Investment Corp. | 614,453 | 12,406 | |
American Financial | |||
Group Inc. | 112,098 | 12,167 | |
VEREIT Inc. | 1,540,496 | 12,000 | |
Gaming and Leisure | |||
Properties Inc. | 321,634 | 11,900 | |
WP Carey Inc. | 170,220 | 11,728 | |
Kimco Realty Corp. | 640,117 | 11,618 | |
Kilroy Realty Corp. | 154,930 | 11,566 | |
MarketAxess Holdings | |||
Inc. | 56,543 | 11,408 | |
Equity LifeStyle | |||
Properties Inc. | 127,428 | 11,344 | |
* | Signature Bank | 82,204 | 11,283 |
Janus Henderson | |||
Group plc | 289,519 | 11,077 | |
Apartment Investment | |||
& Management Co. | 251,085 | 10,975 | |
Lazard Ltd. Class A | 207,653 | 10,902 | |
Jones Lang LaSalle Inc. | 71,851 | 10,701 | |
Sun Communities Inc. | 115,126 | 10,681 | |
Invitation Homes Inc. | 449,931 | 10,605 | |
WR Berkley Corp. | 145,359 | 10,415 | |
Douglas Emmett Inc. | 251,281 | 10,318 | |
National Retail | |||
Properties Inc. | 238,702 | 10,295 | |
CIT Group Inc. | 208,629 | 10,271 | |
PacWest Bancorp | 202,820 | 10,222 | |
Liberty Property Trust | 233,222 | 10,031 | |
First American Financial | |||
Corp. | 177,004 | 9,919 | |
People’s United | |||
Financial Inc. | 527,535 | 9,865 | |
Eaton Vance Corp. | 174,669 | 9,850 | |
Forest City Realty | |||
Trust Inc. Class A | 407,666 | 9,825 | |
Lamar Advertising Co. | |||
Class A | 132,281 | 9,821 | |
Brown & Brown Inc. | 189,026 | 9,727 | |
Healthcare Trust of | |||
America Inc. Class A | 320,071 | 9,615 | |
New York Community | |||
Bancorp Inc. | 734,090 | 9,558 | |
* | Athene Holding Ltd. | ||
Class A | 179,917 | 9,304 | |
Colony NorthStar Inc. | |||
Class A | 815,189 | 9,301 | |
Bank of the Ozarks | 188,568 | 9,136 | |
First Horizon National | |||
Corp. | 455,848 | 9,112 | |
American Homes 4 | |||
Rent Class A | 411,625 | 8,990 |
22
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
American Campus | |||
Communities Inc. | 218,187 | 8,952 | |
Brixmor Property | |||
Group Inc. | 479,534 | 8,948 | |
* | Brighthouse Financial | ||
Inc. | 151,431 | 8,880 | |
Synovus Financial Corp. | 182,478 | 8,748 | |
New Residential | |||
Investment Corp. | 486,301 | 8,695 | |
DCT Industrial Trust Inc. | 147,242 | 8,655 | |
Starwood Property Trust | |||
Inc. | 405,100 | 8,649 | |
Assurant Inc. | 85,606 | 8,633 | |
Cullen/Frost Bankers Inc. | 90,794 | 8,594 | |
Commerce Bancshares | |||
Inc. | 153,794 | 8,588 | |
* | Western Alliance Bancorp | 151,664 | 8,587 |
Old Republic International | |||
Corp. | 400,916 | 8,572 | |
^ | Omega Healthcare | ||
Investors Inc. | 310,820 | 8,560 | |
Hudson Pacific | |||
Properties Inc. | 249,880 | 8,558 | |
Sterling Bancorp | 342,586 | 8,428 | |
* | MGIC Investment Corp. | 593,504 | 8,374 |
CubeSmart | 288,693 | 8,349 | |
Highwoods Properties | |||
Inc. | 163,288 | 8,313 | |
Webster Financial Corp. | 147,664 | 8,293 | |
CyrusOne Inc. | 138,248 | 8,230 | |
* | Black Knight Inc. | 182,581 | 8,061 |
Medical Properties Trust | |||
Inc. | 582,711 | 8,030 | |
RenaissanceRe Holdings | |||
Ltd. | 63,614 | 7,989 | |
Pinnacle Financial | |||
Partners Inc. | 117,241 | 7,773 | |
EPR Properties | 117,882 | 7,717 | |
LPL Financial Holdings | |||
Inc. | 133,916 | 7,652 | |
* | Howard Hughes Corp. | 58,075 | 7,624 |
Hospitality Properties | |||
Trust | 254,735 | 7,604 | |
* | SLM Corp. | 665,346 | 7,518 |
Prosperity Bancshares | |||
Inc. | 105,756 | 7,410 | |
Hanover Insurance | |||
Group Inc. | 67,976 | 7,347 | |
Park Hotels & Resorts | |||
Inc. | 255,463 | 7,345 | |
Umpqua Holdings Corp. | 353,099 | 7,344 | |
Wintrust Financial Corp. | 89,004 | 7,331 | |
Senior Housing | |||
Properties Trust | 380,396 | 7,285 |
Primerica Inc. | 70,943 | 7,204 | |
FNB Corp. | 517,533 | 7,152 | |
STORE Capital Corp. | 273,838 | 7,131 | |
Radian Group Inc. | 343,817 | 7,086 | |
* | Texas Capital | ||
Bancshares Inc. | 79,291 | 7,049 | |
* | Liberty Ventures | ||
Class A | 129,257 | 7,011 | |
BankUnited Inc. | 170,947 | 6,961 | |
Gramercy Property Trust | 259,171 | 6,909 | |
* | Zillow Group Inc. | 167,527 | 6,855 |
Hancock Holding Co. | 135,108 | 6,688 | |
CNO Financial Group | |||
Inc. | 269,898 | 6,664 | |
Apple Hospitality REIT | |||
Inc. | 339,557 | 6,659 | |
Axis Capital Holdings | |||
Ltd. | 132,278 | 6,648 | |
Life Storage Inc. | 74,485 | 6,634 | |
Rayonier Inc. | 205,900 | 6,513 | |
* | Credit Acceptance Corp. | 19,931 | 6,447 |
Weingarten Realty | |||
Investors | 195,036 | 6,411 | |
Healthcare Realty | |||
Trust Inc. | 197,744 | 6,352 | |
IBERIABANK Corp. | 81,567 | 6,321 | |
Assured Guaranty Ltd. | 185,108 | 6,270 | |
Interactive Brokers | |||
Group Inc. | 105,563 | 6,250 | |
CoreSite Realty Corp. | 54,758 | 6,237 | |
Stifel Financial Corp. | 104,347 | 6,215 | |
Cousins Properties Inc. | 669,518 | 6,193 | |
Associated Banc-Corp | 243,486 | 6,185 | |
Spirit Realty Capital Inc. | 720,482 | 6,182 | |
RLJ Lodging Trust | 278,578 | 6,120 | |
Chemical Financial Corp. | 114,044 | 6,098 | |
JBG SMITH Properties | 171,087 | 5,942 | |
Taubman Centers Inc. | 90,733 | 5,937 | |
First Industrial Realty | |||
Trust Inc. | 187,646 | 5,905 | |
Bank of Hawaii Corp. | 68,458 | 5,867 | |
Legg Mason Inc. | 139,401 | 5,852 | |
Sunstone Hotel | |||
Investors Inc. | 352,534 | 5,827 | |
Popular Inc. | 163,494 | 5,802 | |
* | Essent Group Ltd. | 133,618 | 5,802 |
Investors Bancorp Inc. | 413,937 | 5,745 | |
Home BancShares Inc. | 245,714 | 5,713 | |
MB Financial Inc. | 127,490 | 5,676 | |
Realogy Holdings Corp. | 212,834 | 5,640 | |
Validus Holdings Ltd. | 120,183 | 5,639 | |
* | Equity Commonwealth | 183,961 | 5,613 |
United Bankshares Inc. | 159,308 | 5,536 |
23
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Selective Insurance | |||
Group Inc. | 93,412 | 5,483 | |
Navient Corp. | 411,294 | 5,478 | |
BGC Partners Inc. | |||
Class A | 360,588 | 5,448 | |
Federated Investors | |||
Inc. Class B | 146,605 | 5,290 | |
Chimera Investment | |||
Corp. | 285,167 | 5,270 | |
Sabra Health Care | |||
REIT Inc. | 279,453 | 5,245 | |
UMB Financial Corp. | 71,677 | 5,155 | |
Outfront Media Inc. | 222,159 | 5,154 | |
Empire State Realty | |||
Trust Inc. | 251,043 | 5,154 | |
Physicians Realty Trust | 284,164 | 5,112 | |
Cathay General Bancorp | 121,208 | 5,111 | |
Brandywine Realty Trust | 280,904 | 5,110 | |
Corporate Office | |||
Properties Trust | 174,970 | 5,109 | |
LaSalle Hotel Properties | 181,447 | 5,093 | |
TCF Financial Corp. | 246,627 | 5,056 | |
Columbia Banking | |||
System Inc. | 115,978 | 5,038 | |
^ | Blackstone Mortgage | ||
Trust Inc. Class A | 156,029 | 5,021 | |
MFA Financial Inc. | 633,943 | 5,021 | |
Fulton Financial Corp. | 279,730 | 5,007 | |
Paramount Group Inc. | 314,881 | 4,991 | |
Erie Indemnity Co. | |||
Class A | 40,783 | 4,969 | |
FirstCash Inc. | 73,665 | 4,969 | |
Retail Properties of | |||
America Inc. | 369,521 | 4,966 | |
Washington Federal Inc. | 143,423 | 4,912 | |
ProAssurance Corp. | 85,650 | 4,895 | |
Glacier Bancorp Inc. | 122,840 | 4,839 | |
South State Corp. | 55,296 | 4,819 | |
Ryman Hospitality | |||
Properties Inc. | 69,716 | 4,812 | |
^ | Uniti Group Inc. | 266,993 | 4,750 |
National Health | |||
Investors Inc. | 62,482 | 4,710 | |
GEO Group Inc. | 198,455 | 4,684 | |
Piedmont Office Realty | |||
Trust Inc. Class A | 232,560 | 4,560 | |
EastGroup Properties | |||
Inc. | 51,583 | 4,559 | |
First Financial | |||
Bankshares Inc. | 100,455 | 4,525 | |
Valley National Bancorp | 402,125 | 4,512 | |
CVB Financial Corp. | 191,232 | 4,505 | |
* | Green Dot Corp. Class A | 74,709 | 4,502 |
Evercore Inc. Class A | 49,832 | 4,485 |
DDR Corp. | 499,156 | 4,472 | |
Two Harbors | |||
Investment Corp. | 271,180 | 4,409 | |
Columbia Property | |||
Trust Inc. | 191,645 | 4,398 | |
White Mountains | |||
Insurance Group Ltd. | 5,111 | 4,351 | |
Kemper Corp. | 62,154 | 4,282 | |
CoreCivic Inc. | 189,152 | 4,256 | |
BancorpSouth Bank | 133,119 | 4,187 | |
American National | |||
Insurance Co. | 32,378 | 4,152 | |
American Equity | |||
Investment Life | |||
Holding Co. | 134,943 | 4,147 | |
Pebblebrook Hotel Trust | 109,843 | 4,083 | |
Education Realty | |||
Trust Inc. | 116,914 | 4,083 | |
RLI Corp. | 67,124 | 4,072 | |
Urban Edge Properties | 157,761 | 4,021 | |
Simmons First National | |||
Corp. Class A | 69,423 | 3,964 | |
^ | Tanger Factory Outlet | ||
Centers Inc. | 149,503 | 3,963 | |
Community Bank | |||
System Inc. | 73,684 | 3,961 | |
First Citizens | |||
BancShares Inc. | |||
Class A | 9,715 | 3,915 | |
First Midwest Bancorp | |||
Inc. | 162,803 | 3,909 | |
Aspen Insurance | |||
Holdings Ltd. | 96,149 | 3,904 | |
* | LendingTree Inc. | 11,416 | 3,887 |
STAG Industrial Inc. | 141,929 | 3,879 | |
Washington REIT | 122,889 | 3,824 | |
PS Business Parks Inc. | 30,533 | 3,819 | |
Old National Bancorp | 217,522 | 3,796 | |
Hope Bancorp Inc. | 205,795 | 3,756 | |
Great Western Bancorp | |||
Inc. | 94,301 | 3,753 | |
* | HealthEquity Inc. | 79,763 | 3,722 |
Acadia Realty Trust | 135,601 | 3,710 | |
Xenia Hotels & Resorts | |||
Inc. | 170,768 | 3,687 | |
BOK Financial Corp. | 39,596 | 3,655 | |
DiamondRock | |||
Hospitality Co. | 320,339 | 3,617 | |
QTS Realty Trust Inc. | |||
Class A | 66,520 | 3,603 | |
Kennedy-Wilson | |||
Holdings Inc. | 207,311 | 3,597 | |
International | |||
Bancshares Corp. | 90,143 | 3,579 |
24
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Rexford Industrial | |||
Realty Inc. | 121,913 | 3,555 | |
First Merchants Corp. | 83,843 | 3,526 | |
Retail Opportunity | |||
Investments Corp. | 175,843 | 3,508 | |
* | Zillow Group Inc. Class A | 84,693 | 3,450 |
Terreno Realty Corp. | 94,476 | 3,312 | |
* | FCB Financial Holdings | ||
Inc. Class A | 65,110 | 3,308 | |
* | Liberty Broadband | ||
Corp. Class A | 38,721 | 3,293 | |
Trustmark Corp. | 103,353 | 3,293 | |
* | HRG Group Inc. | 193,259 | 3,276 |
ServisFirst Bancshares | |||
Inc. | 78,533 | 3,259 | |
Potlatch Corp. | 65,104 | 3,249 | |
* | Blackhawk Network | ||
Holdings Inc. | 90,068 | 3,211 | |
Towne Bank | 102,720 | 3,159 | |
Artisan Partners Asset | |||
Management Inc. | |||
Class A | 79,915 | 3,157 | |
Santander Consumer | |||
USA Holdings Inc. | 167,488 | 3,119 | |
Lexington Realty Trust | 320,735 | 3,095 | |
Invesco Mortgage | |||
Capital Inc. | 173,292 | 3,090 | |
Financial Engines Inc. | 100,721 | 3,052 | |
United Community | |||
Banks Inc. | 108,449 | 3,052 | |
Independent Bank Corp. | 43,490 | 3,038 | |
* | Eagle Bancorp Inc. | 52,051 | 3,014 |
Hilltop Holdings Inc. | 118,335 | 2,997 | |
Apollo Commercial | |||
Real Estate Finance Inc. | 160,794 | 2,967 | |
LegacyTexas Financial | |||
Group Inc. | 69,914 | 2,951 | |
Renasant Corp. | 71,354 | 2,918 | |
HFF Inc. Class A | 59,056 | 2,872 | |
First Hawaiian Inc. | 98,401 | 2,871 | |
* | Pacific Premier Bancorp | ||
Inc. | 70,971 | 2,839 | |
Waddell & Reed | |||
Financial Inc. Class A | 126,842 | 2,834 | |
Government Properties | |||
Income Trust | 151,224 | 2,804 | |
Mack-Cali Realty Corp. | 129,525 | 2,793 | |
* | OneMain Holdings Inc. | 106,967 | 2,780 |
Banner Corp. | 50,386 | 2,777 | |
Argo Group International | |||
Holdings Ltd. | 45,000 | 2,774 | |
LTC Properties Inc. | 63,354 | 2,759 | |
*,^ | BofI Holding Inc. | 91,470 | 2,735 |
Moelis & Co. Class A | 56,044 | 2,718 |
Provident Financial | |||
Services Inc. | 100,744 | 2,717 | |
Horace Mann Educators | |||
Corp. | 61,528 | 2,713 | |
Union Bankshares Corp. | 74,853 | 2,707 | |
WSFS Financial Corp. | 56,518 | 2,704 | |
WesBanco Inc. | 65,757 | 2,673 | |
Capitol Federal | |||
Financial Inc. | 196,596 | 2,636 | |
Chesapeake Lodging | |||
Trust | 95,964 | 2,600 | |
Kite Realty Group Trust | 131,739 | 2,582 | |
Northwest Bancshares | |||
Inc. | 153,215 | 2,563 | |
Summit Hotel | |||
Properties Inc. | 167,071 | 2,544 | |
Ameris Bancorp | 52,610 | 2,536 | |
NBT Bancorp Inc. | 67,809 | 2,495 | |
Select Income REIT | 99,075 | 2,490 | |
^ | Westamerica | ||
Bancorporation | 41,801 | 2,489 | |
* | Genworth Financial Inc. | ||
Class A | 791,756 | 2,462 | |
First Commonwealth | |||
Financial Corp. | 171,829 | 2,461 | |
First Financial Bancorp | 92,720 | 2,443 | |
CenterState Bank Corp. | 94,835 | 2,440 | |
Agree Realty Corp. | 47,212 | 2,429 | |
* | Enstar Group Ltd. | 12,086 | 2,426 |
WisdomTree | |||
Investments Inc. | 192,114 | 2,411 | |
* | LendingClub Corp. | 582,157 | 2,404 |
Four Corners Property | |||
Trust Inc. | 93,180 | 2,395 | |
Heartland Financial | |||
USA Inc. | 44,322 | 2,378 | |
American Assets | |||
Trust Inc. | 62,071 | 2,374 | |
Mercury General Corp. | 43,923 | 2,347 | |
* | PRA Group Inc. | 70,686 | 2,347 |
Park National Corp. | 21,968 | 2,285 | |
First Busey Corp. | 75,241 | 2,253 | |
Tompkins Financial | |||
Corp. | 27,278 | 2,219 | |
Berkshire Hills | |||
Bancorp Inc. | 60,570 | 2,217 | |
State Bank Financial | |||
Corp. | 72,678 | 2,169 | |
National Storage | |||
Affiliates Trust | 78,290 | 2,134 | |
Independent Bank | |||
Group Inc. | 31,257 | 2,113 | |
First Interstate Banc | |||
System Inc. Class A | 52,747 | 2,113 |
25
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
S&T Bancorp Inc. | 52,588 | 2,094 | |
Washington Prime | |||
Group Inc. | 292,263 | 2,081 | |
Alexander & Baldwin Inc. | 74,975 | 2,080 | |
Employers Holdings Inc. | 46,559 | 2,067 | |
* | Walker & Dunlop Inc. | 43,424 | 2,063 |
CYS Investments Inc. | 256,651 | 2,061 | |
* | Seacoast Banking Corp. | ||
of Florida | 81,336 | 2,050 | |
Beneficial Bancorp Inc. | 124,492 | 2,048 | |
* | Quality Care Properties | ||
Inc. | 147,788 | 2,041 | |
Piper Jaffray Cos. | 23,544 | 2,031 | |
Boston Private Financial | |||
Holdings Inc. | 130,766 | 2,020 | |
Navigators Group Inc. | 41,477 | 2,020 | |
AMERISAFE Inc. | 32,490 | 2,001 | |
Lakeland Financial Corp. | 41,059 | 1,991 | |
Global Net Lease Inc. | 94,779 | 1,951 | |
Safety Insurance | |||
Group Inc. | 24,065 | 1,935 | |
Infinity Property & | |||
Casualty Corp. | 18,113 | 1,920 | |
Houlihan Lokey Inc. | |||
Class A | 41,989 | 1,908 | |
CareTrust REIT Inc. | 113,643 | 1,905 | |
Ramco-Gershenson | |||
Properties Trust | 128,608 | 1,894 | |
Redwood Trust Inc. | 127,378 | 1,888 | |
* | Third Point Reinsurance | ||
Ltd. | 127,894 | 1,874 | |
Meridian Bancorp Inc. | 89,739 | 1,849 | |
Hannon Armstrong | |||
Sustainable | |||
Infrastructure Capital Inc. | 76,356 | 1,837 | |
Kearny Financial Corp. | 125,928 | 1,820 | |
* | Cannae Holdings Inc. | 106,264 | 1,810 |
Brookline Bancorp Inc. | 114,593 | 1,799 | |
National General | |||
Holdings Corp. | 89,976 | 1,767 | |
TFS Financial Corp. | 117,948 | 1,762 | |
Franklin Street | |||
Properties Corp. | 162,059 | 1,741 | |
MainSource Financial | |||
Group Inc. | 46,928 | 1,704 | |
ARMOUR Residential | |||
REIT Inc. | 64,636 | 1,662 | |
City Holding Co. | 24,578 | 1,658 | |
Monmouth Real Estate | |||
Investment Corp. | 92,889 | 1,653 | |
* | Encore Capital Group Inc. | 39,121 | 1,647 |
Easterly Government | |||
Properties Inc. | 77,121 | 1,646 | |
Chatham Lodging Trust | 72,119 | 1,641 |
Stewart Information | |||
Services Corp. | 38,625 | 1,634 | |
PennyMac Mortgage | |||
Investment Trust | 101,451 | 1,630 | |
* | NMI Holdings Inc. | ||
Class A | 95,491 | 1,623 | |
Seritage Growth | |||
Properties Class A | 40,058 | 1,621 | |
Heritage Financial Corp. | 52,549 | 1,619 | |
Stock Yards Bancorp Inc. | 42,644 | 1,608 | |
James River Group | |||
Holdings Ltd. | 39,963 | 1,599 | |
First Bancorp | 45,038 | 1,590 | |
Sandy Spring Bancorp Inc. | 40,737 | 1,590 | |
United Fire Group Inc. | 34,846 | 1,588 | |
Saul Centers Inc. | 25,622 | 1,582 | |
Enterprise Financial | |||
Services Corp. | 34,979 | 1,579 | |
* | First BanCorp | 309,308 | 1,577 |
Ladder Capital Corp. | |||
Class A | 115,358 | 1,572 | |
NRG Yield Inc. Class A | 82,782 | 1,560 | |
Alexander’s Inc. | 3,929 | 1,555 | |
CBL & Associates | |||
Properties Inc. | 269,844 | 1,527 | |
TriCo Bancshares | 39,912 | 1,511 | |
^ | Virtu Financial Inc. | ||
Class A | 81,913 | 1,499 | |
Banc of California Inc. | 71,769 | 1,482 | |
^ | AmTrust Financial | ||
Services Inc. | 146,992 | 1,480 | |
Cohen & Steers Inc. | 31,284 | 1,479 | |
Washington Trust | |||
Bancorp Inc. | 27,620 | 1,471 | |
Capstead Mortgage Corp. | 169,950 | 1,470 | |
Central Pacific | |||
Financial Corp. | 49,185 | 1,467 | |
Preferred Bank | 24,413 | 1,435 | |
German American | |||
Bancorp Inc. | 40,602 | 1,434 | |
Hanmi Financial Corp. | 46,969 | 1,426 | |
MTGE Investment Corp. | 76,333 | 1,412 | |
Bryn Mawr Bank Corp. | 31,622 | 1,398 | |
Tier REIT Inc. | 68,439 | 1,395 | |
Nelnet Inc. Class A | 25,122 | 1,376 | |
BancFirst Corp. | 26,590 | 1,360 | |
National Bank Holdings | |||
Corp. Class A | 41,876 | 1,358 | |
OceanFirst Financial Corp. | 51,546 | 1,353 | |
CoBiz Financial Inc. | 67,603 | 1,351 | |
Virtus Investment | |||
Partners Inc. | 11,696 | 1,346 | |
Camden National Corp. | 31,823 | 1,341 | |
* | HomeStreet Inc. | 46,208 | 1,338 |
26
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Universal Health Realty | |||
Income Trust | 17,559 | 1,319 | |
Universal Insurance | |||
Holdings Inc. | 48,156 | 1,317 | |
Independence Realty | |||
Trust Inc. | 130,132 | 1,313 | |
Meta Financial Group Inc. | 13,832 | 1,282 | |
FBL Financial Group Inc. | |||
Class A | 18,180 | 1,266 | |
RE/MAX Holdings Inc. | |||
Class A | 26,062 | 1,264 | |
Kinsale Capital Group Inc. | 28,019 | 1,261 | |
^ | Pennsylvania REIT | 105,301 | 1,252 |
Community Trust | |||
Bancorp Inc. | 26,501 | 1,248 | |
* | St. Joe Co. | 69,139 | 1,248 |
Guaranty Bancorp | 44,959 | 1,243 | |
Peoples Bancorp Inc. | 37,963 | 1,238 | |
Northfield Bancorp Inc. | 72,115 | 1,232 | |
* | iStar Inc. | 107,918 | 1,219 |
TrustCo Bank Corp. | 132,520 | 1,219 | |
Great Southern Bancorp | |||
Inc. | 23,570 | 1,217 | |
NRG Yield Inc. | 64,387 | 1,217 | |
Getty Realty Corp. | 44,470 | 1,208 | |
First Financial Corp. | 26,481 | 1,201 | |
Armada Hoffler | |||
Properties Inc. | 77,242 | 1,200 | |
Southside Bancshares | |||
Inc. | 35,244 | 1,187 | |
Lakeland Bancorp Inc. | 61,607 | 1,186 | |
Heritage Commerce Corp. | 76,837 | 1,177 | |
New York Mortgage | |||
Trust Inc. | 190,202 | 1,174 | |
Preferred Apartment | |||
Communities Inc. | |||
Class A | 57,927 | 1,173 | |
* | Ambac Financial | ||
Group Inc. | 73,375 | 1,173 | |
United Financial Bancorp | |||
Inc. | 65,889 | 1,162 | |
Peapack Gladstone | |||
Financial Corp. | 33,045 | 1,157 | |
Mercantile Bank Corp. | 32,373 | 1,145 | |
Federal Agricultural | |||
Mortgage Corp. | 14,620 | 1,144 | |
ConnectOne Bancorp Inc. | 44,410 | 1,144 | |
Flushing Financial Corp. | 41,100 | 1,130 | |
Arrow Financial Corp. | 33,067 | 1,123 | |
Carolina Financial Corp. | 29,998 | 1,114 | |
Bridge Bancorp Inc. | 31,632 | 1,107 | |
InfraREIT Inc. | 59,548 | 1,106 | |
QCR Holdings Inc. | 25,768 | 1,104 | |
* | Flagstar Bancorp Inc. | 29,474 | 1,103 |
* | Customers Bancorp Inc. | 41,857 | 1,088 |
* | TriState Capital | ||
Holdings Inc. | 47,291 | 1,088 | |
* | National Commerce | ||
Corp. | 26,972 | 1,086 | |
* | First Foundation Inc. | 58,334 | 1,082 |
* | Greenlight Capital Re | ||
Ltd. Class A | 53,757 | 1,081 | |
PJT Partners Inc. | 23,499 | 1,072 | |
Anworth Mortgage | |||
Asset Corp. | 196,773 | 1,070 | |
Granite Point Mortgage | |||
Trust Inc. | 59,689 | 1,059 | |
Westwood Holdings | |||
Group Inc. | 15,981 | 1,058 | |
* | Williams Scotsman Corp. | 82,761 | 1,051 |
Oritani Financial Corp. | 64,058 | 1,051 | |
Ashford Hospitality | |||
Trust Inc. | 155,808 | 1,049 | |
*,^ | MBIA Inc. | 141,379 | 1,035 |
New York REIT Inc. | 262,692 | 1,032 | |
Altisource Residential | |||
Corp. | 86,731 | 1,029 | |
Horizon Bancorp | 36,906 | 1,026 | |
First Defiance Financial | |||
Corp. | 19,469 | 1,012 | |
Independent Bank Corp. | 45,172 | 1,010 | |
Univest Corp. of | |||
Pennsylvania | 35,785 | 1,004 | |
Investment Technology | |||
Group Inc. | 52,124 | 1,003 | |
Investors Real Estate | |||
Trust | 176,636 | 1,003 | |
Blue Hills Bancorp Inc. | 49,799 | 1,001 | |
* | Nicolet Bankshares Inc. | 18,285 | 1,001 |
Arbor Realty Trust Inc. | 115,365 | 997 | |
Fidelity Southern Corp. | 44,936 | 980 | |
KKR Real Estate Finance | |||
Trust Inc. | 48,907 | 979 | |
* | Marcus & Millichap Inc. | 29,535 | 963 |
First of Long Island Corp. | 33,375 | 951 | |
Dime Community | |||
Bancshares Inc. | 45,331 | 950 | |
* | EZCORP Inc. Class A | 77,713 | 948 |
* | Cadence BanCorp | ||
Class A | 34,920 | 947 | |
First Community | |||
Bancshares Inc. | 32,811 | 943 | |
Diamond Hill Investment | |||
Group Inc. | 4,544 | 939 | |
National Western Life | |||
Group Inc. Class A | 2,836 | 939 | |
Urstadt Biddle Properties | |||
Inc. Class A | 42,913 | 933 |
27
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Hersha Hospitality Trust | |||
Class A | 53,498 | 931 | |
* | HomeTrust Bancshares | ||
Inc. | 36,011 | 927 | |
Cedar Realty Trust Inc. | 150,712 | 916 | |
Financial Institutions Inc. | 29,366 | 913 | |
Bank Mutual Corp. | 85,534 | 911 | |
Waterstone Financial Inc. | 52,961 | 903 | |
New Senior Investment | |||
Group Inc. | 119,219 | 901 | |
CatchMark Timber Trust | |||
Inc. Class A | 68,418 | 898 | |
Ares Commercial Real | |||
Estate Corp. | 64,807 | 836 | |
* | INTL. FCStone Inc. | 19,553 | 832 |
Republic Bancorp Inc. | |||
Class A | 21,600 | 821 | |
* | Nationstar Mortgage | ||
Holdings Inc. | 43,848 | 811 | |
BBX Capital Corp. | |||
Class A | 101,551 | 809 | |
Access National Corp. | 28,976 | 807 | |
Gladstone Commercial | |||
Corp. | 37,966 | 800 | |
Live Oak Bancshares Inc. | 33,252 | 793 | |
MidWestOne Financial | |||
Group Inc. | 23,586 | 791 | |
Bank of Marin Bancorp | 11,573 | 787 | |
* | Global Indemnity Ltd. | 18,571 | 780 |
Ames National Corp. | 27,824 | 775 | |
* | Opus Bank | 28,376 | 775 |
OFG Bancorp | 81,422 | 765 | |
* | Xenith Bankshares Inc. | 22,598 | 764 |
Community Healthcare | |||
Trust Inc. | 26,903 | 756 | |
* | Veritex Holdings Inc. | 27,195 | 750 |
* | Enova International Inc. | 49,086 | 746 |
* | Triumph Bancorp Inc. | 23,568 | 742 |
Midland States Bancorp | |||
Inc. | 22,615 | 735 | |
* | Bancorp Inc. | 73,119 | 722 |
Bar Harbor Bankshares | 26,556 | 717 | |
State Auto Financial Corp. | 24,197 | 705 | |
NexPoint Residential | |||
Trust Inc. | 24,948 | 697 | |
Whitestone REIT | 48,367 | 697 | |
*,^ | Redfin Corp. | 22,114 | 693 |
City Office REIT Inc. | 53,051 | 690 | |
Maiden Holdings Ltd. | 103,342 | 682 | |
RMR Group Inc. Class A | 11,403 | 676 | |
* | FB Financial Corp. | 16,038 | 673 |
Farmers Capital Bank | |||
Corp. | 17,490 | 673 | |
Dynex Capital Inc. | 95,888 | 672 |
Hingham Institution | |||
for Savings | 3,245 | 672 | |
^ | CorEnergy | ||
Infrastructure Trust Inc. | 17,225 | 658 | |
AG Mortgage | |||
Investment Trust Inc. | 34,494 | 656 | |
* | PennyMac Financial | ||
Services Inc. Class A | 28,636 | 640 | |
Greenhill & Co. Inc. | 32,454 | 633 | |
Sun Bancorp Inc. | 25,329 | 615 | |
* | Cowen Inc. Class A | 44,832 | 612 |
UMH Properties Inc. | 41,059 | 612 | |
* | World Acceptance Corp. | 7,474 | 603 |
1st Source Corp. | 12,154 | 601 | |
^ | Arlington Asset | ||
Investment Corp. | |||
Class A | 50,189 | 591 | |
Capital City Bank | |||
Group Inc. | 25,656 | 589 | |
United Insurance | |||
Holdings Corp. | 34,051 | 587 | |
Great Ajax Corp. | 42,352 | 585 | |
Baldwin & Lyons Inc. | 24,182 | 579 | |
Ladenburg Thalmann | |||
Financial Services Inc. | 181,479 | 573 | |
Ashford Hospitality | |||
Prime Inc. | 58,502 | 569 | |
* | Green Bancorp Inc. | 27,897 | 566 |
ESSA Bancorp Inc. | 36,013 | 564 | |
First Bancshares Inc. | 16,489 | 564 | |
Codorus Valley | |||
Bancorp Inc. | 20,356 | 560 | |
*,^ | Citizens Inc. Class A | 75,440 | 554 |
*,^ | Republic First Bancorp | ||
Inc. | 65,403 | 553 | |
^ | Heritage Insurance | ||
Holdings Inc. | 29,867 | 538 | |
^ | Orchid Island Capital Inc. | 57,303 | 532 |
Donegal Group Inc. | |||
Class A | 30,587 | 529 | |
People’s Utah Bancorp | 17,422 | 528 | |
GAIN Capital Holdings | |||
Inc. | 52,307 | 523 | |
* | eHealth Inc. | 29,706 | 516 |
*,^ | Altisource Portfolio | ||
Solutions SA | 18,379 | 515 | |
* | Franklin Financial | ||
Network Inc. | 15,045 | 513 | |
PICO Holdings Inc. | 38,623 | 494 | |
EMC Insurance Group Inc. | 17,112 | 491 | |
* | Atlantic Capital | ||
Bancshares Inc. | 27,760 | 489 | |
* | MoneyGram | ||
International Inc. | 36,823 | 485 |
28
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Farmers National Banc | |||
Corp. | 32,695 | 482 | |
United Community | |||
Financial Corp. | 52,740 | 482 | |
Investors Title Co. | 2,416 | 479 | |
* | BSB Bancorp Inc. | 16,346 | 478 |
First Internet Bancorp | 12,411 | 473 | |
* | Allegiance Bancshares Inc. | 12,557 | 473 |
* | Newmark Group Inc. | ||
Class A | 29,698 | 472 | |
Charter Financial Corp. | 26,866 | 471 | |
* | Health Insurance | ||
Innovations Inc. Class A | 18,703 | 467 | |
Old Second Bancorp Inc. | 33,955 | 463 | |
CNB Financial Corp. | 17,659 | 463 | |
* | Ocwen Financial Corp. | 146,188 | 458 |
Western Asset | |||
Mortgage Capital Corp. | 44,681 | 445 | |
* | Tejon Ranch Co. | 21,311 | 442 |
Marlin Business | |||
Services Corp. | 19,716 | 442 | |
* | Atlas Financial | ||
Holdings Inc. | 21,457 | 441 | |
^ | Farmers & Merchants | ||
Bancorp Inc. | 10,794 | 440 | |
HCI Group Inc. | 14,582 | 436 | |
* | Equity Bancshares Inc. | ||
Class A | 12,230 | 433 | |
Sierra Bancorp | 16,254 | 432 | |
Associated Capital | |||
Group Inc. Class A | 12,569 | 429 | |
American National | |||
Bankshares Inc. | 11,131 | 426 | |
* | FRP Holdings Inc. | 9,592 | 424 |
West Bancorporation Inc. | 16,868 | 424 | |
Bank of Commerce | |||
Holdings | 36,447 | 419 | |
MedEquities Realty | |||
Trust Inc. | 37,054 | 416 | |
First Connecticut | |||
Bancorp Inc. | 15,736 | 411 | |
* | Byline Bancorp Inc. | 16,898 | 388 |
Resource Capital Corp. | 40,393 | 378 | |
Western New England | |||
Bancorp Inc. | 34,454 | 376 | |
* | On Deck Capital Inc. | 64,768 | 372 |
2 | Winthrop Realty Trust | 55,387 | 371 |
* | Forestar Group Inc. | 16,801 | 370 |
Jernigan Capital Inc. | 19,205 | 365 | |
First Mid-Illinois | |||
Bancshares Inc. | 9,448 | 364 | |
WashingtonFirst | |||
Bankshares Inc. | 10,618 | 364 | |
National Bankshares Inc. | 7,987 | 363 |
Enterprise Bancorp Inc. | 10,657 | 363 | |
GAMCO Investors Inc. | |||
Class A | 12,229 | 363 | |
One Liberty Properties Inc. | 13,891 | 360 | |
BankFinancial Corp. | 23,423 | 359 | |
^ | Farmland Partners Inc. | 41,090 | 357 |
* | PCSB Financial Corp. | 18,403 | 351 |
* | AV Homes Inc. | 20,912 | 348 |
Sutherland Asset | |||
Management Corp. | 22,935 | 347 | |
* | Howard Bancorp Inc. | 15,448 | 340 |
Consolidated-Tomoka | |||
Land Co. | 5,242 | 333 | |
Southern National | |||
Bancorp of Virginia Inc. | 20,356 | 326 | |
First Bancorp Inc. | 11,952 | 325 | |
Home Bancorp Inc. | 7,271 | 314 | |
* | Southern First | ||
Bancshares Inc. | 7,604 | 314 | |
Bluerock Residential | |||
Growth REIT Inc. | |||
Class A | 30,936 | 313 | |
Old Line Bancshares Inc. | 10,580 | 311 | |
* | Regional Management | ||
Corp. | 11,627 | 306 | |
Peoples Financial | |||
Services Corp. | 6,344 | 295 | |
Clifton Bancorp Inc. | 17,235 | 295 | |
Federated National | |||
Holding Co. | 17,478 | 290 | |
Reis Inc. | 13,938 | 288 | |
* | Ashford Inc. | 2,981 | 277 |
Citizens & Northern Corp. | 11,534 | 277 | |
Hamilton Lane Inc. | |||
Class A | 7,697 | 272 | |
MutualFirst Financial Inc. | 6,926 | 267 | |
Bankwell Financial | |||
Group Inc. | 7,629 | 262 | |
Southern Missouri | |||
Bancorp Inc. | 6,861 | 258 | |
Central Valley | |||
Community Bancorp | 12,691 | 256 | |
LCNB Corp. | 12,460 | 255 | |
* | Bank of Princeton | 7,398 | 254 |
* | HarborOne Bancorp Inc. | 13,003 | 249 |
FNB Bancorp | 6,793 | 248 | |
Oppenheimer Holdings | |||
Inc. Class A | 9,131 | 245 | |
BCB Bancorp Inc. | 16,700 | 242 | |
Stratus Properties Inc. | 8,087 | 240 | |
^ | Global Medical REIT Inc. | 29,211 | 240 |
MidSouth Bancorp Inc. | 17,550 | 233 | |
* | Safeguard Scientifics Inc. | 20,729 | 232 |
Bear State Financial Inc. | 22,550 | 231 |
29
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
First Financial | |||
Northwest Inc. | 14,707 | 228 | |
Ellington Residential | |||
Mortgage REIT | 18,917 | 228 | |
Premier Financial | |||
Bancorp Inc. | 11,291 | 227 | |
FS Bancorp Inc. | 4,145 | 226 | |
* | Maui Land & Pineapple | ||
Co. Inc. | 12,826 | 222 | |
Pzena Investment | |||
Management Inc. | |||
Class A | 20,734 | 221 | |
Northrim BanCorp Inc. | 6,516 | 221 | |
Orrstown Financial | |||
Services Inc. | 8,735 | 221 | |
Guaranty Bancshares Inc. | 7,086 | 217 | |
Century Bancorp Inc. | |||
Class A | 2,763 | 216 | |
TPG RE Finance Trust Inc. | 10,999 | 210 | |
Macatawa Bank Corp. | 20,805 | 208 | |
Gladstone Land Corp. | 15,225 | 204 | |
* | Trinity Place Holdings Inc. | 29,400 | 204 |
* | Anchor Bancorp Inc. | 8,142 | 202 |
County Bancorp Inc. | 6,707 | 200 | |
Peoples Bancorp of | |||
North Carolina Inc. | 6,200 | 190 | |
MBT Financial Corp. | 17,757 | 188 | |
Commerce Union | |||
Bancshares Inc. | 7,325 | 188 | |
Summit Financial Group | |||
Inc. | 7,131 | 188 | |
Cherry Hill Mortgage | |||
Investment Corp. | 10,392 | 187 | |
Timberland Bancorp Inc. | 6,966 | 185 | |
Innovative Industrial | |||
Properties Inc. | 5,665 | 183 | |
* | Sunshine Bancorp Inc. | 7,967 | 183 |
* | Paragon Commercial Corp. | 3,421 | 182 |
Investar Holding Corp. | 7,382 | 178 | |
Evans Bancorp Inc. | 4,237 | 178 | |
* | Consumer Portfolio | ||
Services Inc. | 41,851 | 174 | |
Clipper Realty Inc. | 17,277 | 173 | |
Riverview Bancorp Inc. | 19,829 | 172 | |
Civista Bancshares Inc. | 7,813 | 172 | |
Kingstone Cos. Inc. | 9,063 | 170 | |
Northeast Bancorp | 7,265 | 168 | |
* | Elevate Credit Inc. | 22,291 | 168 |
* | Community Bankers | ||
Trust Corp. | 20,507 | 167 | |
Territorial Bancorp Inc. | 5,409 | 167 | |
Shore Bancshares Inc. | 9,877 | 165 | |
Middlefield Banc Corp. | 3,395 | 164 |
* | Impac Mortgage | ||
Holdings Inc. | 15,976 | 162 | |
Community Financial | |||
Corp. | 4,225 | 162 | |
ACNB Corp. | 5,442 | 161 | |
* | Pacific Mercantile | ||
Bancorp | 18,332 | 160 | |
* | NI Holdings Inc. | 9,094 | 154 |
C&F Financial Corp. | 2,647 | 154 | |
Safety Income and | |||
Growth Inc. | 8,480 | 149 | |
First Guaranty | |||
Bancshares Inc. | 5,870 | 147 | |
Penns Woods Bancorp | |||
Inc. | 3,095 | 144 | |
First Bank | 9,997 | 138 | |
* | Entegra Financial Corp. | 4,731 | 138 |
* | Bluegreen Vacations Corp. | 7,564 | 138 |
Chemung Financial Corp. | 2,866 | 138 | |
Wheeler REIT Inc. | 13,699 | 137 | |
*,^ | Aspen Group Inc. | 14,384 | 128 |
* | Hallmark Financial | ||
Services Inc. | 12,190 | 127 | |
American River | |||
Bankshares | 8,250 | 126 | |
* | Altisource Asset | ||
Management Corp. | 1,486 | 121 | |
DNB Financial Corp. | 3,536 | 119 | |
Merchants Bancorp | 5,900 | 116 | |
Unity Bancorp Inc. | 5,832 | 115 | |
Griffin Industrial Realty | |||
Inc. | 3,138 | 115 | |
* | Select Bancorp Inc. | 8,982 | 113 |
Tiptree Inc. | 19,060 | 113 | |
Greene County Bancorp | |||
Inc. | 3,463 | 113 | |
Union Bankshares Inc. | 2,105 | 111 | |
* | SmartFinancial Inc. | 5,113 | 111 |
Owens Realty Mortgage | |||
Inc. | 6,865 | 110 | |
* | WMIH Corp. | 128,540 | 109 |
^ | US Global Investors Inc. | ||
Class A | 27,714 | 108 | |
1st Constitution Bancorp | 5,854 | 108 | |
Sotherly Hotels Inc. | 16,065 | 104 | |
First Business Financial | |||
Services Inc. | 4,664 | 103 | |
Sussex Bancorp | 3,772 | 101 | |
* | Atlantic Coast Financial | ||
Corp. | 10,698 | 101 | |
Old Point Financial Corp. | 3,388 | 101 | |
Bank of the James | |||
Financial Group Inc. | 6,570 | 100 | |
Two River Bancorp | 5,385 | 98 |
30
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | First Northwest Bancorp | 5,898 | 96 |
* | Provident Bancorp Inc. | 3,560 | 94 |
Bancorp of New Jersey | |||
Inc. | 4,942 | 90 | |
Independence Holding | |||
Co. | 3,224 | 88 | |
* | Malvern Bancorp Inc. | 3,320 | 87 |
CB Financial Services Inc. | 2,669 | 81 | |
First Savings Financial | |||
Group Inc. | 1,315 | 76 | |
Plumas Bancorp | 3,227 | 74 | |
* | Performant Financial Corp. | 42,864 | 71 |
Manhattan Bridge | |||
Capital Inc. | 11,513 | 68 | |
Provident Financial | |||
Holdings Inc. | 3,696 | 68 | |
* | Intersections Inc. | 29,837 | 67 |
* | Capstar Financial | ||
Holdings Inc. | 3,168 | 66 | |
Federal Agricultural | |||
Mortgage Corp. Class A | 821 | 60 | |
SI Financial Group Inc. | 4,008 | 59 | |
Norwood Financial Corp. | 1,670 | 55 | |
Global Self Storage Inc. | 11,862 | 55 | |
Five Oaks Investment Corp. | 13,706 | 55 | |
Eagle Bancorp Montana Inc. | 2,558 | 54 | |
* | Bay Bancorp Inc. | 4,284 | 53 |
Parke Bancorp Inc. | 2,529 | 52 | |
* | Metropolitan Bank | ||
Holding Corp. | 1,192 | 50 | |
* | Esquire Financial | ||
Holdings Inc. | 2,533 | 50 | |
HopFed Bancorp Inc. | 3,231 | 46 | |
PB Bancorp Inc. | 4,217 | 45 | |
* | First Acceptance Corp. | 37,348 | 44 |
* | Luther Burbank Corp. | 3,239 | 39 |
*,^ | ITUS Corp. | 16,448 | 39 |
* | PDL Community Bancorp | 2,466 | 37 |
*,^ | Walter Investment | ||
Management Corp. | 43,428 | 37 | |
First US Bancshares Inc. | 2,669 | 34 | |
United Security | |||
Bancshares | 2,974 | 33 | |
Mackinac Financial Corp. | 2,007 | 32 | |
* | Coastway Bancorp Inc. | 1,443 | 31 |
^ | Cohen & Co. Inc. | 3,739 | 30 |
* | Opiant Pharmaceuticals | ||
Inc. | 1,271 | 29 | |
RBB Bancorp | 1,031 | 28 | |
* | Conifer Holdings Inc. | 4,822 | 28 |
MSB Financial Corp. | 1,554 | 28 | |
* | Asta Funding Inc. | 2,806 | 21 |
* | Severn Bancorp Inc. | 2,705 | 20 |
Prudential Bancorp Inc. | 1,100 | 19 |
Blue Capital | |||
Reinsurance Holdings | |||
Ltd. | 1,567 | 19 | |
* | Randolph Bancorp Inc. | 1,217 | 19 |
Manning & Napier Inc. | 4,355 | 16 | |
RAIT Financial Trust | 41,189 | 15 | |
Medley Management | |||
Inc. Class A | 2,078 | 14 | |
WVS Financial Corp. | 623 | 10 | |
* | Tremont Mortgage | ||
Trust | 478 | 7 | |
AmeriServ Financial Inc. | 1,623 | 7 | |
* | Jason Industries Inc. | 2,757 | 7 |
Sachem Capital Corp. | 1,383 | 5 | |
Condor Hospitality | |||
Trust Inc. | 461 | 5 | |
Hennessy Advisors Inc. | 273 | 5 | |
Pathfinder Bancorp Inc. | 234 | 4 | |
Atlantic American Corp. | 852 | 3 | |
Citizens Community | |||
Bancorp Inc. | 170 | 2 | |
United Bancorp Inc | 173 | 2 | |
* | Nicholas Financial Inc. | 227 | 2 |
First Community Corp. | 84 | 2 | |
* | Porter Bancorp Inc. | 131 | 2 |
Sound Financial Bancorp Inc. | 53 | 2 | |
* | National Holdings Corp. | 454 | 1 |
* | Bancorp 34 Inc. | 87 | 1 |
* | Broadway Financial Corp. | 449 | 1 |
* | FlexShopper Inc. | 250 | 1 |
* | Equitable Financial Corp. | 68 | 1 |
* | Community First | ||
Bancshares Inc. | 14 | — | |
8,923,748 | |||
Health Care (12.5%) | |||
Johnson & Johnson | 4,252,400 | 594,145 | |
Pfizer Inc. | 9,435,078 | 341,739 | |
UnitedHealth Group | |||
Inc. | 1,533,669 | 338,113 | |
AbbVie Inc. | 2,526,560 | 244,344 | |
Merck & Co. Inc. | 4,312,731 | 242,677 | |
Amgen Inc. | 1,149,222 | 199,850 | |
Medtronic plc | 2,141,984 | 172,965 | |
Bristol-Myers | |||
Squibb Co. | 2,590,546 | 158,749 | |
Abbott Laboratories | 2,753,351 | 157,134 | |
Gilead Sciences Inc. | 2,067,517 | 148,117 | |
Eli Lilly & Co. | 1,569,044 | 132,521 | |
* | Celgene Corp. | 1,246,395 | 130,074 |
Thermo Fisher | |||
Scientific Inc. | 634,634 | 120,504 | |
* | Biogen Inc. | 334,646 | 106,608 |
Aetna Inc. | 516,074 | 93,095 | |
Anthem Inc. | 406,349 | 91,433 |
31
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Becton Dickinson and | |||
Co. | 421,603 | 90,248 | |
Allergan plc | 526,402 | 86,109 | |
Cigna Corp. | 390,033 | 79,212 | |
Stryker Corp. | 473,127 | 73,259 | |
* | Express Scripts Holding | ||
Co. | 896,108 | 66,885 | |
* | Intuitive Surgical Inc. | 177,217 | 64,674 |
* | Vertex Pharmaceuticals | ||
Inc. | 400,119 | 59,962 | |
Humana Inc. | 226,080 | 56,084 | |
Zoetis Inc. | 771,549 | 55,582 | |
* | Boston Scientific Corp. | 2,172,442 | 53,855 |
Baxter International Inc. | 819,201 | 52,953 | |
* | Illumina Inc. | 231,008 | 50,473 |
* | Regeneron | ||
Pharmaceuticals Inc. | 125,237 | 47,084 | |
* | Alexion Pharmaceuticals | ||
Inc. | 335,978 | 40,180 | |
* | HCA Healthcare Inc. | 448,469 | 39,394 |
Zimmer Biomet | |||
Holdings Inc. | 320,194 | 38,638 | |
* | Edwards Lifesciences | ||
Corp. | 334,558 | 37,708 | |
* | Mylan NV | 806,423 | 34,120 |
* | Incyte Corp. | 285,033 | 26,995 |
* | Centene Corp. | 258,981 | 26,126 |
* | Laboratory Corp. of | ||
America Holdings | 160,899 | 25,665 | |
* | Align Technology Inc. | 114,042 | 25,339 |
* | BioMarin | ||
Pharmaceutical Inc. | 280,390 | 25,002 | |
* | IQVIA Holdings Inc. | 247,966 | 24,276 |
Dentsply Sirona Inc. | 363,025 | 23,898 | |
* | Waters Corp. | 119,552 | 23,096 |
* | IDEXX Laboratories Inc. | 138,648 | 21,682 |
Quest Diagnostics Inc. | 214,934 | 21,169 | |
ResMed Inc. | 225,388 | 19,088 | |
* | Hologic Inc. | 435,124 | 18,602 |
* | Alnylam | ||
Pharmaceuticals Inc. | 141,052 | 17,921 | |
Teleflex Inc. | 71,552 | 17,804 | |
Perrigo Co. plc | 201,847 | 17,593 | |
* | Henry Schein Inc. | 249,196 | 17,414 |
Cooper Cos. Inc. | 77,403 | 16,865 | |
* | Varian Medical | ||
Systems Inc. | 145,664 | 16,191 | |
* | DaVita Inc. | 217,624 | 15,723 |
Universal Health | |||
Services Inc. Class B | 138,659 | 15,717 | |
* | Nektar Therapeutics | ||
Class A | 249,506 | 14,900 | |
* | WellCare Health Plans | ||
Inc. | 70,756 | 14,230 |
* | Exelixis Inc. | 467,318 | 14,206 |
* | Bluebird Bio Inc. | 77,583 | 13,818 |
* | Alkermes plc | 244,735 | 13,394 |
* | ABIOMED Inc. | 66,919 | 12,541 |
* | Jazz Pharmaceuticals plc | 91,193 | 12,279 |
STERIS plc | 135,872 | 11,885 | |
West Pharmaceutical | |||
Services Inc. | 117,761 | 11,619 | |
* | Neurocrine Biosciences | ||
Inc. | 140,846 | 10,928 | |
* | Sage Therapeutics Inc. | 62,391 | 10,276 |
* | Exact Sciences Corp. | 189,390 | 9,951 |
* | Ionis Pharmaceuticals | ||
Inc. | 196,309 | 9,874 | |
* | United Therapeutics | ||
Corp. | 65,525 | 9,694 | |
* | Bioverativ Inc. | 171,056 | 9,223 |
Hill-Rom Holdings Inc. | 105,361 | 8,881 | |
* | Catalent Inc. | 211,606 | 8,693 |
* | Charles River | ||
Laboratories | |||
International Inc. | 74,962 | 8,205 | |
* | MEDNAX Inc. | 148,943 | 7,959 |
* | Bio-Rad Laboratories | ||
Inc. Class A | 33,332 | 7,955 | |
* | Seattle Genetics Inc. | 148,586 | 7,949 |
* | DexCom Inc. | 137,601 | 7,897 |
Bio-Techne Corp. | 59,654 | 7,728 | |
HealthSouth Corp. | 150,412 | 7,432 | |
* | PRA Health Sciences | ||
Inc. | 80,059 | 7,291 | |
* | Envision Healthcare | ||
Corp. | 190,344 | 6,578 | |
* | Insulet Corp. | 92,554 | 6,386 |
* | Masimo Corp. | 74,142 | 6,287 |
* | Juno Therapeutics Inc. | 135,873 | 6,211 |
* | Molina Healthcare Inc. | 77,008 | 5,905 |
Healthcare Services | |||
Group Inc. | 110,954 | 5,849 | |
Cantel Medical Corp. | 56,685 | 5,831 | |
Bruker Corp. | 163,506 | 5,612 | |
* | Sarepta Therapeutics Inc. | 97,257 | 5,411 |
* | INC Research Holdings | ||
Inc. Class A | 122,803 | 5,354 | |
* | FibroGen Inc. | 109,338 | 5,183 |
* | ICU Medical Inc. | 23,804 | 5,142 |
* | Clovis Oncology Inc. | 73,707 | 5,012 |
* | TESARO Inc. | 60,239 | 4,992 |
* | Puma Biotechnology Inc. | 50,307 | 4,973 |
* | Portola Pharmaceuticals | ||
Inc. | 102,043 | 4,967 | |
* | Haemonetics Corp. | 84,084 | 4,884 |
* | Neogen Corp. | 58,045 | 4,772 |
* | NuVasive Inc. | 81,100 | 4,744 |
32
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Integra LifeSciences | ||
Holdings Corp. | 98,318 | 4,705 | |
* | ACADIA | ||
Pharmaceuticals Inc. | 156,065 | 4,699 | |
* | Blueprint Medicines | ||
Corp. | 62,258 | 4,695 | |
Patterson Cos. Inc. | 129,170 | 4,667 | |
* | Penumbra Inc. | 49,167 | 4,627 |
* | Globus Medical Inc. | 110,005 | 4,521 |
* | Akorn Inc. | 137,921 | 4,445 |
* | Ligand Pharmaceuticals | ||
Inc. | 32,217 | 4,411 | |
* | Acadia Healthcare Co. | ||
Inc. | 130,927 | 4,272 | |
* | Avexis Inc. | 36,865 | 4,080 |
* | Array BioPharma Inc. | 308,959 | 3,955 |
* | Halozyme Therapeutics | ||
Inc. | 190,714 | 3,864 | |
* | Myriad Genetics Inc. | 110,815 | 3,806 |
* | Horizon Pharma plc | 260,572 | 3,804 |
* | Prestige Brands | ||
Holdings Inc. | 84,673 | 3,760 | |
* | Agios Pharmaceuticals | ||
Inc. | 65,667 | 3,754 | |
* | Amicus Therapeutics Inc. | 258,688 | 3,723 |
* | Insmed Inc. | 119,203 | 3,717 |
* | Magellan Health Inc. | 38,154 | 3,684 |
* | Wright Medical Group | ||
NV | 163,883 | 3,638 | |
* | Halyard Health Inc. | 75,039 | 3,465 |
*,^ | Aerie Pharmaceuticals | ||
Inc. | 57,482 | 3,435 | |
* | Immunomedics Inc. | 211,321 | 3,415 |
* | Mallinckrodt plc | 150,907 | 3,404 |
* | Merit Medical Systems | ||
Inc. | 75,820 | 3,275 | |
* | Loxo Oncology Inc. | 38,860 | 3,271 |
* | LifePoint Health Inc. | 64,537 | 3,214 |
* | Ironwood | ||
Pharmaceuticals Inc. | |||
Class A | 214,221 | 3,211 | |
* | Inogen Inc. | 25,814 | 3,074 |
* | Supernus | ||
Pharmaceuticals Inc. | 76,584 | 3,052 | |
* | Medicines Co. | 106,392 | 2,909 |
* | Brookdale Senior | ||
Living Inc. | 298,652 | 2,897 | |
* | Select Medical | ||
Holdings Corp. | 163,065 | 2,878 | |
* | Ultragenyx | ||
Pharmaceutical Inc. | 61,073 | 2,833 | |
* | Pacira Pharmaceuticals | ||
Inc. | 61,293 | 2,798 |
* | Corcept Therapeutics | ||
Inc. | 154,832 | 2,796 | |
* | Nevro Corp. | 39,982 | 2,760 |
* | Omnicell Inc. | 56,484 | 2,739 |
*,^ | OPKO Health Inc. | 538,402 | 2,638 |
* | Spectrum | ||
Pharmaceuticals Inc. | 138,243 | 2,620 | |
* | Emergent BioSolutions | ||
Inc. | 55,000 | 2,556 | |
* | Acceleron Pharma Inc. | 59,779 | 2,537 |
*,^ | Teladoc Inc. | 71,866 | 2,505 |
*,^ | Spark Therapeutics Inc. | 48,560 | 2,497 |
* | Endo International plc | 321,711 | 2,493 |
* | NxStage Medical Inc. | 102,705 | 2,489 |
* | Amedisys Inc. | 46,768 | 2,465 |
* | Global Blood | ||
Therapeutics Inc. | 61,886 | 2,435 | |
* | Tenet Healthcare Corp. | 159,255 | 2,414 |
* | Ignyta Inc. | 90,007 | 2,403 |
* | Varex Imaging Corp. | 59,382 | 2,385 |
* | AnaptysBio Inc. | 23,170 | 2,334 |
* | HMS Holdings Corp. | 133,673 | 2,266 |
* | Tivity Health Inc. | 61,640 | 2,253 |
CONMED Corp. | 43,386 | 2,211 | |
* | Repligen Corp. | 60,071 | 2,179 |
* | Sangamo Therapeutics | ||
Inc. | 132,351 | 2,171 | |
* | Arena Pharmaceuticals | ||
Inc. | 63,825 | 2,168 | |
* | Esperion Therapeutics | ||
Inc. | 32,702 | 2,153 | |
* | Novocure Ltd. | 105,613 | 2,133 |
* | Zogenix Inc. | 50,396 | 2,018 |
* | Aimmune Therapeutics | ||
Inc. | 52,995 | 2,004 | |
*,^ | MiMedx Group Inc. | 158,583 | 2,000 |
* | Radius Health Inc. | 62,421 | 1,983 |
* | Impax Laboratories Inc. | 118,333 | 1,970 |
* | Quidel Corp. | 45,427 | 1,969 |
Owens & Minor Inc. | 97,905 | 1,848 | |
* | Natus Medical Inc. | 48,243 | 1,843 |
* | Innoviva Inc. | 128,225 | 1,819 |
Abaxis Inc. | 36,576 | 1,811 | |
* | Dynavax Technologies | ||
Corp. | 94,398 | 1,765 | |
Analogic Corp. | 21,066 | 1,764 | |
* | Theravance Biopharma | ||
Inc. | 62,932 | 1,755 | |
* | Editas Medicine Inc. | 55,836 | 1,716 |
* | Momenta | ||
Pharmaceuticals Inc. | 120,112 | 1,676 | |
*,^ | TherapeuticsMD Inc. | 275,047 | 1,661 |
* | OraSure Technologies | ||
Inc. | 87,623 | 1,653 |
33
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Ensign Group Inc. | 73,981 | 1,642 | |
* | Acorda Therapeutics Inc. | 75,567 | 1,621 |
* | Revance Therapeutics Inc. | 45,268 | 1,618 |
Atrion Corp. | 2,552 | 1,609 | |
* | Intercept | ||
Pharmaceuticals Inc. | 27,390 | 1,600 | |
* | LHC Group Inc. | 25,853 | 1,583 |
* | Heron Therapeutics Inc. | 86,458 | 1,565 |
* | Foundation Medicine Inc. | 22,789 | 1,554 |
* | MyoKardia Inc. | 36,358 | 1,531 |
* | BioTelemetry Inc. | 50,927 | 1,523 |
* | Enanta Pharmaceuticals | ||
Inc. | 25,888 | 1,519 | |
* | REGENXBIO Inc. | 43,642 | 1,451 |
* | Anika Therapeutics Inc. | 26,528 | 1,430 |
* | Dermira Inc. | 50,393 | 1,401 |
* | Intersect ENT Inc. | 42,897 | 1,390 |
* | Orthofix International NV | 25,303 | 1,384 |
*,^ | Omeros Corp. | 70,786 | 1,375 |
* | iRhythm Technologies Inc. | 24,195 | 1,356 |
* | Xencor Inc. | 60,923 | 1,335 |
* | Cardiovascular Systems | ||
Inc. | 55,298 | 1,310 | |
* | ImmunoGen Inc. | 202,534 | 1,298 |
* | Retrophin Inc. | 60,182 | 1,268 |
* | AxoGen Inc. | 44,382 | 1,256 |
Kindred Healthcare Inc. | 129,330 | 1,254 | |
US Physical Therapy Inc. | 17,362 | 1,254 | |
*,^ | Flexion Therapeutics Inc. | 49,824 | 1,248 |
* | Glaukos Corp. | 48,525 | 1,245 |
*,^ | Accelerate Diagnostics | ||
Inc. | 46,889 | 1,228 | |
* | Genomic Health Inc. | 35,606 | 1,218 |
* | Lannett Co. Inc. | 51,813 | 1,202 |
* | Alder Biopharmaceuticals | ||
Inc. | 104,539 | 1,197 | |
* | Almost Family Inc. | 21,446 | 1,187 |
* | Amphastar | ||
Pharmaceuticals Inc. | 59,549 | 1,146 | |
* | AngioDynamics Inc. | 68,412 | 1,138 |
Luminex Corp. | 57,719 | 1,137 | |
* | Assembly Biosciences | ||
Inc. | 25,006 | 1,132 | |
* | Lantheus Holdings Inc. | 55,304 | 1,131 |
* | K2M Group Holdings Inc. | 62,072 | 1,117 |
* | MacroGenics Inc. | 58,105 | 1,104 |
*,^ | Intrexon Corp. | 93,029 | 1,072 |
* | Eagle Pharmaceuticals | ||
Inc. | 20,059 | 1,072 | |
* | CryoLife Inc. | 55,011 | 1,053 |
* | Aclaris Therapeutics Inc. | 42,529 | 1,049 |
* | AtriCure Inc. | 56,977 | 1,039 |
* | PTC Therapeutics Inc. | 61,989 | 1,034 |
* | Vanda Pharmaceuticals | ||
Inc. | 66,957 | 1,018 | |
* | Madrigal | ||
Pharmaceuticals Inc. | 11,030 | 1,012 | |
* | Cutera Inc. | 22,127 | 1,003 |
* | Intra-Cellular | ||
Therapies Inc. | 68,139 | 987 | |
* | Epizyme Inc. | 78,061 | 980 |
* | NeoGenomics Inc. | 108,224 | 959 |
Invacare Corp. | 56,091 | 945 | |
* | ANI Pharmaceuticals | ||
Inc. | 14,645 | 944 | |
* | Five Prime Therapeutics | ||
Inc. | 42,333 | 928 | |
* | Akebia Therapeutics Inc. | 61,705 | 918 |
* | HealthStream Inc. | 39,254 | 909 |
* | Audentes Therapeutics | ||
Inc. | 28,916 | 904 | |
* | Exactech Inc. | 18,159 | 898 |
*,^ | Adamas | ||
Pharmaceuticals Inc. | 26,283 | 891 | |
* | La Jolla Pharmaceutical | ||
Co. | 27,652 | 890 | |
Meridian Bioscience Inc. | 61,334 | 859 | |
* | Concert | ||
Pharmaceuticals Inc. | 33,187 | 859 | |
* | CytomX Therapeutics Inc. | 40,360 | 852 |
* | Rigel Pharmaceuticals | ||
Inc. | 219,010 | 850 | |
* | Triple-S Management | ||
Corp. Class B | 34,096 | 847 | |
*,^ | ZIOPHARM Oncology | ||
Inc. | 200,575 | 830 | |
* | Sucampo | ||
Pharmaceuticals Inc. | |||
Class A | 45,994 | 826 | |
* | G1 Therapeutics Inc. | 41,526 | 824 |
*,^ | Synergy | ||
Pharmaceuticals Inc. | 366,377 | 817 | |
* | CorVel Corp. | 15,386 | 814 |
* | Iovance Biotherapeutics | ||
Inc. | 100,989 | 808 | |
* | Heska Corp. | 10,072 | 808 |
* | Depomed Inc. | 95,471 | 769 |
* | AMAG Pharmaceuticals | ||
Inc. | 57,976 | 768 | |
* | BioCryst | ||
Pharmaceuticals Inc. | 153,103 | 752 | |
* | Community Health | ||
Systems Inc. | 175,808 | 749 | |
* | Abeona Therapeutics | ||
Inc. | 47,065 | 746 | |
*,^ | Lexicon | ||
Pharmaceuticals Inc. | 75,223 | 743 |
34
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Mirati Therapeutics Inc. | 39,000 | 712 |
LeMaitre Vascular Inc. | 21,984 | 700 | |
*,^ | Keryx | ||
Biopharmaceuticals Inc. | 149,610 | 696 | |
* | Tactile Systems | ||
Technology Inc. | 24,004 | 696 | |
*,^ | TG Therapeutics Inc. | 83,701 | 686 |
National HealthCare Corp. | 11,105 | 677 | |
* | PDL BioPharma Inc. | 243,265 | 667 |
* | Rhythm | ||
Pharmaceuticals Inc. | 22,908 | 666 | |
* | STAAR Surgical Co. | 42,792 | 663 |
* | Intellia Therapeutics Inc. | 33,622 | 646 |
* | Endologix Inc. | 120,469 | 644 |
* | Cerus Corp. | 190,629 | 644 |
* | GlycoMimetics Inc. | 38,106 | 640 |
* | Enzo Biochem Inc. | 78,444 | 639 |
* | Reata Pharmaceuticals | ||
Inc. Class A | 22,559 | 639 | |
* | Progenics | ||
Pharmaceuticals Inc. | 106,257 | 632 | |
*,^ | Achaogen Inc. | 58,583 | 629 |
* | ViewRay Inc. | 67,709 | 627 |
* | Atara Biotherapeutics Inc. | 34,338 | 622 |
* | Collegium | ||
Pharmaceutical Inc. | 33,556 | 619 | |
* | Karyopharm | ||
Therapeutics Inc. | 64,503 | 619 | |
* | Novavax Inc. | 495,224 | 614 |
* | Paratek | ||
Pharmaceuticals Inc. | 34,225 | 613 | |
* | Cytokinetics Inc. | 74,513 | 607 |
* | Inovio | ||
Pharmaceuticals Inc. | 145,304 | 600 | |
*,^ | Kura Oncology Inc. | 39,203 | 600 |
* | Capital Senior Living | ||
Corp. | 44,313 | 598 | |
* | Cymabay | ||
Therapeutics Inc. | 64,414 | 593 | |
* | BioScrip Inc. | 202,624 | 590 |
* | Voyager | ||
Therapeutics Inc. | 34,952 | 580 | |
* | Accuray Inc. | 134,287 | 577 |
* | Achillion | ||
Pharmaceuticals Inc. | 195,060 | 562 | |
* | Entellus Medical Inc. | 22,916 | 559 |
* | Celldex Therapeutics Inc. | 195,667 | 556 |
* | Invitae Corp. | 59,984 | 545 |
* | Stemline | ||
Therapeutics Inc. | 34,593 | 540 | |
* | RadNet Inc. | 52,951 | 535 |
*,^ | Coherus Biosciences Inc. | 59,916 | 527 |
* | Addus HomeCare Corp. | 14,999 | 522 |
*,^ | Geron Corp. | 286,050 | 515 |
* | Medpace Holdings Inc. | 14,091 | 511 |
* | Catalyst | ||
Pharmaceuticals Inc. | 130,153 | 509 | |
* | AVEO | ||
Pharmaceuticals Inc. | 182,366 | 509 | |
* | Aduro Biotech Inc. | 66,748 | 501 |
* | R1 RCM Inc. | 113,332 | 500 |
* | BioSpecifics | ||
Technologies Corp. | 11,396 | 494 | |
* | Cara Therapeutics Inc. | 40,234 | 492 |
* | Antares Pharma Inc. | 247,378 | 492 |
*,^ | Ampio Pharmaceuticals | ||
Inc. | 119,353 | 486 | |
*,^ | Idera Pharmaceuticals | ||
Inc. | 229,955 | 485 | |
*,^ | Insys Therapeutics Inc. | 49,778 | 479 |
* | Tetraphase | ||
Pharmaceuticals Inc. | 74,832 | 471 | |
*,^ | Corbus | ||
Pharmaceuticals | |||
Holdings Inc. | 65,306 | 464 | |
* | Natera Inc. | 49,561 | 446 |
* | ChemoCentryx Inc. | 74,860 | 445 |
* | Surmodics Inc. | 15,789 | 442 |
* | Pacific Biosciences of | ||
California Inc. | 161,994 | 428 | |
* | Savara Inc. | 28,740 | 426 |
*,^ | Rockwell Medical Inc. | 72,976 | 425 |
* | Agenus Inc. | 129,157 | 421 |
* | Marinus | ||
Pharmaceuticals Inc. | 51,129 | 417 | |
*,^ | MannKind Corp. | 174,195 | 404 |
*,^ | Bellicum | ||
Pharmaceuticals Inc. | 47,386 | 399 | |
* | Corium International Inc. | 41,266 | 397 |
* | Ardelyx Inc. | 58,707 | 387 |
* | Arrowhead | ||
Pharmaceuticals Inc. | 104,032 | 383 | |
* | Kadmon Holdings Inc. | 105,038 | 380 |
* | Fate Therapeutics Inc. | 61,555 | 376 |
* | Kindred Biosciences Inc. | 37,706 | 356 |
*,^ | Akcea Therapeutics Inc. | 20,388 | 354 |
*,^ | Athersys Inc. | 193,905 | 351 |
*,^ | Surgery Partners Inc. | 28,735 | 348 |
* | Denali Therapeutics Inc. | 22,188 | 347 |
* | NewLink Genetics Corp. | 42,639 | 346 |
* | Protagonist | ||
Therapeutics Inc. | 16,556 | 344 | |
* | Molecular Templates | ||
Inc. | 34,262 | 343 | |
* | Calithera Biosciences | ||
Inc. | 40,513 | 338 | |
* | XOMA Corp. | 9,419 | 335 |
35
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Utah Medical Products | |||
Inc. | 4,064 | 331 | |
* | GenMark Diagnostics | ||
Inc. | 79,100 | 330 | |
* | Mustang Bio Inc. | 26,887 | 322 |
* | Dicerna Pharmaceuticals | ||
Inc. | 35,621 | 322 | |
* | BioTime Inc. | 149,183 | 321 |
* | Chimerix Inc. | 68,906 | 319 |
*,^ | Jounce Therapeutics Inc. | 24,882 | 317 |
* | Melinta Therapeutics Inc. | 20,033 | 317 |
*,^ | Senseonics Holdings Inc. | 118,523 | 315 |
* | Neos Therapeutics Inc. | 30,902 | 315 |
* | Seres Therapeutics Inc. | 30,655 | 311 |
* | Aratana Therapeutics Inc. | 58,776 | 309 |
* | Civitas Solutions Inc. | 17,664 | 302 |
* | Minerva Neurosciences | ||
Inc. | 47,596 | 288 | |
* | BioDelivery Sciences | ||
International Inc. | 97,485 | 288 | |
* | Quorum Health Corp. | 46,058 | 287 |
* | Sientra Inc. | 19,622 | 276 |
*,^ | Vericel Corp. | 49,399 | 269 |
* | Teligent Inc. | 73,976 | 269 |
* | American Renal | ||
Associates Holdings Inc. | 15,080 | 262 | |
* | Cascadian Therapeutics | ||
Inc. | 70,257 | 260 | |
^ | Riot Blockchain Inc. | 9,030 | 256 |
*,^ | CytoSorbents Corp. | 39,372 | 256 |
* | Edge Therapeutics Inc. | 26,661 | 250 |
*,^ | Vital Therapies Inc. | 41,508 | 247 |
* | MediciNova Inc. | 38,088 | 246 |
*,^ | Endocyte Inc. | 56,479 | 242 |
*,^ | Peregrine | ||
Pharmaceuticals Inc. | 62,088 | 241 | |
* | ArQule Inc. | 144,161 | 238 |
* | Otonomy Inc. | 42,305 | 235 |
* | Selecta Biosciences Inc. | 23,823 | 234 |
* | NanoString | ||
Technologies Inc. | 31,169 | 233 | |
*,^ | Sorrento Therapeutics | ||
Inc. | 60,700 | 231 | |
*,^ | Tyme Technologies Inc. | 36,106 | 230 |
* | Deciphera | ||
Pharmaceuticals Inc. | 10,150 | 230 | |
*,^ | Adamis Pharmaceuticals | ||
Corp. | 51,619 | 227 | |
* | Durect Corp. | 245,877 | 227 |
* | Ohr Pharmaceutical Inc. | 120,454 | 224 |
* | Fluidigm Corp. | 38,006 | 224 |
*,^ | Organovo Holdings Inc. | 166,132 | 223 |
* | Fortress Biotech Inc. | 55,768 | 222 |
* | Syros Pharmaceuticals | ||
Inc. | 22,419 | 218 | |
* | PetIQ Inc. | 9,663 | 211 |
* | Immune Design Corp. | 53,947 | 210 |
* | Recro Pharma Inc. | 22,730 | 210 |
* | Tocagen Inc. | 20,275 | 208 |
* | CareDx Inc. | 28,308 | 208 |
* | Dova Pharmaceuticals | ||
Inc. | 7,199 | 207 | |
* | RTI Surgical Inc. | 50,534 | 207 |
* | Adverum | ||
Biotechnologies Inc. | 58,394 | 204 | |
* | Curis Inc. | 290,909 | 204 |
* | Zynerba Pharmaceuticals | ||
Inc. | 16,129 | 202 | |
* | Syndax Pharmaceuticals | ||
Inc. | 22,773 | 199 | |
* | Clearside Biomedical Inc. | 28,477 | 199 |
* | Palatin Technologies Inc. | 229,389 | 197 |
* | Merrimack | ||
Pharmaceuticals Inc. | 19,127 | 196 | |
*,^ | Anavex Life Sciences | ||
Corp. | 59,729 | 192 | |
*,^ | Advaxis Inc. | 67,454 | 192 |
* | Veracyte Inc. | 28,822 | 188 |
* | FONAR Corp. | 7,627 | 186 |
* | AAC Holdings Inc. | 20,461 | 184 |
* | Kala Pharmaceuticals | ||
Inc. | 9,879 | 183 | |
* | Conatus | ||
Pharmaceuticals Inc. | 39,393 | 182 | |
* | Alpine Immune | ||
Sciences Inc. | 15,920 | 178 | |
*,^ | Alimera Sciences Inc. | 132,811 | 177 |
*,^ | Pulse Biosciences Inc. | 7,407 | 175 |
* | SeaSpine Holdings Corp. | 16,794 | 170 |
* | Sunesis Pharmaceuticals | ||
Inc. | 45,662 | 168 | |
* | Infinity Pharmaceuticals | ||
Inc. | 82,003 | 166 | |
* | Cumberland | ||
Pharmaceuticals Inc. | 22,400 | 166 | |
* | Aptevo Therapeutics Inc. | 38,844 | 165 |
* | Juniper Pharmaceuticals | ||
Inc. | 33,510 | 163 | |
*,^ | Corindus Vascular | ||
Robotics Inc. | 160,288 | 162 | |
* | Verastem Inc. | 52,022 | 160 |
* | Ophthotech Corp. | 51,069 | 159 |
*,^ | NantKwest Inc. | 35,444 | 159 |
*,^ | Optinose Inc. | 8,141 | 154 |
* | OncoMed | ||
Pharmaceuticals Inc. | 36,557 | 150 | |
* | CTI BioPharma Corp. | 55,680 | 149 |
36
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Harvard Bioscience Inc. | 45,022 | 149 |
* | Viking Therapeutics Inc. | 36,091 | 147 |
* | CASI Pharmaceuticals Inc. | 44,661 | 145 |
*,^ | ConforMIS Inc. | 60,399 | 144 |
* | Ocular Therapeutix Inc. | 32,143 | 143 |
* | Aldeyra Therapeutics Inc. | 20,614 | 140 |
* | Zafgen Inc. | 29,236 | 135 |
*,^ | Second Sight Medical | ||
Products Inc. | 70,198 | 134 | |
*,^ | Galectin Therapeutics Inc. | 40,091 | 134 |
* | Cogentix Medical Inc. | 41,986 | 132 |
* | Corvus Pharmaceuticals | ||
Inc. | 12,762 | 132 | |
*,^ | Calyxt Inc. | 5,985 | 132 |
Digirad Corp. | 50,710 | 131 | |
* | Cidara Therapeutics Inc. | 19,104 | 130 |
* | Invuity Inc. | 20,924 | 130 |
* | MEI Pharma Inc. | 61,287 | 129 |
* | T2 Biosystems Inc. | 30,800 | 127 |
*,^ | AcelRx Pharmaceuticals | ||
Inc. | 60,947 | 123 | |
*,^ | XBiotech Inc. | 30,917 | 122 |
Psychemedics Corp. | 5,861 | 120 | |
* | Mersana Therapeutics | ||
Inc. | 7,319 | 120 | |
* | Bovie Medical Corp. | 45,545 | 118 |
*,^ | Spring Bank | ||
Pharmaceuticals Inc. | 8,729 | 117 | |
* | Asterias Biotherapeutics | ||
Inc. Class A | 48,913 | 110 | |
*,^ | ADMA Biologics Inc. | 33,404 | 107 |
* | GTx Inc. | 8,387 | 107 |
* | Miragen Therapeutics Inc. | 10,214 | 107 |
* | Histogenics Corp. | 51,282 | 105 |
*,^ | Sophiris Bio Inc. | 44,768 | 102 |
* | Synthetic Biologics Inc. | 197,979 | 101 |
* | Trevena Inc. | 61,687 | 99 |
* | Ovid therapeutics Inc. | 9,722 | 96 |
* | Applied Genetic | ||
Technologies Corp. | 26,390 | 95 | |
* | KemPharm Inc. | 22,782 | 92 |
* | Regulus Therapeutics | ||
Inc. | 88,514 | 92 | |
*,^ | Sienna | ||
Biopharmaceuticals Inc. | 4,909 | 89 | |
* | Aevi Genomic Medicine | ||
Inc. | 73,162 | 88 | |
* | Versartis Inc. | 39,376 | 87 |
*,^ | Ekso Bionics Holdings Inc. | 40,397 | 86 |
* | Electromed Inc. | 13,997 | 85 |
* | scPharmaceuticals Inc. | 6,800 | 82 |
* | Apellis Pharmaceuticals | ||
Inc. | 3,778 | 82 | |
* | AzurRx BioPharma Inc. | 21,962 | 81 |
*,^ | BrainStorm Cell | ||
Therapeutics Inc. | 20,475 | 80 | |
* | Chembio Diagnostics Inc. | 9,700 | 80 |
* | InfuSystem Holdings Inc. | 34,480 | 79 |
* | Novan Inc. | 18,551 | 78 |
* | Wright Medical Group | ||
Inc. CVR | 50,806 | 77 | |
*,^ | Vermillion Inc. | 38,754 | 75 |
*,^ | Fulgent Genetics Inc. | 16,903 | 74 |
* | Pfenex Inc. | 27,644 | 74 |
*,^ | Egalet Corp. | 72,992 | 73 |
*,^ | Alphatec Holdings Inc. | 27,330 | 73 |
* | Agile Therapeutics Inc. | 26,778 | 72 |
* | pSivida Corp. | 65,788 | 71 |
* | Actinium | ||
Pharmaceuticals Inc. | 106,660 | 71 | |
* | OrthoPediatrics Corp. | 3,669 | 70 |
* | IRIDEX Corp. | 9,137 | 70 |
* | Oncocyte Corp. | 14,374 | 67 |
*,^ | ContraVir | ||
Pharmaceuticals Inc. | 184,408 | 66 | |
* | Proteostasis | ||
Therapeutics Inc. | 11,310 | 66 | |
* | PLx Pharma Inc. | 9,435 | 65 |
* | Nobilis Health Corp. | 47,353 | 64 |
*,^ | Rexahn | ||
Pharmaceuticals Inc. | 29,763 | 60 | |
* | Sensus Healthcare Inc. | 11,527 | 60 |
* | Axsome Therapeutics | ||
Inc. | 10,498 | 59 | |
* | Eiger Bio | ||
Pharmaceuticals Inc. | 4,210 | 59 | |
* | Ra Pharmaceuticals Inc. | 6,825 | 58 |
*,^ | Cancer Genetics Inc. | 31,225 | 58 |
* | Aradigm Corp. | 8,569 | 57 |
*,^ | Navidea | ||
Biopharmaceuticals Inc. | 158,410 | 57 | |
* | Odonate Therapeutics | ||
Inc. | 2,256 | 56 | |
* | vTv Therapeutics Inc. | ||
Class A | 9,072 | 55 | |
* | Bellerophon | ||
Therapeutics Inc. | 20,401 | 53 | |
* | VIVUS Inc. | 103,052 | 52 |
* | Misonix Inc. | 5,308 | 51 |
* | Gemphire Therapeutics | ||
Inc. | 5,910 | 47 | |
*,^ | Anthera Pharmaceuticals | ||
Inc. | 27,078 | 45 | |
* | Obalon Therapeutics Inc. | 6,693 | 44 |
* | ARCA biopharma Inc. | 32,141 | 44 |
* | NanoViricides Inc. | 49,787 | 44 |
*,^ | SCYNEXIS Inc. | 18,659 | 43 |
* | Viveve Medical Inc. | 8,570 | 43 |
37
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Allena Pharmaceuticals | ||
Inc. | 4,229 | 43 | |
* | Genocea Biosciences Inc. | 35,789 | 42 |
*,^ | Myomo Inc. | 10,964 | 41 |
* | ContraFect Corp. | 40,008 | 40 |
* | OvaScience Inc. | 27,700 | 39 |
* | aTyr Pharma Inc. | 10,368 | 36 |
* | Aeglea BioTherapeutics | ||
Inc. | 6,600 | 36 | |
*,^ | Apricus Biosciences Inc. | 18,858 | 35 |
*,^ | CytRx Corp. | 19,563 | 33 |
* | Quanterix Corp. | 1,517 | 33 |
*,^ | Moleculin Biotech Inc. | 17,452 | 32 |
* | Biolase Inc. | 75,667 | 32 |
*,^ | iBio Inc. | 177,100 | 31 |
* | Apollo Endosurgery Inc. | 5,411 | 30 |
* | Five Star Senior Living | ||
Inc. | 19,810 | 30 | |
Pain Therapeutics Inc. | 7,306 | 29 | |
* | Vical Inc. | 15,634 | 29 |
* | iRadimed Corp. | 1,866 | 28 |
* | KalVista | ||
Pharmaceuticals Inc. | 2,713 | 26 | |
* | Sonoma | ||
Pharmaceuticals Inc. | 4,719 | 26 | |
*,^ | Orexigen Therapeutics | ||
Inc. | 17,540 | 23 | |
*,^ | Matinas BioPharma | ||
Holdings Inc. | 18,580 | 22 | |
*,^ | Synlogic Inc. | 1,938 | 19 |
* | Flex Pharma Inc. | 5,140 | 18 |
* | OncoSec Medical Inc. | 11,000 | 18 |
* | Catabasis | ||
Pharmaceuticals Inc. | 10,960 | 16 | |
* | Genesis Healthcare Inc. | 21,297 | 16 |
* | Presbia plc | 4,139 | 16 |
Diversicare Healthcare | |||
Services Inc. | 1,413 | 14 | |
* | CorMedix Inc. | 23,800 | 12 |
* | Aileron Therapeutics Inc. | 1,117 | 12 |
*,^ | BioLife Solutions Inc. | 1,962 | 12 |
* | Spero Therapeutics Inc. | 941 | 11 |
* | Chiasma Inc. | 6,057 | 10 |
* | CAS Medical Systems | ||
Inc. | 10,200 | 8 | |
*,^ | Pernix Therapeutics | ||
Holdings Inc. | 2,881 | 7 | |
*,^ | Biocept Inc. | 9,361 | 6 |
* | Caladrius Biosciences | ||
Inc. | 1,820 | 6 | |
* | Galena Biopharma Inc. | 20,884 | 5 |
* | Leap Therapeutics Inc. | 838 | 5 |
* | Biomerica Inc. | 1,300 | 5 |
* | Altimmune Inc. | 2,182 | 4 |
* | Alliqua BioMedical Inc. | 2,283 | 4 |
* | CEL-SCI Corp. | 2,052 | 4 |
* | Regional Health | ||
Properties Inc. | 18,674 | 3 | |
* | Dare Bioscience Inc. | 1,040 | 2 |
* | Fibrocell Science Inc. | 3,067 | 2 |
* | InVivo Therapeutics | ||
Holdings Corp. | 2,160 | 2 | |
*,^ | Tandem Diabetes Care Inc. | 601 | 1 |
* | Aethlon Medical Inc. | 1,232 | 1 |
*,^ | Amedica Corp. | 419 | 1 |
* | Cytori Therapeutics Inc. | 3,276 | 1 |
* | Daxor Corp. | 161 | 1 |
*,^ | Argos Therapeutics Inc. | 3,850 | 1 |
* | Aviragen Therapeutics | ||
Inc. | 917 | 1 | |
* | Hemispherx Biopharma | ||
Inc. | 895 | — | |
*,^ | BioPharmX Corp. | 2,553 | — |
* | Milestone Scientific Inc. | 200 | — |
5,454,009 | |||
Industrials (13.3%) | |||
Boeing Co. | 895,226 | 264,011 | |
General Electric Co. | 13,723,221 | 239,470 | |
3M Co. | 941,990 | 221,716 | |
Honeywell International | |||
Inc. | 1,204,070 | 184,656 | |
Union Pacific Corp. | 1,246,001 | 167,089 | |
United Technologies | |||
Corp. | 1,200,106 | 153,098 | |
Accenture plc Class A | 972,018 | 148,806 | |
Caterpillar Inc. | 941,089 | 148,297 | |
* | PayPal Holdings Inc. | 1,807,130 | 133,041 |
United Parcel Service | |||
Inc. Class B | 1,086,501 | 129,457 | |
Lockheed Martin Corp. | 385,083 | 123,631 | |
FedEx Corp. | 381,732 | 95,257 | |
Danaher Corp. | 990,051 | 91,897 | |
Raytheon Co. | 456,917 | 85,832 | |
Northrop Grumman Corp. | 274,855 | 84,356 | |
General Dynamics Corp. | 401,038 | 81,591 | |
Deere & Co. | 507,796 | 79,475 | |
Automatic Data | |||
Processing Inc. | 666,265 | 78,080 | |
Illinois Tool Works Inc. | 459,259 | 76,627 | |
CSX Corp. | 1,343,189 | 73,889 | |
Emerson Electric Co. | 1,014,533 | 70,703 | |
Norfolk Southern Corp. | 452,515 | 65,569 | |
Waste Management Inc. | 683,634 | 58,998 | |
Johnson Controls | |||
International plc | 1,462,558 | 55,738 | |
Eaton Corp. plc | 696,600 | 55,038 | |
Sherwin-Williams Co. | 133,033 | 54,549 | |
TE Connectivity Ltd. | 555,011 | 52,748 |
38
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Fidelity National | |||
Information Services | |||
Inc. | 526,751 | 49,562 | |
Cummins Inc. | 248,620 | 43,916 | |
* | Fiserv Inc. | 328,494 | 43,075 |
Amphenol Corp. Class A | 481,898 | 42,311 | |
Parker-Hannifin Corp. | 209,480 | 41,808 | |
Roper Technologies Inc. | 161,041 | 41,710 | |
Rockwell Automation Inc. | 202,759 | 39,812 | |
PACCAR Inc. | 554,872 | 39,440 | |
Fortive Corp. | 492,294 | 35,617 | |
Ingersoll-Rand plc | 394,209 | 35,160 | |
Rockwell Collins Inc. | 257,469 | 34,918 | |
Paychex Inc. | 509,486 | 34,686 | |
Agilent Technologies Inc. | 509,029 | 34,090 | |
Waste Connections Inc. | 417,399 | 29,610 | |
* | FleetCor Technologies | ||
Inc. | 141,321 | 27,194 | |
Vulcan Materials Co. | 208,909 | 26,818 | |
AMETEK Inc. | 364,273 | 26,399 | |
WestRock Co. | 402,419 | 25,437 | |
Global Payments Inc. | 251,838 | 25,244 | |
* | Mettler-Toledo | ||
International Inc. | 40,394 | 25,025 | |
Fastenal Co. | 453,580 | 24,806 | |
Dover Corp. | 245,243 | 24,767 | |
L3 Technologies Inc. | 123,704 | 24,475 | |
* | Verisk Analytics Inc. | ||
Class A | 245,418 | 23,560 | |
* | United Rentals Inc. | 133,456 | 22,942 |
Republic Services Inc. | |||
Class A | 338,392 | 22,879 | |
Masco Corp. | 500,393 | 21,987 | |
Martin Marietta | |||
Materials Inc. | 99,252 | 21,939 | |
Textron Inc. | 374,659 | 21,202 | |
Ball Corp. | 554,259 | 20,979 | |
Cintas Corp. | 133,800 | 20,850 | |
Total System Services | |||
Inc. | 262,138 | 20,733 | |
TransDigm Group Inc. | 73,659 | 20,228 | |
WW Grainger Inc. | 85,560 | 20,214 | |
CH Robinson | |||
Worldwide Inc. | 220,417 | 19,637 | |
Xylem Inc. | 284,429 | 19,398 | |
* | Vantiv Inc. Class A | 256,397 | 18,858 |
Alliance Data Systems | |||
Corp. | 74,361 | 18,849 | |
Pentair plc | 257,956 | 18,217 | |
Expeditors International | |||
of Washington Inc. | 279,897 | 18,107 | |
Packaging Corp. of | |||
America | 149,099 | 17,974 | |
* | XPO Logistics Inc. | 190,316 | 17,431 |
Kansas City Southern | 163,653 | 17,220 | |
Huntington Ingalls | |||
Industries Inc. | 71,733 | 16,907 | |
* | CoStar Group Inc. | 56,663 | 16,826 |
Broadridge Financial | |||
Solutions Inc. | 185,021 | 16,759 | |
Fortune Brands Home | |||
& Security Inc. | 240,851 | 16,484 | |
* | Trimble Inc. | 400,739 | 16,286 |
Owens Corning | 176,669 | 16,243 | |
Cognex Corp. | 261,736 | 16,008 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 183,330 | 15,996 | |
IDEX Corp. | 121,158 | 15,989 | |
JB Hunt Transport | |||
Services Inc. | 138,440 | 15,918 | |
Jack Henry & | |||
Associates Inc. | 122,488 | 14,326 | |
* | TransUnion | 259,957 | 14,287 |
AO Smith Corp. | 231,466 | 14,184 | |
Sealed Air Corp. | 285,227 | 14,062 | |
* | Sensata Technologies | ||
Holding NV | 271,344 | 13,868 | |
Old Dominion Freight | |||
Line Inc. | 104,589 | 13,759 | |
ManpowerGroup Inc. | 103,870 | 13,099 | |
Lennox International Inc. | 61,972 | 12,906 | |
PerkinElmer Inc. | 174,482 | 12,758 | |
Jacobs Engineering | |||
Group Inc. | 188,467 | 12,431 | |
* | Keysight Technologies | ||
Inc. | 295,083 | 12,275 | |
* | Berry Global Group Inc. | 207,080 | 12,149 |
Graco Inc. | 266,784 | 12,064 | |
* | First Data Corp. Class A | 718,455 | 12,005 |
Allegion plc | 150,545 | 11,977 | |
Orbital ATK Inc. | 90,994 | 11,966 | |
* | Crown Holdings Inc. | 211,536 | 11,899 |
* | IPG Photonics Corp. | 55,426 | 11,868 |
Hubbell Inc. Class B | 87,227 | 11,805 | |
Acuity Brands Inc. | 66,748 | 11,748 | |
Universal Display Corp. | 67,081 | 11,582 | |
Nordson Corp. | 78,151 | 11,441 | |
Fluor Corp. | 219,199 | 11,322 | |
* | HD Supply Holdings Inc. | 281,113 | 11,253 |
Carlisle Cos. Inc. | 98,334 | 11,176 | |
Xerox Corp. | 383,194 | 11,170 | |
* | Arrow Electronics Inc. | 138,747 | 11,157 |
^ | Wabtec Corp. | 136,613 | 11,124 |
* | Coherent Inc. | 39,037 | 11,017 |
Oshkosh Corp. | 118,409 | 10,762 | |
Toro Co. | 161,920 | 10,562 | |
Robert Half International | |||
Inc. | 188,174 | 10,451 |
39
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
FLIR Systems Inc. | 218,499 | 10,186 | |
Donaldson Co. Inc. | 207,029 | 10,134 | |
* | WEX Inc. | 67,974 | 9,600 |
BWX Technologies Inc. | 157,762 | 9,543 | |
* | Quanta Services Inc. | 240,222 | 9,395 |
* | AECOM | 249,407 | 9,265 |
Knight-Swift | |||
Transportation | |||
Holdings Inc. | 210,687 | 9,211 | |
Allison Transmission | |||
Holdings Inc. | 213,741 | 9,206 | |
* | Teledyne Technologies | ||
Inc. | 50,814 | 9,205 | |
* | Stericycle Inc. | 133,947 | 9,107 |
Trinity Industries Inc. | 240,462 | 9,008 | |
Hexcel Corp. | 143,870 | 8,898 | |
* | Zebra Technologies | ||
Corp. | 84,563 | 8,778 | |
Flowserve Corp. | 206,029 | 8,680 | |
AptarGroup Inc. | 100,008 | 8,629 | |
Lincoln Electric Holdings | |||
Inc. | 93,572 | 8,569 | |
Sonoco Products Co. | 159,161 | 8,458 | |
MDU Resources Group | |||
Inc. | 312,593 | 8,403 | |
Booz Allen Hamilton | |||
Holding Corp. Class A | 219,679 | 8,376 | |
Eagle Materials Inc. | 73,370 | 8,313 | |
HEICO Corp. Class A | 103,227 | 8,160 | |
Watsco Inc. | 47,949 | 8,153 | |
Macquarie Infrastructure | |||
Corp. | 125,768 | 8,074 | |
Genpact Ltd. | 245,133 | 7,781 | |
Curtiss-Wright Corp. | 63,823 | 7,777 | |
National Instruments | |||
Corp. | 186,781 | 7,776 | |
* | Genesee & Wyoming Inc. | ||
Class A | 98,342 | 7,742 | |
AGCO Corp. | 107,526 | 7,681 | |
EMCOR Group Inc. | 93,338 | 7,630 | |
Graphic Packaging | |||
Holding Co. | 489,719 | 7,566 | |
Avnet Inc. | 190,534 | 7,549 | |
Air Lease Corp. Class A | 154,626 | 7,436 | |
ITT Inc. | 139,310 | 7,435 | |
MAXIMUS Inc. | 103,781 | 7,429 | |
Crane Co. | 80,925 | 7,220 | |
Littelfuse Inc. | 36,362 | 7,193 | |
Ryder System Inc. | 84,443 | 7,108 | |
Jabil Inc. | 267,231 | 7,015 | |
Landstar System Inc. | 67,231 | 6,999 | |
MSC Industrial Direct | |||
Co. Inc. Class A | 71,008 | 6,864 | |
Bemis Co. Inc. | 143,508 | 6,858 |
Woodward Inc. | 88,180 | 6,749 | |
* | Euronet Worldwide Inc. | 79,687 | 6,715 |
Kennametal Inc. | 129,174 | 6,253 | |
Maxar Technologies Ltd. | 96,624 | 6,215 | |
* | Louisiana-Pacific Corp. | 231,469 | 6,078 |
Brink’s Co. | 76,626 | 6,030 | |
Valmont Industries Inc. | 36,161 | 5,997 | |
Terex Corp. | 124,343 | 5,996 | |
Deluxe Corp. | 77,590 | 5,962 | |
* | CoreLogic Inc. | 128,009 | 5,915 |
* | Owens-Illinois Inc. | 259,984 | 5,764 |
* | Kirby Corp. | 84,756 | 5,662 |
* | KLX Inc. | 82,822 | 5,653 |
John Bean Technologies | |||
Corp. | 50,630 | 5,610 | |
Timken Co. | 112,531 | 5,531 | |
Regal Beloit Corp. | 71,643 | 5,488 | |
* | Summit Materials Inc. | ||
Class A | 172,849 | 5,434 | |
* | USG Corp. | 137,239 | 5,292 |
Belden Inc. | 67,792 | 5,232 | |
* | MasTec Inc. | 106,146 | 5,196 |
* | On Assignment Inc. | 80,454 | 5,171 |
Barnes Group Inc. | 81,596 | 5,163 | |
* | Conduent Inc. | 318,337 | 5,144 |
* | Trex Co. Inc. | 47,218 | 5,118 |
* | Colfax Corp. | 128,067 | 5,074 |
* | WESCO International Inc. | 74,415 | 5,071 |
* | Generac Holdings Inc. | 100,374 | 4,971 |
* | Rogers Corp. | 29,093 | 4,711 |
EnerSys | 66,914 | 4,659 | |
* | RBC Bearings Inc. | 36,475 | 4,610 |
* | Cimpress NV | 38,210 | 4,581 |
* | Moog Inc. Class A | 51,669 | 4,487 |
* | Clean Harbors Inc. | 82,307 | 4,461 |
Vishay Intertechnology | |||
Inc. | 214,505 | 4,451 | |
KBR Inc. | 224,077 | 4,443 | |
Tetra Tech Inc. | 91,546 | 4,408 | |
* | TopBuild Corp. | 58,159 | 4,405 |
* | JELD-WEN Holding Inc. | 108,783 | 4,283 |
Applied Industrial | |||
Technologies Inc. | 62,572 | 4,261 | |
* | Rexnord Corp. | 163,115 | 4,244 |
MSA Safety Inc. | 54,632 | 4,235 | |
* | II-VI Inc. | 89,086 | 4,183 |
* | Armstrong World | ||
Industries Inc. | 68,328 | 4,137 | |
UniFirst Corp. | 24,735 | 4,079 | |
Granite Construction Inc. | 64,051 | 4,063 | |
ABM Industries Inc. | 105,564 | 3,982 | |
* | WageWorks Inc. | 63,406 | 3,931 |
* | Builders FirstSource Inc. | 179,674 | 3,915 |
* | Proto Labs Inc. | 37,875 | 3,901 |
40
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
GATX Corp. | 61,114 | 3,799 | |
* | AMN Healthcare | ||
Services Inc. | 76,628 | 3,774 | |
Simpson Manufacturing | |||
Co. Inc. | 64,791 | 3,720 | |
* | Gardner Denver | ||
Holdings Inc. | 108,842 | 3,693 | |
* | Itron Inc. | 53,950 | 3,679 |
* | Esterline Technologies | ||
Corp. | 47,768 | 3,568 | |
Silgan Holdings Inc. | 121,211 | 3,562 | |
* | Sanmina Corp. | 107,263 | 3,540 |
Insperity Inc. | 61,504 | 3,527 | |
Universal Forest | |||
Products Inc. | 91,968 | 3,460 | |
* | Anixter International Inc. | 45,368 | 3,448 |
Convergys Corp. | 146,721 | 3,448 | |
Watts Water | |||
Technologies Inc. | |||
Class A | 44,909 | 3,411 | |
Korn/Ferry International | 81,417 | 3,369 | |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 107,740 | 3,361 | |
* | Navistar International | ||
Corp. | 78,058 | 3,347 | |
* | Meritor Inc. | 141,789 | 3,326 |
* | Plexus Corp. | 54,077 | 3,284 |
EnPro Industries Inc. | 34,650 | 3,240 | |
Mueller Industries Inc. | 90,974 | 3,223 | |
Mueller Water Products | |||
Inc. Class A | 256,363 | 3,212 | |
* | Masonite International | ||
Corp. | 43,260 | 3,208 | |
Schneider National Inc. | |||
Class B | 111,784 | 3,193 | |
Triton International Ltd. | 84,137 | 3,151 | |
Covanta Holding Corp. | 185,158 | 3,129 | |
Exponent Inc. | 43,669 | 3,105 | |
* | ExlService Holdings Inc. | 51,398 | 3,102 |
Albany International Corp. | 48,193 | 2,961 | |
* | American Woodmark | ||
Corp. | 22,457 | 2,925 | |
* | Ambarella Inc. | 49,615 | 2,915 |
Greif Inc. Class A | 47,941 | 2,904 | |
World Fuel Services Corp. | 102,775 | 2,892 | |
* | SPX FLOW Inc. | 60,648 | 2,884 |
Franklin Electric Co. Inc. | 61,896 | 2,841 | |
* | TriNet Group Inc. | 63,314 | 2,807 |
Forward Air Corp. | 48,746 | 2,800 | |
* | Saia Inc. | 39,247 | 2,777 |
Brady Corp. Class A | 73,063 | 2,769 | |
* | Floor & Decor Holdings | ||
Inc. Class A | 54,847 | 2,670 |
Comfort Systems USA | |||
Inc. | 61,154 | 2,669 | |
* | FTI Consulting Inc. | 61,403 | 2,638 |
Otter Tail Corp. | 59,295 | 2,636 | |
Sun Hydraulics Corp. | 40,392 | 2,613 | |
^ | Chicago Bridge & Iron | ||
Co. NV | 161,656 | 2,609 | |
Kaman Corp. | 44,301 | 2,607 | |
Mobile Mini Inc. | 74,365 | 2,566 | |
Werner Enterprises Inc. | 65,835 | 2,545 | |
* | Benchmark Electronics | ||
Inc. | 85,039 | 2,475 | |
* | Hub Group Inc. Class A | 51,605 | 2,472 |
ESCO Technologies Inc. | 40,998 | 2,470 | |
AAON Inc. | 67,213 | 2,467 | |
* | Novanta Inc. | 48,348 | 2,417 |
* | Installed Building | ||
Products Inc. | 31,784 | 2,414 | |
* | Patrick Industries Inc. | 34,411 | 2,390 |
* | Harsco Corp. | 127,935 | 2,386 |
* | BMC Stock Holdings Inc. | 93,590 | 2,368 |
* | Atlas Air Worldwide | ||
Holdings Inc. | 40,350 | 2,367 | |
Cubic Corp. | 39,875 | 2,351 | |
* | Paylocity Holding Corp. | 49,685 | 2,343 |
Altra Industrial Motion | |||
Corp. | 46,444 | 2,341 | |
^ | Greenbrier Cos. Inc. | 43,741 | 2,331 |
*,^ | MACOM Technology | ||
Solutions Holdings Inc. | 71,507 | 2,327 | |
Boise Cascade Co. | 58,166 | 2,321 | |
Methode Electronics Inc. | 56,784 | 2,277 | |
* | Integer Holdings Corp. | 49,188 | 2,228 |
Standex International | |||
Corp. | 21,844 | 2,225 | |
General Cable Corp. | 74,797 | 2,214 | |
AAR Corp. | 56,326 | 2,213 | |
ManTech International | |||
Corp. Class A | 43,860 | 2,201 | |
*,^ | Axon Enterprise Inc. | 82,986 | 2,199 |
* | TTM Technologies Inc. | 139,361 | 2,184 |
Badger Meter Inc. | 45,661 | 2,183 | |
Actuant Corp. Class A | 86,094 | 2,178 | |
H&E Equipment | |||
Services Inc. | 53,419 | 2,171 | |
Apogee Enterprises Inc. | 46,795 | 2,140 | |
* | Milacron Holdings Corp. | 109,982 | 2,105 |
Aircastle Ltd. | 89,964 | 2,104 | |
* | Air Transport Services | ||
Group Inc. | 90,918 | 2,104 | |
* | Sykes Enterprises Inc. | 66,366 | 2,087 |
AZZ Inc. | 40,733 | 2,081 | |
Matson Inc. | 69,159 | 2,064 | |
Triumph Group Inc. | 75,590 | 2,056 |
41
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Federal Signal Corp. | 102,155 | 2,052 | |
* | Knowles Corp. | 139,965 | 2,052 |
Raven Industries Inc. | 59,670 | 2,050 | |
* | Aerovironment Inc. | 35,615 | 2,000 |
* | US Concrete Inc. | 23,855 | 1,995 |
Manitowoc Co. Inc. | 49,680 | 1,954 | |
* | GMS Inc. | 51,903 | 1,954 |
Tennant Co. | 26,822 | 1,949 | |
Astec Industries Inc. | 33,297 | 1,948 | |
* | Imperva Inc. | 48,525 | 1,926 |
* | OSI Systems Inc. | 29,815 | 1,919 |
* | Cotiviti Holdings Inc. | 58,920 | 1,898 |
* | SPX Corp. | 60,063 | 1,885 |
Primoris Services Corp. | 68,697 | 1,868 | |
* | TriMas Corp. | 69,729 | 1,865 |
* | Advanced Disposal | ||
Services Inc. | 77,072 | 1,845 | |
Wabash National Corp. | 84,392 | 1,831 | |
Heartland Express Inc. | 78,359 | 1,829 | |
Alamo Group Inc. | 16,200 | 1,829 | |
Multi-Color Corp. | 24,416 | 1,828 | |
US Ecology Inc. | 35,723 | 1,822 | |
Kadant Inc. | 17,883 | 1,795 | |
* | TrueBlue Inc. | 60,566 | 1,666 |
* | Tutor Perini Corp. | 65,448 | 1,659 |
Viad Corp. | 28,806 | 1,596 | |
* | MINDBODY Inc. Class A | 52,078 | 1,586 |
McGrath RentCorp | 33,420 | 1,570 | |
* | Fabrinet | 54,398 | 1,561 |
Materion Corp. | 31,624 | 1,537 | |
* | Continental Building | ||
Products Inc. | 53,729 | 1,512 | |
* | Casella Waste Systems | ||
Inc. Class A | 65,574 | 1,510 | |
* | Gibraltar Industries Inc. | 45,526 | 1,502 |
REV Group Inc. | 45,978 | 1,496 | |
CTS Corp. | 57,923 | 1,492 | |
^ | Sturm Ruger & Co. Inc. | 26,657 | 1,489 |
AVX Corp. | 85,741 | 1,483 | |
* | Huron Consulting Group | ||
Inc. | 36,622 | 1,481 | |
* | Kratos Defense & | ||
Security Solutions Inc. | 137,075 | 1,452 | |
Kelly Services Inc. | |||
Class A | 51,964 | 1,417 | |
ArcBest Corp. | 39,569 | 1,415 | |
* | Inovalon Holdings Inc. | ||
Class A | 93,657 | 1,405 | |
* | NCI Building Systems Inc. | 72,777 | 1,405 |
Quanex Building | |||
Products Corp. | 59,985 | 1,404 | |
Schnitzer Steel Industries | |||
Inc. | 41,349 | 1,385 |
Columbus McKinnon | |||
Corp. | 34,423 | 1,376 | |
* | Aegion Corp. Class A | 54,077 | 1,375 |
Encore Wire Corp. | 28,054 | 1,365 | |
Marten Transport Ltd. | 67,154 | 1,363 | |
HEICO Corp. | 14,246 | 1,344 | |
* | ICF International Inc. | 25,585 | 1,343 |
* | Cardtronics plc Class A | 71,591 | 1,326 |
EVERTEC Inc. | 96,531 | 1,318 | |
Griffon Corp. | 63,572 | 1,294 | |
* | FARO Technologies Inc. | 27,447 | 1,290 |
CIRCOR International | |||
Inc. | 26,473 | 1,289 | |
* | Navigant Consulting Inc. | 65,883 | 1,279 |
MTS Systems Corp. | 23,669 | 1,271 | |
Lindsay Corp. | 14,325 | 1,263 | |
* | Lydall Inc. | 24,569 | 1,247 |
* | KEMET Corp. | 81,922 | 1,234 |
* | PGT Innovations Inc. | 72,570 | 1,223 |
Advanced Drainage | |||
Systems Inc. | 50,014 | 1,193 | |
Douglas Dynamics Inc. | 31,160 | 1,178 | |
* | Thermon Group | ||
Holdings Inc. | 49,570 | 1,173 | |
*,^ | Evolent Health Inc. | ||
Class A | 95,357 | 1,173 | |
* | American Outdoor | ||
Brands Corp. | 88,871 | 1,141 | |
* | Astronics Corp. | 27,496 | 1,140 |
* | Echo Global Logistics | ||
Inc. | 40,392 | 1,131 | |
NN Inc. | 40,683 | 1,123 | |
* | CBIZ Inc. | 72,402 | 1,119 |
* | Control4 Corp. | 37,515 | 1,116 |
* | Veeco Instruments Inc. | 73,781 | 1,096 |
* | Electro Scientific | ||
Industries Inc. | 50,724 | 1,087 | |
TeleTech Holdings Inc. | 26,753 | 1,077 | |
Argan Inc. | 23,748 | 1,069 | |
Hyster-Yale Materials | |||
Handling Inc. | 12,338 | 1,051 | |
RR Donnelley & Sons Co. | 111,755 | 1,039 | |
Ennis Inc. | 49,590 | 1,029 | |
* | Atkore International | ||
Group Inc. | 47,847 | 1,026 | |
Global Brass & Copper | |||
Holdings Inc. | 30,597 | 1,013 | |
Quad/Graphics Inc. | 43,686 | 987 | |
* | Donnelley Financial | ||
Solutions Inc. | 49,942 | 973 | |
Gorman-Rupp Co. | 30,523 | 953 | |
Myers Industries Inc. | 48,733 | 950 | |
* | MYR Group Inc. | 26,180 | 935 |
Insteel Industries Inc. | 31,294 | 886 |
42
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Cass Information | |||
Systems Inc. | 15,120 | 880 | |
Kforce Inc. | 34,650 | 875 | |
* | TimkenSteel Corp. | 56,636 | 860 |
RPX Corp. | 63,714 | 856 | |
Barrett Business | |||
Services Inc. | 13,251 | 855 | |
* | Everi Holdings Inc. | 112,366 | 847 |
* | Cross Country | ||
Healthcare Inc. | 63,743 | 813 | |
Spartan Motors Inc. | 51,015 | 803 | |
Park-Ohio Holdings Corp. | 17,459 | 802 | |
Heidrick & Struggles | |||
International Inc. | 32,628 | 801 | |
* | DXP Enterprises Inc. | 26,909 | 796 |
LSC Communications Inc. | 48,955 | 742 | |
Resources Connection | |||
Inc. | 47,887 | 740 | |
* | Engility Holdings Inc. | 25,480 | 723 |
* | CAI International Inc. | 25,457 | 721 |
* | Bazaarvoice Inc. | 131,380 | 716 |
DMC Global Inc. | 28,568 | 716 | |
CRA International Inc. | 15,889 | 714 | |
* | Wesco Aircraft Holdings | ||
Inc. | 96,247 | 712 | |
* | Armstrong Flooring Inc. | 41,626 | 704 |
Daktronics Inc. | 75,446 | 689 | |
* | YRC Worldwide Inc. | 47,890 | 689 |
Miller Industries Inc. | 24,863 | 641 | |
* | Covenant Transportation | ||
Group Inc. Class A | 22,256 | 639 | |
* | Landec Corp. | 50,064 | 631 |
* | Sterling Construction | ||
Co. Inc. | 38,392 | 625 | |
* | NV5 Global Inc. | 11,458 | 620 |
* | InnerWorkings Inc. | 61,816 | 620 |
* | GP Strategies Corp. | 26,686 | 619 |
* | Kimball Electronics Inc. | 32,302 | 590 |
Essendant Inc. | 63,354 | 587 | |
VSE Corp. | 11,974 | 580 | |
* | Team Inc. | 38,783 | 578 |
American Railcar | |||
Industries Inc. | 13,856 | 577 | |
NVE Corp. | 6,663 | 573 | |
* | International Seaways Inc. | 30,047 | 555 |
* | Vicor Corp. | 26,517 | 554 |
*,^ | Energous Corp. | 28,139 | 547 |
* | Daseke Inc. | 38,216 | 546 |
* | Ply Gem Holdings Inc. | 29,049 | 537 |
* | Vishay Precision Group | ||
Inc. | 21,317 | 536 | |
* | PHH Corp. | 51,889 | 534 |
Mesa Laboratories Inc. | 4,290 | 533 | |
* | Franklin Covey Co. | 25,548 | 530 |
* | Commercial Vehicle | ||
Group Inc. | 47,973 | 513 | |
* | Mistras Group Inc. | 21,801 | 512 |
* | Ducommun Inc. | 17,980 | 512 |
* | Astronics Corp. Class B | 12,179 | 507 |
B. Riley Financial Inc. | 27,128 | 491 | |
*,^ | Energy Recovery Inc. | 55,656 | 487 |
Crawford & Co. Class B | 50,256 | 483 | |
* | Great Lakes Dredge & | ||
Dock Corp. | 88,787 | 479 | |
*,^ | Babcock & Wilcox | ||
Enterprises Inc. | 84,033 | 477 | |
* | Heritage-Crystal Clean | ||
Inc. | 21,897 | 476 | |
Park Electrochemical | |||
Corp. | 24,128 | 474 | |
National Research Corp. | |||
Class A | 12,087 | 451 | |
* | LB Foster Co. Class A | 16,557 | 450 |
Bel Fuse Inc. Class B | 17,411 | 438 | |
Powell Industries Inc. | 15,273 | 438 | |
Graham Corp. | 20,885 | 437 | |
* | Horizon Global Corp. | 31,118 | 436 |
* | Layne Christensen Co. | 33,593 | 422 |
Allied Motion | |||
Technologies Inc. | 12,715 | 421 | |
* | Era Group Inc. | 38,339 | 412 |
* | Eagle Bulk Shipping Inc. | 89,334 | 400 |
Hardinge Inc. | 22,957 | 400 | |
* | Northwest Pipe Co. | 20,617 | 395 |
* | Roadrunner | ||
Transportation | |||
Systems Inc. | 49,746 | 384 | |
Eastern Co. | 14,110 | 369 | |
United States Lime & | |||
Minerals Inc. | 4,694 | 362 | |
* | Twin Disc Inc. | 13,393 | 356 |
* | Acacia Research Corp. | 87,681 | 355 |
* | Information Services | ||
Group Inc. | 84,741 | 353 | |
* | CryoPort Inc. | 39,623 | 340 |
*,^ | Maxwell Technologies | ||
Inc. | 56,916 | 328 | |
* | Hudson Technologies | ||
Inc. | 51,897 | 315 | |
Omega Flex Inc. | 4,302 | 307 | |
* | Ameresco Inc. Class A | 34,415 | 296 |
* | Foundation Building | ||
Materials Inc. | 19,743 | 292 | |
*,^ | Forterra Inc. | 26,195 | 291 |
* | Iteris Inc. | 41,607 | 290 |
* | ServiceSource | ||
International Inc. | 93,682 | 289 | |
Hurco Cos. Inc. | 6,859 | 289 |
43
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
LSI Industries Inc. | 41,486 | 285 | |
Celadon Group Inc. | 43,972 | 281 | |
* | Blue Bird Corp. | 14,008 | 279 |
* | Houston Wire & Cable Co. | 38,107 | 274 |
* | Willdan Group Inc. | 11,410 | 273 |
* | Lawson Products Inc. | 10,895 | 270 |
CECO Environmental | |||
Corp. | 50,404 | 259 | |
FreightCar America Inc. | 15,080 | 258 | |
* | Hill International Inc. | 46,939 | 256 |
* | Overseas Shipholding | ||
Group Inc. Class A | 89,336 | 245 | |
* | Orion Group Holdings Inc. | 31,178 | 244 |
NACCO Industries Inc. | |||
Class A | 6,425 | 242 | |
^ | Advanced Emissions | ||
Solutions Inc. | 24,980 | 241 | |
Universal Logistics | |||
Holdings Inc. | 10,160 | 241 | |
* | Radiant Logistics Inc. | 50,317 | 231 |
* | Sparton Corp. | 9,923 | 229 |
* | PRGX Global Inc. | 32,040 | 227 |
* | Intevac Inc. | 30,977 | 212 |
* | ARC Document Solutions | ||
Inc. | 79,674 | 203 | |
*,^ | Asure Software Inc. | 14,345 | 203 |
* | Goldfield Corp. | 41,144 | 202 |
^ | EnviroStar Inc. | 5,000 | 200 |
* | MicroVision Inc. | 120,148 | 196 |
* | Manitex International Inc. | 20,243 | 194 |
*,^ | CyberOptics Corp. | 12,721 | 191 |
* | DHI Group Inc. | 95,139 | 181 |
National Research Corp. | |||
Class B | 3,096 | 176 | |
* | American | ||
Superconductor Corp. | 48,240 | 175 | |
* | Willis Lease Finance Corp. | 6,584 | 164 |
* | UFP Technologies Inc. | 5,749 | 160 |
* | StarTek Inc. | 15,981 | 159 |
* | IES Holdings Inc. | 8,711 | 150 |
* | USA Truck Inc. | 8,258 | 150 |
* | CUI Global Inc. | 54,392 | 150 |
* | Nuverra Environmental | ||
Solutions Inc. | 8,223 | 150 | |
* | Arotech Corp. | 40,657 | 144 |
* | Nuvectra Corp. | 18,420 | 143 |
* | Gencor Industries Inc. | 8,585 | 142 |
Global Water Resources | |||
Inc. | 15,088 | 141 | |
* | BlueLinx Holdings Inc. | 14,325 | 140 |
* | IntriCon Corp. | 6,920 | 137 |
*,^ | Huttig Building Products | ||
Inc. | 20,400 | 136 |
* | PAM Transportation | ||
Services Inc. | 3,874 | 135 | |
*,^ | ExOne Co. | 14,080 | 118 |
* | Echelon Corp. | 20,661 | 117 |
* | Napco Security | ||
Technologies Inc. | 13,255 | 116 | |
* | Xerium Technologies | ||
Inc. | 25,689 | 109 | |
*,^ | UQM Technologies Inc. | 78,403 | 109 |
* | Hudson Global Inc. | 48,253 | 109 |
* | PFSweb Inc. | 14,574 | 108 |
* | Ballantyne Strong Inc. | 23,128 | 108 |
* | Mattersight Corp. | 38,893 | 99 |
* | Universal Technical | ||
Institute Inc. | 40,610 | 97 | |
*,^ | Workhorse Group Inc. | 37,915 | 97 |
* | Innovative Solutions | ||
& Support Inc. | 31,038 | 91 | |
*,^ | Applied DNA Sciences | ||
Inc. | 56,734 | 90 | |
* | LightPath Technologies | ||
Inc. Class A | 40,322 | 90 | |
* | Sharps Compliance Corp. | 21,848 | 89 |
* | CPI Aerostructures Inc. | 9,722 | 87 |
* | Broadwind Energy Inc. | 31,113 | 85 |
* | Perceptron Inc. | 8,400 | 82 |
AMCON Distributing Co. | 900 | 82 | |
* | Fuel Tech Inc. | 71,059 | 80 |
* | Key Technology Inc. | 4,289 | 79 |
* | Ultralife Corp. | 11,093 | 73 |
* | Frequency Electronics Inc. | 7,273 | 68 |
* | Revolution Lighting | ||
Technologies Inc. | 19,975 | 66 | |
* | Aspen Aerogels Inc. | 13,412 | 65 |
* | Air T Inc. | 2,500 | 62 |
* | Lincoln Educational | ||
Services Corp. | 30,118 | 61 | |
*,^ | Aqua Metals Inc. | 27,299 | 58 |
* | Perma-Fix | ||
Environmental Services | 15,311 | 56 | |
* | Transcat Inc. | 3,871 | 55 |
* | eMagin Corp. | 33,365 | 55 |
* | IEC Electronics Corp. | 13,361 | 55 |
Richardson Electronics | |||
Ltd. | 7,894 | 53 | |
BG Staffing Inc. | 3,327 | 53 | |
* | ClearSign Combustion | ||
Corp. | 14,690 | 53 | |
* | Perma-Pipe International | ||
Holdings Inc. | 5,595 | 50 | |
* | ModusLink Global | ||
Solutions Inc. | 15,345 | 38 | |
Greif Inc. Class B | 549 | 38 | |
* | Digital Power Corp. | 11,100 | 36 |
44
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | AeroCentury Corp. | 2,175 | 33 |
Bel Fuse Inc. Class A | 1,377 | 32 | |
*,^ | Capstone Turbine Corp. | 35,896 | 28 |
* | American Electric | ||
Technologies Inc. | 17,847 | 27 | |
* | Synthesis Energy | ||
Systems Inc. | 6,982 | 20 | |
* | General Finance Corp. | 2,933 | 20 |
* | Orion Energy Systems | ||
Inc. | 13,441 | 12 | |
*,^ | Digital Ally Inc. | 3,600 | 10 |
* | Dorian LPG Ltd. | 1,078 | 9 |
* | Industrial Services of | ||
America Inc. | 5,080 | 8 | |
* | Wireless Telecom | ||
Group Inc. | 2,622 | 6 | |
* | SigmaTron International | ||
Inc. | 601 | 6 | |
* | Odyssey Marine | ||
Exploration Inc. | 1,433 | 5 | |
* | Turtle Beach Corp. | 11,768 | 5 |
* | Rubicon Technology Inc. | 609 | 5 |
Ecology and Environment | |||
Inc. | 450 | 5 | |
* | Energy Focus Inc. | 1,890 | 5 |
* | Research Frontiers Inc. | 4,224 | 4 |
* | Volt Information Sciences | ||
Inc. | 694 | 3 | |
* | Sypris Solutions Inc. | 1,594 | 2 |
* | ShotSpotter Inc. | 128 | 2 |
* | Tecogen Inc. | 630 | 2 |
* | AMREP Corp. | 170 | 1 |
* | ASV Holdings Inc. | 100 | 1 |
Chicago Rivet & | |||
Machine Co. | 28 | 1 | |
*,2 | CTPartners Executive | ||
Search Inc. | 74,003 | — | |
5,797,523 | |||
Oil & Gas (5.7%) | |||
�� | Exxon Mobil Corp. | 6,704,058 | 560,727 |
Chevron Corp. | 3,005,245 | 376,227 | |
Schlumberger Ltd. | 2,189,064 | 147,521 | |
ConocoPhillips | 1,890,106 | 103,748 | |
EOG Resources Inc. | 913,815 | 98,610 | |
Occidental Petroleum | |||
Corp. | 1,210,070 | 89,134 | |
Phillips 66 | 680,961 | 68,879 | |
Halliburton Co. | 1,306,715 | 63,859 | |
Valero Energy Corp. | 691,931 | 63,595 | |
Kinder Morgan Inc. | 3,001,288 | 54,233 | |
Marathon Petroleum | |||
Corp. | 772,090 | 50,942 | |
Pioneer Natural | |||
Resources Co. | 269,146 | 46,522 |
Anadarko Petroleum | |||
Corp. | 864,527 | 46,373 | |
Williams Cos. Inc. | 1,305,631 | 39,809 | |
* | Concho Resources Inc. | 234,802 | 35,272 |
Devon Energy Corp. | 790,857 | 32,741 | |
Andeavor | 234,231 | 26,782 | |
Apache Corp. | 602,881 | 25,454 | |
EQT Corp. | 406,686 | 23,149 | |
Marathon Oil Corp. | 1,342,785 | 22,733 | |
Hess Corp. | 477,093 | 22,648 | |
Noble Energy Inc. | 769,449 | 22,422 | |
Baker Hughes a GE Co. | 676,883 | 21,417 | |
National Oilwell Varco | |||
Inc. | 594,132 | 21,401 | |
Cabot Oil & Gas Corp. | 732,393 | 20,946 | |
* | Diamondback Energy | ||
Inc. | 155,327 | 19,610 | |
Cimarex Energy Co. | 150,695 | 18,386 | |
* | Cheniere Energy Inc. | 320,501 | 17,256 |
Targa Resources Corp. | 341,275 | 16,524 | |
HollyFrontier Corp. | 281,221 | 14,404 | |
* | Parsley Energy Inc. | ||
Class A | 374,491 | 11,025 | |
OGE Energy Corp. | 316,346 | 10,411 | |
Helmerich & Payne Inc. | 155,424 | 10,047 | |
* | Newfield Exploration | ||
Co. | 315,183 | 9,938 | |
* | Energen Corp. | 155,655 | 8,961 |
* | WPX Energy Inc. | 625,974 | 8,807 |
* | First Solar Inc. | 123,740 | 8,355 |
* | RSP Permian Inc. | 203,554 | 8,281 |
Murphy Oil Corp. | 262,602 | 8,154 | |
Patterson-UTI Energy | |||
Inc. | 351,811 | 8,095 | |
* | Continental Resources | ||
Inc. | 150,442 | 7,969 | |
^ | Core Laboratories NV | 69,324 | 7,594 |
Range Resources Corp. | 396,127 | 6,758 | |
* | Antero Resources Corp. | 353,619 | 6,719 |
* | Transocean Ltd. | 616,831 | 6,588 |
* | Weatherford | ||
International plc | 1,578,765 | 6,583 | |
PBF Energy Inc. | |||
Class A | 164,205 | 5,821 | |
* | PDC Energy Inc. | 105,696 | 5,448 |
* | Chesapeake Energy | ||
Corp. | 1,373,266 | 5,438 | |
* | Centennial Resource | ||
Development Inc. | |||
Class A | 252,737 | 5,004 | |
* | Matador Resources Co. | 156,354 | 4,867 |
* | Southwestern Energy | ||
Co. | 810,017 | 4,520 | |
Ensco plc Class A | 678,720 | 4,011 |
45
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Delek US Holdings Inc. | 114,538 | 4,002 | |
SM Energy Co. | 178,065 | 3,932 | |
* | Callon Petroleum Co. | 322,272 | 3,916 |
* | Whiting Petroleum Corp. | 145,065 | 3,841 |
* | QEP Resources Inc. | 384,477 | 3,679 |
SemGroup Corp. Class A | 120,971 | 3,653 | |
* | Oasis Petroleum Inc. | 425,714 | 3,580 |
CNX Resources Corp. | 233,081 | 3,410 | |
Oceaneering | |||
International Inc. | 157,314 | 3,326 | |
* | Rowan Cos. plc Class A | 201,512 | 3,156 |
* | Gulfport Energy Corp. | 246,017 | 3,139 |
Nabors Industries Ltd. | 455,130 | 3,108 | |
Pattern Energy Group | |||
Inc. Class A | 144,598 | 3,107 | |
* | C&J Energy Services Inc. | 91,500 | 3,062 |
* | SRC Energy Inc. | 356,413 | 3,040 |
* | McDermott International | ||
Inc. | 454,370 | 2,990 | |
* | Dril-Quip Inc. | 60,909 | 2,905 |
* | Ultra Petroleum Corp. | 315,977 | 2,863 |
* | Laredo Petroleum Inc. | 251,795 | 2,672 |
RPC Inc. | 103,094 | 2,632 | |
* | Carrizo Oil & Gas Inc. | 121,770 | 2,591 |
* | MRC Global Inc. | 144,285 | 2,441 |
* | Superior Energy Services | ||
Inc. | 240,447 | 2,315 | |
* | Chart Industries Inc. | 49,196 | 2,305 |
* | Oil States International | ||
Inc. | 81,324 | 2,301 | |
* | Extraction Oil & Gas Inc. | 159,397 | 2,281 |
* | Forum Energy | ||
Technologies Inc. | 134,360 | 2,089 | |
* | ProPetro Holding Corp. | 95,744 | 1,930 |
* | NOW Inc. | 169,971 | 1,875 |
*,^ | Diamond Offshore | ||
Drilling Inc. | 100,021 | 1,859 | |
* | Exterran Corp. | 57,778 | 1,817 |
* | Unit Corp. | 81,180 | 1,786 |
* | Noble Corp. plc | 394,191 | 1,782 |
* | Halcon Resources Corp. | 223,315 | 1,690 |
* | Helix Energy Solutions | ||
Group Inc. | 216,874 | 1,635 | |
* | Denbury Resources Inc. | 674,960 | 1,492 |
Archrock Inc. | 119,373 | 1,253 | |
* | SEACOR Holdings Inc. | 27,026 | 1,249 |
*,^ | California Resources Corp. | 63,472 | 1,234 |
* | Newpark Resources Inc. | 140,449 | 1,208 |
* | Tellurian Inc. | 123,232 | 1,200 |
* | Select Energy Services | ||
Inc. Class A | 61,164 | 1,116 | |
Green Plains Inc. | 65,717 | 1,107 | |
* | Ring Energy Inc. | 79,148 | 1,100 |
* | SandRidge Energy Inc. | 51,508 | 1,085 |
^ | CVR Energy Inc. | 28,828 | 1,074 |
* | Par Pacific Holdings Inc. | 53,064 | 1,023 |
* | Stone Energy Corp. | 31,518 | 1,014 |
* | Keane Group Inc. | 50,539 | 961 |
*,^ | Resolute Energy Corp. | 29,097 | 916 |
* | REX American | ||
Resources Corp. | 10,341 | 856 | |
*,^ | Plug Power Inc. | 351,505 | 830 |
* | Penn Virginia Corp. | 21,009 | 822 |
*,^ | Basic Energy Services | ||
Inc. | 34,333 | 806 | |
* | Matrix Service Co. | 43,932 | 782 |
* | Tidewater Inc. | 31,481 | 768 |
* | Bill Barrett Corp. | 147,672 | 758 |
*,^ | Jagged Peak Energy Inc. | 47,859 | 755 |
* | Renewable Energy | ||
Group Inc. | 63,669 | 751 | |
* | Bonanza Creek Energy Inc. | 27,076 | 747 |
*,^ | SunPower Corp. Class A | 87,857 | 741 |
* | Abraxas Petroleum Corp. | 286,464 | 705 |
* | WildHorse Resource | ||
Development Corp. | 37,367 | 688 | |
* | TETRA Technologies Inc. | 159,353 | 680 |
* | Green Brick Partners Inc. | 51,849 | 586 |
*,^ | Sanchez Energy Corp. | 109,642 | 582 |
* | Natural Gas Services | ||
Group Inc. | 21,712 | 569 | |
* | Solaris Oilfield | ||
Infrastructure Inc. | |||
Class A | 25,132 | 538 | |
Bristow Group Inc. | 36,663 | 494 | |
Panhandle Oil and Gas | |||
Inc. Class A | 22,029 | 453 | |
* | W&T Offshore Inc. | 134,396 | 445 |
* | Flotek Industries Inc. | 92,081 | 429 |
* | Midstates Petroleum | ||
Co. Inc. | 25,611 | 425 | |
* | TPI Composites Inc. | 19,852 | 406 |
* | Trecora Resources | 29,797 | 402 |
* | Earthstone Energy Inc. | ||
Class A | 37,361 | 397 | |
* | SEACOR Marine | ||
Holdings Inc. | 33,347 | 390 | |
Adams Resources & | |||
Energy Inc. | 8,952 | 389 | |
*,^ | ION Geophysical Corp. | 18,467 | 365 |
Gulf Island Fabrication | |||
Inc. | 27,001 | 362 | |
* | NextDecade Corp. | 41,723 | 347 |
* | Pioneer Energy Services | ||
Corp. | 107,421 | 328 | |
* | Dawson Geophysical Co. | 62,821 | 312 |
* | Eclipse Resources Corp. | 127,598 | 306 |
*,^ | CARBO Ceramics Inc. | 29,631 | 302 |
46
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Pacific Ethanol Inc. | 65,334 | 297 |
Evolution Petroleum | |||
Corp. | 40,190 | 275 | |
* | Mammoth Energy | ||
Services Inc. | 12,998 | 255 | |
*,^ | Gastar Exploration Inc. | 242,644 | 255 |
* | Independence Contract | ||
Drilling Inc. | 63,273 | 252 | |
* | Smart Sand Inc. | 28,837 | 250 |
*,^ | Comstock Resources | ||
Inc. | 28,732 | 243 | |
* | Geospace Technologies | ||
Corp. | 17,933 | 233 | |
* | Parker Drilling Co. | 229,846 | 230 |
* | SilverBow Resources Inc. | 7,645 | 227 |
* | Enphase Energy Inc. | 90,916 | 219 |
* | Contango Oil & Gas Co. | 46,065 | 217 |
*,^ | Approach Resources Inc. | 72,989 | 216 |
*,^ | Hornbeck Offshore | ||
Services Inc. | 69,410 | 216 | |
* | Energy XXI Gulf Coast Inc. | 34,799 | 200 |
* | Lilis Energy Inc. | 37,930 | 194 |
*,^ | NCS Multistage | ||
Holdings Inc. | 12,125 | 179 | |
* | PHI Inc. (Non-Voting | ||
Shares) | 15,304 | 177 | |
*,^ | Zion Oil & Gas Inc. | 77,814 | 168 |
* | Key Energy Services Inc. | 13,940 | 164 |
*,^ | Erin Energy Corp. | 51,893 | 143 |
*,^ | FuelCell Energy Inc. | 81,142 | 138 |
*,^ | EP Energy Corp. Class A | 56,584 | 134 |
* | Lonestar Resources | ||
US Inc. Class A | 33,222 | 132 | |
* | Isramco Inc. | 1,224 | 128 |
* | VAALCO Energy Inc. | 180,669 | 126 |
* | Mitcham Industries Inc. | 38,316 | 121 |
* | Willbros Group Inc. | 79,324 | 113 |
*,^ | Northern Oil and Gas Inc. | 53,921 | 111 |
* | PetroQuest Energy Inc. | 46,985 | 89 |
*,^ | Amyris Inc. | 22,189 | 83 |
*,^ | Jones Energy Inc. | ||
Class A | 70,075 | 77 | |
*,^ | Torchlight Energy | ||
Resources Inc. | 56,117 | 75 | |
*,^ | Eco-Stim Energy | ||
Solutions Inc. | 36,639 | 46 | |
* | Stone Energy Corp. | ||
Warrants Expires | |||
02/28/2021 | 725 | 4 | |
^ | EXCO Resources Inc. | 15,052 | 3 |
*,^ | Rex Energy Corp. | 1,990 | 3 |
* | PHI Inc. (Voting Shares) | 229 | 3 |
*,^ | Bonanza Creek Energy | ||
Inc. Warrants Expires | |||
04/28/2020 | 7,759 | 2 | |
*,^ | Ideal Power Inc. | 791 | 1 |
*,^ | Yuma Energy Inc. | 637 | 1 |
* | Aemetis Inc. | 1,072 | 1 |
^,2 | Harvest Natural | ||
Resources Inc. | 27,025 | — | |
2,479,977 | |||
Other (0.0%) 3 | |||
*,2 | Dyax Corp. CVR | ||
Expires 12/31/2019 | 266,416 | 533 | |
*,2 | Herbalife Ltd. CVR | 15,650 | 152 |
*,2 | Tobira Therapeutics | ||
CVR Expires 12/31/2028 | 4,500 | 20 | |
*,2 | NewStar Financial Inc | 36,657 | 20 |
*,2 | Ambit Biosciences | ||
Corp. CVR | 29,736 | 18 | |
*,2 | Media General Inc. | ||
CVR | 175,133 | 7 | |
*,2 | Alexza Pharmaceuticals | ||
Inc. CVR | 80,591 | 3 | |
* | Kadmon Warrants | ||
Expires 09/29/2022 | 25,728 | 2 | |
*,2 | Durata Therapeutics | ||
Inc. CVR Expires | |||
12/31/2018 | 800 | 1 | |
*,2 | Clinical Data CVR | 29,879 | — |
*,2 | Chelsea Therapeutics | ||
International Ltd. CVR | 288,407 | — | |
*,2,^ | Biosante | ||
Pharmaceutical Inc. | |||
CVR | 156,953 | — | |
*,2 | Adolor Corp. Rights | ||
Expires 07/01/2019 | 126,930 | — | |
756 | |||
Technology (18.4%) | |||
Apple Inc. | 7,313,973 | 1,237,744 | |
Microsoft Corp. | 12,208,558 | 1,044,320 | |
* | Facebook Inc. Class A | 3,773,679 | 665,903 |
* | Alphabet Inc. Class C | 476,864 | 498,991 |
* | Alphabet Inc. Class A | 465,027 | 489,859 |
Intel Corp. | 7,406,915 | 341,903 | |
Cisco Systems Inc. | 7,820,393 | 299,521 | |
Oracle Corp. | 4,952,881 | 234,172 | |
International Business | |||
Machines Corp. | 1,391,513 | 213,486 | |
NVIDIA Corp. | 863,248 | 167,039 | |
Broadcom Ltd. | 645,625 | 165,861 | |
Texas Instruments Inc. | 1,558,531 | 162,773 | |
QUALCOMM Inc. | 2,332,839 | 149,348 | |
* | Adobe Systems Inc. | 779,844 | 136,660 |
* | salesforce.com Inc. | 1,085,370 | 110,957 |
Applied Materials Inc. | 1,687,688 | 86,275 |
47
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Micron Technology Inc. | 1,734,361 | 71,317 |
Cognizant Technology | |||
Solutions Corp. Class A | 932,142 | 66,201 | |
Intuit Inc. | 383,575 | 60,520 | |
HP Inc. | 2,642,829 | 55,526 | |
Analog Devices Inc. | 582,733 | 51,881 | |
Lam Research Corp. | 256,375 | 47,191 | |
Corning Inc. | 1,372,150 | 43,895 | |
DXC Technology Co. | 451,116 | 42,811 | |
Western Digital Corp. | 468,238 | 37,239 | |
* | Autodesk Inc. | 347,226 | 36,400 |
Hewlett Packard | |||
Enterprise Co. | 2,522,331 | 36,221 | |
* | ServiceNow Inc. | 274,280 | 35,763 |
* | Cerner Corp. | 498,827 | 33,616 |
* | Red Hat Inc. | 279,417 | 33,558 |
Microchip Technology | |||
Inc. | 369,255 | 32,450 | |
Symantec Corp. | 980,882 | 27,524 | |
Skyworks Solutions Inc. | 289,341 | 27,473 | |
Harris Corp. | 188,909 | 26,759 | |
Xilinx Inc. | 396,271 | 26,717 | |
* | Dell Technologies Inc. | ||
Class V | 322,341 | 26,200 | |
KLA-Tencor Corp. | 247,482 | 26,003 | |
* | Twitter Inc. | 997,927 | 23,960 |
NetApp Inc. | 426,381 | 23,587 | |
Maxim Integrated | |||
Products Inc. | 445,916 | 23,313 | |
Motorola Solutions Inc. | 257,508 | 23,263 | |
* | Workday Inc. Class A | 217,652 | 22,144 |
* | Synopsys Inc. | 237,874 | 20,276 |
* | Palo Alto Networks Inc. | 137,702 | 19,959 |
* | ANSYS Inc. | 134,854 | 19,903 |
* | Citrix Systems Inc. | 225,635 | 19,856 |
Seagate Technology plc | 457,345 | 19,135 | |
* | Cadence Design | ||
Systems Inc. | 444,093 | 18,572 | |
* | Splunk Inc. | 220,599 | 18,274 |
* | Arista Networks Inc. | 75,043 | 17,679 |
Juniper Networks Inc. | 589,516 | 16,801 | |
* | Gartner Inc. | 136,321 | 16,788 |
CDW Corp. | 240,475 | 16,711 | |
* | Akamai Technologies | ||
Inc. | 254,020 | 16,521 | |
CA Inc. | 496,396 | 16,520 | |
Leidos Holdings Inc. | 241,341 | 15,583 | |
CDK Global Inc. | 216,847 | 15,457 | |
* | VeriSign Inc. | 133,324 | 15,258 |
* | VMware Inc. Class A | 120,771 | 15,135 |
*,^ | Advanced Micro | ||
Devices Inc. | 1,446,840 | 14,874 | |
* | IAC/InterActiveCorp | 121,116 | 14,810 |
* | Square Inc. | 404,846 | 14,036 |
* | ON Semiconductor Corp. | 667,026 | 13,968 |
* | Qorvo Inc. | 201,738 | 13,436 |
Marvell Technology | |||
Group Ltd. | 619,120 | 13,293 | |
Teradyne Inc. | 311,578 | 13,046 | |
* | F5 Networks Inc. | 97,921 | 12,849 |
* | CommScope Holding | ||
Co. Inc. | 302,615 | 11,448 | |
SS&C Technologies | |||
Holdings Inc. | 277,311 | 11,226 | |
* | PTC Inc. | 182,990 | 11,120 |
* | Fortinet Inc. | 235,941 | 10,308 |
*,^ | Snap Inc. | 686,529 | 10,030 |
* | Tyler Technologies Inc. | 56,366 | 9,980 |
* | Ultimate Software | ||
Group Inc. | 45,141 | 9,851 | |
LogMeIn Inc. | 84,235 | 9,645 | |
* | Veeva Systems Inc. | ||
Class A | 174,370 | 9,639 | |
* | Microsemi Corp. | 184,719 | 9,541 |
* | GoDaddy Inc. Class A | 187,694 | 9,437 |
Garmin Ltd. | 147,999 | 8,816 | |
* | Guidewire Software Inc. | 118,421 | 8,794 |
* | Cavium Inc. | 103,171 | 8,649 |
* | EPAM Systems Inc. | 78,815 | 8,467 |
* | athenahealth Inc. | 62,967 | 8,377 |
MKS Instruments Inc. | 86,491 | 8,173 | |
* | Aspen Technology Inc. | 117,039 | 7,748 |
CSRA Inc. | 257,353 | 7,700 | |
Cypress Semiconductor | |||
Corp. | 501,140 | 7,637 | |
* | Nuance | ||
Communications Inc. | 459,884 | 7,519 | |
Fair Isaac Corp. | 48,024 | 7,357 | |
* | ARRIS International plc | 284,299 | 7,304 |
Blackbaud Inc. | 76,928 | 7,269 | |
* | Teradata Corp. | 188,386 | 7,245 |
Monolithic Power | |||
Systems Inc. | 63,907 | 7,181 | |
* | Tableau Software Inc. | ||
Class A | 100,418 | 6,949 | |
Entegris Inc. | 226,744 | 6,904 | |
*,^ | ViaSat Inc. | 87,609 | 6,558 |
* | NCR Corp. | 192,032 | 6,527 |
SYNNEX Corp. | 47,915 | 6,514 | |
* | Paycom Software Inc. | 76,153 | 6,117 |
* | Integrated Device | ||
Technology Inc. | 202,534 | 6,021 | |
* | Silicon Laboratories Inc. | 67,921 | 5,997 |
DST Systems Inc. | 96,605 | 5,996 | |
* | Tech Data Corp. | 60,961 | 5,972 |
* | Proofpoint Inc. | 66,357 | 5,893 |
* | Cree Inc. | 156,008 | 5,794 |
* | Medidata Solutions Inc. | 88,602 | 5,615 |
48
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
j2 Global Inc. | 73,356 | 5,504 | |
* | Nutanix Inc. | 155,844 | 5,498 |
* | Manhattan Associates | ||
Inc. | 109,088 | 5,404 | |
Science Applications | |||
International Corp. | 69,624 | 5,331 | |
* | Cirrus Logic Inc. | 102,149 | 5,297 |
* | Dycom Industries Inc. | 46,618 | 5,195 |
* | CACI International Inc. | ||
Class A | 39,126 | 5,178 | |
* | Zendesk Inc. | 150,279 | 5,085 |
* | 2U Inc. | 77,866 | 5,023 |
* | RingCentral Inc. Class A | 101,730 | 4,924 |
* | Ciena Corp. | 225,958 | 4,729 |
* | HubSpot Inc. | 52,732 | 4,662 |
* | Ellie Mae Inc. | 51,791 | 4,630 |
* | Lumentum Holdings Inc. | 93,140 | 4,555 |
* | RealPage Inc. | 100,667 | 4,460 |
* | Advanced Energy | ||
Industries Inc. | 63,653 | 4,295 | |
* | ACI Worldwide Inc. | 189,375 | 4,293 |
InterDigital Inc. | 55,508 | 4,227 | |
* | Verint Systems Inc. | 100,709 | 4,215 |
* | Allscripts Healthcare | ||
Solutions Inc. | 284,512 | 4,140 | |
* | NetScout Systems Inc. | 132,986 | 4,049 |
*,^ | FireEye Inc. | 280,545 | 3,984 |
* | New Relic Inc. | 68,701 | 3,969 |
Cabot Microelectronics | |||
Corp. | 41,198 | 3,876 | |
* | Mercury Systems Inc. | 73,101 | 3,754 |
* | Finisar Corp. | 178,567 | 3,634 |
* | Semtech Corp. | 105,436 | 3,606 |
* | EchoStar Corp. Class A | 59,361 | 3,556 |
* | Box Inc. | 164,008 | 3,464 |
* | CommVault Systems Inc. | 64,922 | 3,408 |
Pitney Bowes Inc. | 298,461 | 3,337 | |
Power Integrations Inc. | 45,295 | 3,331 | |
Progress Software Corp. | 75,919 | 3,232 | |
* | Envestnet Inc. | 64,684 | 3,225 |
* | Viavi Solutions Inc. | 364,472 | 3,186 |
* | VeriFone Systems Inc. | 178,816 | 3,167 |
* | Callidus Software Inc. | 110,158 | 3,156 |
Cogent Communications | |||
Holdings Inc. | 65,461 | 2,965 | |
* | Cornerstone OnDemand | ||
Inc. | 82,103 | 2,901 | |
TiVo Corp. | 184,376 | 2,876 | |
Ebix Inc. | 35,797 | 2,837 | |
Pegasystems Inc. | 59,975 | 2,828 | |
* | NETGEAR Inc. | 47,707 | 2,803 |
* | Qualys Inc. | 46,901 | 2,784 |
*,^ | Ubiquiti Networks Inc. | 38,576 | 2,740 |
* | BroadSoft Inc. | 49,138 | 2,698 |
* | Cloudera Inc. | 160,343 | 2,649 |
Plantronics Inc. | 52,479 | 2,644 | |
* | Match Group Inc. | 83,715 | 2,621 |
Brooks Automation Inc. | 106,858 | 2,549 | |
* | Premier Inc. Class A | 87,255 | 2,547 |
* | Rambus Inc. | 176,019 | 2,503 |
* | Twilio Inc. Class A | 105,416 | 2,488 |
CSG Systems | |||
International Inc. | 56,394 | 2,471 | |
* | MaxLinear Inc. | 92,469 | 2,443 |
* | Pure Storage Inc. | ||
Class A | 147,029 | 2,332 | |
* | Q2 Holdings Inc. | 62,502 | 2,303 |
* | Insight Enterprises Inc. | 59,483 | 2,278 |
* | Electronics For | ||
Imaging Inc. | 74,619 | 2,204 | |
* | Extreme Networks Inc. | 175,148 | 2,193 |
* | Inphi Corp. | 59,297 | 2,170 |
* | MuleSoft Inc. Class A | 92,634 | 2,155 |
* | Bottomline | ||
Technologies de Inc. | 61,649 | 2,138 | |
* | Synaptics Inc. | 52,520 | 2,098 |
* | Five9 Inc. | 82,353 | 2,049 |
* | MicroStrategy Inc. | ||
Class A | 14,982 | 1,967 | |
* | FormFactor Inc. | 121,731 | 1,905 |
Xperi Corp. | 76,534 | 1,867 | |
* | Alarm.com Holdings Inc. | 48,881 | 1,845 |
* | Coupa Software Inc. | 58,314 | 1,821 |
* | Virtusa Corp. | 41,122 | 1,813 |
* | Diodes Inc. | 62,287 | 1,786 |
Diebold Nixdorf Inc. | 107,956 | 1,765 | |
NIC Inc. | 104,038 | 1,727 | |
* | CEVA Inc. | 36,928 | 1,704 |
* | Web.com Group Inc. | 77,686 | 1,694 |
* | Oclaro Inc. | 248,405 | 1,674 |
* | Barracuda Networks Inc. | 60,092 | 1,653 |
* | Varonis Systems Inc. | 32,108 | 1,559 |
* | Blucora Inc. | 70,081 | 1,549 |
* | ScanSource Inc. | 43,045 | 1,541 |
ADTRAN Inc. | 78,779 | 1,524 | |
* | Cray Inc. | 62,701 | 1,517 |
*,^ | 3D Systems Corp. | 173,331 | 1,498 |
* | ePlus Inc. | 19,738 | 1,484 |
* | Infinera Corp. | 234,100 | 1,482 |
* | Hortonworks Inc. | 73,034 | 1,469 |
* | Amkor Technology Inc. | 144,714 | 1,454 |
* | Axcelis Technologies Inc. | 50,513 | 1,450 |
Monotype Imaging | |||
Holdings Inc. | 58,795 | 1,417 | |
* | Boingo Wireless Inc. | 61,743 | 1,389 |
* | Instructure Inc. | 41,044 | 1,359 |
* | SPS Commerce Inc. | 27,120 | 1,318 |
* | Syntel Inc. | 54,526 | 1,254 |
49
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Vocera Communications | ||
Inc. | 41,372 | 1,250 | |
* | Blackline Inc. | 37,719 | 1,237 |
* | CalAmp Corp. | 57,259 | 1,227 |
* | Super Micro Computer | ||
Inc. | 58,401 | 1,222 | |
* | Acacia Communications | ||
Inc. | 33,288 | 1,206 | |
* | PROS Holdings Inc. | 44,512 | 1,177 |
* | Lattice Semiconductor | ||
Corp. | 199,217 | 1,151 | |
* | IXYS Corp. | 47,220 | 1,131 |
* | Quality Systems Inc. | 81,310 | 1,104 |
* | Shutterstock Inc. | 25,404 | 1,093 |
*,^ | Applied Optoelectronics | ||
Inc. | 28,822 | 1,090 | |
* | Carbonite Inc. | 42,409 | 1,064 |
* | LivePerson Inc. | 92,235 | 1,061 |
* | Ultra Clean Holdings Inc. | 45,585 | 1,053 |
* | Rudolph Technologies Inc. | 42,461 | 1,015 |
* | Alteryx Inc. Class A | 40,038 | 1,012 |
Cohu Inc. | 45,963 | 1,009 | |
*,^ | Gogo Inc. | 88,721 | 1,001 |
* | Everbridge Inc. | 33,590 | 998 |
* | Presidio Inc. | 51,117 | 980 |
* | Silver Spring Networks | ||
Inc. | 59,870 | 972 | |
Switch Inc. | 52,677 | 958 | |
* | Actua Corp. | 59,058 | 921 |
Forrester Research Inc. | 20,617 | 911 | |
* | CommerceHub Inc. | 44,205 | 910 |
* | Apptio Inc. Class A | 37,840 | 890 |
* | Perficient Inc. | 44,839 | 855 |
* | Endurance International | ||
Group Holdings Inc. | 101,245 | 850 | |
* | Okta Inc. | 32,883 | 842 |
* | Nanometrics Inc. | 33,763 | 841 |
* | Photronics Inc. | 98,356 | 838 |
* | Loral Space & | ||
Communications Inc. | 18,879 | 832 | |
* | Benefitfocus Inc. | 30,303 | 818 |
* | Ichor Holdings Ltd. | 32,244 | 793 |
Comtech | |||
Telecommunications | |||
Corp. | 35,703 | 790 | |
* | Ribbon Communications | ||
Inc. | 99,625 | 770 | |
Systemax Inc. | 22,524 | 749 | |
* | Appfolio Inc. | 17,579 | 730 |
Hackett Group Inc. | 46,060 | 724 | |
*,^ | Yext Inc. | 59,983 | 722 |
* | Workiva Inc. | 33,434 | 716 |
* | Xcerra Corp. | 70,672 | 692 |
Computer Programs & | |||
Systems Inc. | 22,743 | 683 | |
* | A10 Networks Inc. | 88,356 | 682 |
* | USA Technologies Inc. | 68,307 | 666 |
American Software Inc. | |||
Class A | 56,436 | 656 | |
* | Alpha & Omega | ||
Semiconductor Ltd. | 38,404 | 628 | |
* | PDF Solutions Inc. | 39,141 | 615 |
* | Unisys Corp. | 74,757 | 609 |
* | Harmonic Inc. | 144,158 | 605 |
* | CommerceHub Inc. | ||
Class A | 27,517 | 605 | |
* | Rapid7 Inc. | 31,122 | 581 |
* | VASCO Data Security | ||
International Inc. | 41,325 | 574 | |
* | Tabula Rasa HealthCare | ||
Inc. | 19,720 | 553 | |
* | AXT Inc. | 63,230 | 550 |
* | Impinj Inc. | 24,372 | 549 |
* | Vectrus Inc. | 17,781 | 549 |
* | Cision Ltd. | 45,105 | 535 |
* | Limelight Networks Inc. | 119,651 | 528 |
* | Synchronoss | ||
Technologies Inc. | 58,199 | 520 | |
* | Calix Inc. | 84,752 | 504 |
* | DSP Group Inc. | 40,149 | 502 |
* | Internap Corp. | 31,768 | 499 |
* | SailPoint Technologies | ||
Holding Inc. | 34,029 | 493 | |
* | Altair Engineering Inc. | ||
Class A | 20,582 | 492 | |
* | Model N Inc. | 31,237 | 492 |
*,^ | Digimarc Corp. | 13,532 | 489 |
* | Mitek Systems Inc. | 53,920 | 483 |
* | Brightcove Inc. | 66,649 | 473 |
* | Digi International Inc. | 48,939 | 467 |
Concurrent Computer | |||
Corp. | 78,479 | 453 | |
QAD Inc. Class A | 11,516 | 447 | |
* | Agilysys Inc. | 32,010 | 393 |
* | ChannelAdvisor Corp. | 43,153 | 388 |
PC Connection Inc. | 14,666 | 384 | |
* | MongoDB Inc. | 12,856 | 382 |
* | Upland Software Inc. | 17,578 | 381 |
*,^ | Immersion Corp. | 53,846 | 380 |
* | RigNet Inc. | 25,367 | 379 |
*,^ | TransEnterix Inc. | 193,766 | 374 |
* | WideOpenWest Inc. | 34,652 | 366 |
* | KeyW Holding Corp. | 61,974 | 364 |
* | Sigma Designs Inc. | 51,457 | 358 |
*,^ | NeoPhotonics Corp. | 52,999 | 349 |
* | Quantenna | ||
Communications Inc. | 28,180 | 344 |
50
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Amber Road Inc. | 46,627 | 342 |
* | KVH Industries Inc. | 32,929 | 341 |
* | MobileIron Inc. | 83,765 | 327 |
* | Zix Corp. | 74,356 | 326 |
*,^ | Appian Corp. Class A | 10,048 | 316 |
* | EMCORE Corp. | 48,810 | 315 |
*,^ | Kopin Corp. | 98,044 | 314 |
* | Meet Group Inc. | 109,230 | 308 |
* | Castlight Health Inc. | ||
Class B | 81,810 | 307 | |
* | Ooma Inc. | 25,510 | 305 |
* | Rosetta Stone Inc. | 24,171 | 301 |
*,^ | VirnetX Holding Corp. | 76,978 | 285 |
* | Edgewater Technology | ||
Inc. | 43,518 | 272 | |
* | Quantum Corp. | 47,509 | 267 |
Simulations Plus Inc. | 16,404 | 264 | |
* | Pixelworks Inc. | 41,291 | 261 |
* | eGain Corp. | 49,776 | 261 |
* | Computer Task Group | ||
Inc. | 51,182 | 261 | |
* | Great Elm Capital | ||
Group Inc. | 64,026 | 259 | |
* | Telenav Inc. | 43,644 | 240 |
* | Amtech Systems Inc. | 23,275 | 234 |
*,^ | QuickLogic Corp. | 126,374 | 220 |
* | LRAD Corp. | 86,417 | 215 |
* | GSI Technology Inc. | 26,114 | 208 |
* | Datawatch Corp. | 21,298 | 202 |
* | Exela Technologies Inc. | 39,203 | 202 |
Preformed Line | |||
Products Co. | 2,778 | 197 | |
*,^ | Veritone Inc. | 8,115 | 188 |
* | VOXX International | ||
Corp. Class A | 33,559 | 188 | |
*,^ | Park City Group Inc. | 19,627 | 187 |
PC-Tel Inc. | 25,151 | 185 | |
* | Aerohive Networks Inc. | 31,099 | 181 |
* | ID Systems Inc. | 25,160 | 175 |
* | ForeScout Technologies | ||
Inc. | 5,318 | 170 | |
TESSCO Technologies | |||
Inc. | 8,092 | 163 | |
* | Telaria Inc. | 40,215 | 162 |
* | SITO Mobile Ltd. | 22,560 | 152 |
* | BSQUARE Corp. | 31,366 | 146 |
* | Seachange International | ||
Inc. | 34,871 | 137 | |
* | Adesto Technologies | ||
Corp. | 20,931 | 135 | |
* | Fusion | ||
Telecommunications | |||
International Inc. | 35,587 | 133 | |
* | Casa Systems Inc. | 7,185 | 128 |
* | Aviat Networks Inc. | 8,128 | 123 |
* | Icad Inc. | 33,876 | 117 |
* | Clearfield Inc. | 9,367 | 115 |
* | Data I/O Corp. | 9,481 | 114 |
* | Synacor Inc. | 49,449 | 114 |
*,^ | Inseego Corp. | 68,373 | 110 |
* | Bandwidth Inc. Class A | 4,518 | 104 |
*,^ | SecureWorks Corp. | ||
Class A | 11,685 | 104 | |
* | Aquantia Corp. | 9,123 | 103 |
* | Evolving Systems Inc. | 21,792 | 102 |
* | CVD Equipment Corp. | 8,553 | 99 |
* | Resonant Inc. | 11,873 | 89 |
* | WidePoint Corp. | 132,577 | 86 |
CSP Inc. | 5,391 | 86 | |
* | Streamline Health | ||
Solutions Inc. | 49,593 | 84 | |
* | NXT-ID Inc. | 23,431 | 82 |
*,^ | Atomera Inc. | 18,445 | 80 |
* | Aehr Test Systems | 29,270 | 79 |
TransAct Technologies | |||
Inc. | 5,489 | 73 | |
* | PAR Technology Corp. | 7,772 | 73 |
* | Lantronix Inc. | 32,077 | 65 |
* | Support.com Inc. | 26,681 | 65 |
* | SendGrid Inc. | 2,649 | 64 |
Network-1 Technologies | |||
Inc. | 25,641 | 62 | |
* | Radisys Corp. | 60,975 | 61 |
* | Mastech Digital Inc. | 5,931 | 60 |
ClearOne Inc. | 5,669 | 51 | |
* | inTEST Corp. | 5,564 | 48 |
RELM Wireless Corp. | 13,400 | 48 | |
* | GSE Systems Inc. | 14,521 | 47 |
* | NetSol Technologies Inc. | 9,891 | 47 |
*,^ | Neonode Inc. | 63,023 | 47 |
* | Airgain Inc. | 4,820 | 43 |
* | Identiv Inc. | 12,136 | 41 |
* | Intermolecular Inc. | 25,996 | 36 |
*,^ | Everspin Technologies | ||
Inc. | 3,605 | 27 | |
* | DASAN Zhone Solutions | ||
Inc. | 2,620 | 24 | |
* | Marin Software Inc. | 2,007 | 22 |
* | ADDvantage | ||
Technologies Group Inc. | 14,730 | 22 | |
QAD Inc. Class B | 597 | 18 | |
* | Westell Technologies | ||
Inc. Class A | 4,583 | 17 | |
Pendrell Corp. | 26 | 15 | |
*,^ | Tintri Inc. | 2,900 | 15 |
*,^ | Inuvo Inc. | 17,600 | 14 |
*,^ | Netlist Inc. | 43,613 | 13 |
51
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Smith Micro Software | ||
Inc. | 3,520 | 10 | |
* | Rimini Street Inc. | 1,064 | 8 |
*,2 | Gerber Scientific Inc. | ||
CVR | 53,384 | 6 | |
* | Key Tronic Corp. | 850 | 6 |
Communications | |||
Systems Inc. | 1,077 | 4 | |
* | Determine Inc. | 1,693 | 3 |
AstroNova Inc. | 201 | 3 | |
* | CMTSU Liquidation Inc. | 161,456 | 3 |
*,^ | Ominto Inc. | 700 | 2 |
* | Majesco | 343 | 2 |
* | ARC Group Worldwide | ||
Inc. | 579 | 1 | |
*,^ | ParkerVision Inc. | 1,084 | 1 |
* | Sunworks Inc. | 300 | — |
8,034,000 | |||
Telecommunications (1.9%) | |||
AT&T Inc. | 9,712,776 | 377,633 | |
Verizon Communications | |||
Inc. | 6,453,432 | 341,580 | |
* | T-Mobile US Inc. | 458,997 | 29,151 |
CenturyLink Inc. | 1,518,001 | 25,320 | |
* | Zayo Group Holdings Inc. | 314,383 | 11,569 |
* | Sprint Corp. | 957,025 | 5,637 |
Telephone & Data | |||
Systems Inc. | 156,459 | 4,350 | |
* | Vonage Holdings Corp. | 321,872 | 3,273 |
Shenandoah | |||
Telecommunications Co. | 73,826 | 2,495 | |
* | GTT Communications Inc. | 49,242 | 2,312 |
* | 8x8 Inc. | 145,668 | 2,054 |
* | Straight Path | ||
Communications Inc. | |||
Class B | 11,104 | 2,019 | |
* | General Communication | ||
Inc. Class A | 39,125 | 1,527 | |
*,^ | Iridium Communications | ||
Inc. | 125,166 | 1,477 | |
* | Cincinnati Bell Inc. | 69,161 | 1,442 |
Consolidated | |||
Communications | |||
Holdings Inc. | 109,330 | 1,333 | |
* | Globalstar Inc. | 877,994 | 1,150 |
* | ORBCOMM Inc. | 104,873 | 1,068 |
ATN International Inc. | 18,729 | 1,035 | |
* | United States Cellular | ||
Corp. | 24,092 | 907 | |
^ | Frontier Communications | ||
Corp. | 124,138 | 839 | |
* | pdvWireless Inc. | 19,665 | 631 |
Windstream Holdings | |||
Inc. | 334,024 | 618 |
Spok Holdings Inc. | 39,326 | 615 | |
* | Alaska Communications | ||
Systems Group Inc. | 131,714 | 353 | |
IDT Corp. Class B | 32,443 | 344 | |
* | HC2 Holdings Inc. | 54,264 | 323 |
* | Intelsat SA | 73,247 | 248 |
* | Hawaiian Telcom | ||
Holdco Inc. | 6,486 | 200 | |
* | CPS Technologies Corp. | 100 | — |
821,503 | |||
Utilities (3.0%) | |||
NextEra Energy Inc. | 744,615 | 116,301 | |
Duke Energy Corp. | 1,107,194 | 93,126 | |
Dominion Energy Inc. | 1,017,389 | 82,470 | |
Southern Co. | 1,582,378 | 76,097 | |
Exelon Corp. | 1,518,763 | 59,854 | |
American Electric | |||
Power Co. Inc. | 778,413 | 57,268 | |
Sempra Energy | 396,738 | 42,419 | |
Consolidated Edison Inc. | 489,118 | 41,551 | |
Public Service | |||
Enterprise Group Inc. | 800,519 | 41,227 | |
Xcel Energy Inc. | 801,346 | 38,553 | |
PG&E Corp. | 813,542 | 36,471 | |
PPL Corp. | 1,087,910 | 33,671 | |
WEC Energy Group Inc. | 497,867 | 33,073 | |
Edison International | 514,000 | 32,505 | |
ONEOK Inc. | 605,763 | 32,378 | |
Eversource Energy | 499,598 | 31,565 | |
DTE Energy Co. | 282,273 | 30,898 | |
American Water | |||
Works Co. Inc. | 281,644 | 25,768 | |
Entergy Corp. | 285,208 | 23,213 | |
Ameren Corp. | 385,532 | 22,742 | |
FirstEnergy Corp. | 702,825 | 21,520 | |
CMS Energy Corp. | 444,198 | 21,011 | |
CenterPoint Energy Inc. | 680,437 | 19,297 | |
Alliant Energy Corp. | 363,964 | 15,508 | |
Pinnacle West Capital | |||
Corp. | 178,291 | 15,187 | |
Atmos Energy Corp. | 174,397 | 14,979 | |
NiSource Inc. | 531,209 | 13,636 | |
NRG Energy Inc. | 477,969 | 13,613 | |
UGI Corp. | 273,222 | 12,828 | |
Westar Energy Inc. | |||
Class A | 227,142 | 11,993 | |
AES Corp. | 1,042,792 | 11,293 | |
Aqua America Inc. | 284,125 | 11,146 | |
Great Plains Energy Inc. | 344,665 | 11,112 | |
Vectren Corp. | 132,888 | 8,640 | |
* | Calpine Corp. | 570,762 | 8,636 |
SCANA Corp. | 214,170 | 8,520 | |
* | Vistra Energy Corp. | 408,909 | 7,491 |
IDACORP Inc. | 80,551 | 7,359 |
52
Institutional Total Stock Market Index Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
National Fuel Gas Co. | 127,908 | 7,023 | |
WGL Holdings Inc. | 80,090 | 6,875 | |
Portland General | |||
Electric Co. | 142,347 | 6,488 | |
Hawaiian Electric | |||
Industries Inc. | 174,100 | 6,294 | |
ONE Gas Inc. | 83,869 | 6,144 | |
ALLETE Inc. | 81,453 | 6,057 | |
Southwest Gas | |||
Holdings Inc. | 69,622 | 5,603 | |
New Jersey | |||
Resources Corp. | 138,413 | 5,564 | |
Spire Inc. | 73,413 | 5,517 | |
Avista Corp. | 103,068 | 5,307 | |
PNM Resources Inc. | 127,585 | 5,161 | |
Black Hills Corp. | 85,484 | 5,138 | |
Avangrid Inc. | 98,823 | 4,998 | |
NorthWestern Corp. | 77,505 | 4,627 | |
Ormat Technologies Inc. | 62,228 | 3,980 | |
South Jersey Industries | |||
Inc. | 127,268 | 3,975 | |
El Paso Electric Co. | 64,819 | 3,588 | |
MGE Energy Inc. | 55,620 | 3,510 | |
California Water Service | |||
Group | 77,193 | 3,501 | |
American States Water | |||
Co. | 58,797 | 3,405 | |
Northwest Natural Gas | |||
Co. | 45,770 | 2,730 | |
* | Dynegy Inc. | 179,229 | 2,124 |
Chesapeake Utilities Corp. | 25,269 | 1,985 | |
SJW Group | 29,272 | 1,868 | |
Connecticut Water | |||
Service Inc. | 23,273 | 1,336 | |
* | Evoqua Water | ||
Technologies Corp. | 42,998 | 1,019 | |
Unitil Corp. | 20,247 | 924 | |
Middlesex Water Co. | 22,801 | 910 | |
* | Sunrun Inc. | 122,808 | 725 |
York Water Co. | 18,866 | 640 | |
* | Atlantic Power Corp. | 246,025 | 578 |
*,^ | Cadiz Inc. | 39,801 | 567 |
* | TerraForm Power Inc. | ||
Class A | 40,733 | 487 | |
Artesian Resources Corp. | |||
Class A | 10,544 | 407 | |
* | AquaVenture Holdings Ltd. | 16,546 | 257 |
* | Pure Cycle Corp. | 27,648 | 231 |
Spark Energy Inc. Class A | 17,307 | 215 | |
Genie Energy Ltd. Class B | 41,816 | 182 | |
* | Vivint Solar Inc. | 40,695 | 165 |
* | US Geothermal Inc. | 45,031 | 155 |
1,305,179 | |||
Total Common Stocks | |||
(Cost $22,691,476) | 43,441,724 |
Temporary Cash Investments (0.5%)1 | ||
Money Market Fund (0.5%) | ||
4,5 Vanguard Market | ||
Liquidity Fund, | ||
1.458% | 2,077,723 | 207,793 |
Face | ||
Amount | ||
($000) | ||
U. S. Government and Agency Obligations (0.0%) | ||
United States Treasury | ||
Bill, 1.101%, 2/22/18 | 2,000 | 1,997 |
6 United States Treasury | ||
Bill, 1.169%, 3/22/18 | 5,100 | 5,085 |
7,082 | ||
Total Temporary Cash Investments | ||
(Cost $214,860) | 214,875 | |
Total Investments (100.2%) | ||
(Cost $22,906,336) | 43,656,599 | |
Amount | ||
($000) | ||
Other Assets and Liabilities (-0.2%) | ||
Other Assets | ||
Investment in Vanguard | 2,401 | |
Receivables for Investment Securities Sold 39,415 | ||
Receivables for Accrued Income | 47,333 | |
Receivables for Capital Shares Issued | 57,632 | |
Other Assets | 305 | |
Total Other Assets | 147,086 | |
Liabilities | ||
Payables for Investment | ||
Securities Purchased | (93,343) | |
Collateral for Securities on Loan | (132,214) | |
Payables for Capital Shares Redeemed | (23,035) | |
Variation Margin Payable— | ||
Futures Contracts | (440) | |
Payables to Vanguard | (434) | |
Total Liabilities | (249,466) | |
Net Assets (100%) | 43,554,219 |
53
Institutional Total Stock Market Index Fund | |
At December 31, 2017, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 22,696,960 |
Undistributed Net Investment Income | 3,518 |
Accumulated Net Realized Gains | 103,444 |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 20,750,263 |
Futures Contracts | 34 |
Net Assets | 43,554,219 |
Institutional Shares—Net Assets | |
Applicable to 11,635,828 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 691,974 |
Net Asset Value Per Share— | |
Institutional Shares | $59.47 |
Amount | |
($000) | |
Institutional Plus Shares—Net Assets | |
Applicable to 720,702,904 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 42,862,245 |
Net Asset Value Per Share— | |
Institutional Plus Shares | $59.47 |
• 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 $122,909,000.
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 Certain of the fund’s securities are valued using significant
unobservable inputs.
3 “Other” represents securities that are not classified by the
fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rate
shown is the 7-day yield.
5 Includes $132,214,000 of collateral received for securities on
loan.
6 Securities with a value of $2,931,000 have been segregated
as initial margin for open futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2018 | 474 | 63,421 | (201) |
E-mini Russell 2000 Index | March 2018 | 385 | 29,578 | 235 |
34 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized
gain (loss) for tax purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
54
Institutional Total Stock Market Index Fund | |
Statement of Operations | |
Year Ended | |
December31,2017 | |
($000) | |
Investment Income | |
Income | |
Dividends | 757,240 |
Interest1 | 1,758 |
Securities Lending—Net | 6,090 |
Total Income | 765,088 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 303 |
Management and Administrative—Institutional Shares | 260 |
Management and Administrative—Institutional Plus Shares | 7,414 |
Marketing and Distribution—Institutional Shares | 1 |
Marketing and Distribution—Institutional Plus Shares | 34 |
Custodian Fees | 76 |
Auditing Fees | 32 |
Shareholders’ Reports and Proxy—Institutional Shares | 1 |
Shareholders’ Reports and Proxy—Institutional Plus Shares | 102 |
Total Expenses | 8,223 |
Net Investment Income | 756,865 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 949,689 |
Futures Contracts | 29,914 |
Realized Net Gain (Loss) | 979,603 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 6,028,157 |
Futures Contracts | 1,566 |
Change in Unrealized Appreciation (Depreciation) | 6,029,723 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,766,191 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,639,000, ($12,000), and $8,000 respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
55
Institutional Total Stock Market Index Fund | ||
Statement of Changes in Net Assets | ||
Year Ended December 31, | ||
2017 | 2016 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 756,865 | 817,046 |
Realized Net Gain (Loss) | 979,603 | 3,860,027 |
Change in Unrealized Appreciation (Depreciation) | 6,029,723 | 108,017 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,766,191 | 4,785,090 |
Distributions | ||
Net Investment Income | ||
Institutional Shares | (12,474) | (21,773) |
Institutional Plus Shares | (746,090) | (801,892) |
Realized Capital Gain1 | ||
Institutional Shares | (4,672) | (5,003) |
Institutional Plus Shares | (284,436) | (274,217) |
Total Distributions | (1,047,672) | (1,102,885) |
Capital Share Transactions | ||
Institutional Shares | (84,449) | (733,956) |
Institutional Plus Shares | (392,625) | (4,754,242) |
Net Increase (Decrease) from Capital Share Transactions | (477,074) | (5,488,198) |
Total Increase (Decrease) | 6,241,445 | (1,805,993) |
Net Assets | ||
Beginning of Period | 37,312,774 | 39,118,767 |
End of Period2 | 43,554,219 | 37,312,774 |
1 Includes fiscal 2017 and 2016 short-term gain distributions totaling $45,732,000 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 $3,518,000 and $5,162,000.
See accompanying Notes, which are an integral part of the Financial Statements.
56
Institutional Total Stock Market Index Fund | |||||
Financial Highlights | |||||
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $50.34 | $45.94 | $46.78 | $42.32 | $32.27 |
Investment Operations | |||||
Net Investment Income | 1.0131 | 1.009 | 1.0532 | .838 | .726 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 9.542 | 4.789 | (.847) | 4.457 | 10.051 |
Total from Investment Operations | 10.555 | 5.798 | .206 | 5.295 | 10.777 |
Distributions | |||||
Dividends from Net Investment Income | (1.025) | (1.016) | (1.046) | (.835) | (.727) |
Distributions from Realized Capital Gains | (.400) | (.382) | — | — | — |
Total Distributions | (1.425) | (1.398) | (1.046) | (.835) | (.727) |
Net Asset Value, End of Period | $59.47 | $50.34 | $45.94 | $46.78 | $42.32 |
Total Return | 21.13% | 12.75% | 0.45% | 12.60% | 33.64% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $692 | $664 | $1,297 | $2,590 | $3,290 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.85% | 2.08% | 2.24%2 | 1.90% | 1.96% |
Portfolio Turnover Rate 3 | 7% | 8% | 9% | 5% | 9% |
1 Calculated based on average shares outstanding.
2 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.
3 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 | |||||
Financial Highlights | |||||
Institutional Plus Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $50.35 | $45.95 | $46.79 | $42.32 | $32.28 |
Investment Operations | |||||
Net Investment Income | 1.0281 | 1.021 | 1.0642 | .847 | .734 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | 9.528 | 4.788 | (.846) | 4.466 | 10.041 |
Total from Investment Operations | 10.556 | 5.809 | .218 | 5.313 | 10.775 |
Distributions | |||||
Dividends from Net Investment Income | (1.036) | (1.027) | (1.058) | (.843) | (.735) |
Distributions from Realized Capital Gains | (.400) | (.382) | — | — | — |
Total Distributions | (1.436) | (1.409) | (1.058) | (.843) | (.735) |
Net Asset Value, End of Period | $59.47 | $50.35 | $45.95 | $46.79 | $42.32 |
Total Return | 21.13% | 12.77% | 0.48% | 12.64% | 33.63% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $42,862 | $36,648 | $37,822 | $38,903 | $33,201 |
Ratio of Total Expenses to Average Net Assets | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to | |||||
Average Net Assets | 1.87% | 2.10% | 2.26%2 | 1.92% | 1.98% |
Portfolio Turnover Rate 3 | 7% | 8% | 9% | 5% | 9% |
1 Calculated based on average shares outstanding.
2 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.
3 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, 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 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 notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 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 the notional amounts 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, 2014–2017), 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 December 31, 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.
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Institutional Total Stock Market Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and the proxy. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees, subject to the services agreements discussed in Note B. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Prior to November 15, 2017, in accordance with the terms of a services agreement, Vanguard provided to the fund investment advisory, corporate management, administrative, marketing, and distribution services and paid 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).
On November 15, 2017, shareholders of the fund approved and adopted the Funds’ Service Agreement under which all other publicly offered Vanguard U.S. mutual funds operate (the “FSA”). In accordance with the terms of the FSA between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2017, the fund had contributed to Vanguard capital in the amount of $2,401,000, representing 0.01% of the fund’s net assets and 0.96% of Vanguard’s capitalization. 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). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
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Institutional Total Stock Market Index Fund
The following table summarizes the market value of the fund’s investments as of December 31, 2017, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 43,440,591 | 2 | 1,131 |
Temporary Cash Investments | 207,793 | 7,082 | — |
Futures Contracts—Liabilities1 | (440) | — | — |
Total | 43,647,944 | 7,084 | 1,131 |
1 Represents variation margin on the last day of the reporting period. |
D. 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 year ended December 31, 2017, the fund realized $542,698,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gains to paid-in capital.
The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $68,601,000 from accumulated net realized gains to paid-in capital.
For tax purposes, at December 31, 2017, the fund had $22,931,000 of ordinary income and $85,148,000 of long-term capital gains available for distribution.
At December 31, 2017, the cost of investment securities for tax purposes was $22,907,419,000. Net unrealized appreciation of investment securities for tax purposes was $20,749,180,000, consisting of unrealized gains of $21,715,990,000 on securities that had risen in value since their purchase and $966,810,000 in unrealized losses on securities that had fallen in value since their purchase.
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Institutional Total Stock Market Index Fund
E. During the year ended December 31, 2017, the fund purchased $2,957,065,000 of investment securities and sold $3,584,382,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $860,379,000 respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital share transactions for each class of shares were: | ||||
Year Ended December 31, | ||||
2017 | 2016 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Institutional Shares | ||||
Issued | 128,257 | 2,467 | 293,621 | 6,425 |
Issued in Lieu of Cash Distributions | 13,340 | 236 | 22,494 | 470 |
Redeemed | (226,046) | (4,266) | (1,050,071) | (21,925) |
Net Increase (Decrease)—Institutional Shares | (84,449) | (1,563) | (733,956) | (15,030) |
Institutional Plus Shares | ||||
Issued | 9,103,161 | 166,101 | 3,716,206 | 80,225 |
Issued in Lieu of Cash Distributions | 966,158 | 17,039 | 996,994 | 20,508 |
Redeemed | (10,461,944) | (190,374) | (9,467,442) | (195,981) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | (392,625) | (7,234) | (4,754,242) | (95,248) |
G. Management has determined that no material events or transactions occurred subsequent to December 31, 2017, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Institutional Index Funds and Shareholders of Vanguard Institutional Total Stock Market Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets of Vanguard Institutional Total Stock Market Index Fund (one of the funds constituting Vanguard Institutional Index Funds, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 14, 2018
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Special 2017 tax information (unaudited) for Vanguard Institutional Total Stock Market
Index Fund
This information for the fiscal year ended December 31, 2017, is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $303,682,000 as capital gain dividends (20% rate gain distributions) to
shareholders during the fiscal year.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the
fund are qualified short-term capital gains.
The fund distributed $712,823,000 of qualified dividend income to shareholders during the
fiscal year.
For corporate shareholders, 83.6% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
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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 December 31, 2017 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Institutional Total Stock Market Index Fund | 6/30/2017 | 12/31/2017 | Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $1,111.69 | $0.21 |
Institutional Plus Shares | 1,000.00 | 1,111.80 | 0.11 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.00 | $0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.04% 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 (184/365).
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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 201 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; Chief Executive Officer and Director of The Vanguard Group and President and Chief Executive Officer of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; President of The Vanguard Group (2008–2017); 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
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.
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); 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.
Christine M. Buchanan
Born 1970. Treasurer Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Global Head of Vanguard Fund Administration at The Vanguard Group; Partner at KPMG LLP (2005–2017).
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. Finance Director Since November 2017. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; Director of Vanguard Marketing Corporation; Treasurer of each of the investment companies served by The Vanguard Group (February 2017–November 2017); Executive Vice President and Chief Financial Officer of MassMutual Financial Group (2006–2016).
Vanguard Senior Management Team | |
Mortimer J. Buckley | Chris D. McIsaac |
Gregory Davis | James M. Norris |
John James | Thomas M. Rampulla |
Martha G. King | Karin A. Risi |
John T. Marcante |
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
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | Source for Bloomberg Barclays indexes: Bloomberg |
Direct Investor Account Services > 800-662-2739 | Index Services Limited. Copyright 2017, Bloomberg. All |
rights reserved. | |
Institutional Investor Services > 800-523-1036 | |
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Who Are Deaf or Hard of Hearing> 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
months ended June 30. To get the report, visit either | |
vanguard.com/proxyreporting or sec.gov. | |
You can review and copy information about your fund at | |
the SEC’s Public Reference Room in Washington, D.C. To | |
find out more about this public service, call the SEC at | |
202-551-8090. Information about your fund is also | |
available on the SEC’s website, and you can receive | |
copies of this information, for a fee, by sending a | |
request in either of two ways: via email addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q8710 022018 |
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. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Rajiv L. Gupta, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant
Fiscal Year Ended December 31, 2017: $64,000
Fiscal Year Ended December 31, 2016: $72,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2017: $8,424,459
Fiscal Year Ended December 31, 2016: $9,629,849
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2017: $3,194,093
Fiscal Year Ended December 31, 2016: $2,717,627
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2017: $274,313
Fiscal Year Ended December 31, 2016: $254,050
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2017: $0
Fiscal Year Ended December 31, 2016: $214,225
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2017: $274,313
Fiscal Year Ended December 31, 2016: $468,275
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Not Applicable.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13: Exhibits.
(a) | Code of Ethics. |
(b) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ MORTIMER J. BUCKLEY* MORTIMER J. BUCKLEY CHIEF EXECUTIVE OFFICER |
Date: February 20, 2018
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/ MORTIMER J. BUCKLEY * MORTIMER J. BUCKLEY CHIEF EXECUTIVE OFFICER |
Date: February 20, 2018
VANGUARD INSTITUTIONAL INDEX FUNDS | |
BY: | /s/ THOMAS J. HIGGINS* THOMAS J. HIGGINS CHIEF FINANCIAL OFFICER |
Date: February 20, 2018
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file Number 33-32216, Incorporated by Reference.