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, 2018—December 31, 2018
Item 1: Reports to Shareholders
Annual Report| December 31, 2018
Vanguard Institutional Index Fund
|
See the inside front cover for important information about access to your fund's annual and semiannual shareholder reports. |
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
A Note From Our CEO | 1 |
Your Fund’s Performance at a Glance | 2 |
About Your Fund’s Expenses | 3 |
Performance Summary | 5 |
Financial Statements | 7 |
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.
A Note From Our CEO
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Over the years, I've found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don't usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market's turbulence and uncertainty.
It's important to be prepared for that turbulence, whenever it appears. Don't panic. Don't chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there's turmoil.
Whether you're a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
January 17, 2019
1 |
Your Fund's Performance at a Glance
· For the 12 months ended December 31, 2018, Vanguard Institutional Index Fund returned –4.42% for Institutional Shares and –4.41% for Institutional Plus Shares, closely tracking its target index, the Standard & Poor's 500 Index, which returned –4.38%.
· The broad U.S. stock market returned about –5%, its first negative calendar-year result since 2008. Stocks declined sharply in the fourth quarter. Growth stocks outperformed value; large-capitalization stocks bested small- and mid-caps.
· Seven of the fund's 11 industry sectors recorded negative returns. Financials and industrials were the biggest detractors. Health care and information technology contributed most.
· For the ten years ended December 31, 2018, the fund posted an average annual return of about 13%, in line with its target index.
Market Barometer
Average Annual Total Returns | |||
Periods Ended December 31, 2018 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -4.78% | 9.09% | 8.21% |
Russell 2000 Index (Small-caps) | -11.01 | 7.36 | 4.41 |
Russell 3000 Index (Broad U.S. market) | -5.24 | 8.97 | 7.91 |
FTSE All-World ex US Index (International) | -14.13 | 4.58 | 1.05 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | 0.01% | 2.06% | 2.52% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | 1.28 | 2.30 | 3.82 |
FTSE Three-Month U.S. Treasury Bill Index | 1.86 | 0.98 | 0.59 |
CPI | |||
Consumer Price Index | 1.91% | 2.03% | 1.51% |
2 |
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 compareongoingcosts 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.
3 |
Six Months Ended December 31, 2018
Institutional Index Fund | Beginning Account Value 6/30/2018 | Ending Account Value 12/31/2018 | Expenses Paid During Period | |||
Based on Actual Fund Return | ||||||
Institutional Shares | $1,000.00 | $931.29 | $0.15 | |||
Institutional Plus Shares | 1,000.00 | 931.37 | 0.10 | |||
Based on Hypothetical 5% Yearly Return | ||||||
Institutional Shares | $1,000.00 | $1,025.05 | $0.15 | |||
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 0.03% 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).
4 |
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, 2008, Through December 31, 2018
Initial Investment of $5,000,000
Average Annual Total Returns Periods Ended December 31, 2018 | Final Value of a $5,000,000 Investment | |||||||
One Year | Five Years | Ten Years | ||||||
![]() | Institutional Index Fund Institutional Shares | -4.42% | 8.46% | 13.11% | $17,134,359 | |||
![]() | S&P 500 Index | -4.38 | 8.49 | 13.12 | 17,151,753 | |||
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | -5.30 | 7.86 | 13.22 | 17,312,429 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||||
Institutional Index Fund Institutional Plus Shares | -4.41% | 8.48% | 13.13% | $343,406,164 | |||
S&P 500 Index | -4.38 | 8.49 | 13.12 | 343,035,069 | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index | -5.30 | 7.86 | 13.22 | 346,248,570 |
See Financial Highlights for dividend and capital gains information.
5 |
Institutional Index Fund
Sector Diversification
As of December 31, 2018
Communication Services | 10.1 | % | |
Consumer Discretionary | 9.9 | ||
Consumer Staples | 7.4 | ||
Energy | 5.3 | ||
Financials | 13.4 | ||
Health Care | 15.6 | ||
Industrials | 9.2 | ||
Information Technology | 20.1 | ||
Materials | 2.7 | ||
Real Estate | 3.0 | ||
Utilities | 3.3 |
The table reflects the fund's equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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.
The Global Industry Classification Standard ("GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI”) and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
6 |
Institutional Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2018
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.
Shares | Market Value· ($000) | |||||||||
Common Stocks (99.7%)1 | ||||||||||
Communication Services (10.1%) | ||||||||||
* | Alphabet Inc. Class C | 2,915,916 | 3,019,752 | |||||||
* | Facebook Inc. Class A | 22,769,867 | 2,984,902 | |||||||
* | Alphabet Inc. Class A | 2,833,559 | 2,960,956 | |||||||
Verizon Communications Inc. | 39,161,714 | 2,201,672 | ||||||||
AT&T Inc. | 68,978,592 | 1,968,649 | ||||||||
Walt Disney Co. | 14,109,552 | 1,547,112 | ||||||||
Comcast Corp. Class A | 43,029,974 | 1,465,171 | ||||||||
* | Netflix Inc. | 4,133,063 | 1,106,256 | |||||||
Twenty-First Century Fox Inc. Class A | 10,026,503 | 482,475 | ||||||||
* | Charter Communications Inc. Class A | 1,670,673 | 476,092 | |||||||
Activision Blizzard Inc. | 7,232,103 | 336,799 | ||||||||
* | Electronic Arts Inc. | 2,863,563 | 225,964 | |||||||
Twenty-First Century Fox Inc. | 4,608,027 | 220,171 | ||||||||
* | Twitter Inc. | 6,854,297 | 196,992 | |||||||
Omnicom Group Inc. | 2,124,400 | 155,591 | ||||||||
CBS Corp. Class B | 3,191,653 | 139,539 | ||||||||
CenturyLink Inc. | 9,013,949 | 136,561 | ||||||||
* | Take-Two Interactive Software Inc. | 1,079,168 | 111,089 | |||||||
Viacom Inc. Class B | 3,346,946 | 86,016 | ||||||||
* | Discovery Communications Inc. | 3,420,569 | 78,947 | |||||||
Interpublic Group of Cos. Inc. | 3,637,510 | 75,042 | ||||||||
News Corp. Class A | 4,852,418 | 55,075 | ||||||||
* | DISH Network Corp. Class A | 2,167,274 | 54,117 | |||||||
* | TripAdvisor Inc. | 972,873 | 52,477 | |||||||
*,^ | Discovery Communications Inc. Class A | 1,479,673 | 36,607 | |||||||
20,174,024 | ||||||||||
Consumer Discretionary (9.9%) | ||||||||||
* | Amazon.com Inc. | 3,892,803 | 5,846,873 | |||||||
Home Depot Inc. | 10,705,355 | 1,839,394 | ||||||||
McDonald's Corp. | 7,306,502 | 1,297,416 | ||||||||
NIKE Inc. Class B | 12,066,335 | 894,598 | ||||||||
Starbucks Corp. | 11,758,147 | 757,225 | ||||||||
* | Booking Holdings Inc. | 439,121 | 756,351 | |||||||
Lowe's Cos. Inc. | 7,610,257 | 702,883 | ||||||||
TJX Cos. Inc. | 11,729,067 | 524,758 | ||||||||
General Motors Co. | 12,439,762 | 416,110 | ||||||||
Target Corp. | 4,946,019 | 326,882 | ||||||||
Ross Stores Inc. | 3,538,788 | 294,427 | ||||||||
Marriott International Inc. Class A | 2,683,681 | 291,340 | ||||||||
Ford Motor Co. | 37,026,640 | 283,254 | ||||||||
Yum! Brands Inc. | 2,960,232 | 272,105 | ||||||||
Dollar General Corp. | 2,491,660 | 269,299 | ||||||||
* | O'Reilly Automotive Inc. | 759,193 | 261,413 | |||||||
* | eBay Inc. | 8,577,758 | 240,778 | |||||||
VF Corp. | 3,084,550 | 220,052 | ||||||||
* | Dollar Tree Inc. | 2,255,451 | 203,712 | |||||||
Hilton Worldwide Holdings Inc. | 2,811,046 | 201,833 | ||||||||
* | AutoZone Inc. | 239,025 | 200,384 | |||||||
Carnival Corp. | 3,795,273 | 187,107 | ||||||||
Royal Caribbean Cruises Ltd. | 1,624,486 | 158,859 | ||||||||
Aptiv plc | 2,496,856 | 153,731 | ||||||||
Genuine Parts Co. | 1,391,030 | 133,567 | ||||||||
* | Ulta Beauty Inc. | 534,031 | 130,752 | |||||||
Expedia Group Inc. | 1,122,765 | 126,479 | ||||||||
Best Buy Co. Inc. | 2,218,779 | 117,507 | ||||||||
Darden Restaurants Inc. | 1,176,304 | 117,466 | ||||||||
MGM Resorts International | 4,746,827 | 115,158 | ||||||||
DR Horton Inc. | 3,247,204 | 112,548 | ||||||||
Advance Auto Parts Inc. | 690,768 | 108,768 | ||||||||
Lennar Corp. Class A | 2,736,688 | 107,141 | ||||||||
Kohl's Corp. | 1,564,551 | 103,792 | ||||||||
* | CarMax Inc. | 1,654,448 | 103,784 |
7 |
Institutional Index Fund
Shares | Market Value· ($000) | |||||||||
* | Chipotle Mexican Grill Inc. Class A | 231,713 | 100,051 | |||||||
Tractor Supply Co. | 1,156,299 | 96,482 | ||||||||
Tapestry Inc. | 2,744,617 | 92,631 | ||||||||
Wynn Resorts Ltd. | 926,865 | 91,676 | ||||||||
Hasbro Inc. | 1,102,959 | 89,615 | ||||||||
* | Norwegian Cruise Line Holdings Ltd. | 2,083,351 | 88,313 | |||||||
Macy's Inc. | 2,911,737 | 86,712 | ||||||||
Tiffany & Co. | 1,027,719 | 82,742 | ||||||||
Newell Brands Inc. | 4,064,366 | 75,557 | ||||||||
Garmin Ltd. | 1,144,525 | 72,471 | ||||||||
* | LKQ Corp. | 3,011,112 | 71,454 | |||||||
* | Mohawk Industries Inc. | 598,810 | 70,037 | |||||||
BorgWarner Inc. | 1,970,953 | 68,471 | ||||||||
PVH Corp. | 716,437 | 66,593 | ||||||||
Whirlpool Corp. | 603,409 | 64,486 | ||||||||
PulteGroup Inc. | 2,453,537 | 63,767 | ||||||||
Foot Locker Inc. | 1,091,705 | 58,079 | ||||||||
L Brands Inc. | 2,161,129 | 55,476 | ||||||||
* | Michael Kors Holdings Ltd. | 1,427,538 | 54,132 | |||||||
Ralph Lauren Corp. Class A | 518,356 | 53,629 | ||||||||
Harley-Davidson Inc. | 1,547,094 | 52,787 | ||||||||
Gap Inc. | 2,029,492 | 52,280 | ||||||||
Nordstrom Inc. | 1,079,581 | 50,319 | ||||||||
H&R Block Inc. | 1,943,356 | 49,303 | ||||||||
Goodyear Tire & Rubber Co. | 2,213,563 | 45,179 | ||||||||
Leggett & Platt Inc. | 1,233,875 | 44,222 | ||||||||
Hanesbrands Inc. | 3,410,142 | 42,729 | ||||||||
*,^ | Mattel Inc. | 3,285,124 | 32,818 | |||||||
*,^ | Under Armour Inc. Class A | 1,766,613 | 31,216 | |||||||
*,^ | Under Armour Inc. | 1,826,747 | 29,539 | |||||||
Lennar Corp. Class B | 46,974 | 1,472 | ||||||||
19,811,984 | ||||||||||
Consumer Staples (7.4%) | ||||||||||
Procter & Gamble Co. | 23,612,400 | 2,170,452 | ||||||||
Coca-Cola Co. | 36,307,658 | 1,719,168 | ||||||||
PepsiCo Inc. | 13,378,480 | 1,478,055 | ||||||||
Walmart Inc. | 13,492,153 | 1,256,794 | ||||||||
Philip Morris International Inc. | 14,733,238 | 983,591 | ||||||||
Altria Group Inc. | 17,808,854 | 879,579 | ||||||||
Costco Wholesale Corp. | 4,153,207 | 846,050 | ||||||||
Mondelez International Inc. Class A | 13,778,743 | 551,563 | ||||||||
Walgreens Boots Alliance Inc. | 7,619,437 | 520,636 | ||||||||
Colgate-Palmolive Co. | 8,220,013 | 489,255 | ||||||||
Kimberly-Clark Corp. | 3,282,098 | 373,962 | ||||||||
Sysco Corp. | 4,532,339 | 283,996 | ||||||||
Estee Lauder Cos. Inc. Class A | 2,084,099 | 271,141 | ||||||||
Kraft Heinz Co. | 5,894,388 | 253,694 | ||||||||
Constellation Brands Inc. Class A | 1,574,723 | 253,247 | ||||||||
General Mills Inc. | 5,650,980 | 220,049 | ||||||||
Archer-Daniels-Midland Co. | 5,313,534 | 217,696 | ||||||||
Kroger Co. | 7,563,352 | 207,992 | ||||||||
Clorox Co. | 1,209,856 | 186,487 | ||||||||
* | Monster Beverage Corp. | 3,773,607 | 185,737 | |||||||
McCormick & Co. Inc. | 1,154,132 | 160,701 | ||||||||
Church & Dwight Co. Inc. | 2,333,801 | 153,471 | ||||||||
Tyson Foods Inc. Class A | 2,796,901 | 149,355 | ||||||||
Hershey Co. | 1,329,092 | 142,452 | ||||||||
Kellogg Co. | 2,400,877 | 136,874 | ||||||||
^ | Hormel Foods Corp. | 2,583,628 | 110,269 | |||||||
Lamb Weston Holdings Inc. | 1,387,600 | 102,072 | ||||||||
JM Smucker Co. | 1,077,803 | 100,764 | ||||||||
Molson Coors Brewing Co. Class B | 1,774,448 | 99,653 | ||||||||
Conagra Brands Inc. | 4,600,332 | 98,263 | ||||||||
Brown-Forman Corp. Class B | 1,573,847 | 74,884 | ||||||||
*,^ | Campbell Soup Co. | 1,830,717 | 60,395 | |||||||
Coty Inc. Class A | 4,286,138 | 28,117 | ||||||||
14,766,414 | ||||||||||
Energy (5.3%) | ||||||||||
Exxon Mobil Corp. | 40,126,700 | 2,736,240 | ||||||||
Chevron Corp. | 18,109,774 | 1,970,162 | ||||||||
ConocoPhillips | 10,911,421 | 680,327 | ||||||||
EOG Resources Inc. | 5,496,376 | 479,339 | ||||||||
Schlumberger Ltd. | 13,124,507 | 473,532 | ||||||||
Occidental Petroleum Corp. | 7,156,113 | 439,242 | ||||||||
Marathon Petroleum Corp. | 6,547,894 | 386,391 | ||||||||
Phillips 66 | 4,020,878 | 346,399 | ||||||||
Valero Energy Corp. | 4,021,595 | 301,499 | ||||||||
Kinder Morgan Inc. | 17,989,877 | 276,684 | ||||||||
Williams Cos. Inc. | 11,473,605 | 252,993 | ||||||||
Halliburton Co. | 8,302,969 | 220,693 | ||||||||
Pioneer Natural Resources Co. | 1,615,746 | 212,503 | ||||||||
ONEOK Inc. | 3,899,201 | 210,362 | ||||||||
Anadarko Petroleum Corp. | 4,779,739 | 209,544 | ||||||||
* | Concho Resources Inc. | 1,898,069 | 195,103 | |||||||
Diamondback Energy Inc. | 1,461,975 | 135,525 | ||||||||
Marathon Oil Corp. | 7,878,448 | 112,977 |
8 |
Institutional Index Fund
Shares | Market Value· ($000) | |||||||||
Baker Hughes a GE Co. Class A | 4,864,426 | 104,585 | ||||||||
Devon Energy Corp. | 4,436,038 | 99,988 | ||||||||
Hess Corp. | 2,357,443 | 95,476 | ||||||||
Apache Corp. | 3,597,742 | 94,441 | ||||||||
National Oilwell Varco Inc. | 3,631,187 | 93,322 | ||||||||
Cabot Oil & Gas Corp. | 4,084,314 | 91,284 | ||||||||
Noble Energy Inc. | 4,542,437 | 85,216 | ||||||||
TechnipFMC plc | 4,028,474 | 78,878 | ||||||||
HollyFrontier Corp. | 1,508,942 | 77,137 | ||||||||
Cimarex Energy Co. | 908,687 | 56,021 | ||||||||
Helmerich & Payne Inc. | 1,037,006 | 49,714 | ||||||||
* | Newfield Exploration Co. | 1,894,671 | 27,776 | |||||||
10,593,353 | ||||||||||
Financials (13.3%) | ||||||||||
* | Berkshire Hathaway Inc. Class B | 18,125,298 | 3,700,823 | |||||||
JPMorgan Chase & Co. | 31,517,172 | 3,076,706 | ||||||||
Bank of America Corp. | 86,505,044 | 2,131,484 | ||||||||
Wells Fargo & Co. | 40,152,274 | 1,850,217 | ||||||||
Citigroup Inc. | 23,145,968 | 1,204,979 | ||||||||
US Bancorp | 14,397,536 | 657,967 | ||||||||
CME Group Inc. | 3,390,849 | 637,886 | ||||||||
American Express Co. | 6,639,050 | 632,834 | ||||||||
Chubb Ltd. | 4,367,757 | 564,227 | ||||||||
Goldman Sachs Group Inc. | 3,278,761 | 547,717 | ||||||||
PNC Financial Services Group Inc. | 4,373,290 | 511,281 | ||||||||
Morgan Stanley | 12,390,810 | 491,296 | ||||||||
Charles Schwab Corp. | 11,391,501 | 473,089 | ||||||||
BlackRock Inc. | 1,150,960 | 452,120 | ||||||||
Intercontinental Exchange Inc. | 5,398,331 | 406,656 | ||||||||
Bank of New York Mellon Corp. | 8,621,685 | 405,823 | ||||||||
S&P Global Inc. | 2,377,964 | 404,111 | ||||||||
MetLife Inc. | 9,353,257 | 384,045 | ||||||||
Marsh & McLennan Cos. Inc. | 4,773,931 | 380,721 | ||||||||
Capital One Financial Corp. | 4,489,326 | 339,348 | ||||||||
Progressive Corp. | 5,526,545 | 333,416 | ||||||||
Aon plc | 2,282,594 | 331,798 | ||||||||
American International Group Inc. | 8,384,493 | 330,433 | ||||||||
Aflac Inc. | 7,215,107 | 328,720 | ||||||||
Prudential Financial Inc. | 3,914,618 | 319,237 | ||||||||
BB&T Corp. | 7,303,870 | 316,404 | ||||||||
Travelers Cos. Inc. | 2,510,513 | 300,634 | ||||||||
Allstate Corp. | 3,264,518 | 269,747 | ||||||||
State Street Corp. | 3,597,295 | 226,881 | ||||||||
Moody's Corp. | 1,579,947 | 221,256 | ||||||||
SunTrust Banks Inc. | 4,258,444 | 214,796 | ||||||||
T. Rowe Price Group Inc. | 2,280,986 | 210,581 | ||||||||
M&T Bank Corp. | 1,330,232 | 190,396 | ||||||||
Discover Financial Services | 3,184,388 | 187,815 | ||||||||
Willis Towers Watson plc | 1,231,594 | 187,030 | ||||||||
Northern Trust Corp. | 2,098,530 | 175,416 | ||||||||
Hartford Financial Services Group Inc. | 3,400,073 | 151,133 | ||||||||
Synchrony Financial | 6,267,292 | 147,031 | ||||||||
Fifth Third Bancorp | 6,214,399 | 146,225 | ||||||||
KeyCorp | 9,806,515 | 144,940 | ||||||||
Ameriprise Financial Inc. | 1,320,950 | 137,868 | ||||||||
Citizens Financial Group Inc. | 4,435,372 | 131,864 | ||||||||
Regions Financial Corp. | 9,800,438 | 131,130 | ||||||||
Arthur J Gallagher & Co. | 1,740,677 | 128,288 | ||||||||
MSCI Inc. Class A | 834,424 | 123,019 | ||||||||
Huntington Bancshares Inc. | 10,062,349 | 119,943 | ||||||||
Loews Corp. | 2,620,328 | 119,277 | ||||||||
Cincinnati Financial Corp. | 1,434,342 | 111,047 | ||||||||
Principal Financial Group Inc. | 2,495,148 | 110,211 | ||||||||
* | First Republic Bank | 1,248,755 | 108,517 | |||||||
E*TRADE Financial Corp. | 2,409,082 | 105,710 | ||||||||
Comerica Inc. | 1,532,229 | 105,249 | ||||||||
Cboe Global Markets Inc. | 1,065,928 | 104,280 | ||||||||
Lincoln National Corp. | 2,024,149 | 103,859 | ||||||||
* | SVB Financial Group | 504,450 | 95,805 | |||||||
Raymond James Financial Inc. | 1,221,358 | 90,881 | ||||||||
Nasdaq Inc. | 1,087,882 | 88,739 | ||||||||
Everest Re Group Ltd. | 385,241 | 83,890 | ||||||||
Franklin Resources Inc. | 2,817,099 | 83,555 | ||||||||
Zions Bancorp NA | 1,818,976 | 74,105 | ||||||||
Torchmark Corp. | 970,677 | 72,345 | ||||||||
Invesco Ltd. | 3,890,480 | 65,127 | ||||||||
* | Berkshire Hathaway Inc. Class A | 208 | 63,648 | |||||||
Unum Group | 2,071,908 | 60,873 | ||||||||
People's United Financial Inc. | 3,586,208 | 51,749 | ||||||||
Affiliated Managers Group Inc. | 500,492 | 48,768 | ||||||||
Jefferies Financial Group Inc. | 2,670,919 | 46,367 | ||||||||
Assurant Inc. | 495,368 | 44,306 | ||||||||
* | Brighthouse Financial Inc. | 1,124,644 | 34,279 | |||||||
26,631,918 | ||||||||||
Health Care (15.5%) | ||||||||||
Johnson & Johnson | 25,418,713 | 3,280,285 | ||||||||
Pfizer Inc. | 54,784,655 | 2,391,350 | ||||||||
UnitedHealth Group Inc. | 9,117,790 | 2,271,424 |
9 |
Institutional Index Fund
Shares | Market Value· ($000) | |||||||||
Merck & Co. Inc. | 24,645,093 | 1,883,132 | ||||||||
AbbVie Inc. | 14,256,453 | 1,314,302 | ||||||||
Abbott Laboratories | 16,646,140 | 1,204,015 | ||||||||
Amgen Inc. | 6,039,354 | 1,175,681 | ||||||||
Medtronic plc | 12,728,999 | 1,157,830 | ||||||||
Eli Lilly & Co. | 8,935,428 | 1,034,008 | ||||||||
Thermo Fisher Scientific Inc. | 3,815,537 | 853,879 | ||||||||
Bristol-Myers Squibb Co. | 15,469,215 | 804,090 | ||||||||
CVS Health Corp. | 12,256,649 | 803,056 | ||||||||
Gilead Sciences Inc. | 12,260,447 | 766,891 | ||||||||
* | Cigna Corp. | 3,608,935 | 685,409 | |||||||
Anthem Inc. | 2,451,294 | 643,783 | ||||||||
Danaher Corp. | 5,845,866 | 602,826 | ||||||||
* | Biogen Inc. | 1,909,577 | 574,630 | |||||||
Becton Dickinson and Co. | 2,542,512 | 572,879 | ||||||||
* | Intuitive Surgical Inc. | 1,082,415 | 518,390 | |||||||
* | Boston Scientific Corp. | 13,115,666 | 463,508 | |||||||
Stryker Corp. | 2,943,616 | 461,412 | ||||||||
* | Celgene Corp. | 6,627,362 | 424,748 | |||||||
* | Illumina Inc. | 1,393,266 | 417,882 | |||||||
Allergan plc | 3,004,846 | 401,628 | ||||||||
* | Vertex Pharmaceuticals Inc. | 2,422,154 | 401,375 | |||||||
Zoetis Inc. | 4,553,398 | 389,498 | ||||||||
Humana Inc. | 1,300,174 | 372,474 | ||||||||
HCA Healthcare Inc. | 2,544,309 | 316,639 | ||||||||
Baxter International Inc. | 4,690,552 | 308,732 | ||||||||
* | Edwards Lifesciences Corp. | 1,981,338 | 303,482 | |||||||
* | Regeneron Pharmaceuticals Inc. | 735,610 | 274,750 | |||||||
* | Centene Corp. | 1,946,343 | 224,413 | |||||||
* | Alexion Pharmaceuticals Inc. | 2,114,497 | 205,867 | |||||||
McKesson Corp. | 1,851,719 | 204,559 | ||||||||
Agilent Technologies Inc. | 3,021,268 | 203,815 | ||||||||
Zimmer Biomet Holdings Inc. | 1,933,310 | 200,523 | ||||||||
* | IQVIA Holdings Inc. | 1,501,723 | 174,455 | |||||||
* | Cerner Corp. | 3,122,915 | 163,766 | |||||||
ResMed Inc. | 1,350,643 | 153,798 | ||||||||
* | IDEXX Laboratories Inc. | 817,429 | 152,058 | |||||||
* | Align Technology Inc. | 689,892 | 144,484 | |||||||
* | ABIOMED Inc. | 426,881 | 138,753 | |||||||
* | Waters Corp. | 717,865 | 135,425 | |||||||
* | Mettler-Toledo International Inc. | 237,364 | 134,248 | |||||||
* | Mylan NV | 4,886,981 | 133,903 | |||||||
Cardinal Health Inc. | 2,838,182 | 126,583 | ||||||||
* | Laboratory Corp. of America Holdings | 956,272 | 120,835 | |||||||
Cooper Cos. Inc. | 465,821 | 118,551 | ||||||||
* | Henry Schein Inc. | 1,444,812 | 113,447 | |||||||
* | WellCare Health Plans Inc. | 473,807 | 111,861 | |||||||
AmerisourceBergen Corp. Class A | 1,486,233 | 110,576 | ||||||||
Quest Diagnostics Inc. | 1,288,971 | 107,333 | ||||||||
* | Incyte Corp. | 1,673,633 | 106,426 | |||||||
* | Hologic Inc. | 2,552,753 | 104,918 | |||||||
* | Varian Medical Systems Inc. | 863,084 | 97,796 | |||||||
Universal Health Services Inc. Class B | 807,602 | 94,134 | ||||||||
PerkinElmer Inc. | 1,053,087 | 82,720 | ||||||||
Dentsply Sirona Inc. | 2,106,708 | 78,391 | ||||||||
* | DaVita Inc. | 1,197,248 | 61,610 | |||||||
* | Nektar Therapeutics Class A | 1,644,798 | 54,064 | |||||||
Perrigo Co. plc | 1,188,329 | 46,048 | ||||||||
30,979,348 | ||||||||||
Industrials (9.2%) | ||||||||||
Boeing Co. | 5,005,471 | 1,614,264 | ||||||||
3M Co. | 5,518,738 | 1,051,540 | ||||||||
Union Pacific Corp. | 6,983,215 | 965,290 | ||||||||
Honeywell International Inc. | 7,016,266 | 926,989 | ||||||||
United Technologies Corp. | 7,691,973 | 819,041 | ||||||||
Caterpillar Inc. | 5,592,980 | 710,700 | ||||||||
United Parcel Service Inc. Class B | 6,589,132 | 642,638 | ||||||||
General Electric Co. | 82,438,381 | 624,059 | ||||||||
Lockheed Martin Corp. | 2,345,247 | 614,079 | ||||||||
CSX Corp. | 7,603,434 | 472,401 | ||||||||
Deere & Co. | 3,048,778 | 454,786 | ||||||||
General Dynamics Corp. | 2,638,478 | 414,795 | ||||||||
Raytheon Co. | 2,697,214 | 413,618 | ||||||||
Northrop Grumman Corp. | 1,645,578 | 403,002 | ||||||||
* | Norfolk Southern Corp. | 2,581,419 | 386,025 | |||||||
FedEx Corp. | 2,297,887 | 370,718 | ||||||||
Illinois Tool Works Inc. | 2,893,175 | 366,536 | ||||||||
Emerson Electric Co. | 5,934,703 | 354,599 | ||||||||
Waste Management Inc. | 3,717,313 | 330,804 | ||||||||
Delta Air Lines Inc. | 5,913,935 | 295,105 | ||||||||
Eaton Corp. plc | 4,107,772 | 282,040 | ||||||||
Roper Technologies Inc. | 980,354 | 261,284 | ||||||||
Johnson Controls International plc | 8,759,875 | 259,730 | ||||||||
Southwest Airlines Co. | 4,796,903 | 222,960 | ||||||||
Ingersoll-Rand plc | 2,328,389 | 212,419 | ||||||||
PACCAR Inc. | 3,312,237 | 189,261 | ||||||||
Fortive Corp. | 2,785,471 | 188,465 | ||||||||
Cummins Inc. | 1,400,166 | 187,118 | ||||||||
Parker-Hannifin Corp. | 1,254,527 | 187,100 | ||||||||
* | United Continental Holdings Inc. | 2,169,504 | 181,653 |
10 |
Institutional Index Fund
Shares | Market Value· ($000) | |||||||||
Rockwell Automation Inc. | 1,143,895 | 172,133 | ||||||||
Stanley Black & Decker Inc. | 1,431,827 | 171,447 | ||||||||
* | Verisk Analytics Inc. Class A | 1,560,110 | 170,114 | |||||||
* | IHS Markit Ltd. | 3,399,483 | 163,073 | |||||||
* | TransDigm Group Inc. | 460,000 | 156,428 | |||||||
Harris Corp. | 1,115,284 | 150,173 | ||||||||
AMETEK Inc. | 2,200,147 | 148,950 | ||||||||
Republic Services Inc. Class A | 2,060,753 | 148,560 | ||||||||
Fastenal Co. | 2,721,257 | 142,295 | ||||||||
Cintas Corp. | 820,713 | 137,872 | ||||||||
L3 Technologies Inc. | 745,921 | 129,537 | ||||||||
American Airlines Group Inc. | 3,885,685 | 124,769 | ||||||||
WW Grainger Inc. | 432,396 | 122,091 | ||||||||
Xylem Inc. | 1,702,954 | 113,621 | ||||||||
Expeditors International of Washington Inc. | 1,635,566 | 111,366 | ||||||||
CH Robinson Worldwide Inc. | 1,303,403 | 109,603 | ||||||||
Equifax Inc. | 1,142,512 | 106,402 | ||||||||
Textron Inc. | 2,302,218 | 105,879 | ||||||||
Dover Corp. | 1,386,056 | 98,341 | ||||||||
* | Copart Inc. | 1,950,466 | 93,193 | |||||||
Kansas City Southern | 964,084 | 92,022 | ||||||||
Masco Corp. | 2,891,464 | 84,546 | ||||||||
* | United Rentals Inc. | 767,753 | 78,718 | |||||||
Nielsen Holdings plc | 3,364,451 | 78,493 | ||||||||
Huntington Ingalls Industries Inc. | 407,204 | 77,495 | ||||||||
JB Hunt Transport Services Inc. | 826,608 | 76,908 | ||||||||
Snap-on Inc. | 526,950 | 76,561 | ||||||||
Allegion plc | 899,392 | 71,691 | ||||||||
Alaska Air Group Inc. | 1,166,672 | 70,992 | ||||||||
Arconic Inc. | 4,069,057 | 68,604 | ||||||||
Jacobs Engineering Group Inc. | 1,135,843 | 66,401 | ||||||||
Robert Half International Inc. | 1,154,181 | 66,019 | ||||||||
AO Smith Corp. | 1,363,726 | 58,231 | ||||||||
Pentair plc | 1,517,213 | 57,320 | ||||||||
Fortune Brands Home & Security Inc. | 1,339,880 | 50,902 | ||||||||
Rollins Inc. | 1,399,310 | 50,515 | ||||||||
Flowserve Corp. | 1,237,715 | 47,058 | ||||||||
Fluor Corp. | 1,330,667 | 42,848 | ||||||||
Quanta Services Inc. | 1,387,032 | 41,750 | ||||||||
18,335,940 | ||||||||||
Information Technology (20.0%) | ||||||||||
Microsoft Corp. | 73,252,261 | 7,440,232 | ||||||||
Apple Inc. | 42,726,613 | 6,739,696 | ||||||||
Visa Inc. Class A | 16,654,529 | 2,197,399 | ||||||||
Intel Corp. | 43,256,126 | 2,030,010 | ||||||||
Cisco Systems Inc. | 42,611,806 | 1,846,370 | ||||||||
Mastercard Inc. Class A | 8,611,745 | 1,624,606 | ||||||||
Oracle Corp. | 24,155,509 | 1,090,621 | ||||||||
* | Adobe Inc. | 4,626,426 | 1,046,683 | |||||||
Broadcom Inc. | 3,918,497 | 996,395 | ||||||||
* | salesforce.com Inc. | 7,250,602 | 993,115 | |||||||
International Business Machines Corp. | 8,613,220 | 979,065 | ||||||||
* | PayPal Holdings Inc. | 11,168,232 | 939,137 | |||||||
Texas Instruments Inc. | 9,103,665 | 860,296 | ||||||||
Accenture plc Class A | 6,041,389 | 851,896 | ||||||||
NVIDIA Corp. | 5,781,444 | 771,823 | ||||||||
QUALCOMM Inc. | 11,488,464 | 653,809 | ||||||||
Automatic Data Processing Inc. | 4,148,589 | 543,963 | ||||||||
Intuit Inc. | 2,459,864 | 484,224 | ||||||||
Cognizant Technology Solutions Corp. Class A | 5,487,841 | 348,368 | ||||||||
* | Micron Technology Inc. | 10,616,184 | 336,852 | |||||||
Fidelity National Information Services Inc. | 3,103,721 | 318,287 | ||||||||
HP Inc. | 14,996,953 | 306,838 | ||||||||
Applied Materials Inc. | 9,316,761 | 305,031 | ||||||||
Analog Devices Inc. | 3,508,386 | 301,125 | ||||||||
* | Red Hat Inc. | 1,675,344 | 294,257 | |||||||
* | Fiserv Inc. | 3,776,438 | 277,530 | |||||||
* | Autodesk Inc. | 2,075,883 | 266,979 | |||||||
TE Connectivity Ltd. | 3,250,763 | 245,855 | ||||||||
Amphenol Corp. Class A | 2,855,484 | 231,351 | ||||||||
Corning Inc. | 7,585,524 | 229,159 | ||||||||
Xilinx Inc. | 2,398,396 | 204,271 | ||||||||
Lam Research Corp. | 1,470,876 | 200,289 | ||||||||
Paychex Inc. | 3,028,767 | 197,324 | ||||||||
Motorola Solutions Inc. | 1,550,122 | 178,326 | ||||||||
Hewlett Packard Enterprise Co. | 13,486,686 | 178,159 | ||||||||
^ | Microchip Technology Inc. | 2,241,685 | 161,222 | |||||||
* | FleetCor Technologies Inc. | 840,446 | 156,088 | |||||||
Global Payments Inc. | 1,499,637 | 154,658 | ||||||||
* | Advanced Micro Devices Inc. | 8,335,730 | 153,878 | |||||||
* | VeriSign Inc. | 1,008,378 | 149,532 | |||||||
NetApp Inc. | 2,387,370 | 142,454 | ||||||||
DXC Technology Co. | 2,655,049 | 141,169 | ||||||||
Maxim Integrated Products Inc. | 2,626,035 | 133,534 | ||||||||
KLA-Tencor Corp. | 1,450,933 | 129,844 | ||||||||
Total System Services Inc. | 1,590,885 | 129,323 | ||||||||
Citrix Systems Inc. | 1,213,358 | 124,321 |
11 |
Institutional Index Fund
Shares | Market Value· ($000) | |||||||||
* | Synopsys Inc. | 1,414,642 | 119,169 | |||||||
* | Cadence Design Systems Inc. | 2,674,205 | 116,274 | |||||||
Symantec Corp. | 6,054,734 | 114,404 | ||||||||
* | ANSYS Inc. | 791,829 | 113,184 | |||||||
Skyworks Solutions Inc. | 1,682,419 | 112,756 | ||||||||
* | Keysight Technologies Inc. | 1,775,989 | 110,253 | |||||||
* | Gartner Inc. | 861,258 | 110,103 | |||||||
Broadridge Financial Solutions Inc. | 1,106,254 | 106,477 | ||||||||
* | Arista Networks Inc. | 493,008 | 103,877 | |||||||
Western Digital Corp. | 2,743,178 | 101,415 | ||||||||
* | Fortinet Inc. | 1,371,773 | 96,614 | |||||||
Seagate Technology plc | 2,468,504 | 95,260 | ||||||||
* | Akamai Technologies Inc. | 1,542,722 | 94,229 | |||||||
* | F5 Networks Inc. | 574,239 | 93,044 | |||||||
Jack Henry & Associates Inc. | 732,089 | 92,624 | ||||||||
Juniper Networks Inc. | 3,268,526 | 87,956 | ||||||||
* | Qorvo Inc. | 1,181,835 | 71,773 | |||||||
Western Union Co. | 4,206,047 | 71,755 | ||||||||
Alliance Data Systems Corp. | 444,026 | 66,639 | ||||||||
FLIR Systems Inc. | 1,314,844 | 57,248 | ||||||||
Xerox Corp. | 1,964,362 | 38,816 | ||||||||
* | IPG Photonics Corp. | 340,106 | 38,531 | |||||||
40,097,765 | ||||||||||
Materials (2.7%) | ||||||||||
DowDuPont Inc. | 21,744,827 | 1,162,913 | ||||||||
Linde plc | 5,222,799 | 814,966 | ||||||||
Ecolab Inc. | 2,409,442 | 355,031 | ||||||||
Air Products & Chemicals Inc. | 2,080,951 | 333,056 | ||||||||
Sherwin-Williams Co. | 780,931 | 307,265 | ||||||||
LyondellBasell Industries NV Class A | 2,981,943 | 247,978 | ||||||||
PPG Industries Inc. | 2,273,819 | 232,453 | ||||||||
Newmont Mining Corp. | 5,048,327 | 174,925 | ||||||||
International Paper Co. | 3,839,382 | 154,957 | ||||||||
Nucor Corp. | 2,975,399 | 154,155 | ||||||||
Ball Corp. | 3,215,428 | 147,845 | ||||||||
Freeport-McMoRan Inc. | 13,733,903 | 141,597 | ||||||||
International Flavors & Fragrances Inc. | 960,119 | 128,915 | ||||||||
Vulcan Materials Co. | 1,251,613 | 123,659 | ||||||||
Celanese Corp. Class A | 1,268,000 | 114,082 | ||||||||
Martin Marietta Materials Inc. | 594,194 | 102,124 | ||||||||
Mosaic Co. | 3,359,458 | 98,130 | ||||||||
Eastman Chemical Co. | 1,326,645 | 96,991 | ||||||||
CF Industries Holdings Inc. | 2,185,969 | 95,112 | ||||||||
FMC Corp. | 1,275,501 | 94,336 | ||||||||
Westrock Co. | 2,401,991 | 90,699 | ||||||||
^ | Albemarle Corp. | 1,005,288 | 77,478 | |||||||
Packaging Corp. of America | 894,330 | 74,641 | ||||||||
Avery Dennison Corp. | 820,468 | 73,703 | ||||||||
Sealed Air Corp. | 1,491,102 | 51,950 | ||||||||
5,448,961 | ||||||||||
Real Estate (3.0%) | ||||||||||
American Tower Corp. | 4,174,767 | 660,406 | ||||||||
Simon Property Group Inc. | 2,931,410 | 492,447 | ||||||||
Crown Castle International Corp. | 3,931,876 | 427,120 | ||||||||
Prologis Inc. | 5,966,635 | 350,361 | ||||||||
Public Storage | 1,421,183 | 287,662 | ||||||||
Equinix Inc. | 761,898 | 268,615 | ||||||||
Welltower Inc. | 3,560,302 | 247,120 | ||||||||
Equity Residential | 3,491,874 | 230,499 | ||||||||
AvalonBay Communities Inc. | 1,309,966 | 228,000 | ||||||||
Digital Realty Trust Inc. | 1,955,120 | 208,318 | ||||||||
Ventas Inc. | 3,378,517 | 197,947 | ||||||||
Realty Income Corp. | 2,797,204 | 176,336 | ||||||||
* | SBA Communications Corp. Class A | 1,074,043 | 173,877 | |||||||
Boston Properties Inc. | 1,463,808 | 164,751 | ||||||||
Weyerhaeuser Co. | 7,101,061 | 155,229 | ||||||||
Essex Property Trust Inc. | 626,152 | 153,539 | ||||||||
HCP Inc. | 4,525,665 | 126,402 | ||||||||
* | CBRE Group Inc. Class A | 3,004,989 | 120,320 | |||||||
Alexandria Real Estate Equities Inc. | 1,019,171 | 117,449 | ||||||||
Host Hotels & Resorts Inc. | 7,033,410 | 117,247 | ||||||||
Extra Space Storage Inc. | 1,198,858 | 108,473 | ||||||||
UDR Inc. | 2,610,388 | 103,423 | ||||||||
Mid-America Apartment Communities Inc. | 1,078,403 | 103,203 | ||||||||
Vornado Realty Trust | 1,640,540 | 101,763 | ||||||||
Regency Centers Corp. | 1,604,909 | 94,176 | ||||||||
Duke Realty Corp. | 3,392,872 | 87,875 | ||||||||
Iron Mountain Inc. | 2,710,280 | 87,840 | ||||||||
Federal Realty Investment Trust | 699,354 | 82,552 | ||||||||
Apartment Investment & Management Co. | 1,479,011 | 64,899 | ||||||||
SL Green Realty Corp. | 810,225 | 64,073 | ||||||||
Kimco Realty Corp. | 4,004,025 | 58,659 | ||||||||
Macerich Co. | 1,000,898 | 43,319 | ||||||||
5,903,900 | ||||||||||
Utilities (3.3%) | ||||||||||
NextEra Energy Inc. | 4,529,785 | 787,367 | ||||||||
Duke Energy Corp. | 6,756,457 | 583,082 | ||||||||
Dominion Energy Inc. | 6,219,471 | 444,443 | ||||||||
Southern Co. | 9,751,647 | 428,292 | ||||||||
Exelon Corp. | 9,165,269 | 413,354 |
12 |
Institutional Index Fund
Shares | Market Value· ($000) | |||||||||
American Electric Power Co. Inc. | 4,673,591 | 349,304 | ||||||||
Sempra Energy | 2,593,693 | 280,612 | ||||||||
Public Service Enterprise Group Inc. | 4,790,615 | 249,351 | ||||||||
Xcel Energy Inc. | 4,872,191 | 240,053 | ||||||||
Consolidated Edison Inc. | 2,952,249 | 225,729 | ||||||||
WEC Energy Group Inc. | 2,990,755 | 207,140 | ||||||||
Eversource Energy | 3,003,521 | 195,349 | ||||||||
PPL Corp. | 6,826,255 | 193,388 | ||||||||
DTE Energy Co. | 1,724,361 | 190,197 | ||||||||
Edison International | 3,088,165 | 175,315 | ||||||||
FirstEnergy Corp. | 4,605,603 | 172,940 | ||||||||
American Water Works Co. Inc. | 1,711,882 | 155,388 | ||||||||
Ameren Corp. | 2,315,550 | 151,043 | ||||||||
Entergy Corp. | 1,717,106 | 147,791 | ||||||||
Evergy Inc. | 2,496,956 | 141,752 | ||||||||
CenterPoint Energy Inc. | 4,750,468 | 134,106 | ||||||||
CMS Energy Corp. | 2,685,771 | 133,349 | ||||||||
* | PG&E Corp. | 4,916,086 | 116,757 | |||||||
NRG Energy Inc. | 2,747,311 | 108,794 | ||||||||
* | Alliant Energy Corp. | 2,234,726 | 94,417 | |||||||
AES Corp. | 6,272,566 | 90,701 | ||||||||
Pinnacle West Capital Corp. | 1,061,478 | 90,438 | ||||||||
NiSource Inc. | 3,440,198 | 87,209 | ||||||||
SCANA Corp. | 1,355,266 | 64,755 | ||||||||
6,652,416 | ||||||||||
Total Common Stocks | ||||||||||
(Cost $121,762,367) | 199,396,023 | |||||||||
Temporary Cash Investments (0.4%)1 | ||||||||||
Money Market Fund (0.4%) | ||||||||||
2,3 | Vanguard Market Liquidity Fund, 2.530% | 7,476,627 | 747,663 |
Face | ||||||||||
Amount | ||||||||||
($000) | ||||||||||
U.S. Government and Agency Obligations (0.0%) | ||||||||||
4 | United States | |||||||||
Treasury Bill, | ||||||||||
2.412%, 4/11/19 | 40,000 | 39,737 | ||||||||
4 | United States | |||||||||
Treasury Bill, | ||||||||||
2.480%, 5/9/19 | 6,000 | 5,949 | ||||||||
45,686 | ||||||||||
Total Temporary Cash Investments (Cost $793,316) | 793,349 | |||||||||
Total Investments (100.1%) (Cost $122,555,683) | 200,189,372 |
Amount ($000) | ||||
Other Assets and Liabilities (-0.1%) | ||||
Other Assets | ||||
Investment in Vanguard | 11,589 | |||
Receivables for Investment Securities Sold | 690,420 | |||
Receivables for Accrued Income | 232,950 | |||
Receivables for Capital Shares Issued | 474,009 | |||
Variation Margin Receivable—Futures Contracts | 4,657 | |||
Other Assets | 35,935 | |||
Total Other Assets | 1,449,560 | |||
Liabilities | ||||
Payables for Investment | ||||
Securities Purchased | (294,357 | ) | ||
Collateral for Securities on Loan | (275,530 | ) | ||
Payables for Capital Shares Redeemed | (1,062,830 | ) | ||
Payables to Vanguard | (2,690 | ) | ||
Total Liabilities | (1,635,407 | ) | ||
Net Assets (100%) | 200,003,525 |
At December 31, 2018, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 121,682,852 | |||
Total Distributable Earnings (Loss) | 78,320,673 | |||
Net Assets | 200,003,525 |
13 |
Institutional Index Fund
Amount ($000) | ||||
Institutional Shares—Net Assets | ||||
Applicable to 458,337,066 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 104,296,447 | |||
Net Asset Value Per Share—Institutional Shares | $227.55 | |||
Institutional Plus Shares—Net Assets | ||||
Applicable to 420,565,793 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 95,707,078 | |||
Net Asset Value Per Share—Institutional Plus Shares | $227.57 |
· | 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 $265,178,000. |
1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 0.1%, respectively, of net assets. |
2 | 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 $275,530,000 of collateral received for securities on loan. |
4 | Securities with a value of $29,495,000 have been segregated as initial margin for open futures contracts. |
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts |
($000) | ||||||||||||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||
Long Futures Contracts | ||||||||||||||
E-mini S&P 500 Index | March 2019 | 4,033 | 505,174 | (9,914 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
14 |
Institutional Index Fund
Statement of Operations
Year Ended December 31, 2018 | ||||
($000) | ||||
Investment Income | ||||
Income | ||||
Dividends | 4,673,269 | |||
Interest1 | 11,929 | |||
Securities Lending—Net | 1,675 | |||
Total Income | 4,686,873 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 9,445 | |||
Management and Administrative—Institutional Shares | 35,387 | |||
Management and Administrative—Institutional Plus Shares | 13,873 | |||
Marketing and Distribution—Institutional Shares | 2,576 | |||
Marketing and Distribution—Institutional Plus Shares | 943 | |||
Custodian Fees | 1,231 | |||
Auditing Fees | 36 | |||
Shareholders' Reports—Institutional Shares | 487 | |||
Shareholders' Reports—Institutional Plus Shares | 364 | |||
Trustees' Fees and Expenses | 132 | |||
Total Expenses | 64,474 | |||
Net Investment Income | 4,622,399 | |||
Realized Net Gain (Loss) | ||||
Investment Securities Sold1,2 | 11,944,896 | |||
Futures Contracts | 37 | |||
Realized Net Gain (Loss) | 11,944,933 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities1 | (24,897,707 | ) | ||
Futures Contracts | (5,862 | ) | ||
Change in Unrealized Appreciation (Depreciation) | (24,903,569 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,336,237 | ) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11,058,000, ($240,000), and ($35,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $9,888,446,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund. |
See accompanying Notes, which are an integral part of the Financial Statements.
15 |
Institutional Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||||||||
2018 ($000) | 2017 ($000) | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 4,622,399 | 4,463,997 | ||||||
Realized Net Gain (Loss) | 11,944,933 | 13,360,419 | ||||||
Change in Unrealized Appreciation (Depreciation) | (24,903,569 | ) | 26,758,334 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,336,237 | ) | 44,582,750 | |||||
Distributions | ||||||||
Net Investment Income | ||||||||
Institutional Shares | (2,389,678 | ) | (2,614,732 | ) | ||||
Institutional Plus Shares | (1,960,468 | ) | (1,853,504 | ) | ||||
Realized Capital Gain1 | ||||||||
Institutional Shares | (320,393 | ) | — | |||||
Institutional Plus Shares | (290,805 | ) | — | |||||
Total Distributions | (4,961,344 | ) | (4,468,236 | ) | ||||
Capital Share Transactions | ||||||||
Institutional Shares | (29,779,712 | ) | (2,887,561 | ) | ||||
Institutional Plus Shares | 10,922,721 | (16,564,044 | ) | |||||
Net Increase (Decrease) from Capital Share Transactions | (18,856,991 | ) | (19,451,605 | ) | ||||
Total Increase (Decrease) | (32,154,572 | ) | 20,662,909 | |||||
Net Assets | ||||||||
Beginning of Period | 232,158,097 | 211,495,188 | ||||||
End of Period | 200,003,525 | 232,158,097 |
1 | Includes fiscal 2018 and 2017 short-term gain distributions totaling $177,142,000 and $0, respectively. Short-term gain distributions are treated as ordinary income for tax purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
16 |
Institutional Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding | Year Ended December 31, | |||||||||||||||||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net Asset Value, Beginning of Period | $243.46 | $203.83 | $186.62 | $188.67 | $169.28 | |||||||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income | 5.059 | 1 | 4.379 | 1 | 4.210 | 4.585 | 2 | 3.561 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (15.434 | ) | 39.687 | 17.814 | (2.065 | ) | 19.380 | |||||||||||||
Total from Investment Operations | (10.375 | ) | 44.066 | 22.024 | 2.520 | 22.941 | ||||||||||||||
Distributions | ||||||||||||||||||||
Dividends from Net Investment Income | (4.837 | ) | (4.436 | ) | (4.223 | ) | (4.570 | ) | (3.551 | ) | ||||||||||
Distributions from Realized Capital Gains | (.698 | ) | — | (.591 | ) | — | — | |||||||||||||
Total Distributions | (5.535 | ) | (4.436 | ) | (4.814 | ) | (4.570 | ) | (3.551 | ) | ||||||||||
Net Asset Value, End of Period | $227.55 | $243.46 | $203.83 | $186.62 | $188.67 | |||||||||||||||
Total Return | -4.42% | 21.79% | 11.93% | 1.37% | 13.65% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Period (Millions) | $104,296 | $140,591 | $120,014 | $104,705 | $102,114 | |||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.035% | 0.04% | 0.04% | 0.04% | 0.04% | |||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.03% | 1.96% | 2.19% | 2.43%2 | 2.01% | |||||||||||||||
Portfolio Turnover Rate3 | 6% | 5% | 5% | 5% | 4% |
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.
17 |
Institutional Index Fund
Financial Highlights
Institutional Plus Shares
For a Share Outstanding | Year Ended December 31, | |||||||||||||||||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net Asset Value, Beginning of Period | $243.48 | $203.84 | $186.63 | $188.68 | $169.28 | |||||||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income | 5.167 | 1 | 4.414 | 1 | 4.248 | 4.622 | 2 | 3.597 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (15.503 | ) | 39.705 | 17.814 | (2.065 | ) | 19.388 | |||||||||||||
Total from Investment Operations | (10.336 | ) | 44.119 | 22.062 | 2.557 | 22.985 | ||||||||||||||
Distributions | ||||||||||||||||||||
Dividends from Net Investment Income | (4.876 | ) | (4.479 | ) | (4.261 | ) | (4.607 | ) | (3.585 | ) | ||||||||||
Distributions from Realized Capital Gains | (.698 | ) | — | (.591 | ) | — | — | |||||||||||||
Total Distributions | (5.574 | ) | (4.479 | ) | (4.852 | ) | (4.607 | ) | (3.585 | ) | ||||||||||
Net Asset Value, End of Period | $227.57 | $243.48 | $203.84 | $186.63 | $188.68 | |||||||||||||||
Total Return | -4.41% | 21.82% | 11.95% | 1.39% | 13.68% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Period (Millions) | $95,707 | $91,567 | $91,481 | $90,042 | $85,611 | |||||||||||||||
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 | 2.05% | 1.98% | 2.21% | 2.45%2 | 2.03% | |||||||||||||||
Portfolio Turnover Rate3 | 6% | 5% | 5% | 5% | 4% |
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.
18 |
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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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, 2018, 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.
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, 2015–2018), and has concluded that no provision for federal income tax is required in the fund's financial statements.
19 |
Institutional Index Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
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 before the opening of the market 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, 2018, 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.
20 |
Institutional 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) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. 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, 2018, the fund had contributed to Vanguard capital in the amount of $11,589,000, representing 0.01% of the fund's net assets and 4.63% 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.
The following table summarizes the market value of the fund's investments as of December 31, 2018, based on the inputs used to value them:
Investments | Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | |||||||||
Common Stocks | 199,396,023 | — | — | |||||||||
Temporary Cash Investments | 747,663 | 45,686 | — | |||||||||
Futures Contracts—Assets1 | 4,657 | — | — | |||||||||
Total | 200,148,343 | 45,686 | — |
1 | Represents variation margin on the last day of the reporting period. |
21 |
Institutional Index Fund
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and distributions in connection with fund share redemptions were reclassified between the following accounts:
Amount | ||||
($000) | ||||
Paid-in Capital | 9,986,632 | |||
Total Distributable Earnings (Loss) | (9,986,632 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and the realization of unrealized gains or losses on certain futures contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount ($000) | ||||
Undistributed Ordinary Income | 431,207 | |||
Undistributed Long-Term Gains | 422,808 | |||
Capital Loss Carryforwards (Non-expiring)* | — | |||
Net Unrealized Gains (Loss) | 77,466,658 |
* | The fund used capital loss carryforwards of $956,412,000 to offset taxable capital gains realized during the year ended December 31, 2018, reducing the amount of capital gains that would otherwise be available to distribute to shareholders. |
As of December 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000) | ||||
Tax Cost | 122,722,714 | |||
Gross Unrealized Appreciation | 86,217,188 | |||
Gross Unrealized Depreciation | (8,750,530 | ) | ||
Net Unrealized Appreciation (Depreciation) | 77,466,658 |
22 |
Institutional Index Fund
E. During the year ended December 31, 2018, the fund purchased $15,091,970,000 of investment securities and sold $33,850,667,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,559,650,000 and $15,393,787,000, 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, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | |||||||||||||
Institutional Shares | ||||||||||||||||
Issued | 15,954,616 | 64,145 | 21,584,727 | 97,781 | ||||||||||||
Issued in Lieu of Cash Distributions | 2,515,358 | 10,165 | 2,408,508 | 10,595 | ||||||||||||
Redeemed | (48,249,686 | ) | (193,443 | ) | (26,880,796 | ) | (119,707 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | (29,779,712 | ) | (119,133 | ) | (2,887,561 | ) | (11,331 | ) | ||||||||
Institutional Plus Shares | ||||||||||||||||
Issued | 41,747,620 | 167,241 | 23,771,287 | 105,816 | ||||||||||||
Issued in Lieu of Cash Distributions | 2,171,322 | 8,792 | 1,823,107 | 8,044 | ||||||||||||
Redeemed | (32,996,221 | ) | (131,548 | ) | (42,158,438 | ) | (186,570 | ) | ||||||||
Net Increase (Decrease)—Institutional Plus Shares | 10,922,721 | 44,485 | (16,564,044 | ) | (72,710 | ) |
G. Management has determined that no events or transactions occurred subsequent to December 31, 2018, that would require recognition or disclosure in these financial statements.
23 |
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, 2018, the related statement of operations for the year ended December 31, 2018, the statement of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (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, 2018, 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, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 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, 2018 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 13, 2019 |
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
24 |
Special 2018 tax information (unaudited) for Vanguard Institutional Index Fund
This information for the fiscal year ended December 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $508,182,000 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 for short-term capital gains.
The fund distributed $4,350,146,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 87.4% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
25 |
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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.
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 212 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 theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children's Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
1 | Mr. McNabb and Mr. Buckley are considered "interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds. |
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Joseph Brennan | Chris D. McIsaac |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
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 |
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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 information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed topublicinfo@sec.gov.
The index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2019, Bloomberg. All rights reserved.
© 2019 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q940 022019 |
Annual Report| December 31, 2018
Vanguard Institutional Total Stock Market Index Fund
|
See the inside front cover for important information about access
|
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents
A Note From Our CEO | 1 |
Your Fund’s Performance at a Glance | 2 |
About Your Fund’s Expenses | 3 |
Performance Summary | 5 |
Financial Statements | 7 |
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.
A Note From Our CEO
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.
The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.
Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.
Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.
Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.
It’s important to be prepared for that turbulence, whenever it appears. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.
Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.
Thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
January 17, 2019
1 |
Your Fund’s Performance at a Glance
· The broad U.S. stock market finished 2018 with a return of about –5%—its first negative calendar-year result since 2008—as stocks declined sharply over the fourth quarter. Growth stocks outperformed value, while large-capitalization stocks led mid- and small-caps.
· Reflecting this environment, Vanguard Institutional Total Stock Market Index Fund returned –5.15% for Institutional Shares and –5.14% for Institutional Plus Shares for the 12 months ended December 31, 2018. The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market, closely tracked its target index, the CRSP US Total Market Index, and outpaced its multicapitalization core fund peers.
· Seven of the fund’s ten sectors recorded negative returns, with financials and industrials detracting the most from results. Health care was the top contributor.
· Over the past decade, the fund posted an average return of about 13%, in line with its benchmark and ahead of its peers.
Market Barometer
Average Annual Total Returns | ||||||||||||
Periods Ended December 31, 2018 | ||||||||||||
One Year | Three Years | Five Years | ||||||||||
Stocks | ||||||||||||
Russell 1000 Index (Large-caps) | -4.78 | % | 9.09 | % | 8.21 | % | ||||||
Russell 2000 Index (Small-caps) | -11.01 | 7.36 | 4.41 | |||||||||
Russell 3000 Index (Broad U.S. market) | -5.24 | 8.97 | 7.91 | |||||||||
FTSE All-World ex US Index (International) | -14.13 | 4.58 | 1.05 | |||||||||
Bonds | ||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | ||||||||||||
(Broad taxable market) | 0.01 | % | 2.06 | % | 2.52 | % | ||||||
Bloomberg Barclays Municipal Bond Index | ||||||||||||
(Broad tax-exempt market) | 1.28 | 2.30 | 3.82 | |||||||||
FTSE Three-Month U.S. Treasury Bill Index | 1.86 | 0.98 | 0.59 | |||||||||
CPI | ||||||||||||
Consumer Price Index | 1.91 | % | 2.03 | % | 1.51 | % |
2 |
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 compareongoing 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.
3 |
Six Months Ended December 31, 2018
Institutional Total Stock Market Index Fund | Beginning Account Value 6/30/2018 | Ending Account Value 12/31/2018 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Institutional Shares | $1,000.00 | $999.39 | $0.15 |
Institutional Plus Shares | 1,000.00 | 999.27 | 0.10 |
Based on Hypothetical 5% Yearly Return | |||
Institutional Shares | $1,000.00 | $1,025.05 | $0.15 |
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 0.03% 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).
4 |
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, 2008, Through December 31, 2018
Initial Investment of $5,000,000
Average Annual Total Returns Periods Ended December 31, 2018 | ||||||||||||||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | |||||||||||||
![]() | Institutional Total Stock Market Index Fund Institutional Shares | -5.15 | % | 7.94 | % | 13.29 | % | $17,417,603 | ||||||||
![]() | Spliced Institutional Total Stock Market Index | -5.17 | 7.92 | 13.27 | 17,380,764 |
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.
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||||||||||||
Institutional Total Stock Market Index Fund Institutional Plus Shares | -5.14 | % | 7.96 | % | 13.31 | % | $349,028,960 | ||||||||
Spliced Institutional Total Stock Market Index | -5.17 | 7.92 | 13.27 | 347,615,270 |
See Financial Highlights for dividend and capital gains information.
5 |
Institutional Total Stock Market Index Fund
Sector Diversification
As of December 31, 2018
Basic Materials | 2.5 | % | ||
Consumer Goods | 7.9 | |||
Consumer Services | 13.6 | |||
Financials | 19.5 | |||
Health Care | 13.9 | |||
Industrials | 12.9 | |||
Oil & Gas | 5.0 | |||
Technology | 19.4 | |||
Telecommunications | 2.0 | |||
Utilities | 3.3 |
The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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.
6 |
Institutional Total Stock Market Index Fund
Financial Statements
Statement of Net Assets
As of December 31, 2018
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.
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Common Stocks (99.6%)1 | ||||||||||
Basic Materials (2.5%) | ||||||||||
DowDuPont Inc. | 3,070,318 | 164,201 | ||||||||
Linde plc | 737,755 | 115,119 | ||||||||
Ecolab Inc. | 346,821 | 51,104 | ||||||||
Air Products & Chemicals Inc. | 293,667 | 47,001 | ||||||||
LyondellBasell Industries NV Class A | 412,239 | 34,282 | ||||||||
PPG Industries Inc. | 320,526 | 32,767 | ||||||||
Newmont Mining Corp. | 715,420 | 24,789 | ||||||||
International Paper Co. | 543,011 | 21,916 | ||||||||
Nucor Corp. | 422,884 | 21,910 | ||||||||
International Flavors & Fragrances Inc. | 143,076 | 19,211 | ||||||||
Freeport-McMoRan Inc. | 1,858,502 | 19,161 | ||||||||
Celanese Corp. Class A | 180,274 | 16,219 | ||||||||
Mosaic Co. | 467,210 | 13,647 | ||||||||
CF Industries Holdings Inc. | 311,393 | 13,549 | ||||||||
FMC Corp. | 182,174 | 13,474 | ||||||||
Eastman Chemical Co. | 170,950 | 12,498 | ||||||||
Albemarle Corp. | 141,528 | 10,908 | ||||||||
RPM International Inc. | 175,792 | 10,333 | ||||||||
Avery Dennison Corp. | 114,557 | 10,291 | ||||||||
Steel Dynamics Inc. | 289,539 | 8,698 | ||||||||
Royal Gold Inc. | 87,266 | 7,474 | ||||||||
* | Axalta Coating Systems Ltd. | 285,635 | 6,690 | |||||||
* | Alcoa Corp. | 250,732 | 6,664 | |||||||
Chemours Co. | 229,099 | 6,465 | ||||||||
Reliance Steel & Aluminum Co. | 90,096 | 6,412 | ||||||||
WR Grace & Co. | 91,935 | 5,967 | ||||||||
Ashland Global Holdings Inc. | 82,523 | 5,856 | ||||||||
Huntsman Corp. | 268,218 | 5,174 | ||||||||
NewMarket Corp. | 11,557 | 4,763 | ||||||||
* | Ingevity Corp. | 55,600 | 4,653 | |||||||
Olin Corp. | 223,655 | 4,498 | ||||||||
United States Steel Corp. | 232,384 | 4,239 | ||||||||
Versum Materials Inc. | 144,589 | 4,008 | ||||||||
Peabody Energy Corp. | 120,596 | 3,676 | ||||||||
Westlake Chemical Corp. | 51,621 | 3,416 | ||||||||
Balchem Corp. | 42,907 | 3,362 | ||||||||
Domtar Corp. | 95,106 | 3,341 | ||||||||
Scotts Miracle-Gro Co. | 51,951 | 3,193 | ||||||||
Sensient Technologies Corp. | 55,405 | 3,094 | ||||||||
Cabot Corp. | 71,697 | 3,079 | ||||||||
*,^ | Cleveland-Cliffs Inc. | 399,457 | 3,072 | |||||||
PolyOne Corp. | 107,235 | 3,067 | ||||||||
Quaker Chemical Corp. | 16,752 | 2,977 | ||||||||
* | Platform Specialty Products Corp. | 282,081 | 2,914 | |||||||
HB Fuller Co. | 67,811 | 2,893 | ||||||||
* | Univar Inc. | 149,649 | 2,655 | |||||||
* | GCP Applied Technologies Inc. | 102,566 | 2,518 | |||||||
Minerals Technologies Inc. | 46,359 | 2,380 | ||||||||
Commercial Metals Co. | 145,025 | 2,323 | ||||||||
Carpenter Technology Corp. | 63,224 | 2,251 | ||||||||
Innospec Inc. | 31,929 | 1,972 | ||||||||
Stepan Co. | 26,506 | 1,961 | ||||||||
Worthington Industries Inc. | 55,467 | 1,932 | ||||||||
Compass Minerals International Inc. | 45,488 | 1,896 | ||||||||
Arch Coal Inc. Class A | 22,803 | 1,892 | ||||||||
Kaiser Aluminum Corp. | 20,988 | 1,874 | ||||||||
* | Ferro Corp. | 111,271 | 1,745 | |||||||
* | Contura Energy Inc. | 25,955 | 1,706 | |||||||
Warrior Met Coal Inc. | 62,612 | 1,510 | ||||||||
Hecla Mining Co. | 630,602 | 1,488 | ||||||||
Neenah Inc. | 22,265 | 1,312 | ||||||||
Materion Corp. | 28,068 | 1,263 | ||||||||
* | Coeur Mining Inc. | 265,673 | 1,188 | |||||||
* | Codexis Inc. | 64,902 | 1,084 |
7 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | CONSOL Energy Inc. | 32,942 | 1,045 | |||||||
^ | US Silica Holdings Inc. | 102,168 | 1,040 | |||||||
* | CSW Industrials Inc. | 20,684 | 1,000 | |||||||
* | Verso Corp. | 44,438 | 995 | |||||||
Schweitzer-Mauduit International Inc. | 39,385 | 987 | ||||||||
Chase Corp. | 9,710 | 971 | ||||||||
* | AdvanSix Inc. | 38,123 | 928 | |||||||
* | AK Steel Holding Corp. | 411,440 | 926 | |||||||
* | Kraton Corp. | 41,748 | 912 | |||||||
Tronox Ltd. Class A | 114,977 | 895 | ||||||||
* | PQ Group Holdings Inc. | 54,421 | 806 | |||||||
Rayonier Advanced Materials Inc. | 68,586 | 730 | ||||||||
* | SunCoke Energy Inc. | 85,022 | 727 | |||||||
Schnitzer Steel Industries Inc. | 32,638 | 703 | ||||||||
Tredegar Corp. | 40,067 | 635 | ||||||||
Innophos Holdings Inc. | 25,495 | 625 | ||||||||
Resolute Forest Products Inc. | 74,075 | 587 | ||||||||
PH Glatfelter Co. | 59,326 | 579 | ||||||||
FutureFuel Corp. | 36,222 | 574 | ||||||||
* | Clearwater Paper Corp. | 22,649 | 552 | |||||||
American Vanguard Corp. | 35,788 | 544 | ||||||||
Hawkins Inc. | 13,069 | 535 | ||||||||
* | Veritiv Corp. | 20,029 | 500 | |||||||
* | Koppers Holdings Inc. | 27,356 | 466 | |||||||
* | Century Aluminum Co. | 62,625 | 458 | |||||||
Haynes International Inc. | 17,005 | 449 | ||||||||
* | TimkenSteel Corp. | 45,826 | 401 | |||||||
* | OMNOVA Solutions Inc. | 53,888 | 395 | |||||||
* | Energy Fuels Inc. | 137,056 | 391 | |||||||
Kronos Worldwide Inc. | 30,597 | 352 | ||||||||
* | Nexeo Solutions Inc. | 40,285 | 346 | |||||||
* | Intrepid Potash Inc. | 112,982 | 294 | |||||||
Gold Resource Corp. | 68,800 | 275 | ||||||||
* | Uranium Energy Corp. | 176,577 | 221 | |||||||
Olympic Steel Inc. | 13,827 | 197 | ||||||||
Synalloy Corp. | 11,687 | 194 | ||||||||
Northern Technologies International Corp. | 6,166 | 182 | ||||||||
* | AgroFresh Solutions Inc. | 43,901 | 166 | |||||||
*,^ | ChromaDex Corp. | 46,038 | 158 | |||||||
Hallador Energy Co. | 29,570 | 150 | ||||||||
* | Universal Stainless & Alloy Products Inc. | 9,128 | 148 | |||||||
* | Marrone Bio Innovations Inc. | 87,556 | 129 | |||||||
* | Ur-Energy Inc. | 192,839 | 125 | |||||||
* | LSB Industries Inc. | 22,416 | 124 | |||||||
* | Ryerson Holding Corp. | 17,637 | 112 | |||||||
Friedman Industries Inc. | 12,162 | 86 | ||||||||
*,^ | Ramaco Resources Inc. | 12,183 | 60 | |||||||
* | Ampco-Pittsburgh Corp. | 17,598 | 55 | |||||||
United-Guardian Inc. | 2,827 | 52 | ||||||||
* | Cloud Peak Energy Inc. | 109,988 | 40 | |||||||
*,^ | Golden Minerals Co. | 174,185 | 38 | |||||||
* | Pershing Gold Corp. | 35,760 | 38 | |||||||
* | NL Industries Inc. | 9,262 | 33 | |||||||
* | Ikonics Corp. | 3,253 | 27 | |||||||
* | General Moly Inc. | 71,757 | 16 | |||||||
* | Solitario Zinc Corp. | 56,237 | 13 | |||||||
*,^ | Westwater Resources Inc. | 59,443 | 8 | |||||||
*,^ | US Gold Corp. | 915 | 1 | |||||||
* | Paramount Gold Nevada Corp. | 700 | 1 | |||||||
830,972 | ||||||||||
Consumer Goods (7.9%) | ||||||||||
Procter & Gamble Co. | 3,333,696 | 306,433 | ||||||||
Coca-Cola Co. | 5,120,188 | 242,441 | ||||||||
PepsiCo Inc. | 1,889,712 | 208,775 | ||||||||
Philip Morris International Inc. | 2,080,793 | 138,914 | ||||||||
NIKE Inc. Class B | 1,705,857 | 126,472 | ||||||||
Altria Group Inc. | 2,514,430 | 124,188 | ||||||||
Mondelez International Inc. Class A | 1,940,434 | 77,676 | ||||||||
Colgate-Palmolive Co. | 1,160,593 | 69,078 | ||||||||
*,^ | Tesla Inc. | 172,747 | 57,490 | |||||||
General Motors Co. | 1,699,117 | 56,835 | ||||||||
Kimberly-Clark Corp. | 464,441 | 52,918 | ||||||||
Activision Blizzard Inc. | 971,689 | 45,252 | ||||||||
Ford Motor Co. | 5,252,036 | 40,178 | ||||||||
Estee Lauder Cos. Inc. Class A | 293,722 | 38,213 | ||||||||
Kraft Heinz Co. | 814,492 | 35,056 | ||||||||
Constellation Brands Inc. Class A | 200,433 | 32,234 | ||||||||
* | Electronic Arts Inc. | 403,108 | 31,809 | |||||||
General Mills Inc. | 798,453 | 31,092 | ||||||||
Archer-Daniels-Midland Co. | 747,220 | 30,614 | ||||||||
VF Corp. | 426,015 | 30,392 | ||||||||
* | Monster Beverage Corp. | 558,584 | 27,493 | |||||||
Clorox Co. | 171,244 | 26,396 | ||||||||
McCormick & Co. Inc. | 162,839 | 22,674 | ||||||||
Aptiv plc | 355,340 | 21,878 | ||||||||
Church & Dwight Co. Inc. | 331,111 | 21,774 | ||||||||
Kellogg Co. | 372,159 | 21,217 | ||||||||
Tyson Foods Inc. Class A | 395,887 | 21,140 | ||||||||
Hershey Co. | 189,763 | 20,339 | ||||||||
Brown-Forman Corp. Class B | 401,189 | 19,089 | ||||||||
Genuine Parts Co. | 187,933 | 18,045 | ||||||||
* | Lululemon Athletica Inc. | 140,201 | 17,050 | |||||||
DR Horton Inc. | 487,745 | 16,905 |
8 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Take-Two Interactive Software Inc. | 153,130 | 15,763 | |||||||
Hormel Foods Corp. | 358,163 | 15,286 | ||||||||
Lennar Corp. Class A | 381,562 | 14,938 | ||||||||
Lamb Weston Holdings Inc. | 197,696 | 14,543 | ||||||||
Conagra Brands Inc. | 654,412 | 13,978 | ||||||||
JM Smucker Co. | 146,401 | 13,687 | ||||||||
Tapestry Inc. | 393,116 | 13,268 | ||||||||
Molson Coors Brewing Co. Class B | 235,965 | 13,252 | ||||||||
Hasbro Inc. | 151,219 | 12,287 | ||||||||
* | NVR Inc. | 4,563 | 11,120 | |||||||
Lear Corp. | 85,473 | 10,501 | ||||||||
Newell Brands Inc. | 554,981 | 10,317 | ||||||||
Garmin Ltd. | 162,616 | 10,297 | ||||||||
BorgWarner Inc. | 287,624 | 9,992 | ||||||||
* | LKQ Corp. | 418,720 | 9,936 | |||||||
PVH Corp. | 103,921 | 9,659 | ||||||||
Bunge Ltd. | 178,218 | 9,524 | ||||||||
* | US Foods Holding Corp. | 297,360 | 9,408 | |||||||
* | Mohawk Industries Inc. | 79,144 | 9,257 | |||||||
PulteGroup Inc. | 349,773 | 9,091 | ||||||||
Whirlpool Corp. | 84,250 | 9,004 | ||||||||
Ingredion Inc. | 96,332 | 8,805 | ||||||||
*,^ | Campbell Soup Co. | 265,873 | 8,771 | |||||||
* | Herbalife Nutrition Ltd. | 135,456 | 7,985 | |||||||
* | Middleby Corp. | 76,318 | 7,840 | |||||||
* | Post Holdings Inc. | 85,752 | 7,643 | |||||||
Pool Corp. | 50,415 | 7,494 | ||||||||
Ralph Lauren Corp. Class A | 71,874 | 7,436 | ||||||||
* | WABCO Holdings Inc. | 69,235 | 7,432 | |||||||
Harley-Davidson Inc. | 217,779 | 7,431 | ||||||||
Keurig Dr Pepper Inc. | 281,429 | 7,216 | ||||||||
* | Michael Kors Holdings Ltd. | 187,920 | 7,126 | |||||||
Gentex Corp. | 349,164 | 7,057 | ||||||||
Fortune Brands Home & Security Inc. | 184,966 | 7,027 | ||||||||
* | Wayfair Inc. | 77,972 | 7,024 | |||||||
Jefferies Financial Group Inc. | 380,816 | 6,611 | ||||||||
Goodyear Tire & Rubber Co. | 307,727 | 6,281 | ||||||||
Polaris Industries Inc. | 81,468 | 6,247 | ||||||||
Leggett & Platt Inc. | 172,913 | 6,197 | ||||||||
Hanesbrands Inc. | 482,792 | 6,049 | ||||||||
Toll Brothers Inc. | 180,417 | 5,941 | ||||||||
Brunswick Corp. | 114,863 | 5,335 | ||||||||
* | Deckers Outdoor Corp. | 39,183 | 5,013 | |||||||
Carter’s Inc. | 60,323 | 4,924 | ||||||||
Valvoline Inc. | 249,845 | 4,834 | ||||||||
Lancaster Colony Corp. | 26,855 | 4,750 | ||||||||
*,^ | Under Armour Inc. Class A | 264,690 | 4,677 | |||||||
*,^ | Mattel Inc. | 458,614 | 4,582 | |||||||
* | Helen of Troy Ltd. | 34,497 | 4,525 | |||||||
Nu Skin Enterprises Inc. Class A | 73,684 | 4,519 | ||||||||
Flowers Foods Inc. | 237,516 | 4,387 | ||||||||
* | Darling Ingredients Inc. | 215,715 | 4,150 | |||||||
Wolverine World Wide Inc. | 129,152 | 4,119 | ||||||||
* | Under Armour Inc. | 251,765 | 4,071 | |||||||
* | Skechers U.S.A. Inc. Class A | 176,846 | 4,048 | |||||||
* | Zynga Inc. Class A | 1,024,372 | 4,026 | |||||||
Coty Inc. Class A | 606,847 | 3,981 | ||||||||
* | TreeHouse Foods Inc. | 73,717 | 3,738 | |||||||
Energizer Holdings Inc. | 79,085 | 3,571 | ||||||||
Thor Industries Inc. | 67,660 | 3,518 | ||||||||
WD-40 Co. | 17,764 | 3,255 | ||||||||
* | Dorman Products Inc. | 34,634 | 3,118 | |||||||
Steven Madden Ltd. | 101,440 | 3,070 | ||||||||
Columbia Sportswear Co. | 36,432 | 3,064 | ||||||||
* | Elanco Animal Health Inc. | 96,264 | 3,035 | |||||||
* | iRobot Corp. | 35,397 | 2,964 | |||||||
* | Fox Factory Holding Corp. | 48,792 | 2,872 | |||||||
J&J Snack Foods Corp. | 19,851 | 2,870 | ||||||||
Sanderson Farms Inc. | 27,710 | 2,751 | ||||||||
* | Edgewell Personal Care Co. | 72,008 | 2,689 | |||||||
Dana Inc. | 193,297 | 2,635 | ||||||||
* | Boston Beer Co. Inc. Class A | 10,731 | 2,584 | |||||||
* | Tempur Sealy International Inc. | 61,667 | 2,553 | |||||||
^ | B&G Foods Inc. | 88,154 | 2,549 | |||||||
* | Taylor Morrison Home Corp. Class A | 160,023 | 2,544 | |||||||
* | TRI Pointe Group Inc. | 225,922 | 2,469 | |||||||
Herman Miller Inc. | 80,848 | 2,446 | ||||||||
* | Visteon Corp. | 38,537 | 2,323 | |||||||
Spectrum Brands Holdings Inc. | 53,759 | 2,271 | ||||||||
KB Home | 117,124 | 2,237 | ||||||||
* | Crocs Inc. | 83,184 | 2,161 | |||||||
* | Welbilt Inc. | 189,746 | 2,108 | |||||||
Cooper Tire & Rubber Co. | 65,143 | 2,106 | ||||||||
LCI Industries | 31,499 | 2,104 | ||||||||
HNI Corp. | 58,779 | 2,083 | ||||||||
* | USANA Health Sciences Inc. | 17,567 | 2,068 | |||||||
* | Meritor Inc. | 113,815 | 1,925 | |||||||
Tenneco Inc. Class A | 69,727 | 1,910 | ||||||||
* | Gentherm Inc. | 47,390 | 1,895 |
9 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Callaway Golf Co. | 122,193 | 1,870 | ||||||||
* | Meritage Homes Corp. | 50,595 | 1,858 | |||||||
* | Hain Celestial Group Inc. | 115,629 | 1,834 | |||||||
Medifast Inc. | 14,654 | 1,832 | ||||||||
Universal Corp. | 32,839 | 1,778 | ||||||||
Tupperware Brands Corp. | 55,555 | 1,754 | ||||||||
* | Central Garden & Pet Co. Class A | 56,067 | 1,752 | |||||||
Nutrisystem Inc. | 38,531 | 1,691 | ||||||||
La-Z-Boy Inc. | 60,269 | 1,670 | ||||||||
Delphi Technologies plc | 114,066 | 1,633 | ||||||||
Steelcase Inc. Class A | 109,816 | 1,629 | ||||||||
MDC Holdings Inc. | 57,631 | 1,620 | ||||||||
* | American Axle & Manufacturing Holdings Inc. | 142,251 | 1,579 | |||||||
Cal-Maine Foods Inc. | 36,910 | 1,561 | ||||||||
* | G-III Apparel Group Ltd. | 54,931 | 1,532 | |||||||
Oxford Industries Inc. | 21,291 | 1,513 | ||||||||
Calavo Growers Inc. | 20,409 | 1,489 | ||||||||
* | Fitbit Inc. Class A | 296,383 | 1,473 | |||||||
* | Cavco Industries Inc. | 11,251 | 1,467 | |||||||
Inter Parfums Inc. | 22,346 | 1,465 | ||||||||
* | Cooper-Standard Holdings Inc. | 22,906 | 1,423 | |||||||
* | Hostess Brands Inc. Class A | 129,938 | 1,422 | |||||||
Seaboard Corp. | 397 | 1,405 | ||||||||
* | Sleep Number Corp. | 43,941 | 1,394 | |||||||
Vector Group Ltd. | 136,371 | 1,327 | ||||||||
Sturm Ruger & Co. Inc. | 23,067 | 1,228 | ||||||||
*,^ | Garrett Motion Inc. | 96,516 | 1,191 | |||||||
Coca-Cola Bottling Co. Consolidated | 6,672 | 1,183 | ||||||||
Standard Motor Products Inc. | 24,384 | 1,181 | ||||||||
* | Glu Mobile Inc. | 145,785 | 1,176 | |||||||
Fresh Del Monte Produce Inc. | 41,561 | 1,175 | ||||||||
* | American Woodmark Corp. | 20,835 | 1,160 | |||||||
* | Freshpet Inc. | 34,224 | 1,101 | |||||||
National Beverage Corp. | 15,202 | 1,091 | ||||||||
Interface Inc. Class A | 76,192 | 1,086 | ||||||||
*,^ | LGI Homes Inc. | 24,003 | 1,085 | |||||||
Knoll Inc. | 62,105 | 1,023 | ||||||||
MGP Ingredients Inc. | 17,743 | 1,012 | ||||||||
* | Pilgrim’s Pride Corp. | 64,378 | 998 | |||||||
ACCO Brands Corp. | 143,055 | 970 | ||||||||
Andersons Inc. | 32,445 | 970 | ||||||||
* | Malibu Boats Inc. Class A | 27,669 | 963 | |||||||
Acushnet Holdings Corp. | 45,309 | 955 | ||||||||
* | Fossil Group Inc. | 59,449 | 935 | |||||||
Winnebago Industries Inc. | 37,722 | 913 | ||||||||
* | Stoneridge Inc. | 36,429 | 898 | |||||||
* | American Outdoor Brands Corp. | 67,770 | 872 | |||||||
* | Vista Outdoor Inc. | 75,956 | 862 | |||||||
Phibro Animal Health Corp. Class A | 26,566 | 854 | ||||||||
Lennar Corp. Class B | 26,910 | 843 | ||||||||
National Presto Industries Inc. | 6,773 | 792 | ||||||||
^ | Tootsie Roll Industries Inc. | 23,400 | 782 | |||||||
* | M/I Homes Inc. | 36,119 | 759 | |||||||
Skyline Champion Corp. | 49,184 | 723 | ||||||||
* | Modine Manufacturing Co. | 64,465 | 697 | |||||||
Movado Group Inc. | 21,240 | 672 | ||||||||
* | Primo Water Corp. | 46,290 | 649 | |||||||
*,^ | GoPro Inc. Class A | 152,259 | 646 | |||||||
John B Sanfilippo & Son Inc. | 11,548 | 643 | ||||||||
* | Century Communities Inc. | 34,354 | 593 | |||||||
Tower International Inc. | 24,781 | 590 | ||||||||
Ethan Allen Interiors Inc. | 32,728 | 576 | ||||||||
* | Central Garden & Pet Co. | 15,049 | 518 | |||||||
Dean Foods Co. | 122,182 | 466 | ||||||||
^ | Camping World Holdings Inc. Class A | 40,403 | 463 | |||||||
* | William Lyon Homes Class A | 42,954 | 459 | |||||||
* | Unifi Inc. | 19,978 | 456 | |||||||
* | Universal Electronics Inc. | 17,123 | 433 | |||||||
* | Nautilus Inc. | 39,087 | 426 | |||||||
* | MasterCraft Boat Holdings Inc. | 22,563 | 422 | |||||||
* | Motorcar Parts of America Inc. | 24,983 | 416 | |||||||
Hooker Furniture Corp. | 15,264 | 402 | ||||||||
* | Beazer Homes USA Inc. | 42,392 | 402 | |||||||
Limoneira Co. | 19,434 | 380 | ||||||||
*,^ | 22nd Century Group Inc. | 148,514 | 370 | |||||||
Johnson Outdoors Inc. Class A | 5,758 | 338 | ||||||||
*,^ | New Age Beverages Corp. | 64,383 | 335 | |||||||
* | ZAGG Inc. | 33,366 | 326 | |||||||
Titan International Inc. | 69,292 | 323 | ||||||||
* | YETI Holdings Inc. | 21,706 | 322 | |||||||
* | Farmer Brothers Co. | 13,700 | 320 | |||||||
* | Vera Bradley Inc. | 32,558 | 279 | |||||||
*,^ | Sonos Inc. | 27,980 | 275 | |||||||
Bassett Furniture Industries Inc. | 13,657 | 274 | ||||||||
*,^ | Revlon Inc. Class A | 10,681 | 269 | |||||||
Culp Inc. | 13,935 | 263 | ||||||||
* | Seneca Foods Corp. Class A | 9,066 | 256 |
10 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Hamilton Beach Brands Holding Co. Class A | 10,712 | 251 | ||||||||
Rocky Brands Inc. | 9,372 | 244 | ||||||||
Turning Point Brands Inc. | 8,947 | 244 | ||||||||
* | elf Beauty Inc. | 27,753 | 240 | |||||||
Clarus Corp. | 22,989 | 233 | ||||||||
Superior Group of Cos. Inc. | 13,164 | 232 | ||||||||
Weyco Group Inc. | 7,434 | 217 | ||||||||
Flexsteel Industries Inc. | 9,749 | 215 | ||||||||
* | Craft Brew Alliance Inc. | 14,279 | 204 | |||||||
* | Lifevantage Corp. | 13,782 | 182 | |||||||
Marine Products Corp. | 10,544 | 178 | ||||||||
Oil-Dri Corp. of America | 6,706 | 178 | ||||||||
* | Lovesac Co. | 7,453 | 171 | |||||||
Lifetime Brands Inc. | 15,628 | 157 | ||||||||
* | Funko Inc. Class A | 11,255 | 148 | |||||||
Superior Industries International Inc. | 30,144 | 145 | ||||||||
*,^ | Vuzix Corp. | 30,030 | 144 | |||||||
*,^ | Arlo Technologies Inc. | 14,297 | 143 | |||||||
* | Delta Apparel Inc. | 8,147 | 140 | |||||||
Escalade Inc. | 11,767 | 135 | ||||||||
Strattec Security Corp. | 4,533 | 131 | ||||||||
* | Pyxus International Inc. | 10,911 | 129 | |||||||
Libbey Inc. | 31,918 | 124 | ||||||||
*,^ | Akoustis Technologies Inc. | 22,870 | 114 | |||||||
*,^ | Castle Brands Inc. | 123,932 | 105 | |||||||
* | RiceBran Technologies | 33,557 | 101 | |||||||
* | Hovnanian Enterprises Inc. Class A | 146,238 | 100 | |||||||
* | Shiloh Industries Inc. | 17,046 | 99 | |||||||
* | Natural Alternatives International Inc. | 10,100 | 99 | |||||||
Kewaunee Scientific Corp. | 2,881 | 96 | ||||||||
* | New Home Co. Inc. | 17,246 | 90 | |||||||
Core Molding Technologies Inc. | 12,449 | 88 | ||||||||
* | Lakeland Industries Inc. | 7,656 | 80 | |||||||
Acme United Corp. | 5,355 | 76 | ||||||||
*,^ | Eastman Kodak Co. | 29,730 | 76 | |||||||
Alico Inc. | 2,486 | 73 | ||||||||
* | Nature’s Sunshine Products Inc. | 8,435 | 69 | |||||||
* | Veru Inc. | 44,932 | 63 | |||||||
* | LS Starrett Co. Class A | 11,175 | 58 | |||||||
* | Vince Holding Corp. | 6,249 | 58 | |||||||
* | Coffee Holding Co. Inc. | 15,954 | 56 | |||||||
* | Reed’s Inc. | 26,990 | 56 | |||||||
*,^ | Celsius Holdings Inc. | 14,500 | 50 | |||||||
* | Emerson Radio Corp. | 32,812 | 47 | |||||||
* | S&W Seed Co. | 24,763 | 45 | |||||||
Unique Fabricating Inc. | 9,787 | 41 | ||||||||
*,^ | Blink Charging Co. | 20,953 | 36 | |||||||
* | JAKKS Pacific Inc. | 24,492 | 36 | |||||||
* | Zedge Inc. Class B | 14,083 | 34 | |||||||
* | Tandy Leather Factory Inc. | 5,825 | 33 | |||||||
* | Lipocine Inc. | 24,909 | 32 | |||||||
* | US Auto Parts Network Inc. | 35,456 | 32 | |||||||
* | Centric Brands Inc. | 8,667 | 30 | |||||||
* | Sequential Brands Group Inc. | 32,134 | 26 | |||||||
* | Summer Infant Inc. | 22,600 | 24 | |||||||
Crown Crafts Inc. | 4,278 | 23 | ||||||||
* | Alpha Pro Tech Ltd. | 6,000 | 22 | |||||||
*,^ | Nova Lifestyle Inc. | 40,548 | 19 | |||||||
Virco Manufacturing Corp. | 3,970 | 17 | ||||||||
CompX International Inc. | 1,065 | 14 | ||||||||
* | Lifeway Foods Inc. | 7,562 | 14 | |||||||
Rocky Mountain Chocolate Factory Inc. | 1,688 | 14 | ||||||||
* | Orchids Paper Products Co. | 10,552 | 10 | |||||||
* | Dixie Group Inc. | 13,898 | 10 | |||||||
* | Cherokee Inc. | 17,282 | 9 | |||||||
* | Iconix Brand Group Inc. | 96,145 | 8 | |||||||
* | Willamette Valley Vineyards Inc. | 800 | 5 | |||||||
* | Cyanotech Corp. | 997 | 3 | |||||||
* | Innovate Biopharmaceuticals Inc. | 1,100 | 3 | |||||||
2,663,598 | ||||||||||
Consumer Services (13.5%) | ||||||||||
* | Amazon.com Inc. | 556,595 | 835,989 | |||||||
Home Depot Inc. | 1,511,407 | 259,690 | ||||||||
Walt Disney Co. | 1,891,197 | 207,370 | ||||||||
Comcast Corp. Class A | 6,078,247 | 206,964 | ||||||||
McDonald’s Corp. | 1,031,712 | 183,201 | ||||||||
Walmart Inc. | 1,960,472 | 182,618 | ||||||||
* | Netflix Inc. | 554,809 | 148,500 | |||||||
Costco Wholesale Corp. | 586,703 | 119,517 | ||||||||
CVS Health Corp. | 1,730,776 | 113,400 | ||||||||
* | Booking Holdings Inc. | 61,959 | 106,719 | |||||||
Starbucks Corp. | 1,575,956 | 101,492 | ||||||||
Lowe’s Cos. Inc. | 1,029,458 | 95,081 | ||||||||
Walgreens Boots Alliance Inc. | 1,080,470 | 73,828 | ||||||||
TJX Cos. Inc. | 1,575,785 | 70,501 | ||||||||
Twenty-First Century Fox Inc. Class A | 1,378,006 | 66,310 | ||||||||
* | Charter Communications Inc. Class A | 215,042 | 61,280 | |||||||
Target Corp. | 697,604 | 46,105 | ||||||||
Sysco Corp. | 662,781 | 41,530 | ||||||||
Delta Air Lines Inc. | 832,211 | 41,527 | ||||||||
Ross Stores Inc. | 498,876 | 41,506 | ||||||||
Dollar General Corp. | 355,190 | 38,389 | ||||||||
Yum! Brands Inc. | 417,157 | 38,345 |
11 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Marriott International Inc. Class A | 342,875 | 37,222 | ||||||||
* | O’Reilly Automotive Inc. | 107,119 | 36,884 | |||||||
* | eBay Inc. | 1,222,933 | 34,328 | |||||||
Twenty-First Century Fox Inc. | 675,237 | 32,263 | ||||||||
Southwest Airlines Co. | 679,888 | 31,601 | ||||||||
Kroger Co. | 1,069,440 | 29,410 | ||||||||
McKesson Corp. | 262,165 | 28,961 | ||||||||
* | Dollar Tree Inc. | 318,392 | 28,757 | |||||||
* | AutoZone Inc. | 34,248 | 28,711 | |||||||
Hilton Worldwide Holdings Inc. | 398,103 | 28,584 | ||||||||
Las Vegas Sands Corp. | 526,315 | 27,395 | ||||||||
Carnival Corp. | 529,712 | 26,115 | ||||||||
* | United Continental Holdings Inc. | 309,657 | 25,928 | |||||||
Omnicom Group Inc. | 301,927 | 22,113 | ||||||||
Royal Caribbean Cruises Ltd. | 225,456 | 22,047 | ||||||||
CBS Corp. Class B | 463,960 | 20,284 | ||||||||
* | Ulta Beauty Inc. | 76,232 | 18,665 | |||||||
American Airlines Group Inc. | 554,352 | 17,800 | ||||||||
Expedia Group Inc. | 155,521 | 17,519 | ||||||||
Darden Restaurants Inc. | 166,890 | 16,666 | ||||||||
Best Buy Co. Inc. | 313,309 | 16,593 | ||||||||
* | Chipotle Mexican Grill Inc. Class A | 37,181 | 16,054 | |||||||
AmerisourceBergen Corp. Class A | 214,327 | 15,946 | ||||||||
MGM Resorts International | 643,675 | 15,616 | ||||||||
* | CarMax Inc. | 236,692 | 14,848 | |||||||
Kohl’s Corp. | 223,470 | 14,825 | ||||||||
Advance Auto Parts Inc. | 92,623 | 14,584 | ||||||||
* | Burlington Stores Inc. | 89,433 | 14,548 | |||||||
Domino’s Pizza Inc. | 56,398 | 13,986 | ||||||||
Tractor Supply Co. | 165,807 | 13,835 | ||||||||
* | Copart Inc. | 280,918 | 13,422 | |||||||
Viacom Inc. Class B | 495,168 | 12,726 | ||||||||
* | Norwegian Cruise Line Holdings Ltd. | 297,448 | 12,609 | |||||||
Macy’s Inc. | 418,358 | 12,459 | ||||||||
Tiffany & Co. | 153,703 | 12,375 | ||||||||
Wynn Resorts Ltd. | 124,920 | 12,356 | ||||||||
Vail Resorts Inc. | 54,870 | 11,568 | ||||||||
Nielsen Holdings plc | 476,292 | 11,112 | ||||||||
* | Qurate Retail Group Inc. QVC Group Class A | 568,831 | 11,104 | |||||||
Interpublic Group of Cos. Inc. | 514,765 | 10,620 | ||||||||
* | Liberty Broadband Corp. | 144,865 | 10,435 | |||||||
FactSet Research Systems Inc. | 51,328 | 10,272 | ||||||||
* | Discovery Communications Inc. | 444,054 | 10,249 | |||||||
Gap Inc. | 396,204 | 10,206 | ||||||||
Alaska Air Group Inc. | 162,662 | 9,898 | ||||||||
Aramark | 336,483 | 9,748 | ||||||||
* | GrubHub Inc. | 121,665 | 9,345 | |||||||
Service Corp. International | 231,990 | 9,340 | ||||||||
* | Live Nation Entertainment Inc. | 182,847 | 9,005 | |||||||
* | Bright Horizons Family Solutions Inc. | 79,158 | 8,822 | |||||||
KAR Auction Services Inc. | 184,855 | 8,821 | ||||||||
*,^ | Sirius XM Holdings Inc. | 1,465,503 | 8,368 | |||||||
* | Liberty Media Corp-Liberty SiriusXM Class C | 220,867 | 8,168 | |||||||
Foot Locker Inc. | 152,260 | 8,100 | ||||||||
L Brands Inc. | 314,000 | 8,060 | ||||||||
Sabre Corp. | 367,468 | 7,952 | ||||||||
* | Liberty Media Corp-Liberty Formula One | 253,880 | 7,794 | |||||||
Altice USA Inc. Class A | 469,731 | 7,760 | ||||||||
News Corp. Class A | 677,249 | 7,687 | ||||||||
* | TripAdvisor Inc. | 141,016 | 7,606 | |||||||
* | Five Below Inc. | 74,142 | 7,586 | |||||||
* | Etsy Inc. | 153,769 | 7,315 | |||||||
Nordstrom Inc. | 156,306 | 7,285 | ||||||||
* | DISH Network Corp. Class A | 289,884 | 7,238 | |||||||
Rollins Inc. | 200,396 | 7,234 | ||||||||
Dunkin’ Brands Group Inc. | 108,894 | 6,982 | ||||||||
Dun & Bradstreet Corp. | 48,805 | 6,966 | ||||||||
H&R Block Inc. | 270,682 | 6,867 | ||||||||
* | JetBlue Airways Corp. | 427,384 | 6,864 | |||||||
* | Madison Square Garden Co. Class A | 24,537 | 6,569 | |||||||
* | ServiceMaster Global Holdings Inc. | 177,260 | 6,513 | |||||||
* | Grand Canyon Education Inc. | 65,412 | 6,289 | |||||||
* | Planet Fitness Inc. Class A | 116,252 | 6,233 | |||||||
Casey’s General Stores Inc. | 48,466 | 6,210 | ||||||||
Wyndham Hotels & Resorts Inc. | 131,646 | 5,973 | ||||||||
^ | Williams-Sonoma Inc. | 107,996 | 5,448 | |||||||
Texas Roadhouse Inc. Class A | 90,574 | 5,407 |
12 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Trade Desk Inc. Class A | 46,160 | 5,357 | |||||||
*,^ | Discovery Communications Inc. Class A | 212,842 | 5,266 | |||||||
Six Flags Entertainment Corp. | 94,594 | 5,262 | ||||||||
Cable One Inc. | 6,382 | 5,234 | ||||||||
* | Spirit Airlines Inc. | 90,098 | 5,218 | |||||||
Dolby Laboratories Inc. Class A | 84,358 | 5,217 | ||||||||
*,^ | Caesars Entertainment Corp. | 765,542 | 5,198 | |||||||
^ | Cracker Barrel Old Country Store Inc. | 31,761 | 5,077 | |||||||
Cinemark Holdings Inc. | 140,692 | 5,037 | ||||||||
Tribune Media Co. Class A | 104,131 | 4,725 | ||||||||
* | Ollie’s Bargain Outlet Holdings Inc. | 69,401 | 4,616 | |||||||
Nexstar Media Group Inc. Class A | 56,591 | 4,450 | ||||||||
New York Times Co. Class A | 198,106 | 4,416 | ||||||||
Wyndham Destinations Inc. | 123,147 | 4,414 | ||||||||
* | Performance Food Group Co. | 135,227 | 4,364 | |||||||
American Eagle Outfitters Inc. | 223,290 | 4,316 | ||||||||
Extended Stay America Inc. | 264,809 | 4,105 | ||||||||
* | Liberty Media Corp-Liberty SiriusXM Class A | 111,367 | 4,098 | |||||||
Marriott Vacations Worldwide Corp. | 57,551 | 4,058 | ||||||||
Wendy’s Co. | 247,396 | 3,862 | ||||||||
* | Chegg Inc. | 135,639 | 3,855 | |||||||
* | Sprouts Farmers Market Inc. | 163,038 | 3,833 | |||||||
World Wrestling Entertainment Inc. Class A | 51,268 | 3,831 | ||||||||
Aaron’s Inc. | 90,787 | 3,818 | ||||||||
* | Yelp Inc. Class A | 106,105 | 3,713 | |||||||
* | Adtalem Global Education Inc. | 78,091 | 3,695 | |||||||
Hyatt Hotels Corp. Class A | 53,861 | 3,641 | ||||||||
* | Stamps.com Inc. | 22,692 | 3,532 | |||||||
Graham Holdings Co. Class B | 5,485 | 3,514 | ||||||||
Churchill Downs Inc. | 14,116 | 3,443 | ||||||||
AMERCO | 10,479 | 3,438 | ||||||||
* | Hilton Grand Vacations Inc. | 128,968 | 3,403 | |||||||
* | Urban Outfitters Inc. | 98,950 | 3,285 | |||||||
* | AMC Networks Inc. Class A | 59,586 | 3,270 | |||||||
* | LiveRamp Holdings Inc. | 84,067 | 3,247 | |||||||
*,^ | RH | 26,995 | 3,235 | |||||||
Strategic Education Inc. | 28,505 | 3,233 | ||||||||
TEGNA Inc. | 291,205 | 3,165 | ||||||||
Choice Hotels International Inc. | 43,730 | 3,130 | ||||||||
* | Murphy USA Inc. | 39,817 | 3,052 | |||||||
Dick’s Sporting Goods Inc. | 97,777 | 3,051 | ||||||||
* | Belmond Ltd. Class A | 118,030 | 2,954 | |||||||
* | Penn National Gaming Inc. | 154,379 | 2,907 | |||||||
* | Liberty Expedia Holdings Inc. Class A | 73,531 | 2,876 | |||||||
Monro Inc. | 41,809 | 2,874 | ||||||||
SkyWest Inc. | 64,197 | 2,855 | ||||||||
* | Eldorado Resorts Inc. | 77,858 | 2,819 | |||||||
Morningstar Inc. | 25,619 | 2,814 | ||||||||
John Wiley & Sons Inc. Class A | 59,902 | 2,814 | ||||||||
Hillenbrand Inc. | 73,254 | 2,779 | ||||||||
Meredith Corp. | 53,254 | 2,766 | ||||||||
* | AutoNation Inc. | 77,268 | 2,758 | |||||||
* | Pandora Media Inc. | 340,557 | 2,755 | |||||||
* | Cargurus Inc. | 79,751 | 2,690 | |||||||
* | Roku Inc. | 87,739 | 2,688 | |||||||
* | Sally Beauty Holdings Inc. | 156,104 | 2,662 | |||||||
Jack in the Box Inc. | 33,998 | 2,639 | ||||||||
Wingstop Inc. | 39,533 | 2,538 | ||||||||
Sinclair Broadcast Group Inc. Class A | 93,474 | 2,462 | ||||||||
* | frontdoor Inc. | 91,897 | 2,445 | |||||||
* | Weight Watchers International Inc. | 62,282 | 2,401 | |||||||
* | National Vision Holdings Inc. | 85,056 | 2,396 | |||||||
Brinker International Inc. | 54,170 | 2,382 | ||||||||
Lithia Motors Inc. Class A | 30,532 | 2,330 | ||||||||
Cheesecake Factory Inc. | 53,431 | 2,325 | ||||||||
DSW Inc. Class A | 93,654 | 2,313 | ||||||||
* | Sotheby’s | 57,897 | 2,301 | |||||||
* | Liberty Broadband Corp. Class A | 31,964 | 2,295 | |||||||
Dave & Buster’s Entertainment Inc. | 50,471 | 2,249 | ||||||||
Signet Jewelers Ltd. | 69,297 | 2,202 | ||||||||
Boyd Gaming Corp. | 103,309 | 2,147 | ||||||||
* | BJ’s Wholesale Club Holdings Inc. | 96,705 | 2,143 |
13 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Lions Gate Entertainment Corp. Class B | 142,099 | 2,114 | ||||||||
* | Asbury Automotive Group Inc. | 31,059 | 2,070 | |||||||
PriceSmart Inc. | 34,965 | 2,066 | ||||||||
Bloomin’ Brands Inc. | 112,454 | 2,012 | ||||||||
* | Groupon Inc. Class A | 620,476 | 1,986 | |||||||
* | Cars.com Inc. | 91,892 | 1,976 | |||||||
Bed Bath & Beyond Inc. | 174,495 | 1,975 | ||||||||
* | Avis Budget Group Inc. | 87,700 | 1,971 | |||||||
Red Rock Resorts Inc. Class A | 91,506 | 1,858 | ||||||||
* | Floor & Decor Holdings Inc. Class A | 71,453 | 1,851 | |||||||
* | Laureate Education Inc. Class A | 121,329 | 1,849 | |||||||
Office Depot Inc. | 715,824 | 1,847 | ||||||||
* | Shutterfly Inc. | 45,349 | 1,826 | |||||||
Children’s Place Inc. | 20,111 | 1,812 | ||||||||
* | Simply Good Foods Co. | 95,667 | 1,808 | |||||||
Abercrombie & Fitch Co. | 89,153 | 1,787 | ||||||||
* | MSG Networks Inc. | 75,834 | 1,787 | |||||||
Penske Automotive Group Inc. | 43,674 | 1,761 | ||||||||
* | ANGI Homeservices Inc. Class A | 107,528 | 1,728 | |||||||
* | Michaels Cos. Inc. | 125,521 | 1,700 | |||||||
Hawaiian Holdings Inc. | 62,237 | 1,644 | ||||||||
*,^ | Carvana Co. Class A | 50,111 | 1,639 | |||||||
Matthews International Corp. Class A | 40,169 | 1,632 | ||||||||
Guess? Inc. | 78,383 | 1,628 | ||||||||
GameStop Corp. Class A | 127,349 | 1,607 | ||||||||
Big Lots Inc. | 53,029 | 1,534 | ||||||||
* | Gray Television Inc. | 103,844 | 1,531 | |||||||
* | SeaWorld Entertainment Inc. | 68,233 | 1,507 | |||||||
* | Liberty TripAdvisor Holdings Inc. Class A | 94,736 | 1,505 | |||||||
Allegiant Travel Co. Class A | 14,896 | 1,493 | ||||||||
Dine Brands Global Inc. | 21,874 | 1,473 | ||||||||
* | Shake Shack Inc. Class A | 32,384 | 1,471 | |||||||
Caleres Inc. | 51,417 | 1,431 | ||||||||
BJ’s Restaurants Inc. | 27,611 | 1,396 | ||||||||
Core-Mark Holding Co. Inc. | 59,898 | 1,393 | ||||||||
Viad Corp. | 27,605 | 1,383 | ||||||||
International Speedway Corp. Class A | 30,203 | 1,325 | ||||||||
Group 1 Automotive Inc. | 24,866 | 1,311 | ||||||||
* | Scientific Games Corp. | 72,120 | 1,289 | |||||||
* | Denny’s Corp. | 79,058 | 1,282 | |||||||
Gannett Co. Inc. | 145,599 | 1,242 | ||||||||
Scholastic Corp. | 30,244 | 1,218 | ||||||||
* | Houghton Mifflin Harcourt Co. | 135,949 | 1,204 | |||||||
Papa John’s International Inc. | 29,996 | 1,194 | ||||||||
* | Liberty Media Corp- Liberty Braves-C | 47,965 | 1,194 | |||||||
* | At Home Group Inc. | 62,731 | 1,171 | |||||||
* | K12 Inc. | 46,427 | 1,151 | |||||||
EW Scripps Co. Class A | 72,402 | 1,139 | ||||||||
Lions Gate Entertainment Corp. Class A | 69,235 | 1,115 | ||||||||
* | Quotient Technology Inc. | 103,783 | 1,108 | |||||||
* | Chefs’ Warehouse Inc. | 33,392 | 1,068 | |||||||
Marcus Corp. | 26,981 | 1,066 | ||||||||
* | Genesco Inc. | 23,972 | 1,062 | |||||||
* | Career Education Corp. | 88,282 | 1,008 | |||||||
*,^ | Rite Aid Corp. | 1,395,406 | 988 | |||||||
* | Hertz Global Holdings Inc. | 72,313 | 987 | |||||||
* | Diplomat Pharmacy Inc. | 73,026 | 983 | |||||||
* | Liberty Media Corp-Liberty Formula One Class A | 32,800 | 975 | |||||||
^ | Dillard’s Inc. Class A | 16,098 | 971 | |||||||
* | Rent-A-Center Inc. | 59,853 | 969 | |||||||
Weis Markets Inc. | 19,860 | 949 | ||||||||
*,^ | Trupanion Inc. | 37,239 | 948 | |||||||
Entercom Communications Corp. Class A | 165,599 | 946 | ||||||||
*,^ | Stitch Fix Inc. Class A | 54,878 | 938 | |||||||
* | SP Plus Corp. | 30,923 | 913 | |||||||
* | TrueCar Inc. | 100,674 | 912 | |||||||
* | Providence Service Corp. | 14,978 | 899 | |||||||
Tailored Brands Inc. | 65,399 | 892 | ||||||||
Chico’s FAS Inc. | 157,920 | 887 | ||||||||
* | QuinStreet Inc. | 54,385 | 883 | |||||||
* | comScore Inc. | 60,607 | 875 | |||||||
New Media Investment Group Inc. | 74,298 | 860 | ||||||||
AMC Entertainment Holdings Inc. Class A | 69,598 | 855 | ||||||||
* | Herc Holdings Inc. | 31,904 | 829 | |||||||
Ruth’s Hospitality Group Inc. | 35,680 | 811 | ||||||||
* | Regis Corp. | 46,246 | 784 | |||||||
^ | Buckle Inc. | 39,531 | 765 | |||||||
* | Party City Holdco Inc. | 75,323 | 752 | |||||||
SpartanNash Co. | 43,652 | 750 | ||||||||
* | PlayAGS Inc. | 30,276 | 696 | |||||||
* | United Natural Foods Inc. | 64,567 | 684 | |||||||
* | MarineMax Inc. | 35,323 | 647 | |||||||
* | Care.com Inc. | 33,105 | 639 |
14 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
National CineMedia Inc. | 97,922 | 635 | ||||||||
* | Boot Barn Holdings Inc. | 36,392 | 620 | |||||||
^ | PetMed Express Inc. | 26,421 | 615 | |||||||
* | American Public Education Inc. | 20,877 | 594 | |||||||
* | Monarch Casino & Resort Inc. | 15,316 | 584 | |||||||
* | America’s Car-Mart Inc. | 8,015 | 581 | |||||||
* | Ascena Retail Group Inc. | 222,066 | 557 | |||||||
Winmark Corp. | 3,401 | 541 | ||||||||
Ingles Markets Inc. Class A | 18,917 | 515 | ||||||||
*,^ | Duluth Holdings Inc. | 20,159 | 509 | |||||||
Shoe Carnival Inc. | 14,879 | 499 | ||||||||
* | Express Inc. | 92,829 | 474 | |||||||
* | Red Robin Gourmet Burgers Inc. | 17,369 | 464 | |||||||
* | Zumiez Inc. | 24,114 | 462 | |||||||
* | Conn’s Inc. | 24,202 | 456 | |||||||
* | Carrols Restaurant Group Inc. | 45,917 | 452 | |||||||
* | Lindblad Expeditions Holdings Inc. | 33,048 | 445 | |||||||
Barnes & Noble Inc. | 62,628 | 444 | ||||||||
*,^ | Overstock.com Inc. | 32,625 | 443 | |||||||
* | Fiesta Restaurant Group Inc. | 28,153 | 437 | |||||||
* | El Pollo Loco Holdings Inc. | 28,309 | 429 | |||||||
Haverty Furniture Cos. Inc. | 22,201 | 417 | ||||||||
*,^ | JC Penney Co. Inc. | 399,803 | 416 | |||||||
*,^ | Upwork Inc. | 22,956 | 416 | |||||||
* | 1-800-Flowers.com Inc. Class A | 33,875 | 414 | |||||||
Emerald Expositions Events Inc. | 33,529 | 414 | ||||||||
* | Del Taco Restaurants Inc. | 41,337 | 413 | |||||||
Sonic Automotive Inc. Class A | 28,727 | 395 | ||||||||
Cato Corp. Class A | 27,511 | 393 | ||||||||
* | Golden Entertainment Inc. | 24,266 | 389 | |||||||
* | Bojangles’ Inc. | 24,054 | 387 | |||||||
* | Chuy’s Holdings Inc. | 21,437 | 380 | |||||||
* | Reading International Inc. Class A | 25,341 | 368 | |||||||
*,^ | Hibbett Sports Inc. | 25,202 | 360 | |||||||
* | Lumber Liquidators Holdings Inc. | 37,719 | 359 | |||||||
* | BrightView Holdings Inc. | 34,177 | 349 | |||||||
* | TechTarget Inc. | 26,203 | 320 | |||||||
Citi Trends Inc. | 15,639 | 319 | ||||||||
* | Liberty Media Corp- Liberty Braves-A | 12,633 | 315 | |||||||
* | Titan Machinery Inc. | 23,701 | 312 | |||||||
Carriage Services Inc. Class A | 19,781 | 307 | ||||||||
* | Clean Energy Fuels Corp. | 173,089 | 298 | |||||||
* | Del Frisco’s Restaurant Group Inc. | 41,555 | 297 | |||||||
Village Super Market Inc. Class A | 10,801 | 289 | ||||||||
Nathan’s Famous Inc. | 4,297 | 286 | ||||||||
* | Drive Shack Inc. | 72,521 | 284 | |||||||
Tilly’s Inc. Class A | 26,075 | 283 | ||||||||
* | Hemisphere Media Group Inc. Class A | 23,290 | 283 | |||||||
* | Sportsman’s Warehouse Holdings Inc. | 63,762 | 279 | |||||||
Speedway Motorsports Inc. | 16,887 | 275 | ||||||||
News Corp. Class B | 23,396 | 270 | ||||||||
* | Boston Omaha Corp. Class A | 11,274 | 264 | |||||||
* | Habit Restaurants Inc. Class A | 25,017 | 263 | |||||||
* | Biglari Holdings Inc. Class B | 2,276 | 258 | |||||||
Tile Shop Holdings Inc. | 47,120 | 258 | ||||||||
*,^ | GNC Holdings Inc. Class A | 108,755 | 258 | |||||||
Entravision Communications Corp. Class A | 88,548 | 258 | ||||||||
RCI Hospitality Holdings Inc. | 11,477 | 256 | ||||||||
* | Tribune Publishing Co. | 22,480 | 255 | |||||||
*,^ | Daily Journal Corp. | 1,074 | 251 | |||||||
Saga Communications Inc. Class A | 7,419 | 247 | ||||||||
* | Century Casinos Inc. | 33,152 | 245 | |||||||
* | Liquidity Services Inc. | 38,017 | 235 | |||||||
* | Bridgepoint Education Inc. Class A | 32,556 | 228 | |||||||
* | Potbelly Corp. | 27,369 | 220 | |||||||
Clear Channel Outdoor Holdings Inc. Class A | 40,388 | 210 | ||||||||
* | Noodles & Co. Class A | 28,291 | 198 | |||||||
* | Avid Technology Inc. | 41,283 | 196 | |||||||
* | Red Lion Hotels Corp. | 23,892 | 196 | |||||||
Natural Health Trends Corp. | 10,569 | 195 | ||||||||
* | MDC Partners Inc. Class A | 74,507 | 194 | |||||||
* | Lands’ End Inc. | 13,310 | 189 | |||||||
* | Natural Grocers by Vitamin Cottage Inc. | 11,815 | 181 | |||||||
* | Rubicon Project Inc. | 46,843 | 175 | |||||||
* | HF Foods Group Inc. | 13,080 | 174 |
15 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Barnes & Noble Education Inc. | 42,279 | 170 | |||||||
* | PCM Inc. | 9,622 | 169 | |||||||
* | Kirkland’s Inc. | 17,778 | 169 | |||||||
* | Gaia Inc. Class A | 16,289 | 169 | |||||||
* | J Alexander’s Holdings Inc. | 20,016 | 165 | |||||||
* | Smart & Final Stores Inc. | 31,390 | 149 | |||||||
Marchex Inc. Class B | 52,492 | 139 | ||||||||
* | Leaf Group Ltd. | 20,217 | 138 | |||||||
* | Digital Turbine Inc. | 75,668 | 138 | |||||||
* | Lee Enterprises Inc. | 63,800 | 135 | |||||||
* | Mesa Air Group Inc. | 17,104 | 132 | |||||||
* | Fluent Inc. | 36,485 | 131 | |||||||
* | Vitamin Shoppe Inc. | 26,666 | 126 | |||||||
* | Destination XL Group Inc. | 55,225 | 120 | |||||||
*,^ | Tuesday Morning Corp. | 69,632 | 118 | |||||||
* | Global Eagle Entertainment Inc. | 53,015 | 118 | |||||||
* | J. Jill Inc. | 20,843 | 111 | |||||||
* | Town Sports International Holdings Inc. | 16,370 | 105 | |||||||
* | Container Store Group Inc. | 20,580 | 98 | |||||||
Collectors Universe Inc. | 8,514 | 97 | ||||||||
*,^ | LiveXLive Media Inc. | 18,705 | 93 | |||||||
AH Belo Corp. Class A | 27,149 | 91 | ||||||||
CSS Industries Inc. | 10,197 | 91 | ||||||||
* | Build-A-Bear Workshop Inc. | 23,091 | 91 | |||||||
* | TheStreet Inc. | 43,994 | 89 | |||||||
* | Biglari Holdings Inc. | 150 | 88 | |||||||
* | Fred’s Inc. Class A | 46,367 | 88 | |||||||
* | RTW RetailWinds Inc. | 29,648 | 84 | |||||||
* | RealNetworks Inc. | 35,959 | 83 | |||||||
* | Travelzoo | 8,232 | 81 | |||||||
^ | Big 5 Sporting Goods Corp. | 31,098 | 81 | |||||||
* | McClatchy Co. Class A | 9,974 | 76 | |||||||
*,^ | Blue Apron Holdings Inc. Class A | 73,575 | 75 | |||||||
* | Select Interior Concepts Inc. Class A | 8,823 | 66 | |||||||
^ | Chicken Soup For The Soul Entertainment Inc. | 8,803 | 66 | |||||||
Educational Development Corp. | 7,752 | 66 | ||||||||
* | AutoWeb Inc. | 20,942 | 64 | |||||||
Peak Resorts Inc. | 13,573 | 64 | ||||||||
* | Full House Resorts Inc. | 30,864 | 62 | |||||||
*,^ | Youngevity International Inc. | 10,582 | 61 | |||||||
Ark Restaurants Corp. | 3,264 | 60 | ||||||||
* | Profire Energy Inc. | 39,969 | 58 | |||||||
*,^ | Dover Downs Gaming & Entertainment Inc. | 20,413 | 57 | |||||||
* | Famous Dave’s of America Inc. | 11,721 | 54 | |||||||
A-Mark Precious Metals Inc. | 4,552 | 54 | ||||||||
*,^ | Stein Mart Inc. | 46,076 | 49 | |||||||
Dover Motorsports Inc. | 23,356 | 44 | ||||||||
* | Luby’s Inc. | 35,510 | 43 | |||||||
* | Lazydays Holdings Inc. | 7,816 | 42 | |||||||
* | Destination Maternity Corp. | 14,630 | 42 | |||||||
* | Urban One Inc. | 25,730 | 41 | |||||||
* | Francesca’s Holdings Corp. | 40,409 | 39 | |||||||
* | FTD Cos. Inc. | 26,480 | 39 | |||||||
Pier 1 Imports Inc. | 113,979 | 35 | ||||||||
* | Emmis Communications Corp. Class A | 10,866 | 35 | |||||||
Townsquare Media Inc. Class A | 8,492 | 35 | ||||||||
* | Diversified Restaurant Holdings Inc. | 34,766 | 34 | |||||||
* | Good Times Restaurants Inc. | 12,656 | 32 | |||||||
*,^ | Remark Holdings Inc. | 24,925 | 30 | |||||||
* | Rave Restaurant Group Inc. | 34,295 | 30 | |||||||
* | EVINE Live Inc. | 68,549 | 27 | |||||||
* | ONE Group Hospitality Inc. | 8,872 | 27 | |||||||
* | Christopher & Banks Corp. | 52,928 | 25 | |||||||
^ | Stage Stores Inc. | 29,990 | 22 | |||||||
Salem Media Group Inc. Class A | 10,229 | 21 | ||||||||
Harte-Hanks Inc. | 7,754 | 19 | ||||||||
* | Eastside Distilling Inc. | 2,836 | 18 | |||||||
* | Papa Murphy’s Holdings Inc. | 3,000 | 14 | |||||||
* | Valeritas Holdings Inc. | 43,103 | 14 | |||||||
* | Insignia Systems Inc. | 7,050 | 10 | |||||||
* | EverQuote Inc. Class A | 1,867 | 8 | |||||||
* | Ascent Capital Group Inc. Class A | 17,463 | 7 | |||||||
Canterbury Park Holding Corp. | 400 | 6 | ||||||||
*,^ | Urban One Inc. Class A | 1,680 | 3 | |||||||
* | VistaGen Therapeutics Inc. | 1,680 | 2 | |||||||
Beasley Broadcast Group Inc. Class A | 651 | 2 | ||||||||
* | Inspired Entertainment Inc. | 423 | 2 | |||||||
* | Ifresh Inc. | 1,233 | 1 | |||||||
* | National American University Holdings Inc. | 1,808 | — | |||||||
4,559,139 |
16 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Financials (19.4%) | ||||||||||
* | Berkshire Hathaway Inc. Class B | 2,547,174 | 520,082 | |||||||
JPMorgan Chase & Co. | 4,447,186 | 434,134 | ||||||||
Visa Inc. Class A | 2,353,956 | 310,581 | ||||||||
Bank of America Corp. | 11,810,841 | 291,019 | ||||||||
Wells Fargo & Co. | 5,668,876 | 261,222 | ||||||||
Mastercard Inc. Class A | 1,229,922 | 232,025 | ||||||||
Citigroup Inc. | 3,266,376 | 170,048 | ||||||||
American Tower Corp. | 589,211 | 93,207 | ||||||||
CME Group Inc. | 478,294 | 89,977 | ||||||||
US Bancorp | 1,937,114 | 88,526 | ||||||||
American Express Co. | 914,074 | 87,130 | ||||||||
Chubb Ltd. | 583,745 | 75,408 | ||||||||
Goldman Sachs Group Inc. | 447,915 | 74,824 | ||||||||
Simon Property Group Inc. | 413,464 | 69,458 | ||||||||
Morgan Stanley | 1,727,337 | 68,489 | ||||||||
Charles Schwab Corp. | 1,629,795 | 67,685 | ||||||||
PNC Financial Services Group Inc. | 553,851 | 64,751 | ||||||||
Crown Castle International Corp. | 554,377 | 60,222 | ||||||||
BlackRock Inc. | 147,765 | 58,045 | ||||||||
Intercontinental Exchange Inc. | 761,428 | 57,358 | ||||||||
S&P Global Inc. | 335,550 | 57,023 | ||||||||
Bank of New York Mellon Corp. | 1,190,836 | 56,053 | ||||||||
Marsh & McLennan Cos. Inc. | 674,746 | 53,811 | ||||||||
Prologis Inc. | 845,161 | 49,628 | ||||||||
Capital One Financial Corp. | 631,820 | 47,759 | ||||||||
Progressive Corp. | 782,861 | 47,230 | ||||||||
Aon plc | 321,534 | 46,738 | ||||||||
American International Group Inc. | 1,184,747 | 46,691 | ||||||||
Aflac Inc. | 1,015,776 | 46,279 | ||||||||
Prudential Financial Inc. | 551,775 | 44,997 | ||||||||
BB&T Corp. | 1,031,712 | 44,694 | ||||||||
Travelers Cos. Inc. | 353,930 | 42,383 | ||||||||
MetLife Inc. | 989,161 | 40,615 | ||||||||
Public Storage | 198,233 | 40,124 | ||||||||
Allstate Corp. | 460,677 | 38,066 | ||||||||
Equinix Inc. | 107,645 | 37,951 | ||||||||
Welltower Inc. | 504,693 | 35,031 | ||||||||
Equity Residential | 493,572 | 32,581 | ||||||||
AvalonBay Communities Inc. | 185,018 | 32,202 | ||||||||
Moody’s Corp. | 217,751 | 30,494 | ||||||||
State Street Corp. | 482,653 | 30,441 | ||||||||
SunTrust Banks Inc. | 600,290 | 30,279 | ||||||||
Digital Realty Trust Inc. | 275,488 | 29,353 | ||||||||
T. Rowe Price Group Inc. | 305,597 | 28,213 | ||||||||
Ventas Inc. | 476,373 | 27,911 | ||||||||
Discover Financial Services | 457,531 | 26,985 | ||||||||
Realty Income Corp. | 392,650 | 24,753 | ||||||||
* | SBA Communications Corp. Class A | 151,579 | 24,539 | |||||||
M&T Bank Corp. | 168,707 | 24,147 | ||||||||
Northern Trust Corp. | 281,960 | 23,569 | ||||||||
Boston Properties Inc. | 206,271 | 23,216 | ||||||||
* | IHS Markit Ltd. | 472,653 | 22,673 | |||||||
Weyerhaeuser Co. | 1,008,666 | 22,049 | ||||||||
Essex Property Trust Inc. | 88,357 | 21,666 | ||||||||
Hartford Financial Services Group Inc. | 481,565 | 21,406 | ||||||||
Synchrony Financial | 877,356 | 20,583 | ||||||||
Fifth Third Bancorp | 870,055 | 20,472 | ||||||||
KeyCorp | 1,372,294 | 20,283 | ||||||||
Ameriprise Financial Inc. | 188,965 | 19,722 | ||||||||
* | First Republic Bank | 220,606 | 19,171 | |||||||
Citizens Financial Group Inc. | 621,349 | 18,473 | ||||||||
TD Ameritrade Holding Corp. | 377,104 | 18,463 | ||||||||
* | Markel Corp. | 17,761 | 18,437 | |||||||
Regions Financial Corp. | 1,369,500 | 18,324 | ||||||||
Arthur J Gallagher & Co. | 246,003 | 18,130 | ||||||||
HCP Inc. | 634,452 | 17,720 | ||||||||
* | CBRE Group Inc. Class A | 431,130 | 17,262 | |||||||
Annaly Capital Management Inc. | 1,753,610 | 17,220 | ||||||||
Principal Financial Group Inc. | 380,952 | 16,827 | ||||||||
Huntington Bancshares Inc. | 1,401,113 | 16,701 | ||||||||
Host Hotels & Resorts Inc. | 999,000 | 16,653 | ||||||||
Alexandria Real Estate Equities Inc. | 142,121 | 16,378 | ||||||||
MSCI Inc. Class A | 110,686 | 16,318 | ||||||||
Cincinnati Financial Corp. | 207,517 | 16,066 | ||||||||
Loews Corp. | 337,583 | 15,367 | ||||||||
Equifax Inc. | 162,653 | 15,148 | ||||||||
Comerica Inc. | 216,029 | 14,839 | ||||||||
E*TRADE Financial Corp. | 337,666 | 14,817 | ||||||||
Mid-America Apartment Communities Inc. | 153,690 | 14,708 | ||||||||
Cboe Global Markets Inc. | 150,002 | 14,675 | ||||||||
Extra Space Storage Inc. | 161,312 | 14,596 | ||||||||
UDR Inc. | 367,913 | 14,577 | ||||||||
Vornado Realty Trust | 234,527 | 14,548 | ||||||||
Lincoln National Corp. | 283,209 | 14,531 | ||||||||
WP Carey Inc. | 215,143 | 14,057 |
17 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Arch Capital Group Ltd. | 521,104 | 13,924 | |||||||
* | Berkshire Hathaway Inc. Class A | 45 | 13,770 | |||||||
* | SVB Financial Group | 70,626 | 13,413 | |||||||
KKR & Co. Inc. Class A | 679,365 | 13,336 | ||||||||
Regency Centers Corp. | 218,695 | 12,833 | ||||||||
Raymond James Financial Inc. | 171,743 | 12,779 | ||||||||
Iron Mountain Inc. | 392,185 | 12,711 | ||||||||
Duke Realty Corp. | 490,602 | 12,707 | ||||||||
Nasdaq Inc. | 154,518 | 12,604 | ||||||||
AGNC Investment Corp. | 703,777 | 12,344 | ||||||||
Ally Financial Inc. | 543,602 | 12,318 | ||||||||
Alleghany Corp. | 19,082 | 11,894 | ||||||||
Everest Re Group Ltd. | 54,367 | 11,839 | ||||||||
Reinsurance Group of America Inc. Class A | 83,166 | 11,662 | ||||||||
Franklin Resources Inc. | 390,148 | 11,572 | ||||||||
Federal Realty Investment Trust | 97,286 | 11,484 | ||||||||
Fidelity National Financial Inc. | 356,313 | 11,202 | ||||||||
Sun Communities Inc. | 109,621 | 11,150 | ||||||||
Camden Property Trust | 122,568 | 10,792 | ||||||||
Equity LifeStyle Properties Inc. | 107,761 | 10,467 | ||||||||
Zions Bancorp NA | 254,535 | 10,370 | ||||||||
National Retail Properties Inc. | 211,450 | 10,257 | ||||||||
Western Union Co. | 600,789 | 10,249 | ||||||||
MarketAxess Holdings Inc. | 47,882 | 10,118 | ||||||||
Torchmark Corp. | 131,817 | 9,824 | ||||||||
VEREIT Inc. | 1,372,970 | 9,817 | ||||||||
Omega Healthcare Investors Inc. | 276,842 | 9,731 | ||||||||
VICI Properties Inc. | 494,005 | 9,277 | ||||||||
Invesco Ltd. | 549,436 | 9,198 | ||||||||
WR Berkley Corp. | 121,824 | 9,004 | ||||||||
Apartment Investment & Management Co. | 204,663 | 8,981 | ||||||||
SL Green Realty Corp. | 112,200 | 8,873 | ||||||||
SEI Investments Co. | 191,378 | 8,842 | ||||||||
Voya Financial Inc. | 217,035 | 8,712 | ||||||||
Kilroy Realty Corp. | 137,687 | 8,658 | ||||||||
East West Bancorp Inc. | 198,435 | 8,638 | ||||||||
Gaming and Leisure Properties Inc. | 267,270 | 8,635 | ||||||||
Brown & Brown Inc. | 312,870 | 8,623 | ||||||||
Unum Group | 292,643 | 8,598 | ||||||||
Liberty Property Trust | 204,645 | 8,571 | ||||||||
* | Athene Holding Ltd. Class A | 213,205 | 8,492 | |||||||
* | Black Knight Inc. | 187,632 | 8,455 | |||||||
Macerich Co. | 188,202 | 8,145 | ||||||||
Kimco Realty Corp. | 553,814 | 8,113 | ||||||||
Lamar Advertising Co. Class A | 116,974 | 8,092 | ||||||||
American Financial Group Inc. | 88,469 | 8,009 | ||||||||
Jones Lang LaSalle Inc. | 62,628 | 7,929 | ||||||||
Old Republic International Corp. | 385,000 | 7,919 | ||||||||
American Campus Communities Inc. | 187,790 | 7,773 | ||||||||
STORE Capital Corp. | 272,412 | 7,712 | ||||||||
Medical Properties Trust Inc. | 477,187 | 7,673 | ||||||||
Commerce Bancshares Inc. | 135,706 | 7,650 | ||||||||
CubeSmart | 266,285 | 7,640 | ||||||||
Invitation Homes Inc. | 378,000 | 7,590 | ||||||||
CyrusOne Inc. | 141,680 | 7,492 | ||||||||
Healthcare Trust of America Inc. Class A | 288,761 | 7,309 | ||||||||
Park Hotels & Resorts Inc. | 278,827 | 7,244 | ||||||||
Douglas Emmett Inc. | 210,078 | 7,170 | ||||||||
RenaissanceRe Holdings Ltd. | 53,605 | 7,167 | ||||||||
People’s United Financial Inc. | 486,944 | 7,027 | ||||||||
Signature Bank | 68,332 | 7,025 | ||||||||
Starwood Property Trust Inc. | 345,764 | 6,815 | ||||||||
Affiliated Managers Group Inc. | 69,537 | 6,776 | ||||||||
EPR Properties | 105,812 | 6,775 | ||||||||
New Residential Investment Corp. | 475,325 | 6,754 | ||||||||
LPL Financial Holdings Inc. | 109,634 | 6,696 | ||||||||
Cullen/Frost Bankers Inc. | 75,002 | 6,596 | ||||||||
Hanover Insurance Group Inc. | 56,213 | 6,564 | ||||||||
American Homes 4 Rent Class A | 328,904 | 6,529 | ||||||||
First American Financial Corp. | 145,912 | 6,514 | ||||||||
Lazard Ltd. Class A | 171,530 | 6,331 | ||||||||
* | Credit Acceptance Corp. | 16,572 | 6,327 | |||||||
Webster Financial Corp. | 128,214 | 6,320 | ||||||||
Assurant Inc. | 70,480 | 6,304 | ||||||||
Popular Inc. | 133,410 | 6,300 | ||||||||
Brixmor Property Group Inc. | 424,065 | 6,230 | ||||||||
New York Community Bancorp Inc. | 656,833 | 6,181 |
18 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Hudson Pacific Properties Inc. | 207,922 | 6,042 | ||||||||
PacWest Bancorp | 177,350 | 5,902 | ||||||||
* | GCI Liberty Inc. Class A | 140,489 | 5,783 | |||||||
Life Storage Inc. | 60,886 | 5,662 | ||||||||
Primerica Inc. | 57,151 | 5,584 | ||||||||
First Horizon National Corp. | 423,094 | 5,568 | ||||||||
* | Howard Hughes Corp. | 56,690 | 5,534 | |||||||
Axis Capital Holdings Ltd. | 106,080 | 5,478 | ||||||||
Prosperity Bancshares Inc. | 86,886 | 5,413 | ||||||||
CIT Group Inc. | 140,778 | 5,388 | ||||||||
* | SLM Corp. | 630,448 | 5,239 | |||||||
Interactive Brokers Group Inc. | 95,595 | 5,224 | ||||||||
Highwoods Properties Inc. | 133,817 | 5,177 | ||||||||
Eaton Vance Corp. | 147,017 | 5,172 | ||||||||
Assured Guaranty Ltd. | 134,740 | 5,158 | ||||||||
First Financial Bankshares Inc. | 89,188 | 5,145 | ||||||||
JBG SMITH Properties | 144,448 | 5,028 | ||||||||
Umpqua Holdings Corp. | 313,636 | 4,987 | ||||||||
* | Green Dot Corp. Class A | 62,603 | 4,978 | |||||||
* | MGIC Investment Corp. | 474,126 | 4,959 | |||||||
* | Western Alliance Bancorp | 125,054 | 4,938 | |||||||
Hospitality Properties Trust | 205,684 | 4,912 | ||||||||
^ | Pebblebrook Hotel Trust | 172,728 | 4,890 | |||||||
Wintrust Financial Corp. | 73,392 | 4,880 | ||||||||
Synovus Financial Corp. | 150,554 | 4,816 | ||||||||
Sterling Bancorp | 291,633 | 4,815 | ||||||||
Selective Insurance Group Inc. | 78,391 | 4,777 | ||||||||
Rayonier Inc. | 171,806 | 4,757 | ||||||||
* | Brighthouse Financial Inc. | 155,785 | 4,748 | |||||||
First Industrial Realty Trust Inc. | 163,763 | 4,726 | ||||||||
Healthcare Realty Trust Inc. | 165,373 | 4,703 | ||||||||
IBERIABANK Corp. | 73,084 | 4,698 | ||||||||
Radian Group Inc. | 287,119 | 4,697 | ||||||||
AXA Equitable Holdings Inc. | 282,183 | 4,693 | ||||||||
Blackstone Mortgage Trust Inc. Class A | 146,764 | 4,676 | ||||||||
United Bankshares Inc. | 149,531 | 4,652 | ||||||||
Erie Indemnity Co. Class A | 34,763 | 4,634 | ||||||||
* | Zillow Group Inc. | 145,670 | 4,600 | |||||||
Janus Henderson Group plc | 221,896 | 4,598 | ||||||||
Equity Commonwealth | 152,474 | 4,576 | ||||||||
Kemper Corp. | 68,808 | 4,567 | ||||||||
Associated Banc-Corp | 225,306 | 4,459 | ||||||||
* | Essent Group Ltd. | 129,435 | 4,424 | |||||||
Spirit Realty Capital Inc. | 124,885 | 4,402 | ||||||||
Pinnacle Financial Partners Inc. | 95,484 | 4,402 | ||||||||
Glacier Bancorp Inc. | 110,151 | 4,364 | ||||||||
Cousins Properties Inc. | 549,765 | 4,343 | ||||||||
CoreSite Realty Corp. | 48,325 | 4,215 | ||||||||
FNB Corp. | 421,958 | 4,152 | ||||||||
MB Financial Inc. | 104,227 | 4,131 | ||||||||
Two Harbors Investment Corp. | 321,470 | 4,128 | ||||||||
Chimera Investment Corp. | 231,463 | 4,125 | ||||||||
Fulton Financial Corp. | 265,457 | 4,109 | ||||||||
EastGroup Properties Inc. | 44,705 | 4,101 | ||||||||
BankUnited Inc. | 136,436 | 4,085 | ||||||||
CVB Financial Corp. | 199,980 | 4,046 | ||||||||
Apple Hospitality REIT Inc. | 283,088 | 4,037 | ||||||||
Bank OZK | 176,291 | 4,025 | ||||||||
FirstCash Inc. | 55,588 | 4,022 | ||||||||
Ryman Hospitality Properties Inc. | 60,267 | 4,019 | ||||||||
Weingarten Realty Investors | 161,671 | 4,011 | ||||||||
National Health Investors Inc. | 52,357 | 3,955 | ||||||||
Community Bank System Inc. | 66,997 | 3,906 | ||||||||
RLI Corp. | 56,501 | 3,898 | ||||||||
Hancock Whitney Corp. | 111,806 | 3,874 | ||||||||
Sunstone Hotel Investors Inc. | 297,444 | 3,870 | ||||||||
MFA Financial Inc. | 578,223 | 3,863 | ||||||||
Physicians Realty Trust | 240,717 | 3,859 | ||||||||
Taubman Centers Inc. | 84,669 | 3,852 | ||||||||
Columbia Banking System Inc. | 106,034 | 3,848 | ||||||||
Stifel Financial Corp. | 92,288 | 3,823 | ||||||||
TCF Financial Corp. | 195,517 | 3,811 | ||||||||
Sabra Health Care REIT Inc. | 229,669 | 3,785 | ||||||||
RLJ Lodging Trust | 228,284 | 3,744 | ||||||||
Senior Housing Properties Trust | 314,475 | 3,686 | ||||||||
Home BancShares Inc. | 225,035 | 3,677 | ||||||||
Valley National Bancorp | 411,239 | 3,652 | ||||||||
Bank of Hawaii Corp. | 53,929 | 3,631 | ||||||||
Uniti Group Inc. | 232,271 | 3,616 | ||||||||
Rexford Industrial Realty Inc. | 122,357 | 3,606 | ||||||||
Paramount Group Inc. | 284,544 | 3,574 | ||||||||
UMB Financial Corp. | 57,943 | 3,533 | ||||||||
STAG Industrial Inc. | 139,182 | 3,463 |
19 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
White Mountains Insurance Group Ltd. | 4,013 | 3,442 | ||||||||
PS Business Parks Inc. | 26,097 | 3,419 | ||||||||
Outfront Media Inc. | 187,909 | 3,405 | ||||||||
* | Texas Capital Bancshares Inc. | 65,975 | 3,371 | |||||||
Chemical Financial Corp. | 91,717 | 3,358 | ||||||||
Cathay General Bancorp | 99,878 | 3,349 | ||||||||
Aspen Insurance Holdings Ltd. | 79,489 | 3,338 | ||||||||
Corporate Office Properties Trust | 156,826 | 3,298 | ||||||||
Empire State Realty Trust Inc. | 230,654 | 3,282 | ||||||||
CNO Financial Group Inc. | 220,048 | 3,274 | ||||||||
Evercore Inc. Class A | 45,265 | 3,239 | ||||||||
Terreno Realty Corp. | 91,686 | 3,225 | ||||||||
Federated Investors Inc. Class B | 121,423 | 3,224 | ||||||||
BancorpSouth Bank | 123,180 | 3,220 | ||||||||
Investors Bancorp Inc. | 307,788 | 3,201 | ||||||||
Americold Realty Trust | 125,019 | 3,193 | ||||||||
International Bancshares Corp. | 92,676 | 3,188 | ||||||||
* | Zillow Group Inc. Class A | 100,555 | 3,160 | |||||||
Retail Properties of America Inc. | 290,977 | 3,157 | ||||||||
First Hawaiian Inc. | 139,681 | 3,144 | ||||||||
American Equity Investment Life Holding Co. | 112,087 | 3,132 | ||||||||
GEO Group Inc. | 158,794 | 3,128 | ||||||||
* | Genworth Financial Inc. Class A | 670,277 | 3,123 | |||||||
Old National Bancorp | 200,158 | 3,082 | ||||||||
Navient Corp. | 341,584 | 3,009 | ||||||||
Brandywine Realty Trust | 233,008 | 2,999 | ||||||||
Columbia Property Trust Inc. | 153,460 | 2,969 | ||||||||
First Citizens BancShares Inc. Class A | 7,855 | 2,962 | ||||||||
Colony Capital Inc. | 631,437 | 2,955 | ||||||||
ProAssurance Corp. | 72,491 | 2,940 | ||||||||
Apollo Commercial Real Estate Finance Inc. | 175,186 | 2,919 | ||||||||
Argo Group International Holdings Ltd. | 43,351 | 2,915 | ||||||||
Brookfield Property REIT Inc. Class A | 180,887 | 2,912 | ||||||||
WesBanco Inc. | 79,243 | 2,907 | ||||||||
Washington Federal Inc. | 108,552 | 2,899 | ||||||||
Legg Mason Inc. | 113,576 | 2,897 | ||||||||
Kennedy-Wilson Holdings Inc. | 159,428 | 2,897 | ||||||||
CoreCivic Inc. | 162,339 | 2,895 | ||||||||
South State Corp. | 48,221 | 2,891 | ||||||||
First Financial Bancorp | 121,830 | 2,890 | ||||||||
Piedmont Office Realty Trust Inc. Class A | 169,311 | 2,885 | ||||||||
BOK Financial Corp. | 38,737 | 2,841 | ||||||||
First Midwest Bancorp Inc. | 142,119 | 2,815 | ||||||||
American Assets Trust Inc. | 69,839 | 2,805 | ||||||||
CenterState Bank Corp. | 132,070 | 2,779 | ||||||||
^ | Realogy Holdings Corp. | 185,626 | 2,725 | |||||||
Great Western Bancorp Inc. | 86,576 | 2,706 | ||||||||
PotlatchDeltic Corp. | 83,573 | 2,644 | ||||||||
Acadia Realty Trust | 109,125 | 2,593 | ||||||||
Towne Bank | 108,208 | 2,592 | ||||||||
Capitol Federal Financial Inc. | 202,320 | 2,584 | ||||||||
Simmons First National Corp. Class A | 106,947 | 2,581 | ||||||||
QTS Realty Trust Inc. Class A | 69,516 | 2,576 | ||||||||
Westamerica Bancorporation | 45,667 | 2,543 | ||||||||
Independent Bank Corp. | 36,062 | 2,536 | ||||||||
Xenia Hotels & Resorts Inc. | 146,587 | 2,521 | ||||||||
Santander Consumer USA Holdings Inc. | 142,569 | 2,508 | ||||||||
^ | Tanger Factory Outlet Centers Inc. | 123,191 | 2,491 | |||||||
* | OneMain Holdings Inc. | 101,744 | 2,471 | |||||||
Agree Realty Corp. | 41,761 | 2,469 | ||||||||
First BanCorp | 286,915 | 2,467 | ||||||||
DiamondRock Hospitality Co. | 269,393 | 2,446 | ||||||||
Navigators Group Inc. | 35,048 | 2,435 | ||||||||
Washington REIT | 104,722 | 2,409 | ||||||||
Four Corners Property Trust Inc. | 90,710 | 2,377 | ||||||||
Urban Edge Properties | 142,525 | 2,369 | ||||||||
Lexington Realty Trust | 285,576 | 2,345 | ||||||||
Union Bankshares Corp. | 82,616 | 2,332 | ||||||||
Trustmark Corp. | 81,687 | 2,322 | ||||||||
Retail Opportunity Investments Corp. | 144,848 | 2,300 | ||||||||
Banner Corp. | 42,897 | 2,294 | ||||||||
* | Enstar Group Ltd. | 13,637 | 2,285 | |||||||
Hope Bancorp Inc. | 189,078 | 2,242 | ||||||||
First Merchants Corp. | 65,002 | 2,228 | ||||||||
*,^ | LendingTree Inc. | 10,088 | 2,215 |
20 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
First Interstate BancSystem Inc. Class A | 60,428 | 2,209 | ||||||||
Mack-Cali Realty Corp. | 112,383 | 2,202 | ||||||||
Virtu Financial Inc. Class A | 85,061 | 2,191 | ||||||||
Renasant Corp. | 71,500 | 2,158 | ||||||||
LTC Properties Inc. | 50,801 | 2,117 | ||||||||
United Community Banks Inc. | 97,873 | 2,100 | ||||||||
* | Eagle Bancorp Inc. | 42,982 | 2,094 | |||||||
Moelis & Co. Class A | 60,477 | 2,079 | ||||||||
LegacyTexas Financial Group Inc. | 64,252 | 2,062 | ||||||||
Invesco Mortgage Capital Inc. | 141,919 | 2,055 | ||||||||
Horace Mann Educators Corp. | 54,531 | 2,042 | ||||||||
Northwest Bancshares Inc. | 119,901 | 2,031 | ||||||||
National General Holdings Corp. | 83,568 | 2,023 | ||||||||
CareTrust REIT Inc. | 108,881 | 2,010 | ||||||||
SITE Centers Corp. | 180,989 | 2,004 | ||||||||
National Storage Affiliates Trust | 74,395 | 1,968 | ||||||||
* | Pacific Premier Bancorp Inc. | 76,971 | 1,964 | |||||||
Chesapeake Lodging Trust | 80,029 | 1,949 | ||||||||
First Busey Corp. | 79,342 | 1,947 | ||||||||
Mercury General Corp. | 37,652 | 1,947 | ||||||||
Provident Financial Services Inc. | 79,617 | 1,921 | ||||||||
NBT Bancorp Inc. | 55,467 | 1,919 | ||||||||
ServisFirst Bancshares Inc. | 60,002 | 1,912 | ||||||||
* | FCB Financial Holdings Inc. Class A | 56,864 | 1,909 | |||||||
Heartland Financial USA Inc. | 42,961 | 1,888 | ||||||||
* | Axos Financial Inc. | 74,964 | 1,888 | |||||||
Tompkins Financial Corp. | 25,156 | 1,887 | ||||||||
Ladder Capital Corp. Class A | 121,320 | 1,877 | ||||||||
BGC Partners Inc. Class A | 360,333 | 1,863 | ||||||||
Ameris Bancorp | 58,673 | 1,858 | ||||||||
Ares Management Corp. | 103,946 | 1,848 | ||||||||
* | PennyMac Financial Services Inc. | 84,888 | 1,805 | |||||||
Waddell & Reed Financial Inc. Class A | 99,654 | 1,802 | ||||||||
Employers Holdings Inc. | 42,854 | 1,799 | ||||||||
Cadence BanCorp Class A | 106,145 | 1,781 | ||||||||
Hilltop Holdings Inc. | 97,932 | 1,746 | ||||||||
Global Net Lease Inc. | 98,913 | 1,743 | ||||||||
Sandy Spring Bancorp Inc. | 55,329 | 1,734 | ||||||||
Colony Credit Real Estate Inc. | 109,520 | 1,729 | ||||||||
Houlihan Lokey Inc. Class A | 46,612 | 1,715 | ||||||||
S&T Bancorp Inc. | 44,726 | 1,692 | ||||||||
Walker & Dunlop Inc. | 39,017 | 1,687 | ||||||||
^ | Industrial Logistics Properties Trust | 85,605 | 1,684 | |||||||
* | Alexander & Baldwin Inc. | 90,614 | 1,665 | |||||||
United Fire Group Inc. | 29,823 | 1,654 | ||||||||
* | Seacoast Banking Corp. of Florida | 63,106 | 1,642 | |||||||
Redwood Trust Inc. | 107,602 | 1,622 | ||||||||
Kearny Financial Corp. | 125,232 | 1,605 | ||||||||
HFF Inc. Class A | 48,410 | 1,605 | ||||||||
WSFS Financial Corp. | 42,059 | 1,594 | ||||||||
Safety Insurance Group Inc. | 19,463 | 1,592 | ||||||||
^ | American Finance Trust Inc. | 118,971 | 1,585 | |||||||
Kite Realty Group Trust | 112,088 | 1,579 | ||||||||
Newmark Group Inc. Class A | 195,981 | 1,572 | ||||||||
Universal Insurance Holdings Inc. | 40,949 | 1,553 | ||||||||
First Commonwealth Financial Corp. | 127,144 | 1,536 | ||||||||
Tier REIT Inc. | 74,371 | 1,534 | ||||||||
* | NMI Holdings Inc. Class A | 85,371 | 1,524 | |||||||
Artisan Partners Asset Management Inc. Class A | 68,354 | 1,511 | ||||||||
Washington Trust Bancorp Inc. | 31,506 | 1,497 | ||||||||
Park National Corp. | 17,567 | 1,492 | ||||||||
AMERISAFE Inc. | 26,049 | 1,477 | ||||||||
* | Cannae Holdings Inc. | 86,208 | 1,476 | |||||||
Kinsale Capital Group Inc. | 26,440 | 1,469 | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 76,538 | 1,458 | ||||||||
* | Cushman & Wakefield plc | 98,534 | 1,426 | |||||||
Southside Bancshares Inc. | 44,218 | 1,404 | ||||||||
* | LendingClub Corp. | 524,768 | 1,380 | |||||||
City Holding Co. | 20,341 | 1,375 | ||||||||
James River Group Holdings Ltd. | 37,332 | 1,364 |
21 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
PennyMac Mortgage Investment Trust | 73,184 | 1,363 | ||||||||
Monmouth Real Estate Investment Corp. | 109,889 | 1,363 | ||||||||
Heritage Financial Corp. | 45,705 | 1,358 | ||||||||
American National Insurance Co. | 10,675 | 1,358 | ||||||||
* | PRA Group Inc. | 55,357 | 1,349 | |||||||
Brookline Bancorp Inc. | 97,413 | 1,346 | ||||||||
* | Marcus & Millichap Inc. | 38,612 | 1,326 | |||||||
Summit Hotel Properties Inc. | 135,655 | 1,320 | ||||||||
Berkshire Hills Bancorp Inc. | 48,876 | 1,318 | ||||||||
^ | Seritage Growth Properties Class A | 40,626 | 1,313 | |||||||
Easterly Government Properties Inc. | 83,542 | 1,310 | ||||||||
* | FGL Holdings | 194,640 | 1,296 | |||||||
Lakeland Financial Corp. | 32,206 | 1,293 | ||||||||
Beneficial Bancorp Inc. | 90,120 | 1,288 | ||||||||
TFS Financial Corp. | 78,821 | 1,271 | ||||||||
Piper Jaffray Cos. | 19,157 | 1,261 | ||||||||
First Bancorp | 38,288 | 1,250 | ||||||||
Clearway Energy Inc. | 72,107 | 1,244 | ||||||||
Investment Technology Group Inc. | 40,648 | 1,229 | ||||||||
RPT Realty | 102,704 | 1,227 | ||||||||
OceanFirst Financial Corp. | 54,213 | 1,220 | ||||||||
Getty Realty Corp. | 41,468 | 1,220 | ||||||||
BancFirst Corp. | 24,309 | 1,213 | ||||||||
Washington Prime Group Inc. | 248,670 | 1,209 | ||||||||
Stewart Information Services Corp. | 28,948 | 1,198 | ||||||||
Clearway Energy Inc. Class A | 70,646 | 1,195 | ||||||||
TriCo Bancshares | 35,369 | 1,195 | ||||||||
TPG RE Finance Trust Inc. | 65,130 | 1,191 | ||||||||
Boston Private Financial Holdings Inc. | 111,475 | 1,178 | ||||||||
New York Mortgage Trust Inc. | 199,408 | 1,175 | ||||||||
WisdomTree Investments Inc. | 173,550 | 1,154 | ||||||||
*,^ | Redfin Corp. | 79,304 | 1,142 | |||||||
Arbor Realty Trust Inc. | 112,162 | 1,129 | ||||||||
Independent Bank Group Inc. | 24,468 | 1,120 | ||||||||
OFG Bancorp | 67,796 | 1,116 | ||||||||
* | Third Point Reinsurance Ltd. | 113,306 | 1,092 | |||||||
* | Mr Cooper Group Inc. | 92,964 | 1,085 | |||||||
Chatham Lodging Trust | 61,271 | 1,083 | ||||||||
InfraREIT Inc. | 51,067 | 1,073 | ||||||||
State Bank Financial Corp. | 49,313 | 1,065 | ||||||||
ARMOUR Residential REIT Inc. | 51,565 | 1,057 | ||||||||
National Bank Holdings Corp. Class A | 34,150 | 1,054 | ||||||||
Enterprise Financial Services Corp. | 27,690 | 1,042 | ||||||||
* | World Acceptance Corp. | 10,123 | 1,035 | |||||||
Independence Realty Trust Inc. | 110,558 | 1,015 | ||||||||
Universal Health Realty Income Trust | 16,465 | 1,010 | ||||||||
* | Ambac Financial Group Inc. | 58,493 | 1,008 | |||||||
PJT Partners Inc. | 25,934 | 1,005 | ||||||||
* | Flagstar Bancorp Inc. | 37,895 | 1,000 | |||||||
United Financial Bancorp Inc. | 67,462 | 992 | ||||||||
Granite Point Mortgage Trust Inc. | 54,924 | 990 | ||||||||
Armada Hoffler Properties Inc. | 70,103 | 986 | ||||||||
* | MBIA Inc. | 110,420 | 985 | |||||||
* | Columbia Financial Inc. | 64,226 | 982 | |||||||
Bryn Mawr Bank Corp. | 26,875 | 925 | ||||||||
Central Pacific Financial Corp. | 37,700 | 918 | ||||||||
Cohen & Steers Inc. | 26,645 | 914 | ||||||||
* | Encore Capital Group Inc. | 38,773 | 911 | |||||||
Meridian Bancorp Inc. | 63,491 | 909 | ||||||||
* | Triumph Bancorp Inc. | 30,403 | 903 | |||||||
Stock Yards Bancorp Inc. | 27,465 | 901 | ||||||||
Nelnet Inc. Class A | 17,210 | 901 | ||||||||
FBL Financial Group Inc. Class A | 13,698 | 899 | ||||||||
Hersha Hospitality Trust Class A | 51,224 | 898 | ||||||||
Lakeland Bancorp Inc. | 59,694 | 884 | ||||||||
^ | Government Properties Income Trust | 128,609 | 884 | |||||||
National Western Life Group Inc. Class A | 2,933 | 882 | ||||||||
* | eHealth Inc. | 22,535 | 866 | |||||||
Franklin Street Properties Corp. | 138,256 | 861 | ||||||||
NexPoint Residential Trust Inc. | 24,486 | 858 | ||||||||
Select Income REIT | 115,984 | 854 | ||||||||
Meta Financial Group Inc. | 43,386 | 841 | ||||||||
* | National Commerce Corp. | 23,250 | 837 | |||||||
Carolina Financial Corp. | 28,224 | 835 | ||||||||
Essential Properties Realty Trust Inc. | 60,332 | 835 |
22 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Amalgamated Bank Class A | 42,590 | 831 | ||||||||
Alexander’s Inc. | 2,722 | 830 | ||||||||
Urstadt Biddle Properties Inc. Class A | 43,106 | 828 | ||||||||
Jernigan Capital Inc. | 41,784 | 828 | ||||||||
Hamilton Lane Inc. Class A | 22,358 | 827 | ||||||||
TrustCo Bank Corp. NY | 119,531 | 820 | ||||||||
Capstead Mortgage Corp. | 122,229 | 815 | ||||||||
Investors Real Estate Trust | 16,576 | 813 | ||||||||
Oritani Financial Corp. | 54,513 | 804 | ||||||||
Saul Centers Inc. | 16,885 | 797 | ||||||||
Univest Corp. of Pennsylvania | 36,950 | 797 | ||||||||
State Auto Financial Corp. | 23,328 | 794 | ||||||||
Preferred Bank | 18,279 | 792 | ||||||||
Community Trust Bancorp Inc. | 19,999 | 792 | ||||||||
Preferred Apartment Communities Inc. Class A | 56,157 | 790 | ||||||||
Hanmi Financial Corp. | 40,071 | 789 | ||||||||
Community Healthcare Trust Inc. | 27,316 | 788 | ||||||||
German American Bancorp Inc. | 28,051 | 779 | ||||||||
ConnectOne Bancorp Inc. | 41,653 | 769 | ||||||||
iStar Inc. | 83,823 | 769 | ||||||||
Northfield Bancorp Inc. | 56,488 | 765 | ||||||||
* | Enova International Inc. | 39,296 | 765 | |||||||
Banc of California Inc. | 57,199 | 761 | ||||||||
Flushing Financial Corp. | 35,116 | 756 | ||||||||
Horizon Bancorp Inc. | 47,401 | 748 | ||||||||
FB Financial Corp. | 21,307 | 746 | ||||||||
Fidelity Southern Corp. | 28,471 | 741 | ||||||||
Virtus Investment Partners Inc. | 9,290 | 738 | ||||||||
Great Southern Bancorp Inc. | 15,989 | 736 | ||||||||
* | HomeStreet Inc. | 34,600 | 735 | |||||||
Dime Community Bancshares Inc. | 42,665 | 724 | ||||||||
* | Allegiance Bancshares Inc. | 22,237 | 720 | |||||||
Gladstone Commercial Corp. | 40,077 | 718 | ||||||||
Bank of Marin Bancorp | 17,342 | 715 | ||||||||
KKR Real Estate Finance Trust Inc. | 36,963 | 708 | ||||||||
CBTX Inc. | 23,974 | 705 | ||||||||
Peoples Bancorp Inc. | 23,390 | 704 | ||||||||
* | INTL. FCStone Inc. | 19,088 | 698 | |||||||
* | Customers Bancorp Inc. | 38,154 | 694 | |||||||
Camden National Corp. | 19,068 | 686 | ||||||||
Federal Agricultural Mortgage Corp. | 11,344 | 686 | ||||||||
RE/MAX Holdings Inc. Class A | 22,223 | 683 | ||||||||
Guaranty Bancorp | 32,474 | 674 | ||||||||
Independent Bank Corp. | 32,040 | 673 | ||||||||
* | Focus Financial Partners Inc. Class A | 25,403 | 669 | |||||||
* | Veritex Holdings Inc. | 31,190 | 667 | |||||||
CorePoint Lodging Inc. | 54,016 | 662 | ||||||||
First Community Bankshares Inc. | 20,932 | 659 | ||||||||
Blue Hills Bancorp Inc. | 30,795 | 657 | ||||||||
* | TriState Capital Holdings Inc. | 33,117 | 644 | |||||||
First Defiance Financial Corp. | 26,244 | 643 | ||||||||
Diamond Hill Investment Group Inc. | 4,291 | 641 | ||||||||
Heritage Commerce Corp. | 56,497 | 641 | ||||||||
Arrow Financial Corp. | 19,987 | 640 | ||||||||
Whitestone REIT | 51,730 | 634 | ||||||||
First of Long Island Corp. | 31,289 | 624 | ||||||||
* | First Foundation Inc. | 48,041 | 618 | |||||||
* | Equity Bancshares Inc. Class A | 17,516 | 617 | |||||||
People’s Utah Bancorp | 20,164 | 608 | ||||||||
* | St. Joe Co. | 45,998 | 606 | |||||||
Bridge Bancorp Inc. | 23,747 | 605 | ||||||||
Mercantile Bank Corp. | 21,414 | 605 | ||||||||
* | Willscot Corp. Class A | 63,506 | 598 | |||||||
HomeTrust Bancshares Inc. | 22,842 | 598 | ||||||||
Waterstone Financial Inc. | 34,796 | 583 | ||||||||
^ | Innovative Industrial Properties Inc. | 12,765 | 579 | |||||||
CorEnergy Infrastructure Trust Inc. | 17,400 | 576 | ||||||||
First Financial Corp. | 14,300 | 574 | ||||||||
Peapack Gladstone Financial Corp. | 22,776 | 574 | ||||||||
AG Mortgage Investment Trust Inc. | 35,772 | 570 | ||||||||
QCR Holdings Inc. | 17,639 | 566 | ||||||||
Midland States Bancorp Inc. | 25,299 | 565 | ||||||||
United Community Financial Corp. | 63,620 | 563 | ||||||||
Front Yard Residential Corp. | 63,364 | 553 | ||||||||
Green Bancorp Inc. | 32,162 | 551 | ||||||||
* | Bancorp Inc. | 69,142 | 550 | |||||||
Opus Bank | 27,927 | 547 |
23 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Republic Bancorp Inc. Class A | 14,113 | 546 | ||||||||
* | Nicolet Bankshares Inc. | 11,144 | 544 | |||||||
Anworth Mortgage Asset Corp. | 130,375 | 527 | ||||||||
* | Bridgewater Bancshares Inc. | 49,817 | 526 | |||||||
First Bancshares Inc. | 16,886 | 511 | ||||||||
Financial Institutions Inc. | 19,793 | 509 | ||||||||
HCI Group Inc. | 9,953 | 506 | ||||||||
Greenhill & Co. Inc. | 20,715 | 505 | ||||||||
* | Atlantic Capital Bancshares Inc. | 30,840 | 505 | |||||||
Retail Value Inc. | 19,658 | 503 | ||||||||
UMH Properties Inc. | 42,323 | 501 | ||||||||
First Mid-Illinois Bancshares Inc. | 15,526 | 496 | ||||||||
* | Spirit of Texas Bancshares Inc. | 21,753 | 496 | |||||||
^ | Pennsylvania REIT | 82,786 | 492 | |||||||
Old Second Bancorp Inc. | 37,528 | 488 | ||||||||
Farmers & Merchants Bancorp Inc. | 12,503 | 481 | ||||||||
Live Oak Bancshares Inc. | 32,174 | 476 | ||||||||
Ashford Hospitality Trust Inc. | 118,653 | 475 | ||||||||
* | FRP Holdings Inc. | 10,155 | 467 | |||||||
One Liberty Properties Inc. | 19,080 | 462 | ||||||||
City Office REIT Inc. | 45,084 | 462 | ||||||||
* | EZCORP Inc. Class A | 59,767 | 462 | |||||||
CatchMark Timber Trust Inc. Class A | 64,676 | 459 | ||||||||
RMR Group Inc. Class A | 8,591 | 456 | ||||||||
Western Asset Mortgage Capital Corp. | 54,631 | 456 | ||||||||
Old Line Bancshares Inc. | 17,303 | 455 | ||||||||
United Insurance Holdings Corp. | 27,288 | 454 | ||||||||
* | Byline Bancorp Inc. | 27,197 | 453 | |||||||
Access National Corp. | 21,221 | 453 | ||||||||
Bar Harbor Bankshares | 19,940 | 447 | ||||||||
Heritage Insurance Holdings Inc. | 30,176 | 444 | ||||||||
BBX Capital Corp. Class A | 76,324 | 437 | ||||||||
* | Cowen Inc. Class A | 32,539 | 434 | |||||||
Farmers National Banc Corp. | 34,010 | 433 | ||||||||
* | Franklin Financial Network Inc. | 16,223 | 428 | |||||||
Ares Commercial Real Estate Corp. | 32,795 | 428 | ||||||||
Orchid Island Capital Inc. | 66,634 | 426 | ||||||||
Cambridge Bancorp | 5,114 | 426 | ||||||||
Spirit MTA REIT | 59,226 | 422 | ||||||||
Dynex Capital Inc. | 73,758 | 422 | ||||||||
Global Indemnity Ltd. | 11,637 | 422 | ||||||||
Citizens & Northern Corp. | 15,926 | 421 | ||||||||
* | On Deck Capital Inc. | 71,186 | 420 | |||||||
New Senior Investment Group Inc. | 101,008 | 416 | ||||||||
* | Health Insurance Innovations Inc. Class A | 15,540 | 415 | |||||||
^ | CBL & Associates Properties Inc. | 211,272 | 406 | |||||||
CNB Financial Corp. | 17,546 | 403 | ||||||||
1st Source Corp. | 9,974 | 402 | ||||||||
PCSB Financial Corp. | 20,540 | 402 | ||||||||
* | Tejon Ranch Co. | 24,213 | 401 | |||||||
*,^ | Citizens Inc. Class A | 53,296 | 401 | |||||||
Merchants Bancorp | 20,018 | 400 | ||||||||
* | Republic First Bancorp Inc. | 66,787 | 399 | |||||||
Exantas Capital Corp. | 39,487 | 396 | ||||||||
West Bancorporation Inc. | 20,495 | 391 | ||||||||
Sierra Bancorp | 15,939 | 383 | ||||||||
Western New England Bancorp Inc. | 37,428 | 376 | ||||||||
First Bancorp Inc. | 14,202 | 374 | ||||||||
EMC Insurance Group Inc. | 11,490 | 366 | ||||||||
Westwood Holdings Group Inc. | 10,657 | 362 | ||||||||
Braemar Hotels & Resorts Inc. | 40,146 | 359 | ||||||||
ACNB Corp. | 9,069 | 356 | ||||||||
* | International Money Express Inc. | 29,633 | 354 | |||||||
* | Greenlight Capital Re Ltd. Class A | 40,839 | 352 | |||||||
MidWestOne Financial Group Inc. | 14,041 | 349 | ||||||||
Home Bancorp Inc. | 9,723 | 344 | ||||||||
Ready Capital Corp. | 24,852 | 344 | ||||||||
Cedar Realty Trust Inc. | 109,181 | 343 | ||||||||
Cherry Hill Mortgage Investment Corp. | 19,460 | 341 | ||||||||
* | Goosehead Insurance Inc. Class A | 12,942 | 340 | |||||||
Bluerock Residential Growth REIT Inc. Class A | 37,632 | 339 | ||||||||
Southern National Bancorp of Virginia Inc. | 25,560 | 338 | ||||||||
Southern Missouri Bancorp Inc. | 9,950 | 337 | ||||||||
National Bankshares Inc. | 9,254 | 337 | ||||||||
Peoples Financial Services Corp. | 7,552 | 333 |
24 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Hingham Institution for Savings | 1,669 | 330 | ||||||||
Macatawa Bank Corp. | 33,734 | 325 | ||||||||
Northrim BanCorp Inc. | 9,849 | 324 | ||||||||
Enterprise Bancorp Inc. | 9,969 | 321 | ||||||||
Guaranty Bancshares Inc. | 10,729 | 320 | ||||||||
Oppenheimer Holdings Inc. Class A | 12,518 | 320 | ||||||||
* | Baycom Corp. | 13,851 | 320 | |||||||
* | BSB Bancorp Inc. | 11,261 | 316 | |||||||
Central Valley Community Bancorp | 16,485 | 311 | ||||||||
Business First Bancshares Inc. | 12,831 | 311 | ||||||||
Clipper Realty Inc. | 23,428 | 306 | ||||||||
Origin Bancorp Inc. | 8,938 | 305 | ||||||||
Investar Holding Corp. | 12,212 | 303 | ||||||||
Ladenburg Thalmann Financial Services Inc. | 129,636 | 302 | ||||||||
BankFinancial Corp. | 20,115 | 301 | ||||||||
* | HarborOne Bancorp Inc. | 18,900 | 300 | |||||||
FedNat Holding Co. | 15,015 | 299 | ||||||||
Civista Bancshares Inc. | 17,153 | 299 | ||||||||
* | Howard Bancorp Inc. | 20,657 | 295 | |||||||
* | National Energy Services Reunited Corp. | 33,567 | 291 | |||||||
First Bank | 23,584 | 286 | ||||||||
Safety Income & Growth Inc. | 15,047 | 283 | ||||||||
Investors Title Co. | 1,588 | 281 | ||||||||
* | SmartFinancial Inc. | 15,354 | 281 | |||||||
American National Bankshares Inc. | 9,481 | 278 | ||||||||
* | Southern First Bancshares Inc. | 8,618 | 276 | |||||||
First Choice Bancorp | 12,189 | 275 | ||||||||
Reliant Bancorp Inc. | 11,915 | 275 | ||||||||
RBB Bancorp | 15,558 | 273 | ||||||||
Bank of Commerce Holdings | 24,532 | 269 | ||||||||
Donegal Group Inc. Class A | 19,688 | 269 | ||||||||
First Internet Bancorp | 13,037 | 266 | ||||||||
MedEquities Realty Trust Inc. | 38,903 | 266 | ||||||||
MutualFirst Financial Inc. | 9,944 | 264 | ||||||||
Bankwell Financial Group Inc. | 9,187 | 264 | ||||||||
Capital City Bank Group Inc. | 11,361 | 264 | ||||||||
Century Bancorp Inc. Class A | 3,846 | 260 | ||||||||
Territorial Bancorp Inc. | 9,930 | 258 | ||||||||
^ | Arlington Asset Investment Corp. Class A | 35,257 | 255 | |||||||
Marlin Business Services Corp. | 11,397 | 254 | ||||||||
* | Safeguard Scientifics Inc. | 29,463 | 254 | |||||||
* | Regional Management Corp. | 10,499 | 253 | |||||||
Bank of Princeton | 8,990 | 251 | ||||||||
Consolidated-Tomoka Land Co. | 4,473 | 235 | ||||||||
Codorus Valley Bancorp Inc. | 11,009 | 234 | ||||||||
Great Ajax Corp. | 19,408 | 234 | ||||||||
Owens Realty Mortgage Inc. | 12,360 | 232 | ||||||||
Penns Woods Bancorp Inc. | 5,707 | 230 | ||||||||
* | PICO Holdings Inc. | 25,025 | 229 | |||||||
Tiptree Inc. | 40,303 | 225 | ||||||||
Pzena Investment Management Inc. Class A | 25,932 | 224 | ||||||||
Riverview Bancorp Inc. | 30,689 | 223 | ||||||||
* | Select Bancorp Inc. | 17,984 | 223 | |||||||
Global Medical REIT Inc. | 24,978 | 222 | ||||||||
MidSouth Bancorp Inc. | 20,913 | 222 | ||||||||
First Business Financial Services Inc. | 11,287 | 220 | ||||||||
* | Altisource Portfolio Solutions SA | 9,550 | 215 | |||||||
Unity Bancorp Inc. | 10,304 | 214 | ||||||||
MBT Financial Corp. | 22,920 | 213 | ||||||||
* | Community Bankers Trust Corp. | 29,007 | 209 | |||||||
SI Financial Group Inc. | 16,329 | 208 | ||||||||
Summit Financial Group Inc. | 10,758 | 208 | ||||||||
Independence Holding Co. | 5,895 | 208 | ||||||||
Kingstone Cos. Inc. | 11,704 | 207 | ||||||||
ESSA Bancorp Inc. | 13,228 | 206 | ||||||||
Protective Insurance Corp. Class B | 12,100 | 201 | ||||||||
Mackinac Financial Corp. | 14,717 | 201 | ||||||||
*,^ | Forestar Group Inc. | 14,401 | 199 | |||||||
1st Constitution Bancorp | 9,995 | 199 | ||||||||
Orrstown Financial Services Inc. | 10,756 | 196 | ||||||||
GAIN Capital Holdings Inc. | 31,697 | 195 | ||||||||
MVB Financial Corp. | 10,817 | 195 | ||||||||
* | Stratus Properties Inc. | 8,112 | 195 | |||||||
Timberland Bancorp Inc. | 8,660 | 193 | ||||||||
* | Ocwen Financial Corp. | 143,480 | 192 | |||||||
Shore Bancshares Inc. | 13,220 | 192 |
25 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Metropolitan Bank Holding Corp. | 6,211 | 192 | |||||||
First Northwest Bancorp | 12,915 | 192 | ||||||||
First Financial Northwest Inc. | 12,350 | 191 | ||||||||
* | Entegra Financial Corp. | 9,167 | 190 | |||||||
Gladstone Land Corp. | 16,534 | 190 | ||||||||
First Community Corp. | 9,697 | 188 | ||||||||
United Security Bancshares | 19,433 | 186 | ||||||||
^ | Fidelity D&D Bancorp Inc. | 2,862 | 184 | |||||||
Community Financial Corp. | 6,231 | 182 | ||||||||
* | Curo Group Holdings Corp. | 19,130 | 182 | |||||||
FS Bancorp Inc. | 4,195 | 180 | ||||||||
* | NI Holdings Inc. | 11,421 | 180 | |||||||
Premier Financial Bancorp Inc. | 11,994 | 179 | ||||||||
Evans Bancorp Inc. | 5,452 | 177 | ||||||||
* | Victory Capital Holdings Inc. Class A | 17,285 | 177 | |||||||
Chemung Financial Corp. | 4,251 | 176 | ||||||||
CB Financial Services Inc. | 7,022 | 174 | ||||||||
Associated Capital Group Inc. Class A | 4,865 | 171 | ||||||||
*,^ | eXp World Holdings Inc. | 24,068 | 170 | |||||||
Northeast Bancorp | 10,039 | 168 | ||||||||
Sotherly Hotels Inc. | 29,506 | 166 | ||||||||
Ellington Residential Mortgage REIT | 16,103 | 165 | ||||||||
SB One Bancorp | 7,973 | 163 | ||||||||
LCNB Corp. | 10,754 | 163 | ||||||||
Norwood Financial Corp. | 4,869 | 161 | ||||||||
Farmland Partners Inc. | 35,339 | 160 | ||||||||
Sterling Bancorp Inc. | 23,031 | 160 | ||||||||
Parke Bancorp Inc. | 8,520 | 159 | ||||||||
* | Hallmark Financial Services Inc. | 14,538 | 155 | |||||||
Maiden Holdings Ltd. | 91,792 | 151 | ||||||||
Middlefield Banc Corp. | 3,561 | 151 | ||||||||
BCB Bancorp Inc. | 14,412 | 151 | ||||||||
* | Esquire Financial Holdings Inc. | 6,673 | 145 | |||||||
First United Corp. | 9,052 | 144 | ||||||||
* | Elevate Credit Inc. | 32,060 | 144 | |||||||
C&F Financial Corp. | 2,608 | 139 | ||||||||
BRT Apartments Corp. | 11,841 | 135 | ||||||||
Prudential Bancorp Inc. | 7,563 | 133 | ||||||||
Ohio Valley Banc Corp. | 3,758 | 133 | ||||||||
Peoples Bancorp of North Carolina Inc. | 5,410 | 132 | ||||||||
* | Malvern Bancorp Inc. | 6,563 | 129 | |||||||
SB Financial Group Inc. | 7,370 | 121 | ||||||||
Provident Financial Holdings Inc. | 7,627 | 118 | ||||||||
First Guaranty Bancshares Inc. | 5,059 | 117 | ||||||||
GAMCO Investors Inc. Class A | 6,729 | 114 | ||||||||
* | Pacific Mercantile Bancorp | 15,725 | 112 | |||||||
* | PDL Community Bancorp | 8,780 | 112 | |||||||
* | Rafael Holdings Inc. Class B | 14,091 | 112 | |||||||
* | Intersections Inc. | 29,837 | 110 | |||||||
Union Bankshares Inc. | 2,294 | 110 | ||||||||
Old Point Financial Corp. | 4,966 | 108 | ||||||||
* | Maui Land & Pineapple Co. Inc. | 10,762 | 107 | |||||||
Hunt Cos. Finance Trust Inc. | 37,285 | 107 | ||||||||
Greene County Bancorp Inc. | 3,403 | 106 | ||||||||
Two River Bancorp | 6,850 | 105 | ||||||||
Capstar Financial Holdings Inc. | 7,083 | 104 | ||||||||
DNB Financial Corp. | 3,790 | 102 | ||||||||
Luther Burbank Corp. | 11,129 | 100 | ||||||||
* | Trinity Place Holdings Inc. | 22,938 | 100 | |||||||
County Bancorp Inc. | 5,634 | 98 | ||||||||
American River Bankshares | 6,997 | 97 | ||||||||
* | FVCBankcorp Inc. | 5,423 | 96 | |||||||
* | Atlas Financial Holdings Inc. | 11,548 | 93 | |||||||
* | Ashford Inc. | 1,753 | 91 | |||||||
* | Security National Financial Corp. Class A | 16,756 | 86 | |||||||
AmeriServ Financial Inc. | 20,965 | 84 | ||||||||
Hawthorn Bancshares Inc. | 4,014 | 84 | ||||||||
Silvercrest Asset Management Group Inc. Class A | 6,301 | 83 | ||||||||
Griffin Industrial Realty Inc. | 2,612 | 83 | ||||||||
PB Bancorp Inc. | 7,590 | 83 | ||||||||
* | Performant Financial Corp. | 35,904 | 81 | |||||||
* | Consumer Portfolio Services Inc. | 26,534 | 80 | |||||||
Bank of the James Financial Group Inc. | 5,730 | 74 | ||||||||
* | Provident Bancorp Inc. | 3,376 | 73 | |||||||
Level One Bancorp Inc. | 3,129 | 70 | ||||||||
* | Aspen Group Inc. | 12,543 | 69 | |||||||
Plumas Bancorp | 2,788 | 63 | ||||||||
* | MoneyGram International Inc. | 31,338 | 63 | |||||||
First Savings Financial Group Inc. | 1,165 | 61 | ||||||||
§ | Winthrop Realty Trust | 55,387 | 60 | |||||||
Severn Bancorp Inc. | 7,233 | 58 | ||||||||
Blue Capital Reinsurance Holdings Ltd. | 10,055 | 55 |
26 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Impac Mortgage Holdings Inc. | 14,053 | 53 | |||||||
Manhattan Bridge Capital Inc. | 9,392 | 53 | ||||||||
Condor Hospitality Trust Inc. | 7,382 | 51 | ||||||||
* | Bank7 Corp. | 3,800 | 51 | |||||||
Global Self Storage Inc. | 11,862 | 47 | ||||||||
* | Transcontinental Realty Investors Inc. | 1,621 | 46 | |||||||
Hennessy Advisors Inc. | 4,513 | 45 | ||||||||
Pathfinder Bancorp Inc. | 3,032 | 43 | ||||||||
Sound Financial Bancorp Inc. | 1,292 | 42 | ||||||||
* | Jason Industries Inc. | 29,366 | 40 | |||||||
Eagle Bancorp Montana Inc. | 2,476 | 40 | ||||||||
Manning & Napier Inc. | 22,543 | 40 | ||||||||
* | Nicholas Financial Inc. | 3,692 | 38 | |||||||
* | Altisource Asset Management Corp. | 1,269 | 38 | |||||||
Ames National Corp. | 1,420 | 36 | ||||||||
MSB Financial Corp. | 1,997 | 36 | ||||||||
Sachem Capital Corp. | 8,669 | 34 | ||||||||
* | Meridian Corp. | 1,909 | 32 | |||||||
US Global Investors Inc. Class A | 27,714 | 30 | ||||||||
*,^ | Riot Blockchain Inc. | 18,898 | 29 | |||||||
Bancorp 34 Inc. | 1,647 | 24 | ||||||||
* | Community First Bancshares Inc. | 2,024 | 24 | |||||||
Citizens Community Bancorp Inc. | 2,076 | 23 | ||||||||
* | Randolph Bancorp Inc. | 1,551 | 22 | |||||||
* | Limestone Bancorp Inc. | 1,525 | 21 | |||||||
Central Federal Corp. | 1,717 | 20 | ||||||||
* | Conifer Holdings Inc. | 4,822 | 17 | |||||||
* | Capital Bancorp Inc. | 1,124 | 13 | |||||||
*,^ | Wheeler REIT Inc. | 13,699 | 12 | |||||||
Asta Funding Inc. | 2,806 | 12 | ||||||||
Ottawa Bancorp Inc. | 873 | 12 | ||||||||
IF Bancorp Inc. | 572 | 12 | ||||||||
* | Coastal Financial Corp. | 753 | 11 | |||||||
WVS Financial Corp. | 623 | 9 | ||||||||
* | First Western Financial Inc. | 690 | 8 | |||||||
Medley Management Inc. Class A | 2,078 | 8 | ||||||||
First US Bancshares Inc. | 976 | 8 | ||||||||
Bank of South Carolina Corp. | 388 | 7 | ||||||||
* | Tremont Mortgage Trust | 692 | 6 | |||||||
Standard AVB Financial Corp. | 187 | 6 | ||||||||
Summit State Bank | 300 | 4 | ||||||||
Southwest Georgia Financial Corp. | 153 | 3 | ||||||||
* | Siebert Financial Corp. | 148 | 2 | |||||||
* | National Holdings Corp. | 454 | 1 | |||||||
Plymouth Industrial REIT Inc. | 84 | 1 | ||||||||
Citizens First Corp. | 39 | 1 | ||||||||
* | FlexShopper Inc. | 250 | — | |||||||
* | Ditech Holding Corp. Warrants 01/31/2028 | 4,209 | — | |||||||
*,§ | Ditech Holding Corp. Series B Warrants 01/31/2028 | 3,340 | — | |||||||
6,533,799 | ||||||||||
Health Care (13.9%) | ||||||||||
Johnson & Johnson | 3,591,755 | 463,516 | ||||||||
Pfizer Inc. | 7,739,682 | 337,837 | ||||||||
UnitedHealth Group Inc. | 1,287,126 | 320,649 | ||||||||
Merck & Co. Inc. | 3,481,789 | 266,044 | ||||||||
AbbVie Inc. | 2,014,880 | 185,752 | ||||||||
Abbott Laboratories | 2,348,975 | 169,901 | ||||||||
Amgen Inc. | 853,004 | 166,054 | ||||||||
Medtronic plc | 1,799,198 | 163,655 | ||||||||
Eli Lilly & Co. | 1,278,141 | 147,906 | ||||||||
Thermo Fisher Scientific Inc. | 538,073 | 120,415 | ||||||||
Bristol-Myers Squibb Co. | 2,189,529 | 113,812 | ||||||||
Gilead Sciences Inc. | 1,731,761 | 108,322 | ||||||||
* | Cigna Corp. | 509,653 | 96,793 | |||||||
Anthem Inc. | 345,830 | 90,825 | ||||||||
* | Biogen Inc. | 270,575 | 81,421 | |||||||
Becton Dickinson and Co. | 357,942 | 80,652 | ||||||||
* | Intuitive Surgical Inc. | 153,406 | 73,469 | |||||||
* | Boston Scientific Corp. | 1,856,352 | 65,603 | |||||||
Stryker Corp. | 401,239 | 62,894 | ||||||||
Allergan plc | 452,846 | 60,527 | ||||||||
* | Celgene Corp. | 942,929 | 60,432 | |||||||
* | Illumina Inc. | 199,706 | 59,898 | |||||||
* | Vertex Pharmaceuticals Inc. | 344,506 | 57,088 | |||||||
Zoetis Inc. | 648,134 | 55,441 | ||||||||
Humana Inc. | 183,849 | 52,669 | ||||||||
HCA Healthcare Inc. | 369,456 | 45,979 | ||||||||
Baxter International Inc. | 674,645 | 44,405 | ||||||||
* | Edwards Lifesciences Corp. | 279,908 | 42,874 | |||||||
* | Regeneron Pharmaceuticals Inc. | 107,347 | 40,094 | |||||||
* | Centene Corp. | 261,335 | 30,132 | |||||||
Zimmer Biomet Holdings Inc. | 273,633 | 28,381 | ||||||||
* | Alexion Pharmaceuticals Inc. | 286,454 | 27,889 | |||||||
* | IQVIA Holdings Inc. | 228,106 | 26,499 |
27 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
ResMed Inc. | 192,725 | 21,946 | ||||||||
* | IDEXX Laboratories Inc. | 117,384 | 21,836 | |||||||
* | Align Technology Inc. | 102,461 | 21,458 | |||||||
* | BioMarin Pharmaceutical Inc. | 242,362 | 20,637 | |||||||
* | ABIOMED Inc. | 57,557 | 18,708 | |||||||
* | Mylan NV | 664,151 | 18,198 | |||||||
Cardinal Health Inc. | 396,056 | 17,664 | ||||||||
* | Laboratory Corp. of America Holdings | 135,636 | 17,139 | |||||||
Cooper Cos. Inc. | 66,670 | 16,968 | ||||||||
* | Henry Schein Inc. | 206,026 | 16,177 | |||||||
Teleflex Inc. | 62,398 | 16,129 | ||||||||
* | Hologic Inc. | 388,699 | 15,976 | |||||||
* | WellCare Health Plans Inc. | 67,411 | 15,915 | |||||||
* | Incyte Corp. | 246,144 | 15,652 | |||||||
Quest Diagnostics Inc. | 183,024 | 15,240 | ||||||||
* | DexCom Inc. | 120,008 | 14,377 | |||||||
* | Varian Medical Systems Inc. | 124,088 | 14,060 | |||||||
Universal Health Services Inc. Class B | 115,217 | 13,430 | ||||||||
STERIS plc | 114,548 | 12,239 | ||||||||
Dentsply Sirona Inc. | 296,867 | 11,046 | ||||||||
* | Exact Sciences Corp. | 163,951 | 10,345 | |||||||
West Pharmaceutical Services Inc. | 101,332 | 9,934 | ||||||||
* | Sarepta Therapeutics Inc. | 89,644 | 9,783 | |||||||
* | Jazz Pharmaceuticals plc | 76,902 | 9,533 | |||||||
* | Molina Healthcare Inc. | 78,687 | 9,145 | |||||||
* | Ionis Pharmaceuticals Inc. | 166,821 | 9,018 | |||||||
* | Alnylam Pharmaceuticals Inc. | 122,416 | 8,925 | |||||||
* | Neurocrine Biosciences Inc. | 123,825 | 8,842 | |||||||
* | DaVita Inc. | 165,526 | 8,518 | |||||||
* | Seattle Genetics Inc. | 143,482 | 8,130 | |||||||
* | Exelixis Inc. | 407,197 | 8,010 | |||||||
Hill-Rom Holdings Inc. | 88,811 | 7,864 | ||||||||
Encompass Health Corp. | 123,558 | 7,624 | ||||||||
* | Nektar Therapeutics Class A | 230,481 | 7,576 | |||||||
* | Charles River Laboratories International Inc. | 65,846 | 7,452 | |||||||
* | Bluebird Bio Inc. | 73,773 | 7,318 | |||||||
Bio-Techne Corp. | 49,914 | 7,224 | ||||||||
* | PRA Health Sciences Inc. | 78,014 | 7,174 | |||||||
* | Haemonetics Corp. | 71,034 | 7,107 | |||||||
* | Masimo Corp. | 66,172 | 7,105 | |||||||
* | Bio-Rad Laboratories Inc. Class A | 28,102 | 6,526 | |||||||
Chemed Corp. | 22,351 | 6,332 | ||||||||
Perrigo Co. plc | 162,017 | 6,278 | ||||||||
* | Insulet Corp. | 78,224 | 6,205 | |||||||
* | ICU Medical Inc. | 26,722 | 6,136 | |||||||
* | Catalent Inc. | 196,508 | 6,127 | |||||||
* | Alkermes plc | 206,080 | 6,081 | |||||||
* | United Therapeutics Corp. | 55,172 | 6,008 | |||||||
* | Sage Therapeutics Inc. | 60,143 | 5,761 | |||||||
* | Loxo Oncology Inc. | 36,603 | 5,127 | |||||||
* | Penumbra Inc. | 41,084 | 5,020 | |||||||
* | Amedisys Inc. | 42,841 | 5,017 | |||||||
* | HealthEquity Inc. | 78,232 | 4,667 | |||||||
* | FibroGen Inc. | 100,739 | 4,662 | |||||||
* | Wright Medical Group NV | 167,992 | 4,573 | |||||||
* | Teladoc Health Inc. | 87,911 | 4,358 | |||||||
* | Globus Medical Inc. | 100,678 | 4,357 | |||||||
* | Horizon Pharma plc | 220,687 | 4,312 | |||||||
* | Syneos Health Inc. | 109,059 | 4,291 | |||||||
* | Integra LifeSciences Holdings Corp. | 91,642 | 4,133 | |||||||
* | Array BioPharma Inc. | 289,479 | 4,125 | |||||||
^ | Healthcare Services Group Inc. | 102,020 | 4,099 | |||||||
Bruker Corp. | 135,241 | 4,026 | ||||||||
* | Merit Medical Systems Inc. | 70,176 | 3,917 | |||||||
* | LHC Group Inc. | 40,667 | 3,818 | |||||||
* | Neogen Corp. | 66,963 | 3,817 | |||||||
* | TESARO Inc. | 51,046 | 3,790 | |||||||
* | MEDNAX Inc. | 113,141 | 3,734 | |||||||
* | Ligand Pharmaceuticals Inc. | 27,282 | 3,702 | |||||||
Cantel Medical Corp. | 47,093 | 3,506 | ||||||||
* | Emergent BioSolutions Inc. | 58,148 | 3,447 | |||||||
* | Novocure Ltd. | 100,729 | 3,372 | |||||||
* | NuVasive Inc. | 67,379 | 3,339 | |||||||
* | Acadia Healthcare Co. Inc. | 120,592 | 3,100 | |||||||
* | Inogen Inc. | 24,697 | 3,067 | |||||||
* | HMS Holdings Corp. | 108,934 | 3,064 | |||||||
* | Myriad Genetics Inc. | 104,973 | 3,052 | |||||||
* | Agios Pharmaceuticals Inc. | 66,164 | 3,051 | |||||||
* | Omnicell Inc. | 49,728 | 3,045 | |||||||
* | Immunomedics Inc. | 211,965 | 3,025 | |||||||
* | Blueprint Medicines Corp. | 55,788 | 3,008 | |||||||
* | Intercept Pharmaceuticals Inc. | 28,791 | 2,902 | |||||||
* | Avanos Medical Inc. | 63,344 | 2,837 | |||||||
* | Global Blood Therapeutics Inc. | 67,879 | 2,786 | |||||||
* | Repligen Corp. | 51,618 | 2,722 | |||||||
* | Glaukos Corp. | 47,444 | 2,665 | |||||||
* | Tandem Diabetes Care Inc. | 69,808 | 2,651 | |||||||
Ensign Group Inc. | 66,000 | 2,560 |
28 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Ultragenyx Pharmaceutical Inc. | 58,877 | 2,560 | |||||||
* | Arena Pharmaceuticals Inc. | 65,240 | 2,541 | |||||||
* | NxStage Medical Inc. | 87,370 | 2,501 | |||||||
* | ACADIA Pharmaceuticals Inc. | 153,277 | 2,479 | |||||||
* | Halozyme Therapeutics Inc. | 168,822 | 2,470 | |||||||
* | BioTelemetry Inc. | 40,745 | 2,433 | |||||||
* | Heron Therapeutics Inc. | 92,460 | 2,398 | |||||||
* | Amicus Therapeutics Inc. | 246,932 | 2,366 | |||||||
* | Xencor Inc. | 64,264 | 2,324 | |||||||
* | MyoKardia Inc. | 47,147 | 2,304 | |||||||
* | Tenet Healthcare Corp. | 133,761 | 2,293 | |||||||
* | Pacira Pharmaceuticals Inc. | 53,064 | 2,283 | |||||||
* | Aerie Pharmaceuticals Inc. | 62,371 | 2,252 | |||||||
* | Acceleron Pharma Inc. | 50,960 | 2,219 | |||||||
CONMED Corp. | 34,514 | 2,216 | ||||||||
* | Supernus Pharmaceuticals Inc. | 66,369 | 2,205 | |||||||
Patterson Cos. Inc. | 109,331 | 2,149 | ||||||||
* | Select Medical Holdings Corp. | 139,858 | 2,147 | |||||||
* | PTC Therapeutics Inc. | 61,694 | 2,117 | |||||||
* | Quidel Corp. | 43,322 | 2,115 | |||||||
* | Prestige Consumer Healthcare Inc. | 67,515 | 2,085 | |||||||
* | Endo International plc | 274,894 | 2,007 | |||||||
* | STAAR Surgical Co. | 62,282 | 1,987 | |||||||
* | Amneal Pharmaceuticals Inc. | 144,353 | 1,953 | |||||||
* | iRhythm Technologies Inc. | 28,001 | 1,946 | |||||||
* | Atara Biotherapeutics Inc. | 55,976 | 1,945 | |||||||
* | Zogenix Inc. | 52,078 | 1,899 | |||||||
* | Ironwood Pharmaceuticals Inc. Class A | 182,474 | 1,890 | |||||||
* | Corcept Therapeutics Inc. | 139,456 | 1,863 | |||||||
* | Magellan Health Inc. | 32,667 | 1,858 | |||||||
* | REGENXBIO Inc. | 43,864 | 1,840 | |||||||
* | Medpace Holdings Inc. | 34,689 | 1,836 | |||||||
* | Genomic Health Inc. | 28,194 | 1,816 | |||||||
* | Vanda Pharmaceuticals Inc. | 68,405 | 1,787 | |||||||
US Physical Therapy Inc. | 17,444 | 1,785 | ||||||||
* | AnaptysBio Inc. | 27,205 | 1,735 | |||||||
* | Cambrex Corp. | 45,806 | 1,730 | |||||||
* | Mallinckrodt plc | 107,356 | 1,696 | |||||||
*,^ | Denali Therapeutics Inc. | 80,919 | 1,672 | |||||||
* | Medicines Co. | 85,969 | 1,645 | |||||||
* | Brookdale Senior Living Inc. | 244,944 | 1,641 | |||||||
* | Spark Therapeutics Inc. | 41,502 | 1,624 | |||||||
* | Mirati Therapeutics Inc. | 37,765 | 1,602 | |||||||
*,^ | Portola Pharmaceuticals Inc. | 80,941 | 1,580 | |||||||
* | Innoviva Inc. | 88,468 | 1,544 | |||||||
*,^ | Theravance Biopharma Inc. | 58,884 | 1,507 | |||||||
* | Sangamo Therapeutics Inc. | 130,494 | 1,498 | |||||||
* | Nevro Corp. | 37,310 | 1,451 | |||||||
* | AtriCure Inc. | 47,373 | 1,450 | |||||||
* | Natus Medical Inc. | 42,559 | 1,448 | |||||||
*,^ | Esperion Therapeutics Inc. | 31,205 | 1,435 | |||||||
* | NeoGenomics Inc. | 113,402 | 1,430 | |||||||
Atrion Corp. | 1,914 | 1,418 | ||||||||
* | Reata Pharmaceuticals Inc. Class A | 25,105 | 1,408 | |||||||
* | WageWorks Inc. | 50,890 | 1,382 | |||||||
* | Pacific Biosciences of California Inc. | 186,740 | 1,382 | |||||||
* | Momenta Pharmaceuticals Inc. | 125,113 | 1,381 | |||||||
* | Iovance Biotherapeutics Inc. | 154,844 | 1,370 | |||||||
Luminex Corp. | 57,382 | 1,326 | ||||||||
* | Insmed Inc. | 100,393 | 1,317 | |||||||
* | OPKO Health Inc. | 434,747 | 1,309 | |||||||
* | Enanta Pharmaceuticals Inc. | 18,468 | 1,308 | |||||||
* | Tivity Health Inc. | 52,418 | 1,301 | |||||||
* | Retrophin Inc. | 57,010 | 1,290 | |||||||
* | Editas Medicine Inc. | 56,479 | 1,285 | |||||||
*,^ | Arrowhead Pharmaceuticals Inc. | 102,460 | 1,273 | |||||||
* | Cardiovascular Systems Inc. | 44,660 | 1,272 | |||||||
* | Aimmune Therapeutics Inc. | 52,802 | 1,263 | |||||||
* | Madrigal Pharmaceuticals Inc. | 11,002 | 1,240 | |||||||
* | CryoLife Inc. | 42,874 | 1,217 | |||||||
* | Orthofix Medical Inc. | 22,862 | 1,200 | |||||||
* | Varex Imaging Corp. | 50,474 | 1,195 | |||||||
* | Clovis Oncology Inc. | 66,283 | 1,190 | |||||||
* | BioCryst Pharmaceuticals Inc. | 144,685 | 1,168 | |||||||
* | Spectrum Pharmaceuticals Inc. | 125,140 | 1,095 | |||||||
* | Intersect ENT Inc. | 38,629 | 1,089 | |||||||
* | Revance Therapeutics Inc. | 53,974 | 1,087 | |||||||
*,^ | Allogene Therapeutics Inc. | 39,858 | 1,073 | |||||||
* | CareDx Inc. | 42,483 | 1,068 | |||||||
National HealthCare Corp. | 13,600 | 1,067 | ||||||||
* | Invitae Corp. | 94,146 | 1,041 | |||||||
* | AngioDynamics Inc. | 50,171 | 1,010 |
29 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Radius Health Inc. | 60,495 | 998 | |||||||
*,^ | TherapeuticsMD Inc. | 261,661 | 997 | |||||||
* | Audentes Therapeutics Inc. | 45,563 | 971 | |||||||
* | OraSure Technologies Inc. | 82,973 | 969 | |||||||
* | Acorda Therapeutics Inc. | 61,195 | 953 | |||||||
* | Vericel Corp. | 54,779 | 953 | |||||||
* | R1 RCM Inc. | 118,183 | 940 | |||||||
Meridian Bioscience Inc. | 53,716 | 933 | ||||||||
* | Tactile Systems Technology Inc. | 20,441 | 931 | |||||||
* | ImmunoGen Inc. | 193,472 | 929 | |||||||
* | Amphastar Pharmaceuticals Inc. | 46,374 | 923 | |||||||
* | Novavax Inc. | 493,476 | 908 | |||||||
* | CytomX Therapeutics Inc. | 59,058 | 892 | |||||||
* | Cerus Corp. | 175,224 | 888 | |||||||
* | AxoGen Inc. | 42,079 | 860 | |||||||
* | Puma Biotechnology Inc. | 41,793 | 850 | |||||||
* | Addus HomeCare Corp. | 12,472 | 847 | |||||||
* | Rhythm Pharmaceuticals Inc. | 30,716 | 826 | |||||||
* | Hanger Inc. | 43,507 | 824 | |||||||
* | Inspire Medical Systems Inc. | 19,436 | 821 | |||||||
HealthStream Inc. | 33,424 | 807 | ||||||||
* | Natera Inc. | 57,075 | 797 | |||||||
* | Alder Biopharmaceuticals Inc. | 76,669 | 786 | |||||||
* | Surmodics Inc. | 16,446 | 777 | |||||||
* | Fate Therapeutics Inc. | 58,400 | 749 | |||||||
* | Dynavax Technologies Corp. | 80,479 | 736 | |||||||
* | Heska Corp. | 8,545 | 736 | |||||||
* | CorVel Corp. | 11,897 | 734 | |||||||
* | Lantheus Holdings Inc. | 46,900 | 734 | |||||||
* | Guardant Health Inc. | 19,388 | 729 | |||||||
* | MacroGenics Inc. | 56,378 | 716 | |||||||
* | Dicerna Pharmaceuticals Inc. | 66,005 | 706 | |||||||
* | G1 Therapeutics Inc. | 36,616 | 701 | |||||||
* | Coherus Biosciences Inc. | 75,299 | 681 | |||||||
* | Athenex Inc. | 53,391 | 678 | |||||||
*,^ | Omeros Corp. | 60,160 | 670 | |||||||
* | Intra-Cellular Therapies Inc. | 58,139 | 662 | |||||||
* | Assembly Biosciences Inc. | 29,203 | 661 | |||||||
* | Collegium Pharmaceutical Inc. | 37,664 | 647 | |||||||
*,^ | ViewRay Inc. | 105,438 | 640 | |||||||
* | Karyopharm Therapeutics Inc. | 67,908 | 636 | |||||||
* | AMAG Pharmaceuticals Inc. | 41,765 | 634 | |||||||
* | Eagle Pharmaceuticals Inc. | 15,723 | 633 | |||||||
* | BioScrip Inc. | 173,477 | 619 | |||||||
* | Akebia Therapeutics Inc. | 111,967 | 619 | |||||||
* | Arcus Biosciences Inc. | 56,292 | 606 | |||||||
* | Kura Oncology Inc. | 43,111 | 605 | |||||||
*,^ | UNITY Biotechnology Inc. | 36,826 | 599 | |||||||
* | Anika Therapeutics Inc. | 17,743 | 596 | |||||||
*,^ | Apollo Medical Holdings Inc. | 29,706 | 590 | |||||||
* | Cymabay Therapeutics Inc. | 74,424 | 586 | |||||||
* | Veracyte Inc. | 46,342 | 583 | |||||||
* | Allakos Inc. | 11,102 | 580 | |||||||
* | Ra Pharmaceuticals Inc. | 31,879 | 580 | |||||||
*,^ | Intrexon Corp. | 88,345 | 578 | |||||||
*,^ | Viking Therapeutics Inc. | 75,523 | 578 | |||||||
* | Solid Biosciences Inc. | 20,868 | 559 | |||||||
* | Cara Therapeutics Inc. | 42,964 | 559 | |||||||
* | SIGA Technologies Inc. | 68,843 | 544 | |||||||
* | RadNet Inc. | 51,984 | 529 | |||||||
* | Inovio Pharmaceuticals Inc. | 129,455 | 518 | |||||||
* | Triple-S Management Corp. Class B | 29,463 | 512 | |||||||
* | PDL BioPharma Inc. | 176,015 | 510 | |||||||
* | Intellia Therapeutics Inc. | 37,277 | 509 | |||||||
* | ANI Pharmaceuticals Inc. | 11,297 | 509 | |||||||
*,^ | Akcea Therapeutics Inc. | 16,874 | 509 | |||||||
LeMaitre Vascular Inc. | 21,154 | 500 | ||||||||
Owens & Minor Inc. | 78,683 | 498 | ||||||||
* | PetIQ Inc. Class A | 21,170 | 497 | |||||||
* | NanoString Technologies Inc. | 33,500 | 497 | |||||||
* | Rigel Pharmaceuticals Inc. | 214,440 | 493 | |||||||
* | Epizyme Inc. | 79,773 | 491 | |||||||
* | Fluidigm Corp. | 56,497 | 487 | |||||||
* | Kindred Biosciences Inc. | 44,140 | 483 | |||||||
* | Flexion Therapeutics Inc. | 42,414 | 480 | |||||||
* | Antares Pharma Inc. | 175,905 | 478 | |||||||
* | ChemoCentryx Inc. | 43,286 | 472 | |||||||
* | Progenics Pharmaceuticals Inc. | 110,914 | 466 | |||||||
* | Apellis Pharmaceuticals Inc. | 33,687 | 444 | |||||||
* | Rocket Pharmaceuticals Inc. | 29,746 | 441 | |||||||
* | BioSpecifics Technologies Corp. | 7,254 | 440 | |||||||
* | OrthoPediatrics Corp. | 12,074 | 421 | |||||||
* | Community Health Systems Inc. | 148,896 | 420 | |||||||
*,^ | Accelerate Diagnostics Inc. | 35,968 | 414 | |||||||
* | Aratana Therapeutics Inc. | 67,232 | 412 |
30 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | GlycoMimetics Inc. | 43,246 | 410 | |||||||
* | Akorn Inc. | 120,751 | 409 | |||||||
* | Deciphera Pharmaceuticals Inc. | 19,378 | 407 | |||||||
*,^ | Corbus Pharmaceuticals Holdings Inc. | 69,551 | 406 | |||||||
* | Five Prime Therapeutics Inc. | 43,499 | 405 | |||||||
* | Cytokinetics Inc. | 63,378 | 401 | |||||||
* | Tricida Inc. | 16,583 | 391 | |||||||
* | Accuray Inc. | 113,995 | 389 | |||||||
Utah Medical Products Inc. | 4,603 | 382 | ||||||||
*,^ | Senseonics Holdings Inc. | 145,739 | 377 | |||||||
* | Civitas Solutions Inc. | 21,223 | 372 | |||||||
* | ArQule Inc. | 133,861 | 371 | |||||||
* | TG Therapeutics Inc. | 88,673 | 364 | |||||||
* | Sientra Inc. | 28,455 | 362 | |||||||
*,^ | Lexicon Pharmaceuticals Inc. | 54,388 | 361 | |||||||
*,^ | MediciNova Inc. | 43,226 | 353 | |||||||
* | Concert Pharmaceuticals Inc. | 27,718 | 348 | |||||||
* | Osiris Therapeutics Inc. | 25,629 | 346 | |||||||
* | Aclaris Therapeutics Inc. | 46,289 | 342 | |||||||
* | Scholar Rock Holding Corp. | 14,515 | 333 | |||||||
* | Dermira Inc. | 45,741 | 329 | |||||||
* | GenMark Diagnostics Inc. | 67,437 | 328 | |||||||
* | Stemline Therapeutics Inc. | 34,306 | 326 | |||||||
*,^ | ZIOPHARM Oncology Inc. | 171,735 | 321 | |||||||
* | SeaSpine Holdings Corp. | 17,478 | 319 | |||||||
* | Kadmon Holdings Inc. | 149,169 | 310 | |||||||
*,^ | Verastem Inc. | 92,316 | 310 | |||||||
* | BioDelivery Sciences International Inc. | 83,662 | 310 | |||||||
* | Agenus Inc. | 125,251 | 298 | |||||||
* | Cutera Inc. | 17,195 | 293 | |||||||
* | Assertio Therapeutics Inc. | 81,064 | 293 | |||||||
* | Homology Medicines Inc. | 13,071 | 292 | |||||||
* | Kiniksa Pharmaceuticals Ltd. Class A | 10,372 | 291 | |||||||
* | Abeona Therapeutics Inc. | 40,153 | 287 | |||||||
* | Eloxx Pharmaceuticals Inc. | 23,572 | 283 | |||||||
* | RTI Surgical Inc. | 76,404 | 283 | |||||||
* | Voyager Therapeutics Inc. | 29,926 | 281 | |||||||
*,^ | Sorrento Therapeutics Inc. | 116,393 | 279 | |||||||
* | Minerva Neurosciences Inc. | 40,597 | 274 | |||||||
* | Avid Bioservices Inc. | 66,519 | 273 | |||||||
* | CytoSorbents Corp. | 33,400 | 270 | |||||||
* | Achillion Pharmaceuticals Inc. | 166,715 | 265 | |||||||
* | Gritstone Oncology Inc. | 16,496 | 255 | |||||||
* | Savara Inc. | 33,526 | 254 | |||||||
* | MEI Pharma Inc. | 95,949 | 253 | |||||||
*,^ | La Jolla Pharmaceutical Co. | 26,673 | 252 | |||||||
* | AVEO Pharmaceuticals Inc. | 156,396 | 250 | |||||||
* | Bovie Medical Corp. | 38,544 | 250 | |||||||
* | Adamas Pharmaceuticals Inc. | 28,838 | 246 | |||||||
*,^ | Rubius Therapeutics Inc. | 15,230 | 245 | |||||||
* | Aldeyra Therapeutics Inc. | 28,973 | 240 | |||||||
*,^ | Athersys Inc. | 166,066 | 239 | |||||||
* | Surgery Partners Inc. | 24,411 | 239 | |||||||
*,^ | Crinetics Pharmaceuticals Inc. | 7,927 | 238 | |||||||
*,^ | AcelRx Pharmaceuticals Inc. | 100,131 | 231 | |||||||
*,^ | Geron Corp. | 231,255 | 231 | |||||||
* | Quanterix Corp. | 12,580 | 230 | |||||||
* | Helius Medical Technologies Inc. Class A | 24,335 | 223 | |||||||
*,^ | Lannett Co. Inc. | 44,029 | 218 | |||||||
*,^ | MannKind Corp. | 204,277 | 217 | |||||||
* | Marker Therapeutics Inc. | 38,627 | 214 | |||||||
* | Catalyst Pharmaceuticals Inc. | 111,594 | 214 | |||||||
* | Celcuity Inc. | 8,854 | 212 | |||||||
* | Capital Senior Living Corp. | 30,266 | 206 | |||||||
* | BioLife Solutions Inc. | 16,864 | 203 | |||||||
*,^ | Marinus Pharmaceuticals Inc. | 70,667 | 203 | |||||||
* | Zafgen Inc. | 39,903 | 198 | |||||||
* | American Renal Associates Holdings Inc. | 17,057 | 197 | |||||||
* | Adverum Biotechnologies Inc. | 62,204 | 196 | |||||||
*,^ | iRadimed Corp. | 7,848 | 192 | |||||||
* | Tocagen Inc. | 23,322 | 191 | |||||||
* | CASI Pharmaceuticals Inc. | 47,384 | 190 | |||||||
* | Palatin Technologies Inc. | 263,109 | 186 | |||||||
Invacare Corp. | 43,119 | 185 | ||||||||
*,^ | Paratek Pharmaceuticals Inc. | 35,594 | 183 | |||||||
* | KalVista Pharmaceuticals Inc. | 9,120 | 180 | |||||||
* | Acer Therapeutics Inc. | 8,874 | 179 | |||||||
*,^ | Galectin Therapeutics Inc. | 51,315 | 176 | |||||||
* | Krystal Biotech Inc. | 8,398 | 175 | |||||||
*,^ | Tyme Technologies Inc. | 46,994 | 173 | |||||||
*,^ | PolarityTE Inc. | 12,318 | 166 | |||||||
*,^ | CorMedix Inc. | 128,521 | 166 | |||||||
*,^ | Amyris Inc. | 49,320 | 165 | |||||||
* | Ocular Therapeutix Inc. | 40,756 | 162 | |||||||
* | Neuronetics Inc. | 8,228 | 159 |
31 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Aeglea BioTherapeutics Inc. | 20,854 | 156 | |||||||
* | Enzo Biochem Inc. | 56,162 | 156 | |||||||
* | Twist Bioscience Corp. | 6,714 | 155 | |||||||
* | Syros Pharmaceuticals Inc. | 27,620 | 154 | |||||||
*,^ | Pulse Biosciences Inc. | 13,315 | 153 | |||||||
* | Aduro Biotech Inc. | 57,135 | 151 | |||||||
* | Proteostasis Therapeutics Inc. | 46,442 | 150 | |||||||
* | Aptinyx Inc. | 9,067 | 150 | |||||||
* | Chimerix Inc. | 58,216 | 150 | |||||||
*,^ | Insys Therapeutics Inc. | 42,720 | 150 | |||||||
* | SI-BONE Inc. | 7,113 | 149 | |||||||
*,^ | Optinose Inc. | 23,893 | 148 | |||||||
*,^ | Evolus Inc. | 12,269 | 146 | |||||||
* | Bellicum Pharmaceuticals Inc. | 49,920 | 146 | |||||||
* | Principia Biopharma Inc. | 5,317 | 146 | |||||||
* | Synlogic Inc. | 20,244 | 142 | |||||||
*,^ | Xeris Pharmaceuticals Inc. | 8,278 | 141 | |||||||
*,^ | Rockwell Medical Inc. | 62,224 | 141 | |||||||
* | Spring Bank Pharmaceuticals Inc. | 13,531 | 141 | |||||||
* | Calithera Biosciences Inc. | 34,945 | 140 | |||||||
* | Recro Pharma Inc. | 19,518 | 139 | |||||||
*,^ | Organovo Holdings Inc. | 143,484 | 137 | |||||||
* | Eiger BioPharmaceuticals Inc. | 13,440 | 137 | |||||||
* | XBiotech Inc. | 26,349 | 134 | |||||||
* | Avrobio Inc. | 7,976 | 133 | |||||||
* | Kala Pharmaceuticals Inc. | 27,064 | 132 | |||||||
*,^ | EyePoint Pharmaceuticals Inc. | 69,888 | 132 | |||||||
* | FONAR Corp. | 6,520 | 132 | |||||||
* | Misonix Inc. | 8,077 | 129 | |||||||
*,^ | Dova Pharmaceuticals Inc. | 16,682 | 126 | |||||||
* | Harvard Bioscience Inc. | 38,763 | 123 | |||||||
* | Catalyst Biosciences Inc. | 15,278 | 121 | |||||||
* | Seres Therapeutics Inc. | 26,265 | 119 | |||||||
* | Cumberland Pharmaceuticals Inc. | 18,821 | 119 | |||||||
* | T2 Biosystems Inc. | 39,297 | 118 | |||||||
*,^ | BioTime Inc. | 128,116 | 117 | |||||||
* | ContraFect Corp. | 76,434 | 117 | |||||||
* | Pfenex Inc. | 36,618 | 117 | |||||||
*,^ | XOMA Corp. | 9,162 | 116 | |||||||
*,^ | Corindus Vascular Robotics Inc. | 137,640 | 116 | |||||||
*,^ | Moderna Inc. | 7,512 | 115 | |||||||
* | Calyxt Inc. | 10,962 | 114 | |||||||
* | Catasys Inc. | 12,090 | 113 | |||||||
* | Quorum Health Corp. | 39,069 | 113 | |||||||
* | Spero Therapeutics Inc. | 18,259 | 112 | |||||||
* | Cohbar Inc. | 36,048 | 112 | |||||||
* | Verrica Pharmaceuticals Inc. | 13,707 | 112 | |||||||
* | Imprimis Pharmaceuticals Inc. | 19,531 | 111 | |||||||
*,^ | Replimune Group Inc. | 10,864 | 109 | |||||||
* | ADMA Biologics Inc. | 43,548 | 104 | |||||||
* | Protagonist Therapeutics Inc. | 15,283 | 103 | |||||||
* | Y-mAbs Therapeutics Inc. | 5,051 | 103 | |||||||
* | Durect Corp. | 207,542 | 100 | |||||||
* | Chembio Diagnostics Inc. | 17,597 | 100 | |||||||
* | Unum Therapeutics Inc. | 22,412 | 99 | |||||||
* | Liquidia Technologies Inc. | 4,526 | 98 | |||||||
* | InfuSystem Holdings Inc. | 28,406 | 98 | |||||||
* | Joint Corp. | 11,636 | 97 | |||||||
*,^ | Adamis Pharmaceuticals Corp. | 42,857 | 96 | |||||||
* | Sesen Bio Inc. | 67,161 | 95 | |||||||
*,^ | CEL-SCI Corp. | 32,286 | 93 | |||||||
* | Miragen Therapeutics Inc. | 29,825 | 90 | |||||||
* | Ardelyx Inc. | 49,916 | 89 | |||||||
* | Syndax Pharmaceuticals Inc. | 19,665 | 88 | |||||||
* | Odonate Therapeutics Inc. | 6,192 | 87 | |||||||
*,^ | Teligent Inc. | 63,171 | 87 | |||||||
* | Axsome Therapeutics Inc. | 30,437 | 86 | |||||||
* | Infinity Pharmaceuticals Inc. | 69,800 | 82 | |||||||
* | Alimera Sciences Inc. | 114,589 | 82 | |||||||
*,^ | Genesis Healthcare Inc. | 69,665 | 82 | |||||||
* | Cue Biopharma Inc. | 17,237 | 81 | |||||||
*,^ | Anavex Life Sciences Corp. | 51,514 | 80 | |||||||
* | Translate Bio Inc. | 10,214 | 77 | |||||||
Psychemedics Corp. | 4,821 | 77 | ||||||||
* | HTG Molecular Diagnostics Inc. | 30,070 | 76 | |||||||
* | Strata Skin Sciences Inc. | 29,110 | 76 | |||||||
* | Corvus Pharmaceuticals Inc. | 20,608 | 76 | |||||||
* | Endologix Inc. | 103,337 | 74 | |||||||
* | Menlo Therapeutics Inc. | 17,712 | 73 | |||||||
* | Tetraphase Pharmaceuticals Inc. | 64,327 | 73 | |||||||
* | Sensus Healthcare Inc. | 9,806 | 73 | |||||||
* | Jounce Therapeutics Inc. | 21,042 | 71 | |||||||
* | Neos Therapeutics Inc. | 42,186 | 70 | |||||||
* | Otonomy Inc. | 37,166 | 69 | |||||||
* | Idera Pharmaceuticals Inc. | 24,800 | 69 | |||||||
* | Eidos Therapeutics Inc. | 4,930 | 68 | |||||||
* | Champions Oncology Inc. | 8,643 | 68 | |||||||
* | Mustang Bio Inc. | 22,844 | 67 | |||||||
* | Provention Bio Inc. | 37,154 | 66 | |||||||
* | Forty Seven Inc. | 4,157 | 65 |
32 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Anixa Biosciences Inc. | 16,448 | 65 | |||||||
* | Merrimack Pharmaceuticals Inc. | 16,693 | 64 | |||||||
* | Allena Pharmaceuticals Inc. | 11,736 | 64 | |||||||
* | Apollo Endosurgery Inc. | 18,518 | 64 | |||||||
* | Kezar Life Sciences Inc. | 2,668 | 63 | |||||||
* | Aerpio Pharmaceuticals Inc. | 36,309 | 62 | |||||||
*,^ | resTORbio Inc. | 7,119 | 61 | |||||||
* | Mersana Therapeutics Inc. | 14,976 | 61 | |||||||
* | BrainStorm Cell Therapeutics Inc. | 17,130 | 61 | |||||||
* | Immune Design Corp. | 45,969 | 60 | |||||||
* | Checkpoint Therapeutics Inc. | 32,676 | 59 | |||||||
* | Molecular Templates Inc. | 14,614 | 59 | |||||||
* | Electromed Inc. | 11,545 | 59 | |||||||
* | Axonics Modulation Technologies Inc. | 3,867 | 58 | |||||||
* | Conatus Pharmaceuticals Inc. | 33,608 | 58 | |||||||
* | Applied Genetic Technologies Corp. | 23,007 | 57 | |||||||
* | Evoke Pharma Inc. | 23,036 | 57 | |||||||
* | Opiant Pharmaceuticals Inc. | 3,871 | 56 | |||||||
* | Selecta Biosciences Inc. | 20,494 | 55 | |||||||
* | Fulgent Genetics Inc. | 16,903 | 54 | |||||||
* | NewLink Genetics Corp. | 35,215 | 54 | |||||||
*,^ | Achaogen Inc. | 42,881 | 53 | |||||||
* | CTI BioPharma Corp. | 70,123 | 51 | |||||||
* | ElectroCore Inc. | 8,185 | 51 | |||||||
*,^ | Second Sight Medical Products Inc. | 57,748 | 51 | |||||||
* | Ophthotech Corp. | 42,540 | 51 | |||||||
* | Alpine Immune Sciences Inc. | 13,861 | 51 | |||||||
* | Celsion Corp. | 33,970 | 48 | |||||||
*,^ | Ampio Pharmaceuticals Inc. | 119,353 | 47 | |||||||
* | Sienna Biopharmaceuticals Inc. | 20,070 | 47 | |||||||
* | Bioxcel Therapeutics Inc. | 11,927 | 46 | |||||||
* | Chiasma Inc. | 14,422 | 45 | |||||||
* | Ovid therapeutics Inc. | 18,446 | 45 | |||||||
* | Aevi Genomic Medicine Inc. | 62,640 | 44 | |||||||
* | Ekso Bionics Holdings Inc. | 34,612 | 43 | |||||||
*,^ | Equillium Inc. | 5,211 | 43 | |||||||
* | Melinta Therapeutics Inc. | 52,758 | 42 | |||||||
*,^ | OncoSec Medical Inc. | 65,208 | 42 | |||||||
* | Matinas BioPharma Holdings Inc. | 69,805 | 42 | |||||||
* | Zynerba Pharmaceuticals Inc. | 13,257 | 39 | |||||||
*,^ | AgeX Therapeutics Inc. | 12,811 | 38 | |||||||
* | Cidara Therapeutics Inc. | 15,960 | 38 | |||||||
Aceto Corp. | 44,542 | 37 | ||||||||
* | Aquestive Therapeutics Inc. | 5,916 | 37 | |||||||
* | Alphatec Holdings Inc. | 15,904 | 36 | |||||||
* | NantKwest Inc. | 30,899 | 36 | |||||||
* | Zosano Pharma Corp. | 16,791 | 36 | |||||||
* | IRIDEX Corp. | 7,402 | 35 | |||||||
* | Clearside Biomedical Inc. | 31,606 | 34 | |||||||
* | Vapotherm Inc. | 1,689 | 34 | |||||||
* | KemPharm Inc. | 18,890 | 34 | |||||||
* | Actinium Pharmaceuticals Inc. | 86,444 | 33 | |||||||
* | Aptevo Therapeutics Inc. | 26,266 | 33 | |||||||
* | Celldex Therapeutics Inc. | 163,707 | 32 | |||||||
* | Novan Inc. | 38,991 | 32 | |||||||
* | Arvinas Inc. | 2,514 | 32 | |||||||
*,^ | BioPharmX Corp. | 299,289 | 32 | |||||||
* | Heat Biologics Inc. | 31,911 | 31 | |||||||
*,^ | Sophiris Bio Inc. | 37,506 | 31 | |||||||
*,^ | Evelo Biosciences Inc. | 2,385 | 31 | |||||||
* | Fortress Biotech Inc. | 35,728 | 31 | |||||||
* | Asterias Biotherapeutics Inc. Class A | 48,913 | 30 | |||||||
* | Viveve Medical Inc. | 28,575 | 30 | |||||||
* | Genocea Biosciences Inc. | 104,327 | 30 | |||||||
*,^ | Rexahn Pharmaceuticals Inc. | 29,763 | 28 | |||||||
* | Surface Oncology Inc. | 6,427 | 27 | |||||||
* | Magenta Therapeutics Inc. | 4,775 | 27 | |||||||
* | Arsanis Inc. | 11,584 | 27 | |||||||
* | AzurRx BioPharma Inc. | 21,962 | 27 | |||||||
* | Neon Therapeutics Inc. | 5,265 | 26 | |||||||
* | Curis Inc. | 37,775 | 26 | |||||||
* | scPharmaceuticals Inc. | 6,800 | 26 | |||||||
* | AAC Holdings Inc. | 17,817 | 25 | |||||||
*,^ | Xtant Medical Holdings Inc. | 15,088 | 24 | |||||||
* | Kodiak Sciences Inc. | 3,393 | 24 | |||||||
*,^ | vTv Therapeutics Inc. Class A | 9,072 | 24 | |||||||
Digirad Corp. | 42,089 | 24 | ||||||||
* | OncoMed Pharmaceuticals Inc. | 31,662 | 24 | |||||||
* | Aravive Inc. | 6,563 | 23 | |||||||
*,^ | Trevena Inc. | 53,685 | 23 | |||||||
* | VIVUS Inc. | 10,305 | 23 | |||||||
* | Onconova Therapeutics Inc. | 10,272 | 22 | |||||||
* | SCYNEXIS Inc. | 42,447 | 20 |
33 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
*,^ | Akers Biosciences Inc. | 17,986 | 20 | |||||||
*,^ | Nobilis Health Corp. | 47,353 | 20 | |||||||
* | Oncocyte Corp. | 14,374 | 20 | |||||||
* | Restoration Robotics Inc. | 43,485 | 19 | |||||||
* | Vical Inc. | 15,634 | 18 | |||||||
* | Leap Therapeutics Inc. | 9,216 | 18 | |||||||
* | RA Medical Systems Inc. | 2,302 | 18 | |||||||
* | Moleculin Biotech Inc. | 17,452 | 18 | |||||||
* | Conformis Inc. | 48,468 | 17 | |||||||
*,^ | Bellerophon Therapeutics Inc. | 20,401 | 16 | |||||||
* | CAS Medical Systems Inc. | 10,200 | 16 | |||||||
*,^ | Navidea Biopharmaceuticals Inc. | 158,410 | 16 | |||||||
* | Sunesis Pharmaceuticals Inc. | 39,014 | 16 | |||||||
*,^ | Myomo Inc. | 10,964 | 16 | |||||||
* | Agile Therapeutics Inc. | 26,778 | 15 | |||||||
Biolase Inc. | 15,133 | 15 | ||||||||
* | PLx Pharma Inc. | 9,435 | 14 | |||||||
*,^ | Obalon Therapeutics Inc. | 6,693 | 14 | |||||||
*,^ | iBio Inc. | 17,710 | 13 | |||||||
* | Advaxis Inc. | 67,454 | 13 | |||||||
* | GTx Inc. | 15,704 | 12 | |||||||
* | Vermillion Inc. | 38,754 | 12 | |||||||
* | Tracon Pharmaceuticals Inc. | 18,067 | 11 | |||||||
* | NanoViricides Inc. | 49,787 | 10 | |||||||
* | Five Star Senior Living Inc. | 19,810 | 9 | |||||||
* | CytRx Corp. | 19,563 | 9 | |||||||
* | PhaseBio Pharmaceuticals Inc. | 2,833 | 9 | |||||||
* | Edge Therapeutics Inc. | 26,661 | 9 | |||||||
*,^ | SELLAS Life Sciences Group Inc. | 6,812 | 8 | |||||||
* | Vital Therapies Inc. | 41,508 | 8 | |||||||
* | Regulus Therapeutics Inc. | 7,377 | 7 | |||||||
* | Synthorx Inc. | 384 | 7 | |||||||
* | Caladrius Biosciences Inc. | 1,820 | 6 | |||||||
* | Constellation Pharmaceuticals Inc. | 1,502 | 6 | |||||||
* | aTyr Pharma Inc. | 11,462 | 6 | |||||||
* | IsoRay Inc. | 16,984 | 5 | |||||||
* | Standard Diversified Inc. | 331 | 5 | |||||||
* | Catabasis Pharmaceuticals Inc. | 1,096 | 5 | |||||||
*,^ | Gemphire Therapeutics Inc. | 5,910 | 5 | |||||||
*,^ | Histogenics Corp. | 51,282 | 5 | |||||||
Diversicare Healthcare Services Inc. | 1,413 | 3 | ||||||||
*,^ | Synthetic Biologics Inc. | 5,657 | 3 | |||||||
* | Aradigm Corp. | 8,569 | 3 | |||||||
* | Biomerica Inc. | 1,300 | 2 | |||||||
*,^ | Aethlon Medical Inc. | 1,232 | 2 | |||||||
* | Novus Therapeutics Inc. | 744 | 1 | |||||||
* | Fibrocell Science Inc. | 613 | 1 | |||||||
Wright Medical Group Inc. CVR | 50,806 | 1 | ||||||||
Vaxart Inc. | 83 | — | ||||||||
* | Milestone Scientific Inc. | 200 | — | |||||||
4,679,135 | ||||||||||
Industrials (12.9%) | ||||||||||
Boeing Co. | 722,298 | 232,941 | ||||||||
3M Co. | 778,679 | 148,369 | ||||||||
Union Pacific Corp. | 985,789 | 136,266 | ||||||||
Honeywell International Inc. | 987,762 | 130,503 | ||||||||
* | PayPal Holdings Inc. | 1,498,539 | 126,012 | |||||||
Accenture plc Class A | 853,077 | 120,292 | ||||||||
United Technologies Corp. | 1,095,383 | 116,636 | ||||||||
Caterpillar Inc. | 789,895 | 100,372 | ||||||||
United Parcel Service Inc. Class B | 929,623 | 90,666 | ||||||||
General Electric Co. | 11,658,896 | 88,258 | ||||||||
Danaher Corp. | 844,405 | 87,075 | ||||||||
Lockheed Martin Corp. | 323,147 | 84,613 | ||||||||
Automatic Data Processing Inc. | 554,175 | 72,663 | ||||||||
CSX Corp. | 1,073,095 | 66,671 | ||||||||
Deere & Co. | 431,626 | 64,386 | ||||||||
Raytheon Co. | 380,958 | 58,420 | ||||||||
Northrop Grumman Corp. | 232,520 | 56,944 | ||||||||
* | Norfolk Southern Corp. | 363,789 | 54,401 | |||||||
General Dynamics Corp. | 337,149 | 53,003 | ||||||||
FedEx Corp. | 317,339 | 51,196 | ||||||||
Illinois Tool Works Inc. | 400,614 | 50,754 | ||||||||
Waste Management Inc. | 568,422 | 50,584 | ||||||||
Emerson Electric Co. | 836,258 | 49,966 | ||||||||
Fidelity National Information Services Inc. | 437,709 | 44,887 | ||||||||
Sherwin-Williams Co. | 112,550 | 44,284 | ||||||||
Eaton Corp. plc | 579,609 | 39,796 | ||||||||
* | Fiserv Inc. | 531,446 | 39,056 | |||||||
Roper Technologies Inc. | 138,731 | 36,975 | ||||||||
Johnson Controls International plc | 1,235,245 | 36,625 | ||||||||
TE Connectivity Ltd. | 459,035 | 34,717 | ||||||||
Amphenol Corp. Class A | 404,028 | 32,734 | ||||||||
* | Worldpay Inc. Class A | 405,234 | 30,972 | |||||||
Ingersoll-Rand plc | 329,767 | 30,085 | ||||||||
Agilent Technologies Inc. | 427,507 | 28,840 | ||||||||
Paychex Inc. | 430,829 | 28,069 | ||||||||
Cummins Inc. | 204,389 | 27,315 | ||||||||
Fortive Corp. | 400,500 | 27,098 | ||||||||
PACCAR Inc. | 469,591 | 26,832 | ||||||||
Parker-Hannifin Corp. | 177,297 | 26,442 |
34 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Willis Towers Watson plc | 173,590 | 26,361 | ||||||||
Waste Connections Inc. | 352,232 | 26,153 | ||||||||
Stanley Black & Decker Inc. | 203,102 | 24,319 | ||||||||
Rockwell Automation Inc. | 160,687 | 24,180 | ||||||||
* | Verisk Analytics Inc. Class A | 208,512 | 22,736 | |||||||
* | Square Inc. | 395,033 | 22,157 | |||||||
Global Payments Inc. | 214,582 | 22,130 | ||||||||
* | FleetCor Technologies Inc. | 118,811 | 22,066 | |||||||
* | TransDigm Group Inc. | 64,171 | 21,822 | |||||||
AMETEK Inc. | 312,928 | 21,185 | ||||||||
Ball Corp. | 454,839 | 20,913 | ||||||||
Republic Services Inc. Class A | 281,405 | 20,286 | ||||||||
Fastenal Co. | 386,149 | 20,192 | ||||||||
Cintas Corp. | 115,460 | 19,396 | ||||||||
* | Mettler-Toledo International Inc. | 33,670 | 19,043 | |||||||
L3 Technologies Inc. | 105,915 | 18,393 | ||||||||
Total System Services Inc. | 226,016 | 18,373 | ||||||||
WW Grainger Inc. | 64,471 | 18,204 | ||||||||
* | Waters Corp. | 95,506 | 18,017 | |||||||
Vulcan Materials Co. | 178,978 | 17,683 | ||||||||
* | CoStar Group Inc. | 49,184 | 16,592 | |||||||
Xylem Inc. | 241,770 | 16,131 | ||||||||
Expeditors International of Washington Inc. | 232,248 | 15,814 | ||||||||
CH Robinson Worldwide Inc. | 185,152 | 15,569 | ||||||||
* | Keysight Technologies Inc. | 247,127 | 15,342 | |||||||
Broadridge Financial Solutions Inc. | 157,852 | 15,193 | ||||||||
Martin Marietta Materials Inc. | 84,636 | 14,546 | ||||||||
TransUnion | 250,823 | 14,247 | ||||||||
Dover Corp. | 196,480 | 13,940 | ||||||||
Textron Inc. | 291,997 | 13,429 | ||||||||
Jack Henry & Associates Inc. | 103,720 | 13,123 | ||||||||
Westrock Co. | 346,776 | 13,094 | ||||||||
IDEX Corp. | 103,344 | 13,048 | ||||||||
Kansas City Southern | 135,084 | 12,894 | ||||||||
Old Dominion Freight Line Inc. | 100,675 | 12,432 | ||||||||
Masco Corp. | 420,149 | 12,285 | ||||||||
* | First Data Corp. Class A | 723,066 | 12,227 | |||||||
PerkinElmer Inc. | 151,856 | 11,928 | ||||||||
* | Zebra Technologies Corp. | 72,927 | 11,612 | |||||||
Jacobs Engineering Group Inc. | 197,202 | 11,528 | ||||||||
Lennox International Inc. | 52,485 | 11,487 | ||||||||
* | United Rentals Inc. | 111,224 | 11,404 | |||||||
* | Trimble Inc. | 343,388 | 11,301 | |||||||
JB Hunt Transport Services Inc. | 118,152 | 10,993 | ||||||||
Huntington Ingalls Industries Inc. | 56,892 | 10,827 | ||||||||
Snap-on Inc. | 74,390 | 10,808 | ||||||||
Packaging Corp. of America | 125,509 | 10,475 | ||||||||
Spirit AeroSystems Holdings Inc. Class A | 144,685 | 10,430 | ||||||||
Allegion plc | 128,968 | 10,280 | ||||||||
* | Sensata Technologies Holding plc | 220,248 | 9,876 | |||||||
Arconic Inc. | 578,650 | 9,756 | ||||||||
* | XPO Logistics Inc. | 170,146 | 9,705 | |||||||
Graco Inc. | 226,585 | 9,483 | ||||||||
Alliance Data Systems Corp. | 62,845 | 9,432 | ||||||||
* | Teledyne Technologies Inc. | 45,157 | 9,351 | |||||||
HEICO Corp. Class A | 145,153 | 9,145 | ||||||||
Robert Half International Inc. | 153,123 | 8,759 | ||||||||
Pentair plc | 230,581 | 8,711 | ||||||||
* | HD Supply Holdings Inc. | 230,139 | 8,635 | |||||||
* | Arrow Electronics Inc. | 121,515 | 8,378 | |||||||
Cognex Corp. | 216,150 | 8,359 | ||||||||
* | WEX Inc. | 59,179 | 8,289 | |||||||
* | Berry Global Group Inc. | 174,229 | 8,281 | |||||||
Carlisle Cos. Inc. | 81,455 | 8,188 | ||||||||
Wabtec Corp. | 116,487 | 8,183 | ||||||||
AO Smith Corp. | 188,458 | 8,047 | ||||||||
Booz Allen Hamilton Holding Corp. Class A | 178,107 | 8,027 | ||||||||
FLIR Systems Inc. | 182,830 | 7,960 | ||||||||
AptarGroup Inc. | 83,492 | 7,854 | ||||||||
Nordson Corp. | 65,570 | 7,826 | ||||||||
Allison Transmission Holdings Inc. | 176,732 | 7,760 | ||||||||
Toro Co. | 137,222 | 7,668 | ||||||||
Donaldson Co. Inc. | 174,816 | 7,585 | ||||||||
National Instruments Corp. | 166,528 | 7,557 | ||||||||
Sealed Air Corp. | 214,181 | 7,462 | ||||||||
* | Crown Holdings Inc. | 178,745 | 7,430 | |||||||
Hubbell Inc. Class B | 72,134 | 7,166 | ||||||||
Hexcel Corp. | 124,117 | 7,117 | ||||||||
Sonoco Products Co. | 132,286 | 7,028 | ||||||||
Owens Corning | 157,264 | 6,916 | ||||||||
* | Fair Isaac Corp. | 36,184 | 6,766 | |||||||
* | Euronet Worldwide Inc. | 65,064 | 6,661 | |||||||
Flowserve Corp. | 172,892 | 6,573 | ||||||||
Acuity Brands Inc. | 55,174 | 6,342 | ||||||||
Lincoln Electric Holdings Inc. | 80,263 | 6,329 |
35 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Quanta Services Inc. | 209,090 | 6,294 | ||||||||
MDU Resources Group Inc. | 258,853 | 6,171 | ||||||||
Fluor Corp. | 184,335 | 5,936 | ||||||||
Watsco Inc. | 42,418 | 5,902 | ||||||||
* | AECOM | 220,180 | 5,835 | |||||||
Oshkosh Corp. | 94,855 | 5,816 | ||||||||
* | Genesee & Wyoming Inc. Class A | 77,282 | 5,720 | |||||||
Woodward Inc. | 76,614 | 5,692 | ||||||||
ITT Inc. | 115,190 | 5,560 | ||||||||
Bemis Co. Inc. | 120,398 | 5,526 | ||||||||
Littelfuse Inc. | 31,968 | 5,482 | ||||||||
MAXIMUS Inc. | 84,115 | 5,475 | ||||||||
ManpowerGroup Inc. | 84,488 | 5,475 | ||||||||
Avnet Inc. | 150,536 | 5,434 | ||||||||
Xerox Corp. | 269,379 | 5,323 | ||||||||
^ | Universal Display Corp. | 56,887 | 5,323 | |||||||
* | IPG Photonics Corp. | 46,403 | 5,257 | |||||||
Curtiss-Wright Corp. | 51,431 | 5,252 | ||||||||
Landstar System Inc. | 54,105 | 5,176 | ||||||||
Genpact Ltd. | 188,891 | 5,098 | ||||||||
BWX Technologies Inc. | 129,893 | 4,966 | ||||||||
Jabil Inc. | 198,439 | 4,919 | ||||||||
nVent Electric plc | 218,241 | 4,902 | ||||||||
* | Kirby Corp. | 72,181 | 4,862 | |||||||
Crane Co. | 66,866 | 4,826 | ||||||||
* | Esterline Technologies Corp. | 39,194 | 4,760 | |||||||
USG Corp. | 110,521 | 4,715 | ||||||||
Insperity Inc. | 50,103 | 4,678 | ||||||||
AGCO Corp. | 83,198 | 4,632 | ||||||||
* | Trex Co. Inc. | 77,957 | 4,628 | |||||||
EnerSys | 58,874 | 4,569 | ||||||||
MSC Industrial Direct Co. Inc. Class A | 59,369 | 4,567 | ||||||||
* | Stericycle Inc. | 124,049 | 4,551 | |||||||
EMCOR Group Inc. | 75,560 | 4,510 | ||||||||
MSA Safety Inc. | 47,410 | 4,469 | ||||||||
* | RBC Bearings Inc. | 33,991 | 4,456 | |||||||
Graphic Packaging Holding Co. | 406,977 | 4,330 | ||||||||
Brink’s Co. | 64,422 | 4,165 | ||||||||
Louisiana-Pacific Corp. | 187,260 | 4,161 | ||||||||
* | Generac Holdings Inc. | 82,692 | 4,110 | |||||||
^ | Knight-Swift Transportation Holdings Inc. | 163,476 | 4,098 | |||||||
Air Lease Corp. Class A | 133,310 | 4,027 | ||||||||
Regal Beloit Corp. | 57,114 | 4,001 | ||||||||
* | Proto Labs Inc. | 34,134 | 3,850 | |||||||
Tetra Tech Inc. | 72,965 | 3,777 | ||||||||
* | Owens-Illinois Inc. | 214,669 | 3,701 | |||||||
Moog Inc. Class A | 46,990 | 3,641 | ||||||||
Ryder System Inc. | 75,429 | 3,632 | ||||||||
Armstrong World Industries Inc. | 62,090 | 3,614 | ||||||||
Kennametal Inc. | 108,103 | 3,598 | ||||||||
* | ASGN Inc. | 65,919 | 3,593 | |||||||
Eagle Materials Inc. | 58,793 | 3,588 | ||||||||
* | Allegheny Technologies Inc. | 164,213 | 3,575 | |||||||
* | Gardner Denver Holdings Inc. | 174,693 | 3,572 | |||||||
Exponent Inc. | 70,308 | 3,565 | ||||||||
* | AMN Healthcare Services Inc. | 62,582 | 3,546 | |||||||
Trinity Industries Inc. | 171,181 | 3,525 | ||||||||
* | CoreLogic Inc. | 104,988 | 3,509 | |||||||
GATX Corp. | 49,333 | 3,493 | ||||||||
Macquarie Infrastructure Corp. | 94,715 | 3,463 | ||||||||
* | Coherent Inc. | 32,438 | 3,429 | |||||||
Barnes Group Inc. | 63,640 | 3,412 | ||||||||
* | Resideo Technologies Inc. | 165,771 | 3,407 | |||||||
* | MasTec Inc. | 83,053 | 3,369 | |||||||
* | FTI Consulting Inc. | 50,348 | 3,355 | |||||||
Timken Co. | 89,600 | 3,344 | ||||||||
* | Clean Harbors Inc. | 67,410 | 3,327 | |||||||
* | Aerojet Rocketdyne Holdings Inc. | 92,092 | 3,244 | |||||||
* | Rexnord Corp. | 141,113 | 3,239 | |||||||
* | Axon Enterprise Inc. | 73,888 | 3,233 | |||||||
* | Integer Holdings Corp. | 41,916 | 3,197 | |||||||
Valmont Industries Inc. | 28,141 | 3,122 | ||||||||
Vishay Intertechnology Inc. | 171,577 | 3,090 | ||||||||
Korn/Ferry International | 78,014 | 3,085 | ||||||||
* | Cimpress NV | 29,164 | 3,016 | |||||||
John Bean Technologies Corp. | 41,896 | 3,009 | ||||||||
* | SiteOne Landscape Supply Inc. | 53,831 | 2,975 | |||||||
UniFirst Corp. | 20,581 | 2,945 | ||||||||
* | Beacon Roofing Supply Inc. | 92,126 | 2,922 | |||||||
Simpson Manufacturing Co. Inc. | 53,726 | 2,908 | ||||||||
* | WESCO International Inc. | 60,324 | 2,896 | |||||||
* | Mercury Systems Inc. | 61,018 | 2,886 | |||||||
ABM Industries Inc. | 88,835 | 2,852 | ||||||||
Terex Corp. | 101,665 | 2,803 | ||||||||
Applied Industrial Technologies Inc. | 51,577 | 2,782 | ||||||||
KBR Inc. | 181,905 | 2,761 | ||||||||
Brady Corp. Class A | 63,271 | 2,750 | ||||||||
* | Novanta Inc. | 43,170 | 2,720 | |||||||
Otter Tail Corp. | 53,470 | 2,654 | ||||||||
* | II-VI Inc. | 78,869 | 2,560 |
36 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Conduent Inc. | 239,502 | 2,546 | |||||||
Albany International Corp. | 39,996 | 2,497 | ||||||||
Granite Construction Inc. | 61,929 | 2,495 | ||||||||
* | Rogers Corp. | 25,005 | 2,477 | |||||||
* | Paylocity Holding Corp. | 41,097 | 2,474 | |||||||
Silgan Holdings Inc. | 104,211 | 2,461 | ||||||||
* | Imperva Inc. | 43,571 | 2,426 | |||||||
* | Fabrinet | 46,381 | 2,380 | |||||||
Deluxe Corp. | 61,584 | 2,367 | ||||||||
* | TriNet Group Inc. | 55,527 | 2,329 | |||||||
Watts Water Technologies Inc. Class A | 35,728 | 2,306 | ||||||||
Franklin Electric Co. Inc. | 52,760 | 2,262 | ||||||||
* | Advanced Disposal Services Inc. | 93,228 | 2,232 | |||||||
* | Plexus Corp. | 43,294 | 2,211 | |||||||
* | ExlService Holdings Inc. | 42,015 | 2,211 | |||||||
EVERTEC Inc. | 76,907 | 2,207 | ||||||||
ESCO Technologies Inc. | 33,246 | 2,193 | ||||||||
Belden Inc. | 52,420 | 2,190 | ||||||||
* | Harsco Corp. | 109,728 | 2,179 | |||||||
Kaman Corp. | 38,539 | 2,162 | ||||||||
Triton International Ltd. | 69,115 | 2,147 | ||||||||
Covanta Holding Corp. | 158,858 | 2,132 | ||||||||
Forward Air Corp. | 38,541 | 2,114 | ||||||||
Comfort Systems USA Inc. | 48,151 | 2,103 | ||||||||
* | Dycom Industries Inc. | 38,867 | 2,100 | |||||||
* | Colfax Corp. | 99,974 | 2,089 | |||||||
Altra Industrial Motion Corp. | 82,809 | 2,083 | ||||||||
* | Anixter International Inc. | 38,115 | 2,070 | |||||||
* | TopBuild Corp. | 45,890 | 2,065 | |||||||
* | Sanmina Corp. | 85,643 | 2,061 | |||||||
* | Itron Inc. | 43,545 | 2,059 | |||||||
Cubic Corp. | 37,996 | 2,042 | ||||||||
* | Aerovironment Inc. | 29,154 | 1,981 | |||||||
Universal Forest Products Inc. | 75,294 | 1,955 | ||||||||
* | MINDBODY Inc. Class A | 52,721 | 1,919 | |||||||
Badger Meter Inc. | 38,628 | 1,901 | ||||||||
Mobile Mini Inc. | 58,879 | 1,869 | ||||||||
* | Saia Inc. | 33,419 | 1,865 | |||||||
Mueller Water Products Inc. Class A | 203,050 | 1,848 | ||||||||
AAON Inc. | 52,106 | 1,827 | ||||||||
US Ecology Inc. | 28,902 | 1,820 | ||||||||
Matson Inc. | 56,562 | 1,811 | ||||||||
World Fuel Services Corp. | 84,417 | 1,807 | ||||||||
Werner Enterprises Inc. | 60,659 | 1,792 | ||||||||
ManTech International Corp. Class A | 34,173 | 1,787 | ||||||||
* | Summit Materials Inc. Class A | 142,180 | 1,763 | |||||||
Actuant Corp. Class A | 83,738 | 1,758 | ||||||||
Greenbrier Cos. Inc. | 43,917 | 1,736 | ||||||||
Raven Industries Inc. | 47,721 | 1,727 | ||||||||
Mueller Industries Inc. | 73,447 | 1,716 | ||||||||
* | SPX FLOW Inc. | 56,357 | 1,714 | |||||||
* | Evolent Health Inc. Class A | 85,698 | 1,710 | |||||||
Schneider National Inc. Class B | 90,786 | 1,695 | ||||||||
* | Air Transport Services Group Inc. | 74,058 | 1,689 | |||||||
Rush Enterprises Inc. Class A | 48,444 | 1,670 | ||||||||
* | Navistar International Corp. | 64,233 | 1,667 | |||||||
EnPro Industries Inc. | 27,487 | 1,652 | ||||||||
* | Kratos Defense & Security Solutions Inc. | 116,636 | 1,643 | |||||||
* | Masonite International Corp. | 36,551 | 1,639 | |||||||
* | TriMas Corp. | 59,977 | 1,637 | |||||||
* | OSI Systems Inc. | 22,291 | 1,634 | |||||||
* | SPX Corp. | 58,176 | 1,630 | |||||||
AAR Corp. | 43,322 | 1,618 | ||||||||
* | Builders FirstSource Inc. | 147,219 | 1,606 | |||||||
* | Huron Consulting Group Inc. | 31,074 | 1,594 | |||||||
* | Knowles Corp. | 119,099 | 1,585 | |||||||
Greif Inc. Class A | 42,231 | 1,567 | ||||||||
Federal Signal Corp. | 78,345 | 1,559 | ||||||||
* | Hub Group Inc. Class A | 42,034 | 1,558 | |||||||
McGrath RentCorp | 30,264 | 1,558 | ||||||||
* | Casella Waste Systems Inc. Class A | 52,596 | 1,498 | |||||||
ICF International Inc. | 23,113 | 1,497 | ||||||||
* | Ambarella Inc. | 42,282 | 1,479 | |||||||
* | Gibraltar Industries Inc. | 41,375 | 1,473 | |||||||
HEICO Corp. | 18,953 | 1,468 | ||||||||
* | Pluralsight Inc. Class A | 60,937 | 1,435 | |||||||
* | Verra Mobility Corp. | 146,148 | 1,426 | |||||||
* | CBIZ Inc. | 72,068 | 1,420 | |||||||
AZZ Inc. | 34,619 | 1,397 | ||||||||
Navigant Consulting Inc. | 56,992 | 1,371 | ||||||||
Lindsay Corp. | 14,121 | 1,359 | ||||||||
Benchmark Electronics Inc. | 63,478 | 1,344 | ||||||||
* | Sykes Enterprises Inc. | 53,595 | 1,325 | |||||||
* | BMC Stock Holdings Inc. | 84,916 | 1,314 | |||||||
Encore Wire Corp. | 25,956 | 1,302 | ||||||||
* | Atlas Air Worldwide Holdings Inc. | 30,738 | 1,297 | |||||||
*,^ | Inovalon Holdings Inc. Class A | 91,431 | 1,296 | |||||||
* | Electro Scientific Industries Inc. | 43,242 | 1,296 |
37 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Sun Hydraulics Corp. | 39,015 | 1,295 | ||||||||
* | JELD-WEN Holding Inc. | 89,762 | 1,276 | |||||||
* | Cardtronics plc Class A | 48,965 | 1,273 | |||||||
Aircastle Ltd. | 72,380 | 1,248 | ||||||||
Boise Cascade Co. | 51,819 | 1,236 | ||||||||
* | Atkore International Group Inc. | 61,270 | 1,216 | |||||||
* | Continental Building Products Inc. | 47,106 | 1,199 | |||||||
KEMET Corp. | 67,810 | 1,189 | ||||||||
Tennant Co. | 22,772 | 1,187 | ||||||||
Advanced Drainage Systems Inc. | 48,772 | 1,183 | ||||||||
* | TrueBlue Inc. | 52,947 | 1,178 | |||||||
Kadant Inc. | 14,327 | 1,167 | ||||||||
* | TTM Technologies Inc. | 119,138 | 1,159 | |||||||
Primoris Services Corp. | 59,842 | 1,145 | ||||||||
Standex International Corp. | 16,953 | 1,139 | ||||||||
* | PGT Innovations Inc. | 71,284 | 1,130 | |||||||
* | Milacron Holdings Corp. | 93,894 | 1,116 | |||||||
ArcBest Corp. | 32,326 | 1,107 | ||||||||
Methode Electronics Inc. | 46,395 | 1,081 | ||||||||
* | NCI Building Systems Inc. | 148,817 | 1,079 | |||||||
Heartland Express Inc. | 58,893 | 1,078 | ||||||||
Apogee Enterprises Inc. | 35,714 | 1,066 | ||||||||
CTS Corp. | 40,438 | 1,047 | ||||||||
* | Installed Building Products Inc. | 30,871 | 1,040 | |||||||
AVX Corp. | 68,107 | 1,039 | ||||||||
Douglas Dynamics Inc. | 28,609 | 1,027 | ||||||||
GrafTech International Ltd. | 88,550 | 1,013 | ||||||||
Maxar Technologies Ltd. | 83,172 | 995 | ||||||||
Mesa Laboratories Inc. | 4,736 | 987 | ||||||||
* | Astronics Corp. | 32,200 | 980 | |||||||
* | Vicor Corp. | 25,691 | 971 | |||||||
Cass Information Systems Inc. | 17,860 | 945 | ||||||||
Kforce Inc. | 30,410 | 940 | ||||||||
Alamo Group Inc. | 11,999 | 928 | ||||||||
Wabash National Corp. | 70,505 | 922 | ||||||||
MTS Systems Corp. | 22,815 | 916 | ||||||||
^ | ADT Inc. | 151,977 | 913 | |||||||
Gorman-Rupp Co. | 28,163 | 913 | ||||||||
* | FARO Technologies Inc. | 21,877 | 889 | |||||||
* | MACOM Technology Solutions Holdings Inc. | 60,820 | 882 | |||||||
* | Patrick Industries Inc. | 29,316 | 868 | |||||||
* | Thermon Group Holdings Inc. | 42,089 | 854 | |||||||
Kelly Services Inc. Class A | 41,311 | 846 | ||||||||
Columbus McKinnon Corp. | 28,041 | 845 | ||||||||
H&E Equipment Services Inc. | 41,266 | 843 | ||||||||
* | Tutor Perini Corp. | 52,707 | 842 | |||||||
* | Echo Global Logistics Inc. | 41,022 | 834 | |||||||
Astec Industries Inc. | 26,949 | 814 | ||||||||
* | Evo Payments Inc. Class A | 32,841 | 810 | |||||||
Marten Transport Ltd. | 49,798 | 806 | ||||||||
* | SEACOR Holdings Inc. | 21,252 | 786 | |||||||
* | NV5 Global Inc. | 12,984 | 786 | |||||||
Argan Inc. | 20,183 | 764 | ||||||||
* | US Concrete Inc. | 21,429 | 756 | |||||||
* | Gates Industrial Corp. plc | 56,993 | 755 | |||||||
Hyster-Yale Materials Handling Inc. | 12,148 | 753 | ||||||||
Heidrick & Struggles International Inc. | 23,574 | 735 | ||||||||
Global Brass & Copper Holdings Inc. | 28,424 | 715 | ||||||||
Triumph Group Inc. | 61,284 | 705 | ||||||||
* | Manitowoc Co. Inc. | 47,499 | 702 | |||||||
Myers Industries Inc. | 45,438 | 687 | ||||||||
* | GreenSky Inc. Class A | 71,603 | 685 | |||||||
Briggs & Stratton Corp. | 52,278 | 684 | ||||||||
DMC Global Inc. | 19,191 | 674 | ||||||||
* | Aegion Corp. Class A | 41,219 | 673 | |||||||
* | Engility Holdings Inc. | 23,535 | 670 | |||||||
Ennis Inc. | 34,757 | 669 | ||||||||
Kimball International Inc. Class B | 46,939 | 666 | ||||||||
* | GMS Inc. | 44,275 | 658 | |||||||
Multi-Color Corp. | 18,523 | 650 | ||||||||
Quanex Building Products Corp. | 46,860 | 637 | ||||||||
* | CAI International Inc. | 26,310 | 611 | |||||||
* | Donnelley Financial Solutions Inc. | 42,518 | 597 | |||||||
NVE Corp. | 6,799 | 595 | ||||||||
Insteel Industries Inc. | 24,016 | 583 | ||||||||
* | Control4 Corp. | 32,870 | 579 | |||||||
Resources Connection Inc. | 40,620 | 577 | ||||||||
* | Wesco Aircraft Holdings Inc. | 72,166 | 570 | |||||||
*,^ | Team Inc. | 38,772 | 568 | |||||||
* | MYR Group Inc. | 20,155 | 568 | |||||||
National Research Corp. | 14,853 | 566 | ||||||||
* | DXP Enterprises Inc. | 20,343 | 566 | |||||||
* | CIRCOR International Inc. | 26,187 | 558 | |||||||
* | Ducommun Inc. | 15,280 | 555 | |||||||
Essendant Inc. | 42,895 | 540 | ||||||||
Barrett Business Services Inc. | 9,351 | 535 | ||||||||
* | Heritage-Crystal Clean Inc. | 22,721 | 523 |
38 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
TTEC Holdings Inc. | 18,216 | 520 | ||||||||
Griffon Corp. | 49,703 | 519 | ||||||||
* | Kimball Electronics Inc. | 32,644 | 506 | |||||||
* | International Seaways Inc. | 29,566 | 498 | |||||||
Quad/Graphics Inc. | 40,391 | 498 | ||||||||
* | Great Lakes Dredge & Dock Corp. | 75,082 | 497 | |||||||
* | Everi Holdings Inc. | 95,359 | 491 | |||||||
Allied Motion Technologies Inc. | 10,888 | 487 | ||||||||
Park Electrochemical Corp. | 26,106 | 472 | ||||||||
* | Willdan Group Inc. | 13,352 | 467 | |||||||
* | Veeco Instruments Inc. | 63,015 | 467 | |||||||
* | Landec Corp. | 36,782 | 435 | |||||||
* | Vishay Precision Group Inc. | 14,088 | 426 | |||||||
* | Lydall Inc. | 20,717 | 421 | |||||||
* | Eagle Bulk Shipping Inc. | 90,422 | 417 | |||||||
CRA International Inc. | 9,730 | 414 | ||||||||
Miller Industries Inc. | 14,902 | 402 | ||||||||
Crawford & Co. Class B | 42,832 | 385 | ||||||||
* | Livent Corp. | 27,800 | 384 | |||||||
*,^ | CryoPort Inc. | 33,965 | 375 | |||||||
VSE Corp. | 12,337 | 369 | ||||||||
* | Blue Bird Corp. | 20,284 | 369 | |||||||
* | Sterling Construction Co. Inc. | 32,777 | 357 | |||||||
NN Inc. | 52,200 | 350 | ||||||||
* | Cross Country Healthcare Inc. | 47,406 | 347 | |||||||
B. Riley Financial Inc. | 24,031 | 341 | ||||||||
Daktronics Inc. | 45,183 | 334 | ||||||||
* | Mistras Group Inc. | 22,934 | 330 | |||||||
RR Donnelley & Sons Co. | 82,974 | 329 | ||||||||
Park-Ohio Holdings Corp. | 10,693 | 328 | ||||||||
* | Northwest Pipe Co. | 13,840 | 322 | |||||||
* | Nuvectra Corp. | 19,706 | 322 | |||||||
*,^ | Energy Recovery Inc. | 47,544 | 320 | |||||||
* | Armstrong Flooring Inc. | 26,846 | 318 | |||||||
Graham Corp. | 13,821 | 316 | ||||||||
Spartan Motors Inc. | 43,567 | 315 | ||||||||
* | Franklin Covey Co. | 13,741 | 307 | |||||||
* | Covenant Transportation Group Inc. Class A | 15,743 | 302 | |||||||
REV Group Inc. | 39,279 | 295 | ||||||||
LSC Communications Inc. | 41,783 | 292 | ||||||||
* | CECO Environmental Corp. | 43,080 | 291 | |||||||
Hurco Cos. Inc. | 7,684 | 274 | ||||||||
BG Staffing Inc. | 13,089 | 270 | ||||||||
Powell Industries Inc. | 10,693 | 267 | ||||||||
* | IntriCon Corp. | 10,120 | 267 | |||||||
Omega Flex Inc. | 4,874 | 264 | ||||||||
* | BlueLinx Holdings Inc. | 10,357 | 256 | |||||||
* | PRGX Global Inc. | 26,537 | 251 | |||||||
* | Sparton Corp. | 13,609 | 248 | |||||||
* | UFP Technologies Inc. | 7,991 | 240 | |||||||
Advanced Emissions Solutions Inc. | 22,693 | 239 | ||||||||
* | OptimizeRx Corp. | 21,568 | 237 | |||||||
Bel Fuse Inc. Class B | 12,784 | 235 | ||||||||
^ | EVI Industries Inc. | 7,015 | 234 | |||||||
* | GP Strategies Corp. | 18,445 | 233 | |||||||
* | Era Group Inc. | 26,281 | 230 | |||||||
* | Information Services Group Inc. | 52,556 | 223 | |||||||
* | InnerWorkings Inc. | 57,943 | 217 | |||||||
Universal Logistics Holdings Inc. | 11,966 | 216 | ||||||||
* | ShotSpotter Inc. | 6,937 | 216 | |||||||
* | Twin Disc Inc. | 14,489 | 214 | |||||||
* | Napco Security Technologies Inc. | 13,003 | 205 | |||||||
United States Lime & Minerals Inc. | 2,772 | 197 | ||||||||
* | Willis Lease Finance Corp. | 5,611 | 194 | |||||||
* | IES Holdings Inc. | 12,444 | 194 | |||||||
*,^ | Turtle Beach Corp. | 13,457 | 192 | |||||||
* | CyberOptics Corp. | 10,865 | 192 | |||||||
* | Commercial Vehicle Group Inc. | 32,782 | 187 | |||||||
* | Lawson Products Inc. | 5,840 | 185 | |||||||
NACCO Industries Inc. Class A | 5,414 | 184 | ||||||||
* | Radiant Logistics Inc. | 42,943 | 183 | |||||||
* | Daseke Inc. | 48,612 | 179 | |||||||
* | LB Foster Co. Class A | 10,821 | 172 | |||||||
*,^ | Energous Corp. | 28,873 | 167 | |||||||
* | Overseas Shipholding Group Inc. Class A | 98,988 | 164 | |||||||
* | Acacia Research Corp. | 53,671 | 160 | |||||||
* | Orion Group Holdings Inc. | 37,214 | 160 | |||||||
* | 3PEA International Inc. | 43,144 | 152 | |||||||
* | Foundation Building Materials Inc. | 17,996 | 150 | |||||||
* | Gencor Industries Inc. | 13,358 | 147 | |||||||
Eastern Co. | 5,925 | 143 | ||||||||
* | Cardlytics Inc. | 12,846 | 139 | |||||||
* | Transcat Inc. | 7,308 | 139 | |||||||
* | US Xpress Enterprises Inc. Class A | 24,081 | 135 | |||||||
* | Intevac Inc. | 25,788 | 135 | |||||||
Richardson Electronics Ltd. | 15,379 | 134 | ||||||||
Global Water Resources Inc. | 13,084 | 133 | ||||||||
* | PAM Transportation Services Inc. | 3,307 | 130 | |||||||
* | Iteris Inc. | 34,939 | 130 |
39 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Universal Technical Institute Inc. | 35,652 | 130 | |||||||
* | YRC Worldwide Inc. | 40,995 | 129 | |||||||
* | Perceptron Inc. | 15,787 | 127 | |||||||
* | Construction Partners Inc. Class A | 14,272 | 126 | |||||||
* | General Finance Corp. | 12,254 | 124 | |||||||
* | Ultralife Corp. | 18,241 | 123 | |||||||
* | PFSweb Inc. | 23,956 | 123 | |||||||
* | FreightCar America Inc. | 17,784 | 119 | |||||||
* | USA Truck Inc. | 7,669 | 115 | |||||||
LSI Industries Inc. | 34,737 | 110 | ||||||||
* | ServiceSource International Inc. | 96,518 | 104 | |||||||
*,^ | Maxwell Technologies Inc. | 49,056 | 102 | |||||||
* | Houston Wire & Cable Co. | 19,943 | 101 | |||||||
* | Luna Innovations Inc. | 30,072 | 101 | |||||||
* | Manitex International Inc. | 17,289 | 98 | |||||||
* | StarTek Inc. | 13,737 | 91 | |||||||
* | Arotech Corp. | 34,490 | 90 | |||||||
* | Lincoln Educational Services Corp. | 27,081 | 87 | |||||||
* | ARC Document Solutions Inc. | 41,831 | 86 | |||||||
*,^ | Forterra Inc. | 22,035 | 83 | |||||||
RF Industries Ltd. | 11,313 | 82 | ||||||||
* | Goldfield Corp. | 35,662 | 81 | |||||||
*,^ | ExOne Co. | 11,835 | 78 | |||||||
* | Frequency Electronics Inc. | 7,273 | 77 | |||||||
AMCON Distributing Co. | 746 | 74 | ||||||||
* | Babcock & Wilcox Enterprises Inc. | 188,915 | 74 | |||||||
* | DHI Group Inc. | 47,858 | 73 | |||||||
* | Aspen Aerogels Inc. | 29,879 | 64 | |||||||
* | IEC Electronics Corp. | 10,877 | 62 | |||||||
*,^ | MicroVision Inc. | 101,759 | 61 | |||||||
* | Asure Software Inc. | 11,989 | 61 | |||||||
* | Huttig Building Products Inc. | 33,725 | 61 | |||||||
* | Fuel Tech Inc. | 50,871 | 61 | |||||||
* | Patriot Transportation Holding Inc. | 3,098 | 60 | |||||||
* | Sharps Compliance Corp. | 18,041 | 59 | |||||||
*,^ | UQM Technologies Inc. | 68,203 | 58 | |||||||
* | Innovative Solutions & Support Inc. | 25,899 | 57 | |||||||
* | CUI Global Inc. | 45,240 | 56 | |||||||
* | Hudson Global Inc. | 39,849 | 54 | |||||||
* | CPI Aerostructures Inc. | 8,092 | 52 | |||||||
* | Air T Inc. | 2,094 | 51 | |||||||
* | LightPath Technologies Inc. Class A | 34,048 | 51 | |||||||
Steel Connect Inc. | 28,541 | 49 | ||||||||
* | Perma-Pipe International Holdings Inc. | 5,595 | 49 | |||||||
Issuer Direct Corp. | 4,075 | 46 | ||||||||
*,^ | Aqua Metals Inc. | 24,498 | 45 | |||||||
* | Broadwind Energy Inc. | 31,113 | 40 | |||||||
* | Hudson Technologies Inc. | 43,220 | 38 | |||||||
* | Horizon Global Corp. | 26,846 | 38 | |||||||
* | Capstone Turbine Corp. | 63,915 | 38 | |||||||
* | Tecogen Inc. | 10,401 | 38 | |||||||
* | eMagin Corp. | 33,365 | 34 | |||||||
* | Perma-Fix Environmental Services | 12,584 | 30 | |||||||
* | Black Box Corp. | 24,600 | 27 | |||||||
*,^ | Roadrunner Transportation Systems Inc. | 49,746 | 25 | |||||||
Greif Inc. Class B | 549 | 24 | ||||||||
*,^ | Odyssey Marine Exploration Inc. | 6,843 | 23 | |||||||
* | Ballantyne Strong Inc. | 19,745 | 23 | |||||||
*,^ | Applied DNA Sciences Inc. | 56,734 | 23 | |||||||
* | AeroCentury Corp. | 2,175 | 21 | |||||||
*,^ | Workhorse Group Inc. | 37,915 | 20 | |||||||
Bel Fuse Inc. Class A | 1,376 | 19 | ||||||||
*,^ | ClearSign Combustion Corp. | 14,690 | 15 | |||||||
* | Vertex Energy Inc. | 13,153 | 13 | |||||||
* | Wireless Telecom Group Inc. | 5,529 | 10 | |||||||
* | Digital Ally Inc. | 3,600 | 10 | |||||||
* | Limbach Holdings Inc. | 2,287 | 8 | |||||||
*,^ | Revolution Lighting Technologies Inc. | 19,975 | 8 | |||||||
* | Orion Energy Systems Inc. | 13,441 | 8 | |||||||
* | ASV Holdings Inc. | 3,312 | 7 | |||||||
* | Research Frontiers Inc. | 4,224 | 7 | |||||||
* | Industrial Services of America Inc. | 5,080 | 6 | |||||||
* | Air Industries Group | 7,737 | 6 | |||||||
Ecology and Environment Inc. | 450 | 5 | ||||||||
* | Synthesis Energy Systems Inc. | 6,983 | 5 | |||||||
Espey Manufacturing & Electronics Corp. | 201 | 5 | ||||||||
* | Rubicon Technology Inc. | 609 | 5 | |||||||
* | Taylor Devices Inc. | 229 | 3 | |||||||
* | Volt Information Sciences Inc. | 694 | 1 | |||||||
* | SigmaTron International Inc. | 601 | 1 | |||||||
* | Sypris Solutions Inc. | 1,594 | 1 | |||||||
* | Energy Focus Inc. | 1,890 | 1 | |||||||
*,^ | DPW Holdings Inc. | 11,100 | 1 |
40 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | AMREP Corp. | 170 | 1 | |||||||
Chicago Rivet & Machine Co. | 28 | 1 | ||||||||
4,346,327 | ||||||||||
Oil & Gas (5.0%) | ||||||||||
Exxon Mobil Corp. | 5,667,070 | 386,437 | ||||||||
Chevron Corp. | 2,557,168 | 278,194 | ||||||||
ConocoPhillips | 1,536,808 | 95,820 | ||||||||
EOG Resources Inc. | 778,942 | 67,932 | ||||||||
Schlumberger Ltd. | 1,860,341 | 67,121 | ||||||||
Occidental Petroleum Corp. | 1,013,001 | 62,178 | ||||||||
Marathon Petroleum Corp. | 924,843 | 54,575 | ||||||||
Phillips 66 | 585,070 | 50,404 | ||||||||
Valero Energy Corp. | 567,005 | 42,508 | ||||||||
Kinder Morgan Inc. | 2,516,625 | 38,706 | ||||||||
Williams Cos. Inc. | 1,622,304 | 35,772 | ||||||||
Pioneer Natural Resources Co. | 229,373 | 30,167 | ||||||||
Anadarko Petroleum Corp. | 679,581 | 29,793 | ||||||||
Halliburton Co. | 1,118,106 | 29,719 | ||||||||
ONEOK Inc. | 550,800 | 29,716 | ||||||||
* | Concho Resources Inc. | 269,694 | 27,722 | |||||||
Diamondback Energy Inc. | 220,999 | 20,487 | ||||||||
* | Cheniere Energy Inc. | 312,248 | 18,482 | |||||||
Marathon Oil Corp. | 1,135,318 | 16,280 | ||||||||
Hess Corp. | 388,048 | 15,716 | ||||||||
Baker Hughes a GE Co. Class A | 690,209 | 14,839 | ||||||||
Devon Energy Corp. | 609,539 | 13,739 | ||||||||
Apache Corp. | 516,638 | 13,562 | ||||||||
National Oilwell Varco Inc. | 521,657 | 13,407 | ||||||||
Cabot Oil & Gas Corp. | 580,897 | 12,983 | ||||||||
Noble Energy Inc. | 655,609 | 12,299 | ||||||||
HollyFrontier Corp. | 230,229 | 11,769 | ||||||||
Targa Resources Corp. | 315,952 | 11,381 | ||||||||
OGE Energy Corp. | 263,504 | 10,327 | ||||||||
Cimarex Energy Co. | 126,253 | 7,783 | ||||||||
Helmerich & Payne Inc. | 136,886 | 6,562 | ||||||||
EQT Corp. | 340,521 | 6,432 | ||||||||
* | WPX Energy Inc. | 555,530 | 6,305 | |||||||
* | Parsley Energy Inc. Class A | 350,993 | 5,609 | |||||||
* | Equitrans Midstream Corp. | 268,872 | 5,383 | |||||||
* | Transocean Ltd. | 740,756 | 5,141 | |||||||
* | Continental Resources Inc. | 126,712 | 5,093 | |||||||
Murphy Oil Corp. | 215,896 | 5,050 | ||||||||
PBF Energy Inc. Class A | 152,815 | 4,992 | ||||||||
* | First Solar Inc. | 97,716 | 4,149 | |||||||
* | Newfield Exploration Co. | 268,950 | 3,943 | |||||||
Delek US Holdings Inc. | 110,198 | 3,583 | ||||||||
Core Laboratories NV | 58,715 | 3,503 | ||||||||
Range Resources Corp. | 325,831 | 3,118 | ||||||||
* | Antero Resources Corp. | 329,020 | 3,089 | |||||||
Patterson-UTI Energy Inc. | 273,406 | 2,830 | ||||||||
* | Apergy Corp. | 101,243 | 2,742 | |||||||
* | Chart Industries Inc. | 42,042 | 2,734 | |||||||
* | Whiting Petroleum Corp. | 118,044 | 2,678 | |||||||
* | Centennial Resource Development Inc. Class A | 239,303 | 2,637 | |||||||
* | Southwestern Energy Co. | 765,660 | 2,611 | |||||||
* | PDC Energy Inc. | 85,159 | 2,534 | |||||||
*,^ | Chesapeake Energy Corp. | 1,170,470 | 2,458 | |||||||
* | Oasis Petroleum Inc. | 409,857 | 2,266 | |||||||
SM Energy Co. | 145,719 | 2,256 | ||||||||
* | Matador Resources Co. | 136,197 | 2,115 | |||||||
* | CNX Resources Corp. | 181,656 | 2,074 | |||||||
^ | Ensco plc Class A | 575,992 | 2,051 | |||||||
* | Callon Petroleum Co. | 294,563 | 1,912 | |||||||
* | Dril-Quip Inc. | 59,891 | 1,799 | |||||||
* | QEP Resources Inc. | 307,360 | 1,730 | |||||||
* | NOW Inc. | 139,715 | 1,626 | |||||||
* | Oceaneering International Inc. | 127,106 | 1,538 | |||||||
* | Arcosa Inc. | 54,067 | 1,497 | |||||||
CVR Energy Inc. | 43,088 | 1,486 | ||||||||
* | SRC Energy Inc. | 315,476 | 1,483 | |||||||
* | MRC Global Inc. | 121,012 | 1,480 | |||||||
McDermott International Inc. | 221,980 | 1,452 | ||||||||
* | Magnolia Oil & Gas Corp. | 127,161 | 1,425 | |||||||
SemGroup Corp. Class A | 100,478 | 1,385 | ||||||||
* | Rowan Cos. plc Class A | 164,627 | 1,381 | |||||||
* | ProPetro Holding Corp. | 109,148 | 1,345 | |||||||
* | Cactus Inc. Class A | 47,960 | 1,315 | |||||||
Archrock Inc. | 169,341 | 1,268 | ||||||||
* | Gulfport Energy Corp. | 188,227 | 1,233 | |||||||
* | Carrizo Oil & Gas Inc. | 107,606 | 1,215 | |||||||
* | Renewable Energy Group Inc. | 44,986 | 1,156 | |||||||
* | C&J Energy Services Inc. | 78,504 | 1,060 | |||||||
* | Denbury Resources Inc. | 598,737 | 1,024 | |||||||
* | Helix Energy Solutions Group Inc. | 184,745 | 999 | |||||||
* | Northern Oil and Gas Inc. | 436,787 | 987 | |||||||
* | Oil States International Inc. | 68,965 | 985 | |||||||
* | California Resources Corp. | 55,345 | 943 | |||||||
* | Unit Corp. | 65,238 | 932 | |||||||
* | Penn Virginia Corp. | 16,554 | 895 | |||||||
*,^ | Tellurian Inc. | 127,289 | 885 |
41 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Nabors Industries Ltd. | 439,751 | 879 | ||||||||
* | TPI Composites Inc. | 33,771 | 830 | |||||||
* | Noble Corp. plc | 316,009 | 828 | |||||||
* | Exterran Corp. | 46,615 | 825 | |||||||
* | Laredo Petroleum Inc. | 223,638 | 810 | |||||||
* | Tidewater Inc. | 40,783 | 780 | |||||||
* | Newpark Resources Inc. | 110,911 | 762 | |||||||
*,^ | Diamond Offshore Drilling Inc. | 79,654 | 752 | |||||||
^ | RPC Inc. | 72,804 | 719 | |||||||
* | Weatherford International plc | 1,279,000 | 715 | |||||||
* | WildHorse Resource Development Corp. | 49,746 | 702 | |||||||
* | Superior Energy Services Inc. | 204,939 | 687 | |||||||
Green Plains Inc. | 51,095 | 670 | ||||||||
* | Extraction Oil & Gas Inc. | 152,129 | 653 | |||||||
* | Jagged Peak Energy Inc. | 70,091 | 639 | |||||||
* | Resolute Energy Corp. | 21,793 | 632 | |||||||
* | KLX Energy Services Holdings Inc. | 26,382 | 619 | |||||||
* | Par Pacific Holdings Inc. | 40,677 | 577 | |||||||
* | Matrix Service Co. | 31,851 | 571 | |||||||
^ | Liberty Oilfield Services Inc. Class A | 43,003 | 557 | |||||||
*,^ | Enphase Energy Inc. | 116,548 | 551 | |||||||
* | REX American Resources Corp. | 7,367 | 502 | |||||||
* | Bonanza Creek Energy Inc. | 23,167 | 479 | |||||||
* | W&T Offshore Inc. | 114,266 | 471 | |||||||
* | Keane Group Inc. | 57,354 | 469 | |||||||
* | Select Energy Services Inc. Class A | 74,064 | 468 | |||||||
* | Nine Energy Service Inc. | 20,403 | 460 | |||||||
* | Forum Energy Technologies Inc. | 109,759 | 453 | |||||||
* | Roan Resources Inc. | 52,334 | 439 | |||||||
*,^ | SunPower Corp. Class A | 86,309 | 429 | |||||||
Solaris Oilfield Infrastructure Inc. Class A | 34,387 | 416 | ||||||||
* | Talos Energy Inc. | 25,348 | 414 | |||||||
* | Ameresco Inc. Class A | 28,631 | 404 | |||||||
Falcon Minerals Corp. | 45,651 | 388 | ||||||||
* | Ring Energy Inc. | 74,978 | 381 | |||||||
*,^ | Plug Power Inc. | 298,659 | 370 | |||||||
* | HighPoint Resources Corp. | 141,690 | 353 | |||||||
* | FTS International Inc. | 49,145 | 349 | |||||||
* | Legacy Reserves Inc. | 224,554 | 346 | |||||||
* | SandRidge Energy Inc. | 43,574 | 332 | |||||||
Mammoth Energy Services Inc. | 18,291 | 329 | ||||||||
*,^ | Halcon Resources Corp. | 191,302 | 325 | |||||||
* | SEACOR Marine Holdings Inc. | 25,725 | 302 | |||||||
Panhandle Oil and Gas Inc. Class A | 18,872 | 292 | ||||||||
*,^ | American Superconductor Corp. | 24,464 | 273 | |||||||
* | TETRA Technologies Inc. | 160,278 | 269 | |||||||
* | Green Brick Partners Inc. | 36,354 | 263 | |||||||
* | Abraxas Petroleum Corp. | 226,495 | 247 | |||||||
* | Natural Gas Services Group Inc. | 14,793 | 243 | |||||||
Evolution Petroleum Corp. | 34,236 | 233 | ||||||||
* | Midstates Petroleum Co. Inc. | 27,497 | 206 | |||||||
* | Trecora Resources | 25,502 | 199 | |||||||
* | Goodrich Petroleum Corp. | 14,690 | 198 | |||||||
* | SilverBow Resources Inc. | 8,359 | 198 | |||||||
* | Ultra Petroleum Corp. | 249,859 | 190 | |||||||
* | Independence Contract Drilling Inc. | 54,573 | 170 | |||||||
*,^ | Covia Holdings Corp. | 46,626 | 159 | |||||||
* | Chaparral Energy Inc. Class A | 32,241 | 159 | |||||||
* | Geospace Technologies Corp. | 15,385 | 159 | |||||||
Berry Petroleum Corp. | 16,419 | 144 | ||||||||
*,^ | Eclipse Resources Corp. | 124,752 | 131 | |||||||
* | Isramco Inc. | 1,053 | 125 | |||||||
* | Altus Midstream Co. Class A | 14,844 | 115 | |||||||
* | Basic Energy Services Inc. | 29,018 | 111 | |||||||
* | Pioneer Energy Services Corp. | 90,453 | 111 | |||||||
* | Gulf Island Fabrication Inc. | 14,914 | 108 | |||||||
*,^ | Bristow Group Inc. | 43,408 | 105 | |||||||
* | Earthstone Energy Inc. Class A | 23,011 | 104 | |||||||
*,^ | Alta Mesa Resources Inc. Class A | 103,408 | 103 | |||||||
* | Dawson Geophysical Co. | 29,862 | 101 | |||||||
* | Contango Oil & Gas Co. | 30,210 | 98 | |||||||
*,^ | CARBO Ceramics Inc. | 24,842 | 86 | |||||||
* | VAALCO Energy Inc. | 58,039 | 85 | |||||||
* | NCS Multistage Holdings Inc. | 16,701 | 85 | |||||||
Adams Resources & Energy Inc. | 2,078 | 80 | ||||||||
* | Rosehill Resources Inc. Class A | 31,842 | 71 |
42 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Hornbeck Offshore Services Inc. | 48,944 | 70 | |||||||
* | Flotek Industries Inc. | 64,587 | 70 | |||||||
* | Lilis Energy Inc. | 49,026 | 67 | |||||||
* | ION Geophysical Corp. | 12,891 | 67 | |||||||
* | Lonestar Resources US Inc. Class A | 17,103 | 62 | |||||||
* | Infrastructure and Energy Alternatives Inc. | 7,296 | 60 | |||||||
*,^ | Approach Resources Inc. | 63,353 | 55 | |||||||
*,^ | Smart Sand Inc. | 24,644 | 55 | |||||||
* | Quintana Energy Services Inc. | 15,295 | 53 | |||||||
* | Ranger Energy Services Inc. | 10,210 | 53 | |||||||
* | Comstock Resources Inc. | 11,155 | 51 | |||||||
* | Pacific Ethanol Inc. | 56,982 | 49 | |||||||
*,^ | FuelCell Energy Inc. | 79,920 | 44 | |||||||
* | Mitcham Industries Inc. | 16,216 | 41 | |||||||
* | EP Energy Corp. Class A | 49,438 | 35 | |||||||
* | Torchlight Energy Resources Inc. | 56,117 | 32 | |||||||
*,^ | Zion Oil & Gas Inc. | 65,555 | 27 | |||||||
*,^ | Sanchez Energy Corp. | 94,164 | 25 | |||||||
* | Key Energy Services Inc. | 11,911 | 25 | |||||||
* | PHI Inc. | 12,929 | 24 | |||||||
* | Superior Drilling Products Inc. | 13,687 | 16 | |||||||
* | Enservco Corp. | 27,027 | 10 | |||||||
* | Talos Energy Inc. Warrants Exp. 02/28/2021 | 725 | 1 | |||||||
* | Aemetis Inc. | 1,072 | 1 | |||||||
*,^ | Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020 | 7,759 | — | |||||||
* | Ideal Power Inc. | 771 | — | |||||||
* | Jones Energy Inc. Class A | 1 | — | |||||||
*,^,§ | Harvest Natural Resources Inc. | 27,025 | — | |||||||
1,690,043 | ||||||||||
Other (0.0%)2 | ||||||||||
*,§ | Herbalife Ltd. CVR | 15,650 | 152 | |||||||
*,§ | A Schulman Inc. CVR | 40,279 | 77 | |||||||
*,§ | Tobira Therapeutics CVR Exp. 12/31/2028 | 4,500 | 20 | |||||||
*,§ | Ambit Biosciences Corp. CVR | 29,736 | 18 | |||||||
*,§ | NewStar Financial Inc. | 36,657 | 9 | |||||||
*,§ | Media General Inc. CVR | 175,133 | 7 | |||||||
* | Corium CVR | 34,910 | 6 | |||||||
*,§ | Alexza Pharmaceuticals Inc. CVR | 80,591 | 3 | |||||||
*,§ | Clinical Data CVR | 29,879 | — | |||||||
*,^,§ | Biosante Pharmaceutical Inc. CVR | 156,953 | — | |||||||
*,§ | Adolor Corp. Rights Exp. 07/01/2019 | 126,930 | — | |||||||
* | Kadmon Warrants Exp. 09/29/2022 | 25,728 | — | |||||||
292 | ||||||||||
Technology (19.3%) | ||||||||||
Microsoft Corp. | 10,348,271 | 1,051,074 | ||||||||
Apple Inc. | 5,719,357 | 902,171 | ||||||||
* | Facebook Inc. Class A | 3,217,276 | 421,753 | |||||||
* | Alphabet Inc. Class A | 398,793 | 416,723 | |||||||
* | Alphabet Inc. Class C | 399,379 | 413,601 | |||||||
Intel Corp. | 6,110,953 | 286,787 | ||||||||
Cisco Systems Inc. | 6,013,809 | 260,578 | ||||||||
Oracle Corp. | 3,547,902 | 160,188 | ||||||||
* | Adobe Inc. | 653,094 | 147,756 | |||||||
International Business Machines Corp. | 1,216,044 | 138,228 | ||||||||
Broadcom Inc. | 525,924 | 133,732 | ||||||||
* | salesforce.com Inc. | 970,838 | 132,976 | |||||||
Texas Instruments Inc. | 1,284,265 | 121,363 | ||||||||
NVIDIA Corp. | 775,953 | 103,590 | ||||||||
QUALCOMM Inc. | 1,622,226 | 92,321 | ||||||||
Intuit Inc. | 329,094 | 64,782 | ||||||||
Cognizant Technology Solutions Corp. Class A | 775,170 | 49,208 | ||||||||
* | Micron Technology Inc. | 1,515,347 | 48,082 | |||||||
HP Inc. | 2,117,630 | 43,327 | ||||||||
Applied Materials Inc. | 1,318,730 | 43,175 | ||||||||
* | ServiceNow Inc. | 241,323 | 42,968 | |||||||
Analog Devices Inc. | 492,781 | 42,295 | ||||||||
* | Red Hat Inc. | 236,377 | 41,517 | |||||||
* | Autodesk Inc. | 294,947 | 37,933 | |||||||
Corning Inc. | 1,077,255 | 32,544 | ||||||||
* | Workday Inc. Class A | 200,480 | 32,013 | |||||||
Xilinx Inc. | 339,174 | 28,887 | ||||||||
Lam Research Corp. | 208,048 | 28,330 | ||||||||
* | Twitter Inc. | 915,490 | 26,311 | |||||||
Hewlett Packard Enterprise Co. | 1,978,637 | 26,138 | ||||||||
Motorola Solutions Inc. | 220,556 | 25,373 | ||||||||
* | Advanced Micro Devices Inc. | 1,273,872 | 23,516 | |||||||
^ | Microchip Technology Inc. | 317,936 | 22,866 | |||||||
* | Palo Alto Networks Inc. | 120,890 | 22,770 | |||||||
* | Cerner Corp. | 421,893 | 22,124 | |||||||
* | VeriSign Inc. | 147,312 | 21,845 | |||||||
Harris Corp. | 158,073 | 21,284 | ||||||||
* | Splunk Inc. | 198,226 | 20,784 | |||||||
NetApp Inc. | 343,958 | 20,524 |
43 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
DXC Technology Co. | 376,814 | 20,035 | ||||||||
* | IAC/InterActiveCorp | 104,978 | 19,215 | |||||||
Maxim Integrated Products Inc. | 374,330 | 19,035 | ||||||||
KLA-Tencor Corp. | 207,043 | 18,528 | ||||||||
Citrix Systems Inc. | 170,776 | 17,498 | ||||||||
* | Synopsys Inc. | 201,059 | 16,937 | |||||||
* | Cadence Design Systems Inc. | 380,568 | 16,547 | |||||||
CDW Corp. | 201,773 | 16,354 | ||||||||
* | ANSYS Inc. | 113,743 | 16,258 | |||||||
Skyworks Solutions Inc. | 239,299 | 16,038 | ||||||||
Symantec Corp. | 815,036 | 15,400 | ||||||||
* | Arista Networks Inc. | 71,537 | 15,073 | |||||||
* | Gartner Inc. | 116,502 | 14,894 | |||||||
* | Veeva Systems Inc. Class A | 166,303 | 14,854 | |||||||
* | GoDaddy Inc. Class A | 216,897 | 14,233 | |||||||
VMware Inc. Class A | 102,391 | 14,041 | ||||||||
* | Fortinet Inc. | 195,573 | 13,774 | |||||||
Marvell Technology Group Ltd. | 847,451 | 13,720 | ||||||||
Western Digital Corp. | 367,558 | 13,589 | ||||||||
SS&C Technologies Holdings Inc. | 299,194 | 13,497 | ||||||||
Seagate Technology plc | 347,354 | 13,404 | ||||||||
* | F5 Networks Inc. | 81,922 | 13,274 | |||||||
Juniper Networks Inc. | 469,098 | 12,623 | ||||||||
* | Akamai Technologies Inc. | 205,270 | 12,538 | |||||||
* | PTC Inc. | 144,680 | 11,994 | |||||||
* | Tableau Software Inc. Class A | 98,280 | 11,794 | |||||||
Leidos Holdings Inc. | 203,205 | 10,713 | ||||||||
* | Qorvo Inc. | 168,901 | 10,257 | |||||||
* | Ultimate Software Group Inc. | 40,307 | 9,870 | |||||||
* | ON Semiconductor Corp. | 555,619 | 9,173 | |||||||
* | Tyler Technologies Inc. | 48,445 | 9,002 | |||||||
* | Twilio Inc. Class A | 99,633 | 8,897 | |||||||
* | Guidewire Software Inc. | 106,476 | 8,543 | |||||||
CDK Global Inc. | 174,208 | 8,341 | ||||||||
* | Dell Technologies Inc. | 169,912 | 8,304 | |||||||
* | Integrated Device Technology Inc. | 170,322 | 8,249 | |||||||
* | Paycom Software Inc. | 66,157 | 8,101 | |||||||
* | Aspen Technology Inc. | 96,401 | 7,922 | |||||||
* | Okta Inc. | 123,041 | 7,850 | |||||||
* | EPAM Systems Inc. | 67,660 | 7,849 | |||||||
* | Zendesk Inc. | 133,912 | 7,816 | |||||||
Teradyne Inc. | 242,883 | 7,622 | ||||||||
* | Nutanix Inc. | 179,898 | 7,482 | |||||||
* | athenahealth Inc. | 53,727 | 7,088 | |||||||
* | RingCentral Inc. Class A | 85,737 | 7,068 | |||||||
* | ARRIS International plc | 223,806 | 6,842 | |||||||
* | Ciena Corp. | 199,386 | 6,761 | |||||||
* | Proofpoint Inc. | 79,168 | 6,635 | |||||||
Monolithic Power Systems Inc. | 55,484 | 6,450 | ||||||||
* | HubSpot Inc. | 51,099 | 6,425 | |||||||
Cypress Semiconductor Corp. | 483,315 | 6,148 | ||||||||
* | Teradata Corp. | 157,889 | 6,057 | |||||||
LogMeIn Inc. | 72,535 | 5,917 | ||||||||
* | Cree Inc. | 136,689 | 5,847 | |||||||
Entegris Inc. | 198,355 | 5,533 | ||||||||
* | Nuance Communications Inc. | 394,015 | 5,213 | |||||||
* | Medidata Solutions Inc. | 76,660 | 5,168 | |||||||
* | RealPage Inc. | 99,212 | 4,781 | |||||||
* | Silicon Laboratories Inc. | 60,658 | 4,780 | |||||||
* | Coupa Software Inc. | 75,552 | 4,749 | |||||||
* | CACI International Inc. Class A | 32,959 | 4,747 | |||||||
* | DocuSign Inc. Class A | 116,919 | 4,686 | |||||||
MKS Instruments Inc. | 72,074 | 4,657 | ||||||||
* | New Relic Inc. | 57,460 | 4,653 | |||||||
* | Pure Storage Inc. Class A | 280,416 | 4,509 | |||||||
j2 Global Inc. | 64,470 | 4,473 | ||||||||
*,^ | ViaSat Inc. | 74,405 | 4,386 | |||||||
SYNNEX Corp. | 54,068 | 4,371 | ||||||||
*,^ | Snap Inc. | 789,119 | 4,348 | |||||||
* | Lumentum Holdings Inc. | 99,752 | 4,191 | |||||||
* | CommScope Holding Co. Inc. | 254,167 | 4,166 | |||||||
* | Dropbox Inc. Class A | 203,594 | 4,159 | |||||||
* | Tech Data Corp. | 50,227 | 4,109 | |||||||
Blackbaud Inc. | 65,119 | 4,096 | ||||||||
* | Manhattan Associates Inc. | 96,127 | 4,073 | |||||||
* | Semtech Corp. | 88,613 | 4,065 | |||||||
* | FireEye Inc. | 250,634 | 4,063 | |||||||
* | ACI Worldwide Inc. | 145,457 | 4,025 | |||||||
* | Verint Systems Inc. | 86,848 | 3,675 | |||||||
* | 2U Inc. | 72,710 | 3,615 | |||||||
Science Applications International Corp. | 56,203 | 3,580 | ||||||||
* | NCR Corp. | 153,043 | 3,532 | |||||||
* | Cornerstone OnDemand Inc. | 68,061 | 3,432 | |||||||
* | Premier Inc. Class A | 90,929 | 3,396 | |||||||
Cabot Microelectronics Corp. | 35,240 | 3,360 | ||||||||
* | Finisar Corp. | 154,065 | 3,328 | |||||||
* | Qualys Inc. | 44,184 | 3,302 | |||||||
* | Five9 Inc. | 75,246 | 3,290 | |||||||
Perspecta Inc. | 185,313 | 3,191 | ||||||||
* | CommVault Systems Inc. | 53,752 | 3,176 | |||||||
InterDigital Inc. | 47,007 | 3,123 |
44 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Viavi Solutions Inc. | 302,833 | 3,043 | |||||||
*,^ | MongoDB Inc. | 36,281 | 3,038 | |||||||
* | Bottomline Technologies DE Inc. | 61,440 | 2,949 | |||||||
* | Alteryx Inc. Class A | 48,766 | 2,900 | |||||||
Match Group Inc. | 67,099 | 2,870 | ||||||||
* | Envestnet Inc. | 57,286 | 2,818 | |||||||
* | Ellie Mae Inc. | 44,589 | 2,801 | |||||||
* | Box Inc. | 165,541 | 2,794 | |||||||
* | Cirrus Logic Inc. | 80,489 | 2,671 | |||||||
* | Alarm.com Holdings Inc. | 50,564 | 2,623 | |||||||
* | Zscaler Inc. | 66,521 | 2,608 | |||||||
Cogent Communications Holdings Inc. | 55,704 | 2,518 | ||||||||
Brooks Automation Inc. | 95,681 | 2,505 | ||||||||
* | SailPoint Technologies Holding Inc. | 105,397 | 2,476 | |||||||
Pegasystems Inc. | 50,587 | 2,420 | ||||||||
* | Q2 Holdings Inc. | 47,196 | 2,339 | |||||||
* | EchoStar Corp. Class A | 63,222 | 2,321 | |||||||
* | NetScout Systems Inc. | 98,163 | 2,320 | |||||||
* | Allscripts Healthcare Solutions Inc. | 228,634 | 2,204 | |||||||
Power Integrations Inc. | 36,053 | 2,198 | ||||||||
* | Advanced Energy Industries Inc. | 50,388 | 2,163 | |||||||
* | Avaya Holdings Corp. | 143,869 | 2,095 | |||||||
^ | Ubiquiti Networks Inc. | 20,744 | 2,062 | |||||||
Progress Software Corp. | 57,475 | 2,040 | ||||||||
* | NETGEAR Inc. | 39,203 | 2,040 | |||||||
* | Varonis Systems Inc. | 38,554 | 2,039 | |||||||
* | Cloudera Inc. | 179,081 | 1,981 | |||||||
* | SPS Commerce Inc. | 23,795 | 1,960 | |||||||
* | Everbridge Inc. | 34,488 | 1,958 | |||||||
* | Blackline Inc. | 46,204 | 1,892 | |||||||
* | Insight Enterprises Inc. | 46,303 | 1,887 | |||||||
* | Apptio Inc. Class A | 49,330 | 1,873 | |||||||
* | Ceridian HCM Holding Inc. | 53,727 | 1,853 | |||||||
* | Inphi Corp. | 56,412 | 1,814 | |||||||
* | Diodes Inc. | 53,936 | 1,740 | |||||||
* | SendGrid Inc. | 39,414 | 1,701 | |||||||
* | Synaptics Inc. | 44,902 | 1,671 | |||||||
* | Instructure Inc. | 41,782 | 1,567 | |||||||
* | Blucora Inc. | 58,641 | 1,562 | |||||||
* | Hortonworks Inc. | 106,055 | 1,529 | |||||||
* | Acacia Communications Inc. | 39,787 | 1,512 | |||||||
* | Rapid7 Inc. | 48,509 | 1,512 | |||||||
TiVo Corp. | 160,326 | 1,509 | ||||||||
* | Vocera Communications Inc. | 38,206 | 1,503 | |||||||
* | Virtusa Corp. | 34,955 | 1,489 | |||||||
* | MaxLinear Inc. | 84,083 | 1,480 | |||||||
Pitney Bowes Inc. | 247,346 | 1,462 | ||||||||
* | Zuora Inc. Class A | 79,643 | 1,445 | |||||||
* | Electronics For Imaging Inc. | 58,201 | 1,443 | |||||||
* | MicroStrategy Inc. Class A | 11,216 | 1,433 | |||||||
*,^ | 3D Systems Corp. | 140,447 | 1,428 | |||||||
Plantronics Inc. | 42,707 | 1,414 | ||||||||
CSG Systems International Inc. | 44,350 | 1,409 | ||||||||
* | FormFactor Inc. | 98,169 | 1,383 | |||||||
* | Pivotal Software Inc. Class A | 83,154 | 1,360 | |||||||
* | Tabula Rasa HealthCare Inc. | 21,270 | 1,356 | |||||||
* | LivePerson Inc. | 71,644 | 1,351 | |||||||
* | ePlus Inc. | 18,458 | 1,314 | |||||||
* | Workiva Inc. | 35,563 | 1,276 | |||||||
* | PROS Holdings Inc. | 40,599 | 1,275 | |||||||
Ebix Inc. | 28,305 | 1,205 | ||||||||
* | Benefitfocus Inc. | 26,303 | 1,203 | |||||||
Xperi Corp. | 65,254 | 1,200 | ||||||||
* | Lattice Semiconductor Corp. | 170,367 | 1,179 | |||||||
* | Boingo Wireless Inc. | 57,217 | 1,177 | |||||||
* | ScanSource Inc. | 34,146 | 1,174 | |||||||
* | Appfolio Inc. | 19,519 | 1,156 | |||||||
* | Cray Inc. | 53,291 | 1,151 | |||||||
* | Cision Ltd. | 96,967 | 1,134 | |||||||
* | Carbonite Inc. | 43,765 | 1,105 | |||||||
* | Altair Engineering Inc. Class A | 39,385 | 1,086 | |||||||
* | Rambus Inc. | 136,948 | 1,050 | |||||||
* | NextGen Healthcare Inc. | 69,212 | 1,049 | |||||||
* | Yext Inc. | 70,324 | 1,044 | |||||||
NIC Inc. | 82,357 | 1,028 | ||||||||
* | ForeScout Technologies Inc. | 38,993 | 1,013 | |||||||
* | Perficient Inc. | 43,478 | 968 | |||||||
* | Appian Corp. Class A | 34,735 | 928 | |||||||
* | Infinera Corp. | 231,951 | 925 | |||||||
* | Extreme Networks Inc. | 148,835 | 908 | |||||||
Shutterstock Inc. | 24,958 | 899 | ||||||||
* | Photronics Inc. | 87,690 | 849 | |||||||
Monotype Imaging Holdings Inc. | 53,643 | 833 | ||||||||
* | Rudolph Technologies Inc. | 39,615 | 811 | |||||||
* | Nanometrics Inc. | 29,644 | 810 | |||||||
* | Amkor Technology Inc. | 123,395 | 809 | |||||||
Cohu Inc. | 49,668 | 798 | ||||||||
* | Unisys Corp. | 65,298 | 759 | |||||||
Comtech Telecommunications Corp. | 30,494 | 742 | ||||||||
* | Carbon Black Inc. | 52,506 | 705 |
45 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Axcelis Technologies Inc. | 38,762 | 690 | |||||||
ADTRAN Inc. | 62,208 | 668 | ||||||||
* | nLight Inc. | 37,307 | 663 | |||||||
* | Loral Space & Communications Inc. | 17,765 | 662 | |||||||
Presidio Inc. | 49,355 | 644 | ||||||||
* | CEVA Inc. | 29,021 | 641 | |||||||
* | Elastic NV | 8,899 | 636 | |||||||
* | Anaplan Inc. | 23,628 | 627 | |||||||
* | Upland Software Inc. | 22,338 | 607 | |||||||
* | Smartsheet Inc. Class A | 23,580 | 586 | |||||||
* | CalAmp Corp. | 45,048 | 586 | |||||||
Forrester Research Inc. | 12,946 | 579 | ||||||||
* | Endurance International Group Holdings Inc. | 86,486 | 575 | |||||||
*,^ | TransEnterix Inc. | 252,303 | 570 | |||||||
* | Calix Inc. | 58,113 | 567 | |||||||
* | Bandwidth Inc. Class A | 13,878 | 565 | |||||||
*,^ | Ichor Holdings Ltd. | 34,281 | 559 | |||||||
Hackett Group Inc. | 33,963 | 544 | ||||||||
* | Casa Systems Inc. | 39,744 | 522 | |||||||
* | OneSpan Inc. | 38,376 | 497 | |||||||
* | Mitek Systems Inc. | 45,956 | 497 | |||||||
PC Connection Inc. | 15,771 | 469 | ||||||||
* | Harmonic Inc. | 99,286 | 469 | |||||||
Systemax Inc. | 19,157 | 458 | ||||||||
* | Rosetta Stone Inc. | 27,289 | 448 | |||||||
* | KeyW Holding Corp. | 66,843 | 447 | |||||||
QAD Inc. Class A | 11,219 | 441 | ||||||||
* | Quantenna Communications Inc. | 30,387 | 436 | |||||||
* | Meet Group Inc. | 93,227 | 432 | |||||||
* | Model N Inc. | 32,472 | 430 | |||||||
* | MobileIron Inc. | 92,347 | 424 | |||||||
Computer Programs & Systems Inc. | 16,716 | 420 | ||||||||
Switch Inc. | 59,793 | 419 | ||||||||
* | Ultra Clean Holdings Inc. | 48,961 | 415 | |||||||
* | Zix Corp. | 71,011 | 407 | |||||||
*,^ | Avalara Inc. | 13,010 | 405 | |||||||
* | Eventbrite Inc. Class A | 14,522 | 404 | |||||||
* | Tenable Holdings Inc. | 17,740 | 394 | |||||||
* | A10 Networks Inc. | 61,440 | 383 | |||||||
*,^ | Applied Optoelectronics Inc. | 24,455 | 377 | |||||||
ConvergeOne Holdings Inc. | 30,067 | 372 | ||||||||
* | NeoPhotonics Corp. | 56,905 | 369 | |||||||
American Software Inc. Class A | 33,854 | 354 | ||||||||
* | ChannelAdvisor Corp. | 31,025 | 352 | |||||||
* | Ribbon Communications Inc. | 72,624 | 350 | |||||||
* | Digi International Inc. | 33,938 | 342 | |||||||
* | Vectrus Inc. | 15,096 | 326 | |||||||
* | Limelight Networks Inc. | 139,200 | 326 | |||||||
* | Immersion Corp. | 35,489 | 318 | |||||||
* | Agilysys Inc. | 22,003 | 315 | |||||||
* | Brightcove Inc. | 44,661 | 314 | |||||||
* | PAR Technology Corp. | 14,203 | 309 | |||||||
* | Ooma Inc. | 21,775 | 302 | |||||||
* | USA Technologies Inc. | 77,440 | 301 | |||||||
* | Amber Road Inc. | 36,136 | 297 | |||||||
* | DSP Group Inc. | 26,036 | 292 | |||||||
Simulations Plus Inc. | 14,100 | 281 | ||||||||
* | I3 Verticals Inc. Class A | 11,601 | 280 | |||||||
* | PDF Solutions Inc. | 33,149 | 279 | |||||||
* | Alpha & Omega Semiconductor Ltd. | 25,712 | 262 | |||||||
* | Domo Inc. | 13,159 | 258 | |||||||
* | WideOpenWest Inc. | 35,169 | 251 | |||||||
* | SVMK Inc. | 20,419 | 251 | |||||||
Diebold Nixdorf Inc. | 100,042 | 249 | ||||||||
*,^ | Inseego Corp. | 58,426 | 242 | |||||||
* | Impinj Inc. | 16,194 | 236 | |||||||
*,^ | Gogo Inc. | 75,030 | 224 | |||||||
* | KVH Industries Inc. | 21,023 | 216 | |||||||
* | RigNet Inc. | 17,068 | 216 | |||||||
* | Castlight Health Inc. Class B | 98,203 | 213 | |||||||
* | Digimarc Corp. | 14,437 | 209 | |||||||
* | Aquantia Corp. | 21,953 | 192 | |||||||
* | AXT Inc. | 42,819 | 186 | |||||||
* | Tucows Inc. Class A | 2,942 | 177 | |||||||
* | SecureWorks Corp. Class A | 10,122 | 171 | |||||||
* | VirnetX Holding Corp. | 64,830 | 156 | |||||||
* | Telenav Inc. | 37,157 | 151 | |||||||
* | Adesto Technologies Corp. | 33,850 | 149 | |||||||
* | Aerohive Networks Inc. | 45,603 | 149 | |||||||
* | Clearfield Inc. | 14,122 | 140 | |||||||
* | Airgain Inc. | 14,003 | 139 | |||||||
* | Telaria Inc. | 50,418 | 138 | |||||||
* | ACM Research Inc. Class A | 12,629 | 137 | |||||||
Preformed Line Products Co. | 2,509 | 136 | ||||||||
* | SharpSpring Inc. | 10,659 | 136 | |||||||
* | Exela Technologies Inc. | 33,073 | 129 | |||||||
* | eGain Corp. | 19,305 | 127 | |||||||
* | ID Systems Inc. | 21,901 | 122 | |||||||
AstroNova Inc. | 6,427 | 120 | ||||||||
* | VOXX International Corp. Class A | 28,587 | 113 | |||||||
* | GSI Technology Inc. | 21,838 | 112 | |||||||
* | Internap Corp. | 26,796 | 111 | |||||||
* | Icad Inc. | 29,252 | 108 |
46 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | EMCORE Corp. | 25,614 | 108 | |||||||
* | Pixelworks Inc. | 35,769 | 104 | |||||||
* | Majesco | 14,143 | 100 | |||||||
* | Park City Group Inc. | 16,658 | 99 | |||||||
* | Fusion Connect Inc. | 57,235 | 96 | |||||||
PC-Tel Inc. | 22,121 | 95 | ||||||||
* | Aviat Networks Inc. | 6,976 | 92 | |||||||
* | LRAD Corp. | 36,512 | 92 | |||||||
QAD Inc. Class B | 3,097 | 91 | ||||||||
* | Amtech Systems Inc. | 19,290 | 87 | |||||||
* | Great Elm Capital Group Inc. | 25,270 | 85 | |||||||
* | Kopin Corp. | 84,748 | 85 | |||||||
* | Computer Task Group Inc. | 20,394 | 83 | |||||||
TESSCO Technologies Inc. | 6,913 | 83 | ||||||||
* | Quantum Corp. | 40,959 | 82 | |||||||
* | QuickLogic Corp. | 107,285 | 79 | |||||||
* | DASAN Zhone Solutions Inc. | 5,523 | 77 | |||||||
* | Identiv Inc. | 20,969 | 75 | |||||||
TransAct Technologies Inc. | 7,695 | 69 | ||||||||
* | Finjan Holdings Inc. | 27,000 | 68 | |||||||
* | Everspin Technologies Inc. | 12,013 | 67 | |||||||
* | Key Tronic Corp. | 11,858 | 67 | |||||||
* | Rimini Street Inc. | 12,548 | 65 | |||||||
* | Synacor Inc. | 42,416 | 63 | |||||||
* | NetSol Technologies Inc. | 9,891 | 61 | |||||||
Wayside Technology Group Inc. | 5,976 | 60 | ||||||||
* | Seachange International Inc. | 46,503 | 59 | |||||||
* | Alithya Group Inc. Class A | 24,506 | 58 | |||||||
* | WidePoint Corp. | 132,577 | 55 | |||||||
* | Support.com Inc. | 21,839 | 54 | |||||||
BK Technologies Inc. | 13,400 | 50 | ||||||||
*,^ | Veritone Inc. | 13,211 | 50 | |||||||
* | Data I/O Corp. | 9,481 | 47 | |||||||
Network-1 Technologies Inc. | 20,599 | 46 | ||||||||
* | Atomera Inc. | 15,772 | 45 | |||||||
* | RCM Technologies Inc. | 13,806 | 43 | |||||||
CSP Inc. | 4,375 | 43 | ||||||||
* | BSQUARE Corp. | 25,292 | 39 | |||||||
*,^ | Resonant Inc. | 26,336 | 35 | |||||||
GlobalSCAPE Inc. | 7,707 | 34 | ||||||||
* | Neurotrope Inc. | 9,635 | 34 | |||||||
* | inTEST Corp. | 5,564 | 34 | |||||||
* | RumbleON Inc. Class B | 6,187 | 33 | |||||||
* | Aehr Test Systems | 23,485 | 33 | |||||||
* | GSE Systems Inc. | 14,521 | 30 | |||||||
* | CVD Equipment Corp. | 8,553 | 30 | |||||||
* | Mastech Digital Inc. | 4,806 | 30 | |||||||
* | Aware Inc. | 7,637 | 28 | |||||||
* | Intermolecular Inc. | 25,996 | 26 | |||||||
* | Evolving Systems Inc. | 21,792 | 26 | |||||||
*,^ | Red Violet Inc. | 3,768 | 25 | |||||||
* | ADDvantage Technologies Group Inc. | 14,730 | 21 | |||||||
* | SITO Mobile Ltd. | 22,560 | 20 | |||||||
* | Inuvo Inc. | 17,600 | 19 | |||||||
*,^ | NXT-ID Inc. | 23,431 | 16 | |||||||
* | Intellicheck Inc. | 6,952 | 15 | |||||||
ClearOne Inc. | 11,338 | 14 | ||||||||
* | Smith Micro Software Inc. | 6,356 | 11 | |||||||
* | Westell Technologies Inc. Class A | 4,583 | 9 | |||||||
* | Streamline Health Solutions Inc. | 10,393 | 8 | |||||||
* | Lantronix Inc. | 2,314 | 7 | |||||||
Communications Systems Inc. | 1,077 | 2 | ||||||||
* | CynergisTek Inc. | 200 | 1 | |||||||
* | ARC Group Worldwide Inc. | 579 | 1 | |||||||
* | Ominto Inc. | 700 | — | |||||||
* | Sunworks Inc. | 300 | — | |||||||
* | Neonode Inc. | 1 | — | |||||||
6,519,541 | ||||||||||
Telecommunications (2.0%) | ||||||||||
Verizon Communications Inc. | 5,531,793 | 310,997 | ||||||||
AT&T Inc. | 9,744,252 | 278,101 | ||||||||
* | T-Mobile US Inc. | 398,424 | 25,344 | |||||||
CenturyLink Inc. | 1,317,825 | 19,965 | ||||||||
* | Zayo Group Holdings Inc. | 271,603 | 6,203 | |||||||
* | Sprint Corp. | 822,437 | 4,787 | |||||||
Telephone & Data Systems Inc. | 124,762 | 4,060 | ||||||||
Shenandoah Telecommunications Co. | 62,836 | 2,780 | ||||||||
* | Vonage Holdings Corp. | 282,118 | 2,463 | |||||||
* | Intelsat SA | 111,759 | 2,391 | |||||||
* | Iridium Communications Inc. | 123,987 | 2,288 | |||||||
* | 8x8 Inc. | 120,517 | 2,174 | |||||||
*,^ | GTT Communications Inc. | 56,834 | 1,345 | |||||||
* | United States Cellular Corp. | 20,695 | 1,075 | |||||||
ATN International Inc. | 14,775 | 1,057 | ||||||||
Consolidated Communications Holdings Inc. | 85,883 | 848 | ||||||||
* | ORBCOMM Inc. | 99,826 | 825 | |||||||
* | pdvWireless Inc. | 16,770 | 627 | |||||||
* | Cincinnati Bell Inc. | 62,465 | 486 | |||||||
* | Globalstar Inc. | 747,398 | 478 | |||||||
Spok Holdings Inc. | 26,291 | 349 |
47 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
* | Frontier Communications Corp. | 136,965 | 326 | |||||||
IDT Corp. Class B | 27,448 | 170 | ||||||||
*,^ | Pareteum Corp. | 78,621 | 133 | |||||||
* | HC2 Holdings Inc. | 46,997 | 124 | |||||||
* | Alaska Communications Systems Group Inc. | 73,683 | 106 | |||||||
Windstream Holdings Inc. | 49,701 | 104 | ||||||||
* | Otelco Inc. Class A | 3,053 | 49 | |||||||
* | CPS Technologies Corp. | 100 | — | |||||||
669,655 | ||||||||||
Utilities (3.2%) | ||||||||||
NextEra Energy Inc. | 638,099 | 110,914 | ||||||||
Duke Energy Corp. | 951,309 | 82,098 | ||||||||
Dominion Energy Inc. | 871,856 | 62,303 | ||||||||
Southern Co. | 1,359,685 | 59,717 | ||||||||
Exelon Corp. | 1,284,954 | 57,951 | ||||||||
American Electric Power Co. Inc. | 660,155 | 49,340 | ||||||||
Sempra Energy | 346,726 | 37,512 | ||||||||
Public Service Enterprise Group Inc. | 676,387 | 35,206 | ||||||||
Xcel Energy Inc. | 690,389 | 34,015 | ||||||||
Consolidated Edison Inc. | 436,587 | 33,381 | ||||||||
WEC Energy Group Inc. | 420,930 | 29,154 | ||||||||
Eversource Energy | 422,638 | 27,488 | ||||||||
PPL Corp. | 965,664 | 27,357 | ||||||||
DTE Energy Co. | 243,226 | 26,828 | ||||||||
FirstEnergy Corp. | 690,060 | 25,912 | ||||||||
Edison International | 438,650 | 24,902 | ||||||||
American Water Works Co. Inc. | 241,366 | 21,909 | ||||||||
Ameren Corp. | 324,127 | 21,143 | ||||||||
Entergy Corp. | 244,353 | 21,031 | ||||||||
Evergy Inc. | 353,201 | 20,051 | ||||||||
CenterPoint Energy Inc. | 670,836 | 18,938 | ||||||||
CMS Energy Corp. | 376,492 | 18,693 | ||||||||
* | PG&E Corp. | 699,037 | 16,602 | |||||||
NRG Energy Inc. | 366,713 | 14,522 | ||||||||
Atmos Energy Corp. | 149,095 | 13,824 | ||||||||
* | Alliant Energy Corp. | 311,785 | 13,173 | |||||||
NiSource Inc. | 511,909 | 12,977 | ||||||||
AES Corp. | 895,758 | 12,953 | ||||||||
Pinnacle West Capital Corp. | 151,809 | 12,934 | ||||||||
* | Vistra Energy Corp. | 545,289 | 12,482 | |||||||
UGI Corp. | 233,032 | 12,432 | ||||||||
SCANA Corp. | 199,411 | 9,528 | ||||||||
Aqua America Inc. | 243,060 | 8,310 | ||||||||
Vectren Corp. | 110,452 | 7,950 | ||||||||
IDACORP Inc. | 66,889 | 6,225 | ||||||||
National Fuel Gas Co. | 111,769 | 5,720 | ||||||||
ONE Gas Inc. | 69,109 | 5,501 | ||||||||
Southwest Gas Holdings Inc. | 71,364 | 5,459 | ||||||||
New Jersey Resources Corp. | 119,519 | 5,458 | ||||||||
Black Hills Corp. | 85,944 | 5,396 | ||||||||
Portland General Electric Co. | 117,501 | 5,387 | ||||||||
Hawaiian Electric Industries Inc. | 144,433 | 5,289 | ||||||||
ALLETE Inc. | 68,708 | 5,237 | ||||||||
Spire Inc. | 64,963 | 4,812 | ||||||||
PNM Resources Inc. | 105,977 | 4,355 | ||||||||
Avangrid Inc. | 86,655 | 4,340 | ||||||||
NorthWestern Corp. | 66,585 | 3,958 | ||||||||
Avista Corp. | 86,823 | 3,688 | ||||||||
American States Water Co. | 48,443 | 3,248 | ||||||||
South Jersey Industries Inc. | 114,769 | 3,191 | ||||||||
California Water Service Group | 63,530 | 3,028 | ||||||||
MGE Energy Inc. | 47,398 | 2,842 | ||||||||
Ormat Technologies Inc. | 53,582 | 2,802 | ||||||||
El Paso Electric Co. | 53,714 | 2,693 | ||||||||
Pattern Energy Group Inc. Class A | 137,765 | 2,565 | ||||||||
Northwest Natural Holding Co. | 39,445 | 2,385 | ||||||||
SJW Group | 32,177 | 1,790 | ||||||||
Chesapeake Utilities Corp. | 21,204 | 1,724 | ||||||||
* | Sunrun Inc. | 124,599 | 1,357 | |||||||
Middlesex Water Co. | 20,800 | 1,110 | ||||||||
Connecticut Water Service Inc. | 16,216 | 1,084 | ||||||||
Unitil Corp. | 18,979 | 961 | ||||||||
TerraForm Power Inc. Class A | 80,879 | 907 | ||||||||
* | Evoqua Water Technologies Corp. | 90,693 | 871 | |||||||
York Water Co. | 17,058 | 547 | ||||||||
*,^ | Cadiz Inc. | 35,629 | 367 | |||||||
* | AquaVenture Holdings Ltd. | 19,393 | 366 | |||||||
Artesian Resources Corp. Class A | 10,398 | 363 | ||||||||
* | Atlantic Power Corp. | 141,382 | 307 | |||||||
RGC Resources Inc. | 8,437 | 253 | ||||||||
*,^ | Bloom Energy Corp. Class A | 23,653 | 236 | |||||||
* | Pure Cycle Corp. | 22,924 | 228 | |||||||
*,^ | Vivint Solar Inc. | 54,496 | 208 |
48 |
Institutional Total Stock Market Index Fund
Market | ||||||||||
Value• | ||||||||||
Shares | ($000 | ) | ||||||||
Genie Energy Ltd. Class B | 20,232 | 122 | ||||||||
Spark Energy Inc. Class A | 14,892 | 111 | ||||||||
1,100,021 | ||||||||||
Total Common Stocks | ||||||||||
(Cost $20,009,256) | 33,592,522 | |||||||||
Temporary Cash Investments (0.6%)1 | ||||||||||
Money Market Fund (0.6%) | ||||||||||
3,4 | Vanguard Market Liquidity Fund, 2.530% | 2,048,921 | 204,892 |
Face | ||||||||||
Amount | ||||||||||
($000 | ) | |||||||||
U.S. Government and Agency Obligations (0.0%) | ||||||||||
5 | United States Treasury Bill, 2.294%, 2/21/19 | 10,000 | 9,967 | |||||||
United States Treasury Bill, 2.502%, 6/20/19 | 1,500 | 1,483 | ||||||||
11,450 | ||||||||||
Total Temporary Cash Investments | ||||||||||
(Cost $216,323) | 216,342 | |||||||||
Total Investments (100.2%) | ||||||||||
(Cost $20,225,579) | 33,808,864 |
Amount | ||||
($000 | ) | |||
Other Assets and Liabilities (-0.2%) | ||||
Other Assets | ||||
Investment in Vanguard | 1,912 | |||
Receivables for Investment Securities Sold | 27,386 | |||
Receivables for Accrued Income | 41,009 | |||
Receivables for Capital Shares Issued | 44,268 | |||
Variation Margin Receivable—Futures Contracts | 1,139 | |||
Other Assets | 2,705 | |||
Total Other Assets | 118,419 | |||
Liabilities | ||||
Payables for Investment Securities Purchased | (53,959 | ) | ||
Collateral for Securities on Loan | (119,451 | ) | ||
Payables for Capital Shares Redeemed | (8,980 | ) | ||
Payables to Vanguard | (328 | ) | ||
Total Liabilities | (182,718 | ) | ||
Net Assets (100%) | 33,744,565 |
At December 31, 2018, net assets consisted of:
Amount | ||||
($000 | ) | |||
Paid-in Capital | 20,023,639 | |||
Total Distributable Earnings (Loss) | 13,720,926 | |||
Net Assets | 33,744,565 | |||
Institutional Shares—Net Assets | ||||
Applicable to 9,141,098 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 494,438 | |||
Net Asset Value Per Share—Institutional Shares | $54.09 |
Institutional Plus Shares—Net Assets | |
Applicable to 614,688,460 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 33,250,127 |
Net Asset Value Per Share—Institutional Plus Shares | $54.09 |
· | 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 $111,289,000. |
§ | Security value determined using significant unobservable inputs. |
1 | The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.2%, respectively, of net assets. |
2 | “Other” represents securities that are not classified by the fund’s benchmark index. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Includes $119,451,000 of collateral received for securities on loan. |
5 | Securities with a value of $7,475,000 have been segregated as initial margin for open futures contracts. |
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
49 |
Institutional Total Stock Market Index Fund
Derivative Financial Instruments Outstanding as of Period End |
Futures Contracts |
($000 | ) | |||||||||||||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation | ) | ||||||||||||
Long Futures Contracts | ||||||||||||||||
E-mini S&P 500 Index | March 2019 | 1,083 | 135,657 | (4,849 | ) | |||||||||||
E-mini Russell 2000 Index | March 2019 | 125 | 8,431 | (419 | ) | |||||||||||
E-mini S&P Mid-Cap 400 Index | March 2019 | 30 | 4,987 | (221 | ) | |||||||||||
(5,489 | ) |
See accompanying Notes, which are an integral part of the Financial Statements.
50 |
Institutional Total Stock Market Index Fund
Statement of Operations
Year Ended | ||||
December 31, 2018 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Dividends | 809,687 | |||
Interest1 | 2,267 | |||
Securities Lending—Net | 6,634 | |||
Total Income | 818,588 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 3,757 | |||
Management and Administrative—Institutional Shares | 98 | |||
Management and Administrative—Institutional Plus Shares | 3,697 | |||
Marketing and Distribution—Institutional Shares | 13 | |||
Marketing and Distribution—Institutional Plus Shares | 335 | |||
Custodian Fees | 309 | |||
Auditing Fees | 35 | |||
Shareholders’ Reports—Institutional Shares | 2 | |||
Shareholders’ Reports—Institutional Plus Shares | 102 | |||
Trustees’ Fees and Expenses | 23 | |||
Total Expenses | 8,371 | |||
Net Investment Income | 810,217 | |||
Realized Net Gain (Loss) | ||||
Investment Securities Sold1,2 | 5,381,405 | |||
Futures Contracts | (21,244 | ) | ||
Realized Net Gain (Loss) | 5,360,161 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities1 | (7,166,978 | ) | ||
Futures Contracts | (5,523 | ) | ||
Change in Unrealized Appreciation (Depreciation) | (7,172,501 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,002,123 | ) |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,062,000, ($16,000), and $4,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $4,437,753,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund. |
See accompanying Notes, which are an integral part of the Financial Statements.
51 |
Institutional Total Stock Market Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||||||||
2018 | 2017 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 810,217 | 756,865 | ||||||
Realized Net Gain (Loss) | 5,360,161 | 979,603 | ||||||
Change in Unrealized Appreciation (Depreciation) | (7,172,501 | ) | 6,029,723 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,002,123 | ) | 7,766,191 | |||||
Distributions | ||||||||
Net Investment Income | ||||||||
Institutional Shares | (10,531 | ) | (12,474 | ) | ||||
Institutional Plus Shares | (759,931 | ) | (746,090 | ) | ||||
Realized Capital Gain1 | ||||||||
Institutional Shares | (10,669 | ) | (4,672 | ) | ||||
Institutional Plus Shares | (721,887 | ) | (284,436 | ) | ||||
Total Distributions | (1,503,018 | ) | (1,047,672 | ) | ||||
Capital Share Transactions | ||||||||
Institutional Shares | (158,407 | ) | (84,449 | ) | ||||
Institutional Plus Shares | (7,146,106 | ) | (392,625 | ) | ||||
Net Increase (Decrease) from Capital Share Transactions | (7,304,513 | ) | (477,074 | ) | ||||
Total Increase (Decrease) | (9,809,654 | ) | 6,241,445 | |||||
Net Assets | ||||||||
Beginning of Period | 43,554,219 | 37,312,774 | ||||||
End of Period | 33,744,565 | 43,554,219 |
1 | Includes fiscal 2018 and 2017 short-term gain distributions totaling $113,864,000 and $45,732,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
52 |
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding | Year Ended December 31, | |||||||||||||||||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net Asset Value, Beginning of Period | $59.47 | $50.34 | $45.94 | $46.78 | $42.32 | |||||||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income | 1.178 | 1 | 1.013 | 1 | 1.009 | 1.053 | 2 | .838 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (4.186 | ) | 9.542 | 4.789 | (.847 | ) | 4.457 | |||||||||||||
Total from Investment Operations | (3.008 | ) | 10.555 | 5.798 | .206 | 5.295 | ||||||||||||||
Distributions | ||||||||||||||||||||
Dividends from Net Investment Income | (1.185 | ) | (1.025 | ) | (1.016 | ) | (1.046 | ) | (.835 | ) | ||||||||||
Distributions from Realized Capital Gains | (1.187 | ) | (.400 | ) | (.382 | ) | — | — | ||||||||||||
Total Distributions | (2.372 | ) | (1.425 | ) | (1.398 | ) | (1.046 | ) | (.835 | ) | ||||||||||
Net Asset Value, End of Period | $54.09 | $59.47 | $50.34 | $45.94 | $46.78 | |||||||||||||||
Total Return | -5.15% | 21.13% | 12.75% | 0.45% | 12.60% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Period (Millions) | $494 | $692 | $664 | $1,297 | $2,590 | |||||||||||||||
Ratio of Total Expenses to Average Net Assets | 0.03% | 0.04% | 0.04% | 0.04% | 0.04% | |||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.94% | 1.85% | 2.08% | 2.24%2 | 1.90% | |||||||||||||||
Portfolio Turnover Rate3 | 7% | 7% | 8% | 9% | 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 $.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.
53 |
Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares
For a Share Outstanding | Year Ended December 31, | |||||||||||||||||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net Asset Value, Beginning of Period | $59.47 | $50.35 | $45.95 | $46.79 | $42.32 | |||||||||||||||
Investment Operations | ||||||||||||||||||||
Net Investment Income | 1.191 | 1 | 1.028 | 1 | 1.021 | 1.064 | 2 | .847 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (4.193 | ) | 9.528 | 4.788 | (.846 | ) | 4.466 | |||||||||||||
Total from Investment Operations | (3.002 | ) | 10.556 | 5.809 | .218 | 5.313 | ||||||||||||||
Distributions | ||||||||||||||||||||
Dividends from Net Investment Income | (1.191 | ) | (1.036 | ) | (1.027 | ) | (1.058 | ) | (.843 | ) | ||||||||||
Distributions from Realized Capital Gains | (1.187 | ) | (.400 | ) | (.382 | ) | — | — | ||||||||||||
Total Distributions | (2.378 | ) | (1.436 | ) | (1.409 | ) | (1.058 | ) | (.843 | ) | ||||||||||
Net Asset Value, End of Period | $54.09 | $59.47 | $50.35 | $45.95 | $46.79 | |||||||||||||||
Total Return | -5.14% | 21.13% | 12.77% | 0.48% | 12.64% | |||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net Assets, End of Period (Millions) | $33,250 | $42,862 | $36,648 | $37,822 | $38,903 | |||||||||||||||
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 | 1.95% | 1.87% | 2.10% | 2.26%2 | 1.92% | |||||||||||||||
Portfolio Turnover Rate3 | 7% | 7% | 8% | 9% | 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 $.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.
54 |
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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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, 2018, 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.
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, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
55 |
Institutional Total Stock Market Index Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
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 before the opening of the market 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, 2018, 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.
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), and shareholder reporting. Marketing and distribution
56 |
Institutional Total Stock Market Index Fund
expenses are allocated to each class of shares based on a method approved by the board of trustees. 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. In accordance with the terms of a Funds’ Service Agreement (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. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2018, the fund had contributed to Vanguard capital in the amount of $1,912,000, representing 0.01% of the fund’s net assets and 0.76% 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.
The following table summarizes the market value of the fund’s investments as of December 31, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments | ($000 | ) | ($000 | ) | ($000 | ) | ||||||
Common Stocks | 33,592,170 | 6 | 346 | |||||||||
Temporary Cash Investments | 204,892 | 11,450 | — | |||||||||
Futures Contracts—Assets1 | 1,139 | — | — | |||||||||
Total | 33,798,201 | 11,456 | 346 |
1 | Represents variation margin on the last day of the reporting period. |
57 |
Institutional Total Stock Market Index Fund
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, passive foreign investment companies, and distributions in connection with fund share redemptions were reclassified between the following accounts:
Amount | ||||
($000 | ) | |||
Paid-in Capital | 4,631,192 | |||
Total Distributable Earnings (Loss) | (4,631,192 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales, the realization of unrealized gains or losses on certain futures contracts, and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount | ||||
($000 | ) | |||
Undistributed Ordinary Income | 58,542 | |||
Undistributed Long-Term Gains | 79,524 | |||
Capital Loss Carryforwards (Non-expiring) | — | |||
Net Unrealized Gains (Losses) | 13,582,860 |
As of December 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount | ||||
($000 | ) | |||
Tax Cost | 20,226,004 | |||
Gross Unrealized Appreciation | 15,274,453 | |||
Gross Unrealized Depreciation | (1,691,593 | ) | ||
Net Unrealized Appreciation (Depreciation) | 13,582,860 |
E. During the year ended December 31, 2018, the fund purchased $2,923,298,000 of investment securities and sold $10,966,876,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $6,710,406,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
58 |
Institutional Total Stock Market Index Fund
F. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Issued | 90,530 | 1,470 | 128,257 | 2,467 | ||||||||||||
Issued in Lieu of Cash Distributions | 16,199 | 290 | 13,340 | 236 | ||||||||||||
Redeemed | (265,136 | ) | (4,255 | ) | (226,046 | ) | (4,266 | ) | ||||||||
Net Increase (Decrease)—Institutional Shares | (158,407 | ) | (2,495 | ) | (84,449 | ) | (1,563 | ) | ||||||||
Institutional Plus Shares | ||||||||||||||||
Issued | 6,114,726 | 101,912 | 9,103,161 | 166,101 | ||||||||||||
Issued in Lieu of Cash Distributions | 1,435,185 | 25,544 | 966,158 | 17,039 | ||||||||||||
Redeemed | (14,696,017 | ) | (233,470 | ) | (10,461,944 | ) | (190,374 | ) | ||||||||
Net Increase (Decrease)—Institutional Plus Shares | (7,146,106 | ) | (106,014 | ) | (392,625 | ) | (7,234 | ) |
G.Management has determined that no events or transactions occurred subsequent to December 31, 2018, that would require recognition or disclosure in these financial statements.
59 |
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, 2018, the related statement of operations for the year ended December 31, 2018, the statement of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (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, 2018, 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, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 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, 2018 by correspondence with the custodians 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, 2019
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 2018 tax information (unaudited) for Vanguard Institutional Total Stock Market
This information for the fiscal year ended December 31, 2018, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $782,475,000 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 $713,988,000 of qualified dividend income to shareholders during the fiscal year.
For corporate shareholders, 75.8% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.
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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.
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 212 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 theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
1 | Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds. |
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
Joseph Brennan | Chris D. McIsaac |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
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
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P.O. Box 2600 Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information> 800-662-7447
Direct Investor Account Services> 800-662-2739
Institutional Investor Services> 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing> 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Lipper, a Thomson Reuters Company, or Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2019, Bloomberg. All rights reserved.
© 2019 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q8710 022019 |
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: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended December 31, 2018: $71,000
Fiscal Year Ended December 31, 2017: $64,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2018: $9,734,277
Fiscal Year Ended December 31, 2017: $8,424,459
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, 2018: $5,581,336
Fiscal Year Ended December 31, 2017: $3,194,093
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, 2018: $347,985
Fiscal Year Ended December 31, 2017: $274,313
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, 2018: $0
Fiscal Year Ended December 31, 2017: $0
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, 2018: $347,985
Fiscal Year Ended December 31, 2017: $274,313
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.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
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.
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BY: | /s/ MORTIMER J. BUCKLEY* |
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| MORTIMER J. BUCKLEY |
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| CHIEF EXECUTIVE OFFICER |
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Date: February 19, 2019
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.
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BY: | /s/ MORTIMER J. BUCKLEY * |
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| MORTIMER J. BUCKLEY |
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| CHIEF EXECUTIVE OFFICER |
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Date: February 19, 2019 | ||
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| VANGUARD INSTITUTIONAL INDEX FUNDS | |
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BY: | /s/ THOMAS J. HIGGINS* |
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| THOMAS J. HIGGINS |
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| CHIEF FINANCIAL OFFICER |
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Date: February 19, 2019 |
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* 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.