N-CSR

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 compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

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.

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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 the Statement 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.

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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.

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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
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

·      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 compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

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.

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Institutional Total Stock Market Index Fund

Financial Highlights

Institutional Plus Shares

For a Share Outstanding							Year Ended December 31,
Throughout Each Period	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.

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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.

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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.

60

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.

61

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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 the Statement 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

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.

	VANGUARD INSTITUTIONAL INDEX FUNDS
BY:	/s/ MORTIMER J. BUCKLEY*
	MORTIMER J. BUCKLEY
	CHIEF EXECUTIVE OFFICER

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.

	VANGUARD INSTITUTIONAL INDEX FUNDS
BY:	/s/ MORTIMER J. BUCKLEY *
	MORTIMER J. BUCKLEY
	CHIEF EXECUTIVE OFFICER
Date:  February 19, 2019
	VANGUARD INSTITUTIONAL INDEX FUNDS
BY:	/s/ THOMAS J. HIGGINS*
	THOMAS J. HIGGINS
	CHIEF FINANCIAL OFFICER
Date: February 19, 2019

* 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.

EX-99.CODEETH

Exhibit 99.CODEETH

THE VANGUARD FUNDS’
CODE OF ETHICS FOR
SENIOR EXECUTIVE AND FINANCIAL OFFICERS

I.Introduction

The Board of Trustees (the “Fund Board”) of each registered investment company that is managed, sponsored, and distributed by The Vanguard Group, Inc. (“VGI”) or its subsidiaries (each, a “Vanguard Fund” and collectively, the “Vanguard Funds”) has adopted this code of ethics (the “Code”) as required by Section 406 of the Sarbanes-Oxley Act. The Code applies to the individuals in positions listed on Exhibit A (the “Covered Officers”). All Covered Officers, along with employees of VGI, are subject to separate and distinct obligations from this Code under a Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (“17j-1 Code of Ethics”), policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time.

This Code is designed to promote:

·Honest and ethical conduct, including the ethical handling of conflicts of interest;

·Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Vanguard Fund files with, or submits to, the U.S. Securities and Exchange Commission (“SEC”), and in other public communications made by the Vanguard Funds or VGI;

·Compliance with applicable laws, governmental rules, and regulations;

·Prompt internal reporting to those identified in the Code of violations of the Code; and

·Accountability for adherence to the Code.

II.Actual or Apparent Conflicts of Interest

A.Covered Officers should conduct all activities in accordance with the following principles:

1.Clients’ interests come first. In the course of fulfilling their duties and responsibilities to VGI clients, Covered Officers must at all times place the interests of VGI clients first. In particular, Covered Officers must avoid serving their own personal interests ahead of the interests of VGI clients.

2.Conflicts of interest must be avoided. Covered Officers must avoid any situation involving an actual or potential conflict of interest or possible impropriety with respect to their duties and responsibilities to VGI clients. Covered Officers must disclose and report at least annually any situation that may present the potential for a conflict of interest to Vanguard’s Compliance Department, consistent with the 17j-1 Code of Ethics.

3.Compromising situations must be avoided. Covered Officers must not take advantage of their position of trust and responsibility. Covered Officers must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of VGI clients.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards regardless of whether the activity is specifically described in this Code.

B.Restricted Activities include the following:

1.Prohibition on secondary employment. Covered Officers are prohibited from accepting or serving in any form of secondary employment. Secondary employment that does not create a potential conflict of interest may be approved by the General Counsel of VGI.

2.Prohibition on service as director or public official. Unless approved by the General Counsel of VGI, Covered Officers are prohibited from serving on the board of directors of any publicly traded company or in an official capacity for any federal, state, or local government (or governmental agency or instrumentality).

3.Prohibition on misuse of Vanguard time or property. Covered Officers are prohibited from making use of time, equipment, services, personnel or property of any Vanguard entity for any purposes other than the performance of their duties and responsibilities in connection with the Vanguard Funds or other Vanguard-related entities.

III.Disclosure and Compliance

A.Each Covered Officer should be familiar with the disclosure requirements generally applicable to the Vanguard Funds.

B.Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Vanguard Funds to others, including to the Vanguard Funds’ directors and auditors, or to government regulators and self-regulatory organizations.

C.Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of VGI and advisors to a Vanguard Fund with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Vanguard Fund files with, or submits to, the SEC and in other public communications made by a Vanguard Fund.

D.It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, regulations, and the 17j-1 Code of Ethics.

IV.Reporting and Accountability

A.Each Covered Officer must:

1.Upon adoption or amendment of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Code;

2.Affirm at least annually in writing that he or she has complied with the requirements of the Code;

3.Not retaliate against any other Covered Officer or any employee of VGI for reports of potential violations of the Code that are made in good faith; and

4.Notify the General Counsel of VGI promptly if the Covered Officer knows of any violations of this Code.

B.The Vanguard Funds will use the following procedures in investigating and enforcing this Code:

1.The General Counsel of VGI is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation. The General Counsel will report on an as-needed basis to the Fund Board regarding activities subject to the Code.

2.The General Counsel will take all appropriate action to investigate any potential violations of the Code that are reported to him or her.

3.If, after investigation, the General Counsel believes that no material violation of the Code has occurred, the General Counsel is not required to take any further action.

4.Any matter that the General Counsel believes is a material violation of the Code will be reported to the Chief Compliance Officer and the Fund Board.

5.If the Fund Board concurs that a material violation of the Code has occurred, the Fund Board will consider appropriate action. Appropriate action may include reassignment, suspension, or dismissal of the applicable Covered Officer(s), or any other sanctions the Fund Board deems appropriate. Appropriate action may also include review of, and appropriate modifications to, applicable policies and procedures.

6.Any changes to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Vanguard Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Vanguard Funds, VGI, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

VGI’s and the Vanguard Funds’ 17j-1 Code of Ethics, policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.Amendments

This Code may not be materially amended except by the approval of a majority vote of the independent trustees of the Fund Board. Non-material, technical, and administrative revisions of the Code do not have to be approved by the Fund Board. Amendments must be in writing and communicated promptly to the Covered Officers, who shall affirm receipt of the amended Code in accordance with Section IV. A. 1.

VII.Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board, VGI’s General Counsel and the Chief Compliance Officer of VGI and the Vanguard Funds.

Last Reviewed: July 28, 2018

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

I, Mortimer J. Buckley, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Institutional Index Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  February 19, 2019

/s/ Mortimer J. Buckley

Mortimer J. Buckley

Chief Executive Officer

CERTIFICATIONS

I, Thomas J. Higgins, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Institutional Index Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:   February 19, 2019

/s/ Thomas J. Higgins

Thomas J. Higgins

Chief Financial Officer

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Vanguard Institutional Index Funds

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date:    February 19, 2019

/s/ Mortimer J. Buckley

Mortimer J. Buckley

Chief Executive Officer

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:  Vanguard Institutional Index Funds

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date:    February 19, 2019

/s/ Thomas J. Higgins

Thomas J. Higgins

Chief Financial Officer