N-CSRS 1 tm2319809d2_ncsrs.htm N-CSRS

 

 

 

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, 2023—June 30, 2023

 

 

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

Semiannual Report   |   June 30, 2023
Vanguard Institutional Index Fund

 

Contents
About Your Fund’s Expenses
1
Financial Statements
4
Trustees Approve Advisory Arrangement
22
Liquidity Risk Management
24

 

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

 

Six Months Ended June 30, 2023      
  Beginning
Account Value
12/31/2022 		Ending
Account Value
6/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return      
Institutional Index Fund      
Institutional Shares $1,000.00 $1,168.70 $0.19
Institutional Plus Shares 1,000.00 1,168.80 0.11
Based on Hypothetical 5% Yearly Return      
Institutional Index Fund      
Institutional Shares $1,000.00 $1,024.62 $0.18
Institutional Plus Shares 1,000.00 1,024.70 0.10
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.035% for Institutional Shares, and 0.02% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

Institutional Index Fund
Fund Allocation
As of June 30, 2023
Communication Services 8.4%
Consumer Discretionary 10.7
Consumer Staples 6.6
Energy 4.1
Financials 12.4
Health Care 13.4
Industrials 8.5
Information Technology 28.3
Materials 2.5
Real Estate 2.5
Utilities 2.6
The table reflects the fund’s investments, except for short-term investments and derivatives. 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 fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
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.
3

 

Institutional Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value•

($000)
Common Stocks (99.8%)
Communication Services (8.4%)
* Alphabet Inc. Class A  40,557,247   4,854,702
* Meta Platforms Inc. Class A  15,100,820   4,333,633
* Alphabet Inc. Class C  34,882,855   4,219,779
* Netflix Inc.   3,034,220   1,336,544
  Comcast Corp. Class A  28,393,272   1,179,740
* Walt Disney Co.  12,473,660   1,113,648
  Verizon Communications Inc.  28,698,145   1,067,284
  AT&T Inc.  48,800,356     778,366
* T-Mobile US Inc.   3,931,555     546,093
* Activision Blizzard Inc.   4,883,802     411,705
* Charter Communications Inc. Class A     709,184     260,533
  Electronic Arts Inc.   1,779,928     230,857
* Warner Bros Discovery Inc.  15,132,154     189,757
* Take-Two Interactive Software Inc.   1,080,895     159,065
  Omnicom Group Inc.   1,362,113     129,605
  Interpublic Group of Cos. Inc.   2,635,209     101,666
* Live Nation Entertainment Inc.     982,522      89,518
* Match Group Inc.   1,902,086      79,602
  News Corp. Class A   3,414,035      66,574
  Fox Corp. Class A   1,838,042      62,493
1 Paramount Global Class B   3,463,954      55,112
  Fox Corp. Class B     931,515      29,706
       21,295,982
Consumer Discretionary (10.6%)
* Amazon.com Inc.  60,935,063   7,943,495
* Tesla Inc.  18,390,595   4,814,106
  Home Depot Inc.   6,912,678   2,147,354
  McDonald's Corp.   4,983,849   1,487,230
  NIKE Inc. Class B   8,411,224     928,347
  Lowe's Cos. Inc.   4,070,940     918,811
  Starbucks Corp.   7,825,153     775,160
* Booking Holdings Inc.     252,155     680,902
  TJX Cos. Inc.   7,860,813     666,518
  Ford Motor Co.  26,826,653     405,887
* Chipotle Mexican Grill Inc. Class A     188,248     402,663
    Shares Market
Value•

($000)
* O'Reilly Automotive Inc.     415,652     397,072
  General Motors Co.   9,487,220     365,827
  Marriott International Inc. Class A   1,760,096     323,312
* AutoZone Inc.     125,593     313,149
  Yum! Brands Inc.   1,911,937     264,899
  Hilton Worldwide Holdings Inc.   1,806,497     262,936
  Ross Stores Inc.   2,335,109     261,836
  DR Horton Inc.   2,118,253     257,770
  Lennar Corp. Class A   1,688,240     211,553
* Aptiv plc   1,845,383     188,395
  Tractor Supply Co.     747,998     165,382
  eBay Inc.   3,650,612     163,146
  Genuine Parts Co.     960,383     162,526
* Ulta Beauty Inc.     341,936     160,913
* Royal Caribbean Cruises Ltd.   1,501,309     155,746
  Darden Restaurants Inc.     825,624     137,945
* NVR Inc.      20,829     132,277
* Las Vegas Sands Corp.   2,241,102     129,984
* Carnival Corp.   6,856,576     129,109
  PulteGroup Inc.   1,523,355     118,334
  Garmin Ltd.   1,045,649     109,051
  Best Buy Co. Inc.   1,328,622     108,881
* Expedia Group Inc.     973,480     106,489
  LKQ Corp.   1,729,625     100,785
  Pool Corp.     265,775      99,570
* CarMax Inc.   1,082,493      90,605
  MGM Resorts International   2,061,434      90,538
  Domino's Pizza Inc.     241,433      81,361
  BorgWarner Inc. (XNYS)   1,604,628      78,482
* Caesars Entertainment Inc.   1,469,170      74,884
  Wynn Resorts Ltd.     707,335      74,702
* Etsy Inc.     842,003      71,242
  Tapestry Inc.   1,583,278      67,764
* Norwegian Cruise Line Holdings Ltd.   2,907,492      63,296
  Bath & Body Works Inc.   1,558,328      58,437
  Hasbro Inc.     893,416      57,867
  Whirlpool Corp.     375,032      55,801
  VF Corp.   2,247,884      42,912
4

 

Institutional Index Fund
    Shares Market
Value•

($000)
* Mohawk Industries Inc.     362,709      37,417
  Ralph Lauren Corp. Class A     278,773      34,373
  Advance Auto Parts Inc.     404,756      28,454
  Newell Brands Inc.   2,573,576      22,390
  Lennar Corp. Class B      49,389       5,580
       27,033,465
Consumer Staples (6.6%)
  Procter & Gamble Co.  16,089,102   2,441,360
  PepsiCo Inc.   9,404,595   1,741,919
  Costco Wholesale Corp.   3,027,356   1,629,868
  Coca-Cola Co.  26,568,874   1,599,978
  Walmart Inc.   9,574,590   1,504,934
  Philip Morris International Inc.  10,595,636   1,034,346
  Mondelez International Inc. Class A   9,296,108     678,058
  Altria Group Inc.  12,185,296     551,994
  Colgate-Palmolive Co.   5,661,222     436,141
  Target Corp.   3,150,462     415,546
  Kimberly-Clark Corp.   2,302,592     317,896
  Estee Lauder Cos. Inc. Class A   1,582,733     310,817
  General Mills Inc.   4,009,501     307,529
* Monster Beverage Corp.   5,216,571     299,640
  Archer-Daniels-Midland Co.   3,717,857     280,921
  Constellation Brands Inc. Class A   1,100,652     270,903
  Sysco Corp.   3,456,332     256,460
  Dollar General Corp.   1,495,608     253,924
  Hershey Co.   1,005,412     251,051
  Kroger Co.   4,457,808     209,517
* Dollar Tree Inc.   1,421,272     203,953
  Kraft Heinz Co.   5,445,096     193,301
  Keurig Dr Pepper Inc.   5,749,761     179,795
  Church & Dwight Co. Inc.   1,667,335     167,117
  McCormick & Co. Inc.   1,713,088     149,433
  Walgreens Boots Alliance Inc.   4,894,725     139,451
  Kellogg Co.   1,754,554     118,257
  Lamb Weston Holdings Inc.     994,566     114,325
  Conagra Brands Inc.   3,249,136     109,561
  J M Smucker Co.     729,019     107,654
  Tyson Foods Inc. Class A   1,953,811      99,723
  Bunge Ltd.   1,028,067      96,998
  Clorox Co.     595,432      94,697
  Molson Coors Beverage Co. Class B   1,281,112      84,348
  Brown-Forman Corp. Class B   1,248,169      83,353
  Hormel Foods Corp.   1,973,734      79,384
  Campbell Soup Co.   1,369,135      62,583
       16,876,735
Energy (4.1%)
  Exxon Mobil Corp.  27,598,727   2,959,963
  Chevron Corp.  11,895,959   1,871,829
  ConocoPhillips   8,260,135     855,833
    Shares Market
Value•

($000)
  Schlumberger NV   9,729,362     477,906
  EOG Resources Inc.   3,992,378     456,888
  Marathon Petroleum Corp.   2,896,390     337,719
  Pioneer Natural Resources Co.   1,595,550     330,566
  Phillips 66   3,132,390     298,767
  Valero Energy Corp.   2,467,933     289,488
  Occidental Petroleum Corp.   4,904,552     288,388
  Williams Cos. Inc.   8,314,929     271,316
  Hess Corp.   1,886,374     256,452
  Kinder Morgan Inc.  13,474,758     232,035
  Baker Hughes Co. Class A   6,910,046     218,427
  Devon Energy Corp.   4,380,240     211,741
  Halliburton Co.   6,159,051     203,187
  ONEOK Inc.   3,053,998     188,493
  Diamondback Energy Inc.   1,236,233     162,392
  Coterra Energy Inc.   5,170,683     130,818
  Targa Resources Corp.   1,541,888     117,338
  EQT Corp.   2,468,790     101,541
  Marathon Oil Corp.   4,215,930      97,051
  APA Corp.   2,106,312      71,973
       10,430,111
Financials (12.4%)
* Berkshire Hathaway Inc. Class B  12,173,438   4,151,142
  JPMorgan Chase & Co.  19,948,617   2,901,327
  Visa Inc. Class A  11,046,797   2,623,393
  Mastercard Inc. Class A   5,712,092   2,246,566
  Bank of America Corp.  47,328,664   1,357,859
  Wells Fargo & Co.  25,614,396   1,093,222
  S&P Global Inc.   2,239,129     897,644
  Morgan Stanley   8,892,618     759,430
  American Express Co.   4,059,229     707,118
  BlackRock Inc.   1,022,388     706,613
  Goldman Sachs Group Inc.   2,064,419     665,858
  Marsh & McLennan Cos. Inc.   3,377,063     635,158
  Citigroup Inc.  13,289,325     611,841
  Charles Schwab Corp.  10,144,494     574,990
  Chubb Ltd.   2,827,764     544,514
* Fiserv Inc.   4,214,292     531,633
  Progressive Corp.   3,995,916     528,939
* PayPal Holdings Inc.   7,616,322     508,237
  Aon plc Class A (XNYS)   1,394,231     481,289
  CME Group Inc.   2,455,671     455,011
  Intercontinental Exchange Inc.   3,822,215     432,216
  Moody's Corp.   1,077,264     374,586
  PNC Financial Services Group Inc.   2,724,611     343,165
  Arthur J Gallagher & Co.   1,462,248     321,066
  US Bancorp   9,522,892     314,636
  Capital One Financial Corp.   2,606,193     285,039
  American International Group Inc.   4,940,578     284,281
  Truist Financial Corp.   9,092,508     275,958
  Travelers Cos. Inc.   1,577,329     273,919
 
5

 

Institutional Index Fund
    Shares Market
Value•

($000)
  Aflac Inc.   3,753,750     262,012
  MSCI Inc. Class A     546,544     256,488
  MetLife Inc.   4,391,111     248,229
  Ameriprise Financial Inc.     711,285     236,260
  Fidelity National Information Services Inc.   4,042,816     221,142
  Prudential Financial Inc.   2,491,150     219,769
  Bank of New York Mellon Corp.   4,777,580     212,698
  Discover Financial Services   1,733,546     202,565
  Allstate Corp.   1,792,625     195,468
* Arch Capital Group Ltd.   2,542,616     190,315
  Global Payments Inc.   1,787,036     176,059
  T Rowe Price Group Inc.   1,533,608     171,795
  Willis Towers Watson plc     725,586     170,875
  State Street Corp.   2,282,020     166,998
  Hartford Financial Services Group Inc.   2,117,985     152,537
  M&T Bank Corp.   1,132,545     140,164
  Raymond James Financial Inc.   1,302,123     135,121
* FleetCor Technologies Inc.     503,009     126,295
  Fifth Third Bancorp   4,638,728     121,581
  Principal Financial Group Inc.   1,541,503     116,908
  Nasdaq Inc.   2,310,206     115,164
  Regions Financial Corp.   6,408,126     114,193
  Brown & Brown Inc.   1,609,371     110,789
  Huntington Bancshares Inc.   9,843,375     106,112
  Northern Trust Corp.   1,419,053     105,209
  FactSet Research Systems Inc.     261,721     104,859
  Cincinnati Financial Corp.   1,074,872     104,607
  Everest Re Group Ltd.     293,257     100,253
  Cboe Global Markets Inc.     719,326      99,274
  Synchrony Financial   2,925,782      99,243
  Citizens Financial Group Inc.   3,304,849      86,190
  Jack Henry & Associates Inc.     497,260      83,207
  W R Berkley Corp.   1,371,067      81,661
  Loews Corp.   1,291,717      76,702
  MarketAxess Holdings Inc.     257,717      67,372
  Globe Life Inc.     606,960      66,535
  KeyCorp.   6,407,421      59,205
  Invesco Ltd.   3,133,938      52,681
  Franklin Resources Inc.   1,940,890      51,841
  Assurant Inc.     361,004      45,385
  Comerica Inc.     900,859      38,160
  Lincoln National Corp.   1,050,379      27,058
  Zions Bancorp NA   1,004,711      26,987
       31,432,616
    Shares Market
Value•

($000)
Health Care (13.4%)
  UnitedHealth Group Inc.   6,355,512   3,054,713
  Johnson & Johnson  17,739,748   2,936,283
  Eli Lilly & Co.   5,378,456   2,522,388
  Merck & Co. Inc.  17,321,422   1,998,719
  AbbVie Inc.  12,043,564   1,622,629
  Pfizer Inc.  38,536,608   1,413,523
  Thermo Fisher Scientific Inc.   2,633,227   1,373,886
  Abbott Laboratories  11,870,741   1,294,148
  Danaher Corp.   4,533,673   1,088,082
  Bristol-Myers Squibb Co.  14,341,040     917,110
* Intuitive Surgical Inc.   2,391,957     817,906
  Amgen Inc.   3,647,424     809,801
  Medtronic plc   9,081,936     800,119
  Elevance Health Inc.   1,618,282     718,987
  Stryker Corp.   2,306,301     703,629
  Gilead Sciences Inc.   8,514,922     656,245
* Vertex Pharmaceuticals Inc.   1,758,186     618,723
  CVS Health Corp.   8,748,654     604,794
  Cigna Group   2,019,802     566,756
  Zoetis Inc.   3,154,417     543,222
* Boston Scientific Corp.   9,814,603     530,872
* Regeneron Pharmaceuticals Inc.     736,489     529,197
  Becton Dickinson and Co.   1,938,886     511,885
  HCA Healthcare Inc.   1,408,451     427,437
  McKesson Corp.     925,760     395,586
* Edwards Lifesciences Corp.   4,138,476     390,382
  Humana Inc.     852,928     381,370
* DexCom Inc.   2,646,170     340,059
* IQVIA Holdings Inc.   1,267,731     284,948
* IDEXX Laboratories Inc.     566,673     284,600
* Biogen Inc.     988,060     281,449
* Moderna Inc.   2,237,974     271,914
* Centene Corp.   3,745,397     252,627
  Agilent Technologies Inc.   2,020,241     242,934
  ResMed Inc.   1,003,133     219,185
  GE Healthcare Inc.   2,669,068     216,835
  AmerisourceBergen Corp. Class A   1,105,765     212,782
  Zimmer Biomet Holdings Inc.   1,423,958     207,328
* Illumina Inc.   1,079,300     202,358
* Mettler-Toledo International Inc.     150,177     196,978
  West Pharmaceutical Services Inc.     506,962     193,898
* Align Technology Inc.     485,750     171,781
  Cardinal Health Inc.   1,738,347     164,395
  Baxter International Inc.   3,452,907     157,314
  STERIS plc     677,116     152,338
  Laboratory Corp. of America Holdings     604,209     145,814
* Insulet Corp.     475,739     137,175
* Hologic Inc.   1,680,956     136,107
  Cooper Cos. Inc.     337,855     129,544
 
6

 

Institutional Index Fund
    Shares Market
Value•

($000)
* Molina Healthcare Inc.     397,660     119,791
  Quest Diagnostics Inc.     764,788     107,499
* Waters Corp.     402,824     107,369
  Revvity Inc.     854,995     101,565
  Bio-Techne Corp.   1,072,556      87,553
  Viatris Inc.   8,186,106      81,697
* Incyte Corp.   1,262,240      78,574
  Teleflex Inc.     319,869      77,418
* Charles River Laboratories International Inc.     349,490      73,480
* Henry Schein Inc.     894,524      72,546
  Universal Health Services Inc. Class B     429,644      67,785
  DENTSPLY SIRONA Inc.   1,448,527      57,970
* Bio-Rad Laboratories Inc. Class A     145,309      55,090
* Catalent Inc.   1,229,573      53,314
* DaVita Inc.     379,493      38,128
  Organon & Co.   1,750,182      36,421
       34,046,955
Industrials (8.5%)
  Raytheon Technologies Corp.   9,974,270     977,079
  Honeywell International Inc.   4,542,372     942,542
  United Parcel Service Inc. Class B (XNYS)   4,947,710     886,877
  Caterpillar Inc.   3,517,944     865,590
  Union Pacific Corp.   4,162,090     851,647
  General Electric Co.   7,433,693     816,591
* Boeing Co.   3,860,235     815,127
  Deere & Co.   1,840,735     745,847
  Lockheed Martin Corp.   1,538,608     708,344
  Automatic Data Processing Inc.   2,820,143     619,839
  Eaton Corp. plc   2,721,029     547,199
  CSX Corp.  13,879,668     473,297
  Illinois Tool Works Inc.   1,887,878     472,272
  Northrop Grumman Corp.     974,473     444,165
  Waste Management Inc.   2,527,213     438,269
  FedEx Corp.   1,578,515     391,314
  3M Co.   3,765,771     376,916
  Emerson Electric Co.   3,901,203     352,630
  Norfolk Southern Corp.   1,554,048     352,396
  Parker-Hannifin Corp.     875,807     341,600
  General Dynamics Corp.   1,535,700     330,406
  Johnson Controls International plc   4,680,651     318,940
  TransDigm Group Inc.     356,159     318,467
  PACCAR Inc.   3,567,706     298,439
  Trane Technologies plc   1,556,777     297,749
  Cintas Corp.     590,156     293,355
  Carrier Global Corp.   5,698,815     283,288
* Copart Inc.   2,928,311     267,091
  Rockwell Automation Inc.     784,206     258,357
  AMETEK Inc.   1,573,482     254,715
  L3Harris Technologies Inc.   1,293,306     253,190
    Shares Market
Value•

($000)
  Otis Worldwide Corp.   2,820,587     251,060
  Paychex Inc.   2,190,337     245,033
  WW Grainger Inc.     304,853     240,404
  Cummins Inc.     966,447     236,934
  Fastenal Co.   3,898,535     229,975
  Old Dominion Freight Line Inc.     613,904     226,991
  Verisk Analytics Inc. Class A     988,424     223,413
  Republic Services Inc. Class A   1,403,561     214,983
  United Rentals Inc.     469,163     208,951
* Delta Air Lines Inc.   4,388,379     208,624
  Equifax Inc.     837,439     197,049
  Quanta Services Inc.     991,134     194,708
  Xylem Inc.   1,633,461     183,960
  Fortive Corp.   2,413,676     180,471
  Ingersoll Rand Inc. (XYNS)   2,759,127     180,337
  Southwest Airlines Co.   4,064,420     147,173
  Dover Corp.     954,905     140,992
  Westinghouse Air Brake Technologies Corp.   1,228,209     134,698
  Broadridge Financial Solutions Inc.     805,427     133,403
  Expeditors International of Washington Inc.   1,043,282     126,373
  Howmet Aerospace Inc.   2,511,384     124,464
* United Airlines Holdings Inc.   2,239,174     122,863
  IDEX Corp.     516,053     111,086
  Paycom Software Inc.     331,858     106,606
  Snap-on Inc.     361,983     104,320
  Jacobs Solutions Inc.     863,993     102,720
  JB Hunt Transport Services Inc.     564,658     102,220
  Stanley Black & Decker Inc.   1,045,290      97,954
* Axon Enterprise Inc.     479,195      93,501
  Textron Inc.   1,377,045      93,130
  Nordson Corp.     366,399      90,933
  Masco Corp.   1,534,495      88,049
  Leidos Holdings Inc.     937,507      82,951
* American Airlines Group Inc.   4,458,332      79,982
  CH Robinson Worldwide Inc.     795,019      75,010
  Pentair plc   1,127,002      72,804
  Allegion plc     601,827      72,231
* Ceridian HCM Holding Inc.   1,058,334      70,877
  Rollins Inc.   1,579,430      67,647
* Generac Holdings Inc.     424,567      63,316
  Huntington Ingalls Industries Inc.     272,005      61,908
  A O Smith Corp.     850,347      61,888
  Robert Half International Inc.     734,978      55,285
* Alaska Air Group Inc.     868,435      46,183
       21,546,998
Information Technology (28.2%)
  Apple Inc. 100,926,716  19,576,755
  Microsoft Corp.  50,756,950  17,284,772
  NVIDIA Corp.  16,882,359   7,141,575
 
7

 

Institutional Index Fund
    Shares Market
Value•

($000)
  Broadcom Inc.   2,846,050   2,468,749
* Adobe Inc.   3,131,256   1,531,153
  Cisco Systems Inc.  27,959,814   1,446,641
* Salesforce Inc.   6,683,178   1,411,888
  Accenture plc Class A   4,311,055   1,330,305
* Advanced Micro Devices Inc.  10,992,810   1,252,191
  Oracle Corp.  10,505,019   1,251,043
  Texas Instruments Inc.   6,195,950   1,115,395
  Intel Corp.  28,472,204     952,110
  QUALCOMM Inc.   7,604,549     905,246
  Intuit Inc.   1,915,191     877,521
  Applied Materials Inc.   5,769,063     833,860
  International Business Machines Corp.   6,198,623     829,438
* ServiceNow Inc.   1,390,816     781,597
  Analog Devices Inc.   3,453,516     672,779
  Lam Research Corp.     917,074     589,550
* Palo Alto Networks Inc.   2,065,750     527,820
  Micron Technology Inc.   7,470,589     471,469
  KLA Corp.     936,538     454,240
* Synopsys Inc.   1,039,654     452,676
* Cadence Design Systems Inc.   1,861,484     436,555
  NXP Semiconductors NV   1,773,072     362,912
  Roper Technologies Inc.     727,660     349,859
  Amphenol Corp. Class A   4,064,175     345,252
* Fortinet Inc.   4,449,008     336,301
  Motorola Solutions Inc.   1,144,950     335,791
  Microchip Technology Inc.   3,739,448     335,017
  TE Connectivity Ltd.   2,151,045     301,490
* Autodesk Inc.   1,461,914     299,122
* ON Semiconductor Corp.   2,948,123     278,833
* Arista Networks Inc.   1,704,634     276,253
  Cognizant Technology Solutions Corp. Class A   3,461,737     225,982
* Keysight Technologies Inc.   1,214,497     203,368
* ANSYS Inc.     591,663     195,409
* Gartner Inc.     540,307     189,275
  Corning Inc.   5,223,015     183,014
  HP Inc.   5,916,642     181,700
  CDW Corp.     919,960     168,813
  Monolithic Power Systems Inc.     307,534     166,139
* Enphase Energy Inc.     935,459     156,671
  Hewlett Packard Enterprise Co.   8,844,032     148,580
* VeriSign Inc.     618,198     139,694
* Fair Isaac Corp.     170,607     138,057
* Teledyne Technologies Inc.     321,217     132,056
* First Solar Inc.     678,187     128,917
  Skyworks Solutions Inc.   1,087,161     120,338
* Tyler Technologies Inc.     286,272     119,224
  Teradyne Inc.   1,057,824     117,768
  NetApp Inc.   1,459,904     111,537
    Shares Market
Value•

($000)
* Zebra Technologies Corp. Class A     351,944     104,116
* SolarEdge Technologies Inc.     384,608     103,479
* PTC Inc.     725,835     103,286
* Akamai Technologies Inc.   1,039,150      93,388
* Trimble Inc.   1,691,359      89,541
* EPAM Systems Inc.     395,320      88,848
* Western Digital Corp.   2,186,340      82,928
  Seagate Technology Holdings plc   1,316,606      81,458
  Gen Digital Inc. (XNGS)   3,878,356      71,943
* Qorvo Inc.     681,294      69,512
  Juniper Networks Inc.   2,188,301      68,559
* F5 Inc.     413,821      60,525
* DXC Technology Co.   1,551,975      41,469
       71,701,752
Materials (2.5%)
  Linde plc   3,342,090   1,273,604
  Air Products and Chemicals Inc.   1,516,260     454,165
  Sherwin-Williams Co.   1,601,910     425,339
  Freeport-McMoRan Inc.   9,783,804     391,352
  Ecolab Inc.   1,690,858     315,666
  Nucor Corp.   1,714,927     281,214
  Corteva Inc.   4,854,478     278,162
  Dow Inc.   4,828,054     257,142
  PPG Industries Inc.   1,606,915     238,306
  Newmont Corp.   5,424,818     231,423
  DuPont de Nemours Inc.   3,133,279     223,841
  Vulcan Materials Co.     908,439     204,799
  Martin Marietta Materials Inc.     423,060     195,323
  Albemarle Corp.     800,927     178,679
  LyondellBasell Industries NV Class A   1,731,160     158,972
  International Flavors & Fragrances Inc.   1,743,891     138,796
  Ball Corp.   2,147,074     124,981
  Steel Dynamics Inc.   1,096,239     119,413
  Amcor plc  10,044,608     100,245
  Avery Dennison Corp.     550,845      94,635
  CF Industries Holdings Inc.   1,329,658      92,305
  FMC Corp.     853,582      89,063
  Packaging Corp. of America     613,959      81,141
  Mosaic Co.   2,267,241      79,353
  Celanese Corp. Class A     684,460      79,260
  International Paper Co.   2,369,019      75,359
  Eastman Chemical Co.     810,301      67,838
  Westrock Co.   1,749,543      50,859
  Sealed Air Corp.     986,797      39,472
        6,340,707
Real Estate (2.5%)
  Prologis Inc.   6,303,988     773,058
  American Tower Corp.   3,181,236     616,969
  Equinix Inc.     638,415     500,479
  Crown Castle Inc.   2,960,225     337,288
 
8

 

Institutional Index Fund
    Shares Market
Value•

($000)
  Public Storage   1,080,148     315,274
  Realty Income Corp.   4,596,055     274,798
  Welltower Inc.   3,392,908     274,452
  Simon Property Group Inc.   2,231,944     257,745
* CoStar Group Inc.   2,788,972     248,219
  Digital Realty Trust Inc.   1,988,773     226,462
  VICI Properties Inc. Class A   6,858,165     215,552
  AvalonBay Communities Inc.     969,407     183,480
  SBA Communications Corp. Class A     739,468     171,379
* CBRE Group Inc. Class A   2,121,637     171,237
  Weyerhaeuser Co.   4,990,866     167,244
  Equity Residential   2,330,097     153,716
  Extra Space Storage Inc.     921,935     137,230
  Invitation Homes Inc.   3,973,092     136,674
  Ventas Inc.   2,736,300     129,345
  Alexandria Real Estate Equities Inc.   1,073,543     121,836
  Mid-America Apartment Communities Inc.     796,507     120,958
  Iron Mountain Inc.   1,991,603     113,163
  Essex Property Trust Inc.     437,904     102,601
  UDR Inc.   2,117,311      90,960
  Kimco Realty Corp.   4,240,876      83,630
  Host Hotels & Resorts Inc.   4,845,532      81,550
  Camden Property Trust     729,057      79,372
  Healthpeak Properties Inc.   3,722,990      74,832
  Regency Centers Corp.   1,047,579      64,709
  Boston Properties Inc.     973,531      56,066
  Federal Realty Investment Trust     498,986      48,287
        6,328,565
Utilities (2.6%)
  NextEra Energy Inc.  13,812,390   1,024,879
  Southern Co.   7,443,253     522,888
  Duke Energy Corp.   5,260,448     472,073
  Sempra Energy (XNYS)   2,147,742     312,690
  American Electric Power Co. Inc.   3,513,813     295,863
  Dominion Energy Inc.   5,705,589     295,492
  Exelon Corp.   6,788,712     276,572
  Xcel Energy Inc.   3,756,895     233,566
  Consolidated Edison Inc.   2,365,249     213,818
    Shares Market
Value•

($000)
  Public Service Enterprise Group Inc.   3,407,583     213,349
  Constellation Energy Corp.   2,214,545     202,742
* PG&E Corp.  11,035,881     190,700
  WEC Energy Group Inc.   2,155,409     190,193
  American Water Works Co. Inc.   1,328,805     189,687
  Edison International   2,614,387     181,569
  Eversource Energy   2,381,256     168,879
  DTE Energy Co.   1,406,461     154,739
  Ameren Corp.   1,792,191     146,368
  FirstEnergy Corp.   3,714,638     144,425
  Entergy Corp.   1,443,374     140,541
  PPL Corp.   5,031,671     133,138
  CenterPoint Energy Inc.   4,306,313     125,529
  CMS Energy Corp.   1,992,318     117,049
  Atmos Energy Corp.     986,631     114,785
  AES Corp.   4,570,608      94,749
  Evergy Inc.   1,563,622      91,347
  Alliant Energy Corp.   1,719,338      90,231
  NiSource Inc.   2,819,255      77,107
  Pinnacle West Capital Corp.     772,132      62,898
  NRG Energy Inc.   1,574,573      58,873
        6,536,739
Total Common Stocks
(Cost $88,857,781) 		253,570,625
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
2,3 Vanguard Market Liquidity Fund, 5.150% (Cost $468,691)   4,687,879            468,694
Total Investments (100.0%) (Cost $89,326,472) 254,039,319
Other Assets and Liabilities—Net (0.0%) 30,323
Net Assets (100%) 254,069,642
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $8,644,000.
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 Collateral of $9,236,000 was received for securities on loan.
 
9

 

Institutional 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 September 2023 2,024 454,211 11,168
    
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date 		Counterparty Notional
Amount
($000) 		Floating
Interest Rate
Received
(Paid)1
(%) 		Value and
Unrealized
Appreciation
($000) 		Value and
Unrealized
(Depreciation)
($000)
Bank of New York Mellon Corp. 8/31/23 BANA 5,565 (5.522) — (23)
Clorox Co. 1/31/24 GSI 38,740 (5.066) 938 —
Goldman Sachs Group Inc. 8/30/24 BANA 51,607 (5.672) 155 —
Goldman Sachs Group Inc. 8/30/24 BANA 14,514 (5.672) 44 —
          1,137 (23)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  BANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At June 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $477,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
10

 

Institutional Index Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $88,857,781) 253,570,625
Affiliated Issuers (Cost $468,691) 468,694
Total Investments in Securities 254,039,319
Investment in Vanguard 8,474
Cash 5,079
Cash Collateral Pledged—Futures Contracts 22,669
Receivables for Investment Securities Sold 540
Receivables for Accrued Income 166,635
Receivables for Capital Shares Issued 179,821
Variation Margin Receivable—Futures Contracts 13,757
Unrealized Appreciation—Over-the-Counter Swap Contracts 1,137
Total Assets 254,437,431
Liabilities  
Payables for Investment Securities Purchased 2,938
Collateral for Securities on Loan 9,236
Payables for Capital Shares Redeemed 352,884
Payables to Vanguard 2,708
Unrealized Depreciation—Over-the-Counter Swap Contracts 23
Total Liabilities 367,789
Net Assets 254,069,642
1 Includes $8,644,000 of securities on loan.  
At June 30, 2023, net assets consisted of:  
   
Paid-in Capital 85,434,102
Total Distributable Earnings (Loss) 168,635,540
Net Assets 254,069,642
 
Institutional Shares—Net Assets  
Applicable to 287,402,938 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		106,753,073
Net Asset Value Per Share—Institutional Shares $371.44
 
Institutional Plus Shares—Net Assets  
Applicable to 396,619,750 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		147,316,569
Net Asset Value Per Share—Institutional Plus Shares $371.43
  
See accompanying Notes, which are an integral part of the Financial Statements.
11

 

Institutional Index Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends1 1,948,796
Interest2 15,280
Securities Lending—Net 157
Total Income 1,964,233
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 2,557
Management and Administrative—Institutional Shares 14,598
Management and Administrative—Institutional Plus Shares 9,215
Marketing and Distribution—Institutional Shares 1,439
Marketing and Distribution—Institutional Plus Shares 2,269
Custodian Fees 452
Shareholders’ Reports—Institutional Shares 159
Shareholders’ Reports—Institutional Plus Shares 309
Trustees’ Fees and Expenses 61
Other Expenses 29
Total Expenses 31,088
Expenses Paid Indirectly (42)
Net Expenses 31,046
Net Investment Income 1,933,187
Realized Net Gain (Loss)  
Investment Securities Sold2,3 3,943,654
Futures Contracts 70,311
Swap Contracts 72
Realized Net Gain (Loss) 4,014,037
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 31,299,546
Futures Contracts 30,510
Swap Contracts 2,268
Change in Unrealized Appreciation (Depreciation) 31,332,324
Net Increase (Decrease) in Net Assets Resulting from Operations 37,279,548
1 Dividends are net of foreign withholding taxes of $542,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $14,405,000, $172,000, and ($109,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $2,593,063,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
12

 

Institutional Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023 		  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 1,933,187   4,063,832
Realized Net Gain (Loss) 4,014,037   14,449,875
Change in Unrealized Appreciation (Depreciation) 31,332,324   (73,064,052)
Net Increase (Decrease) in Net Assets Resulting from Operations 37,279,548   (54,550,345)
Distributions      
Institutional Shares (1,195,458)   (3,275,361)
Institutional Plus Shares (1,631,240)   (4,563,380)
Total Distributions (2,826,698)   (7,838,741)
Capital Share Transactions      
Institutional Shares (4,017,110)   (6,285,999)
Institutional Plus Shares (1,843,467)   (10,703,285)
Net Increase (Decrease) from Capital Share Transactions (5,860,577)   (16,989,284)
Total Increase (Decrease) 28,592,273   (79,378,370)
Net Assets      
Beginning of Period 225,477,369   304,855,739
End of Period 254,069,642   225,477,369
  
See accompanying Notes, which are an integral part of the Financial Statements.
13

 

Institutional Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $321.63 $405.79 $331.47 $290.23 $227.55 $243.46
Investment Operations            
Net Investment Income1 2.780 5.515 5.048 5.261 5.203 5.059
Net Realized and Unrealized Gain (Loss) on Investments 51.117 (78.817) 88.637 46.122 65.746 (15.434)
Total from Investment Operations 53.897 (73.302) 93.685 51.383 70.949 (10.375)
Distributions            
Dividends from Net Investment Income (2.825) (5.584) (5.199) (5.273) (5.550) (4.837)
Distributions from Realized Capital Gains (1.262) (5.274) (14.166) (4.870) (2.719) (.698)
Total Distributions (4.087) (10.858) (19.365) (10.143) (8.269) (5.535)
Net Asset Value, End of Period $371.44 $321.63 $405.79 $331.47 $290.23 $227.55
Total Return 16.87% -18.14% 28.67% 18.39% 31.46% -4.42%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $106,753 $96,179 $128,441 $119,012 $116,814 $104,296
Ratio of Total Expenses to Average Net Assets 0.035%2 0.035%2 0.035% 0.035% 0.035% 0.035%
Ratio of Net Investment Income to Average Net Assets 1.61% 1.58% 1.35% 1.83% 1.98% 2.03%
Portfolio Turnover Rate3 1% 3% 3% 4% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.035%.
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.
14

 

Institutional Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $321.62 $405.80 $331.48 $290.25 $227.57 $243.48
Investment Operations            
Net Investment Income1 2.805 5.563 5.117 5.310 5.252 5.167
Net Realized and Unrealized Gain (Loss) on Investments 51.118 (78.832) 88.627 46.108 65.739 (15.503)
Total from Investment Operations 53.923 (73.269) 93.744 51.418 70.991 (10.336)
Distributions            
Dividends from Net Investment Income (2.851) (5.637) (5.256) (5.318) (5.592) (4.876)
Distributions from Realized Capital Gains (1.262) (5.274) (14.168) (4.870) (2.719) (.698)
Total Distributions (4.113) (10.911) (19.424) (10.188) (8.311) (5.574)
Net Asset Value, End of Period $371.43 $321.62 $405.80 $331.48 $290.25 $227.57
Total Return 16.88% -18.13% 28.69% 18.41% 31.48% -4.41%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $147,317 $129,299 $176,415 $142,174 $125,359 $95,707
Ratio of Total Expenses to Average Net Assets 0.02%2 0.02%2 0.02% 0.02% 0.02% 0.02%
Ratio of Net Investment Income to Average Net Assets 1.63% 1.60% 1.37% 1.84% 1.99% 2.05%
Portfolio Turnover Rate3 1% 3% 3% 4% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.02%.
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.
15

 

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. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, 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 securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.
During the six months ended June 30, 2023, 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.  Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference
16

 

Institutional Index Fund
stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2023, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
6. 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
17

 

Institutional Index Fund
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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program. 
For the six months ended June 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
18

 

Institutional Index Fund
8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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 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 and 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 June 30, 2023, the fund had contributed to Vanguard capital in the amount of $8,474,000, representing less than 0.01% of the fund’s net assets and 3.39% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $42,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
19

 

Institutional Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks 253,570,625 — — 253,570,625
Temporary Cash Investments 468,694 — — 468,694
Total 254,039,319 — — 254,039,319
Derivative Financial Instruments         
Assets        
Futures Contracts1 11,168 — — 11,168
Swap Contracts — 1,137 — 1,137
Total 11,168 1,137 — 12,305
Liabilities        
Swap Contracts — 23 — 23
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
E. As of June 30, 2023, 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 89,428,870
Gross Unrealized Appreciation 169,612,193
Gross Unrealized Depreciation (4,990,576)
Net Unrealized Appreciation (Depreciation) 164,621,617
F. During the six months ended June 30, 2023, the fund purchased $2,749,769,000 of investment securities and sold $8,684,734,000 of investment securities, other than temporary cash investments. Purchases and sales include $225,895,000 and $3,667,607,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2023, such purchases were $283,158,000 and sales were $88,802,000, resulting in net realized loss of $134,207,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
20

 

Institutional Index Fund
G. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2023 		  Year Ended
December 31, 2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Institutional Shares          
Issued 5,924,016 17,312   12,505,429 35,741
Issued in Lieu of Cash Distributions 1,091,748 3,202   3,010,907 8,978
Redeemed (11,032,874) (32,145)   (21,802,335) (62,209)
Net Increase (Decrease)—Institutional Shares (4,017,110) (11,631)   (6,285,999) (17,490)
Institutional Plus Shares          
Issued 9,350,150 27,254   22,460,474 63,934
Issued in Lieu of Cash Distributions 1,566,217 4,589   4,382,443 13,060
Redeemed (12,759,834) (37,244)   (37,546,202) (109,705)
Net Increase (Decrease)—Institutional Plus Shares (1,843,467) (5,401)   (10,703,285) (32,711)
H. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements.
21

 

Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the portfolio’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.
22

 

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale, with the cost to shareholders declining as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
23

 

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Institutional Index Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Institutional Index Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
24

 

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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.
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, www.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 www.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.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q942 082023
Semiannual Report   |   June 30, 2023
Vanguard Institutional Total Stock Market Index Fund

 

Contents
About Your Fund’s Expenses
1
Financial Statements
4
Trustees Approve Advisory Arrangement
54
Liquidity Risk Management
56

 

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.
1

 

Six Months Ended June 30, 2023      
  Beginning
Account Value
12/31/2022 		Ending
Account Value
6/30/2023 		Expenses
Paid During
Period
Based on Actual Fund Return      
Institutional Total Stock Market Index Fund      
Institutional Shares $1,000.00 $1,162.00 $0.16
Institutional Plus Shares 1,000.00 1,161.90 0.11
Based on Hypothetical 5% Yearly Return      
Institutional Total Stock Market Index Fund      
Institutional Shares $1,000.00 $1,024.65 $0.15
Institutional Plus Shares 1,000.00 1,024.70 0.10
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.03% 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 (181/365).
2

 

Institutional Total Stock Market Index Fund
Fund Allocation
As of June 30, 2023
Basic Materials 2.0%
Consumer Discretionary 14.5
Consumer Staples 5.2
Energy 4.3
Financials 10.2
Health Care 12.9
Industrials 13.0
Real Estate 3.0
Technology 29.9
Telecommunications 2.1
Utilities 2.9
Other 0.0
The table reflects the fund’s investments, except for short-term investments and derivatives. 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.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
3

 

Institutional Total Stock Market Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value•

($000)
Common Stocks (99.3%)
Basic Materials (2.0%)
  Linde plc    328,308    125,112
  Air Products and Chemicals Inc.    148,694     44,538
  Freeport-McMoRan Inc.    958,559     38,342
  Ecolab Inc.    171,537     32,024
  Nucor Corp.    168,123     27,569
  Dow Inc.    473,941     25,242
  Newmont Corp.    532,005     22,695
  Fastenal Co.    382,265     22,550
  Albemarle Corp.     78,407     17,492
  LyondellBasell Industries NV Class A    174,079     15,986
  International Flavors & Fragrances Inc.    171,633     13,660
  Steel Dynamics Inc.    107,201     11,677
  Reliance Steel & Aluminum Co.     39,235     10,656
  Avery Dennison Corp.     53,768      9,237
  CF Industries Holdings Inc.    130,285      9,044
  FMC Corp.     83,420      8,704
  Mosaic Co.    221,655      7,758
  Celanese Corp. Class A     65,792      7,619
  International Paper Co.    229,701      7,307
  Eastman Chemical Co.     80,608      6,748
* Cleveland-Cliffs Inc.    346,049      5,800
  Royal Gold Inc.     43,999      5,050
  Olin Corp.     88,286      4,537
  Hexcel Corp.     56,664      4,308
* RBC Bearings Inc.     19,299      4,197
  Commercial Metals Co.     77,634      4,088
  Alcoa Corp.    118,127      4,008
  Timken Co.     43,587      3,989
  UFP Industries Inc.     39,803      3,863
* Univar Solutions Inc.    105,507      3,781
  Chemours Co.     99,070      3,655
  Valvoline Inc.     91,363      3,427
  United States Steel Corp.    133,266      3,333
* Livent Corp.    118,775      3,258
  Mueller Industries Inc.     36,500      3,186
  Huntsman Corp.    114,536      3,095
  Balchem Corp.     21,787      2,937
    Shares Market
Value•

($000)
  Element Solutions Inc.    146,131      2,806
  Ashland Inc.     31,089      2,702
  Westlake Corp.     21,298      2,544
  Avient Corp.     61,461      2,514
  Cabot Corp.     36,935      2,471
  Boise Cascade Co.     26,861      2,427
* Arconic Corp.     69,544      2,057
  Sensient Technologies Corp.     28,345      2,016
  Hecla Mining Co.    388,152      1,999
  NewMarket Corp.      4,655      1,872
* MP Materials Corp.     80,755      1,848
  Quaker Chemical Corp.      9,425      1,837
  Carpenter Technology Corp.     32,584      1,829
  Scotts Miracle-Gro Co.     28,203      1,768
  Innospec Inc.     16,731      1,680
  Materion Corp.     13,913      1,589
  Worthington Industries Inc.     20,167      1,401
* Ingevity Corp.     23,962      1,394
  Stepan Co.     13,464      1,287
  Minerals Technologies Inc.     21,912      1,264
  Sylvamo Corp.     24,912      1,008
  Tronox Holdings plc     75,701        962
  Compass Minerals International Inc.     25,886        880
*,1 Uranium Energy Corp.    255,883        870
  Ryerson Holding Corp.     18,905        820
* Ecovyst Inc.     70,637        809
* Piedmont Lithium Inc.     13,023        752
  Kaiser Aluminum Corp.     10,346        741
  GrafTech International Ltd.    130,921        660
* TimkenSteel Corp.     30,310        654
  Hawkins Inc.     13,562        647
  AdvanSix Inc.     18,107        633
* Energy Fuels Inc.     98,692        616
* US Silica Holdings Inc.     49,324        598
* Coeur Mining Inc.    198,148        563
  Mativ Holdings Inc.     36,224        548
  Schnitzer Steel Industries Inc. Class A     15,798        474
  Koppers Holdings Inc.     13,873        473
  Haynes International Inc.      8,020        408
4

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Clearwater Paper Corp.     12,189        382
* LSB Industries Inc.     38,662        381
  American Vanguard Corp.     18,120        324
* Century Aluminum Co.     35,645        311
*,1 Origin Materials Inc.     68,152        290
  Olympic Steel Inc.      5,760        282
  Omega Flex Inc.      2,211        229
* Northwest Pipe Co.      7,200        218
* Rayonier Advanced Materials Inc.     44,937        192
  FutureFuel Corp.     19,183        170
*,1 Amyris Inc.    146,670        151
  Tredegar Corp.     21,461        143
*,1 Ur-Energy Inc.    127,999        134
* Intrepid Potash Inc.      5,697        129
* Alto Ingredients Inc.     44,278        128
* Dakota Gold Corp.     34,870        102
* Universal Stainless & Alloy Products Inc.      6,638         93
  Glatfelter Corp.     29,576         89
  Northern Technologies International Corp.      8,108         87
  Eastern Co.      4,309         78
* Unifi Inc.      8,861         71
* 5e Advanced Materials Inc.     21,439         70
*,1 NN Inc.     25,826         62
* Perma-Pipe International Holdings Inc.      5,795         55
* Culp Inc.     10,134         50
* Ampco-Pittsburgh Corp.     12,799         41
* US Gold Corp.      8,013         36
*,1 Hycroft Mining Holding Corp.    110,726         33
  Gold Resource Corp.     50,034         31
* CPS Technologies Corp.      9,761         27
  United-Guardian Inc.      2,129         18
* Ascent Industries Co.      1,863         17
* Golden Minerals Co.      5,313          9
* Comstock Inc.     10,603          8
* Hycroft Mining Holding Corp.Warrants Exp. 10/6/25     20,000          1
         587,335
Consumer Discretionary (14.4%)
* Amazon.com Inc.  5,838,067    761,050
* Tesla Inc.  1,803,272    472,043
  Home Depot Inc.    673,368    209,175
  Costco Wholesale Corp.    296,905    159,848
  Walmart Inc.    993,597    156,174
  McDonald's Corp.    489,492    146,069
* Netflix Inc.    297,516    131,053
* Walt Disney Co.  1,223,809    109,262
  NIKE Inc. Class B    825,160     91,073
  Lowe's Cos. Inc.    396,368     89,460
  Starbucks Corp.    767,828     76,061
* Booking Holdings Inc.     24,723     66,760
  TJX Cos. Inc.    771,208     65,391
* Uber Technologies Inc.  1,286,338     55,531
* Activision Blizzard Inc.    500,308     42,176
    Shares Market
Value•

($000)
  Target Corp.    308,559     40,699
  Ford Motor Co.  2,625,112     39,718
* Chipotle Mexican Grill Inc. Class A     18,457     39,480
* O'Reilly Automotive Inc.     40,735     38,914
  General Motors Co.    881,512     33,991
* Airbnb Inc. Class A    248,106     31,797
  Marriott International Inc. Class A    172,602     31,705
* AutoZone Inc.     12,318     30,713
* Lululemon Athletica Inc.     77,652     29,391
  Estee Lauder Cos. Inc. Class A    139,830     27,460
* Copart Inc.    286,344     26,117
  Yum! Brands Inc.    188,157     26,069
  Hilton Worldwide Holdings Inc.    176,804     25,734
  Ross Stores Inc.    228,730     25,647
  DR Horton Inc.    204,876     24,931
  Dollar General Corp.    146,597     24,889
  Electronic Arts Inc.    182,771     23,705
* Trade Desk Inc. Class A    297,032     22,937
* Delta Air Lines Inc.    429,214     20,405
  Lennar Corp. Class A    161,586     20,248
* Dollar Tree Inc.    140,329     20,137
* Aptiv plc    180,072     18,384
* Warner Bros Discovery Inc.  1,464,252     18,362
* Take-Two Interactive Software Inc.    112,819     16,602
  Tractor Supply Co.     73,149     16,173
  eBay Inc.    356,536     15,934
  Genuine Parts Co.     93,787     15,872
* Ulta Beauty Inc.     33,559     15,793
* Royal Caribbean Cruises Ltd.    144,897     15,032
  Southwest Airlines Co.    397,549     14,395
  Darden Restaurants Inc.     80,808     13,501
* Las Vegas Sands Corp.    229,627     13,318
* NVR Inc.      2,059     13,076
* Carnival Corp.    674,392     12,699
  Omnicom Group Inc.    133,387     12,692
* United Airlines Holdings Inc.    218,457     11,987
  PulteGroup Inc.    149,318     11,599
  Best Buy Co. Inc.    131,493     10,776
  Garmin Ltd.    102,119     10,650
* Expedia Group Inc.     95,233     10,418
  LKQ Corp.    177,789     10,360
* Liberty Media Corp.-Liberty Formula One Class C    134,957     10,160
  Interpublic Group of Cos. Inc.    257,154      9,921
* Live Nation Entertainment Inc.    108,047      9,844
* Roblox Corp. Class A    243,246      9,803
  Pool Corp.     24,755      9,274
* Deckers Outdoor Corp.     17,549      9,260
* CarMax Inc.    105,540      8,834
  MGM Resorts International    192,992      8,476
 
5

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Domino's Pizza Inc.     23,721      7,994
* Rivian Automotive Inc. Class A    472,362      7,870
* American Airlines Group Inc.    438,183      7,861
  BorgWarner Inc. (XNYS)    157,276      7,692
  Aramark    175,449      7,553
* Five Below Inc.     37,066      7,285
  Rollins Inc.    165,947      7,108
* Floor & Decor Holdings Inc. Class A     67,143      6,980
* DraftKings Inc. Class A    261,990      6,961
* Etsy Inc.     82,020      6,940
* Caesars Entertainment Inc.    135,407      6,902
* Burlington Stores Inc.     43,693      6,877
  Vail Resorts Inc.     27,258      6,862
  Wynn Resorts Ltd.     64,581      6,820
  Tapestry Inc.    153,207      6,557
  Churchill Downs Inc.     45,160      6,285
  Fox Corp. Class A    180,895      6,150
* Norwegian Cruise Line Holdings Ltd.    281,856      6,136
  Service Corp. International     94,892      6,129
  News Corp. Class A    301,034      5,870
  Hasbro Inc.     88,142      5,709
* BJ's Wholesale Club Holdings Inc.     89,881      5,663
  Lear Corp.     39,084      5,611
  Lithia Motors Inc. Class A     18,333      5,575
  Toll Brothers Inc.     70,222      5,552
  Bath & Body Works Inc.    146,137      5,480
  Whirlpool Corp.     36,802      5,476
  Williams-Sonoma Inc.     42,635      5,335
1 Paramount Global Class B    331,835      5,279
  Dick's Sporting Goods Inc.     39,623      5,238
  Texas Roadhouse Inc. Class A     45,379      5,095
* SiteOne Landscape Supply Inc.     30,114      5,040
* Skechers USA Inc.     88,560      4,664
* Mattel Inc.    235,929      4,610
  Gentex Corp.    157,066      4,596
* Alaska Air Group Inc.     85,613      4,553
* Crocs Inc.     39,940      4,491
  Tempur Sealy International Inc.    111,143      4,454
  VF Corp.    232,143      4,432
  Polaris Inc.     35,396      4,280
*,1 GameStop Corp. Class A    176,122      4,271
* Light & Wonder Inc.     60,078      4,131
  Murphy USA Inc.     13,141      4,088
  New York Times Co. Class A    103,109      4,060
* AutoNation Inc.     24,377      4,013
  Wingstop Inc.     19,953      3,994
* elf Beauty Inc.     34,777      3,973
  Wyndham Hotels & Resorts Inc.     56,654      3,885
    Shares Market
Value•

($000)
* Planet Fitness Inc. Class A     56,346      3,800
  Nexstar Media Group Inc. Class A     22,638      3,770
* Bright Horizons Family Solutions Inc.     39,340      3,637
*,1 Lucid Group Inc.    525,058      3,618
1 U-Haul Holding Co.     71,294      3,612
* RH     10,946      3,608
* Wayfair Inc. Class A     54,524      3,545
  PVH Corp.     41,418      3,519
* Taylor Morrison Home Corp. Class A     70,027      3,415
* Asbury Automotive Group Inc.     14,158      3,404
  Thor Industries Inc.     32,827      3,398
* Liberty Media Corp.- Liberty SiriusXM Class C    103,471      3,387
  Hyatt Hotels Corp. Class A     29,184      3,344
  Meritage Homes Corp.     23,470      3,339
  H&R Block Inc.    103,010      3,283
  Boyd Gaming Corp.     46,298      3,212
* Duolingo Inc.     21,694      3,101
  Harley-Davidson Inc.     87,818      3,092
* Capri Holdings Ltd.     84,708      3,040
  Ralph Lauren Corp. Class A     24,626      3,036
* Fox Factory Holding Corp.     27,821      3,019
* Avis Budget Group Inc.     13,153      3,008
  World Wrestling Entertainment Inc. Class A     27,144      2,944
  Macy's Inc.    177,916      2,856
* Coty Inc. Class A    230,664      2,835
* Visteon Corp.     19,234      2,762
  Advance Auto Parts Inc.     39,100      2,749
  Academy Sports & Outdoors Inc.     50,341      2,721
  Fox Corp. Class B     84,785      2,704
* Goodyear Tire & Rubber Co.    193,553      2,648
  KB Home     50,671      2,620
  Leggett & Platt Inc.     86,511      2,562
* Chewy Inc. Class A     64,041      2,528
  Marriott Vacations Worldwide Corp.     20,538      2,520
  Wendy's Co.    115,352      2,509
* Penn Entertainment Inc.    103,615      2,490
  Choice Hotels International Inc.     21,055      2,474
* Endeavor Group Holdings Inc. Class A    103,384      2,473
* Ollie's Bargain Outlet Holdings Inc.     41,934      2,429
  TEGNA Inc.    146,927      2,386
  Penske Automotive Group Inc.     14,092      2,348
  Group 1 Automotive Inc.      9,085      2,345
* Skyline Champion Corp.     35,831      2,345
 
6

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Hilton Grand Vacations Inc.     51,131      2,323
* YETI Holdings Inc.     57,772      2,244
* Tri Pointe Homes Inc.     66,693      2,192
  Newell Brands Inc.    249,616      2,172
* Grand Canyon Education Inc.     20,893      2,156
  Madison Square Garden Sports Corp.     11,346      2,134
  LCI Industries     16,452      2,079
  Warner Music Group Corp. Class A     76,641      2,000
  Rush Enterprises Inc. Class A     32,766      1,990
* Lyft Inc. Class A    205,559      1,971
  Lennar Corp. Class B     17,145      1,937
* JetBlue Airways Corp.    215,814      1,912
  Signet Jewelers Ltd.     29,152      1,902
  Travel & Leisure Co.     46,877      1,891
* Shake Shack Inc. Class A     24,315      1,890
* Topgolf Callaway Brands Corp.     92,471      1,836
  Columbia Sportswear Co.     23,568      1,820
* Frontdoor Inc.     56,285      1,795
* LGI Homes Inc.     13,277      1,791
  MDC Holdings Inc.     38,058      1,780
1 Sirius XM Holdings Inc.    389,372      1,764
* Boot Barn Holdings Inc.     20,779      1,760
* Helen of Troy Ltd.     16,213      1,751
  Carter's Inc.     24,014      1,743
  Foot Locker Inc.     63,724      1,728
  Gap Inc.    191,643      1,711
  Kohl's Corp.     73,811      1,701
* Cavco Industries Inc.      5,653      1,668
*,1 Carvana Co. Class A     63,646      1,650
* Peloton Interactive Inc. Class A    214,407      1,649
  Bloomin' Brands Inc.     60,594      1,629
* Liberty Media Corp.- Liberty SiriusXM Class A     49,253      1,616
  Inter Parfums Inc.     11,848      1,602
  Red Rock Resorts Inc. Class A     34,103      1,595
  Papa John's International Inc.     21,573      1,593
* Hertz Global Holdings Inc.     86,582      1,592
  Kontoor Brands Inc.     37,688      1,587
*,1 AMC Entertainment Holdings Inc. Class A    347,855      1,531
  Steven Madden Ltd.     46,782      1,529
* M/I Homes Inc.     17,187      1,499
  Century Communities Inc.     19,473      1,492
  Dana Inc.     87,173      1,482
* Dorman Products Inc.     18,497      1,458
* ACV Auctions Inc. Class A     83,863      1,448
  American Eagle Outfitters Inc.    122,397      1,444
  Graham Holdings Co. Class B      2,475      1,414
    Shares Market
Value•

($000)
*,1 QuantumScape Corp. Class A    173,563      1,387
  Cracker Barrel Old Country Store Inc.     14,823      1,381
* Urban Outfitters Inc.     40,777      1,351
* Sonos Inc.     82,428      1,346
  Jack in the Box Inc.     13,777      1,344
  Winnebago Industries Inc.     19,890      1,326
* SeaWorld Entertainment Inc.     23,589      1,321
* Allegiant Travel Co.     10,439      1,318
  Nordstrom Inc.     63,848      1,307
* Cinemark Holdings Inc.     76,393      1,260
* Gentherm Inc.     22,060      1,247
* Six Flags Entertainment Corp.     47,710      1,240
  Spirit Airlines Inc.     71,316      1,224
  PriceSmart Inc.     16,310      1,208
* Abercrombie & Fitch Co. Class A     32,027      1,207
* National Vision Holdings Inc.     49,678      1,207
  Laureate Education Inc.     98,831      1,195
* PowerSchool Holdings Inc. Class A     62,376      1,194
* SkyWest Inc.     28,851      1,175
*,1 Luminar Technologies Inc. Class A    168,978      1,163
* OPENLANE Inc.     75,934      1,156
* XPEL Inc.     13,474      1,135
  Acushnet Holdings Corp.     20,601      1,126
* Dave & Buster's Entertainment Inc.     25,199      1,123
* Lions Gate Entertainment Corp. Class B    132,810      1,109
* Leslie's Inc.    117,351      1,102
* Knowles Corp.     60,853      1,099
* Brinker International Inc.     29,436      1,077
  Cheesecake Factory Inc.     30,958      1,071
* Under Armour Inc. Class C    159,105      1,068
  Hanesbrands Inc.    234,173      1,063
* Driven Brands Holdings Inc.     39,223      1,061
* Vista Outdoor Inc.     38,253      1,058
* Stride Inc.     28,088      1,046
* ODP Corp.     21,735      1,018
* Overstock.com Inc.     31,116      1,013
  Strategic Education Inc.     14,933      1,013
* PROG Holdings Inc.     31,363      1,007
* Adtalem Global Education Inc.     29,300      1,006
* Green Brick Partners Inc.     17,691      1,005
* TripAdvisor Inc.     60,905      1,004
* Liberty Media Corp.- Liberty Braves Class C     25,103        995
* Central Garden & Pet Co. Class A     27,139        989
  Oxford Industries Inc.      9,862        971
 
7

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Victoria's Secret & Co.     55,270        963
  John Wiley & Sons Inc. Class A     27,867        948
  Upbound Group Inc.     30,229        941
* Everi Holdings Inc.     62,567        905
* Cars.com Inc.     45,132        895
1 Dillard's Inc. Class A      2,730        891
* Sally Beauty Holdings Inc.     71,509        883
  Levi Strauss & Co. Class A     59,902        864
  HNI Corp.     30,591        862
  Monro Inc.     21,155        860
  Matthews International Corp. Class A     20,116        857
* Integral Ad Science Holding Corp.     47,527        855
* Malibu Boats Inc. Class A     14,262        837
* Coursera Inc.     63,335        825
  La-Z-Boy Inc.     28,402        813
*,1 Fisker Inc.    143,257        808
  Camping World Holdings Inc. Class A     26,449        796
* Sweetgreen Inc. Class A     61,906        794
*,1 Dutch Bros Inc. Class A     27,533        783
  Wolverine World Wide Inc.     53,188        781
* Liberty Media Corp.- Liberty Formula One Class A     11,386        770
* Madison Square Garden Entertainment Corp. Class A     22,541        758
* iRobot Corp.     16,643        753
  MillerKnoll Inc.     49,480        731
* Portillo's Inc. Class A     32,325        728
  Scholastic Corp.     18,698        727
* Chegg Inc.     80,503        715
* Sabre Corp.    216,323        690
  Buckle Inc.     19,649        680
* Life Time Group Holdings Inc.     33,980        668
  Sturm Ruger & Co. Inc.     12,500        662
1 Krispy Kreme Inc.     44,682        658
  Monarch Casino & Resort Inc.      9,218        649
* Figs Inc. Class A     78,063        646
  Winmark Corp.      1,916        637
*,1 Mister Car Wash Inc.     65,586        633
* Beazer Homes USA Inc.     22,150        627
* Sun Country Airlines Holdings Inc.     27,708        623
* American Axle & Manufacturing Holdings Inc.     75,117        621
* Arlo Technologies Inc.     56,712        619
  Caleres Inc.     24,915        596
  Dine Brands Global Inc.     10,255        595
* Under Armour Inc. Class A     81,958        592
    Shares Market
Value•

($000)
  News Corp. Class B     29,413        580
*,1 Udemy Inc.     52,666        565
* Thryv Holdings Inc.     22,895        563
* Perdoceo Education Corp.     45,012        552
* Chuy's Holdings Inc.     13,436        548
* Clean Energy Fuels Corp.    106,924        530
* Sphere Entertainment Co.     19,139        524
* G-III Apparel Group Ltd.     27,065        522
* Golden Entertainment Inc.     12,431        520
  A-Mark Precious Metals Inc.     13,688        512
* MarineMax Inc.     14,879        508
  Sonic Automotive Inc. Class A     10,568        504
  Standard Motor Products Inc.     13,104        492
* BJ's Restaurants Inc.     15,369        489
* Denny's Corp.     39,034        481
  Steelcase Inc. Class A     62,262        480
* Rover Group Inc. Class A     96,941        476
* Cava Group Inc.     11,397        467
* Petco Health & Wellness Co. Inc. Class A     52,385        466
* Corsair Gaming Inc.     26,195        465
* Chico's FAS Inc.     81,758        437
  RCI Hospitality Holdings Inc.      5,747        437
* Revolve Group Inc.     26,633        437
  Ethan Allen Interiors Inc.     15,402        436
  Franchise Group Inc.     15,116        433
1 Guess? Inc.     22,115        430
* Accel Entertainment Inc. Class A     40,447        427
  Smith & Wesson Brands Inc.     32,321        421
  Arko Corp.     51,833        412
  Gray Television Inc.     51,919        409
* Sleep Number Corp.     14,580        398
* Stagwell Inc. Class A     55,124        397
  Designer Brands Inc. Class A     38,330        387
* EW Scripps Co. Class A     41,692        381
* Master Craft Boat Holdings Inc.     12,305        377
* WW International Inc.     54,055        363
  Interface Inc. Class A     41,128        362
* GoPro Inc. Class A     85,360        353
  Sinclair Inc.     25,561        353
* European Wax Center Inc. Class A     18,699        348
* America's Car-Mart Inc.      3,394        339
* Clear Channel Outdoor Holdings Inc.    246,338        337
* Hawaiian Holdings Inc.     30,994        334
* Kura Sushi USA Inc. Class A      3,583        333
* Vizio Holding Corp. Class A     49,371        333
 
8

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Stoneridge Inc.     17,614        332
* Bally's Corp.     21,317        332
* Hovnanian Enterprises Inc. Class A      3,253        323
* Viad Corp.     12,029        323
* Bowlero Corp.     27,538        321
*,1 Dream Finders Homes Inc. Class A     12,815        315
* Boston Omaha Corp. Class A     15,917        300
* Xponential Fitness Inc. Class A     17,297        298
* QuinStreet Inc.     33,170        293
  Movado Group Inc.     10,544        283
* Daily Journal Corp.        973        281
* AMC Networks Inc. Class A     23,493        281
  Shoe Carnival Inc.     11,853        278
  Carriage Services Inc. Class A      8,442        274
  Marcus Corp.     18,310        272
  Hibbett Inc.      7,283        264
* iHeartMedia Inc. Class A     72,097        262
*,1 Mondee Holdings Inc. Class A     28,801        257
*,1 Playstudios Inc.     51,558        253
* Sciplay Corp. Class A     12,827        252
* Lovesac Co.      9,258        250
  Haverty Furniture Cos. Inc.      8,222        248
1 Cricut Inc. Class A     20,354        248
* First Watch Restaurant Group Inc.     14,373        243
  Aaron's Co. Inc.     17,073        241
* Qurate Retail Inc. Series A    235,205        233
* Eastman Kodak Co.     49,398        228
* OneWater Marine Inc. Class A      6,228        226
* Funko Inc. Class A     20,786        225
* Gannett Co. Inc.     99,686        224
*,1 Vuzix Corp.     43,358        221
  Build-A-Bear Workshop Inc.     10,326        221
* Genesco Inc.      8,794        220
* Quotient Technology Inc.     56,827        218
* Stitch Fix Inc. Class A     53,913        208
* Lindblad Expeditions Holdings Inc.     18,807        205
*,1 SES AI Corp.     83,738        204
* 2U Inc.     50,097        202
* Liberty Media Corp.- Liberty Braves Class A      4,820        197
  Bluegreen Vacations Holding Class A      5,516        197
* Outbrain Inc.     39,790        196
* Central Garden & Pet Co.      4,784        185
* Cooper-Standard Holdings Inc.     12,960        185
*,1 Blink Charging Co.     30,055        180
* Frontier Group Holdings Inc.     18,228        176
* Potbelly Corp.     19,904        175
    Shares Market
Value•

($000)
  Johnson Outdoors Inc. Class A      2,828        174
* Destination XL Group Inc.     35,517        174
  Alta Equipment Group Inc.     10,011        173
* Selectquote Inc.     87,993        172
* Angi Inc. Class A     51,757        171
* Liquidity Services Inc.     10,233        169
* Zumiez Inc.     10,066        168
* Holley Inc.     41,174        168
* Universal Technical Institute Inc.     23,386        162
* Children's Place Inc.      6,889        160
  Clarus Corp.     17,555        160
  Entravision Communications Corp. Class A     36,315        159
  Big Lots Inc.     17,757        157
* Century Casinos Inc.     21,934        156
*,1 Canoo Inc.    324,220        155
* Red Robin Gourmet Burgers Inc.     10,926        151
* VOXX International Corp. Class A     11,691        146
* 1-800-Flowers.com Inc. Class A     18,559        145
1 Big 5 Sporting Goods Corp.     15,749        144
  Hooker Furnishings Corp.      7,614        142
* Solo Brands Inc. Class A     24,888        141
* Vera Bradley Inc.     21,968        140
* Full House Resorts Inc.     20,813        139
*,1 Faraday Future Intelligent Electric Inc.    692,261        138
  Weyco Group Inc.      4,853        130
* LiveOne Inc.     74,074        130
*,1 Sportsman's Warehouse Holdings Inc.     22,550        129
  Marine Products Corp.      7,669        129
  Nathan's Famous Inc.      1,617        127
* Cardlytics Inc.     19,912        126
  El Pollo Loco Holdings Inc.     14,342        126
* PlayAGS Inc.     22,237        126
* Tile Shop Holdings Inc.     22,718        126
* Turtle Beach Corp.     10,541        123
*,1 RealReal Inc.     54,992        122
* Snap One Holdings Corp.     10,397        121
* Tilly's Inc. Class A     17,104        120
*,1 AMMO Inc.     56,158        120
* Nerdy Inc.     28,833        120
* Biglari Holdings Inc. Class A        123        117
*,1 Arhaus Inc.     11,188        117
* CarParts.com Inc.     27,126        115
* Rush Street Interactive Inc.     36,535        114
* Citi Trends Inc.      6,412        113
  Townsquare Media Inc. Class A      9,337        111
 
9

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Legacy Housing Corp.      4,622        107
  Rocky Brands Inc.      5,039        106
* Latham Group Inc.     28,563        106
1 Purple Innovation Inc. Class A     37,652        105
* Fiesta Restaurant Group Inc.     13,035        104
* ONE Group Hospitality Inc.     14,056        103
1 Escalade Inc.      7,622        102
* Emerald Holding Inc.     24,384        100
* Motorcar Parts of America Inc.     12,730         99
* Noodles & Co. Class A     29,201         99
  Bassett Furniture Industries Inc.      6,604         99
  Cato Corp. Class A     12,211         98
* Mesa Air Group Inc.     38,440         98
*,1 ContextLogic Inc. Class A     14,814         97
* J Jill Inc.      4,459         96
* American Outdoor Brands Inc.     10,588         92
  Climb Global Solutions Inc.      1,899         91
*,1 Lincoln Educational Services Corp.     13,255         89
* Lands' End Inc.     11,262         87
  Acme United Corp.      3,499         87
  Lakeland Industries Inc.      6,065         87
* ThredUP Inc. Class A     35,387         86
* Allbirds Inc. Class A     66,954         84
* Carrols Restaurant Group Inc.     16,092         81
* Fossil Group Inc.     31,352         81
  Superior Group of Cos. Inc.      8,674         81
* JAKKS Pacific Inc.      4,046         81
* LL Flooring Holdings Inc.     20,606         79
* Superior Industries International Inc.     21,922         79
  Flexsteel Industries Inc.      3,943         78
* Loop Media Inc.     32,468         78
* Universal Electronics Inc.      7,869         76
  Hamilton Beach Brands Holding Co. Class A      7,791         75
* Container Store Group Inc.     23,135         73
* Urban One Inc.     12,009         72
* Traeger Inc.     16,967         72
*,1 Reservoir Media Inc.     11,962         72
* BARK Inc.     53,111         71
* Sonder Holdings Inc.    130,633         69
* Duluth Holdings Inc. Class B     10,724         67
* Lazydays Holdings Inc.      5,685         66
* Spruce Power Holding Corp.     81,716         66
* RumbleON Inc. Class B      5,260         65
  Lifetime Brands Inc.     10,315         58
*,1 Delta Apparel Inc.      5,376         56
    Shares Market
Value•

($000)
  Canterbury Park Holding Corp.      2,370         55
* Strattec Security Corp.      2,980         54
* American Public Education Inc.     11,060         52
* Cumulus Media Inc. Class A     11,766         48
*,1 Vacasa Inc. Class A     70,753         48
* Conn's Inc.     11,815         44
*,1 Regis Corp.     39,526         44
* Lee Enterprises Inc.      3,230         44
*,1 Red Cat Holdings Inc.     36,630         44
*,1 Genius Brands International Inc.     21,261         41
  NL Industries Inc.      7,172         40
* Liberty TripAdvisor Holdings Inc. Class A     60,450         39
* Rent the Runway Inc. Class A     19,110         38
* Harte Hanks Inc.      6,868         38
* Barnes & Noble Education Inc.     27,832         35
* Inspirato Inc.     35,714         35
* Polished.com Inc.     73,266         34
* Charles & Colvard Ltd.     31,847         30
  Ark Restaurants Corp.      1,632         30
* Savers Value Village Inc.      1,256         30
*,1 Kirkland's Inc.     10,411         29
*,1 Focus Universal Inc.     19,046         29
  Saga Communications Inc. Class A      1,303         28
* Gaia Inc. Class A     11,846         27
* Brilliant Earth Group Inc. Class A      6,975         27
*,1 Express Inc.     43,691         26
* Nautilus Inc.     21,129         26
* Tupperware Brands Corp.     32,267         26
* Lulu's Fashion Lounge Holdings Inc.      9,663         24
* Fluent Inc.     35,496         22
*,1 BurgerFi International Inc.     14,006         22
*,1 Hall of Fame Resort & Entertainment Co.      1,701         18
*,1 CuriosityStream Inc.     17,896         17
* Live Ventures Inc.        636         17
*,1 Owlet Inc.     49,876         17
* Ondas Holdings Inc.     18,924         16
*,1 Shift Technologies Inc.      7,599         16
* Koss Corp.      3,956         15
*,1 Aterian Inc.     31,270         14
* Wheels Up Experience Inc.     11,867         14
* XWELL Inc.     62,337         13
* F45 Training Holdings Inc.     21,692         11
1 JOANN Inc.     10,928         10
*,1 Cineverse Corp.      5,250         10
* Chicken Soup For The Soul Entertainment Inc.      6,233          7
* Educational Development Corp.      5,525          7
* Mullen Automotive Inc.     35,823          4
 
10

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Arcimoto Inc.        838          1
       4,197,257
Consumer Staples (5.1%)
  Procter & Gamble Co.  1,578,524    239,525
  PepsiCo Inc.    923,631    171,075
  Coca-Cola Co.  2,610,716    157,217
  Philip Morris International Inc.  1,039,237    101,450
  Mondelez International Inc. Class A    911,979     66,520
  CVS Health Corp.    857,671     59,291
  Altria Group Inc.  1,194,649     54,118
  Colgate-Palmolive Co.    555,973     42,832
  McKesson Corp.     90,639     38,731
  Kimberly-Clark Corp.    226,133     31,220
  General Mills Inc.    393,104     30,151
* Monster Beverage Corp.    488,186     28,041
  Archer-Daniels-Midland Co.    364,092     27,511
  Constellation Brands Inc. Class A    110,024     27,080
  Corteva Inc.    451,265     25,858
  Sysco Corp.    339,122     25,163
  Hershey Co.     98,633     24,629
  AmerisourceBergen Corp. Class A    114,834     22,098
  Keurig Dr Pepper Inc.    657,068     20,547
  Kroger Co.    431,638     20,287
  Kraft Heinz Co.    533,726     18,947
  Church & Dwight Co. Inc.    162,135     16,251
  McCormick & Co. Inc.    167,104     14,577
  Brown-Forman Corp. Class B    211,263     14,108
  Walgreens Boots Alliance Inc.    493,165     14,050
  Clorox Co.     82,064     13,052
  Kellogg Co.    171,923     11,588
  Lamb Weston Holdings Inc.     96,950     11,144
  Conagra Brands Inc.    317,545     10,708
  J M Smucker Co.     67,214      9,926
  Tyson Foods Inc. Class A    189,804      9,688
  Bunge Ltd.    100,416      9,474
  Molson Coors Beverage Co. Class B    120,093      7,907
  Hormel Foods Corp.    181,910      7,316
* Darling Ingredients Inc.    106,274      6,779
* US Foods Holding Corp.    148,162      6,519
* Performance Food Group Co.    103,571      6,239
  Casey's General Stores Inc.     25,034      6,105
  Campbell Soup Co.    131,849      6,027
  Albertsons Cos. Inc. Class A    213,185      4,652
  Ingredion Inc.     42,380      4,490
* Celsius Holdings Inc.     27,978      4,174
* BellRing Brands Inc.     87,757      3,212
* Post Holdings Inc.     34,473      2,987
  Flowers Foods Inc.    115,092      2,864
    Shares Market
Value•

($000)
  Lancaster Colony Corp.     13,055      2,625
* Sprouts Farmers Market Inc.     70,922      2,605
* Simply Good Foods Co.     64,352      2,355
* Hostess Brands Inc. Class A     89,355      2,263
*,1 Freshpet Inc.     32,714      2,153
  Spectrum Brands Holdings Inc.     27,501      2,146
* Boston Beer Co. Inc. Class A      6,391      1,971
  Brown-Forman Corp. Class A     28,845      1,964
  Coca-Cola Consolidated Inc.      2,988      1,900
* TreeHouse Foods Inc.     37,231      1,876
* Grocery Outlet Holding Corp.     59,378      1,818
  WD-40 Co.      9,512      1,794
  Energizer Holdings Inc.     48,773      1,638
  Edgewell Personal Care Co.     30,970      1,279
  Primo Water Corp.    101,519      1,273
  J & J Snack Foods Corp.      7,965      1,261
  Cal-Maine Foods Inc.     25,985      1,169
  MGP Ingredients Inc.     10,383      1,104
  Nu Skin Enterprises Inc. Class A     32,408      1,076
  Reynolds Consumer Products Inc.     36,175      1,022
  Vector Group Ltd.     77,460        992
  Andersons Inc.     20,676        954
* Chefs' Warehouse Inc.     26,092        933
* Herbalife Ltd.     65,312        865
* National Beverage Corp.     16,730        809
* United Natural Foods Inc.     41,043        802
  Ingles Markets Inc. Class A      9,621        795
* Hain Celestial Group Inc.     62,284        779
  Universal Corp.     15,569        778
  Utz Brands Inc.     45,503        744
1 B&G Foods Inc.     49,858        694
  Weis Markets Inc.     10,664        685
  Medifast Inc.      7,137        658
1 Fresh Del Monte Produce Inc.     24,940        641
* Sovos Brands Inc.     31,052        607
  John B Sanfilippo & Son Inc.      5,143        603
  Seaboard Corp.        164        584
* Vita Coco Co. Inc.     21,221        570
  SpartanNash Co.     22,503        507
*,1 Beyond Meat Inc.     38,167        495
* Pilgrim's Pride Corp.     22,927        493
* USANA Health Sciences Inc.      7,790        491
* Beauty Health Co.     54,526        456
* Duckhorn Portfolio Inc.     29,525        383
* Mission Produce Inc.     30,100        365
  ACCO Brands Corp.     64,127        334
 
11

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Tootsie Roll Industries Inc.      9,405        333
  Calavo Growers Inc.     10,546        306
  Turning Point Brands Inc.     11,917        286
  Oil-Dri Corp. of America      4,396        259
* Westrock Coffee Co.     23,696        258
* Olaplex Holdings Inc.     66,359        247
  Limoneira Co.     12,875        200
1 PetMed Express Inc.     14,496        200
* Lifecore Biomedical Inc.     19,810        192
* Vital Farms Inc.     13,714        164
*,1 Brookfield Realty Capital Corp.     27,699        143
* Seneca Foods Corp. Class A      4,151        136
* GrowGeneration Corp.     35,962        122
* Whole Earth Brands Inc.     29,083        117
* Nature's Sunshine Products Inc.      8,283        113
* HF Foods Group Inc.     23,456        110
* Benson Hill Inc.     76,425         99
  Natural Grocers by Vitamin Cottage Inc.      7,685         94
* ProPhase Labs Inc.     12,254         89
  Alico Inc.      2,955         75
  Village Super Market Inc. Class A      2,979         68
*,1 Rite Aid Corp.     37,698         57
* Honest Co. Inc.     33,940         57
*,1 22nd Century Group Inc.    124,979         48
*,1 Veru Inc.     39,389         47
  Lifevantage Corp.     10,023         44
*,1 PLBY Group Inc.     26,318         44
* Zevia PBC Class A      9,474         41
* Farmer Bros Co.     11,334         31
*,1 Vintage Wine Estates Inc.     27,397         23
* S&W Seed Co.     18,009         22
*,1 Bridgford Foods Corp.      1,495         17
*,1 AppHarvest Inc.     43,890         16
*,1 Tattooed Chef Inc.     27,167         15
* AquaBounty Technologies Inc.     28,890         10
*,1 Alkaline Water Co. Inc.      5,421          8
*,1 MedAvail Holdings Inc.     20,325          5
*,1 Blue Apron Hldgs Inc. Class A        695          4
* Local Bounti Corp.      1,120          3
       1,492,540
Energy (4.3%)
  Exxon Mobil Corp.  2,707,267    290,354
  Chevron Corp.  1,205,690    189,715
  ConocoPhillips    811,071     84,035
  Schlumberger NV    953,175     46,820
  EOG Resources Inc.    391,303     44,781
  Marathon Petroleum Corp.    284,042     33,119
  Pioneer Natural Resources Co.    156,392     32,401
  Phillips 66    308,581     29,432
  Valero Energy Corp.    242,044     28,392
  Williams Cos. Inc.    816,140     26,631
    Shares Market
Value•

($000)
  Occidental Petroleum Corp.    448,022     26,344
  Hess Corp.    184,220     25,045
  Cheniere Energy Inc.    154,541     23,546
  Kinder Morgan Inc.  1,278,624     22,018
  Baker Hughes Co. Class A    676,637     21,389
  Devon Energy Corp.    428,969     20,736
  ONEOK Inc.    299,157     18,464
  Halliburton Co.    541,495     17,864
  Diamondback Energy Inc.    120,691     15,854
* Enphase Energy Inc.     91,685     15,355
* First Solar Inc.     67,771     12,883
  Coterra Energy Inc.    480,233     12,150
  Targa Resources Corp.    150,781     11,474
  EQT Corp.    240,404      9,888
  Marathon Oil Corp.    412,746      9,501
  Chesapeake Energy Corp.     84,778      7,094
  APA Corp.    205,842      7,034
  Ovintiv Inc. (XNYS)    163,563      6,227
  Texas Pacific Land Corp.      4,171      5,491
  Range Resources Corp.    156,100      4,589
* Southwestern Energy Co.    743,895      4,471
  HF Sinclair Corp.     95,792      4,273
  NOV Inc.    264,794      4,247
  ChampionX Corp.    133,439      4,142
*,1 Plug Power Inc.    397,877      4,134
  PDC Energy Inc.     58,037      4,129
* Antero Resources Corp.    178,687      4,115
  Chord Energy Corp.     26,528      4,080
  Matador Resources Co.     77,086      4,033
  Civitas Resources Inc.     54,376      3,772
  Murphy Oil Corp.     97,927      3,751
* Transocean Ltd. (XNYS)    469,425      3,291
  DTE Midstream LLC     64,744      3,209
* Weatherford International plc     47,686      3,167
  PBF Energy Inc. Class A     75,186      3,078
* Noble Corp. plc     73,167      3,023
* Shoals Technologies Group Inc. Class A    111,399      2,847
* Denbury Inc.     32,727      2,823
  Antero Midstream Corp.    232,876      2,701
  Magnolia Oil & Gas Corp. Class A    124,382      2,600
  Equitrans Midstream Corp.    269,591      2,577
  SM Energy Co.     78,994      2,499
  Arcosa Inc.     31,457      2,384
* Array Technologies Inc.     99,377      2,246
  Helmerich & Payne Inc.     62,767      2,225
  California Resources Corp.     46,799      2,120
  Northern Oil and Gas Inc.     56,456      1,938
* CNX Resources Corp.    102,150      1,810
  Peabody Energy Corp.     82,648      1,790
 
12

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Permian resources Corp. Class A    163,166      1,788
  Cactus Inc. Class A     41,405      1,752
*,1 ChargePoint Holdings Inc.    198,716      1,747
* Tidewater Inc.     31,210      1,730
  Patterson-UTI Energy Inc.    126,587      1,515
* Callon Petroleum Co.     41,338      1,450
  Liberty Energy Inc. Class A    108,151      1,446
1 Sitio Royalties Corp. Class A     53,876      1,415
  Warrior Met Coal Inc.     35,534      1,384
  Alpha Metallurgical Resources Inc.      8,422      1,384
  Arch Resources Inc.     11,719      1,321
* NEXTracker Inc. Class A     32,616      1,298
* Oceaneering International Inc.     66,532      1,244
* Green Plains Inc.     37,690      1,215
  CONSOL Energy Inc.     17,514      1,188
* NexTier Oilfield Solutions Inc.    129,860      1,161
  New Fortress Energy Inc.     41,736      1,118
* Ameresco Inc. Class A     21,746      1,058
  Delek US Holdings Inc.     44,001      1,054
* Talos Energy Inc.     74,404      1,032
  Archrock Inc.     99,777      1,023
* Diamond Offshore Drilling Inc.     69,498        990
* Par Pacific Holdings Inc.     35,804        953
  World Fuel Services Corp.     40,140        830
  Core Laboratories Inc.     32,248        750
*,1 Fluence Energy Inc.     27,715        738
  Comstock Resources Inc.     63,137        732
* Gulfport Energy Corp.      6,965        732
* NOW Inc.     70,580        731
* Helix Energy Solutions Group Inc.     98,673        728
* Earthstone Energy Inc. Class A     44,140        631
* Nabors Industries Ltd. (XNYS)      6,548        609
* Vital Energy Inc.     12,913        583
*,1 SunPower Corp.     58,871        577
* Stem Inc.    100,623        576
* ProPetro Holding Corp.     69,420        572
  CVR Energy Inc.     19,053        571
*,1 FuelCell Energy Inc.    259,196        560
* MRC Global Inc.     54,151        545
* NextDecade Corp.     63,693        523
* Dril-Quip Inc.     21,948        511
* Tellurian Inc.    346,130        488
  Select Water Solutions Inc.     56,344        456
  SunCoke Energy Inc.     56,539        445
  RPC Inc.     61,215        438
* Bristow Group Inc.     14,607        420
* REX American Resources Corp.     11,214        390
    Shares Market
Value•

($000)
1 Kinetik Holdings Inc. Class A     10,216        359
  SandRidge Energy Inc.     20,819        317
* Oil States International Inc.     41,067        307
* SilverBow Resources Inc.     10,473        305
* Montauk Renewables Inc.     38,927        290
  Vitesse Energy Inc.     12,846        288
*,1 EVgo Inc.     69,821        279
* TETRA Technologies Inc.     81,233        275
  VAALCO Energy Inc.     72,818        274
  Berry Corp.     37,707        259
* TPI Composites Inc.     25,015        259
* Centrus Energy Corp. Class A      7,633        249
* Newpark Resources Inc.     47,154        247
* Gevo Inc.    161,777        246
  Crescent Energy Co. Class A     23,490        245
* DMC Global Inc.     13,419        238
* W&T Offshore Inc.     60,181        233
* SEACOR Marine Holdings Inc.     18,771        215
  Enviva Inc.     19,768        214
1 Atlas Energy Solutions Inc. Class A     11,770        204
* Amplify Energy Corp.     28,902        196
* Forum Energy Technologies Inc.      7,505        192
  Evolution Petroleum Corp.     22,455        181
* Solid Power Inc.     71,191        181
  Solaris Oilfield Infrastructure Inc. Class A     20,364        170
* ProFrac Holding Corp. Class A     15,223        170
  Granite Ridge Resources Inc.     22,016        146
*,1 Aemetis Inc.     19,744        145
1 Riley Exploration Permian Inc.      3,903        139
  Ramaco Resources Inc. Class A     15,478        131
  NACCO Industries Inc. Class A      3,559        123
* American Superconductor Corp.     19,441        122
* Matrix Service Co.     20,138        119
*,1 OPAL Fuels Inc. Class A     15,456        115
* FTC Solar Inc.     33,881        109
* Natural Gas Services Group Inc.     10,759        107
  PHX Minerals Inc.     32,792        102
* Ranger Energy Services Inc.      9,731        100
* Ring Energy Inc.     58,009         99
* Geospace Technologies Corp.     11,189         87
* Hallador Energy Co.     10,094         87
*,1 Ideal Power Inc.      6,716         79
  Epsilon Energy Ltd.     14,306         76
 
13

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
*,1 KLX Energy Services Holdings Inc.      7,734         75
*,1 Beam Global      5,797         60
* Empire Petroleum Corp.      5,806         53
*,1 American Resources Corp.     26,674         52
*,1 Flotek Industries Inc.     66,667         49
* Nine Energy Service Inc.     11,327         43
* ESS Tech Inc.     27,503         40
* Gulf Island Fabrication Inc.     10,847         35
* Kodiak Gas Services Inc.      2,184         35
* Battalion Oil Corp.      5,921         34
* Ramaco Resources Inc. Class B      3,095         33
* Heliogen Inc.    113,216         28
* Ocean Power Technologies Inc.     41,515         25
* Sunworks Inc.     21,967         25
* Capstone Green Energy Corp.     13,423         16
*,1 Advent Technologies Holdings Inc.     15,880          9
*,1 Camber Energy Inc.      3,384          2
*,2 Alta Mesa Resources Inc. Class A    103,408         —
       1,243,396
Financials (10.1%)
* Berkshire Hathaway Inc. Class B  1,175,785    400,943
  JPMorgan Chase & Co.  1,956,504    284,554
  Bank of America Corp.  4,536,948    130,165
  Wells Fargo & Co.  2,511,676    107,198
  S&P Global Inc.    214,847     86,130
  Goldman Sachs Group Inc.    222,766     71,851
  Morgan Stanley    839,199     71,668
  Marsh & McLennan Cos. Inc.    332,032     62,449
  BlackRock Inc.     85,240     58,913
  Charles Schwab Corp.  1,006,411     57,043
  Citigroup Inc.  1,238,640     57,027
  Chubb Ltd.    277,800     53,493
  Progressive Corp.    391,729     51,853
  Aon plc Class A (XNYS)    130,064     44,898
  CME Group Inc.    241,048     44,664
  Blackstone Inc.    472,254     43,905
  Intercontinental Exchange Inc.    374,940     42,398
  Moody's Corp.    104,442     36,317
  US Bancorp  1,024,847     33,861
  PNC Financial Services Group Inc.    266,846     33,609
  Arthur J Gallagher & Co.    143,404     31,487
  American International Group Inc.    483,698     27,832
  Truist Financial Corp.    890,030     27,012
  Travelers Cos. Inc.    154,564     26,842
  Aflac Inc.    364,166     25,419
  KKR & Co. Inc.    431,707     24,176
  MSCI Inc. Class A     50,878     23,877
    Shares Market
Value•

($000)
  Ameriprise Financial Inc.     69,550     23,102
  Bank of New York Mellon Corp.    501,779     22,339
  MetLife Inc.    384,144     21,716
  Prudential Financial Inc.    243,511     21,483
  Apollo Global Management Inc.    264,078     20,284
  Discover Financial Services    169,267     19,779
  Allstate Corp.    175,505     19,137
* Arch Capital Group Ltd.    235,627     17,637
* Berkshire Hathaway Inc. Class A         34     17,606
  T Rowe Price Group Inc.    149,801     16,781
  Willis Towers Watson plc     71,167     16,760
  State Street Corp.    211,756     15,496
  Hartford Financial Services Group Inc.    206,390     14,864
  M&T Bank Corp.    110,501     13,676
  Raymond James Financial Inc.    127,151     13,194
  Nasdaq Inc.    262,285     13,075
  Broadridge Financial Solutions Inc.     78,603     13,019
  Principal Financial Group Inc.    163,063     12,367
  Fifth Third Bancorp    456,567     11,967
* Markel Group Inc.      8,417     11,642
  LPL Financial Holdings Inc.     51,942     11,294
  Regions Financial Corp.    621,526     11,076
  Brown & Brown Inc.    152,550     10,502
  Huntington Bancshares Inc.    958,282     10,330
  FactSet Research Systems Inc.     25,595     10,255
  Ares Management Corp. Class A    106,379     10,250
  Cincinnati Financial Corp.    105,149     10,233
  Everest Re Group Ltd.     29,014      9,919
  Northern Trust Corp.    132,245      9,805
  Cboe Global Markets Inc.     70,883      9,783
  First Citizens BancShares Inc. Class A      6,730      8,638
  Citizens Financial Group Inc.    306,368      7,990
  W R Berkley Corp.    129,976      7,741
  Loews Corp.    128,796      7,648
*,1 Coinbase Global Inc. Class A     99,795      7,140
  MarketAxess Holdings Inc.     25,344      6,625
  Annaly Capital Management Inc.    326,587      6,535
  Equitable Holdings Inc.    237,946      6,463
  Globe Life Inc.     57,259      6,277
  Reinsurance Group of America Inc.     45,020      6,244
 
14

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  RenaissanceRe Holdings Ltd.     33,439      6,237
  Fidelity National Financial Inc.    170,980      6,155
  KeyCorp.    631,877      5,839
  American Financial Group Inc.     48,732      5,787
  Kinsale Capital Group Inc.     14,600      5,463
  Interactive Brokers Group Inc. Class A     65,588      5,448
  New York Community Bancorp Inc.    480,539      5,401
  Carlyle Group Inc.    168,078      5,370
  Unum Group    111,324      5,310
  Franklin Resources Inc.    198,297      5,297
  Tradeweb Markets Inc. Class A     75,983      5,203
  Invesco Ltd.    302,868      5,091
  East West Bancorp Inc.     95,840      5,059
  Ally Financial Inc.    180,250      4,869
  Primerica Inc.     24,465      4,838
  SEI Investments Co.     79,661      4,749
  Voya Financial Inc.     63,342      4,542
  Webster Financial Corp.    118,546      4,475
*,1 SoFi Technologies Inc.    532,153      4,438
  Assurant Inc.     35,275      4,435
  Old Republic International Corp.    175,729      4,423
  Cullen/Frost Bankers Inc.     38,168      4,104
  AGNC Investment Corp.    403,277      4,085
* Robinhood Markets Inc. Class A    409,331      4,085
  Stifel Financial Corp.     67,754      4,043
  First Horizon Corp.    353,161      3,980
  Selective Insurance Group Inc.     40,685      3,904
  RLI Corp.     28,511      3,891
1 Starwood Property Trust Inc.    196,884      3,820
  Comerica Inc.     89,056      3,772
  First American Financial Corp.     65,893      3,757
  Commerce Bancshares Inc.     75,809      3,692
  Jefferies Financial Group Inc.    111,208      3,689
  Affiliated Managers Group Inc.     24,246      3,634
  OneMain Holdings Inc.     81,558      3,563
  Blue Owl Capital Inc. Class A    304,101      3,543
  Erie Indemnity Co. Class A     16,763      3,520
  Houlihan Lokey Inc. Class A     34,311      3,373
  Morningstar Inc.     17,187      3,370
  SouthState Corp.     50,774      3,341
  Prosperity Bancshares Inc.     58,779      3,320
  Essent Group Ltd.     65,838      3,081
  Bank OZK     75,330      3,025
    Shares Market
Value•

($000)
  MGIC Investment Corp.    191,561      3,025
  Lincoln National Corp.    115,878      2,985
  Rithm Capital Corp.    318,922      2,982
  Wintrust Financial Corp.     40,841      2,966
* Ryan Specialty Holdings Inc. Class A     66,033      2,964
  Evercore Inc. Class A     23,437      2,897
  Popular Inc.     47,656      2,884
  Home BancShares Inc.    123,670      2,820
  FNB Corp.    244,740      2,800
  Pinnacle Financial Partners Inc.     48,988      2,775
  Axis Capital Holdings Ltd.     51,167      2,754
  Columbia Banking System Inc.    135,537      2,749
  Old National Bancorp    196,353      2,737
  Synovus Financial Corp.     90,240      2,730
  Zions Bancorp NA    101,611      2,729
  United Bankshares Inc.     90,817      2,695
  American Equity Investment Life Holding Co.     50,576      2,636
  First Financial Bankshares Inc.     90,995      2,592
  Western Alliance Bancorp     70,979      2,589
  SLM Corp.    157,629      2,572
  Radian Group Inc.    100,776      2,548
  Janus Henderson Group plc     88,666      2,416
  Hanover Insurance Group Inc.     21,295      2,407
  Cadence Bank    122,281      2,402
  Glacier Bancorp Inc.     74,556      2,324
  Lazard Ltd. Class A     72,319      2,314
  FirstCash Holdings Inc.     24,698      2,305
  White Mountains Insurance Group Ltd.      1,638      2,275
1 Blackstone Mortgage Trust Inc. Class A    107,589      2,239
*,1 Credit Acceptance Corp.      4,395      2,232
  Valley National Bancorp    287,749      2,230
  Hancock Whitney Corp.     55,244      2,120
  Assured Guaranty Ltd.     37,797      2,109
  Kemper Corp.     43,462      2,097
* Mr Cooper Group Inc.     41,361      2,095
  Federated Hermes Inc.     57,229      2,052
* Brighthouse Financial Inc.     43,045      2,038
* Enstar Group Ltd.      8,299      2,027
  Corebridge Financial Inc.    111,220      1,964
* Focus Financial Partners Inc. Class A     37,360      1,962
  Moelis & Co. Class A     43,176      1,958
 
15

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  United Community Banks Inc.     73,955      1,848
  CNO Financial Group Inc.     74,219      1,757
*,1 Upstart Holdings Inc.     48,805      1,748
  Hamilton Lane Inc. Class A     21,660      1,732
  Artisan Partners Asset Management Inc. Class A     43,736      1,719
  Jackson Financial Inc. Class A     55,274      1,692
* Texas Capital Bancshares Inc.     32,818      1,690
  Community Bank System Inc.     35,689      1,673
  International Bancshares Corp.     37,827      1,672
  UMB Financial Corp.     25,928      1,579
  Walker & Dunlop Inc.     19,706      1,559
  WSFS Financial Corp.     41,209      1,554
  Associated Banc-Corp.     95,065      1,543
  Cathay General Bancorp     47,646      1,534
1 Arbor Realty Trust Inc.    103,324      1,531
  First Hawaiian Inc.     85,011      1,531
* Genworth Financial Inc. Class A    305,707      1,529
*,1 Marathon Digital Holdings Inc.    110,235      1,528
* Axos Financial Inc.     38,493      1,518
  First BanCorp. (XNYS)    123,738      1,512
  Ameris Bancorp     43,922      1,503
  Piper Sandler Cos.     11,465      1,482
* NMI Holdings Inc. Class A     55,188      1,425
  First Interstate BancSystem Inc. Class A     59,214      1,412
  Simmons First National Corp. Class A     81,787      1,411
*,1 Riot Platforms Inc.    115,512      1,365
  ServisFirst Bancshares Inc.     32,769      1,341
  Pacific Premier Bancorp Inc.     63,789      1,319
  Fulton Financial Corp.    110,430      1,316
  Eastern Bankshares Inc.    106,600      1,308
  Atlantic Union Bankshares Corp.     50,023      1,298
  Independent Bank Corp. (XNGS)     28,893      1,286
  BOK Financial Corp.     15,812      1,277
  Seacoast Banking Corp. of Florida     56,326      1,245
  First Financial Bancorp     59,891      1,224
  TPG Inc.     41,360      1,210
  Ready Capital Corp.    106,799      1,205
  Washington Federal Inc.     44,892      1,191
  CVB Financial Corp.     89,568      1,189
  PennyMac Financial Services Inc.     16,856      1,185
  First Merchants Corp.     40,486      1,143
* Bancorp Inc.     34,904      1,140
  BankUnited Inc.     51,659      1,113
  Navient Corp.     59,638      1,108
    Shares Market
Value•

($000)
* Enova International Inc.     20,806      1,105
  Virtu Financial Inc. Class A     64,437      1,101
  BancFirst Corp.     11,959      1,100
  Apollo Commercial Real Estate Finance Inc.     96,220      1,089
  Bank of Hawaii Corp.     26,327      1,085
  Towne Bank     46,646      1,084
  BGC Partners Inc. Class A    239,583      1,061
* BRP Group Inc. Class A     42,054      1,042
  PJT Partners Inc. Class A     14,780      1,029
  Banner Corp.     23,079      1,008
  Park National Corp.      9,719        994
  WesBanco Inc.     38,638        990
* StoneX Group Inc.     11,916        990
  Hilltop Holdings Inc.     30,799        969
1 Chimera Investment Corp.    167,331        965
  Enterprise Financial Services Corp.     23,928        936
  Cohen & Steers Inc.     15,906        922
  Virtus Investment Partners Inc.      4,650        918
* Goosehead Insurance Inc. Class A     14,407        906
  Claros Mortgage Trust Inc.     79,885        906
* Palomar Holdings Inc.     15,554        903
  Two Harbors Investment Corp.     65,080        903
* Triumph Financial Inc.     14,784        898
  Compass Diversified Holdings     41,066        891
  NBT Bancorp Inc.     27,682        882
  Northwest Bancshares Inc.     81,861        868
  Pathward Financial Inc.     18,572        861
  City Holding Co.      9,521        857
  StepStone Group Inc. Class A     34,477        855
  First Bancorp (XNGS)     28,252        840
  Renasant Corp.     31,910        834
  Federal Agricultural Mortgage Corp. Class C      5,779        831
  Independent Bank Group Inc.     23,889        825
  Ladder Capital Corp. Class A     76,036        825
* Cannae Holdings Inc.     40,295        814
  Horace Mann Educators Corp.     27,455        814
  Stock Yards Bancorp Inc.     17,861        810
* Clearwater Analytics Holdings Inc. Class A     50,668        804
  Victory Capital Holdings Inc. Class A     25,414        802
  Lakeland Financial Corp.     16,473        799
 
16

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  First Commonwealth Financial Corp.     62,287        788
  Nelnet Inc. Class A      8,086        780
  Trustmark Corp.     36,658        774
  Provident Financial Services Inc.     47,282        773
  PennyMac Mortgage Investment Trust     57,037        769
*,1 Lemonade Inc.     45,006        758
  Stewart Information Services Corp.     18,263        751
* Oscar Health Inc. Class A     92,576        746
* Open Lending Corp. Class A     70,364        740
  Franklin BSP Realty Trust Inc. REIT     52,036        737
  National Bank Holdings Corp. Class A     25,248        733
* Encore Capital Group Inc.     14,909        725
  Employers Holdings Inc.     19,360        724
  ARMOUR Residential REIT Inc.    135,695        723
  Safety Insurance Group Inc.      9,855        707
  First Busey Corp.     35,148        706
*,1 Rocket Cos. Inc. Class A     77,800        697
  Stellar Bancorp Inc.     30,307        694
  S&T Bancorp Inc.     25,485        693
  New York Mortgage Trust Inc.     69,753        692
  AMERISAFE Inc.     12,816        683
  Westamerica BanCorp.     17,673        677
  FB Financial Corp.     23,950        672
  Argo Group International Holdings Ltd.     22,697        672
  Hope Bancorp Inc.     78,564        661
  Heartland Financial USA Inc.     23,470        654
  MFA Financial Inc. REIT     58,088        653
  Sandy Spring Bancorp Inc.     28,706        651
* LendingClub Corp.     66,705        650
1 Ellington Financial Inc.     46,885        647
  PacWest Bancorp     79,171        645
  TriCo Bancshares     19,340        642
  Peoples Bancorp Inc.     24,137        641
  OFG Bancorp     24,221        632
  Brightspire Capital Inc. Class A     92,816        625
  Berkshire Hills Bancorp Inc.     29,869        619
  Veritex Holdings Inc.     34,055        611
  Bank First Corp.      7,301        607
  WisdomTree Inc.     87,812        602
  Redwood Trust Inc.     93,982        599
  OceanFirst Financial Corp.     38,025        594
  Origin Bancorp Inc.     19,475        571
* PRA Group Inc.     25,009        571
* Avantax Inc.     25,467        570
    Shares Market
Value•

($000)
  Nicolet Bankshares Inc.      8,372        569
  Southside Bancshares Inc.     21,385        559
* SiriusPoint Ltd.     61,350        554
  National Western Life Group Inc. Class A      1,325        551
  Enact Holdings Inc.     21,697        545
  Lakeland Bancorp Inc.     40,156        538
  ProAssurance Corp.     35,652        538
  Mercury General Corp.     17,747        537
1 B Riley Financial Inc.     11,399        524
  Capitol Federal Financial Inc.     83,506        515
* Customers Bancorp Inc.     16,967        513
  German American Bancorp Inc.     18,387        500
  Live Oak Bancshares Inc.     18,725        493
  Brightsphere Investment Group Inc.     23,285        488
* Trupanion Inc.     24,296        478
  Brookline Bancorp Inc.     54,309        475
  Eagle Bancorp Inc.     21,788        461
  Preferred Bank      8,386        461
  Tompkins Financial Corp.      8,236        459
  Dynex Capital Inc.     33,541        422
  QCR Holdings Inc.     10,278        422
* Ambac Financial Group Inc.     29,552        421
  First Bancorp Inc. (XNMS)     15,859        410
* Assetmark Financial Holdings Inc.     13,572        403
  ConnectOne Bancorp Inc.     24,205        402
  United Fire Group Inc.     17,731        402
  KKR Real Estate Finance Trust Inc.     32,945        401
  Premier Financial Corp.     24,679        395
  Dime Community Bancshares Inc.     21,596        381
  Banc of California Inc.     32,726        379
  James River Group Holdings Ltd.     20,375        372
  Community Trust Bancorp Inc.      9,971        355
  Heritage Financial Corp.     21,778        352
  Old Second Bancorp Inc.     26,576        347
* Columbia Financial Inc.     19,953        345
  Farmers National Banc Corp.     27,614        342
1 UWM Holdings Corp.     60,612        339
  Amerant Bancorp Inc.     19,654        338
  TrustCo Bank Corp. NY     11,528        330
  Northfield Bancorp Inc.     29,814        327
* EZCorp. Inc. Class A     38,810        325
  Univest Financial Corp.     17,983        325
  Universal Insurance Holdings Inc.     20,437        315
 
17

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Orchid Island Capital Inc.     30,262        313
  Great Southern Bancorp Inc.      6,158        312
  Heritage Commerce Corp.     37,367        309
  First Mid Bancshares Inc.     12,765        308
  Diamond Hill Investment Group Inc.      1,783        305
  Byline Bancorp Inc.     16,831        304
  HCI Group Inc.      4,916        304
  Kearny Financial Corp.     43,112        304
  TPG RE Finance Trust Inc.     41,064        304
  F&G Annuities & Life Inc.     11,867        294
  Hanmi Financial Corp.     19,616        293
* Coastal Financial Corp.      7,793        293
  Washington Trust Bancorp Inc.     10,901        292
  Camden National Corp.      9,320        289
  Mercantile Bank Corp.     10,446        289
* World Acceptance Corp.      2,153        289
  P10 Inc. Class A     25,496        288
1 NewtekOne Inc.     18,078        287
  Merchants Bancorp     11,200        286
  Peapack-Gladstone Financial Corp.     10,493        284
  Midland States Bancorp Inc.     14,003        279
  TFS Financial Corp.     22,162        279
1 NexPoint Diversified Real Estate Trust     22,210        278
* CrossFirst Bankshares Inc.     27,698        277
  CNB Financial Corp.     15,254        269
* MBIA Inc.     30,978        268
  Tiptree Inc.     17,754        266
  HarborOne Bancorp Inc.     30,455        264
  First Community Bankshares Inc.      8,739        260
  Flushing Financial Corp.     20,973        258
  Amalgamated Financial Corp.     16,023        258
  Cambridge Bancorp      4,727        257
  Central Pacific Financial Corp.     16,183        254
  Granite Point Mortgage Trust Inc.     47,975        254
  Bar Harbor Bankshares      9,895        244
  Equity Bancshares Inc. Class A     10,726        244
  Capital City Bank Group Inc.      7,891        242
  Business First Bancshares Inc.     15,762        238
  First Financial Corp.      7,285        237
  Citizens Financial Services Inc.      3,188        237
* Metropolitan Bank Holding Corp.      6,652        231
    Shares Market
Value•

($000)
  Independent Bank Corp.     13,430        228
  Republic Bancorp Inc. Class A      5,300        225
  Waterstone Financial Inc.     15,475        224
  Metrocity Bankshares Inc.     12,490        223
  Peoples Financial Services Corp.      5,056        221
  GCM Grosvenor Inc. Class A     29,149        220
  ACNB Corp.      6,589        219
  SmartFinancial Inc.     10,103        217
  Alerus Financial Corp.     12,077        217
  Perella Weinberg Partners Class A     25,929        216
  American National Bankshares Inc.      7,342        213
  Hingham Institution for Savings        998        213
  HomeTrust Bancshares Inc.     10,069        210
  Macatawa Bank Corp.     22,021        204
  Citizens & Northern Corp.     10,308        199
  Esquire Financial Holdings Inc.      4,353        199
* Blue Foundry Bancorp     19,670        199
* Skyward Specialty Insurance Group Inc.      7,738        197
  Civista Bancshares Inc.     11,120        193
  Enterprise Bancorp Inc.      6,660        193
  Southern Missouri Bancorp Inc.      4,967        191
* Carter Bankshares Inc.     12,707        188
  Chicago Atlantic Real Estate Finance Inc.     12,398        188
  Crawford & Co. Class A     16,750        186
  Farmers & Merchants Bancorp Inc.      8,192        184
  Horizon Bancorp Inc.     17,713        184
1 Invesco Mortgage Capital REIT     15,971        183
  Regional Management Corp.      5,980        182
* Greenlight Capital Re Ltd. Class A     17,246        182
  HBT Financial Inc.      9,718        179
  Northrim BanCorp Inc.      4,505        177
  Mid Penn Bancorp Inc.      8,011        177
  Sierra Bancorp     10,371        176
  Bank of Marin Bancorp      9,824        174
*,1 Forge Global Holdings Inc.     71,666        174
  Northeast Community Bancorp Inc.     11,548        172
  First of Long Island Corp.     14,231        171
  Arrow Financial Corp.      8,460        170
  FS Bancorp Inc.      5,528        166
  Investors Title Co.      1,118        163
* LendingTree Inc.      7,381        163
  MidWestOne Financial Group Inc.      7,622        163
 
18

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  West BanCorp. Inc.      8,776        162
*,1 Hagerty Inc. Class A     17,303        162
  Northeast Bank      3,845        160
  John Marshall Bancorp Inc.      7,930        159
  Greene County Bancorp Inc.      5,096        152
  AFC Gamma Inc.     12,195        152
  BayCom Corp.      9,049        151
* Bridgewater Bancshares Inc.     15,252        150
  Codorus Valley Bancorp Inc.      7,652        150
  MVB Financial Corp.      7,102        150
  Timberland Bancorp Inc.      5,735        147
  Plumas Bancorp      4,045        144
  South Plains Financial Inc.      6,388        144
  Penns Woods Bancorp Inc.      5,670        142
* Third Coast Bancshares Inc.      8,955        142
  Greenhill & Co. Inc.      9,629        141
  Primis Financial Corp.     16,733        141
* Hippo Holdings Inc.      8,539        141
* Southern First Bancshares Inc.      5,656        140
  Capstar Financial Holdings Inc.     11,382        140
  PCB Bancorp      9,463        139
  Oppenheimer Holdings Inc. Class A      3,410        137
  First Bancorp Inc. (XNGS)      5,583        136
  Orrstown Financial Services Inc.      7,126        136
  ChoiceOne Financial Services Inc.      5,893        136
  AG Mortgage Investment Trust Inc.     22,081        135
  Financial Institutions Inc.      8,542        134
  Five Star Bancorp      5,975        134
  First Foundation Inc.     33,535        133
  MainStreet Bancshares Inc.      5,879        133
* loanDepot Inc. Class A     61,728        131
  Red River Bancshares Inc.      2,646        130
  First Business Financial Services Inc.      4,292        127
  Franklin Financial Services Corp.      4,585        127
  Guaranty Bancshares Inc.      4,660        126
  Middlefield Banc Corp.      4,658        125
  Donegal Group Inc. Class A      8,568        124
  Home Bancorp Inc.      3,743        124
  1st Source Corp.      2,937        123
  Shore Bancshares Inc.     10,622        123
* Heritage Global Inc.     34,014        123
  C&F Financial Corp.      2,281        122
  Virginia National Bankshares Corp.      3,803        122
    Shares Market
Value•

($000)
  RBB Bancorp     10,024        120
  Norwood Financial Corp.      3,972        117
  Summit Financial Group Inc.      5,649        117
* eHealth Inc.     14,420        116
  Linkbancorp Inc.     19,134        115
  ESSA Bancorp Inc.      7,596        114
  Sculptor Capital Management Inc. Class A     12,930        114
  LCNB Corp.      7,580        112
* NI Holdings Inc.      7,567        112
  BCB Bancorp Inc.      9,445        111
  Community Financial Corp.      4,110        111
  First Community Corp.      6,423        111
  Chemung Financial Corp.      2,801        108
  Great Ajax Corp.     17,359        106
  National Bankshares Inc.      3,647        106
  Parke Bancorp Inc.      6,244        106
  Salisbury Bancorp Inc.      4,464        106
1 Ellington Residential Mortgage REIT     14,570        105
  Colony Bankcorp Inc.     11,165        105
  Princeton Bancorp Inc.      3,849        105
* First Western Financial Inc.      5,599        104
  First Internet Bancorp      6,960        103
* Malvern Bancorp Inc.      6,545        103
  Capital Bancorp Inc.      5,450         99
* Consumer Portfolio Services Inc.      8,509         99
* Ocwen Financial Corp.      3,313         99
  Central Valley Community Bancorp      6,312         98
  Investar Holding Corp.      7,982         97
  Silvercrest Asset Management Group Inc. Class A      4,801         97
  Southern States Bancshares Inc.      4,587         97
  First Bank      8,936         93
* Pioneer Bancorp Inc.     10,394         93
* Sterling Bancorp Inc.     16,749         92
* ECB Bancorp Inc.      7,042         92
* FVCBankcorp Inc.      8,396         90
  Orange County Bancorp Inc.      2,434         90
  Evans Bancorp Inc.      3,554         89
* Velocity Financial LLC      7,686         89
* California BanCorp      5,914         89
*,1 United Insurance Holdings Corp.     19,845         88
* Oportun Financial Corp.     14,660         88
  Blue Ridge Bankshares Inc.      9,916         88
  Union Bankshares Inc.      3,794         87
  Westwood Holdings Group Inc.      7,041         87
  William Penn Bancorp Inc.      8,580         87
  Seven Hills Realty Trust      8,503         87
*,1 Citizens Inc. Class A     35,558         86
 
19

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Western New England Bancorp Inc.     14,481         85
  Ames National Corp.      4,723         85
  First United Corp.      5,904         84
  Meridian Corp.      8,472         83
* Kingsway Financial Services Inc.     10,215         83
1 Nexpoint Real Estate Finance Inc.      5,255         82
  Territorial Bancorp Inc.      6,581         81
* Maiden Holdings Ltd.     38,102         80
  Bankwell Financial Group Inc.      3,177         77
* Ponce Financial Group Inc.      8,735         76
* Heritage Insurance Holdings Inc.     19,570         75
  HomeStreet Inc.     12,531         74
  Unity Bancorp Inc.      3,134         74
* Guild Holdings Co. Class A      6,557         74
  Hanover Bancorp Inc.      4,065         73
  Peoples Bancorp of North Carolina Inc.      3,935         72
  Provident Financial Holdings Inc.      5,547         72
  CF Bankshares Inc.      4,748         72
* USCB Financial Holdings Inc.      7,092         72
  Fidelity D&D Bancorp Inc.      1,454         71
* Midwest Holding Inc.      2,640         71
* Finwise Bancorp      7,943         71
  Medallion Financial Corp.      8,839         70
  Old Point Financial Corp.      4,032         70
  Bank7 Corp.      2,764         68
  Provident Bancorp Inc.      8,209         68
  Associated Capital Group Inc. Class A      1,854         66
* ACRES Commercial Realty Corp.      7,472         66
  Summit State Bank      4,372         66
1 Sachem Capital Corp.     18,378         64
* Bakkt Holdings Inc.     50,567         62
* GoHealth Inc. Class A      3,042         60
  Angel Oak Mortgage REIT Inc.      6,897         57
  Finward Bancorp      2,353         54
  First Guaranty Bancshares Inc.      4,672         53
  Hawthorn Bancshares Inc.      2,891         52
  Lument Finance Trust Inc.     27,115         52
  OP Bancorp      5,995         51
  Eagle Bancorp Montana Inc.      3,864         51
  US Global Investors Inc. Class A     15,552         48
  First Northwest Bancorp      3,959         45
* Security National Financial Corp. Class A      4,981         44
  AmeriServ Financial Inc.     15,247         39
  Luther Burbank Corp.      4,292         38
    Shares Market
Value•

($000)
* Great Elm Group Inc.     18,596         38
1 Cherry Hill Mortgage Investment Corp.      7,652         37
  BankFinancial Corp.      4,443         36
  First Savings Financial Group Inc.      2,763         36
*,1 Dave Inc.      6,507         35
  Riverview Bancorp Inc.      6,661         34
  Manhattan Bridge Capital Inc.      6,830         34
*,1 Root Inc. Class A      3,646         33
* Safeguard Scientifics Inc.     17,737         29
  First Capital Inc.        926         29
  CB Financial Services Inc.      1,173         24
* Broadway Financial Corp.     24,365         24
* Republic First Bancorp Inc.     25,101         23
  Hennessy Advisors Inc.      3,282         23
  First Financial Northwest Inc.      1,845         21
  Partners Bancorp      3,437         21
*,1 Doma Hldgs Inc.      4,022         20
* Nicholas Financial Inc.      3,692         19
1 Curo Group Holdings Corp.     12,507         17
  Kingstone Cos. Inc.      8,512         11
* Conifer Holdings Inc.      4,822          8
* Sunlight Financial Holdings Inc.     24,670          7
  FNCB Bancorp Inc.        572          3
       2,943,635
Health Care (12.8%)
  UnitedHealth Group Inc.    623,232    299,550
  Johnson & Johnson  1,739,902    287,989
  Eli Lilly & Co.    571,783    268,155
  Merck & Co. Inc.  1,697,989    195,931
  AbbVie Inc.  1,180,998    159,116
  Pfizer Inc.  3,778,951    138,612
  Thermo Fisher Scientific Inc.    258,379    134,809
  Abbott Laboratories  1,164,455    126,949
  Danaher Corp.    444,854    106,765
  Bristol-Myers Squibb Co.  1,405,943     89,910
* Intuitive Surgical Inc.    234,341     80,131
  Amgen Inc.    357,774     79,433
  Medtronic plc    890,763     78,476
  Elevance Health Inc.    158,535     70,436
  Stryker Corp.    228,644     69,757
  Gilead Sciences Inc.    835,288     64,376
* Vertex Pharmaceuticals Inc.    172,217     60,605
  Cigna Group    197,767     55,493
* Boston Scientific Corp.    978,389     52,921
  Becton Dickinson and Co.    190,431     50,276
* Regeneron Pharmaceuticals Inc.     68,550     49,256
  Zoetis Inc.    277,902     47,857
  HCA Healthcare Inc.    137,916     41,855
 
20

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Edwards Lifesciences Corp.    405,410     38,242
  Humana Inc.     83,474     37,324
* DexCom Inc.    259,136     33,302
* IQVIA Holdings Inc.    124,095     27,893
* IDEXX Laboratories Inc.     55,417     27,832
* Biogen Inc.     96,572     27,509
* Moderna Inc.    216,648     26,323
* Centene Corp.    366,312     24,708
  Agilent Technologies Inc.    197,385     23,736
  ResMed Inc.     98,184     21,453
  GE Healthcare Inc.    258,290     20,983
  Zimmer Biomet Holdings Inc.    139,439     20,302
* Illumina Inc.    105,582     19,796
* Veeva Systems Inc. Class A     97,104     19,200
  West Pharmaceutical Services Inc.     49,597     18,969
* Seagen Inc.     93,935     18,079
* Align Technology Inc.     48,485     17,146
  Cardinal Health Inc.    169,261     16,007
* Alnylam Pharmaceuticals Inc.     82,933     15,752
* Horizon Therapeutics plc    152,842     15,720
  Baxter International Inc.    337,548     15,379
  STERIS plc     66,223     14,899
  Laboratory Corp. of America Holdings     58,912     14,217
* Insulet Corp.     46,521     13,414
* Hologic Inc.    164,363     13,308
  Cooper Cos. Inc.     32,935     12,628
* Molina Healthcare Inc.     39,277     11,832
* Exact Sciences Corp.    120,180     11,285
* BioMarin Pharmaceutical Inc.    124,623     10,802
  Quest Diagnostics Inc.     74,522     10,475
  Revvity Inc.     83,992      9,977
* Avantor Inc.    451,930      9,283
  Bio-Techne Corp.    105,308      8,596
* Penumbra Inc.     24,536      8,442
* Incyte Corp.    128,158      7,978
  Viatris Inc.    798,403      7,968
  Royalty Pharma plc Class A    253,771      7,801
  Teleflex Inc.     31,366      7,592
* Charles River Laboratories International Inc.     34,153      7,181
* Henry Schein Inc.     88,133      7,148
* Shockwave Medical Inc.     24,768      7,069
* United Therapeutics Corp.     31,188      6,885
* Sarepta Therapeutics Inc.     58,812      6,735
  Universal Health Services Inc. Class B     40,403      6,374
* Inspire Medical Systems Inc.     19,367      6,287
* Neurocrine Biosciences Inc.     64,785      6,109
    Shares Market
Value•

($000)
* Apellis Pharmaceuticals Inc.     65,814      5,996
  DENTSPLY SIRONA Inc.    140,747      5,633
  Chemed Corp.     10,168      5,508
* Tenet Healthcare Corp.     67,626      5,503
* Masimo Corp.     33,386      5,494
* Bio-Rad Laboratories Inc. Class A     13,936      5,283
* Catalent Inc.    115,248      4,997
* Jazz Pharmaceuticals plc     40,157      4,978
* Repligen Corp.     35,182      4,977
  Bruker Corp.     63,508      4,695
* Acadia Healthcare Co. Inc.     57,813      4,604
* Karuna Therapeutics Inc.     20,938      4,540
  Encompass Health Corp.     63,426      4,295
* Exelixis Inc.    214,993      4,109
* Lantheus Holdings Inc.     45,456      3,815
* HealthEquity Inc.     58,372      3,686
* IVERIC bio Inc.     93,528      3,679
* Envista Holdings Corp.    108,612      3,675
* Option Care Health Inc.    112,691      3,661
* Ionis Pharmaceuticals Inc.     89,191      3,659
* Medpace Holdings Inc.     15,110      3,629
  Organon & Co.    173,377      3,608
* Intra-Cellular Therapies Inc.     56,923      3,604
* agilon health Inc.    207,163      3,592
* Natera Inc.     71,720      3,490
  Ensign Group Inc.     35,851      3,422
* Alkermes plc    109,024      3,412
* DaVita Inc.     32,734      3,289
* 10X Genomics Inc.     58,472      3,265
* Elanco Animal Health Inc. (XNYS)    322,566      3,245
* Halozyme Therapeutics Inc.     88,127      3,179
* ImmunoGen Inc.    168,434      3,178
* Merit Medical Systems Inc.     37,663      3,150
  Perrigo Co. plc     90,329      3,067
* Globus Medical Inc. Class A     51,381      3,059
* Syneos Health Inc.     70,540      2,973
* Haemonetics Corp.     34,659      2,951
* Novocure Ltd.     69,805      2,897
* Neogen Corp.    132,392      2,880
  CONMED Corp.     20,893      2,839
* ICU Medical Inc.     15,644      2,788
* Vaxcyte Inc.     55,177      2,756
* QuidelOrtho Corp.     33,212      2,752
* Teladoc Health Inc.    106,998      2,709
* Guardant Health Inc.     74,921      2,682
* Blueprint Medicines Corp.     40,643      2,569
* Doximity Inc. Class A     73,069      2,486
 
21

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Arrowhead Pharmaceuticals Inc.     69,581      2,481
* R1 RCM Inc.    129,846      2,396
* Madrigal Pharmaceuticals Inc.      9,989      2,307
* Omnicell Inc.     31,238      2,301
* TG Therapeutics Inc.     92,514      2,298
* Amicus Therapeutics Inc.    182,387      2,291
* Intellia Therapeutics Inc.     54,359      2,217
  Select Medical Holdings Corp.     69,495      2,214
* Glaukos Corp.     30,933      2,203
  Premier Inc. Class A     79,437      2,197
* Azenta Inc.     45,301      2,115
* Evolent Health Inc. Class A     69,560      2,108
* Ultragenyx Pharmaceutical Inc.     45,641      2,105
* Cytokinetics Inc.     63,930      2,085
* Progyny Inc.     52,495      2,065
* Pacific Biosciences of California Inc.    154,803      2,059
* Enovis Corp.     32,007      2,052
* Denali Therapeutics Inc.     68,961      2,035
* Surgery Partners Inc.     45,133      2,031
* iRhythm Technologies Inc.     19,438      2,028
* Amedisys Inc.     21,896      2,002
* Integer Holdings Corp.     22,540      1,997
* Prestige Consumer Healthcare Inc.     33,520      1,992
* Integra LifeSciences Holdings Corp.     48,167      1,981
* PTC Therapeutics Inc.     48,191      1,960
  Patterson Cos. Inc.     57,704      1,919
* Reata Pharmaceuticals Inc. Class A     18,723      1,909
* Inari Medical Inc.     31,886      1,854
* ACADIA Pharmaceuticals Inc.     77,256      1,850
* Insmed Inc.     86,849      1,833
* Privia Health Group Inc.     70,184      1,832
*,1 Axsome Therapeutics Inc.     25,415      1,826
* TransMedics Group Inc.     21,384      1,796
* REVOLUTION Medicines Inc.     66,720      1,785
* Axonics Inc.     35,245      1,779
* STAAR Surgical Co.     33,821      1,778
* Krystal Biotech Inc.     14,957      1,756
*,1 Ginkgo Bioworks Holdings Inc.    927,135      1,724
* Vir Biotechnology Inc.     67,206      1,649
* Beam Therapeutics Inc.     51,317      1,639
* AtriCure Inc.     31,794      1,569
* Akero Therapeutics Inc.     32,547      1,520
* Certara Inc.     82,746      1,507
* Sage Therapeutics Inc.     31,466      1,480
    Shares Market
Value•

($000)
* NuVasive Inc.     35,515      1,477
* Chinook Therapeutics Inc.     37,734      1,450
* Amphastar Pharmaceuticals Inc.     25,012      1,437
* NeoGenomics Inc.     88,491      1,422
* Revance Therapeutics Inc.     54,270      1,374
* RadNet Inc.     40,720      1,328
* Mirati Therapeutics Inc.     36,737      1,327
* Morphic Holding Inc.     22,900      1,313
* Bridgebio Pharma Inc.     75,418      1,297
* CorVel Corp.      6,664      1,289
* Veracyte Inc.     50,564      1,288
* Corcept Therapeutics Inc.     56,534      1,258
* Sotera Health Co.     66,690      1,256
* Cerevel Therapeutics Holdings Inc.     38,647      1,229
  US Physical Therapy Inc.     10,104      1,227
* Vericel Corp.     31,914      1,199
* Myriad Genetics Inc.     51,248      1,188
* Dynavax Technologies Corp.     90,730      1,172
* Pacira BioSciences Inc.     28,710      1,150
* Geron Corp. (XNGS)    355,050      1,140
* Celldex Therapeutics Inc.     32,437      1,101
* Supernus Pharmaceuticals Inc.     35,504      1,067
* Phreesia Inc.     34,256      1,062
* DICE Therapeutics Inc.     22,682      1,054
* Tandem Diabetes Care Inc.     42,362      1,040
* Agios Pharmaceuticals Inc.     36,572      1,036
* Addus HomeCare Corp.     10,934      1,014
* Viking Therapeutics Inc.     62,540      1,014
* Iovance Biotherapeutics Inc.    143,471      1,010
* Ventyx Biosciences Inc.     30,664      1,006
* Protagonist Therapeutics Inc.     36,191      1,000
* UFP Technologies Inc.      5,138        996
* Xencor Inc.     39,729        992
* Alphatec Holdings Inc.     54,795        985
* Relay Therapeutics Inc.     77,937        979
* Catalyst Pharmaceuticals Inc.     72,434        974
* Apollo Medical Holdings Inc.     30,715        971
* Owens & Minor Inc.     50,511        962
* PROCEPT BioRobotics Corp.     27,172        961
* Zentalis Pharmaceuticals Inc.     34,017        960
 
22

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Ironwood Pharmaceuticals Inc. Class A     89,809        956
* Maravai LifeSciences Holdings Inc. Class A     74,883        931
* Hims & Hers Health Inc.     98,255        924
* BioCryst Pharmaceuticals Inc.    127,845        900
* Syndax Pharmaceuticals Inc.     42,477        889
* Ideaya Biosciences Inc.     37,529        882
  LeMaitre Vascular Inc.     12,968        872
* Rocket Pharmaceuticals Inc.     42,934        853
* SpringWorks Therapeutics Inc.     32,419        850
* Ligand Pharmaceuticals Inc.     11,745        847
* Avanos Medical Inc.     32,399        828
* Harmony Biosciences Holdings Inc.     23,247        818
  Embecta Corp.     37,671        814
* Silk Road Medical Inc.     24,464        795
* Arcellx Inc.     25,140        795
* Amylyx Pharmaceuticals Inc.     36,686        791
* Pediatrix Medical Group Inc.     55,482        788
* Replimune Group Inc.     33,816        785
* Cymabay Therapeutics Inc.     71,536        783
* Treace Medical Concepts Inc.     30,249        774
* Outset Medical Inc.     35,262        771
* Nuvalent Inc. Class A     18,284        771
* Arvinas Inc.     30,886        767
  Healthcare Services Group Inc.     51,351        767
* Twist Bioscience Corp.     37,019        757
* Travere Thrapeutics Inc.     49,248        756
* 89bio Inc.     39,772        754
* Immunovant Inc.     36,686        696
* Viridian Therapeutics Inc.     29,241        696
* Crinetics Pharmaceuticals Inc.     37,819        681
* SI-BONE Inc.     24,527        662
* Warby Parker Inc. Class A     56,145        656
* MannKind Corp.    160,991        655
* Accolade Inc.     48,104        648
* Varex Imaging Corp.     27,432        647
* Cogent Biosciences Inc.     54,368        644
*,1 Cassava Sciences Inc.     26,237        643
* ANI Pharmaceuticals Inc.     11,819        636
    Shares Market
Value•

($000)
* Rhythm Pharmaceuticals Inc.     37,886        625
* Arcus Biosciences Inc.     30,654        623
* Cytek Biosciences Inc.     71,870        614
* Kymera Therapeutics Inc.     26,515        610
* AdaptHealth Corp. Class A     49,976        608
* Verve Therapeutics Inc.     32,378        607
* Keros Therapeutics Inc.     15,051        605
* OPKO Health Inc.    273,854        594
* Pliant Therapeutics Inc.     32,770        594
* Recursion Pharmaceuticals Inc. Class A     79,361        593
* Deciphera Pharmaceuticals Inc.     42,046        592
* Avid Bioservices Inc.     41,974        586
* Avidity Biosciences Inc.     52,805        586
* Inhibrx Inc.     22,277        578
* Mirum Pharmaceuticals Inc.     22,047        570
* BioLife Solutions Inc.     25,648        567
* Nevro Corp.     22,284        566
* Adaptive Biotechnologies Corp.     83,604        561
* Point Biopharma Global Inc.     61,839        560
* NextGen Healthcare Inc.     34,265        556
  National Research Corp.     12,703        553
* Innoviva Inc.     42,734        544
* MiMedx Group Inc.     82,288        544
  Atrion Corp.        950        537
  National HealthCare Corp.      8,649        535
* DocGo Inc.     56,968        534
* ADMA Biologics Inc.    141,451        522
* Quanterix Corp.     22,735        513
* Kura Oncology Inc.     48,316        511
*,1 Acelyrin Inc.     24,309        508
* Multiplan Corp.    240,079        507
*,1 EQRx Inc.    267,657        498
* Ardelyx Inc.    146,614        497
* Brookdale Senior Living Inc.    117,747        497
* Fulgent Genetics Inc.     13,415        497
*,1 Novavax Inc.     66,103        491
* REGENXBIO Inc.     24,573        491
* Day One Biopharmaceuticals Inc.     40,860        488
* Health Catalyst Inc.     38,571        482
* RxSight Inc.     16,736        482
* Rapt Therapeutics Inc.     25,392        475
  HealthStream Inc.     19,258        473
* Collegium Pharmaceutical Inc.     21,847        469
* Arcturus Therapeutics Holdings Inc.     15,956        458
 
23

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* LifeStance Health Group Inc.     49,785        455
* Artivion Inc.     26,298        452
* 4D Molecular Therapeutics Inc.     24,930        450
* Orthofix Medical Inc.     24,357        440
* Tactile Systems Technology Inc.     17,169        428
*,1 Lyell Immunopharma Inc.    133,452        424
*,1 Prime Medicine Inc.     28,911        424
* Aclaris Therapeutics Inc.     40,404        419
* OrthoPediatrics Corp.      9,379        411
* Marinus Pharmaceuticals Inc.     37,627        409
* Harrow Health Inc.     21,068        401
* Alignment Healthcare Inc.     69,296        398
* Anavex Life Sciences Corp.     48,655        396
* Biomea Fusion Inc.     17,973        394
* Community Health Systems Inc.     88,429        389
* ModivCare Inc.      8,588        388
* Enhabit Inc.     33,323        383
* Editas Medicine Inc. Class A     46,258        381
  Agenus Inc.    236,170        378
* Agiliti Inc.     22,749        375
* Paragon 28 Inc.     21,144        375
* Disc Medicine Inc.      8,454        375
* 2seventy bio Inc.     36,686        371
*,1 Zymeworks Inc.     42,912        371
* OmniAb Inc.     72,981        367
* Tarsus Pharmaceuticals Inc.     20,054        362
*,1 Sana Biotechnology Inc.     58,914        351
*,1 Phathom Pharmaceuticals Inc.     24,407        350
*,1 Sharecare Inc.    197,135        345
* Dyne Therapeutics Inc.     30,414        342
*,1 Theravance Biopharma Inc.     32,658        338
* Aldeyra Therapeutics Inc.     39,700        333
* Arcutis Biotherapeutics Inc.     34,869        332
* American Well Corp. Class A    158,201        332
* Voyager Therapeutics Inc.     27,939        320
* Seres Therapeutics Inc.     66,052        316
* CareDx Inc.     36,939        314
* Pulmonx Corp.     23,982        314
* Alector Inc.     52,006        313
*,1 Scilex Holding Co. (XNCM)     56,202        313
*,1 Enliven Therapeutics Inc.     14,831        303
* 23andMe Holding Co. Class A    172,212        301
* Axogen Inc.     32,599        298
    Shares Market
Value•

($000)
* Coherus Biosciences Inc.     69,333        296
* MaxCyte Inc.     63,539        292
* Anika Therapeutics Inc.     11,076        288
* Cerus Corp.    117,250        288
* Avita Medical Inc.     16,954        288
*,1 Cabaletta Bio Inc.     22,227        287
* Amneal Pharmaceuticals Inc.     91,556        284
* Kiniksa Pharmaceuticals Ltd. Class A     19,941        281
* Intercept Pharmaceuticals Inc.     25,295        280
* Nurix Therapeutics Inc.     27,960        279
* PetIQ Inc. Class A     18,318        278
*,1 ProKidney Corp.     24,730        277
* Savara Inc.     85,084        272
* Enanta Pharmaceuticals Inc.     12,671        271
* GoodRx Holdings Inc. Class A     49,148        271
* Ocular Therapeutix Inc.     52,253        270
* Surmodics Inc.      8,541        267
* AngioDynamics Inc.     25,475        266
* Liquidia Corp.     33,257        261
* Vera Therapeutics Inc. Class A     16,082        258
* Cano Health Inc.    185,620        258
* Fate Therapeutics Inc.     54,076        257
*,1 Allogene Therapeutics Inc.     50,847        253
*,1 ImmunityBio Inc.     90,514        252
* Edgewise Therapeutics Inc.     32,287        250
  iRadimed Corp.      5,161        246
* Mersana Therapeutics Inc.     74,321        245
* Vanda Pharmaceuticals Inc.     37,164        245
* iTeos Therapeutics Inc.     18,508        245
* OraSure Technologies Inc.     47,836        240
* Pennant Group Inc.     19,258        236
* Scholar Rock Holding Corp.     31,110        235
* Alpine Immune Sciences Inc.     22,850        235
* X4 Pharmaceuticals Inc.    120,734        234
* Stoke Therapeutics Inc.     21,635        230
* Terns Pharmaceuticals Inc.     26,275        230
*,1 Assertio Holdings Inc.     42,230        229
* Bluebird Bio Inc.     69,347        228
*,1 Omeros Corp.     41,682        227
* SomaLogic Inc.     97,861        226
* Emergent BioSolutions Inc.     30,037        221
* MacroGenics Inc.     41,349        221
* Mineralys Therapeutics Inc.     12,895        220
* Accuray Inc.     56,460        218
 
24

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Arbutus Biopharma Corp.     94,484        217
* Zimvie Inc.     18,957        213
* CareMax Inc.     67,977        211
*,3 Scilex Holding Co. (Acquired 1/6/23, Cost $442)     42,135        211
* Castle Biosciences Inc.     15,171        208
*,1 Senseonics Holdings Inc.    269,188        205
* Olema Pharmaceuticals Inc.     22,688        205
* Xeris Biopharma Holdings Inc.     78,258        205
* HilleVax Inc.     11,894        204
* Computer Programs and Systems Inc.      8,198        202
* Atea Pharmaceuticals Inc.     54,141        202
* Monte Rosa Therapeutics Inc.     29,490        202
* Cullinan Oncology Inc.     18,523        199
*,1 Invitae Corp.    174,382        197
*,1 P3 Health Partners Inc.     64,930        194
* Butterfly Network Inc.     83,265        192
  Carisma Therapeutics Inc.     21,948        192
*,1 Summit Therapeutics Inc. (XNMS)     75,930        191
* Sutro Biopharma Inc.     40,875        190
* Immuneering Corp. Class A     18,782        190
* Lexicon Pharmaceuticals Inc.     81,719        187
* Astria Therapeutics Inc.     22,465        187
*,1 Clover Health Investments Corp. Class A    207,451        186
* Outlook Therapeutics Inc.    105,871        184
  Phibro Animal Health Corp. Class A     13,442        184
*,1 Entrada Therapeutics Inc.     12,169        184
* PMV Pharmaceuticals Inc.     29,279        183
* Nuvation Bio Inc.    100,004        180
* Evolus Inc.     24,497        178
  Utah Medical Products Inc.      1,908        178
* FibroGen Inc.     65,439        177
* Compass Therapeutics Inc.     55,213        176
* Allakos Inc.     39,930        174
* Inogen Inc.     15,064        174
* Cutera Inc.     11,232        170
* Joint Corp.     12,384        167
* Tela Bio Inc.     16,235        164
* EyePoint Pharmaceuticals Inc.     18,741        163
* KalVista Pharmaceuticals Inc.     17,876        161
    Shares Market
Value•

($000)
*,1 ORIC Pharmaceuticals Inc.     20,428        159
* Karyopharm Therapeutics Inc.     87,962        157
*,1 Y-mAbs Therapeutics Inc.     23,165        157
* Rigel Pharmaceuticals Inc.    118,372        153
* Viemed Healthcare Inc.     15,567        152
* OptimizeRx Corp.     10,556        151
* Organogenesis Holdings Inc. Class A     45,335        151
* Tenaya Therapeutics Inc.     25,755        151
* Sight Sciences Inc.     17,966        149
* Zynex Inc.     15,250        146
* Nautilus Biotechnology Inc.     37,768        146
* AnaptysBio Inc.      7,077        144
* Eagle Pharmaceuticals Inc.      7,396        144
* Kodiak Sciences Inc.     20,721        143
* Sangamo Therapeutics Inc.    110,293        143
*,1 Icosavax Inc.     14,363        143
* Seer Inc. Class A     33,292        142
* Lineage Cell Therapeutics Inc.     99,941        141
* ClearPoint Neuro Inc.     19,277        140
* Harvard Bioscience Inc.     25,313        139
* Generation Bio Co.     25,032        138
*,1 scPharmaceuticals Inc.     13,399        137
* Fulcrum Therapeutics Inc.     41,311        136
* Actinium Pharmaceuticals Inc.     18,282        136
* Tabula Rasa HealthCare Inc.     16,298        134
* Zomedica Corp.    672,102        134
* CVRx Inc.      8,704        134
* Ovid therapeutics Inc.     40,633        133
* Sanara Medtech Inc.      3,304        132
* Aerovate Therapeutics Inc.      7,673        132
* Caribou Biosciences Inc.     31,157        132
*,1 Tyra Biosciences Inc.      7,492        128
* Inozyme Pharma Inc.     22,831        127
*,1 Tango Therapeutics Inc.     38,224        127
*,1 Inmune Bio Inc.     13,715        125
* Innovage Holding Corp.     16,618        125
  SIGA Technologies Inc.     24,311        123
* Zevra Therapeutics Inc.     24,085        123
*,1 CorMedix Inc.     30,814        122
*,1 Bionano Genomics Inc.    198,365        121
* 908 Devices Inc.     17,668        121
* NanoString Technologies Inc.     29,545        120
 
25

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Longboard Pharmaceuticals Inc.     16,186        119
* Codexis Inc.     41,959        117
* Erasca Inc.     40,997        113
* Puma Biotechnology Inc.     31,801        112
* ARS Pharmaceuticals Inc.     16,780        112
* Atossa Therapeutics Inc.     87,558        110
* Standard Bio Tools Inc.     55,941        108
*,1 Adverum Biotechnologies Inc.     67,508        107
* Altimmune Inc.     30,386        107
* Kezar Life Sciences Inc.     43,585        107
* Akebia Therapeutics Inc.    115,906        106
* CytoSorbents Corp.     29,596        106
* Spectrum Pharmaceuticals Inc.    109,299        105
*,1 Citius Pharmaceuticals Inc.     85,694        103
* Aura Biosciences Inc.      8,362        103
* Jasper Therapeutics Inc.     74,930        103
* Annexon Inc.     28,844        102
* ALX Oncology Holdings Inc.     13,412        101
*,1 Vaxxinity Inc. Class A     40,231        101
* Vigil Neuroscience Inc.     10,718        101
*,1 An2 Therapeutics Inc.     11,939        101
* Selecta Biosciences Inc.     89,345        100
* Bioxcel Therapeutics Inc.     15,053        100
* Omega Therapeutics Inc.     17,625         99
* Foghorn Therapeutics Inc.     13,954         98
* Atara Biotherapeutics Inc.     60,082         97
* Precigen Inc.     84,404         97
* Akoya Biosciences Inc.     13,086         97
* Biote Corp. Class A     14,293         97
* Quantum-Si Inc.     53,609         96
* Cara Therapeutics Inc.     33,488         95
* Talkspace Inc.     75,188         95
* Abeona Therapeutics Inc.     23,529         95
*,1 Ocuphire Pharma Inc.     21,645         94
* Apyx Medical Corp.     18,313         92
*,1 Black Diamond Therapeutics Inc.     18,268         92
* Capricor Therapeutics Inc.     19,231         92
* Humacyte Inc.     32,332         92
*,1 IGM Biosciences Inc.      9,841         91
* InfuSystem Holdings Inc.      9,429         91
*,1 Nuvectis Pharma Inc.      5,612         90
* Cue Biopharma Inc.     24,434         89
* Theseus Pharmaceuticals Inc.      9,484         88
    Shares Market
Value•

($000)
* Inovio Pharmaceuticals Inc.    195,712         87
*,1 XOMA Corp.      4,608         87
* BioAtla Inc.     28,992         87
* Seelos Therapeutics Inc.     73,139         87
* Vor BioPharma Inc.     28,015         87
* Achieve Life Sciences Inc.     16,807         87
* Janux Therapeutics Inc.      7,344         87
* Heron Therapeutics Inc.     73,891         86
*,1 PDS Biotechnology Corp.     17,161         86
* TScan Therapeutics Inc.     34,364         86
* Reneo Pharmaceuticals Inc.     13,013         85
* KORU Medical Systems Inc.     24,313         84
* Asensus Surgical Inc.    165,733         84
*,1 CytomX Therapeutics Inc.     48,168         83
*,1 Sera Prognostics Inc. Class A     25,316         83
* Acrivon Therapeutics Inc.      6,404         83
* Esperion Therapeutics Inc.     57,940         81
* FONAR Corp.      4,742         81
* Galera Therapeutics Inc.     25,568         80
*,1 Durect Corp.     15,978         79
* Gritstone bio Inc.     39,292         77
* Semler Scientific Inc.      2,930         77
* Verastem Inc.     10,356         77
* NGM Biopharmaceuticals Inc.     29,422         76
* C4 Therapeutics Inc.     27,453         75
* Trevi Therapeutics Inc.     31,348         75
*,1 Ocugen Inc.    135,443         74
* Acumen Pharmaceuticals Inc.     15,267         73
*,1 CEL–SCI Corp.     29,843         72
* Celcuity Inc.      6,440         71
* Design Therapeutics Inc.     11,218         71
* Aadi Bioscience Inc.     10,337         71
* Nektar Therapeutics Class A    122,239         70
* Beyond Air Inc.     16,450         70
*,1 BrainStorm Cell Therapeutics Inc.     33,748         70
* Perspective Therapeutics Inc.    104,951         70
* Geron Corp. Warrant Exp. 12/31/25     73,748         70
* GlycoMimetics Inc.     39,833         69
*,1 XBiotech Inc.     11,624         69
* Diamedica Therapeutics Inc.     15,764         68
* Corvus Pharmaceuticals Inc.     29,109         67
 
26

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Enzo Biochem Inc.     36,523         67
*,1 Gossamer Bio Inc.     55,531         67
* Anixa Biosciences Inc.     21,079         67
* Athira Pharma Inc.     22,843         67
* G1 Therapeutics Inc.     26,630         66
* Allovir Inc.     19,387         66
*,1 Rezolute Inc.     33,333         66
* Shattuck Labs Inc.     21,109         66
*,1 Annovis Bio Inc.      4,518         65
* Ikena Oncology Inc.      9,909         65
*,1 Verrica Pharmaceuticals Inc.     10,956         63
* Rallybio Corp.     11,052         63
* Cidara Therapeutics Inc.     54,780         62
* Prelude Therapeutics Inc.     13,754         62
* Chimerix Inc.     50,447         61
* Paratek Pharmaceuticals Inc.     27,473         61
* Inotiv Inc.     12,773         61
*,1 Vaxart Inc.     82,063         60
*,1 Greenwich Lifesciences Inc.      6,258         60
* ChromaDex Corp.     37,499         59
*,1 Rani Therapeutics Holdings Inc. Class A     14,248         59
* Graphite Bio Inc.     22,375         58
*,1 Alaunos Therapeutics Inc.    111,142         57
* Stereotaxis Inc.     37,475         57
* Hyperfine Inc.     26,676         57
* GeneDx Holdings Corp. Class A      9,600         57
* Aveanna Healthcare Holdings Inc.     33,268         56
* Reviva Pharmaceuticals Holdings Inc.      9,618         56
* Galectin Therapeutics Inc.     37,318         54
*,1 Eton Pharmaceuticals Inc.     15,500         54
*,1 Matinas BioPharma Holdings Inc.    146,195         53
* Relmada Therapeutics Inc.     21,534         53
* Talaris Therapeutics Inc.     17,570         53
* Curis Inc.     61,130         51
* Adicet Bio Inc.     20,544         50
* Third Harmonic Bio Inc.     10,433         50
* Pro-Dex Inc.      2,523         48
*,1 Adagio Therapeutics Inc.     45,821         48
*,1 Scynexis Inc.     15,858         47
*,1 Sonendo Inc.     34,483         47
* Personalis Inc.     24,439         46
* Kinnate Biopharma Inc.     15,091         46
* Poseida Therapeutics Inc. Class A     25,855         45
*,1 Aravive Inc.     35,258         44
    Shares Market
Value•

($000)
* Dyadic International Inc.     23,051         44
* Merrimack Pharmaceuticals Inc.      3,556         44
* Kronos Bio Inc.     25,786         44
* Century Therapeutics Inc.     13,813         44
*,1 Absci Corp.     28,820         44
* BioSig Technologies Inc.     34,130         43
*,1 SmileDirectClub Inc.     81,621         43
*,1 Dermtech Inc.     16,722         43
* Decibel Therapeutics Inc.     10,874         42
* Cardiff Oncology Inc.     27,727         41
* Dare Bioscience Inc.     44,843         41
* Neuronetics Inc.     18,525         40
* Viracta Therapeutics Inc.     28,450         40
*,1 Bioventus Inc. Class A     13,494         39
*,1 MyMD Pharmaceuticals Inc.     26,030         39
* Vicarious Surgical Inc.     21,349         39
* ViewRay Inc.    108,742         38
* Nkarta Inc.     17,135         38
* Eyenovia Inc.     16,207         38
* Clearside Biomedical Inc.     33,371         37
* aTyr Pharma Inc.     17,108         37
* Forian Inc.     14,566         36
* enVVeno Medical Corp.     11,710         36
* Sensus Healthcare Inc.     11,106         35
* PepGen Inc.      3,938         35
* Aquestive Therapeutics Inc.     20,542         34
* Immunic Inc.     13,685         34
* Lantern Pharma Inc.      5,987         34
* Milestone Scientific Inc.     37,457         33
* CareCloud Inc.     11,111         33
*,1 Hepion Pharmaceuticals Inc.      3,104         33
* Fortress Biotech Inc.     57,880         32
*,2 PDL BioPharma Inc.     76,234         32
* Societal CDMO Inc.     29,155         32
* Pardes Biosciences Inc.     17,730         32
* Praxis Precision Medicines Inc.     26,629         31
* Movano Inc.     28,211         31
* Sigilon Therapeutics Inc.      1,363         31
*,1 Lyra Therapeutics Inc.      7,194         30
*,1 Genprex Inc.     32,101         30
* Lensar Inc.      6,985         30
* Pyxis Oncology Inc.     11,615         30
* Corbus Pharmaceuticals Holdings Inc.      3,766         30
*,1 Spero Therapeutics Inc.     19,689         29
* Passage Bio Inc.     30,974         29
* Exagen Inc.      9,919         29
 
27

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* AIM ImmunoTech Inc.     43,668         29
* Homology Medicines Inc.     30,844         27
* Larimar Therapeutics Inc.      8,733         27
*,1 Bright Green Corp.     26,666         27
*,1 Mei Pharma Inc.      4,079         27
* Magenta Therapeutics Inc.     33,990         26
* Co.-Diagnostics Inc.     22,364         25
* Optinose Inc.     20,513         25
* iCAD Inc.     15,565         25
* Aligos Therapeutics Inc.     24,596         24
* Bolt Biotherapeutics Inc.     18,932         24
*,1 Syros Pharmaceuticals Inc.      7,704         24
*,1 Quince Therapeutics Inc.     14,974         23
*,1 SELLAS Life Sciences Group Inc.     14,948         23
* NeuroPace Inc.      5,190         23
* Werewolf Therapeutics Inc.      7,424         23
* TherapeuticsMD Inc.      5,486         23
*,1 Bright Health Group Inc.      1,899         23
* Lipocine Inc.      4,409         22
*,1 Accelerate Diagnostics Inc.     25,335         21
*,1 Atreca Inc. Class A     21,020         21
* Orgenesis Inc.     14,863         21
* PAVmed Inc.     51,627         21
* Celularity Inc.     40,095         21
* Strata Skin Sciences Inc.     21,171         20
* Ekso Bionics Holdings Inc.     14,085         20
* Lumos Pharma Inc.      5,932         20
* Neoleukin Therapeutics Inc.     24,542         20
*,2 Tobira Therapeutics Inc. CVR      4,500         20
* Delcath Systems Inc.      3,498         20
* Instil Bio Inc.     34,524         19
* Cue Health Inc.     51,949         19
* Eiger BioPharmaceuticals Inc.     25,269         18
* Eledon Pharmaceuticals Inc.     13,263         18
*,1 Cocrystal Pharma Inc.      7,576         18
* ElectroCore Inc.      3,704         18
* Synlogic Inc.     39,063         17
* Acutus Medical Inc.     19,578         17
* Surface Oncology Inc.     20,025         17
* Sensei Biotherapeutics Inc.     15,072         17
* Clene Inc.     19,510         17
* Onconova Therapeutics Inc.     14,441         17
*,1 Elicio Operating Co. Inc.      1,745         17
*,1 Oncocyte Corp.     67,695         16
* PhenomeX Inc.     33,469         16
    Shares Market
Value•

($000)
*,1 Impel Pharmaceuticals Inc.     12,285         16
* Rain Oncology Inc.     13,141         16
* Singular Genomics Systems Inc.     19,503         16
* Oncology Institute Inc.     29,068         16
* Palatin Technologies Inc.      7,653         16
* Solid Biosciences Inc.      2,967         16
* Leap Therapeutics Inc.      5,065         16
* IRIDEX Corp.      7,102         15
* Alpha Teknova Inc.      5,588         15
* Molecular Templates Inc.     29,805         14
* Harpoon Therapeutics Inc.     19,516         14
* Infinity Pharmaceuticals Inc.     65,713         14
* Telesis Bio Inc.      8,909         14
* Cyteir Therapeutics Inc.      5,209         14
* Equillium Inc.     17,857         13
* Dominari Holdings Inc.      4,463         13
* Mallinckrodt plc     10,983         13
*,1 Checkpoint Therapeutics Inc.      5,358         13
*,1 Sientra Inc.      4,467         13
* Oncternal Therapeutics Inc.     34,025         12
* Retractable Technologies Inc.      9,432         11
* NRX Pharmaceuticals Inc.     23,700         11
* Biora Therapeutics Inc.      2,874         11
* Precipio Inc.     25,063         10
* Vivos Therapeutics Inc.     19,268         10
* Science 37 Holdings Inc.     47,942         10
* Aspira Women's Health Inc.      3,090         10
* Vincerx Pharma Inc.      6,849          9
* eFFECTOR Therapeutics Inc.     11,437          9
*,1 SAB Biotherapeutics Inc.     10,730          9
*,1 Cellectar Biosciences Inc.      4,608          9
*,1 Evelo Biosciences Inc.      2,748          9
* Elevation Oncology Inc.      5,352          8
* Tempest Therapeutics Inc.      6,359          8
* Imunon Inc.      6,172          8
* UpHealth Inc.      4,033          8
* Frequency Therapeutics Inc.     21,606          7
* Rapid Micro Biosystems Inc. Class A      7,185          7
* Vapotherm Inc.     13,917          6
* TFF Pharmaceuticals Inc.     12,846          6
* Taysha Gene Therapies Inc.      9,398          6
* Processa Pharmaceuticals Inc.     13,054          6
* Surrozen Inc.     10,142          6
 
28

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* MiNK Therapeutics Inc.      2,650          6
* Diffusion Pharmaceuticals Inc.      1,886          6
*,1 9 Meters Biopharma Inc.      8,771          6
* Vistagen Therapeutics Inc.      3,043          6
*,1 AcelRx Pharmaceuticals Inc.      4,832          5
* Venus Concept Inc.      2,574          5
* ATI Physical Therapy Inc.        520          5
* Precision BioSciences Inc.      7,156          4
* Hookipa Pharma Inc.      4,083          4
* Applied Molecular Transport Inc.     15,287          4
* Axcella Health Inc.     18,758          4
* SQZ Biotechnologies Co.     15,806          4
*,1 GT Biopharma Inc.     12,308          4
*,1 Athersys Inc.      4,976          4
*,1 iBio Inc.      7,283          4
* Aprea Therapeutics Inc.      1,136          4
* Eargo Inc.        774          4
* Novan Inc.      4,751          2
* Avalo Therapeutics Inc.      3,596          1
*,2 Synergy Pharmaceuticals Inc.    412,534         —
*,2 OmniAb Inc. 12.5 Earnout      3,939         —
*,2 OmniAb Inc. 15 Earnout      3,939         —
       3,744,336
Industrials (13.0%)
  Visa Inc. Class A  1,083,629    257,340
  Mastercard Inc. Class A    566,623    222,853
  Accenture plc Class A    422,828    130,476
  Raytheon Technologies Corp.    978,154     95,820
  Honeywell International Inc.    445,300     92,400
  United Parcel Service Inc. Class B (XNYS)    485,899     87,097
* Boeing Co.    402,540     85,000
  Caterpillar Inc.    345,061     84,902
  Union Pacific Corp.    408,491     83,585
  General Electric Co.    727,510     79,917
  Lockheed Martin Corp.    169,703     78,128
  Deere & Co.    178,603     72,368
  American Express Co.    373,102     64,994
  Automatic Data Processing Inc.    276,503     60,773
  Eaton Corp. plc    266,621     53,617
* PayPal Holdings Inc.    746,271     49,799
* Fiserv Inc.    391,967     49,447
  CSX Corp.  1,362,259     46,453
  Illinois Tool Works Inc.    173,363     43,368
  Northrop Grumman Corp.     91,491     41,702
  Sherwin-Williams Co.    155,408     41,264
    Shares Market
Value•

($000)
  FedEx Corp.    151,468     37,549
  3M Co.    368,679     36,901
  General Dynamics Corp.    165,359     35,577
  Emerson Electric Co.    382,823     34,603
  Norfolk Southern Corp.    152,547     34,592
  Parker-Hannifin Corp.     85,752     33,447
  Johnson Controls International plc    459,313     31,298
  TransDigm Group Inc.     34,821     31,136
  PACCAR Inc.    349,603     29,244
  Trane Technologies plc    152,748     29,215
  Cintas Corp.     57,777     28,720
  Carrier Global Corp.    558,561     27,766
  Capital One Financial Corp.    241,989     26,466
  Rockwell Automation Inc.     76,702     25,269
  AMETEK Inc.    154,219     24,965
  L3Harris Technologies Inc.    126,672     24,799
  Otis Worldwide Corp.    278,078     24,752
  Old Dominion Freight Line Inc.     65,943     24,382
  Paychex Inc.    216,430     24,212
* Block Inc. (XNYS)    363,475     24,197
  WW Grainger Inc.     30,161     23,785
  PPG Industries Inc.    157,193     23,312
  Cummins Inc.     94,757     23,231
  Verisk Analytics Inc. Class A     96,728     21,863
  Fidelity National Information Services Inc.    394,115     21,558
  Ferguson plc    136,985     21,549
  United Rentals Inc.     45,870     20,429
  Vulcan Materials Co.     89,212     20,112
* Keysight Technologies Inc.    119,034     19,932
  DuPont de Nemours Inc.    275,961     19,715
* Mettler-Toledo International Inc.     14,710     19,294
  Equifax Inc.     81,738     19,233
  Martin Marietta Materials Inc.     41,496     19,158
  Quanta Services Inc.     96,797     19,016
  Xylem Inc.    159,913     18,009
  Fortive Corp.    236,352     17,672
  Ingersoll Rand Inc. (XYNS)    269,325     17,603
  Global Payments Inc.    174,323     17,174
  Dover Corp.     93,220     13,764
  Westinghouse Air Brake Technologies Corp.    120,071     13,168
* Teledyne Technologies Inc.     31,363     12,894
  Howmet Aerospace Inc.    259,405     12,856
* Fair Isaac Corp.     15,847     12,824
  Expeditors International of Washington Inc.    101,603     12,307
  Ball Corp.    210,177     12,234
  Hubbell Inc. Class B     35,828     11,879
 
29

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* FleetCor Technologies Inc.     46,607     11,702
* Builders FirstSource Inc.     85,474     11,624
  IDEX Corp.     50,635     10,900
* Waters Corp.     39,509     10,531
* Zebra Technologies Corp. Class A     34,336     10,158
  Snap-on Inc.     35,201     10,145
  JB Hunt Transport Services Inc.     55,812     10,104
  Jacobs Solutions Inc.     84,893     10,093
  TransUnion    128,736     10,084
  Booz Allen Hamilton Holding Corp. Class A     88,391      9,864
  HEICO Corp. Class A     69,717      9,802
  Synchrony Financial    287,296      9,745
  Stanley Black & Decker Inc.    102,784      9,632
  Graco Inc.    107,179      9,255
* Axon Enterprise Inc.     47,112      9,192
  Textron Inc.    134,331      9,085
  Carlisle Cos. Inc.     34,066      8,739
* Trimble Inc.    165,027      8,737
  Nordson Corp.     34,671      8,605
  Masco Corp.    149,594      8,584
  Watsco Inc.     22,265      8,493
  Jack Henry & Associates Inc.     48,523      8,119
  Packaging Corp. of America     60,248      7,962
* Bill Holdings Inc.     67,264      7,860
  Owens Corning     60,158      7,851
  AECOM     92,697      7,850
  Lincoln Electric Holdings Inc.     38,779      7,703
  RPM International Inc.     85,596      7,681
  CH Robinson Worldwide Inc.     78,611      7,417
  Toro Co.     70,465      7,163
  Pentair plc    109,229      7,056
  Crown Holdings Inc.     81,144      7,049
  Allegion plc     58,566      7,029
  Lennox International Inc.     21,501      7,011
  Regal Rexnord Corp.     44,351      6,826
  Cognex Corp.    114,966      6,440
* WillScot Mobile Mini Holdings Corp.    134,067      6,407
* Generac Holdings Inc.     42,105      6,279
  WESCO International Inc.     34,730      6,219
  A O Smith Corp.     84,340      6,138
  Fortune Brands Innovations Inc.     85,150      6,127
* Saia Inc.     17,612      6,031
  Huntington Ingalls Industries Inc.     26,494      6,030
  EMCOR Group Inc.     31,704      5,858
  nVent Electric plc    112,377      5,807
  Tetra Tech Inc.     35,282      5,777
  Advanced Drainage Systems Inc.     50,017      5,691
* TopBuild Corp.     21,353      5,680
  Knight-Swift Transportation Holdings Inc.    101,625      5,646
    Shares Market
Value•

($000)
  AGCO Corp.     42,116      5,535
* Middleby Corp.     35,774      5,288
* WEX Inc.     28,647      5,216
* Paylocity Holding Corp.     28,228      5,209
  ITT Inc.     55,274      5,152
  Donaldson Co. Inc.     82,258      5,142
  AptarGroup Inc.     44,354      5,139
  Robert Half International Inc.     67,750      5,096
  Graphic Packaging Holding Co.    208,596      5,013
* GXO Logistics Inc.     78,973      4,961
  Westrock Co.    169,994      4,942
* MasTec Inc.     41,857      4,938
* Axalta Coating Systems Ltd.    148,782      4,882
  Littelfuse Inc.     16,590      4,833
  MKS Instruments Inc.     44,436      4,804
  Berry Global Group Inc.     74,545      4,796
  Curtiss-Wright Corp.     26,073      4,789
* Trex Co. Inc.     72,128      4,729
  Woodward Inc.     39,465      4,693
  Genpact Ltd.    124,549      4,679
  Sensata Technologies Holding plc    103,151      4,641
* Chart Industries Inc.     28,610      4,572
  Landstar System Inc.     23,487      4,522
  BWX Technologies Inc.     61,949      4,434
  MSA Safety Inc.     25,126      4,371
  Eagle Materials Inc.     23,372      4,357
* XPO Inc.     73,449      4,333
* FTI Consulting Inc.     22,523      4,284
  Brunswick Corp.     46,395      4,020
* Atkore Inc.     25,536      3,982
  Valmont Industries Inc.     13,488      3,926
  Simpson Manufacturing Co. Inc.     28,269      3,915
  Sonoco Products Co.     65,724      3,879
  Sealed Air Corp.     96,939      3,878
  Comfort Systems USA Inc.     23,594      3,874
  Oshkosh Corp.     44,615      3,863
* ATI Inc.     86,916      3,844
* Mohawk Industries Inc.     37,042      3,821
  Applied Industrial Technologies Inc.     25,997      3,765
* Euronet Worldwide Inc.     31,227      3,665
  Allison Transmission Holdings Inc.     61,533      3,474
  Maximus Inc.     41,113      3,474
  Acuity Brands Inc.     21,040      3,431
  Watts Water Technologies Inc. Class A     18,246      3,352
* API Group Corp.    122,229      3,332
  Vontier Corp.    103,198      3,324
  Louisiana-Pacific Corp.     44,024      3,301
  Flowserve Corp.     87,966      3,268
* ExlService Holdings Inc.     21,476      3,244
1 GATX Corp.     24,253      3,122
* Kirby Corp.     40,562      3,121
 
30

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Exponent Inc.     33,228      3,101
  Triton International Ltd.     36,890      3,071
* Summit Materials Inc. Class A     79,728      3,018
  EnerSys     27,494      2,984
* AMN Healthcare Services Inc.     27,009      2,947
  Air Lease Corp. Class A     70,382      2,945
  Insperity Inc.     24,603      2,927
* Fluor Corp.     98,644      2,920
  MSC Industrial Direct Co. Inc. Class A     30,444      2,901
  MDU Resources Group Inc.    138,454      2,899
  Western Union Co.    246,893      2,896
  Crane Co.     32,472      2,894
  Badger Meter Inc.     19,159      2,827
* AZEK Co. Inc. Class A     92,933      2,815
  AAON Inc.     29,631      2,809
  Belden Inc.     29,070      2,781
* Beacon Roofing Supply Inc.     32,697      2,713
* Aerojet Rocketdyne Holdings Inc.     49,418      2,712
  Franklin Electric Co. Inc.     26,153      2,691
* Shift4 Payments Inc. Class A     39,273      2,667
  Terex Corp.     44,235      2,647
  John Bean Technologies Corp.     21,501      2,608
  ManpowerGroup Inc.     32,658      2,593
  Zurn Elkay Water Solutions Corp.     96,193      2,587
  HB Fuller Co.     36,021      2,576
  Silgan Holdings Inc.     54,296      2,546
  Esab Corp.     38,065      2,533
  Ryder System Inc.     29,713      2,519
* SPX Technologies Inc.     28,923      2,458
* ASGN Inc.     31,834      2,408
  Herc Holdings Inc.     17,583      2,406
  Federal Signal Corp.     36,681      2,349
  Installed Building Products Inc.     16,690      2,339
  Otter Tail Corp.     28,449      2,246
* Alight Inc. Class A    241,401      2,231
* O-I Glass Inc.    103,048      2,198
  Armstrong World Industries Inc.     29,562      2,172
* Dycom Industries Inc.     19,051      2,165
* TriNet Group Inc.     22,613      2,148
*,1 Affirm Holdings Inc.    139,383      2,137
  Spirit AeroSystems Holdings Inc. Class A     73,122      2,134
* Itron Inc.     29,231      2,108
  Encore Wire Corp.     11,330      2,107
* Flywire Corp.     67,828      2,105
  Moog Inc. Class A     19,206      2,082
  Hillenbrand Inc.     40,511      2,077
  HEICO Corp.     11,684      2,067
* Bloom Energy Corp. Class A    125,443      2,051
* Core & Main Inc. Class A     63,478      1,989
*,1 Joby Aviation Inc.    192,957      1,980
    Shares Market
Value•

($000)
  Brink's Co.     28,267      1,917
  EnPro Industries Inc.     14,248      1,903
  Forward Air Corp.     17,731      1,881
* GMS Inc.     26,923      1,863
  Albany International Corp. Class A     19,859      1,852
  Crane NXT Co.     32,472      1,833
  ABM Industries Inc.     42,253      1,802
* RXO Inc.     78,761      1,785
  FTAI Aviation Ltd.     56,335      1,784
  ESCO Technologies Inc.     17,096      1,772
  Korn Ferry     35,706      1,769
* ACI Worldwide Inc.     75,775      1,756
  Mueller Water Products Inc. Class A    107,014      1,737
  Matson Inc.     22,258      1,730
  CSW Industrials Inc.     10,383      1,726
* Verra Mobility Corp. Class A     86,986      1,715
  Kadant Inc.      7,686      1,707
  Werner Enterprises Inc.     38,312      1,693
* Resideo Technologies Inc.     95,827      1,692
* CBIZ Inc.     31,478      1,677
* AeroVironment Inc.     16,307      1,668
  EVERTEC Inc.     45,210      1,665
  UniFirst Corp.     10,445      1,619
* Marqeta Inc. Class A    329,361      1,604
* MYR Group Inc.     11,527      1,595
* Hub Group Inc. Class A     19,554      1,571
  Kennametal Inc.     54,849      1,557
  ICF International Inc.     12,487      1,553
  ArcBest Corp.     15,492      1,531
* Masonite International Corp.     14,927      1,529
* Remitly Global Inc.     80,191      1,509
  McGrath RentCorp.     16,300      1,507
* Knife River Corp.     34,613      1,506
*,1 Enovix Corp.     82,793      1,494
  Helios Technologies Inc.     22,120      1,462
  ADT Inc.    238,755      1,440
  Trinity Industries Inc.     55,583      1,429
  Barnes Group Inc.     33,140      1,398
  Brady Corp. Class A     29,059      1,382
  Greif Inc. Class A     19,469      1,341
* Gibraltar Industries Inc.     20,893      1,315
* AAR Corp.     22,255      1,285
  Alamo Group Inc.      6,965      1,281
* Mercury Systems Inc.     37,014      1,280
  Griffon Corp.     31,669      1,276
* OSI Systems Inc.     10,692      1,260
* Kratos Defense & Security Solutions Inc.     84,867      1,217
* Gates Industrial Corp. plc     90,004      1,213
  Granite Construction Inc.     29,933      1,191
  Standex International Corp.      8,184      1,158
* Modine Manufacturing Co.     34,967      1,155
 
31

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Sterling Infrastructure Inc.     20,701      1,155
* PGT Innovations Inc.     39,130      1,141
  International Seaways Inc.     29,678      1,135
* Huron Consulting Group Inc.     13,204      1,121
  Patrick Industries Inc.     14,015      1,121
* Hayward Holdings Inc.     87,274      1,121
* Mirion Technologies Inc. Class A    132,007      1,115
* AvidXchange Holdings Inc.    105,906      1,099
* Rocket Lab USA Inc.    182,365      1,094
  Primoris Services Corp.     35,682      1,087
  Veritiv Corp.      8,384      1,053
  Bread Financial Holdings Inc.     33,502      1,052
  Tennant Co.     12,963      1,051
* Hillman Solutions Corp.    115,537      1,041
*,1 PureCycle Technologies Inc.     92,711        991
* Masterbrand Inc.     85,069        989
  H&E Equipment Services Inc.     21,434        981
* NV5 Global Inc.      8,784        973
  Enerpac Tool Group Corp. Class A     35,260        952
* Air Transport Services Group Inc.     49,518        934
* JELD-WEN Holding Inc.     52,294        917
* Energy Recovery Inc.     32,726        915
* Legalzoom.com Inc.     73,488        888
  Lindsay Corp.      7,356        878
  Greenbrier Cos. Inc.     20,106        867
  Marten Transport Ltd.     40,284        866
  Kforce Inc.     13,498        846
* Vicor Corp.     15,479        836
* Construction Partners Inc. Class A     26,330        826
  Wabash National Corp.     32,081        823
* American Woodmark Corp.     10,668        815
* Payoneer Global Inc.    166,561        801
* Donnelley Financial Solutions Inc.     17,471        795
  TriMas Corp.     28,333        779
* CIRCOR International Inc.     13,776        778
  Schneider National Inc. Class B     26,924        773
* Aurora Innovation Inc.    261,523        769
  Columbus McKinnon Corp.     18,897        768
  Napco Security Technologies Inc.     22,084        765
* Montrose Environmental Group Inc.     17,944        756
*,1 Symbotic Inc.     17,155        734
* ZipRecruiter Inc. Class A     41,212        732
* Cross Country Healthcare Inc.     24,857        698
* CoreCivic Inc.     73,790        694
    Shares Market
Value•

($000)
  Apogee Enterprises Inc.     14,390        683
  AZZ Inc.     15,672        681
  Astec Industries Inc.     14,990        681
*,1 Virgin Galactic Holdings Inc.    174,969        679
* Proto Labs Inc.     18,265        639
* Cimpress plc     10,377        617
* Thermon Group Holdings Inc.     23,090        614
*,1 Leonardo DRS Inc.     35,211        611
* Green Dot Corp. Class A     32,065        601
* Janus International Group Inc.     55,965        597
  Chase Corp.      4,896        593
* First Advantage Corp.     37,156        573
  Heartland Express Inc.     34,744        570
  Quanex Building Products Corp.     20,720        556
* BlueLinx Holdings Inc.      5,916        555
* CryoPort Inc.     31,264        539
* International Money Express Inc.     21,778        534
* SP Plus Corp.     13,055        511
* Triumph Group Inc.     39,116        484
  Kaman Corp.     19,711        480
*,1 Nikola Corp.    344,588        476
  Shyft Group Inc.     21,374        471
  Douglas Dynamics Inc.     15,634        467
  Deluxe Corp.     26,435        462
* Ducommun Inc.     10,493        457
  Myers Industries Inc.     23,354        454
  Mesa Laboratories Inc.      3,399        437
  Allied Motion Technologies Inc.     10,898        435
  Pitney Bowes Inc.    122,407        433
  TTEC Holdings Inc.     12,779        432
* Transcat Inc.      4,995        426
  CRA International Inc.      4,137        422
* Repay Holdings Corp. Class A     53,054        415
  Gorman-Rupp Co.     14,174        409
* Titan International Inc.     35,420        407
  Insteel Industries Inc.     12,847        400
  Hyster-Yale Materials Handling Inc.      7,142        399
* Manitowoc Co. Inc.     20,774        391
* Evolv Technologies Holdings Inc.     64,297        386
* V2X Inc.      7,758        384
* TrueBlue Inc.     21,435        380
  Barrett Business Services Inc.      4,348        379
* Franklin Covey Co.      8,643        378
* Conduent Inc.    110,060        374
* Titan Machinery Inc.     12,688        374
* Astronics Corp.     18,393        365
  Kelly Services Inc. Class A     20,712        365
* Aspen Aerogels Inc.     45,965        363
* IES Holdings Inc.      6,341        361
  Heidrick & Struggles International Inc.     13,509        358
  Ennis Inc.     17,315        353
 
32

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
*,1 Eos Energy Enterprises Inc.     81,245        353
  VSE Corp.      6,435        352
*,1 Archer Aviation Inc. Class A     85,224        351
* DXP Enterprises Inc.      9,402        342
* I3 Verticals Inc. Class A     14,839        339
  Powell Industries Inc.      5,600        339
  Resources Connection Inc.     21,381        336
* Vishay Precision Group Inc.      9,031        335
* Great Lakes Dredge & Dock Corp.     40,776        333
  United States Lime & Minerals Inc.      1,592        333
  Cass Information Systems Inc.      8,004        310
* Cantaloupe Inc.     38,378        305
  Argan Inc.      7,717        304
*,1 Desktop Metal Inc. Class A    167,096        296
* Blue Bird Corp.     13,070        294
* Aersale Corp.     19,925        293
  National Presto Industries Inc.      3,924        287
1 Eagle Bulk Shipping Inc.      5,976        287
* Custom Truck One Source Inc.     42,513        287
* Sterling Check Corp.     22,976        282
  FTAI Infrastructure Inc.     74,858        276
* Bowman Consulting Group Ltd. Class A      8,369        267
  REV Group Inc.     19,601        260
* Forrester Research Inc.      8,441        246
  Cadre Holdings Inc.     11,279        246
* CECO Environmental Corp.     18,094        242
  LSI Industries Inc.     18,908        237
* Commercial Vehicle Group Inc.     21,010        233
* Daseke Inc.     32,052        229
* Hudson Technologies Inc.     23,217        223
* Distribution Solutions Group Inc.      4,252        221
* TaskUS Inc. Class A     19,113        216
  Miller Industries Inc.      6,057        215
* Overseas Shipholding Group Inc. Class A     49,959        208
* Babcock & Wilcox Enterprises Inc.     34,947        206
* FARO Technologies Inc.     12,657        205
*,1 Velo3D Inc.     94,353        204
* Limbach Holdings Inc.      8,177        202
* Radiant Logistics Inc.     28,389        191
* Atmus Filtration Technologies Inc.      8,593        189
* BrightView Holdings Inc.     25,317        182
* Luna Innovations Inc.     19,734        180
* Concrete Pumping Holdings Inc.     22,106        177
* Tutor Perini Corp.     24,689        177
    Shares Market
Value•

($000)
* Atlanticus Holdings Corp.      4,164        175
*,1 Microvast Holdings Inc.    108,265        173
* Hireright Holdings Corp.     15,290        173
* TuSimple Holdings Inc. Class A    100,233        166
* Willdan Group Inc.      8,638        165
* Blade Air Mobility Inc.     41,940        165
  Information Services Group Inc.     30,277        162
*,1 Proterra Inc.    132,229        159
* Global Business Travel Group I     21,471        155
  Pactiv Evergreen Inc.     20,016        152
* Gencor Industries Inc.      9,715        151
* BlackSky Technology Inc.     67,765        150
* Acacia Research Corp.     35,109        146
  Park Aerospace Corp.     10,255        141
* Hyliion Holdings Corp.     84,365        141
* Target Hospitality Corp.     10,465        140
* Danimer Scientific Inc.     58,942        140
* SoundThinking Inc.      6,306        138
* Performant Financial Corp.     51,043        138
* CS Disco Inc.     16,686        137
  Universal Logistics Holdings Inc.      4,679        135
  Park-Ohio Holdings Corp.      7,053        134
* DHI Group Inc.     34,401        132
  Covenant Logistics Group Inc. Class A      2,988        131
* Iteris Inc.     33,154        131
* Ranpak Holdings Corp. Class A     28,481        129
1 Hirequest Inc.      4,907        128
* Advantage Solutions Inc.     53,753        126
*,1 RCM Technologies Inc.      6,698        123
* Graham Corp.      9,026        120
* Mistras Group Inc.     15,007        116
*,1 Tingo Group Inc.     94,891        115
* L B Foster Co. Class A      7,870        112
* Paymentus Holdings Inc. Class A     10,632        112
  Kronos Worldwide Inc.     12,662        111
  Hurco Cos. Inc.      5,040        109
* US Xpress Enterprises Inc. Class A     17,513        108
* Twin Disc Inc.      9,394        106
* VirTra Inc.     13,519        103
1 ARC Document Solutions Inc.     30,422         99
* Quad/Graphics Inc.     26,173         98
*,1 Amprius Technologies Inc.     13,135         94
* Latch Inc.     64,981         90
* PAM Transportation Services Inc.      3,326         89
* 374Water Inc.     36,898         88
*,1 Workhorse Group Inc.    100,038         87
* Markforged Holding Corp.     71,461         86
* Paysign Inc.     34,843         85
 
33

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
*,1 Terran Orbital Corp.     56,410         85
  BGSF Inc.      8,582         82
* EVI Industries Inc.      3,692         81
* CPI Card Group Inc.      3,492         81
  Karat Packaging Inc.      4,292         78
* Willis Lease Finance Corp.      1,962         77
* Orion Group Holdings Inc.     27,064         76
  PFSweb Inc.     15,856         72
* SKYX Platforms Corp.     27,010         72
* Mayville Engineering Co. Inc.      5,637         70
* Hudson Global Inc.      2,857         64
*,1 Smith-Midland Corp.      2,675         64
* DLH Holdings Corp.      5,768         59
* Core Molding Technologies Inc.      2,518         57
* Byrna Technologies Inc.     11,420         57
* Skillsoft Corp.     40,845         51
* FreightCar America Inc.     16,584         49
*,1 Hyzon Motors Inc.     51,124         49
* Alpha Pro Tech Ltd.     12,073         48
*,1 INNOVATE Corp.     25,298         44
* Rekor Systems Inc.     22,282         40
* Spire Global Inc.     74,685         38
* Moneylion Inc.      3,090         37
* Wrap Technologies Inc.     24,753         36
  Frequency Electronics Inc.      5,508         36
*,1 BM Technologies Inc.     12,201         36
* LightPath Technologies Inc. Class A     25,635         35
* RF Industries Ltd.      8,155         34
* Orion Energy Systems Inc.     20,324         33
* Usio Inc.     16,474         31
*,1 Redwire Corp.     11,752         30
* ClearSign Technologies Corp.     20,576         27
* Berkshire Grey Inc.     19,018         27
* Innovative Solutions & Support Inc.      3,690         26
* StarTek Inc.      8,991         26
*,1 Astra Space Inc.     70,427         26
* Izea Worldwide Inc.     10,891         26
* Yellow Corp.     35,952         25
*,1 Hydrofarm Holdings Group Inc.     23,262         18
*,1 Biotricity Inc.     26,299         17
*,1 Sarcos Technology & Robotics Corp.     52,552         17
* Mega Matrix Corp.     12,430         16
*,1 View Inc.     95,251         12
* AEye Inc.     63,833         11
* Momentus Inc. Class A     30,833         10
* Energous Corp.     36,561          9
* AgEagle Aerial Systems Inc.     37,077          9
* Xos Inc.     30,722          7
* Nuvve Holding Corp.     10,269          6
* Williams Industrial Services Group Inc.     14,168          5
    Shares Market
Value•

($000)
* Lightning eMotors Inc.      1,439          5
       3,777,356
Other (0.0%)4
*,2 Lubys Inc.     14,037         25
*,2 Omthera Pharmaceuticals Inc. CVR     31,662          8
*,2 Strongbridge Biopharm CVR     45,385          8
*,2 Alexza Pharmaceuticals Inc. CVR     80,591          3
*,2 Aduro Biotech Inc. CVR     11,427          2
*,2 Adamas Pharmaceuticals Inc. CVR 2024     30,505          2
*,2 Adamas Pharmaceuticals Inc. CVR 2025     30,505          2
*,2 miRagen Therapeutics Inc. CVR     67,673          1
*,2 Spirit MTA REIT     58,489         —
*,2 Ambit Biosciences Corp. CVR     29,736         —
*,2 SRAX Inc.      7,380         —
*,1,2 Gemini Therapeutics Inc. CVR     33,435         —
*,1,2 Next Bridge Hydrocarbons Inc.     49,663         —
*,2 Sesen Bio Inc. CVR    143,290         —
*,2 GCI Liberty Inc.     82,371         —
              51
Real Estate (3.0%)
  Prologis Inc.    618,104     75,798
  American Tower Corp.    312,167     60,542
  Equinix Inc.     62,588     49,065
  Crown Castle Inc.    290,534     33,103
  Public Storage    106,053     30,955
  Realty Income Corp.    453,002     27,085
  Welltower Inc.    332,529     26,898
* CoStar Group Inc.    272,611     24,262
  Simon Property Group Inc.    207,931     24,012
  Digital Realty Trust Inc.    194,705     22,171
  VICI Properties Inc. Class A    673,291     21,162
  AvalonBay Communities Inc.     94,946     17,970
  SBA Communications Corp. Class A     72,545     16,813
  Weyerhaeuser Co.    489,493     16,403
* CBRE Group Inc. Class A    197,085     15,907
  Equity Residential    240,433     15,861
  Invitation Homes Inc.    408,517     14,053
  Extra Space Storage Inc.     90,225     13,430
  Alexandria Real Estate Equities Inc.    115,358     13,092
  Ventas Inc.    267,287     12,635
  Mid-America Apartment Communities Inc.     77,773     11,811
  Iron Mountain Inc.    195,824     11,127
  Sun Communities Inc.     82,915     10,817
  Essex Property Trust Inc.     42,932     10,059
 
34

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  WP Carey Inc.    143,650      9,705
  UDR Inc.    221,605      9,520
  Kimco Realty Corp.    413,841      8,161
  Gaming and Leisure Properties Inc.    167,653      8,124
  Host Hotels & Resorts Inc.    471,406      7,934
  Camden Property Trust     71,689      7,805
  Life Storage Inc.     57,135      7,597
  Equity LifeStyle Properties Inc.    111,378      7,450
  Healthpeak Properties Inc.    369,670      7,430
  American Homes 4 Rent Class A    204,886      7,263
  Regency Centers Corp.    113,732      7,025
  CubeSmart    149,332      6,669
  Rexford Industrial Realty Inc.    126,502      6,606
  Americold Realty Trust Inc.    181,238      5,854
  Lamar Advertising Co. Class A     57,741      5,731
  Boston Properties Inc.     94,523      5,444
  Federal Realty Investment Trust     54,321      5,257
  NNN REIT Inc.    122,596      5,246
  EastGroup Properties Inc.     29,501      5,121
* Jones Lang LaSalle Inc.     32,089      4,999
* Zillow Group Inc. Class C     98,248      4,938
  Healthcare Realty Trust Inc. Class A    259,215      4,889
  Omega Healthcare Investors Inc.    158,240      4,856
  First Industrial Realty Trust Inc.     88,673      4,668
  Brixmor Property Group Inc.    198,669      4,371
  STAG Industrial Inc.    118,985      4,269
  Agree Realty Corp.     62,858      4,110
1 Medical Properties Trust Inc.    398,046      3,686
  Spirit Realty Capital Inc.     92,825      3,655
  Apartment Income REIT Corp.     98,749      3,564
  Ryman Hospitality Properties Inc.     36,923      3,431
  Terreno Realty Corp.     56,845      3,416
  Kite Realty Group Trust    149,837      3,347
  Rayonier Inc.     99,680      3,130
  PotlatchDeltic Corp.     53,841      2,845
  Independence Realty Trust Inc.    152,257      2,774
  Phillips Edison & Co. Inc.     78,936      2,690
  Kilroy Realty Corp.     78,565      2,364
  Cousins Properties Inc.    103,539      2,361
  EPR Properties     50,349      2,356
  Essential Properties Realty Trust Inc.     99,484      2,342
  Physicians Realty Trust    160,997      2,252
  Apple Hospitality REIT Inc.    138,893      2,099
    Shares Market
Value•

($000)
  Vornado Realty Trust    110,205      1,999
  Broadstone Net Lease Inc.    126,505      1,953
  LXP Industrial Trust    194,551      1,897
  Sabra Health Care REIT Inc.    157,343      1,852
  National Storage Affiliates Trust     52,920      1,843
  Corporate Office Properties Trust     76,474      1,816
  Hannon Armstrong Sustainable Infrastructure Capital Inc.     71,965      1,799
  Macerich Co.    151,743      1,710
* Howard Hughes Corp.     21,528      1,699
  Highwoods Properties Inc.     70,620      1,689
  Park Hotels & Resorts Inc.    131,786      1,689
  DigitalBridge Group Inc.    113,989      1,677
  Outfront Media Inc.     98,791      1,553
  SITE Centers Corp.    115,121      1,522
* Zillow Group Inc. Class A     30,817      1,516
  Equity Commonwealth     72,698      1,473
  Tanger Factory Outlet Centers Inc.     66,603      1,470
  Sunstone Hotel Investors Inc.    143,054      1,448
  Four Corners Property Trust Inc.     56,807      1,443
  Douglas Emmett Inc.    112,539      1,415
* Opendoor Technologies Inc.    342,130      1,375
  Innovative Industrial Properties Inc.     18,774      1,371
  National Health Investors Inc.     25,946      1,360
  CareTrust REIT Inc.     66,620      1,323
1 SL Green Realty Corp.     43,267      1,300
  Kennedy-Wilson Holdings Inc.     78,072      1,275
  St. Joe Co.     26,305      1,272
  Pebblebrook Hotel Trust     86,241      1,202
  Urban Edge Properties     75,493      1,165
  DiamondRock Hospitality Co.    139,017      1,114
  JBG SMITH Properties     73,721      1,109
  eXp World Holdings Inc.     53,058      1,076
  Getty Realty Corp.     31,219      1,056
  Retail Opportunity Investments Corp.     76,879      1,039
  Service Properties Trust    115,936      1,007
  InvenTrust Properties Corp.     42,190        976
  Elme Communities     57,599        947
  RLJ Lodging Trust     90,872        933
  Acadia Realty Trust     64,636        930
  LTC Properties Inc.     28,025        925
  Xenia Hotels & Resorts Inc.     75,029        924
* Veris Residential Inc.     55,856        896
  Alexander & Baldwin Inc.     47,282        879
 
35

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  Easterly Government Properties Inc. Class A     60,381        876
  Apartment Investment and Management Co. Class A    100,573        857
* Radius Global Infrastructure Inc. Class A (XNMS)     57,109        851
* Cushman & Wakefield plc    103,612        848
1 Safehold Inc.     34,689        823
* Redfin Corp.     66,169        822
* Compass Inc. Class A    227,161        795
  NETSTREIT Corp.     43,117        771
  Global Net Lease Inc.     70,887        729
  Uniti Group Inc.    154,821        715
  Plymouth Industrial REIT Inc.     30,148        694
  UMH Properties Inc.     42,695        682
  Empire State Realty Trust Inc. Class A     90,486        678
  RPT Realty     64,843        678
  NexPoint Residential Trust Inc.     14,507        660
1 Peakstone Realty Trust REIT     23,506        656
  Newmark Group Inc. Class A    100,124        623
  American Assets Trust Inc.     31,414        603
  Paramount Group Inc.    126,393        560
  Marcus & Millichap Inc.     17,332        546
* Anywhere Real Estate Inc.     80,120        535
* GEO Group Inc.     74,543        534
  Piedmont Office Realty Trust Inc. Class A     73,006        531
  Necessity Retail REIT Inc.     76,004        514
  Centerspace      8,224        505
  Brandywine Realty Trust    108,457        504
  Armada Hoffler Properties Inc.     42,862        501
  Summit Hotel Properties Inc.     68,662        447
  Community Healthcare Trust Inc.     12,472        412
  Urstadt Biddle Properties Inc. Class A     19,081        406
  Ares Commercial Real Estate Corp.     39,478        401
1 Farmland Partners Inc.     32,368        395
  Hudson Pacific Properties Inc.     93,473        394
  Diversified Healthcare Trust    174,895        394
  Global Medical REIT Inc.     42,151        385
  Gladstone Land Corp.     20,003        325
* Forestar Group Inc.     14,252        321
  Whitestone REIT     32,634        317
  Saul Centers Inc.      8,496        313
  Chatham Lodging Trust     33,089        310
    Shares Market
Value•

($000)
  Gladstone Commercial Corp.     24,306        301
  Universal Health Realty Income Trust      5,742        273
* Tejon Ranch Co.     15,750        271
  CTO Realty Growth Inc.     14,647        251
  Orion Office REIT Inc.     37,533        248
  RMR Group Inc. Class A     10,594        245
  Alexander's Inc.      1,287        237
  Office Properties Income Trust     30,586        236
1 CBL & Associates Properties Inc.     10,526        232
  Bridge Investment Group Holdings Inc. Class A     18,625        211
* Seritage Growth Properties Class A     23,441        209
* FRP Holdings Inc.      3,443        198
  Braemar Hotels & Resorts Inc.     44,461        179
  One Liberty Properties Inc.      8,824        179
  Postal Realty Trust Inc. Class A     12,021        177
  BRT Apartments Corp.      7,749        153
  Industrial Logistics Properties Trust     43,462        143
  Hersha Hospitality Trust Class A     23,243        142
  Stratus Properties Inc.      5,338        140
  City Office REIT Inc.     21,923        122
  RE/MAX Holdings Inc. Class A      6,322        122
* Star Holdings      8,255        121
* Maui Land & Pineapple Co. Inc.      7,827        111
  Douglas Elliman Inc.     45,623        101
  Alpine Income Property Trust Inc.      6,005         98
  Modiv Inc. Class C REIT      6,088         91
  Franklin Street Properties Corp.     62,401         90
  Clipper Realty Inc.     14,188         80
* Ashford Hospitality Trust Inc.     20,163         75
  Creative Media & Community Trust Corp.     13,505         67
*,1 WeWork Inc. Class A    194,046         50
  Global Self Storage Inc.      8,627         44
*,1 Altisource Portfolio Solutions SA      7,037         40
* Fathom Holdings Inc.      5,453         39
* Bluerock Homes Trust Inc.      2,283         37
* Sotherly Hotels Inc.     18,957         36
* Rafael Holdings Inc. Class B     13,424         28
*,1 Offerpad Solutions Inc.      1,992         26
*,1 American Strategic Investment Co.        925          7
* Power REIT      2,008          3
         879,626
 
36

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
Technology (29.6%)
  Apple Inc. 10,003,085  1,940,298
  Microsoft Corp.  4,977,487  1,695,033
  NVIDIA Corp.  1,572,644    665,260
* Alphabet Inc. Class A  3,977,509    476,108
* Meta Platforms Inc. Class A  1,480,680    424,926
* Alphabet Inc. Class C  3,341,379    404,207
  Broadcom Inc.    279,136    242,131
* Adobe Inc.    307,031    150,135
* Salesforce Inc.    635,883    134,337
* Advanced Micro Devices Inc.  1,077,751    122,767
  Oracle Corp.    994,205    118,400
  Texas Instruments Inc.    608,342    109,514
  Intel Corp.  2,791,992     93,364
  QUALCOMM Inc.    746,065     88,812
  Applied Materials Inc.    565,573     81,748
  Intuit Inc.    178,037     81,575
  International Business Machines Corp.    608,753     81,457
* ServiceNow Inc.    136,321     76,608
  Analog Devices Inc.    335,802     65,418
  Lam Research Corp.     89,891     57,787
* Palo Alto Networks Inc.    204,647     52,289
  Micron Technology Inc.    732,417     46,223
  KLA Corp.     91,798     44,524
* Synopsys Inc.    101,765     44,309
* Cadence Design Systems Inc.    182,348     42,764
  Roper Technologies Inc.     71,432     34,345
  Marvell Technology Inc.    572,770     34,240
  Amphenol Corp. Class A    398,645     33,865
* Fortinet Inc.    446,174     33,726
  Microchip Technology Inc.    366,277     32,815
* Snowflake Inc. Class A    184,739     32,510
* Workday Inc. Class A    136,280     30,784
  TE Connectivity Ltd.    210,866     29,555
* Autodesk Inc.    143,507     29,363
* ON Semiconductor Corp.    288,487     27,285
* VMware Inc. Class A    157,963     22,698
  Cognizant Technology Solutions Corp. Class A    339,474     22,161
* Crowdstrike Holdings Inc. Class A    142,156     20,878
* ANSYS Inc.     57,802     19,090
* MongoDB Inc. Class A     44,775     18,402
  HP Inc.    592,967     18,210
  Corning Inc.    511,418     17,920
* Gartner Inc.     50,225     17,594
* Palantir Technologies Inc. Class A  1,143,620     17,532
* Datadog Inc. Class A    177,965     17,508
* Atlassian Corp. Ltd. Class A    101,452     17,025
* HubSpot Inc.     31,433     16,725
  CDW Corp.     90,090     16,532
  Monolithic Power Systems Inc.     30,030     16,223
* DoorDash Inc. Class A    192,582     14,717
    Shares Market
Value•

($000)
  Hewlett Packard Enterprise Co.    863,321     14,504
* VeriSign Inc.     59,320     13,405
* Cloudflare Inc. Class A    183,327     11,984
  Skyworks Solutions Inc.    106,013     11,735
* Splunk Inc.    110,550     11,728
* Tyler Technologies Inc.     27,944     11,638
  Teradyne Inc.    103,755     11,551
  Entegris Inc.     99,894     11,070
  NetApp Inc.    143,426     10,958
  Paycom Software Inc.     33,945     10,904
* Pinterest Inc. Class A    396,107     10,830
* PTC Inc.     75,198     10,701
* Zoom Video Communications Inc. Class A    149,111     10,122
* Akamai Technologies Inc.    104,338      9,377
  Jabil Inc.     83,751      9,039
* Lattice Semiconductor Corp.     92,436      8,880
  Dell Technologies Inc. Class C    162,918      8,815
* EPAM Systems Inc.     39,028      8,772
  SS&C Technologies Holdings Inc.    140,890      8,538
* Zscaler Inc.     58,076      8,497
* Manhattan Associates Inc.     41,257      8,246
  Leidos Holdings Inc.     92,602      8,193
  Bentley Systems Inc. Class B    149,940      8,131
* Western Digital Corp.    213,683      8,105
  Seagate Technology Holdings plc    130,996      8,105
* Snap Inc. Class A    675,070      7,993
* Match Group Inc.    185,623      7,768
* GoDaddy Inc. Class A    102,691      7,715
* Super Micro Computer Inc.     30,010      7,480
* Twilio Inc. Class A    117,118      7,451
* Dynatrace Inc.    144,485      7,437
* Unity Software Inc.    165,322      7,178
* Okta Inc.    103,446      7,174
* Pure Storage Inc. Class A    194,623      7,166
* DocuSign Inc. Class A    136,664      6,982
  Gen Digital Inc. (XNGS)    366,161      6,792
* Qorvo Inc.     66,370      6,772
* Ceridian HCM Holding Inc.     97,069      6,501
* F5 Inc.     40,674      5,949
  KBR Inc.     91,093      5,927
* ZoomInfo Technologies Inc. Class A    227,621      5,779
* Black Knight Inc.     95,945      5,731
* Arrow Electronics Inc.     37,241      5,334
* Toast Inc. Class A    228,641      5,160
* CACI International Inc. Class A     15,103      5,148
  National Instruments Corp.     88,600      5,086
  Vertiv Holdings Co. Class A    201,782      4,998
* Coherent Corp.     92,826      4,732
* SPS Commerce Inc.     24,151      4,638
 
37

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Rambus Inc.     71,693      4,601
* Wolfspeed Inc.     82,769      4,601
* Dropbox Inc. Class A    172,118      4,590
* Nutanix Inc. Class A    156,077      4,378
* Novanta Inc.     23,647      4,353
  Universal Display Corp.     29,733      4,285
* Axcelis Technologies Inc.     22,248      4,079
* Guidewire Software Inc.     53,232      4,050
  Science Applications International Corp.     35,834      4,031
* Five9 Inc.     47,088      3,882
* Onto Innovation Inc.     32,441      3,778
* DXC Technology Co.    141,312      3,776
* Confluent Inc. Class A    105,652      3,731
* UiPath Inc. Class A    221,786      3,675
  Power Integrations Inc.     38,571      3,652
* Teradata Corp.     66,357      3,544
* Tenable Holdings Inc.     77,458      3,373
  Dolby Laboratories Inc. Class A     39,738      3,325
* Procore Technologies Inc.     50,705      3,299
* Workiva Inc. Class A     32,267      3,280
* Smartsheet Inc. Class A     85,525      3,272
* Elastic NV     50,860      3,261
* Silicon Laboratories Inc.     20,651      3,257
* Insight Enterprises Inc.     22,207      3,250
* Aspen Technology Inc.     19,305      3,236
* Fabrinet     24,658      3,203
* IAC Inc.     49,793      3,127
* Qualys Inc.     23,813      3,076
  TD SYNNEX Corp.     32,192      3,026
* Cirrus Logic Inc.     37,310      3,022
  Avnet Inc.     59,380      2,996
* AppLovin Corp. Class A    115,547      2,973
* Gitlab Inc. Class A     55,754      2,850
* DoubleVerify Holdings Inc.     72,571      2,824
* Box Inc. Class A     91,385      2,685
  Advanced Energy Industries Inc.     24,085      2,684
* Samsara Inc. Class A     96,225      2,666
* Diodes Inc.     28,652      2,650
* Altair Engineering Inc. Class A     34,921      2,648
* IPG Photonics Corp.     19,471      2,645
* Blackbaud Inc.     36,097      2,569
* New Relic Inc.     38,453      2,516
  Concentrix Corp.     30,225      2,441
  Vishay Intertechnology Inc.     81,773      2,404
* MACOM Technology Solutions Holdings Inc. Class H     35,550      2,330
* SentinelOne Inc. Class A    154,116      2,327
*,1 C3.ai Inc. Class A     63,815      2,325
* NCR Corp.     91,285      2,300
* Appfolio Inc. Class A     12,922      2,224
* Synaptics Inc.     25,821      2,205
    Shares Market
Value•

($000)
* Ambarella Inc.     26,118      2,185
* Schrodinger Inc.     43,427      2,168
* Sanmina Corp.     35,694      2,151
*,1 MicroStrategy Inc. Class A      6,087      2,084
* Ziff Davis Inc.     29,718      2,082
* Kyndryl Holdings Inc.    156,780      2,082
* CommVault Systems Inc.     28,624      2,079
* Rogers Corp.     12,594      2,039
  Dun & Bradstreet Holdings Inc.    175,395      2,029
  Amkor Technology Inc.     66,505      1,979
* Allegro MicroSystems Inc.     43,458      1,962
* BlackLine Inc.     35,487      1,910
* Perficient Inc.     22,648      1,887
* Envestnet Inc.     31,699      1,881
* Freshworks Inc. Class A    102,797      1,807
* Varonis Systems Inc. Class B     67,324      1,794
* Plexus Corp.     18,256      1,793
* FormFactor Inc.     51,949      1,778
* Verint Systems Inc.     50,503      1,771
* Alteryx Inc. Class A     38,600      1,752
* RingCentral Inc. Class A     53,197      1,741
* Rapid7 Inc.     37,225      1,686
  Progress Software Corp.     28,503      1,656
* Alarm.com Holdings Inc.     31,916      1,649
* Yelp Inc. Class A     45,228      1,647
* HashiCorp Inc. Class A     61,931      1,621
*,1 DigitalOcean Holdings Inc.     39,927      1,603
* MaxLinear Inc.     48,538      1,532
*,1 IonQ Inc.    111,738      1,512
*,1 Braze Inc. Class A     34,427      1,508
* Sprout Social Inc. Class A     31,940      1,474
* Cargurus Inc.     64,165      1,452
  Pegasystems Inc.     29,386      1,449
* CCC Intelligent Solutions Holdings Inc.    129,135      1,448
* NetScout Systems Inc.     45,742      1,416
* Appian Corp. Class A     29,676      1,413
* Impinj Inc.     15,695      1,407
* JFrog Ltd.     49,739      1,378
  Clear Secure Inc. Class A     59,318      1,374
* Sitime Corp.     11,537      1,361
* nCino Inc.     44,236      1,332
* Parsons Corp.     26,564      1,279
* Cohu Inc.     30,757      1,278
* PagerDuty Inc.     55,199      1,241
* LiveRamp Holdings Inc.     42,777      1,222
* Magnite Inc.     89,502      1,222
* Asana Inc. Class A     54,357      1,198
* Fastly Inc. Class A     75,779      1,195
* Q2 Holdings Inc.     37,927      1,172
* Ultra Clean Holdings Inc.     30,059      1,156
* Bumble Inc. Class A     65,847      1,105
 
38

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Semtech Corp.     43,375      1,104
  CSG Systems International Inc.     20,117      1,061
  Xerox Holdings Corp.     70,641      1,052
* Zuora Inc. Class A     93,185      1,022
* TTM Technologies Inc.     73,106      1,016
* Photronics Inc.     38,305        988
* ePlus Inc.     17,460        983
* Credo Technology Group Holding Ltd.     56,425        978
* Paycor HCM Inc.     41,050        972
* Jamf Holding Corp.     49,062        958
* Squarespace Inc. Class A     30,073        948
* PDF Solutions Inc.     20,937        944
* Agilysys Inc.     13,340        916
* Sprinklr Inc. Class A     66,058        914
* PROS Holdings Inc.     29,631        913
  CTS Corp.     21,171        903
* Veeco Instruments Inc.     34,501        886
* SMART Global Holdings Inc.     30,423        883
* Veradigm Inc.     68,077        858
* Model N Inc.     23,355        826
* E2open Parent Holdings Inc.    145,740        816
* 3D Systems Corp.     82,041        815
* Navitas Semiconductor Corp.     76,214        803
* Everbridge Inc.     29,490        793
* Yext Inc.     69,021        781
  Shutterstock Inc.     15,968        777
  Methode Electronics Inc.     22,898        768
* Zeta Global Holdings Corp.     89,273        762
* indie Semiconductor Inc. Class A     80,655        758
* Cerence Inc.     25,730        752
* Ichor Holdings Ltd.     19,830        744
  Adeia Inc.     66,422        731
* Aehr Test Systems     17,471        721
* Upwork Inc.     77,008        719
* Intapp Inc.     16,140        676
  A10 Networks Inc.     45,556        665
* N-Able Inc.     42,736        616
  Benchmark Electronics Inc.     23,157        598
* Matterport Inc.    189,863        598
* Digital Turbine Inc.     63,745        592
* ForgeRock Inc. Class A     28,832        592
* Vertex Inc. Class A     30,012        585
* PAR Technology Corp.     17,488        576
*,1 Xometry Inc. Class A     27,157        575
* EngageSmart Inc.     29,511        563
* TechTarget Inc.     17,409        542
* ScanSource Inc.     18,137        536
* Avid Technology Inc.     20,859        532
* PubMatic Inc. Class A     28,783        526
*,1 MicroVision Inc.    114,050        522
  Simulations Plus Inc.     11,396        494
* Eventbrite Inc. Class A     51,607        493
* Thoughtworks Holding Inc.     65,268        493
    Shares Market
Value•

($000)
* BigCommerce Holdings Inc. Series 1     49,252        490
* Olo Inc. Class A     75,881        490
* AvePoint Inc.     84,821        489
*,1 SoundHound AI Inc. Class A    106,346        484
* Alpha & Omega Semiconductor Ltd.     14,574        478
* Kimball Electronics Inc.     17,220        476
* SmartRent Inc.    122,927        471
  Ebix Inc.     17,532        442
* nLight Inc.     28,567        440
* Informatica Inc. Class A     23,804        440
* Amplitude Inc. Class A     39,823        438
*,1 Rumble Inc.     47,289        422
* Planet Labs PBC    127,335        410
  PC Connection Inc.      8,687        392
* Alkami Technology Inc.     23,211        380
  Hackett Group Inc.     16,910        378
*,1 Applied Digital Corp.     40,294        377
* Vimeo Inc.     90,615        373
* CEVA Inc.     14,137        361
* OneSpan Inc.     24,049        357
* Definitive Healthcare Corp. Class A     32,037        352
* ACM Research Inc. Class A     26,853        351
* Consensus Cloud Solutions Inc.     11,299        350
*,1 MeridianLink Inc.     15,864        330
* Digimarc Corp.     11,148        328
* Mitek Systems Inc.     29,293        318
  NVE Corp.      3,259        318
* Grid Dynamics Holdings Inc.     33,392        309
*,1 Cleanspark Inc.     67,447        289
* Domo Inc. Class B     19,163        281
* SEMrush Holdings Inc. Class A     27,777        266
* Weave Communications Inc.     23,557        262
* Couchbase Inc.     16,504        261
* FiscalNote Holdings Inc.     70,169        255
* Nextdoor Holdings Inc.     75,268        245
* SolarWinds Corp.     23,521        241
* NerdWallet Inc. Class A     25,256        238
  American Software Inc. Class A     21,893        230
* Terawulf Inc.    128,327        225
* Expensify Inc. Class A     28,100        224
* Enfusion Inc. Class A     19,848        223
* Bandwidth Inc. Class A     14,853        203
* LivePerson Inc.     44,180        200
* Daktronics Inc.     29,724        190
  ON24 Inc.     23,181        188
* Innodata Inc.     16,482        187
* Tucows Inc. Class A      6,570        182
* Unisys Corp.     44,617        178
* Rimini Street Inc.     35,452        170
*,1 Red Violet Inc.      8,230        169
* inTEST Corp.      6,184        162
 
39

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Mediaalpha Inc. Class A     15,378        159
* SkyWater Technology Inc.     16,892        159
* Asure Software Inc.     12,707        155
*,1 Presto Automation Inc.     29,255        153
* Blend Labs Inc. Class A    152,098        144
* TrueCar Inc.     62,905        142
* Rackspace Technology Inc.     48,958        133
  Immersion Corp.     18,110        128
* EverCommerce Inc.     10,789        128
*,1 Atomera Inc.     14,264        125
*,1 Cipher Mining Inc.     43,478        124
1 Park City Group Inc.     12,115        122
* Arteris Inc.     17,864        122
* Identiv Inc.     13,996        118
* Kopin Corp.     54,575        117
* Rigetti Computing Inc.     98,039        115
* QuickLogic Corp.     11,891        109
*,1 Vroom Inc.     74,354        107
* Quantum Corp.     98,136        106
* Ouster Inc.     20,981        104
* Brightcove Inc.     25,456        102
* Computer Task Group Inc.     13,414        102
  Richardson Electronics Ltd.      6,173        102
* eMagin Corp.     50,679        100
* Astronova Inc.      6,757         98
* AXT Inc.     28,066         97
* CoreCard Corp.      3,812         97
* Aeva Technologies Inc.     76,978         96
* eGain Corp.     12,737         95
* GSI Technology Inc.     15,882         88
*,1 Nutex Health Inc.    203,511         86
* Telos Corp.     33,040         85
* Transphorm Inc.     24,701         84
* ZeroFox Holdings Inc.     84,034         84
*,1 NextNav Inc.     27,071         80
* Everspin Technologies Inc.      8,435         78
* Porch Group Inc.     55,645         77
* System1 Inc.     16,725         75
*,1 Veritone Inc.     18,337         72
* EverQuote Inc. Class A     10,735         70
* Intevac Inc.     18,754         70
* Backblaze Inc.     16,181         70
* Upland Software Inc.     19,213         69
*,1 Groupon Inc. Class A     10,751         64
* Innovid Corp.     58,925         64
* TransAct Technologies Inc.      7,051         63
* Edgio Inc.     88,134         59
* Pixelworks Inc.     32,680         57
* Issuer Direct Corp.      2,964         56
* Amtech Systems Inc.      5,730         55
* CVD Equipment Corp.      7,295         54
* SecureWorks Corp. Class A      7,362         53
* Key Tronic Corp.      8,842         50
*,1 Glimpse Group Inc.     11,947         43
* Skillz Inc. Class A      4,688         43
* Synchronoss Technologies Inc.     43,985         41
    Shares Market
Value•

($000)
* Viant Technology Inc. Class A      8,483         39
*,1 Arena Group Holdings Inc.      8,236         38
* Intellicheck Inc.     14,706         36
* Mastech Digital Inc.      3,641         36
* Data I/O Corp.      8,084         35
* WM Technology Inc.     41,877         35
* comScore Inc.     41,944         34
* One Stop Systems Inc.     11,905         34
* Embark Technology Inc.     11,962         34
*,1 KULR Technology Group Inc.     52,190         33
*,1 BuzzFeed Inc.     58,794         30
* 1stdibs.com Inc.      7,570         28
* Smith Micro Software Inc.     24,487         27
*,1 Alpine 4 Holdings Inc.     12,716         26
* AudioEye Inc.      5,086         25
* EMCORE Corp.     30,051         23
* Zedge Inc. Class B     10,242         23
  VirnetX Holding Corp.     48,198         22
* NetSol Technologies Inc.      9,164         22
*,1 Phunware Inc.     40,040         22
*,1 Quantum Computing Inc.     16,529         20
*,1 Inuvo Inc.     84,564         19
* WidePoint Corp.     10,057         19
* KORE Group Holdings Inc.     15,866         19
* Beachbody Co. Inc.     44,053         18
* SeaChange International Inc.      1,983         16
* Super League Gaming Inc.     37,313         14
* Research Frontiers Inc.      7,574         12
*,1 Boxlight Corp. Class A      5,534         12
* Marin Software Inc.     17,513         10
* Streamline Health Solutions Inc.      7,248          9
*,1 authID Inc.     10,356          9
* Intrusion Inc.      6,811          8
*,1 Vinco Ventures Inc.      6,657          8
* Kubient Inc.     12,180          7
*,1 Greenidge Generation Holdings Inc.        710          2
       8,645,636
Telecommunications (2.1%)
  Cisco Systems Inc.  2,455,220    127,033
  Comcast Corp. Class A  2,786,478    115,778
  Verizon Communications Inc.  2,534,329     94,252
  AT&T Inc.  4,781,875     76,271
* T-Mobile US Inc.    401,262     55,735
  Motorola Solutions Inc.    112,064     32,866
* Arista Networks Inc.    154,366     25,017
* Charter Communications Inc. Class A     65,629     24,110
  Juniper Networks Inc.    213,569      6,691
 
40

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
* Liberty Broadband Corp. Class C     82,541      6,612
* Roku Inc.     82,124      5,253
  Iridium Communications Inc.     74,747      4,643
* Ciena Corp.    100,824      4,284
* Frontier Communications Parent Inc.    167,214      3,117
* Lumentum Holdings Inc.     42,876      2,432
* Extreme Networks Inc.     86,151      2,244
* ViaSat Inc.     49,942      2,061
  Cogent Communications Holdings Inc.     29,982      2,017
  Cable One Inc.      2,983      1,960
* Calix Inc.     39,253      1,959
  InterDigital Inc.     18,403      1,777
* Viavi Solutions Inc.    151,996      1,722
  Lumen Technologies Inc.    683,760      1,545
* Harmonic Inc.     73,856      1,194
* DISH Network Corp. Class A    168,000      1,107
* Digi International Inc.     24,294        957
* CommScope Holding Co. Inc.    136,290        767
* Gogo Inc.     43,651        743
* Liberty Broadband Corp. Class A      8,405        670
* Infinera Corp.    124,753        603
  Shenandoah Telecommunications Co.     30,986        602
  Telephone and Data Systems Inc.     70,031        576
*,1 Lightwave Logic Inc.     81,349        567
* Globalstar Inc.    478,232        517
  Adtran Holdings Inc.     44,499        469
* Altice USA Inc. Class A    143,163        432
*,1 fuboTV Inc.    202,175        421
* EchoStar Corp. Class A     24,087        418
*,1 Clearfield Inc.      8,514        403
* IDT Corp. Class B     13,887        359
* Xperi Inc.     26,568        349
  Bel Fuse Inc. Class B      5,951        342
* 8x8 Inc.     78,246        331
* WideOpenWest Inc.     37,199        314
  ATN International Inc.      8,389        307
* Aviat Networks Inc.      8,225        274
* NETGEAR Inc.     18,985        269
* Anterix Inc.      7,780        247
*,1 AST SpaceMobile Inc. Class A     47,259        222
* Ooma Inc.     14,333        215
* Consolidated Communications Holdings Inc.     55,540        213
* US Cellular Corp.      9,905        175
  Comtech Telecommunications Corp.     19,010        174
  Spok Holdings Inc.     12,210        162
    Shares Market
Value•

($000)
* Ribbon Communications Inc.     46,419        130
* KVH Industries Inc.     13,892        127
* Kaltura Inc.     57,548        122
* Cambium Networks Corp.      7,849        119
* Akoustis Technologies Inc.     37,107        118
*,1 Applied Optoelectronics Inc.     17,785        106
  Bel Fuse Inc. Class A      1,376         80
* Lantronix Inc.     18,653         79
  PCTEL Inc.     16,184         78
* Genasys Inc.     27,518         72
* Powerfleet Inc.     23,451         70
* Charge Enterprises Inc.     66,536         65
* Airgain Inc.     10,184         55
* DZS Inc.     12,668         50
* Franklin Wireless Corp.     11,013         41
* Inseego Corp.     62,650         40
  Network-1 Technologies Inc.     15,271         35
*,1 Casa Systems Inc.     21,249         26
* CalAmp Corp.     20,762         22
* Vislink Technologies Inc.      1,653          9
* Airspan Networks Holdings Inc.     11,905          2
         615,224
Utilities (2.9%)
  NextEra Energy Inc.  1,354,910    100,534
  Southern Co.    731,676     51,400
  Waste Management Inc.    272,961     47,337
  Duke Energy Corp.    518,401     46,521
  Sempra Energy (XNYS)    210,814     30,692
  American Electric Power Co. Inc.    344,661     29,020
  Dominion Energy Inc.    560,261     29,016
  Exelon Corp.    666,001     27,133
* PG&E Corp.  1,570,004     27,130
  Waste Connections Inc. (XTSE)    172,427     24,645
  Xcel Energy Inc.    367,687     22,859
  Republic Services Inc. Class A    137,905     21,123
  Consolidated Edison Inc.    233,114     21,074
  Public Service Enterprise Group Inc.    334,880     20,967
  Constellation Energy Corp.    217,905     19,949
  WEC Energy Group Inc.    211,203     18,637
  American Water Works Co. Inc.    130,375     18,611
  Edison International    257,645     17,893
  Eversource Energy    231,832     16,442
  Ameren Corp.    174,739     14,271
  FirstEnergy Corp.    361,615     14,060
  Entergy Corp.    140,760     13,706
  DTE Energy Co.    123,889     13,630
  PPL Corp.    492,006     13,019
 
41

 

Institutional Total Stock Market Index Fund
    Shares Market
Value•

($000)
  CenterPoint Energy Inc.    419,199     12,220
  CMS Energy Corp.    193,961     11,395
  Atmos Energy Corp.     96,241     11,197
  AES Corp.    443,803      9,200
  Evergy Inc.    152,639      8,917
  Alliant Energy Corp.    167,248      8,777
  NiSource Inc.    274,578      7,510
  Vistra Corp.    252,677      6,633
  Essential Utilities Inc.    159,858      6,380
  Pinnacle West Capital Corp.     76,506      6,232
  NRG Energy Inc.    153,020      5,721
* Clean Harbors Inc.     32,519      5,347
  OGE Energy Corp.    132,969      4,775
  UGI Corp.    142,058      3,831
  IDACORP Inc.     34,010      3,489
* Casella Waste Systems Inc. Class A     36,900      3,338
  National Fuel Gas Co.     61,023      3,134
  Portland General Electric Co.     65,808      3,082
  New Jersey Resources Corp.     62,994      2,973
* Stericycle Inc.     61,897      2,875
  ONE Gas Inc.     37,233      2,860
  Southwest Gas Holdings Inc.     44,681      2,844
  Ormat Technologies Inc. (XNYS)     34,277      2,758
  Black Hills Corp.     45,071      2,716
  PNM Resources Inc.     57,657      2,600
  Hawaiian Electric Industries Inc.     71,311      2,581
* Sunrun Inc.    134,251      2,398
  NorthWestern Corp.     41,472      2,354
  ALLETE Inc.     39,496      2,290
  American States Water Co.     25,186      2,191
  Spire Inc.     33,936      2,153
  Avista Corp.     52,483      2,061
  MGE Energy Inc.     25,249      1,997
  Avangrid Inc.     52,523      1,979
  California Water Service Group     37,450      1,934
  Chesapeake Utilities Corp.     11,361      1,352
*,1 Sunnova Energy International Inc.     66,404      1,216
  Clearway Energy Inc. Class C     42,083      1,202
  SJW Group     17,001      1,192
  Northwest Natural Holding Co.     25,022      1,077
  Clearway Energy Inc. Class A     36,775        993
  Middlesex Water Co.     12,265        989
  Unitil Corp.     11,221        569
* Enviri Corp.     56,173        554
* Heritage-Crystal Clean Inc.     12,511        473
  Excelerate Energy Inc. Class A     14,432        293
* Vertex Energy Inc.     46,411        290
  Artesian Resources Corp. Class A      5,284        250
    Shares Market
Value•

($000)
* Altus Power Inc. Class A     44,129        238
  Genie Energy Ltd. Class B     14,713        208
*,1 NuScale Power Corp.     30,475        207
  York Water Co.      4,644        192
* Pure Cycle Corp.     15,027        165
  Aris Water Solution Inc. Class A     15,958        165
*,1 Cadiz Inc.     37,685        153
  RGC Resources Inc.      5,695        114
* Aqua Metals Inc.     93,458        109
  Global Water Resources Inc.      8,514        108
* Quest Resource Holding Corp.     15,848        103
* Perma-Fix Environmental Services Inc.      9,152        101
* Advanced Emissions Solutions Inc.     16,504         31
  Via Renewables Inc. Class A      1,933         13
         834,768
Total Common Stocks (Cost $11,145,378) 28,961,160
Preferred Stock (0.0%)
  Air T Funding Preference Shares 8.000%, 6/7/49 (Cost $3)        165           4
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
5,6 Vanguard Market Liquidity Fund, 5.150% (Cost $92,435)    924,685           92,450
Total Investments (99.6%) (Cost $11,237,816) 29,053,614
Other Assets and Liabilities—Net (0.4%) 126,403
Net Assets (100%) 29,180,017
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $79,217,000.
2 Security value determined using significant unobservable inputs.
3 Restricted securities totaling $211,000, representing 0.0% of net assets.
4 “Other” represents securities that are not classified by the fund’s benchmark index.
5 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6 Collateral of $85,969,000 was received for securities on loan.
  CVR—Contingent Value Rights.
  REIT—Real Estate Investment Trust.
 
42

 

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 Russell 2000 Index September 2023 15 1,428 13
E-mini S&P 500 Index September 2023 948 212,743 3,345
E-mini S&P Mid-Cap 400 Index September 2023 30 7,932 228
        3,586
  
See accompanying Notes, which are an integral part of the Financial Statements.
43

 

Institutional Total Stock Market Index Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $11,145,381) 28,961,164
Affiliated Issuers (Cost $92,435) 92,450
Total Investments in Securities 29,053,614
Investment in Vanguard 992
Cash 10,391
Cash Collateral Pledged—Futures Contracts 11,838
Receivables for Investment Securities Sold 192,009
Receivables for Accrued Income 20,937
Receivables for Capital Shares Issued 11,602
Variation Margin Receivable—Futures Contracts 3,394
Total Assets 29,304,777
Liabilities  
Payables for Investment Securities Purchased 11,818
Collateral for Securities on Loan 85,969
Payables for Capital Shares Redeemed 26,727
Payables to Vanguard 246
Total Liabilities 124,760
Net Assets 29,180,017
1 Includes $79,217,000 of securities on loan.  
At June 30, 2023, net assets consisted of:  
   
Paid-in Capital 11,358,103
Total Distributable Earnings (Loss) 17,821,914
Net Assets 29,180,017
 
Institutional Shares—Net Assets  
Applicable to 13,785,786 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		1,063,921
Net Asset Value Per Share—Institutional Shares $77.18
 
Institutional Plus Shares—Net Assets  
Applicable to 364,432,742 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		28,116,096
Net Asset Value Per Share—Institutional Plus Shares $77.15
  
See accompanying Notes, which are an integral part of the Financial Statements.
44

 

Institutional Total Stock Market Index Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends1 213,995
Interest2 2,791
Securities Lending—Net 3,539
Total Income 220,325
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 295
Management and Administrative—Institutional Shares 107
Management and Administrative—Institutional Plus Shares 1,772
Marketing and Distribution—Institutional Shares 24
Marketing and Distribution—Institutional Plus Shares 391
Custodian Fees 100
Shareholders’ Reports—Institutional Shares 3
Shareholders’ Reports—Institutional Plus Shares 48
Trustees’ Fees and Expenses 7
Other Expenses 29
Total Expenses 2,776
Expenses Paid Indirectly (15)
Net Expenses 2,761
Net Investment Income 217,564
Realized Net Gain (Loss)  
Investment Securities Sold2 39,791
Futures Contracts 11,448
Realized Net Gain (Loss) 51,239
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 3,866,453
Futures Contracts 6,152
Change in Unrealized Appreciation (Depreciation) 3,872,605
Net Increase (Decrease) in Net Assets Resulting from Operations 4,141,408
1 Dividends are net of foreign withholding taxes of $16,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,632,000, ($2,000), and ($10,000), respectively. Purchases and sales are for temporary cash investment purposes.
  
See accompanying Notes, which are an integral part of the Financial Statements.
45

 

Institutional Total Stock Market Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023 		  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 217,564   426,547
Realized Net Gain (Loss) 51,239   2,985,578
Change in Unrealized Appreciation (Depreciation) 3,872,605   (9,697,046)
Net Increase (Decrease) in Net Assets Resulting from Operations 4,141,408   (6,284,921)
Distributions      
Institutional Shares (10,583)   (50,627)
Institutional Plus Shares (247,549)   (1,559,456)
Total Distributions (258,132)   (1,610,083)
Capital Share Transactions      
Institutional Shares (13,137)   376,487
Institutional Plus Shares (112,029)   (2,916,534)
Net Increase (Decrease) from Capital Share Transactions (125,166)   (2,540,047)
Total Increase (Decrease) 3,758,110   (10,435,051)
Net Assets      
Beginning of Period 25,421,907   35,856,958
End of Period 29,180,017   25,421,907
  
See accompanying Notes, which are an integral part of the Financial Statements.
46

 

Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $67.05 $88.21 $73.97 $68.66 $54.09 $59.47
Investment Operations            
Net Investment Income1 .577 1.131 1.086 1.171 1.182 1.178
Net Realized and Unrealized Gain (Loss) on Investments 10.230 (17.949) 17.890 12.690 15.381 (4.186)
Total from Investment Operations 10.807 (16.818) 18.976 13.861 16.563 (3.008)
Distributions            
Dividends from Net Investment Income (.572) (1.143) (1.100) (1.325) (1.245) (1.185)
Distributions from Realized Capital Gains (.105) (3.199) (3.636) (2.541) (.748) (1.187)
Distributions from Return of Capital — — — (4.685) — —
Total Distributions (.677) (4.342) (4.736) (8.551) (1.993) (2.372)
Net Asset Value, End of Period $77.18 $67.05 $88.21 $73.97 $68.66 $54.09
Total Return 16.20% -19.49% 25.75% 20.99% 30.86% -5.15%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $1,064 $907 $757 $682 $722 $494
Ratio of Total Expenses to Average Net Assets 0.03%2 0.03%2 0.03% 0.03% 0.03% 0.03%
Ratio of Net Investment Income to Average Net Assets 1.63% 1.55% 1.30% 1.72% 1.87% 1.94%
Portfolio Turnover Rate 5% 8%3 5%3 11%3 5%3 7%3
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%.
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.
47

 

Institutional Total Stock Market Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
June 30,
2023 		Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $67.03 $88.19 $73.96 $68.66 $54.09 $59.47
Investment Operations            
Net Investment Income1 .570 1.132 1.095 1.143 1.182 1.191
Net Realized and Unrealized Gain (Loss) on Investments 10.227 (17.949) 17.877 12.715 15.387 (4.193)
Total from Investment Operations 10.797 (16.817) 18.972 13.858 16.569 (3.002)
Distributions            
Dividends from Net Investment Income (.572) (1.145) (1.108) (1.326) (1.251) (1.191)
Distributions from Realized Capital Gains (.105) (3.198) (3.634) (2.543) (.748) (1.187)
Distributions from Return of Capital — — — (4.689) — —
Total Distributions (.677) (4.343) (4.742) (8.558) (1.999) (2.378)
Net Asset Value, End of Period $77.15 $67.03 $88.19 $73.96 $68.66 $54.09
Total Return 16.19% -19.49% 25.75% 20.99% 30.88% -5.14%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $28,116 $24,515 $35,100 $32,088 $40,637 $33,250
Ratio of Total Expenses to Average Net Assets 0.02%2 0.02%2 0.02% 0.02% 0.02% 0.02%
Ratio of Net Investment Income to Average Net Assets 1.62% 1.54% 1.31% 1.69% 1.88% 1.95%
Portfolio Turnover Rate 5% 8%3 5%3 11%3 5%3 7%3
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.02%.
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.
48

 

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. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, 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 securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.
During the six months ended June 30, 2023, the fund’s average investments in long and short futures contracts represented 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
49

 

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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes. The portion of distributions that exceed a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital.
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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the
50

 

Institutional Total Stock Market Index Fund
conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program. 
For the six months ended June 30, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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 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 and 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 June 30, 2023, the fund had contributed to Vanguard capital in the amount of $992,000, representing less than 0.01% of the fund’s net assets and 0.40% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $15,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
51

 

Institutional Total Stock Market Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks 28,960,776 281 103 28,961,160
Preferred Stock 4 — — 4
Temporary Cash Investments 92,450 — — 92,450
Total 29,053,230 281 103 29,053,614
Derivative Financial Instruments         
Assets        
Futures Contracts1 3,586 — — 3,586
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
E. As of June 30, 2023, 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 11,305,750
Gross Unrealized Appreciation 19,051,486
Gross Unrealized Depreciation (1,300,036)
Net Unrealized Appreciation (Depreciation) 17,751,450
F. During the six months ended June 30, 2023, the fund purchased $1,259,492,000 of investment securities and sold $1,450,112,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2023, such purchases were $61,753,000 and sales were $22,477,000, resulting in net realized gain of $121,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
52

 

Institutional Total Stock Market Index Fund
G. Capital share transactions for each class of shares were:
    
  Six Months Ended
June 30, 2023 		  Year Ended
December 31, 2022
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Institutional Shares          
Issued 562,506 7,879   572,414 7,712
Issued in Lieu of Cash Distributions 8,692 120   38,427 519
Redeemed (584,335) (7,742)   (234,354) (3,288)
Net Increase (Decrease)—Institutional Shares (13,137) 257   376,487 4,943
Institutional Plus Shares          
Issued 1,126,069 15,844   4,441,096 58,784
Issued in Lieu of Cash Distributions 231,031 3,239   1,467,628 19,701
Redeemed (1,469,129) (20,368)   (8,825,258) (110,768)
Net Increase (Decrease)—Institutional Plus Shares (112,029) (1,285)   (2,916,534) (32,283)
H. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements.
53

 

Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Institutional Total Stock Market Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the portfolio’s performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department’s ongoing assessment of the advisor.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.
54

 

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard ensures that the fund and its shareholders benefit from economies of scale, with the cost to shareholders declining as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
55

 

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Institutional Index Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Institutional Total Stock Market Index Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
56

 

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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.
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, www.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 www.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.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q8712 082023

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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 the 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)(1) Not applicable.
(a)(2) Certifications filed herewith.
(b) Certifications filed herewith.

 

 

 

 

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: August 17, 2023

 

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: August 17, 2023

 

  VANGUARD INSTITUTIONAL INDEX FUNDS  
   
BY: /s/ CHRISTINE BUCHANAN*  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: August 17, 2023

 

*By: /s/ Anne E. Robinson  

 

Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.