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Annual Report | December 31, 2014
Vanguard Total Stock Market Index Fund
The mission continues

On May 1, 1975, Vanguard began operations, a fledgling company based
on the simple but revolutionary idea that a mutual fund company should
be managed solely in the interest of its investors.
Four decades later, that revolutionary spirit continues to animate the
enterprise. Vanguard remains on a mission to give investors the best
chance of investment success.
As we mark our 40th anniversary, we thank you for entrusting your assets
to Vanguard and giving us the opportunity to help you reach your financial
goals in the decades to come.
Contents
Your Funds Total Returns. . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Chairmans Letter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Fund Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Your Funds After-Tax Returns. . . . . . . . . . . . . . . . . . . . . . . 32
About Your Funds Expenses. . . . . . . . . . . . . . . . . . . . . . . . 33
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Please note: The opinions expressed in this report are just thatinformed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Since our founding, Vanguard has drawn inspiration from the enterprise and valor demonstrated by British
naval hero Horatio Nelson and his command at the Battle of the Nile in 1798. The photograph displays a replica of a merchant
ship from the same era as Nelsons flagship, the HMS Vanguard.
Your Funds Total Returns
Fiscal Year Ended December 31, 2014

Total
Returns
Investor Shares
12.43%
Admiral Shares
12.56
Institutional Shares
12.56
ETF Shares
Market Price
12.57
Net Asset Value
12.56
CRSP US Total Market Index
12.58
Multi-Cap Core Funds Average
9.58
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares are
available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF Shares
shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE
Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price
and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was
above or below the NAV.
Your Funds Performance at a Glance

December 31, 2013, Through December 31, 2014
Distributions Per Share
Starting
Share
Price
Ending
Share
Price
Income
Dividends
Capital
Gains
Investor Shares
$46.67
$51.58
$0.851
$0.000
Admiral Shares
46.69
51.60
0.910
0.000
46.69
51.60
0.913
0.000
ETF Shares
95.91
106.00
1.869
0.000
Dear Shareholder,
The broad U.S. stock market cleared
several hurdles on its way to another
year of strong gains. Several times
during 2014, international conflicts and
global economic troubles temporarily
halted stocks momentum. Each decline,
however, was followed by another surge
forward, and the broad market finished
the year near an all-time high.
Chairmans Letter
Vanguard Total Stock Market Index Fund,

whose mix of growth and value stocks
across all market capitalizations provides
investors with exposure to the entire U.S.
equity market, returned more than 12% for
the 12 months ended December 31, 2014.
The fund closely tracked the return of its
benchmark, the CRSP US Total Market
Index, and outpaced the average return
of its multi-cap core fund peers by about
3 percentage points.
Please note that the funds Signal Shares
were converted to Admiral Shares in
October 2014 as part of a year-long plan
to streamline Vanguards share-class
offerings. If you hold Vanguard Total Stock
Market Index Fund in a taxable account,
you may wish to review the information
about after-tax returns that appears later
in this report.
U.S. stocks finished strongly

for the sixth straight year
U.S. stocks returned nearly 13% for the
12 months ended December 31, 2014,
posting gains for the sixth consecutive
calendar year. Rising corporate earnings,

the growing U.S. economy, and generally
accommodative global monetary policies
lifted domestic markets even as Europe
and China faced economic challenges,
tensions flared in the Middle East and
Ukraine, and concerns arose over stocks
high valuations.
International stocks didnt fare as well as

their U.S. counterparts, returning about
3% in dollar terms. Their performance
was hurt as many foreign currencies
weakened against the U.S. dollar.
Emerging-market stocks rose slightly,
while stocks from the developed markets
of Europe and the Pacific region retreated.
Although the Federal Reserve ended

its stimulative bond-buying program
in October, investors seemed to be
reassured by the Feds stance that it
will be patient as it decides when to
increase short-term interest rates. Other
central banksincluding the Bank of
Japan, the European Central Bank, and the
Peoples Bank of Chinaalso announced
significant stimulus measures.
Defying analysts expectations,

bond prices rose during the period
Bond prices received a boost from moves
by many of the worlds central banks along
with various global economic, market, and
geopolitical challenges that drew investors
to perceived safe havens. In an unexpected
rebound from the previous year, the broad
U.S. bond market returned 5.97% for
the period.
Market Barometer
Average Annual Total Returns
Periods Ended December 31, 2014
One
Year
Three
Years
Five
Years
Stocks
Russell 1000 Index (Large-caps)
13.24%
20.62%
15.64%
Russell 2000 Index (Small-caps)
4.89
19.21
15.55
Russell 3000 Index (Broad U.S. market)
12.56
20.51
15.63
FTSE All-World ex US Index (International)
-3.31
9.41
4.75
Barclays U.S. Aggregate Bond Index (Broad taxable market)
5.97%
2.66%
4.45%
Barclays Municipal Bond Index (Broad tax-exempt market)
9.05
4.30
5.16
Citigroup Three-Month U.S. Treasury Bill Index
0.03
0.04
0.06
0.76%
1.33%
1.69%
Bonds
CPI
Consumer Price Index
Even with the Feds paring back of its

bond purchases, prices climbed and
yields fell. (Bond prices and yields move
in opposite directions.) The yield of the
10-year Treasury note ended December
at 2.19%, down from 2.97% at the close
of December 2013.
As for money market funds and savings

accounts, their returns remained
minuscule, as the Feds target for shortterm interest rates remained between
0% and 0.25%.
Municipal bonds returned 9.05%,

benefiting from increased demand and
generally limited supply.
Overall the funds performance was

positive for 2014. While growth and value
stocks performed within a tight range,
large- and mid-cap stocks surpassed smallcaps by a wide margin. Sector returns
ranged from as high as about 26% for both
health care and utilities to as low as about
10% for the oil and gas sector.
International bond markets (as measured

by the Barclays Global Aggregate Index ex
USD) returned 3.08%.
Returns were generally strong,

with some notable exceptions
Expense Ratios
Your Fund Compared With Its Peer Group
Total Stock Market Index Fund
Investor
Shares
Admiral
Shares
Institutional
Shares
ETF
Shares
Peer Group
Average
0.17%
0.05%
0.04%
0.05%
1.17%
The fund expense ratios shown are from the prospectus dated April 28, 2014, and represent estimated costs for the current fiscal year. For the
fiscal year ended December 31, 2014, the funds expense ratios were: 0.17% for Investor Shares, 0.05% for Admiral Shares, 0.04% for
Institutional Shares, and 0.05% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters
Company, and captures information through year-end 2013.
Peer group: Multi-Cap Core Funds.
Health care, one of the funds larger

sectors, added the most to overall results.
The industry generally profited as investors
anticipated a rise in spending given the
aging population and the expanded number
of insured under the Affordable Care Act,
although there are still concerns about the
effects of regulation on the managed care
industry.
New product development, mergers and
acquisitions, and strategic alliances have
boosted pharmaceutical and biotechnology
companies, although the latter endured
some turbulence related to high valuations
earlier in the year. Innovative new products
and therapies helped medical care equipment firms, and health care providers with
diverse membership bases and business
lines thrived.
Technology stocks also powered the

funds return. Most segments within the
sector appreciated, with hardware and
semiconductor companies leading the way
as demand for the smartphone, mobile
technologies, and cloud-based computing
grew in the United States and overseas.
Results for internet companies were mixed
but still positive as the race for advertising
dollars and new products continued to
evolve and unfold.
The financial sector, the funds largest,
was another key to the funds success this
year. Low interest rates and the expanding
economy propelled real estate investment
trusts (REITs) to returns close to 30%. This
favorable environment also lifted financial
services firms, banks, and insurance firms.
Total Returns
Ten Years Ended December 31, 2014
Average
Annual Return
Total Stock Market Index Fund Investor Shares
7.99%
Spliced Total Stock Market Index
8.11
6.73
For a benchmark description, see the Glossary.

The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than
the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.)
Note, too, that both investment returns and principal value can fluctuate widely, so an investors shares, when sold, could be worth more or
less than their original cost.
Increased consumer spending lifted the

economy as well as the consumer services
and consumer goods sectors. The utilities
sector, often unheralded, was a stalwart
over the period as the severe winter led to
increased earnings and low interest rates
attracted some investors to utility stocks
higher yields.
Oil and gas stocks were the funds only
losing group, while industrials, basic
materials, and telecommunications stocks
recorded single-digit returns. The entire oil
and gas sector has been hurt by the drop
in oil prices. With their profits cut,

producers have scaled back on the projects
that are the lifeblood of service firms,
drillers, and equipment providers.
The funds broad diversification

delivered a decade of solid returns
At Vanguard, we believe in being straightforward with our investors. That includes
truth in labeling, which is why the name
of your fund is so appropriate. Its designed
to reflect the performance of the entire
U.S. stock marketall sectors, styles, and
sizes. There will always be areas that
Vanguards outlook for investors: Expect less and stay balanced

In Vanguards recently published market outlook, global chief economist Joe Davis and his
team discuss expected returns for various asset classes over the coming years. Although not
bearish, our outlook on global stocks and bonds is the most guarded since 2006. The report
cautions that, over the next decade, returns for a balanced portfolio are likely to be moderately
below long-run historical averages.
Our simulations indicate that the average annualized returns of a 60% equity/40% bond
portfolio for the decade ending 2024 are most likely to be centered in the 3%5% range
after inflation, below the actual average after-inflation return of 5.6% for the same portfolio
since 1926.
Even so, Vanguard firmly believes that the principles for investing successfocusing on clear
goals, a suitable asset allocation, low costs, and long-term disciplineremain unchanged.
For more information about our expectations and the probability of various outcomes,
see Vanguards Economic and Investment Outlook, available at vanguard.com/research.
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model (VCMM)
regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Distribution of return outcomes from VCMM, derived
from 10,000 simulations for U.S. equity returns and fixed income returns. Simulations as of September 30, 2014.
Results from the model may vary with each use and over time. For more information, please see page 7.
6
outperform and underperform the broad

market, and your funds mandate is to
include them all rather than engage in
the challenging, and often disappointing,
business of trying to predict the standouts.
The funds broad diversification can benefit
investors when market returns are relatively
balanced across market-capitalization and
style segments, and also when theyre not.
The likelihood of this dynamic playing out
successfully increases over time as market
leaders and laggards inevitably shuffle.
Over the past ten years, Investor Shares
of Vanguard Total Stock Market Index Fund
have produced an average annual return of
about 8%, more than 1 percentage point
higher than the average return of its peer
group. Consistent with its objective, the

fund tightly tracked its benchmark index
over that period. The funds success
in staying close to its target index is a
testament to the skill of its advisor, the
Equity Investment Group. The group relies
on its proven portfolio management
strategies to produce benchmark-tracking
returns regardless of external market
conditions. At the same time, of course,
the funds low costs help you keep more
of the markets returns.
To build for the long term,

start with a solid foundation
As the leader of a major investment firm,
I get asked a lot of questions on all kinds of
topics, from the outlook for global markets
to the best fund choices for an IRA. But a
IMPORTANT: The projections and other information generated by the Vanguard Capital Markets Model regarding
the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment
results, and are not guarantees of future results. VCMM results will vary with each use and over time.
The VCMM projections are based on a statistical analysis of historical data. Future returns may behave differently from the
historical patterns captured in the VCMM. More important, the VCMM may be underestimating extreme negative scenarios
unobserved in the historical period on which the model estimation is based.
The Vanguard Capital Markets Model is a proprietary financial simulation tool developed and maintained by Vanguards
primary investment research and advice teams. The model forecasts distributions of future returns for a wide array of broad
asset classes. Those asset classes include U.S. and international equity markets, several maturities of the U.S. Treasury
and corporate fixed income markets, international fixed income markets, U.S. money markets, commodities, and certain
alternative investment strategies. The theoretical and empirical foundation for the Vanguard Capital Markets Model is
that the returns of various asset classes reflect the compensation investors require for bearing different types of systematic
risk (beta). At the core of the model are estimates of the dynamic statistical relationship between risk factors and asset
returns, obtained from statistical analysis based on available monthly financial and economic data from as early as 1960.
Using a system of estimated equations, the model then applies a Monte Carlo simulation method to project the estimated
interrelationships among risk factors and asset classes as well as uncertainty and randomness over time. The model
generates a large set of simulated outcomes for each asset class over several time horizons. Forecasts are obtained by
computing measures of central tendency in these simulations. Results produced by the tool will vary with each use and
over time.
7
topic that almost never comes upand

one that I consider perhaps the most
importantis setting investment goals.
At Vanguard, we believe that following
four timeless, straightforward principles
can help put you on the right track toward
investment success:
Goals. Create clear, appropriate
investment goals.
Weve recently welcomed a new year,

which for many means a new beginning.
Now is a perfect time to revisit your
investment plan and make any necessary
adjustments to help you reach your
long-term financial goals.
As always, thank you for investing
with Vanguard.
Sincerely,
Balance. Develop a suitable asset

allocation using broadly diversified funds.
Cost. Minimize cost.
Discipline. Maintain perspective and
long-term discipline.
All four principles are essential, and the
order in which theyre listed is intentional.
Every good investment plan begins with
a clearly defined goal, which sets the
foundation for building your portfolio.
(You can read more about our principles
in Vanguards Principles for Investing
Success, available at vanguard.com/
research.)
Setting an investment goal doesnt have
to be complicated. It can be as simple as
saving for retirement or for a childs college
education. Being realistic about your
goalsand how to meet themcan help
you stick with your investment plan even
when times get tough.
F. William McNabb III

Chairman and Chief Executive Officer
January 15, 2015

Fund Profile
As of December 31, 2014
Share-Class Characteristics
Investor
Shares
Admiral
Shares
Institutional
Shares
Ticker Symbol
VTSMX
VTSAX
VITSX
VTI
Expense Ratio1
0.17%
0.05%
0.04%
0.05%
30-Day SEC Yield
1.69%
1.80%
1.80%
1.80%
Volatility Measures
Portfolio Characteristics
Fund
Number of Stocks
3,805
Median Market Cap
$48.1B
$47.9B
Price/Earnings Ratio
20.5x
20.5x
Price/Book Ratio
2.7x
2.8x
Return on Equity
18.0%
17.8%
Earnings Growth
Rate
15.4%
15.2%
1.9%
1.9%
Foreign Holdings
Turnover Rate
Short-Term Reserves
0.0%
0.0%
3%
0.0%
Sector Diversification (% of equity exposure)
Basic Materials
Consumer Goods
Consumer Services
Fund
CRSP US
Total Market
Index
2.7%
2.8%
9.9
9.9
13.6
13.6
Financials
19.2
19.2
Health Care
13.2
13.2
Industrials
12.6
12.6
Oil & Gas
7.5
7.5
15.9
15.8
Telecommunications
2.0
2.0
Utilities
3.4
3.4
Technology
Spliced Total
Stock Market
Index
CRSP US
Total Market
Index
3,796
Dividend Yield
ETF Shares
R-Squared
1.00
Beta
1.00
These measures show the degree and timing of the funds

fluctuations compared with the index over 36 months.
Ten Largest Holdings (% of total net assets)

Apple Inc.
Computer Hardware
2.8%
Exxon Mobil Corp.
Integrated Oil & Gas
1.7
Microsoft Corp.
Software
1.5
Google Inc.
Internet
1.3
Johnson & Johnson
Pharmaceuticals
1.3
Wells Fargo & Co.
Banks
1.3
Berkshire Hathaway Inc. Reinsurance
1.2
General Electric Co.
Diversified Industrials
1.1
Procter & Gamble Co.
Nondurable
Household Products
JPMorgan Chase & Co. Banks

Top Ten
1.1
1.0
14.3%
The holdings listed exclude any temporary cash investments and

equity index products.
1 The expense ratios shown are from the prospectus dated April 28, 2014, and represent estimated costs for the current fiscal year. For the fiscal
year ended December 31, 2014, the expense ratios were 0.17% for Investor Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and
0.05% for ETF Shares.
9
Investment Focus
Style
Market Cap
Value Blend Growth

Large
Medium
Small
10
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future
results that may be achieved by the fund. (Current performance may be lower or higher than
the performance data cited. For performance data current to the most recent month-end, visit
our website at vanguard.com/performance.) Note, too, that both investment returns and principal
value can fluctuate widely, so an investors shares, when sold, could be worth more or less than
their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund
distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2004, Through December 31, 2014
Initial Investment of $10,000
$26,000
21,561
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
4,000

One
Year
Five
Years
Ten
Years
Final Value
of a $10,000
Investment

Investor Shares
12.43%
15.56%
7.99%
$21,561
12.58
15.72
8.11
21,801
9.58
13.35
6.73
19,173

One
Year
Five
Years
Ten
Years
Final Value
of a $10,000
Investment
$21,793
Total Stock Market Index Fund Admiral

Shares
12.56%
15.70%
8.10%
12.58
15.72
8.11
21,801
See Financial Highlights for dividend and capital gains information.

11

One
Year
Five
Years
Ten
Years
Final Value
of a $5,000,000
Investment
Total Stock Market Index Fund Institutional

Shares
12.56%
15.70%
8.12%
$10,913,274
12.58
15.72
8.11
One
Year
Five
Years
10,900,693
Ten
Years
Final Value
of a $10,000
Investment
$21,802

ETF Shares Net Asset Value
12.56%
15.70%
8.11%
12.58
15.72
8.11
21,801
Cumulative Returns of ETF Shares: December 31, 2004, Through December 31, 2014
Total Stock Market Index Fund ETF Shares Market

Price
One
Year
Five
Years
Ten
Years
12.57%
107.26%
118.17%
Total Stock Market Index Fund ETF Shares Net

Asset Value
12.56
107.29
118.02
12.58
107.49
118.01
Fiscal-Year Total Returns (%): December 31, 2004, Through December 31, 2014
2005
2006
2008
2007
2009
28.70
15.51
5.98
6.08
5.49
2011
5.59
17.28
16.25
0.96
Total Stock Market Index Fund Investor Shares

2012
2013
33.35
17.09
15.72
37.04 37.04
12
2010
28.76
1.08
16.44
2014
33.51
12.43
12.58
Financial Statements
Statement of Net AssetsInvestments Summary
As of December 31, 2014
This Statement summarizes the funds holdings by asset type. Details are reported for each of the
funds 50 largest individual holdings and for investments that, in total for any issuer, represent more
than 1% of the funds net assets. The total value of smaller holdings is reported as a single amount
within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at
the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the funds holdings
is available electronically on vanguard.com and on the Securities and Exchange Commissions website
(sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and
third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the
funds Forms N-Q on the SECs website. Forms N-Q may also be reviewed and copied at the SECs
Public Reference Room (see the back cover of this report for further information).
Shares
Market
Value
($000)
Percentage
of Net
Assets
10,494,464
2.7%
4,150,475
2,805,622
2,386,536
2,133,705
1,642,483
24,407,526
1.1%
0.7%
0.6%
0.6%
0.4%
6.4%
37,526,347
9.8%
2,423,145
2,333,669
2,331,280
2,231,255
1,937,323
1,860,874
1,535,789
37,188,375
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.4%
9.7%
51,841,710
13.5%
4,793,684
4,462,405
3,942,618
3,169,758
2,624,336
2,179,559
1,621,664
1,454,805
195,038
1.2%
1.2%
1.0%
0.8%
0.7%
0.6%
0.4%
0.4%
0.1%
Common Stocks
Basic Materials
Consumer Goods
Coca-Cola Co.
PepsiCo Inc.
Philip Morris International Inc.
Altria Group Inc.
Consumer GoodsOther
Consumer Services
Walt Disney Co.
Wal-Mart Stores Inc.
Home Depot Inc.
Comcast Corp. Class A
*
Amazon.com Inc.
CVS Health Corp.
McDonalds Corp.
Consumer ServicesOther
Financials
Wells Fargo & Co.
*
Berkshire Hathaway Inc. Class B
JPMorgan Chase & Co.
Bank of America Corp.
Citigroup Inc.
Visa Inc. Class A
American Express Co.
MasterCard Inc. Class A
*
Berkshire Hathaway Inc. Class A
45,564,549
66,452,452
25,238,328
26,196,500
33,336,366
25,726,136
27,173,604
22,209,011
38,463,284
6,242,382
19,321,716
16,390,489
87,444,075
29,719,646
63,001,253
177,180,419
48,500,022
8,312,581
17,429,747
16,884,919
863
13
Shares
*
Synchrony Financial
FinancialsOther
Health Care
Johnson & Johnson
Pfizer Inc.
Merck & Co. Inc.
*
Gilead Sciences Inc.
Amgen Inc.
AbbVie Inc.
Bristol-Myers Squibb Co.
UnitedHealth Group Inc.
*
Celgene Corp.
Health CareOther
Industrials
Union Pacific Corp.
3M Co.
United Technologies Corp.
Boeing Co.
IndustrialsOther
Oil & Gas
Exxon Mobil Corp.
Chevron Corp.
Schlumberger Ltd.
ConocoPhillips
Oil & GasOther
1Other
47,186,784
106,180,361
48,061,630
25,424,252
12,821,029
25,518,092
27,958,894
16,171,369
13,457,711
169,289,675
14,984,370
10,797,021
14,588,251
10,812,724
71,373,124
31,861,948
21,671,059
20,737,680
Technology
Apple Inc.
Microsoft Corp.
Intel Corp.
*
Facebook Inc. Class A
International Business Machines Corp.
*
Google Inc. Class C
*
Google Inc. Class A
Oracle Corp.
Cisco Systems Inc.
QUALCOMM Inc.
TechnologyOther
Telecommunications
Verizon Communications Inc.
AT&T Inc.
TelecommunicationsOther
14
2,122,187
98,848,739
125,034,776
81,504,192
35,601,695
16,680,965
4,852,399
4,808,012
56,002,661
86,155,102
28,017,980
69,950,457
87,417,219
Market
Value
($000)
Percentage
of Net
Assets
63,135
48,487,921
0.0%
12.7%
72,994,923
19.1%
4,934,322
3,307,518
2,729,420
2,396,490
2,042,262
1,669,904
1,650,414
1,634,764
1,505,380
28,481,193
1.3%
0.9%
0.7%
0.6%
0.5%
0.5%
0.4%
0.4%
0.4%
7.5%
50,351,667
13.2%
4,277,950
1,785,088
1,774,166
1,677,649
1,405,438
37,127,306
1.1%
0.5%
0.4%
0.4%
0.4%
9.7%
48,047,597
12.5%
6,598,445
3,574,273
1,850,925
1,432,144
15,083,867
1.7%
0.9%
0.5%
0.4%
4.0%
28,539,654
7.5%
22,673
0.0%
10,910,924
5,807,865
2,957,787
2,777,644
2,676,294
2,554,303
2,551,420
2,518,440
2,396,404
2,082,576
23,132,203
2.9%
1.5%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.6%
0.5%
6.0%
60,365,860
15.8%
3,272,282
2,936,344
1,459,878
0.8%
0.8%
0.4%
7,668,504
2.0%
Market
Value
($000)
Utilities
Total Common Stocks (Cost $249,586,385)
Coupon
Shares
0.126%
3,072,893,415
Percentage
of Net
Assets
12,781,983
3.3%
380,635,382
99.4%2
3,072,894
0.8%
Temporary Cash Investments

Money Market Fund
3,4 Vanguard Market Liquidity Fund
5U.S.
Government and Agency Obligations
Total Temporary Cash Investments (Cost $3,205,870)

6Total
Investments (Cost $252,792,255)
132,977
0.0%
3,205,871
0.8%2
383,841,253
100.2%
2,040,910
(2,879,273)
0.5%
(0.7%)
Other Assets and Liabilities

Other Assets
Liabilities4
(838,363)
Net Assets
383,002,890
(0.2%)
100.0%
At December 31, 2014, net assets consisted of:

Amount
($000)
Paid-in Capital
Overdistributed Net Investment Income
Accumulated Net Realized Losses
Unrealized Appreciation (Depreciation)
Investment Securities
Futures Contracts
Swap Contracts
254,455,241
(120,172)
(2,437,034)
Net Assets
383,002,890
131,048,998
53,634
2,223
Investor SharesNet Assets

Applicable to 2,287,016,198 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
Net Asset Value Per ShareInvestor Shares
117,966,185
$51.58
Admiral SharesNet Assets

Net Asset Value Per ShareAdmiral Shares
117,476,308
$51.60
Institutional SharesNet Assets

Net Asset Value Per ShareInstitutional Shares
96,674,447
$51.60
15
Amount
($000)
ETF SharesNet Assets
Applicable to 480,059,748 outstanding $.001 par value shares of
Net Asset Value Per ShareETF Shares
50,885,950
$106.00
See Note A in Notes to Financial Statements.

* Non-income-producing security.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
1 Other represents securities that are not classified by the funds benchmark index.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and equity swap contracts.
After giving effect to futures and swap investments, the funds effective common stock and temporary cash investment positions represent
100.0% and 0.2%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
4 Includes $875,010,000 of collateral received for securities on loan.
5 Securities with a value of $103,980,000 have been segregated as initial margin for open futures contracts.
6 The total value of securities on loan is $803,366,000.
See accompanying Notes, which are an integral part of the Financial Statements.
16
Statement of Operations
Year Ended
December 31, 2014
($000)
Investment Income
Income
Dividends
Interest1
Securities Lending
Total Income
6,561,984
1,933
76,099
6,640,016
Expenses
The Vanguard GroupNote B
Investment Advisory Services
13,826
Management and AdministrativeInvestor Shares
164,172
Management and AdministrativeAdmiral Shares
30,983
Management and AdministrativeSignal Shares

Management and AdministrativeInstitutional Shares
1,129
14,995
Management and AdministrativeETF Shares
10,106
Marketing and DistributionInvestor Shares
20,554
Marketing and DistributionAdmiral Shares
13,164
Marketing and DistributionSignal Shares

Marketing and DistributionInstitutional Shares
Marketing and DistributionETF Shares
Custodian Fees
Auditing Fees
2,245
17,000
9,231
3,010
39
Shareholders ReportsInvestor Shares
149
Shareholders ReportsAdmiral Shares
181
Shareholders ReportsSignal Shares
28
Shareholders ReportsInstitutional Shares
39
Shareholders ReportsETF Shares

Trustees Fees and Expenses
Total Expenses
Net Investment Income
583
239
301,673
6,338,343
Realized Net Gain (Loss)

Investment Securities Sold
Futures Contracts
Swap Contracts
5,353,281
187,290
(4,133)
5,536,438
Change in Unrealized Appreciation (Depreciation)

Investment Securities
Futures Contracts
Swap Contracts
29,547,269
18,705
256
29,566,230
Net Increase (Decrease) in Net Assets Resulting from Operations
41,441,011
1 Interest income from an affiliated company of the fund was $1,869,000.

17
Statement of Changes in Net Assets

Year Ended December 31,
2014
($000)
2013
($000)
6,338,343
4,980,596
5,536,438
1,818,521
29,566,230
67,277,064
41,441,011
74,076,181
Increase (Decrease) in Net Assets

Operations

Net Increase (Decrease) in Net Assets Resulting from Operations
Distributions
Investor Shares
(1,960,851)
(1,729,931)
Admiral Shares
(1,880,181)
(1,453,044)
Signal Shares
(121,148)
(196,060)
(1,532,803)
(1,027,734)
(840,367)
(639,967)
Investor Shares
Admiral Shares
Signal Shares
ETF Shares
(6,335,350)
(5,046,736)
ETF Shares
Realized Capital Gain
Total Distributions
Capital Share Transactions
Investor Shares
1,473,741
1,154,267
Admiral Shares
20,691,802
7,305,262
Signal Shares
(11,447,555)
242,207
22,615,084
12,750,062
7,232,036
6,481,221
Net Increase (Decrease) from Capital Share Transactions
ETF Shares
40,565,108
27,933,019
Total Increase (Decrease)
75,670,769
96,962,464
Net Assets
Beginning of Period
End of Period1
307,332,121
210,369,657
383,002,890
307,332,121
1 Net AssetsEnd of Period includes undistributed (overdistributed) net investment income of ($120,172,000) and ($119,086,000).
18
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period
Net Asset Value, Beginning of Period

2014
2013
2012
2011
2010
$46.67
$35.64
$31.29
$31.56
$27.45
Investment Operations
.854
.757
Net Realized and Unrealized Gain (Loss)

on Investments
.720
.565
4.907
Total from Investment Operations
5.761
(.851)
.523
11.038
4.350
(.273)
4.117
11.795
5.070
.292
4.640
(.765)
(.720)
(.562)
(.530)
Distributions
Dividends from Net Investment Income
Distributions from Realized Capital Gains
Total Distributions
Net Asset Value, End of Period
Total Return1
(.851)
(.765)
(.720)
(.562)
(.530)
$51.58
$46.67
$35.64
$31.29
$31.56
12.43%
33.35%
16.25%
0.96%
17.09%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)
$117,966
$105,008
$78,936
$62,668
$56,063
Ratio of Total Expenses to Average Net Assets
0.17%
0.17%
0.17%
0.17%
0.17%
Ratio of Net Investment Income to

Average Net Assets
1.77%
1.84%
2.11%
1.79%
1.85%
3%
4%
3%
5%
5%
Portfolio Turnover Rate2
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the funds capital shares,
including ETF Creation Units.
19
Admiral Shares

2014
2013
2012
2011
2010
$46.69
$35.65
$31.30
$31.57
$27.45
.912
.807

on Investments
.761
.602
4.908
5.820
(.910)
(.814)
.554
11.047
4.350
(.273)
4.127
11.854
5.111
.329
4.681
(.761)
(.599)
(.561)
Distributions
Total Distributions
Total Return1
(.910)
(.814)
(.761)
(.599)
(.561)
$51.60
$46.69
$35.65
$31.30
$31.57
12.56%
33.52%
16.38%
1.08%
17.26%
$117,476
$86,541
$59,771
$49,496
$47,190
0.05%
0.05%
0.05%
0.05%
0.06%

Average Net Assets
1.89%
1.96%
2.23%
1.91%
1.96%
3%
4%
3%
5%
5%
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
20
Signal Shares
For a Share Outstanding Throughout Each Period

Jan. 1,
2014, to
Oct. 24,
20141
2013
2012
2011
2010
$45.06
$34.41
$30.21
$30.47
$26.50
.675
.778

on Investments
.735
.581
2.389
3.064
(.614)
.535
10.658
4.200
(.262)
3.977
11.436
4.935
.319
4.512
(.786)
(.735)
(.579)
(.542)
Distributions
Total Distributions
(.614)
(.786)
(.735)
(.579)
(.542)
$47.511
$45.06
$34.41
$30.21
$30.47
Total Return
6.82%
33.51%
16.39%
1.09%
17.23%
$
$10,879
$8,025
$6,133
$5,471
0.05%2
0.05%
0.05%
0.05%
0.06%

Average Net Assets
1.80%2
1.96%
2.23%
1.91%
1.96%
3%
4%
3%
5%
5%
Portfolio Turnover
Rate 3
1 Net asset value as of October 24, 2014, on which date the Signal Shares were converted to Admiral Shares.
2 Annualized.
21

2014
2013
2012
2011
2010
$46.69
$35.66
$31.30
$31.57
$27.46
.915
.808

on Investments
.763
.603
4.908
5.823
(.913)
(.816)
.558
11.038
4.359
(.272)
4.117
11.846
5.122
.331
4.675
(.762)
(.601)
(.565)
Distributions
Total Distributions
Total Return
(.913)
(.816)
(.762)
(.601)
(.565)
$51.60
$46.69
$35.66
$31.30
$31.57
12.56%
33.49%
16.42%
1.09%
17.23%
$96,674
$65,738
$39,367
$29,467
$23,785
0.04%
0.04%
0.04%
0.04%
0.05%

Average Net Assets
1.90%
1.97%
2.24%
1.92%
1.97%
3%
4%
3%
5%
5%
22
ETF Shares

2014
2013
2012
2011
2010
$95.91
$73.24
$64.29
$64.86
$56.39
1.874
1.657

on Investments
1.564
1.238
1.133
10.085
11.959
22.686
8.949
(.575)
8.485
24.343
10.513
.663
9.618
(1.869)
(1.673)
(1.233)
(1.148)
Distributions
Total Distributions
(1.869)
(1.673)
(1.563)
(1.563)
(1.233)
(1.148)
$106.00
$95.91
$73.24
$64.29
$64.86
Total Return
12.56%
33.51%
16.41%
1.06%
17.26%
$50,886
$39,165
$24,270
$19,521
$17,930
0.05%
0.05%
0.05%
0.05%
0.06%

Average Net Assets
1.89%
1.96%
2.23%
1.91%
1.96%
3%
4%
3%
5%
5%
23
Notes to Financial Statements

Vanguard 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 four classes of shares: Investor
Shares, Admiral Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any
investor who meets the funds minimum purchase requirements. Admiral Shares and Institutional
Shares are designed for investors who meet certain administrative, service, and account-size criteria.
ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
Prior to October 24, 2014, the fund offered Signal Shares. Effective at the close of business on
October 24, 2014, the Signal Shares were converted to Admiral Shares.
A. The following significant accounting policies conform to generally accepted accounting principles
for U.S. investment companies. The fund consistently follows such policies in preparing its financial
statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange
(generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted
sales prices or official closing prices taken from the primary market in which each security trades;
such securities not traded on the valuation date are valued at the mean of the latest quoted bid and
asked prices. Securities for which market quotations are not readily available, or whose values have
been materially affected by events occurring before the funds pricing time but after the close of the
securities primary markets, are valued by methods deemed by the board of trustees to represent
fair value. Investments in Vanguard Market Liquidity Fund are valued at that funds net asset value.
Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices
or using valuations based on a matrix system (which considers such factors as security prices, yields,
maturities, and ratings), both as furnished by independent pricing services. Other temporary cash
investments are valued at amortized cost, which approximates market 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, enhancing returns, maintaining liquidity, and minimizing
transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in
the market, or sell futures in response to cash outflows, thereby simulating a fully invested position
in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance
returns by using futures contracts instead of the underlying securities when futures are believed to
be priced more attractively than the underlying securities. The primary risks associated with the use
of futures contracts are imperfect correlation between changes in market values of stocks held by
the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty
risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead
of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an
exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered
into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin
requirements to secure the funds performance and requires daily settlement of variation margin
representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values
of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the
contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of
Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are
recorded as realized futures gains (losses).
24
During the year ended December 31, 2014, the funds average investments in long and short futures
contracts represented less than 1% and 0% of net assets, respectively, based on the average of
aggregate settlement values at each quarter-end during the period.
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on
selected reference stocks in the funds 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 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 invests an amount approximating the notional
amount of the swap in high-quality temporary cash investments.
The notional amounts of swap contracts are not recorded in the Statement of Net Assets. 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 Net Assets as an asset (liability) and in
the Statement of Operations as unrealized appreciation (depreciation) until termination of the swap, at
which time realized gain (loss) is recorded. 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 funds
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 event of a counterpartys 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 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 Statement of Net Assets. 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.
During the year ended December 31, 2014, the funds average amounts of total return swaps
represented less than 1% of net assets, based on the average of notional amounts at each quarterend during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company
and distribute all of its taxable income. Management has analyzed the funds tax positions taken for
all open federal income tax years (December 31, 20112014), and has concluded that no provision
for federal income tax is required in the funds financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional
borrowers. Security loans 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
25
collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty
risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements
with its counterparties. The master securities lending agreements provide that, in the event of a
counterpartys 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 absence of a default the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and
records a liability in the Statement of Net Assets for the return of the collateral, during the period the
securities are on loan. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate
in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement that may be renewed annually; each fund is individually liable for its borrowings, if any,
under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and
are subject to the funds regulatory and contractual borrowing restrictions. The participating funds
are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount
of the facility; these fees are allocated to the funds based on a method approved by the funds board
of trustees and included in Management and Administrative expenses on the funds Statement of
Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal
funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at December 31, 2014, or at any time during the period
then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income
distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and
discounts on debt securities purchased are amortized and accreted, respectively, to interest
income over the lives of the respective securities. Security transactions are accounted for on the
date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of
investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately
bears certain class-specific expenses related to maintenance of shareholder accounts (included in
Management and Administrative expenses) and shareholder reporting. Marketing and distribution
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. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative,
marketing, and distribution services. The costs of such services are allocated to the fund based on
methods approved by the board of trustees. The fund has committed to invest up to 0.40% of its
net assets in Vanguard. At December 31, 2014, the fund had contributed capital of $36,117,000 to
Vanguard (included in Other Assets), representing 0.01% of the funds net assets and 14.44% of
Vanguards capitalization. The funds trustees and officers are also directors and officers of Vanguard.
26
C. Various inputs may be used to determine the value of the funds investments. These inputs are
summarized in three broad levels for financial statement purposes. The inputs or methodologies
used to value securities are not necessarily an indication of the risk associated with investing in
those securities.
Level 1Quoted prices in active markets for identical securities.
Level 2Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3Significant unobservable inputs (including the funds own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the funds investments as of December 31, 2014,
based on the inputs used to value them:
Level 1
($000)
Level 2
($000)
Level 3
($000)
380,612,597
18,551
4,234
3,072,894
132,977
(26,965)
Swap ContractsAssets
2,243
Swap ContractsLiabilities
(20)
383,658,526
153,751
4,234
Investments
Common Stocks
Temporary Cash Investments
Futures ContractsLiabilities1
Total
1 Represents variation margin on the last day of the reporting period.
D. At December 31, 2014, the aggregate settlement value of open futures contracts and the related
unrealized appreciation (depreciation) were:
($000)
Aggregate
Settlement
Value
Long (Short)
Unrealized
Appreciation
(Depreciation)
Expiration
Number of
Long (Short)
Contracts
S&P 500 Index
March 2015
2,787
1,430,010
24,800
E-mini S&P 500 Index
March 2015
7,130
731,681
21,445
E-mini Russell 2000 Index
March 2015
957
114,907
6,215
E-mini S&P MidCap Index
March 2015
240
34,766
Futures Contracts
1,174
53,634
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized

gain (loss) for tax purposes.
27
At December 31, 2014, the fund had the following open total return swap contracts:
Floating
Interest Rate
Received
(Paid)
Unrealized
Appreciation
(Depreciation)
($000)
Counterparty1
Notional
Amount
($000)
Empire State Realty Trust Inc.
2/10/15
GSI
6,738
(0.512%)
198
2/10/15
GSI
601
(0.514%)
(3)
2/10/15
GSI
302
(0.520%)
(3)
2/10/15
GSI
302
(0.519%)
(3)
2/10/15
GSI
300
(0.515%)
(2)
2/13/15
GSI
976
(0.518%)
(9)
SLM Corp.
3/16/15
GSI
41,588
(0.562%)
2,045
Reference Entity
Termination
Date
2,223
1 GSIGoldman Sachs International.
At December 31, 2014, the counterparty had deposited in segregated accounts securities with a
value of $2,608,000 in connection with amounts due to the fund for open swap contracts.
E. Distributions are determined on a tax basis and may differ from net investment income and
realized capital gains for financial reporting purposes. Differences may be permanent or temporary.
Permanent differences are reclassified among capital accounts in the financial statements to reflect
their tax character. Temporary differences arise when certain items of income, expense, gain, or loss
are recognized in different periods for financial statement and tax purposes. These differences will
reverse at some time in the future. Differences in classification may also result from the treatment
of short-term gains as ordinary income for tax purposes.
Certain of the funds investments are in securities considered to be passive foreign investment
companies, for which any unrealized appreciation and/or realized gains are required to be included in
distributable net investment income for tax purposes. During the year ended December 31, 2014, the
fund realized gains on the sale of passive foreign investment companies of $54,000, which have been
included in current and prior periods taxable income; accordingly, such gains have been reclassified
from accumulated net realized losses to overdistributed net investment income. Passive foreign
investment companies had unrealized appreciation of $9,477,000 at December 31, 2014, of which
$7,117,000 has been distributed and is reflected in the balance of undistributed net investment
income.
During the year ended December 31, 2014, the fund realized $4,323,687,000 of net capital gains
resulting from in-kind redemptionsin which shareholders exchanged fund shares for securities
held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not
distributed to shareholders, they have been reclassified from accumulated net realized losses to
paid-in capital.
Realized and unrealized gains (losses) on certain of the funds swap contracts are treated as
ordinary income (loss) for tax purposes. Realized losses of $4,133,000 on swap contracts have
been reclassified from accumulated net realized losses to overdistributed net investment income.
28
For tax purposes, at December 31, 2014, the fund had $75,263,000 of ordinary income available
for distribution. The fund used capital loss carryforwards of $701,289,000 to offset taxable capital
gains realized during the year ended December 31, 2014. At December 31, 2014, the fund had
available capital losses totaling $2,188,503,000 to offset future net capital gains. Of this amount,
$2,155,179,000 is subject to expiration on December 31, 2016. Capital losses of $33,324,000
realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment
Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.
At December 31, 2014, the cost of investment securities for tax purposes was $252,992,910,000.
Net unrealized appreciation of investment securities for tax purposes was $130,848,343,000,
consisting of unrealized gains of $138,781,679,000 on securities that had risen in value since their
purchase and $7,933,336,000 in unrealized losses on securities that had fallen in value since their
purchase.
F. During the year ended December 31, 2014, the fund purchased $56,679,136,000 of investment
securities and sold $16,663,026,000 of investment securities, other than temporary cash investments.
Purchases and sales include $12,446,706,000 and $6,643,732,000, respectively, in connection with
in-kind purchases and redemptions of the funds capital shares.
G. Capital share transactions for each class of shares were:
2014
2013
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
13,269,562
278,821
12,266,763
300,373
1,951,687
39,347
1,721,975
41,022
(13,747,508)
(281,022)
(12,834,471)
(306,111)
1,473,741
37,146
1,154,267
35,284
322,900
Investor Shares
Issued
Issued in Lieu of Cash Distributions
Redeemed
Net Increase (Decrease)Investor Shares
Admiral Shares
Issued1
28,300,043
579,782
13,336,091
1,654,483
33,282
1,287,181
30,594
Redeemed
(9,262,724)
(189,917)
(7,318,010)
(176,330)
Net Increase (Decrease)Admiral Shares
20,691,802
423,147
7,305,262
177,164
1,941,106
42,389
3,462,726
87,006
105,979
2,263
172,682
4,261
Redeemed1
(13,494,640)
(286,099)
(3,393,201)
(83,052)
Net Increase (Decrease)Signal Shares
(11,447,555)
(241,447)
242,207
8,215
27,653,328
568,377
16,902,913
404,366
1,457,656
29,311
965,838
22,878
Redeemed
(6,495,900)
(132,169)
(5,118,689)
(123,389)
Net Increase (Decrease)Institutional Shares
22,615,084
465,519
12,750,062
303,855
Signal Shares
Issued
Issued
29

2014
2013
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
13,809,740
137,515
9,888,388
115,881
Redeemed
(6,577,704)
(65,800)
(3,407,167)
(38,900)
Net Increase (Decrease)ETF Shares
7,232,036
71,715
6,481,221
76,981
ETF Shares
Issued
1 Admiral Shares Issued and Signal Shares Redeemed include $9,780,011,000 from the conversion of Signal Shares to Admiral Shares during
the 2014 fiscal year.
H. Management has determined that no material events or transactions occurred subsequent to

December 31, 2014, that would require recognition or disclosure in these financial statements.
30
Report of Independent Registered

Public Accounting Firm
To the Board of Trustees of Vanguard Index Funds and the Shareholders of Vanguard Total Stock
Market Index Fund:
In our opinion, the accompanying statement of net assetsinvestments summary and the related
statements of operations and of changes in net assets and the financial highlights present fairly, in
all material respects, the financial position of Vanguard Total Stock Market Index Fund (constituting
a separate portfolio of Vanguard Index Funds, hereafter referred to as the Fund) at December 31,
2014, the results of its operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted in the United States
of America. These financial statements and financial highlights (hereafter referred to as financial
statements) are the responsibility of the Funds management. Our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our audits of these
financial statements in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and significant estimates made
by management, and evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2014 by correspondence with the
custodian and brokers, by agreement to the underlying ownership records of the transfer agent and
the application of alternative auditing procedures where securities purchased had not been received,
provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 10, 2015
Special 2014 tax information (unaudited) for Vanguard Total Stock Market Index Fund
This information for the fiscal year ended December 31, 2014, is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $6,335,350,000 of qualified dividend income to shareholders during the
fiscal year.
For corporate shareholders, 91.7% of investment income (dividend income plus short-term gains,
if any) qualifies for the dividends-received deduction.
31
Your Funds After-Tax Returns

This table presents returns for your fund both before and after taxes. The after-tax returns are shown
in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes
on the funds distributions, and (2) assuming that an investor paid taxes on the funds distributions
and sold all shares at the end of each period.
Calculations are based on the highest individual federal income tax and capital gains tax rates in
effect at the times of the distributions and the hypothetical sales. State and local taxes were not
considered. After-tax returns reflect any qualified dividend income. (In the example, returns after the
sale of fund shares may be higher than those assuming no sale. This occurs when the sale would
have produced a capital loss. The calculation assumes that the investor received a tax deduction for
the loss.)
The table shows returns for Investor Shares only; returns for other share classes will differ. Please
note that your actual after-tax returns will depend on your tax situation and may differ from those
shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement
account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to
current taxes.
Finally, keep in mind that a funds performancewhether before or after taxesdoes not guarantee
future results.
Average Annual Total Returns: Total Stock Market Index Fund Investor Shares
One
Year
Five
Years
Ten
Years
Returns Before Taxes
12.43%
15.56%
7.99%
Returns After Taxes on Distributions
11.97
15.16
7.65
7.38
12.55
6.49
Returns After Taxes on Distributions and Sale of Fund Shares
32
About Your Funds 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 funds gross income, directly reduce the investment return of the fund.
A funds 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 funds 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 funds 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 funds
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 casebecause the return used is not the
funds actual returnthe 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 funds 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 funds 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 funds current prospectus.
33
Six Months Ended December 31, 2014
Beginning
Account Value
6/30/2014
Ending
Account Value
12/31/2014
Expenses
Paid During
Period
Based on Actual Fund Return

Investor Shares
$1,000.00
$1,051.46
$0.88
Admiral Shares
1,000.00
1,052.06
0.26
1,000.00
1,052.10
0.21
ETF Shares
1,000.00
1,052.09
0.26
Investor Shares
$1,000.00
$1,024.35
$0.87
Admiral Shares
1,000.00
1,024.95
0.26
1,000.00
1,025.00
0.20
ETF Shares
1,000.00
1,024.95
0.26
Based on Hypothetical 5% Yearly Return
The calculations are based on expenses incurred in the most recent six-month period. The funds annualized six-month expense ratios for that
period are 0.17% for Investor Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.05% for ETF 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.
34
Glossary
30-Day SEC Yield. A funds 30-day SEC yield is derived using a formula specified by the U.S.
Securities and Exchange Commission. Under the formula, data related to the funds security
holdings in the previous 30 days are used to calculate the funds hypothetical net income for that
period, which is then annualized and divided by the funds estimated average net assets over the
calculation period. For the purposes of this calculation, a securitys income is based on its current
market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected
dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will
differat times significantlyfrom the funds actual experience. As a result, the funds income
distributions may be higher or lower than implied by the SEC yield.
Beta. A measure of the magnitude of a funds past share-price fluctuations in relation to the ups and
downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index,
a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the
index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both
the fund and the index. Note that a funds beta should be reviewed in conjunction with its R-squared
(see definition). The lower the R-squared, the less correlation there is between the fund and the
index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate
market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the
annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the
dividend yield is based solely on stock holdings and does not include any income produced by other
investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for
the stocks now in a fund.
Equity Exposure. A measure that reflects a funds investments in stocks and stock futures. Any
holdings in short-term reserves are excluded.
Expense Ratio. A funds total annual operating expenses expressed as a percentage of the funds
average net assets. The expense ratio includes management and administrative expenses, but does
not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of
companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first
invested in accordance with the funds investment objective. For funds with a subscription period,
the inception date is the day after that period ends. Investment performance is measured from the
inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of
market capitalization (market price x shares outstanding) of a funds stocks, weighted by the
proportion of the funds assets invested in each stock. Stocks representing half of the funds assets
have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a
fund, the weighted average price/book ratio of the stocks it holds.
35
Price/Earnings Ratio. The ratio of a stocks current price to its per-share earnings over the past
year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market
expectations about corporate prospects; the higher the P/E, the greater the expectations for a
companys future growth.
R-Squared. A measure of how much of a funds past returns can be explained by the returns from
the market in general, as measured by a given index. If a funds total returns were precisely
synchronized with an indexs returns, its R-squared would be 1.00. If the funds returns bore no
relationship to the indexs returns, its R-squared would be 0. For this report, R-squared is based on
returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five
years for each dollar of shareholders equity (net income divided by shareholders equity). For a fund,
the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that
can be readily converted to cash.
Turnover Rate. An indication of the funds trading activity. Funds with high turnover rates incur
higher transaction costs and may be more likely to distribute capital gains (which may be taxable to
investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as
the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through
June 2, 2013; and CRSP US Total Market Index thereafter.
36
The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best
interests since, as a shareholder, you are a part owner of the fund. Your funds trustees also serve on
the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and
provides services to them on an at-cost basis.
A majority of Vanguards board members are independent, meaning that they have no affiliation with
Vanguard or the funds they oversee, apart from the sizable personal investments they have made as
private individuals. The independent board members have distinguished backgrounds in business,
academia, and public service. Each of the trustees and executive officers oversees 177 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More
information about the trustees is in the Statement of Additional Information, which can be obtained,
without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
F. William McNabb III
Born 1957. Trustee Since July 2009. Chairman of the
Board. Principal Occupation(s) During the Past Five
Years: Chairman of the Board of The Vanguard Group,
Inc., and of each of the investment companies served
by The Vanguard Group, since January 2010; Director
of The Vanguard Group since 2008; Chief Executive
Officer and President of The Vanguard Group, and of
each of the investment companies served by The
Vanguard Group, since 2008; Director of Vanguard
Marketing Corporation; Managing Director of The
Vanguard Group (19952008).
Independent Trustees
Emerson U. Fullwood
Born 1948. Trustee Since January 2008. Principal
Occupation(s) During the Past Five Years: Executive
Chief Staff and Marketing Officer for North America
and Corporate Vice President (retired 2008) of Xerox
Corporation (document management products and
services); Executive in Residence and 20092010
Distinguished Minett Professor at the Rochester
Institute of Technology; Director of SPX Corporation
(multi-industry manufacturing), the United Way of
Rochester, Amerigroup Corporation (managed health
care), the University of Rochester Medical Center,
Monroe Community College Foundation, and North
Carolina A&T University.
Rajiv L. Gupta
Born 1945. Trustee Since December 2001. 2
Principal Occupation(s) During the Past Five Years:
Chairman and Chief Executive Officer (retired 2009)
and President (20062008) of Rohm and Haas Co.
(chemicals); Director of Tyco International, Ltd.
(diversified manufacturing and services), HewlettPackard Co. (electronic computer manufacturing),
and Delphi Automotive LLP (automotive components);

Senior Advisor at New Mountain Capital.
Amy Gutmann
Born 1949. Trustee Since June 2006. Principal
Occupation(s) During the Past Five Years: President of
the University of Pennsylvania; Christopher H. Browne
Distinguished Professor of Political Science, School of
Arts and Sciences, and Professor of Communication,
Annenberg School for Communication, with secondary
faculty appointments in the Department of Philosophy,
School of Arts and Sciences, and at the Graduate
School of Education, University of Pennsylvania;
Trustee of the National Constitution Center; Chair
of the Presidential Commission for the Study of
Bioethical Issues.
JoAnn Heffernan Heisen
Born 1950. Trustee Since July 1998. Principal
Occupation(s) During the Past Five Years: Corporate
Vice President and Chief Global Diversity Officer
(retired 2008) and Member of the Executive
Committee (19972008) of Johnson & Johnson
(pharmaceuticals/medical devices/consumer
products); Director of Skytop Lodge Corporation
(hotels), the University Medical Center at Princeton,
the Robert Wood Johnson Foundation, and the Center
for Talent Innovation; Member of the Advisory Board
of the Maxwell School of Citizenship and Public Affairs
at Syracuse University.
F. Joseph Loughrey
Born 1949. Trustee Since October 2009. Principal
Occupation(s) During the Past Five Years: President
and Chief Operating Officer (retired 2009) of Cummins
Inc. (industrial machinery); Chairman of the Board
of Hillenbrand, Inc. (specialized consumer services),
and of Oxfam America; Director of SKF AB (industrial
machinery), Hyster-Yale Materials Handling, Inc.
(forklift trucks), the Lumina Foundation for Education,
and the V Foundation for Cancer Research; Member

of the Advisory Council for the College of Arts and
Letters and of the Advisory Board to the Kellogg
Institute for International Studies, both at the
University of Notre Dame.
Mark Loughridge
Born 1953. Trustee Since March 2012. Principal
Occupation(s) During the Past Five Years: Senior Vice
President and Chief Financial Officer (retired 2013)
at IBM (information technology services); Fiduciary
Member of IBMs Retirement Plan Committee (2004
2013); Member of the Council on Chicago Booth.
Scott C. Malpass
Born 1962. Trustee Since March 2012. Principal
Occupation(s) During the Past Five Years: Chief
Investment Officer and Vice President at the University
of Notre Dame; Assistant Professor of Finance at the
Mendoza College of Business at Notre Dame; Member
of the Notre Dame 403(b) Investment Committee;
Board Member of TIFF Advisory Services, Inc.
(investment advisor); Member of the Investment
Advisory Committees of the Financial Industry
Regulatory Authority (FINRA) and of Major League
Baseball.
Andr F. Perold
Born 1952. Trustee Since December 2004. Principal
Occupation(s) During the Past Five Years: George
Gund Professor of Finance and Banking, Emeritus
at the Harvard Business School (retired 2011);
Chief Investment Officer and Managing Partner of
HighVista Strategies LLC (private investment firm);
Director of Rand Merchant Bank; Overseer of the
Museum of Fine Arts Boston.
Alfred M. Rankin, Jr.
Born 1941. Trustee Since January 1993. Principal
Occupation(s) During the Past Five Years: Chairman,
President, and Chief Executive Officer of NACCO
Industries, Inc. (housewares/lignite), and of HysterYale Materials Handling, Inc. (forklift trucks); Chairman
of the Board of University Hospitals of Cleveland.
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal
Occupation(s) During the Past Five Years: President
and Chief Operating Officer (retired 2010) of Corning
Incorporated (communications equipment); Trustee of
Colby-Sawyer College; Member of the Advisory Board
of the Norris Cotton Cancer Center and of the Advisory
Board of the Parthenon Group (strategy consulting).
Executive Officers
Glenn Booraem
Born 1967. Controller Since July 2010. Principal
Occupation(s) During the Past Five Years: Principal
of The Vanguard Group, Inc.; Controller of each of
the investment companies served by The Vanguard
Group; Assistant Controller of each of the investment
companies served by The Vanguard Group (20012010).
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September
2008. Principal Occupation(s) During the Past Five
Years: Principal of The Vanguard Group, Inc.; Chief
Financial Officer of each of the investment companies
served by The Vanguard Group; Treasurer of each of
the investment companies served by The Vanguard
Group (19982008).
Kathryn J. Hyatt
Born 1955. Treasurer Since November 2008. Principal
Occupation(s) During the Past Five Years: Principal of
The Vanguard Group, Inc.; Treasurer of each of the
investment companies served by The Vanguard
Group; Assistant Treasurer of each of the investment
companies served by The Vanguard Group (19882008).
Heidi Stam
Born 1956. Secretary Since July 2005. Principal
Occupation(s) During the Past Five Years: Managing
Director of The Vanguard Group, Inc.; General Counsel
of The Vanguard Group; Secretary of The Vanguard
Group and of each of the investment companies
served by The Vanguard Group; Director and Senior
Vice President of Vanguard Marketing Corporation.
Vanguard Senior Management Team

Mortimer J. Buckley
Kathleen C. Gubanich
Paul A. Heller
Martha G. King
John T. Marcante
Chris D. McIsaac
Michael S. Miller
James M. Norris
Glenn W. Reed
Chairman Emeritus and Senior Advisor

John J. Brennan
Chairman, 19962009
Chief Executive Officer and President, 19962008
Founder
John C. Bogle
Chairman and Chief Executive Officer, 19741996
1 Mr. McNabb is considered an interested person, as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600

Valley Forge, PA 19482-2600
Connect with Vanguard > vanguard.com
Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction

with the offering of shares of any Vanguard
fund only if preceded or accompanied by
the funds current prospectus.
All comparative mutual fund data are from Lipper, a
Thomson Reuters Company, or Morningstar, Inc., unless
otherwise noted.
You can obtain a free copy of Vanguards proxy voting
guidelines by visiting vanguard.com/proxyreporting or by
calling Vanguard at 800-662-2739. The guidelines are
also available from the SECs website, sec.gov. In
addition, you may obtain a free report on how your fund
voted the proxies for securities it owned during the 12
months ended June 30. To get the report, visit either
vanguard.com/proxyreporting or sec.gov.
You can review and copy information about your fund at
the SECs Public Reference Room in Washington, D.C. To
find out more about this public service, call the SEC at
202-551-8090. Information about your fund is also
available on the SECs website, and you can receive
copies of this information, for a fee, by sending a
request in either of two ways: via e-mail addressed to
publicinfo@sec.gov or via regular mail addressed to the
Public Reference Section, Securities and Exchange
Commission, Washington, DC 20549-1520.
2015 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q850 022015

Schedule of Investments
December 31, 2014
Shares
Market
Value
($000)
15,268,674
19,868,204
4,911,215
6,749,123
2,309,974
4,551,106
3,240,556
17,501,965
7,146,684
19,861,064
2,005,635
5,372,750
5,419,046
836,536
2,252,042
8,390,527
2,602,251
1,180,867
1,361,449
3,876,724
1,122,371
2,233,080
1,187,954
2,228,176
1,203,805
1,565,575
3,487,205
1,309,283
3,835,739
1,234,313
171,797
1,898,963
2,445,500
1,036,428
1,545,322
1,207,663
2,163,053
1,180,494
824,558
561,437
1,084,745
1,470,510
969,147
848,344
672,935
579,741
840,650
1,479,056
752,639
4,561,590
515,338
1,958,806
1,314,700
2,001,761
870,974
1,008,973
905,207
322,455
302,707
364,834
1,098,094
1,128,966
906,189
636,297
535,813
533,950
475,682
467,385
408,846
382,919
313,606
275,313
263,533
247,379
227,990
170,840
158,581
156,031
141,421
137,996
131,072
129,275
127,353
113,319
112,991
94,860
81,222
79,439
78,727
75,717
75,626
69,325
66,027
65,393
64,984
58,583
55,758
50,226
50,136
49,754
48,750
43,628
43,101
42,507
41,781
41,110
40,263
37,434
36,577
35,412
35,307
34,342
31,909
29,936
29,506
26,208
24,094
23,255
22,104
21,622
21,325
21,237
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Common Stocks (99.4%)1

Basic Materials (2.7%)
EI du Pont de Nemours & Co.
Dow Chemical Co.
Praxair Inc.
LyondellBasell Industries NV Class A
PPG Industries Inc.
Ecolab Inc.
Air Products & Chemicals Inc.
Freeport-McMoRan Inc.
International Paper Co.
Alcoa Inc.
Sigma-Aldrich Corp.
Nucor Corp.
Mosaic Co.
CF Industries Holdings Inc.
Eastman Chemical Co.
Newmont Mining Corp.
Celanese Corp. Class A
Ashland Inc.
International Flavors & Fragrances Inc.
CONSOL Energy Inc.
Airgas Inc.
FMC Corp.
*
WR Grace & Co.
RPM International Inc.
Rockwood Holdings Inc.
Avery Dennison Corp.
Huntsman Corp.
Albemarle Corp.
Steel Dynamics Inc.
Reliance Steel & Aluminum Co.
NewMarket Corp.
Allegheny Technologies Inc.
United States Steel Corp.
Royal Gold Inc.
PolyOne Corp.
Cytec Industries Inc.
*
Platform Specialty Products Corp.
Axiall Corp.
Sensient Technologies Corp.
Compass Minerals International Inc.
Domtar Corp.
KapStone Paper and Packaging Corp.
Cabot Corp.
Carpenter Technology Corp.
Westlake Chemical Corp.
Minerals Technologies Inc.
HB Fuller Co.
*
Chemtura Corp.
*
Polypore International Inc.
^
Peabody Energy Corp.
Balchem Corp.
Commercial Metals Co.
Olin Corp.
*
Stillwater Mining Co.
Worthington Industries Inc.
Tronox Ltd. Class A
US Silica Holdings Inc.
*
Clearwater Paper Corp.
Kaiser Aluminum Corp.
Innophos Holdings Inc.
SunCoke Energy Inc.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

December 31, 2014
Shares
Market
Value
($000)
824,721
1,135,217
212,098
1,467,915
461,371
886,720
710,984
1,050,288
2,459,579
6,079,398
389,667
2,779,618
273,767
713,994
530,490
954,034
836,067
190,691
512,847
320,595
542,497
494,064
323,059
206,846
435,359
1,030,718
274,345
1,769,696
410,824
759,712
326,042
134,708
3,576,659
3,723,776
140,577
736,372
428,213
209,621
354,147
364,958
405,034
3,635,640
718,131
99,106
502,348
71,880
161,162
104,499
776,670
736,263
1,458,689
2,864,722
140,347
123,460
123,647
219,328
194,631
2,041,606
109,367
2,217,101
1,120,894
1,572,228
1,117,645
56,004
20,123
19,991
19,521
19,024
18,699
18,426
18,180
18,096
17,561
16,962
16,639
16,511
16,500
15,922
15,809
13,242
13,235
13,043
12,954
12,849
11,278
10,682
10,157
10,032
9,791
9,462
9,111
9,043
8,915
8,638
8,471
6,987
6,366
6,219
6,091
5,994
5,575
5,454
5,365
4,752
4,706
4,581
4,316
3,567
3,476
3,309
3,012
2,628
2,625
2,592
2,553
2,523
2,495
2,469
2,380
2,178
2,143
2,082
1,926
1,641
1,547
1,368
1,252
1,195
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
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*,^
*
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*
*
*
*
*
*
^
*,^
*
*
*,^
*
*
*
*,^
*,^
*,^
*,^
^
*,^
*,^
*
Century Aluminum Co.

Resolute Forest Products Inc.
Quaker Chemical Corp.
Ferro Corp.
A Schulman Inc.
Calgon Carbon Corp.
PH Glatfelter Co.
Globe Specialty Metals Inc.
Cliffs Natural Resources Inc.
Hecla Mining Co.
Innospec Inc.
AK Steel Holding Corp.
Neenah Paper Inc.
Rayonier Advanced Materials Inc.
OM Group Inc.
Intrepid Potash Inc.
Horsehead Holding Corp.
Deltic Timber Corp.
RTI International Metals Inc.
Stepan Co.
Kraton Performance Polymers Inc.
Cambrex Corp.
LSB Industries Inc.
Haynes International Inc.
Tredegar Corp.
Cloud Peak Energy Inc.
Westmoreland Coal Co.
Coeur Mining Inc.
Aceto Corp.
Wausau Paper Corp.
Koppers Holdings Inc.
Veritiv Corp.
Arch Coal Inc.
Alpha Natural Resources Inc.
Hawkins Inc.
OMNOVA Solutions Inc.
Kronos Worldwide Inc.
Axalta Coating Systems Ltd.
Zep Inc.
FutureFuel Corp.
American Vanguard Corp.
Rentech Inc.
Senomyx Inc.
Chase Corp.
FMSA Holdings Inc.
Handy & Harman Ltd.
Penford Corp.
Universal Stainless & Alloy Products Inc.
Gold Resource Corp.
Noranda Aluminum Holding Corp.
Uranium Energy Corp.
Molycorp Inc.
Olympic Steel Inc.
KMG Chemicals Inc.
Ampco-Pittsburgh Corp.
Ryerson Holding Corp.
Hallador Energy Co.
Paramount Gold and Silver Corp.
Synalloy Corp.
Midway Gold Corp.
Walter Energy Inc.
Allied Nevada Gold Corp.
Uranerz Energy Corp.
Northern Technologies International Corp.

December 31, 2014
Shares
Market
Value
($000)
186,960
296,961
391,190
258,764
1,062,313
92,843
86,825
1,063,451
536,555
165,476
243,444
21,119
78,065
688,429
367,900
155,873
444,498
6,410
186,423
8,336
2,580
1,064
1,019
986
934
807
798
609
606
494
465
453
411
373
372
271
226
178
89
88
36
19
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*
*
*
*
*
*
*
*,^
*,^
*,^
*
*
*,^
*
*
^
*
Uni-Pixel Inc.
Verso Paper Corp.
Codexis Inc.
Marrone Bio Innovations Inc.
Comstock Mining Inc.
NL Industries Inc.
Friedman Industries Inc.
General Moly Inc.
Solitario Exploration & Royalty Corp.
Nova Lifestyle Inc.
Uranium Resources Inc.
United-Guardian Inc.
Empire Resources Inc.
Golden Minerals Co.
RevettMining Co. Inc.
Dynasil Corp. of America
Metabolix Inc.
Ikonics Corp.
Mines Management Inc.
Centrus Energy Corp. Class A
TOR Minerals International Inc.
10,494,464
Consumer Goods (9.8%)
Coca-Cola Co.
PepsiCo Inc.
Philip Morris International Inc.
Altria Group Inc.
NIKE Inc. Class B
Colgate-Palmolive Co.
Ford Motor Co.
Mondelez International Inc. Class A
Monsanto Co.
General Motors Co.
Kimberly-Clark Corp.
Kraft Foods Group Inc.
Archer-Daniels-Midland Co.
Johnson Controls Inc.
General Mills Inc.
VF Corp.
Lorillard Inc.
Delphi Automotive plc
Reynolds American Inc.
Mead Johnson Nutrition Co.
*
Tesla Motors Inc.
Estee Lauder Cos. Inc. Class A
Kellogg Co.
*
Monster Beverage Corp.
Keurig Green Mountain Inc.
*
Constellation Brands Inc. Class A
Genuine Parts Co.
ConAgra Foods Inc.
Whirlpool Corp.
Hershey Co.
Stanley Black & Decker Inc.
*
Michael Kors Holdings Ltd.
Harley-Davidson Inc.
*
Electronic Arts Inc.
Dr Pepper Snapple Group Inc.
Clorox Co.
Bunge Ltd.
BorgWarner Inc.
Tyson Foods Inc. Class A
*
Under Armour Inc. Class A
45,564,549
66,452,452
25,238,328
26,196,500
33,336,366
11,525,227
15,384,518
63,657,335
26,902,398
8,154,846
21,642,063
6,271,473
9,939,622
10,846,620
11,225,759
10,168,067
5,823,110
6,060,528
4,990,560
5,377,902
3,405,206
1,476,848
3,898,146
4,215,158
2,542,222
2,047,108
2,699,438
2,440,754
7,131,608
1,309,690
2,430,998
2,627,306
3,292,409
3,613,107
4,990,080
3,259,825
2,170,407
2,322,446
3,832,258
5,144,008
2,962,084
4,150,475
2,805,622
2,386,536
2,133,705
1,642,483
1,108,151
1,064,455
986,689
977,230
974,259
755,524
724,606
622,817
564,024
542,653
542,263
436,151
381,450
362,913
345,638
342,359
328,466
297,039
275,840
275,450
271,027
265,004
260,111
258,735
253,739
252,654
252,432
247,260
238,140
234,609
233,664
226,178
211,134
210,583
206,223
201,125

December 31, 2014
Shares
Market
Value
($000)
1,861,383
1,022,341
1,680,941
2,449,457
1,381,896
5,692,954
2,232,655
4,598,387
4,618,494
8,466,825
3,719,132
1,628,601
1,040,573
1,742,881
1,004,178
3,422,836
3,068,843
5,510,350
1,868,157
1,041,619
974,464
1,342,636
4,607,119
4,602,032
1,161,678
5,654,998
2,652,578
5,229,106
2,226,264
1,923,855
1,246,140
998,979
2,933,544
1,691,024
2,304,232
962,579
2,681,127
67,367
2,337,046
1,438,298
748,510
1,547,580
690,655
844,710
7,280,424
2,131,749
2,847,165
2,987,939
666,706
1,022,353
1,572,504
977,893
550,089
2,738,075
778,754
1,612,506
735,202
713,978
766,625
147,804
1,083,092
906,984
711,086
750,553
191,443
189,297
187,627
182,534
177,118
176,168
175,956
175,153
173,471
170,607
164,460
164,456
161,663
153,095
151,872
150,605
146,936
139,357
138,804
133,911
133,248
131,686
131,625
129,409
123,963
121,356
118,862
117,237
115,988
105,793
105,722
104,673
102,645
98,570
98,183
95,392
91,882
85,915
84,437
80,243
79,986
79,329
76,483
73,752
68,363
68,237
61,897
57,339
57,023
56,137
55,509
55,358
50,080
49,723
48,532
47,521
46,318
45,295
42,831
42,795
40,833
39,635
39,287
38,323
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
^
^
*
TRW Automotive Holdings Corp.

Ralph Lauren Corp. Class A
Hanesbrands Inc.
Molson Coors Brewing Co. Class B
PVH Corp.
Mattel Inc.
Church & Dwight Co. Inc.
Newell Rubbermaid Inc.
Coach Inc.
Activision Blizzard Inc.
Coca-Cola Enterprises Inc.
JM Smucker Co.
Mohawk Industries Inc.
Brown-Forman Corp. Class B
Polaris Industries Inc.
Campbell Soup Co.
Jarden Corp.
DR Horton Inc.
McCormick & Co. Inc.
Energizer Holdings Inc.
Snap-on Inc.
Lear Corp.
Goodyear Tire & Rubber Co.
LKQ Corp.
Harman International Industries Inc.
PulteGroup Inc.
Lennar Corp. Class A
Leucadia National Corp.
Hormel Foods Corp.
Hasbro Inc.
Ingredion Inc.
WABCO Holdings Inc.
WhiteWave Foods Co. Class A
Hain Celestial Group Inc.
Leggett & Platt Inc.
Middleby Corp.
Toll Brothers Inc.
NVR Inc.
Gentex Corp.
lululemon athletica Inc.
Visteon Corp.
Brunswick Corp.
Fossil Group Inc.
Carter's Inc.
Avon Products Inc.
Kate Spade & Co.
Dana Holding Corp.
Flowers Foods Inc.
TreeHouse Foods Inc.
Tempur Sealy International Inc.
Pinnacle Foods Inc.
Tenneco Inc.
Deckers Outdoor Corp.
Darling Ingredients Inc.
Scotts Miracle-Gro Co. Class A
Wolverine World Wide Inc.
Tupperware Brands Corp.
Pool Corp.
Thor Industries Inc.
Boston Beer Co. Inc. Class A
Herbalife Ltd.
Nu Skin Enterprises Inc. Class A
Skechers U.S.A. Inc. Class A
HNI Corp.

December 31, 2014
Shares
Market
Value
($000)
1,352,536
2,424,357
845,001
353,464
524,691
325,265
12,180,475
1,004,963
340,991
889,797
453,311
346,095
1,482,451
742,865
871,682
1,339,411
918,956
255,702
937,034
1,318,504
887,716
767,054
1,147,037
754,577
1,510,573
511,750
1,364,268
460,017
871,541
849,603
623,914
1,925,999
496,722
898,200
5,044
583,527
490,512
234,525
373,976
475,883
2,543,117
1,449,372
1,057,441
1,890,945
643,405
379,265
763,614
247,993
446,983
715,701
811,341
250,503
434,083
229,336
269,448
325,908
527,535
140,394
801,747
343,093
740,041
967,166
347,533
103,143
37,912
36,971
35,397
33,819
33,171
32,855
32,400
31,988
31,930
30,831
29,492
29,081
28,730
28,645
28,582
28,543
28,074
27,813
27,577
27,240
26,543
25,919
25,912
25,316
25,000
24,702
24,489
24,445
23,392
22,965
22,848
22,804
22,124
21,314
21,174
21,001
20,749
19,953
19,099
18,574
18,539
18,103
17,416
17,037
17,031
16,680
16,166
16,127
15,519
14,615
14,255
13,830
13,444
13,274
12,745
12,424
11,453
11,129
10,904
10,787
10,701
10,697
10,652
10,581
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*,^
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*
*
Take-Two Interactive Software Inc.

TRI Pointe Homes Inc.
Post Holdings Inc.
Spectrum Brands Holdings Inc.
GoPro Inc. Class A
G-III Apparel Group Ltd.
Zynga Inc. Class A
Steven Madden Ltd.
Lancaster Colony Corp.
Cooper Tire & Rubber Co.
Helen of Troy Ltd.
Sanderson Farms Inc.
Dean Foods Co.
Ryland Group Inc.
Pilgrim's Pride Corp.
Vector Group Ltd.
Snyder's-Lance Inc.
J&J Snack Foods Corp.
Herman Miller Inc.
Coty Inc. Class A
B&G Foods Inc.
Iconix Brand Group Inc.
American Axle & Manufacturing Holdings Inc.
Fresh Del Monte Produce Inc.
KB Home
Dorman Products Inc.
Steelcase Inc. Class A
Andersons Inc.
La-Z-Boy Inc.
Select Comfort Corp.
Gentherm Inc.
TiVo Inc.
Columbia Sportswear Co.
Tumi Holdings Inc.
Seaboard Corp.
Meritage Homes Corp.
Schweitzer-Mauduit International Inc.
WD-40 Co.
Drew Industries Inc.
Cal-Maine Foods Inc.
Standard Pacific Corp.
Crocs Inc.
Interface Inc. Class A
ACCO Brands Corp.
MDC Holdings Inc.
Universal Corp.
Knoll Inc.
Universal Electronics Inc.
iRobot Corp.
Briggs & Stratton Corp.
Blount International Inc.
Oxford Industries Inc.
Ethan Allen Interiors Inc.
Cooper-Standard Holding Inc.
Calavo Growers Inc.
Standard Motor Products Inc.
Eastman Kodak Co.
Cavco Industries Inc.
Modine Manufacturing Co.
Libbey Inc.
Chiquita Brands International Inc.
Boulder Brands Inc.
Tootsie Roll Industries Inc.
USANA Health Sciences Inc.

December 31, 2014
Shares
Market
Value
($000)
538,090
359,448
327,606
1,280,425
270,198
448,259
477,096
422,701
286,613
385,264
279,720
446,602
528,846
795,454
712,840
293,248
321,735
289,174
395,922
263,043
1,892,093
206,468
481,544
81,984
275,285
204,168
152,319
337,905
197,637
1,655,025
267,491
208,575
419,204
254,058
90,001
1,099,284
391,309
312,178
243,271
56,361
2,040,377
191,717
222,999
283,214
440,583
205,605
258,071
305,219
151,656
337,022
108,026
197,543
378,743
165,176
109,947
147,820
182,208
93,252
155,319
1,865,326
430,864
95,177
94,199
311,399
10,164
10,147
10,074
9,859
9,757
9,754
9,327
9,042
8,911
8,846
8,825
8,646
8,509
8,456
8,411
8,319
8,220
7,938
7,835
7,820
7,814
7,330
7,310
7,217
7,196
6,974
6,930
6,886
6,631
6,455
5,422
5,408
5,391
5,315
5,224
5,189
5,114
5,067
4,763
4,654
4,509
4,337
4,297
4,226
4,208
4,081
3,894
3,888
3,788
3,562
3,484
3,370
3,314
3,223
3,201
3,187
3,128
3,043
3,007
2,947
2,926
2,824
2,774
2,734
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
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*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*
*
*
*
*
*
*
*
Taylor Morrison Home Corp. Class A

Diamond Foods Inc.
DTS Inc.
Callaway Golf Co.
Lennar Corp. Class B
Winnebago Industries Inc.
Nutrisystem Inc.
Elizabeth Arden Inc.
Motorcar Parts of America Inc.
M/I Homes Inc.
Phibro Animal Health Corp. Class A
Beazer Homes USA Inc.
Federal-Mogul Holdings Corp.
Titan International Inc.
RealD Inc.
Movado Group Inc.
Tower International Inc.
Inter Parfums Inc.
Superior Industries International Inc.
Unifi Inc.
Hovnanian Enterprises Inc. Class A
Arctic Cat Inc.
Nautilus Inc.
Coca-Cola Bottling Co. Consolidated
Vince Holding Corp.
Revlon Inc. Class A
John B Sanfilippo & Son Inc.
Vera Bradley Inc.
Medifast Inc.
Glu Mobile Inc.
William Lyon Homes Class A
Perry Ellis International Inc.
Stoneridge Inc.
Remy International Inc.
National Presto Industries Inc.
LeapFrog Enterprises Inc.
Sequential Brands Group Inc.
Fox Factory Holding Corp.
WCI Communities Inc.
Strattec Security Corp.
Quiksilver Inc.
National Beverage Corp.
Malibu Boats Inc. Class A
LGI Homes Inc.
Central Garden and Pet Co. Class A
Wayfair Inc.
Jamba Inc.
Inventure Foods Inc.
Limoneira Co.
Omega Protein Corp.
Flexsteel Industries Inc.
Freshpet Inc.
Black Diamond Inc.
Bassett Furniture Industries Inc.
Orchids Paper Products Co.
Nutraceutical International Corp.
Hooker Furniture Corp.
Oil-Dri Corp. of America
Cherokee Inc.
Alliance One International Inc.
ZAGG Inc.
Weyco Group Inc.
Farmer Bros Co.
Central Garden and Pet Co.

December 31, 2014
Shares
Market
Value
($000)
99,386
239,103
89,034
280,971
117,553
143,306
153,355
353,022
160,581
46,638
157,021
238,274
69,364
124,002
141,344
1,996,100
149,582
1,495,199
122,722
140,908
95,840
121,896
56,504
415,043
71,527
166,467
135,994
172,388
141,026
285,315
695,660
102,906
105,342
382,718
124,919
54,606
26,707
276,852
77,119
227,672
236,188
136,057
163,615
28,882
114,553
2,416,996
85,702
233,777
77,766
20,257
168,832
72,891
839,567
227,285
34,800
183,585
134,178
16,709
19,386
446,757
87,100
17,720
27,573
35,500
2,686
2,616
2,615
2,582
2,549
2,465
2,432
2,401
2,380
2,333
2,274
2,185
2,164
2,143
2,133
2,056
1,983
1,944
1,930
1,880
1,776
1,700
1,698
1,627
1,426
1,405
1,356
1,327
1,290
1,230
1,127
1,048
987
800
738
721
712
700
696
624
553
544
533
514
477
440
440
430
409
405
306
295
278
234
196
193
157
134
132
107
105
95
92
91
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*,^
*
*,^
*,^
*
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*
Seneca Foods Corp. Class A

Fuel Systems Solutions Inc.
Superior Uniform Group Inc.
Skullcandy Inc.
Culp Inc.
Lifetime Brands Inc.
MGP Ingredients Inc.
JAKKS Pacific Inc.
Nature's Sunshine Products Inc.
Alico Inc.
New Home Co. Inc.
Dixie Group Inc.
Johnson Outdoors Inc. Class A
Century Communities Inc.
Escalade Inc.
American Apparel Inc.
Rocky Brands Inc.
Lifevantage Corp.
Shiloh Industries Inc.
Craft Brew Alliance Inc.
Lifeway Foods Inc.
Core Molding Technologies Inc.
Griffin Land & Nurseries Inc.
Female Health Co.
LS Starrett Co. Class A
Marine Products Corp.
A-Mark Precious Metals Inc.
Crown Crafts Inc.
Blyth Inc.
Primo Water Corp.
Castle Brands Inc.
Delta Apparel Inc.
Lakeland Industries Inc.
Quantum Fuel Systems Technologies Worldwide Inc.
Reed's Inc.
Rocky Mountain Chocolate Factory Inc.
Mannatech Inc.
LoJack Corp.
Tandy Leather Factory Inc.
Stanley Furniture Co. Inc.
US Auto Parts Network Inc.
S&W Seed Co.
Summer Infant Inc.
Kewaunee Scientific Corp.
RiceBran Technologies
Rock Creek Pharmaceuticals Inc.
Coffee Holding Co. Inc.
Charles & Colvard Ltd.
Lipocine Inc.
Acme United Corp.
Clean Diesel Technologies Inc.
Skyline Corp.
Joe's Jeans Inc.
Comstock Holding Cos. Inc. Class A
Tofutti Brands Inc.
Emerson Radio Corp.
Reliv International Inc.
P&F Industries Inc. Class A
Cyanotech Corp.
Ceres Inc.
Vapor Corp.
Natural Alternatives International Inc.
CCA Industries Inc.
Alpha Pro Tech Ltd.

December 31, 2014
Shares
Market
Value
($000)
19,300
5,846
10,817
14,500
11,946
60,150
8,342
51,862
9,731
12,072
1,100
80
69
63
57
47
46
37
37
34
21
___________8
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
Hovnanian Enterprises Inc. Class B

Compx International Inc.
Willamette Valley Vineyards Inc.
Truett-Hurst Inc.
CTI Industries Corp.
Crystal Rock Holdings Inc.
Ocean Bio-Chem Inc.
DS Healthcare Group Inc.
Golden Enterprises Inc.
Koss Corp.
MYOS Corp.
37,526,347
Consumer Services (13.5%)
Walt Disney Co.
Wal-Mart Stores Inc.
Home Depot Inc.
Comcast Corp. Class A
*
Amazon.com Inc.
CVS Health Corp.
McDonald's Corp.
Twenty-First Century Fox Inc. Class A
Time Warner Inc.
Lowe's Cos. Inc.
*
Walgreens Boots Alliance Inc.
*
eBay Inc.
Costco Wholesale Corp.
*
Priceline Group Inc.
Starbucks Corp.
Target Corp.
McKesson Corp.
TJX Cos. Inc.
*
DIRECTV
Time Warner Cable Inc.
Delta Air Lines Inc.
American Airlines Group Inc.
Yum! Brands Inc.
Kroger Co.
Southwest Airlines Co.
Viacom Inc. Class B
Cardinal Health Inc.
CBS Corp. Class B
*
United Continental Holdings Inc.
Las Vegas Sands Corp.
Sysco Corp.
Macy's Inc.
L Brands Inc.
*
Dollar General Corp.
*
Chipotle Mexican Grill Inc. Class A
*
AutoZone Inc.
*
Netflix Inc.
Omnicom Group Inc.
Carnival Corp.
Ross Stores Inc.
AmerisourceBergen Corp. Class A
*
O'Reilly Automotive Inc.
Whole Foods Market Inc.
Comcast Corp.
Marriott International Inc. Class A
*
DISH Network Corp. Class A
Starwood Hotels & Resorts Worldwide Inc.
*
CarMax Inc.
*
Dollar Tree Inc.
*
Charter Communications Inc. Class A
Nielsen NV
25,726,136
27,173,604
22,209,011
38,463,284
6,242,382
19,321,716
16,390,489
30,065,093
13,425,778
16,624,603
14,328,686
18,836,166
7,376,455
881,789
11,969,445
10,733,876
3,907,923
11,092,260
8,460,459
4,726,196
14,104,043
12,084,248
7,370,909
7,830,827
11,445,052
6,233,995
5,596,321
7,820,402
6,218,436
6,756,775
9,893,337
5,970,390
4,178,148
5,105,770
521,759
539,547
963,739
4,202,629
7,002,915
3,366,381
3,500,457
1,620,761
6,058,644
4,795,423
3,341,340
3,562,762
3,018,985
3,636,214
3,286,273
1,379,607
5,120,411
2,423,145
2,333,669
2,331,280
2,231,255
1,937,323
1,860,874
1,535,789
1,154,650
1,146,830
1,143,773
1,091,846
1,057,086
1,045,612
1,005,425
982,093
814,809
811,207
760,707
733,522
718,665
693,778
648,078
536,971
502,817
484,355
469,108
451,791
432,781
415,951
392,974
392,667
392,553
361,619
360,978
357,149
334,039
329,223
325,578
317,442
317,315
315,601
312,191
305,477
276,049
260,725
259,690
244,749
242,099
231,288
229,870
229,036

December 31, 2014
Shares
Market
Value
($000)
2,963,810
7,188,043
1,365,159
2,429,903
3,266,530
1,844,595
10,798,218
1,224,974
4,999,696
2,434,863
2,289,248
2,090,012
1,348,934
6,617,226
6,840,107
4,023,134
4,650,207
4,608,709
7,034,294
1,624,860
1,857,083
3,945,039
2,419,270
1,667,161
2,234,794
6,181,391
37,607,942
1,027,692
1,643,926
1,093,958
16,465,689
7,873,446
3,799,176
1,658,203
3,436,820
2,018,178
1,783,742
1,420,581
1,312,300
665,636
1,227,487
927,175
2,449,206
2,667,499
2,361,609
1,632,942
1,073,799
2,557,741
9,075,365
3,401,474
434,458
1,255,521
1,756,444
612,861
3,521,318
1,351,232
4,180,461
1,502,632
1,916,256
1,364,190
4,160,638
7,926,809
1,905,901
1,078,973
225,753
211,472
203,081
200,297
199,389
197,113
195,664
195,114
194,888
193,304
180,439
179,239
177,479
172,643
170,592
169,414
156,805
155,221
146,102
138,698
138,650
138,550
135,915
135,532
133,551
132,158
131,628
131,380
130,215
124,580
123,822
123,534
121,308
120,933
120,392
118,326
118,316
107,510
98,777
93,688
92,773
87,312
84,375
81,999
81,830
81,076
80,814
79,674
77,821
77,213
75,943
75,846
74,912
74,132
72,680
72,480
72,113
70,564
69,924
66,532
65,988
65,475
64,419
63,325
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
^
Bed Bath & Beyond Inc.

Liberty Interactive Corp. Class A
Wynn Resorts Ltd.
Royal Caribbean Cruises Ltd.
Kohl's Corp.
Tiffany & Co.
Staples Inc.
Advance Auto Parts Inc.
Best Buy Co. Inc.
Nordstrom Inc.
Tractor Supply Co.
Wyndham Worldwide Corp.
Signet Jewelers Ltd.
Hilton Worldwide Holdings Inc.
Hertz Global Holdings Inc.
Gap Inc.
Discovery Communications Inc.
H&R Block Inc.
Interpublic Group of Cos. Inc.
Expedia Inc.
TripAdvisor Inc.
Safeway Inc.
Foot Locker Inc.
PetSmart Inc.
Alaska Air Group Inc.
MGM Resorts International
Sirius XM Holdings Inc.
Ulta Salon Cosmetics & Fragrance Inc.
Family Dollar Stores Inc.
IHS Inc. Class A
Rite Aid Corp.
News Corp. Class A
Gannett Co. Inc.
Omnicare Inc.
Liberty Media Corp.
Darden Restaurants Inc.
Avis Budget Group Inc.
Williams-Sonoma Inc.
Scripps Networks Interactive Inc. Class A
FactSet Research Systems Inc.
Spirit Airlines Inc.
Domino's Pizza Inc.
Discovery Communications Inc. Class A
Sally Beauty Holdings Inc.
KAR Auction Services Inc.
Dick's Sporting Goods Inc.
Madison Square Garden Co. Class A
Aramark
Office Depot Inc.
Service Corp. International
Panera Bread Co. Class A
AutoNation Inc.
Dunkin' Brands Group Inc.
Dun & Bradstreet Corp.
Cablevision Systems Corp. Class A
Lamar Advertising Co. Class A
International Game Technology
GNC Holdings Inc. Class A
Copart Inc.
VCA Inc.
JetBlue Airways Corp.
Groupon Inc. Class A
GameStop Corp. Class A
Brinker International Inc.

December 31, 2014
Shares
Market
Value
($000)
72,371
1,748,421
2,369,304
959,005
788,617
1,731,814
1,775,521
3,346,597
650,368
1,625,893
1,219,151
315,782
401,047
605,310
993,330
559,589
1,230,039
666,944
424,756
1,553,367
977,303
1,383,972
1,194,098
735,119
1,415,197
1,038,812
756,459
836,156
1,467,717
903,677
1,435,999
1,715,884
1,679,478
4,600,247
530,868
662,809
2,439,249
1,168,505
506,433
813,503
763,678
2,763,473
951,842
1,210,416
1,779,697
848,097
776,645
235,008
1,042,338
1,219,746
999,345
1,765,060
595,267
685,427
3,463,600
758,766
820,150
613,762
588,557
365,816
376,460
1,186,184
409,701
839,328
62,508
62,209
61,863
61,156
60,980
60,839
60,332
59,670
58,741
57,345
57,007
56,961
56,451
55,162
54,365
53,726
53,642
53,329
53,171
52,985
52,266
51,622
51,525
50,620
45,315
44,856
44,813
44,074
43,591
42,898
42,764
42,228
41,584
41,540
40,346
39,908
39,540
38,677
38,448
38,446
38,421
38,357
38,093
37,002
36,858
36,570
36,238
35,329
35,189
34,934
34,477
34,083
33,704
33,634
33,597
33,500
33,487
33,340
32,971
32,784
32,635
32,454
30,539
30,484
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*,^
Graham Holdings Co. Class B

Cinemark Holdings Inc.
Live Nation Entertainment Inc.
AMC Networks Inc. Class A
United Natural Foods Inc.
Urban Outfitters Inc.
Sprouts Farmers Market Inc.
Pandora Media Inc.
Casey's General Stores Inc.
Liberty Media Corp. Class A
Norwegian Cruise Line Holdings Ltd.
Buffalo Wild Wings Inc.
Cracker Barrel Old Country Store Inc.
Vail Resorts Inc.
Yelp Inc. Class A
Restoration Hardware Holdings Inc.
CST Brands Inc.
Jack in the Box Inc.
Dillard's Inc. Class A
Apollo Education Group Inc.
SolarCity Corp.
DSW Inc. Class A
Six Flags Entertainment Corp.
Murphy USA Inc.
Lions Gate Entertainment Corp.
Sotheby's
John Wiley & Sons Inc. Class A
Cabela's Inc.
Starz
DeVry Education Group Inc.
HomeAway Inc.
Time Inc.
Bloomin' Brands Inc.
Wendy's Co.
HSN Inc.
Hyatt Hotels Corp. Class A
Chico's FAS Inc.
Rollins Inc.
Asbury Automotive Group Inc.
Burlington Stores Inc.
Cheesecake Factory Inc.
American Eagle Outfitters Inc.
Big Lots Inc.
Aaron's Inc.
Houghton Mifflin Harcourt Co.
Dolby Laboratories Inc. Class A
Grand Canyon Education Inc.
Allegiant Travel Co. Class A
Texas Roadhouse Inc. Class A
Abercrombie & Fitch Co.
Hillenbrand Inc.
Extended Stay America Inc.
Life Time Fitness Inc.
Penske Automotive Group Inc.
SUPERVALU Inc.
Men's Wearhouse Inc.
Five Below Inc.
Meredith Corp.
Choice Hotels International Inc.
Group 1 Automotive Inc.
Lithia Motors Inc. Class A
Sinclair Broadcast Group Inc. Class A
Marriott Vacations Worldwide Corp.
Rent-A-Center Inc.
10

December 31, 2014
Shares
Market
Value
($000)
330,511
4,613,632
2,260,738
724,191
381,345
281,103
275,516
498,999
101,308
430,368
1,324,078
2,177,395
587,257
486,558
564,980
719,405
1,167,590
614,537
1,253,781
482,923
519,439
486,180
514,430
623,064
1,102,664
400,363
845,094
823,952
369,119
1,483,185
352,350
622,625
696,096
389,493
1,211,609
399,388
222,539
1,068,374
998,097
945,501
429,783
633,991
346,468
757,417
385,486
795,153
526,585
453,092
1,843,933
698,378
918,389
1,266,153
793,426
241,130
1,464,875
790,945
637,320
295,035
978,444
700,049
441,317
1,254,269
1,166,731
601,254
30,149
29,896
29,887
29,837
29,219
29,133
29,114
28,842
28,798
28,538
28,282
27,348
27,266
27,150
26,560
26,244
25,757
25,623
25,414
25,363
25,281
25,179
24,991
24,642
24,622
24,342
23,012
22,906
22,860
22,841
22,801
22,614
22,379
21,917
21,688
21,551
21,208
21,090
21,040
21,037
20,814
20,319
19,749
19,731
19,729
19,330
19,326
19,111
19,011
18,696
18,616
18,600
18,566
18,561
18,120
18,113
17,781
17,136
16,369
16,255
16,073
16,030
16,019
15,717
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*
*
*
*
*
*
*
*
*
^
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*,^
*
*
*
PriceSmart Inc.
JC Penney Co. Inc.
New York Times Co. Class A
Fresh Market Inc.
Genesco Inc.
DineEquity Inc.
Chemed Corp.
Monro Muffler Brake Inc.
AMERCO
Lumber Liquidators Holdings Inc.
Regal Entertainment Group Class A
Ascena Retail Group Inc.
comScore Inc.
Papa John's International Inc.
Bright Horizons Family Solutions Inc.
ANN Inc.
La Quinta Holdings Inc.
Shutterfly Inc.
Acxiom Corp.
Buckle Inc.
Matthews International Corp. Class A
Nexstar Broadcasting Group Inc. Class A
Vitamin Shoppe Inc.
WebMD Health Corp.
DreamWorks Animation SKG Inc. Class A
Fiesta Restaurant Group Inc.
Sonic Corp.
Beacon Roofing Supply Inc.
Core-Mark Holding Co. Inc.
Pier 1 Imports Inc.
Morningstar Inc.
GrubHub Inc.
Brown Shoe Co. Inc.
Popeyes Louisiana Kitchen Inc.
SeaWorld Entertainment Inc.
Lands' End Inc.
Churchill Downs Inc.
Krispy Kreme Doughnuts Inc.
Guess? Inc.
Pinnacle Entertainment Inc.
Hibbett Sports Inc.
Rush Enterprises Inc. Class A
Children's Place Inc.
Hawaiian Holdings Inc.
Bob Evans Farms Inc.
Finish Line Inc. Class A
Constant Contact Inc.
Cato Corp. Class A
Caesars Acquisition Co. Class A
ServiceMaster Global Holdings Inc.
Sabre Corp.
Express Inc.
zulily Inc. Class A
Red Robin Gourmet Burgers Inc.
Belmond Ltd. Class A
TrueCar Inc.
Diamond Resorts International Inc.
Mattress Firm Holding Corp.
Media General Inc.
Barnes & Noble Inc.
Scholastic Corp.
Boyd Gaming Corp.
Penn National Gaming Inc.
SpartanNash Co.
11

December 31, 2014
Shares
Market
Value
($000)
571,931
674,990
969,391
300,767
694,611
449,331
622,828
1,421,617
1,742,475
184,470
362,433
437,750
962,985
369,411
786,707
1,045,421
620,347
173,594
722,756
516,231
30,805
836,218
474,627
694,743
241,718
837,985
208,644
493,876
312,370
2,527,770
600,645
498,906
801,638
387,564
215,046
674,655
205,638
425,102
262,106
355,715
387,383
774,753
635,968
479,448
750,513
841,642
550,502
272,665
215,411
425,303
385,968
208,496
210,632
211,426
491,159
311,538
393,228
668,902
131,114
899,242
983,524
257,188
303,895
259,403
15,465
15,336
15,210
15,101
15,073
14,819
14,717
14,657
14,341
14,197
14,001
13,855
13,838
13,690
13,185
12,995
12,959
12,895
12,829
12,766
12,307
12,200
11,790
11,602
11,600
11,128
11,044
11,038
10,877
10,692
10,457
10,327
10,205
10,181
9,937
9,863
9,834
9,735
9,664
9,313
9,196
8,677
8,656
8,596
8,578
8,265
8,258
8,155
7,990
7,949
7,739
7,691
7,675
7,613
7,181
7,178
7,161
7,084
6,999
6,960
6,845
6,777
6,689
6,545
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*
*,^
Sonic Automotive Inc. Class A

MDC Partners Inc. Class A
Caesars Entertainment Corp.
BJ's Restaurants Inc.
Tuesday Morning Corp.
Sears Holdings Corp.
New Media Investment Group Inc.
Denny's Corp.
Orbitz Worldwide Inc.
Capella Education Co.
Zumiez Inc.
International Speedway Corp. Class A
National CineMedia Inc.
Pantry Inc.
Regis Corp.
Bankrate Inc.
Interval Leisure Group Inc.
Strayer Education Inc.
Coupons.com Inc.
Michaels Cos. Inc.
Biglari Holdings Inc.
Republic Airways Holdings Inc.
Weight Watchers International Inc.
Francesca's Holdings Corp.
Stamps.com Inc.
SkyWest Inc.
Ascent Capital Group Inc. Class A
EW Scripps Co. Class A
FTD Cos. Inc.
Cumulus Media Inc. Class A
Fred's Inc. Class A
Stage Stores Inc.
Scientific Games Corp. Class A
Carmike Cinemas Inc.
Steiner Leisure Ltd.
RetailMeNot Inc.
Weis Markets Inc.
Tribune Publishing Co.
American Public Education Inc.
AMC Entertainment Holdings Inc.
Del Frisco's Restaurant Group Inc.
Gray Television Inc.
Global Eagle Entertainment Inc.
ClubCorp Holdings Inc.
Journal Communications Inc. Class A
Pep Boys-Manny Moe & Jack
Ruth's Hospitality Group Inc.
Zoe's Kitchen Inc.
Ingles Markets Inc. Class A
Conn's Inc.
MarineMax Inc.
Twenty-First Century Fox Inc.
Providence Service Corp.
Blue Nile Inc.
Stein Mart Inc.
Chefs' Warehouse Inc.
XO Group Inc.
Clear Channel Outdoor Holdings Inc. Class A
America's Car-Mart Inc.
Harte-Hanks Inc.
Career Education Corp.
Noodles & Co. Class A
Haverty Furniture Cos. Inc.
SP Plus Corp.
12

December 31, 2014
Shares
Market
Value
($000)
1,004,632
517,606
304,499
930,008
241,658
245,119
514,754
217,665
240,014
1,130,008
237,717
359,218
282,928
292,299
916,106
245,628
325,896
330,351
711,723
290,360
722,234
203,797
219,295
218,918
624,285
553,294
149,637
328,982
284,773
110,732
281,816
472,168
14,695
43,602
423,677
46,911
384,143
131,994
299,289
133,645
257,620
416,971
749,429
262,221
692,704
294,656
562,485
200,690
135,869
274,876
368,320
928,189
295,621
70,337
827,248
235,171
377,429
1,219,550
211,545
444,768
166,113
422,373
372,913
153,321
6,510
6,387
6,379
6,361
6,208
6,189
6,110
5,957
5,825
5,644
5,620
5,417
5,412
5,410
5,002
4,831
4,768
4,747
4,690
4,567
4,499
4,457
4,408
4,372
4,314
4,222
4,215
4,000
3,961
3,958
3,928
3,891
3,865
3,790
3,762
3,753
3,692
3,648
3,573
3,511
3,416
3,407
3,395
3,388
3,353
3,335
3,212
3,201
3,137
3,125
3,083
3,082
3,069
3,058
3,044
3,027
2,959
2,829
2,782
2,700
2,681
2,644
2,625
2,544
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*,^
*
*
*,^
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Entravision Communications Corp. Class A

World Wrestling Entertainment Inc. Class A
Carriage Services Inc. Class A
Ruby Tuesday Inc.
Shoe Carnival Inc.
Citi Trends Inc.
K12 Inc.
Diplomat Pharmacy Inc.
Overstock.com Inc.
Clean Energy Fuels Corp.
Kirkland's Inc.
News Corp. Class B
Container Store Group Inc.
Marcus Corp.
Destination XL Group Inc.
Chuy's Holdings Inc.
Big 5 Sporting Goods Corp.
PetMed Express Inc.
EVINE Live Inc.
Smart & Final Stores Inc.
Angie's List Inc.
Speedway Motorsports Inc.
Build-A-Bear Workshop Inc.
El Pollo Loco Holdings Inc.
Chegg Inc.
Carrols Restaurant Group Inc.
Natural Grocers by Vitamin Cottage Inc.
Entercom Communications Corp. Class A
Bravo Brio Restaurant Group Inc.
Liberty Tax Inc.
Titan Machinery Inc.
1-800-Flowers.com Inc. Class A
Daily Journal Corp.
Winmark Corp.
Tile Shop Holdings Inc.
Nathan's Famous Inc.
ITT Educational Services Inc.
CSS Industries Inc.
Intrawest Resorts Holdings Inc.
Famous Dave's of America Inc.
Reading International Inc. Class A
Liquidity Services Inc.
SFX Entertainment Inc.
West Marine Inc.
Roundy's Inc.
Bridgepoint Education Inc.
Christopher & Banks Corp.
Destination Maternity Corp.
Kona Grill Inc.
TechTarget Inc.
Isle of Capri Casinos Inc.
McClatchy Co. Class A
AH Belo Corp. Class A
Saga Communications Inc. Class A
Lee Enterprises Inc.
Potbelly Corp.
Morgans Hotel Group Co.
Aeropostale Inc.
Sears Hometown and Outlet Stores Inc.
QuinStreet Inc.
Rubicon Project Inc.
Sizmek Inc.
RealNetworks Inc.
Monarch Casino & Resort Inc.
13

December 31, 2014
Shares
Market
Value
($000)
540,815
165,756
408,443
318,419
109,201
83,103
151,069
247,003
510,243
696,144
273,322
216,425
192,349
153,536
111,321
274,094
363,268
179,855
444,214
229,551
233,079
783,939
177,713
73,686
140,422
58,100
121,772
181,196
447,263
513,040
230,317
293,131
370,435
566,914
43,386
477,535
414,760
138,314
340,880
212,988
150,979
58,214
123,416
538,531
144,814
465,809
100,443
347,112
148,084
221,296
322,761
189,721
236,518
1,631,538
84,905
340,339
75,929
199,965
175,287
60,962
64,655
270,799
131,760
41,577
2,482
2,473
2,430
2,331
2,278
2,275
2,228
2,216
2,199
2,151
2,121
2,097
2,097
2,027
2,026
1,954
1,834
1,802
1,799
1,738
1,727
1,709
1,692
1,662
1,632
1,586
1,537
1,500
1,489
1,488
1,460
1,334
1,330
1,242
1,163
1,137
1,095
1,082
1,074
1,073
1,012
1,002
971
899
886
871
832
791
764
728
665
653
617
604
603
541
526
500
471
424
396
363
360
354
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*,^
*
*
*
*,^
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
*,^
*
*,^
*,^
*
*,^
*
*
*
*
*
*
Marchex Inc. Class B

Courier Corp.
Town Sports International Holdings Inc.
Sportsman's Warehouse Holdings Inc.
Collectors Universe Inc.
Village Super Market Inc. Class A
Everyday Health Inc.
Dex Media Inc.
Martha Stewart Living Omnimedia Inc. Class A
Speed Commerce Inc.
Empire Resorts Inc.
Tilly's Inc. Class A
Autobytel Inc.
Townsquare Media Inc. Class A
Boot Barn Holdings Inc.
Gaiam Inc. Class A
Century Casinos Inc.
RCI Hospitality Holdings Inc.
Eldorado Resorts Inc.
hhgregg Inc.
Bon-Ton Stores Inc.
Pacific Sunwear of California Inc.
PCM Inc.
TubeMogul Inc.
Papa Murphy's Holdings Inc.
Dave & Buster's Entertainment Inc.
Travelzoo Inc.
Care.com Inc.
Mandalay Digital Group Inc.
Liberator Medical Holdings Inc.
Red Lion Hotels Corp.
Luby's Inc.
Spark Networks Inc.
bebe stores inc
Frisch's Restaurants Inc.
TheStreet Inc.
New York & Co. Inc.
Salem Communications Corp. Class A
Fairway Group Holdings Corp.
YuMe Inc.
Lakes Entertainment Inc.
Wayside Technology Group Inc.
Ignite Restaurant Group Inc.
Radio One Inc.
Demand Media Inc.
Emmis Communications Corp. Class A
Geeknet Inc.
Profire Energy Inc.
Diversified Restaurant Holdings Inc.
Trans World Entertainment Corp.
YOU On Demand Holdings Inc.
ReachLocal Inc.
Dover Motorsports Inc.
RadioShack Corp.
Pizza Inn Holdings Inc.
Cosi Inc.
Trupanion Inc.
Ambassadors Group Inc.
National American University Holdings Inc.
Good Times Restaurants Inc.
Perfumania Holdings Inc.
Envivio Inc.
Gordmans Stores Inc.
Gaming Partners International Corp.
14

December 31, 2014
Shares
Market
Value
($000)
92,648
192,481
177,317
59,500
339,612
87,299
101,022
250,058
85,348
105,144
136,659
10,035
363,244
157,784
174,274
92,687
105,377
9,438
352,086
32,835
4,474
49,500
1,379,266
61,321
13,411
41,913
691,703
8,522
4,200
47,000
48,807
1,375
768
19,446
42,843
332
320
317
304
282
274
267
260
259
247
239
226
222
221
197
185
180
157
155
147
134
114
89
77
66
52
44
41
39
34
32
31
30
27
___________7
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
^
*,^
*,^
*,^
*
*
*
*
*,^
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*,^
*
*
*
Insignia Systems Inc.

Cambium Learning Group Inc.
PDI Inc.
Beasley Broadcast Group Inc. Class A
Dover Downs Gaming & Entertainment Inc.
LiveDeal Inc.
Viggle Inc.
Local Corp.
Bacterin International Holdings Inc.
CafePress Inc.
Learning Tree International Inc.
Ark Restaurants Corp.
Premier Exhibitions Inc.
Full House Resorts Inc.
Net Element Inc.
RLJ Entertainment Inc.
Books-A-Million Inc.
Value Line Inc.
NTN Buzztime Inc.
Remark Media Inc.
Flanigan's Enterprises Inc.
Spanish Broadcasting System Inc.
Wet Seal Inc. Class A
DGSE Cos. Inc.
Dover Saddlery Inc.
Nevada Gold & Casinos Inc.
Corinthian Colleges Inc.
Educational Development Corp.
Canterbury Park Holding Corp.
EveryWare Global Inc.
Empire Resorts Inc. Rights Exp. 02/02/2015
Haverty Furniture Cos. Inc. Class A
Restaurant Brands International Inc.
SPAR Group Inc.
Universal Travel Group
51,841,710
Financials (19.1%)
Wells Fargo & Co.
*
Berkshire Hathaway Inc. Class B
JPMorgan Chase & Co.
Bank of America Corp.
Citigroup Inc.
Visa Inc. Class A
American Express Co.
MasterCard Inc. Class A
US Bancorp
Goldman Sachs Group Inc.
American International Group Inc.
Simon Property Group Inc.
Morgan Stanley
MetLife Inc.
PNC Financial Services Group Inc.
Capital One Financial Corp.
Bank of New York Mellon Corp.
Prudential Financial Inc.
American Tower Corporation
BlackRock Inc.
ACE Ltd.
Charles Schwab Corp.
Travelers Cos. Inc.
State Street Corp.
Marsh & McLennan Cos. Inc.
Discover Financial Services
Allstate Corp.
87,444,075
29,719,646
63,001,253
177,180,419
48,500,022
8,312,581
17,429,747
16,884,919
30,125,810
6,967,610
23,566,299
5,295,966
24,717,478
15,306,704
8,858,569
9,360,633
18,973,173
7,672,566
6,684,515
1,811,506
5,301,999
19,778,993
5,556,987
6,687,878
9,111,888
7,632,038
7,031,184
15
4,793,684
4,462,405
3,942,618
3,169,758
2,624,336
2,179,559
1,621,664
1,454,805
1,354,155
1,350,532
1,319,948
964,448
959,038
827,940
808,167
772,720
769,742
694,060
660,764
647,722
609,094
597,128
588,207
524,998
521,564
499,822
493,941

December 31, 2014
Shares
Market
Value
($000)
5,368,758
12,110,765
2,477,669
4,796,933
5,624,695
7,223,656
6,103,361
5,510,246
1,895,637
3,121,318
3,975,857
4,568,886
6,833,250
8,832,165
2,218,906
8,389,036
4,146,335
4,943,019
7,733,983
3,536,931
2,837,342
2,564,798
8,845,851
7,310,481
12,750,855
7,240,911
13,987,939
9,654,094
4,937,746
3,766,769
2,005,728
4,363,973
9,067,538
23,142,722
1,070,038
5,064,738
14,681,575
931,727
2,366,222
863
1,614,669
3,721,403
15,912,566
2,040,213
6,513,135
4,737,118
6,862,749
8,767,901
224,193
4,415,018
1,135,032
2,280,071
4,367,962
6,904,446
4,259,857
3,099,295
4,125,392
13,884,672
3,030,059
15,587,678
3,286,255
2,590,508
4,285,777
5,907,719
475,940
470,988
457,997
454,893
442,663
441,293
438,465
416,960
415,694
412,794
411,382
406,539
378,357
370,068
362,547
360,980
356,004
354,414
340,527
338,873
333,984
330,064
317,478
304,774
303,088
286,161
285,004
271,570
256,467
253,880
251,960
251,670
244,733
244,387
221,070
212,820
204,074
197,750
197,367
195,038
192,178
177,548
172,015
164,992
163,740
162,246
162,098
157,033
153,088
152,097
151,481
151,169
150,127
149,205
148,584
148,239
147,607
146,067
141,928
141,068
139,271
134,266
132,088
128,966
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
CME Group Inc.

BB&T Corp.
Public Storage
Aon plc
Crown Castle International Corp.
Aflac Inc.
Equity Residential
Health Care REIT Inc.
Intercontinental Exchange Inc.
Ameriprise Financial Inc.
Chubb Corp.
McGraw Hill Financial Inc.
Franklin Resources Inc.
SunTrust Banks Inc.
AvalonBay Communities Inc.
Prologis Inc.
T. Rowe Price Group Inc.
Ventas Inc.
HCP Inc.
Moody's Corp.
Vornado Realty Trust
Boston Properties Inc.
Weyerhaeuser Co.
Hartford Financial Services Group Inc.
Host Hotels & Resorts Inc.
Invesco Ltd.
Fifth Third Bancorp
General Growth Properties Inc.
Principal Financial Group Inc.
Northern Trust Corp.
M&T Bank Corp.
Lincoln National Corp.
Progressive Corp.
Regions Financial Corp.
Essex Property Trust Inc.
Loews Corp.
KeyCorp
Affiliated Managers Group Inc.
Macerich Co.
Berkshire Hathaway Inc. Class A
SL Green Realty Corp.
Realty Income Corp.
Annaly Capital Management Inc.
Equifax Inc.
Kimco Realty Corp.
CBRE Group Inc. Class A
Ally Financial Inc.
Western Union Co.
Markel Corp.
FNF Group
Federal Realty Investment Trust
Digital Realty Trust Inc.
XL Group plc Class A
Navient Corp.
Unum Group
CIT Group Inc.
TD Ameritrade Holding Corp.
Huntington Bancshares Inc.
Comerica Inc.
American Realty Capital Properties Inc.
Voya Financial Inc.
Cincinnati Financial Corp.
UDR Inc.
American Capital Agency Corp.
16

December 31, 2014
Shares
Market
Value
($000)
2,987,536
2,675,858
2,113,630
2,136,299
2,321,883
259,974
2,673,285
2,195,225
4,837,744
1,673,385
5,720,702
2,959,614
746,102
6,903,411
2,455,240
2,168,545
1,215,427
1,838,851
1,438,364
2,532,480
800,298
1,147,252
586,891
1,554,471
850,748
3,408,661
1,395,451
1,977,211
5,126,778
1,255,902
2,409,405
2,473,559
1,736,686
1,440,259
789,678
2,408,772
1,666,694
3,772,464
1,256,318
1,840,569
1,690,095
2,186,726
2,256,302
2,137,410
1,595,901
1,185,813
5,271,377
7,906,161
1,916,533
2,499,856
999,385
1,872,785
3,417,045
6,322,208
570,149
2,216,917
1,625,858
2,785,361
1,737,955
3,169,019
8,357,408
1,949,421
3,250,042
1,150,105
127,837
125,979
124,916
122,389
121,017
120,498
119,790
118,915
117,339
117,304
115,558
114,419
111,863
110,455
109,234
108,492
107,857
107,830
106,209
101,400
100,806
100,522
99,948
99,144
98,746
97,181
96,384
94,827
94,128
93,791
93,268
93,080
92,687
91,341
90,126
89,486
89,201
87,672
87,503
87,317
86,634
86,091
85,108
83,509
81,535
81,145
80,019
80,010
78,444
77,496
76,373
75,792
75,551
75,171
74,359
74,333
73,911
72,392
71,882
71,525
71,038
70,842
70,006
69,834
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Plum Creek Timber Co. Inc.

Arthur J Gallagher & Co.
Arch Capital Group Ltd.
Raymond James Financial Inc.
First Republic Bank
Alleghany Corp.
Willis Group Holdings plc
Torchmark Corp.
E*TRADE Financial Corp.
WP Carey Inc.
Duke Realty Corp.
Iron Mountain Inc.
Jones Lang LaSalle Inc.
New York Community Bancorp Inc.
Realogy Holdings Corp.
Lazard Ltd. Class A
Alexandria Real Estate Equities Inc.
Extra Space Storage Inc.
Camden Property Trust
SEI Investments Co.
Signature Bank
Reinsurance Group of America Inc. Class A
Everest Re Group Ltd.
Regency Centers Corp.
SVB Financial Group
Zions Bancorporation
Kilroy Realty Corp.
NASDAQ OMX Group Inc.
DDR Corp.
Mid-America Apartment Communities Inc.
East West Bancorp Inc.
Liberty Property Trust
Legg Mason Inc.
CBOE Holdings Inc.
PartnerRe Ltd.
Apartment Investment & Management Co. Class A
HCC Insurance Holdings Inc.
Starwood Property Trust Inc.
Protective Life Corp.
MSCI Inc. Class A
WR Berkley Corp.
National Retail Properties Inc.
Liberty Ventures Class A
Omega Healthcare Investors Inc.
Axis Capital Holdings Ltd.
Assurant Inc.
People's United Financial Inc.
Hudson City Bancorp Inc.
Eaton Vance Corp.
Hospitality Properties Trust
Taubman Centers Inc.
LaSalle Hotel Properties
Senior Housing Properties Trust
Spirit Realty Capital Inc.
Howard Hughes Corp.
RLJ Lodging Trust
PacWest Bancorp
Assured Guaranty Ltd.
American Campus Communities Inc.
NorthStar Asset Management Group Inc.
Genworth Financial Inc. Class A
Corrections Corp. of America
BioMed Realty Trust Inc.
American Financial Group Inc.
17

December 31, 2014
Shares
Market
Value
($000)
1,335,517
965,797
2,050,047
1,339,623
5,921,922
1,495,554
3,753,511
3,930,158
2,265,840
1,840,277
792,838
1,457,619
1,420,803
2,122,187
2,915,267
1,121,569
945,751
3,644,205
3,565,818
6,075,272
624,974
2,127,922
2,191,469
3,583,143
1,735,781
1,552,670
1,408,351
2,641,700
2,168,518
3,388,942
3,910,483
1,682,773
2,106,713
1,233,328
4,247,292
2,170,704
2,242,421
1,499,378
17,358,215
948,029
5,773,464
3,186,386
902,924
2,092,489
3,904,882
1,038,269
1,474,662
2,768,182
492,182
730,168
1,286,305
1,573,255
2,666,657
5,944,970
3,351,632
712,101
998,500
2,636,923
1,509,707
840,908
6,095,121
897,183
2,574,781
802,171
68,846
68,224
67,467
66,740
66,474
66,223
65,987
65,594
64,350
64,262
64,069
63,392
63,297
63,135
62,095
62,090
62,041
61,988
61,403
60,874
60,760
59,454
59,367
59,158
59,103
58,877
58,531
58,302
58,203
57,714
57,210
57,046
56,755
56,277
56,192
55,722
55,702
55,417
55,199
54,635
53,809
53,276
53,065
53,045
53,028
52,972
52,586
52,291
52,117
52,076
51,915
51,807
51,786
50,116
49,839
49,747
49,745
49,126
49,111
48,714
48,700
48,681
48,509
48,499
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*,^
Equity LifeStyle Properties Inc.

Cullen/Frost Bankers Inc.
Brown & Brown Inc.
Waddell & Reed Financial Inc. Class A
Investors Bancorp Inc.
Highwoods Properties Inc.
NorthStar Realty Finance Corp.
Retail Properties of America Inc.
Douglas Emmett Inc.
Weingarten Realty Investors
City National Corp.
Commerce Bancshares Inc.
LPL Financial Holdings Inc.
Synchrony Financial
Forest City Enterprises Inc. Class A
Prosperity Bancshares Inc.
Home Properties Inc.
Umpqua Holdings Corp.
CNO Financial Group Inc.
Two Harbors Investment Corp.
RenaissanceRe Holdings Ltd.
Rayonier Inc.
Synovus Financial Corp.
Sunstone Hotel Investors Inc.
Popular Inc.
Allied World Assurance Co. Holdings AG
Validus Holdings Ltd.
CubeSmart
Outfront Media Inc.
American Homes 4 Rent Class A
Old Republic International Corp.
First American Financial Corp.
Healthcare Trust of America Inc. Class A
Pebblebrook Hotel Trust
Strategic Hotels & Resorts Inc.
Equity Commonwealth
Brixmor Property Group Inc.
Tanger Factory Outlet Centers Inc.
Chimera Investment Corp.
EPR Properties
MGIC Investment Corp.
Radian Group Inc.
Post Properties Inc.
Columbia Property Trust Inc.
First Horizon National Corp.
Stifel Financial Corp.
DCT Industrial Trust Inc.
FirstMerit Corp.
Zillow Inc. Class A
Hanover Insurance Group Inc.
Geo Group Inc.
Federated Investors Inc. Class B
CBL & Associates Properties Inc.
First Niagara Financial Group Inc.
DiamondRock Hospitality Co.
StanCorp Financial Group Inc.
Liberty Broadband Corp.
Associated Banc-Corp
Webster Financial Corp.
PRA Group Inc.
MFA Financial Inc.
Primerica Inc.
Piedmont Office Realty Trust Inc. Class A
Sun Communities Inc.
18

December 31, 2014
Shares
Market
Value
($000)
554,742
3,023,059
1,089,497
1,610,711
1,212,479
71,992
756,104
1,517,678
2,585,468
985,000
1,546,622
1,836,059
1,594,863
1,391,863
595,106
708,680
763,996
357,861
2,524,345
1,218,322
3,028,231
1,079,209
1,220,689
2,517,384
3,472,161
695,854
1,371,225
2,948,641
3,158,101
2,766,967
808,771
715,815
1,668,200
2,609,361
404,852
524,976
3,751,033
1,135,232
1,090,427
1,565,232
1,738,666
544,382
1,258,597
1,181,515
2,880,463
1,747,263
911,549
2,460,500
1,212,294
889,242
3,003,203
2,131,015
1,449,552
1,212,300
648,649
1,066,938
867,242
3,926,565
496,931
124,205
1,224,794
969,535
1,633,725
1,201,909
48,385
48,308
47,687
46,662
45,977
45,363
44,845
44,529
44,522
44,473
43,878
43,735
43,572
42,730
42,675
42,407
41,508
40,889
40,718
40,692
40,669
40,416
40,112
40,001
39,652
39,587
39,409
39,276
39,034
38,129
37,818
37,752
36,951
36,949
36,748
36,727
36,423
36,361
36,246
36,079
35,747
35,303
34,989
34,488
34,278
34,264
33,919
33,807
33,665
33,516
32,975
32,945
32,629
32,611
32,043
31,880
31,698
31,648
31,466
31,398
31,342
31,180
31,139
30,408
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
^
Sovran Self Storage Inc.

Brandywine Realty Trust
Aspen Insurance Holdings Ltd.
BankUnited Inc.
Bank of the Ozarks Inc.
White Mountains Insurance Group Ltd.
Bank of Hawaii Corp.
Gaming and Leisure Properties Inc.
Washington Prime Group Inc.
ProAssurance Corp.
Corporate Office Properties Trust
Colony Financial Inc.
Healthcare Realty Trust Inc.
Hancock Holding Co.
MarketAxess Holdings Inc.
Endurance Specialty Holdings Ltd.
Texas Capital Bancshares Inc.
American National Insurance Co.
Janus Capital Group Inc.
PrivateBancorp Inc.
Susquehanna Bancshares Inc.
United Bankshares Inc.
MB Financial Inc.
TCF Financial Corp.
Cousins Properties Inc.
UMB Financial Corp.
Kite Realty Group Trust
FNB Corp.
Fulton Financial Corp.
Medical Properties Trust Inc.
Wintrust Financial Corp.
Ryman Hospitality Properties Inc.
Washington Federal Inc.
Harbinger Group Inc.
Erie Indemnity Co. Class A
National Health Investors Inc.
Valley National Bancorp
Acadia Realty Trust
DuPont Fabros Technology Inc.
Symetra Financial Corp.
First Industrial Realty Trust Inc.
Iberiabank Corp.
Western Alliance Bancorp
American Equity Investment Life Holding Co.
American Realty Capital Healthcare Trust Inc.
Santander Consumer USA Holdings Inc.
Chesapeake Lodging Trust
Glimcher Realty Trust
Glacier Bancorp Inc.
Blackhawk Network Holdings Inc. Class B
Lexington Realty Trust
Invesco Mortgage Capital Inc.
BancorpSouth Inc.
Liberty TripAdvisor Holdings Inc. Class A
RLI Corp.
First Financial Bankshares Inc.
Financial Engines Inc.
Chambers Street Properties
EastGroup Properties Inc.
First Citizens BancShares Inc. Class A
Cathay General Bancorp
Home BancShares Inc.
EverBank Financial Corp.
Kennedy-Wilson Holdings Inc.
19

December 31, 2014
Shares
Market
Value
($000)
772,490
1,096,425
1,604,831
397,686
796,878
1,184,727
1,179,322
2,732,295
2,239,181
945,955
1,119,299
503,819
971,098
2,215,217
1,901,079
670,164
1,788,716
920,194
592,466
603,364
1,391,458
2,690,052
539,464
509,560
469,898
395,187
691,449
2,858,283
981,993
1,130,816
1,621,300
1,716,343
716,318
323,706
594,404
167,539
875,939
457,749
149,073
1,325,934
1,074,192
1,491,492
1,187,381
1,359,563
888,613
438,944
883,556
929,664
597,247
2,661,205
1,183,379
2,412,605
581,723
1,225,288
906,886
1,453,893
683,860
632,513
2,098,832
2,030,094
3,119,996
364,685
5,942,043
1,076,664
30,328
30,327
29,577
29,198
29,158
29,026
28,941
28,935
28,617
28,435
28,385
28,340
28,317
28,288
28,288
28,060
28,038
27,946
27,929
27,773
27,412
27,412
27,259
26,686
26,629
26,509
26,365
26,153
26,062
26,020
25,973
25,917
25,866
25,748
25,660
25,615
25,525
25,483
25,415
25,272
25,201
25,042
25,042
25,002
24,535
24,348
24,006
23,902
23,776
23,206
23,100
23,016
23,001
22,962
22,944
22,884
22,690
22,657
22,090
21,966
21,934
21,896
21,867
21,479
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*,^
*
Alexander & Baldwin Inc.

Washington REIT
Hatteras Financial Corp.
Platinum Underwriters Holdings Ltd.
Education Realty Trust Inc.
STAG Industrial Inc.
Trustmark Corp.
New York REIT Inc.
Capitol Federal Financial Inc.
Hudson Pacific Properties Inc.
Equity One Inc.
AmTrust Financial Services Inc.
Interactive Brokers Group Inc.
New Residential Investment Corp.
Old National Bancorp
Potlatch Corp.
WisdomTree Investments Inc.
Sabra Health Care REIT Inc.
NRG Yield Inc. Class A
Trulia Inc.
Redwood Trust Inc.
SLM Corp.
Artisan Partners Asset Management Inc. Class A
Evercore Partners Inc. Class A
Mercury General Corp.
South State Corp.
Community Bank System Inc.
BGC Partners Inc. Class A
International Bancshares Corp.
Government Properties Income Trust
CVB Financial Corp.
Ocwen Financial Corp.
Kemper Corp.
PS Business Parks Inc.
LTC Properties Inc.
Enstar Group Ltd.
Blackstone Mortgage Trust Inc. Class A
First Cash Financial Services Inc.
Virtus Investment Partners Inc.
Mack-Cali Realty Corp.
Pennsylvania REIT
Retail Opportunity Investments Corp.
PennyMac Mortgage Investment Trust
Parkway Properties Inc.
Columbia Banking System Inc.
Argo Group International Holdings Ltd.
Selective Insurance Group Inc.
Essent Group Ltd.
American Assets Trust Inc.
CYS Investments Inc.
Home Loan Servicing Solutions Ltd.
MBIA Inc.
Pinnacle Financial Partners Inc.
Ramco-Gershenson Properties Trust
LendingClub Corp.
FNFV Group
Horace Mann Educators Corp.
Montpelier Re Holdings Ltd.
National Penn Bancshares Inc.
FelCor Lodging Trust Inc.
Hersha Hospitality Trust Class A
BOK Financial Corp.
ARMOUR Residential REIT Inc.
Hilltop Holdings Inc.
20

December 31, 2014
Shares
Market
Value
($000)
435,305
584,864
1,230,588
1,534,321
897,786
1,366,511
1,650,893
398,565
460,697
450,701
2,845,615
738,489
537,704
1,524,934
210,524
1,293,692
950,701
1,273,758
1,369,912
1,112,504
1,451,912
749,957
965,833
1,021,321
394,909
1,292,853
1,392,600
222,542
565,091
370,936
489,414
585,553
608,529
918,582
877,829
563,840
854,092
612,762
1,531,242
490,997
464,931
643,340
35,919
852,051
1,428,188
1,895,931
663,235
272,191
900,891
232,466
255,892
604,676
496,613
613,095
392,111
1,248,690
337,150
1,568,581
695,892
184,529
192,310
1,801,290
354,934
386,379
21,339
21,155
21,055
20,943
20,838
20,341
20,273
19,964
19,722
19,651
19,635
19,400
19,314
18,711
18,627
18,603
18,444
18,317
18,302
18,301
18,192
18,059
17,955
17,955
17,534
17,415
17,324
17,316
17,314
17,185
17,032
16,940
16,765
16,590
16,538
16,334
16,176
16,159
16,047
16,031
16,031
15,704
15,703
15,669
15,639
15,490
15,089
15,052
14,955
14,880
14,865
14,815
14,804
14,622
14,583
14,547
14,504
14,462
14,356
14,257
14,104
13,888
13,860
13,724
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
^
Westamerica Bancorporation
Springleaf Holdings Inc.
First Midwest Bancorp Inc.
iStar Financial Inc.
Associated Estates Realty Corp.
TFS Financial Corp.
Capstead Mortgage Corp.
Liberty Broadband Corp. Class A
Independent Bank Corp.
Greenhill & Co. Inc.
Gramercy Property Trust Inc.
NBT Bancorp Inc.
HFF Inc. Class A
Franklin Street Properties Corp.
Park National Corp.
Sterling Bancorp
Altisource Residential Corp.
BBCN Bancorp Inc.
Astoria Financial Corp.
New Senior Investment Group Inc.
Northwest Bancshares Inc.
Union Bankshares Corp.
First Financial Bancorp
Encore Capital Group Inc.
Boston Private Financial Holdings Inc.
Summit Hotel Properties Inc.
BofI Holding Inc.
Chemical Financial Corp.
Nelnet Inc. Class A
WesBanco Inc.
Renasant Corp.
CyrusOne Inc.
Provident Financial Services Inc.
American Capital Mortgage Investment Corp.
Chatham Lodging Trust
United Community Banks Inc.
Starwood Waypoint Residential Trust
Ashford Hospitality Trust Inc.
Greenlight Capital Re Ltd. Class A
Aviv REIT Inc.
Select Income REIT
Alexander's Inc.
St. Joe Co.
Inland Real Estate Corp.
Investors Real Estate Trust
First Merchants Corp.
Tompkins Financial Corp.
Physicians Realty Trust
Safety Insurance Group Inc.
Piper Jaffray Cos.
Ambac Financial Group Inc.
S&T Bancorp Inc.
ViewPoint Financial Group Inc.
TESARO Inc.
KCG Holdings Inc. Class A
Banner Corp.
First Commonwealth Financial Corp.
Terreno Realty Corp.
Infinity Property & Casualty Corp.
Navigators Group Inc.
New York Mortgage Trust Inc.
CoreSite Realty Corp.
Eagle Bancorp Inc.
21

December 31, 2014
Shares
Market
Value
($000)
699,103
312,111
1,054,723
311,707
634,818
1,672,014
273,219
342,582
301,363
671,767
463,679
757,101
1,215,367
736,344
906,538
976,695
848,818
829,479
636,520
205,209
1,167,478
496,410
559,876
2,213,554
777,357
526,931
607,348
438,084
561,655
1,532,497
321,874
510,259
657,550
480,654
733,635
540,182
836,107
680,695
378,484
398,490
405,510
1,793,577
2,087,473
257,866
298,969
360,752
175,863
660,899
131,411
489,824
507,039
601,623
598,636
270,690
205,426
299,309
441,383
875,312
36,219
330,059
548,602
471,983
358,355
518,773
13,570
13,567
13,226
13,204
13,007
12,824
12,713
12,689
12,681
12,488
12,427
12,386
12,312
12,260
12,139
12,072
11,917
11,911
11,846
11,736
11,710
11,671
11,657
11,621
11,505
11,492
11,248
11,232
11,222
11,126
11,043
10,971
10,896
10,872
10,784
10,712
10,694
10,694
10,669
10,624
10,576
10,528
10,521
10,482
10,443
10,429
10,205
10,178
10,104
10,017
9,943
9,933
9,913
9,910
9,885
9,862
9,825
9,821
9,752
9,724
9,606
9,567
9,536
9,514
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*,^
*
*,^
*
*
*
*
National Bank Holdings Corp. Class A

Lakeland Financial Corp.
Synergy Resources Corp.
AMERISAFE Inc.
Green Dot Corp. Class A
RAIT Financial Trust
City Holding Co.
Stewart Information Services Corp.
Cohen & Steers Inc.
Paramount Group Inc.
Capital Bank Financial Corp.
Apollo Commercial Real Estate Finance Inc.
Wilshire Bancorp Inc.
OFG Bancorp
Excel Trust Inc.
First Potomac Realty Trust
Talmer Bancorp Inc. Class A
United Financial Bancorp Inc.
National General Holdings Corp.
Saul Centers Inc.
Brookline Bancorp Inc.
Employers Holdings Inc.
Investment Technology Group Inc.
Anworth Mortgage Asset Corp.
Northfield Bancorp Inc.
Hanmi Financial Corp.
Rouse Properties Inc.
Ameris Bancorp
State Bank Financial Corp.
TrustCo Bank Corp. NY
1st Source Corp.
Central Pacific Financial Corp.
FXCM Inc. Class A
Cash America International Inc.
Western Asset Mortgage Capital Corp.
Cardinal Financial Corp.
Maiden Holdings Ltd.
Rexford Industrial Realty Inc.
Nationstar Mortgage Holdings Inc.
Berkshire Hills Bancorp Inc.
Sandy Spring Bancorp Inc.
First BanCorp
Resource Capital Corp.
Simmons First National Corp. Class A
Moelis & Co. Class A
Southside Bancshares Inc.
FBL Financial Group Inc. Class A
Oritani Financial Corp.
WSFS Financial Corp.
Universal Insurance Holdings Inc.
Ladder Capital Corp.
Walter Investment Management Corp.
Silver Bay Realty Trust Corp.
Community Trust Bancorp Inc.
Universal Health Realty Income Trust
ServisFirst Bancshares Inc.
Enova International Inc.
Meridian Bancorp Inc.
National Western Life Insurance Co. Class A
Tejon Ranch Co.
Xoom Corp.
Flushing Financial Corp.
Arlington Asset Investment Corp. Class A
United Development Funding IV
22

December 31, 2014
Shares
Market
Value
($000)
792,165
117,751
794,832
841,361
313,058
528,191
771,611
328,972
1,234,081
250,928
476,653
1,210,310
219,553
965,506
63,844
554,316
501,354
348,606
452,563
272,793
341,668
526,967
536,490
310,558
374,432
466,545
231,868
415,656
494,219
441,257
237,665
698,864
588,746
227,449
124,392
120,816
393,117
623,934
1,590,625
609,700
1,141,714
389,636
370,731
286,782
579,720
353,585
838,968
302,800
206,377
77,314
480,011
1,696,361
965,348
402,998
769,571
239,592
146,673
185,117
265,789
365,130
229,988
412,273
384,186
89,871
9,490
9,355
9,339
9,314
9,307
9,280
9,190
9,152
9,058
8,938
8,851
8,847
8,822
8,815
8,709
8,642
8,628
8,611
8,599
8,481
8,439
8,310
8,262
8,242
8,193
8,188
8,162
8,089
8,046
8,035
8,031
7,911
7,730
7,697
7,690
7,659
7,638
7,637
7,635
7,518
7,433
7,345
7,285
7,147
7,113
7,008
6,921
6,901
6,881
6,876
6,831
6,701
6,622
6,577
6,511
6,493
6,342
6,340
6,291
6,266
6,246
6,234
6,224
6,189
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*
*
*
*
*
*
*,^
*
^
*
*
*
*
*
*
State National Cos. Inc.

World Acceptance Corp.
Ezcorp Inc. Class A
Monmouth Real Estate Investment Corp.
United Fire Group Inc.
American Residential Properties Inc.
Centerstate Banks Inc.
First Interstate BancSystem Inc. Class A
Cedar Realty Trust Inc.
First Financial Corp.
AG Mortgage Investment Trust Inc.
Campus Crest Communities Inc.
Washington Trust Bancorp Inc.
NMI Holdings Inc. Class A
Credit Acceptance Corp.
Winthrop Realty Trust
BNC Bancorp
Square 1 Financial Inc. Class A
ConnectOne Bancorp Inc.
Agree Realty Corp.
Trico Bancshares
Apollo Residential Mortgage Inc.
Forestar Group Inc.
AmREIT Inc.
Urstadt Biddle Properties Inc. Class A
Heritage Financial Corp.
First NBC Bank Holding Co.
Customers Bancorp Inc.
Dime Community Bancshares Inc.
Getty Realty Corp.
Altisource Portfolio Solutions SA
CatchMark Timber Trust Inc. Class A
CoBiz Financial Inc.
QTS Realty Trust Inc. Class A
Westwood Holdings Group Inc.
BancFirst Corp.
Heritage Insurance Holdings Inc.
RCS Capital Corp. Class A
Cowen Group Inc. Class A
CareTrust REIT Inc.
First Busey Corp.
PICO Holdings Inc.
Yadkin Financial Corp.
eHealth Inc.
Beneficial Mutual Bancorp Inc.
Safeguard Scientifics Inc.
Dynex Capital Inc.
Great Western Bancorp Inc.
Stock Yards Bancorp Inc.
GAMCO Investors Inc.
Hannon Armstrong Sustainable Infrastructure Capital Inc.
Ladenburg Thalmann Financial Services Inc.
Bank Mutual Corp.
First Connecticut Bancorp Inc.
Meadowbrook Insurance Group Inc.
Heartland Financial USA Inc.
HCI Group Inc.
RE/MAX Holdings Inc.
One Liberty Properties Inc.
Ashford Hospitality Prime Inc.
Hudson Valley Holding Corp.
Towne Bank
OneBeacon Insurance Group Ltd. Class A
Phoenix Cos. Inc.
23

December 31, 2014
Shares
Market
Value
($000)
566,056
157,322
154,842
277,798
673,903
44,013
121,669
455,572
862,789
574,140
625,383
120,646
496,875
185,366
329,639
18,532
376,532
268,476
227,654
319,648
316,301
1,013,343
324,281
213,819
176,828
170,859
330,689
571,338
213,091
279,699
449,207
187,247
153,463
257,381
368,922
181,363
387,488
295,741
207,891
539,206
649,633
1,110,426
191,495
612,958
287,375
239,682
360,941
380,250
87,122
218,275
420,322
168,678
183,447
255,132
223,978
862,247
349,356
224,075
92,910
131,541
585,716
600,468
484,819
330,422
6,164
6,145
6,143
6,098
6,092
6,076
6,045
5,991
5,962
5,954
5,935
5,832
5,813
5,802
5,782
5,747
5,689
5,617
5,609
5,530
5,491
5,442
5,403
5,378
5,238
5,215
5,202
5,199
5,172
5,166
5,152
5,147
5,103
5,078
5,073
5,058
5,057
5,034
5,023
5,020
4,996
4,986
4,965
4,965
4,934
4,930
4,902
4,867
4,861
4,850
4,825
4,785
4,755
4,717
4,708
4,699
4,559
4,535
4,485
4,480
4,451
4,413
4,407
4,401
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
Bancorp Inc.
Independent Bank Group Inc.
Great Southern Bancorp Inc.
United Insurance Holdings Corp.
Resource America Inc. Class A
Diamond Hill Investment Group Inc.
Peoples Financial Services Corp.
Waterstone Financial Inc.
SWS Group Inc.
JAVELIN Mortgage Investment Corp.
Armada Hoffler Properties Inc.
Tree.com Inc.
Lakeland Bancorp Inc.
Bryn Mawr Bank Corp.
Walker & Dunlop Inc.
Altisource Asset Management Corp.
Whitestone REIT
MainSource Financial Group Inc.
FCB Financial Holdings Inc. Class A
PennyMac Financial Services Inc. Class A
Southwest Bancorp Inc.
United Community Financial Corp.
HomeTrust Bancshares Inc.
Financial Institutions Inc.
Stonegate Bank
German American Bancorp Inc.
Flagstar Bancorp Inc.
Preferred Apartment Communities Inc. Class A
Fidelity & Guaranty Life
First Bancorp
Banc of California Inc.
Arrow Financial Corp.
Marcus & Millichap Inc.
Enterprise Financial Services Corp.
Seacoast Banking Corp. of Florida
Preferred Bank
Independent Bank Corp.
West Bancorporation Inc.
Federated National Holding Co.
Independence Realty Trust Inc.
Trade Street Residential Inc.
Newcastle Investment Corp.
Peoples Bancorp Inc.
Tiptree Financial Inc. Class A
Gladstone Commercial Corp.
INTL. FCStone Inc.
Blue Hills Bancorp Inc.
NewStar Financial Inc.
Consolidated-Tomoka Land Co.
State Auto Financial Corp.
Ares Commercial Real Estate Corp.
First of Long Island Corp.
Metro Bancorp Inc.
Cherry Hill Mortgage Investment Corp.
Mercantile Bank Corp.
GFI Group Inc.
Orchid Island Capital Inc.
Univest Corp. of Pennsylvania
Bank of Kentucky Financial Corp.
First Defiance Financial Corp.
Citizens Inc. Class A
Park Sterling Corp.
MoneyGram International Inc.
Calamos Asset Management Inc. Class A
24

December 31, 2014
Shares
Market
Value
($000)
121,496
248,353
107,679
371,930
263,380
120,767
166,107
157,073
79,664
156,996
245,292
582,655
129,190
253,867
365,066
428,990
160,926
534,089
203,567
189,417
117,238
141,050
201,519
121,107
348,228
147,342
265,650
229,581
237,114
161,906
391,397
154,802
208,762
324,847
235,692
223,224
267,994
186,300
155,534
168,541
234,460
160,401
177,519
191,748
136,907
343,871
116,004
115,493
216,985
249,742
244,866
112,988
273,989
182,733
59,723
162,405
108,982
545,291
57,450
112,998
128,669
91,093
169,040
302,132
4,308
4,304
4,290
4,259
4,243
4,232
4,227
4,202
4,190
4,047
4,040
3,945
3,920
3,783
3,738
3,736
3,655
3,552
3,512
3,504
3,494
3,487
3,454
3,436
3,430
3,426
3,400
3,363
3,362
3,347
3,284
3,279
3,267
3,265
3,257
3,223
3,205
3,195
3,193
3,192
3,186
3,112
3,091
3,064
3,064
3,036
3,036
2,991
2,984
2,962
2,938
2,931
2,921
2,889
2,868
2,852
2,849
2,830
2,830
2,779
2,773
2,768
2,750
2,725
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*,^
*
*
*,^
EMC Insurance Group Inc.

Pacific Premier Bancorp Inc.
Camden National Corp.
Charter Financial Corp.
Fidelity Southern Corp.
Meta Financial Group Inc.
HealthEquity Inc.
Bridge Bancorp Inc.
Bank of Marin Bancorp
Baldwin & Lyons Inc.
First Community Bancshares Inc.
Arbor Realty Trust Inc.
Federal Agricultural Mortgage Corp.
Nicholas Financial Inc.
TriState Capital Holdings Inc.
NewBridge Bancorp
Suffolk Bancorp
Performant Financial Corp.
ZAIS Financial Corp.
CNB Financial Corp.
National Interstate Corp.
Republic Bancorp Inc. Class A
OceanFirst Financial Corp.
Global Indemnity plc
Jason Industries Inc.
Oppenheimer Holdings Inc. Class A
City Office REIT Inc.
Owens Realty Mortgage Inc.
Pacific Continental Corp.
Citizens & Northern Corp.
Heritage Oaks Bancorp
Franklin Financial Corp.
Silvercrest Asset Management Group Inc. Class A
Intervest Bancshares Corp. Class A
Manning & Napier Inc.
Guaranty Bancorp
Stonegate Mortgage Corp.
Simplicity Bancorp Inc.
Marlin Business Services Corp.
ESB Financial Corp.
Clifton Bancorp Inc.
Sun Bancorp Inc.
HomeStreet Inc.
Donegal Group Inc. Class A
Bridge Capital Holdings
Heritage Commerce Corp.
Reis Inc.
Heritage Financial Group Inc.
Kearny Financial Corp.
BankFinancial Corp.
ESSA Bancorp Inc.
Ames National Corp.
JG Wentworth Co. Class A
Regional Management Corp.
Kansas City Life Insurance Co.
Sierra Bancorp
Horizon Bancorp
Cascade Bancorp
Penns Woods Bancorp Inc.
FBR & Co.
Territorial Bancorp Inc.
National Bankshares Inc.
Ellington Residential Mortgage REIT
Gain Capital Holdings Inc.
25

December 31, 2014
Shares
Market
Value
($000)
125,068
94,521
363,279
214,337
91,437
476,968
337,982
103,500
109,052
219,784
50,333
199,551
153,843
131,912
250,207
363,313
127,122
280,750
71,964
156,644
311,638
389,327
239,570
120,857
148,582
133,131
412,781
181,402
149,431
161,214
310,752
85,660
82,417
228,584
68,100
152,772
125,053
51,299
133,563
881,994
86,617
528,880
180,314
111,899
106,126
250,995
264,123
103,391
211,343
44,025
81,581
158,873
18,705
79,243
120,409
105,897
176,768
100,347
72,975
974,850
146,648
112,672
124,530
83,787
2,713
2,682
2,666
2,664
2,634
2,595
2,575
2,568
2,540
2,517
2,411
2,403
2,391
2,386
2,377
2,369
2,359
2,341
2,303
2,303
2,294
2,293
2,288
2,252
2,248
2,219
2,217
2,193
2,177
2,175
2,169
2,163
2,163
2,162
2,086
2,070
2,041
2,039
2,013
1,993
1,987
1,983
1,947
1,900
1,884
1,882
1,859
1,793
1,765
1,764
1,763
1,760
1,758
1,741
1,733
1,675
1,663
1,651
1,645
1,638
1,634
1,549
1,535
1,518
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*,^
*
*
*
*
*
*,^
*
*
*
CU Bancorp
Opus Bank
Westfield Financial Inc.
Bluerock Residential Growth REIT Inc. Class A
MidWestOne Financial Group Inc.
Macatawa Bank Corp.
JMP Group Inc.
American National Bankshares Inc.
Farmers Capital Bank Corp.
CommunityOne Bancorp
First Business Financial Services Inc.
First Financial Northwest Inc.
Capital City Bank Group Inc.
First Bancorp Inc.
Liberty Broadband Rights Exp. 01/09/2015
Imperial Holdings Inc.
Peapack Gladstone Financial Corp.
Ohr Pharmaceutical Inc.
Bar Harbor Bankshares
Medley Management Inc. Class A
Consumer Portfolio Services Inc.
Actinium Pharmaceuticals Inc.
UMH Properties Inc.
BSB Bancorp Inc.
Provident Financial Holdings Inc.
Fox Chase Bancorp Inc.
Old Second Bancorp Inc.
Hallmark Financial Services Inc.
AV Homes Inc.
Hemisphere Media Group Inc.
BRT Realty Trust
Enterprise Bancorp Inc.
Northrim BanCorp Inc.
Pzena Investment Management Inc. Class A
Merchants Bancshares Inc.
Triumph Bancorp Inc.
Atlas Financial Holdings Inc.
C&F Financial Corp.
LCNB Corp.
First Security Group Inc.
Home Bancorp Inc.
Republic First Bancorp Inc.
Five Oaks Investment Corp.
Orrstown Financial Services Inc.
Blue Capital Reinsurance Holdings Ltd.
Sotherly Hotels Inc.
Pacific Mercantile Bancorp
MidSouth Bancorp Inc.
Farmers National Banc Corp.
Century Bancorp Inc. Class A
STORE Capital Corp.
Central Valley Community Bancorp
Ashford Inc.
MutualFirst Financial Inc.
Entegra Financial Corp.
Old Line Bancshares Inc.
Cape Bancorp Inc.
BBX Capital Corp.
Peoples Federal Bancshares Inc.
Hampton Roads Bankshares Inc.
SI Financial Group Inc.
Monarch Financial Holdings Inc.
Pulaski Financial Corp.
Middleburg Financial Corp.
26

December 31, 2014
Shares
Market
Value
($000)
85,934
139,301
103,421
135,560
19,545
15,958
158,546
105,571
297,585
85,297
47,586
102,941
94,955
58,307
116,085
68,169
63,312
69,724
67,427
78,989
183,834
669,515
58,711
58,843
57,911
60,800
93,822
58,551
102,892
102,597
99,071
371,196
85,986
56,420
181,117
38,986
144,369
260,540
112,268
69,446
91,875
73,350
42,202
118,882
117,274
120,617
227,235
32,765
171,014
51,267
80,785
160,371
107,916
43,358
66,348
90,648
98,000
137,800
35,881
82,347
33,438
38,733
41,525
28,084
1,455
1,450
1,443
1,423
1,414
1,389
1,387
1,372
1,333
1,329
1,318
1,253
1,208
1,199
1,185
1,183
1,174
1,143
1,129
1,122
1,116
1,105
1,059
1,050
1,045
1,015
1,004
980
969
959
955
947
946
921
904
886
862
818
804
800
789
778
770
766
759
718
704
701
681
640
635
633
622
581
570
562
539
539
521
514
502
466
431
416
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*,^
*
*
*
*
*,^
*
*
*,^
*
*
*
*,^
*
*
*
*
*
*
Access National Corp.

Farmland Partners Inc.
Independence Holding Co.
UCP Inc.
Investors Title Co.
Hingham Institution for Savings
Asta Funding Inc.
Hamilton Bancorp Inc.
Riverview Bancorp Inc.
Premier Financial Bancorp Inc.
Chemung Financial Corp.
Malvern Bancorp Inc.
HopFed Bancorp Inc.
ASB Bancorp Inc.
MicroFinancial Inc.
Ameriana Bancorp
Urstadt Biddle Properties Inc.
Westbury Bancorp Inc.
Chicopee Bancorp Inc.
Cheviot Financial Corp.
Maui Land & Pineapple Co. Inc.
22nd Century Group Inc.
LNB Bancorp Inc.
Alliance Bancorp Inc. of Pennsylvania
QCR Holdings Inc.
Palmetto Bancshares Inc.
Gladstone Land Corp.
First Internet Bancorp
American River Bankshares
Shore Bancshares Inc.
Northeast Bancorp
First Acceptance Corp.
Bear State Financial Inc.
Southern First Bancshares Inc.
MBT Financial Corp.
Federal Agricultural Mortgage Corp. Class A
Bank of Commerce Holdings
AmeriServ Financial Inc.
Health Insurance Innovations Inc. Class A
Coastway Bancorp Inc.
Naugatuck Valley Financial Corp.
Timberland Bancorp Inc.
FS Bancorp Inc.
ForceField Energy Inc.
Eastern Virginia Bankshares Inc.
First Marblehead Corp.
US Global Investors Inc. Class A
Hampden Bancorp Inc.
Atlantic Coast Financial Corp.
Baylake Corp.
1347 Property Insurance Holdings Inc.
Doral Financial Corp.
Security National Financial Corp. Class A
Guaranty Federal Bancshares Inc.
First United Corp.
Impac Mortgage Holdings Inc.
World Energy Solutions Inc.
Intersections Inc.
First Bancshares Inc.
First Bank
Old Point Financial Corp.
Green Bancorp Inc.
Polonia Bancorp Inc.
Bank of South Carolina Corp.
27

December 31, 2014
Shares
Market
Value
($000)
51,041
28,157
59,145
47,737
18,324
46,010
16,155
87,100
61,215
33,052
10,806
180,190
21,955
13,327
22,531
105,954
24,838
22,954
13,547
124,173
9,333
10,159
7,388
15,458
6,049
13,701
18,139
16,524
17,240
230,077
7,441
87,095
12,312
83,632
13,013
19,300
21,174
9,511
5,645
21,437
7,410
6,300
12,016
10,597
12,450
18,880
2,613
33,339
7,036
3,603
11,680
3,499
6,863
8,626
5,680
1,800
1,300
780
945
900
100
7,458
6,511
415
402
400
395
388
380
354
344
311
309
294
290
283
280
279
273
269
267
225
217
209
202
194
193
193
188
187
172
157
153
149
142
142
135
124
121
116
103
101
94
91
88
87
75
74
71
68
58
58
50
47
42
28
24
23
22
19
15
11
11
5
4
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Kingstone Cos. Inc.

California First National Bancorp
Community West Bancshares
CIFC Corp.
River Valley Bancorp
United Bancorp Inc.
Hennessy Advisors Inc.
Wheeler REIT Inc.
Carolina Trust Bank
SB Financial Group Inc.
Salisbury Bancorp Inc.
Royal Bancshares of Pennsylvania Inc.
CMS Bancorp Inc.
Bankwell Financial Group Inc.
HMN Financial Inc.
Atlanticus Holdings Corp.
Eagle Bancorp Montana Inc.
United Community Bancorp
IF Bancorp Inc.
Institutional Financial Markets Inc.
On Deck Capital Inc.
CB Financial Services Inc.
First Savings Financial Group Inc.
LaPorte Bancorp Inc.
NB&T Financial Group Inc.
Summit State Bank
First Citizens Banc Corp.
Transcontinental Realty Investors Inc.
Citizens Community Bancorp Inc.
Life Partners Holdings Inc.
Madison County Financial Inc.
Patriot National Bancorp Inc.
Parke Bancorp Inc.
QC Holdings Inc.
Carolina Bank Holdings Inc.
Carver Bancorp Inc.
American Realty Investors Inc.
WVS Financial Corp.
InterGroup Corp.
First Capital Bancorp Inc.
Jacksonville Bancorp Inc.
Fifth Street Asset Management Inc.
Northeast Community Bancorp Inc.
Southcoast Financial Corp.
Income Opportunity Realty Investors Inc.
Vestin Realty Mortgage II Inc.
Athens Bancshares Corp.
Tejon Ranch Co. Warrants Exp. 08/31/2016
Power REIT
Investar Holding Corp.
Atlantic American Corp.
Citizens First Corp.
Manhattan Bridge Capital Inc.
Internet Patents Corp.
Cordia Bancorp Inc.
Sunshine Bancorp Inc.
United Bancshares Inc.
Home Federal Bancorp Inc.
HMG/Courtland Properties Inc.
Unico American Corp.
JW Mays Inc.
Porter Bancorp Inc.
Valley National Bancorp Warrants Exp. 06/30/2015
72,994,923
28

December 31, 2014
Shares
Market
Value
($000)
47,186,784
106,180,361
48,061,630
25,424,252
12,821,029
25,518,092
27,958,894
16,171,369
13,457,711
3,978,989
16,596,392
16,880,861
4,466,767
25,377,956
5,019,947
12,365,351
6,739,567
7,247,468
9,129,148
3,344,695
4,564,444
5,940,347
1,259,770
5,415,831
4,052,763
4,414,749
3,234,073
2,391,323
5,473,393
2,354,733
2,582,596
8,447,369
6,304,986
2,850,406
610,606
4,817,352
22,320,788
3,436,000
1,802,052
2,497,702
1,259,117
3,429,752
1,423,963
1,955,456
2,572,347
2,487,681
2,849,252
1,540,454
2,415,715
970,298
1,425,382
1,338,721
1,719,975
2,460,428
2,342,840
809,414
1,285,741
2,400,373
1,017,797
1,243,643
1,983,697
812,926
1,017,423
4,934,322
3,307,518
2,729,420
2,396,490
2,042,262
1,669,904
1,650,414
1,634,764
1,505,380
1,350,668
1,198,260
1,164,611
1,149,791
1,142,516
1,067,191
1,046,974
844,400
741,271
669,075
618,869
573,614
527,681
516,821
510,875
481,468
454,322
450,054
441,390
401,692
393,617
370,938
363,490
355,412
323,293
322,974
313,272
295,750
260,243
229,545
225,792
209,794
203,521
193,873
193,649
188,064
179,412
174,517
171,391
161,998
158,867
153,799
150,901
148,795
144,083
131,340
131,198
129,410
127,868
124,436
123,879
122,473
120,533
116,943
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Health Care (13.2%)

Johnson & Johnson
Pfizer Inc.
Merck & Co. Inc.
*
Gilead Sciences Inc.
Amgen Inc.
AbbVie Inc.
Bristol-Myers Squibb Co.
UnitedHealth Group Inc.
*
Celgene Corp.
*
Biogen Idec Inc.
Medtronic Inc.
Eli Lilly & Co.
*
Actavis plc
Abbott Laboratories
Allergan Inc.
*
Express Scripts Holding Co.
Thermo Fisher Scientific Inc.
Covidien plc
Baxter International Inc.
*
Alexion Pharmaceuticals Inc.
*
Anthem Inc.
Aetna Inc.
*
Regeneron Pharmaceuticals Inc.
Stryker Corp.
*
Vertex Pharmaceuticals Inc.
Cigna Corp.
Becton Dickinson and Co.
*
Illumina Inc.
*
HCA Holdings Inc.
Perrigo Co. plc
Humana Inc.
Zoetis Inc.
*
Mylan Inc.
Zimmer Holdings Inc.
*
Intuitive Surgical Inc.
St. Jude Medical Inc.
*
Boston Scientific Corp.
*
DaVita HealthCare Partners Inc.
*
Edwards Lifesciences Corp.
*
BioMarin Pharmaceutical Inc.
CR Bard Inc.
*
CareFusion Corp.
*
Henry Schein Inc.
*
Mallinckrodt plc
*
Incyte Corp.
*
Endo International plc
*
Hospira Inc.
Universal Health Services Inc. Class B
Quest Diagnostics Inc.
*
Jazz Pharmaceuticals plc
*
Laboratory Corp. of America Holdings
*
Waters Corp.
*
Varian Medical Systems Inc.
*
Alkermes plc
^
ResMed Inc.
Cooper Cos. Inc.
*
Cubist Pharmaceuticals Inc.
DENTSPLY International Inc.
*
Pharmacyclics Inc.
*
Medivation Inc.
*
Isis Pharmaceuticals Inc.
*
IDEXX Laboratories Inc.
*
Salix Pharmaceuticals Ltd.
29

December 31, 2014
Shares
Market
Value
($000)
1,708,173
3,053,202
3,987,152
1,036,052
1,853,408
951,446
757,732
894,562
960,809
1,648,562
431,506
695,093
2,157,641
1,237,586
1,460,051
1,192,706
1,237,918
1,271,230
1,227,658
988,860
1,183,129
1,144,510
732,327
625,960
1,616,804
3,236,498
756,440
1,401,625
1,664,823
921,106
575,670
416,512
1,337,520
794,362
1,280,976
755,004
400,181
806,949
939,950
948,986
1,325,851
1,232,576
345,652
4,067,423
1,434,166
423,595
797,588
1,058,400
1,138,184
781,161
1,114,788
361,117
2,160,984
214,580
1,695,421
860,966
2,062,855
1,470,330
617,915
2,166,701
873,250
933,963
1,092,532
563,301
112,927
111,961
106,616
100,497
99,936
98,798
98,119
92,900
83,946
83,533
81,671
79,811
74,849
72,857
70,228
68,616
68,147
68,049
65,361
64,128
64,055
63,990
60,095
57,839
57,833
54,859
54,396
53,907
53,491
51,177
51,039
51,027
50,826
50,553
46,371
46,214
44,836
44,164
43,294
43,293
42,096
41,982
41,672
40,634
39,354
38,852
37,614
37,160
36,058
35,519
34,480
33,508
33,495
33,474
33,264
32,217
31,603
31,083
30,642
30,464
30,319
30,316
30,230
30,154
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*,^
*
*,^
*,^
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
MEDNAX Inc.
Brookdale Senior Living Inc.
Hologic Inc.
Alnylam Pharmaceuticals Inc.
Community Health Systems Inc.
Covance Inc.
United Therapeutics Corp.
Centene Corp.
Sirona Dental Systems Inc.
Tenet Healthcare Corp.
Puma Biotechnology Inc.
Teleflex Inc.
Envision Healthcare Holdings Inc.
Quintiles Transnational Holdings Inc.
Patterson Cos. Inc.
Team Health Holdings Inc.
DexCom Inc.
Health Net Inc.
West Pharmaceutical Services Inc.
STERIS Corp.
Cepheid
Align Technology Inc.
WellCare Health Plans Inc.
Bio-Techne Corp.
NPS Pharmaceuticals Inc.
Avanir Pharmaceuticals Inc.
LifePoint Hospitals Inc.
HealthSouth Corp.
Seattle Genetics Inc.
PAREXEL International Corp.
Pacira Pharmaceuticals Inc.
Receptos Inc.
Alere Inc.
Charles River Laboratories International Inc.
Akorn Inc.
Acadia Healthcare Co. Inc.
Agios Pharmaceuticals Inc.
Amsurg Corp.
Insulet Corp.
Hill-Rom Holdings Inc.
ACADIA Pharmaceuticals Inc.
Myriad Genetics Inc.
Bio-Rad Laboratories Inc. Class A
OPKO Health Inc.
Exact Sciences Corp.
Bluebird Bio Inc.
NuVasive Inc.
Owens & Minor Inc.
Impax Laboratories Inc.
Halyard Health Inc.
Healthcare Services Group Inc.
Synageva BioPharma Corp.
Nektar Therapeutics
Intercept Pharmaceuticals Inc.
Bruker Corp.
Haemonetics Corp.
Ironwood Pharmaceuticals Inc. Class A
HMS Holdings Corp.
Neogen Corp.
Dyax Corp.
Prestige Brands Holdings Inc.
Thoratec Corp.
Medicines Co.
Molina Healthcare Inc.
30

December 31, 2014
Shares
Market
Value
($000)
849,743
479,099
698,053
1,180,250
1,502,997
1,202,062
587,572
1,775,043
720,124
561,811
462,149
424,212
612,577
851,737
3,762,896
408,829
1,541,855
4,091,602
2,707,023
788,336
366,946
357,946
1,108,308
500,011
269,072
2,795,058
1,488,088
1,353,257
684,383
1,551,744
230,663
565,743
412,285
514,280
573,446
401,949
1,571,701
208,627
394,894
390,187
930,663
1,091,108
1,436,273
311,088
641,320
588,431
565,244
1,041,851
1,646,698
397,795
974,343
464,934
366,235
858,113
333,280
490,542
471,196
1,136,303
468,113
500,390
540,853
255,162
414,936
471,468
29,218
28,760
28,529
28,055
27,430
26,854
25,871
25,561
24,902
24,304
23,925
23,620
23,315
22,886
22,314
22,171
21,817
21,338
20,871
20,765
20,549
20,342
20,149
20,130
19,758
19,202
19,181
19,149
19,081
19,009
18,891
18,737
18,536
18,535
18,494
18,035
17,760
17,652
17,328
16,731
16,687
16,596
16,560
16,553
16,354
16,200
16,008
15,930
15,891
15,796
15,697
15,682
15,609
15,343
14,794
14,186
14,174
13,817
13,739
13,626
13,402
13,391
13,332
13,159
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
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*
*
*
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*
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*
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*
*
*
*,^
*
*
*
Auxilium Pharmaceuticals Inc.

Magellan Health Inc.
Acorda Therapeutics Inc.
Globus Medical Inc.
Celldex Therapeutics Inc.
Neurocrine Biosciences Inc.
Air Methods Corp.
Select Medical Holdings Corp.
Spectranetics Corp.
Cantel Medical Corp.
PTC Therapeutics Inc.
Cyberonics Inc.
ABIOMED Inc.
Wright Medical Group Inc.
Novavax Inc.
Integra LifeSciences Holdings Corp.
Keryx Biopharmaceuticals Inc.
MannKind Corp.
PDL BioPharma Inc.
Masimo Corp.
Clovis Oncology Inc.
Abaxis Inc.
Kindred Healthcare Inc.
Chimerix Inc.
HeartWare International Inc.
ARIAD Pharmaceuticals Inc.
Horizon Pharma plc
Theravance Inc.
Catalent Inc.
Achillion Pharmaceuticals Inc.
ICU Medical Inc.
Omnicell Inc.
CONMED Corp.
Natus Medical Inc.
Anacor Pharmaceuticals Inc.
Ophthotech Corp.
Merrimack Pharmaceuticals Inc.
Analogic Corp.
Ultragenyx Pharmaceutical Inc.
Lannett Co. Inc.
NxStage Medical Inc.
Sangamo BioSciences Inc.
MiMedx Group Inc.
Ligand Pharmaceuticals Inc.
Tornier NV
Intrexon Corp.
Portola Pharmaceuticals Inc.
Endologix Inc.
Halozyme Therapeutics Inc.
Tetraphase Pharmaceuticals Inc.
Depomed Inc.
Fluidigm Corp.
AMAG Pharmaceuticals Inc.
Volcano Corp.
Ensign Group Inc.
Quidel Corp.
Cardiovascular Systems Inc.
BioCryst Pharmaceuticals Inc.
Amedisys Inc.
Emergent Biosolutions Inc.
Omeros Corp.
Auspex Pharmaceuticals Inc.
Bio-Reference Laboratories Inc.
Zeltiq Aesthetics Inc.
31

December 31, 2014
Shares
Market
Value
($000)
775,891
284,583
327,254
3,678,982
1,518,866
321,543
478,652
555,538
210,129
344,683
642,337
1,202,458
1,942,421
677,675
688,831
449,106
1,045,027
543,445
242,172
354,797
687,527
349,895
437,959
518,991
2,169,778
485,578
237,092
29,008
236,145
399,337
783,066
375,007
340,138
301,016
646,328
437,952
1,211,347
985,290
1,903,481
659,523
616,354
1,170,474
872,068
1,443,110
726,747
263,214
136,649
2,626,942
246,134
379,776
1,211,425
529,637
906,952
490,999
461,764
426,643
217,868
426,373
925,528
295,040
1,282,710
420,367
189,756
392,209
13,105
13,060
13,008
12,766
12,637
12,527
12,383
12,166
12,118
12,088
12,050
11,868
11,771
11,744
11,338
11,187
10,994
10,804
10,709
10,665
10,636
10,315
10,296
10,276
10,263
10,056
9,996
9,863
9,621
9,548
9,428
9,416
9,327
9,271
9,255
9,171
9,146
9,143
9,137
8,976
8,919
8,849
8,843
8,803
8,736
8,628
8,587
8,538
8,536
8,439
8,395
8,389
8,326
8,229
8,229
8,187
8,155
8,122
8,117
8,013
8,004
7,991
7,962
7,828
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
*
*,^
*
Infinity Pharmaceuticals Inc.

IPC The Hospitalist Co. Inc.
NewLink Genetics Corp.
Arena Pharmaceuticals Inc.
Amicus Therapeutics Inc.
Acceleron Pharma Inc.
VWR Corp.
Hanger Inc.
Kite Pharma Inc.
MacroGenics Inc.
Luminex Corp.
Affymetrix Inc.
Orexigen Therapeutics Inc.
Merit Medical Systems Inc.
Meridian Bioscience Inc.
Capital Senior Living Corp.
Raptor Pharmaceutical Corp.
Healthways Inc.
OvaScience Inc.
Orthofix International NV
Insmed Inc.
HealthStream Inc.
Cempra Inc.
Repligen Corp.
Array BioPharma Inc.
PharMerica Corp.
Insys Therapeutics Inc.
Atrion Corp.
Anika Therapeutics Inc.
Triple-S Management Corp. Class B
Momenta Pharmaceuticals Inc.
Sagent Pharmaceuticals Inc.
Cynosure Inc. Class A
Relypsa Inc.
Vanda Pharmaceuticals Inc.
Aegerion Pharmaceuticals Inc.
Accuray Inc.
Universal American Corp.
Immunomedics Inc.
GenMark Diagnostics Inc.
Sarepta Therapeutics Inc.
Progenics Pharmaceuticals Inc.
OraSure Technologies Inc.
ImmunoGen Inc.
BioDelivery Sciences International Inc.
LDR Holding Corp.
National Healthcare Corp.
Geron Corp.
KYTHERA Biopharmaceuticals Inc.
Foundation Medicine Inc.
Spectrum Pharmaceuticals Inc.
TG Therapeutics Inc.
Inovio Pharmaceuticals Inc.
Invacare Corp.
Aratana Therapeutics Inc.
Accelerate Diagnostics Inc.
Karyopharm Therapeutics Inc.
Gentiva Health Services Inc.
XenoPort Inc.
Vascular Solutions Inc.
Cerus Corp.
AngioDynamics Inc.
US Physical Therapy Inc.
AtriCure Inc.
32

December 31, 2014
Shares
Market
Value
($000)
486,882
243,974
209,170
1,067,075
751,084
228,978
199,377
305,802
1,687,445
1,066,259
436,541
1,922,119
221,918
176,507
1,346,771
866,331
896,166
398,682
113,165
151,465
694,155
688,616
401,700
314,333
472,724
215,595
104,349
1,568,360
1,180,353
176,352
166,747
190,253
451,205
130,746
552,592
227,260
1,943,926
206,935
117,535
1,974,792
895,897
123,939
530,072
1,256,594
242,827
182,852
548,302
4,782,745
1,414,007
268,549
136,507
245,598
1,446,580
413,639
2,864,801
76,150
2,169,334
489,802
193,080
138,050
2,869,789
219,093
232,773
734,898
7,810
7,800
7,785
7,736
7,721
7,705
7,686
7,624
7,509
7,453
7,360
7,112
6,919
6,868
6,828
6,792
6,614
6,491
6,381
6,125
6,081
6,060
5,993
5,931
5,786
5,539
5,306
5,254
5,205
5,148
5,142
5,137
5,112
5,056
5,034
5,022
4,996
4,966
4,886
4,661
4,659
4,635
4,527
4,511
4,480
4,438
4,392
4,352
4,313
4,294
4,282
4,183
4,166
4,149
4,125
4,112
4,100
4,065
4,030
4,016
3,989
3,968
3,943
3,932
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
*,^
*
*
*,^
Regulus Therapeutics Inc.

Genomic Health Inc.
CorVel Corp.
Organovo Holdings Inc.
Rockwell Medical Inc.
Surgical Care Affiliates Inc.
Paratek Pharmaceuticals Inc.
Vital Therapies Inc.
TherapeuticsMD Inc.
BioScrip Inc.
Dynavax Technologies Corp.
Sequenom Inc.
LHC Group Inc.
Radius Health Inc.
ZIOPHARM Oncology Inc.
Pacific Biosciences of California Inc.
Arrowhead Research Corp.
Albany Molecular Research Inc.
ANI Pharmaceuticals Inc.
Esperion Therapeutics Inc.
SciClone Pharmaceuticals Inc.
IGI Laboratories Inc.
Theravance Biopharma Inc.
Epizyme Inc.
Retrophin Inc.
INC Research Holdings Inc. Class A
Enanta Pharmaceuticals Inc.
Unilife Corp.
Idera Pharmaceuticals Inc.
Aerie Pharmaceuticals Inc.
Zafgen Inc.
Five Prime Therapeutics Inc.
CryoLife Inc.
Nevro Corp.
STAAR Surgical Co.
SurModics Inc.
Antares Pharma Inc.
Hyperion Therapeutics Inc.
ZS Pharma Inc.
CTI BioPharma Corp.
RTI Surgical Inc.
Adeptus Health Inc. Class A
RadNet Inc.
XOMA Corp.
La Jolla Pharmaceutical Co.
Addus HomeCare Corp.
Cytokinetics Inc.
Lexicon Pharmaceuticals Inc.
Synergy Pharmaceuticals Inc.
Osiris Therapeutics Inc.
Inogen Inc.
Civitas Solutions Inc.
VIVUS Inc.
BioTelemetry Inc.
Exelixis Inc.
Avalanche Biotechnologies Inc.
Navidea Biopharmaceuticals Inc.
Supernus Pharmaceuticals Inc.
K2M Group Holdings Inc.
Alder Biopharmaceuticals Inc.
Peregrine Pharmaceuticals Inc.
Dermira Inc.
Revance Therapeutics Inc.
Northwest Biotherapeutics Inc.
33

December 31, 2014
Shares
Market
Value
($000)
117,790
274,858
134,223
411,048
370,687
156,674
928,197
356,448
221,547
1,298,798
441,400
1,474,224
152,124
792,663
352,478
241,075
1,065,416
506,248
345,500
101,441
117,173
1,187,129
460,832
179,382
1,149,371
302,446
2,016,609
49,349
131,766
432,940
80,489
140,174
761,068
149,315
144,120
394,795
155,077
333,775
1,075,903
2,051,168
143,484
663,749
256,696
276,247
847,950
898,480
158,768
468,415
578,091
137,870
119,802
1,254,003
2,961,256
679,551
182,951
909,347
166,457
1,534,909
138,743
607,437
408,232
274,338
56,829
107,040
3,926
3,925
3,886
3,860
3,696
3,693
3,685
3,586
3,554
3,533
3,531
3,346
3,310
3,305
3,282
3,211
3,196
3,184
3,158
3,137
3,134
3,122
3,101
3,060
3,057
3,046
3,045
2,963
2,958
2,957
2,946
2,942
2,923
2,916
2,911
2,890
2,877
2,860
2,851
2,810
2,761
2,755
2,742
2,716
2,696
2,668
2,666
2,656
2,567
2,553
2,518
2,383
2,369
2,331
2,323
2,319
2,319
2,302
2,285
2,266
2,262
2,197
2,195
2,161
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
*
Otonomy Inc.
Sucampo Pharmaceuticals Inc. Class A
Almost Family Inc.
Pernix Therapeutics Holdings Inc.
Repros Therapeutics Inc.
Exactech Inc.
Agenus Inc.
Heron Therapeutics Inc.
Xencor Inc.
Neuralstem Inc.
POZEN Inc.
Rigel Pharmaceuticals Inc.
OncoMed Pharmaceuticals Inc.
NeoGenomics Inc.
Derma Sciences Inc.
Concert Pharmaceuticals Inc.
Corcept Therapeutics Inc.
Endocyte Inc.
Verastem Inc.
AAC Holdings Inc.
Atara Biotherapeutics Inc.
Targacept Inc.
AcelRx Pharmaceuticals Inc.
Stemline Therapeutics Inc.
Bio-Path Holdings Inc.
Sorrento Therapeutics Inc.
Galena Biopharma Inc.
Utah Medical Products Inc.
Versartis Inc.
ChemoCentryx Inc.
Sage Therapeutics Inc.
Alliance HealthCare Services Inc.
Tenax Therapeutics Inc.
Celladon Corp.
Calithera Biosciences Inc.
Pfenex Inc.
Intersect ENT Inc.
Skilled Healthcare Group Inc.
Synta Pharmaceuticals Corp.
Zogenix Inc.
T2 Biosystems Inc.
Five Star Quality Care Inc.
Cutera Inc.
Cymabay Therapeutics Inc.
Threshold Pharmaceuticals Inc.
Catalyst Pharmaceutical Partners Inc.
Sientra Inc.
Harvard Bioscience Inc.
Enzo Biochem Inc.
Mirati Therapeutics Inc.
Applied Genetic Technologies Corp.
Oncothyreon Inc.
Provectus Biopharmaceuticals Inc. Class A
Ampio Pharmaceuticals Inc.
Tandem Diabetes Care Inc.
Sunesis Pharmaceuticals Inc.
NanoString Technologies Inc.
Curis Inc.
Dicerna Pharmaceuticals Inc.
BioTime Inc.
Alimera Sciences Inc.
Advaxis Inc.
BioSpecifics Technologies Corp.
Flexion Therapeutics Inc.
34

December 31, 2014
Shares
Market
Value
($000)
145,408
766,943
541,648
188,920
113,758
144,172
438,914
2,671,243
97,009
650,291
1,096,937
651,255
229,319
413,317
111,707
384,321
1,421,499
254,414
311,031
352,471
86,255
127,287
807,711
1,010,264
184,330
288,011
1,293,253
57,222
908,803
648,731
899,651
524,732
101,441
2,262,298
40,948
1,565,850
869,754
67,635
457,458
345,606
115,127
147,214
938,558
111,551
178,341
247,726
343,699
99,791
88,468
392,939
101,153
18,684
299,233
79,313
529,350
154,970
217,895
229,366
968,924
129,965
105,201
152,365
122,530
1,191,679
2,143
2,101
2,042
1,965
1,893
1,881
1,874
1,870
1,833
1,769
1,733
1,713
1,708
1,699
1,683
1,676
1,649
1,621
1,574
1,533
1,498
1,482
1,462
1,424
1,410
1,377
1,358
1,346
1,327
1,317
1,313
1,280
1,275
1,267
1,260
1,236
1,235
1,226
1,212
1,199
1,151
1,147
1,145
1,112
1,066
1,065
1,045
1,038
1,027
1,006
977
976
943
942
937
930
924
920
910
910
897
890
882
834
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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Tokai Pharmaceuticals Inc.

CytRx Corp.
NeoStem Inc.
Proteon Therapeutics Inc.
Vitae Pharmaceuticals Inc.
Achaogen Inc.
MEI Pharma Inc.
Rexahn Pharmaceuticals Inc.
Ardelyx Inc.
NanoViricides Inc.
Athersys Inc.
Biolase Inc.
Kindred Biosciences Inc.
pSivida Corp.
Psychemedics Corp.
Digirad Corp.
Discovery Laboratories Inc.
Ocera Therapeutics Inc.
Medgenics Inc.
Synergetics USA Inc.
Adamas Pharmaceuticals Inc.
Akebia Therapeutics Inc.
PharmAthene Inc.
Alphatec Holdings Inc.
LeMaitre Vascular Inc.
Wright Medical Group Inc. CVR
Vical Inc.
Ocular Therapeutix Inc.
Synthetic Biologics Inc.
Pain Therapeutics Inc.
IsoRay Inc.
Coronado Biosciences Inc.
TriVascular Technologies Inc.
Mast Therapeutics Inc.
Immune Design Corp.
Durect Corp.
EnteroMedics Inc.
Heska Corp.
TearLab Corp.
Galectin Therapeutics Inc.
Argos Therapeutics Inc.
Symmetry Surgical Inc.
ArQule Inc.
Cara Therapeutics Inc.
Trevena Inc.
Trovagene Inc.
Vericel Corp.
Fonar Corp.
Amphastar Pharmaceuticals Inc.
Fibrocell Science Inc.
Veracyte Inc.
Juno Therapeutics Inc.
InfuSystems Holdings Inc.
Eleven Biotherapeutics Inc.
Venaxis Inc.
Cumberland Pharmaceuticals Inc.
Sunshine Heart Inc.
AdCare Health Systems Inc.
StemCells Inc.
Conatus Pharmaceuticals Inc.
Iridex Corp.
Tonix Pharmaceuticals Holding Corp.
GlycoMimetics Inc.
Cardica Inc.
35

December 31, 2014
Shares
Market
Value
($000)
542,154
162,538
125,885
34,714
119,635
251,354
132,981
203,029
146,954
135,173
2,796,855
814,566
87,068
383,692
904,721
1,129,076
654,162
120,615
1,170,151
1,647,468
425,033
187,699
266,569
49,251
292,998
85,345
538,301
75,879
33,903
151,348
214,403
65,076
938,591
254,104
122,289
78,000
236,068
66,868
919,452
283,343
438,429
26,985
258,400
24,343
203,064
126,171
545,469
272,217
80,481
258,680
285,268
507,208
29,100
119,849
362,570
524,732
238,736
50,765
423,568
320,424
30,300
46,575
91,945
358,185
830
818
809
800
799
764
745
737
735
716
699
684
684
664
660
656
654
651
650
646
633
618
610
609
604
597
587
569
553
543
500
496
488
485
481
476
463
451
449
448
447
418
416
414
404
401
398
389
388
383
379
347
342
338
331
331
318
313
309
306
302
298
291
287
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*,^
*
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PhotoMedex Inc.
Fate Therapeutics Inc.
Cellular Dynamics International Inc.
Bellicum Pharmaceuticals Inc.
Cancer Genetics Inc.
MediciNova Inc.
Columbia Laboratories Inc.
Bovie Medical Corp.
Retractable Technologies Inc.
Alliqua Inc.
Hemispherx Biopharma Inc.
AVEO Pharmaceuticals Inc.
Assembly Biosciences Inc.
KaloBios Pharmaceuticals Inc.
ImmunoCellular Therapeutics Ltd.
CEL-SCI Corp.
Apricus Biosciences Inc.
BIND Therapeutics Inc.
Hansen Medical Inc.
Nanosphere Inc.
Alexza Pharmaceuticals Inc.
Onconova Therapeutics Inc.
OncoGenex Pharmaceuticals Inc.
Misonix Inc.
Uroplasty Inc.
Genocea Biosciences Inc.
Enzon Pharmaceuticals Inc.
Imprimis Pharmaceuticals Inc.
Coherus Biosciences Inc.
AxoGen Inc.
Celsion Corp.
Aradigm Corp.
Hooper Holmes Inc.
CorMedix Inc.
Chembio Diagnostics Inc.
Corium International Inc.
Celator Pharmaceuticals Inc.
Daxor Corp.
Cytori Therapeutics Inc.
Anthera Pharmaceuticals Inc. Class A
Cesca Therapeutics Inc.
Eagle Pharmaceuticals Inc.
OXiGENE Inc.
Span-America Medical Systems Inc.
Vermillion Inc.
Harvard Apparatus Regenerative Technology Inc.
Palatin Technologies Inc.
Atossa Genetics Inc.
TetraLogic Pharmaceuticals Corp.
Stereotaxis Inc.
Biodel Inc.
iBio Inc.
Loxo Oncology Inc.
Lpath Inc. Class A
Regado Biosciences Inc.
NovaBay Pharmaceuticals Inc.
CASI Pharmaceuticals Inc.
Adamis Pharmaceuticals Corp.
GTx Inc.
ARCA biopharma Inc.
SCYNEXIS Inc.
MGC Diagnostics Corp.
ERBA Diagnostics Inc.
Amedica Corp.
36

December 31, 2014
Shares
Market
Value
($000)
48,893
383,605
165,650
37,400
22,791
358,120
60,354
168,231
317,682
36,221
132,771
145,980
226,675
26,680
42,176
14,700
130,316
28,566
18,197
105,245
353,365
125,915
87,500
563,893
131,189
460,766
65,747
290,832
346,683
16,911
7,674
12,440
56,433
29,465
5,047
20,249
5,733
45,300
1,710
10,369
5,874
1,800
8,619
3,786
798
2,583
3,981
277
276
273
271
259
251
241
227
222
214
212
209
202
200
198
190
188
178
172
169
163
162
161
161
159
146
141
131
123
104
102
96
81
73
58
58
28
28
25
22
21
19
10
6
6
5
___________2
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*,^
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*,^
*
*,^
*
*
*,^
*
*
*,^
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
EPIRUS Biopharmaceuticals Inc.

Opexa Therapeutics Inc.
CAS Medical Systems Inc.
CareDx Inc.
Dipexium Pharmaceuticals Inc.
Vision Sciences Inc.
Akers Biosciences Inc.
Echo Therapeutics Inc.
Cyclacel Pharmaceuticals Inc.
Evoke Pharma Inc.
RXi Pharmaceuticals Corp.
Oculus Innovative Sciences Inc.
Oragenics Inc.
Neothetics Inc.
Heat Biologics Inc.
iRadimed Corp.
SIGA Technologies Inc.
Cerulean Pharma Inc.
Diversicare Healthcare Services Inc.
Escalon Medical Corp.
BG Medicine Inc.
CombiMatrix Corp.
Allied Healthcare Products Inc.
Cleveland Biolabs Inc.
Delcath Systems Inc.
Response Genetics Inc.
Bioanalytical Systems Inc.
Acura Pharmaceuticals Inc.
BSD Medical Corp.
Agile Therapeutics Inc.
NephroGenex Inc.
Arrhythmia Research Technology Inc.
ProPhase Labs Inc.
Biocept Inc.
USMD Holdings Inc.
Recro Pharma Inc.
ImmuCell Corp.
MGT Capital Investments Inc.
Birner Dental Management Services Inc.
GenVec Inc.
Ruthigen Inc.
Marinus Pharmaceuticals Inc.
MELA Sciences Inc.
BioLife Solutions Inc.
Aldeyra Therapeutics Inc.
Semler Scientific Inc.
Sophiris Bio Inc.
50,351,667
Industrials (12.5%)
Union Pacific Corp.
3M Co.
United Technologies Corp.
Boeing Co.
United Parcel Service Inc. Class B
Honeywell International Inc.
Accenture plc Class A
Caterpillar Inc.
Lockheed Martin Corp.
Danaher Corp.
FedEx Corp.
Emerson Electric Co.
Automatic Data Processing Inc.
General Dynamics Corp.
169,289,675
14,984,370
10,797,021
14,588,251
10,812,724
11,827,575
12,533,398
10,566,540
10,202,373
4,526,251
10,062,577
4,529,659
11,688,374
8,125,517
4,747,136
37
4,277,950
1,785,088
1,774,166
1,677,649
1,405,438
1,314,871
1,252,337
943,698
933,823
871,620
862,463
786,621
721,523
677,424
653,301

December 31, 2014
Shares
Market
Value
($000)
16,842,086
2,399,856
5,211,570
5,191,063
8,000,099
6,034,688
5,584,856
3,396,198
6,861,604
2,927,946
1,824,479
5,956,161
7,305,680
1,375,017
2,499,256
7,065,507
4,786,774
4,120,290
1,021,994
4,481,968
5,228,879
1,690,373
1,036,423
2,291,012
18,334,640
5,476,482
5,597,890
1,854,125
4,136,614
4,482,461
3,166,123
2,794,700
1,440,285
2,232,569
2,466,728
1,809,714
1,203,569
4,212,912
1,679,282
4,207,975
837,846
1,299,188
2,638,561
2,493,870
2,316,983
5,997,326
2,834,027
482,036
2,196,601
2,363,395
3,362,545
3,105,895
2,289,007
1,180,566
1,534,361
1,578,984
1,648,422
2,176,314
2,834,628
1,599,233
2,724,239
2,330,068
1,072,319
3,067,324
610,189
578,077
571,240
561,517
543,687
533,889
528,886
500,566
433,996
422,122
419,101
405,078
374,927
361,684
322,279
309,893
297,737
292,417
292,341
284,112
281,366
264,290
264,174
254,761
254,118
252,849
229,178
226,259
217,710
213,186
210,294
200,436
188,793
188,607
184,733
183,161
178,983
177,406
171,304
169,371
164,511
163,970
159,976
159,732
157,949
151,133
148,531
145,797
144,383
144,120
142,673
138,554
136,951
133,605
133,321
133,029
128,659
127,053
125,829
125,444
123,326
118,600
118,298
116,773
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
CSX Corp.
Precision Castparts Corp.
Norfolk Southern Corp.
Raytheon Co.
Eaton Corp. plc
Deere & Co.
Illinois Tool Works Inc.
Northrop Grumman Corp.
TE Connectivity Ltd.
Cummins Inc.
LinkedIn Corp. Class A
PACCAR Inc.
Waste Management Inc.
Sherwin-Williams Co.
Parker-Hannifin Corp.
Tyco International plc
Fidelity National Information Services Inc.
Fiserv Inc.
Alliance Data Systems Corp.
Ingersoll-Rand plc
Amphenol Corp. Class A
Roper Industries Inc.
WW Grainger Inc.
Rockwell Automation Inc.
Xerox Corp.
Paychex Inc.
Agilent Technologies Inc.
Kansas City Southern
AMETEK Inc.
Fastenal Co.
Pentair plc
Dover Corp.
Stericycle Inc.
Rockwell Collins Inc.
CH Robinson Worldwide Inc.
Pall Corp.
FleetCor Technologies Inc.
Textron Inc.
United Rentals Inc.
Republic Services Inc. Class A
TransDigm Group Inc.
L-3 Communications Holdings Inc.
Fluor Corp.
Verisk Analytics Inc. Class A
Ball Corp.
Masco Corp.
Sensata Technologies Holding NV
Mettler-Toledo International Inc.
Vulcan Materials Co.
Rock-Tenn Co. Class A
Sealed Air Corp.
Expeditors International of Washington Inc.
Flowserve Corp.
Towers Watson & Co. Class A
Wabtec Corp.
JB Hunt Transport Services Inc.
Packaging Corp. of America
Robert Half International Inc.
MeadWestvaco Corp.
Cintas Corp.
Fortune Brands Home & Security Inc.
Crown Holdings Inc.
Martin Marietta Materials Inc.
Xylem Inc.
38

December 31, 2014
Shares
Market
Value
($000)
4,364,784
9,838,696
1,250,541
2,923,857
1,339,420
1,770,198
730,271
2,370,454
3,575,218
2,964,742
2,317,611
2,199,120
1,077,090
1,653,353
2,810,836
2,807,472
514,533
1,152,344
865,570
1,999,903
814,888
1,335,680
2,343,415
1,160,934
1,617,625
1,980,150
1,391,346
1,227,241
2,445,971
1,887,319
2,796,224
881,645
1,009,933
2,586,061
1,670,235
2,395,635
858,009
1,822,488
1,459,188
1,656,643
2,766,609
5,464,030
1,698,008
2,620,028
3,111,172
901,697
1,290,048
918,615
1,064,402
730,021
1,885,000
1,622,673
1,374,449
849,330
808,370
3,003,820
651,225
703,376
536,166
1,967,343
1,533,260
1,343,243
798,554
935,325
115,841
109,997
108,147
105,931
104,260
102,707
102,289
102,024
101,500
100,505
99,704
98,279
97,197
95,713
95,456
94,808
94,484
93,029
92,469
92,355
91,642
91,053
90,526
90,135
89,713
87,107
86,458
84,790
82,967
82,532
82,461
81,861
80,976
78,539
77,699
77,403
77,152
76,508
75,250
74,897
74,671
74,420
74,203
73,387
73,113
72,803
72,772
71,615
71,145
69,403
67,502
67,325
66,867
65,747
65,680
65,573
64,419
63,550
62,329
62,070
62,036
60,715
60,714
59,683
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
Trimble Navigation Ltd.

Flextronics International Ltd.
Valspar Corp.
ADT Corp.
IDEX Corp.
B/E Aerospace Inc.
Acuity Brands Inc.
Spirit AeroSystems Holdings Inc. Class A
Quanta Services Inc.
Allison Transmission Holdings Inc.
Avnet Inc.
Jacobs Engineering Group Inc.
Carlisle Cos. Inc.
Arrow Electronics Inc.
Total System Services Inc.
Keysight Technologies Inc.
CoStar Group Inc.
Global Payments Inc.
Hubbell Inc. Class B
Broadridge Financial Solutions Inc.
Huntington Ingalls Industries Inc.
ManpowerGroup Inc.
Donaldson Co. Inc.
Old Dominion Freight Line Inc.
Allegion plc
Waste Connections Inc.
Jack Henry & Associates Inc.
Lincoln Electric Holdings Inc.
Vantiv Inc. Class A
PerkinElmer Inc.
HD Supply Holdings Inc.
Ryder System Inc.
Graco Inc.
AECOM Technology Corp.
Joy Global Inc.
FLIR Systems Inc.
Genesee & Wyoming Inc. Class A
Chicago Bridge & Iron Co. NV
Colfax Corp.
Bemis Co. Inc.
Owens-Illinois Inc.
Graphic Packaging Holding Co.
Sonoco Products Co.
Trinity Industries Inc.
MDU Resources Group Inc.
Kirby Corp.
AO Smith Corp.
Nordson Corp.
AptarGroup Inc.
Lennox International Inc.
Owens Corning
Hexcel Corp.
Oshkosh Corp.
Zebra Technologies Corp.
MSC Industrial Direct Co. Inc. Class A
Jabil Circuit Inc.
WEX Inc.
FEI Co.
Alliant Techsystems Inc.
Berry Plastics Group Inc.
ITT Corp.
AGCO Corp.
Eagle Materials Inc.
Toro Co.
39

December 31, 2014
Shares
Market
Value
($000)
569,724
1,063,605
1,363,272
856,288
1,391,406
723,242
747,091
848,517
1,644,127
3,346,423
1,995,709
647,614
759,792
1,817,851
3,138,470
1,739,882
1,151,450
482,312
689,802
1,105,404
826,921
727,241
2,264,624
993,900
1,746,938
380,049
778,146
648,056
1,076,177
967,293
1,320,738
789,659
431,604
841,164
2,396,207
2,012,378
759,772
1,368,534
1,051,878
566,394
859,877
466,685
1,437,516
2,424,081
566,322
742,513
2,369,425
1,265,151
1,360,444
739,689
1,404,159
571,411
490,740
885,057
376,349
203,169
723,763
1,012,928
1,422,293
1,387,801
954,609
2,256,695
576,626
255,804
58,533
58,328
58,184
57,560
57,507
56,999
56,936
56,545
56,410
56,237
55,860
55,643
55,108
55,081
55,017
54,093
54,038
52,900
51,873
51,689
51,476
51,336
50,048
48,930
48,705
48,266
48,027
47,976
47,879
47,571
47,269
46,353
46,182
46,180
45,360
44,292
43,717
43,232
43,001
42,434
41,317
41,283
41,156
41,088
41,075
39,799
39,238
39,182
38,378
37,813
37,252
36,896
36,727
36,509
36,382
34,520
34,277
34,095
33,495
32,655
32,590
31,932
31,109
31,067
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
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*
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*
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*
*
*
*
*
*
*
*
*
*
Teledyne Technologies Inc.

MAXIMUS Inc.
Timken Co.
Triumph Group Inc.
Cognex Corp.
Belden Inc.
WESCO International Inc.
CLARCOR Inc.
Air Lease Corp. Class A
RR Donnelley & Sons Co.
USG Corp.
SPX Corp.
Landstar System Inc.
Babcock & Wilcox Co.
Exelis Inc.
National Instruments Corp.
World Fuel Services Corp.
Esterline Technologies Corp.
Regal-Beloit Corp.
Generac Holdings Inc.
Deluxe Corp.
Curtiss-Wright Corp.
Manitowoc Co. Inc.
Woodward Inc.
Terex Corp.
Valmont Industries Inc.
EnerSys
Moog Inc. Class A
EMCOR Group Inc.
Con-way Inc.
Kennametal Inc.
Crane Co.
Watsco Inc.
Euronet Worldwide Inc.
Genpact Ltd.
Covanta Holding Corp.
GATX Corp.
CoreLogic Inc.
XPO Logistics Inc.
IPG Photonics Corp.
Clean Harbors Inc.
Anixter International Inc.
Swift Transportation Co.
KBR Inc.
Corporate Executive Board Co.
Silgan Holdings Inc.
Louisiana-Pacific Corp.
DigitalGlobe Inc.
Rexnord Corp.
Armstrong World Industries Inc.
Booz Allen Hamilton Holding Corp.
WageWorks Inc.
Cimpress NV
KLX Inc.
Littelfuse Inc.
MWI Veterinary Supply Inc.
HEICO Corp. Class A
Knight Transportation Inc.
Knowles Corp.
Sanmina Corp.
Mueller Industries Inc.
Vishay Intertechnology Inc.
Heartland Payment Systems Inc.
UniFirst Corp.
40

December 31, 2014
Shares
Market
Value
($000)
1,511,002
816,193
742,189
609,168
477,214
542,332
631,152
745,587
449,354
1,067,233
767,610
657,132
819,904
815,702
982,656
995,188
692,189
388,838
630,556
518,805
963,467
2,528,743
683,153
1,350,458
1,680,959
419,276
907,362
591,952
398,277
721,880
305,278
565,635
366,339
380,430
854,936
707,853
655,508
785,387
833,630
314,137
1,027,691
909,534
1,043,892
738,395
557,980
450,768
1,233,617
599,897
411,407
947,655
318,505
719,075
644,814
308,548
584,344
413,443
312,988
605,845
517,567
828,924
1,018,832
419,025
754,496
418,350
30,779
30,207
30,066
29,837
29,330
28,792
28,774
28,765
28,507
28,495
28,425
27,705
27,450
27,073
26,768
26,761
26,739
26,593
26,225
26,132
26,023
25,894
25,639
25,510
25,467
25,458
25,225
25,034
24,996
24,919
24,862
24,645
24,603
24,549
24,494
24,492
24,352
24,316
23,975
23,629
23,236
23,139
23,101
23,001
22,994
22,863
22,834
22,808
22,775
22,706
22,541
22,500
22,491
22,268
22,252
22,214
22,175
22,119
22,038
21,950
21,772
20,658
20,628
20,625
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
^
*
*,^
Convergys Corp.
Barnes Group Inc.
Mobile Mini Inc.
Advisory Board Co.
Masonite International Corp.
MSA Safety Inc.
Applied Industrial Technologies Inc.
Cardtronics Inc.
Watts Water Technologies Inc. Class A
Tetra Tech Inc.
TimkenSteel Corp.
United Stationers Inc.
Navistar International Corp.
On Assignment Inc.
Actuant Corp. Class A
Orbital Sciences Corp.
FTI Consulting Inc.
Huron Consulting Group Inc.
ExamWorks Group Inc.
Forward Air Corp.
Heartland Express Inc.
Mueller Water Products Inc. Class A
Franklin Electric Co. Inc.
Harsco Corp.
Meritor Inc.
Coherent Inc.
NeuStar Inc. Class A
Itron Inc.
EnPro Industries Inc.
Matson Inc.
Rogers Corp.
TAL International Group Inc.
Proto Labs Inc.
RBC Bearings Inc.
ABM Industries Inc.
Simpson Manufacturing Co. Inc.
Boise Cascade Co.
Otter Tail Corp.
Korn/Ferry International
Outerwall Inc.
MasTec Inc.
Benchmark Electronics Inc.
EVERTEC Inc.
Werner Enterprises Inc.
Plexus Corp.
Ambarella Inc.
LifeLock Inc.
Granite Construction Inc.
Saia Inc.
PHH Corp.
OSI Systems Inc.
TriMas Corp.
Veeco Instruments Inc.
Tennant Co.
Hub Group Inc. Class A
Greenbrier Cos. Inc.
G&K Services Inc. Class A
Methode Electronics Inc.
Trex Co. Inc.
TASER International Inc.
Aircastle Ltd.
Atlas Air Worldwide Holdings Inc.
Brady Corp. Class A
Greatbatch Inc.
41

December 31, 2014
Shares
Market
Value
($000)
430,682
644,557
469,312
807,966
395,087
697,576
1,288,849
504,563
408,209
251,373
461,929
348,845
393,991
1,511,038
287,612
295,692
968,232
628,663
202,408
208,845
321,653
213,827
438,804
660,648
714,153
659,803
996,357
615,239
531,005
678,589
461,222
420,455
381,787
534,644
765,744
266,362
607,447
1,141,040
345,348
988,650
806,415
229,382
463,923
388,318
328,224
323,517
386,148
822,709
922,924
293,878
509,699
311,800
344,447
643,487
397,672
626,147
146,032
417,507
211,951
623,302
310,006
824,879
761,360
820,931
20,341
20,162
19,885
19,722
19,529
19,358
19,320
19,168
19,153
18,860
18,519
18,363
18,269
18,238
18,027
17,824
17,719
17,464
17,354
17,230
17,112
16,520
16,192
15,902
15,890
15,486
15,384
15,381
15,245
15,194
15,156
15,077
15,035
15,018
15,009
14,732
14,117
14,103
13,855
13,821
13,661
13,614
13,347
13,327
13,280
13,258
13,087
12,645
12,598
12,578
12,330
12,257
12,135
12,085
12,022
11,966
11,877
11,853
11,746
11,600
11,573
11,548
11,344
11,312
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Greif Inc. Class A

TriNet Group Inc.
Apogee Enterprises Inc.
Brink's Co.
Imperva Inc.
Universal Display Corp.
Headwaters Inc.
Albany International Corp.
AZZ Inc.
MTS Systems Corp.
Kaman Corp.
Cubic Corp.
ArcBest Corp.
UTi Worldwide Inc.
FARO Technologies Inc.
CIRCOR International Inc.
GenCorp Inc.
AAR Corp.
Lindsay Corp.
Exponent Inc.
Universal Forest Products Inc.
Standex International Corp.
ESCO Technologies Inc.
Tutor Perini Corp.
TrueBlue Inc.
Sykes Enterprises Inc.
Federal Signal Corp.
Raven Industries Inc.
ExlService Holdings Inc.
AAON Inc.
John Bean Technologies Corp.
McGrath RentCorp
Sun Hydraulics Corp.
H&E Equipment Services Inc.
AMN Healthcare Services Inc.
Astronics Corp.
Primoris Services Corp.
Wabash National Corp.
US Ecology Inc.
Wesco Aircraft Holdings Inc.
Acacia Research Corp.
Badger Meter Inc.
Rofin-Sinar Technologies Inc.
Textainer Group Holdings Ltd.
Team Inc.
ICF International Inc.
Insperity Inc.
Navigant Consulting Inc.
II-VI Inc.
Engility Holdings Inc.
Thermon Group Holdings Inc.
Astec Industries Inc.
Materion Corp.
Quanex Building Products Corp.
ManTech International Corp. Class A
Newport Corp.
Nortek Inc.
Altra Industrial Motion Corp.
Multi-Color Corp.
Aegion Corp. Class A
Encore Wire Corp.
AVX Corp.
General Cable Corp.
RPX Corp.
42

December 31, 2014
Shares
Market
Value
($000)
463,506
495,945
321,991
152,919
183,907
475,106
614,508
623,775
137,928
313,321
755,494
186,902
430,783
1,940,101
542,531
1,124,504
513,788
531,266
148,367
341,279
412,632
404,025
656,848
318,086
270,855
325,293
327,590
297,030
214,337
169,354
369,338
884,310
335,171
382,054
160,542
958,771
167,086
497,883
469,834
183,478
361,137
523,137
1,070,354
334,532
319,993
932,767
263,433
238,774
765,757
150,255
215,275
150,598
580,804
409,612
714,299
482,731
1,530,290
131,563
260,851
898,392
291,039
284,369
313,283
276,628
11,184
11,154
11,151
11,136
11,108
11,094
10,520
10,261
10,096
10,064
10,048
9,953
9,891
9,817
9,673
9,626
9,515
9,425
9,352
9,351
9,309
9,284
9,019
8,919
8,889
8,864
8,734
8,673
8,668
8,557
8,380
8,374
8,356
8,352
8,268
8,207
8,115
8,096
7,997
7,833
7,739
7,674
7,653
7,624
7,577
7,499
7,495
7,469
7,374
7,373
7,304
7,295
7,266
7,209
7,150
7,106
7,070
6,828
6,811
6,765
6,752
6,705
6,626
6,376
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Kforce Inc.
YRC Worldwide Inc.
Sturm Ruger & Co. Inc.
Rentrak Corp.
HEICO Corp.
Roadrunner Transportation Systems Inc.
Comfort Systems USA Inc.
Resources Connection Inc.
Hyster-Yale Materials Handling Inc.
Gorman-Rupp Co.
Griffon Corp.
Cass Information Systems Inc.
Quad/Graphics Inc.
GrafTech International Ltd.
CTS Corp.
Air Transport Services Group Inc.
NCI Building Systems Inc.
Fabrinet
Park-Ohio Holdings Corp.
MYR Group Inc.
Schnitzer Steel Industries Inc.
Advanced Drainage Systems Inc.
Checkpoint Systems Inc.
Columbus McKinnon Corp.
Lydall Inc.
Aerovironment Inc.
Viad Corp.
Echo Global Logistics Inc.
American Woodmark Corp.
DXP Enterprises Inc.
Celadon Group Inc.
Smith & Wesson Holding Corp.
Park Electrochemical Corp.
Marten Transport Ltd.
American Railcar Industries Inc.
Great Lakes Dredge & Dock Corp.
LB Foster Co. Class A
Gibraltar Industries Inc.
Kelly Services Inc. Class A
Kadant Inc.
Douglas Dynamics Inc.
Eagle Bulk Shipping Inc.
Global Cash Access Holdings Inc.
Advanced Emissions Solutions Inc.
TeleTech Holdings Inc.
Bazaarvoice Inc.
US Concrete Inc.
M/A-COM Technology Solutions Holdings Inc.
PGT Inc.
Powell Industries Inc.
GP Strategies Corp.
Alamo Group Inc.
Daktronics Inc.
Myers Industries Inc.
Dice Holdings Inc.
GSI Group Inc.
Monster Worldwide Inc.
American Science & Engineering Inc.
Paylocity Holding Corp.
TTM Technologies Inc.
CAI International Inc.
Insteel Industries Inc.
Era Group Inc.
Heidrick & Struggles International Inc.
43

December 31, 2014
Shares
Market
Value
($000)
310,052
742,977
621,213
398,558
393,665
439,138
881,600
251,454
337,341
170,167
420,689
316,582
127,546
441,231
161,264
945,868
75,206
200,783
476,355
661,185
353,356
180,717
370,060
1,036,504
160,074
261,072
444,951
603,512
154,317
162,243
155,803
67,027
367,119
478,908
477,189
172,147
304,296
71,825
80,993
151,455
5,561,108
352,080
136,847
769,132
215,285
65,019
239,313
264,847
128,180
46,756
185,605
90,221
220,527
103,360
218,509
161,862
117,072
264,884
186,591
61,693
412,108
262,955
326,919
149,815
6,375
6,360
6,349
6,158
6,118
6,064
6,057
6,010
5,981
5,724
5,667
5,641
5,609
5,507
5,506
5,439
5,324
5,283
5,264
5,151
4,940
4,899
4,870
4,851
4,821
4,785
4,734
4,719
4,679
4,668
4,442
4,417
4,413
4,368
4,352
4,352
4,272
4,264
4,180
4,141
4,111
4,102
3,878
3,861
3,813
3,781
3,666
3,658
3,640
3,615
3,593
3,538
3,533
3,524
3,358
3,215
3,208
3,205
3,202
3,198
3,198
3,142
3,119
3,115
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
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*
*
*
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*
*,^
*
*
*
*
*
*
*
*
*
*
*,^
NN Inc.
CBIZ Inc.
ARC Document Solutions Inc.
EnerNOC Inc.
Ceco Environmental Corp.
Landec Corp.
Builders FirstSource Inc.
Black Box Corp.
Continental Building Products Inc.
Argan Inc.
Ennis Inc.
Installed Building Products Inc.
Patrick Industries Inc.
Cross Country Healthcare Inc.
Landauer Inc.
Lionbridge Technologies Inc.
NVE Corp.
FreightCar America Inc.
Orion Marine Group Inc.
InnerWorkings Inc.
Ply Gem Holdings Inc.
Covenant Transportation Group Inc. Class A
Global Brass & Copper Holdings Inc.
ServiceSource International Inc.
Northwest Pipe Co.
Mistras Group Inc.
Quality Distribution Inc.
Furmanite Corp.
CRA International Inc.
Graham Corp.
Universal Truckload Services Inc.
VSE Corp.
Kimball Electronics Inc.
Kimball International Inc. Class B
Maxwell Technologies Inc.
Ducommun Inc.
Electro Rent Corp.
NACCO Industries Inc. Class A
Power Solutions International Inc.
Bel Fuse Inc. Class B
Capstone Turbine Corp.
PowerSecure International Inc.
Sparton Corp.
Kratos Defense & Security Solutions Inc.
CDI Corp.
AEP Industries Inc.
Stock Building Supply Holdings Inc.
Global Power Equipment Group Inc.
USA Truck Inc.
Mesa Laboratories Inc.
Franklin Covey Co.
FRP Holdings Inc.
Dynamic Materials Corp.
Hurco Cos. Inc.
Control4 Corp.
Twin Disc Inc.
Barrett Business Services Inc.
Vicor Corp.
Vishay Precision Group Inc.
PAM Transportation Services Inc.
Electro Scientific Industries Inc.
Houston Wire & Cable Co.
Layne Christensen Co.
Miller Industries Inc.
44

December 31, 2014
Shares
Market
Value
($000)
582,254
308,505
363,619
689,487
221,098
176,654
417,626
352,939
326,934
620,313
268,171
348,205
153,900
208,150
364,005
458,158
97,393
169,718
414,807
627,988
575,417
105,689
601,774
545,425
95,612
116,974
219,434
30,170
220,467
52,099
53,878
78,107
288,977
954,768
156,382
346,841
172,051
217,594
148,396
397,533
419,236
181,371
269,082
44,518
147,819
186,565
428,601
224,607
280,861
90,619
109,276
240,662
112,986
474,977
369,738
272,566
274,699
92,463
138,181
83,392
1,346,953
218,314
186,080
110,173
3,068
3,036
2,902
2,896
2,810
2,788
2,781
2,742
2,736
2,692
2,682
2,594
2,585
2,481
2,472
2,410
2,394
2,393
2,373
2,355
2,325
2,315
2,311
2,296
2,265
2,258
2,256
2,198
2,174
2,118
2,101
2,075
2,023
2,005
1,980
1,908
1,886
1,865
1,830
1,817
1,769
1,768
1,719
1,683
1,660
1,619
1,616
1,586
1,559
1,554
1,529
1,526
1,524
1,472
1,460
1,425
1,406
1,378
1,375
1,267
1,253
1,177
1,163
1,156
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
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*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*,^
*
*,^
*
*
*
Energy Recovery Inc.

Universal Technical Institute Inc.
AM Castle & Co.
Kemet Corp.
Manitex International Inc.
Xerium Technologies Inc.
Commercial Vehicle Group Inc.
Intevac Inc.
Planar Systems Inc.
Accuride Corp.
Richardson Electronics Ltd.
CUI Global Inc.
ExOne Co.
Hardinge Inc.
LSI Industries Inc.
Spartan Motors Inc.
UFP Technologies Inc.
LMI Aerospace Inc.
PRGX Global Inc.
ModusLink Global Solutions Inc.
Casella Waste Systems Inc. Class A
Willis Lease Finance Corp.
Hill International Inc.
Higher One Holdings Inc.
Allied Motion Technologies Inc.
Norcraft Cos. Inc.
Crawford & Co. Class B
United States Lime & Minerals Inc.
General Finance Corp.
Magnetek Inc.
SL Industries Inc.
Lawson Products Inc.
Ameresco Inc. Class A
Cenveo Inc.
PFSweb Inc.
Orion Energy Systems Inc.
Energous Corp.
Crawford & Co. Class A
Heritage-Crystal Clean Inc.
Rubicon Technology Inc.
Information Services Group Inc.
StarTek Inc.
Sterling Construction Co. Inc.
Omega Flex Inc.
Multi-Fineline Electronix Inc.
Adept Technology Inc.
Hudson Technologies Inc.
Supreme Industries Inc. Class A
Nuverra Environmental Solutions Inc.
Eastern Co.
National Research Corp. Class A
TRC Cos. Inc.
Willdan Group Inc.
Hudson Global Inc.
Rand Logistics Inc.
PMFG Inc.
Research Frontiers Inc.
International Shipholding Corp.
Perceptron Inc.
CTPartners Executive Search Inc.
Odyssey Marine Exploration Inc.
Broadwind Energy Inc.
Mattersight Corp.
CPI Aerostructures Inc.
45

December 31, 2014
Shares
Market
Value
($000)
266,460
524,668
636,812
263,557
522,096
98,773
64,852
123,800
101,286
227,361
249,091
53,396
82,489
330,578
269,796
67,025
107,000
7,600
888,787
494,283
175,926
65,391
106,402
334,820
1,043,562
238,921
553,436
304,241
30,766
77,753
417,053
597,002
221,547
18,670
37,904
158,047
64,049
144,397
58,866
191,477
83,503
19,738
70,864
164,937
197,550
46,956
192,545
206,764
115,748
244,883
236,848
574,458
388,700
130,401
72,950
77,291
134,183
267,152
175,208
712,106
199,745
3,767
48,929
10,580
1,135
1,118
1,108
1,104
1,086
1,060
1,056
1,032
973
962
954
953
943
932
904
858
854
845
842
840
827
798
780
777
773
760
747
739
732
731
721
692
685
669
660
650
645
628
617
611
585
575
553
521
518
477
476
476
471
451
450
449
420
408
400
367
354
353
328
320
310
301
289
256
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
*
*
*
*
*
*
*,^
*,^
*
*
*
*
*
*,^
*,^
Sharps Compliance Corp.

API Technologies Corp.
MicroVision Inc.
Vertex Energy Inc.
Planet Payment Inc.
Volt Information Sciences Inc.
Viasystems Group Inc.
Erickson Inc.
CyberOptics Corp.
Radiant Logistics Inc.
Fuel Tech Inc.
MOCON Inc.
Frequency Electronics Inc.
Lincoln Educational Services Corp.
Huttig Building Products Inc.
Key Technology Inc.
Aspen Aerogels Inc.
Hubbell Inc. Class A
Synthesis Energy Systems Inc.
Echelon Corp.
NAPCO Security Technologies Inc.
Yodlee Inc.
ClearSign Combustion Corp.
Arotech Corp.
American Superconductor Corp.
Innovative Solutions & Support Inc.
Revolution Lighting Technologies Inc.
Goldfield Corp.
Espey Manufacturing & Electronics Corp.
Gencor Industries Inc.
Iteris Inc.
BlueLinx Holdings Inc.
Tecumseh Products Co.
National Research Corp. Class B
Elecsys Corp.
Ballantyne Strong Inc.
Transcat Inc.
Perma-Fix Environmental Services
Air Industries Group
Turtle Beach Corp.
MFRI Inc.
SIFCO Industries Inc.
Integrated Electrical Services Inc.
Versar Inc.
Wireless Telecom Group Inc.
Breeze-Eastern Corp.
Astrotech Corp.
eMagin Corp.
RF Industries Ltd.
Active Power Inc.
ENGlobal Corp.
UQM Technologies Inc.
Spherix Inc.
Ultralife Corp.
American Electric Technologies Inc.
IEC Electronics Corp.
Sypris Solutions Inc.
Essex Rental Corp.
Swisher Hygiene Inc.
Document Security Systems Inc.
Lightbridge Corp.
AMCON Distributing Co.
Industrial Services of America Inc.
Bel Fuse Inc. Class A
46

December 31, 2014
Shares
Market
Value
($000)
26,639
7,846
87,573
9,102
651,835
75,730
38,446
63,708
29,472
324,240
37,538
68,719
36,596
52,826
21,782
41,386
16,800
32,994
47,800
9,400
7,139
11,680
114,699
17,942
9,815
47,352
66,307
63,750
28,187
19,850
12,436
27,360
164,078
7,269
3,772
29,910
4,914
5,099
893
3,215
2,453
5,927
2,726
1,300
3,000
249
241
233
233
222
217
211
208
197
195
188
183
178
174
166
159
141
140
135
122
113
107
104
102
102
95
94
92
92
71
68
50
48
38
33
33
31
29
25
22
12
11
7
5
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Pioneer Power Solutions Inc.

Chicago Rivet & Machine Co.
Image Sensing Systems Inc.
Air T Inc.
Metalico Inc.
Video Display Corp.
Asure Software Inc.
Standard Register Co.
SigmaTron International Inc.
American DG Energy Inc.
Onvia Inc.
Appliance Recycling Centers of America Inc.
Professional Diversity Network
BTU International Inc.
Sevcon Inc.
AMREP Corp.
Marathon Patent Group Inc.
Cartesian Inc.
EnviroStar Inc.
NV5 Holdings Inc.
Continental Materials Corp.
Ecology and Environment Inc.
LightPath Technologies Inc. Class A
Nortech Systems Inc.
Taylor Devices Inc.
DLH Holdings Corp.
Luna Innovations Inc.
Quest Resource Holding Corp.
Coast Distribution System Inc.
Micronet Enertec Technologies Inc.
Overseas Shipholding Group Inc. Class B
Vicon Industries Inc.
Advanced Photonix Inc. Class A
Art's-Way Manufacturing Co. Inc.
AeroCentury Corp.
LiqTech International Inc.
Servotronics Inc.
WSI Industries Inc.
Foster Wheeler AG
IntriCon Corp.
Sutron Corp.
Command Security Corp.
Avalon Holdings Corp. Class A
Electro-Sensors Inc.
LGL Group Inc. Warrants Exp. 06/08/2018
48,047,597
Oil & Gas (7.5%)
Exxon Mobil Corp.
Chevron Corp.
Schlumberger Ltd.
ConocoPhillips
Kinder Morgan Inc.
Occidental Petroleum Corp.
EOG Resources Inc.
Anadarko Petroleum Corp.
Phillips 66
Halliburton Co.
Williams Cos. Inc.
National Oilwell Varco Inc.
Valero Energy Corp.
Marathon Petroleum Corp.
Baker Hughes Inc.
Devon Energy Corp.
Apache Corp.
71,373,124
31,861,948
21,671,059
20,737,680
28,556,647
13,062,190
9,229,697
8,523,659
9,328,355
13,555,191
11,331,409
7,232,949
8,779,323
4,720,070
7,291,131
6,542,829
6,376,214
47
6,598,445
3,574,273
1,850,925
1,432,144
1,208,232
1,052,943
849,778
703,202
668,843
533,126
509,234
473,975
434,576
426,034
408,814
400,487
399,597

December 31, 2014
Shares
Market
Value
($000)
2,506,813
4,587,127
11,349,082
6,094,240
3,591,139
6,994,862
10,077,893
2,555,379
1,899,204
3,929,326
3,345,227
5,949,180
2,124,872
1,462,437
2,701,530
2,831,545
11,725,915
3,333,583
3,353,198
3,931,082
1,722,757
5,809,601
1,288,236
1,772,037
2,803,239
743,732
1,224,909
4,355,453
636,969
2,302,421
3,079,765
4,754,799
1,565,959
1,437,964
1,263,630
2,571,528
742,709
5,614,956
639,838
5,922,544
803,511
1,267,715
2,051,666
1,800,353
908,453
1,133,762
1,145,906
3,418,318
2,317,932
1,403,578
562,605
886,990
1,081,643
1,587,479
2,456,666
1,021,053
5,235,941
689,785
826,336
1,618,387
825,052
1,479,826
914,207
601,090
373,139
338,622
321,066
289,050
252,816
207,118
197,224
193,442
189,446
184,050
167,094
162,353
157,984
155,018
144,397
143,050
134,262
124,943
118,971
117,736
116,148
106,490
105,378
104,214
92,507
89,501
78,100
72,170
67,551
62,442
62,273
61,717
60,070
60,021
56,352
51,816
50,794
49,917
49,095
48,150
48,034
47,894
47,845
46,323
44,423
43,741
42,066
39,755
38,454
37,391
37,014
35,994
35,240
34,448
32,330
28,967
28,850
28,695
28,178
26,768
26,740
26,681
24,940
24,807
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
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*
*
*
*
*
*
*,^
*
^
*
*
*,^
*
*
*
*
*
Pioneer Natural Resources Co.

Hess Corp.
Marathon Oil Corp.
Noble Energy Inc.
Cheniere Energy Inc.
Cabot Oil & Gas Corp.
Chesapeake Energy Corp.
EQT Corp.
Concho Resources Inc.
FMC Technologies Inc.
Cameron International Corp.
Southwestern Energy Co.
Tesoro Corp.
Cimarex Energy Co.
Range Resources Corp.
Murphy Oil Corp.
Weatherford International plc
HollyFrontier Corp.
OGE Energy Corp.
Ensco plc Class A
Helmerich & Payne Inc.
Transocean Ltd.
Dresser-Rand Group Inc.
Oceaneering International Inc.
Whiting Petroleum Corp.
Core Laboratories NV
Energen Corp.
Noble Corp. plc
Targa Resources Corp.
Newfield Exploration Co.
QEP Resources Inc.
Nabors Industries Ltd.
Continental Resources Inc.
Gulfport Energy Corp.
First Solar Inc.
Superior Energy Services Inc.
SemGroup Corp. Class A
Cobalt International Energy Inc.
Dril-Quip Inc.
Denbury Resources Inc.
Diamondback Energy Inc.
Western Refining Inc.
Rowan Cos. plc Class A
NOW Inc.
Oil States International Inc.
SM Energy Co.
Diamond Offshore Drilling Inc.
WPX Energy Inc.
Patterson-UTI Energy Inc.
PBF Energy Inc. Class A
Bristow Group Inc.
Antero Resources Corp.
Exterran Holdings Inc.
Helix Energy Solutions Group Inc.
Ultra Petroleum Corp.
Atwood Oceanics Inc.
California Resources Corp.
Carrizo Oil & Gas Inc.
Unit Corp.
Oasis Petroleum Inc.
Tidewater Inc.
Memorial Resource Development Corp.
Delek US Holdings Inc.
PDC Energy Inc.
48

December 31, 2014
Shares
Market
Value
($000)
1,634,117
1,148,692
1,035,002
881,930
1,104,485
295,142
1,022,051
1,107,232
511,910
655,289
846,748
892,239
1,440,059
7,910,828
1,094,155
554,186
538,099
327,855
547,002
1,319,721
499,520
302,956
3,977,574
3,147,696
736,204
397,506
1,438,377
412,805
775,697
880,969
1,210,226
2,609,608
262,258
1,798,547
195,037
562,189
115,033
3,927,812
1,448,413
623,159
100,342
1,141,904
1,909,858
3,796,758
294,520
242,063
391,298
979,715
2,549,634
2,003,906
201,956
768,274
527,460
398,054
717,729
1,483,593
1,633,750
293,537
200,919
843,988
810,989
662,155
905,949
554,099
24,757
24,088
23,091
22,780
22,344
21,784
21,187
17,671
17,507
16,159
15,860
15,061
14,905
14,398
14,268
13,932
13,436
13,131
13,128
12,590
12,378
11,727
11,575
9,884
9,725
9,707
9,608
9,214
8,835
8,184
8,084
7,829
7,668
7,392
7,294
7,207
7,129
6,992
6,923
6,506
6,402
6,326
5,863
5,847
5,711
5,635
5,592
5,535
5,533
5,511
5,352
5,232
5,122
5,043
5,031
4,837
4,803
4,770
4,629
4,600
4,387
4,152
4,131
4,067
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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*
*
*,^
*,^
*
*
^
*
*
^
*
*,^
*
*
*
*
*,^
*
*,^
*
*
*,^
*,^
*,^
*
*
*
*,^
*
*,^
^
*
*
^
*
*
^
*
*
*
*
*
*
*
MRC Global Inc.

Rice Energy Inc.
Rosetta Resources Inc.
SunPower Corp. Class A
Matador Resources Co.
SEACOR Holdings Inc.
Forum Energy Technologies Inc.
Parsley Energy Inc. Class A
Chart Industries Inc.
Pattern Energy Group Inc. Class A
Flotek Industries Inc.
Stone Energy Corp.
Laredo Petroleum Inc.
SandRidge Energy Inc.
RPC Inc.
RSP Permian Inc.
Hornbeck Offshore Services Inc.
CARBO Ceramics Inc.
Bonanza Creek Energy Inc.
Newpark Resources Inc.
Green Plains Inc.
CVR Energy Inc.
McDermott International Inc.
Magnum Hunter Resources Corp.
C&J Energy Services Inc.
Gulfmark Offshore Inc.
TETRA Technologies Inc.
Matrix Service Co.
Bill Barrett Corp.
Sanchez Energy Corp.
Penn Virginia Corp.
Plug Power Inc.
Contango Oil & Gas Co.
Civeo Corp.
PHI Inc.
Tesco Corp.
REX American Resources Corp.
Halcon Resources Corp.
Triangle Petroleum Corp.
EP Energy Corp. Class A
Clayton Williams Energy Inc.
Pioneer Energy Services Corp.
Parker Drilling Co.
FuelCell Energy Inc.
Gulf Island Fabrication Inc.
Panhandle Oil and Gas Inc. Class A
Enphase Energy Inc.
Northern Oil and Gas Inc.
EXCO Resources Inc.
ION Geophysical Corp.
Geospace Technologies Corp.
Comstock Resources Inc.
Renewable Energy Group Inc.
Alon USA Energy Inc.
Basic Energy Services Inc.
Energy XXI Ltd.
Abraxas Petroleum Corp.
Par Petroleum Corp.
Natural Gas Services Group Inc.
Callon Petroleum Co.
Seventy Seven Energy Inc.
Willbros Group Inc.
VAALCO Energy Inc.
W&T Offshore Inc.
49

December 31, 2014
Shares
Market
Value
($000)
795,034
385,204
1,431,795
269,419
603,724
546,970
2,186,986
340,767
943,068
1,111,745
1,186,234
689,702
580,984
219,081
2,497,959
1,276,479
169,297
14,962
290,253
471,803
263,979
1,179,772
4,918,003
205,928
32,683
1,198,394
266,839
3,119,017
265,900
217,080
708,487
813,508
856,606
471,488
566,999
521,686
667,740
408,838
77,301
347,997
242,186
369,942
1,602,208
19,639
207,408
2,027,666
556,864
1,062,915
4,540
614,259
374,527
233,570
205,582
145,376
64,385
290,400
302,222
46,796
302,039
380,260
53,685
115,681
140,668
215,701
4,055
3,979
3,966
3,960
3,858
3,845
3,652
3,578
3,527
2,868
2,859
2,793
2,580
2,500
2,498
2,247
2,071
2,065
1,988
1,972
1,961
1,899
1,820
1,689
1,633
1,582
1,545
1,525
1,388
1,287
1,282
1,261
1,028
971
856
652
608
605
561
560
523
507
463
462
438
402
347
340
330
297
288
283
282
266
256
209
208
195
192
171
135
124
115
112
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
^
*
*,^
*
*
*
*
*,^
*
*,^
*,^
*
*,^
*
*
*
*,^
*
*,^
*
*
*
*
*
*
*
*
*,^
*,^
*,^
*,^
*
*
*
*
*
*
*
*
*,^
*,^
*
*,^
*,^
*,^
*,^
*
*
*
*
*,^
*,^
*
*,^
*
^
*,^
*
*
Rex Energy Corp.

Pacific Ethanol Inc.
Paragon Offshore plc
Trecora Resources
Approach Resources Inc.
Eclipse Resources Corp.
Key Energy Services Inc.
Ring Energy Inc.
PetroQuest Energy Inc.
Solazyme Inc.
Gastar Exploration Inc.
Swift Energy Co.
Goodrich Petroleum Corp.
Jones Energy Inc.
Hercules Offshore Inc.
Dakota Plains Holdings Inc.
Dawson Geophysical Co.
Isramco Inc.
Ignyta Inc.
Glori Energy Inc.
Evolution Petroleum Corp.
Warren Resources Inc.
CAMAC Energy Inc.
Green Brick Partners Inc.
Adams Resources & Energy Inc.
Resolute Energy Corp.
Aemetis Inc.
Vantage Drilling Co.
Independence Contract Drilling Inc.
Mitcham Industries Inc.
Harvest Natural Resources Inc.
FX Energy Inc.
Emerald Oil Inc.
Amyris Inc.
Midstates Petroleum Co. Inc.
Miller Energy Resources Inc.
Magellan Petroleum Corp.
US Energy Corp. Wyoming
Ideal Power Inc.
Enservco Corp.
TGC Industries Inc.
Zion Oil & Gas Inc.
BPZ Resources Inc.
Earthstone Energy Inc.
Royale Energy Inc.
Quicksilver Resources Inc.
American Eagle Energy Corp.
Gevo Inc.
PrimeEnergy Corp.
Real Goods Solar Inc. Class A
Hyperdynamics Corp.
Forbes Energy Services Ltd.
STR Holdings Inc.
Yuma Energy Inc.
SAExploration Holdings Inc.
GreenHunter Resources Inc.
MagneGas Corp.
Superior Drilling Products Inc.
Ocean Power Technologies Inc.
PEDEVCO Corp.
ZaZa Energy Corp.
Ascent Solar Technologies Inc.
Torchlight Energy Resources Inc.
Escalera Resources Co.
50

December 31, 2014
Shares
Market
Value
($000)
196,588
253,325
1,600
26,809
174,840
60,933
6,850
121,900
51,776
73
57
56
48
45
44
38
26
___________6
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*,^
PostRock Energy Corp.

Forest Oil Corp.
PHI Inc.
FieldPoint Petroleum Corp.
Tengasco Inc.
Lilis Energy Inc.
Mexco Energy Corp.
Saratoga Resources Inc.
Lucas Energy Inc.
28,539,654
Other (0.0%)2
*
Amec Foster Wheeler plc
*
Leap Wireless International Inc CVR
*
Furiex Pharmaceuticals Inc. CVR
*
Adolor Corp. Rights Exp. 07/01/2019
*
Chelsea Therapeutics International Ltd. CVR Exp. 12/31/2016
*
Ambit Biosciences Corp. CVR Rights
*
NuPathe Inc. CVR
*
Omthera Pharmaceuticals Inc. CVR
*,^
Cubist Pharmaceuticals, Inc. CVR
*
Southern Community Financial Corp
1,389,321
872,848
119,591
592,629
1,157,305
201,330
158,681
121,311
511,822
197,337
18,471
2,200
1,168
308
127
121
95
73
67
43
___________
22,673
Technology (15.8%)
Apple Inc.
Microsoft Corp.
Intel Corp.
*
Facebook Inc. Class A
International Business Machines Corp.
*
Google Inc. Class C
*
Google Inc. Class A
Oracle Corp.
Cisco Systems Inc.
QUALCOMM Inc.
Hewlett-Packard Co.
EMC Corp.
Texas Instruments Inc.
*
Yahoo! Inc.
*
Micron Technology Inc.
*
salesforce.com inc
*
Adobe Systems Inc.
*
Cognizant Technology Solutions Corp. Class A
Applied Materials Inc.
Corning Inc.
Avago Technologies Ltd. Class A
Intuit Inc.
Western Digital Corp.
Broadcom Corp. Class A
SanDisk Corp.
Seagate Technology plc
*
Cerner Corp.
*
Twitter Inc.
Symantec Corp.
Analog Devices Inc.
Motorola Solutions Inc.
Skyworks Solutions Inc.
*
Autodesk Inc.
NetApp Inc.
*
Red Hat Inc.
Lam Research Corp.
Equinix Inc.
KLA-Tencor Corp.
Xilinx Inc.
Altera Corp.
Linear Technology Corp.
98,848,739
125,034,776
81,504,192
35,601,695
16,680,965
4,852,399
4,808,012
56,002,661
86,155,102
28,017,980
31,445,946
34,274,633
17,826,521
14,360,126
18,088,686
10,092,974
7,977,443
10,262,568
20,495,643
21,566,649
4,259,588
4,572,115
3,710,280
9,130,769
3,718,139
5,231,579
5,170,092
8,551,592
11,614,259
5,286,896
3,661,038
3,209,009
3,840,186
5,305,537
3,165,729
2,688,843
922,841
2,769,482
4,453,787
5,183,983
4,020,087
51
10,910,924
5,807,865
2,957,787
2,777,644
2,676,294
2,554,303
2,551,420
2,518,440
2,396,404
2,082,576
1,261,926
1,019,328
953,095
725,330
633,285
598,614
579,960
540,427
510,751
494,523
428,472
421,503
410,728
395,636
364,303
347,900
334,298
306,746
297,964
293,528
245,582
233,327
230,642
219,914
218,878
213,333
209,236
194,750
192,804
191,496
183,316

December 31, 2014
Shares
Market
Value
($000)
3,493,788
2,839,455
8,698,245
2,722,018
1,243,659
5,299,269
6,964,552
2,251,454
4,758,389
2,375,378
3,204,080
1,151,138
1,663,044
1,787,687
1,534,415
1,414,624
1,440,004
2,070,671
2,599,682
2,603,501
2,589,014
1,937,176
1,727,034
6,917,749
5,007,657
638,747
1,931,830
7,224,973
4,331,568
3,014,707
3,377,315
4,874,331
2,731,390
1,303,691
7,361,735
3,689,581
2,617,397
2,296,527
1,827,714
1,189,095
1,895,020
458,873
1,801,973
1,875,932
2,184,993
2,012,566
753,187
583,510
4,358,221
1,164,651
1,011,480
1,143,516
1,775,351
528,620
1,248,692
902,475
6,643,975
1,251,795
577,396
1,085,651
1,541,488
3,876,589
1,650,736
1,271,011
180,804
178,772
174,400
173,665
162,254
161,363
155,449
152,761
151,650
149,768
144,536
141,095
135,721
128,392
125,822
119,125
118,829
118,028
113,554
113,174
105,528
102,341
101,809
100,307
94,995
93,065
90,429
85,544
84,509
83,055
82,305
80,865
79,593
79,251
74,574
73,017
72,345
70,412
69,700
69,550
69,452
67,369
67,033
65,977
65,965
64,845
63,840
63,702
62,192
58,966
58,949
58,525
58,356
57,852
57,652
55,791
55,776
54,478
54,362
54,098
53,983
53,187
52,130
51,756
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
Catamaran Corp.
Akamai Technologies Inc.
NVIDIA Corp.
Citrix Systems Inc.
F5 Networks Inc.
CA Inc.
Juniper Networks Inc.
ServiceNow Inc.
Maxim Integrated Products Inc.
Computer Sciences Corp.
Microchip Technology Inc.
Palo Alto Networks Inc.
Workday Inc. Class A
Harris Corp.
ANSYS Inc.
Gartner Inc.
VMware Inc. Class A
VeriSign Inc.
Teradata Corp.
Synopsys Inc.
CDK Global Inc.
Garmin Ltd.
Splunk Inc.
Marvell Technology Group Ltd.
Cadence Design Systems Inc.
athenahealth Inc.
Rackspace Hosting Inc.
Brocade Communications Systems Inc.
SunEdison Inc.
TriQuint Semiconductor Inc.
Pitney Bowes Inc.
RF Micro Devices Inc.
NCR Corp.
IAC/InterActiveCorp
ON Semiconductor Corp.
Teradyne Inc.
Ingram Micro Inc.
Fortinet Inc.
Informatica Corp.
SS&C Technologies Holdings Inc.
PTC Inc.
Ultimate Software Group Inc.
VeriFone Systems Inc.
CDW Corp.
ARRIS Group Inc.
Cree Inc.
Tableau Software Inc. Class A
NetSuite Inc.
Nuance Communications Inc.
Guidewire Software Inc.
Verint Systems Inc.
Solera Holdings Inc.
3D Systems Corp.
Tyler Technologies Inc.
AOL Inc.
Cavium Inc.
Atmel Corp.
Leidos Holdings Inc.
DST Systems Inc.
SolarWinds Inc.
Aspen Technology Inc.
JDS Uniphase Corp.
FireEye Inc.
Manhattan Associates Inc.
52

December 31, 2014
Shares
Market
Value
($000)
2,027,985
2,464,285
2,497,222
1,201,870
759,078
1,514,793
1,602,384
1,783,183
710,324
1,034,388
617,136
861,930
639,481
554,650
507,030
739,766
1,899,466
739,413
720,809
838,782
2,887,855
1,680,622
1,576,299
1,037,040
1,806,561
2,047,782
398,322
2,399,797
983,317
687,528
787,276
771,395
627,230
899,027
686,715
1,413,737
1,659,978
1,732,933
2,169,648
2,368,764
2,124,856
656,264
1,125,567
1,200,619
2,280,241
615,470
516,799
839,387
795,514
10,370,740
2,930,930
838,904
532,627
516,433
156,084
966,434
1,054,555
841,009
478,045
686,426
567,331
885,376
862,432
509,710
50,456
50,296
48,946
47,955
47,063
46,792
45,476
44,990
44,772
42,689
42,484
41,157
40,434
40,101
39,629
38,838
38,312
38,220
38,217
37,166
36,878
36,839
35,609
35,488
35,065
34,567
34,327
34,269
34,062
34,053
33,719
33,371
33,180
32,904
32,791
32,276
32,220
31,505
31,395
31,291
31,278
31,251
31,032
30,784
30,783
30,613
29,737
29,546
28,448
27,690
26,847
25,704
25,689
25,378
25,348
25,127
24,856
24,793
24,734
24,293
23,748
23,383
23,303
22,927
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
Sapient Corp.
Riverbed Technology Inc.
Integrated Device Technology Inc.
International Rectifier Corp.
j2 Global Inc.
Qlik Technologies Inc.
Microsemi Corp.
Freescale Semiconductor Ltd.
ViaSat Inc.
Lexmark International Inc. Class A
Synaptics Inc.
Medidata Solutions Inc.
Tech Data Corp.
Fair Isaac Corp.
SYNNEX Corp.
EchoStar Corp. Class A
ACI Worldwide Inc.
CommVault Systems Inc.
Plantronics Inc.
Dealertrack Technologies Inc.
Allscripts Healthcare Solutions Inc.
Mentor Graphics Corp.
Rovi Corp.
Spansion Inc. Class A
Ciena Corp.
Fairchild Semiconductor International Inc. Class A
CACI International Inc. Class A
Cypress Semiconductor Corp.
Diebold Inc.
Science Applications International Corp.
Electronics For Imaging Inc.
Blackbaud Inc.
InterDigital Inc.
MKS Instruments Inc.
EPAM Systems Inc.
CommScope Holding Co. Inc.
Finisar Corp.
Aruba Networks Inc.
Intersil Corp. Class A
Entegris Inc.
Infinera Corp.
Silicon Laboratories Inc.
Semtech Corp.
IMS Health Holdings Inc.
Polycom Inc.
Monolithic Power Systems Inc.
Demandware Inc.
Cornerstone OnDemand Inc.
Tessera Technologies Inc.
Advanced Micro Devices Inc.
PMC-Sierra Inc.
Advent Software Inc.
Proofpoint Inc.
Envestnet Inc.
MicroStrategy Inc. Class A
OmniVision Technologies Inc.
Cirrus Logic Inc.
Unisys Corp.
Power Integrations Inc.
Cogent Communications Holdings Inc.
Synchronoss Technologies Inc.
Veeva Systems Inc. Class A
Progress Software Corp.
Syntel Inc.
53

December 31, 2014
Shares
Market
Value
($000)
647,629
626,540
612,424
545,197
584,729
601,876
617,292
1,856,172
1,466,539
987,873
1,200,414
280,305
883,822
874,158
386,990
540,149
470,786
1,295,724
642,638
459,364
443,927
381,613
693,922
987,180
521,870
836,071
610,052
657,607
497,625
1,316,249
200,279
823,661
270,988
3,772,313
630,501
775,552
490,840
497,865
509,660
843,320
1,993,235
543,527
558,849
1,068,058
283,143
453,420
343,724
1,790,023
768,263
1,096,760
496,473
768,037
574,978
815,070
278,095
617,135
409,702
1,599,675
761,728
173,246
688,811
522,100
549,032
952,266
22,330
21,854
21,790
21,524
21,366
21,361
20,698
20,585
19,534
19,520
19,519
19,369
19,267
19,197
19,094
18,954
18,907
18,736
18,527
18,522
18,498
18,058
17,966
17,759
17,076
16,897
16,819
16,624
16,422
15,821
15,764
15,641
15,346
14,976
14,943
14,293
14,244
14,045
14,016
13,940
13,733
13,626
13,619
13,618
13,563
13,439
12,976
12,709
12,546
12,339
12,278
11,974
11,942
11,492
11,410
11,398
11,259
11,214
11,053
10,525
10,277
10,249
10,228
10,180
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*,^
*,^
*
*,^
*
^
*
*
*
*
*
*
*
*
*
*
*
*
Cray Inc.
Super Micro Computer Inc.
NETGEAR Inc.
iGATE Corp.
NetScout Systems Inc.
FleetMatics Group plc
Premier Inc. Class A
Rambus Inc.
QLogic Corp.
MedAssets Inc.
InvenSense Inc.
Shutterstock Inc.
ADTRAN Inc.
RealPage Inc.
LogMeIn Inc.
Dycom Industries Inc.
ScanSource Inc.
Kulicke & Soffa Industries Inc.
Monotype Imaging Holdings Inc.
Ellie Mae Inc.
Virtusa Corp.
Cabot Microelectronics Corp.
Insight Enterprises Inc.
NIC Inc.
Marketo Inc.
Infoblox Inc.
Diodes Inc.
Bottomline Technologies de Inc.
West Corp.
Ruckus Wireless Inc.
Loral Space & Communications Inc.
Web.com Group Inc.
SPS Commerce Inc.
Sonus Networks Inc.
Advanced Energy Industries Inc.
Endurance International Group Holdings Inc.
BroadSoft Inc.
VASCO Data Security International Inc.
Nimble Storage Inc.
Gogo Inc.
Lattice Semiconductor Corp.
CSG Systems International Inc.
Zendesk Inc.
Brooks Automation Inc.
Interactive Intelligence Group Inc.
Ubiquiti Networks Inc.
Qualys Inc.
Amkor Technology Inc.
Callidus Software Inc.
Ixia
Digital River Inc.
Quality Systems Inc.
Pegasystems Inc.
LivePerson Inc.
RigNet Inc.
Actua Corp.
PROS Holdings Inc.
Harmonic Inc.
Micrel Inc.
Computer Programs & Systems Inc.
RingCentral Inc. Class A
Inteliquent Inc.
Perficient Inc.
Mitel Networks Corp.
54

December 31, 2014
Shares
Market
Value
($000)
543,041
840,058
532,091
538,456
326,936
647,756
1,063,213
512,015
296,438
1,292,497
448,344
485,023
206,322
942,582
255,720
787,835
611,218
1,055,756
836,890
716,797
347,291
534,665
96,244
1,276,706
1,302,348
288,730
688,294
859,500
187,779
394,567
353,186
410,397
358,151
570,200
438,702
3,586,234
350,385
313,754
524,483
407,673
1,245,784
399,259
167,713
165,737
525,273
422,962
1,439,820
472,609
176,698
392,856
707,214
1,805,028
1,013,366
130,692
323,819
328,080
239,588
441,994
563,627
1,138,523
1,168,588
723,500
504,819
205,155
10,035
9,997
9,737
9,148
9,102
8,971
8,835
8,484
8,440
8,427
8,321
8,284
8,121
8,106
8,060
8,036
7,964
7,760
7,666
7,612
7,495
7,443
7,285
7,239
7,189
7,088
6,897
6,842
6,730
6,637
6,633
6,616
6,497
6,489
6,339
6,312
6,212
6,168
6,136
6,058
5,967
5,681
5,508
5,441
5,374
5,329
5,083
4,906
4,842
4,675
4,668
4,621
4,479
4,393
4,385
4,232
4,229
4,186
4,171
4,042
3,973
3,972
3,927
3,865
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
^
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*,^
*
*
*
*
*
*
*,^
*
*,^
*,^
*,^
*
*
*
*,^
*
*
*
*
*,^
*
*
*
*
*
*
*
*,^
*
*
Inphi Corp.
Intralinks Holdings Inc.
CalAmp Corp.
Ebix Inc.
Cvent Inc.
Blucora Inc.
Photronics Inc.
Integrated Silicon Solution Inc.
Textura Corp.
Applied Micro Circuits Corp.
Ultratech Inc.
Epiq Systems Inc.
Forrester Research Inc.
FormFactor Inc.
Comtech Telecommunications Corp.
Exar Corp.
Tangoe Inc.
ShoreTel Inc.
Xcerra Corp.
Premiere Global Services Inc.
ChannelAdvisor Corp.
Mercury Systems Inc.
ePlus Inc.
Emulex Corp.
Silicon Image Inc.
PC Connection Inc.
Calix Inc.
Internap Corp.
Barracuda Networks Inc.
Nanometrics Inc.
Comverse Inc.
Rocket Fuel Inc.
CEVA Inc.
Silicon Graphics International Corp.
SciQuest Inc.
Quantum Corp.
Gigamon Inc.
2U Inc.
Castlight Health Inc. Class B
PDF Solutions Inc.
Violin Memory Inc.
OPOWER Inc.
Benefitfocus Inc.
Varonis Systems Inc.
Rudolph Technologies Inc.
IXYS Corp.
Extreme Networks Inc.
KEYW Holding Corp.
Vectrus Inc.
Cohu Inc.
Actuate Corp.
Axcelis Technologies Inc.
Dot Hill Systems Corp.
HubSpot Inc.
Pericom Semiconductor Corp.
Datalink Corp.
Intra-Cellular Therapies Inc.
Immersion Corp.
Sigma Designs Inc.
Ciber Inc.
Mattson Technology Inc.
VirnetX Holding Corp.
Brightcove Inc.
Q2 Holdings Inc.
55

December 31, 2014
Shares
Market
Value
($000)
1,526,509
413,409
635,429
1,006,194
1,053,559
389,236
258,109
292,386
353,199
251,212
333,599
1,006,691
380,442
791,080
464,500
439,798
230,111
520,058
376,940
901,309
349,984
366,264
113,394
2,228,562
238,592
299,205
331,912
254,341
208,069
888,462
409,661
875,672
307,662
321,513
367,028
1,477,080
193,430
138,993
238,938
288,676
85,591
167,008
869,610
449,964
43,037
201,306
223,978
228,312
565,276
171,948
152,829
954,299
142,939
258,965
169,515
154,587
196,547
1,106,722
1,079,299
514,640
171,205
501,245
72,664
231,686
3,862
3,836
3,832
3,803
3,751
3,741
3,683
3,681
3,680
3,655
3,626
3,624
3,534
3,449
3,442
3,373
3,339
3,318
3,313
3,263
3,188
3,088
3,079
3,075
3,018
2,920
2,908
2,892
2,821
2,790
2,732
2,732
2,723
2,720
2,639
2,629
2,611
2,581
2,538
2,500
2,482
2,440
2,409
2,385
2,351
2,259
2,231
2,176
2,142
2,117
2,089
2,014
1,985
1,877
1,875
1,821
1,802
1,771
1,748
1,703
1,700
1,694
1,644
1,643
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*
*,^
Entropic Communications Inc.

Ultra Clean Holdings Inc.
Jive Software Inc.
Vitesse Semiconductor Corp.
Merge Healthcare Inc.
E2open Inc.
Carbonite Inc.
Agilysys Inc.
Vocera Communications Inc.
United Online Inc.
DSP Group Inc.
Zix Corp.
Digi International Inc.
A10 Networks Inc.
MaxLinear Inc.
Boingo Wireless Inc.
Alliance Fiber Optic Products Inc.
Seachange International Inc.
Hackett Group Inc.
Kopin Corp.
American Software Inc. Class A
Silver Spring Networks Inc.
Digimarc Corp.
Pendrell Corp.
KVH Industries Inc.
Rosetta Stone Inc.
VOXX International Corp. Class A
Rally Software Development Corp.
Mavenir Systems Inc.
QuickLogic Corp.
Telenav Inc.
TeleCommunication Systems Inc. Class A
Alpha & Omega Semiconductor Ltd.
Marin Software Inc.
Procera Networks Inc.
Oclaro Inc.
Systemax Inc.
SunEdison Semiconductor Ltd.
Model N Inc.
PC-Tel Inc.
Tessco Technologies Inc.
Cascade Microtech Inc.
Limelight Networks Inc.
EMCORE Corp.
Preformed Line Products Co.
Applied Optoelectronics Inc.
MobileIron Inc.
Computer Task Group Inc.
Imation Corp.
Clearfield Inc.
Qumu Corp.
Support.com Inc.
Identiv Inc.
Guidance Software Inc.
Numerex Corp. Class A
Exa Corp.
Icad Inc.
Millennial Media Inc.
Cinedigm Corp. Class A
Mitek Systems Inc.
MRV Communications Inc.
Neonode Inc.
QAD Inc. Class A
Concurrent Computer Corp.
56

December 31, 2014
Shares
Market
Value
($000)
174,834
600,659
452,595
1,582,591
332,170
167,033
147,172
980,603
322,917
293,541
453,032
513,147
1,030,954
136,346
1,487,598
199,990
537,754
139,939
422,459
651,363
179,340
445,100
149,950
156,976
227,199
258,141
126,185
801,831
379,879
282,328
230,553
102,689
170,216
696,943
70,968
187,361
297,490
1,326,249
306,390
194,124
559,473
188,037
82,813
74,029
305,977
1,356,700
457,637
414,475
55,169
69,383
137,063
220,117
454,255
212,929
78,870
280,009
658,072
31,867
109,363
168,688
489,909
383,477
110,207
274,729
1,638
1,592
1,584
1,583
1,515
1,507
1,504
1,471
1,466
1,465
1,459
1,437
1,423
1,384
1,354
1,338
1,258
1,254
1,229
1,218
1,205
1,202
1,191
1,178
1,177
1,136
1,134
1,098
1,090
1,062
1,049
1,048
1,047
1,045
1,021
1,006
1,006
995
895
870
856
814
800
791
765
746
737
734
717
704
658
616
609
590
552
540
526
526
525
493
461
460
460
437
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*,^
*,^
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*,^
*
*,^
*,^
*
*
*
*,^
*
*
*
*,^
*
*,^
*
*,^
*
*
*
*
Evolving Systems Inc.

Covisint Corp.
Hutchinson Technology Inc.
Unwired Planet Inc.
Pixelworks Inc.
Park City Group Inc.
Amber Road Inc.
Aviat Networks Inc.
Aware Inc.
GSI Technology Inc.
Novatel Wireless Inc.
AXT Inc.
WidePoint Corp.
Amtech Systems Inc.
ParkerVision Inc.
ID Systems Inc.
Radisys Corp.
Borderfree Inc.
TransEnterix Inc.
MoSys Inc.
Rightside Group Ltd.
LRAD Corp.
Key Tronic Corp.
Edgewater Technology Inc.
eGain Corp.
Audience Inc.
Datawatch Corp.
iPass Inc.
Tremor Video Inc.
Meru Networks Inc.
BSQUARE Corp.
NCI Inc. Class A
PAR Technology Corp.
Westell Technologies Inc. Class A
CVD Equipment Corp.
TransAct Technologies Inc.
NeoPhotonics Corp.
ANADIGICS Inc.
Innodata Inc.
Five9 Inc.
MeetMe Inc.
Streamline Health Solutions Inc.
ClearOne Inc.
Communications Systems Inc.
Cyan Inc.
Vringo Inc.
USA Technologies Inc.
Zhone Technologies Inc.
Imprivata Inc.
ARC Group Worldwide Inc.
Aerohive Networks Inc.
ChyronHego Corp.
FalconStor Software Inc.
Superconductor Technologies Inc.
RCM Technologies Inc.
Intermolecular Inc.
Wave Systems Corp. Class A
Astro-Med Inc.
RELM Wireless Corp.
InterCloud Systems Inc.
Authentidate Holding Corp.
GigOptix Inc.
NetSol Technologies Inc.
GSE Systems Inc.
57

December 31, 2014
Shares
Market
Value
($000)
16,016
444,196
113,614
153,994
56,250
515,378
184,607
283,917
1,072,149
16,580
140,597
72,425
138,633
76,343
49,569
37,811
3,991
308,078
89,112
38,059
5,333
29,445
15,394
12,900
68,739
46,745
121,927
17,228
26,926
234,549
90,520
45,695
29,219
9,302
145,903
20,120
34,975
62,544
4,400
12,365
432
431
431
385
380
376
369
369
333
330
312
309
262
260
257
253
242
238
227
225
186
179
163
150
140
138
133
132
122
120
115
104
71
69
67
59
47
44
42
13
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*,^
*
*
*
*
*
*
*
*
*
*
*
Hortonworks Inc.
Smith Micro Software Inc.
ARI Network Services Inc.
Crossroads Systems Inc.
Xplore Technologies Corp.
Netlist Inc.
Synacor Inc.
Inuvo Inc.
Ikanos Communications Inc.
QAD Inc. Class B
GlobalSCAPE Inc.
inTEST Corp.
Lantronix Inc.
Data I/O Corp.
Selectica Inc.
Simulations Plus Inc.
Arista Networks Inc.
Acorn Energy Inc.
Aehr Test Systems
BroadVision Inc.
New Relic Inc.
SMTP Inc.
Mastech Holdings Inc.
Resonant Inc.
Sysorex Global Holdings Corp.
Intellicheck Mobilisa Inc.
Infosonics Corp.
Sonic Foundry Inc.
Optical Cable Corp.
xG Technology Inc.
Cover-All Technologies Inc.
Interphase Corp.
ADDvantage Technologies Group Inc.
CSP Inc.
Bridgeline Digital Inc.
Trio Tech International
Qualstar Corp.
Daegis Inc.
Upland Software Inc.
Glowpoint Inc.
60,365,860
Telecommunications (2.0%)
Verizon Communications Inc.
AT&T Inc.
CenturyLink Inc.
*
SBA Communications Corp. Class A
*
Level 3 Communications Inc.
*
T-Mobile US Inc.
Frontier Communications Corp.
Windstream Holdings Inc.
*
Sprint Corp.
Telephone & Data Systems Inc.
Consolidated Communications Holdings Inc.
*,^
Globalstar Inc.
*
8x8 Inc.
*
Iridium Communications Inc.
Shenandoah Telecommunications Co.
*
Vonage Holdings Corp.
Atlantic Tele-Network Inc.
*
Cincinnati Bell Inc.
*
United States Cellular Corp.
*
inContact Inc.
EarthLink Holdings Corp.
*
Intelsat SA
69,950,457
87,417,219
9,643,372
2,177,902
4,553,895
4,755,883
16,854,265
10,151,952
13,354,997
1,509,807
817,691
6,029,994
1,395,580
1,240,595
382,868
2,947,532
165,559
3,464,992
218,709
949,258
1,695,452
388,749
58
3,272,282
2,936,344
381,685
241,224
224,871
128,124
112,418
83,652
55,423
38,123
22,756
16,583
12,784
12,096
11,965
11,230
11,190
11,053
8,711
8,344
7,443
6,749

December 31, 2014
Shares
Market
Value
($000)
963,362
303,739
343,128
390,136
389,967
317,818
385,548
162,907
170,511
1,007,316
773,451
281,446
1,048,093
91,123
2,454
6,300
6,169
5,957
5,544
5,362
5,346
5,101
4,491
3,231
1,864
1,384
1,179
872
642
12
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*
*
*
*
*,^
*
*,^
*
*
ORBCOMM Inc.
IDT Corp. Class B
Spok Holdings Inc.
FairPoint Communications Inc.
General Communication Inc. Class A
Lumos Networks Corp.
GTT Communications Inc.
Hawaiian Telcom Holdco Inc.
Straight Path Communications Inc. Class B
Towerstream Corp.
Alaska Communications Systems Group Inc.
NTELOS Holdings Corp.
Elephant Talk Communications Corp.
Alteva
Otelco Inc. Class A
7,668,504
Utilities (3.3%)
Duke Energy Corp.
NextEra Energy Inc.
Dominion Resources Inc.
Southern Co.
Exelon Corp.
American Electric Power Co. Inc.
Sempra Energy
PG&E Corp.
Spectra Energy Corp.
PPL Corp.
Edison International
Public Service Enterprise Group Inc.
Consolidated Edison Inc.
Xcel Energy Inc.
Northeast Utilities
FirstEnergy Corp.
Entergy Corp.
DTE Energy Co.
NiSource Inc.
Wisconsin Energy Corp.
Ameren Corp.
ONEOK Inc.
CenterPoint Energy Inc.
American Water Works Co. Inc.
CMS Energy Corp.
NRG Energy Inc.
AES Corp.
*
Calpine Corp.
SCANA Corp.
Pinnacle West Capital Corp.
Alliant Energy Corp.
Pepco Holdings Inc.
AGL Resources Inc.
UGI Corp.
ITC Holdings Corp.
Integrys Energy Group Inc.
Atmos Energy Corp.
National Fuel Gas Co.
Westar Energy Inc. Class A
TECO Energy Inc.
Aqua America Inc.
Questar Corp.
Great Plains Energy Inc.
Vectren Corp.
*
Dynegy Inc.
Hawaiian Electric Industries Inc.
IDACORP Inc.
11,920,516
7,355,253
9,837,025
15,146,306
14,479,437
8,223,283
3,944,366
8,000,749
11,296,001
11,183,152
5,470,941
8,528,734
4,920,715
8,460,984
5,304,550
7,079,019
3,027,743
2,962,364
5,318,951
3,766,011
4,057,380
3,497,884
7,225,997
3,007,456
4,555,174
5,685,498
10,896,050
6,547,920
2,154,565
1,847,884
1,848,145
4,261,399
2,015,270
2,883,274
2,610,013
1,342,074
1,679,950
1,343,036
2,159,062
3,923,273
2,974,431
2,932,592
2,536,406
1,456,800
1,958,697
1,754,148
848,079
59
995,840
781,790
756,467
743,835
536,898
499,318
439,245
425,960
410,045
406,284
358,237
353,175
324,816
303,919
283,900
276,011
264,867
255,859
225,630
198,619
187,167
174,160
169,305
160,297
158,292
153,224
150,039
144,905
130,136
126,229
122,754
114,759
109,852
109,507
105,523
104,480
93,640
93,381
89,040
80,388
79,417
74,136
72,059
67,348
59,446
58,729
56,134

December 31, 2014
Shares
Market
Value
($000)
1,016,057
1,297,626
890,649
1,284,289
776,935
858,529
767,975
703,838
988,191
736,503
1,320,018
1,034,994
862,695
666,813
547,609
760,292
595,827
872,484
656,104
480,843
787,182
417,190
237,948
314,513
281,868
307,753
168,549
2,208,448
247,440
236,947
191,073
414,879
250,866
440,146
226,532
102,984
142,799
228,140
1,364,416
55,416
51,139
48,647
48,585
48,022
45,536
43,452
43,075
43,026
40,611
39,112
36,587
35,560
35,474
32,271
30,457
27,176
25,948
24,709
23,994
19,373
12,883
11,817
11,533
9,054
8,365
6,117
5,985
5,743
5,464
4,060
3,825
2,810
2,720
2,496
2,326
2,012
913
628
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
*,^
^
*
*
Cleco Corp.
Piedmont Natural Gas Co. Inc.
WGL Holdings Inc.
Portland General Electric Co.
Southwest Gas Corp.
Black Hills Corp.
NorthWestern Corp.
New Jersey Resources Corp.
UIL Holdings Corp.
ALLETE Inc.
PNM Resources Inc.
Avista Corp.
ONE Gas Inc.
Laclede Group Inc.
South Jersey Industries Inc.
El Paso Electric Co.
MGE Energy Inc.
Empire District Electric Co.
American States Water Co.
Northwest Natural Gas Co.
California Water Service Group
TerraForm Power Inc. Class A
Chesapeake Utilities Corp.
Unitil Corp.
SJW Corp.
Ormat Technologies Inc.
Connecticut Water Service Inc.
Atlantic Power Corp.
York Water Co.
Middlesex Water Co.
Delta Natural Gas Co. Inc.
Vivint Solar Inc.
Cadiz Inc.
Genie Energy Ltd. Class B
Gas Natural Inc.
Artesian Resources Corp. Class A
Spark Energy Inc. Class A
Pure Cycle Corp.
US Geothermal Inc.
12,781,983
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Common Stocks (Cost $249,586,385)
380,635,382
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Coupon
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Temporary Cash Investments (0.8%)1

Money Market Fund (0.8%)
3,4
Vanguard Market Liquidity Fund
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
0.126%
3,072,893,415
Maturity
Date
3,072,894
Face
Amount
($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
U.S. Government and Agency Obligations (0.0%)

Fannie Mae Discount Notes
7
Federal Home Loan Bank Discount Notes
7
7
6,7
6,7
6,7
5,6
0.130%
0.055%
0.068%
0.060%
0.100%
0.087%
0.092%
60
4/27/15
1/16/15
1/23/15
2/3/15
2/4/15
2/6/15
2/11/15
30,000
5,000
10,000
4,500
23,500
20,000
5,000
29,987
5,000
10,000
4,499
23,498
19,998
5,000

December 31, 2014
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value
($000)
35,000
34,995
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6,7
0.080%-0.110%.
2/20/15
132,977
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Temporary Cash Investments (Cost $3,205,870)
3,205,871
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Total Investments (100.2%) (Cost $252,792,255)
383,841,253
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Other Assets and LiabilitiesNet (-0.2%)
(838,363)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Net Assets (100%)
383,002,890
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
*
^
1
2
3
4
5
6
7
Non-income-producing security.
Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $803,366,000.
The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts and equity swap contracts. After
giving effect to futures and swap investments, the fund's effective common stock and temporary cash investment positions represent 100.0%
and 0.2%, respectively, of net assets.
Other represents securities that are not classified by the funds benchmark index.
Includes $875,010,000 of collateral received for securities on loan.
Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal
Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior
preferred stock.
Securities with a value of $103,980,000 have been segregated as initial margin for open futures contracts.
The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full
faith and credit of the U.S. government.
REITReal Estate Investment Trust.
61
2015 The Vanguard Group, Inc.

All rights reserved.
Vanguard Marketing Corporation, Distributor.
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Annual Report | December 31, 2014

Vanguard Total Stock Market Index Fund

The mission continues

Your Funds Total Returns

Fiscal Year Ended December 31, 2014

Net Asset Value

CRSP US Total Market Index

Multi-Cap Core Funds Average

Your Funds Performance at a Glance

Vanguard Total Stock Market Index Fund

Vanguard Total Stock Market Index Fund,

U.S. stocks finished strongly

calendar year. Rising corporate earnings,

International stocks didnt fare as well as

Although the Federal Reserve ended

Defying analysts expectations,

Russell 2000 Index (Small-caps)

Russell 3000 Index (Broad U.S. market)

FTSE All-World ex US Index (International)

Barclays U.S. Aggregate Bond Index (Broad taxable market)

Barclays Municipal Bond Index (Broad tax-exempt market)

Citigroup Three-Month U.S. Treasury Bill Index

Even with the Feds paring back of its

As for money market funds and savings

Municipal bonds returned 9.05%,

Overall the funds performance was

International bond markets (as measured

Returns were generally strong,

Total Stock Market Index Fund

Health care, one of the funds larger

Technology stocks also powered the

Spliced Total Stock Market Index

Multi-Cap Core Funds Average

For a benchmark description, see the Glossary.

Increased consumer spending lifted the

in oil prices. With their profits cut,

The funds broad diversification

Vanguards outlook for investors: Expect less and stay balanced

outperform and underperform the broad

group. Consistent with its objective, the

To build for the long term,

topic that almost never comes upand

Weve recently welcomed a new year,

Balance. Develop a suitable asset

F. William McNabb III

Total Stock Market Index Fund

As of December 31, 2014

30-Day SEC Yield

Median Market Cap

Sector Diversification (% of equity exposure)

Oil & Gas

These measures show the degree and timing of the funds

Ten Largest Holdings (% of total net assets)

Exxon Mobil Corp.

Integrated Oil & Gas

Johnson & Johnson

Wells Fargo & Co.

Berkshire Hathaway Inc. Reinsurance

General Electric Co.

Procter & Gamble Co.

JPMorgan Chase & Co. Banks

The holdings listed exclude any temporary cash investments and