Shares | Market Value ($000) | ||
Common Stocks (99.6%) | |||
Communication Services (1.3%) | |||
Comcast Corp. Class A | 24,306,314 | 1,005,552 | |
John Wiley & Sons Inc. Class A | 240,005 | 9,257 | |
1,014,809 | |||
Consumer Discretionary (7.5%) | |||
Home Depot Inc. | 5,768,049 | 1,733,529 | |
McDonald's Corp. | 4,126,615 | 1,220,446 | |
NIKE Inc. Class B | 7,097,240 | 899,362 | |
Starbucks Corp. | 6,467,429 | 739,162 | |
Lowe's Cos. Inc. | 3,496,861 | 726,753 | |
Tractor Supply Co. | 622,385 | 148,377 | |
Genuine Parts Co. | 794,401 | 133,706 | |
Pool Corp. | 219,988 | 77,286 | |
Service Corp. International | 866,765 | 60,838 | |
Churchill Downs Inc. | 185,497 | 54,263 | |
Williams-Sonoma Inc. | 374,089 | 45,280 | |
Brunswick Corp. | 407,867 | 34,583 | |
Lithia Motors Inc. Class A | 153,991 | 34,015 | |
Polaris Inc. | 306,943 | 33,349 | |
Thor Industries Inc. | 302,564 | 23,909 | |
Monro Inc. | 175,962 | 8,601 | |
Dillard's Inc. Class A | 19,195 | 5,728 | |
Aaron's Co. Inc. | 178,990 | 2,389 | |
Shoe Carnival Inc. | 98,225 | 2,284 | |
Haverty Furniture Cos. Inc. | 75,403 | 2,273 | |
5,986,133 | |||
Consumer Staples (12.5%) | |||
Procter & Gamble Co. | 13,350,113 | 2,087,691 | |
PepsiCo Inc. | 7,761,932 | 1,481,675 | |
Coca-Cola Co. | 21,927,377 | 1,406,641 | |
Costco Wholesale Corp. | 2,493,609 | 1,254,834 | |
Walmart Inc. | 7,951,693 | 1,200,467 | |
Target Corp. | 2,593,386 | 409,107 | |
Colgate-Palmolive Co. | 4,706,682 | 375,593 | |
Archer-Daniels-Midland Co. | 3,095,789 | 241,719 | |
Hershey Co. | 828,320 | 226,181 | |
Sysco Corp. | 2,855,526 | 219,133 | |
Church & Dwight Co. Inc. | 1,374,608 | 133,502 | |
Kroger Co. | 2,670,404 | 129,862 | |
McCormick & Co. Inc. | 1,412,414 | 124,081 | |
Clorox Co. | 695,402 | 115,172 | |
Tyson Foods Inc. Class A | 1,631,586 | 101,958 | |
J M Smucker Co. | 600,551 | 92,731 |
Shares | Market Value ($000) | ||
Brown-Forman Corp. Class B | 1,030,634 | 67,084 | |
Hormel Foods Corp. | 1,631,888 | 65,994 | |
Casey's General Stores Inc. | 209,178 | 47,864 | |
Ingredion Inc. | 368,205 | 39,092 | |
Flowers Foods Inc. | 1,080,734 | 29,731 | |
Lancaster Colony Corp. | 112,403 | 23,506 | |
WD-40 Co. | 76,315 | 14,530 | |
J & J Snack Foods Corp. | 84,133 | 12,889 | |
Andersons Inc. | 176,189 | 7,876 | |
SpartanNash Co. | 200,653 | 4,920 | |
Tootsie Roll Industries Inc. | 103,941 | 4,249 | |
9,918,082 | |||
Energy (3.5%) | |||
Exxon Mobil Corp. | 23,202,425 | 2,745,775 | |
Texas Pacific Land Corp. | 34,747 | 51,344 | |
2,797,119 | |||
Financials (17.9%) | |||
JPMorgan Chase & Co. | 16,525,679 | 2,284,510 | |
Visa Inc. Class A | 8,766,630 | 2,040,258 | |
Mastercard Inc. Class A | 4,782,601 | 1,817,532 | |
S&P Global Inc. | 1,875,943 | 680,179 | |
Goldman Sachs Group Inc. | 1,907,882 | 655,243 | |
BlackRock Inc. | 846,154 | 567,939 | |
Marsh & McLennan Cos. Inc. | 2,794,168 | 503,481 | |
Chubb Ltd. | 2,338,954 | 471,440 | |
Aon plc Class A (XNYS) | 1,165,816 | 379,100 | |
CME Group Inc. | 2,026,163 | 376,400 | |
PNC Financial Services Group Inc. | 2,273,523 | 296,126 | |
Moody's Corp. | 887,255 | 277,817 | |
Arthur J Gallagher & Co. | 1,188,578 | 247,296 | |
Travelers Cos. Inc. | 1,320,841 | 239,257 | |
MetLife Inc. | 3,713,800 | 227,767 | |
Aflac Inc. | 3,189,510 | 222,787 | |
Ameriprise Financial Inc. | 599,890 | 183,038 | |
Bank of New York Mellon Corp. | 4,145,899 | 176,574 | |
Allstate Corp. | 1,494,870 | 173,046 | |
Discover Financial Services | 1,539,833 | 159,327 | |
State Street Corp. | 2,068,098 | 149,441 | |
Hartford Financial Services Group Inc. | 1,790,358 | 127,098 | |
Nasdaq Inc. | 1,908,077 | 105,650 | |
Fifth Third Bancorp | 3,869,978 | 101,393 | |
Raymond James Financial Inc. | 1,091,170 | 98,784 | |
Principal Financial Group Inc. | 1,280,493 | 95,640 | |
Cincinnati Financial Corp. | 886,088 | 94,315 | |
FactSet Research Systems Inc. | 214,755 | 88,412 | |
Brown & Brown Inc. | 1,324,929 | 85,312 | |
Cboe Global Markets Inc. | 597,992 | 83,539 | |
W R Berkley Corp. | 1,152,374 | 67,898 | |
MarketAxess Holdings Inc. | 212,019 | 67,500 | |
Jack Henry & Associates Inc. | 410,959 | 67,126 | |
Globe Life Inc. | 509,989 | 55,344 | |
Reinsurance Group of America Inc. | 376,169 | 53,536 | |
RenaissanceRe Holdings Ltd. | 246,405 | 53,078 | |
American Financial Group Inc. | 393,537 | 48,299 | |
Unum Group | 1,052,311 | 44,408 | |
Cullen/Frost Bankers Inc. | 362,661 | 39,983 | |
Primerica Inc. | 207,840 | 37,933 |
Shares | Market Value ($000) | ||
Assurant Inc. | 297,702 | 36,656 | |
Commerce Bancshares Inc. | 644,629 | 36,003 | |
SEI Investments Co. | 577,978 | 34,049 | |
Prosperity Bancshares Inc. | 515,977 | 32,310 | |
RLI Corp. | 226,516 | 31,497 | |
Erie Indemnity Co. Class A | 140,671 | 30,572 | |
SouthState Corp. | 427,159 | 29,465 | |
Morningstar Inc. | 141,226 | 25,182 | |
Axis Capital Holdings Ltd. | 435,139 | 24,603 | |
Hanover Insurance Group Inc. | 200,485 | 23,970 | |
Zions Bancorp NA | 842,397 | 23,469 | |
Home BancShares Inc. | 1,072,454 | 23,347 | |
Evercore Inc. Class A | 201,362 | 22,969 | |
Bank OZK | 624,854 | 22,320 | |
First Financial Bankshares Inc. | 733,563 | 21,464 | |
Glacier Bancorp Inc. | 624,728 | 20,760 | |
Assured Guaranty Ltd. | 338,518 | 18,236 | |
UMB Financial Corp. | 245,821 | 15,637 | |
Community Bank System Inc. | 303,942 | 15,185 | |
American Equity Investment Life Holding Co. | 387,169 | 14,922 | |
Independent Bank Corp. (XNGS) | 258,459 | 14,474 | |
CNO Financial Group Inc. | 644,049 | 14,452 | |
BOK Financial Corp. | 163,421 | 13,706 | |
International Bancshares Corp. | 295,379 | 12,604 | |
Atlantic Union Bankshares Corp. | 422,670 | 12,097 | |
Simmons First National Corp. Class A | 709,461 | 11,855 | |
First Merchants Corp. | 332,363 | 9,698 | |
Towne Bank | 360,555 | 8,542 | |
Cohen & Steers Inc. | 140,212 | 8,421 | |
Stock Yards Bancorp Inc. | 162,204 | 7,883 | |
NBT Bancorp Inc. | 242,653 | 7,823 | |
BancFirst Corp. | 97,712 | 7,806 | |
City Holding Co. | 84,238 | 7,682 | |
Lakeland Financial Corp. | 143,544 | 7,273 | |
Horace Mann Educators Corp. | 224,604 | 7,026 | |
TriCo Bancshares | 189,641 | 6,791 | |
Federal Agricultural Mortgage Corp. Class C | 49,882 | 6,649 | |
Westamerica BanCorp | 147,940 | 5,993 | |
Southside Bancshares Inc. | 174,428 | 5,535 | |
Lakeland Bancorp Inc. | 346,537 | 4,969 | |
German American Bancorp Inc. | 159,230 | 4,629 | |
Tompkins Financial Corp. | 73,168 | 4,289 | |
1st Source Corp. | 99,065 | 4,129 | |
Heritage Financial Corp. | 200,599 | 3,533 | |
Cass Information Systems Inc. | 72,924 | 2,668 | |
First Financial Corp. | 53,331 | 1,843 | |
Hingham Institution for Savings | 8,543 | 1,662 | |
Southern Missouri Bancorp Inc. | 43,545 | 1,580 | |
Bank of Marin Bancorp | 75,322 | 1,328 | |
14,253,362 | |||
Health Care (16.2%) | |||
UnitedHealth Group Inc. | 5,264,169 | 2,590,445 | |
Johnson & Johnson | 14,729,921 | 2,411,288 | |
Merck & Co. Inc. | 14,284,636 | 1,649,447 | |
Abbott Laboratories | 9,823,531 | 1,085,205 | |
Bristol-Myers Squibb Co. | 11,979,144 | 799,847 | |
Medtronic plc | 7,487,523 | 680,990 | |
Elevance Health Inc. | 1,345,423 | 630,533 |
Shares | Market Value ($000) | ||
Stryker Corp. | 1,897,269 | 568,517 | |
Zoetis Inc. | 2,626,363 | 461,662 | |
Becton Dickinson & Co. | 1,607,200 | 424,799 | |
Humana Inc. | 713,397 | 378,450 | |
McKesson Corp. | 798,964 | 291,015 | |
ResMed Inc. | 825,232 | 198,848 | |
AmerisourceBergen Corp. | 912,888 | 152,315 | |
West Pharmaceutical Services Inc. | 417,181 | 150,702 | |
Cardinal Health Inc. | 1,474,625 | 121,067 | |
STERIS plc | 562,502 | 106,060 | |
Quest Diagnostics Inc. | 641,554 | 89,054 | |
Chemed Corp. | 83,903 | 46,252 | |
Ensign Group Inc. | 312,504 | 30,341 | |
Perrigo Co. plc | 758,686 | 28,216 | |
Embecta Corp. | 326,519 | 9,061 | |
LeMaitre Vascular Inc. | 109,487 | 5,912 | |
Atrion Corp. | 7,491 | 4,609 | |
12,914,635 | |||
Industrials (12.7%) | |||
Honeywell International Inc. | 3,788,144 | 757,023 | |
United Parcel Service Inc. Class B (XNYS) | 4,111,856 | 739,353 | |
Union Pacific Corp. | 3,463,579 | 677,822 | |
Caterpillar Inc. | 2,932,001 | 641,522 | |
Lockheed Martin Corp. | 1,314,075 | 610,322 | |
Automatic Data Processing Inc. | 2,336,795 | 514,095 | |
Illinois Tool Works Inc. | 1,574,971 | 381,049 | |
Northrop Grumman Corp. | 814,892 | 375,885 | |
Eaton Corp. plc | 2,240,222 | 374,386 | |
CSX Corp. | 11,846,892 | 362,989 | |
Waste Management Inc. | 2,103,908 | 349,354 | |
Emerson Electric Co. | 3,332,618 | 277,474 | |
General Dynamics Corp. | 1,268,872 | 277,046 | |
Cintas Corp. | 486,556 | 221,758 | |
L3Harris Technologies Inc. | 1,073,029 | 209,402 | |
Paychex Inc. | 1,807,474 | 198,569 | |
Cummins Inc. | 795,118 | 186,885 | |
Rockwell Automation Inc. | 647,292 | 183,449 | |
WW Grainger Inc. | 253,566 | 176,373 | |
Fastenal Co. | 3,228,739 | 173,835 | |
Republic Services Inc. Class A | 1,157,826 | 167,445 | |
Dover Corp. | 791,513 | 115,688 | |
Xylem Inc. | 1,016,287 | 105,531 | |
Expeditors International of Washington Inc. | 896,695 | 102,080 | |
Broadridge Financial Solutions Inc. | 662,970 | 96,402 | |
IDEX Corp. | 425,441 | 87,777 | |
JB Hunt Transport Services Inc. | 466,586 | 81,788 | |
Hubbell Inc. Class B | 302,734 | 81,532 | |
Snap-on Inc. | 299,895 | 77,796 | |
Graco Inc. | 950,795 | 75,389 | |
Stanley Black & Decker Inc. | 833,906 | 71,999 | |
Booz Allen Hamilton Holding Corp. Class A | 743,790 | 71,196 | |
CH Robinson Worldwide Inc. | 663,051 | 66,882 | |
Nordson Corp. | 303,345 | 65,617 | |
Carlisle Cos. Inc. | 291,537 | 62,928 | |
Toro Co. | 585,750 | 61,070 | |
Allegion plc | 495,527 | 54,746 | |
Lincoln Electric Holdings Inc. | 325,542 | 54,626 | |
Pentair plc | 927,600 | 53,875 |
Shares | Market Value ($000) | ||
HEICO Corp. Class A | 396,040 | 53,160 | |
Lennox International Inc. | 181,023 | 51,032 | |
A O Smith Corp. | 714,035 | 48,761 | |
Regal Rexnord Corp. | 372,817 | 48,526 | |
Huntington Ingalls Industries Inc. | 224,478 | 45,268 | |
Robert Half International Inc. | 611,057 | 44,607 | |
Donaldson Co. Inc. | 685,277 | 43,549 | |
ITT Inc. | 466,215 | 39,367 | |
HEICO Corp. | 222,236 | 37,478 | |
MDU Resources Group Inc. | 1,147,351 | 33,526 | |
Comfort Systems USA Inc. | 201,380 | 30,104 | |
Applied Industrial Technologies Inc. | 216,036 | 29,307 | |
UFP Industries Inc. | 346,894 | 27,238 | |
MSA Safety Inc. | 207,809 | 26,963 | |
Watts Water Technologies Inc. Class A | 153,915 | 24,893 | |
Insperity Inc. | 201,433 | 24,668 | |
GATX Corp. | 198,761 | 22,641 | |
Ryder System Inc. | 283,906 | 22,474 | |
ManpowerGroup Inc. | 284,641 | 21,550 | |
Franklin Electric Co. Inc. | 221,150 | 19,786 | |
Hillenbrand Inc. | 391,810 | 17,874 | |
ABM Industries Inc. | 371,922 | 15,836 | |
Brady Corp. Class A | 260,808 | 13,309 | |
McGrath RentCorp. | 136,801 | 12,159 | |
Trinity Industries Inc. | 453,213 | 10,854 | |
Standex International Corp. | 65,379 | 8,029 | |
Tennant Co. | 104,294 | 7,970 | |
Griffon Corp. | 264,569 | 7,527 | |
Lindsay Corp. | 61,265 | 7,397 | |
Matthews International Corp. Class A | 169,793 | 6,430 | |
Apogee Enterprises Inc. | 126,373 | 5,378 | |
Douglas Dynamics Inc. | 127,618 | 3,741 | |
Gorman-Rupp Co. | 125,981 | 3,093 | |
10,057,453 | |||
Information Technology (20.4%) | |||
Microsoft Corp. | 12,051,137 | 3,702,832 | |
Apple Inc. | 19,999,657 | 3,393,542 | |
Broadcom Inc. | 2,281,773 | 1,429,531 | |
Cisco Systems Inc. | 23,132,485 | 1,093,010 | |
Accenture plc Class A | 3,549,921 | 995,007 | |
Texas Instruments Inc. | 5,112,939 | 854,883 | |
Oracle Corp. | 8,658,457 | 820,129 | |
QUALCOMM Inc. | 6,315,645 | 737,667 | |
Intuit Inc. | 1,588,006 | 704,995 | |
Analog Devices Inc. | 2,897,720 | 521,242 | |
KLA Corp. | 798,682 | 308,723 | |
Motorola Solutions Inc. | 942,460 | 274,633 | |
Roper Technologies Inc. | 597,698 | 271,821 | |
Amphenol Corp. Class A | 3,353,817 | 253,113 | |
Microchip Technology Inc. | 3,099,717 | 226,248 | |
TE Connectivity Ltd. | 1,792,499 | 219,348 | |
HP Inc. | 4,989,594 | 148,241 | |
Corning Inc. | 4,290,134 | 142,518 | |
Amdocs Ltd. | 686,045 | 62,602 | |
Littelfuse Inc. | 139,518 | 33,797 | |
Power Integrations Inc. | 321,835 | 23,423 |
Shares | Market Value ($000) | ||
Badger Meter Inc. | 164,789 | 21,807 | |
16,239,112 | |||
Materials (4.4%) | |||
Linde plc | 2,785,206 | 1,028,994 | |
Air Products and Chemicals Inc. | 1,250,090 | 367,976 | |
Sherwin-Williams Co. | 1,329,070 | 315,707 | |
Ecolab Inc. | 1,396,681 | 234,419 | |
Nucor Corp. | 1,445,668 | 214,219 | |
PPG Industries Inc. | 1,324,777 | 185,813 | |
International Flavors & Fragrances Inc. | 1,437,064 | 139,338 | |
Albemarle Corp. | 660,268 | 122,453 | |
Steel Dynamics Inc. | 940,363 | 97,751 | |
Reliance Steel & Aluminum Co. | 330,536 | 81,907 | |
Avery Dennison Corp. | 456,444 | 79,640 | |
Packaging Corp. of America | 521,530 | 70,542 | |
Celanese Corp. Class A | 562,096 | 59,717 | |
RPM International Inc. | 727,722 | 59,695 | |
Eastman Chemical Co. | 676,166 | 56,980 | |
Royal Gold Inc. | 369,774 | 48,973 | |
AptarGroup Inc. | 367,178 | 43,514 | |
Sonoco Products Co. | 549,828 | 33,331 | |
Ashland Inc. | 280,859 | 28,538 | |
Balchem Corp. | 181,268 | 23,819 | |
Silgan Holdings Inc. | 471,339 | 23,218 | |
Cabot Corp. | 316,409 | 22,706 | |
Westlake Corp. | 193,521 | 22,019 | |
HB Fuller Co. | 300,248 | 19,867 | |
Avient Corp. | 482,048 | 18,564 | |
Sensient Technologies Corp. | 237,255 | 17,666 | |
Scotts Miracle-Gro Co. | 228,016 | 15,234 | |
Quaker Chemical Corp. | 75,988 | 14,182 | |
Materion Corp. | 115,410 | 12,500 | |
Stepan Co. | 116,522 | 10,743 | |
Worthington Industries Inc. | 170,652 | 10,135 | |
Hawkins Inc. | 108,642 | 4,383 | |
3,484,543 | |||
Utilities (3.2%) | |||
NextEra Energy Inc. | 11,195,195 | 857,888 | |
Sempra Energy (XNYS) | 1,771,315 | 275,422 | |
Xcel Energy Inc. | 3,083,990 | 215,602 | |
WEC Energy Group Inc. | 1,777,946 | 170,985 | |
American Water Works Co. Inc. | 1,086,295 | 161,043 | |
Eversource Energy | 1,962,801 | 152,333 | |
DTE Energy Co. | 1,091,652 | 122,713 | |
CMS Energy Corp. | 1,635,655 | 101,836 | |
Atmos Energy Corp. | 787,800 | 89,920 | |
AES Corp. | 3,759,044 | 88,939 | |
Alliant Energy Corp. | 1,414,100 | 77,973 | |
Essential Utilities Inc. | 1,345,397 | 57,448 | |
IDACORP Inc. | 284,876 | 31,655 | |
National Fuel Gas Co. | 514,785 | 28,776 | |
New Jersey Resources Corp. | 545,643 | 28,177 | |
ONE Gas Inc. | 304,419 | 23,425 | |
American States Water Co. | 208,856 | 18,536 | |
California Water Service Group | 309,864 | 17,377 | |
MGE Energy Inc. | 204,070 | 15,634 | |
Chesapeake Utilities Corp. | 98,597 | 12,177 |
Shares | Market Value ($000) | ||
SJW Group | 151,289 | 11,486 | |
Middlesex Water Co. | 96,175 | 7,019 | |
York Water Co. | 79,359 | 3,336 | |
Artesian Resources Corp. Class A | 44,104 | 2,416 | |
2,572,116 | |||
Total Common Stocks (Cost $60,184,149) | 79,237,364 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
1 | Vanguard Market Liquidity Fund, 4.853% (Cost $208,486) | 2,085,229 | 208,502 |
Total Investments (99.9%) (Cost $60,392,635) | 79,445,866 | ||
Other Assets and Liabilities—Net (0.1%) | 85,997 | ||
Net Assets (100%) | 79,531,863 | ||
Cost is in $000. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | June 2023 | 724 | 151,624 | 2,623 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Kroger Co. | 1/31/24 | GSI | 47,810 | (4.819) | 750 | — |
Visa Inc. Class A | 8/31/23 | BANA | 103,565 | (4.728) | — | (343) |
750 | (343) |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 79,237,364 | — | — | 79,237,364 |
Temporary Cash Investments | 208,502 | — | — | 208,502 |
Total | 79,445,866 | — | — | 79,445,866 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2,623 | — | — | 2,623 |
Swap Contracts | — | 750 | — | 750 |
Total | 2,623 | 750 | — | 3,373 |
Liabilities | ||||
Swap Contracts | — | 343 | — | 343 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |