Shares | Market Value ($000) | ||
Common Stocks (99.7%) | |||
Communication Services (1.3%) | |||
Comcast Corp. Class A | 24,144,879 | 996,942 | |
John Wiley & Sons Inc. Class A | 242,117 | 7,329 | |
1,004,271 | |||
Consumer Discretionary (6.8%) | |||
Home Depot Inc. | 5,776,616 | 1,644,545 | |
McDonald's Corp. | 4,168,623 | 1,092,888 | |
NIKE Inc. Class B | 7,086,672 | 728,297 | |
Lowe's Cos. Inc. | 3,440,669 | 655,688 | |
Starbucks Corp. | 6,544,063 | 603,624 | |
Tractor Supply Co. | 622,901 | 119,946 | |
Genuine Parts Co. | 804,116 | 103,618 | |
Pool Corp. | 223,357 | 70,529 | |
Williams-Sonoma Inc. | 367,948 | 55,281 | |
Service Corp. International | 862,027 | 46,912 | |
Churchill Downs Inc. | 389,842 | 42,820 | |
Lithia Motors Inc. | 157,672 | 38,190 | |
Brunswick Corp. | 399,703 | 27,767 | |
Thor Industries Inc. | 305,024 | 26,821 | |
Polaris Inc. | 304,946 | 26,353 | |
Dillard's Inc. Class A | 19,962 | 6,197 | |
Monro Inc. | 177,546 | 4,407 | |
Shoe Carnival Inc. | 99,105 | 2,268 | |
Haverty Furniture Cos. Inc. | 76,107 | 1,983 | |
Aaron's Co. Inc. | 180,572 | 1,338 | |
5,299,472 | |||
Consumer Staples (12.3%) | |||
Procter & Gamble Co. | 13,544,811 | 2,032,128 | |
Costco Wholesale Corp. | 2,528,534 | 1,396,863 | |
Walmart Inc. | 8,216,831 | 1,342,712 | |
PepsiCo Inc. | 7,876,880 | 1,286,137 | |
Coca-Cola Co. | 22,262,248 | 1,257,595 | |
Colgate-Palmolive Co. | 4,729,292 | 355,265 | |
Target Corp. | 2,640,295 | 292,518 | |
Archer-Daniels-Midland Co. | 3,079,811 | 220,422 | |
Sysco Corp. | 2,885,469 | 191,855 | |
Hershey Co. | 857,406 | 160,635 | |
Kenvue Inc. | 7,977,329 | 148,378 | |
Church & Dwight Co. Inc. | 1,408,325 | 128,073 | |
Kroger Co. | 2,776,729 | 125,980 | |
McCormick & Co. Inc. | 1,436,274 | 91,778 | |
Clorox Co. | 707,457 | 83,268 | |
Tyson Foods Inc. Class A | 1,655,299 | 76,723 |
Shares | Market Value ($000) | ||
J M Smucker Co. | 584,200 | 66,505 | |
Brown-Forman Corp. Class B | 1,047,259 | 58,814 | |
Casey's General Stores Inc. | 213,974 | 58,182 | |
Hormel Foods Corp. | 1,652,026 | 53,774 | |
Ingredion Inc. | 375,934 | 35,180 | |
Flowers Foods Inc. | 1,100,060 | 24,124 | |
Lancaster Colony Corp. | 116,651 | 19,734 | |
WD-40 Co. | 77,019 | 16,282 | |
J & J Snack Foods Corp. | 88,125 | 13,801 | |
Andersons Inc. | 177,773 | 8,912 | |
SpartanNash Co. | 202,413 | 4,552 | |
Tootsie Roll Industries Inc. | 104,821 | 3,261 | |
9,553,451 | |||
Energy (3.2%) | |||
Exxon Mobil Corp. | 22,901,491 | 2,424,123 | |
Texas Pacific Land Corp. | 35,567 | 65,655 | |
2,489,778 | |||
Financials (18.2%) | |||
JPMorgan Chase & Co. | 16,623,983 | 2,311,731 | |
Visa Inc. Class A | 8,803,035 | 2,069,594 | |
Mastercard Inc. Class A | 4,788,335 | 1,802,090 | |
S&P Global Inc. | 1,882,823 | 657,689 | |
Goldman Sachs Group Inc. | 1,885,721 | 572,524 | |
Marsh & McLennan Cos. Inc. | 2,830,902 | 536,881 | |
Chubb Ltd. | 2,349,349 | 504,217 | |
BlackRock Inc. | 805,178 | 492,994 | |
CME Group Inc. | 2,057,777 | 439,253 | |
Aon plc Class A (XNYS) | 1,168,524 | 361,541 | |
Arthur J Gallagher & Co. | 1,225,317 | 288,550 | |
Moody's Corp. | 902,599 | 278,000 | |
PNC Financial Services Group Inc. | 2,291,998 | 262,365 | |
Aflac Inc. | 3,124,884 | 244,085 | |
Travelers Cos. Inc. | 1,328,420 | 222,431 | |
MetLife Inc. | 3,613,471 | 216,844 | |
Allstate Corp. | 1,509,210 | 193,375 | |
Bank of New York Mellon Corp. | 4,455,602 | 189,363 | |
Ameriprise Financial Inc. | 593,268 | 186,624 | |
Hartford Financial Services Group Inc. | 1,765,854 | 129,702 | |
State Street Corp. | 1,917,679 | 123,940 | |
Discover Financial Services | 1,464,780 | 120,229 | |
Raymond James Financial Inc. | 1,074,045 | 102,507 | |
Cboe Global Markets Inc. | 603,098 | 98,842 | |
Nasdaq Inc. | 1,941,380 | 96,292 | |
FactSet Research Systems Inc. | 217,340 | 93,867 | |
Brown & Brown Inc. | 1,348,446 | 93,609 | |
Fifth Third Bancorp | 3,915,964 | 92,848 | |
Cincinnati Financial Corp. | 896,684 | 89,372 | |
Principal Financial Group Inc. | 1,272,323 | 86,111 | |
W R Berkley Corp. | 1,168,294 | 78,766 | |
RenaissanceRe Holdings Ltd. | 292,792 | 64,294 | |
Jack Henry & Associates Inc. | 415,961 | 58,646 | |
Globe Life Inc. | 497,533 | 57,893 | |
Reinsurance Group of America Inc. | 379,656 | 56,747 | |
Unum Group | 1,051,224 | 51,405 | |
MarketAxess Holdings Inc. | 216,001 | 46,170 | |
Assurant Inc. | 302,835 | 45,092 | |
American Financial Group Inc. | 379,340 | 41,485 |
Shares | Market Value ($000) | ||
Erie Indemnity Co. Class A | 142,789 | 39,437 | |
Primerica Inc. | 204,643 | 39,120 | |
Morningstar Inc. | 148,970 | 37,725 | |
Cullen/Frost Bankers Inc. | 368,407 | 33,521 | |
SEI Investments Co. | 578,592 | 31,047 | |
RLI Corp. | 228,263 | 30,414 | |
Prosperity Bancshares Inc. | 540,152 | 29,460 | |
Commerce Bancshares Inc. | 650,261 | 28,520 | |
SouthState Corp. | 430,868 | 28,480 | |
Zions Bancorp NA | 847,314 | 26,140 | |
Evercore Inc. Class A | 199,355 | 25,952 | |
Axis Capital Holdings Ltd. | 444,706 | 25,393 | |
Hanover Insurance Group Inc. | 204,465 | 23,965 | |
Home BancShares Inc. | 1,081,782 | 22,122 | |
Bank OZK | 606,982 | 21,736 | |
Assured Guaranty Ltd. | 319,288 | 19,924 | |
Glacier Bancorp Inc. | 630,184 | 19,025 | |
American Equity Investment Life Holding Co. | 352,718 | 18,680 | |
First Financial Bankshares Inc. | 739,983 | 17,797 | |
UMB Financial Corp. | 247,935 | 15,550 | |
CNO Financial Group Inc. | 649,681 | 15,060 | |
International Bancshares Corp. | 303,662 | 13,310 | |
Independent Bank Corp. (XNGS) | 254,610 | 12,425 | |
Atlantic Union Bankshares Corp. | 426,366 | 12,284 | |
Community Bank System Inc. | 306,582 | 12,248 | |
BOK Financial Corp. | 161,481 | 10,580 | |
Simmons First National Corp. Class A | 715,709 | 10,170 | |
First Merchants Corp. | 352,199 | 9,619 | |
NBT Bancorp Inc. | 269,339 | 9,015 | |
Towne Bank | 374,837 | 8,974 | |
Federal Agricultural Mortgage Corp. Class C | 52,990 | 7,872 | |
City Holding Co. | 84,944 | 7,711 | |
Cohen & Steers Inc. | 145,317 | 7,591 | |
Horace Mann Educators Corp. | 234,115 | 7,428 | |
Lakeland Financial Corp. | 144,776 | 7,130 | |
Westamerica BanCorp | 149,295 | 7,053 | |
BancFirst Corp. | 83,845 | 6,801 | |
TriCo Bancshares | 191,228 | 6,186 | |
Stock Yards Bancorp Inc. | 150,389 | 5,882 | |
Southside Bancshares Inc. | 175,922 | 4,697 | |
1st Source Corp. | 99,945 | 4,559 | |
German American Bancorp Inc. | 160,638 | 4,390 | |
Lakeland Bancorp Inc. | 366,804 | 4,138 | |
Tompkins Financial Corp. | 73,854 | 3,699 | |
Heritage Financial Corp. | 202,352 | 3,292 | |
Cass Information Systems Inc. | 73,462 | 2,778 | |
First Financial Corp. | 60,803 | 2,092 | |
Southern Missouri Bancorp Inc. | 43,897 | 1,776 | |
Hingham Institution for Savings | 9,763 | 1,451 | |
Bank of Marin Bancorp | 76,026 | 1,277 | |
14,203,464 | |||
Health Care (15.5%) | |||
UnitedHealth Group Inc. | 5,298,775 | 2,837,812 | |
Johnson & Johnson | 13,774,626 | 2,043,328 | |
Merck & Co. Inc. | 14,515,621 | 1,490,754 | |
Abbott Laboratories | 9,926,784 | 938,577 | |
Bristol-Myers Squibb Co. | 11,950,730 | 615,821 | |
Elevance Health Inc. | 1,347,995 | 606,719 |
Shares | Market Value ($000) | ||
Medtronic plc | 7,608,860 | 536,881 | |
Stryker Corp. | 1,931,446 | 521,915 | |
Becton Dickinson and Co. | 1,667,095 | 421,408 | |
Zoetis Inc. | 2,633,243 | 413,419 | |
Humana Inc. | 718,005 | 376,012 | |
McKesson Corp. | 799,068 | 363,864 | |
Cencora Inc. | 954,566 | 176,738 | |
Cardinal Health Inc. | 1,481,297 | 134,798 | |
West Pharmaceutical Services Inc. | 422,776 | 134,565 | |
STERIS plc | 567,346 | 119,131 | |
ResMed Inc. | 837,503 | 118,272 | |
Quest Diagnostics Inc. | 658,698 | 85,697 | |
Chemed Corp. | 86,175 | 48,486 | |
Ensign Group Inc. | 320,505 | 30,961 | |
Perrigo Co. plc | 772,527 | 21,353 | |
LeMaitre Vascular Inc. | 114,831 | 5,579 | |
Embecta Corp. | 329,335 | 4,980 | |
Atrion Corp. | 7,491 | 2,562 | |
12,049,632 | |||
Industrials (12.9%) | |||
Union Pacific Corp. | 3,502,894 | 727,236 | |
Honeywell International Inc. | 3,822,122 | 700,442 | |
Caterpillar Inc. | 2,918,200 | 659,659 | |
Lockheed Martin Corp. | 1,316,244 | 598,417 | |
United Parcel Service Inc. Class B (XNYS) | 4,137,068 | 584,361 | |
Automatic Data Processing Inc. | 2,359,374 | 514,863 | |
Eaton Corp. plc | 2,282,462 | 474,547 | |
Northrop Grumman Corp. | 818,180 | 385,715 | |
Illinois Tool Works Inc. | 1,585,240 | 355,284 | |
Waste Management Inc. | 2,120,608 | 348,479 | |
CSX Corp. | 11,477,148 | 342,593 | |
General Dynamics Corp. | 1,297,033 | 312,987 | |
Emerson Electric Co. | 3,383,191 | 301,002 | |
Cintas Corp. | 494,118 | 250,577 | |
Paychex Inc. | 1,835,649 | 203,849 | |
L3Harris Technologies Inc. | 1,081,536 | 194,038 | |
Fastenal Co. | 3,280,868 | 191,406 | |
WW Grainger Inc. | 254,598 | 185,813 | |
Cummins Inc. | 808,888 | 174,962 | |
Republic Services Inc. | 1,177,164 | 174,797 | |
Rockwell Automation Inc. | 657,451 | 172,785 | |
Xylem Inc. | 1,377,075 | 128,812 | |
Broadridge Financial Solutions Inc. | 675,524 | 115,271 | |
Dover Corp. | 803,403 | 104,402 | |
Expeditors International of Washington Inc. | 847,079 | 92,543 | |
Booz Allen Hamilton Holding Corp. | 749,857 | 89,930 | |
Hubbell Inc. | 307,023 | 82,927 | |
IDEX Corp. | 432,222 | 82,732 | |
JB Hunt Transport Services Inc. | 466,059 | 80,102 | |
Snap-on Inc. | 302,612 | 78,056 | |
Stanley Black & Decker Inc. | 875,563 | 74,467 | |
Carlisle Cos. Inc. | 285,381 | 72,512 | |
Graco Inc. | 966,791 | 71,881 | |
Lennox International Inc. | 182,756 | 67,718 | |
Nordson Corp. | 309,875 | 65,876 | |
Lincoln Electric Holdings Inc. | 328,358 | 57,397 | |
HEICO Corp. Class A | 436,018 | 55,431 | |
Pentair plc | 944,406 | 54,889 |
Shares | Market Value ($000) | ||
CH Robinson Worldwide Inc. | 666,126 | 54,509 | |
Huntington Ingalls Industries Inc. | 227,535 | 50,017 | |
A O Smith Corp. | 712,372 | 49,695 | |
Allegion plc | 502,036 | 49,380 | |
Toro Co. | 593,225 | 47,956 | |
Robert Half Inc. | 616,507 | 46,096 | |
Regal Rexnord Corp. | 379,485 | 44,935 | |
ITT Inc. | 470,263 | 43,899 | |
Donaldson Co. Inc. | 695,505 | 40,103 | |
Comfort Systems USA Inc. | 204,645 | 37,215 | |
HEICO Corp. | 227,645 | 36,061 | |
Applied Industrial Technologies Inc. | 221,339 | 33,978 | |
UFP Industries Inc. | 354,646 | 33,752 | |
MSA Safety Inc. | 211,065 | 33,323 | |
Watts Water Technologies Inc. Class A | 156,863 | 27,139 | |
Ryder System Inc. | 260,701 | 25,429 | |
Insperity Inc. | 207,794 | 21,993 | |
GATX Corp. | 202,677 | 21,196 | |
ManpowerGroup Inc. | 283,816 | 19,859 | |
Franklin Electric Co. Inc. | 227,450 | 19,724 | |
Hillenbrand Inc. | 400,826 | 15,243 | |
ABM Industries Inc. | 375,234 | 14,762 | |
McGrath RentCorp. | 141,290 | 14,214 | |
Brady Corp. Class A | 263,096 | 13,539 | |
Standex International Corp. | 68,052 | 9,770 | |
Trinity Industries Inc. | 468,491 | 9,759 | |
Griffon Corp. | 233,240 | 9,316 | |
Tennant Co. | 105,174 | 7,806 | |
Lindsay Corp. | 61,793 | 7,719 | |
Matthews International Corp. Class A | 177,069 | 6,275 | |
Apogee Enterprises Inc. | 127,432 | 5,469 | |
Gorman-Rupp Co. | 141,102 | 4,170 | |
Douglas Dynamics Inc. | 128,684 | 3,124 | |
10,086,183 | |||
Information Technology (22.4%) | |||
Microsoft Corp. | 12,212,655 | 4,129,221 | |
Apple Inc. | 20,065,409 | 3,426,570 | |
Broadcom Inc. | 2,287,943 | 1,925,007 | |
Cisco Systems Inc. | 23,298,690 | 1,214,561 | |
Accenture plc Class A | 3,610,266 | 1,072,574 | |
Oracle Corp. | 9,004,879 | 931,105 | |
Intuit Inc. | 1,607,406 | 795,586 | |
Texas Instruments Inc. | 5,201,967 | 738,731 | |
QUALCOMM Inc. | 6,418,451 | 699,547 | |
Analog Devices Inc. | 2,910,826 | 457,960 | |
KLA Corp. | 800,404 | 375,950 | |
Roper Technologies Inc. | 610,412 | 298,229 | |
Amphenol Corp. Class A | 3,415,263 | 275,099 | |
Motorola Solutions Inc. | 955,442 | 266,052 | |
Microchip Technology Inc. | 3,125,737 | 222,834 | |
TE Connectivity Ltd. | 1,804,976 | 212,716 | |
HP Inc. | 5,083,732 | 133,855 | |
Corning Inc. | 4,392,537 | 117,544 | |
Amdocs Ltd. | 694,486 | 55,670 | |
Littelfuse Inc. | 142,594 | 30,896 | |
Badger Meter Inc. | 167,933 | 23,267 |
Shares | Market Value ($000) | ||
Power Integrations Inc. | 327,770 | 22,724 | |
17,425,698 | |||
Materials (4.4%) | |||
Linde plc | 2,801,619 | 1,070,667 | |
Air Products and Chemicals Inc. | 1,269,098 | 358,444 | |
Sherwin-Williams Co. | 1,353,285 | 322,366 | |
Ecolab Inc. | 1,450,815 | 243,360 | |
Nucor Corp. | 1,442,890 | 213,245 | |
PPG Industries Inc. | 1,346,758 | 165,341 | |
International Flavors & Fragrances Inc. | 1,460,800 | 99,846 | |
Steel Dynamics Inc. | 891,213 | 94,923 | |
Reliance Steel & Aluminum Co. | 335,028 | 85,224 | |
Albemarle Corp. | 671,408 | 85,121 | |
Avery Dennison Corp. | 460,543 | 80,167 | |
Packaging Corp. of America | 514,244 | 78,705 | |
RPM International Inc. | 739,360 | 67,481 | |
Celanese Corp. | 573,403 | 65,660 | |
Eastman Chemical Co. | 686,547 | 51,306 | |
AptarGroup Inc. | 374,476 | 45,787 | |
Royal Gold Inc. | 375,010 | 39,125 | |
Sonoco Products Co. | 558,814 | 28,952 | |
Ashland Inc. | 292,596 | 22,422 | |
Balchem Corp. | 184,912 | 21,494 | |
Cabot Corp. | 319,245 | 21,223 | |
Westlake Corp. | 182,680 | 21,074 | |
HB Fuller Co. | 307,493 | 20,341 | |
Silgan Holdings Inc. | 480,954 | 19,267 | |
Avient Corp. | 520,636 | 16,463 | |
Sensient Technologies Corp. | 239,367 | 13,505 | |
Materion Corp. | 118,729 | 11,514 | |
Quaker Chemical Corp. | 79,445 | 11,418 | |
Worthington Industries Inc. | 172,152 | 10,608 | |
Scotts Miracle-Gro Co. | 234,638 | 10,427 | |
Stepan Co. | 120,693 | 9,028 | |
Hawkins Inc. | 109,531 | 6,290 | |
3,410,794 | |||
Utilities (2.7%) | |||
NextEra Energy Inc. | 11,576,413 | 674,905 | |
Sempra | 3,601,003 | 252,178 | |
Xcel Energy Inc. | 3,154,461 | 186,965 | |
WEC Energy Group Inc. | 1,804,749 | 146,888 | |
American Water Works Co. Inc. | 1,111,668 | 130,788 | |
DTE Energy Co. | 1,179,598 | 113,690 | |
Eversource Energy | 1,996,751 | 107,405 | |
CMS Energy Corp. | 1,664,552 | 90,452 | |
Atmos Energy Corp. | 830,761 | 89,440 | |
Alliant Energy Corp. | 1,445,353 | 70,519 | |
AES Corp. | 3,832,352 | 57,102 | |
Essential Utilities Inc. | 1,397,291 | 46,753 | |
IDACORP Inc. | 290,018 | 27,468 | |
National Fuel Gas Co. | 523,941 | 26,695 | |
New Jersey Resources Corp. | 550,401 | 22,335 | |
ONE Gas Inc. | 315,281 | 19,043 | |
American States Water Co. | 210,629 | 16,439 | |
California Water Service Group | 333,406 | 16,230 | |
MGE Energy Inc. | 205,830 | 14,744 | |
SJW Group | 163,418 | 10,210 |
Shares | Market Value ($000) | ||
Chesapeake Utilities Corp. | 101,409 | 8,986 | |
Middlesex Water Co. | 100,381 | 6,377 | |
York Water Co. | 80,063 | 2,888 | |
Artesian Resources Corp. Class A | 56,153 | 2,207 | |
2,140,707 | |||
Total Common Stocks (Cost $61,366,603) | 77,663,450 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
1 | Vanguard Market Liquidity Fund, 5.420% (Cost $175,796) | 1,758,364 | 175,819 |
Total Investments (99.9%) (Cost $61,542,399) | 77,839,269 | ||
Other Assets and Liabilities—Net (0.1%) | 84,140 | ||
Net Assets (100%) | 77,923,409 | ||
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 | December 2023 | 496 | 104,464 | (2,311) |
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 | 44,290 | (5.325) | 982 | — |
Visa Inc. Class A | 8/30/24 | BANA | 104,620 | (5.231) | — | (446) |
982 | (446) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 77,663,450 | — | — | 77,663,450 |
Temporary Cash Investments | 175,819 | — | — | 175,819 |
Total | 77,839,269 | — | — | 77,839,269 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 982 | — | 982 |
Liabilities | ||||
Futures Contracts1 | 2,311 | — | — | 2,311 |
Swap Contracts | — | 446 | — | 446 |
Total | 2,311 | 446 | — | 2,757 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |