# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-25-000143
**Filing Date:** 2025-12
**Character Count:** 170225
**Document Hash:** f8d7acd857d3aef2488961f4c92b4db6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-25-000143.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000734383-25-000143

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS
- **CENTRAL INDEX KEY:** 0000734383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 251598919

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Dividend Appreciation Index Fund (Series ID: S000011322)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000031350 | ETF Shares     | VIG             |
| C000135474 | Admiral Shares | VDADX           |

## Nport-Ex

Vanguard<sup>®</sup> Dividend Appreciation Index Fund

#### Schedule of Investments (unaudited)
As of October 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Communication Services (0.5%)** | **Communication Services (0.5%)** | **Communication Services (0.5%)** |
| &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 20193528 | &nbsp;&nbsp;&nbsp;&nbsp; 562087 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;227801 | &nbsp;&nbsp;&nbsp;&nbsp; 8399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **570486** |
| **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** |
| &nbsp;&nbsp;&nbsp;Home Depot Inc. | 5390929 | &nbsp;&nbsp;&nbsp;&nbsp; 2046343 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3866870 | &nbsp;&nbsp;&nbsp;&nbsp; 1153990 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 3051043 | &nbsp;&nbsp;&nbsp;&nbsp; 726545 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 6146344 | &nbsp;&nbsp;&nbsp;&nbsp; 497055 |
| &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 6488233 | &nbsp;&nbsp;&nbsp;&nbsp; 419075 |
| &nbsp;&nbsp;&nbsp;DR Horton Inc. | 1544844 | &nbsp;&nbsp;&nbsp;&nbsp; 230305 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2871387 | &nbsp;&nbsp;&nbsp;&nbsp; 155371 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;683975 | &nbsp;&nbsp;&nbsp;&nbsp; 132924 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;753509 | &nbsp;&nbsp;&nbsp;&nbsp; 95929 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;361831 | &nbsp;&nbsp;&nbsp;&nbsp; 80127 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169217 | &nbsp;&nbsp;&nbsp;&nbsp; 67426 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;761784 | &nbsp;&nbsp;&nbsp;&nbsp; 63617 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;177842 | &nbsp;&nbsp;&nbsp;&nbsp; 47494 |
| &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138852 | &nbsp;&nbsp;&nbsp;&nbsp; 43611 |
| &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360766 | &nbsp;&nbsp;&nbsp;&nbsp; 35788 |
| &nbsp;&nbsp;&nbsp;Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287532 | &nbsp;&nbsp;&nbsp;&nbsp; 30004 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;356537 | &nbsp;&nbsp;&nbsp;&nbsp; 23571 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18373 | &nbsp;&nbsp;&nbsp;&nbsp; 18596 |
| &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16362 | &nbsp;&nbsp;&nbsp;&nbsp; 9818 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97681 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5879379** |
| **Consumer Staples (9.5%)** | **Consumer Staples (9.5%)** | **Consumer Staples (9.5%)** |
| &nbsp;&nbsp;&nbsp;Walmart Inc. | 23798896 | &nbsp;&nbsp;&nbsp;&nbsp; 2407972 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2398645 | &nbsp;&nbsp;&nbsp;&nbsp; 2186245 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 12747683 | &nbsp;&nbsp;&nbsp;&nbsp; 1916869 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 21017210 | &nbsp;&nbsp;&nbsp;&nbsp; 1448086 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 7421441 | &nbsp;&nbsp;&nbsp;&nbsp; 1084198 |
| &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 7248228 | &nbsp;&nbsp;&nbsp;&nbsp; 416483 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 4408794 | &nbsp;&nbsp;&nbsp;&nbsp; 339698 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 2475214 | &nbsp;&nbsp;&nbsp;&nbsp; 229502 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 2598082 | &nbsp;&nbsp;&nbsp;&nbsp; 192986 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2295630 | &nbsp;&nbsp;&nbsp;&nbsp; 146071 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;802567 | &nbsp;&nbsp;&nbsp;&nbsp; 136139 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 1314131 | &nbsp;&nbsp;&nbsp;&nbsp; 115236 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201456 | &nbsp;&nbsp;&nbsp;&nbsp; 103385 |
| &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | 1369041 | &nbsp;&nbsp;&nbsp;&nbsp; 87838 |
| &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 1546460 | &nbsp;&nbsp;&nbsp;&nbsp; 79503 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;665737 | &nbsp;&nbsp;&nbsp;&nbsp; 74869 |
| &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351045 | &nbsp;&nbsp;&nbsp;&nbsp; 40514 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | 1039229 | &nbsp;&nbsp;&nbsp;&nbsp; 28298 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;110427 | &nbsp;&nbsp;&nbsp;&nbsp; 17314 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73546 | &nbsp;&nbsp;&nbsp;&nbsp; 14289 |
| &nbsp;&nbsp;&nbsp;Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183747 | &nbsp;&nbsp;&nbsp;&nbsp; 8509 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84827 | &nbsp;&nbsp;&nbsp;&nbsp; 7181 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;216954 | &nbsp;&nbsp;&nbsp;&nbsp; 5884 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106263 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55794 | &nbsp;&nbsp;&nbsp;&nbsp; 3090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11093909** |
| **Energy (2.7%)** | **Energy (2.7%)** | **Energy (2.7%)** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 23325003 | &nbsp;&nbsp;&nbsp;&nbsp; 2667447 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 2189713 | &nbsp;&nbsp;&nbsp;&nbsp; 298108 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104619 | &nbsp;&nbsp;&nbsp;&nbsp; 98696 |
| &nbsp;&nbsp;&nbsp;DTE Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;527723 | &nbsp;&nbsp;&nbsp;&nbsp; 57780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3122031** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Financials (21.4%)** | **Financials (21.4%)** | **Financials (21.4%)** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 15003035 | &nbsp;&nbsp;&nbsp;&nbsp; 4667744 |
| &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 8585076 | &nbsp;&nbsp;&nbsp;&nbsp; 2925279 |
| &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 4502192 | &nbsp;&nbsp;&nbsp;&nbsp; 2485165 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 37227548 | &nbsp;&nbsp;&nbsp;&nbsp; 1989812 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1650264 | &nbsp;&nbsp;&nbsp;&nbsp; 1302669 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 6590865 | &nbsp;&nbsp;&nbsp;&nbsp; 1080902 |
| &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;780380 | &nbsp;&nbsp;&nbsp;&nbsp; 845003 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc. | 1706797 | &nbsp;&nbsp;&nbsp;&nbsp; 831569 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 2021300 | &nbsp;&nbsp;&nbsp;&nbsp; 559779 |
| &nbsp;&nbsp;&nbsp;CME Group Inc. | 1952895 | &nbsp;&nbsp;&nbsp;&nbsp; 518474 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 2664014 | &nbsp;&nbsp;&nbsp;&nbsp; 474594 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3099753 | &nbsp;&nbsp;&nbsp;&nbsp; 453463 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3871815 | &nbsp;&nbsp;&nbsp;&nbsp; 417885 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;841593 | &nbsp;&nbsp;&nbsp;&nbsp; 404217 |
| &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | 1168465 | &nbsp;&nbsp;&nbsp;&nbsp; 398073 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 2138810 | &nbsp;&nbsp;&nbsp;&nbsp; 390440 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 1364308 | &nbsp;&nbsp;&nbsp;&nbsp; 340381 |
| &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 1221574 | &nbsp;&nbsp;&nbsp;&nbsp; 328139 |
| &nbsp;&nbsp;&nbsp;Aflac Inc. | 2634791 | &nbsp;&nbsp;&nbsp;&nbsp; 282423 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 1426868 | &nbsp;&nbsp;&nbsp;&nbsp; 273274 |
| &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423113 | &nbsp;&nbsp;&nbsp;&nbsp; 249023 |
| &nbsp;&nbsp;&nbsp;MetLife Inc. | 3041138 | &nbsp;&nbsp;&nbsp;&nbsp; 242744 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;515117 | &nbsp;&nbsp;&nbsp;&nbsp; 233230 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 2456262 | &nbsp;&nbsp;&nbsp;&nbsp; 209986 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 1535813 | &nbsp;&nbsp;&nbsp;&nbsp; 190717 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1562207 | &nbsp;&nbsp;&nbsp;&nbsp; 180685 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;953893 | &nbsp;&nbsp;&nbsp;&nbsp; 151354 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 3590664 | &nbsp;&nbsp;&nbsp;&nbsp; 149443 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;566762 | &nbsp;&nbsp;&nbsp;&nbsp; 139219 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;846852 | &nbsp;&nbsp;&nbsp;&nbsp; 130915 |
| &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | 1588171 | &nbsp;&nbsp;&nbsp;&nbsp; 126641 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 1628197 | &nbsp;&nbsp;&nbsp;&nbsp; 116156 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | 1098331 | &nbsp;&nbsp;&nbsp;&nbsp; 92304 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 1383931 | &nbsp;&nbsp;&nbsp;&nbsp; 76448 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;268935 | &nbsp;&nbsp;&nbsp;&nbsp; 68334 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358006 | &nbsp;&nbsp;&nbsp;&nbsp; 65322 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;867986 | &nbsp;&nbsp;&nbsp;&nbsp; 63728 |
| &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;209088 | &nbsp;&nbsp;&nbsp;&nbsp; 61589 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;394920 | &nbsp;&nbsp;&nbsp;&nbsp; 58819 |
| &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273333 | &nbsp;&nbsp;&nbsp;&nbsp; 57870 |
| &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438919 | &nbsp;&nbsp;&nbsp;&nbsp; 57722 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204714 | &nbsp;&nbsp;&nbsp;&nbsp; 54618 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374766 | &nbsp;&nbsp;&nbsp;&nbsp; 49349 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 1238725 | &nbsp;&nbsp;&nbsp;&nbsp; 48880 |
| &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;548142 | &nbsp;&nbsp;&nbsp;&nbsp; 48593 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;362689 | &nbsp;&nbsp;&nbsp;&nbsp; 47157 |
| &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175414 | &nbsp;&nbsp;&nbsp;&nbsp; 45585 |
| &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347936 | &nbsp;&nbsp;&nbsp;&nbsp; 42845 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;517042 | &nbsp;&nbsp;&nbsp;&nbsp; 41679 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;798908 | &nbsp;&nbsp;&nbsp;&nbsp; 41631 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;386509 | &nbsp;&nbsp;&nbsp;&nbsp; 41310 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;137627 | &nbsp;&nbsp;&nbsp;&nbsp; 40275 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 1006304 | &nbsp;&nbsp;&nbsp;&nbsp; 37978 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;674743 | &nbsp;&nbsp;&nbsp;&nbsp; 35512 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;551477 | &nbsp;&nbsp;&nbsp;&nbsp; 34473 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;514713 | &nbsp;&nbsp;&nbsp;&nbsp; 33878 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193775 | &nbsp;&nbsp;&nbsp;&nbsp; 33112 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202400 | &nbsp;&nbsp;&nbsp;&nbsp; 32396 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;497844 | &nbsp;&nbsp;&nbsp;&nbsp; 29353 |
| &nbsp;&nbsp;&nbsp;Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132421 | &nbsp;&nbsp;&nbsp;&nbsp; 28113 |
| &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;992734 | &nbsp;&nbsp;&nbsp;&nbsp; 26516 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;573671 | &nbsp;&nbsp;&nbsp;&nbsp; 25809 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330123 | &nbsp;&nbsp;&nbsp;&nbsp; 24871 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;705039 | &nbsp;&nbsp;&nbsp;&nbsp; 21779 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;532945 | &nbsp;&nbsp;&nbsp;&nbsp; 21328 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242297 | &nbsp;&nbsp;&nbsp;&nbsp; 19524 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292915 | &nbsp;&nbsp;&nbsp;&nbsp; 19444 |
| &nbsp;&nbsp;&nbsp;United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;657385 | &nbsp;&nbsp;&nbsp;&nbsp; 19196 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272073 | &nbsp;&nbsp;&nbsp;&nbsp; 19119 |

---

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| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;270404 | &nbsp;&nbsp;&nbsp;&nbsp; 18195 |
| &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285564 | &nbsp;&nbsp;&nbsp;&nbsp; 15843 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;393647 | &nbsp;&nbsp;&nbsp;&nbsp; 12797 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120597 | &nbsp;&nbsp;&nbsp;&nbsp; 12612 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111482 | &nbsp;&nbsp;&nbsp;&nbsp; 12136 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283456 | &nbsp;&nbsp;&nbsp;&nbsp; 11471 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;312626 | &nbsp;&nbsp;&nbsp;&nbsp; 11092 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200993 | &nbsp;&nbsp;&nbsp;&nbsp; 10526 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149994 | &nbsp;&nbsp;&nbsp;&nbsp; 10248 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;220201 | &nbsp;&nbsp;&nbsp;&nbsp; 9845 |
| &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75947 | &nbsp;&nbsp;&nbsp;&nbsp; 9801 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148113 | &nbsp;&nbsp;&nbsp;&nbsp; 9630 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78395 | &nbsp;&nbsp;&nbsp;&nbsp; 9241 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50846 | &nbsp;&nbsp;&nbsp;&nbsp; 8066 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137990 | &nbsp;&nbsp;&nbsp;&nbsp; 7872 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;176068 | &nbsp;&nbsp;&nbsp;&nbsp; 7788 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;137425 | &nbsp;&nbsp;&nbsp;&nbsp; 6548 |
| &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160580 | &nbsp;&nbsp;&nbsp;&nbsp; 6189 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48437 | &nbsp;&nbsp;&nbsp;&nbsp; 5915 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99354 | &nbsp;&nbsp;&nbsp;&nbsp; 5906 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118176 | &nbsp;&nbsp;&nbsp;&nbsp; 4222 |
| &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102695 | &nbsp;&nbsp;&nbsp;&nbsp; 4116 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87658 | &nbsp;&nbsp;&nbsp;&nbsp; 3844 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51653 | &nbsp;&nbsp;&nbsp;&nbsp; 3404 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112061 | &nbsp;&nbsp;&nbsp;&nbsp; 3386 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98881 | &nbsp;&nbsp;&nbsp;&nbsp; 3198 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51318 | &nbsp;&nbsp;&nbsp;&nbsp; 2691 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119456 | &nbsp;&nbsp;&nbsp;&nbsp; 2626 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63619 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45006 | &nbsp;&nbsp;&nbsp;&nbsp; 2278 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35670 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24891478** |
| **Health Care (15.5%)** | **Health Care (15.5%)** | **Health Care (15.5%)** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4308055 | &nbsp;&nbsp;&nbsp;&nbsp; 3717248 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 13050308 | &nbsp;&nbsp;&nbsp;&nbsp; 2464812 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | 9582314 | &nbsp;&nbsp;&nbsp;&nbsp; 2089328 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4907621 | &nbsp;&nbsp;&nbsp;&nbsp; 1676247 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 9431224 | &nbsp;&nbsp;&nbsp;&nbsp; 1165888 |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 13534829 | &nbsp;&nbsp;&nbsp;&nbsp; 1163725 |
| &nbsp;&nbsp;&nbsp;Amgen Inc. | 2919040 | &nbsp;&nbsp;&nbsp;&nbsp; 871129 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 3468532 | &nbsp;&nbsp;&nbsp;&nbsp; 747052 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1862650 | &nbsp;&nbsp;&nbsp;&nbsp; 663550 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 6943865 | &nbsp;&nbsp;&nbsp;&nbsp; 629809 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;682678 | &nbsp;&nbsp;&nbsp;&nbsp; 553884 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1220143 | &nbsp;&nbsp;&nbsp;&nbsp; 387029 |
| &nbsp;&nbsp;&nbsp;Cencora Inc. | 1067520 | &nbsp;&nbsp;&nbsp;&nbsp; 360619 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc. | 2419385 | &nbsp;&nbsp;&nbsp;&nbsp; 348609 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1563378 | &nbsp;&nbsp;&nbsp;&nbsp; 279391 |
| &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 1296271 | &nbsp;&nbsp;&nbsp;&nbsp; 247290 |
| &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;792949 | &nbsp;&nbsp;&nbsp;&nbsp; 195763 |
| &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;536082 | &nbsp;&nbsp;&nbsp;&nbsp; 126354 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389622 | &nbsp;&nbsp;&nbsp;&nbsp; 109901 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;609182 | &nbsp;&nbsp;&nbsp;&nbsp; 107186 |
| &nbsp;&nbsp;&nbsp;Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309655 | &nbsp;&nbsp;&nbsp;&nbsp; 55769 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79148 | &nbsp;&nbsp;&nbsp;&nbsp; 34137 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112747 | &nbsp;&nbsp;&nbsp;&nbsp; 9765 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67573 | &nbsp;&nbsp;&nbsp;&nbsp; 8071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **18012556** |
| **Industrials (11.0%)** | **Industrials (11.0%)** | **Industrials (11.0%)** |
| &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 2564476 | &nbsp;&nbsp;&nbsp;&nbsp; 1480369 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 2109547 | &nbsp;&nbsp;&nbsp;&nbsp; 804919 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3223410 | &nbsp;&nbsp;&nbsp;&nbsp; 710343 |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 3440335 | &nbsp;&nbsp;&nbsp;&nbsp; 692643 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 2197739 | &nbsp;&nbsp;&nbsp;&nbsp; 572071 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1121108 | &nbsp;&nbsp;&nbsp;&nbsp; 551451 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1391355 | &nbsp;&nbsp;&nbsp;&nbsp; 479878 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 3083791 | &nbsp;&nbsp;&nbsp;&nbsp; 430405 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;734089 | &nbsp;&nbsp;&nbsp;&nbsp; 428304 |
| &nbsp;&nbsp;&nbsp;Waste Management Inc. | 2008335 | &nbsp;&nbsp;&nbsp;&nbsp; 401205 |

---

------

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 10099661 | &nbsp;&nbsp;&nbsp;&nbsp; 363790 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | 1446294 | &nbsp;&nbsp;&nbsp;&nbsp; 352780 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1854907 | &nbsp;&nbsp;&nbsp;&nbsp; 339949 |
| &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;745010 | &nbsp;&nbsp;&nbsp;&nbsp; 326076 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 1021147 | &nbsp;&nbsp;&nbsp;&nbsp; 295214 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 6213031 | &nbsp;&nbsp;&nbsp;&nbsp; 255666 |
| &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238445 | &nbsp;&nbsp;&nbsp;&nbsp; 233438 |
| &nbsp;&nbsp;&nbsp;Republic Services Inc. | 1102830 | &nbsp;&nbsp;&nbsp;&nbsp; 229653 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;608321 | &nbsp;&nbsp;&nbsp;&nbsp; 224081 |
| &nbsp;&nbsp;&nbsp;Paychex Inc. | 1755635 | &nbsp;&nbsp;&nbsp;&nbsp; 205462 |
| &nbsp;&nbsp;&nbsp;Xylem Inc. | 1318943 | &nbsp;&nbsp;&nbsp;&nbsp; 198963 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190784 | &nbsp;&nbsp;&nbsp;&nbsp; 184217 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;633776 | &nbsp;&nbsp;&nbsp;&nbsp; 139684 |
| &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287950 | &nbsp;&nbsp;&nbsp;&nbsp; 135336 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;742763 | &nbsp;&nbsp;&nbsp;&nbsp; 134782 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 1344610 | &nbsp;&nbsp;&nbsp;&nbsp; 132686 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;417934 | &nbsp;&nbsp;&nbsp;&nbsp; 103535 |
| &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | 1005639 | &nbsp;&nbsp;&nbsp;&nbsp; 99780 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;637160 | &nbsp;&nbsp;&nbsp;&nbsp; 98116 |
| &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283232 | &nbsp;&nbsp;&nbsp;&nbsp; 95038 |
| &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;888106 | &nbsp;&nbsp;&nbsp;&nbsp; 94450 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;736738 | &nbsp;&nbsp;&nbsp;&nbsp; 89808 |
| &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173408 | &nbsp;&nbsp;&nbsp;&nbsp; 87571 |
| &nbsp;&nbsp;&nbsp;ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423076 | &nbsp;&nbsp;&nbsp;&nbsp; 78299 |
| &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;465262 | &nbsp;&nbsp;&nbsp;&nbsp; 77126 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234967 | &nbsp;&nbsp;&nbsp;&nbsp; 76376 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 1154713 | &nbsp;&nbsp;&nbsp;&nbsp; 74779 |
| &nbsp;&nbsp;&nbsp;Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;897427 | &nbsp;&nbsp;&nbsp;&nbsp; 73383 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298996 | &nbsp;&nbsp;&nbsp;&nbsp; 70100 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;414965 | &nbsp;&nbsp;&nbsp;&nbsp; 70071 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;408084 | &nbsp;&nbsp;&nbsp;&nbsp; 69970 |
| &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189109 | &nbsp;&nbsp;&nbsp;&nbsp; 69594 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;217554 | &nbsp;&nbsp;&nbsp;&nbsp; 69132 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212634 | &nbsp;&nbsp;&nbsp;&nbsp; 68472 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291263 | &nbsp;&nbsp;&nbsp;&nbsp; 67558 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;673623 | &nbsp;&nbsp;&nbsp;&nbsp; 58713 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;453078 | &nbsp;&nbsp;&nbsp;&nbsp; 57681 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387386 | &nbsp;&nbsp;&nbsp;&nbsp; 54253 |
| &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632782 | &nbsp;&nbsp;&nbsp;&nbsp; 53312 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206675 | &nbsp;&nbsp;&nbsp;&nbsp; 53134 |
| &nbsp;&nbsp;&nbsp;Tetra Tech Inc. | 1421817 | &nbsp;&nbsp;&nbsp;&nbsp; 45470 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;346729 | &nbsp;&nbsp;&nbsp;&nbsp; 42748 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;624490 | &nbsp;&nbsp;&nbsp;&nbsp; 41210 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;545108 | &nbsp;&nbsp;&nbsp;&nbsp; 40736 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;148583 | &nbsp;&nbsp;&nbsp;&nbsp; 40504 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225476 | &nbsp;&nbsp;&nbsp;&nbsp; 39797 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224554 | &nbsp;&nbsp;&nbsp;&nbsp; 38001 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;569341 | &nbsp;&nbsp;&nbsp;&nbsp; 36358 |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;335546 | &nbsp;&nbsp;&nbsp;&nbsp; 34615 |
| &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199539 | &nbsp;&nbsp;&nbsp;&nbsp; 31334 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;192921 | &nbsp;&nbsp;&nbsp;&nbsp; 30260 |
| &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317275 | &nbsp;&nbsp;&nbsp;&nbsp; 29231 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;343229 | &nbsp;&nbsp;&nbsp;&nbsp; 26947 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;844379 | &nbsp;&nbsp;&nbsp;&nbsp; 21667 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207230 | &nbsp;&nbsp;&nbsp;&nbsp; 19639 |
| &nbsp;&nbsp;&nbsp;Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275194 | &nbsp;&nbsp;&nbsp;&nbsp; 19486 |
| &nbsp;&nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;236067 | &nbsp;&nbsp;&nbsp;&nbsp; 17920 |
| &nbsp;&nbsp;&nbsp;Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63925 | &nbsp;&nbsp;&nbsp;&nbsp; 17685 |
| &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173329 | &nbsp;&nbsp;&nbsp;&nbsp; 17498 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213246 | &nbsp;&nbsp;&nbsp;&nbsp; 15782 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66387 | &nbsp;&nbsp;&nbsp;&nbsp; 15483 |
| &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340705 | &nbsp;&nbsp;&nbsp;&nbsp; 14650 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;133306 | &nbsp;&nbsp;&nbsp;&nbsp; 14322 |
| &nbsp;&nbsp;&nbsp;Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381612 | &nbsp;&nbsp;&nbsp;&nbsp; 12059 |
| &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149559 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 |
| &nbsp;&nbsp;&nbsp;Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58279 | &nbsp;&nbsp;&nbsp;&nbsp; 10416 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249044 | &nbsp;&nbsp;&nbsp;&nbsp; 10191 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170780 | &nbsp;&nbsp;&nbsp;&nbsp; 9579 |
| &nbsp;&nbsp;&nbsp;Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195671 | &nbsp;&nbsp;&nbsp;&nbsp; 8633 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99887 | &nbsp;&nbsp;&nbsp;&nbsp; 7991 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58582 | &nbsp;&nbsp;&nbsp;&nbsp; 6517 |
|  | &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;112202 | &nbsp;&nbsp;&nbsp;&nbsp; 5046 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117037 | &nbsp;&nbsp;&nbsp;&nbsp; 4285 |
|  | &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62381 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12853624** |
| **Information Technology (28.4%)** | **Information Technology (28.4%)** | **Information Technology (28.4%)** | **Information Technology (28.4%)** |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 22605071 | &nbsp;&nbsp;&nbsp;&nbsp; 8355512 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 10760775 | &nbsp;&nbsp;&nbsp;&nbsp; 5572037 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 18086249 | &nbsp;&nbsp;&nbsp;&nbsp; 4889979 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 8896834 | &nbsp;&nbsp;&nbsp;&nbsp; 2336398 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 21475884 | &nbsp;&nbsp;&nbsp;&nbsp; 1570102 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 5047390 | &nbsp;&nbsp;&nbsp;&nbsp; 1551618 |
|  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 6874271 | &nbsp;&nbsp;&nbsp;&nbsp; 1082423 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 5870633 | &nbsp;&nbsp;&nbsp;&nbsp; 1061997 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | 1513411 | &nbsp;&nbsp;&nbsp;&nbsp; 1010277 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 6586096 | &nbsp;&nbsp;&nbsp;&nbsp; 917707 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;719764 | &nbsp;&nbsp;&nbsp;&nbsp; 870007 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | 3370973 | &nbsp;&nbsp;&nbsp;&nbsp; 843080 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 4936545 | &nbsp;&nbsp;&nbsp;&nbsp; 797055 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 2691063 | &nbsp;&nbsp;&nbsp;&nbsp; 630059 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1605496 | &nbsp;&nbsp;&nbsp;&nbsp; 396574 |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;902769 | &nbsp;&nbsp;&nbsp;&nbsp; 367165 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583668 | &nbsp;&nbsp;&nbsp;&nbsp; 260403 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | 2919794 | &nbsp;&nbsp;&nbsp;&nbsp; 182253 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 5230128 | &nbsp;&nbsp;&nbsp;&nbsp; 144718 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;710098 | &nbsp;&nbsp;&nbsp;&nbsp; 113168 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;616065 | &nbsp;&nbsp;&nbsp;&nbsp; 51910 |
|  | &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134214 | &nbsp;&nbsp;&nbsp;&nbsp; 32656 |
|  | &nbsp;&nbsp;&nbsp;Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159622 | &nbsp;&nbsp;&nbsp;&nbsp; 28804 |
|  | &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456450 | &nbsp;&nbsp;&nbsp;&nbsp; 22115 |
|  | &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;327965 | &nbsp;&nbsp;&nbsp;&nbsp; 21751 |
|  | &nbsp;&nbsp;&nbsp;Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303962 | &nbsp;&nbsp;&nbsp;&nbsp; 12733 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33122501** |
| **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | 2540916 | &nbsp;&nbsp;&nbsp;&nbsp; 1062865 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1256477 | &nbsp;&nbsp;&nbsp;&nbsp; 433409 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 1383181 | &nbsp;&nbsp;&nbsp;&nbsp; 354648 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | 1204986 | &nbsp;&nbsp;&nbsp;&nbsp; 292318 |
|  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;716041 | &nbsp;&nbsp;&nbsp;&nbsp; 207294 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 1243810 | &nbsp;&nbsp;&nbsp;&nbsp; 186634 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 1222717 | &nbsp;&nbsp;&nbsp;&nbsp; 119521 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;749822 | &nbsp;&nbsp;&nbsp;&nbsp; 117572 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284996 | &nbsp;&nbsp;&nbsp;&nbsp; 80491 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437711 | &nbsp;&nbsp;&nbsp;&nbsp; 76507 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696086 | &nbsp;&nbsp;&nbsp;&nbsp; 76068 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;422524 | &nbsp;&nbsp;&nbsp;&nbsp; 73895 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;637444 | &nbsp;&nbsp;&nbsp;&nbsp; 62616 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357082 | &nbsp;&nbsp;&nbsp;&nbsp; 41425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;859884 | &nbsp;&nbsp;&nbsp;&nbsp; 38755 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;625695 | &nbsp;&nbsp;&nbsp;&nbsp; 37241 |
|  | &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175693 | &nbsp;&nbsp;&nbsp;&nbsp; 26950 |
|  | &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291623 | &nbsp;&nbsp;&nbsp;&nbsp; 19679 |
|  | &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;480761 | &nbsp;&nbsp;&nbsp;&nbsp; 18567 |
|  | &nbsp;&nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;292258 | &nbsp;&nbsp;&nbsp;&nbsp; 16767 |
|  | &nbsp;&nbsp;&nbsp;Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112947 | &nbsp;&nbsp;&nbsp;&nbsp; 16021 |
|  | &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;496685 | &nbsp;&nbsp;&nbsp;&nbsp; 15929 |
|  | &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112260 | &nbsp;&nbsp;&nbsp;&nbsp; 12868 |
|  | &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181428 | &nbsp;&nbsp;&nbsp;&nbsp; 12484 |
|  | &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74582 | &nbsp;&nbsp;&nbsp;&nbsp; 10359 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134961 | &nbsp;&nbsp;&nbsp;&nbsp; 9930 |
|  | &nbsp;&nbsp;&nbsp;Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176153 | &nbsp;&nbsp;&nbsp;&nbsp; 5635 |
|  | &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;116277 | &nbsp;&nbsp;&nbsp;&nbsp; 5041 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3431489** |
| **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** | **Utilities (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 11158968 | &nbsp;&nbsp;&nbsp;&nbsp; 908340 |
|  | &nbsp;&nbsp;&nbsp;Sempra | 3535594 | &nbsp;&nbsp;&nbsp;&nbsp; 325062 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3205096 | &nbsp;&nbsp;&nbsp;&nbsp; 260158 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 2419230 | &nbsp;&nbsp;&nbsp;&nbsp; 232464 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 2704350 | &nbsp;&nbsp;&nbsp;&nbsp; 217862 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1124375 | &nbsp;&nbsp;&nbsp;&nbsp; 152398 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 1449458 | &nbsp;&nbsp;&nbsp;&nbsp; 147874 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;850735 | &nbsp;&nbsp;&nbsp;&nbsp; 146088 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1057622 | &nbsp;&nbsp;&nbsp;&nbsp; 135830 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1622252 | &nbsp;&nbsp;&nbsp;&nbsp; 119317 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 2534389 | &nbsp;&nbsp;&nbsp;&nbsp; 106723 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1392530 | &nbsp;&nbsp;&nbsp;&nbsp; 93049 |
|  | &nbsp;&nbsp;&nbsp;Essential Utilities Inc. | 1520323 | &nbsp;&nbsp;&nbsp;&nbsp; 59338 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;493949 | &nbsp;&nbsp;&nbsp;&nbsp; 38978 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292784 | &nbsp;&nbsp;&nbsp;&nbsp; 37775 |
|  | &nbsp;&nbsp;&nbsp;TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513906 | &nbsp;&nbsp;&nbsp;&nbsp; 29190 |
|  | &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;226837 | &nbsp;&nbsp;&nbsp;&nbsp; 17516 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197788 | &nbsp;&nbsp;&nbsp;&nbsp; 16391 |
|  | &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127453 | &nbsp;&nbsp;&nbsp;&nbsp; 16222 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;208433 | &nbsp;&nbsp;&nbsp;&nbsp; 14863 |
|  | &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;322567 | &nbsp;&nbsp;&nbsp;&nbsp; 14316 |
|  | &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;177613 | &nbsp;&nbsp;&nbsp;&nbsp; 8215 |
|  | &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97448 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95315 | &nbsp;&nbsp;&nbsp;&nbsp; 4647 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78157 | &nbsp;&nbsp;&nbsp;&nbsp; 2428 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3110644** |
| **Total Common Stocks (Cost $72,428,009)** | **Total Common Stocks (Cost $72,428,009)** | **Total Common Stocks (Cost $72,428,009)** | &nbsp;&nbsp;&nbsp;&nbsp;**116088097** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% **(Cost $305,003)** | 3050577 | &nbsp;&nbsp;&nbsp;&nbsp; **305057** |
| **Total Investments (99.9%) (Cost $72,733,012)** | **Total Investments (99.9%) (Cost $72,733,012)** | **Total Investments (99.9%) (Cost $72,733,012)** | &nbsp;&nbsp;&nbsp;&nbsp;**116393154** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**75025** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**116468179** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

\* Non-income-producing security. <br> 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.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 280 | 96236 | &nbsp;&nbsp;1452 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Kroger Co. | 1/30/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;69100 | &nbsp;&nbsp;&nbsp;(4.085) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5596) |
| Visa Inc. Class A | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;151629 | &nbsp;&nbsp;&nbsp;(4.095) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(535) |
| Visa Inc. Class A | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;68148 | &nbsp;&nbsp;&nbsp;(4.095) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(241) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6372) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> GSI—Goldman Sachs International.

At October 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $1,678 in connection with open over-the-counter swap contracts.

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales
prices or official closing prices taken from the primary market in which each

------

security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

**B.** Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund
may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a
cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and
the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the
fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes
initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin
for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

**C.** Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the
total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced
stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund
also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in
high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

**D.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

The following table summarizes the market value of the fund's investments and derivatives as of October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 116088097 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;116088097 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305057 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305057 |
| Total | 116393154 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;116393154 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1452 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6372) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6372) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD SPECIALIZED FUNDS

- **b. Investment Company Act file number:** 811-03916

- **c. CIK number of Registrant:** 0000734383

- **d. LEI of Registrant:** 549300OM0CLBHZ9MZW59

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD DIVIDEND APPRECIATION INDEX FUND

- **b. EDGAR series identifier (if any):** S000011322

- **c. LEI of Series:** NZNUF7ICG82673HU4842

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $116518832011.46

**Total Liabilities:** $3610106.80

**Net Assets:** $116515221904.66

**Cash Not Reported:** $37487509.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135474 | 2.45%                | 2.73%                | 0.51%                |
| Class ID C000031350 | 2.45%                | 2.74%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22098015.66             | $2516704755.72                             |
| Month 2  | $184134299.29            | $2733238103.35                             |
| Month 3  | $51864106.07             | $419409765.71                              |

### Schedule of Portfolio Investments

| Name                                              | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MSA Safety Inc                                    | MSA SAFETY INC                              | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |    199534 | NS      | $31332824.02   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                           | TEXAS PACIFIC LA                            | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104643 | NS      | $98718113.34   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                       | CHEMED CORP                                 | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     79188 | NS      | $34153784.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                              | WASTE MANAGEMENT                            | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |   2008812 | NS      | $401300373.24  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                                    | MGE ENERGY INC                              | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197756 | NS      | $16388039.72   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                 | STATE ST CORP                               | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |   1562566 | NS      | $180726383.56  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                             | COSTCO WHOLESALE                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |   2399212 | NS      | $2186761777.40 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                                   | HILLENBRAND INC                             | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |    381792 | NS      | $12064627.20   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                                | GRAHAM HOLDING-B                            | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |     18383 | NS      | $18605985.79   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                       | PHILLIPS 66                                 | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |   2190205 | NS      | $298174508.70  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                      | INNOSPEC INC                                | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    135021 | NS      | $9934845.18    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                               | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |   6945513 | NS      | $629958029.10  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                           | AON PLC-CLASS A                             | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |   1168722 | NS      | $398160210.96  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                        | WATSCO INC                                  | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |    189171 | NS      | $69616819.71   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                        | UNUM GROUP                                  | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    868192 | NS      | $63742656.64   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE                            | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |  12750745 | NS      | $1917329525.65 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                   | XCEL ENERGY INC                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |   3205915 | NS      | $260224120.55  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                        | NASDAQ INC                                  | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |   2456821 | NS      | $210033627.29  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Bancorp Inc/KY                           | REPUBLIC BNCRP-A                            | CUSIP: 760281204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51673 | NS      | $3405250.70    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                          | CSX CORP                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |  10101976 | NS      | $363873175.52  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                              | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |   1707199 | NS      | $831764424.79  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                             | QUEST DIAGNOSTIC                            | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    609316 | NS      | $107209150.20  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp                | ENTERPRISE FINAN                            | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |    200888 | NS      | $10520504.56   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Dec25                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       280 | NC      | $1452149.68    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                               | ALLIANT ENERGY                              | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |   1392917 | NS      | $93074713.94   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                                   | 1ST SOURCE CORP                             | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99404 | NS      | $5908573.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |   2919731 | NS      | $871335322.33  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                 | BROWN & BROWN                               | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |   1588911 | NS      | $126699763.14  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                                | COHEN & STEERS                              | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |    150064 | NS      | $10252372.48   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                      | NORDSON CORP                                | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |    291314 | NS      | $67570282.30   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | ABBVIE INC                                  | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   9584592 | NS      | $2089824439.68 | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                                  | GENUINE PARTS CO                            | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |    753691 | NS      | $95952401.21   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |  18090505 | NS      | $4891129836.85 | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                                         | H2O AMERICA                                 | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    177471 | NS      | $8208033.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                      | ENTERGY CORP                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |   2419857 | NS      | $232524059.13  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                                  | DT MIDSTREAM                                | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    527852 | NS      | $57794515.48   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                              | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |   2691675 | NS      | $630201867.75  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive KROGER CO Pay Overnight Rate        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   1000000 | NC      | $-5470000.00   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold Inc                                    | ROYAL GOLD INC                              | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    437801 | NS      | $76523236.79   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp                   | OLD REPUB INTL                              | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |   1239036 | NS      | $48892360.56   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                              | FIRST MERCHANTS                             | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |    312490 | NS      | $11087145.20   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                         | CH ROBINSON                                 | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |    637460 | NS      | $98162465.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                                      | OSHKOSH CORP                                | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |    346789 | NS      | $42755615.81   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                      | STRYKER CORP                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |   1863097 | NS      | $663709675.28  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                     | AMPHENOL CORP-A                             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |   6587653 | NS      | $917923569.02  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VISA INC-CLASS A Pay Overnight Rate | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    200000 | NC      | $-128002.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Carlisle Cos Inc                                  | CARLISLE COS INC                            | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    235015 | NS      | $76391625.75   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                                        | DOVER CORP                                  | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    743113 | NS      | $134845284.98  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |  10763276 | NS      | $5573331945.56 | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                        | RESMED INC                                  | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |    793136 | NS      | $195809415.68  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc                       | TOOTSIE ROLL IND                            | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |    106313 | NS      | $3751785.77    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc        | EXPEDITORS INTL                             | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    737078 | NS      | $89849808.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America                           | OIL DRI CORP                                | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |     55824 | NS      | $3092091.36    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                           | ESSENTIAL UTILIT                            | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |   1520568 | NS      | $59347769.04   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                          | INDEP BANK/MICH                             | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112111 | NS      | $3387994.42    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp                           | LAKELAND FINL                               | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138050 | NS      | $7875752.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                                | UMB FINANCIAL                               | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    386572 | NS      | $41316815.36   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                                     | TIMKEN CO                                   | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    343389 | NS      | $26959470.39   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   8587209 | NS      | $2926005594.66 | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                                | SEI INVESTMENTS                             | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    517147 | NS      | $41687219.67   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                                    | AIR LEASE C                                 | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |    569453 | NS      | $36365268.58   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The                                 | ANDERSONS INC                               | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |    183837 | NS      | $8513491.47    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                                     | INGREDION INC                               | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    351112 | NS      | $40521835.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                                     | AMERISAFE INC                               | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |    102745 | NS      | $4118019.60    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                                        | BRADY CORP - A                              | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |    236043 | NS      | $17918024.13   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                       | GOLDMAN SACHS GP                            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |   1650662 | NS      | $1302983062.94 | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The                   | HANOVER INSURANC                            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    193803 | NS      | $33117056.64   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                        | COMMERCE BCSHS                              | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    674846 | NS      | $35517144.98   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                                | STEEL DYNAMICS                              | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |    749994 | NS      | $117599059.20  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                        | MUELLER WATER-A                             | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    844358 | NS      | $21666226.28   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The                                | GORMAN-RUPP CO                              | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |    112252 | NS      | $5047972.44    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                         | AFLAC INC                                   | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |   2635396 | NS      | $282488097.24  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                                   | TXNM ENERGY INC                             | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |    514146 | NS      | $29203492.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                         | POOL CORP                                   | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |    177866 | NS      | $47500893.96   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                         | IDEX CORP                                   | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    408274 | NS      | $70002660.04   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                | NEXTERA ENERGY                              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |  11161568 | NS      | $908551635.20  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                   | TYSON FOODS-A                               | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |   1546834 | NS      | $79522735.94   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                                  | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |   1513766 | NS      | $1010514493.30 | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc                     | CSG SYSTEMS INTL                            | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    149444 | NS      | $11696981.88   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                       | HONEYWELL INTL                              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |   3441136 | NS      | $692803910.88  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                      | EVERCORE INC                                | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |    209117 | NS      | $61597503.52   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                  | BANK NY MELLON                              | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |   3872773 | NS      | $417988389.89  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                                     | MATERION CORP                               | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |    112310 | NS      | $12874095.30   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                       | TORO CO                                     | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |    545169 | NS      | $40740479.37   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                           | COMFORT SYSTEMS                             | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    190832 | NS      | $184263562.56  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                                 | BROWN-FORMAN -B                             | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |   1039669 | NS      | $28310186.87   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc                            | DOLBY LABORATO-A                            | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |    328115 | NS      | $21760586.80   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc                            | APOGEE ENTERPR                              | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    117087 | NS      | $4286555.07    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                      | XYLEM INC                                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |   1319236 | NS      | $199006750.60  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund              | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |       435 | NS      | $43514.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                               | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |   1953351 | NS      | $518595156.99  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc                      | WATTS WATER TE-A                            | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |    148613 | NS      | $40511903.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                                   | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |   2021776 | NS      | $559910645.44  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP                              | SOUTHSTATE BANK                             | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |    548402 | NS      | $48615837.30   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                      | ALLEGION PLC                                | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | US        |    465407 | NS      | $77150518.39   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                    | EATON CORP PLC                              | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |   2110043 | NS      | $805108007.08  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                             | GENERAL DYNAMICS                            | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |   1391692 | NS      | $479994570.80  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc                             | WORTHINGTON STEE                            | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |    176233 | NS      | $5637693.67    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                                  | ZIONS BANCORP NA                            | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |    799034 | NS      | $41637661.74   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |  13538019 | NS      | $1163998873.62 | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                      | RELIANCE INC                                | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    285063 | NS      | $80510343.09   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                      | CASS INFORMATION                            | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     63649 | NS      | $2516044.97    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                            | SEMPRA                                      | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |   3536409 | NS      | $325137443.46  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp                          | NATL HEALTHCARE                             | CUSIP: 635906100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67603 | NS      | $8074502.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                    | LOWE'S COS INC                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |   3051764 | NS      | $726716561.32  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                     | AUTOMATIC DATA                              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |   2198196 | NS      | $572190418.80  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                        | HEICO CORP                                  | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    217654 | NS      | $69163911.58   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                         | DICK'S SPORTING                             | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |    361910 | NS      | $80144969.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    954094 | NS      | $151386094.98  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                         | CINCINNATI FIN                              | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |    847050 | NS      | $130945459.50  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                       | ORACLE CORP                                 | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |   8898922 | NS      | $2336945906.42 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | LINDE PLC                                   | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |   2541512 | NS      | $1063114469.60 | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                                 | UNITY BANCORP                               | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |     35690 | NS      | $1620682.90    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                    | AIR PRODS & CHEM                            | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |   1205252 | NS      | $292382082.68  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                               | VULCAN MATERIALS                            | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    716205 | NS      | $207341347.50  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | UNION PAC CORP                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |   3224156 | NS      | $710507257.72  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                     | DR HORTON INC                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |   1545153 | NS      | $230351409.24  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                       | AMERICAN WATER W                            | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |   1057803 | NS      | $135853639.29  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                      | BALCHEM CORP                                | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |    175702 | NS      | $26950929.78   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                                   | MORNINGSTAR INC                             | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |    132422 | NS      | $28113190.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The         | HARTFORD INSURAN                            | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   1536195 | NS      | $190764695.10  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                               | AVERY DENNISON                              | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    422557 | NS      | $73900993.73   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                                       | AVIENT CORP                                 | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    496915 | NS      | $15936064.05   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                      | LINDSAY CORP                                | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |     58612 | NS      | $6519998.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                      | VERALTO CORP                                | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |   1344904 | NS      | $132715126.72  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                       | PENTAIR PLC                                 | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | US        |    888276 | NS      | $94468152.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |   5392213 | NS      | $2046830132.67 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp                | FED AGRI MTG-C                              | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |     50801 | NS      | $8059070.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                       | FASTENAL CO                                 | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   6214563 | NS      | $255729267.45  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | COLGATE-PALMOLIV                            | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |   4409833 | NS      | $339777632.65  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                                | UFP INDUSTRIES I                            | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    317314 | NS      | $29234138.82   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc                    | COMMUNITY FINANC                            | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |    285511 | NS      | $15840150.28   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                                     | WESTLAKE CORP                               | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |    181508 | NS      | $12489565.48   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                                  | MCGRATH RENTCORP                            | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |    133274 | NS      | $14318958.56   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA                          | TOWNE BANK                                  | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |    393827 | NS      | $12803315.77   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | STARBUCKS CORP                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |   6147731 | NS      | $497167005.97  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                        | NUCOR CORP                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |   1244096 | NS      | $186676604.80  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                       | CUMMINS INC                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |    745189 | NS      | $326154321.52  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                             | MCCORMICK-N/V                               | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |   1369313 | NS      | $87855122.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                               | EMERSON ELEC CO                             | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |   3084542 | NS      | $430509526.94  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN                            | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |   2664629 | NS      | $474703656.35  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                              | QUAKER CHEMICAL                             | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     74612 | NS      | $10362860.68   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                       | METLIFE INC                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |   3041857 | NS      | $242801025.74  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyster-Yale Inc                                   | HYSTER-YALE INC                             | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62411 | NS      | $2243051.34    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                           | WINTRUST FINL                               | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    362767 | NS      | $47166965.34   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc                  | REINSURANCE GROU                            | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |    358075 | NS      | $65334364.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                                      | HB FULLER CO                                | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    292398 | NS      | $16774873.26   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                                | ABM INDUSTRIES                              | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    340865 | NS      | $14657195.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                              | NORTHRIM BANCORP                            | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |    119516 | NS      | $2626961.68    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc                     | SOUTHERN MISSOUR                            | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51338 | NS      | $2692164.72    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc                           | STOCK YARDS BANC                            | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |    148183 | NS      | $9634858.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                       | TARGET CORP                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |   2475740 | NS      | $229550612.80  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                              | ENSIGN GROUP INC                            | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    309795 | NS      | $55794079.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                                | PPG INDS INC                                | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |   1222937 | NS      | $119542091.75  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                      | SIMPSON MFG                                 | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |    225525 | NS      | $39805162.50   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                               | CHURCHILL DOWNS                             | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |    360802 | NS      | $35791558.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                        | HORACE MANN EDUC                            | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    220301 | NS      | $9849657.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                          | MICROCHIP TECH                              | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |   2920435 | NS      | $182293552.70  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                                      | GRIFFON CORP                                | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |    213346 | NS      | $15789737.46   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                       | AMEREN CORP                                 | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |   1449880 | NS      | $147916757.60  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                                        | NELNET INC-CL A                             | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     75987 | NS      | $9806122.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                          | RLI CORP                                    | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    498074 | NS      | $29366443.04   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |   1220421 | NS      | $387117541.20  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                     | SERVICE CORP INT                            | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    761868 | NS      | $63623596.68   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                       | WALMART INC                                 | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |  23804536 | NS      | $2408542952.48 | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                          | MARKETAXESS                                 | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |    202416 | NS      | $32398704.96   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                       | CINTAS CORP                                 | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1855314 | NS      | $340023396.78  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                   | CMS ENERGY CORP                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |   1622620 | NS      | $119343701.00  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                       | IDACORP INC                                 | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |    292846 | NS      | $37782990.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Services Inc             | FIRST BUSINESS F                            | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |     45026 | NS      | $2278765.86    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA                     | UNITED COMMUNITY                            | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |    657340 | NS      | $19194328.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc               | APPLIED INDU TEC                            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |    206724 | NS      | $53146673.16   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                        | MONDELEZ INTER-A                            | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |   7249897 | NS      | $416579081.62  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                     | PRINCIPAL FINL                              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |   1098501 | NS      | $92318024.04   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                                    | SMITH (A.O.)CORP                            | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |    624625 | NS      | $41219003.75   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                             | INDEP BANK/MA                               | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |    270534 | NS      | $18204232.86   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc                       | WORTHINGTON ENTE                            | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |    170860 | NS      | $9583537.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                          | NIKE INC -CL B                              | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |   6489634 | NS      | $419165460.06  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co                               | EASTMAN CHEMICAL                            | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |    625739 | NS      | $37243985.28   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                           | ARTHUR J GALLAGH                            | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |   1364625 | NS      | $340460291.25  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                      | NISOURCE INC                                | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |   2534977 | NS      | $106747881.47  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc                     | SELECT INS GRP                              | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    330273 | NS      | $24882767.82   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                              | ASSURED GUARANTY                            | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | US        |    242282 | NS      | $19523083.56   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                                | BOK FINL CORP                               | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |    120657 | NS      | $12618309.06   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                                     | DILLARDS INC-A                              | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |     16372 | NS      | $9824509.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                | DOMINO'S PIZZA                              | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |    169249 | NS      | $67438956.54   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                        | CASEY'S GENERAL                             | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |    201497 | NS      | $103406245.43  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                            | ROPER TECHNOLOGI                            | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |    583938 | NS      | $260523938.70  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                  | WR BERKLEY CORP                             | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |   1628616 | NS      | $116185465.44  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                         | PROSPERITY BNCSH                            | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    514953 | NS      | $33894206.46   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                             | WILEY JOHN&SON-A                            | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |    227901 | NS      | $8402709.87    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                            | HOME BANCSHARES                             | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    992794 | NS      | $26517527.74   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                                         | STEPAN CO                                   | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |    116327 | NS      | $5042775.45    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                                     | INSPERITY INC                               | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |    195761 | NS      | $8636975.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                                     | PRIMERICA INC                               | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |    175440 | NS      | $45591592.80   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp                         | CHESAPEAKE UTIL                             | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |    127434 | NS      | $16219799.52   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund              | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 275883875 | NS      | $275883875.10  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                                  | RYDER SYSTEM INC                            | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |    224654 | NS      | $38018196.42   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                                  | BADGER METER INC                            | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |    159692 | NS      | $28816421.40   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                               | THOR INDUSTRIES                             | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |    287564 | NS      | $30007303.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                    | CALIF WATER SRVC                            | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |    322473 | NS      | $14311351.74   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   4309070 | NS      | $3718124140.20 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                                    | APTARGROUP INC                              | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    357077 | NS      | $41424502.77   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                        | HEICO CORP-A                                | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    417972 | NS      | $103544203.56  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |  21022101 | NS      | $1448422758.90 | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                            | CHURCH & DWIGHT                             | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |   1314364 | NS      | $115256579.16  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                                     | CLOROX CO                                   | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |    665876 | NS      | $74884414.96   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   9433468 | NS      | $1166165314.16 | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                    | HERSHEY CO/THE                              | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |    802736 | NS      | $136168107.68  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                                   | ALAMO GROUP                                 | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     58309 | NS      | $10420984.48   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                   | CATERPILLAR INC                             | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |   2565090 | NS      | $1480723853.40 | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                                 | SHOE CARNIVAL                               | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97721 | NS      | $1791225.93    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co                          | AMER STATES WATE                            | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |    208377 | NS      | $14859363.87   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                              | NATL FUEL GAS CO                            | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    494179 | NS      | $38995664.89   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                     | INTERCONT EXCH I                            | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |   3100466 | NS      | $453567171.14  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc                      | FACTSET RESEARCH                            | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |    204814 | NS      | $54644375.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   5872010 | NS      | $1062246609.00 | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                      | COMCAST CORP-A                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |  20197967 | NS      | $562210411.45  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT                            | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |   4937689 | NS      | $797239265.94  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                           | SHERWIN-WILLIAMS                            | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |   1256758 | NS      | $433506104.52  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                     | KROGER CO                                   | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |   2296351 | NS      | $146116814.13  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                          | BANK OZK                                    | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    573711 | NS      | $25811257.89   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                           | ILLINOIS TOOL WO                            | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |   1446640 | NS      | $352864428.80  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                       | SNAP-ON INC                                 | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    283290 | NS      | $95057959.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                        | MASCO CORP                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |   1155016 | NS      | $74798836.16   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                                        | CABOT CORP                                  | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |    291763 | NS      | $19688167.24   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc                | BROADRIDGE FINL                             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    633936 | NS      | $139719494.40  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                        | ZOETIS INC                                  | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |   2419958 | NS      | $348691748.22  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc                   | FIDELITY NATIONA                            | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |   1384239 | NS      | $76465362.36   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                    | ALBEMARLE CORP                              | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |    637564 | NS      | $62627911.72   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                          | LENNOX INTL INC                             | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |    173447 | NS      | $87590735.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                            | POWER INTEGRATIO                            | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    304102 | NS      | $12738832.78   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                          | CULLEN/FROST                                | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    347990 | NS      | $42851488.60   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                           | CNO FINANCIAL GR                            | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    532932 | NS      | $21327938.64   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                     | LINCOLN ELECTRIC                            | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |    299056 | NS      | $70113679.20   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| York Water Co/The                                 | YORK WATER CO                               | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78197 | NS      | $2429580.79    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                        | STANDEX INTL CO                             | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |     66417 | NS      | $15490436.91   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc                  | WEST PHARMACEUT                             | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    389704 | NS      | $109923807.28  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                                   | OTTER TAIL CORP                             | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    226947 | NS      | $17524847.34   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                     | MCKESSON CORP                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    682840 | NS      | $554015405.60  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | LOCKHEED MARTIN                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |   1121366 | NS      | $551577508.08  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First Mid Bancshares Inc                          | FIRST MID BANCSH                            | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118236 | NS      | $4224572.28    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                                     | RB GLOBAL INC                               | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |   1005863 | NS      | $99801726.86   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc                    | FIRST FIN BANKSH                            | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |    705017 | NS      | $21777975.13   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                             | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | US        |   3371733 | NS      | $843270423.30  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                                         | AGCO CORP                                   | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |    335605 | NS      | $34621011.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                         | L3HARRIS TECHNOL                            | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |   1021398 | NS      | $295286161.80  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                        | RENAISSANCERE                               | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | US        |    268982 | NS      | $68345636.38   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                           | CBOE GLOBAL MARK                            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |    566875 | NS      | $139247175.00  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |  23330488 | NS      | $2668074607.68 | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |   3469325 | NS      | $747223218.50  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                               | WILLIAMS-SONOMA                             | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |    684133 | NS      | $132954407.22  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                                 | ALLSTATE CORP                               | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |   1427193 | NS      | $273336003.36  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                                   | NBT BANCORP INC                             | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    283329 | NS      | $11466324.63   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                                         | AVNET INC                                   | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    456660 | NS      | $22125177.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                          | HNI CORP                                    | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    249164 | NS      | $10195790.88   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                                       | HUBBELL INC                                 | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |    288002 | NS      | $135360940.00  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                                 | LITHIA MOTORS                               | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |    138871 | NS      | $43616603.68   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc                    | FIRST COMMUNI BK                            | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98931 | NS      | $3199428.54    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |   3867766 | NS      | $1154257407.38 | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                                    | TETRA TECH INC                              | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |   1422027 | NS      | $45476423.46   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc                          | FRANKLIN ELEC CO                            | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |    207330 | NS      | $19648664.10   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                             | NORTHROP GRUMMAN                            | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |    734259 | NS      | $428403413.55  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc                       | GERMAN AMER BNCP                            | CUSIP: 373865104<br>LEI: 5493002JDOI3GTNVUD76 | Long             | EC               | CORP              | US        |    160660 | NS      | $6191836.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                                       | HAWKINS INC                                 | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |    112997 | NS      | $16028624.45   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries Inc                 | HUNTINGTON INGAL                            | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |    212679 | NS      | $68486891.58   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                          | KLA CORP                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    719938 | NS      | $870217858.12  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                                          | WD-40 CO                                    | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |     73576 | NS      | $14294345.28   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc                     | ADVANCED DRAINAG                            | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    387463 | NS      | $54264193.15   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp                  | BOOZ ALLEN HAMIL                            | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    673752 | NS      | $58724224.32   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                     | FIRST AMERICAN F                            | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    551568 | NS      | $34478515.68   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc               | PUB SERV ENTERP                             | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |   2704945 | NS      | $217910369.20  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                                 | ATMOS ENERGY                                | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    850961 | NS      | $146127022.92  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                       | CDW CORP/DE                                 | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    710236 | NS      | $113190311.32  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                            | HP INC                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |   5231248 | NS      | $144748632.16  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                             | BECTON DICKINSON                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |   1563730 | NS      | $279454188.30  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                        | SERVISFIRST BANC                            | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    272203 | NS      | $19127704.81   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                             | TRAVELERS COS IN                            | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |   1221863 | NS      | $328216839.06  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp              | IBM                                         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |   5048570 | NS      | $1551980903.70 | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                              | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |   6592453 | NS      | $1081162292.00 | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corp                                         | GATX CORP                                   | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |    192947 | NS      | $30263736.95   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp                     | INTL BANCSHARES                             | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |    292899 | NS      | $19442635.62   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                               | SILGAN HOLDINGS                             | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    480981 | NS      | $18575486.22   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                          | MSCI INC                                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    423206 | NS      | $249077891.30  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                            | MOTOROLA SOLUTIO                            | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |    902982 | NS      | $367251809.22  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                              | MERCANTILE BANK                             | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |     87698 | NS      | $3845557.30    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                        | ECOLAB INC                                  | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |   1383490 | NS      | $354726836.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                     | OWENS CORNING                               | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |    453200 | NS      | $57696892.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                        | AMDOCS LTD                                  | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | US        |    616345 | NS      | $51933229.70   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                      | ASSURANT INC                                | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |    273383 | NS      | $57880648.76   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |  15006597 | NS      | $4668852458.64 | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                                    | LITTELFUSE INC                              | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |    134221 | NS      | $32657311.51   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   4503237 | NS      | $2485741791.63 | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                        | SYSCO CORP                                  | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |   2598680 | NS      | $193029950.40  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                 | LAM RESEARCH                                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |   6875874 | NS      | $1082675120.04 | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                 | BRUNSWICK CORP                              | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    356707 | NS      | $23581899.77   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                       | PAYCHEX INC                                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |   1756011 | NS      | $205505967.33  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                               | CARDINAL HEALTH                             | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |   1296535 | NS      | $247339981.95  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                    | GLOBE LIFE INC                              | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |    439016 | NS      | $57734994.16   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                        | STERIS PLC                                  | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    536203 | NS      | $126383047.10  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                                  | DONALDSON CO INC                            | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |    632899 | NS      | $53321740.75   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | BANK OF AMERICA                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |  37236402 | NS      | $1990285686.90 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                         | GRACO INC                                   | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |    897615 | NS      | $73397978.55   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica BanCorp                               | WESTAMERICA BANC                            | CUSIP: 957090103<br>LEI: 984500CF4F8115C11D96 | Long             | EC               | CORP              | US        |    137485 | NS      | $6551160.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp                            | J & J SNACK FOOD                            | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |     84867 | NS      | $7183991.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                                     | DTE ENERGY CO                               | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |   1124678 | NS      | $152438856.12  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc                   | SOLSTICE ADV MAT                            | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |    860284 | NS      | $38772999.88   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                                 | BROWN-FORMAN -A                             | CUSIP: 115637100<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |    217094 | NS      | $5887589.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                                        | TENNANT CO                                  | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     99937 | NS      | $7994960.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                                   | WW GRAINGER INC                             | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |    238499 | NS      | $233490521.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                      | CADENCE BANK                                | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |   1006496 | NS      | $37985159.04   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                       | PEPSICO INC                                 | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |   7423122 | NS      | $1084443892.98 | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   4908770 | NS      | $1676639481.20 | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                             | RPM INTL INC                                | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    696201 | NS      | $76080845.28   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                      | EXPONENT INC                                | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |    275324 | NS      | $19495692.44   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co                                | MIDDLESEX WATER                             | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97498 | NS      | $5603210.06    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                                   | BANK FIRST CORP                             | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48457 | NS      | $5917568.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                             | LEMAITRE VASCULA                            | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |    112797 | NS      | $9769348.17    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                       | UNITIL CORP                                 | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95355 | NS      | $4648556.25    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                                    | BANCFIRST CORP                              | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |    111532 | NS      | $12141373.52   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |  22610373 | NS      | $8357472171.99 | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                       | JACK HENRY                                  | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |    395100 | NS      | $58846194.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                               | FIFTH THIRD BANC                            | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |   3591439 | NS      | $149475691.18  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                                  | TRICO BANCSHARES                            | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175915 | NS      | $7780720.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                       | CENCORA INC                                 | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |   1067773 | NS      | $360704397.13  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | JOHNSON&JOHNSON                             | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |  13053415 | NS      | $2465398491.05 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc                    | HUNT (JB) TRANS                             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |    414990 | NS      | $70075211.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funding Inc/DE                          | BLACKROCK INC                               | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |    780557 | NS      | $845194925.17  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH                   | AMER FINL GROUP                             | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |    374845 | NS      | $49359589.60   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                 | TRACTOR SUPPLY                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |   2872042 | NS      | $155406192.62  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                 | CISCO SYSTEMS                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |  21480969 | NS      | $1570473643.59 | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The                              | MARZETTI COMPANY                            | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |    110413 | NS      | $17311654.27   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                               | TE CONNECTIVITY                             | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | US        |   1605873 | NS      | $396666689.73  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                        | MATSON INC                                  | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |    173409 | NS      | $17505638.55   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                           | ROCKWELL AUTOMAT                            | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |    608465 | NS      | $224134167.40  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                      | MOODY'S CORP                                | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |    841784 | NS      | $404308855.20  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                          | AMERIPRISE FINAN                            | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |    515222 | NS      | $233277064.94  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VISA INC-CLASS A Pay Overnight Rate | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    445000 | NC      | $-284804.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kadant Inc                                        | KADANT INC                                  | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     63955 | NS      | $17693790.30   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                             | REPUBLIC SVCS                               | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |   1103074 | NS      | $229704129.76  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                           | ITT INC                                     | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |    423152 | NS      | $78312740.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                                   | CITY HOLDING CO                             | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78435 | NS      | $9245917.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The              | PNC FINANCIAL SE                            | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |   2139343 | NS      | $390537064.65  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                                 | ERIE INDEMNITY-A                            | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |    137645 | NS      | $40280432.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer