Shares | Market Value ($000) | ||
Common Stocks (96.2%) | |||
Communication Services (7.3%) | |||
* | Alphabet Inc. Class A | 648,391 | 1,754,591 |
* | Alphabet Inc. Class C | 292,365 | 793,470 |
* | Meta Platforms Inc. Class A | 1,722,738 | 539,665 |
* | Discovery Inc. Class C | 11,148,648 | 304,916 |
* | Walt Disney Co. | 1,572,069 | 224,759 |
Vodafone Group plc ADR | 10,811,932 | 189,317 | |
* | Twitter Inc. | 4,540,000 | 170,295 |
News Corp. Class A | 7,309,310 | 162,559 | |
Comcast Corp. Class A | 3,150,413 | 157,489 | |
Omnicom Group Inc. | 913,679 | 68,855 | |
4,365,916 | |||
Consumer Discretionary (9.5%) | |||
* | Amazon.com Inc. | 284,567 | 851,274 |
McDonald's Corp. | 1,792,432 | 465,046 | |
* | General Motors Co. | 7,490,801 | 394,990 |
Lennar Corp. Class A | 4,059,222 | 390,132 | |
Sony Group Corp. ADR | 3,251,000 | 363,007 | |
Dollar General Corp. | 1,648,114 | 343,599 | |
Lowe's Cos. Inc. | 1,438,545 | 341,439 | |
Home Depot Inc. | 849,673 | 311,813 | |
Cie Generale des Etablissements Michelin SCA ADR | 8,570,000 | 285,981 | |
Magna International Inc. | 3,364,732 | 271,231 | |
* | Aptiv plc | 1,866,998 | 254,994 |
Starbucks Corp. | 2,511,201 | 246,901 | |
Bayerische Motoren Werke AG | 2,025,426 | 214,377 | |
* | Booking Holdings Inc. | 85,400 | 209,753 |
Daimler AG (Registered) | 2,159,229 | 172,293 | |
DR Horton Inc. | 1,162,980 | 103,761 | |
NIKE Inc. Class B | 698,425 | 103,416 | |
Ross Stores Inc. | 957,896 | 93,634 | |
Lear Corp. | 548,900 | 91,842 | |
* | Goodyear Tire & Rubber Co. | 3,226,296 | 66,881 |
* | Adient plc | 1,311,943 | 55,062 |
Harley-Davidson Inc. | 1,395,273 | 48,235 | |
5,679,661 | |||
Consumer Staples (6.1%) | |||
Procter & Gamble Co. | 5,856,904 | 939,740 | |
Coca-Cola Co. | 11,007,972 | 671,596 | |
PepsiCo Inc. | 2,663,288 | 462,134 | |
Sysco Corp. | 3,520,455 | 275,124 | |
Tyson Foods Inc. Class A | 2,404,064 | 218,506 | |
Constellation Brands Inc. Class A | 879,487 | 209,098 |
Shares | Market Value ($000) | ||
Unilever plc ADR | 3,871,398 | 198,951 | |
Unilever plc (XLON) | 3,390,000 | 173,846 | |
Nestle SA (Registered) | 1,212,973 | 156,641 | |
Colgate-Palmolive Co. | 1,677,908 | 138,344 | |
Mondelez International Inc. Class A | 2,026,888 | 135,862 | |
Walgreens Boots Alliance Inc. | 928,946 | 46,224 | |
3,626,066 | |||
Energy (5.6%) | |||
ConocoPhillips | 6,658,384 | 590,066 | |
Marathon Oil Corp. | 26,018,487 | 506,580 | |
Halliburton Co. | 11,140,235 | 342,451 | |
APA Corp. | 8,002,477 | 265,762 | |
Royal Dutch Shell plc Class A ADR | 4,824,512 | 247,980 | |
Coterra Energy Inc. | 10,471,000 | 229,315 | |
Hess Corp. | 2,481,967 | 229,061 | |
Suncor Energy Inc. | 7,518,132 | 214,793 | |
NOV Inc. | 10,727,388 | 176,144 | |
Phillips 66 | 1,990,000 | 168,732 | |
Schlumberger NV | 2,496,000 | 97,519 | |
Murphy Oil Corp. | 2,962,252 | 93,607 | |
Baker Hughes Co. Class A | 3,043,100 | 83,502 | |
Cenovus Energy Inc. | 5,672,300 | 82,532 | |
3,328,044 | |||
Financials (17.1%) | |||
Citigroup Inc. | 14,760,958 | 961,234 | |
Bank of America Corp. | 20,091,306 | 927,013 | |
Wells Fargo & Co. | 17,225,908 | 926,754 | |
PNC Financial Services Group Inc. | 3,626,810 | 747,087 | |
Intercontinental Exchange Inc. | 5,710,009 | 723,230 | |
American Express Co. | 3,508,556 | 630,908 | |
American International Group Inc. | 10,323,356 | 596,174 | |
Capital One Financial Corp. | 2,453,000 | 359,929 | |
Marsh & McLennan Cos. Inc. | 2,315,042 | 355,683 | |
Ameriprise Financial Inc. | 1,057,000 | 321,656 | |
Commerce Bancshares Inc. | 4,521,261 | 311,560 | |
Goldman Sachs Group Inc. | 829,249 | 294,118 | |
JPMorgan Chase & Co. | 1,897,901 | 282,028 | |
Cincinnati Financial Corp. | 2,192,000 | 258,283 | |
Cullen/Frost Bankers Inc. | 1,702,000 | 239,999 | |
Bank of New York Mellon Corp. | 4,029,434 | 238,784 | |
* | Berkshire Hathaway Inc. Class B | 728,900 | 228,160 |
Travelers Cos. Inc. | 1,204,992 | 200,246 | |
BNP Paribas SA | 2,782,700 | 198,655 | |
Truist Financial Corp. | 2,831,319 | 177,863 | |
Hartford Financial Services Group Inc. | 2,324,200 | 167,040 | |
Blackstone Inc. | 1,056,127 | 139,377 | |
First Citizens BancShares Inc. Class A | 177,858 | 138,566 | |
Citizens Financial Group Inc. | 2,572,951 | 132,430 | |
Credit Suisse Group AG ADR | 13,694,800 | 130,511 | |
Mitsubishi UFJ Financial Group Inc. ADR | 19,937,000 | 121,416 | |
Chubb Ltd. | 602,557 | 118,872 | |
Natwest Group plc | 20,774,647 | 68,282 | |
State Street Corp. | 665,188 | 62,860 | |
Equitable Holdings Inc. | 1,842,040 | 61,966 | |
China Construction Bank Corp. Class H | 51,864,000 | 39,798 | |
Sumitomo Mitsui Financial Group Inc. | 963,900 | 34,721 | |
10,195,203 |
Shares | Market Value ($000) | ||
Health Care (15.9%) | |||
Medtronic plc | 11,799,546 | 1,221,135 | |
Johnson & Johnson | 5,665,234 | 976,063 | |
UnitedHealth Group Inc. | 1,844,774 | 871,785 | |
Anthem Inc. | 1,891,938 | 834,326 | |
Danaher Corp. | 2,598,702 | 742,683 | |
HCA Healthcare Inc. | 2,488,100 | 597,268 | |
Thermo Fisher Scientific Inc. | 822,080 | 477,875 | |
Humana Inc. | 899,534 | 353,067 | |
Cigna Corp. | 1,502,773 | 346,329 | |
Roche Holding AG | 776,049 | 300,330 | |
* | Boston Scientific Corp. | 6,594,783 | 282,916 |
Zoetis Inc. | 1,280,980 | 255,927 | |
Amgen Inc. | 1,116,000 | 253,488 | |
Alcon Inc. | 3,105,000 | 238,402 | |
* | IQVIA Holdings Inc. | 942,510 | 230,821 |
CVS Health Corp. | 1,918,900 | 204,382 | |
1 | GlaxoSmithKline plc ADR | 4,176,194 | 187,177 |
* | Centene Corp. | 2,232,688 | 173,614 |
* | Elanco Animal Health Inc. (XNYS) | 6,499,000 | 169,234 |
* | Laboratory Corp. of America Holdings | 491,741 | 133,439 |
Pfizer Inc. | 2,262,928 | 119,234 | |
* | Vertex Pharmaceuticals Inc. | 488,247 | 118,668 |
Sanofi ADR | 2,209,191 | 114,878 | |
Zimmer Biomet Holdings Inc. | 679,808 | 83,630 | |
AbbVie Inc. | 544,967 | 74,601 | |
Bristol-Myers Squibb Co. | 1,123,900 | 72,930 | |
Novartis AG ADR | 96,076 | 8,350 | |
9,442,552 | |||
Industrials (8.9%) | |||
Honeywell International Inc. | 4,150,452 | 848,684 | |
General Electric Co. | 6,609,785 | 624,492 | |
FedEx Corp. | 1,847,236 | 454,161 | |
Norfolk Southern Corp. | 1,327,713 | 361,125 | |
Waste Management Inc. | 2,109,733 | 317,388 | |
Northrop Grumman Corp. | 848,274 | 313,777 | |
Parker-Hannifin Corp. | 979,000 | 303,500 | |
Johnson Controls International plc | 3,569,588 | 259,402 | |
Xylem Inc. | 2,400,000 | 252,048 | |
General Dynamics Corp. | 1,018,000 | 215,918 | |
1 | CNH Industrial NV | 13,389,999 | 202,591 |
Oshkosh Corp. | 1,690,000 | 192,339 | |
Cummins Inc. | 714,472 | 157,813 | |
Caterpillar Inc. | 725,672 | 146,266 | |
Raytheon Technologies Corp. | 1,531,400 | 138,117 | |
PACCAR Inc. | 1,427,720 | 132,764 | |
* | Daimler Truck Holding AG | 2,844,174 | 100,268 |
* | Southwest Airlines Co. | 1,758,703 | 78,720 |
HEICO Corp. | 468,193 | 63,857 | |
* | Fluor Corp. | 1,993,085 | 41,934 |
Stanley Black & Decker Inc. | 232,494 | 40,605 | |
* | Iveco Group NV | 2,678,000 | 28,491 |
5,274,260 | |||
Information Technology (20.2%) | |||
Microsoft Corp. | 9,711,887 | 3,020,203 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6,298,485 | 772,383 | |
Apple Inc. | 3,764,348 | 657,933 |
Shares | Market Value ($000) | ||
Visa Inc. Class A | 2,814,858 | 636,637 | |
Micron Technology Inc. | 7,617,423 | 626,685 | |
* | Adobe Inc. | 1,136,322 | 607,137 |
Cisco Systems Inc. | 10,355,817 | 576,508 | |
Samsung Electronics Co. Ltd. | 8,514,100 | 529,569 | |
Analog Devices Inc. | 2,279,722 | 373,806 | |
QUALCOMM Inc. | 2,123,000 | 373,139 | |
* | ANSYS Inc. | 1,025,000 | 348,510 |
* | F5 Inc. | 1,610,300 | 334,331 |
Texas Instruments Inc. | 1,824,299 | 327,443 | |
Microchip Technology Inc. | 4,061,000 | 314,646 | |
* | salesforce.com Inc. | 1,303,805 | 303,304 |
Oracle Corp. | 3,250,525 | 263,813 | |
Amphenol Corp. Class A | 3,309,146 | 263,375 | |
Accenture plc Class A | 708,590 | 250,543 | |
Corning Inc. | 4,483,651 | 188,493 | |
* | PayPal Holdings Inc. | 1,068,000 | 183,632 |
Fidelity National Information Services Inc. | 1,367,812 | 164,028 | |
TE Connectivity Ltd. | 1,017,366 | 145,494 | |
Telefonaktiebolaget LM Ericsson ADR | 11,420,180 | 141,382 | |
* | Palo Alto Networks Inc. | 270,908 | 140,168 |
Applied Materials Inc. | 921,480 | 127,330 | |
CDW Corp. | 449,312 | 84,942 | |
Cognizant Technology Solutions Corp. Class A | 937,900 | 80,115 | |
Seagate Technology Holdings plc | 504,698 | 54,078 | |
Hewlett Packard Enterprise Co. | 3,291,941 | 53,757 | |
* | Western Digital Corp. | 971,636 | 50,273 |
11,993,657 | |||
Materials (2.2%) | |||
Corteva Inc. | 6,961,000 | 334,685 | |
Martin Marietta Materials Inc. | 786,000 | 305,848 | |
Ecolab Inc. | 1,293,000 | 244,959 | |
RPM International Inc. | 2,570,000 | 227,728 | |
Avery Dennison Corp. | 687,556 | 141,238 | |
International Paper Co. | 1,051,929 | 50,755 | |
1,305,213 | |||
Other (0.9%) | |||
SPDR S&P 500 ETF Trust | 1,236,073 | 556,122 | |
Real Estate (1.7%) | |||
Prologis Inc. | 3,107,070 | 487,251 | |
Crown Castle International Corp. | 1,560,000 | 284,715 | |
Sun Communities Inc. | 720,000 | 136,051 | |
Equity LifeStyle Properties Inc. | 1,600,000 | 125,264 | |
1,033,281 | |||
Utilities (0.8%) | |||
PPL Corp. | 11,229,703 | 333,297 | |
Southern Co. | 994,110 | 69,081 | |
Xcel Energy Inc. | 713,029 | 49,670 | |
Atmos Energy Corp. | 376,216 | 40,338 | |
492,386 | |||
Total Common Stocks (Cost $35,469,229) | 57,292,361 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (3.8%) | |||
Money Market Fund (3.8%) | |||
2,3 | Vanguard Market Liquidity Fund, 0.120% (Cost $2,227,567) | 22,278,531 | 2,227,630 |
Total Investments (100.0%) (Cost $37,696,796) | 59,519,991 | ||
Other Assets and Liabilities—Net (0.0%) | 10,020 | ||
Net Assets (100%) | 59,530,011 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $77,179,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $81,219,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2022 | 3,417 | 769,551 | (38,739) |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 55,275,090 | 2,017,271 | — | 57,292,361 |
Temporary Cash Investments | 2,227,630 | — | — | 2,227,630 |
Total | 57,502,720 | 2,017,271 | — | 59,519,991 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 38,739 | — | — | 38,739 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |