Shares | Market Value ($000) | ||
Common Stocks (95.8%) | |||
Communication Services (6.5%) | |||
* | Alphabet Inc. Class A | 13,001,957 | 1,285,113 |
* | Alphabet Inc. Class C | 5,847,300 | 583,970 |
* | Meta Platforms Inc. Class A | 3,155,647 | 470,097 |
* | Walt Disney Co. | 2,718,432 | 294,923 |
Comcast Corp. Class A | 5,841,513 | 229,863 | |
* | Warner Bros Discovery Inc. | 11,109,848 | 164,648 |
News Corp. Class A | 6,280,710 | 127,247 | |
Vodafone Group plc ADR | 9,071,932 | 105,053 | |
1 | Paramount Global Inc. Class B | 4,333,600 | 100,366 |
Omnicom Group Inc. | 743,079 | 63,897 | |
* | Baidu Inc. ADR | 80,083 | 10,786 |
3,435,963 | |||
Consumer Discretionary (8.7%) | |||
* | Amazon.com Inc. | 7,679,323 | 791,969 |
McDonald's Corp. | 1,644,609 | 439,768 | |
Lennar Corp. Class A | 3,810,222 | 390,167 | |
General Motors Co. | 9,003,401 | 354,014 | |
* | Aptiv plc | 3,114,085 | 352,172 |
Home Depot Inc. | 831,083 | 269,412 | |
Sony Group Corp. ADR | 2,959,000 | 264,712 | |
Dollar General Corp. | 984,444 | 229,966 | |
NIKE Inc. Class B | 1,781,642 | 226,856 | |
Magna International Inc. | 3,333,632 | 216,486 | |
* | Booking Holdings Inc. | 86,500 | 210,550 |
Cie Generale des Etablissements Michelin SCA ADR | 13,221,000 | 208,627 | |
Bayerische Motoren Werke AG | 2,025,426 | 206,319 | |
Mercedes-Benz Group AG | 2,159,229 | 160,673 | |
DR Horton Inc. | 1,162,980 | 114,775 | |
Lear Corp. | 548,900 | 80,019 | |
* | Adient plc | 1,311,943 | 59,064 |
* | Goodyear Tire & Rubber Co. | 2,833,996 | 31,882 |
4,607,431 | |||
Consumer Staples (6.5%) | |||
Procter & Gamble Co. | 5,953,904 | 847,717 | |
Coca-Cola Co. | 10,604,095 | 650,243 | |
Sysco Corp. | 5,543,889 | 429,429 | |
PepsiCo Inc. | 1,632,445 | 279,181 | |
Estee Lauder Cos. Inc. Class A | 905,818 | 250,984 | |
Mondelez International Inc. Class A | 3,706,337 | 242,543 | |
Unilever plc ADR | 3,884,298 | 198,487 | |
Constellation Brands Inc. Class A | 846,000 | 195,866 | |
Unilever plc (XLON) | 3,390,000 | 172,548 |
Shares | Market Value ($000) | ||
Nestle SA (Registered) | 1,212,973 | 147,994 | |
3,414,992 | |||
Energy (5.8%) | |||
ConocoPhillips | 3,624,402 | 441,706 | |
Chevron Corp. | 1,916,495 | 333,508 | |
Halliburton Co. | 7,374,935 | 303,995 | |
APA Corp. | 6,429,377 | 285,014 | |
Suncor Energy Inc. | 7,518,132 | 261,030 | |
Coterra Energy Inc. | 9,614,000 | 240,638 | |
Shell plc ADR | 3,328,512 | 195,750 | |
Phillips 66 | 1,839,000 | 184,396 | |
NOV Inc. | 7,299,088 | 178,390 | |
Marathon Oil Corp. | 6,004,187 | 164,935 | |
Ovintiv Inc. (XNYS) | 2,905,110 | 143,019 | |
Murphy Oil Corp. | 2,420,952 | 105,578 | |
Cenovus Energy Inc. | 3,695,600 | 73,838 | |
Schlumberger NV | 1,083,800 | 61,755 | |
Baker Hughes Co. Class A | 1,760,800 | 55,888 | |
Hess Corp. | 368,467 | 55,329 | |
3,084,769 | |||
Financials (17.1%) | |||
Wells Fargo & Co. | 23,972,767 | 1,123,603 | |
Bank of America Corp. | 22,116,816 | 784,705 | |
Citigroup Inc. | 13,515,103 | 705,759 | |
American Express Co. | 3,432,583 | 600,462 | |
PNC Financial Services Group Inc. | 3,579,402 | 592,140 | |
Intercontinental Exchange Inc. | 5,052,565 | 543,403 | |
Marsh & McLennan Cos. Inc. | 2,264,390 | 396,064 | |
American International Group Inc. | 5,530,456 | 349,635 | |
Capital One Financial Corp. | 2,931,300 | 348,825 | |
JPMorgan Chase & Co. | 2,295,001 | 321,208 | |
Ameriprise Financial Inc. | 906,000 | 317,209 | |
Commerce Bancshares Inc. | 4,542,684 | 302,361 | |
Bank of New York Mellon Corp. | 4,933,734 | 249,499 | |
Goldman Sachs Group Inc. | 680,249 | 248,842 | |
BNP Paribas SA | 3,526,900 | 242,234 | |
Cincinnati Financial Corp. | 2,086,000 | 236,031 | |
Blackstone Inc. | 2,402,563 | 230,550 | |
Cullen/Frost Bankers Inc. | 1,577,000 | 205,451 | |
Citizens Financial Group Inc. | 4,234,551 | 183,441 | |
Hartford Financial Services Group Inc. | 2,248,500 | 174,506 | |
US Bancorp | 3,166,600 | 157,697 | |
Mitsubishi UFJ Financial Group Inc. ADR | 19,937,000 | 146,936 | |
Truist Financial Corp. | 2,831,319 | 139,839 | |
First Citizens BancShares Inc. Class A | 101,058 | 78,591 | |
NatWest Group plc | 19,290,743 | 73,595 | |
ING Groep NV | 4,579,533 | 66,313 | |
State Street Corp. | 665,188 | 60,752 | |
Equitable Holdings Inc. | 1,842,040 | 59,074 | |
Corebridge Financial Inc. | 2,694,200 | 58,626 | |
Sumitomo Mitsui Financial Group Inc. | 963,900 | 41,892 | |
China Construction Bank Corp. Class H | 51,864,000 | 33,571 | |
9,072,814 | |||
Health Care (15.9%) | |||
Johnson & Johnson | 5,256,926 | 859,087 | |
Medtronic plc | 9,241,880 | 773,453 | |
UnitedHealth Group Inc. | 1,470,864 | 734,241 |
Shares | Market Value ($000) | ||
Danaher Corp. | 2,658,310 | 702,804 | |
Elevance Health Inc. | 1,361,638 | 680,805 | |
HCA Healthcare Inc. | 2,593,800 | 661,600 | |
Cigna Corp. | 1,744,173 | 552,327 | |
Thermo Fisher Scientific Inc. | 804,094 | 458,599 | |
Humana Inc. | 654,541 | 334,929 | |
* | Boston Scientific Corp. | 6,849,195 | 316,775 |
Merck & Co. Inc. | 2,488,000 | 267,236 | |
Amgen Inc. | 1,055,000 | 266,282 | |
Roche Holding AG | 744,449 | 232,395 | |
* | IQVIA Holdings Inc. | 976,253 | 223,962 |
Alcon Inc. | 2,918,000 | 219,463 | |
Zoetis Inc. | 1,252,953 | 207,351 | |
CVS Health Corp. | 2,339,900 | 206,426 | |
* | GE Healthcare Inc. | 2,648,315 | 184,111 |
* | Centene Corp. | 1,832,688 | 139,724 |
Novartis AG ADR | 1,059,800 | 96,039 | |
AbbVie Inc. | 544,967 | 80,519 | |
Zimmer Biomet Holdings Inc. | 612,008 | 77,933 | |
Sanofi ADR | 1,320,391 | 64,884 | |
Gsk plc Spon ADR | 1,567,915 | 55,285 | |
8,396,230 | |||
Industrials (8.8%) | |||
Honeywell International Inc. | 3,870,119 | 806,843 | |
Northrop Grumman Corp. | 990,800 | 443,918 | |
General Electric Co. | 4,984,445 | 401,148 | |
Norfolk Southern Corp. | 1,356,930 | 333,547 | |
Parker-Hannifin Corp. | 964,000 | 314,264 | |
FedEx Corp. | 1,498,140 | 290,430 | |
Waste Management Inc. | 1,740,801 | 269,354 | |
Xylem Inc. | 2,310,000 | 240,263 | |
General Dynamics Corp. | 902,000 | 210,220 | |
Caterpillar Inc. | 709,795 | 179,074 | |
Oshkosh Corp. | 1,690,000 | 170,318 | |
HEICO Corp. | 967,178 | 165,339 | |
Cummins Inc. | 633,672 | 158,127 | |
* | Boeing Co. | 674,400 | 143,647 |
PACCAR Inc. | 1,127,320 | 123,227 | |
CNH Industrial NV | 6,800,299 | 120,501 | |
Raytheon Technologies Corp. | 1,170,100 | 116,835 | |
* | Daimler Truck Holding AG | 2,948,514 | 99,081 |
* | Fluor Corp. | 1,403,385 | 51,574 |
* | Siemens AG (Registered) | 193,374 | 30,206 |
4,667,916 | |||
Information Technology (19.9%) | |||
Microsoft Corp. | 10,826,849 | 2,683,001 | |
Visa Inc. Class A | 2,753,270 | 633,830 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6,298,485 | 584,059 | |
Apple Inc. | 3,764,348 | 543,158 | |
Micron Technology Inc. | 8,303,923 | 500,727 | |
* | Adobe Inc. | 1,195,680 | 442,808 |
Samsung Electronics Co. Ltd. | 8,514,100 | 424,090 | |
* | Workday Inc. Class A | 1,922,500 | 348,799 |
Analog Devices Inc. | 2,017,991 | 346,025 | |
* | Salesforce Inc. | 1,922,283 | 322,886 |
Amphenol Corp. Class A | 3,791,085 | 302,415 | |
Microchip Technology Inc. | 3,874,000 | 300,700 |
Shares | Market Value ($000) | ||
* | F5 Inc. | 1,943,900 | 287,036 |
QUALCOMM Inc. | 2,036,500 | 271,282 | |
* | ANSYS Inc. | 1,000,000 | 266,360 |
Applied Materials Inc. | 2,349,605 | 261,957 | |
* | Autodesk Inc. | 1,170,000 | 251,737 |
Cisco Systems Inc. | 5,084,860 | 247,480 | |
Oracle Corp. | 2,587,625 | 228,901 | |
Accenture plc Class A | 768,526 | 214,457 | |
* | PayPal Holdings Inc. | 2,181,523 | 177,772 |
Seagate Technology Holdings plc | 2,373,398 | 160,869 | |
1 | Telefonaktiebolaget LM Ericsson ADR | 20,290,580 | 117,077 |
Corning Inc. | 3,320,051 | 114,907 | |
TE Connectivity Ltd. | 902,266 | 114,723 | |
Cognex Corp. | 1,852,681 | 101,416 | |
Fidelity National Information Services Inc. | 1,193,200 | 89,538 | |
* | Fiserv Inc. | 586,700 | 62,589 |
Lam Research Corp. | 123,521 | 61,773 | |
Cognizant Technology Solutions Corp. Class A | 866,500 | 57,839 | |
10,520,211 | |||
Materials (2.9%) | |||
Corteva Inc. | 6,320,000 | 407,324 | |
Martin Marietta Materials Inc. | 731,000 | 262,897 | |
RPM International Inc. | 2,399,000 | 215,694 | |
Avery Dennison Corp. | 1,127,728 | 213,637 | |
Ecolab Inc. | 1,258,000 | 194,776 | |
Olin Corp. | 2,625,900 | 169,607 | |
International Paper Co. | 1,016,629 | 42,515 | |
1,506,450 | |||
Other (0.7%) | |||
SPDR S&P 500 ETF Trust | 902,573 | 366,878 | |
Real Estate (1.6%) | |||
Prologis Inc. | 3,627,981 | 469,025 | |
Crown Castle Inc. | 1,560,000 | 231,052 | |
Equity LifeStyle Properties Inc. | 2,142,000 | 153,753 | |
853,830 | |||
Utilities (1.4%) | |||
Atmos Energy Corp. | 2,210,000 | 259,764 | |
Xcel Energy Inc. | 3,638,000 | 250,185 | |
PPL Corp. | 8,270,715 | 244,813 | |
754,762 | |||
Total Common Stocks (Cost $34,882,446) | 50,682,246 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (4.0%) | |||
Money Market Fund (4.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.437% (Cost $2,148,324) | 21,488,984 | 2,148,684 |
Total Investments (99.8%) (Cost $37,030,770) | 52,830,930 | ||
Other Assets and Liabilities—Net (0.2%) | 85,946 | ||
Net Assets (100%) | 52,916,876 | ||
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 $30,043,000. |
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 $31,141,000 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 2023 | 2,490 | 509,205 | 32,227 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 48,751,335 | 1,930,911 | — | 50,682,246 |
Temporary Cash Investments | 2,148,684 | — | — | 2,148,684 |
Total | 50,900,019 | 1,930,911 | — | 52,830,930 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 32,227 | — | — | 32,227 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |