Shares | Market Value ($000) | ||
Common Stocks (95.3%) | |||
Communication Services (8.2%) | |||
* | Alphabet Inc. Class A | 13,072,189 | 1,734,941 |
* | Meta Platforms Inc. Class A | 3,165,111 | 1,008,404 |
* | Alphabet Inc. Class C | 4,503,150 | 599,414 |
Comcast Corp. Class A | 5,841,513 | 264,387 | |
* | Activision Blizzard Inc. | 2,743,883 | 254,523 |
* | Walt Disney Co. | 2,477,943 | 220,264 |
* | Warner Bros Discovery Inc. | 10,268,148 | 134,205 |
News Corp. Class A | 6,280,710 | 124,484 | |
Vodafone Group plc ADR | 9,071,932 | 87,272 | |
Omnicom Group Inc. | 743,079 | 62,879 | |
Paramount Global Class B | 3,620,200 | 58,032 | |
* | Baidu Inc. ADR | 78,683 | 12,274 |
4,561,079 | |||
Consumer Discretionary (7.8%) | |||
* | Amazon.com Inc. | 8,436,245 | 1,127,757 |
McDonald's Corp. | 1,392,476 | 408,274 | |
Lennar Corp. Class A | 3,096,799 | 392,767 | |
* | Aptiv plc | 3,041,291 | 332,991 |
Home Depot Inc. | 925,436 | 308,948 | |
General Motors Co. | 7,383,724 | 283,313 | |
Sony Group Corp. ADR | 2,959,000 | 276,962 | |
Magna International Inc. | 3,850,532 | 247,705 | |
Cie Generale des Etablissements Michelin SCA ADR | 12,986,000 | 212,581 | |
* | Booking Holdings Inc. | 63,100 | 187,457 |
NIKE Inc. Class B | 1,505,549 | 166,198 | |
Bayerische Motoren Werke AG (XETR) | 944,435 | 115,174 | |
Mercedes-Benz Group AG | 1,059,910 | 84,648 | |
Lear Corp. | 520,200 | 80,506 | |
* | Adient plc | 1,311,943 | 55,836 |
BorgWarner Inc. (XNYS) | 1,187,000 | 55,196 | |
DR Horton Inc. | 254,386 | 32,312 | |
4,368,625 | |||
Consumer Staples (6.4%) | |||
Procter & Gamble Co. | 5,722,594 | 894,441 | |
Coca-Cola Co. | 10,467,875 | 648,275 | |
Sysco Corp. | 5,482,255 | 418,351 | |
PepsiCo Inc. | 1,395,268 | 261,557 | |
Constellation Brands Inc. Class A | 846,000 | 230,789 | |
Kroger Co. | 4,340,823 | 211,138 | |
Estee Lauder Cos. Inc. Class A | 1,112,337 | 200,221 | |
Unilever plc ADR | 3,599,598 | 193,406 | |
Mondelez International Inc. Class A | 2,526,973 | 187,324 |
Shares | Market Value ($000) | ||
Unilever plc (XLON) | 3,212,400 | 172,612 | |
Nestle SA (Registered) | 1,126,287 | 137,992 | |
3,556,106 | |||
Energy (6.6%) | |||
Chevron Corp. | 3,009,368 | 492,513 | |
ConocoPhillips | 4,083,999 | 480,768 | |
APA Corp. | 9,092,567 | 368,158 | |
Halliburton Co. | 7,131,535 | 278,700 | |
Coterra Energy Inc. | 9,502,000 | 261,685 | |
Suncor Energy Inc. | 7,124,332 | 222,920 | |
NOV Inc. | 10,853,688 | 217,942 | |
Marathon Oil Corp. | 7,993,987 | 210,002 | |
Phillips 66 | 1,839,000 | 205,141 | |
Shell plc ADR | 3,328,512 | 205,136 | |
Schlumberger NV | 2,619,866 | 152,843 | |
Pioneer Natural Resources Co. | 656,120 | 148,067 | |
Ovintiv Inc. (XNYS) | 3,183,410 | 146,723 | |
Murphy Oil Corp. | 2,420,952 | 104,755 | |
Cenovus Energy Inc. | 5,223,900 | 99,359 | |
Baker Hughes Co. Class A | 1,760,800 | 63,019 | |
3,657,731 | |||
Financials (17.0%) | |||
Wells Fargo & Co. | 21,515,005 | 993,133 | |
Bank of America Corp. | 25,046,270 | 801,481 | |
Visa Inc. Class A | 2,696,151 | 640,956 | |
Intercontinental Exchange Inc. | 5,052,565 | 580,034 | |
Citigroup Inc. | 11,980,203 | 570,976 | |
American Express Co. | 2,901,047 | 489,929 | |
American International Group Inc. | 7,345,946 | 442,814 | |
US Bancorp | 10,585,265 | 420,023 | |
Marsh & McLennan Cos. Inc. | 2,217,413 | 417,805 | |
Capital One Financial Corp. | 2,864,300 | 335,180 | |
Ameriprise Financial Inc. | 899,000 | 313,256 | |
JPMorgan Chase & Co. | 1,795,175 | 283,566 | |
Citizens Financial Group Inc. | 8,304,951 | 267,918 | |
Charles Schwab Corp. | 4,031,519 | 266,483 | |
Goldman Sachs Group Inc. | 679,749 | 241,902 | |
Blackstone Inc. | 2,302,000 | 241,227 | |
Commerce Bancshares Inc. | 4,493,097 | 238,943 | |
Bank of New York Mellon Corp. | 4,882,634 | 221,476 | |
BNP Paribas SA | 3,342,100 | 220,404 | |
PNC Financial Services Group Inc. | 1,413,000 | 193,426 | |
Hartford Financial Services Group Inc. | 2,435,600 | 175,071 | |
Cullen/Frost Bankers Inc. | 1,577,000 | 171,231 | |
Mitsubishi UFJ Financial Group Inc. ADR | 19,937,000 | 160,892 | |
Fidelity National Information Services Inc. | 2,581,500 | 155,871 | |
First Citizens BancShares Inc. Class A | 102,058 | 146,076 | |
Cincinnati Financial Corp. | 1,067,726 | 114,866 | |
Truist Financial Corp. | 1,992,588 | 66,194 | |
ING Groep NV | 4,497,433 | 65,647 | |
NatWest Group plc | 18,280,043 | 57,382 | |
Equitable Holdings Inc. | 1,842,040 | 52,848 | |
Corebridge Financial Inc. | 2,694,200 | 50,408 | |
State Street Corp. | 665,188 | 48,186 | |
Sumitomo Mitsui Financial Group Inc. | 946,600 | 44,350 | |
9,489,954 |
Shares | Market Value ($000) | ||
Health Care (15.4%) | |||
UnitedHealth Group Inc. | 1,952,269 | 988,570 | |
Medtronic plc | 10,582,621 | 928,731 | |
Elevance Health Inc. | 1,735,138 | 818,343 | |
Johnson & Johnson | 4,469,978 | 748,855 | |
Danaher Corp. | 2,735,289 | 697,663 | |
HCA Healthcare Inc. | 2,461,600 | 671,549 | |
Cigna Group | 1,759,973 | 519,368 | |
Thermo Fisher Scientific Inc. | 787,412 | 432,022 | |
Merck & Co. Inc. | 2,488,000 | 265,345 | |
* | Boston Scientific Corp. | 5,019,366 | 260,254 |
Alcon Inc. | 2,918,000 | 247,797 | |
Amgen Inc. | 1,055,000 | 247,028 | |
CVS Health Corp. | 3,146,300 | 234,997 | |
Zoetis Inc. | 1,226,959 | 230,779 | |
Roche Holding AG | 705,449 | 218,726 | |
* | IQVIA Holdings Inc. | 963,061 | 215,495 |
Humana Inc. | 349,726 | 159,765 | |
* | Centene Corp. | 2,139,988 | 145,712 |
Novartis AG ADR | 1,004,300 | 105,351 | |
GE Healthcare Inc. | 1,309,615 | 102,150 | |
Zimmer Biomet Holdings Inc. | 612,008 | 84,549 | |
AbbVie Inc. | 516,367 | 77,238 | |
Sanofi ADR | 1,320,391 | 70,469 | |
GSK plc ADR | 1,567,915 | 55,771 | |
AstraZeneca plc ADR | 535,554 | 38,399 | |
8,564,926 | |||
Industrials (8.9%) | |||
Honeywell International Inc. | 3,858,153 | 748,983 | |
General Dynamics Corp. | 1,800,271 | 402,505 | |
Parker-Hannifin Corp. | 925,000 | 379,259 | |
Norfolk Southern Corp. | 1,328,779 | 310,389 | |
FedEx Corp. | 1,145,640 | 309,266 | |
RTX Corp. | 3,510,300 | 308,661 | |
Northrop Grumman Corp. | 692,542 | 308,181 | |
Waste Management Inc. | 1,704,686 | 279,211 | |
General Electric Co. | 2,432,145 | 277,848 | |
Xylem Inc. | 2,310,000 | 260,452 | |
HEICO Corp. | 1,125,570 | 198,078 | |
Caterpillar Inc. | 695,070 | 184,312 | |
Cummins Inc. | 631,772 | 164,766 | |
* | Boeing Co. | 674,400 | 161,080 |
Oshkosh Corp. | 1,690,000 | 155,598 | |
CNH Industrial NV | 7,994,599 | 114,802 | |
PACCAR Inc. | 1,318,480 | 113,561 | |
Daimler Truck Holding AG | 2,794,014 | 104,860 | |
Timken Co. | 737,700 | 68,503 | |
Nordson Corp. | 257,646 | 64,826 | |
* | Fluor Corp. | 1,403,385 | 43,477 |
Siemens AG (Registered) | 189,874 | 32,363 | |
4,990,981 | |||
Information Technology (19.3%) | |||
Microsoft Corp. | 9,678,500 | 3,251,202 | |
Apple Inc. | 3,567,148 | 700,766 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,968,485 | 591,775 | |
* | Adobe Inc. | 1,046,341 | 571,480 |
Samsung Electronics Co. Ltd. (XKRX) | 8,361,400 | 457,809 |
Shares | Market Value ($000) | ||
Micron Technology Inc. | 6,390,413 | 456,212 | |
Analog Devices Inc. | 1,976,126 | 394,296 | |
Microchip Technology Inc. | 3,789,000 | 355,939 | |
Amphenol Corp. Class A | 3,942,852 | 348,193 | |
* | F5 Inc. | 2,126,500 | 336,497 |
* | ANSYS Inc. | 966,000 | 330,469 |
* | Salesforce Inc. | 1,294,870 | 291,359 |
* | Workday Inc. Class A | 1,223,700 | 290,176 |
1 | Telefonaktiebolaget LM Ericsson ADR | 54,602,080 | 275,740 |
Applied Materials Inc. | 1,799,509 | 272,788 | |
Cisco Systems Inc. | 5,084,860 | 264,616 | |
QUALCOMM Inc. | 2,002,000 | 264,604 | |
* | Autodesk Inc. | 1,170,000 | 248,028 |
Accenture plc Class A | 752,582 | 238,079 | |
Seagate Technology Holdings plc | 3,156,198 | 200,419 | |
TE Connectivity Ltd. | 902,266 | 129,466 | |
Corning Inc. | 3,320,051 | 112,683 | |
Oracle Corp. | 936,525 | 109,789 | |
Cognex Corp. | 1,687,309 | 92,161 | |
International Business Machines Corp. | 610,091 | 87,963 | |
Cognizant Technology Solutions Corp. Class A | 866,500 | 57,215 | |
10,729,724 | |||
Materials (2.8%) | |||
Corteva Inc. | 6,320,000 | 356,637 | |
Martin Marietta Materials Inc. | 731,000 | 326,362 | |
RPM International Inc. | 2,399,000 | 247,841 | |
Ecolab Inc. | 1,258,000 | 230,390 | |
Avery Dennison Corp. | 1,090,794 | 200,717 | |
Olin Corp. | 2,708,300 | 156,215 | |
International Paper Co. | 1,016,629 | 36,660 | |
1,554,822 | |||
Other (0.1%) | |||
SPDR S&P 500 ETF Trust | 185,472 | 84,907 | |
Real Estate (1.5%) | |||
Prologis Inc. | 3,552,715 | 443,201 | |
Equity LifeStyle Properties Inc. | 2,869,000 | 204,216 | |
Crown Castle Inc. | 1,560,000 | 168,932 | |
816,349 | |||
Utilities (1.3%) | |||
Atmos Energy Corp. | 2,210,000 | 268,979 | |
Xcel Energy Inc. | 3,638,000 | 228,212 | |
PPL Corp. | 8,270,715 | 227,693 | |
724,884 | |||
Total Common Stocks (Cost $34,613,766) | 53,100,088 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (4.6%) | |||
Money Market Fund (4.6%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.274% (Cost $2,540,971) | 25,416,528 | 2,541,144 |
Total Investments (99.9%) (Cost $37,154,737) | 55,641,232 | ||
Other Assets and Liabilities—Net (0.1%) | 43,742 | ||
Net Assets (100%) | 55,684,974 | ||
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 $10,145,000. |
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 $12,053,000 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 | September 2023 | 3,334 | 769,237 | 19,843 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 51,388,121 | 1,711,967 | — | 53,100,088 |
Temporary Cash Investments | 2,541,144 | — | — | 2,541,144 |
Total | 53,929,265 | 1,711,967 | — | 55,641,232 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 19,843 | — | — | 19,843 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |