Shares | Market Value ($000) | ||
Common Stocks (96.7%) | |||
Communication Services (4.6%) | |||
* | Charter Communications Inc. Class A | 765,834 | 283,902 |
T-Mobile US Inc. | 1,650,912 | 266,177 | |
* | Alphabet Inc. Class A | 1,859,399 | 260,502 |
Electronic Arts Inc. | 1,013,509 | 139,439 | |
Walt Disney Co. | 1,155,007 | 110,938 | |
1,060,958 | |||
Consumer Discretionary (5.5%) | |||
Magna International Inc. | 3,499,754 | 198,961 | |
Lear Corp. | 1,381,940 | 183,660 | |
Wyndham Hotels & Resorts Inc. | 2,059,304 | 160,481 | |
PVH Corp. | 1,114,802 | 134,066 | |
* | Mohawk Industries Inc. | 1,060,308 | 110,537 |
Gildan Activewear Inc. | 3,142,135 | 103,722 | |
Ross Stores Inc. | 720,745 | 101,106 | |
Newell Brands Inc. | 11,866,202 | 98,727 | |
BYD Co. Ltd. Class H | 4,123,000 | 92,315 | |
Las Vegas Sands Corp. | 1,821,840 | 89,124 | |
1,272,699 | |||
Consumer Staples (6.5%) | |||
Tyson Foods Inc. Class A | 6,147,403 | 336,632 | |
Kenvue Inc. | 15,288,081 | 317,381 | |
* | Dollar Tree Inc. | 1,691,451 | 220,937 |
Unilever plc (XLON) | 4,517,785 | 219,836 | |
Sysco Corp. | 2,565,140 | 207,597 | |
Philip Morris International Inc. | 2,007,580 | 182,389 | |
Dollar General Corp. | 189,767 | 25,062 | |
1,509,834 | |||
Energy (7.1%) | |||
Schlumberger NV | 7,329,667 | 356,955 | |
Canadian Natural Resources Ltd. | 3,758,568 | 240,511 | |
Halliburton Co. | 6,671,049 | 237,823 | |
Shell plc ADR | 2,806,534 | 176,559 | |
Enbridge Inc. | 4,620,791 | 164,079 | |
ConocoPhillips | 1,457,553 | 163,056 | |
Diamondback Energy Inc. | 1,032,999 | 158,813 | |
NOV Inc. | 4,383,136 | 85,515 | |
Exxon Mobil Corp. | 578,725 | 59,499 | |
1,642,810 | |||
Financials (22.6%) | |||
Chubb Ltd. | 1,732,209 | 424,391 | |
MetLife Inc. | 6,059,725 | 420,060 |
Shares | Market Value ($000) | ||
Morgan Stanley | 4,345,651 | 379,115 | |
Equitable Holdings Inc. | 11,493,572 | 375,725 | |
Voya Financial Inc. | 4,661,809 | 337,375 | |
Allstate Corp. | 1,803,300 | 279,962 | |
M&T Bank Corp. | 1,790,180 | 247,224 | |
Raymond James Financial Inc. | 2,209,663 | 243,461 | |
Capital One Financial Corp. | 1,761,259 | 238,334 | |
Bank of America Corp. | 6,677,685 | 227,108 | |
Citigroup Inc. | 4,035,906 | 226,697 | |
Wells Fargo & Co. | 4,481,987 | 224,906 | |
JPMorgan Chase & Co. | 1,265,602 | 220,670 | |
Charles Schwab Corp. | 3,184,261 | 200,354 | |
Everest Group Ltd. | 502,014 | 193,260 | |
* | FleetCor Technologies Inc. | 637,095 | 184,713 |
Globe Life Inc. | 1,502,243 | 184,506 | |
Global Payments Inc. | 1,188,645 | 158,363 | |
1 | New York Community Bancorp Inc. | 21,669,135 | 140,199 |
Goldman Sachs Group Inc. | 328,699 | 126,224 | |
UBS Group AG (Registered) | 4,155,129 | 124,280 | |
American International Group Inc. | 1,043,395 | 72,526 | |
Invesco Ltd. | 852,369 | 13,493 | |
5,242,946 | |||
Health Care (15.4%) | |||
Pfizer Inc. | 14,196,727 | 384,447 | |
AstraZeneca plc ADR | 4,117,382 | 274,382 | |
* | Centene Corp. | 3,448,068 | 259,674 |
UnitedHealth Group Inc. | 431,017 | 220,569 | |
Quest Diagnostics Inc. | 1,712,290 | 219,909 | |
Baxter International Inc. | 5,535,528 | 214,170 | |
Novartis AG (Registered) | 2,052,073 | 212,213 | |
Agilent Technologies Inc. | 1,463,061 | 190,344 | |
Medtronic plc | 2,087,089 | 182,704 | |
Humana Inc. | 477,315 | 180,454 | |
1 | Fresenius Medical Care AG & Co. KGaA ADR | 8,204,589 | 158,349 |
DENTSPLY SIRONA Inc. | 3,894,432 | 135,332 | |
Bristol-Myers Squibb Co. | 2,736,392 | 133,727 | |
Teleflex Inc. | 513,631 | 124,725 | |
* | United Therapeutics Corp. | 536,229 | 115,171 |
Encompass Health Corp. | 1,383,756 | 98,302 | |
Johnson & Johnson | 616,171 | 97,910 | |
Elevance Health Inc. | 186,825 | 92,187 | |
Cigna Group | 298,096 | 89,712 | |
Cardinal Health Inc. | 671,183 | 73,286 | |
CVS Health Corp. | 840,322 | 62,495 | |
McKesson Corp. | 95,396 | 47,687 | |
3,567,749 | |||
Industrials (13.7%) | |||
Leidos Holdings Inc. | 3,028,983 | 334,612 | |
Westinghouse Air Brake Technologies Corp. | 2,489,289 | 327,516 | |
United Parcel Service Inc. Class B (XNYS) | 1,994,247 | 282,984 | |
General Dynamics Corp. | 943,490 | 250,015 | |
Knight-Swift Transportation Holdings Inc. | 3,921,920 | 225,040 | |
SS&C Technologies Holdings Inc. | 3,635,214 | 221,821 | |
* | AerCap Holdings NV | 2,798,250 | 214,234 |
RTX Corp. | 2,186,460 | 199,230 | |
Dover Corp. | 1,285,904 | 192,603 | |
Delta Air Lines Inc. | 4,726,284 | 184,987 |
Shares | Market Value ($000) | ||
Techtronic Industries Co. Ltd. | 15,786,750 | 167,673 | |
Airbus SE | 854,699 | 136,141 | |
Emerson Electric Co. | 1,337,800 | 122,716 | |
Genpact Ltd. | 2,855,486 | 102,512 | |
* | Middleby Corp. | 664,486 | 93,739 |
Toro Co. | 925,060 | 85,549 | |
General Electric Co. | 327,342 | 43,347 | |
3,184,719 | |||
Information Technology (7.7%) | |||
NXP Semiconductors NV | 1,291,826 | 272,020 | |
QUALCOMM Inc. | 1,619,205 | 240,468 | |
Cognizant Technology Solutions Corp. Class A | 3,081,529 | 237,647 | |
Micron Technology Inc. | 2,434,377 | 208,748 | |
Seagate Technology Holdings plc | 2,394,427 | 205,154 | |
TE Connectivity Ltd. | 1,059,573 | 150,661 | |
Amdocs Ltd. | 1,630,266 | 149,463 | |
Skyworks Solutions Inc. | 994,902 | 103,927 | |
Microsoft Corp. | 255,558 | 101,605 | |
Samsung Electronics Co. Ltd. (XKRX) | 913,912 | 49,659 | |
* | Zebra Technologies Corp. Class A | 191,545 | 45,885 |
Cisco Systems Inc. | 556,397 | 27,920 | |
1,793,157 | |||
Materials (4.5%) | |||
Rio Tinto plc ADR | 3,343,497 | 231,604 | |
Dow Inc. | 3,814,708 | 204,468 | |
Reliance Steel & Aluminum Co. | 619,923 | 176,938 | |
PPG Industries Inc. | 1,251,337 | 176,489 | |
CRH plc (SGMX) | 2,096,469 | 148,727 | |
FMC Corp. | 2,145,562 | 120,581 | |
1,058,807 | |||
Real Estate (3.9%) | |||
American Tower Corp. | 1,491,710 | 291,853 | |
Equinix Inc. | 225,688 | 187,269 | |
UDR Inc. | 4,356,201 | 156,910 | |
AvalonBay Communities Inc. | 663,112 | 118,704 | |
Extra Space Storage Inc. | 768,318 | 110,976 | |
* | CBRE Group Inc. Class A | 384,588 | 33,194 |
898,906 | |||
Utilities (5.2%) | |||
Edison International | 6,236,048 | 420,808 | |
Exelon Corp. | 8,072,734 | 281,012 | |
Duke Energy Corp. | 2,260,068 | 216,582 | |
Iberdrola SA (XMAD) | 17,100,393 | 205,905 | |
AES Corp. | 4,560,665 | 76,072 | |
* | Iberdrola SA | 294,834 | 3,561 |
1,203,940 | |||
Total Common Stocks (Cost $18,774,358) | 22,436,525 | ||
Temporary Cash Investments (3.0%) | |||
Money Market Fund (2.0%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.410% | 4,708,389 | 470,792 |
Face Amount ($000) | Market Value ($000) | ||
Repurchase Agreements (1.0%) | |||
Bank of America Securities, LLC 5.320%, 2/1/24 (Dated 1/31/24, Repurchase Value $200,730,000, collateralized by Fannie Mae 1.100%–6.000%, 2/1/26–1/1/54, and Freddie Mac 3.000%–6.500%, 2/1/34–1/1/54, with a value of $204,714,000) | 200,700 | 200,700 | |
JP Morgan Securities LLC 5.310%, 2/1/24 (Dated 1/31/24, Repurchase Value $15,002,000, collateralized by U.S. Treasury Note/Bond 1.000%–3.750%, 12/15/24–8/15/46, with a value of $15,300,000) | 15,000 | 15,000 | |
215,700 | |||
Total Temporary Cash Investments (Cost $686,443) | 686,492 | ||
Total Investments (99.7%) (Cost $19,460,801) | 23,123,017 | ||
Other Assets and Liabilities—Net (0.3%) | 73,966 | ||
Net Assets (100%) | 23,196,983 | ||
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 $8,641,000. |
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 $10,920,000 was received for securities on loan, of which $9,550,000 is held in Vanguard Market Liquidity Fund and $1,370,000 is held in cash. |
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 2024 | 1,144 | 278,593 | 4,007 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 21,200,495 | 1,236,030 | — | 22,436,525 |
Temporary Cash Investments | 470,792 | 215,700 | — | 686,492 |
Total | 21,671,287 | 1,451,730 | — | 23,123,017 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 4,007 | — | — | 4,007 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |