Shares | Market Value ($000) | ||
Common Stocks (96.2%) | |||
Communication Services (6.1%) | |||
* | Alphabet Inc. Class A | 93,190 | 269,975 |
* | Alphabet Inc. Class C | 72,187 | 208,880 |
* | Walt Disney Co. | 383,635 | 59,421 |
* | T-Mobile US Inc. | 493,337 | 57,217 |
* | Meta Platforms Inc. Class A | 137,600 | 46,282 |
Activision Blizzard Inc. | 628,600 | 41,821 | |
* | Charter Communications Inc. Class A | 41,470 | 27,037 |
Nintendo Co. Ltd. | 38,850 | 18,176 | |
Electronic Arts Inc. | 135,050 | 17,813 | |
Comcast Corp. Class A | 268,538 | 13,516 | |
* | Altice USA Inc. Class A | 234,700 | 3,797 |
763,935 | |||
Consumer Discretionary (11.9%) | |||
Sony Group Corp. ADR | 1,841,400 | 232,753 | |
Whirlpool Corp. | 731,324 | 171,612 | |
* | CarMax Inc. | 1,268,550 | 165,203 |
* | Mattel Inc. | 6,036,841 | 130,154 |
TJX Cos. Inc. | 1,604,600 | 121,821 | |
Ross Stores Inc. | 1,040,920 | 118,956 | |
* | Alibaba Group Holding Ltd. ADR | 830,300 | 98,631 |
* | Tesla Inc. | 79,800 | 84,331 |
Bath & Body Works Inc. | 605,800 | 42,279 | |
* | Amazon.com Inc. | 12,475 | 41,596 |
Newell Brands Inc. | 1,790,000 | 39,094 | |
* | Dollar Tree Inc. | 254,000 | 35,692 |
* | Capri Holdings Ltd. | 464,151 | 30,128 |
* | Royal Caribbean Cruises Ltd. | 391,200 | 30,083 |
* | Marriott International Inc. Class A | 176,290 | 29,130 |
* | Carnival Corp. | 1,432,100 | 28,814 |
* | Victoria's Secret & Co. | 337,833 | 18,763 |
* | Burlington Stores Inc. | 51,500 | 15,013 |
* | Leslie's Inc. | 511,100 | 12,093 |
Lowe's Cos. Inc. | 35,000 | 9,047 | |
Restaurant Brands International Inc. | 140,500 | 8,526 | |
McDonald's Corp. | 24,700 | 6,621 | |
MGM Resorts International | 95,000 | 4,264 | |
* | O'Reilly Automotive Inc. | 4,300 | 3,037 |
* | Las Vegas Sands Corp. | 79,600 | 2,996 |
* | AutoZone Inc. | 1,055 | 2,212 |
* | Hilton Worldwide Holdings Inc. | 13,800 | 2,153 |
* | Norwegian Cruise Line Holdings Ltd. | 68,440 | 1,419 |
1,486,421 |
Shares | Market Value ($000) | ||
Consumer Staples (0.6%) | |||
* | BJ's Wholesale Club Holdings Inc. | 306,700 | 20,540 |
Sysco Corp. | 227,500 | 17,870 | |
Tyson Foods Inc. Class A | 187,700 | 16,360 | |
Altria Group Inc. | 250,424 | 11,868 | |
Mowi ASA | 157,000 | 3,716 | |
Kroger Co. | 35,000 | 1,584 | |
Philip Morris International Inc. | 15,500 | 1,472 | |
Constellation Brands Inc. Class A | 4,400 | 1,104 | |
74,514 | |||
Energy (1.8%) | |||
Pioneer Natural Resources Co. | 620,173 | 112,797 | |
EOG Resources Inc. | 335,421 | 29,796 | |
Valero Energy Corp. | 311,900 | 23,427 | |
Coterra Energy Inc. | 1,084,850 | 20,612 | |
Cameco Corp. | 748,800 | 16,331 | |
* | Southwestern Energy Co. | 1,959,500 | 9,131 |
Hess Corp. | 107,900 | 7,988 | |
* | Transocean Ltd. (XNYS) | 1,237,200 | 3,415 |
Schlumberger NV | 44,700 | 1,339 | |
* | TechnipFMC plc | 197,500 | 1,169 |
* | Technip Energies NV | 7,820 | 114 |
226,119 | |||
Financials (9.9%) | |||
JPMorgan Chase & Co. | 1,520,366 | 240,750 | |
Wells Fargo & Co. | 4,042,500 | 193,959 | |
Charles Schwab Corp. | 2,026,464 | 170,426 | |
Raymond James Financial Inc. | 1,349,925 | 135,533 | |
Goldman Sachs Group Inc. | 322,000 | 123,181 | |
Northern Trust Corp. | 988,580 | 118,244 | |
Discover Financial Services | 547,281 | 63,244 | |
Bank of America Corp. | 1,244,659 | 55,375 | |
Marsh & McLennan Cos. Inc. | 298,312 | 51,853 | |
US Bancorp | 633,300 | 35,572 | |
Morgan Stanley | 165,000 | 16,196 | |
Progressive Corp. | 142,700 | 14,648 | |
CME Group Inc. | 55,250 | 12,622 | |
Evercore Inc. Class A | 90,400 | 12,281 | |
1,243,884 | |||
Health Care (23.2%) | |||
Eli Lilly & Co. | 2,343,772 | 647,397 | |
Amgen Inc. | 1,453,200 | 326,926 | |
AstraZeneca plc ADR | 5,567,990 | 324,335 | |
Thermo Fisher Scientific Inc. | 414,740 | 276,731 | |
* | Biogen Inc. | 1,122,877 | 269,401 |
Novartis AG ADR | 1,790,740 | 156,636 | |
* | Boston Scientific Corp. | 2,968,730 | 126,112 |
* | Elanco Animal Health Inc. (XNYS) | 4,214,691 | 119,613 |
Bristol-Myers Squibb Co. | 1,708,550 | 106,528 | |
Roche Holding AG | 227,816 | 94,512 | |
CVS Health Corp. | 697,280 | 71,931 | |
* | LivaNova plc | 727,940 | 63,644 |
Abbott Laboratories | 402,890 | 56,703 | |
Zimmer Biomet Holdings Inc. | 438,000 | 55,643 | |
Agilent Technologies Inc. | 262,570 | 41,919 | |
* | Illumina Inc. | 102,730 | 39,083 |
1 | Siemens Healthineers AG | 406,256 | 30,290 |
Shares | Market Value ($000) | ||
* | BioMarin Pharmaceutical Inc. | 288,770 | 25,513 |
* | IQVIA Holdings Inc. | 84,222 | 23,762 |
Stryker Corp. | 47,400 | 12,676 | |
Alcon Inc. | 125,260 | 10,913 | |
Humana Inc. | 18,344 | 8,509 | |
Sanofi ADR | 135,420 | 6,784 | |
Medtronic plc | 60,000 | 6,207 | |
Danaher Corp. | 17,707 | 5,826 | |
UnitedHealth Group Inc. | 8,489 | 4,263 | |
* | Waters Corp. | 7,137 | 2,659 |
Cerner Corp. | 10,000 | 929 | |
2,915,445 | |||
Industrials (15.0%) | |||
* | Southwest Airlines Co. | 6,795,569 | 291,122 |
Siemens AG (Registered) | 1,597,138 | 276,629 | |
FedEx Corp. | 836,400 | 216,326 | |
* | AECOM | 2,698,400 | 208,721 |
Jacobs Engineering Group Inc. | 936,485 | 130,387 | |
United Parcel Service Inc. Class B | 556,100 | 119,194 | |
* | Airbus SE | 681,460 | 87,189 |
* | United Airlines Holdings Inc. | 1,468,200 | 64,278 |
Caterpillar Inc. | 306,170 | 63,298 | |
* | TransDigm Group Inc. | 81,850 | 52,080 |
Textron Inc. | 644,400 | 49,748 | |
Union Pacific Corp. | 175,500 | 44,214 | |
* | Delta Air Lines Inc. | 1,115,110 | 43,578 |
* | American Airlines Group Inc. | 2,200,900 | 39,528 |
General Dynamics Corp. | 167,700 | 34,960 | |
Carrier Global Corp. | 432,500 | 23,459 | |
* | GXO Logistics Inc. | 240,600 | 21,854 |
* | XPO Logistics Inc. | 240,600 | 18,630 |
Deere & Co. | 51,390 | 17,621 | |
AMETEK Inc. | 118,090 | 17,364 | |
Otis Worldwide Corp. | 177,500 | 15,455 | |
CSX Corp. | 339,000 | 12,746 | |
Rockwell Automation Inc. | 25,650 | 8,948 | |
L3Harris Technologies Inc. | 34,000 | 7,250 | |
Science Applications International Corp. | 80,000 | 6,687 | |
Pentair plc | 87,200 | 6,368 | |
Old Dominion Freight Line Inc. | 4,500 | 1,613 | |
1,879,247 | |||
Information Technology (26.0%) | |||
Microsoft Corp. | 1,373,910 | 462,074 | |
KLA Corp. | 706,970 | 304,075 | |
Texas Instruments Inc. | 1,607,750 | 303,013 | |
Intel Corp. | 4,243,930 | 218,562 | |
Applied Materials Inc. | 1,158,400 | 182,286 | |
Micron Technology Inc. | 1,753,280 | 163,318 | |
* | Flex Ltd. | 8,333,060 | 152,745 |
Asml Holding NV GDR (Registered) | 156,575 | 124,656 | |
Intuit Inc. | 192,350 | 123,723 | |
QUALCOMM Inc. | 625,340 | 114,356 | |
Telefonaktiebolaget LM Ericsson ADR | 9,587,245 | 104,213 | |
Hewlett Packard Enterprise Co. | 6,577,898 | 103,734 | |
HP Inc. | 2,732,343 | 102,927 | |
* | Adobe Inc. | 160,600 | 91,070 |
NetApp Inc. | 963,900 | 88,669 |
Shares | Market Value ($000) | ||
Analog Devices Inc. | 481,000 | 84,545 | |
Visa Inc. Class A | 313,300 | 67,895 | |
Apple Inc. | 370,000 | 65,701 | |
Cisco Systems Inc. | 976,300 | 61,868 | |
Oracle Corp. | 629,400 | 54,890 | |
* | PayPal Holdings Inc. | 243,650 | 45,948 |
* | Keysight Technologies Inc. | 201,560 | 41,624 |
Corning Inc. | 1,035,200 | 38,541 | |
NVIDIA Corp. | 92,140 | 27,099 | |
* | WEX Inc. | 192,080 | 26,966 |
Fidelity National Information Services Inc. | 229,000 | 24,995 | |
Teradyne Inc. | 142,750 | 23,344 | |
* | Western Digital Corp. | 264,600 | 17,255 |
Mastercard Inc. Class A | 41,500 | 14,912 | |
*,2 | BlackBerry Ltd. | 1,328,700 | 12,423 |
Jabil Inc. | 116,000 | 8,161 | |
* | Ciena Corp. | 55,000 | 4,233 |
* | Nokia OYJ ADR | 360,000 | 2,239 |
3,262,060 | |||
Materials (1.6%) | |||
Albemarle Corp. | 415,965 | 97,240 | |
Glencore plc | 6,661,625 | 33,943 | |
DuPont de Nemours Inc. | 352,933 | 28,510 | |
Dow Inc. | 278,000 | 15,768 | |
Freeport-McMoRan Inc. | 330,000 | 13,771 | |
Corteva Inc. | 285,593 | 13,503 | |
Greif Inc. Class B | 28,000 | 1,674 | |
204,409 | |||
Real Estate (0.1%) | |||
American Homes 4 Rent Class A | 222,000 | 9,681 | |
Total Common Stocks (Cost $4,700,361) | 12,065,715 | ||
Temporary Cash Investments (3.8%) | |||
Money Market Fund (3.8%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.090% (Cost $475,818) | 4,759,373 | 475,889 |
Total Investments (100.0%) (Cost $5,176,179) | 12,541,604 | ||
Other Assets and Liabilities—Net (0.0%) | 4,230 | ||
Net Assets (100%) | 12,545,834 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the aggregate value was $30,290,000, representing 0.2% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,404,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $1,501,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 11,521,146 | 544,569 | — | 12,065,715 |
Temporary Cash Investments | 475,889 | — | — | 475,889 |
Total | 11,997,035 | 544,569 | — | 12,541,604 |