Shares | Market Value ($000) | ||
Common Stocks (96.1%) | |||
Communication Services (7.1%) | |||
* | Alphabet Inc. Class A | 12,954,911 | 1,814,983 |
* | Meta Platforms Inc. Class A | 2,214,778 | 864,073 |
* | Alphabet Inc. Class C | 4,354,150 | 617,418 |
Comcast Corp. Class A | 5,663,413 | 263,575 | |
Walt Disney Co. | 1,882,340 | 180,799 | |
* | Warner Bros Discovery Inc. | 10,268,148 | 102,887 |
Vodafone Group plc ADR | 9,071,932 | 78,019 | |
Omnicom Group Inc. | 753,779 | 68,127 | |
Paramount Global Class B | 3,620,200 | 52,819 | |
* | Baidu Inc. ADR | 78,683 | 8,286 |
4,050,986 | |||
Consumer Discretionary (8.2%) | |||
* | Amazon.com Inc. | 8,970,484 | 1,392,219 |
McDonald's Corp. | 1,392,476 | 407,606 | |
Lennar Corp. Class A | 2,582,000 | 386,913 | |
General Motors Co. | 9,342,324 | 362,482 | |
Home Depot Inc. | 843,964 | 297,885 | |
Sony Group Corp. ADR | 2,875,000 | 281,031 | |
* | Aptiv plc | 3,278,691 | 266,656 |
Magna International Inc. | 3,850,532 | 218,903 | |
* | Booking Holdings Inc. | 59,700 | 209,396 |
Cie Generale des Etablissements Michelin SCA ADR | 12,597,700 | 208,870 | |
NIKE Inc. Class B | 1,428,638 | 145,050 | |
* | Ulta Beauty Inc. | 241,135 | 121,062 |
Bayerische Motoren Werke AG (XETR) | 944,435 | 98,271 | |
Mercedes-Benz Group AG | 1,059,910 | 71,557 | |
Alibaba Group Holding Ltd. ADR | 832,401 | 60,074 | |
BorgWarner Inc. (XNYS) | 1,715,700 | 58,162 | |
* | Adient plc | 1,311,943 | 45,538 |
4,631,675 | |||
Consumer Staples (5.9%) | |||
Procter & Gamble Co. | 5,319,240 | 835,865 | |
Coca-Cola Co. | 9,447,900 | 562,056 | |
Sysco Corp. | 5,665,974 | 458,547 | |
PepsiCo Inc. | 1,395,268 | 235,145 | |
Constellation Brands Inc. Class A | 822,000 | 201,456 | |
Kroger Co. | 4,340,823 | 200,286 | |
Unilever plc ADR | 3,990,798 | 194,312 | |
Mondelez International Inc. Class A | 2,526,973 | 190,205 | |
Estee Lauder Cos. Inc. Class A | 1,186,208 | 156,568 | |
Unilever plc (XLON) | 3,212,400 | 156,316 | |
Nestle SA (Registered) | 1,126,287 | 128,341 |
Shares | Market Value ($000) | ||
J M Smucker Co. | 416,476 | 54,787 | |
3,373,884 | |||
Energy (6.2%) | |||
Chevron Corp. | 3,391,937 | 500,073 | |
ConocoPhillips | 4,225,426 | 472,698 | |
APA Corp. | 11,824,567 | 370,464 | |
Marathon Oil Corp. | 10,781,887 | 246,366 | |
Phillips 66 | 1,703,000 | 245,760 | |
Halliburton Co. | 6,775,435 | 241,544 | |
Suncor Energy Inc. | 7,124,332 | 235,958 | |
Coterra Energy Inc. | 9,097,000 | 226,333 | |
Shell plc ADR | 3,417,012 | 214,964 | |
NOV Inc. | 10,853,688 | 211,756 | |
Pioneer Natural Resources Co. | 656,120 | 150,796 | |
Ovintiv Inc. (XNYS) | 2,921,110 | 123,914 | |
Schlumberger NV | 2,479,166 | 120,735 | |
Cenovus Energy Inc. | 4,153,200 | 67,199 | |
Baker Hughes Co. | 2,026,200 | 57,747 | |
Murphy Oil Corp. | 1,195,152 | 46,252 | |
3,532,559 | |||
Financials (18.3%) | |||
Wells Fargo & Co. | 19,240,467 | 965,487 | |
Bank of America Corp. | 23,176,931 | 788,247 | |
Visa Inc. Class A | 2,696,151 | 736,750 | |
Intercontinental Exchange Inc. | 5,052,565 | 643,343 | |
Citigroup Inc. | 11,234,703 | 631,053 | |
American Express Co. | 2,901,047 | 582,356 | |
US Bancorp | 13,866,100 | 575,998 | |
Marsh & McLennan Cos. Inc. | 2,217,413 | 429,823 | |
Capital One Financial Corp. | 2,744,300 | 371,359 | |
Ameriprise Financial Inc. | 859,000 | 332,287 | |
JPMorgan Chase & Co. | 1,795,175 | 313,007 | |
American International Group Inc. | 4,377,656 | 304,291 | |
Hartford Financial Services Group Inc. | 3,209,400 | 279,089 | |
Citizens Financial Group Inc. | 8,365,851 | 273,563 | |
Fidelity National Information Services Inc. | 4,342,400 | 270,358 | |
Blackstone Inc. | 2,154,000 | 268,065 | |
Bank of New York Mellon Corp. | 4,830,834 | 267,918 | |
Commerce Bancshares Inc. | 4,717,751 | 245,889 | |
Goldman Sachs Group Inc. | 614,349 | 235,916 | |
Charles Schwab Corp. | 3,690,615 | 232,214 | |
BNP Paribas SA | 3,342,100 | 224,536 | |
Chubb Ltd. | 859,618 | 210,606 | |
PNC Financial Services Group Inc. | 1,352,000 | 204,436 | |
Mitsubishi UFJ Financial Group Inc. ADR | 19,328,000 | 180,717 | |
Cullen/Frost Bankers Inc. | 1,577,000 | 167,351 | |
Corebridge Financial Inc. | 5,712,000 | 138,059 | |
1 | HSBC Holdings plc ADR | 2,888,300 | 113,597 |
Truist Financial Corp. | 1,992,588 | 73,845 | |
Discover Financial Services | 652,800 | 68,884 | |
ING Groep NV | 4,497,433 | 63,902 | |
First Citizens BancShares Inc. Class A | 40,258 | 60,790 | |
NatWest Group plc | 18,280,043 | 51,589 | |
Sumitomo Mitsui Financial Group Inc. | 946,600 | 49,236 | |
State Street Corp. | 665,188 | 49,138 | |
10,403,699 |
Shares | Market Value ($000) | ||
Health Care (15.5%) | |||
Medtronic plc | 11,204,721 | 980,861 | |
UnitedHealth Group Inc. | 1,801,514 | 921,907 | |
Elevance Health Inc. | 1,693,838 | 835,807 | |
HCA Healthcare Inc. | 2,461,600 | 750,542 | |
Danaher Corp. | 2,590,561 | 621,502 | |
Cigna Group | 1,662,473 | 500,321 | |
Johnson & Johnson | 3,096,700 | 492,066 | |
Thermo Fisher Scientific Inc. | 787,412 | 424,399 | |
CVS Health Corp. | 4,873,113 | 362,413 | |
* | Boston Scientific Corp. | 5,019,366 | 317,525 |
Amgen Inc. | 990,000 | 311,117 | |
Merck & Co. Inc. | 2,389,000 | 288,543 | |
GE Healthcare Inc. | 3,352,415 | 245,933 | |
Zoetis Inc. | 1,226,959 | 230,435 | |
1 | Alcon Inc. | 2,918,000 | 219,171 |
Humana Inc. | 546,567 | 206,635 | |
Roche Holding AG | 705,449 | 200,853 | |
* | IQVIA Holdings Inc. | 963,061 | 200,538 |
* | Centene Corp. | 2,139,988 | 161,163 |
Abbott Laboratories | 1,117,297 | 126,422 | |
AstraZeneca plc ADR | 1,696,150 | 113,032 | |
AbbVie Inc. | 516,367 | 84,891 | |
Zimmer Biomet Holdings Inc. | 612,008 | 76,868 | |
Sanofi SA ADR | 1,320,391 | 65,888 | |
GSK plc ADR | 1,567,915 | 61,839 | |
EssilorLuxottica SA | 152,567 | 29,899 | |
8,830,570 | |||
Industrials (9.1%) | |||
Honeywell International Inc. | 3,328,686 | 673,260 | |
General Dynamics Corp. | 2,036,471 | 539,644 | |
Parker-Hannifin Corp. | 854,000 | 396,683 | |
RTX Corp. | 3,955,600 | 360,434 | |
Waste Management Inc. | 1,704,686 | 316,441 | |
Norfolk Southern Corp. | 1,328,779 | 312,582 | |
Northrop Grumman Corp. | 692,542 | 309,400 | |
* | Boeing Co. | 1,207,377 | 254,805 |
General Electric Co. | 1,920,545 | 254,319 | |
Xylem Inc. | 2,194,000 | 246,693 | |
FedEx Corp. | 873,840 | 210,849 | |
HEICO Corp. | 1,125,570 | 202,141 | |
Oshkosh Corp. | 1,601,000 | 176,270 | |
Cummins Inc. | 696,672 | 166,714 | |
Caterpillar Inc. | 522,278 | 156,845 | |
CNH Industrial NV | 11,343,899 | 136,127 | |
Nordson Corp. | 424,435 | 106,839 | |
Daimler Truck Holding AG | 2,794,014 | 99,850 | |
PACCAR Inc. | 957,580 | 96,131 | |
Timken Co. | 737,700 | 60,425 | |
* | Fluor Corp. | 1,403,385 | 52,922 |
Siemens AG (Registered) | 189,874 | 33,992 | |
Veralto Corp. | 375,666 | 28,810 | |
5,192,176 | |||
Information Technology (20.2%) | |||
Microsoft Corp. | 8,601,782 | 3,419,896 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,968,485 | 674,200 | |
Apple Inc. | 3,463,848 | 638,734 |
Shares | Market Value ($000) | ||
* | Adobe Inc. | 1,004,341 | 620,462 |
Micron Technology Inc. | 6,125,913 | 525,297 | |
Samsung Electronics Co. Ltd. (XKRX) | 8,361,400 | 454,332 | |
Amphenol Corp. Class A | 3,942,852 | 398,622 | |
* | F5 Inc. | 2,096,600 | 385,145 |
1 | Telefonaktiebolaget LM Ericsson ADR | 69,414,080 | 382,472 |
Accenture plc Class A | 1,015,210 | 369,415 | |
Applied Materials Inc. | 2,214,729 | 363,880 | |
Analog Devices Inc. | 1,696,790 | 326,395 | |
Microchip Technology Inc. | 3,676,000 | 313,122 | |
* | ANSYS Inc. | 942,000 | 308,816 |
* | Autodesk Inc. | 1,140,000 | 289,343 |
QUALCOMM Inc. | 1,879,000 | 279,050 | |
* | Salesforce Inc. | 967,774 | 272,032 |
Seagate Technology Holdings plc | 3,156,198 | 270,423 | |
Broadcom Inc. | 192,833 | 227,543 | |
* | Teledyne Technologies Inc. | 540,000 | 225,974 |
Oracle Corp. | 1,174,925 | 131,239 | |
TE Connectivity Ltd. | 902,266 | 128,293 | |
International Business Machines Corp. | 602,331 | 110,624 | |
Corning Inc. | 3,320,051 | 107,868 | |
CDW Corp. | 332,762 | 75,444 | |
Cognizant Technology Solutions Corp. Class A | 866,500 | 66,824 | |
Marvell Technology Inc. | 975,510 | 66,042 | |
* | Workday Inc. Class A | 214,000 | 62,289 |
11,493,776 | |||
Materials (2.8%) | |||
Martin Marietta Materials Inc. | 720,000 | 366,062 | |
Corteva Inc. | 6,320,000 | 287,433 | |
RPM International Inc. | 2,351,000 | 250,758 | |
Ecolab Inc. | 1,235,000 | 244,802 | |
Avery Dennison Corp. | 1,090,794 | 217,559 | |
Olin Corp. | 3,080,200 | 160,386 | |
International Paper Co. | 1,016,629 | 36,426 | |
1,563,426 | |||
Other (0.2%) | |||
SPDR S&P 500 ETF Trust | 185,472 | 89,561 | |
Real Estate (1.4%) | |||
Prologis Inc. | 3,552,715 | 450,093 | |
Equity LifeStyle Properties Inc. | 2,830,000 | 191,563 | |
Crown Castle Inc. | 1,518,000 | 164,324 | |
805,980 | |||
Utilities (1.2%) | |||
Atmos Energy Corp. | 2,210,000 | 251,807 | |
PPL Corp. | 8,773,815 | 229,874 | |
Xcel Energy Inc. | 3,638,000 | 217,807 | |
699,488 | |||
Total Common Stocks (Cost $35,079,918) | 54,667,780 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (3.7%) | |||
Money Market Fund (3.7%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.410% (Cost $2,086,031) | 20,865,764 | 2,086,367 |
Total Investments (99.8%) (Cost $37,165,949) | 56,754,147 | ||
Other Assets and Liabilities—Net (0.2%) | 108,429 | ||
Net Assets (100%) | 56,862,576 | ||
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 $41,266,000. |
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 $44,584,000 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 2024 | 2,571 | 626,103 | 17,084 |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 53,005,106 | 1,662,674 | — | 54,667,780 |
Temporary Cash Investments | 2,086,367 | — | — | 2,086,367 |
Total | 55,091,473 | 1,662,674 | — | 56,754,147 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 17,084 | — | — | 17,084 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |