Vanguard® Windsor™ Fund
Schedule of Investments (unaudited)
As of January 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (97.4%) | |||
Communication Services (4.2%) | |||
* | T-Mobile US Inc. | 2,733,571 | 344,649 |
Comcast Corp. Class A | 3,987,913 | 197,681 | |
* | Alphabet Inc. Class A | 87,243 | 159,424 |
Electronic Arts Inc. | 948,356 | 135,804 | |
Verizon Communications Inc. | 220,056 | 12,048 | |
849,606 | |||
Consumer Discretionary (11.2%) | |||
* | Dollar Tree Inc. | 2,526,573 | 256,851 |
* | Ford Motor Co. | 19,768,697 | 208,164 |
* | Gildan Activewear Inc. | 7,789,791 | 194,122 |
Lear Corp. | 1,287,305 | 194,074 | |
* | Compass Group plc | 10,561,979 | 188,666 |
* | PVH Corp. | 2,056,809 | 175,364 |
* | CarMax Inc. | 1,442,852 | 169,939 |
VF Corp. | 1,935,216 | 148,760 | |
* | General Motors Co. | 2,895,112 | 146,724 |
Newell Brands Inc. | 6,105,453 | 146,653 | |
TJX Cos. Inc. | 2,241,114 | 143,521 | |
* | Mohawk Industries Inc. | 922,409 | 132,458 |
* | Las Vegas Sands Corp. | 2,109,815 | 101,461 |
* | Booking Holdings Inc. | 29,916 | 58,167 |
2,264,924 | |||
Consumer Staples (4.9%) | |||
Philip Morris International Inc. | 3,613,338 | 287,803 | |
Keurig Dr Pepper Inc. | 8,639,068 | 274,722 | |
Tyson Foods Inc. Class A | 3,417,189 | 219,760 | |
Archer-Daniels-Midland Co. | 2,054,131 | 102,727 | |
Sysco Corp. | 986,300 | 70,530 | |
Kellogg Co. | 570,756 | 33,640 | |
989,182 | |||
Energy (5.5%) | |||
Halliburton Co. | 13,921,115 | 245,429 | |
Canadian Natural Resources Ltd. | 7,940,667 | 179,300 | |
ConocoPhillips | 3,069,507 | 122,873 | |
1 | Royal Dutch Shell plc Class A ADR | 3,001,631 | 110,730 |
Diamondback Energy Inc. | 1,860,985 | 105,499 | |
* | NOV Inc. | 8,378,161 | 103,722 |
Baker Hughes Co. Class A | 5,056,841 | 101,592 | |
Exxon Mobil Corp. | 2,127,861 | 95,413 | |
* | Cenovus Energy Inc. | 6,621,254 | 39,132 |
1,103,690 |
Shares | Market Value ($000) | ||
Financials (22.7%) | |||
Bank of America Corp. | 18,703,697 | 554,565 | |
Charles Schwab Corp. | 7,567,716 | 390,040 | |
MetLife Inc. | 7,494,010 | 360,837 | |
Raymond James Financial Inc. | 3,158,444 | 315,623 | |
Chubb Ltd. | 2,013,803 | 293,351 | |
Equitable Holdings Inc. | 9,657,291 | 239,308 | |
M&T Bank Corp. | 1,756,956 | 232,744 | |
Capital One Financial Corp. | 2,094,500 | 218,373 | |
Wells Fargo & Co. | 6,551,977 | 195,773 | |
* | Athene Holding Ltd. Class A | 4,762,079 | 194,721 |
Zions Bancorp NA | 4,153,749 | 183,346 | |
American International Group Inc. | 4,745,297 | 177,664 | |
Citigroup Inc. | 2,779,032 | 161,156 | |
JPMorgan Chase & Co. | 1,218,510 | 156,786 | |
Travelers Cos. Inc. | 986,957 | 134,522 | |
Goldman Sachs Group Inc. | 493,525 | 133,829 | |
Morgan Stanley | 1,833,764 | 122,954 | |
LPL Financial Holdings Inc. | 1,117,157 | 121,033 | |
Voya Financial Inc. | 1,996,494 | 110,725 | |
* | ING Groep NV ADR | 9,786,035 | 86,313 |
Axis Capital Holdings Ltd. | 1,829,345 | 83,967 | |
Unum Group | 2,685,477 | 62,384 | |
UBS Group AG (Registered) | 2,753,680 | 39,625 | |
Invesco Ltd. | 1,129,675 | 23,260 | |
4,592,899 | |||
Health Care (13.2%) | |||
CVS Health Corp. | 5,417,977 | 388,198 | |
UnitedHealth Group Inc. | 909,968 | 303,547 | |
Eli Lilly and Co. | 1,196,707 | 248,879 | |
Medtronic plc | 1,943,727 | 216,395 | |
* | Boston Scientific Corp. | 4,540,025 | 160,898 |
* | Vertex Pharmaceuticals Inc. | 622,182 | 142,529 |
* | Centene Corp. | 2,279,305 | 137,442 |
Anthem Inc. | 421,597 | 125,206 | |
McKesson Corp. | 700,633 | 122,239 | |
DENTSPLY SIRONA Inc. | 2,051,213 | 109,719 | |
* | Regeneron Pharmaceuticals Inc. | 215,971 | 108,815 |
Sanofi | 1,144,454 | 107,634 | |
Bristol-Myers Squibb Co. | 1,415,124 | 86,931 | |
Cardinal Health Inc. | 1,494,650 | 80,308 | |
Pfizer Inc. | 2,033,820 | 73,014 | |
* | Biogen Inc. | 237,372 | 67,084 |
Amgen Inc. | 269,795 | 65,137 | |
Cigna Corp. | 298,096 | 64,702 | |
* | Viatris Inc. | 3,151,189 | 53,539 |
2,662,216 | |||
Industrials (6.5%) | |||
Westinghouse Air Brake Technologies Corp. | 4,705,941 | 349,228 | |
Raytheon Technologies Corp. | 4,297,054 | 286,742 | |
General Electric Co. | 22,850,163 | 244,040 | |
Stanley Black & Decker Inc. | 634,919 | 110,152 | |
* | Airbus SE | 1,011,955 | 101,760 |
JB Hunt Transport Services Inc. | 735,703 | 99,070 | |
Textron Inc. | 2,033,758 | 92,048 | |
Dover Corp. | 281,597 | 32,803 | |
1,315,843 |
Shares | Market Value ($000) | ||
Information Technology (14.9%) | |||
Cisco Systems Inc. | 6,993,035 | 311,749 | |
Cognizant Technology Solutions Corp. Class A | 3,746,559 | 292,044 | |
Broadcom Inc. | 551,431 | 248,420 | |
Intel Corp. | 4,421,502 | 245,438 | |
* | FleetCor Technologies Inc. | 787,139 | 191,078 |
*,1 | VMware Inc. Class A | 1,348,218 | 185,852 |
Leidos Holdings Inc. | 1,629,293 | 172,803 | |
* | Micron Technology Inc. | 2,169,599 | 169,814 |
Amdocs Ltd. | 2,289,539 | 161,687 | |
Hewlett Packard Enterprise Co. | 12,630,218 | 155,857 | |
* | F5 Networks Inc. | 781,377 | 153,111 |
* | GoDaddy Inc. Class A | 1,861,224 | 146,255 |
KLA Corp. | 467,753 | 131,004 | |
Genpact Ltd. | 3,024,831 | 115,791 | |
* | Lumentum Holdings Inc. | 1,159,958 | 108,804 |
Oracle Corp. | 1,635,666 | 98,843 | |
Samsung Electronics Co. Ltd. | 942,669 | 68,916 | |
Juniper Networks Inc. | 1,995,063 | 48,719 | |
3,006,185 | |||
Materials (3.5%) | |||
Celanese Corp. Class A | 1,438,506 | 175,714 | |
Reliance Steel & Aluminum Co. | 1,468,382 | 170,450 | |
Dow Inc. | 2,788,553 | 144,726 | |
PPG Industries Inc. | 797,196 | 107,390 | |
FMC Corp. | 985,109 | 106,677 | |
704,957 | |||
Other (0.0%) | |||
*,2 | Allstar Coinv LLC | 1,647,100 | 2,050 |
Real Estate (5.0%) | |||
VICI Properties Inc. | 8,560,353 | 216,406 | |
Americold Realty Trust | 6,082,516 | 212,341 | |
American Tower Corp. | 853,278 | 194,001 | |
Digital Realty Trust Inc. | 950,721 | 136,856 | |
Camden Property Trust | 1,244,124 | 127,087 | |
Equinix Inc. | 170,966 | 126,508 | |
1,013,199 | |||
Utilities (5.8%) | |||
Exelon Corp. | 7,099,926 | 295,073 | |
Duke Energy Corp. | 2,115,888 | 198,894 | |
NRG Energy Inc. | 4,303,566 | 178,211 | |
Edison International | 2,613,424 | 151,997 | |
Pinnacle West Capital Corp. | 1,949,238 | 146,680 | |
Consolidated Edison Inc. | 1,562,437 | 110,589 | |
Avangrid Inc. | 1,951,186 | 90,281 | |
1,171,725 | |||
Total Common Stocks (Cost $16,160,489) | 19,676,476 | ||
Temporary Cash Investments (3.4%) | |||
Money Market Fund (2.7%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.107% | 5,496,195 | 549,620 |
Face Amount ($000) | Market Value ($000) | ||
Repurchase Agreement (0.7%) | |||
Bank of America Securities, LLC 0.060%, 2/1/21 (Dated 1/29/21, Repurchase Value $129,001,000, collateralized by Government National Mortgage Associataion, 2.000%–5.500%, 12/20/34–1/20/51, with a value of $131,580,000) | 129,000 | 129,000 | |
Total Temporary Cash Investments (Cost $678,580) | 678,620 | ||
Total Investments (100.8%) (Cost $16,839,069) | 20,355,096 | ||
Other Assets and Liabilities—Net (-0.8%) | (158,273) | ||
Net Assets (100%) | 20,196,823 | ||
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 $203,583,000. |
2 | Restricted securities totaling $2,050,000, representing 0.0% of net assets. See Restricted Securities table for additional information. |
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 $214,952,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
Restricted Securities as of Period End | ||
Security Name | Acquisition Date | Acquisition Cost ($000) |
Allstar Coinv LLC | August 2011 | 459 |
Derivative Financial Instruments Outstanding as of Period End
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 2021 | 959 | 177,664 | (1,278) |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary
cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
E. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of January 31, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 19,207,450 | 469,026 | — | 19,676,476 |
Temporary Cash Investments | 549,620 | 129,000 | — | 678,620 |
Total | 19,757,070 | 598,026 | — | 20,355,096 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 3,776 | — | — | 3,776 |
1 | Represents variation margin on the last day of the reporting period. |