Vanguard® Windsor™Fund
Schedule of Investments (unaudited)
As of July 31, 2022
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 (97.8%) | |||
Communication Services (6.5%) | |||
* | T-Mobile US Inc. | 2,819,668 | 403,382 |
* | Meta Platforms Inc. Class A | 2,533,073 | 403,012 |
Cable One Inc. | 141,567 | 194,892 | |
Electronic Arts Inc. | 1,450,244 | 190,316 | |
* | Match Group Inc. | 2,092,727 | 153,418 |
* | Charter Communications Inc. Class A | 319,625 | 138,110 |
Verizon Communications Inc. | 220,056 | 10,164 | |
1,493,294 | |||
Consumer Discretionary (10.6%) | |||
Lear Corp. | 1,381,940 | 208,866 | |
* | Las Vegas Sands Corp. | 5,429,664 | 204,644 |
Lennar Corp. Class A | 2,289,252 | 194,586 | |
Newell Brands Inc. | 9,598,638 | 193,989 | |
Gildan Activewear Inc. | 6,139,590 | 180,013 | |
TJX Cos. Inc. | 2,900,364 | 177,386 | |
Compass Group plc | 6,442,644 | 150,993 | |
* | Airbnb Inc. Class A | 1,313,671 | 145,791 |
* | Skechers USA Inc. Class A | 3,634,099 | 137,950 |
* | Mohawk Industries Inc. | 1,060,308 | 136,228 |
* | Booking Holdings Inc. | 69,452 | 134,438 |
* | Dollar Tree Inc. | 786,971 | 130,134 |
Ross Stores Inc. | 1,403,683 | 114,063 | |
* | CarMax Inc. | 1,028,074 | 102,335 |
* | General Motors Co. | 2,756,159 | 99,938 |
PVH Corp. | 1,588,525 | 98,362 | |
2,409,716 | |||
Consumer Staples (3.5%) | |||
Keurig Dr Pepper Inc. | 8,159,917 | 316,115 | |
Philip Morris International Inc. | 2,555,679 | 248,284 | |
Unilever plc (XLON) | 4,906,481 | 238,960 | |
803,359 | |||
Energy (6.3%) | |||
Canadian Natural Resources Ltd. | 5,169,391 | 285,350 | |
Schlumberger NV | 7,457,803 | 276,162 | |
Exxon Mobil Corp. | 1,662,536 | 161,150 | |
Halliburton Co. | 5,301,974 | 155,348 | |
NOV Inc. | 7,869,660 | 146,454 | |
ConocoPhillips | 1,446,005 | 140,884 | |
Shell plc ADR | 2,086,504 | 111,378 | |
Diamondback Energy Inc. | 847,203 | 108,459 |
Shares | Market Value ($000) | ||
Baker Hughes Co. Class A | 2,230,085 | 57,291 | |
1,442,476 | |||
Financials (19.2%) | |||
MetLife Inc. | 6,661,395 | 421,333 | |
Charles Schwab Corp. | 5,740,935 | 396,412 | |
Chubb Ltd. | 1,652,200 | 311,671 | |
Voya Financial Inc. | 4,966,762 | 298,800 | |
Equitable Holdings Inc. | 10,508,227 | 298,749 | |
Raymond James Financial Inc. | 2,478,301 | 244,038 | |
S&P Global Inc. | 595,285 | 224,381 | |
Wells Fargo & Co. | 4,933,654 | 216,439 | |
Globe Life Inc. | 2,100,416 | 211,575 | |
Citigroup Inc. | 4,035,906 | 209,463 | |
Royal Bank of Canada | 2,139,771 | 208,638 | |
M&T Bank Corp. | 1,157,093 | 205,326 | |
Capital One Financial Corp. | 1,613,408 | 177,201 | |
Apollo Global Management Inc. | 2,735,056 | 156,172 | |
Bank of America Corp. | 4,514,065 | 152,621 | |
JPMorgan Chase & Co. | 1,265,602 | 146,000 | |
American International Group Inc. | 2,373,059 | 122,853 | |
Goldman Sachs Group Inc. | 353,777 | 117,946 | |
Axis Capital Holdings Ltd. | 1,829,345 | 92,364 | |
Morgan Stanley | 720,717 | 60,756 | |
Allstate Corp. | 475,474 | 55,616 | |
UBS Group AG (Registered) | 2,753,680 | 44,720 | |
Invesco Ltd. | 852,369 | 15,121 | |
4,388,195 | |||
Health Care (14.6%) | |||
* | Centene Corp. | 3,005,000 | 279,375 |
* | Seagen Inc. | 1,358,162 | 244,442 |
Humana Inc. | 463,830 | 223,566 | |
CVS Health Corp. | 2,148,847 | 205,602 | |
* | Avantor Inc. | 6,827,020 | 198,120 |
AstraZeneca plc ADR | 2,847,606 | 188,597 | |
* | Boston Scientific Corp. | 4,180,182 | 171,597 |
McKesson Corp. | 478,239 | 163,357 | |
Becton Dickinson and Co. | 638,584 | 156,012 | |
DENTSPLY SIRONA Inc. | 4,245,250 | 153,508 | |
Bristol-Myers Squibb Co. | 1,853,066 | 136,719 | |
* | Biogen Inc. | 583,953 | 125,585 |
Encompass Health Corp. | 2,312,113 | 117,039 | |
* | Regeneron Pharmaceuticals Inc. | 193,885 | 112,781 |
1 | Fresenius Medical Care AG & Co. KGaA ADR | 6,083,272 | 112,662 |
Novartis AG (Registered) | 1,279,922 | 109,983 | |
Johnson & Johnson | 616,171 | 107,534 | |
Pfizer Inc. | 2,110,186 | 106,586 | |
UnitedHealth Group Inc. | 165,424 | 89,716 | |
Elevance Health Inc. | 186,825 | 89,134 | |
Cigna Corp. | 298,096 | 82,084 | |
Cardinal Health Inc. | 1,164,253 | 69,343 | |
Amgen Inc. | 269,795 | 66,766 | |
* | Enhabit Inc. | 1,156,056 | 20,243 |
3,330,351 | |||
Industrials (8.0%) | |||
Westinghouse Air Brake Technologies Corp. | 5,279,718 | 493,495 | |
Leidos Holdings Inc. | 2,129,095 | 227,813 | |
Knight-Swift Transportation Holdings Inc. | 3,825,438 | 210,208 |
Shares | Market Value ($000) | ||
General Electric Co. | 2,643,985 | 195,417 | |
Johnson Controls International plc | 3,490,487 | 188,172 | |
PACCAR Inc. | 1,679,459 | 153,704 | |
Airbus SE | 1,389,425 | 149,810 | |
* | Boeing Co. | 672,223 | 107,092 |
General Dynamics Corp. | 339,199 | 76,886 | |
Textron Inc. | 527,173 | 34,604 | |
1,837,201 | |||
Information Technology (14.1%) | |||
Cognizant Technology Solutions Corp. Class A | 5,326,822 | 362,011 | |
* | Salesforce Inc. | 1,545,994 | 284,494 |
Fidelity National Information Services Inc. | 2,474,784 | 252,824 | |
Micron Technology Inc. | 3,733,059 | 230,927 | |
VMware Inc. Class A | 1,975,006 | 229,496 | |
* | F5 Inc. | 1,274,982 | 213,381 |
Amdocs Ltd. | 2,333,964 | 203,195 | |
NXP Semiconductors NV | 1,082,077 | 198,972 | |
* | FleetCor Technologies Inc. | 831,816 | 183,074 |
SS&C Technologies Holdings Inc. | 3,065,472 | 181,384 | |
* | GoDaddy Inc. Class A | 2,161,314 | 160,326 |
Genpact Ltd. | 3,261,755 | 156,825 | |
Hewlett Packard Enterprise Co. | 10,531,614 | 149,970 | |
QUALCOMM Inc. | 783,454 | 113,648 | |
* | Lumentum Holdings Inc. | 1,052,519 | 95,211 |
Oracle Corp. | 1,125,306 | 87,594 | |
Samsung Electronics Co. Ltd. | 938,035 | 44,402 | |
Juniper Networks Inc. | 1,231,241 | 34,512 | |
Cisco Systems Inc. | 556,397 | 25,244 | |
3,207,490 | |||
Materials (4.7%) | |||
Reliance Steel & Aluminum Co. | 1,344,949 | 255,877 | |
PPG Industries Inc. | 1,376,980 | 178,030 | |
Dow Inc. | 3,231,984 | 171,974 | |
FMC Corp. | 1,385,773 | 153,959 | |
CRH plc (XDUB) | 3,589,733 | 137,705 | |
LG Chem Ltd. | 237,850 | 110,780 | |
1 | Rio Tinto plc ADR | 899,590 | 54,902 |
1,063,227 | |||
Other (0.0%) | |||
*,2 | Allstar Coinv LLC | 1,647,100 | — |
Real Estate (4.1%) | |||
VICI Properties Inc. | 8,332,402 | 284,885 | |
American Tower Corp. | 920,185 | 249,214 | |
Americold Realty Trust Inc. | 5,601,127 | 183,437 | |
Equinix Inc. | 248,841 | 175,119 | |
* | CBRE Group Inc. Class A | 384,588 | 32,928 |
925,583 | |||
Utilities (6.2%) | |||
Exelon Corp. | 6,641,845 | 308,779 | |
Duke Energy Corp. | 2,330,139 | 256,152 | |
Edison International | 3,310,563 | 224,357 | |
NRG Energy Inc. | 5,182,794 | 195,651 | |
Iberdrola SA (XMAD) | 15,764,050 | 168,336 | |
Pinnacle West Capital Corp. | 1,970,946 | 144,805 | |
Avangrid Inc. | 2,138,892 | 104,228 |
Shares | Market Value ($000) | ||
* | Iberdrola SA | 437,890 | 4,668 |
1,406,976 | |||
Total Common Stocks (Cost $18,700,303) | 22,307,868 | ||
Temporary Cash Investments (2.1%) | |||
Money Market Fund (1.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 1.903% | 2,743,487 | 274,239 |
Face Amount ($000) | |||
Repurchase Agreement (0.9%) | |||
Bank of America Securities, LLC 2.300%, 8/1/22 (Dated 7/29/22, Repurchase Value $195,137,000, collateralized by Freddie Mac 1.500%–5.000%, 6/1/37–7/1/52, with a value of $199,002,000) | 195,100 | 195,100 | |
Total Temporary Cash Investments (Cost $469,326) | 469,339 | ||
Total Investments (99.9%) (Cost $19,169,629) | 22,777,207 | ||
Other Assets and Liabilities—Net (0.1%) | 20,020 | ||
Net Assets (100%) | 22,797,227 | ||
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 $26,034,000. |
2 | Security value determined using significant unobservable inputs. |
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 $26,457,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
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 | September 2022 | 977 | 201,921 | 15,368 |
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 July 31, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 21,192,231 | 1,115,637 | — | 22,307,868 |
Temporary Cash Investments | 274,239 | 195,100 | — | 469,339 |
Total | 21,466,470 | 1,310,737 | — | 22,777,207 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 15,368 | — | — | 15,368 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |