Vanguard® Windsor™ Fund
Schedule of Investments (unaudited)
As of July 31, 2023
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 (97.3%) | |||
Communication Services (4.9%) | |||
* | Alphabet Inc. Class A | 3,574,489 | 474,406 |
* | Charter Communications Inc. Class A | 681,215 | 276,022 |
* | Match Group Inc. | 3,734,728 | 173,702 |
Electronic Arts Inc. | 1,047,267 | 142,795 | |
Cable One Inc. | 134,394 | 97,293 | |
Verizon Communications Inc. | 220,056 | 7,500 | |
1,171,718 | |||
Consumer Discretionary (8.7%) | |||
Lear Corp. | 1,381,940 | 213,869 | |
Magna International Inc. | 3,110,921 | 200,126 | |
Gildan Activewear Inc. | 6,139,590 | 190,941 | |
* | Booking Holdings Inc. | 51,151 | 151,959 |
BYD Co. Ltd. Class H | 4,219,000 | 150,272 | |
Ross Stores Inc. | 1,309,000 | 150,064 | |
PVH Corp. | 1,588,525 | 142,395 | |
* | Airbnb Inc. Class A | 903,118 | 137,446 |
Newell Brands Inc. | 11,866,202 | 132,427 | |
Lennar Corp. Class A | 1,027,780 | 130,353 | |
Wyndham Hotels & Resorts Inc. | 1,663,725 | 129,638 | |
* | Mohawk Industries Inc. | 1,060,308 | 112,753 |
* | CarMax Inc. | 1,263,677 | 104,392 |
* | Skechers USA Inc. Class A | 1,309,529 | 72,784 |
* | Las Vegas Sands Corp. | 1,186,613 | 70,971 |
2,090,390 | |||
Consumer Staples (5.1%) | |||
* | Dollar Tree Inc. | 1,683,287 | 259,782 |
Unilever plc (XLON) | 4,608,287 | 247,617 | |
Tyson Foods Inc. Class A | 4,097,008 | 228,285 | |
Philip Morris International Inc. | 2,241,695 | 223,542 | |
Sysco Corp. | 2,390,873 | 182,447 | |
Keurig Dr Pepper Inc. | 2,070,183 | 70,407 | |
1,212,080 | |||
Energy (7.7%) | |||
Halliburton Co. | 11,273,063 | 440,551 | |
Schlumberger NV | 7,473,999 | 436,033 | |
Canadian Natural Resources Ltd. | 4,598,970 | 279,617 | |
ConocoPhillips | 1,503,199 | 176,957 | |
Shell plc ADR | 2,806,534 | 172,967 | |
Diamondback Energy Inc. | 1,148,063 | 169,133 | |
Exxon Mobil Corp. | 878,247 | 94,183 |
Shares | Market Value ($000) | ||
NOV Inc. | 4,383,136 | 88,013 | |
1,857,454 | |||
Financials (20.7%) | |||
MetLife Inc. | 6,510,429 | 409,962 | |
Equitable Holdings Inc. | 13,659,979 | 391,905 | |
Voya Financial Inc. | 4,753,389 | 352,987 | |
Chubb Ltd. | 1,717,856 | 351,147 | |
Charles Schwab Corp. | 4,315,734 | 285,270 | |
Raymond James Financial Inc. | 2,439,295 | 268,493 | |
Allstate Corp. | 2,368,698 | 266,905 | |
M&T Bank Corp. | 1,853,968 | 259,296 | |
New York Community Bancorp Inc. | 15,893,807 | 220,447 | |
Wells Fargo & Co. | 4,481,987 | 206,888 | |
Capital One Financial Corp. | 1,761,259 | 206,103 | |
American International Group Inc. | 3,401,880 | 205,065 | |
Bank of America Corp. | 6,291,694 | 201,334 | |
JPMorgan Chase & Co. | 1,265,602 | 199,914 | |
* | FleetCor Technologies Inc. | 779,486 | 194,022 |
Citigroup Inc. | 4,035,906 | 192,351 | |
S&P Global Inc. | 473,404 | 186,763 | |
Globe Life Inc. | 1,549,565 | 173,815 | |
Goldman Sachs Group Inc. | 328,699 | 116,974 | |
UBS Group AG (Registered) | 4,155,129 | 92,119 | |
Global Payments Inc. | 638,396 | 70,383 | |
Morgan Stanley | 720,717 | 65,989 | |
Axis Capital Holdings Ltd. | 579,154 | 31,923 | |
Invesco Ltd. | 852,369 | 14,320 | |
4,964,375 | |||
Health Care (15.3%) | |||
Pfizer Inc. | 14,110,582 | 508,828 | |
AstraZeneca plc ADR | 4,010,988 | 287,588 | |
* | Centene Corp. | 3,566,486 | 242,842 |
Quest Diagnostics Inc. | 1,773,180 | 239,752 | |
Humana Inc. | 488,304 | 223,072 | |
Novartis AG (Registered) | 2,093,118 | 219,144 | |
1 | Fresenius Medical Care AG & Co. KGaA ADR | 8,204,589 | 214,222 |
UnitedHealth Group Inc. | 412,189 | 208,720 | |
Medtronic plc | 1,906,932 | 167,352 | |
DENTSPLY SIRONA Inc. | 3,979,076 | 165,211 | |
* | United Therapeutics Corp. | 547,992 | 133,009 |
Teleflex Inc. | 524,137 | 131,647 | |
* | Avantor Inc. | 6,398,845 | 131,624 |
Bristol-Myers Squibb Co. | 1,853,066 | 115,242 | |
Encompass Health Corp. | 1,637,258 | 108,108 | |
Johnson & Johnson | 616,171 | 103,227 | |
Baxter International Inc. | 2,181,600 | 98,674 | |
Elevance Health Inc. | 186,825 | 88,112 | |
Cigna Group | 298,096 | 87,968 | |
Cardinal Health Inc. | 885,987 | 81,041 | |
Amgen Inc. | 269,795 | 63,173 | |
McKesson Corp. | 95,396 | 38,387 | |
3,656,943 | |||
Industrials (10.6%) | |||
Westinghouse Air Brake Technologies Corp. | 4,527,287 | 536,212 | |
Leidos Holdings Inc. | 3,206,518 | 299,906 | |
Knight-Swift Transportation Holdings Inc. | 4,045,266 | 245,750 | |
SS&C Technologies Holdings Inc. | 3,635,214 | 211,751 |
Shares | Market Value ($000) | ||
RTX Corp. | 2,225,662 | 195,703 | |
* | AerCap Holdings NV | 2,846,469 | 181,633 |
Techtronic Industries Co. Ltd. | 14,617,250 | 166,060 | |
Ferguson plc | 981,750 | 158,670 | |
General Electric Co. | 1,264,288 | 144,432 | |
Airbus SE | 886,092 | 130,521 | |
Genpact Ltd. | 2,917,362 | 105,288 | |
* | Middleby Corp. | 530,668 | 80,582 |
General Dynamics Corp. | 339,199 | 75,838 | |
2,532,346 | |||
Information Technology (9.2%) | |||
QUALCOMM Inc. | 2,080,758 | 275,014 | |
NXP Semiconductors NV | 1,224,668 | 273,076 | |
Micron Technology Inc. | 3,389,087 | 241,947 | |
Cognizant Technology Solutions Corp. Class A | 3,081,529 | 203,473 | |
* | Salesforce Inc. | 882,528 | 198,578 |
Seagate Technology Holdings plc | 2,733,579 | 173,582 | |
Amdocs Ltd. | 1,630,266 | 152,658 | |
TE Connectivity Ltd. | 1,059,573 | 152,038 | |
* | GoDaddy Inc. Class A | 1,756,533 | 135,411 |
Microsoft Corp. | 390,774 | 131,269 | |
* | Zebra Technologies Corp. Class A | 251,897 | 77,574 |
Oracle Corp. | 607,835 | 71,257 | |
Samsung Electronics Co. Ltd. (XKRX) | 912,419 | 49,957 | |
Juniper Networks Inc. | 1,231,241 | 34,229 | |
Cisco Systems Inc. | 556,397 | 28,955 | |
2,199,018 | |||
Materials (5.1%) | |||
Dow Inc. | 3,814,708 | 215,417 | |
Rio Tinto plc ADR | 3,186,823 | 212,083 | |
FMC Corp. | 2,192,215 | 210,957 | |
CRH plc (SGMX) | 3,409,676 | 204,058 | |
Reliance Steel & Aluminum Co. | 639,380 | 187,249 | |
PPG Industries Inc. | 1,290,520 | 185,706 | |
1,215,470 | |||
Real Estate (4.2%) | |||
American Tower Corp. | 1,544,861 | 294,002 | |
Extra Space Storage Inc. | 1,490,096 | 207,973 | |
Equinix Inc. | 232,838 | 188,580 | |
UDR Inc. | 4,463,232 | 182,457 | |
AvalonBay Communities Inc. | 577,559 | 108,957 | |
* | CBRE Group Inc. Class A | 384,588 | 32,040 |
1,014,009 | |||
Utilities (5.8%) | |||
Edison International | 5,889,479 | 423,807 | |
Exelon Corp. | 7,560,683 | 316,490 | |
Duke Energy Corp. | 2,331,068 | 218,234 | |
Iberdrola SA (XMAD) | 17,442,539 | 217,710 | |
AES Corp. | 6,823,530 | 147,593 | |
Avangrid Inc. | 1,492,527 | 55,343 | |
1,379,177 | |||
Total Common Stocks (Cost $19,003,561) | 23,292,980 | ||
Temporary Cash Investments (2.7%) | |||
Money Market Fund (1.7%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.274% | 4,118,425 | 411,760 |
Face Amount ($000) | Market Value ($000) | ||
Repurchase Agreements (1.0%) | |||
Bank of America Securities LLC 5.300%, 8/1/23 (Dated 7/31/23, Repurchase Value $207,831,000, collateralized by U.S. Treasury Note/Bond 1.000%–4.625%, 3/15/26–7/31/28, with a value of $211,956,000) | 207,800 | 207,800 | |
JP Morgan Securities LLC 5.290%, 8/1/23 (Dated 7/31/23, Repurchase Value $15,002,000, collateralized by U.S. Treasury Bill 0.000%, 10/10/23–6/13/24, and U.S. Treasury Note/Bond 0.125%–2.375%, 1/15/24–8/15/24, with a value of $15,300,000) | 15,000 | 15,000 | |
222,800 | |||
Total Temporary Cash Investments (Cost $634,549) | 634,560 | ||
Total Investments (100.0%) (Cost $19,638,110) | 23,927,540 | ||
Other Assets and Liabilities—Net (0.0%) | 5,038 | ||
Net Assets (100%) | 23,932,578 | ||
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 $29,557,000. |
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 $30,564,000 was received for securities on loan, of which $29,192,000 is held in Vanguard Market Liquidity Fund and $1,372,000 is held in cash. |
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 2023 | 1,096 | 252,875 | 10,728 |
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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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. 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.
D. 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).
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, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 21,907,641 | 1,385,339 | — | 23,292,980 |
Temporary Cash Investments | 411,760 | 222,800 | — | 634,560 |
Total | 22,319,401 | 1,608,139 | — | 23,927,540 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 10,728 | — | — | 10,728 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
F. Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:
Current Period Transactions | ||||||||
Oct. 31, 2022 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jul. 31, 2023 Market Value ($000) | |
Vanguard Market Liquidity Fund | 366,607 | NA1 | NA1 | — | (39) | 13,076 | 1 | 411,760 |
Voya Financial Inc. | 336,421 | — | 11,264 | (141) | 27,971 | 2,913 | — | NA2 |
Total | 703,028 | — | 11,264 | (141) | 27,932 | 15,989 | 1 | 411,760 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
2 | Not applicable—at July 31, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |