Vanguard® Windsor™ II Fund
Schedule of Investments (unaudited)
As of January 31, 2024
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 (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. |
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 2024 | 2,571 | 626,103 | 17,084 |
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.
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. 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, 2024, based on the inputs used to value them:
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. |