Vanguard® Windsor™ II Fund
Schedule of Investments (unaudited)
As of July 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 (95.7%) | |||
Communication Services (6.1%) | |||
Alphabet Inc. Class A | 8,174,033 | 1,402,174 | |
Meta Platforms Inc. Class A | 1,785,038 | 847,590 | |
Alphabet Inc. Class C | 4,354,150 | 753,921 | |
Comcast Corp. Class A | 7,963,713 | 328,662 | |
1 | WPP plc ADR | 2,927,000 | 141,491 |
* | Warner Bros Discovery Inc. | 10,268,148 | 88,819 |
Vodafone Group plc ADR | 9,071,932 | 84,913 | |
Omnicom Group Inc. | 753,779 | 73,901 | |
Paramount Global Class B | 3,620,200 | 41,343 | |
*,1 | Baidu Inc. ADR | 78,683 | 6,969 |
3,769,783 | |||
Consumer Discretionary (8.6%) | |||
* | Amazon.com Inc. | 10,667,150 | 1,994,544 |
Lennar Corp. Class A | 2,582,000 | 456,833 | |
General Motors Co. | 9,627,524 | 426,692 | |
McDonald's Corp. | 1,123,779 | 298,251 | |
Home Depot Inc. | 787,349 | 289,870 | |
Lowe's Cos. Inc. | 1,040,487 | 255,450 | |
1 | Sony Group Corp. ADR | 2,875,000 | 254,696 |
Cie Generale des Etablissements Michelin SCA ADR | 12,597,700 | 248,301 | |
1 | Magna International Inc. | 5,544,532 | 246,011 |
Booking Holdings Inc. | 59,700 | 221,786 | |
* | Aptiv plc | 2,786,072 | 193,326 |
NIKE Inc. Class B | 2,196,547 | 164,433 | |
Bayerische Motoren Werke AG (XETR) | 944,435 | 87,595 | |
BorgWarner Inc. (XNYS) | 2,110,900 | 74,536 | |
Alibaba Group Holding Ltd. ADR | 832,401 | 65,635 | |
Mercedes-Benz Group AG | 680,714 | 44,998 | |
* | Adient plc | 1,311,943 | 33,796 |
5,356,753 | |||
Consumer Staples (5.1%) | |||
Procter & Gamble Co. | 4,739,803 | 761,971 | |
Coca-Cola Co. | 9,081,896 | 606,126 | |
Unilever plc ADR | 4,524,198 | 277,786 | |
PepsiCo Inc. | 1,395,268 | 240,921 | |
Constellation Brands Inc. Class A | 822,000 | 201,521 | |
Unilever plc (XLON) | 3,212,400 | 197,417 | |
Mondelez International Inc. Class A | 2,357,453 | 161,132 | |
Sysco Corp. | 1,878,137 | 143,959 | |
Estee Lauder Cos. Inc. Class A | 1,361,357 | 135,605 | |
Nestle SA (Registered) | 1,245,887 | 126,199 | |
Conagra Brands Inc. | 3,377,300 | 102,400 | |
1 | Anheuser-Busch InBev SA ADR | 1,637,000 | 97,401 |
Brown-Forman Corp. Class B | 1,564,479 | 70,652 | |
Kraft Heinz Co. | 1,916,000 | 67,462 | |
3,190,552 | |||
Energy (6.0%) | |||
Exxon Mobil Corp. | 4,776,413 | 566,435 | |
ConocoPhillips | 3,941,969 | 438,347 | |
APA Corp. | 14,001,367 | 436,703 | |
Suncor Energy Inc. | 7,124,332 | 284,403 | |
NOV Inc. | 13,047,488 | 271,649 | |
Shell plc ADR | 3,602,412 | 263,769 | |
TotalEnergies SE ADR | 3,828,479 | 259,494 | |
Coterra Energy Inc. | 9,097,000 | 234,702 | |
Halliburton Co. | 6,074,735 | 210,672 | |
Ovintiv Inc. (XNYS) | 3,929,310 | 182,477 | |
Baker Hughes Co. | 4,030,400 | 156,057 | |
Schlumberger NV | 3,049,266 | 147,249 |
Vanguard® Windsor™ II Fund
Shares | Market Value ($000) | ||
Marathon Oil Corp. | 4,487,087 | 125,863 | |
Cenovus Energy Inc. | 4,153,200 | 83,604 | |
Murphy Oil Corp. | 1,372,052 | 56,775 | |
3,718,199 | |||
Financials (17.9%) | |||
Bank of America Corp. | 25,829,488 | 1,041,187 | |
Intercontinental Exchange Inc. | 4,713,620 | 714,396 | |
Citigroup Inc. | 10,419,603 | 676,024 | |
Visa Inc. Class A | 2,515,283 | 668,235 | |
Wells Fargo & Co. | 10,450,280 | 620,120 | |
American International Group Inc. | 7,347,375 | 582,133 | |
US Bancorp | 12,698,400 | 569,904 | |
Blackstone Inc. | 3,282,594 | 466,621 | |
Capital One Financial Corp. | 2,744,300 | 415,487 | |
Marsh & McLennan Cos. Inc. | 1,728,075 | 384,618 | |
JPMorgan Chase & Co. | 1,795,175 | 382,013 | |
Ameriprise Financial Inc. | 859,000 | 369,430 | |
American Express Co. | 1,274,066 | 322,390 | |
Hartford Financial Services Group Inc. | 2,514,100 | 278,864 | |
Charles Schwab Corp. | 4,050,598 | 264,058 | |
State Street Corp. | 3,070,178 | 260,873 | |
Goldman Sachs Group Inc. | 499,638 | 254,331 | |
PNC Financial Services Group Inc. | 1,352,000 | 244,847 | |
Citizens Financial Group Inc. | 5,496,051 | 234,516 | |
Fidelity National Information Services Inc. | 2,982,500 | 229,145 | |
BNP Paribas SA | 3,342,100 | 228,980 | |
1 | Mitsubishi UFJ Financial Group Inc. ADR | 19,328,000 | 224,591 |
Chubb Ltd. | 801,951 | 221,066 | |
Truist Financial Corp. | 4,609,588 | 206,002 | |
Bank of New York Mellon Corp. | 3,153,134 | 205,174 | |
Commerce Bancshares Inc. | 3,152,617 | 204,006 | |
Cullen/Frost Bankers Inc. | 1,577,000 | 184,604 | |
Corebridge Financial Inc. | 4,644,000 | 137,230 | |
HSBC Holdings plc ADR | 2,888,300 | 130,407 | |
Discover Financial Services | 652,800 | 93,997 | |
NatWest Group plc | 18,280,043 | 86,729 | |
First Citizens BancShares Inc. Class A | 40,258 | 84,046 | |
ING Groep NV | 4,497,433 | 81,633 | |
11,067,657 | |||
Health Care (15.0%) | |||
UnitedHealth Group Inc. | 1,924,917 | 1,109,060 | |
Medtronic plc | 11,841,032 | 951,072 | |
HCA Healthcare Inc. | 2,376,100 | 862,643 | |
Elevance Health Inc. | 1,581,638 | 841,479 | |
Danaher Corp. | 2,492,379 | 690,588 | |
Cigna Group | 1,662,473 | 579,655 | |
Thermo Fisher Scientific Inc. | 734,591 | 450,554 | |
Johnson & Johnson | 2,690,312 | 424,666 | |
Amgen Inc. | 990,000 | 329,145 | |
CVS Health Corp. | 5,170,400 | 311,930 | |
* | Boston Scientific Corp. | 3,954,429 | 292,153 |
Alcon Inc. | 2,918,000 | 274,292 | |
Merck & Co. Inc. | 2,389,000 | 270,268 | |
GE Healthcare Inc. | 3,098,515 | 262,227 | |
* | IQVIA Holdings Inc. | 954,646 | 235,063 |
Roche Holding AG | 705,449 | 228,396 | |
Zoetis Inc. | 1,144,650 | 206,083 | |
* | Centene Corp. | 2,491,688 | 191,661 |
Humana Inc. | 419,778 | 151,796 | |
AstraZeneca plc ADR | 1,696,150 | 134,250 | |
Abbott Laboratories | 1,117,297 | 118,366 | |
AbbVie Inc. | 516,367 | 95,693 | |
Sanofi SA ADR | 1,320,391 | 68,409 | |
Zimmer Biomet Holdings Inc. | 612,008 | 68,147 | |
Labcorp Holdings Inc. | 307,000 | 66,140 | |
GSK plc ADR | 1,567,915 | 60,788 | |
EssilorLuxottica SA | 155,912 | 35,679 | |
9,310,203 |
Vanguard® Windsor™ II Fund
Shares | Market Value ($000) | ||
Industrials (9.5%) | |||
General Dynamics Corp. | 2,036,471 | 608,314 | |
Honeywell International Inc. | 2,378,576 | 487,013 | |
Parker-Hannifin Corp. | 854,000 | 479,231 | |
RTX Corp. | 3,729,700 | 438,202 | |
Norfolk Southern Corp. | 1,698,839 | 423,962 | |
Northrop Grumman Corp. | 692,542 | 335,412 | |
Waste Management Inc. | 1,590,329 | 322,296 | |
* | Boeing Co. | 1,577,800 | 300,729 |
Xylem Inc. | 2,194,000 | 292,899 | |
FedEx Corp. | 939,040 | 283,825 | |
HEICO Corp. | 964,198 | 232,700 | |
Cummins Inc. | 696,672 | 203,289 | |
Nordson Corp. | 716,222 | 179,292 | |
Oshkosh Corp. | 1,601,000 | 173,949 | |
Caterpillar Inc. | 487,242 | 168,683 | |
Delta Air Lines Inc. | 3,397,842 | 146,175 | |
CNH Industrial NV | 12,438,699 | 132,472 | |
Rockwell Automation Inc. | 475,186 | 132,411 | |
Old Dominion Freight Line Inc. | 610,592 | 128,334 | |
PACCAR Inc. | 1,247,680 | 123,096 | |
Daimler Truck Holding AG | 2,794,014 | 107,874 | |
* | Fluor Corp. | 1,403,385 | 67,503 |
Timken Co. | 737,700 | 64,143 | |
Siemens AG (Registered) | 189,874 | 34,765 | |
* | United Airlines Holdings Inc. | 596,409 | 27,089 |
* | Air Canada | 2,257,900 | 26,019 |
5,919,677 | |||
Information Technology (21.1%) | |||
Microsoft Corp. | 7,640,186 | 3,196,272 | |
Apple Inc. | 8,375,922 | 1,860,125 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,824,085 | 965,633 | |
* | Adobe Inc. | 1,050,883 | 579,720 |
Samsung Electronics Co. Ltd. (XKRX) | 8,361,400 | 515,582 | |
* | F5 Inc. | 2,292,200 | 466,784 |
Telefonaktiebolaget LM Ericsson ADR | 66,794,880 | 460,217 | |
* | Workday Inc. Class A | 1,844,950 | 419,025 |
Applied Materials Inc. | 1,930,158 | 409,580 | |
Accenture plc Class A | 1,162,674 | 384,403 | |
Broadcom Inc. | 2,384,005 | 383,062 | |
Amphenol Corp. Class A | 5,806,123 | 373,101 | |
Analog Devices Inc. | 1,582,963 | 366,266 | |
Seagate Technology Holdings plc | 3,467,208 | 354,245 | |
QUALCOMM Inc. | 1,879,000 | 340,005 | |
Microchip Technology Inc. | 3,676,000 | 326,355 | |
* | ANSYS Inc. | 942,000 | 295,439 |
* | Autodesk Inc. | 1,140,000 | 282,173 |
Marvell Technology Inc. | 3,574,891 | 239,446 | |
* | Teledyne Technologies Inc. | 540,000 | 227,804 |
Salesforce Inc. | 551,286 | 142,673 | |
TE Connectivity Ltd. | 902,266 | 139,247 | |
CDW Corp. | 376,550 | 82,129 | |
Micron Technology Inc. | 651,500 | 71,548 | |
Cognizant Technology Solutions Corp. Class A | 866,500 | 65,577 | |
Oracle Corp. | 454,925 | 63,439 | |
Corning Inc. | 1,520,751 | 60,845 | |
13,070,695 | |||
Materials (2.7%) | |||
Martin Marietta Materials Inc. | 621,279 | 368,636 | |
Corteva Inc. | 6,320,000 | 354,552 | |
RPM International Inc. | 2,351,000 | 285,553 | |
Ecolab Inc. | 1,235,000 | 284,902 | |
Avery Dennison Corp. | 1,017,619 | 220,650 | |
Olin Corp. | 3,694,300 | 168,497 | |
1,682,790 | |||
Other (0.6%) | |||
SPDR S&P 500 ETF Trust | 621,072 | 342,093 |
Vanguard® Windsor™ II Fund
Shares | Market Value ($000) | ||
Real Estate (1.2%) | |||
Prologis Inc. | 3,727,853 | 469,896 | |
Equity LifeStyle Properties Inc. | 2,830,000 | 194,364 | |
* | CBRE Group Inc. Class A | 438,281 | 49,399 |
713,659 | |||
Utilities (1.9%) | |||
Atmos Energy Corp. | 2,210,000 | 282,615 | |
American Water Works Co. Inc. | 1,872,493 | 266,568 | |
PPL Corp. | 8,773,815 | 260,758 | |
Xcel Energy Inc. | 3,638,000 | 212,023 | |
Dominion Energy Inc. | 2,490,900 | 133,163 | |
1,155,127 | |||
Total Common Stocks (Cost $36,607,945) | 59,297,188 | ||
Temporary Cash Investments (4.3%) | |||
Money Market Fund (4.3%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.390% (Cost $2,683,499) | 26,841,558 | 2,683,887 |
Total Investments (100.0%) (Cost $39,291,444) | 61,981,075 | ||
Other Assets and Liabilities—Net (0.0%) | 316 | ||
Net Assets (100%) | 61,981,391 | ||
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 $43,833,000. |
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 $44,716,000 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 2024 | 2,781 | 772,840 | 3,775 |
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 |
Vanguard® Windsor™ II Fund
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 July 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 | 57,521,341 | 1,775,847 | — | 59,297,188 |
Temporary Cash Investments | 2,683,887 | — | — | 2,683,887 |
Total | 60,205,228 | 1,775,847 | — | 61,981,075 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 3,775 | — | — | 3,775 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |