Vanguard Windsor Fund | |||
Schedule of Investments (unaudited) | |||
As of January 31, 2020 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (97.3%)1 | |||
Communication Services (8.5%) | |||
Comcast Corp. | 9,102,459 | 393,135 | |
Verizon Communications Inc. | 4,883,142 | 290,254 | |
T-Mobile US Inc. | 3,267,723 | 258,771 | |
Electronic Arts Inc. | 1,914,912 | 206,657 | |
Charter Communications Inc. | 313,404 | 162,174 | |
* | Alphabet Inc. | 103,730 | 148,622 |
Interpublic Group of Cos. Inc. | 4,983,648 | 113,129 | |
AT&T Inc. | 1,666,954 | 62,711 | |
1,635,453 | |||
Consumer Discretionary (8.2%) | |||
Expedia Group Inc. | 1,807,340 | 196,006 | |
General Motors Co. | 5,684,164 | 189,794 | |
Dollar Tree Inc. | 1,727,577 | 150,420 | |
Ford Motor Co. | 16,709,926 | 147,382 | |
Lear Corp. | 1,178,179 | 145,128 | |
PVH Corp. | 1,458,199 | 127,111 | |
Newell Brands Inc. | 5,957,934 | 116,358 | |
Gildan Activewear Inc. | 4,057,702 | 112,480 | |
VF Corp. | 1,240,600 | 102,933 | |
TJX Cos. Inc. | 1,675,007 | 98,892 | |
Mohawk Industries Inc. | 745,450 | 98,161 | |
* | Norwegian Cruise Line Holdings Ltd. | 1,659,891 | 89,385 |
Las Vegas Sands Corp. | 321,959 | 21,027 | |
1,595,077 | |||
Consumer Staples (4.7%) | |||
Philip Morris International Inc. | 3,971,631 | 328,454 | |
Kroger Co. | 8,085,839 | 217,186 | |
Archer-Daniels-Midland Co. | 3,369,845 | 150,834 | |
* | US Foods Holding Corp. | 2,144,839 | 86,158 |
Keurig Dr Pepper Inc. | 2,552,500 | 72,823 | |
Kellogg Co. | 432,159 | 29,477 | |
Walmart Inc. | 248,796 | 28,485 | |
913,417 | |||
Energy (8.0%) | |||
Halliburton Co. | 11,697,877 | 255,131 | |
Canadian Natural Resources Ltd. | 7,764,224 | 218,408 | |
Chevron Corp. | 1,645,546 | 176,304 | |
Concho Resources Inc. | 2,277,407 | 172,582 | |
National Oilwell Varco Inc. | 7,634,325 | 157,343 | |
Diamondback Energy Inc. | 1,931,916 | 143,734 | |
Enbridge Inc. | 2,950,708 | 120,005 | |
Exxon Mobil Corp. | 1,472,730 | 91,486 | |
Royal Dutch Shell plc | 1,712,553 | 89,310 | |
Baker Hughes Co. | 3,439,532 | 74,500 | |
Cenovus Energy Inc. | 6,621,254 | 57,671 | |
1,556,474 |
Financials (23.3%) | ||
Bank of America Corp. | 18,832,118 | 618,258 |
Citigroup Inc. | 5,266,988 | 391,917 |
MetLife Inc. | 7,686,070 | 382,075 |
Raymond James Financial Inc. | 3,488,373 | 318,942 |
Equitable Holdings Inc. | 9,905,344 | 237,926 |
* Athene Holding Ltd. | 4,575,518 | 199,310 |
American International Group Inc. | 3,671,029 | 184,506 |
Capital One Financial Corp. | 1,797,232 | 179,364 |
Morgan Stanley | 3,128,833 | 163,513 |
JPMorgan Chase & Co. | 1,218,510 | 161,282 |
Wells Fargo & Co. | 3,377,478 | 158,539 |
M&T Bank Corp. | 904,797 | 152,476 |
Zions Bancorp NA | 3,261,099 | 148,347 |
TD Ameritrade Holding Corp. | 2,908,048 | 138,074 |
Voya Financial Inc. | 2,064,001 | 123,283 |
Goldman Sachs Group Inc. | 493,525 | 117,336 |
ING Groep NV ADR | 10,549,795 | 114,676 |
Unum Group | 4,203,351 | 112,187 |
London Stock Exchange Group plc | 1,085,429 | 112,170 |
Assurant Inc. | 852,143 | 111,256 |
Prudential Financial Inc. | 994,725 | 90,580 |
KKR & Co. Inc. Class A | 2,130,259 | 67,955 |
Fifth Third Bancorp | 2,159,384 | 61,435 |
KeyCorp | 3,143,625 | 58,817 |
Axis Capital Holdings Ltd. | 896,994 | 57,632 |
UBS Group AG | 2,753,680 | 34,063 |
Invesco Ltd. | 695,225 | 12,027 |
4,507,946 | ||
Health Care (13.7%) | ||
CVS Health Corp. | 5,550,252 | 376,418 |
Bristol-Myers Squibb Co. | 5,588,875 | 351,820 |
UnitedHealth Group Inc. | 993,268 | 270,616 |
Medtronic plc | 1,953,871 | 225,555 |
McKesson Corp. | 1,375,476 | 196,157 |
Gilead Sciences Inc. | 2,583,979 | 163,307 |
Centene Corp. | 2,505,314 | 157,359 |
Amgen Inc. | 677,924 | 146,465 |
Eli Lilly & Co. | 962,854 | 134,453 |
Koninklijke Philips NV | 2,878,330 | 131,820 |
Anthem Inc. | 454,500 | 120,570 |
* Mylan NV | 4,389,901 | 94,032 |
Regeneron Pharmaceuticals Inc. | 262,300 | 88,642 |
Pfizer Inc. | 1,888,111 | 70,313 |
Cardinal Health Inc. | 1,260,058 | 64,527 |
Cigna Corp. | 298,096 | 57,348 |
Biogen Inc. | 45,702 | 12,287 |
2,661,689 | ||
Industrials (9.4%) | ||
Westinghouse Air Brake Technologies Corp. | 4,789,273 | 353,736 |
General Electric Co. | 19,315,466 | 240,478 |
Southwest Airlines Co. | 3,835,474 | 210,874 |
Raytheon Co. | 688,131 | 152,036 |
Ferguson plc | 1,541,538 | 138,435 |
L3Harris Technologies Inc. | 557,197 | 123,324 |
Delta Air Lines Inc. | 2,181,100 | 121,575 |
Stanley Black & Decker Inc. | 746,140 | 118,882 |
JB Hunt Transport Services Inc. | 885,586 | 95,581 |
Eaton Corp. plc | 725,430 | 68,531 |
* Sensata Technologies Holding plc | 1,346,647 | 63,656 |
Parker-Hannifin Corp. | 317,760 | 62,182 |
Middleby Corp. | 369,584 | 41,453 |
Dover Corp. | 281,597 | 32,060 |
1,822,803 | ||
Information Technology (9.9%) | ||
Intel Corp. | 5,937,494 | 379,584 |
* Micron Technology Inc. | 5,236,146 | 277,987 |
KLA Corp. | 1,078,345 | 178,725 |
Broadcom Inc. | 554,582 | 169,236 |
SS&C Technologies Holdings Inc. | 2,663,939 | 167,855 |
Amdocs Ltd. | 2,046,109 | 147,217 |
Cognizant Technology Solutions Corp. | 1,962,403 | 120,452 |
Hewlett Packard Enterprise Co. | 8,187,213 | 114,048 |
Oracle Corp. | 1,972,134 | 103,438 |
* Arrow Electronics Inc. | 1,332,296 | 101,175 |
Samsung Electronics Co. Ltd. | 1,863,975 | 86,364 |
Juniper Networks Inc. | 1,836,089 | 42,120 |
Cisco Systems Inc. | 556,397 | 25,578 |
1,913,779 | ||
Materials (3.9%) | ||
FMC Corp. | 2,332,625 | 222,976 |
Reliance Steel & Aluminum Co. | 1,481,955 | 170,129 |
Celanese Corp. | 1,529,463 | 158,299 |
PPG Industries Inc. | 778,941 | 93,348 |
Vulcan Materials Co. | 634,952 | 89,928 |
Livent Corp. | 2,292,561 | 21,573 |
756,253 | ||
Real Estate (3.7%) | ||
Equinix Inc. | 350,444 | 206,667 |
Americold Realty Trust | 5,165,549 | 178,057 |
Host Hotels & Resorts Inc. | 8,839,808 | 144,443 |
American Tower Corp. | 415,286 | 96,238 |
Simon Property Group Inc. | 709,871 | 94,519 |
719,924 | ||
Utilities (4.0%) | ||
Exelon Corp. | 6,508,770 | 309,752 |
Duke Energy Corp. | 2,325,697 | 227,058 |
Edison International | 1,708,842 | 130,812 |
Avangrid Inc. | 1,258,907 | 67,049 |
Entergy Corp. | 239,718 | 31,528 |
766,199 | ||
Total Common Stocks (Cost $15,676,532) | 18,849,014 |
Market | ||||
Value | ||||
Coupon | Shares | ($000) | ||
Temporary Cash Investments (2.5%)1 | ||||
Money Market Fund (1.0%) | ||||
2 Vanguard Market Liquidity Fund | 1.730% | 2,016,699 | 201,711 | |
Face | ||||
Maturity | Amount | |||
Date | ($000) | |||
Repurchase Agreement (1.4%) | ||||
Bank of America Securities, LLC (Dated | ||||
1/31/20, Repurchase Value $275,436,000 | ||||
collateralized by Federal National Mortgage | ||||
Assn. 2.500%—5.000%, 4/1/30—11/1/49, | ||||
Federal Home Loan Mortgage Corp. | ||||
0.000%–5.000%, 7/1/33–1/1/50, with a | ||||
value of $280,908,000) | 1.590% | 2/3/20 | 275,400 | 275,400 |
U.S. Government and Agency Obligations (0.1%) | ||||
3 United States Treasury Bill | 1.527% | 4/30/20 | 12,700 | 12,653 |
Total Temporary Cash Investments (Cost $489,730) | 489,764 | |||
Total Investments (99.8%) (Cost $16,166,262) | 19,338,778 | |||
Other Assets and Liabilities-Net (0.2%) | 34,250 | |||
Net Assets (100%) | 19,373,028 |
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 98.1% and 1.7%, respectively, of net assets.
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 Securities with a value of $6,924,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2020 | 969 | 156,203 | 726 |
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
Windsor Fund
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 assets pledged as initial margin for
open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the
contracts are not recorded in the Schedule of Investments. 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. These inputs are
summarized in three broad levels for financial statement purposes. The inputs or methodologies used
Windsor Fund
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 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, 2020, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 18,380,225 | 468,789 | — |
Temporary Cash Investments | 201,711 | 288,053 | — |
Futures Contracts—Liabilities1 | (3,293) | — | — |
Total | 18,578,643 | 756,842 | — |
1 Represents variation margin on the last day of the reporting period. |
F. Transactions during the period in investments where the issuer is another member of The
Vanguard Group were as follows:
Current Period Transactions | ||||||||
Oct. 31, | Proceeds | Jan. 31, | ||||||
2019 | from | Realized | Change in | Capital Gain | 2020 | |||
Market | Purchases | Securities | Net Gain | Unrealized | Distributions | Market | ||
Value | at Cost | Sold | (Loss) | App.(Dep.) | Income | Received | Value | |
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
Vanguard Market | ||||||||
Liquidity Fund | 415,193 | NA1 | NA1 | 29 | 17 | 1,427 | — | 201,711 |
Vanguard Value ETF | 61,815 | — | 65,150 | 36,384 | (33,049) | — | — | — |
Total | 477,008 | 36,413 | (33,032) | 1,427 | — | 201,711 | ||
1 Not applicable—purchases and sales are for temporary cash investment purposes. |