# EDGAR Filing Document

**Accession Number:** 0000107606
**File Stem:** 0001104659-25-064859
**Filing Date:** 2025-7
**Character Count:** 165603
**Document Hash:** 7485d5022c3810c2d6ca039c1dbd46c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064859.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064859

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WINDSOR FUNDS
- **CENTRAL INDEX KEY:** 0000107606

**ORGANIZATION NAME:**
- **EIN:** 510082711
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00834
- **FILM NUMBER:** 251097841

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WINDSOR FUNDS/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD/WINDSOR FUNDS INC
- **DATE OF NAME CHANGE:** 19931203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WINDSOR FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Windsor Fund (Series ID: S000004417)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012178 | Investor Shares | VWNDX           |
| C000012179 | Admiral Shares  | VWNEX           |

### Vanguard Windsor II Fund (Series ID: S000004418)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012180 | Investor Shares | VWNFX           |
| C000012181 | Admiral Shares  | VWNAX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-00834**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Windsor Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **Tonya T. Robinson, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: October 31

Date of reporting period: November 1, 2024—April 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Windsor™ Fund](#classname8fe89395-d657-47e8-adf8-3b845e743449)<br> **[Investor Shares - VWNDX](#classname8fe89395-d657-47e8-adf8-3b845e743449)**  |
|  [Windsor™ Fund](#classname6a5d08b7-0ab4-4d01-80e6-4a4d33a085ae)<br> **[Admiral™ Shares - VWNEX](#classname6a5d08b7-0ab4-4d01-80e6-4a4d33a085ae)**  |
|  [Windsor™ II Fund](#classname0b9f5099-e224-462d-8689-8459500e88b8)<br> **[Investor Shares - VWNFX](#classname0b9f5099-e224-462d-8689-8459500e88b8)**  |
|  [Windsor™ II Fund](#classname1d80426c-9cea-4a2f-886f-b0367776c66f)<br> **[Admiral™ Shares - VWNAX](#classname1d80426c-9cea-4a2f-886f-b0367776c66f)**  |

---

# Vanguard Windsor™ Fund
![Image](tm2515692d1_tsrimg001.jpg)

# Investor Shares (VWNDX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Windsor Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 5.5% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 8.1% |
| Energy | 6.6% |
| Financials | 19.4% |
| Health Care | 16.3% |
| Industrials | 9.8% |
| Information Technology | 9.3% |
| Materials | 5.6% |
| Real Estate | 5.3% |
| Utilities | 3.6% |
| Other Assets and Liabilities—Net | 2.2% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $22277 |
| Number of Portfolio Holdings | 137 |
| Portfolio Turnover Rate | 25% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR22

# Vanguard Windsor™ Fund
![Image](tm2515692d1_tsrimg001.jpg)

# Admiral™ Shares (VWNEX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Windsor Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 5.5% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 8.1% |
| Energy | 6.6% |
| Financials | 19.4% |
| Health Care | 16.3% |
| Industrials | 9.8% |
| Information Technology | 9.3% |
| Materials | 5.6% |
| Real Estate | 5.3% |
| Utilities | 3.6% |
| Other Assets and Liabilities—Net | 2.2% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $22277 |
| Number of Portfolio Holdings | 137 |
| Portfolio Turnover Rate | 25% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5022

# Vanguard Windsor™ II Fund
![Image](tm2515692d1_tsrimg001.jpg)

# Investor Shares (VWNFX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Windsor II Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $16 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 7.1% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 5.2% |
| Energy | 4.7% |
| Financials | 18.0% |
| Health Care | 14.3% |
| Industrials | 10.5% |
| Information Technology | 20.6% |
| Materials | 3.4% |
| Other | 0.4% |
| Real Estate | 1.0% |
| Utilities | 2.5% |
| Other Assets and Liabilities—Net | 4.8% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $56007 |
| Number of Portfolio Holdings | 186 |
| Portfolio Turnover Rate | 11% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR73

# Vanguard Windsor™ II Fund
![Image](tm2515692d1_tsrimg001.jpg)

# Admiral™ Shares (VWNAX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Windsor II Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $12 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Communication Services | 7.1% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 5.2% |
| Energy | 4.7% |
| Financials | 18.0% |
| Health Care | 14.3% |
| Industrials | 10.5% |
| Information Technology | 20.6% |
| Materials | 3.4% |
| Other | 0.4% |
| Real Estate | 1.0% |
| Utilities | 2.5% |
| Other Assets and Liabilities—Net | 4.8% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $56007 |
| Number of Portfolio Holdings | 186 |
| Portfolio Turnover Rate | 11% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR573

**Item 2: Code of Ethics.** 

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2515692d1wdsrfdfinsi001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Windsor<sup>™</sup> Fund

------

#### Contents
Financial Statements 1 <br>

------

Windsor Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** | **Common Stocks (97.8%)** |
| **Communication Services (5.5%)** | **Communication Services (5.5%)** | **Communication Services (5.5%)** | **Communication Services (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;932537 | &nbsp;&nbsp;&nbsp;&nbsp; 230290 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2530654 | &nbsp;&nbsp;&nbsp;&nbsp; 230163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charter Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;574214 | &nbsp;&nbsp;&nbsp;&nbsp; 225011 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1365359 | &nbsp;&nbsp;&nbsp;&nbsp; 216819 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 6007002 | &nbsp;&nbsp;&nbsp;&nbsp; 166394 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 1205201 | &nbsp;&nbsp;&nbsp;&nbsp; 159629 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1228306** |
| **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | 1207058 | &nbsp;&nbsp;&nbsp;&nbsp; 226613 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | 1624891 | &nbsp;&nbsp;&nbsp;&nbsp; 198107 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 3254268 | &nbsp;&nbsp;&nbsp;&nbsp; 183541 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Magna International Inc. | 5117589 | &nbsp;&nbsp;&nbsp;&nbsp; 177887 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;699832 | &nbsp;&nbsp;&nbsp;&nbsp; 168653 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1758567 | &nbsp;&nbsp;&nbsp;&nbsp; 140773 |
|  | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | 1504035 | &nbsp;&nbsp;&nbsp;&nbsp; 128294 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | 1381940 | &nbsp;&nbsp;&nbsp;&nbsp; 118501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mohawk Industries Inc. | 1060308 | &nbsp;&nbsp;&nbsp;&nbsp; 112764 |
|  | &nbsp;&nbsp;&nbsp;Gentex Corp. | 4799380 | &nbsp;&nbsp;&nbsp;&nbsp; 104531 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | 1007007 | &nbsp;&nbsp;&nbsp;&nbsp; 69463 |
|  | &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1683839 | &nbsp;&nbsp;&nbsp;&nbsp; 61746 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 11866202 | &nbsp;&nbsp;&nbsp;&nbsp; 56721 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;847307 | &nbsp;&nbsp;&nbsp;&nbsp; 54795 |
|  | &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;283986 | &nbsp;&nbsp;&nbsp;&nbsp; 33383 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1835772** |
| **Consumer Staples (8.1%)** | **Consumer Staples (8.1%)** | **Consumer Staples (8.1%)** | **Consumer Staples (8.1%)** |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 6505739 | &nbsp;&nbsp;&nbsp;&nbsp; 398411 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 2781396 | &nbsp;&nbsp;&nbsp;&nbsp; 260589 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | 3972707 | &nbsp;&nbsp;&nbsp;&nbsp; 252942 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 3002400 | &nbsp;&nbsp;&nbsp;&nbsp; 216803 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 5412342 | &nbsp;&nbsp;&nbsp;&nbsp; 187213 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;877264 | &nbsp;&nbsp;&nbsp;&nbsp; 164522 |
|  | &nbsp;&nbsp;&nbsp;Kenvue Inc. | 6463967 | &nbsp;&nbsp;&nbsp;&nbsp; 152550 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 3007663 | &nbsp;&nbsp;&nbsp;&nbsp; 143616 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;324560 | &nbsp;&nbsp;&nbsp;&nbsp; 31385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1808031** |
| **Energy (6.6%)** | **Energy (6.6%)** | **Energy (6.6%)** | **Energy (6.6%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2495334 | &nbsp;&nbsp;&nbsp;&nbsp; 263582 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 2569049 | &nbsp;&nbsp;&nbsp;&nbsp; 228954 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 6264566 | &nbsp;&nbsp;&nbsp;&nbsp; 208297 |
|  | &nbsp;&nbsp;&nbsp;Shell plc ADR | 2806534 | &nbsp;&nbsp;&nbsp;&nbsp; 180966 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1553742 | &nbsp;&nbsp;&nbsp;&nbsp; 180374 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 5300662 | &nbsp;&nbsp;&nbsp;&nbsp; 152076 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 4240156 | &nbsp;&nbsp;&nbsp;&nbsp; 104138 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 5229622 | &nbsp;&nbsp;&nbsp;&nbsp; 103651 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 4383136 | &nbsp;&nbsp;&nbsp;&nbsp; 50888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1472926** |
| **Financials (19.4%)** | **Financials (19.4%)** | **Financials (19.4%)** | **Financials (19.4%)** |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 8167574 | &nbsp;&nbsp;&nbsp;&nbsp; 579979 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 4499103 | &nbsp;&nbsp;&nbsp;&nbsp; 339097 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2563698 | &nbsp;&nbsp;&nbsp;&nbsp; 295902 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 2081761 | &nbsp;&nbsp;&nbsp;&nbsp; 285285 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1428478 | &nbsp;&nbsp;&nbsp;&nbsp; 257497 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 1368127 | &nbsp;&nbsp;&nbsp;&nbsp; 232253 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3376028 | &nbsp;&nbsp;&nbsp;&nbsp; 230853 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | 3462264 | &nbsp;&nbsp;&nbsp;&nbsp; 204966 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;664281 | &nbsp;&nbsp;&nbsp;&nbsp; 184059 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;640791 | &nbsp;&nbsp;&nbsp;&nbsp; 183317 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;473153 | &nbsp;&nbsp;&nbsp;&nbsp; 169782 |

---

------

Windsor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4046219 | &nbsp;&nbsp;&nbsp;&nbsp; 161363 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;515871 | &nbsp;&nbsp;&nbsp;&nbsp; 158785 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 2042435 | &nbsp;&nbsp;&nbsp;&nbsp; 155858 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 2793358 | &nbsp;&nbsp;&nbsp;&nbsp; 138132 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 4361319 | &nbsp;&nbsp;&nbsp;&nbsp; 129226 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | 4155129 | &nbsp;&nbsp;&nbsp;&nbsp; 125610 |
|  | &nbsp;&nbsp;&nbsp;TPG Inc. | 2528655 | &nbsp;&nbsp;&nbsp;&nbsp; 117456 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 3492042 | &nbsp;&nbsp;&nbsp;&nbsp; 114050 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;743198 | &nbsp;&nbsp;&nbsp;&nbsp; 91666 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126489 | &nbsp;&nbsp;&nbsp;&nbsp; 69259 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;279339 | &nbsp;&nbsp;&nbsp;&nbsp; 68332 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381925 | &nbsp;&nbsp;&nbsp;&nbsp; 31135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4323862** |
| **Health Care (16.3%)** | **Health Care (16.3%)** | **Health Care (16.3%)** | **Health Care (16.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 7185668 | &nbsp;&nbsp;&nbsp;&nbsp; 360721 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;775643 | &nbsp;&nbsp;&nbsp;&nbsp; 319131 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 1002869 | &nbsp;&nbsp;&nbsp;&nbsp; 262992 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3784033 | &nbsp;&nbsp;&nbsp;&nbsp; 252433 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA ADR | 3956146 | &nbsp;&nbsp;&nbsp;&nbsp; 217390 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 6964962 | &nbsp;&nbsp;&nbsp;&nbsp; 217098 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG ADR | 8204589 | &nbsp;&nbsp;&nbsp;&nbsp; 208232 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 1457057 | &nbsp;&nbsp;&nbsp;&nbsp; 205868 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 2852560 | &nbsp;&nbsp;&nbsp;&nbsp; 204785 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | 1121347 | &nbsp;&nbsp;&nbsp;&nbsp; 199846 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 2087089 | &nbsp;&nbsp;&nbsp;&nbsp; 176902 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 1505384 | &nbsp;&nbsp;&nbsp;&nbsp; 161979 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ICON plc | &nbsp;&nbsp;&nbsp;&nbsp;895460 | &nbsp;&nbsp;&nbsp;&nbsp; 135608 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 5161331 | &nbsp;&nbsp;&nbsp;&nbsp; 125988 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | 1133773 | &nbsp;&nbsp;&nbsp;&nbsp; 122096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | 1000067 | &nbsp;&nbsp;&nbsp;&nbsp; 118628 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;298096 | &nbsp;&nbsp;&nbsp;&nbsp; 101365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 1511823 | &nbsp;&nbsp;&nbsp;&nbsp; 90483 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186825 | &nbsp;&nbsp;&nbsp;&nbsp; 78575 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107743 | &nbsp;&nbsp;&nbsp;&nbsp; 37180 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;220926 | &nbsp;&nbsp;&nbsp;&nbsp; 34533 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3631833** |
| **Industrials (9.8%)** | **Industrials (9.8%)** | **Industrials (9.8%)** | **Industrials (9.8%)** |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | 1274017 | &nbsp;&nbsp;&nbsp;&nbsp; 217411 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;792201 | &nbsp;&nbsp;&nbsp;&nbsp; 215574 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1964403 | &nbsp;&nbsp;&nbsp;&nbsp; 206478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 2508231 | &nbsp;&nbsp;&nbsp;&nbsp; 203192 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CACI International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;392377 | &nbsp;&nbsp;&nbsp;&nbsp; 179658 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | 2154735 | &nbsp;&nbsp;&nbsp;&nbsp; 162898 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | 1896538 | &nbsp;&nbsp;&nbsp;&nbsp; 157337 |
|  | &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | 13584750 | &nbsp;&nbsp;&nbsp;&nbsp; 136717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Builders FirstSource Inc. | 1142185 | &nbsp;&nbsp;&nbsp;&nbsp; 136639 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 1132581 | &nbsp;&nbsp;&nbsp;&nbsp; 135932 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | 2755186 | &nbsp;&nbsp;&nbsp;&nbsp; 107921 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415867 | &nbsp;&nbsp;&nbsp;&nbsp; 103002 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 2116560 | &nbsp;&nbsp;&nbsp;&nbsp; 88112 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;320930 | &nbsp;&nbsp;&nbsp;&nbsp; 59288 |
|  | &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;265801 | &nbsp;&nbsp;&nbsp;&nbsp; 45104 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217446 | &nbsp;&nbsp;&nbsp;&nbsp; 32004 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2187267** |
| **Information Technology (9.3%)** | **Information Technology (9.3%)** | **Information Technology (9.3%)** | **Information Technology (9.3%)** |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;905160 | &nbsp;&nbsp;&nbsp;&nbsp; 270779 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 3670609 | &nbsp;&nbsp;&nbsp;&nbsp; 235947 |
|  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 1062363 | &nbsp;&nbsp;&nbsp;&nbsp; 195804 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | 2620169 | &nbsp;&nbsp;&nbsp;&nbsp; 192766 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;835307 | &nbsp;&nbsp;&nbsp;&nbsp; 160771 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1059573 | &nbsp;&nbsp;&nbsp;&nbsp; 155100 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;407082 | &nbsp;&nbsp;&nbsp;&nbsp; 152647 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 1630266 | &nbsp;&nbsp;&nbsp;&nbsp; 144409 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;473060 | &nbsp;&nbsp;&nbsp;&nbsp; 127116 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NVDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;184745 | &nbsp;&nbsp;&nbsp;&nbsp; 123424 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 1281843 | &nbsp;&nbsp;&nbsp;&nbsp; 98638 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;782203 | &nbsp;&nbsp;&nbsp;&nbsp; 98417 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;587631 | &nbsp;&nbsp;&nbsp;&nbsp; 87240 |

---

------

Windsor Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;556397 | &nbsp;&nbsp;&nbsp;&nbsp; 32121 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2075179** |
| **Materials (5.6%)** | **Materials (5.6%)** | **Materials (5.6%)** | **Materials (5.6%)** |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 2216031 | &nbsp;&nbsp;&nbsp;&nbsp; 241237 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 6555139 | &nbsp;&nbsp;&nbsp;&nbsp; 236182 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;644634 | &nbsp;&nbsp;&nbsp;&nbsp; 185803 |
|  | &nbsp;&nbsp;&nbsp;CRH plc (SGMX) | 1482661 | &nbsp;&nbsp;&nbsp;&nbsp; 140631 |
|  | &nbsp;&nbsp;&nbsp;Barrick Gold Corp. (XTSE) | 7271056 | &nbsp;&nbsp;&nbsp;&nbsp; 138441 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | 3814708 | &nbsp;&nbsp;&nbsp;&nbsp; 116692 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc ADR | 1818063 | &nbsp;&nbsp;&nbsp;&nbsp; 107993 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | 1964946 | &nbsp;&nbsp;&nbsp;&nbsp; 82370 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1249349** |
| **Real Estate (5.3%)** | **Real Estate (5.3%)** | **Real Estate (5.3%)** | **Real Estate (5.3%)** |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 1434709 | &nbsp;&nbsp;&nbsp;&nbsp; 323398 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322441 | &nbsp;&nbsp;&nbsp;&nbsp; 277541 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | 2239656 | &nbsp;&nbsp;&nbsp;&nbsp; 228893 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | 3896816 | &nbsp;&nbsp;&nbsp;&nbsp; 163198 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;599595 | &nbsp;&nbsp;&nbsp;&nbsp; 125903 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;384588 | &nbsp;&nbsp;&nbsp;&nbsp; 46989 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1165922** |
| **Utilities (3.6%)** | **Utilities (3.6%)** | **Utilities (3.6%)** | **Utilities (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 13449638 | &nbsp;&nbsp;&nbsp;&nbsp; 242441 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 3396137 | &nbsp;&nbsp;&nbsp;&nbsp; 202002 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 4083735 | &nbsp;&nbsp;&nbsp;&nbsp; 191527 |
|  | &nbsp;&nbsp;&nbsp;Sempra | 2231232 | &nbsp;&nbsp;&nbsp;&nbsp; 165714 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **801684** |
| **Total Common Stocks (Cost $19,759,443)** | **Total Common Stocks (Cost $19,759,443)** | **Total Common Stocks (Cost $19,759,443)** | &nbsp;&nbsp;&nbsp;&nbsp;**21780131** |
| **Temporary Cash Investments (2.3%)** | **Temporary Cash Investments (2.3%)** | **Temporary Cash Investments (2.3%)** | **Temporary Cash Investments (2.3%)** |
| **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% | 3731855 | &nbsp;&nbsp;&nbsp;&nbsp; 373148 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.6%)** | **Repurchase Agreements (0.6%)** | **Repurchase Agreements (0.6%)** | **Repurchase Agreements (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.380%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $19,102, collateralized by U.S. Government Agency Obligations 1.500%–7.000%, 12/1/29–3/1/54, with a value of $19,482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.390%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $40,005, collateralized by U.S. Treasury Obligations 0.000%–5.375%, 5/20/25–2/15/53, with a value of $40,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $40,005, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 6/26/25–12/31/25, with a value of $40,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $50,006, collateralized by U.S. Treasury Obligations 0.000%–4.375%, 5/13/25–8/15/53, with a value of $51,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **149100** |
| **Total Temporary Cash Investments (Cost $522,206)** | **Total Temporary Cash Investments (Cost $522,206)** | **Total Temporary Cash Investments (Cost $522,206)** | &nbsp;&nbsp;&nbsp;&nbsp;**522248** |
| **Total Investments (100.1%) (Cost $20,281,649)** | **Total Investments (100.1%) (Cost $20,281,649)** | **Total Investments (100.1%) (Cost $20,281,649)** | &nbsp;&nbsp;&nbsp;&nbsp;**22302379** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(25357)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**22277022** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $53,056. |
| 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 $54,853 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | NVDR—Non-Voting Depository Receipt. |

---

------

Windsor Fund

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2025 | 877 | 244990 | &nbsp;&nbsp;5521 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $19,908,543) | 21929231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $373,106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373148 |
| Total Investments in Securities | 22302379 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19874 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21430 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| **Total Assets** | **22345774** |
| **Liabilities** |  |
| Foreign Currency Due to Custodian, at Value (Proceeds $4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54853 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8080 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68752** |
| **Net Assets** | **22277022** |
| 1 Includes $53,056 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 19186384 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3090638 |
| **Net Assets** | **22277022** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 228,235,256 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**4611885** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.21** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 259,280,287 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **17665137** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$68.13** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;259208 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13401 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;272810 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7213) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25340 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25309 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**247501** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 1033063 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(27728) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| **Realized Net Gain (Loss)** | **1005305** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (2195590) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10083 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| **Change in Unrealized Appreciation (Depreciation)** | **(2185339)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**(932533)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $3,707. |
| 2 | Interest income, and realized net gain (loss) from an affiliated company of the fund were $8,350, and $21, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522717 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1005305 | &nbsp;&nbsp;&nbsp;&nbsp;2254252 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(2185339) | &nbsp;&nbsp;&nbsp;&nbsp;2657343 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(932533) | &nbsp;&nbsp;&nbsp;&nbsp;5434312 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(508867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(1977830) | &nbsp;&nbsp;&nbsp;&nbsp;(1528891) |
| Total Distributions | &nbsp;&nbsp;(2486697) | &nbsp;&nbsp;&nbsp;&nbsp;(1935699) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245151 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64576 |
| Total Increase (Decrease) | &nbsp;&nbsp;(2513063) | &nbsp;&nbsp;&nbsp;&nbsp;3563189 |
| **Net Assets** |  |  |
| **Beginning of Period** | **24790085** | &nbsp;&nbsp;&nbsp;**21226896** |
| **End of Period** | **22277022** | &nbsp;&nbsp;&nbsp;**24790085** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$23.48** | &nbsp;&nbsp;&nbsp;**$20.22** | &nbsp;&nbsp;&nbsp;**$22.74** | &nbsp;&nbsp;&nbsp;**$26.24** | &nbsp;&nbsp;&nbsp;**$18.55** | &nbsp;&nbsp;&nbsp;**$21.76** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.408 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(1.102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.236 | &nbsp;&nbsp;&nbsp;&nbsp;(1.131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.122 | &nbsp;&nbsp;&nbsp;&nbsp;(1.412) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(.887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.478 | &nbsp;&nbsp;&nbsp;&nbsp;(1.004) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.420) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(2.158) | &nbsp;&nbsp;&nbsp;&nbsp;(1.362) | &nbsp;&nbsp;&nbsp;&nbsp;(2.769) | &nbsp;&nbsp;&nbsp;&nbsp;(2.398) | &nbsp;&nbsp;&nbsp;&nbsp;(1.377) | &nbsp;&nbsp;&nbsp;&nbsp;(1.786) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(2.383) | &nbsp;&nbsp;&nbsp;&nbsp;(1.840) | &nbsp;&nbsp;&nbsp;&nbsp;(3.127) | &nbsp;&nbsp;&nbsp;&nbsp;(2.728) | &nbsp;&nbsp;&nbsp;&nbsp;(1.788) | &nbsp;&nbsp;&nbsp;&nbsp;(2.206) |
| **Net Asset Value, End of Period** | **$20.21** | &nbsp;&nbsp;&nbsp;**$23.48** | &nbsp;&nbsp;&nbsp;**$20.22** | &nbsp;&nbsp;&nbsp;**$22.74** | &nbsp;&nbsp;&nbsp;**$26.24** | &nbsp;&nbsp;&nbsp;**$18.55** |
| **Total Return<sup>2</sup>** | **-4.06%** | &nbsp;&nbsp;&nbsp;**26.17%** | &nbsp;&nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;&nbsp;**-2.97%** | &nbsp;&nbsp;&nbsp;**53.49%** | &nbsp;&nbsp;&nbsp;**-5.64%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $4612 | &nbsp;&nbsp;&nbsp;$5063 | &nbsp;&nbsp;&nbsp;$4506 | &nbsp;&nbsp;&nbsp;$4796 | &nbsp;&nbsp;&nbsp;$5728 | &nbsp;&nbsp;&nbsp;$4570 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.30%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.36%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.42%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.38%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;0.29% |
| Ratio of Net Investment Income to Average Net Assets | 1.99% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;2.14% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;51% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.06%), 0.01%, 0.07%, 0.03%, (0.05%), and (0.07%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.30%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.36%, 0.42%, and 0.38% respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$79.18** | &nbsp;&nbsp;&nbsp;**$68.17** | &nbsp;&nbsp;&nbsp;**$76.67** | &nbsp;&nbsp;&nbsp;**$88.50** | &nbsp;&nbsp;&nbsp;**$62.58** | &nbsp;&nbsp;&nbsp;**$73.41** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.448 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(3.737) | &nbsp;&nbsp;&nbsp;&nbsp;15.642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.794 | &nbsp;&nbsp;&nbsp;&nbsp;(3.820) | &nbsp;&nbsp;&nbsp;&nbsp;30.747 | &nbsp;&nbsp;&nbsp;&nbsp;(4.770) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(2.974) | &nbsp;&nbsp;&nbsp;&nbsp;17.293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.117 | &nbsp;&nbsp;&nbsp;&nbsp;(2.539) | &nbsp;&nbsp;&nbsp;&nbsp;32.025 | &nbsp;&nbsp;&nbsp;&nbsp;(3.322) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.798) | &nbsp;&nbsp;&nbsp;&nbsp;(1.688) | &nbsp;&nbsp;&nbsp;&nbsp;(1.281) | &nbsp;&nbsp;&nbsp;&nbsp;(1.203) | &nbsp;&nbsp;&nbsp;&nbsp;(1.460) | &nbsp;&nbsp;&nbsp;&nbsp;(1.485) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(7.278) | &nbsp;&nbsp;&nbsp;&nbsp;(4.595) | &nbsp;&nbsp;&nbsp;&nbsp;(9.336) | &nbsp;&nbsp;&nbsp;&nbsp;(8.088) | &nbsp;&nbsp;&nbsp;&nbsp;(4.645) | &nbsp;&nbsp;&nbsp;&nbsp;(6.023) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(8.076) | &nbsp;&nbsp;&nbsp;&nbsp;(6.283) | &nbsp;&nbsp;&nbsp;&nbsp;(10.617) | &nbsp;&nbsp;&nbsp;&nbsp;(9.291) | &nbsp;&nbsp;&nbsp;&nbsp;(6.105) | &nbsp;&nbsp;&nbsp;&nbsp;(7.508) |
| **Net Asset Value, End of Period** | **$68.13** | &nbsp;&nbsp;&nbsp;**$79.18** | &nbsp;&nbsp;&nbsp;**$68.17** | &nbsp;&nbsp;&nbsp;**$76.67** | &nbsp;&nbsp;&nbsp;**$88.50** | &nbsp;&nbsp;&nbsp;**$62.58** |
| **Total Return<sup>2</sup>** | **-4.04%** | &nbsp;&nbsp;&nbsp;**26.33%** | &nbsp;&nbsp;&nbsp;**3.08%** | &nbsp;&nbsp;&nbsp;**-2.89%** | &nbsp;&nbsp;&nbsp;**53.60%** | &nbsp;&nbsp;&nbsp;**-5.55%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $17665 | &nbsp;&nbsp;&nbsp;$19727 | &nbsp;&nbsp;&nbsp;$16721 | &nbsp;&nbsp;&nbsp;$17300 | &nbsp;&nbsp;&nbsp;$18541 | &nbsp;&nbsp;&nbsp;$12695 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.19%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.26%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.32%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.28%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.19% |
| Ratio of Net Investment Income to Average Net Assets | 2.10% | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;2.24% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;51% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.06%), 0.01%, 0.07%, 0.03%, (0.05%), and (0.07%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.19%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.26%, 0.32%, and 0.28% respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor Fund

Notes to Financial Statements

Vanguard Windsor Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. Other 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.

2. 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).

3. 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.

4. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended April 30, 2025, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell

------

Windsor Fund

or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** The investment advisory firms Wellington Management Company LLP and Pzena Investment Management, LLC, each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of
average net assets managed by the advisor. The basic fee of Wellington Management Company LLP is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding three years. The basic fee of Pzena Investment
Management, LLC, is subject to quarterly adjustments based on performance relative to the Russell 1000 Value Index for the preceding three years.

Vanguard manages the cash reserves of the fund as described below.

For the six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.13% of the fund's average net assets, before a net decrease of $7,213,000 (0.06%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $635,000, representing less than 0.01% of the fund's net assets and 0.25% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended April 30, 2025, these arrangements reduced the fund's expenses by $31,000 (an annual rate
of less than 0.01% of average net assets).

------

Windsor Fund

**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 April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 20962296 | &nbsp;&nbsp;&nbsp;817835 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21780131 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373148 | &nbsp;&nbsp;&nbsp;149100 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522248 |
| Total | 21335444 | &nbsp;&nbsp;&nbsp;966935 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;22302379 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 5521 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5521 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**F.** As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;20367849 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;3793611 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1853560) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1940051 |

---

**G.** During the six months ended April 30, 2025, the fund purchased $5,780,430,000 of investment securities and sold $6,700,827,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisors or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended April 30, 2025, such purchases were $16,544,000 and sales were $0; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;132857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224298 | &nbsp;&nbsp;&nbsp;&nbsp;10251 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;490551 | &nbsp;&nbsp;&nbsp;&nbsp;23584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391779 | &nbsp;&nbsp;&nbsp;&nbsp;18249 |
| Redeemed | &nbsp;&nbsp;&nbsp;(373099) | &nbsp;&nbsp;(17138) | &nbsp;&nbsp;&nbsp;&nbsp;(796652) | &nbsp;&nbsp;(35753) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;250309 | &nbsp;&nbsp;&nbsp;&nbsp;12621 | &nbsp;&nbsp;&nbsp;&nbsp;(180575) | &nbsp;&nbsp;&nbsp;&nbsp;(7253) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;274342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | &nbsp;&nbsp;&nbsp;&nbsp;1184703 | &nbsp;&nbsp;&nbsp;&nbsp;15836 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;1826088 | &nbsp;&nbsp;&nbsp;&nbsp;26053 | &nbsp;&nbsp;&nbsp;&nbsp;1413008 | &nbsp;&nbsp;&nbsp;&nbsp;19522 |
| Redeemed | (1444572) | &nbsp;&nbsp;(19669) | &nbsp;&nbsp;(2352560) | &nbsp;&nbsp;(31496) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;655858 | &nbsp;&nbsp;&nbsp;&nbsp;10133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862 |

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**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

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Windsor Fund

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**J.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**K.** Management has determined that no other events or transactions occurred through the date the financial statements were available to be issued, that would require recognition or
disclosure in these financial statements.

Q222 062025

------

![](tm2515692d1wdsiifdfinsi001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Windsor™ II Fund

------

#### Contents
Financial Statements 1 <br>

------

Windsor II Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (95.2%)** | **Common Stocks (95.2%)** | **Common Stocks (95.2%)** | **Common Stocks (95.2%)** |
| **Communication Services (7.1%)** | **Communication Services (7.1%)** | **Communication Services (7.1%)** | **Communication Services (7.1%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 1785038 | &nbsp;&nbsp;&nbsp;&nbsp; 979986 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 6038695 | &nbsp;&nbsp;&nbsp;&nbsp; 971566 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 5759564 | &nbsp;&nbsp;&nbsp;&nbsp; 914619 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 11464713 | &nbsp;&nbsp;&nbsp;&nbsp; 392093 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 6210000 | &nbsp;&nbsp;&nbsp;&nbsp; 273613 |
|  | &nbsp;&nbsp;&nbsp;WPP plc ADR | 4492000 | &nbsp;&nbsp;&nbsp;&nbsp; 173211 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | 1335979 | &nbsp;&nbsp;&nbsp;&nbsp; 101748 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 10268148 | &nbsp;&nbsp;&nbsp;&nbsp; 89025 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Paramount Global Class B | 6678900 | &nbsp;&nbsp;&nbsp;&nbsp; 78410 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3974271** |
| **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** | **Consumer Discretionary (7.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 7437114 | &nbsp;&nbsp;&nbsp;&nbsp; 1371553 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Sony Group Corp. ADR | 14375000 | &nbsp;&nbsp;&nbsp;&nbsp; 373750 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 6832724 | &nbsp;&nbsp;&nbsp;&nbsp; 309112 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;923019 | &nbsp;&nbsp;&nbsp;&nbsp; 295043 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | 2582000 | &nbsp;&nbsp;&nbsp;&nbsp; 280431 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Magna International Inc. | 6868232 | &nbsp;&nbsp;&nbsp;&nbsp; 238740 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;646693 | &nbsp;&nbsp;&nbsp;&nbsp; 233126 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 1040487 | &nbsp;&nbsp;&nbsp;&nbsp; 232611 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp; 211620 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | 3429572 | &nbsp;&nbsp;&nbsp;&nbsp; 195691 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;832401 | &nbsp;&nbsp;&nbsp;&nbsp; 99414 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1139156 | &nbsp;&nbsp;&nbsp;&nbsp; 91190 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;944435 | &nbsp;&nbsp;&nbsp;&nbsp; 80105 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174860 | &nbsp;&nbsp;&nbsp;&nbsp; 69182 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 2110900 | &nbsp;&nbsp;&nbsp;&nbsp; 59907 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp; 56210 |
|  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;399359 | &nbsp;&nbsp;&nbsp;&nbsp; 23558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4221243** |
| **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 5200689 | &nbsp;&nbsp;&nbsp;&nbsp; 845476 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 8459108 | &nbsp;&nbsp;&nbsp;&nbsp; 613708 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 8740000 | &nbsp;&nbsp;&nbsp;&nbsp; 254334 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | 3212400 | &nbsp;&nbsp;&nbsp;&nbsp; 204533 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 1395268 | &nbsp;&nbsp;&nbsp;&nbsp; 189171 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 2602864 | &nbsp;&nbsp;&nbsp;&nbsp; 177333 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;822000 | &nbsp;&nbsp;&nbsp;&nbsp; 154158 |
|  | &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 1245887 | &nbsp;&nbsp;&nbsp;&nbsp; 132609 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc ADR | 2009698 | &nbsp;&nbsp;&nbsp;&nbsp; 127716 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA ADR | 1831100 | &nbsp;&nbsp;&nbsp;&nbsp; 120505 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 3377300 | &nbsp;&nbsp;&nbsp;&nbsp; 83453 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2902996** |
| **Energy (4.7%)** | **Energy (4.7%)** | **Energy (4.7%)** | **Energy (4.7%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3923128 | &nbsp;&nbsp;&nbsp;&nbsp; 414400 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;APA Corp. | 18764967 | &nbsp;&nbsp;&nbsp;&nbsp; 291608 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 2911323 | &nbsp;&nbsp;&nbsp;&nbsp; 259457 |
|  | &nbsp;&nbsp;&nbsp;Shell plc ADR | 3844212 | &nbsp;&nbsp;&nbsp;&nbsp; 247875 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 9097000 | &nbsp;&nbsp;&nbsp;&nbsp; 223422 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | 3828479 | &nbsp;&nbsp;&nbsp;&nbsp; 217649 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 16773088 | &nbsp;&nbsp;&nbsp;&nbsp; 194735 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 4982166 | &nbsp;&nbsp;&nbsp;&nbsp; 165657 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4623300 | &nbsp;&nbsp;&nbsp;&nbsp; 163665 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 4662510 | &nbsp;&nbsp;&nbsp;&nbsp; 156567 |
|  | &nbsp;&nbsp;&nbsp;Suncor Energy Inc. | 3716652 | &nbsp;&nbsp;&nbsp;&nbsp; 131161 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 4402050 | &nbsp;&nbsp;&nbsp;&nbsp; 87249 |
|  | &nbsp;&nbsp;&nbsp;Cenovus Energy Inc. | 4153200 | &nbsp;&nbsp;&nbsp;&nbsp; 48883 |
|  | &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 1372052 | &nbsp;&nbsp;&nbsp;&nbsp; 28168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2630496** |

---

------

Windsor II Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Financials (18.0%)** | **Financials (18.0%)** | **Financials (18.0%)** | **Financials (18.0%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 20249852 | &nbsp;&nbsp;&nbsp;&nbsp; 807564 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 2143443 | &nbsp;&nbsp;&nbsp;&nbsp; 740560 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 9683903 | &nbsp;&nbsp;&nbsp;&nbsp; 662185 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 8101875 | &nbsp;&nbsp;&nbsp;&nbsp; 660465 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3367965 | &nbsp;&nbsp;&nbsp;&nbsp; 565717 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2849600 | &nbsp;&nbsp;&nbsp;&nbsp; 513669 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 11925300 | &nbsp;&nbsp;&nbsp;&nbsp; 481067 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | 3580767 | &nbsp;&nbsp;&nbsp;&nbsp; 471623 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1795175 | &nbsp;&nbsp;&nbsp;&nbsp; 439136 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;859000 | &nbsp;&nbsp;&nbsp;&nbsp; 404606 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5540744 | &nbsp;&nbsp;&nbsp;&nbsp; 393448 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3619822 | &nbsp;&nbsp;&nbsp;&nbsp; 294654 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 3342100 | &nbsp;&nbsp;&nbsp;&nbsp; 283174 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 1179355 | &nbsp;&nbsp;&nbsp;&nbsp; 265909 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. ADR | 19328000 | &nbsp;&nbsp;&nbsp;&nbsp; 244306 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 2738878 | &nbsp;&nbsp;&nbsp;&nbsp; 241295 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 1352000 | &nbsp;&nbsp;&nbsp;&nbsp; 217253 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 2549700 | &nbsp;&nbsp;&nbsp;&nbsp; 201120 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;658683 | &nbsp;&nbsp;&nbsp;&nbsp; 188436 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | 1577000 | &nbsp;&nbsp;&nbsp;&nbsp; 183673 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 4825851 | &nbsp;&nbsp;&nbsp;&nbsp; 178026 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4584488 | &nbsp;&nbsp;&nbsp;&nbsp; 175769 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;639328 | &nbsp;&nbsp;&nbsp;&nbsp; 170323 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc ADR | 2888300 | &nbsp;&nbsp;&nbsp;&nbsp; 161976 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 1266800 | &nbsp;&nbsp;&nbsp;&nbsp; 155398 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;276227 | &nbsp;&nbsp;&nbsp;&nbsp; 151248 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;273070 | &nbsp;&nbsp;&nbsp;&nbsp; 149659 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 2373131 | &nbsp;&nbsp;&nbsp;&nbsp; 144144 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 4644000 | &nbsp;&nbsp;&nbsp;&nbsp; 137602 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 18280043 | &nbsp;&nbsp;&nbsp;&nbsp; 117582 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 4497433 | &nbsp;&nbsp;&nbsp;&nbsp; 87337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;445731 | &nbsp;&nbsp;&nbsp;&nbsp; 82269 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;851334 | &nbsp;&nbsp;&nbsp;&nbsp; 68456 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33858 | &nbsp;&nbsp;&nbsp;&nbsp; 60238 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10099887** |
| **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | 2446600 | &nbsp;&nbsp;&nbsp;&nbsp; 844273 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1721838 | &nbsp;&nbsp;&nbsp;&nbsp; 724171 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 7893487 | &nbsp;&nbsp;&nbsp;&nbsp; 669052 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 1380060 | &nbsp;&nbsp;&nbsp;&nbsp; 567812 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | 1641673 | &nbsp;&nbsp;&nbsp;&nbsp; 558234 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 2476756 | &nbsp;&nbsp;&nbsp;&nbsp; 493692 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 5081194 | &nbsp;&nbsp;&nbsp;&nbsp; 432918 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;406684 | &nbsp;&nbsp;&nbsp;&nbsp; 365589 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 3247988 | &nbsp;&nbsp;&nbsp;&nbsp; 334120 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp; 288011 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | 2918000 | &nbsp;&nbsp;&nbsp;&nbsp; 284826 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 3801315 | &nbsp;&nbsp;&nbsp;&nbsp; 267346 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3660600 | &nbsp;&nbsp;&nbsp;&nbsp; 244199 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;705449 | &nbsp;&nbsp;&nbsp;&nbsp; 230672 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436761 | &nbsp;&nbsp;&nbsp;&nbsp; 187370 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643500 | &nbsp;&nbsp;&nbsp;&nbsp; 168751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327882 | &nbsp;&nbsp;&nbsp;&nbsp; 167056 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643185 | &nbsp;&nbsp;&nbsp;&nbsp; 155014 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;940163 | &nbsp;&nbsp;&nbsp;&nbsp; 147041 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1117297 | &nbsp;&nbsp;&nbsp;&nbsp; 146087 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 1696150 | &nbsp;&nbsp;&nbsp;&nbsp; 121767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 2029988 | &nbsp;&nbsp;&nbsp;&nbsp; 121495 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516367 | &nbsp;&nbsp;&nbsp;&nbsp; 100743 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;890208 | &nbsp;&nbsp;&nbsp;&nbsp; 91736 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;GSK plc ADR | 2132315 | &nbsp;&nbsp;&nbsp;&nbsp; 84973 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA ADR | 1320391 | &nbsp;&nbsp;&nbsp;&nbsp; 72555 |
|  | &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;247231 | &nbsp;&nbsp;&nbsp;&nbsp; 71240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp; 65327 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8006070** |
| **Industrials (10.5%)** | **Industrials (10.5%)** | **Industrials (10.5%)** | **Industrials (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2036471 | &nbsp;&nbsp;&nbsp;&nbsp; 554165 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp; 516721 |

---

------

Windsor II Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 3124800 | &nbsp;&nbsp;&nbsp;&nbsp; 394131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | 2084391 | &nbsp;&nbsp;&nbsp;&nbsp; 381944 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;692542 | &nbsp;&nbsp;&nbsp;&nbsp; 336922 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 1374786 | &nbsp;&nbsp;&nbsp;&nbsp; 320820 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 3352276 | &nbsp;&nbsp;&nbsp;&nbsp; 271568 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 1146340 | &nbsp;&nbsp;&nbsp;&nbsp; 241110 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;801172 | &nbsp;&nbsp;&nbsp;&nbsp; 235416 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 1837072 | &nbsp;&nbsp;&nbsp;&nbsp; 227430 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 4870742 | &nbsp;&nbsp;&nbsp;&nbsp; 202769 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;759591 | &nbsp;&nbsp;&nbsp;&nbsp; 197592 |
|  | &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;934483 | &nbsp;&nbsp;&nbsp;&nbsp; 177150 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;460460 | &nbsp;&nbsp;&nbsp;&nbsp; 176499 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;355301 | &nbsp;&nbsp;&nbsp;&nbsp; 164703 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;948775 | &nbsp;&nbsp;&nbsp;&nbsp; 160893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 2299637 | &nbsp;&nbsp;&nbsp;&nbsp; 158261 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | 1014503 | &nbsp;&nbsp;&nbsp;&nbsp; 155503 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | 12438699 | &nbsp;&nbsp;&nbsp;&nbsp; 143916 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1601000 | &nbsp;&nbsp;&nbsp;&nbsp; 134100 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;537764 | &nbsp;&nbsp;&nbsp;&nbsp; 133193 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | 1247680 | &nbsp;&nbsp;&nbsp;&nbsp; 112553 |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 2794014 | &nbsp;&nbsp;&nbsp;&nbsp; 112254 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;459200 | &nbsp;&nbsp;&nbsp;&nbsp; 102884 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;509800 | &nbsp;&nbsp;&nbsp;&nbsp; 102745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluor Corp. | 1403385 | &nbsp;&nbsp;&nbsp;&nbsp; 48964 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;737700 | &nbsp;&nbsp;&nbsp;&nbsp; 47397 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;189874 | &nbsp;&nbsp;&nbsp;&nbsp; 43721 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Air Canada | 2257900 | &nbsp;&nbsp;&nbsp;&nbsp; 22880 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5878204** |
| **Information Technology (20.6%)** | **Information Technology (20.6%)** | **Information Technology (20.6%)** | **Information Technology (20.6%)** |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6950743 | &nbsp;&nbsp;&nbsp;&nbsp; 2747351 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 8248611 | &nbsp;&nbsp;&nbsp;&nbsp; 1752830 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5824085 | &nbsp;&nbsp;&nbsp;&nbsp; 970817 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | 2493900 | &nbsp;&nbsp;&nbsp;&nbsp; 660235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | 2405202 | &nbsp;&nbsp;&nbsp;&nbsp; 589274 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 2949218 | &nbsp;&nbsp;&nbsp;&nbsp; 437841 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 2188038 | &nbsp;&nbsp;&nbsp;&nbsp; 421132 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 49576280 | &nbsp;&nbsp;&nbsp;&nbsp; 408509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;985518 | &nbsp;&nbsp;&nbsp;&nbsp; 369550 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 3956038 | &nbsp;&nbsp;&nbsp;&nbsp; 360118 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | 8361400 | &nbsp;&nbsp;&nbsp;&nbsp; 326241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ANSYS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;942000 | &nbsp;&nbsp;&nbsp;&nbsp; 303211 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | 1001749 | &nbsp;&nbsp;&nbsp;&nbsp; 299673 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 1300172 | &nbsp;&nbsp;&nbsp;&nbsp; 253429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 251656 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 3222830 | &nbsp;&nbsp;&nbsp;&nbsp; 247997 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | 1430194 | &nbsp;&nbsp;&nbsp;&nbsp; 215544 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | 3340644 | &nbsp;&nbsp;&nbsp;&nbsp; 194993 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | 3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 169390 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;902266 | &nbsp;&nbsp;&nbsp;&nbsp; 132074 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402362 | &nbsp;&nbsp;&nbsp;&nbsp; 108119 |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 1091950 | &nbsp;&nbsp;&nbsp;&nbsp; 84026 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;715634 | &nbsp;&nbsp;&nbsp;&nbsp; 77947 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;799491 | &nbsp;&nbsp;&nbsp;&nbsp; 77830 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;866500 | &nbsp;&nbsp;&nbsp;&nbsp; 63748 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**11523535** |
| **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | 6320000 | &nbsp;&nbsp;&nbsp;&nbsp; 391777 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;621279 | &nbsp;&nbsp;&nbsp;&nbsp; 325538 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 310516 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 2351000 | &nbsp;&nbsp;&nbsp;&nbsp; 250969 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;893768 | &nbsp;&nbsp;&nbsp;&nbsp; 242291 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 1561100 | &nbsp;&nbsp;&nbsp;&nbsp; 169941 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;652099 | &nbsp;&nbsp;&nbsp;&nbsp; 111581 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | 4577800 | &nbsp;&nbsp;&nbsp;&nbsp; 98972 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1901585** |
| **Other (0.4%)** | **Other (0.4%)** | **Other (0.4%)** | **Other (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;411333 | &nbsp;&nbsp;&nbsp;&nbsp; 228101 |

---

------

Windsor II Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | 1512978 | &nbsp;&nbsp;&nbsp;&nbsp; 184856 |
|  | &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc. | 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 183327 |
|  | &nbsp;&nbsp;&nbsp;Prologis Inc. | 1622662 | &nbsp;&nbsp;&nbsp;&nbsp; 165836 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **534019** |
| **Utilities (2.5%)** | **Utilities (2.5%)** | **Utilities (2.5%)** | **Utilities (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 354992 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 5652600 | &nbsp;&nbsp;&nbsp;&nbsp; 307388 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1872493 | &nbsp;&nbsp;&nbsp;&nbsp; 275275 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3638000 | &nbsp;&nbsp;&nbsp;&nbsp; 257207 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 6431015 | &nbsp;&nbsp;&nbsp;&nbsp; 234732 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1429594** |
| **Total Common Stocks (Cost $36,026,673)** | **Total Common Stocks (Cost $36,026,673)** | **Total Common Stocks (Cost $36,026,673)** | &nbsp;&nbsp;&nbsp;&nbsp;**53330001** |
| **Temporary Cash Investments (5.1%)** | **Temporary Cash Investments (5.1%)** | **Temporary Cash Investments (5.1%)** | **Temporary Cash Investments (5.1%)** |
| **Money Market Fund (5.1%)** | **Money Market Fund (5.1%)** | **Money Market Fund (5.1%)** | **Money Market Fund (5.1%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost $2,841,251)** | 28418170 | &nbsp;&nbsp;&nbsp;&nbsp; **2841533** |
| **Total Investments (100.3%) (Cost $38,867,924)** | **Total Investments (100.3%) (Cost $38,867,924)** | **Total Investments (100.3%) (Cost $38,867,924)** | &nbsp;&nbsp;&nbsp;&nbsp;**56171534** |
| **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(164627)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**56006907** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $298,949. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 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 $306,251 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2025 | 1523 | 425450 | &nbsp;&nbsp;12909 |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor II Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $35,550,171) | 53038393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $3,317,753) | &nbsp;&nbsp;&nbsp;3133141 |
| Total Investments in Securities | 56171534 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34660 |
| Foreign Currency, at Value (Cost $2,191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258012 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69422 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| **Total Assets** | **56545447** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116237 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53673 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306251 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18012 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41249 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**538540** |
| **Net Assets** | **56006907** |
| 1 Includes $298,949 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 35748518 |
| Total Distributable Earnings (Loss) | 20258389 |
| **Net Assets** | **56006907** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 252,147,510 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **10841515** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43.00** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 592,073,732 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **45165392** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$76.28** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor II Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;482831 |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9382 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31849 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51178 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;576591 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2132) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78037 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78036 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**498555** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | 2710433 |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(48888) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) |
| **Realized Net Gain (Loss)** | **2661465** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers | (4585440) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;(147596) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 |
| **Change in Unrealized Appreciation (Depreciation)** | **(4718403)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(1558383)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $9,074. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor II Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989469 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;2661465 | &nbsp;&nbsp;&nbsp;&nbsp;5113810 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(4718403) | &nbsp;&nbsp;&nbsp;&nbsp;8819874 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(1558383) | &nbsp;&nbsp;&nbsp;14923153 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;(1032570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(4292576) | &nbsp;&nbsp;&nbsp;&nbsp;(2324623) |
| Total Distributions | &nbsp;&nbsp;(5325146) | &nbsp;&nbsp;&nbsp;&nbsp;(2914352) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;1411920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191726) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1755619 | &nbsp;&nbsp;&nbsp;&nbsp;(1184199) |
| Total Increase (Decrease) | &nbsp;&nbsp;(5127910) | &nbsp;&nbsp;&nbsp;10824602 |
| **Net Assets** |  |  |
| **Beginning of Period** | **61134817** | &nbsp;&nbsp;&nbsp;**50310215** |
| **End of Period** | **56006907** | &nbsp;&nbsp;&nbsp;**61134817** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor II Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$48.51** | &nbsp;&nbsp;&nbsp;**$39.23** | &nbsp;&nbsp;&nbsp;**$39.39** | &nbsp;&nbsp;&nbsp;**$48.48** | &nbsp;&nbsp;&nbsp;**$34.85** | &nbsp;&nbsp;&nbsp;**$37.22** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.551 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(1.612) | &nbsp;&nbsp;&nbsp;&nbsp;10.800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.923 | &nbsp;&nbsp;&nbsp;&nbsp;(6.039) | &nbsp;&nbsp;&nbsp;&nbsp;15.971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.607 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(1.246) | &nbsp;&nbsp;&nbsp;&nbsp;11.536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.595 | &nbsp;&nbsp;&nbsp;&nbsp;(5.454) | &nbsp;&nbsp;&nbsp;&nbsp;16.473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.158 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.635) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(3.909) | &nbsp;&nbsp;&nbsp;&nbsp;(1.487) | &nbsp;&nbsp;&nbsp;&nbsp;(2.108) | &nbsp;&nbsp;&nbsp;&nbsp;(3.070) | &nbsp;&nbsp;&nbsp;&nbsp;(2.327) | &nbsp;&nbsp;&nbsp;&nbsp;(2.893) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(4.264) | &nbsp;&nbsp;&nbsp;&nbsp;(2.256) | &nbsp;&nbsp;&nbsp;&nbsp;(2.755) | &nbsp;&nbsp;&nbsp;&nbsp;(3.636) | &nbsp;&nbsp;&nbsp;&nbsp;(2.843) | &nbsp;&nbsp;&nbsp;&nbsp;(3.528) |
| **Net Asset Value, End of Period** | **$43.00** | &nbsp;&nbsp;&nbsp;**$48.51** | &nbsp;&nbsp;&nbsp;**$39.23** | &nbsp;&nbsp;&nbsp;**$39.39** | &nbsp;&nbsp;&nbsp;**$48.48** | &nbsp;&nbsp;&nbsp;**$34.85** |
| **Total Return<sup>2</sup>** | **-2.79%** | &nbsp;&nbsp;&nbsp;**30.15%** | &nbsp;&nbsp;&nbsp;**7.02%** | &nbsp;&nbsp;&nbsp;**-11.93%** | &nbsp;&nbsp;&nbsp;**49.42%** | &nbsp;&nbsp;&nbsp;**2.93%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $10842 | &nbsp;&nbsp;&nbsp;$11834 | &nbsp;&nbsp;&nbsp;$10381 | &nbsp;&nbsp;&nbsp;$10747 | &nbsp;&nbsp;&nbsp;$13734 | &nbsp;&nbsp;&nbsp;$10997 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.33%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.33%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.34%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.34%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;0.34% |
| Ratio of Net Investment Income to Average Net Assets | 1.60% | &nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;1.61% |
| Portfolio Turnover Rate | 11% | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;61% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), (0.01%), (0.01%), (0.00%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.33%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.33%, 0.34%, and 0.34%, respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor II Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$86.06** | &nbsp;&nbsp;&nbsp;**$69.60** | &nbsp;&nbsp;&nbsp;**$69.89** | &nbsp;&nbsp;&nbsp;**$86.03** | &nbsp;&nbsp;&nbsp;**$61.84** | &nbsp;&nbsp;&nbsp;**$66.06** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.027 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(2.864) | &nbsp;&nbsp;&nbsp;&nbsp;19.156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.406 | &nbsp;&nbsp;&nbsp;&nbsp;(10.716) | &nbsp;&nbsp;&nbsp;&nbsp;28.341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.065 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(2.181) | &nbsp;&nbsp;&nbsp;&nbsp;20.528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.654 | &nbsp;&nbsp;&nbsp;&nbsp;(9.618) | &nbsp;&nbsp;&nbsp;&nbsp;29.291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.092 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.664) | &nbsp;&nbsp;&nbsp;&nbsp;(1.429) | &nbsp;&nbsp;&nbsp;&nbsp;(1.204) | &nbsp;&nbsp;&nbsp;&nbsp;(1.074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.972) | &nbsp;&nbsp;&nbsp;&nbsp;(1.178) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(6.935) | &nbsp;&nbsp;&nbsp;&nbsp;(2.639) | &nbsp;&nbsp;&nbsp;&nbsp;(3.740) | &nbsp;&nbsp;&nbsp;&nbsp;(5.448) | &nbsp;&nbsp;&nbsp;&nbsp;(4.129) | &nbsp;&nbsp;&nbsp;&nbsp;(5.134) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(7.599) | &nbsp;&nbsp;&nbsp;&nbsp;(4.068) | &nbsp;&nbsp;&nbsp;&nbsp;(4.944) | &nbsp;&nbsp;&nbsp;&nbsp;(6.522) | &nbsp;&nbsp;&nbsp;&nbsp;(5.101) | &nbsp;&nbsp;&nbsp;&nbsp;(6.312) |
| **Net Asset Value, End of Period** | **$76.28** | &nbsp;&nbsp;&nbsp;**$86.06** | &nbsp;&nbsp;&nbsp;**$69.60** | &nbsp;&nbsp;&nbsp;**$69.89** | &nbsp;&nbsp;&nbsp;**$86.03** | &nbsp;&nbsp;&nbsp;**$61.84** |
| **Total Return<sup>2</sup>** | **-2.75%** | &nbsp;&nbsp;&nbsp;**30.25%** | &nbsp;&nbsp;&nbsp;**7.09%** | &nbsp;&nbsp;&nbsp;**-11.86%** | &nbsp;&nbsp;&nbsp;**49.55%** | &nbsp;&nbsp;&nbsp;**3.00%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $45165 | &nbsp;&nbsp;&nbsp;$49301 | &nbsp;&nbsp;&nbsp;$39929 | &nbsp;&nbsp;&nbsp;$39677 | &nbsp;&nbsp;&nbsp;$46833 | &nbsp;&nbsp;&nbsp;$30992 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.25%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.25%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.26%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.26%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.26% |
| Ratio of Net Investment Income to Average Net Assets | 1.69% | &nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;1.69% |
| Portfolio Turnover Rate | 11% | &nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;61% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), (0.01%), (0.01%), (0.00%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.25%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.25%, 0.26%, and 0.26%, respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Windsor II Fund

Notes to Financial Statements

Vanguard Windsor II Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. 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).

3. 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. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended April 30, 2025, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

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Windsor II Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** The investment advisory firms Lazard Asset Management LLC, Hotchkis and Wiley Capital Management, LLC, Sanders Capital, LLC, and Aristotle Capital Management, LLC, each provide investment advisory services to a
portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Lazard Asset Management LLC is subject to quarterly adjustments based on performance
relative to the S&P 500 Index for the preceding three years. The basic fee of Hotchkis and Wiley Capital Management, LLC, is subject to quarterly adjustments based on performance relative to the MSCI US Investable
Market 2500 Index for the preceding five years. The basic fee of Sanders Capital, LLC, is subject to quarterly adjustments based on performance relative to the Russell 3000 Index for the preceding five years. The
basic fee of Aristotle Capital Management, LLC, is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years.

Vanguard manages the cash reserves of the fund as described below.

For the six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual rate of 0.12% of the fund's average net assets, before a net decrease of $2,132,000 (0.01%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $1,579,000, representing less than 0.01% of the fund's net assets and 0.63% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2025, custodian fee offset
arrangements reduced the fund's expenses by $1,000 (an annual rate of less than 0.01% of average net assets).

**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.**

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Windsor II Fund

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2025, based on the inputs used to value them:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 51640533 | &nbsp;&nbsp;&nbsp;1689468 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;53330001 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;2841533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2841533 |
| Total | 54482066 | &nbsp;&nbsp;&nbsp;1689468 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;56171534 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 12909 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12909 |

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1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**F.** As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;38914962 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;18792854 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1523373) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;17269481 |

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**G.** During the six months ended April 30, 2025, the fund purchased $6,503,659,000 of investment securities and sold $10,221,557,000 of investment securities, other than temporary cash investments.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;237231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450354 | &nbsp;&nbsp;&nbsp;&nbsp;10236 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;1005747 | &nbsp;&nbsp;&nbsp;&nbsp;22806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574069 | &nbsp;&nbsp;&nbsp;&nbsp;13273 |
| Redeemed | &nbsp;&nbsp;&nbsp;(899279) | &nbsp;&nbsp;(19841) | &nbsp;&nbsp;(2016896) | &nbsp;&nbsp;(44162) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;343699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182 | &nbsp;&nbsp;&nbsp;&nbsp;(992473) | &nbsp;&nbsp;(20653) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;878958 | &nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;2454686 | &nbsp;&nbsp;&nbsp;&nbsp;30481 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;4012940 | &nbsp;&nbsp;&nbsp;&nbsp;51303 | &nbsp;&nbsp;&nbsp;&nbsp;2176261 | &nbsp;&nbsp;&nbsp;&nbsp;28333 |
| Redeemed | (3479978) | &nbsp;&nbsp;(43024) | &nbsp;&nbsp;(4822673) | &nbsp;&nbsp;(59595) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;1411920 | &nbsp;&nbsp;&nbsp;&nbsp;19179 | &nbsp;&nbsp;&nbsp;&nbsp;(191726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) |

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**I.** 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:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Oct. 31,<br> 2024<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Apr. 30,<br> 2025<br> Market<br> Value<br> ($000) |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | 63063 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | (147560) | &nbsp;&nbsp;&nbsp;9382 |  | &nbsp;&nbsp;&nbsp;&nbsp;291608 |
| Vanguard Market Liquidity Fund | 2028453 | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | NA<sup>2</sup> | 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | 51178 |  | 2841533 |
| Total | 2028453 | 63063 | &nbsp;&nbsp;&nbsp;&nbsp;— | 54 | (147596) | 60560 |  | 3133141 |

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1 Not applicable—at October 31, 2024, the issuer was not an affiliated company of the fund. <br> 2 Not applicable—purchases and sales are for temporary cash investment purposes.

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Windsor II Fund

**J.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**K.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**L.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q732 062025

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**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Windsor Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker <br>Non-Votes |
| Tara Bunch | 62618629438 | 1725319444 | N/A | N/A |
| Mark Loughridge | 62596745661 | 1747203222 | N/A | N/A |
| Scott C. Malpass | 62556618314 | 1787330569 | N/A | N/A |
| John Murphy | 62608719264 | 1735229619 | N/A | N/A |
| Lubos Pastor | 62614441816 | 1729507066 | N/A | N/A |
| Rebecca Patterson | 62721838806 | 1622110076 | N/A | N/A |
| André F. Perold | 62525861884 | 1818086999 | N/A | N/A |
| Salim Ramji | 62507429989 | 1836518893 | N/A | N/A |
| Sarah Bloom Raskin | 62528982272 | 1814966610 | N/A | N/A |
| Grant Reid | 62582018306 | 1761930577 | N/A | N/A |
| David Thomas | 62511391292 | 1832557591 | N/A | N/A |
| Barbara Venneman | 62731687605 | 1612261278 | N/A | N/A |
| Peter F. Volanakis | 62444534590 | 1899414292 | N/A | N/A |

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\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangements – Windsor Fund**

The board of trustees of Vanguard Windsor Fund has renewed the fund's investment advisory arrangements with Wellington Management Company LLP (Wellington Management) and Pzena Investment Management, LLC (Pzena). The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services** 

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of each advisor. The board considered the following:

**Wellington Management.** Founded in 1928, Wellington Management is among the nation's oldest and most respected institutional investment managers. Using a bottom-up, fundamentally driven approach, Wellington Management invests in solid companies whose current fundamentals are depressed relative to longer-term earnings potential. Wellington Management has the ability to seek undervalued stocks across the capitalization spectrum. The investment team has the support of Wellington Management's global industry analysts in conducting its research-intensive approach. Wellington Management has advised the fund since its inception in 1958.

**Pzena.** Founded in 1995, Pzena is a global investment management firm that employs a classic value investment approach. Pzena seeks to buy good businesses at low prices, focusing exclusively on companies that are underperforming their historically demonstrated earnings power. Pzena's research team conducts intensive fundamental research, buying companies only when the problems are judged to be temporary, management has a viable strategy to generate earnings recovery, and there is meaningful downside protection in case earnings do not recover. Pzena has managed a portion of the fund since 2012.

The board concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The board considered the short- and long-term performance of each advisor's subportfolio, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangements should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rates were also below the peer-group average.

The board did not consider the profitability of Wellington Management or Pzena in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale** 

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Wellington Management and Pzena. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangements – Windsor II Fund**

The board of trustees of Vanguard Windsor II Fund has renewed the fund's investment advisory arrangements with Lazard Asset Management LLC (Lazard); Hotchkis and Wiley Capital Management, LLC (Hotchkis and Wiley); Aristotle Capital Management, LLC (Aristotle) and Sanders Capital, LLC (Sanders Capital). The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided by Lazard, Hotchkis and Wiley, Aristotle and Sanders Capital over both the short and long term, and took into account the organizational depth and stability of each advisor. The board considered the following:

**Lazard.** Lazard, a subsidiary of the investment bank Lazard Ltd., provides investment management services for clients around the world in a variety of investment mandates, including international equities, domestic equities, and fixed income securities. The investment team employs a relative value, bottom-up stock-selection process to identify stocks with sustainable financial productivity and attractive valuations. Using scenario analysis, the team seeks to understand the durability and future direction of financial productivity and valuation. Lazard has managed a portion of the fund since 2007.

**Hotchkis and Wiley.** Founded in 1980, Hotchkis and Wiley is a value-oriented firm that manages various large-, mid-, and small-capitalization portfolios. Hotchkis and Wiley invests in companies where it believes that the present value of future cash flows exceeds the market price. The advisor believes that the market frequently undervalues companies due to the extrapolation of current trends, while capital flows usually cause a company's returns and profitability to normalize over the long term. Hotchkis and Wiley seeks to identify these companies with a disciplined, bottom-up research process. The portfolio managers leverage the support of a broad analyst team, which is organized into sector teams in an effort to better understand the impact that industry dynamics and macro-economic risk factors might have on individual companies. Hotchkis and Wiley has managed a portion of the fund since 2003.

**Aristotle.** Aristotle is an employee-owned investment firm that provides investment management services to clients across a variety of value equity strategies, including domestic, international and global. The team has employed the same research-driven, bottom-up, quality-value approach for more than 20 years, seeking to invest in high-quality companies trading at attractive valuations. Aristotle has managed a portion of the fund since 2019.

**Sanders Capital.** Founded in 2009, Sanders Capital employs a traditional, bottom-up, fundamental research approach to identify securities that are undervalued relative to their expected total return. The portfolio managers are supported by a well-credentialed and experienced analyst team, in addition to a quantitative research analyst. Sanders Capital has managed a portion of the fund since 2010.

The board concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The board considered the short-, long-term, and since inception performance, as applicable, of Lazard's, Hotchkis and Wiley's, Aristotle's and Sanders Capital's subportfolios, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangements should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that Lazard's, Hotchkis and Wiley's, Aristotle's, and Sanders Capital's advisory fee rates were also below the peer-group average.

The board did not consider the profitability of Lazard, Hotchkis and Wiley, Aristotle, or Sanders Capital in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules with Lazard, Hotchkis and Wiley, Aristotle, and Sanders Capital. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications filed herewith.](tm2515692d1_ex99-cert.htm)

[(a)(2) Certifications filed herewith.](tm2515692d1_ex99-906cert.htm)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD WINDSOR FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD WINDSOR FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
|  | VANGUARD WINDSOR FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Windsor Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Windsor Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Windsor Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully
 complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

2. The information
 contained in the Report fairly presents, in all material respects, the financial condition
 and results of operations of the issuer.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Windsor Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully
 complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

2. The information
 contained in the Report fairly presents, in all material respects, the financial condition
 and results of operations of the issuer.

Date: June 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---