# EDGAR Filing Document

**Accession Number:** 0000107606
**File Stem:** 0000107606-25-000022
**Filing Date:** 2025-9
**Character Count:** 95915
**Document Hash:** 111d3e1247c5dec2c12e0ee31a807e60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000107606-25-000022.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000107606-25-000022

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00834
- **FILM NUMBER:** 251343477

**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 II Fund (Series ID: S000004418)

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

## Nport-Ex

Vanguard<sup>®</sup> Windsor™ II Fund

#### Schedule of Investments (unaudited)
As of July 31, 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<br> ($000) |
| **Common Stocks (95.9%)** | **Common Stocks (95.9%)** | **Common Stocks (95.9%)** | **Common Stocks (95.9%)** |
| **Communication Services (7.9%)** | **Communication Services (7.9%)** | **Communication Services (7.9%)** | **Communication Services (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | 1677258 | &nbsp;&nbsp;&nbsp;&nbsp; 1297258 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 6038695 | &nbsp;&nbsp;&nbsp;&nbsp; 1164623 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 5342985 | &nbsp;&nbsp;&nbsp;&nbsp; 1025319 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 11464713 | &nbsp;&nbsp;&nbsp;&nbsp; 380972 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 6210000 | &nbsp;&nbsp;&nbsp;&nbsp; 265540 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | 2978179 | &nbsp;&nbsp;&nbsp;&nbsp; 214578 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;WPP plc ADR | 5799610 | &nbsp;&nbsp;&nbsp;&nbsp; 157053 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc. | 10268148 | &nbsp;&nbsp;&nbsp;&nbsp; 135232 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Class B | 6678900 | &nbsp;&nbsp;&nbsp;&nbsp; 83954 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4724529** |
| **Consumer Discretionary (7.8%)** | **Consumer Discretionary (7.8%)** | **Consumer Discretionary (7.8%)** | **Consumer Discretionary (7.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 7052301 | &nbsp;&nbsp;&nbsp;&nbsp; 1651014 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. ADR | 14375000 | &nbsp;&nbsp;&nbsp;&nbsp; 349600 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 6368424 | &nbsp;&nbsp;&nbsp;&nbsp; 339692 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. Class A | 2582000 | &nbsp;&nbsp;&nbsp;&nbsp; 289649 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | 6868232 | &nbsp;&nbsp;&nbsp;&nbsp; 281597 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;906257 | &nbsp;&nbsp;&nbsp;&nbsp; 271941 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;708778 | &nbsp;&nbsp;&nbsp;&nbsp; 260483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | 3429572 | &nbsp;&nbsp;&nbsp;&nbsp; 235406 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 1040487 | &nbsp;&nbsp;&nbsp;&nbsp; 232622 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp; 228418 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;832401 | &nbsp;&nbsp;&nbsp;&nbsp; 100413 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1032462 | &nbsp;&nbsp;&nbsp;&nbsp; 92054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174860 | &nbsp;&nbsp;&nbsp;&nbsp; 90055 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;873984 | &nbsp;&nbsp;&nbsp;&nbsp; 83161 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 2110900 | &nbsp;&nbsp;&nbsp;&nbsp; 77681 |
|  | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp; 55296 |
|  | &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;399359 | &nbsp;&nbsp;&nbsp;&nbsp; 24740 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4663822** |
| **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** | **Consumer Staples (4.6%)** |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 5298470 | &nbsp;&nbsp;&nbsp;&nbsp; 797261 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 8226618 | &nbsp;&nbsp;&nbsp;&nbsp; 558505 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | 1707000 | &nbsp;&nbsp;&nbsp;&nbsp; 285137 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 8740000 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 1395268 | &nbsp;&nbsp;&nbsp;&nbsp; 192435 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | 3212400 | &nbsp;&nbsp;&nbsp;&nbsp; 186385 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 2655166 | &nbsp;&nbsp;&nbsp;&nbsp; 171763 |
|  | &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 1245887 | &nbsp;&nbsp;&nbsp;&nbsp; 108862 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc ADR | 1737298 | &nbsp;&nbsp;&nbsp;&nbsp; 101510 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | 3377300 | &nbsp;&nbsp;&nbsp;&nbsp; 61670 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;997000 | &nbsp;&nbsp;&nbsp;&nbsp; 57497 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2761025** |
| **Energy (4.5%)** | **Energy (4.5%)** | **Energy (4.5%)** | **Energy (4.5%)** |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3555685 | &nbsp;&nbsp;&nbsp;&nbsp; 396957 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;APA Corp. | 18764967 | &nbsp;&nbsp;&nbsp;&nbsp; 361976 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 2945051 | &nbsp;&nbsp;&nbsp;&nbsp; 280781 |
|  | &nbsp;&nbsp;&nbsp;Shell plc ADR | 3545512 | &nbsp;&nbsp;&nbsp;&nbsp; 256021 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger NV | 7150566 | &nbsp;&nbsp;&nbsp;&nbsp; 241689 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | 3828479 | &nbsp;&nbsp;&nbsp;&nbsp; 227986 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 9097000 | &nbsp;&nbsp;&nbsp;&nbsp; 221876 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 16773088 | &nbsp;&nbsp;&nbsp;&nbsp; 211005 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 4623300 | &nbsp;&nbsp;&nbsp;&nbsp; 208280 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | 4662510 | &nbsp;&nbsp;&nbsp;&nbsp; 192002 |
|  | &nbsp;&nbsp;&nbsp;Halliburton Co. | 4402050 | &nbsp;&nbsp;&nbsp;&nbsp; 98606 |
|  | &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 1372052 | &nbsp;&nbsp;&nbsp;&nbsp; 34041 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2731220** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Financials (17.7%)** | **Financials (17.7%)** | **Financials (17.7%)** | **Financials (17.7%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 19230992 | &nbsp;&nbsp;&nbsp;&nbsp; 909049 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 1998232 | &nbsp;&nbsp;&nbsp;&nbsp; 690329 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | 3855458 | &nbsp;&nbsp;&nbsp;&nbsp; 666840 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 8500475 | &nbsp;&nbsp;&nbsp;&nbsp; 659892 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 6387442 | &nbsp;&nbsp;&nbsp;&nbsp; 598503 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3052519 | &nbsp;&nbsp;&nbsp;&nbsp; 564197 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 12479200 | &nbsp;&nbsp;&nbsp;&nbsp; 561065 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 6129536 | &nbsp;&nbsp;&nbsp;&nbsp; 494224 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2206000 | &nbsp;&nbsp;&nbsp;&nbsp; 474290 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;722754 | &nbsp;&nbsp;&nbsp;&nbsp; 374524 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1230305 | &nbsp;&nbsp;&nbsp;&nbsp; 364466 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3280786 | &nbsp;&nbsp;&nbsp;&nbsp; 320631 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 2562678 | &nbsp;&nbsp;&nbsp;&nbsp; 286379 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. ADR | 19328000 | &nbsp;&nbsp;&nbsp;&nbsp; 268659 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 1352000 | &nbsp;&nbsp;&nbsp;&nbsp; 257245 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;948829 | &nbsp;&nbsp;&nbsp;&nbsp; 252426 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 1163173 | &nbsp;&nbsp;&nbsp;&nbsp; 231704 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 4332151 | &nbsp;&nbsp;&nbsp;&nbsp; 206730 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | 1577000 | &nbsp;&nbsp;&nbsp;&nbsp; 200926 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4584488 | &nbsp;&nbsp;&nbsp;&nbsp; 200388 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc ADR | 2888300 | &nbsp;&nbsp;&nbsp;&nbsp; 177053 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;579447 | &nbsp;&nbsp;&nbsp;&nbsp; 173434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 1242931 | &nbsp;&nbsp;&nbsp;&nbsp; 172693 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221378 | &nbsp;&nbsp;&nbsp;&nbsp; 160187 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;273070 | &nbsp;&nbsp;&nbsp;&nbsp; 154686 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77458 | &nbsp;&nbsp;&nbsp;&nbsp; 154510 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 1680100 | &nbsp;&nbsp;&nbsp;&nbsp; 153189 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 4176900 | &nbsp;&nbsp;&nbsp;&nbsp; 148531 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 1849000 | &nbsp;&nbsp;&nbsp;&nbsp; 146829 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 1104000 | &nbsp;&nbsp;&nbsp;&nbsp; 137327 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 18280043 | &nbsp;&nbsp;&nbsp;&nbsp; 126892 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421550 | &nbsp;&nbsp;&nbsp;&nbsp; 117309 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 1714672 | &nbsp;&nbsp;&nbsp;&nbsp; 104938 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 4497433 | &nbsp;&nbsp;&nbsp;&nbsp; 104815 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10614860** |
| **Health Care (12.1%)** | **Health Care (12.1%)** | **Health Care (12.1%)** | **Health Care (12.1%)** |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | 2446600 | &nbsp;&nbsp;&nbsp;&nbsp; 866072 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 8045741 | &nbsp;&nbsp;&nbsp;&nbsp; 726048 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1920938 | &nbsp;&nbsp;&nbsp;&nbsp; 543779 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2088009 | &nbsp;&nbsp;&nbsp;&nbsp; 521083 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 2350337 | &nbsp;&nbsp;&nbsp;&nbsp; 463392 |
|  | &nbsp;&nbsp;&nbsp;Cigna Group | 1533173 | &nbsp;&nbsp;&nbsp;&nbsp; 409940 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 5205051 | &nbsp;&nbsp;&nbsp;&nbsp; 406619 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 2943779 | &nbsp;&nbsp;&nbsp;&nbsp; 308861 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;404581 | &nbsp;&nbsp;&nbsp;&nbsp; 299418 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp; 292149 |
|  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 3980715 | &nbsp;&nbsp;&nbsp;&nbsp; 283905 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | 2918000 | &nbsp;&nbsp;&nbsp;&nbsp; 255471 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;705449 | &nbsp;&nbsp;&nbsp;&nbsp; 220152 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395854 | &nbsp;&nbsp;&nbsp;&nbsp; 185133 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;737300 | &nbsp;&nbsp;&nbsp;&nbsp; 184229 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1117297 | &nbsp;&nbsp;&nbsp;&nbsp; 140992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297174 | &nbsp;&nbsp;&nbsp;&nbsp; 135770 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;852106 | &nbsp;&nbsp;&nbsp;&nbsp; 124228 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 1696150 | &nbsp;&nbsp;&nbsp;&nbsp; 123972 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468158 | &nbsp;&nbsp;&nbsp;&nbsp; 121758 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1837200 | &nbsp;&nbsp;&nbsp;&nbsp; 114090 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516367 | &nbsp;&nbsp;&nbsp;&nbsp; 97604 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;890208 | &nbsp;&nbsp;&nbsp;&nbsp; 81587 |
|  | &nbsp;&nbsp;&nbsp;GSK plc ADR | 2132315 | &nbsp;&nbsp;&nbsp;&nbsp; 79215 |
|  | &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;247231 | &nbsp;&nbsp;&nbsp;&nbsp; 73515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp; 70504 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA ADR | 1320391 | &nbsp;&nbsp;&nbsp;&nbsp; 60263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 2029988 | &nbsp;&nbsp;&nbsp;&nbsp; 52922 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7242671** |
| **Industrials (11.5%)** | **Industrials (11.5%)** | **Industrials (11.5%)** | **Industrials (11.5%)** |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2153371 | &nbsp;&nbsp;&nbsp;&nbsp; 671012 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp; 625043 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;RTX Corp. | 2550300 | &nbsp;&nbsp;&nbsp;&nbsp; 401851 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;692542 | &nbsp;&nbsp;&nbsp;&nbsp; 399327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | 1590652 | &nbsp;&nbsp;&nbsp;&nbsp; 352870 |
|  | &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;801172 | &nbsp;&nbsp;&nbsp;&nbsp; 294527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | 3352276 | &nbsp;&nbsp;&nbsp;&nbsp; 294162 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 1246022 | &nbsp;&nbsp;&nbsp;&nbsp; 285538 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 1229240 | &nbsp;&nbsp;&nbsp;&nbsp; 274723 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 4870742 | &nbsp;&nbsp;&nbsp;&nbsp; 259172 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 1665011 | &nbsp;&nbsp;&nbsp;&nbsp; 236215 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | 1166788 | &nbsp;&nbsp;&nbsp;&nbsp; 215681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 2299637 | &nbsp;&nbsp;&nbsp;&nbsp; 203081 |
|  | &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1601000 | &nbsp;&nbsp;&nbsp;&nbsp; 202574 |
|  | &nbsp;&nbsp;&nbsp;PACCAR Inc. | 1964380 | &nbsp;&nbsp;&nbsp;&nbsp; 194002 |
|  | &nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;417332 | &nbsp;&nbsp;&nbsp;&nbsp; 182825 |
|  | &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;846960 | &nbsp;&nbsp;&nbsp;&nbsp; 181427 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;337664 | &nbsp;&nbsp;&nbsp;&nbsp; 177061 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;688447 | &nbsp;&nbsp;&nbsp;&nbsp; 165386 |
|  | &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc. | 1080755 | &nbsp;&nbsp;&nbsp;&nbsp; 161303 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial NV | 12438699 | &nbsp;&nbsp;&nbsp;&nbsp; 161206 |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 2794014 | &nbsp;&nbsp;&nbsp;&nbsp; 135915 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;459200 | &nbsp;&nbsp;&nbsp;&nbsp; 127658 |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;462051 | &nbsp;&nbsp;&nbsp;&nbsp; 125253 |
|  | &nbsp;&nbsp;&nbsp;United Rentals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112642 | &nbsp;&nbsp;&nbsp;&nbsp; 99456 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237004 | &nbsp;&nbsp;&nbsp;&nbsp; 83357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fluor Corp. | 1403385 | &nbsp;&nbsp;&nbsp;&nbsp; 79670 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | 1155200 | &nbsp;&nbsp;&nbsp;&nbsp; 78149 |
|  | &nbsp;&nbsp;&nbsp;Fortive Corp. | 1400300 | &nbsp;&nbsp;&nbsp;&nbsp; 67116 |
|  | &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;737700 | &nbsp;&nbsp;&nbsp;&nbsp; 56132 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;189874 | &nbsp;&nbsp;&nbsp;&nbsp; 48361 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Air Canada | 2257900 | &nbsp;&nbsp;&nbsp;&nbsp; 31450 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6871503** |
| **Information Technology (22.2%)** | **Information Technology (22.2%)** | **Information Technology (22.2%)** | **Information Technology (22.2%)** |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6024410 | &nbsp;&nbsp;&nbsp;&nbsp; 3214023 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 7734210 | &nbsp;&nbsp;&nbsp;&nbsp; 1605390 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5175475 | &nbsp;&nbsp;&nbsp;&nbsp; 1250498 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;F5 Inc. | 2348100 | &nbsp;&nbsp;&nbsp;&nbsp; 735941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workday Inc. Class A | 2878952 | &nbsp;&nbsp;&nbsp;&nbsp; 660374 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 3956038 | &nbsp;&nbsp;&nbsp;&nbsp; 621137 |
|  | &nbsp;&nbsp;&nbsp;Accenture plc Class A | 2089055 | &nbsp;&nbsp;&nbsp;&nbsp; 557987 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 1878714 | &nbsp;&nbsp;&nbsp;&nbsp; 551778 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | 2689871 | &nbsp;&nbsp;&nbsp;&nbsp; 484338 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 3145475 | &nbsp;&nbsp;&nbsp;&nbsp; 461630 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | 8361400 | &nbsp;&nbsp;&nbsp;&nbsp; 426130 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp; 386417 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 49576280 | &nbsp;&nbsp;&nbsp;&nbsp; 357941 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 297551 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 1178396 | &nbsp;&nbsp;&nbsp;&nbsp; 264703 |
|  | &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 2377687 | &nbsp;&nbsp;&nbsp;&nbsp; 253247 |
|  | &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | 3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 248461 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp; 245018 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | 2633559 | &nbsp;&nbsp;&nbsp;&nbsp; 211659 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;902266 | &nbsp;&nbsp;&nbsp;&nbsp; 185641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;724610 | &nbsp;&nbsp;&nbsp;&nbsp; 127756 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364676 | &nbsp;&nbsp;&nbsp;&nbsp; 94207 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;866500 | &nbsp;&nbsp;&nbsp;&nbsp; 62180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**13304007** |
| **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** | **Materials (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | 6320000 | &nbsp;&nbsp;&nbsp;&nbsp; 455862 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;621279 | &nbsp;&nbsp;&nbsp;&nbsp; 357161 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 323274 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 2351000 | &nbsp;&nbsp;&nbsp;&nbsp; 276031 |
|  | &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;893768 | &nbsp;&nbsp;&nbsp;&nbsp; 257298 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 1900100 | &nbsp;&nbsp;&nbsp;&nbsp; 200460 |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;380387 | &nbsp;&nbsp;&nbsp;&nbsp; 175077 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;591023 | &nbsp;&nbsp;&nbsp;&nbsp; 99156 |
|  | &nbsp;&nbsp;&nbsp;Olin Corp. | 4577800 | &nbsp;&nbsp;&nbsp;&nbsp; 86703 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2231022** |
| **Other (0.9%)** | **Other (0.9%)** | **Other (0.9%)** | **Other (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;871153 | &nbsp;&nbsp;&nbsp;&nbsp; 550638 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | 1543728 | &nbsp;&nbsp;&nbsp;&nbsp; 240420 |
|  | &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc. | 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 169574 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **409994** |
| **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** | **Utilities (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 5900300 | &nbsp;&nbsp;&nbsp;&nbsp; 344873 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 344583 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3638000 | &nbsp;&nbsp;&nbsp;&nbsp; 267175 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1872493 | &nbsp;&nbsp;&nbsp;&nbsp; 262598 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 5186715 | &nbsp;&nbsp;&nbsp;&nbsp; 185114 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1404343** |
| **Total Common Stocks (Cost $36,522,883)** | **Total Common Stocks (Cost $36,522,883)** | **Total Common Stocks (Cost $36,522,883)** | &nbsp;&nbsp;&nbsp;&nbsp;**57509634** |
| **Temporary Cash Investments (5.0%)** | **Temporary Cash Investments (5.0%)** | **Temporary Cash Investments (5.0%)** | **Temporary Cash Investments (5.0%)** |
| **Money Market Fund (5.0%)** | **Money Market Fund (5.0%)** | **Money Market Fund (5.0%)** | **Money Market Fund (5.0%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.367% **(Cost $2,988,599)** | 29891801 | &nbsp;&nbsp;&nbsp;&nbsp; **2988881** |
| **Total Investments (100.9%) (Cost $39,511,482)** | **Total Investments (100.9%) (Cost $39,511,482)** | **Total Investments (100.9%) (Cost $39,511,482)** | &nbsp;&nbsp;&nbsp;&nbsp;**60498515** |
| **Other Assets and Liabilities—Net (-0.9%)** | **Other Assets and Liabilities—Net (-0.9%)** | **Other Assets and Liabilities—Net (-0.9%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(516165)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**59982350** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $58,502. |
| 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 $67,289 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 994 | 316800 | &nbsp;&nbsp;(311) |

---

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales
prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices.
Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary
markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing
service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds),
between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or
published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

**B.** Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's
pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased,
combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses)
until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

**C.** Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund
may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of
futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving
futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the
financial strength of its clearing brokers and clearinghouse, and has entered into

------

clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

**D.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of July 31, 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 | 55842257 | &nbsp;&nbsp;&nbsp;1667377 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;57509634 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;2988881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2988881 |
| Total | 58831138 | &nbsp;&nbsp;&nbsp;1667377 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;60498515 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (311) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(311) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

**E.** Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the
issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | 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) | Jul. 31,<br> 2025<br> Market<br> Value<br> ($000) |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | 63062 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | (77191) | 14074 |  | &nbsp;&nbsp;&nbsp;&nbsp;361976 |
| 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;(36) | 81505 |  | 2988881 |
| Total | 2028453 | 63062 | &nbsp;&nbsp;&nbsp;&nbsp;— | 54 | (77227) | 95579 |  | 3350857 |

---

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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD WINDSOR FUNDS

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

- **c. CIK number of Registrant:** 0000107606

- **d. LEI of Registrant:** 5493006MMNJGHJDZOD60

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD WINDSOR II FUND

- **b. EDGAR series identifier (if any):** S000004418

- **c. LEI of Series:** EPRUJCUS7VDM55UDW365

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $60515095512.68

**Total Liabilities:** $24631611.92

**Net Assets:** $60490463900.76

**Cash Not Reported:** $291286154.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012180 | 4.93%                | 4.09%                | 1.18%                |
| Class ID C000012181 | 4.97%                | 4.08%                | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $258799202.93            | $2364265912.38                             |
| Month 2  | $877337524.84            | $1357918763.83                             |
| Month 3  | $677320614.95            | $-26585643.98                              |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United Airlines Holdings Inc                      | UNITED AIRLINES                | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    2299637 | NS      | $203080943.47  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                                 | GENERAL MOTORS C               | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    6368424 | NS      | $339691736.16  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC                                 | NATWEST GROUP PL               | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |   18280043 | NS      | $126892303.62  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Management Inc                              | WASTE MANAGEMENT               | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |    1246022 | NS      | $285538401.52  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     395854 | NS      | $185132998.72  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                      | SYNOPSYS INC                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     610000 | NS      | $386416700.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                 | STATE ST CORP                  | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    2562678 | NS      | $286379266.50  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc                    | GE HEALTHCARE TE               | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    3801315 | NS      | $271109785.80  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                        | ZIMMER BIOMET HO               | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     890208 | NS      | $81587563.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    3352276 | NS      | $294162219.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |    8045741 | NS      | $726047667.84  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                                 | OMNICOM GROUP                  | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |    2978179 | NS      | $214577796.95  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    5298470 | NS      | $797260780.90  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                   | XCEL ENERGY INC                | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    3638000 | NS      | $267174720.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    3212400 | NS      | $186384885.94  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Amgen Inc                                         | AMGEN INC                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     990000 | NS      | $292149000.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                      | NORDSON CORP                   | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     846960 | NS      | $181427301.60  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | ABBVIE INC                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     516367 | NS      | $97603690.34   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                     | OLD DOMINION FRT               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |    1080755 | NS      | $161302683.75  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    7734210 | NS      | $1605389969.70 | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                                | CONAGRA BRANDS I               | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    3377300 | NS      | $61669498.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP-ADR                 | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | US        |   14375000 | NS      | $349600000.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv Holdings Ltd                                | APTIV PLC                      | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3429572 | NS      | $235405822.08  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    1178396 | NS      | $264703093.48  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    8361400 | NS      | $426129872.29  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                            | TRANE TECHNOLOGI               | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | US        |     417332 | NS      | $182824802.56  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                          | CONSTELLATION-A                | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |    1707000 | NS      | $285137280.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                        | ADV MICRO DEVICE               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     724610 | NS      | $127755989.10  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    7052301 | NS      | $1651014187.11 | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | CONOCOPHILLIPS                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    2945051 | NS      | $280781162.34  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                                      | OSHKOSH CORP                   | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |    1601000 | NS      | $202574530.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                     | AMPHENOL CORP-A                | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    2377687 | NS      | $253247442.37  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                           | GSK PLC-ADR                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | US        |    2132315 | NS      | $79215502.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    6024410 | NS      | $3214022735.00 | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC                  | FIRST CITIZENS-A               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      77458 | NS      | $154510120.08  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    6038695 | NS      | $1164622717.70 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                         | SHELL PLC-ADR                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | US        |    3545512 | NS      | $256021421.52  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                                    | SOLVENTUM                      | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     988000 | NS      | $70503680.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                                     | TIMKEN CO                      | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     737700 | NS      | $56131593.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    1998232 | NS      | $690329209.04  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                                   | THE CIGNA GROUP                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    1533173 | NS      | $409939796.74  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                                | UNITED RENTALS                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     112642 | NS      | $99456127.48   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                       | GOLDMAN SACHS GP               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     221378 | NS      | $160186907.02  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                         | ADOBE INC                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     685000 | NS      | $245017650.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                        | US BANCORP                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |   12479200 | NS      | $561064832.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                        | CAPITAL ONE FINA               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    2206000 | NS      | $474290000.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                        | COMMERCE BCSHS                 | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1714672 | NS      | $104937926.40  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                        | STANLEY BLACK &                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    1155200 | NS      | $78149280.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                      | CITIZENS FINANCI               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    4332151 | NS      | $206730245.72  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    1677258 | NS      | $1297258427.52 | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    1543728 | NS      | $240420198.72  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                           | SCHWAB (CHARLES)               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    3280786 | NS      | $320631215.78  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                        | DEERE & CO                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     337664 | NS      | $177060871.68  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                        | PACCAR INC                     | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    1964380 | NS      | $194002168.80  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                | HCA HEALTHCARE I               | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    2446600 | NS      | $866071934.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                                   | SCHLUMBERGER LTD               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    7150566 | NS      | $241689130.80  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Canada                                        | AIR CANADA                     | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |    2257900 | NS      | $31450252.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |     524163 | NS      | $52411048.37   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     421550 | NS      | $117308934.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |     948829 | NS      | $252426467.16  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                             | GENERAL DYNAMICS               | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |    2153371 | NS      | $671011937.31  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                            | MARVELL TECHNOLO               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2633559 | NS      | $211659136.83  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    5205051 | NS      | $406618584.12  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                               | DOMINION ENERGY                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    5900300 | NS      | $344872535.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                    | LOWE'S COS INC                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    1040487 | NS      | $232621678.59  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                       | EQUIFAX INC                    | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     688447 | NS      | $165385622.81  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | LINDE PLC                      | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |     380387 | NS      | $175076920.62  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                    | AIR PRODS & CHEM               | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     893768 | NS      | $257297931.84  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                       | AMERICAN WATER W               | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    1872493 | NS      | $262598418.32  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The         | HARTFORD INSURAN               | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    1104000 | NS      | $137326560.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                               | AVERY DENNISON                 | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     591023 | NS      | $99155928.71   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                         | NESTLE SA-REG                  | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    1245887 | NS      | $108861947.77  | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     708778 | NS      | $260483002.78  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                                    | HALLIBURTON CO                 | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    4402050 | NS      | $98605920.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                            | F5 INC                         | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |    2446300 | NS      | $766719346.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | STARBUCKS CORP                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    1032462 | NS      | $92054311.92   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                       | CUMMINS INC                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     801172 | NS      | $294526850.64  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                   | ERICSSON LM-ADR                | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               | CORP              | US        |   49576280 | NS      | $357940741.60  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    1163173 | NS      | $231704061.60  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                                | PPG INDS INC                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    1900100 | NS      | $200460550.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                          | MICROCHIP TECH                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    3676000 | NS      | $248460840.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA-ADR                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | US        |    1696150 | NS      | $123971603.50  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    1920938 | NS      | $543779129.04  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                  | AMERICAN INTERNA               | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    8500475 | NS      | $659891874.25  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                  | TOTALENER-SP ADR               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | US        |    3828479 | NS      | $227985924.45  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                        | MONDELEZ INTER-A               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    2655166 | NS      | $171762688.54  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                   | SEAGATE TECHNOLO               | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    3956038 | NS      | $621137526.38  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                              | BOOKING HOLDINGS               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      41500 | NS      | $228418490.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                  | PARAMOUNT GLOB-B               | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    6678900 | NS      | $83953773.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                              | PARKER HANNIFIN                | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     854000 | NS      | $625042600.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDING-ADR               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | US        |    2888300 | NS      | $177052790.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GRP-ADR                | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | US        |     832401 | NS      | $100412532.63  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 2662078350 | NS      | $2661812141.66 | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    2943779 | NS      | $308861292.68  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                        | FISERV INC                     | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    1242931 | NS      | $172692833.14  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     404581 | NS      | $299418260.67  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc        | FIDELITY NATIONA               | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    1849000 | NS      | $146829090.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    8226618 | NS      | $558505096.02  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    1117297 | NS      | $140991708.43  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI U-ADR               | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | US        |   19328000 | NS      | $268659200.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                                         | OLIN CORP                      | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    4577800 | NS      | $86703532.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                                 | CNH INDUSTRIAL N               | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | US        |   12438699 | NS      | $161205539.04  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                   | ULTA BEAUTY INC                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     174860 | NS      | $90054648.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Sep25        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       2404 | NC      | $8383756.39    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                          | APA CORP                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |   18764967 | NS      | $361976213.43  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    6387442 | NS      | $598503315.40  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                     | INTERCONT EXCH I               | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    3052519 | NS      | $564197086.77  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    3145475 | NS      | $461629911.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                          | DAIMLER TRUCK HO               | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |    2794014 | NS      | $135915532.30  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp                                      | COMCAST CORP-A                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   11464713 | NS      | $380972412.99  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                            | SPDR S&P 500 ETF               | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |     871153 | NS      | $550638388.24  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                        | ZOETIS INC                     | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     852106 | NS      | $124228533.74  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                                   | MURPHY OIL CORP                | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    1372052 | NS      | $34040610.12   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    5175475 | NS      | $1250498269.50 | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                        | FLUOR CORP                     | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    1403385 | NS      | $79670166.45   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                          | CULLEN/FROST                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    1577000 | NS      | $200925570.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                        | VERIZON COMMUNIC               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    6210000 | NS      | $265539600.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                    | SALESFORCE INC                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     364676 | NS      | $94206751.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                                   | BAKER HUGHES CO                | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4623300 | NS      | $208279665.00  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                         | TELEDYNE TECH                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     540000 | NS      | $297550800.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    9097000 | NS      | $221875830.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | US        |    2089055 | NS      | $557986590.50  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                        | VERTEX PHARM                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     297174 | NS      | $135769885.38  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    3555685 | NS      | $396956673.40  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    2350337 | NS      | $463392442.92  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                       | OVINTIV INC                    | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    4662510 | NS      | $192002161.80  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                          | COREBRIDGE FINAN               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    4176900 | NS      | $148530564.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                                 | LITHIA MOTORS                  | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     192000 | NS      | $55296000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     906257 | NS      | $271940537.99  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                        | ANHEUSER-SPN ADR               | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               | CORP              | US        |     997000 | NS      | $57496990.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Martin Marietta Materials Inc                     | MARTIN MAR MTLS                | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     621279 | NS      | $357160871.52  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                             | NORTHROP GRUMMAN               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     692542 | NS      | $399326642.62  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                             | TRUIST FINANCIAL               | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    4584488 | NS      | $200387970.48  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                                     | BOEING CO/THE                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    1590652 | NS      | $352870239.68  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                    | BLACKSTONE INC                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    3855458 | NS      | $666840015.68  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                          | RTX CORP                       | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    2550300 | NS      | $401850771.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                                           | WPP PLC-ADR                    | CUSIP: N/A<br>LEI: 549300LSGBXPYHXGDT93       | Long             | EC               | CORP              | US        |    5799610 | NS      | $157053438.80  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Atmos Energy Corp                                 | ATMOS ENERGY                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    2210000 | NS      | $344583200.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                               | GENERAL ELECTRIC               | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     462051 | NS      | $125252785.08  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                         | WARNER BROS DISC               | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   10268148 | NS      | $135231509.16  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                        | FEDEX CORP                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    1229240 | NS      | $274722847.60  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    1837200 | NS      | $114090120.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE               | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    2830000 | NS      | $169573600.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                             | APPLIED MATERIAL               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    2429212 | NS      | $437403912.72  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                        | ECOLAB INC                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |    1235000 | NS      | $323273600.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                                      | FORTIVE CORP                   | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    1400300 | NS      | $67116379.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                             | NORFOLK SOUTHERN               | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     459200 | NS      | $127657600.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    1230305 | NS      | $364465553.20  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                      | CENTENE CORP                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    2029988 | NS      | $52921787.16   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     273070 | NS      | $154685962.90  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                               | DELTA AIR LI                   | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    4870742 | NS      | $259172181.82  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    6129536 | NS      | $494224487.68  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                          | ALCON INC                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | US        |    2918000 | NS      | $255470900.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                          | PPL CORP                       | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    5186715 | NS      | $185113858.35  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | BANK OF AMERICA                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   19230992 | NS      | $909048991.84  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                       | WORKDAY INC-A                  | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    2878952 | NS      | $660374009.76  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                        | AMETEK INC                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    1166788 | NS      | $215680761.80  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                              | JACOBS SOLUTIONS               | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1665011 | NS      | $236215110.57  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                                           | NOV INC                        | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |   16773088 | NS      | $211005447.04  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                         | SANOFI-ADR                     | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | US        |    1320391 | NS      | $60262645.24   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                           | MAGNA INTL                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | US        |    6868232 | NS      | $281597512.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                 | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     189874 | NS      | $48361500.71   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     737300 | NS      | $184229151.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                       | PEPSICO INC                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    1395268 | NS      | $192435362.56  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC-ADR               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | US        |    1737298 | NS      | $101510322.14  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                       | LENNAR CORP-A                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    2582000 | NS      | $289648760.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    2088009 | NS      | $521083526.04  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                             | RPM INTL INC                   | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    2351000 | NS      | $276030910.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                                | KRAFT HEINZ CO/T               | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    8740000 | NS      | $240000400.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                    | BNP PARIBAS                    | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    1680100 | NS      | $153188540.81  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                | TRIP.COM GRO-ADR               | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | US        |     399359 | NS      | $24740290.05   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                       | CORTEVA INC                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    6320000 | NS      | $455861600.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    1878714 | NS      | $551778301.80  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                                    | BORGWARNER INC                 | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    2110900 | NS      | $77681120.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                               | TE CONNECTIVITY                | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | US        |     902266 | NS      | $185641229.50  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                           | ROCKWELL AUTOMAT               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     237004 | NS      | $83356676.84   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                               | AMERICAN EXPRESS               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     579447 | NS      | $173434281.57  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                          | AMERIPRISE FINAN               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     722754 | NS      | $374523895.26  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp               | COGNIZANT TECH-A               | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     866500 | NS      | $62180040.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     705449 | NS      | $220151605.54  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                       | BMW AG                         | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     873984 | NS      | $83160785.78   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                               | ESSILORLUXOTTICA               | CUSIP: F31665106<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     247231 | NS      | $73515213.41   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    5342985 | NS      | $1025318821.50 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                              | LABCORP HOLDINGS               | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     468158 | NS      | $121758532.64  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The              | PNC FINANCIAL SE               | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    1352000 | NS      | $257245040.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                      | ING GROEP NV                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    4497433 | NS      | $104814597.38  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** VANGUARD WINDSOR FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer