0001752724-23-150048.txt : 20230629 0001752724-23-150048.hdr.sgml : 20230629 20230629152003 ACCESSION NUMBER: 0001752724-23-150048 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230430 FILED AS OF DATE: 20230629 DATE AS OF CHANGE: 20230629 PERIOD START: 20240131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD SPECIALIZED FUNDS CENTRAL INDEX KEY: 0000734383 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03916 FILM NUMBER: 231057026 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 SPECIALIZED FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED PORTFOLIOS INC DATE OF NAME CHANGE: 19920703 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12891014.00000000 0.016205435652 Long EC CORP US N 1 N N N DTE Energy Co 549300IX8SD6XXD71I78 DTE ENERGY CO 233331107 1091814.00000000 NS USD 122730811.74000000 0.154286254927 Long EC CORP US N 1 N N N Archer-Daniels-Midland Co 549300LO13MQ9HYSTR83 ARCHER-DANIELS 039483102 3096251.00000000 NS USD 241755278.08000000 0.303913222239 Long EC CORP US N 1 N N N Tennant Co JYAIRLT8DVP6DP8UT336 TENNANT CO 880345103 104309.00000000 NS USD 7971293.78000000 0.010020801189 Long EC CORP US N 1 N N N WW Grainger Inc 549300TWZSP6O1IH2V34 WW GRAINGER INC 384802104 253605.00000000 NS USD 176400029.85000000 0.221754420009 Long EC CORP US N 1 N N N Humana Inc 529900YLDW34GJAO4J06 HUMANA INC 444859102 713502.00000000 NS USD 378505675.98000000 0.475823653310 Long EC CORP US N 1 N N N PepsiCo Inc FJSUNZKFNQ5YPJ5OT455 PEPSICO INC 713448108 7763087.00000000 NS USD 1481895677.43000000 1.862907374465 Long EC CORP US N 1 N N N UnitedHealth Group Inc 549300GHBMY8T5GXDE41 UNITEDHEALTH GRP 91324P102 5264952.00000000 NS USD 2590830229.68000000 3.256961211486 Long EC CORP US N 1 N N N RPM International Inc 549300TJCKW4BRXPJ474 RPM INTL INC 749685103 727830.00000000 NS USD 59703894.90000000 0.075054423727 Long EC CORP US N 1 N N N Middlesex Water Co N/A MIDDLESEX WATER 596680108 96190.00000000 NS USD 7019946.20000000 0.008824851670 Long EC CORP US N 1 N N N Trinity Industries Inc R1JB4KXN77XFCXOQKV49 TRINITY INDUSTRI 896522109 453282.00000000 NS USD 10856103.90000000 0.013647327758 Long EC CORP US N 1 N N N Flowers Foods Inc 7YNCQQNDK8FBM9BBTK25 FLOWERS FOODS 343498101 1080896.00000000 NS USD 29735448.96000000 0.037380760329 Long EC CORP US N 1 N N N LeMaitre Vascular Inc 549300FZUBUB7MHY8R17 LEMAITRE VASCULA 525558201 109502.00000000 NS USD 5913108.00000000 0.007433433180 Long EC CORP US N 1 N N N BancFirst Corp 549300EJEHGBP4IO2J30 BANCFIRST CORP 05945F103 97727.00000000 NS USD 7807410.03000000 0.009814781122 Long EC CORP US N 1 N N N Broadcom Inc 549300WV6GIDOZJTV909 BROADCOM INC 11135F101 2282112.00000000 NS USD 1429743168.00000000 1.797345880566 Long EC CORP US N 1 N N N Jack Henry & Associates Inc 529900X1QS8C54W0JB21 JACK HENRY 426281101 411019.00000000 NS USD 67135843.46000000 0.084397208101 Long EC CORP US N 1 N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 FIFTH THIRD BANC 316773100 3870554.00000000 NS USD 101408514.80000000 0.127481760647 Long EC CORP US N 1 N N N TriCo Bancshares N/A TRICO BANCSHARES 896095106 189668.00000000 NS USD 6792011.08000000 0.008538311921 Long EC CORP US N 1 N N N AmerisourceBergen Corp AI8GXW8LG5WK7E9UD086 AMERISOURCEBERGE 03073E105 913023.00000000 NS USD 152337887.55000000 0.191505635956 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 JOHNSON&JOHNSON 478160104 14732114.00000000 NS USD 2411647061.80000000 3.031708078011 Long EC CORP US N 1 N N N JB Hunt Transport Services Inc 549300XCD1MPI1C5GK90 HUNT (JB) TRANS 445658107 466655.00000000 NS USD 81799954.95000000 0.102831624134 Long EC CORP US N 1 N N N American Financial Group Inc/OH 549300AFOM7IVKIU1G39 AMER FINL GROUP 025932104 393597.00000000 NS USD 48306159.81000000 0.060726205435 Long EC CORP US N 1 N N N Atrion Corp N/A ATRION CORP 049904105 7491.00000000 NS USD 4609212.30000000 0.005794291538 Long EC CORP US N 1 N N N Tractor Supply Co 549300OJ9VZHZRO6I137 TRACTOR SUPPLY 892356106 622478.00000000 NS USD 148398755.20000000 0.186553709302 Long EC CORP US N 1 N N N Cisco Systems Inc 549300LKFJ962MZ46593 CISCO SYSTEMS 17275R102 23135929.00000000 NS USD 1093172645.25000000 1.374239370163 Long EC CORP US N 1 N N N Lancaster Colony Corp 529900X4O13HED1ZAS58 LANCASTER COLONY 513847103 112421.00000000 NS USD 23509479.52000000 0.029554025586 Long EC CORP US N 1 N N N Rockwell Automation Inc VH3R4HHBHH12O0EXZJ88 ROCKWELL AUTOMAT 773903109 647388.00000000 NS USD 183476233.08000000 0.230649993012 Long EC CORP US N 1 N N N Moody's Corp 549300GCEDD8YCF5WU84 MOODY'S CORP 615369105 887387.00000000 NS USD 277858617.44000000 0.349299127712 Long 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0.038438170959 Long EC CORP US N 1 N N N 2023-06-27 VANGUARD SPECIALIZED FUNDS Ashley Grim Ashley Grim Treasurer XXXX NPORT-EX 2 vg_dividendappreciation.htm
Vanguard® Dividend Appreciation Index Fund
Schedule of Investments (unaudited)
As of April 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
    Shares Market
Value
($000)
Common Stocks (99.6%)
Communication Services (1.3%)
  Comcast Corp. Class A 24,306,314 1,005,552
  John Wiley & Sons Inc. Class A 240,005 9,257
      1,014,809
Consumer Discretionary (7.5%)
  Home Depot Inc. 5,768,049 1,733,529
  McDonald's Corp. 4,126,615 1,220,446
  NIKE Inc. Class B 7,097,240 899,362
  Starbucks Corp. 6,467,429 739,162
  Lowe's Cos. Inc. 3,496,861 726,753
  Tractor Supply Co. 622,385 148,377
  Genuine Parts Co. 794,401 133,706
  Pool Corp. 219,988 77,286
  Service Corp. International 866,765 60,838
  Churchill Downs Inc. 185,497 54,263
  Williams-Sonoma Inc. 374,089 45,280
  Brunswick Corp. 407,867 34,583
  Lithia Motors Inc. Class A 153,991 34,015
  Polaris Inc. 306,943 33,349
  Thor Industries Inc. 302,564 23,909
  Monro Inc. 175,962 8,601
  Dillard's Inc. Class A 19,195 5,728
  Aaron's Co. Inc. 178,990 2,389
  Shoe Carnival Inc. 98,225 2,284
  Haverty Furniture Cos. Inc. 75,403 2,273
      5,986,133
Consumer Staples (12.5%)
  Procter & Gamble Co. 13,350,113 2,087,691
  PepsiCo Inc. 7,761,932 1,481,675
  Coca-Cola Co. 21,927,377 1,406,641
  Costco Wholesale Corp. 2,493,609 1,254,834
  Walmart Inc. 7,951,693 1,200,467
  Target Corp. 2,593,386 409,107
  Colgate-Palmolive Co. 4,706,682 375,593
  Archer-Daniels-Midland Co. 3,095,789 241,719
  Hershey Co. 828,320 226,181
  Sysco Corp. 2,855,526 219,133
  Church & Dwight Co. Inc. 1,374,608 133,502
  Kroger Co. 2,670,404 129,862
  McCormick & Co. Inc. 1,412,414 124,081
  Clorox Co. 695,402 115,172
  Tyson Foods Inc. Class A 1,631,586 101,958
  J M Smucker Co. 600,551 92,731
    Shares Market
Value
($000)
  Brown-Forman Corp. Class B 1,030,634 67,084
  Hormel Foods Corp. 1,631,888 65,994
  Casey's General Stores Inc. 209,178 47,864
  Ingredion Inc. 368,205 39,092
  Flowers Foods Inc. 1,080,734 29,731
  Lancaster Colony Corp. 112,403 23,506
  WD-40 Co. 76,315 14,530
  J & J Snack Foods Corp. 84,133 12,889
  Andersons Inc. 176,189 7,876
  SpartanNash Co. 200,653 4,920
  Tootsie Roll Industries Inc. 103,941 4,249
      9,918,082
Energy (3.5%)
  Exxon Mobil Corp. 23,202,425 2,745,775
  Texas Pacific Land Corp. 34,747 51,344
      2,797,119
Financials (17.9%)
  JPMorgan Chase & Co. 16,525,679 2,284,510
  Visa Inc. Class A 8,766,630 2,040,258
  Mastercard Inc. Class A 4,782,601 1,817,532
  S&P Global Inc. 1,875,943 680,179
  Goldman Sachs Group Inc. 1,907,882 655,243
  BlackRock Inc. 846,154 567,939
  Marsh & McLennan Cos. Inc. 2,794,168 503,481
  Chubb Ltd. 2,338,954 471,440
  Aon plc Class A (XNYS) 1,165,816 379,100
  CME Group Inc. 2,026,163 376,400
  PNC Financial Services Group Inc. 2,273,523 296,126
  Moody's Corp. 887,255 277,817
  Arthur J Gallagher & Co. 1,188,578 247,296
  Travelers Cos. Inc. 1,320,841 239,257
  MetLife Inc. 3,713,800 227,767
  Aflac Inc. 3,189,510 222,787
  Ameriprise Financial Inc. 599,890 183,038
  Bank of New York Mellon Corp. 4,145,899 176,574
  Allstate Corp. 1,494,870 173,046
  Discover Financial Services 1,539,833 159,327
  State Street Corp. 2,068,098 149,441
  Hartford Financial Services Group Inc. 1,790,358 127,098
  Nasdaq Inc. 1,908,077 105,650
  Fifth Third Bancorp 3,869,978 101,393
  Raymond James Financial Inc. 1,091,170 98,784
  Principal Financial Group Inc. 1,280,493 95,640
  Cincinnati Financial Corp. 886,088 94,315
  FactSet Research Systems Inc. 214,755 88,412
  Brown & Brown Inc. 1,324,929 85,312
  Cboe Global Markets Inc. 597,992 83,539
  W R Berkley Corp. 1,152,374 67,898
  MarketAxess Holdings Inc. 212,019 67,500
  Jack Henry & Associates Inc. 410,959 67,126
  Globe Life Inc. 509,989 55,344
  Reinsurance Group of America Inc. 376,169 53,536
  RenaissanceRe Holdings Ltd. 246,405 53,078
  American Financial Group Inc. 393,537 48,299
  Unum Group 1,052,311 44,408
  Cullen/Frost Bankers Inc. 362,661 39,983
  Primerica Inc. 207,840 37,933
    Shares Market
Value
($000)
  Assurant Inc. 297,702 36,656
  Commerce Bancshares Inc. 644,629 36,003
  SEI Investments Co. 577,978 34,049
  Prosperity Bancshares Inc. 515,977 32,310
  RLI Corp. 226,516 31,497
  Erie Indemnity Co. Class A 140,671 30,572
  SouthState Corp. 427,159 29,465
  Morningstar Inc. 141,226 25,182
  Axis Capital Holdings Ltd. 435,139 24,603
  Hanover Insurance Group Inc. 200,485 23,970
  Zions Bancorp NA 842,397 23,469
  Home BancShares Inc. 1,072,454 23,347
  Evercore Inc. Class A 201,362 22,969
  Bank OZK 624,854 22,320
  First Financial Bankshares Inc. 733,563 21,464
  Glacier Bancorp Inc. 624,728 20,760
  Assured Guaranty Ltd. 338,518 18,236
  UMB Financial Corp. 245,821 15,637
  Community Bank System Inc. 303,942 15,185
  American Equity Investment Life Holding Co. 387,169 14,922
  Independent Bank Corp. (XNGS) 258,459 14,474
  CNO Financial Group Inc. 644,049 14,452
  BOK Financial Corp. 163,421 13,706
  International Bancshares Corp. 295,379 12,604
  Atlantic Union Bankshares Corp. 422,670 12,097
  Simmons First National Corp. Class A 709,461 11,855
  First Merchants Corp. 332,363 9,698
  Towne Bank 360,555 8,542
  Cohen & Steers Inc. 140,212 8,421
  Stock Yards Bancorp Inc. 162,204 7,883
  NBT Bancorp Inc. 242,653 7,823
  BancFirst Corp. 97,712 7,806
  City Holding Co. 84,238 7,682
  Lakeland Financial Corp. 143,544 7,273
  Horace Mann Educators Corp. 224,604 7,026
  TriCo Bancshares 189,641 6,791
  Federal Agricultural Mortgage Corp. Class C 49,882 6,649
  Westamerica BanCorp 147,940 5,993
  Southside Bancshares Inc. 174,428 5,535
  Lakeland Bancorp Inc. 346,537 4,969
  German American Bancorp Inc. 159,230 4,629
  Tompkins Financial Corp. 73,168 4,289
  1st Source Corp. 99,065 4,129
  Heritage Financial Corp. 200,599 3,533
  Cass Information Systems Inc. 72,924 2,668
  First Financial Corp. 53,331 1,843
  Hingham Institution for Savings 8,543 1,662
  Southern Missouri Bancorp Inc. 43,545 1,580
  Bank of Marin Bancorp 75,322 1,328
      14,253,362
Health Care (16.2%)
  UnitedHealth Group Inc. 5,264,169 2,590,445
  Johnson & Johnson 14,729,921 2,411,288
  Merck & Co. Inc. 14,284,636 1,649,447
  Abbott Laboratories 9,823,531 1,085,205
  Bristol-Myers Squibb Co. 11,979,144 799,847
  Medtronic plc 7,487,523 680,990
  Elevance Health Inc. 1,345,423 630,533
    Shares Market
Value
($000)
  Stryker Corp. 1,897,269 568,517
  Zoetis Inc. 2,626,363 461,662
  Becton Dickinson & Co. 1,607,200 424,799
  Humana Inc. 713,397 378,450
  McKesson Corp. 798,964 291,015
  ResMed Inc. 825,232 198,848
  AmerisourceBergen Corp. 912,888 152,315
  West Pharmaceutical Services Inc. 417,181 150,702
  Cardinal Health Inc. 1,474,625 121,067
  STERIS plc 562,502 106,060
  Quest Diagnostics Inc. 641,554 89,054
  Chemed Corp. 83,903 46,252
  Ensign Group Inc. 312,504 30,341
  Perrigo Co. plc 758,686 28,216
  Embecta Corp. 326,519 9,061
  LeMaitre Vascular Inc. 109,487 5,912
  Atrion Corp. 7,491 4,609
      12,914,635
Industrials (12.7%)
  Honeywell International Inc. 3,788,144 757,023
  United Parcel Service Inc. Class B (XNYS) 4,111,856 739,353
  Union Pacific Corp. 3,463,579 677,822
  Caterpillar Inc. 2,932,001 641,522
  Lockheed Martin Corp. 1,314,075 610,322
  Automatic Data Processing Inc. 2,336,795 514,095
  Illinois Tool Works Inc. 1,574,971 381,049
  Northrop Grumman Corp. 814,892 375,885
  Eaton Corp. plc 2,240,222 374,386
  CSX Corp. 11,846,892 362,989
  Waste Management Inc. 2,103,908 349,354
  Emerson Electric Co. 3,332,618 277,474
  General Dynamics Corp. 1,268,872 277,046
  Cintas Corp. 486,556 221,758
  L3Harris Technologies Inc. 1,073,029 209,402
  Paychex Inc. 1,807,474 198,569
  Cummins Inc. 795,118 186,885
  Rockwell Automation Inc. 647,292 183,449
  WW Grainger Inc. 253,566 176,373
  Fastenal Co. 3,228,739 173,835
  Republic Services Inc. Class A 1,157,826 167,445
  Dover Corp. 791,513 115,688
  Xylem Inc. 1,016,287 105,531
  Expeditors International of Washington Inc. 896,695 102,080
  Broadridge Financial Solutions Inc. 662,970 96,402
  IDEX Corp. 425,441 87,777
  JB Hunt Transport Services Inc. 466,586 81,788
  Hubbell Inc. Class B 302,734 81,532
  Snap-on Inc. 299,895 77,796
  Graco Inc. 950,795 75,389
  Stanley Black & Decker Inc. 833,906 71,999
  Booz Allen Hamilton Holding Corp. Class A 743,790 71,196
  CH Robinson Worldwide Inc. 663,051 66,882
  Nordson Corp. 303,345 65,617
  Carlisle Cos. Inc. 291,537 62,928
  Toro Co. 585,750 61,070
  Allegion plc 495,527 54,746
  Lincoln Electric Holdings Inc. 325,542 54,626
  Pentair plc 927,600 53,875
    Shares Market
Value
($000)
  HEICO Corp. Class A 396,040 53,160
  Lennox International Inc. 181,023 51,032
  A O Smith Corp. 714,035 48,761
  Regal Rexnord Corp. 372,817 48,526
  Huntington Ingalls Industries Inc. 224,478 45,268
  Robert Half International Inc. 611,057 44,607
  Donaldson Co. Inc. 685,277 43,549
  ITT Inc. 466,215 39,367
  HEICO Corp. 222,236 37,478
  MDU Resources Group Inc. 1,147,351 33,526
  Comfort Systems USA Inc. 201,380 30,104
  Applied Industrial Technologies Inc. 216,036 29,307
  UFP Industries Inc. 346,894 27,238
  MSA Safety Inc. 207,809 26,963
  Watts Water Technologies Inc. Class A 153,915 24,893
  Insperity Inc. 201,433 24,668
  GATX Corp. 198,761 22,641
  Ryder System Inc. 283,906 22,474
  ManpowerGroup Inc. 284,641 21,550
  Franklin Electric Co. Inc. 221,150 19,786
  Hillenbrand Inc. 391,810 17,874
  ABM Industries Inc. 371,922 15,836
  Brady Corp. Class A 260,808 13,309
  McGrath RentCorp. 136,801 12,159
  Trinity Industries Inc. 453,213 10,854
  Standex International Corp. 65,379 8,029
  Tennant Co. 104,294 7,970
  Griffon Corp. 264,569 7,527
  Lindsay Corp. 61,265 7,397
  Matthews International Corp. Class A 169,793 6,430
  Apogee Enterprises Inc. 126,373 5,378
  Douglas Dynamics Inc. 127,618 3,741
  Gorman-Rupp Co. 125,981 3,093
      10,057,453
Information Technology (20.4%)
  Microsoft Corp. 12,051,137 3,702,832
  Apple Inc. 19,999,657 3,393,542
  Broadcom Inc. 2,281,773 1,429,531
  Cisco Systems Inc. 23,132,485 1,093,010
  Accenture plc Class A 3,549,921 995,007
  Texas Instruments Inc. 5,112,939 854,883
  Oracle Corp. 8,658,457 820,129
  QUALCOMM Inc. 6,315,645 737,667
  Intuit Inc. 1,588,006 704,995
  Analog Devices Inc. 2,897,720 521,242
  KLA Corp. 798,682 308,723
  Motorola Solutions Inc. 942,460 274,633
  Roper Technologies Inc. 597,698 271,821
  Amphenol Corp. Class A 3,353,817 253,113
  Microchip Technology Inc. 3,099,717 226,248
  TE Connectivity Ltd. 1,792,499 219,348
  HP Inc. 4,989,594 148,241
  Corning Inc. 4,290,134 142,518
  Amdocs Ltd. 686,045 62,602
  Littelfuse Inc. 139,518 33,797
  Power Integrations Inc. 321,835 23,423
    Shares Market
Value
($000)
  Badger Meter Inc. 164,789 21,807
      16,239,112
Materials (4.4%)
  Linde plc 2,785,206 1,028,994
  Air Products and Chemicals Inc. 1,250,090 367,976
  Sherwin-Williams Co. 1,329,070 315,707
  Ecolab Inc. 1,396,681 234,419
  Nucor Corp. 1,445,668 214,219
  PPG Industries Inc. 1,324,777 185,813
  International Flavors & Fragrances Inc. 1,437,064 139,338
  Albemarle Corp. 660,268 122,453
  Steel Dynamics Inc. 940,363 97,751
  Reliance Steel & Aluminum Co. 330,536 81,907
  Avery Dennison Corp. 456,444 79,640
  Packaging Corp. of America 521,530 70,542
  Celanese Corp. Class A 562,096 59,717
  RPM International Inc. 727,722 59,695
  Eastman Chemical Co. 676,166 56,980
  Royal Gold Inc. 369,774 48,973
  AptarGroup Inc. 367,178 43,514
  Sonoco Products Co. 549,828 33,331
  Ashland Inc. 280,859 28,538
  Balchem Corp. 181,268 23,819
  Silgan Holdings Inc. 471,339 23,218
  Cabot Corp. 316,409 22,706
  Westlake Corp. 193,521 22,019
  HB Fuller Co. 300,248 19,867
  Avient Corp. 482,048 18,564
  Sensient Technologies Corp. 237,255 17,666
  Scotts Miracle-Gro Co. 228,016 15,234
  Quaker Chemical Corp. 75,988 14,182
  Materion Corp. 115,410 12,500
  Stepan Co. 116,522 10,743
  Worthington Industries Inc. 170,652 10,135
  Hawkins Inc. 108,642 4,383
      3,484,543
Utilities (3.2%)
  NextEra Energy Inc. 11,195,195 857,888
  Sempra Energy (XNYS) 1,771,315 275,422
  Xcel Energy Inc. 3,083,990 215,602
  WEC Energy Group Inc. 1,777,946 170,985
  American Water Works Co. Inc. 1,086,295 161,043
  Eversource Energy 1,962,801 152,333
  DTE Energy Co. 1,091,652 122,713
  CMS Energy Corp. 1,635,655 101,836
  Atmos Energy Corp. 787,800 89,920
  AES Corp. 3,759,044 88,939
  Alliant Energy Corp. 1,414,100 77,973
  Essential Utilities Inc. 1,345,397 57,448
  IDACORP Inc. 284,876 31,655
  National Fuel Gas Co. 514,785 28,776
  New Jersey Resources Corp. 545,643 28,177
  ONE Gas Inc. 304,419 23,425
  American States Water Co. 208,856 18,536
  California Water Service Group 309,864 17,377
  MGE Energy Inc. 204,070 15,634
  Chesapeake Utilities Corp. 98,597 12,177
    Shares Market
Value
($000)
  SJW Group 151,289 11,486
  Middlesex Water Co. 96,175 7,019
  York Water Co. 79,359 3,336
  Artesian Resources Corp. Class A 44,104 2,416
      2,572,116
Total Common Stocks (Cost $60,184,149) 79,237,364
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
1 Vanguard Market Liquidity Fund, 4.853% (Cost $208,486) 2,085,229 208,502
Total Investments (99.9%) (Cost $60,392,635) 79,445,866
Other Assets and Liabilities—Net (0.1%) 85,997
Net Assets (100%) 79,531,863
Cost is in $000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index June 2023 724 151,624 2,623
    
Over-the-Counter Total Return Swaps
Reference Entity  Termination
Date 		Counterparty Notional
Amount
($000) 		Floating
Interest Rate
Received
(Paid)1
(%) 		Value and
Unrealized
Appreciation
($000) 		Value and
Unrealized
(Depreciation)
($000)
Kroger Co. 1/31/24 GSI 47,810 (4.819) 750 —
Visa Inc. Class A 8/31/23 BANA 103,565 (4.728) — (343)
          750 (343)
1 Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly.
  1M—1-month.
  BANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At April 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $1,455,000 in connection with open over-the-counter swap contracts.
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. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. 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).
C.  Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
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 April 30, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 79,237,364 — — 79,237,364
Temporary Cash Investments 208,502 — — 208,502
Total 79,445,866 — — 79,445,866
Derivative Financial Instruments
Assets        
Futures Contracts1 2,623 — — 2,623
Swap Contracts — 750 — 750
Total 2,623 750 — 3,373
Liabilities        
Swap Contracts — 343 — 343
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.