0001752724-23-295114.txt : 20231228 0001752724-23-295114.hdr.sgml : 20231228 20231228092606 ACCESSION NUMBER: 0001752724-23-295114 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231031 FILED AS OF DATE: 20231228 DATE AS OF CHANGE: 20231228 PERIOD START: 20240131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD SPECIALIZED FUNDS CENTRAL INDEX KEY: 0000734383 ORGANIZATION NAME: 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: 231519714 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 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New Jersey Resources Corp 549300QKBSQBIX4DQ583 NEW JERSEY RES 646025106 550104.00000000 NS USD 22323220.32000000 0.028664911931 Long EC CORP US N 1 N N N Silgan Holdings Inc KAF673KJXD92C8KSLU49 SILGAN HOLDINGS 827048109 480690.00000000 NS USD 19256441.40000000 0.024726907181 Long EC CORP US N 1 N N N Motorola Solutions Inc 6S552MUG6KGJVEBSEC55 MOTOROLA SOLUTIO 620076307 954925.00000000 NS USD 265908415.50000000 0.341449002558 Long EC CORP US N 1 N N N Discover Financial Services Z1YLO2USPORE63VVUL20 DISCOVER FINANCI 254709108 1463988.00000000 NS USD 120164135.04000000 0.154300961011 Long EC CORP US N 1 N N N Ecolab Inc 82DYEISM090VG8LTLS26 ECOLAB INC 278865100 1450034.00000000 NS USD 243228703.16000000 0.312326324578 Long EC CORP US N 1 N N N Amdocs Ltd 549300HQV672RJ7RQV66 AMDOCS LTD G02602103 694112.00000000 NS USD 55640017.92000000 0.071446511331 Long EC CORP US N 1 N N N Assurant Inc H3F39CAXWQRVWURFXL38 ASSURANT INC 04621X108 302670.00000000 NS USD 45067563.00000000 0.057870580760 Long EC CORP US N 1 N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 JPMORGAN CHASE 46625H100 16614985.00000000 NS USD 2310479814.10000000 2.966852427260 Long EC CORP US N 1 N N N Littelfuse Inc 549300MY7HLQFYTPCX75 LITTELFUSE INC 537008104 142517.00000000 NS USD 30879158.39000000 0.039651463502 Long EC CORP US N 1 N N N Mastercard Inc AR5L2ODV9HN37376R084 MASTERCARD INC-A 57636Q104 4785750.00000000 NS USD 1801117012.50000000 2.312787304050 Long EC CORP US N 1 N N N Sysco Corp 5RGWIFLMGH3YS7KWI652 SYSCO CORP 871829107 2883907.00000000 NS USD 191750976.43000000 0.246224548848 Long EC CORP US N 1 N N N Brunswick Corp/DE YM4O38W15AX4YLLQKU27 BRUNSWICK CORP 117043109 399483.00000000 NS USD 27752084.01000000 0.035636034257 Long EC CORP US N 1 N N N Paychex Inc 529900K900DW6SUBM174 PAYCHEX INC 704326107 1834659.00000000 NS USD 203738881.95000000 0.261618038275 Long EC CORP US N 1 N N N Cardinal Health Inc CCU46N3GJMF4OK4N7U60 CARDINAL HEALTH 14149Y108 1480494.00000000 NS USD 134724954.00000000 0.172998289943 Long EC CORP US N 1 N N N First Financial Corp/IN N/A FIRST FIN COR/IN 320218100 60770.00000000 NS USD 2091095.70000000 0.002685144581 Long EC CORP US N 1 N N N Globe Life Inc 5493001JFHKQOPP6XA71 GLOBE LIFE INC 37959E102 497269.00000000 NS USD 57862220.84000000 0.074300008724 Long EC CORP US N 1 N N N STERIS PLC N/A STERIS PLC G8473T100 567038.00000000 NS USD 119066639.24000000 0.152891683138 Long EC CORP US N 1 N N N Donaldson Co Inc OZE6KXY9QQPR8EJ8WL20 DONALDSON CO INC 257651109 695131.00000000 NS USD 40081253.46000000 0.051467735571 Long EC CORP US N 1 N N N Graco Inc 4T5VJ4S81BRT6Q7GGT78 GRACO INC 384109104 966263.00000000 NS USD 71841654.05000000 0.092250788946 Long EC CORP US N 1 N N N Haverty Furniture Cos Inc 529900CVFMMIRXZVPD70 HAVERTY FURNITUR 419596101 76063.00000000 NS USD 1981441.15000000 0.002544338820 Long EC CORP US N 1 N N N Westamerica BanCorp N/A WESTAMERICA BANC 957090103 149218.00000000 NS USD 7049058.32000000 0.009051589916 Long EC CORP US N 1 N N N J & J Snack Foods Corp N/A J & J SNACK FOOD 466032109 88081.00000000 NS USD 13794365.41000000 0.017713137439 Long EC CORP US N 1 N N N DTE Energy Co 549300IX8SD6XXD71I78 DTE ENERGY CO 233331107 1178960.00000000 NS USD 113628164.80000000 0.145908219792 Long EC CORP US N 1 N N N Archer-Daniels-Midland Co 549300LO13MQ9HYSTR83 ARCHER-DANIELS 039483102 3078139.00000000 NS USD 220302408.23000000 0.282887013597 Long EC CORP US N 1 N N N Tennant Co JYAIRLT8DVP6DP8UT336 TENNANT CO 880345103 105119.00000000 NS USD 7801932.18000000 0.010018343931 Long EC CORP US N 1 N N N WW Grainger Inc 549300TWZSP6O1IH2V34 WW GRAINGER INC 384802104 254455.00000000 NS USD 185708892.65000000 0.238465999815 Long EC CORP US N 1 N N N Humana Inc 529900YLDW34GJAO4J06 HUMANA INC 444859102 717620.00000000 NS USD 375810417.80000000 0.482572513049 Long EC CORP US N 1 N N N PepsiCo Inc FJSUNZKFNQ5YPJ5OT455 PEPSICO INC 713448108 7872623.00000000 NS USD 1285441883.44000000 1.650616615956 Long EC CORP US N 1 N N N UnitedHealth Group Inc 549300GHBMY8T5GXDE41 UNITEDHEALTH GRP 91324P102 5295904.00000000 NS USD 2836274346.24000000 3.642017288862 Long EC CORP US N 1 N N N RPM International Inc 549300TJCKW4BRXPJ474 RPM INTL INC 749685103 738964.00000000 NS USD 67445244.28000000 0.086605425192 Long EC CORP US N 1 N N N Middlesex Water Co N/A MIDDLESEX WATER 596680108 100326.00000000 NS USD 6373710.78000000 0.008184386283 Long EC CORP US N 1 N N N Trinity Industries Inc R1JB4KXN77XFCXOQKV49 TRINITY INDUSTRI 896522109 468238.00000000 NS USD 9753397.54000000 0.012524191290 Long EC CORP US N 1 N N N Flowers Foods Inc 7YNCQQNDK8FBM9BBTK25 FLOWERS FOODS 343498101 1099466.00000000 NS USD 24111289.38000000 0.030960944555 Long EC CORP US N 1 N N N LeMaitre Vascular Inc 549300FZUBUB7MHY8R17 LEMAITRE VASCULA 525558201 114765.00000000 NS USD 5575283.70000000 0.007159138061 Long EC CORP US N 1 N N N BancFirst Corp 549300EJEHGBP4IO2J30 BANCFIRST CORP 05945F103 83801.00000000 NS USD 6797099.11000000 0.008728052878 Long EC CORP US N 1 N N N Broadcom Inc 549300WV6GIDOZJTV909 BROADCOM INC 11135F101 2286700.00000000 NS USD 1923960779.00000000 2.470529139573 Long EC CORP US N 1 N N N Jack Henry & Associates Inc 529900X1QS8C54W0JB21 JACK HENRY 426281101 415741.00000000 NS USD 58615323.59000000 0.075267056654 Long EC CORP US N 1 N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 FIFTH THIRD BANC 316773100 3913852.00000000 NS USD 92797430.92000000 0.119159787282 Long EC CORP US N 1 N N N TriCo Bancshares N/A TRICO BANCSHARES 896095106 191129.00000000 NS USD 6183023.15000000 0.007939527161 Long EC CORP US N 1 N N N Cencora Inc AI8GXW8LG5WK7E9UD086 CENCORA INC 03073E105 954049.00000000 NS USD 176642172.35000000 0.226823560454 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 JOHNSON&JOHNSON 478160104 13767179.00000000 NS USD 2042223332.86000000 2.622388308752 Long EC CORP US N 1 N N N JB Hunt Transport Services Inc 549300XCD1MPI1C5GK90 HUNT (JB) TRANS 445658107 465806.00000000 NS USD 80058077.22000000 0.102801374533 Long EC CORP US N 1 N N N American Financial Group Inc/OH 549300AFOM7IVKIU1G39 AMER FINL GROUP 025932104 379131.00000000 NS USD 41461766.16000000 0.053240431195 Long EC CORP US N 1 N N N Atrion Corp N/A ATRION CORP 049904105 7491.00000000 NS USD 2561772.18000000 0.003289533180 Long EC CORP US N 1 N N N Tractor Supply Co 549300OJ9VZHZRO6I137 TRACTOR SUPPLY 892356106 622560.00000000 NS USD 119880153.60000000 0.153936304709 Long EC CORP US N 1 N N N Cisco Systems Inc 549300LKFJ962MZ46593 CISCO SYSTEMS 17275R102 23286084.00000000 NS USD 1213903558.92000000 1.558755327903 Long EC CORP US N 1 N N N Lancaster Colony Corp 529900X4O13HED1ZAS58 LANCASTER COLONY 513847103 116585.00000000 NS USD 19722684.45000000 0.025325602879 Long EC CORP US N 1 N N N Rockwell Automation Inc VH3R4HHBHH12O0EXZJ88 ROCKWELL AUTOMAT 773903109 657099.00000000 NS USD 172692188.19000000 0.221751445121 Long EC CORP US N 1 N N N Moody's Corp 549300GCEDD8YCF5WU84 MOODY'S CORP 615369105 902115.00000000 NS USD 277851420.00000000 0.356784835259 Long EC CORP US N 1 N N N Ameriprise Financial Inc 6ZLKQF7QB6JAEKQS5388 AMERIPRISE FINAN 03076C106 592949.00000000 NS USD 186523966.93000000 0.239512624456 Long EC CORP US N 1 N N N Republic Services Inc NKNQHM6BLECKVOQP7O46 REPUBLIC SVCS 760759100 1176526.00000000 NS USD 174702345.74000000 0.224332658239 Long EC CORP US N 1 N N N Celanese Corp 549300FHJQTDPPN41627 CELANESE CORP 150870103 573095.00000000 NS USD 65625108.45000000 0.084268216110 Long EC CORP US N 1 N N N ITT Corp YB2O5TUONPB3W1X7WJ88 ITT INC 45073V108 470010.00000000 NS USD 43875433.50000000 0.056339785174 Long EC CORP US N 1 N N N City Holding Co N/A CITY HOLDING CO 177835105 84900.00000000 NS USD 7707222.00000000 0.009896728012 Long EC CORP US N 1 N N N PNC Financial Services Group Inc/The CFGNEKW0P8842LEUIA51 PNC FINANCIAL SE 693475105 2290755.00000000 NS USD 262222724.85000000 0.336716262551 Long EC CORP US N 1 N N N Erie Indemnity Co 549300WA5KP94KRUFZ80 ERIE INDEMNITY-A 29530P102 142712.00000000 NS USD 39415627.28000000 0.050613014991 Long EC CORP US N 1 N N N 2023-12-28 VANGUARD SPECIALIZED FUNDS Ashley Grim Ashley Grim Treasurer XXXX NPORT-EX 2 vg_divapprecindex.htm
Vanguard® Dividend Appreciation Index Fund
Schedule of Investments (unaudited)
As of October 31, 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 (99.7%)
Communication Services (1.3%)
  Comcast Corp. Class A 24,144,879 996,942
  John Wiley & Sons Inc. Class A 242,117 7,329
      1,004,271
Consumer Discretionary (6.8%)
  Home Depot Inc. 5,776,616 1,644,545
  McDonald's Corp. 4,168,623 1,092,888
  NIKE Inc. Class B 7,086,672 728,297
  Lowe's Cos. Inc. 3,440,669 655,688
  Starbucks Corp. 6,544,063 603,624
  Tractor Supply Co. 622,901 119,946
  Genuine Parts Co. 804,116 103,618
  Pool Corp. 223,357 70,529
  Williams-Sonoma Inc. 367,948 55,281
  Service Corp. International 862,027 46,912
  Churchill Downs Inc. 389,842 42,820
  Lithia Motors Inc. 157,672 38,190
  Brunswick Corp. 399,703 27,767
  Thor Industries Inc. 305,024 26,821
  Polaris Inc. 304,946 26,353
  Dillard's Inc. Class A 19,962 6,197
  Monro Inc. 177,546 4,407
  Shoe Carnival Inc. 99,105 2,268
  Haverty Furniture Cos. Inc. 76,107 1,983
  Aaron's Co. Inc. 180,572 1,338
      5,299,472
Consumer Staples (12.3%)
  Procter & Gamble Co. 13,544,811 2,032,128
  Costco Wholesale Corp. 2,528,534 1,396,863
  Walmart Inc. 8,216,831 1,342,712
  PepsiCo Inc. 7,876,880 1,286,137
  Coca-Cola Co. 22,262,248 1,257,595
  Colgate-Palmolive Co. 4,729,292 355,265
  Target Corp. 2,640,295 292,518
  Archer-Daniels-Midland Co. 3,079,811 220,422
  Sysco Corp. 2,885,469 191,855
  Hershey Co. 857,406 160,635
  Kenvue Inc. 7,977,329 148,378
  Church & Dwight Co. Inc. 1,408,325 128,073
  Kroger Co. 2,776,729 125,980
  McCormick & Co. Inc. 1,436,274 91,778
  Clorox Co. 707,457 83,268
  Tyson Foods Inc. Class A 1,655,299 76,723
    Shares Market
Value
($000)
  J M Smucker Co. 584,200 66,505
  Brown-Forman Corp. Class B 1,047,259 58,814
  Casey's General Stores Inc. 213,974 58,182
  Hormel Foods Corp. 1,652,026 53,774
  Ingredion Inc. 375,934 35,180
  Flowers Foods Inc. 1,100,060 24,124
  Lancaster Colony Corp. 116,651 19,734
  WD-40 Co. 77,019 16,282
  J & J Snack Foods Corp. 88,125 13,801
  Andersons Inc. 177,773 8,912
  SpartanNash Co. 202,413 4,552
  Tootsie Roll Industries Inc. 104,821 3,261
      9,553,451
Energy (3.2%)
  Exxon Mobil Corp. 22,901,491 2,424,123
  Texas Pacific Land Corp. 35,567 65,655
      2,489,778
Financials (18.2%)
  JPMorgan Chase & Co. 16,623,983 2,311,731
  Visa Inc. Class A 8,803,035 2,069,594
  Mastercard Inc. Class A 4,788,335 1,802,090
  S&P Global Inc. 1,882,823 657,689
  Goldman Sachs Group Inc. 1,885,721 572,524
  Marsh & McLennan Cos. Inc. 2,830,902 536,881
  Chubb Ltd. 2,349,349 504,217
  BlackRock Inc. 805,178 492,994
  CME Group Inc. 2,057,777 439,253
  Aon plc Class A (XNYS) 1,168,524 361,541
  Arthur J Gallagher & Co. 1,225,317 288,550
  Moody's Corp. 902,599 278,000
  PNC Financial Services Group Inc. 2,291,998 262,365
  Aflac Inc. 3,124,884 244,085
  Travelers Cos. Inc. 1,328,420 222,431
  MetLife Inc. 3,613,471 216,844
  Allstate Corp. 1,509,210 193,375
  Bank of New York Mellon Corp. 4,455,602 189,363
  Ameriprise Financial Inc. 593,268 186,624
  Hartford Financial Services Group Inc. 1,765,854 129,702
  State Street Corp. 1,917,679 123,940
  Discover Financial Services 1,464,780 120,229
  Raymond James Financial Inc. 1,074,045 102,507
  Cboe Global Markets Inc. 603,098 98,842
  Nasdaq Inc. 1,941,380 96,292
  FactSet Research Systems Inc. 217,340 93,867
  Brown & Brown Inc. 1,348,446 93,609
  Fifth Third Bancorp 3,915,964 92,848
  Cincinnati Financial Corp. 896,684 89,372
  Principal Financial Group Inc. 1,272,323 86,111
  W R Berkley Corp. 1,168,294 78,766
  RenaissanceRe Holdings Ltd. 292,792 64,294
  Jack Henry & Associates Inc. 415,961 58,646
  Globe Life Inc. 497,533 57,893
  Reinsurance Group of America Inc. 379,656 56,747
  Unum Group 1,051,224 51,405
  MarketAxess Holdings Inc. 216,001 46,170
  Assurant Inc. 302,835 45,092
  American Financial Group Inc. 379,340 41,485
    Shares Market
Value
($000)
  Erie Indemnity Co. Class A 142,789 39,437
  Primerica Inc. 204,643 39,120
  Morningstar Inc. 148,970 37,725
  Cullen/Frost Bankers Inc. 368,407 33,521
  SEI Investments Co. 578,592 31,047
  RLI Corp. 228,263 30,414
  Prosperity Bancshares Inc. 540,152 29,460
  Commerce Bancshares Inc. 650,261 28,520
  SouthState Corp. 430,868 28,480
  Zions Bancorp NA 847,314 26,140
  Evercore Inc. Class A 199,355 25,952
  Axis Capital Holdings Ltd. 444,706 25,393
  Hanover Insurance Group Inc. 204,465 23,965
  Home BancShares Inc. 1,081,782 22,122
  Bank OZK 606,982 21,736
  Assured Guaranty Ltd. 319,288 19,924
  Glacier Bancorp Inc. 630,184 19,025
  American Equity Investment Life Holding Co. 352,718 18,680
  First Financial Bankshares Inc. 739,983 17,797
  UMB Financial Corp. 247,935 15,550
  CNO Financial Group Inc. 649,681 15,060
  International Bancshares Corp. 303,662 13,310
  Independent Bank Corp. (XNGS) 254,610 12,425
  Atlantic Union Bankshares Corp. 426,366 12,284
  Community Bank System Inc. 306,582 12,248
  BOK Financial Corp. 161,481 10,580
  Simmons First National Corp. Class A 715,709 10,170
  First Merchants Corp. 352,199 9,619
  NBT Bancorp Inc. 269,339 9,015
  Towne Bank 374,837 8,974
  Federal Agricultural Mortgage Corp. Class C 52,990 7,872
  City Holding Co. 84,944 7,711
  Cohen & Steers Inc. 145,317 7,591
  Horace Mann Educators Corp. 234,115 7,428
  Lakeland Financial Corp. 144,776 7,130
  Westamerica BanCorp 149,295 7,053
  BancFirst Corp. 83,845 6,801
  TriCo Bancshares 191,228 6,186
  Stock Yards Bancorp Inc. 150,389 5,882
  Southside Bancshares Inc. 175,922 4,697
  1st Source Corp. 99,945 4,559
  German American Bancorp Inc. 160,638 4,390
  Lakeland Bancorp Inc. 366,804 4,138
  Tompkins Financial Corp. 73,854 3,699
  Heritage Financial Corp. 202,352 3,292
  Cass Information Systems Inc. 73,462 2,778
  First Financial Corp. 60,803 2,092
  Southern Missouri Bancorp Inc. 43,897 1,776
  Hingham Institution for Savings 9,763 1,451
  Bank of Marin Bancorp 76,026 1,277
      14,203,464
Health Care (15.5%)
  UnitedHealth Group Inc. 5,298,775 2,837,812
  Johnson & Johnson 13,774,626 2,043,328
  Merck & Co. Inc. 14,515,621 1,490,754
  Abbott Laboratories 9,926,784 938,577
  Bristol-Myers Squibb Co. 11,950,730 615,821
  Elevance Health Inc. 1,347,995 606,719
    Shares Market
Value
($000)
  Medtronic plc 7,608,860 536,881
  Stryker Corp. 1,931,446 521,915
  Becton Dickinson and Co. 1,667,095 421,408
  Zoetis Inc. 2,633,243 413,419
  Humana Inc. 718,005 376,012
  McKesson Corp. 799,068 363,864
  Cencora Inc. 954,566 176,738
  Cardinal Health Inc. 1,481,297 134,798
  West Pharmaceutical Services Inc. 422,776 134,565
  STERIS plc 567,346 119,131
  ResMed Inc. 837,503 118,272
  Quest Diagnostics Inc. 658,698 85,697
  Chemed Corp. 86,175 48,486
  Ensign Group Inc. 320,505 30,961
  Perrigo Co. plc 772,527 21,353
  LeMaitre Vascular Inc. 114,831 5,579
  Embecta Corp. 329,335 4,980
  Atrion Corp. 7,491 2,562
      12,049,632
Industrials (12.9%)
  Union Pacific Corp. 3,502,894 727,236
  Honeywell International Inc. 3,822,122 700,442
  Caterpillar Inc. 2,918,200 659,659
  Lockheed Martin Corp. 1,316,244 598,417
  United Parcel Service Inc. Class B (XNYS) 4,137,068 584,361
  Automatic Data Processing Inc. 2,359,374 514,863
  Eaton Corp. plc 2,282,462 474,547
  Northrop Grumman Corp. 818,180 385,715
  Illinois Tool Works Inc. 1,585,240 355,284
  Waste Management Inc. 2,120,608 348,479
  CSX Corp. 11,477,148 342,593
  General Dynamics Corp. 1,297,033 312,987
  Emerson Electric Co. 3,383,191 301,002
  Cintas Corp. 494,118 250,577
  Paychex Inc. 1,835,649 203,849
  L3Harris Technologies Inc. 1,081,536 194,038
  Fastenal Co. 3,280,868 191,406
  WW Grainger Inc. 254,598 185,813
  Cummins Inc. 808,888 174,962
  Republic Services Inc. 1,177,164 174,797
  Rockwell Automation Inc. 657,451 172,785
  Xylem Inc. 1,377,075 128,812
  Broadridge Financial Solutions Inc. 675,524 115,271
  Dover Corp. 803,403 104,402
  Expeditors International of Washington Inc. 847,079 92,543
  Booz Allen Hamilton Holding Corp. 749,857 89,930
  Hubbell Inc. 307,023 82,927
  IDEX Corp. 432,222 82,732
  JB Hunt Transport Services Inc. 466,059 80,102
  Snap-on Inc. 302,612 78,056
  Stanley Black & Decker Inc. 875,563 74,467
  Carlisle Cos. Inc. 285,381 72,512
  Graco Inc. 966,791 71,881
  Lennox International Inc. 182,756 67,718
  Nordson Corp. 309,875 65,876
  Lincoln Electric Holdings Inc. 328,358 57,397
  HEICO Corp. Class A 436,018 55,431
  Pentair plc 944,406 54,889
    Shares Market
Value
($000)
  CH Robinson Worldwide Inc. 666,126 54,509
  Huntington Ingalls Industries Inc. 227,535 50,017
  A O Smith Corp. 712,372 49,695
  Allegion plc 502,036 49,380
  Toro Co. 593,225 47,956
  Robert Half Inc. 616,507 46,096
  Regal Rexnord Corp. 379,485 44,935
  ITT Inc. 470,263 43,899
  Donaldson Co. Inc. 695,505 40,103
  Comfort Systems USA Inc. 204,645 37,215
  HEICO Corp. 227,645 36,061
  Applied Industrial Technologies Inc. 221,339 33,978
  UFP Industries Inc. 354,646 33,752
  MSA Safety Inc. 211,065 33,323
  Watts Water Technologies Inc. Class A 156,863 27,139
  Ryder System Inc. 260,701 25,429
  Insperity Inc. 207,794 21,993
  GATX Corp. 202,677 21,196
  ManpowerGroup Inc. 283,816 19,859
  Franklin Electric Co. Inc. 227,450 19,724
  Hillenbrand Inc. 400,826 15,243
  ABM Industries Inc. 375,234 14,762
  McGrath RentCorp. 141,290 14,214
  Brady Corp. Class A 263,096 13,539
  Standex International Corp. 68,052 9,770
  Trinity Industries Inc. 468,491 9,759
  Griffon Corp. 233,240 9,316
  Tennant Co. 105,174 7,806
  Lindsay Corp. 61,793 7,719
  Matthews International Corp. Class A 177,069 6,275
  Apogee Enterprises Inc. 127,432 5,469
  Gorman-Rupp Co. 141,102 4,170
  Douglas Dynamics Inc. 128,684 3,124
      10,086,183
Information Technology (22.4%)
  Microsoft Corp. 12,212,655 4,129,221
  Apple Inc. 20,065,409 3,426,570
  Broadcom Inc. 2,287,943 1,925,007
  Cisco Systems Inc. 23,298,690 1,214,561
  Accenture plc Class A 3,610,266 1,072,574
  Oracle Corp. 9,004,879 931,105
  Intuit Inc. 1,607,406 795,586
  Texas Instruments Inc. 5,201,967 738,731
  QUALCOMM Inc. 6,418,451 699,547
  Analog Devices Inc. 2,910,826 457,960
  KLA Corp. 800,404 375,950
  Roper Technologies Inc. 610,412 298,229
  Amphenol Corp. Class A 3,415,263 275,099
  Motorola Solutions Inc. 955,442 266,052
  Microchip Technology Inc. 3,125,737 222,834
  TE Connectivity Ltd. 1,804,976 212,716
  HP Inc. 5,083,732 133,855
  Corning Inc. 4,392,537 117,544
  Amdocs Ltd. 694,486 55,670
  Littelfuse Inc. 142,594 30,896
  Badger Meter Inc. 167,933 23,267
    Shares Market
Value
($000)
  Power Integrations Inc. 327,770 22,724
      17,425,698
Materials (4.4%)
  Linde plc 2,801,619 1,070,667
  Air Products and Chemicals Inc. 1,269,098 358,444
  Sherwin-Williams Co. 1,353,285 322,366
  Ecolab Inc. 1,450,815 243,360
  Nucor Corp. 1,442,890 213,245
  PPG Industries Inc. 1,346,758 165,341
  International Flavors & Fragrances Inc. 1,460,800 99,846
  Steel Dynamics Inc. 891,213 94,923
  Reliance Steel & Aluminum Co. 335,028 85,224
  Albemarle Corp. 671,408 85,121
  Avery Dennison Corp. 460,543 80,167
  Packaging Corp. of America 514,244 78,705
  RPM International Inc. 739,360 67,481
  Celanese Corp. 573,403 65,660
  Eastman Chemical Co. 686,547 51,306
  AptarGroup Inc. 374,476 45,787
  Royal Gold Inc. 375,010 39,125
  Sonoco Products Co. 558,814 28,952
  Ashland Inc. 292,596 22,422
  Balchem Corp. 184,912 21,494
  Cabot Corp. 319,245 21,223
  Westlake Corp. 182,680 21,074
  HB Fuller Co. 307,493 20,341
  Silgan Holdings Inc. 480,954 19,267
  Avient Corp. 520,636 16,463
  Sensient Technologies Corp. 239,367 13,505
  Materion Corp. 118,729 11,514
  Quaker Chemical Corp. 79,445 11,418
  Worthington Industries Inc. 172,152 10,608
  Scotts Miracle-Gro Co. 234,638 10,427
  Stepan Co. 120,693 9,028
  Hawkins Inc. 109,531 6,290
      3,410,794
Utilities (2.7%)
  NextEra Energy Inc. 11,576,413 674,905
  Sempra 3,601,003 252,178
  Xcel Energy Inc. 3,154,461 186,965
  WEC Energy Group Inc. 1,804,749 146,888
  American Water Works Co. Inc. 1,111,668 130,788
  DTE Energy Co. 1,179,598 113,690
  Eversource Energy 1,996,751 107,405
  CMS Energy Corp. 1,664,552 90,452
  Atmos Energy Corp. 830,761 89,440
  Alliant Energy Corp. 1,445,353 70,519
  AES Corp. 3,832,352 57,102
  Essential Utilities Inc. 1,397,291 46,753
  IDACORP Inc. 290,018 27,468
  National Fuel Gas Co. 523,941 26,695
  New Jersey Resources Corp. 550,401 22,335
  ONE Gas Inc. 315,281 19,043
  American States Water Co. 210,629 16,439
  California Water Service Group 333,406 16,230
  MGE Energy Inc. 205,830 14,744
  SJW Group 163,418 10,210
    Shares Market
Value
($000)
  Chesapeake Utilities Corp. 101,409 8,986
  Middlesex Water Co. 100,381 6,377
  York Water Co. 80,063 2,888
  Artesian Resources Corp. Class A 56,153 2,207
      2,140,707
Total Common Stocks (Cost $61,366,603) 77,663,450
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
1 Vanguard Market Liquidity Fund, 5.420% (Cost $175,796) 1,758,364 175,819
Total Investments (99.9%) (Cost $61,542,399) 77,839,269
Other Assets and Liabilities—Net (0.1%) 84,140
Net Assets (100%) 77,923,409
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 December 2023 496 104,464 (2,311)
    
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 44,290 (5.325) 982 —
Visa Inc. Class A 8/30/24 BANA 104,620 (5.231) — (446)
          982 (446)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  BANA—Bank of America, N.A.
  GSI—Goldman Sachs International.
At October 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $1,412,000 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 or indexes 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 October 31, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 77,663,450 — — 77,663,450
Temporary Cash Investments 175,819 — — 175,819
Total 77,839,269 — — 77,839,269
Derivative Financial Instruments
Assets        
Swap Contracts — 982 — 982
Liabilities        
Futures Contracts1 2,311 — — 2,311
Swap Contracts — 446 — 446
Total 2,311 446 — 2,757
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.