0001752724-19-065551.txt : 20190626 0001752724-19-065551.hdr.sgml : 20190626 20190626134742 ACCESSION NUMBER: 0001752724-19-065551 CONFORMED SUBMISSION TYPE: NPORT-EX PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190430 FILED AS OF DATE: 20190626 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-EX SEC ACT: 1940 Act SEC FILE NUMBER: 811-03916 FILM NUMBER: 19921024 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 0000734383 S000002920 Vanguard Dividend Growth Fund C000008004 Investor Shares VDIGX ACCESSION NUMBER: 0001752724-19-065085 NPORT-EX 1 vgdividendgrowthfund043019.htm vgdividendgrwothfund043019.htm - Generated by SEC Publisher for SEC Filing
Vanguard Dividend Growth Fund     
 
 
 
Schedule of Investments (unaudited)     
As of April 30, 2019     
 
    Market
    Value
  Shares ($000)
Common Stocks (97.8%)     
Consumer Discretionary (11.9%)     
McDonald's Corp.  6,951,332  1,373,375 
NIKE Inc. Class B  10,900,069  957,353 
TJX Cos. Inc.  16,468,814  903,808 
Home Depot Inc.  2,683,908  546,712 
VF Corp.  5,080,066  479,609 
    4,260,857 
Consumer Staples (16.7%)     
Coca-Cola Co.  26,275,037  1,289,054 
PepsiCo Inc.  9,389,497  1,202,325 
Colgate-Palmolive Co.  14,036,474  1,021,715 
Costco Wholesale Corp.  3,772,012  926,142 
Diageo plc  21,437,846  903,772 
Procter & Gamble Co.  5,968,832  635,561 
    5,978,569 
Energy (1.4%)     
Exxon Mobil Corp.  6,384,164  512,521 
 
Financials (11.6%)     
Chubb Ltd.  6,328,775  918,938 
American Express Co.  7,740,527  907,422 
Marsh & McLennan Cos. Inc.  9,250,606  872,240 
PNC Financial Services Group Inc.  5,886,710  806,067 
BlackRock Inc.  1,343,607  651,972 
    4,156,639 
Health Care (15.9%)     
Danaher Corp.  8,121,616  1,075,627 
Johnson & Johnson  7,383,863  1,042,601 
Medtronic plc  10,936,473  971,268 
Baxter International Inc.  11,461,407  874,505 
UnitedHealth Group Inc.  3,528,530  822,395 
Merck & Co. Inc.  6,375,602  501,824 
Amgen Inc.  2,391,687  428,877 
    5,717,097 
Industrials (19.4%)     
Union Pacific Corp.  5,592,913  990,169 
General Dynamics Corp.  5,067,390  905,644 
Lockheed Martin Corp.  2,502,975  834,317 
^ Canadian National Railway Co. (Toronto Shares)  8,731,044  810,996 
Honeywell International Inc.  4,389,561  762,159 
Northrop Grumman Corp.  2,423,209  702,512 
United Technologies Corp.  4,709,268  671,589 
United Parcel Service Inc. Class B  6,199,846  658,548 
3M Co.  3,322,411  629,630 
    6,965,564 
Information Technology (9.9%)     
Microsoft Corp.  9,813,252  1,281,611 
Visa Inc. Class A  5,772,587  949,187 

 

 

Accenture plc Class A      4,675,201  854,019 
Automatic Data Processing Inc.      2,765,238  454,577 
        3,539,394 
Materials (5.1%)         
Ecolab Inc.      5,943,047  1,093,996 
Linde plc      4,033,603  727,097 
        1,821,093 
Real Estate (5.9%)         
American Tower Corp.      6,501,463  1,269,736 
Public Storage      3,880,392  858,265 
        2,128,001 
Total Common Stocks (Cost $21,109,350)        35,079,735 
  Coupon       
Temporary Cash Investments (2.2%)         
Money Market Fund (0.0%)         
1,2 Vanguard Market Liquidity Fund  2.545%    124,871  12,488 
 
      Face   
    Maturity  Amount   
    Date  ($000)   
Repurchase Agreements (2.2%)         
Natixis SA         
(Dated 4/30/19, Repurchase Value         
$361,928,000, collateralized by U.S.         
Treasury Bill, 0.000%, 8/15/19-         
4/23/20 and U.S Treasury         
Note/Bond, 0.125%-8.500%,         
1/15/20-11/15/48, with a value of         
$369,138,000)  2.750%  5/1/19  361,900  361,900 
RBS Securities, Inc.         
(Dated 4/30/19, Repurchase Value         
$273,621,000, collateralized by U.S.         
Treasury Note/Bond 0.125%-         
3.875%, 7/15/21-2/15/48, with a         
value of $279,072,000)  2.720%  5/1/19  273,600  273,600 
Societe Generale         
(Dated 4/30/19, Repurchase Value         
$138,211,000, collateralized by U.S.         
Treasury Bill, 0.000%, 5/23/19 and         
U.S Treasury Notes/Bond 1.250%-         
8.500%, 8/15/19-11/15/44, with a         
value of $140,964,000)  2.750%  5/1/19  138,200  138,200 
        773,700 
Total Temporary Cash Investments (Cost $786,188)        786,188 
Total Investments (100.0%) (Cost $21,895,538)        35,865,923 
Other Assets and Liabilities-Net (0.0%)2        (11,622) 
Net Assets (100%)        35,854,301 

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $11,694,000.
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.
2 Includes $12,464,000 of collateral received for securities on loan.

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

 

Dividend Growth Fund

latest quoted sales prices or official closing prices taken from the primary market in which each
security trades; such securities not traded on the valuation date are valued at the mean of the latest
quoted bid and asked prices. Securities for which market quotations are not readily available, or
whose values have been affected by events occurring before the fund's pricing time but after the
close of the securities’ primary markets, are valued at their fair values calculated according to
procedures adopted by the board of trustees. These procedures include obtaining quotations from an
independent pricing service, monitoring news to identify significant market- or security-specific events,
and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts,
or exchange-traded funds), between the time the foreign markets close and the fund's pricing time.
When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset
value may differ from quoted or published prices for the same securities. Investments in Vanguard
Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are
valued using the latest bid prices or using valuations based on a matrix system (which considers such
factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing
services.

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

C. Repurchase Agreements: The fund enters into repurchase agreements with institutional
counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by
a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot
be repledged, resold, or rehypothecated. Each agreement requires that the market value of the
collateral be sufficient to cover payments of interest and principal. The fund further mitigates its
counterparty risk by entering into repurchase agreements only with a diverse group of prequalified
counterparties, monitoring their financial strength, and entering into master repurchase agreements
with its counterparties. The master repurchase agreements provide that, in the event of a
counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements
with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit
the disposition of collateral.

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

Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments). Any investments valued with significant unobservable inputs are noted
on the Schedule of Investments.

The following table summarizes the market value of the fund's investments as of April 30, 2019,
based on the inputs used to value them:

 

 

Dividend Growth Fund

  Level 1  Level 2  Level 3 
Investments  ($000)  ($000)  ($000) 
Common Stocks  34,175,963  903,772  — 
Temporary Cash Investments  12,488  773,700  — 
Total  34,188,451  1,677,472  —