# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001752724-25-163116
**Filing Date:** 2025-6
**Character Count:** 66829
**Document Hash:** 5bb996956363305a5243ef84bf0b9e93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-163116.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-163116

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS
- **CENTRAL INDEX KEY:** 0000734383

**ORGANIZATION NAME:**
- **EIN:** 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:** 251090739

**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

## Series and Classes Contracts Data

### Vanguard Health Care Fund (Series ID: S000002922)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000008007 | Investor Shares | VGHCX           |
| C000008008 | Admiral Shares  | VGHAX           |

## Nport-Ex

Vanguard<sup>®</sup> Health Care Fund

#### Schedule of Investments (unaudited)
As of April 30, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (97.7%)** | **Common Stocks (97.7%)** | **Common Stocks (97.7%)** | **Common Stocks (97.7%)** |
| **Belgium (4.6%)** | **Belgium (4.6%)** | **Belgium (4.6%)** | **Belgium (4.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE | 1572872 | &nbsp;&nbsp;&nbsp;&nbsp; 1016782 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | 3949860 | &nbsp;&nbsp;&nbsp;&nbsp; 724164 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1740946** |
| **Brazil (0.0%)** | **Brazil (0.0%)** | **Brazil (0.0%)** | **Brazil (0.0%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos SA | 8909471 | &nbsp;&nbsp;&nbsp;&nbsp; 3642 |
| **China (0.6%)** | **China (0.6%)** | **China (0.6%)** | **China (0.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zai Lab Ltd. | 29739200 | &nbsp;&nbsp;&nbsp;&nbsp; 94731 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 77092000 | &nbsp;&nbsp;&nbsp;&nbsp; 56745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR | 1437205 | &nbsp;&nbsp;&nbsp;&nbsp; 50230 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Zai Lab Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;696252 | &nbsp;&nbsp;&nbsp;&nbsp; 22064 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **223770** |
| **Denmark (3.8%)** | **Denmark (3.8%)** | **Denmark (3.8%)** | **Denmark (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | 17901663 | &nbsp;&nbsp;&nbsp;&nbsp; 1196932 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | 1260164 | &nbsp;&nbsp;&nbsp;&nbsp; 267204 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1464136** |
| **Japan (6.7%)** | **Japan (6.7%)** | **Japan (6.7%)** | **Japan (6.7%)** |
|  | &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co. Ltd. | 31579497 | &nbsp;&nbsp;&nbsp;&nbsp; 807823 |
|  | &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 7886142 | &nbsp;&nbsp;&nbsp;&nbsp; 454317 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Eisai Co. Ltd. | 14823917 | &nbsp;&nbsp;&nbsp;&nbsp; 428470 |
|  | &nbsp;&nbsp;&nbsp;Otsuka Holdings Co. Ltd. | 7116100 | &nbsp;&nbsp;&nbsp;&nbsp; 346915 |
|  | &nbsp;&nbsp;&nbsp;Astellas Pharma Inc. | 28558578 | &nbsp;&nbsp;&nbsp;&nbsp; 285989 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | 12871400 | &nbsp;&nbsp;&nbsp;&nbsp; 246368 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2569882** |
| **Switzerland (4.6%)** | **Switzerland (4.6%)** | **Switzerland (4.6%)** | **Switzerland (4.6%)** |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 10670181 | &nbsp;&nbsp;&nbsp;&nbsp; 1217011 |
|  | &nbsp;&nbsp;&nbsp;Galderma Group AG | 4311231 | &nbsp;&nbsp;&nbsp;&nbsp; 500730 |
|  | &nbsp;&nbsp;&nbsp;Tecan Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;314428 | &nbsp;&nbsp;&nbsp;&nbsp; 61238 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1778979** |
| **United Kingdom (8.8%)** | **United Kingdom (8.8%)** | **United Kingdom (8.8%)** | **United Kingdom (8.8%)** |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 16923322 | &nbsp;&nbsp;&nbsp;&nbsp; 2424550 |
|  | &nbsp;&nbsp;&nbsp;GSK plc | 36708771 | &nbsp;&nbsp;&nbsp;&nbsp; 726199 |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;Immunocore Holdings plc ADR | 4582598 | &nbsp;&nbsp;&nbsp;&nbsp; 137936 |
|  | &nbsp;&nbsp;&nbsp;Genus plc | 1791160 | &nbsp;&nbsp;&nbsp;&nbsp; 44016 |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;Autolus Therapeutics plc ADR | 19356365 | &nbsp;&nbsp;&nbsp;&nbsp; 27293 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3359994** |
| **United States (68.6%)** | **United States (68.6%)** | **United States (68.6%)** | **United States (68.6%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4834705 | &nbsp;&nbsp;&nbsp;&nbsp; 4346158 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5718685 | &nbsp;&nbsp;&nbsp;&nbsp; 2352896 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 21141145 | &nbsp;&nbsp;&nbsp;&nbsp; 1801225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | 2758647 | &nbsp;&nbsp;&nbsp;&nbsp; 1405531 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 13510582 | &nbsp;&nbsp;&nbsp;&nbsp; 1389834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 15848748 | &nbsp;&nbsp;&nbsp;&nbsp; 1196422 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 8381425 | &nbsp;&nbsp;&nbsp;&nbsp; 1095871 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 5300353 | &nbsp;&nbsp;&nbsp;&nbsp; 1056519 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | 1882202 | &nbsp;&nbsp;&nbsp;&nbsp; 970840 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 17248970 | &nbsp;&nbsp;&nbsp;&nbsp; 865898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 4367085 | &nbsp;&nbsp;&nbsp;&nbsp; 528767 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 1777329 | &nbsp;&nbsp;&nbsp;&nbsp; 520171 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | 1959156 | &nbsp;&nbsp;&nbsp;&nbsp; 515728 |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | 1477327 | &nbsp;&nbsp;&nbsp;&nbsp; 509796 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 1088992 | &nbsp;&nbsp;&nbsp;&nbsp; 467178 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1070559 | &nbsp;&nbsp;&nbsp;&nbsp; 450256 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 1452691 | &nbsp;&nbsp;&nbsp;&nbsp; 380954 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 3319724 | &nbsp;&nbsp;&nbsp;&nbsp; 357202 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | 2541219 | &nbsp;&nbsp;&nbsp;&nbsp; 301439 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;873708 | &nbsp;&nbsp;&nbsp;&nbsp; 285711 |

---

------

Vanguard<sup>®</sup> Health Care Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | 6061109 | &nbsp;&nbsp;&nbsp;&nbsp; 276629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;910860 | &nbsp;&nbsp;&nbsp;&nbsp; 276073 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | 1578738 | &nbsp;&nbsp;&nbsp;&nbsp; 273595 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | 4264440 | &nbsp;&nbsp;&nbsp;&nbsp; 255227 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 8900488 | &nbsp;&nbsp;&nbsp;&nbsp; 217261 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QIAGEN NV | 4977756 | &nbsp;&nbsp;&nbsp;&nbsp; 212799 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc. | 10727885 | &nbsp;&nbsp;&nbsp;&nbsp; 178619 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc. | 9286573 | &nbsp;&nbsp;&nbsp;&nbsp; 178395 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | 5476256 | &nbsp;&nbsp;&nbsp;&nbsp; 176938 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;731489 | &nbsp;&nbsp;&nbsp;&nbsp; 176296 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | 5733312 | &nbsp;&nbsp;&nbsp;&nbsp; 176070 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytokinetics Inc. | 4067922 | &nbsp;&nbsp;&nbsp;&nbsp; 174270 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | 4303500 | &nbsp;&nbsp;&nbsp;&nbsp; 173775 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akero Therapeutics Inc. | 3657502 | &nbsp;&nbsp;&nbsp;&nbsp; 166819 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc. | 20893978 | &nbsp;&nbsp;&nbsp;&nbsp; 160466 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | 3182387 | &nbsp;&nbsp;&nbsp;&nbsp; 158610 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vaxcyte Inc. | 4275884 | &nbsp;&nbsp;&nbsp;&nbsp; 153248 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | 2112434 | &nbsp;&nbsp;&nbsp;&nbsp; 131816 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | 5568412 | &nbsp;&nbsp;&nbsp;&nbsp; 130301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. | 1362970 | &nbsp;&nbsp;&nbsp;&nbsp; 121986 |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;Structure Therapeutics Inc. ADR | 4414573 | &nbsp;&nbsp;&nbsp;&nbsp; 119193 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 1018140 | &nbsp;&nbsp;&nbsp;&nbsp; 119112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merus NV | 2564840 | &nbsp;&nbsp;&nbsp;&nbsp; 116726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kymera Therapeutics Inc. | 3013587 | &nbsp;&nbsp;&nbsp;&nbsp; 103276 |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;Apogee Therapeutics Inc. | 2605583 | &nbsp;&nbsp;&nbsp;&nbsp; 102269 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Surgery Partners Inc. | 4602252 | &nbsp;&nbsp;&nbsp;&nbsp; 101019 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avidity Biosciences Inc. | 3030557 | &nbsp;&nbsp;&nbsp;&nbsp; 98948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals Inc. | 2542337 | &nbsp;&nbsp;&nbsp;&nbsp; 97117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | 1022684 | &nbsp;&nbsp;&nbsp;&nbsp; 96388 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Celldex Therapeutics Inc. | 4548457 | &nbsp;&nbsp;&nbsp;&nbsp; 94744 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | 2831156 | &nbsp;&nbsp;&nbsp;&nbsp; 80801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals Inc. | 2284367 | &nbsp;&nbsp;&nbsp;&nbsp; 76275 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Evolent Health Inc. Class A | 6778267 | &nbsp;&nbsp;&nbsp;&nbsp; 66834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | 1407827 | &nbsp;&nbsp;&nbsp;&nbsp; 66492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 1652004 | &nbsp;&nbsp;&nbsp;&nbsp; 47528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PACS Group Inc. | 4425093 | &nbsp;&nbsp;&nbsp;&nbsp; 42614 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV | 2156406 | &nbsp;&nbsp;&nbsp;&nbsp; 41252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvalent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;534465 | &nbsp;&nbsp;&nbsp;&nbsp; 41020 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Prothena Corp. plc | 4183812 | &nbsp;&nbsp;&nbsp;&nbsp; 38491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Disc Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;719845 | &nbsp;&nbsp;&nbsp;&nbsp; 35575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc. | 4332967 | &nbsp;&nbsp;&nbsp;&nbsp; 33060 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Metsera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338900 | &nbsp;&nbsp;&nbsp;&nbsp; 8171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**26194494** |
| **Total Common Stocks (Cost $25,273,891)** | **Total Common Stocks (Cost $25,273,891)** | **Total Common Stocks (Cost $25,273,891)** | &nbsp;&nbsp;&nbsp;&nbsp;**37335843** |
| **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** | **Temporary Cash Investments (2.0%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;660482 | &nbsp;&nbsp;&nbsp;&nbsp; 66042 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC, 4.380%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $65,708, collateralized by U.S. Treasury and Government Agency Obligations 1.500%–8.500%, 5/25/25–5/20/61, with a value of $67,014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 | &nbsp;&nbsp;&nbsp;&nbsp; 65700 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC, 4.390%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $20,002, collateralized by U.S. Treasury Obligations 0.000%–5.250%, 6/5/25–2/15/54, with a value of $20,400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $35,104, collateralized by U.S. Treasury Obligations 0.000%–4.000%, 6/30/25–5/15/45, with a value of $35,806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp; 35100 |
|  | &nbsp;&nbsp;&nbsp;Barclays Capital Inc., 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $24,203, collateralized by U.S. Treasury Obligations 3.875%, 8/15/33, with a value of $24,684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp; 24200 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp., 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $101,812, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 6/26/25–8/15/54, with a value of $103,836) | &nbsp;&nbsp;&nbsp;&nbsp;101800 | &nbsp;&nbsp;&nbsp;&nbsp; 101800 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp., 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $21,103, collateralized by U.S. Government Agency Obligations 1.820%–6.619%, 11/1/28–2/20/65, with a value of $21,522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 21100 |

---

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Vanguard<sup>®</sup> Health Care Fund

---

| | | |
|:---|:---|:---|
|  | Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| &nbsp;&nbsp;&nbsp;Credit Agricole Securities, 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $63,208, collateralized by U.S. Treasury Obligations 1.250%, 12/31/26, with a value of $64,464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;&nbsp; 63200 |
| &nbsp;&nbsp;&nbsp;HSBC Bank USA, 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $30,804, collateralized by U.S. Treasury Obligations 2.500%–4.453%, 7/31/26–2/15/45, with a value of $31,416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 30800 |
| &nbsp;&nbsp;&nbsp;HSBC Bank USA, 4.380%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $65,408, collateralized by U.S. Government Agency Obligations 2.500%–6.500%, 4/1/40–5/1/55, with a value of $66,708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp; 65400 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC, 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $85,010, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 5/31/25–11/28/25, with a value of $86,700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;Natixis SA, 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $108,413, collateralized by U.S. Treasury and Government Agency Obligations 0.125%–5.000%, 10/31/25–7/13/40, with a value of $110,568) | &nbsp;&nbsp;&nbsp;&nbsp;108400 | &nbsp;&nbsp;&nbsp;&nbsp; 108400 |
| &nbsp;&nbsp;&nbsp;Nomura International plc, 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $15,002, collateralized by U.S. Treasury Obligations 3.125%–4.500%, 7/15/26–2/15/42, with a value of $15,300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp;Nomura International plc, 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $24,803, collateralized by U.S. Treasury Obligations 0.000%–3.875%, 6/3/25–2/15/43, with a value of $25,337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 24800 |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets LLC, 4.380%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $18,102, collateralized by U.S. Treasury Obligations 0.000%, 6/5/25, with a value of $18,462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 18100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **678600** |
| **Total Temporary Cash Investments (Cost $744,641)** | **Total Temporary Cash Investments (Cost $744,641)** | &nbsp;&nbsp;&nbsp;&nbsp;**744642** |
| **Total Investments (99.7%) (Cost $26,018,532)** | **Total Investments (99.7%) (Cost $26,018,532)** | &nbsp;&nbsp;&nbsp;&nbsp;**38080485** |
| **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**121962** |
| **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**38202447** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $3,642, representing 0.0% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $64,412. |
| 3 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $65,859 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

**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. Other temporary cash investments are valued using the latest bid prices or using
valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

**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.

------

Vanguard<sup>®</sup> Health Care Fund

**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, 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—North and South America | 26198136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;26198136 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237523 | &nbsp;&nbsp;&nbsp;10900184 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11137707 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678600 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744642 |
| Total | 26501701 | &nbsp;&nbsp;&nbsp;11578784 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;38080485 |

---

**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 |  |
|  | Jan. 31,<br> 2025<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Apr. 30,<br> 2025<br> Market<br> Value<br> ($000) |
| Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;251191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (120890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;130301 |
| agilon health Inc. | &nbsp;&nbsp;&nbsp;110486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 132251 | (300411) | &nbsp;&nbsp;322176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Akero Therapeutics Inc. | &nbsp;&nbsp;&nbsp;220096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759 | &nbsp;&nbsp;&nbsp;(36411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| Amicus Therapeutics Inc. | &nbsp;&nbsp;&nbsp;200164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(39698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;160466 |
| Apellis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;245930 | &nbsp;&nbsp;&nbsp;19617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(87152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;178395 |
| Apogee Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;21945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;102269 |
| Autolus Therapeutics plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;42778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(15485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27293 |
| Celldex Therapeutics Inc. | &nbsp;&nbsp;&nbsp;111392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94744 |
| Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;52769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(80704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;301439 |
| Denali Therapeutics Inc. | &nbsp;&nbsp;&nbsp;185735 | &nbsp;&nbsp;&nbsp;39830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(46946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;178619 |
| Eisai Co. Ltd. | &nbsp;&nbsp;&nbsp;460003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20296 | &nbsp;&nbsp;&nbsp;(23567) | &nbsp;&nbsp;&nbsp;&nbsp;12330 | 7102 |  | &nbsp;&nbsp;&nbsp;&nbsp;428470 |
| Evolent Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;70833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66834 |
| Immunocore Holdings plc ADR | &nbsp;&nbsp;&nbsp;150676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;137936 |
| Prothena Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;60044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;(1436) | &nbsp;&nbsp;&nbsp;(19536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38491 |
| Rocket Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16924 | &nbsp;&nbsp;&nbsp;(92948) | &nbsp;&nbsp;&nbsp;&nbsp;61334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| Structure Therapeutics Inc. ADR | &nbsp;&nbsp;&nbsp;127347 | &nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;119193 |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;25401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66042 |
| Total | 2343674 | 137388 | 190677 | (414604) | &nbsp;&nbsp;&nbsp;(98144) | 7102 |  | 2030492 |

---

1 Not applicable—at April 30, 2025, the security was still held, but the issuer was no longer an affiliated company of the fund. <br> 2 Not applicable—at January 31, 2025, the issuer was not an affiliated company of the fund. <br> 3 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 SPECIALIZED FUNDS

- **b. Investment Company Act file number:** 811-03916

- **c. CIK number of Registrant:** 0000734383

- **d. LEI of Registrant:** 549300OM0CLBHZ9MZW59

- **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 HEALTH CARE FUND

- **b. EDGAR series identifier (if any):** S000002922

- **c. LEI of Series:** V3VSQJG5SDM3YTFC5I04

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $38266408558.67

**Total Liabilities:** $36194360.40

**Net Assets:** $38230214198.27

**Cash Not Reported:** $2767348.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008007 | -1.16%               | -3.37%               | -0.34%               |
| Class ID C000008008 | -1.16%               | -3.37%               | -0.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-21981297.77            | $-499094554.20                             |
| Month 2  | $105783223.19            | $-1591048739.38                            |
| Month 3  | $115847817.98            | $-284853805.54                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Surgery Partners Inc                              | SURGERY PARTNERS               | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |   4602252 | NS      | $101019431.40  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                                 | DISC MEDICINE IN               | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    719845 | NS      | $35574739.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |   1088992 | NS      | $467177568.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                            | OPTION CARE HEAL               | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |   5476256 | NS      | $176937831.36  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-REG                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |  10670181 | NS      | $1217011045.67 | 3.18%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas Securities Corp.                      | PARIB TRIPARTY TREASURY        | CUSIP: N/A<br>LEI: 2J5703FH5U5M97R1I237       | Long             | RA               | CORP              | US        | 101800000 | PA      | $101800000.00  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Amicus Therapeutics Inc                           | AMICUS THERAPEUT               | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |  20893978 | NS      | $160465751.04  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                              | ALIGN TECHNOLOGY               | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |   1578738 | NS      | $273595295.40  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Celldex Therapeutics Inc                          | CELLDEX THERAPEU               | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |   4548457 | NS      | $94744359.31   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Prothena Corp PLC                                 | PROTHENA CORP PL               | CUSIP: G72800108<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | US        |   4183812 | NS      | $38491070.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                          | UNITED THERAPEUT               | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |    910860 | NS      | $276072557.40  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                          | BLUEPRINT MEDICI               | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |   1362970 | NS      | $121985815.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                           | KYMERA THERAPEUT               | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3013587 | NS      | $103275626.49  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                          | SAREPTA THERAPEU               | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |   2112434 | NS      | $131815881.60  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                           | APOGEE THERAPEUT               | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2605583 | NS      | $102269132.75  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Avidity Biosciences Inc                           | AVIDITY BIOSCIEN               | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3030557 | NS      | $98947686.05   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |  17248970 | NS      | $865898294.00  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                                      | NUVALENT INC-A                 | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    534465 | NS      | $41020188.75   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                         | QIAGEN NV                      | CUSIP: N72482149<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | US        |   4977756 | NS      | $212799069.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Metsera Inc                                       | METSERA INC                    | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    338900 | NS      | $8170879.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Rocket Pharmaceuticals Inc                        | ROCKET PHARMACEU               | CUSIP: 77313F106<br>LEI: 549300R7VV82YUIN4Y93 | Long             | EC               | CORP              | US        |   4332967 | NS      | $33060538.21   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOMURA TREAS TRIPARTY          | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  24800000 | PA      | $24800000.00   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hapvida Participacoes e Investimentos S/A         | HAPVIDA PARTICIP               | CUSIP: P5R526106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   8909471 | NS      | $3642189.67    | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Argenx SE                                         | ARGENX SE                      | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |   1572872 | NS      | $1016781917.61 | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd                                      | EISAI CO LTD                   | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               | CORP              | JP        |  14823917 | NS      | $428469977.13  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA Healthcare Inc                                | HCA HEALTHCARE I               | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |   1477327 | NS      | $509796001.16  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc                               | ASTELLAS PHARMA                | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |  28558578 | NS      | $285989744.66  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas Securities Corp.                      | PARIB TRIPARTY MORTGAGE        | CUSIP: N/A<br>LEI: 2J5703FH5U5M97R1I237       | Long             | RA               | CORP              | US        |  21100000 | PA      | $21100000.00   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                     | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |   1260164 | NS      | $267203415.04  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    620363 | NS      | $62030076.27   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank USA                                     | HSBC TRIPARTY TREAS            | CUSIP: N/A<br>LEI: CYYGQCGNHMHPSMRL3R97       | Long             | RA               | CORP              | US        |  30800000 | PA      | $30800000.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Biogen Inc                                        | BIOGEN INC                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |   4367085 | NS      | $528766651.80  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |  21141145 | NS      | $1801225554.00 | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole                                   | CREDIT AGRICOLE TRIPARTY TSY   | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | RA               | CORP              | US        |  63200000 | PA      | $63200000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Autolus Therapeutics PLC                          | AUTOLUS THERAPEU               | CUSIP: N/A<br>LEI: 549300C0KZP8EYROLL02       | Long             | EC               | CORP              | US        |  19356365 | NS      | $27292474.65   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Akero Therapeutics Inc                            | AKERO THERAPEUTI               | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |   3657502 | NS      | $166818666.22  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                             | ENCOMPASS HEALTH               | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |   1018140 | NS      | $119112198.60  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |   2541219 | NS      | $301439397.78  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                            | UCB SA                         | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |   3949860 | NS      | $724163842.83  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   8900488 | NS      | $217260912.08  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecan Group AG                                    | TECAN GROUP AG-R               | CUSIP: N/A<br>LEI: 529900CSN9R3BLETSL26       | Long             | EC               | CORP              | CH        |    314428 | NS      | $61237679.55   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |   1070559 | NS      | $450255704.22  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolent Health Inc                                | EVOLENT HEALTH-A               | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |   6778267 | NS      | $66833712.62   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Capital Markets LLC                           | RBC TRIPARTY MTGE              | CUSIP: N/A<br>LEI: 549300LCO2FLSSVFFR64       | Long             | RA               | CORP              | US        |  18100000 | PA      | $18100000.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Zai Lab Ltd                                       | ZAI LAB LTD-ADR                | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | US        |    700766 | NS      | $22207274.54   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Shandong Weigao Group Medical Polymer Co Ltd      | SHANDONG WEIG-H                | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | HK        |  77092000 | NS      | $56744477.32   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                     | CRINETICS PHARMA               | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |   2284367 | NS      | $76275014.13   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOM TSY FICC                   | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  15000000 | PA      | $15000000.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Ionis Pharmaceuticals Inc                         | IONIS PHARMACEUT               | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |   5733312 | NS      | $176070011.52  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                                       | ZAI LAB LTD                    | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | HK        |  29739200 | NS      | $94731281.27   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Newamsterdam Pharma Co NV                         | NEWAMSTERDAM PHA               | CUSIP: N/A<br>LEI: 984500B6549TF6E14D36       | Long             | EC               | CORP              | US        |   2156406 | NS      | $41252046.78   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |  13510582 | NS      | $1389833570.34 | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   4939757 | NS      | $4440594555.15 | 11.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   8381425 | NS      | $1095871318.75 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Securities, LLC                   | BOA-MTG TRIPARTY REPO          | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  65700000 | PA      | $65700000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital Inc.                             | BZW TRIPARTY TREASURY          | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |  24200000 | PA      | $24200000.00   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                           | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |  36708771 | NS      | $726198425.93  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd                      | CHUGAI PHARMA CO               | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |   7886142 | NS      | $454316781.33  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                            | INTUITIVE SURGIC               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |   1882202 | NS      | $970839791.60  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd                             | DAIICHI SANKYO                 | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |  31579497 | NS      | $807822791.94  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Cytokinetics Inc                                  | CYTOKINETICS INC               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |   4067922 | NS      | $174269778.48  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PACS Group Inc                                    | PACS GROUP INC                 | CUSIP: 69380Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4425093 | NS      | $42613645.59   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc                        | STRUCTURE THERAP               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   4414573 | NS      | $119193471.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Agilent Technologies Inc                          | AGILENT TECH INC               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |   3319724 | NS      | $357202302.40  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                      | ALKERMES PLC                   | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1652004 | NS      | $47528155.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                               | LEGEND BIOT-ADR                | CUSIP: N/A<br>LEI: 254900EIUFZTW136H859       | Long             | EC               | CORP              | US        |   1437205 | NS      | $50230314.75   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                         | EDWARDS LIFE                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |  15848748 | NS      | $1196421986.52 | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Securities LLC                          | JPM TRIPARTY TREAS FICC        | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |  85000000 | PA      | $85000000.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Securities, LLC                   | BK AMER MTG FICC               | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  20000000 | PA      | $20000000.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |  16923322 | NS      | $2424550211.30 | 6.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                             | MOLINA HEALTHCAR               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |    873708 | NS      | $285711253.08  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank USA                                     | HSBC TRIPARTY MTGE             | CUSIP: N/A<br>LEI: CYYGQCGNHMHPSMRL3R97       | Long             | RA               | CORP              | US        |  65400000 | PA      | $65400000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Immunocore Holdings PLC                           | IMMUNOCORE HOLDI               | CUSIP: N/A<br>LEI: 213800IUE3DFS84BVN18       | Long             | EC               | CORP              | US        |   4582598 | NS      | $137936199.80  | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Vertex Pharmaceuticals Inc                        | VERTEX PHARM                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |   2758647 | NS      | $1405530646.50 | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |   5300353 | NS      | $1056519363.49 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                      | GLAUKOS CORP                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |   1022684 | NS      | $96387967.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Natixis SA                                        | NATIXIS TRIPARTY TR            | CUSIP: N/A<br>LEI: KX1WK48MPD4Y2NCUIZ63       | Long             | RA               | CORP              | US        | 108400000 | PA      | $108400000.00  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Exact Sciences Corp                               | EXACT SCIENCES                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |   6061109 | NS      | $276629014.76  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                               | SCOTIA TRIPARTY TREASURY       | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | US        |  35100000 | PA      | $35100000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC Therapeutics Inc                              | PTC THERAPEUTICS               | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |   3182387 | NS      | $158610168.08  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc                          | ACADIA HEALTHCAR               | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |   5568412 | NS      | $130300840.80  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc                           | DENALI THERAPEUT               | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |  10727885 | NS      | $178619285.25  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc                       | APELLIS PHARMACE               | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |   9286573 | NS      | $178395067.33  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Terumo Corp                                       | TERUMO CORP                    | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |  12871400 | NS      | $246367879.56  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |  17901663 | NS      | $1196932240.37 | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                       | ALNYLAM PHARMACE               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |   1959156 | NS      | $515728225.44  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                                 | GALDERMA GROUP A               | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |   4311231 | NS      | $500730537.57  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Vaxcyte Inc                                       | VAXCYTE INC                    | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |   4275884 | NS      | $153247682.56  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                         | XENON PHARMACEUT               | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | US        |   2542337 | NS      | $97117273.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                      | CENTENE CORP                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |   4264440 | NS      | $255226734.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | GUARDANT HEALTH                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |   1407827 | NS      | $66491669.21   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                       | MODERNA INC                    | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |   2831156 | NS      | $80801192.24   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                        | HUMANA INC                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |   1452691 | NS      | $380953687.84  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                          | MERUS NV                       | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | US        |   2564840 | NS      | $116725868.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   5718685 | NS      | $2352895756.40 | 6.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                       | CENCORA INC                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |   1777329 | NS      | $520170878.43  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd                            | OTSUKA HOLDINGS                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   7116100 | NS      | $346915363.03  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Genus PLC                                         | GENUS PLC                      | CUSIP: G3827X105<br>LEI: 54930022EOITNKSIGH56 | Long             | EC               | CORP              | GB        |   1791160 | NS      | $44016318.31   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc                              | LABCORP HOLDINGS               | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    704816 | NS      | $169867704.16  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION Medicines Inc                          | REVOLUTION MEDIC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |   4303500 | NS      | $173775330.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer