# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-25-000149
**Filing Date:** 2025-12
**Character Count:** 37836
**Document Hash:** 3bc074e0c1d3d845365cd3bdb005d9aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-25-000149.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000734383-25-000149

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251598976

**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 Dividend Growth Fund (Series ID: S000002920)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000008004 | Investor Shares | VDIGX           |

## Nport-Ex

Vanguard<sup>®</sup> Dividend Growth Fund

#### Schedule of Investments (unaudited)
As of October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| **Communication Services (3.6%)** | **Communication Services (3.6%)** | **Communication Services (3.6%)** |
| &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 5645814 | &nbsp;&nbsp;&nbsp;&nbsp; 1587547 |
| **Consumer Discretionary (11.8%)** | **Consumer Discretionary (11.8%)** | **Consumer Discretionary (11.8%)** |
| &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3453782 | &nbsp;&nbsp;&nbsp;&nbsp; 1311021 |
| &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 8493452 | &nbsp;&nbsp;&nbsp;&nbsp; 1190272 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3692754 | &nbsp;&nbsp;&nbsp;&nbsp; 1102029 |
| &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 16243285 | &nbsp;&nbsp;&nbsp;&nbsp; 1049154 |
| &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | 2043263 | &nbsp;&nbsp;&nbsp;&nbsp; 532433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5184909** |
| **Consumer Staples (9.0%)** | **Consumer Staples (9.0%)** | **Consumer Staples (9.0%)** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 5863041 | &nbsp;&nbsp;&nbsp;&nbsp; 881626 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 11307044 | &nbsp;&nbsp;&nbsp;&nbsp; 779055 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 4452382 | &nbsp;&nbsp;&nbsp;&nbsp; 650449 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 7859683 | &nbsp;&nbsp;&nbsp;&nbsp; 605589 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 7546556 | &nbsp;&nbsp;&nbsp;&nbsp; 480187 |
| &nbsp;&nbsp;&nbsp;Diageo plc | 14421353 | &nbsp;&nbsp;&nbsp;&nbsp; 331716 |
| &nbsp;&nbsp;&nbsp;Walmart Inc. | 2099517 | &nbsp;&nbsp;&nbsp;&nbsp; 212429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3941051** |
| **Financials (18.8%)** | **Financials (18.8%)** | **Financials (18.8%)** |
| &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 2852026 | &nbsp;&nbsp;&nbsp;&nbsp; 1574290 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 4193450 | &nbsp;&nbsp;&nbsp;&nbsp; 1512703 |
| &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 4077872 | &nbsp;&nbsp;&nbsp;&nbsp; 1389494 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3708248 | &nbsp;&nbsp;&nbsp;&nbsp; 1026962 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 10705008 | &nbsp;&nbsp;&nbsp;&nbsp; 931015 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc. | 1900606 | &nbsp;&nbsp;&nbsp;&nbsp; 925994 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4754587 | &nbsp;&nbsp;&nbsp;&nbsp; 847030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8207488** |
| **Health Care (16.4%)** | **Health Care (16.4%)** | **Health Care (16.4%)** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1932851 | &nbsp;&nbsp;&nbsp;&nbsp; 1667780 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 4854670 | &nbsp;&nbsp;&nbsp;&nbsp; 1045599 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 2870172 | &nbsp;&nbsp;&nbsp;&nbsp; 1022470 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc. | 6171666 | &nbsp;&nbsp;&nbsp;&nbsp; 889275 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 6949999 | &nbsp;&nbsp;&nbsp;&nbsp; 859159 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4171674 | &nbsp;&nbsp;&nbsp;&nbsp; 787904 |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 5711886 | &nbsp;&nbsp;&nbsp;&nbsp; 491108 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1305894 | &nbsp;&nbsp;&nbsp;&nbsp; 414230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7177525** |
| **Industrials (13.9%)** | **Industrials (13.9%)** | **Industrials (13.9%)** |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5177533 | &nbsp;&nbsp;&nbsp;&nbsp; 1042393 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1783912 | &nbsp;&nbsp;&nbsp;&nbsp; 1040823 |
| &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 1555828 | &nbsp;&nbsp;&nbsp;&nbsp; 898117 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 3319361 | &nbsp;&nbsp;&nbsp;&nbsp; 864030 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 8432544 | &nbsp;&nbsp;&nbsp;&nbsp; 808593 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 1220682 | &nbsp;&nbsp;&nbsp;&nbsp; 547659 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;935088 | &nbsp;&nbsp;&nbsp;&nbsp; 459951 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;923921 | &nbsp;&nbsp;&nbsp;&nbsp; 426510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6088076** |
| **Information Technology (22.4%)** | **Information Technology (22.4%)** | **Information Technology (22.4%)** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 4260730 | &nbsp;&nbsp;&nbsp;&nbsp; 2206249 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | 5266449 | &nbsp;&nbsp;&nbsp;&nbsp; 1946637 |
| &nbsp;&nbsp;&nbsp;Apple Inc. | 6246506 | &nbsp;&nbsp;&nbsp;&nbsp; 1688868 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 7209071 | &nbsp;&nbsp;&nbsp;&nbsp; 1163977 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 5989225 | &nbsp;&nbsp;&nbsp;&nbsp; 1083451 |
| &nbsp;&nbsp;&nbsp;Intuit Inc. | 1325930 | &nbsp;&nbsp;&nbsp;&nbsp; 885124 |
| &nbsp;&nbsp;&nbsp;Accenture plc Class A | 3331784 | &nbsp;&nbsp;&nbsp;&nbsp; 833279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9807585** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Linde plc | 2407304 | &nbsp;&nbsp;&nbsp;&nbsp; 1006975 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;528264 | &nbsp;&nbsp;&nbsp;&nbsp; 135447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;818483 | &nbsp;&nbsp;&nbsp;&nbsp; 36889 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1179311** |
| **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** | **Real Estate (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;253045 | &nbsp;&nbsp;&nbsp;&nbsp; 70488 |
| **Total Common Stocks (Cost $24,344,853)** | **Total Common Stocks (Cost $24,344,853)** | **Total Common Stocks (Cost $24,344,853)** | &nbsp;&nbsp;&nbsp;&nbsp;**43243980** |
| **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (1.1%)** | **Repurchase Agreements (1.1%)** | **Repurchase Agreements (1.1%)** | **Repurchase Agreements (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.160%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $75,026, collateralized by U.S. Government Agency Obligations 2.000%–7.000%, 7/1/2028–10/1/2055, with a value of $76,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.150%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $80,028, collateralized by U.S. Treasury Obligations 2.875%–4.500%, 5/15/2028–11/15/2048, with a value of $81,600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 |
|  | &nbsp;&nbsp;&nbsp;Credit Agricole Securities 4.140%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $85,129, collateralized by U.S. Treasury Obligations 4.375%, 11/30/2028, with a value of $86,802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85100 | &nbsp;&nbsp;&nbsp;&nbsp; 85100 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC 4.140%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $45,016, collateralized by U.S. Treasury Obligations 0.750%, 4/30/2026, with a value of $45,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 |
|  | &nbsp;&nbsp;&nbsp;Natixis SA 4.170%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $117,141, collateralized by U.S. Treasury and Government Agency Obligations 0.875%–4.150%, 6/30/2026–2/15/2052, with a value of $119,442) | &nbsp;&nbsp;&nbsp;&nbsp;117100 | &nbsp;&nbsp;&nbsp;&nbsp; 117100 |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc 4.150%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $23,108, collateralized by U.S. Treasury Obligations 3.500%, 10/31/2027, with a value of $23,562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 23100 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 4.140%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $40,014, collateralized by U.S. Treasury Obligations 3.625%–3.948%, 7/31/2026–8/31/2029, with a value of $40,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale 4.150%, 11/3/2025<br> (Dated 10/31/2025, Repurchase Value $29,910, collateralized by U.S. Treasury Obligations 3.375%, 8/15/2042, with a value of $30,498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp; 29900 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **495200** |
| **Total Temporary Cash Investments (Cost $495,226)** | **Total Temporary Cash Investments (Cost $495,226)** | **Total Temporary Cash Investments (Cost $495,226)** | &nbsp;&nbsp;&nbsp;&nbsp;**495226** |
| **Total Investments (99.9%) (Cost $24,840,079)** | **Total Investments (99.9%) (Cost $24,840,079)** | **Total Investments (99.9%) (Cost $24,840,079)** | &nbsp;&nbsp;&nbsp;&nbsp;**43739206** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**51824** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**43791030** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

\* Non-income-producing security. <br> 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.

**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.

**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 October 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 42912264 | &nbsp;&nbsp;&nbsp;331716 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;43243980 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;495200 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495226 |
| Total | 42912290 | &nbsp;&nbsp;&nbsp;826916 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;43739206 |

---

## 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 DIVIDEND GROWTH FUND

- **b. EDGAR series identifier (if any):** S000002920

- **c. LEI of Series:** 8WLBTFQ5G5FIXQ6NB174

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $43825696980.21

**Total Liabilities:** $9411502.78

**Net Assets:** $43816285477.43

**Cash Not Reported:** $87586.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008004 | 3.10%                | -0.32%               | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $235876470.24            | $1157713414.50                             |
| Month 2  | $1240871680.35           | $-1473233344.23                            |
| Month 3  | $929365077.34            | $-734188840.78                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JP Morgan Securities LLC                          | JPM TRIPARTY TREAS FICC        | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |  45000000 | PA      | $45000000.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole                                   | CREDIT AGRICOLE TRIPARTY TSY   | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | RA               | CORP              | US        |  85100000 | PA      | $85100000.00   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |   5863041 | NS      | $881625475.17  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |   1900606 | NS      | $925994249.26  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   6246506 | NS      | $1688867827.22 | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Securities, LLC                   | BK AMER MTG FICC               | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  75000000 | PA      | $75000000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                            | TRANE TECHNOLOGI               | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | US        |   1220682 | NS      | $547658979.30  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Securities, LLC                   | BK AMER TSY FICC               | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  80000000 | PA      | $80000000.00   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Stryker Corp                                      | STRYKER CORP                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |   2870172 | NS      | $1022470073.28 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   4260730 | NS      | $2206248601.30 | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   4077872 | NS      | $1389494105.28 | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |   1325930 | NS      | $885124571.50  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                       | HONEYWELL INTL                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |   5177533 | NS      | $1042392718.89 | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                        | DEERE & CO                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |    923921 | NS      | $426509651.23  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |       262 | NS      | $26177.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |   3708248 | NS      | $1026962201.12 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   5711886 | NS      | $491107958.28  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                 | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    269107 | NS      | $74962445.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                     | AUTOMATIC DATA                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |   3319361 | NS      | $864029668.30  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOM TSY FICC                   | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  40000000 | PA      | $40000000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                         | LINDE PLC                      | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |   2407304 | NS      | $1006975263.20 | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RBS Securities, Inc.                              | RBS TRIPARTY TREASUR           | CUSIP: N/A<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34       | Long             | RA               | CORP              | US        |  23100000 | PA      | $23100000.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Natixis SA                                        | NATIXIS TRIPARTY TR            | CUSIP: N/A<br>LEI: KX1WK48MPD4Y2NCUIZ63       | Long             | RA               | CORP              | US        | 117100000 | PA      | $117100000.00  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |   8432544 | NS      | $808593520.77  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |   3453782 | NS      | $1311021109.38 | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | COLGATE-PALMOLIV               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |   7859683 | NS      | $605588575.15  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |   8493452 | NS      | $1190272363.28 | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |   4754587 | NS      | $847029674.05  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                     | MARRIOTT INTL-A                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |   2043263 | NS      | $532433472.54  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |   1305894 | NS      | $414229576.80  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                       | WALMART INC                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |   2099517 | NS      | $212429130.06  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale                                  | SOCGEN TRIPARTY TSY            | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | RA               | CORP              | US        |  29900000 | PA      | $29900000.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE Inc                                          | NIKE INC -CL B                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |  16243285 | NS      | $1049153778.15 | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   1932851 | NS      | $1667779813.86 | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |  11307044 | NS      | $779055331.60  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   6949999 | NS      | $859158876.38  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                        | DIAGEO PLC                     | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |  14421353 | NS      | $331716278.39  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                   | CATERPILLAR INC                | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |   1555828 | NS      | $898117271.28  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM INC                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   5989225 | NS      | $1083450802.50 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |   7209071 | NS      | $1163976603.66 | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                     | KROGER CO                      | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |   7546556 | NS      | $480187358.28  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                        | ZOETIS INC                     | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |   6171666 | NS      | $889275353.94  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | LOCKHEED MARTIN                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |    935088 | NS      | $459951085.44  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | US        |   3331784 | NS      | $833279178.40  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |   4854670 | NS      | $1045598824.60 | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |   3692754 | NS      | $1102028576.22 | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                             | NORTHROP GRUMMAN               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |   1783912 | NS      | $1040823456.40 | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                        | ECOLAB INC                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |    528264 | NS      | $135446889.60  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   2852026 | NS      | $1574289831.74 | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |  10705008 | NS      | $931014545.76  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc                   | SOLSTICE ADV MAT               | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |   1294383 | NS      | $58337841.81   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                       | PEPSICO INC                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |   4452382 | NS      | $650448486.38  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   5266449 | NS      | $1946637543.87 | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | JOHNSON&JOHNSON                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   4171674 | NS      | $787904068.38  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                               | AMERICAN EXPRESS               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |   4193450 | NS      | $1512703218.50 | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   5645814 | NS      | $1587546438.66 | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer