# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001752724-25-163101
**Filing Date:** 2025-6
**Character Count:** 36272
**Document Hash:** c6c1106e2cbf8c8174b8ddfacf73041e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-163101.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-163101

**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:** 251090694

**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 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 (98.0%)** | **Common Stocks (98.0%)** | **Common Stocks (98.0%)** |
| **Communication Services (2.6%)** | **Communication Services (2.6%)** | **Communication Services (2.6%)** |
| &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 7597939 | &nbsp;&nbsp;&nbsp;&nbsp; 1206553 |
| **Consumer Discretionary (11.3%)** | **Consumer Discretionary (11.3%)** | **Consumer Discretionary (11.3%)** |
| &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 12469500 | &nbsp;&nbsp;&nbsp;&nbsp; 1604575 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 4410027 | &nbsp;&nbsp;&nbsp;&nbsp; 1409665 |
| &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 20669754 | &nbsp;&nbsp;&nbsp;&nbsp; 1165774 |
| &nbsp;&nbsp;&nbsp;Home Depot Inc. | 2340552 | &nbsp;&nbsp;&nbsp;&nbsp; 843746 |
| &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;968824 | &nbsp;&nbsp;&nbsp;&nbsp; 231142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5254902** |
| **Consumer Staples (11.3%)** | **Consumer Staples (11.3%)** | **Consumer Staples (11.3%)** |
| &nbsp;&nbsp;&nbsp;Diageo plc | 41270531 | &nbsp;&nbsp;&nbsp;&nbsp; 1158893 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 6579871 | &nbsp;&nbsp;&nbsp;&nbsp; 1069690 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 14054013 | &nbsp;&nbsp;&nbsp;&nbsp; 1019619 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 9412619 | &nbsp;&nbsp;&nbsp;&nbsp; 867749 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 5829681 | &nbsp;&nbsp;&nbsp;&nbsp; 790388 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 3264690 | &nbsp;&nbsp;&nbsp;&nbsp; 347485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5253824** |
| **Financials (16.3%)** | **Financials (16.3%)** | **Financials (16.3%)** |
| &nbsp;&nbsp;&nbsp;American Express Co. | 6004376 | &nbsp;&nbsp;&nbsp;&nbsp; 1599626 |
| &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 2864035 | &nbsp;&nbsp;&nbsp;&nbsp; 1569663 |
| &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 4334542 | &nbsp;&nbsp;&nbsp;&nbsp; 1497584 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4817654 | &nbsp;&nbsp;&nbsp;&nbsp; 1086237 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3645980 | &nbsp;&nbsp;&nbsp;&nbsp; 1043042 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc. | 1495553 | &nbsp;&nbsp;&nbsp;&nbsp; 747851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7544003** |
| **Health Care (15.3%)** | **Health Care (15.3%)** | **Health Care (15.3%)** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3314942 | &nbsp;&nbsp;&nbsp;&nbsp; 1363900 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 6745190 | &nbsp;&nbsp;&nbsp;&nbsp; 1344519 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 3449172 | &nbsp;&nbsp;&nbsp;&nbsp; 1289714 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 7033018 | &nbsp;&nbsp;&nbsp;&nbsp; 919567 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc. | 4833940 | &nbsp;&nbsp;&nbsp;&nbsp; 756028 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;547071 | &nbsp;&nbsp;&nbsp;&nbsp; 491789 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2920272 | &nbsp;&nbsp;&nbsp;&nbsp; 456468 |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 5318134 | &nbsp;&nbsp;&nbsp;&nbsp; 453105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7075090** |
| **Industrials (15.7%)** | **Industrials (15.7%)** | **Industrials (15.7%)** |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5776055 | &nbsp;&nbsp;&nbsp;&nbsp; 1215860 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2259733 | &nbsp;&nbsp;&nbsp;&nbsp; 1099360 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 3301178 | &nbsp;&nbsp;&nbsp;&nbsp; 992334 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 9462951 | &nbsp;&nbsp;&nbsp;&nbsp; 916436 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 1861159 | &nbsp;&nbsp;&nbsp;&nbsp; 862759 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3858110 | &nbsp;&nbsp;&nbsp;&nbsp; 832040 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 1370563 | &nbsp;&nbsp;&nbsp;&nbsp; 525351 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1048407 | &nbsp;&nbsp;&nbsp;&nbsp; 500876 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1039285 | &nbsp;&nbsp;&nbsp;&nbsp; 282810 |
| &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;616530 | &nbsp;&nbsp;&nbsp;&nbsp; 58755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7286581** |
| **Information Technology (19.6%)** | **Information Technology (19.6%)** | **Information Technology (19.6%)** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 5002540 | &nbsp;&nbsp;&nbsp;&nbsp; 1977304 |
| &nbsp;&nbsp;&nbsp;Apple Inc. | 7750948 | &nbsp;&nbsp;&nbsp;&nbsp; 1647076 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | 7910996 | &nbsp;&nbsp;&nbsp;&nbsp; 1522629 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 8542215 | &nbsp;&nbsp;&nbsp;&nbsp; 1367182 |
| &nbsp;&nbsp;&nbsp;Intuit Inc. | 2140825 | &nbsp;&nbsp;&nbsp;&nbsp; 1343304 |
| &nbsp;&nbsp;&nbsp;Accenture plc Class A | 4120011 | &nbsp;&nbsp;&nbsp;&nbsp; 1232501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9089996** |
| **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
| &nbsp;&nbsp;&nbsp;Linde plc | 2970780 | &nbsp;&nbsp;&nbsp;&nbsp; 1346447 |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 3688710 | &nbsp;&nbsp;&nbsp;&nbsp; 927452 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2273899** |
| **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 1486270 | &nbsp;&nbsp;&nbsp;&nbsp; 446520 |
| **Total Common Stocks (Cost $25,707,270)** | **Total Common Stocks (Cost $25,707,270)** | **Total Common Stocks (Cost $25,707,270)** | &nbsp;&nbsp;&nbsp;&nbsp;**45431368** |
| **Temporary Cash Investments (1.8%)** | **Temporary Cash Investments (1.8%)** | **Temporary Cash Investments (1.8%)** | **Temporary Cash Investments (1.8%)** |
| **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, 4.350% | &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 (1.8%)** | **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.390%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $75,009, collateralized by U.S. Treasury Obligations 0.625%–4.250%, 12/31/25–5/15/50, with a value of $76,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | &nbsp;&nbsp;&nbsp;Credit Agricole Securities 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $89,311, collateralized by U.S. Treasury Obligations 0.875%, 11/15/30, with a value of $91,086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89300 | &nbsp;&nbsp;&nbsp;&nbsp; 89300 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $100,012, collateralized by U.S. Treasury Obligations 0.000%–1.250%, 6/10/25–4/30/28, with a value of $102,000) | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
|  | &nbsp;&nbsp;&nbsp;Natixis SA 4.370%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $216,126, collateralized by U.S. Treasury Obligations 1.250%–4.875%, 6/15/25–11/15/42, with a value of $220,422) | &nbsp;&nbsp;&nbsp;&nbsp;216100 | &nbsp;&nbsp;&nbsp;&nbsp; 216100 |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $96,412, collateralized by U.S. Treasury Obligations 4.500%–4.625%, 3/31/26–4/30/29, with a value of $98,328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp;&nbsp; 96400 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $50,006, collateralized by U.S. Treasury Obligations 0.000%–6.625%, 5/13/25–5/15/44, with a value of $51,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $198,824, collateralized by U.S. Treasury Obligations 2.375%, 5/15/51, with a value of $202,776) | &nbsp;&nbsp;&nbsp;&nbsp;198800 | &nbsp;&nbsp;&nbsp;&nbsp; 198800 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **825600** |
| **Total Temporary Cash Investments (Cost $825,626)** | **Total Temporary Cash Investments (Cost $825,626)** | **Total Temporary Cash Investments (Cost $825,626)** | &nbsp;&nbsp;&nbsp;&nbsp;**825626** |
| **Total Investments (99.8%) (Cost $26,532,896)** | **Total Investments (99.8%) (Cost $26,532,896)** | **Total Investments (99.8%) (Cost $26,532,896)** | &nbsp;&nbsp;&nbsp;&nbsp;**46256994** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**74060** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**46331054** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

**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

------

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

agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

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

#### Level 1 —Quoted prices in active markets for identical securities.

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

The following table summarizes the market value of the fund's investments as of April 30, 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 | 43924990 | &nbsp;&nbsp;&nbsp;1506378 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;45431368 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;825600 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825626 |
| Total | 43925016 | &nbsp;&nbsp;&nbsp;2331978 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;46256994 |

---

## 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:** 2025-04-30

**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:** $46463733277.54

**Total Liabilities:** $109363269.13

**Net Assets:** $46354370008.41

**Cash Not Reported:** $100057056.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008004 | 0.67%                | -3.07%               | -1.78%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $720133507.86            | $-436384155.13                             |
| Month 2  | $543986986.86            | $-2170419539.58                            |
| Month 3  | $806269770.24            | $-1715850979.45                            |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Societe Generale                                  | SOCGEN TRIPARTY TSY            | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | RA               | CORP              | US        | 198800000 | PA      | $198800000.00  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                           | PROCTER & GAMBLE               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |   6579871 | NS      | $1069689628.47 | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |   1495553 | NS      | $747851277.65  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   7750948 | NS      | $1647076450.00 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                            | TRANE TECHNOLOGI               | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | US        |   1370563 | NS      | $525350503.53  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                      | STRYKER CORP                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |   3449172 | NS      | $1289714394.24 | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   5002540 | NS      | $1977303960.40 | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   4334542 | NS      | $1497584261.00 | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RBS Securities, Inc.                              | RBS TRIPARTY TREASUR           | CUSIP: N/A<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34       | Long             | RA               | CORP              | US        |  96400000 | PA      | $96400000.00   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |   2140825 | NS      | $1343303462.75 | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                       | HONEYWELL INTL                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |   5776055 | NS      | $1215859577.50 | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                        | DEERE & CO                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |   1861159 | NS      | $862758866.04  | 1.86%             |  |  |  | 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      | $26174.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |   3645980 | NS      | $1043041958.40 | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                             | GENERAL DYNAMICS               | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |   1039285 | NS      | $282810234.20  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   5318134 | NS      | $453105016.80  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole                                   | CREDIT AGRICOLE TRIPARTY TSY   | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | RA               | CORP              | US        |  89300000 | PA      | $89300000.00   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                 | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1486270 | NS      | $446520096.10  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                     | AUTOMATIC DATA                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |   3301178 | NS      | $992334106.80  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                         | LINDE PLC                      | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |   2970780 | NS      | $1346446619.40 | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | UNION PAC CORP                 | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |   3858110 | NS      | $832040002.60  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |   9462951 | NS      | $916435940.82  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                         | NESTLE SA-REG                  | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |   3264690 | NS      | $347485063.63  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |   2340552 | NS      | $843745590.48  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | COLGATE-PALMOLIV               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |   9412619 | NS      | $867749345.61  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |  12469500 | NS      | $1604575260.00 | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |   4817654 | NS      | $1086236447.38 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                     | MARRIOTT INTL-A                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    902024 | NS      | $215204885.92  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                          | NIKE INC -CL B                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |  20669754 | NS      | $1165774125.60 | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOM TSY FICC                   | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  50000000 | PA      | $50000000.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    547071 | NS      | $491789475.45  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                  | COCA-COLA CO/THE               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |  14054013 | NS      | $1019618643.15 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   7033018 | NS      | $919567103.50  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                        | DIAGEO PLC                     | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |  41270531 | NS      | $1158892599.45 | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                             | TEXAS INSTRUMENT               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |   8542215 | NS      | $1367181510.75 | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                        | ZOETIS INC                     | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |   4833940 | NS      | $756028216.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | LOCKHEED MARTIN                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |   1048407 | NS      | $500876444.25  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Securities LLC                          | JPM TRIPARTY TREAS FICC        | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        | 100000000 | PA      | $100000000.00  | 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        |  75000000 | PA      | $75000000.00   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                                     | ACCENTURE PLC-A                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | US        |   4120011 | NS      | $1232501290.65 | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |   6745190 | NS      | $1344518722.70 | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Natixis SA                                        | NATIXIS TRIPARTY TR            | CUSIP: N/A<br>LEI: KX1WK48MPD4Y2NCUIZ63       | Long             | RA               | CORP              | US        | 216100000 | PA      | $216100000.00  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| McDonald's Corp                                   | MCDONALDS CORP                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |   4410027 | NS      | $1409665130.55 | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                             | NORTHROP GRUMMAN               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |   2259733 | NS      | $1099360104.50 | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                         | UNITED PARCEL-B                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |   1321752 | NS      | $125962965.60  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                        | ECOLAB INC                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |   3688710 | NS      | $927452355.30  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   2864035 | NS      | $1569663022.10 | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                       | PEPSICO INC                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |   5829681 | NS      | $790388149.98  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   3314942 | NS      | $1363899736.48 | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   7910996 | NS      | $1522629400.12 | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | JOHNSON&JOHNSON                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   2920272 | NS      | $456467716.32  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                               | AMERICAN EXPRESS               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |   6004376 | NS      | $1599625810.16 | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | ALPHABET INC-A                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   7597939 | NS      | $1206552713.20 | 2.60%             |  |  |  | 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