# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001104659-25-094432
**Filing Date:** 2025-9
**Character Count:** 275772
**Document Hash:** f0e3a2da8b8b6d37539084bf951f0d8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-094432.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001104659-25-094432

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 251355503

**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           |

### Vanguard Energy Fund (Series ID: S000002921)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000008005 | Investor Shares | VGENX           |
| C000008006 | Admiral Shares  | VGELX           |

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

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

### Vanguard Dividend Appreciation Index Fund (Series ID: S000011322)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000031350 | ETF Shares     | VIG             |
| C000135474 | Admiral Shares | VDADX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Specialized Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **John E. Schadl, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: January 31

Date of reporting period: February 1, 2025—July 31, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Dividend Growth Fund](#classname02a2c3f4-7738-4cf4-9660-1649ec832118)<br> **[Investor Shares - VDIGX](#classname02a2c3f4-7738-4cf4-9660-1649ec832118)**  |
|  [Energy Fund](#classname269c1764-ee56-40af-8ec8-0ff3117972ac)<br> **[Investor Shares - VGENX](#classname269c1764-ee56-40af-8ec8-0ff3117972ac)**  |
|  [Energy Fund](#classname58b5387f-5cdf-4af3-b493-739f05dc0a69)<br> **[Admiral™ Shares - VGELX](#classname58b5387f-5cdf-4af3-b493-739f05dc0a69)**  |
|  [Health Care Fund](#classnamefd8ab6fb-53dd-4cb1-b3d2-d6e18343dbb5)<br> **[Investor Shares - VGHCX](#classnamefd8ab6fb-53dd-4cb1-b3d2-d6e18343dbb5)**  |
|  [Health Care Fund](#classname4677980a-bcf8-4c03-8497-4adf9ee157dd)<br> **[Admiral™ Shares - VGHAX](#classname4677980a-bcf8-4c03-8497-4adf9ee157dd)**  |
|  [Dividend Appreciation Index Fund](#classname40736791-4cf6-454e-ba6c-9cd2c94b8b01)<br> **[ETF Shares - VIG](#classname40736791-4cf6-454e-ba6c-9cd2c94b8b01)**  |
|  [Dividend Appreciation Index Fund](#classname0420fa1a-9087-4ebe-8137-7504d2a502d6)<br> **[Admiral™ Shares - VDADX](#classname0420fa1a-9087-4ebe-8137-7504d2a502d6)**  |

---

# Vanguard Dividend Growth Fund
![Image](tm2521150d4_tsrimg001.jpg)

# Investor Shares (VDIGX)

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Dividend Growth Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $46354 |
| Number of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 20% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 2.6% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 10.0% |
| Financials | 17.9% |
| Health Care | 14.1% |
| Industrials | 15.0% |
| Information Technology | 19.8% |
| Materials | 4.9% |
| Real Estate | 0.8% |
| Other Assets and Liabilities—Net | 3.2% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR57

# Vanguard Energy Fund
![Image](tm2521150d4_tsrimg001.jpg)

# Investor Shares (VGENX)

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Energy Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5920 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Asia | 2.0% |
| Europe | 34.6% |
| North America | 61.9% |
| South America | 0.9% |
| Other Assets and Liabilities—Net | 0.6% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR51

# Vanguard Energy Fund
![Image](tm2521150d4_tsrimg001.jpg)

# Admiral™ Shares (VGELX)

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Energy Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $19 | 0.37%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $5920 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Asia | 2.0% |
| Europe | 34.6% |
| North America | 61.9% |
| South America | 0.9% |
| Other Assets and Liabilities—Net | 0.6% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR551

# Vanguard Health Care Fund
![Image](tm2521150d4_tsrimg001.jpg)

# Investor Shares (VGHCX)

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Health Care Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $16 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $34297 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 19% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Asia | 7.2% |
| Europe | 22.0% |
| North America | 67.2% |
| Other Assets and Liabilities—Net | 3.6% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR52

# Vanguard Health Care Fund
![Image](tm2521150d4_tsrimg001.jpg)

# Admiral™ Shares (VGHAX)

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Health Care Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $13 | 0.27%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $34297 |
| Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 19% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Asia | 7.2% |
| Europe | 22.0% |
| North America | 67.2% |
| Other Assets and Liabilities—Net | 3.6% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR552

# Vanguard Dividend Appreciation Index Fund
![Image](tm2521150d4_tsrimg001.jpg)

# ETF Shares (VIG) NYSE Arca

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Dividend Appreciation Index Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF Shares | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $109579 |
| Number of Portfolio Holdings | 342 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 0.6% |
| Consumer Discretionary | 5.3% |
| Consumer Staples | 10.1% |
| Energy | 2.8% |
| Financials | 22.5% |
| Health Care | 14.5% |
| Industrials | 11.6% |
| Information Technology | 26.5% |
| Materials | 3.2% |
| Utilities | 2.6% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR920

# Vanguard Dividend Appreciation Index Fund
![Image](tm2521150d4_tsrimg001.jpg)

# Admiral™ Shares (VDADX)

#### Semi-Annual Shareholder Report \| July 31, 2025
This semi-annual shareholder report contains important information about Vanguard Dividend Appreciation Index Fund (the "Fund") for the period of February 1, 2025, to July 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $4 | 0.07%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $109579 |
| Number of Portfolio Holdings | 342 |
| Portfolio Turnover Rate | 7% |

---

## Portfolio Composition % of Net Assets (as of July 31, 2025)

---

| | |
|:---|:---|
| Communication Services | 0.6% |
| Consumer Discretionary | 5.3% |
| Consumer Staples | 10.1% |
| Energy | 2.8% |
| Financials | 22.5% |
| Health Care | 14.5% |
| Industrials | 11.6% |
| Information Technology | 26.5% |
| Materials | 3.2% |
| Utilities | 2.6% |
| Other Assets and Liabilities—Net | 0.3% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5702

**Item 2: Code of Ethics.**

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2521150d4divgrowfunfini001.jpg)

#### Financial Statements

#### For the six-months ended July 31, 2025

#### Vanguard Dividend Growth Fund

------

#### Contents
Financial Statements 1 <br>

------

Dividend Growth Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of July 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• ($000) |
| **Common Stocks (96.8%)** | **Common Stocks (96.8%)** | **Common Stocks (96.8%)** |
| **Communication Services (2.6%)** | **Communication Services (2.6%)** | **Communication Services (2.6%)** |
| &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 6205463 | &nbsp;&nbsp;&nbsp;&nbsp; 1190828 |
| **Consumer Discretionary (11.7%)** | **Consumer Discretionary (11.7%)** | **Consumer Discretionary (11.7%)** |
| &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 12040292 | &nbsp;&nbsp;&nbsp;&nbsp; 1499378 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 4001918 | &nbsp;&nbsp;&nbsp;&nbsp; 1200855 |
| &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3154356 | &nbsp;&nbsp;&nbsp;&nbsp; 1159257 |
| &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 14191737 | &nbsp;&nbsp;&nbsp;&nbsp; 1059981 |
| &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | 1834488 | &nbsp;&nbsp;&nbsp;&nbsp; 483993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5403464** |
| **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** | **Consumer Staples (10.0%)** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 6353388 | &nbsp;&nbsp;&nbsp;&nbsp; 955994 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 13669338 | &nbsp;&nbsp;&nbsp;&nbsp; 928011 |
| &nbsp;&nbsp;&nbsp;Diageo plc | 34771787 | &nbsp;&nbsp;&nbsp;&nbsp; 842783 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 9088631 | &nbsp;&nbsp;&nbsp;&nbsp; 762082 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 5122048 | &nbsp;&nbsp;&nbsp;&nbsp; 706433 |
| &nbsp;&nbsp;&nbsp;Nestle SA (Registered) | 3152317 | &nbsp;&nbsp;&nbsp;&nbsp; 275440 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2578586 | &nbsp;&nbsp;&nbsp;&nbsp; 180759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4651502** |
| **Financials (17.9%)** | **Financials (17.9%)** | **Financials (17.9%)** |
| &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 2681312 | &nbsp;&nbsp;&nbsp;&nbsp; 1518883 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 4852755 | &nbsp;&nbsp;&nbsp;&nbsp; 1452478 |
| &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 4059017 | &nbsp;&nbsp;&nbsp;&nbsp; 1402269 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc. | 1884454 | &nbsp;&nbsp;&nbsp;&nbsp; 1038522 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3838581 | &nbsp;&nbsp;&nbsp;&nbsp; 1021216 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4696063 | &nbsp;&nbsp;&nbsp;&nbsp; 935456 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 11564419 | &nbsp;&nbsp;&nbsp;&nbsp; 932439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8301263** |
| **Health Care (14.1%)** | **Health Care (14.1%)** | **Health Care (14.1%)** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 6513016 | &nbsp;&nbsp;&nbsp;&nbsp; 1284106 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 3110517 | &nbsp;&nbsp;&nbsp;&nbsp; 1221593 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1397332 | &nbsp;&nbsp;&nbsp;&nbsp; 1034124 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc. | 6688948 | &nbsp;&nbsp;&nbsp;&nbsp; 975182 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 7490296 | &nbsp;&nbsp;&nbsp;&nbsp; 945201 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4221988 | &nbsp;&nbsp;&nbsp;&nbsp; 695530 |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 5135080 | &nbsp;&nbsp;&nbsp;&nbsp; 401152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6556888** |
| **Industrials (15.0%)** | **Industrials (15.0%)** | **Industrials (15.0%)** |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2181951 | &nbsp;&nbsp;&nbsp;&nbsp; 1258135 |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5610953 | &nbsp;&nbsp;&nbsp;&nbsp; 1247595 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 3187550 | &nbsp;&nbsp;&nbsp;&nbsp; 986547 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 9137230 | &nbsp;&nbsp;&nbsp;&nbsp; 853186 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 1619233 | &nbsp;&nbsp;&nbsp;&nbsp; 849077 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3312042 | &nbsp;&nbsp;&nbsp;&nbsp; 735174 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 1323387 | &nbsp;&nbsp;&nbsp;&nbsp; 579749 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1012320 | &nbsp;&nbsp;&nbsp;&nbsp; 426167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6935630** |
| **Information Technology (19.8%)** | **Information Technology (19.8%)** | **Information Technology (19.8%)** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 4617948 | &nbsp;&nbsp;&nbsp;&nbsp; 2463675 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | 5664923 | &nbsp;&nbsp;&nbsp;&nbsp; 1663788 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 7813225 | &nbsp;&nbsp;&nbsp;&nbsp; 1414663 |
| &nbsp;&nbsp;&nbsp;Intuit Inc. | 1772450 | &nbsp;&nbsp;&nbsp;&nbsp; 1391604 |
| &nbsp;&nbsp;&nbsp;Apple Inc. | 5654316 | &nbsp;&nbsp;&nbsp;&nbsp; 1173666 |
| &nbsp;&nbsp;&nbsp;Accenture plc Class A | 3978198 | &nbsp;&nbsp;&nbsp;&nbsp; 1062577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9169973** |
| **Materials (4.9%)** | **Materials (4.9%)** | **Materials (4.9%)** |
| &nbsp;&nbsp;&nbsp;Linde plc | 2868524 | &nbsp;&nbsp;&nbsp;&nbsp; 1320267 |

---

------

Dividend Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 3561742 | &nbsp;&nbsp;&nbsp;&nbsp; 932322 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2252589** |
| **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 1435112 | &nbsp;&nbsp;&nbsp;&nbsp; 390264 |
| **Total Common Stocks (Cost $24,950,088)** | **Total Common Stocks (Cost $24,950,088)** | **Total Common Stocks (Cost $24,950,088)** | &nbsp;&nbsp;&nbsp;&nbsp;**44852401** |
| **Temporary Cash Investments (2.5%)** | **Temporary Cash Investments (2.5%)** | **Temporary Cash Investments (2.5%)** | **Temporary Cash Investments (2.5%)** |
| **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, 4.367% | &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 (2.5%)** | **Repurchase Agreements (2.5%)** | **Repurchase Agreements (2.5%)** | **Repurchase Agreements (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.370%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $50,006, collateralized by U.S. Treasury Obligations 3.000%–6.875%, 8/15/2025–5/15/2045, with a value of $51,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.380%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $145,018, collateralized by U.S. Government Agency Obligations 6.500%, 8/1/2054, with a value of $147,900) | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 |
|  | &nbsp;&nbsp;&nbsp;Credit Agricole Securities 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $240,029, collateralized by U.S. Treasury Obligations 3.500%–4.125%, 9/30/2027–9/30/2029, with a value of $244,800) | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 |
|  | &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $150,018, collateralized by U.S. Treasury Obligations 0.625%–4.000%, 11/30/2027–2/15/2052, with a value of $153,000) | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 |
|  | &nbsp;&nbsp;&nbsp;Natixis SA 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $275,533, collateralized by U.S. Treasury and Government Agency Obligations 0.125%–4.625%, 3/31/2026–2/15/2042, with a value of $281,010) | &nbsp;&nbsp;&nbsp;&nbsp;275500 | &nbsp;&nbsp;&nbsp;&nbsp; 275500 |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $87,311, collateralized by U.S. Treasury Obligations 4.625%, 4/30/2031, with a value of $89,046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp; 87300 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $125,015, collateralized by U.S. Treasury Obligations 0.000%–4.500%, 9/4/2025–5/31/2029, with a value of $127,500) | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 |
|  | &nbsp;&nbsp;&nbsp;Societe Generale 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $94,011, collateralized by U.S. Treasury Obligations 4.625%–5.000%, 11/15/2044–5/15/2045, with a value of $95,880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp; 94000 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1166800** |
| **Total Temporary Cash Investments (Cost $1,166,826)** | **Total Temporary Cash Investments (Cost $1,166,826)** | **Total Temporary Cash Investments (Cost $1,166,826)** | &nbsp;&nbsp;&nbsp;&nbsp;**1166826** |
| **Total Investments (99.3%) (Cost $26,116,914)** | **Total Investments (99.3%) (Cost $26,116,914)** | **Total Investments (99.3%) (Cost $26,116,914)** | &nbsp;&nbsp;&nbsp;&nbsp;**46019227** |
| **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;**334305** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**46353532** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <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.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Growth Fund

Statement of Assets and Liabilities

As of July 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $26,116,888) | 46019201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Total Investments in Securities | 46019227 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Foreign Currency, at Value (Cost $6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505912 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51969 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467 |
| **Total Assets** | **46583850** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179814 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7037 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40573 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**230318** |
| **Net Assets** | **46353532** |
| **At July 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 22815081 |
| Total Distributable Earnings (Loss) | 23538451 |
| **Net Assets** | **46353532** |
| **Net Assets** |  |
| **Applicable to 1,292,908,988 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **46353532** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$35.85** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Growth Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> July 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;401265 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21986 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;423253 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(16841) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47161 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47145 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**376108** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold | 3619142 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 |
| **Realized Net Gain (Loss)** | **3620106** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities | (4167336) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| **Change in Unrealized Appreciation (Depreciation)** | **(4167271)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**(171057)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $3,648. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Growth Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884219 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;3620106 | &nbsp;&nbsp;&nbsp;&nbsp;5624161 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(4167271) | &nbsp;&nbsp;&nbsp;&nbsp;(1403256) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(171057) | &nbsp;&nbsp;&nbsp;&nbsp;5105124 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(1519474) | &nbsp;&nbsp;&nbsp;&nbsp;(5600894) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;1796108 | &nbsp;&nbsp;&nbsp;&nbsp;2676285 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1339764 | &nbsp;&nbsp;&nbsp;&nbsp;4931591 |
| Redeemed | &nbsp;&nbsp;(5516302) | &nbsp;&nbsp;&nbsp;&nbsp;(9240368) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(2380430) | &nbsp;&nbsp;&nbsp;&nbsp;(1632492) |
| Total Increase (Decrease) | &nbsp;&nbsp;(4070961) | &nbsp;&nbsp;&nbsp;&nbsp;(2128262) |
| **Net Assets** |  |  |
| **Beginning of Period** | **50424493** | &nbsp;&nbsp;&nbsp;**52552755** |
| **End of Period** | **46353532** | &nbsp;&nbsp;&nbsp;**50424493** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Growth Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$37.14** | &nbsp;&nbsp;&nbsp;**$37.76** | &nbsp;&nbsp;&nbsp;**$35.42** | &nbsp;&nbsp;&nbsp;**$37.85** | &nbsp;&nbsp;&nbsp;**$31.82** | &nbsp;&nbsp;&nbsp;**$30.63** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.557 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(.419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.572 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(.135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.129 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.539) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(.857) | &nbsp;&nbsp;&nbsp;&nbsp;(3.652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.224) | &nbsp;&nbsp;&nbsp;&nbsp;(1.543) | &nbsp;&nbsp;&nbsp;&nbsp;(1.565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.400) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(1.155) | &nbsp;&nbsp;&nbsp;&nbsp;(4.331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.853) | &nbsp;&nbsp;&nbsp;&nbsp;(2.133) | &nbsp;&nbsp;&nbsp;&nbsp;(2.139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.939) |
| **Net Asset Value, End of Period** | **$35.85** | &nbsp;&nbsp;&nbsp;**$37.14** | &nbsp;&nbsp;&nbsp;**$37.76** | &nbsp;&nbsp;&nbsp;**$35.42** | &nbsp;&nbsp;&nbsp;**$37.85** | &nbsp;&nbsp;&nbsp;**$31.82** |
| **Total Return<sup>2</sup>** | **-0.29%** | &nbsp;&nbsp;&nbsp;**10.20%** | &nbsp;&nbsp;&nbsp;**9.11%** | &nbsp;&nbsp;&nbsp;**-0.76%** | &nbsp;&nbsp;&nbsp;**25.66%** | &nbsp;&nbsp;&nbsp;**7.03%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $46354 | &nbsp;&nbsp;&nbsp;$50424 | &nbsp;&nbsp;&nbsp;$52553 | &nbsp;&nbsp;&nbsp;$53452 | &nbsp;&nbsp;&nbsp;$54186 | &nbsp;&nbsp;&nbsp;$45099 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.20%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.22%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.29%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.30%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;0.26% |
| Ratio of Net Investment Income to Average Net Assets | 1.60% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;1.85% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;15% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.07%), (0.05%), 0.02%, 0.03%, (0.00%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.20%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.22%, 0.29% and 0.30%, respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Growth Fund

Notes to Financial Statements

Vanguard Dividend Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. 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).

3. 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.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund

------

Dividend Growth Fund

Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended July 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** Wellington Management Company LLP provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly
adjustments based on the fund's performance relative to the S&P U.S. Dividend Growers Index for the preceding three years. For the six months ended July 31, 2025, the investment advisory fee represented an
effective annual basic rate of 0.13% of the fund's average net assets, before a net decrease of $16,841,000 (0.07%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At July 31, 2025, the fund had contributed to Vanguard capital in the amount of $1,200,000, representing less than 0.01% of the fund's net assets and 0.48% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended July 31, 2025, these arrangements reduced the fund's expenses by $16,000 (an annual rate
of less than 0.01% of average net assets).

**E.** 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 July 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 | 43734178 | &nbsp;&nbsp;&nbsp;1118223 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;44852401 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;1166800 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1166826 |
| Total | 43734204 | &nbsp;&nbsp;&nbsp;2285023 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;46019227 |

---

**F.** As of July 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;26131645 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;20447674 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560092) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;19887582 |

---

**G.** During the six months ended July 31, 2025, the fund purchased $9,235,084,000 of investment securities and sold $13,124,887,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended July 31, 2025, such purchases were $0 and sales were $110,075,000, resulting in net realized gain of $18,939,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

------

Dividend Growth Fund

**H.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> July 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;51038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68514 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;38034 | &nbsp;&nbsp;&nbsp;&nbsp;134779 |
| Redeemed | (153991) | &nbsp;&nbsp;&nbsp;(237393) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;(64919) | &nbsp;&nbsp;&nbsp;&nbsp;(34100) |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q572 092025

------

![](tm2521150d4enerfunfini001.jpg)

#### Financial Statements

#### For the six-months ended July 31, 2025

#### Vanguard Energy Fund

------

#### Contents
Financial Statements 1 <br>

------

Energy Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of July 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• ($000) |
| **Common Stocks (99.4%)** | **Common Stocks (99.4%)** | **Common Stocks (99.4%)** |
| **Brazil (0.9%)** | **Brazil (0.9%)** | **Brazil (0.9%)** |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras | 8905625 | &nbsp;&nbsp;&nbsp;&nbsp; 56921 |
| **Canada (0.6%)** | **Canada (0.6%)** | **Canada (0.6%)** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;472010 | &nbsp;&nbsp;&nbsp;&nbsp; 35368 |
| **France (10.6%)** | **France (10.6%)** | **France (10.6%)** |
| &nbsp;&nbsp;&nbsp;Engie SA (XPAR) | 12272832 | &nbsp;&nbsp;&nbsp;&nbsp; 275871 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 3657563 | &nbsp;&nbsp;&nbsp;&nbsp; 217499 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | 2291617 | &nbsp;&nbsp;&nbsp;&nbsp; 136466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **629836** |
| **Germany (2.8%)** | **Germany (2.8%)** | **Germany (2.8%)** |
| &nbsp;&nbsp;&nbsp;E.ON SE | 7524996 | &nbsp;&nbsp;&nbsp;&nbsp; 137280 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;653147 | &nbsp;&nbsp;&nbsp;&nbsp; 26796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **164076** |
| **India (1.1%)** | **India (1.1%)** | **India (1.1%)** |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 17916547 | &nbsp;&nbsp;&nbsp;&nbsp; 59228 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;337887 | &nbsp;&nbsp;&nbsp;&nbsp; 5336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **64564** |
| **Italy (3.6%)** | **Italy (3.6%)** | **Italy (3.6%)** |
| &nbsp;&nbsp;&nbsp;Enel SpA | 16073254 | &nbsp;&nbsp;&nbsp;&nbsp; 141739 |
| &nbsp;&nbsp;&nbsp;Tenaris SA ADR | 1790420 | &nbsp;&nbsp;&nbsp;&nbsp; 62557 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;708866 | &nbsp;&nbsp;&nbsp;&nbsp; 12380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **216676** |
| **Japan (0.9%)** | **Japan (0.9%)** | **Japan (0.9%)** |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co. Inc. | 4303257 | &nbsp;&nbsp;&nbsp;&nbsp; 51667 |
| **Norway (1.5%)** | **Norway (1.5%)** | **Norway (1.5%)** |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 2022777 | &nbsp;&nbsp;&nbsp;&nbsp; 51960 |
| &nbsp;&nbsp;&nbsp;Equinor ASA ADR | 1438969 | &nbsp;&nbsp;&nbsp;&nbsp; 37054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **89014** |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC ADR | 1423477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Spain (3.4%)** | **Spain (3.4%)** | **Spain (3.4%)** |
| &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 11394686 | &nbsp;&nbsp;&nbsp;&nbsp; 200276 |
| **United Kingdom (12.7%)** | **United Kingdom (12.7%)** | **United Kingdom (12.7%)** |
| &nbsp;&nbsp;&nbsp;Shell plc (XLON) | 8915603 | &nbsp;&nbsp;&nbsp;&nbsp; 320365 |
| &nbsp;&nbsp;&nbsp;Shell plc ADR | 3277144 | &nbsp;&nbsp;&nbsp;&nbsp; 236643 |
| &nbsp;&nbsp;&nbsp;National Grid plc | 12868450 | &nbsp;&nbsp;&nbsp;&nbsp; 180828 |
| &nbsp;&nbsp;&nbsp;Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;474485 | &nbsp;&nbsp;&nbsp;&nbsp; 13351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **751187** |
| **United States (61.3%)** | **United States (61.3%)** | **United States (61.3%)** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 4366014 | &nbsp;&nbsp;&nbsp;&nbsp; 487422 |
| &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 4348520 | &nbsp;&nbsp;&nbsp;&nbsp; 260694 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1513633 | &nbsp;&nbsp;&nbsp;&nbsp; 257605 |
| &nbsp;&nbsp;&nbsp;Sempra | 3034399 | &nbsp;&nbsp;&nbsp;&nbsp; 247850 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1528389 | &nbsp;&nbsp;&nbsp;&nbsp; 231765 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 2410262 | &nbsp;&nbsp;&nbsp;&nbsp; 227722 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 1987116 | &nbsp;&nbsp;&nbsp;&nbsp; 224822 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 1842996 | &nbsp;&nbsp;&nbsp;&nbsp; 224182 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 2946248 | &nbsp;&nbsp;&nbsp;&nbsp; 172208 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;987310 | &nbsp;&nbsp;&nbsp;&nbsp; 164298 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 2233037 | &nbsp;&nbsp;&nbsp;&nbsp; 158680 |
| &nbsp;&nbsp;&nbsp;ONEOK Inc. | 1840986 | &nbsp;&nbsp;&nbsp;&nbsp; 151163 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 2607526 | &nbsp;&nbsp;&nbsp;&nbsp; 140154 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 2931233 | &nbsp;&nbsp;&nbsp;&nbsp; 131730 |

---

------

Energy Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 1224545 | &nbsp;&nbsp;&nbsp;&nbsp; 128308 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 5069391 | &nbsp;&nbsp;&nbsp;&nbsp; 123642 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;708518 | &nbsp;&nbsp;&nbsp;&nbsp; 110472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496513 | &nbsp;&nbsp;&nbsp;&nbsp; 86756 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 1904442 | &nbsp;&nbsp;&nbsp;&nbsp; 66522 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NEXTracker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;556458 | &nbsp;&nbsp;&nbsp;&nbsp; 32419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3628414** |
| **Total Common Stocks (Cost $4,565,021)** | **Total Common Stocks (Cost $4,565,021)** | **Total Common Stocks (Cost $4,565,021)** | &nbsp;&nbsp;&nbsp;&nbsp;**5887999** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.367% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreement (0.6%)** | **Repurchase Agreement (0.6%)** | **Repurchase Agreement (0.6%)** | **Repurchase Agreement (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $33,504, collateralized by U.S. Treasury Obligations 3.625%, 8/31/2029, with a value of $34,170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp; 33500 |
| **Total Temporary Cash Investments (Cost $33,561)** | **Total Temporary Cash Investments (Cost $33,561)** | **Total Temporary Cash Investments (Cost $33,561)** | &nbsp;&nbsp;&nbsp;&nbsp;**33561** |
| **Total Investments (100.0%) (Cost $4,598,582)** | **Total Investments (100.0%) (Cost $4,598,582)** | **Total Investments (100.0%) (Cost $4,598,582)** | &nbsp;&nbsp;&nbsp;&nbsp;**5921560** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1140)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**5920420** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | ADR—American Depositary Receipt. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Energy Fund

Statement of Assets and Liabilities

As of July 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $4,598,521) | 5921499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Total Investments in Securities | 5921560 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Foreign Currency, at Value (Cost $7,282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 |
| **Total Assets** | **5935445** |
| **Liabilities** |  |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15025** |
| **Net Assets** | **5920420** |
| **At July 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 4454955 |
| Total Distributable Earnings (Loss) | 1465465 |
| **Net Assets** | **5920420** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 38,150,812 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1843001** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$48.31** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 44,979,773 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **4077419** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$90.65** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Energy Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> July 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | 116311 |
| Non-Cash Dividends | &nbsp;&nbsp;12232 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Total Income | 129551 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;4364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;1447 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
| Total Expenses | &nbsp;&nbsp;11353 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| Net Expenses | &nbsp;&nbsp;11336 |
| **Net Investment Income** | **118215** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;37795 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**38720** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,4</sup> | 377987 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| **Change in Unrealized Appreciation (Depreciation)** | **378078** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **535013** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,590. |
| 2 | Realized net gain (loss) and change in unrealized appreciation (depreciation) from an affiliated company of the fund were each less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Realized gain (loss) is net of foreign capital gain taxes of $146. |
| 4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($454). |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Energy Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;118215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211468 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567522 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;378078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74309 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;535013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853299 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1230) | &nbsp;&nbsp;&nbsp;&nbsp;(302919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3292) | &nbsp;&nbsp;&nbsp;&nbsp;(632375) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4522) | &nbsp;&nbsp;&nbsp;&nbsp;(935294) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;(138278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(53653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200311 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(191931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264258 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;338560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182263 |
| **Net Assets** |  |  |
| **Beginning of Period** | **5581860** | &nbsp;&nbsp;&nbsp;**5399597** |
| **End of Period** | **5920420** | &nbsp;&nbsp;&nbsp;**5581860** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Energy Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$44.04** | &nbsp;&nbsp;&nbsp;**$45.21** | &nbsp;&nbsp;&nbsp;**$46.43** | &nbsp;&nbsp;&nbsp;**$41.64** | &nbsp;&nbsp;&nbsp;**$31.66** | &nbsp;&nbsp;&nbsp;**$43.28** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.449 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.807 | &nbsp;&nbsp;&nbsp;&nbsp;10.019 | &nbsp;&nbsp;&nbsp;&nbsp;(11.669) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.906 | &nbsp;&nbsp;&nbsp;&nbsp;11.383 | &nbsp;&nbsp;&nbsp;&nbsp;(10.220) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.030) | &nbsp;&nbsp;&nbsp;&nbsp;(1.685) | &nbsp;&nbsp;&nbsp;&nbsp;(1.952) | &nbsp;&nbsp;&nbsp;&nbsp;(2.116) | &nbsp;&nbsp;&nbsp;&nbsp;(1.403) | &nbsp;&nbsp;&nbsp;&nbsp;(1.400) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;&nbsp;(6.526) | &nbsp;&nbsp;&nbsp;&nbsp;(1.226) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.030) | &nbsp;&nbsp;&nbsp;&nbsp;(8.211) | &nbsp;&nbsp;&nbsp;&nbsp;(3.178) | &nbsp;&nbsp;&nbsp;&nbsp;(2.116) | &nbsp;&nbsp;&nbsp;&nbsp;(1.403) | &nbsp;&nbsp;&nbsp;&nbsp;(1.400) |
| **Net Asset Value, End of Period** | **$48.31** | &nbsp;&nbsp;&nbsp;**$44.04** | &nbsp;&nbsp;&nbsp;**$45.21** | &nbsp;&nbsp;&nbsp;**$46.43** | &nbsp;&nbsp;&nbsp;**$41.64** | &nbsp;&nbsp;&nbsp;**$31.66** |
| **Total Return<sup>2</sup>** | **9.77%** | &nbsp;&nbsp;&nbsp;**16.24%** | &nbsp;&nbsp;&nbsp;**4.00%** | &nbsp;&nbsp;&nbsp;**16.72%** | &nbsp;&nbsp;&nbsp;**36.33%** | &nbsp;&nbsp;&nbsp;**-23.55%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $1843 | &nbsp;&nbsp;&nbsp;$1815 | &nbsp;&nbsp;&nbsp;$1775 | &nbsp;&nbsp;&nbsp;$1950 | &nbsp;&nbsp;&nbsp;$1771 | &nbsp;&nbsp;&nbsp;$1363 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.45%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.45%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.44%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.46%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;0.37% |
| Ratio of Net Investment Income to Average Net Assets | 4.05% | &nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;4.70% | &nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;4.49% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;55% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.05%, 0.05%, 0.05%, 0.06%, 0.02%, and (0.02%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.45%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.45%, 0.44% and 0.46% respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Energy Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$82.62** | &nbsp;&nbsp;&nbsp;**$84.83** | &nbsp;&nbsp;&nbsp;**$87.12** | &nbsp;&nbsp;&nbsp;**$78.12** | &nbsp;&nbsp;&nbsp;**$59.39** | &nbsp;&nbsp;&nbsp;**$81.18** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.787 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;6.309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.026 | &nbsp;&nbsp;&nbsp;&nbsp;18.794 | &nbsp;&nbsp;&nbsp;&nbsp;(21.903) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;8.103 | &nbsp;&nbsp;&nbsp;&nbsp;13.278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.744 | &nbsp;&nbsp;&nbsp;&nbsp;13.040 | &nbsp;&nbsp;&nbsp;&nbsp;21.409 | &nbsp;&nbsp;&nbsp;&nbsp;(19.116) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.073) | &nbsp;&nbsp;&nbsp;&nbsp;(3.238) | &nbsp;&nbsp;&nbsp;&nbsp;(3.733) | &nbsp;&nbsp;&nbsp;&nbsp;(4.040) | &nbsp;&nbsp;&nbsp;&nbsp;(2.679) | &nbsp;&nbsp;&nbsp;&nbsp;(2.674) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;&nbsp;(12.250) | &nbsp;&nbsp;&nbsp;&nbsp;(2.301) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.073) | &nbsp;&nbsp;&nbsp;&nbsp;(15.488) | &nbsp;&nbsp;&nbsp;&nbsp;(6.034) | &nbsp;&nbsp;&nbsp;&nbsp;(4.040) | &nbsp;&nbsp;&nbsp;&nbsp;(2.679) | &nbsp;&nbsp;&nbsp;&nbsp;(2.674) |
| **Net Asset Value, End of Period** | **$90.65** | &nbsp;&nbsp;&nbsp;**$82.62** | &nbsp;&nbsp;&nbsp;**$84.83** | &nbsp;&nbsp;&nbsp;**$87.12** | &nbsp;&nbsp;&nbsp;**$78.12** | &nbsp;&nbsp;&nbsp;**$59.39** |
| **Total Return<sup>2</sup>** | **9.81%** | &nbsp;&nbsp;&nbsp;**16.33%** | &nbsp;&nbsp;&nbsp;**4.09%** | &nbsp;&nbsp;&nbsp;**16.83%** | &nbsp;&nbsp;&nbsp;**36.43%** | &nbsp;&nbsp;&nbsp;**-23.47%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $4077 | &nbsp;&nbsp;&nbsp;$3767 | &nbsp;&nbsp;&nbsp;$3625 | &nbsp;&nbsp;&nbsp;$4176 | &nbsp;&nbsp;&nbsp;$3608 | &nbsp;&nbsp;&nbsp;$2751 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.37%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.37%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.36%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.38%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;0.29% |
| Ratio of Net Investment Income to Average Net Assets | 4.13% | &nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;4.60% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;55% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.05%, 0.05%, 0.05%, 0.06%, 0.02%, and (0.02%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.37%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.37%, 0.36%, and 0.38% respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Energy Fund

Notes to Financial Statements

Vanguard Energy Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. 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).

3. 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.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

------

Energy Fund

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended July 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Wellington Management Company LLP provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly
adjustments based on the fund's performance relative to the MSCI ACWI Energy + Utilities Index for the preceding three years. For the six months ended July 31, 2025, the investment advisory fee paid represented an
effective annual basic rate of 0.15% of the fund's average net assets, before a net increase $1,447,000 (0.05%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At July 31, 2025, the fund had contributed to Vanguard capital in the amount of $150,000, representing less than 0.01% of the fund's net assets and 0.06% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended July 31, 2025, these arrangements reduced the fund's expenses by $17,000 (an annual rate
of less than 0.01% of average net assets).

**E.** 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 July 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—North and South America | 3720703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3720703 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;472720 | &nbsp;&nbsp;&nbsp;1694576 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2167296 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33561 |
| Total | 4193484 | &nbsp;&nbsp;&nbsp;1728076 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5921560 |

---

------

Energy Fund

**F.** As of July 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;4603893 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;1440700 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(123033) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1317667 |

---

**G.** During the six months ended July 31, 2025, the fund purchased $376,495,000 of investment securities and sold $461,254,000 of investment securities, other than temporary cash investments.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> July 31, 2025 | Six Months Ended<br> July 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;114443 | &nbsp;&nbsp;&nbsp;&nbsp;2481 | &nbsp;&nbsp;&nbsp;&nbsp;214420 | &nbsp;&nbsp;&nbsp;&nbsp;4391 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;280497 | &nbsp;&nbsp;&nbsp;&nbsp;6405 |
| Redeemed | (253862) | &nbsp;&nbsp;(5559) | &nbsp;&nbsp;(430970) | &nbsp;&nbsp;(8851) |
| Net Increase (Decrease)—Investor Shares | (138278) | &nbsp;&nbsp;(3053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63947 | &nbsp;&nbsp;&nbsp;&nbsp;1945 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;281622 | &nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;&nbsp;&nbsp;362906 | &nbsp;&nbsp;&nbsp;&nbsp;3968 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;564955 | &nbsp;&nbsp;&nbsp;&nbsp;6879 |
| Redeemed | (338218) | &nbsp;&nbsp;(3927) | &nbsp;&nbsp;(727550) | &nbsp;&nbsp;(7980) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(53653) | &nbsp;&nbsp;&nbsp;&nbsp;(617) | &nbsp;&nbsp;&nbsp;&nbsp;200311 | &nbsp;&nbsp;&nbsp;&nbsp;2867 |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q512 092025

------

![](tm2521150d4helcarfunfini001.jpg)

#### Financial Statements

#### For the six-months ended July 31, 2025

#### Vanguard Health Care Fund

------

#### Contents
Financial Statements 1 <br>

------

Health Care Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of July 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• ($000) |
| **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** |
| **Belgium (5.4%)** | **Belgium (5.4%)** | **Belgium (5.4%)** | **Belgium (5.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE | 1572872 | &nbsp;&nbsp;&nbsp;&nbsp; 1056386 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | 3758402 | &nbsp;&nbsp;&nbsp;&nbsp; 807511 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1863897** |
| **China (0.5%)** | **China (0.5%)** | **China (0.5%)** | **China (0.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zai Lab Ltd. | 30688100 | &nbsp;&nbsp;&nbsp;&nbsp; 115942 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 77092000 | &nbsp;&nbsp;&nbsp;&nbsp; 67795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **183737** |
| **Denmark (2.7%)** | **Denmark (2.7%)** | **Denmark (2.7%)** | **Denmark (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | 11829238 | &nbsp;&nbsp;&nbsp;&nbsp; 550154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | 1093104 | &nbsp;&nbsp;&nbsp;&nbsp; 235342 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR | &nbsp;&nbsp;&nbsp;&nbsp;825672 | &nbsp;&nbsp;&nbsp;&nbsp; 143254 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **928750** |
| **Hong Kong (0.2%)** | **Hong Kong (0.2%)** | **Hong Kong (0.2%)** | **Hong Kong (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duality Biotherapeutics Inc. | 1135043 | &nbsp;&nbsp;&nbsp;&nbsp; 50397 |
| **Japan (6.5%)** | **Japan (6.5%)** | **Japan (6.5%)** | **Japan (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co. Ltd. | 24138697 | &nbsp;&nbsp;&nbsp;&nbsp; 592169 |
|  | &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | 8257942 | &nbsp;&nbsp;&nbsp;&nbsp; 395860 |
|  | &nbsp;&nbsp;&nbsp;Otsuka Holdings Co. Ltd. | 7893800 | &nbsp;&nbsp;&nbsp;&nbsp; 375821 |
|  | &nbsp;&nbsp;&nbsp;Eisai Co. Ltd. | 9639617 | &nbsp;&nbsp;&nbsp;&nbsp; 270347 |
|  | &nbsp;&nbsp;&nbsp;Astellas Pharma Inc. | 23022078 | &nbsp;&nbsp;&nbsp;&nbsp; 238707 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | 13825100 | &nbsp;&nbsp;&nbsp;&nbsp; 234436 |
|  | &nbsp;&nbsp;&nbsp;Shionogi & Co. Ltd. | 7497400 | &nbsp;&nbsp;&nbsp;&nbsp; 125389 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2232729** |
| **Switzerland (5.2%)** | **Switzerland (5.2%)** | **Switzerland (5.2%)** | **Switzerland (5.2%)** |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | 1951424 | &nbsp;&nbsp;&nbsp;&nbsp; 608987 |
|  | &nbsp;&nbsp;&nbsp;Galderma Group AG | 3875988 | &nbsp;&nbsp;&nbsp;&nbsp; 597360 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG (Registered) | 4792974 | &nbsp;&nbsp;&nbsp;&nbsp; 545858 |
|  | &nbsp;&nbsp;&nbsp;Tecan Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;228153 | &nbsp;&nbsp;&nbsp;&nbsp; 45172 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1797377** |
| **United Kingdom (8.7%)** | **United Kingdom (8.7%)** | **United Kingdom (8.7%)** | **United Kingdom (8.7%)** |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 14806694 | &nbsp;&nbsp;&nbsp;&nbsp; 2160173 |
|  | &nbsp;&nbsp;&nbsp;GSK plc | 34960852 | &nbsp;&nbsp;&nbsp;&nbsp; 643069 |
| <sup>\*,1,2</sup> | &nbsp;&nbsp;&nbsp;Immunocore Holdings plc ADR | 3657808 | &nbsp;&nbsp;&nbsp;&nbsp; 119867 |
| <sup>\*,1,2</sup> | &nbsp;&nbsp;&nbsp;Autolus Therapeutics plc ADR | 19356365 | &nbsp;&nbsp;&nbsp;&nbsp; 46455 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2969564** |
| **United States (67.2%)** | **United States (67.2%)** | **United States (67.2%)** | **United States (67.2%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4794199 | &nbsp;&nbsp;&nbsp;&nbsp; 3548043 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 19102401 | &nbsp;&nbsp;&nbsp;&nbsp; 1492280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 14035501 | &nbsp;&nbsp;&nbsp;&nbsp; 1472605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | 2842893 | &nbsp;&nbsp;&nbsp;&nbsp; 1298832 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4876959 | &nbsp;&nbsp;&nbsp;&nbsp; 1217094 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 4947049 | &nbsp;&nbsp;&nbsp;&nbsp; 975360 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | 1991927 | &nbsp;&nbsp;&nbsp;&nbsp; 958296 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 11203881 | &nbsp;&nbsp;&nbsp;&nbsp; 888580 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4660244 | &nbsp;&nbsp;&nbsp;&nbsp; 767729 |
|  | &nbsp;&nbsp;&nbsp;Cencora Inc. | 2458872 | &nbsp;&nbsp;&nbsp;&nbsp; 703434 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 16152439 | &nbsp;&nbsp;&nbsp;&nbsp; 699562 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 5032821 | &nbsp;&nbsp;&nbsp;&nbsp; 635092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | 1504158 | &nbsp;&nbsp;&nbsp;&nbsp; 589991 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 4367085 | &nbsp;&nbsp;&nbsp;&nbsp; 558987 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 4823087 | &nbsp;&nbsp;&nbsp;&nbsp; 541584 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1700286 | &nbsp;&nbsp;&nbsp;&nbsp; 481317 |
|  | &nbsp;&nbsp;&nbsp;Medtronic plc | 5226043 | &nbsp;&nbsp;&nbsp;&nbsp; 471598 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;944171 | &nbsp;&nbsp;&nbsp;&nbsp; 441570 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 3319724 | &nbsp;&nbsp;&nbsp;&nbsp; 381137 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 1683231 | &nbsp;&nbsp;&nbsp;&nbsp; 318164 |

---

------

Health Care Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;HCA Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;846402 | &nbsp;&nbsp;&nbsp;&nbsp; 299618 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exact Sciences Corp. | 6088302 | &nbsp;&nbsp;&nbsp;&nbsp; 285846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | 1478471 | &nbsp;&nbsp;&nbsp;&nbsp; 250808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;910860 | &nbsp;&nbsp;&nbsp;&nbsp; 250213 |
|  | &nbsp;&nbsp;&nbsp;QIAGEN NV | 4977756 | &nbsp;&nbsp;&nbsp;&nbsp; 245602 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841556 | &nbsp;&nbsp;&nbsp;&nbsp; 218872 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | 1466132 | &nbsp;&nbsp;&nbsp;&nbsp; 189146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | 4788847 | &nbsp;&nbsp;&nbsp;&nbsp; 178480 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | 3783567 | &nbsp;&nbsp;&nbsp;&nbsp; 162618 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cytokinetics Inc. | 4067922 | &nbsp;&nbsp;&nbsp;&nbsp; 153117 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 1316697 | &nbsp;&nbsp;&nbsp;&nbsp; 144981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | 4908784 | &nbsp;&nbsp;&nbsp;&nbsp; 144073 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avidity Biosciences Inc. | 3903925 | &nbsp;&nbsp;&nbsp;&nbsp; 143313 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc. | 6242783 | &nbsp;&nbsp;&nbsp;&nbsp; 139464 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merus NV | 2022356 | &nbsp;&nbsp;&nbsp;&nbsp; 133961 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | 2538703 | &nbsp;&nbsp;&nbsp;&nbsp; 132292 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc. | 20893978 | &nbsp;&nbsp;&nbsp;&nbsp; 125155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | 1432844 | &nbsp;&nbsp;&nbsp;&nbsp; 123354 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co. Inc. | 5568412 | &nbsp;&nbsp;&nbsp;&nbsp; 121224 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 5166100 | &nbsp;&nbsp;&nbsp;&nbsp; 120318 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kymera Therapeutics Inc. | 2387009 | &nbsp;&nbsp;&nbsp;&nbsp; 104432 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vaxcyte Inc. | 2834052 | &nbsp;&nbsp;&nbsp;&nbsp; 96216 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Apogee Therapeutics Inc. | 2035325 | &nbsp;&nbsp;&nbsp;&nbsp; 77872 |
|  | &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1348745 | &nbsp;&nbsp;&nbsp;&nbsp; 73817 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Akero Therapeutics Inc. | 1431478 | &nbsp;&nbsp;&nbsp;&nbsp; 69928 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Metsera Inc. | 2106441 | &nbsp;&nbsp;&nbsp;&nbsp; 69491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals Inc. | 2428352 | &nbsp;&nbsp;&nbsp;&nbsp; 69427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals Inc. | 2179779 | &nbsp;&nbsp;&nbsp;&nbsp; 66570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | 1407827 | &nbsp;&nbsp;&nbsp;&nbsp; 57693 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CG oncology Inc. | 1951108 | &nbsp;&nbsp;&nbsp;&nbsp; 52075 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc. | 3745515 | &nbsp;&nbsp;&nbsp;&nbsp; 51800 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PACS Group Inc. | 4425093 | &nbsp;&nbsp;&nbsp;&nbsp; 48942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celldex Therapeutics Inc. | 2197904 | &nbsp;&nbsp;&nbsp;&nbsp; 48310 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV | 2156406 | &nbsp;&nbsp;&nbsp;&nbsp; 47031 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nuvalent Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;534465 | &nbsp;&nbsp;&nbsp;&nbsp; 41875 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Structure Therapeutics Inc. ADR | 1962931 | &nbsp;&nbsp;&nbsp;&nbsp; 34940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462319 | &nbsp;&nbsp;&nbsp;&nbsp; 17207 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**23031336** |
| **Total Common Stocks (Cost $22,546,699)** | **Total Common Stocks (Cost $22,546,699)** | **Total Common Stocks (Cost $22,546,699)** | &nbsp;&nbsp;&nbsp;&nbsp;**33057787** |
| **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.367% | &nbsp;&nbsp;&nbsp;&nbsp;662649 | &nbsp;&nbsp;&nbsp;&nbsp; 66258 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (3.4%)** | **Repurchase Agreements (3.4%)** | **Repurchase Agreements (3.4%)** | **Repurchase Agreements (3.4%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC, 4.370%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $25,903, collateralized by U.S. Government Agency Obligations 3.500%–7.500%, 5/1/2042–4/1/2055, with a value of $26,418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;&nbsp; 25900 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC, 4.370%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $75,009, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 8/28/2025–5/15/2054, 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, 4.380%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $45,005, collateralized by U.S. Government Agency Obligations 6.500%, 8/1/2054, with a value of $45,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.350%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $73,609, collateralized by U.S. Treasury Obligations 0.875%–4.625%, 11/30/2025–2/15/2054, with a value of $75,081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73600 | &nbsp;&nbsp;&nbsp;&nbsp; 73600 |
|  | &nbsp;&nbsp;&nbsp;Barclays Capital Inc., 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $109,513, collateralized by U.S. Treasury Obligations 3.875%–4.250%, 12/31/2025–7/31/2027, with a value of $111,690) | &nbsp;&nbsp;&nbsp;&nbsp;109500 | &nbsp;&nbsp;&nbsp;&nbsp; 109500 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp., 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $124,815, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 9/4/2025–5/15/2054, with a value of $127,296) | &nbsp;&nbsp;&nbsp;&nbsp;124800 | &nbsp;&nbsp;&nbsp;&nbsp; 124800 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp., 4.370%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $75,609, collateralized by U.S. Treasury and Government Agency Obligations 0.780%–7.500%, 10/01/2025–7/01/2055, with a value of $77,112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75600 | &nbsp;&nbsp;&nbsp;&nbsp; 75600 |

---

------

Health Care Fund

---

| | | |
|:---|:---|:---|
|  | Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Credit Agricole Securities, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $136,817, collateralized by U.S. Treasury Obligations 3.875%, 3/15/2028, with a value of $139,536) | &nbsp;&nbsp;&nbsp;&nbsp;136800 | &nbsp;&nbsp;&nbsp;&nbsp; 136800 |
| &nbsp;&nbsp;&nbsp;HSBC Bank USA, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $103,313, collateralized by U.S. Treasury Obligations 2.500%–4.000%, 6/30/2032–8/15/2047, with a value of $105,366) | &nbsp;&nbsp;&nbsp;&nbsp;103300 | &nbsp;&nbsp;&nbsp;&nbsp; 103300 |
| &nbsp;&nbsp;&nbsp;HSBC Bank USA, 4.370%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $97,912, collateralized by U.S. Government Agency Obligations 2.000%–7.000%, 10/1/2031–6/1/2055, with a value of $99,858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 97900 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $50,006, collateralized by U.S. Treasury Obligations 0.000%–4.125%, 8/12/2025–6/15/2026, with a value of $51,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;Natixis SA, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $123,915, collateralized by U.S. Treasury and Government Agency Obligations 0.000%–4.750%, 8/21/2025–5/15/2055, with a value of $126,378) | &nbsp;&nbsp;&nbsp;&nbsp;123900 | &nbsp;&nbsp;&nbsp;&nbsp; 123900 |
| &nbsp;&nbsp;&nbsp;Nomura International plc, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $29,404, collateralized by U.S. Treasury Obligations 0.000%–4.000%, 12/26/2025–2/15/2047, with a value of $29,988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 29400 |
| &nbsp;&nbsp;&nbsp;Nomura International plc, 4.360%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $85,010, collateralized by U.S. Treasury Obligations 0.000%–4.375%, 9/4/2025–8/15/2044, with a value of $86,700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;RBC Capital Markets LLC, 4.370%, 8/1/2025<br> (Dated 7/31/2025, Repurchase Value $34,504, collateralized by U.S. Treasury Obligations 3.750%–4.250%, 12/31/2028–6/30/2029, with a value of $35,190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp; 34500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1190200** |
| **Total Temporary Cash Investments (Cost $1,256,458)** | **Total Temporary Cash Investments (Cost $1,256,458)** | &nbsp;&nbsp;&nbsp;&nbsp;**1256458** |
| **Total Investments (100.0%) (Cost $23,803,157)** | **Total Investments (100.0%) (Cost $23,803,157)** | &nbsp;&nbsp;&nbsp;&nbsp;**34314245** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17132)** |
| **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**34297113** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $58,967. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $66,210 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Health Care Fund

Statement of Assets and Liabilities

As of July 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $22,909,021) | 33835286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $894,136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478959 |
| Total Investments in Securities | 34314245 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Foreign Currency, at Value (Cost $2,765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52185 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111689 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 |
| **Total Assets** | **34484080** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79592 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66210 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10454 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28566 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**186967** |
| **Net Assets** | **34297113** |
| 1 Includes $58,967 of securities on loan. |  |
| **At July 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | 24121299 |
| Total Distributable Earnings (Loss) | 10175814 |
| **Net Assets** | **34297113** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 30,318,592 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**5128803** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$169.16** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 408,903,989 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **29168310** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$71.33** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Health Care Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> July 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;278428 |
| Dividends—Affiliated Issuers<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7127 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18294 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;304165 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51398 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51379 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**252786** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;721228 |
| Investment Securities Sold—Affiliated Issuers | (1192361) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**(468078)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers | (4621511) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;665397 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 |
| **Change in Unrealized Appreciation (Depreciation)** | **(3947944)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(4163236)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $14,280. |
| 2 | Dividends are net of foreign withholding taxes of $792. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Health Care Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392772 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(468078) | &nbsp;&nbsp;&nbsp;&nbsp;4074010 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(3947944) | &nbsp;&nbsp;&nbsp;&nbsp;(3058415) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(4163236) | &nbsp;&nbsp;&nbsp;&nbsp;1408367 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(113299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(769293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(633574) | &nbsp;&nbsp;&nbsp;&nbsp;(4238323) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(746873) | &nbsp;&nbsp;&nbsp;&nbsp;(5007616) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(548991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(2150748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459595) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(2699739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787313) |
| Total Increase (Decrease) | &nbsp;&nbsp;(7609848) | &nbsp;&nbsp;&nbsp;&nbsp;(4386562) |
| **Net Assets** |  |  |
| **Beginning of Period** | **41906961** | &nbsp;&nbsp;&nbsp;**46293523** |
| **End of Period** | **34297113** | &nbsp;&nbsp;&nbsp;**41906961** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Health Care Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$192.16** | &nbsp;&nbsp;&nbsp;**$210.61** | &nbsp;&nbsp;&nbsp;**$212.59** | &nbsp;&nbsp;&nbsp;**$210.54** | &nbsp;&nbsp;&nbsp;**$218.60** | &nbsp;&nbsp;&nbsp;**$204.57** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.005 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(20.670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.203 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(19.518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.208 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.886) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(3.464) | &nbsp;&nbsp;&nbsp;&nbsp;(21.991) | &nbsp;&nbsp;&nbsp;&nbsp;(13.235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.933) | &nbsp;&nbsp;&nbsp;&nbsp;(16.927) | &nbsp;&nbsp;&nbsp;&nbsp;(15.292) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.482) | &nbsp;&nbsp;&nbsp;&nbsp;(23.800) | &nbsp;&nbsp;&nbsp;&nbsp;(14.986) | &nbsp;&nbsp;&nbsp;&nbsp;(11.592) | &nbsp;&nbsp;&nbsp;&nbsp;(18.878) | &nbsp;&nbsp;&nbsp;&nbsp;(17.178) |
| **Net Asset Value, End of Period** | **$169.16** | &nbsp;&nbsp;&nbsp;**$192.16** | &nbsp;&nbsp;&nbsp;**$210.61** | &nbsp;&nbsp;&nbsp;**$212.59** | &nbsp;&nbsp;&nbsp;**$210.54** | &nbsp;&nbsp;&nbsp;**$218.60** |
| **Total Return<sup>2</sup>** | **-10.28%** | &nbsp;&nbsp;&nbsp;**2.96%** | &nbsp;&nbsp;&nbsp;**6.43%** | &nbsp;&nbsp;&nbsp;**6.57%** | &nbsp;&nbsp;&nbsp;**4.48%** | &nbsp;&nbsp;&nbsp;**16.16%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $5129 | &nbsp;&nbsp;&nbsp;$6428 | &nbsp;&nbsp;&nbsp;$7297 | &nbsp;&nbsp;&nbsp;$7496 | &nbsp;&nbsp;&nbsp;$7493 | &nbsp;&nbsp;&nbsp;$8342 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.33%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.37%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.35%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.34%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;0.32% |
| Ratio of Net Investment Income to Average Net Assets | 1.31% | &nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;0.95% |
| Portfolio Turnover Rate | 19% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;18% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), 0.04%, 0.02%, 0.00%, (0.04%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.33%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.37%, 0.35% and 0.34% respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Health Care Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$81.02** | &nbsp;&nbsp;&nbsp;**$88.81** | &nbsp;&nbsp;&nbsp;**$89.64** | &nbsp;&nbsp;&nbsp;**$88.77** | &nbsp;&nbsp;&nbsp;**$92.17** | &nbsp;&nbsp;&nbsp;**$86.27** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.883 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(8.716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.780 | &nbsp;&nbsp;&nbsp;&nbsp;12.316 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(8.209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.610 | &nbsp;&nbsp;&nbsp;&nbsp;13.199 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.849) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(1.461) | &nbsp;&nbsp;&nbsp;&nbsp;(9.275) | &nbsp;&nbsp;&nbsp;&nbsp;(5.582) | &nbsp;&nbsp;&nbsp;&nbsp;(4.189) | &nbsp;&nbsp;&nbsp;&nbsp;(7.140) | &nbsp;&nbsp;&nbsp;&nbsp;(6.450) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(1.481) | &nbsp;&nbsp;&nbsp;&nbsp;(10.085) | &nbsp;&nbsp;&nbsp;&nbsp;(6.364) | &nbsp;&nbsp;&nbsp;&nbsp;(4.932) | &nbsp;&nbsp;&nbsp;&nbsp;(8.010) | &nbsp;&nbsp;&nbsp;&nbsp;(7.299) |
| **Net Asset Value, End of Period** | **$71.33** | &nbsp;&nbsp;&nbsp;**$81.02** | &nbsp;&nbsp;&nbsp;**$88.81** | &nbsp;&nbsp;&nbsp;**$89.64** | &nbsp;&nbsp;&nbsp;**$88.77** | &nbsp;&nbsp;&nbsp;**$92.17** |
| **Total Return<sup>2</sup>** | **-10.25%** | &nbsp;&nbsp;&nbsp;**3.01%** | &nbsp;&nbsp;&nbsp;**6.48%** | &nbsp;&nbsp;&nbsp;**6.63%** | &nbsp;&nbsp;&nbsp;**4.53%** | &nbsp;&nbsp;&nbsp;**16.21%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $29168 | &nbsp;&nbsp;&nbsp;$35479 | &nbsp;&nbsp;&nbsp;$38997 | &nbsp;&nbsp;&nbsp;$39981 | &nbsp;&nbsp;&nbsp;$39934 | &nbsp;&nbsp;&nbsp;$40769 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.27%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.32%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.30%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.29%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;0.27% |
| Ratio of Net Investment Income to Average Net Assets | 1.37% | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;0.99% |
| Portfolio Turnover Rate | 19% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;18% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), 0.04%, 0.02%, 0.00%, (0.04%), and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.27%. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.32%, 0.30%, and 0.29% respectively. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Health Care Fund

Notes to Financial Statements

Vanguard Health Care Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. 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).

3. 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.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

------

Health Care Fund

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended July 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Wellington Management Company LLP provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly
adjustments based on the fund's performance relative to the MSCI All Country World Health Care Index for the preceding three years. For the six months ended July 31, 2025, the investment advisory fee represented
an effective annual basic rate of 0.15% of the fund's average net assets, before a net decrease of $1,811,000 (0.01%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At July 31, 2025, the fund had contributed to Vanguard capital in the amount of $907,000, representing less than 0.01% of the fund's net assets and 0.36% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended July 31, 2025, these arrangements reduced the fund's expenses by $19,000 (an annual rate
of less than 0.01% of average net assets).

**E.** 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 July 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—North and South America | 23031336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23031336 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309576 | &nbsp;&nbsp;&nbsp;&nbsp;9716875 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10026451 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66258 | &nbsp;&nbsp;&nbsp;&nbsp;1190200 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1256458 |
| Total | 23407170 | &nbsp;&nbsp;&nbsp;10907075 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;34314245 |

---

------

Health Care Fund

**F.** As of July 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;23888582 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;13675623 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3249960) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;10425663 |

---

**G.** During the six months ended July 31, 2025, the fund purchased $6,955,148,000 of investment securities and sold $10,625,482,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended July 31, 2025, such purchases were $0 and sales were $16,244,000, resulting in net realized loss of $8,896,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> July 31, 2025 | Six Months Ended<br> July 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;106873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 |
| Redeemed | &nbsp;&nbsp;&nbsp;(747037) | &nbsp;&nbsp;&nbsp;&nbsp;(4239) | &nbsp;&nbsp;(1423771) | &nbsp;&nbsp;&nbsp;&nbsp;(6775) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(548991) | &nbsp;&nbsp;&nbsp;&nbsp;(3135) | &nbsp;&nbsp;&nbsp;&nbsp;(327718) | &nbsp;&nbsp;&nbsp;&nbsp;(1191) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;292514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8003 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;554325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 | &nbsp;&nbsp;&nbsp;&nbsp;3693155 | &nbsp;&nbsp;&nbsp;&nbsp;46177 |
| Redeemed | (2997587) | &nbsp;&nbsp;(40238) | &nbsp;&nbsp;(4868543) | &nbsp;&nbsp;(55381) |
| Net Increase (Decrease)—Admiral Shares | (2150748) | &nbsp;&nbsp;(29012) | &nbsp;&nbsp;&nbsp;&nbsp;(459595) | &nbsp;&nbsp;&nbsp;&nbsp;(1201) |

---

------

Health Care Fund

**I.** Certain of the fund's investments were in companies that were considered to be affiliated companies of the fund because the fund owned more than 5% of the outstanding voting securities of the company or the
issuer was 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) | Jul. 31,<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (129967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 121224 |
| agilon health Inc. | &nbsp;&nbsp;&nbsp;110486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;132251 | &nbsp;&nbsp;&nbsp;&nbsp;(300411) | &nbsp;&nbsp;322176 | &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;8430 | &nbsp;&nbsp;&nbsp;&nbsp;136645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52647 | &nbsp;&nbsp;&nbsp;(74600) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(75009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 125155 |
| Apellis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;245930 | &nbsp;&nbsp;&nbsp;19617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84787) | &nbsp;&nbsp;&nbsp;&nbsp;10753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| Apogee Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;55354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30993) | &nbsp;&nbsp;&nbsp;&nbsp;24928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;46455 |
| Celldex Therapeutics Inc. | &nbsp;&nbsp;&nbsp;111392 | &nbsp;&nbsp;&nbsp;18328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56467) | &nbsp;&nbsp;&nbsp;&nbsp;39108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| 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;158519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56308) | &nbsp;&nbsp;&nbsp;&nbsp;83492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| Denali Therapeutics Inc. | &nbsp;&nbsp;&nbsp;185735 | &nbsp;&nbsp;&nbsp;39830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64091) | &nbsp;&nbsp;&nbsp;(10915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| Eisai Co. Ltd. | &nbsp;&nbsp;&nbsp;460003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;161394 | &nbsp;&nbsp;&nbsp;&nbsp;(177559) | &nbsp;&nbsp;149297 | 7127 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| 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;63710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84037) | &nbsp;&nbsp;&nbsp;&nbsp;76914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Immunocore Holdings plc ADR | &nbsp;&nbsp;&nbsp;150676 | &nbsp;&nbsp;&nbsp;18257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47023) | &nbsp;&nbsp;&nbsp;&nbsp;41901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 119867 |
| Prothena Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;60044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20158 | &nbsp;&nbsp;&nbsp;&nbsp;(119201) | &nbsp;&nbsp;&nbsp;&nbsp;79315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Rocket Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27180 | &nbsp;&nbsp;&nbsp;&nbsp;(155131) | &nbsp;&nbsp;100713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Structure Therapeutics Inc. ADR | &nbsp;&nbsp;&nbsp;127347 | &nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68999) | &nbsp;&nbsp;&nbsp;&nbsp;23614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| 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;&nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;&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;66258 |
| Total | 2343674 | 215908 | 1063140 | (1192361) | &nbsp;&nbsp;665397 | 7127 |  | 478959 |

---

1 Not applicable—at July 31, 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.

**J.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

**K.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**L.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q522 092025

------

![](tm2521150d4divappinfini001.jpg)

#### Financial Statements

#### For the six-months ended July 31, 2025

#### Vanguard Dividend Appreciation Index Fund

------

#### Contents
Financial Statements 1 <br>

------

Dividend Appreciation Index Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of July 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• ($000) |
| **Common Stocks (99.7%)** | **Common Stocks (99.7%)** | **Common Stocks (99.7%)** |
| **Communication Services (0.6%)** | **Communication Services (0.6%)** | **Communication Services (0.6%)** |
| &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 20252253 | &nbsp;&nbsp;&nbsp;&nbsp; 672982 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;220684 | &nbsp;&nbsp;&nbsp;&nbsp; 8519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **681501** |
| **Consumer Discretionary (5.3%)** | **Consumer Discretionary (5.3%)** | **Consumer Discretionary (5.3%)** |
| &nbsp;&nbsp;&nbsp;Home Depot Inc. | 5340067 | &nbsp;&nbsp;&nbsp;&nbsp; 1962528 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3841933 | &nbsp;&nbsp;&nbsp;&nbsp; 1152849 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 3021422 | &nbsp;&nbsp;&nbsp;&nbsp; 675499 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 6093044 | &nbsp;&nbsp;&nbsp;&nbsp; 543256 |
| &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 6380199 | &nbsp;&nbsp;&nbsp;&nbsp; 476537 |
| &nbsp;&nbsp;&nbsp;DR Horton Inc. | 1527450 | &nbsp;&nbsp;&nbsp;&nbsp; 218181 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2848832 | &nbsp;&nbsp;&nbsp;&nbsp; 162241 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;677954 | &nbsp;&nbsp;&nbsp;&nbsp; 126811 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;745734 | &nbsp;&nbsp;&nbsp;&nbsp; 96110 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183989 | &nbsp;&nbsp;&nbsp;&nbsp; 85225 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303166 | &nbsp;&nbsp;&nbsp;&nbsp; 64123 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;201994 | &nbsp;&nbsp;&nbsp;&nbsp; 62242 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;767119 | &nbsp;&nbsp;&nbsp;&nbsp; 58539 |
| &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;388106 | &nbsp;&nbsp;&nbsp;&nbsp; 41543 |
| &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139880 | &nbsp;&nbsp;&nbsp;&nbsp; 40285 |
| &nbsp;&nbsp;&nbsp;Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;285207 | &nbsp;&nbsp;&nbsp;&nbsp; 25951 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;352953 | &nbsp;&nbsp;&nbsp;&nbsp; 20574 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18249 | &nbsp;&nbsp;&nbsp;&nbsp; 17413 |
| &nbsp;&nbsp;&nbsp;Dillard's Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15724 | &nbsp;&nbsp;&nbsp;&nbsp; 7342 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95482 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5839203** |
| **Consumer Staples (10.1%)** | **Consumer Staples (10.1%)** | **Consumer Staples (10.1%)** |
| &nbsp;&nbsp;&nbsp;Walmart Inc. | 23228299 | &nbsp;&nbsp;&nbsp;&nbsp; 2275909 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2379514 | &nbsp;&nbsp;&nbsp;&nbsp; 2235887 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 12652155 | &nbsp;&nbsp;&nbsp;&nbsp; 1903770 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 20841478 | &nbsp;&nbsp;&nbsp;&nbsp; 1414928 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 7369710 | &nbsp;&nbsp;&nbsp;&nbsp; 1016430 |
| &nbsp;&nbsp;&nbsp;Mondelez International Inc. Class A | 7192072 | &nbsp;&nbsp;&nbsp;&nbsp; 465255 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 4383831 | &nbsp;&nbsp;&nbsp;&nbsp; 367584 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 2454437 | &nbsp;&nbsp;&nbsp;&nbsp; 246671 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 2615238 | &nbsp;&nbsp;&nbsp;&nbsp; 208173 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2290935 | &nbsp;&nbsp;&nbsp;&nbsp; 160595 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;795167 | &nbsp;&nbsp;&nbsp;&nbsp; 148004 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | 1318048 | &nbsp;&nbsp;&nbsp;&nbsp; 123593 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199423 | &nbsp;&nbsp;&nbsp;&nbsp; 103726 |
| &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | 1355960 | &nbsp;&nbsp;&nbsp;&nbsp; 95771 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;665420 | &nbsp;&nbsp;&nbsp;&nbsp; 83550 |
| &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | 1536150 | &nbsp;&nbsp;&nbsp;&nbsp; 80341 |
| &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;349072 | &nbsp;&nbsp;&nbsp;&nbsp; 45917 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class B | 1063554 | &nbsp;&nbsp;&nbsp;&nbsp; 30684 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;103661 | &nbsp;&nbsp;&nbsp;&nbsp; 18427 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72826 | &nbsp;&nbsp;&nbsp;&nbsp; 15614 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83392 | &nbsp;&nbsp;&nbsp;&nbsp; 9414 |
| &nbsp;&nbsp;&nbsp;Andersons Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173344 | &nbsp;&nbsp;&nbsp;&nbsp; 6227 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;204691 | &nbsp;&nbsp;&nbsp;&nbsp; 5862 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89773 | &nbsp;&nbsp;&nbsp;&nbsp; 3405 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55253 | &nbsp;&nbsp;&nbsp;&nbsp; 3116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11068853** |
| **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 23381889 | &nbsp;&nbsp;&nbsp;&nbsp; 2610354 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 2189196 | &nbsp;&nbsp;&nbsp;&nbsp; 270541 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101285 | &nbsp;&nbsp;&nbsp;&nbsp; 98057 |
| &nbsp;&nbsp;&nbsp;DTE Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;523408 | &nbsp;&nbsp;&nbsp;&nbsp; 53770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3032722** |

---

------

Dividend Appreciation Index Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Financials (22.5%)** | **Financials (22.5%)** | **Financials (22.5%)** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 15034992 | &nbsp;&nbsp;&nbsp;&nbsp; 4453966 |
| &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 8573536 | &nbsp;&nbsp;&nbsp;&nbsp; 2961899 |
| &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 4386599 | &nbsp;&nbsp;&nbsp;&nbsp; 2484877 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 35495170 | &nbsp;&nbsp;&nbsp;&nbsp; 1677857 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1658567 | &nbsp;&nbsp;&nbsp;&nbsp; 1200122 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 6654167 | &nbsp;&nbsp;&nbsp;&nbsp; 947953 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc. | 1699996 | &nbsp;&nbsp;&nbsp;&nbsp; 936868 |
| &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;782490 | &nbsp;&nbsp;&nbsp;&nbsp; 865442 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3080051 | &nbsp;&nbsp;&nbsp;&nbsp; 569286 |
| &nbsp;&nbsp;&nbsp;CME Group Inc. | 1936216 | &nbsp;&nbsp;&nbsp;&nbsp; 538810 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 2014378 | &nbsp;&nbsp;&nbsp;&nbsp; 535905 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 2647399 | &nbsp;&nbsp;&nbsp;&nbsp; 527362 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;836823 | &nbsp;&nbsp;&nbsp;&nbsp; 431575 |
| &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | 1160269 | &nbsp;&nbsp;&nbsp;&nbsp; 412719 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 2129937 | &nbsp;&nbsp;&nbsp;&nbsp; 405263 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3894412 | &nbsp;&nbsp;&nbsp;&nbsp; 395088 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 1351397 | &nbsp;&nbsp;&nbsp;&nbsp; 388189 |
| &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 1218928 | &nbsp;&nbsp;&nbsp;&nbsp; 317214 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 1421834 | &nbsp;&nbsp;&nbsp;&nbsp; 288988 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;515968 | &nbsp;&nbsp;&nbsp;&nbsp; 267369 |
| &nbsp;&nbsp;&nbsp;Aflac Inc. | 2640875 | &nbsp;&nbsp;&nbsp;&nbsp; 262397 |
| &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419576 | &nbsp;&nbsp;&nbsp;&nbsp; 235533 |
| &nbsp;&nbsp;&nbsp;MetLife Inc. | 3043972 | &nbsp;&nbsp;&nbsp;&nbsp; 231190 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 2221033 | &nbsp;&nbsp;&nbsp;&nbsp; 213708 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 1538651 | &nbsp;&nbsp;&nbsp;&nbsp; 191393 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1557169 | &nbsp;&nbsp;&nbsp;&nbsp; 174014 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;967960 | &nbsp;&nbsp;&nbsp;&nbsp; 161775 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 3590190 | &nbsp;&nbsp;&nbsp;&nbsp; 149244 |
| &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | 1506059 | &nbsp;&nbsp;&nbsp;&nbsp; 137609 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;562620 | &nbsp;&nbsp;&nbsp;&nbsp; 135614 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;839362 | &nbsp;&nbsp;&nbsp;&nbsp; 123814 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 1614504 | &nbsp;&nbsp;&nbsp;&nbsp; 111094 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | 1108238 | &nbsp;&nbsp;&nbsp;&nbsp; 86254 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203684 | &nbsp;&nbsp;&nbsp;&nbsp; 82064 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 1401959 | &nbsp;&nbsp;&nbsp;&nbsp; 79113 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355050 | &nbsp;&nbsp;&nbsp;&nbsp; 68329 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;275678 | &nbsp;&nbsp;&nbsp;&nbsp; 67194 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;391578 | &nbsp;&nbsp;&nbsp;&nbsp; 66496 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;881254 | &nbsp;&nbsp;&nbsp;&nbsp; 63283 |
| &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443519 | &nbsp;&nbsp;&nbsp;&nbsp; 62301 |
| &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;193180 | &nbsp;&nbsp;&nbsp;&nbsp; 58174 |
| &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272436 | &nbsp;&nbsp;&nbsp;&nbsp; 51027 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;528663 | &nbsp;&nbsp;&nbsp;&nbsp; 49784 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385709 | &nbsp;&nbsp;&nbsp;&nbsp; 48175 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134009 | &nbsp;&nbsp;&nbsp;&nbsp; 47739 |
| &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176547 | &nbsp;&nbsp;&nbsp;&nbsp; 46896 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;359613 | &nbsp;&nbsp;&nbsp;&nbsp; 46023 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;516637 | &nbsp;&nbsp;&nbsp;&nbsp; 45526 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 1221768 | &nbsp;&nbsp;&nbsp;&nbsp; 44191 |
| &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344864 | &nbsp;&nbsp;&nbsp;&nbsp; 43939 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;792070 | &nbsp;&nbsp;&nbsp;&nbsp; 42471 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;383368 | &nbsp;&nbsp;&nbsp;&nbsp; 42167 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201492 | &nbsp;&nbsp;&nbsp;&nbsp; 41407 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;654771 | &nbsp;&nbsp;&nbsp;&nbsp; 40072 |
| &nbsp;&nbsp;&nbsp;Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143023 | &nbsp;&nbsp;&nbsp;&nbsp; 39540 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;998383 | &nbsp;&nbsp;&nbsp;&nbsp; 34794 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511906 | &nbsp;&nbsp;&nbsp;&nbsp; 34103 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;552907 | &nbsp;&nbsp;&nbsp;&nbsp; 33202 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192969 | &nbsp;&nbsp;&nbsp;&nbsp; 33119 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448698 | &nbsp;&nbsp;&nbsp;&nbsp; 29610 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;567705 | &nbsp;&nbsp;&nbsp;&nbsp; 27988 |
| &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;986632 | &nbsp;&nbsp;&nbsp;&nbsp; 27784 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326482 | &nbsp;&nbsp;&nbsp;&nbsp; 25456 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;691670 | &nbsp;&nbsp;&nbsp;&nbsp; 23946 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269847 | &nbsp;&nbsp;&nbsp;&nbsp; 21223 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;247948 | &nbsp;&nbsp;&nbsp;&nbsp; 20971 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540914 | &nbsp;&nbsp;&nbsp;&nbsp; 19927 |
| &nbsp;&nbsp;&nbsp;United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;652305 | &nbsp;&nbsp;&nbsp;&nbsp; 19895 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;287062 | &nbsp;&nbsp;&nbsp;&nbsp; 19572 |

---

------

Dividend Appreciation Index Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;260719 | &nbsp;&nbsp;&nbsp;&nbsp; 16569 |
| &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283300 | &nbsp;&nbsp;&nbsp;&nbsp; 14930 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106838 | &nbsp;&nbsp;&nbsp;&nbsp; 13303 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;372271 | &nbsp;&nbsp;&nbsp;&nbsp; 13041 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120901 | &nbsp;&nbsp;&nbsp;&nbsp; 12275 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;313159 | &nbsp;&nbsp;&nbsp;&nbsp; 11938 |
| &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93866 | &nbsp;&nbsp;&nbsp;&nbsp; 11712 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281221 | &nbsp;&nbsp;&nbsp;&nbsp; 11637 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199243 | &nbsp;&nbsp;&nbsp;&nbsp; 10996 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145513 | &nbsp;&nbsp;&nbsp;&nbsp; 10879 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145243 | &nbsp;&nbsp;&nbsp;&nbsp; 10684 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77861 | &nbsp;&nbsp;&nbsp;&nbsp; 9507 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;219167 | &nbsp;&nbsp;&nbsp;&nbsp; 9321 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137338 | &nbsp;&nbsp;&nbsp;&nbsp; 8703 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50512 | &nbsp;&nbsp;&nbsp;&nbsp; 8702 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;176630 | &nbsp;&nbsp;&nbsp;&nbsp; 7263 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;140648 | &nbsp;&nbsp;&nbsp;&nbsp; 6737 |
| &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159764 | &nbsp;&nbsp;&nbsp;&nbsp; 6138 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47965 | &nbsp;&nbsp;&nbsp;&nbsp; 5699 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91085 | &nbsp;&nbsp;&nbsp;&nbsp; 5449 |
| &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102399 | &nbsp;&nbsp;&nbsp;&nbsp; 4585 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109648 | &nbsp;&nbsp;&nbsp;&nbsp; 4163 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87235 | &nbsp;&nbsp;&nbsp;&nbsp; 3986 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51315 | &nbsp;&nbsp;&nbsp;&nbsp; 3534 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111227 | &nbsp;&nbsp;&nbsp;&nbsp; 3398 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87297 | &nbsp;&nbsp;&nbsp;&nbsp; 3186 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50301 | &nbsp;&nbsp;&nbsp;&nbsp; 2721 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63841 | &nbsp;&nbsp;&nbsp;&nbsp; 2554 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29674 | &nbsp;&nbsp;&nbsp;&nbsp; 2479 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38791 | &nbsp;&nbsp;&nbsp;&nbsp; 1847 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32828 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **24607440** |
| **Health Care (14.5%)** | **Health Care (14.5%)** | **Health Care (14.5%)** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4226580 | &nbsp;&nbsp;&nbsp;&nbsp; 3127965 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 12928045 | &nbsp;&nbsp;&nbsp;&nbsp; 2129766 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | 9500608 | &nbsp;&nbsp;&nbsp;&nbsp; 1795805 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4874130 | &nbsp;&nbsp;&nbsp;&nbsp; 1216388 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 9348249 | &nbsp;&nbsp;&nbsp;&nbsp; 1179656 |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 13491952 | &nbsp;&nbsp;&nbsp;&nbsp; 1053991 |
| &nbsp;&nbsp;&nbsp;Amgen Inc. | 2890900 | &nbsp;&nbsp;&nbsp;&nbsp; 853105 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1846303 | &nbsp;&nbsp;&nbsp;&nbsp; 725099 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 3437495 | &nbsp;&nbsp;&nbsp;&nbsp; 677736 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 6892176 | &nbsp;&nbsp;&nbsp;&nbsp; 621950 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;680892 | &nbsp;&nbsp;&nbsp;&nbsp; 472226 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc. | 2410148 | &nbsp;&nbsp;&nbsp;&nbsp; 351375 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 1213967 | &nbsp;&nbsp;&nbsp;&nbsp; 343650 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1550192 | &nbsp;&nbsp;&nbsp;&nbsp; 276322 |
| &nbsp;&nbsp;&nbsp;Cencora Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941817 | &nbsp;&nbsp;&nbsp;&nbsp; 269435 |
| &nbsp;&nbsp;&nbsp;ResMed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;787457 | &nbsp;&nbsp;&nbsp;&nbsp; 214141 |
| &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 1284763 | &nbsp;&nbsp;&nbsp;&nbsp; 199421 |
| &nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;530361 | &nbsp;&nbsp;&nbsp;&nbsp; 120121 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;603140 | &nbsp;&nbsp;&nbsp;&nbsp; 100972 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386028 | &nbsp;&nbsp;&nbsp;&nbsp; 92361 |
| &nbsp;&nbsp;&nbsp;Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306016 | &nbsp;&nbsp;&nbsp;&nbsp; 45902 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78613 | &nbsp;&nbsp;&nbsp;&nbsp; 32412 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110504 | &nbsp;&nbsp;&nbsp;&nbsp; 8977 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;&nbsp;&nbsp; 6386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15915162** |
| **Industrials (11.6%)** | **Industrials (11.6%)** | **Industrials (11.6%)** |
| &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 2552785 | &nbsp;&nbsp;&nbsp;&nbsp; 1118171 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 2102490 | &nbsp;&nbsp;&nbsp;&nbsp; 808870 |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 3453171 | &nbsp;&nbsp;&nbsp;&nbsp; 767813 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3220740 | &nbsp;&nbsp;&nbsp;&nbsp; 714908 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 2184192 | &nbsp;&nbsp;&nbsp;&nbsp; 676007 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1128260 | &nbsp;&nbsp;&nbsp;&nbsp; 474975 |
| &nbsp;&nbsp;&nbsp;Waste Management Inc. | 1967554 | &nbsp;&nbsp;&nbsp;&nbsp; 450885 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 3056125 | &nbsp;&nbsp;&nbsp;&nbsp; 444697 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1376525 | &nbsp;&nbsp;&nbsp;&nbsp; 428939 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;731641 | &nbsp;&nbsp;&nbsp;&nbsp; 421872 |

---

------

Dividend Appreciation Index Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1843028 | &nbsp;&nbsp;&nbsp;&nbsp; 410166 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | 1441404 | &nbsp;&nbsp;&nbsp;&nbsp; 368956 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 10093536 | &nbsp;&nbsp;&nbsp;&nbsp; 358724 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 6158422 | &nbsp;&nbsp;&nbsp;&nbsp; 284088 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 1011713 | &nbsp;&nbsp;&nbsp;&nbsp; 278039 |
| &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;738561 | &nbsp;&nbsp;&nbsp;&nbsp; 271510 |
| &nbsp;&nbsp;&nbsp;Republic Services Inc. | 1094406 | &nbsp;&nbsp;&nbsp;&nbsp; 252425 |
| &nbsp;&nbsp;&nbsp;Paychex Inc. | 1721652 | &nbsp;&nbsp;&nbsp;&nbsp; 248486 |
| &nbsp;&nbsp;&nbsp;WW Grainger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234882 | &nbsp;&nbsp;&nbsp;&nbsp; 244169 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;604677 | &nbsp;&nbsp;&nbsp;&nbsp; 212671 |
| &nbsp;&nbsp;&nbsp;Xylem Inc. | 1307527 | &nbsp;&nbsp;&nbsp;&nbsp; 189095 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;630441 | &nbsp;&nbsp;&nbsp;&nbsp; 156040 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 1331789 | &nbsp;&nbsp;&nbsp;&nbsp; 139611 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;736499 | &nbsp;&nbsp;&nbsp;&nbsp; 133409 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189113 | &nbsp;&nbsp;&nbsp;&nbsp; 133003 |
| &nbsp;&nbsp;&nbsp;Hubbell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286782 | &nbsp;&nbsp;&nbsp;&nbsp; 125461 |
| &nbsp;&nbsp;&nbsp;RB Global Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;995055 | &nbsp;&nbsp;&nbsp;&nbsp; 107725 |
| &nbsp;&nbsp;&nbsp;Lennox International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171802 | &nbsp;&nbsp;&nbsp;&nbsp; 104627 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;400811 | &nbsp;&nbsp;&nbsp;&nbsp; 103445 |
| &nbsp;&nbsp;&nbsp;Snap-on Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281568 | &nbsp;&nbsp;&nbsp;&nbsp; 90437 |
| &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;884027 | &nbsp;&nbsp;&nbsp;&nbsp; 90348 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;735856 | &nbsp;&nbsp;&nbsp;&nbsp; 85536 |
| &nbsp;&nbsp;&nbsp;Watsco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187445 | &nbsp;&nbsp;&nbsp;&nbsp; 84515 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235743 | &nbsp;&nbsp;&nbsp;&nbsp; 83620 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 1153541 | &nbsp;&nbsp;&nbsp;&nbsp; 78591 |
| &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;462353 | &nbsp;&nbsp;&nbsp;&nbsp; 76714 |
| &nbsp;&nbsp;&nbsp;Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;898000 | &nbsp;&nbsp;&nbsp;&nbsp; 75414 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;686534 | &nbsp;&nbsp;&nbsp;&nbsp; 73686 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;635267 | &nbsp;&nbsp;&nbsp;&nbsp; 73259 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299956 | &nbsp;&nbsp;&nbsp;&nbsp; 73039 |
| &nbsp;&nbsp;&nbsp;ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423383 | &nbsp;&nbsp;&nbsp;&nbsp; 71958 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;215178 | &nbsp;&nbsp;&nbsp;&nbsp; 70320 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;405908 | &nbsp;&nbsp;&nbsp;&nbsp; 66370 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;456989 | &nbsp;&nbsp;&nbsp;&nbsp; 63718 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290994 | &nbsp;&nbsp;&nbsp;&nbsp; 62334 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422223 | &nbsp;&nbsp;&nbsp;&nbsp; 60821 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210835 | &nbsp;&nbsp;&nbsp;&nbsp; 58793 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205016 | &nbsp;&nbsp;&nbsp;&nbsp; 55662 |
| &nbsp;&nbsp;&nbsp;Tetra Tech Inc. | 1414150 | &nbsp;&nbsp;&nbsp;&nbsp; 51956 |
| &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643894 | &nbsp;&nbsp;&nbsp;&nbsp; 46341 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;629990 | &nbsp;&nbsp;&nbsp;&nbsp; 44597 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;345878 | &nbsp;&nbsp;&nbsp;&nbsp; 43764 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379175 | &nbsp;&nbsp;&nbsp;&nbsp; 43510 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;546959 | &nbsp;&nbsp;&nbsp;&nbsp; 40612 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224762 | &nbsp;&nbsp;&nbsp;&nbsp; 40329 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223190 | &nbsp;&nbsp;&nbsp;&nbsp; 39663 |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;332625 | &nbsp;&nbsp;&nbsp;&nbsp; 39240 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;147412 | &nbsp;&nbsp;&nbsp;&nbsp; 38669 |
| &nbsp;&nbsp;&nbsp;MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211510 | &nbsp;&nbsp;&nbsp;&nbsp; 37621 |
| &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324506 | &nbsp;&nbsp;&nbsp;&nbsp; 31802 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;558444 | &nbsp;&nbsp;&nbsp;&nbsp; 30938 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191809 | &nbsp;&nbsp;&nbsp;&nbsp; 29287 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;342091 | &nbsp;&nbsp;&nbsp;&nbsp; 26030 |
| &nbsp;&nbsp;&nbsp;Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63265 | &nbsp;&nbsp;&nbsp;&nbsp; 21053 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;839673 | &nbsp;&nbsp;&nbsp;&nbsp; 20790 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210691 | &nbsp;&nbsp;&nbsp;&nbsp; 19794 |
| &nbsp;&nbsp;&nbsp;Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272701 | &nbsp;&nbsp;&nbsp;&nbsp; 18806 |
| &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175355 | &nbsp;&nbsp;&nbsp;&nbsp; 18724 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211001 | &nbsp;&nbsp;&nbsp;&nbsp; 17148 |
| &nbsp;&nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;234201 | &nbsp;&nbsp;&nbsp;&nbsp; 16528 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;132268 | &nbsp;&nbsp;&nbsp;&nbsp; 16506 |
| &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337550 | &nbsp;&nbsp;&nbsp;&nbsp; 15571 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250239 | &nbsp;&nbsp;&nbsp;&nbsp; 12872 |
| &nbsp;&nbsp;&nbsp;Alamo Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55859 | &nbsp;&nbsp;&nbsp;&nbsp; 12433 |
| &nbsp;&nbsp;&nbsp;Insperity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192859 | &nbsp;&nbsp;&nbsp;&nbsp; 11491 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65887 | &nbsp;&nbsp;&nbsp;&nbsp; 10854 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167070 | &nbsp;&nbsp;&nbsp;&nbsp; 10353 |
| &nbsp;&nbsp;&nbsp;CSG Systems International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149740 | &nbsp;&nbsp;&nbsp;&nbsp; 9353 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;100291 | &nbsp;&nbsp;&nbsp;&nbsp; 8278 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58297 | &nbsp;&nbsp;&nbsp;&nbsp; 7958 |

---

------

Dividend Appreciation Index Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Hillenbrand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;377685 | &nbsp;&nbsp;&nbsp;&nbsp; 7822 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115882 | &nbsp;&nbsp;&nbsp;&nbsp; 4866 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;111640 | &nbsp;&nbsp;&nbsp;&nbsp; 4595 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59658 | &nbsp;&nbsp;&nbsp;&nbsp; 2506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12676582** |
| **Information Technology (26.5%)** | **Information Technology (26.5%)** | **Information Technology (26.5%)** |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | 22407126 | &nbsp;&nbsp;&nbsp;&nbsp; 6580973 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 10669298 | &nbsp;&nbsp;&nbsp;&nbsp; 5692071 |
| &nbsp;&nbsp;&nbsp;Apple Inc. | 18048966 | &nbsp;&nbsp;&nbsp;&nbsp; 3746424 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 8658164 | &nbsp;&nbsp;&nbsp;&nbsp; 2197182 |
| &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 21393112 | &nbsp;&nbsp;&nbsp;&nbsp; 1456443 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4993724 | &nbsp;&nbsp;&nbsp;&nbsp; 1264161 |
| &nbsp;&nbsp;&nbsp;Intuit Inc. | 1504128 | &nbsp;&nbsp;&nbsp;&nbsp; 1180936 |
| &nbsp;&nbsp;&nbsp;Accenture plc Class A | 3360329 | &nbsp;&nbsp;&nbsp;&nbsp; 897544 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 4891392 | &nbsp;&nbsp;&nbsp;&nbsp; 885635 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 5921929 | &nbsp;&nbsp;&nbsp;&nbsp; 869102 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. Class A | 6469911 | &nbsp;&nbsp;&nbsp;&nbsp; 689110 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 6888994 | &nbsp;&nbsp;&nbsp;&nbsp; 653352 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;715219 | &nbsp;&nbsp;&nbsp;&nbsp; 628699 |
| &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 2666983 | &nbsp;&nbsp;&nbsp;&nbsp; 599084 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;896845 | &nbsp;&nbsp;&nbsp;&nbsp; 393697 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1597683 | &nbsp;&nbsp;&nbsp;&nbsp; 328723 |
| &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577682 | &nbsp;&nbsp;&nbsp;&nbsp; 317956 |
| &nbsp;&nbsp;&nbsp;Microchip Technology Inc. | 2885393 | &nbsp;&nbsp;&nbsp;&nbsp; 195024 |
| &nbsp;&nbsp;&nbsp;HP Inc. | 5205241 | &nbsp;&nbsp;&nbsp;&nbsp; 129090 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;707545 | &nbsp;&nbsp;&nbsp;&nbsp; 123382 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp; 52070 |
| &nbsp;&nbsp;&nbsp;Littelfuse Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132792 | &nbsp;&nbsp;&nbsp;&nbsp; 34171 |
| &nbsp;&nbsp;&nbsp;Badger Meter Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158236 | &nbsp;&nbsp;&nbsp;&nbsp; 29869 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;321699 | &nbsp;&nbsp;&nbsp;&nbsp; 24237 |
| &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;452831 | &nbsp;&nbsp;&nbsp;&nbsp; 23973 |
| &nbsp;&nbsp;&nbsp;Power Integrations Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302019 | &nbsp;&nbsp;&nbsp;&nbsp; 14654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **29007562** |
| **Materials (3.2%)** | **Materials (3.2%)** | **Materials (3.2%)** |
| &nbsp;&nbsp;&nbsp;Linde plc | 2529235 | &nbsp;&nbsp;&nbsp;&nbsp; 1164106 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1238772 | &nbsp;&nbsp;&nbsp;&nbsp; 409885 |
| &nbsp;&nbsp;&nbsp;Ecolab Inc. | 1355774 | &nbsp;&nbsp;&nbsp;&nbsp; 354887 |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals Inc. | 1194877 | &nbsp;&nbsp;&nbsp;&nbsp; 343981 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;709797 | &nbsp;&nbsp;&nbsp;&nbsp; 194960 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 1239836 | &nbsp;&nbsp;&nbsp;&nbsp; 177383 |
| &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 1219692 | &nbsp;&nbsp;&nbsp;&nbsp; 128678 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;741822 | &nbsp;&nbsp;&nbsp;&nbsp; 94627 |
| &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282549 | &nbsp;&nbsp;&nbsp;&nbsp; 81976 |
| &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;690733 | &nbsp;&nbsp;&nbsp;&nbsp; 81099 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;420065 | &nbsp;&nbsp;&nbsp;&nbsp; 70474 |
| &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355113 | &nbsp;&nbsp;&nbsp;&nbsp; 55803 |
| &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;353635 | &nbsp;&nbsp;&nbsp;&nbsp; 53547 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;624402 | &nbsp;&nbsp;&nbsp;&nbsp; 45338 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;632046 | &nbsp;&nbsp;&nbsp;&nbsp; 42884 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175250 | &nbsp;&nbsp;&nbsp;&nbsp; 26720 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291843 | &nbsp;&nbsp;&nbsp;&nbsp; 21065 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;436873 | &nbsp;&nbsp;&nbsp;&nbsp; 20328 |
| &nbsp;&nbsp;&nbsp;Hawkins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101592 | &nbsp;&nbsp;&nbsp;&nbsp; 16588 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;290885 | &nbsp;&nbsp;&nbsp;&nbsp; 16348 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;491834 | &nbsp;&nbsp;&nbsp;&nbsp; 15527 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179155 | &nbsp;&nbsp;&nbsp;&nbsp; 14207 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111865 | &nbsp;&nbsp;&nbsp;&nbsp; 11779 |
| &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134109 | &nbsp;&nbsp;&nbsp;&nbsp; 10715 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73163 | &nbsp;&nbsp;&nbsp;&nbsp; 8371 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;114036 | &nbsp;&nbsp;&nbsp;&nbsp; 5790 |
| &nbsp;&nbsp;&nbsp;Worthington Steel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188154 | &nbsp;&nbsp;&nbsp;&nbsp; 5743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3472809** |
| **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 11061194 | &nbsp;&nbsp;&nbsp;&nbsp; 786008 |
| &nbsp;&nbsp;&nbsp;Sempra | 3504190 | &nbsp;&nbsp;&nbsp;&nbsp; 286222 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 2681162 | &nbsp;&nbsp;&nbsp;&nbsp; 240741 |
| &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3098985 | &nbsp;&nbsp;&nbsp;&nbsp; 227589 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 2398195 | &nbsp;&nbsp;&nbsp;&nbsp; 216869 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1114238 | &nbsp;&nbsp;&nbsp;&nbsp; 154222 |

---

------

Dividend Appreciation Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 1047845 | &nbsp;&nbsp;&nbsp;&nbsp; 146950 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 1436220 | &nbsp;&nbsp;&nbsp;&nbsp; 145245 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;834641 | &nbsp;&nbsp;&nbsp;&nbsp; 130137 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1607196 | &nbsp;&nbsp;&nbsp;&nbsp; 118611 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 2512144 | &nbsp;&nbsp;&nbsp;&nbsp; 106640 |
|  | &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1380229 | &nbsp;&nbsp;&nbsp;&nbsp; 89729 |
|  | &nbsp;&nbsp;&nbsp;Essential Utilities Inc. | 1385864 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;489777 | &nbsp;&nbsp;&nbsp;&nbsp; 42508 |
|  | &nbsp;&nbsp;&nbsp;IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290267 | &nbsp;&nbsp;&nbsp;&nbsp; 36379 |
|  | &nbsp;&nbsp;&nbsp;TXNM Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;497805 | &nbsp;&nbsp;&nbsp;&nbsp; 28270 |
|  | &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;225171 | &nbsp;&nbsp;&nbsp;&nbsp; 17379 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196261 | &nbsp;&nbsp;&nbsp;&nbsp; 16670 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;206861 | &nbsp;&nbsp;&nbsp;&nbsp; 15223 |
|  | &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125307 | &nbsp;&nbsp;&nbsp;&nbsp; 15022 |
|  | &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;319981 | &nbsp;&nbsp;&nbsp;&nbsp; 14550 |
|  | &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;167232 | &nbsp;&nbsp;&nbsp;&nbsp; 8076 |
|  | &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96335 | &nbsp;&nbsp;&nbsp;&nbsp; 4971 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87054 | &nbsp;&nbsp;&nbsp;&nbsp; 4490 |
|  | &nbsp;&nbsp;&nbsp;York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77262 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2905839** |
| **Total Common Stocks (Cost $71,182,864)** | **Total Common Stocks (Cost $71,182,864)** | **Total Common Stocks (Cost $71,182,864)** | &nbsp;&nbsp;&nbsp;&nbsp;**109207673** |
| **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** | **Temporary Cash Investments (0.2%)** |
| **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** | **Money Market Fund (0.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.367% **(Cost $283,820)** | 2838756 | &nbsp;&nbsp;&nbsp;&nbsp; **283847** |
| **Total Investments (99.9%) (Cost $71,466,684)** | **Total Investments (99.9%) (Cost $71,466,684)** | **Total Investments (99.9%) (Cost $71,466,684)** | &nbsp;&nbsp;&nbsp;&nbsp;**109491520** |
| **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;**87580** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**109579100** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <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.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | September 2025 | 246 | 78403 | &nbsp;&nbsp;753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Kroger Co. | 1/30/2026 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;71880 | &nbsp;&nbsp;&nbsp;(4.334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1919) |
| Visa Inc. Class A | 8/29/2025 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;153734 | &nbsp;&nbsp;&nbsp;(4.338) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(590) |
| Visa Inc. Class A | 8/31/2026 | &nbsp;&nbsp;&nbsp;BANA | &nbsp;&nbsp;&nbsp;69094 | &nbsp;&nbsp;&nbsp;(4.333) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(126) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2635) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> GSI—Goldman Sachs International.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Appreciation Index Fund

Statement of Assets and Liabilities

As of July 31, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $71,182,864) | 109207673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $283,820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283847 |
| Total Investments in Securities | 109491520 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87963 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131 |
| **Total Assets** | **109599598** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20498** |
| **Net Assets** | **109579100** |
| **At July 31, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;73468009 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;36111091 |
| **Net Assets** | **109579100** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 452,095,009 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**93088857** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$205.91** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 295,108,001 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**16490243** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$55.88** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Appreciation Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> July 31, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;947924 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Total Income | &nbsp;&nbsp;&nbsp;953698 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;17498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Shareholders' Reports and Proxy Fees—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;27550 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**926148** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | 1930317 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1643) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502 |
| **Realized Net Gain (Loss)** | **1936176** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;166809 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2127) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**164378** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **3026702** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $87. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,562, $2, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $2,504,935 of net gain (loss) resulting from in-kind redemptions. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Appreciation Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739775 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1936176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966914 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164378 | &nbsp;&nbsp;&nbsp;&nbsp;12298773 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;3026702 | &nbsp;&nbsp;&nbsp;&nbsp;17005462 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810566) | &nbsp;&nbsp;&nbsp;&nbsp;(1471734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269207) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(955276) | &nbsp;&nbsp;&nbsp;&nbsp;(1740941) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;1899796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37347) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;1780460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508979 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;3851886 | &nbsp;&nbsp;&nbsp;&nbsp;17773500 |
| **Net Assets** |  |  |
| **Beginning of Period** | **105727214** | &nbsp;&nbsp;&nbsp;&nbsp;**87953714** |
| **End of Period** | **109579100** | &nbsp;&nbsp;&nbsp;**105727214** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Appreciation Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$202.26** | &nbsp;&nbsp;&nbsp;**$172.53** | &nbsp;&nbsp;&nbsp;**$156.26** | &nbsp;&nbsp;&nbsp;**$162.69** | &nbsp;&nbsp;&nbsp;**$137.11** | &nbsp;&nbsp;&nbsp;**$125.38** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.299 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.728 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.027 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.297) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.297) |
| **Net Asset Value, End of Period** | **$205.91** | &nbsp;&nbsp;&nbsp;**$202.26** | &nbsp;&nbsp;&nbsp;**$172.53** | &nbsp;&nbsp;&nbsp;**$156.26** | &nbsp;&nbsp;&nbsp;**$162.69** | &nbsp;&nbsp;&nbsp;**$137.11** |
| **Total Return** | **2.73%** | &nbsp;&nbsp;&nbsp;**19.34%** | &nbsp;&nbsp;&nbsp;**12.66%** | &nbsp;&nbsp;&nbsp;**-2.02%** | &nbsp;&nbsp;&nbsp;**20.71%** | &nbsp;&nbsp;&nbsp;**11.44%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $93089 | &nbsp;&nbsp;&nbsp;$89405 | &nbsp;&nbsp;&nbsp;$73991 | &nbsp;&nbsp;&nbsp;$66062 | &nbsp;&nbsp;&nbsp;$65589 | &nbsp;&nbsp;&nbsp;$51842 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.78% | &nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.84% |
| Portfolio Turnover Rate<sup>3</sup> | 7% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;25% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Appreciation Index Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> July 31,<br> 2025 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$54.89** | &nbsp;&nbsp;&nbsp;**$46.82** | &nbsp;&nbsp;&nbsp;**$42.41** | &nbsp;&nbsp;&nbsp;**$44.15** | &nbsp;&nbsp;&nbsp;**$37.21** | &nbsp;&nbsp;&nbsp;**$34.03** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.617 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.416 | &nbsp;&nbsp;&nbsp;&nbsp;(1.743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.179 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.796 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.616) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.616) |
| **Net Asset Value, End of Period** | **$55.88** | &nbsp;&nbsp;&nbsp;**$54.89** | &nbsp;&nbsp;&nbsp;**$46.82** | &nbsp;&nbsp;&nbsp;**$42.41** | &nbsp;&nbsp;&nbsp;**$44.15** | &nbsp;&nbsp;&nbsp;**$37.21** |
| **Total Return<sup>2</sup>** | **2.72%** | &nbsp;&nbsp;&nbsp;**19.32%** | &nbsp;&nbsp;&nbsp;**12.64%** | &nbsp;&nbsp;&nbsp;**-2.02%** | &nbsp;&nbsp;&nbsp;**20.67%** | &nbsp;&nbsp;&nbsp;**11.44%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $16490 | &nbsp;&nbsp;&nbsp;$16322 | &nbsp;&nbsp;&nbsp;$13962 | &nbsp;&nbsp;&nbsp;$12471 | &nbsp;&nbsp;&nbsp;$12903 | &nbsp;&nbsp;&nbsp;$10685 |
| Ratio of Total Expenses to Average Net Assets | 0.07% | &nbsp;&nbsp;&nbsp;0.08%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.08%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.08%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | 1.77% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;1.82% |
| Portfolio Turnover Rate<sup>4</sup> | 7% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;25% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Dividend Appreciation Index Fund

Notes to Financial Statements

Vanguard Dividend Appreciation Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended July 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the six months ended July 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

------

Dividend Appreciation Index Fund

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended July 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At July 31, 2025, the fund had contributed to Vanguard capital in the amount of $2,743,000, representing less than 0.01% of the fund's net assets and 1.10% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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

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

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

------

Dividend Appreciation Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of July 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 | 109207673 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;109207673 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283847 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283847 |
| Total | 109491520 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;109491520 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2635) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2635) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**D.** As of July 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;71493412 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;40233792 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2234931) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;37998861 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at January 31, 2025, the fund had available capital losses totaling $3,952,961,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending January 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended July 31, 2025, the fund purchased $7,431,363,000 of investment securities and sold $7,485,475,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $7,224,652,000 and $5,430,837,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended July 31, 2025, such purchases were $1,044,285,000 and sales were $1,246,259,000, resulting in net realized loss of $172,640,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**F.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> July 31, 2025 | Six Months Ended<br> July 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;7373239 | &nbsp;&nbsp;&nbsp;&nbsp;37986 | &nbsp;&nbsp;&nbsp;&nbsp;8816447 | &nbsp;&nbsp;&nbsp;&nbsp;47080 |
| Issued in Lieu of Cash Distributions | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redeemed | (5473443) | &nbsp;&nbsp;(27925) | &nbsp;&nbsp;(6270121) | &nbsp;&nbsp;(33900) |
| Net Increase (Decrease)—ETF Shares | &nbsp;&nbsp;1899796 | &nbsp;&nbsp;&nbsp;&nbsp;10061 | &nbsp;&nbsp;&nbsp;&nbsp;2546326 | &nbsp;&nbsp;&nbsp;&nbsp;13180 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1061792 | &nbsp;&nbsp;&nbsp;&nbsp;19816 | &nbsp;&nbsp;&nbsp;&nbsp;1897356 | &nbsp;&nbsp;&nbsp;&nbsp;37100 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;122112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435 |
| Redeemed | (1303240) | &nbsp;&nbsp;(24339) | &nbsp;&nbsp;(2162596) | &nbsp;&nbsp;(42360) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(119336) | &nbsp;&nbsp;&nbsp;&nbsp;(2265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(825) |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

------

Dividend Appreciation Index Fund

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q6022 092025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Specialized Funds (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker<br> Non-Votes |
| Tara Bunch | 198365028196 | 3575911921 | N/A | N/A |
| Mark Loughridge | 196934676735 | 5006263378 | N/A | N/A |
| Scott C. Malpass | 197403471840 | 4537468275 | N/A | N/A |
| John Murphy | 198359691283 | 3581248832 | N/A | N/A |
| Lubos Pastor | 198341907502 | 3599032612 | N/A | N/A |
| Rebecca Patterson | 198590291060 | 3350649056 | N/A | N/A |
| André F. Perold | 198093175609 | 3847764504 | N/A | N/A |
| Salim Ramji | 198175833377 | 3765106738 | N/A | N/A |
| Sarah Bloom Raskin | 197442385928 | 4498554186 | N/A | N/A |
| Grant Reid | 198351677256 | 3589262860 | N/A | N/A |
| David Thomas | 198023686889 | 3917253224 | N/A | N/A |
| Barbara Venneman | 198464550167 | 3476389947 | N/A | N/A |
| Peter F. Volanakis | 197013900808 | 4927039304 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement – Energy Fund**

The board of trustees of Vanguard Energy Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For the advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional investment managers. The investment team uses a bottom-up approach in which stocks are selected based on the advisor's estimates of fundamental investment value. Fundamental research focuses on the quality of a company's assets, the company's internal reinvestment opportunities, and management quality. The firm has advised the fund since its inception in 1984.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted the continuation of the advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expense rate was also below the peer-group average.

The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule for Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets managed by Wellington Management increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement – Health Care Fund**

The board of trustees of Vanguard Health Care Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services** 

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional investment managers. The portfolio manager is aided by a team of experienced Global Industry Analysts who cover health care industries. This health care team uses intensive fundamental analysis and deep knowledge of health care science and technology to identify companies with high-quality balance sheets, strong management, and the potential for new products that will lead to above-average growth in revenue and earnings. The advisor invests in stocks broadly representing the health care industry, seeking to maintain exposure across five primary subsectors: large-cap biotech/pharmaceuticals, mid-cap biotech/pharmaceuticals, small-cap biotech/pharmaceuticals, health care services, and medical technology. Wellington Management has advised the fund since its inception in 1984.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost** 

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale** 

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule for Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement – Dividend Appreciation Index Fund**

The board of trustees of Vanguard Dividend Appreciation Index Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm2521150d4_ex99-cert.htm) | [Certifications filed herewith.](tm2521150d4_ex99-cert.htm) |
| [(a)(2)](tm2521150d4_ex99-906cert.htm) | [Certifications filed herewith.](tm2521150d4_ex99-906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD SPECIALIZED FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: September 18, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD SPECIALIZED FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: September 18, 2025

---

| | |
|:---|:---|
|  | VANGUARD SPECIALIZED FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: September 18, 2025

---

| | |
|:---|:---|
| \* By: | /s/ John E. Schadl |

---

John E. Schadl, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Specialized Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 18, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Specialized Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 18, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Specialized Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: September 18, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Specialized Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: September 18, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---