# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-25-000076
**Filing Date:** 2025-9
**Character Count:** 35678
**Document Hash:** e91ff0270d91e53b2c13017e486e57dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-25-000076.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000734383-25-000076

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260131

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 251343490

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD SPECIALIZED FUNDS

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

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

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

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD HEALTH CARE FUND

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $34340766573.06

**Total Liabilities:** $14591484.23

**Net Assets:** $34326175088.83

**Cash Not Reported:** $2881941.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008007 | -4.32%               | 1.28%                | -2.71%               |
| Class ID C000008008 | -4.32%               | 1.28%                | -2.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-791239246.11           | $-877277160.75                             |
| Month 2  | $160345092.24            | $247398064.02                              |
| Month 3  | $-62451472.03            | $-913329246.60                             |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CG oncology Inc                                   | CG ONCOLOGY INC                | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1951108 | NS      | $52075072.52   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | THERMO FISHER                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    944171 | NS      | $441569893.28  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                            | OPTION CARE HEAL               | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |   4908784 | NS      | $144072810.40  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                     | MEDTRONIC PLC                  | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |   5226043 | NS      | $471598120.32  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-REG                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |   4792974 | NS      | $545857643.84  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Securities International, Inc.             | NOM TSY FICC                   | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  85000000 | PA      | $85000000.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Amicus Therapeutics Inc                           | AMICUS THERAPEUT               | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |  20893978 | NS      | $125154928.22  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                              | ALIGN TECHNOLOGY               | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |   1216199 | NS      | $156901832.99  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Celldex Therapeutics Inc                          | CELLDEX THERAPEU               | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |   2197904 | NS      | $48309929.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole                                   | CREDIT AGRICOLE TRIPARTY TSY   | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | RA               | CORP              | US        | 136800000 | PA      | $136800000.00  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Duality Biotherapeutics Inc                       | DUALITY BIOTHERA               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   1118843 | NS      | $49677485.08   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| United Therapeutics Corp                          | UNITED THERAPEUT               | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |    910860 | NS      | $250213242.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | ABBVIE INC                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   1683231 | NS      | $318164323.62  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                           | KYMERA THERAPEUT               | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2387009 | NS      | $104431643.75  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                           | APOGEE THERAPEUT               | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2035325 | NS      | $77871534.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                           | AVIDITY BIOSCIEN               | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3903925 | NS      | $143313086.75  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | BRISTOL-MYER SQB               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |  16152439 | NS      | $699562133.09  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                                      | NUVALENT INC-A                 | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    534465 | NS      | $41875332.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                         | QIAGEN NV                      | CUSIP: N72482149<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | US        |   4977756 | NS      | $245602481.04  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Metsera Inc                                       | METSERA INC                    | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2106441 | NS      | $69491488.59   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Argenx SE                                         | ARGENX SE                      | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |   1572872 | NS      | $1056386619.98 | 3.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd                                      | EISAI CO LTD                   | CUSIP: N/A<br>LEI: 353800HDEE0ZYEX4QV91       | Long             | EC               | CORP              | JP        |   9639617 | NS      | $270346523.85  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA Healthcare Inc                                | HCA HEALTHCARE I               | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    846402 | NS      | $299617843.98  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc                               | ASTELLAS PHARMA                | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |  23022078 | NS      | $238707180.53  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                     | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |   1093104 | NS      | $235342475.19  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    554182 | NS      | $55412624.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                        | BIOGEN INC                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |   4367085 | NS      | $558986880.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank USA                                     | HSBC TRIPARTY MTGE             | CUSIP: N/A<br>LEI: CYYGQCGNHMHPSMRL3R97       | Long             | RA               | CORP              | US        |  97900000 | PA      | $97900000.00   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |  19102401 | NS      | $1492279566.12 | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Autolus Therapeutics PLC                          | AUTOLUS THERAPEU               | CUSIP: N/A<br>LEI: 549300C0KZP8EYROLL02       | Long             | EC               | CORP              | US        |  19356365 | NS      | $46455276.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Akero Therapeutics Inc                            | AKERO THERAPEUTI               | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |   1269178 | NS      | $61999345.30   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                             | ENCOMPASS HEALTH               | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |   1316697 | NS      | $144981506.67  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc      | CHARLES RIVER LA               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |   1478471 | NS      | $250807820.44  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                            | UCB SA                         | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |   3758402 | NS      | $807510841.05  | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   5166100 | NS      | $120318469.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecan Group AG                                    | TECAN GROUP AG-R               | CUSIP: N/A<br>LEI: 529900CSN9R3BLETSL26       | Long             | EC               | CORP              | CH        |    228153 | NS      | $45172382.83   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC Capital Markets LLC                           | RBC TRIPARTY MTGE              | CUSIP: N/A<br>LEI: 549300LCO2FLSSVFFR64       | Long             | RA               | CORP              | US        |  34500000 | PA      | $34500000.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                               | ELEVANCE HEALTH                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |   1700286 | NS      | $481316960.88  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co Ltd                                 | SHIONOGI & CO                  | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |   7497400 | NS      | $125388887.34  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Securities, LLC                   | BOA-MTG TRIPARTY REPO          | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  25900000 | PA      | $25900000.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital Inc.                             | BZW TRIPARTY TREASURY          | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        | 109500000 | PA      | $109500000.00  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Weigao Group Medical Polymer Co Ltd      | SHANDONG WEIG-H                | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | HK        |  77092000 | NS      | $67795382.42   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                     | CRINETICS PHARMA               | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |   2428352 | NS      | $69426583.68   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Securities LLC                          | JPM TRIPARTY TREAS FICC        | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |  50000000 | PA      | $50000000.00   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Ionis Pharmaceuticals Inc                         | IONIS PHARMACEUT               | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |   3783567 | NS      | $162617709.66  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                                       | ZAI LAB LTD                    | CUSIP: N/A<br>LEI: 549300P2UYQ9U5LY1T58       | Long             | EC               | CORP              | HK        |  30688100 | NS      | $115941569.09  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Newamsterdam Pharma Co NV                         | NEWAMSTERDAM PHA               | CUSIP: N/A<br>LEI: 984500B6549TF6E14D36       | Long             | EC               | CORP              | US        |   2156406 | NS      | $47031214.86   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Boston Scientific Corp                            | BOSTON SCIENTIFC               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |  14035501 | NS      | $1472604764.92 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank USA                                     | HSBC TRIPARTY TREAS            | CUSIP: N/A<br>LEI: CYYGQCGNHMHPSMRL3R97       | Long             | RA               | CORP              | US        | 103300000 | PA      | $103300000.00  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   4794199 | NS      | $3548042853.93 | 10.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                               | ABBOTT LABS                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   5304868 | NS      | $669421292.92  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Securities, LLC                   | BK AMER MTG FICC               | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  45000000 | PA      | $45000000.00   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                           | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |  34960852 | NS      | $643069266.13  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd                      | CHUGAI PHARMA CO               | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |   8257942 | NS      | $395860383.00  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                            | INTUITIVE SURGIC               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |   1991927 | NS      | $958296160.43  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd                             | DAIICHI SANKYO                 | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |  24138697 | NS      | $592168581.15  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Cytokinetics Inc                                  | CYTOKINETICS INC               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |   4067922 | NS      | $153116584.08  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PACS Group Inc                                    | PACS GROUP INC                 | CUSIP: 69380Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4425093 | NS      | $48941528.58   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc                        | STRUCTURE THERAP               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1990460 | NS      | $35430188.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Agilent Technologies Inc                          | AGILENT TECH INC               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |   3319724 | NS      | $381137512.44  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Securities International, Inc.             | NOMURA TREAS TRIPARTY          | CUSIP: N/A<br>LEI: OXTKY6Q8X53C9ILVV871       | Long             | RA               | CORP              | US        |  29400000 | PA      | $29400000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corp                         | EDWARDS LIFE                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |  11203881 | NS      | $888579802.11  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |  14806694 | NS      | $2160172782.98 | 6.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Immunocore Holdings PLC                           | IMMUNOCORE HOLDI               | CUSIP: N/A<br>LEI: 213800IUE3DFS84BVN18       | Long             | EC               | CORP              | US        |   3657808 | NS      | $119866368.16  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Vertex Pharmaceuticals Inc                        | VERTEX PHARM                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |   2842893 | NS      | $1298832524.91 | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | DANAHER CORP                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |   4947049 | NS      | $975360180.84  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas Securities Corp.                      | PARIB TRIPARTY MORTGAGE        | CUSIP: N/A<br>LEI: 2J5703FH5U5M97R1I237       | Long             | RA               | CORP              | US        |  75600000 | PA      | $75600000.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Glaukos Corp                                      | GLAUKOS CORP                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |   1022684 | NS      | $88042865.56   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                               | EXACT SCIENCES                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |   6088302 | NS      | $285845778.90  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                              | PTC THERAPEUTICS               | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |   2538703 | NS      | $132291813.33  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc                          | ACADIA HEALTHCAR               | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |   5568412 | NS      | $121224329.24  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc                           | DENALI THERAPEUT               | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |   3745515 | NS      | $51800472.45   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc                       | APELLIS PHARMACE               | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |   6242783 | NS      | $139463772.22  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc                         | AGIOS PHARMACEUT               | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |    462319 | NS      | $17207513.18   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Terumo Corp                                       | TERUMO CORP                    | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |  13825100 | NS      | $234435918.91  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |  11829238 | NS      | $550153801.22  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                       | ALNYLAM PHARMACE               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |   1547906 | NS      | $607150649.44  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas Securities Corp.                      | PARIB TRIPARTY TREASURY        | CUSIP: N/A<br>LEI: 2J5703FH5U5M97R1I237       | Long             | RA               | CORP              | US        | 124800000 | PA      | $124800000.00  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                 | GALDERMA GROUP A               | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |   3875988 | NS      | $597359931.35  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Vaxcyte Inc                                       | VAXCYTE INC                    | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |   2834052 | NS      | $96216065.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                         | XENON PHARMACEUT               | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | US        |   2179779 | NS      | $66570450.66   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | GUARDANT HEALTH                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |   1407827 | NS      | $57692750.46   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                   | BIO-TECHNE CORP                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |   1348745 | NS      | $73816813.85   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                               | ASCENDIS PHA-ADR               | CUSIP: N/A<br>LEI: 549300B66JN3W3J8GH73       | Long             | EC               | CORP              | US        |    825672 | NS      | $143254092.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                               | GILEAD SCIENCES                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |   4823087 | NS      | $541584439.23  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                          | MERUS NV                       | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | US        |   2022356 | NS      | $133960861.44  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                            | UNITEDHEALTH GRP               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   4876959 | NS      | $1217093888.04 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                               | SCOTIA TRIPARTY TREASURY       | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | US        |  73600000 | PA      | $73600000.00   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Securities, LLC                   | BK AMER TSY FICC               | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  75000000 | PA      | $75000000.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Cencora Inc                                       | CENCORA INC                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |   2458872 | NS      | $703434101.76  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | JOHNSON&JOHNSON                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   4660244 | NS      | $767728596.56  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd                            | OTSUKA HOLDINGS                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   7893800 | NS      | $375821451.17  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS               | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |   1951424 | NS      | $608986796.61  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Natixis SA                                        | NATIXIS TRIPARTY TR            | CUSIP: N/A<br>LEI: KX1WK48MPD4Y2NCUIZ63       | Long             | RA               | CORP              | US        | 123900000 | PA      | $123900000.00  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Labcorp Holdings Inc                              | LABCORP HOLDINGS               | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    841556 | NS      | $218871884.48  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION Medicines Inc                          | REVOLUTION MEDIC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |   4788847 | NS      | $178480327.69  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer