SEC Info - Vanguard Specialized Funds - ‘NSAR-B’ for 1/31/09

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Vanguard Specialized Funds – ‘NSAR-B’ for 1/31/09

On: Wednesday, 3/25/09, at 3:58pm ET · Effective: 3/25/09 · For: 1/31/09 · Accession #: 932471-9-905 · File #: 811-03916

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/25/09  Vanguard Specialized Funds        NSAR-B      1/31/09    4:108K                                   Vanguard Horizon Funds
          → Vanguard Dividend Appreciation Index Fund ⇒ ETF Shares (VIG) — Investor Shares (VDAIX)
          → Vanguard Dividend Growth Fund ⇒ Investor Shares (VDIGX)
          → Vanguard Energy Fund ⇒ Admiral Shares (VGELX) — Investor Shares (VGENX)
          → Vanguard Global Capital Cycles Fund ⇒ Investor Shares (VGPMX)
          → Vanguard Health Care Fund ⇒ Admiral Shares (VGHAX) — Investor Shares (VGHCX)
          → Vanguard Real Estate Index Fund ⇒ Admiral Shares (VGSLX) — ETF Shares (VNQ) — Institutional Shares (VGSNX) — Investor Shares (VGSIX) — Signal Shares (VGRSX)

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Specialized Fund Nsar                                 31    126K 
 3: EX-99       Additional Share Class Information                     2     10K 
 4: EX-99       Declaration of Trust                                  23±    86K 
 2: EX-99.77B ACCT LTTR  Audit Letter                                  2±    10K

‘NSAR-B’ — Specialized Fund Nsar

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: Vanguard Specialized Funds — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 1/31/09

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 734383
SEC File #: 811-03916

Telephone #: 610-669-1000
2. Address: 100 Vanguard Blvd
Malvern, PA 19355
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 6
The number of separate Funds/Series (portfolios) reported here: 6...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 8: Vanguard Dividend Appreciation Index Fund — S#11322 ⇒ VIG & VDAIX
↓ Series 6: Vanguard Dividend Growth Fund — S#2920 ⇒ VDIGX
↓ Series 1: Vanguard Energy Fund — S#2921 ⇒ VGELX & VGENX
↓ Series 2: Vanguard Health Care Fund — S#2922 ⇒ VGHAX & VGHCX
↓ Series 3: Vanguard Precious Metals & Mining Fund [ now
Vanguard Global Capital Cycles Fund ] — S#2923 ⇒ VGPMX
↓ Series 7: Vanguard REIT Index Fund [ now
Vanguard Real Estate Index Fund ] — S#2924 ⇒ VGSLX & 4 more
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 156

The Identification Code of the family for Form N-SAR Filings: VANGUARDGR
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77Q1: Other Disclosure? Yes

EX-99.77Q3: Other Info? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 6 Funds/Series Reported Here

Information Common to All Funds/Series
All: Administrator
10.1 Name: The Vanguard Group, Inc.
SEC File #: 801-11953
Location: Malvern, PA
All: Principal Underwriter
11.1 Name: Vanguard Marketing Corp.
SEC File #: 008-21570
Location: Malvern, PA
All: Shareholder Servicing/Transfer Agent
12.1 Name: The Vanguard Group, Inc.
SEC File #: 084-00772
Location: Malvern, PA
All: Independent Public Accountant
13.1 Name: Pricewaterhousecoopers LLP
Location: Philadelphia, PA
All: Affiliated Broker/Dealer
14.1 Name: Vanguard Marketing Corp.
SEC File #: 008-21570
All: Custodian
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Goldman, Sachs & Co.
IRS #: 13-5108880
Commissions paid ($000s): 1,270
20.2 Broker: Citigroup Global Markets Inc.
IRS #: 13-2919773
Commissions paid ($000s): 1,126
20.3 Broker: UBS Securities LLC
IRS #: 13-3873456
Commissions paid ($000s): 1,106
20.4 Broker: Credit Suisse Securities (USA) LLC
IRS #: 13-5659485
Commissions paid ($000s): 529
20.5 Broker: Cibc World Markets Corp.
IRS #: 13-2798343
Commissions paid ($000s): 451
20.6 Broker: Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #: 13-5674085
Commissions paid ($000s): 393
20.7 Broker: Morgan Stanley
IRS #: 13-2655998
Commissions paid ($000s): 331
20.8 Broker: Deutsche Bank Securities Inc.
IRS #: 13-2730828
Commissions paid ($000s): 323
20.9 Broker: J.P. Morgan Securities Inc.
IRS #: 13-3224016
Commissions paid ($000s): 296
20.10 Broker: Liquidnet, Inc.
IRS #: 13-4095933
Commissions paid ($000s): 249
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 8,734
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Vanguard Market Liquidity Fund
IRS #: 20-0961056
Registrant’s purchases ($000s): 2,113,394
Registrant’s sales ($000s): 2,234,543
22.2 Entity: Banc of America Securities LLC
IRS #: 56-2058405
Registrant’s purchases ($000s): 1,696,930
Registrant’s sales ($000s): 1,722,598
22.3 Entity: Deutsche Bank Securities Inc.
IRS #: 13-2730828
Registrant’s purchases ($000s): 1,274,367
Registrant’s sales ($000s): 2,038,097
22.4 Entity: UBS Securities LLC
IRS #: 13-3873456
Registrant’s purchases ($000s): 884,522
Registrant’s sales ($000s): 931,261
22.5 Entity: Credit Suisse Securities (USA) LLC
IRS #: 13-5659485
Registrant’s purchases ($000s): 745,859
Registrant’s sales ($000s): 597,831
22.6 Entity: BNP Paribas Securities Corp.
IRS #: 13-3235334
Registrant’s purchases ($000s): 616,200
Registrant’s sales ($000s): 616,200
22.7 Entity: General Electric Capital Corp.
IRS #: 13-1500700
Registrant’s purchases ($000s): 1,195,261
22.8 Entity: Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #: 13-5674085
Registrant’s purchases ($000s): 608,429
Registrant’s sales ($000s): 481,379
22.9 Entity: Goldman, Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 254,468
Registrant’s sales ($000s): 219,127
22.10 Entity: Citigroup Global Markets Inc.
IRS #: 13-2919773
Registrant’s purchases ($000s): 163,339
Registrant’s sales ($000s): 206,278
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 10,300,526
Aggregate sales ($000s): 9,995,937
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... Yes
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. Yes
Other .................................................................. No
All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
All: Payment Plan for the Distribution of Fund Shares
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 0
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
All: Classification and Asset Allocation
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
All: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: Ici Mutual Insurance Co.
2nd Insurer: N/A

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 400,000
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company): 201
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 1 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Vanguard Energy Fund — S#2921 ⇒ VGELX & VGENX

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: Investment Adviser
8.1 Name: Wellington Management Co., LLP
Role: Adviser
SEC File #: 801-15908
Location: Boston, MA
8.2 Name: The Vanguard Group, Inc.
Role: Adviser
SEC File #: 801-11953
Location: Malvern, PA
S 1: Custodian
15.1 Name: Citibank, N.A.
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Deutsche Bank Securities Inc.
IRS #: 13-2730828
Type of security owned: Debt
Value of securities owned at period end ($000s): 166,300
S 1: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 146,760
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 322,214
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 143,051
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 390,786
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 171,389
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 539,704
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 95,767
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 187,511
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 140,653
Reinvestment of dividends and distributions ................ 295,414
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 184,157
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 148,040
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 86,631

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 845,660
Reinvestment of dividends and distributions ................ 295,414
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,711,003

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 5,850
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 1: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 1: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? Yes
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? No
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? Yes
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ No
Clerical and bookkeeping services ...................................... No
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... No
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. No
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S 1: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 1: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $25,000
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 1: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes to both
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes to both
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 1: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 2,485,299
Sales ($000s): 2,903,035

Monthly average Value of portfolio ($000s): 11,745,869

Percent turnover (lesser of Purchases or Sales, divided by Value): 21%
S 1: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 13,164
Net dividend income .............................................. 242,214
Account maintenance fees ......................................... –
Net other income ................................................. 4,510

Expenses ($000s)
Advisory fees .................................................... 13,107
Administrator fees ............................................... 5,446
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 9,308
Custodian fees ................................................... 222
Postage .......................................................... –
Printing expenses ................................................ 151
Directors’ fees .................................................. 17
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 25
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 2,963
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 31,239

Expense reimbursements ($000s): 0

Net investment income ($000s): 228,649

Realized capital gains ($000s): 234,085
Realized capital losses ($000s): 239,331

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 5,096,951

Total income dividends for which the record date passed during the
period ($000s): 125,121
Dividends for a second class of shares ($000s): 86,895

Total capital gains distributions for which the record date passed
during the period ($000s): 430,815
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $1.2640
Dividends for a second class of shares: $2.4800

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ 166,300
Short-term debt securities, other than repurchase agreements ..... 26,478
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 7,000,129
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 164,603
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 13,567
All other assets ................................................. –
Total assets ..................................................... 7,371,077

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 3,844
Amounts owed to affiliated persons ............................... 15,633
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 29,401

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 7,322,199

Number of shares outstanding (000s): 104,015
Number of shares outstanding of a second class of shares (000s): 36,099

Net Asset Value (NAV) per share (to nearest cent): $42.62
NAV per share of a second class of shares (to nearest cent): $80.02

Total number of shareholder accounts: 205,806

Total value of assets in segregated accounts ($000s): 26,478
75. Monthly average net assets during the period ($000s): 12,372,798
Series 2 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Vanguard Health Care Fund — S#2922 ⇒ VGHAX & VGHCX

Is this the final Form N-SAR filed for this Fund/Series? No
S 2: Investment Adviser
8.1 Name: Wellington Management Co., LLP
Role: Adviser
SEC File #: 801-15908
Location: Boston, MA
S 2: Custodian
15.1 Name: JP Morgan Chase Bank
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 2: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 165,807
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 180,416
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 105,779
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 267,328
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 130,146
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 537,052
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 76,809
Reinvestment of dividends and distributions ................ -1
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 269,427
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 94,068
Reinvestment of dividends and distributions ................ 1,574,929
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 372,641
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 93,002
Reinvestment of dividends and distributions ................ -11
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 157,226

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 665,611
Reinvestment of dividends and distributions ................ 1,574,917
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,784,090

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1,038
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 2: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 2: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 1,000,000
Annual rate: 0.2%
Of next $000s: 5,000,000
Annual rate: 0.15%
Of next $000s: 10,000,000
Annual rate: 0.125%
& Above $000s: 16,000,000
Annual rate: 0.09%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ No
Clerical and bookkeeping services ...................................... No
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... No
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. No
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S 2: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 2: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 2: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes to both
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 2: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 2,473,757
Sales ($000s): 3,806,308

Monthly average Value of portfolio ($000s): 20,032,455

Percent turnover (lesser of Purchases or Sales, divided by Value): 12%
S 2: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 31,778
Net dividend income .............................................. 378,018
Account maintenance fees ......................................... –
Net other income ................................................. 4,145

Expenses ($000s)
Advisory fees .................................................... 23,765
Administrator fees ............................................... 10,592
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 15,574
Custodian fees ................................................... 1,376
Postage .......................................................... –
Printing expenses ................................................ 260
Directors’ fees .................................................. 29
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 24
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 4,001
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 55,621

Expense reimbursements ($000s): 249

Net investment income ($000s): 358,569

Realized capital gains ($000s): 1,769,879
Realized capital losses ($000s): 309,045

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 5,975,753

Total income dividends for which the record date passed during the
period ($000s): 187,362
Dividends for a second class of shares ($000s): 143,549

Total capital gains distributions for which the record date passed
during the period ($000s): 1,621,370
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $1.9250
Dividends for a second class of shares: $0.8520

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 2: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 49
Repurchase agreements ............................................ 623,200
Short-term debt securities, other than repurchase agreements ..... 349,872
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 17,109,950
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 40,900
Receivables from portfolio instruments sold ...................... 124,859
Receivables from affiliated persons .............................. –
Other receivables ................................................ 15,246
All other assets ................................................. –
Total assets ..................................................... 18,264,076

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 99,772
Amounts owed to affiliated persons ............................... 51,891
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 57,895

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 18,054,518

Number of shares outstanding (000s): 105,715
Number of shares outstanding of a second class of shares (000s): 181,111

Net Asset Value (NAV) per share (to nearest cent): $99.12
NAV per share of a second class of shares (to nearest cent): $41.83

Total number of shareholder accounts: 449,197

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 21,606,595
Series 3 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Vanguard Precious Metals & Mining Fund [ now
Vanguard Global Capital Cycles Fund ] — S#2923 ⇒ VGPMX

Is this the final Form N-SAR filed for this Fund/Series? No
S 3: Investment Adviser
8.1 Name: M&G Investment Management Ltd.
Role: Adviser
SEC File #: 801-21981
Location: London
UK
S 3: Custodian
15.1 Name: JP Morgan Chase Bank
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 3: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 3: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 37,741
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 180,678
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 44,171
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 168,284
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 38,431
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 173,220
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 55,150
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 47,370
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 81,774
Reinvestment of dividends and distributions ................ 261,405
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 85,857
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 77,926
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 29,734

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 335,193
Reinvestment of dividends and distributions ................ 261,405
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 685,143

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 3: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 2,019
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 3: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 3: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? No
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? Yes
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ No
Clerical and bookkeeping services ...................................... No
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... No
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. No
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S 3: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 3: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $10,000
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? Yes
Located primarily in countries other than the United States? Yes
69. Is the Registrant/Series an index Fund? No
S 3: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 3: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 840,386
Sales ($000s): 1,031,272

Monthly average Value of portfolio ($000s): 3,801,778

Percent turnover (lesser of Purchases or Sales, divided by Value): 22%
S 3: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 1,034
Net dividend income .............................................. 90,882
Account maintenance fees ......................................... –
Net other income ................................................. 2,122

Expenses ($000s)
Advisory fees .................................................... 4,835
Administrator fees ............................................... 1,292
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 4,013
Custodian fees ................................................... 553
Postage .......................................................... –
Printing expenses ................................................ 54
Directors’ fees .................................................. 6
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 21
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 821
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 11,595

Expense reimbursements ($000s): 0

Net investment income ($000s): 82,443

Realized capital gains ($000s): 407,722
Realized capital losses ($000s): 123,457

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 3,024,276

Total income dividends for which the record date passed during the
period ($000s): 99,293

Total capital gains distributions for which the record date passed
during the period ($000s): 361,426
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.7630

Distribution of capital gains: $2.7510
Other distributions: $0.0000
S 3: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 5,132
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 1,628,537
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 35,153
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 5,519
All other assets ................................................. –
Total assets ..................................................... 1,674,341

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 15,375
Amounts owed to affiliated persons ............................... 5,051
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 9,966

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 1,643,949

Number of shares outstanding (000s): 153,087

Net Asset Value (NAV) per share (to nearest cent): $10.74

Total number of shareholder accounts: 68,822

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 3,851,473
Series 6 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Vanguard Dividend Growth Fund — S#2920 ⇒ VDIGX

Is this the final Form N-SAR filed for this Fund/Series? No
S 6: Investment Adviser
8.1 Name: Wellington Management Co. LLP
Role: Adviser
SEC File #: 801-15908
Location: Boston, MA
S 6: Custodian
15.1 Name: Citibank, N.A.
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 6: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: J.P. Morgan Securities Inc.
IRS #: 13-3224016
Type of security owned: Equity
Value of securities owned at period end ($000s): 22,076
25.2 Name: Credit Suisse Securities (USA) LLC
IRS #: 13-5659485
Type of security owned: Debt
Value of securities owned at period end ($000s): 108,800
S 6: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 99,756
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 12,866
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 120,521
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 26,296
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 261,363
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 64,186
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 105,840
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 31,986
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 144,110
Reinvestment of dividends and distributions ................ 16,634
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 40,514
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 100,277
Reinvestment of dividends and distributions ................ 1
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 24,462

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 831,867
Reinvestment of dividends and distributions ................ 16,635
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 200,310

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 6: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 6: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 6: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? No
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? Yes
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ No
Clerical and bookkeeping services ...................................... No
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... No
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. No
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S 6: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 6: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $3,000
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? Yes
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 6: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes to both
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 6: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 1,271,561
Sales ($000s): 426,916

Monthly average Value of portfolio ($000s): 1,499,530

Percent turnover (lesser of Purchases or Sales, divided by Value): 28%
S 6: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 888
Net dividend income .............................................. 39,237
Account maintenance fees ......................................... –
Net other income ................................................. 165

Expenses ($000s)
Advisory fees .................................................... 2,331
Administrator fees ............................................... 1,325
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1,507
Custodian fees ................................................... 17
Postage .......................................................... –
Printing expenses ................................................ 41
Directors’ fees .................................................. 2
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 22
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 334
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 5,579

Expense reimbursements ($000s): 74

Net investment income ($000s): 34,785

Realized capital gains ($000s): 42,864
Realized capital losses ($000s): 126,734

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 437,850

Total income dividends for which the record date passed during the
period ($000s): 34,618

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.2640

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 6: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 327
Repurchase agreements ............................................ 108,800
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 1,617,266
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 459
Receivables from portfolio instruments sold ...................... 23,419
Receivables from affiliated persons .............................. –
Other receivables ................................................ 5,741
All other assets ................................................. –
Total assets ..................................................... 1,756,012

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 6,194
Amounts owed to affiliated persons ............................... 3,279
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 1,891

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 1,744,648

Number of shares outstanding (000s): 167,427

Net Asset Value (NAV) per share (to nearest cent): $10.42

Total number of shareholder accounts: 75,366

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 1,563,595
Series 7 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Vanguard REIT Index Fund [ now
Vanguard Real Estate Index Fund ] — S#2924 ⇒ VGSLX & 4 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 7: Investment Adviser
8.1 Name: The Vanguard Group, Inc.
Role: Adviser
SEC File #: 801-11953
Location: Malvern, PA
S 7: Custodian
15.1 Name: JP Morgan Chase
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 7: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 7: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 511,880
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 373,005
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 445,689
Reinvestment of dividends and distributions ................ 88,729
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 387,592
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 407,977
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 378,570
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 384,699
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 168,449
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 228,530
Reinvestment of dividends and distributions ................ 108,387
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 242,963
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 163,244
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 235,601

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,142,019
Reinvestment of dividends and distributions ................ 197,116
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,786,180

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 7: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1,996
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 7: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 7: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? No
S 7: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 7: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $3,000
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? Yes
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? Yes
S 7: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 7: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 4,508,163
Sales ($000s): 2,708,215

Monthly average Value of portfolio ($000s): 8,589,731

Percent turnover (lesser of Purchases or Sales, divided by Value): 32%
S 7: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 4,303
Net dividend income .............................................. 306,421
Account maintenance fees ......................................... –
Net other income ................................................. 1,886

Expenses ($000s)
Advisory fees .................................................... 304
Administrator fees ............................................... 4,766
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 5,005
Custodian fees ................................................... 169
Postage .......................................................... –
Printing expenses ................................................ 254
Directors’ fees .................................................. 13
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 27
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 2,481
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 13,019

Expense reimbursements ($000s): 0

Net investment income ($000s): 299,591

Realized capital gains ($000s): 1,816,417
Realized capital losses ($000s): 971,611

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 6,024,890

Total income dividends for which the record date passed during the
period ($000s): 0

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 7: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 5,260
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 5,322,655
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 166,556
Receivables from portfolio instruments sold ...................... 19,054
Receivables from affiliated persons .............................. –
Other receivables ................................................ 17,337
All other assets ................................................. –
Total assets ..................................................... 5,530,862

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 24,695
Amounts owed to affiliated persons ............................... 15,263
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 75,486

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 5,415,418

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 300,621

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 8,787,050
Series 8 ↑Information Common to All Funds/Series ↑List of 6 Funds/Series
7. Name: Vanguard Dividend Appreciation Index Fund — S#11322 ⇒ VIG & VDAIX

Is this the final Form N-SAR filed for this Fund/Series? No
S 8: Investment Adviser
8.1 Name: The Vanguard Group, Inc.
Role: Adviser
SEC File #: 801-11953
Location: Malvern, PA
S 8: Custodian
15.1 Name: JP Morgan Chase
Role: Custodian
Location: New York, NY

Type of custody: Section 17(f)(1) — Bank
S 8: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 8: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 61,219
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,428
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 17,445
Reinvestment of dividends and distributions ................ 1,847
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,980
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 165,643
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 18,492
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 143,863
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4,717
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 121,606
Reinvestment of dividends and distributions ................ 1,998
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,456
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 194,421
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5,906

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 704,197
Reinvestment of dividends and distributions ................ 3,845
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 50,979

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 8: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 8: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 8: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? No
S 8: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 8: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $3,000
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? Yes
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? Yes
S 8: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? No –
Loaning portfolio securities? Yes to both
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 8: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 1,156,139
Sales ($000s): 306,412

Monthly average Value of portfolio ($000s): 853,157

Percent turnover (lesser of Purchases or Sales, divided by Value): 36%
S 8: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 32
Net dividend income .............................................. 21,654
Account maintenance fees ......................................... –
Net other income ................................................. 71

Expenses ($000s)
Advisory fees .................................................... 81
Administrator fees ............................................... 614
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1,422
Custodian fees ................................................... 89
Postage .......................................................... –
Printing expenses ................................................ 22
Directors’ fees .................................................. 1
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 22
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 211
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 2,462

Expense reimbursements ($000s): 0

Net investment income ($000s): 19,295

Realized capital gains ($000s): 14,759
Realized capital losses ($000s): 165,473

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 162,335

Total income dividends for which the record date passed during the
period ($000s): 7,677
Dividends for a second class of shares ($000s): 10,413

Dividends from net investment income: $0.3830
Dividends for a second class of shares: $1.0260

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 8: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 1,192,765
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 473
Receivables from portfolio instruments sold ...................... 234,328
Receivables from affiliated persons .............................. –
Other receivables ................................................ 6,283
All other assets ................................................. –
Total assets ..................................................... 1,433,849

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 240,764
Amounts owed to affiliated persons ............................... 384
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 1,937

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 1,190,764

Number of shares outstanding (000s): 26,112
Number of shares outstanding of a second class of shares (000s): 21,767

Net Asset Value (NAV) per share (to nearest cent): $14.79
NAV per share of a second class of shares (to nearest cent): $36.96

Total number of shareholder accounts: 12,618

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 853,897
Signature ↑Top of Form N-SAR
/s/ Elizabeth Haegele
Name: Elizabeth Haegele
Title: Manager

↑Top

Filing Submission 0000932471-09-000905 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Vanguard Specialized Funds – ‘NSAR-B’ for 1/31/09

On: Wednesday, 3/25/09, at 3:58pm ET · Effective: 3/25/09 · For: 1/31/09 · Accession #: 932471-9-905 · File #: 811-03916

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Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-B’ — Specialized Fund Nsar

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents