Vanguard Dividend Growth Fund
Supplement Dated July 8, 2026, to the Prospectus and Summary Prospectus Dated May 28, 2026
Important Changes to Vanguard Dividend Growth Fund (the “Fund”)
 
Effective today, Peter C. Fisher is no longer a portfolio manager of the Fund, and Timothy J. Casaletto and G. Thomas Levering have been added as co-portfolio managers of the Fund.
The Fund’s investment objectives, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus Text Changes
 
All references to Mr. Fisher are hereby removed.
The following is added under the heading “Investment Advisor” in the Fund Summary section:
Timothy J. Casaletto, CFA, Managing Director and Portfolio Manager of Wellington Management. He has co-managed the Fund since July 2026.
G. Thomas Levering, Senior Managing Director, Global Industry Analyst, and Portfolio Manager of Wellington Management. He has co-managed the Fund since July 2026.
The following is added under the heading “Investment Advisor” in the More on the Fund section:
Timothy J. Casaletto, CFA, Managing Director and Portfolio Manager of Wellington Management. He has worked in investment management since 2011, has managed investment portfolios for Wellington Management since 2023, and has co-managed the Fund since July 2026. Education: B.S., University of Massachusetts Lowell.
G. Thomas Levering, Senior Managing Director, Global Industry Analyst, and Portfolio Manager of Wellington Management. He has managed investment portfolios for Wellington Management since 2001 and has co-managed the Fund since July 2026. Education: A.B., Harvard University; M.B.A., The Wharton School of the University of Pennsylvania.
 
CFA® is a registered trademark owned by CFA Institute.
 
© 2026 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
PS 057B 072026

Vanguard Specialized Funds (the “Trust”)

Supplement Dated July 8, 2026, to the Statement of Additional Information Dated May 28, 2026

Important Changes to Vanguard Dividend Growth Fund (the “Fund”)

Effective today, Peter C. Fisher is no longer a portfolio manager of the Fund. All references to Mr. Fisher are hereby removed.

Additionally, Timothy J. Casaletto and G. Thomas Levering have been added as co-portfolio managers of the Fund.

The Fund’s investment objective, strategies, and policies remain unchanged.

The Statement of Additional Information provides information about the portfolio managers of all funds within the Trust, including the Fund, as of May 28, 2026. The table and text below provide updated information as of April 30, 2026, relating only to Mr. Casaletto and Mr. Levering.

Other Accounts Managed

 

 

 

 

 

 

Total assets in

 

 

 

 

 

No. of accounts with

accounts with

 

 

No. of

 

 

performance-based

performance-based

Portfolio Manager

 

accounts

Total assets

fees

 

fees

Tim Casaletto1

Registered investment companies

0

$

0

0

$

0

 

Other pooled investment vehicles

0

$

0

0

$

0

 

Other accounts

0

$

0

0

$

0

Tom Levering1

Registered investment companies

20

$10.3B

3

$

8.2B

 

Other pooled investment vehicles

38

$

5.5B

16

$

4.5B

 

Other accounts

67

$

818M

8

$166M

 

 

 

 

 

 

 

 

1 Mr. Casaletto and Mr. Levering began co-managing the Fund in July 2026.

Ownership of Securities

As of April 30, 2026, Mr. Levering did not own any shares of the Fund.

As of April 30, 2026, Mr. Casaletto owned shares of the Fund within the $100,001-$500,000 range.

© 2026 The Vanguard Group, Inc. All rights reserved.

SAI 051A 072026

Vanguard Marketing Corporation, Distributor.