# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-26-000084
**Filing Date:** 2026-3
**Character Count:** 32174
**Document Hash:** d9806706b8c670fd2a1075a38f63a8fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-26-000084.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000734383-26-000084

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 26819640

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

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

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

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

## Series and Classes Contracts Data

### Vanguard Global Capital Cycles Fund (Series ID: S000002923)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000008009 | Investor Shares | VGPMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

- **a. Name of Series:** VANGUARD GLOBAL CAPITAL CYCLES FUND

- **b. EDGAR series identifier (if any):** S000002923

- **c. LEI of Series:** T1RIKLEFYZ1D5JKR6R03

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

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

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3581486785.61

**Total Liabilities:** $35227173.39

**Net Assets:** $3546259612.22

**Cash Not Reported:** $1598665.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008009 | 4.77%                | 4.77%                | 9.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21123220.19             | $94723448.46                               |
| Month 2  | $19830704.38             | $104448673.13                              |
| Month 3  | $29571744.67             | $264417873.79                              |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Rio Tinto PLC                                     | RIO TINTO-ADR                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | US        |    908094 | NS      | $82663796.82  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Abaxx Technologies Inc                            | ABAXX TECHNOLOGIES INC         | CUSIP: 00258V308<br>LEI: 5299002EIVMNJ21B5K89 | Long             | EC               | CORP              | CA        |    637763 | NS      | $19578080.56  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP-ADR                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | US        |    192272 | NS      | $13214854.56  | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1130292 | NS      | $124868759.23 | 3.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd                             | VALTERRA PLATINU               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |    663943 | NS      | $59654052.84  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Bellevue Gold Ltd                                 | BELLEVUE GOLD LT               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  19770189 | NS      | $23183932.20  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold Inc                                    | ROYAL GOLD INC                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    115783 | NS      | $30486821.73  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                                  | VIPER ENERGY I-A               | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    751964 | NS      | $31838155.76  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                | TECK RESOURCES-B               | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |   1989286 | NS      | $106765336.82 | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                                         | ARKEMA                         | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |     61976 | NS      | $3732324.99   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                               | SWATCH GROUP-BR                | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |    141261 | NS      | $33328777.96  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                          | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  17170642 | NS      | $48450721.33  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                          | ENGIE                          | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1311251 | NS      | $39149285.28  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Antero Resources Corp                             | ANTERO RESOURCES               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    536674 | NS      | $19518833.38  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    191869 | NS      | $22981109.48  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Brenntag SE                                       | BRENNTAG SE                    | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |    327680 | NS      | $19935964.84  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                         | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    325106 | NS      | $30665211.72  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                        | ZALANDO SE                     | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               | CORP              | DE        |    490362 | NS      | $14100550.53  | 0.40%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    354245 | NS      | $39062596.15  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tate & Lyle PLC                                   | TATE & LYLE                    | CUSIP: N/A<br>LEI: 2138008K14474WPKZ244       | Long             | EC               | CORP              | GB        |   6514650 | NS      | $33704568.61  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| APERAM SA                                         | APERAM                         | CUSIP: N/A<br>LEI: 5493001136GE6L4R7M63       | Long             | EC               | CORP              | NL        |    278928 | NS      | $12001842.99  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Esentia Energy Development SAB de CV              | ESENTIA ENERGY D               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |   5636331 | NS      | $15967884.40  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                         | BIDU-SW                        | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |   3012921 | NS      | $57750338.54  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   1061129 | NS      | $49310664.63  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    135850 | NS      | $11333836.98  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Nextpower Inc                                     | NEXTPOWER INC-A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117856 | NS      | $13799759.04  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   9152077 | NS      | $47864480.13  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                   | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |  17873492 | NS      | $50705664.45  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                                     | WESTLAKE CORP                  | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |    653750 | NS      | $51855450.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammerson PLC                                     | HAMMERSON PLC                  | CUSIP: G4273Q164<br>LEI: 213800G1C9KKVVDN1A60 | Long             | EC               | CORP              | GB        |   6645069 | NS      | $32266268.15  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Travis Perkins PLC                                | TRAVIS PERKINS                 | CUSIP: G90202139<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |   1418842 | NS      | $12145320.06  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1516450 | NS      | $40094938.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                                          | HAYS PLC                       | CUSIP: N/A<br>LEI: 213800QC8AWD4BO8TH08       | Long             | EC               | CORP              | GB        |  19724846 | NS      | $12826547.32  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                        | JD-SW                          | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |   2790095 | NS      | $39788542.68  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                   | CEMEX SAB-SP ADR               | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | US        |   2982835 | NS      | $37225780.80  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hikma Pharmaceuticals PLC                         | HIKMA PHARMACEUT               | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |   1280112 | NS      | $26852100.95  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT Ltd                                         | ASMPT LTD                      | CUSIP: N/A<br>LEI: 529900PYFA1HFYKPT360       | Long             | EC               | CORP              | HK        |   2240337 | NS      | $29877100.20  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1141973 | NS      | $24293861.69  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Domino's Pizza Group PLC                          | DOMINO'S PIZZA G               | CUSIP: G28113101<br>LEI: 213800Q6ZKHAOV48JL75 | Long             | EC               | CORP              | GB        |   6473380 | NS      | $16152527.75  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT              | BANK NEGARA INDO               | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |  33178781 | NS      | $8905353.52   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    549283 | NS      | $21114170.02  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   2057286 | NS      | $205728567.90 | 5.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                             | VALTERRA PLATINU               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | GB        |    320867 | NS      | $28938111.61  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                              | FREEPORT-MCMORAN               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    294200 | NS      | $17719666.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LunR Royalties Corp                               | LUNR ROYALTIES C               | CUSIP: 550428106<br>LEI: 529900Q168TQRO7FZ844 | Long             | EC               | CORP              | CA        |    281113 | NS      | $3716104.73   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                       | HEINEKEN NV                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    884960 | NS      | $73053150.54  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnum Ice Cream Co NV/The                        | MAGNUM ICE CREAM               | CUSIP: N/A<br>LEI: 25490052LLF3XH6G9847       | Long             | EC               | CORP              | GB        |    171261 | NS      | $3040626.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                           | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   3151409 | NS      | $81500667.36  | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                   | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |    543184 | NS      | $15962219.75  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                             | INTACT FINANCIAL               | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |     48865 | NS      | $8896649.03   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                           | AMERICA MOVIL-B                | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  30764032 | NS      | $31704063.65  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    238211 | NS      | $78743028.16  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                            | DIAMONDBACK ENER               | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    228264 | NS      | $37423882.80  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                        | FLUOR CORP                     | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    205400 | NS      | $9487426.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                      | BRIT AMER TOBACC               | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    947003 | NS      | $57211861.97  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagegroup PLC                                     | PAGEGROUP PLC                  | CUSIP: N/A<br>LEI: 213800JK5ZEQW4AB8G71       | Long             | EC               | CORP              | GB        |   4709971 | NS      | $13309032.86  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                   | SERCO GROUP                    | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   7755674 | NS      | $31844287.32  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   4785948 | NS      | $78610375.80  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                             | MOLINA HEALTHCAR               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |    562974 | NS      | $101104500.66 | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA                              | NATURA                         | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   9974616 | NS      | $16621990.85  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co Ltd                                 | SK TELECOM                     | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |   1981899 | NS      | $99879726.38  | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                | VOYA FINANCIAL I               | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    204517 | NS      | $15678273.22  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO PLC                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    444174 | NS      | $40523919.38  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Foran Mining Corp                                 | FORAN MINING CRP               | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |  11214733 | NS      | $54276128.57  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    732384 | NS      | $25225036.66  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    761160 | NS      | $51781279.98  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMCO Corp                                        | SUMCO CORP                     | CUSIP: N/A<br>LEI: 353800SUSRUOM0V6KU92       | Long             | EC               | CORP              | JP        |   1552140 | NS      | $16204370.51  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                       | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | US        |   1082729 | NS      | $74589200.81  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                | LUNDIN MINING CO               | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   1265912 | NS      | $31934841.70  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                                | DERWENT LONDON                 | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |   1314574 | NS      | $34818659.89  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                                         | RAIZEN SA - PN                 | CUSIP: N/A<br>LEI: 5493000WQL3QP7QXX484       | Long             | EP               | CORP              | BR        |  58756300 | NS      | $11499499.12  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                      | GLENCORE PLC                   | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  13558898 | NS      | $92435840.51  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    159892 | NS      | $11915151.84  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                     | UNIVERSAL HLTH-B               | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     60845 | NS      | $12245664.70  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                               | UNITE GROUP/THE                | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        |   1439021 | NS      | $11191821.11  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                 | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  17751996 | NS      | $71895583.80  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                      | CENTENE CORP                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    884132 | NS      | $38300598.24  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    609194 | NS      | $55125965.06  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                               | BARRICK MINING C               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |   4643607 | NS      | $212630764.53 | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                         | ARCHER-DANIELS                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    534676 | NS      | $35989041.56  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   3235288 | NS      | $150013233.05 | 4.23%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    113862 | NS      | $25678158.24  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                               | SOC GENERALE SA                | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |    756085 | NS      | $66255359.82  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                          | MITSUBISHI ESTAT               | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    526440 | NS      | $13416811.23  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                | EXPAND ENERGY CO               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    136809 | NS      | $15378699.69  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    110397 | NS      | $11039707.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer