# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-26-000209
**Filing Date:** 2026-6
**Character Count:** 52844
**Document Hash:** cef3b7ccb9cac7a1bbc356b05f2b6ef8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-26-000209.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0000734383-26-000209

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20270131

**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:** 261128171

**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           |

## Nport-Ex

Vanguard<sup>®</sup> Global Capital Cycles Fund

Schedule of Investments (unaudited)

As of April 30, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** | **Common Stocks (98.6%)** |
| **Australia (2.3%)** | **Australia (2.3%)** | **Australia (2.3%)** | **Australia (2.3%)** |
|  | BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877661 | &nbsp;&nbsp;&nbsp;&nbsp;34737 |
| <sup>1</sup> | BHP Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396551 | &nbsp;&nbsp;&nbsp;&nbsp;31447 |
| <sup>\*</sup> | Bellevue Gold Ltd. | &nbsp;&nbsp;19770189 | &nbsp;&nbsp;&nbsp;&nbsp;21495 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**87679** |
| **Brazil (5.5%)** | **Brazil (5.5%)** | **Brazil (5.5%)** | **Brazil (5.5%)** |
|  | Banco Bradesco SA ADR | &nbsp;&nbsp;15470976 | &nbsp;&nbsp;&nbsp;&nbsp;60028 |
|  | Ambev SA | &nbsp;&nbsp;17170642 | &nbsp;&nbsp;&nbsp;&nbsp;50314 |
|  | Lojas Renner SA | &nbsp;&nbsp;17873492 | &nbsp;&nbsp;&nbsp;&nbsp;49089 |
|  | Suzano SA | &nbsp;&nbsp;&nbsp;&nbsp;3712021 | &nbsp;&nbsp;&nbsp;&nbsp;32864 |
| <sup>\*</sup> | Natura Cosmeticos SA | &nbsp;&nbsp;&nbsp;&nbsp;9974616 | &nbsp;&nbsp;&nbsp;&nbsp;20526 |
|  |  |  | &nbsp;&nbsp;**212821** |
| **Canada (10.0%)** | **Canada (10.0%)** | **Canada (10.0%)** | **Canada (10.0%)** |
|  | Teck Resources Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1989286 | &nbsp;&nbsp;116134 |
|  | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1082729 | &nbsp;&nbsp;&nbsp;&nbsp;82287 |
|  | Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1180078 | &nbsp;&nbsp;&nbsp;&nbsp;46424 |
|  | Eldorado Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1265021 | &nbsp;&nbsp;&nbsp;&nbsp;39086 |
| <sup>\*</sup> | Hemlo Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7952942 | &nbsp;&nbsp;&nbsp;&nbsp;30738 |
| <sup>\*,1</sup> | Abaxx Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637763 | &nbsp;&nbsp;&nbsp;&nbsp;26528 |
| <sup>\*,1</sup> | LunR Royalties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1338423 | &nbsp;&nbsp;&nbsp;&nbsp;22712 |
|  | Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851737 | &nbsp;&nbsp;&nbsp;&nbsp;21859 |
|  |  |  | &nbsp;&nbsp;**385768** |
| **China (6.8%)** | **China (6.8%)** | **China (6.8%)** | **China (6.8%)** |
| <sup>\*</sup> | Baidu Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5700700 | &nbsp;&nbsp;&nbsp;&nbsp;90020 |
|  | Zijin Mining Group Co. Ltd. Class H | &nbsp;&nbsp;13584154 | &nbsp;&nbsp;&nbsp;&nbsp;63085 |
|  | JD.com Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2790095 | &nbsp;&nbsp;&nbsp;&nbsp;42270 |
|  | China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp;13482713 | &nbsp;&nbsp;&nbsp;&nbsp;30026 |
|  | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1141973 | &nbsp;&nbsp;&nbsp;&nbsp;18821 |
| <sup>\*</sup> | DiDi Global Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;3313582 | &nbsp;&nbsp;&nbsp;&nbsp;12061 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;18413764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8116 |
|  |  |  | &nbsp;&nbsp;**264399** |
| **France (5.6%)** | **France (5.6%)** | **France (5.6%)** | **France (5.6%)** |
|  | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674921 | &nbsp;&nbsp;&nbsp;&nbsp;54331 |
|  | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554715 | &nbsp;&nbsp;&nbsp;&nbsp;40485 |
|  | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;1195504 | &nbsp;&nbsp;&nbsp;&nbsp;39407 |
|  | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385811 | &nbsp;&nbsp;&nbsp;&nbsp;36103 |
|  | IPSOS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504614 | &nbsp;&nbsp;&nbsp;&nbsp;21401 |
|  | APERAM SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278928 | &nbsp;&nbsp;&nbsp;&nbsp;14920 |
|  | Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66813 | &nbsp;&nbsp;&nbsp;&nbsp;10425 |
|  |  |  | &nbsp;&nbsp;**217072** |
| **Germany (3.2%)** | **Germany (3.2%)** | **Germany (3.2%)** | **Germany (3.2%)** |
| <sup>1</sup> | Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944016 | &nbsp;&nbsp;&nbsp;&nbsp;68748 |
| <sup>1</sup> | Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284874 | &nbsp;&nbsp;&nbsp;&nbsp;31261 |
| <sup>\*,2</sup> | Zalando SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948466 | &nbsp;&nbsp;&nbsp;&nbsp;23427 |
|  |  |  | &nbsp;&nbsp;**123436** |
| **Hong Kong (1.2%)** | **Hong Kong (1.2%)** | **Hong Kong (1.2%)** | **Hong Kong (1.2%)** |
|  | ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2240337 | &nbsp;&nbsp;&nbsp;&nbsp;46929 |
| **Indonesia (0.2%)** | **Indonesia (0.2%)** | **Indonesia (0.2%)** | **Indonesia (0.2%)** |
|  | Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp;33178781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149 |
| **Israel (1.3%)** | **Israel (1.3%)** | **Israel (1.3%)** | **Israel (1.3%)** |
| <sup>\*,1</sup> | Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688539 | &nbsp;&nbsp;&nbsp;&nbsp;51427 |
| **Japan (1.0%)** | **Japan (1.0%)** | **Japan (1.0%)** | **Japan (1.0%)** |
|  | SUMCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1552140 | &nbsp;&nbsp;&nbsp;&nbsp;24764 |
|  | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526440 | &nbsp;&nbsp;&nbsp;&nbsp;15003 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**39767** |
| **Mexico (3.2%)** | **Mexico (3.2%)** | **Mexico (3.2%)** | **Mexico (3.2%)** |
|  | America Movil SAB de CV Class B | &nbsp;&nbsp;64820721 | &nbsp;&nbsp;&nbsp;&nbsp;86126 |
|  | Cemex SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;1614740 | &nbsp;&nbsp;&nbsp;&nbsp;19861 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*</sup> | Esentia Energy Development SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;5636331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**125185** |
| **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** |
|  | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72737 |
| **South Africa (4.6%)** | **South Africa (4.6%)** | **South Africa (4.6%)** | **South Africa (4.6%)** |
|  | Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;1344629 | &nbsp;&nbsp;&nbsp;&nbsp;126032 |
|  | Valterra Platinum Ltd. (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26068 |
|  | Valterra Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25097 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**177197** |
| **South Korea (5.5%)** | **South Korea (5.5%)** | **South Korea (5.5%)** | **South Korea (5.5%)** |
|  | SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1745663 | &nbsp;&nbsp;&nbsp;&nbsp;113123 |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98691 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**211814** |
| **Switzerland (1.2%)** | **Switzerland (1.2%)** | **Switzerland (1.2%)** | **Switzerland (1.2%)** |
|  | Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32791 |
|  | Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45308** |
| **Taiwan (2.4%)** | **Taiwan (2.4%)** | **Taiwan (2.4%)** | **Taiwan (2.4%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94346 |
| **United Kingdom (26.1%)** | **United Kingdom (26.1%)** | **United Kingdom (26.1%)** | **United Kingdom (26.1%)** |
|  | Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;3235288 | &nbsp;&nbsp;&nbsp;&nbsp;160098 |
|  | Glencore plc | &nbsp;&nbsp;18313787 | &nbsp;&nbsp;&nbsp;&nbsp;142332 |
|  | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;3151409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82622 |
|  | Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;4785948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72122 |
|  | Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68143 |
|  | Rio Tinto plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61702 |
|  | British American Tobacco plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55774 |
|  | Hikma Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;2567787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48821 |
|  | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44387 |
|  | Haleon plc | &nbsp;&nbsp;&nbsp;&nbsp;9152077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42263 |
|  | Derwent London plc | &nbsp;&nbsp;&nbsp;&nbsp;1727191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40411 |
|  | Tate & Lyle plc | &nbsp;&nbsp;&nbsp;&nbsp;6514650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32514 |
|  | Hammerson plc | &nbsp;&nbsp;&nbsp;&nbsp;6645069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29828 |
|  | Serco Group plc | &nbsp;&nbsp;&nbsp;&nbsp;7755674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29770 |
|  | Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24974 |
| <sup>1</sup> | Domino's Pizza Group plc | &nbsp;&nbsp;&nbsp;&nbsp;6473380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17093 |
|  | Travis Perkins plc | &nbsp;&nbsp;&nbsp;&nbsp;1418842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10073 |
|  | UNITE Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1439021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068 |
|  | Hays plc | &nbsp;&nbsp;19724846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934 |
|  | Pagegroup plc | &nbsp;&nbsp;&nbsp;&nbsp;4709971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8587 |
|  | Mondi plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8422 |
|  | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8298 |
|  |  |  | &nbsp;&nbsp;**1006236** |
| **United States (16.6%)** | **United States (16.6%)** | **United States (16.6%)** | **United States (16.6%)** |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562974 | &nbsp;&nbsp;&nbsp;&nbsp;109566 |
|  | American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95674 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56042 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47469 |
|  | Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46938 |
|  | Pfizer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1516450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40489 |
|  | Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37132 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30355 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;1255230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29209 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27021 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26307 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22988 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17619 |
|  | Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16762 |
| <sup>\*</sup> | Nextpower Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14040 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**639428** |
| **Total Common Stocks (Cost $2,966,229)** | **Total Common Stocks (Cost $2,966,229)** | **Total Common Stocks (Cost $2,966,229)** | **3808698** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** | **Temporary Cash Investments (3.8%)** |
| **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** | **Money Market Fund (3.8%)** |
| <sup>3,4</sup> | Vanguard Market Liquidity Fund<br> **(Cost $145,042)** | &nbsp;&nbsp;3.685% | &nbsp;&nbsp;1450567 | &nbsp;&nbsp;&nbsp;&nbsp;**145042** |
| **Total Investments (102.4%) (Cost $3,111,271)** | **Total Investments (102.4%) (Cost $3,111,271)** | **Total Investments (102.4%) (Cost $3,111,271)** |  | &nbsp;&nbsp;**3953740** |
| **Other Assets and Liabilities—Net (-2.4%)** | **Other Assets and Liabilities—Net (-2.4%)** | **Other Assets and Liabilities—Net (-2.4%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(92647)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**3861093** |

---

---

| | |
|:---|:---|
| Cost is in $000. | Cost is in $000. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $92,324. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2026, the aggregate value was $23,427, representing 0.6% of net assets. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $96,441 was received for securities on loan. |

---

ADR—American Depositary Receipt.

------

A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

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

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

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

The following table summarizes the market value of the fund's investments as of April 30, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 1363202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1363202 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;377015 | &nbsp;&nbsp;&nbsp;2068481 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2445496 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;145042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;145042 |
| Total | 1885259 | &nbsp;&nbsp;&nbsp;2068481 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3953740 |

---

## 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:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $3873158462.02

**Total Liabilities:** $8471605.16

**Net Assets:** $3864686856.86

**Cash Not Reported:** $2553351.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008009 | 6.60%                | -7.85%               | 5.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $83535768.10             | $155975173.33                              |
| Month 2  | $93193348.62             | $-428920143.67                             |
| Month 3  | $75406851.35             | $131096541.89                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    191869 | NS      | $26307158.59  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                                | DERWENT LONDON                 | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |   1727191 | NS      | $40410621.50  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                      | BRIT AMER TOBACC               | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    947003 | NS      | $55773581.05  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co Inc                       | AMERICAN WATER W               | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    745010 | NS      | $95674184.20  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                             | ANTERO RESOURCES               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    448770 | NS      | $17618710.20  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                         | ARCHER-DANIELS                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    407227 | NS      | $30354700.58  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                                          | HAYS PLC                       | CUSIP: N/A<br>LEI: 213800QC8AWD4BO8TH08       | Long             | EC               | CORP              | GB        |  19724846 | NS      | $8933656.28   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                               | BARRICK MINING C               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |   1180078 | NS      | $46424268.52  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                               | UNITE GROUP/THE                | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        |   1439021 | NS      | $9068382.12   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   4785948 | NS      | $72122077.02  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO PLC                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    676445 | NS      | $68142755.50  | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                   | SERCO GROUP                    | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   7755674 | NS      | $29769941.86  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    159892 | NS      | $13317404.68  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                                   | CEMEX SAB-SP ADR               | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | US        |   1614740 | NS      | $19861302.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                      | CENTENE CORP                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    884132 | NS      | $47469047.08  | 1.23%             |  |  |  | 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      | $94345848.66  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP-ADR                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | US        |    396551 | NS      | $31446494.30  | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Diamondback Energy Inc                            | DIAMONDBACK ENER               | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    228264 | NS      | $46937926.32  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO-ADR                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | US        |    614069 | NS      | $61701653.12  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                | LUNDIN MINING CO               | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    851737 | NS      | $21858542.95  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                | TECK RESOURCES-B               | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |   1989286 | NS      | $116133823.98 | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagegroup PLC                                     | PAGEGROUP PLC                  | CUSIP: N/A<br>LEI: 213800JK5ZEQW4AB8G71       | Long             | EC               | CORP              | GB        |   4709971 | NS      | $8587204.07   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    113862 | NS      | $22987599.18  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                              | FREEPORT-MCMORAN               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    147100 | NS      | $8499438.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sopra Steria Group                                | SOPRA STERIA GRO               | CUSIP: N/A<br>LEI: 96950020QIOHAAK9V551       | Long             | EC               | CORP              | FR        |     66813 | NS      | $10425055.69  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                         | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    385811 | NS      | $36102833.89  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    513297 | NS      | $56041766.46  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                               | SOC GENERALE SA                | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |    674921 | NS      | $54331180.32  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT Ltd                                         | ASMPT LTD                      | CUSIP: N/A<br>LEI: 529900PYFA1HFYKPT360       | Long             | EC               | CORP              | HK        |   2240337 | NS      | $46929272.52  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                             | MOLINA HEALTHCAR               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |    562974 | NS      | $109565999.88 | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    732384 | NS      | $28987276.17  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Co/The                                     | MOSAIC CO/THE                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |   1255230 | NS      | $29209202.10  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co Ltd                                 | SK TELECOM                     | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |   1745663 | NS      | $113122633.62 | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Viper Energy Inc                                  | VIPER ENERGY I-A               | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    751964 | NS      | $37131982.32  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc                                     | NEXTPOWER INC-A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117856 | NS      | $14040185.28  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Co Ltd                          | MITSUBISHI ESTAT               | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    526440 | NS      | $15002614.38  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                       | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | US        |   1082729 | NS      | $82287404.00  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd                         | ZIJIN MINING-H                 | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | HK        |  13584154 | NS      | $63084834.92  | 1.63%             |  |  |  | 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      | $7148665.70   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Weigao Group Medical Polymer Co Ltd      | SHANDONG WEIG-H                | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | HK        |  18413764 | NS      | $8115459.99   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd                             | VALTERRA PLATINU               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |    311594 | NS      | $25096719.41  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    655373 | NS      | $98691105.51  | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                   | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |    543184 | NS      | $12517671.94  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1516450 | NS      | $40489215.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                               | SWATCH GROUP-BR                | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |    141261 | NS      | $32790710.95  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                       | HEINEKEN NV                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    934327 | NS      | $72737210.07  | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold Inc                                    | ROYAL GOLD INC                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    115783 | NS      | $27021436.54  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                                | VOYA FINANCIAL I               | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    204517 | NS      | $16762213.32  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                                 | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  15470976 | NS      | $60027386.88  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA                              | NATURA                         | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   9974616 | NS      | $20526139.39  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                        | MENGNIU DAIRY                  | CUSIP: N/A<br>LEI: 2549005Q343BSJ8RSS21       | Long             | EC               | CORP              | HK        |  13482713 | NS      | $30026159.13  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzano SA                                         | SUZANO SA                      | CUSIP: P8T20U187<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |   3416301 | NS      | $30245695.67  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                          | ENGIE                          | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1195504 | NS      | $39406884.78  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                   | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |  17873492 | NS      | $49089117.33  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                         | BIDU-SW                        | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |   5700700 | NS      | $90019844.92  | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                         | HIKMA PHARMACEUT               | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |   2567787 | NS      | $48821328.65  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMCO Corp                                        | SUMCO CORP                     | CUSIP: N/A<br>LEI: 353800SUSRUOM0V6KU92       | Long             | EC               | CORP              | JP        |   1552140 | NS      | $24763854.40  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Arkema SA                                         | ARKEMA                         | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |    554715 | NS      | $40485292.51  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wacker Chemie AG                                  | WACKER CHEMIE AG               | CUSIP: N/A<br>LEI: 0NURKC5Q3CJYZPPK5046       | Long             | EC               | CORP              | DE        |    284874 | NS      | $31260695.61  | 0.81%             |  |  |  | No            |                  2 | On Loan: —       |
| IPSOS SA                                          | IPSOS                          | CUSIP: F5310M109<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |    504614 | NS      | $21400581.80  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                      | GLENCORE PLC                   | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  18313787 | NS      | $142331788.11 | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                       | BRENNTAG SE                    | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |    944016 | NS      | $68747958.78  | 1.78%             |  |  |  | No            |                  2 | On Loan: —       |
| APERAM SA                                         | APERAM                         | CUSIP: N/A<br>LEI: 5493001136GE6L4R7M63       | Long             | EC               | CORP              | NL        |    278928 | NS      | $14920331.59  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Bellevue Gold Ltd                                 | BELLEVUE GOLD LT               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  19770189 | NS      | $21495112.55  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                          | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  17170642 | NS      | $50314232.28  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                                | ELDORADO GOLD                  | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |   1265021 | NS      | $39086341.05  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1141973 | NS      | $18820872.95  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Travis Perkins PLC                                | TRAVIS PERKINS                 | CUSIP: G90202139<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |   1418842 | NS      | $10073461.14  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                        | JD-SW                          | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |   2790095 | NS      | $42270284.40  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| DiDi Global Inc                                   | DIDI GLOBAL INC                | CUSIP: N/A<br>LEI: 8368006Y2DHY77ADSY31       | Long             | EC               | CORP              | US        |   3313582 | NS      | $12061438.48  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                           | AMERICA MOVIL-B                | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  64820721 | NS      | $86125822.73  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                                         | MONDI PLC                      | CUSIP: G6258S107<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    815162 | NS      | $8421783.09   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   9152077 | NS      | $42263115.71  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                           | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   3151409 | NS      | $82621986.46  | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    549283 | NS      | $24974143.99  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Tate & Lyle PLC                                   | TATE & LYLE                    | CUSIP: N/A<br>LEI: 2138008K14474WPKZ244       | Long             | EC               | CORP              | GB        |   6514650 | NS      | $32514450.78  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Abaxx Technologies Inc                            | ABAXX TECHNOLOGIES INC         | CUSIP: 00258V308<br>LEI: 5299002EIVMNJ21B5K89 | Long             | EC               | CORP              | CA        |    637763 | NS      | $26527485.18  | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Zalando SE                                        | ZALANDO SE                     | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               | CORP              | DE        |    948466 | NS      | $23427028.88  | 0.61%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LunR Royalties Corp                               | LUNR ROYALTIES C               | CUSIP: 550428106<br>LEI: 529900Q168TQRO7FZ844 | Long             | EC               | CORP              | CA        |   1338423 | NS      | $22711856.41  | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Hammerson PLC                                     | HAMMERSON PLC                  | CUSIP: G4273Q164<br>LEI: 213800G1C9KKVVDN1A60 | Long             | EC               | CORP              | GB        |   6645069 | NS      | $29828432.83  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                             | ANGLOGOLD ASHANT               | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |   1344629 | NS      | $126032076.17 | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemlo Mining Corp                                 | HEMLO MINING COR               | CUSIP: 42366G104<br>LEI: 529900LAXG9T9UEN3T86 | Long             | EC               | CORP              | CA        |   7952942 | NS      | $30737987.63  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    130416 | NS      | $8298191.09   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   3235288 | NS      | $160098156.63 | 4.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd                             | VALTERRA PLATINU               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | GB        |    320867 | NS      | $26068246.76  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Esentia Energy Development SAB de CV              | ESENTIA ENERGY D               | CUSIP: N/A<br>LEI: 254900Q2VJTZZLC8UL64       | Long             | EC               | CORP              | MX        |   5636331 | NS      | $19198081.95  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    761160 | NS      | $44387151.36  | 1.15%             |  |  |  | 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      | $17092527.97  | 0.44%             |  |  |  | No            |                  2 | On Loan: —       |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    549200 | NS      | $54914523.40  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                    | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    688539 | NS      | $51426977.91  | 1.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   1026449 | NS      | $102634605.51 | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-25

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** My Trieu-Gatt

**Name of Signer:** My Trieu-Gatt

**Title:** Treasurer