# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-25-000147
**Filing Date:** 2025-12
**Character Count:** 45485
**Document Hash:** 174533813de4936a0402f7723d06689e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-25-000147.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000734383-25-000147

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251598969

**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 October 31, 2025

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 (98.4%)** | **Common Stocks (98.4%)** | **Common Stocks (98.4%)** | **Common Stocks (98.4%)** |
| **Australia (2.9%)** | **Australia (2.9%)** | **Australia (2.9%)** | **Australia (2.9%)** |
| <sup>1</sup> | BHP Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657622 | &nbsp;&nbsp;&nbsp;&nbsp;37517 |
|  | BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710719 | &nbsp;&nbsp;&nbsp;&nbsp;20262 |
| <sup>\*</sup> | Bellevue Gold Ltd. | &nbsp;&nbsp;19185358 | &nbsp;&nbsp;&nbsp;&nbsp;14711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**72490** |
| **Brazil (6.5%)** | **Brazil (6.5%)** | **Brazil (6.5%)** | **Brazil (6.5%)** |
|  | Banco Bradesco SA ADR | &nbsp;&nbsp;17226867 | &nbsp;&nbsp;&nbsp;&nbsp;58227 |
|  | Lojas Renner SA | &nbsp;&nbsp;17344769 | &nbsp;&nbsp;&nbsp;&nbsp;47843 |
|  | Ambev SA | &nbsp;&nbsp;16662711 | &nbsp;&nbsp;&nbsp;&nbsp;39365 |
| <sup>\*</sup> | Natura Cosmeticos SA | &nbsp;&nbsp;&nbsp;&nbsp;9679553 | &nbsp;&nbsp;&nbsp;&nbsp;16211 |
|  |  |  | &nbsp;&nbsp;**161646** |
| **Canada (16.9%)** | **Canada (16.9%)** | **Canada (16.9%)** | **Canada (16.9%)** |
|  | Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5410885 | &nbsp;&nbsp;177477 |
|  | Teck Resources Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2244032 | &nbsp;&nbsp;&nbsp;&nbsp;96270 |
| <sup>\*</sup> | Foran Mining Corp. | &nbsp;&nbsp;15389658 | &nbsp;&nbsp;&nbsp;&nbsp;41147 |
|  | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706356 | &nbsp;&nbsp;&nbsp;&nbsp;38461 |
|  | Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2309705 | &nbsp;&nbsp;&nbsp;&nbsp;37152 |
| <sup>\*,1</sup> | Abaxx Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634702 | &nbsp;&nbsp;&nbsp;&nbsp;18083 |
|  | Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8846 |
|  |  |  | &nbsp;&nbsp;**417436** |
| **China (2.8%)** | **China (2.8%)** | **China (2.8%)** | **China (2.8%)** |
| <sup>\*</sup> | Baidu Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3057480 | &nbsp;&nbsp;&nbsp;&nbsp;46279 |
|  | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1108192 | &nbsp;&nbsp;&nbsp;&nbsp;23581 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**69860** |
| **France (5.1%)** | **France (5.1%)** | **France (5.1%)** | **France (5.1%)** |
|  | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870420 | &nbsp;&nbsp;&nbsp;&nbsp;55203 |
|  | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315489 | &nbsp;&nbsp;&nbsp;&nbsp;31916 |
|  | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;1272463 | &nbsp;&nbsp;&nbsp;&nbsp;29792 |
|  | APERAM SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9432 |
|  |  |  | &nbsp;&nbsp;**126343** |
| **Hong Kong (0.9%)** | **Hong Kong (0.9%)** | **Hong Kong (0.9%)** | **Hong Kong (0.9%)** |
|  | ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2174065 | &nbsp;&nbsp;&nbsp;&nbsp;22884 |
| **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** |
|  | Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp;32197305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462 |
| **Japan (1.1%)** | **Japan (1.1%)** | **Japan (1.1%)** | **Japan (1.1%)** |
|  | SUMCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1506230 | &nbsp;&nbsp;&nbsp;&nbsp;15350 |
|  | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566870 | &nbsp;&nbsp;&nbsp;&nbsp;12013 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**27363** |
| **Mexico (2.6%)** | **Mexico (2.6%)** | **Mexico (2.6%)** | **Mexico (2.6%)** |
|  | America Movil SAB de CV Class B | &nbsp;&nbsp;29853989 | &nbsp;&nbsp;&nbsp;&nbsp;34051 |
|  | Cemex SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;2894599 | &nbsp;&nbsp;&nbsp;&nbsp;29380 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**63431** |
| **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** | **Netherlands (1.9%)** |
|  | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600107 | &nbsp;&nbsp;&nbsp;&nbsp;46468 |
| **South Africa (2.5%)** | **South Africa (2.5%)** | **South Africa (2.5%)** | **South Africa (2.5%)** |
|  | Valterra Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644302 | &nbsp;&nbsp;&nbsp;&nbsp;39849 |
|  | Valterra Platinum Ltd. (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344790 | &nbsp;&nbsp;&nbsp;&nbsp;21076 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**60925** |
| **South Korea (5.1%)** | **South Korea (5.1%)** | **South Korea (5.1%)** | **South Korea (5.1%)** |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1352959 | &nbsp;&nbsp;101845 |
|  | SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625204 | &nbsp;&nbsp;&nbsp;&nbsp;22890 |
|  |  |  | &nbsp;&nbsp;**124735** |
| **Switzerland (1.8%)** | **Switzerland (1.8%)** | **Switzerland (1.8%)** | **Switzerland (1.8%)** |
|  | Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137082 | &nbsp;&nbsp;&nbsp;&nbsp;28649 |
|  | Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527116 | &nbsp;&nbsp;&nbsp;&nbsp;14697 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**43346** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Taiwan (2.1%)** | **Taiwan (2.1%)** | **Taiwan (2.1%)** | **Taiwan (2.1%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52539 |
| **United Kingdom (25.8%)** | **United Kingdom (25.8%)** | **United Kingdom (25.8%)** | **United Kingdom (25.8%)** |
|  | Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;3139583 | &nbsp;&nbsp;&nbsp;&nbsp;118779 |
|  | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;3058186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71603 |
|  | Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;4644373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64594 |
|  | Rio Tinto plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63220 |
|  | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49862 |
|  | British American Tobacco plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47066 |
|  | Haleon plc | &nbsp;&nbsp;&nbsp;&nbsp;7521957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34979 |
|  | Tate & Lyle plc | &nbsp;&nbsp;&nbsp;&nbsp;6321937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32095 |
|  | Hammerson plc | &nbsp;&nbsp;&nbsp;&nbsp;6448499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25876 |
|  | Serco Group plc | &nbsp;&nbsp;&nbsp;&nbsp;7526250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25115 |
|  | Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 |
|  | Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19983 |
|  | Pagegroup plc | &nbsp;&nbsp;&nbsp;&nbsp;4570643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14187 |
|  | Travis Perkins plc | &nbsp;&nbsp;&nbsp;&nbsp;1376871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384 |
|  | Hays plc | &nbsp;&nbsp;13506396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10488 |
|  | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10084 |
|  | Domino's Pizza Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2886725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383 |
|  | UNITE Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**637673** |
| **United States (20.1%)** | **United States (20.1%)** | **United States (20.1%)** | **United States (20.1%)** |
| <sup>\*</sup> | Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1624627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64969 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51414 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41508 |
|  | Pfizer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1471591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36275 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1041596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32196 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31406 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27431 |
| <sup>\*</sup> | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24352 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22391 |
|  | Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21863 |
|  | Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19639 |
|  | Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17631 |
|  | Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15950 |
| <sup>\*</sup> | Molina Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15110 |
|  | Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14296 |
| <sup>\*</sup> | NEXTracker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13341 |
|  | Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12813 |
|  | Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12206 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12126 |
| <sup>\*</sup> | Fluor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9721 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**496638** |
| **Total Common Stocks (Cost $1,897,037)** | **Total Common Stocks (Cost $1,897,037)** | **Total Common Stocks (Cost $1,897,037)** | **2432239** |
| **Preferred Stocks (0.4%)** | **Preferred Stocks (0.4%)** | **Preferred Stocks (0.4%)** | **Preferred Stocks (0.4%)** |
| <sup>\*</sup> | Raizen SA Preference Shares<br> **(Cost $27,946)** | &nbsp;&nbsp;57018200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10068** |
|  | &nbsp;&nbsp;Coupon |  |  |
| **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** | **Temporary Cash Investments (1.5%)** |
| **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** | **Money Market Fund (1.5%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;4.141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35594** |
| **Total Investments (100.3%) (Cost $1,960,574)** | **Total Investments (100.3%) (Cost $1,960,574)** |  | &nbsp;&nbsp;**2477901** |
| **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6417)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**2471484** |

---

---

| | |
|:---|:---|
| 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 $26,291. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $27,117 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 October 31, 2025, 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 | 1139151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1139151 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;153276 | &nbsp;&nbsp;&nbsp;1139812 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1293088 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35594 |
| Total | 1338089 | &nbsp;&nbsp;&nbsp;1139812 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2477901 |

---

## 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:** 2025-10-31

**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:** $2475575199.45

**Total Liabilities:** $4733373.69

**Net Assets:** $2470841825.76

**Cash Not Reported:** $1565758.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008009 | 6.79%                | 11.69%               | 2.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2415439.27              | $118777307.73                              |
| Month 2  | $54574607.34             | $180568208.80                              |
| Month 3  | $98605735.26             | $-43170309.46                              |

### 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        |    881232 | NS      | $63219583.68  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Abaxx Technologies Inc                            | ABAXX TECHNOLOGIES INC         | CUSIP: 00258V308<br>LEI: 5299002EIVMNJ21B5K89 | Long             | EC               | CORP              | CA        |    634702 | NS      | $18083271.13  | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    830974 | NS      | $49862076.17  | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP-ADR                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | US        |    657622 | NS      | $37517335.10  | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1352959 | NS      | $101845638.68 | 4.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd                             | VALTERRA PLATINU               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |    644302 | NS      | $39849594.65  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Bellevue Gold Ltd                                 | BELLEVUE GOLD LT               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |  19185358 | NS      | $14711299.03  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold Inc                                    | ROYAL GOLD INC                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    112358 | NS      | $19639054.82  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                                  | VIPER ENERGY I-A               | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    380608 | NS      | $14295636.48  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                | TECK RESOURCES-B               | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |   2244032 | NS      | $96269940.78  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                               | SWATCH GROUP-BR                | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |    137082 | NS      | $28648317.70  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                          | AMBEV SA                       | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  16662711 | NS      | $39365246.30  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                          | ENGIE                          | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1272463 | NS      | $29792126.14  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Antero Resources Corp                             | ANTERO RESOURCES               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |   1041596 | NS      | $32195732.36  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    186193 | NS      | $22391570.18  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                         | SANOFI                         | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    315489 | NS      | $31915765.16  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                            | MARVELL TECHNOLO               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233228 | NS      | $21862792.72  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    205058 | NS      | $17630886.84  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tate & Lyle PLC                                   | TATE & LYLE                    | CUSIP: N/A<br>LEI: 2138008K14474WPKZ244       | Long             | EC               | CORP              | GB        |   6321937 | NS      | $32095466.76  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| APERAM SA                                         | APERAM                         | CUSIP: N/A<br>LEI: 5493001136GE6L4R7M63       | Long             | EC               | CORP              | NL        |    270676 | NS      | $9432326.55   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                         | BIDU-SW                        | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |   3057480 | NS      | $46278746.90  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   1778008 | NS      | $71102539.92  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                                    | NEXTRACKER-CL A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131798 | NS      | $13340593.56  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   7521957 | NS      | $34978844.65  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                   | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |  17344769 | NS      | $47843636.46  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                                     | WESTLAKE CORP                  | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |    177383 | NS      | $12205724.23  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammerson PLC                                     | HAMMERSON PLC                  | CUSIP: G4273Q164<br>LEI: 213800G1C9KKVVDN1A60 | Long             | EC               | CORP              | GB        |   6448499 | NS      | $25876029.66  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Travis Perkins PLC                                | TRAVIS PERKINS                 | CUSIP: G90202139<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |   1376871 | NS      | $11383967.62  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1471591 | NS      | $36274718.15  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                                          | HAYS PLC                       | CUSIP: N/A<br>LEI: 213800QC8AWD4BO8TH08       | Long             | EC               | CORP              | GB        |  13506396 | NS      | $10488221.42  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                   | CEMEX SAB-SP ADR               | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | US        |   2894599 | NS      | $29380179.85  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMPT Ltd                                         | ASMPT LTD                      | CUSIP: N/A<br>LEI: 529900PYFA1HFYKPT360       | Long             | EC               | CORP              | HK        |   2174065 | NS      | $22883747.42  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1108192 | NS      | $23580939.54  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Domino's Pizza Group PLC                          | DOMINO'S PIZZA G               | CUSIP: G28113101<br>LEI: 213800Q6ZKHAOV48JL75 | Long             | EC               | CORP              | GB        |   2886725 | NS      | $7382596.73   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT              | BANK NEGARA INDO               | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |  32197305 | NS      | $8462560.95   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    533034 | NS      | $19983138.37  | 0.81%             |  |  |  | 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        |    149417 | NS      | $14941685.10  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                             | VALTERRA PLATINU               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | GB        |    344790 | NS      | $21075671.13  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                              | FREEPORT-MCMORAN               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    382498 | NS      | $15950166.60  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                       | HEINEKEN NV                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    600107 | NS      | $46467664.57  | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    131831 | NS      | $10083632.14  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                           | GSK PLC                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   3058186 | NS      | $71602697.30  | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                   | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |    527116 | NS      | $14697258.07  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                             | INTACT FINANCIAL               | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |     47419 | NS      | $8845483.56   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                           | AMERICA MOVIL-B                | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  29853989 | NS      | $34050436.09  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    174880 | NS      | $52539198.40  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                        | FLUOR CORP                     | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    199324 | NS      | $9721031.48   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                      | BRIT AMER TOBACC               | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    918990 | NS      | $47066577.37  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagegroup PLC                                     | PAGEGROUP PLC                  | CUSIP: N/A<br>LEI: 213800JK5ZEQW4AB8G71       | Long             | EC               | CORP              | GB        |   4570643 | NS      | $14187117.15  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                   | SERCO GROUP                    | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   7526250 | NS      | $25114860.09  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   4644373 | NS      | $64594359.94  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                             | MOLINA HEALTHCAR               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     98718 | NS      | $15109777.08  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA                              | NATURA                         | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   9679553 | NS      | $16210703.17  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co Ltd                                 | SK TELECOM                     | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |    608900 | NS      | $22292977.87  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO PLC                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    340982 | NS      | $24581401.96  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Foran Mining Corp                                 | FORAN MINING CRP               | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |  15389658 | NS      | $41147351.25  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    710719 | NS      | $20261336.14  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMCO Corp                                        | SUMCO CORP                     | CUSIP: N/A<br>LEI: 353800SUSRUOM0V6KU92       | Long             | EC               | CORP              | JP        |   1506230 | NS      | $15349718.69  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                       | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | US        |    706356 | NS      | $38461084.20  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                | LUNDIN MINING CO               | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   2309705 | NS      | $37151577.34  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Raizen SA                                         | RAIZEN SA - PN                 | CUSIP: N/A<br>LEI: 5493000WQL3QP7QXX484       | Long             | EP               | CORP              | BR        |  57018200 | NS      | $10068363.09  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                   | CVS HEALTH CORP                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    155163 | NS      | $12125988.45  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                     | UNIVERSAL HLTH-B               | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     59045 | NS      | $12813355.45  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                               | UNITE GROUP/THE                | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        |    857155 | NS      | $6393710.58   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                 | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  17226867 | NS      | $58226810.46  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                      | CENTENE CORP                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    688506 | NS      | $24352457.22  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    591174 | NS      | $51414402.78  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                               | BARRICK MINING C               | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |   5410885 | NS      | $177477028.00 | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                         | ARCHER-DANIELS                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    518859 | NS      | $31406535.27  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   3139583 | NS      | $118778785.05 | 4.81%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    178772 | NS      | $47721397.68  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                               | SOC GENERALE SA                | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |    870420 | NS      | $55202606.40  | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                          | MITSUBISHI ESTAT               | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    566870 | NS      | $12013044.95  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                | EXPAND ENERGY CO               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    265524 | NS      | $27431284.44  | 1.11%             |  |  |  | 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        |    204994 | NS      | $20499406.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer