# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001752724-23-075069
**Filing Date:** 2023-3
**Character Count:** 21332
**Document Hash:** baa4d34f5f56f44bc9ba18d7ddcf608d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075069.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075069

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS
- **CENTRAL INDEX KEY:** 0000734383
- **IRS NUMBER:** 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:** 23784159

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-01-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1563014431.29

**Total Liabilities:** $43168953.19

**Net Assets:** $1519845478.10

**Cash Not Reported:** $200984.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008009 | 12.63%               | 0.01%                | 8.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $32678177.21             | $122255419.95                              |
| Month 2  | $2669276.40              | $-2439528.58                               |
| Month 3  | $1817393.76              | $111668172.37                              |

### 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        |    567573 | NS      | $45036917.55  | 2.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Enstar Group Ltd                                  | ENSTAR GROUP LTD               | CUSIP: G3075P101<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | US        |    175285 | NS      | $42471555.50  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                             | STMICROELECTRONI               | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | FR        |    355632 | NS      | $16746118.14  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Viper Energy Partners LP                          | VIPER ENERGY PAR               | CUSIP: 92763M105<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |   1212762 | NS      | $38505193.50  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-REG                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    373666 | NS      | $33782799.64  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                           | VALE SA-SP ADR                 | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | US        |   1154895 | NS      | $21573438.60  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI UFJ F               | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   2247800 | NS      | $16464868.65  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    811595 | NS      | $41309472.17  | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomad Foods Ltd                                   | NOMAD FOODS                    | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | US        |   2169446 | NS      | $38594444.34  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP-ADR                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | US        |    409441 | NS      | $28722286.15  | 1.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Rubis SCA                                         | RUBIS                          | CUSIP: F7937E106<br>LEI: 969500MGFIKUGLTC9742 | Long             | EC               | CORP              | FR        |    253412 | NS      | $7091810.14   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Power Corp SA                              | PUBLIC POWER COR               | CUSIP: N/A<br>LEI: 213800T9Y5XCOVRZ4Y57       | Long             | EC               | CORP              | GR        |   1080483 | NS      | $8607992.97   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Centamin PLC                                      | CENTAMIN PLC                   | CUSIP: N/A<br>LEI: 213800PDI9G7OUKLPV84       | Long             | EC               | CORP              | GB        |  14554379 | NS      | $19952105.70  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |   1074552 | NS      | $100964905.92 | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                                  | SCHLUMBERGER LTD               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    523533 | NS      | $29830910.34  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Offshore Drilling Inc                     | DIAMOND OFFSHORE               | CUSIP: 25271C201<br>LEI: F14FQJ2EEHW5VPYUHL14 | Long             | EC               | CORP              | US        |   1165041 | NS      | $13351369.86  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                     | AIA                            | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   1092248 | NS      | $12350755.96  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                    | MERCK & CO                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    267474 | NS      | $28729382.34  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-A                    | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | HK        |    792343 | NS      | $13319318.23  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                    | BAWAG GROUP AG                 | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | EC               | CORP              | AT        |    336663 | NS      | $20854543.11  | 1.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    920517 | NS      | $26013810.42  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   6026994 | NS      | $24152481.72  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                            | SKF AB- B SHARES               | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               | CORP              | SE        |   1252691 | NS      | $22170494.31  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc                                  | T&D HOLDING INC                | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |    711540 | NS      | $11389093.47  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BWX Technologies Inc                              | BWX TECHNOLOGIES               | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |   1201722 | NS      | $73136800.92  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GROUP HO               | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   2203244 | NS      | $30291672.54  | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                            | STANDARD CHARTER               | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |   2917552 | NS      | $24506323.12  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| XPeng Inc                                         | XPENG INC-A SHRS               | CUSIP: N/A<br>LEI: 549300TZNMIREMWQU857       | Long             | EC               | CORP              | HK        |    592432 | NS      | $3117975.11   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                              | ENDEAVOUR MINING               | CUSIP: G3040R158<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | CA        |    780755 | NS      | $18395903.39  | 1.21%             |  |  |  | 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        |   1095813 | NS      | $109570375.67 | 7.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hypoport SE                                       | HYPOPORT SE                    | CUSIP: N/A<br>LEI: 391200GNIFXXP6KRYQ46       | Long             | EC               | CORP              | DE        |     98728 | NS      | $13450339.33  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                     | UNICREDIT SPA                  | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |   1729248 | NS      | $33774171.24  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                             | INTACT FINANCIAL               | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |    270193 | NS      | $39198342.63  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wood Group PLC                               | JOHN WOOD GROUP                | CUSIP: G9745T118<br>LEI: 549300PLYY6I10B6S323 | Long             | EC               | CORP              | GB        |   7774205 | NS      | $13628932.44  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluor Corp                                        | FLUOR CORP                     | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    318722 | NS      | $11713033.50  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Serco Group PLC                                   | SERCO GROUP                    | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   6340665 | NS      | $11420454.28  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A               | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    189139 | NS      | $13119738.77  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresnillo PLC                                     | FRESNILLO PLC                  | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |   1020765 | NS      | $10368795.64  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                          | BAYER AG-REG                   | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    545555 | NS      | $33958035.71  | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Foran Mining Corp                                 | FORAN MINING CRP               | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |    314757 | NS      | $792481.27    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    677588 | NS      | $23730592.29  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd           | PING AN-H                      | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |   2920174 | NS      | $22683041.00  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                    | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    793662 | NS      | $13404951.18  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                                 | BARRICK GOLD CRP               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |   8017404 | NS      | $156740248.20 | 10.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                      | GLENCORE PLC                   | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |  10251133 | NS      | $68650689.15  | 4.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Metals Acquisition Corp                           | METALS ACQ -CW23               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    330300 | NS      | $232861.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   1303992 | NS      | $56241710.22  | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC                   | BABCOCK INTL GRP               | CUSIP: N/A<br>LEI: 213800TSKOLX4EU6L377       | Long             | EC               | CORP              | GB        |   4009566 | NS      | $15148402.51  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp                           | PANASONIC HOLDIN               | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |   2446600 | NS      | $22688229.94  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Exelon Corp                                       | EXELON CORP                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    331845 | NS      | $14000540.55  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                     | MOSAIC CO/THE                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    205876 | NS      | $10199097.04  | 0.67%             |  |  |  | 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        |    286412 | NS      | $28638300.88  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                            | AGNICO EAGLE MIN               | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | US        |    286965 | NS      | $16207783.20  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer