# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001752724-25-163087
**Filing Date:** 2025-6
**Character Count:** 40422
**Document Hash:** 105d3eed55a202888e730ad53b63d41a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-163087.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-163087

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**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:** 251090675

**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, 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 (96.1%)** | **Common Stocks (96.1%)** | **Common Stocks (96.1%)** | **Common Stocks (96.1%)** |
| **Australia (2.6%)** | **Australia (2.6%)** | **Australia (2.6%)** | **Australia (2.6%)** |
| <sup>1</sup> | BHP Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536939 | &nbsp;&nbsp;&nbsp;&nbsp;25531 |
|  | BHP Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694144 | &nbsp;&nbsp;&nbsp;&nbsp;16544 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**42075** |
| **Brazil (5.3%)** | **Brazil (5.3%)** | **Brazil (5.3%)** | **Brazil (5.3%)** |
|  | Lojas Renner SA | &nbsp;&nbsp;16940271 | &nbsp;&nbsp;&nbsp;&nbsp;43611 |
|  | Banco Bradesco SA ADR | &nbsp;&nbsp;16825119 | &nbsp;&nbsp;&nbsp;&nbsp;41390 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**85001** |
| **Canada (18.4%)** | **Canada (18.4%)** | **Canada (18.4%)** | **Canada (18.4%)** |
|  | Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6736714 | &nbsp;&nbsp;128267 |
|  | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571941 | &nbsp;&nbsp;&nbsp;&nbsp;32629 |
|  | Teck Resources Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805988 | &nbsp;&nbsp;&nbsp;&nbsp;27391 |
|  | Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123228 | &nbsp;&nbsp;&nbsp;&nbsp;27367 |
| <sup>\*</sup> | Foran Mining Corp. | &nbsp;&nbsp;10263956 | &nbsp;&nbsp;&nbsp;&nbsp;25090 |
|  | Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2255840 | &nbsp;&nbsp;&nbsp;&nbsp;18458 |
|  | Sandstorm Gold Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1755815 | &nbsp;&nbsp;&nbsp;&nbsp;15271 |
|  | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128290 | &nbsp;&nbsp;&nbsp;&nbsp;15084 |
| <sup>\*,1</sup> | Abaxx Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 |
|  |  |  | &nbsp;&nbsp;**295120** |
| **China (1.0%)** | **China (1.0%)** | **China (1.0%)** | **China (1.0%)** |
|  | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1082348 | &nbsp;&nbsp;&nbsp;&nbsp;16160 |
| **France (5.0%)** | **France (5.0%)** | **France (5.0%)** | **France (5.0%)** |
|  | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;1056707 | &nbsp;&nbsp;&nbsp;&nbsp;55096 |
|  | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;1242788 | &nbsp;&nbsp;&nbsp;&nbsp;25686 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**80782** |
| **Germany (0.9%)** | **Germany (0.9%)** | **Germany (0.9%)** | **Germany (0.9%)** |
|  | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9314 |
| <sup>1</sup> | Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**14951** |
| **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** |
|  | Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp;31446431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924 |
| **Japan (2.3%)** | **Japan (2.3%)** | **Japan (2.3%)** | **Japan (2.3%)** |
|  | Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1311920 | &nbsp;&nbsp;&nbsp;&nbsp;15042 |
|  | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660400 | &nbsp;&nbsp;&nbsp;&nbsp;11601 |
|  | SUMCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1471100 | &nbsp;&nbsp;&nbsp;&nbsp;10145 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**36788** |
| **Mexico (2.7%)** | **Mexico (2.7%)** | **Mexico (2.7%)** | **Mexico (2.7%)** |
|  | America Movil SAB de CV Class B | &nbsp;&nbsp;29157763 | &nbsp;&nbsp;&nbsp;&nbsp;25158 |
|  | Cemex SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;3062918 | &nbsp;&nbsp;&nbsp;&nbsp;18898 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**44056** |
| **South Africa (0.9%)** | **South Africa (0.9%)** | **South Africa (0.9%)** | **South Africa (0.9%)** |
|  | Anglo American Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414763 | &nbsp;&nbsp;&nbsp;&nbsp;14203 |
| **South Korea (3.0%)** | **South Korea (3.0%)** | **South Korea (3.0%)** | **South Korea (3.0%)** |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1217291 | &nbsp;&nbsp;&nbsp;&nbsp;47496 |
| **Sweden (0.7%)** | **Sweden (0.7%)** | **Sweden (0.7%)** | **Sweden (0.7%)** |
| <sup>\*</sup> | Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363059 | &nbsp;&nbsp;&nbsp;&nbsp;11124 |
| **Switzerland (4.4%)** | **Switzerland (4.4%)** | **Switzerland (4.4%)** | **Switzerland (4.4%)** |
|  | Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373666 | &nbsp;&nbsp;&nbsp;&nbsp;42619 |
| <sup>1</sup> | Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105802 | &nbsp;&nbsp;&nbsp;&nbsp;18361 |
|  | Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399849 | &nbsp;&nbsp;&nbsp;&nbsp;10407 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**71387** |
| **Taiwan (2.9%)** | **Taiwan (2.9%)** | **Taiwan (2.9%)** | **Taiwan (2.9%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277371 | &nbsp;&nbsp;&nbsp;&nbsp;46235 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **United Kingdom (28.9%)** | **United Kingdom (28.9%)** | **United Kingdom (28.9%)** | **United Kingdom (28.9%)** |
|  | Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;2246784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61334 |
|  | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51674 |
|  | Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;4536061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48231 |
|  | Fresnillo plc | &nbsp;&nbsp;&nbsp;&nbsp;3058347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40990 |
|  | British American Tobacco plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33789 |
|  | Rio Tinto plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33714 |
|  | Haleon plc | &nbsp;&nbsp;&nbsp;&nbsp;6026994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30327 |
|  | Tate & Lyle plc | &nbsp;&nbsp;&nbsp;&nbsp;3825631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28512 |
|  | Babcock International Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2104255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22669 |
|  | Glencore plc | &nbsp;&nbsp;&nbsp;&nbsp;6622966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21715 |
|  | Hammerson plc | &nbsp;&nbsp;&nbsp;&nbsp;6298113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21249 |
|  | Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16801 |
|  | Serco Group plc | &nbsp;&nbsp;&nbsp;&nbsp;7311944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16781 |
|  | Hays plc | &nbsp;&nbsp;11993420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11457 |
|  | Travis Perkins plc | &nbsp;&nbsp;&nbsp;&nbsp;1344761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038 |
|  | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311 |
|  | Pagegroup plc | &nbsp;&nbsp;&nbsp;&nbsp;1908238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6882 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**464474** |
| **United States (16.6%)** | **United States (16.6%)** | **United States (16.6%)** | **United States (16.6%)** |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 |
| <sup>\*</sup> | Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1017305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35433 |
|  | Pfizer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1183962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900 |
|  | Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26945 |
|  | Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22670 |
| <sup>\*</sup> | First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21969 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19702 |
|  | Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16944 |
|  | Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16770 |
| <sup>\*</sup> | NEXTracker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13305 |
| <sup>\*</sup> | Shoals Technologies Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3116917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11252 |
| <sup>\*</sup> | Fluor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6792 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**267262** |
| **Total Common Stocks (Cost $1,367,925)** | **Total Common Stocks (Cost $1,367,925)** | **Total Common Stocks (Cost $1,367,925)** | **1545038** |
| **Preferred Stocks (1.1%)** | **Preferred Stocks (1.1%)** | **Preferred Stocks (1.1%)** | **Preferred Stocks (1.1%)** |
|  | Raizen SA Preference Shares<br> **(Cost $27,649)** | &nbsp;&nbsp;55688500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17761** |
|  | &nbsp;&nbsp;Coupon |  |  |
| **Temporary Cash Investments (6.0%)** | **Temporary Cash Investments (6.0%)** | **Temporary Cash Investments (6.0%)** | **Temporary Cash Investments (6.0%)** |
| **Money Market Fund (6.0%)** | **Money Market Fund (6.0%)** | **Money Market Fund (6.0%)** | **Money Market Fund (6.0%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97214** |
| **Total Investments (103.2%) (Cost $1,492,787)** | **Total Investments (103.2%) (Cost $1,492,787)** |  | &nbsp;&nbsp;**1660013** |
| **Other Assets and Liabilities—Net (-3.2%)** | **Other Assets and Liabilities—Net (-3.2%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(52240)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**1607773** |

---

---

| | |
|:---|:---|
| 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 $44,092. |
| 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 $46,567 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, 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 | 691439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;691439 |
| Common Stocks—Other | 105480 | &nbsp;&nbsp;&nbsp;748119 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;853599 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;17761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17761 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;97214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97214 |
| Total | 911894 | &nbsp;&nbsp;&nbsp;748119 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1660013 |

---

## 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:** 2025-04-30

**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:** $1607800608.57

**Total Liabilities:** $936822.18

**Net Assets:** $1606863786.39

**Cash Not Reported:** $2675704.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008009 | 3.43%                | 2.71%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16090333.24             | $30697842.59                               |
| Month 2  | $35153386.33             | $1994576.23                                |
| Month 3  | $23954909.51             | $-8747477.57                               |

### 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      | $33713836.20  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                       | NOVARTIS AG-REG                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    373666 | NS      | $42619338.97  | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Abaxx Technologies Inc                            | ABAXX TECHNOLOGIES INC         | CUSIP: 00258V308<br>LEI: 5299002EIVMNJ21B5K89 | Long             | EC               | CORP              | CA        |    755600 | NS      | $5563136.52   | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Unilever PLC                                      | UNILEVER PLC                   | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    811595 | NS      | $51674164.55  | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP-ADR                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | US        |    536939 | NS      | $25531449.45  | 1.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1217291 | NS      | $47495698.52  | 2.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American Platinum Ltd                       | ANGLO AMERICAN P               | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |    414763 | NS      | $14203145.82  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd                                | TECK RESOURCES-B               | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    805988 | NS      | $27390496.01  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc                     | SHOALS TECHNOL-A               | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3116917 | NS      | $11252070.37  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                               | SWATCH GROUP-BR                | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |    105802 | NS      | $18361115.53  | 1.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Engie SA                                          | ENGIE                          | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1242788 | NS      | $25686345.71  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Antero Resources Corp                             | ANTERO RESOURCES               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |   1017305 | NS      | $35432733.15  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    181851 | NS      | $19701737.34  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                            | MARVELL TECHNOLO               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290283 | NS      | $16943818.71  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tate & Lyle PLC                                   | TATE & LYLE                    | CUSIP: N/A<br>LEI: 2138008K14474WPKZ244       | Long             | EC               | CORP              | GB        |   3825631 | NS      | $28512485.65  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                        | INTEL CORP                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    834352 | NS      | $16770475.20  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                                    | NEXTRACKER-CL A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    327621 | NS      | $13304688.81  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   6026994 | NS      | $30327043.59  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                   | LOJAS RENNER SA                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |  16940271 | NS      | $43610716.78  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammerson PLC                                     | HAMMERSON PLC                  | CUSIP: G4273Q164<br>LEI: 213800G1C9KKVVDN1A60 | Long             | EC               | CORP              | GB        |   6298113 | NS      | $21249291.65  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Travis Perkins PLC                                | TRAVIS PERKINS                 | CUSIP: G90202139<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |   1344761 | NS      | $10038061.15  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                        | PFIZER INC                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1183962 | NS      | $28900512.42  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                                          | HAYS PLC                       | CUSIP: N/A<br>LEI: 213800QC8AWD4BO8TH08       | Long             | EC               | CORP              | GB        |  11993420 | NS      | $11457342.14  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                   | CEMEX SAB-SP ADR               | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | US        |   3062918 | NS      | $18898204.06  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | BABA-W                         | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1082348 | NS      | $16159489.45  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT              | BANK NEGARA INDO               | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |  31446431 | NS      | $7924477.25   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    520603 | NS      | $16800766.34  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hensoldt AG                                       | HENSOLDT AG                    | CUSIP: N/A<br>LEI: 894500686FYLLZD3M624       | Long             | EC               | CORP              | DE        |     72760 | NS      | $5636628.99   | 0.35%             |  |  |  | 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        |    493464 | NS      | $49341473.66  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd                                | SANDSTORM GOLD                 | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |   1755815 | NS      | $15270725.26  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE               | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    128757 | NS      | $8310816.81   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                   | ADECCO GROUP AG                | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |    399849 | NS      | $10406554.93  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                             | INTACT FINANCIAL               | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |    123228 | NS      | $27367413.87  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                           | AMERICA MOVIL-B                | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  29157763 | NS      | $25157408.02  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |    277371 | NS      | $46234971.99  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                        | FLUOR CORP                     | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    194676 | NS      | $6792245.64   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                      | BRIT AMER TOBACC               | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    775722 | NS      | $33789162.31  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagegroup PLC                                     | PAGEGROUP PLC                  | CUSIP: N/A<br>LEI: 213800JK5ZEQW4AB8G71       | Long             | EC               | CORP              | GB        |   1908238 | NS      | $6882357.29   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                   | SERCO GROUP                    | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   7311944 | NS      | $16780676.33  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                    | PRUDENTIAL PLC                 | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   4536061 | NS      | $48230934.00  | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresnillo PLC                                     | FRESNILLO PLC                  | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |   3058347 | NS      | $40989672.30  | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Foran Mining Corp                                 | FORAN MINING CRP               | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |  10263956 | NS      | $25090332.02  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP GROUP LTD                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    694144 | NS      | $16543986.09  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMCO Corp                                        | SUMCO CORP                     | CUSIP: N/A<br>LEI: 353800SUSRUOM0V6KU92       | Long             | EC               | CORP              | JP        |   1471100 | NS      | $10144833.78  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                       | NUTRIEN LTD                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | US        |    286900 | NS      | $16367645.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                | LUNDIN MINING CO               | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   2255840 | NS      | $18457765.27  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                                 | BARRICK GOLD CRP               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |   6736714 | NS      | $128267034.56 | 7.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Raizen SA                                         | RAIZEN SA - PN                 | CUSIP: N/A<br>LEI: 5493000WQL3QP7QXX484       | Long             | EP               | CORP              | BR        |  55688500 | NS      | $17760972.84  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                      | GLENCORE PLC                   | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | GB        |   6622966 | NS      | $21714956.84  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                 | BRADESCO-ADR                   | CUSIP: N/A<br>LEI: 549300CTUU1RFXHQJE44       | Long             | EC               | CORP              | US        |  16825119 | NS      | $41389792.74  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    577387 | NS      | $41000250.87  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |   2246784 | NS      | $61333542.72  | 3.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC                   | BABCOCK INTL GRP               | CUSIP: N/A<br>LEI: 213800TSKOLX4EU6L377       | Long             | EC               | CORP              | GB        |   2104255 | NS      | $22668683.55  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co                         | ARCHER-DANIELS                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    116864 | NS      | $5580256.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                        | BOLIDEN AB                     | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |    363059 | NS      | $11124143.68  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                    | RHEINMETALL AG                 | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      5469 | NS      | $9313995.05   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    174603 | NS      | $21968549.46  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                                  | VIPER ENERGY INC               | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    562121 | NS      | $22670339.93  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Holdings Corp                           | PANASONIC HOLDIN               | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |   1311920 | NS      | $15042434.45  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                               | SOC GENERALE SA                | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |   1056707 | NS      | $55095634.24  | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                          | MITSUBISHI ESTAT               | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    660400 | NS      | $11600571.21  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                | EXPAND ENERGY CO               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    259332 | NS      | $26944594.80  | 1.68%             |  |  |  | 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        |    468431 | NS      | $46838433.69  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                            | AGNICO EAGLE MIN               | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |    128290 | NS      | $15084338.20  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer