NPORT-EX 2 vg_globalcapitalcycles.htm
Vanguard® Global Capital Cycles Fund
Schedule of Investments (unaudited)
As of April 30, 2023
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.
          Shares Market
Value
($000)
Common Stocks (97.0%)
Australia (2.5%)
  BHP Group Ltd. (XASX)    677,588    20,109
1 BHP Group Ltd. ADR    293,870    17,350
            37,459
Austria (1.1%)
2 BAWAG Group AG    336,663    16,420
Brazil (2.9%)
1 Banco Bradesco SA ADR  9,155,105    25,634
  Vale SA Class B ADR  1,154,895    16,642
            42,276
Canada (15.6%)
  Barrick Gold Corp.  8,247,536   157,033
  Intact Financial Corp.    270,193    40,871
  Endeavour Mining plc 659,786 16,986
  Agnico Eagle Mines Ltd. 286,965 16,280
* Foran Mining Corp. 314,757 864
            232,034
China (5.9%)
* Alibaba Group Holding Ltd. 4,760,744 50,338
  Contemporary Amperex Technology Co. Ltd. Class A 667,150 22,325
  Sinoma Science & Technology Co. Ltd. Class A 4,953,200 15,120
            87,783
France (2.6%)
  Engie SA 2,381,666 38,117
Germany (5.6%)
  Rheinmetall AG 161,393 47,271
  Bayer AG (Registered) 545,555 36,005
            83,276
Greece (0.6%)
* Public Power Corp. SA 1,080,483 9,324
Italy (1.6%)
  UniCredit SpA 1,159,004 22,966
Japan (5.0%)
  Panasonic Holdings Corp. 2,446,600 23,044
  Nikon Corp. 1,472,202 15,218
  Mitsubishi UFJ Financial Group Inc. 2,247,800 14,070
  Ebara Corp. 321,200 14,053
          Shares Market
Value
($000)
  Rohm Co. Ltd.    111,000     8,357
            74,742
South Korea (2.9%)
  Samsung Electronics Co. Ltd.    884,279    43,510
Switzerland (2.6%)
  Novartis AG (Registered)    373,666    38,224
United Kingdom (21.5%)
  Glencore plc 13,182,846    77,814
  Unilever plc    811,595    45,191
* Nomad Foods Ltd.  2,398,268    45,087
  Anglo American plc  1,303,992    40,181
  Rio Tinto plc ADR    567,573    36,319
  Haleon plc  6,026,994    26,499
* John Wood Group plc  7,774,205    22,059
* Babcock International Group plc 4,009,566 16,028
  Fresnillo plc 1,210,683 10,835
            320,013
United States (26.6%)
  American Electric Power Co. Inc. 1,074,552 99,310
  BWX Technologies Inc. 1,318,456 85,146
  Intel Corp. 1,368,049 42,492
* Enstar Group Ltd. 175,285 42,174
  Viper Energy Partners LP 1,212,762 35,704
  Newmont Corp. 590,620 27,995
  Schlumberger NV 523,533 25,836
  Exelon Corp. 331,845 14,084
* Diamond Offshore Drilling Inc. 1,165,041 13,386
* Fluor Corp. 318,722 9,262
* Metals Acquisition Corp. Warrants Exp. 7/12/26 330,300 284
            395,673
Total Common Stocks (Cost $1,274,579) 1,441,817
      Coupon      
Temporary Cash Investments (3.8%)
Money Market Fund (3.8%)
3,4 Vanguard Market Liquidity Fund
(Cost $55,933) 		4.853%   559,389 55,933
Total Investments (100.8%) (Cost $1,330,512)   1,497,750
Other Assets and Liabilities—Net (-0.8%)   (12,313)
Net Assets (100%)   1,485,437
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 $17,746,000.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, the aggregate value was $16,420,000, representing 1.1% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Collateral of $18,783,000 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, 2023, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks—North and South America 669,983 — — 669,983
Common Stocks—Other 98,756 673,078 — 771,834
Temporary Cash Investments 55,933 — — 55,933
Total 824,672 673,078 — 1,497,750