NPORT-EX 2 vg_globalcapitalcycles.htm
Vanguard® Global Capital Cycles Fund
Schedule of Investments (unaudited)
As of October 31, 2022
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 (94.0%)
Australia (2.8%)
  BHP Group Ltd. ADR    409,441    19,579
  BHP Group Ltd. (XASX)    677,588    16,276
            35,855
Austria (0.8%)
*,1 BAWAG Group AG    200,181     9,664
Brazil (1.2%)
  Vale SA Class B ADR  1,154,895    14,944
Canada (17.4%)
  Barrick Gold Corp.  7,273,085   109,315
  Intact Financial Corp.    524,593    79,712
  Endeavour Mining plc  1,015,055    18,053
  Agnico Eagle Mines Ltd.    286,965    12,615
            219,695
China (3.1%)
  Ping An Insurance Group Co. of China Ltd. Class H 3,189,000 12,767
  Contemporary Amperex Technology Co. Ltd. Class A 189,139 9,706
* Baidu Inc. Class A 918,499 8,806
* Alibaba Group Holding Ltd. 696,900 5,418
* XPeng Inc. Class A ADR 296,216 1,961
            38,658
France (3.2%)
  STMicroelectronics NV 711,263 22,116
  Rubis SCA 830,232 18,854
            40,970
Germany (1.4%)
  Bayer AG (Registered) 333,267 17,524
Greece (0.5%)
* Public Power Corp. SA 1,080,483 6,820
India (1.1%)
  Power Grid Corp. of India Ltd. 4,859,017 13,406
Italy (2.3%)
  UniCredit SpA 2,313,397 28,689
Japan (1.8%)
  Mitsubishi UFJ Financial Group Inc. 2,247,800 10,618
  T&D Holdings Inc. 711,540 7,038
  Panasonic Holdings Corp. 793,400 5,651
            23,307
          Shares Market
Value
($000)
South Korea (1.6%)
* Coupang Inc. Class A  1,144,625    19,768
Sweden (1.4%)
  SKF AB Class B  1,252,691    18,133
Switzerland (2.4%)
  Novartis AG (Registered)    373,666    30,226
United Kingdom (21.0%)
  Glencore plc 12,529,707    71,834
  Anglo American plc  1,303,992    39,060
  Unilever plc    811,595    36,890
  Rio Tinto plc ADR    567,573    30,280
  Serco Group plc 10,766,538    20,136
  Standard Chartered plc  2,917,552    17,432
  Centamin plc 14,554,379    14,796
* Nomad Foods Ltd. 923,443 14,221
* Babcock International Group plc 4,009,566 12,665
* John Wood Group plc 3,183,272 5,118
  Fresnillo plc 224,117 1,874
            264,306
United States (32.0%)
  American Electric Power Co. Inc. 1,074,552 94,474
  BWX Technologies Inc. 1,201,722 68,474
  Schlumberger Ltd. 1,047,066 54,479
  Viper Energy Partners LP 1,212,762 40,446
* Enstar Group Ltd. 175,285 35,148
  Merck & Co. Inc. 267,474 27,068
  Intel Corp. 668,161 18,996
* Fluor Corp. 490,341 14,838
* Livent Corp. 455,181 14,370
  Exelon Corp. 331,845 12,806
* Diamond Offshore Drilling Inc. 1,165,041 11,476
  Mosaic Co. 205,876 11,066
* Metals Acquisition Corp. Warrants Exp. 7/12/26 330,300 86
            403,727
Total Common Stocks (Cost $1,178,276) 1,185,692
      Coupon      
Temporary Cash Investments (9.0%)
Money Market Fund (9.0%)
2 Vanguard Market Liquidity Fund
(Cost $113,248) 		3.117%   1,132,764 113,254
Total Investments (103.0%) (Cost $1,291,524)   1,298,946
Other Assets and Liabilities—Net (-3.0%)   (37,452)
Net Assets (100%)   1,261,494
Cost is in $000.
* Non-income-producing security.
1 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 October 31, 2022, the aggregate value was $9,664,000, representing 0.8% of net assets.
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.
  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 at their fair values calculated according to procedures adopted 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, 2022, 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 638,366 — — 638,366
Common Stocks—Other 85,809 461,517 — 547,326
Temporary Cash Investments 113,254 — — 113,254
Total 837,429 461,517 — 1,298,946