Vanguard® Global Capital Cycles Fund
Schedule of Investments (unaudited)
As of April 30, 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 (98.2%) | ||||||
| Australia (3.1%) | ||||||
| 1 | BHP Group Ltd. ADR | 344,972 | 23,106 | |||
| BHP Group Ltd. | 677,588 | 22,642 | ||||
| 45,748 | ||||||
| Austria (0.6%) | ||||||
| *,2 | BAWAG Group AG | 200,181 | 9,505 | |||
| Brazil (2.4%) | ||||||
| Vale SA Class B ADR | 1,154,895 | 19,506 | ||||
| * | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1,801,888 | 16,199 | |||
| 35,705 | ||||||
| Canada (15.2%) | ||||||
| Barrick Gold Corp. | 5,047,189 | 112,603 | ||||
| Intact Financial Corp. | 659,738 | 92,296 | ||||
| Agnico Eagle Mines Ltd. | 243,910 | 14,203 | ||||
| Endeavour Mining plc | 293,241 | 7,176 | ||||
| 226,278 | ||||||
| China (2.0%) | ||||||
| Ping An Insurance Group Co. of China Ltd. Class H | 3,189,000 | 20,157 | ||||
| * | XPeng Inc. Class A ADR | 296,216 | 7,290 | |||
| * | Baidu Inc. Class A | 182,950 | 2,917 | |||
| 30,364 | ||||||
| France (4.0%) | ||||||
| STMicroelectronics NV | 1,016,089 | 37,542 | ||||
| Rubis SCA | 830,232 | 22,082 | ||||
| 59,624 | ||||||
| Germany (1.8%) | ||||||
| * | Bayer AG (Registered) | 333,267 | 21,952 | |||
| Brenntag SE | 73,153 | 5,645 | ||||
| 27,597 | ||||||
| India (6.8%) | ||||||
| Power Grid Corp. of India Ltd. | 24,170,822 | 71,627 | ||||
| Reliance Industries Ltd. | 818,485 | 29,655 | ||||
| 101,282 | ||||||
| Italy (1.4%) | ||||||
| UniCredit SpA | 2,313,397 | 21,411 | ||||
| Japan (2.0%) | ||||||
| Mitsubishi UFJ Financial Group Inc. | 2,247,800 | 13,067 | ||||
| T&D Holdings Inc. | 711,540 | 9,144 | ||||
| Shares | Market Value ($000) | |||||
| Panasonic Holdings Corp. | 793,400 | 7,072 | ||||
| 29,283 | ||||||
| South Africa (4.0%) | ||||||
| 1 | Gold Fields Ltd. ADR | 4,454,195 | 59,820 | |||
| South Korea (0.4%) | ||||||
| * | Coupang Inc. Class A | 424,800 | 5,467 | |||
| Spain (1.3%) | ||||||
| Grifols SA | 1,142,445 | 19,134 | ||||
| Sweden (1.1%) | ||||||
| SKF AB Class B | 1,035,246 | 16,908 | ||||
| Switzerland (2.2%) | ||||||
| Novartis AG (Registered) | 373,666 | 33,021 | ||||
| United Kingdom (18.4%) | ||||||
| * | Glencore plc | 15,621,324 | 96,253 | |||
| Anglo American plc | 1,303,992 | 57,755 | ||||
| 1 | Rio Tinto plc ADR | 490,390 | 34,877 | |||
| Unilever plc | 488,877 | 22,728 | ||||
| Serco Group plc | 10,766,538 | 20,361 | ||||
| Standard Chartered plc | 2,917,552 | 19,945 | ||||
| * | Babcock International Group plc | 4,009,566 | 15,308 | |||
| Centamin plc | 6,242,700 | 7,155 | ||||
| 274,382 | ||||||
| United States (31.5%) | ||||||
| American Electric Power Co. Inc. | 712,474 | 70,613 | ||||
| Medical Properties Trust Inc. | 2,496,769 | 45,916 | ||||
| Merck & Co. Inc. | 479,478 | 42,525 | ||||
| * | Enstar Group Ltd. | 175,285 | 41,323 | |||
| BWX Technologies Inc. | 753,632 | 39,129 | ||||
| Archer-Daniels-Midland Co. | 433,808 | 38,852 | ||||
| Viper Energy Partners LP | 1,212,762 | 34,843 | ||||
| Schlumberger NV | 714,535 | 27,874 | ||||
| * | Fluor Corp. | 1,085,118 | 26,857 | |||
| * | Salesforce Inc. | 151,031 | 26,572 | |||
| * | Livent Corp. | 1,174,668 | 25,091 | |||
| Intel Corp. | 480,934 | 20,964 | ||||
| Fortive Corp. | 266,231 | 15,308 | ||||
| Mosaic Co. | 205,876 | 12,851 | ||||
| * | Metals Acquisition Corp. Warrants Exp. 7/12/26 | 330,300 | 330 | |||
| 469,048 | ||||||
| Total Common Stocks (Cost $1,255,145) | 1,464,577 | |||||
| Coupon | Shares | Market Value ($000) | ||||
| Temporary Cash Investments (4.4%) | ||||||
| Money Market Fund (4.4%) | ||||||
| 3,4 | Vanguard Market Liquidity Fund (Cost $65,351) | 0.409% | 653,614 | 65,355 | ||
| Total Investments (102.6%) (Cost $1,320,496) | 1,529,932 | |||||
| Other Assets and Liabilities—Net (-2.6%) | (39,421) | |||||
| Net Assets (100%) | 1,490,511 | |||||
| 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 $17,871,000. |
| 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, 2022, the aggregate value was $9,505,000, representing 0.6% 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 $18,386,000 was received for securities on loan, of which $18,381,000 is held in Vanguard Market Liquidity Fund and $5,000 is held in cash. |
| 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 April 30, 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 | 731,031 | — | — | 731,031 |
| Common Stocks—Other | 130,560 | 602,986 | — | 733,546 |
| Temporary Cash Investments | 65,355 | — | — | 65,355 |
| Total | 926,946 | 602,986 | — | 1,529,932 |