Vanguard® International Core Stock Fund
Schedule of Investments (unaudited)
As of June 30, 2021
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 (99.0%) | ||||||
Australia (3.3%) | ||||||
Australia & New Zealand Banking Group Ltd. | 335,367 | 7,079 | ||||
BHP Group plc | 226,029 | 6,688 | ||||
Brambles Ltd. | 465,857 | 3,998 | ||||
17,765 | ||||||
Austria (0.5%) | ||||||
*,1 | BAWAG Group AG | 45,916 | 2,445 | |||
Brazil (2.0%) | ||||||
* | Banco Bradesco SA Preference Shares | 1,234,070 | 6,384 | |||
B3 SA - Brasil Bolsa Balcao | 1,362,200 | 4,607 | ||||
10,991 | ||||||
Canada (4.6%) | ||||||
Barrick Gold Corp. | 388,459 | 8,035 | ||||
Brookfield Asset Management Inc. Class A | 142,316 | 7,260 | ||||
Magna International Inc. | 55,151 | 5,106 | ||||
Canadian National Railway Co. | 43,434 | 4,583 | ||||
* | Brookfield Asset Management Reinsurance Partners Ltd. Class A | 981 | 52 | |||
25,036 | ||||||
China (10.7%) | ||||||
* | Alibaba Group Holding Ltd. | 302,040 | 8,564 | |||
China Merchants Bank Co. Ltd. Class H | 860,500 | 7,330 | ||||
ENN Energy Holdings Ltd. | 330,900 | 6,289 | ||||
China Longyuan Power Group Corp. Ltd. Class H | 3,387,000 | 5,831 | ||||
*,1 | CSC Financial Co. Ltd. Class H | 4,388,500 | 5,318 | |||
Zhongsheng Group Holdings Ltd. | 591,789 | 4,923 | ||||
* | Baidu Inc. ADR | 20,268 | 4,133 | |||
Midea Group Co. Ltd. Class A | 361,900 | 3,992 | ||||
China Overseas Land & Investment Ltd. | 1,649,216 | 3,740 | ||||
Xinyi Solar Holdings Ltd. | 1,324,000 | 2,850 | ||||
Anhui Conch Cement Co. Ltd. Class H | 529,500 | 2,807 | ||||
CIFI Holdings Group Co. Ltd. | 2,602,000 | 2,029 | ||||
57,806 | ||||||
France (11.5%) | ||||||
2 | TotalEnergies SE | 220,715 | 9,999 | |||
* | Airbus SE | 76,122 | 9,809 | |||
2 | Credit Agricole SA | 537,114 | 7,530 | |||
AXA SA | 264,129 | 6,707 | ||||
Pernod Ricard SA | 28,162 | 6,259 | ||||
Schneider Electric SE | 34,284 | 5,405 | ||||
Faurecia SE | 97,585 | 4,797 |
Shares | Market Value ($000) | |||||
Capgemini SE | 23,084 | 4,439 | ||||
* | Bureau Veritas SA | 127,782 | 4,046 | |||
Edenred | 50,710 | 2,891 | ||||
61,882 | ||||||
Germany (5.9%) | ||||||
Allianz SE (Registered) | 29,232 | 7,295 | ||||
Volkswagen AG Preference Shares | 27,058 | 6,784 | ||||
Brenntag SE | 66,475 | 6,187 | ||||
* | Commerzbank AG | 701,793 | 4,984 | |||
United Internet AG (Registered) | 87,602 | 3,583 | ||||
Wacker Chemie AG | 18,345 | 2,828 | ||||
31,661 | ||||||
Greece (0.6%) | ||||||
Hellenic Telecommunications Organization SA | 188,840 | 3,171 | ||||
Hong Kong (0.8%) | ||||||
New World Development Co. Ltd. | 854,250 | 4,430 | ||||
India (1.7%) | ||||||
Power Grid Corp. of India Ltd. | 1,201,763 | 3,762 | ||||
Mahindra & Mahindra Ltd. | 261,148 | 2,738 | ||||
* | Axis Bank Ltd. | 263,975 | 2,664 | |||
9,164 | ||||||
Ireland (1.3%) | ||||||
Smurfit Kappa Group plc | 125,461 | 6,823 | ||||
Italy (1.0%) | ||||||
Enel SpA | 609,959 | 5,668 | ||||
Japan (14.5%) | ||||||
Astellas Pharma Inc. | 457,300 | 7,969 | ||||
Seven & i Holdings Co. Ltd. | 165,900 | 7,947 | ||||
Fujitsu Ltd. | 41,900 | 7,840 | ||||
Mitsui Fudosan Co. Ltd. | 321,600 | 7,437 | ||||
KDDI Corp. | 222,300 | 6,926 | ||||
Isuzu Motors Ltd. | 460,100 | 6,105 | ||||
ITOCHU Corp. | 204,900 | 5,912 | ||||
Tokio Marine Holdings Inc. | 115,800 | 5,334 | ||||
East Japan Railway Co. | 69,900 | 4,985 | ||||
Ono Pharmaceutical Co. Ltd. | 181,580 | 4,049 | ||||
ORIX Corp. | 238,900 | 4,038 | ||||
Eisai Co. Ltd. | 37,000 | 3,636 | ||||
T&D Holdings Inc. | 246,300 | 3,196 | ||||
Food & Life Cos. Ltd. | 59,100 | 2,548 | ||||
77,922 | ||||||
Mexico (1.5%) | ||||||
Wal-Mart de Mexico SAB de CV | 2,440,500 | 7,966 | ||||
Netherlands (3.4%) | ||||||
Royal Dutch Shell plc Class A | 490,084 | 9,825 | ||||
Koninklijke KPN NV | 1,777,481 | 5,559 | ||||
* | AerCap Holdings NV | 59,533 | 3,049 | |||
18,433 | ||||||
Norway (0.8%) | ||||||
Norsk Hydro ASA | 646,929 | 4,130 | ||||
Other (3.9%) | ||||||
3 | Vanguard FTSE Developed Markets ETF | 406,102 | 20,922 |
Shares | Market Value ($000) | |||||
Russia (0.7%) | ||||||
Sberbank of Russia PJSC ADR | 229,700 | 3,817 | ||||
South Africa (1.1%) | ||||||
Anglo American plc | 153,611 | 6,113 | ||||
South Korea (5.2%) | ||||||
Samsung Electronics Co. Ltd. | 196,405 | 14,060 | ||||
SK Telecom Co. Ltd. | 26,601 | 7,560 | ||||
KB Financial Group Inc. | 129,076 | 6,406 | ||||
28,026 | ||||||
Spain (2.1%) | ||||||
Industria de Diseno Textil SA | 164,889 | 5,822 | ||||
Iberdrola SA | 432,853 | 5,278 | ||||
11,100 | ||||||
Sweden (1.2%) | ||||||
Alfa Laval AB | 176,314 | 6,232 | ||||
Switzerland (6.4%) | ||||||
Nestle SA (Registered) | 111,042 | 13,841 | ||||
Roche Holding AG | 24,638 | 9,285 | ||||
Novartis AG (Registered) | 100,552 | 9,173 | ||||
PSP Swiss Property AG (Registered) | 19,227 | 2,441 | ||||
34,740 | ||||||
Taiwan (5.0%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 688,000 | 14,818 | ||||
Hon Hai Precision Industry Co. Ltd. | 1,946,309 | 7,815 | ||||
Uni-President Enterprises Corp. | 1,663,000 | 4,367 | ||||
27,000 | ||||||
Thailand (1.3%) | ||||||
Kasikornbank PCL (Foreign) | 964,900 | 3,561 | ||||
Thai Beverage PCL | 6,573,100 | 3,306 | ||||
6,867 | ||||||
United Kingdom (8.0%) | ||||||
AstraZeneca plc | 76,792 | 9,226 | ||||
WPP plc | 549,400 | 7,427 | ||||
* | Compass Group plc | 342,249 | 7,211 | |||
Standard Chartered plc | 785,036 | 5,010 | ||||
Berkeley Group Holdings plc | 65,762 | 4,181 | ||||
Rotork plc | 762,249 | 3,595 | ||||
B&M European Value Retail SA | 447,034 | 3,549 | ||||
Hikma Pharmaceuticals plc | 84,544 | 2,861 | ||||
43,060 | ||||||
Total Common Stocks (Cost $489,342) | 533,170 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (3.6%) | ||||||
Money Market Fund (3.6%) | ||||||
4,5 | Vanguard Market Liquidity Fund (Cost $19,671) | 0.056% | 196,705 | 19,670 | ||
Total Investments (102.6%) (Cost $509,013) | 552,840 | |||||
Other Assets and Liabilities—Net (-2.6%) | (14,127) | |||||
Net Assets (100%) | 538,713 |
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 June 30, 2021, the aggregate value was $7,763,000, representing 1.4% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $9,857,000. |
3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $10,448,000 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 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 June 30, 2021, 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 | 43,993 | — | — | 43,993 |
Common Stocks—Other | 28,104 | 461,073 | — | 489,177 |
Temporary Cash Investments | 19,670 | — | — | 19,670 |
Total | 91,767 | 461,073 | — | 552,840 |
D. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
Current Period Transactions | ||||||||
Sep. 30, 2020 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jun. 30, 2021 Market Value ($000) | |
Vanguard FTSE Developed Markets ETF | 2,479 | 82,533 | 65,769 | 708 | 971 | 266 | — | 20,922 |
Vanguard Market Liquidity Fund | 6,027 | NA1 | NA1 | 1 | (1) | 5 | — | 19,670 |
Total | 8,506 | 82,533 | 65,769 | 709 | 970 | 271 | — | 40,592 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |