Vanguard® International Core Stock Fund
Schedule of Investments (unaudited)
As of June 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 (3.7%) | ||||||
BHP Group Ltd. | 303,944 | 8,475 | ||||
Australia & New Zealand Banking Group Ltd. | 485,913 | 7,401 | ||||
Goodman Group | 383,690 | 4,738 | ||||
Brambles Ltd. | 533,561 | 3,945 | ||||
24,559 | ||||||
Austria (1.7%) | ||||||
*,1 | BAWAG Group AG | 134,004 | 5,657 | |||
Erste Group Bank AG | 218,738 | 5,558 | ||||
11,215 | ||||||
Brazil (2.3%) | ||||||
Telefonica Brasil SA | 736,800 | 6,625 | ||||
* | Itau Unibanco Holding SA Preference Shares | 1,297,100 | 5,619 | |||
Localiza Rent a Car SA | 295,100 | 2,955 | ||||
15,199 | ||||||
Canada (6.8%) | ||||||
Barrick Gold Corp. | 569,299 | 10,066 | ||||
Brookfield Asset Management Inc. Class A | 208,568 | 9,278 | ||||
Intact Financial Corp. | 56,219 | 7,930 | ||||
Cenovus Energy Inc. | 398,129 | 7,575 | ||||
2 | RioCan REIT | 359,795 | 5,596 | |||
ARC Resources Ltd. | 376,839 | 4,751 | ||||
45,196 | ||||||
China (11.0%) | ||||||
Tsingtao Brewery Co. Ltd. Class A | 606,257 | 9,434 | ||||
* | Industrial & Commercial Bank of China Ltd. Class H | 13,955,000 | 8,326 | |||
NetEase Inc. | 435,800 | 8,210 | ||||
Zhongsheng Group Holdings Ltd. | 1,071,789 | 7,573 | ||||
China Longyuan Power Group Corp. Ltd. Class H | 3,837,000 | 7,436 | ||||
* | Baidu Inc. Class A | 373,350 | 7,072 | |||
Midea Group Co. Ltd. Class A | 711,400 | 6,439 | ||||
YTO Express Group Co. Ltd. Class A | 2,092,100 | 6,372 | ||||
CSPC Pharmaceutical Group Ltd. | 4,266,000 | 4,264 | ||||
China Oilfield Services Ltd. Class H | 4,252,000 | 4,152 | ||||
* | Trip.com Group Ltd. | 142,250 | 3,936 | |||
73,214 | ||||||
Denmark (1.0%) | ||||||
* | Genmab A/S | 20,957 | 6,799 | |||
Finland (1.1%) | ||||||
Nokia OYJ | 1,544,884 | 7,161 |
Shares | Market Value ($000) | |||||
France (6.0%) | ||||||
AXA SA | 440,605 | 10,064 | ||||
Engie SA | 776,702 | 8,994 | ||||
Pernod Ricard SA | 41,273 | 7,630 | ||||
Airbus SE | 72,367 | 7,078 | ||||
Bureau Veritas SA | 234,942 | 6,045 | ||||
Credit Agricole SA | 3,729 | 34 | ||||
39,845 | ||||||
Germany (5.3%) | ||||||
* | Commerzbank AG | 1,410,690 | 10,009 | |||
Siemens AG (Registered) | 67,038 | 6,891 | ||||
Volkswagen AG Preference Shares | 47,915 | 6,451 | ||||
Brenntag SE | 97,419 | 6,379 | ||||
Wacker Chemie AG | 36,068 | 5,231 | ||||
34,961 | ||||||
Greece (0.8%) | ||||||
Hellenic Telecommunications Organization SA | 306,817 | 5,359 | ||||
India (3.7%) | ||||||
* | Axis Bank Ltd. | 861,748 | 6,980 | |||
Mahindra & Mahindra Ltd. | 439,640 | 6,115 | ||||
Power Grid Corp. of India Ltd. | 2,144,092 | 5,770 | ||||
Larsen & Toubro Ltd. | 289,765 | 5,744 | ||||
24,609 | ||||||
Indonesia (0.8%) | ||||||
Telkom Indonesia Persero Tbk. PT | 18,896,100 | 5,083 | ||||
Ireland (0.9%) | ||||||
Smurfit Kappa Group plc | 183,868 | 6,200 | ||||
Italy (1.5%) | ||||||
CNH Industrial NV | 466,866 | 5,399 | ||||
Enel SpA | 818,494 | 4,489 | ||||
9,888 | ||||||
Japan (13.2%) | ||||||
Tokio Marine Holdings Inc. | 173,600 | 10,123 | ||||
Mitsui Fudosan Co. Ltd. | 465,900 | 10,010 | ||||
Daiichi Sankyo Co. Ltd. | 390,800 | 9,939 | ||||
Mitsubishi UFJ Financial Group Inc. | 1,794,100 | 9,599 | ||||
T&D Holdings Inc. | 785,674 | 9,405 | ||||
Fujitsu Ltd. | 60,500 | 7,570 | ||||
Bandai Namco Holdings Inc. | 94,700 | 6,685 | ||||
Astellas Pharma Inc. | 401,700 | 6,267 | ||||
Yamaha Motor Co. Ltd. | 271,000 | 4,976 | ||||
Shiseido Co. Ltd. | 122,500 | 4,938 | ||||
Nippon Telegraph & Telephone Corp. | 165,900 | 4,767 | ||||
ITOCHU Corp. | 138,900 | 3,747 | ||||
88,026 | ||||||
Mexico (1.3%) | ||||||
Wal-Mart de Mexico SAB de CV | 2,491,400 | 8,589 | ||||
Netherlands (2.4%) | ||||||
Coca-Cola Europacific Partners plc | 132,238 | 6,825 | ||||
* | AerCap Holdings NV | 140,090 | 5,735 | |||
Koninklijke Philips NV | 161,473 | 3,464 | ||||
16,024 | ||||||
Norway (0.9%) | ||||||
Norsk Hydro ASA | 1,097,259 | 6,201 |
Shares | Market Value ($000) | |||||
Other (2.4%) | ||||||
3 | Vanguard FTSE Developed Markets ETF | 384,122 | 15,672 | |||
Philippines (0.8%) | ||||||
BDO Unibank Inc. | 2,513,160 | 5,056 | ||||
Portugal (0.5%) | ||||||
Jeronimo Martins SGPS SA | 154,210 | 3,343 | ||||
Russia (0.0%) | ||||||
4 | Magnit PJSC | 31,141 | — | |||
Singapore (1.7%) | ||||||
DBS Group Holdings Ltd. | 390,700 | 8,360 | ||||
CapitaLand Integrated Commercial Trust | 1,976,700 | 3,090 | ||||
11,450 | ||||||
South Korea (3.5%) | ||||||
Samsung Electronics Co. Ltd. | 314,727 | 13,882 | ||||
SK Telecom Co. Ltd. | 154,326 | 6,193 | ||||
SK Hynix Inc. | 49,606 | 3,503 | ||||
23,578 | ||||||
Spain (1.4%) | ||||||
Repsol SA | 651,552 | 9,605 | ||||
Sweden (1.6%) | ||||||
Volvo AB Class B | 502,728 | 7,822 | ||||
Alfa Laval AB | 119,810 | 2,905 | ||||
10,727 | ||||||
Switzerland (6.5%) | ||||||
Nestle SA (Registered) | 131,493 | 15,368 | ||||
Novartis AG (Registered) | 171,005 | 14,498 | ||||
Roche Holding AG | 40,329 | 13,482 | ||||
43,348 | ||||||
Taiwan (5.3%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,084,000 | 17,373 | ||||
Hon Hai Precision Industry Co. Ltd. | 2,283,309 | 8,382 | ||||
MediaTek Inc. | 217,000 | 4,764 | ||||
Uni-President Enterprises Corp. | 1,944,000 | 4,383 | ||||
34,902 | ||||||
Thailand (2.3%) | ||||||
Kasikornbank PCL (Foreign) | 1,512,700 | 6,455 | ||||
Bangkok Dusit Medical Services PCL (Foreign) | 7,306,000 | 5,171 | ||||
Thai Beverage PCL | 7,336,500 | 3,409 | ||||
15,035 | ||||||
United Kingdom (7.8%) | ||||||
Shell plc | 629,891 | 16,404 | ||||
Compass Group plc | 501,571 | 10,298 | ||||
Anglo American plc | 205,447 | 7,345 | ||||
BAE Systems plc | 716,605 | 7,255 | ||||
WPP plc | 517,095 | 5,223 | ||||
BT Group plc | 2,279,186 | 5,180 | ||||
51,705 | ||||||
Total Common Stocks (Cost $716,290) | 652,549 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (2.6%) | ||||||
Money Market Fund (2.6%) | ||||||
5,6 | Vanguard Market Liquidity Fund (Cost $17,048) | 1.417% | 170,540 | 17,049 | ||
Total Investments (100.8%) (Cost $733,338) | 669,598 | |||||
Other Assets and Liabilities—Net (-0.8%) | (5,024) | |||||
Net Assets (100%) | 664,574 |
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, 2022, the aggregate value was $5,657,000, representing 0.9% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,285,000. |
3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
4 | Security value determined using significant unobservable inputs. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $3,590,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
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, 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 | 68,984 | — | — | 68,984 |
Common Stocks—Other | 28,232 | 555,333 | — | 583,565 |
Temporary Cash Investments | 17,049 | — | — | 17,049 |
Total | 114,265 | 555,333 | — | 669,598 |
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, 2021 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, 2022 Market Value ($000) | |
Vanguard FTSE Developed Markets ETF | 5,704 | 69,878 | 55,638 | (1,801) | (2,471) | 434 | — | 15,672 |
Vanguard Market Liquidity Fund | 5,419 | NA1 | NA1 | (5) | 1 | 28 | — | 17,049 |
Total | 11,123 | 69,878 | 55,638 | (1,806) | (2,470) | 462 | — | 32,721 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |