NPORT-EX 2 vg_internationalcorestock.htm
Vanguard® International Core Stock Fund
Schedule of Investments (unaudited)
As of December 31, 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 (98.4%)
Australia (3.2%)
  BHP Group plc    240,481   7,156
  Australia & New Zealand Banking Group Ltd.    356,809   7,147
  Brambles Ltd.    465,857   3,604
            17,907
Austria (1.7%)
  Erste Group Bank AG    116,937   5,482
*,1 BAWAG Group AG     72,261   4,432
            9,914
Canada (5.7%)
  Royal Bank of Canada     95,751  10,162
  Brookfield Asset Management Inc. Class A    151,415   9,144
  Barrick Gold Corp.    413,296   7,858
  Intact Financial Corp. 40,814 5,305
            32,469
China (8.5%)
  ENN Energy Holdings Ltd. 420,100 7,920
  Midea Group Co. Ltd. Class A 616,700 7,142
  China Merchants Bank Co. Ltd. Class H 915,000 7,118
  China Longyuan Power Group Corp. Ltd. Class H 2,817,000 6,580
  Tsingtao Brewery Co. Ltd. Class A 362,717 5,641
1 CSC Financial Co. Ltd. Class H 4,580,000 5,014
  Zhongsheng Group Holdings Ltd. 604,289 4,715
  Industrial & Commercial Bank of China Ltd. Class H 7,180,000 4,050
            48,180
Finland (1.3%)
* Nokia OYJ 1,121,547 7,104
France (10.6%)
* Airbus SE 80,989 10,362
  AXA SA 319,870 9,520
  TotalEnergies SE 174,139 8,864
  Pernod Ricard SA 29,963 7,208
  Engie SA 481,373 7,127
  Capgemini SE 24,093 5,905
  Bureau Veritas SA 176,830 5,871
  Credit Agricole SA 361,007 5,147
            60,004
Germany (5.5%)
  Siemens AG (Registered) 48,670 8,430
  Volkswagen AG Preference Shares 34,787 6,988
          Shares Market
Value
($000)
  Brenntag SE     70,725   6,387
* Commerzbank AG    716,441   5,420
  Wacker Chemie AG     28,666   4,262
            31,487
Greece (0.6%)
  Hellenic Telecommunications Organization SA    188,840   3,489
Hong Kong (1.1%)
  Sun Hung Kai Properties Ltd.    498,000   6,043
India (2.9%)
  Power Grid Corp. of India Ltd.  2,053,637   5,636
  Larsen & Toubro Ltd.    167,840   4,263
  Mahindra & Mahindra Ltd.    366,955   4,117
* Axis Bank Ltd.    263,975   2,399
            16,415
Indonesia (0.8%)
  Telkom Indonesia Persero Tbk. PT 15,540,700 4,435
Ireland (1.3%)
  Smurfit Kappa Group plc 133,483 7,357
Italy (0.9%)
  Enel SpA 648,957 5,189
Japan (15.1%)
  Tokio Marine Holdings Inc. 150,700 8,389
  Seven & i Holdings Co. Ltd. 176,500 7,764
  Fujitsu Ltd. 44,600 7,663
  T&D Holdings Inc. 576,870 7,370
  Mitsubishi UFJ Financial Group Inc. 1,317,400 7,170
  KDDI Corp. 237,000 6,931
  Mitsui Fudosan Co. Ltd. 342,100 6,781
  ITOCHU Corp. 218,100 6,672
  Isuzu Motors Ltd. 489,500 6,093
  Daiichi Sankyo Co. Ltd. 217,900 5,546
  Nexon Co. Ltd. 276,400 5,344
  Yamaha Motor Co. Ltd. 214,900 5,162
  Astellas Pharma Inc. 311,000 5,062
            85,947
Luxembourg (0.7%)
  ArcelorMittal SA 125,690 4,032
Mexico (1.7%)
  Wal-Mart de Mexico SAB de CV 2,596,600 9,649
Netherlands (4.3%)
  Royal Dutch Shell plc Class A 575,764 12,617
* AerCap Holdings NV 98,322 6,432
  Koninklijke Philips NV 137,273 5,081
            24,130
Norway (1.2%)
  Norsk Hydro ASA 881,136 6,933
Other (2.9%)
2 Vanguard FTSE Developed Markets ETF 323,187 16,502
Russia (1.0%)
  Sberbank of Russia PJSC ADR 229,700 3,685
  Magnit PJSC 31,141 2,252
            5,937
          Shares Market
Value
($000)
South Africa (1.2%)
  Anglo American plc    163,432   6,722
South Korea (3.7%)
  Samsung Electronics Co. Ltd.    231,106  15,178
  SK Telecom Co. Ltd.    114,912   5,584
            20,762
Sweden (2.3%)
  Alfa Laval AB    187,587   7,535
  Volvo AB Class B    235,112   5,438
            12,973
Switzerland (6.1%)
  Nestle SA (Registered)     95,461  13,328
  Roche Holding AG     29,280  12,147
  Novartis AG (Registered)    106,980   9,401
            34,876
Taiwan (5.2%)
  Taiwan Semiconductor Manufacturing Co. Ltd. 795,000 17,586
  Hon Hai Precision Industry Co. Ltd. 2,070,309 7,764
  Uni-President Enterprises Corp. 1,698,000 4,204
            29,554
Thailand (1.6%)
  Kasikornbank PCL (Foreign) 1,445,300 6,119
  Thai Beverage PCL 6,573,100 3,222
            9,341
United Kingdom (7.3%)
  WPP plc 584,527 8,901
* Compass Group plc 364,131 8,198
  Standard Chartered plc 1,281,476 7,792
  Next plc 50,662 5,603
* BT Group plc 1,839,711 4,232
  B&M European Value Retail SA 447,034 3,851
  AstraZeneca plc 26,041 3,041
            41,618
Total Common Stocks (Cost $515,865) 558,969
      Coupon      
Temporary Cash Investments (1.1%)
Money Market Fund (1.1%)
3 Vanguard Market Liquidity Fund
(Cost $6,317) 		0.090%   63,177 6,317
Total Investments (99.5%) (Cost $522,182)   565,286
Other Assets and Liabilities—Net (0.5%)   2,821
Net Assets (100%)   568,107
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 December 31, 2021, the aggregate value was $9,446,000, representing 1.7% of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
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.
  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 December 31, 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 42,118 — — 42,118
Common Stocks—Other 22,934 493,917 — 516,851
Temporary Cash Investments 6,317 — — 6,317
Total 71,369 493,917 — 565,286
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) 		Dec. 31, 2021
Market Value
($000)
Vanguard FTSE Developed Markets ETF 5,704 23,010 11,815 (484) 87 200 — 16,502
Vanguard Market Liquidity Fund 5,419 NA1 NA1 — — 1 — 6,317
Total 11,123 23,010 11,815 (484) 87 201 — 22,819
1 Not applicable—purchases and sales are for temporary cash investment purposes.