Annual Report | December 31, 2020

Vanguard Developed Markets Index Fund

Contents

Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 1

About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . . 2

Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises
or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this
report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance

• Vanguard Developed Markets Index Fund’s returns for the 12 months ended
December 31, 2020, ranged from 10.11% for Investor Shares to 10.29% for ETF Shares.
The fund’s benchmark, the FTSE Developed All Cap ex US Index, returned 10.00%.

• The emergence of COVID-19 in early 2020 turned into a global health crisis, and
aggressive attempts to contain it resulted in a sharp downturn in economic activity.
Unemployment spiked, and sectors where social distancing isn’t possible were hit hard.
Stocks initially plummeted as infections surged, but they finished the year significantly
higher. The gain was thanks in part to rapid and robust monetary and fiscal action by
policymakers and the rollout of COVID-19 vaccines as the year drew to a close.

• The technology and industrial sectors contributed the most to results, while
financials detracted.

• Over the past decade, the fund recorded an average annual return of almost 6%,
in line with its benchmark index.

Market Barometer
Average Annual Total Returns
Periods Ended December 31, 2020
One Year Three Years Five Years
Stocks
Russell 1000 Index (Large-caps) 20.96% 14.82% 15.60%
Russell 2000 Index (Small-caps) 19.96 10.25 13.26
Russell 3000 Index (Broad U.S. market) 20.89 14.49 15.43
FTSE All-World ex US Index (International) 11.22 5.18 9.16

Bonds
Bloomberg Barclays U.S. Aggregate Bond Index
(Broad taxable market) 7.51% 5.34% 4.44%
Bloomberg Barclays Municipal Bond Index
(Broad tax-exempt market) 5.21 4.64 3.91
FTSE Three-Month U.S. Treasury Bill Index 0.58 1.56 1.16

CPI
Consumer Price Index 1.36% 1.85% 1.95%

1
About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management,
administrative services, and shareholder reports (like this one), among others. Operating expenses,
which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as
the expense ratio. The following examples are intended to help you understand the ongoing costs (in
dollars) of investing in your fund and to compare these costs with those of other mutual funds. The
examples are based on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

• Based on actual fund return. This section helps you to estimate the actual expenses that you
paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return,
and the third column shows the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with the amount you invested,
to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading
”Expenses Paid During Period.“

• Based on hypothetical 5% yearly return. This section is intended to help you compare your
fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5%
before expenses, but that the expense ratio is unchanged. In this case—because the return used is
not the fund’s actual return—the results do not apply to your investment. The example is useful in
making comparisons because the Securities and Exchange Commission requires all mutual funds to
calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this
hypothetical example with the hypothetical examples that appear in shareholder reports of other
funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing
costs only and do not reflect transaction costs incurred by the fund for buying and selling
securities. Further, the expenses do not include any purchase, redemption, or account service
fees described in the fund prospectus. If such fees were applied to your account, your costs
would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may
have been higher or lower, depending on the amount of your investment and the timing of any
purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the
Financial Statements section of this report. For additional information on operating expenses and
other shareholder costs, please refer to your fund’s current prospectus.

2
Six Months Ended December 31, 2020
Beginning Ending Expenses
Account Value Account Value Paid During
Developed Markets Index Fund 6/30/2020 12/31/2020 Period
Based on Actual Fund Return
Investor Shares $1,000.00 $1,234.59 $0.90
FTSE Developed Markets ETF Shares 1,000.00 1,235.69 0.28
Admiral™ Shares 1,000.00 1,235.57 0.39
Institutional Shares 1,000.00 1,235.34 0.28
Institutional Plus Shares 1,000.00 1,235.64 0.22
Based on Hypothetical 5% Yearly Return
Investor Shares $1,000.00 $1,024.33 $0.81
FTSE Developed Markets ETF Shares 1,000.00 1,024.89 0.25
Admiral Shares 1,000.00 1,024.78 0.36
Institutional Shares 1,000.00 1,024.89 0.25
Institutional Plus Shares 1,000.00 1,024.94 0.20
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for
that period are 0.16% for Investor Shares, 0.05% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.05% for
Institutional Shares, and 0.04% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized
expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month
period, then divided by the number of days in the most recent 12-month period (184/366).

3
Developed Markets Index Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future
results that may be achieved by the fund. (Current performance may be lower or higher than
the performance data cited. For performance data current to the most recent month-end, visit
our website at vanguard.com/performance.) Note, too, that both investment returns and
principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more
or less than their original cost. The returns shown do not reflect taxes that a shareholder would
pay on fund distributions or on the sale of fund shares.

Cumulative Performance: December 31, 2010, Through December 31, 2020

Initial Investment of $10,000

$22,000

17,783

5,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Average Annual Total Returns

Periods Ended December 31, 2020
Final Value
One Five Ten of a $10,000
Year Years Years Investment
FTSE Developed Markets ETF Shares
Net Asset Value 10.29% 8.34% 5.93% $17,783
FTSE Developed Markets ETF Shares
Market Price 9.81 8.30 5.86 17,669
• • • • • • • •
Spliced Developed ex US Index 10.00 8.18 5.92 17,779
________ FTSE Global All Cap ex US Index 11.24 9.07 5.22 16,638
Spliced Developed ex US Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20,
2015; FTSE Developed All Cap ex US Transition Index through May 31, 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark
returns are adjusted for withholding taxes.

Since Final Value

One Five Inception of a $10,000
Year Years (12/19/2013) Investment
Developed Markets Index Fund Investor
Shares 10.11% 8.21% 5.33% $14,404
Spliced Developed ex US Index 10.00 8.18 5.43 14,504
FTSE Global All Cap ex US Index 11.24 9.07 5.61 14,678
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standard(s).

See Financial Highlights for dividend and capital gains information.

4
Developed Markets Index Fund

Average Annual Total Returns

Periods Ended December 31, 2020

Final Value
One Five Ten of a $10,000
Year Years Years Investment
Developed Markets Index Fund Admiral
Shares 10.26% 8.31% 5.92% $17,773
Spliced Developed ex US Index 10.00 8.18 5.92 17,779
FTSE Global All Cap ex US Index 11.24 9.07 5.22 16,638

Final Value
One Five Ten of a $5,000,000
Year Years Years Investment
Developed Markets Index Fund Institutional
Shares 10.27% 8.34% 5.93% $8,898,778

Spliced Developed ex US Index 10.00 8.18 5.92 8,889,303

FTSE Global All Cap ex US Index 11.24 9.07 5.22 8,319,198

Since Final Value

One Five Inception of a $100,000,000
Year Years (4/1/2014) Investment
Developed Markets Index Fund Institutional
Plus Shares 10.27% 8.35% 5.00% $139,044,784
Spliced Developed ex US Index 10.00 8.18 5.02 139,208,918
FTSE Global All Cap ex US Index 11.24 9.07 5.20 140,784,065
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative
standard(s).

Cumulative Returns of ETF Shares: December 31, 2010, Through December 31, 2020

One Five Ten

Year Years Years
FTSE Developed Markets ETF Shares Market Price 9.81% 48.96% 76.69%
FTSE Developed Markets ETF Shares Net Asset
Value 10.29 49.25 77.83
Spliced Developed ex US Index 10.00 48.14 77.79
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the
Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market
price was above or below the NAV.

5
Developed Markets Index Fund

Fund Allocation
As of December 31, 2020

Basic Materials 7.7%

Consumer Discretionary 14.2
Consumer Staples 8.4
Energy 4.1
Financials 16.8
Health Care 11.1
Industrials 16.7
Real Estate 3.7
Technology 10.3
Telecommunications 3.4
Utilities 3.6
The table reflects the fund’s investments, except for short-term
investments and derivatives. Sector categories are based on the
Industry Classification Benchmark (“ICB”), except for the “Other”
category (if applicable), which includes securities that have not
been provided an ICB classification as of the effective reporting
period.
The fund may invest in derivatives (such as futures and swap
contracts) for various reasons, including, but not limited to, at-
tempting to remain fully invested and tracking its target index as
closely as possible.

The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any
loss or damage arising out of any error or omission in the ICB.
6
Developed Markets Index Fund

Financial Statements

Schedule of Investments—Investments Summary

As of December 31, 2020

This Statement summarizes the fund’s holdings by asset type. Details are reported for each of
the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent
more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single
amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange
Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete
list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it
mailed to you without charge by calling 800-662-7447. For the first and third quarters of each
fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form
N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website
at www.sec.gov.

Market Percentage
Value • of Net
Shares ($000) Assets
Common Stocks
Australia
Commonwealth Bank of Australia 11,335,622 720,516 0.5%
CSL Ltd. 2,901,422 633,940 0.5%
BHP Group Ltd. 18,863,138 616,345 0.4%
§,1 Australia—Other † 6,917,560 5.0%
8,888,361 6.4%

1Austria † 333,750 0.2%

Belgium † 1,281,135 0.9%

Canada
* Shopify Inc. Class A (XTSE) 696,027 785,933 0.6%
Royal Bank of Canada 9,114,039 748,871 0.5%
Toronto-Dominion Bank 11,572,507 653,857 0.5%
Canadian National Railway Co. 4,551,131 500,342 0.4%
Bank of Nova Scotia 7,738,394 418,259 0.3%
Enbridge Inc. (XTSE) 12,867,383 411,526 0.3%
1 Canada—Other † 8,060,338 5.8%
11,579,126 8.4%

Denmark
Novo Nordisk A/S Class B 10,333,233 720,838 0.5%
1 Denmark—Other † 2,045,040 1.5%
2,765,878 2.0%

Finland † 1,554,610 1.1%

France
LVMH Moet Hennessy Louis Vuitton SE 1,593,770 997,708 0.7%
Sanofi 6,969,109 675,471 0.5%

7
Developed Markets Index Fund

Market Percentage
Value • of Net
Shares ($000) Assets
TOTAL SE 15,519,696 669,869 0.5%
Schneider Electric SE 3,364,207 486,223 0.3%
* Airbus SE 3,547,314 389,300 0.3%
§,1 France—Other † 8,010,439 5.8%
11,229,010 8.1%
Germany
SAP SE 7,180,804 930,055 0.7%
Siemens AG 4,892,189 704,707 0.5%
Allianz SE 2,658,199 653,052 0.5%
BASF SE 5,856,342 462,904 0.3%
* adidas AG 1,231,208 447,922 0.3%
1 Germany—Other † 7,207,051 5.2%
10,405,691 7.5%
Hong Kong
AIA Group Ltd. 77,418,877 943,436 0.7%
Hong Kong Exchanges & Clearing Ltd. 8,120,878 445,444 0.3%
§,1 Hong Kong—Other † 2,485,366 1.8%
3,874,246 2.8%

§Ireland † 320,069 0.2%

Israel † 653,137 0.5%

Italy
Enel SPA 49,734,249 506,036 0.4%
1 Italy—Other † 2,351,417 1.7%
2,857,453 2.1%
Japan
Toyota Motor Corp. 15,735,270 1,214,293 0.9%
Sony Corp. 7,890,784 795,139 0.6%
SoftBank Group Corp. 9,303,966 722,314 0.5%
Keyence Corp. 1,152,374 648,230 0.5%
Shin-Etsu Chemical Co. Ltd. 2,541,924 446,148 0.3%
Nintendo Co. Ltd. 681,865 437,717 0.3%
Daiichi Sankyo Co. Ltd. 12,198,592 418,048 0.3%
Daikin Industries Ltd. 1,695,123 377,109 0.3%
Chugai Pharmaceutical Co. Ltd. 4,158,609 221,883 0.1%
Japan—Other † 25,496,393 18.4%
30,777,274 22.2%
Netherlands
ASML Holding NV 2,553,323 1,236,268 0.9%
*,1 Adyen NV 171,276 397,969 0.3%
1 Netherlands—Other † 2,733,186 2.0%
4,367,423 3.2%

New Zealand † 525,034 0.4%

1Norway † 966,074 0.7%

1Poland † 387,139 0.3%

Portugal † 241,107 0.2%

8
Developed Markets Index Fund

Market Percentage
Value • of Net
Shares ($000) Assets
§Singapore † 1,384,973 1.0%

South Korea
Samsung Electronics Co. Ltd. 29,090,533 2,172,351 1.6%
Samsung Electronics Co. Ltd. Preference Shares 4,476,062 303,642 0.2%
1 Samsung Electronics Co. Ltd. GDR 69,460 126,333 0.1%
§,1 South Korea—Other † 5,127,858 3.7%
7,730,184 5.6%
Spain
* Iberdrola SA 37,981,510 545,809 0.4%
1 Spain—Other † 2,224,789 1.6%
2,770,598 2.0%

1Sweden † 4,310,724 3.1%

Switzerland
Nestle SA 17,828,756 2,107,561 1.5%
Roche Holding AG 4,454,928 1,551,645 1.1%
Novartis AG 13,751,476 1,294,811 0.9%
Zurich Insurance Group AG 953,618 401,875 0.3%
Roche Holding AG (Bearer) 170,436 59,641 0.1%
1 Switzerland—Other † 5,050,778 3.7%
10,466,311 7.6%
United Kingdom
AstraZeneca plc 8,401,800 837,773 0.6%
* HSBC Holdings plc 130,397,669 673,537 0.5%
Diageo plc 14,678,097 580,795 0.4%
GlaxoSmithKline plc 31,541,225 577,141 0.4%
Unilever plc (XAMS) 9,376,176 567,741 0.4%
British American Tobacco plc 14,245,910 529,050 0.4%
Rio Tinto plc 6,947,518 522,962 0.4%
Royal Dutch Shell plc Class A 26,219,024 459,788 0.3%
BP plc 126,902,418 437,908 0.3%
Unilever plc (XLON) 6,891,693 413,321 0.3%
Royal Dutch Shell plc Class B 23,782,136 403,077 0.3%
§,1 United Kingdom—Other † 11,216,949 8.1%
17,220,042 12.4%
Total Common Stocks (Cost $109,834,055) 136,889,349 98.9%

9
Developed Markets Index Fund

Market Percentage
Value • of Net
Coupon Shares ($000) Assets
Temporary Cash Investments
Money Market Fund
2,3 Vanguard Market Liquidity Fund 0.111% 25,639,844 2,563,985 1.9%

4 U.S. Government and Agency Obligations † 42,874 0.0%

Total Temporary Cash Investments (Cost $2,606,267) 2,606,859 1.9%
5 Total Investments (Cost $112,440,322) 139,496,208 100.8%
Other Assets and Liabilities—Net (1,110,699) (0.8%)
Net Assets 138,385,509 100.0%
Cost is in $000.
• See Note A in Notes to Financial Statements.

* Non-income-producing security.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer,
represent 1% or less of net assets.
1 Certain securities are 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, 2020, the aggregate value of
these securities was $3,291,835,000, representing 2.4% 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.
3 Collateral of $1,709,320,000 was received for securities on loan.
4 Securities with a value of $42,874,000 have been segregated as initial margin for open futures contracts.
5 The total value of securities on loan is $1,618,877,000.
GDR—Global Depositary Receipt.

10
Developed Markets Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
($000)
Value and
Number of Unrealized
Long (Short) Notional Appreciation
Expiration Contracts Amount (Depreciation)
Long Futures Contracts
Dow Jones EURO STOXX 50 Index March 2021 11,410 494,838 4,705
Topix Index March 2021 2,386 416,981 12,029
FTSE 100 Index March 2021 2,328 204,384 (2,584)
S&P TSX 60 Index March 2021 1,180 190,762 (1,839)
S&P ASX 200 Index March 2021 1,336 168,326 (1,863)
E-mini S&P 500 Index March 2021 188 35,239 7
10,455

Forward Currency Contracts

Contract Unrealized Unrealized
Settlement Contract Amount (000) Appreciation (Depreciation)
Counterparty Date Receive Deliver ($000) ($000)
BNP Paribas 1/14/21 EUR 503,083 USD 595,323 19,486 —
Morgan Stanley Capital
Services LLC 1/14/21 JPY 41,943,690 USD 401,715 4,571 —
Royal Bank of Canada 1/14/21 AUD 244,468 USD 177,973 10,529 —
Goldman Sachs International 1/14/21 CAD 219,898 USD 164,034 8,730 —
Goldman Sachs International 1/14/21 GBP 121,265 USD 155,944 9,903 —
JPMorgan Chase Bank, N.A. 1/14/21 EUR 117,858 USD 139,982 4,050 —
Toronto-Dominion Bank 1/14/21 JPY 13,227,395 USD 126,904 1,222 —
JPMorgan Chase Bank, N.A. 1/14/21 JPY 7,229,957 USD 69,712 321 —
BNP Paribas 1/14/21 JPY 5,670,290 USD 54,038 888 —
Royal Bank of Canada 1/14/21 JPY 3,442,139 USD 33,345 — (3)
Citibank, N.A. 1/14/21 CAD 38,981 USD 29,852 774 —
Royal Bank of Canada 1/14/21 CAD 35,623 USD 27,157 831 —
Morgan Stanley Capital
Services LLC 1/14/21 KRW 27,356,500 USD 25,248 — (62)
Royal Bank of Canada 1/14/21 EUR 20,046 USD 23,853 644 —
Royal Bank of Canada 1/14/21 GBP 15,517 USD 20,548 673 —
Standard Chartered Bank 1/14/21 EUR 14,250 USD 16,991 424 —
Citibank, N.A. 1/14/21 GBP 12,727 USD 16,419 987 —
State Street Bank & Trust Co. 1/14/21 CAD 20,555 USD 15,846 303 —
HSBC Bank USA, N.A. 1/14/21 JPY 1,372,693 USD 13,170 126 —
Citibank, N.A. 1/14/21 AUD 16,625 USD 12,146 673 —
JPMorgan Chase Bank, N.A. 1/14/21 GBP 7,232 USD 9,652 240 —

11
Developed Markets Index Fund

Forward Currency Contracts (continued)

Contract Unrealized Unrealized
Settlement Contract Amount (000) Appreciation (Depreciation)
Counterparty Date Receive Deliver ($000) ($000)
Morgan Stanley Capital
Services LLC 1/14/21 AUD 9,915 USD 7,101 544 —
Morgan Stanley Capital
Services LLC 1/14/21 EUR 5,022 USD 5,907 231 —
Bank of America, N.A. 1/14/21 AUD 7,555 USD 5,398 427 —
Morgan Stanley Capital
Services LLC 1/14/21 CAD 5,857 USD 4,459 143 —
BNP Paribas 1/14/21 GBP 1,876 USD 2,429 137 —
BNP Paribas 1/14/21 CAD 2,710 USD 2,065 64 —
BNP Paribas 1/14/21 AUD 2,468 USD 1,741 162 —
BNP Paribas 1/14/21 SGD 1,000 USD 733 23 —
BNP Paribas 1/14/21 USD 205,084 JPY 21,585,557 — (4,003)
Bank of America, N.A. 1/14/21 USD 151,455 CHF 139,865 — (6,601)
Toronto-Dominion Bank 1/14/21 USD 147,611 EUR 124,273 — (4,261)
Royal Bank of Canada 1/14/21 USD 69,827 EUR 56,959 219 —
JPMorgan Chase Bank, N.A. 1/14/21 USD 56,663 EUR 48,602 — (2,733)
Royal Bank of Canada 1/14/21 USD 46,749 JPY 4,879,417 — (515)
JPMorgan Chase Bank, N.A. 1/14/21 USD 36,039 JPY 3,800,000 — (770)
Royal Bank of Canada 1/14/21 USD 33,041 CAD 42,476 — (330)
Royal Bank of Canada 1/14/21 USD 23,681 AUD 32,453 — (1,343)
HSBC Bank USA, N.A. 1/14/21 USD 23,344 KRW 27,356,500 — (1,843)
UBS AG 1/14/21 USD 20,087 GBP 15,076 — (532)
HSBC Bank USA, N.A. 1/14/21 USD 19,657 EUR 16,749 — (812)
State Street Bank & Trust Co. 1/14/21 USD 19,287 JPY 2,023,495 — (314)
Toronto-Dominion Bank 1/14/21 USD 18,998 CAD 25,064 — (694)
Royal Bank of Canada 1/14/21 USD 14,957 GBP 11,076 — (191)
Citibank, N.A. 1/14/21 USD 12,716 DKK 81,202 — (617)
BNP Paribas 1/14/21 USD 12,188 EUR 10,417 — (543)
UBS AG 1/14/21 USD 11,197 JPY 1,172,049 — (155)
State Street Bank & Trust Co. 1/14/21 USD 10,402 AUD 14,270 — (601)
Royal Bank of Canada 1/14/21 USD 8,276 CHF 7,307 18 —
BNP Paribas 1/14/21 USD 5,143 GBP 4,004 — (333)
BNP Paribas 1/14/21 USD 4,449 CAD 5,949 — (225)
Bank of America, N.A. 1/14/21 USD 4,205 CAD 5,593 — (189)
BNP Paribas 1/14/21 USD 3,889 AUD 5,498 — (350)
BNP Paribas 4/14/21 USD 2,876 EUR 2,353 — (5)
BNP Paribas 4/14/21 USD 2,244 JPY 231,790 — (4)
Bank of America, N.A. 1/14/21 USD 1,821 HKD 14,121 — (1)

12
Developed Markets Index Fund

Forward Currency Contracts (continued)

Contract Unrealized Unrealized
Settlement Contract Amount (000) Appreciation (Depreciation)
Counterparty Date Receive Deliver ($000) ($000)
Morgan Stanley Capital
Services LLC 1/14/21 USD 1,602 CAD 2,126 — (68)
Bank of America, N.A. 1/14/21 USD 1,138 SEK 10,330 — (118)
BNP Paribas 4/14/21 USD 1,137 CAD 1,448 — (1)
BNP Paribas 4/14/21 USD 1,135 GBP 841 — (15)
BNP Paribas 4/14/21 USD 877 AUD 1,157 — (16)
67,343 (28,248)
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
DKK—Danish krone.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
JPY—Japanese yen.
KRW—Korean won.
SEK—Swedish krona.
SGD—Singapore dollar.
USD—U.S. dollar.

At December 31, 2020, the counterparties had deposited in segregated accounts securities with a
value of $40,858,000 and cash of $16,400,000 in connection with open forward currency contracts.
After December 31, 2020, the counterparties posted additional collateral of $3,452,000 in connection
with open forward currency contracts as of December 31, 2020.

See accompanying Notes, which are an integral part of the Financial Statements.
13
Developed Markets Index Fund

Statement of Assets and Liabilities

As of December 31, 2020

($000s, except shares and per-share amounts) Amount

Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $109,876,928) 136,932,223
Affiliated Issuers (Cost $2,563,394) 2,563,985
Total Investments in Securities 139,496,208
Investment in Vanguard 5,193
Cash Collateral Pledged—Futures Contracts 82,948
Cash Collateral Pledged—Forward Currency Contracts 14,770
Foreign Currency, at Value (Cost $69,302) 69,897
Receivables for Investment Securities Sold 60,440
Receivables for Accrued Income 380,648
Receivables for Capital Shares Issued 108,829
Variation Margin Receivable—Futures Contracts 7
Unrealized Appreciation—Forward Currency Contracts 67,343
Total Assets 140,286,283
Liabilities
Due to Custodian 10,745
Payables for Investment Securities Purchased 35,662
Collateral for Securities on Loan 1,709,320
Payables for Capital Shares Redeemed 99,571
Payables to Vanguard 3,883
Variation Margin Payable—Futures Contracts 13,345
Unrealized Depreciation—Forward Currency Contracts 28,248
Total Liabilities 1,900,774
Net Assets 138,385,509

14
Developed Markets Index Fund

Statement of Assets and Liabilities (continued)

At December 31, 2020, net assets consisted of:

($000s, except shares and per-share amounts) Amount

Paid-in Capital 115,015,781
Total Distributable Earnings (Loss) 23,369,728
Net Assets 138,385,509

Investor Shares—Net Assets

Applicable to 4,172,141 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 49,193
Net Asset Value Per Share—Investor Shares $11.79

ETF Shares—Net Assets

Applicable to 1,849,090,687 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 87,578,426
Net Asset Value Per Share—ETF Shares $47.36

Admiral Shares—Net Assets

Applicable to 1,392,748,082 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 21,206,938
Net Asset Value Per Share—Admiral Shares $15.23

Institutional Shares—Net Assets

Applicable to 919,478,447 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 14,019,693
Net Asset Value Per Share—Institutional Shares $15.25

Institutional Plus Shares—Net Assets

Applicable to 651,690,000 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 15,531,259
Net Asset Value Per Share—Institutional Plus Shares $23.83

See accompanying Notes, which are an integral part of the Financial Statements.
15
Developed Markets Index Fund

Statement of Operations

Year Ended
December 31, 2020
($000)
Investment Income
Income
Dividends1 2,848,005
Interest 2 4,976
Securities Lending—Net 57,990
Total Income 2,910,971
Expenses
The Vanguard Group—Note B
Investment Advisory Services 3,618
Management and Administrative—Investor Shares 66
Management and Administrative—ETF Shares 28,318
Management and Administrative—Admiral Shares 10,461
Management and Administrative—Institutional Shares 4,770
Management and Administrative—Institutional Plus Shares 4,268
Marketing and Distribution—Investor Shares 6
Marketing and Distribution—ETF Shares 2,372
Marketing and Distribution—Admiral Shares 1,059
Marketing and Distribution—Institutional Shares 363
Marketing and Distribution—Institutional Plus Shares 179
Custodian Fees 3,498
Auditing Fees 59
Shareholders’ Reports—Investor Shares —
Shareholders’ Reports—ETF Shares 1,749
Shareholders’ Reports—Admiral Shares 177
Shareholders’ Reports—Institutional Shares 60
Shareholders’ Reports—Institutional Plus Shares 47
Trustees’ Fees and Expenses 63
Total Expenses 61,133
Net Investment Income 2,849,838
Realized Net Gain (Loss)
Investment Securities Sold2,3 117,234
Futures Contracts 46,311
Swap Contracts 1,159
Forward Currency Contracts 32,463
Foreign Currencies 20,636
Realized Net Gain (Loss) 217,803

16
Developed Markets Index Fund

Statement of Operations (continued)

Year Ended
December 31, 2020
($000)
Change in Unrealized Appreciation (Depreciation)
Investment Securities2 9,258,622
Futures Contracts 15,596
Forward Currency Contracts 37,480
Foreign Currencies 15,884
Change in Unrealized Appreciation (Depreciation) 9,327,582
Net Increase (Decrease) in Net Assets Resulting from Operations 12,395,223
1 Dividends are net of foreign withholding taxes of $287,750,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $4,512,000, $101,000, and $275,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $1,049,142,000 of net gain (loss) resulting from in-kind redemptions.

See accompanying Notes, which are an integral part of the Financial Statements.
17
Developed Markets Index Fund

Statement of Changes in Net Assets

Year Ended December 31,

2020 2019
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 2,849,838 3,542,323
Realized Net Gain (Loss) 217,803 406,853
Change in Unrealized Appreciation (Depreciation) 9,327,582 18,361,861
Net Increase (Decrease) in Net Assets Resulting from Operations 12,395,223 22,311,037
Distributions1
Investor Shares (1,037) (10,790)
ETF Shares (1,769,743) (2,348,574)
Admiral Shares (431,441) (582,985)
Institutional Shares (284,063) (382,469)
Institutional Plus Shares (317,398) (383,483)
Total Distributions (2,803,682) (3,708,301)
Capital Share Transactions
Investor Shares (13,254) (756,257)
ETF Shares 3,023,570 1,759,759
Admiral Shares (355,665) 2,025,678
Institutional Shares 474,063 158,120
Institutional Plus Shares 470,744 2,699,458
Net Increase (Decrease) from Capital Share Transactions 3,599,458 5,886,758
Total Increase (Decrease) 13,190,999 24,489,494
Net Assets
Beginning of Period 125,194,510 100,705,016
End of Period 138,385,509 125,194,510
1 Certain prior-period numbers have been reclassified to conform with the current-period presentation.

See accompanying Notes, which are an integral part of the Financial Statements.
18
Developed Markets Index Fund

Financial Highlights

Investor Shares

For a Share Outstanding Year Ended December 31,

Throughout Each Period 2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $10.95 $9.26 $11.16 $9.09 $9.15
Investment Operations
Net Investment Income .2351 .3611 .3121 .2841 .262
Net Realized and Unrealized Gain (Loss)
on Investments .834 1.651 (1.914) 2.086 (.054)
Total from Investment Operations 1.069 2.012 (1.602) 2.370 .208
Distributions
Dividends from Net Investment Income (.229) (.322) (.298) (.300) (.268)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.229) (.322) (.298) (.300) (.268)
Net Asset Value, End of Period $11.79 $10.95 $9.26 $11.16 $9.09

Total Return2 10.11% 21.96% -14.56% 26.31% 2.36%

Ratios/Supplemental Data
Net Assets, End of Period (Millions) $49 $59 $731 $950 $875
Ratio of Total Expenses to Average Net Assets 0.16% 0.16% 0.16% 0.17% 0.17%
Ratio of Net Investment Income to
Average Net Assets 2.34% 3.56% 2.89% 2.71% 3.00%
Portfolio Turnover Rate 3 3% 2% 3% 3% 11%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide
information about any applicable account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.
19
Developed Markets Index Fund

Financial Highlights

FTSE Developed Markets ETF Shares

For a Share Outstanding Year Ended December 31,

Throughout Each Period 2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $43.98 $37.20 $44.83 $36.51 $36.75
Investment Operations
Net Investment Income .9821 1.2891 1.2911 1.1661 1.090
Net Realized and Unrealized Gain (Loss)
on Investments 3.363 6.831 (7.677) 8.397 (.216)
Total from Investment Operations 4.345 8.120 (6.386) 9.563 .874
Distributions
Dividends from Net Investment Income (.965) (1.340) (1.244) (1.243) (1.114)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.965) (1.340) (1.244) (1.243) (1.114)
Net Asset Value, End of Period $47.36 $43.98 $37.20 $44.83 $36.51

Total Return 10.29% 22.08% -14.47% 26.44% 2.51%

Ratios/Supplemental Data
Net Assets, End of Period (Millions) $87,578 $78,752 $65,139 $68,406 $40,243
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.07% 0.07%
Ratio of Net Investment Income to
Average Net Assets 2.43% 3.13% 3.00% 2.81% 3.10%
Portfolio Turnover Rate2 3% 2% 3% 3% 11%
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.
20
Developed Markets Index Fund

Financial Highlights

Admiral Shares

For a Share Outstanding Year Ended December 31,

Throughout Each Period 2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $14.14 $11.96 $14.41 $11.74 $11.82
Investment Operations
Net Investment Income .3131 .4101 .4121 .3751 .350
Net Realized and Unrealized Gain (Loss)
on Investments 1.085 2.198 (2.464) 2.695 (.071)
Total from Investment Operations 1.398 2.608 (2.052) 3.070 .279
Distributions
Dividends from Net Investment Income (.308) (.428) (.398) (.400) (.359)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.308) (.428) (.398) (.400) (.359)
Net Asset Value, End of Period $15.23 $14.14 $11.96 $14.41 $11.74

Total Return2 10.26% 22.05% -14.46% 26.40% 2.45%

Ratios/Supplemental Data
Net Assets, End of Period (Millions) $21,207 $20,143 $15,209 $15,180 $9,702
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to
Average Net Assets 2.41% 3.10% 2.98% 2.81% 3.10%
Portfolio Turnover Rate 3 3% 2% 3% 3% 11%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide
information about any applicable account service fees.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.
21
Developed Markets Index Fund

Financial Highlights

Institutional Shares

For a Share Outstanding Year Ended December 31,

Throughout Each Period 2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $14.16 $11.97 $14.43 $11.75 $11.83
Investment Operations
Net Investment Income .3151 .4171 .4161 .3791 .352
Net Realized and Unrealized Gain (Loss)
on Investments 1.086 2.205 (2.475) 2.701 (.072)
Total from Investment Operations 1.401 2.622 (2.059) 3.080 .280
Distributions
Dividends from Net Investment Income (.311) (.432) (.401) (.400) (.360)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.311) (.432) (.401) (.400) (.360)
Net Asset Value, End of Period $15.25 $14.16 $11.97 $14.43 $11.75

Total Return 10.27% 22.14% -14.49% 26.46% 2.46%

Ratios/Supplemental Data
Net Assets, End of Period (Millions) $14,020 $12,449 $10,361 $11,998 $9,092
Ratio of Total Expenses to Average Net Assets 0.05% 0.05% 0.05% 0.06% 0.06%
Ratio of Net Investment Income to
Average Net Assets 2.42% 3.15% 3.00% 2.82% 3.11%
Portfolio Turnover Rate2 3% 2% 3% 3% 11%
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.
22
Developed Markets Index Fund

Financial Highlights

Institutional Plus Shares

For a Share Outstanding Year Ended December 31,

Throughout Each Period 2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $22.13 $18.72 $22.56 $18.37 $18.49
Investment Operations
Net Investment Income .4951 .6471 .6431 .5971 .552
Net Realized and Unrealized Gain (Loss)
on Investments 1.693 3.439 (3.855) 4.223 (.107)
Total from Investment Operations 2.188 4.086 (3.212) 4.820 .445
Distributions
Dividends from Net Investment Income (0.488) (.676) (.628) (.630) (.565)
Distributions from Realized Capital Gains — — — — —
Total Distributions (0.488) (.676) (.628) (.630) (.565)
Net Asset Value, End of Period $23.83 $22.13 $18.72 $22.56 $18.37

Total Return 10.27% 22.07% -14.45% 26.49% 2.50%

Ratios/Supplemental Data
Net Assets, End of Period (Millions) $15,531 $13,790 $9,265 $10,102 $7,444
Ratio of Total Expenses to Average Net Assets 0.04% 0.04% 0.04% 0.05% 0.05%
Ratio of Net Investment Income to
Average Net Assets 2.43% 3.12% 3.01% 2.83% 3.12%
Portfolio Turnover Rate2 3% 2% 3% 3% 11%
1 Calculated based on average shares outstanding.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital
shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.
23
Developed Markets Index Fund

Notes to Financial Statements

Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940
as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor
Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Each of the
share classes has different eligibility and minimum purchase requirements, and is designed for
different types of investors. ETF Shares, known as Vanguard FTSE Developed Markets ETF Shares,
are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
The fund invests in securities of foreign issuers, which may subject it to investment risks not
normally associated with investing in securities of U.S. corporations. Market disruptions associated
with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term
implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A. The following significant accounting policies conform to generally accepted accounting
principles for U.S. investment companies. The fund consistently follows such policies in preparing
its financial statements.
1. 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. Temporary cash
investments are valued using the latest bid prices or using valuations based on a matrix system
(which considers such factors as security prices, yields, maturities, and ratings), both as furnished
by independent pricing services.
2. 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).
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives
of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction
costs. The fund may purchase futures contracts to immediately invest incoming cash in the market,
or sell futures in response to cash outflows, thereby simulating a fully invested position in the
underlying index while maintaining a cash balance for liquidity. The primary risks associated with

24
Developed Markets Index Fund

the use of futures contracts are imperfect correlation between changes in market values of stocks
held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty
instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts
on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has
entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin
requirements to secure the fund’s performance and requires daily settlement of variation margin
representing changes in the market value of each contract. Any securities pledged as initial margin
for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the
contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of
the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the
Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed,
when they are recorded as realized gains (losses) on futures contracts.
During the year ended December 31, 2020, the fund’s average investments in long and short
futures contracts represented 1% and 0% of net assets, respectively, based on the average of
the notional amounts at each quarter-end during the period.
4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value
of securities and related receivables and payables against changes in future foreign exchange rates.
The fund’s risks in using these contracts include movement in the values of the foreign currencies
relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the
contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only
with a diverse group of prequalified counterparties, monitoring their financial strength, entering into
master netting arrangements with its counterparties, and requiring its counterparties to transfer
collateral as security for their performance. In the absence of a default, the collateral pledged or
received by the fund cannot be repledged, resold, or rehypothecated. The master netting
arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund
may terminate the forward currency contracts, determine the net amount owed by either party in
accordance with its master netting arrangements, and sell or retain any collateral held up to the net
amount owed to the fund under the master netting arrangements. The forward currency contracts
contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets
decline below a certain level, triggering a payment by the fund if the fund is in a net liability position
at the time of the termination. The payment amount would be reduced by any collateral the fund
has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of
Investments. The value of collateral received or pledged is compared daily to the value of the forward
currency contracts exposure with each counterparty, and any difference, if in excess of a specified
minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent
third party, adjusted for currency risk based on the expiration date of each contract. The notional
amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in
the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability)
and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are
closed, when they are recorded as realized gains (losses) on forward currency contracts.

25
Developed Markets Index Fund

During the year ended December 31, 2020, the fund’s average investment in forward currency
contracts represented 4% of net assets, based on the average of notional amounts at each
quarter-end during the period.
5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on
selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives
the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value
of the selected reference stock and receiving the equivalent of any dividends in respect of the
selected referenced stock) over a specified period of time, applied to a notional amount that
represents the value of a designated number of shares of the selected reference stock at the
beginning of the equity swap contract. The fund also pays a floating rate that is based on short-
term interest rates, applied to the notional amount. At the same time, the fund generally invests an
amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its
obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty
risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk
by entering into swaps only with a diverse group of prequalified counterparties, monitoring their
financial strength, entering into master netting arrangements with its counterparties, and requiring
its counterparties to transfer collateral as security for their performance. In the absence of a default,
the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In
the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap
contracts with that counterparty, determine the net amount owed by either party in accordance
with its master netting arrangements, and sell or retain any collateral held up to the net amount
owed to the fund under the master netting arrangements. The swap contracts contain provisions
whereby a counterparty may terminate open contracts if the fund’s net assets decline below a
certain level, triggering a payment by the fund if the fund is in a net liability position at the time of
the termination. The payment amount would be reduced by any collateral the fund has pledged.
Any securities pledged as collateral for open contracts are noted in the Schedule of Investments.
The value of collateral received or pledged is compared daily to the value of the swap contracts
exposure with each counterparty, and any difference, if in excess of a specified minimum transfer
amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities.
Swaps are valued daily based on market quotations received from independent pricing services or
recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities
as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation)
until periodic payments are made or the termination of the swap, at which time realized gain (loss)
is recorded.
During the year ended December 31, 2020, the fund’s average amounts of investments in total
return swaps represented less than 1% of net assets, based on the average of notional amounts at
each quarter-end during the period. The fund had no open swap contracts at December 31, 2020.
6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company
and distribute all of its taxable income. The fund’s tax returns are open to examination by the
relevant tax authorities until expiration of the applicable statute of limitations, which is generally

26
Developed Markets Index Fund

three years after the filing of the tax return. Management has analyzed the fund’s tax positions
taken for all open federal and state income tax years, and has concluded that no provision for
income tax is required in the fund’s financial statements.
7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions
are determined on a tax basis at the fiscal year-end and may differ from net investment income and
realized capital gains for financial reporting purposes.
8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional
borrowers. Security loans are subject to termination by the fund at any time, and are required to be
secured at all times by collateral in an amount at least equal to the market value of securities loaned.
Daily market fluctuations could cause the value of loaned securities to be more or less than the
value of the collateral received. When this occurs, the collateral is adjusted and settled before the
opening of the market on the next business day. The fund further mitigates its counterparty risk by
entering into securities lending transactions only with a diverse group of prequalified counterparties,
monitoring their financial strength, and entering into master securities lending agreements with its
counterparties. The master securities lending agreements provide that, in the event of a counter-
party’s default (including bankruptcy), the fund may terminate any loans with that borrower,
determine the net amount owed, and sell or retain the collateral up to the net amount owed to
the fund; however, such actions may be subject to legal proceedings. While collateral mitigates
counterparty risk, in the event of a default, the fund may experience delays and costs in recovering
the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund,
and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during
the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are
subject to market appreciation or depreciation. Securities lending income represents fees charged
to borrowers plus income earned on invested cash collateral, less expenses associated with the
loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the
loaned securities.
9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by
The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by
a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided
by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its
borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency
purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to
the committed credit facility, the participating funds are charged administrative fees and an annual
commitment fee of 0.10% of the undrawn committed amount of the facility; these fees are
allocated to the funds based on a method approved by the fund’s board of trustees and included in
Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings
under either facility bear interest at a rate based upon the higher of the one-month London Interbank
Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight
bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted
credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a
joint lending and borrowing program that allows registered open-end Vanguard funds to borrow
money from and lend money to each other for temporary or emergency purposes (the “Interfund

27
Developed Markets Index Fund

Lending Program”), subject to compliance with the terms and conditions of the Order, and to the
extent permitted by the fund’s investment objective and investment policies. Interfund loans and
borrowings normally extend overnight, but can have a maximum duration of seven days. Loans
may be called on one business day’s notice. The interest rate to be charged is governed by the
conditions of the Order and internal procedures adopted by the board of trustees. The board of
trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December 31, 2020, the fund did not utilize the credit facilities or the Interfund
Lending Program.
10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in
dividend income, if any, are recorded at the fair value of the securities received. Interest income
includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily.
Premiums and discounts on debt securities are amortized and accreted, respectively, to interest
income over the lives of the respective securities, except for premiums on certain callable debt
securities that are amortized to the earliest call date. Security transactions are accounted for on the
date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of
investment securities are those of the specific securities sold.
Taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s
understanding of the applicable countries’ tax rules and rates. Foreign capital gains tax, if any, is
accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld
taxes on dividends earned in certain European Union countries. These filings are subject to various
administrative and judicial proceedings within these countries. Such tax reclaims received during
the year, if any, are included in dividend income. No other amounts for additional tax reclaims are
reflected in the financial statements due to the uncertainty as to the ultimate resolution of
proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately
bears certain class-specific expenses related to maintenance of shareholder accounts (included in
Management and Administrative expenses) and shareholder reporting. Marketing and distribution
expenses are allocated to each class of shares based on a method approved by the board of
trustees. Income, other non-class-specific expenses, and gains and losses on investments are
allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard
and the fund, Vanguard furnishes to the fund investment advisory, corporate management,
administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined
by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in
Vanguard. At December 31, 2020, the fund had contributed to Vanguard capital in the amount of
$5,193,000, representing less than 0.01% of the fund’s net assets and 2.08% of Vanguard’s capital
received pursuant to the FSA. The fund’s trustees and officers are also directors and employees,
respectively, of Vanguard.

28
Developed Markets Index Fund

C. Various inputs may be used to determine the value of the fund’s investments and derivatives.
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 and derivatives valued with significant unobservable
inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of
December 31, 2020, based on the inputs used to value them:
Level 1 Level 2 Level 3 Total
($000) ($000) ($000) ($000)
Investments
Assets
Common Stocks 11,562,052 125,310,539 16,758 136,889,349
Temporary Cash Investments 2,563,985 42,874 — 2,606,859
Total 14,126,037 125,353,413 16,758 139,496,208
Derivative Financial Instruments
Assets
Futures Contracts1 7 — — 7
Forward Currency Contracts — 67,343 — 67,343
Total 7 67,343 — 67,350
Liabilities
Futures Contracts1 13,345 — — 13,345
Forward Currency Contracts — 28,248 — 28,248
Total 13,345 28,248 — 41,593
1 Represents variation margin on the last day of the reporting period.

29
Developed Markets Index Fund

D. At December 31, 2020, the fair values of derivatives were reflected in the Statement of Assets
and Liabilities as follows:
Foreign
Equity Exchange
Contracts Contracts Total
Statement of Assets and Liabilities Caption ($000) ($000) ($000)
Variation Margin Receivable—Futures Contracts 7 — 7
Unrealized Appreciation—Forward Currency Contracts — 67,343 67,343
Total Assets 7 67,343 67,350

Variation Margin Payable—Futures Contracts 13,345 — 13,345

Unrealized Depreciation—Forward Currency Contracts — 28,248 28,248
Total Liabilities 13,345 28,248 41,593

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for
the year ended December 31, 2020, were:
Foreign
Equity Exchange
Contracts Contracts Total
Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)
Futures Contracts 46,311 — 46,311
Swap Contracts 1,159 — 1,159
Forward Currency Contracts — 32,463 32,463
Realized Net Gain (Loss) on Derivatives 47,470 32,463 79,933

Change in Unrealized Appreciation (Depreciation) on Derivatives

Futures Contracts 15,596 — 15,596
Forward Currency Contracts — 37,480 37,480
Change in Unrealized Appreciation (Depreciation) on Derivatives 15,596 37,480 53,076

E. Permanent differences between book-basis and tax-basis components of net assets are
reclassified among capital accounts in the financial statements to reflect their tax character.
These reclassifications have no effect on net assets or net asset value per share. As of period
end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign
currency transactions, passive foreign investment companies, swap agreements, and tax expense
on capital gains were reclassified between the following accounts:
Amount
($000)
Paid-in Capital 1,024,422
Total Distributable Earnings (Loss) (1,024,422)

30
Developed Markets Index Fund

Temporary differences between book-basis and tax-basis components of total distributable

earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods
for financial statement and tax purposes; these differences will reverse at some time in the future.
The differences are primarily related to the deferral of losses from wash sales; the recognition of
unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from
passive foreign investment companies; and the classification of securities for tax purposes. As of
period end, the tax-basis components of total distributable earnings (loss) are detailed in the table
as follows:
Amount
($000)
Undistributed Ordinary Income 334,405
Undistributed Long-Term Gains —
Capital Loss Carryforwards (3,339,506)
Qualified Late-Year Losses —
Net Unrealized Gains (Losses) 26,374,829

The tax character of distributions paid was as follows:

Year Ended December 31,
2020 2019
Amount Amount
($000) ($000)
Ordinary Income* 2,803,682 3,708,301
Long-Term Capital Gains — —
Total 2,803,682 3,708,301
* Includes short-term capital gains, if any.

As of December 31, 2020, gross unrealized appreciation and depreciation for investments and
derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 113,148,396
Gross Unrealized Appreciation 42,127,861
Gross Unrealized Depreciation (15,772,317)
Net Unrealized Appreciation (Depreciation) 26,355,544

F. During the year ended December 31, 2020, the fund purchased $10,186,907,000 of investment
securities and sold $6,685,995,000 of investment securities, other than temporary cash
investments. Purchases and sales include $4,220,206,000 and $2,772,561,000, respectively, in
connection with in-kind purchases and redemptions of the fund’s capital shares.

31
Developed Markets Index Fund

G. Capital share transactions for each class of shares were:

Year Ended December 31,
2020 2019
Amount Shares Amount Shares
($000) (000) ($000) (000)
Investor Shares
Issued 8,465 868 179,311 17,300
Issued in Lieu of Cash Distributions 1,037 103 9,838 970
Redeemed1 (22,756) (2,213) (945,406) (91,817)
Net Increase (Decrease)—Investor Shares (13,254) (1,242) (756,257) (73,547)
ETF Shares
Issued 5,546,171 128,480 3,191,112 75,900
Issued in Lieu of Cash Distributions — — — —
Redeemed (2,522,601) (70,000) (1,431,353) (36,500)
Net Increase (Decrease)—ETF Shares 3,023,570 58,480 1,759,759 39,400
Admiral Shares
Issued1 5,693,782 462,836 5,494,696 416,279
Issued in Lieu of Cash Distributions 338,012 25,835 468,526 34,970
Redeemed (6,387,459) (520,543) (3,937,544) (298,516)
Net Increase (Decrease)—Admiral Shares (355,665) (31,872) 2,025,678 152,733
Institutional Shares
Issued 3,233,752 253,662 3,150,458 238,396
Issued in Lieu of Cash Distributions 257,784 19,654 349,841 26,090
Redeemed (3,017,473) (233,104) (3,342,179) (250,436)
Net Increase (Decrease)—Institutional Shares 474,063 40,212 158,120 14,050
Institutional Plus Shares
Issued 2,646,526 131,406 4,049,971 192,199
Issued in Lieu of Cash Distributions 301,006 14,700 364,062 17,328
Redeemed (2,476,788) (117,555) (1,714,575) (81,383)
Net Increase (Decrease)—Institutional Plus Shares 470,744 28,551 2,699,458 128,144
1 In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral
share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April
2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed
and Admiral Shares—Issued include 64,858,000 and 50,199,000 shares, respectively, in the amount of $668,306,000 from the
conversion during the year ended December 31, 2019.

H. Management has determined that no events or transactions occurred subsequent to

December 31, 2020, that would require recognition or disclosure in these financial statements.

32
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard
Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of
investments—investments summary of Vanguard Developed Markets Index Fund (one of the funds
constituting Vanguard Tax-Managed Funds, referred to hereafter as the “Fund”) as of December 31,
2020, the related statement of operations for the year ended December 31, 2020, the statement of
changes in net assets for each of the two years in the period ended December 31, 2020, including
the related notes, and the financial highlights for each of the five years in the period ended
December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Fund as of
December 31, 2020, the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period ended December 31, 2020 and the financial
highlights for each of the five years in the period ended December 31, 2020 in conformity with
accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is
to express an opinion on the Fund’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States)
(PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. Our procedures included confirmation of securities owned
as of December 31, 2020 by correspondence with the custodian and brokers and by agreement to
the underlying ownership records of the transfer agent; when replies were not received from
brokers, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2021
We have served as the auditor of one or more investment companies in The Vanguard Group of
Funds since 1975.

33
Special 2020 tax information (unaudited) for Vanguard Developed Markets Index Fund

This information for the fiscal year ended December 31, 2020 is included pursuant to provisions
of the Internal Revenue Code.
The fund distributed $2,249,113,000 of qualified dividend income to shareholders during the
fiscal year.
The fund designates to shareholders foreign source income of $3,134,826,000 and foreign taxes
paid of $277,661,000. Shareholders will receive more detailed information with their Form 1099-DIV
in January 2021 to determine the calendar-year amounts to be included on their 2020 tax returns.

34
London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”),
MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”,
“Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or
Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX
and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that
all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock
Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London
Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation
whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness
or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group
companies do not provide investment advice and nothing in this document should be taken as constituting financial or
investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of
investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein.
Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that
asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax,
and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval
system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without
prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group
companies’ index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX,
MTS and/or Russell and/or its licensors.

35
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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your
best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also
serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard
funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation
with Vanguard or the funds they oversee, apart from the sizable personal investments they have
made as private individuals. The independent board members have distinguished backgrounds
in business, academia, and public service. Each of the trustees and executive officers oversees
211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information,
as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing
address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information
about the trustees is in the Statement of Additional Information, which can be obtained, without
charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustee1 Worldwide Customer Service and executive chief

staff officer of Developing Markets of Xerox. Executive
Mortimer J. Buckley in residence and 2009–2010 Distinguished Minett
Born in 1969. Trustee since January 2018. Principal Professor at the Rochester Institute of Technology.
occupation(s) during the past five years and other Director of SPX FLOW, Inc. (multi-industry manufac-
experience: chairman of the board (2019–present) of turing). Director of the University of Rochester Medical
Vanguard and of each of the investment companies Center, the Monroe Community College Foundation,
served by Vanguard; chief executive officer (2018– the United Way of Rochester, North Carolina A&T
present) of Vanguard; chief executive officer, president, University, and Roberts Wesleyan College. Trustee
and trustee (2018–present) of each of the investment of the University of Rochester.
companies served by Vanguard; president and
director (2017–present) of Vanguard; and president Amy Gutmann
(2018–present) of Vanguard Marketing Corporation. Born in 1949. Trustee since June 2006. Principal
Chief investment officer (2013–2017), managing occupation(s) during the past five years and other
director (2002–2017), head of the Retail Investor experience: president (2004–present) of the University
Group (2006–2012), and chief information officer of Pennsylvania. Christopher H. Browne Distinguished
(2001–2006) of Vanguard. Chairman of the board Professor of Political Science, School of Arts and
(2011–2017) and trustee (2009–2017) of the Children’s Sciences, and professor of communication, Annenberg
Hospital of Philadelphia; and trustee (2018–present) School for Communication, with secondary faculty
and vice chair (2019–present) of The Shipley School. appointments in the Department of Philosophy, School
of Arts and Sciences, and at the Graduate School of
Education, University of Pennsylvania.
Independent Trustees
F. Joseph Loughrey
Emerson U. Fullwood Born in 1949. Trustee since October 2009. Principal
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other
occupation(s) during the past five years and other experience: president and chief operating officer
experience: executive chief staff and marketing officer (retired 2009) and vice chairman of the board
for North America and corporate vice president (retired (2008–2009) of Cummins Inc. (industrial machinery).
2008) of Xerox Corporation (document management Chairman of the board of Hillenbrand, Inc. (specialized
products and services). Former president of the consumer services) and the Lumina Foundation.
Worldwide Channels Group, Latin America, and Director of the V Foundation. Member of the advisory

1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of
the Vanguard funds.
council for the College of Arts and Letters and André F. Perold
chair of the advisory board to the Kellogg Institute Born in 1952. Trustee since December 2004. Principal
for International Studies, both at the University of occupation(s) during the past five years and other
Notre Dame. experience: George Gund Professor of Finance and
Banking, Emeritus at the Harvard Business School
Mark Loughridge (retired 2011). Chief investment officer and co-
Born in 1953. Trustee since March 2012. Principal managing partner of HighVista Strategies (private
occupation(s) during the past five years and other investment firm). Member of the board of advisors
experience: senior vice president and chief financial and member of the investment committee of the
officer (retired 2013) of IBM (information technology Museum of Fine Arts Boston. Member of the board
services). Fiduciary member of IBM’s Retirement (2018–present) of RIT Capital Partners (investment
Plan Committee (2004–2013), senior vice president firm). Member of the investment committee of
and general manager (2002–2004) of IBM Global Partners Health Care System.
Financing, vice president and controller (1998–2002)
of IBM, and a variety of other prior management roles Sarah Bloom Raskin
at IBM. Member of the Council on Chicago Booth. Born in 1961. Trustee since January 2018. Principal
occupation(s) during the past five years and other
Scott C. Malpass experience: deputy secretary (2014–2017) of
Born in 1962. Trustee since March 2012. Principal the United States Department of the Treasury.
occupation(s) during the past five years and other Governor (2010–2014) of the Federal Reserve
experience: chief investment officer (retired June Board. Commissioner (2007–2010) of financial
2020) and vice president (retired June 2020) of the regulation for the State of Maryland. Member of
University of Notre Dame. Assistant professor of the board of directors (2012–2014) of Neighborhood
finance at the Mendoza College of Business, University Reinvestment Corporation. Director (2017–present)
of Notre Dame, and member of the Notre Dame 403(b) of i(x) Investments, LLC; director (2017–present) of
Investment Committee (retired June 2020). Member Reserve Trust. Rubenstein Fellow (2017–present)
of the board of Catholic Investment Services, Inc. of Duke University; trustee (2017–present) of Amherst
(investment advisors) and the board of superintendence College, and trustee (2019–present) of the Folger
of the Institute for the Works of Religion. Shakespeare Library.

Deanna Mulligan Peter F. Volanakis

Born in 1963. Trustee since January 2018. Principal Born in 1955. Trustee since July 2009. Principal
occupation(s) during the past five years and other occupation(s) during the past five years and other
experience: board chair (2020–present), chief executive experience: president and chief operating officer
officer (2011–2020), and president (2010–2019) of (retired 2010) of Corning Incorporated (communications
The Guardian Life Insurance Company of America. equipment) and director of Corning Incorporated
Chief operating officer (2010–2011) and executive (2000–2010) and Dow Corning (2001–2010).
vice president (2008–2010) of the individual life and Director (2012) of SPX Corporation (multi-industry
disability division of Guardian Life. Member of the manufacturing). Overseer of the Amos Tuck School
board of the American Council of Life Insurers and the of Business Administration, Dartmouth College
board of the Economic Club of New York. Trustee of (2001–2013). Chairman of the board of trustees
the Partnership for New York City (business leadership), of Colby-Sawyer College. Member of the board of
Chief Executives for Corporate Purpose, NewYork- Hypertherm Inc. (industrial cutting systems, software,
Presbyterian Hospital, Catalyst, and the Bruce Museum and consumables).
(arts and science). Member of the Advisory Council
for the Stanford Graduate School of Business.
Executive Officers Peter Mahoney
Born in 1974. Principal occupation(s) during the past
John Bendl five years and other experience: principal of Vanguard.
Born in 1970. Principal occupation(s) during the past Controller (2015–present) of each of the investment
five years and other experience: principal of Vanguard. companies served by Vanguard. Head of International
Chief financial officer (2019–present) of each of the Fund Services (2008–2014) at Vanguard.
investment companies served by Vanguard. Chief
accounting officer, treasurer, and controller of Vanguard Anne E. Robinson
(2017–present). Partner (2003–2016) at KPMG (audit, Born in 1970. Principal occupation(s) during the
tax, and advisory services). past five years and other experience: general
counsel (2016–present) of Vanguard. Secretary
Christine M. Buchanan (2016–present) of Vanguard and of each of the
Born in 1970. Principal occupation(s) during the past investment companies served by Vanguard.
five years and other experience: principal of Vanguard. Managing director (2016–present) of Vanguard.
Treasurer (2017–present) of each of the investment Managing director and general counsel of Global
companies served by Vanguard. Partner (2005–2017) Cards and Consumer Services (2014–2016) at
at KPMG (audit, tax, and advisory services). Citigroup. Counsel (2003–2014) at American Express.

David Cermak Michael Rollings

Born in 1960. Principal occupation(s) during the Born in 1963. Principal occupation(s) during the
past five years and other experience: principal of past five years and other experience: finance
Vanguard. Finance director (2019–present) of each director (2017–present) and treasurer (2017) of each
of the investment companies served by Vanguard. of the investment companies served by Vanguard.
Managing director and head (2017–present) of Managing director (2016–present) of Vanguard. Chief
Vanguard Investments Singapore. Managing director financial officer (2016–present) of Vanguard. Director
and head (2017–2019) of Vanguard Investments Hong (2016–present) of Vanguard Marketing Corporation.
Kong. Representative director and head (2014–2017) Executive vice president and chief financial officer
of Vanguard Investments Japan. (2006–2016) of MassMutual Financial Group.

John Galloway John E. Schadl

Born in 1973. Principal occupation(s) during the Born in 1972. Principal occupation(s) during the past
past five years and other experience: principal of five years and other experience: principal of Vanguard.
Vanguard. Investment stewardship officer (September Chief compliance officer (2019–present) of Vanguard
2020–present) of each of the investment companies and of each of the investment companies served by
served by Vanguard. Head of Investor Advocacy Vanguard. Assistant vice president (2019–present)
(February 2020–present) and head of Marketing of Vanguard Marketing Corporation.
Strategy and Planning (2017–2020) at Vanguard.
Deputy assistant to the President of the United
States (2015). Vanguard Senior Management Team

Thomas J. Higgins Joseph Brennan James M. Norris

Born in 1957. Principal occupation(s) during the past Mortimer J. Buckley Thomas M. Rampulla
five years and other experience: principal of Vanguard. Gregory Davis Karin A. Risi
Finance director (2019–present), chief financial officer John James Anne E. Robinson
(2008–2019), and treasurer (1998–2008) of each of John T. Marcante Michael Rollings
the investment companies served by Vanguard. Chris D. McIsaac Lauren Valente
Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447 Source for Bloomberg Barclays indexes: Bloomberg
Direct Investor Account Services > 800-662-2739
Index Services Limited. Copyright 2021, Bloomberg. All
rights reserved.
Institutional Investor Services > 800-523-1036

Text Telephone for People

Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction

with the offering of shares of any Vanguard
fund only if preceded or accompanied by
the fund’s current prospectus.
All comparative mutual fund data are from Morningstar,
Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting

guidelines by visiting vanguard.com/proxyreporting or by
calling Vanguard at 800-662-2739. The guidelines are
also available from the SEC’s website, www.sec.gov. In
addition, you may obtain a free report on how your fund
voted the proxies for securities it owned during the 12
months ended June 30. To get the report, visit either
vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the

SEC’s website, and you can receive copies of this
information, for a fee, by sending a request via email
addressed to publicinfo@sec.gov.

© 2021 The Vanguard Group, Inc.

All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138;
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.
Vanguard Marketing Corporation, Distributor.

Q1270 022021
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Common Stocks (98.9%)

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Australia (6.4%)
Commonwealth Bank of Australia 11,335,622 720,516
CSL Ltd. 2,901,422 633,940
BHP Group Ltd. 18,863,138 616,345
National Australia Bank Ltd. 21,065,556 367,254
Westpac Banking Corp. 23,121,909 344,085
Australia & New Zealand Banking Group Ltd. 18,156,523 318,613
Wesfarmers Ltd. 7,246,686 281,658
Woolworths Group Ltd. 8,086,972 245,120
Macquarie Group Ltd. 2,093,807 223,492
Rio Tinto Ltd. 2,376,665 209,008
Transurban Group 17,496,291 184,373
Fortescue Metals Group Ltd. 10,182,054 183,912
Goodman Group 11,602,049 169,593
* Afterpay Ltd. 1,406,742 127,881
Amcor plc 10,020,122 118,991
Coles Group Ltd. 8,120,329 113,453
Woodside Petroleum Ltd. 6,103,225 107,085
Newcrest Mining Ltd. 5,226,237 104,304
Aristocrat Leisure Ltd. 4,083,370 98,046
* Xero Ltd. 766,684 87,018
* James Hardie Industries plc 2,829,472 83,857
Brambles Ltd. 9,622,131 78,924
Sonic Healthcare Ltd. 3,034,915 75,196
Scentre Group 33,154,491 71,216
ASX Ltd. 1,240,452 68,841
Suncorp Group Ltd. 8,178,255 61,545
Telstra Corp. Ltd. 26,616,033 61,127
QBE Insurance Group Ltd. 9,304,381 60,650
Cochlear Ltd. 409,095 59,693
South32 Ltd. 30,991,405 59,230
Insurance Australia Group Ltd. 15,593,569 56,590
APA Group 7,543,323 56,126
Santos Ltd. 11,308,585 54,764
Ramsay Health Care Ltd. 1,117,215 53,683
Mirvac Group 25,112,027 51,002
Dexus 7,012,475 50,861
Stockland 15,304,258 49,411
SEEK Ltd. 2,223,863 48,758
Northern Star Resources Ltd. 4,578,161 44,747
Lendlease Corp. Ltd. 4,392,406 44,411
BlueScope Steel Ltd. 3,211,285 43,368
GPT Group 12,446,010 43,291
* Sydney Airport 8,455,964 41,856
Origin Energy Ltd. 11,227,526 41,220
Medibank Pvt Ltd. 17,609,026 40,785
Tabcorp Holdings Ltd. 13,272,669 39,961
Evolution Mining Ltd. 10,246,980 39,434
Oil Search Ltd. 13,266,194 38,020
AGL Energy Ltd. 4,014,853 37,059
REA Group Ltd. 320,310 36,691
Magellan Financial Group Ltd. 872,792 36,150
Ampol Ltd. 1,594,691 34,969
Aurizon Holdings Ltd. 11,569,641 34,760
Computershare Ltd. 3,074,662 34,600
Charter Hall Group 2,962,659 33,646
Treasury Wine Estates Ltd. 4,628,492 33,482
Coca-Cola Amatil Ltd. 3,264,299 32,526
Atlas Arteria Ltd. 6,130,287 30,826
Orica Ltd. 2,586,068 30,246
OZ Minerals Ltd. 2,062,488 30,130
Boral Ltd. 7,791,890 29,833

1
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Vicinity Centres 24,013,212 29,692

* NEXTDC Ltd. 2,889,069 27,262
JB Hi-Fi Ltd. 721,696 27,096
AMP Ltd. 22,055,119 26,504
Domino's Pizza Enterprises Ltd. 387,379 25,934
* Saracen Mineral Holdings Ltd. 7,010,704 25,724
Mineral Resources Ltd. 887,852 25,670
Bendigo & Adelaide Bank Ltd. 3,405,236 24,532
Alumina Ltd. 16,001,997 22,688
ALS Ltd. 3,067,395 22,643
Ansell Ltd. 820,488 21,933
* Incitec Pivot Ltd. 12,397,925 21,808
carsales.com Ltd. 1,389,955 21,469
Challenger Ltd. 4,276,872 21,252
Qube Holdings Ltd. 9,275,219 21,000
IGO Ltd. 4,003,853 19,733
Downer EDI Ltd. 4,458,502 18,320
Altium Ltd. 695,431 18,262
Worley Ltd. 2,049,638 18,104
* Lynas Rare Earths Ltd. 5,743,270 17,696
Breville Group Ltd. 891,774 17,552
* Qantas Airways Ltd. 4,680,242 17,550
^ Bank of Queensland Ltd. 2,890,509 17,268
Metcash Ltd. 6,533,533 17,043
Nine Entertainment Co. Holdings Ltd. 9,346,227 16,732
Steadfast Group Ltd. 5,413,850 16,659
Crown Resorts Ltd. 2,232,874 16,618
AusNet Services 11,741,149 15,913
Reliance Worldwide Corp. Ltd. 5,061,526 15,849
Cleanaway Waste Management Ltd. 8,727,782 15,798
Beach Energy Ltd. 11,313,819 15,782
Star Entertainment Grp Ltd. 5,445,177 15,455
Seven Group Holdings Ltd. 841,450 15,195
Link Administration Holdings Ltd. 3,286,320 14,040
Harvey Norman Holdings Ltd. 3,808,772 13,764
^ IDP Education Ltd. 886,376 13,586
Washington H Soul Pattinson & Co. Ltd. 580,484 13,503
nib holdings Ltd. 2,934,062 13,463
Iluka Resources Ltd. 2,662,306 13,369
Appen Ltd. 694,044 13,251
Shopping Centres Australasia Property Group 6,822,006 13,214
* TPG Telecom Ltd. 2,345,660 13,028
Bapcor Ltd. 2,163,444 13,010
Eagers Automotive Ltd. 1,238,113 12,692
WiseTech Global Ltd. 533,714 12,684
CSR Ltd. 3,107,970 12,589
Orora Ltd. 6,039,477 12,563
* Vocus Group Ltd. 3,794,409 11,793
* CIMIC Group Ltd. 611,683 11,506
*,^ Zip Co. Ltd. 2,745,741 11,295
* PolyNovo Ltd. 3,735,528 11,189
*,^ Flight Centre Travel Group Ltd. 911,113 11,180
IOOF Holdings Ltd. 4,056,685 11,000
Sims Ltd. 1,055,838 10,918
Healius Ltd. 3,689,623 10,586
Charter Hall Long Wale REIT 2,947,792 10,564
BWP Trust 3,081,608 10,501
Waypoint REIT 4,967,493 10,453
ARB Corp. Ltd. 426,453 10,145
* Deterra Royalties Ltd. 2,709,224 10,026
IRESS Ltd. 1,220,177 10,023
* Champion Iron Ltd. 2,683,520 9,862
Perpetual Ltd. 358,503 9,614
National Storage REIT 6,459,670 9,510

2
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Premier Investments Ltd. 517,510 9,389

* Nanosonics Ltd. 1,500,626 9,284
*,^ Pilbara Minerals Ltd. 13,742,393 9,282
Corporate Travel Management Ltd. 672,754 9,142
* Megaport Ltd. 829,843 9,114
Charter Hall Retail REIT 3,176,754 8,971
Pendal Group Ltd. 1,779,715 8,963
Regis Resources Ltd. 2,965,607 8,558
Super Retail Group Ltd. 1,027,629 8,351
*,^ PointsBet Holdings Ltd. 907,818 8,347
1 Viva Energy Group Ltd. 5,621,768 8,319
Credit Corp. Group Ltd. 362,650 8,315
^ Webjet Ltd. 2,103,114 8,237
St. Barbara Ltd. 4,496,960 8,180
InvoCare Ltd. 920,643 8,130
* Perseus Mining Ltd. 7,898,220 7,918
Costa Group Holdings Ltd. 2,436,196 7,670
Elders Ltd. 986,749 7,506
Adbri Ltd. 2,898,764 7,498
* Silver Lake Resources Ltd. 5,267,752 7,270
Ingenia Communities Group 1,890,242 7,156
Cromwell Property Group 10,423,361 7,001
Pro Medicus Ltd. 265,091 6,987
^ Whitehaven Coal Ltd. 5,417,945 6,886
Nickel Mines Ltd. 7,965,895 6,809
Ramelius Resources Ltd. 5,167,297 6,727
Codan Ltd. 777,658 6,714
* Orocobre Ltd. 1,906,881 6,580
Centuria Industrial REIT 2,762,743 6,552
Bega Cheese Ltd. 1,659,555 6,542
* Nufarm Ltd. 2,033,063 6,429
Abacus Property Group 2,897,893 6,406
Netwealth Group Ltd. 517,159 6,380
Centuria Capital Group 3,092,950 6,260
Kogan.com Ltd. 418,113 6,134
* De Grey Mining Ltd. 7,773,172 6,118
* EML Payments Ltd. 1,888,472 6,068
^ Technology One Ltd. 950,343 6,015
NRW Holdings Ltd. 2,652,690 5,965
Platinum Asset Management Ltd. 1,891,487 5,953
Lifestyle Communities Ltd. 602,371 5,941
Monadelphous Group Ltd. 560,290 5,804
Bingo Industries Ltd. 3,045,664 5,705
Aventus Group 2,634,284 5,571
United Malt Grp Ltd. 1,740,753 5,502
*,^ Blackmores Ltd. 94,483 5,500
AUB Group Ltd. 437,963 5,479
Brickworks Ltd. 368,131 5,467
*,^ Mesoblast Ltd. 3,162,015 5,459
* Gold Road Resources Ltd. 5,303,645 5,418
Charter Hall Social Infrastructure REIT 2,074,893 5,235
Collins Foods Ltd. 691,120 5,146
Domain Holdings Australia Ltd. 1,478,139 5,114
* Tyro Payments Ltd. 2,052,454 5,036
IPH Ltd. 1,014,097 5,022
GUD Holdings Ltd. 553,308 5,001
HUB24 Ltd. 303,257 5,000
Omni Bridgeway Ltd. 1,506,118 4,968
* Galaxy Resources Ltd. 2,854,997 4,928
G8 Education Ltd. 5,364,077 4,884
Perenti Global Ltd. 4,554,392 4,832
Growthpoint Properties Australia Ltd. 1,785,290 4,803
GrainCorp Ltd. Class A 1,444,191 4,667
Arena REIT 2,058,680 4,575

3
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

* West African Resources Ltd. 5,588,727 4,502

Sandfire Resources Ltd. 1,074,256 4,440
GWA Group Ltd. 1,642,452 4,433
SeaLink Travel Group Ltd. 855,629 4,429
* Bellevue Gold Ltd. 5,044,009 4,372
*,^ Nearmap Ltd. 2,546,936 4,355
* Resolute Mining Ltd. 6,968,005 4,276
Centuria Office REIT 2,575,129 4,250
Clinuvel Pharmaceuticals Ltd. 246,587 4,242
Austal Ltd. 2,041,317 4,212
Rural Funds Group 2,080,972 4,137
* Westgold Resources Ltd. 1,988,691 4,056
Data#3 Ltd. 928,727 4,028
oOh!media Ltd. 3,100,881 3,972
Bravura Solutions Ltd. 1,538,510 3,831
* Electro Optic Systems Holdings Ltd. 817,611 3,737
Accent Group Ltd. 2,061,718 3,676
*,^ Uniti Group Ltd. 2,700,310 3,551
Infomedia Ltd. 2,349,559 3,496
^ Jumbo Interactive Ltd. 319,890 3,472
Tassal Group Ltd. 1,330,154 3,440
1 Coronado Global Resources Inc. 3,891,568 3,422
Western Areas Ltd. 1,643,794 3,341
Mount Gibson Iron Ltd. 4,592,672 3,260
* Sigma Healthcare Ltd. 6,872,975 3,258
* Opthea Ltd. 2,141,426 3,161
* Starpharma Holdings Ltd. Class A 2,616,930 3,149
Integral Diagnostics Ltd. 936,513 3,128
Select Harvests Ltd. 771,096 3,101
McMillan Shakespeare Ltd. 323,866 3,088
Lovisa Holdings Ltd. 347,869 3,057
* Emeco Holdings Ltd. 3,426,297 3,008
Hansen Technologies Ltd. 1,033,668 2,964
* Southern Cross Media Group Ltd. 1,689,563 2,912
Service Stream Ltd. 2,073,701 2,882
SmartGroup Corp. Ltd. 530,315 2,797
* Mayne Pharma Group Ltd. 10,521,396 2,797
Inghams Group Ltd. 1,140,736 2,740
* Eclipx Group Ltd. 1,995,730 2,732
* Cooper Energy Ltd. 8,942,266 2,691
GDI Property Group 2,850,504 2,661
* Karoon Energy Ltd. 3,220,969 2,641
*,^ Avita Therapeutics Inc. 680,426 2,589
^ Pact Group Holdings Ltd. 1,260,266 2,575
BWX Ltd. 797,093 2,532
* Capricorn Metals Ltd. 1,805,181 2,488
*,^ Paradigm Biopharmaceuticals Ltd. 1,264,673 2,476
Asaleo Care Ltd. 2,343,668 2,444
Australian Pharmaceutical Industries Ltd. 2,564,238 2,431
Hotel Property Investments 965,929 2,423
Genworth Mortgage Insurance Australia Ltd. 1,282,103 2,355
* Carnarvon Petroleum Ltd. 9,911,992 2,302
Macmahon Holdings Ltd. 11,169,463 2,288
MyState Ltd. 589,114 2,246
*,^ Alkane Resources Ltd. 2,965,197 2,191
HT&E Ltd. 1,496,973 2,141
^ Humm Group Ltd. 2,444,923 2,118
Jupiter Mines Ltd. 8,849,490 2,083
* Senex Energy Ltd. 8,188,589 1,998
Aurelia Metals Ltd. 5,904,458 1,961
Estia Health Ltd. 1,427,164 1,948
*,^ AMA Group Ltd. 3,071,818 1,905
MACA Ltd. 2,006,156 1,885
*,^ Syrah Resources Ltd. 2,492,233 1,852

4
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Cedar Woods Properties Ltd. 381,106 1,841

*,^,§ Freedom Foods Group Ltd. 777,051 1,803
* Australian Agricultural Co. Ltd. 1,981,475 1,681
*,^ Bubs Australia Ltd. 3,611,296 1,649
^ New Hope Corp. Ltd. 1,485,176 1,624
^ Virtus Health Ltd. 378,089 1,554
*,^ Superloop Ltd. 1,785,098 1,459
*,^ Seven West Media Ltd. 5,682,193 1,453
SG Fleet Group Ltd. 734,299 1,399
*,^ New Century Resources Ltd. 7,466,971 1,388
OFX Group Ltd. 1,446,975 1,366
^ Regis Healthcare Ltd. 808,472 1,174
*,^ Myer Holdings Ltd. 5,193,599 1,163
* WPP AUNZ Ltd. 2,028,371 1,086
Navigator Global Investments Ltd. 798,654 1,071
*,^ Dacian Gold Ltd. 3,293,612 1,041
Japara Healthcare Ltd. 1,735,872 831
Vita Group Ltd. 877,355 728
*,^,§ Liquefied Natural Gas Ltd. 3,307,629 110
*,§ BGP Holdings plc 7,179,555 —
*,^,§ SpeedCast International Ltd. 1,363,916 ___________—
8,888,361
Austria (0.2%)
* Erste Group Bank AG 1,824,077 55,567
OMV AG 907,265 36,239
Verbund AG 422,277 35,876
voestalpine AG 734,408 26,212
Wienerberger AG 715,533 22,817
Andritz AG 447,477 20,513
*,1 BAWAG Group AG 366,458 17,045
* Raiffeisen Bank International AG 827,435 16,815
CA Immobilien Anlagen AG 440,730 16,796
Mayr Melnhof Karton AG 55,204 11,110
* Immofinanz AG 515,452 10,626
* Lenzing AG 85,167 8,580
^ Oesterreichische Post AG 211,474 7,398
S Immo AG 334,517 6,937
Telekom Austria AG Class A 874,627 6,781
Vienna Insurance Group AG Wiener Versicherung Gruppe 246,461 6,258
UNIQA Insurance Group AG 694,720 5,458
Evn AG 232,567 5,040
* Do & Co AG 42,608 3,484
Strabag SE 100,112 3,471
Schoeller-Bleckmann Oilfield Equipment AG 68,675 2,604
* Flughafen Wien AG 63,997 2,343
Palfinger AG 62,984 1,982
Agrana Beteiligungs AG 75,002 1,479
Zumtobel Group AG 178,533 1,322
*,^ Porr AG 63,237 ___________
997
333,750
Belgium (0.9%)
Anheuser-Busch InBev SA/NV 5,316,697 370,931
* KBC Group NV 1,758,858 123,088
* Argenx SE 300,772 88,632
Ucb SA 772,054 79,752
Groupe Bruxelles Lambert SA 686,390 69,184
Umicore SA 1,309,388 62,936
Ageas SA NV 1,138,178 60,446
Solvay SA Class A 443,632 52,320
Sofina SA 97,688 33,046
Warehouses De Pauw CVA 853,677 29,596
Elia Group SA NV 224,770 26,829
Cofinimmo SA 172,555 25,678
Aedifica SA 213,388 25,636

5
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Ackermans & van Haaren NV 143,151 21,501

Etablissements Franz Colruyt NV 325,441 19,224
Proximus SADP 893,619 17,652
Telenet Group Holding NV 293,494 12,553
D'ieteren SA/NV 144,758 11,960
^ Melexis NV 118,509 11,551
Euronav NV 1,313,908 10,631
* KBC Ancora 225,286 9,589
Barco NV 436,778 9,502
Montea CVA 82,746 9,378
Fagron 390,276 9,076
Bekaert SA 225,904 7,471
Gimv NV 121,432 7,418
VGP NV 48,573 7,279
Shurgard Self Storage SA 160,937 6,971
* bpost SA 646,805 6,686
* Ontex Group NV 494,068 6,642
* Tessenderlo Chemie NV (Voting Shares) 164,624 6,564
Befimmo SA 138,021 6,121
Xior Student Housing NV 101,507 6,107
* AGFA-Gevaert NV 1,059,366 5,058
Orange Belgium SA 179,469 4,784
Retail Estates NV 64,180 4,637
* Cie d'Entreprises CFE 44,425 4,561
*,^ Kinepolis Group NV 81,379 3,451
Econocom Group SA NV 851,731 2,566
*,^ Mithra Pharmaceuticals SA 101,051 2,427
Van de Velde NV 35,294 984
Wereldhave Belgium Comm VA 14,893 ___________
717
1,281,135
Canada (8.4%)
* Shopify Inc. Class A (XTSE) 696,027 785,933
Royal Bank of Canada 9,114,039 748,871
Toronto-Dominion Bank 11,572,507 653,857
Canadian National Railway Co. 4,551,131 500,342
Bank of Nova Scotia 7,738,394 418,259
Enbridge Inc. (XTSE) 12,867,383 411,526
Brookfield Asset Management Inc. Class A 8,532,645 352,728
Bank of Montreal 4,095,234 311,365
Canadian Pacific Railway Ltd. 868,056 301,102
^ TC Energy Corp. 6,019,474 244,723
^ Canadian Imperial Bank of Commerce 2,848,966 243,334
Manulife Financial Corp. 12,405,821 220,749
Alimentation Couche-Tard Inc. Class B 5,338,327 181,928
Canadian Natural Resources Ltd. 7,401,670 177,875
Barrick Gold Corp. (XTSE) 7,742,035 176,384
Nutrien Ltd. 3,646,261 175,424
Sun Life Financial Inc. 3,747,339 166,627
Suncor Energy Inc. 9,774,385 163,943
Constellation Software Inc. 122,321 158,840
Franco-Nevada Corp. 1,197,299 150,121
Magna International Inc. 1,765,532 124,984
^ National Bank of Canada 2,144,823 120,713
Wheaton Precious Metals Corp. 2,869,280 119,829
Fortis Inc. (XTSE) 2,885,100 117,861
* CGI Inc. 1,468,215 116,486
Waste Connections Inc. (XTSE) 1,116,335 114,466
Restaurant Brands International Inc. (XTSE) 1,852,564 113,273
Agnico Eagle Mines Ltd. 1,543,209 108,615
Intact Financial Corp. 912,699 108,070
Rogers Communications Inc. Class B 2,241,482 104,352
Thomson Reuters Corp. 1,075,812 88,049
Barrick Gold Corp. (XLON) 3,561,990 83,200
^ Pembina Pipeline Corp. 3,512,853 83,068

6
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

BCE Inc. 1,928,102 82,447

^ Power Corp. of Canada 3,486,291 80,057
Open Text Corp. 1,712,490 77,815
Dollarama Inc. 1,849,048 75,362
^ Kirkland Lake Gold Ltd. 1,750,764 72,347
Metro Inc. 1,608,161 71,760
^ WSP Global Inc. 717,839 68,006
Emera Inc. 1,588,505 67,514
First Quantum Minerals Ltd. 3,555,482 63,825
^ Algonquin Power & Utilities Corp. 3,777,382 62,170
Fairfax Financial Holdings Ltd. 172,677 58,855
Kinross Gold Corp. 8,015,790 58,816
Waste Connections Inc. (XNYS) 570,366 58,502
TELUS Corp. 2,712,388 53,719
Teck Resources Ltd. Class B 2,957,969 53,680
Loblaw Cos. Ltd. 1,047,197 51,673
Shaw Communications Inc. Class B 2,930,276 51,428
Ritchie Bros Auctioneers Inc. 699,625 48,631
Canadian Tire Corp. Ltd. Class A 362,557 47,660
CAE Inc. 1,698,993 47,076
1 Hydro One Ltd. 2,012,529 45,297
Pan American Silver Corp. 1,313,412 45,297
CCL Industries Inc. Class B 953,814 43,303
Canadian Apartment Properties REIT 1,080,458 42,432
Saputo Inc. 1,493,463 41,804
* Bausch Health Cos. Inc. 1,983,823 41,160
Great-West Lifeco Inc. 1,723,551 41,095
Cenovus Energy Inc. 6,514,888 39,666
^ Northland Power Inc. 1,104,281 39,620
B2Gold Corp. 6,553,652 36,710
Lundin Mining Corp. 4,067,510 36,109
*,^ Canopy Growth Corp. 1,458,669 35,891
Toromont Industries Ltd. 509,247 35,686
TMX Group Ltd. 357,099 35,668
Gildan Activewear Inc. 1,245,095 34,813
Yamana Gold Inc. 6,061,469 34,619
George Weston Ltd. 460,271 34,380
Cameco Corp. 2,527,983 33,861
*,^ Ballard Power Systems Inc. 1,443,722 33,776
FirstService Corp. 232,267 31,790
* Descartes Systems Group Inc. 536,847 31,399
Parkland Corp. 942,515 29,907
iA Financial Corp. Inc. 684,421 29,670
^ Element Fleet Management Corp. 2,795,940 29,389
Empire Co. Ltd. 1,075,181 29,386
TFI International Inc. 564,647 29,069
Onex Corp. 504,217 28,940
Quebecor Inc. Class B 1,098,307 28,267
* SSR Mining Inc. 1,392,774 27,967
Imperial Oil Ltd. 1,436,253 27,260
^ RioCan REIT 2,018,009 26,555
^ AltaGas Ltd. 1,771,975 26,060
Inter Pipeline Ltd. 2,717,317 25,339
^ Keyera Corp. 1,394,861 24,787
* Lightspeed POS Inc. (XTSE) 351,152 24,784
* Kinaxis Inc. 171,261 24,264
Boyd Group Services Inc. 135,869 23,436
Allied Properties REIT 776,097 23,065
Stantec Inc. 710,315 23,035
^ GFL Environmental Inc. 778,632 22,700
Granite REIT 367,562 22,494
Finning International Inc. 1,034,849 21,975
Alamos Gold Inc. Class A 2,495,181 21,798
Tourmaline Oil Corp. 1,595,060 21,503

7
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

* BlackBerry Ltd. 3,194,479 21,181

^ West Fraser Timber Co. Ltd. 322,038 20,690
* Air Canada 1,110,709 19,869
Boralex Inc. Class A 518,539 19,244
Canadian Utilities Ltd. Class A 785,224 19,179
* Ivanhoe Mines Ltd. 3,557,612 19,173
^ SNC-Lavalin Group Inc. 1,122,241 19,158
H&R REIT 1,794,960 18,741
* Endeavour Mining Corp. 804,855 18,729
^ Capital Power Corp. 670,536 18,427
Methanex Corp. 400,068 18,383
^ Innergex Renewable Energy Inc. 822,187 17,679
Colliers International Group Inc. 193,351 17,207
*,^ First Majestic Silver Corp. 1,274,102 17,096
BRP Inc. 258,611 17,084
Premium Brands Holdings Corp. Class A 214,003 16,935
^ Choice Properties REIT 1,636,115 16,722
Centerra Gold Inc. 1,381,489 15,997
Stella-Jones Inc. 432,026 15,708
Primo Water Corp. 990,407 15,530
^ CI Financial Corp. 1,238,699 15,356
Linamar Corp. 288,277 15,269
^ Gibson Energy Inc. 931,248 15,042
^ SmartCentres REIT 825,849 14,974
* Eldorado Gold Corp. 1,105,243 14,648
* NovaGold Resources Inc. 1,508,751 14,603
^ First Capital REIT 1,371,444 14,599
Brookfield Infrastructure Corp. Class A 201,061 14,562
IGM Financial Inc. 515,639 13,980
Atco Ltd. Class I 477,595 13,691
* Pretium Resources Inc. 1,190,595 13,647
^ Osisko Gold Royalties Ltd. 1,075,737 13,632
TransAlta Corp. 1,772,487 13,465
* Equinox Gold Corp. 1,248,064 12,913
*,^ Aphria Inc. 1,846,893 12,768
Norbord Inc. 295,507 12,759
Enghouse Systems Ltd. 259,126 12,550
^ Canadian Western Bank 544,759 12,248
^ Chartwell Retirement Residences 1,389,211 12,212
* Great Canadian Gaming Corp. 354,208 12,099
* Parex Resources Inc. 863,261 11,882
^ TransAlta Renewables Inc. 675,369 11,545
^ PrairieSky Royalty Ltd. 1,442,160 11,432
* IAMGOLD Corp. 3,009,112 11,040
Maple Leaf Foods Inc. 481,194 10,668
Superior Plus Corp. 1,114,514 10,664
^ ARC Resources Ltd. 2,226,991 10,497
*,^ Canada Goose Holdings Inc. 333,813 9,923
Hudbay Minerals Inc. 1,413,715 9,896
^ Husky Energy Inc. 1,972,176 9,761
^ Whitecap Resources Inc. 2,556,324 9,760
* Seven Generations Energy Ltd. Class A 1,767,894 9,180
* OceanaGold Corp. 4,474,100 8,647
* ATS Automation Tooling Systems Inc. 471,088 8,272
*,^ Cronos Group Inc. 1,176,438 8,170
* Torex Gold Resources Inc. 543,895 8,157
^ Genworth MI Canada Inc. 236,183 8,055
Crescent Point Energy Corp. 3,385,462 7,899
* Turquoise Hill Resources Ltd. 633,377 7,877
North West Co. Inc. 307,953 7,848
*,^ Home Capital Group Inc. Class B 334,046 7,794
* Shopify Inc. Class A (XNYS) 6,666 7,546
Transcontinental Inc. Class A 459,678 7,407
ECN Capital Corp. 1,411,781 7,176

8
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

* Canfor Corp. 393,256 7,100

Cascades Inc. 612,228 6,998
^ Russel Metals Inc. 390,106 6,966
Cominar REIT 1,081,930 6,893
^ Laurentian Bank of Canada 273,625 6,707
* MEG Energy Corp. 1,915,318 6,696
^ NFI Group Inc. 349,433 6,613
Winpak Ltd. 196,411 6,607
^ Boardwalk REIT 239,694 6,353
Artis REIT 750,750 6,287
*,^ Aurora Cannabis Inc. 718,372 5,982
Martinrea International Inc. 504,349 5,888
* Celestica Inc. 702,275 5,666
Cogeco Communications Inc. 68,836 5,292
*,^ Bombardier Inc. Class B 13,214,832 4,983
Mullen Group Ltd. 576,147 4,934
Aecon Group Inc. 370,231 4,758
^ Vermilion Energy Inc. 983,498 4,389
Enerplus Corp. 1,398,649 4,373
^ Dream Office REIT 265,821 4,135
First National Financial Corp. 109,400 3,565
^ Westshore Terminals Investment Corp. 271,110 3,320
Fortis Inc. (XNYS) 77,746 3,174
Enbridge Inc. (XNYS) 87,527 2,800
* Lightspeed POS Inc. (XNYS) 32,620 2,296
Restaurant Brands International Inc. (XNYS) 36,684 2,242
* Topicus.com Inc. 226,925 858
* Stars Group Inc. 3,009 ___________
140
11,579,126

Denmark (2.0%)
Novo Nordisk A/S Class B 10,333,233 720,838
Vestas Wind Systems A/S 1,309,504 309,343
1 Orsted AS 1,205,604 246,673
DSV Panalpina A/S 1,289,231 216,670
* Genmab A/S 377,900 153,236
Coloplast A/S Class B 851,036 130,148
Carlsberg AS Class B 635,852 101,935
AP Moller - Maersk A/S Class B 37,019 82,377
Novozymes A/S 1,301,998 74,162
* Danske Bank A/S 4,214,064 69,648
Pandora A/S 618,561 69,228
* Chr Hansen Holding A/S 657,011 67,884
GN Store Nord AS 823,387 65,636
AP Moller - Maersk A/S Class A 27,361 56,522
Ambu A/S Class B 1,064,489 45,730
SimCorp A/S 253,629 37,709
Royal Unibrew A/S 310,182 35,919
Tryg A/S 905,800 28,488
* Demant A/S 674,832 26,673
*,1 Netcompany Group A/S 209,351 21,468
* ISS A/S 1,181,902 20,331
* ALK-Abello A/S 41,383 17,046
Ringkjoebing Landbobank A/S 185,900 16,919
ROCKWOOL International A/S Class B 41,261 15,442
* Jyske Bank A/S 342,634 13,083
H Lundbeck A/S 381,554 13,062
* NKT A/S 276,022 12,295
* FLSmidth & Co. A/S 320,141 12,242
Topdanmark AS 270,825 11,755
* Bavarian Nordic A/S 374,431 11,416
* Zealand Pharma A/S 251,272 9,190

9
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

* Dfds A/S 194,980 8,859

Schouw & Co. A/S 80,378 8,127
* Sydbank AS 365,922 8,107
1 Scandinavian Tobacco Group A/S 403,886 6,888
* Spar Nord Bank A/S 519,216 5,087
* Alm Brand A/S 393,748 4,742
* Drilling Co. of 1972 A/S 140,764 4,408
* Nilfisk Holding A/S 174,656 3,740
D/S Norden A/S 157,680 ___________
2,852
2,765,878
Finland (1.1%)
Kone Oyj Class B 2,509,902 204,508
Neste Oyj 2,661,019 193,201
* Nordea Bank Abp 19,089,656 156,447
* Nokia Oyj (XHEL) 35,863,489 138,517
Sampo Oyj Class A 3,235,599 138,334
UPM-Kymmene Oyj 3,417,251 127,436
Stora Enso Oyj 3,668,673 70,247
Fortum Oyj 2,757,123 66,613
Elisa Oyj 916,529 50,244
Kesko Oyj Class B 1,719,585 44,136
Metso Outotec Oyj 3,871,881 38,904
Wartsila Oyj Abp 3,116,393 31,190
Huhtamaki Oyj 593,130 30,760
Nokian Renkaat Oyj 869,646 30,630
Orion Oyj Class B 657,210 30,189
* Kojamo Oyj 1,246,388 27,664
Valmet Oyj 854,617 24,571
* Nordea Bank Abp (XHEL) 2,601,894 21,252
Konecranes Oyj Class A 463,722 16,394
TietoEVRY Oyj (XHEL) 478,822 15,755
Cargotec Oyj Class B 309,810 12,873
Metsa Board Oyj 1,098,216 11,565
Neles Oyj 685,469 9,091
Kemira Oyj 563,469 8,931
Sanoma Oyj 470,396 7,891
Uponor Oyj 348,410 7,756
*,^ Outokumpu Oyj 1,945,503 7,669
YIT Oyj 1,023,272 6,176
Ahlstrom-Munksjo Oyj 239,563 5,298
^ Citycon Oyj 493,828 4,813
TietoEVRY Oyj (XOSL) 125,869 4,180
*,^ Finnair Oyj 3,669,363 3,377
* F-Secure Oyj 643,077 3,018
Raisio Oyj 718,894 2,806
Oriola Oyj 814,256 1,892
* Nokia Oyj (XPAR) 73,124 ___________
282
1,554,610
France (8.1%)
LVMH Moet Hennessy Louis Vuitton SE 1,593,770 997,708
Sanofi 6,969,109 675,471
TOTAL SE 15,519,696 669,869
Schneider Electric SE 3,364,207 486,223
* Airbus SE 3,547,314 389,300
* BNP Paribas SA 6,928,074 365,750
Kering SA 474,580 344,421
Vinci SA 3,005,992 299,427
Axa SA 12,308,341 295,185
EssilorLuxottica SA 1,886,613 294,001
* Safran SA 2,058,355 291,740
Pernod Ricard SA 1,327,622 254,967
Danone SA 3,835,445 252,397
L'Oreal SA Loyalty Shares 633,276 241,629
Hermes International 197,386 212,246

10
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Air Liquide SA Loyalty Shares 1,259,450 206,484

L'Oreal SA 451,182 172,151
Dassault Systemes SE 842,367 170,850
Vivendi SA 4,995,453 161,127
Capgemini SE 1,008,333 156,850
Air Liquide SA 956,648 156,840
Legrand SA 1,706,086 152,622
STMicroelectronics NV 4,051,708 149,897
*,1 Worldline SA 1,524,095 148,064
Orange SA 12,236,550 145,677
Cie Generale des Etablissements Michelin SCA 1,122,292 144,504
* Cie de Saint-Gobain 3,056,068 140,557
L'Oreal Loyalty Shares 2021 358,283 136,705
Teleperformance 371,957 123,483
Air Liquide SA Loyalty Shares 2021 652,591 106,991
* Societe Generale SA 4,942,812 102,755
* Alstom SA 1,697,566 96,692
* Peugeot SA 3,479,704 95,295
* Credit Agricole SA 7,380,159 93,300
Edenred 1,576,958 89,558
Veolia Environnement SA 3,210,986 79,175
Publicis Groupe SA 1,417,556 70,455
* Engie 4,330,276 66,384
* Eurofins Scientific SE 775,391 65,402
Carrefour SA 3,706,325 63,469
Valeo SA 1,527,586 60,255
Thales SA 640,505 58,602
* Ubisoft Entertainment SA 604,120 58,219
Bouygues SA 1,356,592 55,794
* Atos SE 602,409 55,010
Sartorius Stedim Biotech 153,273 54,638
Gecina SA 333,493 51,859
* Renault SA 1,177,291 51,533
* Getlink SE 2,905,892 50,276
Arkema SA 426,956 48,853
* Bureau Veritas SA 1,812,064 48,373
* Engie SA (XPAR) 3,110,480 47,684
Suez SA 2,372,283 47,017
* Eiffage SA 481,073 46,502
1 Euronext NV 391,881 43,166
* Accor SA 1,168,363 42,389
* Orpea SA 312,547 40,985
BioMerieux 272,311 38,327
* Engie SA Loyalty Shares 2021 2,400,527 36,800
* Scor SE 1,001,561 32,487
* Rexel SA 1,934,704 30,536
*,1 Amundi SA 361,583 29,470
Covivio 318,958 29,268
Remy Cointreau SA 155,625 29,049
Rubis SCA 602,964 27,874
TechnipFMC plc 2,927,352 27,515
* Faurecia SE 528,760 27,092
Klepierre SA 1,193,199 26,912
* Soitec 134,761 26,134
Bollore SA 6,311,262 26,130
1 La Francaise des Jeux SAEM 555,833 25,477
* Aeroports de Paris 181,133 23,435
* Electricite de France SA Loyalty Shares 1,459,528 23,096
SES SA Class A 2,392,036 22,450
L'Oreal Loyalty Shares 55,941 21,345
Wendel SE 173,429 20,697
* Alten SA 181,680 20,601
Iliad SA 97,552 20,024
* Eurazeo SE 276,691 18,801

11
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

* Natixis SA 5,363,146 18,377

Ipsen SA 222,144 18,369
* Lagardere SCA 732,649 18,329
* Elis SA (XPAR) 1,058,830 17,541
* Spie SA 785,511 17,126
* Air Liquide SA Loyalty Shares 2022 103,235 16,925
* Dassault Aviation SA 14,864 16,186
*,^ Korian SA 414,156 15,854
Icade 202,925 15,602
* CNP Assurances 955,716 15,528
* Electricite de France SA 963,118 15,241
Sodexo SA ACT Loyalty Shares 175,329 14,828
* Sopra Steria Group 91,052 14,677
Sodexo SA 169,849 14,365
L'Oreal SA Loyalty Shares 2022 36,796 14,040
Gaztransport Et Technigaz SA 142,346 13,790
* Nexans SA 187,819 13,591
Eutelsat Communications SA 1,188,171 13,441
SEB SA Loyalty Shares 70,570 12,832
Cie Plastic Omnium SA 355,828 12,243
Nexity SA 270,823 11,696
Imerys SA 247,033 11,647
*,^ Casino Guichard Perrachon SA 354,025 10,883
Sodexo SA Loyalty Shares 2024 125,433 10,608
* JCDecaux SA 464,972 10,607
*,1 Neoen SA 135,730 10,422
* Electricite de France Loyalty Shares 2021 586,841 9,286
SEB SA (XPAR) 50,878 9,251
Societe BIC SA 162,258 9,179
Trigano SA 51,806 9,164
*,1 Verallia SA 237,414 8,419
Ipsos 243,962 8,233
* Virbac SA 27,711 8,039
*,^ Air France-KLM 1,242,762 7,751
SEB SA Loyalty Shares 2021 41,119 7,477
* Engie Loyalty Shares 2022 476,725 7,308
1 ALD SA 513,648 7,170
* Fnac Darty SA 108,672 6,959
* Metropole Television SA 409,704 6,641
Albioma ACT Loyalty Shares 106,262 6,079
* Elis SA (XLON) 348,824 5,821
* Coface SA 575,893 5,773
* Rothschild & Co. 178,589 5,592
* Television Francaise 1 677,677 5,446
*,1 Maisons du Monde SA 276,242 5,057
* Interparfums SA 92,536 4,849
Robertet SA 4,278 4,721
* CGG SA 4,567,547 4,475
1 Elior Group SA 649,659 4,367
Derichebourg SA 608,015 4,351
Engie SA 276,743 4,242
Quadient SA 214,287 4,116
Vicat SA 95,468 4,001
Sodexo SA Loyalty Shares 2022 45,442 3,843
FFP 33,103 3,811
* Tarkett SA 208,740 3,673
Carmila SA 242,372 3,491
Mercialys SA 386,124 3,395
Electricite de France SA Loyalty Shares 2023 209,376 3,313
Pharmagest Interactive 22,710 3,089
* Eramet SA 55,071 2,884
Albioma SA 48,539 2,777
* Mersen SA 91,001 2,758
Beneteau SA 224,933 2,583

12
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

*,^ Akka Technologies 77,201 2,432

Sodexo SA Loyalty Shares 2023 28,542 2,414
Manitou BF SA 82,117 2,395
Vilmorin & Cie SA 39,297 2,357
Bonduelle SCA 91,884 2,329
*,^,1 X-Fab Silicon Foundries SE 327,142 1,960
Lisi SA 71,212 1,748
*,^ Vallourec SA 48,183 1,573
*,^ DBV Technologies SA 276,426 1,455
Jacquet Metals SA 84,366 1,430
Akwel 50,714 1,410
Guerbet 33,254 1,328
SEB SA Loyalty Shares 2022 6,108 1,111
* GL Events 81,920 1,011
*,1 SMCP SA 166,004 1,009
* Rallye SA 141,972 999
SEB SA Loyalty Shares 2023 5,449 991
* Sodexo Loyalty Shares 11,166 944
Boiron SA 18,578 937
Electricite de France 54,608 864
* Etablissements Maurel et Prom SA 375,115 794
* Lisi 31,624 776
*,^,1 Europcar Mobility Group 672,837 615
Albioma Loyalty Shares 2022 10,688 611
* Union Financiere de France BQE SA 19,376 454
Albioma Loyalty Shares 2023 6,994 400
* Bourbon Corp. Loyalty Shares 2022 26,831 120
Lisi Loyalty Shares 2022 2,575 63
*,§ Bourbon Corp. 11,499 ___________52
11,229,010
Germany (7.5%)
SAP SE 7,180,804 930,055
Siemens AG 4,892,189 704,707
Allianz SE 2,658,199 653,052
BASF SE 5,856,342 462,904
* adidas AG 1,231,208 447,922
Deutsche Telekom AG 20,648,389 376,889
Bayer AG 6,290,085 370,559
Daimler AG 5,155,803 365,442
Infineon Technologies AG 8,324,051 317,886
Deutsche Post AG 6,249,112 309,557
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 896,919 266,500
Vonovia SE 3,625,325 264,774
Volkswagen AG Preference Shares 1,171,274 218,894
Deutsche Boerse AG
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,175,230 200,110
Bayerische Motoren Werke AG 2,056,485 181,500
RWE AG 4,035,303 170,724
E. ON SE 13,863,621 153,516
* Deutsche Bank AG 13,094,694 144,029
Merck KGaA 827,692 141,962
*,1 Delivery Hero SE 906,960 141,839
Henkel AG & Co. KGaA Preference Shares 1,116,537 125,895
Fresenius SE & Co. KGaA 2,584,343 119,505
Deutsche Wohnen SE 2,219,849 118,440
*,1 Zalando SE 1,037,639 115,419
Fresenius Medical Care AG & Co. KGaA 1,300,075 108,411
Symrise AG Class A 808,241 107,451
Continental AG 692,548 103,076
Sartorius AG Preference Shares 219,061 92,265
* Siemens Energy AG 2,443,334 90,214
MTU Aero Engines AG 338,082 88,128
Brenntag AG 991,054 77,066
1 Siemens Healthineers AG 1,442,025 74,209
Beiersdorf AG 637,458 73,282

13
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Qiagen NV 1,409,965 73,110
*,^ HelloFresh SE 942,642 72,916
LEG Immobilien AG 461,208 71,555
1 Covestro AG 1,151,011 70,918
HeidelbergCement AG 949,982 70,732
Porsche Automobil Holding SE Preference Shares 979,588 67,667
* Puma SE 579,628 65,224
Henkel AG & Co. KGaA 649,418 62,579
Hannover Rueck SE 383,742 61,152
Knorr-Bremse AG 422,820 57,759
1 Scout24 AG 656,534 53,648
^ Aroundtown SA 7,017,035 52,319
*,1 TeamViewer AG 921,337 49,492
^ KION Group AG 500,374 43,394
* Commerzbank AG 6,649,479 42,972
Volkswagen AG 205,310 42,808
Lanxess AG 533,552 40,577
Evonik Industries AG 1,221,544 39,926
Bechtle AG 174,557 38,331
GEA Group AG 1,057,556 37,826
*,^ Evotec SE 929,545 34,349
Carl Zeiss Meditec AG 234,027 31,036
*,^ thyssenkrupp AG 2,973,429 29,464
United Internet AG 694,211 29,223
Rheinmetall AG 275,765 29,198
Nemetschek SE 347,067 25,794
TAG Immobilien AG 807,197 25,759
Fuchs Petrolub SE Preference Shares 451,596 25,480
*,^ Deutsche Lufthansa AG 1,903,393 25,186
* CTS Eventim AG & Co. KGaA 375,726 25,114
* Dialog Semiconductor plc 455,988 24,848
Uniper SE 712,468 24,687
Bayerische Motoren Werke AG Preference Shares 363,591 24,493
* MorphoSys AG 209,137 24,452
Gerresheimer AG 200,860 21,661
^ Siltronic AG 133,132 20,820
alstria office REIT-AG 1,130,806 20,574
^ Rational AG 21,253 19,752
Grand City Properties SA 723,872 18,703
* Hella GmbH & Co. KGaA 284,569 18,495
*,1 ADLER Group SA 519,574 18,429
Aurubis AG 226,122 17,646
Freenet AG 819,575 17,237
*,^ ProSiebenSat.1 Media SE 1,002,499 16,878
* Hypoport SE
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
25,547 16,235
Stroeer SE & Co. KGaA 158,768 15,690
^ Encavis AG 598,143 15,609
CompuGroup Medical SE & Co. KGaA 157,443 15,192
1 Befesa SA 219,453 13,842
Wacker Chemie AG 95,991 13,752
Jungheinrich AG Preference Shares 307,101 13,725
* Fraport AG Frankfurt Airport Services Worldwide 225,856 13,627
Talanx AG 344,441 13,393
Cancom SE 234,079 13,104
*,^ Varta AG 90,051 12,984
Software AG 314,774 12,884
Duerr AG 314,203 12,848
* Fielmann AG 156,471 12,738
Hugo Boss AG 375,908 12,491
Hochtief AG 125,518 12,214
Metro AG 1,082,876 12,164
* Nordex SE 443,112 12,115
* RTL Group SA 246,329 11,984
* OSRAM Licht AG 188,578 11,981

14
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
K&S AG 1,231,165 11,809
* Aixtron SE 677,306 11,778
Telefonica Deutschland Holding AG 4,262,516 11,740
Stabilus SA 156,792 11,084
Norma Group SE 202,226 10,433
* Sixt SE 83,826 10,015
Jenoptik AG 325,381 9,939
Fuchs Petrolub SE 214,339 9,898
1 DWS Group GmbH & Co. KGaA 221,273 9,369
* Aareal Bank AG 385,262 9,269
Traton SE 321,484 8,897
Patrizia AG 274,412 8,815
*,1 Deutsche Pfandbriefbank AG 794,250 8,640
* Zooplus AG 39,451 8,261
*,1 Shop Apotheke Europe NV 45,175 8,171
Pfeiffer Vacuum Technology AG 41,736 8,050
* Ceconomy AG 1,162,725 7,986
Sixt SE Preference Shares 112,232 7,867
^ Grenke AG 166,262 7,842
Dermapharm Holding SE 110,370 7,684
Krones AG 93,429 7,532
*,^ S&T AG 314,860 7,430
1&1 Drillisch AG 293,591 7,321
* Deutsche EuroShop AG 322,820 7,309
Suedzucker AG 501,315 7,160
STRATEC SE 45,391 6,795
* Salzgitter AG 246,350 6,491
New Work SE 17,874 6,151
^ Bilfinger SE 177,690 5,645
DIC Asset AG 321,705 5,301
KWS Saat SE & Co. KGaA 64,947 5,159
Hornbach Holding AG & Co. KGaA 53,050 5,113
* Deutz AG 777,333 4,858
Indus Holding AG 118,565 4,644
* Kloeckner & Co. SE 465,713 4,555
Draegerwerk AG & Co. KGaA Preference Shares 55,031 4,260
Schaeffler AG Preference Shares 495,619 4,150
TUI AG (XETR) 619,858 3,905
* SMA Solar Technology AG 56,422 3,877
* Washtec AG 67,018 3,609
BayWa AG 88,778 3,608
* ElringKlinger AG 180,641 3,512
Hamburger Hafen und Logistik AG 154,083 3,486
* Wacker Neuson SE 156,678 3,395
Deutsche Beteiligungs AG
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
71,593 2,879
* Vossloh AG 55,521 2,825
* Takkt AG 208,144 2,713
* Koenig & Bauer AG 84,954 2,507
Wuestenrot & Wuerttembergische AG 118,815 2,387
TLG Immobilien AG 84,973 2,376
Hornbach Baumarkt AG 48,127 2,103
CropEnergies AG 122,275 1,782
* SGL Carbon SE 335,599 1,481
Bertrandt AG 29,728 1,446
*,^ Corestate Capital Holding SA 80,602 ___________
1,442
10,405,691
Hong Kong (2.8%)
AIA Group Ltd. 77,418,877 943,436
Hong Kong Exchanges & Clearing Ltd. 8,120,878 445,444
CK Hutchison Holdings Ltd. 17,140,780 119,674
Link REIT 13,156,140 119,481
Sun Hung Kai Properties Ltd. 9,088,259 116,230
Techtronic Industries Co. Ltd. 7,988,187 114,179
Galaxy Entertainment Group Ltd. 13,697,041 106,625

15
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Hong Kong & China Gas Co. Ltd. 66,281,244 99,164
CLP Holdings Ltd. 10,506,621 97,151
Hang Seng Bank Ltd. 4,628,508 79,879
CK Asset Holdings Ltd. 15,195,633 77,755
Jardine Matheson Holdings Ltd. 1,339,569 74,933
BOC Hong Kong Holdings Ltd. 22,922,439 69,483
Sands China Ltd. 15,356,121 67,066
Wharf Real Estate Investment Co. Ltd. 10,482,423 54,478
MTR Corp. Ltd. 9,144,464 51,142
Power Assets Holdings Ltd. 8,731,106 47,284
1 WH Group Ltd. 53,720,238 45,047
Lenovo Group Ltd. 47,634,000 45,033
New World Development Co. Ltd. 9,095,453 42,316
*,1 ESR Cayman Ltd. 10,472,052 37,591
Xinyi Glass Holdings Ltd. 12,845,109 35,928
1 Budweiser Brewing Co. APAC Ltd. 10,814,775 35,725
Hang Lung Properties Ltd. 12,934,909 34,087
Henderson Land Development Co. Ltd. 8,301,045 32,247
Hongkong Land Holdings Ltd. 7,397,333 30,552
Jardine Strategic Holdings Ltd. 1,159,299 28,817
Sino Land Co. Ltd. 21,184,785 27,568
ASM Pacific Technology Ltd. 1,948,374 25,732
Want Want China Holdings Ltd. 34,368,109 24,848
AAC Technologies Holdings Inc. 4,357,713 24,154
Minth Group Ltd. 4,468,424 23,641
Wharf Holdings Ltd. 8,691,861 23,347
* Prada SPA 3,272,755 21,626
CK Infrastructure Holdings Ltd. 3,965,404 21,296
Man Wah Holdings Ltd. 9,393,515 20,376
Tingyi Cayman Islands Holding Corp. 11,911,728 20,375
Vitasoy International Holdings Ltd. 5,098,482 19,859
Swire Properties Ltd. 6,723,167 19,547
Swire Pacific Ltd. Class A 3,167,897 17,450
Bank of East Asia Ltd. 8,083,833 17,294
Microport Scientific Corp. 3,035,904 16,388
SITC International Holdings Co. Ltd. 7,490,863 16,178
PCCW Ltd. 26,624,682 16,033
* Wynn Macau Ltd. 9,364,805 15,756
*,1 Samsonite International SA 8,270,087 14,689
Hysan Development Co. Ltd. 3,908,455 14,316
Chow Tai Fook Jewellery Group Ltd. 11,116,973 13,978
Hang Lung Group Ltd. 5,611,455 13,949
SJM Holdings Ltd. 11,928,928 13,374
NagaCorp Ltd. 9,672,432 12,704
1 BOC Aviation Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,325,107 11,469
Melco International Development Ltd. 5,004,639 9,747
Kerry Properties Ltd. 3,815,684 9,651
* United Energy Group Ltd. 48,205,171 9,521
Yue Yuen Industrial Holdings Ltd. 4,532,373 9,440
NWS Holdings Ltd. 9,091,035 8,447
Fortune REIT 8,667,044 8,254
MGM China Holdings Ltd. 4,750,183 8,169
Kerry Logistics Network Ltd. 3,715,362 8,154
Dairy Farm International Holdings Ltd. 1,940,631 8,100
VTech Holdings Ltd. 1,040,325 8,075
*,1 JS Global Lifestyle Co. Ltd. 4,107,000 7,950
HKBN Ltd. 4,987,252 7,725
Lee & Man Paper Manufacturing Ltd. 9,148,000 7,506
Uni-President China Holdings Ltd. 7,368,968 7,504
^ Huabao International Holdings Ltd. 5,356,030 7,385
Champion REIT 12,558,568 7,338
L'Occitane International SA 2,914,414 7,277
*,1 Razer Inc. 23,216,723 7,136
1 Xiabuxiabu Catering Management China Holdings Co. Ltd. 3,080,509 7,040

16
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
*,^ MMG Ltd. 14,829,883 6,457
* Shangri-La Asia Ltd. 7,082,920 6,328
Swire Pacific Ltd. Class B 6,353,818 5,942
*,^ Cathay Pacific Airways Ltd. 6,354,442 5,886
IGG Inc. 5,468,937 5,734
Johnson Electric Holdings Ltd. 2,262,975 5,604
Nexteer Automotive Group Ltd. 5,185,943 5,582
Pacific Basin Shipping Ltd. 27,434,148 5,175
Luk Fook Holdings International Ltd. 2,142,780 5,173
* Hong Kong Television Network Ltd. 3,422,385 5,051
First Pacific Co. Ltd. 15,071,867 4,846
Vinda International Holdings Ltd. 1,653,000 4,520
Cafe de Coral Holdings Ltd. 2,078,109 4,483
* Glory Sun Financial Group Ltd. 104,172,000 4,439
^ Sun Art Retail Group Ltd. 4,262,500 4,337
K Wah International Holdings Ltd. 8,129,451 3,909
Haitong International Securities Group Ltd. 16,114,461 3,886
Shun Tak Holdings Ltd. 11,573,451 3,541
SUNeVision Holdings Ltd. 3,869,000 3,522
*,^,1 AsiaInfo Technologies Ltd. 2,439,200 3,508
VSTECS Holdings Ltd. 4,188,000 3,438
Sunlight REIT 6,857,365 3,334
Value Partners Group Ltd. 6,114,807 3,224
Stella International Holdings Ltd. 2,747,000 3,190
Towngas China Co. Ltd. 6,986,958 3,152
* Pou Sheng International Holdings Ltd. 13,043,071 3,098
Shui On Land Ltd. 21,597,514 3,007
CITIC Telecom International Holdings Ltd. 9,240,595 2,908
*,^ Apollo Future Mobility Group Ltd. 26,845,041 2,669
Dah Sing Financial Holdings Ltd. 923,124 2,604
Asia Cement China Holdings Corp. 2,792,500 2,548
Far East Consortium International Ltd. 6,614,763 2,454
Prosperity REIT 7,692,063 2,400
United Laboratories International Holdings Ltd. 3,383,654 2,398
* FIH Mobile Ltd. 18,892,100 2,318
Dah Sing Banking Group Ltd. 2,240,292 2,303
*,^,1 FIT Hon Teng Ltd. 6,606,814 2,297
* Lifestyle International Holdings Ltd. 2,888,383 2,294
* China Travel International Investment Hong Kong Ltd. 16,502,841 2,258
*,^,1 Frontage Holdings Corp. 3,938,000 2,162
*,^ Cosmopolitan International Holdings Ltd. 10,874,000 2,145
Guotai Junan International Holdings Ltd. 15,806,667 2,121
Road King Infrastructure Ltd. 1,660,105 2,120
Pacific Textiles Holdings Ltd. 3,165,430 2,079
Canvest Environmental Protection Group Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
4,505,821 1,930
* C-Mer Eye Care Holdings Ltd. 2,598,000 1,920
Television Broadcasts Ltd. 1,828,399 1,885
*,^,§ Town Health International Medical Group Ltd. 20,414,000 1,810
CMBC Capital Holdings Ltd. 102,460,000 1,772
Dynam Japan Holdings Co. Ltd. 1,677,081 1,733
* Esprit Holdings Ltd. 11,364,990 1,660
*,1 VPower Group International Holdings Ltd. 4,745,000 1,641
Chow Sang Sang Holdings International Ltd. 1,433,542 1,628
^ Beijing Tong Ren Tang Chinese Medicine Co. Ltd. 1,536,000 1,615
Texhong Textile Group Ltd. 1,872,000 1,609
Chinese Estates Holdings Ltd. 3,197,553 1,558
* GCL New Energy Holdings Ltd. 37,854,541 1,538
Sun Hung Kai & Co. Ltd. 3,568,891 1,505
*,^ Digital Domain Holdings Ltd. 122,152,403 1,341
*,§ Convoy Global Holdings Ltd. 62,200,399 1,340
* Truly International Holdings Ltd. 10,491,276 1,301
*,^ Suncity Group Holdings Ltd. 13,840,000 1,231
Hutchison Telecommunications Hong Kong Holdings Ltd. 8,216,533 1,230
1 IMAX China Holding Inc. 725,210 1,229

17
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
SmarTone Telecommunications Holdings Ltd. 2,267,848 1,211
Giordano International Ltd. 7,623,213 1,123
* SA Sa International Holdings Ltd. 6,762,431 1,058
1 Crystal International Group Ltd. 3,398,288 1,043
Lee's Pharmaceutical Holdings Ltd. 1,502,214 911
Texwinca Holdings Ltd. 4,527,015 870
Singamas Container Holdings Ltd. 8,736,229 620
* CITIC Resources Holdings Ltd. 15,512,000 590
* China LNG Group Ltd. 10,999,799 581
*,^ NewOcean Energy Holdings Ltd. 5,288,518 478
* New World Department Store China Ltd. 3,151,539 476
* Emperor Capital Group Ltd. 23,460,249 391
*,^ Lifestyle China Group Ltd. 2,624,750 356
*,§ Camsing International Holding Ltd. 2,274,000 340
* Landing International Development Ltd. 12,156,000 317
* Glory Sun Land Group Ltd. 7,470,000 295
* Brightoil Petroleum Holdings Ltd. 10,098,301 261
*,§ Agritrade Resources Ltd. 14,695,000 157
*,§ China Baoli Technologies Holdings Ltd. 10,554,643 ___________
135
3,874,246
Ireland (0.2%)
Kerry Group plc Class A 985,517 143,141
* Kingspan Group plc 963,554 67,475
CRH plc (XDUB) 703,023 29,897
* Bank of Ireland Group plc 5,879,703 23,736
Glanbia plc (XDUB) 1,259,012 15,990
* AIB Group plc 5,061,167 10,394
* Dalata Hotel Group plc 1,420,162 6,553
Hibernia REIT plc 4,273,306 6,008
* C&C Group plc (XDUB) 1,900,382 5,912
* Irish Continental Group plc 1,012,698 5,549
* Cairn Homes plc (XLON) 4,113,162 4,809
* Cairn Homes plc (XDUB) 255,284 304
* Flutter Entertainment plc (XDUB) 1,478 301
*,§ Irish Bank Resolution Corp. Ltd. 257,065 ___________—
320,069
Israel (0.5%)
* Nice Ltd. 400,290 113,249
* Teva Pharmaceutical Industries Ltd. 6,258,462 60,464
Bank Leumi Le-Israel BM 9,235,880 54,517
* Bank Hapoalim BM 6,937,263 47,647
Israel Discount Bank Ltd. Class A 7,439,246 28,723
ICL Group Ltd. 4,415,797 22,541
Elbit Systems Ltd. 155,220 20,462
Mizrahi Tefahot Bank Ltd. 865,300 20,073
* Tower Semiconductor Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
678,708 17,643
Azrieli Group Ltd. 234,350 14,895
* Bezeq The Israeli Telecommunication Corp. Ltd. 13,005,938 12,929
* Nova Measuring Instruments Ltd. 178,893 12,629
Mivne Real Estate KD Ltd. 4,272,520 11,012
Alony Hetz Properties & Investments Ltd. 675,955 9,462
First International Bank Of Israel Ltd. 330,815 8,791
Strauss Group Ltd. 259,052 7,771
* Shikun & Binui Ltd. 1,315,357 7,692
* Enlight Renewable Energy Ltd. 3,424,992 7,154
* Airport City Ltd. 439,764 6,678
Paz Oil Co. Ltd. 62,002 6,652
* Harel Insurance Investments & Financial Services Ltd. 704,645 6,506
Electra Ltd. 11,362 6,223
Melisron Ltd. 110,622 6,014
* Phoenix Holdings Ltd. 772,126 5,881
Reit 1 Ltd. 1,155,468 5,792
Shufersal Ltd. 711,890 5,499
Shapir Engineering and Industry Ltd. 712,311 5,417

18
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Sapiens International Corp. NV 172,031 5,323
Energix-Renewable Energies Ltd. 1,158,041 5,291
Amot Investments Ltd. 930,336 5,214
Gev-Yam Land Ltd. 608,087 4,962
* Clal Insurance Enterprises Holdings Ltd. 307,888 4,832
Danel Adir Yeoshua Ltd. 28,854 4,763
Matrix IT Ltd. 199,720 4,527
* Israel Corp. Ltd. 23,085 4,415
Formula Systems 1985 Ltd. 49,594 4,288
* AFI Properties Ltd. 102,711 4,206
Maytronics Ltd. 276,774 4,167
Hilan Ltd. 87,200 4,141
AudioCodes Ltd. 146,624 4,039
Isracard Ltd. 1,186,514 4,014
Mega Or Holdings Ltd. 125,223 3,824
* Partner Communications Co. Ltd. 663,307 3,660
* Fattal Holdings 1998 Ltd. 32,932 3,563
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 49,231 3,449
FIBI Holdings Ltd. 111,664 3,390
Delek Automotive Systems Ltd. 329,995 3,101
* Big Shopping Centers Ltd. 27,638 3,078
Kenon Holdings Ltd. 103,829 3,059
Gazit-Globe Ltd. 432,693 2,831
* Menora Mivtachim Holdings Ltd. 148,621 2,791
Sella Capital Real Estate Ltd. 1,225,601 2,770
* Equital Ltd. 104,060 2,719
* Cellcom Israel Ltd. (Registered) 518,250 2,562
* Migdal Insurance & Financial Holdings Ltd. 2,121,717 2,457
* Allot Ltd. 209,892 2,219
* Oil Refineries Ltd. 9,323,608 2,114
Delta Galil Industries Ltd. 56,125 1,423
IDI Insurance Co. Ltd. 44,712 1,356
* Delek Group Ltd. 42,096 1,315
* Brack Capital Properties NV 14,031 1,301
* Kamada Ltd. 191,190 1,231
Gilat Satellite Networks Ltd. 174,451 1,139
* Naphtha Israel Petroleum Corp. Ltd. 201,360 966
* Teva Pharmaceutical Industries Ltd. ADR 33,295 ___________
321
653,137
Italy (2.1%)
Enel SPA 49,734,249 506,036
* Intesa Sanpaolo SPA (Registered) 99,389,820 234,931
Ferrari NV 777,529 180,342
Eni SPA 15,860,254 165,577
Assicurazioni Generali SPA 8,087,883 141,607
* UniCredit SPA
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
13,685,240 128,223
* Fiat Chrysler Automobiles NV 7,053,638 127,432
* CNH Industrial NV 6,290,061 79,069
Snam SPA 13,989,872 79,010
* Moncler SPA 1,226,724 75,420
Terna Rete Elettrica Nazionale SPA 8,886,147 68,283
* FinecoBank Banca Fineco SPA 3,895,261 64,241
* Atlantia SPA 3,145,369 56,799
*,1 Nexi SPA 2,787,734 55,474
Prysmian SPA 1,528,783 54,414
Exor NV 664,589 53,983
* Mediobanca Banca di Credito Finanziario SPA 4,342,707 40,200
Davide Campari-Milano NV 3,194,726 36,619
Recordati Industria Chimica e Farmaceutica SPA 617,559 34,342
* Amplifon SPA 777,079 32,300
Telecom Italia SPA (Registered) 67,375,190 31,272
DiaSorin SPA 143,662 29,995
1 Poste Italiane SPA 2,912,132 29,788
Interpump Group SPA 511,864 25,339

19
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
1 Infrastrutture Wireless Italiane SPA 2,076,854 25,177
Tenaris SA 2,986,090 24,199
* Banco BPM SPA 9,354,242 20,755
Telecom Italia SPA (Bearer) 39,148,992 20,399
Italgas SPA 3,150,044 20,066
^ Leonardo SPA 2,518,406 18,204
Azimut Holding SPA 778,281 16,915
Reply SPA 143,717 16,826
Hera SPA 4,467,415 16,257
A2A SPA 9,886,591 15,847
*,^,1 Pirelli & C SPA 2,913,145 15,793
* Unipol Gruppo SPA 3,054,891 14,680
* Banca Mediolanum SPA 1,649,036 14,326
De' Longhi SPA 406,799 12,812
* Freni Brembo SPA 927,050 12,291
* Banca Generali SPA 357,191 11,947
* BPER Banca 6,436,873 11,735
Buzzi Unicem SPA 467,805 11,168
* Cerved Group SPA 1,196,530 10,892
Iren SPA 4,082,757 10,656
Erg SPA 349,849 10,052
* Astm SPA 390,270 9,840
^ Saipem SPA 3,516,600 9,546
* Brunello Cucinelli SPA 213,898 9,340
*,1 Technogym SPA 783,873 8,873
UnipolSai Assicurazioni SPA 3,190,744 8,461
*,^ Salvatore Ferragamo SPA 430,744 8,364
*,1 GVS SPA 447,147 8,338
1 Anima Holding SPA 1,681,401 7,994
* Banca Popolare di Sondrio SCPA 2,812,652 7,589
1 Enav SPA 1,602,025 7,048
*,1 Banca Farmafactoring SPA 1,006,031 6,069
Falck Renewables SPA 745,579 6,043
1 Carel Industries SPA 255,700 6,002
Acea SPA 279,484 5,872
Tamburi Investment Partners SPA 659,954 5,533
* Autogrill SPA 793,227 5,331
*,^ Mediaset SPA 1,948,044 4,972
*,1 doValue SPA 378,678 4,466
* Marr SPA 207,406 4,273
* Societa Cattolica di Assicurazioni SC 748,514 4,187
Buzzi Unicem SPA Saving Shares 258,510 4,156
1 RAI Way SPA 619,073 4,147
Piaggio & C SPA 1,044,916 3,453
Zignago Vetro SPA 195,220 3,254
Italmobiliare SPA
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
86,509 3,097
*,^ Juventus Football Club SPA 3,061,424 3,041
* CIR SPA-Compagnie Industriali 5,608,088 3,021
Danieli & C Officine Meccaniche SPA Saving Shares 235,975 2,791
*,^ Saras SPA 3,652,320 2,664
* Credito Emiliano SPA 493,115 2,661
Cementir Holding NV 286,027 2,333
*,^ Maire Tecnimont SPA 1,023,867 2,297
*,^ Tod's SPA 63,372 2,215
*,^ Banca Monte dei Paschi di Siena SPA 1,662,599 2,148
Datalogic SPA 125,150 2,138
* Biesse SPA 90,441 2,110
*,^ Fincantieri SPA 3,023,785 2,048
^ Webuild SPA 1,390,794 2,019
Immobiliare Grande Distribuzione SIIQ SPA 422,008 1,868
* Banca IFIS SPA 160,966 1,815
Danieli & C Officine Meccaniche SPA 91,061 1,608
* Arnoldo Mondadori Editore SPA 790,471 1,465
DeA Capital SPA 540,849 752

20
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Rizzoli Corriere Della Sera Mediagroup SPA 743,731 ___________
518
2,857,453
Japan (22.2%)
Toyota Motor Corp. 15,735,270 1,214,293
Sony Corp. 7,890,784 795,139
SoftBank Group Corp. 9,303,966 722,314
Keyence Corp. 1,152,374 648,230
Shin-Etsu Chemical Co. Ltd. 2,541,924 446,148
Nintendo Co. Ltd. 681,865 437,717
Daiichi Sankyo Co. Ltd. 12,198,592 418,048
Daikin Industries Ltd. 1,695,123 377,109
Nidec Corp. 2,963,522 374,909
Recruit Holdings Co. Ltd. 8,622,801 362,183
Mitsubishi UFJ Financial Group Inc. 79,836,526 353,486
Tokyo Electron Ltd. 944,557 352,851
Murata Manufacturing Co. Ltd. 3,644,520 329,937
KDDI Corp. 10,866,225 322,186
Takeda Pharmaceutical Co. Ltd. 8,892,031 321,797
Hoya Corp. 2,318,676 321,125
Honda Motor Co. Ltd. 10,927,870 308,344
FANUC Corp. 1,228,235 303,189
Fast Retailing Co. Ltd. 328,278 294,360
Sumitomo Mitsui Financial Group Inc. 8,296,320 257,171
M3 Inc. 2,694,629 254,554
ITOCHU Corp. 8,691,434 249,967
Hitachi Ltd. 5,917,569 233,562
Kao Corp. 3,004,682 232,130
SMC Corp. 366,865 224,058
Chugai Pharmaceutical Co. Ltd. 4,158,609 221,883
SoftBank Corp. 17,629,291 221,283
Tokio Marine Holdings Inc. 4,158,529 214,254
Mizuho Financial Group Inc. 16,241,440 206,139
Nippon Telegraph & Telephone Corp. 7,932,109 203,530
Oriental Land Co. Ltd. 1,199,310 198,164
Mitsui & Co. Ltd. 10,462,395 191,821
Mitsubishi Electric Corp. 12,634,168 190,948
Mitsubishi Corp. 7,653,567 188,675
Astellas Pharma Inc. 11,907,453 184,372
Terumo Corp. 4,190,614 175,362
Fujitsu Ltd. 1,210,097 174,902
Seven & i Holdings Co. Ltd. 4,923,467 174,343
Denso Corp. 2,908,489 173,116
Shiseido Co. Ltd. 2,482,581 171,855
Central Japan Railway Co. 1,157,429 163,664
Komatsu Ltd. 5,854,192 161,566
Panasonic Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
13,641,262 159,019
Japan Tobacco Inc. 7,575,588 154,445
East Japan Railway Co. 2,310,587 154,152
Kubota Corp. 7,034,352 153,684
Olympus Corp. 6,754,188 147,875
Aeon Co. Ltd. 4,489,533 147,285
Sysmex Corp. 1,212,133 145,852
Suzuki Motor Corp. 2,891,738 134,048
Mitsui Fudosan Co. Ltd. 5,924,348 124,053
^ Canon Inc. 6,360,162 123,212
ORIX Corp. 7,998,273 123,046
Daiwa House Industry Co. Ltd. 4,105,351 122,063
Bridgestone Corp. 3,692,192 121,089
Eisai Co. Ltd. 1,690,820 120,916
Kyocera Corp. 1,967,676 120,773
FUJIFILM Holdings Corp. 2,257,689 119,098
Unicharm Corp. 2,484,675 117,838
Mitsubishi Estate Co. Ltd. 7,291,387 117,193
Shimano Inc. 499,879 117,011

21
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
TDK Corp. 766,990 115,726
Kirin Holdings Co. Ltd. 4,897,404 115,642
Otsuka Holdings Co. Ltd. 2,679,362 114,801
Secom Co. Ltd. 1,239,984 114,391
Asahi Group Holdings Ltd. 2,685,110 110,579
Nippon Paint Holdings Co. Ltd. 986,912 108,444
Bandai Namco Holdings Inc. 1,246,970 107,989
Omron Corp. 1,187,195 105,982
Dai-ichi Life Holdings Inc. 6,797,730 102,411
Nomura Holdings Inc. 19,307,119 102,078
Z Holdings Corp. 16,639,198 100,688
Nitori Holdings Co. Ltd. 476,272 99,589
Shionogi & Co. Ltd. 1,786,928 97,694
Sumitomo Corp. 7,177,789 95,127
Advantest Corp. 1,254,387 93,956
MS&AD Insurance Group Holdings Inc. 3,062,981 93,191
NEC Corp. 1,679,728 90,218
Japan Exchange Group Inc. 3,425,670 87,532
Obic Co. Ltd. 427,755 85,969
Sompo Holdings Inc. 2,104,049 85,304
Nitto Denko Corp. 936,244 83,869
Ono Pharmaceutical Co. Ltd. 2,736,285 82,457
Yaskawa Electric Corp. 1,646,172 82,071
Toyota Industries Corp. 1,022,254 81,219
Kikkoman Corp. 1,165,999 81,150
Asahi Kasei Corp. 7,901,475 80,991
Nexon Co. Ltd. 2,604,821 80,372
Toshiba Corp. 2,823,578 79,084
Makita Corp. 1,557,494 78,119
Sumitomo Realty & Development Co. Ltd. 2,529,263 78,085
Subaru Corp. 3,891,492 77,865
Daifuku Co. Ltd. 616,496 76,289
Pan Pacific International Holdings Corp. 3,252,152 75,137
Sekisui House Ltd. 3,659,406 74,549
SG Holdings Co. Ltd. 2,704,748 73,748
Sumitomo Mitsui Trust Holdings Inc. 2,335,889 72,073
Ajinomoto Co. Inc. 3,121,045 70,722
ENEOS Holdings Inc. 19,161,205 68,821
Sumitomo Metal Mining Co. Ltd. 1,512,107 67,260
* Nippon Steel Corp. 5,213,790 67,243
* Nissan Motor Co. Ltd. 12,331,208 66,840
Shimadzu Corp. 1,715,112 66,666
Marubeni Corp. 9,996,031 66,598
Japan Post Holdings Co. Ltd. 8,497,057 66,185
Sumitomo Electric Industries Ltd. 4,808,815 63,721
Tokyo Gas Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2,705,351 62,616
Odakyu Electric Railway Co. Ltd. 1,961,635 61,611
West Japan Railway Co. 1,156,670 60,563
MEIJI Holdings Co. Ltd. 856,370 60,271
Disco Corp. 177,188 59,718
Nomura Research Institute Ltd. 1,658,022 59,313
Yamaha Corp. 997,788 58,794
MISUMI Group Inc. 1,776,979 58,333
Toyota Tsusho Corp. 1,423,396 57,600
Toray Industries Inc. 9,679,747 57,415
Keio Corp. 734,524 56,988
Lasertec Corp. 484,598 56,879
Mitsubishi Heavy Industries Ltd. 1,827,694 55,975
Nihon M&A Center Inc. 834,288 55,792
TOTO Ltd. 921,246 55,448
NTT Data Corp. 4,020,881 55,039
Yamato Holdings Co. Ltd. 2,136,778 54,558
Nissan Chemical Corp. 861,597 54,026
Chubu Electric Power Co. Inc. 4,463,562 53,866

22
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
MINEBEA MITSUMI Inc. 2,613,796 52,001
Osaka Gas Co. Ltd. 2,520,482 51,664
Rohm Co. Ltd. 526,006 50,991
Kintetsu Group Holdings Co. Ltd. 1,146,334 50,238
Koito Manufacturing Co. Ltd. 730,311 49,702
Mitsubishi Chemical Holdings Corp. 8,135,227 49,286
Rakuten Inc. 5,061,228 48,703
Resona Holdings Inc. 13,823,079 48,391
* Renesas Electronics Corp. 4,567,315 47,806
Kobayashi Pharmaceutical Co. Ltd. 390,125 47,684
Hamamatsu Photonics KK 814,516 46,602
Hankyu Hanshin Holdings Inc. 1,395,716 46,424
Azbil Corp. 839,004 45,895
Kansai Electric Power Co. Inc. 4,644,690 43,930
Asahi Intecc Co. Ltd. 1,196,466 43,701
Taisei Corp. 1,263,999 43,606
Daiwa Securities Group Inc. 9,553,227 43,513
Kyowa Kirin Co. Ltd. 1,588,074 43,367
Yakult Honsha Co. Ltd. 850,533 42,894
Trend Micro Inc. 741,587 42,696
CyberAgent Inc. 613,074 42,293
Dentsu Group Inc. 1,401,197 41,702
Sekisui Chemical Co. Ltd. 2,197,065 41,659
T&D Holdings Inc. 3,487,663 41,255
AGC Inc. 1,176,848 41,153
Lion Corp. 1,609,410 38,988
Tokyu Corp. 3,130,684 38,899
Sumitomo Chemical Co. Ltd. 9,621,570 38,782
Kajima Corp. 2,886,724 38,725
Tobu Railway Co. Ltd. 1,296,630 38,661
Daito Trust Construction Co. Ltd. 413,371 38,631
Kansai Paint Co. Ltd. 1,234,489 38,054
MonotaRO Co. Ltd. 746,889 37,934
Nissin Foods Holdings Co. Ltd. 440,755 37,780
Toho Gas Co. Ltd. 567,645 37,607
Capcom Co. Ltd. 576,788 37,406
Obayashi Corp. 4,299,005 37,120
Taiyo Yuden Co. Ltd. 789,300 37,059
Santen Pharmaceutical Co. Ltd. 2,271,193 36,887
Yamaha Motor Co. Ltd. 1,782,209 36,377
Lixil Corp. 1,675,694 36,340
SBI Holdings Inc. 1,523,614 36,246
Miura Co. Ltd. 630,382 35,193
Otsuka Corp. 653,922 34,492
GMO Payment Gateway Inc. 252,575 33,942
Konami Holdings Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
596,747 33,577
Hikari Tsushin Inc. 141,726 33,254
Idemitsu Kosan Co. Ltd. 1,502,656 33,084
Aisin Seiki Co. Ltd. 1,102,691 33,069
Tsuruha Holdings Inc. 232,280 33,031
Nagoya Railroad Co. Ltd. 1,243,732 32,817
Mitsui Chemicals Inc. 1,116,666 32,802
Nabtesco Corp. 746,560 32,769
SUMCO Corp. 1,480,525 32,510
Hirose Electric Co. Ltd. 213,593 32,417
Oji Holdings Corp. 5,662,547 32,237
JSR Corp. 1,154,706 32,196
Ibiden Co. Ltd. 688,343 32,178
Dai Nippon Printing Co. Ltd. 1,758,121 31,624
* JFE Holdings Inc. 3,275,954 31,453
Inpex Corp. 5,832,257 31,449
Kose Corp. 183,690 31,389
Tokyo Century Corp. 395,325 31,373
Brother Industries Ltd. 1,507,889 31,128

23
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Isuzu Motors Ltd. 3,257,191 31,007
TIS Inc. 1,509,924 30,953
Takeda Pharmaceutical Co. Ltd. ADR 1,700,083 30,942
Hoshizaki Corp. 336,431 30,893
Yokogawa Electric Corp. 1,542,681 30,769
Ryohin Keikaku Co. Ltd. 1,501,355 30,725
Nippon Express Co. Ltd. 452,112 30,412
Toho Co. Ltd. (XTKS) 719,814 30,361
Keihan Holdings Co. Ltd. 625,214 29,975
Keisei Electric Railway Co. Ltd. 883,764 29,915
Square Enix Holdings Co. Ltd. 493,079 29,896
Stanley Electric Co. Ltd. 922,900 29,772
Fuji Electric Co. Ltd. 799,232 28,849
Ricoh Co. Ltd. 4,329,385 28,470
Pigeon Corp. 689,677 28,465
Suntory Beverage & Food Ltd. 801,558 28,391
* PeptiDream Inc. 555,591 28,261
Toyo Suisan Kaisha Ltd. 575,518 28,009
NH Foods Ltd. 631,148 27,799
Tosoh Corp. 1,774,608 27,727
USS Co. Ltd. 1,348,653 27,271
Nippon Building Fund Inc. 4,699 27,253
Keikyu Corp. 1,587,396 27,233
Rinnai Corp. 233,811 27,179
Oracle Corp. Japan 207,235 27,014
Kurita Water Industries Ltd. 698,009 26,681
Hisamitsu Pharmaceutical Co. Inc. 448,318 26,648
Mitsubishi Gas Chemical Co. Inc. 1,145,280 26,336
* Tokyo Electric Power Co. Holdings Inc. 9,946,851 26,274
Nisshin Seifun Group Inc. 1,640,498 26,133
Seiko Epson Corp. 1,725,053 25,635
NGK Insulators Ltd. 1,658,036 25,620
Hulic Co. Ltd. 2,328,200 25,611
Toppan Printing Co. Ltd. 1,812,466 25,595
Shimizu Corp. 3,504,892 25,513
Kyushu Electric Power Co. Inc. 2,947,690 25,429
Casio Computer Co. Ltd. 1,368,373 25,042
Concordia Financial Group Ltd. 7,092,079 25,018
Sushiro Global Holdings Ltd. 648,296 24,870
Tohoku Electric Power Co. Inc. 3,002,880 24,783
Yamada Holdings Co. Ltd. 4,661,024 24,764
NSK Ltd. 2,808,902 24,445
Mazda Motor Corp. 3,645,718 24,404
Welcia Holdings Co. Ltd. 639,940 24,140
Nippon Yusen KK 1,032,088 24,079
Japan Post Insurance Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,172,698 24,045
Bank of Kyoto Ltd. 460,449 24,007
Japan Real Estate Investment Corp. 4,145 23,951
THK Co. Ltd. 728,681 23,566
Shizuoka Bank Ltd. 3,207,773 23,546
Kuraray Co. Ltd. 2,200,687 23,431
Marui Group Co. Ltd. 1,312,191 23,108
Ito En Ltd. 361,231 22,874
Koei Tecmo Holdings Co. Ltd. 373,917 22,827
Kakaku.com Inc. 831,995 22,774
Chugoku Electric Power Co. Inc. 1,921,804 22,553
Sohgo Security Services Co. Ltd. 431,209 22,369
COMSYS Holdings Corp. 717,559 22,312
Teijin Ltd. 1,178,552 22,178
Itochu Techno-Solutions Corp. 615,552 21,980
Amada Co. Ltd. 1,994,726 21,950
NOF Corp. 430,656 21,850
Kyushu Railway Co. 1,010,874 21,808
Denka Co. Ltd. 557,158 21,786

24
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* ANA Holdings Inc. 980,835 21,672
Nippon Shinyaku Co. Ltd. 329,463 21,626
Chiba Bank Ltd. 3,904,498 21,546
Japan Post Bank Co. Ltd. 2,618,692 21,525
Mitsui OSK Lines Ltd. 702,259 21,492
Nippon Prologis REIT Inc. 6,810 21,275
NGK Spark Plug Co. Ltd. 1,239,890 21,174
* Kawasaki Heavy Industries Ltd. 931,249 21,029
Nifco Inc. 534,403 20,958
Asics Corp. 1,087,004 20,905
Hakuhodo DY Holdings Inc. 1,515,772 20,828
Matsumotokiyoshi Holdings Co. Ltd. 486,176 20,737
Tokyu Fudosan Holdings Corp. 3,869,562 20,670
GLP J-Reit 13,047 20,588
Nomura Real Estate Master Fund Inc. 14,314 20,484
Alfresa Holdings Corp. 1,111,429 20,372
Air Water Inc. 1,134,218 20,181
Sega Sammy Holdings Inc. 1,266,388 19,991
Haseko Corp. 1,714,208 19,675
Ebara Corp. 600,316 19,647
^ Showa Denko KK 916,007 19,545
^ Anritsu Corp. 874,607 19,525
Hitachi Construction Machinery Co. Ltd. 680,388 19,346
Persol Holdings Co. Ltd. 1,065,850 19,256
Hitachi Metals Ltd. 1,263,029 19,203
Nichirei Corp. 682,287 19,172
*,^ Skylark Holdings Co. Ltd. 1,225,200 18,984
TechnoPro Holdings Inc. 228,481 18,981
Taiheiyo Cement Corp. 749,371 18,771
NET One Systems Co. Ltd. 529,058 18,668
Taisho Pharmaceutical Holdings Co. Ltd. 274,983 18,542
Fukuoka Financial Group Inc. 1,036,255 18,471
SCREEN Holdings Co. Ltd. 249,425 18,394
Rohto Pharmaceutical Co. Ltd. 619,883 18,373
Iida Group Holdings Co. Ltd. 908,617 18,371
Kyowa Exeo Corp. 650,151 18,354
Japan Airport Terminal Co. Ltd. 296,410 17,988
Cosmos Pharmaceutical Corp. 111,206 17,957
Sumitomo Forestry Co. Ltd. 857,147 17,932
Sumitomo Heavy Industries Ltd. 721,185 17,825
Nankai Electric Railway Co. Ltd. 695,627 17,660
House Foods Group Inc. 464,328 17,650
^ Kagome Co. Ltd. 499,570 17,631
Nihon Kohden Corp. 472,896 17,612
* Japan Airlines Co. Ltd. 907,402 17,499
MediPal Holdings Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
926,654 17,426
Fancl Corp. 435,528 17,386
Tokyo Tatemono Co. Ltd. 1,266,297 17,386
Suzuken Co. Ltd. 477,248 17,264
Open House Co. Ltd. 468,214 17,225
Sojitz Corp. 7,694,065 17,182
Nippon Sanso Holdings Corp. 914,803 17,017
Sundrug Co. Ltd. 421,870 16,861
Iwatani Corp. 273,360 16,841
^ Tokyo Ohka Kogyo Co. Ltd. 238,603 16,762
Mitsubishi Materials Corp. 794,211 16,731
Alps Alpine Co. Ltd. 1,261,739 16,649
Relo Group Inc. 666,313 16,150
Nihon Unisys Ltd. 410,000 16,070
Zensho Holdings Co. Ltd. 614,681 16,031
IHI Corp. 802,930 15,986
Nomura Real Estate Holdings Inc. 720,247 15,970
Daiwa House REIT Investment Corp. 6,417 15,875
Sumitomo Dainippon Pharma Co. Ltd. 1,061,204 15,684

25
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
^ Tokai Carbon Co. Ltd. 1,249,939 15,649
Penta-Ocean Construction Co. Ltd. 1,806,511 15,552
ZOZO Inc. 627,342 15,454
SCSK Corp. 266,667 15,249
Kewpie Corp. 690,435 15,201
Japan Retail Fund Investment Corp. 8,346 15,189
K's Holdings Corp. 1,085,582 15,126
Sugi Holdings Co. Ltd. 225,799 15,083
Justsystems Corp. 215,962 15,002
Sharp Corp. 985,911 14,980
BayCurrent Consulting Inc. 85,148 14,943
Goldwin Inc. 226,174 14,941
Zenkoku Hosho Co. Ltd. 323,010 14,797
Shimamura Co. Ltd. 139,231 14,630
Electric Power Development Co. Ltd. 1,055,605 14,567
Hino Motors Ltd. 1,703,974 14,546
Sanwa Holdings Corp. 1,244,697 14,535
Horiba Ltd. 245,262 14,405
Calbee Inc. 477,706 14,400
Ezaki Glico Co. Ltd. 326,743 14,367
Lawson Inc. 305,493 14,216
SHO-BOND Holdings Co. Ltd. 291,604 14,170
Nishi-Nippon Railroad Co. Ltd. 479,146 14,145
Mabuchi Motor Co. Ltd. 324,214 14,142
Shinsei Bank Ltd. 1,141,045 14,096
GS Yuasa Corp. 486,366 13,997
Coca-Cola Bottlers Japan Holdings Inc. 889,830 13,899
Orix JREIT Inc. 8,394 13,886
Ship Healthcare Holdings Inc. 249,136 13,876
Aozora Bank Ltd. 749,581 13,860
Takara Holdings Inc. 1,102,098 13,792
Toyoda Gosei Co. Ltd. 475,203 13,788
Fuji Corp. 512,707 13,514
Mitsubishi UFJ Lease & Finance Co. Ltd. 2,813,632 13,511
Yamazaki Baking Co. Ltd. 807,300 13,483
As One Corp. 78,415 13,412
Zeon Corp. 927,580 13,325
^ DIC Corp. 521,475 13,186
Ulvac Inc. 305,902 13,115
Isetan Mitsukoshi Holdings Ltd. 2,207,471 13,089
Kinden Corp. 803,544 13,085
Nikon Corp. 2,059,313 13,010
JGC Holdings Corp. 1,385,498 12,977
Seibu Holdings Inc. 1,312,431 12,874
Mitsui Mining & Smelting Co. Ltd. 349,758 12,855
Kaneka Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
362,693 12,707
Morinaga Milk Industry Co. Ltd. 256,644 12,646
Mebuki Financial Group Inc. 6,407,862 12,626
Aeon Mall Co. Ltd. 762,891 12,600
J Front Retailing Co. Ltd. 1,587,647 12,592
Tsumura & Co. 417,850 12,568
Infomart Corp. 1,315,796 12,566
^ Mitsubishi Logistics Corp. 418,028 12,539
FP Corp. 297,544 12,506
Nippon Gas Co. Ltd. 232,449 12,472
Seino Holdings Co. Ltd. 877,553 12,384
Advance Residence Investment Corp. 4,115 12,341
SMS Co. Ltd. 321,803 12,340
* Park24 Co. Ltd. 696,589 12,121
Daicel Corp. 1,643,353 12,012
Japan Steel Works Ltd. 400,324 11,958
Sotetsu Holdings Inc. 498,584 11,956
Sankyu Inc. 315,594 11,934
Kamigumi Co. Ltd. 647,591 11,830

26
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Ube Industries Ltd. 647,444 11,766
United Urban Investment Corp. 9,467 11,720
Aica Kogyo Co. Ltd. 336,870 11,661
Tokyo Seimitsu Co. Ltd. 244,152 11,488
Nippon Shokubai Co. Ltd. 202,896 11,378
Credit Saison Co. Ltd. 987,561 11,370
Jeol Ltd. 240,048 11,333
Japan Elevator Service Holdings Co. Ltd. 443,200 11,287
^ Nippon Electric Glass Co. Ltd. 514,570 11,272
Rengo Co. Ltd. 1,342,901 11,256
Benefit One Inc. 379,804 11,243
JTEKT Corp. 1,445,387 11,224
Sawai Pharmaceutical Co. Ltd. 245,307 11,133
Industrial & Infrastructure Fund Investment Corp. 6,023 11,120
Konica Minolta Inc. 2,898,198 11,098
Ain Holdings Inc. 178,119 11,004
PALTAC Corp. 202,007 10,996
ADEKA Corp. 628,147 10,984
Iyo Bank Ltd. 1,747,344 10,977
*,^ RENOVA Inc. 282,200 10,866
GMO internet Inc. 376,297 10,805
Fujitec Co. Ltd. 498,720 10,775
* Kawasaki Kisen Kaisha Ltd. 520,559 10,688
Dowa Holdings Co. Ltd. 294,271 10,667
DeNA Co. Ltd. 598,888 10,661
OKUMA Corp. 189,321 10,619
Mani Inc. 386,989 10,556
Bic Camera Inc. 946,615 10,520
Furukawa Electric Co. Ltd. 389,557 10,519
* Hirogin Holdings Inc. 1,861,835 10,484
Acom Co. Ltd. 2,441,669 10,425
Amano Corp. 433,295 10,379
Toyo Seikan Group Holdings Ltd. 946,246 10,363
Daiwabo Holdings Co. Ltd. 115,456 10,278
* Kobe Steel Ltd. 1,913,304 10,244
TS Tech Co. Ltd. 328,349 10,141
cocokara fine Inc. 136,683 10,095
Daio Paper Corp. 519,854 10,093
Nagase & Co. Ltd. 688,698 10,066
Katitas Co. Ltd. 311,078 10,038
Mirait Holdings Corp. 583,614 10,015
Yokohama Rubber Co. Ltd. 672,014 10,011
Sumitomo Rubber Industries Ltd. 1,156,319 9,949
Kenedix Inc. 1,365,640 9,944
JAFCO Group Co. ltd 198,492 9,919
Kyushu Financial Group Inc.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2,410,099 9,898
^ DMG Mori Co. Ltd. 648,403 9,890
Toyo Tire Corp. 648,485 9,869
Nippon Kayaku Co. Ltd. 1,057,079 9,813
Toda Corp. 1,479,636 9,801
Tokuyama Corp. 434,783 9,788
NSD Co. Ltd. 451,908 9,749
Fujitsu General Ltd. 357,833 9,704
Menicon Co. Ltd. 159,513 9,675
^ Pola Orbis Holdings Inc. 474,591 9,637
Shinko Electric Industries Co. Ltd. 419,197 9,596
* SHIFT Inc. 69,000 9,562
Hachijuni Bank Ltd. 2,865,567 9,546
Kadokawa Corp. 260,618 9,473
Morinaga & Co. Ltd. 251,241 9,451
OSG Corp. 492,318 9,426
Daido Steel Co. Ltd. 225,371 9,422
Yaoko Co. Ltd. 135,265 9,421
Sekisui House Reit Inc. 12,813 9,325

27
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Activia Properties Inc. 2,203 9,310
^ Japan Prime Realty Investment Corp. 2,806 9,307
Toagosei Co. Ltd. 782,421 9,197
Systena Corp. 434,640 9,126
ABC-Mart Inc. 164,082 9,123
Izumi Co. Ltd. 250,753 9,086
Ushio Inc. 696,578 9,074
H.U. Group Holdings Inc. 336,065 9,056
Nippo Corp. 328,734 9,007
IR Japan Holdings Ltd. 55,800 8,940
Daiichikosho Co. Ltd. 256,136 8,862
AEON Financial Service Co. Ltd. 737,928 8,850
Chugoku Bank Ltd. 1,093,775 8,778
Kusuri no Aoki Holdings Co. Ltd. 100,904 8,776
Benesse Holdings Inc. 447,549 8,744
Maruichi Steel Tube Ltd. 394,470 8,738
Shochiku Co. Ltd. 63,691 8,734
Nipro Corp. 741,666 8,734
Seven Bank Ltd. 4,103,596 8,675
Outsourcing Inc. 645,273 8,675
Nippon Accommodations Fund Inc. 1,536 8,634
Kobe Bussan Co. Ltd. 278,692 8,563
Fukuyama Transporting Co. Ltd. 202,969 8,555
Digital Garage Inc. 204,095 8,433
Hazama Ando Corp. 1,206,196 8,423
Nichias Corp. 352,451 8,394
LaSalle Logiport REIT 5,189 8,373
Takuma Co. Ltd. 467,448 8,355
* Mitsubishi Motors Corp. 3,963,820 8,340
JCR Pharmaceuticals Co. Ltd. 352,564 8,339
Yamaguchi Financial Group Inc. 1,472,701 8,314
Fuji Oil Holdings Inc. 289,532 8,281
Asahi Holdings Inc. 232,124 8,254
Ariake Japan Co. Ltd. 114,295 8,225
Gunma Bank Ltd. 2,656,640 8,205
Kenedix Office Investment Corp. 1,206 8,188
Kaken Pharmaceutical Co. Ltd. 211,104 8,158
Topcon Corp. 655,380 8,156
Inaba Denki Sangyo Co. Ltd. 332,416 8,148
Kureha Corp. 115,100 8,128
Mitsui Fudosan Logistics Park Inc. 1,599 8,110
Japan Logistics Fund Inc. 2,745 8,102
Meitec Corp. 155,534 8,088
CKD Corp. 376,389 8,068
Fuyo General Lease Co. Ltd. 121,191 8,028
Mizuho Leasing Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
265,054 7,992
Kyudenko Corp. 246,159 7,950
Takara Bio Inc. 293,612 7,890
Nitto Boseki Co. Ltd. 176,653 7,796
* Fujikura Ltd. 1,687,536 7,784
NOK Corp. 721,719 7,762
Hokuhoku Financial Group Inc. 815,316 7,757
Heiwa Real Estate Co. Ltd. 214,196 7,751
Wacom Co. Ltd. 918,430 7,704
^ Sapporo Holdings Ltd. 397,824 7,687
Takashimaya Co. Ltd. 892,174 7,678
Sankyo Co. Ltd. 283,404 7,668
^ Yoshinoya Holdings Co. Ltd. 407,126 7,528
Toyobo Co. Ltd. 559,308 7,487
Maeda Corp. 840,900 7,484
NEC Networks & System Integration Corp. 431,279 7,457
TOKAI Holdings Corp. 749,040 7,453
Cosmo Energy Holdings Co. Ltd. 416,299 7,418
Milbon Co. Ltd. 115,925 7,386

28
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
DCM Holdings Co. Ltd. 642,448 7,344
Kokuyo Co. Ltd. 541,477 7,336
Japan Hotel REIT Investment Corp. 14,263 7,334
Elecom Co. Ltd. 141,739 7,320
Daiseki Co. Ltd. 245,858 7,219
^ Tokyo Dome Corp. 572,586 7,210
Duskin Co. Ltd. 258,604 7,206
Lintec Corp. 320,740 7,092
* NTN Corp. 2,752,187 7,090
Wacoal Holdings Corp. 349,210 7,033
Nippon Paper Industries Co. Ltd. 606,288 7,021
Nippon Suisan Kaisha Ltd. 1,696,733 7,013
Trusco Nakayama Corp. 248,347 6,981
Hokuriku Electric Power Co. 1,069,064 6,975
Sumitomo Bakelite Co. Ltd. 202,206 6,973
NHK Spring Co. Ltd. 1,012,840 6,946
Sakata Seed Corp. 200,094 6,939
Toei Co. Ltd. 42,357 6,934
Internet Initiative Japan Inc. 351,256 6,921
Nippon Light Metal Holdings Co. Ltd. 372,679 6,918
TKC Corp. 92,024 6,909
Japan Lifeline Co. Ltd. 432,477 6,825
Mori Hills REIT Investment Corp. 4,923 6,789
Fuji Kyuko Co. Ltd. 145,087 6,773
Glory Ltd. 331,342 6,692
Canon Marketing Japan Inc. 292,352 6,681
Fuji Soft Inc. 133,278 6,668
Sumitomo Osaka Cement Co. Ltd. 227,294 6,651
Nikkon Holdings Co. Ltd. 331,529 6,647
Nishimatsu Construction Co. Ltd. 324,061 6,646
Senko Group Holdings Co. Ltd. 677,969 6,612
OBIC Business Consultants Co. Ltd. 93,932 6,488
Valor Holdings Co. Ltd. 252,809 6,482
Taiyo Holdings Co. Ltd. 109,199 6,472
Hitachi Capital Corp. 267,226 6,466
Kanematsu Corp. 516,989 6,456
*,^ Change Inc. 188,800 6,453
Shikoku Electric Power Co. Inc. 988,076 6,451
Tri Chemical Laboratories Inc. 39,751 6,429
Hanwa Co. Ltd. 238,964 6,417
AEON REIT Investment Corp. 4,960 6,350
Toyota Boshoku Corp. 390,498 6,342
Pilot Corp. 225,544 6,338
Nisshinbo Holdings Inc. 864,326 6,316
Shiga Bank Ltd. 307,054 6,288
Tadano Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
729,663 6,255
Kotobuki Spirits Co. Ltd. 120,064 6,250
JINS Holdings Inc. 93,609 6,158
77 Bank Ltd. 450,466 6,147
Hitachi Transport System Ltd. 206,164 6,143
Nihon Parkerizing Co. Ltd. 589,207 6,112
Nishi-Nippon Financial Holdings Inc. 951,947 6,098
Shoei Co. Ltd. 150,636 6,057
NS Solutions Corp. 204,902 6,036
Sanken Electric Co. Ltd. 138,761 6,030
Daishi Hokuetsu Financial Group Inc. 277,812 5,990
Daihen Corp. 122,971 5,990
Mochida Pharmaceutical Co. Ltd. 157,322 5,986
Resorttrust Inc. 417,031 5,967
Prima Meat Packers Ltd. 186,740 5,920
KH Neochem Co. Ltd. 223,077 5,917
Takasago Thermal Engineering Co. Ltd. 389,731 5,916
Yamato Kogyo Co. Ltd. 220,315 5,892
Kiyo Bank Ltd. 409,816 5,869

29
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Paramount Bed Holdings Co. Ltd. 128,514 5,868
Toho Holdings Co. Ltd. 332,303 5,842
Macnica Fuji Electronics Holdings Inc. 296,898 5,840
en-japan Inc. 193,500 5,813
Maruwa Co. Ltd. 51,144 5,752
Okumura Corp. 231,180 5,721
Kyoritsu Maintenance Co. Ltd. 153,251 5,715
Hitachi Zosen Corp. 1,030,738 5,701
Digital Arts Inc. 61,624 5,682
^ Colowide Co. Ltd. 356,835 5,653
Kansai Mirai Financial Group Inc. 1,165,153 5,647
Frontier Real Estate Investment Corp. 1,455 5,634
Megmilk Snow Brand Co. Ltd. 262,216 5,609
Comforia Residential REIT Inc. 1,946 5,607
Kandenko Co. Ltd. 661,668 5,605
Meidensha Corp. 248,529 5,604
Kumagai Gumi Co. Ltd. 221,698 5,590
Nojima Corp. 203,614 5,585
Iriso Electronics Co. Ltd. 128,877 5,578
Joyful Honda Co. Ltd. 389,085 5,577
Nichiha Corp. 176,714 5,572
Daiwa Securities Living Investments Corp. 5,982 5,553
EDION Corp. 545,623 5,548
Daiwa Office Investment Corp. 871 5,537
Kumiai Chemical Industry Co. Ltd. 612,799 5,524
Toshiba TEC Corp. 152,301 5,502
Hulic Reit Inc. 3,684 5,500
Central Glass Co. Ltd. 251,961 5,494
Kenedix Residential Next Investment Corp. 2,985 5,485
Itoham Yonekyu Holdings Inc. 837,088 5,464
* UT Group Co. Ltd. 175,300 5,457
Tsubakimoto Chain Co. 207,098 5,446
Sangetsu Corp. 361,220 5,436
Mitsui High-Tec Inc. 143,943 5,415
^ Maruwa Unyu Kikan Co. Ltd. 249,864 5,333
Starts Corp. Inc. 191,440 5,326
Anicom Holdings Inc. 509,196 5,321
Kintetsu World Express Inc. 221,972 5,272
Tokai Rika Co. Ltd. 309,887 5,245
Awa Bank Ltd. 229,755 5,213
Create SD Holdings Co. Ltd. 138,337 5,193
DTS Corp. 251,734 5,192
Matsui Securities Co. Ltd. 659,250 5,178
JCU Corp. 133,781 5,161
Takeuchi Manufacturing Co. Ltd. 218,497 5,160
Earth Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
91,391 5,155
Ichibanya Co. Ltd. 103,172 5,155
Autobacs Seven Co. Ltd. 371,157 5,143
Raito Kogyo Co. Ltd. 291,744 5,133
Fuji Seal International Inc. 262,030 5,127
GungHo Online Entertainment Inc. 225,760 5,055
Tomy Co. Ltd. 572,497 5,053
Invincible Investment Corp. 15,585 5,017
Maruha Nichiro Corp. 231,984 4,995
Premier Investment Corp. 4,036 4,993
Arcs Co. Ltd. 221,419 4,989
Japan Material Co. Ltd. 362,290 4,979
Ogaki Kyoritsu Bank Ltd. 244,269 4,967
^ NIPPON REIT Investment Corp. 1,380 4,965
Kohnan Shoji Co. Ltd. 158,494 4,938
Nichicon Corp. 387,675 4,912
Komeri Co. Ltd. 173,713 4,911
Japan Excellent Inc. 3,959 4,911
Sanrio Co. Ltd. 357,456 4,893

30
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Zojirushi Corp. 273,177 4,888
Nippon Soda Co. Ltd. 163,622 4,867
Nippon Flour Mills Co. Ltd. 311,504 4,865
ASKUL Corp. 130,059 4,853
MCUBS MidCity Investment Corp 5,285 4,819
Taikisha Ltd. 183,418 4,818
Mitsubishi Logisnext Co. Ltd. 416,391 4,787
Citizen Watch Co. Ltd. 1,667,761 4,762
Funai Soken Holdings Inc. 194,432 4,758
San-A Co. Ltd. 112,483 4,757
Fujimi Inc. 124,942 4,745
Prestige International Inc. 535,328 4,737
Totetsu Kogyo Co. Ltd. 177,737 4,704
Nachi-Fujikoshi Corp. 112,985 4,696
Makino Milling Machine Co. Ltd. 129,140 4,674
Heiwa Corp. 338,479 4,670
Oki Electric Industry Co. Ltd. 524,953 4,642
Toyo Ink SC Holdings Co. Ltd. 242,033 4,635
Kato Sangyo Co. Ltd. 136,234 4,618
San-In Godo Bank Ltd. 966,303 4,616
Nippon Densetsu Kogyo Co. Ltd. 223,107 4,615
Atom Corp. 542,225 4,576
Okamura Corp. 510,909 4,575
MOS Food Services Inc. 161,540 4,569
Ai Holdings Corp. 224,885 4,533
Nagaileben Co. Ltd. 158,356 4,531
Information Services International-Dentsu Ltd. 149,130 4,518
Tocalo Co. Ltd. 328,616 4,515
KYORIN Holdings Inc. 239,839 4,514
Takara Standard Co. Ltd. 306,721 4,513
Showa Sangyo Co. Ltd. 152,284 4,492
Solasto Corp. 289,371 4,485
Japan Aviation Electronics Industry Ltd. 291,813 4,479
Saibu Gas Co. Ltd. 148,432 4,473
* Aiful Corp. 1,859,344 4,471
Fujimori Kogyo Co. Ltd. 96,330 4,457
* M&A Capital Partners Co. Ltd. 77,678 4,454
Tokyu REIT Inc. 2,805 4,451
Mitsubishi Estate Logistics REIT Investment Corp. 1,065 4,443
Strike Co. Ltd. 89,032 4,428
Fuso Chemical Co. Ltd. 122,637 4,422
Hogy Medical Co. Ltd. 135,875 4,422
ZERIA Pharmaceutical Co. Ltd. 239,771 4,421
Musashi Seimitsu Industry Co. Ltd. 277,812 4,419
Shibuya Corp. 128,351 4,407
* Grace Technology Inc.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
65,673 4,406
Axial Retailing Inc. 90,137 4,390
Tsugami Corp. 289,384 4,383
Sumitomo Warehouse Co. Ltd. 339,012 4,343
Eizo Corp. 122,967 4,340
eGuarantee Inc. 198,800 4,333
Tokyotokeiba Co. Ltd. 95,243 4,323
MCJ Co. Ltd. 401,448 4,315
Morita Holdings Corp. 253,322 4,310
Nisshin Oillio Group Ltd. 145,639 4,286
Noevir Holdings Co. Ltd. 96,417 4,273
Life Corp. 123,501 4,265
eRex Co. Ltd. 210,992 4,254
Yamazen Corp. 424,223 4,251
Seiren Co. Ltd. 279,976 4,240
Topre Corp. 275,146 4,222
Nishimatsuya Chain Co. Ltd. 293,556 4,216
Kissei Pharmaceutical Co. Ltd. 193,470 4,201
Transcosmos Inc. 165,891 4,195

31
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Infocom Corp. 127,575 4,191
Kenedix Retail REIT Corp. 1,712 4,178
Yokogawa Bridge Holdings Corp. 196,521 4,159
Hokkaido Electric Power Co. Inc. 1,138,820 4,152
* Descente Ltd. 239,437 4,139
^ Keihanshin Building Co. Ltd. 227,749 4,112
Kameda Seika Co. Ltd. 86,796 4,075
Tokai Tokyo Financial Holdings Inc. 1,375,916 4,072
Heiwado Co. Ltd. 189,399 4,070
Mori Trust Sogo Reit Inc. 3,154 4,068
Invesco Office J-Reit Inc. 27,713 4,068
Orient Corp. 3,611,944 4,064
Monex Group Inc. 1,084,086 4,063
Juroku Bank Ltd. 222,868 4,059
Sumitomo Mitsui Construction Co. Ltd. 966,068 4,014
Nomura Co. Ltd. 483,380 3,999
Dexerials Corp. 305,258 3,997
Hirata Corp. 53,202 3,988
Eiken Chemical Co. Ltd. 199,891 3,985
Sanki Engineering Co. Ltd. 338,406 3,982
Suruga Bank Ltd. 1,194,419 3,922
Kanamoto Co. Ltd. 181,931 3,912
Ohsho Food Service Corp. 69,528 3,904
Comture Corp. 137,300 3,888
SKY Perfect JSAT Holdings Inc. 789,003 3,887
BML Inc. 124,881 3,881
United Super Markets Holdings Inc. 353,989 3,874
TBS Holdings Inc. 219,779 3,865
S Foods Inc. 117,776 3,845
Hyakugo Bank Ltd. 1,327,352 3,839
Rorze Corp. 59,010 3,825
Ichigo Inc. 1,266,709 3,816
FCC Co. Ltd. 219,560 3,801
Japan Wool Textile Co. Ltd. 392,337 3,798
^ Cybozu Inc. 151,766 3,794
Hokkoku Bank Ltd. 149,252 3,791
Okinawa Electric Power Co. Inc. 279,787 3,763
Kura Sushi Inc. 61,725 3,750
San-Ai Oil Co. Ltd. 345,419 3,748
Mandom Corp. 227,101 3,741
Inabata & Co. Ltd. 267,033 3,737
Token Corp. 47,000 3,728
Optex Group Co. Ltd. 203,501 3,726
Arata Corp. 78,378 3,725
Yokowo Co. Ltd. 123,730 3,724
Daibiru Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
293,813 3,723
Aruhi Corp. 211,613 3,718
Toridoll Holdings Corp. 276,902 3,716
Mitsubishi Pencil Co. Ltd. 277,696 3,706
Okasan Securities Group Inc. 1,017,062 3,700
North Pacific Bank Ltd. 1,746,766 3,696
Giken Ltd. 88,532 3,663
Nikkiso Co. Ltd. 375,146 3,655
Sekisui Jushi Corp. 172,520 3,648
KOMEDA Holdings Co. Ltd. 201,616 3,647
Mitsuuroko Group Holdings Co. Ltd. 279,659 3,618
Daiho Corp. 102,388 3,615
Monogatari Corp. 29,587 3,605
H2O Retailing Corp. 531,851 3,605
Maeda Road Construction Co. Ltd. 214,126 3,592
Shizuoka Gas Co. Ltd. 357,806 3,588
Maeda Kosen Co. Ltd. 136,228 3,582
Bank of Okinawa Ltd. 134,751 3,580
Nissha Co. Ltd. 245,193 3,564

32
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
^ Pressance Corp. 205,106 3,534
Adastria Co. Ltd. 175,249 3,519
Sanyo Chemical Industries Ltd. 65,725 3,514
Japan Petroleum Exploration Co. Ltd. 192,805 3,509
Dip Corp. 131,147 3,504
Yodogawa Steel Works Ltd. 171,063 3,497
Raiznext Corp. 293,438 3,489
Heiwa Real Estate REIT Inc. 2,793 3,485
*,^ HIS Co. Ltd. 222,364 3,453
Max Co. Ltd. 246,201 3,437
Chudenko Corp. 160,616 3,435
Okamoto Industries Inc. 89,489 3,433
Nissin Electric Co. Ltd. 289,743 3,432
Tokyo Steel Manufacturing Co. Ltd. 529,154 3,428
*,^ Create Restaurants Holdings Inc. 568,848 3,424
Gree Inc. 583,243 3,421
Fukuoka REIT Corp. 2,302 3,418
^ Hoshino Resorts REIT Inc. 700 3,417
Round One Corp. 378,858 3,409
Nanto Bank Ltd. 201,559 3,408
Restar Holdings Corp. 157,432 3,393
Belc Co. Ltd. 55,992 3,385
Shibaura Machine Co. Ltd. 147,964 3,383
UACJ Corp. 184,183 3,381
* Raksul Inc. 78,200 3,377
Hokuetsu Corp. 849,243 3,376
Hosiden Corp. 348,891 3,362
Belluna Co. Ltd. 303,977 3,348
^ Broadleaf Co. Ltd. 505,947 3,346
Gunze Ltd. 102,603 3,344
Nippon Steel Trading Corp. 92,108 3,338
*,^ Optim Corp. 121,848 3,317
Nitto Kogyo Corp. 167,177 3,316
* euglena Co. Ltd. 440,835 3,311
Maruzen Showa Unyu Co. Ltd. 97,727 3,299
Trancom Co. Ltd. 38,035 3,292
Nippon Ceramic Co. Ltd. 116,831 3,288
Bell System24 Holdings Inc. 209,035 3,281
Osaka Soda Co. Ltd. 123,986 3,275
Yuasa Trading Co. Ltd. 101,634 3,269
Nippon Signal Company Ltd. 357,241 3,261
Star Micronics Co. Ltd. 202,966 3,260
V Technology Co. Ltd. 56,772 3,241
Bunka Shutter Co. Ltd. 342,148 3,230
Nippon Seiki Co. Ltd. 284,601 3,225
Nissan Shatai Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
386,599 3,212
Towa Corp. 156,647 3,197
Aida Engineering Ltd. 340,900 3,196
^ Teikoku Sen-I Co. Ltd. 137,833 3,195
^ SAMTY Co. Ltd. 183,000 3,190
Noritz Corp. 204,055 3,189
Ringer Hut Co. Ltd. 145,189 3,172
Mitsui-Soko Holdings Co. Ltd. 141,531 3,161
Kanematsu Electronics Ltd. 78,559 3,161
Riken Keiki Co. Ltd. 106,161 3,158
* Maxell Holdings Ltd. 252,774 3,154
Kitz Corp. 517,844 3,151
Chugoku Marine Paints Ltd. 312,166 3,147
Siix Corp. 209,361 3,136
Kisoji Co. Ltd. 134,434 3,130
Relia Inc. 252,030 3,129
Osaka Organic Chemical Industry Ltd. 100,600 3,124
Global One Real Estate Investment Corp. 3,070 3,120
Megachips Corp. 114,220 3,119

33
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Sato Holdings Corp. 143,552 3,103
YA-MAN Ltd. 170,677 3,096
Fuji Media Holdings Inc. 289,587 3,091
Yellow Hat Ltd. 189,364 3,084
Shima Seiki Manufacturing Ltd. 181,717 3,083
METAWATER Co. Ltd. 136,696 3,078
Noritsu Koki Co. Ltd. 129,963 3,068
Keiyo Bank Ltd. 758,037 3,068
TechMatrix Corp. 147,000 3,058
Joshin Denki Co. Ltd. 115,487 3,052
Towa Pharmaceutical Co. Ltd. 163,585 3,036
Sakata INX Corp. 267,995 3,012
Shinmaywa Industries Ltd. 350,939 3,009
Fukushima Galilei Co. Ltd. 69,160 3,006
ValueCommerce Co. Ltd. 96,800 3,002
Nohmi Bosai Ltd. 137,477 3,001
Musashino Bank Ltd. 205,140 2,978
Pacific Industrial Co. Ltd. 285,238 2,972
Tsukishima Kikai Co. Ltd. 219,262 2,962
Elan Corp. 201,600 2,932
Aeon Delight Co. Ltd. 112,120 2,921
Argo Graphics Inc. 93,000 2,918
COLOPL Inc. 294,066 2,912
*,^ Royal Holdings Co. Ltd. 163,034 2,910
^ Nextage Co. Ltd. 226,298 2,905
Curves Holdings Co. Ltd. 386,189 2,890
Nissei ASB Machine Co. Ltd. 50,486 2,886
Itochu Enex Co. Ltd. 292,653 2,884
Sanyo Denki Co. Ltd. 53,402 2,877
Saizeriya Co. Ltd. 155,050 2,869
Nichi-iko Pharmaceutical Co. Ltd. 303,179 2,868
* KYB Corp. 124,899 2,862
^ GMO GlobalSign Holdings KK 33,330 2,858
Daikyonishikawa Corp. 352,441 2,850
Idec Corp. 161,127 2,848
Japan Securities Finance Co. Ltd. 543,695 2,842
^ Tsubaki Nakashima Co. Ltd. 257,970 2,812
Media Do Co. Ltd. 39,011 2,806
Jaccs Co. Ltd. 158,021 2,802
Oiles Corp. 177,902 2,798
Hamakyorex Co. Ltd. 98,344 2,797
DyDo Group Holdings Inc. 53,798 2,795
*,^ Chiyoda Corp. 1,013,634 2,787
Sakai Moving Service Co. Ltd. 55,008 2,783
Hiday Hidaka Corp. 165,209 2,779
T Hasegawa Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
131,915 2,777
Aomori Bank Ltd. 118,514 2,763
Inageya Co. Ltd. 156,132 2,758
^ Shoei Foods Corp. 78,978 2,749
Wakita & Co. Ltd. 268,194 2,744
Daito Pharmaceutical Co. Ltd. 75,622 2,730
Ichigo Office REIT Investment Corp. 3,773 2,725
TOMONY Holdings Inc. 897,327 2,718
Ryosan Co. Ltd. 150,027 2,716
Miroku Jyoho Service Co. Ltd. 133,534 2,711
Nitta Corp. 125,180 2,708
Arcland Sakamoto Co. Ltd. 162,985 2,706
Kaga Electronics Co. Ltd. 116,480 2,699
Nippon Road Co. Ltd. 36,104 2,696
^ Medical Data Vision Co. Ltd. 97,708 2,689
Zenrin Co. Ltd. 219,030 2,683
*,^ Nippon Sheet Glass Co. Ltd. 580,805 2,682
Obara Group Inc. 70,117 2,676
Konishi Co. Ltd. 164,775 2,675

34
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Doshisha Co. Ltd. 141,585 2,674
SBS Holdings Inc. 105,500 2,674
YAMABIKO Corp. 211,544 2,660
Fujibo Holdings Inc. 71,143 2,656
Fujicco Co. Ltd. 136,482 2,650
Bank of Nagoya Ltd. 106,980 2,649
Yokohama Reito Co. Ltd. 314,829 2,632
Tamura Corp. 472,966 2,627
Hankyu Hanshin REIT Inc. 2,113 2,615
Koa Corp. 182,558 2,615
GLOBERIDE Inc. 63,800 2,599
^ Taiko Pharmaceutical Co. Ltd. 165,991 2,595
^ S-Pool Inc. 354,485 2,589
Fukui Bank Ltd. 139,419 2,565
^ Nippon Carbon Co. Ltd. 66,836 2,559
Dai-Dan Co. Ltd. 88,476 2,553
Torii Pharmaceutical Co. Ltd. 81,552 2,547
Toppan Forms Co. Ltd. 246,477 2,529
Tokushu Tokai Paper Co. Ltd. 52,171 2,524
Hosokawa Micron Corp. 40,942 2,523
ESPEC Corp. 125,889 2,523
KFC Holdings Japan Ltd. 88,033 2,514
Ryoyo Electro Corp. 81,236 2,503
^ Micronics Japan Co. Ltd. 198,689 2,501
Ricoh Leasing Co. Ltd. 83,811 2,498
Kyokuto Kaihatsu Kogyo Co. Ltd. 183,486 2,497
Yondoshi Holdings Inc. 128,906 2,495
Hokuto Corp. 123,254 2,494
Organo Corp. 41,829 2,489
RS Technologies Co. Ltd. 45,054 2,486
Chofu Seisakusho Co. Ltd. 123,063 2,484
Seikagaku Corp. 251,746 2,483
Plenus Co. Ltd. 146,658 2,481
Noritake Co. Ltd. 85,293 2,477
Yamashin-Filter Corp. 225,526 2,468
T-Gaia Corp. 130,361 2,448
Zuken Inc. 86,504 2,424
Tonami Holdings Co. Ltd. 41,839 2,421
Toho Bank Ltd. 1,198,925 2,420
Shikoku Chemicals Corp. 207,858 2,420
United Arrows Ltd. 162,833 2,415
Senshu Ikeda Holdings Inc. 1,678,019 2,409
Hyakujushi Bank Ltd. 165,660 2,387
Mitsubishi Shokuhin Co. Ltd. 85,895 2,381
Japan Pulp & Paper Co. Ltd. 67,515 2,376
Doutor Nichires Holdings Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
165,091 2,374
SWCC Showa Holdings Co. Ltd. 139,196 2,370
Nippon Koei Co. Ltd. 85,789 2,361
Furukawa Co. Ltd. 197,975 2,354
Fuji Co. Ltd. 124,103 2,354
Enplas Corp. 62,043 2,348
TPR Co. Ltd. 170,723 2,345
Star Asia Investment Corp. 4,786 2,341
Avex Inc. 210,301 2,333
Marudai Food Co. Ltd. 141,706 2,325
ARTERIA Networks Corp. 159,800 2,317
Sumitomo Densetsu Co. Ltd. 90,777 2,312
Exedy Corp. 187,151 2,299
Daiichi Jitsugyo Co. Ltd. 57,691 2,298
Meisei Industrial Co. Ltd. 301,461 2,290
Tokai Corp. 116,010 2,289
Tsurumi Manufacturing Co. Ltd. 132,960 2,275
Sanshin Electronics Co. Ltd. 113,441 2,275
Mimasu Semiconductor Industry Co. Ltd. 90,818 2,275

35
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Pasona Group Inc. 112,800 2,272
Piolax Inc. 147,716 2,268
Ichikoh Industries Ltd. 337,849 2,260
Sodick Co. Ltd. 261,882 2,238
^ Modec Inc. 123,070 2,238
Sinko Industries Ltd. 129,939 2,237
Intage Holdings Inc. 203,353 2,232
Uchida Yoko Co. Ltd. 53,982 2,220
^ Alpen Co. Ltd. 96,650 2,218
Computer Engineering & Consulting Ltd. 150,829 2,218
Hioki EE Corp. 54,691 2,217
Nippon Kanzai Co. Ltd. 110,061 2,212
Iino Kaiun Kaisha Ltd. 530,924 2,209
Mizuno Corp. 113,121 2,206
Sintokogio Ltd. 294,615 2,200
TV Asahi Holdings Corp. 133,514 2,192
Sinfonia Technology Co. Ltd. 161,258 2,192
VT Holdings Co. Ltd. 529,643 2,191
Nittetsu Mining Co. Ltd. 36,832 2,191
Seiko Holdings Corp. 171,046 2,190
EM Systems Co. Ltd. 237,300 2,178
Komatsu Matere Co. Ltd. 218,062 2,176
Kanto Denka Kogyo Co. Ltd. 282,331 2,169
Ehime Bank Ltd. 224,168 2,161
Chubu Shiryo Co. Ltd. 158,766 2,153
Sumitomo Seika Chemicals Co. Ltd. 53,795 2,142
TOC Co. Ltd. 316,198 2,136
Taihei Dengyo Kaisha Ltd. 93,527 2,131
^ Nippon Denko Co. Ltd. 734,117 2,130
Unipres Corp. 225,839 2,127
*,^ W-Scope Corp. 232,481 2,127
Key Coffee Inc. 101,960 2,119
Gakken Holdings Co. Ltd. 124,804 2,117
^ Genky DrugStores Co. Ltd. 53,751 2,112
Tokyu Construction Co. Ltd. 439,142 2,110
DKS Co. Ltd. 50,100 2,103
* Nichireki Co. Ltd. 132,100 2,103
* Ryobi Ltd. 173,132 2,101
Mitsuboshi Belting Ltd. 126,981 2,093
Insource Co. Ltd. 126,400 2,090
Sanyo Electric Railway Co. Ltd. 108,814 2,088
Cawachi Ltd. 72,875 2,076
* Kappa Create Co. Ltd. 147,923 2,073
Riso Kagaku Corp. 151,962 2,055
ASKA Pharmaceutical Co. Ltd. 132,752 2,053
Anest Iwata Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
200,043 2,053
Kurabo Industries Ltd. 115,947 2,042
* Litalico Inc. 54,500 2,038
Okuwa Co. Ltd. 161,515 2,035
Shin-Etsu Polymer Co. Ltd. 222,015 2,033
Takasago International Corp. 88,228 2,031
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 86,387 2,018
Nishio Rent All Co. Ltd. 96,343 2,018
Hibiya Engineering Ltd. 109,300 2,010
Yamagata Bank Ltd. 201,042 2,004
* Toho Zinc Co. Ltd. 88,298 1,999
Poletowin Pitcrew Holdings Inc. 176,500 1,999
^ SOSiLA Logistics REIT Inc. 1,631 1,994
Future Corp. 116,570 1,993
Daikokutenbussan Co. Ltd. 29,804 1,986
Bank of Iwate Ltd. 101,632 1,976
Geo Holdings Corp. 168,053 1,972
Toa Corp. (XTKS) 101,610 1,965
Miyazaki Bank Ltd. 91,914 1,965

36
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Nippon Chemi-Con Corp. 110,363 1,962
Starzen Co. Ltd. 47,766 1,960
Denyo Co. Ltd. 93,601 1,953
^ Itochu Advance Logistics Investment Corp. 1,511 1,948
^ Taki Chemical Co. Ltd. 30,700 1,942
Futaba Corp. 224,146 1,939
^ Pack Corp. 70,453 1,931
SB Technology Corp. 57,000 1,930
Toyo Construction Co. Ltd. 453,042 1,929
J-Oil Mills Inc. 56,166 1,926
Komori Corp. 273,895 1,921
Tosei Corp. 167,300 1,920
JM Holdings Co. Ltd. 86,000 1,918
Weathernews Inc. 35,298 1,904
Okabe Co. Ltd. 253,614 1,904
Bank of the Ryukyus Ltd. 256,710 1,900
Tachi-S Co. Ltd. 166,746 1,899
EPS Holdings Inc. 200,443 1,898
Pacific Metals Co. Ltd. 87,521 1,896
Futaba Industrial Co. Ltd. 370,251 1,893
Stella Chemifa Corp. 58,511 1,884
FULLCAST Holdings Co. Ltd. 120,648 1,880
Keiyo Co. Ltd. 264,524 1,879
^ Fujio Food Group Inc. 154,000 1,877
^ Arcland Service Holdings Co. Ltd. 89,399 1,875
Aichi Steel Corp. 69,947 1,871
Yurtec Corp. 231,338 1,870
LEC Inc. 147,956 1,862
Sakai Chemical Industry Co. Ltd. 97,340 1,859
G-Tekt Corp. 126,680 1,848
DKK Co. Ltd. 70,966 1,844
* Sanyo Special Steel Co. Ltd. 147,898 1,840
CRE Logistics REIT Inc. 1,206 1,837
Ines Corp. 135,521 1,836
Union Tool Co. 61,015 1,832
Tachibana Eletech Co. Ltd. 112,500 1,829
Kyoei Steel Ltd. 131,658 1,828
Oita Bank Ltd. 92,424 1,825
Mirai Corp. 4,884 1,823
Takamatsu Construction Group Co. Ltd. 91,821 1,821
Alconix Corp. 128,406 1,820
Valqua Ltd. 91,328 1,820
Marvelous Inc. 211,097 1,812
I'll Inc. 118,800 1,805
Hoosiers Holdings 279,500 1,803
JAC Recruitment Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
97,548 1,793
Tenma Corp. 90,018 1,783
Rock Field Co. Ltd. 117,181 1,782
Hodogaya Chemical Co. Ltd. 36,115 1,781
Itochu-Shokuhin Co. Ltd. 33,190 1,771
Enigmo Inc. 147,700 1,770
*,^ Leopalace21 Corp. 1,495,441 1,769
San ju San Financial Group Inc. 144,753 1,769
Kintetsu Department Store Co. Ltd. 57,966 1,767
One REIT Inc. 695 1,767
Shin Nippon Air Technologies Co. Ltd. 81,200 1,767
Toyo Tanso Co. Ltd. 90,116 1,765
Konoike Transport Co. Ltd. 177,815 1,764
Tokyo Kiraboshi Financial Group Inc. 164,180 1,762
Nichiden Corp. 80,475 1,746
IDOM Inc. 327,281 1,740
Furuno Electric Co. Ltd. 147,635 1,739
Toenec Corp. 44,324 1,736
Halows Co. Ltd. 51,651 1,729

37
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Matsuya Co. Ltd. 237,186 1,726
Sinanen Holdings Co. Ltd. 60,068 1,725
Japan Medical Dynamic Marketing Inc. 75,237 1,725
^ Fukuda Corp. 31,600 1,725
^ Mie Kotsu Group Holdings Inc. 358,843 1,724
Press Kogyo Co. Ltd. 576,317 1,709
Digital Holdings Inc. 100,978 1,708
Mitsui Sugar Co. Ltd. 96,861 1,706
Nippon Television Holdings Inc. 156,165 1,702
Financial Products Group Co. Ltd. 347,938 1,698
* Japan Display Inc. 3,879,237 1,695
^ Katakura Industries Co. Ltd. 130,938 1,690
* Vision Inc. 166,825 1,680
OSJB Holdings Corp. 619,161 1,676
^ Kitanotatsujin Corp. 372,568 1,675
Toho Titanium Co. Ltd. 194,496 1,674
Kyokuyo Co. Ltd. 58,408 1,671
Cosel Co. Ltd. 135,886 1,658
Icom Inc. 62,805 1,656
Kamei Corp. 148,604 1,653
Matsuyafoods Holdings Co. Ltd. 50,375 1,646
Tatsuta Electric Wire and Cable Co. Ltd. 224,959 1,640
Ebase Co. Ltd. 166,100 1,638
Daiwa Industries Ltd. 160,434 1,637
^ Link And Motivation Inc. 287,997 1,637
* KLab Inc. 187,918 1,635
Vital KSK Holdings Inc. 207,625 1,635
Canon Electronics Inc. 112,099 1,630
CI Takiron Corp. 242,605 1,623
^ Fujiya Co. Ltd. 71,219 1,623
Bando Chemical Industries Ltd. 259,606 1,623
Japan Transcity Corp. 301,857 1,619
Nagatanien Holdings Co. Ltd. 73,648 1,618
Marusan Securities Co. Ltd. 359,627 1,614
Maxvalu Tokai Co. Ltd. 63,900 1,612
* Mitsui E&S Holdings Co. Ltd. 470,205 1,600
Qol Holdings Co. Ltd. 146,199 1,598
Mitsubishi Research Institute Inc. 38,138 1,581
CTS Co. Ltd. 169,473 1,576
Fukui Computer Holdings Inc. 40,420 1,573
Tsukui Holdings Corp. 295,377 1,570
Oyo Corp. 131,904 1,567
Daiken Corp. 91,809 1,559
Advan Co. Ltd. 133,272 1,555
Tanseisha Co. Ltd. 195,506 1,555
PAL GROUP Holdings Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
130,878 1,554
Eagle Industry Co. Ltd. 161,375 1,553
Aichi Bank Ltd. 54,304 1,547
Feed One Co. Ltd. 183,178 1,545
Toyo Corp. 136,311 1,542
Amuse Inc. 61,521 1,540
JVCKenwood Corp. 997,101 1,538
Nippon Thompson Co. Ltd. 410,338 1,537
Foster Electric Co. Ltd. 124,208 1,534
Riso Kyoiku Co. Ltd. 515,700 1,530
Goldcrest Co. Ltd. 97,767 1,524
Takara Leben Co. Ltd. 509,965 1,520
* Vector Inc. 156,508 1,516
Kanagawa Chuo Kotsu Co. Ltd. 39,316 1,513
YAKUODO Holdings Co. Ltd. 63,020 1,511
Osaki Electric Co. Ltd. 268,182 1,506
* Aoyama Trading Co. Ltd. 288,123 1,506
Tayca Corp. 102,572 1,504
*,^ BrainPad Inc. 33,319 1,485

38
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Rheon Automatic Machinery Co. Ltd. 120,861 1,479
Central Security Patrols Co. Ltd. 42,388 1,475
Macromill Inc. 226,171 1,471
Shikoku Bank Ltd. 222,890 1,470
Sun Frontier Fudousan Co. Ltd. 169,691 1,470
Kenko Mayonnaise Co. Ltd. 82,099 1,470
Tekken Corp. 82,587 1,466
CONEXIO Corp. 105,239 1,459
*,^ FDK Corp. 84,263 1,458
Nippon Yakin Kogyo Co. Ltd. 86,857 1,455
BeNEXT Group Inc. 117,050 1,452
Shinwa Co. Ltd. 69,629 1,447
Tosho Co. Ltd. 95,227 1,446
Shinko Shoji Co. Ltd. 198,182 1,441
Alpha Systems Inc. 42,323 1,435
ZIGExN Co. Ltd. 372,700 1,433
Yamanashi Chuo Bank Ltd. 191,338 1,429
Sparx Group Co. Ltd. 577,400 1,427
Onward Holdings Co. Ltd. 708,835 1,423
LIFULL Co. Ltd. 396,216 1,419
Moriroku Holdings Co. Ltd. 66,700 1,416
Proto Corp. 139,700 1,411
*,^ Sagami Holdings Corp. 121,561 1,411
Tamron Co. Ltd. 79,454 1,408
* Unitika Ltd. 367,900 1,408
Kamakura Shinsho Ltd. 126,600 1,405
Dai Nippon Toryo Co. Ltd. 150,009 1,399
Yonex Co. Ltd. 239,878 1,395
Koatsu Gas Kogyo Co. Ltd. 179,329 1,383
Daido Metal Co. Ltd. 278,997 1,382
Starts Proceed Investment Corp. 705 1,377
Kansai Super Market Ltd. 117,932 1,377
MTI Ltd. 172,309 1,374
Asahi Diamond Industrial Co. Ltd. 314,535 1,370
Ishihara Sangyo Kaisha Ltd. 225,768 1,368
Matsuda Sangyo Co. Ltd. 78,607 1,363
Akita Bank Ltd. 102,233 1,359
Sourcenext Corp. 500,000 1,359
Aichi Corp. 152,505 1,356
ST Corp. 71,324 1,353
^ ES-Con Japan Ltd. 170,600 1,351
Happinet Corp. 88,793 1,350
Teikoku Electric Manufacturing Co. Ltd. 114,854 1,344
Chukyo Bank Ltd. 71,015 1,343
Shinnihon Corp. 166,590 1,340
* Iseki & Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
99,757 1,338
*,^ Roland DG Corp. 73,229 1,336
* Atrae Inc. 49,307 1,334
World Co. Ltd. 109,600 1,333
* Sumida Corp. 127,576 1,333
Kanaden Corp. 106,133 1,331
Nippon Parking Development Co. Ltd. 890,781 1,330
Akatsuki Inc. 32,841 1,319
Sumitomo Riko Co. Ltd. 223,579 1,318
Shibusawa Warehouse Co. Ltd. 58,691 1,313
Sankyo Tateyama Inc. 166,294 1,311
Shindengen Electric Manufacturing Co. Ltd. 52,478 1,306
^ Rokko Butter Co. Ltd. 74,125 1,301
Kyodo Printing Co. Ltd. 46,176 1,295
Yahagi Construction Co. Ltd. 150,623 1,294
Riken Technos Corp. 295,700 1,294
^ BRONCO BILLY Co. Ltd. 57,887 1,288
Nissin Sugar Co. Ltd. 71,800 1,285
Riken Vitamin Co. Ltd. 97,060 1,281

39
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
France Bed Holdings Co. Ltd. 146,400 1,279
JDC Corp. 230,200 1,268
Chiyoda Co. Ltd. 142,764 1,267
Towa Bank Ltd. 205,216 1,256
Kyosan Electric Manufacturing Co. Ltd. 304,128 1,245
Yushin Precision Equipment Co. Ltd. 133,733 1,240
Nichiban Co. Ltd. 77,374 1,238
G-7 Holdings Inc. 54,600 1,237
Melco Holdings Inc. 38,043 1,236
WDB Holdings Co. Ltd. 48,104 1,233
Tama Home Co. Ltd. 86,000 1,230
K&O Energy Group Inc. 85,018 1,228
Takara Leben Real Estate Investment Corp. 1,370 1,227
Fuso Pharmaceutical Industries Ltd. 45,135 1,227
Nihon Tokushu Toryo Co. Ltd. 104,572 1,224
Nihon Chouzai Co. Ltd. 83,896 1,216
* Topy Industries Ltd. 105,891 1,210
* Istyle Inc. 305,276 1,209
Koshidaka Holdings Co. Ltd. 280,689 1,209
CMK Corp. 308,746 1,208
^ Sanoh Industrial Co. Ltd. 131,782 1,202
Riken Corp. 58,279 1,201
Fudo Tetra Corp. 70,353 1,190
Ryoden Corp. 79,074 1,189
AOKI Holdings Inc. 235,356 1,182
Optorun Co. Ltd. 57,406 1,175
Yorozu Corp. 116,628 1,171
Onoken Co. Ltd. 96,315 1,170
Tokyo Electron Device Ltd. 37,824 1,161
St. Marc Holdings Co. Ltd. 85,332 1,159
SRA Holdings 45,453 1,156
JSP Corp. 68,636 1,153
Aiphone Co. Ltd. 69,885 1,153
Maezawa Kyuso Industries Co. Ltd. 51,364 1,152
Fixstars Corp. 125,600 1,147
Nitto Kohki Co. Ltd. 67,614 1,147
KAWADA TECHNOLOGIES Inc. 27,599 1,146
ASAHI YUKIZAI Corp. 77,851 1,141
Tokyo Energy & Systems Inc. 129,405 1,138
Asahi Co. Ltd. 72,124 1,135
Fuji Pharma Co. Ltd. 93,814 1,131
Shimizu Bank Ltd. 67,977 1,129
PC Depot Corp. 207,140 1,127
Studio Alice Co. Ltd. 59,624 1,116
FIDEA Holdings Co. Ltd. 1,083,754 1,114
Hisaka Works Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
134,936 1,113
Achilles Corp. 80,825 1,110
Ministop Co. Ltd. 81,266 1,109
Arakawa Chemical Industries Ltd. 96,278 1,104
Nihon Trim Co. Ltd. 27,300 1,103
Nippon Beet Sugar Manufacturing Co. Ltd. 70,822 1,103
Kurimoto Ltd. 70,113 1,092
Torishima Pump Manufacturing Co. Ltd. 130,328 1,092
Toa Corp. 132,225 1,091
^ World Holdings Co. Ltd. 57,291 1,091
Chiyoda Integre Co. Ltd. 64,427 1,088
SMK Corp. 37,119 1,087
Warabeya Nichiyo Holdings Co. Ltd. 78,996 1,086
Nihon Nohyaku Co. Ltd. 221,855 1,085
Sanei Architecture Planning Co. Ltd. 65,601 1,083
Toho Co. Ltd. 59,173 1,080
Zuiko Corp. 97,920 1,078
Aeon Fantasy Co. Ltd. 45,544 1,075
Xebio Holdings Co. Ltd. 134,494 1,075

40
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Taisei Lamick Co. Ltd. 36,117 1,074
Mori Trust Hotel Reit Inc. 958 1,070
Hochiki Corp. 86,424 1,069
^ GCA Corp. 149,558 1,066
Godo Steel Ltd. 56,079 1,056
* Nippon Sharyo Ltd. 44,911 1,052
Hokkaido Gas Co. Ltd. 70,006 1,050
Wowow Inc. 38,033 1,045
Kojima Co. Ltd. 151,201 1,044
FAN Communications Inc. 256,471 1,043
*,^ Open Door Inc. 76,284 1,031
Samty Residential Investment Corp. 974 1,028
* RPA Holdings Inc. 164,847 1,025
Tochigi Bank Ltd. 609,057 1,017
Toyo Kanetsu KK 49,790 1,015
Honeys Holdings Co. Ltd. 99,406 1,011
Elematec Corp. 101,020 993
Takaoka Toko Co. Ltd. 62,022 993
Ohara Inc. 61,687 986
JP-Holdings Inc. 360,632 983
* OSAKA Titanium Technologies Co. Ltd. 118,003 981
* Mitsuba Corp. 221,871 979
Sankyo Seiko Co. Ltd. 208,137 968
Okura Industrial Co. Ltd. 52,159 966
J Trust Co. Ltd. 491,937 964
Tsutsumi Jewelry Co. Ltd. 46,523 964
^ PIA Corp. 35,338 959
Bank of Saga Ltd. 75,153 959
Toa Oil Co. Ltd. 38,449 959
Neturen Co. Ltd. 208,665 955
Fujikura Kasei Co. Ltd. 179,478 955
Ichiyoshi Securities Co. Ltd. 209,794 949
Michinoku Bank Ltd. 97,413 947
Tomoku Co. Ltd. 57,094 946
Aisan Industry Co. Ltd. 202,476 942
Chori Co. Ltd. 61,953 941
I-PEX Inc. 48,835 937
^ WATAMI Co. Ltd. 110,567 934
Kanamic Network Co. Ltd. 130,900 918
Tsukuba Bank Ltd. 509,982 915
Krosaki Harima Corp. 23,787 911
NS United Kaiun Kaisha Ltd. 67,215 909
* Juki Corp. 176,129 903
Hokkan Holdings Ltd. 66,103 898
Pronexus Inc. 87,917 895
TSI Holdings Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
447,405 894
Jimoto Holdings Inc. 111,715 893
Shimojima Co. Ltd. 63,984 893
Kyokuto Securities Co. Ltd. 132,842 889
Kita-Nippon Bank Ltd. 44,446 879
NEC Capital Solutions Ltd. 47,537 872
* Kourakuen Holdings Corp. 56,133 871
Tv Tokyo Holdings Corp. 38,913 869
Sekisui Kasei Co. Ltd. 168,360 866
Japan Best Rescue System Co. Ltd. 98,576 862
Hakuto Co. Ltd. 82,362 858
Gurunavi Inc. 167,564 851
* Heroz Inc. 32,700 844
CAC Holdings Corp. 60,680 838
* COOKPAD Inc. 274,525 829
Hito Communications Holdings Inc. 60,129 827
Shin Nippon Biomedical Laboratories Ltd. 124,229 814
Itoki Corp. 249,460 809
Corona Corp. Class A 89,691 809

41
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Osaka Steel Co. Ltd. 67,527 804
Chuo Spring Co. Ltd. 27,263 784
Nissin Corp. 66,345 783
Mars Group Holdings Corp. 51,685 779
CMIC Holdings Co. Ltd. 59,210 779
Seika Corp. 58,117 774
^ Airtrip Corp. 62,644 760
Central Sports Co. Ltd. 35,454 748
^ Airtech Japan Ltd. 48,200 740
Tokyo Rakutenchi Co. Ltd. 17,452 732
Nisso Corp. 109,300 727
Toli Corp. 300,768 721
^ Tokyo Individualized Educational Institute Inc. 121,387 719
Artnature Inc. 111,327 705
Yushiro Chemical Industry Co. Ltd. 64,612 694
Inaba Seisakusho Co. Ltd. 51,448 693
Maezawa Kasei Industries Co. Ltd. 72,358 686
Nippon Coke & Engineering Co. Ltd. 787,278 680
Ateam Inc. 63,015 657
Kitano Construction Corp. 27,091 657
Meiko Network Japan Co. Ltd. 119,294 639
*,^ KNT-CT Holdings Co. Ltd. 69,863 638
*,^ Fujita Kanko Inc. 46,051 637
Gun-Ei Chemical Industry Co. Ltd. 27,199 621
Kitagawa Corp. 47,870 618
Sac's Bar Holdings Inc. 116,961 614
Kasai Kogyo Co. Ltd. 162,017 594
Takihyo Co. Ltd. 32,385 593
Chuetsu Pulp & Paper Co. Ltd. 50,703 593
Kato Works Co. Ltd. 61,446 575
Gecoss Corp. 61,164 569
*,^ Akebono Brake Industry Co. Ltd. 463,971 563
Takamiya Co. Ltd. 109,775 560
* Gunosy Inc. 79,800 553
Taiho Kogyo Co. Ltd. 77,263 538
Japan Cash Machine Co. Ltd. 97,177 500
^ Daisyo Corp. 51,616 492
Cleanup Corp. 104,814 487
Mitsubishi Paper Mills Ltd. 160,325 485
* Tokyo Base Co. Ltd. 93,810 483
Airport Facilities Co. Ltd. 101,608 469
* CHIMNEY Co. Ltd. 38,732 436
Nakayama Steel Works Ltd. 107,585 400
Linical Co. Ltd. 56,843 390
^ Yomiuri Land Co. Ltd. 6,588 385
*,^ Right On Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
63,885 379
Daikoku Denki Co. Ltd. 43,834 367
Jamco Corp. 59,211 357
Paris Miki Holdings Inc. 120,822 337
* Funai Electric Co. Ltd. 82,615 328
* Tateru Inc. 186,055 318
*,^ Laox Co. Ltd. 137,705 ___________
243
30,777,274
Netherlands (3.2%)
ASML Holding NV 2,553,323 1,236,268
*,1 Adyen NV 171,276 397,969
Koninklijke Philips NV 5,820,297 313,527
Prosus NV 2,765,536 298,621
* ING Groep NV 24,989,103 232,346
Koninklijke Ahold Delhaize NV 6,866,883 193,725
Koninklijke DSM NV 1,104,738 189,984
Heineken NV 1,523,476 169,579
Wolters Kluwer NV 1,706,256 143,796
Akzo Nobel NV 1,224,081 131,387

42
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* ArcelorMittal SA 4,513,780 103,231
NN Group NV 2,058,518 88,991
ASM International NV 308,181 67,252
^ Unibail-Rodamco-Westfield 861,326 67,085
Koninklijke KPN NV 21,153,865 64,293
Heineken Holding NV 675,356 63,371
Imcd NV 363,992 46,329
* Randstad NV 703,773 45,557
Aegon NV (XAMS) 10,918,612 43,553
ASR Nederland NV 886,152 35,456
*,1 Signify NV 805,567 33,823
* Galapagos NV 304,337 30,122
Aalberts NV 615,130 27,370
BE Semiconductor Industries NV 442,696 26,585
*,1 ABN AMRO Bank NV 2,646,309 25,931
* Altice Europe NV 3,514,433 22,762
*,1 Just Eat Takeaway.com NV (XAMS) 199,783 22,526
Koninklijke Vopak NV 416,602 21,855
* JDE Peet's NV 466,747 21,172
Corbion NV 375,926 21,049
SBM Offshore NV 969,287 18,312
* Arcadis NV 458,687 15,152
* Boskalis Westminster 515,304 14,221
TKH Group NV 269,281 13,012
Aperam SA 288,204 11,994
* Oci NV 616,486 11,861
* PostNL NV 2,996,735 10,215
*,1 Basic-Fit NV 267,782 9,804
*,1 GrandVision NV 311,259 9,711
*,1 Intertrust NV 567,789 9,631
* Eurocommercial Properties NV 312,228 5,844
1 Flow Traders 172,004 5,695
AMG Advanced Metallurgical Group NV 180,246 5,382
*,^ Fugro NV 526,739 4,848
Nsi NV 118,553 4,734
* Sligro Food Group NV 218,410 4,513
* TomTom NV 435,414 4,493
* Accell Group NV 135,600 4,282
^ Wereldhave NV 253,773 3,321
* Koninklijke BAM Groep NV 1,577,508 3,264
Vastned Retail NV 108,537 3,059
^,1 NIBC Holding NV 262,204 2,243
*,1 B&S Group Sarl 151,752 1,366
Aegon NV (XNYS) 327,646 1,294
ForFarmers NV 197,886 1,288
* Altice Europe NV Class B 195,789 1,256
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

* Brunel International NV 125,543 1,113

4,367,423
New Zealand (0.4%)
Fisher & Paykel Healthcare Corp. Ltd. 3,623,676 86,058
Meridian Energy Ltd. 7,862,158 42,107
* Auckland International Airport Ltd. 7,571,158 41,404
* a2 Milk Co. Ltd. 4,687,054 40,766
Spark New Zealand Ltd. 11,721,665 39,704
Contact Energy Ltd. 4,597,292 29,590
Ryman Healthcare Ltd. 2,633,419 28,891
* Fletcher Building Ltd. 5,258,643 22,372
Mercury NZ Ltd. 4,301,193 20,242
Infratil Ltd. 3,271,428 17,202
Chorus Ltd. 2,855,760 16,245
Summerset Group Holdings Ltd. 1,445,010 13,068
EBOS Group Ltd. 592,143 12,244
Goodman Property Trust 6,997,603 11,734
SKYCITY Entertainment Group Ltd. 4,932,430 11,430

43
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Kiwi Property Group Ltd. 9,911,801 8,721
Precinct Properties New Zealand Ltd. 6,820,950 8,648
Genesis Energy Ltd. 3,263,004 8,530
Freightways Ltd. 1,014,305 7,354
* Z Energy Ltd. 2,988,173 6,893
* Pushpay Holdings Ltd. 4,672,200 6,100
Argosy Property Ltd. 5,244,917 6,008
Vital Healthcare Property Trust 2,398,949 5,655
Vector Ltd. 1,627,873 4,984
Arvida Group Ltd. 3,449,298 4,453
* Air New Zealand Ltd. 3,199,869 4,159
* Kathmandu Holdings Ltd. 3,679,694 3,399
Heartland Group Holdings Ltd. 2,588,509 3,101
Scales Corp. Ltd. 708,096 2,541
Oceania Healthcare Ltd. 2,262,103 2,368
* Synlait Milk Ltd. 615,907 2,316
* Tourism Holdings Ltd. 941,344 1,765
* Restaurant Brands New Zealand Ltd. 196,945 1,636
* Vista Group International Ltd. 1,324,652 1,605
* SKY Network Television Ltd. 10,889,596 1,263
* New Zealand Refining Co. Ltd. 1,207,954 ___________
478
525,034
Norway (0.7%)
* DNB ASA 6,561,272 128,572
Equinor ASA 6,156,183 103,895
Telenor ASA 4,002,806 67,947
Mowi ASA 2,722,291 60,781
Orkla ASA 4,877,228 49,516
Yara International ASA 1,100,043 45,636
Norsk Hydro ASA 8,538,652 39,740
TOMRA Systems ASA 746,892 36,744
1 Scatec ASA 732,121 29,156
* NEL ASA 8,521,387 28,834
* Adevinta ASA Class B 1,438,473 24,181
1 Entra ASA 1,065,364 24,163
Gjensidige Forsikring ASA 1,060,276 23,665
* Bakkafrost P/F 328,582 23,459
* Storebrand ASA 2,986,031 22,369
* Schibsted ASA Class B 600,128 22,277
* Schibsted ASA Class A 512,417 21,839
Salmar ASA 331,855 19,444
Aker BP ASA 690,597 17,426
* Nordic Semiconductor ASA 986,389 15,847
* Subsea 7 SA 1,501,357 15,426
* SpareBank 1 SR-Bank ASA 1,140,591 12,111
Leroy Seafood Group ASA
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,646,712 11,618
TGS NOPEC Geophysical Co. ASA 727,247 11,275
Borregaard ASA 634,007 10,496
Kongsberg Gruppen ASA 486,428 10,007
Aker ASA 152,909 9,985
SpareBank 1 SMN 831,523 9,464
Veidekke ASA 696,470 9,013
* Norwegian Finans Holding ASA 995,268 8,511
Atea ASA 526,421 7,458
Austevoll Seafood ASA 574,687 5,869
1 Elkem ASA 1,570,232 5,206
*,1 Sbanken ASA 529,682 4,257
Frontline Ltd. 575,875 3,650
* Bonheur ASA 127,942 3,614
* Grieg Seafood ASA 351,204 3,481
1 BW LPG Ltd. 503,327 3,471
BW Offshore Ltd. 579,556 2,552
* DNO ASA 3,102,533 2,477
Norway Royal Salmon ASA 94,160 2,352

44
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Sparebank 1 Oestlandet 191,832 2,186
Stolt-Nielsen Ltd. 167,240 2,141
* Wallenius Wilhelmsen ASA 658,747 1,788
* BW Energy Ltd. 379,908 1,217
Ocean Yield ASA 309,324 ___________
958
966,074
Poland (0.3%)
*,1 Allegro.eu SA 1,979,210 44,875
* KGHM Polska Miedz SA 872,368 42,973
* Powszechna Kasa Oszczednosci Bank Polski SA 5,444,469 42,028
* Powszechny Zaklad Ubezpieczen SA 3,578,029 31,085
Polski Koncern Naftowy ORLEN SA 1,982,376 30,690
*,^ CD Projekt SA 399,624 29,468
*,1 Dino Polska SA 307,134 23,819
Polskie Gornictwo Naftowe i Gazownictwo SA 11,078,578 16,542
* Bank Polska Kasa Opieki SA 1,000,653 16,436
Cyfrowy Polsat SA 1,705,421 13,905
* LPP SA 5,371 11,957
* Santander Bank Polska SA 190,200 9,460
* PGE Polska Grupa Energetyczna SA 4,714,915 8,240
* Orange Polska SA 4,204,916 7,454
Grupa Lotos SA 623,515 6,922
Asseco Poland SA 361,521 6,594
Kernel Holding SA 335,611 4,437
* CCC SA 186,283 4,379
* Tauron Polska Energia SA 5,924,301 4,330
* mBank SA 81,502 3,932
* KRUK SA 102,587 3,887
* Bank Millennium SA 3,948,670 3,460
*,^ AmRest Holdings SE 455,872 3,384
* Alior Bank SA 593,698 2,700
* Enea SA 1,353,889 2,383
*,^ Jastrzebska Spolka Weglowa SA 339,136 2,369
* Grupa Azoty SA 285,751 2,108
Warsaw Stock Exchange 167,697 2,055
* Eurocash SA 521,356 1,962
* Bank Handlowy w Warszawie SA 205,215 1,936
* Ciech SA 158,367 ___________
1,369
387,139
Portugal (0.2%)
EDP - Energias de Portugal SA 17,994,035 112,940
Galp Energia SGPS SA 3,291,083 34,874
EDP Renovaveis SA 971,625 26,913
Jeronimo Martins SGPS SA 1,556,317 26,161
* Banco Comercial Portugues SA 49,017,625 7,364
REN - Redes Energeticas Nacionais SGPS SA
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2,486,971 7,166
Sonae SGPS SA 6,078,737 4,872
Nos Sgps SA 1,395,281 4,851
Navigator Co. SA 1,581,141 4,800
Corticeira Amorim SGPS SA 213,095 3,019
Altri SGPS SA 458,666 2,885
* CTT-Correios de Portugal SA 953,283 2,721
Semapa-Sociedade de Investimento e Gestao 155,718 1,706
*,^ Mota-Engil SGPS SA 502,250 835
* Banco Espirito Santo SA 10,412,510 ___________—
241,107
Singapore (1.0%)
DBS Group Holdings Ltd. 11,434,119 216,685
Oversea-Chinese Banking Corp. Ltd. 22,375,155 170,510
United Overseas Bank Ltd. 8,211,478 139,960
Singapore Telecommunications Ltd. 47,538,389 83,009
Wilmar International Ltd. 13,540,198 47,673
Ascendas REIT 20,886,256 47,150

45
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
CapitaLand Integrated Commercial Trust 27,837,954 45,527
CapitaLand Ltd. 16,430,629 40,769
Keppel Corp. Ltd. 9,165,980 37,327
Singapore Exchange Ltd. 5,248,080 36,862
Singapore Technologies Engineering Ltd. 9,772,526 28,282
Mapletree Logistics Trust 17,644,604 26,854
* Singapore Airlines Ltd. 8,144,856 26,428
Venture Corp. Ltd. 1,661,040 24,424
Genting Singapore Ltd. 37,004,848 23,833
Mapletree Industrial Trust 10,428,373 22,827
Mapletree Commercial Trust 13,955,936 22,497
UOL Group Ltd. 3,132,137 18,264
City Developments Ltd. 2,991,974 18,036
Frasers Logistics & Commercial Trust 16,611,000 17,756
ComfortDelGro Corp. Ltd. 13,167,958 16,685
Keppel DC REIT 7,729,366 16,459
Suntec REIT 13,225,566 14,916
NetLink NBN Trust 18,768,528 13,718
Frasers Centrepoint Trust 6,816,420 12,687
* SATS Ltd. 4,045,801 12,207
Mapletree North Asia Commercial Trust 14,372,083 10,546
Keppel REIT 12,400,632 10,504
Keppel Infrastructure Trust 22,906,194 9,454
Jardine Cycle & Carriage Ltd. 628,391 9,310
Ascott Residence Trust 11,376,505 9,294
Singapore Press Holdings Ltd. 10,245,083 8,764
Sembcorp Industries Ltd. 5,802,011 7,504
Parkway Life REIT 2,462,430 7,213
Manulife US REIT 9,071,401 6,751
Hutchison Port Holdings Trust 32,824,316 6,504
Ascendas India Trust 5,442,200 5,682
CapitaLand Retail China Trust 4,962,094 5,228
Singapore Post Ltd. 9,505,059 5,079
Golden Agri-Resources Ltd. 41,410,523 4,981
* Sembcorp Marine Ltd. 45,631,049 4,946
Cromwell European REIT 8,415,800 4,944
CDL Hospitality Trusts 5,003,414 4,809
Olam International Ltd. 3,994,900 4,628
Raffles Medical Group Ltd. 6,045,012 4,552
ESR-REIT 14,910,532 4,461
OUE Commercial REIT 13,780,332 4,018
StarHub Ltd. 3,641,616 3,607
AIMS APAC REIT 3,775,300 3,576
Wing Tai Holdings Ltd. 2,390,153 3,524
Starhill Global REIT 8,899,092 3,400
Keppel Pacific Oak US REIT 4,906,700 3,393
AEM Holdings Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,287,000 3,364
ARA LOGOS Logistics Trust 7,176,719 3,315
Sheng Siong Group Ltd. 2,719,065 3,190
First Resources Ltd. 3,272,927 3,175
Lendlease Global Commercial REIT 5,584,600 3,083
Far East Hospitality Trust 6,274,210 2,946
Prime US REIT 3,691,978 2,923
Soilbuild Business Space REIT 6,497,456 2,632
SPH REIT 4,060,209 2,597
SIA Engineering Co. Ltd. 1,493,128 2,228
Frasers Property Ltd. 2,279,058 2,138
Frasers Hospitality Trust 5,218,692 2,072
Sabana Shari'ah Compliant Industrial REIT 6,155,301 1,653
* Yoma Strategic Holdings Ltd. 7,510,568 1,651
§ Best World International Ltd. 1,646,200 1,617
* Thomson Medical Group Ltd. 42,110,700 1,594
* COSCO Shipping International Singapore Co. Ltd. 6,207,100 1,316
Asian Pay Television Trust 11,559,936 1,042

46
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Silverlake Axis Ltd. 5,073,661 1,038
Bumitama Agri Ltd. 1,820,023 703
*,§ Eagle Hospitality Trust 4,532,200 621
Lippo Malls Indonesia Retail Trust 12,911,976 606
First REIT 3,389,782 603
*,^,§ Hyflux Ltd. 2,817,700 448
*,§ Noble Group Ltd. 4,883,318 299
*,^,§ Ezra Holdings Ltd. 10,329,900 86
* Lippo Malls Indonesia Retail Trust Rights Exp. 01/14/2021 20,659,161 16
*,^ Ezion Holdings Ltd. Warrants Exp. 04/16/2023 5,153,611 ___________—
1,384,973
South Korea (5.6%)
Samsung Electronics Co. Ltd. 29,090,533 2,172,351
SK Hynix Inc. 3,300,735 360,534
Samsung Electronics Co. Ltd. Preference Shares 4,476,062 303,642
NAVER Corp. 844,700 227,705
* Celltrion Inc. 672,938 222,741
LG Chem Ltd. 291,059 221,326
Samsung SDI Co. Ltd. 335,300 194,322
Hyundai Motor Co. 892,899 158,269
1 Samsung Electronics Co. Ltd. GDR 69,460 126,333
Kakao Corp. 344,336 123,555
Posco 434,592 108,596
KB Financial Group Inc. 2,469,418 98,078
Hyundai Mobis Co. Ltd. 410,220 96,552
Kia Motors Corp. 1,638,799 94,422
Shinhan Financial Group Co. Ltd. 3,107,920 92,222
NCSoft Corp. 106,785 91,680
LG Household & Health Care Ltd. 55,867 83,383
LG Electronics Inc. 659,477 82,119
* Celltrion Healthcare Co. Ltd. 460,154 69,193
Samsung C&T Corp. 533,577 67,921
*,1 Samsung Biologics Co. Ltd. 84,936 64,668
SK Innovation Co. Ltd. 344,760 60,471
Hana Financial Group Inc. 1,834,152 58,420
Samsung Electro-Mechanics Co. Ltd. 354,421 58,204
KT&G Corp. 706,493 54,093
LG Corp. 573,302 46,261
SK Holdings Co. Ltd. 198,085 43,947
Amorepacific Corp. 199,731 37,925
* Korea Electric Power Corp. 1,460,633 36,867
Samsung Fire & Marine Insurance Co. Ltd. 202,863 35,044
Samsung SDS Co. Ltd. 203,009 33,414
Samsung Life Insurance Co. Ltd. 404,473 29,515
Woori Financial Group Inc. 3,246,107 29,125
* Korea Shipbuilding & Offshore Engineering Co. Ltd. 274,484 27,490
* Celltrion Pharm Inc.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
118,619 26,096
* LG Display Co. Ltd. 1,421,325 24,295
Lotte Chemical Corp. 93,982 23,930
* Coway Co. Ltd. 356,771 23,909
*,^ HLB Inc. 279,117 23,803
* Shin Poong Pharmaceutical Co. Ltd. 206,147 23,535
Korea Zinc Co. Ltd. 63,148 23,385
SK Telecom Co. Ltd. 106,030 23,302
Hanwha Solutions Corp. 509,762 22,536
* HMM Co. Ltd. 1,738,801 22,357
Yuhan Corp. 306,684 21,236
SK Chemicals Co. Ltd. 57,358 20,788
Hyundai Glovis Co. Ltd. 117,301 19,904
* Alteogen Inc. 117,342 19,444
Mirae Asset Daewoo Co. Ltd. 2,215,795 19,294
Hyundai Motor Co. 2nd Preference Shares 224,805 18,597
* Samsung Heavy Industries Co. Ltd. 2,791,886 18,135
Korea Investment Holdings Co. Ltd. 241,607 17,606

47
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
CJ CheilJedang Corp. 50,013 17,566
Hyundai Steel Co. 477,298 17,444
E-MART Inc. 124,073 17,326
LG Chem Ltd. Preference Shares 48,992 17,247
Hankook Tire & Technology Co. Ltd. 474,111 17,225
* Doosan Heavy Industries & Construction Co. Ltd. 1,371,263 17,117
Hyundai Heavy Industries Holdings Co. Ltd. 64,574 16,884
S-Oil Corp. 260,212 16,590
Seegene Inc. 91,198 16,230
Hyundai Engineering & Construction Co. Ltd. 463,203 15,995
Hanmi Pharm Co. Ltd. 46,774 15,806
Orion Corp. 137,242 15,673
* SK Biopharmaceuticals Co. Ltd. 100,211 15,622
Hanon Systems 1,030,210 15,424
LG Innotek Co. Ltd. 89,696 15,108
Samsung Securities Co. Ltd. 402,156 15,004
Kumho Petrochemical Co. Ltd. 111,342 14,897
Hotel Shilla Co. Ltd. 196,257 14,889
LG Uplus Corp. 1,370,812 14,844
Kangwon Land Inc. 677,657 14,683
* Korean Air Lines Co. Ltd. 559,737 14,049
*,^ KMW Co. Ltd. 183,541 13,646
^ SK Telecom Co. Ltd. ADR 554,580 13,576
* Genexine Inc. 115,790 13,292
Fila Holdings Corp. 327,261 13,198
*,1 Netmarble Corp. 108,828 13,193
Daelim Industrial Co. Ltd. 172,381 13,079
POSCO Chemical Co. Ltd. 136,019 13,060
GS Engineering & Construction Corp. 371,352 12,942
Green Cross Corp. 34,361 12,865
* Samsung Engineering Co. Ltd. 997,880 12,201
Industrial Bank of Korea 1,472,760 12,010
Hyundai Motor Co. Preference Shares 140,890 11,509
DB Insurance Co. Ltd. 285,104 11,490
Mando Corp. 209,754 11,379
GS Holdings Corp. 325,465 11,261
LG Electronics Inc. Preference Shares 187,500 11,038
Douzone Bizon Co. Ltd. 114,612 10,981
^ Hanjin Kal Corp. 188,457 10,956
DB HiTek Co. Ltd. 227,263 10,676
SKC Co. Ltd. 120,023 10,407
* OCI Co. Ltd. 116,595 9,997
SK Materials Co. Ltd. 29,851 9,840
Shinsegae Inc. 44,291 9,783
Korea Aerospace Industries Ltd. 409,171 9,732
BNK Financial Group Inc. 1,857,101 9,729
Chong Kun Dang Pharmaceutical Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
46,462 9,697
S-1 Corp. 121,964 9,550
Hansol Chemical Co. Ltd. 52,466 9,513
*,^ Pearl Abyss Corp. 39,028 9,358
AMOREPACIFIC Group 183,558 9,288
* WONIK IPS Co. Ltd. 223,922 9,138
* Oscotec Inc. 149,570 9,051
LG Household & Health Care Ltd. Preference Shares 13,474 8,913
Com2uSCorp 60,102 8,830
* MedPacto Inc. 80,182 8,710
NH Investment & Securities Co. Ltd. 809,276 8,434
KIWOOM Securities Co. Ltd. 71,991 8,410
Ecopro BM Co. Ltd. 53,146 8,344
Cheil Worldwide Inc. 437,985 8,321
* Hanall Biopharma Co. Ltd. 234,741 8,124
Hyundai Marine & Fire Insurance Co. Ltd. 382,953 8,029
CJ ENM Co. Ltd. 61,140 7,874
* Daewoo Shipbuilding & Marine Engineering Co. Ltd. 306,091 7,742

48
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Doosan Fuel Cell Co. Ltd. 156,063 7,705
Koh Young Technology Inc. 76,567 7,408
LS Corp. 110,451 7,277
* CJ Logistics Corp. 47,068 7,179
L&F Co. Ltd. 108,140 7,136
HDC Hyundai Development Co-Engineering & Construction 296,288 7,129
LEENO Industrial Inc. 57,306 7,127
CJ Corp. 82,302 6,987
* Hugel Inc. 39,498 6,833
Lotte Shopping Co. Ltd. 71,523 6,764
Hanwha Corp. 258,948 6,763
Green Cross Holdings Corp. 175,396 6,712
* Soulbrain Co. Ltd. 26,662 6,698
* Cellivery Therapeutics Inc. 38,515 6,686
* LegoChem Biosciences Inc. 103,183 6,676
Meritz Securities Co. Ltd. 1,876,252 6,344
Bukwang Pharmaceutical Co. Ltd. 242,939 6,298
Dongjin Semichem Co. Ltd. 185,654 6,256
*,^ Doosan Infracore Co. Ltd. 856,146 6,255
Dongsuh Cos. Inc. 198,861 6,222
Hanmi Science Co. ltd 88,659 6,220
* HLB Life Science Co. Ltd. 247,522 6,211
Sam Chun Dang Pharm Co. Ltd. 81,762 6,197
Daewoong Co. Ltd. 133,405 6,192
^ Hyundai Department Store Co. Ltd. 93,692 6,173
DGB Financial Group Inc. 980,555 6,144
JYP Entertainment Corp. 172,518 6,110
Hanssem Co. Ltd. 60,782 5,856
Samsung Card Co. Ltd. 193,333 5,786
* Hanwha Aerospace Co. Ltd. 219,695 5,774
Hyundai Mipo Dockyard Co. Ltd. 129,152 5,719
Eo Technics Co. Ltd. 52,856 5,705
*,^ Helixmith Co. Ltd. 185,602 5,653
Hite Jinro Co. Ltd. 192,380 5,649
LS Electric Co. Ltd. 96,560 5,621
LOTTE Fine Chemical Co. Ltd. 110,066 5,602
Youngone Corp. 191,574 5,600
NongShim Co. Ltd. 20,201 5,584
* Hyundai Bioscience Co. Ltd. 204,778 5,515
* Pan Ocean Co. Ltd. 1,188,041 5,498
KCC Corp. 29,905 5,445
Lotte Corp. 166,709 5,423
GS Retail Co. Ltd. 170,730 5,421
* ST Pharm Co. Ltd. 56,360 5,391
* Pharmicell Co. Ltd. 334,941 5,345
Ecopro Co. Ltd. 116,383 5,340
Hyundai Elevator Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
145,736 5,333
NHN KCP Corp. 82,991 5,238
GeneOne Life Science Inc. 260,695 5,185
* Daewoo Engineering & Construction Co. Ltd. 1,119,926 5,147
Ilyang Pharmaceutical Co. Ltd. 84,313 5,117
Iljin Materials Co. Ltd. 108,101 5,077
* Mezzion Pharma Co. Ltd. 31,220 5,061
Hyundai Wia Corp. 100,436 4,961
BGF retail Co. Ltd. 39,654 4,954
* Chabiotech Co. Ltd. 266,988 4,936
* GemVax & Kael Co. Ltd. 223,298 4,922
NICE Information Service Co. Ltd. 214,277 4,901
* Hyundai Rotem Co. Ltd. 306,941 4,871
Meritz Fire & Marine Insurance Co. Ltd. 360,726 4,854
* Ace Technologies Corp. 190,224 4,760
JB Financial Group Co. Ltd. 913,332 4,747
Zinus Inc. 49,502 4,701
Korea Gas Corp. 160,876 4,583

49
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Daewoong Pharmaceutical Co. Ltd. 29,479 4,484
Chunbo Co. Ltd. 26,630 4,483
Medytox Inc. 27,731 4,478
Kolmar Korea Co. Ltd. 94,740 4,447
Seoul Semiconductor Co. Ltd. 234,590 4,443
Kolon Industries Inc. 116,980 4,429
Ottogi Corp. 8,297 4,412
* ABLBio Inc. 151,322 4,343
Hanjin Transportation Co. Ltd. 97,572 4,300
NEPES Corp. 109,363 4,282
Posco International Corp. 318,532 4,273
* Korea Electric Power Corp. ADR 346,074 4,246
Doosan Bobcat Inc. 154,223 4,223
* NHN Corp. 61,113 4,204
^ Paradise Co. Ltd. 295,449 4,168
DongKook Pharmaceutical Co. Ltd. 154,541 4,165
IS Dongseo Co. Ltd. 84,553 4,163
* Enzychem Lifesciences Corp. 42,247 4,103
Ssangyong Cement Industrial Co. Ltd. 655,471 4,037
* iNtRON Biotechnology Inc. 156,882 4,033
SFA Engineering Corp. 112,769 4,013
^ Innocean Worldwide Inc. 72,966 4,007
* Yungjin Pharmaceutical Co. Ltd. 540,062 4,004
SK Discovery Co. Ltd. 65,752 3,990
Cosmax Inc. 43,266 3,970
* CrystalGenomics Inc. 239,995 3,963
^ RFHIC Corp. 95,183 3,915
Hyosung Corp. 55,300 3,896
Mirae Asset Daewoo Co. Ltd. Preference Shares 924,536 3,889
Hanwha Life Insurance Co. Ltd. 1,718,517 3,870
Amorepacific Corp. Preference Shares 67,653 3,867
* Amicogen Inc. 108,603 3,848
SK Networks Co. Ltd. 857,988 3,839
Korean Reinsurance Co. 527,226 3,833
*,^,§ SillaJen Inc. 340,708 3,795
* TY Holdings Co. Ltd. 148,140 3,785
Korea Petrochemical Ind Co. Ltd. 17,776 3,772
S&S Tech Corp. 92,969 3,729
Hyosung TNC Co. Ltd. 19,098 3,717
* Binex Co. Ltd. 150,978 3,699
KEPCO Plant Service & Engineering Co. Ltd. 133,132 3,644
* CMG Pharmaceutical Co. Ltd. 675,393 3,602
*,^ G-treeBNT Co. Ltd. 132,900 3,576
Foosung Co. Ltd. 319,784 3,483
LG International Corp. 150,614 3,431
* Solus Advanced Materials Co. Ltd. 74,878 3,421
* Webzen Inc.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
104,573 3,338
* Studio Dragon Corp. 38,537 3,289
Sebang Global Battery Co. Ltd. 51,267 3,248
F&F Co. Ltd. 41,471 3,227
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares 24,411 3,217
Huchems Fine Chemical Corp. 135,815 3,212
* NKMax Co. Ltd. 164,891 3,196
*,^ Hana Tour Service Inc. 61,267 3,163
Poongsan Corp. 122,471 3,158
DoubleUGames Co. Ltd. 56,819 3,155
Tokai Carbon Korea Co. Ltd. 27,270 3,148
Daou Technology Inc. 153,386 3,098
* SM Entertainment Co. Ltd. 112,569 3,089
* CJ CGV Co. Ltd. 131,335 3,054
* Osstem Implant Co. Ltd. 64,789 3,046
Silicon Works Co. Ltd. 56,543 3,032
Daesang Corp. 125,871 3,025
BH Co. Ltd. 148,468 3,009

50
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Medipost Co. Ltd. 92,491 2,951
* Kumho Tire Co. Inc. 845,316 2,943
PI Advanced Materials Co. Ltd. 85,604 2,922
* YG Entertainment Inc. 69,987 2,885
*,^ Hyosung Advanced Materials Corp. 20,372 2,803
* Lotte Tour Development Co. Ltd. 202,596 2,803
*,^ Komipharm International Co. Ltd. 225,822 2,801
Samwha Capacitor Co. Ltd. 45,867 2,789
Daishin Securities Co. Ltd. 232,151 2,783
Jeil Pharmaceutical Co. Ltd. 48,063 2,776
* Dongkuk Steel Mill Co. Ltd. 365,345 2,735
LG Hausys Ltd. 37,993 2,731
LOTTE Reit Co. Ltd. 548,324 2,702
Ahnlab Inc. 38,362 2,696
^ Mcnex Co. Ltd. 72,092 2,687
*,§ Asiana Airlines Inc. 216,270 2,676
*,^ Naturecell Co. Ltd. 282,318 2,668
^ JW Pharmaceutical Corp. 82,170 2,659
Eugene Technology Co. Ltd. 86,278 2,655
Hyundai Greenfood Co. Ltd. 327,534 2,645
Hyundai Home Shopping Network Corp. 34,732 2,613
Taekwang Industrial Co. Ltd. 3,505 2,587
Samyang Holdings Corp. 37,387 2,566
AfreecaTV Co. Ltd. 45,953 2,563
* Telcon RF Pharmaceutical Inc. 453,804 2,534
* SFA Semicon Co. Ltd. 474,580 2,524
* AbClon Inc. 74,682 2,513
* JR Reit XXVII 525,937 2,499
Korea Electric Terminal Co. Ltd. 43,419 2,490
Partron Co. Ltd. 239,406 2,475
OptoElectronics Solutions Co. Ltd. 47,743 2,460
* Kuk-il Paper Manufacturing Co. Ltd. 513,055 2,459
* Hyosung Heavy Industries Corp. 42,636 2,448
L&C Bio Co. Ltd. 76,956 2,448
Handsome Co. Ltd. 87,730 2,446
^ Dawonsys Co. Ltd. 129,199 2,432
HDC Holdings Co. Ltd. 235,933 2,403
Daeduck Electronics Co. Ltd. 206,053 2,396
* Duk San Neolux Co. Ltd. 74,443 2,393
TES Co. Ltd. 87,029 2,380
Posco ICT Co. Ltd. 326,875 2,336
GS Home Shopping Inc. 17,928 2,299
* ITM Semiconductor Co. Ltd. 43,798 2,297
Dong-A ST Co. Ltd. 28,071 2,291
* Hyundai Construction Equipment Co. Ltd. 75,533 2,284
Chongkundang Holdings Corp. 19,363 2,276
NICE Holdings Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
126,639 2,270
Lotte Chilsung Beverage Co. Ltd. 22,662 2,265
Shinsegae International Inc. 15,090 2,247
Huons Co. Ltd. 39,160 2,234
Dong-A Socio Holdings Co. Ltd. 19,253 2,174
* DIO Corp. 73,924 2,158
* Eutilex Co. Ltd. 62,134 2,156
* Hyundai Electric & Energy System Co. Ltd. 140,669 2,129
LOTTE Himart Co. Ltd. 73,816 2,121
S&T Motiv Co. Ltd. 46,362 2,111
* Cafe24 Corp. 35,463 2,077
Hankook Technology Group Co. Ltd. 153,497 2,075
Hanwha Corp. Preference Shares 161,307 2,029
* KH Vatec Co. Ltd. 107,165 2,018
* Korea Line Corp. 709,244 1,987
* Ananti Inc. 266,330 1,983
* Insun ENT Co. Ltd. 191,100 1,975
Hyosung Chemical Corp. 13,518 1,950

51
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
INTOPS Co. Ltd. 69,896 1,944
Daea TI Co. Ltd. 359,056 1,913
Grand Korea Leisure Co. Ltd. 124,199 1,913
* Taihan Electric Wire Co. Ltd. 1,508,562 1,905
LIG Nex1 Co. Ltd. 67,713 1,903
HS Industries Co. Ltd. 286,809 1,886
* Anterogen Co. Ltd. 32,535 1,871
Green Cross Cell Corp. 39,247 1,853
* Feelux Co. Ltd. 488,899 1,846
Wemade Co. Ltd. 51,776 1,840
* Samsung Pharmaceutical Co. Ltd. 329,251 1,837
SK Gas Ltd. 18,993 1,832
Kwang Dong Pharmaceutical Co. Ltd. 193,657 1,832
* Korea Real Estate Investment & Trust Co. Ltd. 972,620 1,810
* Peptron Inc. 119,458 1,808
KC Tech Co. Ltd. 63,275 1,795
Hansae Co. Ltd. 110,958 1,791
Dongwon Industries Co. Ltd. 8,655 1,774
^ Shinhan Financial Group Co. Ltd. ADR 58,558 1,743
* Doosan Co. Ltd. 35,752 1,728
* Hancom Inc. 98,567 1,715
Modetour Network Inc. 89,442 1,695
* Hanwha General Insurance Co. Ltd. 478,779 1,692
* Stcube 178,517 1,679
Binggrae Co. Ltd. 31,845 1,676
* KCC Glass Corp. 49,308 1,674
* Innox Advanced Materials Co. Ltd. 39,730 1,670
Halla Holdings Corp. 47,325 1,632
* Aprogen pharmaceuticals Inc. 1,345,802 1,632
i-SENS Inc. 58,739 1,625
SK Securities Co. Ltd. 2,192,004 1,622
* Neowiz 77,979 1,615
^ Jusung Engineering Co. Ltd. 212,874 1,611
* Namsun Aluminum Co. Ltd. 371,961 1,611
Advanced Process Systems Corp. 69,357 1,589
Mirae Asset Life Insurance Co. Ltd. 447,245 1,587
Meritz Financial Group Inc. 175,036 1,583
^ Hyundai Bioland Co. Ltd. 69,481 1,567
* Hansol Technics Co. Ltd. 166,478 1,559
* Dentium Co. Ltd. 41,087 1,557
Orion Holdings Corp. 127,512 1,551
Youlchon Chemical Co. Ltd. 81,283 1,540
Songwon Industrial Co. Ltd. 103,406 1,521
Kumho Industrial Co. Ltd. 181,159 1,517
Young Poong Corp. 3,038 1,506
* Yuanta Securities Korea Co. Ltd. 531,497 1,499
Hanil Cement Co. Ltd.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
15,268 1,477
SL Corp. 98,389 1,475
* Hanwha Investment & Securities Co. Ltd. 712,719 1,445
LF Corp. 105,084 1,424
Taeyoung Engineering & Construction Co. Ltd. 129,791 1,413
Harim Holdings Co. Ltd. 169,902 1,411
Eugene Investment & Securities Co. Ltd. 380,747 1,388
^ Sangsangin Co. Ltd. 233,930 1,384
Sungwoo Hitech Co. Ltd. 256,964 1,351
CJ CheilJedang Corp. Preference Shares 8,708 1,345
Hansol Paper Co. Ltd. 105,300 1,345
Daishin Securities Co. Ltd. Preference Shares 143,638 1,344
ICD Co. Ltd. 79,230 1,337
Maeil Dairies Co. Ltd. 20,547 1,323
Toptec Co. Ltd. 116,323 1,320
Cuckoo Homesys Co. Ltd. 36,463 1,314
Nexen Tire Corp. 230,574 1,314
Korea Asset In Trust Co. Ltd. 357,814 1,299

52
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Dongsung Pharmaceutical Co. Ltd. 110,312 1,267
KEPCO Engineering & Construction Co. Inc. 76,726 1,264
Samyang Corp. 22,461 1,249
* Vidente Co. Ltd. 171,765 1,247
Tongyang Inc. 1,135,709 1,246
Soulbrain Holdings Co. Ltd. 29,927 1,246
*,^ Inscobee Inc. 628,890 1,224
Dongwon F&B Co. Ltd. 7,333 1,209
JW Holdings Corp. 221,572 1,192
* Wonik Holdings Co. Ltd. 202,877 1,186
* Interflex Co. Ltd. 72,908 1,168
* Lutronic Corp. 131,610 1,166
Vieworks Co. Ltd. 41,458 1,160
Youngone Holdings Co. Ltd. 33,272 1,157
GOLFZON Co. Ltd. 18,018 1,151
Seobu T&D 164,221 1,144
KC Co. Ltd. 44,827 1,144
InBody Co. Ltd. 70,586 1,128
*,^ CUROCOM Co. Ltd. 590,197 1,108
NS Shopping Co. Ltd. 97,273 1,084
Samchully Co. Ltd. 14,365 1,078
Kolmar Korea Holdings Co. Ltd. 42,246 1,011
Namhae Chemical Corp. 132,560 1,004
* Lock&Lock Co. Ltd. 106,002 993
iMarketKorea Inc. 122,050 983
* Gamevil Inc. 28,917 983
Hankook Shell Oil Co. Ltd. 4,121 981
Aekyung Industrial Co. Ltd. 43,393 980
Dae Han Flour Mills Co. Ltd. 6,231 953
KISCO Corp. 158,153 953
KTB Investment & Securities Co. Ltd. 322,563 948
Dae Hwa Pharmaceutical Co. Ltd. 65,917 938
SPC Samlip Co. Ltd. 13,957 926
Huons Global Co. Ltd. 33,762 911
* POSCO Chemical Co. Ltd. Rights Exp. 01/14/2021 32,407 908
Lotte Confectionery Co. Ltd. 9,366 881
Kolon Corp. 43,765 880
* Hansol Holdings Co. Ltd. 257,533 875
BGF Co. Ltd. 193,806 874
KT Skylife Co. Ltd. 103,629 842
KISWIRE Ltd. 61,779 837
* Able C&C Co. Ltd. 120,276 821
Hyundai Livart Furniture Co. Ltd. 53,890 793
Lotte Food Co. Ltd. 2,595 792
Namyang Dairy Products Co. Ltd. 3,014 791
E1 Corp. 19,205 790
Interpark Corp.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
379,096 751
Seah Besteel Corp. 76,256 745
Sung Kwang Bend Co. Ltd. 107,988 729
^ Kyobo Securities Co. Ltd. 103,347 728
DB Financial Investment Co. Ltd. 167,685 720
Woongjin Thinkbig Co. Ltd. 280,495 712
AK Holdings Inc. 30,661 711
Humedix Co. Ltd. 32,250 707
Hanil Holdings Co. Ltd. 70,305 706
TK Corp. 98,388 694
Cell Biotech Co. Ltd. 31,477 682
* Coreana Cosmetics Co. Ltd. 148,739 680
Cuckoo Holdings Co. Ltd. 7,240 666
Sam Young Electronics Co. Ltd. 66,608 626
Hyundai Corp. 42,262 622
* Byucksan Corp. 263,447 609
Tongyang Life Insurance Co. Ltd. 187,336 608
Daekyo Co. Ltd. 177,908 604

53
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
*,^,§ Cellumed Co. Ltd. 109,221 601
CJ Freshway Corp. 33,552 590
* Muhak Co. Ltd. 87,541 580
LG HelloVision Co. Ltd. 155,972 558
Daeduck Co. Ltd. 85,865 553
Sindoh Co. Ltd. 22,140 541
* Eusu Holdings Co. Ltd. 102,233 541
*,^ Homecast Co. Ltd. 189,088 525
* Agabang&Company 166,714 511
S&T Dynamics Co. Ltd. 93,447 507
* SBS Media Holdings Co. Ltd. 284,727 488
*,^ GNCO Co. Ltd. 494,396 486
*,§ Yuyang DNU Co. Ltd. 336,958 378
*,§ APAM Corp. 100,608 188
* COSON Co. Ltd. 22,075 90
KB Financial Group Inc. ADR 1,473 58
* DL E&C Co. Ltd. 95,893 ___________—
7,730,184
Spain (2.0%)
* Iberdrola SA 37,981,510 545,809
* Banco Santander SA 109,531,772 341,559
Industria de Diseno Textil SA 6,722,666 213,378
Banco Bilbao Vizcaya Argentaria SA 42,626,924 211,286
Amadeus IT Group SA 2,723,080 201,012
1 Cellnex Telecom SA 2,183,779 131,143
* Telefonic SA (XMAD) 30,203,380 120,139
* Repsol SA 8,597,462 86,612
* Ferrovial SA 3,108,659 85,956
*,1 Aena SME SA 449,717 78,183
^ Grifols SA 2,115,622 61,769
CaixaBank SA 22,940,974 58,965
Siemens Gamesa Renewable Energy SA 1,431,226 58,117
Red Electrica Corp. SA 2,753,315 56,529
^ Endesa SA 2,031,380 55,719
ACS Actividades de Construccion y Servicios SA 1,430,219 47,517
Naturgy Energy Group SA 1,868,465 43,450
^ Enagas SA 1,589,038 34,959
Bankinter SA 4,377,012 23,742
Acciona SA 146,584 20,975
Inmobiliaria Colonial Socimi SA 2,072,499 20,465
Merlin Properties Socimi SA 2,115,307 20,170
Viscofan SA 248,041 17,559
Banco de Sabadell SA 35,854,037 15,516
Bankia SA 7,656,021 13,629
^ Mapfre SA 6,306,434 12,325
Acerinox SA 1,079,566 11,956
Ebro Foods SA
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
489,399 11,314
* Solaria Energia y Medio Ambiente SA 387,418 11,250
* Applus Services SA 914,440 10,148
Fluidra SA 393,783 10,109
CIE Automotive SA 336,470 9,065
Zardoya Otis SA 1,140,574 8,012
Cia de Distribucion Integral Logista Holdings SA 404,623 7,863
Faes Farma SA 1,802,625 7,686
Pharma Mar SA 87,401 7,641
* Indra Sistemas SA 793,542 6,786
* Telefonic SA (Interim Line) 1,689,937 6,699
1 Euskaltel SA 621,369 6,598
Almirall SA 463,209 6,166
*,1 Neinor Homes SA 459,840 6,103
* Construcciones y Auxiliar de Ferrocarriles SA 117,833 5,627
* Sacyr SA 2,264,603 5,596
* Mediaset Espana Comunicacion SA 970,245 5,043
1 Gestamp Automocion SA 993,990 4,812

54
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Melia Hotels International SA 645,070 4,493
Prosegur Cia de Seguridad SA 1,478,686 4,436
*,1 Unicaja Banco SA 4,963,928 4,362
*,1 Aedas Homes SA 133,618 3,425
1 Global Dominion Access SA 737,970 3,387
* Ence Energia y Celulosa SA 809,889 3,357
* Repsol SA Rights Exp. 01/08/2021 9,165,480 3,143
* Promotora de Informaciones SA 2,634,473 2,875
* Tecnicas Reunidas SA 192,590 2,554
* Liberbank SA 8,262,551 2,543
1 Prosegur Cash SA 2,467,802 2,406
Lar Espana Real Estate Socimi SA 398,686 2,277
*,1 Metrovacesa SA 288,532 2,120
* Atresmedia Corp. de Medios de Comunicacion SA 519,052 1,825
* Distribuidora Internacional de Alimentacion SA 10,091,867 1,411
*,^ NH Hotel Group SA 157,953 661
* Faes Farma SA (Interim Line) 85,839 ___________
366
2,770,598
Sweden (3.1%)
Telefonaktiebolaget LM Ericsson Class B 19,177,154 228,121
* Volvo AB Class B 9,176,289 217,231
Investor AB Class B 2,908,003 211,654
Atlas Copco AB Class A 3,970,336 204,061
* Sandvik AB 6,891,986 169,981
Hexagon AB Class B 1,632,335 149,656
Assa Abloy AB Class B 5,871,151 145,088
Essity AB Class B 3,890,361 125,344
* Hennes & Mauritz AB Class B 5,614,935 117,869
* Swedbank AB Class A 6,421,931 112,643
Atlas Copco AB Class B 2,483,569 111,481
1 Evolution Gaming Group AB 999,647 100,499
* Svenska Handelsbanken AB Class A 9,449,303 95,249
* Skandinaviska Enskilda Banken AB Class A 9,111,345 93,824
* Kinnevik AB 1,529,106 76,817
Swedish Match AB 981,594 76,388
Epiroc AB Class A 4,011,900 72,915
Telia Co. AB 16,400,248 67,731
* Svenska Cellulosa AB SCA Class B 3,788,919 66,246
Nibe Industrier AB Class B 1,912,800 62,728
Boliden AB 1,748,650 62,038
SKF AB 2,378,758 61,894
Investor AB Class A 846,612 61,318
Skanska AB Class B 2,284,505 58,218
* Alfa Laval AB 2,004,429 55,355
Tele2 AB 3,409,971 45,107
* Industrivarden AB Class A 1,323,511 44,096
Castellum AB
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,720,931 43,868
*,1 Sinch AB 256,649 41,738
Epiroc AB Class B 2,414,249 40,757
* Indutrade AB 1,785,567 38,222
* Industrivarden AB Class C 1,073,150 34,687
* Trelleborg AB Class B 1,551,804 34,469
Electrolux AB Class B 1,469,684 34,195
Husqvarna AB 2,598,735 33,726
Getinge AB 1,425,628 33,362
Lundin Energy AB 1,205,869 32,682
EQT AB 1,285,898 32,641
* Fastighets AB Balder Class B 618,852 32,313
Securitas AB Class B 1,974,005 31,848
Elekta AB Class B 2,288,955 30,665
* Volvo AB Class A 1,270,126 30,270
Holmen AB 613,733 29,432
Lifco AB Class B 289,962 27,741
Fabege AB 1,684,650 26,616

55
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* L E Lundbergforetagen AB Class B 471,124 25,275
*,1 Dometic Group AB 1,892,472 25,097
*,1 Thule Group AB 669,633 25,054
ICA Gruppen AB 494,385 24,729
Beijer Ref AB Class B 518,041 23,703
* Nordic Entertainment Group AB Class B 416,814 23,323
Sweco AB Class B 1,268,474 23,247
* Swedish Orphan Biovitrum AB 1,144,633 23,035
Avanza Bank Holding AB 784,281 22,256
AAK AB 1,086,680 21,973
^ Samhallsbyggnadsbolaget i Norden AB (Ordinary Shares) 6,124,309 21,437
BillerudKorsnas AB 1,120,391 19,718
Wihlborgs Fastigheter AB 844,996 19,099
* AF Poyry AB 617,017 18,855
Investment AB Latour Class B 768,788 18,622
* Saab AB Class B 589,145 17,142
1 Bravida Holding AB 1,285,125 17,087
Hexpol AB 1,580,299 16,920
Wallenstam AB 1,036,596 16,474
AddTech AB 1,208,284 16,058
JM AB 444,517 15,674
Axfood AB 667,335 15,546
* Sectra AB Class B 165,023 14,611
* Peab AB Class B 1,270,861 13,844
Loomis AB Class B 481,359 13,274
^ Kungsleden AB 1,204,522 13,204
Mycronic AB 441,183 13,104
Bure Equity AB 350,314 12,459
* SSAB AB Class B 3,807,743 12,069
Hufvudstaden AB Class A 703,276 11,634
Intrum AB 431,471 11,251
* Nyfosa AB 1,124,596 11,235
* Nolato AB Class B 110,458 11,168
NCC AB Class B 607,585 11,029
Arjo AB 1,433,582 11,010
* Vitrolife AB 404,574 10,593
* Pandox AB Class B 565,350 9,920
Lindab International AB 438,937 9,105
* Electrolux Professional AB Class B 1,453,592 8,321
* Hansa Biopharma AB 284,419 8,282
Klovern AB 4,016,711 7,652
Catena AB 161,736 7,601
* Modern Times Group MTG AB Class B 412,702 7,337
* Biotage AB 418,500 7,045
* Betsson AB 765,806 6,835
*,1 Munters Group AB 676,351 6,808
Atrium Ljungberg AB
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
294,819 6,252
* Bilia AB 501,065 6,134
Ratos AB 1,258,152 5,865
* Nobia AB 730,741 5,856
* SSAB AB Class A 1,534,346 5,439
Concentric AB 239,277 5,346
* Bonava AB 548,805 5,244
Dios Fastigheter AB 544,903 5,091
*,^ SAS AB 22,586,254 5,006
*,1 Resurs Holding AB 895,867 4,883
Cloetta AB 1,337,923 3,975
Klovern AB Preference Shares 99,359 3,865
*,^,1 Scandic Hotels Group AB 849,108 3,588
*,1 Attendo AB 655,818 3,541
* SkiStar AB 258,668 3,370
Telefonaktiebolaget LM Ericsson Class A 260,893 3,337
*,^ Svenska Handelsbanken AB Class B 282,362 3,147
* Karo Pharma AB 492,177 3,138

56
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Adapteo Oyj 264,288 3,061
* Mekonomen AB 265,460 2,939
Investment AB Oresund 185,469 2,805
Sagax AB 675,951 2,643
* Svenska Cellulosa AB SCA Class A 142,409 2,566
^ Clas Ohlson AB 254,868 2,424
* Skandinaviska Enskilda Banken AB Class C 199,111 2,126
SKF AB Class A 76,818 1,995
*,^ Collector AB 535,969 1,571
Samhallsbyggnadsbolaget i Norden AB 293,516 1,075
* Annehem Fastigheter AB Class B 254,172 978
Sagax AB Preference Shares 132,815 575
NCC AB Class A 21,615 ___________
390
4,310,724
Switzerland (7.6%)
Nestle SA 17,828,756 2,107,561
Roche Holding AG 4,454,928 1,551,645
Novartis AG 13,751,476 1,294,811
Zurich Insurance Group AG 953,618 401,875
ABB Ltd. 11,424,443 320,447
Lonza Group AG 474,220 305,477
UBS Group AG 21,447,741 301,981
Cie Financiere Richemont SA 3,262,781 294,766
Givaudan SA 59,022 249,712
Sika AG 887,309 241,874
* Alcon Inc. 2,935,075 194,878
Credit Suisse Group AG 14,945,710 192,962
Swiss Re AG 1,798,084 169,403
Partners Group Holding AG 143,951 169,148
LafargeHolcim Ltd. (XVTX) 2,639,977 144,903
Geberit AG 227,441 142,372
SGS SA 37,685 113,597
Swiss Life Holding AG 201,796 94,132
Logitech International SA 938,057 91,081
Swisscom AG 162,942 87,750
* Sonova Holding AG 336,761 87,589
Julius Baer Group Ltd. 1,381,407 79,585
Straumann Holding AG 64,515 75,574
Kuehne & Nagel International AG 320,950 72,830
Schindler Holding AG 253,816 68,641
Adecco Group AG 986,078 65,676
Chocoladefabriken Lindt & Spruengli AG (Registered) 652 65,487
Chocoladefabriken Lindt & Spruengli AG 6,287 61,281
Roche Holding AG (Bearer) 170,436 59,641
Temenos AG 387,090 53,933
Vifor Pharma AG 330,234 51,904
Baloise Holding AG
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
285,886 50,794
Swatch Group AG (Bearer) 186,114 50,594
* SIG Combibloc Group AG 2,034,577 47,372
Swiss Prime Site AG 479,837 47,039
Barry Callebaut AG 19,271 45,925
EMS-Chemie Holding AG 45,313 43,589
1 VAT Group AG 164,059 41,065
Tecan Group AG 75,700 37,130
PSP Swiss Property AG 274,886 36,620
* ams AG 1,621,603 35,334
Schindler Holding AG (Registered) 127,763 34,534
LafargeHolcim Ltd. (XPAR) 635,227 34,469
Georg Fischer AG 26,166 33,770
Clariant AG 1,443,454 30,624
Belimo Holding AG 2,951 25,637
Helvetia Holding AG 221,794 23,427
Cembra Money Bank AG 187,623 22,725
* Dufry AG 347,438 21,887

57
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Flughafen Zurich AG 121,108 21,368
* Idorsia Ltd. 719,083 20,751
Allreal Holding AG 90,241 20,722
1 Galenica AG 308,164 20,465
Banque Cantonale Vaudoise 179,754 19,566
Bucher Industries AG 41,388 18,983
Siegfried Holding AG 25,323 18,637
* Softwareone Holding AG 619,550 18,331
DKSH Holding AG 227,085 17,014
Bachem Holding AG 35,765 15,995
* Zur Rose Group AG 48,378 15,523
Swatch Group AG (Registered) 281,681 14,865
^ Stadler Rail AG 312,622 14,282
Vontobel Holding AG 176,547 14,035
Daetwyler Holding AG 47,029 13,654
Mobimo Holding AG 41,527 13,408
BKW AG 114,953 12,953
SFS Group AG 108,245 12,897
Emmi AG 12,422 12,801
OC Oerlikon Corp. AG 1,221,981 12,679
Landis&Gyr Group AG 154,459 12,134
Sulzer AG 111,650 11,808
Forbo Holding AG 6,631 11,415
Inficon Holding AG 12,271 11,241
^ dormakaba Holding AG 19,283 10,949
Interroll Holding AG 3,531 10,776
Comet Holding AG 47,843 10,751
Conzzeta AG 8,240 10,134
Schweiter Technologies AG 5,991 9,983
Valiant Holding AG 99,884 9,732
Huber & Suhner AG 109,953 8,636
St. Galler Kantonalbank AG 17,670 8,344
Kardex Holding AG 37,076 8,170
VZ Holding AG 86,235 7,905
Berner Kantonalbank AG 28,746 7,408
Burckhardt Compression Holding AG 20,219 7,016
LEM Holding SA 3,012 5,903
Vetropack Holding AG 79,660 5,378
Swissquote Group Holding SA 54,945 5,339
Intershop Holding AG 7,177 4,996
ALSO Holding AG 16,998 4,837
* Aryzta AG 5,904,100 4,619
*,^ COSMO Pharmaceuticals NV 46,257 4,442
* Komax Holding AG 22,332 4,435
* Arbonia AG 272,208 4,389
Liechtensteinische Landesbank AG 69,818 4,129
*,^ Basilea Pharmaceutica AG
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
67,911 4,076
* Valora Holding AG 20,757 4,068
Zehnder Group AG 60,721 4,029
*,1 Medacta Group SA 39,873 3,948
* Ascom Holding AG 230,411 3,433
* Autoneum Holding AG 18,608 3,402
Ypsomed Holding AG 20,185 3,387
Bell Food Group AG 12,163 3,277
Bossard Holding AG 16,172 3,265
EFG International AG 485,563 3,200
Bobst Group SA 48,581 2,932
u-blox Holding AG 41,824 2,782
Leonteq AG 68,748 2,698
Implenia AG 94,660 2,566
* GAM Holding AG 1,023,926 2,523
* Hiag Immobilien Holding AG 18,884 2,339
Rieter Holding AG 19,112 2,093
VP Bank AG 15,160 1,920

58
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* APG SGA SA 6,792 1,511
BB Biotech AG 160 ___________13
10,466,311
United Kingdom (12.4%)
AstraZeneca plc 8,401,800 837,773
* HSBC Holdings plc 130,397,669 673,537
Diageo plc 14,678,097 580,795
GlaxoSmithKline plc 31,541,225 577,141
Unilever plc (XAMS) 9,376,176 567,741
British American Tobacco plc 14,245,910 529,050
Rio Tinto plc 6,947,518 522,962
Royal Dutch Shell plc Class A 26,219,024 459,788
BP plc 126,902,418 437,908
Unilever plc (XLON) 6,891,693 413,321
Royal Dutch Shell plc Class B 23,782,136 403,077
Reckitt Benckiser Group plc 4,035,694 360,203
BHP Group plc 13,305,690 351,329
Prudential plc 16,694,567 306,980
RELX plc 11,896,372 291,074
Vodafone Group plc 171,388,806 281,505
National Grid plc 22,448,503 265,284
Anglo American plc 7,868,476 259,835
London Stock Exchange Group plc 2,014,308 248,640
* Lloyds Banking Group plc 450,309,754 224,506
* Barclays plc 110,638,654 221,952
Experian plc 5,795,253 220,154
* Glencore plc 68,999,115 219,127
Compass Group plc 11,407,385 212,764
Tesco plc 61,879,800 195,279
CRH plc (XLON) 4,332,657 183,072
Ferguson plc 1,438,347 174,760
* Flutter Entertainment plc (XLON) 808,057 167,155
Legal & General Group plc 37,942,601 138,279
BAE Systems plc 20,579,730 137,242
SSE plc 6,662,710 136,474
Ashtead Group plc 2,861,907 134,799
Imperial Brands plc 6,031,871 126,516
Smith & Nephew plc 5,599,862 116,323
Aviva plc 25,082,176 111,567
* Standard Chartered plc 16,564,345 105,183
* BT Group plc 55,738,140 100,466
Segro plc 7,613,717 98,794
* Ocado Group plc 3,102,275 97,009
3i Group plc 6,099,717 96,479
* Rentokil Initial plc 11,891,210 82,908
WPP plc 7,585,812 82,200
Halma plc
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2,420,919 81,077
Intertek Group plc 1,033,876 79,857
* Next plc 813,237 78,418
Croda International plc 863,171 77,625
Persimmon plc 2,027,701 76,531
* InterContinental Hotels Group plc 1,167,327 75,661
* Melrose Industries plc 30,749,188 74,917
Smurfit Kappa Group plc (XLON) 1,578,259 73,999
Mondi plc 3,106,542 72,792
Spirax-Sarco Engineering plc 471,177 72,733
* Rolls-Royce Holdings plc 47,721,790 72,224
Bunzl plc 2,157,032 72,019
* Informa plc 9,558,400 71,472
* Associated British Foods plc 2,221,323 68,583
* Natwest Group plc 29,031,683 66,366
* Burberry Group plc 2,564,125 62,616
*,1 Just Eat Takeaway.com NV (XLON) 553,975 62,321
RSA Insurance Group plc 6,600,601 61,180

59
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
* Barratt Developments plc 6,466,904 59,121
* Entain plc 3,707,479 57,506
Sage Group plc 6,972,651 55,365
* Whitbread plc 1,289,541 54,621
Standard Life Aberdeen plc 13,925,537 53,377
United Utilities Group plc 4,357,515 53,297
Admiral Group plc 1,333,150 52,715
St. James's Place plc 3,381,072 52,319
* Taylor Wimpey plc 23,112,488 52,280
Polymetal International plc 2,265,805 52,159
Smiths Group plc 2,533,067 52,103
* Kingfisher plc 13,492,017 49,855
* Rightmove plc 5,538,518 49,209
1 Auto Trader Group plc 6,031,802 49,097
Berkeley Group Holdings plc 745,356 48,215
Hargreaves Lansdown plc 2,291,661 47,717
Severn Trent plc 1,527,045 47,671
* Weir Group plc 1,655,369 45,009
M&G plc 16,593,918 44,790
DCC plc 629,446 44,541
^ Pearson plc 4,796,304 44,022
Antofagasta plc 2,211,378 43,385
Intermediate Capital Group plc 1,799,656 42,346
Land Securities Group plc 4,549,018 42,015
* DS Smith plc 8,147,585 41,648
Coca-Cola HBC AG 1,245,218 40,324
Johnson Matthey plc 1,212,777 40,180
British Land Co. plc 5,902,679 39,533
B&M European Value Retail SA 5,440,156 38,297
Direct Line Insurance Group plc 8,726,927 38,169
Hikma Pharmaceuticals plc 1,073,793 36,907
Pennon Group plc 2,682,432 34,719
* ITV plc 23,810,371 34,696
* G4S plc 9,892,833 34,363
* Howden Joinery Group plc 3,642,655 34,315
Wm Morrison Supermarkets plc 14,170,263 34,288
Electrocomponents plc 2,852,567 33,918
Phoenix Group Holdings plc 3,473,927 33,291
Schroders plc 716,912 32,688
* JD Sports Fashion plc 2,745,885 32,259
J Sainsbury plc 10,427,515 32,051
Games Workshop Group plc 208,393 31,910
Bellway plc 788,698 31,842
* Meggitt plc 4,975,841 31,642
AVEVA Group plc 722,502 31,544
Dechra Pharmaceuticals plc 669,418 31,527
* Travis Perkins plc
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,612,750 29,692
* Hiscox Ltd. 2,141,180 29,158
* UNITE Group plc 2,030,669 29,009
Spectris plc 740,652 28,527
1 ConvaTec Group plc 10,232,515 27,779
* Signature Aviation plc 5,247,663 27,657
Tate & Lyle plc 2,988,083 27,533
IMI plc 1,714,863 27,327
IG Group Holdings plc 2,321,769 27,274
Derwent London plc 641,533 27,265
* Royal Mail plc 5,856,610 26,993
1 Avast plc 3,536,959 25,971
Tritax Big Box REIT plc 10,873,312 24,982
* William Hill plc 6,692,048 24,640
HomeServe plc 1,757,192 24,604
Rotork plc 5,562,651 24,197
Genus plc 415,878 23,797
* Centrica plc 37,285,602 23,659

60
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Evraz plc 3,689,471 23,579
1 Quilter plc 11,164,479 23,382
Diploma plc 776,322 23,213
* Marks & Spencer Group plc 12,464,820 23,121
* Inchcape plc 2,501,329 22,020
* IWG plc 4,590,707 21,574
*,1 Countryside Properties plc 3,297,762 21,029
* Hays plc 9,961,046 19,541
Beazley plc 3,829,091 19,092
Britvic plc 1,693,378 18,810
*,1 Trainline plc 2,957,434 18,803
Fresnillo plc 1,179,692 18,221
Close Brothers Group plc 962,370 18,149
* Vistry Group plc 1,401,922 18,018
* John Wood Group plc 4,251,884 17,936
Assura plc 16,768,467 17,648
* Grafton Group plc 1,396,527 17,644
LondonMetric Property plc 5,593,128 17,539
* Renishaw plc 219,656 17,321
Pets at Home Group plc 3,044,290 17,319
Primary Health Properties plc 8,252,129 17,251
Man Group PLC 9,126,969 17,234
UDG Healthcare plc 1,610,648 17,192
Ashmore Group plc 2,902,313 17,138
Victrex plc 525,924 16,825
Grainger plc 4,281,433 16,654
WH Smith plc 804,667 16,594
* Balfour Beatty plc 4,372,834 16,185
easyJet plc 1,425,787 16,182
Carnival plc 847,000 16,110
Cranswick plc 329,892 15,853
QinetiQ Group plc 3,586,249 15,678
* Greggs plc 636,765 15,581
* International Consolidated Airlines Group SA (London Shares) 7,155,291 15,570
Big Yellow Group plc 1,034,348 15,497
Lancashire Holdings Ltd. 1,544,542 15,320
SSP Group plc 3,369,489 15,297
Computacenter plc 454,619 15,224
*,1 Wizz Air Holdings plc 241,809 15,097
Softcat plc 795,090 14,956
Great Portland Estates plc 1,626,559 14,878
Future plc 621,261 14,726
* Virgin Money UK plc 7,919,773 14,584
1 John Laing Group plc 3,173,370 14,436
Safestore Holdings plc 1,303,232 13,929
OSB Group plc 2,401,563 13,912
Spirent Communications plc
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
3,826,271 13,833
^ TUI AG (XLON) 2,170,457 13,633
*,1 Network International Holdings plc 2,985,936 13,454
British American Tobacco plc ADR 358,284 13,432
*,1 Ascential plc 2,534,210 13,267
Aggreko plc 1,547,015 13,261
Synthomer plc 2,141,896 13,142
Drax Group plc 2,534,664 13,012
* Marshalls plc 1,267,298 12,965
Domino's Pizza Group plc 2,995,552 12,908
Plus500 Ltd. 645,166 12,782
KAZ Minerals plc 1,423,980 12,781
* Serco Group plc 7,753,208 12,730
IntegraFin Holdings plc 1,670,871 12,674
Ultra Electronics Holdings plc 446,241 12,560
Shaftesbury plc 1,590,597 12,403
Bodycote plc 1,205,623 12,293
* Pagegroup plc 1,995,399 12,195

61
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
Moneysupermarket.com Group plc 3,329,556 11,892
TP ICAP plc 3,626,846 11,793
Centamin plc 6,947,126 11,760
* Redrow plc 1,464,051 11,421
* Polypipe Group plc 1,381,516 11,280
* National Express Group plc 3,467,747 11,261
* Savills plc 851,720 11,114
AJ Bell plc 1,838,863 10,916
Investec plc 4,237,066 10,889
Jupiter Fund Management plc 2,788,864 10,781
Paragon Banking Group plc 1,605,225 10,759
* Playtech plc 1,934,473 10,627
* Cairn Energy plc 3,701,294 10,613
*,^,1 Aston Martin Lagonda Global Holdings plc 384,525 10,583
* Micro Focus International plc 1,818,343 10,462
* Dunelm Group plc 625,400 10,355
* Dixons Carphone plc 6,480,772 10,276
* AO World plc 1,811,666 10,218
Euromoney Institutional Investor plc 684,613 10,003
Vesuvius plc 1,350,714 9,880
Hill & Smith Holdings plc 508,885 9,813
* Mediclinic International plc 2,520,804 9,739
Capital & Counties Properties plc 4,722,001 9,386
* Oxford Instruments plc 341,839 9,330
Daily Mail & General Trust plc 902,240 9,155
^ RHI Magnesita NV 188,827 9,050
Workspace Group plc 858,465 9,037
* Petropavlovsk plc 19,263,207 8,545
FDM Group Holdings plc 550,626 8,511
* Coats Group plc 9,166,727 8,446
^ Hammerson plc 24,686,451 8,356
* Essentra plc 1,916,528 8,044
Telecom Plus plc 405,249 7,935
*,1 Watches of Switzerland Group plc 1,001,670 7,934
Sirius Real Estate Ltd. 6,149,934 7,878
Avon Rubber plc 182,135 7,870
* Firstgroup plc 7,722,004 7,852
* J D Wetherspoon plc 511,823 7,830
Gamesys Group plc 502,834 7,828
Brewin Dolphin Holdings plc 1,872,011 7,792
Rathbone Brothers plc 368,174 7,749
Morgan Advanced Materials plc 1,796,528 7,651
Sanne Group plc 879,786 7,412
* Frasers Group plc 1,190,910 7,334
Ferrexpo plc 1,844,541 7,109
*,1 Ibstock plc 2,507,432 7,074
Chemring Group plc
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
1,806,889 7,035
* Crest Nicholson Holdings plc 1,576,366 7,029
* Indivior plc 4,688,303 6,973
* Provident Financial plc 1,634,539 6,849
1 Airtel Africa plc 6,571,133 6,777
888 Holdings plc 1,695,704 6,637
* Vectura Group plc 3,829,153 6,513
Ninety One plc 2,054,447 6,509
* Just Group plc 6,638,676 6,394
* Energean plc 636,769 6,260
St. Modwen Properties plc 1,139,187 6,259
* Babcock International Group plc 1,612,665 6,162
Kainos Group plc 354,308 5,913
Clarkson plc 159,048 5,869
* Elementis plc 3,717,000 5,835
NCC Group plc 1,663,206 5,764
Redde Northgate plc 1,567,298 5,715
* Capita plc 10,594,568 5,677

62
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020

Market
Value
Shares ($000)
*,^ Cineworld Group plc 6,435,039 5,663
* Bytes Technology Group plc 1,230,599 5,638
TalkTalk Telecom Group plc 4,218,524 5,631
*,1 McCarthy & Stone plc 3,423,292 5,623
*,1 TI Fluid Systems plc 1,456,145 4,882
* Mitchells & Butlers plc 1,392,673 4,591
Greencore Group plc 2,867,042 4,570
* Halfords Group plc 1,248,894 4,570
UK Commercial Property REIT Ltd. 4,740,635 4,488
Hochschild Mining plc 1,569,558 4,473
Keller Group plc 453,413 4,320
* Marston's plc 4,068,969 4,201
* Mitie Group plc 7,388,646 4,156
* Bank of Georgia Group plc 241,942 4,052
*,1 Spire Healthcare Group plc 1,815,196 3,883
* TBC Bank Group plc 223,083 3,806
* AG Barr plc 533,397 3,781
1 CMC Markets plc 701,726 3,773
PZ Cussons plc 1,191,777 3,747
* Go-Ahead Group plc 276,307 3,736
BMO Commercial Property Trust Ltd. 3,360,495 3,675
Picton Property Income Ltd. 3,544,845 3,640
*,^ Tullow Oil plc 8,811,685 3,556
GoCo Group plc 1,906,078 3,374
Helical plc 649,566 3,324
* Senior plc 2,657,083 3,244
*,1 Equiniti Group plc 2,107,845 3,184
* Petrofac Ltd. 1,673,428 3,153
*,^ Calisen plc 885,034 3,120
* Restaurant Group plc 3,530,839 3,111
Hunting plc 918,020 2,790
Stagecoach Group plc 2,611,043 2,632
Devro plc 1,088,275 2,282
Redefine International plc 1,669,839 2,176
Rank Group plc 1,100,289 2,098
* SIG plc 4,218,154 1,817
* Premier Oil plc 5,708,235 1,520
* Micro Focus International plc ADR 264,847 1,512
Smurfit Kappa Group plc (XDUB) 28,206 1,318
*,^,1 Funding Circle Holdings plc 887,565 1,087
*,1 Bakkavor Group plc 977,341 1,083
1 Alfa Financial Software Holdings plc 562,101 1,015
* C&C Group plc (XLON) 90,929 283
*,§,1 Finablr plc 1,120,022 169
*,^,§ Intu Properties plc 5,470,032 133
Glanbia plc (XLON) 771 10
*,§ Carillion plc 2,500,529 —
___________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

*,§ NMC Health plc 510,606 —

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
17,220,042
Total Common Stocks (Cost $109,834,055) 136,889,349
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Coupon
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Temporary Cash Investments (1.9%)

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Money Market Fund (1.9%)

2,3 Vanguard Market Liquidity Fund 0.111% 25,639,844 2,563,985

Face
Maturity Amount
Date ($000)
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

U.S. Government and Agency Obligations (0.0%)

4 United States Treasury Bill 0.095% 1/28/21 42,876 42,874

63
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Market
Value
($000)
Total Temporary Cash Investments (Cost $2,606,267) 2,606,859
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Total Investments (100.8%) (Cost $112,440,322) 139,496,208

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Other Assets and Liabilities—Net (-0.8%)

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(1,110,699)
Net Assets (100%) 138,385,509
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Cost is in $000
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,618,877,000.
§ Security value determined using significant unobservable inputs.
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, 2020, the aggregate value of these securities was $3,291,835,000,
representing 2.4% 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.
3 Collateral of $1,709,320,000 was received for securities on loan.
4 Securities with a value of $42,874,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.

64
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