Semiannual Report   |   April 30, 2021
Vanguard International Stock Index Funds
Vanguard European Stock Index Fund
Vanguard Pacific Stock Index Fund

Contents
About Your Fund’s Expenses

1
European Stock Index Fund

3
Pacific Stock Index Fund

25
Trustees Approve Advisory Arrangements

46
Liquidity Risk Management

48

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.
1

Six Months Ended April 30, 2021      
  Beginning
Account Value
10/31/2020
Ending
Account Value
4/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return      
European Stock Index Fund      
Investor Shares $1,000.00 $1,343.20 $1.34
FTSE Europe ETF Shares 1,000.00 1,344.30 0.47
Admiral™ Shares 1,000.00 1,343.90 0.58
Institutional Shares 1,000.00 1,344.30 0.47
Institutional Plus Shares 1,000.00 1,344.30 0.41
Pacific Stock Index Fund      
Investor Shares $1,000.00 $1,234.90 $1.27
FTSE Pacific ETF Shares 1,000.00 1,236.10 0.44
Admiral Shares 1,000.00 1,236.00 0.55
Institutional Shares 1,000.00 1,235.80 0.44
Based on Hypothetical 5% Yearly Return      
European Stock Index Fund      
Investor Shares $1,000.00 $1,023.65 $1.15
FTSE Europe ETF Shares 1,000.00 1,024.40 0.40
Admiral Shares 1,000.00 1,024.30 0.50
Institutional Shares 1,000.00 1,024.40 0.40
Institutional Plus Shares 1,000.00 1,024.45 0.35
Pacific Stock Index Fund      
Investor Shares $1,000.00 $1,023.65 $1.15
FTSE Pacific ETF Shares 1,000.00 1,024.40 0.40
Admiral Shares 1,000.00 1,024.30 0.50
Institutional Shares 1,000.00 1,024.40 0.40
The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the European Stock Index Fund, 0.23% for Investor Shares, 0.08% for FTSE Europe ETF Shares, 0.10% for Admiral Shares, 0.08% for Institutional Shares and 0.07% for Institutional Plus Shares; and for the Pacific Stock Index Fund, 0.23% for Investor Shares, 0.08% for FTSE Pacific ETF Shares, 0.10% for Admiral Shares, and 0.08% for Institutional 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 (181/365).
2

European Stock Index Fund
Fund Allocation
As of April 30, 2021
Basic Materials 6.6%
Consumer Discretionary 13.7
Consumer Staples 10.9
Energy 4.8
Financials 16.3
Health Care 13.2
Industrials 17.2
Real Estate 2.7
Technology 7.3
Telecommunications 3.2
Utilities 4.1
Other 0.0
The table reflects the fund’s investments, except 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, attempting 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.
3

European Stock Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of April 30, 2021
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.
      Shares Market
Value•
($000)
Percentage
of Net
Assets
Common Stocks
†Austria*,1,2           112,057       0.5%
Belgium                  
  Anheuser-Busch InBev SA*         1,550,645    109,836   0.5%
Belgium—Other*,2                      290,444   1.2%
                 400,280 1.7%
Denmark                  
  Novo Nordisk A/S Class B         3,004,192    221,612   1.0%
  Novozymes A/S Class B           367,608     26,072   0.1%
Denmark—Other*,1,2                      590,320   2.6%
                 838,004 3.7%
†Finland*,1,2           493,200       2.2%
France                  
  LVMH Moet Hennessy Louis Vuitton SE           463,060    348,846   1.5%
  Sanofi         2,024,416    212,245   0.9%
  TOTAL SE         4,499,095    198,850   0.9%
  Schneider Electric SE           974,711    155,521   0.7%
  L'Oreal SA*           355,795    145,688   0.6%
  BNP Paribas SA         2,014,200    129,146   0.6%
  Airbus SE*         1,027,192    123,530   0.6%
  Air Liquide SA Loyalty Shares*           687,371    115,755   0.5%
  Kering SA           138,422    110,919   0.5%
  AXA SA         3,563,074    100,639   0.5%
France—Other*,1,2,3                    1,949,648   8.5%
                 3,590,787 15.8%
4

European Stock Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
Germany                  
  SAP SE         2,083,711    291,763   1.3%
  Siemens AG (Registered)         1,397,140    233,092   1.0%
  Allianz SE (Registered)           762,587    197,980   0.9%
  BASF SE         1,702,086    137,173   0.6%
  Daimler AG (Registered)         1,529,320    136,108   0.6%
  Bayer AG (Registered)         1,821,812    117,886   0.5%
  Deutsche Telekom AG (Registered)         5,981,030    115,105   0.5%
  adidas AG           356,550    110,124   0.5%
  Deutsche Post AG (Registered)         1,810,697    106,645   0.5%
  Infineon Technologies AG         2,419,991     97,043   0.4%
  Siemens Healthineers AG1           423,683     24,212   0.1%
Germany—Other*,1,2                    1,665,877   7.3%
                 3,233,008 14.2%
†Ireland*,2,3           135,028       0.6%
Italy                  
  Enel SPA        14,407,672    143,058   0.6%
Italy—Other*,1,2                      744,013   3.3%
                 887,071 3.9%
Netherlands                  
  ASML Holding NV           740,881    480,937   2.1%
  Adyen NV*,1            50,373    123,973   0.6%
  Koninklijke Philips NV         1,688,208     95,457   0.4%
Netherlands—Other*,1,2                      778,519   3.4%
                 1,478,886 6.5%
†Norway*,1           316,645       1.4%
†Poland*,1,2           118,197       0.5%
†Portugal*,2           71,653       0.3%
Spain                  
  Iberdrola SA (XMAD)*        10,933,454    147,754   0.7%
  Banco Santander SA*        31,854,243    122,880   0.6%
Spain—Other*,1,2                      597,030   2.5%
                 867,664 3.8%
†Sweden*,1,2           1,456,435       6.4%
Switzerland                  
  Nestle SA (Registered)         5,170,481    616,997   2.7%
  Roche Holding AG         1,317,150    429,596   1.9%
  Novartis AG (Registered)         3,935,022    335,801   1.5%
  Zurich Insurance Group AG           276,085    113,266   0.5%
  ABB Ltd. (Registered)         3,165,363    102,818   0.5%
  Cie Financiere Richemont SA (Registered) Class A           945,203     97,003   0.4%
  UBS Group AG (Registered)         6,210,071     94,832   0.4%
  Roche Holding AG (Bearer)            27,465      9,550   0.1%
Switzerland—Other*,1,2,3                    1,252,261   5.4%
                 3,052,124 13.4%
5

European Stock Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
United Kingdom                  
  AstraZeneca plc         2,437,378    259,444   1.2%
  HSBC Holdings plc*        37,890,848    236,580   1.0%
  Diageo plc         4,264,061    191,420   0.9%
  GlaxoSmithKline plc         9,179,192    169,629   0.8%
  Rio Tinto plc         2,023,648    169,495   0.8%
  BP plc        36,887,149    154,422   0.7%
  British American Tobacco plc         4,094,172    151,907   0.7%
  Unilever plc         2,568,823    149,997   0.7%
  Unilever plc (XLON)         2,159,090    126,473   0.6%
  Royal Dutch Shell plc Class B         6,949,297    124,348   0.6%
  Royal Dutch Shell plc Class A         6,374,788    119,950   0.5%
  BHP Group plc         3,881,995    116,906   0.5%
  Reckitt Benckiser Group plc         1,174,849    104,606   0.5%
  Prudential plc         4,833,089    102,337   0.5%
  Anglo American plc         2,278,872     96,625   0.4%
  Royal Dutch Shell plc Class A (XLON)         1,191,185     22,686   0.1%
United Kingdom—Other*,1,2,3                    3,156,026  13.5%
                 5,452,851 24.0%
Total Common Stocks (Cost $22,611,623) 22,503,890 98.9%
    Coupon      
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund (Cost $469,384)4,5 0.068%  4,693,846           469,384      2.0%
Total Investments (Cost $23,081,007) 22,973,274 100.9%
Other Assets and Liabilities—Net (214,301) (0.9%)
Net Assets 22,758,973 100.0%
Cost is in $000.  
See Note A in Notes to Financial Statements.
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.
* Non-income-producing security.
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 April 30, 2021, the aggregate value was $886,369,000, representing 3.9% of net assets.
2 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $418,446,000.
3 Certain securities are valued using significant unobservable inputs.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $458,244,000 was received for securities on loan, of which $458,000,000 is held in Vanguard Market Liquidity Fund and $244,000 is held in cash.
6

European Stock Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
Euro Stoxx 50 Index June 2021 3,645 172,659 4,823
FTSE 100 Index June 2021 770 73,774 1,961
        6,784
    
Forward Currency Contracts
  Contract
Settlement
Date
Contract Amount (000) Unrealized
Appreciation
($000)
Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Toronto-Dominion Bank 6/16/21 EUR 97,676 USD 115,711 1,834
Royal Bank of Canada 6/16/21 EUR 12,855 USD 15,214 256
Toronto-Dominion Bank 6/16/21 GBP 8,296 USD 11,446 12
BNP Paribas 6/16/21 USD 87,497 CHF 81,867 (2,260)
Citibank, N.A. 6/16/21 USD 7,627 DKK 47,864 (117)
Morgan Stanley Capital Services Inc. 6/16/21 USD 3,721 EUR 3,139 (56)
UBS AG 6/16/21 USD 1,594 GBP 1,162 (11)
            2,102 (2,444)
CHF—Swiss franc.
DKK—Danish krone.
EUR—euro.
GBP—British pound.
USD—U.S. dollar.
At April 30, 2021, the counterparties had deposited in a segregated account cash of $2,510,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
7

European Stock Index Fund
Statement of Assets and Liabilities
As of April 30, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $22,611,623) 22,503,890
Affiliated Issuers (Cost $469,384) 469,384
Total Investments in Securities 22,973,274
Investment in Vanguard 772
Cash 244
Cash Collateral Pledged—Futures Contracts 19,076
Cash Collateral Pledged—Forward Currency Contracts 2,465
Foreign Currency, at Value (Cost $33,874) 33,779
Receivables for Investment Securities Sold 59,108
Receivables for Accrued Income 188,948
Receivables for Capital Shares Issued 2,034
Unrealized Appreciation—Forward Currency Contracts 2,102
Total Assets 23,281,802
Liabilities  
Due to Custodian 56,760
Payables for Investment Securities Purchased 2,076
Collateral for Securities on Loan 458,244
Payables for Capital Shares Redeemed 1,956
Payables to Vanguard 788
Variation Margin Payable—Futures Contracts 561
Unrealized Depreciation—Forward Currency Contracts 2,444
Total Liabilities 522,829
Net Assets 22,758,973
8

European Stock Index Fund
Statement of Assets and Liabilities (continued)

At April 30, 2021, net assets consisted of:  
($000s, except shares and per-share amounts) Amount
Paid-in Capital 23,657,566
Total Distributable Earnings (Loss) (898,593)
Net Assets 22,758,973
 
Investor Shares—Net Assets  
Applicable to 741,719 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
26,273
Net Asset Value Per Share—Investor Shares $35.42
 
ETF Shares—Net Assets  
Applicable to 255,993,980 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
16,876,963
Net Asset Value Per Share—ETF Shares $65.93
 
Admiral Shares—Net Assets  
Applicable to 59,596,437 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
4,915,166
Net Asset Value Per Share—Admiral Shares $82.47
 
Institutional Shares—Net Assets  
Applicable to 24,063,055 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
846,277
Net Asset Value Per Share—Institutional Shares $35.17
 
Institutional Plus Shares—Net Assets  
Applicable to 600,063 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
94,294
Net Asset Value Per Share—Institutional Plus Shares $157.14
  
See accompanying Notes, which are an integral part of the Financial Statements.
9

European Stock Index Fund
Statement of Operations
  Six Months Ended
April 30, 2021
  ($000)
Investment Income  
Income  
Dividends1 303,658
Interest2 13
Securities Lending—Net 2,981
Total Income 306,652
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,104
Management and Administrative—Investor Shares 25
Management and Administrative—ETF Shares 4,507
Management and Administrative—Admiral Shares 1,849
Management and Administrative—Institutional Shares 264
Management and Administrative—Institutional Plus Shares 23
Marketing and Distribution—Investor Shares 1
Marketing and Distribution—ETF Shares 207
Marketing and Distribution—Admiral Shares 70
Marketing and Distribution—Institutional Shares 10
Marketing and Distribution—Institutional Plus Shares
Custodian Fees 462
Shareholders’ Reports—Investor Shares
Shareholders’ Reports—ETF Shares 2
Shareholders’ Reports—Admiral Shares 15
Shareholders’ Reports—Institutional Shares 1
Shareholders’ Reports—Institutional Plus Shares
Trustees’ Fees and Expenses 2
Total Expenses 8,542
Net Investment Income 298,110
Realized Net Gain (Loss)  
Investment Securities Sold2,3 (116,205)
Futures Contracts 26,486
Forward Currency Contracts 3,102
Foreign Currencies 1,082
Realized Net Gain (Loss) (85,535)
10

European Stock Index Fund
Statement of Operations (continued)
  Six Months Ended
April 30, 2021
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 5,383,685
Futures Contracts 20,334
Forward Currency Contracts 1,768
Foreign Currencies 776
Change in Unrealized Appreciation (Depreciation) 5,406,563
Net Increase (Decrease) in Net Assets Resulting from Operations 5,619,138
1 Dividends are net of foreign withholding taxes of $24,116,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,000, ($1,000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $48,570,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
11

European Stock Index Fund
Statement of Changes in Net Assets
  Six Months Ended
April 30,
2021
  Year Ended
October 31,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 298,110   416,408
Realized Net Gain (Loss) (85,535)   (1,068,071)
Change in Unrealized Appreciation (Depreciation) 5,406,563   (1,538,377)
Net Increase (Decrease) in Net Assets Resulting from Operations 5,619,138   (2,190,040)
Distributions      
Investor Shares (235)   (468)
ETF Shares (156,432)   (289,650)
Admiral Shares (48,291)   (97,387)
Institutional Shares (9,154)   (18,231)
Institutional Plus Shares (924)   (1,716)
Total Distributions (215,036)   (407,452)
Capital Share Transactions      
Investor Shares 800   (3,442)
ETF Shares 1,319,581   556,405
Admiral Shares (123,445)   (344,953)
Institutional Shares (96,734)   (68,683)
Institutional Plus Shares 911   (28,288)
Net Increase (Decrease) from Capital Share Transactions 1,101,113   111,039
Total Increase (Decrease) 6,505,215   (2,486,453)
Net Assets      
Beginning of Period 16,253,758   18,740,211
End of Period 22,758,973   16,253,758
  
See accompanying Notes, which are an integral part of the Financial Statements.
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European Stock Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $26.63 $29.84 $27.85 $31.44 $25.27 $27.98
Investment Operations            
Net Investment Income .4551 .6271 1.0531 .9681 .8271 .881
Net Realized and Unrealized Gain (Loss) on Investments 8.660 (3.221) 1.913 (3.572) 6.109 (2.738)
Total from Investment Operations 9.115 (2.594) 2.966 (2.604) 6.936 (1.857)
Distributions            
Dividends from Net Investment Income (.325) (.616) (.976) (.986) (.766) (.853)
Distributions from Realized Capital Gains
Total Distributions (.325) (.616) (.976) (.986) (.766) (.853)
Net Asset Value, End of Period $35.42 $26.63 $29.84 $27.85 $31.44 $25.27
Total Return2 34.32% -8.68% 10.90% -8.53% 27.77% -6.63%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $26 $19 $25 $543 $701 $608
Ratio of Total Expenses to Average Net Assets 0.23% 0.23% 0.23% 0.23% 0.26% 0.26%
Ratio of Net Investment Income to Average Net Assets 2.73% 2.23% 3.72% 3.14% 2.81% 3.35%
Portfolio Turnover Rate3 1% 3% 3% 6% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
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.
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European Stock Index Fund
Financial Highlights
FTSE Europe ETF Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $49.57 $55.54 $51.84 $58.54 $47.05 $52.09
Investment Operations            
Net Investment Income .9041 1.2471 1.8541 1.9121 1.5671 1.717
Net Realized and Unrealized Gain (Loss) on Investments 16.105 (5.990) 3.744 (6.689) 11.434 (5.094)
Total from Investment Operations 17.009 (4.743) 5.598 (4.777) 13.001 (3.377)
Distributions            
Dividends from Net Investment Income (.649) (1.227) (1.898) (1.923) (1.511) (1.663)
Distributions from Realized Capital Gains
Total Distributions (.649) (1.227) (1.898) (1.923) (1.511) (1.663)
Net Asset Value, End of Period $65.93 $49.57 $55.54 $51.84 $58.54 $47.05
Total Return 34.43% -8.50% 11.08% -8.44% 27.98% -6.43%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $16,877 $11,659 $13,067 $14,624 $17,880 $10,533
Ratio of Total Expenses to Average Net Assets 0.08% 0.08% 0.08% 0.09% 0.10% 0.10%
Ratio of Net Investment Income to Average Net Assets 2.91% 2.38% 3.50% 3.28% 2.97% 3.51%
Portfolio Turnover Rate2 1% 3% 3% 6% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
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.
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European Stock Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $62.01 $69.48 $64.84 $73.23 $58.85 $65.16
Investment Operations            
Net Investment Income 1.1001 1.5531 2.2981 2.3531 2.0161 2.151
Net Realized and Unrealized Gain (Loss) on Investments 20.164 (7.502) 4.693 (8.338) 14.251 (6.379)
Total from Investment Operations 21.264 (5.949) 6.991 (5.985) 16.267 (4.228)
Distributions            
Dividends from Net Investment Income (.804) (1.521) (2.351) (2.405) (1.887) (2.082)
Distributions from Realized Capital Gains
Total Distributions (.804) (1.521) (2.351) (2.405) (1.887) (2.082)
Net Asset Value, End of Period $82.47 $62.01 $69.48 $64.84 $73.23 $58.85
Total Return2 34.39% -8.55% 11.05% -8.43% 27.99% -6.48%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $4,915 $3,795 $4,671 $4,174 $4,754 $3,609
Ratio of Total Expenses to Average Net Assets 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
Ratio of Net Investment Income to Average Net Assets 2.83% 2.37% 3.47% 3.27% 2.97% 3.51%
Portfolio Turnover Rate3 1% 3% 3% 6% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
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.
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European Stock Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $26.44 $29.63 $27.65 $31.23 $25.10 $27.79
Investment Operations            
Net Investment Income .4701 .6671 .9931 1.0141 .8731 .921
Net Realized and Unrealized Gain (Loss) on Investments 8.606 (3.203) 1.998 (3.564) 6.068 (2.719)
Total from Investment Operations 9.076 (2.536) 2.991 (2.550) 6.941 (1.798)
Distributions            
Dividends from Net Investment Income (.346) (.654) (1.011) (1.030) (.811) (.892)
Distributions from Realized Capital Gains
Total Distributions (.346) (.654) (1.011) (1.030) (.811) (.892)
Net Asset Value, End of Period $35.17 $26.44 $29.63 $27.65 $31.23 $25.10
Total Return 34.43% -8.54% 11.09% -8.42% 28.00% -6.46%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $846 $710 $870 $760 $756 $574
Ratio of Total Expenses to Average Net Assets 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%
Ratio of Net Investment Income to Average Net Assets 2.84% 2.39% 3.51% 3.29% 2.99% 3.53%
Portfolio Turnover Rate2 1% 3% 3% 6% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
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.
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European Stock Index Fund
Financial Highlights
Institutional Plus Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
April 30,
2021
Year Ended October 31,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $118.14 $132.38 $123.55 $139.48 $112.09 $124.09
Investment Operations            
Net Investment Income 2.1331 2.9891 4.1971 4.7111 3.9101 4.121
Net Realized and Unrealized Gain (Loss) on Investments 38.420 (14.294) 9.160 (16.018) 27.110 (12.133)
Total from Investment Operations 40.553 (11.305) 13.357 (11.307) 31.020 (8.012)
Distributions            
Dividends from Net Investment Income (1.553) (2.935) (4.527) (4.623) (3.630) (3.988)
Distributions from Realized Capital Gains
Total Distributions (1.553) (2.935) (4.527) (4.623) (3.630) (3.988)
Net Asset Value, End of Period $157.14 $118.14 $132.38 $123.55 $139.48 $112.09
Total Return 34.43% -8.52% 11.08% -8.36% 28.03% -6.45%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $94 $70 $106 $170 $122 $99
Ratio of Total Expenses to Average Net Assets 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 2.88% 2.40% 3.34% 3.30% 3.00% 3.54%
Portfolio Turnover Rate2 1% 3% 3% 6% 4% 6%
The expense ratio and net investment income ratio for the current period have been annualized.
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.
17

European Stock Index Fund
Notes to Financial Statements
Vanguard European Stock 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 Europe 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 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.
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European Stock Index Fund
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 six months ended April 30, 2021, 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.
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European Stock Index Fund
During the six months ended April 30, 2021, the fund’s average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
5. 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 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.
6. 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.
7. 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 counterparty’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.
8. 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
20

European Stock Index Fund
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 alternate 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 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 six months ended April 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in 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. Deferred 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.
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European Stock Index Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2021, the fund had contributed to Vanguard capital in the amount of $772,000, representing less than 0.01% of the fund’s net assets and 0.31% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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 April 30, 2021, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 8,255 22,495,386 249 22,503,890
Temporary Cash Investments 469,384 469,384
Total 477,639 22,495,386 249 22,973,274
Derivative Financial Instruments        
Assets        
Futures Contracts1 6,784 6,784
Forward Currency Contracts 2,102 2,102
Total 6,784 2,102 8,886
Liabilities        
Forward Currency Contracts 2,444 2,444
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
D. At April 30, 2021, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
    
Statement of Assets and Liabilities Equity
Contracts
($000)
Foreign
Exchange
Contracts
($000)
Total
($000)
Unrealized Appreciation—Futures Contracts1 6,784 6,784
Unrealized Appreciation—Forward Currency Contracts 2,102 2,102
Total Assets 6,784 2,102 8,886
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European Stock Index Fund
Statement of Assets and Liabilities Equity
Contracts
($000)
Foreign
Exchange
Contracts
($000)
Total
($000)
       
Unrealized Depreciation—Forward Currency Contracts 2,444 2,444
Total Liabilities 2,444 2,444
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2021, were:
Realized Net Gain (Loss) on Derivatives Equity
Contracts
($000)
Foreign
Exchange
Contracts
($000)
Total
($000)
Futures Contracts 26,486 26,486
Forward Currency Contracts 3,102 3,102
Realized Net Gain (Loss) on Derivatives 26,486 3,102 29,588
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts 20,334 20,334
Forward Currency Contracts 1,768 1,768
Change in Unrealized Appreciation (Depreciation) on Derivatives 20,334 1,768 22,102
E. As of April 30, 2021, gross unrealized appreciation and depreciation for investments, based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 23,123,322
Gross Unrealized Appreciation 4,996,186
Gross Unrealized Depreciation (5,139,791)
Net Unrealized Appreciation (Depreciation) (143,605)
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2020, the fund had available capital losses totaling $866,377,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended April 30, 2021, the fund purchased $1,554,956,000 of investment securities and sold $432,707,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,166,333,000 and $153,087,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
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European Stock Index Fund
G. Capital share transactions for each class of shares were:
    
  Six Months Ended
April 30, 2021
  Year Ended
October 31, 2020
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
Investor Shares          
Issued 1,825 55   1,868 67
Issued in Lieu of Cash Distributions 234 7   467 17
Redeemed1 (1,259) (38)   (5,777) (208)
Net Increase (Decrease)—Investor Shares 800 24   (3,442) (124)
ETF Shares          
Issued 1,472,995 23,486   2,474,253 44,346
Issued in Lieu of Cash Distributions  
Redeemed (153,414) (2,700)   (1,917,848) (44,400)
Net Increase (Decrease)—ETF Shares 1,319,581 20,786   556,405 (54)
Admiral Shares          
Issued1 233,161 3,033   538,460 8,286
Issued in Lieu of Cash Distributions 39,458 515   79,155 1,275
Redeemed (396,064) (5,160)   (962,568) (15,583)
Net Increase (Decrease)—Admiral Shares (123,445) (1,612)   (344,953) (6,022)
Institutional Shares          
Issued 42,404 1,289   102,077 3,718
Issued in Lieu of Cash Distributions 6,737 206   12,382 468
Redeemed (145,875) (4,277)   (183,142) (6,718)
Net Increase (Decrease)—Institutional Shares (96,734) (2,782)   (68,683) (2,532)
Institutional Plus Shares          
Issued  
Issued in Lieu of Cash Distributions 911 6   1,712 14
Redeemed   (30,000) (224)
Net Increase (Decrease)—Institutional Plus Shares 911 6   (28,288) (210)
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 67 and 29 shares, respectively, in the amount of $2,000 from the conversion during the year ended October 31, 2020.
H. Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements.
24

Pacific Stock Index Fund
Fund Allocation
As of April 30, 2021
Basic Materials 8.0%
Consumer Discretionary 17.6
Consumer Staples 5.0
Energy 1.3
Financials 15.8
Health Care 8.2
Industrials 18.2
Real Estate 5.8
Technology 14.5
Telecommunications 3.7
Utilities 1.9
The table reflects the fund’s investments, except 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, attempting 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.
25

Pacific Stock Index Fund
Financial Statements (unaudited)
Schedule of Investments—Investments Summary
As of April 30, 2021
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.
      Shares Market
Value•
($000)
Percentage
of Net
Assets
Common Stocks
Australia                 
  Commonwealth Bank of Australia         1,782,904   122,052   1.4%
  BHP Group Ltd.         2,977,360   108,364   1.3%
  CSL Ltd.           458,345    95,746   1.1%
  Westpac Banking Corp.         3,696,120    71,227   0.8%
  National Australia Bank Ltd.         3,311,177    67,761   0.8%
  Australia & New Zealand Banking Group Ltd.         2,859,340    63,089   0.7%
  Wesfarmers Ltd.         1,135,310    47,326   0.6%
  Macquarie Group Ltd.           328,739    40,521   0.5%
  Woolworths Group Ltd.         1,267,829    38,452   0.5%
  Rio Tinto Ltd.           373,103    34,678   0.4%
Australia—Other*,1,2,3                     816,118   9.2%
                 1,505,334 17.3%
†China*,1,3          43       0.0%
Hong Kong                 
  AIA Group Ltd.        12,211,712   154,998   1.8%
  Hong Kong Exchanges & Clearing Ltd.         1,283,364    77,401   0.9%
Hong Kong—Other*,1,2,3                     437,980   5.0%
                 670,379 7.7%
Japan                 
  Toyota Motor Corp.         2,477,825   185,401   2.1%
  SoftBank Group Corp.         1,404,370   126,549   1.5%
  Sony Group Corp.         1,243,839   124,358   1.4%
  Keyence Corp.           182,066    87,401   1.0%
  Tokyo Electron Ltd.           149,384    67,848   0.8%
  Shin-Etsu Chemical Co. Ltd.           401,850    67,833   0.8%
26

Pacific Stock Index Fund
      Shares Market
Value•
($000)
Percentage
of Net
Assets
  Mitsubishi UFJ Financial Group Inc.        12,584,072    66,948   0.8%
  Nintendo Co. Ltd.           107,195    61,493   0.7%
  Recruit Holdings Co. Ltd.         1,363,266    61,466   0.7%
  Nidec Corp.           466,266    53,839   0.6%
  Daikin Industries Ltd.           266,573    53,772   0.6%
  KDDI Corp.         1,715,766    51,867   0.6%
  Honda Motor Co. Ltd.         1,724,786    51,433   0.6%
  Takeda Pharmaceutical Co. Ltd.         1,533,824    51,230   0.6%
  Daiichi Sankyo Co. Ltd.         1,917,747    48,980   0.6%
  Hitachi Ltd.           930,628    46,064   0.5%
  Sumitomo Mitsui Financial Group Inc.         1,308,288    45,958   0.5%
  Murata Manufacturing Co. Ltd.           573,479    45,596   0.5%
  FANUC Corp.           193,168    44,483   0.5%
  Fast Retailing Co. Ltd.            51,880    42,564   0.5%
  ITOCHU Corp.         1,363,192    42,557   0.5%
  Hoya Corp.           364,646    41,448   0.5%
  Mizuho Financial Group Inc.         2,561,537    36,052   0.4%
  Softbank Corp.         2,781,367    35,853   0.4%
  Mitsui & Co. Ltd.         1,641,557    34,643   0.4%
  SMC Corp.            58,229    33,836   0.4%
  Seven & i Holdings Co. Ltd.           773,749    33,407   0.4%
  Mitsubishi Corp.         1,206,121    33,350   0.4%
  Tokio Marine Holdings Inc.           652,824    31,307   0.4%
  Nippon Telegraph & Telephone Corp.         1,226,986    30,936   0.4%
  Hino Motors Ltd.           274,856     2,307   0.0%
Japan—Other*,1                   3,112,348  35.7%
                 4,853,127 55.8%
†New Zealand*,1          78,925       0.9%
Singapore                 
  DBS Group Holdings Ltd.         1,792,013    40,161   0.5%
  Oversea-Chinese Banking Corp. Ltd.         3,497,797    31,975   0.4%
Singapore—Other*,1,3                     171,616   1.9%
                 243,752 2.8%
South Korea                 
  Samsung Electronics Co. Ltd.         4,713,923   343,577   4.0%
  SK Hynix Inc.           521,827    59,531   0.7%
  Samsung Electronics Co. Ltd. Preference Shares           841,069    55,220   0.7%
  NAVER Corp.           132,925    42,805   0.5%
  LG Chem Ltd.            45,988    38,390   0.5%
  Samsung SDI Co. Ltd.            52,933    30,896   0.4%
  Samsung Electronics Co. Ltd. GDR (Registered)               576     1,050   0.0%
South Korea—Other*,1,2,3,4                     711,480   7.9%
                 1,282,949 14.7%
Total Common Stocks (Cost $7,782,443) 8,634,509 99.2%
27

Pacific Stock Index Fund
    Coupon Shares Market
Value•
($000)
Percentage
of Net
Assets
Temporary Cash Investments
Money Market Fund    
  Vanguard Market Liquidity Fund (Cost $46,142)5,6 0.068%    461,426          46,143      0.5%
Total Investments (Cost $7,828,585) 8,680,652 99.7%
Other Assets and Liabilities—Net 23,362 0.3%