Vanguard® International Explorer™ Fund
Schedule of Investments (unaudited)
As of July 31, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (95.8%) | ||||||
Australia (3.8%) | ||||||
* | James Hardie Industries plc | 245,376 | 7,191 | |||
* | Xero Ltd. | 72,898 | 5,992 | |||
Iluka Resources Ltd. | 638,200 | 4,408 | ||||
ASX Ltd. | 93,773 | 3,918 | ||||
Netwealth Group Ltd. | 365,727 | 3,737 | ||||
Stockland | 1,051,074 | 2,987 | ||||
Deterra Royalties Ltd. | 916,799 | 2,905 | ||||
* | Bellevue Gold Ltd. | 2,875,331 | 2,821 | |||
National Storage REIT | 1,770,385 | 2,765 | ||||
* | Tyro Payments Ltd. | 2,804,184 | 2,637 | |||
Orora Ltd. | 992,570 | 2,398 | ||||
Credit Corp. Group Ltd. | 147,152 | 2,343 | ||||
IGO Ltd. | 245,934 | 2,298 | ||||
* | Omni Bridgeway Ltd. | 1,097,025 | 2,081 | |||
Whitehaven Coal Ltd. | 427,563 | 1,998 | ||||
Liberty Financial Group Ltd. | 745,747 | 1,964 | ||||
Seven Group Holdings Ltd. | 85,984 | 1,518 | ||||
Nufarm Ltd. | 383,085 | 1,387 | ||||
Reliance Worldwide Corp. Ltd. | 459,168 | 1,304 | ||||
* | Vulcan Energy Resources Ltd. | 304,073 | 911 | |||
Ansell Ltd. | 43,876 | 713 | ||||
* | SiteMinder Ltd. | 232,057 | 658 | |||
CSR Ltd. | 132,946 | 513 | ||||
*,1 | Genesis Minerals Ltd. | 208,465 | 206 | |||
Atlas Arteria Ltd. | 45,266 | 191 | ||||
59,844 | ||||||
Austria (1.0%) | ||||||
2 | BAWAG Group AG | 134,983 | 6,576 | |||
DO & CO AG | 38,942 | 5,262 | ||||
Addiko Bank AG | 177,106 | 2,404 | ||||
Wienerberger AG | 35,880 | 1,178 | ||||
15,420 | ||||||
Belgium (2.9%) | ||||||
D'ieteren Group | 46,969 | 8,203 | ||||
Barco NV | 344,202 | 8,010 | ||||
Azelis Group NV | 304,791 | 7,881 | ||||
Lotus Bakeries NV | 817 | 6,538 | ||||
KBC Ancora | 90,283 | 4,225 | ||||
1 | Recticel SA | 274,689 | 3,488 | |||
Melexis NV | 30,465 | 3,284 |
Shares | Market Value ($000) | |||||
Warehouses De Pauw CVA | 110,740 | 3,272 | ||||
44,901 | ||||||
Brazil (1.2%) | ||||||
TIM SA | 1,683,100 | 5,104 | ||||
TOTVS SA | 508,800 | 3,182 | ||||
2 | Locaweb Servicos de Internet SA | 1,837,200 | 2,879 | |||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 225,000 | 2,764 | ||||
Rumo SA | 518,802 | 2,550 | ||||
* | Pagseguro Digital Ltd. Class A | 92,880 | 1,055 | |||
* | StoneCo Ltd. Class A | 67,736 | 982 | |||
* | Magazine Luiza SA | 256 | — | |||
18,516 | ||||||
Canada (3.1%) | ||||||
* | Kinaxis Inc. | 72,154 | 9,797 | |||
Colliers International Group Inc. | 73,314 | 7,423 | ||||
* | Docebo Inc. | 113,362 | 4,362 | |||
* | Lightspeed Commerce Inc. | 197,167 | 3,466 | |||
* | Nuvei Corp. | 100,719 | 3,436 | |||
Endeavour Mining plc | 105,961 | 2,560 | ||||
* | MEG Energy Corp. | 139,743 | 2,491 | |||
1 | Boardwalk REIT | 48,308 | 2,400 | |||
Lundin Mining Corp. | 239,297 | 2,140 | ||||
* | Lightspeed Commerce Inc. (XTSE) | 108,851 | 1,913 | |||
*,1 | EcoSynthetix Inc. | 543,193 | 1,590 | |||
Stelco Holdings Inc. | 41,919 | 1,528 | ||||
Enerplus Corp. | 85,963 | 1,438 | ||||
Parex Resources Inc. | 55,561 | 1,231 | ||||
*,1 | Boat Rocker Media Inc. | 741,886 | 1,094 | |||
* | Faraday Copper Corp. | 1,459,571 | 963 | |||
* | Advantage Energy Ltd. | 115,595 | 815 | |||
48,647 | ||||||
China (0.8%) | ||||||
Beijing Enterprises Holdings Ltd. | 764,500 | 3,041 | ||||
* | Tongcheng Travel Holdings Ltd. | 1,216,000 | 2,951 | |||
Yuexiu Property Co. Ltd. | 1,310,000 | 1,729 | ||||
China Datang Corp. Renewable Power Co. Ltd. Class H | 5,131,000 | 1,672 | ||||
Minth Group Ltd. | 461,885 | 1,478 | ||||
* | Kanzhun Ltd. ADR | 49,391 | 923 | |||
* | Kingdee International Software Group Co. Ltd. | 309,449 | 543 | |||
* | Dada Nexus Ltd. ADR | 34,856 | 233 | |||
12,570 | ||||||
Denmark (1.0%) | ||||||
Royal Unibrew A/S | 75,673 | 6,540 | ||||
* | Zealand Pharma A/S | 69,216 | 2,402 | |||
* | ALK-Abello A/S Class B | 210,470 | 2,292 | |||
* | Ascendis Pharma A/S ADR | 23,314 | 2,102 | |||
Dfds A/S | 45,913 | 1,646 | ||||
*,3 | OW Bunker A/S | 1,000,000 | — | |||
14,982 | ||||||
Finland (0.4%) | ||||||
Kemira OYJ | 134,585 | 2,111 | ||||
* | QT Group OYJ | 16,268 | 1,349 | |||
* | Nanoform Finland plc | 375,358 | 753 | |||
Wartsila OYJ Abp | 59,032 | 742 | ||||
Nokian Renkaat OYJ | 71,101 | 661 | ||||
5,616 |
Shares | Market Value ($000) | |||||
France (2.9%) | ||||||
Trigano SA | 60,214 | 8,817 | ||||
* | JCDecaux SE | 327,642 | 6,140 | |||
Nexans SA | 62,077 | 5,511 | ||||
* | ESI Group | 26,437 | 4,320 | |||
* | Air France-KLM | 2,169,742 | 3,747 | |||
Kaufman & Broad SA | 106,772 | 2,939 | ||||
Technip Energies NV | 116,098 | 2,646 | ||||
2 | ALD SA | 238,670 | 2,536 | |||
Rubis SCA | 85,337 | 2,104 | ||||
* | Vallourec SA | 95,158 | 1,241 | |||
Gaztransport Et Technigaz SA | 9,206 | 1,123 | ||||
Wendel SE | 10,419 | 1,029 | ||||
Vicat SA | 28,881 | 982 | ||||
Imerys SA | 14,110 | 490 | ||||
Valeo | 18,136 | 410 | ||||
ICADE | 8,007 | 326 | ||||
* | Cellectis SA ADR | 154,638 | 322 | |||
* | Cellectis SA | 60,983 | 131 | |||
44,814 | ||||||
Germany (5.5%) | ||||||
* | Hypoport SE | 56,695 | 11,830 | |||
* | HelloFresh SE | 395,555 | 11,279 | |||
Gerresheimer AG | 74,371 | 8,809 | ||||
Hensoldt AG | 189,524 | 6,444 | ||||
CTS Eventim AG & Co. KGaA | 78,453 | 5,354 | ||||
New Work SE | 45,454 | 5,353 | ||||
AIXTRON SE | 124,276 | 4,930 | ||||
2 | Befesa SA | 98,528 | 3,776 | |||
Jenoptik AG | 114,919 | 3,717 | ||||
Stemmer Imaging AG | 91,282 | 3,663 | ||||
Stabilus SE | 60,448 | 3,446 | ||||
Dermapharm Holding SE | 52,595 | 2,569 | ||||
* | Tonies SE Class A | 442,888 | 2,383 | |||
*,2 | Auto1 Group SE | 206,757 | 2,228 | |||
Hamburger Hafen und Logistik AG | 161,615 | 2,124 | ||||
Bertrandt AG | 33,658 | 1,768 | ||||
* | Evotec SE | 55,030 | 1,450 | |||
* | Immatics NV | 107,136 | 1,276 | |||
KION Group AG | 30,015 | 1,258 | ||||
1,2 | Aumann AG | 70,535 | 1,038 | |||
* | Cherry SE | 149,681 | 743 | |||
* | Veganz Group AG | 15,898 | 350 | |||
* | Jumia Technologies AG ADR | 63,864 | 312 | |||
86,100 | ||||||
Hong Kong (1.8%) | ||||||
Kerry Properties Ltd. | 2,400,000 | 5,189 | ||||
Dah Sing Financial Holdings Ltd. | 1,899,604 | 4,693 | ||||
Hang Lung Properties Ltd. | 2,846,000 | 4,441 | ||||
* | Melco Resorts & Entertainment Ltd. ADR | 227,250 | 3,095 | |||
Techtronic Industries Co. Ltd. | 254,000 | 2,886 | ||||
Johnson Electric Holdings Ltd. | 1,873,000 | 2,582 | ||||
Wharf Holdings Ltd. | 817,571 | 1,918 | ||||
1,2 | Crystal International Group Ltd. | 4,241,500 | 1,540 | |||
Dah Sing Banking Group Ltd. | 1,469,600 | 1,101 | ||||
* | Hypebeast Ltd. | 9,857,300 | 385 | |||
27,830 |
Shares | Market Value ($000) | |||||
India (1.9%) | ||||||
Apollo Hospitals Enterprise Ltd. | 161,862 | 10,190 | ||||
Oberoi Realty Ltd. | 613,870 | 8,373 | ||||
* | CreditAccess Grameen Ltd. | 331,982 | 5,882 | |||
* | PVR Inox Ltd. | 76,009 | 1,440 | |||
* | MakeMyTrip Ltd. | 48,767 | 1,403 | |||
Gujarat Pipavav Port Ltd. | 827,926 | 1,258 | ||||
* | Zomato Ltd. | 516,353 | 529 | |||
29,075 | ||||||
Ireland (1.0%) | ||||||
Bank of Ireland Group plc | 900,032 | 9,496 | ||||
Smurfit Kappa Group plc | 105,765 | 4,185 | ||||
* | Permanent TSB Group Holdings plc | 607,591 | 1,523 | |||
15,204 | ||||||
Israel (1.1%) | ||||||
* | Wix.com Ltd. | 69,340 | 6,540 | |||
Maytronics Ltd. | 426,099 | 5,804 | ||||
* | Nayax Ltd. | 133,285 | 2,936 | |||
Melisron Ltd. | 39,743 | 2,626 | ||||
17,906 | ||||||
Italy (3.5%) | ||||||
Reply SpA | 83,714 | 9,069 | ||||
Moncler SpA | 104,071 | 7,511 | ||||
Brunello Cucinelli SpA | 86,935 | 7,350 | ||||
2 | Technogym SpA | 549,599 | 5,070 | |||
2 | BFF Bank SpA | 384,585 | 4,341 | |||
Recordati Industria Chimica e Farmaceutica SpA | 81,549 | 4,211 | ||||
PRADA SpA | 583,900 | 4,156 | ||||
2 | OVS SpA | 1,312,055 | 3,606 | |||
Italgas SpA | 553,317 | 3,260 | ||||
Stevanato Group SpA | 95,564 | 2,985 | ||||
Buzzi SpA | 53,951 | 1,533 | ||||
BPER Banca | 334,341 | 1,157 | ||||
* | Eurogroup Laminations SpA | 89,400 | 492 | |||
54,741 | ||||||
Japan (26.5%) | ||||||
Nifco Inc. | 309,732 | 9,232 | ||||
Kissei Pharmaceutical Co. Ltd. | 433,900 | 9,187 | ||||
Miura Co. Ltd. | 350,700 | 8,848 | ||||
SBI Holdings Inc. | 416,500 | 8,795 | ||||
Japan Material Co. Ltd. | 486,700 | 8,607 | ||||
Trusco Nakayama Corp. | 555,900 | 8,565 | ||||
Nippon Densetsu Kogyo Co. Ltd. | 535,700 | 8,100 | ||||
Daifuku Co. Ltd. | 372,900 | 7,975 | ||||
Aica Kogyo Co. Ltd. | 334,300 | 7,943 | ||||
Marui Group Co. Ltd. | 437,700 | 7,841 | ||||
Sumitomo Forestry Co. Ltd. | 322,300 | 7,777 | ||||
GMO internet group Inc. | 378,400 | 7,514 | ||||
NEC Networks & System Integration Corp. | 563,900 | 7,436 | ||||
Toyo Suisan Kaisha Ltd. | 170,866 | 7,067 | ||||
KOMEDA Holdings Co. Ltd. | 363,400 | 7,043 | ||||
Ai Holdings Corp. | 408,600 | 6,442 | ||||
Bank of Kyoto Ltd. | 103,100 | 6,085 | ||||
Nippon Shinyaku Co. Ltd. | 150,200 | 6,074 | ||||
Ryohin Keikaku Co. Ltd. | 465,900 | 6,050 | ||||
Shimamura Co. Ltd. | 60,300 | 5,972 | ||||
Harmonic Drive Systems Inc. | 215,400 | 5,933 |
Shares | Market Value ($000) | |||||
* | Oisix ra daichi Inc. | 353,300 | 5,808 | |||
Hakuhodo DY Holdings Inc. | 501,100 | 5,765 | ||||
Kureha Corp. | 96,000 | 5,740 | ||||
Glory Ltd. | 275,400 | 5,666 | ||||
FP Corp. | 263,400 | 5,552 | ||||
TechnoPro Holdings Inc. | 213,600 | 5,530 | ||||
* | Raksul Inc. | 559,100 | 5,525 | |||
DMG Mori Co. Ltd. | 322,800 | 5,493 | ||||
Megachips Corp. | 180,100 | 5,390 | ||||
Fukushima Galilei Co. Ltd. | 141,700 | 5,029 | ||||
Hikari Tsushin Inc. | 32,200 | 4,778 | ||||
Musashi Seimitsu Industry Co. Ltd. | 379,500 | 4,732 | ||||
Nittoku Co. Ltd. | 255,800 | 4,616 | ||||
Ulvac Inc. | 105,000 | 4,509 | ||||
Tsugami Corp. | 506,500 | 4,445 | ||||
* | Kyushu Electric Power Co. Inc. | 654,100 | 4,441 | |||
Katitas Co. Ltd. | 241,000 | 4,433 | ||||
LaSalle Logiport REIT | 4,119 | 4,407 | ||||
Shiga Bank Ltd. | 200,400 | 4,293 | ||||
Rorze Corp. | 54,500 | 4,263 | ||||
Obara Group Inc. | 145,500 | 4,250 | ||||
*,1 | Bengo4.com Inc. | 141,200 | 4,230 | |||
OBIC Business Consultants Co. Ltd. | 99,900 | 4,196 | ||||
Infomart Corp. | 1,356,400 | 4,042 | ||||
Tokyu Fudosan Holdings Corp. | 664,300 | 3,949 | ||||
Nikon Corp. | 293,085 | 3,874 | ||||
KH Neochem Co. Ltd. | 235,500 | 3,855 | ||||
Fukuyama Transporting Co. Ltd. | 119,900 | 3,389 | ||||
* | Sansan Inc. | 317,489 | 3,361 | |||
Asahi Intecc Co. Ltd. | 162,506 | 3,335 | ||||
Koito Manufacturing Co. Ltd. | 179,850 | 3,307 | ||||
eGuarantee Inc. | 220,000 | 3,265 | ||||
Asics Corp. | 99,300 | 3,132 | ||||
Outsourcing Inc. | 299,900 | 3,068 | ||||
Iriso Electronics Co. Ltd. | 105,100 | 2,921 | ||||
JMDC Inc. | 76,000 | 2,905 | ||||
Optex Group Co. Ltd. | 204,500 | 2,683 | ||||
Daito Trust Construction Co. Ltd. | 24,715 | 2,659 | ||||
Comforia Residential REIT Inc. | 1,087 | 2,602 | ||||
Kyoritsu Maintenance Co. Ltd. | 66,262 | 2,597 | ||||
en Japan Inc. | 129,200 | 2,554 | ||||
Japan Airport Terminal Co. Ltd. | 53,900 | 2,512 | ||||
JSR Corp. | 86,061 | 2,469 | ||||
Tokyo Ohka Kogyo Co. Ltd. | 38,900 | 2,457 | ||||
*,1 | WealthNavi Inc. | 236,200 | 2,286 | |||
Sojitz Corp. | 96,180 | 2,284 | ||||
* | GA Technologies Co. Ltd. | 240,300 | 2,208 | |||
Kamakura Shinsho Ltd. | 437,000 | 2,171 | ||||
1 | GMO Financial Gate Inc. | 24,840 | 2,060 | |||
COLOPL Inc. | 433,700 | 2,030 | ||||
* | Jade Group Inc. | 167,700 | 2,016 | |||
Digital Garage Inc. | 69,100 | 2,012 | ||||
Casio Computer Co. Ltd. | 231,700 | 1,980 | ||||
1 | Snow Peak Inc. | 157,700 | 1,960 | |||
Shima Seiki Manufacturing Ltd. | 137,800 | 1,886 | ||||
* | Appier Group Inc. | 153,600 | 1,828 | |||
Mani Inc. | 140,000 | 1,800 | ||||
Kawasaki Heavy Industries Ltd. | 70,100 | 1,788 |
Shares | Market Value ($000) | |||||
ASKUL Corp. | 127,100 | 1,773 | ||||
Ebara Corp. | 35,500 | 1,678 | ||||
dip Corp. | 62,700 | 1,583 | ||||
Taiyo Yuden Co. Ltd. | 51,200 | 1,527 | ||||
Amada Co. Ltd. | 151,200 | 1,488 | ||||
Kitanotatsujin Corp. | 861,400 | 1,467 | ||||
Heiwa Real Estate Co. Ltd. | 50,200 | 1,403 | ||||
Sumitomo Heavy Industries Ltd. | 55,600 | 1,369 | ||||
IHI Corp. | 55,100 | 1,355 | ||||
*,1 | JTOWER Inc. | 26,400 | 1,348 | |||
Air Water Inc. | 93,100 | 1,311 | ||||
Fuji Corp. | 69,600 | 1,274 | ||||
* | Freee KK | 57,300 | 1,262 | |||
EXEO Group Inc. | 60,100 | 1,250 | ||||
NOF Corp. | 28,000 | 1,208 | ||||
THK Co. Ltd. | 57,600 | 1,155 | ||||
Kansai Paint Co. Ltd. | 69,000 | 1,131 | ||||
JGC Holdings Corp. | 80,100 | 1,123 | ||||
COMSYS Holdings Corp. | 55,800 | 1,115 | ||||
Inaba Denki Sangyo Co. Ltd. | 48,400 | 1,075 | ||||
Simplex Holdings Inc. | 53,050 | 1,071 | ||||
Anicom Holdings Inc. | 233,900 | 1,040 | ||||
* | Istyle Inc. | 302,200 | 1,036 | |||
Square Enix Holdings Co. Ltd. | 21,835 | 1,011 | ||||
Kyudenko Corp. | 31,300 | 903 | ||||
*,1 | SRE Holdings Corp. | 33,200 | 857 | |||
Max Co. Ltd. | 43,000 | 806 | ||||
Mitsubishi Gas Chemical Co. Inc. | 53,600 | 804 | ||||
Shin-Etsu Polymer Co. Ltd. | 79,100 | 786 | ||||
Sumitomo Bakelite Co. Ltd. | 17,600 | 766 | ||||
* | Visional Inc. | 13,887 | 764 | |||
Inter Action Corp. | 85,000 | 667 | ||||
MIRAIT ONE Corp. | 50,900 | 653 | ||||
NSK Ltd. | 100,600 | 651 | ||||
Daicel Corp. | 69,200 | 641 | ||||
Kumagai Gumi Co. Ltd. | 27,900 | 632 | ||||
SHO-BOND Holdings Co. Ltd. | 15,300 | 621 | ||||
Resonac Holdings Corp. | 36,800 | 603 | ||||
*,1 | Demae-Can Co. Ltd. | 173,600 | 597 | |||
Yamazen Corp. | 69,500 | 591 | ||||
Taiheiyo Cement Corp. | 27,800 | 581 | ||||
Yokogawa Bridge Holdings Corp. | 31,900 | 574 | ||||
Teijin Ltd. | 52,300 | 559 | ||||
Sekisui Jushi Corp. | 35,000 | 550 | ||||
Nippon Shokubai Co. Ltd. | 13,100 | 504 | ||||
Shibaura Machine Co. Ltd. | 15,700 | 502 | ||||
Lintec Corp. | 29,200 | 482 | ||||
Japan Steel Works Ltd. | 19,900 | 415 | ||||
Toyo Construction Co. Ltd. | 53,900 | 410 | ||||
Denka Co. Ltd. | 20,700 | 409 | ||||
K's Holdings Corp. | 39,819 | 365 | ||||
Sega Sammy Holdings Inc. | 10,900 | 238 | ||||
Giken Ltd. | 15,900 | 235 | ||||
Ichikoh Industries Ltd. | 47,900 | 181 | ||||
413,222 | ||||||
Jersey, C.I. (0.1%) | ||||||
*,1 | Metals Acquisition Ltd. Class A | 162,118 | 1,675 |
Shares | Market Value ($000) | |||||
Mexico (0.2%) | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Class B | 88,524 | 1,686 | ||||
Corp. Inmobiliaria Vesta SAB de CV | 392,467 | 1,424 | ||||
3,110 | ||||||
Netherlands (2.0%) | ||||||
TKH Group NV | 187,333 | 9,774 | ||||
BE Semiconductor Industries NV | 62,153 | 7,421 | ||||
ASM International NV | 11,210 | 5,326 | ||||
* | Merus NV | 112,241 | 2,945 | |||
Allfunds Group plc | 394,757 | 2,574 | ||||
*,2 | Alfen NV | 19,929 | 1,383 | |||
Koninklijke Vopak NV | 20,736 | 782 | ||||
Corbion NV | 27,689 | 651 | ||||
Flow Traders Ltd. | 27,643 | 601 | ||||
31,457 | ||||||
New Zealand (0.2%) | ||||||
*,1 | Volpara Health Technologies Ltd. | 3,144,538 | 1,859 | |||
Fletcher Building Ltd. | 335,013 | 1,162 | ||||
3,021 | ||||||
Norway (0.5%) | ||||||
Borregaard ASA | 207,788 | 3,391 | ||||
Sparebanken Vest | 202,934 | 2,140 | ||||
Aker ASA Class A | 28,429 | 1,808 | ||||
Subsea 7 SA | 45,806 | 615 | ||||
7,954 | ||||||
Other (1.8%) | ||||||
iShares MSCI EAFE Small-Cap ETF | 456,551 | 27,987 | ||||
Philippines (0.2%) | ||||||
Wilcon Depot Inc. | 6,983,400 | 2,906 | ||||
Poland (0.2%) | ||||||
1 | Grupa Pracuj SA | 178,398 | 2,633 | |||
Portugal (0.1%) | ||||||
* | Banco Comercial Portugues SA | 7,447,401 | 2,034 | |||
Singapore (1.0%) | ||||||
Venture Corp. Ltd. | 353,700 | 3,988 | ||||
* | SATS Ltd. | 1,827,077 | 3,848 | |||
Keppel DC REIT | 2,055,000 | 3,387 | ||||
UOL Group Ltd. | 596,700 | 3,157 | ||||
ComfortDelGro Corp. Ltd. | 804,000 | 762 | ||||
15,142 | ||||||
Slovenia (0.2%) | ||||||
Nova Ljubljanska Banka dd GDR | 150,544 | 2,626 | ||||
South Africa (0.1%) | ||||||
Thungela Resources Ltd. | 213,624 | 1,607 | ||||
South Korea (1.0%) | ||||||
Park Systems Corp. | 31,614 | 5,010 | ||||
Koh Young Technology Inc. | 453,407 | 4,920 | ||||
Douzone Bizon Co. Ltd. | 102,428 | 2,203 | ||||
1 | PI Advanced Materials Co. Ltd. | 40,171 | 969 | |||
* | Wantedlab Inc. | 89,603 | 769 | |||
Hankook Tire & Technology Co. Ltd. | 22,662 | 687 | ||||
SNT Motiv Co. Ltd. | 15,247 | 578 | ||||
15,136 |
Shares | Market Value ($000) | |||||
Spain (0.9%) | ||||||
Fluidra SA | 291,851 | 6,454 | ||||
Bankinter SA | 631,193 | 4,084 | ||||
Almirall SA | 293,723 | 2,818 | ||||
* | Arima Real Estate SOCIMI SA | 65,534 | 577 | |||
13,933 | ||||||
Sweden (4.4%) | ||||||
1 | Avanza Bank Holding AB | 439,728 | 9,958 | |||
AddTech AB Class B | 490,166 | 9,132 | ||||
Hemnet Group AB | 452,611 | 8,018 | ||||
Trelleborg AB Class B | 285,872 | 7,611 | ||||
HMS Networks AB | 121,938 | 4,924 | ||||
INVISIO AB | 209,009 | 4,350 | ||||
Paradox Interactive AB | 148,192 | 4,252 | ||||
* | Surgical Science Sweden AB | 109,518 | 2,548 | |||
Castellum AB | 214,260 | 2,440 | ||||
2 | Thule Group AB | 66,890 | 2,089 | |||
SSAB AB Class A | 319,760 | 2,029 | ||||
* | Xvivo Perfusion AB | 64,522 | 1,954 | |||
Cellavision AB | 91,067 | 1,900 | ||||
Billerud Aktiebolag | 221,282 | 1,887 | ||||
* | Cint Group AB | 1,553,378 | 1,570 | |||
Fortnox AB | 212,441 | 1,304 | ||||
* | VNV Global AB | 516,738 | 1,229 | |||
Catena AB | 28,561 | 1,097 | ||||
*,1 | Storytel AB Class B | 125,017 | 429 | |||
68,721 | ||||||
Switzerland (4.1%) | ||||||
Julius Baer Group Ltd. | 120,939 | 8,566 | ||||
SIG Group AG | 299,384 | 8,004 | ||||
Ypsomed Holding AG (Registered) | 23,636 | 6,939 | ||||
Tecan Group AG (Registered) | 15,343 | 6,105 | ||||
*,2 | Sensirion Holding AG | 69,182 | 6,063 | |||
Siegfried Holding AG (Registered) | 5,451 | 4,816 | ||||
*,2 | Montana Aerospace AG | 285,367 | 4,492 | |||
Bossard Holding AG (Registered) Class A | 18,643 | 4,357 | ||||
Bachem Holding AG | 36,274 | 3,351 | ||||
* | Dufry AG (Registered) | 63,574 | 3,285 | |||
u-blox Holding AG | 26,563 | 2,975 | ||||
Comet Holding AG (Registered) | 10,641 | 2,799 | ||||
Emmi AG (Registered) | 1,198 | 1,172 | ||||
SKAN Group AG | 12,789 | 1,172 | ||||
64,096 | ||||||
Taiwan (4.5%) | ||||||
Global Unichip Corp. | 258,000 | 13,494 | ||||
Chroma ATE Inc. | 1,440,694 | 12,690 | ||||
Airtac International Group | 376,593 | 11,201 | ||||
ASPEED Technology Inc. | 73,200 | 5,416 | ||||
Voltronic Power Technology Corp. | 92,252 | 5,148 | ||||
Merida Industry Co. Ltd. | 673,000 | 4,650 | ||||
Sinbon Electronics Co. Ltd. | 403,000 | 4,322 | ||||
Advantech Co. Ltd. | 316,059 | 3,947 | ||||
Nien Made Enterprise Co. Ltd. | 336,000 | 3,483 | ||||
Nanya Technology Corp. | 1,394,000 | 3,217 | ||||
Vanguard International Semiconductor Corp. | 738,000 | 1,820 | ||||
TCI Co. Ltd. | 269,000 | 1,472 | ||||
70,860 |
Shares | Market Value ($000) | |||||
United Kingdom (15.9%) | ||||||
Games Workshop Group plc | 79,603 | 11,901 | ||||
IMI plc | 454,116 | 9,494 | ||||
Spectris plc | 206,682 | 9,327 | ||||
Beazley plc | 1,312,109 | 9,245 | ||||
Rotork plc | 2,219,312 | 8,791 | ||||
Cranswick plc | 184,141 | 7,900 | ||||
Shaftesbury Capital plc | 4,391,449 | 6,752 | ||||
Alpha Group International plc | 210,419 | 6,073 | ||||
Safestore Holdings plc | 533,050 | 6,060 | ||||
RS Group plc | 589,420 | 5,937 | ||||
* | Victoria plc | 675,867 | 5,699 | |||
2 | Sabre Insurance Group plc | 3,144,705 | 5,576 | |||
Dunelm Group plc | 349,500 | 5,164 | ||||
Softcat plc | 262,445 | 5,057 | ||||
Pets at Home Group plc | 1,000,000 | 5,025 | ||||
Weir Group plc | 205,500 | 4,840 | ||||
* | Abcam plc ADR | 197,600 | 4,632 | |||
*,2 | Trainline plc | 1,343,363 | 4,539 | |||
Telecom Plus plc | 197,000 | 4,205 | ||||
Burford Capital Ltd. | 306,570 | 4,143 | ||||
Bodycote plc | 448,000 | 3,978 | ||||
QinetiQ Group plc | 940,000 | 3,892 | ||||
* | Ocado Group plc | 322,848 | 3,887 | |||
2 | ConvaTec Group plc | 1,409,854 | 3,777 | |||
Smart Metering Systems plc | 403,706 | 3,616 | ||||
Greggs plc | 100,664 | 3,570 | ||||
2 | Auto Trader Group plc | 425,000 | 3,525 | |||
* | FD Technologies plc | 153,211 | 3,521 | |||
Halma plc | 122,500 | 3,518 | ||||
Pennon Group plc | 386,145 | 3,487 | ||||
B&M European Value Retail SA | 472,261 | 3,354 | ||||
* | Verona Pharma plc ADR | 150,600 | 3,327 | |||
Redrow plc | 480,000 | 3,191 | ||||
* | SSP Group plc | 979,888 | 3,163 | |||
Vistry Group plc | 302,000 | 3,063 | ||||
* | Immunocore Holdings plc ADR | 45,513 | 3,003 | |||
* | Wise plc Class A | 300,000 | 2,992 | |||
Diploma plc | 70,500 | 2,932 | ||||
* | Oxford Nanopore Technologies plc | 860,930 | 2,907 | |||
Keywords Studios plc | 126,013 | 2,845 | ||||
WH Smith plc | 145,410 | 2,788 | ||||
Dechra Pharmaceuticals plc | 57,900 | 2,760 | ||||
IG Group Holdings plc | 290,000 | 2,635 | ||||
LondonMetric Property plc | 1,100,000 | 2,610 | ||||
Keller Group plc | 235,000 | 2,581 | ||||
* | Restaurant Group plc | 4,629,736 | 2,538 | |||
Renishaw plc | 50,000 | 2,505 | ||||
Energean plc | 159,876 | 2,379 | ||||
*,2 | Watches of Switzerland Group plc | 236,671 | 2,297 | |||
Savills plc | 180,070 | 2,249 | ||||
Tate & Lyle plc | 233,441 | 2,237 | ||||
1 | Ithaca Energy plc | 953,542 | 2,158 | |||
dotdigital group plc | 1,573,557 | 1,866 | ||||
* | Team17 Group plc | 458,595 | 1,859 | |||
Mobico Group plc | 1,394,233 | 1,672 | ||||
2 | Bridgepoint Group plc | 620,000 | 1,504 | |||
*,2 | DP Eurasia NV | 2,352,397 | 1,468 |
Shares | Market Value ($000) | |||||
Berkeley Group Holdings plc | 26,295 | 1,466 | ||||
*,2 | Trustpilot Group plc | 1,279,282 | 1,434 | |||
Impax Asset Management Group plc | 157,930 | 1,114 | ||||
* | Molten Ventures plc | 328,732 | 1,110 | |||
Taylor Wimpey plc | 738,532 | 1,084 | ||||
* | Elementis plc | 730,915 | 1,037 | |||
Harbour Energy plc | 277,715 | 951 | ||||
Hammerson plc | 2,605,129 | 890 | ||||
*,2 | Network International Holdings plc | 125,871 | 624 | |||
*,1 | Naked Wines plc | 453,563 | 433 | |||
* | Synthomer plc | 378,650 | 406 | |||
UNITE Group plc | 28,616 | 357 | ||||
* | Angle plc | 1,465,172 | 273 | |||
Marshalls plc | 70,341 | 242 | ||||
247,435 | ||||||
Total Common Stocks (Cost $1,317,664) | 1,491,721 | |||||
Coupon | ||||||
Temporary Cash Investments (4.2%) | ||||||
Money Market Fund (3.8%) | ||||||
4,5 | Vanguard Market Liquidity Fund | 5.274% | 588,839 | 58,872 | ||
Maturity Date | Face Amount ($000) | |||||
Repurchase Agreements (0.4%) | ||||||
Goldman Sachs & Co. (Dated 7/31/23, Repurchase Value $5,701,000, collateralized by Fannie Mae 2.500%–5.000%, 1/1/33���6/1/49, Freddie Mac 3.500%–5.500%, 2/1/36–3/1/50, and Ginnie Mae 4.500%, 2/20/45, with a value of $5,814,000) | 5.290% | 8/1/23 | 5,700 | 5,700 | ||
Total Temporary Cash Investments (Cost $64,562) | 64,572 | |||||
Total Investments (100.0%) (Cost $1,382,226) | 1,556,293 | |||||
Other Assets and Liabilities—Net (0.0%) | 370 | |||||
Net Assets (100%) | 1,556,663 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $16,858,000. |
2 | 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 July 31, 2023, the aggregate value was $72,361,000, representing 4.6% of net assets. |
3 | Security value determined 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 $19,368,000 was received for securities on loan, of which $19,354,000 is held in Vanguard Market Liquidity Fund and $14,000 is held in cash. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
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 | ||||
MSCI EAFE Index | September 2023 | 251 | 27,683 | 489 |
MSCI Emerging Market Index | September 2023 | 214 | 11,281 | 243 |
732 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight 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.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
D. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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. 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. Fluctuations in the value of the contracts are recorded as an asset (liability).
E. 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 July 31, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 133,033 | 1,358,688 | — | 1,491,721 |
Temporary Cash Investments | 58,872 | 5,700 | — | 64,572 |
Total | 191,905 | 1,364,388 | — | 1,556,293 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 732 | — | — | 732 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |