Vanguard® International Value 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 (96.1%) | ||||||
Australia (0.6%) | ||||||
National Australia Bank Ltd. | 2,029,400 | 38,876 | ||||
Adbri Ltd. | 13,390,194 | 22,446 | ||||
QBE Insurance Group Ltd. | 1,765,216 | 18,741 | ||||
80,063 | ||||||
Belgium (0.4%) | ||||||
KBC Group NV | 846,711 | 63,728 | ||||
Brazil (3.3%) | ||||||
Banco Bradesco SA ADR | 28,827,441 | 101,761 | ||||
Petroleo Brasileiro SA Preference Shares | 14,889,100 | 97,954 | ||||
Ambev SA ADR | 27,553,800 | 85,968 | ||||
Gerdau SA Preference Shares | 11,975,460 | 74,075 | ||||
Itau Unibanco Holding SA Preference Shares | 10,767,700 | 65,215 | ||||
Petroleo Brasileiro SA ADR | 3,298,068 | 48,416 | ||||
473,389 | ||||||
Canada (2.5%) | ||||||
Suncor Energy Inc. | 3,256,143 | 101,883 | ||||
Nutrien Ltd. | 1,277,617 | 88,042 | ||||
Stella-Jones Inc. | 886,900 | 45,036 | ||||
Saputo Inc. | 1,763,649 | 37,235 | ||||
Alimentation Couche-Tard Inc. | 555,700 | 28,134 | ||||
Bank of Nova Scotia | 558,607 | 28,128 | ||||
North West Co. Inc. | 1,135,211 | 27,635 | ||||
356,093 | ||||||
China (8.0%) | ||||||
* | Alibaba Group Holding Ltd. | 24,296,700 | 310,497 | |||
* | Baidu Inc. ADR | 1,084,345 | 169,147 | |||
Tencent Holdings Ltd. | 3,408,400 | 156,654 | ||||
Ping An Insurance Group Co. of China Ltd. Class H | 12,665,500 | 92,290 | ||||
ENN Energy Holdings Ltd. | 6,020,300 | 73,176 | ||||
Li Ning Co. Ltd. | 10,047,000 | 61,251 | ||||
Sungrow Power Supply Co. Ltd. Class A | 3,593,953 | 56,166 | ||||
* | Alibaba Group Holding Ltd. ADR | 505,386 | 51,630 | |||
Autohome Inc. ADR | 1,112,003 | 35,551 | ||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 25,992,000 | 33,567 | ||||
Hengan International Group Co. Ltd. | 7,275,000 | 29,924 | ||||
Wuxi Lead Intelligent Equipment Co. Ltd. Class A | 5,994,938 | 27,846 | ||||
* | Trip.com Group Ltd. ADR | 603,258 | 24,758 | |||
Weibo Corp. ADR | 1,156,924 | 18,222 | ||||
1,140,679 |
Shares | Market Value ($000) | |||||
Denmark (1.1%) | ||||||
Novo Nordisk A/S Class B | 506,167 | 81,620 | ||||
Carlsberg A/S Class B | 498,698 | 74,796 | ||||
156,416 | ||||||
Egypt (0.2%) | ||||||
Commercial International Bank Egypt SAE (Registered) GDR | 24,883,498 | 29,952 | ||||
Finland (1.3%) | ||||||
Nokia OYJ | 20,115,499 | 79,073 | ||||
Sampo OYJ Class A | 1,571,237 | 69,239 | ||||
Nokian Renkaat OYJ | 3,679,749 | 34,226 | ||||
182,538 | ||||||
France (7.9%) | ||||||
Airbus SE | 1,443,615 | 212,645 | ||||
Air Liquide SA | 851,695 | 153,130 | ||||
TotalEnergies SE | 2,498,102 | 151,776 | ||||
Engie SA | 8,409,958 | 137,968 | ||||
Thales SA | 567,781 | 84,934 | ||||
Bureau Veritas SA | 2,962,936 | 81,374 | ||||
Pernod Ricard SA | 320,308 | 70,619 | ||||
Legrand SA | 672,121 | 67,383 | ||||
Capgemini SE | 290,764 | 52,692 | ||||
Accor SA | 1,231,616 | 46,471 | ||||
ArcelorMittal SA | 1,204,465 | 34,835 | ||||
Bouygues SA | 952,603 | 34,124 | ||||
Safran SA | 41,270 | 6,851 | ||||
1,134,802 | ||||||
Germany (7.7%) | ||||||
*,1 | Covestro AG | 2,414,776 | 129,719 | |||
SAP SE | 879,023 | 119,909 | ||||
Fresenius Medical Care AG & Co. KGaA | 1,804,580 | 93,720 | ||||
Bayerische Motoren Werke AG | 651,750 | 79,481 | ||||
Henkel AG & Co. KGaA Preference Shares | 965,047 | 74,469 | ||||
Merck KGaA | 388,917 | 68,342 | ||||
Continental AG | 830,599 | 66,315 | ||||
BASF SE | 1,182,740 | 63,408 | ||||
Infineon Technologies AG | 1,365,548 | 59,996 | ||||
1 | Siemens Healthineers AG | 1,029,148 | 59,797 | |||
Henkel AG & Co. KGaA | 850,710 | 59,450 | ||||
Jungheinrich AG Preference Shares | 1,517,112 | 56,761 | ||||
FUCHS SE Preference Shares | 1,349,387 | 55,856 | ||||
MTU Aero Engines AG | 238,991 | 55,807 | ||||
Fresenius SE & Co. KGaA | 1,196,842 | 37,559 | ||||
FUCHS SE | 606,100 | 20,005 | ||||
1,100,594 | ||||||
Hong Kong (5.5%) | ||||||
AIA Group Ltd. | 20,315,000 | 203,246 | ||||
* | Sands China Ltd. | 44,212,800 | 170,330 | |||
* | Melco Resorts & Entertainment Ltd. ADR | 9,936,595 | 135,336 | |||
* | Galaxy Entertainment Group Ltd. | 7,365,000 | 53,761 | |||
Jardine Matheson Holdings Ltd. | 1,058,200 | 52,270 | ||||
Xinyi Glass Holdings Ltd. | 21,984,000 | 36,584 | ||||
1 | ESR Group Ltd. | 18,994,000 | 33,307 | |||
Sun Hung Kai Properties Ltd. | 2,353,500 | 29,552 | ||||
1 | WH Group Ltd. | 38,320,243 | 20,915 | |||
Yue Yuen Industrial Holdings Ltd. | 14,458,500 | 19,372 | ||||
CK Asset Holdings Ltd. | 3,309,500 | 19,166 |
Shares | Market Value ($000) | |||||
Hongkong Land Holdings Ltd. | 4,641,200 | 16,540 | ||||
790,379 | ||||||
India (3.2%) | ||||||
ICICI Bank Ltd. ADR | 4,855,982 | 119,312 | ||||
Adani Ports & Special Economic Zone Ltd. | 9,657,767 | 91,377 | ||||
HDFC Bank Ltd. | 4,540,972 | 91,165 | ||||
Zee Entertainment Enterprises Ltd. | 25,358,173 | 74,910 | ||||
* | UPL Ltd. | 7,730,784 | 58,781 | |||
GAIL India Ltd. | 11,496,289 | 16,659 | ||||
452,204 | ||||||
Indonesia (1.8%) | ||||||
Astra International Tbk. PT | 202,829,700 | 92,175 | ||||
Bank Mandiri Persero Tbk. PT | 219,186,600 | 83,323 | ||||
Telkom Indonesia Persero Tbk. PT ADR | 1,567,073 | 38,440 | ||||
Selamat Sempurna Tbk. PT | 164,317,700 | 21,790 | ||||
Telkom Indonesia Persero Tbk. PT | 69,300,200 | 17,074 | ||||
252,802 | ||||||
Ireland (2.5%) | ||||||
* | Ryanair Holdings plc ADR | 1,751,871 | 179,619 | |||
* | ICON plc | 379,267 | 95,352 | |||
CRH plc | 1,444,361 | 86,042 | ||||
361,013 | ||||||
Israel (0.1%) | ||||||
* | Check Point Software Technologies Ltd. | 94,500 | 12,494 | |||
Italy (0.4%) | ||||||
Brembo SpA | 4,410,073 | 62,423 | ||||
Japan (11.8%) | ||||||
Mitsubishi Electric Corp. | 8,708,800 | 125,678 | ||||
Nidec Corp. | 1,597,400 | 95,405 | ||||
Nomura Research Institute Ltd. | 3,252,200 | 92,411 | ||||
Daikin Industries Ltd. | 431,600 | 87,269 | ||||
Denso Corp. | 1,143,900 | 79,647 | ||||
Nitto Denko Corp. | 1,091,600 | 77,625 | ||||
Daiwa Securities Group Inc. | 13,582,400 | 73,629 | ||||
Hoya Corp. | 629,300 | 73,288 | ||||
Toyota Motor Corp. | 4,333,500 | 72,862 | ||||
ITOCHU Corp. | 1,694,900 | 68,551 | ||||
Disco Corp. | 362,600 | 68,160 | ||||
Nihon Kohden Corp. | 2,341,300 | 61,716 | ||||
Kansai Electric Power Co. Inc. | 3,780,000 | 49,659 | ||||
Nitori Holdings Co. Ltd. | 398,300 | 48,773 | ||||
Recruit Holdings Co. Ltd. | 1,335,500 | 46,256 | ||||
Tokyo Electron Ltd. | 294,600 | 44,216 | ||||
* | Renesas Electronics Corp. | 2,273,800 | 43,870 | |||
Suzuki Motor Corp. | 1,063,800 | 42,728 | ||||
Kubota Corp. | 2,780,300 | 41,999 | ||||
Bandai Namco Holdings Inc. | 1,853,700 | 41,939 | ||||
Ain Holdings Inc. | 1,108,900 | 39,428 | ||||
Koito Manufacturing Co. Ltd. | 2,101,100 | 38,634 | ||||
Subaru Corp. | 1,876,700 | 35,570 | ||||
Shimano Inc. | 227,500 | 34,290 | ||||
Komatsu Ltd. | 1,217,700 | 34,113 | ||||
Seria Co. Ltd. | 1,937,500 | 32,499 | ||||
Murata Manufacturing Co. Ltd. | 538,700 | 32,000 | ||||
Nomura Holdings Inc. | 6,973,200 | 28,848 | ||||
Omron Corp. | 418,210 | 22,448 |
Shares | Market Value ($000) | |||||
Makita Corp. | 774,700 | 21,754 | ||||
Daito Trust Construction Co. Ltd. | 160,200 | 17,232 | ||||
FANUC Corp. | 414,500 | 12,680 | ||||
1,685,177 | ||||||
Malaysia (0.2%) | ||||||
Westports Holdings Bhd. | 29,234,900 | 22,709 | ||||
Mexico (0.7%) | ||||||
Grupo Financiero Banorte SAB de CV | 11,158,700 | 105,763 | ||||
Netherlands (4.5%) | ||||||
Universal Music Group NV | 3,647,420 | 93,556 | ||||
* | Prosus NV | 979,743 | 77,505 | |||
Akzo Nobel NV | 861,325 | 73,685 | ||||
Aegon NV | 13,071,415 | 70,955 | ||||
Coca-Cola Europacific Partners plc | 937,292 | 59,114 | ||||
ASM International NV | 123,687 | 58,761 | ||||
Wolters Kluwer NV | 341,051 | 42,828 | ||||
IMCD NV | 278,274 | 42,167 | ||||
Koninklijke Vopak NV | 1,109,090 | 41,815 | ||||
SBM Offshore NV | 2,404,430 | 34,931 | ||||
* | AerCap Holdings NV | 530,331 | 33,840 | |||
1 | ABN AMRO Bank NV | 979,952 | 16,662 | |||
645,819 | ||||||
Norway (0.3%) | ||||||
Bakkafrost P/F | 716,387 | 41,689 | ||||
Panama (0.8%) | ||||||
Copa Holdings SA Class A | 918,653 | 108,419 | ||||
Philippines (0.2%) | ||||||
Puregold Price Club Inc. | 43,303,300 | 22,871 | ||||
Singapore (1.9%) | ||||||
United Overseas Bank Ltd. | 3,637,800 | 82,518 | ||||
DBS Group Holdings Ltd. | 2,224,400 | 57,383 | ||||
Venture Corp. Ltd. | 4,593,300 | 51,785 | ||||
Singapore Telecommunications Ltd. | 23,141,200 | 46,423 | ||||
Sembcorp Industries Ltd. | 9,155,600 | 37,532 | ||||
275,641 | ||||||
South Korea (2.3%) | ||||||
Samsung Electronics Co. Ltd. | 2,350,492 | 128,696 | ||||
1 | Samsung Electronics Co. Ltd. GDR | 87,280 | 118,917 | |||
SK Hynix Inc. | 675,713 | 65,439 | ||||
* | SK Square Co. Ltd. | 309,162 | 10,764 | |||
323,816 | ||||||
Spain (0.6%) | ||||||
Industria de Diseno Textil SA | 1,261,784 | 48,298 | ||||
Amadeus IT Group SA | 632,608 | 45,381 | ||||
93,679 | ||||||
Sweden (0.4%) | ||||||
Assa Abloy AB Class B | 2,366,316 | 56,893 | ||||
Switzerland (6.9%) | ||||||
Holcim Ltd. | 3,023,830 | 210,752 | ||||
Roche Holding AG | 598,189 | 185,469 | ||||
Novartis AG (Registered) | 1,416,867 | 148,342 | ||||
Cie Financiere Richemont SA (Registered) Class A | 822,827 | 132,502 | ||||
ABB Ltd. (Registered) | 2,373,145 | 95,228 | ||||
Adecco Group AG (Registered) | 1,927,278 | 78,545 |
Shares | Market Value ($000) | |||||
DSM-Firmenich AG | 561,313 | 61,873 | ||||
Swatch Group AG | 123,740 | 39,602 | ||||
UBS Group AG (Registered) | 1,776,239 | 39,413 | ||||
991,726 | ||||||
Taiwan (1.9%) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,795,000 | 176,874 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 706,735 | 70,073 | ||||
King Slide Works Co. Ltd. | 1,140,000 | 33,030 | ||||
279,977 | ||||||
United Kingdom (13.5%) | ||||||
BP plc | 35,134,891 | 217,993 | ||||
RELX plc | 4,626,748 | 155,721 | ||||
HSBC Holdings plc | 16,867,261 | 140,107 | ||||
Compass Group plc | 4,774,264 | 124,215 | ||||
Shell plc | 3,950,682 | 119,736 | ||||
Unilever plc | 2,049,036 | 110,101 | ||||
Berkeley Group Holdings plc | 1,916,528 | 106,861 | ||||
HSBC Holdings plc (XHKG) | 11,864,800 | 99,292 | ||||
Anglo American plc | 3,164,491 | 97,314 | ||||
Smiths Group plc | 4,072,620 | 88,822 | ||||
IMI plc | 4,226,990 | 88,376 | ||||
Smith & Nephew plc | 5,556,903 | 84,537 | ||||
Weir Group plc | 2,454,760 | 57,814 | ||||
Taylor Wimpey plc | 38,336,418 | 56,273 | ||||
RS Group plc | 5,042,545 | 50,793 | ||||
Travis Perkins plc | 4,312,523 | 48,236 | ||||
Prudential plc | 3,449,386 | 47,899 | ||||
Victrex plc | 2,370,200 | 47,061 | ||||
Spectris plc | 942,350 | 42,526 | ||||
Renishaw plc | 734,299 | 36,791 | ||||
Kingfisher plc | 10,496,980 | 33,101 | ||||
Whitbread plc | 624,929 | 28,073 | ||||
Croda International plc | 299,524 | 22,678 | ||||
Lloyds Banking Group plc | 29,916,882 | 17,284 | ||||
* | easyJet plc | 2,644,536 | 15,360 | |||
Direct Line Insurance Group plc | 220,462 | 426 | ||||
1,937,390 | ||||||
United States (2.8%) | ||||||
Aon plc Class A | 416,187 | 132,556 | ||||
NXP Semiconductors NV | 392,463 | 87,511 | ||||
Linde plc | 194,733 | 75,562 | ||||
RenaissanceRe Holdings Ltd. | 383,167 | 71,560 | ||||
* | Capri Holdings Ltd. | 750,819 | 27,713 | |||
394,902 | ||||||
Vietnam (0.8%) | ||||||
Vietnam Dairy Products JSC | 19,975,400 | 65,819 | ||||
Phu Nhuan Jewelry JSC | 14,542,400 | 50,990 | ||||
116,809 | ||||||
Total Common Stocks (Cost $11,816,034) | 13,752,849 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (3.6%) | ||||||
Money Market Fund (3.6%) | ||||||
2 | Vanguard Market Liquidity Fund (Cost $511,935) | 5.274% | 5,121,262 | 512,024 | ||
Total Investments (99.7%) (Cost $12,327,969) | 14,264,873 | |||||
Other Assets and Liabilities—Net (0.3%) | 44,115 | |||||
Net Assets (100%) | 14,308,988 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2023, the aggregate value was $379,317,000, representing 2.7% 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. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
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 | 1,466 | 161,685 | 4,723 |
MSCI Emerging Market Index | September 2023 | 1,288 | 67,897 | 2,761 |
7,484 |
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.
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. 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).
D. 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—North and South America | 1,363,004 | 75,562 | — | 1,438,566 |
Common Stocks—Other | 983,774 | 11,330,509 | — | 12,314,283 |
Temporary Cash Investments | 512,024 | — | — | 512,024 |
Total | 2,858,802 | 11,406,071 | — | 14,264,873 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 7,484 | — | — | 7,484 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |