Vanguard® Emerging Markets Select Stock 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 (93.5%) | |||
Argentina (0.1%) | |||
* | YPF SA ADR | 50,499 | 752 |
Brazil (10.7%) | |||
Petroleo Brasileiro SA ADR (XNYS) | 900,234 | 13,215 | |
Banco Bradesco SA ADR | 2,437,315 | 8,604 | |
Vale SA Class B ADR | 521,262 | 7,626 | |
Ambev SA | 2,201,766 | 6,919 | |
Cia Energetica de Minas Gerais Preference Shares | 1,657,065 | 4,440 | |
Raizen SA Preference Shares | 4,535,135 | 3,990 | |
B3 SA - Brasil Bolsa Balcao | 1,086,700 | 3,424 | |
Banco Bradesco SA Preference Shares | 955,600 | 3,367 | |
Neoenergia SA | 763,100 | 3,155 | |
Localiza Rent a Car SA (BVMF) | 220,194 | 3,130 | |
Centrais Eletricas Brasileiras SA | 379,218 | 3,099 | |
Banco Do Brasil SA | 262,600 | 2,676 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 212,447 | 2,610 | |
Petroleo Brasileiro SA Preference Shares | 395,400 | 2,601 | |
Itau Unibanco Holding SA Preference Shares | 419,200 | 2,539 | |
Itau Unibanco Holding SA ADR | 417,129 | 2,507 | |
* | Natura & Co. Holding SA | 639,500 | 2,471 |
TIM SA | 765,189 | 2,320 | |
Petroleo Brasileiro SA ADR | 170,445 | 2,250 | |
Lojas Renner SA | 550,196 | 2,182 | |
Petroleo Brasileiro SA | 268,539 | 1,977 | |
* | Braskem SA Preference Shares Class A | 183,937 | 988 |
* | Magazine Luiza SA | 1,017,620 | 721 |
Raia Drogasil SA | 98,324 | 602 | |
*,1 | Hapvida Participacoes e Investimentos SA | 440,362 | 447 |
Brpr Corporate Offices Fdo De Inv Imob | 1,557 | 23 | |
87,883 | |||
Canada (1.0%) | |||
First Quantum Minerals Ltd. | 171,622 | 5,090 | |
Lundin Mining Corp. | 177,373 | 1,586 | |
Parex Resources Inc. | 66,557 | 1,474 | |
* | Valeura Energy Inc. | 264,800 | 472 |
8,622 | |||
Chile (0.2%) | |||
Sociedad Quimica y Minera de Chile SA ADR | 24,245 | 1,787 | |
China (27.8%) | |||
* | Alibaba Group Holding Ltd. | 2,172,595 | 27,764 |
Tencent Holdings Ltd. | 518,144 | 23,815 | |
Ping An Insurance Group Co. of China Ltd. Class H | 1,076,663 | 7,845 |
Shares | Market Value ($000) | ||
China Merchants Bank Co. Ltd. Class H | 1,465,438 | 7,287 | |
*,1 | Meituan Class B | 321,776 | 6,143 |
China Construction Bank Corp. Class H | 10,452,430 | 6,092 | |
Zijin Mining Group Co. Ltd. Class H | 3,466,446 | 5,987 | |
* | Baidu Inc. Class A | 283,150 | 5,536 |
Haier Smart Home Co. Ltd. Class H | 1,636,200 | 5,381 | |
* | Trip.com Group Ltd. ADR | 130,734 | 5,365 |
China Overseas Land & Investment Ltd. | 2,241,190 | 5,317 | |
Weichai Power Co. Ltd. Class H | 3,429,349 | 5,080 | |
Anhui Conch Cement Co. Ltd. Class H | 1,415,177 | 4,272 | |
Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 123,351 | 4,113 | |
ANTA Sports Products Ltd. | 326,206 | 3,866 | |
Aluminum Corp. of China Ltd. Class H | 7,710,875 | 3,834 | |
Shenzhou International Group Holdings Ltd. | 319,400 | 3,390 | |
GF Securities Co. Ltd. Class H | 1,948,400 | 3,118 | |
Geely Automobile Holdings Ltd. | 2,078,170 | 3,033 | |
Industrial & Commercial Bank of China Ltd. Class H | 5,972,724 | 2,917 | |
* | KE Holdings Inc. ADR | 160,169 | 2,790 |
ENN Energy Holdings Ltd. | 227,774 | 2,769 | |
1 | WuXi AppTec Co. Ltd. Class H | 282,152 | 2,684 |
* | JD.com Inc. ADR | 63,890 | 2,639 |
Zhejiang Longsheng Group Co. Ltd. Class A | 1,933,100 | 2,617 | |
1 | Ganfeng Lithium Co. Ltd. Class H | 373,799 | 2,408 |
JD.com Inc. Class A | 114,951 | 2,380 | |
Brilliance China Automotive Holdings Ltd. | 4,186,000 | 2,243 | |
* | Trip.com Group Ltd. | 52,522 | 2,145 |
Midea Group Co. Ltd. Class A | 238,586 | 1,983 | |
China Longyuan Power Group Corp. Ltd. Class H | 2,041,350 | 1,976 | |
CITIC Securities Co. Ltd. Class H | 903,554 | 1,946 | |
* | Daqo New Energy Corp. ADR | 49,424 | 1,931 |
Minth Group Ltd. | 594,000 | 1,901 | |
CIMC Enric Holdings Ltd. | 1,810,000 | 1,825 | |
Contemporary Amperex Technology Co. Ltd. Class A | 54,540 | 1,818 | |
Kweichow Moutai Co. Ltd. Class A | 6,700 | 1,769 | |
* | Shanghai International Airport Co. Ltd. Class A | 257,857 | 1,714 |
Midea Group Co. Ltd. Class A (XSEC) | 198,594 | 1,651 | |
Li Ning Co. Ltd. | 270,000 | 1,646 | |
Sinoma Science & Technology Co. Ltd. Class A | 501,100 | 1,624 | |
1 | China Tourism Group Duty Free Corp. Ltd. Class H | 99,946 | 1,606 |
Nine Dragons Paper Holdings Ltd. | 2,389,888 | 1,575 | |
Wuxi Lead Intelligent Equipment Co. Ltd. Class A | 336,833 | 1,565 | |
* | Yunnan Energy New Material Co. Ltd. Class A | 113,400 | 1,534 |
China Mengniu Dairy Co. Ltd. | 403,000 | 1,531 | |
Muyuan Foods Co. Ltd.Class A | 245,369 | 1,526 | |
Anker Innovations Technology Co. Ltd. Class A | 128,400 | 1,461 | |
China Resources Land Ltd. | 301,964 | 1,409 | |
1 | Longfor Group Holdings Ltd. | 503,028 | 1,361 |
China Tourism Group Duty Free Corp. Ltd. Class A | 76,611 | 1,354 | |
Ping An Bank Co. Ltd. Class A | 768,940 | 1,328 | |
* | Baidu Inc. ADR | 8,144 | 1,270 |
Bank of Ningbo Co. Ltd. Class A | 311,100 | 1,270 | |
BYD Co. Ltd. Class H | 35,500 | 1,264 | |
* | BeiGene Ltd. | 66,950 | 1,109 |
China National Building Material Co. Ltd. Class H | 1,751,983 | 1,107 | |
1 | CSC Financial Co. Ltd. Class H | 824,657 | 976 |
Suofeiya Home Collection Co. Ltd. Class A | 354,790 | 953 | |
* | KE Holdings Inc. Class A | 161,670 | 949 |
Tsingtao Brewery Co. Ltd. Class H | 104,000 | 935 |
Shares | Market Value ($000) | ||
* | Tencent Music Entertainment Group ADR | 132,550 | 927 |
* | Kingdee International Software Group Co. Ltd. | 504,575 | 885 |
Ping An Insurance Group Co. of China Ltd. Class A | 117,700 | 870 | |
*,1 | Kuaishou Technology | 95,900 | 842 |
Proya Cosmetics Co. Ltd. Class A | 52,080 | 824 | |
* | Kanzhun Ltd. ADR | 42,763 | 799 |
* | Ningbo Orient Wires & Cables Co. Ltd. Class A | 121,482 | 791 |
China Pacific Insurance Group Co. Ltd. Class H | 257,762 | 695 | |
China Oilfield Services Ltd. Class H | 540,508 | 638 | |
Guangzhou Tinci Materials Technology Co. Ltd. Class A | 122,200 | 631 | |
*,1 | Wuxi Biologics Cayman Inc. | 104,500 | 603 |
Sinopharm Group Co. Ltd. Class H | 182,400 | 574 | |
Suofeiya Home Collection Co. Ltd. Class A (XSHE) | 207,445 | 557 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A | 559,150 | 539 | |
* | Zai Lab Ltd. | 171,600 | 525 |
Zhejiang HangKe Technology Inc. Co Class A | 122,907 | 523 | |
Glodon Co. Ltd. Class A (XSHE) | 111,440 | 504 | |
Lufax Holding Ltd. ADR | 245,187 | 436 | |
* | H World Group Ltd. ADR | 8,007 | 385 |
Zhongsheng Group Holdings Ltd. | 107,000 | 376 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 280,718 | 363 | |
* | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. | 35,600 | 345 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 8,100 | 336 | |
* | Zai Lab Ltd. ADR | 10,894 | 327 |
WuXi AppTec Co. Ltd. Class A | 31,000 | 312 | |
* | Aluminum Corp of China Ltd. Class A | 317,594 | 284 |
China Vanke Co. Ltd. Class H | 190,100 | 269 | |
* | BeiGene Ltd. ADR | 1,168 | 250 |
Hangzhou Tigermed Consulting Co. Ltd. Class A | 25,800 | 249 | |
1 | Yadea Group Holdings Ltd. | 108,000 | 246 |
Yuexiu Property Co. Ltd. | 177,000 | 234 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (XSHE) | 5,600 | 232 | |
CSPC Pharmaceutical Group Ltd. | 263,199 | 220 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | 70,100 | 197 | |
*,1 | Remegen Co. Ltd. Class H | 34,359 | 196 |
Amoy Diagnostics Co. Ltd. Class A (XSHE) | 54,280 | 184 | |
Amoy Diagnostics Co. Ltd. Class A | 37,094 | 125 | |
Yifeng Pharmacy Chain Co. Ltd. Class A (XSHG) | 23,338 | 124 | |
Asymchem Laboratories Tianjin Co. Ltd. Class A | 6,360 | 111 | |
* | GDS Holdings Ltd. ADR | 7,863 | 104 |
* | Grand Baoxin Auto Group Ltd. | 2,846,500 | 104 |
* | Alibaba Group Holding Ltd. ADR | 872 | 89 |
1 | Asymchem Laboratories Tianjin Co. Ltd. Class H | 6,791 | 87 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A | 3,500 | 70 | |
Yifeng Pharmacy Chain Co. Ltd. Class A | 11,500 | 61 | |
*,2 | Tianhe Chemicals Group Ltd. | 4,142,000 | — |
228,740 | |||
Egypt (0.0%) | |||
Commercial International Bank Egypt SAE GDR (Registered) | 2 | — | |
Greece (0.7%) | |||
* | Alpha Services and Holdings SA | 2,992,079 | 5,388 |
Hong Kong (3.8%) | |||
* | Galaxy Entertainment Group Ltd. | 1,482,572 | 10,822 |
Pacific Basin Shipping Ltd. | 20,973,846 | 6,828 | |
Lenovo Group Ltd. | 3,878,000 | 4,464 | |
Yue Yuen Industrial Holdings Ltd. | 2,572,000 | 3,446 | |
* | Sands China Ltd. | 599,224 | 2,309 |
Shares | Market Value ($000) | ||
AIA Group Ltd. | 186,050 | 1,861 | |
Orient Overseas International Ltd. | 107,690 | 1,800 | |
Wharf Holdings Ltd. | 63,500 | 149 | |
31,679 | |||
Hungary (0.7%) | |||
OTP Bank Nyrt | 141,164 | 5,133 | |
MOL Hungarian Oil & Gas plc | 46,468 | 367 | |
5,500 | |||
India (12.3%) | |||
Reliance Industries Ltd. | 657,217 | 20,402 | |
* | HDFC Bank Ltd. | 400,527 | 8,041 |
Shriram Finance Ltd. | 317,842 | 7,328 | |
* | Larsen & Toubro Ltd. | 186,803 | 6,095 |
ICICI Bank Ltd. ADR | 192,303 | 4,725 | |
Aurobindo Pharma Ltd. | 466,825 | 4,671 | |
UltraTech Cement Ltd. | 41,417 | 4,192 | |
Bharti Airtel Ltd (XNSE) | 381,920 | 4,136 | |
Axis Bank Ltd. | 307,125 | 3,566 | |
Tata Consultancy Services Ltd. | 84,677 | 3,528 | |
1 | HDFC Life Insurance Co. Ltd. | 401,101 | 3,156 |
State Bank of India | 377,274 | 2,850 | |
Infosys Ltd. ADR | 161,578 | 2,692 | |
Tech Mahindra Ltd. | 178,561 | 2,425 | |
*,2 | Jio Financial Services Ltd. | 657,217 | 2,092 |
Kotak Mahindra Bank Ltd. | 80,168 | 1,812 | |
Hindustan Unilever Ltd. | 56,741 | 1,768 | |
* | Godrej Consumer Products Ltd. | 133,552 | 1,684 |
Ambuja Cements Ltd. | 241,129 | 1,359 | |
Bajaj Auto Ltd. | 21,582 | 1,295 | |
* | Varun Beverages Ltd. | 118,066 | 1,155 |
* | Delhivery Ltd. | 230,116 | 1,119 |
1 | SBI Life Insurance Co. Ltd. | 65,230 | 1,018 |
* | UPL Ltd. | 132,863 | 1,010 |
* | Colgate-Palmolive India Ltd. | 38,239 | 940 |
* | Glenmark Pharmaceuticals Ltd. | 83,109 | 796 |
Power Grid Corp. of India Ltd. | 235,637 | 763 | |
* | Amber Enterprises India Ltd. | 25,573 | 757 |
* | Container Corp. of India Ltd. | 82,129 | 694 |
ICICI Bank Ltd. | 55,389 | 675 | |
* | Maruti Suzuki India Ltd. | 5,068 | 606 |
Apollo Hospitals Enterprise Ltd. | 9,208 | 580 | |
* | Oil & Natural Gas Corp. Ltd. | 264,310 | 570 |
* | PVR Inox Ltd. | 27,632 | 523 |
Mahindra & Mahindra Ltd. | 28,137 | 505 | |
Cipla Ltd. | 31,709 | 454 | |
* | Eicher Motors Ltd. | 9,978 | 409 |
Tata Steel Ltd. | 194,770 | 292 | |
Fortis Healthcare Ltd. | 64,147 | 270 | |
Hero MotoCorp Ltd. | 2,181 | 85 | |
101,038 | |||
Indonesia (2.0%) | |||
Bank Rakyat Indonesia Persero Tbk PT | 37,147,442 | 13,908 | |
Bank Central Asia Tbk PT | 2,788,355 | 1,689 | |
Bank Mandiri Persero Tbk PT | 2,164,400 | 823 | |
16,420 | |||
Kenya (0.1%) | |||
Equity Group Holdings plc | 2,835,914 | 816 |
Shares | Market Value ($000) | ||
Mexico (1.8%) | |||
Grupo Financiero Banorte SAB de CV Class O | 602,178 | 5,707 | |
Wal-Mart de Mexico SAB de CV | 905,734 | 3,771 | |
* | Cemex SAB de CV ADR | 308,447 | 2,350 |
* | Fomento Economico Mexicano SAB de CV ADR | 8,826 | 1,000 |
Qualitas Controladora SAB de CV | 120,014 | 883 | |
Grupo Mexico SAB de CV Series B | 107,363 | 558 | |
Corp. Inmobiliaria Vesta SAB de CV | 68,000 | 247 | |
14,516 | |||
Other (0.7%) | |||
3 | Vanguard FTSE Emerging Markets ETF | 129,266 | 5,567 |
Philippines (0.3%) | |||
Bdo Unibank Inc. | 909,923 | 2,406 | |
Ayala Land Inc. | 411,400 | 206 | |
2,612 | |||
Poland (0.3%) | |||
*,1 | Allegro.eu SA | 147,294 | 1,299 |
KGHM Polska Miedz SA | 34,440 | 1,065 | |
2,364 | |||
Romania (0.1%) | |||
* | Banca Transilvania SA | 265,270 | 1,217 |
Russia (0.0%) | |||
*,2 | MMC Norilsk Nickel PJSC ADR | 200,203 | — |
*,2 | Sberbank of Russia PJSC | 1,473,153 | — |
*,2 | Mobile TeleSystems PJSC ADR | 93,946 | — |
*,2 | Moscow Exchange MICEX-RTS PJSC | 536,630 | — |
*,2 | Magnit PJSC GDR (Registered) | 2 | — |
*,2 | MMC Norilsk Nickel PJSC | 1,247 | — |
*,2 | Sberbank of Russia PJSC ADR | 476,234 | — |
*,2 | LUKOIL PJSC ADR | 102,385 | — |
*,2 | Novatek PJSC GDR (Registered) | 6,724 | — |
*,2,4 | Ozon Holdings plc ADR | 37,493 | — |
*,2 | Gazprom PJSC | 926,846 | — |
— | |||
Saudi Arabia (1.1%) | |||
1 | Saudi Arabian Oil Co. | 495,859 | 4,285 |
Saudi Awwal Bank | 235,471 | 2,389 | |
Al Rajhi Bank | 91,085 | 1,811 | |
Saudi Telecom Co. | 68,759 | 777 | |
9,262 | |||
Singapore (0.6%) | |||
Wilmar International Ltd. | 1,612,000 | 4,684 | |
South Africa (2.0%) | |||
AngloGold Ashanti Ltd. ADR | 232,459 | 5,161 | |
Sasol Ltd. | 342,139 | 4,777 | |
Impala Platinum Holdings Ltd. | 239,823 | 1,732 | |
FirstRand Ltd. | 315,005 | 1,281 | |
Naspers Ltd. Class N | 4,635 | 911 | |
Gold Fields Ltd. | 45,957 | 713 | |
* | Discovery Ltd. | 79,383 | 703 |
Harmony Gold Mining Co. Ltd. | 115,612 | 499 | |
Sibanye Stillwater Ltd. | 232,702 | 442 | |
Thungela Resources Ltd. | 56,635 | 426 | |
16,645 |
Shares | Market Value ($000) | ||
South Korea (6.5%) | |||
Samsung Electronics Co. Ltd. (XKRX) | 296,759 | 16,248 | |
SK Hynix Inc. | 90,581 | 8,772 | |
LG Chem Ltd. (XKRX) | 9,293 | 4,728 | |
Hankook Tire & Technology Co. Ltd. | 136,687 | 4,146 | |
Hyundai Motor Co. | 23,375 | 3,594 | |
DB Insurance Co. Ltd. | 55,938 | 3,308 | |
Samsung Electronics Co. Ltd. Preference Shares | 71,045 | 3,200 | |
Samsung SDI Co. Ltd. (XKRX) | 5,224 | 2,727 | |
Shinhan Financial Group Co. Ltd. | 53,870 | 1,483 | |
* | WONIK IPS Co. Ltd. | 49,897 | 1,478 |
Doosan Bobcat Inc. | 25,103 | 1,152 | |
KB Financial Group Inc. | 26,800 | 1,073 | |
NAVER Corp. | 4,531 | 807 | |
POSCO Holdings Inc. | 1,505 | 758 | |
53,474 | |||
Spain (0.2%) | |||
* | Banco Bilbao Vizcaya Argentaria SA | 205,402 | 1,631 |
Taiwan (10.4%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 2,680,627 | 48,406 | |
Hon Hai Precision Industry Co. Ltd. | 2,177,685 | 7,535 | |
Elite Material Co. Ltd. | 304,000 | 4,023 | |
MediaTek Inc. | 180,227 | 3,966 | |
Compal Electronics Inc. | 3,204,000 | 3,111 | |
United Integrated Services Co. Ltd. | 409,000 | 2,877 | |
* | Accton Technology Corp. | 212,000 | 2,586 |
Nanya Technology Corp. | 1,027,000 | 2,370 | |
E Ink Holdings Inc. | 307,000 | 2,202 | |
United Microelectronics Corp. | 1,455,926 | 2,188 | |
Chroma ATE Inc. | 244,000 | 2,149 | |
Silergy Corp. | 146,000 | 1,544 | |
Airtac International Group | 39,799 | 1,184 | |
Evergreen Marine Corp. Taiwan Ltd. | 344,348 | 1,142 | |
ASPEED Technology Inc. | 11,553 | 855 | |
86,138 | |||
Thailand (2.8%) | |||
PTT Exploration & Production PCL | 1,248,510 | 5,830 | |
SCB X PCL Foreign | 1,640,500 | 5,396 | |
Charoen Pokphand Foods PCL | 5,819,800 | 3,454 | |
Bangkok Bank PCL NVDR | 469,100 | 2,352 | |
Indorama Ventures PCL NVDR | 2,082,900 | 2,086 | |
Kasikornbank PCL NVDR | 487,879 | 1,798 | |
Bangkok Bank PCL (Registered) | 215,800 | 1,082 | |
Kasikornbank PCL | 151,600 | 559 | |
Bangkok Dusit Medical Services PCL Class F | 446,300 | 375 | |
Central Pattana PCL | 123,470 | 246 | |
23,178 | |||
Turkey (0.3%) | |||
Akbank TAS | 2,133,100 | 2,214 | |
United Arab Emirates (0.6%) | |||
Abu Dhabi Commercial Bank PJSC | 1,587,605 | 3,796 | |
* | Emirates NBD Bank PJSC | 229,162 | 1,060 |
Emaar Properties PJSC | 228,920 | 421 | |
5,277 | |||
United Kingdom (1.4%) | |||
Standard Chartered plc | 739,829 | 7,107 |
Shares | Market Value ($000) | ||
Fresnillo plc | 201,336 | 1,596 | |
1 | Airtel Africa plc | 923,016 | 1,380 |
Anglo American plc | 30,547 | 939 | |
Centamin plc | 297,387 | 367 | |
Hikma Pharmaceuticals plc | 10,824 | 291 | |
11,680 | |||
United States (4.5%) | |||
Credicorp Ltd. | 49,655 | 7,798 | |
* | MercadoLibre Inc. | 5,602 | 6,936 |
Freeport-McMoRan Inc. | 126,596 | 5,653 | |
Cognizant Technology Solutions Corp. Class A | 51,280 | 3,386 | |
* | Flex Ltd. | 84,985 | 2,325 |
* | Coupang Inc. Class A | 123,637 | 2,244 |
* | Sea Ltd. ADR | 32,952 | 2,192 |
Copa Holdings SA Class A | 18,416 | 2,173 | |
Ternium SA ADR | 48,013 | 2,144 | |
* | WNS Holdings Ltd. | 14,106 | 975 |
Patria Investments Ltd. Class A | 54,326 | 827 | |
* | MakeMyTrip Ltd. | 26,489 | 762 |
37,415 | |||
Vietnam (0.5%) | |||
Vietnam Dairy Products JSC | 1,137,100 | 3,747 | |
Total Common Stocks (Cost $696,480) | 770,246 | ||
Temporary Cash Investments (6.0%) | |||
Money Market Fund (6.0%) | |||
5,6 | Vanguard Market Liquidity Fund, 5.274% (Cost $49,685) | 496,994 | 49,689 |
Total Investments (99.5%) (Cost $746,165) | 819,935 | ||
Other Assets and Liabilities—Net (0.5%) | 4,057 | ||
Net Assets (100%) | 823,992 | ||
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 $28,737,000, representing 3.5% of net assets. |
2 | Security value determined using significant unobservable inputs. |
3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
4 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $646,000. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $1,336,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository 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 Emerging Markets Index | September 2023 | 623 | 32,841 | 1,504 |
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. 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 | 150,975 | — | — | 150,975 |
Common Stocks—Other | 37,088 | 580,091 | 2,092 | 619,271 |
Temporary Cash Investments | 49,689 | — | — | 49,689 |
Total | 237,752 | 580,091 | 2,092 | 819,935 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,504 | — | — | 1,504 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
E. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
Current Period Transactions | ||||||||
Oct. 31, 2022 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jul. 31, 2023 Market Value ($000) | |
Vanguard FTSE Emerging Markets ETF | 5,342 | 9,669 | 10,726 | (276) | 1,558 | 166 | — | 5,567 |
Vanguard Market Liquidity Fund | 27,141 | NA1 | NA1 | 1 | (1) | 1,386 | — | 49,689 |
Total | 32,483 | 9,669 | 10,726 | (275) | 1,557 | 1,552 | — | 55,256 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |