Vanguard® International Growth Fund
Schedule of Investments (unaudited)
As of November 30, 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 (97.2%) | |||
Australia (0.9%) | |||
WiseTech Global Ltd. | 8,981,963 | 395,552 | |
Austria (0.5%) | |||
Erste Group Bank AG | 4,821,883 | 195,004 | |
Belgium (3.7%) | |||
* | Argenx SE | 2,499,803 | 1,115,018 |
Umicore SA | 12,319,461 | 329,219 | |
UCB SA | 1,460,175 | 107,994 | |
1,552,231 | |||
Brazil (1.6%) | |||
* | NU Holdings Ltd. Class A | 51,727,593 | 421,063 |
B3 SA - Brasil Bolsa Balcao | 50,616,902 | 136,773 | |
Raia Drogasil SA | 19,658,091 | 112,148 | |
669,984 | |||
Canada (0.8%) | |||
Toronto-Dominion Bank | 3,092,819 | 188,584 | |
Canadian National Railway Co. | 1,333,362 | 154,723 | |
343,307 | |||
China (10.2%) | |||
Tencent Holdings Ltd. | 30,477,900 | 1,269,684 | |
* | PDD Holdings Inc. ADR | 6,666,546 | 982,916 |
*,1 | Meituan Class B | 47,849,968 | 553,935 |
*,1 | Wuxi Biologics Cayman Inc. | 66,043,000 | 366,676 |
*,2 | NIO Inc. ADR | 38,610,070 | 280,695 |
* | Baidu Inc. ADR | 1,951,652 | 231,583 |
* | Alibaba Group Holding Ltd. | 19,497,776 | 181,240 |
Shenzhen Inovance Technology Co. Ltd. Class A | 13,589,914 | 125,618 | |
* | Full Truck Alliance Co. Ltd. ADR | 12,227,700 | 91,586 |
Contemporary Amperex Technology Co. Ltd. Class A | 3,647,159 | 85,419 | |
BYD Co. Ltd. Class H | 2,452,000 | 65,902 | |
1 | Ganfeng Lithium Group Co. Ltd. Class H | 18,796,200 | 60,120 |
4,295,374 | |||
Denmark (4.9%) | |||
* | Vestas Wind Systems A/S | 29,439,738 | 814,028 |
* | Genmab A/S | 2,449,802 | 770,500 |
Novo Nordisk A/S Class B | 3,136,634 | 320,453 | |
Ambu A/S Class B | 13,769,955 | 187,381 | |
2,092,362 | |||
France (6.5%) | |||
L'Oreal SA (XPAR) | 1,564,175 | 734,992 | |
Kering SA | 1,529,179 | 657,807 |
Shares | Market Value ($000) | ||
Schneider Electric SE | 2,204,573 | 405,758 | |
Sanofi SA | 2,654,711 | 247,592 | |
TotalEnergies SE | 2,536,150 | 172,862 | |
* | SOITEC | 892,770 | 161,964 |
EssilorLuxottica SA | 749,562 | 143,127 | |
Carrefour SA | 6,342,833 | 120,259 | |
Legrand SA | 1,071,140 | 103,310 | |
2,747,671 | |||
Germany (4.3%) | |||
SAP SE | 2,550,461 | 405,704 | |
*,1 | Delivery Hero SE | 9,609,839 | 304,619 |
*,1 | Zalando SE | 12,213,116 | 291,187 |
Bayerische Motoren Werke AG (XETR) | 2,168,590 | 226,276 | |
Infineon Technologies AG | 5,688,005 | 219,469 | |
Siemens AG (Registered) | 1,055,171 | 177,250 | |
*,3 | HelloFresh SE | 10,336,074 | 158,492 |
*,2,3 | Jumia Technologies AG ADR | 6,724,836 | 22,797 |
1,805,794 | |||
Hong Kong (2.5%) | |||
AIA Group Ltd. | 92,863,600 | 798,361 | |
Hong Kong Exchanges & Clearing Ltd. | 3,985,030 | 141,080 | |
BOC Hong Kong Holdings Ltd. | 38,962,500 | 104,175 | |
1,043,616 | |||
India (1.7%) | |||
HDFC Bank Ltd. | 32,764,989 | 614,258 | |
Larsen & Toubro Ltd. | 2,674,070 | 99,825 | |
*,4,5 | ANI Technologies Private Ltd. PP (Acquired 12/1/15, Cost $5,969) | 166,185 | 13,260 |
727,343 | |||
Indonesia (0.3%) | |||
Bank Central Asia Tbk PT | 245,427,400 | 142,049 | |
Israel (1.0%) | |||
*,3 | Wix.com Ltd. | 4,006,720 | 406,682 |
Italy (3.2%) | |||
Ferrari NV | 2,899,825 | 1,045,032 | |
Prysmian SpA | 4,145,038 | 159,889 | |
FinecoBank Banca Fineco SpA | 11,621,001 | 156,818 | |
1,361,739 | |||
Japan (6.7%) | |||
SMC Corp. | 816,300 | 411,174 | |
Nidec Corp. | 10,240,000 | 388,284 | |
M3 Inc. | 23,057,700 | 380,512 | |
Mitsubishi UFJ Financial Group Inc. | 35,409,200 | 301,710 | |
Sony Group Corp. | 2,638,000 | 226,844 | |
Bridgestone Corp. | 4,371,000 | 180,417 | |
KDDI Corp. | 5,698,600 | 178,013 | |
Recruit Holdings Co. Ltd. | 3,317,400 | 122,593 | |
Terumo Corp. | 3,355,200 | 107,123 | |
Kubota Corp. | 6,898,200 | 99,077 | |
SBI Holdings Inc. | 4,470,400 | 96,980 | |
Murata Manufacturing Co. Ltd. | 4,523,200 | 87,896 | |
FUJIFILM Holdings Corp. | 1,460,200 | 85,510 | |
Sekisui Chemical Co. Ltd. | 5,194,800 | 73,830 | |
Daikin Industries Ltd. | 350,700 | 52,366 | |
MISUMI Group Inc. | 2,362,600 | 38,360 |
Shares | Market Value ($000) | ||
Shimano Inc. | 131,000 | 20,058 | |
2,850,747 | |||
Netherlands (10.0%) | |||
ASML Holding NV | 3,291,578 | 2,243,299 | |
*,1 | Adyen NV | 1,032,211 | 1,206,919 |
EXOR NV | 7,791,309 | 759,147 | |
4,209,365 | |||
Norway (0.6%) | |||
*,1 | AutoStore Holdings Ltd. | 85,404,717 | 142,114 |
DNB Bank ASA | 6,933,432 | 132,178 | |
274,292 | |||
Singapore (0.2%) | |||
* | Sea Ltd. ADR | 2,479,980 | 89,825 |
South Korea (1.9%) | |||
Samsung Electronics Co. Ltd. (XKRX) | 6,983,758 | 393,798 | |
* | Coupang Inc. | 17,777,961 | 271,647 |
Samsung SDI Co. Ltd. (XKRX) | 363,733 | 132,445 | |
797,890 | |||
Spain (0.9%) | |||
Banco Bilbao Vizcaya Argentaria SA | 25,518,664 | 237,560 | |
Iberdrola SA (XMAD) | 11,086,031 | 137,012 | |
374,572 | |||
Sweden (6.6%) | |||
* | Spotify Technology SA | 8,502,818 | 1,573,957 |
Atlas Copco AB Class A | 60,558,186 | 934,795 | |
* | Kinnevik AB Class B | 15,093,719 | 141,206 |
Svenska Handelsbanken AB Class A | 10,973,312 | 103,689 | |
Nibe Industrier AB Class B | 5,649,807 | 33,369 | |
2,787,016 | |||
Switzerland (3.0%) | |||
1 | VAT Group AG | 638,714 | 296,546 |
Roche Holding AG | 1,014,840 | 273,013 | |
Temenos AG (Registered) | 2,177,560 | 184,788 | |
Alcon Inc. | 1,856,456 | 140,032 | |
Cie Financiere Richemont SA Class A (Registered) | 1,071,094 | 133,962 | |
Chocoladefabriken Lindt & Spruengli AG | 10,427 | 128,927 | |
Lonza Group AG (Registered) | 304,360 | 117,824 | |
1,275,092 | |||
Taiwan (3.0%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 68,401,000 | 1,251,199 | |
United Kingdom (7.5%) | |||
Shell plc (XETR) | 11,500,265 | 378,925 | |
*,3 | Ocado Group plc | 47,079,148 | 357,672 |
* | Wise plc Class A | 34,223,559 | 338,554 |
*,3,4,5 | Brandtech Group Class A1 PP (Acquired 9/23/15, Cost $44,800) | 33,633,606 | 267,387 |
AstraZeneca plc | 1,763,262 | 226,943 | |
Unilever plc (XLON) | 4,578,048 | 218,404 | |
RELX plc | 4,470,615 | 172,042 | |
Reckitt Benckiser Group plc | 2,517,708 | 171,876 | |
Rio Tinto plc | 2,043,332 | 139,657 | |
GSK plc | 7,622,409 | 136,955 | |
National Grid plc | 9,203,799 | 119,367 | |
Diageo plc | 3,382,833 | 118,404 | |
Bunzl plc | 2,854,081 | 108,345 | |
*,2 | ARM Holdings plc ADR | 1,610,096 | 99,021 |
Shares | Market Value ($000) | ||
Burberry Group plc | 5,065,544 | 93,840 | |
Shell plc | 2,728,106 | 89,828 | |
Whitbread plc | 1,996,589 | 78,066 | |
HSBC Holdings plc | 6,522,906 | 49,825 | |
3,165,111 | |||
United States (14.7%) | |||
* | MercadoLibre Inc. | 1,637,425 | 2,653,382 |
NVIDIA Corp. | 1,758,538 | 822,468 | |
* | Moderna Inc. | 9,417,081 | 731,707 |
* | Tesla Inc. | 2,765,637 | 663,974 |
* | Elastic NV | 4,896,014 | 393,444 |
* | Illumina Inc. | 3,221,940 | 328,477 |
*,2 | Mobileye Global Inc. Class A | 5,227,537 | 214,590 |
* | Booking Holdings Inc. | 53,108 | 166,000 |
* | Lululemon Athletica Inc. | 353,287 | 157,849 |
* | SolarEdge Technologies Inc. | 1,005,131 | 79,787 |
6,211,678 | |||
Total Common Stocks (Cost $31,156,244) | 41,065,495 | ||
Preferred Stocks (1.3%) | |||
2 | Sartorius AG Preference Shares | 1,380,973 | 445,646 |
1,2 | Dr. Ing Hc F Porsche AG Preference Shares | 871,379 | 79,829 |
Total Preferred Stocks (Cost $881,956) | 525,475 | ||
Temporary Cash Investments (2.1%) | |||
Money Market Fund (2.1%) | |||
6,7 | Vanguard Market Liquidity Fund, 5.438% (Cost $904,968) | 9,051,015 | 905,011 |
Total Investments (100.6%) (Cost $32,943,168) | 42,495,981 | ||
Other Assets and Liabilities—Net (-0.6%) | (248,550) | ||
Net Assets (100%) | 42,247,431 | ||
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 November 30, 2023, the aggregate value was $3,301,945,000, representing 7.8% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $299,858,000. |
3 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
4 | Restricted securities totaling $280,647,000, representing 0.7% of net assets. |
5 | Security value determined using significant unobservable inputs. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $327,846,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
PP—Private Placement. |
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 | December 2023 | 3,135 | 333,345 | 6,448 |
MSCI Emerging Markets Index | December 2023 | 2,743 | 135,381 | 1,980 |
8,428 |
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 November 30, 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 | 7,224,969 | — | — | 7,224,969 |
Common Stocks—Other | 4,050,709 | 29,509,170 | 280,647 | 33,840,526 |
Preferred Stocks | — | 525,475 | — | 525,475 |
Temporary Cash Investments | 905,011 | — | — | 905,011 |
Total | 12,180,689 | 30,034,645 | 280,647 | 42,495,981 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 8,428 | — | — | 8,428 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
E. Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:
Current Period Transactions | ||||||||
Aug. 31, 2023 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) | Nov. 30, 2023 Market Value ($000) | |
Brandtech Group Class A | 267,387 | — | — | — | — | — | — | 267,387 |
HelloFresh SE | 333,112 | — | — | — | (174,620) | — | — | 158,492 |
Jumia Technologies AG ADR | 20,645 | — | — | — | 2,152 | — | — | 22,797 |
Ocado Group plc | 518,583 | — | — | — | (160,911) | — | — | 357,672 |
Vanguard Market Liquidity Fund | 789,745 | NA1 | NA1 | 16 | (17) | 7,950 | — | 905,011 |
Wix.com Ltd. | 395,744 | — | — | — | 10,938 | — | — | 406,682 |
Total | 2,325,216 | — | — | 16 | (322,458) | 7,950 | — | 2,118,041 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |