Vanguard® International Growth Fund
Schedule of Investments (unaudited)
As of May 31, 2024
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 (97.3%) | |||
Australia (1.3%) | |||
WiseTech Global Ltd. | 8,981,963 | 583,777 | |
Austria (0.5%) | |||
Erste Group Bank AG | 4,532,953 | 222,750 | |
Belgium (2.4%) | |||
* | Argenx SE | 1,994,991 | 737,842 |
Umicore SA | 9,568,320 | 189,513 | |
UCB SA | 1,226,367 | 172,023 | |
1,099,378 | |||
Brazil (1.8%) | |||
* | NU Holdings Ltd. Class A | 60,644,967 | 720,462 |
Raia Drogasil SA | 18,480,166 | 88,232 | |
808,694 | |||
Canada (1.0%) | |||
Toronto-Dominion Bank | 2,907,496 | 162,553 | |
Canadian National Railway Co. | 1,253,467 | 159,563 | |
* | Shopify Inc. Class A (XTSE) | 1,948,263 | 115,240 |
437,356 | |||
China (8.1%) | |||
* | PDD Holdings Inc. ADR | 6,467,960 | 968,771 |
Tencent Holdings Ltd. | 20,431,100 | 947,872 | |
*,1 | Meituan Class B | 55,721,868 | 759,276 |
BYD Co. Ltd. Class H | 18,370,500 | 515,463 | |
Full Truck Alliance Co. Ltd. ADR | 12,227,700 | 108,093 | |
Shenzhen Inovance Technology Co. Ltd. Class A | 12,775,614 | 102,127 | |
*,1 | Wuxi Biologics Cayman Inc. | 66,043,000 | 94,754 |
Contemporary Amperex Technology Co. Ltd. Class A | 3,428,659 | 93,364 | |
1 | Ganfeng Lithium Group Co. Ltd. Class H | 18,796,200 | 52,152 |
3,641,872 | |||
Denmark (4.9%) | |||
* | Vestas Wind Systems A/S | 31,160,984 | 874,326 |
* | Genmab A/S | 2,449,802 | 691,478 |
Novo Nordisk A/S Class B | 2,368,143 | 320,855 | |
Ambu A/S Class B | 16,459,513 | 316,013 | |
2,202,672 | |||
France (5.5%) | |||
L'Oreal SA (XPAR) | 1,499,935 | 740,368 | |
Schneider Electric SE | 2,072,475 | 517,041 | |
Kering SA | 833,512 | 288,158 | |
Sanofi SA | 2,156,472 | 211,123 | |
TotalEnergies SE | 2,384,184 | 174,676 | |
EssilorLuxottica SA | 704,649 | 158,020 | |
Hermes International SCA | 62,020 | 147,212 | |
* | SOITEC | 977,460 | 119,887 |
Legrand SA | 1,006,958 | 109,338 | |
2,465,823 | |||
Germany (3.5%) | |||
SAP SE | 2,397,637 | 437,229 | |
*,1 | Zalando SE | 10,049,138 | 266,898 |
Infineon Technologies AG | 5,714,599 | 231,204 | |
Bayerische Motoren Werke AG (XETR) | 2,149,376 | 219,241 | |
Siemens AG (Registered) | 991,946 | 191,189 | |
Beiersdorf AG | 864,213 | 135,489 | |
*,2,3 | HelloFresh SE | 10,336,074 | 62,091 |
*,2,3 | Jumia Technologies AG ADR | 6,724,836 | 47,679 |
1,591,020 |
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Vanguard® International Growth Fund
Shares | Market Value ($000) | ||
Hong Kong (1.7%) | |||
AIA Group Ltd. | 66,568,000 | 517,047 | |
Hong Kong Exchanges & Clearing Ltd. | 3,985,030 | 134,798 | |
BOC Hong Kong Holdings Ltd. | 36,627,500 | 115,135 | |
766,980 | |||
India (1.8%) | |||
HDFC Bank Ltd. | 27,473,596 | 504,658 | |
Reliance Industries Ltd. | 4,327,829 | 148,470 | |
* | MakeMyTrip Ltd. | 1,747,387 | 132,085 |
*,4,5 | ANI Technologies Private Ltd. PP (Acquired 12/1/15, Cost $5,969) | 166,185 | 16,825 |
802,038 | |||
Indonesia (0.3%) | |||
Bank Central Asia Tbk PT | 230,721,400 | 131,274 | |
Israel (1.4%) | |||
*,2 | Wix.com Ltd. | 4,006,720 | 645,483 |
Italy (3.1%) | |||
Ferrari NV | 2,316,706 | 954,673 | |
Prysmian SpA | 4,145,038 | 272,618 | |
FinecoBank Banca Fineco SpA | 10,924,663 | 177,182 | |
1,404,473 | |||
Japan (6.2%) | |||
SMC Corp. | 791,300 | 399,630 | |
Nidec Corp. | 7,518,100 | 374,765 | |
Mitsubishi UFJ Financial Group Inc. | 33,287,400 | 353,568 | |
Sony Group Corp. | 2,479,900 | 203,602 | |
M3 Inc. | 20,126,400 | 195,165 | |
KDDI Corp. | 5,831,500 | 160,686 | |
MS&AD Insurance Group Holdings Inc. | 7,597,300 | 158,023 | |
Recruit Holdings Co. Ltd. | 3,118,600 | 157,433 | |
Bridgestone Corp. | 3,509,000 | 153,804 | |
SBI Holdings Inc. | 4,470,400 | 115,780 | |
FUJIFILM Holdings Corp. | 4,717,200 | 107,721 | |
Terumo Corp. | 6,308,200 | 107,454 | |
Kubota Corp. | 6,484,800 | 91,783 | |
Daikin Industries Ltd. | 565,000 | 82,564 | |
Shimano Inc. | 491,100 | 80,147 | |
Sekisui Chemical Co. Ltd. | 4,103,600 | 58,898 | |
2,801,023 | |||
Netherlands (9.6%) | |||
ASML Holding NV | 2,221,022 | 2,125,007 | |
*,1 | Adyen NV | 1,068,032 | 1,385,006 |
EXOR NV | 7,228,863 | 811,806 | |
4,321,819 | |||
Norway (0.6%) | |||
DNB Bank ASA | 6,517,976 | 127,632 | |
*,1 | AutoStore Holdings Ltd. | 85,404,717 | 121,243 |
248,875 | |||
Singapore (0.7%) | |||
* | Sea Ltd. ADR | 4,812,747 | 324,957 |
South Korea (3.9%) | |||
* | Coupang Inc. | 44,052,278 | 1,001,749 |
Samsung Electronics Co. Ltd. (XKRX) | 6,565,288 | 347,847 | |
*,1 | Delivery Hero SE | 9,609,839 | 294,368 |
Samsung SDI Co. Ltd. (XKRX) | 341,938 | 93,423 | |
Celltrion Inc. | 3 | — | |
1,737,387 | |||
Spain (0.8%) | |||
Banco Bilbao Vizcaya Argentaria SA | 20,705,692 | 224,685 | |
Iberdrola SA (XMAD) | 10,602,865 | 139,944 | |
364,629 | |||
Sweden (7.2%) | |||
* | Spotify Technology SA | 6,190,449 | 1,837,201 |
Atlas Copco AB Class A | 57,982,315 | 1,116,986 | |
* | Kinnevik AB Class B | 15,093,719 | 175,877 |
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Vanguard® International Growth Fund
Shares | Market Value ($000) | ||
Svenska Handelsbanken AB Class A | 8,112,961 | 76,348 | |
Nibe Industrier AB Class B | 5,311,268 | 27,231 | |
3,233,643 | |||
Switzerland (2.6%) | |||
1 | VAT Group AG | 638,714 | 350,262 |
Cie Financiere Richemont SA Class A (Registered) | 1,392,134 | 224,018 | |
Alcon Inc. | 1,745,217 | 156,764 | |
Lonza Group AG (Registered) | 286,123 | 155,322 | |
Chocoladefabriken Lindt & Spruengli AG | 12,380 | 144,085 | |
Temenos AG (Registered) | 2,177,560 | 140,600 | |
1,171,051 | |||
Taiwan (4.5%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 79,273,000 | 2,030,017 | |
United Kingdom (6.5%) | |||
* | Wise plc Class A | 42,791,415 | 449,654 |
GSK plc | 14,353,401 | 322,062 | |
*,2,4,5 | Brandtech Group Class A1 PP (Acquired 9/23/15, Cost $44,800) | 33,633,606 | 247,880 |
Unilever plc (XLON) | 4,303,730 | 235,685 | |
*,2 | Ocado Group plc | 47,079,148 | 227,054 |
Rio Tinto plc | 2,951,697 | 207,792 | |
AstraZeneca plc | 1,277,604 | 198,602 | |
RELX plc | 4,202,734 | 184,361 | |
Reckitt Benckiser Group plc | 2,597,689 | 148,674 | |
Haleon plc | 31,515,347 | 130,959 | |
Diageo plc | 3,180,132 | 107,067 | |
Lloyds Banking Group plc | 146,583,597 | 104,640 | |
Bunzl plc | 2,683,063 | 100,870 | |
National Grid plc | 8,652,301 | 98,031 | |
Burberry Group plc | 6,159,364 | 81,699 | |
Whitbread plc | 1,876,952 | 71,178 | |
2,916,208 | |||
United States (17.4%) | |||
* | MercadoLibre Inc. | 1,288,705 | 2,223,764 |
NVIDIA Corp. | 1,470,288 | 1,611,921 | |
* | Moderna Inc. | 9,029,182 | 1,287,110 |
*,2 | Elastic NV | 5,942,696 | 618,337 |
Shell plc (XETR) | 11,500,265 | 418,237 | |
* | Illumina Inc. | 2,992,746 | 312,083 |
* | Tesla Inc. | 1,535,518 | 273,445 |
Roche Holding AG | 640,102 | 163,429 | |
Booking Holdings Inc. | 42,412 | 160,162 | |
* | Atlassian Corp. Class A | 953,026 | 149,492 |
*,3 | Mobileye Global Inc. Class A | 5,227,537 | 134,139 |
* | Liberty Media Corp.-Liberty Formula One Class C | 1,702,897 | 126,253 |
*,3 | ARM Holdings plc ADR | 728,355 | 87,781 |
Ferguson plc | 381,816 | 78,555 | |
* | Lululemon Athletica Inc. | 219,932 | 68,617 |
Shell plc | 1,875,532 | 68,178 | |
* | SolarEdge Technologies Inc. | 1,005,131 | 49,241 |
7,830,744 | |||
Total Common Stocks (Cost $30,488,178) | 43,783,943 | ||
Preferred Stocks (1.0%) | |||
Sartorius AG Preference Shares | 1,385,608 | 367,280 | |
1 | Dr. Ing Hc F Porsche AG Preference Shares | 1,047,639 | 87,027 |
Total Preferred Stocks (Cost $899,239) | 454,307 |
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Vanguard® International Growth Fund
Shares | Market Value ($000) | ||
Rights (0.0%) | |||
* | National Grid plc Exp. 6/10/24 (Cost —) | 2,523,587 | 6,305 |
Temporary Cash Investments (1.7%) | |||
Money Market Fund (1.7%) | |||
6,7 | Vanguard Market Liquidity Fund, 5.397% (Cost $762,964) | 7,631,017 | 763,025 |
Total Investments (100.0%) (Cost $32,150,381) | 45,007,580 | ||
Other Assets and Liabilities—Net (0.0%) | 16,090 | ||
Net Assets (100%) | 45,023,670 | ||
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 May 31, 2024, the aggregate value was $3,410,986,000, representing 7.6% of net assets. |
2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
3 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $130,132,000. |
4 | Restricted securities totaling $264,705,000, representing 0.6% 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 $137,752,000 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 | June 2024 | 2,389 | 283,120 | (1,454) |
MSCI Emerging Markets Index | June 2024 | 2,099 | 110,880 | (4,953) |
(6,407) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Deutsche Bank AG | 6/20/24 | USD | 9,717 | EUR | 8,910 | 40 | — |
EUR—euro. |
USD—U.S. dollar. |
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). |
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Vanguard® International Growth Fund
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. | 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. Risks associated with these types of forward currency 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. 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 May 31, 2024, 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 | 8,426,950 | 649,844 | — | 9,076,794 |
Common Stocks—Other | 5,066,018 | 29,376,426 | 264,705 | 34,707,149 |
Preferred Stocks | — | 454,307 | — | 454,307 |
Rights | 6,305 | — | — | 6,305 |
Temporary Cash Investments | 763,025 | — | — | 763,025 |
Total | 14,262,298 | 30,480,577 | 264,705 | 45,007,580 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 40 | — | 40 |
Liabilities | ||||
Futures Contracts1 | 6,407 | — | — | 6,407 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
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Vanguard® International Growth Fund
F. | 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) | May 31, 2024 Market Value ($000) | |
Brandtech Group Class A | 267,387 | — | — | — | (19,507) | — | — | 247,880 |
Elastic NV | NA1 | 157,425 | 30,638 | (4,004) | 192,589 | — | — | 618,337 |
HelloFresh SE | 333,112 | — | — | — | (271,021) | — | — | 62,091 |
Jumia Technologies AG ADR | 20,645 | — | — | — | 27,034 | — | — | 47,679 |
Ocado Group plc | 518,583 | — | — | — | (291,529) | — | — | 227,054 |
Vanguard Market Liquidity Fund | 789,745 | NA2 | NA2 | 18 | 2 | 24,346 | 3 | 763,025 |
Wix.com Ltd. | 395,744 | — | — | — | 249,739 | — | — | 645,483 |
Total | 2,325,216 | 157,425 | 30,638 | (3,986) | (112,693) | 24,346 | 3 | 2,611,549 |
1 | Not applicable—at August 31, 2023, the issuer was not an affiliated company of the fund. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
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