Vanguard® International Explorer Fund
Schedule of Investments (unaudited)
As of July 31, 2021
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 (96.4%) | ||||||
Australia (3.4%) | ||||||
James Hardie Industries plc NA | 323,751 | 10,923 | ||||
Steadfast Group Ltd. | 3,162,900 | 10,349 | ||||
1 | Bingo Industries Ltd. | 3,389,068 | 8,289 | |||
Iluka Resources Ltd. | 1,065,317 | 7,766 | ||||
IPH Ltd. | 1,205,400 | 7,168 | ||||
Ansell Ltd. | 179,983 | 5,204 | ||||
Deterra Royalties Ltd. | 1,211,532 | 4,162 | ||||
Charter Hall Group | 346,767 | 4,144 | ||||
Ingenia Communities Group | 944,623 | 4,032 | ||||
Mineral Resources Ltd. | 85,442 | 3,953 | ||||
* | Tyro Payments Ltd. | 1,378,616 | 3,512 | |||
AUB Group Ltd. | 201,243 | 3,406 | ||||
Orora Ltd. | 1,282,615 | 3,399 | ||||
Netwealth Group Ltd. | 210,797 | 2,437 | ||||
Seven Group Holdings Ltd. | 136,942 | 2,349 | ||||
Reliance Worldwide Corp. Ltd. | 488,199 | 1,994 | ||||
Northern Star Resources Ltd. | 214,491 | 1,598 | ||||
*,1 | Pilbara Minerals Ltd. | 1,045,554 | 1,361 | |||
* | Nufarm Ltd. | 419,333 | 1,330 | |||
OZ Minerals Ltd. | 71,961 | 1,220 | ||||
Domino's Pizza Enterprises Ltd. | 13,932 | 1,199 | ||||
IGO Ltd. | 164,654 | 1,123 | ||||
* | Lynas Rare Earths Ltd. | 199,153 | 1,076 | |||
* | Cleanspace Holdings Ltd. | 863,931 | 887 | |||
Worley Ltd. | 97,083 | 797 | ||||
Alumina Ltd. | 650,210 | 797 | ||||
* | Bellevue Gold Ltd. | 1,005,341 | 729 | |||
* | Whitehaven Coal Ltd. | 442,399 | 721 | |||
Beach Energy Ltd. | 625,293 | 550 | ||||
Altium Ltd. | 16,074 | 402 | ||||
* | Mesoblast Ltd. | 231,190 | 322 | |||
97,199 | ||||||
Austria (0.6%) | ||||||
2 | S&T AG | 326,318 | 8,281 | |||
*,3 | BAWAG Group AG | 87,674 | 4,981 | |||
AT&S Austria Technologie & Systemtechnik AG | 49,190 | 2,254 | ||||
Wienerberger AG | 38,493 | 1,573 | ||||
17,089 | ||||||
Belgium (1.0%) | ||||||
Barco NV | 454,981 | 11,366 | ||||
Recticel SA | 431,213 | 7,106 |
Shares | Market Value ($000) | |||||
KBC Ancora | 100,267 | 4,432 | ||||
* | bpost SA | 316,281 | 3,552 | |||
Melexis NV | 20,192 | 2,250 | ||||
*,3 | Biocartis Group NV | 113,425 | 540 | |||
D'ieteren Group | 2,528 | 405 | ||||
29,651 | ||||||
Brazil (0.8%) | ||||||
TOTVS SA | 939,300 | 6,377 | ||||
*,3 | Locaweb Servicos de Internet SA | 1,286,900 | 6,155 | |||
* | Afya Ltd. Class A | 158,700 | 3,650 | |||
Boa Vista Servicos SA | 1,541,100 | 3,430 | ||||
* | Rumo SA | 421,000 | 1,670 | |||
* | Magazine Luiza SA | 256 | 1 | |||
21,283 | ||||||
Canada (1.5%) | ||||||
* | Nuvei Corp. | 135,189 | 11,086 | |||
* | Kinaxis Inc. | 49,133 | 6,374 | |||
* | Lightspeed POS Inc. (XTSE) | 59,795 | 5,120 | |||
* | Real Matters Inc. | 386,600 | 3,957 | |||
* | Docebo Inc. | 55,300 | 3,679 | |||
* | Boat Rocker Media Inc. | 596,182 | 3,625 | |||
* | Lightspeed POS Inc. (XNYS) | 40,178 | 3,436 | |||
* | EcoSynthetix Inc. | 642,114 | 3,011 | |||
2 | Canacol Energy Ltd. | 284,740 | 728 | |||
41,016 | ||||||
China (2.5%) | ||||||
China Longyuan Power Group Corp. Ltd. Class H | 3,846,000 | 7,202 | ||||
Haitian International Holdings Ltd. | 1,935,000 | 7,078 | ||||
3 | A-Living Smart City Services Co. Ltd. | 1,652,050 | 6,301 | |||
* | Zai Lab Ltd. ADR | 42,602 | 6,161 | |||
Li Ning Co. Ltd. | 577,000 | 6,094 | ||||
Kingboard Holdings Ltd. | 957,000 | 5,014 | ||||
* | Chinasoft International Ltd. | 2,410,700 | 4,322 | |||
* | Yeahka Ltd. | 702,700 | 3,386 | |||
3 | IMAX China Holding Inc. | 2,444,300 | 3,380 | |||
Ningbo Joyson Electronic Corp. Class A | 843,637 | 3,317 | ||||
* | Tongcheng-Elong Holdings Ltd. | 1,458,800 | 3,283 | |||
* | Estun Automation Co. Ltd. Class A | 536,551 | 3,251 | |||
* | Yihai International Holding Ltd. | 452,000 | 2,726 | |||
Precision Tsugami China Corp. Ltd. | 1,820,820 | 2,552 | ||||
Minth Group Ltd. | 508,000 | 2,148 | ||||
* | Niu Technologies ADR | 73,011 | 1,869 | |||
Venustech Group Inc. Class A | 201,000 | 988 | ||||
*,3 | Weimob Inc. | 293,000 | 398 | |||
* | Gracell Biotechnologies Inc. ADR | 24,394 | 303 | |||
69,773 | ||||||
Czech Republic (0.1%) | ||||||
* | Komercni banka A/S | 38,051 | 1,413 | |||
Denmark (2.2%) | ||||||
Royal Unibrew A/S | 184,622 | 25,019 | ||||
* | ALK-Abello A/S Class B | 25,579 | 12,611 | |||
Topdanmark A/S | 203,383 | 10,357 | ||||
3 | Netcompany Group A/S | 38,829 | 4,797 | |||
* | Ascendis Pharma A/S ADR | 40,564 | 4,794 | |||
* | Dfds A/S | 46,210 | 2,552 |
Shares | Market Value ($000) | |||||
* | Zealand Pharma A/S | 54,694 | 1,658 | |||
*,1 | OW Bunker A/S | 1,000,000 | — | |||
61,788 | ||||||
Finland (1.1%) | ||||||
Valmet OYJ | 271,300 | 11,322 | ||||
Huhtamaki OYJ | 135,900 | 7,238 | ||||
Kojamo OYJ | 261,438 | 6,446 | ||||
Cargotec OYJ Class B | 72,326 | 3,888 | ||||
Wartsila OYJ Abp | 121,472 | 1,830 | ||||
Kemira OYJ | 93,481 | 1,575 | ||||
32,299 | ||||||
France (4.7%) | ||||||
Trigano SA | 100,177 | 21,668 | ||||
Nexans SA | 159,177 | 15,235 | ||||
Kaufman & Broad SA | 285,010 | 12,646 | ||||
Rubis SCA | 289,858 | 11,628 | ||||
Orpea SA | 78,600 | 9,981 | ||||
* | JCDecaux SA | 288,519 | 7,871 | |||
3 | Maisons du Monde SA | 288,695 | 6,606 | |||
Nexity SA | 121,242 | 6,107 | ||||
* | Criteo SA ADR | 146,791 | 5,694 | |||
*,3 | Elior Group SA | 783,801 | 5,373 | |||
3 | Verallia SA | 134,800 | 4,999 | |||
Sopra Steria Group SACA | 23,000 | 4,572 | ||||
IPSOS | 97,100 | 4,511 | ||||
* | SOITEC | 15,467 | 3,708 | |||
Rothschild & Co. | 68,070 | 2,548 | ||||
Mercialys SA | 204,031 | 2,472 | ||||
Faurecia SE | 48,652 | 2,171 | ||||
Vicat SA | 29,281 | 1,476 | ||||
* | ESI Group | 17,997 | 1,238 | |||
* | Cellectis SA | 69,272 | 918 | |||
Imerys SA | 16,289 | 755 | ||||
* | Cellectis SA ADR | 25,800 | 334 | |||
132,511 | ||||||
Germany (6.3%) | ||||||
3 | Befesa SA | 352,199 | 27,653 | |||
Gerresheimer AG | 181,105 | 18,910 | ||||
Stabilus SA | 237,369 | 18,844 | ||||
2 | Aroundtown SA | 2,064,431 | 16,159 | |||
Dermapharm Holding SE | 192,619 | 15,408 | ||||
* | HelloFresh SE | 135,432 | 12,695 | |||
New Work SE | 41,623 | 12,509 | ||||
* | Hypoport SE | 15,247 | 9,187 | |||
* | CTS Eventim AG & Co. KGaA | 104,885 | 7,126 | |||
* | Cherry AG | 172,281 | 6,564 | |||
*,3 | Montana Aerospace AG | 159,110 | 6,060 | |||
Knorr-Bremse AG | 49,020 | 5,551 | ||||
Stemmer Imaging AG | 121,118 | 3,957 | ||||
STRATEC SE | 20,685 | 3,210 | ||||
Bertrandt AG | 50,742 | 3,001 | ||||
* | Friedrich Vorwerk Group SE | 50,000 | 2,606 | |||
Aurubis AG | 23,710 | 2,401 | ||||
Rheinmetall AG | 24,602 | 2,361 | ||||
* | Jumia Technologies AG ADR | 83,077 | 1,816 | |||
*,2,3 | Aumann AG | 42,580 | 951 | |||
* | thyssenkrupp AG | 89,389 | 891 |
Shares | Market Value ($000) | |||||
Hamburger Hafen und Logistik AG | 13,821 | 328 | ||||
178,188 | ||||||
Greece (0.2%) | ||||||
Hellenic Telecommunications Organization SA | 307,287 | 5,608 | ||||
Hong Kong (2.2%) | ||||||
Kerry Properties Ltd. | 3,657,000 | 10,800 | ||||
Johnson Electric Holdings Ltd. | 3,630,125 | 8,508 | ||||
Techtronic Industries Co. Ltd. | 424,500 | 7,570 | ||||
ASM Pacific Technology Ltd. | 528,900 | 6,819 | ||||
Hang Lung Properties Ltd. | 2,192,000 | 5,674 | ||||
Dah Sing Financial Holdings Ltd. | 1,713,200 | 5,400 | ||||
* | Mandarin Oriental International Ltd. | 1,750,800 | 3,537 | |||
SUNeVision Holdings Ltd. | 3,227,000 | 3,405 | ||||
Kerry Logistics Network Ltd. | 1,111,500 | 3,312 | ||||
HKBN Ltd. | 2,434,500 | 2,835 | ||||
3 | Crystal International Group Ltd. | 5,465,500 | 2,196 | |||
* | Hypebeast Ltd. | 6,015,000 | 838 | |||
* | Hutchmed China Ltd. ADR | 19,745 | 830 | |||
61,724 | ||||||
Iceland (0.4%) | ||||||
3 | Marel HF | 1,439,695 | 10,823 | |||
India (1.2%) | ||||||
Apollo Hospitals Enterprise Ltd. | 205,037 | 11,129 | ||||
Gujarat Pipavav Port Ltd. | 6,724,221 | 10,027 | ||||
* | Oberoi Realty Ltd. | 521,602 | 4,709 | |||
*,3 | Endurance Technologies Ltd. | 200,645 | 4,674 | |||
Alembic Pharmaceuticals Ltd. | 308,301 | 3,265 | ||||
33,804 | ||||||
Ireland (1.2%) | ||||||
* | Dalata Hotel Group plc | 3,425,282 | 15,663 | |||
Smurfit Kappa Group plc | 150,743 | 8,504 | ||||
Kingspan Group plc | 51,526 | 5,603 | ||||
* | AIB Group plc | 1,026,970 | 2,522 | |||
* | Bank of Ireland Group plc | 304,948 | 1,618 | |||
33,910 | ||||||
Israel (0.4%) | ||||||
Maytronics Ltd. | 280,454 | 6,100 | ||||
* | Melisron Ltd. | 63,764 | 4,702 | |||
2 | Caesarstone Ltd. | 133,452 | 1,771 | |||
12,573 | ||||||
Italy (5.2%) | ||||||
Reply SpA | 131,517 | 23,511 | ||||
* | Banca Generali SpA | 362,487 | 15,038 | |||
Interpump Group SpA | 236,687 | 14,795 | ||||
Recordati Industria Chimica e Farmaceutica SpA | 209,230 | 12,941 | ||||
3 | doValue SpA | 1,075,822 | 12,333 | |||
* | Brunello Cucinelli SpA | 175,153 | 10,850 | |||
Moncler SpA | 143,906 | 9,884 | ||||
* | FinecoBank Banca Fineco SpA | 491,500 | 8,801 | |||
Amplifon SpA | 135,400 | 6,687 | ||||
*,2,3 | OVS SpA | 2,840,132 | 5,838 | |||
PRADA SpA | 687,300 | 5,385 | ||||
Italgas SpA | 696,441 | 4,714 | ||||
* | Salvatore Ferragamo SpA | 189,174 | 3,773 | |||
3 | Technogym SpA | 267,616 | 3,451 |
Shares | Market Value ($000) | |||||
Tamburi Investment Partners SpA | 349,334 | 3,417 | ||||
Buzzi Unicem SpA | 91,814 | 2,427 | ||||
* | Stevanato Group SpA | 74,489 | 1,504 | |||
*,3 | Enav SpA | 281,381 | 1,301 | |||
*,2 | Saipem SpA | 272,181 | 624 | |||
147,274 | ||||||
Japan (20.3%) | ||||||
Nippon Shinyaku Co. Ltd. | 219,000 | 16,476 | ||||
Kobe Bussan Co. Ltd. | 480,300 | 16,172 | ||||
GMO internet Inc. | 445,700 | 11,752 | ||||
Musashi Seimitsu Industry Co. Ltd. | 529,700 | 11,012 | ||||
Trusco Nakayama Corp. | 387,800 | 10,251 | ||||
Digital Garage Inc. | 243,500 | 10,108 | ||||
Sugi Holdings Co. Ltd. | 132,300 | 9,763 | ||||
Fuji Corp. | 409,500 | 9,637 | ||||
Aica Kogyo Co. Ltd. | 268,800 | 9,498 | ||||
SBI Holdings Inc. | 381,100 | 9,123 | ||||
Horiba Ltd. | 129,500 | 8,901 | ||||
Katitas Co. Ltd. | 296,000 | 8,829 | ||||
Disco Corp. | 30,000 | 8,567 | ||||
Nifco Inc. | 254,400 | 8,455 | ||||
Ai Holdings Corp. | 447,400 | 8,353 | ||||
Nabtesco Corp. | 212,800 | 8,060 | ||||
Outsourcing Inc. | 418,900 | 8,018 | ||||
Kakaku.com Inc. | 285,700 | 7,797 | ||||
Asahi Holdings Inc. | 394,100 | 7,794 | ||||
NEC Networks & System Integration Corp. | 433,400 | 7,686 | ||||
* | Raksul Inc. | 158,400 | 7,470 | |||
Sumitomo Forestry Co. Ltd. | 385,700 | 7,297 | ||||
Koito Manufacturing Co. Ltd. | 117,800 | 7,209 | ||||
Pola Orbis Holdings Inc. | 301,100 | 7,198 | ||||
KOMEDA Holdings Co. Ltd. | 380,000 | 7,124 | ||||
Kureha Corp. | 107,500 | 7,067 | ||||
Tsuruha Holdings Inc. | 59,700 | 7,048 | ||||
Elecom Co. Ltd. | 394,300 | 6,942 | ||||
Menicon Co. Ltd. | 94,000 | 6,871 | ||||
Daibiru Corp. | 528,600 | 6,753 | ||||
Zenkoku Hosho Co. Ltd. | 147,600 | 6,697 | ||||
FP Corp. | 173,800 | 6,691 | ||||
Asics Corp. | 287,800 | 6,356 | ||||
OBIC Business Consultants Co. Ltd. | 120,700 | 6,178 | ||||
Hakuhodo DY Holdings Inc. | 401,200 | 6,102 | ||||
Daifuku Co. Ltd. | 66,200 | 5,932 | ||||
Dip Corp. | 200,400 | 5,861 | ||||
Fukushima Galilei Co. Ltd. | 141,900 | 5,853 | ||||
* | Bengo4.com Inc. | 77,300 | 5,836 | |||
Nippon Densetsu Kogyo Co. Ltd. | 320,100 | 5,602 | ||||
Daiseki Co. Ltd. | 121,000 | 5,601 | ||||
Toyo Gosei Co. Ltd. | 49,100 | 5,415 | ||||
Asahi Intecc Co. Ltd. | 186,606 | 5,056 | ||||
Megachips Corp. | 170,600 | 5,048 | ||||
Systena Corp. | 270,000 | 5,004 | ||||
Food & Life Cos. Ltd. | 121,800 | 4,963 | ||||
Mani Inc. | 232,100 | 4,954 | ||||
As One Corp. | 35,700 | 4,850 | ||||
Comforia Residential REIT Inc. | 1,474 | 4,710 | ||||
Tsugami Corp. | 327,800 | 4,644 | ||||
Tokyo Tatemono Co. Ltd. | 306,300 | 4,608 |
Shares | Market Value ($000) | |||||
Open House Co. Ltd. | 90,700 | 4,586 | ||||
Kadokawa Corp. | 117,300 | 4,580 | ||||
Tri Chemical Laboratories Inc. | 163,000 | 4,518 | ||||
* | WealthNavi Inc. | 114,700 | 4,470 | |||
Rorze Corp. | 57,500 | 4,437 | ||||
Nittoku Co. Ltd. | 123,700 | 4,334 | ||||
* | Sansan Inc. | 52,940 | 4,329 | |||
Sundrug Co. Ltd. | 132,100 | 4,288 | ||||
2 | Obara Group Inc. | 119,100 | 4,262 | |||
Ryohin Keikaku Co. Ltd. | 206,300 | 4,185 | ||||
* | Oisix ra daichi Inc. | 115,400 | 4,103 | |||
Fukuoka Financial Group Inc. | 237,900 | 4,010 | ||||
MINEBEA MITSUMI Inc. | 147,400 | 3,980 | ||||
*,2 | SRE Holdings Corp. | 66,000 | 3,949 | |||
Nomura Real Estate Holdings Inc. | 155,800 | 3,863 | ||||
Heiwa Real Estate Co. Ltd. | 106,500 | 3,843 | ||||
Amada Co. Ltd. | 358,400 | 3,684 | ||||
Frontier Real Estate Investment Corp. | 793 | 3,677 | ||||
* | Freee KK | 42,800 | 3,674 | |||
Bank of Kyoto Ltd. | 80,600 | 3,471 | ||||
THK Co. Ltd. | 117,800 | 3,375 | ||||
Taiyo Yuden Co. Ltd. | 63,100 | 3,238 | ||||
2 | Tokyo Ohka Kogyo Co. Ltd. | 49,680 | 3,220 | |||
Glory Ltd. | 146,400 | 3,146 | ||||
SUMCO Corp. | 132,500 | 3,065 | ||||
eGuarantee Inc. | 140,800 | 3,015 | ||||
* | giftee Inc. | 97,300 | 3,010 | |||
*,2 | Demae-Can Co. Ltd. | 248,900 | 2,951 | |||
*,2 | Lifenet Insurance Co. | 278,300 | 2,875 | |||
Nippon Thompson Co. Ltd. | 468,900 | 2,842 | ||||
Nichirei Corp. | 100,400 | 2,747 | ||||
Kissei Pharmaceutical Co. Ltd. | 133,200 | 2,740 | ||||
Ushio Inc. | 152,100 | 2,726 | ||||
* | MedPeer Inc. | 73,300 | 2,691 | |||
Kintetsu World Express Inc. | 110,100 | 2,683 | ||||
Infomart Corp. | 316,900 | 2,615 | ||||
Kitanotatsujin Corp. | 529,700 | 2,612 | ||||
* | JMDC Inc. | 50,600 | 2,594 | |||
Link & Motivation Inc. | 316,000 | 2,542 | ||||
Fancl Corp. | 71,000 | 2,257 | ||||
Shinko Electric Industries Co. Ltd. | 63,148 | 2,146 | ||||
Ibiden Co. Ltd. | 38,700 | 2,050 | ||||
Iriso Electronics Co. Ltd. | 41,700 | 1,992 | ||||
COLOPL Inc. | 273,500 | 1,992 | ||||
Ito En Ltd. | 33,700 | 1,988 | ||||
* | Japan Airport Terminal Co. Ltd. | 45,900 | 1,984 | |||
DMG Mori Co. Ltd. | 118,500 | 1,852 | ||||
Itoham Yonekyu Holdings Inc. | 276,800 | 1,841 | ||||
* | GA Technologies Co. Ltd. | 102,000 | 1,784 | |||
Sato Holdings Corp. | 69,600 | 1,778 | ||||
Hitachi Transport System Ltd. | 43,400 | 1,739 | ||||
NET One Systems Co. Ltd. | 49,800 | 1,708 | ||||
Hino Motors Ltd. | 193,900 | 1,700 | ||||
KH Neochem Co. Ltd. | 70,100 | 1,658 | ||||
Jeol Ltd. | 25,100 | 1,632 | ||||
Optex Group Co. Ltd. | 103,300 | 1,593 | ||||
* | Istyle Inc. | 368,500 | 1,489 | |||
* | HEALIOS KK | 94,500 | 1,422 |
Shares | Market Value ($000) | |||||
* | Money Forward Inc. | 22,505 | 1,387 | |||
Ichiyoshi Securities Co. Ltd. | 249,600 | 1,374 | ||||
JSR Corp. | 40,200 | 1,348 | ||||
Locondo Inc. | 100,000 | 1,320 | ||||
Anicom Holdings Inc. | 152,600 | 1,204 | ||||
Inter Action Corp. | 54,200 | 1,200 | ||||
* | Uzabase Inc. | 56,900 | 1,194 | |||
Square Enix Holdings Co. Ltd. | 22,200 | 1,152 | ||||
Fukuyama Transporting Co. Ltd. | 29,300 | 1,100 | ||||
Kamakura Shinsho Ltd. | 119,200 | 1,077 | ||||
Nikkon Holdings Co. Ltd. | 47,800 | 1,053 | ||||
Comture Corp. | 43,939 | 946 | ||||
Daikyonishikawa Corp. | 145,600 | 939 | ||||
TechMatrix Corp. | 47,500 | 749 | ||||
Aruhi Corp. | 58,000 | 734 | ||||
Mitsubishi Materials Corp. | 33,500 | 699 | ||||
Kagome Co. Ltd. | 26,800 | 688 | ||||
*,2 | Hennge KK | 23,100 | 686 | |||
*,2 | Chatwork Co. Ltd. | 69,900 | 645 | |||
Japan Petroleum Exploration Co. Ltd. | 36,100 | 600 | ||||
Ichikoh Industries Ltd. | 69,300 | 465 | ||||
CyberAgent Inc. | 21,400 | 385 | ||||
* | Coconala Inc. | 19,300 | 303 | |||
BayCurrent Consulting Inc. | 500 | 199 | ||||
576,174 | ||||||
Luxembourg (0.1%) | ||||||
2 | Addiko Bank AG | 201,248 | 3,399 | |||
* | Arrival SA | 31,336 | 403 | |||
3,802 | ||||||
Malaysia (0.0%) | ||||||
Inari Amertron Bhd. | 1,579,600 | 1,248 | ||||
Mexico (0.3%) | ||||||
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 369,550 | 4,250 | |||
Corp. Inmobiliaria Vesta SAB de CV | 1,976,800 | 3,883 | ||||
8,133 | ||||||
Netherlands (3.3%) | ||||||
BE Semiconductor Industries NV | 274,993 | 24,133 | ||||
ASM International NV | 54,727 | 19,423 | ||||
TKH Group NV NA | 198,390 | 10,547 | ||||
IMCD NV | 54,922 | 9,516 | ||||
* | AerCap Holdings NV | 156,353 | 8,287 | |||
*,3 | Basic-Fit NV | 148,973 | 6,886 | |||
SIF Holding NV | 267,284 | 4,473 | ||||
*,2,3 | DP Eurasia NV | 2,799,761 | 2,884 | |||
Corbion NV | 49,867 | 2,730 | ||||
Boskalis Westminster | 68,473 | 2,155 | ||||
* | Merus NV | 108,474 | 1,866 | |||
*,2 | ProQR Therapeutics NV | 146,867 | 768 | |||
SBM Offshore NV | 46,763 | 679 | ||||
94,347 | ||||||
New Zealand (0.5%) | ||||||
* | Xero Ltd. | 88,145 | 9,145 | |||
* | Pushpay Holdings Ltd. | 3,011,000 | 3,570 | |||
Fletcher Building Ltd. | 196,805 | 1,048 | ||||
13,763 |
Shares | Market Value ($000) | |||||
Norway (1.4%) | ||||||
Borregaard ASA | 718,334 | 18,687 | ||||
TOMRA Systems ASA | 125,799 | 7,270 | ||||
* | Pexip Holding ASA | 411,500 | 3,385 | |||
Salmar ASA | 41,322 | 2,741 | ||||
* | LINK Mobility Group Holding ASA | 595,200 | 2,202 | |||
Bakkafrost P/F | 18,786 | 1,596 | ||||
Kongsberg Gruppen ASA | 52,111 | 1,493 | ||||
* | Aker Solutions ASA | 665,102 | 1,265 | |||
Sparebanken More | 27,260 | 1,182 | ||||
39,821 | ||||||
Other (0.3%) | ||||||
iShares MSCI EAFE Small-Cap ETF | 101,203 | 7,635 | ||||
Philippines (0.3%) | ||||||
Wilcon Depot Inc. | 13,519,400 | 5,957 | ||||
* | Bloomberry Resorts Corp. | 9,223,500 | 1,048 | |||
7,005 | ||||||
Russia (0.0%) | ||||||
*,2 | Ozon Holdings plc ADR | 12,639 | 660 | |||
Singapore (0.2%) | ||||||
Venture Corp. Ltd. | 281,200 | 3,944 | ||||
Jardine Cycle & Carriage Ltd. | 71,700 | 1,085 | ||||
5,029 | ||||||
South Korea (1.6%) | ||||||
Koh Young Technology Inc. | 430,311 | 9,153 | ||||
Douzone Bizon Co. Ltd. | 101,696 | 7,405 | ||||
* | NHN KCP Corp. | 108,949 | 4,997 | |||
PI Advanced Materials Co. Ltd. | 95,412 | 4,438 | ||||
Park Systems Corp. | 32,910 | 3,658 | ||||
Hanon Systems | 262,253 | 3,566 | ||||
Tokai Carbon Korea Co. Ltd. | 17,500 | 2,967 | ||||
Medytox Inc. | 14,524 | 2,556 | ||||
*,3 | SK IE Technology Co. Ltd. | 9,000 | 1,764 | |||
* | Cafe24 Corp. | 61,308 | 1,694 | |||
SNT Motiv Co. Ltd. | 31,401 | 1,679 | ||||
* | Genexine Inc. | 14,229 | 1,037 | |||
44,914 | ||||||
Spain (1.8%) | ||||||
Fluidra SA | 310,209 | 12,575 | ||||
Prosegur Cia de Seguridad SA | 3,020,755 | 10,320 | ||||
CIE Automotive SA | 336,457 | 10,031 | ||||
Acciona SA | 31,284 | 4,796 | ||||
Bankinter SA | 872,617 | 4,767 | ||||
Viscofan SA | 41,574 | 2,887 | ||||
* | Melia Hotels International SA | 330,980 | 2,284 | |||
Ebro Foods SA | 111,630 | 2,265 | ||||
* | Arima Real Estate SOCIMI SA | 165,708 | 1,906 | |||
51,831 | ||||||
Sweden (6.2%) | ||||||
Arjo AB Class B | 1,382,221 | 17,460 | ||||
* | Embracer Group AB Class B | 612,245 | 15,846 | |||
Loomis AB Class B | 461,529 | 15,475 | ||||
* | Nordic Entertainment Group AB Class B | 267,700 | 14,295 | |||
Avanza Bank Holding AB | 388,813 | 12,593 | ||||
Nordnet AB publ | 731,200 | 11,790 |
Shares | Market Value ($000) | |||||
Trelleborg AB Class B | 426,700 | 10,548 | ||||
AddTech AB Class B | 493,969 | 10,278 | ||||
3 | Thule Group AB | 160,144 | 8,086 | |||
Sweco AB Class B | 443,837 | 7,097 | ||||
Catena AB | 107,441 | 6,443 | ||||
* | Cint Group AB | 423,606 | 5,657 | |||
BillerudKorsnas AB | 228,176 | 4,936 | ||||
HMS Networks AB | 94,751 | 4,448 | ||||
Cellavision AB | 68,765 | 3,622 | ||||
* | Stillfront Group AB | 434,300 | 3,312 | |||
Indutrade AB | 82,670 | 2,697 | ||||
* | VNV Global AB | 196,693 | 2,375 | |||
* | Xvivo Perfusion AB | 42,697 | 2,244 | |||
Paradox Interactive AB | 106,148 | 2,136 | ||||
* | SkiStar AB | 111,861 | 2,090 | |||
INVISIO AB | 95,268 | 1,972 | ||||
Beijer Ref AB Class B | 75,287 | 1,590 | ||||
Saab AB Class B | 51,445 | 1,561 | ||||
* | Storytel AB | 55,643 | 1,441 | |||
* | SSAB AB Class A | 236,691 | 1,352 | |||
* | Bactiguard Holding AB Class B | 54,920 | 1,223 | |||
* | Surgical Science Sweden AB | 34,594 | 1,103 | |||
Nolato AB Class B | 85,602 | 950 | ||||
Peab AB Class B | 74,029 | 863 | ||||
* | Hemnet Group AB | 13,689 | 295 | |||
175,778 | ||||||
Switzerland (3.7%) | ||||||
Julius Baer Group Ltd. | 291,778 | 19,258 | ||||
Comet Holding AG (Registered) | 55,056 | 18,028 | ||||
* | SIG Combibloc Group AG | 502,971 | 14,841 | |||
Straumann Holding AG (Registered) | 5,157 | 9,561 | ||||
Tecan Group AG (Registered) | 12,429 | 7,167 | ||||
* | Siegfried Holding AG (Registered) | 6,811 | 6,892 | |||
3 | VAT Group AG | 16,305 | 6,401 | |||
*,3 | PolyPeptide Group AG | 46,823 | 5,104 | |||
* | Dufry AG (Registered) | 91,976 | 4,866 | |||
*,3 | Sensirion Holding AG | 45,675 | 4,451 | |||
Bossard Holding AG (Registered) Class A | 11,821 | 3,829 | ||||
* | Zur Rose Group AG | 9,100 | 3,384 | |||
* | u-blox Holding AG | 13,496 | 1,065 | |||
* | Implenia AG (Registered) | 29,121 | 773 | |||
105,620 | ||||||
Taiwan (3.9%) | ||||||
ASPEED Technology Inc. | 159,000 | 12,806 | ||||
Chroma ATE Inc. | 1,586,694 | 11,177 | ||||
Airtac International Group | 345,000 | 11,149 | ||||
* | Accton Technology Corp. | 756,903 | 8,861 | |||
Voltronic Power Technology Corp. | 163,252 | 7,955 | ||||
Nien Made Enterprise Co. Ltd. | 459,000 | 7,706 | ||||
Giant Manufacturing Co. Ltd. | 568,000 | 6,541 | ||||
momo.com Inc. | 103,710 | 5,791 | ||||
Formosa Sumco Technology Corp. | 815,315 | 5,504 | ||||
* | Vanguard International Semiconductor Corp. | 1,202,000 | 4,980 | |||
Sino-American Silicon Products Inc. | 693,000 | 4,701 | ||||
Realtek Semiconductor Corp. | 220,248 | 4,650 | ||||
Delta Electronics Inc. | 395,000 | 4,070 | ||||
Global Unichip Corp. | 272,000 | 4,031 |
Shares | Market Value ($000) | |||||
Chang Wah Technology Co. Ltd. | 711,000 | 2,587 | ||||
Parade Technologies Ltd. | 40,000 | 2,456 | ||||
Hiwin Technologies Corp. | 203,845 | 2,346 | ||||
TCI Co. Ltd. | 168,000 | 1,966 | ||||
Advanced Wireless Semiconductor Co. | 277,000 | 1,633 | ||||
Ennoconn Corp. | 422 | 3 | ||||
110,913 | ||||||
Turkey (0.2%) | ||||||
* | D-MARKET Elektronik Hizmetler ve Ticaret A/S ADR | 516,192 | 6,798 | |||
United Kingdom (17.1%) | ||||||
Rotork plc | 4,191,120 | 21,017 | ||||
Spectris plc | 346,546 | 17,201 | ||||
St. James's Place plc | 779,700 | 17,178 | ||||
Intermediate Capital Group plc | 536,278 | 16,161 | ||||
Electrocomponents plc | 1,028,800 | 14,535 | ||||
Future plc | 256,700 | 12,297 | ||||
Bodycote plc | 926,900 | 11,624 | ||||
Lancashire Holdings Ltd. | 1,247,902 | 11,044 | ||||
HomeServe plc | 837,100 | 10,861 | ||||
Safestore Holdings plc | 715,885 | 10,504 | ||||
Dechra Pharmaceuticals plc | 150,000 | 10,359 | ||||
*,3 | Auto Trader Group plc | 1,087,200 | 9,850 | |||
3 | Avast plc | 1,140,000 | 9,187 | |||
Dunelm Group plc | 490,000 | 9,028 | ||||
IMI plc | 361,449 | 8,843 | ||||
* | Keywords Studios plc | 216,135 | 8,794 | |||
Genuit Group plc | 984,034 | 8,736 | ||||
Cranswick plc | 149,560 | 8,403 | ||||
Savills plc | 483,746 | 7,726 | ||||
Spirent Communications plc | 2,187,500 | 7,723 | ||||
UNITE Group plc | 466,537 | 7,509 | ||||
QinetiQ Group plc | 1,634,235 | 7,472 | ||||
Pets at Home Group plc | 1,150,000 | 7,471 | ||||
Workspace Group plc | 621,628 | 7,446 | ||||
* | Restaurant Group plc | 4,653,692 | 7,423 | |||
Segro plc | 435,000 | 7,353 | ||||
Sanne Group plc | 574,358 | 6,731 | ||||
Halma plc | 160,000 | 6,423 | ||||
RWS Holdings plc | 808,700 | 6,365 | ||||
Melrose Industries plc | 2,838,400 | 6,308 | ||||
Softcat plc | 232,340 | 6,244 | ||||
* | SSP Group plc | 1,629,382 | 5,909 | |||
Howden Joinery Group plc | 437,400 | 5,451 | ||||
3 | ConvaTec Group plc | 1,633,818 | 5,380 | |||
* | Beazley plc | 982,208 | 5,347 | |||
LondonMetric Property plc | 1,510,000 | 5,217 | ||||
*,3 | Network International Holdings plc | 1,099,171 | 5,205 | |||
* | Abcam plc | 275,101 | 5,201 | |||
Games Workshop Group plc | 32,550 | 5,143 | ||||
Vistry Group plc | 300,000 | 4,972 | ||||
* | Victoria plc | 339,064 | 4,953 | |||
FDM Group Holdings plc | 281,467 | 4,633 | ||||
AJ Bell plc | 768,857 | 4,489 | ||||
Redrow plc | 489,990 | 4,378 | ||||
* | Weir Group plc | 180,000 | 4,334 | |||
Keller Group plc | 350,520 | 4,291 | ||||
*,3 | Bridgepoint Group Ltd. | 622,176 | 4,194 |
Shares | Market Value ($000) | |||||
* | Naked Wines plc | 336,866 | 4,110 | |||
Renishaw plc | 54,000 | 3,841 | ||||
* | easyJet plc | 326,695 | 3,833 | |||
Pennon Group plc | 211,287 | 3,749 | ||||
Smart Metering Systems plc | 297,668 | 3,734 | ||||
IG Group Holdings plc | 300,000 | 3,717 | ||||
* | IWG plc | 835,000 | 3,638 | |||
*,3 | Trainline plc | 769,890 | 3,630 | |||
* | Hyve Group plc | 1,966,625 | 3,596 | |||
* | Conduit Holdings Ltd. | 507,900 | 3,585 | |||
NCC Group plc | 780,000 | 3,410 | ||||
B&M European Value Retail SA | 441,572 | 3,393 | ||||
Ninety One plc | 1,031,042 | 3,257 | ||||
* | FD Technologies plc | 99,510 | 3,237 | |||
Telecom Plus plc | 227,000 | 3,233 | ||||
Synthomer plc | 434,656 | 3,197 | ||||
* | Team17 Group plc | 258,858 | 3,130 | |||
Tate & Lyle plc | 299,080 | 3,068 | ||||
Grainger plc | 700,000 | 2,944 | ||||
* | Draper Esprit plc | 205,428 | 2,857 | |||
* | Greggs plc | 59,862 | 2,294 | |||
Alpha FX Group plc | 96,668 | 2,259 | ||||
* | National Express Group plc | 557,171 | 2,106 | |||
* | Wise plc Class A | 150,000 | 2,045 | |||
Grafton Group plc | 113,577 | 2,026 | ||||
* | Travis Perkins plc | 76,114 | 1,800 | |||
* | Meggitt plc | 274,748 | 1,791 | |||
* | Hotel Chocolat Group plc | 277,550 | 1,391 | |||
Balfour Beatty plc | 325,579 | 1,371 | ||||
Centamin plc | 872,547 | 1,299 | ||||
dotdigital group plc | 376,924 | 1,299 | ||||
Ultra Electronics Holdings plc | 29,350 | 1,292 | ||||
* | Allfunds Group plc | 66,321 | 1,169 | |||
3 | John Laing Group plc | 196,365 | 1,094 | |||
Ferrexpo plc | 156,330 | 1,045 | ||||
Britvic plc | 67,717 | 916 | ||||
Domino's Pizza Group plc | 155,161 | 904 | ||||
Marshalls plc | 88,937 | 902 | ||||
Subsea 7 SA | 74,618 | 597 | ||||
Cairn Energy plc | 256,218 | 454 | ||||
* | Immunocore Holdings plc ADR | 4,800 | 157 | |||
* | Freeline Therapeutics Holdings plc ADR | 8,986 | 43 | |||
484,326 | ||||||
United States (0.2%) | ||||||
Patria Investments Ltd. Class A | 352,660 | 5,519 | ||||
*,2 | UroGen Pharma Ltd. | 64,390 | 998 | |||
* | Kosmos Energy Ltd. | 189,382 | 438 | |||
6,955 | ||||||
Total Common Stocks (Cost $1,988,284) | 2,732,678 | |||||
Coupon | ||||||
Temporary Cash Investments (3.9%) | ||||||
Money Market Fund (3.6%) | ||||||
4,5 | Vanguard Market Liquidity Fund | 0.064% | 1,031,622 | 103,162 |
Coupon | Maturity Date | Face Amount ($000) | Market Value ($000) | |||
Repurchase Agreements (0.3%) | ||||||
Goldman Sachs & Co. (Dated 7/30/21 Repurchase Value $7,200,000 collateralized by Fannie Mae 2.500%-6.000%, 3/1/23-8/1/50, Freddie Mac 2.500%-6.500%, 10/1/26-10/1/49 and Ginnie Mae 6.000%, 8/15/23 with a value of $7,344,000) | 0.050% | 8/2/21 | 7,200 | 7,200 | ||
Total Temporary Cash Investments (Cost $110,356) | 110,362 | |||||
Total Investments (100.3%) (Cost $2,098,640) | 2,843,040 | |||||
Other Assets and Liabilities—Net (-0.3%) | (7,174) | |||||
Net Assets (100%) | 2,835,866 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $20,478,000. |
3 | 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, 2021, the aggregate value was $192,926,000, representing 6.8% of net assets. |
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 $21,528,000 was received for securities on loan. |
ADR—American 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 2021 | 399 | 46,272 | (218) |
MSCI Emerging Market Index | September 2021 | 234 | 14,949 | (571) |
(789) |
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 at their fair values calculated according to procedures adopted 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. 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. The fund’s risks in using these 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). The fund had no open forward currency contracts at July 31, 2021.
E. 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.
F. 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, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 132,617 | 2,590,411 | 9,650 | 2,732,678 |
Temporary Cash Investments | 103,162 | 7,200 | — | 110,362 |
Total | 235,779 | 2,597,611 | 9,650 | 2,843,040 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 789 | — | — | 789 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |