UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-03919
Name of Registrant: Vanguard STAR Funds
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2013 – April 30, 2014
Item 1: Reports to Shareholders
Semiannual Report | April 30, 2014
Vanguard LifeStrategy® Funds
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
LifeStrategy Income Fund. | 7 |
LifeStrategy Conservative Growth Fund. | 16 |
LifeStrategy Moderate Growth Fund. | 25 |
LifeStrategy Growth Fund. | 34 |
About Your Fund’s Expenses. | 43 |
Glossary. | 45 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns | |
Six Months Ended April 30, 2014 | |
Total | |
Returns | |
Vanguard LifeStrategy Income Fund | 2.77% |
Income Composite Index | 2.87 |
Income Composite Average | 2.81 |
Income Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
IN | |
Vanguard LifeStrategy Conservative Growth Fund | 3.71% |
Conservative Growth Composite Index | 3.80 |
Conservative Growth Composite Average | 3.42 |
Conservative Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
IN | |
Vanguard LifeStrategy Moderate Growth Fund | 4.66% |
Moderate Growth Composite Index | 4.72 |
Moderate Growth Composite Average | 4.01 |
Moderate Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
IN | |
Vanguard LifeStrategy Growth Fund | 5.59% |
Growth Composite Index | 5.62 |
Growth Composite Average | 4.58 |
Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
IN | |
For a benchmark description, see the Glossary. |
1
Chairman’s Letter
Dear Shareholder,
For the six months ended April 30, 2014, the U.S. stock market outpaced international equity markets, where investors seemed unsettled by slower growth in China and the conflict in Ukraine. Bonds, meanwhile, regained some of their appeal after slumping notably in calendar 2013.
Returns for the four Vanguard LifeStrategy Funds ranged from 2.77% for the Income Fund to 5.59% for the Growth Fund. The Conservative Growth and Moderate Growth Funds returned 3.71% and 4.66%, respectively.
The funds’ returns were on par with the results of their benchmark indexes. Three of the four led the average returns for their peer groups; the Income Fund lagged slightly.
Recent progress was sporadic, but stocks continued their climb
For the half year ended April 30, U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014. Technology stocks, for example, turned in a rocky performance amid concern about pricey valuations.
International stocks, in aggregate, returned nearly 3%, with the developed markets of Europe faring the best. The developed markets of the Pacific region and emerging markets, where China’s weakness was felt most, posted declines.
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Global economic and political shifts, of course, are as inevitable as they are unpredictable. Broad diversification remains the best way of managing the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues and that’s always, I think, a valuable starting point for investors.”
Despite low yields, the bond market experienced a surprising rally
Bonds continued to emerge from the struggles that marked much of 2013, when the market was roiled by worries about the prospect of the Federal Reserve’s reducing its stimulative bond-buying program. In January, however, when the Fed actually started to trim purchases, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74%. The yield of the 10-year Treasury note ended the six months at 2.69%, up from 2.54% on October 31 but down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 4.08% for the six months. Money market funds and savings accounts posted paltry returns as the Fed’s target for short-term interest rates remained at 0%–0.25%.
Market Barometer | |||
Total Returns | |||
Periods Ended April 30, 2014 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
CPI | |||
Consumer Price Index | 1.51% | 1.95% | 2.14% |
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International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
The funds tilted toward stocks produced the strongest results
Vanguard’s four LifeStrategy Funds give investors access to broadly diversified portfolios with varying levels of exposure to stocks and bonds. Each portfolio is a “fund of funds” with a fixed allocation to four underlying domestic and international index funds. These funds are designed to help investors manage risk as they seek to increase or preserve their wealth.
The LifeStrategy Funds’ results reflected the performance of their underlying funds. Among these, the two stock funds—Vanguard Total Stock Market Index Fund (+7.77%) and Vanguard Total International Stock Index Fund (+3.49%)—posted the strongest six-month returns. (All returns for underlying funds are based on Investor Shares.)
As a result, the two LifeStrategy Funds that allocate more than half their assets to stocks performed best. The Growth Fund, which has an allocation of about 80% stocks and 20% bonds, outshone the other three funds for the period. The Moderate Growth Fund, which allocates about 60% to stocks, took second place.
The LifeStrategy Funds’ fixed income holdings had muted returns. Vanguard Total International Bond Index Fund, a relatively new element in the LifeStrategy series, did best with a 2.14% return for
Expense Ratios | ||
Your Fund Compared With Its Peer Group | ||
Acquired Fund Fees | Peer Group | |
and Expenses | Average | |
LifeStrategy Income Fund | 0.14% | 0.99% |
LifeStrategy Conservative Growth Fund | 0.15 | 1.06 |
LifeStrategy Moderate Growth Fund | 0.16 | 1.14 |
LifeStrategy Growth Fund | 0.17 | 1.21 |
The fund expense figures shown—drawn from the prospectus dated February 27, 2014—represent an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Funds invest. The LifeStrategy Funds do not charge any expenses or fees of their own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.15% for the LifeStrategy Income Fund, 0.16% for the LifeStrategy Conservative Growth Fund, 0.17% for the LifeStrategy Moderate Growth Fund, and 0.18% for the LifeStrategy Growth Fund.
Peer groups are the composites listed on page 1. Their expense figures are derived by applying the appropriate allocations to average expense ratios of these mutual fund peer groups: fixed income funds, general equity funds, and international funds. Average expense ratios for these groups are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2013.
4
the period. International bonds benefited from efforts by central banks in Europe and Japan to push down interest rates, thus boosting bond prices. Vanguard Total Bond Market II Index Fund returned 1.75%, as demand for U.S. bonds picked up a bit at the end of 2013 and in early 2014.
Balancing investors’ ‘home bias’ and the benefit of diversification
One key benefit of the LifeStrategy Funds is that they help investors to overcome “home bias.” Many investors have a natural tendency to focus on companies close to home, but this bias can lead to missed opportunities to diversify a portfolio internationally.
Stocks of companies based outside the United States account for about half of the global equity market. Vanguard’s analysis of more than four decades’ worth of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This effect has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that can vary from those of U.S. stocks—which helps to reduce overall volatility risk. Of course, the impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
Deciding how much to allocate to international stocks depends on your view regarding the short-term and long-term trade-offs. These include potential exposure to currency fluctuations and generally higher transaction and investment costs. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
A benefit of the Vanguard LifeStrategy Funds and certain other “all-in-one” funds is that they already include a mix of U.S. and international stocks and bonds. Because these funds rebalance automatically, they allow investors to take advantage of this time-tested risk-management strategy while avoiding the emotional obstacles that can prevent us from rebalancing.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 12, 2014
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Your Fund’s Performance at a Glance | ||||
October 31, 2013, Through April 30, 2014 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard LifeStrategy Income Fund | $14.47 | $14.63 | $0.153 | $0.083 |
Vanguard LifeStrategy Conservative Growth | ||||
Fund | $18.04 | $18.41 | $0.199 | $0.094 |
Vanguard LifeStrategy Moderate Growth Fund | $22.90 | $23.66 | $0.234 | $0.065 |
Vanguard LifeStrategy Growth Fund | $27.07 | $28.24 | $0.280 | $0.054 |
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LifeStrategy Income Fund
Fund Profile
As of April 30, 2014
Total Fund Characteristics | |
Ticker Symbol | VASIX |
30-Day SEC Yield | 2.13% |
Acquired Fund Fees and Expenses1 | 0.14% |
Allocation to Underlying Vanguard Funds | |
Vanguard Total Bond Market II Index Fund | |
Investor Shares | 63.9% |
Vanguard Total International Bond Index | |
Fund Investor Shares | 15.9 |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 14.1 |
Vanguard Total International Stock Index | |
Fund Investor Shares | 6.1 |
Total Fund Volatility Measures | ||
Barclays | ||
Income | Aggregate | |
Composite | Bond | |
Index | Index | |
R-Squared | 0.98 | 0.17 |
Beta | 1.02 | 0.48 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Fund Asset Allocation
1 This figure—drawn from the prospectus dated February 27, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Income Fund invests. The LifeStrategy Income Fund does not charge any expenses or fees of its own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.15%.
7
LifeStrategy Income Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
LifeStrategy Income Fund
Income Composite Index
For a benchmark description, see the Glossary.
Note: For 2014, performance data reflect the six months ended April 30, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
LifeStrategy Income Fund | 9/30/1994 | 3.72% | 7.88% | 3.25% | 1.38% | 4.63% |
See Financial Highlights for dividend and capital gains information.
8
LifeStrategy Income Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | ||
Value | ||
Shares | ($000) | |
Investment Companies (100.0%) | ||
U.S. Stock Fund (14.1%) | ||
Vanguard Total Stock Market Index Fund Investor Shares | 8,568,796 | 406,503 |
International Stock Fund (6.1%) | ||
Vanguard Total International Stock Index Fund Investor Shares | 10,298,101 | 174,862 |
U.S. Bond Fund (63.9%) | ||
1 Vanguard Total Bond Market II Index Fund Investor Shares | 172,704,929 | 1,847,943 |
International Bond Fund (15.9%) | ||
Vanguard Total International Bond Index Fund Investor Shares | 45,366,405 | 460,015 |
Total Investment Companies (Cost $2,666,900) | 2,889,323 | |
Temporary Cash Investment (0.0%) | ||
Money Market Fund (0.0%) | ||
1 Vanguard Market Liquidity Fund, 0.124% (Cost $606) | 605,865 | 606 |
Total Investments (100.0%) (Cost $2,667,506) | 2,889,929 | |
Other Assets and Liabilities (0.0%) | ||
Other Assets | 9,811 | |
Liabilities | (9,517) | |
294 | ||
Net Assets (100%) | ||
Applicable to 197,493,934 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 2,890,223 | |
Net Asset Value Per Share | $14.63 |
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LifeStrategy Income Fund | |
At April 30, 2014, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,652,081 |
Undistributed Net Investment Income | 5,195 |
Accumulated Net Realized Gains | 10,524 |
Unrealized Appreciation (Depreciation) | 222,423 |
Net Assets | 2,890,223 |
See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
10
LifeStrategy Income Fund | |
Statement of Operations | |
Six Months Ended | |
April 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 30,390 |
Net Investment Income—Note B | 30,390 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 878 |
Investment Securities Sold | 10,285 |
Realized Net Gain (Loss) | 11,163 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 37,824 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,377 |
See accompanying Notes, which are an integral part of the Financial Statements.
11
LifeStrategy Income Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
April 30, | October 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 30,390 | 57,320 |
Realized Net Gain (Loss) | 11,163 | 27,556 |
Change in Unrealized Appreciation (Depreciation) | 37,824 | 20,958 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,377 | 105,834 |
Distributions | ||
Net Investment Income | (30,322) | (56,814) |
Realized Capital Gain1 | (16,656) | (96,843) |
Total Distributions | (46,978) | (153,657) |
Capital Share Transactions | ||
Issued | 402,835 | 794,899 |
Issued in Lieu of Cash Distributions | 43,844 | 145,921 |
Redeemed | (492,833) | (739,101) |
Net Increase (Decrease) from Capital Share Transactions | (46,154) | 201,719 |
Total Increase (Decrease) | (13,755) | 153,896 |
Net Assets | ||
Beginning of Period | 2,903,978 | 2,750,082 |
End of Period2 | 2,890,223 | 2,903,978 |
1 Includes fiscal 2014 and 2013 short-term gain distributions totaling $2,809,000 and $11,681,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed net investment income of $5,195,000 and $5,127,000.
See accompanying Notes, which are an integral part of the Financial Statements.
12
LifeStrategy Income Fund | ||||||
Financial Highlights | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | April 30, | Year Ended October 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $14.47 | $14.73 | $14.28 | $14.15 | $13.20 | $12.13 |
Investment Operations | ||||||
Net Investment Income | .153 | .294 | .353 | .357 | .388 | .440 |
Capital Gain Distributions Received | .004 | .064 | .116 | .059 | — | — |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .239 | .189 | .429 | .109 | .954 | 1.081 |
Total from Investment Operations | .396 | .547 | .898 | .525 | 1.342 | 1.521 |
Distributions | ||||||
Dividends from Net Investment Income | (.153) | (.293) | (.354) | (.361) | (.392) | (.451) |
Distributions from Realized Capital Gains | (.083) | (.514) | (.094) | (.034) | — | — |
Total Distributions | (.236) | (.807) | (.448) | (.395) | (.392) | (.451) |
Net Asset Value, End of Period | $14.63 | $14.47 | $14.73 | $14.28 | $14.15 | $13.20 |
Total Return1 | 2.77% | 3.88% | 6.41% | 3.77% | 10.32% | 12.83% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,890 | $2,904 | $2,750 | $2,402 | $2,251 | $1,784 |
Ratio of Total Expenses to | ||||||
Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.15% | 0.14% | 0.14% | 0.18% | 0.18% | 0.23% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.13% | 2.04% | 2.45% | 2.52% | 2.89% | 3.55% |
Portfolio Turnover Rate | 12% | 25% | 8%2 | 43%3 | 9% | 27%4 |
The expense ratio, acquired fund fees and expenses, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s investments from Vanguard Asset Allocation Fund to Vanguard Total Bond Market II Index Fund and Vanguard Total Stock Market Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
3 Excludes the value of mutual fund shares delivered and bonds received in connection with a change in the fund’s bond investments from Vanguard Short-Term Investment-Grade Fund to individual bonds because those transactions were effected in kind and did not cause the fund to incur transaction costs.
4 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
13
LifeStrategy Income Fund
Notes to Financial Statements
Vanguard LifeStrategy Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2010–2013), and for the period ended April 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (See Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2014, or at any time during the period then ended.
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. Under a service agreement, The Vanguard Group furnishes corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the period ended April 30, 2014, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
14
LifeStrategy Income Fund
C. Various inputs may be used to determine the value of the fund’s investments. 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).
At April 30, 2014, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At April 30, 2014, the cost of investment securities for tax purposes was $2,667,506,000. Net unrealized appreciation of investment securities for tax purposes was $222,423,000, consisting of unrealized gains of $224,806,000 on securities that had risen in value since their purchase and $2,383,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $177,291,000 of investment securities and sold $240,460,000 of investment securities, other than temporary cash investments.
F. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
April 30, 2014 | October 31, 2013 | |
Shares | Shares | |
(000) | (000) | |
Issued | 27,851 | 55,302 |
Issued in Lieu of Cash Distributions | 3,053 | 10,271 |
Redeemed | (34,118) | (51,550) |
Net Increase (Decrease) in Shares Outstanding | (3,214) | 14,023 |
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
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LifeStrategy Conservative Growth Fund
Fund Profile | |
As of April 30, 2014 | |
Total Fund Characteristics | |
Ticker Symbol | VSCGX |
30-Day SEC Yield | 2.12% |
Acquired Fund Fees and Expenses1 | 0.15% |
Allocation to Underlying Vanguard Funds
Vanguard Total Bond Market II Index Fund | |
Investor Shares | 47.9% |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 28.1 |
Vanguard Total International Stock Index | |
Fund Investor Shares | 12.1 |
Vanguard Total International Bond Index | |
Fund Investor Shares | 11.9 |
Total Fund Volatility Measures | ||
Conservative | DJ | |
Growth | U.S. Total | |
Composite | Market | |
Index | FA Index | |
R-Squared | 0.99 | 0.87 |
Beta | 1.02 | 0.41 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Fund Asset Allocation
1 This figure—drawn from the prospectus dated February 27, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Conservative Growth Fund invests. The LifeStrategy Conservative Growth Fund does not charge any expenses or fees of its own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.16%.
16
LifeStrategy Conservative Growth Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
For a benchmark description, see the Glossary.
Note: For 2014, performance data reflect the six months ended April 30, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
LifeStrategy Conservative | ||||||
Growth Fund | 9/30/1994 | 7.53% | 11.02% | 2.93% | 2.43% | 5.36% |
See Financial Highlights for dividend and capital gains information.
17
LifeStrategy Conservative Growth Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | ||
Value | ||
Shares | ($000) | |
Investment Companies (100.1%) | ||
U.S. Stock Fund (28.1%) | ||
Vanguard Total Stock Market Index Fund Investor Shares | 40,196,085 | 1,906,902 |
International Stock Fund (12.1%) | ||
Vanguard Total International Stock Index Fund Investor Shares | 48,309,345 | 820,293 |
U.S. Bond Fund (48.0%) | ||
1 Vanguard Total Bond Market II Index Fund Investor Shares | 304,223,643 | 3,255,193 |
International Bond Fund (11.9%) | ||
Vanguard Total International Bond Index Fund Investor Shares | 79,872,322 | 809,905 |
Total Investment Companies (Cost $5,513,298) | 6,792,293 | |
Temporary Cash Investment (0.0%) | ||
Money Market Fund (0.0%) | ||
1 Vanguard Market Liquidity Fund, 0.124% (Cost $1,953) | 1,952,708 | 1,953 |
Total Investments (100.1%) (Cost $5,515,251) | 6,794,246 | |
Other Assets and Liabilities (-0.1%) | ||
Other Assets | 14,858 | |
Liabilities | (19,097) | |
(4,239) | ||
Net Assets (100%) | ||
Applicable to 368,760,889 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 6,790,007 | |
Net Asset Value Per Share | $18.41 |
18
LifeStrategy Conservative Growth Fund | |
At April 30, 2014, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 5,305,953 |
Undistributed Net Investment Income | 9,269 |
Accumulated Net Realized Gains | 195,790 |
Unrealized Appreciation (Depreciation) | 1,278,995 |
Net Assets | 6,790,007 |
See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
19
LifeStrategy Conservative Growth Fund | |
Statement of Operations | |
Six Months Ended | |
April 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 82,988 |
Net Investment Income—Note B | 82,988 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 1,984 |
Investment Securities Sold | 195,324 |
Realized Net Gain (Loss) | 197,308 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | (23,469) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 256,827 |
See accompanying Notes, which are an integral part of the Financial Statements.
20
LifeStrategy Conservative Growth Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
April 30, | October 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 82,988 | 168,167 |
Realized Net Gain (Loss) | 197,308 | 62,946 |
Change in Unrealized Appreciation (Depreciation) | (23,469) | 468,118 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 256,827 | 699,231 |
Distributions | ||
Net Investment Income | (85,288) | (165,826) |
Realized Capital Gain1 | (45,631) | (144,759) |
Total Distributions | (130,919) | (310,585) |
Capital Share Transactions | ||
Issued | 932,349 | 1,785,061 |
Issued in Lieu of Cash Distributions | 126,821 | 302,416 |
Redeemed | (3,038,769) | (1,191,180) |
Net Increase (Decrease) from Capital Share Transactions | (1,979,599) | 896,297 |
Total Increase (Decrease) | (1,853,691) | 1,284,943 |
Net Assets | ||
Beginning of Period | 8,643,698 | 7,358,755 |
End of Period2 | 6,790,007 | 8,643,698 |
1 Includes fiscal 2014 and 2013 short-term gain distributions totaling $17,476,000 and $13,355,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed net investment income of $9,269,000 and $11,569,000.
See accompanying Notes, which are an integral part of the Financial Statements.
21
LifeStrategy Conservative Growth Fund | ||||||
Financial Highlights | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | April 30, | Year Ended October 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $18.04 | $17.21 | $16.40 | $16.20 | $14.81 | $13.46 |
Investment Operations | ||||||
Net Investment Income | .200 | .369 | .421 | .374 | .406 | .439 |
Capital Gain Distributions Received | .005 | .055 | .101 | .049 | — | — |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .458 | 1.109 | .750 | .179 | 1.392 | 1.359 |
Total from Investment Operations | .663 | 1.533 | 1.272 | .602 | 1.798 | 1.798 |
Distributions | ||||||
Dividends from Net Investment Income | (.199) | (.367) | (.420) | (.378) | (.408) | (.448) |
Distributions from Realized Capital Gains | (.094) | (.336) | (.042) | (.024) | — | — |
Total Distributions | (.293) | (.703) | (.462) | (.402) | (.408) | (.448) |
Net Asset Value, End of Period | $18.41 | $18.04 | $17.21 | $16.40 | $16.20 | $14.81 |
Total Return1 | 3.71% | 9.18% | 7.88% | 3.74% | 12.30% | 13.72% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,790 | $8,644 | $7,359 | $6,553 | $6,316 | $5,487 |
Ratio of Total Expenses to | ||||||
Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.16% | 0.15% | 0.15% | 0.19% | 0.19% | 0.24% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.17% | 2.12% | 2.51% | 2.27% | 2.63% | 3.23% |
Portfolio Turnover Rate | 15% | 19% | 15%2 | 46%3 | 15% | 29%4 |
The expense ratio, acquired fund fees and expenses, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s investments from Vanguard Asset Allocation Fund to Vanguard Total Bond Market II Index Fund and Vanguard Total Stock Market Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
3 Excludes the value of mutual fund shares delivered and bonds received in connection with a change in the fund’s bond investments from Vanguard Short-Term Investment-Grade Fund to individual bonds because those transactions were effected in kind and did not cause the fund to incur transaction costs.
4 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
22
LifeStrategy Conservative Growth Fund
Notes to Financial Statements
Vanguard LifeStrategy Conservative Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2010–2013), and for the period ended April 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements. 3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (See Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread. The fund had no borrowings outstanding at April 30, 2014, or at any time during the period then ended. 5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. Under a service agreement, The Vanguard Group furnishes corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the period ended April 30, 2014, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
23
LifeStrategy Conservative Growth Fund
C. Various inputs may be used to determine the value of the fund’s investments. 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).
At April 30, 2014, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At April 30, 2014, the cost of investment securities for tax purposes was $5,515,251,000. Net unrealized appreciation of investment securities for tax purposes was $1,278,995,000, consisting of unrealized gains of $1,281,452,000 on securities that had risen in value since their purchase and $2,457,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $571,993,000 of investment securities and sold $2,595,251,000 of investment securities, other than temporary cash investments.
F. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
April 30, 2014 | October 31, 2013 | |
Shares | Shares | |
(000) | (000) | |
Issued | 51,400 | 102,130 |
Issued in Lieu of Cash Distributions | 7,020 | 17,697 |
Redeemed | (168,839) | (68,210) |
Net Increase (Decrease) in Shares Outstanding | (110,419) | 51,617 |
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
24
LifeStrategy Moderate Growth Fund
Fund Profile
As of April 30, 2014
Total Fund Characteristics | |
Ticker Symbol | VSMGX |
30-Day SEC Yield | 2.11% |
Acquired Fund Fees and Expenses1 | 0.16% |
Allocation to Underlying Vanguard Funds | |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 42.0% |
Vanguard Total Bond Market II Index Fund | |
Investor Shares | 32.0 |
Vanguard Total International Stock Index | |
Fund Investor Shares | 18.1 |
Vanguard Total International Bond Index | |
Fund Investor Shares | 7.9 |
Total Fund Volatility Measures | ||
Moderate | DJ | |
Growth | U.S. Total | |
Composite | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.94 |
Beta | 1.02 | 0.61 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Fund Asset Allocation
1 This figure—drawn from the prospectus dated February 27, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Moderate Growth Fund invests. The LifeStrategy Moderate Growth Fund does not charge any expenses or fees of its own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.17%.
25
LifeStrategy Moderate Growth Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
LifeStrategy Moderate Growth Fund
Moderate Growth Composite Index
For a benchmark description, see the Glossary.
Note: For 2014, performance data reflect the six months ended April 30, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
LifeStrategy Moderate | ||||||
Growth Fund | 9/30/1994 | 11.44% | 14.06% | 2.65% | 3.51% | 6.16% |
See Financial Highlights for dividend and capital gains information.
26
LifeStrategy Moderate Growth Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | ||
Value | ||
Shares | ($000) | |
Investment Companies (100.0%) | ||
U.S. Stock Fund (41.9%) | ||
Vanguard Total Stock Market Index Fund Investor Shares | 98,661,503 | 4,680,502 |
International Stock Fund (18.1%) | ||
Vanguard Total International Stock Index Fund Investor Shares | 118,725,336 | 2,015,956 |
U.S. Bond Fund (32.0%) | ||
1 Vanguard Total Bond Market II Index Fund Investor Shares | 333,998,459 | 3,573,784 |
International Bond Fund (8.0%) | ||
Vanguard Total International Bond Index Fund Investor Shares | 87,171,145 | 883,915 |
Total Investment Companies (Cost $8,179,269) | 11,154,157 | |
Temporary Cash Investment (0.0%) | ||
Money Market Fund (0.0%) | ||
1 Vanguard Market Liquidity Fund, 0.124% (Cost $1,060) | 1,059,906 | 1,060 |
Total Investments (100.0%) (Cost $8,180,329) | 11,155,217 | |
Other Assets and Liabilities (0.0%) | ||
Other Assets | 33,594 | |
Liabilities | (30,049) | |
3,545 | ||
Net Assets (100%) | ||
Applicable to 471,620,888 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 11,158,762 | |
Net Asset Value Per Share | $23.66 |
27
LifeStrategy Moderate Growth Fund | |
At April 30, 2014, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 8,050,481 |
Undistributed Net Investment Income | 62,726 |
Accumulated Net Realized Gains | 70,667 |
Unrealized Appreciation (Depreciation) | 2,974,888 |
Net Assets | 11,158,762 |
See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
28
LifeStrategy Moderate Growth Fund | |
Statement of Operations | |
Six Months Ended | |
April 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 117,969 |
Net Investment Income—Note B | 117,969 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 1,658 |
Investment Securities Sold | 70,022 |
Realized Net Gain (Loss) | 71,680 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 303,797 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 493,446 |
See accompanying Notes, which are an integral part of the Financial Statements.
29
LifeStrategy Moderate Growth Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
April 30, | October 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 117,969 | 211,185 |
Realized Net Gain (Loss) | 71,680 | 50,606 |
Change in Unrealized Appreciation (Depreciation) | 303,797 | 1,055,473 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 493,446 | 1,317,264 |
Distributions | ||
Net Investment Income | (111,270) | (225,479) |
Realized Capital Gain1 | (30,908) | (154,014) |
Total Distributions | (142,178) | (379,493) |
Capital Share Transactions | ||
Issued | 1,363,307 | 2,064,057 |
Issued in Lieu of Cash Distributions | 139,283 | 372,474 |
Redeemed | (1,423,286) | (1,432,254) |
Net Increase (Decrease) from Capital Share Transactions | 79,304 | 1,004,277 |
Total Increase (Decrease) | 430,572 | 1,942,048 |
Net Assets | ||
Beginning of Period | 10,728,190 | 8,786,142 |
End of Period2 | 11,158,762 | 10,728,190 |
1 Includes fiscal 2014 and 2013 short-term gain distributions totaling $9,035,000 and $10,911,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed net investment income of $62,726,000 and $56,027,000.
See accompanying Notes, which are an integral part of the Financial Statements.
30
LifeStrategy Moderate Growth Fund | ||||||
Financial Highlights | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | April 30, | Year Ended October 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $22.90 | $20.84 | $19.54 | $19.22 | $17.16 | $15.56 |
Investment Operations | ||||||
Net Investment Income | .247 | .475 | .515 | .406 | .431 | .450 |
Capital Gain Distributions Received | .004 | .044 | .081 | .042 | — | — |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .808 | 2.430 | 1.173 | .350 | 2.023 | 1.632 |
Total from Investment Operations | 1.059 | 2.949 | 1.769 | .798 | 2.454 | 2.082 |
Distributions | ||||||
Dividends from Net Investment Income | (.234) | (.522) | (.439) | (.448) | (.394) | (.482) |
Distributions from Realized Capital Gains | (.065) | (.367) | (.030) | (.030) | — | — |
Total Distributions | (.299) | (.889) | (.469) | (.478) | (.394) | (.482) |
Net Asset Value, End of Period | $23.66 | $22.90 | $20.84 | $19.54 | $19.22 | $17.16 |
Total Return1 | 4.66% | 14.66% | 9.25% | 4.14% | 14.50% | 13.82% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,159 | $10,728 | $8,786 | $8,098 | $8,049 | $7,626 |
Ratio of Total Expenses to | ||||||
Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.17% | 0.16% | 0.16% | 0.19% | 0.19% | 0.23% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.17% | 2.19% | 2.56% | 2.05% | 2.37% | 2.89% |
Portfolio Turnover Rate | 14% | 15% | 15%2 | 32% | 17% | 25%3 |
The expense ratio, acquired fund fees and expenses, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s investments from Vanguard Asset Allocation Fund to Vanguard Total Bond Market II Index Fund and Vanguard Total Stock Market Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
3 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
31
LifeStrategy Moderate Growth Fund
Notes to Financial Statements
Vanguard LifeStrategy Moderate Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2010–2013), and for the period ended April 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (See Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2014, or at any time during the period then ended.
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. Under a service agreement, The Vanguard Group furnishes corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the period ended April 30, 2014, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
32
LifeStrategy Moderate Growth Fund
C. Various inputs may be used to determine the value of the fund’s investments. 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).
At April 30, 2014, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At April 30, 2014, the cost of investment securities for tax purposes was $8,180,329,000. Net unrealized appreciation of investment securities for tax purposes was $2,974,888,000, consisting of unrealized gains of $2,977,363,000 on securities that had risen in value since their purchase and $2,475,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $832,951,000 of investment securities and sold $783,416,000 of investment securities, other than temporary cash investments.
F. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
April 30, 2014 | October 31, 2013 | |
Shares | Shares | |
(000) | (000) | |
Issued | 58,831 | 95,400 |
Issued in Lieu of Cash Distributions | 6,051 | 18,066 |
Redeemed | (61,741) | (66,583) |
Net Increase (Decrease) in Shares Outstanding | 3,141 | 46,883 |
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
33
LifeStrategy Growth Fund
Fund Profile
As of April 30, 2014
Total Fund Characteristics | |
Ticker Symbol | VASGX |
30-Day SEC Yield | 2.10% |
Acquired Fund Fees and Expenses1 | 0.17% |
Allocation to Underlying Vanguard Funds | |
Vanguard Total Stock Market Index Fund | |
Investor Shares | 55.9% |
Vanguard Total International Stock Index | |
Fund Investor Shares | 24.1 |
Vanguard Total Bond Market II Index Fund | |
Investor Shares | 16.0 |
Vanguard Total International Bond Index | |
Fund Investor Shares | 4.0 |
Total Fund Volatility Measures | ||
DJ | ||
Growth | U.S. Total | |
Composite | Market | |
Index | FA Index | |
R-Squared | 1.00 | 0.96 |
Beta | 1.02 | 0.83 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Fund Asset Allocation
1 This figure—drawn from the prospectus dated February 27, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Growth Fund invests. The LifeStrategy Growth Fund does not charge any expenses or fees of its own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.18%.
34
LifeStrategy Growth Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
LifeStrategy Growth Fund
Growth Composite Index
For a benchmark description, see the Glossary.
Note: For 2014, performance data reflect the six months ended April 30, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
LifeStrategy Growth Fund | 9/30/1994 | 15.47% | 17.04% | 2.30% | 4.32% | 6.62% |
See Financial Highlights for dividend and capital gains information.
35
LifeStrategy Growth Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | ||
Value | ||
Shares | ($000) | |
Investment Companies (100.0%) | ||
U.S. Stock Fund (55.9%) | ||
Vanguard Total Stock Market Index Fund Investor Shares | 118,561,742 | 5,624,569 |
International Stock Fund (24.1%) | ||
Vanguard Total International Stock Index Fund Investor Shares | 142,949,501 | 2,427,283 |
U.S. Bond Fund (16.0%) | ||
1 Vanguard Total Bond Market II Index Fund Investor Shares | 150,505,592 | 1,610,410 |
International Bond Fund (4.0%) | ||
Vanguard Total International Bond Index Fund Investor Shares | 39,609,771 | 401,643 |
Total Investment Companies (Cost $6,753,938) | 10,063,905 | |
Temporary Cash Investment (0.0%) | ||
Money Market Fund (0.0%) | ||
1 Vanguard Market Liquidity Fund, 0.124% (Cost $4,435) | 4,435,198 | 4,435 |
Total Investments (100.0%) (Cost $6,758,373) | 10,068,340 | |
Other Assets and Liabilities (0.0%) | ||
Other Assets | 11,186 | |
Liabilities | (15,635) | |
(4,449) | ||
Net Assets (100%) | ||
Applicable to 356,414,783 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 10,063,891 | |
Net Asset Value Per Share | $28.24 |
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LifeStrategy Growth Fund | |
At April 30, 2014, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 6,629,591 |
Undistributed Net Investment Income | 52,591 |
Accumulated Net Realized Gains | 71,742 |
Unrealized Appreciation (Depreciation) | 3,309,967 |
Net Assets | 10,063,891 |
See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
37
LifeStrategy Growth Fund | |
Statement of Operations | |
Six Months Ended | |
April 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 108,282 |
Net Investment Income—Note B | 108,282 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 753 |
Investment Securities Sold | 71,327 |
Realized Net Gain (Loss) | 72,080 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 348,197 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 528,559 |
See accompanying Notes, which are an integral part of the Financial Statements.
38
LifeStrategy Growth Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
April 30, | October 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 108,282 | 197,239 |
Realized Net Gain (Loss) | 72,080 | 30,896 |
Change in Unrealized Appreciation (Depreciation) | 348,197 | 1,382,311 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 528,559 | 1,610,446 |
Distributions | ||
Net Investment Income | (102,303) | (214,446) |
Realized Capital Gain1 | (19,730) | (88,505) |
Total Distributions | (122,033) | (302,951) |
Capital Share Transactions | ||
Issued | 943,227 | 1,431,019 |
Issued in Lieu of Cash Distributions | 120,180 | 298,387 |
Redeemed | (1,193,436) | (1,048,380) |
Net Increase (Decrease) from Capital Share Transactions | (130,029) | 681,026 |
Total Increase (Decrease) | 276,497 | 1,988,521 |
Net Assets | ||
Beginning of Period | 9,787,394 | 7,798,873 |
End of Period2 | 10,063,891 | 9,787,394 |
1 Includes fiscal 2014 and 2013 short-term gain distributions totaling $7,307,000 and $4,658,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed net investment income of $52,591,000 and $46,612,000.
See accompanying Notes, which are an integral part of the Financial Statements.
39
LifeStrategy Growth Fund | ||||||
Financial Highlights | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | April 30, | Year Ended October 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $27.07 | $23.36 | $21.61 | $21.28 | $18.66 | $16.86 |
Investment Operations | ||||||
Net Investment Income | .324 | .569 | .587 | .401 | .417 | .423 |
Capital Gain Distributions Received | .002 | .025 | .045 | .018 | — | — |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.178 | 4.013 | 1.603 | .364 | 2.573 | 1.818 |
Total from Investment Operations | 1.504 | 4.607 | 2.235 | .783 | 2.990 | 2.241 |
Distributions | ||||||
Dividends from Net Investment Income | (.280) | (.631) | (.468) | (.444) | (.370) | (.441) |
Distributions from Realized Capital Gains | (.054) | (.266) | (.017) | (.009) | — | — |
Total Distributions | (.334) | (.897) | (.485) | (.453) | (.370) | (.441) |
Net Asset Value, End of Period | $28.24 | $27.07 | $23.36 | $21.61 | $21.28 | $18.66 |
Total Return1 | 5.59% | 20.34% | 10.56% | 3.63% | 16.21% | 13.74% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,064 | $9,787 | $7,799 | $7,371 | $7,431 | $6,621 |
Ratio of Total Expenses to | ||||||
Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.18% | 0.17% | 0.17% | 0.20% | 0.20% | 0.23% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.20% | 2.27% | 2.61% | 1.79% | 2.09% | 2.57% |
Portfolio Turnover Rate | 11% | 9% | 10%2 | 22% | 11% | 12%3 |
The expense ratio, acquired fund fees and expenses, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s investments from Vanguard Asset Allocation Fund to Vanguard Total Bond Market II Index Fund and Vanguard Total Stock Market Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
3 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from Vanguard Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in kind and did not cause the fund to incur transaction costs.
See accompanying Notes, which are an integral part of the Financial Statements.
40
LifeStrategy Growth Fund
Notes to Financial Statements
Vanguard LifeStrategy Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2010–2013), and for the period ended April 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (See Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2014, or at any time during the period then ended.
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. Under a service agreement, The Vanguard Group furnishes corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the period ended April 30, 2014, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
41
LifeStrategy Growth Fund
C. Various inputs may be used to determine the value of the fund’s investments. 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).
At April 30, 2014, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At April 30, 2014, the cost of investment securities for tax purposes was $6,758,373,000. Net unrealized appreciation of investment securities for tax purposes was $3,309,967,000, consisting of unrealized gains of $3,310,863,000 on securities that had risen in value since their purchase and $896,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $547,967,000 of investment securities and sold $686,498,000 of investment securities, other than temporary cash investments.
F. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
April 30, 2014 | October 31, 2013 | |
Shares | Shares | |
(000) | (000) | |
Issued | 34,252 | 57,177 |
Issued in Lieu of Cash Distributions | 4,373 | 12,692 |
Redeemed | (43,784) | (42,191) |
Net Increase (Decrease) in Shares Outstanding | (5,159) | 27,678 |
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A typical fund’s expenses are expressed as a percentage of its average net assets. The LifeStrategy Funds have no direct expenses, but each fund bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.
The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using the acquired fund fees and expenses for each LifeStrategy Fund.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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Six Months Ended April 30, 2014 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
10/31/2013 | 4/30/2014 | Period | |
Based on Actual Fund Return | |||
LifeStrategy Income Fund | $1,000.00 | $1,027.72 | $0.75 |
LifeStrategy Conservative Growth Fund | $1,000.00 | $1,037.11 | $0.81 |
LifeStrategy Moderate Growth Fund | $1,000.00 | $1,046.61 | $0.86 |
LifeStrategy Growth Fund | $1,000.00 | $1,055.90 | $0.92 |
Based on Hypothetical 5% Yearly Return | |||
LifeStrategy Income Fund | $1,000.00 | $1,024.05 | $0.75 |
LifeStrategy Conservative Growth Fund | $1,000.00 | $1,024.00 | $0.80 |
LifeStrategy Moderate Growth Fund | $1,000.00 | $1,023.95 | $0.85 |
LifeStrategy Growth Fund | $1,000.00 | $1,023.90 | $0.90 |
The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the LifeStrategy Funds invest. The LifeStrategy Funds’ annualized expense figures for the period are (in order as listed from top to bottom above) 0.15%, 0.16%, 0.17%, and 0.18%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized average weighted expense ratio for the underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
44
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Acquired Fund Fees and Expenses. Funds that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any mutual fund whose shares are owned by another fund.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Benchmark Information
Conservative Growth Composite Average: Weighted 60% fixed income funds average, 28% general equity funds average, and 12% international funds average. Derived from data provided by Lipper, a Thomson Reuters Company.
45
Conservative Growth Composite Index: Weighted 48% Barclays U.S. Aggregate Float Adjusted Index, 28% CRSP US Total Market Index, 12% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, and 12% FTSE Global All Cap ex US Index as of June 3, 2013. In prior periods, the composite was 60% Barclays U.S. Aggregate Float Adjusted Index, 28% MSCI US Broad Market Index, and 12% MSCI ACWI ex USA IMI Index through June 2, 2013; 40% Barclays U.S. Aggregate Float Adjusted Index, 28% MSCI US Broad Market Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, and 12% MSCI ACWI ex USA IMI Index through November 30, 2011; 40% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), 35% MSCI US Broad Market Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, and 5% MSCI EAFE Index through December 15, 2010; 40% Barclays U.S. Aggregate Bond Index, 35% Dow Jones U.S. Total Stock Market Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, and 5% MSCI EAFE Index through April 22, 2005; and 40% Barclays U.S. Aggregate Bond Index, 35% Dow Jones U.S. Total Stock Market Index, 20% Citigroup 3-Month Treasury Bill Index, and 5% MSCI EAFE Index through August 31, 2003. International stock benchmark returns are adjusted for withholding taxes.
Growth Composite Average: Weighted 56% general equity funds average, 24% international funds average, and 20% fixed income funds average. Derived from data provided by Lipper, a Thomson Reuters Company.
Growth Composite Index: Weighted 56% CRSP US Total Market Index, 24% FTSE Global All Cap ex US Index, 16% Barclays U.S. Aggregate Float Adjusted Index, and 4% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of June 3, 2013. In prior periods, the composite was 56% MSCI US Broad Market Index, 24% MSCI ACWI ex USA IMI Index, and 20% Barclays U.S. Aggregate Float Adjusted Index through June 2, 2013; 65% MSCI US Broad Market Index, 20% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), and 15% MSCI EAFE Index through December 15, 2010; and 65% Dow Jones U.S. Total Stock Market Index, 20% Barclays U.S. Aggregate Bond Index, and 15% MSCI EAFE Index through April 22, 2005. International stock benchmark returns are adjusted for withholding taxes.
Income Composite Average: Weighted 80% fixed income funds average, 14% general equity funds average, and 6% international funds average. Derived from data provided by Lipper, a Thomson Reuters Company.
46
Income Composite Index: Weighted 64% Barclays U.S. Aggregate Float Adjusted Index, 16% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, 14% CRSP US Total Market Index, and 6% FTSE Global All Cap ex US Index as of June 3, 2013. In prior periods, the composite was 80% Barclays U.S. Aggregate Float Adjusted Index, 14% MSCI US Broad Market Index, and 6% MSCI ACWI ex USA IMI Index through June 2, 2013; 60% Barclays U.S. Aggregate Float Adjusted Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, 14% MSCI US Broad Market Index, and 6% MSCI ACWI ex USA IMI Index through November 30, 2011; 60% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), 20% MSCI US Broad Market Index, and 20% Barclays U.S. 1–3 Year Credit Bond Index through December 15, 2010; 60% Barclays U.S. Aggregate Bond Index, 20% Dow Jones U.S. Total Stock Market Index, and 20% Barclays U.S. 1–3 Year Credit Bond Index through April 22, 2005; and 60% Barclays U.S. Aggregate Bond Index, 20% Dow Jones U.S. Total Stock Market Index, and 20% Citigroup 3-Month Treasury Bill Index through August 31, 2003. International stock benchmark returns are adjusted for withholding taxes.
Moderate Growth Composite Average: Weighted 42% general equity funds average, 40% fixed income funds average, and 18% international funds average. Derived from data provided by Lipper, a Thomson Reuters Company.
Moderate Growth Composite Index: Weighted 42% CRSP US Total Market Index, 32% Barclays U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, and 8% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of June 3, 2013. In prior periods, the composite was 42% MSCI US Broad Market Index, 40% Barclays U.S. Aggregate Float Adjusted Index, and 18% MSCI ACWI ex USA IMI Index through June 2, 2013; 50% MSCI US Broad Market Index, 40% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), and 10% MSCI EAFE Index through December 15, 2010; and 50% Dow Jones U.S. Total Stock Market Index, 40% Barclays U.S. Aggregate Bond Index, and 10% MSCI EAFE Index through April 22, 2005. International stock benchmark returns are adjusted for withholding taxes.
47
The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 178 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
Senior Advisor at New Mountain Capital. | |
F. William McNabb III | |
Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
of the Presidential Commission for the Study of | |
Bioethical Issues. | |
IndependentTrustees | |
JoAnn Heffernan Heisen | |
Emerson U. Fullwood | |
Born 1948. Trustee Since January 2008. Principal | Born 1950. Trustee Since July 1998. Principal |
Occupation(s) During the Past Five Years: Executive | Occupation(s) During the Past Five Years: Corporate |
Chief Staff and Marketing Officer for North America | Vice President and Chief Global Diversity Officer |
and Corporate Vice President (retired 2008) of Xerox | (retired 2008) and Member of the Executive |
Corporation (document management products and | Committee (1997–2008) of Johnson & Johnson |
services); Executive in Residence and 2009–2010 | (pharmaceuticals/medical devices/consumer |
Distinguished Minett Professor at the Rochester | products); Director of Skytop Lodge Corporation |
Institute of Technology; Director of SPX Corporation | (hotels), the University Medical Center at Princeton, |
(multi-industry manufacturing), the United Way of | the Robert Wood Johnson Foundation, and the Center |
Rochester, Amerigroup Corporation (managed health | for Talent Innovation; Member of the Advisory Board |
care), the University of Rochester Medical Center, | of the Maxwell School of Citizenship and Public Affairs |
Monroe Community College Foundation, and North | at Syracuse University. |
Carolina A&T University. | |
F. Joseph Loughrey | |
Born 1949. Trustee Since October 2009. Principal | |
Rajiv L. Gupta | Occupation(s) During the Past Five Years: President |
Born 1945. Trustee Since December 2001.2 | and Chief Operating Officer (retired 2009) of Cummins |
Principal Occupation(s) During the Past Five Years: | Inc. (industrial machinery); Chairman of the Board |
Chairman and Chief Executive Officer (retired 2009) | of Hillenbrand, Inc. (specialized consumer services), |
and President (2006–2008) of Rohm and Haas Co. | and of Oxfam America; Director of SKF AB (industrial |
(chemicals); Director of Tyco International, Ltd. | machinery), Hyster-Yale Materials Handling, Inc. |
(diversified manufacturing and services), Hewlett- | (forklift trucks), the Lumina Foundation for Education, |
Packard Co. (electronic computer manufacturing), |
and the V Foundation for Cancer Research; Member | Executive Officers | |
of the Advisory Council for the College of Arts and | ||
Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal | |
University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
of The Vanguard Group, Inc.; Controller of each of | ||
Mark Loughridge | the investment companies served by The Vanguard | |
Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment | |
Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). | |
President and Chief Financial Officer (retired 2013) | ||
at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September | |
2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of | |
(investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the | |
Advisory Committees of the Financial Industry | investment companies served by The Vanguard | |
Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment | |
Baseball. | companies served by The Vanguard Group (1988–2008). | |
André F. Perold | Heidi Stam | |
Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal | |
Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing | |
Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel | |
at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard | |
Chief Investment Officer and Managing Partner of | Group and of each of the investment companies | |
HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior | |
Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. | |
Museum of Fine Arts Boston. | ||
Vanguard Senior ManagementTeam | ||
Alfred M. Rankin, Jr. | ||
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland. | ||
Peter F. Volanakis | Chairman Emeritus and Senior Advisor | |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | John J. Brennan | |
and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 | |
Colby-Sawyer College; Member of the Advisory Board | ||
of the Norris Cotton Cancer Center and of the Advisory | Founder | |
Board of the Parthenon Group (strategy consulting). | ||
John C. Bogle | ||
Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447 | |
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Text Telephone for People | |
With Hearing Impairment > 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
months ended June 30. To get the report, visit either | |
vanguard.com/proxyreporting or sec.gov. | |
You can review and copy information about your fund at | |
the SEC’s Public Reference Room in Washington, D.C. To | |
find out more about this public service, call the SEC at | |
202-551-8090. Information about your fund is also | |
available on the SEC’s website, and you can receive | |
copies of this information, for a fee, by sending a | |
request in either of two ways: via e-mail addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q882 062014 |
Semiannual Report | April 30, 2014
Vanguard STAR® Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 7 |
Performance Summary. | 8 |
Financial Statements. | 9 |
About Your Fund’s Expenses. | 16 |
Trustees Approve Advisory Arrangement. | 18 |
Glossary. | 19 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns | ||||
Six Months Ended April 30, 2014 | ||||
Total | ||||
Returns | ||||
Vanguard STAR Fund | 5.35% | |||
STAR Composite Index | 4.64 | |||
STAR Composite Average | 3.90 | |||
For a benchmark description, see the Glossary. | ||||
STAR Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company. | ||||
Your Fund’s Performance at a Glance | ||||
October 31, 2013, Through April 30, 2014 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard STAR Fund | $23.66 | $24.47 | $0.285 | $0.158 |
1
Chairman’s Letter
Dear Shareholder,
Vanguard STAR Fund returned 5.35% for the six months ended April 30, 2014. The fund, which invests in 11 actively managed funds, benefited from the strength of the broad U.S. stock market. Its underlying bond funds rebounded after slumping in 2013.
The STAR Fund’s return exceeded that of its benchmark, the STAR Composite Index, and the average return of its peer funds with similar asset allocations.
Recent progress has been sporadic, but stocks continued their climb
For the half year ended April 30, U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014. Technology stocks, for example, turned in a rocky performance amid concerns about pricey valuations. Poor economic data from China and the conflict in Ukraine also unsettled investors.
Global economic and political shifts, of course, are as inevitable as they are unpredictable. Broad diversification remains the best way to manage the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues and that’s always, I think, a valuable starting point for investors.”
2
International stocks, in aggregate, returned nearly 3%, with the developed markets of Europe faring the best. The developed markets of the Pacific region and emerging markets, where China’s weakness was felt most, had negative returns.
Despite low yields, the bond market experienced a surprising rally
Bonds continued to emerge from the struggles that marked much of 2013, when the market was roiled by worries about the prospect of the Federal Reserve reducing its stimulative bond-buying. In January, however, when the reduction actually began, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74% for the six months. The yield of the 10-year Treasury note ended at 2.69% in April, up from 2.54% on October 31 but down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 4.08%. Money market funds and savings accounts posted paltry returns as the Fed’s target for short-term interest rates remained at 0%–0.25%.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
Market Barometer | |||
Total Returns | |||
Periods Ended April 30, 2014 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
CPI | |||
Consumer Price Index | 1.51% | 1.95% | 2.14% |
3
Underlying U.S. stock funds drove the STAR Fund’s results
The STAR Fund is a “fund of funds” that aims to provide investors with broad diversification among and within asset classes. It consists of about 62% domestic and international stocks and 38% U.S. bonds and short-term investments. Each of its eight underlying stock funds represents a segment of the global market—small-, medium-, or large-capitalization stocks with an emphasis on growth or value. The bond portfolio consists of three funds with varying levels of maturities and quality.
For the six months ended April 30, each of the STAR Fund’s underlying funds posted a positive return. As I mentioned earlier, U.S. stock funds drove performance; shorter-maturity and higher-quality U.S. bonds produced the smallest gains. Still, six of the 11 underlying funds exceeded their benchmark index’s return. Nine beat their peer groups. And three outpaced the broad U.S. and international stock indexes.
Standouts for the six-month period included Vanguard PRIMECAP Fund and Vanguard Windsor™ II Fund.
The PRIMECAP Fund seeks out large-and midsized stocks with superior long-term growth prospects. It has sizable investments in technology and health care—sectors that, according to the fund’s advisor, stand to benefit from long-term demographic and economic trends. The advisor’s careful selections among
Expense Ratios | ||
Your Fund Compared With Its Peer Group | ||
Acquired Fund Fees | Peer Group | |
and Expenses | Average | |
STAR Fund | 0.34% | 1.14% |
The acquired fund fees and expenses—drawn from the prospectus dated February 27, 2014—represent an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the STAR Fund invests. The STAR Fund does not charge any expenses or fees of its own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.34%.
The peer group is the STAR Composite Average, which is derived by weighting the average expense ratios of the following mutual fund groups: general equity funds (43.75%), fixed income funds (25%), 1–5 year investment-grade funds (12.5%), and international funds (18.75%). Average expense ratios for these groups are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2013.
4
software, biotech, and pharmaceutical companies contributed to PRIMECAP’s strong return.
The Windsor II Fund, the STAR Fund’s largest holding, benefited most from the financial and health care sectors. Its large-cap value focus came in handy during a period when value stocks emerged as market leaders. Windsor II’s emphasis on well-managed, quality companies that its advisors believe are not fully valued by the market aligned with investors’ renewed appetite for stocks of companies with solid fundamentals.
The shift away from areas of the market where stock valuations had reached heady levels hurt small-cap growth stocks such as those held by Vanguard Explorer™ Fund.
This fund had the weakest results of all the STAR Fund’s stock holdings, posting a 3.19% return for the six months.
The STAR Fund’s underlying bond portfolio produced modest to strong returns. The Long-Term Investment-Grade Fund, which invests in medium- and high-quality investment-grade corporate bonds with an average maturity of 15 to 25 years, did best. It benefited as demand for longer-maturity U.S. bonds picked up in early 2014 amid soft U.S. economic data, turmoil in emerging markets, and slowing growth in China. As interest rates rose, the STAR Fund’s more conservative and shorter-dated bond funds delivered restrained results.
Underlying Funds: Allocations and Returns | ||
Six Months Ended April 30, 2014 | ||
Percentage of | ||
Vanguard Fund | STAR Fund Assets | Total Returns |
Vanguard Windsor II Fund Investor Shares | 14.5% | 8.83% |
Vanguard Long-Term Investment-Grade Fund | ||
Investor Shares | 12.9 | 7.44 |
Vanguard GNMA Fund Investor Shares | 12.4 | 1.55 |
Vanguard Short-Term Investment-Grade Fund | ||
Investor Shares | 12.2 | 1.18 |
Vanguard International Value Fund | 9.4 | 3.45 |
Vanguard International Growth Fund Investor | ||
Shares | 9.4 | 3.28 |
Vanguard Windsor Fund Investor Shares | 7.8 | 8.75 |
Vanguard PRIMECAP Fund Investor Shares | 6.0 | 9.49 |
Vanguard Morgan Growth Fund Investor Shares | 5.9 | 5.63 |
Vanguard U.S. Growth Fund Investor Shares | 5.9 | 6.95 |
Vanguard Explorer Fund Investor Shares | 3.6 | 3.19 |
Combined | 100.0% | 5.35% |
5
Balancing investors’ ‘home bias’ and the benefits of diversification
Many investors have a natural tendency to focus on companies close to home. But this “home bias” can lead to missed opportunities to diversify a portfolio internationally.
Stocks of companies based outside the United States account for about half of the global equity market. Vanguard’s analysis of more than four decades of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This benefit has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that can vary from those of U.S. stocks—which helps to reduce volatility risk. Of course, the impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
Deciding how much to allocate to international stocks depends on your view regarding the short-term and long-term trade-offs. These include potential exposure to currency fluctuations and generally higher transaction and investment costs. Vanguard suggests that allocating 20% of your equity holdings to non-U.S. stocks may be a reasonable starting point. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
Of course, as an investor in the STAR Fund, you already have exposure to international stocks. And you don’t have to worry about periodically adjusting your allocation because your fund automatically rebalances—that’s the beauty of investing in “all-in-one” funds.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 13, 2014
6
STAR Fund | |
Fund Profile | |
As of April 30, 2014 | |
Total Fund Characteristics | |
Ticker Symbol | VGSTX |
30-Day SEC Yield | 1.95% |
Acquired Fund Fees and Expenses1 | 0.34% |
Allocation to Underlying Vanguard Funds
Vanguard Windsor II Fund Investor Shares | 14.5% |
Vanguard Long-Term Investment-Grade | |
Fund Investor Shares | 12.9 |
Vanguard GNMA Fund Investor Shares | 12.4 |
Vanguard Short-Term Investment-Grade | |
Fund Investor Shares | 12.2 |
Vanguard International Value Fund | 9.4 |
Vanguard International Growth Fund | |
Investor Shares | 9.4 |
Vanguard Windsor Fund Investor Shares | 7.8 |
Vanguard PRIMECAP Fund Investor | |
Shares | 6.0 |
Vanguard Morgan Growth Fund Investor | |
Shares | 5.9 |
Vanguard U.S. Growth Fund Investor | |
Shares | 5.9 |
Vanguard Explorer Fund Investor Shares | 3.6 |
Total Fund Volatility Measures | ||
DJ | ||
STAR | U.S. Total | |
Composite | Market | |
Index | FA Index | |
R-Squared | 0.99 | 0.94 |
Beta | 1.05 | 0.67 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Fund Asset Allocation
1 This figure—drawn from the prospectus dated February 27, 2014—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the STAR Fund invests. The STAR Fund does not charge any expenses or fees of its own. For the six months ended April 30, 2014, the annualized acquired fund fees and expenses were 0.34%.
7
STAR Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
For a benchmark description, see the Glossary.
Note: For 2014, performance data reflect the six months ended April 30, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
STAR Fund | 3/29/1985 | 14.37% | 15.40% | 2.73% | 4.37% | 7.10% |
See Financial Highlights for dividend and capital gains information.
8
STAR Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2014
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | ||
Value | ||
Shares | ($000) | |
Investment Companies (100.0%) | ||
U.S. Stock Funds (43.6%) | ||
Vanguard Windsor II Fund Investor Shares | 68,258,285 | 2,601,323 |
Vanguard Windsor Fund Investor Shares | 66,799,297 | 1,408,129 |
Vanguard PRIMECAP Fund Investor Shares | 11,434,609 | 1,092,462 |
Vanguard Morgan Growth Fund Investor Shares | 42,373,253 | 1,075,857 |
Vanguard U.S. Growth Fund Investor Shares | 37,569,395 | 1,074,485 |
Vanguard Explorer Fund Investor Shares | 6,511,021 | 653,772 |
7,906,028 | ||
International Stock Funds (18.8%) | ||
Vanguard International Value Fund | 45,187,288 | 1,703,561 |
Vanguard International Growth Fund Investor Shares | 73,070,058 | 1,698,879 |
3,402,440 | ||
U.S. Bond Funds (37.6%) | ||
Vanguard Long-Term Investment-Grade Fund Investor Shares | 227,296,486 | 2,338,881 |
Vanguard GNMA Fund Investor Shares | 211,437,659 | 2,247,582 |
Vanguard Short-Term Investment-Grade Fund Investor Shares | 206,163,230 | 2,216,255 |
6,802,718 | ||
Total Investment Companies (Cost $12,052,579) | 18,111,186 | |
Temporary Cash Investment (0.0%) | ||
Money Market Fund (0.0%) | ||
1 Vanguard Market Liquidity Fund, 0.124% (Cost $288) | 288,370 | 288 |
Total Investments (100.0%) (Cost $12,052,867) | 18,111,474 | |
Other Assets and Liabilities (0.0%) | ||
Other Assets | 49,085 | |
Liabilities | (48,280) | |
805 | ||
Net Assets (100%) | ||
Applicable to 740,213,390 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 18,112,279 | |
Net Asset Value Per Share | $24.47 |
9
STAR Fund | |
At April 30, 2014, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 11,708,177 |
Undistributed Net Investment Income | 69,910 |
Accumulated Net Realized Gains | 275,585 |
Unrealized Appreciation (Depreciation) | 6,058,607 |
Net Assets | 18,112,279 |
See Note A in Notes to Financial Statements.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
10
STAR Fund | |
Statement of Operations | |
Six Months Ended | |
April 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received | 212,347 |
Net Investment Income—Note B | 212,347 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 218,278 |
Investment Securities Sold | 69,926 |
Realized Net Gain (Loss) | 288,204 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities | 415,484 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 916,035 |
See accompanying Notes, which are an integral part of the Financial Statements.
11
STAR Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
April 30, | October 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 212,347 | 330,506 |
Realized Net Gain (Loss) | 288,204 | 333,453 |
Change in Unrealized Appreciation (Depreciation) | 415,484 | 1,890,845 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 916,035 | 2,554,804 |
Distributions | ||
Net Investment Income | (206,691) | (324,431) |
Realized Capital Gain1 | (114,586) | (17,087) |
Total Distributions | (321,277) | (341,518) |
Capital Share Transactions | ||
Issued | 923,181 | 1,501,826 |
Issued in Lieu of Cash Distributions | 309,052 | 328,541 |
Redeemed | (894,528) | (1,622,340) |
Net Increase (Decrease) from Capital Share Transactions | 337,705 | 208,027 |
Total Increase (Decrease) | 932,463 | 2,421,313 |
Net Assets | ||
Beginning of Period | 17,179,816 | 14,758,503 |
End of Period2 | 18,112,279 | 17,179,816 |
1 Includes fiscal 2014 and 2013 short-term gain distributions totaling $12,329,000 and $17,087,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed net investment income of $69,910,000 and $64,254,000.
See accompanying Notes, which are an integral part of the Financial Statements.
12
STAR Fund | ||||||
Financial Highlights | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | April 30, | Year Ended October 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $23.66 | $20.62 | $19.25 | $18.76 | $16.96 | $15.33 |
Investment Operations | ||||||
Net Investment Income | . 291 | .460 | .455 | .445 | .429 | .516 |
Capital Gain Distributions Received | . 298 | .106 | .097 | .073 | .024 | .142 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .664 | 2.951 | 1.309 | .468 | 1.788 | 2.150 |
Total from Investment Operations | 1.253 | 3.517 | 1.861 | .986 | 2.241 | 2.808 |
Distributions | ||||||
Dividends from Net Investment Income | (. 285) | (. 453) | (. 466) | (. 448) | (. 430) | (. 552) |
Distributions from Realized Capital Gains | (.158) | (. 024) | (. 025) | (. 048) | (. 011) | (. 626) |
Total Distributions | (. 443) | (. 477) | (. 491) | (. 496) | (. 441) | (1.178) |
Net Asset Value, End of Period | $24.47 | $23.66 | $20.62 | $19.25 | $18.76 | $16.96 |
Total Return1 | 5.35% | 17.36% | 9.91% | 5.27% | 13.42% | 19.74% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $18,112 | $17,180 | $14,759 | $13,883 | $13,521 | $12,076 |
Ratio of Total Expenses to | ||||||
Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% | 0.37% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.99% | 2.08% | 2.28% | 2.29% | 2.40% | 3.35% |
Portfolio Turnover Rate | 4% | 9% | 12% | 24% | 22% | 21% |
The expense ratio, acquired fund fees and expenses, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
13
STAR Fund
Notes to Financial Statements
Vanguard STAR Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds. The fund invests 60% to 70% of its net assets in stock funds (predominantly large-capitalization U.S. stock funds), 20% to 30% in intermediate- to long-term bond funds, and 10% to 20% in a short-term bond fund. Financial statements and other information about each underlying fund are available on vanguard.com.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2010–2013), and for the period ended April 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
4. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (See Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2014, or at any time during the period then ended.
5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. Under a service agreement, The Vanguard Group furnishes investment advisory, corporate management, administrative, marketing, and distribution services to the fund. The service agreement provides that the fund’s expenses may be reduced or eliminated to the extent of savings realized by the Vanguard funds by the operation of the fund. Accordingly, all incremental expenses for services provided by Vanguard and all other expenses incurred by the fund during the period ended April 30, 2014, were borne by the funds in which the fund invests. The fund’s trustees and officers are also directors and officers of Vanguard and the funds in which the fund invests.
14
STAR Fund
C. Various inputs may be used to determine the value of the fund’s investments. 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).
At April 30, 2014, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
At April 30, 2014, the cost of investment securities for tax purposes was $12,052,867,000. Net unrealized appreciation of investment securities for tax purposes was $6,058,607,000, consisting entirely of unrealized gains on securities that had risen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $814,794,000 of investment securities and sold $367,633,000 of investment securities, other than temporary cash investments.
F. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
April 30, 2014 | October 31, 2013 | |
Shares | Shares | |
(000) | (000) | |
Issued | 38,458 | 68,385 |
Issued in Lieu of Cash Distributions | 12,996 | 15,650 |
Redeemed | (37,285) | (73,891) |
Net Increase (Decrease) in Shares Outstanding | 14,169 | 10,144 |
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
15
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A typical fund’s expenses are expressed as a percentage of its average net assets. The STAR Fund has no direct expenses, but bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.
The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using the acquired fund fees and expenses for the STAR Fund.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
16
Six Months Ended April 30, 2014 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
STAR Fund | 10/31/2013 | 4/30/2014 | Period |
Based on Actual Fund Return | $1,000.00 | $1,053.50 | $1.73 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.11 | 1.71 |
The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the STAR Fund invests. The STAR Fund’s annualized expense figure for the period is 0.34%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized average weighted expense ratio for the underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
17
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard STAR Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Equity Investment Group—serves as the investment advisor for the limited purpose of investing the fund’s cash in futures. The board determined that continuing the fund’s limited-purpose investment management arrangement with Vanguard was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the limited-purpose investment management services provided to the fund since 2009, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the arrangement.
Investment performance
The board considered the fund’s performance since 2009, including its performance relative to a benchmark index and peer group. The board concluded that Vanguard has performed its cash management duties in line with expectations, and that the results have been consistent with the fund’s investment strategy. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s acquired fund fees and expenses were well below the average expense ratio charged by funds in its peer group. The fund does not incur advisory expenses directly; however, the board noted that each of the underlying funds in which the fund invests has advisory expenses well below the relevant peer-group average. Information about the fund’s acquired fund fees and expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
18
Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Acquired Fund Fees and Expenses. Funds that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any mutual fund whose shares are owned by another fund.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
19
Benchmark Information
STAR Composite Average: 62.5% general equity funds average, 25% fixed income funds average, and 12.5% money market funds average through December 31, 2002; 50% general equity funds average, 25% fixed income funds average, 12.5% 1–5 year investment-grade funds average, and 12.5% international funds average through September 30, 2010; and 43.75% general equity funds average, 25% fixed income funds average, 12.5% 1–5 year investment-grade funds average, and 18.75% international funds average thereafter. Derived from data provided by Lipper, a Thomson Reuters Company.
STAR Composite Index: 62.5% Dow Jones U.S. Total Stock Market Index, 25% Barclays U.S. Aggregate Bond Index, and 12.5% Citigroup Three-Month U.S. Treasury Bill Index through December 31, 2002; 50% Dow Jones U.S. Total Stock Market Index, 25% Barclays U.S. Aggregate Bond Index, 12.5% Barclays U.S. 1–5 Year Credit Bond Index, and 12.5% MSCI EAFE Index through April 22, 2005; 50% MSCI US Broad Market Index, 25% Barclays U.S. Aggregate Bond Index, 12.5% Barclays U.S. 1–5 Year Credit Bond Index, and 12.5% MSCI EAFE Index through September 30, 2010; and 43.75% MSCI US Broad Market Index, 25% Barclays U.S. Aggregate Bond Index, 12.5% Barclays U.S. 1–5 Year Credit Bond Index, and 18.75% MSCI All Country World Index ex USA thereafter. MSCI international benchmark returns are adjusted for withholding taxes.
20
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 178 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 | and Delphi Automotive LLP (automotive components); |
Senior Advisor at New Mountain Capital. | |
F. William McNabb III | |
Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
of the Presidential Commission for the Study of | |
Bioethical Issues. | |
IndependentTrustees | |
JoAnn Heffernan Heisen | |
Emerson U. Fullwood | Born 1950. Trustee Since July 1998. Principal |
Born 1948. Trustee Since January 2008. Principal | Occupation(s) During the Past Five Years: Corporate |
Occupation(s) During the Past Five Years: Executive | Vice President and Chief Global Diversity Officer |
Chief Staff and Marketing Officer for North America | (retired 2008) and Member of the Executive |
and Corporate Vice President (retired 2008) of Xerox | Committee (1997–2008) of Johnson & Johnson |
Corporation (document management products and | (pharmaceuticals/medical devices/consumer |
services); Executive in Residence and 2009–2010 | products); Director of Skytop Lodge Corporation |
Distinguished Minett Professor at the Rochester | (hotels), the University Medical Center at Princeton, |
Institute of Technology; Director of SPX Corporation | the Robert Wood Johnson Foundation, and the Center |
(multi-industry manufacturing), the United Way of | for Talent Innovation; Member of the Advisory Board |
Rochester, Amerigroup Corporation (managed health | of the Maxwell School of Citizenship and Public Affairs |
care), the University of Rochester Medical Center, | at Syracuse University. |
Monroe Community College Foundation, and North | |
Carolina A&T University. | F. Joseph Loughrey |
Born 1949. Trustee Since October 2009. Principal | |
Rajiv L. Gupta | Occupation(s) During the Past Five Years: President |
Born 1945. Trustee Since December 2001.2 | and Chief Operating Officer (retired 2009) of Cummins |
Principal Occupation(s) During the Past Five Years: | Inc. (industrial machinery); Chairman of the Board |
Chairman and Chief Executive Officer (retired 2009) | of Hillenbrand, Inc. (specialized consumer services), |
and President (2006–2008) of Rohm and Haas Co. | and of Oxfam America; Director of SKF AB (industrial |
(chemicals); Director of Tyco International, Ltd. | machinery), Hyster-Yale Materials Handling, Inc. |
(diversified manufacturing and services), Hewlett- | (forklift trucks), the Lumina Foundation for Education, |
Packard Co. (electronic computer manufacturing), |
and the V Foundation for Cancer Research; Member | Executive Officers | |
of the Advisory Council for the College of Arts and | ||
Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal | |
University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
of The Vanguard Group, Inc.; Controller of each of | ||
Mark Loughridge | the investment companies served by The Vanguard | |
Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment | |
Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). | |
President and Chief Financial Officer (retired 2013) | ||
at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September | |
2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of | |
(investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the | |
Advisory Committees of the Financial Industry | investment companies served by The Vanguard | |
Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment | |
Baseball. | companies served by The Vanguard Group (1988–2008). | |
André F. Perold | Heidi Stam | |
Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal | |
Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing | |
Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel | |
at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard | |
Chief Investment Officer and Managing Partner of | Group and of each of the investment companies | |
HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior | |
Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. | |
Museum of Fine Arts Boston. | ||
Vanguard Senior ManagementTeam | ||
Alfred M. Rankin, Jr. | ||
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland. | ||
Peter F. Volanakis | Chairman Emeritus and Senior Advisor | |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | John J. Brennan | |
and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 | |
Colby-Sawyer College; Member of the Advisory Board | ||
of the Norris Cotton Cancer Center and of the Advisory | Founder | |
Board of the Parthenon Group (strategy consulting). | ||
John C. Bogle | ||
Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447 | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
With Hearing Impairment > 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
months ended June 30. To get the report, visit either | |
vanguard.com/proxyreporting or sec.gov. | |
You can review and copy information about your fund at | |
the SEC’s Public Reference Room in Washington, D.C. To | |
find out more about this public service, call the SEC at | |
202-551-8090. Information about your fund is also | |
available on the SEC’s website, and you can receive | |
copies of this information, for a fee, by sending a | |
request in either of two ways: via e-mail addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q562 062014 |
Semiannual Report | April 30, 2014
Vanguard Total International Stock Index Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Fund Profile. | 8 |
Performance Summary. | 10 |
Financial Statements. | 11 |
About Your Fund’s Expenses. | 34 |
Trustees Approve Advisory Arrangement. | 36 |
Glossary. | 37 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas.
This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns | |
Six Months Ended April 30, 2014 | |
Total | |
Returns | |
Vanguard Total International Stock Index Fund | |
Investor Shares | 3.49% |
Admiral™ Shares | 3.50 |
Signal® Shares | 3.49 |
Institutional Shares | 3.52 |
Institutional Plus Shares | 3.53 |
ETF Shares | |
Market Price | 3.51 |
Net Asset Value | 3.49 |
FTSE Global All Cap ex US Index | 3.19 |
International Funds Average | 3.71 |
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Signal Shares, Institutional Shares, and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the Nasdaq exchange and are available only through brokers. The table provides ETF returns based on both the Nasdaq market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
1
Chairman’s Letter
Dear Shareholder,
International stock markets delivered modest returns for the six months ended April 30, 2014. European stocks led the way as slight improvements in the region’s economy lifted investors’ sentiment.
The Pacific region and emerging markets didn’t fare as well. Waning optimism in Japan’s ability to jump-start its economy weighed heavily on the Pacific region’s performance. In emerging markets, signs of slower growth in China, along with rising interest rates and political turmoil in some countries, resulted in weak returns.
For the six months, Vanguard Total International Stock Index Fund returned 3.49% for Investor Shares. The fund’s return was modestly higher than that of its benchmark index, a result of fair-value pricing adjustments. These adjustments, which are required by the Securities and Exchange Commission, address pricing discrepancies that may arise because of time-zone differences among global stock markets. The fund’s return was slightly behind the average return of its international peers.
Recent progress was sporadic, but stocks continued to climb
For the half year, U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014. Technology stocks, for example,
2
turned in a rocky performance amid concerns about pricey valuations. Weak economic data from China and the conflict in Ukraine also unsettled investors.
Global economic and political shifts are, of course, as inevitable as they are unpredictable. Broad diversification remains the best way of managing the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues and that’s always, I think, a valuable starting point for investors.”
Despite low yields, the bond market experienced a surprising rally
Bonds continued to emerge from the struggles that marked much of 2013, when the market was roiled by the prospect that the Federal Reserve would reduce its stimulative bond-buying. In January, however, when the Fed actually started to trim purchases, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74%. The yield of the 10-year Treasury note ended the six months at 2.69%, up from 2.54% on October 31 but
Market Barometer | |||
Total Returns | |||
Periods Ended April 30, 2014 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
CPI | |||
Consumer Price Index | 1.51% | 1.95% | 2.14% |
3
down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 4.08% for the six months. Money market funds and savings accounts posted paltry returns as the Fed’s target for short-term interest rates remained at 0%–0.25%.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
European stocks stood out as the region’s recession faded
The Total International Stock Index Fund largely represents the combined returns of stock markets in Europe, the Pacific region, Canada, and emerging markets. (The fund also holds a tiny portion of its assets in the Middle East.)
As I mentioned earlier, developed markets in Europe—constituting close to half the index—contributed most to the fund’s return for the six months, advancing 9%. Although problems persisted in the Eurozone, including high unemployment and government debt in some member states, the region’s emergence from recession helped fuel returns in the high single digits for some of its larger economies, such as Germany and France. Some smaller economies that had fallen out of favor with investors during the debt crisis, including Ireland and Portugal, posted even stronger returns. The United
Expense Ratios | |||||||
Your Fund Compared With Its Peer Group | |||||||
Peer | |||||||
Investor | Admiral | Signal | Institutional | Institutional | ETF | Group | |
Shares | Shares | Shares | Shares | Plus Shares | Shares | Average | |
Total International Stock Index | |||||||
Fund | 0.22% | 0.14% | 0.14% | 0.12% | 0.10% | 0.14% | 1.36% |
The fund expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the fund’s annualized expense ratios were 0.22% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2013.
Peer group: International Funds.
4
Kingdom, a heavyweight representing about one-third of the fund’s assets in the region, returned about 8% as housing and employment data strengthened and as the British pound rose against the U.S. dollar.
Among the ten industry sectors, financials, health care, and industrials contributed most to European stock market results.
Developed markets in the Pacific region returned –3%, largely because of a slide in Japanese stocks, which accounted for well over half the fund’s assets in the region. Investors initially applauded the introduction last spring of an aggressive stimulus program aimed at ending Japan’s deflation and breathing new life into the world’s third-largest economy. More recently, though, the pace of growth in Japan has slackened, and exports have not benefited from the weaker currency as much as many had hoped. In contrast, other large Pacific stock markets represented in the fund—New Zealand, Australia, and Hong Kong—produced positive returns.
Six sectors declined for the region. Oil & gas, telecommunications, and technology delivered the strongest gains, but financial, consumer goods, and basic materials stocks dragged on the region’s overall result the most.
Emerging markets were another source of weakness, returning –2% for the six months. About half the developing countries in the index advanced, notably
A note on fair-value pricing |
The reported return of a fund that tracks an index sometimes may diverge from the index’s |
return a bit more than would be expected. This may be the result of a fair-value pricing |
adjustment. |
These adjustments, which are required by the Securities and Exchange Commission, address |
pricing discrepancies that may arise because of time-zone differences among global stock |
markets. Foreign stocks may trade on exchanges that close many hours before a fund’s closing |
share price is calculated in the United States, generally at 4 p.m., Eastern time. In the hours |
between the foreign close and the U.S. close, the value of these foreign securities may |
change—because of company-specific announcements or market-wide developments, for |
example. Such price changes are not immediately reflected in international index values. |
Fair-value pricing takes such changes into account in calculating the fund’s daily net asset |
value, thus ensuring that the NAV doesn’t include “stale” prices. The result can be a temporary |
divergence between the return of the fund and that of its benchmark index—a difference that |
usually corrects itself when the foreign markets reopen. |
5
India, whose economy seems to be on the mend, and the United Arab Emirates, whose stocks are increasingly on investors’ radar screens. But those countries’ performances couldn’t offset negative returns from some of their larger peers. Slowing growth in China, along with concerns about its banking sector, weighed on stocks in the world’s second-largest economy. Russian stocks fell even more amid the conflict in Ukraine and sanctions from the West. Other emerging markets faced challenges including soft global demand for commodities, rising interest rates, and political instability.
In emerging markets, too, six industry sectors declined. Technology, health care, and utilities stocks contributed most to the region’s results, while oil & gas, financials, and basic materials were among its biggest losers.
Canada, the fund’s third-largest country holding, returned about 6%, benefiting most from strength in oil & gas, financial, and health care stocks.
Balancing investors’ “home bias” and the benefits of diversification
The Total International Stock Index Fund can be helpful to investors in overcoming “home bias.” Many investors have a natural tendency to focus on companies close to home, but this bias can lead to missed opportunities to diversify a portfolio internationally.
Stocks of companies based outside the United States account for about half the global equity market. Vanguard’s analysis of more than four decades of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This benefit has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that vary from those of U.S. stocks—which helps reduce volatility risk. Of course, the impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
When it comes to deciding how much to allocate to international stocks, there’s no one-size-fits-all answer. It depends on your view regarding some of the short-term and long-term trade-offs, which include potential exposure to currency fluctuations and generally higher transaction and investment costs.
Vanguard suggests that allocating 20% of your equity portfolio to non-U.S. stocks may be a reasonable starting point. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 13, 2014
6
Your Fund’s Performance at a Glance | ||||
October 31, 2013, Through April 30, 2014 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Total International Stock Index Fund | ||||
Investor Shares | $16.67 | $16.98 | $0.259 | $0.000 |
Admiral Shares | 27.89 | 28.40 | 0.444 | 0.000 |
Signal Shares | 33.45 | 34.06 | 0.532 | 0.000 |
Institutional Shares | 111.51 | 113.56 | 1.785 | 0.000 |
Institutional Plus Shares | 111.53 | 113.58 | 1.797 | 0.000 |
ETF Shares | 51.86 | 52.81 | 0.825 | 0.000 |
7
Total International Stock Index Fund | ||||||
Fund Profile | ||||||
As of April 30, 2014 | ||||||
Share-Class Characteristics | ||||||
Investor | Admiral | Signal | Institutional | Institutional | ||
Shares | Shares | Shares | Shares | Plus Shares | ETF Shares | |
Ticker Symbol | VGTSX | VTIAX | VTSGX | VTSNX | VTPSX | VXUS |
Expense Ratio1 | 0.22% | 0.14% | 0.14% | 0.12% | 0.10% | 0.14% |
Portfolio Characteristics | ||
FTSE Global | ||
All Cap | ||
ex US | ||
Fund | Index | |
Number of Stocks | 5,667 | 5,471 |
Median Market Cap | $27.3B | $27.3B |
Price/Earnings Ratio | 17.0x | 16.9x |
Price/Book Ratio | 1.7x | 1.7x |
Return on Equity | 14.0% | 14.0% |
Earnings Growth | ||
Rate | 9.5% | 9.6% |
Dividend Yield | 2.8% | 2.8% |
Turnover Rate | ||
(Annualized) | 3% | — |
Short-Term Reserves | -0.2% | — |
Sector Diversification (% of equity exposure)
FTSE Global | ||
All Cap | ||
ex US | ||
Fund | Index | |
Basic Materials | 8.5% | 8.5% |
Consumer Goods | 14.9 | 15.0 |
Consumer Services | 8.0 | 8.0 |
Financials | 26.1 | 25.8 |
Health Care | 7.3 | 7.4 |
Industrials | 13.9 | 14.0 |
Oil & Gas | 8.8 | 8.8 |
Technology | 4.5 | 4.5 |
Telecommunications | 4.5 | 4.5 |
Utilities | 3.5 | 3.5 |
Volatility Measures | ||
Spliced | FTSE Global | |
Total | All Cap | |
International | ex US | |
Stock Index | Index | |
R-Squared | 0.98 | 0.98 |
Beta | 1.00 | 0.99 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets)
Royal Dutch Shell plc | Integrated Oil & Gas | 1.2% |
Nestle SA | Food Products | 1.1 |
Roche Holding AG | Pharmaceuticals | 1.0 |
Novartis AG | Pharmaceuticals | 0.9 |
HSBC Holdings plc | Banks | 0.9 |
BHP Billiton Ltd. | General Mining | 0.8 |
BP plc | Integrated Oil & Gas | 0.7 |
Total SA | Integrated Oil & Gas | 0.7 |
Toyota Motor Corp. | Automobiles | 0.7 |
Samsung Electronics Co. Consumer | ||
Ltd. | Electronics | 0.7 |
Top Ten | 8.7% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.22% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for ETF Shares.
8
Total International Stock Index Fund
Allocation by Region (% of portfolio)
Market Diversification (% of equity exposure) | ||
FTSE | ||
Global | ||
All Cap | ||
ex US | ||
Fund | Index | |
Europe | ||
United Kingdom | 16.1% | 15.7% |
France | 6.7 | 6.7 |
Germany | 6.4 | 6.4 |
Switzerland | 6.1 | 6.2 |
Spain | 2.5 | 2.5 |
Sweden | 2.3 | 2.3 |
Italy | 2.0 | 2.0 |
Netherlands | 2.0 | 2.0 |
Denmark | 1.1 | 1.1 |
Other | 3.1 | 3.1 |
Subtotal | 48.3% | 48.0% |
Pacific | ||
Japan | 14.3% | 14.4% |
Australia | 5.7 | 5.7 |
South Korea | 3.2 | 3.2 |
Hong Kong | 2.4 | 2.4 |
Singapore | 1.2 | 1.2 |
Other | 0.2 | 0.2 |
Subtotal | 27.0% | 27.1% |
Emerging Markets | ||
China | 3.5% | 3.4% |
Taiwan | 2.8 | 2.8 |
Brazil | 2.3 | 2.3 |
India | 1.7 | 1.7 |
South Africa | 1.5 | 1.5 |
Mexico | 0.9 | 1.0 |
Other | 4.5 | 4.6 |
Subtotal | 17.2% | 17.3% |
North America | ||
Canada | 7.1% | 7.2% |
Middle East | 0.4% | 0.4% |
9
Total International Stock Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
Total International Stock Index Fund Investor Shares
Spliced Total International Stock Index
For a benchmark description, see the Glossary.
Note: For 2014, performance data reflect the six months ended April 30, 2014.
Average Annual Total Returns: Periods Ended March 31, 2014
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 4/29/1996 | 12.71% | 15.36% | 6.86% |
Admiral Shares | 11/29/2010 | 12.79 | — | 7.071 |
Signal Shares | 11/30/2010 | 12.81 | — | 7.441 |
Institutional Shares | 11/29/2010 | 12.81 | — | 7.111 |
Institutional Plus Shares | 11/30/2010 | 12.83 | — | 7.501 |
ETF Shares | 1/26/2011 | |||
Market Price | 12.57 | — | 4.551 | |
Net Asset Value | 12.79 | — | 4.521 | |
1 Return since inception. | ||||
See Financial Highlights for dividend and capital gains information. |
10
Total International Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Argentina † | — | 0.0% | |
Australia | |||
Commonwealth Bank of Australia | 9,195,097 | 676,404 | 0.5% |
BHP Billiton Ltd. | 18,337,738 | 645,797 | 0.5% |
Westpac Banking Corp. | 17,599,618 | 576,470 | 0.5% |
Australia & New Zealand Banking Group Ltd. | 15,519,517 | 499,076 | 0.4% |
National Australia Bank Ltd. | 13,126,752 | 432,232 | 0.4% |
Australia—Other † | 4,072,655 | 3.3% | |
6,902,634 | 5.6% | ||
1Austria † | 312,237 | 0.3% | |
Belgium | |||
Anheuser-Busch InBev NV | 4,557,782 | 496,785 | 0.4% |
Belgium—Other † | 599,484 | 0.5% | |
1,096,269 | 0.9% | ||
Brazil † | 2,756,919 | 2.3% | |
Canada | |||
Royal Bank of Canada | 8,218,208 | 548,480 | 0.5% |
Toronto-Dominion Bank | 10,541,096 | 507,123 | 0.4% |
Bank of Nova Scotia | 6,912,672 | 420,039 | 0.3% |
Canada—Other † | 7,327,724 | 6.0% | |
8,803,366 | 7.2% | ||
Chile † | 377,469 | 0.3% |
11
Total International Stock Index Fund | ||||
Market | Percentage | |||
Value | of Net | |||
Shares | ($000) | Assets | ||
China | ||||
China Construction Bank Corp. | 412,134,340 | 285,351 | 0.3% | |
China Mobile Ltd. | 29,742,500 | 283,103 | 0.3% | |
Industrial & Commercial Bank of China Ltd. | 411,335,760 | 245,781 | 0.2% | |
Bank of China Ltd. | 429,727,306 | 189,337 | 0.2% | |
CNOOC Ltd. | 91,889,000 | 151,879 | 0.1% | |
PetroChina Co. Ltd. | 120,562,000 | 139,101 | 0.1% | |
China Petroleum & Chemical Corp. | 145,788,400 | 129,425 | 0.1% | |
China Life Insurance Co. Ltd. | 42,450,000 | 110,436 | 0.1% | |
China Overseas Land & Investment Ltd. | 23,287,680 | 57,327 | 0.1% | |
Agricultural Bank of China Ltd. | 131,636,756 | 55,390 | 0.1% | |
China Shenhua Energy Co. Ltd. | 19,405,500 | 52,700 | 0.1% | |
China Telecom Corp. Ltd. | 92,206,000 | 47,172 | 0.1% | |
China Unicom Hong Kong Ltd. | 25,655,694 | 39,331 | 0.1% | |
China Resources Power Holdings Co. Ltd. | 10,867,600 | 27,314 | 0.0% | |
China CITIC Bank Corp. Ltd. | 43,369,446 | 25,907 | 0.0% | |
Kunlun Energy Co. Ltd. | 16,072,300 | 25,113 | 0.0% | |
China Oilfield Services Ltd. | 10,312,000 | 24,722 | 0.0% | |
PICC Property & Casualty Co. Ltd. | 17,009,344 | 22,484 | 0.0% | |
Dongfeng Motor Group Co. Ltd. | 16,678,000 | 22,296 | 0.0% | |
China Resources Land Ltd. | 10,596,000 | 21,869 | 0.0% | |
China Merchants Holdings International Co. Ltd. | 6,520,000 | 20,459 | 0.0% | |
China Longyuan Power Group Corp. | 19,161,000 | 19,736 | 0.0% | |
China Resources Enterprise Ltd. | 6,790,000 | 19,335 | 0.0% | |
China Communications Construction Co. Ltd. | 25,221,000 | 16,547 | 0.0% | |
^ | CITIC Pacific Ltd. | 8,868,000 | 15,575 | 0.0% |
China State Construction International Holdings Ltd. | 8,853,442 | 14,809 | 0.0% | |
Sinopharm Group Co. Ltd. | 5,506,000 | 14,539 | 0.0% | |
China Resources Gas Group Ltd. | 4,311,000 | 12,788 | 0.0% | |
^ | China Coal Energy Co. Ltd. | 23,449,000 | 12,705 | 0.0% |
China Railway Group Ltd. | 21,615,000 | 9,681 | 0.0% | |
*,^ | China Cinda Asset Management Co. Ltd. | 18,138,000 | 9,147 | 0.0% |
China Railway Construction Corp. Ltd. | 10,564,800 | 8,767 | 0.0% | |
Zhuzhou CSR Times Electric Co. Ltd. | 2,840,000 | 8,352 | 0.0% | |
1 | People’s Insurance Co. Group of China Ltd. | 21,640,000 | 8,313 | 0.0% |
*,^ | Aluminum Corp. of China Ltd. | 22,409,936 | 8,035 | 0.0% |
CSR Corp. Ltd. | 10,633,000 | 7,782 | 0.0% | |
China Resources Cement Holdings Ltd. | 11,077,845 | 7,712 | 0.0% | |
China Communications Services Corp. Ltd. | 14,583,600 | 7,401 | 0.0% | |
* | China Taiping Insurance Holdings Co. Ltd. | 4,638,200 | 7,383 | 0.0% |
1 | Sinopec Engineering Group Co. Ltd. | 6,197,000 | 6,936 | 0.0% |
AviChina Industry & Technology Co. Ltd. | 12,672,000 | 6,782 | 0.0% | |
Franshion Properties China Ltd. | 20,910,000 | 6,594 | 0.0% | |
Beijing Capital International Airport Co. Ltd. | 9,134,000 | 6,370 | 0.0% | |
*,^ | China COSCO Holdings Co. Ltd. | 14,751,500 | 5,851 | 0.0% |
Air China Ltd. | 10,154,000 | 5,775 | 0.0% | |
China BlueChemical Ltd. | 10,384,000 | 5,574 | 0.0% | |
Sinotrans Ltd. | 9,745,000 | 5,391 | 0.0% | |
^ | Sinopec Kantons Holdings Ltd. | 5,578,000 | 5,212 | 0.0% |
Sinopec Shanghai Petrochemical Co. Ltd. | 19,683,000 | 4,810 | 0.0% | |
^ | China Power International Development Ltd. | 13,223,000 | 4,761 | 0.0% |
China Agri-Industries Holdings Ltd. | 11,765,400 | 4,707 | 0.0% |
12
Total International Stock Index Fund | ||||
Market | Percentage | |||
Value | of Net | |||
Shares | ($000) | Assets | ||
Huaneng Renewables Corp. Ltd. | 13,814,000 | 4,294 | 0.0% | |
*,1 | China Galaxy Securities Co. Ltd. | 6,445,000 | 3,780 | 0.0% |
*,^ | Angang Steel Co. Ltd. | 6,070,000 | 3,694 | 0.0% |
^ | Dah Chong Hong Holdings Ltd. | 5,091,000 | 3,240 | 0.0% |
* | Metallurgical Corp. of China Ltd. | 16,317,063 | 3,140 | 0.0% |
^ | Dongfang Electric Corp. Ltd. | 1,931,400 | 3,021 | 0.0% |
*,^ | Hunan Nonferrous Metal Corp. Ltd. | 9,963,272 | 2,892 | 0.0% |
China Southern Airlines Co. Ltd. | 9,536,000 | 2,848 | 0.0% | |
* | China Eastern Airlines Corp. Ltd. | 8,490,000 | 2,624 | 0.0% |
Sinotrans Shipping Ltd. | 7,838,000 | 2,268 | 0.0% | |
*,^ | MMG Ltd. | 9,308,000 | 2,167 | 0.0% |
Harbin Electric Co. Ltd. | 3,674,000 | 2,155 | 0.0% | |
* | China Traditional Chinese Medicine Co. Ltd. | 4,788,000 | 2,026 | 0.0% |
* | CITIC Resources Holdings Ltd. | 13,882,600 | 2,009 | 0.0% |
^ | China Datang Corp. Renewable Power Co. Ltd. | 13,787,000 | 1,838 | 0.0% |
* | China Machinery Engineering Corp. | 2,772,000 | 1,836 | 0.0% |
China Merchants Property Development Co. Ltd. Class B | 805,009 | 1,796 | 0.0% | |
CPMC Holdings Ltd. | 2,218,000 | 1,761 | 0.0% | |
Cosco International Holdings Ltd. | 3,460,000 | 1,443 | 0.0% | |
*,^ | China Foods Ltd. | 4,202,000 | 1,422 | 0.0% |
Sinofert Holdings Ltd. | 10,648,000 | 1,322 | 0.0% | |
Shanghai Baosight Software Co. Ltd. Class B | 674,370 | 1,225 | 0.0% | |
Minmetals Land Ltd. | 6,046,000 | 680 | 0.0% | |
Foshan Huaxin Packaging Co. Ltd. Class B | 840,392 | 407 | 0.0% | |
China—Other † | 1,878,740 | 1.5% | ||
4,186,495 | 3.4% | |||
Colombia † | 216,505 | 0.2% | ||
Czech Republic † | 57,349 | 0.1% | ||
Denmark | ||||
Novo Nordisk A/S Class B | 11,131,330 | 505,207 | 0.4% | |
Denmark—Other † | 824,825 | 0.7% | ||
1,330,032 | 1.1% | |||
Egypt † | 18,182 | 0.0% | ||
Finland † | 885,530 | 0.7% | ||
France | ||||
Total SA | 11,607,595 | 830,466 | 0.7% | |
Sanofi | 6,540,195 | 705,826 | 0.6% | |
BNP Paribas SA | 5,580,466 | 419,346 | 0.3% | |
France—Other † | 6,159,991 | 5.0% | ||
8,115,629 | 6.6% |
13
Total International Stock Index Fund | ||||
Market | Percentage | |||
Value | of Net | |||
Shares | ($000) | Assets | ||
Germany | ||||
Bayer AG | 4,725,302 | 657,022 | 0.5% | |
*,^ | BASF SE | 5,274,893 | 611,926 | 0.5% |
Siemens AG | 4,529,695 | 597,566 | 0.5% | |
Daimler AG | 5,458,378 | 508,177 | 0.4% | |
^ | Allianz SE | 2,601,651 | 452,771 | 0.4% |
SAP AG | 5,107,313 | 412,814 | 0.3% | |
Germany—Other † | 4,515,851 | 3.7% | ||
7,756,127 | 6.3% | |||
Greece † | 172,444 | 0.1% | ||
Hong Kong | ||||
AIA Group Ltd. | 68,821,281 | 334,719 | 0.3% | |
BOC Hong Kong Holdings Ltd. | 20,541,039 | 60,271 | 0.0% | |
China Travel International Inv HK | 15,434,000 | 3,109 | 0.0% | |
* | COFCO Land Holdings Ltd. | 11,766,269 | 2,717 | 0.0% |
^ | CITIC Telecom International Holdings Ltd. | 7,149,875 | 2,478 | 0.0% |
* | China Merchants Land Ltd. | 6,816,000 | 874 | 0.0% |
Hong Kong—Other † | 2,530,665 | 2.1% | ||
2,934,833 | 2.4% | |||
Hungary † | 53,100 | 0.0% | ||
India | ||||
Nestle India Ltd. | 131,001 | 10,351 | 0.0% | |
India—Other † | 2,035,954 | 1.7% | ||
2,046,305 | 1.7% | |||
Indonesia † | 643,006 | 0.5% | ||
Ireland † | 253,568 | 0.2% | ||
Israel | ||||
Osem Investments Ltd. | 219,994 | 5,226 | 0.0% | |
Israel—Other † | 529,952 | 0.4% | ||
535,178 | 0.4% | |||
Italy | ||||
Eni SPA | 14,075,641 | 364,554 | 0.3% | |
Italy—Other † | 2,106,877 | 1.7% | ||
2,471,431 | 2.0% | |||
Japan | ||||
Toyota Motor Corp. | 15,136,487 | 817,797 | 0.7% | |
Mitsubishi UFJ Financial Group Inc. | 80,846,156 | 430,061 | 0.3% | |
SoftBank Corp. | 5,378,658 | 400,592 | 0.3% | |
Honda Motor Co. Ltd. | 10,247,218 | 340,051 | 0.3% | |
Japan—Other † | 15,501,375 | 12.6% | ||
17,489,876 | 14.2% | |||
1Malaysia † | 1,124,320 | 0.9% |
14
Total International Stock Index Fund | ||||
Market | Percentage | |||
Value | of Net | |||
Shares | ($000) | Assets | ||
Mexico † | 1,150,416 | 0.9% | ||
Morocco † | 628 | 0.0% | ||
Netherlands | ||||
Unilever NV | 8,893,369 | 381,363 | 0.3% | |
Netherlands—Other † | 2,067,778 | 1.7% | ||
2,449,141 | 2.0% | |||
New Zealand † | 233,588 | 0.2% | ||
Norway † | 831,459 | 0.7% | ||
Other2 | ||||
^,3 | Vanguard FTSE Emerging Markets ETF | 7,939,916 | 325,060 | 0.3% |
Peru † | 64,595 | 0.1% | ||
Philippines † | 384,957 | 0.3% | ||
Poland † | 401,818 | 0.3% | ||
Portugal † | 237,587 | 0.2% | ||
Russia † | 1,028,103 | 0.8% | ||
Singapore | ||||
^ | Cosco Corp. Singapore Ltd. | 5,365,513 | 3,090 | 0.0% |
GMG Global Ltd. | 14,172,000 | 1,018 | 0.0% | |
1 | Singapore—Other † | 1,396,880 | 1.1% | |
1,400,988 | 1.1% | |||
South Africa † | 1,864,476 | 1.5% | ||
South Korea | ||||
Samsung Electronics Co. Ltd. | 564,669 | 736,306 | 0.6% | |
Hankook Shell Oil Co. Ltd. | 3,396 | 1,539 | 0.0% | |
South Korea—Other † | 3,153,124 | 2.6% | ||
3,890,969 | 3.2% | |||
Spain | ||||
* | Banco Santander SA | 65,972,194 | 656,146 | 0.5% |
Banco Bilbao Vizcaya Argentaria SA | 33,029,254 | 406,851 | 0.3% | |
Telefonica SA | 23,026,788 | 386,443 | 0.3% | |
Spain—Other † | 1,552,014 | 1.3% | ||
3,001,454 | 2.4% | |||
Sweden † | 2,846,311 | 2.3% |
15
Total International Stock Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
Switzerland | ||||
Nestle SA | 18,221,274 | 1,408,218 | 1.2% | |
Roche Holding AG | 4,014,760 | 1,177,715 | 1.0% | |
Novartis AG | 13,306,563 | 1,156,774 | 0.9% | |
UBS AG | 20,134,128 | 421,083 | 0.3% | |
Switzerland—Other † | 3,393,134 | 2.8% | ||
7,556,924 | 6.2% | |||
Taiwan | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 116,357,063 | 457,208 | 0.4% | |
Taiwan—Other † | 2,942,191 | 2.4% | ||
3,399,399 | 2.8% | |||
Thailand † | 646,877 | 0.5% | ||
Turkey † | 412,582 | 0.3% | ||
United Arab Emirates † | 190,970 | 0.2% | ||
United Kingdom | ||||
HSBC Holdings plc | 107,594,586 | 1,099,373 | 0.9% | |
BP plc | 105,455,736 | 890,385 | 0.7% | |
Royal Dutch Shell plc Class A | 19,669,017 | 777,608 | 0.6% | |
GlaxoSmithKline plc | 27,780,703 | 767,605 | 0.6% | |
British American Tobacco plc | 10,797,618 | 623,515 | 0.5% | |
Royal Dutch Shell plc Class B | 14,014,424 | 595,073 | 0.5% | |
Vodafone Group plc | 151,804,146 | 576,348 | 0.5% | |
AstraZeneca plc | 7,128,142 | 562,664 | 0.5% | |
Diageo plc | 14,392,313 | 440,983 | 0.4% | |
* Lloyds Banking Group plc | 308,848,961 | 393,853 | 0.3% | |
BG Group plc | 19,447,137 | 393,407 | 0.3% | |
Barclays plc | 91,859,655 | 392,250 | 0.3% | |
BHP Billiton plc | 12,068,690 | 391,807 | 0.3% | |
Rio Tinto plc | 7,129,160 | 387,601 | 0.3% | |
Prudential plc | 14,580,661 | 335,201 | 0.3% | |
Royal Dutch Shell plc Class A (Amsterdam Shares) | 2,821,658 | 111,620 | 0.1% | |
United Kingdom—Other † | 10,369,980 | 8.5% | ||
19,109,273 | 15.6% | |||
Total Common Stocks (Cost $105,874,101) | 121,966,379 | 99.3%4 | ||
Coupon | ||||
Temporary Cash Investments | ||||
Money Market Fund | ||||
5,6 Vanguard Market Liquidity Fund | 0.124% | 5,771,735,591 | 5,771,736 | 4.7% |
16
Total International Stock Index Fund | ||
Market | Percentage | |
Value | of Net | |
($000) | Assets | |
7U.S. Government and Agency Obligations † | 56,794 | 0.1% |
Total Temporary Cash Investments (Cost $5,828,530) | 5,828,530 | 4.8%4 |
Total Investments (Cost $111,702,631) | 127,794,909 | 104.1% |
Other Assets and Liabilities | ||
Other Assets | 712,432 | 0.6% |
Liabilities5 | (5,692,659) | (4.7%) |
(4,980,227) | (4.1%) | |
Net Assets | 122,814,682 | 100.0% |
At April 30, 2014, net assets consisted of: | ||
Amount | ||
($000) | ||
Paid-in Capital | 107,204,973 | |
Undistributed Net Investment Income | 388,597 | |
Accumulated Net Realized Losses | (896,278) | |
Unrealized Appreciation (Depreciation) | ||
Investment Securities | 16,092,278 | |
Futures Contracts | 14,509 | |
Forward Currency Contracts | 7,334 | |
Foreign Currencies | 3,269 | |
Net Assets | 122,814,682 | |
Investor Shares—Net Assets | ||
Applicable to 2,870,868,587 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 48,740,870 | |
Net Asset Value Per Share—Investor Shares | $16.98 | |
Admiral Shares—Net Assets | ||
Applicable to 866,417,653 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 24,602,843 | |
Net Asset Value Per Share—Admiral Shares | $28.40 | |
Signal Shares—Net Assets | ||
Applicable to 158,431,124 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 5,396,636 | |
Net Asset Value Per Share—Signal Shares | $34.06 | |
Institutional Shares—Net Assets | ||
Applicable to 107,824,816 outstanding $.001 par value shares of | ||
beneficial interest (unlimited authorization) | 12,244,282 | |
Net Asset Value Per Share—Institutional Shares | $113.56 |
17
Total International Stock Index Fund | |
Amount | |
($000) | |
Institutional Plus Shares—Net Assets | |
Applicable to 256,420,194 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 29,123,241 |
Net Asset Value Per Share—Institutional Plus Shares | $113.58 |
ETF Shares—Net Assets | |
Applicable to 51,253,884 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,706,810 |
Net Asset Value Per Share—ETF Shares | $52.81 |
See Note A in Notes to Financial Statements.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,986,402,000.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1 Certain of the fund’s securities are 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 April 30, 2014, the aggregate value of these securities was $34,424,000.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 4.1%, respectively, of net assets.
5 Includes $5,267,518,000 of collateral received for securities on loan.
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 Securities with a value of $50,295,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
18
Total International Stock Index Fund | |
Statement of Operations | |
Six Months Ended | |
April 30, 2014 | |
($000) | |
Investment Income | |
Income | |
Dividends1,2 | 2,020,675 |
Interest2 | 458 |
Securities Lending | 34,263 |
Total Income | 2,055,396 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,228 |
Management and Administrative—Investor Shares | 39,118 |
Management and Administrative—Admiral Shares | 10,846 |
Management and Administrative—Signal Shares | 2,215 |
Management and Administrative—Institutional Shares | 3,732 |
Management and Administrative—Institutional Plus Shares | 6,147 |
Management and Administrative—ETF Shares | 1,031 |
Marketing and Distribution—Investor Shares | 5,190 |
Marketing and Distribution—Admiral Shares | 1,661 |
Marketing and Distribution—Signal Shares | 691 |
Marketing and Distribution—Institutional Shares | 1,444 |
Marketing and Distribution—Institutional Plus Shares | 2,999 |
Marketing and Distribution—ETF Shares | 285 |
Custodian Fees | 13,455 |
Shareholders’ Reports—Investor Shares | 77 |
Shareholders’ Reports—Admiral Shares | 44 |
Shareholders’ Reports—Signal Shares | 53 |
Shareholders’ Reports—Institutional Shares | 71 |
Shareholders’ Reports—Institutional Plus Shares | 48 |
Shareholders’ Reports—ETF Shares | 39 |
Trustees’ Fees and Expenses | 41 |
Total Expenses | 91,415 |
Net Investment Income | 1,963,981 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 287,358 |
Futures Contracts | (6,335) |
Foreign Currencies and Forward Currency Contracts | 10,057 |
Realized Net Gain (Loss) | 291,080 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,934,266 |
Futures Contracts | (1,281) |
Foreign Currencies and Forward Currency Contracts | 4,227 |
Change in Unrealized Appreciation (Depreciation) | 1,937,212 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,192,273 |
1 Dividends are net of foreign withholding taxes of $137,451,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $1,870,000, $436,000, and $0, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Total International Stock Index Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
April 30, | October 31, | |
2014 | 2013 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,963,981 | 2,603,888 |
Realized Net Gain (Loss) | 291,080 | 621,418 |
Change in Unrealized Appreciation (Depreciation) | 1,937,212 | 13,845,044 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,192,273 | 17,070,350 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (729,407) | (1,309,409) |
Admiral Shares | (360,649) | (589,421) |
Signal Shares | (85,591) | (147,537) |
Institutional Shares | (184,312) | (293,827) |
Institutional Plus Shares | (413,383) | (547,611) |
ETF Shares | (38,799) | (48,365) |
Realized Capital Gain | ||
Investor Shares | — | — |
Admiral Shares | — | — |
Signal Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
ETF Shares | — | — |
Total Distributions | (1,812,141) | (2,936,170) |
Capital Share Transactions | ||
Investor Shares | 2,591,507 | 3,372,512 |
Admiral Shares | 2,695,893 | 3,491,370 |
Signal Shares | (117,083) | 1,128,876 |
Institutional Shares | 994,376 | 2,543,728 |
Institutional Plus Shares | 6,031,801 | 6,820,257 |
ETF Shares | 455,610 | 990,364 |
Net Increase (Decrease) from Capital Share Transactions | 12,652,104 | 18,347,107 |
Total Increase (Decrease) | 15,032,236 | 32,481,287 |
Net Assets | ||
Beginning of Period | 107,782,446 | 75,301,159 |
End of Period1 | 122,814,682 | 107,782,446 |
1 Net Assets—End of Period includes undistributed net investment income of $388,597,000 and $243,359,000.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Total International Stock Index Fund | ||||||
Financial Highlights | ||||||
Investor Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | April 30, | Year Ended October 31, | ||||
Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $16.67 | $14.31 | $14.24 | $15.48 | $13.99 | $10.97 |
Investment Operations | ||||||
Net Investment Income | . 2761 | .425 | .405 | .4342 | . 3562 | .544 3 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .293 | 2.428 | .305 | (1.425) | 1.478 | 2.801 |
Total from Investment Operations | .569 | 2.853 | .710 | (.991) | 1.834 | 3.345 |
Distributions | ||||||
Dividends from Net Investment Income | (.259) | (.493) | (.640) | (.249) | (.344) | (.325) |
Distributions from Realized Capital Gains — | — | — | — | — | — | |
Total Distributions | (.259) | (.493) | (.640) | (.249) | (.344) | (.325) |
Net Asset Value, End of Period | $16.98 | $16.67 | $14.31 | $14.24 | $15.48 | $13.99 |
Total Return 4 | 3.49% | 20.37% | 5.32% | -6.54% | 13.28% | 31.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $48,741 | $45,205 | $35,564 | $30,912 | $39,443 | $24,329 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.22% | 0.22% | 0.22% | 0.22% | 0.26% | 0.27% |
Acquired Fund Fees and Expenses | — | — | — | — | — | 0.05% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.99%1 | 2.79% | 3.17% | 2.95% | 2.52% | 4.73%3 |
Portfolio Turnover Rate5 | 3% | 5% | 3% | 3% | 6% | 12% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.067 and 0.42%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014. 2 Calculated based on average shares outstanding.
3 Net investment income per share and the ratio of net investment income to average net assets include $0.249 and 2.06%, respectively, of annual dividends received from Vanguard mutual funds in December 2008. From August 2008 through February 2009, the fund invested in a combination of Vanguard mutual funds and common stocks. Effective in March 2009, the fund’s equity investments are solely in common stocks.
4 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Total International Stock Index Fund | ||||
Financial Highlights | ||||
Admiral Shares | ||||
Six Months | Nov. 29, | |||
Ended | Year Ended | 20101 to | ||
April 30, | October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $27.89 | $23.94 | $23.81 | $25.00 |
Investment Operations | ||||
Net Investment Income | .4732 | .733 | .681 | .8423 |
Net Realized and Unrealized Gain (Loss) on Investments | .481 | 4.069 | .530 | (1.615) |
Total from Investment Operations | .954 | 4.802 | 1.211 | (.773) |
Distributions | ||||
Dividends from Net Investment Income | (.444) | (.852) | (1.081) | (.417) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.444) | (.852) | (1.081) | (.417) |
Net Asset Value, End of Period | $28.40 | $27.89 | $23.94 | $23.81 |
Total Return4 | 3.50% | 20.51% | 5.43% | -3.23% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $24,603 | $21,438 | $15,153 | $13,190 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.16% | 0.18%5 |
Ratio of Net Investment Income to Average Net Assets | 3.07%2 | 2.87% | 3.23% | 2.99%5 |
Portfolio Turnover Rate6 | 3% | 5% | 3% | 3% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.111 and 0.42%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3 Calculated based on average shares outstanding.
4 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Total International Stock Index Fund | ||||
Financial Highlights | ||||
Signal Shares | ||||
Six Months | Nov. 30, | |||
Ended | Year Ended | 20101 to | ||
April 30, | October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $33.45 | $28.72 | $28.57 | $29.66 |
Investment Operations | ||||
Net Investment Income | .5662 | .877 | .821 | .9313 |
Net Realized and Unrealized Gain (Loss) on Investments | .576 | 4.875 | .635 | (1.520) |
Total from Investment Operations | 1.142 | 5.752 | 1.456 | (.589) |
Distributions | ||||
Dividends from Net Investment Income | (.532) | (1.022) | (1.306) | (.501) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.532) | (1.022) | (1.306) | (.501) |
Net Asset Value, End of Period | $34.06 | $33.45 | $28.72 | $28.57 |
Total Return4 | 3.49% | 20.48% | 5.44% | -2.16% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $5,397 | $5,414 | $3,583 | $2,012 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.16% | 0.18%5 |
Ratio of Net Investment Income to Average Net Assets | 3.07%2 | 2.87% | 3.23% | 2.99%5 |
Portfolio Turnover Rate6 | 3% | 5% | 3% | 3% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.134 and 0.42%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3 Calculated based on average shares outstanding.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
23
Total International Stock Index Fund | ||||
Financial Highlights | ||||
Institutional Shares | ||||
Six Months | Nov. 29, | |||
Ended | Year Ended | 20101 to | ||
April 30, | October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $111.51 | $95.75 | $95.29 | $100.00 |
Investment Operations | ||||
Net Investment Income | 1.8992 | 2.948 | 2.818 | 3.2083 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.936 | 16.255 | 2.048 | (6.245) |
Total from Investment Operations | 3.835 | 19.203 | 4.866 | (3.037) |
Distributions | ||||
Dividends from Net Investment Income | (1.785) | (3.443) | (4.406) | (1.673) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (1.785) | (3.443) | (4.406) | (1.673) |
Net Asset Value, End of Period | $113.56 | $111.51 | $95.75 | $95.29 |
Total Return4 | 3.52% | 20.51% | 5.46% | -3.18% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $12,244 | $11,024 | $7,062 | $3,788 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.13%5 |
Ratio of Net Investment Income to Average Net Assets | 3.09%2 | 2.89% | 3.27% | 3.04%5 |
Portfolio Turnover Rate6 | 3% | 5% | 3% | 3% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.446 and 0.42%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3 Calculated based on average shares outstanding.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Total International Stock Index Fund | ||||
Financial Highlights | ||||
Institutional Plus Shares | ||||
Six Months | Nov. 30, | |||
Ended | Year Ended | 20101 to | ||
April 30, | October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $111.53 | $95.77 | $95.31 | $98.88 |
Investment Operations | ||||
Net Investment Income | 1.9112 | 2.968 | 2.778 | 2.596 3 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.936 | 16.259 | 2.110 | (4.492) |
Total from Investment Operations | 3.847 | 19.227 | 4.888 | (1.896) |
Distributions | ||||
Dividends from Net Investment Income | (1.797) | (3.467) | (4.428) | (1.674) |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (1.797) | (3.467) | (4.428) | (1.674) |
Net Asset Value, End of Period | $113.58 | $111.53 | $95.77 | $95.31 |
Total Return 4 | 3.53% | 20.54% | 5.48% | -2.08% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $29,123 | $22,504 | $12,973 | $6,965 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10%5 |
Ratio of Net Investment Income to Average Net Assets | 3.11%2 | 2.91% | 3.29% | 3.07%5 |
Portfolio Turnover Rate6 | 3% | 5% | 3% | 3% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.446 and 0.42%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3 Calculated based on average shares outstanding.
4 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5 Annualized.
6 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
25
Total International Stock Index Fund | ||||
Financial Highlights | ||||
ETF Shares | ||||
Six Months | Jan. 26, | |||
Ended | Year Ended | 20111 to | ||
April 30, | October 31, | Oct. 31, | ||
For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $51.86 | $44.53 | $44.33 | $50.00 |
Investment Operations | ||||
Net Investment Income | . 878 2 | 1.365 | 1.283 | 1.0213 |
Net Realized and Unrealized Gain (Loss) on Investments | .897 | 7.555 | .965 | (6.691) |
Total from Investment Operations | 1.775 | 8.920 | 2.248 | (5.670) |
Distributions | ||||
Dividends from Net Investment Income | (.825) | (1.590) | (2.048) | — |
Distributions from Realized Capital Gains | — | — | — | — |
Total Distributions | (.825) | (1.590) | (2.048) | — |
Net Asset Value, End of Period | $52.81 | $51.86 | $44.53 | $44.33 |
Total Return | 3.49% | 20.50% | 5.43% | -11.34% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $2,707 | $2,198 | $966 | $435 |
Ratio of Total Expenses to Average Net Assets | 0.14% | 0.14% | 0.16% | 0.18%4 |
Ratio of Net Investment Income to Average Net Assets | 3.07%2 | 2.87% | 3.23% | 2.99%4 |
Portfolio Turnover Rate5 | 3% | 5% | 3% | 3% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.208 and 0.42%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3 Calculated based on average shares outstanding.
4 Annualized.
5 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Total International Stock Index Fund
Notes to Financial Statements
Vanguard Total International Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers six classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Signal Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. 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 acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
2. 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).
3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in
27
Total International Stock Index Fund
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.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. 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. 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 assets pledged as collateral for open contracts are noted in the Statement of Net Assets. 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.
Futures contracts are valued at their quoted daily settlement prices. 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. The aggregate notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on quarterly average notional amounts.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2010–2013), and for the period ended April 30, 2014, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the
28
Total International Stock Index Fund
collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.
The fund had no borrowings outstanding at April 30, 2014, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $12,815,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 5.13% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
29
Total International Stock Index Fund
C. Various inputs may be used to determine the value of the fund’s investments. 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).
The following table summarizes the market value of the fund’s investments as of April 30, 2014, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks—North America and South America | 13,357,941 | 7,174 | 4,154 |
Common Stocks—Other | 739,682 | 107,749,525 | 107,903 |
Temporary Cash Investments | 5,771,736 | 56,794 | — |
Futures Contracts—Liabilities1 | (174) | — | — |
Forward Currency Contracts—Assets | — | 7,875 | — |
Forward Currency Contracts—Liabilities | — | (541) | — |
Total | 19,869,185 | 107,820,827 | 112,057 |
1 Represents variation margin on the last day of the reporting period. |
Securities in certain countries may transfer between Level 1 and Level 2 because of differences in stock market closure times that may result from transitions between standard and daylight saving time in those countries and the United States. Based on values on the date of transfer, securities valued at $2,157,465,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
D. At April 30, 2014, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Statement of Net Assets Caption | ($000) | ($000) | ($000) |
Other Assets | — | 7,875 | 7,875 |
Liabilities | (174) | (541) | (715) |
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Total International Stock Index Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2014, were:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | (6,335) | — | (6,335) |
Forward Currency Contracts | — | 16,659 | 16,659 |
Realized Net Gain (Loss) on Derivatives | (6,335) | 16,659 | 10,324 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (1,281) | — | (1,281) |
Forward Currency Contracts | — | 1,202 | 1,202 |
Change in Unrealized Appreciation | |||
(Depreciation) on Derivatives | (1,281) | 1,202 | (79) |
At April 30, 2014, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
FTSE 100 Index | June 2014 | 2,561 | 291,660 | 10,569 |
Dow Jones EURO STOXX 50 Index | June 2014 | 5,785 | 252,268 | 11,107 |
Topix Index | June 2014 | 1,571 | 177,708 | (9,783) |
S&P ASX 200 Index | June 2014 | 982 | 124,403 | 2,616 |
14,509 |
Unrealized appreciation (depreciation) on open FTSE 100 Index and Dow Jones EURO STOXX 50 Index futures contracts are required to be treated as realized gain (loss) for tax purposes.
At April 30, 2014, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
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Total International Stock Index Fund
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
Brown Brothers Harriman & Co. | 6/25/14 | GBP | 166,467 | USD | 275,969 | 4,973 |
Brown Brothers Harriman & Co. | 6/25/14 | EUR | 173,927 | USD | 241,807 | (541) |
Brown Brothers Harriman & Co. | 6/24/14 | AUD | 131,397 | USD | 118,995 | 2,607 |
Brown Brothers Harriman & Co. | 6/25/14 | JPY | 4,852,241 | USD | 47,180 | 295 |
7,334 | ||||||
AUD—Australian dollar. | ||||||
EUR—Euro. | ||||||
GBP—British pound. | ||||||
JPY—Japanese yen. | ||||||
USD—U.S. dollar. |
At April 30, 2014, the counterparty had deposited in segregated accounts cash of $6,740,000 in connection with amounts due to the fund for open forward currency contracts.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended April 30, 2014, the fund realized net foreign currency losses of $6,602,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2014, the fund realized $5,004,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013, the fund had available capital losses totaling $1,169,306,000 to offset future net capital gains through October 31, 2017. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2014, the cost of investment securities for tax purposes was $112,048,206,000. Net unrealized appreciation of investment securities for tax purposes was $15,746,703,000, consisting of unrealized gains of $23,534,009,000 on securities that had risen in value since their purchase and $7,787,306,000 in unrealized losses on securities that had fallen in value since their purchase.
32
Total International Stock Index Fund
F. During the six months ended April 30, 2014, the fund purchased $13,802,619,000 of investment securities and sold $1,632,270,000 of investment securities, other than temporary cash investments. Purchases and sales include $436,103,000 and $9,947,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
April 30, 2014 | October 31, 2013 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 4,465,952 | 272,235 | 7,729,601 | 505,198 |
Issued in Lieu of Cash Distributions | 724,476 | 44,556 | 1,297,848 | 86,811 |
Redeemed | (2,598,921) | (157,253) | (5,654,937) | (365,930) |
Net Increase (Decrease)—Investor Shares | 2,591,507 | 159,538 | 3,372,512 | 226,079 |
Admiral Shares | ||||
Issued | 3,500,876 | 126,552 | 4,839,204 | 187,784 |
Issued in Lieu of Cash Distributions | 319,050 | 11,732 | 523,852 | 20,925 |
Redeemed | (1,124,033) | (40,653) | (1,871,686) | (72,877) |
Net Increase (Decrease)—Admiral Shares | 2,695,893 | 97,631 | 3,491,370 | 135,832 |
Signal Shares | ||||
Issued | 978,896 | 29,541 | 2,320,703 | 75,263 |
Issued in Lieu of Cash Distributions | 77,905 | 2,388 | 133,247 | 4,437 |
Redeemed | (1,173,884) | (35,339) | (1,325,074) | (42,607) |
Net Increase (Decrease)—Signal Shares | (117,083) | (3,410) | 1,128,876 | 37,093 |
Institutional Shares | ||||
Issued | 2,052,151 | 18,535 | 4,566,743 | 44,639 |
Issued in Lieu of Cash Distributions | 177,500 | 1,632 | 282,389 | 2,820 |
Redeemed | (1,235,275) | (11,203) | (2,305,404) | (22,352) |
Net Increase (Decrease)—Institutional Shares | 994,376 | 8,964 | 2,543,728 | 25,107 |
Institutional Plus Shares | ||||
Issued | 6,186,967 | 55,988 | 7,960,601 | 77,447 |
Issued in Lieu of Cash Distributions | 400,962 | 3,687 | 524,781 | 5,233 |
Redeemed | (556,128) | (5,020) | (1,665,125) | (16,374) |
Net Increase (Decrease)—Institutional Plus Shares | 6,031,801 | 54,655 | 6,820,257 | 66,306 |
ETF Shares | ||||
Issued | 466,042 | 9,068 | 1,043,278 | 21,792 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | (10,432) | (200) | (52,914) | (1,100) |
Net Increase (Decrease)—ETF Shares | 455,610 | 8,868 | 990,364 | 20,692 |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
33
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ���Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
34
Six Months Ended April 30, 2014 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Total International Stock Index Fund | 10/31/2013 | 4/30/2014 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,034.88 | $1.11 |
Admiral Shares | 1,000.00 | 1,034.98 | 0.71 |
Signal Shares | 1,000.00 | 1,034.91 | 0.71 |
Institutional Shares | 1,000.00 | 1,035.17 | 0.61 |
Institutional Plus Shares | 1,000.00 | 1,035.28 | 0.50 |
ETF Shares | 1,000.00 | 1,034.89 | 0.71 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.70 | $1.10 |
Admiral Shares | 1,000.00 | 1,024.10 | 0.70 |
Signal Shares | 1,000.00 | 1,024.10 | 0.70 |
Institutional Shares | 1,000.00 | 1,024.20 | 0.60 |
Institutional Plus Shares | 1,000.00 | 1,024.30 | 0.50 |
ETF Shares | 1,000.00 | 1,024.10 | 0.70 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.22% for Investor Shares, 0.14% for Admiral Shares, 0.14% for Signal Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for ETF Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period.
35
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Total International Stock Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the fund’s investment management services since the fund began investing directly in stocks in 2008, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the fund’s performance since 2008, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
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Glossary
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
37
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Total International Stock Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex USA IMI
Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter.
38
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 178 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
InterestedTrustee1 |
F. William McNabb III |
Born 1957. Trustee Since July 2009. Chairman of the |
Board. Principal Occupation(s) During the Past Five |
Years: Chairman of the Board of The Vanguard Group, |
Inc., and of each of the investment companies served |
by The Vanguard Group, since January 2010; Director |
of The Vanguard Group since 2008; Chief Executive |
Officer and President of The Vanguard Group, and of |
each of the investment companies served by The |
Vanguard Group, since 2008; Director of Vanguard |
Marketing Corporation; Managing Director of The |
Vanguard Group (1995–2008). |
IndependentTrustees |
Emerson U. Fullwood |
Born 1948. Trustee Since January 2008. Principal |
Occupation(s) During the Past Five Years: Executive |
Chief Staff and Marketing Officer for North America |
and Corporate Vice President (retired 2008) of Xerox |
Corporation (document management products and |
services); Executive in Residence and 2009–2010 |
Distinguished Minett Professor at the Rochester |
Institute of Technology; Director of SPX Corporation |
(multi-industry manufacturing), the United Way of |
Rochester, Amerigroup Corporation (managed health |
care), the University of Rochester Medical Center, |
Monroe Community College Foundation, and North |
Carolina A&T University. |
Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 |
Principal Occupation(s) During the Past Five Years: |
Chairman and Chief Executive Officer (retired 2009) |
and President (2006–2008) of Rohm and Haas Co. |
(chemicals); Director of Tyco International, Ltd. |
(diversified manufacturing and services), Hewlett- |
Packard Co. (electronic computer manufacturing), |
and Delphi Automotive LLP (automotive components); |
Senior Advisor at New Mountain Capital. |
Amy Gutmann |
Born 1949. Trustee Since June 2006. Principal |
Occupation(s) During the Past Five Years: President of |
the University of Pennsylvania; Christopher H. Browne |
Distinguished Professor of Political Science, School of |
Arts and Sciences, and Professor of Communication, |
Annenberg School for Communication, with secondary |
faculty appointments in the Department of Philosophy, |
School of Arts and Sciences, and at the Graduate |
School of Education, University of Pennsylvania; |
Trustee of the National Constitution Center; Chair |
of the Presidential Commission for the Study of |
Bioethical Issues. |
JoAnn Heffernan Heisen |
Born 1950. Trustee Since July 1998. Principal |
Occupation(s) During the Past Five Years: Corporate |
Vice President and Chief Global Diversity Officer |
(retired 2008) and Member of the Executive |
Committee (1997–2008) of Johnson & Johnson |
(pharmaceuticals/medical devices/consumer |
products); Director of Skytop Lodge Corporation |
(hotels), the University Medical Center at Princeton, |
the Robert Wood Johnson Foundation, and the Center |
for Talent Innovation; Member of the Advisory Board |
of the Maxwell School of Citizenship and Public Affairs |
at Syracuse University. |
F. Joseph Loughrey |
Born 1949. Trustee Since October 2009. Principal |
Occupation(s) During the Past Five Years: President |
and Chief Operating Officer (retired 2009) of Cummins |
Inc. (industrial machinery); Chairman of the Board |
of Hillenbrand, Inc. (specialized consumer services), |
and of Oxfam America; Director of SKF AB (industrial |
machinery), Hyster-Yale Materials Handling, Inc. |
(forklift trucks), the Lumina Foundation for Education, |
and the V Foundation for Cancer Research; Member | Executive Officers | |
of the Advisory Council for the College of Arts and | ||
Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal | |
University of Notre Dame. | Occupation(s) During the Past Five Years: Principal | |
of The Vanguard Group, Inc.; Controller of each of | ||
Mark Loughridge | the investment companies served by The Vanguard | |
Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment | |
Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). | |
President and Chief Financial Officer (retired 2013) | ||
at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September | |
2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five | |
Years: Principal of The Vanguard Group, Inc.; Chief | ||
Scott C. Malpass | Financial Officer of each of the investment companies | |
Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of | |
Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard | |
Investment Officer and Vice President at the University | Group (1998–2008). | |
of Notre Dame; Assistant Professor of Finance at the | ||
Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal | |
Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of | |
(investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the | |
Advisory Committees of the Financial Industry | investment companies served by The Vanguard | |
Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment | |
Baseball. | companies served by The Vanguard Group (1988–2008). | |
André F. Perold | Heidi Stam | |
Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal | |
Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing | |
Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel | |
at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard | |
Chief Investment Officer and Managing Partner of | Group and of each of the investment companies | |
HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior | |
Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. | |
Museum of Fine Arts Boston. | ||
Vanguard Senior ManagementTeam | ||
Alfred M. Rankin, Jr. | ||
Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
of the Board of University Hospitals of Cleveland. | ||
Peter F. Volanakis | Chairman Emeritus and Senior Advisor | |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years: President | John J. Brennan | |
and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 | |
Colby-Sawyer College; Member of the Advisory Board | ||
of the Norris Cotton Cancer Center and of the Advisory | Founder | |
Board of the Parthenon Group (strategy consulting). | ||
John C. Bogle | ||
Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | |
Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447 | |
Direct Investor Account Services > 800-662-2739 | |
Institutional Investor Services > 800-523-1036 | |
Text Telephone for People | |
With Hearing Impairment > 800-749-7273 | |
This material may be used in conjunction | |
with the offering of shares of any Vanguard | |
fund only if preceded or accompanied by | |
the fund’s current prospectus. | |
All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
otherwise noted. | |
You can obtain a free copy of Vanguard’s proxy voting | |
guidelines by visiting vanguard.com/proxyreporting or by | |
calling Vanguard at 800-662-2739. The guidelines are | |
also available from the SEC’s website, sec.gov. In | |
addition, you may obtain a free report on how your fund | |
voted the proxies for securities it owned during the 12 | |
months ended June 30. To get the report, visit either | |
vanguard.com/proxyreporting or sec.gov. | |
You can review and copy information about your fund at | |
the SEC’s Public Reference Room in Washington, D.C. To | |
find out more about this public service, call the SEC at | |
202-551-8090. Information about your fund is also | |
available on the SEC’s website, and you can receive | |
copies of this information, for a fee, by sending a | |
request in either of two ways: via e-mail addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2014 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1132 062014 |
Item 2: Code of Ethics.
Not Applicable.
Item 3:
Not Applicable.
Item 4: Principal Accountant Fees and Services.
Not. Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.3%)1 | |||
Argentina (0.0%) | |||
Siderar SAIC Class A | 390 | — | |
Australia (5.6%) | |||
Commonwealth Bank of Australia | 9,195,097 | 676,404 | |
BHP Billiton Ltd. | 18,337,738 | 645,797 | |
Westpac Banking Corp. | 17,599,618 | 576,470 | |
Australia & New Zealand Banking Group Ltd. | 15,519,517 | 499,076 | |
National Australia Bank Ltd. | 13,126,752 | 432,232 | |
Wesfarmers Ltd. | 6,505,640 | 258,920 | |
Woolworths Ltd. | 7,011,049 | 243,649 | |
CSL Ltd. | 2,924,656 | 186,449 | |
Rio Tinto Ltd. | 2,488,173 | 143,492 | |
Woodside Petroleum Ltd. | 3,528,781 | 134,134 | |
Telstra Corp. Ltd. | 25,056,113 | 121,826 | |
Westfield Group | 11,044,840 | 112,705 | |
Macquarie Group Ltd. | 1,827,383 | 98,452 | |
Suncorp Group Ltd. | 7,346,354 | 89,216 | |
Origin Energy Ltd. | 6,202,490 | 86,165 | |
AMP Ltd. | 16,709,762 | 78,639 | |
Brambles Ltd. | 8,869,147 | 77,989 | |
QBE Insurance Group Ltd. | 6,824,053 | 73,650 | |
Insurance Australia Group Ltd. | 13,123,736 | 70,144 | |
Santos Ltd. | 5,452,615 | 69,910 | |
Amcor Ltd. | 6,891,044 | 66,133 | |
Aurizon Holdings Ltd. | 11,693,445 | 56,459 | |
Transurban Group | 8,302,691 | 56,075 | |
Oil Search Ltd. | 6,554,176 | 54,302 | |
Westfield Retail Trust | 17,415,363 | 51,741 | |
Stockland | 13,132,048 | 47,606 | |
AGL Energy Ltd. | 3,138,094 | 46,067 | |
Goodman Group | 9,772,096 | 45,391 | |
Fortescue Metals Group Ltd. | 9,162,167 | 43,337 | |
Orica Ltd. | 2,076,843 | 42,385 | |
* | Newcrest Mining Ltd. | 4,243,561 | 41,388 |
Sonic Healthcare Ltd. | 2,258,638 | 37,257 | |
Lend Lease Group | 3,061,628 | 37,003 | |
ASX Ltd. | 1,095,429 | 36,250 | |
Dexus Property Group | 32,933,833 | 34,842 | |
Mirvac Group | 20,930,971 | 34,156 | |
GPT Group | 8,992,216 | 32,816 | |
Computershare Ltd. | 2,815,530 | 32,454 | |
Crown Resorts Ltd. | 2,160,059 | 32,323 | |
James Hardie Industries plc | 2,489,844 | 31,965 | |
Ramsay Health Care Ltd. | 735,062 | 30,714 | |
Seek Ltd. | 1,918,622 | 30,049 | |
^ | APA Group | 4,592,276 | 28,465 |
Asciano Ltd. | 5,568,944 | 28,103 | |
Coca-Cola Amatil Ltd. | 3,061,324 | 26,428 | |
Incitec Pivot Ltd. | 9,290,002 | 24,937 | |
Bendigo and Adelaide Bank Ltd. | 2,286,199 | 24,503 | |
Sydney Airport | 5,959,195 | 23,417 | |
Boral Ltd. | 4,351,917 | 23,096 | |
CFS Retail Property Trust Group | 12,027,914 | 22,519 | |
Bank of Queensland Ltd. | 1,969,612 | 22,518 | |
Tatts Group Ltd. | 7,857,967 | 22,101 | |
Challenger Ltd. | 3,127,663 | 20,578 | |
Iluka Resources Ltd. | 2,383,797 | 19,804 | |
* | BlueScope Steel Ltd. | 3,187,892 | 19,273 |
WorleyParsons Ltd. | 1,224,563 | 19,203 | |
Toll Holdings Ltd. | 3,846,183 | 18,972 | |
Federation Centres Ltd. | 8,130,159 | 18,872 | |
Cochlear Ltd. | 325,007 | 17,766 |
1
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Alumina Ltd. | 13,835,866 | 17,380 |
^ | Leighton Holdings Ltd. | 908,326 | 16,152 |
Caltex Australia Ltd. | 771,468 | 16,015 | |
Flight Centre Travel Group Ltd. | 318,795 | 15,989 | |
Aristocrat Leisure Ltd. | 3,151,822 | 14,787 | |
ALS Ltd. | 2,111,297 | 14,767 | |
Tabcorp Holdings Ltd. | 4,168,792 | 14,448 | |
Ansell Ltd. | 849,337 | 14,304 | |
DUET Group | 7,007,881 | 14,151 | |
REA Group Ltd. | 301,360 | 13,143 | |
Treasury Wine Estates Ltd. | 3,658,994 | 13,031 | |
Metcash Ltd. | 4,981,104 | 12,868 | |
SP AusNet | 9,468,905 | 12,340 | |
Echo Entertainment Group Ltd. | 4,681,558 | 12,313 | |
Spark Infrastructure Group | 7,458,660 | 12,257 | |
carsales.com Ltd. | 1,165,778 | 11,806 | |
Navitas Ltd. | 1,715,962 | 11,767 | |
Primary Health Care Ltd. | 2,642,046 | 11,548 | |
Beach Energy Ltd. | 7,214,911 | 11,547 | |
Downer EDI Ltd. | 2,431,179 | 11,350 | |
DuluxGroup Ltd. | 2,085,965 | 11,142 | |
David Jones Ltd. | 2,977,198 | 10,907 | |
Perpetual Ltd. | 246,772 | 10,803 | |
Investa Office Fund | 3,441,456 | 10,714 | |
Australand Property Group | 2,642,736 | 10,533 | |
IOOF Holdings Ltd. | 1,313,121 | 10,382 | |
^ | JB Hi-Fi Ltd. | 561,161 | 10,084 |
Adelaide Brighton Ltd. | 2,694,793 | 9,823 | |
CSR Ltd. | 2,869,509 | 9,772 | |
Fairfax Media Ltd. | 10,690,437 | 9,768 | |
* | Aurora Oil & Gas Ltd. | 2,506,752 | 9,525 |
GrainCorp Ltd. Class A | 1,137,246 | 9,379 | |
TPG Telecom Ltd. | 1,604,441 | 8,897 | |
Orora Ltd. | 6,847,487 | 8,879 | |
^ | Harvey Norman Holdings Ltd. | 2,848,188 | 8,717 |
Mineral Resources Ltd. | 786,693 | 8,542 | |
Arrium Ltd. | 7,609,547 | 8,481 | |
* | Sims Metal Management Ltd. | 907,424 | 8,299 |
Qube Holdings Ltd. | 3,914,790 | 8,107 | |
^ | Monadelphous Group Ltd. | 486,447 | 7,931 |
Platinum Asset Management Ltd. | 1,284,263 | 7,890 | |
BWP Trust | 3,303,081 | 7,681 | |
Cromwell Property Group | 8,236,736 | 7,589 | |
G8 Education Ltd. | 1,725,214 | 7,524 | |
Super Retail Group Ltd. | 790,689 | 7,484 | |
* | Recall Holdings Ltd. | 1,758,465 | 7,429 |
Charter Hall Group | 1,867,151 | 7,307 | |
NIB Holdings Ltd. | 2,826,552 | 7,236 | |
* | Qantas Airways Ltd. | 6,250,028 | 7,110 |
Myer Holdings Ltd. | 3,286,552 | 6,809 | |
Magellan Financial Group Ltd. | 570,432 | 6,666 | |
Domino's Pizza Enterprises Ltd. | 346,301 | 6,388 | |
Macquarie Atlas Roads Group | 2,196,335 | 6,372 | |
Seven West Media Ltd. | 3,626,610 | 6,301 | |
Charter Hall Retail REIT | 1,744,399 | 6,271 | |
Breville Group Ltd. | 732,667 | 6,257 | |
* | Transpacific Industries Group Ltd. | 5,956,279 | 6,194 |
Goodman Fielder Ltd. | 9,840,862 | 6,176 | |
Invocare Ltd. | 616,239 | 6,109 | |
OZ Minerals Ltd. | 1,697,121 | 5,841 | |
^ | UGL Ltd. | 927,323 | 5,832 |
Shopping Centres Australasia Property Group | 3,600,479 | 5,815 | |
Envestra Ltd. | 5,188,097 | 5,631 | |
^ | Cardno Ltd. | 851,143 | 5,543 |
2
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ardent Leisure Group | 2,218,573 | 5,516 | |
Iress Ltd. | 711,084 | 5,486 | |
Automotive Holdings Group Ltd. | 1,460,899 | 5,446 | |
PanAust Ltd. | 3,401,736 | 5,116 | |
iiNET Ltd. | 762,670 | 5,092 | |
Independence Group NL | 1,244,977 | 5,047 | |
^ | M2 Group Ltd. | 949,978 | 4,992 |
Regis Resources Ltd. | 2,118,395 | 4,804 | |
SAI Global Ltd. | 1,142,513 | 4,540 | |
*,^ | Whitehaven Coal Ltd. | 3,310,329 | 4,511 |
* | Sandfire Resources NL | 842,688 | 4,477 |
Sigma Pharmaceuticals Ltd. | 6,520,753 | 4,401 | |
Atlas Iron Ltd. | 5,143,257 | 4,362 | |
*,^ | Mesoblast Ltd. | 1,003,253 | 4,353 |
^ | Western Areas Ltd. | 1,126,017 | 4,346 |
GWA Group Ltd. | 1,725,549 | 4,329 | |
FlexiGroup Ltd. | 1,201,373 | 4,326 | |
Seven Group Holdings Ltd. | 554,382 | 4,247 | |
Mermaid Marine Australia Ltd. | 2,058,549 | 4,101 | |
Premier Investments Ltd. | 436,079 | 4,028 | |
* | Senex Energy Ltd. | 6,477,048 | 4,023 |
New Hope Corp. Ltd. | 1,373,781 | 3,993 | |
* | AWE Ltd. | 2,730,627 | 3,989 |
Abacus Property Group | 1,743,663 | 3,959 | |
*,^ | Aveo Group | 2,059,562 | 3,896 |
Nufarm Ltd. | 993,652 | 3,844 | |
^ | ARB Corp. Ltd. | 336,615 | 3,823 |
^ | Sirtex Medical Ltd. | 258,605 | 3,796 |
Bradken Ltd. | 939,619 | 3,708 | |
*,^ | Drillsearch Energy Ltd. | 2,382,351 | 3,567 |
Southern Cross Media Group Ltd. | 2,956,427 | 3,540 | |
Northern Star Resources Ltd. | 3,174,896 | 3,473 | |
BT Investment Management Ltd. | 521,184 | 3,253 | |
Village Roadshow Ltd. | 487,579 | 3,201 | |
Ainsworth Game Technology Ltd. | 819,221 | 3,169 | |
*,^ | Sirius Resources NL | 1,237,002 | 3,116 |
* | Australian Agricultural Co. Ltd. | 2,432,883 | 2,895 |
* | Karoon Gas Australia Ltd. | 1,207,812 | 2,776 |
* | Sundance Energy Australia Ltd. | 2,836,759 | 2,750 |
* | Transfield Services Ltd. | 2,959,723 | 2,650 |
* | Ten Network Holdings Ltd. | 10,498,587 | 2,645 |
Amcom Telecommunications Ltd. | 1,348,830 | 2,639 | |
McMillan Shakespeare Ltd. | 289,279 | 2,620 | |
*,^ | Beadell Resources Ltd. | 4,226,504 | 2,602 |
*,^ | Horizon Oil Ltd. | 7,320,026 | 2,593 |
Skilled Group Ltd. | 1,001,497 | 2,561 | |
* | Virgin Australia Holdings Ltd. | 7,330,704 | 2,523 |
* | Steadfast Group Ltd. | 1,753,911 | 2,498 |
Retail Food Group Ltd. | 640,532 | 2,491 | |
Cabcharge Australia Ltd. | 677,103 | 2,444 | |
STW Communications Group Ltd. | 1,859,408 | 2,442 | |
Mount Gibson Iron Ltd. | 3,540,575 | 2,418 | |
*,^ | Syrah Resources Ltd. | 667,911 | 2,403 |
^ | Virtus Health Ltd. | 347,088 | 2,399 |
Pacific Brands Ltd. | 5,086,178 | 2,395 | |
Tassal Group Ltd. | 609,899 | 2,353 | |
* | Mayne Pharma Group Ltd. | 2,910,898 | 2,306 |
*,^ | Paladin Energy Ltd. | 5,484,320 | 2,230 |
* | Papillon Resources Ltd. | 1,829,429 | 2,221 |
*,^ | Aquila Resources Ltd. | 934,712 | 2,180 |
* | APN News & Media Ltd. | 3,238,850 | 2,136 |
Tox Free Solutions Ltd. | 659,514 | 2,124 | |
Hills Ltd. | 1,325,409 | 2,086 | |
Cedar Woods Properties Ltd. | 307,369 | 2,070 |
3
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Evolution Mining Ltd. | 2,591,432 | 2,068 | |
* | Energy World Corp. Ltd. | 7,709,017 | 2,047 |
^ | GUD Holdings Ltd. | 406,914 | 2,027 |
* | Platinum Capital Ltd. | 1,280,660 | 1,979 |
* | Resolute Mining Ltd. | 3,500,881 | 1,979 |
*,^ | Medusa Mining Ltd. | 1,164,902 | 1,957 |
* | Technology One Ltd. | 801,012 | 1,880 |
*,^ | Cudeco Ltd. | 1,035,336 | 1,815 |
Programmed Maintenance Services Ltd. | 673,415 | 1,783 | |
Credit Corp. Group Ltd. | 212,381 | 1,779 | |
Wotif.com Holdings Ltd. | 681,997 | 1,697 | |
*,^ | Lynas Corp. Ltd. | 10,847,810 | 1,663 |
MACA Ltd. | 817,461 | 1,634 | |
* | NEXTDC Ltd. | 911,382 | 1,574 |
* | Roc Oil Co. Ltd. | 3,514,266 | 1,570 |
NRW Holdings Ltd. | 1,473,181 | 1,541 | |
* | Linc Energy Ltd. | 1,620,097 | 1,525 |
Thorn Group Ltd. | 765,201 | 1,524 | |
^ | Reject Shop Ltd. | 162,968 | 1,518 |
*,^ | Tiger Resources Ltd. | 4,546,788 | 1,512 |
RCR Tomlinson Ltd. | 593,736 | 1,512 | |
* | Silex Systems Ltd. | 884,942 | 1,492 |
^ | Cash Converters International Ltd. | 1,433,369 | 1,455 |
Challenger Diversified Property Group | 565,912 | 1,441 | |
^ | Ausdrill Ltd. | 1,642,190 | 1,425 |
*,^ | Billabong International Ltd. | 3,214,787 | 1,422 |
BC Iron Ltd. | 347,903 | 1,417 | |
Decmil Group Ltd. | 747,582 | 1,417 | |
*,^ | Buru Energy Ltd. | 1,238,824 | 1,352 |
* | Saracen Mineral Holdings Ltd. | 4,383,020 | 1,349 |
^ | SMS Management & Technology Ltd. | 381,895 | 1,334 |
UXC Ltd. | 1,636,672 | 1,286 | |
* | Energy Resources of Australia Ltd. | 996,540 | 1,228 |
*,^ | ERM Power Ltd. | 703,225 | 1,199 |
Sunland Group Ltd. | 738,902 | 1,148 | |
*,^ | Sundance Resources Ltd. | 13,275,845 | 1,116 |
Astro Japan Property Group | 314,943 | 1,113 | |
Growthpoint Properties Australia Ltd. | 486,678 | 1,100 | |
^ | Webjet Ltd. | 429,436 | 1,098 |
Australian Pharmaceutical Industries Ltd. | 2,029,955 | 1,095 | |
* | Mineral Deposits Ltd. | 573,281 | 1,066 |
*,^ | Silver Lake Resources Ltd. | 2,781,424 | 1,064 |
*,^ | Newcrest Mining Ltd. ADR | 107,626 | 1,056 |
*,^ | Starpharma Holdings Ltd. | 1,579,305 | 1,043 |
*,^ | Perseus Mining Ltd. | 2,916,487 | 955 |
*,^ | Kingsgate Consolidated Ltd. | 1,117,451 | 934 |
*,^ | Troy Resources Ltd. | 948,043 | 865 |
Panoramic Resources Ltd. | 1,471,028 | 863 | |
Acrux Ltd. | 855,626 | 827 | |
*,^ | Boart Longyear Ltd. | 2,958,054 | 787 |
*,^ | Intrepid Mines Ltd. | 3,008,906 | 770 |
^ | Aspen Group | 611,027 | 763 |
* | Emeco Holdings Ltd. | 3,060,601 | 745 |
Imdex Ltd. | 1,032,390 | 708 | |
Mincor Resources NL | 856,799 | 642 | |
^ | Watpac Ltd. | 802,416 | 601 |
* | Sims Metal Management Ltd. ADR | 66,577 | 601 |
*,^ | Infigen Energy | 3,435,073 | 591 |
* | St. Barbara Ltd. | 2,921,721 | 587 |
^ | Fleetwood Corp. Ltd. | 255,844 | 550 |
*,^ | Dart Energy Ltd. | 4,890,170 | 548 |
^ | Oakton Ltd. | 397,847 | 537 |
* | Macmahon Holdings Ltd. | 4,755,777 | 466 |
* | Indophil Resources NL | 3,574,022 | 466 |
4
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Tap Oil Ltd. | 1,197,134 | 462 |
*,^ | Kingsrose Mining Ltd. | 1,214,322 | 457 |
*,^ | Gunns Ltd. | 3,024,191 | 450 |
Crowe Horwath Australasia Ltd. | 1,136,365 | 391 | |
* | Equatorial Resources Ltd. | 704,038 | 333 |
* | Nexus Energy Ltd. | 5,925,255 | 325 |
*,^ | Rex Minerals Ltd. | 1,020,709 | 318 |
*,^ | Coalspur Mines Ltd. | 1,768,018 | 296 |
^ | Forge Group Ltd. | 337,261 | 287 |
* | Cape Lambert Resources Ltd. | 2,817,988 | 262 |
* | Galaxy Resources Ltd. | 4,742,782 | 256 |
* | Kagara Ltd. | 2,282,838 | 254 |
*,^ | Gindalbie Metals Ltd. | 4,554,359 | 246 |
* | Gunns Ltd. | 3,440 | 136 |
*,^ | Mirabela Nickel Ltd. | 3,016,807 | 45 |
* | BGP Holdings PLC | 17,449,685 | — |
6,902,634 | |||
Austria (0.3%) | |||
Erste Group Bank AG | 1,631,493 | 54,859 | |
OMV AG | 819,838 | 38,332 | |
Voestalpine AG | 640,033 | 29,237 | |
Andritz AG | 413,272 | 25,672 | |
Raiffeisen Bank International AG | 668,532 | 21,133 | |
IMMOFINANZ AG | 5,455,022 | 20,258 | |
Wienerberger AG | 657,940 | 12,212 | |
Telekom Austria AG | 1,225,533 | 12,162 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 218,624 | 11,693 | |
^ | Oesterreichische Post AG | 190,467 | 9,734 |
Schoeller-Bleckmann Oilfield Equipment AG | 63,113 | 8,023 | |
CA Immobilien Anlagen AG | 417,082 | 7,951 | |
^ | Verbund AG | 378,911 | 7,347 |
Flughafen Wien AG | 59,214 | 5,814 | |
Atrium European Real Estate Ltd. | 1,006,864 | 5,799 | |
* | Mayr Melnhof Karton AG | 45,350 | 5,774 |
RHI AG | 145,962 | 5,109 | |
*,^ | Conwert Immobilien Invest SE | 347,758 | 5,010 |
* | BUWOG AG | 272,751 | 5,008 |
Lenzing AG | 52,451 | 3,348 | |
Strabag SE | 117,037 | 3,272 | |
Zumtobel AG | 153,640 | 3,195 | |
2 | AMAG Austria Metall AG | 80,963 | 2,786 |
S IMMO AG | 308,974 | 2,442 | |
EVN AG | 174,988 | 2,439 | |
Palfinger AG | 60,231 | 2,229 | |
^ | Kapsch TrafficCom AG | 25,214 | 1,399 |
312,237 | |||
Belgium (0.9%) | |||
Anheuser-Busch InBev NV | 4,557,782 | 496,785 | |
KBC Groep NV | 1,568,407 | 95,710 | |
UCB SA | 661,436 | 54,256 | |
Ageas | 1,240,735 | 53,397 | |
Solvay SA Class A | 323,036 | 52,350 | |
^ | Groupe Bruxelles Lambert SA | 443,494 | 44,842 |
Delhaize Group SA | 578,494 | 43,077 | |
Umicore SA | 636,473 | 31,200 | |
^ | Belgacom SA | 797,720 | 24,417 |
Colruyt SA | 401,265 | 22,690 | |
Ackermans & van Haaren NV | 141,329 | 18,276 | |
Telenet Group Holding NV | 272,066 | 15,956 | |
* | bpost SA | 565,395 | 12,744 |
Cofinimmo | 96,509 | 11,826 | |
Sofina SA | 97,882 | 11,751 | |
Arseus NV | 157,211 | 8,905 | |
NV Bekaert SA | 209,701 | 8,535 |
5
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Elia System Operator SA | 150,712 | 7,994 | |
D'ieteren SA | 153,678 | 7,110 | |
^ | Befimmo SA | 95,480 | 6,960 |
Gimv NV | 103,671 | 5,375 | |
*,^ | ThromboGenics NV | 155,181 | 4,944 |
* | Warehouses De Pauw SCA | 62,211 | 4,801 |
Melexis NV | 116,791 | 4,696 | |
Cie d'Entreprises CFE | 39,049 | 4,303 | |
Barco NV | 51,299 | 3,823 | |
^ | Nyrstar (Voting Shares) | 909,292 | 3,621 |
EVS Broadcast Equipment SA | 55,864 | 3,538 | |
* | AGFA-Gevaert NV | 901,598 | 3,454 |
Tessenderlo Chemie NV (Voting Shares) | 110,133 | 3,373 | |
Mobistar SA | 165,453 | 3,229 | |
* | KBC Ancora | 86,743 | 3,186 |
Cie Maritime Belge SA | 100,627 | 2,990 | |
Sipef SA | 32,111 | 2,804 | |
* | Euronav NV | 228,354 | 2,763 |
^ | Econocom Group | 245,155 | 2,629 |
^ | Van de Velde NV | 37,297 | 1,985 |
* | RHJ International | 379,744 | 1,858 |
Wereldhave Belgium NV | 11,488 | 1,468 | |
* | Ion Beam Applications | 95,519 | 1,321 |
* | Intervest Offices & Warehouses | 37,262 | 1,164 |
*,^ | Dexia SA | 2,875,273 | 163 |
1,096,269 | |||
Brazil (2.3%) | |||
Itau Unibanco Holding SA Prior Pfd. | 8,887,675 | 146,683 | |
AMBEV SA | 19,573,180 | 143,085 | |
Petroleo Brasileiro SA Prior Pfd. | 16,630,261 | 123,585 | |
Banco Bradesco SA Prior Pfd. | 8,106,646 | 120,668 | |
Petroleo Brasileiro SA | 16,011,087 | 112,234 | |
Vale SA Prior Pfd. | 7,595,118 | 89,994 | |
Itau Unibanco Holding SA ADR | 5,449,063 | 89,147 | |
BRF SA | 3,900,553 | 88,341 | |
Cielo SA | 4,129,802 | 73,159 | |
Itausa - Investimentos Itau SA Prior Pfd. | 16,354,235 | 71,879 | |
Vale SA | 5,116,993 | 67,469 | |
Petroleo Brasileiro SA ADR | 4,007,804 | 59,316 | |
Banco Bradesco SA ADR | 3,936,470 | 58,535 | |
BM&FBovespa SA | 10,795,729 | 55,195 | |
Ultrapar Participacoes SA | 2,193,816 | 55,078 | |
AMBEV SA ADR | 7,118,516 | 51,609 | |
Banco do Brasil SA | 4,889,702 | 51,337 | |
Vale SA Class B ADR | 3,957,633 | 46,977 | |
Banco Bradesco SA | 2,887,685 | 44,356 | |
BB Seguridade Participacoes SA | 3,419,182 | 40,069 | |
CCR SA | 4,931,977 | 38,598 | |
Petroleo Brasileiro SA ADR | 2,640,090 | 36,644 | |
Vale SA Class B ADR | 2,503,617 | 33,098 | |
Kroton Educacional SA | 1,380,062 | 29,560 | |
Telefonica Brasil SA Prior Pfd. | 1,180,600 | 24,801 | |
BRF SA ADR | 1,078,848 | 24,382 | |
Embraer SA | 2,585,381 | 22,355 | |
Cia Brasileira de Distribuicao Grupo Pao de Acucar Prior Pfd. | 471,102 | 22,290 | |
Itau Unibanco Holding SA | 1,435,379 | 22,112 | |
Banco Santander Brasil SA | 3,198,647 | 21,375 | |
Cia Energetica de Minas Gerais Prior Pfd. | 2,787,877 | 21,243 | |
BR Malls Participacoes SA | 2,445,576 | 21,047 | |
Lojas Renner SA | 710,100 | 20,891 | |
Gerdau SA Prior Pfd. | 3,369,368 | 20,203 | |
Souza Cruz SA | 2,189,526 | 19,983 | |
Tim Participacoes SA | 3,650,438 | 19,810 | |
Grupo BTG Pactual | 1,447,044 | 19,748 |
6
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
WEG SA | 1,567,280 | 18,915 | |
Lojas Americanas SA Prior Pfd. | 2,444,096 | 18,514 | |
Tractebel Energia SA | 1,189,232 | 17,686 | |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 351,324 | 16,709 | |
Natura Cosmeticos SA | 972,781 | 16,661 | |
CETIP SA - Mercados Organizados | 1,249,002 | 15,914 | |
Hypermarcas SA | 2,152,210 | 15,859 | |
Anhanguera Educacional Participacoes SA | 2,498,064 | 15,461 | |
Banco Santander Brasil SA ADR | 2,275,459 | 15,132 | |
Estacio Participacoes SA | 1,370,787 | 14,681 | |
* | Klabin SA | 2,747,433 | 14,416 |
* | JBS SA | 4,037,814 | 13,944 |
Totvs SA | 786,614 | 12,845 | |
Cia Energetica de Sao Paulo Prior Pfd. | 1,047,761 | 12,419 | |
Embraer SA ADR | 353,983 | 12,177 | |
Raia Drogasil SA | 1,423,454 | 12,129 | |
Localiza Rent a Car SA | 808,326 | 12,072 | |
CPFL Energia SA | 1,367,860 | 11,601 | |
Metalurgica Gerdau SA Prior Pfd. Class A | 1,565,741 | 11,348 | |
Bradespar SA Prior Pfd. | 1,300,007 | 11,252 | |
M Dias Branco SA | 259,394 | 11,212 | |
Cia Energetica de Minas Gerais ADR | 1,474,055 | 11,114 | |
Telefonica Brasil SA ADR | 520,551 | 11,036 | |
* | Qualicorp SA | 1,135,071 | 11,031 |
Oi SA Prior Pfd. | 11,465,051 | 11,004 | |
Cosan SA Industria e Comercio | 628,694 | 10,782 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 1,076,394 | 10,196 | |
ALL - America Latina Logistica SA | 2,487,554 | 9,851 | |
Multiplan Empreendimentos Imobiliarios SA | 437,387 | 9,667 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 1,593,319 | 9,661 | |
Cia Siderurgica Nacional SA | 2,481,981 | 9,528 | |
Gerdau SA ADR | 1,546,278 | 9,293 | |
BR Properties SA | 1,139,849 | 9,104 | |
* | Usinas Siderurgicas de Minas Gerais SA Prior Pfd. | 2,287,302 | 8,945 |
Cia Hering | 809,855 | 8,557 | |
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 871,290 | 8,260 | |
Porto Seguro SA | 552,070 | 8,047 | |
* | Fibria Celulose SA | 704,655 | 7,016 |
Duratex SA | 1,587,635 | 6,871 | |
EcoRodovias Infraestrutura e Logistica SA | 1,134,262 | 6,781 | |
Equatorial Energia SA | 685,502 | 6,259 | |
^ | Cia Siderurgica Nacional SA ADR | 1,608,089 | 6,223 |
EDP - Energias do Brasil SA | 1,420,082 | 6,171 | |
Sul America SA | 783,400 | 5,744 | |
*,^ | Fibria Celulose SA ADR | 566,062 | 5,621 |
Tim Participacoes SA ADR | 207,108 | 5,573 | |
MRV Engenharia e Participacoes SA | 1,752,812 | 5,550 | |
Centrais Eletricas Brasileiras SA Prior Pfd. | 981,268 | 5,549 | |
Banco do Estado do Rio Grande do Sul SA Prior Pfd. | 981,896 | 5,509 | |
Mills Estruturas e Servicos de Engenharia SA | 434,979 | 5,486 | |
Suzano Papel e Celulose SA Prior Pfd. Class A | 1,678,806 | 5,474 | |
Odontoprev SA | 1,363,096 | 5,471 | |
Cia de Saneamento de Minas Gerais-COPASA | 343,743 | 5,365 | |
Marcopolo SA Prior Pfd. | 2,904,568 | 5,328 | |
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A | 315,398 | 4,887 | |
Braskem SA Prior Pfd. | 713,246 | 4,869 | |
* | PDG Realty SA Empreendimentos e Participacoes | 7,674,832 | 4,716 |
Smiles SA | 248,800 | 4,714 | |
Transmissora Alianca de Energia Eletrica SA | 520,777 | 4,660 | |
Oi SA | 4,602,315 | 4,644 | |
Lojas Americanas SA | 706,500 | 4,515 | |
^ | Cia Paranaense de Energia ADR | 313,656 | 4,501 |
AES Tiete SA Prior Pfd. | 558,360 | 4,385 | |
* | B2W Cia Digital | 376,543 | 4,185 |
7
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Diagnosticos da America SA | 676,000 | 4,008 | |
Alpargatas SA Prior Pfd. | 808,511 | 3,989 | |
Sao Martinho SA | 262,239 | 3,928 | |
Cia Paranaense de Energia Prior Pfd. | 268,550 | 3,848 | |
Aliansce Shopping Centers SA | 459,940 | 3,795 | |
Iochpe-Maxion SA | 407,357 | 3,685 | |
* | Even Construtora e Incorporadora SA | 1,140,233 | 3,672 |
Cia Energetica de Minas Gerais | 474,930 | 3,649 | |
Centrais Eletricas Brasileiras SA | 1,014,200 | 3,539 | |
Multiplus SA | 271,800 | 3,478 | |
* | Ez Tec Empreendimentos e Participacoes SA | 282,804 | 3,471 |
Gerdau SA | 703,403 | 3,410 | |
Iguatemi Empresa de Shopping Centers SA | 336,800 | 3,349 | |
Light SA | 415,393 | 3,316 | |
Randon Participacoes SA Prior Pfd. | 926,756 | 2,993 | |
Fleury SA | 445,506 | 2,989 | |
* | Gol Linhas Aereas Inteligentes SA Prior Pfd. | 452,800 | 2,902 |
Alupar Investimento SA | 404,900 | 2,869 | |
Grendene SA | 441,623 | 2,793 | |
* | Marfrig Global Foods SA | 1,496,052 | 2,791 |
Arezzo Industria e Comercio SA | 236,506 | 2,646 | |
Arteris SA | 307,887 | 2,543 | |
JSL SA | 460,068 | 2,492 | |
Gafisa SA | 1,480,010 | 2,409 | |
* | Usinas Siderurgicas de Minas Gerais SA | 666,900 | 2,396 |
Helbor Empreendimentos SA | 699,947 | 2,386 | |
Magnesita Refratarios SA | 1,107,245 | 2,354 | |
International Meal Co. Holdings SA | 296,675 | 2,348 | |
Linx SA | 106,000 | 2,313 | |
AES Tiete SA | 345,502 | 2,262 | |
CPFL Energia SA ADR | 134,847 | 2,260 | |
QGEP Participacoes SA | 587,175 | 2,259 | |
Direcional Engenharia SA | 454,442 | 2,217 | |
Mahle-Metal Leve SA Industria e Comercio | 217,139 | 2,143 | |
Centrais Eletricas Brasileiras SA ADR | 614,134 | 2,131 | |
SLC Agricola SA | 271,154 | 2,067 | |
Guararapes Confeccoes SA | 43,950 | 2,050 | |
Santos Brasil Participacoes SA | 248,249 | 1,990 | |
Cia de Transmissao de Energia Eletrica Paulista Prior Pfd. | 178,636 | 1,975 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Prior Pfd. | 476,904 | 1,948 | |
Brasil Brokers Participacoes SA | 917,950 | 1,803 | |
* | LPS Brasil Consultoria de Imoveis SA | 353,400 | 1,767 |
Marisa Lojas SA | 255,300 | 1,727 | |
Abril Educacao SA | 129,160 | 1,651 | |
Centrais Eletricas Brasileiras SA ADR | 289,858 | 1,612 | |
^ | Gafisa SA ADR | 480,800 | 1,591 |
Cia de Gas de Sao Paulo Prior Pfd. Class A | 72,101 | 1,586 | |
Tecnisa SA | 508,177 | 1,579 | |
Brasil Insurance Participacoes e Administracao SA | 345,834 | 1,545 | |
* | Prumo Logistica SA | 2,723,660 | 1,441 |
* | Paranapanema SA | 874,645 | 1,440 |
* | Contax Participacoes SA | 181,169 | 1,365 |
^ | Oi SA ADR | 1,469,478 | 1,365 |
Magazine Luiza SA | 389,785 | 1,334 | |
* | Brasil Pharma SA | 809,440 | 1,321 |
Sonae Sierra Brasil SA | 158,846 | 1,280 | |
Cia Energetica do Ceara Prior Pfd. | 77,653 | 1,219 | |
Braskem SA ADR | 89,100 | 1,212 | |
Cia Paranaense de Energia | 120,900 | 1,193 | |
* | Rossi Residencial SA | 1,471,988 | 1,056 |
Tegma Gestao Logistica | 121,300 | 1,015 | |
JHSF Participacoes SA | 578,155 | 941 | |
* | Gol Linhas Aereas Inteligentes SA ADR | 128,200 | 833 |
Eneva SA | 1,195,123 | 659 |
8
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tereos Internacional SA | 783,549 | 629 | |
^ | Oi SA ADR | 87,138 | 86 |
* | Contax Participacoes SA Prior Pfd. | 37,100 | 53 |
* | Klabin SA Rights Exp 05/23/2014 | 83,291 | 4 |
* | AMBEV SA Rights Exp. 05/29/2014 | 27,390 | 3 |
* | Cia de Gas de Sao Paulo COMGAS Rights Exp. 05/28/2014 | 1,232 | — |
2,756,919 | |||
Canada (7.2%) | |||
Royal Bank of Canada | 8,218,208 | 548,480 | |
Toronto-Dominion Bank | 10,541,096 | 507,123 | |
Bank of Nova Scotia | 6,912,672 | 420,039 | |
Suncor Energy Inc. | 8,449,830 | 325,951 | |
Canadian Natural Resources Ltd. | 6,262,211 | 255,162 | |
Canadian National Railway Co. | 4,222,112 | 247,306 | |
^ | Bank of Montreal | 3,585,218 | 247,127 |
* | Valeant Pharmaceuticals International Inc. | 1,766,718 | 236,256 |
Enbridge Inc. | 4,700,294 | 226,813 | |
Canadian Imperial Bank of Commerce | 2,283,537 | 203,592 | |
Manulife Financial Corp. | 10,471,186 | 196,612 | |
TransCanada Corp. | 4,018,200 | 187,263 | |
Potash Corp. of Saskatchewan Inc. | 4,891,919 | 176,833 | |
Canadian Pacific Railway Ltd. | 904,642 | 141,253 | |
Brookfield Asset Management Inc. Class A | 3,247,050 | 136,305 | |
Cenovus Energy Inc. | 4,291,649 | 127,843 | |
Magna International Inc. | 1,220,659 | 119,588 | |
Sun Life Financial Inc. | 3,447,553 | 116,696 | |
Goldcorp Inc. | 4,617,271 | 114,036 | |
Barrick Gold Corp. | 6,116,065 | 106,747 | |
Encana Corp. | 4,244,071 | 98,314 | |
^ | Crescent Point Energy Corp. | 2,255,028 | 91,740 |
Rogers Communications Inc. Class B | 2,070,387 | 82,226 | |
Agrium Inc. | 826,997 | 79,429 | |
^ | Thomson Reuters Corp. | 2,118,190 | 76,665 |
National Bank of Canada | 1,845,238 | 76,584 | |
Imperial Oil Ltd. | 1,502,465 | 73,365 | |
^ | Pembina Pipeline Corp. | 1,820,233 | 71,527 |
First Quantum Minerals Ltd. | 3,370,852 | 67,137 | |
^ | BCE Inc. | 1,472,773 | 65,573 |
Alimentation Couche Tard Inc. Class B | 2,223,552 | 62,666 | |
Teck Resources Ltd. Class B | 2,685,592 | 61,207 | |
Talisman Energy Inc. | 5,881,892 | 60,802 | |
Canadian Oil Sands Ltd. | 2,760,829 | 59,849 | |
^ | Loblaw Cos. Ltd. | 1,286,837 | 55,944 |
Power Corp. of Canada | 1,984,424 | 55,873 | |
Husky Energy Inc. | 1,681,362 | 54,949 | |
Shaw Communications Inc. Class B | 2,249,822 | 54,498 | |
* | CGI Group Inc. Class A | 1,494,283 | 53,879 |
^ | ARC Resources Ltd. | 1,771,115 | 52,549 |
Fairfax Financial Holdings Ltd. | 119,340 | 52,035 | |
* | Tourmaline Oil Corp. | 978,809 | 50,680 |
Intact Financial Corp. | 761,271 | 49,987 | |
Great-West Lifeco Inc. | 1,711,931 | 48,169 | |
Cameco Corp. | 2,241,211 | 47,705 | |
Tim Hortons Inc. | 831,335 | 45,600 | |
Silver Wheaton Corp. | 2,011,167 | 44,607 | |
* | Catamaran Corp. | 1,165,996 | 44,297 |
^ | Canadian Tire Corp. Ltd. Class A | 440,055 | 43,221 |
Power Financial Corp. | 1,328,391 | 42,201 | |
TELUS Corp. | 1,186,832 | 41,819 | |
Franco-Nevada Corp. | 832,211 | 40,113 | |
SNC-Lavalin Group Inc. | 859,011 | 38,967 | |
Canadian Utilities Ltd. Class A | 1,054,288 | 38,947 | |
Saputo Inc. | 725,939 | 38,819 | |
Fortis Inc. | 1,207,442 | 35,472 |
9
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Gildan Activewear Inc. | 691,706 | 35,360 | |
^ | Vermilion Energy Inc. | 514,948 | 34,264 |
^ | Methanex Corp. | 544,276 | 33,713 |
Open Text Corp. | 675,890 | 33,330 | |
Bombardier Inc. Class B | 8,164,986 | 32,852 | |
Yamana Gold Inc. | 4,299,355 | 32,204 | |
Metro Inc. | 519,194 | 32,003 | |
* | MEG Energy Corp. | 838,926 | 30,203 |
Keyera Corp. | 453,437 | 30,159 | |
Pacific Rubiales Energy Corp. | 1,839,026 | 30,017 | |
^ | Baytex Energy Corp. | 717,629 | 29,869 |
^ | AltaGas Ltd. | 697,325 | 29,711 |
Agnico Eagle Mines Ltd. | 987,045 | 29,151 | |
Onex Corp. | 508,716 | 29,055 | |
Dollarama Inc. | 343,879 | 28,601 | |
IGM Financial Inc. | 563,475 | 28,065 | |
CI Financial Corp. | 859,150 | 27,905 | |
^ | Peyto Exploration & Development Corp. | 753,342 | 27,775 |
Finning International Inc. | 975,837 | 26,354 | |
* | Kinross Gold Corp. | 6,450,816 | 26,191 |
^ | Enerplus Corp. | 1,140,908 | 25,305 |
Penn West Petroleum Ltd. | 2,748,016 | 24,846 | |
Eldorado Gold Corp. | 4,054,990 | 24,714 | |
Industrial Alliance Insurance & Financial Services Inc. | 567,066 | 23,411 | |
George Weston Ltd. | 292,799 | 22,060 | |
*,^ | BlackBerry Ltd. | 2,840,760 | 21,694 |
Atco Ltd. | 432,653 | 21,122 | |
^ | RioCan REIT | 839,847 | 20,865 |
Precision Drilling Corp. | 1,571,614 | 20,433 | |
Constellation Software Inc. | 90,500 | 20,044 | |
CAE Inc. | 1,472,372 | 19,438 | |
^ | Pengrowth Energy Corp. | 2,936,319 | 19,074 |
Empire Co. Ltd. | 294,900 | 18,654 | |
^ | TransAlta Corp. | 1,524,852 | 18,629 |
Gibson Energy Inc. | 688,638 | 18,384 | |
*,^ | Osisko Mining Corp. | 2,522,846 | 18,069 |
* | Turquoise Hill Resources Ltd. | 4,563,268 | 17,736 |
^ | Veresen Inc. | 1,151,367 | 17,028 |
^ | Bonavista Energy Corp. | 1,063,360 | 16,706 |
^ | Home Capital Group Inc. Class B | 391,930 | 16,560 |
CCL Industries Inc. Class B | 180,725 | 16,433 | |
MacDonald Dettwiler & Associates Ltd. | 206,562 | 16,019 | |
Progressive Waste Solutions Ltd. | 657,414 | 16,003 | |
West Fraser Timber Co. Ltd. | 357,468 | 15,981 | |
Aimia Inc. | 985,300 | 15,867 | |
H&R REIT | 746,430 | 15,718 | |
* | Athabasca Oil Corp. | 2,059,387 | 15,294 |
Canadian Western Bank | 449,560 | 15,233 | |
* | Paramount Resources Ltd. Class A | 275,390 | 14,985 |
Stantec Inc. | 245,300 | 14,538 | |
* | New Gold Inc. | 2,873,877 | 14,526 |
ShawCor Ltd. | 325,433 | 14,495 | |
Linamar Corp. | 289,516 | 14,494 | |
Whitecap Resources Inc. | 1,090,363 | 14,385 | |
^ | Cineplex Inc. | 357,421 | 13,471 |
Davis & Henderson Corp. | 459,350 | 13,302 | |
* | Lundin Mining Corp. | 2,462,963 | 12,584 |
^ | Ritchie Bros Auctioneers Inc. | 500,489 | 12,507 |
TransForce Inc. | 571,312 | 12,473 | |
* | Element Financial Corp. | 1,039,000 | 12,447 |
Mullen Group Ltd. | 446,570 | 12,109 | |
Trican Well Service Ltd. | 844,340 | 12,094 | |
WSP Global Inc. | 337,809 | 11,561 | |
Quebecor Inc. Class B | 485,590 | 11,452 |
10
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Secure Energy Services Inc. | 636,601 | 11,419 | |
Ensign Energy Services Inc. | 721,500 | 11,355 | |
TMX Group Ltd. | 214,742 | 11,313 | |
Westshore Terminals Investment Corp. | 344,546 | 11,197 | |
* | B2Gold Corp. | 3,834,889 | 11,021 |
*,^ | Tahoe Resources Inc. | 492,590 | 10,961 |
* | Canfor Corp. | 476,800 | 10,815 |
^ | Bell Aliant Inc. | 431,227 | 10,623 |
Pason Systems Inc. | 378,935 | 10,524 | |
^ | Pan American Silver Corp. | 810,934 | 10,506 |
* | Celestica Inc. | 928,008 | 10,296 |
^ | Russel Metals Inc. | 349,732 | 10,290 |
^ | Corus Entertainment Inc. Class B | 455,993 | 10,243 |
Capital Power Corp. | 455,800 | 10,238 | |
* | Imax Corp. | 390,100 | 9,998 |
* | Gran Tierra Energy Inc. | 1,352,643 | 9,671 |
^ | Trilogy Energy Corp. | 350,080 | 9,582 |
^ | Canadian Energy Services & Technology Corp. | 324,600 | 9,572 |
Barrick Gold Corp. | 542,335 | 9,475 | |
Toromont Industries Ltd. | 380,683 | 9,416 | |
HudBay Minerals Inc. | 1,095,233 | 9,343 | |
FirstService Corp. | 186,357 | 9,198 | |
^ | Bank of Montreal | 133,276 | 9,188 |
*,^ | Detour Gold Corp. | 897,622 | 8,935 |
Jean Coutu Group PJC Inc. Class A | 442,810 | 8,924 | |
* | Bellatrix Exploration Ltd. | 915,400 | 8,903 |
Trinidad Drilling Ltd. | 784,484 | 8,775 | |
^ | Superior Plus Corp. | 712,080 | 8,582 |
^ | Genworth MI Canada Inc. | 231,980 | 8,138 |
Bonterra Energy Corp. | 153,834 | 8,024 | |
^ | Canadian REIT | 193,347 | 7,970 |
* | Crew Energy Inc. | 695,280 | 7,879 |
^ | Calloway REIT | 321,600 | 7,858 |
* | Bankers Petroleum Ltd. | 1,441,900 | 7,854 |
Dundee REIT Class A | 292,600 | 7,710 | |
First Capital Realty Inc. | 466,967 | 7,648 | |
Boardwalk REIT | 135,286 | 7,626 | |
^ | Northland Power Inc. | 480,838 | 7,515 |
IAMGOLD Corp. | 2,150,592 | 7,495 | |
^ | Parkland Fuel Corp. | 400,622 | 7,420 |
* | NuVista Energy Ltd. | 742,800 | 7,414 |
* | Kelt Exploration Ltd. | 588,706 | 7,396 |
Maple Leaf Foods Inc. | 444,055 | 7,337 | |
Sherritt International Corp. | 1,688,500 | 7,148 | |
Enerflex Ltd. | 440,861 | 7,015 | |
^ | Laurentian Bank of Canada | 162,077 | 6,962 |
^ | Lightstream Resources Ltd. | 1,153,373 | 6,935 |
RONA Inc. | 686,200 | 6,918 | |
* | Birchcliff Energy Ltd. | 595,697 | 6,908 |
Algonquin Power & Utilities Corp. | 943,700 | 6,785 | |
Alamos Gold Inc. | 717,967 | 6,714 | |
Calfrac Well Services Ltd. | 192,600 | 6,669 | |
Stella-Jones Inc. | 239,980 | 6,560 | |
Black Diamond Group Ltd. | 207,700 | 6,530 | |
Manitoba Telecom Services Inc. | 234,781 | 6,488 | |
*,^ | First Majestic Silver Corp. | 671,900 | 6,375 |
* | Legacy Oil & Gas Inc. | 817,570 | 6,363 |
Cominar REIT | 356,105 | 6,173 | |
^ | Emera Inc. | 199,510 | 6,171 |
* | Advantage Oil & Gas Ltd. | 961,997 | 6,091 |
* | Dominion Diamond Corp. | 480,992 | 6,043 |
^ | Just Energy Group Inc. | 745,325 | 5,923 |
Canadian Apartment Properties REIT | 307,000 | 5,890 | |
AuRico Gold Inc. | 1,413,753 | 5,882 |
11
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Allied Properties REIT | 188,400 | 5,880 |
North West Co. Inc. | 264,021 | 5,839 | |
* | Capstone Mining Corp. | 2,197,700 | 5,795 |
* | ATS Automation Tooling Systems Inc. | 446,500 | 5,785 |
SEMAFO Inc. | 1,538,870 | 5,756 | |
^ | AGF Management Ltd. Class B | 483,219 | 5,383 |
Aecon Group Inc. | 319,100 | 5,360 | |
^ | Hudson's Bay Co. | 337,100 | 5,330 |
Innergex Renewable Energy Inc. | 537,159 | 5,195 | |
Transcontinental Inc. Class A | 353,331 | 5,148 | |
Dorel Industries Inc. Class B | 143,270 | 5,134 | |
Artis REIT | 352,200 | 5,132 | |
Granite REIT | 129,546 | 4,990 | |
*,^ | NovaGold Resources Inc. | 1,361,997 | 4,797 |
Canaccord Genuity Group Inc. | 551,147 | 4,762 | |
^ | First National Financial Corp. | 217,720 | 4,730 |
* | Avigilon Corp. | 199,200 | 4,691 |
^ | Chartwell Retirement Residences | 489,167 | 4,655 |
Centerra Gold Inc. | 903,816 | 4,634 | |
*,^ | Silver Standard Resources Inc. | 464,656 | 4,600 |
* | Torex Gold Resources Inc. | 4,131,949 | 4,599 |
^ | Canexus Corp. | 1,044,378 | 4,593 |
* | BlackPearl Resources Inc. | 1,563,100 | 4,392 |
Cott Corp. | 534,534 | 4,340 | |
*,^ | OceanaGold Corp. | 1,699,300 | 4,310 |
Savanna Energy Services Corp. | 516,400 | 4,188 | |
*,^ | Westport Innovations Inc. | 312,153 | 4,093 |
Nevsun Resources Ltd. | 1,123,490 | 4,069 | |
Martinrea International Inc. | 392,900 | 3,957 | |
* | Great Canadian Gaming Corp. | 271,700 | 3,756 |
* | Dream Unlimited Corp. | 271,081 | 3,705 |
Norbord Inc. | 150,600 | 3,689 | |
* | Imperial Metals Corp. | 289,175 | 3,680 |
Major Drilling Group International Inc. | 450,984 | 3,547 | |
*,^ | China Gold International Resources Corp. Ltd. | 1,352,690 | 3,480 |
*,^ | Dundee Corp. Class A | 237,581 | 3,468 |
Cogeco Cable Inc. | 63,090 | 3,454 | |
* | Argonaut Gold Inc. | 887,465 | 3,279 |
Alacer Gold Corp. | 1,344,561 | 3,214 | |
^ | Extendicare Inc. | 506,488 | 3,115 |
*,^ | Denison Mines Corp. | 2,171,258 | 2,971 |
*,^ | Pretium Resources Inc. | 425,945 | 2,759 |
Morguard REIT | 169,900 | 2,606 | |
*,^ | Endeavour Silver Corp. | 561,104 | 2,565 |
*,^ | Thompson Creek Metals Co. Inc. | 918,900 | 2,465 |
* | Taseko Mines Ltd. | 1,128,243 | 2,440 |
Torstar Corp. Class B | 386,880 | 2,305 | |
Northern Property REIT | 90,073 | 2,299 | |
^ | Wi-Lan Inc. | 700,230 | 2,153 |
* | Continental Gold Ltd. | 576,571 | 2,052 |
Cascades Inc. | 348,030 | 2,039 | |
^ | Sprott Inc. | 684,813 | 2,031 |
* | Dundee Precious Metals Inc. | 601,900 | 1,999 |
GMP Capital Inc. | 260,800 | 1,977 | |
^ | Atlantic Power Corp. | 659,548 | 1,968 |
^ | Silvercorp Metals Inc. | 934,651 | 1,944 |
Reitmans Canada Ltd. Class A | 300,030 | 1,820 | |
* | Gran Tierra Energy Inc. (Toronto Shares) | 192,000 | 1,365 |
^ | InnVest REIT | 272,700 | 1,319 |
Bombardier Inc. Class A | 272,943 | 1,101 | |
*,^ | Westport Innovations Inc. | 38,000 | 499 |
* | Torex Gold Resources Inc Warrants | 175,472 | 9 |
* | Poseidon Concepts Corp. | 320,721 | 1 |
8,803,366 |
12
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Chile (0.3%) | |||
Enersis SA | 87,786,991 | 28,420 | |
Empresas COPEC SA | 2,144,188 | 28,050 | |
Latam Airlines Group SA | 1,610,324 | 24,604 | |
SACI Falabella | 2,732,924 | 23,317 | |
Cencosud SA | 6,371,465 | 21,176 | |
Empresa Nacional de Electricidad SA | 14,179,338 | 20,976 | |
Banco de Chile | 143,279,377 | 18,532 | |
Banco Santander Chile | 262,092,420 | 15,848 | |
Empresas CMPC SA | 6,061,107 | 13,622 | |
Banco de Credito e Inversiones | 242,270 | 13,455 | |
Sociedad Quimica y Minera de Chile SA Prior Pfd. Class B | 359,648 | 11,498 | |
Corpbanca SA | 915,722,244 | 10,750 | |
Aguas Andinas SA Class A | 16,707,673 | 10,343 | |
Colbun SA | 40,408,540 | 10,025 | |
Cia Cervecerias Unidas SA | 838,784 | 9,882 | |
Sociedad Matriz Banco de Chile Class B | 26,010,637 | 7,991 | |
Enersis SA ADR | 487,805 | 7,854 | |
AES Gener SA | 14,219,449 | 7,788 | |
ENTEL Chile SA | 621,859 | 7,634 | |
Empresa Nacional de Electricidad SA ADR | 166,823 | 7,352 | |
Vina Concha y Toro SA | 3,158,937 | 6,691 | |
CAP SA | 420,173 | 6,288 | |
Sonda SA | 2,696,843 | 6,241 | |
Banco Santander Chile ADR | 229,722 | 5,575 | |
Embotelladora Andina SA Prior Pfd. | 1,350,230 | 5,439 | |
Parque Arauco SA | 2,920,805 | 5,228 | |
Sociedad Quimica y Minera de Chile SA ADR | 163,179 | 5,205 | |
Inversiones Aguas Metropolitanas SA | 2,454,635 | 4,063 | |
E.CL SA | 3,008,536 | 3,818 | |
Ripley Corp. SA | 5,199,164 | 3,382 | |
Latam Airlines Group SA | 217,064 | 3,139 | |
Administradora de Fondos de Pensiones Habitat SA | 1,825,031 | 2,539 | |
CFR Pharmaceuticals SA | 12,211,176 | 2,489 | |
Inversiones La Construccion SA | 186,842 | 2,458 | |
Sociedad Matriz SAAM SA | 29,575,409 | 2,391 | |
Sigdo Koppers SA | 1,468,968 | 2,389 | |
* | Cia Sud Americana de Vapores SA | 43,542,122 | 2,074 |
* | Forus SA | 488,457 | 2,060 |
Salfacorp SA | 2,372,072 | 2,039 | |
Besalco SA | 2,187,490 | 1,905 | |
* | Coca-Cola Embonor SA Preference Shares Class B | 910,133 | 1,677 |
Latam Airlines Group SA ADR | 73,423 | 1,126 | |
Masisa SA | 2,734,922 | 136 | |
377,469 | |||
China (3.4%) | |||
Tencent Holdings Ltd. | 5,246,715 | 330,333 | |
China Construction Bank Corp. | 412,134,340 | 285,351 | |
China Mobile Ltd. | 29,742,500 | 283,103 | |
Industrial & Commercial Bank of China Ltd. | 411,335,760 | 245,781 | |
Bank of China Ltd. | 429,727,306 | 189,337 | |
CNOOC Ltd. | 91,889,000 | 151,879 | |
PetroChina Co. Ltd. | 120,562,000 | 139,101 | |
China Petroleum & Chemical Corp. | 145,788,400 | 129,425 | |
China Life Insurance Co. Ltd. | 42,450,000 | 110,436 | |
Ping An Insurance Group Co. of China Ltd. | 10,901,200 | 80,910 | |
China Overseas Land & Investment Ltd. | 23,287,680 | 57,327 | |
Agricultural Bank of China Ltd. | 131,636,756 | 55,390 | |
China Shenhua Energy Co. Ltd. | 19,405,500 | 52,700 | |
China Telecom Corp. Ltd. | 92,206,000 | 47,172 | |
China Merchants Bank Co. Ltd. | 26,213,622 | 46,969 | |
Hengan International Group Co. Ltd. | 4,171,500 | 43,976 | |
China Pacific Insurance Group Co. Ltd. | 12,647,638 | 39,766 | |
Lenovo Group Ltd. | 34,530,000 | 39,349 |
13
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
China Unicom Hong Kong Ltd. | 25,655,694 | 39,331 | |
Belle International Holdings Ltd. | 29,725,000 | 30,909 | |
ENN Energy Holdings Ltd. | 4,204,000 | 29,404 | |
China Minsheng Banking Corp. Ltd. | 28,993,432 | 29,252 | |
Bank of Communications Co. Ltd. | 45,734,150 | 28,487 | |
China Resources Power Holdings Co. Ltd. | 10,867,600 | 27,314 | |
Great Wall Motor Co. Ltd. | 5,865,000 | 26,682 | |
China CITIC Bank Corp. Ltd. | 43,369,446 | 25,907 | |
Beijing Enterprises Holdings Ltd. | 2,956,500 | 25,747 | |
^ | Anhui Conch Cement Co. Ltd. | 6,820,500 | 25,466 |
Kunlun Energy Co. Ltd. | 16,072,300 | 25,113 | |
China Oilfield Services Ltd. | 10,312,000 | 24,722 | |
Brilliance China Automotive Holdings Ltd. | 15,538,000 | 24,013 | |
PICC Property & Casualty Co. Ltd. | 17,009,344 | 22,484 | |
Dongfeng Motor Group Co. Ltd. | 16,678,000 | 22,296 | |
China Resources Land Ltd. | 10,596,000 | 21,869 | |
China Merchants Holdings International Co. Ltd. | 6,520,000 | 20,459 | |
China Longyuan Power Group Corp. | 19,161,000 | 19,736 | |
China Resources Enterprise Ltd. | 6,790,000 | 19,335 | |
China Everbright International Ltd. | 15,017,000 | 18,840 | |
*,^ | Byd Co. Ltd. | 3,380,500 | 18,293 |
* | GCL-Poly Energy Holdings Ltd. | 59,897,000 | 17,991 |
Huaneng Power International Inc. | 17,418,000 | 17,050 | |
China Communications Construction Co. Ltd. | 25,221,000 | 16,547 | |
Tsingtao Brewery Co. Ltd. | 2,164,000 | 15,801 | |
CSPC Pharmaceutical Group Ltd. | 18,794,000 | 15,659 | |
China National Building Material Co. Ltd. | 16,488,000 | 15,641 | |
^ | CITIC Pacific Ltd. | 8,868,000 | 15,575 |
Beijing Enterprises Water Group Ltd. | 23,710,000 | 15,069 | |
^ | Evergrande Real Estate Group Ltd. | 33,475,883 | 14,997 |
China State Construction International Holdings Ltd. | 8,853,442 | 14,809 | |
Shimao Property Holdings Ltd. | 7,440,500 | 14,754 | |
Sinopharm Group Co. Ltd. | 5,506,000 | 14,539 | |
China Gas Holdings Ltd. | 8,748,000 | 14,240 | |
Guangdong Investment Ltd. | 12,756,000 | 13,868 | |
^ | Kingsoft Corp. Ltd. | 4,200,000 | 13,017 |
China Resources Gas Group Ltd. | 4,311,000 | 12,788 | |
Guangzhou Automobile Group Co. Ltd. | 12,601,883 | 12,738 | |
^ | China Coal Energy Co. Ltd. | 23,449,000 | 12,705 |
Jiangxi Copper Co. Ltd. | 7,611,000 | 12,591 | |
China Vanke Co. Ltd. Class B | 7,514,074 | 12,566 | |
Sino Biopharmaceutical Ltd. | 15,932,000 | 12,503 | |
COSCO Pacific Ltd. | 9,214,000 | 12,367 | |
GOME Electrical Appliances Holding Ltd. | 64,837,612 | 12,241 | |
* | New China Life Insurance Co. Ltd. | 4,063,017 | 11,987 |
Sihuan Pharmaceutical Holdings Group Ltd. | 10,264,000 | 11,345 | |
Haitong Securities Co. Ltd. | 7,766,000 | 10,892 | |
Shenzhou International Group Holdings Ltd. | 3,156,000 | 10,889 | |
Sino-Ocean Land Holdings Ltd. | 20,200,000 | 10,705 | |
Haier Electronics Group Co. Ltd. | 4,275,000 | 10,516 | |
CITIC Securities Co. Ltd. | 5,184,500 | 10,420 | |
Shandong Weigao Group Medical Polymer Co. Ltd. | 10,060,000 | 10,193 | |
Country Garden Holdings Co. Ltd. | 24,923,284 | 9,993 | |
Longfor Properties Co. Ltd. | 7,702,500 | 9,967 | |
Weichai Power Co. Ltd. | 2,771,560 | 9,683 | |
China Railway Group Ltd. | 21,615,000 | 9,681 | |
Fosun International Ltd. | 7,701,500 | 9,337 | |
*,^ | China Cinda Asset Management Co. Ltd. | 18,138,000 | 9,147 |
*,^ | China Huishan Dairy Holdings Co. Ltd. | 40,039,368 | 9,117 |
Geely Automobile Holdings Ltd. | 25,480,000 | 8,858 | |
China Railway Construction Corp. Ltd. | 10,564,800 | 8,767 | |
Chongqing Changan Automobile Co. Ltd. Class B | 4,844,813 | 8,749 | |
Zhuzhou CSR Times Electric Co. Ltd. | 2,840,000 | 8,352 | |
^ | Yanzhou Coal Mining Co. Ltd. | 11,115,886 | 8,342 |
14
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 6,621,294 | 8,329 | |
2 | People's Insurance Co. Group of China Ltd. | 21,640,000 | 8,313 |
*,^ | Hanergy Solar Group Ltd. | 57,718,000 | 8,285 |
^ | Zijin Mining Group Co. Ltd. | 33,909,000 | 8,284 |
Shanghai Industrial Holdings Ltd. | 2,655,000 | 8,240 | |
*,^ | Aluminum Corp. of China Ltd. | 22,409,936 | 8,035 |
SOHO China Ltd. | 9,970,000 | 7,944 | |
Jiangsu Expressway Co. Ltd. | 6,940,000 | 7,819 | |
CSR Corp. Ltd. | 10,633,000 | 7,782 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd. | 2,287,500 | 7,763 | |
China Resources Cement Holdings Ltd. | 11,077,845 | 7,712 | |
ANTA Sports Products Ltd. | 5,106,000 | 7,485 | |
China Communications Services Corp. Ltd. | 14,583,600 | 7,401 | |
* | Shunfeng Photovoltaic International Ltd. | 5,720,000 | 7,388 |
* | China Taiping Insurance Holdings Co. Ltd. | 4,638,200 | 7,383 |
*,^ | ZTE Corp. | 3,575,382 | 7,317 |
Kingboard Chemical Holdings Ltd. | 3,809,400 | 7,280 | |
Guangzhou R&F Properties Co. Ltd. | 5,521,200 | 7,233 | |
Haitian International Holdings Ltd. | 3,575,000 | 7,202 | |
Zhejiang Expressway Co. Ltd. | 8,278,000 | 7,163 | |
Chongqing Rural Commercial Bank | 15,951,000 | 7,015 | |
2 | Sinopec Engineering Group Co. Ltd. | 6,197,000 | 6,936 |
AviChina Industry & Technology Co. Ltd. | 12,672,000 | 6,782 | |
Shanghai Electric Group Co. Ltd. | 16,838,000 | 6,626 | |
Franshion Properties China Ltd. | 20,910,000 | 6,594 | |
China International Marine Containers Group Co. Ltd. | 3,265,153 | 6,452 | |
China Everbright Ltd. | 4,790,000 | 6,419 | |
Beijing Capital International Airport Co. Ltd. | 9,134,000 | 6,370 | |
Shanghai Pharmaceuticals Holding Co. Ltd. | 3,271,500 | 6,001 | |
Datang International Power Generation Co. Ltd. | 16,078,000 | 5,996 | |
Far East Horizon Ltd. | 8,823,598 | 5,983 | |
Nine Dragons Paper Holdings Ltd. | 9,018,669 | 5,946 | |
*,^ | China COSCO Holdings Co. Ltd. | 14,751,500 | 5,851 |
* | Shenzhen International Holdings Ltd. | 4,757,250 | 5,786 |
Air China Ltd. | 10,154,000 | 5,775 | |
Agile Property Holdings Ltd. | 6,972,000 | 5,672 | |
Skyworth Digital Holdings Ltd. | 11,793,000 | 5,657 | |
^ | China Medical System Holdings Ltd. | 4,771,500 | 5,654 |
China BlueChemical Ltd. | 10,384,000 | 5,574 | |
Intime Retail Group Co. Ltd. | 5,566,500 | 5,467 | |
^ | Biostime International Holdings Ltd. | 810,000 | 5,393 |
Sinotrans Ltd. | 9,745,000 | 5,391 | |
^ | Sinopec Kantons Holdings Ltd. | 5,578,000 | 5,212 |
*,^ | China Modern Dairy Holdings Ltd. | 12,068,000 | 5,180 |
^ | Tong Ren Tang Technologies Co. Ltd. | 1,790,000 | 5,169 |
Yuexiu Property Co. Ltd. | 26,552,000 | 5,154 | |
^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 7,702,222 | 5,152 |
*,^ | China Shipping Container Lines Co. Ltd. | 21,115,000 | 5,057 |
Lee & Man Paper Manufacturing Ltd. | 9,204,000 | 5,004 | |
^ | China South City Holdings Ltd. | 11,860,000 | 4,966 |
Sinopec Shanghai Petrochemical Co. Ltd. | 19,683,000 | 4,810 | |
^ | China Power International Development Ltd. | 13,223,000 | 4,761 |
China Agri-Industries Holdings Ltd. | 11,765,400 | 4,707 | |
CIMC Enric Holdings Ltd. | 3,240,000 | 4,700 | |
BBMG Corp. | 6,544,500 | 4,607 | |
^ | Sunny Optical Technology Group Co. Ltd. | 3,859,000 | 4,521 |
Sunac China Holdings Ltd. | 8,856,000 | 4,509 | |
Poly Property Group Co. Ltd. | 10,161,000 | 4,412 | |
Travelsky Technology Ltd. | 5,738,000 | 4,384 | |
Zhongsheng Group Holdings Ltd. | 3,592,000 | 4,371 | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 2,846,910 | 4,362 | |
* | Huadian Fuxin Energy Corp. Ltd. | 9,314,014 | 4,355 |
Greentown China Holdings Ltd. | 4,299,500 | 4,330 | |
Huaneng Renewables Corp. Ltd. | 13,814,000 | 4,294 |
15
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Golden Eagle Retail Group Ltd. | 3,308,000 | 4,279 | |
Digital China Holdings Ltd. | 4,577,000 | 4,239 | |
Huadian Power International Corp. Ltd. | 7,714,000 | 4,192 | |
Shenzhen Investment Ltd. | 12,622,000 | 4,125 | |
*,^ | China High Speed Transmission Equipment Group Co. Ltd. | 5,717,000 | 3,997 |
* | China Shipping Development Co. Ltd. | 7,212,000 | 3,963 |
* | Coolpad Group Ltd. | 9,018,000 | 3,915 |
*,^ | Li Ning Co. Ltd. | 5,545,249 | 3,864 |
^ | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 1,278,000 | 3,825 |
*,2 | China Galaxy Securities Co. Ltd. | 6,445,000 | 3,780 |
* | Beijing Jingneng Clean Energy Co. Ltd. | 8,640,000 | 3,724 |
*,^ | Huishang Bank Corp. Ltd. | 8,138,665 | 3,697 |
*,^ | Angang Steel Co. Ltd. | 6,070,000 | 3,694 |
China Shanshui Cement Group Ltd. | 9,462,000 | 3,660 | |
* | China Hongqiao Group Ltd. | 5,326,575 | 3,647 |
KWG Property Holding Ltd. | 6,520,500 | 3,626 | |
*,^ | China Yurun Food Group Ltd. | 7,458,413 | 3,595 |
^ | Greatview Aseptic Packaging Co. Ltd. | 5,879,000 | 3,587 |
^ | China Oil & Gas Group Ltd. | 21,300,000 | 3,525 |
*,^ | China Resources and Transportation Group Ltd. | 79,900,000 | 3,515 |
^ | China Suntien Green Energy Corp. Ltd. | 10,325,000 | 3,497 |
^ | China Singyes Solar Technologies Holdings Ltd. | 2,349,400 | 3,448 |
* | Renhe Commercial Holdings Co. Ltd. | 59,819,635 | 3,433 |
* | Hopson Development Holdings Ltd. | 3,454,000 | 3,394 |
^ | Kaisa Group Holdings Ltd. | 10,613,000 | 3,377 |
CSG Holding Co. Ltd. Class B | 4,307,548 | 3,340 | |
Yantai Changyu Pioneer Wine Co. Ltd. Class B | 1,338,881 | 3,323 | |
China Molybdenum Co. Ltd. | 7,404,000 | 3,303 | |
^ | Dah Chong Hong Holdings Ltd. | 5,091,000 | 3,240 |
Lijun International Pharmaceutical Holding Co. Ltd. | 7,888,000 | 3,235 | |
^ | Phoenix Satellite Television Holdings Ltd. | 8,930,000 | 3,196 |
^ | Tibet 5100 Water Resources Holdings Ltd. | 8,028,000 | 3,184 |
^ | Baoxin Auto Group Ltd. | 4,195,500 | 3,178 |
^ | Zhaojin Mining Industry Co. Ltd. | 5,241,500 | 3,155 |
* | Metallurgical Corp. of China Ltd. | 16,317,063 | 3,140 |
* | China Metal Recycling Holdings Ltd. | 2,568,000 | 3,123 |
*,^ | Kingdee International Software Group Co. Ltd. | 10,197,600 | 3,063 |
* | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 2,558,000 | 3,040 |
^ | Dongfang Electric Corp. Ltd. | 1,931,400 | 3,021 |
Guangshen Railway Co. Ltd. | 7,958,000 | 3,017 | |
Lao Feng Xiang Co. Ltd. Class B | 1,173,375 | 2,909 | |
China Shineway Pharmaceutical Group Ltd. | 1,650,000 | 2,895 | |
* | Hua Han Bio-Pharmaceutical Holdings Ltd. | 13,848,000 | 2,893 |
*,^ | Hunan Nonferrous Metal Corp. Ltd. | 9,963,272 | 2,892 |
China Dongxiang Group Co. | 16,083,000 | 2,852 | |
Wumart Stores Inc. | 2,897,000 | 2,849 | |
China Southern Airlines Co. Ltd. | 9,536,000 | 2,848 | |
* | BYD Electronic International Co. Ltd. | 4,596,000 | 2,839 |
* | China ZhengTong Auto Services Holdings Ltd. | 4,978,500 | 2,720 |
*,^ | China Lesso Group Holdings Ltd. | 5,095,000 | 2,714 |
Weifu High-Technology Group Co. Ltd. Class B | 830,374 | 2,713 | |
*,^ | Sinopec Yizheng Chemical Fibre Co. Ltd. | 11,979,000 | 2,666 |
^ | Xinjiang Goldwind Science & Technology Co. Ltd. | 2,425,200 | 2,638 |
* | China Eastern Airlines Corp. Ltd. | 8,490,000 | 2,624 |
^ | China Overseas Grand Oceans Group Ltd. | 4,389,500 | 2,612 |
^ | Ajisen China Holdings Ltd. | 2,973,000 | 2,510 |
* | China Zhongwang Holdings Ltd. | 7,727,095 | 2,415 |
Bosideng International Holdings Ltd. | 15,966,000 | 2,356 | |
* | North Mining Shares Co. Ltd. | 50,030,000 | 2,326 |
^ | NetDragon Websoft Inc. | 1,358,508 | 2,326 |
Yashili International Holdings Ltd. | 4,748,000 | 2,316 | |
* | Tech Pro Technology Development Ltd. | 4,568,000 | 2,270 |
Sinotrans Shipping Ltd. | 7,838,000 | 2,268 | |
^ | Shenguan Holdings Group Ltd. | 5,282,000 | 2,262 |
16
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Dongyue Group Ltd. | 5,584,000 | 2,241 |
Luthai Textile Co. Ltd. Class B | 1,576,500 | 2,230 | |
Kingboard Laminates Holdings Ltd. | 5,720,500 | 2,220 | |
* | Bloomage Biotechnology Corp. Ltd. | 812,500 | 2,192 |
Guangdong Electric Power Development Co. Ltd. Class B | 3,799,300 | 2,192 | |
^ | China Lumena New Materials Corp. | 13,488,000 | 2,175 |
*,^ | MMG Ltd. | 9,308,000 | 2,167 |
* | Hi Sun Technology China Ltd. | 10,032,000 | 2,155 |
Harbin Electric Co. Ltd. | 3,674,000 | 2,155 | |
* | Glorious Property Holdings Ltd. | 14,985,000 | 2,148 |
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 1,214,709 | 2,121 | |
^ | Fufeng Group Ltd. | 5,515,600 | 2,102 |
* | Maanshan Iron & Steel | 9,762,000 | 2,046 |
^ | Hengdeli Holdings Ltd. | 10,621,600 | 2,043 |
*,^ | Lonking Holdings Ltd. | 10,972,000 | 2,032 |
* | China Traditional Chinese Medicine Co. Ltd. | 4,788,000 | 2,026 |
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 1,193,613 | 2,018 | |
Xingda International Holdings Ltd. | 4,559,000 | 2,012 | |
* | CITIC Resources Holdings Ltd. | 13,882,600 | 2,009 |
*,^ | China Precious Metal Resources Holdings Co. Ltd. | 19,922,000 | 2,007 |
Yuexiu Transport Infrastructure Ltd. | 3,840,000 | 1,966 | |
Beijing Capital Land Ltd. | 5,814,000 | 1,958 | |
^ | Anxin-China Holdings Ltd. | 12,420,000 | 1,957 |
Wasion Group Holdings Ltd. | 2,718,000 | 1,950 | |
XTEP International Holdings | 4,837,000 | 1,943 | |
Guangzhou Shipyard International Co. Ltd. | 1,091,800 | 1,935 | |
*,^ | Chinasoft International Ltd. | 6,692,000 | 1,935 |
^ | Daphne International Holdings Ltd. | 4,816,000 | 1,934 |
^ | Hilong Holding Ltd. | 3,676,000 | 1,921 |
Dazhong Transportation Group Co. Ltd. Class B | 2,981,500 | 1,905 | |
Hubei Sanonda Co. Ltd. Class B | 1,695,900 | 1,905 | |
* | China Power New Energy Development Co. Ltd. | 35,820,000 | 1,901 |
* | BOE Technology Group Co. Ltd. Class B | 7,714,708 | 1,899 |
Sinotruk Hong Kong Ltd. | 3,556,500 | 1,888 | |
CIFI Holdings Group Co. Ltd. | 9,928,000 | 1,886 | |
* | China Huiyuan Juice Group Ltd. | 2,866,000 | 1,881 |
* | Livzon Pharmaceutical Group Inc. | 329,111 | 1,868 |
^ | China Water Affairs Group Ltd. | 5,538,000 | 1,867 |
Shenzhen Expressway Co. Ltd. | 4,082,000 | 1,863 | |
*,^ | Tianjin Development Hldgs Ltd. | 2,282,000 | 1,856 |
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 2,236,376 | 1,855 | |
* | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 4,766,667 | 1,845 |
NVC Lighting Holding Ltd. | 7,375,000 | 1,842 | |
^ | China Datang Corp. Renewable Power Co. Ltd. | 13,787,000 | 1,838 |
* | China Machinery Engineering Corp. | 2,772,000 | 1,836 |
Jiangsu Future Land Co. Ltd. Class B | 3,691,800 | 1,826 | |
China Merchants Property Development Co. Ltd. Class B | 805,009 | 1,796 | |
Jiangling Motors Corp. Ltd. Class B | 480,843 | 1,793 | |
Hangzhou Steam Turbine Co. Class B | 1,704,436 | 1,788 | |
CPMC Holdings Ltd. | 2,218,000 | 1,761 | |
Changshouhua Food Co. Ltd. | 1,722,000 | 1,747 | |
Tianneng Power International Ltd. | 5,008,000 | 1,743 | |
^ | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 6,812,000 | 1,658 |
*,^ | VODone Ltd. | 18,618,000 | 1,640 |
Anhui Expressway Co. Ltd. | 2,960,000 | 1,613 | |
Shenzhen Chiwan Petroleum Class B | 756,136 | 1,572 | |
^ | Lianhua Supermarket Holdings Co. Ltd. | 2,752,000 | 1,526 |
Sichuan Expressway Co. Ltd. | 5,066,000 | 1,518 | |
^ | Fantasia Holdings Group Co. Ltd. | 11,352,000 | 1,514 |
Welling Holding Ltd. | 4,793,200 | 1,504 | |
Chaowei Power Holdings Ltd. | 2,906,000 | 1,497 | |
^ | Vinda International Holdings Ltd. | 1,005,000 | 1,472 |
Anhui Gujing Distillery Co. Ltd. Class B | 680,227 | 1,444 | |
*,^ | China Tian Lun Gas Holdings Ltd. | 1,564,500 | 1,443 |
17
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cosco International Holdings Ltd. | 3,460,000 | 1,443 | |
^ | First Tractor Co. Ltd. | 2,456,000 | 1,441 |
^ | China SCE Property Holdings Ltd. | 6,643,000 | 1,441 |
*,^ | China WindPower Group Ltd. | 21,660,000 | 1,434 |
*,^ | China Foods Ltd. | 4,202,000 | 1,422 |
Weiqiao Textile Co. | 2,549,500 | 1,421 | |
Shanghai Diesel Engine Co. Ltd. Class B | 2,079,060 | 1,416 | |
* | Shanghai Industrial Urban Development Group Ltd. | 7,384,000 | 1,412 |
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 1,391,225 | 1,408 | |
Tianjin Port Development Holdings Ltd. | 8,986,000 | 1,406 | |
China National Accord Medicines Corp. Ltd. Class B | 315,600 | 1,397 | |
^ | West China Cement Ltd. | 12,688,000 | 1,379 |
Shandong Chenming Paper Holdings Ltd. Class B | 2,732,722 | 1,347 | |
Peak Sport Products Co. Ltd. | 4,780,000 | 1,341 | |
*,^ | Wisdom Holdings Group | 2,668,000 | 1,336 |
C C Land Holdings Ltd. | 6,953,000 | 1,323 | |
Sinofert Holdings Ltd. | 10,648,000 | 1,322 | |
*,^ | Mingfa Group International Co. Ltd. | 5,155,000 | 1,291 |
China Lilang Ltd. | 1,988,000 | 1,284 | |
Yuanda China Holdings Ltd. | 13,904,000 | 1,276 | |
China National Materials Co. Ltd. | 6,514,000 | 1,263 | |
Shanghai Friendship Group Inc. Co. Class B | 934,500 | 1,258 | |
Foshan Electrical and Lighting Co. Ltd. Class B | 1,355,859 | 1,235 | |
Shanghai Baosight Software Co. Ltd. Class B | 674,370 | 1,225 | |
^ | MIE Holdings Corp. | 6,354,000 | 1,197 |
^ | Tiangong International Co. Ltd. | 6,836,000 | 1,190 |
*,^ | Shougang Concord International Enterprises Co. Ltd. | 25,202,000 | 1,174 |
Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 832,222 | 1,166 | |
^ | Texhong Textile Group Ltd. | 1,573,500 | 1,162 |
Huangshan Tourism Development Co. Ltd. Class B | 913,400 | 1,153 | |
* | Shanghai Haixin Group Co. Class B | 2,339,894 | 1,138 |
Qingling Motors Co. Ltd. | 3,686,000 | 1,132 | |
Powerlong Real Estate Holdings Ltd. | 7,438,000 | 1,124 | |
Huaxin Cement Co. Ltd. Class B | 730,769 | 1,114 | |
Dalian Port PDA Co. Ltd. | 4,574,000 | 1,081 | |
*,^ | Comba Telecom Systems Holdings Ltd. | 4,204,699 | 1,076 |
Sany Heavy Equipment International Holdings Co. Ltd. | 4,602,000 | 1,069 | |
* | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 2,261,300 | 1,032 |
Tianjin Capital Environmental Protection Group Co. Ltd. | 1,934,000 | 1,027 | |
Shenzhen Chiwan Wharf Holdings Ltd. Class B | 692,211 | 1,012 | |
* | Great Wall Technology Co. Ltd. | 2,602,000 | 1,010 |
* | Interchina Holdings Co. | 22,310,000 | 994 |
^ | 361 Degrees International Ltd. | 4,157,000 | 955 |
^ | Maoye International Holdings Ltd. | 6,358,000 | 912 |
Double Coin Holdings Ltd. Class B | 1,288,000 | 904 | |
* | Sinolink Worldwide Holdings Ltd. | 11,376,000 | 898 |
Eastern Communications Co. Ltd. Class B | 1,682,600 | 867 | |
^ | Real Nutriceutical Group Ltd. | 3,993,000 | 850 |
Beijing North Star Co. Ltd. | 3,610,000 | 843 | |
Shandong Chenming Paper Holdings Ltd. | 1,886,000 | 834 | |
Shanghai Highly Group Co. Ltd. Class B | 1,520,400 | 829 | |
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 905,020 | 826 | |
* | TCL Multimedia Technology Holdings Ltd. | 2,424,000 | 819 |
*,^ | Xinjiang Xinxin Mining Industry Co. Ltd. | 4,490,000 | 815 |
O-Net Communications Group Ltd. | 3,123,000 | 813 | |
* | INESA Electron Co. Ltd. Class B | 1,567,273 | 787 |
* | SGSB Group Co. Ltd. Class B | 1,403,896 | 776 |
Chongqing Machinery & Electric Co. Ltd. | 5,938,000 | 768 | |
Shanghai Shibei Hi-Tech Co. Ltd. Class B | 1,316,000 | 762 | |
*,^ | China Rare Earth Holdings Ltd. | 5,904,000 | 754 |
Hainan Meilan International Airport Co. Ltd. | 794,000 | 754 | |
^ | China ITS Holdings Co. Ltd. | 3,856,000 | 738 |
* | Chengde Nanjiang Co. Ltd. Class B | 2,103,175 | 732 |
Xiamen International Port Co. Ltd. | 4,888,000 | 727 |
18
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
China Automation Group Ltd. | 4,037,000 | 719 | |
China Fangda Group Co. Ltd. Class B | 1,508,790 | 697 | |
*,^ | HKC Holdings Ltd. | 25,220,000 | 684 |
*,^ | Hidili Industry International Development Ltd. | 5,777,000 | 682 |
Minmetals Land Ltd. | 6,046,000 | 680 | |
* | Huadian Energy Co. Ltd. Class B | 2,296,234 | 666 |
*,^ | Sparkle Roll Group Ltd. | 9,480,000 | 648 |
Shanghai Yaohua Pilkington Glass Group Co. Ltd. | 1,022,400 | 643 | |
Bengang Steel Plates Co. Class B | 2,094,172 | 630 | |
*,^ | Boshiwa International Holding Ltd. | 2,777,000 | 602 |
* | Kama Co. Ltd. Class B | 1,369,600 | 598 |
* | China Vanadium Titano - Magnetite Mining Co. Ltd. | 4,859,000 | 596 |
* | Jinshan Development & Construction Co. Ltd. Class B | 983,900 | 584 |
Guangdong Provincial Expressway Development Co. Ltd. Class B | 1,832,400 | 574 | |
Hefei Meiling Co. Ltd. Class B | 909,600 | 573 | |
* | Jinchuan Group International Resources Co. Ltd. | 4,820,000 | 557 |
* | Shanghai Potevio Co. Ltd. Class B | 739,700 | 535 |
* | Shanghai Dajiang Food Group Co. Ltd. Class B | 1,455,101 | 521 |
* | China Textile Machinery Class B | 642,400 | 520 |
Changchai Co. Ltd. Class B | 835,700 | 518 | |
* | SRE Group Ltd. | 17,190,000 | 493 |
Dalian Refrigeration Co. Ltd. Class B | 514,500 | 439 | |
*,^ | Winsway Coking Coal Holdings Ltd. | 9,221,000 | 418 |
*,^ | Global Bio-Chem Technology Group Co. Ltd. | 12,162,000 | 417 |
* | Chigo Holding Ltd. | 18,142,000 | 413 |
Foshan Huaxin Packaging Co. Ltd. Class B | 840,392 | 407 | |
Jinzhou Port Co. Ltd. Class B | 964,354 | 375 | |
Fiyta Holdings Ltd. Class B | 472,720 | 366 | |
* | Chongqing Iron & Steel Co. Ltd. | 2,554,000 | 366 |
* | Shenzhen International Enterprise Class B | 298,100 | 363 |
* | Daqing Dairy Holdings Ltd. | 1,578,000 | 342 |
* | Titan Petrochemicals Group Ltd. | 10,180,000 | 323 |
* | Shanghai Automation Instrumentation Co. Ltd. Class B | 464,100 | 305 |
Chen Hsong Holdings | 980,000 | 295 | |
* | Shenzhen Nanshan Power Co. Ltd. Class B | 873,563 | 293 |
Lingbao Gold Co. Ltd. | 1,454,000 | 258 | |
*,^ | Dynasty Fine Wines Group Ltd. | 1,342,000 | 249 |
* | China Tontine Wines Group Ltd. | 4,972,000 | 215 |
*,^ | Ausnutria Dairy Corp. Ltd. | 1,045,000 | 197 |
* | Real Gold Mining Ltd. | 1,345,000 | 145 |
* | Trony Solar Holdings Co. Ltd. | 1,562,000 | 127 |
*,^ | Fosun International Ltd Rights Expire 05/13/2014 | 600,717 | 3 |
4,186,495 | |||
Colombia (0.2%) | |||
Bancolombia SA ADR | 645,192 | 36,731 | |
^ | Ecopetrol SA ADR | 726,483 | 27,236 |
Grupo de Inversiones Suramericana SA | 1,341,025 | 26,162 | |
Ecopetrol SA | 13,629,854 | 25,372 | |
Almacenes Exito SA | 1,274,206 | 19,410 | |
Cementos Argos SA | 2,248,208 | 12,538 | |
Corp Financiera Colombiana SA | 564,902 | 10,921 | |
Grupo de Inversiones Suramericana SA Prior Pfd. | 532,260 | 10,499 | |
Interconexion Electrica SA ESP | 1,906,249 | 8,938 | |
* | Cemex Latam Holdings SA | 944,092 | 8,717 |
Banco Davivienda SA Prior Pfd. | 569,351 | 8,108 | |
Isagen SA ESP | 4,725,385 | 7,723 | |
Grupo Argos SA Prior Pfd. | 674,717 | 7,435 | |
Grupo Aval Acciones y Valores Prior Pfd. | 9,927,280 | 6,715 | |
216,505 | |||
Czech Republic (0.1%) | |||
^ | CEZ AS | 917,544 | 27,614 |
Komercni Banka AS | 86,688 | 19,988 | |
Telefonica Czech Republic AS | 557,773 | 8,456 |
19
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Philip Morris CR AS | 2,446 | 1,291 | |
57,349 | |||
Denmark (1.1%) | |||
Novo Nordisk A/S Class B | 11,131,330 | 505,207 | |
Danske Bank A/S | 4,492,108 | 127,096 | |
AP Moeller - Maersk A/S Class B | 38,305 | 91,444 | |
Novozymes A/S | 1,331,125 | 63,821 | |
Carlsberg A/S Class B | 602,878 | 60,307 | |
* | Vestas Wind Systems A/S | 1,264,593 | 56,162 |
Coloplast A/S Class B | 571,221 | 47,979 | |
Pandora A/S | 646,891 | 43,607 | |
TDC A/S | 4,557,127 | 42,796 | |
AP Moeller - Maersk A/S Class A | 18,590 | 42,234 | |
DSV A/S | 992,592 | 33,152 | |
GN Store Nord A/S | 989,952 | 23,916 | |
Chr Hansen Holding A/S | 501,278 | 22,600 | |
* | Jyske Bank A/S | 400,243 | 22,005 |
FLSmidth & Co. A/S | 294,188 | 15,750 | |
* | Topdanmark A/S | 518,420 | 15,169 |
Tryg A/S | 134,640 | 12,787 | |
* | William Demant Holding A/S | 128,268 | 11,494 |
* | Sydbank A/S | 409,652 | 10,926 |
H Lundbeck A/S | 332,679 | 9,696 | |
* | Genmab A/S | 253,753 | 9,453 |
NKT Holding A/S | 129,600 | 8,177 | |
SimCorp A/S | 204,210 | 7,840 | |
Rockwool International A/S Class B | 38,758 | 7,476 | |
* | Royal UNIBREW | 46,810 | 7,287 |
*,^ | Matas A/S | 199,111 | 5,461 |
Spar Nord Bank A/S | 460,501 | 5,184 | |
^ | ALK-Abello A/S | 31,982 | 4,438 |
Schouw & Co. | 68,266 | 3,811 | |
* | Auriga Industries Class B | 72,790 | 2,696 |
*,^ | Bavarian Nordic A/S | 122,631 | 2,603 |
Solar A/S Class B | 29,939 | 2,071 | |
* | Alm Brand A/S | 380,277 | 1,847 |
D/S Norden A/S | 46,033 | 1,841 | |
*,^ | Bang & Olufsen A/S | 164,490 | 1,699 |
* | Amagerbanken A/S | 537,565 | — |
1,330,032 | |||
Egypt (0.0%) | |||
* | Global Telecom Holding GDR | 2,596,259 | 9,673 |
Talaat Moustafa Group | 1,864,744 | 2,387 | |
Commercial International Bank Egypt SAE | 380,679 | 2,043 | |
* | Orascom Telecom Media And Technology Holding SAE GDR | 1,591,123 | 1,393 |
* | Egyptian Financial Group-Hermes Holding | 718,557 | 1,319 |
Telecom Egypt Co. | 431,535 | 916 | |
* | Egypt Kuwait Holding Co. SAE | 427,618 | 451 |
18,182 | |||
Finland (0.7%) | |||
* | Nokia Oyj | 21,343,198 | 159,811 |
^ | Sampo | 2,683,535 | 133,372 |
^ | Kone Oyj Class B | 2,168,231 | 92,943 |
Fortum Oyj | 2,540,688 | 57,400 | |
UPM-Kymmene Oyj | 2,995,350 | 52,461 | |
Wartsila OYJ Abp | 884,490 | 49,377 | |
Stora Enso Oyj | 3,244,270 | 33,130 | |
Metso Oyj | 754,766 | 30,379 | |
^ | Nokian Renkaat Oyj | 751,653 | 29,912 |
Elisa Oyj | 930,723 | 27,815 | |
^ | Orion Oyj Class B | 558,924 | 17,060 |
Kesko Oyj Class B | 378,245 | 15,483 | |
^ | Huhtamaki Oyj | 576,835 | 15,168 |
20
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Neste Oil Oyj | 722,075 | 14,850 |
Amer Sports Oyj | 661,710 | 13,681 | |
^ | Outotec Oyj | 1,034,418 | 11,593 |
^ | Konecranes Oyj | 355,451 | 11,473 |
Tieto Oyj | 411,797 | 11,269 | |
*,^ | Outokumpu Oyj | 35,565,440 | 10,882 |
Cargotec Oyj Class B | 227,450 | 10,168 | |
Valmet Corp. | 743,835 | 8,691 | |
Caverion Corp. | 705,232 | 7,835 | |
^ | Kemira Oyj | 502,172 | 7,676 |
^ | YIT Oyj | 712,824 | 7,332 |
Uponor Oyj | 361,628 | 7,164 | |
Sponda Oyj | 1,360,901 | 7,018 | |
* | Rautaruukki Oyj | 448,135 | 5,583 |
Metsa Board Oyj | 1,117,570 | 5,231 | |
Citycon Oyj | 1,297,360 | 4,868 | |
Raisio plc | 739,461 | 4,837 | |
Ramirent Oyj | 360,003 | 4,035 | |
^ | Sanoma Oyj | 473,824 | 3,191 |
Lassila & Tikanoja Oyj | 158,811 | 3,092 | |
Cramo Oyj | 137,164 | 3,065 | |
^ | Stockmann OYJ Abp Class B | 159,201 | 2,261 |
* | Oriola-KD Oyj | 565,244 | 1,874 |
* | Finnair Oyj | 350,789 | 1,464 |
F-Secure Oyj | 388,660 | 1,312 | |
HKScan Oyj | 145,829 | 774 | |
885,530 | |||
France (6.6%) | |||
Total SA | 11,607,595 | 830,466 | |
Sanofi | 6,540,195 | 705,826 | |
BNP Paribas SA | 5,580,466 | 419,346 | |
Schneider Electric SA | 3,119,333 | 292,819 | |
^ | AXA SA | 10,842,445 | 282,948 |
LVMH Moet Hennessy Louis Vuitton SA | 1,415,499 | 278,849 | |
Air Liquide SA | 1,778,558 | 254,457 | |
Societe Generale SA | 4,079,197 | 254,044 | |
^ | L'Oreal SA | 1,335,379 | 230,149 |
Danone | 3,092,439 | 228,346 | |
Airbus Group NV | 3,166,721 | 217,683 | |
^ | Vinci SA | 2,681,899 | 202,503 |
Vivendi SA | 7,256,167 | 194,952 | |
^ | GDF Suez | 7,446,156 | 187,671 |
Orange SA | 10,283,790 | 166,613 | |
Cie de St-Gobain | 2,255,999 | 138,217 | |
Pernod Ricard SA | 1,121,192 | 134,554 | |
Cie Generale des Etablissements Michelin | 1,068,905 | 131,082 | |
Carrefour SA | 3,321,669 | 129,484 | |
Essilor International SA | 1,124,051 | 120,373 | |
Safran SA | 1,500,703 | 101,002 | |
Legrand SA | 1,495,396 | 96,628 | |
Lafarge SA | 1,043,614 | 95,491 | |
Kering | 420,727 | 93,054 | |
Renault SA | 949,425 | 92,826 | |
* | Credit Agricole SA | 5,701,551 | 89,963 |
Publicis Groupe SA | 913,757 | 78,172 | |
^ | Technip SA | 606,781 | 68,299 |
SES SA | 1,696,926 | 63,934 | |
* | Alcatel-Lucent | 15,641,277 | 62,030 |
Christian Dior SA | 296,522 | 61,012 | |
Cap Gemini SA | 838,678 | 59,256 | |
Valeo SA | 431,240 | 59,223 | |
Electricite de France | 1,488,196 | 57,149 | |
Sodexo | 516,799 | 55,719 | |
Alstom SA | 1,230,862 | 50,865 |
21
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Accor SA | 987,848 | 48,365 | |
*,^ | Bouygues SA | 1,020,063 | 45,945 |
Veolia Environnement SA | 2,405,366 | 44,875 | |
Dassault Systemes | 357,422 | 43,984 | |
* | Casino Guichard Perrachon SA | 327,840 | 41,775 |
Vallourec SA | 668,464 | 39,504 | |
Edenred | 1,138,080 | 38,466 | |
Bureau Veritas SA | 1,250,783 | 38,330 | |
Natixis | 5,285,681 | 37,522 | |
Arkema SA | 335,604 | 37,485 | |
Rexel SA | 1,473,907 | 37,212 | |
AtoS | 430,206 | 37,167 | |
Thales SA | 565,881 | 36,033 | |
Zodiac Aerospace | 1,081,164 | 35,947 | |
Groupe Eurotunnel SA | 2,624,016 | 35,227 | |
Iliad SA | 130,203 | 35,102 | |
STMicroelectronics NV | 3,612,623 | 34,451 | |
* | SCOR SE | 799,285 | 29,248 |
Suez Environnement Co. | 1,448,832 | 28,469 | |
Aeroports de Paris | 225,464 | 28,038 | |
^ | Lagardere SCA | 643,662 | 26,977 |
Wendel SA | 176,119 | 26,549 | |
Klepierre | 558,892 | 25,643 | |
Eutelsat Communications SA | 720,501 | 24,785 | |
*,^ | Peugeot SA | 1,390,553 | 24,603 |
* | CNP Assurances | 939,276 | 21,669 |
^ | Ingenico | 246,597 | 21,519 |
Societe BIC SA | 153,551 | 20,372 | |
Bollore SA | 30,888 | 19,687 | |
* | Fonciere Des Regions | 191,485 | 19,450 |
* | ICADE | 185,050 | 18,881 |
Eurazeo SA | 217,550 | 18,339 | |
Teleperformance | 319,282 | 18,312 | |
* | Eiffage SA | 224,461 | 16,968 |
* | CGG SA | 971,277 | 16,805 |
Hermes International | 47,324 | 16,618 | |
Imerys SA | 187,826 | 16,495 | |
Orpea | 222,288 | 16,171 | |
^ | Neopost SA | 195,704 | 16,070 |
JCDecaux SA | 378,612 | 15,542 | |
* | Faurecia | 343,603 | 15,467 |
Gecina SA | 106,516 | 14,337 | |
SEB SA | 152,645 | 14,080 | |
Eurofins Scientific SE | 47,781 | 13,269 | |
* | Technicolor SA | 1,680,451 | 12,564 |
Rubis SCA | 174,265 | 12,408 | |
* | Air France-KLM | 839,627 | 12,079 |
^ | Remy Cointreau SA | 135,029 | 11,869 |
* | Plastic Omnium SA | 333,204 | 11,338 |
Havas SA | 1,414,353 | 11,257 | |
^ | Nexans SA | 184,813 | 10,405 |
^ | Societe Television Francaise 1 | 601,718 | 10,246 |
* | UBISOFT Entertainment | 526,163 | 9,819 |
Euler Hermes SA | 75,207 | 9,074 | |
BioMerieux | 80,277 | 8,769 | |
Ipsen SA | 196,957 | 8,745 | |
^ | Bourbon SA | 249,819 | 8,244 |
Etablissements Maurel et Prom | 460,465 | 8,216 | |
* | Korian-Medica | 213,039 | 7,997 |
Metropole Television SA | 371,352 | 7,959 | |
* | Vicat | 89,203 | 7,741 |
IPSOS | 191,731 | 7,447 | |
Altran Technologies SA | 667,658 | 7,279 | |
Eramet | 51,301 | 6,692 |
22
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Alten SA | 129,020 | 6,592 | |
Rallye SA | 123,284 | 6,271 | |
Nexity SA | 136,670 | 6,131 | |
Virbac SA | 25,315 | 6,069 | |
Mercialys SA | 237,983 | 5,471 | |
Saft Groupe SA | 147,640 | 5,251 | |
Sartorius Stedim Biotech | 24,631 | 4,682 | |
^ | Vilmorin & Cie SA | 31,612 | 4,173 |
* | GameLoft SE | 402,460 | 3,999 |
^ | Sopra Group SA | 34,685 | 3,993 |
Groupe Steria SCA | 140,986 | 3,971 | |
Ciments Francais SA | 36,619 | 3,938 | |
*,^ | Beneteau SA | 208,011 | 3,604 |
LISI | 21,862 | 3,546 | |
Societe d'Edition de Canal & | 365,306 | 3,215 | |
Faiveley Transport SA | 37,817 | 3,115 | |
* | Club Mediterranee SA | 118,646 | 3,093 |
ALBIOMA | 96,450 | 2,693 | |
* | Groupe Fnac | 55,909 | 2,674 |
MPI | 437,317 | 2,621 | |
Boiron SA | 30,758 | 2,595 | |
* | Bull | 457,543 | 2,428 |
* | FFP | 33,234 | 2,273 |
Mersen | 70,873 | 2,269 | |
*,^ | SOITEC | 749,333 | 2,264 |
Societe de la Tour Eiffel | 31,096 | 2,243 | |
Bonduelle S.C.A. | 76,186 | 2,210 | |
*,^ | Peugeot SA Warrants Expire 04/29/2017 | 1,081,141 | 2,068 |
April | 85,841 | 2,052 | |
* | Burelle SA | 1,899 | 2,044 |
* | Boursorama | 121,221 | 2,031 |
Derichebourg SA | 460,570 | 1,796 | |
*,^ | Solocal Group | 749,351 | 1,711 |
Assystem | 51,991 | 1,676 | |
Jacquet Metal Service | 71,349 | 1,530 | |
* | Trigano SA | 54,077 | 1,498 |
^ | GL Events | 58,065 | 1,463 |
* | Parrot SA | 47,093 | 1,440 |
Stallergenes SA | 17,993 | 1,424 | |
^ | Guerbet | 29,483 | 1,399 |
* | Haulotte Group SA | 70,399 | 1,345 |
Manitou BF SA | 47,532 | 899 | |
Maisons France Confort | 17,485 | 854 | |
Seche Environnement SA | 18,209 | 803 | |
Esso SA Francaise | 14,119 | 774 | |
Union Financiere de France BQE SA | 18,455 | 532 | |
8,115,629 | |||
Germany (6.3%) | |||
Bayer AG | 4,725,302 | 657,022 | |
*,^ | BASF SE | 5,274,893 | 611,926 |
Siemens AG | 4,529,695 | 597,566 | |
Daimler AG | 5,458,378 | 508,177 | |
^ | Allianz SE | 2,601,651 | 452,771 |
SAP AG | 5,107,313 | 412,814 | |
Deutsche Telekom AG | 17,536,858 | 294,642 | |
Deutsche Bank AG | 5,825,571 | 256,593 | |
Bayerische Motoren Werke AG | 1,856,157 | 233,331 | |
* | Volkswagen AG Prior Pfd. | 825,773 | 223,230 |
Linde AG | 1,056,333 | 219,387 | |
*,^ | Muenchener Rueckversicherungs AG | 911,377 | 210,676 |
Deutsche Post AG | 5,428,462 | 204,835 | |
E.ON SE | 10,444,757 | 200,070 | |
Continental AG | 617,146 | 145,219 | |
Adidas AG | 1,193,513 | 127,590 |
23
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Fresenius SE & Co. KGaA | 746,216 | 113,540 | |
Henkel AG & Co. KGaA Prior Pfd. | 991,641 | 110,619 | |
RWE AG | 2,761,454 | 105,381 | |
Porsche Automobil Holding SE Prior Pfd. | 874,327 | 96,697 | |
* | Commerzbank AG | 5,393,901 | 96,181 |
Fresenius Medical Care AG & Co. KGaA | 1,229,253 | 84,694 | |
Deutsche Boerse AG | 1,051,692 | 77,125 | |
Infineon Technologies AG | 6,407,649 | 74,505 | |
HeidelbergCement AG | 803,552 | 69,820 | |
* | ThyssenKrupp AG | 2,419,039 | 69,046 |
Henkel AG & Co. KGaA | 666,281 | 68,507 | |
* | Merck KGaA | 368,319 | 62,263 |
Beiersdorf AG | 568,775 | 57,097 | |
Brenntag AG | 293,791 | 53,221 | |
* | ProSiebenSat.1 Media AG | 1,214,019 | 53,136 |
GEA Group AG | 1,009,830 | 45,229 | |
* | Volkswagen AG | 168,207 | 45,105 |
^ | K&S AG | 1,089,702 | 38,184 |
LANXESS AG | 472,496 | 35,982 | |
Deutsche Lufthansa AG | 1,301,040 | 32,673 | |
Hannover Rueck SE | 344,555 | 32,107 | |
Symrise AG | 630,802 | 31,866 | |
Metro AG | 753,386 | 30,184 | |
* | QIAGEN NV | 1,341,986 | 29,462 |
Wirecard AG | 654,530 | 27,574 | |
United Internet AG | 636,249 | 27,333 | |
* | Bilfinger SE | 223,072 | 26,596 |
MAN SE | 200,071 | 25,656 | |
* | OSRAM Licht AG | 482,277 | 25,320 |
Hugo Boss AG | 173,068 | 24,044 | |
* | Sky Deutschland AG | 2,542,652 | 21,822 |
Freenet AG | 611,384 | 21,174 | |
Deutsche Wohnen AG | 961,643 | 20,644 | |
Fuchs Petrolub SE Prior Pfd. | 200,748 | 20,194 | |
LEG Immobilien AG | 277,415 | 18,512 | |
MTU Aero Engines AG | 195,712 | 18,453 | |
Kabel Deutschland Holding AG | 121,082 | 16,403 | |
TUI AG | 954,646 | 15,896 | |
*,^ | Evonik Industries AG | 397,963 | 15,719 |
Fraport AG Frankfurt Airport Services Worldwide | 210,109 | 15,539 | |
^ | Hochtief AG | 163,447 | 15,239 |
Stada Arzneimittel AG | 340,607 | 14,853 | |
Axel Springer SE | 236,829 | 14,461 | |
* | GAGFAH SA | 894,105 | 14,141 |
* | Deutsche Wohnen AG | 663,619 | 13,902 |
Leoni AG | 184,223 | 13,732 | |
Aurubis AG | 255,513 | 13,651 | |
Software AG | 339,872 | 12,802 | |
* | Telefonica Deutschland Holding AG | 1,527,763 | 12,710 |
Deutsche Euroshop AG | 262,015 | 12,633 | |
* | MorphoSys AG | 146,662 | 12,580 |
Rhoen Klinikum AG | 389,307 | 12,571 | |
* | Gerresheimer AG | 176,855 | 12,006 |
* | Aareal Bank AG | 256,100 | 11,641 |
Wincor Nixdorf AG | 169,701 | 11,117 | |
DMG MORI SEIKI AG | 331,064 | 10,432 | |
Wacker Chemie AG | 84,046 | 9,880 | |
Norma Group SE | 181,685 | 9,535 | |
Fielmann AG | 70,217 | 9,500 | |
^ | Suedzucker AG | 438,327 | 9,367 |
^ | Salzgitter AG | 215,636 | 9,159 |
Drillisch AG | 244,108 | 9,115 | |
Fuchs Petrolub SE | 98,837 | 9,112 | |
* | Dialog Semiconductor plc | 353,559 | 8,957 |
24
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
TAG Immobilien AG | 698,390 | 8,879 | |
^ | SGL Carbon SE | 255,381 | 8,505 |
*,^ | KION Group AG | 178,465 | 8,449 |
Celesio AG | 235,740 | 8,193 | |
KUKA AG | 156,565 | 8,027 | |
* | Talanx AG | 209,160 | 8,004 |
* | Kloeckner & Co. SE | 527,588 | 7,996 |
Krones AG | 81,380 | 7,791 | |
*,^ | Aixtron SE | 481,344 | 7,664 |
^ | Gerry Weber International AG | 144,965 | 7,657 |
Rational AG | 23,389 | 7,470 | |
CTS Eventim AG | 106,187 | 6,764 | |
^ | Pfeiffer Vacuum Technology AG | 56,238 | 6,690 |
Jungheinrich AG Prior Pfd. | 89,673 | 6,675 | |
ElringKlinger AG | 160,781 | 6,491 | |
Bechtle AG | 71,562 | 6,368 | |
Sartorius AG Prior Pfd. | 48,679 | 6,339 | |
* | Duerr AG | 77,531 | 6,135 |
^ | Puma SE | 20,050 | 5,923 |
* | Nordex SE | 346,637 | 5,550 |
Alstria Office REIT-AG | 384,318 | 5,304 | |
* | Deutz AG | 618,518 | 5,172 |
Indus Holding AG | 103,696 | 4,867 | |
Biotest AG Prior Pfd. | 36,932 | 4,867 | |
Carl Zeiss Meditec AG | 156,305 | 4,759 | |
^ | Vossloh AG | 46,053 | 4,552 |
^ | KWS Saat AG | 12,235 | 4,373 |
^ | BayWa AG | 76,530 | 4,341 |
Rheinmetall AG | 65,069 | 4,335 | |
^ | Draegerwerk AG & Co. KGaA Prior Pfd. | 35,559 | 4,208 |
GFK SE | 80,226 | 4,141 | |
Grenkeleasing AG | 39,445 | 4,133 | |
Bertrandt AG | 26,719 | 4,048 | |
Aurelius AG | 105,651 | 3,926 | |
Jenoptik AG | 218,749 | 3,651 | |
Takkt AG | 179,800 | 3,647 | |
* | CompuGroup Medical AG | 127,131 | 3,391 |
Generali Deutschland Holding AG | 20,468 | 3,199 | |
*,^ | Heidelberger Druckmaschinen AG | 997,923 | 3,165 |
Sixt SE | 76,743 | 3,103 | |
^ | Hamburger Hafen und Logistik AG | 126,899 | 3,078 |
^ | KSB AG Prior Pfd. | 4,721 | 3,014 |
Sixt SE Prior Pfd. | 92,330 | 2,988 | |
Wacker Neuson SE | 140,948 | 2,679 | |
CAT Oil AG | 121,305 | 2,545 | |
^ | SMA Solar Technology AG | 57,868 | 2,423 |
QSC AG | 444,555 | 2,288 | |
* | Patrizia Immobilien AG | 175,320 | 2,073 |
Comdirect Bank AG | 165,283 | 1,905 | |
Kontron AG | 269,237 | 1,880 | |
* | DIC Asset AG | 184,997 | 1,823 |
Draegerwerk AG & Co. KGaA | 17,750 | 1,823 | |
^ | Delticom AG | 30,711 | 1,462 |
Deutsche Beteiligungs AG | 52,409 | 1,412 | |
Bauer AG | 54,098 | 1,405 | |
*,^ | Air Berlin plc | 355,669 | 857 |
*,^ | H&R AG | 66,151 | 657 |
CropEnergies AG | 92,688 | 608 | |
Bayerische Motoren Werke AG Prior Pfd. | 45 | 4 | |
RWE AG Prior Pfd. | 115 | 3 | |
7,756,127 | |||
Greece (0.1%) | |||
* | Piraeus Bank SA | 11,430,132 | 26,975 |
* | Alpha Bank AE | 21,724,434 | 21,044 |
25
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
OPAP SA | 1,196,452 | 19,108 | |
* | Hellenic Telecommunications Organization SA | 727,001 | 11,615 |
* | Hellenic Telecommunications Organization SA ADR | 1,341,580 | 10,598 |
Public Power Corp. SA | 604,367 | 9,145 | |
* | Titan Cement Co. SA | 283,623 | 8,942 |
* | JUMBO SA | 539,982 | 8,734 |
National Bank of Greece SA | 2,170,789 | 8,487 | |
* | Alpha Bank Warrants Exp. 12/10/2017 | 3,508,634 | 8,227 |
* | Folli Follie SA | 188,095 | 6,529 |
* | Mytilineos Holdings SA | 466,109 | 4,165 |
Hellenic Exchanges SA | 349,772 | 4,124 | |
Motor Oil Hellas Corinth Refineries SA | 303,157 | 3,827 | |
Hellenic Petroleum SA | 378,326 | 3,248 | |
* | Ellaktor SA | 559,018 | 2,953 |
Eurobank Properties Real Estate Investment Co. | 233,067 | 2,696 | |
Metka SA | 138,482 | 2,482 | |
Athens Water Supply & Sewage Co. SA | 168,839 | 2,180 | |
* | Bank of Cyprus plc | 7,567,873 | 2,173 |
* | Marfin Investment Group Holdings SA | 2,952,029 | 2,045 |
Intralot SA-Integrated Lottery Systems & Services | 549,834 | 1,597 | |
* | Frigoglass SA | 146,887 | 851 |
* | Cyprus Popular Bank PCL | 12,597,118 | 699 |
172,444 | |||
Hong Kong (2.4%) | |||
AIA Group Ltd. | 68,821,281 | 334,719 | |
Hutchison Whampoa Ltd. | 11,447,075 | 157,048 | |
Cheung Kong Holdings Ltd. | 7,543,960 | 128,831 | |
Hong Kong Exchanges and Clearing Ltd. | 6,565,037 | 118,061 | |
Sun Hung Kai Properties Ltd. | 8,791,039 | 110,926 | |
Sands China Ltd. | 13,785,558 | 101,210 | |
* | Galaxy Entertainment Group Ltd. | 11,905,811 | 93,987 |
Jardine Matheson Holdings Ltd. | 1,360,000 | 84,909 | |
Hong Kong & China Gas Co. Ltd. | 32,204,676 | 74,309 | |
Hang Seng Bank Ltd. | 4,366,550 | 71,289 | |
CLP Holdings Ltd. | 8,799,843 | 70,350 | |
Power Assets Holdings Ltd. | 7,555,820 | 65,315 | |
Link REIT | 13,053,214 | 64,989 | |
Wharf Holdings Ltd. | 8,649,270 | 60,719 | |
BOC Hong Kong Holdings Ltd. | 20,541,039 | 60,271 | |
Want Want China Holdings Ltd. | 37,671,500 | 59,217 | |
Li & Fung Ltd. | 32,872,479 | 47,848 | |
Hongkong Land Holdings Ltd. | 6,693,000 | 46,908 | |
Jardine Strategic Holdings Ltd. | 1,276,500 | 45,669 | |
Swire Pacific Ltd. Class A | 3,825,608 | 44,184 | |
China Mengniu Dairy Co. Ltd. | 7,838,000 | 40,335 | |
Hang Lung Properties Ltd. | 12,756,915 | 38,049 | |
Henderson Land Development Co. Ltd. | 5,881,634 | 35,157 | |
Bank of East Asia Ltd. | 7,625,144 | 31,499 | |
Tingyi Cayman Islands Holding Corp. | 10,850,000 | 30,205 | |
MTR Corp. Ltd. | 7,936,424 | 29,991 | |
New World Development Co. Ltd. | 28,463,716 | 29,449 | |
SJM Holdings Ltd. | 10,387,219 | 28,897 | |
Sino Land Co. Ltd. | 16,968,066 | 25,443 | |
Hang Lung Group Ltd. | 4,654,000 | 25,275 | |
Wynn Macau Ltd. | 6,082,545 | 24,072 | |
Prada SPA | 2,905,200 | 23,300 | |
Samsonite International SA | 7,277,800 | 23,124 | |
Techtronic Industries Co. | 7,147,000 | 22,836 | |
^ | AAC Technologies Holdings Inc. | 3,968,000 | 22,218 |
Swire Properties Ltd. | 6,664,994 | 20,072 | |
Wheelock & Co. Ltd. | 4,658,464 | 19,228 | |
Cheung Kong Infrastructure Holdings Ltd. | 2,842,311 | 18,575 | |
Esprit Holdings Ltd. | 10,614,603 | 17,672 | |
^ | Sun Art Retail Group Ltd. | 12,492,000 | 16,283 |
26
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
MGM China Holdings Ltd. | 4,609,600 | 16,107 | |
Wing Hang Bank Ltd. | 980,380 | 15,806 | |
Hysan Development Co. Ltd. | 3,572,802 | 15,323 | |
ASM Pacific Technology Ltd. | 1,361,484 | 15,146 | |
First Pacific Co. Ltd. | 13,376,395 | 14,875 | |
Yue Yuen Industrial Holdings Ltd. | 4,752,942 | 14,725 | |
Melco International Development Ltd. | 4,538,000 | 13,966 | |
Shangri-La Asia Ltd. | 8,129,676 | 13,424 | |
NWS Holdings Ltd. | 7,688,292 | 13,185 | |
VTech Holdings Ltd. | 909,200 | 12,545 | |
New World China Land Ltd. | 14,718,000 | 12,218 | |
Kerry Properties Ltd. | 3,706,592 | 12,206 | |
PCCW Ltd. | 22,124,452 | 11,825 | |
Cathay Pacific Airways Ltd. | 5,808,514 | 10,977 | |
Hopewell Holdings Ltd. | 3,093,637 | 10,669 | |
Television Broadcasts Ltd. | 1,648,400 | 10,298 | |
* | Semiconductor Manufacturing International Corp. | 120,793,000 | 9,929 |
Chow Tai Fook Jewellery Group Ltd. | 6,210,200 | 8,721 | |
Xinyi Glass Holdings Ltd. | 10,602,000 | 8,379 | |
Johnson Electric Holdings Ltd. | 8,035,000 | 7,685 | |
*,^ | Macau Legend Development Ltd. | 9,187,000 | 7,027 |
NagaCorp Ltd. | 7,678,000 | 6,996 | |
* | Citic 21CN Co. Ltd. | 12,318,000 | 6,870 |
* | FIH Mobile Ltd. | 12,488,714 | 6,746 |
Vitasoy International Holdings Ltd. | 4,690,000 | 6,436 | |
Champion REIT | 13,545,000 | 6,385 | |
L'Occitane International SA | 2,473,750 | 6,082 | |
Shougang Fushan Resources Group Ltd. | 20,201,018 | 6,080 | |
Yingde Gases Group Co. Ltd. | 5,834,000 | 5,891 | |
Cafe de Coral Holdings Ltd. | 1,840,000 | 5,786 | |
Pacific Basin Shipping Ltd. | 9,910,000 | 5,783 | |
Luk Fook Holdings International Ltd. | 1,933,000 | 5,489 | |
Orient Overseas International Ltd. | 1,116,103 | 5,339 | |
^ | Stella International Holdings Ltd. | 2,157,000 | 5,320 |
*,^ | Brightoil Petroleum Holdings Ltd. | 16,870,000 | 5,240 |
Towngas China Co. Ltd. | 4,542,000 | 5,186 | |
Minth Group Ltd. | 3,280,000 | 5,169 | |
Lifestyle International Holdings Ltd. | 2,632,000 | 5,159 | |
Shui On Land Ltd. | 19,450,263 | 5,154 | |
Huabao International Holdings Ltd. | 10,859,000 | 5,143 | |
Great Eagle Holdings Ltd. | 1,434,000 | 5,140 | |
Giordano International Ltd. | 7,638,000 | 5,137 | |
Shun Tak Holdings Ltd. | 10,270,500 | 5,059 | |
^ | Truly International Holdings Ltd. | 7,426,000 | 5,020 |
^ | Uni-President China Holdings Ltd. | 6,049,000 | 5,010 |
^ | SA SA International Holdings Ltd. | 5,598,000 | 4,704 |
Yuexiu REIT | 9,933,000 | 4,695 | |
* | Kerry Logistics Network Ltd. | 3,068,796 | 4,516 |
^ | REXLot Holdings Ltd. | 41,700,000 | 4,424 |
*,^ | United Co. RUSAL plc | 9,188,000 | 4,052 |
K Wah International Holdings Ltd. | 5,898,000 | 3,932 | |
^ | Anton Oilfield Services Group | 5,798,000 | 3,850 |
Texwinca Holdings Ltd. | 3,544,000 | 3,813 | |
Landing International Development Ltd. | 51,180,000 | 3,770 | |
Dah Sing Financial Holdings Ltd. | 845,240 | 3,768 | |
^ | Ju Teng International Holdings Ltd. | 5,050,000 | 3,744 |
Chow Sang Sang Holdings International Ltd. | 1,492,000 | 3,669 | |
Pacific Textiles Holdings Ltd. | 2,756,000 | 3,503 | |
*,^ | G-Resources Group Ltd. | 121,319,559 | 3,345 |
^ | Newocean Energy Holdings Ltd. | 4,898,000 | 3,235 |
^ | Summit Ascent Holdings Ltd. | 2,120,026 | 3,208 |
^ | Value Partners Group Ltd. | 4,954,000 | 3,194 |
China Travel International Inv HK | 15,434,000 | 3,109 | |
Dah Sing Banking Group Ltd. | 2,013,312 | 3,020 |
27
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Sinopoly Battery Ltd. | 48,300,000 | 2,999 |
TCL Communication Technology Holdings Ltd. | 2,782,000 | 2,978 | |
Man Wah Holdings Ltd. | 1,807,200 | 2,968 | |
^ | SmarTone Telecommunications Holdings Ltd. | 2,824,500 | 2,915 |
* | Xinyi Solar Holdings Ltd. | 10,600,000 | 2,861 |
*,^ | China Rongsheng Heavy Industries Group Holdings Ltd. | 16,250,804 | 2,819 |
TCC International Holdings Ltd. | 5,634,000 | 2,763 | |
SITC International Holdings Co. Ltd. | 6,224,000 | 2,748 | |
* | COFCO Land Holdings Ltd. | 11,766,269 | 2,717 |
^ | Hopewell Highway Infrastructure Ltd. | 5,537,500 | 2,701 |
Sunlight REIT | 6,613,000 | 2,604 | |
^ | Goodbaby International Holdings Ltd. | 4,552,536 | 2,499 |
^ | CITIC Telecom International Holdings Ltd. | 7,149,875 | 2,478 |
Parkson Retail Group Ltd. | 8,274,000 | 2,426 | |
*,^ | Xinchen China Power Holdings Ltd. | 4,336,000 | 2,350 |
^ | Honghua Group Ltd. | 9,905,000 | 2,344 |
Kowloon Development Co. Ltd. | 1,909,000 | 2,335 | |
^ | Springland International Holdings Ltd. | 5,858,343 | 2,305 |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 6,972,000 | 2,285 | |
*,^ | Langham Hospitality Investments and Langham Hospitality Investments Ltd. | 4,602,621 | 2,281 |
*,^ | China Public Procurement Ltd. | 43,304,000 | 2,181 |
*,^ | SPT Energy Group Inc. | 4,000,000 | 2,177 |
Singamas Container Holdings Ltd. | 9,502,000 | 2,061 | |
*,^ | United Laboratories International Holdings Ltd. | 2,864,500 | 1,850 |
*,^ | Lung Cheong International Holdings Ltd. | 16,382,885 | 1,840 |
^ | Prosperity REIT | 6,166,000 | 1,822 |
* | APT Satellite Holdings Ltd. | 1,382,500 | 1,735 |
*,^ | Liu Chong Hing Investment | 900,018 | 1,729 |
*,^ | Louis XIII Holdings Ltd. | 1,699,000 | 1,690 |
^ | SOCAM Development Ltd. | 1,356,353 | 1,651 |
*,^ | Sino Oil And Gas Holdings Ltd. | 58,985,000 | 1,639 |
^ | Microport Scientific Corp. | 2,392,000 | 1,624 |
Road King Infrastructure Ltd. | 1,649,000 | 1,517 | |
Regal Hotels International Holdings Ltd. | 2,500,000 | 1,450 | |
^ | HKR International Ltd. | 3,521,600 | 1,445 |
Varitronix International Ltd. | 1,285,000 | 1,423 | |
Emperor Watch & Jewellery Ltd. | 18,440,000 | 1,383 | |
^ | China Aerospace International Holdings Ltd. | 13,802,000 | 1,375 |
^ | Trinity Ltd. | 5,292,000 | 1,361 |
^ | Midland Holdings Ltd. | 3,188,000 | 1,340 |
*,^ | Yanchang Petroleum International Ltd. | 25,590,000 | 1,276 |
New World Department Store China Ltd. | 2,662,000 | 1,246 | |
*,^ | United Photovoltaics Group Ltd. | 15,802,000 | 1,244 |
* | Lai Sun Development | 52,691,833 | 1,233 |
Yip's Chemical Holdings Ltd. | 1,620,000 | 1,148 | |
^ | Hutchison Harbour Ring Ltd. | 14,568,000 | 1,109 |
^ | Far East Consortium International Ltd. | 2,828,000 | 1,020 |
* | L'sea Resources International Holdings Ltd. | 19,500,000 | 995 |
^ | Polytec Asset Holdings Ltd. | 6,685,000 | 984 |
AMVIG Holdings Ltd. | 2,512,000 | 914 | |
Ports Design Ltd. | 1,880,000 | 895 | |
* | China Merchants Land Ltd. | 6,816,000 | 874 |
*,^ | Sunshine Oilsands Ltd. | 8,311,500 | 859 |
EVA Precision Industrial Holdings Ltd. | 4,732,000 | 795 | |
^ | IT Ltd. | 2,846,000 | 772 |
TPV Technology Ltd. | 4,280,000 | 712 | |
Dickson Concepts International Ltd. | 1,168,000 | 705 | |
* | CST Mining Group Ltd. | 95,320,000 | 627 |
* | Neo-Neon Holdings Ltd. | 3,381,500 | 611 |
* | Hong Kong Television Network Ltd. | 2,058,000 | 588 |
* | China Forestry Holdings Co. Ltd. | 3,050,000 | 570 |
China Environmental Energy Investment Ltd. | 25,784,000 | 497 | |
* | Sun Hung Kai Properties Ltd. Warrants Expire 04/08/2016 | 728,419 | 490 |
* | Inspur International Ltd. | 2,653,000 | 466 |
28
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Henderson Investment Ltd. | 5,897,000 | 457 | |
*,^ | Silver base Group Holdings Ltd. | 3,334,225 | 437 |
*,^ | Heng Tai Consumables Group Ltd. | 23,385,000 | 428 |
Qunxing Paper Holdings Co. Ltd. | 1,573,000 | 409 | |
* | Mongolia Energy Corp. Ltd. | 18,660,000 | 393 |
* | China Household Holdings Ltd. | 12,145,000 | 352 |
* | Chong Hing Bank Ltd. | 90,001 | 315 |
Oriental Press Group | 2,534,000 | 285 | |
* | PetroAsian Energy Holdings Ltd. | 16,612,000 | 263 |
* | Mongolian Mining Corp. | 3,138,500 | 260 |
* | Sijia Group Co. | 1,027,000 | 181 |
* | Richly Field China Development Ltd. | 5,400,000 | 108 |
2,934,833 | |||
Hungary (0.0%) | |||
OTP Bank plc | 1,073,869 | 20,507 | |
MOL Hungarian Oil & Gas plc | 267,353 | 15,381 | |
* | Richter Gedeon Nyrt | 798,445 | 13,675 |
Magyar Telekom Telecommunications plc | 2,478,878 | 3,537 | |
53,100 | |||
India (1.7%) | |||
Infosys Ltd. | 2,657,851 | 141,408 | |
Reliance Industries Ltd. | 9,064,552 | 140,901 | |
Housing Development Finance Corp. | 8,906,905 | 132,798 | |
Tata Consultancy Services Ltd. | 2,684,124 | 97,435 | |
Oil & Natural Gas Corp. Ltd. | 11,733,116 | 63,336 | |
ITC Ltd. | 10,872,016 | 61,468 | |
HDFC Bank Ltd. | 5,093,576 | 60,966 | |
ICICI Bank Ltd. | 2,621,171 | 54,043 | |
Sun Pharmaceutical Industries Ltd. | 4,382,312 | 46,037 | |
Axis Bank Ltd. | 1,655,032 | 41,758 | |
Bharti Airtel Ltd. | 7,288,623 | 39,691 | |
Hindustan Unilever Ltd. | 4,059,441 | 38,209 | |
Tata Motors Ltd. | 5,413,801 | 37,449 | |
HCL Technologies Ltd. | 1,515,415 | 35,264 | |
Mahindra & Mahindra Ltd. | 1,713,133 | 30,596 | |
Larsen & Toubro Ltd. | 1,260,056 | 27,100 | |
State Bank of India | 760,131 | 26,248 | |
Sesa Sterlite Ltd. | 7,513,018 | 23,146 | |
United Spirits Ltd. | 489,408 | 22,475 | |
NTPC Ltd. | 11,297,936 | 21,802 | |
HDFC Bank Ltd. ADR | 532,155 | 21,313 | |
Kotak Mahindra Bank Ltd. | 1,524,441 | 20,315 | |
Tech Mahindra Ltd. | 598,843 | 18,209 | |
Coal India Ltd. | 3,597,289 | 17,433 | |
Wipro Ltd. | 1,987,818 | 17,228 | |
Hero MotoCorp Ltd. | 451,949 | 16,527 | |
Cairn India Ltd. | 2,595,134 | 14,434 | |
Asian Paints Ltd. | 1,638,889 | 13,735 | |
Lupin Ltd. | 833,869 | 13,684 | |
Maruti Suzuki India Ltd. | 410,016 | 13,098 | |
Bajaj Auto Ltd. | 408,481 | 12,973 | |
ICICI Bank Ltd. ADR | 301,857 | 12,880 | |
Ultratech Cement Ltd. | 374,177 | 12,592 | |
Power Grid Corp. of India Ltd. | 7,134,547 | 12,522 | |
JSW Steel Ltd. | 671,326 | 12,076 | |
Cipla Ltd. | 1,816,769 | 11,989 | |
Dr Reddy's Laboratories Ltd. | 263,191 | 11,812 | |
Zee Entertainment Enterprises Ltd. | 2,669,857 | 11,640 | |
IndusInd Bank Ltd. | 1,461,665 | 11,623 | |
Ambuja Cements Ltd. | 3,488,260 | 11,459 | |
GAIL India Ltd. | 1,854,510 | 11,390 | |
NMDC Ltd. | 4,524,415 | 11,283 | |
Hindalco Industries Ltd. | 5,011,827 | 11,182 | |
^ | Wipro Ltd. ADR | 909,206 | 10,874 |
29
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
IDFC Ltd. | 5,752,460 | 10,669 | |
Adani Enterprises Ltd. | 1,509,395 | 10,487 | |
Nestle India Ltd. | 131,001 | 10,351 | |
Idea Cellular Ltd. | 4,486,557 | 10,030 | |
Bharat Heavy Electricals Ltd. | 3,317,228 | 9,946 | |
Tata Steel Ltd. | 1,456,727 | 9,697 | |
Dr Reddy's Laboratories Ltd. ADR | 211,017 | 9,511 | |
Jindal Steel & Power Ltd. | 2,111,118 | 8,950 | |
Godrej Consumer Products Ltd. | 669,023 | 8,864 | |
Adani Ports and Special Economic Zone Ltd. | 2,820,842 | 8,821 | |
Shriram Transport Finance Co. Ltd. | 703,862 | 8,589 | |
Rural Electrification Corp. Ltd. | 1,978,701 | 7,814 | |
Indian Oil Corp. Ltd. | 1,785,535 | 7,802 | |
Bharat Petroleum Corp. Ltd. | 996,153 | 7,524 | |
Yes Bank Ltd. | 1,002,531 | 7,355 | |
Aurobindo Pharma Ltd. | 768,686 | 7,317 | |
Motherson Sumi Systems Ltd. | 1,706,145 | 7,197 | |
Tata Power Co. Ltd. | 5,483,097 | 7,107 | |
Reliance Communications Ltd. | 3,456,927 | 7,031 | |
Dabur India Ltd. | 2,362,942 | 7,030 | |
Bank of Baroda | 492,023 | 6,682 | |
Apollo Hospitals Enterprise Ltd. | 444,168 | 6,597 | |
LIC Housing Finance Ltd. | 1,458,984 | 6,350 | |
Mahindra & Mahindra Financial Services Ltd. | 1,539,602 | 6,290 | |
Reliance Infrastructure Ltd. | 728,066 | 6,149 | |
Glenmark Pharmaceuticals Ltd. | 606,615 | 6,083 | |
* | Oracle Financial Services Software Ltd. | 118,443 | 5,892 |
UPL Ltd. | 1,297,404 | 5,779 | |
* | Ranbaxy Laboratories Ltd. | 715,909 | 5,632 |
DLF Ltd. | 2,407,640 | 5,618 | |
Indiabulls Housing Finance Ltd. | 1,120,920 | 5,564 | |
Siemens Ltd. | 481,452 | 5,542 | |
Power Finance Corp. Ltd. | 1,802,232 | 5,501 | |
ACC Ltd. | 249,473 | 5,354 | |
Grasim Industries Ltd. | 122,914 | 5,337 | |
Oil India Ltd. | 669,215 | 5,299 | |
Punjab National Bank | 404,645 | 5,271 | |
Container Corp. Of India | 329,862 | 5,255 | |
Divi's Laboratories Ltd. | 226,696 | 5,191 | |
Steel Authority of India Ltd. | 4,626,747 | 5,185 | |
Titan Co. Ltd. | 1,203,437 | 5,090 | |
Jaiprakash Associates Ltd. | 5,605,830 | 5,019 | |
United Breweries Ltd. | 380,492 | 4,990 | |
GlaxoSmithKline Pharmaceuticals Ltd. | 113,870 | 4,656 | |
Cadila Healthcare Ltd. | 277,480 | 4,501 | |
Shree Cement Ltd. | 47,350 | 4,472 | |
Mindtree Ltd. | 189,669 | 4,463 | |
* | Federal Bank Ltd. | 2,963,955 | 4,452 |
Marico Ltd. | 1,297,324 | 4,392 | |
Piramal Enterprises Ltd. | 479,818 | 4,305 | |
Colgate-Palmolive India Ltd. | 180,078 | 4,288 | |
Havells India Ltd. | 275,930 | 4,266 | |
Bharti Infratel Ltd. | 1,175,244 | 4,205 | |
ABB India Ltd. | 289,115 | 4,054 | |
Reliance Capital Ltd. | 676,884 | 3,993 | |
* | GlaxoSmithKline Consumer Healthcare Ltd. | 56,360 | 3,903 |
Eicher Motors Ltd. | 36,780 | 3,781 | |
* | Pidilite Industries Ltd. | 700,473 | 3,704 |
* | Reliance Power Ltd. | 3,161,414 | 3,593 |
Bharat Forge Ltd. | 514,630 | 3,488 | |
Cummins India Ltd. | 378,427 | 3,441 | |
Tata Global Beverages Ltd. | 1,320,183 | 3,279 | |
Mphasis Ltd. | 472,532 | 3,235 | |
Castrol India Ltd. | 648,682 | 3,190 |
30
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Jammu & Kashmir Bank Ltd. | 110,643 | 3,078 | |
Aditya Birla Nuvo Ltd. | 166,019 | 3,050 | |
State Bank of India GDR | 44,251 | 3,041 | |
Apollo Tyres Ltd. | 1,143,805 | 3,028 | |
Hindustan Zinc Ltd. | 1,395,911 | 2,986 | |
ING Vysya Bank Ltd. | 315,951 | 2,966 | |
Bajaj Finserv Ltd. | 206,360 | 2,848 | |
Sun TV Network Ltd. | 451,888 | 2,817 | |
* | Jubilant Foodworks Ltd. | 175,217 | 2,753 |
Infosys Ltd. ADR | 51,250 | 2,753 | |
GMR Infrastructure Ltd. | 6,650,733 | 2,743 | |
Bank of India | 679,225 | 2,646 | |
Bajaj Finance Ltd. | 85,147 | 2,639 | |
Page Industries Ltd. | 27,278 | 2,631 | |
CESC Ltd. | 344,086 | 2,599 | |
* | Adani Power Ltd. | 3,242,277 | 2,592 |
Bajaj Holdings and Investment Ltd. | 146,118 | 2,541 | |
MAX India Ltd. | 708,400 | 2,509 | |
Emami Ltd. | 313,819 | 2,479 | |
Hindustan Petroleum Corp. Ltd. | 459,488 | 2,453 | |
NHPC Ltd. | 7,754,085 | 2,444 | |
Canara Bank | 508,167 | 2,413 | |
Crompton Greaves Ltd. | 874,657 | 2,389 | |
Wockhardt Ltd. | 187,748 | 2,388 | |
Petronet LNG Ltd. | 989,526 | 2,378 | |
Exide Industries Ltd. | 1,164,050 | 2,315 | |
Britannia Industries Ltd. | 159,979 | 2,295 | |
Hexaware Technologies Ltd. | 891,822 | 2,245 | |
Ipca Laboratories Ltd. | 161,185 | 2,237 | |
Indian Hotels Co. Ltd. | 1,862,072 | 2,223 | |
Bhushan Steel Ltd. | 296,300 | 2,194 | |
Amtek Auto Ltd. | 751,121 | 2,168 | |
Biocon Ltd. | 276,819 | 2,165 | |
Arvind Ltd. | 688,549 | 2,098 | |
Torrent Pharmaceuticals Ltd. | 218,086 | 2,092 | |
* | Unitech Ltd. | 7,779,056 | 2,051 |
Bharat Electronics Ltd. | 100,982 | 2,027 | |
IDBI Bank Ltd. | 1,782,549 | 2,018 | |
JSW Energy Ltd. | 2,238,862 | 1,992 | |
* | MRF Ltd. | 5,658 | 1,928 |
* | Just Dial Ltd. | 97,240 | 1,905 |
Jain Irrigation Systems Ltd. | 1,400,652 | 1,900 | |
Godrej Industries Ltd. | 372,562 | 1,867 | |
Thermax Ltd. | 153,179 | 1,864 | |
Tata Communications Ltd. | 391,363 | 1,840 | |
IFCI Ltd. | 4,284,713 | 1,813 | |
Berger Paints India Ltd. | 445,768 | 1,801 | |
Ashok Leyland Ltd. | 4,678,400 | 1,728 | |
Great Eastern Shipping Co. Ltd. | 308,714 | 1,715 | |
Tata Motors Ltd. ADR | 44,900 | 1,680 | |
Tata Chemicals Ltd. | 354,503 | 1,674 | |
Union Bank of India | 643,173 | 1,617 | |
* | Hathway Cable & Datacom Ltd. | 385,840 | 1,572 |
* | Housing Development & Infrastructure Ltd. | 1,370,402 | 1,562 |
* | Oberoi Realty Ltd. | 437,858 | 1,503 |
Indiabulls Real Estate Ltd. | 1,423,384 | 1,473 | |
L&T Finance Holdings Ltd. | 1,371,341 | 1,460 | |
* | Suzlon Energy Ltd. | 6,731,311 | 1,460 |
Sundaram Finance Ltd. | 121,597 | 1,454 | |
Oriental Bank of Commerce | 351,019 | 1,443 | |
Strides Arcolab Ltd. | 166,780 | 1,443 | |
South Indian Bank Ltd. | 3,766,407 | 1,439 | |
IRB Infrastructure Developers Ltd. | 734,004 | 1,398 | |
Sobha Developers Ltd. | 225,133 | 1,391 |
31
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Voltas Ltd. | 529,473 | 1,376 | |
India Infoline Ltd. | 1,038,988 | 1,374 | |
Indian Overseas Bank | 1,283,475 | 1,318 | |
Engineers India Ltd. | 347,094 | 1,316 | |
Coromandel International Ltd. | 341,651 | 1,244 | |
* | Sun Pharma Advanced Research Co. Ltd. | 420,074 | 1,192 |
Syndicate Bank | 677,452 | 1,160 | |
* | Mangalore Refinery & Petrochemicals Ltd. | 1,165,972 | 1,156 |
PTC India Ltd. | 1,025,899 | 1,137 | |
McLeod Russel India Ltd. | 254,172 | 1,137 | |
Videocon Industries Ltd. | 417,179 | 1,112 | |
Gujarat Gas Co. Ltd. | 175,240 | 1,106 | |
Karnataka Bank Ltd. | 531,867 | 1,081 | |
Gateway Distriparks Ltd. | 366,184 | 1,076 | |
TVS Motor Co. Ltd. | 649,279 | 1,029 | |
The Ramco Cements Ltd. | 286,397 | 1,028 | |
Torrent Power Ltd. | 589,579 | 1,020 | |
UCO Bank | 803,438 | 1,018 | |
Future Retail Ltd. | 456,922 | 1,000 | |
* | Dish TV India Ltd. | 1,273,851 | 993 |
Welspun Corp. Ltd. | 730,328 | 988 | |
Gujarat Mineral Development Corp. Ltd. | 447,189 | 981 | |
Indian Bank | 446,933 | 961 | |
Polaris Financial Technology Ltd. | 296,791 | 878 | |
NCC Ltd. | 1,047,115 | 874 | |
India Cements Ltd. | 765,131 | 872 | |
CMC Ltd. | 35,502 | 844 | |
Gujarat State Petronet Ltd. | 685,028 | 828 | |
Century Textiles & Industries Ltd. | 146,811 | 817 | |
Sintex Industries Ltd. | 1,065,524 | 809 | |
Indraprastha Gas Ltd. | 166,125 | 790 | |
Balrampur Chini Mills Ltd. | 826,689 | 780 | |
Allahabad Bank | 457,039 | 760 | |
Central Bank Of India | 828,062 | 731 | |
* | Essar Oil Ltd. | 741,889 | 721 |
Corp Bank | 144,260 | 704 | |
Financial Technologies India Ltd. | 128,097 | 671 | |
Raymond Ltd. | 124,727 | 641 | |
Jindal Saw Ltd. | 666,927 | 619 | |
* | Punj Lloyd Ltd. | 1,250,160 | 611 |
Alstom India Ltd. | 80,108 | 608 | |
* | Pipavav Defence & Offshore Engineering Co. Ltd. | 701,378 | 557 |
Andhra Bank | 497,059 | 552 | |
Shree Renuka Sugars Ltd. | 1,505,103 | 546 | |
SREI Infrastructure Finance Ltd. | 970,190 | 539 | |
Radico Khaitan Ltd. | 301,618 | 528 | |
Rolta India Ltd. | 419,508 | 522 | |
* | Hindustan Construction Co. Ltd. | 1,625,559 | 516 |
* | Jet Airways India Ltd. | 120,494 | 502 |
Multi Commodity Exchange of India Ltd. | 53,177 | 471 | |
Gujarat State Fertilisers & Chemicals Ltd. | 484,990 | 444 | |
* | Tata Teleservices Maharashtra Ltd. | 2,782,308 | 412 |
* | Bajaj Hindusthan Ltd. | 1,351,776 | 400 |
* | IVRCL Ltd. | 1,597,447 | 381 |
Vijaya Bank | 554,172 | 379 | |
* | Shipping Corp. of India Ltd. | 507,169 | 359 |
* | Lanco Infratech Ltd. | 2,754,258 | 339 |
Bombay Dyeing & Manufacturing Co. Ltd. | 342,887 | 332 | |
Chambal Fertilizers & Chemicals Ltd. | 480,703 | 323 | |
* | Gujarat NRE Coke Ltd. | 1,461,217 | 258 |
* | Parsvnath Developers Ltd. | 554,804 | 222 |
Sesa Sterlite Ltd. ADR | 16,320 | 199 | |
* | Nagarjuna Fertilizers & Chemicals Ltd. | 312,129 | 58 |
* | Marico Kaya Enterprises Ltd. | 22,414 | 46 |
32
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Jain Irrigation Systems Ltd. | 32,150 | 20 | |
* | Welspun Enterprises Ltd. | 36,516 | 1 |
2,046,305 | |||
Indonesia (0.5%) | |||
Astra International Tbk PT | 114,808,800 | 73,970 | |
Bank Central Asia Tbk PT | 69,892,200 | 66,565 | |
Telekomunikasi Indonesia Persero Tbk PT | 287,163,000 | 56,442 | |
Bank Rakyat Indonesia Persero Tbk PT | 61,208,300 | 52,563 | |
Bank Mandiri Persero Tbk PT | 53,046,224 | 45,324 | |
Perusahaan Gas Negara Persero Tbk PT | 60,622,000 | 27,998 | |
Semen Indonesia Persero Tbk PT | 16,861,500 | 21,738 | |
Bank Negara Indonesia Persero Tbk PT | 42,535,095 | 17,777 | |
Unilever Indonesia Tbk PT | 6,518,000 | 16,559 | |
United Tractors Tbk PT | 8,556,251 | 16,087 | |
Kalbe Farma Tbk PT | 118,600,710 | 15,884 | |
Gudang Garam Tbk PT | 3,236,500 | 15,856 | |
Indofood Sukses Makmur Tbk PT | 24,727,100 | 15,126 | |
Indocement Tunggal Prakarsa Tbk PT | 7,545,000 | 14,320 | |
Charoen Pokphand Indonesia Tbk PT | 42,075,158 | 13,758 | |
Lippo Karawaci Tbk PT | 107,167,700 | 9,940 | |
Adaro Energy Tbk PT | 74,028,322 | 7,616 | |
XL Axiata Tbk PT | 16,375,323 | 7,345 | |
Media Nusantara Citra Tbk PT | 27,296,712 | 6,436 | |
Bank Danamon Indonesia Tbk PT | 18,060,009 | 6,402 | |
Summarecon Agung Tbk PT | 61,075,900 | 5,887 | |
Jasa Marga Persero Tbk PT | 11,389,200 | 5,819 | |
Global Mediacom Tbk PT | 30,513,618 | 5,792 | |
* | Surya Citra Media Tbk PT | 21,130,400 | 5,764 |
Indofood CBP Sukses Makmur Tbk PT | 6,555,500 | 5,676 | |
Tower Bersama Infrastructure Tbk PT | 10,047,000 | 5,659 | |
Ciputra Development Tbk PT | 59,079,200 | 5,201 | |
Bumi Serpong Damai PT | 38,363,300 | 5,197 | |
Indo Tambangraya Megah Tbk PT | 2,223,200 | 4,914 | |
Astra Agro Lestari Tbk PT | 1,867,000 | 4,754 | |
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 53,937,800 | 4,500 | |
* | Trada Maritime Tbk PT | 27,152,800 | 4,325 |
Tambang Batubara Bukit Asam Persero Tbk PT | 4,491,600 | 3,845 | |
AKR Corporindo Tbk PT | 8,948,300 | 3,693 | |
MNC Investama Tbk PT | 135,405,900 | 3,601 | |
* | Matahari Putra Prima Tbk PT | 14,946,100 | 3,589 |
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 15,806,100 | 3,358 | |
Vale Indonesia Tbk PT | 10,794,198 | 3,325 | |
* | Citra Marga Nusaphala Persada Tbk PT | 10,241,200 | 3,074 |
Alam Sutera Realty Tbk PT | 66,047,200 | 3,044 | |
* | Ace Hardware Indonesia Tbk PT | 39,082,900 | 2,521 |
Holcim Indonesia Tbk PT | 10,029,900 | 2,470 | |
Wijaya Karya Persero Tbk PT | 11,798,200 | 2,320 | |
Indosat Tbk PT | 6,598,000 | 2,235 | |
Mitra Adiperkasa Tbk PT | 4,040,300 | 2,232 | |
Pakuwon Jati Tbk PT | 71,275,400 | 2,174 | |
* | Arwana Citramulia Tbk PT | 25,464,278 | 2,173 |
* | Bumi Resources Tbk PT | 114,889,400 | 2,034 |
Bank Tabungan Negara Persero Tbk PT | 19,845,797 | 1,986 | |
Aneka Tambang Persero Tbk PT | 19,017,300 | 1,939 | |
Medco Energi Internasional Tbk PT | 7,942,900 | 1,893 | |
Timah Persero Tbk PT | 14,037,187 | 1,826 | |
Ramayana Lestari Sentosa Tbk PT | 15,639,000 | 1,734 | |
* | Energi Mega Persada Tbk PT | 193,028,332 | 1,574 |
Surya Semesta Internusa Tbk PT | 21,596,200 | 1,558 | |
* | Garuda Indonesia Persero Tbk PT | 37,275,209 | 1,487 |
Gajah Tunggal Tbk PT | 8,486,500 | 1,410 | |
Salim Ivomas Pratama Tbk PT | 15,785,000 | 1,369 | |
Intiland Development Tbk PT | 31,201,400 | 1,228 | |
* | Agis Tbk PT | 31,324,000 | 1,225 |
33
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Bakrie and Brothers Tbk PT | 274,678,500 | 1,188 |
* | Bakrieland Development Tbk PT | 202,316,500 | 874 |
Harum Energy Tbk PT | 4,211,500 | 863 | |
Agung Podomoro Land Tbk PT | 34,371,800 | 785 | |
* | Krakatau Steel Persero Tbk PT | 16,541,000 | 713 |
Sampoerna Agro PT | 3,124,500 | 662 | |
* | Berlian Laju Tanker Tbk PT | 25,926,000 | 440 |
Indika Energy Tbk PT | 7,625,500 | 410 | |
* | Bakrie Telecom Tbk PT | 94,762,000 | 410 |
Bisi International PT | 6,953,500 | 371 | |
* | Darma Henwa Tbk PT | 41,394,000 | 179 |
643,006 | |||
Ireland (0.2%) | |||
Kerry Group plc Class A | 831,519 | 65,626 | |
* | Bank of Ireland | 156,252,942 | 61,010 |
* | Ryanair Holdings plc ADR | 649,642 | 34,743 |
Smurfit Kappa Group plc | 889,307 | 19,812 | |
Kingspan Group plc | 964,068 | 18,168 | |
Paddy Power plc | 213,311 | 16,459 | |
Glanbia plc | 973,208 | 14,535 | |
C&C Group plc | 1,937,590 | 11,528 | |
* | Ryanair Holdings plc | 701,590 | 6,653 |
FBD Holdings plc | 108,608 | 2,621 | |
Aer Lingus Group plc | 1,144,792 | 2,413 | |
* | Irish Bank Resolution Corp. Ltd. | 698,992 | — |
253,568 | |||
Israel (0.4%) | |||
Teva Pharmaceutical Industries Ltd. | 5,415,653 | 265,475 | |
Bank Hapoalim BM | 5,637,995 | 31,849 | |
* | Bank Leumi Le-Israel BM | 7,164,633 | 28,034 |
Israel Chemicals Ltd. | 2,523,752 | 22,399 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 10,774,993 | 19,527 | |
NICE Systems Ltd. | 313,174 | 13,554 | |
Delek Group Ltd. | 27,259 | 11,048 | |
Mizrahi Tefahot Bank Ltd. | 645,671 | 8,631 | |
* | Israel Discount Bank Ltd. Class A | 4,578,132 | 8,185 |
Elbit Systems Ltd. | 134,954 | 7,966 | |
* | Israel Corp. Ltd. | 13,283 | 7,501 |
Azrieli Group | 205,814 | 6,967 | |
Gazit-Globe Ltd. | 487,179 | 6,261 | |
Osem Investments Ltd. | 219,994 | 5,226 | |
Frutarom Industries Ltd. | 202,500 | 4,863 | |
* | Partner Communications Co. Ltd. | 498,307 | 4,462 |
Paz Oil Co. Ltd. | 26,829 | 4,192 | |
* | EZchip Semiconductor Ltd. | 164,431 | 3,939 |
Harel Insurance Investments & Financial Services Ltd. | 631,090 | 3,602 | |
Strauss Group Ltd. | 179,544 | 3,250 | |
Shikun & Binui Ltd. | 1,148,219 | 2,991 | |
Alony Hetz Properties & Investments Ltd. | 413,797 | 2,963 | |
* | Delek Energy Systems Ltd. | 4,083 | 2,879 |
Cellcom Israel Ltd. (Registered) | 194,687 | 2,468 | |
* | Evogene Ltd. | 138,533 | 2,444 |
Ormat Industries | 303,426 | 2,263 | |
* | Clal Insurance Enterprises Holdings Ltd. | 113,656 | 2,221 |
* | Allot Communications Ltd. | 165,725 | 2,148 |
* | Jerusalem Oil Exploration | 48,855 | 2,096 |
* | Nitsba Holdings 1995 Ltd. | 136,137 | 2,090 |
Migdal Insurance & Financial Holding Ltd. | 1,265,041 | 2,073 | |
* | Mazor Robotics Ltd. | 226,890 | 2,051 |
* | Kamada Ltd. | 139,475 | 2,026 |
Ituran Location and Control Ltd. | 82,498 | 1,990 | |
Melisron Ltd. | 72,553 | 1,933 | |
Reit 1 Ltd. | 712,950 | 1,871 | |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 34,999 | 1,813 |
34
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
First International Bank Of Israel Ltd. | 109,646 | 1,768 | |
* | Oil Refineries Ltd. | 6,151,283 | 1,714 |
* | Airport City Ltd. | 166,796 | 1,705 |
Amot Investments Ltd. | 515,973 | 1,691 | |
Delek Automotive Systems Ltd. | 160,242 | 1,619 | |
* | Nova Measuring Instruments Ltd. | 150,314 | 1,550 |
Menorah Mivtachim Holdings Ltd. | 125,965 | 1,513 | |
Phoenix Holdings Ltd. | 402,994 | 1,496 | |
Jerusalem Economy Ltd. | 138,588 | 1,380 | |
Shufersal Ltd. | 368,304 | 1,377 | |
* | Tower Semiconductor Ltd. | 170,142 | 1,329 |
* | Africa Israel Investments Ltd. | 601,427 | 1,317 |
Norstar Holdings Inc. | 48,825 | 1,313 | |
Cellcom Israel Ltd. | 96,644 | 1,225 | |
* | Naphtha Israel Petroleum Corp. Ltd. | 162,265 | 1,214 |
* | Africa Israel Properties Ltd. | 67,535 | 1,199 |
* | Discount Investment Corp. | 129,965 | 1,192 |
Electra Ltd. | 7,997 | 1,157 | |
* | Gilat Satellite Networks Ltd. | 214,701 | 1,035 |
* | AudioCodes Ltd. | 160,300 | 876 |
* | Ceragon Networks Ltd. | 225,107 | 599 |
* | Hadera Paper Ltd. | 10,751 | 536 |
Elco Holdings Ltd. | 40,342 | 452 | |
Property & Building Corp. | 6,092 | 415 | |
Babylon Ltd. | 146,605 | 208 | |
* | Clal Biotechnology Industries Ltd. | 15,894 | 47 |
535,178 | |||
Italy (2.0%) | |||
Eni SPA | 14,075,641 | 364,554 | |
Intesa Sanpaolo SPA (Registered) | 67,327,901 | 230,401 | |
UniCredit SPA | 25,465,927 | 228,169 | |
Enel SPA | 37,084,684 | 210,048 | |
Assicurazioni Generali SPA | 7,198,427 | 168,311 | |
* | Telecom Italia SPA (Registered) | 59,587,024 | 76,572 |
Snam SPA | 11,960,891 | 71,945 | |
CNH Industrial NV | 5,237,096 | 61,176 | |
Atlantia SPA | 2,267,889 | 59,077 | |
* | Fiat SPA | 4,863,619 | 58,718 |
Luxottica Group SPA | 986,576 | 56,587 | |
Tenaris SA | 2,416,121 | 53,411 | |
Unione di Banche Italiane SCPA | 4,934,848 | 47,106 | |
Terna Rete Elettrica Nazionale SPA | 8,150,185 | 44,156 | |
^ | Banco Popolare SC | 1,952,683 | 40,355 |
Saipem SPA | 1,426,149 | 38,254 | |
Telecom Italia SPA (Bearer) | 34,446,931 | 34,240 | |
Pirelli & C. SPA | 1,905,008 | 32,073 | |
Prysmian SPA | 1,208,422 | 31,473 | |
* | Mediobanca SPA | 2,750,495 | 30,528 |
Exor SPA | 557,527 | 25,483 | |
Enel Green Power SPA | 8,835,153 | 25,287 | |
*,^ | Banca Popolare dell'Emilia Romagna SC | 1,901,644 | 21,920 |
* | Mediaset SPA | 3,827,308 | 21,181 |
* | Finmeccanica SPA | 2,172,136 | 20,102 |
*,^ | Banca Monte dei Paschi di Siena SPA | 57,062,401 | 19,072 |
*,^ | Banca Popolare di Milano Scarl | 18,445,660 | 18,654 |
*,^ | UnipolSai SPA | 4,629,293 | 17,034 |
Azimut Holding SPA | 544,089 | 16,985 | |
Davide Campari-Milano SPA | 1,621,912 | 14,099 | |
Mediolanum SPA | 1,472,111 | 13,250 | |
^ | Banca Popolare di Sondrio SCARL | 1,746,015 | 12,540 |
* | Yoox SPA | 308,522 | 11,079 |
Gtech SPA | 372,540 | 10,935 | |
^ | Tod's SPA | 76,706 | 10,749 |
Unipol Gruppo Finanziario SPA Prior Pfd. | 1,572,290 | 10,392 |
35
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Banca Generali SPA | 320,926 | 10,102 | |
Recordati SPA | 567,696 | 9,938 | |
A2A SPA | 8,036,345 | 9,834 | |
Hera SPA | 3,328,361 | 9,808 | |
* | World Duty Free SPA | 720,300 | 9,677 |
Unipol Gruppo Finanziario SPA | 1,253,421 | 9,080 | |
Salvatore Ferragamo SPA | 270,085 | 8,560 | |
Buzzi Unicem SPA | 415,842 | 7,377 | |
* | Sorin SPA | 2,393,428 | 7,306 |
* | Autogrill SPA | 724,554 | 6,955 |
Ansaldo STS SPA | 616,331 | 6,852 | |
Societa Cattolica di Assicurazioni SCRL | 265,760 | 6,573 | |
Interpump Group SPA | 451,486 | 6,401 | |
*,^ | Banca Piccolo Credito Valtellinese Scarl | 2,649,258 | 6,325 |
Brembo SPA | 169,777 | 6,275 | |
Parmalat SPA | 1,780,525 | 6,186 | |
Tenaris SA ADR | 139,938 | 6,164 | |
De'Longhi SPA | 282,103 | 6,132 | |
Danieli & C Officine Meccaniche SPA | 231,884 | 5,558 | |
Ei Towers SPA | 96,117 | 5,469 | |
^ | DiaSorin SPA | 131,564 | 5,429 |
ERG SPA | 277,221 | 4,788 | |
Societa Iniziative Autostradali e Servizi SPA | 398,959 | 4,744 | |
^ | Italcementi SPA | 387,684 | 4,710 |
Italcementi SPA RSP | 589,636 | 4,594 | |
Credito Emiliano SPA | 437,751 | 4,487 | |
^ | Beni Stabili SPA | 4,773,993 | 4,268 |
Iren SPA | 2,483,033 | 4,219 | |
* | Safilo Group SPA | 174,833 | 3,993 |
ACEA SPA | 274,030 | 3,932 | |
^ | Piaggio & C SPA | 943,218 | 3,903 |
^ | Brunello Cucinelli SPA | 135,084 | 3,888 |
*,^ | Banca Carige SPA | 4,809,219 | 3,555 |
MARR SPA | 180,142 | 3,489 | |
ASTM SPA | 203,419 | 3,448 | |
Industria Macchine Automatiche SPA | 67,239 | 3,307 | |
* | CIR-Compagnie Industriali Riunite SPA | 2,137,360 | 3,296 |
Amplifon SPA | 495,048 | 3,233 | |
Cementir Holding SPA | 321,239 | 3,061 | |
Astaldi SPA | 281,155 | 3,047 | |
^ | RCS MediaGroup SPA | 1,287,951 | 2,961 |
^ | Indesit Co. SPA | 205,812 | 2,939 |
* | Italmobiliare SPA | 92,676 | 2,872 |
*,^ | Saras SPA | 1,520,724 | 2,639 |
*,^ | UnipolSai SPA B | 691,858 | 2,575 |
Danieli & C Officine Meccaniche SPA | 69,198 | 2,485 | |
Trevi Finanziaria Industriale SPA | 198,735 | 2,292 | |
^ | Geox SPA | 432,719 | 1,883 |
* | Italmobiliare SPA | 37,665 | 1,712 |
* | Sogefi SPA | 250,655 | 1,593 |
* | Gruppo Editoriale L'Espresso SPA | 689,315 | 1,592 |
Esprinet SPA | 136,064 | 1,488 | |
^ | Immobiliare Grande Distribuzione | 797,244 | 1,481 |
Zignago Vetro SPA | 167,385 | 1,378 | |
* | Cofide SPA | 1,767,223 | 1,321 |
* | Falck Renewables SPA | 657,362 | 1,255 |
*,^ | Arnoldo Mondadori Editore SPA | 525,365 | 972 |
*,^ | DeA Capital SPA | 456,280 | 849 |
*,^ | Juventus Football Club SPA | 2,073,814 | 709 |
*,^ | Fiera Milano SPA | 49,412 | 505 |
* | Gemina SPA CVR | 2,837,088 | 51 |
2,471,431 | |||
Japan (14.2%) | |||
Toyota Motor Corp. | 15,136,487 | 817,797 |
36
Vanguard® Total International Stock Index Fund | ||
Schedule of Investments | ||
April 30, 2014 | ||
Market | ||
Value | ||
Shares | ($000) | |
Mitsubishi UFJ Financial Group Inc. | 80,846,156 | 430,061 |
SoftBank Corp. | 5,378,658 | 400,592 |
Honda Motor Co. Ltd. | 10,247,218 | 340,051 |
Sumitomo Mitsui Financial Group Inc. | 7,676,160 | 303,441 |
Mizuho Financial Group Inc. | 136,727,750 | 267,796 |
Canon Inc. | 6,461,156 | 202,460 |
FANUC Corp. | 1,121,399 | 202,341 |
Takeda Pharmaceutical Co. Ltd. | 4,418,709 | 198,754 |
Japan Tobacco Inc. | 6,018,954 | 197,834 |
Hitachi Ltd. | 26,479,106 | 188,768 |
Seven & I Holdings Co. Ltd. | 4,454,108 | 175,742 |
KDDI Corp. | 3,124,125 | 166,615 |
Mitsubishi Estate Co. Ltd. | 7,223,755 | 163,910 |
East Japan Railway Co. | 2,167,376 | 158,143 |
Astellas Pharma Inc. | 13,236,345 | 147,579 |
Mitsubishi Corp. | 8,220,116 | 147,200 |
Mitsui Fudosan Co. Ltd. | 4,834,915 | 143,122 |
Mitsui & Co. Ltd. | 9,888,266 | 140,239 |
Shin-Etsu Chemical Co. Ltd. | 2,354,784 | 138,137 |
Bridgestone Corp. | 3,809,835 | 136,413 |
Central Japan Railway Co. | 1,082,160 | 132,917 |
Panasonic Corp. | 12,155,609 | 132,497 |
Mitsubishi Electric Corp. | 11,279,282 | 128,435 |
NTT DOCOMO Inc. | 8,030,400 | 128,089 |
Nippon Steel & Sumitomo Metal Corp. | 48,329,029 | 126,798 |
Nippon Telegraph & Telephone Corp. | 2,278,239 | 126,426 |
Nissan Motor Co. Ltd. | 14,500,633 | 125,120 |
Denso Corp. | 2,727,937 | 124,265 |
Tokio Marine Holdings Inc. | 4,073,191 | 120,020 |
Komatsu Ltd. | 5,439,129 | 119,749 |
Nomura Holdings Inc. | 20,040,352 | 116,051 |
Kao Corp. | 3,004,622 | 113,116 |
ORIX Corp. | 7,401,320 | 107,244 |
Keyence Corp. | 260,364 | 100,438 |
Sony Corp. | 5,693,990 | 99,961 |
ITOCHU Corp. | 8,860,719 | 99,327 |
Mitsubishi Heavy Industries Ltd. | 18,296,400 | 96,330 |
Sumitomo Realty & Development Co. Ltd. | 2,473,033 | 95,952 |
Murata Manufacturing Co. Ltd. | 1,144,774 | 95,433 |
Fast Retailing Co. Ltd. | 302,831 | 94,101 |
Fuji Heavy Industries Ltd. | 3,576,106 | 94,033 |
Kubota Corp. | 7,195,394 | 92,738 |
Toshiba Corp. | 23,470,104 | 91,929 |
Sumitomo Mitsui Trust Holdings Inc. | 21,835,511 | 89,978 |
Daikin Industries Ltd. | 1,523,020 | 88,098 |
Kyocera Corp. | 1,847,356 | 86,881 |
SMC Corp. | 354,239 | 84,329 |
Sumitomo Corp. | 6,426,748 | 83,422 |
Inpex Corp. | 5,260,300 | 76,713 |
Dai-ichi Life Insurance Co. Ltd. | 5,481,500 | 75,956 |
Tokyo Gas Co. Ltd. | 14,349,382 | 75,182 |
Daiwa Securities Group Inc. | 9,987,910 | 74,894 |
Hoya Corp. | 2,483,905 | 73,467 |
Nidec Corp. | 1,270,480 | 71,827 |
JX Holdings Inc. | 13,821,460 | 71,814 |
Kirin Holdings Co. Ltd. | 5,069,272 | 70,210 |
MS&AD Insurance Group Holdings | 3,103,767 | 69,624 |
Secom Co. Ltd. | 1,184,103 | 67,983 |
Asahi Group Holdings Ltd. | 2,457,511 | 67,908 |
Mazda Motor Corp. | 15,169,956 | 67,829 |
FUJIFILM Holdings Corp. | 2,615,219 | 67,557 |
Daiichi Sankyo Co. Ltd. | 3,970,397 | 66,601 |
Nintendo Co. Ltd. | 607,195 | 63,731 |
Marubeni Corp. | 9,497,193 | 63,464 |
37
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Otsuka Holdings Co. Ltd. | 2,199,371 | 63,359 | |
Daiwa House Industry Co. Ltd. | 3,690,910 | 62,361 | |
Suzuki Motor Corp. | 2,383,765 | 61,501 | |
Eisai Co. Ltd. | 1,575,211 | 60,833 | |
Sumitomo Electric Industries Ltd. | 4,375,967 | 60,569 | |
Fujitsu Ltd. | 10,172,378 | 59,816 | |
Toray Industries Inc. | 8,849,450 | 57,758 | |
Resona Holdings Inc. | 10,922,728 | 55,848 | |
Tokyo Electron Ltd. | 978,366 | 55,645 | |
NKSJ Holdings Inc. | 2,202,666 | 54,954 | |
JFE Holdings Inc. | 2,937,391 | 54,287 | |
Ajinomoto Co. Inc. | 3,665,758 | 53,952 | |
Dentsu Inc. | 1,285,419 | 52,718 | |
* | Olympus Corp. | 1,700,098 | 51,929 |
Asahi Kasei Corp. | 7,608,144 | 51,726 | |
Yamato Holdings Co. Ltd. | 2,293,045 | 47,187 | |
Ricoh Co. Ltd. | 3,998,183 | 46,071 | |
* | Chubu Electric Power Co. Inc. | 4,039,908 | 46,017 |
Sumitomo Metal Mining Co. Ltd. | 3,040,716 | 45,929 | |
Tokyu Corp. | 7,197,504 | 45,332 | |
Oriental Land Co. Ltd. | 300,364 | 44,999 | |
T&D Holdings Inc. | 3,763,450 | 44,922 | |
Shimano Inc. | 448,879 | 44,871 | |
Toyota Industries Corp. | 967,480 | 44,599 | |
Daito Trust Construction Co. Ltd. | 437,216 | 44,491 | |
Omron Corp. | 1,252,505 | 44,357 | |
West Japan Railway Co. | 1,082,390 | 43,894 | |
Aeon Co. Ltd. | 3,769,600 | 43,537 | |
LIXIL Group Corp. | 1,626,644 | 43,106 | |
Osaka Gas Co. Ltd. | 11,274,834 | 42,498 | |
Isuzu Motors Ltd. | 7,245,753 | 42,080 | |
Ono Pharmaceutical Co. Ltd. | 530,338 | 42,063 | |
NEC Corp. | 14,829,932 | 41,717 | |
Terumo Corp. | 2,075,662 | 41,193 | |
JGC Corp. | 1,266,391 | 41,008 | |
Nitto Denko Corp. | 942,572 | 40,810 | |
Shiseido Co. Ltd. | 2,238,295 | 39,989 | |
Aisin Seiki Co. Ltd. | 1,125,805 | 39,785 | |
Hankyu Hanshin Holdings Inc. | 7,215,455 | 39,545 | |
Sekisui House Ltd. | 3,242,110 | 38,917 | |
Makita Corp. | 718,575 | 38,220 | |
Mitsubishi Motors Corp. | 3,445,030 | 37,338 | |
* | Kansai Electric Power Co. Inc. | 4,424,885 | 37,103 |
Unicharm Corp. | 671,551 | 36,417 | |
Bank of Yokohama Ltd. | 7,152,448 | 35,949 | |
Kintetsu Corp. | 10,117,546 | 35,556 | |
Shizuoka Bank Ltd. | 3,590,824 | 34,310 | |
Toyota Tsusho Corp. | 1,285,016 | 33,846 | |
Yakult Honsha Co. Ltd. | 622,781 | 33,661 | |
Yahoo Japan Corp. | 7,622,200 | 33,297 | |
Asahi Glass Co. Ltd. | 5,866,678 | 33,260 | |
Sumitomo Chemical Co. Ltd. | 8,790,919 | 32,980 | |
Kawasaki Heavy Industries Ltd. | 8,787,304 | 32,615 | |
IHI Corp. | 8,106,749 | 32,324 | |
Chugai Pharmaceutical Co. Ltd. | 1,267,845 | 31,999 | |
Dai Nippon Printing Co. Ltd. | 3,549,353 | 31,970 | |
Shionogi & Co. Ltd. | 1,819,222 | 31,888 | |
* | Tokyo Electric Power Co. Inc. | 8,330,509 | 31,508 |
Nikon Corp. | 2,001,137 | 31,375 | |
Odakyu Electric Railway Co. Ltd. | 3,559,371 | 31,249 | |
Japan Exchange Group Inc. | 1,568,747 | 31,039 | |
Mitsubishi Chemical Holdings Corp. | 7,718,158 | 30,888 | |
NGK Insulators Ltd. | 1,601,733 | 30,290 | |
Tobu Railway Co. Ltd. | 6,113,285 | 29,900 |
38
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
TDK Corp. | 699,369 | 29,822 | |
NGK Spark Plug Co. Ltd. | 1,247,919 | 28,571 | |
NSK Ltd. | 2,707,952 | 28,468 | |
Taisei Corp. | 6,046,399 | 28,031 | |
Chiba Bank Ltd. | 4,399,445 | 27,965 | |
NTT Data Corp. | 718,600 | 27,764 | |
Sysmex Corp. | 874,734 | 27,731 | |
Konica Minolta Inc. | 2,961,289 | 27,594 | |
TOTO Ltd. | 1,916,224 | 27,106 | |
* | Kyushu Electric Power Co. Inc. | 2,649,895 | 26,736 |
Tohoku Electric Power Co. Inc. | 2,730,887 | 25,989 | |
Lawson Inc. | 373,693 | 25,954 | |
Rohm Co. Ltd. | 542,366 | 25,937 | |
Isetan Mitsukoshi Holdings Ltd. | 2,062,263 | 25,663 | |
Hirose Electric Co. Ltd. | 178,720 | 25,227 | |
Suntory Beverage & Food Ltd. | 721,282 | 25,189 | |
Obayashi Corp. | 3,861,404 | 24,933 | |
Nippon Yusen KK | 9,197,567 | 24,930 | |
MEIJI Holdings Co. Ltd. | 405,439 | 24,881 | |
Sekisui Chemical Co. Ltd. | 2,439,527 | 24,723 | |
Yamaha Motor Co. Ltd. | 1,587,157 | 24,501 | |
Keio Corp. | 3,448,175 | 24,405 | |
Nippon Express Co. Ltd. | 5,143,425 | 24,315 | |
Keikyu Corp. | 2,925,187 | 24,281 | |
Namco Bandai Holdings Inc. | 1,117,564 | 24,145 | |
Taiheiyo Cement Corp. | 6,873,398 | 24,111 | |
Toppan Printing Co. Ltd. | 3,452,365 | 23,710 | |
Seiko Epson Corp. | 863,911 | 23,576 | |
Chugoku Electric Power Co. Inc. | 1,766,845 | 23,151 | |
Sega Sammy Holdings Inc. | 1,134,541 | 22,869 | |
Oji Holdings Corp. | 5,404,705 | 22,708 | |
Kuraray Co. Ltd. | 1,979,304 | 22,255 | |
Electric Power Development Co. Ltd. | 836,983 | 22,195 | |
Kikkoman Corp. | 1,087,878 | 22,104 | |
Kobe Steel Ltd. | 16,679,912 | 21,895 | |
Nissin Foods Holdings Co. Ltd. | 446,169 | 21,357 | |
*,^ | Sharp Corp. | 8,513,150 | 21,340 |
Mitsui OSK Lines Ltd. | 6,381,923 | 21,291 | |
Shimizu Corp. | 3,709,794 | 21,029 | |
Mitsubishi Materials Corp. | 7,132,570 | 20,688 | |
Asics Corp. | 1,056,911 | 20,571 | |
Kansai Paint Co. Ltd. | 1,459,033 | 20,399 | |
Hulic Co. Ltd. | 1,682,100 | 20,289 | |
Santen Pharmaceutical Co. Ltd. | 454,647 | 20,263 | |
Hino Motors Ltd. | 1,530,883 | 20,168 | |
Nippon Paint Co. Ltd. | 1,301,000 | 20,128 | |
Nitori Holdings Co. Ltd. | 437,080 | 20,048 | |
JSR Corp. | 1,223,306 | 20,046 | |
Brother Industries Ltd. | 1,431,727 | 20,026 | |
Fukuoka Financial Group Inc. | 4,894,984 | 19,991 | |
Tokyu Fudosan Holdings Corp. | 2,735,618 | 19,888 | |
Aozora Bank Ltd. | 6,665,969 | 19,830 | |
Shinsei Bank Ltd. | 10,161,037 | 19,810 | |
Daihatsu Motor Co. Ltd. | 1,192,197 | 19,747 | |
Suruga Bank Ltd. | 1,149,693 | 19,722 | |
Nippon Meat Packers Inc. | 1,135,313 | 19,677 | |
Joyo Bank Ltd. | 4,035,506 | 19,641 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 265,733 | 19,587 | |
Yokogawa Electric Corp. | 1,428,043 | 19,524 | |
Stanley Electric Co. Ltd. | 879,737 | 19,498 | |
Kajima Corp. | 5,114,284 | 19,473 | |
Hisamitsu Pharmaceutical Co. Inc. | 465,104 | 19,466 | |
Credit Saison Co. Ltd. | 908,451 | 19,353 | |
Trend Micro Inc. | 591,363 | 19,129 |
39
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
JTEKT Corp. | 1,286,554 | 18,771 | |
Tokyo Tatemono Co. Ltd. | 2,327,000 | 18,557 | |
Rinnai Corp. | 222,400 | 18,535 | |
J Front Retailing Co. Ltd. | 2,874,872 | 18,274 | |
Yamada Denki Co. Ltd. | 4,943,730 | 18,264 | |
Toyo Suisan Kaisha Ltd. | 561,279 | 17,978 | |
USS Co. Ltd. | 1,217,180 | 17,742 | |
Hamamatsu Photonics KK | 393,310 | 17,722 | |
Japan Airlines Co. Ltd. | 342,004 | 17,705 | |
Kyowa Hakko Kirin Co. Ltd. | 1,547,736 | 17,625 | |
Mitsubishi Tanabe Pharma Corp. | 1,274,853 | 17,481 | |
Don Quijote Holdings Co. Ltd. | 323,800 | 17,078 | |
Benesse Holdings Inc. | 448,263 | 17,056 | |
Alfresa Holdings Corp. | 273,258 | 17,012 | |
Bank of Kyoto Ltd. | 2,072,925 | 16,890 | |
Nomura Research Institute Ltd. | 562,051 | 16,298 | |
Yaskawa Electric Corp. | 1,439,112 | 16,227 | |
Minebea Co. Ltd. | 2,001,000 | 16,216 | |
Nisshin Seifun Group Inc. | 1,374,528 | 15,992 | |
Iyo Bank Ltd. | 1,769,653 | 15,911 | |
Sony Financial Holdings Inc. | 992,132 | 15,909 | |
AEON Financial Service Co. Ltd. | 629,665 | 15,857 | |
Casio Computer Co. Ltd. | 1,388,983 | 15,850 | |
Nagoya Railroad Co. Ltd. | 4,960,000 | 15,738 | |
Koito Manufacturing Co. Ltd. | 716,100 | 15,575 | |
Suzuken Co. Ltd. | 429,892 | 15,495 | |
Fuji Electric Co. Ltd. | 3,380,774 | 15,343 | |
Ryohin Keikaku Co. Ltd. | 136,300 | 15,318 | |
Ebara Corp. | 2,565,000 | 15,257 | |
Hachijuni Bank Ltd. | 2,771,425 | 15,151 | |
TonenGeneral Sekiyu KK | 1,598,795 | 15,102 | |
Takashimaya Co. Ltd. | 1,593,922 | 15,101 | |
Amada Co. Ltd. | 2,085,692 | 15,084 | |
Daicel Corp. | 1,795,782 | 15,039 | |
Hitachi Metals Ltd. | 1,090,441 | 14,807 | |
Hokuhoku Financial Group Inc. | 7,672,000 | 14,805 | |
FamilyMart Co. Ltd. | 356,493 | 14,803 | |
Yokohama Rubber Co. Ltd. | 1,656,000 | 14,791 | |
Nabtesco Corp. | 683,456 | 14,755 | |
Aeon Mall Co. Ltd. | 612,879 | 14,612 | |
^ | ANA Holdings Inc. | 6,633,946 | 14,487 |
Toyo Seikan Group Holdings Ltd. | 970,932 | 14,440 | |
Shimadzu Corp. | 1,686,080 | 14,403 | |
Toho Gas Co. Ltd. | 2,932,573 | 14,389 | |
Shimamura Co. Ltd. | 154,299 | 14,374 | |
Miraca Holdings Inc. | 331,549 | 14,372 | |
*,^ | Seibu Holdings Inc. | 785,627 | 14,370 |
Toho Co. Ltd. | 745,497 | 14,352 | |
SBI Holdings Inc. | 1,249,910 | 14,294 | |
THK Co. Ltd. | 676,258 | 14,294 | |
Keisei Electric Railway Co. Ltd. | 1,629,500 | 14,182 | |
Sumitomo Rubber Industries Ltd. | 1,018,330 | 14,153 | |
Seven Bank Ltd. | 3,729,219 | 14,138 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,864,470 | 14,133 | |
Gunma Bank Ltd. | 2,644,289 | 14,055 | |
Kurita Water Industries Ltd. | 665,906 | 14,024 | |
Chugoku Bank Ltd. | 1,048,509 | 13,899 | |
Mitsubishi Gas Chemical Co. Inc. | 2,404,271 | 13,881 | |
M3 Inc. | 1,009,500 | 13,849 | |
Kamigumi Co. Ltd. | 1,448,414 | 13,807 | |
Nissan Chemical Industries Ltd. | 925,700 | 13,796 | |
Air Water Inc. | 982,553 | 13,787 | |
Sumitomo Heavy Industries Ltd. | 3,230,460 | 13,745 | |
Dainippon Sumitomo Pharma Co. Ltd. | 904,592 | 13,719 |
40
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Iida Group Holdings Co. Ltd. | 917,063 | 13,686 | |
MediPal Holdings Corp. | 968,234 | 13,619 | |
Hiroshima Bank Ltd. | 3,299,166 | 13,574 | |
Citizen Holdings Co. Ltd. | 1,837,491 | 13,494 | |
Teijin Ltd. | 5,484,422 | 13,481 | |
Yamaha Corp. | 999,456 | 13,391 | |
Taiyo Nippon Sanso Corp. | 1,678,882 | 13,382 | |
Chiyoda Corp. | 992,963 | 13,315 | |
Keihan Electric Railway Co. Ltd. | 3,228,000 | 13,307 | |
Marui Group Co. Ltd. | 1,491,475 | 13,248 | |
Hokuriku Electric Power Co. | 1,055,618 | 13,109 | |
Mitsui Chemicals Inc. | 5,310,556 | 12,941 | |
Tosoh Corp. | 3,386,279 | 12,922 | |
Yamaguchi Financial Group Inc. | 1,384,340 | 12,766 | |
Sawai Pharmaceutical Co. Ltd. | 205,500 | 12,718 | |
Nomura Real Estate Holdings Inc. | 680,647 | 12,717 | |
Idemitsu Kosan Co. Ltd. | 572,940 | 12,670 | |
Konami Corp. | 554,093 | 12,636 | |
GS Yuasa Corp. | 2,209,526 | 12,503 | |
Ibiden Co. Ltd. | 690,752 | 12,468 | |
MISUMI Group Inc. | 494,400 | 12,031 | |
Nippon Kayaku Co. Ltd. | 1,009,000 | 12,007 | |
Mitsubishi Logistics Corp. | 834,435 | 11,972 | |
Sankyo Co. Ltd. | 297,551 | 11,899 | |
DIC Corp. | 4,464,000 | 11,847 | |
^ | Dena Co. Ltd. | 688,051 | 11,628 |
COMSYS Holdings Corp. | 707,100 | 11,592 | |
Obic Co. Ltd. | 386,300 | 11,592 | |
Otsuka Corp. | 96,977 | 11,480 | |
Nippon Electric Glass Co. Ltd. | 2,340,931 | 11,452 | |
^ | Sugi Holdings Co. Ltd. | 253,600 | 11,407 |
Dowa Holdings Co. Ltd. | 1,359,000 | 11,394 | |
Showa Denko KK | 8,508,762 | 11,338 | |
Kobayashi Pharmaceutical Co. Ltd. | 186,400 | 11,318 | |
Hoshizaki Electric Co. Ltd. | 279,500 | 11,310 | |
Kaneka Corp. | 1,914,429 | 11,229 | |
^ | Nippon Paper Industries Co. Ltd. | 613,956 | 11,220 |
^ | Sanrio Co. Ltd. | 351,140 | 11,132 |
Nankai Electric Railway Co. Ltd. | 2,867,000 | 11,121 | |
Sojitz Corp. | 7,048,887 | 11,115 | |
Hitachi Construction Machinery Co. Ltd. | 597,540 | 11,088 | |
Hakuhodo DY Holdings Inc. | 1,420,980 | 11,023 | |
Alps Electric Co. Ltd. | 974,200 | 11,016 | |
Showa Shell Sekiyu KK | 1,085,059 | 11,007 | |
Kakaku.com Inc. | 755,700 | 10,781 | |
Mabuchi Motor Co. Ltd. | 155,116 | 10,622 | |
Advantest Corp. | 962,563 | 10,611 | |
Zeon Corp. | 1,137,000 | 10,572 | |
NOK Corp. | 646,430 | 10,568 | |
Nippon Shokubai Co. Ltd. | 915,000 | 10,558 | |
Park24 Co. Ltd. | 563,300 | 10,297 | |
Kawasaki Kisen Kaisha Ltd. | 5,121,710 | 10,284 | |
* | Shikoku Electric Power Co. Inc. | 876,994 | 10,265 |
* | NTN Corp. | 2,979,324 | 10,196 |
Calbee Inc. | 414,700 | 10,170 | |
Tsuruha Holdings Inc. | 100,900 | 10,155 | |
Yamazaki Baking Co. Ltd. | 830,640 | 10,149 | |
Ube Industries Ltd. | 5,986,333 | 10,142 | |
Rohto Pharmaceutical Co. Ltd. | 569,600 | 10,049 | |
Haseko Corp. | 1,577,600 | 9,991 | |
Coca-Cola East Japan Co. Ltd. | 434,293 | 9,787 | |
Daido Steel Co. Ltd. | 1,994,463 | 9,752 | |
Ushio Inc. | 731,743 | 9,558 | |
Maruichi Steel Tube Ltd. | 374,712 | 9,505 |
41
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
NHK Spring Co. Ltd. | 1,042,689 | 9,438 | |
77 Bank Ltd. | 2,072,000 | 9,354 | |
Pigeon Corp. | 207,800 | 9,303 | |
Nishi-Nippon City Bank Ltd. | 4,088,372 | 9,299 | |
Azbil Corp. | 409,100 | 9,284 | |
Tokai Tokyo Financial Holdings Inc. | 1,372,100 | 9,218 | |
Kewpie Corp. | 640,200 | 9,209 | |
Tsumura & Co. | 387,413 | 9,208 | |
Anritsu Corp. | 815,932 | 9,137 | |
Sapporo Holdings Ltd. | 2,139,000 | 9,069 | |
Sotetsu Holdings Inc. | 2,498,000 | 8,928 | |
Sumitomo Osaka Cement Co. Ltd. | 2,220,000 | 8,829 | |
Hikari Tsushin Inc. | 104,600 | 8,818 | |
Seino Holdings Co. Ltd. | 884,000 | 8,737 | |
Furukawa Electric Co. Ltd. | 3,855,000 | 8,679 | |
Japan Steel Works Ltd. | 2,051,494 | 8,668 | |
Glory Ltd. | 334,600 | 8,657 | |
Oracle Corp. Japan | 187,738 | 8,652 | |
Denki Kagaku Kogyo KK | 2,591,447 | 8,595 | |
Hitachi Chemical Co. Ltd. | 583,615 | 8,586 | |
Nagase & Co. Ltd. | 696,500 | 8,534 | |
Zenkoku Hosho Co. Ltd. | 379,600 | 8,502 | |
Hitachi High-Technologies Corp. | 368,763 | 8,436 | |
Disco Corp. | 137,500 | 8,356 | |
Mitsui Engineering & Shipbuilding Co. Ltd. | 4,298,000 | 8,339 | |
Nishi-Nippon Railroad Co. Ltd. | 2,151,000 | 8,273 | |
Takara Holdings Inc. | 1,079,000 | 8,261 | |
Sohgo Security Services Co. Ltd. | 386,900 | 8,203 | |
Nichirei Corp. | 1,686,000 | 8,187 | |
^ | Taiyo Yuden Co. Ltd. | 662,100 | 8,186 |
Toyobo Co. Ltd. | 5,000,000 | 8,074 | |
Nihon Kohden Corp. | 196,600 | 8,051 | |
Lion Corp. | 1,467,000 | 8,037 | |
Fujikura Ltd. | 1,859,000 | 8,005 | |
Shiga Bank Ltd. | 1,463,000 | 8,000 | |
Sundrug Co. Ltd. | 193,400 | 7,912 | |
UNY Group Holdings Co. Ltd. | 1,220,200 | 7,875 | |
DMG Mori Seiki Co. Ltd. | 621,800 | 7,757 | |
*,^ | Acom Co. Ltd. | 2,262,200 | 7,710 |
Okasan Securities Group Inc. | 1,103,484 | 7,704 | |
OKUMA Corp. | 900,000 | 7,703 | |
Century Tokyo Leasing Corp. | 266,100 | 7,701 | |
Mitsui Mining & Smelting Co. Ltd. | 3,102,000 | 7,692 | |
Toyoda Gosei Co. Ltd. | 417,363 | 7,690 | |
Ezaki Glico Co. Ltd. | 578,000 | 7,612 | |
Sumitomo Forestry Co. Ltd. | 748,300 | 7,611 | |
Aoyama Trading Co. Ltd. | 304,000 | 7,544 | |
Topcon Corp. | 432,200 | 7,537 | |
Tadano Ltd. | 530,000 | 7,494 | |
Horiba Ltd. | 215,700 | 7,456 | |
Yamato Kogyo Co. Ltd. | 258,055 | 7,442 | |
Kaken Pharmaceutical Co. Ltd. | 431,000 | 7,427 | |
Nisshinbo Holdings Inc. | 856,000 | 7,334 | |
^ | Kagome Co. Ltd. | 429,200 | 7,263 |
House Foods Group Inc. | 433,500 | 7,214 | |
Ito En Ltd. | 337,200 | 7,209 | |
*,^ | Leopalace21 Corp. | 1,374,700 | 7,110 |
Wacoal Holdings Corp. | 718,000 | 7,083 | |
Juroku Bank Ltd. | 2,017,000 | 7,046 | |
Daishi Bank Ltd. | 1,944,000 | 7,021 | |
K's Holdings Corp. | 238,200 | 6,913 | |
Cosmo Oil Co. Ltd. | 3,680,850 | 6,886 | |
Awa Bank Ltd. | 1,275,000 | 6,827 | |
Kinden Corp. | 740,006 | 6,813 |
42
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Izumi Co. Ltd. | 231,700 | 6,780 | |
Toho Holdings Co. Ltd. | 335,400 | 6,761 | |
Tsubakimoto Chain Co. | 947,000 | 6,759 | |
North Pacific Bank Ltd. | 1,667,900 | 6,756 | |
Japan Airport Terminal Co. Ltd. | 291,400 | 6,724 | |
Autobacs Seven Co. Ltd. | 434,200 | 6,718 | |
SCSK Corp. | 252,836 | 6,688 | |
* | Nippon Sheet Glass Co. Ltd. | 5,144,413 | 6,598 |
Nissan Shatai Co. Ltd. | 433,100 | 6,598 | |
Matsumotokiyoshi Holdings Co. Ltd. | 223,200 | 6,587 | |
Toyo Tire & Rubber Co. Ltd. | 881,000 | 6,569 | |
Keiyo Bank Ltd. | 1,481,000 | 6,519 | |
Oki Electric Industry Co. Ltd. | 3,327,000 | 6,513 | |
Sanwa Holdings Corp. | 1,062,000 | 6,488 | |
Japan Petroleum Exploration Co. | 174,053 | 6,479 | |
Hitachi Capital Corp. | 262,200 | 6,463 | |
^ | Temp Holdings Co. Ltd. | 253,100 | 6,439 |
*,^ | Hokkaido Electric Power Co. Inc. | 1,037,678 | 6,348 |
^ | Accordia Golf Co. Ltd. | 494,000 | 6,337 |
Coca-Cola West Co. Ltd. | 363,026 | 6,318 | |
Nippon Konpo Unyu Soko Co. Ltd. | 373,000 | 6,303 | |
^ | Square Enix Holdings Co. Ltd. | 391,707 | 6,300 |
KYORIN Holdings Inc. | 326,700 | 6,297 | |
Shimachu Co. Ltd. | 286,500 | 6,295 | |
Nifco Inc. | 225,300 | 6,293 | |
Jafco Co. Ltd. | 164,200 | 6,291 | |
SHO-BOND Holdings Co. Ltd. | 139,100 | 6,269 | |
SKY Perfect JSAT Holdings Inc. | 1,157,800 | 6,226 | |
Nippon Shinyaku Co. Ltd. | 351,000 | 6,183 | |
United Arrows Ltd. | 159,300 | 6,161 | |
ADEKA Corp. | 557,400 | 6,124 | |
Mochida Pharmaceutical Co. Ltd. | 86,900 | 6,123 | |
Duskin Co. Ltd. | 327,800 | 6,059 | |
Musashino Bank Ltd. | 187,100 | 5,996 | |
Higo Bank Ltd. | 1,162,000 | 5,972 | |
Nexon Co. Ltd. | 765,546 | 5,963 | |
Okumura Corp. | 1,303,000 | 5,953 | |
Rengo Co. Ltd. | 1,332,000 | 5,952 | |
Kagoshima Bank Ltd. | 949,000 | 5,928 | |
Toagosei Co. Ltd. | 1,410,000 | 5,900 | |
Start Today Co. Ltd. | 280,676 | 5,882 | |
Senshu Ikeda Holdings Inc. | 1,275,760 | 5,858 | |
San-In Godo Bank Ltd. | 886,000 | 5,848 | |
^ | Fukuyama Transporting Co. Ltd. | 999,000 | 5,846 |
Itochu Techno-Solutions Corp. | 138,849 | 5,802 | |
TS Tech Co. Ltd. | 216,400 | 5,771 | |
ABC-Mart Inc. | 127,689 | 5,734 | |
Kose Corp. | 172,500 | 5,733 | |
IT Holdings Corp. | 368,500 | 5,712 | |
Hokkoku Bank Ltd. | 1,705,000 | 5,709 | |
Resorttrust Inc. | 361,400 | 5,670 | |
^ | Nipro Corp. | 652,200 | 5,646 |
Nanto Bank Ltd. | 1,498,000 | 5,623 | |
*,^ | Aiful Corp. | 1,636,700 | 5,589 |
Tokuyama Corp. | 1,921,000 | 5,571 | |
Matsui Securities Co. Ltd. | 603,500 | 5,556 | |
Lintec Corp. | 298,300 | 5,547 | |
Maeda Road Construction Co. Ltd. | 356,000 | 5,520 | |
OSG Corp. | 341,700 | 5,508 | |
HIS Co. Ltd. | 198,400 | 5,502 | |
NTT Urban Development Corp. | 616,300 | 5,421 | |
Hyakugo Bank Ltd. | 1,396,000 | 5,409 | |
Shochiku Co. Ltd. | 642,000 | 5,313 | |
H2O Retailing Corp. | 703,000 | 5,305 |
43
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cosmos Pharmaceutical Corp. | 49,500 | 5,295 | |
Dainippon Screen Manufacturing Co. Ltd. | 1,208,000 | 5,269 | |
^ | J Trust Co. Ltd. | 486,500 | 5,245 |
^ | Zensho Holdings Co. Ltd. | 517,800 | 5,235 |
UACJ Corp. | 1,322,006 | 5,229 | |
Kyowa Exeo Corp. | 403,800 | 5,223 | |
Penta-Ocean Construction Co. Ltd. | 1,597,000 | 5,223 | |
Kissei Pharmaceutical Co. Ltd. | 222,900 | 5,220 | |
Iwatani Corp. | 882,000 | 5,176 | |
^ | Wacom Co. Ltd. | 790,100 | 5,167 |
Onward Holdings Co. Ltd. | 768,000 | 5,166 | |
^ | Gree Inc. | 525,455 | 5,138 |
Hyakujushi Bank Ltd. | 1,528,000 | 5,118 | |
* | Ulvac Inc. | 268,700 | 5,092 |
*,^ | Kenedix Inc. | 1,472,800 | 5,091 |
Ogaki Kyoritsu Bank Ltd. | 1,880,000 | 5,078 | |
Ship Healthcare Holdings Inc. | 148,600 | 5,068 | |
Tokai Rika Co. Ltd. | 289,200 | 5,026 | |
Sanken Electric Co. Ltd. | 717,000 | 4,995 | |
*,^ | Orient Corp. | 2,366,000 | 4,983 |
Nachi-Fujikoshi Corp. | 805,000 | 4,979 | |
Nisshin Steel Holdings Co. Ltd. | 483,192 | 4,963 | |
Nihon Parkerizing Co. Ltd. | 226,000 | 4,926 | |
Capcom Co. Ltd. | 282,300 | 4,917 | |
Exedy Corp. | 182,800 | 4,891 | |
Komeri Co. Ltd. | 180,400 | 4,885 | |
Sankyu Inc. | 1,275,000 | 4,860 | |
^ | Kanamoto Co. Ltd. | 154,000 | 4,838 |
Aica Kogyo Co. Ltd. | 231,100 | 4,833 | |
Canon Marketing Japan Inc. | 299,600 | 4,825 | |
Nishimatsu Construction Co. Ltd. | 1,337,000 | 4,811 | |
Toda Corp. | 1,366,000 | 4,787 | |
Maeda Corp. | 633,000 | 4,711 | |
NOF Corp. | 679,000 | 4,709 | |
Daifuku Co. Ltd. | 408,000 | 4,704 | |
Hanwa Co. Ltd. | 1,202,000 | 4,701 | |
Arcs Co. Ltd. | 233,700 | 4,688 | |
Tokyo Dome Corp. | 1,045,000 | 4,680 | |
Meidensha Corp. | 1,113,000 | 4,608 | |
Takata Corp. | 194,800 | 4,590 | |
Nippon Seiki Co. Ltd. | 262,000 | 4,581 | |
IBJ Leasing Co. Ltd. | 199,400 | 4,563 | |
Toshiba TEC Corp. | 695,000 | 4,528 | |
Fuji Media Holdings Inc. | 267,500 | 4,507 | |
Inaba Denki Sangyo Co. Ltd. | 146,300 | 4,493 | |
Kiyo Bank Ltd. | 378,700 | 4,456 | |
Tokyo Ohka Kogyo Co. Ltd. | 194,700 | 4,453 | |
Nippon Television Holdings Inc. | 298,400 | 4,448 | |
Pola Orbis Holdings Inc. | 113,616 | 4,446 | |
Kureha Corp. | 940,000 | 4,445 | |
KYB Co. Ltd. | 1,091,000 | 4,444 | |
Sumco Corp. | 574,678 | 4,410 | |
Hazama Ando Corp. | 998,100 | 4,405 | |
Bank of Iwate Ltd. | 99,100 | 4,401 | |
FP Corp. | 139,600 | 4,342 | |
Nippo Corp. | 283,000 | 4,324 | |
Nippon Gas Co. Ltd. | 258,900 | 4,288 | |
Calsonic Kansei Corp. | 870,000 | 4,286 | |
Miura Co. Ltd. | 150,100 | 4,264 | |
Hogy Medical Co. Ltd. | 82,200 | 4,240 | |
Enplas Corp. | 73,700 | 4,235 | |
Fuji Machine Manufacturing Co. Ltd. | 473,000 | 4,183 | |
^ | Daio Paper Corp. | 397,000 | 4,165 |
Shinmaywa Industries Ltd. | 468,000 | 4,133 |
44
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nippon Light Metal Holdings Co. Ltd. | 2,911,000 | 4,105 | |
Japan Aviation Electronics Industry Ltd. | 241,000 | 4,102 | |
Yamanashi Chuo Bank Ltd. | 942,000 | 4,082 | |
Nitto Boseki Co. Ltd. | 978,000 | 4,081 | |
Asatsu-DK Inc. | 179,600 | 4,063 | |
Saibu Gas Co. Ltd. | 1,607,000 | 4,029 | |
Meitec Corp. | 150,900 | 4,017 | |
Kokuyo Co. Ltd. | 524,500 | 4,011 | |
Ryosan Co. Ltd. | 188,800 | 3,991 | |
Okamura Corp. | 464,000 | 3,969 | |
^ | Kadokawa Corp. | 119,800 | 3,934 |
^ | NET One Systems Co. Ltd. | 483,400 | 3,933 |
* | Pacific Metals Co. Ltd. | 836,000 | 3,889 |
^ | Yamagata Bank Ltd. | 905,000 | 3,874 |
Fuji Oil Co. Ltd. | 280,800 | 3,794 | |
Okabe Co. Ltd. | 275,100 | 3,783 | |
DCM Holdings Co. Ltd. | 555,000 | 3,755 | |
*,^ | Sumitomo Mitsui Construction Co. Ltd. | 3,642,500 | 3,752 |
Tokai Carbon Co. Ltd. | 1,167,000 | 3,744 | |
Fuyo General Lease Co. Ltd. | 108,800 | 3,744 | |
Sumitomo Bakelite Co. Ltd. | 983,000 | 3,744 | |
TSI Holdings Co. Ltd. | 555,100 | 3,743 | |
Mitsubishi Pencil Co. Ltd. | 125,500 | 3,730 | |
Hitachi Transport System Ltd. | 242,600 | 3,723 | |
Toyo Ink SC Holdings Co. Ltd. | 905,000 | 3,692 | |
Nichi-iko Pharmaceutical Co. Ltd. | 237,100 | 3,678 | |
^ | Internet Initiative Japan Inc. | 158,000 | 3,666 |
Heiwa Corp. | 218,800 | 3,641 | |
Daiseki Co. Ltd. | 228,300 | 3,637 | |
Bank of Okinawa Ltd. | 86,700 | 3,635 | |
Toho Bank Ltd. | 1,084,000 | 3,631 | |
Fujitec Co. Ltd. | 314,000 | 3,621 | |
Komori Corp. | 284,100 | 3,613 | |
^ | Toyota Boshoku Corp. | 349,178 | 3,610 |
Tokyo Seimitsu Co. Ltd. | 214,000 | 3,606 | |
Hitachi Zosen Corp. | 732,400 | 3,594 | |
Fuji Soft Inc. | 171,500 | 3,588 | |
Makino Milling Machine Co. Ltd. | 480,000 | 3,574 | |
Kanematsu Corp. | 2,317,000 | 3,566 | |
Nissin Kogyo Co. Ltd. | 192,600 | 3,555 | |
Pilot Corp. | 84,200 | 3,539 | |
MOS Food Services Inc. | 176,000 | 3,508 | |
Nippon Soda Co. Ltd. | 629,000 | 3,495 | |
Avex Group Holdings Inc. | 187,400 | 3,471 | |
Mandom Corp. | 98,400 | 3,456 | |
^ | Asahi Intecc Co. Ltd. | 94,200 | 3,448 |
GMO internet Inc. | 388,700 | 3,434 | |
Nitto Kogyo Corp. | 163,800 | 3,396 | |
Asahi Diamond Industrial Co. Ltd. | 249,600 | 3,378 | |
*,^ | Kumagai Gumi Co. Ltd. | 1,305,000 | 3,375 |
Morinaga Milk Industry Co. Ltd. | 903,000 | 3,371 | |
Nikkiso Co. Ltd. | 300,000 | 3,362 | |
Megmilk Snow Brand Co. Ltd. | 253,400 | 3,362 | |
HI-LEX Corp. | 135,900 | 3,360 | |
* | Pioneer Corp. | 1,551,500 | 3,352 |
Sangetsu Co. Ltd. | 130,000 | 3,350 | |
Sumitomo Warehouse Co. Ltd. | 690,000 | 3,346 | |
TOMONY Holdings Inc. | 786,300 | 3,343 | |
Noritz Corp. | 187,300 | 3,328 | |
Daibiru Corp. | 329,000 | 3,283 | |
^ | MonotaRO Co. Ltd. | 161,800 | 3,265 |
Hitachi Kokusai Electric Inc. | 284,000 | 3,247 | |
Fuji Seal International Inc. | 99,700 | 3,244 | |
^ | Colowide Co. Ltd. | 321,600 | 3,227 |
45
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
TOC Co. Ltd. | 472,300 | 3,213 | |
Relo Holdings Inc. | 58,300 | 3,197 | |
Ai Holdings Corp. | 200,200 | 3,194 | |
Heiwa Real Estate Co. Ltd. | 203,100 | 3,188 | |
Mitsumi Electric Co. Ltd. | 496,700 | 3,183 | |
Iseki & Co. Ltd. | 1,227,000 | 3,171 | |
Nihon M&A Center Inc. | 134,100 | 3,135 | |
Unipres Corp. | 161,900 | 3,128 | |
Takara Standard Co. Ltd. | 437,000 | 3,121 | |
Eizo Corp. | 115,000 | 3,118 | |
Cocokara fine Inc. | 109,200 | 3,096 | |
Fujitsu General Ltd. | 268,000 | 3,093 | |
Nippon Densetsu Kogyo Co. Ltd. | 208,000 | 3,087 | |
Nichias Corp. | 455,000 | 3,082 | |
^ | Bic Camera Inc. | 422,000 | 3,078 |
Aderans Co. Ltd. | 215,100 | 3,060 | |
Maruha Nichiro Corp. | 192,000 | 3,042 | |
Japan Securities Finance Co. Ltd. | 551,500 | 3,036 | |
Kandenko Co. Ltd. | 564,000 | 3,025 | |
Nippon Flour Mills Co. Ltd. | 540,000 | 3,013 | |
Taikisha Ltd. | 138,800 | 3,003 | |
^ | ASKUL Corp. | 120,300 | 3,002 |
Asahi Holdings Inc. | 189,500 | 2,993 | |
Itoham Foods Inc. | 658,000 | 2,982 | |
Keihin Corp. | 205,300 | 2,979 | |
Fuji Co. Ltd. | 156,200 | 2,956 | |
^ | Monex Group Inc. | 881,500 | 2,955 |
NSD Co. Ltd. | 238,900 | 2,954 | |
Toshiba Plant Systems & Services Corp. | 199,000 | 2,928 | |
Central Glass Co. Ltd. | 892,000 | 2,925 | |
Mirait Holdings Corp. | 332,300 | 2,923 | |
^ | Yoshinoya Holdings Co. Ltd. | 230,400 | 2,918 |
^ | Welcia Holdings Co. Ltd. | 47,830 | 2,893 |
Oita Bank Ltd. | 791,000 | 2,880 | |
Jaccs Co. Ltd. | 648,000 | 2,875 | |
Kintetsu World Express Inc. | 72,200 | 2,865 | |
Valor Co. Ltd. | 219,400 | 2,844 | |
Nihon Nohyaku Co. Ltd. | 226,000 | 2,816 | |
Chiyoda Co. Ltd. | 118,500 | 2,813 | |
^ | Dwango Co. Ltd. | 99,800 | 2,784 |
Transcosmos Inc. | 149,200 | 2,782 | |
PanaHome Corp. | 418,000 | 2,779 | |
Yodogawa Steel Works Ltd. | 705,000 | 2,779 | |
Nippon Steel & Sumikin Bussan Corp. | 786,480 | 2,779 | |
Bank of Nagoya Ltd. | 739,000 | 2,777 | |
Tokyo Steel Manufacturing Co. Ltd. | 566,800 | 2,771 | |
*,^ | Nippon Chemi-Con Corp. | 866,000 | 2,768 |
Amano Corp. | 283,800 | 2,733 | |
Aichi Bank Ltd. | 55,900 | 2,727 | |
FCC Co. Ltd. | 158,500 | 2,709 | |
Daikyo Inc. | 1,388,000 | 2,706 | |
Iino Kaiun Kaisha Ltd. | 549,700 | 2,704 | |
Seiko Holdings Corp. | 739,000 | 2,700 | |
Totetsu Kogyo Co. Ltd. | 132,600 | 2,692 | |
Takasago Thermal Engineering Co. Ltd. | 274,600 | 2,685 | |
Aeon Delight Co. Ltd. | 121,700 | 2,685 | |
Yaoko Co. Ltd. | 58,700 | 2,661 | |
Doutor Nichires Holdings Co. Ltd. | 148,400 | 2,660 | |
Oiles Corp. | 117,200 | 2,640 | |
Japan Wool Textile Co. Ltd. | 354,000 | 2,629 | |
Aida Engineering Ltd. | 275,400 | 2,629 | |
Nishio Rent All Co. Ltd. | 70,300 | 2,587 | |
* | Nippon Suisan Kaisha Ltd. | 1,122,200 | 2,582 |
^ | ZERIA Pharmaceutical Co. Ltd. | 123,100 | 2,581 |
46
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Showa Corp. | 234,300 | 2,577 | |
Chofu Seisakusho Co. Ltd. | 102,400 | 2,571 | |
Bank of the Ryukyus Ltd. | 194,200 | 2,571 | |
*,^ | Nissha Printing Co. Ltd. | 196,532 | 2,562 |
Earth Chemical Co. Ltd. | 71,300 | 2,551 | |
Nippon Signal Co. Ltd. | 306,600 | 2,542 | |
Sanden Corp. | 532,000 | 2,541 | |
Hokuetsu Bank Ltd. | 1,239,000 | 2,534 | |
Sumitomo Real Estate Sales Co. Ltd. | 84,460 | 2,533 | |
Taiyo Holdings Co. Ltd. | 82,900 | 2,506 | |
Musashi Seimitsu Industry Co. Ltd. | 113,200 | 2,498 | |
Takuma Co. Ltd. | 307,000 | 2,484 | |
Nichicon Corp. | 331,600 | 2,460 | |
Toyo Engineering Corp. | 556,000 | 2,453 | |
Ariake Japan Co. Ltd. | 101,500 | 2,452 | |
Xebio Co. Ltd. | 132,400 | 2,449 | |
Alpine Electronics Inc. | 205,200 | 2,446 | |
Nihon Unisys Ltd. | 240,900 | 2,446 | |
^ | Hokuetsu Kishu Paper Co. Ltd. | 514,000 | 2,445 |
^ | Shima Seiki Manufacturing Ltd. | 145,700 | 2,432 |
Takasago International Corp. | 496,000 | 2,425 | |
Kyudenko Corp. | 281,000 | 2,423 | |
^ | Jin Co. Ltd. | 82,600 | 2,408 |
Shinko Electric Industries Co. Ltd. | 365,100 | 2,404 | |
Furukawa Co. Ltd. | 1,324,000 | 2,402 | |
Futaba Corp. | 152,800 | 2,401 | |
EDION Corp. | 410,300 | 2,391 | |
Miyazaki Bank Ltd. | 782,000 | 2,389 | |
Aomori Bank Ltd. | 865,000 | 2,379 | |
Obara Group Inc. | 63,200 | 2,374 | |
^ | Akebono Brake Industry Co. Ltd. | 464,800 | 2,364 |
Toho Zinc Co. Ltd. | 743,000 | 2,364 | |
Sankyo Tateyama Inc. | 119,200 | 2,359 | |
Tochigi Bank Ltd. | 605,000 | 2,358 | |
San-A Co. Ltd. | 81,800 | 2,357 | |
Toshiba Machine Co. Ltd. | 520,000 | 2,335 | |
Sakata Seed Corp. | 166,300 | 2,323 | |
Round One Corp. | 323,000 | 2,320 | |
Mitsuba Corp. | 158,000 | 2,319 | |
CKD Corp. | 253,000 | 2,305 | |
Riso Kagaku Corp. | 93,200 | 2,299 | |
Tokyo Broadcasting System Holdings Inc. | 211,200 | 2,294 | |
Kyoei Steel Ltd. | 132,200 | 2,292 | |
Ain Pharmaciez Inc. | 51,900 | 2,282 | |
NS Solutions Corp. | 91,000 | 2,277 | |
Marusan Securities Co. Ltd. | 324,000 | 2,268 | |
Okinawa Electric Power Co. Inc. | 69,300 | 2,265 | |
Plenus Co. Ltd. | 99,200 | 2,264 | |
NEC Networks & System Integration Corp. | 106,900 | 2,258 | |
Paramount Bed Holdings Co. Ltd. | 74,700 | 2,255 | |
^ | Tamron Co. Ltd. | 90,100 | 2,254 |
Paltac Corp. | 182,400 | 2,253 | |
Kuroda Electric Co. Ltd. | 140,200 | 2,252 | |
Gunze Ltd. | 822,000 | 2,245 | |
San-Ai Oil Co. Ltd. | 335,000 | 2,230 | |
^ | Mizuno Corp. | 408,000 | 2,226 |
Showa Sangyo Co. Ltd. | 687,000 | 2,218 | |
Yokogawa Bridge Holdings Corp. | 167,000 | 2,214 | |
Tokyu Construction Co. Ltd. | 499,490 | 2,212 | |
^ | Fuji Kyuko Co. Ltd. | 220,000 | 2,202 |
Fancl Corp. | 198,500 | 2,201 | |
Gulliver International Co. Ltd. | 267,800 | 2,192 | |
Shikoku Bank Ltd. | 1,080,000 | 2,178 | |
Hokuto Corp. | 108,400 | 2,178 |
47
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sanyo Special Steel Co. Ltd. | 554,000 | 2,161 | |
Tsukishima Kikai Co. Ltd. | 203,000 | 2,160 | |
Fukui Bank Ltd. | 905,000 | 2,148 | |
Kameda Seika Co. Ltd. | 75,551 | 2,148 | |
Toei Co. Ltd. | 383,000 | 2,144 | |
Nagaileben Co. Ltd. | 111,300 | 2,142 | |
Tokai Rubber Industries Ltd. | 206,400 | 2,135 | |
Sanki Engineering Co. Ltd. | 345,000 | 2,117 | |
Star Micronics Co. Ltd. | 171,400 | 2,116 | |
Riken Corp. | 516,000 | 2,111 | |
Kisoji Co. Ltd. | 116,900 | 2,109 | |
Chudenko Corp. | 147,100 | 2,104 | |
Ohsho Food Service Corp. | 56,100 | 2,073 | |
Hitachi Koki Co. Ltd. | 277,600 | 2,068 | |
^ | OSAKA Titanium Technologies Co. Ltd. | 100,500 | 2,064 |
AOKI Holdings Inc. | 151,400 | 2,063 | |
Toppan Forms Co. Ltd. | 224,100 | 2,059 | |
Wakita & Co. Ltd. | 181,000 | 2,054 | |
^ | Tokyo Tomin Bank Ltd. | 197,200 | 2,046 |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 155,400 | 2,043 | |
Morinaga & Co. Ltd. | 926,000 | 2,041 | |
Heiwado Co. Ltd. | 144,000 | 2,039 | |
Ricoh Leasing Co. Ltd. | 78,000 | 2,036 | |
Kitz Corp. | 430,900 | 2,035 | |
^ | JCR Pharmaceuticals Co. Ltd. | 98,300 | 2,032 |
Moshi Moshi Hotline Inc. | 200,600 | 2,031 | |
Trusco Nakayama Corp. | 90,100 | 2,031 | |
^ | Dr Ci:Labo Co. Ltd. | 63,200 | 2,023 |
Kato Sangyo Co. Ltd. | 97,000 | 2,017 | |
Katakura Industries Co. Ltd. | 156,700 | 2,015 | |
Daiwabo Holdings Co. Ltd. | 1,168,000 | 2,011 | |
F&A Aqua Holdings Inc. | 112,500 | 2,003 | |
Broadleaf Co. Ltd. | 124,700 | 1,999 | |
Royal Holdings Co. Ltd. | 137,000 | 1,998 | |
Mitani Corp. | 88,469 | 1,993 | |
Sato Holdings Corp. | 91,800 | 1,992 | |
Akita Bank Ltd. | 714,000 | 1,986 | |
Sanyo Chemical Industries Ltd. | 324,000 | 1,985 | |
Tokai Corp. | 78,000 | 1,983 | |
Towa Pharmaceutical Co. Ltd. | 46,100 | 1,970 | |
Higashi-Nippon Bank Ltd. | 784,000 | 1,966 | |
^ | PGM Holdings K K | 199,100 | 1,960 |
Ichiyoshi Securities Co. Ltd. | 164,100 | 1,957 | |
Nitta Corp. | 95,200 | 1,956 | |
^ | Jowa Holdings Co. Ltd. | 56,100 | 1,949 |
TOKAI Holdings Corp. | 562,200 | 1,949 | |
TV Asahi Corp. | 111,800 | 1,948 | |
Daihen Corp. | 514,000 | 1,948 | |
Fujimori Kogyo Co. Ltd. | 69,200 | 1,943 | |
Seiren Co. Ltd. | 230,600 | 1,938 | |
As One Corp. | 73,700 | 1,936 | |
^ | Kyokuto Securities Co. Ltd. | 123,100 | 1,931 |
Sekisui Jushi Corp. | 145,000 | 1,931 | |
Jimoto Holdings Inc. | 975,300 | 1,930 | |
^ | Matsuya Co. Ltd. | 213,000 | 1,928 |
Seikagaku Corp. | 160,700 | 1,924 | |
Tecmo Koei Holdings Co. Ltd. | 160,900 | 1,922 | |
Japan Pulp & Paper Co. Ltd. | 563,000 | 1,918 | |
Nishimatsuya Chain Co. Ltd. | 267,100 | 1,915 | |
Bando Chemical Industries Ltd. | 497,000 | 1,912 | |
Milbon Co. Ltd. | 57,792 | 1,906 | |
*,^ | Sanix Inc. | 160,400 | 1,899 |
BML Inc. | 49,700 | 1,899 | |
Adastria Holdings Co. Ltd. | 86,880 | 1,891 |
48
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Senko Co. Ltd. | 413,000 | 1,888 |
Raito Kogyo Co. Ltd. | 219,100 | 1,887 | |
Descente Ltd. | 248,000 | 1,880 | |
Inabata & Co. Ltd. | 197,700 | 1,861 | |
^ | Roland DG Corp. | 55,000 | 1,859 |
Mitsui Sugar Co. Ltd. | 448,000 | 1,859 | |
Nichii Gakkan Co. | 209,000 | 1,843 | |
Nichiha Corp. | 160,000 | 1,843 | |
Saizeriya Co. Ltd. | 160,300 | 1,837 | |
Mitsui-Soko Co. Ltd. | 462,000 | 1,833 | |
Max Co. Ltd. | 167,000 | 1,832 | |
Shizuoka Gas Co. Ltd. | 303,800 | 1,828 | |
Dydo Drinco Inc. | 44,900 | 1,824 | |
Eagle Industry Co. Ltd. | 115,000 | 1,820 | |
Noritake Co. Ltd. | 742,000 | 1,816 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 428,000 | 1,809 | |
Aichi Steel Corp. | 490,000 | 1,807 | |
Canon Electronics Inc. | 106,700 | 1,803 | |
*,^ | Kintetsu Department Store Co. Ltd. | 506,000 | 1,799 |
Nippon Synthetic Chemical Industry Co. Ltd. | 270,000 | 1,799 | |
^ | Gurunavi Inc. | 138,000 | 1,799 |
Denki Kogyo Co. Ltd. | 301,000 | 1,791 | |
Sanyo Electric Railway Co. Ltd. | 388,093 | 1,790 | |
Mitsubishi Shokuhin Co. Ltd. | 79,900 | 1,789 | |
Mani Inc. | 39,800 | 1,780 | |
Tomy Co. Ltd. | 371,800 | 1,764 | |
St. Marc Holdings Co. Ltd. | 37,200 | 1,763 | |
^ | Modec Inc. | 79,300 | 1,757 |
^ | Tsugami Corp. | 309,000 | 1,756 |
Fudo Tetra Corp. | 780,200 | 1,742 | |
Daido Metal Co. Ltd. | 163,000 | 1,732 | |
Sanyo Shokai Ltd. | 634,000 | 1,730 | |
Joshin Denki Co. Ltd. | 213,000 | 1,726 | |
Ryoyo Electro Corp. | 142,700 | 1,714 | |
Yamazen Corp. | 263,800 | 1,704 | |
OBIC Business Consultants Ltd. | 52,500 | 1,701 | |
* | Daiei Inc. | 605,600 | 1,700 |
^ | Nisshin Oillio Group Ltd. | 507,000 | 1,698 |
TPR Co. Ltd. | 114,700 | 1,692 | |
Yachiyo Bank Ltd. | 62,500 | 1,689 | |
Torii Pharmaceutical Co. Ltd. | 59,400 | 1,687 | |
Ryobi Ltd. | 566,000 | 1,677 | |
Token Corp. | 37,650 | 1,671 | |
Tachi-S Co. Ltd. | 106,700 | 1,669 | |
Kansai Urban Banking Corp. | 1,329,000 | 1,667 | |
*,^ | Nippon Yakin Kogyo Co. Ltd. | 597,500 | 1,662 |
Kurabo Industries Ltd. | 974,000 | 1,659 | |
Noevir Holdings Co. Ltd. | 86,600 | 1,647 | |
^ | Topre Corp. | 161,800 | 1,637 |
Showa Aircraft Industry Co. Ltd. | 140,000 | 1,636 | |
CREATE SD HOLDINGS Co. Ltd. | 49,500 | 1,634 | |
Chugoku Marine Paints Ltd. | 256,000 | 1,633 | |
Toa Corp. | 868,000 | 1,633 | |
^ | Tokyotokeiba Co. Ltd. | 614,000 | 1,630 |
Press Kogyo Co. Ltd. | 443,000 | 1,625 | |
C Uyemura & Co. Ltd. | 35,100 | 1,624 | |
kabu.com Securities Co. Ltd. | 365,100 | 1,620 | |
Prima Meat Packers Ltd. | 733,000 | 1,617 | |
Nippon Koei Co. Ltd. | 337,000 | 1,615 | |
Alpen Co. Ltd. | 87,100 | 1,605 | |
Toyo Corp. | 144,800 | 1,603 | |
Goldcrest Co. Ltd. | 76,420 | 1,600 | |
Yokohama Reito Co. Ltd. | 195,800 | 1,585 | |
Doshisha Co. Ltd. | 105,100 | 1,576 |
49
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Topy Industries Ltd. | 929,000 | 1,573 | |
Arcland Sakamoto Co. Ltd. | 79,400 | 1,572 | |
Misawa Homes Co. Ltd. | 127,600 | 1,566 | |
Geo Holdings Corp. | 170,300 | 1,560 | |
^ | Toyo Tanso Co. Ltd. | 64,800 | 1,560 |
Foster Electric Co. Ltd. | 128,600 | 1,558 | |
^ | Jeol Ltd. | 419,000 | 1,556 |
DTS Corp. | 92,800 | 1,539 | |
Shikoku Chemicals Corp. | 224,000 | 1,535 | |
YAMABIKO Corp. | 41,100 | 1,530 | |
Michinoku Bank Ltd. | 724,000 | 1,525 | |
* | JVC Kenwood Corp. | 718,100 | 1,518 |
Eighteenth Bank Ltd. | 673,000 | 1,503 | |
Nippon Road Co. Ltd. | 295,000 | 1,502 | |
Nippon Thompson Co. Ltd. | 329,000 | 1,499 | |
Daiso Co. Ltd. | 451,000 | 1,497 | |
Kyoritsu Maintenance Co. Ltd. | 43,800 | 1,496 | |
Pacific Industrial Co. Ltd. | 213,400 | 1,493 | |
Hosiden Corp. | 327,200 | 1,488 | |
Hibiya Engineering Ltd. | 115,000 | 1,483 | |
Koa Corp. | 153,700 | 1,477 | |
Shinko Plantech Co. Ltd. | 196,000 | 1,476 | |
^ | Yushin Precision Equipment Co. Ltd. | 51,100 | 1,475 |
* | Unitika Ltd. | 2,593,000 | 1,471 |
Kurimoto Ltd. | 705,000 | 1,471 | |
Yuasa Trading Co. Ltd. | 765,000 | 1,456 | |
^ | WATAMI Co. Ltd. | 99,900 | 1,455 |
^ | Tekken Corp. | 495,000 | 1,449 |
Sintokogio Ltd. | 201,100 | 1,445 | |
* | Ihara Chemical Industry Co. Ltd. | 184,900 | 1,445 |
Fujibo Holdings Inc. | 625,000 | 1,439 | |
Izumiya Co. Ltd. | 301,000 | 1,428 | |
* | Ishihara Sangyo Kaisha Ltd. | 1,496,000 | 1,423 |
*,^ | Juki Corp. | 689,000 | 1,417 |
^ | SMS Co. Ltd. | 66,300 | 1,413 |
Macnica Inc. | 47,600 | 1,411 | |
UKC Holdings Corp. | 87,700 | 1,411 | |
^ | Takara Leben Co. Ltd. | 513,700 | 1,409 |
Minato Bank Ltd. | 822,000 | 1,399 | |
Keihanshin Building Co. Ltd. | 275,000 | 1,395 | |
Tsukuba Bank Ltd. | 384,000 | 1,386 | |
Kumiai Chemical Industry Co. Ltd. | 203,000 | 1,380 | |
Yellow Hat Ltd. | 71,000 | 1,361 | |
Kinugawa Rubber Industrial Co. Ltd. | 326,000 | 1,361 | |
Itochu Enex Co. Ltd. | 238,900 | 1,341 | |
Marudai Food Co. Ltd. | 450,000 | 1,339 | |
Tsukui Corp. | 118,800 | 1,334 | |
Konoike Transport Co. Ltd. | 85,600 | 1,332 | |
Goldwin Inc. | 258,000 | 1,332 | |
Shindengen Electric Manufacturing Co. Ltd. | 326,000 | 1,332 | |
Japan Digital Laboratory Co. Ltd. | 91,000 | 1,326 | |
Morita Holdings Corp. | 159,000 | 1,324 | |
GMO Payment Gateway Inc. | 42,200 | 1,323 | |
KEY Coffee Inc. | 85,700 | 1,321 | |
Mito Securities Co. Ltd. | 378,000 | 1,320 | |
Maruwa Co. Ltd. | 37,043 | 1,314 | |
^ | Zuiko Corp. | 23,600 | 1,314 |
Roland Corp. | 92,000 | 1,308 | |
Vital KSK Holdings Inc. | 184,200 | 1,304 | |
Ehime Bank Ltd. | 594,000 | 1,301 | |
Nohmi Bosai Ltd. | 113,000 | 1,295 | |
Tokushu Tokai Paper Co. Ltd. | 585,000 | 1,290 | |
Kasumi Co. Ltd. | 182,400 | 1,287 | |
Sakai Chemical Industry Co. Ltd. | 456,000 | 1,285 |
50
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Kappa Create Holdings Co. Ltd. | 133,200 | 1,285 |
^ | Next Co. Ltd. | 147,400 | 1,281 |
Union Tool Co. | 54,100 | 1,268 | |
^ | Ichibanya Co. Ltd. | 31,200 | 1,262 |
Takamatsu Construction Group Co. Ltd. | 73,500 | 1,260 | |
Tsurumi Manufacturing Co. Ltd. | 103,000 | 1,258 | |
Kohnan Shoji Co. Ltd. | 124,100 | 1,256 | |
Nippon Coke & Engineering Co. Ltd. | 1,073,000 | 1,251 | |
Oyo Corp. | 90,000 | 1,248 | |
Fujita Kanko Inc. | 380,000 | 1,248 | |
JSP Corp. | 83,000 | 1,246 | |
*,^ | Toho Titanium Co. Ltd. | 197,900 | 1,235 |
^ | Nippon Sharyo Ltd. | 344,000 | 1,234 |
Sumitomo Seika Chemicals Co. Ltd. | 196,000 | 1,233 | |
Konishi Co. Ltd. | 68,900 | 1,233 | |
Yorozu Corp. | 65,700 | 1,228 | |
Yahagi Construction Co. Ltd. | 124,400 | 1,222 | |
T-Gaia Corp. | 138,400 | 1,219 | |
Daisan Bank Ltd. | 727,000 | 1,217 | |
Nichiden Corp. | 50,700 | 1,214 | |
Mitsuboshi Belting Co. Ltd. | 232,000 | 1,212 | |
Nissin Corp. | 429,000 | 1,210 | |
Nissin Electric Co. Ltd. | 217,000 | 1,207 | |
Toyo Kanetsu KK | 504,000 | 1,200 | |
Mitsubishi Steel Manufacturing Co. Ltd. | 598,000 | 1,199 | |
Bunka Shutter Co. Ltd. | 205,000 | 1,196 | |
Belluna Co. Ltd. | 246,300 | 1,196 | |
Zenrin Co. Ltd. | 117,100 | 1,194 | |
Bank of Saga Ltd. | 572,000 | 1,193 | |
Senshukai Co. Ltd. | 139,600 | 1,188 | |
Tosei Corp. | 195,900 | 1,185 | |
Denyo Co. Ltd. | 79,400 | 1,183 | |
Ines Corp. | 180,000 | 1,183 | |
Optex Co. Ltd. | 72,200 | 1,177 | |
Namura Shipbuilding Co. Ltd. | 156,100 | 1,175 | |
Ateam Inc. | 26,100 | 1,174 | |
Sakata INX Corp. | 133,000 | 1,173 | |
^ | Ringer Hut Co. Ltd. | 78,700 | 1,170 |
Kato Works Co. Ltd. | 202,000 | 1,165 | |
Fujimi Inc. | 100,400 | 1,161 | |
Cosel Co. Ltd. | 101,200 | 1,154 | |
Mitsubishi Nichiyu Forklift Co. Ltd. | 165,000 | 1,150 | |
Warabeya Nichiyo Co. Ltd. | 61,500 | 1,148 | |
* | K&O Energy Group Inc. | 82,700 | 1,148 |
^ | EPS Corp. | 120,100 | 1,147 |
^ | Nippon Ceramic Co. Ltd. | 73,000 | 1,145 |
^ | Sun Frontier Fudousan Co. Ltd. | 114,100 | 1,143 |
Belc Co. Ltd. | 57,800 | 1,142 | |
Nitto Kohki Co. Ltd. | 62,700 | 1,142 | |
^ | Japan Cash Machine Co. Ltd. | 66,700 | 1,138 |
Cawachi Ltd. | 62,200 | 1,134 | |
Toyo Kohan Co. Ltd. | 234,000 | 1,133 | |
^ | Torishima Pump Manufacturing Co. Ltd. | 92,300 | 1,132 |
SMK Corp. | 303,000 | 1,130 | |
Pack Corp. | 59,800 | 1,129 | |
Towa Bank Ltd. | 1,186,000 | 1,126 | |
Eiken Chemical Co. Ltd. | 69,400 | 1,125 | |
^ | FIDEA Holdings Co. Ltd. | 599,000 | 1,120 |
Mars Engineering Corp. | 59,700 | 1,115 | |
Idec Corp. | 126,600 | 1,113 | |
Sanyo Denki Co. Ltd. | 164,000 | 1,105 | |
Maruzen Showa Unyu Co. Ltd. | 350,000 | 1,098 | |
Nomura Co. Ltd. | 154,000 | 1,095 | |
Chiba Kogyo Bank Ltd. | 168,400 | 1,094 |
51
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Kusuri No Aoki Co. Ltd. | 16,100 | 1,077 |
Weathernews Inc. | 41,061 | 1,077 | |
Wowow Inc. | 32,000 | 1,075 | |
* | Mitsubishi Paper Mills Ltd. | 1,247,000 | 1,073 |
NS United Kaiun Kaisha Ltd. | 477,000 | 1,072 | |
^ | Marvelous AQL Inc. | 160,800 | 1,071 |
ASKA Pharmaceutical Co. Ltd. | 119,500 | 1,069 | |
Tocalo Co. Ltd. | 68,300 | 1,068 | |
Kaga Electronics Co. Ltd. | 89,000 | 1,066 | |
TKC Corp. | 52,400 | 1,060 | |
Siix Corp. | 71,900 | 1,056 | |
^ | Atom Corp. | 206,000 | 1,049 |
Sumitomo Densetsu Co. Ltd. | 85,000 | 1,048 | |
Osaka Steel Co. Ltd. | 66,200 | 1,047 | |
Nippon Denko Co. Ltd. | 376,000 | 1,046 | |
Toa Corp. | 102,800 | 1,035 | |
Kyodo Printing Co. Ltd. | 384,000 | 1,035 | |
Hamakyorex Co. Ltd. | 37,300 | 1,033 | |
Nippon Valqua Industries Ltd. | 387,000 | 1,030 | |
Pal Co. Ltd. | 53,700 | 1,025 | |
T Hasegawa Co. Ltd. | 68,900 | 1,022 | |
J-Oil Mills Inc. | 381,000 | 1,019 | |
* | SWCC Showa Holdings Co. Ltd. | 1,060,000 | 1,017 |
Sinfonia Technology Co. Ltd. | 661,000 | 1,017 | |
Nittetsu Mining Co. Ltd. | 272,000 | 1,015 | |
Aisan Industry Co. Ltd. | 127,500 | 1,015 | |
Tamura Corp. | 424,000 | 1,011 | |
Fuso Pharmaceutical Industries Ltd. | 314,000 | 1,010 | |
Meiko Network Japan Co. Ltd. | 93,400 | 1,010 | |
^ | Pressance Corp. | 40,500 | 1,005 |
Futaba Industrial Co. Ltd. | 224,100 | 1,004 | |
Okamoto Industries Inc. | 305,000 | 1,003 | |
Asahi Co. Ltd. | 75,000 | 998 | |
Yusen Logistics Co. Ltd. | 86,500 | 996 | |
^ | COOKPAD Inc. | 49,600 | 994 |
^ | Nippon Carbon Co. Ltd. | 560,000 | 988 |
* | KNT-CT Holdings Co. Ltd. | 600,000 | 987 |
*,^ | Japan Radio Co. Ltd. | 253,000 | 985 |
Tsutsumi Jewelry Co. Ltd. | 43,200 | 979 | |
^ | Fujiya Co. Ltd. | 533,000 | 975 |
Toyo Construction Co. Ltd. | 274,900 | 974 | |
Piolax Inc. | 28,100 | 973 | |
Megachips Corp. | 82,200 | 969 | |
Icom Inc. | 42,000 | 967 | |
* | Nakayama Steel Works Ltd. | 1,297,000 | 965 |
Tenma Corp. | 73,800 | 965 | |
Jamco Corp. | 53,700 | 961 | |
Fujicco Co. Ltd. | 82,000 | 959 | |
Gakken Holdings Co. Ltd. | 353,000 | 957 | |
Daiwa Industries Ltd. | 155,000 | 956 | |
Sodick Co. Ltd. | 257,000 | 954 | |
^ | U-Shin Ltd. | 159,300 | 954 |
Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. | 265,000 | 954 | |
France Bed Holdings Co. Ltd. | 529,000 | 953 | |
Funai Electric Co. Ltd. | 88,300 | 948 | |
Ministop Co. Ltd. | 62,600 | 948 | |
*,^ | Clarion Co. Ltd. | 500,000 | 941 |
Kura Corp. | 46,700 | 939 | |
Taihei Dengyo Kaisha Ltd. | 143,000 | 939 | |
^ | Iwasaki Electric Co. Ltd. | 388,000 | 938 |
Neturen Co. Ltd. | 135,600 | 930 | |
*,^ | Tokyo Rope Manufacturing Co. Ltd. | 636,000 | 929 |
^ | Nihon Trim Co. Ltd. | 26,500 | 921 |
Achilles Corp. | 692,000 | 917 |
52
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mie Bank Ltd. | 421,000 | 906 | |
^ | Japan Drilling Co. Ltd. | 22,900 | 898 |
Dai Nippon Toryo Co. Ltd. | 596,000 | 887 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | 471,000 | 886 | |
Teikoku Electric Manufacturing Co. Ltd. | 31,100 | 886 | |
Arata Corp. | 276,000 | 883 | |
Nippon Kanzai Co. Ltd. | 43,500 | 882 | |
Tatsuta Electric Wire and Cable Co. Ltd. | 176,000 | 881 | |
*,^ | Japan Bridge Corp. | 600,100 | 877 |
Parco Co. Ltd. | 109,300 | 875 | |
Chiyoda Integre Co. Ltd. | 63,200 | 871 | |
Riken Technos Corp. | 168,000 | 870 | |
Atsugi Co. Ltd. | 783,000 | 867 | |
^ | Gun-Ei Chemical Industry Co. Ltd. | 240,000 | 866 |
Organo Corp. | 182,000 | 866 | |
Kyokuyo Co. Ltd. | 335,000 | 866 | |
^ | Ikyu Corp. | 79,600 | 865 |
Okuwa Co. Ltd. | 94,000 | 858 | |
Ryoden Trading Co. Ltd. | 127,000 | 857 | |
Aiphone Co. Ltd. | 51,700 | 845 | |
Nippon Parking Development Co. Ltd. | 791,200 | 842 | |
NIPPON STEEL & SUMIKIN TEXENG CO Ltd. | 217,000 | 840 | |
Hosokawa Micron Corp. | 139,000 | 839 | |
^ | Keiyo Co. Ltd. | 181,300 | 836 |
CONEXIO Corp. | 108,100 | 834 | |
Kamei Corp. | 113,000 | 832 | |
Godo Steel Ltd. | 589,000 | 829 | |
Takaoka Toko Holdings Co. Ltd. | 57,800 | 825 | |
^ | Toridoll.corp | 83,300 | 824 |
Mitsui Matsushima Co. Ltd. | 564,571 | 818 | |
Information Services International-Dentsu Ltd. | 65,100 | 814 | |
^ | Tosho Printing Co. Ltd. | 212,000 | 813 |
Benefit One Inc. | 92,800 | 810 | |
Mitsubishi Research Institute Inc. | 38,100 | 809 | |
*,^ | Shin Nippon Biomedical Laboratories Ltd. | 101,700 | 805 |
T RAD Co. Ltd. | 307,000 | 802 | |
*,^ | ValueCommerce Co. Ltd. | 90,100 | 799 |
Melco Holdings Inc. | 52,100 | 792 | |
Mitsuuroko Group Holdings Co. Ltd. | 144,400 | 786 | |
Mimasu Semiconductor Industry Co. Ltd. | 86,600 | 786 | |
Toenec Corp. | 162,000 | 784 | |
Shibusawa Warehouse Co. Ltd. | 236,000 | 784 | |
Toyo Securities Co. Ltd. | 284,000 | 782 | |
* | Open House Co. Ltd. | 47,600 | 778 |
Hisaka Works Ltd. | 87,000 | 772 | |
^ | Osaki Electric Co. Ltd. | 127,000 | 769 |
Shinko Shoji Co. Ltd. | 83,200 | 767 | |
CMIC Holdings Co. Ltd. | 47,600 | 762 | |
Hioki EE Corp. | 47,800 | 752 | |
Nagatanien Co. Ltd. | 78,000 | 752 | |
Onoken Co. Ltd. | 71,400 | 752 | |
Sinanen Co. Ltd. | 198,000 | 752 | |
^ | Furuno Electric Co. Ltd. | 110,500 | 746 |
ESPEC Corp. | 97,300 | 743 | |
^ | Rock Field Co. Ltd. | 41,600 | 743 |
Takiron Co. Ltd. | 183,000 | 742 | |
Shimizu Bank Ltd. | 30,300 | 740 | |
Uniden Corp. | 319,000 | 740 | |
Kitagawa Iron Works Co. Ltd. | 452,000 | 736 | |
Daiichi Jitsugyo Co. Ltd. | 173,000 | 728 | |
Yurtec Corp. | 156,000 | 728 | |
Yomiuri Land Co. Ltd. | 188,000 | 726 | |
Airport Facilities Co. Ltd. | 103,800 | 719 | |
Endo Lighting Corp. | 45,200 | 718 |
53
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cleanup Corp. | 78,700 | 717 | |
Sanshin Electronics Co. Ltd. | 113,500 | 712 | |
Japan Vilene Co. Ltd. | 129,000 | 711 | |
^ | NEC Capital Solutions Ltd. | 40,900 | 708 |
Itochu-Shokuhin Co. Ltd. | 21,000 | 707 | |
*,^ | Nissei ASB Machine Co. Ltd. | 44,300 | 705 |
Chugai Ro Co. Ltd. | 327,000 | 703 | |
Chuetsu Pulp & Paper Co. Ltd. | 372,000 | 700 | |
Tomen Electronics Corp. | 43,700 | 700 | |
CMK Corp. | 280,900 | 699 | |
Taiho Kogyo Co. Ltd. | 73,600 | 696 | |
Kita-Nippon Bank Ltd. | 26,500 | 695 | |
Asahi Organic Chemicals Industry Co. Ltd. | 316,000 | 687 | |
Chori Co. Ltd. | 61,800 | 682 | |
*,^ | Sasebo Heavy Industries Co. Ltd. | 609,000 | 680 |
Tokyo Tekko Co. Ltd. | 181,000 | 680 | |
Kyosan Electric Manufacturing Co. Ltd. | 196,000 | 678 | |
Kanematsu Electronics Ltd. | 50,700 | 677 | |
Sanoh Industrial Co. Ltd. | 109,200 | 674 | |
*,^ | Aplus Financial Co. Ltd. | 508,300 | 672 |
Shin-Etsu Polymer Co. Ltd. | 179,000 | 670 | |
Daidoh Ltd. | 109,300 | 667 | |
^ | Nidec Copal Electronics Corp. | 83,900 | 665 |
Mitsui High-Tec Inc. | 105,100 | 663 | |
Yonekyu Corp. | 81,500 | 657 | |
Seika Corp. | 282,000 | 657 | |
^ | Honeys Co. Ltd. | 70,120 | 656 |
Pronexus Inc. | 96,000 | 654 | |
Matsuda Sangyo Co. Ltd. | 57,900 | 644 | |
Oenon Holdings Inc. | 254,000 | 643 | |
Elematec Corp. | 37,300 | 638 | |
Nice Holdings Inc. | 314,000 | 635 | |
Future Architect Inc. | 107,000 | 633 | |
Toda Kogyo Corp. | 232,000 | 627 | |
Daiken Corp. | 256,000 | 626 | |
Dunlop Sports Co. Ltd. | 51,371 | 626 | |
Nihon Yamamura Glass Co. Ltd. | 371,000 | 618 | |
^ | Kobelco Eco-Solutions Co. Ltd. | 174,000 | 617 |
Starzen Co. Ltd. | 231,000 | 614 | |
Mitsui Home Co. Ltd. | 132,000 | 608 | |
Corona Corp. Class A | 60,000 | 606 | |
Axell Corp. | 39,000 | 606 | |
Fujikura Kasei Co. Ltd. | 110,600 | 604 | |
^ | Hokkaido Gas Co. Ltd. | 226,000 | 602 |
Tokyo Rakutenchi Co. Ltd. | 130,000 | 598 | |
GCA Savvian Corp. | 77,000 | 595 | |
Stella Chemifa Corp. | 46,700 | 593 | |
^ | Pocket Card Co. Ltd. | 90,300 | 592 |
Koatsu Gas Kogyo Co. Ltd. | 114,000 | 587 | |
Nihon Dempa Kogyo Co. Ltd. | 73,000 | 587 | |
*,^ | Livesense Inc. | 63,200 | 587 |
CAC Corp. | 59,900 | 585 | |
Maruetsu Inc. | 175,000 | 582 | |
^ | Matsuya Foods Co. Ltd. | 32,300 | 580 |
Fuji Oil Co. Ltd. | 184,700 | 572 | |
Sagami Chain Co. Ltd. | 63,000 | 571 | |
*,^ | Daiichi Chuo KK | 625,000 | 570 |
Taisei Lamick Co. Ltd. | 23,000 | 560 | |
Kentucky Fried Chicken Japan Ltd. | 27,000 | 557 | |
Pasona Group Inc. | 109,100 | 557 | |
Tomoku Co. Ltd. | 207,000 | 556 | |
Sumitomo Precision Products Co. Ltd. | 151,000 | 554 | |
Daikokutenbussan Co. Ltd. | 21,300 | 553 | |
Meisei Industrial Co. Ltd. | 116,000 | 551 |
54
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Paris Miki Holdings Inc. | 109,900 | 547 | |
Gecoss Corp. | 58,300 | 546 | |
Uchida Yoko Co. Ltd. | 194,000 | 542 | |
Nippon Chemiphar Co. Ltd. | 112,000 | 539 | |
Alpha Systems Inc. | 36,300 | 530 | |
Hakuto Co. Ltd. | 57,400 | 530 | |
Sankyo Seiko Co. Ltd. | 153,300 | 529 | |
Tokyo Energy & Systems Inc. | 101,000 | 527 | |
Fujitsu Frontech Ltd. | 47,200 | 526 | |
Aichi Corp. | 123,300 | 525 | |
Komatsu Seiren Co. Ltd. | 104,000 | 524 | |
* | Janome Sewing Machine Co. Ltd. | 650,000 | 522 |
^ | Zuken Inc. | 66,400 | 520 |
ST Corp. | 53,600 | 520 | |
Tv Tokyo Holdings Corp. | 32,500 | 518 | |
Daikoku Denki Co. Ltd. | 28,900 | 517 | |
Kitano Construction Corp. | 209,000 | 517 | |
^ | Dai-ichi Seiko Co. Ltd. | 40,400 | 514 |
Advan Co. Ltd. | 48,200 | 512 | |
Sekisui Plastics Co. Ltd. | 190,000 | 507 | |
Kinki Sharyo Co. Ltd. | 156,000 | 499 | |
Rhythm Watch Co. Ltd. | 337,000 | 498 | |
Maezawa Kyuso Industries Co. Ltd. | 38,000 | 498 | |
Japan Transcity Corp. | 162,000 | 493 | |
Hodogaya Chemical Co. Ltd. | 251,000 | 493 | |
Daisyo Corp. | 41,500 | 488 | |
Fuji Electronics Co. Ltd. | 40,400 | 482 | |
Kyoto Kimono Yuzen Co. Ltd. | 47,900 | 474 | |
Krosaki Harima Corp. | 224,000 | 468 | |
Arakawa Chemical Industries Ltd. | 55,200 | 465 | |
Shinwa Co. Ltd. | 40,200 | 465 | |
^ | Toko Inc. | 159,000 | 463 |
*,^ | Yamada SxL Home Co. Ltd. | 410,000 | 461 |
Chukyo Bank Ltd. | 270,000 | 460 | |
Noritsu Koki Co. Ltd. | 63,600 | 456 | |
*,^ | Kanto Denka Kogyo Co. Ltd. | 187,000 | 448 |
Hokkan Holdings Ltd. | 166,000 | 433 | |
^ | Toa Oil Co. Ltd. | 281,000 | 431 |
^ | Kojima Co. Ltd. | 133,100 | 426 |
Okura Industrial Co. Ltd. | 148,000 | 424 | |
^ | NIFTY Corp. | 29,700 | 421 |
Wood One Co. Ltd. | 150,000 | 420 | |
Kanaden Corp. | 59,000 | 415 | |
Studio Alice Co. Ltd. | 29,200 | 406 | |
NDS Co. Ltd. | 143,000 | 398 | |
*,^ | FDK Corp. | 340,000 | 397 |
Mory Industries Inc. | 105,000 | 396 | |
Kourakuen Corp. | 30,300 | 390 | |
Japan Pure Chemical Co. Ltd. | 18,700 | 383 | |
Asunaro Aoki Construction Co. Ltd. | 65,200 | 374 | |
Best Denki Co. Ltd. | 271,600 | 370 | |
^ | Riso Kyoiku Co. Ltd. | 169,380 | 369 |
^ | Cybozu Inc. | 106,200 | 365 |
Takihyo Co. Ltd. | 90,000 | 357 | |
Toho Co. Ltd. | 97,000 | 349 | |
Yushiro Chemical Industry Co. Ltd. | 33,800 | 341 | |
^ | Right On Co. Ltd. | 47,700 | 338 |
Maezawa Kasei Industries Co. Ltd. | 32,300 | 337 | |
Tonami Holdings Co. Ltd. | 179,000 | 326 | |
Toli Corp. | 168,000 | 324 | |
Inaba Seisakusho Co. Ltd. | 25,300 | 319 | |
Aeon Fantasy Co. Ltd. | 23,900 | 297 | |
Shoko Co. Ltd. | 220,000 | 293 | |
*,^ | Mitsubishi Kakoki Kaisha Ltd. | 192,000 | 291 |
55
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Tokyo Electron Device Ltd. | 20,900 | 275 |
Olympic Group Corp. | 25,500 | 230 | |
Mitsui Knowledge Industry Co. Ltd. | 149,100 | 219 | |
Panasonic Industrial Devices SUNX Co. Ltd. | 43,600 | 197 | |
^ | Ohara Inc. | 29,600 | 174 |
Chuo Spring Co. Ltd. | 52,000 | 157 | |
* | Ichikoh Industries Ltd. | 116,000 | 155 |
Shimojima Co. Ltd. | 14,000 | 143 | |
Shiroki Corp. | 71,000 | 136 | |
Panasonic Information Systems | 5,100 | 134 | |
Mr Max Corp. | 41,500 | 133 | |
Nippon Kasei Chemical Co. Ltd. | 68,000 | 86 | |
Rakuten Inc. | 500 | 6 | |
17,489,876 | |||
Malaysia (0.9%) | |||
Public Bank Bhd. (Local) | 16,151,194 | 99,703 | |
Malayan Banking Bhd. | 24,599,090 | 74,671 | |
CIMB Group Holdings Bhd. | 30,072,200 | 69,274 | |
Axiata Group Bhd. | 28,466,700 | 58,713 | |
Sime Darby Bhd. | 17,784,500 | 51,447 | |
Genting Bhd. | 12,632,500 | 37,970 | |
DiGi.Com Bhd. | 21,294,700 | 36,185 | |
Petronas Chemicals Group Bhd. | 16,454,827 | 33,944 | |
Petronas Gas Bhd. | 4,504,700 | 32,452 | |
IOI Corp. Bhd. | 21,188,086 | 32,421 | |
Maxis Bhd. | 14,951,250 | 31,839 | |
Tenaga Nasional Bhd. | 7,975,200 | 29,072 | |
* | Sapurakencana Petroleum Bhd. | 21,794,482 | 28,811 |
Kuala Lumpur Kepong Bhd. | 3,054,086 | 22,651 | |
Genting Malaysia Bhd. | 16,987,600 | 21,973 | |
AMMB Holdings Bhd. | 9,977,400 | 21,960 | |
* | IHH Healthcare Bhd. | 15,673,177 | 19,256 |
PPB Group Bhd. | 3,401,300 | 17,166 | |
* | MISC Bhd. | 8,429,130 | 16,841 |
Gamuda Bhd. | 11,375,000 | 16,079 | |
Petronas Dagangan Bhd. | 1,703,100 | 15,826 | |
British American Tobacco Malaysia Bhd. | 814,400 | 15,273 | |
YTL Corp. Bhd. | 30,539,586 | 15,066 | |
Felda Global Ventures Holdings Bhd. | 10,566,724 | 14,633 | |
Hong Leong Bank Bhd. | 3,256,660 | 13,972 | |
IJM Corp. Bhd. | 6,941,260 | 13,582 | |
UMW Holdings Bhd. | 3,760,100 | 12,405 | |
Dialog Group Bhd. | 11,186,760 | 12,319 | |
Telekom Malaysia Bhd. | 6,131,600 | 11,652 | |
Malaysia Airports Holdings Bhd. | 4,168,500 | 10,283 | |
RHB Capital Bhd. | 3,967,100 | 10,080 | |
Bumi Armada Bhd. | 7,658,700 | 9,393 | |
* | YTL Power International Bhd. | 19,165,080 | 9,222 |
2 | Astro Malaysia Holdings Bhd. | 8,939,500 | 9,123 |
Alliance Financial Group Bhd. | 6,276,200 | 8,620 | |
* | IOI Properties Group Sdn Bhd. | 9,982,042 | 8,207 |
Lafarge Malaysia Bhd. | 2,428,200 | 6,767 | |
Genting Plantations Bhd. | 1,944,000 | 6,614 | |
UEM Sunrise Bhd. | 8,733,003 | 6,166 | |
Berjaya Sports Toto Bhd. | 4,806,274 | 5,726 | |
Hong Leong Financial Group Bhd. | 1,193,600 | 5,600 | |
KLCC Property Holdings Bhd. | 2,560,200 | 5,217 | |
AirAsia Bhd. | 6,951,400 | 4,730 | |
Bursa Malaysia Bhd. | 1,989,600 | 4,627 | |
Media Prima Bhd. | 6,024,800 | 4,594 | |
IGB Corp. Bhd. | 5,305,548 | 4,499 | |
SP Setia Bhd. | 4,691,000 | 4,336 | |
MMC Corp. Bhd. | 4,919,200 | 4,217 | |
Magnum Bhd. | 4,326,600 | 4,001 |
56
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
BIMB Holdings Bhd. | 2,923,260 | 3,811 | |
DRB-Hicom Bhd. | 4,926,200 | 3,774 | |
KPJ Healthcare Bhd. | 3,753,890 | 3,725 | |
WCT Holdings Bhd. | 5,020,405 | 3,463 | |
Hartalega Holdings Bhd. | 1,782,400 | 3,462 | |
Mah Sing Group Bhd. | 4,953,740 | 3,433 | |
* | Kulim Malaysia Bhd. | 3,135,800 | 3,393 |
Top Glove Corp. Bhd. | 2,297,400 | 3,382 | |
Carlsberg Brewery Malaysia Bhd. | 868,100 | 3,341 | |
Malaysian Resources Corp. Bhd. | 6,858,100 | 3,301 | |
HAP Seng Consolidated Bhd. | 3,348,200 | 3,251 | |
IGB REIT | 8,988,500 | 3,194 | |
Sunway Bhd. | 3,314,657 | 3,154 | |
Parkson Holdings Bhd. | 3,471,753 | 3,125 | |
Eastern & Oriental Bhd. | 4,211,600 | 3,062 | |
Malaysia Building Society | 4,354,400 | 3,016 | |
* | Cahya Mata Sarawak Bhd. | 961,800 | 2,813 |
QL Resources Bhd. | 2,894,164 | 2,777 | |
Pos Malaysia Bhd. | 2,004,500 | 2,767 | |
CapitaMalls Malaysia Trust | 5,979,400 | 2,766 | |
Malaysia Marine and Heavy Engineering Holdings Bhd. | 2,275,071 | 2,758 | |
TSH Resources Bhd. | 2,429,100 | 2,493 | |
Berjaya Corp. Bhd. | 15,542,300 | 2,382 | |
Axis REIT | 2,153,500 | 2,308 | |
Kossan Rubber Industries | 1,777,200 | 2,232 | |
* | Perisai Petroleum Teknologi Bhd. | 4,520,900 | 2,176 |
* | TIME dotCom Bhd. | 1,721,640 | 2,106 |
Gas Malaysia Bhd. | 1,901,900 | 2,104 | |
* | Malaysian Airline System Bhd. | 29,515,900 | 2,087 |
Pavilion REIT | 5,006,500 | 2,086 | |
IJM Land Bhd. | 2,122,100 | 1,964 | |
OSK Holdings Bhd. | 3,634,190 | 1,848 | |
Supermax Corp. Bhd. | 2,411,500 | 1,809 | |
* | Keck Seng Malaysia Bhd. | 830,795 | 1,791 |
Dayang Enterprise Holdings Bhd. | 1,559,100 | 1,773 | |
Affin Holdings Bhd. | 1,532,511 | 1,772 | |
TA Enterprise Bhd. | 6,660,700 | 1,654 | |
Muhibbah Engineering M Bhd. | 1,752,200 | 1,559 | |
Wah Seong Corp. Bhd. | 2,422,004 | 1,461 | |
* | Perdana Petroleum Bhd. | 2,313,040 | 1,340 |
Mudajaya Group Bhd. | 1,607,066 | 1,276 | |
* | KNM Group Bhd. | 4,651,350 | 1,185 |
Puncak Niaga Holdings Bhd. | 1,311,000 | 1,175 | |
* | Scomi Group Bhd. | 8,240,100 | 1,076 |
Malaysian Bulk Carriers Bhd. | 1,811,400 | 1,056 | |
* | Mulpha International Bhd. | 7,867,300 | 1,038 |
* | AirAsia X Bhd. | 4,440,600 | 1,020 |
Unisem M Bhd. | 2,320,400 | 840 | |
Lion Industries Corp. Bhd. | 1,665,100 | 335 | |
* | Malaysia Building Society Bhd. Warrants Exp. 05/31/2016 | 568,847 | 225 |
* | KPJ Healthcare Bhd. Warrants Exp. 01/10/2015 | 319,480 | 207 |
* | Dialog Group Bhd. Warrants Exp. 02/12/2017 | 441,280 | 185 |
* | KNM Group Bhd. Warrants Exp. 11/15/2017 | 1,550,450 | 173 |
* | Malaysian Resources Corp. Bhd. Warrants Exp. 09/16/2018 | 2,286,033 | 158 |
* | Mah Sing Group Bhd. Warrants Exp. 03/18/2018 | 521,665 | 89 |
* | BIMB Holdings Bhd. Warrants | 741,960 | 75 |
* | WCT Holdings Bhd. Warrants Exp. 12/11/2017 | 558,140 | 73 |
* | Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 | 111,300 | 69 |
* | Hartalega Holdings Bhd. Warrants Exp. 05/29/2015 | 72,940 | 49 |
* | Kulim Malaysia Bhd. Warrants Exp. 02/27/2016 | 165,750 | 44 |
* | WCT Holdings Bhd. Warrants Exp. 03/10/2016 | 288,480 | 39 |
* | Coastal Contracts Bhd. Warrants Exp. 07/18/2016 | 46,016 | 27 |
* | MBM Resources Bhd. Warrants Exp. 06/14/2017 | 88,380 | 15 |
1,124,320 |
57
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mexico (0.9%) | |||
America Movil SAB de CV | 174,916,913 | 175,950 | |
Fomento Economico Mexicano SAB de CV | 12,340,117 | 112,613 | |
Grupo Televisa SAB | 14,864,331 | 97,507 | |
* | Cemex SAB de CV | 67,391,300 | 86,179 |
Grupo Financiero Banorte SAB de CV | 12,986,956 | 86,095 | |
Wal-Mart de Mexico SAB de CV | 32,424,987 | 81,987 | |
Grupo Mexico SAB de CV Class B | 22,281,765 | 66,916 | |
Alfa SAB de CV Class A | 16,142,590 | 42,507 | |
Grupo Financiero Inbursa SAB de CV | 11,784,413 | 30,139 | |
Grupo Bimbo SAB de CV Class A | 10,766,015 | 29,740 | |
Fibra Uno Administracion SA de CV | 8,623,702 | 28,173 | |
Coca-Cola Femsa SAB de CV | 2,348,736 | 26,236 | |
Mexichem SAB de CV | 6,336,686 | 23,583 | |
Grupo Financiero Santander Mexico SAB de CV Class B | 8,550,465 | 20,333 | |
Industrias Penoles SAB de CV | 722,593 | 16,820 | |
Grupo Aeroportuario del Sureste SAB de CV Class B | 1,274,141 | 15,590 | |
Grupo Carso SAB de CV | 2,775,296 | 14,107 | |
* | Promotora y Operadora de Infraestructura SAB de CV | 986,728 | 13,792 |
Kimberly-Clark de Mexico SAB de CV Class A | 4,968,666 | 12,917 | |
Grupo Aeroportuario del Pacifico SAB de CV Class B | 1,947,200 | 11,711 | |
* | Genomma Lab Internacional SAB de CV Class B | 4,562,472 | 11,564 |
* | Compartamos SAB de CV | 6,425,749 | 11,257 |
Arca Continental SAB de CV | 1,616,578 | 10,300 | |
* | OHL Mexico SAB de CV | 3,532,736 | 9,378 |
Controladora Comercial Mexicana SAB de CV | 2,501,635 | 9,305 | |
* | Gruma SAB de CV Class B | 952,400 | 8,414 |
Bolsa Mexicana de Valores SAB de CV | 3,387,769 | 6,950 | |
Mexico Real Estate Management SA de CV | 3,451,240 | 6,553 | |
Alsea SAB de CV | 1,865,506 | 6,444 | |
Grupo Elektra SAB DE CV | 206,205 | 5,925 | |
Infraestructura Energetica Nova SAB de CV | 1,115,417 | 5,808 | |
* | Minera Frisco SAB de CV | 3,078,853 | 5,585 |
* | Empresas ICA SAB de CV | 3,019,813 | 5,424 |
* | Industrias CH SAB de CV Class B | 1,012,644 | 5,410 |
Grupo Comercial Chedraui SA de CV | 1,686,271 | 5,136 | |
TV Azteca SAB de CV | 8,482,273 | 4,655 | |
Corp Inmobiliaria Vesta SAB de CV | 2,154,900 | 4,362 | |
Grupo Aeroportuario del Centro Norte Sab de CV Class B | 1,146,670 | 4,213 | |
* | Organizacion Soriana SAB de CV Class B | 1,442,730 | 4,186 |
* | Grupo Aeromexico SAB de CV | 2,522,400 | 4,082 |
Concentradora Fibra Hotelera Mexicana SA de CV | 2,331,700 | 3,891 | |
Grupo Sanborns SAB de CV | 2,309,352 | 3,792 | |
Alpek SA de CV | 2,090,256 | 3,595 | |
* | Qualitas Controladora SAB de CV | 941,644 | 2,691 |
Grupo Herdez SAB de CV | 755,916 | 2,247 | |
* | Banregio Grupo Financiero SAB de CV | 364,500 | 2,107 |
* | Grupo Simec SAB de CV Class B | 484,010 | 1,824 |
* | Consorcio ARA SAB de CV | 4,003,166 | 1,759 |
* | Urbi Desarrollos Urbanos SAB de CV | 2,494,600 | 303 |
* | Corp GEO SAB de CV | 2,276,157 | 289 |
Grupo Aeroportuario del Pacifico SAB de CV ADR | 1,200 | 72 | |
1,150,416 | |||
Morocco (0.0%) | |||
Douja Promotion Groupe Addoha SA | 84,813 | 628 | |
Netherlands (2.0%) | |||
Unilever NV | 8,893,369 | 381,363 | |
* | ING Groep NV | 22,050,761 | 315,216 |
Koninklijke Philips NV | 5,119,712 | 163,900 | |
ASML Holding NV | 1,905,679 | 155,532 | |
Unibail-Rodamco SE | 555,171 | 150,034 | |
Heineken NV | 1,645,682 | 114,306 | |
Akzo Nobel NV | 1,357,732 | 104,631 |
58
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Koninklijke Ahold NV | 5,376,755 | 103,944 | |
Aegon NV | 10,960,320 | 100,468 | |
ArcelorMittal | 5,705,527 | 92,780 | |
Reed Elsevier NV | 3,632,481 | 74,143 | |
Koninklijke DSM NV | 1,023,682 | 73,509 | |
* | Koninklijke KPN NV | 17,747,966 | 63,057 |
^ | Gemalto NV | 449,806 | 50,291 |
Wolters Kluwer NV | 1,699,054 | 47,363 | |
Heineken Holding NV | 557,548 | 35,634 | |
Ziggo NV | 818,428 | 35,539 | |
Randstad Holding NV | 604,245 | 35,312 | |
Fugro NV | 445,514 | 29,522 | |
Delta Lloyd NV | 1,084,251 | 28,536 | |
Koninklijke Boskalis Westminster NV | 428,638 | 24,294 | |
TNT Express NV | 2,661,658 | 23,986 | |
* | OCI | 468,319 | 20,027 |
Aalberts Industries NV | 577,342 | 19,233 | |
* | SBM Offshore NV | 1,032,600 | 18,901 |
^ | Koninklijke Vopak NV | 375,715 | 18,734 |
Nutreco NV | 391,882 | 18,244 | |
Corio NV | 381,939 | 17,897 | |
ASM International NV | 281,132 | 12,304 | |
Arcadis NV | 338,665 | 12,037 | |
* | PostNL NV | 2,480,344 | 10,902 |
Eurocommercial Properties NV | 233,757 | 10,732 | |
Wereldhave NV | 123,880 | 10,417 | |
* | Corbion NV | 409,550 | 9,499 |
TKH Group NV | 214,736 | 7,484 | |
* | APERAM | 268,311 | 6,981 |
Koninklijke BAM Groep NV | 1,218,019 | 6,605 | |
USG People NV | 369,898 | 6,400 | |
Vastned Retail NV | 107,889 | 5,552 | |
*,^ | Royal Imtech NV | 2,505,178 | 4,884 |
* | TomTom NV | 651,456 | 4,619 |
Nieuwe Steen Investments NV | 729,183 | 4,412 | |
BinckBank NV | 368,698 | 4,166 | |
Koninklijke Ten Cate NV | 133,131 | 3,967 | |
Brunel International NV | 52,706 | 3,570 | |
Accell Group | 136,650 | 2,716 | |
Koninklijke Wessanen NV | 369,386 | 2,182 | |
* | Grontmij | 335,229 | 1,794 |
* | AMG Advanced Metallurgical Group NV | 150,442 | 1,513 |
Aegon NV | 922 | 9 | |
*,^ | SNS REAAL NV | 672,039 | — |
2,449,141 | |||
New Zealand (0.2%) | |||
Fletcher Building Ltd. | 3,664,680 | 31,162 | |
Telecom Corp. of New Zealand Ltd. | 10,362,670 | 24,756 | |
^ | Ryman Healthcare Ltd. | 2,337,182 | 17,459 |
* | Auckland International Airport Ltd. | 5,065,242 | 17,348 |
Sky Network Television Ltd. | 2,206,100 | 12,733 | |
*,^ | Xero Ltd. | 436,599 | 12,012 |
SKYCITY Entertainment Group Ltd. | 3,266,763 | 11,929 | |
Fisher & Paykel Healthcare Corp. Ltd. | 3,069,201 | 10,819 | |
Contact Energy Ltd. | 2,085,404 | 10,244 | |
Mighty River Power Ltd. | 3,998,104 | 8,017 | |
Trade Me Group Ltd. | 2,284,951 | 7,798 | |
Kiwi Income Property Trust | 5,704,112 | 5,657 | |
Air New Zealand Ltd. | 2,823,629 | 5,117 | |
Infratil Ltd. | 2,552,291 | 5,066 | |
Mainfreight Ltd. | 435,351 | 5,031 | |
* | Z Energy Ltd. | 1,393,287 | 4,696 |
Goodman Property Trust | 5,446,840 | 4,676 | |
Freightways Ltd. | 865,312 | 3,733 |
59
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Kathmandu Holdings Ltd. | 1,158,518 | 3,643 |
Precinct Properties New Zealand Ltd. | 4,103,559 | 3,610 | |
Nuplex Industries Ltd. | 1,161,145 | 3,509 | |
^ | Chorus Ltd. | 2,264,112 | 3,459 |
Argosy Property Ltd. | 4,329,428 | 3,436 | |
Vector Ltd. | 1,436,817 | 3,176 | |
Metlifecare Ltd. | 678,914 | 2,410 | |
Warehouse Group Ltd. | 816,753 | 2,389 | |
Fletcher Building Ltd. | 240,759 | 2,036 | |
Vital Healthcare Property Trust | 1,656,081 | 1,914 | |
*,^ | a2 Milk Co. Ltd. | 2,475,904 | 1,733 |
* | Synlait Milk Ltd. | 471,774 | 1,498 |
New Zealand Oil & Gas Ltd. | 1,865,528 | 1,248 | |
Tower Ltd. | 747,521 | 1,046 | |
*,^ | Bathurst Resources Ltd. (XASX) | 2,701,261 | 156 |
*,^ | Bathurst Resources Ltd. (XNZE) | 1,188,709 | 72 |
233,588 | |||
Norway (0.7%) | |||
^ | Statoil ASA | 5,458,008 | 166,390 |
DNB ASA | 6,107,204 | 108,253 | |
^ | Telenor ASA | 3,431,063 | 80,620 |
^ | Seadrill Ltd. | 2,009,530 | 70,315 |
Yara International ASA | 892,040 | 42,168 | |
Norsk Hydro ASA | 7,612,094 | 40,825 | |
^ | Orkla ASA | 4,449,629 | 36,801 |
Subsea 7 SA | 1,608,776 | 32,215 | |
Schibsted ASA | 456,234 | 26,252 | |
^ | TGS Nopec Geophysical Co. ASA | 586,227 | 20,221 |
Marine Harvest ASA | 1,613,012 | 19,784 | |
* | DNO International ASA | 5,685,234 | 19,745 |
^ | Gjensidige Forsikring ASA | 979,064 | 18,068 |
Petroleum Geo-Services ASA | 1,244,541 | 15,026 | |
* | Storebrand ASA | 2,491,574 | 13,986 |
^ | Aker Solutions ASA | 853,674 | 13,678 |
Prosafe SE | 1,188,892 | 10,479 | |
Tomra Systems ASA | 826,131 | 7,687 | |
*,^ | REC Silicon ASA | 12,572,735 | 7,032 |
Opera Software ASA | 510,410 | 6,598 | |
SpareBank 1 SMN | 711,389 | 6,318 | |
^ | Atea ASA | 502,981 | 5,781 |
SpareBank 1 SR Bank ASA | 562,534 | 5,456 | |
Fred Olsen Energy ASA | 162,731 | 5,191 | |
*,^ | Nordic Semiconductor ASA | 894,375 | 5,018 |
Aker ASA | 133,392 | 4,518 | |
*,^ | Det Norske Oljeselskap ASA | 404,899 | 4,428 |
*,^ | Norwegian Air Shuttle AS | 102,307 | 4,073 |
* | Salmar ASA | 276,358 | 4,000 |
Stolt-Nielsen Ltd. | 138,874 | 3,755 | |
* | Norwegian Property ASA | 2,844,593 | 3,612 |
Wilh Wilhelmsen ASA | 351,436 | 3,402 | |
Leroy Seafood Group ASA | 95,570 | 3,385 | |
^ | Cermaq ASA | 275,019 | 3,250 |
Austevoll Seafood ASA | 438,092 | 2,838 | |
BW Offshore Ltd. | 2,128,955 | 2,784 | |
^ | Golden Ocean Group Ltd. | 1,544,369 | 2,739 |
* | Archer Ltd. | 1,244,930 | 1,698 |
Odfjell Drilling Ltd. | 274,221 | 1,548 | |
Kvaerner ASA | 759,731 | 1,522 | |
831,459 | |||
Other (0.3%) | |||
^,3 | Vanguard FTSE Emerging Markets ETF | 7,939,916 | 325,060 |
Peru (0.1%) | |||
Credicorp Ltd. (New York Shares) | 154,978 | 23,131 |
60
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Credicorp Ltd. | 141,272 | 21,120 | |
Cia de Minas Buenaventura SAA ADR | 893,608 | 11,617 | |
Volcan Cia Minera SAA Class B | 13,680,707 | 5,165 | |
Cia de Minas Buenaventura SAA | 289,871 | 3,562 | |
64,595 | |||
Philippines (0.3%) | |||
Philippine Long Distance Telephone Co. | 489,315 | 31,630 | |
SM Investments Corp. | 1,818,061 | 29,637 | |
Ayala Land Inc. | 31,837,520 | 21,575 | |
Bank of the Philippine Islands | 9,070,604 | 18,490 | |
Ayala Corp. | 1,316,804 | 18,472 | |
BDO Unibank Inc. | 8,184,677 | 16,243 | |
Alliance Global Group Inc. | 23,105,041 | 16,182 | |
Universal Robina Corp. | 4,876,750 | 16,014 | |
Aboitiz Equity Ventures Inc. | 12,402,300 | 15,777 | |
SM Prime Holdings Inc. | 42,596,486 | 15,637 | |
* | JG Summit Holdings Inc. | 12,383,550 | 14,058 |
* | Metropolitan Bank & Trust Co. | 6,110,774 | 11,638 |
International Container Terminal Services Inc. | 4,593,540 | 11,161 | |
Manila Electric Co. | 1,691,500 | 10,657 | |
Jollibee Foods Corp. | 2,372,540 | 9,164 | |
San Miguel Corp. | 4,849,197 | 9,090 | |
DMCI Holdings Inc. | 4,678,700 | 7,550 | |
GT Capital Holdings Inc. | 386,580 | 7,535 | |
Aboitiz Power Corp. | 9,190,123 | 7,524 | |
Semirara Mining Corp. Class A | 779,770 | 7,197 | |
Metro Pacific Investments Corp. | 62,310,400 | 7,109 | |
Megaworld Corp. | 63,076,000 | 6,604 | |
LT Group Inc. | 15,638,500 | 6,444 | |
Globe Telecom Inc. | 172,790 | 6,424 | |
Puregold Price Club Inc. | 5,228,600 | 5,395 | |
Energy Development Corp. | 38,678,100 | 4,855 | |
* | Bloomberry Resorts Corp. | 17,408,900 | 4,732 |
Robinsons Land Corp. | 8,955,634 | 4,494 | |
* | Philippine National Bank | 2,229,977 | 4,367 |
* | Cosco Capital Inc. | 18,110,600 | 4,298 |
Security Bank Corp. | 1,337,030 | 3,603 | |
Petron Corp. | 11,749,200 | 3,243 | |
* | Emperador Inc. | 10,838,604 | 3,096 |
* | Belle Corp. | 22,179,108 | 2,979 |
Rizal Commercial Banking Corp. | 2,623,500 | 2,827 | |
Manila Water Co. Inc. | 4,667,200 | 2,794 | |
First Gen Corp. | 6,211,500 | 2,648 | |
Vista Land & Lifescapes Inc. | 17,854,950 | 2,418 | |
* | Melco Crown Philippines Resorts Corp. | 7,626,800 | 2,340 |
Philex Mining Corp. | 9,692,200 | 1,951 | |
First Philippine Holdings Corp. | 1,131,330 | 1,802 | |
Filinvest Land Inc. | 48,601,000 | 1,739 | |
* | Atlas Consolidated Mining & Development | 4,167,500 | 1,389 |
Lopez Holdings Corp. | 10,708,570 | 1,096 | |
Cebu Air Inc. | 915,960 | 1,079 | |
384,957 | |||
Poland (0.3%) | |||
Powszechna Kasa Oszczednosci Bank Polski SA | 4,924,786 | 67,585 | |
Bank Pekao SA | 741,778 | 47,608 | |
Powszechny Zaklad Ubezpieczen SA | 319,890 | 45,377 | |
PGE SA | 4,170,003 | 28,976 | |
KGHM Polska Miedz SA | 786,318 | 28,471 | |
Polski Koncern Naftowy Orlen SA | 1,835,472 | 27,484 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | 10,127,671 | 15,741 | |
Orange Polska SA | 3,755,211 | 12,831 | |
^ | mBank | 72,017 | 11,785 |
Tauron Polska Energia SA | 5,936,381 | 10,516 | |
* | Getin Noble Bank SA | 7,283,774 | 8,865 |
61
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ING Bank Slaski SA | 186,600 | 8,377 |
^ | Lubelski Wegiel Bogdanka SA | 191,677 | 7,846 |
*,^ | Bank Millennium SA | 2,424,366 | 7,122 |
Bank Handlowy w Warszawie SA | 184,880 | 6,880 | |
* | Cyfrowy Polsat SA | 977,204 | 6,641 |
Asseco Poland SA | 423,331 | 6,304 | |
Enea SA | 1,228,198 | 6,218 | |
Eurocash SA | 444,188 | 5,874 | |
*,^ | TVN SA | 912,208 | 4,970 |
* | Grupa Lotos SA | 360,876 | 4,654 |
Synthos SA | 2,742,187 | 4,322 | |
^ | Jastrzebska Spolka Weglowa SA | 290,265 | 3,996 |
* | Netia SA | 2,134,320 | 3,817 |
* | Globe Trade Centre SA | 1,325,143 | 3,315 |
Budimex SA | 59,118 | 2,749 | |
* | Kernel Holding SA | 268,538 | 2,496 |
* | Integer.pl SA | 23,532 | 2,069 |
* | Ciech SA | 183,260 | 1,963 |
*,^ | Getin Holding SA | 1,782,993 | 1,880 |
Warsaw Stock Exchange | 143,847 | 1,797 | |
* | CD Projekt Red SA | 343,042 | 1,700 |
* | Agora SA | 231,761 | 797 |
* | Boryszew SA | 543,916 | 792 |
401,818 | |||
Portugal (0.2%) | |||
EDP - Energias de Portugal SA | 14,460,932 | 70,247 | |
Galp Energia SGPS SA | 2,143,131 | 37,145 | |
Jeronimo Martins SGPS SA | 1,394,092 | 24,382 | |
* | Banco Comercial Portugues SA | 77,004,082 | 23,401 |
* | Banco Espirito Santo SA | 11,376,688 | 20,166 |
^ | Portugal Telecom SGPS SA | 3,051,202 | 12,677 |
^ | ZON OPTIMUS SGPS SA | 1,206,624 | 8,729 |
Sonae | 4,563,114 | 8,585 | |
EDP Renovaveis SA | 1,145,581 | 7,856 | |
Portucel SA | 1,281,109 | 6,075 | |
*,^ | Banco BPI SA | 1,854,237 | 4,759 |
Semapa-Sociedade de Investimento e Gestao | 296,928 | 4,455 | |
Mota-Engil SGPS SA | 521,021 | 3,989 | |
^ | Altri SGPS SA | 826,802 | 2,810 |
REN - Redes Energeticas Nacionais SGPS SA | 541,831 | 2,038 | |
* | Mota-Engil Africa Rights | 492,646 | 273 |
237,587 | |||
Russia (0.8%) | |||
Gazprom OAO | 38,499,390 | 138,992 | |
* | Sberbank of Russia | 60,301,332 | 123,056 |
Gazprom OAO ADR | 12,202,593 | 88,187 | |
Lukoil OAO | 1,567,034 | 82,814 | |
Magnit OJSC GDR | 1,591,357 | 75,307 | |
Lukoil OAO ADR | 1,191,498 | 63,077 | |
Mobile Telesystems OJSC ADR | 2,941,188 | 49,294 | |
MMC Norilsk Nickel OJSC | 270,098 | 48,639 | |
NOVATEK OAO GDR | 380,698 | 39,361 | |
Uralkali OJSC | 8,281,466 | 36,658 | |
Rosneft OAO | 3,828,569 | 23,960 | |
Tatneft OAO ADR | 691,304 | 23,778 | |
Tatneft OAO | 4,102,613 | 23,466 | |
Sistema JSFC GDR | 816,075 | 19,479 | |
AK Transneft OAO Prior Pfd. | 8,766 | 19,447 | |
VTB Bank OJSC | 16,356,464,410 | 17,708 | |
Rosneft OAO GDR | 2,797,279 | 17,587 | |
Surgutneftegas OAO ADR | 2,231,995 | 15,828 | |
VTB Bank OJSC GDR | 6,473,641 | 13,771 | |
MegaFon OAO GDR | 518,782 | 13,529 | |
Surgutneftegas OAO | 18,478,336 | 12,941 |
62
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Rostelecom OJSC | 5,979,823 | 12,877 | |
RusHydro JSC | 622,805,350 | 9,760 | |
E.ON Russia JSC | 79,702,911 | 5,592 | |
* | Novolipetsk Steel OJSC GDR | 461,790 | 5,384 |
Phosagro OAO GDR | 442,827 | 5,161 | |
* | PIK Group | 1,628,120 | 3,767 |
Aeroflot - Russian Airlines OJSC | 2,458,721 | 3,521 | |
* | LSR Group GDR | 1,131,308 | 3,399 |
Severstal OAO GDR | 470,960 | 3,329 | |
Severstal OAO | 464,918 | 3,256 | |
* | Sberbank of Russia ADR | 343,542 | 2,894 |
* | Inter RAO JSC | 11,773,339,373 | 2,480 |
* | M Video OJSC | 400,000 | 2,445 |
* | Federal Grid Co. Unified Energy System JSC | 1,553,612,440 | 2,415 |
TMK OAO GDR | 292,619 | 2,330 | |
* | Pharmstandard OJSC GDR | 285,388 | 2,314 |
* | Acron JSC | 56,723 | 1,893 |
* | Russian Grids OAO | 131,478,055 | 1,558 |
*,^ | Mechel ADR | 693,432 | 1,401 |
* | Magnitogorsk Iron & Steel Works | 7,863,190 | 1,288 |
Polyus Gold OJSC | 58,519 | 873 | |
TGK-1 OAO | 4,503,586,647 | 812 | |
* | OGK-2 OAO | 138,346,306 | 782 |
* | Mosenergo OAO | 29,963,645 | 612 |
* | Novolipetsk Steel OJSC | 445,750 | 515 |
* | Raspadskaya OAO | 773,900 | 378 |
MMC Norilsk Nickel OJSC ADR | 9,538 | 172 | |
* | Mechel | 14,601 | 16 |
1,028,103 | |||
Singapore (1.1%) | |||
DBS Group Holdings Ltd. | 9,920,440 | 134,394 | |
Singapore Telecommunications Ltd. | 41,729,814 | 127,823 | |
^ | Oversea-Chinese Banking Corp. Ltd. | 15,448,471 | 119,141 |
United Overseas Bank Ltd. | 6,751,167 | 117,505 | |
Keppel Corp. Ltd. | 8,145,393 | 68,536 | |
Global Logistic Properties Ltd. | 17,112,085 | 39,000 | |
CapitaLand Ltd. | 14,485,470 | 37,072 | |
Genting Singapore plc | 34,671,536 | 36,738 | |
Wilmar International Ltd. | 11,944,895 | 32,464 | |
^ | Singapore Press Holdings Ltd. | 9,069,593 | 30,329 |
City Developments Ltd. | 3,370,619 | 29,203 | |
Singapore Technologies Engineering Ltd. | 8,831,188 | 26,974 | |
Singapore Exchange Ltd. | 4,666,769 | 25,809 | |
Singapore Airlines Ltd. | 2,878,442 | 23,864 | |
CapitaMall Trust | 14,767,481 | 23,540 | |
Noble Group Ltd. | 21,766,213 | 22,412 | |
Sembcorp Industries Ltd. | 5,065,579 | 21,747 | |
Jardine Cycle & Carriage Ltd. | 566,824 | 21,254 | |
Ascendas REIT | 11,166,763 | 20,439 | |
Hutchison Port Holdings Trust | 28,674,374 | 19,515 | |
ComfortDelGro Corp. Ltd. | 11,385,254 | 19,307 | |
Suntec REIT | 13,602,000 | 18,644 | |
Golden Agri-Resources Ltd. | 36,650,806 | 17,880 | |
^ | Sembcorp Marine Ltd. | 4,693,758 | 15,265 |
UOL Group Ltd. | 2,944,918 | 15,120 | |
^ | Olam International Ltd. | 8,028,897 | 14,327 |
CapitaCommercial Trust | 11,042,000 | 14,131 | |
CapitaMalls Asia Ltd. | 7,751,853 | 13,659 | |
StarHub Ltd. | 3,870,110 | 12,838 | |
Keppel Land Ltd. | 4,172,601 | 11,543 | |
Yangzijiang Shipbuilding Holdings Ltd. | 11,796,636 | 10,375 | |
Ezion Holdings Ltd. | 5,247,000 | 9,538 | |
SATS Ltd. | 3,652,000 | 9,245 | |
Singapore Post Ltd. | 8,102,000 | 9,153 |
63
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Venture Corp. Ltd. | 1,386,000 | 8,490 | |
Keppel REIT | 8,418,489 | 8,137 | |
Mapletree Industrial Trust | 6,651,880 | 7,654 | |
Mapletree Commercial Trust | 7,246,000 | 7,329 | |
Mapletree Logistics Trust | 8,010,000 | 7,035 | |
Mapletree Greater China Commercial Trust | 10,036,000 | 6,776 | |
First Resources Ltd. | 2,635,000 | 5,412 | |
CDL Hospitality Trusts | 3,516,000 | 5,043 | |
Starhill Global REIT | 7,601,000 | 4,919 | |
Fortune REIT | 6,141,000 | 4,828 | |
M1 Ltd. | 1,770,000 | 4,756 | |
SIA Engineering Co. Ltd. | 1,232,000 | 4,711 | |
Asian Pay Television Trust | 7,787,000 | 4,694 | |
United Engineers Ltd. | 2,658,000 | 4,582 | |
Raffles Medical Group Ltd. | 1,567,000 | 4,541 | |
^ | Biosensors International Group Ltd. | 5,922,000 | 4,498 |
Parkway Life REIT | 2,202,000 | 4,408 | |
Cambridge Industrial Trust | 6,940,000 | 4,103 | |
Ascott Residence Trust | 4,265,400 | 4,089 | |
*,^ | Neptune Orient Lines Ltd. | 4,961,630 | 4,024 |
AIMS AMP Capital Industrial REIT | 3,522,792 | 3,983 | |
Frasers Centrepoint Trust | 2,727,000 | 3,911 | |
^ | SMRT Corp. Ltd. | 3,982,000 | 3,877 |
Frasers Commercial Trust | 3,719,600 | 3,774 | |
Wing Tai Holdings Ltd. | 2,353,117 | 3,764 | |
Cache Logistics Trust | 3,978,000 | 3,654 | |
2 | ARA Asset Management Ltd. | 2,391,880 | 3,486 |
^ | Far East Hospitality Trust | 4,796,000 | 3,391 |
^ | Yanlord Land Group Ltd. | 3,596,000 | 3,321 |
^ | Super Group Ltd. | 1,158,000 | 3,240 |
CapitaRetail China Trust | 2,731,180 | 3,229 | |
Lippo Malls Indonesia Retail Trust | 9,932,000 | 3,212 | |
*,^ | Gallant Venture Ltd. | 13,107,000 | 3,143 |
OUE Ltd. | 1,714,000 | 3,108 | |
^ | Cosco Corp. Singapore Ltd. | 5,365,513 | 3,090 |
Ezra Holdings Ltd. | 3,570,000 | 2,999 | |
Hyflux Ltd. | 3,050,000 | 2,920 | |
*,^ | United Envirotech Ltd. | 2,782,000 | 2,899 |
^ | Sabana Shari'ah Compliant Industrial REIT | 3,431,118 | 2,807 |
First REIT | 3,025,000 | 2,804 | |
^ | OSIM International Ltd. | 1,205,000 | 2,792 |
OUE Hospitality Trust | 3,997,666 | 2,774 | |
*,^ | Silverlake Axis Ltd. | 3,834,084 | 2,634 |
^ | Ascendas Hospitality Trust | 4,509,300 | 2,591 |
Ho Bee Land Ltd. | 1,353,000 | 2,476 | |
^ | SPH REIT | 3,079,000 | 2,457 |
* | Vard Holdings Ltd. | 3,152,000 | 2,435 |
Ascendas India Trust | 3,718,000 | 2,271 | |
CitySpring Infrastructure Trust | 5,899,000 | 2,239 | |
^ | Yoma Strategic Holdings Ltd. | 3,659,000 | 2,077 |
^ | Midas Holdings Ltd. | 5,510,000 | 2,071 |
Indofood Agri Resources Ltd. | 2,425,000 | 2,065 | |
Soilbuild Business Space REIT | 3,260,000 | 2,042 | |
Religare Health Trust | 2,985,000 | 2,025 | |
^ | GuocoLeisure Ltd. | 2,433,000 | 1,876 |
*,^ | HanKore Environment Tech Group Ltd. | 19,832,000 | 1,794 |
Boustead Singapore Ltd. | 1,168,000 | 1,767 | |
Metro Holdings Ltd. | 2,377,000 | 1,747 | |
^ | Perennial China Retail Trust | 3,642,000 | 1,614 |
Croesus Retail Trust | 2,205,000 | 1,586 | |
^ | Fortune REIT | 1,764,077 | 1,399 |
^ | Swiber Holdings Ltd. | 2,218,000 | 1,135 |
*,^ | Ying Li International Real Estate Ltd. | 4,935,000 | 1,064 |
^ | China Fishery Group Ltd. | 3,362,000 | 1,048 |
64
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
CSE Global Ltd. | 2,170,000 | 1,031 | |
GMG Global Ltd. | 14,172,000 | 1,018 | |
*,^ | Tiger Airways Holdings Ltd. | 2,821,799 | 991 |
* | Raffles Education Corp. Ltd. | 4,132,398 | 974 |
Hong Leong Asia Ltd. | 675,000 | 860 | |
^ | Tat Hong Holdings Ltd. | 1,251,000 | 809 |
* | Keppel Telecommunications & Transportation Ltd. | 513,000 | 731 |
Hi-P International Ltd. | 866,000 | 401 | |
*,^ | LionGold Corp. Ltd. | 4,588,000 | 360 |
* | Blumont Group Ltd. | 10,261,500 | 230 |
* | Oceanus Group Ltd. | 13,179,000 | 179 |
1,400,988 | |||
South Africa (1.5%) | |||
Naspers Ltd. | 2,230,329 | 210,764 | |
MTN Group Ltd. | 10,214,899 | 204,929 | |
Sasol Ltd. | 3,124,356 | 175,102 | |
^ | Standard Bank Group Ltd. | 6,874,949 | 90,330 |
^ | Steinhoff International Holdings Ltd. | 11,968,904 | 62,195 |
FirstRand Ltd. | 16,679,910 | 61,372 | |
Sanlam Ltd. | 10,799,739 | 57,856 | |
Remgro Ltd. | 2,741,914 | 55,217 | |
Bidvest Group Ltd. | 1,804,968 | 49,561 | |
Aspen Pharmacare Holdings Ltd. | 1,736,554 | 46,285 | |
AngloGold Ashanti Ltd. | 2,297,093 | 41,525 | |
Shoprite Holdings Ltd. | 2,477,885 | 41,452 | |
Impala Platinum Holdings Ltd. | 2,940,300 | 33,147 | |
Woolworths Holdings Ltd. | 4,199,985 | 28,584 | |
Barclays Africa Group Ltd. | 1,840,786 | 26,966 | |
Nedbank Group Ltd. | 1,128,290 | 24,187 | |
Tiger Brands Ltd. | 893,822 | 23,912 | |
Growthpoint Properties Ltd. | 10,122,858 | 23,401 | |
^ | Vodacom Group Ltd. | 1,855,653 | 22,146 |
Life Healthcare Group Holdings Ltd. | 5,212,614 | 20,728 | |
Netcare Ltd. | 8,398,419 | 20,373 | |
^ | Mr Price Group Ltd. | 1,299,374 | 19,579 |
Truworths International Ltd. | 2,373,871 | 19,072 | |
RMB Holdings Ltd. | 3,927,556 | 18,847 | |
Gold Fields Ltd. | 4,359,877 | 18,505 | |
Imperial Holdings Ltd. | 990,470 | 18,473 | |
Mediclinic International Ltd. | 2,339,144 | 16,362 | |
* | Anglo American Platinum Ltd. | 337,785 | 16,084 |
MMI Holdings Ltd. | 5,816,508 | 14,624 | |
Coronation Fund Managers Ltd. | 1,509,167 | 14,573 | |
Discovery Ltd. | 1,662,258 | 14,431 | |
Barloworld Ltd. | 1,190,490 | 12,987 | |
Nampak Ltd. | 3,335,110 | 12,442 | |
Investec Ltd. | 1,390,794 | 12,241 | |
Foschini Group Ltd. | 1,128,125 | 11,659 | |
^ | Kumba Iron Ore Ltd. | 325,491 | 11,592 |
Brait SE | 2,137,942 | 11,521 | |
SPAR Group Ltd. | 975,723 | 11,464 | |
Mondi Ltd. | 670,667 | 11,168 | |
Sibanye Gold Ltd. | 4,153,319 | 10,728 | |
African Rainbow Minerals Ltd. | 559,035 | 10,526 | |
Exxaro Resources Ltd. | 734,439 | 10,024 | |
* | Sappi Ltd. | 3,027,045 | 9,596 |
AVI Ltd. | 1,724,159 | 9,513 | |
Clicks Group Ltd. | 1,398,528 | 8,527 | |
^ | African Bank Investments Ltd. | 7,186,207 | 8,522 |
Massmart Holdings Ltd. | 613,658 | 8,134 | |
* | Northam Platinum Ltd. | 1,965,931 | 7,674 |
Capital Property Fund | 7,512,394 | 7,574 | |
^ | Capitec Bank Holdings Ltd. | 343,748 | 7,440 |
Omnia Holdings Ltd. | 343,628 | 7,388 |
65
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
PPC Ltd. | 2,531,443 | 7,365 | |
Tongaat Hulett Ltd. | 618,763 | 7,357 | |
Aeci Ltd. | 658,362 | 7,353 | |
Assore Ltd. | 187,624 | 7,262 | |
Pick n Pay Stores Ltd. | 1,261,916 | 7,210 | |
* | Harmony Gold Mining Co. Ltd. | 2,178,415 | 7,159 |
Liberty Holdings Ltd. | 588,068 | 7,054 | |
* | Telkom SA SOC Ltd. | 1,753,015 | 6,273 |
Reunert Ltd. | 917,055 | 6,026 | |
Sun International Ltd. | 550,957 | 5,446 | |
* | Murray & Roberts Holdings Ltd. | 2,274,461 | 5,326 |
DataTec Ltd. | 1,026,520 | 5,161 | |
^ | Adcock Ingram Holdings Ltd. | 834,155 | 4,833 |
Grindrod Ltd. | 2,022,765 | 4,790 | |
* | Aveng Ltd. | 2,200,860 | 4,729 |
JSE Ltd. | 495,391 | 4,545 | |
* | Super Group Ltd. | 1,674,590 | 4,512 |
EOH Holdings Ltd. | 556,369 | 4,447 | |
Fountainhead Property Trust | 5,626,833 | 4,258 | |
* | PSG Group Ltd. | 415,381 | 4,114 |
SA Corporate Real Estate Fund Nominees Pty Ltd. | 10,164,284 | 3,991 | |
Santam Ltd. | 191,131 | 3,859 | |
Wilson Bayly Holmes-Ovcon Ltd. | 293,722 | 3,798 | |
Pick n Pay Holdings Ltd. | 1,449,631 | 3,515 | |
^ | Famous Brands Ltd. | 342,002 | 3,431 |
Illovo Sugar Ltd. | 1,243,864 | 3,430 | |
Emira Property Fund | 2,352,653 | 3,232 | |
* | ArcelorMittal South Africa Ltd. | 916,954 | 3,227 |
* | Metair Investments Ltd. | 768,849 | 3,108 |
^ | Lewis Group Ltd. | 483,696 | 2,871 |
Mpact Ltd. | 889,923 | 2,353 | |
Group Five Ltd. | 535,671 | 2,203 | |
City Lodge Hotels Ltd. | 178,886 | 2,097 | |
* | Royal Bafokeng Platinum Ltd. | 317,522 | 2,052 |
^ | Astral Foods Ltd. | 202,536 | 1,839 |
* | Oceana Group Ltd. | 197,538 | 1,692 |
Blue Label Telecoms Ltd. | 1,897,530 | 1,644 | |
Invicta Holdings Ltd. | 141,719 | 1,616 | |
Clover Industries Ltd. | 872,733 | 1,610 | |
Eqstra Holdings Ltd. | 2,059,773 | 1,430 | |
Raubex Group Ltd. | 681,852 | 1,410 | |
Cashbuild Ltd. | 109,154 | 1,305 | |
*,^ | Pinnacle Holdings Ltd. | 736,208 | 915 |
* | Merafe Resources Ltd. | 5,279,266 | 557 |
^ | DRDGOLD Ltd. | 1,732,371 | 552 |
*,^ | Ellies Holdings Ltd. | 518,781 | 205 |
*,^ | Great Basin Gold Ltd. | 2,279,068 | 6 |
Redefine Properties Ltd. | 6,085 | 6 | |
1,864,476 | |||
South Korea (3.2%) | |||
Samsung Electronics Co. Ltd. | 564,669 | 736,306 | |
Hyundai Motor Co. | 876,334 | 195,393 | |
* | SK Hynix Inc. | 2,963,470 | 115,556 |
NAVER Corp. | 154,860 | 111,517 | |
Hyundai Mobis | 382,115 | 109,164 | |
POSCO | 322,634 | 95,315 | |
Shinhan Financial Group Co. Ltd. | 2,036,810 | 88,904 | |
Kia Motors Corp. | 1,472,425 | 81,693 | |
LG Chem Ltd. | 249,157 | 63,599 | |
Samsung Electronics Co. Ltd. GDR | 96,865 | 62,533 | |
KB Financial Group Inc. | 1,798,451 | 61,523 | |
Hana Financial Group Inc. | 1,666,812 | 58,815 | |
KT&G Corp. | 689,226 | 55,236 | |
Samsung Life Insurance Co. Ltd. | 570,217 | 53,070 |
66
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Samsung Fire & Marine Insurance Co. Ltd. | 221,814 | 52,688 | |
Hyundai Heavy Industries Co. Ltd. | 251,463 | 47,279 | |
Samsung C&T Corp. | 709,055 | 44,591 | |
LG Electronics Inc. | 616,712 | 41,077 | |
SK Innovation Co. Ltd. | 348,719 | 39,949 | |
SK Telecom Co. Ltd. | 189,581 | 39,254 | |
* | LG Display Co. Ltd. | 1,287,150 | 34,282 |
Korea Electric Power Corp. | 825,290 | 31,555 | |
Samsung SDI Co. Ltd. | 206,606 | 30,339 | |
POSCO ADR | 397,167 | 29,232 | |
LG Corp. | 505,387 | 28,181 | |
Samsung Heavy Industries Co. Ltd. | 1,002,430 | 27,459 | |
E-Mart Co. Ltd. | 119,465 | 27,318 | |
SK Holdings Co. Ltd. | 144,917 | 25,705 | |
Coway Co. Ltd. | 312,762 | 24,721 | |
Hyundai Steel Co. | 372,859 | 24,431 | |
* | Shinhan Financial Group Co. Ltd. ADR | 554,971 | 24,197 |
Hankook Tire Co. Ltd. | 416,600 | 24,170 | |
LG Household & Health Care Ltd. | 52,780 | 24,168 | |
*,^ | Korea Electric Power Corp. ADR | 1,257,132 | 24,062 |
Amorepacific Corp. | 17,730 | 22,927 | |
Woori Finance Holdings Co. Ltd. | 1,997,797 | 22,524 | |
Hyundai Engineering & Construction Co. Ltd. | 404,956 | 21,924 | |
Hyundai Glovis Co. Ltd. | 88,754 | 20,935 | |
Samsung Electro-Mechanics Co. Ltd. | 314,557 | 20,217 | |
Lotte Shopping Co. Ltd. | 63,852 | 19,802 | |
Korea Zinc Co. Ltd. | 59,209 | 19,511 | |
Hotel Shilla Co. Ltd. | 219,780 | 18,508 | |
Kangwon Land Inc. | 638,880 | 18,480 | |
^ | OCI Co. Ltd. | 102,292 | 17,975 |
^ | Celltrion Inc. | 380,857 | 17,760 |
KT Corp. | 553,402 | 17,639 | |
Cheil Industries Inc. | 265,812 | 16,974 | |
SK C&C Co. Ltd. | 123,240 | 16,917 | |
BS Financial Group Inc. | 1,080,610 | 16,545 | |
^ | NCSoft Corp. | 81,886 | 16,294 |
Orion Corp. | 20,563 | 15,711 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 526,340 | 15,276 | |
Dongbu Insurance Co. Ltd. | 275,151 | 15,207 | |
KCC Corp. | 29,638 | 14,780 | |
Hyundai Wia Corp. | 87,081 | 14,358 | |
KB Financial Group Inc. ADR | 404,596 | 13,890 | |
Industrial Bank of Korea | 1,117,485 | 13,764 | |
S-Oil Corp. | 233,510 | 13,666 | |
GS Holdings | 284,420 | 13,272 | |
Lotte Chemical Corp. | 82,946 | 13,131 | |
Samsung Securities Co. Ltd. | 335,786 | 12,832 | |
Samsung Techwin Co. Ltd. | 222,544 | 12,495 | |
^ | Samsung Engineering Co. Ltd. | 166,068 | 12,466 |
CJ CheilJedang Corp. | 41,298 | 12,399 | |
Daelim Industrial Co. Ltd. | 150,979 | 12,320 | |
* | Cheil Worldwide Inc. | 487,330 | 11,862 |
LG Uplus Corp. | 1,190,950 | 11,729 | |
Macquarie Korea Infrastructure Fund | 1,823,410 | 11,292 | |
Hyundai Department Store Co. Ltd. | 87,141 | 11,237 | |
*,^ | Kumho Tire Co. Inc. | 831,530 | 10,483 |
DGB Financial Group Inc. | 686,441 | 10,414 | |
^ | Paradise Co. Ltd. | 273,230 | 10,179 |
Hyundai Development Co-Engineering & Construction | 353,850 | 10,145 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 338,410 | 9,929 | |
CJ Corp. | 80,941 | 9,803 | |
Hyosung Corp. | 136,728 | 9,768 | |
Doosan Heavy Industries & Construction Co. Ltd. | 271,337 | 9,172 | |
S-1 Corp. | 120,564 | 9,170 |
67
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Daewoo Engineering & Construction Co. Ltd. | 1,102,063 | 9,142 |
Korea Gas Corp. | 151,331 | 9,063 | |
* | Doosan Infracore Co. Ltd. | 745,180 | 9,011 |
Samsung Card Co. Ltd. | 246,128 | 8,940 | |
Daewoo International Corp. | 253,547 | 8,893 | |
Korea Aerospace Industries Ltd. | 276,310 | 8,819 | |
AMOREPACIFIC Group | 16,979 | 8,784 | |
Daewoo Securities Co. Ltd. | 1,052,343 | 8,646 | |
Mando Corp. | 71,415 | 8,591 | |
Hanwha Corp. | 293,680 | 8,560 | |
Seoul Semiconductor Co. Ltd. | 209,707 | 8,441 | |
Shinsegae Co. Ltd. | 38,691 | 8,400 | |
^ | Kumho Petro chemical Co. Ltd. | 98,955 | 8,391 |
Korea Investment Holdings Co. Ltd. | 222,020 | 8,155 | |
Hanwha Life Insurance Co. Ltd. | 1,210,610 | 7,890 | |
SK Networks Co. Ltd. | 850,090 | 7,838 | |
^ | Hyundai Mipo Dockyard | 57,332 | 7,827 |
Lotte Confectionery Co. Ltd. | 4,554 | 7,801 | |
^ | Halla Visteon Climate Control Corp. | 185,860 | 7,777 |
Yuhan Corp. | 43,152 | 7,591 | |
LS Corp. | 95,946 | 7,526 | |
LIG Insurance Co. Ltd. | 256,340 | 7,515 | |
SK Telecom Co. Ltd. ADR | 324,934 | 7,503 | |
^ | Hanwha Chemical Corp. | 413,710 | 7,332 |
^ | Youngone Corp. | 166,550 | 6,807 |
Hanssem Co. Ltd. | 79,983 | 6,544 | |
Kolon Industries Inc. | 98,038 | 6,505 | |
LG International Corp. | 216,100 | 6,403 | |
^ | GS Engineering & Construction Corp. | 181,343 | 6,398 |
Doosan Corp. | 49,173 | 6,338 | |
*,^ | CJ Korea Express Co. Ltd. | 59,433 | 6,281 |
^ | Grand Korea Leisure Co. Ltd. | 149,420 | 6,248 |
*,^ | LG Innotek Co. Ltd. | 56,084 | 6,207 |
Hyundai Greenfood Co. Ltd. | 358,070 | 6,021 | |
CJ O Shopping Co. Ltd. | 16,918 | 5,981 | |
LG Hausys Ltd. | 33,324 | 5,883 | |
Ottogi Corp. | 14,791 | 5,868 | |
^ | SK Chemicals Co. Ltd. | 97,761 | 5,702 |
*,^ | NHN Entertainment Corp. | 69,491 | 5,685 |
^ | LS Industrial Systems Co. Ltd. | 88,663 | 5,671 |
Mirae Asset Securities Co. Ltd. | 134,997 | 5,547 | |
^ | NongShim Co. Ltd. | 18,614 | 5,541 |
Daum Communications Corp. | 76,123 | 5,525 | |
* | KT Corp. ADR | 340,740 | 5,421 |
Korean Reinsurance Co. | 536,327 | 5,301 | |
Daesang Corp. | 133,410 | 5,277 | |
Woori Investment & Securities Co. Ltd. | 622,695 | 5,274 | |
* | Korean Air Lines Co. Ltd. | 163,845 | 5,268 |
Young Poong Corp. | 4,499 | 5,182 | |
Lotte Chilsung Beverage Co. Ltd. | 3,378 | 5,116 | |
* | CJ E&M Corp. | 100,261 | 4,896 |
Hyundai Home Shopping Network Corp. | 32,557 | 4,889 | |
Taekwang Industrial Co. Ltd. | 3,695 | 4,761 | |
^ | CJ CGV Co. Ltd. | 101,700 | 4,742 |
^ | LOTTE Himart Co. Ltd. | 64,357 | 4,525 |
LG Fashion Corp. | 169,080 | 4,396 | |
Hanil Cement Co. Ltd. | 37,850 | 4,371 | |
Seah Besteel Corp. | 159,480 | 4,308 | |
Hyundai Securities Co. Ltd. | 622,370 | 4,196 | |
Lotte Food Co. Ltd. | 5,548 | 4,160 | |
Fila Korea Ltd. | 47,734 | 4,156 | |
iMarketKorea Inc. | 134,340 | 4,067 | |
^ | Samsung Fine Chemicals Co. Ltd. | 100,844 | 4,028 |
GS Home Shopping Inc. | 17,590 | 3,979 |
68
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Chabio & Diostech Co. Ltd. | 252,352 | 3,956 |
*,^ | SM Entertainment Co. | 82,340 | 3,900 |
*,^ | Hyundai Merchant Marine Co. Ltd. | 378,653 | 3,808 |
Poongsan Corp. | 152,270 | 3,758 | |
*,^ | Hanmi Pharm Co. Ltd. | 32,324 | 3,649 |
^ | Kolao Holdings | 145,665 | 3,628 |
^ | Hite Jinro Co. Ltd. | 149,320 | 3,621 |
SFA Engineering Corp. | 82,935 | 3,586 | |
KEPCO Plant Service & Engineering Co. Ltd. | 54,527 | 3,543 | |
Green Cross Corp. | 27,872 | 3,445 | |
^ | SKC Co. Ltd. | 103,790 | 3,442 |
Medy-Tox Inc. | 23,130 | 3,427 | |
^ | Dongsuh Co. Inc. | 216,509 | 3,319 |
^ | Samchully Co. Ltd. | 22,034 | 3,310 |
Meritz Fire & Marine Insurance Co. Ltd. | 265,519 | 3,306 | |
^ | Binggrae Co. Ltd. | 35,951 | 3,275 |
Meritz Financial Group Inc. | 454,700 | 3,271 | |
*,^ | ViroMed Co. Ltd. | 64,393 | 3,269 |
* | SK Broadband Co. Ltd. | 776,288 | 3,220 |
^ | Hana Tour Service Inc. | 50,106 | 3,215 |
Eo Technics Co. Ltd. | 45,547 | 3,049 | |
^ | Chong Kun Dang Pharmaceutical Corp. | 42,181 | 3,002 |
^ | KEPCO Engineering & Construction Co. Inc. | 50,232 | 2,995 |
KIWOOM Securities Co. Ltd. | 59,913 | 2,949 | |
* | Lumens Co. Ltd. | 217,137 | 2,921 |
*,^ | Hanjin Heavy Industries & Construction Co. Ltd. | 241,739 | 2,855 |
*,^ | LG Life Sciences Ltd. | 81,806 | 2,835 |
Nexen Tire Corp. | 204,820 | 2,811 | |
^ | Partron Co. Ltd. | 205,376 | 2,788 |
JB Financial Group Co. Ltd. | 375,201 | 2,767 | |
^ | Posco ICT Co. Ltd. | 329,681 | 2,742 |
*,^ | Medipost Co. Ltd. | 40,367 | 2,702 |
Hankook Tire Worldwide Co. Ltd. | 132,674 | 2,691 | |
*,^ | Seegene Inc. | 48,483 | 2,659 |
E1 Corp. | 38,614 | 2,626 | |
*,^ | Wonik IPS Co. Ltd. | 261,351 | 2,617 |
* | Hanjin Shipping Co. Ltd. | 437,163 | 2,563 |
^ | Youngone Holdings Co. Ltd. | 35,685 | 2,544 |
CJ Hellovision Co. Ltd. | 148,400 | 2,540 | |
Hansol Paper Co. | 228,830 | 2,520 | |
Hanil E-Wha Co. Ltd. | 122,690 | 2,510 | |
^ | Interpark Corp. | 222,045 | 2,492 |
Sungwoo Hitech Co. Ltd. | 149,935 | 2,422 | |
Kwang Dong Pharmaceutical Co. Ltd. | 270,560 | 2,419 | |
Huchems Fine Chemical Corp. | 114,450 | 2,416 | |
^ | Hyundai Hysco Co. Ltd. | 45,254 | 2,409 |
*,^ | GemVax & Kael Co. Ltd. | 128,967 | 2,396 |
* | Asiana Airlines Inc. | 492,490 | 2,350 |
Korea Electric Terminal Co. Ltd. | 55,080 | 2,324 | |
Korea Kolmar Co. Ltd. | 70,390 | 2,320 | |
^ | Dong-A ST Co. Ltd. | 22,546 | 2,316 |
^ | GS Retail Co. Ltd. | 82,770 | 2,305 |
*,^ | Cosmax Inc. | 34,091 | 2,293 |
Samyang Holdings Corp. | 32,139 | 2,241 | |
*,^ | Ssangyong Motor Co. | 231,140 | 2,241 |
Meritz Securities Co. Ltd. | 1,016,380 | 2,235 | |
Hyundai Corp. | 71,990 | 2,198 | |
Namyang Dairy Products Co. Ltd. | 2,477 | 2,198 | |
Daou Technology Inc. | 154,070 | 2,155 | |
* | Ssangyong Cement Industrial Co. Ltd. | 235,300 | 2,153 |
*,^ | Pan Ocean Co. Ltd. | 644,140 | 2,149 |
* | Hyundai Elevator Co. Ltd. | 55,186 | 2,136 |
KT Skylife Co. Ltd. | 90,550 | 2,120 | |
Hansae Co. Ltd. | 97,319 | 2,024 |
69
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Green Cross Holdings Corp. | 145,750 | 2,007 | |
Daewoong Pharmaceutical Co. Ltd. | 29,543 | 2,006 | |
Soulbrain Co. Ltd. | 50,184 | 2,004 | |
Hyundai Securities Co. Ltd. Prior Pfd. | 300,904 | 1,989 | |
^ | Hancom Inc. | 83,264 | 1,984 |
^ | YG Entertainment Inc. | 32,965 | 1,975 |
* | Woongjin Chemical Co. Ltd. | 139,132 | 1,954 |
^ | Dongkuk Steel Mill Co. Ltd. | 201,910 | 1,942 |
^ | Maeil Dairy Industry Co. Ltd. | 51,233 | 1,940 |
Dongwon Industries Co. Ltd. | 6,160 | 1,935 | |
Sung Kwang Bend Co. Ltd. | 80,811 | 1,895 | |
* | Hanwha General Insurance Co. Ltd. | 374,563 | 1,851 |
* | Hanjin Kal Corp. | 85,669 | 1,839 |
Taeyoung Engineering & Construction Co. Ltd. | 291,250 | 1,822 | |
Daishin Securities Co. Ltd. | 197,460 | 1,787 | |
*,^ | Hanmi Science Co. ltd | 120,384 | 1,736 |
Tongyang Life Insurance | 177,210 | 1,725 | |
Dong-A Socio Holdings Co. Ltd. | 13,361 | 1,682 | |
Handsome Co. Ltd. | 65,700 | 1,663 | |
*,^ | Gamevil Inc. | 24,317 | 1,650 |
^ | Hanjin Transportation Co. Ltd. | 65,640 | 1,614 |
SK Gas Ltd. | 17,222 | 1,582 | |
^ | POSCO Chemtech Co. Ltd. | 10,682 | 1,543 |
Hankook Shell Oil Co. Ltd. | 3,396 | 1,539 | |
*,^ | Seobu T&D | 79,786 | 1,520 |
Daeduck Electronics Co. | 204,260 | 1,509 | |
*,^ | Komipharm International Co. Ltd. | 174,258 | 1,487 |
*,^ | Korea Line Corp. | 56,501 | 1,486 |
TONGYANG Securities Inc. | 661,630 | 1,474 | |
Sindoh Co. Ltd. | 22,337 | 1,466 | |
MegaStudy Co. Ltd. | 21,665 | 1,465 | |
^ | SL Corp. | 82,540 | 1,424 |
^ | Ahnlab Inc. | 27,679 | 1,423 |
^ | Ilyang Pharmaceutical Co. Ltd. | 58,336 | 1,422 |
Daeduck GDS Co. Ltd. | 85,700 | 1,420 | |
Golfzon Co. Ltd. | 77,830 | 1,420 | |
^ | Able C&C Co. Ltd. | 49,375 | 1,418 |
*,^ | Duksan Hi-Metal Co. Ltd. | 76,108 | 1,415 |
*,^ | Com2uSCorp | 38,558 | 1,414 |
*,^ | TK Corp. | 70,995 | 1,403 |
* | Green Cross Cell Corp. | 42,591 | 1,389 |
^ | Lock & Lock Co. Ltd. | 91,187 | 1,384 |
Bukwang Pharmaceutical Co. Ltd. | 94,242 | 1,329 | |
*,^ | Osstem Implant Co. Ltd. | 53,321 | 1,328 |
*,^ | Hansol Technics Co. Ltd. | 61,696 | 1,314 |
*,^ | Neowiz Games Corp. | 81,815 | 1,298 |
^ | DuzonBIzon Co. Ltd. | 107,220 | 1,269 |
Dongyang Mechatronics Corp. | 128,790 | 1,242 | |
S&T Dynamics Co. Ltd. | 107,250 | 1,242 | |
Chongkundang Holdings Corp. | 25,685 | 1,240 | |
Daekyo Co. Ltd. | 187,630 | 1,209 | |
^ | Iljin Display Co. Ltd. | 84,690 | 1,140 |
* | Hanjin Shipping Holdings Co. Ltd. | 174,280 | 1,132 |
Namhae Chemical Corp. | 118,990 | 1,120 | |
^ | SBS Media Holdings Co. Ltd. | 263,300 | 1,117 |
*,^ | 3S Korea Co. Ltd. | 203,947 | 1,105 |
*,^ | Taewoong Co. Ltd. | 44,981 | 1,087 |
*,^ | Doosan Engine Co. Ltd. | 125,620 | 1,057 |
Humax Co. Ltd. | 86,305 | 1,046 | |
^ | Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 100,460 | 1,022 |
S&T Motiv Co. Ltd. | 36,990 | 999 | |
^ | Silicon Works Co. Ltd. | 44,092 | 985 |
*,^ | Taihan Electric Wire Co. Ltd. | 471,393 | 968 |
Youlchon Chemical Co. Ltd. | 68,730 | 940 |
70
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
NH Investment & Securities Co. Ltd. | 143,531 | 932 | |
*,^ | Interflex Co. Ltd. | 43,045 | 898 |
^ | OCI Materials Co. Ltd. | 26,106 | 896 |
*,^ | Kolon Global Corp. | 330,690 | 824 |
Dae Han Flour Mills Co. Ltd. | 5,646 | 809 | |
^ | Kumho Electric Co. Ltd. | 33,850 | 800 |
* | SK Securities Co. Ltd. | 1,106,110 | 793 |
* | Hanwha Investment & Securities Co. Ltd. | 218,450 | 790 |
*,^ | Dongbu HiTek Co. Ltd. | 116,850 | 789 |
*,^ | Foosung Co. Ltd. | 239,573 | 785 |
*,^ | Jusung Engineering Co. Ltd. | 150,886 | 783 |
^ | Cosmax Inc. | 17,399 | 712 |
*,^ | Woongjin Thinkbig Co. Ltd. | 90,880 | 709 |
^ | NEPES Corp. | 77,241 | 706 |
*,^ | Pharmicell Co. Ltd. | 182,712 | 700 |
Sam Young Electronics Co. Ltd. | 62,700 | 698 | |
INTOPS Co. Ltd. | 28,942 | 679 | |
Daishin Securities Co. Ltd. Prior Pfd. | 117,720 | 677 | |
Kolon Corp. | 30,530 | 641 | |
*,^ | CNK International Co. Ltd. | 259,916 | 594 |
KISCO Corp. | 21,640 | 588 | |
^ | Melfas Inc. | 64,559 | 587 |
* | KTB Investment & Securities Co. Ltd. | 229,680 | 573 |
* | Insun ENT Co. Ltd. | 149,183 | 557 |
*,^ | ICD Co. Ltd. | 47,843 | 532 |
*,^ | SK Communications Co. Ltd. | 68,842 | 499 |
^ | EG Corp. | 21,542 | 498 |
* | GS Engineering & Construction Corp Rights Exp. 06/03/2014 | 58,544 | 493 |
*,^ | China Ocean Resources Co. Ltd. | 205,940 | 475 |
* | Eugene Investment & Securities Co. Ltd. | 182,205 | 464 |
Kyobo Securities Co. | 67,740 | 453 | |
*,^ | Dongbu Steel Co. Ltd. | 149,400 | 450 |
^ | Capro Corp. | 98,950 | 446 |
^ | Agabang&Company | 80,953 | 424 |
Hitejinro Holdings Co. Ltd. | 32,310 | 409 | |
*,^ | Woongjin Energy Co. Ltd. | 172,970 | 391 |
*,^ | CUROCOM Co. Ltd. | 407,211 | 391 |
*,^ | Shinsung Solar Energy Co. Ltd. | 254,110 | 366 |
Dongbu Securities Co. Ltd. | 101,120 | 363 | |
*,^ | STS Semiconductor & Telecommunications | 154,014 | 352 |
*,^ | STX Engine Co. Ltd. | 80,200 | 272 |
Samyang Corp. | 5,448 | 241 | |
*,^ | Dongbu Corp. | 73,100 | 181 |
*,^ | Tongyang Inc. | 337,280 | 92 |
*,^ | STS Semiconductor & Telecommunications Rights Exp. 05/23/2014 | 63,138 | 41 |
* | Tera Resource Co. Ltd. | 836,893 | 10 |
3,890,969 | |||
Spain (2.4%) | |||
* | Banco Santander SA | 65,972,194 | 656,146 |
Banco Bilbao Vizcaya Argentaria SA | 33,029,254 | 406,851 | |
Telefonica SA | 23,026,788 | 386,443 | |
Iberdrola SA | 29,183,396 | 203,864 | |
Inditex SA | 1,211,012 | 181,953 | |
Repsol SA | 5,128,946 | 138,096 | |
Amadeus IT Holding SA | 2,242,441 | 93,265 | |
Banco de Sabadell SA | 20,003,020 | 68,057 | |
Abertis Infraestructuras SA | 2,804,812 | 63,136 | |
* | Banco Popular Espanol SA | 8,281,141 | 61,024 |
* | CaixaBank SA | 9,674,009 | 58,961 |
* | Bankia SA | 26,061,366 | 53,234 |
Ferrovial SA | 2,299,226 | 51,109 | |
Grifols SA | 948,226 | 50,690 | |
Red Electrica Corp. SA | 615,048 | 50,629 | |
Gas Natural SDG SA | 1,745,873 | 50,064 |
71
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ACS Actividades de Construccion y Servicios SA | 976,534 | 41,918 |
Enagas SA | 1,156,501 | 35,631 | |
Bankinter SA | 3,893,337 | 29,810 | |
Distribuidora Internacional de Alimentacion SA | 3,275,921 | 29,305 | |
Mapfre SA | 5,709,465 | 24,080 | |
Bolsas y Mercados Espanoles SA | 462,126 | 20,133 | |
Endesa SA | 479,345 | 18,177 | |
Zardoya Otis SA | 948,173 | 16,634 | |
* | Abengoa SA | 3,609,247 | 16,070 |
Viscofan SA | 258,111 | 13,451 | |
Grupo Catalana Occidente SA | 311,980 | 12,207 | |
Indra Sistemas SA | 636,833 | 11,961 | |
Acciona SA | 145,962 | 11,874 | |
* | Gamesa Corp. Tecnologica SA | 1,144,415 | 11,375 |
* | Mediaset Espana Comunicacion SA | 1,004,653 | 11,148 |
Ebro Foods SA | 473,806 | 10,918 | |
^ | Tecnicas Reunidas SA | 169,492 | 10,209 |
^ | Obrascon Huarte Lain SA | 217,073 | 10,064 |
*,^ | Acerinox SA | 492,059 | 8,605 |
Prosegur Cia de Seguridad SA | 1,074,210 | 7,193 | |
* | NH Hoteles SA | 1,048,410 | 6,698 |
Construcciones y Auxiliar de Ferrocarriles SA | 13,199 | 6,322 | |
Corp Financiera Alba SA | 97,806 | 6,032 | |
*,^ | Sacyr SA | 867,246 | 5,712 |
*,^ | Fomento de Construcciones y Contratas SA | 254,215 | 5,608 |
*,^ | Almirall SA | 332,861 | 5,575 |
* | Atresmedia Corp. de Medios de Comunicaion SA | 377,360 | 5,430 |
*,^ | Let's GOWEX SA | 155,449 | 4,418 |
* | Zeltia SA | 1,063,690 | 4,013 |
^ | Melia Hotels International SA | 302,698 | 3,829 |
* | Faes Farma SA | 1,213,194 | 3,759 |
^ | Tubacex SA | 636,588 | 3,122 |
*,^ | Liberbank SA | 2,487,383 | 3,105 |
Duro Felguera SA | 343,263 | 2,342 | |
Cie Automotive SA | 171,713 | 2,187 | |
* | Ence Energia y Celulosa S.A | 690,565 | 2,034 |
*,^ | Promotora de Informaciones SA | 2,907,484 | 1,624 |
Tubos Reunidos SA | 447,338 | 1,386 | |
*,^ | Deoleo SA | 2,015,631 | 1,105 |
Papeles y Cartones de Europa SA | 190,405 | 1,053 | |
* | Abengoa SA | 168,103 | 935 |
* | Realia Business SA | 476,200 | 880 |
* | Pescanova SA | 63,151 | — |
3,001,454 | |||
Sweden (2.3%) | |||
Nordea Bank AB | 18,150,907 | 263,018 | |
^ | Hennes & Mauritz AB Class B | 5,416,241 | 221,703 |
Telefonaktiebolaget LM Ericsson Class B | 17,013,872 | 205,161 | |
Swedbank AB Class A | 6,140,450 | 164,330 | |
Volvo AB Class B | 8,716,112 | 138,012 | |
Svenska Handelsbanken AB Class A | 2,743,583 | 138,002 | |
Skandinaviska Enskilda Banken AB Class A | 8,307,873 | 114,756 | |
^ | Atlas Copco AB Class A | 3,529,584 | 102,650 |
* | Investor AB Class B | 2,579,478 | 99,918 |
* | Assa Abloy AB Class B | 1,783,835 | 94,676 |
Svenska Cellulosa AB SCA Class B | 3,307,231 | 92,976 | |
TeliaSonera AB | 12,362,158 | 89,985 | |
* | Sandvik AB | 6,159,672 | 87,541 |
SKF AB | 2,370,765 | 61,564 | |
^ | Atlas Copco AB Class B | 2,215,783 | 60,436 |
Scania AB Class B | 1,727,792 | 52,640 | |
Skanska AB Class B | 2,070,083 | 47,528 | |
^ | Alfa Laval AB | 1,777,049 | 47,347 |
Hexagon AB Class B | 1,444,718 | 46,254 |
72
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Investment AB Kinnevik | 1,169,369 | 41,264 | |
* | Swedish Match AB | 1,139,507 | 39,093 |
Electrolux AB Class B | 1,265,840 | 35,185 | |
Getinge AB | 1,041,225 | 30,517 | |
^ | Trelleborg AB Class B | 1,369,340 | 29,299 |
^ | Elekta AB Class B | 2,014,379 | 28,112 |
^ | Industrivarden AB Class A | 1,090,337 | 24,457 |
* | Lundin Petroleum AB | 1,102,374 | 23,664 |
Boliden AB | 1,542,977 | 23,565 | |
Meda AB Class A | 1,288,355 | 23,158 | |
* | Tele2 AB | 1,761,139 | 22,506 |
Securitas AB Class B | 1,736,207 | 20,988 | |
Husqvarna AB | 2,088,220 | 17,436 | |
Castellum AB | 964,018 | 16,439 | |
NCC AB Class B | 449,573 | 15,751 | |
ICA Gruppen AB | 434,338 | 14,609 | |
^ | Industrivarden AB | 674,622 | 14,175 |
Modern Times Group AB Class B | 303,837 | 13,556 | |
Hexpol AB | 140,669 | 13,328 | |
^ | BillerudKorsnas AB | 861,709 | 12,593 |
Ratos AB | 1,095,941 | 11,180 | |
Nibe Industrier AB Class B | 396,492 | 11,133 | |
Fabege AB | 735,119 | 10,327 | |
^ | JM AB | 299,353 | 10,172 |
* | Swedish Orphan Biovitrum AB | 884,620 | 9,728 |
^ | Holmen AB | 274,939 | 9,717 |
Saab AB Class B | 311,340 | 9,567 | |
AarhusKarlshamn AB | 140,683 | 9,421 | |
Hufvudstaden AB Class A | 641,039 | 9,398 | |
^ | Wallenstam AB | 563,337 | 9,247 |
Loomis AB Class B | 337,974 | 9,219 | |
*,^ | SSAB AB Class A | 1,039,024 | 9,071 |
Lundbergforetagen AB Class B | 183,346 | 8,565 | |
^ | Axfood AB | 147,758 | 7,874 |
* | Betsson AB | 208,343 | 7,617 |
Indutrade AB | 171,195 | 7,450 | |
^ | Wihlborgs Fastigheter AB | 359,092 | 6,923 |
Peab AB | 865,802 | 6,704 | |
* | Fastighets AB Balder | 507,060 | 6,505 |
Intrum Justitia AB | 217,119 | 6,295 | |
Kungsleden AB | 748,162 | 6,111 | |
^ | Axis Communications AB | 202,007 | 6,023 |
Nobia AB | 616,820 | 5,615 | |
*,^ | AF AB | 154,343 | 5,605 |
Avanza Bank Holding AB | 147,658 | 5,543 | |
*,^ | Eniro AB | 551,578 | 4,413 |
* | Lindab International AB | 343,781 | 4,286 |
Clas Ohlson AB | 177,273 | 3,932 | |
*,^ | Concentric AB | 247,217 | 3,498 |
*,^ | SSAB AB Class B | 453,454 | 3,431 |
*,^ | Investment AB Oresund | 137,628 | 3,422 |
Melker Schorling AB | 59,712 | 3,244 | |
^ | Haldex AB | 236,181 | 3,029 |
*,^ | Rezidor Hotel Group AB | 466,164 | 2,896 |
^ | Mekonomen AB | 107,773 | 2,892 |
Klovern AB | 399,362 | 2,196 | |
*,^ | CDON Group AB | 516,696 | 2,113 |
^ | Nordnet AB | 402,889 | 1,983 |
^ | Klovern AB Prior Pfd. | 80,361 | 1,965 |
SkiStar AB | 122,568 | 1,618 | |
^ | Bure Equity AB | 344,881 | 1,523 |
*,^ | SAS AB | 675,746 | 1,453 |
Fastighets AB Balder Preference Shares | 26,059 | 1,406 | |
*,^ | Active Biotech AB | 228,759 | 1,212 |
73
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | KappAhl AB | 161,606 | 992 |
NCC AB Class A | 26,182 | 932 | |
^ | Bilia AB | 13,762 | 457 |
* | Rezidor Hotel Group AB Rights Exp. 05/21/2014 | 466,164 | 216 |
2,846,311 | |||
Switzerland (6.2%) | |||
Nestle SA | 18,221,274 | 1,408,218 | |
Roche Holding AG | 4,014,760 | 1,177,715 | |
Novartis AG | 13,306,563 | 1,156,774 | |
UBS AG | 20,134,128 | 421,083 | |
* | ABB Ltd. | 13,211,990 | 318,093 |
* | Cie Financiere Richemont SA | 2,843,787 | 289,327 |
* | Credit Suisse Group AG | 9,113,671 | 288,927 |
Zurich Insurance Group AG | 842,056 | 241,467 | |
* | Syngenta AG | 524,210 | 207,583 |
Swiss Re AG | 2,118,241 | 185,221 | |
* | Holcim Ltd. | 1,300,399 | 119,268 |
Swatch Group AG (Bearer) | 173,965 | 111,866 | |
Transocean Ltd. | 1,964,273 | 83,912 | |
Adecco SA | 998,484 | 83,825 | |
Givaudan SA | 52,570 | 82,965 | |
Swisscom AG | 129,767 | 78,948 | |
SGS SA | 29,567 | 73,861 | |
Geberit AG | 214,877 | 71,767 | |
Julius Baer Group Ltd. | 1,263,908 | 59,202 | |
* | Actelion Ltd. | 597,034 | 58,780 |
Sonova Holding AG | 379,444 | 54,816 | |
Sika AG | 11,864 | 48,004 | |
Swiss Life Holding AG | 166,817 | 41,100 | |
Schindler Holding AG | 259,838 | 40,257 | |
Kuehne & Nagel International AG | 287,779 | 39,351 | |
Aryzta AG | 401,273 | 37,092 | |
Lindt & Spruengli AG | 586 | 34,186 | |
Swatch Group AG (Registered) | 279,657 | 33,743 | |
Baloise Holding AG | 267,336 | 32,554 | |
Lonza Group AG | 298,064 | 31,196 | |
Clariant AG | 1,518,666 | 29,948 | |
Galenica AG | 27,554 | 28,058 | |
Partners Group Holding AG | 101,228 | 27,718 | |
Swiss Prime Site AG | 310,680 | 26,116 | |
* | Dufry AG | 154,618 | 25,589 |
Lindt & Spruengli AG | 5,085 | 24,745 | |
PSP Swiss Property AG | 223,447 | 21,477 | |
Sulzer AG | 130,932 | 20,203 | |
Schindler Holding AG (Registered) | 124,067 | 18,938 | |
* | Georg Fischer AG | 22,945 | 18,202 |
GAM Holding AG | 977,084 | 17,796 | |
EMS-Chemie Holding AG | 40,721 | 15,889 | |
OC Oerlikon Corp. AG | 968,777 | 15,432 | |
Helvetia Holding AG | 29,591 | 14,750 | |
Barry Callebaut AG | 10,771 | 14,638 | |
Pargesa Holding SA | 159,614 | 14,488 | |
Panalpina Welttransport Holding AG | 77,263 | 12,133 | |
DKSH Holding AG | 146,075 | 12,055 | |
Bucher Industries AG | 35,175 | 11,457 | |
^ | BB Biotech AG | 66,400 | 11,131 |
^ | Logitech International SA | 803,557 | 10,898 |
Flughafen Zuerich AG | 17,167 | 10,830 | |
Kaba Holding AG Class B | 21,269 | 10,246 | |
ams AG | 67,002 | 10,102 | |
Valiant Holding AG | 89,328 | 9,890 | |
* | Banque Cantonale Vaudoise | 16,085 | 9,548 |
Straumann Holding AG | 42,938 | 9,528 | |
Burckhardt Compression Holding AG | 17,861 | 9,258 |
74
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nobel Biocare Holding AG | 659,289 | 9,197 | |
Temenos Group AG | 243,467 | 8,730 | |
Forbo Holding AG | 7,783 | 8,056 | |
Tecan Group AG | 63,490 | 7,940 | |
Allreal Holding AG | 54,124 | 7,633 | |
Mobimo Holding AG | 34,598 | 7,436 | |
Kuoni Reisen Holding AG | 16,429 | 7,255 | |
Vontobel Holding AG | 184,156 | 7,218 | |
Belimo Holding AG | 2,550 | 7,182 | |
Aryzta AG | 76,275 | 7,019 | |
Rieter Holding AG | 26,465 | 5,984 | |
*,^ | Meyer Burger Technology AG | 477,438 | 5,903 |
Implenia AG | 79,977 | 5,865 | |
Daetwyler Holding AG | 35,262 | 5,575 | |
Autoneum Holding AG | 26,254 | 5,570 | |
* | St. Galler Kantonalbank AG | 12,227 | 5,252 |
Gategroup Holding AG | 151,535 | 4,722 | |
Huber & Suhner AG | 85,363 | 4,696 | |
* | Valora Holding AG | 16,013 | 4,528 |
Emmi AG | 11,839 | 4,344 | |
Schweiter Technologies AG | 5,361 | 4,053 | |
Schweizerische National-Versicherungs-Gesellschaft AG | 58,475 | 4,052 | |
* | Schmolz & Bickenbach AG | 2,743,982 | 3,937 |
Ascom Holding AG | 195,435 | 3,636 | |
Kudelski SA | 196,520 | 3,389 | |
AFG Arbonia-Forster Holding AG | 99,649 | 3,322 | |
EFG International AG | 245,533 | 3,111 | |
Liechtensteinische Landesbank AG | 61,813 | 3,060 | |
Basler Kantonalbank | 32,241 | 2,787 | |
VZ Holding AG | 15,118 | 2,539 | |
Vetropack Holding AG | 1,305 | 2,514 | |
Siegfried Holding AG | 13,236 | 2,480 | |
Zehnder Group AG | 55,842 | 2,435 | |
BKW AG | 62,941 | 2,312 | |
* | Basilea Pharmaceutica | 21,740 | 2,278 |
Swissquote Group Holding SA | 50,558 | 1,993 | |
Verwaltungs- und Privat-Bank AG | 19,538 | 1,948 | |
Alpiq Holding AG | 15,493 | 1,901 | |
* | Orascom Development Holding AG | 58,894 | 917 |
Bachem Holding AG | 13,550 | 765 | |
* | Von Roll Holding AG | 359,027 | 698 |
Cie Financiere Tradition SA | 9,702 | 528 | |
7,556,924 | |||
Taiwan (2.8%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 116,357,063 | 457,208 | |
Hon Hai Precision Industry Co. Ltd. | 64,745,564 | 185,947 | |
MediaTek Inc. | 8,335,807 | 130,622 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4,100,213 | 82,414 | |
Formosa Plastics Corp. | 28,044,091 | 72,364 | |
Nan Ya Plastics Corp. | 32,599,907 | 71,487 | |
Delta Electronics Inc. | 11,592,240 | 71,173 | |
Cathay Financial Holding Co. Ltd. | 43,201,202 | 61,086 | |
Formosa Chemicals & Fibre Corp. | 25,109,645 | 60,805 | |
China Steel Corp. | 69,611,342 | 58,495 | |
Fubon Financial Holding Co. Ltd. | 41,514,018 | 53,731 | |
Chunghwa Telecom Co. Ltd. | 15,287,456 | 47,805 | |
CTBC Financial Holding Co. Ltd. | 74,178,251 | 44,134 | |
Uni-President Enterprises Corp. | 25,060,617 | 42,428 | |
�� | Asustek Computer Inc. | 4,094,168 | 42,330 |
Quanta Computer Inc. | 15,127,950 | 41,508 | |
Mega Financial Holding Co. Ltd. | 48,378,873 | 37,038 | |
Largan Precision Co. Ltd. | 573,376 | 35,898 | |
Catcher Technology Co. Ltd. | 4,115,800 | 34,752 | |
Taiwan Mobile Co. Ltd. | 9,603,400 | 30,998 |
75
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cheng Shin Rubber Industry Co. Ltd. | 10,588,828 | 30,413 | |
Taiwan Cement Corp. | 18,374,700 | 29,196 | |
Advanced Semiconductor Engineering Inc. | 23,607,201 | 27,490 | |
Hotai Motor Co. Ltd. | 2,334,000 | 27,386 | |
Yuanta Financial Holding Co. Ltd. | 54,744,440 | 27,328 | |
Formosa Petrochemical Corp. | 10,859,950 | 27,315 | |
President Chain Store Corp. | 3,204,536 | 23,845 | |
China Development Financial Holding Corp. | 80,798,856 | 23,174 | |
First Financial Holding Co. Ltd. | 38,921,591 | 22,832 | |
Far Eastern New Century Corp. | 22,059,484 | 22,603 | |
United Microelectronics Corp. | 51,170,175 | 22,311 | |
HTC Corp. | 4,284,792 | 22,035 | |
Hua Nan Financial Holdings Co. Ltd. | 38,712,720 | 21,809 | |
^ | Chunghwa Telecom Co. Ltd. ADR | 641,736 | 20,144 |
Far EasTone Telecommunications Co. Ltd. | 9,078,000 | 19,628 | |
Taishin Financial Holding Co. Ltd. | 42,581,887 | 19,341 | |
SinoPac Financial Holdings Co. Ltd. | 42,922,049 | 19,160 | |
E.Sun Financial Holding Co. Ltd. | 31,255,834 | 18,905 | |
Lite-On Technology Corp. | 12,072,603 | 18,468 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 33,433,850 | 17,786 | |
Asia Cement Corp. | 13,022,498 | 17,132 | |
Compal Electronics Inc. | 23,739,689 | 16,937 | |
* | Innolux Corp. | 47,303,313 | 16,341 |
Inventec Corp. | 17,483,315 | 16,121 | |
Novatek Microelectronics Corp. | 3,267,275 | 15,145 | |
Pegatron Corp. | 9,634,639 | 14,621 | |
Foxconn Technology Co. Ltd. | 5,758,291 | 14,328 | |
China Life Insurance Co. Ltd. | 15,655,530 | 13,715 | |
* | Inotera Memories Inc. | 13,177,002 | 13,535 |
Hermes Microvision Inc. | 322,509 | 13,396 | |
Advanced Semiconductor Engineering Inc. ADR | 2,196,567 | 12,982 | |
Siliconware Precision Industries Co. ADR | 1,738,755 | 12,902 | |
Giant Manufacturing Co. Ltd. | 1,616,319 | 12,656 | |
Chailease Holding Co. Ltd. | 5,262,100 | 12,535 | |
Siliconware Precision Industries Co. | 8,170,000 | 12,106 | |
Eclat Textile Co. Ltd. | 1,066,357 | 11,692 | |
Synnex Technology International Corp. | 7,438,463 | 11,576 | |
Advantech Co. Ltd. | 1,744,924 | 11,302 | |
Shin Kong Financial Holding Co. Ltd. | 37,269,835 | 11,289 | |
Hiwin Technologies Corp. | 1,179,183 | 11,231 | |
Teco Electric and Machinery Co. Ltd. | 10,151,000 | 11,039 | |
TPK Holding Co. Ltd. | 1,432,695 | 10,945 | |
Wistron Corp. | 13,095,654 | 10,943 | |
* | AU Optronics Corp. | 28,169,640 | 10,709 |
Epistar Corp. | 4,811,179 | 10,529 | |
WPG Holdings Ltd. | 8,379,553 | 10,309 | |
Chang Hwa Commercial Bank | 17,710,498 | 10,297 | |
Radiant Opto-Electronics Corp. | 2,500,948 | 10,083 | |
Pou Chen Corp. | 7,565,517 | 9,633 | |
* | Acer Inc. | 15,218,297 | 9,411 |
Ruentex Industries Ltd. | 3,918,340 | 9,319 | |
Merida Industry Co. Ltd. | 1,348,650 | 9,042 | |
Ruentex Development Co. Ltd. | 5,086,304 | 9,014 | |
Simplo Technology Co. Ltd. | 1,653,443 | 8,614 | |
Airtac International Group | 795,600 | 8,557 | |
Taiwan Fertilizer Co. Ltd. | 4,209,000 | 8,376 | |
Chicony Electronics Co. Ltd. | 3,151,745 | 8,208 | |
United Microelectronics Corp. ADR | 3,730,484 | 8,132 | |
* | AU Optronics Corp. ADR | 2,143,946 | 8,061 |
Realtek Semiconductor Corp. | 2,684,215 | 7,664 | |
Kenda Rubber Industrial Co. Ltd. | 3,287,367 | 7,646 | |
Yulon Motor Co. Ltd. | 4,850,015 | 7,547 | |
* | Medigen Biotechnology Corp. | 602,032 | 7,254 |
* | Asia Pacific Telecom Co. Ltd. | 14,887,848 | 7,131 |
76
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Taiwan Glass Industry Corp. | 7,633,747 | 6,989 | |
Highwealth Construction Corp. | 3,101,400 | 6,925 | |
Zhen Ding Technology Holding Ltd. | 2,369,355 | 6,881 | |
Clevo Co. | 3,637,796 | 6,706 | |
Powertech Technology Inc. | 4,025,955 | 6,516 | |
Unimicron Technology Corp. | 7,503,750 | 6,387 | |
* | Walsin Lihwa Corp. | 18,795,000 | 6,174 |
Formosa Taffeta Co. Ltd. | 5,875,000 | 6,144 | |
CTCI Corp. | 3,828,000 | 6,113 | |
Yungtay Engineering Co. Ltd. | 2,045,000 | 6,033 | |
Chipbond Technology Corp. | 3,515,000 | 6,020 | |
Far Eastern Department Stores Ltd. | 6,298,645 | 5,868 | |
Kinsus Interconnect Technology Corp. | 1,527,000 | 5,774 | |
Vanguard International Semiconductor Corp. | 4,181,000 | 5,730 | |
TSRC Corp. | 3,897,930 | 5,724 | |
* | Taiwan Business Bank | 19,412,678 | 5,664 |
St. Shine Optical Co. Ltd. | 262,000 | 5,563 | |
Tripod Technology Corp. | 2,802,023 | 5,523 | |
King's Town Bank | 5,828,000 | 5,412 | |
Transcend Information Inc. | 1,616,363 | 5,339 | |
* | Wowprime Corp. | 350,500 | 5,288 |
MIN AIK Technology Co. Ltd. | 972,000 | 5,268 | |
* | Evergreen Marine Corp. Taiwan Ltd. | 9,251,979 | 5,260 |
Everlight Electronics Co. Ltd. | 2,236,497 | 5,241 | |
China Petrochemical Development Corp. | 13,222,647 | 5,214 | |
Standard Foods Corp. | 1,869,420 | 5,143 | |
Chroma ATE Inc. | 1,987,800 | 5,127 | |
Phison Electronics Corp. | 737,510 | 5,022 | |
Merry Electronics Co. Ltd. | 919,073 | 4,997 | |
China Steel Chemical Corp. | 866,000 | 4,997 | |
Makalot Industrial Co. Ltd. | 917,000 | 4,822 | |
* | Macronix International | 20,272,878 | 4,781 |
King Yuan Electronics Co. Ltd. | 6,252,000 | 4,774 | |
Eternal Chemical Co. Ltd. | 4,570,254 | 4,772 | |
* | Nan Kang Rubber Tire Co. Ltd. | 4,154,209 | 4,723 |
Gigabyte Technology Co. Ltd. | 3,011,000 | 4,703 | |
* | Winbond Electronics Corp. | 15,563,000 | 4,690 |
Coretronic Corp. | 3,912,000 | 4,672 | |
* | Eva Airways Corp. | 9,144,290 | 4,639 |
Richtek Technology Corp. | 793,105 | 4,557 | |
* | HannStar Display Corp. | 13,108,000 | 4,547 |
Ton Yi Industrial Corp. | 4,263,850 | 4,543 | |
King Slide Works Co. Ltd. | 347,000 | 4,525 | |
* | Ginko International Co. Ltd. | 268,000 | 4,510 |
* | Sino-American Silicon Products Inc. | 2,666,428 | 4,474 |
Feng Hsin Iron & Steel Co. | 2,628,000 | 4,406 | |
Tong Hsing Electronic Industries Ltd. | 812,259 | 4,367 | |
Feng TAY Enterprise Co. Ltd. | 1,574,242 | 4,359 | |
Capital Securities Corp. | 12,624,175 | 4,330 | |
* | China Airlines Ltd. | 12,799,646 | 4,284 |
Firich Enterprises Co. Ltd. | 852,895 | 4,244 | |
Tainan Spinning Co. Ltd. | 6,298,693 | 4,238 | |
Micro-Star International Co. Ltd. | 3,864,000 | 4,235 | |
Waterland Financial Holdings Co. Ltd. | 13,440,386 | 4,214 | |
Cheng Uei Precision Industry Co. Ltd. | 2,086,485 | 4,200 | |
Far Eastern International Bank | 11,911,274 | 4,184 | |
Oriental Union Chemical Corp. | 4,187,700 | 4,164 | |
Compeq Manufacturing Co. Ltd. | 6,291,000 | 4,125 | |
Yageo Corp. | 8,656,700 | 4,122 | |
Elan Microelectronics Corp. | 2,199,000 | 4,073 | |
Tung Ho Steel Enterprise Corp. | 4,713,842 | 4,023 | |
U-Ming Marine Transport Corp. | 2,389,000 | 4,023 | |
Taiwan Secom Co. Ltd. | 1,576,000 | 3,995 | |
LCY Chemical Corp. | 3,831,288 | 3,943 |
77
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tong Yang Industry Co. Ltd. | 2,742,126 | 3,936 | |
* | Neo Solar Power Corp. | 3,258,831 | 3,870 |
ScinoPharm Taiwan Ltd. | 1,350,960 | 3,678 | |
Chin-Poon Industrial Co. Ltd. | 1,932,000 | 3,626 | |
* | Tatung Co. Ltd. | 11,422,738 | 3,620 |
Win Semiconductors Corp. | 4,024,000 | 3,598 | |
Sanyang Industry Co. Ltd. | 3,857,540 | 3,532 | |
Formosa International Hotels Corp. | 298,323 | 3,509 | |
China Motor Corp. | 3,837,000 | 3,475 | |
TTY Biopharm Co. Ltd. | 1,105,429 | 3,460 | |
Wei Chuan Foods Corp. | 2,281,000 | 3,394 | |
* | Yang Ming Marine Transport Corp. | 8,143,553 | 3,335 |
* | Wintek Corp. | 9,773,974 | 3,276 |
Huaku Development Co. Ltd. | 1,326,087 | 3,250 | |
Taichung Commercial Bank | 9,570,283 | 3,188 | |
Wan Hai Lines Ltd. | 6,371,325 | 3,179 | |
Casetek Holdings Ltd. | 605,000 | 3,174 | |
YFY Inc. | 7,171,515 | 3,162 | |
* | E Ink Holdings Inc. | 4,739,000 | 3,158 |
Lung Yen Life Service Corp. | 1,152,000 | 3,138 | |
Grand Pacific Petrochemical | 4,868,000 | 3,100 | |
Kerry TJ Logistics Co. Ltd. | 2,557,000 | 3,074 | |
Jih Sun Financial Holdings Co. Ltd. | 11,346,686 | 3,067 | |
Depo Auto Parts Ind Co. Ltd. | 759,000 | 3,057 | |
Radium Life Tech Co. Ltd. | 3,896,858 | 3,054 | |
Farglory Land Development Co. Ltd. | 1,860,815 | 3,052 | |
Wistron NeWeb Corp. | 1,304,953 | 3,049 | |
Cathay Real Estate Development Co. Ltd. | 5,239,000 | 3,040 | |
USI Corp. | 4,777,105 | 3,024 | |
Shinkong Synthetic Fibers Corp. | 9,280,451 | 2,988 | |
Parade Technologies Ltd. | 345,805 | 2,958 | |
AmTRAN Technology Co. Ltd. | 4,186,716 | 2,899 | |
* | Motech Industries Inc. | 1,705,100 | 2,890 |
Prince Housing & Development Corp. | 6,237,893 | 2,887 | |
AcBel Polytech Inc. | 2,193,000 | 2,882 | |
Goldsun Development & Construction Co. Ltd. | 8,083,830 | 2,854 | |
Taiwan Hon Chuan Enterprise Co. Ltd. | 1,378,629 | 2,844 | |
A-DATA Technology Co. Ltd. | 1,165,000 | 2,783 | |
Kinpo Electronics | 7,438,000 | 2,775 | |
FLEXium Interconnect Inc. | 1,003,683 | 2,732 | |
* | Mitac Holdings Corp. | 3,305,997 | 2,675 |
Faraday Technology Corp. | 1,957,110 | 2,668 | |
President Securities Corp. | 4,810,926 | 2,639 | |
* | Ta Chong Bank Ltd. | 7,855,240 | 2,617 |
* | PharmaEngine Inc. | 312,000 | 2,615 |
Gourmet Master Co. Ltd. | 321,000 | 2,602 | |
Chong Hong Construction Co. | 941,732 | 2,601 | |
China Synthetic Rubber Corp. | 2,711,000 | 2,595 | |
Career Technology MFG. Co. Ltd. | 1,825,000 | 2,577 | |
Great Wall Enterprise Co. Ltd. | 2,463,939 | 2,553 | |
Giga Solar Materials Corp. | 110,000 | 2,548 | |
Grape King Industrial Co. | 565,000 | 2,533 | |
Cleanaway Co. Ltd. | 442,000 | 2,500 | |
San Shing Fastech Corp. | 854,320 | 2,498 | |
* | Qisda Corp. | 7,651,880 | 2,487 |
Poya Co. Ltd. | 398,072 | 2,484 | |
Taiwan Surface Mounting Technology Co. Ltd. | 1,592,966 | 2,382 | |
PChome Online Inc. | 346,495 | 2,382 | |
Elite Semiconductor Memory Technology Inc. | 1,306,000 | 2,382 | |
Formosan Rubber Group Inc. | 2,536,000 | 2,375 | |
TA Chen Stainless Pipe | 4,180,500 | 2,328 | |
Ardentec Corp. | 2,717,797 | 2,310 | |
* | Ritek Corp. | 14,741,000 | 2,310 |
Taiwan Sogo Shin Kong SEC | 1,705,000 | 2,307 |
78
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Mercuries Life Insurance Co. Ltd. | 4,079,940 | 2,285 |
Cheng Loong Corp. | 5,251,600 | 2,280 | |
TXC Corp. | 1,566,979 | 2,264 | |
YungShin Global Holding Corp. | 1,234,000 | 2,263 | |
ITEQ Corp. | 1,950,140 | 2,252 | |
WT Microelectronics Co. Ltd. | 1,645,824 | 2,247 | |
Lien Hwa Industrial Corp. | 3,538,767 | 2,239 | |
* | CMC Magnetics Corp. | 14,498,000 | 2,236 |
Namchow Chemical Industrial Co. Ltd. | 1,146,000 | 2,210 | |
Flytech Technology Co. Ltd. | 570,000 | 2,193 | |
China Bills Finance Corp. | 5,597,000 | 2,169 | |
* | China Man-Made Fiber Corp. | 6,359,000 | 2,152 |
* | Shining Building Business Co. Ltd. | 2,691,062 | 2,151 |
D-Link Corp. | 3,274,000 | 2,145 | |
Sercomm Corp. | 1,061,000 | 2,140 | |
* | Taiwan Liposome Co. Ltd. | 216,000 | 2,089 |
BES Engineering Corp. | 7,922,000 | 2,081 | |
* | Gintech Energy Corp. | 2,016,149 | 2,075 |
Great China Metal Industry | 1,589,000 | 2,065 | |
Aten International Co. Ltd. | 649,000 | 2,045 | |
Senao International Co. Ltd. | 773,000 | 2,036 | |
Ho Tung Chemical Corp. | 4,544,715 | 2,028 | |
Wah Lee Industrial Corp. | 1,054,000 | 2,018 | |
* | Microbio Co. Ltd. | 1,969,907 | 2,013 |
Universal Cement Corp. | 2,097,154 | 2,009 | |
Shin Zu Shing Co. Ltd. | 734,000 | 1,993 | |
Hey Song Corp. | 1,885,500 | 1,981 | |
Taiwan PCB Techvest Co. Ltd. | 1,386,153 | 1,973 | |
Sigurd Microelectronics Corp. | 1,978,000 | 1,969 | |
UPC Technology Corp. | 4,376,767 | 1,945 | |
Kingdom Construction Co. | 1,876,000 | 1,939 | |
Dynapack International Technology Corp. | 743,000 | 1,938 | |
Greatek Electronics Inc. | 1,632,000 | 1,933 | |
* | Yieh Phui Enterprise Co. Ltd. | 6,195,114 | 1,915 |
Unity Opto Technology Co. Ltd. | 1,547,409 | 1,913 | |
Everlight Chemical Industrial Corp. | 2,078,538 | 1,909 | |
Test-Rite International Co. Ltd. | 2,641,314 | 1,897 | |
Rechi Precision Co. Ltd. | 1,746,210 | 1,877 | |
Taiwan Paiho Ltd. | 1,427,300 | 1,876 | |
Kinik Co. | 680,000 | 1,874 | |
Soft-World International Corp. | 535,620 | 1,860 | |
Shinkong Textile Co. Ltd. | 1,470,000 | 1,853 | |
* | Taiwan Life Insurance Co. Ltd. | 2,407,577 | 1,852 |
Solar Applied Materials Technology Co. | 2,065,740 | 1,836 | |
* | Gigastorage Corp. | 1,509,096 | 1,834 |
* | Taiwan TEA Corp. | 2,946,000 | 1,827 |
CyberTAN Technology Inc. | 1,859,000 | 1,813 | |
China Metal Products | 1,558,082 | 1,797 | |
Altek Corp. | 1,777,648 | 1,795 | |
Sinyi Realty Co. | 1,002,400 | 1,787 | |
Test Research Inc. | 1,059,503 | 1,778 | |
Hung Sheng Construction Ltd. | 2,690,000 | 1,744 | |
Evergreen International Storage & Transport Corp. | 2,826,000 | 1,734 | |
* | Yulon Nissan Motor Co. Ltd. | 136,179 | 1,734 |
Mercuries & Associates Ltd. | 2,600,641 | 1,723 | |
YC INOX Co. Ltd. | 1,847,000 | 1,715 | |
Gloria Material Technology Corp. | 2,087,824 | 1,694 | |
Accton Technology Corp. | 2,840,800 | 1,692 | |
* | Nan Ya Printed Circuit Board Corp. | 1,196,059 | 1,689 |
* | Li Peng Enterprise Co. Ltd. | 3,609,494 | 1,689 |
Long Bon International Co. Ltd. | 2,702,000 | 1,680 | |
Pan-International Industrial Corp. | 2,266,658 | 1,671 | |
Zeng Hsing Industrial Co. Ltd. | 293,000 | 1,653 | |
Lealea Enterprise Co. Ltd. | 4,631,684 | 1,627 |
79
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Systex Corp. | 820,000 | 1,624 | |
Federal Corp. | 2,250,089 | 1,608 | |
* | Shihlin Paper Corp. | 1,129,000 | 1,599 |
Ambassador Hotel | 1,732,000 | 1,598 | |
* | Via Technologies Inc. | 2,197,500 | 1,582 |
G Tech Optoelectronics Corp. | 1,380,334 | 1,580 | |
KEE TAI Properties Co. Ltd. | 2,309,740 | 1,573 | |
IEI Integration Corp. | 1,091,485 | 1,570 | |
* | Nan Liu Enterprise Co. Ltd. | 278,000 | 1,566 |
* | Taiwan Styrene Monomer | 2,767,945 | 1,557 |
* | King's Town Construction Co. Ltd. | 1,845,854 | 1,541 |
Continental Holdings Corp. | 4,009,000 | 1,521 | |
Genius Electronic Optical Co. Ltd. | 442,363 | 1,521 | |
Nien Hsing Textile Co. Ltd. | 1,536,468 | 1,516 | |
Sonix Technology Co. Ltd. | 791,000 | 1,488 | |
* | E-Ton Solar Tech Co. Ltd. | 2,403,096 | 1,486 |
Holtek Semiconductor Inc. | 825,000 | 1,486 | |
Taiflex Scientific Co. Ltd. | 759,852 | 1,477 | |
Topco Scientific Co. Ltd. | 788,410 | 1,473 | |
Long Chen Paper Co. Ltd. | 3,358,336 | 1,469 | |
Taiwan Semiconductor Co. Ltd. | 1,326,000 | 1,463 | |
GeoVision Inc. | 264,990 | 1,444 | |
Visual Photonics Epitaxy Co. Ltd. | 1,349,750 | 1,437 | |
ALI Corp. | 1,379,000 | 1,433 | |
Taiwan Acceptance Corp. | 563,000 | 1,427 | |
Elite Material Co. Ltd. | 1,584,965 | 1,417 | |
Vivotek Inc. | 294,000 | 1,416 | |
Chung Hsin Electric & Machinery Manufacturing Corp. | 2,101,000 | 1,415 | |
Elitegroup Computer Systems Co. Ltd. | 1,907,740 | 1,414 | |
Alpha Networks Inc. | 1,765,000 | 1,400 | |
Masterlink Securities Corp. | 4,277,000 | 1,397 | |
Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 525,000 | 1,392 | |
Sincere Navigation Corp. | 1,596,000 | 1,390 | |
Huang Hsiang Construction Co. | 906,000 | 1,378 | |
Jentech Precision Industrial Co. Ltd. | 407,354 | 1,371 | |
OptoTech Corp. | 2,835,000 | 1,369 | |
Holy Stone Enterprise Co. Ltd. | 1,011,500 | 1,365 | |
* | Toung Loong Textile Manufacturing | 475,000 | 1,360 |
Asia Polymer Corp. | 1,750,300 | 1,357 | |
Zinwell Corp. | 1,311,000 | 1,348 | |
Quanta Storage Inc. | 1,051,000 | 1,314 | |
* | Chung Hung Steel Corp. | 5,051,240 | 1,304 |
CSBC Corp. Taiwan | 2,121,100 | 1,288 | |
Syncmold Enterprise Corp. | 727,000 | 1,265 | |
Global Unichip Corp. | 454,000 | 1,265 | |
* | Chunghwa Picture Tubes Ltd. | 20,347,351 | 1,264 |
Gemtek Technology Corp. | 1,396,564 | 1,262 | |
Taiwan Cogeneration Corp. | 1,900,550 | 1,262 | |
Lite-On Semiconductor Corp. | 1,717,000 | 1,261 | |
Kuoyang Construction Co. Ltd. | 2,469,696 | 1,256 | |
Pixart Imaging Inc. | 630,711 | 1,236 | |
Global Mixed Mode Technology Inc. | 391,000 | 1,232 | |
HUA ENG Wire & Cable | 3,147,000 | 1,220 | |
Lingsen Precision Industries Ltd. | 1,839,000 | 1,214 | |
United Integrated Services Co. Ltd. | 1,103,000 | 1,205 | |
* | Taiwan Land Development Corp. | 3,274,155 | 1,205 |
Great Taipei Gas Co. Ltd. | 1,522,000 | 1,193 | |
* | Etron Technology Inc. | 2,119,000 | 1,150 |
CHC Healthcare Group | 469,333 | 1,148 | |
Cyberlink Corp. | 372,578 | 1,145 | |
Taiwan Sanyo Electric Co. Ltd. | 993,750 | 1,133 | |
Ability Enterprise Co. Ltd. | 1,792,000 | 1,131 | |
* | HannsTouch Solution Inc. | 4,116,000 | 1,128 |
Lotes Co. Ltd. | 346,000 | 1,125 |
80
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Asia Optical Co. Inc. | 1,122,000 | 1,120 |
Tong-Tai Machine & Tool Co. Ltd. | 1,102,306 | 1,116 | |
Sitronix Technology Corp. | 557,000 | 1,106 | |
* | Solartech Energy Corp. | 1,464,364 | 1,100 |
* | Unizyx Holding Corp. | 1,982,000 | 1,100 |
* | Formosa Epitaxy Inc. | 1,913,000 | 1,099 |
* | Chia Hsin Cement Corp. | 2,080,112 | 1,092 |
* | Green Energy Technology Inc. | 1,305,405 | 1,086 |
* | Walsin Technology Corp. | 3,597,954 | 1,075 |
Sampo Corp. | 2,789,000 | 1,073 | |
Weltrend Semiconductor | 1,157,500 | 1,070 | |
* | Unitech Printed Circuit Board Corp. | 2,700,248 | 1,053 |
Getac Technology Corp. | 1,932,000 | 1,030 | |
* | Pan Jit International Inc. | 2,242,000 | 1,020 |
Hung Poo Real Estate Development Corp. | 1,121,946 | 1,004 | |
* | Genesis Photonics Inc. | 1,477,486 | 1,000 |
China Chemical & Pharmaceutical Co. Ltd. | 1,329,000 | 981 | |
* | Concord Securities Corp. | 3,787,219 | 978 |
Infortrend Technology Inc. | 1,555,000 | 976 | |
Asia Vital Components Co. Ltd. | 1,525,148 | 976 | |
Chun Yuan Steel | 2,266,653 | 950 | |
Taiwan Fire & Marine Insurance Co. | 1,203,000 | 935 | |
Phihong Technology Co. Ltd. | 1,381,000 | 925 | |
* | Sunplus Technology Co. Ltd. | 2,415,000 | 918 |
* | Eastern Media International Corp. | 2,101,195 | 915 |
Darfon Electronics Corp. | 1,311,000 | 912 | |
* | Wafer Works Corp. | 1,769,925 | 906 |
Johnson Health Tech Co. Ltd. | 364,272 | 887 | |
China General Plastics Corp. | 1,749,000 | 884 | |
Shihlin Electric & Engineering Corp. | 709,649 | 858 | |
China Electric Manufacturing Corp. | 2,005,000 | 844 | |
Silitech Technology Corp. | 615,100 | 834 | |
AV Tech Corp. | 303,000 | 819 | |
* | Newmax Technology Co. Ltd. | 369,294 | 818 |
Forhouse Corp. | 2,011,000 | 818 | |
Microlife Corp. | 293,400 | 796 | |
WUS Printed Circuit Co. Ltd. | 1,456,000 | 774 | |
FSP Technology Inc. | 716,478 | 770 | |
L&K Engineering Co. Ltd. | 862,000 | 769 | |
* | Globe Union Industrial Corp. | 1,155,000 | 764 |
* | Silicon Integrated Systems Corp. | 2,678,000 | 761 |
* | Chung Hwa Pulp Corp. | 2,533,820 | 757 |
* | Tyntek Corp. | 2,205,000 | 744 |
Hsin Kuang Steel Co. Ltd. | 1,166,000 | 742 | |
Tsann Kuen Enterprise Co. Ltd. | 521,000 | 736 | |
International Games System Co. Ltd. | 249,000 | 711 | |
Basso Industry Corp. | 563,000 | 700 | |
ACES Electronic Co. Ltd. | 605,000 | 699 | |
* | Pihsiang Machinery Manufacturing Co. Ltd. | 680,000 | 689 |
* | Entire Technology Co. Ltd. | 603,617 | 687 |
Jess-Link Products Co. Ltd. | 727,458 | 687 | |
* | Champion Building Materials Co. Ltd. | 1,918,000 | 680 |
Shih Wei Navigation Co. Ltd. | 996,457 | 671 | |
ITE Technology Inc. | 586,625 | 645 | |
Taiyen Biotech Co. Ltd. | 753,978 | 642 | |
* | AGV Products Corp. | 2,001,265 | 631 |
Ta Ya Electric Wire & Cable | 2,539,950 | 620 | |
Bank of Kaohsiung | 1,942,393 | 612 | |
Young Optics Inc. | 306,000 | 607 | |
ENG Electric Co. Ltd. | 744,135 | 606 | |
Chinese Maritime Transport Ltd. | 510,000 | 601 | |
* | TYC Brother Industrial Co. Ltd. | 933,000 | 592 |
First Steamship Co. Ltd. | 949,000 | 554 | |
* | Dynamic Electronics Co. Ltd. | 1,464,000 | 550 |
81
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Taiwan Navigation Co. Ltd. | 747,000 | 550 | |
LES Enphants Co. Ltd. | 812,461 | 548 | |
Sheng Yu Steel Co. Ltd. | 715,000 | 536 | |
* | Microelectronics Technology Inc. | 1,003,000 | 535 |
Young Fast Optoelectronics Co. Ltd. | 547,143 | 532 | |
Taiwan Mask Corp. | 1,546,000 | 528 | |
National Petroleum Co. Ltd. | 576,943 | 516 | |
Advanced International Multitech Co. Ltd. | 498,000 | 510 | |
KYE Systems Corp. | 1,178,000 | 508 | |
Chinese Gamer International Corp. | 246,000 | 502 | |
* | Gold Circuit Electronics Ltd. | 1,777,000 | 488 |
* | Global Brands Manufacture Ltd. | 1,408,462 | 474 |
* | J Touch Corp. | 613,000 | 468 |
Sunrex Technology Corp. | 942,000 | 420 | |
* | Giantplus Technology Co. Ltd. | 956,000 | 409 |
* | Bright Led Electronics Corp. | 730,000 | 381 |
O-TA Precision Industry Co. Ltd. | 530,000 | 369 | |
* | Mosel Vitelic Inc. | 1,513,000 | 301 |
Avermedia Technologies | 699,000 | 288 | |
First Hotel | 397,924 | 252 | |
* | Tatung Co. Ltd. GDR | 38,879 | 246 |
* | Mercuries Life Insurance Co. Ltd. Rights Exp. 05/14/2014 | 129,330 | — |
* | ProMOS Technologies Inc. | 5,975,000 | — |
3,399,399 | |||
Thailand (0.5%) | |||
Advanced Info Service PCL (Foreign) | 6,120,100 | 48,092 | |
PTT Exploration & Production PCL (Foreign) | 6,180,569 | 30,804 | |
CP ALL PCL (Foreign) | 21,481,570 | 25,384 | |
* | PTT PCL | 2,498,500 | 24,190 |
Siam Cement PCL (Foreign) | 1,703,700 | 23,009 | |
PTT PCL (Foreign) | 2,366,115 | 22,835 | |
* | Siam Commercial Bank PCL (Local) | 4,448,400 | 22,807 |
Siam Commercial Bank PCL (Foreign) | 4,402,600 | 22,232 | |
* | Kasikornbank PCL | 3,382,600 | 20,066 |
Kasikornbank PCL (Foreign) | 3,267,900 | 19,901 | |
Shin Corp. PCL | 8,225,100 | 19,870 | |
Bangkok Bank PCL (Foreign) | 2,699,500 | 15,788 | |
Total Access Communication PCL | 4,051,200 | 15,630 | |
Airports of Thailand PCL (Foreign) | 2,205,300 | 13,639 | |
* | PTT Global Chemical PCL | 5,196,300 | 11,216 |
* | Central Pattana PCL | 7,651,286 | 10,744 |
* | Bank of Ayudhya PCL (Local) | 8,277,426 | 9,662 |
* | PTT Exploration and Production PCL (Local) | 1,742,600 | 8,601 |
Big C Supercenter PCL | 1,393,500 | 8,199 | |
TMB Bank PCL | 112,734,300 | 8,086 | |
PTT Global Chemical PCL | 4,225,236 | 8,074 | |
Krung Thai Bank PCL (Foreign) | 14,913,137 | 8,042 | |
* | Charoen Pokphand Foods PCL | 9,239,700 | 7,727 |
* | Bangkok Dusit Medical Services PCL | 15,919,000 | 7,281 |
Thai Oil PCL (Foreign) | 4,176,800 | 6,787 | |
Charoen Pokphand Foods PCL (Foreign) | 8,304,300 | 6,692 | |
* | Minor International PCL | 8,703,500 | 6,631 |
* | True Corp. PCL | 29,903,600 | 6,261 |
* | Bumrungrad Hospital PCL | 2,038,900 | 6,196 |
BEC World PCL (Foreign) | 2,370,905 | 6,085 | |
Glow Energy PCL (Foreign) | 2,486,345 | 5,982 | |
Thai Union Frozen Products PCL (Foreign) | 2,600,700 | 5,636 | |
* | BEC World PCL | 3,241,300 | 5,491 |
* | Electricity Generating PCL | 1,306,700 | 5,314 |
* | Land and Houses PCL | 16,762,600 | 5,144 |
* | Delta Electronics Thailand PCL | 2,841,100 | 5,019 |
* | Advanced Info Service PCL (Local) | 650,472 | 4,877 |
* | Siam City Cement PCL (Local) | 396,517 | 4,737 |
* | BTS Rail Mass Transit Growth Infrastructure Fund | 15,773,224 | 4,709 |
82
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Home Product Center PCL | 16,911,867 | 4,688 | |
* | CP ALL PCL (Local) | 3,606,100 | 4,687 |
CPN Retail Growth Leasehold Property Fund | 9,190,069 | 4,380 | |
BTS Group Holdings PCL | 16,765,400 | 4,334 | |
BTS Group Holdings PCL | 16,254,048 | 4,202 | |
* | Robinson Department Store PCL | 2,682,200 | 4,195 |
Jasmine International PCL | 15,089,900 | 3,783 | |
* | Thanachart Capital PCL | 3,478,500 | 3,745 |
* | Berli Jucker PCL | 2,299,100 | 3,402 |
Ratchaburi Electricity Generating Holding PCL | 2,063,500 | 3,400 | |
* | Banpu PCL (Local) | 3,647,100 | 3,388 |
* | IRPC PCL | 29,142,700 | 3,318 |
IRPC PCL (Foreign) | 28,064,000 | 3,195 | |
Indorama Ventures PCL | 4,205,648 | 3,101 | |
* | Thaicom PCL | 2,393,800 | 3,002 |
* | Central Plaza Hotel PCL | 3,082,500 | 2,961 |
* | Bangkok Land PCL | 57,969,200 | 2,928 |
* | Hemaraj Land and Development PCL | 25,960,200 | 2,868 |
* | Indorama Ventures PCL | 3,809,400 | 2,809 |
* | Krung Thai Bank PCL | 4,927,600 | 2,763 |
Bangkok Life Assurance PCL | 1,237,100 | 2,707 | |
* | Siam Global House PCL | 6,395,141 | 2,672 |
* | Tisco Financial Group PCL | 2,120,920 | 2,612 |
* | Sino-Thai Engineering & Construction PCL | 4,319,242 | 2,491 |
Kiatnakin Bank PCL | 1,775,743 | 2,364 | |
Banpu PCL | 2,537,400 | 2,284 | |
Hana Microelectronics PCL (Foreign) | 2,059,900 | 2,211 | |
* | Supalai PCL | 3,404,900 | 2,060 |
* | TTW PCL | 6,920,300 | 2,013 |
Bangkok Expressway PCL (Foreign) | 1,876,200 | 1,989 | |
* | Bangchak Petroleum PCL | 2,004,600 | 1,987 |
* | Precious Shipping PCL | 2,317,400 | 1,973 |
* | Thoresen Thai Agencies PCL | 3,032,520 | 1,953 |
Pruksa Real Estate PCL | 2,710,500 | 1,916 | |
* | LPN Development PCL | 3,266,300 | 1,762 |
* | Thai Vegetable Oil PCL | 2,334,000 | 1,726 |
VGI Global Media PCL | 4,447,040 | 1,583 | |
* | Sri Trang Agro-Industry PCL | 3,435,900 | 1,574 |
* | Amata Corp. PCL | 3,134,000 | 1,525 |
* | Khon Kaen Sugar Industry PCL | 3,450,200 | 1,495 |
* | Airports of Thailand PCL | 247,100 | 1,492 |
* | VGI Global Media PCL | 4,045,396 | 1,440 |
* | Hana Microelectronics PCL | 1,437,500 | 1,434 |
* | Major Cineplex Group PCL | 2,397,200 | 1,425 |
* | MBK PCL | 2,910,600 | 1,369 |
Bangkok Chain Hospital PCL | 5,881,825 | 1,337 | |
* | Esso Thailand PCL | 6,852,200 | 1,326 |
* | Jasmine International PCL | 5,040,700 | 1,297 |
Quality Houses PCL | 12,774,016 | 1,270 | |
* | WHA Corp. PCL | 1,196,250 | 1,240 |
* | Dynasty Ceramic PCL | 739,400 | 1,200 |
* | Samart Corp. PCL | 1,792,800 | 1,144 |
Bank of Ayudhya PCL | 907,053 | 1,059 | |
* | TPI Polene PCL | 2,684,400 | 989 |
Univentures PCL | 4,060,200 | 988 | |
* | Thai Reinsurance PCL | 9,086,100 | 910 |
* | Sahaviriya Steel Industries PCL | 81,892,600 | 910 |
* | Bangkok Life Assurance PCL | 402,900 | 882 |
* | Quality Houses PCL | 8,585,300 | 869 |
* | Sansiri PCL (Local) | 14,238,100 | 844 |
* | Italian-Thai Development PCL | 7,424,785 | 839 |
* | Thai Airways International PCL (Foreign) | 3,415,800 | 821 |
* | Cal-Comp Electronics Thailand PCL | 10,057,632 | 803 |
* | Pruksa Real Estate PCL | 1,141,200 | 793 |
83
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | TMB Bank PCL | 10,940,300 | 779 |
* | Bangkok Dusit Medical Services PCL | 1,570,000 | 721 |
* | Home Product Center PCL | 2,559,544 | 709 |
Siam Global House PCL | 2,038,074 | 708 | |
* | Land and Houses Warrants Expire 12/31/49 | 3,352,520 | 663 |
* | Asian Property Development PCL (Foreign) | 3,939,040 | 661 |
* | Thai Oil PCL | 406,500 | 657 |
* | Thai Union Frozen Products PCL | 297,100 | 644 |
* | Maybank Kim Eng Securities Thailand PCL | 756,900 | 498 |
* | G J Steel PCL (Local) | 265,466,800 | 492 |
* | Thoresen Thai Agencies PCL | 667,800 | 428 |
Sansiri PCL (Foreign) | 7,035,464 | 417 | |
* | Kiatnakin Bank PCL | 310,800 | 414 |
* | Saha-Union PCL | 346,000 | 404 |
* | Thai Stanley Electric PCL | 56,000 | 369 |
* | TTW PCL | 1,127,100 | 348 |
Samart Corp. PCL | 810,500 | 305 | |
* | WHA Corp. PCL | 227,700 | 236 |
* | Tata Steel Thailand PCL | 9,705,600 | 234 |
* | AP Thailand PCL | 1,321,000 | 233 |
* | Bangkok Expressway PCL | 179,400 | 190 |
* | Univentures PCL | 756,000 | 184 |
* | Bangkok Chain Hospital PCL | 566,900 | 129 |
* | Bangkokland PCL Warrants Exp. 05/16/2018 | 11,922,053 | 122 |
* | Italian-Thai Development PCL | 955,100 | 109 |
* | Thoresen Thai Agencies PCL Warrants Exp. 09/12/2015 | 281,240 | 56 |
* | G Steel PCL | 70 | — |
646,877 | |||
Turkey (0.3%) | |||
Turkiye Garanti Bankasi AS | 11,999,828 | 44,204 | |
Akbank TAS | 9,336,814 | 32,779 | |
BIM Birlesik Magazalar AS | 1,283,763 | 29,717 | |
* | Turkcell Iletisim Hizmetleri AS | 4,488,594 | 26,215 |
Turkiye Halk Bankasi AS | 3,536,722 | 23,780 | |
Haci Omer Sabanci Holding AS (Bearer) | 4,607,858 | 19,508 | |
Turkiye Is Bankasi | 7,675,087 | 18,151 | |
KOC Holding AS | 3,575,249 | 16,021 | |
Tupras Turkiye Petrol Rafinerileri AS | 701,157 | 15,862 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 11,014,672 | 14,463 | |
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,105,346 | 13,257 | |
Turkiye Vakiflar Bankasi Tao | 5,870,884 | 12,330 | |
Eregli Demir ve Celik Fabrikalari TAS | 7,779,424 | 10,825 | |
Turk Hava Yollari | 3,364,452 | 10,803 | |
Yapi ve Kredi Bankasi AS | 4,894,978 | 10,234 | |
Coca-Cola Icecek AS | 374,908 | 8,805 | |
Turk Telekomunikasyon AS | 2,911,012 | 8,762 | |
Enka Insaat ve Sanayi AS | 2,314,705 | 7,036 | |
TAV Havalimanlari Holding AS | 838,909 | 6,736 | |
Ulker Biskuvi Sanayi AS | 876,202 | 6,715 | |
Arcelik AS | 986,509 | 6,098 | |
* | Ford Otomotiv Sanayi AS | 394,714 | 4,466 |
Tofas Turk Otomobil Fabrikasi AS | 708,590 | 4,349 | |
* | Petkim Petrokimya Holding AS | 2,575,890 | 3,673 |
* | Asya Katilim Bankasi AS | 4,514,105 | 3,484 |
* | Gubre Fabrikalari TAS | 1,666,716 | 3,319 |
Turkiye Sise ve Cam Fabrikalari AS | 2,526,785 | 3,172 | |
Turkiye Sinai Kalkinma Bankasi AS | 3,474,155 | 3,156 | |
* | Pegasus Hava Tasimaciligi AS | 196,573 | 2,637 |
Koza Altin Isletmeleri AS | 241,715 | 2,424 | |
Yazicilar Holding AS Class A | 258,933 | 2,365 | |
Aselsan Elektronik Sanayi Ve Ticaret AS | 495,811 | 2,208 | |
Aygaz AS | 510,185 | 2,112 | |
Turk Traktor ve Ziraat Makineleri AS | 67,410 | 1,943 | |
Aksigorta AS | 1,360,714 | 1,876 |
84
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 2,527,675 | 1,816 |
* | Migros Ticaret AS | 200,545 | 1,813 |
Tekfen Holding AS | 683,255 | 1,730 | |
* | Sekerbank TAS | 1,688,423 | 1,580 |
* | Dogan Sirketler Grubu Holding AS | 4,390,092 | 1,502 |
Dogus Otomotiv Servis ve Ticaret AS | 373,143 | 1,418 | |
Cimsa Cimento Sanayi VE Tica | 238,004 | 1,390 | |
* | Koza Anadolu Metal Madencilik Isletmeleri AS | 1,143,724 | 1,380 |
Aksa Akrilik Kimya Sanayii | 378,122 | 1,319 | |
Trakya Cam Sanayii AS | 1,073,228 | 1,224 | |
* | Ipek Dogal Enerji Kaynaklari Ve Uretim AS | 924,395 | 1,173 |
Albaraka Turk Katilim Bankasi AS | 1,464,185 | 1,162 | |
* | Dogan Yayin Holding AS | 4,656,509 | 1,129 |
Torunlar Gayrimenkul Yatirim Ortakligi AS | 642,034 | 1,094 | |
Bizim Toptan Satis Magazalari AS | 113,140 | 1,074 | |
Is Gayrimenkul Yatirim Ortakligi AS | 1,456,463 | 955 | |
* | Vakif Gayrimenkul Yatirim Ortakligi AS | 271,532 | 927 |
Akfen Holding AS | 422,172 | 886 | |
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 754,417 | 827 | |
Turcas Petrol AS | 603,765 | 738 | |
Alarko Holding AS | 305,020 | 703 | |
Konya Cimento Sanayii AS | 5,062 | 643 | |
* | Akenerji Elektrik Uretim AS | 979,512 | 600 |
* | Ihlas Holding AS | 3,143,110 | 507 |
Anadolu Cam Sanayii AS | 545,426 | 490 | |
* | Vestel Elektronik Sanayi ve Ticaret AS | 497,282 | 447 |
* | Zorlu Enerji Elektrik Uretim AS | 734,556 | 397 |
* | Hurriyet Gazetecilik AS | 605,721 | 173 |
412,582 | |||
United Arab Emirates (0.2%) | |||
* | Emaar Properties PJSC | 17,073,870 | 50,774 |
First Gulf Bank PJSC | 5,547,664 | 26,223 | |
* | Arabtec Holding Co. | 8,795,802 | 21,517 |
Aldar Properties PJSC | 17,969,998 | 19,717 | |
DP World Ltd. | 945,220 | 17,498 | |
* | Union National Bank PJSC | 6,069,521 | 11,894 |
Dubai Financial Market | 9,151,947 | 9,100 | |
Dubai Islamic Bank PJSC | 3,233,062 | 5,985 | |
Dubai Investments PJSC | 4,116,790 | 4,896 | |
Air Arabia PJSC | 13,007,257 | 4,689 | |
Waha Capital PJSC | 5,390,049 | 4,418 | |
* | Dana Gas PJSC | 18,789,199 | 4,402 |
* | Drake & Scull International | 6,498,439 | 2,980 |
* | Eshraq Properties Co. PJSC | 4,085,324 | 2,741 |
RAK Properties PJSC | 5,488,704 | 1,869 | |
National Central Cooling Co. PJSC | 1,794,992 | 1,162 | |
Aramex PJSC | 733,646 | 628 | |
* | Islamic Arab Insurance Co. | 1,588,866 | 477 |
190,970 | |||
United Kingdom (15.6%) | |||
HSBC Holdings plc | 107,594,586 | 1,099,373 | |
BP plc | 105,455,736 | 890,385 | |
Royal Dutch Shell plc Class A | 19,669,017 | 777,608 | |
GlaxoSmithKline plc | 27,780,703 | 767,605 | |
British American Tobacco plc | 10,797,618 | 623,515 | |
Royal Dutch Shell plc Class B | 14,014,424 | 595,073 | |
Vodafone Group plc | 151,804,146 | 576,348 | |
AstraZeneca plc | 7,128,142 | 562,664 | |
Diageo plc | 14,392,313 | 440,983 | |
* | Lloyds Banking Group plc | 308,848,961 | 393,853 |
BG Group plc | 19,447,137 | 393,407 | |
Barclays plc | 91,859,655 | 392,250 | |
BHP Billiton plc | 12,068,690 | 391,807 | |
Rio Tinto plc | 7,129,160 | 387,601 |
85
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Prudential plc | 14,580,661 | 335,201 | |
Unilever plc | 6,893,844 | 308,387 | |
National Grid plc | 21,313,218 | 302,934 | |
Reckitt Benckiser Group plc | 3,686,308 | 297,584 | |
Glencore Xstrata plc | 54,961,141 | 296,561 | |
SABMiller plc | 5,401,937 | 294,144 | |
BT Group plc | 44,992,407 | 280,875 | |
Standard Chartered plc | 11,297,877 | 244,684 | |
Imperial Tobacco Group plc | 5,505,686 | 237,928 | |
Tesco plc | 45,915,389 | 227,464 | |
Anglo American plc London Shares | 7,462,652 | 199,502 | |
Shire plc | 3,358,949 | 192,107 | |
Rolls-Royce Holdings plc | 10,690,948 | 189,900 | |
WPP plc | 7,635,945 | 164,645 | |
Compass Group plc | 10,271,411 | 163,615 | |
Centrica plc | 29,050,073 | 162,015 | |
Aviva plc | 16,818,774 | 149,887 | |
SSE plc | 5,474,048 | 141,158 | |
BAE Systems plc | 18,255,897 | 123,511 | |
ARM Holdings plc | 7,980,443 | 120,787 | |
CRH plc | 4,145,770 | 120,700 | |
Legal & General Group plc | 33,485,133 | 119,870 | |
Royal Dutch Shell plc Class A (Amsterdam Shares) | 2,821,658 | 111,620 | |
Experian plc | 5,772,751 | 110,994 | |
Associated British Foods plc | 1,992,618 | 100,051 | |
Reed Elsevier plc | 6,684,952 | 98,588 | |
Kingfisher plc | 13,544,009 | 95,844 | |
Old Mutual plc | 27,946,029 | 94,461 | |
Next plc | 851,116 | 93,898 | |
Wolseley plc | 1,508,889 | 87,433 | |
Pearson plc | 4,644,832 | 87,101 | |
Standard Life plc | 13,440,278 | 86,892 | |
British Sky Broadcasting Group plc | 5,488,012 | 81,678 | |
Land Securities Group plc | 4,495,232 | 80,754 | |
Smith & Nephew plc | 5,124,724 | 79,912 | |
Tullow Oil plc | 5,170,899 | 76,920 | |
Whitbread plc | 1,029,509 | 71,012 | |
Marks & Spencer Group plc | 9,308,060 | 69,591 | |
Capita plc | 3,756,098 | 68,878 | |
British Land Co. plc | 5,706,570 | 66,670 | |
ITV plc | 21,371,585 | 65,742 | |
Johnson Matthey plc | 1,171,129 | 64,788 | |
Burberry Group plc | 2,533,219 | 63,621 | |
* | Royal Bank of Scotland Group plc | 11,987,169 | 60,733 |
GKN plc | 9,299,037 | 60,454 | |
Babcock International Group plc | 2,837,180 | 57,266 | |
Weir Group plc | 1,213,052 | 55,179 | |
Bunzl plc | 1,895,843 | 54,017 | |
United Utilities Group plc | 3,899,881 | 52,458 | |
Smiths Group plc | 2,244,219 | 50,661 | |
InterContinental Hotels Group plc | 1,478,001 | 50,514 | |
RSA Insurance Group plc | 28,756,823 | 47,749 | |
J Sainsbury plc | 7,991,697 | 45,336 | |
Intertek Group plc | 919,662 | 45,302 | |
Sage Group plc | 6,279,699 | 45,299 | |
Ashtead Group plc | 2,876,972 | 42,626 | |
Severn Trent plc | 1,361,912 | 42,453 | |
Randgold Resources Ltd. | 524,738 | 42,181 | |
WM Morrison Supermarkets plc | 12,383,132 | 42,037 | |
Carnival plc | 1,041,679 | 41,646 | |
Travis Perkins plc | 1,408,299 | 40,659 | |
Aberdeen Asset Management plc | 5,412,410 | 40,033 | |
IMI plc | 1,559,950 | 39,565 | |
* | International Consolidated Airlines Group SA (London Shares) | 5,739,346 | 39,252 |
86
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Resolution Ltd. | 7,765,447 | 39,176 | |
Hammerson plc | 4,042,370 | 39,014 | |
* | Persimmon plc | 1,729,262 | 38,376 |
Aggreko plc | 1,437,024 | 38,354 | |
St. James's Place plc | 2,901,539 | 37,815 | |
Rexam plc | 4,505,296 | 37,773 | |
Meggitt plc | 4,540,604 | 36,625 | |
Petrofac Ltd. | 1,475,838 | 36,221 | |
Direct Line Insurance Group plc | 8,551,575 | 36,179 | |
G4S plc | 8,882,418 | 35,463 | |
AMEC plc | 1,697,219 | 35,447 | |
3i Group plc | 5,493,595 | 35,288 | |
Mondi plc | 2,098,854 | 34,892 | |
Barratt Developments plc | 5,572,385 | 34,851 | |
easyJet plc | 1,235,767 | 34,194 | |
Croda International plc | 770,714 | 33,568 | |
Taylor Wimpey plc | 18,416,494 | 32,753 | |
Cobham plc | 6,158,521 | 32,129 | |
Tate & Lyle plc | 2,662,193 | 31,560 | |
London Stock Exchange Group plc | 1,014,337 | 31,086 | |
Inmarsat plc | 2,436,948 | 29,986 | |
Melrose Industries plc | 6,127,557 | 29,591 | |
William Hill plc | 4,931,093 | 29,548 | |
Inchcape plc | 2,632,320 | 28,596 | |
Coca-Cola HBC AG | 1,126,952 | 28,560 | |
DS Smith plc | 5,304,095 | 28,266 | |
Informa plc | 3,430,689 | 28,017 | |
Berkeley Group Holdings plc | 719,591 | 27,922 | |
Schroders plc (Voting Shares) | 644,953 | 27,892 | |
John Wood Group plc | 2,068,908 | 27,433 | |
Antofagasta plc | 2,032,903 | 27,093 | |
Pennon Group plc | 2,112,741 | 27,047 | |
Provident Financial plc | 790,700 | 26,585 | |
Admiral Group plc | 1,122,643 | 26,512 | |
Drax Group plc | 2,289,861 | 25,633 | |
Spectris plc | 677,905 | 25,508 | |
Investec plc | 2,875,680 | 25,375 | |
Henderson Group plc | 5,956,285 | 25,306 | |
Segro plc | 4,248,008 | 25,142 | |
DCC plc | 480,862 | 24,656 | |
Intu Properties plc | 4,978,089 | 24,593 | |
Hargreaves Lansdown plc | 1,241,671 | 24,580 | |
* | Thomas Cook Group plc | 8,289,327 | 24,504 |
Derwent London plc | 522,684 | 24,045 | |
IG Group Holdings plc | 2,084,076 | 22,412 | |
Rightmove plc | 546,903 | 22,281 | |
Rotork plc | 492,530 | 21,601 | |
Amlin plc | 2,851,394 | 21,559 | |
ICAP plc | 3,059,622 | 21,433 | |
* | Hiscox Ltd. | 1,792,614 | 21,387 |
Capital & Counties Properties plc | 3,745,894 | 21,130 | |
Spirax-Sarco Engineering plc | 427,466 | 20,955 | |
Great Portland Estates plc | 1,971,755 | 20,906 | |
TUI Travel plc | 2,878,613 | 20,822 | |
Daily Mail & General Trust plc | 1,506,484 | 20,766 | |
Rentokil Initial plc | 10,301,226 | 20,757 | |
Booker Group plc | 8,292,357 | 20,628 | |
Hays plc | 8,015,862 | 20,450 | |
Halma plc | 2,142,703 | 20,358 | |
Hikma Pharmaceuticals plc | 767,147 | 20,132 | |
Close Brothers Group plc | 844,205 | 19,941 | |
Howden Joinery Group plc | 3,575,905 | 19,687 | |
Balfour Beatty plc | 3,953,472 | 18,776 | |
Greene King plc | 1,238,568 | 18,647 |
87
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | BTG plc | 2,063,154 | 18,552 |
Essentra plc | 1,325,335 | 17,977 | |
Premier Oil plc | 3,017,339 | 17,278 | |
Catlin Group Ltd. | 1,933,180 | 17,266 | |
Berendsen plc | 986,032 | 17,232 | |
Intermediate Capital Group plc | 2,287,720 | 17,171 | |
Bellway plc | 689,269 | 16,786 | |
* | Afren plc | 6,216,987 | 16,514 |
Britvic plc | 1,341,966 | 16,436 | |
Serco Group plc | 2,838,535 | 16,179 | |
Shaftesbury plc | 1,444,428 | 16,150 | |
Home Retail Group plc | 4,672,852 | 16,146 | |
* | Sports Direct International plc | 1,197,490 | 15,879 |
* | Dixons Retail plc | 20,835,724 | 15,847 |
Man Group plc | 9,353,099 | 15,609 | |
Jupiter Fund Management plc | 2,371,152 | 15,582 | |
Carillion plc | 2,465,763 | 15,425 | |
UBM plc | 1,386,100 | 15,419 | |
Stagecoach Group plc | 2,424,118 | 15,201 | |
* | Firstgroup plc | 6,849,121 | 14,967 |
AZ Electronic Materials SA | 2,180,699 | 14,844 | |
TalkTalk Telecom Group plc | 3,019,679 | 14,634 | |
Victrex plc | 461,640 | 14,535 | |
BBA Aviation plc | 2,749,413 | 14,425 | |
Telecity Group plc | 1,156,044 | 14,021 | |
Fresnillo plc | 961,923 | 13,871 | |
* | Ocado Group plc | 2,413,363 | 13,738 |
Michael Page International plc | 1,728,838 | 13,732 | |
Phoenix Group Holdings | 1,190,185 | 13,725 | |
Ladbrokes plc | 5,269,333 | 13,664 | |
Bodycote plc | 1,094,711 | 13,508 | |
QinetiQ Group plc | 3,726,342 | 13,276 | |
* | Genel Energy plc | 807,432 | 13,221 |
^ | Ashmore Group plc | 2,216,394 | 13,165 |
International Personal Finance plc | 1,376,331 | 13,017 | |
Aveva Group plc | 363,930 | 12,976 | |
Cable & Wireless Communications plc | 14,507,618 | 12,956 | |
* | Ophir Energy plc | 2,901,554 | 12,926 |
Regus plc | 3,599,254 | 12,728 | |
Jardine Lloyd Thompson Group plc | 701,036 | 12,510 | |
WS Atkins plc | 572,992 | 12,427 | |
WH Smith plc | 669,032 | 12,408 | |
Electrocomponents plc | 2,506,086 | 12,354 | |
Lancashire Holdings Ltd. | 1,041,969 | 12,320 | |
Playtech plc | 1,090,254 | 12,305 | |
Beazley plc | 2,961,047 | 12,284 | |
Elementis plc | 2,613,500 | 12,269 | |
Grafton Group plc | 1,234,571 | 12,143 | |
Restaurant Group plc | 1,146,694 | 12,108 | |
Polyus Gold International Ltd. | 3,804,553 | 11,891 | |
* | Lonmin plc | 2,439,534 | 11,704 |
Senior plc | 2,358,953 | 11,401 | |
National Express Group plc | 2,407,999 | 11,360 | |
Ultra Electronics Holdings plc | 395,335 | 11,336 | |
Mitie Group plc | 2,104,067 | 11,334 | |
Hunting plc | 782,940 | 11,209 | |
Vesuvius plc | 1,563,150 | 11,026 | |
Pace plc | 1,780,498 | 10,972 | |
Carphone Warehouse Group plc | 2,105,477 | 10,967 | |
Polymetal International plc | 1,125,035 | 10,774 | |
Paragon Group of Cos. plc | 1,757,194 | 10,632 | |
* | Cairn Energy plc | 3,388,739 | 10,555 |
Micro Focus International plc | 798,098 | 10,467 | |
SIG plc | 3,211,731 | 10,409 |
88
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Bovis Homes Group plc | 770,201 | 10,300 | |
Greencore Group plc | 2,306,377 | 10,187 | |
* | Mitchells & Butlers plc | 1,329,471 | 9,905 |
RPC Group plc | 948,834 | 9,616 | |
* | EnQuest plc | 4,092,244 | 9,498 |
Debenhams plc | 6,943,422 | 9,430 | |
Galliford Try plc | 461,975 | 9,299 | |
^ | Vedanta Resources plc | 579,377 | 9,278 |
Schroders plc | 281,404 | 9,272 | |
Soco International plc | 1,260,539 | 9,213 | |
Morgan Advanced Materials plc | 1,624,150 | 9,193 | |
CSR plc | 945,575 | 9,188 | |
Interserve plc | 818,528 | 9,173 | |
Telecom Plus plc | 343,812 | 9,001 | |
* | SVG Capital plc | 1,252,937 | 8,998 |
Homeserve plc | 1,559,426 | 8,896 | |
Bwin.Party Digital Entertainment plc | 4,058,852 | 8,737 | |
Countrywide plc | 869,811 | 8,687 | |
Betfair Group plc | 525,429 | 8,582 | |
Rathbone Brothers plc | 261,940 | 8,570 | |
Halfords Group plc | 1,131,945 | 8,494 | |
Kier Group plc | 301,209 | 8,466 | |
Marston's plc | 3,403,727 | 8,463 | |
Grainger plc | 2,341,004 | 8,448 | |
Domino Printing Sciences plc | 629,109 | 8,240 | |
UDG Healthcare plc | 1,354,258 | 8,202 | |
Go-Ahead Group plc | 245,859 | 8,199 | |
Dunelm Group plc | 515,997 | 8,170 | |
Fidessa Group plc | 214,951 | 8,146 | |
Brewin Dolphin Holdings plc | 1,488,311 | 8,119 | |
Millennium & Copthorne Hotels plc | 857,462 | 8,050 | |
De La Rue plc | 575,589 | 7,976 | |
Unite Group plc | 1,097,518 | 7,837 | |
Premier Farnell plc | 2,078,175 | 7,818 | |
Londonmetric Property plc | 3,328,256 | 7,774 | |
Moneysupermarket.com Group plc | 2,517,179 | 7,765 | |
Fenner plc | 1,108,252 | 7,754 | |
N Brown Group plc | 865,570 | 7,502 | |
J D Wetherspoon plc | 514,902 | 7,336 | |
* | Dignity plc | 303,261 | 7,332 |
Crest Nicholson Holdings plc | 1,238,611 | 7,290 | |
Diploma plc | 640,312 | 7,146 | |
^ | APR Energy plc | 530,507 | 7,123 |
Savills plc | 702,555 | 7,117 | |
Laird plc | 1,512,022 | 7,106 | |
* | Enterprise Inns plc | 2,938,124 | 6,782 |
Synthomer plc | 1,520,976 | 6,780 | |
Kentz Corp. Ltd. | 552,166 | 6,728 | |
Alent plc | 1,245,846 | 6,704 | |
Keller Group plc | 396,478 | 6,689 | |
Synergy Health plc | 318,262 | 6,670 | |
Domino's Pizza Group plc | 766,066 | 6,656 | |
Northgate plc | 760,093 | 6,654 | |
Oxford Instruments plc | 304,083 | 6,626 | |
F&C Asset Management plc | 3,252,375 | 6,563 | |
* | Centamin plc | 5,942,818 | 6,495 |
Tullett Prebon plc | 1,204,964 | 6,477 | |
Bank of Georgia Holdings plc | 146,524 | 6,445 | |
Renishaw plc | 207,041 | 6,368 | |
Hansteen Holdings plc | 3,644,252 | 6,345 | |
Big Yellow Group plc | 728,540 | 6,333 | |
RPS Group plc | 1,254,189 | 6,273 | |
Dairy Crest Group plc | 785,586 | 6,129 | |
Cineworld Group plc | 1,116,281 | 6,088 |
89
Vanguard® Total International Stock Index Fund | |||
Schedule of Investments | |||
April 30, 2014 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Petra Diamonds Ltd. | 2,193,850 | 6,052 |
ST Modwen Properties plc | 957,578 | 6,013 | |
Redrow plc | 1,240,811 | 6,005 | |
* | Heritage Oil plc | 1,116,595 | 5,961 |
* | Kazakhmys plc | 1,466,443 | 5,909 |
esure Group plc | 1,386,049 | 5,899 | |
Genus plc | 341,540 | 5,841 | |
Foxtons Group plc | 1,083,440 | 5,826 | |
Workspace Group plc | 599,613 | 5,811 | |
Spirent Communications plc | 3,605,873 | 5,805 | |
* | Xaar plc | 434,338 | 5,786 |
Dechra Pharmaceuticals plc | 492,776 | 5,740 | |
F&C Commercial Property Trust Ltd. | 2,842,601 | 5,738 | |
Cranswick plc | 278,033 | 5,615 | |
* | Entertainment One Ltd. | 1,108,766 | 5,545 |
ITE Group plc | 1,379,718 | 5,366 | |
Darty plc | 3,067,550 | 5,317 | |
Greggs plc | 574,824 | 5,199 | |
Spirit Pub Co. plc | 3,838,659 | 5,089 | |
Computacenter plc | 439,954 | 4,843 | |
Kcom Group plc | 2,953,367 | 4,698 | |
* | Evraz plc | 2,871,112 | 4,683 |
Ted Baker plc | 149,393 | 4,669 | |
Chemring Group plc | 1,126,491 | 4,264 | |
^ | Redefine International PLC | 4,523,603 | 4,241 |
^ | Stobart Group Ltd. | 1,767,717 | 4,093 |
* | SuperGroup plc | 180,172 | 4,050 |
* | Colt Group SA | 1,815,194 | 4,017 |
Al Noor Hospitals Group plc | 235,129 | 3,963 | |
*,^ | Imagination Technologies Group plc | 1,168,538 | 3,888 |
Shanks Group plc | 2,249,792 | 3,884 | |
*,^ | Premier Foods plc | 3,897,475 | 3,788 |
Xchanging plc | 1,383,340 | 3,721 | |
African Barrick Gold plc | 855,678 | 3,590 | |
Helical Bar plc | 582,807 | 3,576 | |
Chesnara plc | 638,147 | 3,545 | |
Cape plc | 693,728 | 3,518 | |
* | Kenmare Resources plc | 16,177,004 | 3,420 |
Smiths News plc | 1,099,173 | 3,341 | |
Devro plc | 933,518 | 3,333 | |
* | Salamander Energy plc | 1,424,994 | 3,228 |
UK Commercial Property Trust Ltd. | 2,288,212 | 3,131 | |
Development Securities plc | 707,287 | 2,906 | |
Morgan Sindall Group plc | 213,833 | 2,859 | |
Schroder REIT Ltd. | 3,009,997 | 2,719 | |
Speedy Hire plc | 2,854,351 | 2,718 | |
^ | Hochschild Mining plc | 968,492 | 2,703 |
* | Lamprell plc | 1,008,892 | 2,616 |
* | NMC Health plc | 350,965 | 2,610 |
SDL plc | 465,924 | 2,374 | |
Daejan Holdings plc | 28,414 | 2,242 | |
Picton Property Income Ltd. | 2,077,012 | 2,166 | |
Mucklow A & J Group plc | 275,446 | 2,096 | |
888 Holdings plc | 819,803 | 2,036 | |
Ferrexpo plc | 789,292 | 1,947 | |
* | Essar Energy plc | 1,634,413 | 1,855 |
* | Partnership Assurance Group plc | 808,221 | 1,801 |
Anglo Pacific Group plc | 555,960 | 1,790 | |
* | Gem Diamonds Ltd. | 600,356 | 1,684 |
* | Asia Resource Minerals plc | 491,987 | 1,572 |
WPP plc ADR | 12,807 | 1,382 | |
* | Mothercare plc | 412,384 | 1,303 |
*,^ | Aquarius Platinum Ltd. | 2,431,525 | 885 |
* | Aquarius Platinum Rights Expire 05/14/2014 | 4,863,050 | 608 |
90
Vanguard® Total International Stock Index Fund | |||||
Schedule of Investments | |||||
April 30, 2014 | |||||
Market | |||||
Value | |||||
Shares | ($000) | ||||
*,^ | New World Resources plc | 573,090 | 375 | ||
19,109,273 | |||||
Total Common Stocks (Cost $105,874,101) | 121,966,379 | ||||
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Temporary Cash Investments (4.8%)1 | |||||
Money Market Fund (4.7%) | |||||
4,5 | Vanguard Market Liquidity Fund | 0.124% | 5,771,735,591 | 5,771,736 | |
Face | Market | ||||
Maturity | Amount | Value | |||
Coupon | Date | ($000) | ($000) | ||
U.S. Government and Agency Obligations (0.1%) | |||||
6,7 | Federal Home Loan Bank Discount Notes | 0.125% | 5/30/14 | 8,200 | 8,200 |
6,7 | Federal Home Loan Bank Discount Notes | 0.077% | 6/13/14 | 13,000 | 12,999 |
6,7 | Federal Home Loan Bank Discount Notes | 0.074% | 6/18/14 | 10,000 | 9,998 |
6,7 | Federal Home Loan Bank Discount Notes | 0.065% | 6/27/14 | 3,600 | 3,600 |
6,7 | Federal Home Loan Bank Discount Notes | 0.060% | 7/7/14 | 10,000 | 9,999 |
6,7 | Federal Home Loan Bank Discount Notes | 0.060% | 7/9/14 | 9,000 | 8,999 |
6,7 | Federal Home Loan Bank Discount Notes | 0.093% | 7/18/14 | 3,000 | 2,999 |
56,794 | |||||
Total Temporary Cash Investments (Cost $5,828,530) 1 | 5,828,530 | ||||
Total Investments (104.1%) (Cost $111,702,631) | 127,794,909 | ||||
Other Assets and Liabilities—Net (-4.1%)6 | (4,980,227) | ||||
Net Assets (100%) | 122,814,682 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,986,402,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 4.1%, respectively, of net assets.
2 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 April 30, 2014, the aggregate value of these securities was $34,424,000.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
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 Includes $5,267,518,000 of collateral received for securities on loan.
6 Securities with a value of $50,295,000 have been segregated as initial margin for open futures contracts.
7 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
ADR—American Depositary Receipt.
CP—Commercial Paper.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
91
© 2014 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA1132 062014
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD STAR FUNDS | |
By: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: June 19, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD STAR FUNDS | |
By: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: June 19, 2014 |
VANGUARD STAR FUNDS | |
By: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: June 19, 2014 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.