Vanguard® Global Equity Fund
Schedule of Investments (unaudited)
As of June 30, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (95.5%) | |||
Australia (0.9%) | |||
Orica Ltd. | 1,432,006 | 14,242 | |
Cleanaway Waste Management Ltd. | 3,161,604 | 6,262 | |
ALS Ltd. | 587,471 | 5,741 | |
Insurance Australia Group Ltd. | 1,477,278 | 5,712 | |
Brambles Ltd. | 614,598 | 5,274 | |
BlueScope Steel Ltd. | 257,591 | 4,233 | |
BHP Group Ltd. | 112,091 | 4,078 | |
carsales.com Ltd. | 272,706 | 4,038 | |
GUD Holdings Ltd. | 431,618 | 3,879 | |
Australia & New Zealand Banking Group Ltd. | 158,174 | 3,339 | |
Washington H Soul Pattinson & Co. Ltd. | 106,375 | 2,690 | |
QBE Insurance Group Ltd. | 273,394 | 2,206 | |
Aurizon Holdings Ltd. | 756,315 | 2,107 | |
Newcrest Mining Ltd. | 105,540 | 2,001 | |
Macquarie Group Ltd. | 15,172 | 1,778 | |
Ampol Ltd. | 77,309 | 1,636 | |
Telstra Corp. Ltd. | 480,728 | 1,356 | |
Evolution Mining Ltd. | 350,475 | 1,184 | |
James Hardie Industries plc GDR | 33,636 | 1,141 | |
Oil Search Ltd. | 360,886 | 1,031 | |
IPH Ltd. | 173,702 | 1,016 | |
* | Qantas Airways Ltd. | 269,866 | 942 |
AMP Ltd. | 1,111,213 | 938 | |
GWA Group Ltd. | 394,982 | 821 | |
Nine Entertainment Co. Holdings Ltd. | 355,649 | 777 | |
* | Domain Holdings Australia Ltd. | 200,247 | 776 |
Metcash Ltd. | 257,497 | 772 | |
Aristocrat Leisure Ltd. | 23,191 | 749 | |
Beach Energy Ltd. | 760,708 | 707 | |
Challenger Ltd. | 144,873 | 587 | |
82,013 | |||
Austria (0.1%) | |||
Wienerberger AG | 93,640 | 3,610 | |
1 | Oesterreichische Post AG | 27,824 | 1,481 |
5,091 | |||
Belgium (0.0%) | |||
Anheuser-Busch InBev SA | 32,193 | 2,321 | |
Brazil (0.7%) | |||
B3 SA - Brasil Bolsa Balcao | 6,557,700 | 22,176 | |
Porto Seguro SA | 1,173,273 | 12,613 | |
* | Natura & Co. Holding SA | 777,681 | 8,872 |
Shares | Market Value ($000) | ||
Ambev SA | 2,022,901 | 6,943 | |
MRV Engenharia e Participacoes SA | 1,065,100 | 3,497 | |
* | Embraer SA | 715,013 | 2,713 |
Banco Bradesco SA Preference Shares | 487,223 | 2,520 | |
LOG Commercial Properties e Participacoes SA | 386,133 | 2,467 | |
Itausa SA Preference Shares | 564,023 | 1,264 | |
* | LPS Brasil Consultoria de Imoveis SA | 328,339 | 312 |
63,377 | |||
Canada (3.1%) | |||
* | Shopify Inc. Class A (XTSE) | 71,780 | 104,869 |
Fairfax Financial Holdings Ltd. (OOTC) | 92,701 | 40,652 | |
Barrick Gold Corp. (XTSE) | 1,416,437 | 29,292 | |
1 | PrairieSky Royalty Ltd. | 2,080,913 | 25,197 |
*,2 | Spin Master Corp. | 582,984 | 22,678 |
Gildan Activewear Inc. | 440,441 | 16,252 | |
Canadian Natural Resources Ltd. | 394,602 | 14,325 | |
Fairfax Financial Holdings Ltd. (XTSE) | 27,770 | 12,161 | |
Brookfield Asset Management Inc. Class A | 171,811 | 8,765 | |
Ritchie Bros Auctioneers Inc. | 95,164 | 5,642 | |
* | Brookfield Asset Management Reinsurance Partners Ltd. Class A | 2,618 | 138 |
279,971 | |||
Chile (0.2%) | |||
Cia Sud Americana de Vapores SA | 86,294,196 | 7,450 | |
Quinenco SA | 2,713,516 | 5,871 | |
Enaex SA | 94,405 | 1,061 | |
14,382 | |||
China (3.8%) | |||
*,2 | Meituan Class B | 2,038,200 | 84,078 |
* | Alibaba Group Holding Ltd. ADR | 332,383 | 75,378 |
Ping An Insurance Group Co. of China Ltd. Class H | 4,468,000 | 43,677 | |
*,1 | Li Auto Inc. ADR | 842,579 | 29,440 |
* | Tencent Music Entertainment Group ADR | 1,199,226 | 18,564 |
*,2 | Ping An Healthcare and Technology Co. Ltd. | 1,384,400 | 17,246 |
3 | Brilliance China Automotive Holdings Ltd. | 16,914,000 | 15,903 |
* | Baidu Inc. ADR | 71,278 | 14,534 |
Autohome Inc. ADR | 173,470 | 11,095 | |
Yum China Holdings Inc. | 121,188 | 8,029 | |
Tingyi Cayman Islands Holding Corp. | 3,685,608 | 7,358 | |
* | KE Holdings Inc. ADR | 138,399 | 6,599 |
Want Want China Holdings Ltd. | 6,881,557 | 4,873 | |
Uni-President China Holdings Ltd. | 2,615,000 | 2,885 | |
* | China Mengniu Dairy Co. Ltd. | 347,000 | 2,096 |
* | Trip.com Group Ltd. ADR | 43,696 | 1,549 |
Tsingtao Brewery Co. Ltd. Class H | 104,000 | 1,118 | |
2 | BAIC Motor Corp. Ltd. Class H | 2,161,132 | 804 |
Ajisen China Holdings Ltd. | 2,418,000 | 553 | |
345,779 | |||
Colombia (0.1%) | |||
Bancolombia SA ADR | 100,853 | 2,904 | |
Grupo Aval Acciones y Valores SA Preference Shares | 4,085,080 | 1,179 | |
4,083 | |||
Cyprus (0.0%) | |||
* | Cairo Mezz plc | 1,333,092 | 189 |
Czech Republic (0.0%) | |||
* | Komercni banka AS | 75,118 | 2,643 |
Shares | Market Value ($000) | ||
Denmark (0.7%) | |||
* | Genmab A/S | 63,017 | 25,821 |
Novo Nordisk A/S Class B | 102,885 | 8,612 | |
Vestas Wind Systems A/S | 219,573 | 8,579 | |
GN Store Nord AS | 79,116 | 6,919 | |
Coloplast A/S Class B | 34,032 | 5,588 | |
* | Demant A/S | 77,924 | 4,391 |
Carlsberg AS Class B | 22,780 | 4,251 | |
2 | Orsted AS | 17,304 | 2,429 |
66,590 | |||
Finland (0.1%) | |||
Sampo Oyj Class A | 75,428 | 3,468 | |
Wartsila Oyj Abp | 187,508 | 2,786 | |
6,254 | |||
France (1.8%) | |||
Pernod Ricard SA | 316,811 | 70,415 | |
Legrand SA | 240,754 | 25,516 | |
EssilorLuxottica SA | 128,586 | 23,754 | |
* | Ubisoft Entertainment SA | 184,936 | 12,921 |
* | Eurofins Scientific SE | 79,290 | 9,069 |
Edenred | 82,021 | 4,677 | |
BNP Paribas SA | 66,353 | 4,164 | |
Schneider Electric SE | 25,229 | 3,977 | |
ArcelorMittal SA | 106,714 | 3,285 | |
AXA SA | 103,693 | 2,633 | |
Thales SA | 24,460 | 2,499 | |
Alten SA | 12,456 | 1,653 | |
* | JCDecaux SA | 49,545 | 1,374 |
Vicat SA | 8,263 | 400 | |
Quadient SA | 2,016 | 61 | |
166,398 | |||
Germany (1.6%) | |||
adidas AG | 123,274 | 46,001 | |
Henkel AG & Co. KGaA Preference Shares | 253,664 | 26,790 | |
Deutsche Boerse AG | 146,390 | 25,552 | |
Beiersdorf AG | 127,673 | 15,411 | |
Henkel AG & Co. KGaA | 87,722 | 8,078 | |
* | HelloFresh SE | 68,868 | 6,695 |
Volkswagen AG Preference Shares | 12,770 | 3,202 | |
Fresenius Medical Care AG & Co. KGaA | 35,530 | 2,952 | |
BASF SE | 36,859 | 2,910 | |
Brenntag SE | 30,584 | 2,846 | |
*,1 | TUI AG (XETR) | 369,526 | 1,889 |
Bayerische Motoren Werke AG | 17,556 | 1,861 | |
Stabilus SA | 22,572 | 1,839 | |
146,026 | |||
Greece (0.3%) | |||
* | Eurobank Ergasias Services and Holdings SA | 15,997,111 | 16,147 |
JUMBO SA | 390,348 | 6,574 | |
* | Fourlis Holdings SA | 554,278 | 2,933 |
25,654 | |||
Hong Kong (1.3%) | |||
AIA Group Ltd. | 6,117,000 | 75,885 | |
* | Sands China Ltd. | 4,076,800 | 17,160 |
Jardine Matheson Holdings Ltd. (XSES) | 126,900 | 8,112 | |
* | Stella International Holdings Ltd. | 2,766,673 | 4,278 |
Shares | Market Value ($000) | ||
Jardine Matheson Holdings Ltd. | 33,900 | 2,173 | |
* | Galaxy Entertainment Group Ltd. | 196,000 | 1,567 |
Swire Pacific Ltd. Class A | 133,000 | 901 | |
CK Hutchison Holdings Ltd. | 110,192 | 858 | |
ASM Pacific Technology Ltd. | 58,100 | 787 | |
* | Esprit Holdings Ltd. (XHKG) | 6,844,614 | 670 |
Techtronic Industries Co. Ltd. | 31,500 | 549 | |
First Pacific Co. Ltd. | 1,395,250 | 476 | |
Johnson Electric Holdings Ltd. | 175,500 | 452 | |
113,868 | |||
India (1.7%) | |||
Housing Development Finance Corp. Ltd. | 1,410,722 | 47,080 | |
2 | Reliance Industries Ltd. GDR | 730,254 | 41,311 |
* | ICICI Bank Ltd. ADR | 1,474,033 | 25,206 |
* | Axis Bank Ltd. | 1,020,685 | 10,302 |
Bharti Airtel Ltd. | 1,357,305 | 9,612 | |
Shriram Transport Finance Co. Ltd. | 477,121 | 8,643 | |
Genpact Ltd. | 142,660 | 6,481 | |
Mahindra & Mahindra Ltd. | 323,886 | 3,396 | |
152,031 | |||
Indonesia (0.1%) | |||
* | Media Nusantara Citra Tbk PT | 37,860,650 | 2,434 |
Bank Mandiri Persero Tbk PT | 5,435,800 | 2,216 | |
PT United Tractors | 911,043 | 1,275 | |
5,925 | |||
Ireland (1.6%) | |||
* | Ryanair Holdings plc ADR | 761,205 | 82,370 |
CRH plc (XDUB) | 1,100,704 | 55,882 | |
* | Flutter Entertainment plc (XDUB) | 20,310 | 3,696 |
* | Bank of Ireland Group plc | 498,845 | 2,677 |
* | Flutter Entertainment plc | 13,783 | 2,499 |
* | Irish Continental Group plc | 153,724 | 789 |
*,3 | Irish Bank Resolution Corp. | 122,273 | — |
147,913 | |||
Italy (0.1%) | |||
CNH Industrial NV | 289,486 | 4,802 | |
*,1 | Saipem SPA | 879,511 | 2,134 |
UniCredit SPA | 178,597 | 2,111 | |
9,047 | |||
Japan (6.3%) | |||
Olympus Corp. | 3,006,000 | 59,792 | |
Advantest Corp. | 602,400 | 54,088 | |
Sysmex Corp. | 408,800 | 48,498 | |
CyberAgent Inc. | 1,898,800 | 40,667 | |
SMC Corp. | 63,500 | 37,566 | |
KDDI Corp. | 1,058,500 | 32,978 | |
Toyota Motor Corp. | 316,100 | 27,632 | |
1 | Bridgestone Corp. | 601,700 | 27,349 |
Secom Co. Ltd. | 231,800 | 17,668 | |
Tokio Marine Holdings Inc. | 381,700 | 17,581 | |
Kyocera Corp. | 236,400 | 14,605 | |
Sompo Holdings Inc. | 357,200 | 13,230 | |
Hoshizaki Corp. | 151,600 | 12,879 | |
MS&AD Insurance Group Holdings Inc. | 382,100 | 11,047 | |
Hitachi Ltd. | 186,900 | 10,711 | |
Koito Manufacturing Co. Ltd. | 158,900 | 9,887 |
Shares | Market Value ($000) | ||
Nippon Telegraph & Telephone Corp. | 238,900 | 6,246 | |
Sohgo Security Services Co. Ltd. | 121,400 | 5,531 | |
TDK Corp. | 44,400 | 5,375 | |
USS Co. Ltd. | 292,500 | 5,113 | |
Seven & i Holdings Co. Ltd. | 102,200 | 4,895 | |
Sumitomo Mitsui Financial Group Inc. | 139,200 | 4,799 | |
Daiwa House Industry Co. Ltd. | 152,500 | 4,585 | |
ITOCHU Corp. | 155,300 | 4,481 | |
East Japan Railway Co. | 62,200 | 4,436 | |
Toyota Industries Corp. | 47,900 | 4,142 | |
Nissan Chemical Corp. | 70,600 | 3,451 | |
SCSK Corp. | 56,800 | 3,384 | |
Marui Group Co. Ltd. | 178,600 | 3,370 | |
Daifuku Co. Ltd. | 37,000 | 3,357 | |
Sumitomo Mitsui Trust Holdings Inc. | 100,000 | 3,190 | |
Kirin Holdings Co. Ltd. | 161,100 | 3,144 | |
Nintendo Co. Ltd. | 5,300 | 3,067 | |
Sekisui Chemical Co. Ltd. | 162,100 | 2,775 | |
NTT Data Corp. | 177,000 | 2,763 | |
Matsumotokiyoshi Holdings Co. Ltd. | 61,700 | 2,731 | |
Maeda Corp. | 302,800 | 2,627 | |
Omron Corp. | 32,900 | 2,605 | |
Dai-ichi Life Holdings Inc. | 138,700 | 2,552 | |
* | Japan Post Holdings Co. Ltd. | 305,000 | 2,505 |
Sumitomo Electric Industries Ltd. | 159,200 | 2,351 | |
Takeda Pharmaceutical Co. Ltd. | 69,500 | 2,332 | |
Air Water Inc. | 150,200 | 2,314 | |
Yakult Honsha Co. Ltd. | 39,100 | 2,214 | |
Fukuoka Financial Group Inc. | 125,000 | 2,189 | |
Sumitomo Metal Mining Co. Ltd. | 56,100 | 2,182 | |
Persol Holdings Co. Ltd. | 102,300 | 2,020 | |
Taiheiyo Cement Corp. | 87,200 | 1,917 | |
Daiwa Securities Group Inc. | 340,600 | 1,871 | |
Casio Computer Co. Ltd. | 107,500 | 1,804 | |
Fuji Media Holdings Inc. | 156,800 | 1,751 | |
NSK Ltd. | 192,400 | 1,627 | |
TechnoPro Holdings Inc. | 56,400 | 1,334 | |
Senko Group Holdings Co. Ltd. | 127,800 | 1,249 | |
Alfresa Holdings Corp. | 77,700 | 1,161 | |
NEC Corp. | 21,700 | 1,117 | |
Tsumura & Co. | 34,500 | 1,084 | |
Nomura Co. Ltd. | 123,500 | 1,062 | |
Sawai Group Holdings Co. Ltd. | 23,400 | 1,044 | |
Kao Corp. | 16,200 | 999 | |
Aeon Delight Co. Ltd. | 25,700 | 805 | |
Tokyo Gas Co. Ltd. | 42,600 | 804 | |
Megmilk Snow Brand Co. Ltd. | 40,100 | 763 | |
Penta-Ocean Construction Co. Ltd. | 90,200 | 629 | |
Toyo Seikan Group Holdings Ltd. | 44,300 | 607 | |
Nippon Television Holdings Inc. | 48,670 | 568 | |
NS Solutions Corp. | 16,800 | 541 | |
Medipal Holdings Corp. | 24,400 | 466 | |
Fuji Oil Holdings Inc. | 9,500 | 226 | |
Mitsubishi Logistics Corp. | 6,900 | 204 | |
Lixil Corp. | 6,200 | 160 | |
Oji Holdings Corp. | 15,300 | 88 | |
Sumitomo Bakelite Co. Ltd. | 1,900 | 84 |
Shares | Market Value ($000) | ||
Bandai Namco Holdings Inc. | 50 | 3 | |
566,872 | |||
Kenya (0.0%) | |||
* | East African Breweries Ltd. | 1,923,197 | 3,223 |
Luxembourg (0.0%) | |||
L'Occitane International SA | 529,380 | 1,939 | |
Malaysia (0.0%) | |||
Sime Darby Bhd. | 2,569,600 | 1,349 | |
Mexico (0.6%) | |||
* | Grupo Financiero Inbursa SAB de CV Class O | 11,891,109 | 11,764 |
Fomento Economico Mexicano SAB de CV ADR | 117,675 | 9,945 | |
* | Genomma Lab Internacional SAB de CV Class B | 7,597,229 | 7,840 |
* | Gentera SAB de CV | 9,461,003 | 5,586 |
Alfa SAB de CV Class A | 6,080,400 | 4,563 | |
Kimberly-Clark de Mexico SAB de CV Class A | 2,436,869 | 4,324 | |
Grupo Televisa SAB ADR | 280,686 | 4,008 | |
Grupo Lala SAB de CV | 3,906,427 | 3,210 | |
Industrias Bachoco SAB de CV Class B | 834,530 | 3,151 | |
* | Grupo Aeroportuario del Pacifico SAB de CV Class B | 179,391 | 1,909 |
Qualitas Controladora SAB de CV | 209,166 | 975 | |
57,275 | |||
Netherlands (1.6%) | |||
Unilever plc | 1,123,265 | 65,833 | |
* | Prosus NV | 391,116 | 38,317 |
*,2 | Adyen NV | 10,554 | 25,882 |
Heineken NV | 31,197 | 3,787 | |
*,2 | Just Eat Takeaway.com NV | 32,793 | 3,033 |
Koninklijke Ahold Delhaize NV | 79,997 | 2,382 | |
Boskalis Westminster | 53,168 | 1,709 | |
Koninklijke KPN NV | 530,736 | 1,660 | |
142,603 | |||
New Zealand (0.0%) | |||
Fletcher Building Ltd. | 364,561 | 1,916 | |
* | SKY Network Television Ltd. | 3,447,796 | 419 |
2,335 | |||
Norway (0.8%) | |||
* | Adevinta ASA | 1,511,961 | 29,004 |
Schibsted ASA Class A | 531,289 | 25,630 | |
Schibsted ASA Class B | 205,592 | 8,546 | |
Equinor ASA | 180,739 | 3,826 | |
DNB ASA | 78,271 | 1,706 | |
68,712 | |||
Philippines (0.0%) | |||
Bank of The Philippine Islands | 1,159,870 | 2,106 | |
GT Capital Holdings Inc. | 150,030 | 1,866 | |
3,972 | |||
Russia (0.5%) | |||
Sberbank of Russia PJSC ADR (XLON) | 1,456,854 | 24,315 | |
*,3 | Mail.Ru Group Ltd. GDR (Registered) (XLON) | 411,237 | 9,349 |
* | Alrosa PJSC | 2,341,004 | 4,304 |
* | Global Ports Investments plc GDR (Registered) | 787,969 | 2,712 |
LUKOIL PJSC ADR | 24,228 | 2,249 | |
Globaltrans Investment plc GDR (Registered) | 194,968 | 1,397 | |
Sberbank of Russia PJSC ADR | 16,020 | 266 |
Shares | Market Value ($000) | ||
*,3 | Mail.Ru Group Ltd. GDR (Registered) | 2,727 | 62 |
44,654 | |||
Singapore (1.4%) | |||
* | Sea Ltd. ADR | 373,502 | 102,564 |
DBS Group Holdings Ltd. | 169,900 | 3,780 | |
Delfi Ltd. | 5,247,300 | 3,653 | |
United Overseas Bank Ltd. | 182,600 | 3,516 | |
Jardine Cycle & Carriage Ltd. | 203,900 | 3,246 | |
Genting Singapore Ltd. | 4,604,800 | 2,868 | |
Great Eastern Holdings Ltd. | 150,200 | 2,487 | |
Haw Par Corp. Ltd. | 174,241 | 1,776 | |
Singapore Telecommunications Ltd. | 553,200 | 944 | |
Singapore Land Group Ltd. | 132,400 | 269 | |
125,103 | |||
South Africa (1.9%) | |||
Naspers Ltd. Class N | 607,935 | 128,181 | |
Tiger Brands Ltd. | 736,642 | 10,773 | |
Remgro Ltd. | 676,053 | 5,431 | |
Anglo American Platinum Ltd. | 34,946 | 4,036 | |
Raubex Group Ltd. | 1,753,847 | 3,991 | |
JSE Ltd. | 480,458 | 3,583 | |
Anglo American plc | 77,199 | 3,070 | |
Telkom SA SOC Ltd. | 917,269 | 2,985 | |
Anglogold Ltd. | 109,817 | 2,038 | |
* | Grindrod Ltd. | 4,854,786 | 1,649 |
PSG Group Ltd. | 201,061 | 1,121 | |
* | Tsogo Sun Gaming Ltd. | 754,964 | 420 |
* | Thungela Resources Ltd. | 7,719 | 21 |
167,299 | |||
South Korea (1.2%) | |||
Samsung Electronics Co. Ltd. | 975,397 | 69,825 | |
SK Hynix Inc. | 59,594 | 6,726 | |
Samsung Fire & Marine Insurance Co. Ltd. | 34,020 | 6,663 | |
LG Corp. | 66,056 | 6,010 | |
AMOREPACIFIC Group | 74,061 | 4,212 | |
Hana Financial Group Inc. | 67,620 | 2,771 | |
KT Corp. ADR | 178,277 | 2,487 | |
Hyundai Motor Co. | 11,052 | 2,352 | |
S-1 Corp. | 30,908 | 2,247 | |
Hankook Tire & Technology Co. Ltd. | 41,655 | 1,911 | |
KT Corp. | 53,325 | 1,505 | |
* | LX Holdings Corp. | 32,033 | 320 |
AMOREPACIFIC Group Preference Shares | 4,993 | 204 | |
107,233 | |||
Spain (0.1%) | |||
Fluidra SA | 98,704 | 3,922 | |
Viscofan SA | 22,514 | 1,569 | |
*,2 | Gestamp Automocion SA | 173,323 | 919 |
Acerinox SA | 50,123 | 607 | |
CaixaBank SA | 174,995 | 539 | |
7,556 | |||
Sweden (1.1%) | |||
Atlas Copco AB Class B | 766,468 | 40,367 | |
Epiroc AB Class B | 1,464,161 | 28,745 | |
Svenska Handelsbanken AB Class A | 1,415,621 | 15,979 | |
Assa Abloy AB Class B | 156,799 | 4,727 |
Shares | Market Value ($000) | ||
Swedish Match Ab | 476,618 | 4,065 | |
Sandvik AB | 128,818 | 3,294 | |
* | Nordic Entertainment Group AB Class B | 46,203 | 2,038 |
* | Modern Times Group MTG AB Class B | 64,479 | 872 |
100,087 | |||
Switzerland (2.3%) | |||
Nestle SA (Registered) | 536,054 | 66,818 | |
Cie Financiere Richemont SA Class A (Registered) | 481,629 | 58,387 | |
Roche Holding AG | 114,555 | 43,169 | |
*,2 | Wizz Air Holdings plc | 367,207 | 23,741 |
Geberit AG (Registered) | 7,802 | 5,861 | |
Cie Financiere Richemont SA GDR | 236,954 | 2,883 | |
* | Holcim Ltd. | 39,487 | 2,373 |
ABB Ltd. (Registered) | 65,902 | 2,239 | |
Adecco Group AG (Registered) | 32,673 | 2,223 | |
* | Cie Financiere Richemont SA | 566,774 | 36 |
207,730 | |||
Taiwan (1.9%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5,839,577 | 125,773 | |
Giant Manufacturing Co. Ltd. | 925,469 | 10,578 | |
Merida Industry Co. Ltd. | 687,547 | 7,720 | |
Delta Electronics Inc. | 688,351 | 7,478 | |
Uni-President Enterprises Corp. | 1,833,000 | 4,814 | |
King Slide Works Co. Ltd. | 341,267 | 4,807 | |
Chroma ATE Inc. | 600,000 | 4,121 | |
PChome Online Inc. | 993,510 | 3,909 | |
Teco Electric and Machinery Co. Ltd. | 3,133,190 | 3,731 | |
172,931 | |||
Thailand (0.1%) | |||
Kasikornbank PCL | 1,417,700 | 5,233 | |
* | Major Cineplex Group PCL | 6,910,200 | 5,130 |
Thai Beverage PCL | 1,850,900 | 931 | |
11,294 | |||
Turkey (0.0%) | |||
Ulker Biskuvi Sanayi AS | 525,963 | 1,254 | |
United Kingdom (5.4%) | |||
Prudential plc | 4,436,466 | 84,407 | |
Rio Tinto plc | 817,565 | 67,521 | |
BHP Group plc | 2,259,377 | 66,857 | |
Reckitt Benckiser Group plc | 624,002 | 55,131 | |
* | Farfetch Ltd. Class A | 747,946 | 37,667 |
* | Compass Group plc | 1,268,558 | 26,726 |
Spectris plc | 388,628 | 17,431 | |
GlaxoSmithKline plc | 730,326 | 14,358 | |
* | Hays plc | 5,906,588 | 12,972 |
BP plc | 1,734,059 | 7,605 | |
Rightmove plc | 753,078 | 6,769 | |
Barclays plc | 2,180,361 | 5,174 | |
* | Entain plc | 205,712 | 4,971 |
3i Group plc | 292,835 | 4,752 | |
Intertek Group plc | 62,015 | 4,746 | |
Lloyds Banking Group plc | 7,064,496 | 4,570 | |
Diageo plc | 92,395 | 4,428 | |
Unilever plc (XLON) | 67,107 | 3,921 | |
HomeServe plc | 279,519 | 3,697 | |
DCC plc | 43,561 | 3,568 |
Shares | Market Value ($000) | ||
*,2 | Auto Trader Group plc | 405,248 | 3,549 |
RELX plc | 122,910 | 3,259 | |
* | ITV plc | 1,752,051 | 3,045 |
Bunzl plc | 89,877 | 2,973 | |
* | SSP Group plc | 763,551 | 2,817 |
* | Glencore plc | 646,744 | 2,776 |
2 | ConvaTec Group plc | 831,316 | 2,767 |
Admiral Group plc | 60,349 | 2,626 | |
DS Smith plc | 409,151 | 2,369 | |
* | easyJet plc | 184,395 | 2,287 |
Standard Chartered plc | 346,607 | 2,212 | |
* | Rolls-Royce Holdings plc | 1,393,231 | 1,907 |
* | WH Smith plc | 71,570 | 1,595 |
Jupiter Fund Management plc | 378,870 | 1,479 | |
Inchcape plc | 136,754 | 1,455 | |
Serco Group plc | 757,509 | 1,422 | |
* | John Wood Group plc | 457,613 | 1,394 |
BAE Systems plc | 183,274 | 1,324 | |
Tesco plc | 421,355 | 1,302 | |
HSBC Holdings plc | 218,800 | 1,262 | |
* | Carnival plc | 49,919 | 1,146 |
Daily Mail & General Trust plc Class A | 74,389 | 993 | |
* | Georgia Capital plc | 80,998 | 806 |
* | Capita plc | 1,436,008 | 742 |
Euromoney Institutional Investor plc | 43,167 | 609 | |
* | Provident Financial plc | 162,697 | 522 |
* | International Personal Finance plc | 237,426 | 439 |
* | TUI AG | 73,823 | 378 |
Devro plc | 133,779 | 357 | |
Pets at Home Group plc | 24,955 | 158 | |
Close Brothers Group plc | 7,320 | 153 | |
IG Group Holdings plc | 10,330 | 121 | |
*,2 | Non-Standard Finance plc | 159,227 | 8 |
487,523 | |||
United States (52.1%) | |||
* | Alphabet Inc. Class C | 74,277 | 186,162 |
* | Booking Holdings Inc. | 67,078 | 146,773 |
* | Facebook Inc. Class A | 404,705 | 140,720 |
Moody's Corp. | 316,402 | 114,655 | |
Anthem Inc. | 291,244 | 111,197 | |
Oracle Corp. | 1,354,552 | 105,438 | |
Microsoft Corp. | 375,653 | 101,764 | |
* | Amazon.com Inc. | 26,055 | 89,633 |
* | Alphabet Inc. Class A | 36,488 | 89,096 |
Mastercard Inc. Class A | 238,671 | 87,136 | |
Johnson & Johnson | 525,993 | 86,652 | |
Texas Instruments Inc. | 429,159 | 82,527 | |
Martin Marietta Materials Inc. | 214,826 | 75,578 | |
* | Tesla Inc. | 95,508 | 64,917 |
Arthur J Gallagher & Co. | 452,259 | 63,352 | |
* | AutoZone Inc. | 41,894 | 62,515 |
Travelers Cos. Inc. | 413,398 | 61,890 | |
* | Berkshire Hathaway Inc. Class B | 222,053 | 61,713 |
* | Moderna Inc. | 257,680 | 60,550 |
* | Markel Corp. | 50,937 | 60,447 |
Merck & Co. Inc. | 763,168 | 59,352 | |
Hershey Co. | 331,929 | 57,815 | |
Estee Lauder Cos. Inc. Class A | 176,252 | 56,062 |
Shares | Market Value ($000) | ||
American Express Co. | 325,834 | 53,838 | |
* | CBRE Group Inc. Class A | 611,854 | 52,454 |
* | Cloudflare Inc. Class A | 493,768 | 52,260 |
Teradyne Inc. | 387,894 | 51,962 | |
TJX Cos. Inc. | 765,604 | 51,617 | |
* | Waters Corp. | 148,618 | 51,364 |
* | Trade Desk Inc. Class A | 639,600 | 49,479 |
* | CarMax Inc. | 376,016 | 48,562 |
* | Twilio Inc. Class A | 122,400 | 48,245 |
Electronic Arts Inc. | 330,594 | 47,549 | |
* | Novocure Ltd. | 212,334 | 47,100 |
First Republic Bank | 242,524 | 45,393 | |
* | Alnylam Pharmaceuticals Inc. | 264,701 | 44,872 |
Kimberly-Clark Corp. | 334,530 | 44,753 | |
ResMed Inc. | 181,461 | 44,734 | |
* | Wayfair Inc. Class A | 140,580 | 44,383 |
Albemarle Corp. | 261,565 | 44,063 | |
Archer-Daniels-Midland Co. | 713,627 | 43,246 | |
S&P Global Inc. | 105,221 | 43,188 | |
Thermo Fisher Scientific Inc. | 83,629 | 42,188 | |
Linde plc | 143,857 | 41,589 | |
* | FTI Consulting Inc. | 304,234 | 41,561 |
* | ABIOMED Inc. | 126,616 | 39,518 |
* | Zillow Group Inc. Class C | 320,482 | 39,169 |
* | Axon Enterprise Inc. | 221,455 | 39,153 |
CH Robinson Worldwide Inc. | 400,388 | 37,504 | |
* | Illumina Inc. | 78,707 | 37,245 |
United Parcel Service Inc. Class B | 178,432 | 37,109 | |
PepsiCo Inc. | 246,384 | 36,507 | |
Broadridge Financial Solutions Inc. | 225,020 | 36,347 | |
Service Corp. International | 677,479 | 36,306 | |
* | SiteOne Landscape Supply Inc. | 213,939 | 36,211 |
Progressive Corp. | 367,682 | 36,110 | |
Activision Blizzard Inc. | 361,210 | 34,474 | |
Fastenal Co. | 650,099 | 33,805 | |
Charles Schwab Corp. | 448,811 | 32,678 | |
* | Teladoc Health Inc. | 194,097 | 32,276 |
* | DoorDash Inc. Class A | 162,969 | 29,062 |
* | Lyft Inc. Class A | 456,006 | 27,579 |
Wells Fargo & Co. | 602,286 | 27,278 | |
* | Netflix Inc. | 51,068 | 26,975 |
* | STAAR Surgical Co. | 176,616 | 26,934 |
* | Carvana Co. Class A | 89,124 | 26,899 |
M&T Bank Corp. | 182,250 | 26,483 | |
PACCAR Inc. | 287,742 | 25,681 | |
Procter & Gamble Co. | 190,004 | 25,637 | |
Maxim Integrated Products Inc. | 243,092 | 25,612 | |
Analog Devices Inc. | 147,369 | 25,371 | |
* | KAR Auction Services Inc. | 1,443,222 | 25,329 |
* | Chegg Inc. | 299,309 | 24,876 |
Hartford Financial Services Group Inc. | 393,307 | 24,373 | |
Paychex Inc. | 216,133 | 23,191 | |
* | Snowflake Inc. Class A | 94,954 | 22,960 |
Marsh & McLennan Cos. Inc. | 160,354 | 22,559 | |
Willis Towers Watson plc | 93,421 | 21,489 | |
* | Globus Medical Inc. Class A | 276,480 | 21,436 |
* | Datadog Inc. Class A | 204,843 | 21,320 |
Union Pacific Corp. | 95,130 | 20,922 |
Shares | Market Value ($000) | ||
Westinghouse Air Brake Technologies Corp. | 253,609 | 20,872 | |
Expeditors International of Washington Inc. | 162,866 | 20,619 | |
EOG Resources Inc. | 246,531 | 20,571 | |
* | Stericycle Inc. | 287,178 | 20,548 |
* | DexCom Inc. | 47,840 | 20,428 |
Dolby Laboratories Inc. Class A | 207,152 | 20,361 | |
Aon plc Class A (XNYS) | 85,121 | 20,324 | |
MarketAxess Holdings Inc. | 43,613 | 20,219 | |
Bank of New York Mellon Corp. | 388,449 | 19,900 | |
* | Exact Sciences Corp. | 157,126 | 19,532 |
* | CoStar Group Inc. | 235,780 | 19,527 |
* | Spotify Technology SA | 69,845 | 19,249 |
Intel Corp. | 337,472 | 18,946 | |
* | Howard Hughes Corp. | 192,647 | 18,775 |
* | Arista Networks Inc. | 51,631 | 18,706 |
Bunge Ltd. | 234,998 | 18,365 | |
Healthcare Services Group Inc. | 539,959 | 17,047 | |
Automatic Data Processing Inc. | 83,174 | 16,520 | |
Citigroup Inc. | 229,585 | 16,243 | |
* | IAC/InterActiveCorp. | 102,202 | 15,757 |
CME Group Inc. | 72,026 | 15,319 | |
Colgate-Palmolive Co. | 171,555 | 13,956 | |
Loews Corp. | 253,975 | 13,880 | |
Rayonier Inc. | 373,334 | 13,414 | |
*,1 | Oscar Health Inc. Class A | 616,513 | 13,255 |
Chubb Ltd. | 79,823 | 12,687 | |
* | Eventbrite Inc. Class A | 634,687 | 12,059 |
Omnicom Group Inc. | 140,509 | 11,239 | |
* | Vimeo Inc. | 213,199 | 10,447 |
3M Co. | 51,005 | 10,131 | |
* | LendingTree Inc. | 46,523 | 9,857 |
Royalty Pharma plc Class A | 238,317 | 9,769 | |
* | Alleghany Corp. | 14,373 | 9,588 |
1 | Tanger Factory Outlet Centers Inc. | 471,038 | 8,879 |
* | Visteon Corp. | 70,961 | 8,582 |
* | NOV Inc. | 279,931 | 4,289 |
PriceSmart Inc. | 35,882 | 3,266 | |
Freeport-McMoRan Inc. | 85,763 | 3,183 | |
* | Axalta Coating Systems Ltd. | 102,374 | 3,121 |
* | Organon & Co. | 49,314 | 1,492 |
Weyerhaeuser Co. | 35,799 | 1,232 | |
TE Connectivity Ltd. | 4,778 | 646 | |
*,2 | Samsonite International SA | 212,100 | 434 |
4,699,956 | |||
Total Common Stocks (Cost $5,376,039) | 8,620,455 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (5.2%) | |||
Money Market Fund (5.2%) | |||
4,5 | Vanguard Market Liquidity Fund, 0.056% (Cost $467,346) | 4,673,927 | 467,393 |
Total Investments (100.7%) (Cost $5,843,385) | 9,087,848 | ||
Other Assets and Liabilities—Net (-0.7%) | (65,848) | ||
Net Assets (100%) | 9,022,000 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $65,115,000. |
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 June 30, 2021, the aggregate value was $228,879,000, representing 2.5% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $68,087,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | September 2021 | 724 | 155,247 | 1,859 |
MSCI EAFE Index | September 2021 | 591 | 68,086 | (1,587) |
MSCI Emerging Markets Index | September 2021 | 514 | 35,076 | (118) |
154 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).
The fund had no open forward currency contracts at June 30, 2021.
E. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of June 30, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 5,118,610 | 434 | — | 5,119,044 |
Common Stocks—Other | 448,640 | 3,027,457 | 25,314 | 3,501,411 |
Temporary Cash Investments | 467,393 | — | — | 467,393 |
Total | 6,034,643 | 3,027,891 | 25,314 | 9,087,848 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,859 | — | — | 1,859 |
Liabilities | ||||
Futures Contracts1 | 1,705 | — | — | 1,705 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |