CORRESP 1 filename1.htm responseletter_intlequity.htm - Generated by SEC Publisher for SEC Filing

December 24, 2015   
 
Asen Parachkevov, Esq.   
U.S. Securities and Exchange Commission  via electronic filing 
100 F Street, N.E.   
Washington, DC 20549   
 
 
RE:  Vanguard International Equity Index Funds (the “Trust”) 
  File No. 33-32548   
  Post-Effective Amendment Number 103   

 

Dear Mr. Parachkevov,

This letter responds to your comments provided on December 18, 2015, on the above referenced post-effective amendment. The comments apply to Vanguard European Stock Index Fund, Vanguard Pacific Stock Index Fund, and Vanguard Emerging Markets Stock Index Fund.

Comment 1:  Prospectus 
Comment:  Please confirm that the subsequent post-effective amendment will include 
  conforming content changes for all share classes offered by each Fund as 
  this post-effective amendment only included Investor Shares and Admiral 
  Shares. 
 
Response:  The updated prospectuses for the other share classes of each Fund will be 
  included in a 485(b) filing prior to the effective date. 
 
Comment 2:  Prospectus – Fund Summary 
Comment:  Pursuant to Item 4 of Form N-1A, please consider including information 
  about the spliced index in the narrative explanation accompanying the bar 
  chart and table for each Fund. 
 
Response:  In response to staff comments received in August 2010, the definition of the 
  spliced index was removed from the Item 4 disclosure. In response to your 
  comments, we will restore these descriptions as responsive to Item 4, 
Instruction 2 (b) in the subsequent post-effective amendment.
 
Comment 3:  Prospectus – Vanguard Emerging Markets Stock Index Fund 
Comment:  Please provide the rationale for using a transition index for the Fund rather than 
  moving right to the new target benchmark. 

 


 

Response:  As described in the initial notice and prospectus supplement, the Fund’s Board 
  approved the use of a transition index in order to enable the Emerging Markets 
  Stock Index Fund’s advisor, The Vanguard Group, Inc., to make the necessary 
  adjustments to portfolio holdings in a manner that minimizes impact to Fund 
  shareholders. The transition index will gradually increase exposure to China A- 
  shares and small-capitalization equity securities while proportionately reducing 
  exposure to other stocks based on their weightings in the new target index. 
 
Comment 4:  Prospectus – More on the Fund 
Comment:  Please confirm that the derivatives investments listed in this section are not 
  part of the Funds’ principal investment strategies. 
 
Response:  We have reviewed the disclosure and can confirm that derivatives investments 
  are not part of the Funds’ principal investment strategies. 
 
Comment 5:  SAI – China A-shares Risk 
Comment:  Please confirm that you have considered the appropriate disclosure of the risks 
  associated with the recent market events in China when trading was halted by 
  numerous China A-shares issuers. 
 
Response:  We considered the risks associated with the recent market events and 
  determined that because this risk is generally heightened in other foreign 
  markets, not only in China, it is appropriately disclosed in the description of 
  Foreign Securities. Additionally, given the percentage of China A-shares 
  included in the new target benchmark (approximately 6% as of September 30, 
  2015) it was determined that this and other settlement risks unique to China A- 
  shares are appropriately disclosed in the statement of additional information. 
 
Comment 6:  Tandy Requirements 

 

As required by the SEC, each Fund acknowledges that:

  The Fund is responsible for the adequacy and accuracy of the disclosure in the filing. 
  Staff comments or changes in response to staff comments in the filings reviewed by the 
  staff do not foreclose the Commission from taking any action with respect to the filing. 
  The Fund may not assert staff comments as a defense in any proceeding initiated by the 
  Commission or any person under the federal securities laws of the United States. 

 

Please contact me at (610) 669-8439 with any questions or comments regarding the above response. Thank you.

Sincerely,

Christyn L. Rossman
Associate Counsel
The Vanguard Group, Inc.