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: 811-05972
Name of Registrant: | Vanguard International Equity Index Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | John E. Schadl, 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, 2023—April 30, 2024
Item 1: Reports to Shareholders
Vanguard European Stock Index Fund |
Vanguard Pacific Stock Index Fund |
About Your Fund’s Expenses | 1 |
European Stock Index Fund | 3 |
Pacific Stock Index Fund | 38 |
Trustees Approve Advisory Arrangements | 82 |
Liquidity Risk Management | 84 |
• | 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. |
• | 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. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
European Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,181.80 | $1.25 |
FTSE Europe ETF Shares | 1,000.00 | 1,182.50 | 0.43 |
Admiral™ Shares | 1,000.00 | 1,182.60 | 0.54 |
Institutional Shares | 1,000.00 | 1,182.60 | 0.43 |
Institutional Plus Shares | 1,000.00 | 1,182.70 | 0.38 |
Pacific Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,148.00 | $1.23 |
FTSE Pacific ETF Shares | 1,000.00 | 1,149.40 | 0.43 |
Admiral Shares | 1,000.00 | 1,149.30 | 0.53 |
Institutional Shares | 1,000.00 | 1,149.00 | 0.43 |
Based on Hypothetical 5% Yearly Return | |||
European Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,023.72 | $1.16 |
FTSE Europe ETF Shares | 1,000.00 | 1,024.47 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.37 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.47 | 0.40 |
Institutional Plus Shares | 1,000.00 | 1,024.52 | 0.35 |
Pacific Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,023.72 | $1.16 |
FTSE Pacific ETF Shares | 1,000.00 | 1,024.47 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.37 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.47 | 0.40 |
United Kingdom | 24.2% |
France | 16.8 |
Switzerland | 13.2 |
Germany | 12.7 |
Netherlands | 7.0 |
Sweden | 5.4 |
Denmark | 5.3 |
Italy | 4.6 |
Spain | 4.2 |
Finland | 1.7 |
Belgium | 1.7 |
Norway | 1.3 |
Other | 1.9 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.8%) | |||
Money Market Fund (0.8%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $197,025) | 1,970,702 | 197,050 |
Total Investments (99.9%) (Cost $25,331,280) | 24,757,044 | ||
Other Assets and Liabilities—Net (0.1%) | 12,894 | ||
Net Assets (100%) | 24,769,938 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $160,526,000. |
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 April 30, 2024, the aggregate value was $620,946,000, 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 $172,807,000 was received for securities on loan. |
GDR—Global Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
Euro Stoxx 50 Index | June 2024 | 792 | 41,391 | (497) |
FTSE 100 Index | June 2024 | 287 | 29,258 | 781 |
MSCI Europe Index | June 2024 | 4,720 | 166,983 | 1,434 |
1,718 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 6/20/24 | CHF | 5,784 | USD | 6,610 | — | (282) |
State Street Bank & Trust Co. | 6/20/24 | CHF | 4,320 | USD | 4,756 | — | (29) |
State Street Bank & Trust Co. | 6/20/24 | DKK | 36,376 | USD | 5,337 | — | (118) |
Morgan Stanley Capital Services Inc. | 6/20/24 | EUR | 64,942 | USD | 71,092 | — | (1,639) |
BNP Paribas | 6/20/24 | EUR | 59,182 | USD | 64,978 | — | (1,684) |
Royal Bank of Canada | 6/20/24 | EUR | 58,299 | USD | 63,984 | — | (1,635) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 6/20/24 | EUR | 21,367 | USD | 23,287 | — | (436) |
UBS AG | 6/20/24 | EUR | 8,713 | USD | 9,502 | — | (184) |
Deutsche Bank AG | 6/20/24 | GBP | 16,014 | USD | 20,234 | — | (219) |
State Street Bank & Trust Co. | 6/20/24 | GBP | 8,021 | USD | 10,021 | 4 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | GBP | 5,758 | USD | 7,232 | — | (35) |
State Street Bank & Trust Co. | 6/20/24 | GBP | 4,211 | USD | 5,274 | — | (11) |
State Street Bank & Trust Co. | 6/20/24 | USD | 37,272 | CHF | 32,332 | 1,897 | — |
UBS AG | 6/20/24 | USD | 37,219 | CHF | 32,332 | 1,845 | — |
Toronto-Dominion Bank | 6/20/24 | USD | 14,320 | CHF | 12,938 | 165 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 11,135 | DKK | 75,552 | 296 | — |
Deutsche Bank AG | 6/20/24 | USD | 41,825 | EUR | 38,648 | 492 | — |
BNP Paribas | 6/20/24 | USD | 24,372 | EUR | 22,551 | 254 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 11,722 | EUR | 10,724 | 253 | — |
UBS AG | 6/20/24 | USD | 16,680 | GBP | 13,057 | 360 | — |
BNP Paribas | 6/20/24 | USD | 16,502 | GBP | 12,947 | 319 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 11,663 | GBP | 9,272 | 74 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 3,997 | NOK | 41,679 | 240 | — |
UBS AG | 6/20/24 | USD | 2,895 | NOK | 31,797 | 29 | — |
Deutsche Bank AG | 6/20/24 | USD | 15,364 | SEK | 156,853 | 1,099 | — |
7,327 | (6,272) |
CHF—Swiss franc. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
NOK—Norwegian krone. |
SEK—Swedish krona. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $25,134,255) | 24,559,994 |
Affiliated Issuers (Cost $197,025) | 197,050 |
Total Investments in Securities | 24,757,044 |
Investment in Vanguard | 753 |
Cash | 1,235 |
Cash Collateral Pledged—Futures Contracts | 15,573 |
Cash Collateral Pledged—Forward Currency Contracts | 4,290 |
Foreign Currency, at Value (Cost $7,922) | 7,850 |
Receivables for Accrued Income | 177,309 |
Receivables for Capital Shares Issued | 638 |
Unrealized Appreciation—Forward Currency Contracts | 7,327 |
Total Assets | 24,972,019 |
Liabilities | |
Payables for Investment Securities Purchased | 17,934 |
Collateral for Securities on Loan | 172,807 |
Payables for Capital Shares Redeemed | 1,190 |
Payables to Vanguard | 2,110 |
Variation Margin Payable—Futures Contracts | 1,768 |
Unrealized Depreciation—Forward Currency Contracts | 6,272 |
Total Liabilities | 202,081 |
Net Assets | 24,769,938 |
1 Includes $160,526,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2024, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 28,032,944 |
Total Distributable Earnings (Loss) | (3,263,006) |
Net Assets | 24,769,938 |
Investor Shares—Net Assets | |
Applicable to 314,792 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,094 |
Net Asset Value Per Share—Investor Shares | $35.24 |
ETF Shares—Net Assets | |
Applicable to 289,361,440 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,977,434 |
Net Asset Value Per Share—ETF Shares | $65.58 |
Admiral Shares—Net Assets | |
Applicable to 59,469,310 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,878,669 |
Net Asset Value Per Share—Admiral Shares | $82.04 |
Institutional Shares—Net Assets | |
Applicable to 23,319,758 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 815,782 |
Net Asset Value Per Share—Institutional Shares | $34.98 |
Institutional Plus Shares—Net Assets | |
Applicable to 556,331 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 86,959 |
Net Asset Value Per Share—Institutional Plus Shares | $156.31 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 381,501 |
Interest2 | 1,587 |
Securities Lending—Net | 910 |
Total Income | 383,998 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 767 |
Management and Administrative—Investor Shares | 12 |
Management and Administrative—ETF Shares | 6,051 |
Management and Administrative—Admiral Shares | 1,994 |
Management and Administrative—Institutional Shares | 275 |
Management and Administrative—Institutional Plus Shares | 25 |
Marketing and Distribution—Investor Shares | — |
Marketing and Distribution—ETF Shares | 297 |
Marketing and Distribution—Admiral Shares | 88 |
Marketing and Distribution—Institutional Shares | 11 |
Marketing and Distribution—Institutional Plus Shares | — |
Custodian Fees | 505 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 80 |
Shareholders’ Reports—Admiral Shares | 64 |
Shareholders’ Reports—Institutional Shares | — |
Shareholders’ Reports—Institutional Plus Shares | — |
Trustees’ Fees and Expenses | 9 |
Other Expenses | 22 |
Total Expenses | 10,200 |
Expenses Paid Indirectly | (101) |
Net Expenses | 10,099 |
Net Investment Income | 373,899 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (91,220) |
Futures Contracts | 18,587 |
Forward Currency Contracts | 1,121 |
Foreign Currencies | 1,706 |
Realized Net Gain (Loss) | (69,806) |
Statement of Operations (continued) | |
Six Months Ended April 30, 2024 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 3,577,834 |
Futures Contracts | 12,892 |
Forward Currency Contracts | 1,046 |
Foreign Currencies | 67 |
Change in Unrealized Appreciation (Depreciation) | 3,591,839 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,895,932 |
1 | Dividends are net of foreign withholding taxes of $49,308,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $977,000, ($1,000), less than $1,000, and $13,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $138,730,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 373,899 | 758,547 | |
Realized Net Gain (Loss) | (69,806) | (317,612) | |
Change in Unrealized Appreciation (Depreciation) | 3,591,839 | 2,346,108 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,895,932 | 2,787,043 | |
Distributions | |||
Investor Shares | (149) | (406) | |
ETF Shares | (241,379) | (590,405) | |
Admiral Shares | (61,101) | (147,188) | |
Institutional Shares | (10,525) | (24,959) | |
Institutional Plus Shares | (1,091) | (2,750) | |
Total Distributions | (314,245) | (765,708) | |
Capital Share Transactions | |||
Investor Shares | (2,457) | (2,002) | |
ETF Shares | (259,084) | 1,950,093 | |
Admiral Shares | (41,856) | 10,780 | |
Institutional Shares | (32,087) | (1,389) | |
Institutional Plus Shares | 1,091 | (5,116) | |
Net Increase (Decrease) from Capital Share Transactions | (334,393) | 1,952,366 | |
Total Increase (Decrease) | 3,247,294 | 3,973,701 | |
Net Assets | |||
Beginning of Period | 21,522,644 | 17,548,943 | |
End of Period | 24,769,938 | 21,522,644 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $30.18 | $26.83 | $36.88 | $26.63 | $29.84 | $27.85 |
Investment Operations | ||||||
Net Investment Income1 | .483 | 1.007 | 1.057 | .982 | .627 | 1.053 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.996 | 3.353 | (10.041) | 10.174 | (3.221) | 1.913 |
Total from Investment Operations | 5.479 | 4.360 | (8.984) | 11.156 | (2.594) | 2.966 |
Distributions | ||||||
Dividends from Net Investment Income | (.419) | (1.010) | (1.066) | (.906) | (.616) | (.976) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.419) | (1.010) | (1.066) | (.906) | (.616) | (.976) |
Net Asset Value, End of Period | $35.24 | $30.18 | $26.83 | $36.88 | $26.63 | $29.84 |
Total Return2 | 18.18% | 16.05% | -24.66% | 42.12% | -8.68% | 10.90% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11 | $12 | $12 | $27 | $19 | $25 |
Ratio of Total Expenses to Average Net Assets | 0.23%3 | 0.24%3 | 0.25%3 | 0.23% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 2.83% | 3.15% | 3.28% | 2.82% | 2.23% | 3.72% |
Portfolio Turnover Rate4 | 1% | 4% | 5% | 3% | 3% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.23%, 0.24%, and 0.25%, respectively. |
4 | 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. |
FTSE Europe ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $56.17 | $49.95 | $68.65 | $49.57 | $55.54 | $51.84 |
Investment Operations | ||||||
Net Investment Income1 | .986 | 1.985 | 1.977 | 1.922 | 1.247 | 1.854 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.252 | 6.205 | (18.595) | 18.939 | (5.990) | 3.744 |
Total from Investment Operations | 10.238 | 8.190 | (16.618) | 20.861 | (4.743) | 5.598 |
Distributions | ||||||
Dividends from Net Investment Income | (.828) | (1.970) | (2.082) | (1.781) | (1.227) | (1.898) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.828) | (1.970) | (2.082) | (1.781) | (1.227) | (1.898) |
Net Asset Value, End of Period | $65.58 | $56.17 | $49.95 | $68.65 | $49.57 | $55.54 |
Total Return | 18.25% | 16.23% | -24.54% | 42.34% | -8.50% | 11.08% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $18,977 | $16,494 | $13,073 | $21,547 | $11,659 | $13,067 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.09%2 | 0.11%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 3.10% | 3.33% | 3.33% | 2.95% | 2.38% | 3.50% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 3% | 3% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%, 0.09%, and 0.11%, respectively. |
3 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $70.26 | $62.47 | $85.88 | $62.01 | $69.48 | $64.84 |
Investment Operations | ||||||
Net Investment Income1 | 1.226 | 2.416 | 2.431 | 2.375 | 1.553 | 2.298 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.581 | 7.823 | (23.251) | 23.705 | (7.502) | 4.693 |
Total from Investment Operations | 12.807 | 10.239 | (20.820) | 26.080 | (5.949) | 6.991 |
Distributions | ||||||
Dividends from Net Investment Income | (1.027) | (2.449) | (2.590) | (2.210) | (1.521) | (2.351) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.027) | (2.449) | (2.590) | (2.210) | (1.521) | (2.351) |
Net Asset Value, End of Period | $82.04 | $70.26 | $62.47 | $85.88 | $62.01 | $69.48 |
Total Return2 | 18.26% | 16.19% | -24.56% | 42.30% | -8.55% | 11.05% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,879 | $4,216 | $3,745 | $5,259 | $3,795 | $4,671 |
Ratio of Total Expenses to Average Net Assets | 0.10%3 | 0.11%3 | 0.13%3 | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 3.08% | 3.24% | 3.30% | 2.93% | 2.37% | 3.47% |
Portfolio Turnover Rate4 | 1% | 4% | 5% | 3% | 3% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%, 0.11%, and 0.13%, respectively. |
4 | 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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $29.96 | $26.64 | $36.62 | $26.44 | $29.63 | $27.65 |
Investment Operations | ||||||
Net Investment Income1 | .521 | 1.040 | 1.043 | 1.019 | .667 | .993 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.940 | 3.331 | (9.912) | 10.110 | (3.203) | 1.998 |
Total from Investment Operations | 5.461 | 4.371 | (8.869) | 11.129 | (2.536) | 2.991 |
Distributions | ||||||
Dividends from Net Investment Income | (.441) | (1.051) | (1.111) | (.949) | (.654) | (1.011) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.441) | (1.051) | (1.111) | (.949) | (.654) | (1.011) |
Net Asset Value, End of Period | $34.98 | $29.96 | $26.64 | $36.62 | $26.44 | $29.63 |
Total Return | 18.26% | 16.21% | -24.53% | 42.34% | -8.54% | 11.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $816 | $727 | $649 | $859 | $710 | $870 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.09%2 | 0.11%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 3.07% | 3.28% | 3.33% | 2.96% | 2.39% | 3.51% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 3% | 3% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%, 0.09%, and 0.11%, respectively. |
3 | 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. |
Institutional Plus Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $133.87 | $119.02 | $163.62 | $118.14 | $132.38 | $123.55 |
Investment Operations | ||||||
Net Investment Income1 | 2.367 | 4.703 | 4.691 | 4.576 | 2.989 | 4.197 |
Net Realized and Unrealized Gain (Loss) on Investments | 22.053 | 14.854 | (44.312) | 45.160 | (14.294) | 9.160 |
Total from Investment Operations | 24.420 | 19.557 | (39.621) | 49.736 | (11.305) | 13.357 |
Distributions | ||||||
Dividends from Net Investment Income | (1.980) | (4.707) | (4.979) | (4.256) | (2.935) | (4.527) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.980) | (4.707) | (4.979) | (4.256) | (2.935) | (4.527) |
Net Asset Value, End of Period | $156.31 | $133.87 | $119.02 | $163.62 | $118.14 | $132.38 |
Total Return | 18.27% | 16.23% | -24.53% | 42.35% | -8.52% | 11.08% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $87 | $74 | $70 | $106 | $70 | $106 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.08%2 | 0.10%2 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 3.12% | 3.31% | 3.34% | 2.95% | 2.40% | 3.34% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 3% | 3% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%, 0.08%, and 0.10%, respectively. |
3 | 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. |
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. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $101,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 6,487 | 24,429,719 | 727 | 24,436,933 |
Preferred Stocks | — | 122,635 | — | 122,635 |
Rights | — | — | 370 | 370 |
Warrants | — | — | 56 | 56 |
Temporary Cash Investments | 197,050 | — | — | 197,050 |
Total | 203,537 | 24,552,354 | 1,153 | 24,757,044 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2,215 | — | — | 2,215 |
Forward Currency Contracts | — | 7,327 | — | 7,327 |
Total | 2,215 | 7,327 | — | 9,542 |
Liabilities | ||||
Futures Contracts1 | 497 | — | — | 497 |
Forward Currency Contracts | — | 6,272 | — | 6,272 |
Total | 497 | 6,272 | — | 6,769 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At April 30, 2024, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 2,215 | — | 2,215 |
Unrealized Appreciation—Forward Currency Contracts | — | 7,327 | 7,327 |
Total Assets | 2,215 | 7,327 | 9,542 |
Unrealized Depreciation—Futures Contracts1 | 497 | — | 497 |
Unrealized Depreciation—Forward Currency Contracts | — | 6,272 | 6,272 |
Total Liabilities | 497 | 6,272 | 6,769 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 18,587 | — | 18,587 |
Forward Currency Contracts | — | 1,121 | 1,121 |
Realized Net Gain (Loss) on Derivatives | 18,587 | 1,121 | 19,708 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 12,892 | — | 12,892 |
Forward Currency Contracts | — | 1,046 | 1,046 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 12,892 | 1,046 | 13,938 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 25,445,818 |
Gross Unrealized Appreciation | 4,324,569 |
Gross Unrealized Depreciation | (5,010,570) |
Net Unrealized Appreciation (Depreciation) | (686,001) |
G. | During the six months ended April 30, 2024, the fund purchased $546,744,000 of investment securities and sold $353,352,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $43,240,000 and $468,107,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 421 | 13 | 2,033 | 63 | |
Issued in Lieu of Cash Distributions | 149 | 4 | 405 | 13 | |
Redeemed | (3,027) | (88) | (4,440) | (141) | |
Net Increase (Decrease)—Investor Shares | (2,457) | (71) | (2,002) | (65) | |
ETF Shares | |||||
Issued | 207,194 | 3,315 | 3,416,933 | 57,312 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (466,278) | (7,600) | (1,466,840) | (25,400) | |
Net Increase (Decrease)—ETF Shares | (259,084) | (4,285) | 1,950,093 | 31,912 | |
Admiral Shares | |||||
Issued | 174,364 | 2,177 | 438,737 | 5,834 | |
Issued in Lieu of Cash Distributions | 50,894 | 630 | 122,064 | 1,632 | |
Redeemed | (267,114) | (3,348) | (550,021) | (7,414) | |
Net Increase (Decrease)—Admiral Shares | (41,856) | (541) | 10,780 | 52 | |
Institutional Shares | |||||
Issued | 9,840 | 292 | 66,296 | 2,044 | |
Issued in Lieu of Cash Distributions | 7,606 | 221 | 17,962 | 564 | |
Redeemed | (49,533) | (1,459) | (85,647) | (2,702) | |
Net Increase (Decrease)—Institutional Shares | (32,087) | (946) | (1,389) | (94) | |
Institutional Plus Shares | |||||
Issued | — | — | — | — | |
Issued in Lieu of Cash Distributions | 1,091 | 7 | 2,750 | 19 | |
Redeemed | — | — | (7,866) | (55) | |
Net Increase (Decrease)—Institutional Plus Shares | 1,091 | 7 | (5,116) | (36) |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2024, that would require recognition or disclosure in these financial statements. |
Japan | 60.3% |
Australia | 18.2 |
South Korea | 12.8 |
Hong Kong | 4.9 |
Singapore | 3.0 |
Other | 0.8 |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
KOSPI 200 Index | June 2024 | 139 | 9,239 | 164 |
S&P ASX 200 Index | June 2024 | 164 | 20,411 | (165) |
Topix Index | June 2024 | 294 | 51,207 | 1,052 |
1,051 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 6/20/24 | AUD | 19,468 | USD | 12,729 | — | (99) |
Standard Chartered Bank | 6/20/24 | AUD | 9,782 | USD | 6,360 | — | (14) |
UBS AG | 6/20/24 | JPY | 5,016,139 | USD | 34,447 | — | (2,393) |
BNP Paribas | 6/20/24 | JPY | 1,053,757 | USD | 7,044 | — | (310) |
Morgan Stanley Capital Services Inc. | 6/20/24 | JPY | 527,907 | USD | 3,591 | — | (218) |
Citibank, N.A. | 6/20/24 | KRW | 3,644,742 | USD | 2,641 | — | (4) |
State Street Bank & Trust Co. | 6/20/24 | KRW | 3,367,694 | USD | 2,578 | — | (142) |
State Street Bank & Trust Co. | 6/20/24 | USD | 1,515 | AUD | 2,284 | 33 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 586 | HKD | 4,575 | 1 | — |
UBS AG | 6/20/24 | USD | 36,124 | JPY | 5,400,000 | 1,618 | — |
Deutsche Bank AG | 6/20/24 | USD | 6,449 | JPY | 982,454 | 171 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 4,514 | JPY | 691,608 | 94 | — |
BNP Paribas | 6/20/24 | USD | 4,397 | JPY | 673,868 | 91 | — |
UBS AG | 6/20/24 | USD | 5,314 | KRW | 7,102,712 | 177 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,208 | KRW | 4,373,270 | 45 | — |
HSBC Bank plc | 6/20/24 | USD | 3,329 | SGD | 4,410 | 90 | — |
2,320 | (3,180) |
AUD—Australian dollar. |
HKD—Hong Kong dollar. |
JPY—Japanese yen. |
KRW—Korean won. |
SGD—Singapore dollar. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $9,499,026) | 9,692,530 |
Affiliated Issuers (Cost $29,032) | 29,043 |
Total Investments in Securities | 9,721,573 |
Investment in Vanguard | 304 |
Cash | 276 |
Cash Collateral Pledged—Futures Contracts | 4,928 |
Cash Collateral Pledged—Forward Currency Contracts | 1,020 |
Foreign Currency, at Value (Cost $9,167) | 9,105 |
Receivables for Investment Securities Sold | 5,558 |
Receivables for Accrued Income | 59,450 |
Receivables for Capital Shares Issued | 536 |
Variation Margin Receivable—Futures Contracts | 1,308 |
Unrealized Appreciation—Forward Currency Contracts | 2,320 |
Other Assets | 4,303 |
Total Assets | 9,810,681 |
Liabilities | |
Due to Custodian | 84 |
Payables for Investment Securities Purchased | 1,135 |
Collateral for Securities on Loan | 28,911 |
Payables for Capital Shares Redeemed | 1,033 |
Payables to Vanguard | 338 |
Unrealized Depreciation—Forward Currency Contracts | 3,180 |
Total Liabilities | 34,681 |
Net Assets | 9,776,000 |
1 Includes $25,073,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2024, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 10,253,564 |
Total Distributable Earnings (Loss) | (477,564) |
Net Assets | 9,776,000 |
Investor Shares—Net Assets | |
Applicable to 356,090 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,922 |
Net Asset Value Per Share—Investor Shares | $13.82 |
ETF Shares—Net Assets | |
Applicable to 95,002,971 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,886,960 |
Net Asset Value Per Share—ETF Shares | $72.49 |
Admiral Shares—Net Assets | |
Applicable to 27,070,697 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,427,869 |
Net Asset Value Per Share—Admiral Shares | $89.69 |
Institutional Shares—Net Assets | |
Applicable to 33,248,067 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 456,249 |
Net Asset Value Per Share—Institutional Shares | $13.72 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 128,414 |
Interest2 | 643 |
Securities Lending—Net | 2,038 |
Total Income | 131,095 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 305 |
Management and Administrative—Investor Shares | 6 |
Management and Administrative—ETF Shares | 1,939 |
Management and Administrative—Admiral Shares | 991 |
Management and Administrative—Institutional Shares | 104 |
Marketing and Distribution—Investor Shares | — |
Marketing and Distribution—ETF Shares | 142 |
Marketing and Distribution—Admiral Shares | 46 |
Marketing and Distribution—Institutional Shares | 7 |
Custodian Fees | 310 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 193 |
Shareholders’ Reports—Admiral Shares | 14 |
Shareholders’ Reports—Institutional Shares | 36 |
Trustees’ Fees and Expenses | 3 |
Other Expenses | 19 |
Total Expenses | 4,115 |
Expenses Paid Indirectly | (13) |
Net Expenses | 4,102 |
Net Investment Income | 126,993 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (20,306) |
Futures Contracts | 5,159 |
Forward Currency Contracts | 1,180 |
Foreign Currencies | (504) |
Realized Net Gain (Loss) | (14,471) |
Statement of Operations (continued) | |
Six Months Ended April 30, 2024 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 1,179,177 |
Futures Contracts | 4,469 |
Forward Currency Contracts | (80) |
Foreign Currencies | (1,922) |
Change in Unrealized Appreciation (Depreciation) | 1,181,644 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,294,166 |
1 | Dividends are net of foreign withholding taxes of $11,245,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $460,000, $18,000, less than $1,000, and ($18,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $64,412,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 126,993 | 255,454 | |
Realized Net Gain (Loss) | (14,471) | (24,354) | |
Change in Unrealized Appreciation (Depreciation) | 1,181,644 | 747,040 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,294,166 | 978,140 | |
Distributions | |||
Investor Shares | (118) | (183) | |
ETF Shares | (152,104) | (180,303) | |
Admiral Shares | (52,514) | (67,424) | |
Institutional Shares | (9,319) | (10,276) | |
Total Distributions | (214,055) | (258,186) | |
Capital Share Transactions | |||
Investor Shares | (2,085) | (351) | |
ETF Shares | (40,780) | 397,056 | |
Admiral Shares | 6,559 | (123,698) | |
Institutional Shares | 30,935 | 57,414 | |
Net Increase (Decrease) from Capital Share Transactions | (5,371) | 330,421 | |
Total Increase (Decrease) | 1,074,740 | 1,050,375 | |
Net Assets | |||
Beginning of Period | 8,701,260 | 7,650,885 | |
End of Period | 9,776,000 | 8,701,260 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $12.30 | $11.21 | $15.40 | $12.79 | $13.01 | $12.24 |
Investment Operations | ||||||
Net Investment Income1 | .165 | .350 | .386 | .349 | .283 | .309 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.646 | 1.097 | (4.175) | 2.600 | (.209) | .801 |
Total from Investment Operations | 1.811 | 1.447 | (3.789) | 2.949 | .074 | 1.110 |
Distributions | ||||||
Dividends from Net Investment Income | (.291) | (.357) | (.401) | (.339) | (.294) | (.340) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.291) | (.357) | (.401) | (.339) | (.294) | (.340) |
Net Asset Value, End of Period | $13.82 | $12.30 | $11.21 | $15.40 | $12.79 | $13.01 |
Total Return2 | 14.80% | 12.83% | -25.08% | 23.09% | 0.52% | 9.39% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5 | $6 | $6 | $12 | $10 | $11 |
Ratio of Total Expenses to Average Net Assets | 0.23%3 | 0.23%3 | 0.23%3 | 0.23% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 2.39% | 2.71% | 2.87% | 2.25% | 2.28% | 2.50% |
Portfolio Turnover Rate4 | 2% | 3% | 6% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.23%. |
4 | 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. |
FTSE Pacific ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $64.49 | $58.78 | $80.80 | $67.11 | $68.25 | $64.24 |
Investment Operations | ||||||
Net Investment Income1 | .942 | 1.944 | 2.158 | 1.993 | 1.577 | 1.823 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.644 | 5.738 | (21.961) | 13.594 | (1.091) | 4.071 |
Total from Investment Operations | 9.586 | 7.682 | (19.803) | 15.587 | .486 | 5.894 |
Distributions | ||||||
Dividends from Net Investment Income | (1.586) | (1.972) | (2.217) | (1.897) | (1.626) | (1.884) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.586) | (1.972) | (2.217) | (1.897) | (1.626) | (1.884) |
Net Asset Value, End of Period | $72.49 | $64.49 | $58.78 | $80.80 | $67.11 | $68.25 |
Total Return | 14.94% | 13.00% | -24.99% | 23.27% | 0.68% | 9.53% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,887 | $6,162 | $5,276 | $5,463 | $3,630 | $3,708 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.08%2 | 0.08%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.60% | 2.88% | 3.11% | 2.45% | 2.42% | 2.80% |
Portfolio Turnover Rate3 | 2% | 3% | 6% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
3 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $79.79 | $72.71 | $99.94 | $83.00 | $84.41 | $79.43 |
Investment Operations | ||||||
Net Investment Income1 | 1.158 | 2.378 | 2.648 | 2.399 | 1.938 | 2.251 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.696 | 7.124 | (27.155) | 16.866 | (1.354) | 5.031 |
Total from Investment Operations | 11.854 | 9.502 | (24.507) | 19.265 | .584 | 7.282 |
Distributions | ||||||
Dividends from Net Investment Income | (1.954) | (2.422) | (2.723) | (2.325) | (1.994) | (2.302) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.954) | (2.422) | (2.723) | (2.325) | (1.994) | (2.302) |
Net Asset Value, End of Period | $89.69 | $79.79 | $72.71 | $99.94 | $83.00 | $84.41 |
Total Return2 | 14.93% | 12.98% | -25.01% | 23.25% | 0.66% | 9.50% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,428 | $2,154 | $2,072 | $2,834 | $2,279 | $2,493 |
Ratio of Total Expenses to Average Net Assets | 0.10%3 | 0.10%3 | 0.10%3 | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.58% | 2.85% | 3.06% | 2.39% | 2.40% | 2.80% |
Portfolio Turnover Rate4 | 2% | 3% | 6% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
4 | 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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $12.21 | $11.13 | $15.29 | $12.70 | $12.91 | $12.15 |
Investment Operations | ||||||
Net Investment Income1 | .181 | .367 | .405 | .366 | .296 | .346 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.629 | 1.086 | (4.146) | 2.582 | (.199) | .770 |
Total from Investment Operations | 1.810 | 1.453 | (3.741) | 2.948 | .097 | 1.116 |
Distributions | ||||||
Dividends from Net Investment Income | (.300) | (.373) | (.419) | (.358) | (.307) | (.356) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.300) | (.373) | (.419) | (.358) | (.307) | (.356) |
Net Asset Value, End of Period | $13.72 | $12.21 | $11.13 | $15.29 | $12.70 | $12.91 |
Total Return | 14.90% | 12.97% | -24.96% | 23.25% | 0.72% | 9.51% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $456 | $379 | $297 | $416 | $400 | $508 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.08%2 | 0.08%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.63% | 2.87% | 3.06% | 2.39% | 2.40% | 2.81% |
Portfolio Turnover Rate3 | 2% | 3% | 6% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
3 | 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. |
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. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $13,000 (an annual rate of less than 0.01% of average net assets). |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,013 | 9,626,729 | 3,740 | 9,631,482 |
Preferred Stocks | — | 61,048 | — | 61,048 |
Warrants | — | — | — | — |
Temporary Cash Investments | 29,043 | — | — | 29,043 |
Total | 30,056 | 9,687,777 | 3,740 | 9,721,573 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,216 | — | — | 1,216 |
Forward Currency Contracts | — | 2,320 | — | 2,320 |
Total | 1,216 | 2,320 | — | 3,536 |
Liabilities | ||||
Futures Contracts1 | 165 | — | — | 165 |
Forward Currency Contracts | — | 3,180 | — | 3,180 |
Total | 165 | 3,180 | — | 3,345 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At April 30, 2024, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 1,216 | — | 1,216 |
Unrealized Appreciation—Forward Currency Contracts | — | 2,320 | 2,320 |
Total Assets | 1,216 | 2,320 | 3,536 |
Unrealized Depreciation—Futures Contracts1 | 165 | — | 165 |
Unrealized Depreciation—Forward Currency Contracts | — | 3,180 | 3,180 |
Total Liabilities | 165 | 3,180 | 3,345 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 5,159 | — | 5,159 |
Forward Currency Contracts | — | 1,180 | 1,180 |
Realized Net Gain (Loss) on Derivatives | 5,159 | 1,180 | 6,339 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 4,469 | — | 4,469 |
Forward Currency Contracts | — | (80) | (80) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 4,469 | (80) | 4,389 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 9,645,637 |
Gross Unrealized Appreciation | 1,776,525 |
Gross Unrealized Depreciation | (1,700,398) |
Net Unrealized Appreciation (Depreciation) | 76,127 |
G. | During the six months ended April 30, 2024, the fund purchased $227,590,000 of investment securities and sold $234,746,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $81,365,000 and $168,425,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 159 | 11 | 804 | 63 | |
Issued in Lieu of Cash Distributions | 118 | 9 | 183 | 14 | |
Redeemed | (2,362) | (179) | (1,338) | (104) | |
Net Increase (Decrease)—Investor Shares | (2,085) | (159) | (351) | (27) | |
ETF Shares | |||||
Issued | 153,293 | 2,152 | 774,413 | 11,495 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (194,073) | (2,700) | (377,357) | (5,700) | |
Net Increase (Decrease)—ETF Shares | (40,780) | (548) | 397,056 | 5,795 | |
Admiral Shares | |||||
Issued | 124,332 | 1,397 | 165,208 | 1,972 | |
Issued in Lieu of Cash Distributions | 42,612 | 488 | 54,639 | 662 | |
Redeemed | (160,385) | (1,809) | (343,545) | (4,136) | |
Net Increase (Decrease)—Admiral Shares | 6,559 | 76 | (123,698) | (1,502) | |
Institutional Shares | |||||
Issued | 40,386 | 2,908 | 91,584 | 7,026 | |
Issued in Lieu of Cash Distributions | 7,420 | 556 | 7,844 | 618 | |
Redeemed | (16,871) | (1,245) | (42,014) | (3,297) | |
Net Increase (Decrease)—Institutional Shares | 30,935 | 2,219 | 57,414 | 4,347 |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2024, that would require recognition or disclosure in these financial statements. |
About Your Fund’s Expenses | 1 |
Financial Statements | 3 |
Trustees Approve Advisory Arrangement | 97 |
Liquidity Risk Management | 98 |
• | 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. |
• | 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. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Total World Stock Index Fund | |||
ETF Shares | $1,000.00 | $1,192.10 | $0.38 |
Admiral™ Shares | 1,000.00 | 1,192.10 | 0.55 |
Institutional Shares | 1,000.00 | 1,192.10 | 0.44 |
Based on Hypothetical 5% Yearly Return | |||
Total World Stock Index Fund | |||
ETF Shares | $1,000.00 | $1,024.52 | $0.35 |
Admiral Shares | 1,000.00 | 1,024.37 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.47 | 0.40 |
United States | 61.7% |
Japan | 6.1 |
United Kingdom | 3.7 |
China | 2.8 |
Canada | 2.7 |
France | 2.6 |
India | 2.3 |
Switzerland | 2.0 |
Taiwan | 2.0 |
Germany | 1.9 |
Australia | 1.8 |
South Korea | 1.3 |
Netherlands | 1.1 |
Other | 8.0 |
Futures Contracts | ||||
Expiration | Number of Long (Short) Contracts | ($000) | ||
Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2024 | 260 | 25,813 | (1,191) |
E-mini S&P 500 Index | June 2024 | 817 | 206,987 | (5,215) |
MSCI EAFE Index | June 2024 | 801 | 90,813 | (2,360) |
MSCI Emerging Markets Index | June 2024 | 942 | 49,078 | (142) |
S&P TSX 60 Index | June 2024 | 46 | 8,725 | (111) |
(9,019) |
Forward Currency Contracts | |||||||
Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
Receive | Deliver | ||||||
State Street Bank & Trust Co. | 6/20/24 | CAD | 5,076 | USD | 3,771 | — | (81) |
JPMorgan Chase Bank, N.A. | 6/20/24 | INR | 1,251,216 | USD | 15,062 | — | (102) |
Morgan Stanley Capital Services Inc. | 6/20/24 | INR | 1,251,216 | USD | 15,048 | — | (88) |
State Street Bank & Trust Co. | 6/20/24 | USD | 2,965 | AUD | 4,470 | 65 | — |
Citibank, N.A. | 6/20/24 | USD | 3,388 | BRL | 17,025 | 126 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 14,032 | CHF | 12,172 | 714 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 3,615 | DKK | 24,524 | 96 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 12,259 | EUR | 11,167 | 316 | — |
UBS AG | 6/20/24 | USD | 3,922 | GBP | 3,070 | 85 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,371 | HKD | 26,298 | 4 | — |
BNP Paribas | 6/20/24 | USD | 19,671 | JPY | 2,940,170 | 883 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 3,591 | JPY | 536,761 | 161 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,537 | JPY | 528,750 | 158 | — |
UBS AG | 6/20/24 | USD | 3,146 | JPY | 458,182 | 219 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 7,065 | KRW | 9,229,921 | 389 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 2,763 | TWD | 86,328 | 116 | — |
3,332 | (271) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $32,793,960) | 45,687,632 |
Affiliated Issuers (Cost $524,830) | 524,905 |
Total Investments in Securities | 46,212,537 |
Investment in Vanguard | 1,412 |
Cash | 2,337 |
Cash Collateral Pledged—Futures Contracts | 18,347 |
Cash Collateral Pledged—Forward Currency Contracts | 20 |
Foreign Currency, at Value (Cost $92,365) | 90,820 |
Receivables for Investment Securities Sold | 58,263 |
Receivables for Accrued Income | 99,695 |
Receivables for Capital Shares Issued | 5,545 |
Unrealized Appreciation—Forward Currency Contracts | 3,332 |
Total Assets | 46,492,308 |
Liabilities | |
Due to Custodian | 55,652 |
Payables for Investment Securities Purchased | 2,775 |
Collateral for Securities on Loan | 251,699 |
Payables for Capital Shares Redeemed | 69,125 |
Payables to Vanguard | 1,895 |
Variation Margin Payable—Futures Contracts | 6,669 |
Unrealized Depreciation—Forward Currency Contracts | 271 |
Deferred Foreign Capital Gains Taxes | 45,771 |
Total Liabilities | 433,857 |
Net Assets | 46,058,451 |
1 Includes $228,473,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 34,582,304 |
Total Distributable Earnings (Loss) | 11,476,147 |
Net Assets | 46,058,451 |
ETF Shares—Net Assets | |
Applicable to 326,024,595 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 34,719,582 |
Net Asset Value Per Share—ETF Shares | $106.49 |
Admiral Shares—Net Assets | |
Applicable to 179,102,119 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,757,011 |
Net Asset Value Per Share—Admiral Shares | $37.73 |
Institutional Shares—Net Assets | |
Applicable to 21,067,462 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,581,858 |
Net Asset Value Per Share—Institutional Shares | $217.49 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $90.39 | $83.80 | $106.94 | $78.87 | $76.83 | $69.96 |
Investment Operations | ||||||
Net Investment Income1 | .994 | 1.998 | 2.010 | 1.838 | 1.556 | 1.801 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.328 | 6.571 | (23.107) | 27.954 | 2.078 | 6.825 |
Total from Investment Operations | 17.322 | 8.569 | (21.097) | 29.792 | 3.634 | 8.626 |
Distributions | ||||||
Dividends from Net Investment Income | (1.222) | (1.979) | (2.043) | (1.722) | (1.594) | (1.756) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.222) | (1.979) | (2.043) | (1.722) | (1.594) | (1.756) |
Net Asset Value, End of Period | $106.49 | $90.39 | $83.80 | $106.94 | $78.87 | $76.83 |
Total Return | 19.21% | 10.22% | -19.91% | 37.99% | 4.87% | 12.60% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $34,720 | $27,389 | $22,483 | $25,166 | $14,070 | $12,122 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.07%2 | 0.07%2 | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 1.91% | 2.16% | 2.12% | 1.84% | 2.03% | 2.48% |
Portfolio Turnover Rate3 | 1% | 4% | 4% | 6% | 6% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | February 7, 20191 to October 31, | Year Ended October 31, | |||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $32.02 | $29.69 | $37.89 | $27.94 | $27.22 | $25.00 |
Investment Operations | ||||||
Net Investment Income2 | .346 | .699 | .701 | .644 | .547 | .488 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.792 | 2.322 | (8.188) | 9.908 | .732 | 2.173 |
Total from Investment Operations | 6.138 | 3.021 | (7.487) | 10.552 | 1.279 | 2.661 |
Distributions | ||||||
Dividends from Net Investment Income | (.428) | (.691) | (.713) | (.602) | (.559) | (.441) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.428) | (.691) | (.713) | (.602) | (.559) | (.441) |
Net Asset Value, End of Period | $37.73 | $32.02 | $29.69 | $37.89 | $27.94 | $27.22 |
Total Return3 | 19.21% | 10.16% | -19.93% | 37.98% | 4.83% | 10.73% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,757 | $5,432 | $4,624 | $5,149 | $2,842 | $2,181 |
Ratio of Total Expenses to Average Net Assets | 0.10%4 | 0.10%4 | 0.10%4 | 0.10% | 0.10% | 0.10%5 |
Ratio of Net Investment Income to Average Net Assets | 1.88% | 2.13% | 2.09% | 1.82% | 2.02% | 2.53%5 |
Portfolio Turnover Rate6 | 1% | 4% | 4% | 6% | 6% | 7%7 |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | 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. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
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. |
7 | Reflects the fund’s portfolio turnover for the fiscal year ended October 31, 2019. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $184.60 | $171.14 | $218.40 | $161.08 | $156.89 | $142.87 |
Investment Operations | ||||||
Net Investment Income1 | 2.011 | 4.053 | 4.097 | 3.694 | 3.176 | 3.702 |
Net Realized and Unrealized Gain (Loss) on Investments | 33.364 | 13.428 | (47.209) | 57.129 | 4.265 | 13.907 |
Total from Investment Operations | 35.375 | 17.481 | (43.112) | 60.823 | 7.441 | 17.609 |
Distributions | ||||||
Dividends from Net Investment Income | (2.485) | (4.021) | (4.148) | (3.503) | (3.251) | (3.589) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.485) | (4.021) | (4.148) | (3.503) | (3.251) | (3.589) |
Net Asset Value, End of Period | $217.49 | $184.60 | $171.14 | $218.40 | $161.08 | $156.89 |
Total Return | 19.21% | 10.20% | -19.91% | 37.97% | 4.87% | 12.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,582 | $3,965 | $4,134 | $3,883 | $3,107 | $2,924 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.08%2 | 0.08%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 1.89% | 2.15% | 2.14% | 1.83% | 2.03% | 2.49% |
Portfolio Turnover Rate3 | 1% | 4% | 4% | 6% | 6% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
3 | 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. |
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. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $45,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 29,778,160 | 11,525 | — | 29,789,685 |
Common Stocks—Other | 103,377 | 15,651,861 | 13,656 | 15,768,894 |
Preferred Stocks | 62,805 | 66,131 | — | 128,936 |
Rights | 23 | — | 77 | 100 |
Warrants | 5 | — | 12 | 17 |
Temporary Cash Investments | 524,905 | — | — | 524,905 |
Total | 30,469,275 | 15,729,517 | 13,745 | 46,212,537 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 3,332 | — | 3,332 |
Liabilities | ||||
Futures Contracts1 | 9,019 | — | — | 9,019 |
Forward Currency Contracts | — | 271 | — | 271 |
Total | 9,019 | 271 | — | 9,290 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At April 30, 2024, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Forward Currency Contracts | — | 3,332 | 3,332 |
Total Assets | — | 3,332 | 3,332 |
Unrealized Depreciation—Futures Contracts1 | 9,019 | — | 9,019 |
Unrealized Depreciation—Forward Currency Contracts | — | 271 | 271 |
Total Liabilities | 9,019 | 271 | 9,290 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 35,891 | — | 35,891 |
Forward Currency Contracts | — | (120) | (120) |
Realized Net Gain (Loss) on Derivatives | 35,891 | (120) | 35,771 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 11,717 | — | 11,717 |
Forward Currency Contracts | — | 1,394 | 1,394 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 11,717 | 1,394 | 13,111 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 33,514,603 |
Gross Unrealized Appreciation | 15,525,435 |
Gross Unrealized Depreciation | (2,833,459) |
Net Unrealized Appreciation (Depreciation) | 12,691,976 |
G. | During the six months ended April 30, 2024, the fund purchased $1,283,977,000 of investment securities and sold $542,910,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $1,772,713,000 and $33,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 2,373,559 | 23,022 | 3,243,970 | 35,723 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | — | — | (91,300) | (1,000) | |
Net Increase (Decrease)—ETF Shares | 2,373,559 | 23,022 | 3,152,670 | 34,723 | |
Admiral Shares | |||||
Issued | 899,894 | 24,620 | 1,425,629 | 43,864 | |
Issued in Lieu of Cash Distributions | 63,868 | 1,744 | 97,839 | 3,008 | |
Redeemed | (619,123) | (16,903) | (1,076,032) | (32,967) | |
Net Increase (Decrease)—Admiral Shares | 344,639 | 9,461 | 447,436 | 13,905 | |
Institutional Shares | |||||
Issued | 547,617 | 2,605 | 1,017,257 | 5,383 | |
Issued in Lieu of Cash Distributions | 49,529 | 234 | 83,115 | 446 | |
Redeemed | (693,278) | (3,249) | (1,579,012) | (8,505) | |
Net Increase (Decrease)—Institutional Shares | (96,132) | (410) | (478,640) | (2,676) |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2024, that would require recognition or disclosure in these financial statements. |
Vanguard FTSE All-World ex-US Index Fund |
Vanguard FTSE All-World ex-US Small-Cap Index Fund |
About Your Fund’s Expenses | 1 |
FTSE All-World ex-US Index Fund | 3 |
FTSE All-World ex-US Small-Cap Index Fund | 53 |
Trustees Approve Advisory Arrangements | 108 |
Liquidity Risk Management | 109 |
• | 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. |
• | 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. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
FTSE All-World ex-US Index Fund | |||
ETF Shares | $1,000.00 | $1,164.00 | $0.38 |
Admiral™ Shares | 1,000.00 | 1,163.90 | 0.59 |
Institutional Shares | 1,000.00 | 1,163.90 | 0.43 |
Institutional Plus Shares | 1,000.00 | 1,164.20 | 0.32 |
FTSE All-World ex-US Small-Cap Index Fund | |||
ETF Shares | $1,000.00 | $1,158.00 | $0.38 |
Admiral Shares | 1,000.00 | 1,157.50 | 0.86 |
Institutional Shares | 1,000.00 | 1,157.80 | 0.59 |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Hypothetical 5% Yearly Return | |||
FTSE All-World ex-US Index Fund | |||
ETF Shares | $1,000.00 | $1,024.52 | $0.35 |
Admiral Shares | 1,000.00 | 1,024.32 | 0.55 |
Institutional Shares | 1,000.00 | 1,024.47 | 0.40 |
Institutional Plus Shares | 1,000.00 | 1,024.57 | 0.30 |
FTSE All-World ex-US Small-Cap Index Fund | |||
ETF Shares | $1,000.00 | $1,024.52 | $0.35 |
Admiral Shares | 1,000.00 | 1,024.07 | 0.81 |
Institutional Shares | 1,000.00 | 1,024.32 | 0.55 |
Japan | 16.3% |
United Kingdom | 9.7 |
China | 7.5 |
France | 7.2 |
Canada | 6.3 |
India | 5.8 |
Switzerland | 5.5 |
Germany | 5.3 |
Australia | 4.8 |
Taiwan | 4.8 |
South Korea | 3.4 |
Netherlands | 3.0 |
Denmark | 2.2 |
Sweden | 2.0 |
Italy | 1.8 |
Spain | 1.7 |
Brazil | 1.5 |
Hong Kong | 1.4 |
Saudi Arabia | 1.2 |
Other | 8.6 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (1.4%) | |||
Money Market Fund (1.4%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $743,952) | 7,440,501 | 743,976 |
Total Investments (100.3%) (Cost $42,736,883) | 54,412,709 | ||
Other Assets and Liabilities—Net (-0.3%) | (139,617) | ||
Net Assets (100%) | 54,273,092 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $305,369,000. |
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 April 30, 2024, the aggregate value was $1,223,371,000, representing 2.3% 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 $429,125,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depository Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
Expiration | Number of Long (Short) Contracts | ($000) | ||
Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||
Long Futures Contracts | ||||
MSCI EAFE Index | June 2024 | 3,638 | 412,458 | (10,948) |
MSCI Emerging Markets Index | June 2024 | 3,324 | 173,180 | (1,157) |
S&P TSX 60 Index | June 2024 | 181 | 34,329 | (463) |
(12,568) |
Forward Currency Contracts | |||||||
Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
Receive | Deliver | ||||||
State Street Bank & Trust Co. | 6/20/24 | CAD | 21,493 | USD | 15,949 | — | (324) |
Royal Bank of Canada | 6/20/24 | CAD | 7,161 | USD | 5,269 | — | (63) |
Toronto-Dominion Bank | 6/20/24 | CAD | 6,935 | USD | 5,115 | — | (73) |
Royal Bank of Canada | 6/20/24 | CAD | 4,213 | USD | 3,059 | 4 | — |
UBS AG | 6/20/24 | CAD | 2,939 | USD | 2,150 | — | (13) |
Toronto-Dominion Bank | 6/20/24 | INR | 3,725,257 | USD | 44,877 | — | (337) |
JPMorgan Chase Bank, N.A. | 6/20/24 | INR | 3,725,257 | USD | 44,844 | — | (304) |
Morgan Stanley Capital Services Inc. | 6/20/24 | INR | 3,669,656 | USD | 44,133 | — | (258) |
State Street Bank & Trust Co. | 6/20/24 | USD | 33,309 | AUD | 50,216 | 730 | — |
Citibank, N.A. | 6/20/24 | USD | 9,695 | BRL | 48,712 | 360 | — |
Forward Currency Contracts (continued) | |||||||
Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
Receive | Deliver | ||||||
Deutsche Bank AG | 6/20/24 | USD | 9,688 | BRL | 48,712 | 353 | — |
BNP Paribas | 6/20/24 | USD | 5,723 | CAD | 7,742 | 94 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 3,040 | CAD | 4,183 | — | (1) |
Royal Bank of Canada | 6/20/24 | USD | 1,351 | CAD | 1,861 | — | (2) |
State Street Bank & Trust Co. | 6/20/24 | USD | 39,107 | CHF | 33,924 | 1,991 | — |
UBS AG | 6/20/24 | USD | 39,052 | CHF | 33,924 | 1,936 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 28,520 | EUR | 25,979 | 736 | — |
UBS AG | 6/20/24 | USD | 34,706 | GBP | 27,168 | 749 | — |
BNP Paribas | 6/20/24 | USD | 10,843 | GBP | 8,525 | 189 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 5,708 | HKD | 44,530 | 6 | — |
BNP Paribas | 6/20/24 | USD | 32,374 | JPY | 4,838,928 | 1,453 | — |
UBS AG | 6/20/24 | USD | 23,049 | JPY | 3,369,922 | 1,515 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 20,135 | JPY | 3,008,473 | 911 | — |
Toronto-Dominion Bank | 6/20/24 | USD | 8,123 | JPY | 1,214,263 | 364 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 6,993 | KRW | 9,136,189 | 385 | — |
Deutsche Bank AG | 6/20/24 | USD | 11,513 | SEK | 117,535 | 823 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 21,011 | TWD | 656,351 | 881 | — |
13,480 | (1,375) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
SEK—Swedish krona. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $41,992,931) | 53,668,733 |
Affiliated Issuers (Cost $743,952) | 743,976 |
Total Investments in Securities | 54,412,709 |
Investment in Vanguard | 1,650 |
Cash Collateral Pledged—Futures Contracts | 19,685 |
Cash Collateral Pledged—Forward Currency Contracts | 250 |
Foreign Currency, at Value (Cost $125,391) | 122,471 |
Receivables for Investment Securities Sold | 171,394 |
Receivables for Accrued Income | 297,077 |
Receivables for Capital Shares Issued | 3,727 |
Unrealized Appreciation—Forward Currency Contracts | 13,480 |
Total Assets | 55,042,443 |
Liabilities | |
Due to Custodian | 150,507 |
Payables for Investment Securities Purchased | 19,050 |
Collateral for Securities on Loan | 429,125 |
Payables for Capital Shares Redeemed | 5,475 |
Payables to Vanguard | 2,622 |
Variation Margin Payable—Futures Contracts | 8,460 |
Unrealized Depreciation—Forward Currency Contracts | 1,375 |
Deferred Foreign Capital Gains Taxes | 152,737 |
Total Liabilities | 769,351 |
Net Assets | 54,273,092 |
1 Includes $305,369,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 47,317,379 |
Total Distributable Earnings (Loss) | 6,955,713 |
Net Assets | 54,273,092 |
ETF Shares—Net Assets | |
Applicable to 660,039,154 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 37,775,013 |
Net Asset Value Per Share—ETF Shares | $57.23 |
Admiral Shares—Net Assets | |
Applicable to 236,742,566 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,423,148 |
Net Asset Value Per Share—Admiral Shares | $35.58 |
Institutional Shares—Net Assets | |
Applicable to 44,384,287 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,006,223 |
Net Asset Value Per Share—Institutional Shares | $112.79 |
Institutional Plus Shares—Net Assets | |
Applicable to 25,691,299 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,068,708 |
Net Asset Value Per Share—Institutional Plus Shares | $119.45 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 737,301 | 1,527,259 | |
Realized Net Gain (Loss) | 258,412 | (560,657) | |
Change in Unrealized Appreciation (Depreciation) | 6,736,673 | 4,724,137 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,732,386 | 5,690,739 | |
Distributions | |||
ETF Shares | (702,734) | (1,060,269) | |
Admiral Shares | (152,495) | (239,337) | |
Institutional Shares | (93,139) | (151,547) | |
Institutional Plus Shares | (57,211) | (95,377) | |
Total Distributions | (1,005,579) | (1,546,530) | |
Capital Share Transactions | |||
ETF Shares | 331,978 | 460,572 | |
Admiral Shares | 91,450 | (171,947) | |
Institutional Shares | (20,906) | (468,946) | |
Institutional Plus Shares | (65,238) | (261,643) | |
Net Increase (Decrease) from Capital Share Transactions | 337,284 | (441,964) | |
Total Increase (Decrease) | 7,064,091 | 3,702,245 | |
Net Assets | |||
Beginning of Period | 47,209,001 | 43,506,756 | |
End of Period | 54,273,092 | 47,209,001 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $50.11 | $45.79 | $62.49 | $49.33 | $51.58 | $47.79 |
Investment Operations | ||||||
Net Investment Income1 | .777 | 1.618 | 1.749 | 1.604 | 1.211 | 1.629 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.401 | 4.341 | (16.658) | 13.047 | (2.166) | 3.692 |
Total from Investment Operations | 8.178 | 5.959 | (14.909) | 14.651 | (.955) | 5.321 |
Distributions | ||||||
Dividends from Net Investment Income | (1.058) | (1.639) | (1.791) | (1.491) | (1.295) | (1.531) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.058) | (1.639) | (1.791) | (1.491) | (1.295) | (1.531) |
Net Asset Value, End of Period | $57.23 | $50.11 | $45.79 | $62.49 | $49.33 | $51.58 |
Total Return | 16.40% | 12.90% | -24.27% | 29.82% | -1.83% | 11.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $37,775 | $32,768 | $29,524 | $35,493 | $24,308 | $24,652 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.07%2 | 0.08%2 | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.78% | 3.06% | 3.22% | 2.62% | 2.46% | 3.30% |
Portfolio Turnover Rate3 | 3% | 4% | 3% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%, 0.07%, and 0.08%, respectively. |
3 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $31.15 | $28.46 | $38.84 | $30.66 | $32.06 | $29.70 |
Investment Operations | ||||||
Net Investment Income1 | .477 | .993 | 1.069 | .972 | .750 | 1.010 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.604 | 2.703 | (10.351) | 8.121 | (1.355) | 2.289 |
Total from Investment Operations | 5.081 | 3.696 | (9.282) | 9.093 | (.605) | 3.299 |
Distributions | ||||||
Dividends from Net Investment Income | (.651) | (1.006) | (1.098) | (.913) | (.795) | (.939) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.651) | (1.006) | (1.098) | (.913) | (.795) | (.939) |
Net Asset Value, End of Period | $35.58 | $31.15 | $28.46 | $38.84 | $30.66 | $32.06 |
Total Return2 | 16.39% | 12.86% | -24.30% | 29.76% | -1.89% | 11.38% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,423 | $7,290 | $6,804 | $8,667 | $6,919 | $6,717 |
Ratio of Total Expenses to Average Net Assets | 0.11%3 | 0.11%3 | 0.12%3 | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 2.75% | 3.02% | 3.16% | 2.56% | 2.46% | 3.29% |
Portfolio Turnover Rate4 | 3% | 4% | 3% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%, 0.11%, and 0.12%, respectively. |
4 | 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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $98.76 | $90.23 | $123.14 | $97.19 | $101.64 | $94.16 |
Investment Operations | ||||||
Net Investment Income1 | 1.523 | 3.151 | 3.422 | 3.108 | 2.380 | 3.224 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.587 | 8.598 | (32.817) | 25.772 | (4.281) | 7.271 |
Total from Investment Operations | 16.110 | 11.749 | (29.395) | 28.880 | (1.901) | 10.495 |
Distributions | ||||||
Dividends from Net Investment Income | (2.080) | (3.219) | (3.515) | (2.930) | (2.549) | (3.015) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.080) | (3.219) | (3.515) | (2.930) | (2.549) | (3.015) |
Net Asset Value, End of Period | $112.79 | $98.76 | $90.23 | $123.14 | $97.19 | $101.64 |
Total Return | 16.39% | 12.89% | -24.28% | 29.82% | -1.87% | 11.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,006 | $4,401 | $4,430 | $5,753 | $4,658 | $4,991 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.08%2 | 0.09%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.77% | 3.02% | 3.19% | 2.58% | 2.45% | 3.31% |
Portfolio Turnover Rate3 | 3% | 4% | 3% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%, 0.08%, and 0.09%, respectively. |
3 | 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. |
Institutional Plus Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $104.58 | $95.55 | $130.41 | $102.93 | $107.63 | $99.71 |
Investment Operations | ||||||
Net Investment Income1 | 1.631 | 3.395 | 3.572 | 3.312 | 2.548 | 3.403 |
Net Realized and Unrealized Gain (Loss) on Investments | 15.453 | 9.066 | (34.687) | 27.296 | (4.528) | 7.725 |
Total from Investment Operations | 17.084 | 12.461 | (31.115) | 30.608 | (1.980) | 11.128 |
Distributions | ||||||
Dividends from Net Investment Income | (2.214) | (3.431) | (3.745) | (3.128) | (2.720) | (3.208) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.214) | (3.431) | (3.745) | (3.128) | (2.720) | (3.208) |
Net Asset Value, End of Period | $119.45 | $104.58 | $95.55 | $130.41 | $102.93 | $107.63 |
Total Return | 16.42% | 12.91% | -24.27% | 29.84% | -1.83% | 11.43% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,069 | $2,750 | $2,749 | $4,118 | $3,311 | $2,793 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06%2 | 0.07%2 | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.80% | 3.08% | 3.13% | 2.60% | 2.48% | 3.30% |
Portfolio Turnover Rate3 | 3% | 4% | 3% | 5% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%, 0.06%, and 0.07%, respectively. |
3 | 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. |
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. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $1,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 4,515,642 | 17,141 | — | 4,532,783 |
Common Stocks—Other | 582,833 | 48,161,938 | 34,857 | 48,779,628 |
Preferred Stocks | 141,953 | 214,361 | — | 356,314 |
Rights | 8 | — | — | 8 |
Warrants | — | — | — | — |
Temporary Cash Investments | 743,976 | — | — | 743,976 |
Total | 5,984,412 | 48,393,440 | 34,857 | 54,412,709 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 13,480 | — | 13,480 |
Liabilities | ||||
Futures Contracts1 | 12,568 | — | — | 12,568 |
Forward Currency Contracts | — | 1,375 | — | 1,375 |
Total | 12,568 | 1,375 | — | 13,943 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At April 30, 2024, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Forward Currency Contracts | — | 13,480 | 13,480 |
Total Assets | — | 13,480 | 13,480 |
Unrealized Depreciation—Futures Contracts1 | 12,568 | — | 12,568 |
Unrealized Depreciation—Forward Currency Contracts | — | 1,375 | 1,375 |
Total Liabilities | 12,568 | 1,375 | 13,943 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 53,504 | — | 53,504 |
Forward Currency Contracts | — | (982) | (982) |
Realized Net Gain (Loss) on Derivatives | 53,504 | (982) | 52,522 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 11,502 | — | 11,502 |
Forward Currency Contracts | — | 5,339 | 5,339 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 11,502 | 5,339 | 16,841 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 43,295,016 |
Gross Unrealized Appreciation | 16,640,864 |
Gross Unrealized Depreciation | (5,523,634) |
Net Unrealized Appreciation (Depreciation) | 11,117,230 |
G. | During the six months ended April 30, 2024, the fund purchased $1,594,656,000 of investment securities and sold $1,308,245,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $384,034,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 653,530 | 11,788 | 878,163 | 16,984 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (321,552) | (5,700) | (417,591) | (7,800) | |
Net Increase (Decrease)—ETF Shares | 331,978 | 6,088 | 460,572 | 9,184 | |
Admiral Shares | |||||
Issued | 610,501 | 17,647 | 1,139,639 | 35,258 | |
Issued in Lieu of Cash Distributions | 113,699 | 3,306 | 178,746 | 5,476 | |
Redeemed | (632,750) | (18,242) | (1,490,332) | (45,753) | |
Net Increase (Decrease)—Admiral Shares | 91,450 | 2,711 | (171,947) | (5,019) | |
Institutional Shares | |||||
Issued | 392,977 | 3,557 | 818,096 | 7,940 | |
Issued in Lieu of Cash Distributions | 74,015 | 679 | 122,089 | 1,182 | |
Redeemed | (487,898) | (4,414) | (1,409,131) | (13,656) | |
Net Increase (Decrease)—Institutional Shares | (20,906) | (178) | (468,946) | (4,534) | |
Institutional Plus Shares | |||||
Issued | 206,140 | 1,744 | 445,764 | 4,108 | |
Issued in Lieu of Cash Distributions | 57,211 | 495 | 95,377 | 869 | |
Redeemed | (328,589) | (2,840) | (802,784) | (7,460) | |
Net Increase (Decrease)—Institutional Plus Shares | (65,238) | (601) | (261,643) | (2,483) |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2024, that would require recognition or disclosure in these financial statements. |
Canada | 14.6% |
Japan | 13.4 |
United Kingdom | 9.0 |
Taiwan | 8.7 |
India | 7.6 |
China | 5.2 |
Australia | 4.7 |
South Korea | 4.1 |
Sweden | 3.9 |
Germany | 2.9 |
Switzerland | 2.7 |
France | 2.6 |
Italy | 2.1 |
Denmark | 1.8 |
Norway | 1.7 |
Brazil | 1.6 |
Spain | 1.1 |
Thailand | 1.0 |
Finland | 1.0 |
Belgium | 1.0 |
Netherlands | 1.0 |
Other | 8.3 |
Futures Contracts | ||||
Expiration | Number of Long (Short) Contracts | ($000) | ||
Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||
Long Futures Contracts | ||||
E-mini Russell 2000 Index | June 2024 | 144 | 14,296 | (538) |
MSCI EAFE Index | June 2024 | 477 | 54,080 | (1,559) |
MSCI Emerging Markets Index | June 2024 | 186 | 9,691 | 2 |
S&P TSX 60 Index | June 2024 | 75 | 14,225 | (127) |
(2,222) |
Forward Currency Contracts | |||||||
Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
Receive | Deliver | ||||||
Standard Chartered Bank | 6/20/24 | AUD | 1,052 | USD | 678 | 5 | — |
State Street Bank & Trust Co. | 6/20/24 | CAD | 9,088 | USD | 6,752 | — | (145) |
Citibank, N.A. | 6/20/24 | CAD | 5,174 | USD | 3,757 | 4 | — |
Royal Bank of Canada | 6/20/24 | CAD | 1,321 | USD | 968 | — | (7) |
Standard Chartered Bank | 6/20/24 | EUR | 3,161 | USD | 3,431 | — | (50) |
Citibank, N.A. | 6/20/24 | EUR | 1,747 | USD | 1,867 | 1 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | INR | 1,142,681 | USD | 13,755 | — | (93) |
Morgan Stanley Capital Services Inc. | 6/20/24 | INR | 1,142,681 | USD | 13,742 | — | (80) |
UBS AG | 6/20/24 | JPY | 375,813 | USD | 2,485 | — | (83) |
Royal Bank of Canada | 6/20/24 | KRW | 5,806,100 | USD | 4,239 | — | (40) |
Morgan Stanley Capital Services Inc. | 6/20/24 | KRW | 2,784,458 | USD | 2,047 | — | (33) |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,259 | AUD | 4,913 | 71 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,772 | CHF | 3,272 | 192 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 2,965 | DKK | 20,115 | 79 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 8,767 | EUR | 7,986 | 226 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 6,022 | EUR | 5,650 | — | (20) |
UBS AG | 6/20/24 | USD | 3,739 | GBP | 2,927 | 81 | — |
UBS AG | 6/20/24 | USD | 12,941 | INR | 1,081,220 | 14 | — |
UBS AG | 6/20/24 | USD | 20,711 | JPY | 3,069,510 | 1,097 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 7,090 | KRW | 9,460,269 | 247 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 523 | PLN | 2,051 | 18 | — |
Deutsche Bank AG | 6/20/24 | USD | 3,282 | SEK | 33,505 | 235 | — |
Morgan Stanley Capital Services Inc. | 6/20/24 | USD | 1,953 | TWD | 61,010 | 82 | — |
2,352 | (551) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
PLN—Polish zloty. |
SEK—Swedish krona. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $10,237,652) | 9,896,823 |
Affiliated Issuers (Cost $604,856) | 604,979 |
Total Investments in Securities | 10,501,802 |
Investment in Vanguard | 307 |
Cash | 10,276 |
Cash Collateral Pledged—Futures Contracts | 4,070 |
Cash Collateral Pledged—Forward Currency Contracts | 10 |
Foreign Currency, at Value (Cost $21,261) | 20,248 |
Receivables for Investment Securities Sold | 13,782 |
Receivables for Accrued Income | 52,231 |
Receivables for Capital Shares Issued | 464 |
Unrealized Appreciation—Forward Currency Contracts | 2,352 |
Total Assets | 10,605,542 |
Liabilities | |
Due to Custodian | 10,728 |
Payables for Investment Securities Purchased | 1,712 |
Collateral for Securities on Loan | 577,940 |
Payables for Capital Shares Redeemed | 333 |
Payables to Vanguard | 742 |
Variation Margin Payable—Futures Contracts | 1,345 |
Unrealized Depreciation—Forward Currency Contracts | 551 |
Foreign Capital Gain Taxes Payable | 22 |
Deferred Foreign Capital Gains Taxes | 24,927 |
Total Liabilities | 618,300 |
Net Assets | 9,987,242 |
1 Includes $523,771,000 of securities on loan. | |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 10,602,256 |
Total Distributable Earnings (Loss) | (615,014) |
Net Assets | 9,987,242 |
ETF Shares—Net Assets | |
Applicable to 70,072,674 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,042,005 |
Net Asset Value Per Share—ETF Shares | $114.77 |
Admiral Shares—Net Assets | |
Applicable to 49,487,536 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,402,004 |
Net Asset Value Per Share—Admiral Shares | $28.33 |
Institutional Shares—Net Assets | |
Applicable to 2,476,714 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 543,233 |
Net Asset Value Per Share—Institutional Shares | $219.34 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 119,594 |
Interest2 | 1,343 |
Securities Lending—Net | 8,097 |
Total Income | 129,034 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 327 |
Management and Administrative— ETF Shares | 1,768 |
Management and Administrative— Admiral Shares | 941 |
Management and Administrative— Institutional Shares | 244 |
Marketing and Distribution— ETF Shares | 139 |
Marketing and Distribution— Admiral Shares | 37 |
Marketing and Distribution— Institutional Shares | 10 |
Custodian Fees | 678 |
Shareholders’ Reports—ETF Shares | 268 |
Shareholders’ Reports—Admiral Shares | 16 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 4 |
Other Expenses | 33 |
Total Expenses | 4,465 |
Expenses Paid Indirectly | (188) |
Net Expenses | 4,277 |
Net Investment Income | 124,757 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | 119,584 |
Futures Contracts | 10,160 |
Forward Currency Contracts | (266) |
Foreign Currencies | (1,598) |
Realized Net Gain (Loss) | 127,880 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | 1,172,646 |
Investment Securities—Short Positions | 57 |
Futures Contracts | 700 |
Forward Currency Contracts | 720 |
Foreign Currencies | 798 |
Change in Unrealized Appreciation (Depreciation) | 1,174,921 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,427,558 |
1 | Dividends are net of foreign withholding taxes of $14,230,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,032,000, ($2,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $8,077,000. |
4 | Includes $125,367,000 of net gain (loss) resulting from in-kind redemptions. |
5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $11,555,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 124,757 | 296,768 | |
Realized Net Gain (Loss) | 127,880 | (118,028) | |
Change in Unrealized Appreciation (Depreciation) | 1,174,921 | 509,244 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,427,558 | 687,984 | |
Distributions | |||
ETF Shares | (154,963) | (258,719) | |
Admiral Shares | (24,931) | (40,554) | |
Institutional Shares | (10,197) | (13,755) | |
Total Distributions | (190,091) | (313,028) | |
Capital Share Transactions | |||
ETF Shares | (200,837) | 59,574 | |
Admiral Shares | (11,435) | 7,516 | |
Institutional Shares | (17,614) | 115,537 | |
Net Increase (Decrease) from Capital Share Transactions | (229,886) | 182,627 | |
Total Increase (Decrease) | 1,007,581 | 557,583 | |
Net Assets | |||
Beginning of Period | 8,979,661 | 8,422,078 | |
End of Period | 9,987,242 | 8,979,661 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $100.93 | $95.98 | $137.63 | $102.74 | $105.96 | $100.93 |
Investment Operations | ||||||
Net Investment Income1 | 1.380 | 3.202 | 3.157 | 2.770 | 2.177 | 2.871 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.513 | 5.135 | (41.764) | 35.250 | (2.905) | 5.156 |
Total from Investment Operations | 15.893 | 8.337 | (38.607) | 38.020 | (.728) | 8.027 |
Distributions | ||||||
Dividends from Net Investment Income | (2.053) | (3.387) | (3.043) | (3.130) | (2.492) | (2.997) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.053) | (3.387) | (3.043) | (3.130) | (2.492) | (2.997) |
Net Asset Value, End of Period | $114.77 | $100.93 | $95.98 | $137.63 | $102.74 | $105.96 |
Total Return | 15.80% | 8.57% | -28.52% | 37.35% | -0.81% | 8.28% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,042 | $7,243 | $6,882 | $9,941 | $4,814 | $5,400 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.08%2 | 0.07%2 | 0.07% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 2.45% | 2.96% | 2.72% | 2.10% | 2.17% | 2.80% |
Portfolio Turnover Rate3 | 8% | 14% | 18% | 17% | 22% | 17% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%, 0.08%, and 0.07%, respectively. |
3 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | February 7, 20191 to October 31, | Year Ended October 31, | |||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.92 | $23.69 | $33.98 | $25.37 | $26.16 | $25.00 |
Investment Operations | ||||||
Net Investment Income2 | .331 | .763 | .758 | .626 | .524 | .572 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.580 | 1.279 | (10.319) | 8.739 | (.711) | .935 |
Total from Investment Operations | 3.911 | 2.042 | (9.561) | 9.365 | (.187) | 1.507 |
Distributions | ||||||
Dividends from Net Investment Income | (.501) | (.812) | (.729) | (.755) | (.603) | (.347) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.501) | (.812) | (.729) | (.755) | (.603) | (.347) |
Net Asset Value, End of Period | $28.33 | $24.92 | $23.69 | $33.98 | $25.37 | $26.16 |
Total Return3 | 15.75% | 8.48% | -28.61% | 37.22% | -0.84% | 6.08% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,402 | $1,244 | $1,174 | $1,585 | $1,110 | $981 |
Ratio of Total Expenses to Average Net Assets | 0.16%4 | 0.17%4 | 0.16%4 | 0.16% | 0.16% | 0.16%5 |
Ratio of Net Investment Income to Average Net Assets | 2.39% | 2.86% | 2.65% | 1.94% | 2.12% | 3.07%5 |
Portfolio Turnover Rate6 | 8% | 14% | 18% | 17% | 22% | 17%7 |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | 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. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.16%, 0.17%, and 0.16%, respectively. |
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. |
7 | Reflects the fund’s portfolio turnover for the fiscal year ended October 31, 2019. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $192.92 | $183.43 | $262.99 | $196.33 | $202.46 | $192.87 |
Investment Operations | ||||||
Net Investment Income1 | 2.616 | 6.028 | 6.071 | 4.974 | 4.111 | 5.500 |
Net Realized and Unrealized Gain (Loss) on Investments | 27.710 | 9.860 | (79.906) | 67.622 | (5.479) | 9.824 |
Total from Investment Operations | 30.326 | 15.888 | (73.835) | 72.596 | (1.368) | 15.324 |
Distributions | ||||||
Dividends from Net Investment Income | (3.906) | (6.398) | (5.725) | (5.936) | (4.762) | (5.734) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (3.906) | (6.398) | (5.725) | (5.936) | (4.762) | (5.734) |
Net Asset Value, End of Period | $219.34 | $192.92 | $183.43 | $262.99 | $196.33 | $202.46 |
Total Return | 15.78% | 8.52% | -28.55% | 37.29% | -0.81% | 8.26% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $543 | $493 | $366 | $395 | $258 | $242 |
Ratio of Total Expenses to Average Net Assets | 0.11%2 | 0.12%2 | 0.11%2 | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 2.43% | 2.92% | 2.76% | 1.99% | 2.13% | 2.81% |
Portfolio Turnover Rate3 | 8% | 14% | 18% | 17% | 22% | 17% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%, 0.12%, and 0.11%, respectively. |
3 | 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. |
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. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $188,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 1,614,436 | 22,449 | — | 1,636,885 |
Common Stocks—Other | 33,105 | 8,184,062 | 21,801 | 8,238,968 |
Preferred Stocks | 14,375 | 5,781 | — | 20,156 |
Rights | 130 | — | 560 | 690 |
Warrants | 27 | 1 | 96 | 124 |
Temporary Cash Investments | 604,979 | — | — | 604,979 |
Total | 2,267,052 | 8,212,293 | 22,457 | 10,501,802 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2 | — | — | 2 |
Forward Currency Contracts | — | 2,352 | — | 2,352 |
Total | 2 | 2,352 | — | 2,354 |
Liabilities | ||||
Futures Contracts1 | 2,224 | — | — | 2,224 |
Forward Currency Contracts | — | 551 | — | 551 |
Total | 2,224 | 551 | — | 2,775 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At April 30, 2024, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 2 | — | 2 |
Unrealized Appreciation—Forward Currency Contracts | — | 2,352 | 2,352 |
Total Assets | 2 | 2,352 | 2,354 |
Unrealized Depreciation—Futures Contracts | 2,224 | — | 2,224 |
Unrealized Depreciation—Forward Currency Contracts | — | 551 | 551 |
Total Liabilities | 2,224 | 551 | 2,775 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 10,160 | — | 10,160 |
Forward Currency Contracts | — | (266) | (266) |
Realized Net Gain (Loss) on Derivatives | 10,160 | (266) | 9,894 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 700 | — | 700 |
Forward Currency Contracts | — | 720 | 720 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 700 | 720 | 1,420 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 10,958,113 |
Gross Unrealized Appreciation | 1,687,728 |
Gross Unrealized Depreciation | (2,144,460) |
Net Unrealized Appreciation (Depreciation) | (456,732) |
G. | During the six months ended April 30, 2024, the fund purchased $768,834,000 of investment securities and sold $831,174,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $236,047,000 and $515,859,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 505,248 | 4,512 | 896,906 | 8,362 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (706,085) | (6,200) | (837,332) | (8,300) | |
Net Increase (Decrease)—ETF Shares | (200,837) | (1,688) | 59,574 | 62 | |
Admiral Shares | |||||
Issued | 111,337 | 3,998 | 239,141 | 9,032 | |
Issued in Lieu of Cash Distributions | 20,558 | 746 | 34,107 | 1,303 | |
Redeemed | (143,330) | (5,155) | (265,732) | (9,998) | |
Net Increase (Decrease)—Admiral Shares | (11,435) | (411) | 7,516 | 337 | |
Institutional Shares | |||||
Issued | 41,392 | 192 | 149,680 | 721 | |
Issued in Lieu of Cash Distributions | 8,605 | 40 | 13,089 | 64 | |
Redeemed | (67,611) | (312) | (47,232) | (223) | |
Net Increase (Decrease)—Institutional Shares | (17,614) | (80) | 115,537 | 562 |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2024, that would require recognition or disclosure in these financial statements. |
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 32 |
Liquidity Risk Management | 34 |
• | 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. |
• | 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. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Global ex-U.S. Real Estate Index Fund | |||
ETF Shares | $1,000.00 | $1,137.00 | $0.64 |
Admiral™ Shares | 1,000.00 | 1,136.90 | 0.64 |
Institutional Shares | 1,000.00 | 1,137.00 | 0.58 |
Based on Hypothetical 5% Yearly Return | |||
Global ex-U.S. Real Estate Index Fund | |||
ETF Shares | $1,000.00 | $1,024.27 | $0.60 |
Admiral Shares | 1,000.00 | 1,024.27 | 0.60 |
Institutional Shares | 1,000.00 | 1,024.32 | 0.55 |
Japan | 24.5% |
Australia | 11.2 |
United Kingdom | 7.8 |
Hong Kong | 7.1 |
Singapore | 5.8 |
China | 4.7 |
Germany | 4.3 |
India | 4.0 |
Sweden | 3.5 |
France | 2.9 |
Canada | 2.6 |
United Arab Emirates | 2.6 |
Switzerland | 2.1 |
Belgium | 1.9 |
Israel | 1.9 |
Taiwan | 1.7 |
Mexico | 1.5 |
South Africa | 1.4 |
Philippines | 1.2 |
Thailand | 1.1 |
Saudi Arabia | 1.0 |
Other | 5.2 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (2.0%) | |||
Money Market Fund (2.0%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $74,742) | 747,640 | 74,756 |
Total Investments (101.1%) (Cost $4,748,845) | 3,743,456 | ||
Other Assets and Liabilities—Net (-1.1%) | (42,191) | ||
Net Assets (100%) | 3,701,265 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $64,822,000. |
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 April 30, 2024, the aggregate value was $67,182,000, representing 1.8% 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 $69,534,000 was received for securities on loan. |
GDR—Global Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI EAFE Index | June 2024 | 163 | 18,480 | (587) |
MSCI Emerging Markets Index | June 2024 | 71 | 3,699 | (27) |
Topix Index | June 2024 | 7 | 1,219 | 30 |
(584) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Royal Bank of Canada | 6/20/24 | EUR | 2,305 | USD | 2,456 | 10 | — |
UBS AG | 6/20/24 | INR | 467,159 | USD | 5,627 | — | (42) |
Royal Bank of Canada | 6/20/24 | SGD | 4,455 | USD | 3,279 | — | (8) |
State Street Bank & Trust Co. | 6/20/24 | USD | 1,137 | AUD | 1,714 | 25 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 616 | CAD | 829 | 13 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 3,341 | CHF | 2,924 | 141 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 6,829 | EUR | 6,220 | 176 | — |
UBS AG | 6/20/24 | USD | 2,397 | GBP | 1,876 | 52 | — |
Standard Chartered Bank | 6/20/24 | USD | 1,324 | GBP | 1,039 | 25 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 608 | HKD | 4,743 | 1 | — |
UBS AG | 6/20/24 | USD | 7,364 | JPY | 1,072,282 | 512 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 2,523 | JPY | 377,194 | 112 | — |
Deutsche Bank AG | 6/20/24 | USD | 1,465 | SEK | 14,955 | 105 | — |
Toronto-Dominion Bank | 6/20/24 | USD | 3,887 | SGD | 5,150 | 105 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 117 | ZAR | 2,190 | 1 | — |
1,278 | (50) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
JPY—Japanese yen. |
SEK—Swedish krona. |
SGD—Singapore dollar. |
USD—U.S. dollar. |
ZAR—South African rand. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 1/24/25 | CITNA | 2,339 | (5.331) | — | (11) |
China Vanke Co. Ltd. Class A | 1/24/25 | CITNA | 2,149 | (5.331) | — | (11) |
Multiplan Empreendimentos Imobiliarios SA | 8/30/24 | BANA | 3,533 | (5.331) | — | (32) |
Poly Developments and Holdings Group Co. Ltd. Class A | 1/24/25 | CITNA | 3,199 | (5.331) | — | (15) |
— | (69) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, N.A. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $4,674,103) | 3,668,700 |
Affiliated Issuers (Cost $74,742) | 74,756 |
Total Investments in Securities | 3,743,456 |
Investment in Vanguard | 115 |
Cash Collateral Pledged—Futures Contracts | 777 |
Cash Collateral Pledged—Foward Currency Contracts and Over-the-Counter Swap Contracts | 1,140 |
Foreign Currency, at Value (Cost $7,193) | 7,102 |
Receivables for Investment Securities Sold | 3,552 |
Receivables for Accrued Income | 27,318 |
Receivables for Capital Shares Issued | 22 |
Unrealized Appreciation—Forward Currency Contracts | 1,278 |
Total Assets | 3,784,760 |
Liabilities | |
Due to Custodian | 2,751 |
Payables for Investment Securities Purchased | 1,369 |
Collateral for Securities on Loan | 69,534 |
Payables for Capital Shares Redeemed | 236 |
Payables to Vanguard | 341 |
Variation Margin Payable—Futures Contracts | 280 |
Unrealized Depreciation—Forward Currency Contracts | 50 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 69 |
Deferred Foreign Capital Gains Taxes | 8,865 |
Total Liabilities | 83,495 |
Net Assets | 3,701,265 |
1 Includes $64,822,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2024, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 5,886,107 |
Total Distributable Earnings (Loss) | (2,184,842) |
Net Assets | 3,701,265 |
ETF Shares—Net Assets | |
Applicable to 83,268,330 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,402,360 |
Net Asset Value Per Share—ETF Shares | $40.86 |
Admiral Shares—Net Assets | |
Applicable to 11,305,706 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 280,110 |
Net Asset Value Per Share—Admiral Shares | $24.78 |
Institutional Shares—Net Assets | |
Applicable to 227,851 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,795 |
Net Asset Value Per Share—Institutional Shares | $82.49 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 66,577 |
Interest2 | 253 |
Securities Lending—Net | 2,276 |
Total Income | 69,106 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 124 |
Management and Administrative—ETF Shares | 1,441 |
Management and Administrative—Admiral Shares | 129 |
Management and Administrative—Institutional Shares | 46 |
Marketing and Distribution—ETF Shares | 47 |
Marketing and Distribution—Admiral Shares | 7 |
Marketing and Distribution—Institutional Shares | 1 |
Custodian Fees | 353 |
Shareholders’ Reports—ETF Shares | 148 |
Shareholders’ Reports—Admiral Shares | 3 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 1 |
Other Expenses | 20 |
Total Expenses | 2,320 |
Expenses Paid Indirectly | (2) |
Net Expenses | 2,318 |
Net Investment Income | 66,788 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | (176,373) |
Futures Contracts | 2,556 |
Swap Contracts | (1,889) |
Forward Currency Contracts | 169 |
Foreign Currencies | (770) |
Realized Net Gain (Loss) | (176,307) |
Statement of Operations (continued) | |
Six Months Ended April 30, 2024 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | 607,597 |
Futures Contracts | 586 |
Swap Contracts | (69) |
Forward Currency Contracts | 804 |
Foreign Currencies | (217) |
Change in Unrealized Appreciation (Depreciation) | 608,701 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 499,182 |
1 | Dividends are net of foreign withholding taxes of $7,773,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $211,000, $1,000, less than $1,000, and ($3,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized gain (loss) is net of foreign capital gain taxes of $619,000. |
4 | Includes $4,928,000 of net gain (loss) resulting from in-kind redemptions. |
5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $5,174,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 66,788 | 163,979 | |
Realized Net Gain (Loss) | (176,307) | (183,540) | |
Change in Unrealized Appreciation (Depreciation) | 608,701 | 42,206 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 499,182 | 22,645 | |
Distributions | |||
ETF Shares | (135,934) | (21,147) | |
Admiral Shares | (11,574) | (1,898) | |
Institutional Shares | (6,975) | (898) | |
Total Distributions | (154,483) | (23,943) | |
Capital Share Transactions | |||
ETF Shares | (100,250) | (157,325) | |
Admiral Shares | (25,563) | (33,152) | |
Institutional Shares | (158,552) | 25,326 | |
Net Increase (Decrease) from Capital Share Transactions | (284,365) | (165,151) | |
Total Increase (Decrease) | 60,334 | (166,449) | |
Net Assets | |||
Beginning of Period | 3,640,931 | 3,807,380 | |
End of Period | 3,701,265 | 3,640,931 |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $37.32 | $37.45 | $57.39 | $47.04 | $60.79 | $52.99 |
Investment Operations | ||||||
Net Investment Income1 | .707 | 1.641 | 1.679 | 2.145 | 1.761 | 2.033 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.424 | (1.536) | (18.724) | 9.312 | (11.864) | 7.969 |
Total from Investment Operations | 5.131 | .105 | (17.045) | 11.457 | (10.103) | 10.002 |
Distributions | ||||||
Dividends from Net Investment Income | (1.591) | (.235) | (2.895) | (1.107) | (3.647) | (2.202) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.591) | (.235) | (2.895) | (1.107) | (3.647) | (2.202) |
Net Asset Value, End of Period | $40.86 | $37.32 | $37.45 | $57.39 | $47.04 | $60.79 |
Total Return | 13.70% | 0.22% | -31.15% | 24.47% | -17.71% | 19.47% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,402 | $3,198 | $3,355 | $5,071 | $4,219 | $5,945 |
Ratio of Total Expenses to Average Net Assets | 0.12%2 | 0.12%2 | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 3.43% | 4.00% | 3.48% | 3.80% | 3.44% | 3.54% |
Portfolio Turnover Rate3 | 2% | 5% | 10% | 7% | 11% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%. |
3 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $22.63 | $22.73 | $34.80 | $28.51 | $36.84 | $32.11 |
Investment Operations | ||||||
Net Investment Income1 | .427 | .995 | 1.017 | 1.302 | 1.079 | 1.236 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.687 | (.954) | (11.332) | 5.656 | (7.199) | 4.828 |
Total from Investment Operations | 3.114 | .041 | (10.315) | 6.958 | (6.120) | 6.064 |
Distributions | ||||||
Dividends from Net Investment Income | (.964) | (.141) | (1.755) | (.668) | (2.210) | (1.334) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.964) | (.141) | (1.755) | (.668) | (2.210) | (1.334) |
Net Asset Value, End of Period | $24.78 | $22.63 | $22.73 | $34.80 | $28.51 | $36.84 |
Total Return2 | 13.69% | 0.12% | -31.06% | 24.48% | -17.71% | 19.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $280 | $280 | $313 | $499 | $421 | $617 |
Ratio of Total Expenses to Average Net Assets | 0.12%3 | 0.12%3 | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 3.41% | 4.00% | 3.47% | 3.80% | 3.49% | 3.55% |
Portfolio Turnover Rate4 | 2% | 5% | 10% | 7% | 11% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%. |
4 | 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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $75.34 | $75.62 | $115.86 | $94.98 | $122.73 | $106.98 |
Investment Operations | ||||||
Net Investment Income1 | 1.167 | 3.320 | 3.391 | 4.376 | 3.646 | 4.143 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.2082 | (3.115) | (37.785)2 | 18.763 | (24.030) | 16.064 |
Total from Investment Operations | 10.375 | .205 | (34.394) | 23.139 | (20.384) | 20.207 |
Distributions | ||||||
Dividends from Net Investment Income | (3.225) | (.485) | (5.846) | (2.259) | (7.366) | (4.457) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (3.225) | (.485) | (5.846) | (2.259) | (7.366) | (4.457) |
Net Asset Value, End of Period | $82.49 | $75.34 | $75.62 | $115.86 | $94.98 | $122.73 |
Total Return3 | 13.70% | 0.20% | -31.10% | 24.44% | -17.71% | 19.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $19 | $163 | $140 | $213 | $205 | $232 |
Ratio of Total Expenses to Average Net Assets | 0.11%4 | 0.11%4 | 0.11% | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 2.79% | 4.02% | 3.48% | 3.84% | 3.55% | 3.57% |
Portfolio Turnover Rate5 | 2% | 5% | 10% | 7% | 11% | 7% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Includes increases from purchase and redemption fees of $0.01. |
3 | Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%. |
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. |
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. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2024, custodian fee offset arrangements reduced the fund’s expenses by $2,000 (an annual rate of less than 0.01% of average net assets). |
D. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 174,330 | 3,487,930 | 6,355 | 3,668,615 |
Warrants | 85 | — | — | 85 |
Temporary Cash Investments | 74,756 | — | — | 74,756 |
Total | 249,171 | 3,487,930 | 6,355 | 3,743,456 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 30 | — | — | 30 |
Forward Currency Contracts | — | 1,278 | — | 1,278 |
Total | 30 | 1,278 | — | 1,308 |
Liabilities | ||||
Futures Contracts1 | 614 | — | — | 614 |
Forward Currency Contracts | — | 50 | — | 50 |
Swap Contracts | — | 69 | — | 69 |
Total | 614 | 119 | — | 733 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | At April 30, 2024, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 30 | — | 30 |
Unrealized Appreciation—Forward Currency Contracts | — | 1,278 | 1,278 |
Total Assets | 30 | 1,278 | 1,308 |
Unrealized Depreciation—Futures Contracts1 | 614 | — | 614 |
Unrealized Depreciation—Forward Currency Contracts | — | 50 | 50 |
Unrealized Depreciation— Over-the-Counter Swap Contracts | 69 | — | 69 |
Total Liabilities | 683 | 50 | 733 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 2,556 | — | 2,556 |
Swap Contracts | (1,889) | — | (1,889) |
Forward Currency Contracts | — | 169 | 169 |
Realized Net Gain (Loss) on Derivatives | 667 | 169 | 836 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 586 | — | 586 |
Swap Contracts | (69) | — | (69) |
Forward Currency Contracts | — | 804 | 804 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 517 | 804 | 1,321 |
F. | As of April 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 4,787,247 |
Gross Unrealized Appreciation | 343,845 |
Gross Unrealized Depreciation | (1,386,992) |
Net Unrealized Appreciation (Depreciation) | (1,043,147) |
G. | During the six months ended April 30, 2024, the fund purchased $63,831,000 of investment securities and sold $345,765,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $102,001,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued1 | 17,917 | 453 | 77,245 | 1,944 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed2 | (118,167) | (2,900) | (234,570) | (5,800) | |
Net Increase (Decrease)—ETF Shares | (100,250) | (2,447) | (157,325) | (3,856) | |
Admiral Shares | |||||
Issued1 | 14,012 | 561 | 38,297 | 1,497 | |
Issued in Lieu of Cash Distributions | 9,509 | 377 | 1,549 | 61 | |
Redeemed2 | (49,084) | (1,987) | (72,998) | (2,958) | |
Net Increase (Decrease)—Admiral Shares | (25,563) | (1,049) | (33,152) | (1,400) | |
Institutional Shares | |||||
Issued1 | 389 | — | 25,220 | 309 | |
Issued in Lieu of Cash Distributions | 1,012 | 12 | 151 | 2 | |
Redeemed2 | (159,953) | (1,947) | (45) | — | |
Net Increase (Decrease)—Institutional Shares | (158,552) | (1,935) | 25,326 | 311 |
1 | Includes purchase fees for fiscal 2024 and 2023 of $35,000 and $159,000, respectively (fund totals). |
2 | Net of redemption fees for fiscal 2024 and 2023 of $512,000 and $173,000, respectively (fund totals). |
I. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
J. | Management has determined that no events or transactions occurred subsequent to April 30, 2024, that would require recognition or disclosure in these financial statements. |
About Your Fund's Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 65 |
Liquidity Risk Management | 67 |
• | 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. |
• | 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. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Emerging Markets Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,135.30 | $1.54 |
FTSE Emerging Markets ETF Shares | 1,000.00 | 1,136.70 | 0.43 |
Admiral™ Shares | 1,000.00 | 1,136.20 | 0.74 |
Institutional Shares | 1,000.00 | 1,136.20 | 0.53 |
Institutional Plus Shares | 1,000.00 | 1,136.80 | 0.43 |
Based on Hypothetical 5% Yearly Return | |||
Emerging Markets Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,023.42 | $1.46 |
FTSE Emerging Markets ETF Shares | 1,000.00 | 1,024.47 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.17 | 0.70 |
Institutional Shares | 1,000.00 | 1,024.37 | 0.50 |
Institutional Plus Shares | 1,000.00 | 1,024.47 | 0.40 |
China | 27.9% |
India | 23.0 |
Taiwan | 19.7 |
Brazil | 5.7 |
Saudi Arabia | 4.5 |
South Africa | 3.1 |
Mexico | 2.9 |
Thailand | 2.1 |
Indonesia | 1.9 |
Malaysia | 1.9 |
United Arab Emirates | 1.5 |
Turkey | 1.3 |
Other | 4.5 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (2.1%) | ||||||
Money Market Fund (2.1%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 5.394% (Cost $2,209,510) | 22,102,097 | 2,209,989 | |||
Total Investments (101.6%) (Cost $86,643,477) | 105,445,191 | |||||
Other Assets and Liabilities—Net (-1.6%) | (1,632,543) | |||||
Net Assets (100%) | 103,812,648 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2024, the aggregate value was $4,993,966,000, representing 4.8% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $651,463,000. |
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 $714,164,000 was received for securities on loan, of which $711,835,000 is held in Vanguard Market Liquidity Fund and $2,329,000 is held in cash. |
ADR—American Depositary Receipt. | |
GDR—Global Depositary Receipt. | |
NVDR—Non-Voting Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
MSCI Emerging Markets Index | June 2024 | 5,164 | 269,044 | (917) |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
Morgan Stanley Capital Services LLC | 6/20/24 | BRL | 400,000 | USD | 78,598 | — | (1,934) |
UBS AG | 6/20/24 | INR | 21,211,129 | USD | 255,139 | — | (1,355) |
State Street Bank & Trust Co. | 6/20/24 | INR | 20,693,134 | USD | 249,227 | — | (1,639) |
Bank of America, N.A. | 6/20/24 | INR | 17,735,318 | USD | 213,256 | — | (1,058) |
Deutsche Bank AG | 6/20/24 | INR | 17,213,474 | USD | 207,176 | — | (1,223) |
Toronto-Dominion Bank | 6/20/24 | INR | 12,316,442 | USD | 148,350 | — | (987) |
BNP Paribas | 6/20/24 | INR | 6,149,107 | USD | 73,562 | 11 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | INR | 4,730,362 | USD | 56,887 | — | (289) |
BNP Paribas | 6/20/24 | INR | 4,718,408 | USD | 56,718 | — | (263) |
Morgan Stanley Capital Services LLC | 6/20/24 | INR | 3,610,069 | USD | 43,416 | — | (223) |
Citibank, N.A. | 6/20/24 | USD | 61,240 | BRL | 307,708 | 2,265 | — |
Deutsche Bank AG | 6/20/24 | USD | 61,201 | BRL | 307,708 | 2,226 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 33,798 | HKD | 263,688 | 39 | — |
Standard Chartered Bank | 6/20/24 | USD | 53,804 | INR | 4,483,850 | 156 | — |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
HSBC Bank plc | 6/20/24 | USD | 21,518 | INR | 1,793,540 | 58 | — |
BNP Paribas | 6/20/24 | USD | 10,762 | INR | 896,770 | 32 | — |
Morgan Stanley Capital Services LLC | 6/20/24 | USD | 31,200 | TWD | 974,644 | 1,096 | — |
5,883 | (8,971) |
BRL—Brazilian real. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Advanced Micro-Fabrication Equipment Inc. China Class A | 7/31/24 | GSI | 8,095 | (1.581) | — | (274) |
China Airlines Ltd. | 8/30/24 | BANA | 9,140 | (3.331) | 487 | — |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista | 8/30/24 | BANA | 7,243 | (5.283) | — | (256) |
FTSE China A Stock Connect CNY All Cap Index | 6/13/24 | BANA | 195,532 | (2.833) | 4,807 | — |
FTSE China A Stock Connect CNY All Cap Index | 6/20/25 | BANA | 50,393 | (1.831) | 946 | — |
Koza Altin Isletmeleri A/S | 8/30/24 | BANA | 4,012 | 5.169 | 171 | — |
Magazine Luiza SA | 8/30/24 | BANA | 6,574 | (1.331) | — | (2,452) |
Nan Ya Printed Circuit Board Corp. | 8/30/24 | BANA | 6,265 | (2.331) | — | (534) |
Novatek Microelectronics Corp. | 7/31/24 | GSI | 41,986 | (4.331) | — | (302) |
RDC Semiconductor Co. Ltd. | 3/26/25 | MSCS | 5,000 | 2.167 | — | (1,858) |
6,411 | (5,676) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. | |
MSCS—Morgan Stanley Capital Services LLC. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $84,433,967) | 103,235,202 |
Affiliated Issuers (Cost $2,209,510) | 2,209,989 |
Total Investments in Securities | 105,445,191 |
Investment in Vanguard | 3,051 |
Cash | 2,329 |
Foreign Currency, at Value (Cost $248,565) | 246,673 |
Cash Collateral Pledged—Futures Contracts | 7,880 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts and Forward Currency Contracts | 6,276 |
Receivables for Investment Securities Sold | 288,061 |
Receivables for Accrued Income | 142,098 |
Receivables for Capital Shares Issued | 17,873 |
Unrealized Appreciation—Forward Currency Contracts | 5,883 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 6,411 |
Other Assets | 2,925 |
Total Assets | 106,174,651 |
Liabilities | |
Due to Custodian | 260,689 |
Payables for Investment Securities Purchased | 32,910 |
Collateral for Securities on Loan | 714,164 |
Payables for Capital Shares Redeemed | 25,282 |
Payables to Vanguard | 3,987 |
Variation Margin Payable—Futures Contracts | 1,007 |
Unrealized Depreciation—Forward Currency Contracts | 8,971 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 5,676 |
Deferred Foreign Capital Gains Taxes | 1,309,317 |
Total Liabilities | 2,362,003 |
Net Assets | 103,812,648 |
1 Includes $651,463,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2024, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 107,115,067 |
Total Distributable Earnings (Loss) | (3,302,419) |
Net Assets | 103,812,648 |
Investor Shares—Net Assets | |
Applicable to 2,603,317 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 69,772 |
Net Asset Value Per Share—Investor Shares | $26.80 |
ETF Shares—Net Assets | |
Applicable to 1,800,930,340 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 76,169,990 |
Net Asset Value Per Share—ETF Shares | $42.29 |
Admiral Shares—Net Assets | |
Applicable to 446,371,214 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,699,562 |
Net Asset Value Per Share—Admiral Shares | $35.17 |
Institutional Shares—Net Assets | |
Applicable to 276,428,253 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,392,799 |
Net Asset Value Per Share—Institutional Shares | $26.74 |
Institutional Plus Shares—Net Assets | |
Applicable to 50,362,747 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,480,525 |
Net Asset Value Per Share—Institutional Plus Shares | $88.97 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 969,137 |
Interest2 | 35,911 |
Securities Lending—Net | 29,634 |
Total Income | 1,034,682 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,525 |
Management and Administrative—Investor Shares | 89 |
Management and Administrative—ETF Shares | 18,181 |
Management and Administrative—Admiral Shares | 7,998 |
Management and Administrative—Institutional Shares | 2,384 |
Management and Administrative—Institutional Plus Shares | 1,036 |
Marketing and Distribution—Investor Shares | 2 |
Marketing and Distribution—ETF Shares | 1,046 |
Marketing and Distribution—Admiral Shares | 406 |
Marketing and Distribution—Institutional Shares | 133 |
Marketing and Distribution—Institutional Plus Shares | 66 |
Custodian Fees | 10,378 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,626 |
Shareholders’ Reports—Admiral Shares | 188 |
Shareholders’ Reports—Institutional Shares | 90 |
Shareholders’ Reports—Institutional Plus Shares | 21 |
Trustees’ Fees and Expenses | 36 |
Other Expenses | 495 |
Total Expenses | 45,701 |
Expenses Paid Indirectly | (4) |
Net Expenses | 45,697 |
Net Investment Income | 988,985 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3,4 | (144,809) |
Futures Contracts | 7,181 |
Swap Contracts | (1,663) |
Forward Currency Contracts | 7,300 |
Foreign Currencies | 9,232 |
Realized Net Gain (Loss) | (122,759) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2,5 | 11,719,760 |
Futures Contracts | 18,315 |
Swap Contracts | 13,980 |
Forward Currency Contracts | (4,279) |
Foreign Currencies | (21,830) |
Change in Unrealized Appreciation (Depreciation) | 11,725,946 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,592,172 |
1 | Dividends are net of foreign withholding taxes of $92,316,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $35,653,000, $65,000, $8,000, and ($272,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Realized Gain (Loss) is net of foreign capital gains taxes of $25,559,000. |
4 | Includes $58,653,000 of net gain (loss) resulting from in-kind redemptions. |
5 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $546,675,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 988,985 | 2,960,858 | |
Realized Net Gain (Loss) | (122,759) | (1,962,216) | |
Change in Unrealized Appreciation (Depreciation) | 11,725,946 | 8,049,415 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,592,172 | 9,048,057 | |
Distributions | |||
Investor Shares | (1,517) | (2,495) | |
ETF Shares | (1,637,840) | (2,153,261) | |
Admiral Shares | (328,665) | (437,960) | |
Institutional Shares | (152,691) | (204,583) | |
Institutional Plus Shares | (91,040) | (118,269) | |
Total Distributions | (2,211,753) | (2,916,568) | |
Capital Share Transactions | |||
Investor Shares | (5,628) | (33,124) | |
ETF Shares | 494,423 | 2,749,995 | |
Admiral Shares | 25,899 | 331,108 | |
Institutional Shares | 20,217 | 501,722 | |
Institutional Plus Shares | 522,569 | (319,318) | |
Net Increase (Decrease) from Capital Share Transactions | 1,057,480 | 3,230,383 | |
Total Increase (Decrease) | 11,437,899 | 9,361,872 | |
Net Assets | |||
Beginning of Period | 92,374,749 | 83,012,877 | |
End of Period | 103,812,648 | 92,374,749 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.11 | $22.40 | $32.02 | $27.86 | $26.59 | $24.02 |
Investment Operations | ||||||
Net Investment Income1 | .228 | .696 | .805 | .670 | .528 | .6432 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.008 | 1.729 | (9.574) | 4.133 | 1.456 | 2.601 |
Total from Investment Operations | 3.236 | 2.425 | (8.769) | 4.803 | 1.984 | 3.244 |
Distributions | ||||||
Dividends from Net Investment Income | (.546) | (.715) | (.851) | (.643) | (.714) | (.674) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.546) | (.715) | (.851) | (.643) | (.714) | (.674) |
Net Asset Value, End of Period | $26.80 | $24.11 | $22.40 | $32.02 | $27.86 | $26.59 |
Total Return3 | 13.53% | 10.72% | -27.83% | 17.23% | 7.55% | 13.66% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $70 | $68 | $92 | $171 | $162 | $239 |
Ratio of Total Expenses to Average Net Assets | 0.29%4 | 0.29%4 | 0.29%4 | 0.29% | 0.29% | 0.29% |
Ratio of Net Investment Income to Average Net Assets | 1.78% | 2.74% | 2.85% | 2.05% | 2.02% | 2.48%2 |
Portfolio Turnover Rate5 | 3% | 5% | 7% | 9% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.171 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | 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. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.29%. |
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. |
FTSE Emerging Markets ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $38.04 | $35.35 | $50.55 | $43.98 | $41.99 | $37.91 |
Investment Operations | ||||||
Net Investment Income1 | .405 | 1.230 | 1.410 | 1.186 | .954 | 1.3932 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.748 | 2.677 | (15.163) | 6.506 | 2.249 | 3.826 |
Total from Investment Operations | 5.153 | 3.907 | (13.753) | 7.692 | 3.203 | 5.219 |
Distributions | ||||||
Dividends from Net Investment Income | (.903) | (1.217) | (1.447) | (1.122) | (1.213) | (1.139) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.903) | (1.217) | (1.447) | (1.122) | (1.213) | (1.139) |
Net Asset Value, End of Period | $42.29 | $38.04 | $35.35 | $50.55 | $43.98 | $41.99 |
Total Return | 13.67% | 10.95% | -27.68% | 17.51% | 7.77% | 13.95% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $76,170 | $68,051 | $60,832 | $80,116 | $61,434 | $63,089 |
Ratio of Total Expenses to Average Net Assets | 0.08%3 | 0.08%3 | 0.08%3 | 0.08% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.99% | 3.06% | 3.19% | 2.29% | 2.31% | 3.40%2 |
Portfolio Turnover Rate4 | 3% | 5% | 7% | 9% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.271 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
4 | 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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $31.64 | $29.39 | $42.04 | $36.57 | $34.91 | $31.53 |
Investment Operations | ||||||
Net Investment Income1 | .326 | 1.002 | 1.145 | .949 | .784 | 1.1542 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.945 | 2.241 | (12.617) | 5.432 | 1.870 | 3.155 |
Total from Investment Operations | 4.271 | 3.243 | (11.472) | 6.381 | 2.654 | 4.309 |
Distributions | ||||||
Dividends from Net Investment Income | (.741) | (.993) | (1.178) | (.911) | (.994) | (.929) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.741) | (.993) | (1.178) | (.911) | (.994) | (.929) |
Net Asset Value, End of Period | $35.17 | $31.64 | $29.39 | $42.04 | $36.57 | $34.91 |
Total Return3 | 13.62% | 10.92% | -27.76% | 17.44% | 7.72% | 13.83% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $15,700 | $14,094 | $12,803 | $17,690 | $14,541 | $14,383 |
Ratio of Total Expenses to Average Net Assets | 0.14%4 | 0.14%4 | 0.14%4 | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.93% | 3.00% | 3.11% | 2.21% | 2.28% | 3.38%2 |
Portfolio Turnover Rate5 | 3% | 5% | 7% | 9% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.225 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | 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. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.06 | $22.35 | $31.96 | $27.81 | $26.55 | $23.98 |
Investment Operations | ||||||
Net Investment Income1 | .253 | .777 | .882 | .736 | .611 | .8882 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.996 | 1.698 | (9.585) | 4.120 | 1.415 | 2.401 |
Total from Investment Operations | 3.249 | 2.475 | (8.703) | 4.856 | 2.026 | 3.289 |
Distributions | ||||||
Dividends from Net Investment Income | (.569) | (.765) | (.907) | (.706) | (.766) | (.719) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.569) | (.765) | (.907) | (.706) | (.766) | (.719) |
Net Asset Value, End of Period | $26.74 | $24.06 | $22.35 | $31.96 | $27.81 | $26.55 |
Total Return | 13.62% | 10.96% | -27.70% | 17.45% | 7.76% | 13.88% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $7,393 | $6,627 | $5,715 | $7,791 | $6,592 | $6,309 |
Ratio of Total Expenses to Average Net Assets | 0.10%3 | 0.10%3 | 0.10%3 | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 1.97% | 3.06% | 3.15% | 2.25% | 2.34% | 3.43%2 |
Portfolio Turnover Rate4 | 3% | 5% | 7% | 9% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.171 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
4 | 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. |
Institutional Plus Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $80.02 | $74.35 | $106.33 | $92.51 | $88.32 | $79.77 |
Investment Operations | ||||||
Net Investment Income1 | .855 | 2.557 | 2.931 | 2.412 | 2.123 | 3.1022 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.996 | 5.672 | (31.875) | 13.779 | 4.635 | 7.869 |
Total from Investment Operations | 10.851 | 8.229 | (28.944) | 16.191 | 6.758 | 10.971 |
Distributions | ||||||
Dividends from Net Investment Income | (1.901) | (2.559) | (3.036) | (2.371) | (2.568) | (2.421) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.901) | (2.559) | (3.036) | (2.371) | (2.568) | (2.421) |
Net Asset Value, End of Period | $88.97 | $80.02 | $74.35 | $106.33 | $92.51 | $88.32 |
Total Return | 13.68% | 10.96% | -27.70% | 17.49% | 7.78% | 13.93% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,481 | $3,535 | $3,572 | $5,097 | $4,645 | $2,784 |
Ratio of Total Expenses to Average Net Assets | 0.08%3 | 0.08%3 | 0.08%3 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.00% | 3.03% | 3.14% | 2.22% | 2.45% | 3.59%2 |
Portfolio Turnover Rate4 | 3% | 5% | 7% | 9% | 10% | 9% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.571 and 0.66%, respectively, resulting from a special dividend from Naspers Ltd. in September 2019. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%. |
4 | 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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 8,042,958 | 49,721 | 9 | 8,092,688 |
Common Stocks—Other | 2,261,130 | 91,087,330 | 273,352 | 93,621,812 |
Preferred Stocks | 1,519,989 | — | — | 1,519,989 |
Rights | 553 | — | — | 553 |
Warrants | 160 | — | — | 160 |
Temporary Cash Investments | 2,209,989 | — | — | 2,209,989 |
Total | 14,034,779 | 91,137,051 | 273,361 | 105,445,191 |
Derivative Financial Instruments | ||||
Assets | ||||
Forward Currency Contracts | — | 5,883 | — | 5,883 |
Swap Contracts | — | 6,411 | — | 6,411 |
Total | — | 12,294 | — | 12,294 |
Liabilities | ||||
Futures Contracts1 | 917 | — | — | 917 |
Forward Currency Contracts | — | 8,971 | — | 8,971 |
Swap Contracts | — | 5,676 | — | 5,676 |
Total | 917 | 14,647 | — | 15,564 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Forward Currency Contracts | — | 5,883 | 5,883 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 6,411 | — | 6,411 |
Total Assets | 6,411 | 5,883 | 12,294 |
Unrealized Depreciation—Futures Contracts1 | 917 | — | 917 |
Unrealized Depreciation—Forward Currency Contracts | — | 8,971 | 8,971 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 5,676 | — | 5,676 |
Total Liabilities | 6,593 | 8,971 | 15,564 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 7,181 | — | 7,181 |
Swap Contracts | (1,663) | — | (1,663) |
Forward Currency Contracts | — | 7,300 | 7,300 |
Realized Net Gain (Loss) on Derivatives | 5,518 | 7,300 | 12,818 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 18,315 | — | 18,315 |
Swap Contracts | 13,980 | — | 13,980 |
Forward Currency Contracts | — | (4,279) | (4,279) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 32,295 | (4,279) | 28,016 |
Amount ($000) | |
Tax Cost | 88,337,309 |
Gross Unrealized Appreciation | 38,287,712 |
Gross Unrealized Depreciation | (21,183,100) |
Net Unrealized Appreciation (Depreciation) | 17,104,612 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 3,730 | 145 | 8,692 | 340 | |
Issued in Lieu of Cash Distributions | 1,517 | 59 | 2,495 | 99 | |
Redeemed | (10,875) | (419) | (44,311) | (1,740) | |
Net Increase (Decrease)—Investor Shares | (5,628) | (215) | (33,124) | (1,301) | |
ETF Shares | |||||
Issued | 1,029,597 | 25,117 | 2,984,638 | 73,739 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (535,174) | (13,000) | (234,643) | (6,000) | |
Net Increase (Decrease)—ETF Shares | 494,423 | 12,117 | 2,749,995 | 67,739 | |
Admiral Shares | |||||
Issued | 1,490,533 | 43,978 | 2,885,120 | 86,622 | |
Issued in Lieu of Cash Distributions | 287,678 | 8,582 | 381,568 | 11,552 | |
Redeemed | (1,752,312) | (51,698) | (2,935,580) | (88,234) | |
Net Increase (Decrease)—Admiral Shares | 25,899 | 862 | 331,108 | 9,940 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 864,779 | 33,687 | 1,547,882 | 61,089 | |
Issued in Lieu of Cash Distributions | 146,756 | 5,758 | 195,657 | 7,784 | |
Redeemed | (991,318) | (38,489) | (1,241,817) | (49,104) | |
Net Increase (Decrease)—Institutional Shares | 20,217 | 956 | 501,722 | 19,769 | |
Institutional Plus Shares | |||||
Issued | 568,327 | 6,699 | 508,673 | 6,045 | |
Issued in Lieu of Cash Distributions | 84,786 | 1,000 | 110,386 | 1,324 | |
Redeemed | (130,544) | (1,513) | (938,377) | (11,231) | |
Net Increase (Decrease)—Institutional Plus Shares | 522,569 | 6,186 | (319,318) | (3,862) |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
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. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(a)(2) | Certifications filed herewith. |
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 INTERNATIONAL EQUITY INDEX FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 20, 2024
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 INTERNATIONAL EQUITY INDEX FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 20, 2024
VANGUARD INTERNATIONAL EQUITY INDEX FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 20, 2024
* By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.
Exhibit 99.CERT
CERTIFICATIONS
I, Mortimer J. Buckley, certify that:
1. I have reviewed this report on Form N-CSR of International Equity Index Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 20, 2024
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
Chief Executive Officer |
CERTIFICATIONS
I, Christine Buchanan, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard International Equity Index Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 20, 2024
/s/ Christine Buchanan | |
Christine Buchanan | |
Chief Financial Officer |
Exhibit 99.906CERT
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: Vanguard International Equity Index Funds
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer. |
Date: June 20, 2024
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
Chief Executive Officer |
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: Vanguard International Equity Index Funds
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer. |
Date: June 20, 2024
/s/ Christine Buchanan | |
Christine Buchanan | |
Chief Financial Officer |
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