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
|
25 |
Trustees Approve Advisory Arrangements
|
46 |
Liquidity Risk Management
|
48 |
• | 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, 2021 | |||
Beginning Account Value 10/31/2020 |
Ending Account Value 4/30/2021 |
Expenses Paid During Period | |
Based on Actual Fund Return | |||
European Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,343.20 | $1.34 |
FTSE Europe ETF Shares | 1,000.00 | 1,344.30 | 0.47 |
Admiral™ Shares | 1,000.00 | 1,343.90 | 0.58 |
Institutional Shares | 1,000.00 | 1,344.30 | 0.47 |
Institutional Plus Shares | 1,000.00 | 1,344.30 | 0.41 |
Pacific Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,234.90 | $1.27 |
FTSE Pacific ETF Shares | 1,000.00 | 1,236.10 | 0.44 |
Admiral Shares | 1,000.00 | 1,236.00 | 0.55 |
Institutional Shares | 1,000.00 | 1,235.80 | 0.44 |
Based on Hypothetical 5% Yearly Return | |||
European Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,023.65 | $1.15 |
FTSE Europe ETF Shares | 1,000.00 | 1,024.40 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.40 | 0.40 |
Institutional Plus Shares | 1,000.00 | 1,024.45 | 0.35 |
Pacific Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,023.65 | $1.15 |
FTSE Pacific ETF Shares | 1,000.00 | 1,024.40 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.30 | 0.50 |
Institutional Shares | 1,000.00 | 1,024.40 | 0.40 |
Basic Materials | 6.6% |
Consumer Discretionary | 13.7 |
Consumer Staples | 10.9 |
Energy | 4.8 |
Financials | 16.3 |
Health Care | 13.2 |
Industrials | 17.2 |
Real Estate | 2.7 |
Technology | 7.3 |
Telecommunications | 3.2 |
Utilities | 4.1 |
Other | 0.0 |
Shares | Market Value• ($000) |
Percentage of Net Assets | |||
Common Stocks | |||||
†Austria*,1,2 | 112,057 | 0.5% | |||
Belgium | |||||
Anheuser-Busch InBev SA* | 1,550,645 | 109,836 | 0.5% | ||
† | Belgium—Other*,2 | 290,444 | 1.2% | ||
400,280 | 1.7% | ||||
Denmark | |||||
Novo Nordisk A/S Class B | 3,004,192 | 221,612 | 1.0% | ||
Novozymes A/S Class B | 367,608 | 26,072 | 0.1% | ||
† | Denmark—Other*,1,2 | 590,320 | 2.6% | ||
838,004 | 3.7% | ||||
†Finland*,1,2 | 493,200 | 2.2% | |||
France | |||||
LVMH Moet Hennessy Louis Vuitton SE | 463,060 | 348,846 | 1.5% | ||
Sanofi | 2,024,416 | 212,245 | 0.9% | ||
TOTAL SE | 4,499,095 | 198,850 | 0.9% | ||
Schneider Electric SE | 974,711 | 155,521 | 0.7% | ||
L'Oreal SA* | 355,795 | 145,688 | 0.6% | ||
BNP Paribas SA | 2,014,200 | 129,146 | 0.6% | ||
Airbus SE* | 1,027,192 | 123,530 | 0.6% | ||
Air Liquide SA Loyalty Shares* | 687,371 | 115,755 | 0.5% | ||
Kering SA | 138,422 | 110,919 | 0.5% | ||
AXA SA | 3,563,074 | 100,639 | 0.5% | ||
† | France—Other*,1,2,3 | 1,949,648 | 8.5% | ||
3,590,787 | 15.8% |
Shares | Market Value• ($000) |
Percentage of Net Assets | |||
Germany | |||||
SAP SE | 2,083,711 | 291,763 | 1.3% | ||
Siemens AG (Registered) | 1,397,140 | 233,092 | 1.0% | ||
Allianz SE (Registered) | 762,587 | 197,980 | 0.9% | ||
BASF SE | 1,702,086 | 137,173 | 0.6% | ||
Daimler AG (Registered) | 1,529,320 | 136,108 | 0.6% | ||
Bayer AG (Registered) | 1,821,812 | 117,886 | 0.5% | ||
Deutsche Telekom AG (Registered) | 5,981,030 | 115,105 | 0.5% | ||
adidas AG | 356,550 | 110,124 | 0.5% | ||
Deutsche Post AG (Registered) | 1,810,697 | 106,645 | 0.5% | ||
Infineon Technologies AG | 2,419,991 | 97,043 | 0.4% | ||
Siemens Healthineers AG1 | 423,683 | 24,212 | 0.1% | ||
† | Germany—Other*,1,2 | 1,665,877 | 7.3% | ||
3,233,008 | 14.2% | ||||
†Ireland*,2,3 | 135,028 | 0.6% | |||
Italy | |||||
Enel SPA | 14,407,672 | 143,058 | 0.6% | ||
† | Italy—Other*,1,2 | 744,013 | 3.3% | ||
887,071 | 3.9% | ||||
Netherlands | |||||
ASML Holding NV | 740,881 | 480,937 | 2.1% | ||
Adyen NV*,1 | 50,373 | 123,973 | 0.6% | ||
Koninklijke Philips NV | 1,688,208 | 95,457 | 0.4% | ||
† | Netherlands—Other*,1,2 | 778,519 | 3.4% | ||
1,478,886 | 6.5% | ||||
†Norway*,1 | 316,645 | 1.4% | |||
†Poland*,1,2 | 118,197 | 0.5% | |||
†Portugal*,2 | 71,653 | 0.3% | |||
Spain | |||||
Iberdrola SA (XMAD)* | 10,933,454 | 147,754 | 0.7% | ||
Banco Santander SA* | 31,854,243 | 122,880 | 0.6% | ||
† | Spain—Other*,1,2 | 597,030 | 2.5% | ||
867,664 | 3.8% | ||||
†Sweden*,1,2 | 1,456,435 | 6.4% | |||
Switzerland | |||||
Nestle SA (Registered) | 5,170,481 | 616,997 | 2.7% | ||
Roche Holding AG | 1,317,150 | 429,596 | 1.9% | ||
Novartis AG (Registered) | 3,935,022 | 335,801 | 1.5% | ||
Zurich Insurance Group AG | 276,085 | 113,266 | 0.5% | ||
ABB Ltd. (Registered) | 3,165,363 | 102,818 | 0.5% | ||
Cie Financiere Richemont SA (Registered) Class A | 945,203 | 97,003 | 0.4% | ||
UBS Group AG (Registered) | 6,210,071 | 94,832 | 0.4% | ||
Roche Holding AG (Bearer) | 27,465 | 9,550 | 0.1% | ||
† | Switzerland—Other*,1,2,3 | 1,252,261 | 5.4% | ||
3,052,124 | 13.4% |
Shares | Market Value• ($000) |
Percentage of Net Assets | |||
United Kingdom | |||||
AstraZeneca plc | 2,437,378 | 259,444 | 1.2% | ||
HSBC Holdings plc* | 37,890,848 | 236,580 | 1.0% | ||
Diageo plc | 4,264,061 | 191,420 | 0.9% | ||
GlaxoSmithKline plc | 9,179,192 | 169,629 | 0.8% | ||
Rio Tinto plc | 2,023,648 | 169,495 | 0.8% | ||
BP plc | 36,887,149 | 154,422 | 0.7% | ||
British American Tobacco plc | 4,094,172 | 151,907 | 0.7% | ||
Unilever plc | 2,568,823 | 149,997 | 0.7% | ||
Unilever plc (XLON) | 2,159,090 | 126,473 | 0.6% | ||
Royal Dutch Shell plc Class B | 6,949,297 | 124,348 | 0.6% | ||
Royal Dutch Shell plc Class A | 6,374,788 | 119,950 | 0.5% | ||
BHP Group plc | 3,881,995 | 116,906 | 0.5% | ||
Reckitt Benckiser Group plc | 1,174,849 | 104,606 | 0.5% | ||
Prudential plc | 4,833,089 | 102,337 | 0.5% | ||
Anglo American plc | 2,278,872 | 96,625 | 0.4% | ||
Royal Dutch Shell plc Class A (XLON) | 1,191,185 | 22,686 | 0.1% | ||
† | United Kingdom—Other*,1,2,3 | 3,156,026 | 13.5% | ||
5,452,851 | 24.0% | ||||
Total Common Stocks (Cost $22,611,623) | 22,503,890 | 98.9% | |||
Coupon | |||||
Temporary Cash Investments | |||||
Money Market Fund | |||||
Vanguard Market Liquidity Fund (Cost $469,384)4,5 | 0.068% | 4,693,846 | 469,384 | 2.0% | |
Total Investments (Cost $23,081,007) | 22,973,274 | 100.9% | |||
Other Assets and Liabilities—Net | (214,301) | (0.9%) | |||
Net Assets | 22,758,973 | 100.0% | |||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
* | Non-income-producing security. |
1 | Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $886,369,000, representing 3.9% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $418,446,000. |
3 | Certain securities are valued 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 $458,244,000 was received for securities on loan, of which $458,000,000 is held in Vanguard Market Liquidity Fund and $244,000 is held in cash. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number
of Long (Short) Contracts |
Notional Amount |
Value
and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
Euro Stoxx 50 Index | June 2021 | 3,645 | 172,659 | 4,823 |
FTSE 100 Index | June 2021 | 770 | 73,774 | 1,961 |
6,784 |
Forward Currency Contracts | |||||||
Contract Settlement Date |
Contract Amount (000) | Unrealized Appreciation ($000) |
Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Toronto-Dominion Bank | 6/16/21 | EUR | 97,676 | USD | 115,711 | 1,834 | — |
Royal Bank of Canada | 6/16/21 | EUR | 12,855 | USD | 15,214 | 256 | — |
Toronto-Dominion Bank | 6/16/21 | GBP | 8,296 | USD | 11,446 | 12 | — |
BNP Paribas | 6/16/21 | USD | 87,497 | CHF | 81,867 | — | (2,260) |
Citibank, N.A. | 6/16/21 | USD | 7,627 | DKK | 47,864 | — | (117) |
Morgan Stanley Capital Services Inc. | 6/16/21 | USD | 3,721 | EUR | 3,139 | — | (56) |
UBS AG | 6/16/21 | USD | 1,594 | GBP | 1,162 | — | (11) |
2,102 | (2,444) |
CHF—Swiss franc. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $22,611,623) | 22,503,890 |
Affiliated Issuers (Cost $469,384) | 469,384 |
Total Investments in Securities | 22,973,274 |
Investment in Vanguard | 772 |
Cash | 244 |
Cash Collateral Pledged—Futures Contracts | 19,076 |
Cash Collateral Pledged—Forward Currency Contracts | 2,465 |
Foreign Currency, at Value (Cost $33,874) | 33,779 |
Receivables for Investment Securities Sold | 59,108 |
Receivables for Accrued Income | 188,948 |
Receivables for Capital Shares Issued | 2,034 |
Unrealized Appreciation—Forward Currency Contracts | 2,102 |
Total Assets | 23,281,802 |
Liabilities | |
Due to Custodian | 56,760 |
Payables for Investment Securities Purchased | 2,076 |
Collateral for Securities on Loan | 458,244 |
Payables for Capital Shares Redeemed | 1,956 |
Payables to Vanguard | 788 |
Variation Margin Payable—Futures Contracts | 561 |
Unrealized Depreciation—Forward Currency Contracts | 2,444 |
Total Liabilities | 522,829 |
Net Assets | 22,758,973 |
Statement of Assets and Liabilities (continued)
| |
At April 30, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 23,657,566 |
Total Distributable Earnings (Loss) | (898,593) |
Net Assets | 22,758,973 |
Investor Shares—Net Assets | |
Applicable
to 741,719 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
26,273 |
Net Asset Value Per Share—Investor Shares | $35.42 |
ETF Shares—Net Assets | |
Applicable
to 255,993,980 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
16,876,963 |
Net Asset Value Per Share—ETF Shares | $65.93 |
Admiral Shares—Net Assets | |
Applicable
to 59,596,437 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
4,915,166 |
Net Asset Value Per Share—Admiral Shares | $82.47 |
Institutional Shares—Net Assets | |
Applicable
to 24,063,055 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
846,277 |
Net Asset Value Per Share—Institutional Shares | $35.17 |
Institutional Plus Shares—Net Assets | |
Applicable
to 600,063 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
94,294 |
Net Asset Value Per Share—Institutional Plus Shares | $157.14 |
Six
Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 303,658 |
Interest2 | 13 |
Securities Lending—Net | 2,981 |
Total Income | 306,652 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,104 |
Management and Administrative—Investor Shares | 25 |
Management and Administrative—ETF Shares | 4,507 |
Management and Administrative—Admiral Shares | 1,849 |
Management and Administrative—Institutional Shares | 264 |
Management and Administrative—Institutional Plus Shares | 23 |
Marketing and Distribution—Investor Shares | 1 |
Marketing and Distribution—ETF Shares | 207 |
Marketing and Distribution—Admiral Shares | 70 |
Marketing and Distribution—Institutional Shares | 10 |
Marketing and Distribution—Institutional Plus Shares | — |
Custodian Fees | 462 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 2 |
Shareholders’ Reports—Admiral Shares | 15 |
Shareholders’ Reports—Institutional Shares | 1 |
Shareholders’ Reports—Institutional Plus Shares | — |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 8,542 |
Net Investment Income | 298,110 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (116,205) |
Futures Contracts | 26,486 |
Forward Currency Contracts | 3,102 |
Foreign Currencies | 1,082 |
Realized Net Gain (Loss) | (85,535) |
Statement of Operations (continued) | |
Six
Months Ended April 30, 2021 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 5,383,685 |
Futures Contracts | 20,334 |
Forward Currency Contracts | 1,768 |
Foreign Currencies | 776 |
Change in Unrealized Appreciation (Depreciation) | 5,406,563 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,619,138 |
1 | Dividends are net of foreign withholding taxes of $24,116,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,000, ($1,000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $48,570,000 of net gain (loss) resulting from in-kind redemptions. |
Six
Months Ended April 30, 2021 |
Year
Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 298,110 | 416,408 | |
Realized Net Gain (Loss) | (85,535) | (1,068,071) | |
Change in Unrealized Appreciation (Depreciation) | 5,406,563 | (1,538,377) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,619,138 | (2,190,040) | |
Distributions | |||
Investor Shares | (235) | (468) | |
ETF Shares | (156,432) | (289,650) | |
Admiral Shares | (48,291) | (97,387) | |
Institutional Shares | (9,154) | (18,231) | |
Institutional Plus Shares | (924) | (1,716) | |
Total Distributions | (215,036) | (407,452) | |
Capital Share Transactions | |||
Investor Shares | 800 | (3,442) | |
ETF Shares | 1,319,581 | 556,405 | |
Admiral Shares | (123,445) | (344,953) | |
Institutional Shares | (96,734) | (68,683) | |
Institutional Plus Shares | 911 | (28,288) | |
Net Increase (Decrease) from Capital Share Transactions | 1,101,113 | 111,039 | |
Total Increase (Decrease) | 6,505,215 | (2,486,453) | |
Net Assets | |||
Beginning of Period | 16,253,758 | 18,740,211 | |
End of Period | 22,758,973 | 16,253,758 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended April 30, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $26.63 | $29.84 | $27.85 | $31.44 | $25.27 | $27.98 |
Investment Operations | ||||||
Net Investment Income | .4551 | .6271 | 1.0531 | .9681 | .8271 | .881 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.660 | (3.221) | 1.913 | (3.572) | 6.109 | (2.738) |
Total from Investment Operations | 9.115 | (2.594) | 2.966 | (2.604) | 6.936 | (1.857) |
Distributions | ||||||
Dividends from Net Investment Income | (.325) | (.616) | (.976) | (.986) | (.766) | (.853) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.325) | (.616) | (.976) | (.986) | (.766) | (.853) |
Net Asset Value, End of Period | $35.42 | $26.63 | $29.84 | $27.85 | $31.44 | $25.27 |
Total Return2 | 34.32% | -8.68% | 10.90% | -8.53% | 27.77% | -6.63% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $26 | $19 | $25 | $543 | $701 | $608 |
Ratio of Total Expenses to Average Net Assets | 0.23% | 0.23% | 0.23% | 0.23% | 0.26% | 0.26% |
Ratio of Net Investment Income to Average Net Assets | 2.73% | 2.23% | 3.72% | 3.14% | 2.81% | 3.35% |
Portfolio Turnover Rate3 | 1% | 3% | 3% | 6% | 4% | 6% |
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 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $49.57 | $55.54 | $51.84 | $58.54 | $47.05 | $52.09 |
Investment Operations | ||||||
Net Investment Income | .9041 | 1.2471 | 1.8541 | 1.9121 | 1.5671 | 1.717 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.105 | (5.990) | 3.744 | (6.689) | 11.434 | (5.094) |
Total from Investment Operations | 17.009 | (4.743) | 5.598 | (4.777) | 13.001 | (3.377) |
Distributions | ||||||
Dividends from Net Investment Income | (.649) | (1.227) | (1.898) | (1.923) | (1.511) | (1.663) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.649) | (1.227) | (1.898) | (1.923) | (1.511) | (1.663) |
Net Asset Value, End of Period | $65.93 | $49.57 | $55.54 | $51.84 | $58.54 | $47.05 |
Total Return | 34.43% | -8.50% | 11.08% | -8.44% | 27.98% | -6.43% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $16,877 | $11,659 | $13,067 | $14,624 | $17,880 | $10,533 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.91% | 2.38% | 3.50% | 3.28% | 2.97% | 3.51% |
Portfolio Turnover Rate2 | 1% | 3% | 3% | 6% | 4% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $62.01 | $69.48 | $64.84 | $73.23 | $58.85 | $65.16 |
Investment Operations | ||||||
Net Investment Income | 1.1001 | 1.5531 | 2.2981 | 2.3531 | 2.0161 | 2.151 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.164 | (7.502) | 4.693 | (8.338) | 14.251 | (6.379) |
Total from Investment Operations | 21.264 | (5.949) | 6.991 | (5.985) | 16.267 | (4.228) |
Distributions | ||||||
Dividends from Net Investment Income | (.804) | (1.521) | (2.351) | (2.405) | (1.887) | (2.082) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.804) | (1.521) | (2.351) | (2.405) | (1.887) | (2.082) |
Net Asset Value, End of Period | $82.47 | $62.01 | $69.48 | $64.84 | $73.23 | $58.85 |
Total Return2 | 34.39% | -8.55% | 11.05% | -8.43% | 27.99% | -6.48% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,915 | $3,795 | $4,671 | $4,174 | $4,754 | $3,609 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.83% | 2.37% | 3.47% | 3.27% | 2.97% | 3.51% |
Portfolio Turnover Rate3 | 1% | 3% | 3% | 6% | 4% | 6% |
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 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $26.44 | $29.63 | $27.65 | $31.23 | $25.10 | $27.79 |
Investment Operations | ||||||
Net Investment Income | .4701 | .6671 | .9931 | 1.0141 | .8731 | .921 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.606 | (3.203) | 1.998 | (3.564) | 6.068 | (2.719) |
Total from Investment Operations | 9.076 | (2.536) | 2.991 | (2.550) | 6.941 | (1.798) |
Distributions | ||||||
Dividends from Net Investment Income | (.346) | (.654) | (1.011) | (1.030) | (.811) | (.892) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.346) | (.654) | (1.011) | (1.030) | (.811) | (.892) |
Net Asset Value, End of Period | $35.17 | $26.44 | $29.63 | $27.65 | $31.23 | $25.10 |
Total Return | 34.43% | -8.54% | 11.09% | -8.42% | 28.00% | -6.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $846 | $710 | $870 | $760 | $756 | $574 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.84% | 2.39% | 3.51% | 3.29% | 2.99% | 3.53% |
Portfolio Turnover Rate2 | 1% | 3% | 3% | 6% | 4% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $118.14 | $132.38 | $123.55 | $139.48 | $112.09 | $124.09 |
Investment Operations | ||||||
Net Investment Income | 2.1331 | 2.9891 | 4.1971 | 4.7111 | 3.9101 | 4.121 |
Net Realized and Unrealized Gain (Loss) on Investments | 38.420 | (14.294) | 9.160 | (16.018) | 27.110 | (12.133) |
Total from Investment Operations | 40.553 | (11.305) | 13.357 | (11.307) | 31.020 | (8.012) |
Distributions | ||||||
Dividends from Net Investment Income | (1.553) | (2.935) | (4.527) | (4.623) | (3.630) | (3.988) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.553) | (2.935) | (4.527) | (4.623) | (3.630) | (3.988) |
Net Asset Value, End of Period | $157.14 | $118.14 | $132.38 | $123.55 | $139.48 | $112.09 |
Total Return | 34.43% | -8.52% | 11.08% | -8.36% | 28.03% | -6.45% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $94 | $70 | $106 | $170 | $122 | $99 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.88% | 2.40% | 3.34% | 3.30% | 3.00% | 3.54% |
Portfolio Turnover Rate2 | 1% | 3% | 3% | 6% | 4% | 6% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. | 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 | 8,255 | 22,495,386 | 249 | 22,503,890 |
Temporary Cash Investments | 469,384 | — | — | 469,384 |
Total | 477,639 | 22,495,386 | 249 | 22,973,274 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 6,784 | — | — | 6,784 |
Forward Currency Contracts | — | 2,102 | — | 2,102 |
Total | 6,784 | 2,102 | — | 8,886 |
Liabilities | ||||
Forward Currency Contracts | — | 2,444 | — | 2,444 |
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. |
D. | At April 30, 2021, 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 | 6,784 | — | 6,784 |
Unrealized Appreciation—Forward Currency Contracts | — | 2,102 | 2,102 |
Total Assets | 6,784 | 2,102 | 8,886 |
Statement of Assets and Liabilities | Equity Contracts ($000) |
Foreign Exchange Contracts ($000) |
Total ($000) |
Unrealized Depreciation—Forward Currency Contracts | — | 2,444 | 2,444 |
Total Liabilities | — | 2,444 | 2,444 |
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 | 26,486 | — | 26,486 |
Forward Currency Contracts | — | 3,102 | 3,102 |
Realized Net Gain (Loss) on Derivatives | 26,486 | 3,102 | 29,588 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 20,334 | — | 20,334 |
Forward Currency Contracts | — | 1,768 | 1,768 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 20,334 | 1,768 | 22,102 |
E. | As of April 30, 2021, gross unrealized appreciation and depreciation for investments, based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 23,123,322 |
Gross Unrealized Appreciation | 4,996,186 |
Gross Unrealized Depreciation | (5,139,791) |
Net Unrealized Appreciation (Depreciation) | (143,605) |
F. | During the six months ended April 30, 2021, the fund purchased $1,554,956,000 of investment securities and sold $432,707,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,166,333,000 and $153,087,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 |
Year Ended October 31, 2020 | ||||
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) | ||
Investor Shares | |||||
Issued | 1,825 | 55 | 1,868 | 67 | |
Issued in Lieu of Cash Distributions | 234 | 7 | 467 | 17 | |
Redeemed1 | (1,259) | (38) | (5,777) | (208) | |
Net Increase (Decrease)—Investor Shares | 800 | 24 | (3,442) | (124) | |
ETF Shares | |||||
Issued | 1,472,995 | 23,486 | 2,474,253 | 44,346 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (153,414) | (2,700) | (1,917,848) | (44,400) | |
Net Increase (Decrease)—ETF Shares | 1,319,581 | 20,786 | 556,405 | (54) | |
Admiral Shares | |||||
Issued1 | 233,161 | 3,033 | 538,460 | 8,286 | |
Issued in Lieu of Cash Distributions | 39,458 | 515 | 79,155 | 1,275 | |
Redeemed | (396,064) | (5,160) | (962,568) | (15,583) | |
Net Increase (Decrease)—Admiral Shares | (123,445) | (1,612) | (344,953) | (6,022) | |
Institutional Shares | |||||
Issued | 42,404 | 1,289 | 102,077 | 3,718 | |
Issued in Lieu of Cash Distributions | 6,737 | 206 | 12,382 | 468 | |
Redeemed | (145,875) | (4,277) | (183,142) | (6,718) | |
Net Increase (Decrease)—Institutional Shares | (96,734) | (2,782) | (68,683) | (2,532) | |
Institutional Plus Shares | |||||
Issued | — | — | — | — | |
Issued in Lieu of Cash Distributions | 911 | 6 | 1,712 | 14 | |
Redeemed | — | — | (30,000) | (224) | |
Net Increase (Decrease)—Institutional Plus Shares | 911 | 6 | (28,288) | (210) |
1 | In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed and Admiral Shares—Issued include 67 and 29 shares, respectively, in the amount of $2,000 from the conversion during the year ended October 31, 2020. |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |
Basic Materials | 8.0% |
Consumer Discretionary | 17.6 |
Consumer Staples | 5.0 |
Energy | 1.3 |
Financials | 15.8 |
Health Care | 8.2 |
Industrials | 18.2 |
Real Estate | 5.8 |
Technology | 14.5 |
Telecommunications | 3.7 |
Utilities | 1.9 |
Shares | Market Value• ($000) |
Percentage of Net Assets | |||
Common Stocks | |||||
Australia | |||||
Commonwealth Bank of Australia | 1,782,904 | 122,052 | 1.4% | ||
BHP Group Ltd. | 2,977,360 | 108,364 | 1.3% | ||
CSL Ltd. | 458,345 | 95,746 | 1.1% | ||
Westpac Banking Corp. | 3,696,120 | 71,227 | 0.8% | ||
National Australia Bank Ltd. | 3,311,177 | 67,761 | 0.8% | ||
Australia & New Zealand Banking Group Ltd. | 2,859,340 | 63,089 | 0.7% | ||
Wesfarmers Ltd. | 1,135,310 | 47,326 | 0.6% | ||
Macquarie Group Ltd. | 328,739 | 40,521 | 0.5% | ||
Woolworths Group Ltd. | 1,267,829 | 38,452 | 0.5% | ||
Rio Tinto Ltd. | 373,103 | 34,678 | 0.4% | ||
† | Australia—Other*,1,2,3 | 816,118 | 9.2% | ||
1,505,334 | 17.3% | ||||
†China*,1,3 | 43 | 0.0% | |||
Hong Kong | |||||
AIA Group Ltd. | 12,211,712 | 154,998 | 1.8% | ||
Hong Kong Exchanges & Clearing Ltd. | 1,283,364 | 77,401 | 0.9% | ||
† | Hong Kong—Other*,1,2,3 | 437,980 | 5.0% | ||
670,379 | 7.7% | ||||
Japan | |||||
Toyota Motor Corp. | 2,477,825 | 185,401 | 2.1% | ||
SoftBank Group Corp. | 1,404,370 | 126,549 | 1.5% | ||
Sony Group Corp. | 1,243,839 | 124,358 | 1.4% | ||
Keyence Corp. | 182,066 | 87,401 | 1.0% | ||
Tokyo Electron Ltd. | 149,384 | 67,848 | 0.8% | ||
Shin-Etsu Chemical Co. Ltd. | 401,850 | 67,833 | 0.8% |
Shares | Market Value• ($000) |
Percentage of Net Assets | |||
Mitsubishi UFJ Financial Group Inc. | 12,584,072 | 66,948 | 0.8% | ||
Nintendo Co. Ltd. | 107,195 | 61,493 | 0.7% | ||
Recruit Holdings Co. Ltd. | 1,363,266 | 61,466 | 0.7% | ||
Nidec Corp. | 466,266 | 53,839 | 0.6% | ||
Daikin Industries Ltd. | 266,573 | 53,772 | 0.6% | ||
KDDI Corp. | 1,715,766 | 51,867 | 0.6% | ||
Honda Motor Co. Ltd. | 1,724,786 | 51,433 | 0.6% | ||
Takeda Pharmaceutical Co. Ltd. | 1,533,824 | 51,230 | 0.6% | ||
Daiichi Sankyo Co. Ltd. | 1,917,747 | 48,980 | 0.6% | ||
Hitachi Ltd. | 930,628 | 46,064 | 0.5% | ||
Sumitomo Mitsui Financial Group Inc. | 1,308,288 | 45,958 | 0.5% | ||
Murata Manufacturing Co. Ltd. | 573,479 | 45,596 | 0.5% | ||
FANUC Corp. | 193,168 | 44,483 | 0.5% | ||
Fast Retailing Co. Ltd. | 51,880 | 42,564 | 0.5% | ||
ITOCHU Corp. | 1,363,192 | 42,557 | 0.5% | ||
Hoya Corp. | 364,646 | 41,448 | 0.5% | ||
Mizuho Financial Group Inc. | 2,561,537 | 36,052 | 0.4% | ||
Softbank Corp. | 2,781,367 | 35,853 | 0.4% | ||
Mitsui & Co. Ltd. | 1,641,557 | 34,643 | 0.4% | ||
SMC Corp. | 58,229 | 33,836 | 0.4% | ||
Seven & i Holdings Co. Ltd. | 773,749 | 33,407 | 0.4% | ||
Mitsubishi Corp. | 1,206,121 | 33,350 | 0.4% | ||
Tokio Marine Holdings Inc. | 652,824 | 31,307 | 0.4% | ||
Nippon Telegraph & Telephone Corp. | 1,226,986 | 30,936 | 0.4% | ||
Hino Motors Ltd. | 274,856 | 2,307 | 0.0% | ||
† | Japan—Other*,1 | 3,112,348 | 35.7% | ||
4,853,127 | 55.8% | ||||
†New Zealand*,1 | 78,925 | 0.9% | |||
Singapore | |||||
DBS Group Holdings Ltd. | 1,792,013 | 40,161 | 0.5% | ||
Oversea-Chinese Banking Corp. Ltd. | 3,497,797 | 31,975 | 0.4% | ||
† | Singapore—Other*,1,3 | 171,616 | 1.9% | ||
243,752 | 2.8% | ||||
South Korea | |||||
Samsung Electronics Co. Ltd. | 4,713,923 | 343,577 | 4.0% | ||
SK Hynix Inc. | 521,827 | 59,531 | 0.7% | ||
Samsung Electronics Co. Ltd. Preference Shares | 841,069 | 55,220 | 0.7% | ||
NAVER Corp. | 132,925 | 42,805 | 0.5% | ||
LG Chem Ltd. | 45,988 | 38,390 | 0.5% | ||
Samsung SDI Co. Ltd. | 52,933 | 30,896 | 0.4% | ||
Samsung Electronics Co. Ltd. GDR (Registered) | 576 | 1,050 | 0.0% | ||
† | South Korea—Other*,1,2,3,4 | 711,480 | 7.9% | ||
1,282,949 | 14.7% | ||||
Total Common Stocks (Cost $7,782,443) | 8,634,509 | 99.2% |
Coupon | Shares | Market Value• ($000) |
Percentage of Net Assets | ||
Temporary Cash Investments | |||||
Money Market Fund | |||||
Vanguard Market Liquidity Fund (Cost $46,142)5,6 | 0.068% | 461,426 | 46,143 | 0.5% | |
Total Investments (Cost $7,828,585) | 8,680,652 | 99.7% | |||
Other Assets and Liabilities—Net | 23,362 | 0.3% | |||
Net Assets | 8,704,014 | 100.0% | |||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
† | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $29,458,000. |
2 | Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2021, the aggregate value was $42,648,000, representing 0.5% of net assets. |
3 | Certain securities are valued using significant unobservable inputs. |
4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of April 30, 2021. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $31,230,000 was received for securities on loan. |
GDR—Global Depositary Receipt. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number
of Long (Short) Contracts |
Notional Amount |
Value
and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
KOSPI 200 Index | June 2021 | 150 | 14,230 | 551 |
S&P ASX 200 Index | June 2021 | 92 | 12,406 | 399 |
Topix Index | June 2021 | 214 | 37,233 | (949) |
1 |
Forward Currency Contracts | |||||||
Contract Settlement Date |
Contract Amount (000) | Unrealized Appreciation ($000) |
Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
BNP Paribas | 6/16/21 | JPY | 3,004,051 | USD | 27,260 | 238 | — |
UBS AG | 5/6/21 | JPY | 1,193,000 | USD | 10,912 | 5 | — |
Royal Bank of Canada | 6/16/21 | KRW | 15,325,159 | USD | 13,771 | 7 | — |
UBS AG | 6/16/21 | USD | 10,658 | JPY | 1,157,310 | 64 | — |
BNP Paribas | 6/16/21 | USD | 3,935 | JPY | 433,593 | — | (34) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date |
Contract Amount (000) | Unrealized Appreciation ($000) |
Unrealized Depreciation ($000) | ||||
Counterparty | Receive | Deliver | |||||
Morgan Stanley Capital Services Inc. | 6/16/21 | USD | 3,931 | JPY | 433,593 | — | (38) |
Goldman Sachs International | 6/16/21 | USD | 7,978 | KRW | 9,064,401 | — | (171) |
314 | (243) |
JPY—Japanese yen. |
KRW—Korean won. |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $7,782,443) | 8,634,509 |
Affiliated Issuers (Cost $46,142) | 46,143 |
Total Investments in Securities | 8,680,652 |
Investment in Vanguard | 316 |
Cash | 30 |
Cash Collateral Pledged—Futures Contracts | 4,321 |
Foreign Currency, at Value (Cost $959) | 958 |
Receivables for Investment Securities Sold | 6,289 |
Receivables for Accrued Income | 46,100 |
Receivables for Capital Shares Issued | 2,400 |
Unrealized Appreciation—Forward Currency Contracts | 314 |
Other Assets | 7,889 |
Total Assets | 8,749,269 |
Liabilities | |
Payables for Investment Securities Purchased | 12,371 |
Collateral for Securities on Loan | 31,230 |
Payables for Capital Shares Redeemed | 809 |
Payables to Vanguard | 317 |
Variation Margin Payable—Futures Contracts | 285 |
Unrealized Depreciation—Forward Currency Contracts | 243 |
Total Liabilities | 45,255 |
Net Assets | 8,704,014 |
Statement of Assets and Liabilities (continued)
| |
At April 30, 2021, net assets consisted of: | |
($000s, except shares and per-share amounts) | Amount |
Paid-in Capital | 8,028,595 |
Total Distributable Earnings (Loss) | 675,419 |
Net Assets | 8,704,014 |
Investor Shares—Net Assets | |
Applicable
to 804,383 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
12,550 |
Net Asset Value Per Share—Investor Shares | $15.60 |
ETF Shares—Net Assets | |
Applicable
to 65,883,823 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
5,393,759 |
Net Asset Value Per Share—ETF Shares | $81.87 |
Admiral Shares—Net Assets | |
Applicable
to 28,411,542 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
2,876,821 |
Net Asset Value Per Share—Admiral Shares | $101.26 |
Institutional Shares—Net Assets | |
Applicable
to 27,168,351 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
420,884 |
Net Asset Value Per Share—Institutional Shares | $15.49 |
Six
Months Ended April 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 95,580 |
Interest2 | 13 |
Securities Lending—Net | 540 |
Total Income | 96,133 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 611 |
Management and Administrative—Investor Shares | 11 |
Management and Administrative—ETF Shares | 1,325 |
Management and Administrative—Admiral Shares | 1,023 |
Management and Administrative—Institutional Shares | 120 |
Marketing and Distribution—Investor Shares | 1 |
Marketing and Distribution—ETF Shares | 73 |
Marketing and Distribution—Admiral Shares | 42 |
Marketing and Distribution—Institutional Shares | 5 |
Custodian Fees | 263 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | — |
Shareholders’ Reports—Admiral Shares | 7 |
Shareholders’ Reports—Institutional Shares | 9 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 3,491 |
Net Investment Income | 92,642 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | (35,334) |
Futures Contracts | 12,711 |
Forward Currency Contracts | (1,605) |
Foreign Currencies | 1,034 |
Realized Net Gain (Loss) | (23,194) |
Statement of Operations (continued) | |
Six
Months Ended April 30, 2021 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 1,432,179 |
Futures Contracts | 1,320 |
Forward Currency Contracts | 283 |
Foreign Currencies | (193) |
Change in Unrealized Appreciation (Depreciation) | 1,433,589 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,503,037 |
1 | Dividends are net of foreign withholding taxes of $9,832,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $12,000, $0, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six
Months Ended April 30, 2021 |
Year
Ended October 31, 2020 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 92,642 | 151,374 | |
Realized Net Gain (Loss) | (23,194) | (108,322) | |
Change in Unrealized Appreciation (Depreciation) | 1,433,589 | (58,157) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,503,037 | (15,105) | |
Distributions | |||
Investor Shares | (144) | (244) | |
ETF Shares | (59,935) | (89,477) | |
Admiral Shares | (35,274) | (57,428) | |
Institutional Shares | (6,054) | (10,826) | |
Total Distributions | (101,407) | (157,975) | |
Capital Share Transactions | |||
Investor Shares | 587 | (1,158) | |
ETF Shares | 956,606 | 14,284 | |
Admiral Shares | 94,586 | (145,559) | |
Institutional Shares | (68,149) | (96,202) | |
Net Increase (Decrease) from Capital Share Transactions | 983,630 | (228,635) | |
Total Increase (Decrease) | 2,385,260 | (401,715) | |
Net Assets | |||
Beginning of Period | 6,318,754 | 6,720,469 | |
End of Period | 8,704,014 | 6,318,754 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended April 30, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $12.79 | $13.01 | $12.24 | $13.56 | $11.42 | $10.99 |
Investment Operations | ||||||
Net Investment Income | .1621 | .2831 | .3091 | .3471 | .2951 | .257 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.835 | (.209) | .801 | (1.336) | 2.141 | .426 |
Total from Investment Operations | 2.997 | .074 | 1.110 | (.989) | 2.436 | .683 |
Distributions | ||||||
Dividends from Net Investment Income | (.187) | (.294) | (.340) | (.331) | (.296) | (.253) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.187) | (.294) | (.340) | (.331) | (.296) | (.253) |
Net Asset Value, End of Period | $15.60 | $12.79 | $13.01 | $12.24 | $13.56 | $11.42 |
Total Return2 | 23.49% | 0.52% | 9.39% | -7.53% | 21.71% | 6.40% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $13 | $10 | $11 | $225 | $296 | $281 |
Ratio of Total Expenses to Average Net Assets | 0.23% | 0.23% | 0.23% | 0.23% | 0.26% | 0.26% |
Ratio of Net Investment Income to Average Net Assets | 2.09% | 2.28% | 2.50% | 2.51% | 2.44% | 2.39% |
Portfolio Turnover Rate3 | 3% | 4% | 4% | 4% | 3% | 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 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $67.11 | $68.25 | $64.24 | $71.13 | $59.92 | $57.65 |
Investment Operations | ||||||
Net Investment Income | .9311 | 1.5771 | 1.8231 | 1.8951 | 1.6771 | 1.440 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.868 | (1.091) | 4.071 | (6.940) | 11.195 | 2.240 |
Total from Investment Operations | 15.799 | .486 | 5.894 | (5.045) | 12.872 | 3.680 |
Distributions | ||||||
Dividends from Net Investment Income | (1.039) | (1.626) | (1.884) | (1.845) | (1.662) | (1.410) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.039) | (1.626) | (1.884) | (1.845) | (1.662) | (1.410) |
Net Asset Value, End of Period | $81.87 | $67.11 | $68.25 | $64.24 | $71.13 | $59.92 |
Total Return | 23.61% | 0.68% | 9.53% | -7.34% | 21.89% | 6.59% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,394 | $3,630 | $3,708 | $3,927 | $5,015 | $3,217 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.09% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.29% | 2.42% | 2.80% | 2.65% | 2.60% | 2.55% |
Portfolio Turnover Rate2 | 3% | 4% | 4% | 4% | 3% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $83.00 | $84.41 | $79.43 | $87.97 | $74.10 | $71.30 |
Investment Operations | ||||||
Net Investment Income | 1.1121 | 1.9381 | 2.2511 | 2.3601 | 2.0491 | 1.781 |
Net Realized and Unrealized Gain (Loss) on Investments | 18.422 | (1.354) | 5.031 | (8.618) | 13.876 | 2.763 |
Total from Investment Operations | 19.534 | .584 | 7.282 | (6.258) | 15.925 | 4.544 |
Distributions | ||||||
Dividends from Net Investment Income | (1.274) | (1.994) | (2.302) | (2.282) | (2.055) | (1.744) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.274) | (1.994) | (2.302) | (2.282) | (2.055) | (1.744) |
Net Asset Value, End of Period | $101.26 | $83.00 | $84.41 | $79.43 | $87.97 | $74.10 |
Total Return2 | 23.60% | 0.66% | 9.50% | -7.36% | 21.90% | 6.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,877 | $2,279 | $2,493 | $2,202 | $2,388 | $1,983 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Ratio of Net Investment Income to Average Net Assets | 2.21% | 2.40% | 2.80% | 2.64% | 2.60% | 2.55% |
Portfolio Turnover Rate3 | 3% | 4% | 4% | 4% | 3% | 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 | 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, 2021 |
Year Ended October 31, | ||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $12.70 | $12.91 | $12.15 | $13.46 | $11.34 | $10.91 |
Investment Operations | ||||||
Net Investment Income | .1701 | .2961 | .3461 | .3641 | .3201 | .275 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.816 | (.199) | .770 | (1.323) | 2.118 | .424 |
Total from Investment Operations | 2.986 | .097 | 1.116 | (.959) | 2.438 | .699 |
Distributions | ||||||
Dividends from Net Investment Income | (.196) | (.307) | (.356) | (.351) | (.318) | (.269) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.196) | (.307) | (.356) | (.351) | (.318) | (.269) |
Net Asset Value, End of Period | $15.49 | $12.70 | $12.91 | $12.15 | $13.46 | $11.34 |
Total Return | 23.58% | 0.72% | 9.51% | -7.37% | 21.91% | 6.61% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $421 | $400 | $508 | $443 | $408 | $291 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.21% | 2.40% | 2.81% | 2.66% | 2.62% | 2.57% |
Portfolio Turnover Rate2 | 3% | 4% | 4% | 4% | 3% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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. | 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 | 1 | 8,619,502 | 15,006 | 8,634,509 |
Temporary Cash Investments | 46,143 | — | — | 46,143 |
Total | 46,144 | 8,619,502 | 15,006 | 8,680,652 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 950 | — | — | 950 |
Forward Currency Contracts | — | 314 | — | 314 |
Total | 950 | 314 | — | 1,264 |
Liabilities | ||||
Futures Contracts1 | 949 | — | — | 949 |
Forward Currency Contracts | — | 243 | — | 243 |
Total | 949 | 243 | — | 1,192 |
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. |
D. | At April 30, 2021, 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 | 950 | — | 950 |
Unrealized Appreciation—Forward Currency Contracts | — | 314 | 314 |
Total Assets | 950 | 314 | 1,264 |
Unrealized Depreciation—Futures Contracts1 | 949 | — | 949 |
Unrealized Depreciation—Forward Currency Contracts | — | 243 | 243 |
Total Liabilities | 949 | 243 | 1,192 |
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 | 12,711 | — | 12,711 |
Forward Currency Contracts | — | (1,605) | (1,605) |
Realized Net Gain (Loss) on Derivatives | 12,711 | (1,605) | 11,106 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 1,320 | — | 1,320 |
Forward Currency Contracts | — | 283 | 283 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,320 | 283 | 1,603 |
E. | As of April 30, 2021, gross unrealized appreciation and depreciation for investments, based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 7,867,651 |
Gross Unrealized Appreciation | 2,233,568 |
Gross Unrealized Depreciation | (1,420,495) |
Net Unrealized Appreciation (Depreciation) | 813,073 |
F. | During the six months ended April 30, 2021, the fund purchased $1,186,221,000 of investment securities and sold $205,285,000 of investment securities, other than temporary cash investments. Purchases and sales include $775,714,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended April 30, 2021 |
Year Ended October 31, 2020 | ||||
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) | ||
Investor Shares | |||||
Issued | 1,504 | 99 | 1,916 | 152 | |
Issued in Lieu of Cash Distributions | 144 | 9 | 244 | 19 | |
Redeemed1 | (1,061) | (69) | (3,318) | (265) | |
Net Increase (Decrease)—Investor Shares | 587 | 39 | (1,158) | (94) | |
ETF Shares | |||||
Issued | 956,606 | 11,791 | 352,731 | 5,463 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | — | — | (338,447) | (5,700) | |
Net Increase (Decrease)—ETF Shares | 956,606 | 11,791 | 14,284 | (237) | |
Admiral Shares | |||||
Issued1 | 234,223 | 2,363 | 269,792 | 3,400 | |
Issued in Lieu of Cash Distributions | 28,508 | 293 | 46,110 | 544 | |
Redeemed | (168,145) | (1,701) | (461,461) | (6,021) | |
Net Increase (Decrease)—Admiral Shares | 94,586 | 955 | (145,559) | (2,077) | |
Institutional Shares | |||||
Issued | 37,679 | 2,472 | 43,105 | 3,713 | |
Issued in Lieu of Cash Distributions | 4,882 | 328 | 7,616 | 588 | |
Redeemed | (110,710) | (7,134) | (146,923) | (12,139) | |
Net Increase (Decrease)—Institutional Shares | (68,149) | (4,334) | (96,202) | (7,838) |
1 | In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed and Admiral Shares—Issued include 151 and 23 shares, respectively, in the amount of $2,000 from the conversion during the year ended October 31, 2020. |
H. | Management has determined that no events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in these financial statements. |