Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
28 Marzo 2013 - 12:25PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number:
811-02968-99
Name of Registrant:
Vanguard Trustees' Equity Fund
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Date of fiscal year end:
October 31
Date of reporting period: January 31, 2013
Item 1:
Schedule of Investments
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International Value Fund
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Schedule of Investments
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As of January 31, 2013
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Market
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Value
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Shares
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($000)
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Common Stocks (95.2%)
1
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Australia (1.2%)
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BHP Billiton Ltd.
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1,437,738
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56,550
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Orica Ltd.
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1,027,682
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27,481
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84,031
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Belgium (1.3%)
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|
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Anheuser-Busch InBev NV
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1,097,841
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96,598
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Brazil (1.8%)
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Cielo SA
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1,183,377
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33,469
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Vale SA Class B ADR
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1,588,600
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32,042
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Estacio Participacoes SA
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1,288,000
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28,524
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Petroleo Brasileiro SA ADR Type A
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983,300
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17,788
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Petroleo Brasileiro SA ADR
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701,400
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12,821
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Cia de Transmissao de Energia Eletrica Paulista Prior Pfd.
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450,300
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7,914
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|
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132,558
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Canada (0.4%)
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Potash Corp. of Saskatchewan Inc.
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674,500
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28,653
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China (3.2%)
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China Mobile Ltd.
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7,441,500
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81,367
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China Construction Bank Corp.
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60,512,800
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52,200
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Geely Automobile Holdings Ltd.
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95,565,000
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49,924
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^,*
China ZhengTong Auto Services Holdings Ltd.
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12,635,500
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11,255
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Industrial & Commercial Bank of China Ltd.
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11,995,000
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9,033
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^
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Lonking Holdings Ltd.
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33,419,000
|
8,706
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^
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Zhongsheng Group Holdings Ltd.
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5,663,500
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8,472
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^
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Dongyue Group
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12,444,000
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8,313
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Kingboard Laminates Holdings Ltd.
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520,500
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262
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229,532
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Denmark (1.1%)
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AP Moeller - Maersk A/S Class B
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7,454
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59,463
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Carlsberg A/S Class B
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141,865
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15,175
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DSV A/S
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318,300
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8,160
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82,798
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Finland (0.5%)
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|
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Sampo
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989,551
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35,524
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France (7.4%)
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Sanofi
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977,268
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95,271
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BNP Paribas SA
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859,808
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53,949
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Vinci SA
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1,007,641
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51,293
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Safran SA
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1,059,903
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48,679
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France Telecom SA
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4,175,143
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47,417
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Cap Gemini SA
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925,300
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44,591
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Total SA
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643,318
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34,863
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Technip SA
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281,551
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30,486
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Valeo SA
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551,866
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29,738
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LVMH Moet Hennessy Louis Vuitton SA
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144,441
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27,195
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CNP Assurances
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1,563,073
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25,841
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ArcelorMittal
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1,251,300
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21,472
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Schneider Electric SA
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238,700
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18,160
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528,955
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Germany (6.0%)
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SAP AG
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1,552,572
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127,323
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Deutsche Post AG
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2,294,528
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53,880
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Siemens AG
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474,509
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51,989
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Bayer AG
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432,132
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42,644
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Bayerische Motoren Werke AG
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402,460
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40,536
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Merck KGaA
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245,807
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34,175
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Allianz SE
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232,307
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33,241
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Software AG
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491,437
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18,922
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Metro AG
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535,449
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16,537
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Leoni AG
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245,739
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10,633
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429,880
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Greece (0.1%)
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OPAP SA
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1,057,356
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9,154
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Hong Kong (3.8%)
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Swire Pacific Ltd. Class A
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6,108,350
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78,403
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Hutchison Whampoa Ltd.
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5,417,000
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60,546
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China Mobile Ltd. ADR
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831,900
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45,505
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* Wynn Macau Ltd.
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12,530,400
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35,157
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Sands China Ltd.
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5,459,000
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27,548
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Luk Fook Holdings International Ltd.
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5,332,000
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18,695
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Jardine Matheson Holdings Ltd.
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136,780
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8,870
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274,724
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Indonesia (1.0%)
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Telekomunikasi Indonesia Persero Tbk PT ADR
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1,002,869
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39,764
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Bank Mandiri Persero Tbk PT
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35,102,000
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32,633
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72,397
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Ireland (0.5%)
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Ryanair Holdings plc ADR
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838,400
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32,656
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Italy (2.8%)
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Eni SPA
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3,675,331
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91,801
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Intesa Sanpaolo SPA (Registered)
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26,368,321
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53,748
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Atlantia SPA
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1,667,292
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30,788
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* UniCredit SPA
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4,018,600
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25,941
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202,278
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Japan (15.3%)
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Sumitomo Mitsui Financial Group Inc.
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3,129,700
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125,701
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Seven & I Holdings Co. Ltd.
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2,767,083
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84,059
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Japan Tobacco Inc.
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2,018,900
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62,992
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Mitsubishi Corp.
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2,964,000
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62,532
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Toyota Motor Corp.
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1,254,900
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59,940
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Panasonic Corp.
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8,872,100
|
58,401
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Omron Corp.
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2,436,400
|
58,069
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Dai Nippon Printing Co. Ltd.
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7,155,000
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57,844
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Bridgestone Corp.
|
2,169,400
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56,896
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Fujitsu Ltd.
|
14,044,000
|
56,868
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Tokyo Electron Ltd.
|
1,262,900
|
54,307
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Fujikura Ltd.
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16,860,000
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52,443
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Yaskawa Electric Corp.
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5,481,000
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51,197
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Daito Trust Construction Co. Ltd.
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396,600
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39,076
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LIXIL Group Corp.
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1,662,800
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38,641
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Komatsu Ltd.
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1,269,600
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33,766
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Yahoo Japan Corp.
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77,505
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30,393
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Canon Inc.
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820,700
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29,886
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Softbank Corp.
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673,200
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23,987
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FANUC Corp.
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134,500
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20,989
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Lintec Corp.
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757,500
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14,008
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Yamato Kogyo Co. Ltd.
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342,800
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9,819
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Miraca Holdings Inc.
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216,500
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9,026
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Nippon Electric Glass Co. Ltd.
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1,219,000
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5,875
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|
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1,096,715
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Mexico (0.4%)
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* Genomma Lab Internacional SAB de CV Class B
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11,686,900
|
26,684
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Netherlands (4.7%)
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* ING Groep NV
|
9,325,897
|
94,326
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Heineken NV
|
865,660
|
60,875
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Akzo Nobel NV
|
735,300
|
50,326
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Unilever NV
|
1,210,883
|
49,061
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PostNL NV
|
16,932,427
|
44,376
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Randstad Holding NV
|
924,321
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38,324
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|
|
337,288
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Norway (0.3%)
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Petroleum Geo-Services ASA
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1,316,004
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23,347
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Russia (2.7%)
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Gazprom OAO ADR
|
7,699,803
|
72,517
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Sberbank of Russia
|
19,140,340
|
69,811
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Mobile Telesystems OJSC ADR
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1,747,847
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34,362
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VTB Bank OJSC GDR
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4,603,697
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16,805
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193,495
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Singapore (2.5%)
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Genting Singapore plc
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50,985,000
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63,889
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Singapore Telecommunications Ltd.
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20,850,000
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58,927
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DBS Group Holdings Ltd.
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4,684,000
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56,612
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179,428
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South Africa (0.9%)
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Mediclinic International Ltd.
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4,549,638
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28,785
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Standard Bank Group Ltd.
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1,562,456
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20,328
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Mr Price Group Ltd.
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1,373,596
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18,960
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68,073
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South Korea (3.4%)
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Samsung Electronics Co. Ltd.
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67,293
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89,529
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Hyundai Mobis
|
258,126
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67,598
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E-Mart Co. Ltd.
|
79,802
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17,725
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Hyundai Home Shopping Network Corp.
|
139,131
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17,629
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Hana Financial Group Inc.
|
470,830
|
16,859
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SK Innovation Co. Ltd.
|
99,600
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15,696
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Daewoo International Corp.
|
301,100
|
10,287
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KT&G Corp.
|
113,860
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7,940
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|
|
243,263
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Spain (1.3%)
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|
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* Banco Santander SA
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3,780,485
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31,645
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Banco Bilbao Vizcaya Argentaria SA
|
3,169,698
|
31,512
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|
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Red Electrica Corp. SA
|
499,300
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27,786
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|
|
90,943
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Sweden (3.0%)
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|
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Assa Abloy AB Class B
|
1,483,843
|
55,515
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Securitas AB Class B
|
4,389,075
|
41,014
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Swedbank AB Class A
|
1,248,400
|
29,478
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Sandvik AB
|
1,786,504
|
28,661
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Getinge AB
|
872,915
|
26,937
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SKF AB-B Shares
|
669,400
|
16,600
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Oriflame Cosmetics SA
|
466,439
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15,275
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|
|
213,480
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Switzerland (5.1%)
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Novartis AG
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1,354,885
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92,100
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ABB Ltd.
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2,756,144
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59,083
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Julius Baer Group Ltd.
|
1,330,039
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54,346
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Credit Suisse Group AG
|
1,461,600
|
43,165
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GAM Holding AG
|
1,914,197
|
31,549
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Swatch Group AG (Bearer)
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49,700
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27,224
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Adecco SA
|
466,439
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26,747
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Roche Holding AG
|
76,511
|
16,912
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Nobel Biocare Holding AG
|
1,157,759
|
12,126
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|
|
363,252
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Taiwan (0.9%)
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|
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Taiwan Semiconductor Manufacturing Co. Ltd.
|
18,526,704
|
63,486
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Wistron Corp.
|
101,817
|
118
|
|
|
63,604
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Thailand (1.4%)
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|
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Bangkok Bank PCL
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7,380,200
|
51,754
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Kasikornbank PCL (Foreign)
|
6,971,500
|
46,767
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|
|
98,521
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Turkey (1.2%)
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|
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* Turkcell Iletisim Hizmetleri AS
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5,433,000
|
33,953
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Turkiye Halk Bankasi AS
|
2,656,535
|
26,231
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KOC Holding AS
|
4,658,988
|
24,311
|
|
|
84,495
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United Kingdom (17.3%)
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|
|
HSBC Holdings plc
|
9,210,214
|
104,738
|
* The Royal Bank of Scotland Group plc
|
16,603,879
|
90,283
|
Unilever plc
|
2,180,438
|
88,818
|
British American Tobacco plc
|
1,345,765
|
69,942
|
Vodafone Group plc
|
22,498,386
|
61,402
|
Smith & Nephew plc
|
5,141,316
|
59,285
|
WPP plc
|
3,672,052
|
57,659
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Prudential plc
|
3,773,932
|
57,289
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Rio Tinto plc
|
1,005,096
|
56,783
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Carnival plc
|
1,384,822
|
56,135
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Royal Dutch Shell plc Class A (Amsterdam Shares)
|
1,440,928
|
50,962
|
GlaxoSmithKline plc
|
2,039,542
|
46,653
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Informa plc
|
5,751,898
|
43,677
|
Aviva plc
|
7,404,143
|
43,140
|
* Rexam plc
|
5,621,086
|
41,786
|
BP plc
|
5,619,069
|
41,596
|
Barclays plc
|
8,572,146
|
41,156
|
Petrofac Ltd.
|
1,401,823
|
36,367
|
Wolseley plc
|
725,736
|
33,865
|
|
|
|
|
|
|
|
BG Group plc
|
|
|
1,579,532
|
28,035
|
|
British Sky Broadcasting Group plc
|
|
|
2,118,945
|
27,410
|
|
Associated British Foods plc
|
|
|
901,700
|
25,005
|
|
Tullow Oil plc
|
|
|
1,256,925
|
22,663
|
|
BAE Systems plc
|
|
|
4,138,477
|
22,274
|
|
Inchcape plc
|
|
|
2,376,253
|
17,831
|
|
Eurasian Natural Resources Corp. plc
|
|
|
3,288,564
|
17,191
|
|
|
|
|
|
1,241,945
|
United States (3.7%)
|
|
|
|
|
*
|
Delphi Automotive plc
|
|
|
703,300
|
27,189
|
*
|
Weatherford International Ltd.
|
|
|
5,506,800
|
73,516
|
*
|
Ultra Petroleum Corp.
|
|
|
2,429,105
|
44,258
|
|
Ensco plc Class A
|
|
|
271,900
|
17,285
|
*
|
Popular Inc.
|
|
|
1,844,676
|
49,511
|
|
RenaissanceRe Holdings Ltd.
|
|
|
168,600
|
14,439
|
|
TE Connectivity Ltd.
|
|
|
1,116,977
|
43,428
|
|
|
|
|
|
269,626
|
Total Common Stocks (Cost $6,068,151)
|
|
|
|
6,833,897
|
|
|
Coupon
|
|
|
|
Temporary Cash Investments (7.3%)
1
|
|
|
|
|
Money Market Fund (6.7%)
|
|
|
|
|
2,3
Vanguard Market Liquidity Fund
|
0.143%
|
|
482,412,655
|
482,413
|
|
|
|
|
|
Face
|
|
|
|
|
Maturity
|
Amount
|
|
|
|
|
Date
|
($000)
|
|
U.S. Government and Agency Obligations (0.6%)
|
|
|
|
|
4,5
Fannie Mae Discount Notes
|
0.097%
|
3/27/13
|
400
|
400
|
6
|
Federal Home Loan Bank Discount Notes
|
0.130%
|
2/1/13
|
6,000
|
6,000
|
5,6
Federal Home Loan Bank Discount Notes
|
0.055%
|
2/27/13
|
30,000
|
29,998
|
6,7
Federal Home Loan Bank Discount Notes
|
0.130%
|
3/06/13
|
3,000
|
2,999
|
|
|
|
|
|
39,397
|
Total Temporary Cash Investments (Cost $521,811)
|
|
|
|
521,810
|
Total Investments (102.5%) (Cost $6,589,962)
|
|
|
|
7,355,707
|
Other Assets and Liabilities-Net (-2.5%)
3
|
|
|
|
(182,507)
|
Net Assets (100%)
|
|
|
|
7,173,200
|
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $16,993,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 98.4% and 4.1%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
3 Includes $18,914,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
5 Securities with a value of $13,199,000 have been segregated as initial margin for open futures contracts.
6 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
7 Securities with a value of $1,395,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
International Value Fund
A.
Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
B.
Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C.
Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—
Quoted prices in active markets for identical securities.
Level 2—
Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—
Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the fund's investments as of January 31, 2013, based on the inputs used to value them:
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Investments
|
($000)
|
($000)
|
($000)
|
Common Stocks
|
609,808
|
6,224,089
|
—
|
Temporary Cash Investments
|
482,413
|
39,397
|
—
|
Futures Contracts—Liabilities
1
|
(676)
|
—
|
—
|
Forward Currency Contracts—Assets
|
—
|
1,720
|
—
|
Forward Currency Contracts—Liabilities
|
—
|
(2,309)
|
—
|
Total
|
1,091,545
|
6,262,897
|
—
|
1 Represents variation margin on the last day of the reporting period.
|
International Value Fund
D.
Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts or to protect the value of securities and related receivables and payables against changes in foreign exchange rates. The primary risk associated with the fund's use of these contracts is that a counterparty will fail to fulfill its obligation to pay gains due to the fund under the contracts. The fund attempts to mitigate this risk by, among other things, performing a credit analysis of counterparties, monitoring exposure to counterparties, and by requiring counterparties to post collateral to secure such exposure. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has posted. Any assets posted as collateral for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At January 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
Aggregate
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
Long (Short)
|
Value
|
Appreciation
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short)
|
(Depreciation)
|
FTSE 100 Index
|
March 2013
|
718
|
71,261
|
2,950
|
Dow Jones EURO STOXX 50 Index
|
March 2013
|
1,908
|
70,213
|
6,979
|
Topix Index
|
March 2013
|
535
|
54,960
|
6,116
|
S&P ASX 200 Index
|
March 2013
|
237
|
29,943
|
2,079
|
Unrealized appreciation (depreciation) on open FTSE 100 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
International Value Fund
At January 31, 2013, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
|
|
|
|
|
|
|
|
|
Contract Amount (000)
|
|
|
|
|
|
|
Unrealized
|
|
Contract
|
|
|
|
Appreciation
|
|
Settlement
|
|
|
|
(Depreciation)
|
Counterparty
|
Date
|
|
Receive
|
Deliver
|
($000)
|
UBS AG
|
3/20/13
|
EUR
|
45,626USD
|
60,434
|
1,515
|
UBS AG
|
3/12/13
|
JPY
|
4,411,745USD
|
49,922
|
(1,567)
|
UBS AG
|
3/20/13
|
GBP
|
28,752USD
|
45,369
|
205
|
UBS AG
|
3/26/13
|
AUD
|
27,459USD
|
28,816
|
(289)
|
UBS AG
|
3/20/13
|
GBP
|
14,327USD
|
23,163
|
(453)
|
AUD—Australian dollar.
|
|
|
|
|
|
EUR—Euro.
|
|
|
|
|
|
GBP—British pound.
|
|
|
|
|
|
JPY—Japanese yen.
|
|
|
|
|
|
USD—U.S. dollar.
|
|
|
|
|
|
E.
At January 31, 2013, the cost of investment securities for tax purposes was $6,594,718,000. Net unrealized appreciation of investment securities for tax purposes was $760,989,000, consisting of unrealized gains of $1,119,022,000 on securities that had risen in value since their purchase and $358,033,000 in unrealized losses on securities that had fallen in value since their purchase.
|
|
|
Vanguard Diversified Equity Fund
|
|
|
|
|
|
Schedule of Investments
|
|
|
As of January 31, 2013
|
|
|
|
|
|
Market
|
|
|
Value
|
|
Shares
|
($000)
|
Investment Companies (100.0%)
|
|
|
U.S. Stock Funds (100.0%)
|
|
|
Vanguard Growth and Income Fund Investor Shares
|
7,766,467
|
247,129
|
Vanguard Windsor II Fund Investor Shares
|
6,022,884
|
185,625
|
Vanguard Windsor Fund Investor Shares
|
11,509,968
|
185,541
|
Vanguard U.S. Growth Fund Investor Shares
|
8,266,913
|
185,262
|
Vanguard Morgan Growth Fund Investor Shares
|
8,906,613
|
185,168
|
Vanguard Explorer Fund Investor Shares
|
1,455,235
|
123,520
|
Vanguard Mid-Cap Growth Fund
|
2,880,660
|
62,165
|
Vanguard Capital Value Fund
|
5,221,561
|
62,084
|
|
|
1,236,494
|
Total Investment Companies (Cost $1,040,061)
|
|
1,236,494
|
Temporary Cash Investment (0.0%)
|
|
|
Money Market Fund (0.0%)
|
|
|
1 Vanguard Market Liquidity Fund, 0.143% (Cost $112)
|
111,951
|
112
|
|
Total Investments (100.0%) (Cost $1,040,173)
|
|
1,236,606
|
Other Assets and Liabilities-Net (0.0%)
|
|
(286)
|
Net Assets (100%)
|
|
1,236,320
|
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
A.
Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
B.
Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—
Quoted prices in active markets for identical securities.
Level 2—
Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—
Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments).
At January 31, 2013, 100% of the market value of the fund's investments was determined based on Level 1 inputs.
C.
At January 31, 2013, the cost of investment securities for tax purposes was $1,040,173,000. Net unrealized appreciation of investment securities for tax purposes was $196,433,000, consisting entirely of unrealized gains on securities that had risen in value since their purchase.
|
|
|
|
Vanguard Emerging Markets Select Stock Fund
|
|
|
|
|
|
Schedule of Investments
|
|
|
As of January 31, 2013
|
|
|
|
|
|
|
Market
|
|
|
|
Value
|
|
|
Shares
|
($000)
|
Common Stocks (94.2%)
1
|
|
|
Argentina (0.3%)
|
|
|
|
Arcos Dorados Holdings Inc. Class A
|
32,000
|
440
|
|
Australia (0.5%)
|
|
|
*
|
Perseus Mining Ltd.
|
379,906
|
775
|
|
Brazil (10.9%)
|
|
|
|
Petroleo Brasileiro SA Prior Pfd.
|
394,704
|
3,584
|
|
Vale SA Prior Pfd.
|
57,420
|
1,116
|
|
Banco do Brasil SA
|
85,000
|
1,042
|
|
Usinas Siderurgicas de Minas Gerais SA Prior Pfd.
|
194,800
|
1,011
|
|
Totvs SA
|
38,400
|
836
|
|
Banco Santander Brasil SA
|
112,500
|
828
|
|
Petroleo Brasileiro SA ADR
|
44,493
|
813
|
|
Vale SA Class B ADR
|
38,251
|
772
|
|
Randon Participacoes SA Prior Pfd.
|
124,275
|
733
|
|
EDP - Energias do Brasil SA
|
118,000
|
722
|
|
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR
|
13,663
|
652
|
*
|
Fibria Celulose SA
|
47,200
|
578
|
|
Itau Unibanco Holding SA ADR
|
32,933
|
567
|
|
Cia de Bebidas das Americas ADR
|
11,617
|
547
|
|
All America Latina Logistica SA
|
123,900
|
539
|
|
Telefonica Brasil SA ADR
|
21,000
|
529
|
|
Banco Bradesco SA Prior Pfd.
|
25,400
|
467
|
|
Cia de Saneamento Basico do Estado de Sao Paulo ADR
|
9,800
|
436
|
|
Cielo SA
|
15,100
|
427
|
|
Banco Santander Brasil SA ADR
|
56,200
|
417
|
|
Cia Energetica de Minas Gerais ADR
|
36,492
|
401
|
|
Souza Cruz SA
|
24,200
|
400
|
|
Multiplus SA
|
17,356
|
373
|
|
Braskem SA Prior Pfd.
|
32,500
|
245
|
|
Itau Unibanco Holding SA Prior Pfd.
|
12,400
|
214
|
|
Cia Paranaense de Energia Prior Pfd.
|
13,000
|
213
|
|
Cia Paranaense de Energia ADR
|
10,900
|
176
|
|
BR Malls Participacoes SA
|
9,600
|
124
|
|
Brasil Insurance Participacoes e Administracao SA
|
5,900
|
64
|
|
Localiza Rent a Car SA
|
2,600
|
48
|
|
Lojas Americanas SA Prior Pfd.
|
3,784
|
34
|
|
Cia Hering
|
1,500
|
29
|
|
|
|
18,937
|
Cambodia (0.1%)
|
|
|
|
NagaCorp Ltd.
|
160,000
|
126
|
|
Canada (1.7%)
|
|
|
|
Methanex Corp.
|
36,250
|
1,304
|
|
First Quantum Minerals Ltd.
|
43,800
|
883
|
*
|
Continental Gold Ltd.
|
51,000
|
426
|
|
Sherritt International Corp.
|
59,500
|
351
|
|
|
|
* Sino-Forest Corp.
|
1,600
|
—
|
|
|
2,964
|
Chile (0.4%)
|
|
|
Sociedad Quimica y Minera de Chile SA ADR
|
6,951
|
395
|
SACI Falabella
|
17,848
|
208
|
|
|
603
|
China (17.0%)
|
|
|
China Shenhua Energy Co. Ltd.
|
484,500
|
2,083
|
China Mobile Ltd.
|
183,000
|
2,001
|
CNOOC Ltd.
|
961,000
|
1,978
|
China Construction Bank Corp.
|
2,221,850
|
1,917
|
Industrial & Commercial Bank of China Ltd.
|
2,006,380
|
1,511
|
China Pacific Insurance Group Co. Ltd.
|
374,000
|
1,462
|
Lenovo Group Ltd.
|
1,337,600
|
1,393
|
Yingde Gases
|
1,124,500
|
1,262
|
China Power International Development Ltd.
|
2,796,600
|
1,013
|
Mindray Medical International Ltd. ADR
|
25,300
|
956
|
China Unicom Hong Kong Ltd.
|
561,000
|
898
|
* Huadian Power International Co.
|
2,049,700
|
866
|
Kingboard Laminates Holdings Ltd.
|
1,633,625
|
821
|
China Resources Power Holdings Co. Ltd.
|
290,000
|
802
|
Shanghai Electric Group Co. Ltd.
|
1,704,000
|
705
|
China Oilfield Services Ltd.
|
314,000
|
680
|
* Haier Electronics Group Co. Ltd.
|
384,000
|
640
|
Tsingtao Brewery Co. Ltd.
|
100,000
|
578
|
China BlueChemical Ltd.
|
790,000
|
568
|
* Melco Crown Entertainment Ltd. ADR
|
25,336
|
531
|
China Coal Energy Co. Ltd.
|
461,000
|
514
|
Shui On Land Ltd.
|
1,038,000
|
503
|
ENN Energy Holdings Ltd.
|
102,500
|
491
|
Zhongsheng Group Holdings Ltd.
|
319,000
|
477
|
Bank of Communications Co. Ltd.
|
540,000
|
458
|
China Shineway Pharmaceutical Group Ltd.
|
247,100
|
452
|
Ping An Insurance Group Co. of China Ltd.
|
48,500
|
435
|
* China Taiping Insurance Holdings Co. Ltd.
|
201,500
|
425
|
PetroChina Co. Ltd.
|
286,000
|
406
|
China Dongxiang Group Co.
|
2,220,000
|
358
|
Guangdong Investment Ltd.
|
412,000
|
342
|
AMVIG Holdings Ltd.
|
866,000
|
330
|
Vinda International Holdings Ltd.
|
230,000
|
319
|
Greatview Aseptic Packaging Co. Ltd.
|
438,000
|
266
|
China Overseas Grand Oceans Group Ltd.
|
159,000
|
221
|
Huabao International Holdings Ltd.
|
379,000
|
207
|
Dongfeng Motor Group Co. Ltd.
|
78,000
|
128
|
Intime Department Store Group Co. Ltd.
|
70,000
|
92
|
Daphne International Holdings Ltd.
|
66,600
|
86
|
Shandong Weigao Group Medical Polymer Co. Ltd.
|
77,500
|
75
|
Sun Art Retail Group Ltd.
|
47,500
|
69
|
* Chaoda Modern Agriculture Holdings Ltd.
|
404,000
|
20
|
|
|
29,339
|
|
|
|
Colombia (0.3%)
|
|
|
Bancolombia SA ADR
|
7,000
|
487
|
|
Czech Republic (0.1%)
|
|
|
Komercni Banka AS
|
1,198
|
243
|
|
Egypt (0.2%)
|
|
|
Commercial International Bank Egypt SAE
|
64,056
|
338
|
|
Exchange-Traded Funds (2.9%)
|
|
|
3 Vanguard FTSE Emerging Markets ETF
|
89,800
|
4,001
|
iShares Core MSCI Emerging Markets ETF
|
18,300
|
953
|
|
|
4,954
|
Hong Kong (3.3%)
|
|
|
Pacific Basin Shipping Ltd.
|
2,147,750
|
1,249
|
Texwinca Holdings Ltd.
|
967,000
|
910
|
Sands China Ltd.
|
154,500
|
780
|
Wharf Holdings Ltd.
|
82,000
|
724
|
* Galaxy Entertainment Group Ltd.
|
140,000
|
631
|
Hang Lung Properties Ltd.
|
126,000
|
476
|
Stella International Holdings Ltd.
|
147,500
|
424
|
ASM Pacific Technology Ltd.
|
25,900
|
327
|
Luk Fook Holdings International Ltd.
|
17,000
|
60
|
Oriental Watch Holdings
|
150,000
|
59
|
|
|
5,640
|
Hungary (0.7%)
|
|
|
OTP Bank plc
|
28,950
|
622
|
Magyar Telekom Telecommunications plc
|
282,650
|
534
|
|
|
1,156
|
India (7.0%)
|
|
|
ITC Ltd.
|
273,197
|
1,580
|
HCL Technologies Ltd.
|
116,822
|
1,513
|
Reliance Industries Ltd.
|
62,047
|
1,034
|
Genpact Ltd.
|
54,900
|
920
|
Axis Bank Ltd.
|
28,264
|
800
|
Punjab National Bank
|
46,470
|
797
|
* Idea Cellular Ltd.
|
352,467
|
749
|
Yes Bank Ltd.
|
71,850
|
706
|
HDFC Bank Ltd. ADR
|
15,817
|
636
|
Marico Ltd.
|
122,299
|
521
|
DLF Ltd.
|
99,688
|
520
|
Bank of India
|
74,898
|
497
|
Dr Reddy's Laboratories Ltd. ADR
|
7,940
|
285
|
Cairn India Ltd.
|
43,912
|
267
|
* GlaxoSmithKline Consumer Healthcare Ltd.
|
3,728
|
264
|
Indian Bank
|
54,425
|
207
|
Corp Bank
|
24,000
|
206
|
Central Bank Of India
|
130,000
|
206
|
Indiabulls Financial Services Ltd.
|
20,600
|
127
|
Nava Bharat Ventures Ltd.
|
31,633
|
117
|
Ceylon Tobacco Co. plc
|
14,094
|
94
|
Gujarat NRE Coke Ltd.
|
161,972
|
62
|
United Spirits Ltd.
|
1,277
|
43
|
|
|
12,151
|
Indonesia (0.9%)
|
|
|
Indofood CBP Sukses Makmur Tbk PT
|
723,000
|
595
|
|
|
|
|
|
Bank Rakyat Indonesia Persero Tbk PT
|
621,000
|
507
|
*
|
Bekasi Fajar Industrial Estate Tbk PT
|
1,859,500
|
139
|
|
Telekomunikasi Indonesia Persero Tbk PT ADR
|
3,400
|
135
|
|
Astra International Tbk PT
|
138,500
|
105
|
|
Mayora Indah Tbk PT
|
46,500
|
98
|
|
|
|
1,579
|
Kazakhstan (0.1%)
|
|
|
*,2
KCell JSC GDR
|
17,704
|
230
|
|
Kenya (0.1%)
|
|
|
|
Safaricom Ltd.
|
2,459,100
|
153
|
|
Kuwait (0.2%)
|
|
|
|
Agility Public Warehousing Co. KSC
|
200,000
|
405
|
|
Luxembourg (0.5%)
|
|
|
|
Ternium SA ADR
|
17,800
|
420
|
|
L'Occitane International SA
|
122,500
|
368
|
|
|
|
788
|
Malaysia (1.6%)
|
|
|
|
Genting Malaysia Bhd.
|
820,100
|
969
|
|
AMMB Holdings Bhd.
|
262,700
|
538
|
|
CIMB Group Holdings Bhd.
|
227,900
|
529
|
|
UMW Holdings Bhd.
|
61,000
|
238
|
|
British American Tobacco Malaysia Bhd.
|
11,600
|
214
|
|
Axiata Group Bhd.
|
98,900
|
201
|
|
Guinness Anchor Bhd.
|
13,700
|
71
|
|
|
|
2,760
|
Mexico (3.1%)
|
|
|
|
Grupo Comercial Chedraui SA de CV
|
276,900
|
961
|
|
Grupo Financiero Banorte SAB de CV
|
115,600
|
797
|
|
America Movil SAB de CV ADR
|
26,600
|
669
|
|
Wal-Mart de Mexico SAB de CV
|
202,200
|
656
|
|
Grupo Mexico SAB de CV Class B
|
149,800
|
558
|
*
|
Grupo Televisa SAB ADR
|
16,700
|
468
|
*
|
Cemex SAB de CV ADR
|
43,000
|
467
|
|
America Movil SAB de CV
|
328,300
|
412
|
*
|
Grupo Financiero Santander Mexico SAB de CV ADR
|
25,300
|
393
|
|
|
|
5,381
|
Nigeria (0.1%)
|
|
|
|
Zenith Bank plc
|
1,601,716
|
209
|
|
Papua New Guinea (0.0%)
|
|
|
|
New Britain Palm Oil Ltd.
|
8,714
|
78
|
|
Peru (0.4%)
|
|
|
|
Southern Copper Corp. (U.S. Shares)
|
11,037
|
435
|
|
Cia de Minas Buenaventura SA ADR
|
11,196
|
331
|
|
Philippines (1.1%)
|
|
|
|
Energy Development Corp.
|
6,124,700
|
1,077
|
|
Metropolitan Bank & Trust
|
130,690
|
339
|
|
Robinsons Land Corp.
|
487,400
|
257
|
|
Ayala Land Inc.
|
166,300
|
118
|
|
Puregold Price Club Inc.
|
89,200
|
77
|
|
|
|
|
*
|
Bloomberry Resorts Corp.
|
144,000
|
46
|
|
|
|
1,914
|
Poland (0.8%)
|
|
|
*
|
Cyfrowy Polsat SA
|
151,025
|
818
|
|
Bank Pekao SA
|
8,453
|
416
|
*
|
Alior Bank SA
|
8,562
|
199
|
|
|
|
1,433
|
Qatar (0.7%)
|
|
|
|
Industries Qatar QSC
|
26,007
|
1,209
|
|
Russia (5.3%)
|
|
|
|
Gazprom OAO ADR
|
206,632
|
1,946
|
|
Lukoil OAO ADR
|
20,227
|
1,364
|
|
Rosneft OAO GDR
|
145,088
|
1,274
|
|
Sberbank of Russia ADR
|
83,625
|
1,234
|
|
Lukoil OAO ADR
|
11,423
|
770
|
|
Magnit OJSC GDR
|
11,800
|
524
|
|
Eurasia Drilling Co. Ltd. GDR
|
13,666
|
518
|
|
Phosagro OAO GDR
|
30,484
|
424
|
|
Mobile Telesystems OJSC ADR
|
21,448
|
421
|
|
Sberbank of Russia
|
107,716
|
393
|
*,2
Sberbank of Russia GDR
|
10,464
|
154
|
*
|
Pharmstandard OJSC GDR
|
6,505
|
126
|
|
|
|
9,148
|
Singapore (0.2%)
|
|
|
|
Olam International Ltd.
|
233,000
|
305
|
|
South Africa (4.8%)
|
|
|
|
Sasol Ltd.
|
52,159
|
2,252
|
|
Discovery Holdings Ltd.
|
135,184
|
1,000
|
|
Imperial Holdings Ltd.
|
44,500
|
969
|
|
Standard Bank Group Ltd.
|
68,500
|
891
|
|
MTN Group Ltd.
|
42,297
|
828
|
|
Aveng Ltd.
|
186,400
|
652
|
|
Old Mutual plc
|
176,781
|
527
|
|
Naspers Ltd.
|
6,767
|
437
|
|
African Bank Investments Ltd.
|
107,427
|
370
|
|
Impala Platinum Holdings Ltd.
|
7,253
|
131
|
|
Anglo American Platinum Ltd.
|
2,571
|
126
|
|
Barloworld Ltd.
|
9,200
|
86
|
|
Massmart Holdings Ltd.
|
3,963
|
81
|
|
|
|
8,350
|
South Korea (13.3%)
|
|
|
|
Samsung Electronics Co. Ltd.
|
4,911
|
6,534
|
|
Hana Financial Group Inc.
|
84,270
|
3,018
|
|
Shinhan Financial Group Co. Ltd.
|
55,164
|
2,073
|
|
SK Telecom Co. Ltd.
|
7,600
|
1,169
|
|
Hyundai Mipo Dockyard
|
9,950
|
1,070
|
|
KB Financial Group Inc.
|
23,830
|
848
|
|
LG Electronics Inc.
|
12,000
|
794
|
|
GS Holdings
|
10,178
|
664
|
|
Hyundai Mobis
|
2,344
|
614
|
|
Dongbu Insurance Co. Ltd.
|
14,210
|
610
|
|
E-Mart Co. Ltd.
|
2,734
|
607
|
|
Hyundai Motor Co.
|
2,974
|
560
|
|
NHN Corp.
|
2,502
|
553
|
|
|
|
LG Chem Ltd.
|
1,938
|
542
|
Lotte Chemical Corp.
|
2,307
|
535
|
POSCO ADR
|
5,964
|
486
|
Hyundai Heavy Industries Co. Ltd.
|
2,344
|
463
|
* LG Life Sciences Ltd.
|
6,816
|
368
|
Doosan Corp.
|
3,110
|
367
|
Kolon Industries Inc.
|
6,311
|
357
|
Grand Korea Leisure Co. Ltd.
|
9,370
|
264
|
* Shinhan Financial Group Co. Ltd. ADR
|
6,780
|
254
|
Coway Co. Ltd.
|
4,220
|
183
|
Hyundai Department Store Co. Ltd.
|
430
|
64
|
|
|
22,997
|
Spain (0.6%)
|
|
|
Prosegur Cia de Seguridad SA
|
106,445
|
666
|
* Cemex Latam Holdings SA
|
60,085
|
454
|
|
|
1,120
|
Switzerland (0.3%)
|
|
|
* Dufry AG
|
4,224
|
576
|
|
Taiwan (7.5%)
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
866,000
|
2,968
|
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
|
117,030
|
2,076
|
Hon Hai Precision Industry Co. Ltd.
|
661,620
|
1,894
|
Delta Electronics Inc.
|
396,000
|
1,435
|
Compal Electronics Inc.
|
1,319,000
|
959
|
Advanced Semiconductor Engineering Inc.
|
1,016,330
|
820
|
Wistron Corp.
|
395,162
|
458
|
Yuanta Financial Holding Co. Ltd.
|
794,842
|
431
|
Taishin Financial Holding Co. Ltd.
|
1,029,404
|
408
|
WPG Holdings Ltd.
|
208,000
|
280
|
Advantech Co. Ltd.
|
61,200
|
256
|
Chunghwa Telecom Co. Ltd.
|
80,000
|
255
|
Airtac International Group
|
42,500
|
249
|
Oriental Union Chemical Corp.
|
209,000
|
247
|
Far Eastern New Century Corp.
|
132,410
|
154
|
|
|
12,890
|
Thailand (3.0%)
|
|
|
Krung Thai Bank PCL (Foreign)
|
1,435,875
|
1,114
|
Bangkok Bank PCL
|
134,200
|
941
|
PTT Global Chemical PCL
|
326,051
|
875
|
Siam Commercial Bank PCL (Foreign)
|
116,300
|
698
|
PTT PCL (Foreign)
|
52,700
|
604
|
Bangkok Bank PCL (Foreign)
|
70,400
|
519
|
PTT Global Chemical PCL (Foreign)
|
89,300
|
240
|
Advanced Info Service PCL (Foreign)
|
17,500
|
121
|
Central Pattana PCL (Foreign)
|
20,400
|
58
|
|
|
5,170
|
Turkey (2.6%)
|
|
|
Turkiye Garanti Bankasi AS
|
204,117
|
1,023
|
Tupras Turkiye Petrol Rafinerileri AS
|
28,771
|
794
|
* Asya Katilim Bankasi AS
|
609,686
|
773
|
Turkiye Vakiflar Bankasi Tao
|
259,800
|
759
|
Turkiye Halk Bankasi AS
|
42,133
|
416
|
Akbank TAS
|
73,325
|
371
|
* Turkcell Iletisim Hizmetleri AS
|
50,983
|
319
|
|
|
|
|
|
|
|
Ford Otomotiv Sanayi AS
|
|
|
10,480
|
119
|
|
|
|
|
|
4,574
|
United Arab Emirates (0.5%)
|
|
|
|
|
|
DP World Ltd.
|
|
|
67,906
|
910
|
|
United Kingdom (1.1%)
|
|
|
|
|
|
AZ Electronic Materials SA
|
|
|
178,831
|
1,059
|
*
|
Polyus Gold International Ltd.
|
|
|
123,024
|
437
|
*
|
Ophir Energy plc
|
|
|
34,363
|
279
|
|
African Barrick Gold plc
|
|
|
26,683
|
151
|
|
|
|
|
|
1,926
|
Total Common Stocks (Cost $151,422)
|
|
|
|
163,024
|
|
|
Coupon
|
|
|
|
Temporary Cash Investments (5.7%)
1
|
|
|
|
|
Money Market Fund (5.3%)
|
|
|
|
|
4
|
Vanguard Market Liquidity Fund
|
0.143%
|
|
9,114,000
|
9,114
|
|
|
|
|
|
Face
|
|
|
|
|
Maturity
|
Amount
|
|
|
|
|
Date
|
($000)
|
|
U.S. Government and Agency Obligations (0.4%)
|
|
|
|
|
5,6
Fannie Mae Discount Notes
|
0.097%
|
3/27/13
|
300
|
300
|
6,7
Federal Home Loan Bank Discount Notes
|
0.105%
|
4/3/13
|
400
|
400
|
|
|
|
|
|
700
|
Total Temporary Cash Investments (Cost $9,815)
|
|
|
|
9,814
|
Total Investments (99.9%) (Cost $161,237)
|
|
|
|
172,838
|
Other Assets and Liabilities-Net (0.1%)
|
|
|
|
185
|
Net Assets (100%)
|
|
|
|
173,023
|
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After
giving effect to futures investments, the fund's effective common stock and temporary cash investment positions
represent 97.8% and 2.1%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in
transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2013, the
aggregate value of these securities was $384,000, representing 0.2% of net assets.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
6 Securities with a value of $400,000 have been segregated as initial margin for open futures contracts.
7 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
Emerging Markets Select Stock Fund
A.
Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.
B.
Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C.
Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—
Quoted prices in active markets for identical securities.
Level 2—
Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—
Significant unobservable inputs (including the fund's own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the fund's investments as of January 31, 2013, based on the inputs used to value them:
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Investments
|
($000)
|
($000)
|
($000)
|
Common Stocks—North and South America
|
34,092
|
—
|
—
|
Common Stocks—Other
|
8,015
|
120,917
|
—
|
Temporary Cash Investments
|
9,114
|
700
|
—
|
Futures Contracts—Assets
1
|
12
|
—
|
—
|
Total
|
51,233
|
121,617
|
—
|
1 Represents variation margin on the last day of the reporting period.
|
Emerging Markets Select Stock Fund
D.
Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At January 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
Aggregate
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
Long (Short)
|
Value
|
Appreciation
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short)
|
(Depreciation)
|
MSCI Emerging Markets Index
|
March 2013
|
116
|
6,216
|
86
|
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E.
At January 31, 2013, the cost of investment securities for tax purposes was $161,334,000. Net unrealized appreciation of investment securities for tax purposes was $11,504,000, consisting of unrealized gains of $16,781,000 on securities that had risen in value since their purchase and $5,277,000 in unrealized losses on securities that had fallen in value since their purchase.
Item 2: 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. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3: Exhibits
(a) Certifications
|
|
|
VANGUARD TRUSTEES' EQUITY FUND
|
|
By:
|
/s/ F. WILLIAM MCNABB III*
|
|
F. WILLIAM MCNABB III
|
|
CHIEF EXECUTIVE OFFICER
|
|
Date: March 20, 2013
|
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 TRUSTEES' EQUITY FUND
|
|
By:
|
/s/ F. WILLIAM MCNABB III*
|
|
F. WILLIAM MCNABB III
|
|
CHIEF EXECUTIVE OFFICER
|
|
Date: March 20, 2013
|
|
|
|
VANGUARD TRUSTEES' EQUITY FUND
|
|
By:
|
/s/ THOMAS J. HIGGINS*
|
|
THOMAS J. HIGGINS
|
|
CHIEF FINANCIAL OFFICER
|
|
Date: March 20, 2013
|
* By:/s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on
March 27, 2012 see file Number 2-11444
, Incorporated by Reference.
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