Vanguard Tax-Managed International Fund Annual Report ...
Vanguard Tax-Managed International Fund Annual Report ...
Vanguard Tax-Managed International Fund Annual Report ...
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16<br />
<strong>Tax</strong>-<strong>Managed</strong> <strong>International</strong> <strong>Fund</strong><br />
Market<br />
Value• Shares ($000)<br />
Hellenic<br />
Telecommunications<br />
Organization SA ADR 279,167 2,099<br />
* Piraeus Bank SA 173,903 1,982<br />
* National Bank of Greece<br />
SA 52,587 1,339<br />
* Public Power Corp. SA<br />
Marfin Investment Group<br />
72,430 1,335<br />
SA 397,207 1,128<br />
Titan Cement Co. SA 30,710 888<br />
Hellenic Petroleum SA<br />
Hellenic<br />
Telecommunications<br />
43,410 482<br />
Organization SA 21,242 311<br />
30,316<br />
Hong Kong (2.3%)<br />
Sun Hung Kai<br />
Properties Ltd.<br />
Hong Kong Exchanges and<br />
842,064 12,494<br />
Clearing Ltd. 610,000 10,859<br />
Cheung Kong Holdings Ltd. 831,500 10,663<br />
Hutchison Whampoa Ltd. 1,276,512 8,729<br />
CLP Holdings Ltd. 1,284,432 8,679<br />
Hang Seng Bank Ltd.<br />
Hong Kong &<br />
463,743 6,822<br />
China Gas Co. Ltd. 2,440,433 6,087<br />
Li & Fung Ltd. 1,458,835 6,004<br />
Swire Pacific Ltd. 466,588 5,625<br />
Hang Lung Properties Ltd. 1,357,810<br />
Henderson Land<br />
5,305<br />
Development Co. Ltd.<br />
Hongkong Electric<br />
673,006 5,014<br />
Holdings Ltd. 893,600 4,855<br />
Wharf Holdings Ltd. 840,741 4,807<br />
Esprit Holdings Ltd.<br />
BOC Hong Kong<br />
719,528 4,735<br />
Holdings Ltd. 2,093,500 4,708<br />
Bank of East Asia Ltd.<br />
New World<br />
965,863 3,792<br />
Development Ltd. 1,462,750 2,985<br />
Kerry Properties Ltd. 509,500 2,573<br />
MTR Corp. 738,000 2,535<br />
Hang Lung Group Ltd. 477,000 2,360<br />
Wheelock & Co. Ltd. 713,000 2,170<br />
Sino Land Co. Ltd. 1,053,000 2,033<br />
Shangri-La Asia Ltd. 1,010,510 1,890<br />
* Foxconn <strong>International</strong><br />
Holdings Ltd.<br />
Hysan<br />
1,562,000 1,798<br />
Development Co. Ltd. 527,000 1,492<br />
* Sands China Ltd. 1,089,600 1,329<br />
Hopewell Holdings Ltd. 364,000 1,173<br />
* Cathay Pacific Airways Ltd. 575,770 1,067<br />
Wing Hang Bank Ltd.<br />
Yue Yuen Industrial<br />
109,500 1,017<br />
Holdings Ltd. 318,000 918<br />
Market<br />
Value •<br />
Shares ($000)<br />
ASM Pacific<br />
Technology Ltd.<br />
Cheung Kong Infrastructure<br />
90,300 849<br />
Holdings Ltd. 220,000 835<br />
NWS Holdings Ltd.<br />
Orient Overseas<br />
404,000 743<br />
<strong>International</strong> Ltd. 139,300 647<br />
Television Broadcasts Ltd. 133,000 638<br />
PCCW Ltd.<br />
Lifestyle <strong>International</strong><br />
2,596,000 625<br />
Holdings Ltd.<br />
Hong Kong Aircraft<br />
247,000 458<br />
Engineering Co. Ltd.<br />
Ireland (0.3%)<br />
28,800 373<br />
139,686<br />
CRH PLC 412,045 11,146<br />
Kerry Group PLC Class A 86,556 2,548<br />
* Elan Corp. PLC 310,921 1,943<br />
* Ryanair Holdings PLC 177,156 836<br />
* Anglo Irish Bank Corp. Ltd. 257,065 80<br />
16,553<br />
Italy (3.5%)<br />
ENI SPA 1,539,088 39,130<br />
* UniCredit SPA 8,422,291 27,978<br />
Enel SPA 3,896,121 22,594<br />
* Intesa Sanpaolo SPA<br />
(Registered) 4,565,126 20,427<br />
Assicurazioni Generali SPA 691,999 18,528<br />
Telecom Italia SPA 6,006,709 9,303<br />
* Fiat SPA 460,126 6,687<br />
Tenaris SA 259,936 5,550<br />
Saipem SPA<br />
Unione di Banche Italiane<br />
146,122 5,013<br />
SCPA 348,209 4,981<br />
Atlantia SPA 157,507 4,089<br />
Telecom Italia SPA 3,683,929 4,060<br />
Snam Rete Gas SPA 795,983 3,953<br />
Finmeccanica SPA 247,483 3,942<br />
Mediaset SPA<br />
Terna Rete Elettrica<br />
424,707 3,465<br />
Nazionale SPA 799,988 3,438<br />
* Mediobanca SPA 262,496 3,110<br />
Parmalat SPA 1,053,275 2,947<br />
* Banco Popolare SC<br />
Banca Monte dei Paschi<br />
355,148 2,655<br />
di Siena SPA<br />
Banca Popolare di<br />
1,374,402 2,403<br />
Milano Scarl<br />
Intesa Sanpaolo SPA<br />
250,613 1,775<br />
(Bearer) 529,860 1,767<br />
Luxottica Group SPA 52,123 1,348<br />
Banca Carige SPA 407,777 1,084<br />
* Pirelli & C SPA 1,734,644 1,034<br />
A2A SPA 469,279 981<br />
Exor SPA 45,749 884<br />
* Autogrill SPA 68,935 866
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