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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<strong>Tax</strong>-<strong>Managed</strong> <strong>International</strong> <strong>Fund</strong><br />
Market<br />
Value• Shares ($000)<br />
Heineken Holding NV 57,001 2,385<br />
Corio NV 31,893 2,175<br />
Fugro NV 33,219 1,895<br />
SBM Offshore NV 89,306 1,745<br />
Koninklijke Vopak NV<br />
Koninklijke Boskalis<br />
17,013 1,342<br />
Westminster NV<br />
New Zealand (0.1%)<br />
Telecom Corp. of<br />
34,733 1,336<br />
167,764<br />
New Zealand Ltd. 1,220,006 2,207<br />
Fletcher Building Ltd.<br />
Sky City Entertainment<br />
340,739 1,965<br />
Group Ltd. 417,322 996<br />
Contact Energy Ltd.<br />
Auckland <strong>International</strong><br />
198,348 882<br />
Airport Ltd.<br />
Norway (0.8%)<br />
568,589 831<br />
6,881<br />
Statoil ASA 666,991 16,619<br />
* Telenor ASA 497,814 6,975<br />
* DnB NOR ASA 521,277 5,653<br />
Yara <strong>International</strong> ASA 114,902 5,197<br />
Orkla ASA 467,289 4,554<br />
Seadrill Ltd. 170,259 4,308<br />
* Norsk Hydro ASA 417,700 3,468<br />
* Renewable Energy Corp.<br />
ASA 169,009 1,292<br />
48,066<br />
Portugal (0.3%)<br />
EDP-Energias de<br />
Portugal SA 1,090,184 4,819<br />
Portugal Telecom SGPS SA<br />
Banco Comercial<br />
354,315 4,301<br />
Portugues SA 1,588,409 1,904<br />
Banco Espirito Santo SA<br />
Galp Energia SGPS SA<br />
255,527 1,659<br />
Class B 93,528 1,608<br />
* EDP Renovaveis SA<br />
Brisa Auto-Estradas de<br />
146,770 1,385<br />
Portugal SA<br />
Cimpor Cimentos de<br />
119,537 1,220<br />
Portugal SGPS SA 114,790 1,056<br />
Jeronimo Martins SGPS SA 85,852 853<br />
18,805<br />
Singapore (1.5%)<br />
DBS Group Holdings Ltd.<br />
Singapore<br />
1,062,123 11,544<br />
Telecommunications Ltd. 4,772,290 10,506<br />
United Overseas Bank Ltd.<br />
Oversea-Chinese<br />
753,504 10,482<br />
Banking Corp. Ltd. 1,599,300 10,291<br />
CapitaLand Ltd. 1,706,000 5,051<br />
Keppel Corp. Ltd. 713,276 4,149<br />
Singapore Airlines Ltd. 331,710 3,501<br />
Market<br />
Value •<br />
Shares ($000)<br />
Singapore Exchange Ltd. 573,000 3,377<br />
Wilmar <strong>International</strong> Ltd. 695,000 3,153<br />
* Genting Singapore PLC<br />
Singapore Press<br />
3,120,000 2,856<br />
Holdings Ltd. 1,027,250 2,669<br />
City Developments Ltd. 289,000 2,357<br />
Fraser and Neave Ltd. 680,650 2,022<br />
Noble Group Ltd. 825,400 1,890<br />
Olam <strong>International</strong> Ltd. 1,008,200 1,887<br />
ComfortDelgro Corp. Ltd. 1,400,000 1,627<br />
* Golden<br />
Agri-Resources Ltd.<br />
Singapore Technologies<br />
4,353,831 1,567<br />
Engineering Ltd. 677,906 1,558<br />
* CapitaMalls Asia Ltd. 735,000 1,328<br />
SembCorp Industries Ltd.<br />
Jardine Cycle &<br />
490,660 1,281<br />
Carriage Ltd. 63,037 1,203<br />
SembCorp Marine Ltd. 404,600 1,054<br />
UOL Group Ltd.<br />
Yangzijiang Shipbuilding<br />
354,750 1,018<br />
Holdings Ltd. 803,000 686<br />
Neptune Orient Lines Ltd. 421,250 490<br />
StarHub Ltd. 297,000 452<br />
Cosco Corp. Singapore Ltd. 439,000 369<br />
* Golden Agri-Resources Ltd.<br />
Warrants Exp. 07/23/2012<br />
Spain (4.6%)<br />
236,188 24<br />
88,392<br />
Banco Santander SA 4,923,266 80,779<br />
Telefonica SA<br />
Banco Bilbao Vizcaya<br />
2,498,924 69,554<br />
Argentaria SA 2,104,766 38,075<br />
Iberdrola SA 2,177,893 20,704<br />
Repsol YPF SA 436,976 11,651<br />
Inditex SA<br />
ACS Actividades de<br />
Construccion y Servicios<br />
127,742 7,905<br />
SA 79,784 3,961<br />
Abertis Infraestructuras SA 172,301 3,883<br />
Banco Popular Espanol SA 521,195 3,800<br />
Red Electrica Corp. SA 66,359 3,673<br />
Ferrovial SA 270,613 3,156<br />
Gas Natural SDG SA 137,561 2,957<br />
Banco de Sabadell SA 476,121 2,641<br />
Criteria Caixacorp SA 521,082 2,459<br />
Iberdrola Renovables SA 509,582 2,424<br />
Acciona SA 15,969 2,071<br />
Enagas<br />
Gamesa Corp. Tecnologica<br />
88,125 1,948<br />
SA 114,187 1,912<br />
Acerinox SA 88,744 1,833<br />
Bankinter SA 167,383 1,699<br />
Mapfre SA 371,022 1,548<br />
Indra Sistemas SA 63,021 1,480<br />
Zardoya Otis SA 68,173 1,327<br />
21
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