Vanguard Tax-Managed International Fund Annual Report ...

Tax-Managed International Fund
Market
Value• Shares ($000)
Reckitt Benckiser Group
PLC
Imperial Tobacco Group
354,967 19,239
PLC 594,328 18,738
* Lloyds Banking Group
PLC 22,593,611 18,145
SABMiller PLC 559,850 16,424
National Grid PLC 1,461,362 15,981
Prudential PLC 1,498,417 15,271
Centrica PLC 3,047,232 13,768
BAE Systems PLC 2,109,660 12,163
Cadbury PLC 811,016 10,441
Aviva PLC
Scottish &
1,624,172 10,290
Southern Energy PLC 548,450 10,253
BT Group PLC 4,623,289 10,014
Tullow Oil PLC 479,520 10,004
Rolls-Royce Group PLC 1,108,411 8,653
Compass Group PLC 1,044,243 7,461
WPP PLC 752,059 7,347
Pearson PLC 486,177 6,992
Shire PLC
British Sky Broadcasting
328,492 6,427
Group PLC
Marks & Spencer Group
686,033 6,182
PLC 949,188 6,160
Experian PLC 617,550 6,107
Reed Elsevier PLC 730,361 6,000
* Old Mutual PLC 3,188,570 5,570
Smith & Nephew PLC 532,874 5,474
Kingfisher PLC
WM Morrison
1,428,121 5,237
Supermarkets PLC 1,153,099 5,143
Man Group PLC
Land Securities Group
1,034,241 5,090
PLC 458,623 5,028
* Royal Bank of
Scotland Group PLC
Legal & General Group
10,235,986 4,803
PLC 3,567,399 4,593
International Power PLC 924,008 4,574
Capita Group PLC 377,273 4,552
Standard Life PLC 1,293,304 4,490
* Cairn Energy PLC 835,702 4,455
British Land Co. PLC 524,387 4,021
Next PLC 119,938 4,000
Randgold Resources Ltd. 49,838 3,962
Smiths Group PLC 238,152 3,898
J Sainsbury PLC 719,716 3,744
RSA Insurance Group PLC 1,865,080 3,630
* Wolseley PLC 165,945 3,321
United Utilities Group PLC 417,071 3,320
Johnson Matthey PLC 132,241 3,268
Antofagasta PLC 205,040 3,252
Cable & Wireless PLC 1,421,966 3,213
* Carnival PLC 92,231 3,151
Market
Value •
Shares ($000)
Vedanta Resources PLC 72,086 2,981
* Lonmin PLC 95,184 2,956
Hammerson PLC 432,524 2,938
* Autonomy Corp. PLC 119,163 2,907
Sage Group PLC 808,648 2,872
Cobham PLC 704,636 2,841
G4S PLC 664,555 2,779
Inmarsat PLC 248,279 2,761
3i Group PLC 599,841 2,713
AMEC PLC 206,122 2,618
Burberry Group PLC 270,318 2,593
Severn Trent PLC 147,095 2,571
Rexam PLC 543,231 2,539
Segro PLC 455,646 2,516
Liberty International PLC
Associated British Foods
303,972 2,504
PLC 186,581 2,477
* Kazakhmys PLC 117,650 2,463
Invensys PLC 501,211 2,402
ICAP PLC 328,190 2,275
Bunzl PLC
Eurasian Natural
204,808 2,221
Resources Corp. 146,616 2,163
* Resolution Ltd. 1,487,871 2,149
Serco Group PLC 247,777 2,107
Home Retail Group PLC 452,016 2,061
Whitbread PLC 88,006 1,980
Thomas Cook Group PLC 490,539 1,823
Petrofac Ltd.
Intercontinental Hotels
107,625 1,793
Group PLC 124,790 1,786
Tomkins PLC 558,871 1,726
Admiral Group PLC 90,011 1,718
Schroders PLC 78,305 1,672
Firstgroup PLC 233,664 1,595
Investec PLC 227,389 1,559
Drax Group PLC 218,115 1,461
Balfour Beatty PLC 331,078 1,376
Fresnillo PLC
London Stock Exchange
107,738 1,359
Group PLC 96,455 1,116
* British Airways PLC 373,266 1,114
TUI Travel PLC
Carphone Warehouse
268,067 1,104
Group PLC 143,241 432
1,284,211
Total Common Stocks
(Cost $5,566,100)
Other Assets and Liabilities (0.1%)
5,981,006
Other Assets 34,071
Liabilities (30,539)
3,532
Net Assets (100%) 5,984,538
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