Vanguard International Stock Index Funds Annual Report
Vanguard International Stock Index Funds Annual Report
Vanguard International Stock Index Funds Annual Report
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European <strong>Stock</strong> <strong>Index</strong> Fund<br />
Fund Profile<br />
As of October 31, 2009<br />
Portfolio Characteristics<br />
Target Broad<br />
Fund <strong>Index</strong>1 <strong>Index</strong>2 Number of <strong>Stock</strong>s 483 467 1,806<br />
Turnover Rate 18% — —<br />
Expense Ratio3 — —<br />
Investor Shares 0.29%<br />
Admiral Shares 0.18%<br />
Signal Shares 0.18%<br />
Institutional Shares 0.13%<br />
ETF Shares 0.18%<br />
Short-Term Reserves 0.1% — —<br />
Sector Diversification (% of equity exposure)<br />
Target Broad<br />
Fund <strong>Index</strong>1 <strong>Index</strong>2 Consumer Discretionary 7.3% 7.3% 8.3%<br />
Consumer Staples 12.1 12.1 8.6<br />
Energy 11.4 11.4 11.2<br />
Financials 25.0 25.0 26.6<br />
Health Care 10.1 10.1 6.4<br />
Industrials 9.3 9.3 9.8<br />
Information Technology 2.8 2.8 6.5<br />
Materials<br />
Telecommunication<br />
8.5 8.5 11.2<br />
Services 7.2 7.2 6.4<br />
Utilities 6.3 6.3 5.0<br />
Volatility Measures4 Fund Versus Fund Versus<br />
Target <strong>Index</strong>1 Broad <strong>Index</strong>2 R-Squared 0.98 0.96<br />
Beta 1.02 1.01<br />
Ten Largest Holdings 5 (% of total net assets)<br />
HSBC Holdings PLC diversified banks 2.9%<br />
Royal Dutch Shell PLC integrated oil<br />
and gas 2.8<br />
BP PLC integrated oil<br />
and gas 2.7<br />
Nestle SA packaged foods<br />
and meats 2.6<br />
Banco Santander SA diversified banks 2.0<br />
Total SA integrated oil<br />
and gas 1.9<br />
Telefonica SA integrated<br />
telecommunication<br />
services 1.8<br />
Vodafone Group PLC wireless<br />
telecommunication<br />
services 1.8<br />
Roche Holdings AG pharmaceuticals 1.7<br />
Novartis AG pharmaceuticals 1.7<br />
Top Ten 21.9%<br />
Market Diversification (% of equity exposure)<br />
Target<br />
Fund <strong>Index</strong>1 United Kingdom 32.0% 31.9%<br />
France 16.1 16.1<br />
Germany 12.0 11.9<br />
Switzerland 11.7 11.8<br />
Spain 7.1 7.1<br />
Italy 5.4 5.4<br />
Sweden 3.9 4.0<br />
Netherlands 3.8 3.8<br />
Finland 1.7 1.7<br />
Belgium 1.5 1.5<br />
Denmark 1.3 1.3<br />
Norway 1.1 1.1<br />
Greece 1.0 1.0<br />
Other European Markets 1.4 1.4<br />
1 MSCI Europe <strong>Index</strong>.<br />
2 MSCI All Country World <strong>Index</strong> ex USA.<br />
3 The expense ratios shown are from the prospectuses dated February 27, 2009, and represent estimated costs for the current fiscal year<br />
based on the fund’s net assets as of the prospectus date. For the fiscal year ended October 31,2009, the expense ratios were 0.27% for<br />
Investor Shares, 0.16% for Admiral Shares, 0.16% for Signal Shares, 0.12% for Institutional Shares, and 0.16% for ETF Shares.<br />
4 For an explanation of R-squared, beta, and other terms used here, see the Glossary.<br />
5 The holdings listed exclude any temporary cash investments and equity index products.<br />
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