Vanguard®

Vanguard® International Value Fund

Product Summary Vanguard Style View : Foreign Large Value

Large-, mid-, and small-cap international equity. Diversified portfolio of value stocks from non-U.S. markets. Seeks long-term capital appreciation. Market Dvlp Emrg Broadly diversified in international developed and emerging markets. Fundamental, value-oriented investment process. Large Diversified, multi-manager structure. Mid

Small Market capitalizationMarket

Central tendency Expected range of fund holdings

Quarterly Commentary People and Process

The human toll of COVID-19 further mounted during the second Vanguard International Value Fund seeks long-term capital quarter of 2021 amid fresh outbreaks of the virus and new appreciation through broadly diversified exposure to the major variants. The global economy nevertheless continued to rebound equity markets outside the United States. The fund’s investment sharply if unevenly. Countries that have better succeeded in advisors employ fundamental research to construct portfolios of containing the virus—whether through vaccinations, lockdowns, or undervalued stocks in developed and emerging markets. In both—tended to fare the best. With the reopening of economies addition, Vanguard may invest the fund’s cash flows in equity and pent-up demand boosting corporate profits, global stocks index futures and/or exchange-traded funds to manage liquidity finished the quarter significantly higher. U.S. stocks outperformed needs while ensuring that the fund remains fully invested. other developed markets as a whole as well as emerging markets.

For the quarter, Vanguard International Value Fund (+3.97%) ARGA Investment Management, LP underperformed its benchmark, the MSCI All Country World Index ex USA (+5.48%). The firm invests in businesses that it believes are undervalued based on long-term earnings power and dividend-paying capability. Favorable security selection aided relative returns for the quarter, ARGA’s investment philosophy is based on the belief that particularly in consumer discretionary, consumer staples, and investors overreact to short-term developments, leading to utilities, but was more than offset by poor selection in information opportunities to generate gains from investing in “good technology and industrials. An underweight position in Alibaba businesses at great prices.” Its value-oriented process uses a (–1%) and an overweight in Banco Bradesco (+18%) were top dividend discount model (DDM) to select stocks that trade at a contributors. Among the biggest detractors were ATOS (–21%) discount to intrinsic value based upon the company’s long-term and Volkswagen (–11%). earnings power and dividend-paying capability. For the 12 months ended June 30, the fund (+41.27%) outperformed its benchmark (+35.72%). Firm Description Strong selection in consumer discretionary, industrials, and ARGA Investment Management, LP, Stamford, Connecticut, is an materials boosted returns for the 12 months, as did overweight independent investment management firm focused on global allocations to industrials and materials. By region, positive stock equities. The firm has advised Vanguard International Value Fund selection in the Pacific region, emerging markets, and Europe since 2012. drove the outperformance. Individual contributors included an underweight to Alibaba (+4%) and overweight to Capri (+266%) Investment Manager Biographies and Baidu (+70%). The fund’s overweight position in ATOS (–28%) and an underweight in Taiwan Semiconductor (+105%) detracted. A. Rama Krishna, Founder and Chief Investment Officer. Portfolio manager. Advised the fund since 2012. Worked in investment management since 1987. B.A., Saint Stephen's College, University Note: Company returns may differ if a security was held in the of Delhi. M.B.A. and M.A., University of Michigan. portfolio for less than the full period.

As of June 30, 2021 Vanguard International Value Fund

Steven Morrow, Director of Research. Portfolio manager. Advised Arjun Kumar, CFA, Sprucegrove Board Director. Portfolio manager. the fund since 2012. Worked in investment management since Advised the fund since 2020. Worked in investment management 1993. B.S., University of New Hampshire. M.B.A., Cornell since 2002. B.A., University of Toronto. M.B.A., University of University. Toronto.

Sprucegrove Investment Management Ltd. Lazard Asset Management LLC

Sprucegrove’s investment philosophy is grounded in the belief that The firm employs a research-driven, bottom-up, relative value the short-term focus of many investors allows high-quality approach in selecting stocks. Lazard seeks to identify individual companies to trade at a discount, allowing a firm that strictly stocks that offer an appropriate trade-off between low relative adheres to its disciplined long-term approach to be patient and valuation and high financial productivity. The cross-border portfolio wait for exploitable valuation opportunities. The firm seeks to management team uses return on equity as the primary measure purchase high-quality businesses at a substantial discount to their of financial productivity, while secondary measures include return long-term value and hold them through periods of market volatility, on assets, cash return on equity, and operating margin. Lazard’s with a typical holding period of ten years. research analysts utilize a global sector approach to fundamental analysis. Stock selection is the result of a bottom-up process, Firm Description regardless of sector and regional boundaries. Holdings and sector weightings may differ from those in the benchmark. Sprucegrove is a Toronto-based boutique asset manager that was founded in 1993 by three partners and is 100% employee-owned. Firm Description Its consistent philosophy and process over the long term has been focused on constructing portfolios of quality companies at Based in New York, Lazard Asset Management is a wholly owned attractive valuations. The firm has advised Vanguard International subsidiary of Lazard Freres & Co., LLC. The firm has advised Value Fund since 2020. Vanguard International Value Fund since 2006.

Investment Manager Biographies Investment Manager Biographies

Shirley Woo, CFA, Sprucegrove Board Director. Portfolio manager. Michael G. Fry, Managing Director. Portfolio manager. Advised the Advised the fund since 2020. Worked in investment management fund since 2010. Worked in investment management since 1981. since 1987. B.A., University of Toronto. B.Sc, Flinders University, Adelaide, Australia.

Michael A. Bennett, CPA, Managing Director. Portfolio manager. Advised the fund since 2010. Worked in investment management since 1987. B.S., New York University. M.B.A., University of Chicago.

Investment Advisors

Fund Assets Managed

% $ Million

Lazard Asset Management LLC 38 5,649

Sprucegrove Investment Management 33 4,924 Ltd.

ARGA Investment Management, LP 26 3,839

Cash investments 2 362

Total 100 14,774

As of June 30, 2021 Vanguard International Value Fund

Total Returns

Expense Year Ratio Quarter to Date 1 Year 3 Years 5 Years 10 Years International Value Fund (5/16/1983) 0.35% 3.97% 9.94% 41.27% 8.63% 10.59% 5.81% Spliced International Index — 5.48 9.16 35.72 9.38 11.08 5.45 International Funds Average — 5.44 9.11 35.02 9.32 10.72 5.86

As of June 30, 2021 Vanguard International Value Fund

Quarterly Returns

Year-End Spliced International International Assets Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Value Index (Millions) 2021 5.74% 3.97% — — — — $14,796 2020 -26.30 15.08 3.99% 23.57% 8.99% 10.65% 12,125 2019 9.44 2.42 -1.25 8.77 20.39 21.51 10,708 2018 -0.63 -3.20 0.99 -12.01 -14.52 -14.20 8,930 2017 8.06 5.77 6.72 4.90 27.96 27.19 10,308 2016 -0.51 0.13 6.04 -1.11 4.46 4.50 7,931 2015 4.18 1.22 -13.41 2.46 -6.44 -5.66 7,636 2014 -0.08 5.03 -5.74 -5.68 -6.69 -3.87 7,879 2013 2.15 -0.03 11.81 6.98 22.15 15.29 8,263 2012 12.24 -7.80 7.22 8.30 20.18 16.83 6,808 2011 1.87 0.70 -20.73 5.05 -14.58 -13.71 6,081

Fund Facts Volatility Measures Fund Number 0046 R-Squared Beta Ticker VTRIX Spliced International Index 0.96 1.11 Newspaper Listing IntlVal MSCI AC World Index ex US Gross 0.96 1.11 CUSIP Number 921939203 Assets (millions) $14,796 Inception 5/16/1983

Expense Ratio Top 10 Largest Holdings (as of 2/2021) 0.35%

% of Total Net Assets Equity Characteristics Samsung Electronics Co. Ltd. 3.1% MSCI AC POSCO 1.4 International World Index Alibaba Group Holding Ltd. 1.3 Value ex USA Banco Bradesco SA 1.3 Number of stocks 207 2,348 Novartis AG 1.2 Median market cap $32.4 Billion $46.3 Billion Holcim Ltd. 1.2 Average market cap $75.6 Billion $105.6 Billion Cie Financiere Richemont SA 1.1 Price/earnings ratio 18.9x 17.8x Tencent Holdings Ltd. 1.0 Price/book ratio 1.6x 2.0x BHP Group Ltd. 1.0 Return on equity 10.8% 12.7% ABB Ltd. 1.0 Earnings growth rate 4.8% 7.7% Total 13.6% Equity yield (dividend) 2.2% 2.2% The holdings listed exclude any temporary cash investments and equity Short-term reserves 5.6% — index products. Turnover rate (fiscal year end) 72.3% —

As of June 30, 2021 Vanguard International Value Fund

Sector Diversification (% of Stocks)

MSCI AC International World Index Overweight/ Value ex USA Underweight

Communication Services 5.4% 6.7% -1.3

Consumer Discretionary 16.6 13.8 2.8

Consumer Staples 7.3 8.5 -1.2

Energy 5.7 4.5 1.2

Financials 17.3 18.6 -1.3

Health Care 4.5 9.3 -4.8

Industrials 19.3 11.8 7.5

Information Technology 7.1 12.9 -5.8

Materials 12.2 8.3 3.9

Other 0.0 0.0 0.0

Real Estate 1.4 2.6 -1.2

Utilities 3.2 3.0 0.2 Total 100.0% 100.0% Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

As of June 30, 2021 Vanguard International Value Fund

Market allocation (% of Stocks)

International Value

Europe

United Kingdom 16.8%

France 9.5

Switzerland 6.5

Germany 5.9

Netherlands 3.6

Norway 1.7

Italy 1.7

Finland 1.4

Denmark 1.3

Ireland 1.2

Sweden 1.0

Other 0.9

Subtotal 51.5

Pacific

Japan 11.9%

Korea 5.2

Hong Kong 3.1

Singapore 1.8

Australia 1.1

Subtotal 23.1

Emerging Markets

China 5.0%

India 4.5

Brazil 3.8

Indonesia 1.5

Other 2.6

Subtotal 17.4

North America

United States 3.9%

Canada 2.7

Subtotal 6.6

Middle East

Other 0.1%

Other 1.3

Total 100.0%

As of June 30, 2021 Vanguard International Value Fund

3 month attribution Portfolio Benchmark Attribution

Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total weight return Return weight return Return effect effect effect Consumer Discretionary 15.4 2.6 0.4 19.0 0.6 0.0 0.4 0.2 0.7 Consumer Staples 7.4 10.3 0.7 8.0 7.9 0.6 0.0 0.2 0.2 Utilities 3.2 7.7 0.2 2.9 -0.1 0.0 0.0 0.2 0.2 Cash 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Energy 5.8 7.1 0.4 4.2 8.7 0.3 0.1 -0.1 0.0 Materials 12.3 4.9 0.6 7.9 6.5 0.5 0.2 -0.2 0.0 Real Estate 1.4 1.4 0.0 2.4 2.6 0.1 0.0 0.0 0.0 Communication Services 5.5 -1.0 0.0 6.5 1.5 0.1 0.0 -0.1 -0.1 Financials 18.2 3.6 0.7 17.8 4.6 0.7 0.1 -0.1 -0.1 Health Care 4.6 9.8 0.4 8.4 10.0 0.8 -0.2 0.0 -0.2 Industrials 19.4 3.0 0.6 11.0 4.7 0.5 0.0 -0.3 -0.2 Information Technology 7.0 1.1 0.1 11.8 7.1 0.8 -0.1 -0.4 -0.6 Total 100.0 4.2 4.2 100.0 4.5 4.5 0.4 -0.7 -0.2

12 month attribution Portfolio Benchmark Attribution Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total weight return Return weight return Return effect effect effect Consumer Discretionary 12.8 66.7 7.5 23.3 21.6 6.0 0.1 4.9 4.9 Industrials 18.7 49.2 9.4 10.4 41.1 4.0 0.9 1.7 2.6 Materials 11.0 61.7 6.3 7.2 50.0 3.2 0.9 1.2 2.1 Financials 17.4 45.5 8.3 16.2 41.5 6.1 0.8 1.0 1.7 Consumer Staples 7.0 24.2 1.7 8.0 19.6 1.6 0.4 0.4 0.8 Energy 4.4 39.8 1.6 3.9 35.8 1.3 0.4 0.3 0.7 Utilities 3.2 27.5 0.9 2.9 15.1 0.5 0.1 0.5 0.5 Communication Services 7.5 30.6 2.7 6.4 25.2 1.6 0.1 0.3 0.4 Real Estate 1.6 31.0 0.5 2.3 22.7 0.5 0.2 0.2 0.4 Health Care 6.5 14.6 0.9 8.5 15.7 1.4 0.1 -0.1 0.0 Cash 1.0 0.1 0.0 0.0 0.0 0.0 -0.7 0.0 -0.7 Information Technology 9.0 41.5 3.9 10.8 57.2 5.3 -0.2 -1.2 -1.4 Total 100.0 43.7 43.7 100.0 31.6 31.6 2.8 9.3 12.1 The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown above is an estimate and may not precisely reflect actual attribution information. Information noted above does not reflect fair-value adjustments to prices of foreign securities held in the portfolio.

3 month regional attribution Portfolio Benchmark Attribution

Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total weight return Return weight return Return effect effect effect Emerging Markets 16.2 5.2 0.8 29.8 1.9 0.5 0.5 0.5 1.0 CASH 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Middle East 0.0 0.0 0.0 0.2 6.0 0.0 0.0 0.0 0.0 Other 0.0 -0.4 0.0 1.0 9.9 0.1 -0.1 0.0 -0.1 Pacific 23.5 1.5 0.3 24.7 1.9 0.5 0.0 -0.1 -0.1 North America 8.2 4.8 0.4 6.8 10.0 0.6 0.1 -0.4 -0.3 Europe 51.9 5.0 2.6 37.5 7.7 2.7 0.6 -1.3 -0.8 TOTAL 100.0 4.2 4.2 100.0 4.4 4.4 1.1 -1.3 -0.2

As of June 30, 2021 Vanguard International Value Fund

12 month regional attribution Portfolio Benchmark Attribution Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total weight return Return weight return Return effect effect effect Emerging Markets 13.7 54.1 7.0 33.6 24.5 9.1 0.3 4.1 4.4 Europe 52.1 38.6 20.7 35.1 35.7 11.9 0.8 2.0 2.8 Pacific 24.9 42.6 10.7 24.1 32.5 7.6 0.1 2.3 2.4 North America 8.1 69.0 5.1 6.2 46.0 2.6 0.5 1.8 2.3 Other 0.1 62.3 0.1 0.8 47.3 0.3 0.1 0.3 0.4 Middle East 0.0 0.0 0.0 0.2 27.5 0.1 0.2 0.0 0.2 CASH 1.0 0.1 0.0 0.0 0.0 0.0 -0.6 0.0 -0.6 TOTAL 100.0 43.7 43.7 100.0 31.6 31.6 1.5 10.6 12.1 The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown above is an estimate and may not precisely reflect actual attribution information. Information noted above does not reflect fair-value adjustments to prices of foreign securities held in the portfolio.

Top contributors—3 month Top detractors—3 month 3 mo. Total Ending Bench 3 mo. Total Ending Bench return effect weight weight return effect weight weight Alibaba Group Holding Ltd. 0.1 1.0 1.4 1.6 Autohome Inc. -31.4 -0.1 0.4 0.0 Banco Bradesco S.A. 20.3 0.2 1.4 0.1 Volkswagen AG -10.7 -0.1 0.8 0.2 HitachiLtd. 26.6 0.1 0.9 0.2 AerCap Holdings NV -12.8 -0.1 0.7 0.0 Ambev SA 25.5 0.1 0.9 0.1 Shopify Inc. 32.6 -0.1 0.0 0.6 IMI plc 30.6 0.1 0.7 0.0 ATOS SE -20.9 -0.2 0.7 0.0

Top contributors—12 month Top detractors—12 month 12 mo. Total Ending Bench 12 mo. Total Ending Bench return effect weight weight return effect weight weight Alibaba Group Holding Ltd. -14.0 2.8 1.4 1.6 Novartis AG 10.3 -0.4 1.3 0.7 Capri Holdings Limited 265.9 1.6 1.0 0.0 Sanofi 6.8 -0.4 1.0 0.4 Baidu Inc. 161.1 1.1 0.0 0.2 ATOS SE -27.5 -0.5 0.7 0.0 POSCO 118.1 0.7 1.5 0.1 Taiwan Semiconductor Manufacturing Co. Ltd. 43.4 -0.5 0.0 1.9 Adani Ports & Special Economic Zone Ltd. 106.7 0.5 0.7 0.0 SAP SE 2.6 -0.5 0.2 0.5

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