See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Annual Report | August 31, 2019 Vanguard International Growth Fund
See the inside front cover for important information about accessto your fund’s annual and semiannual shareholder reports.
Annual Report | August 31, 2019
Vanguard International Growth Fund
Contents
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promisesor advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of thisreport. Of course, the risks of investing in your fund are spelled out in the prospectus.
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by theSecurities and Exchange Commission, paper copies of your fund’s annual andsemiannual shareholder reports will no longer be sent to you by mail, unless youspecifically request them. Instead, you will be notified by mail each time a reportis posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will notbe affected by this change and do not need to take any action. You may elect toreceive shareholder reports and other communications from the fund electronicallyby contacting your financial intermediary (such as a broker-dealer or bank) or, if youinvest directly with the fund, by calling Vanguard at one of the phone numbers onthe back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports freeof charge. If you invest through a financial intermediary, you can contact theintermediary to request that you continue to receive paper copies. If you investdirectly with the fund, you can call Vanguard at one of the phone numbers on theback cover of this report or log on to vanguard.com. Your election to receive papercopies will apply to all the funds you hold through an intermediary or directly withVanguard.
A Note From Our Chairman. . . . . . . . . . . . . . . . . . . . . . . . . . 1
Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 2
Advisors’ Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . . 7
Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities— has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long- term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they should reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your invest-ment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley Chairman and Chief Executive Officer October 1, 2019
A Note From Our Chairman
Tim BuckleyChairman and Chief Executive Officer
1
• For the 12 months ended August 31, 2019, Vanguard International Growth Fund
returned –4.58% for Investor Shares and –4.50% for Admiral Shares. The fund
underperformed its benchmark.
• Market sentiment was dampened by signs of decelerating global growth, flare-ups
in trade disputes, heightened international tensions with Iran, and a lack of agreement
in the United Kingdom on how to exit the European Union.
• Relative to its benchmark, the fund outperformed in the Pacific owing largely to its
holdings in Hong Kong and Japan. It lagged its benchmark in other regions, however,
with stock selection detracting significantly from relative performance in Germany,
Belgium, and China.
• The fund outpaced its benchmark in a majority of industry sectors. Stock selection
in financials and consumer discretionary added value, as did largely avoiding the energy
sector. However, the fund underperformed in other sectors, notably materials, health
care and communication services.
Your Fund’s Performance at a Glance
Market Barometer Average Annual Total Returns
Periods Ended August 31, 2019
One Year Three Years Five Years
Stocks
Russell 1000 Index (Large-caps) 2.49% 12.57% 9.85%
Russell 2000 Index (Small-caps) -12.89 7.89 6.41
Russell 3000 Index (Broad U.S. market) 1.31 12.24 9.60
FTSE All-World ex US Index (International) -3.18 5.97 1.71
Bonds
Bloomberg Barclays U.S. Aggregate Bond Index
(Broad taxable market) 10.17% 3.09% 3.35%
Bloomberg Barclays Municipal Bond Index
(Broad tax-exempt market) 8.72 3.30 3.85
FTSE Three-Month U.S. Treasury Bill Index 2.36 1.47 0.91
CPI
Consumer Price Index 1.75% 2.13% 1.53%
2
3
Advisors’ Report
Vanguard International Growth Fund Investment Advisors
Fund Assets Managed
Investment Advisor % $ Million Investment Strategy
Baillie Gifford Overseas Ltd. 59 21,241 The advisor seeks stocks that can generateabove-average growth in earnings and cashflow, producing a bottom-up, stock-drivenapproach to country and asset allocation. Anin-depth view on each company is measuredagainst the consensus view, leading todiscrepancies and potential opportunities to addvalue.
Schroder InvestmentManagement North America Inc.
40 14,122 Equity analysts located around the world and aninternational team of global sector specialistshelp to identify reasonably priced companieswith strong growth prospects and a sustainablecompetitive advantage.
Cash Investments 1 242 These short-term reserves are invested byVanguard in equity index products to simulateinvestment in stocks. Each advisor may alsomaintain a modest cash position.
For the 12 months ended August 31, 2019, Vanguard International Growth Fund returned –4.58% for Investor Shares and –4.50% for Admiral Shares. It lagged its benchmark index (–3.27%). Your fund is managed by two independent advisors, a strategy that enhances the fund’s diversification by providing exposure to distinct yet complementary investment approaches. It is not uncommon for advisors to have different views about individual securities or the broader investment environment.
The advisors, the amount and percentage of fund assets each manages, and brief descriptions of their investment strategies are presented in the table below. The advisors have also prepared a discussion
of the investment environment that existed during the fiscal year and of how the portfolio’s positioning reflects this assessment. These comments were prepared on September 23, 2019.
Baillie Gifford Overseas Ltd.
Portfolio Managers:
James K. Anderson, Head of Global Equities, Partner
Thomas Coutts Head of International Growth, Partner
We believe successful investing lies in finding exceptional and durable growth companies. But growth investing isn’t easy; more ideas will fail than succeed.
4
These companies are hard to find and can be hard to hold, especially in the current environment. In times of macroeconomic uncertainty, we focus on decades, not quarters, and we are patient.
Companies are seizing on an unprecedented explosion of technology-driven innovation. Despite market uncertainty, they are growing by creating products and services that are being adopted more quickly than ever. Why? Because we are more connected. Enabled by increasing computing power, humans now create rich seams of data, presenting innovators with opportunities to mine and exploit them. New companies are using this data to create sectors such as online food delivery, tailored personal finance, and autonomous electric vehicles. Almost every facet of consumer behavior is affected, and consumer demand is setting the pace. As companies are spawned from this disruption, we aim to pick the best of them.
Many holdings that contributed well over the period are long-term leaders in their sectors and heavy investors in R&D. ASML, the Dutch manufacturer of semiconductor machines, is a unique example. Its extreme ultraviolet (EUV) lithography allows the progression of Moore’s Law to continue, and a monopolistic position in the technol-ogy gives considerable pricing power. We believe ASML’s investment in developing this commercially proven system will pay dividends as EUV lithography helps develop the next wave of chips for AI, autonomous driving, 5G, and more.
Another contributor was Argentinian e-commerce platform MercadoLibre, the market leader in Latin America, which has grown its revenues by 48% this fiscal year. The opportunity remains large on a continent of some 650 million people with underpenetrated internet, e-commerce, and financial services markets.
Ferrari still leads in the luxury super-sport segment, with strong demand from existing and new buyers. The company is laser-focused on careful supply management and continues to grow both volume and margins.
Results were weaker for Chinese web search portal Baidu and South Korean biosimilar drug company Celltrion. Despite increasing revenue by 15% for the 12 months, Baidu reported its first quarterly loss in 14 years because of increased R&D costs and content acquisition for its online video platform iQiyi. Celltrion detracted as intensifying competition led to margin erosion. Celltrion has been a long-term contributor to the fund and we remain excited by its lucrative drug pipeline in this nascent market. Overall, we are patient in the short-term and buoyed by the determination of both companies to invest heavily for the future.
Appreciating the rapid change we are seeing in China, we added an IPO to our existing unlisted holding in online marketplace company Meituan-Dianping and participated in the IPO of electric vehicle company NIO. Another addition
5
at IPO was Jumia, the pan-African digital retail company. Finally, after getting to know Temenos, we took a holding in this global leader of banking software.
To fund these purchases, we sold Distribuidora Internacional de Alimentacion (DIA), Jeronimo Martins, and Standard Chartered, where the growth opportunities have diminished. We sold Epiroc and Puma, which were spun out of existing holdings. We also sold Chinese education company New Oriental. As the education market consolidates in China, our conviction has grown stronger for the digital offering from the other large player, TAL Education.
Schroder Investment Management North America Inc.
Portfolio Manager:
Simon Webber, CFA
International equities declined modestly over the period as investors continued to grapple with slowing economic growth and political uncertainty. Trade and broader relationship tensions between the U.S. and China took a toll on business confidence. Manufacturing and industrial sectors were particularly affected as many investment plans were put on hold. Central bank policy broadly turned to supportive measures, and a widespread global collapse in bond yields created a two-tier equity market. “Bond proxy” sectors such as consumer staples performed strongly, but economic cyclicals faced intense pressure.
Stock selection supported relative performance through the year, with particularly strong contributions from holdings in the financial, industrial, and consumer staples sectors. By region, our emerging-market and U.K. exposures contributed, while our European positions detracted.
Our position in Nestle helped. The food and drink producer continues to manage its brand portfolio proactively, focusing investment on high-growth categories and addressing low-growth businesses through product innovation and divestitures. We believe the refocused product range will have better pricing power and, combined with an extensive cost-cutting scheme, should expand group-level margins materially by 2020.
Umicore was a weaker holding. The group issued a cautious outlook in April, citing tough market conditions as reductions in Chinese electric vehicle (EV) subsidies led to slowing demand for Umicore’s cathode materials. Although the company faces tough operating conditions in the short-term, EV demand will likely grow as much as tenfold around the world in the next decade, and Umicore is well-placed to benefit.
In health care, we initiated a position in Roche; we believe the market is underesti-mating the strength of its pipeline. Oncology is its biggest driver, and the company is at the forefront of medical advances that will transform the treatment of cancer and
6
Alzheimer’s. We believe that new product launches coupled with management cost discipline will drive margin expansion.
The portfolio is well-balanced and diversified across cyclical and defensive sectors of the economy. And it is focused on individual companies whose future growth, we are convinced, will surprise the market on the upside.
We remain concerned about market complacency regarding financial leverage amid record-low interest rates. The portfolio in aggregate is invested in companies with significantly stronger balance sheets than the market average. This gives our holdings the ability to react decisively to an uncertain market environment by investing in their own businesses or making acquisitions when opportunities arise.
In contrast, many listed companies are struggling under a combination of relatively high debt and high dividend payout ratios, which constrains their ability to invest and weakens their business in the long term. We focus on choosing stocks with strong and sustainable return-on-capital, resilient balance sheets, and good cash-flow generation. It is increasingly important for companies to have elements of pricing power and self-help; those dependent on macro support alone are unlikely to deliver in the current economic slowdown. We expect firms with these characteristics to have greater resiliency and flexibility to adapt to the evolving competitive landscape.
About Your Fund’s Expenses
7
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and sellingsecurities. Further, the expenses do not include any purchase, redemption, or account servicefees described in the fund prospectus. If such fees were applied to your account, your costswould be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs mayhave been higher or lower, depending on the amount of your investment and the timing of anypurchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in theFinancial Statements section of this report. For additional information on operating expenses andother shareholder costs, please refer to your fund’s current prospectus.
8
Six Months Ended August 31, 2019
International Growth Fund
BeginningAccount Value
2/28/2019
EndingAccount Value
8/31/2019
ExpensesPaid During
Period
Based on Actual Fund Return
Investor Shares $1,000.00 $1,004.97 $2.07
Admiral™ Shares 1,000.00 1,005.25 1.62
Based on Hypothetical 5% Yearly Return
Investor Shares $1,000.00 $1,023.14 $2.09
Admiral Shares 1,000.00 1,023.59 1.63
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios forthat period are 0.41% for Investor Shares and 0.32% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to theannualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recentsix-month period, then divided by the number of days in the most recent 12-month period (184/365).
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher thanthe performance data cited. For performance data current to the most recent month-end, visitour website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Performance Summary
See Financial Highlights for dividend and capital gains information.
International Growth Fund
9
Cumulative Performance: August 31, 2009, Through August 31, 2019Initial Investment of $10,000
2019201820172016201520142013201220112010
$26,000
6,000
21,878
Average Annual Total ReturnsPeriods Ended August 31, 2019
OneYear
FiveYears
TenYears
Final Valueof a $10,000Investment
International Growth Fund InvestorShares -4.58% 5.81% 8.14% $21,878
• • • • • • • • Spliced International Index -3.27 1.37 4.14 14,998
Spliced International Index: MSCI EAFE Index through May 31, 2010; MSCI All Country World Index ex USA thereafter.
OneYear
FiveYears
TenYears
Final Valueof a $50,000Investment
International Growth Fund Admiral Shares -4.50% 5.95% 8.28% $110,784
Spliced International Index -3.27 1.37 4.14 74,989
Sector DiversificationAs of August 31, 2019
International Growth Fund
10
Communication Services 10.6%
Consumer Discretionary 33.8
Consumer Staples 6.5
Energy 1.3
Financials 13.7
Health Care 11.3
Industrials 9.3
Information Technology 9.3
Materials 3.6
Other 0.6
Real Estate 0.0
Utilities 0.0
The table reflects the fund’s equity exposure, based on its invest-ments in stocks and stock index futures. Any holdings in short-termreserves are excluded. Sector categories are based on the GlobalIndustry Classification Standard (“GICS”), except for the “Other”category (if applicable), which includes securities that have notbeen provided a GICS classification as of the effective reportingperiod.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Financial Statements
Statement of Net AssetsAs of August 31, 2019
International Growth Fund
Market
Value•
Shares ($000)
Market
Value•
Shares ($000)
Common Stocks (98.5%)1
Australia (0.3%)
Brambles Ltd. 14,789,660 112,411
Austria (0.4%)
Erste Group Bank AG 4,310,170 138,635
Belgium (1.0%) ^ Umicore SA 11,385,753 362,722
Brazil (0.7%)
B3 SA - Brasil Bolsa
Balcao 11,674,291 126,300
Raia Drogasil SA 5,124,291 113,895
240,195
Canada (1.0%)
Nutrien Ltd. 3,665,128 184,578
Toronto-Dominion Bank 3,133,272 169,913
354,491
China (17.6%) * Alibaba Group Holding
Ltd. ADR 11,394,039 1,994,299
Tencent Holdings Ltd. 41,153,400 1,699,040* TAL Education Group
ADR 18,485,132 658,625* Baidu Inc. ADR 4,633,984 484,112
Ping An Insurance
Group Co. of China
Ltd. 37,534,500 430,634* Meituan Dianping
Class B 32,888,430 311,226* Ctrip.com International
Ltd. ADR 9,001,376 291,465
China Pacific Insurance
Group Co. Ltd. 34,671,200 138,393
China Mengniu Dairy
Co. Ltd. 33,524,000 132,619^,* iQIYI Inc. ADR 3,583,399 65,540^,* NIO Inc. ADR 17,591,617 50,312
6,256,265
Denmark (2.9%) * Genmab A/S 2,594,661 530,400
Vestas Wind Systems
A/S 2,278,474 167,548
Chr Hansen Holding A/S 1,658,818 139,486
Novozymes A/S 2,401,809 102,387^ Ambu A/S Class B 5,449,774 93,438
1,033,259
France (8.0%)
Kering SA 1,535,503 744,032
L’Oreal SA 2,310,130 630,800
Schneider Electric SE 5,203,061 435,832
EssilorLuxottica SA 1,942,580 286,822
Danone SA 3,081,319 276,055
TOTAL SA 5,324,542 265,903
Vivendi SA 7,343,173 205,346
2,844,790
Germany (6.9%) *,2 Zalando SE 10,466,867 519,290*,2 Delivery Hero SE 6,275,610 318,067
Bayerische Motoren
Werke AG 3,349,995 224,051
adidas AG 734,594 217,671
SAP SE 1,667,180 199,025
Infineon Technologies
AG 8,885,472 153,994
BASF SE 2,275,881 150,589^,*,3 HelloFresh SE 10,552,945 137,965
GEA Group AG 5,087,264 137,126
Continental AG 1,057,002 127,558* MorphoSys AG 664,989 78,886*,2 Rocket Internet SE 2,762,933 77,081^,*,3 Jumia Technologies
AG ADR 6,724,836 74,982^,* AIXTRON SE 3,130,112 31,064^,*,3 Home24 SE 1,862,256 6,147
2,453,496
The fund files its complete schedule of portfolio holdings with the Securities and Exchange
Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports
on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at
www.sec.gov.
11
International Growth Fund
Market
Value•
Shares ($000)
Market
Value•
Shares ($000)
Hong Kong (4.2%)
AIA Group Ltd. 123,142,800 1,191,623
Jardine Matheson
Holdings Ltd. 3,239,027 176,130
Hong Kong Exchanges
& Clearing Ltd. 4,767,930 145,512
1,513,265
India (2.3%)
Housing Development
Finance Corp. Ltd. 11,680,736 354,877
HDFC Bank Ltd. 6,437,279 201,245
Zee Entertainment
Enterprises Ltd. 33,638,320 175,648*,§,4 ANI Technologies 166,185 49,455
Larsen & Toubro Ltd. 2,239,483 41,675
822,900
Indonesia (0.4%)
Bank Central Asia
Tbk PT 66,399,100 142,510
Israel (0.3%) * Check Point Software
Technologies Ltd. 1,003,311 108,057
Italy (2.6%)
Ferrari NV 4,745,012 749,239
Fiat Chrysler
Automobiles NV 13,737,294 179,654
928,893
Japan (10.8%)
M3 Inc. 26,545,800 562,610
SMC Corp. 1,428,000 538,362
SoftBank Group Corp. 9,578,400 434,033
Nintendo Co. Ltd. 731,600 276,838
Nidec Corp. 2,080,800 270,764
Bridgestone Corp. 5,745,200 217,579
Recruit Holdings Co.
Ltd. 6,702,200 202,944
Sony Corp. 3,375,700 192,288
Takeda Pharmaceutical
Co. Ltd. 4,806,100 162,042
Sekisui Chemical Co.
Ltd. 10,005,000 143,936
Kubota Corp. 8,488,000 121,612
Pigeon Corp. 3,300,800 119,665
Keyence Corp. 202,000 119,362
Toyota Motor Corp. 1,725,900 113,022
ORIX Corp. 7,045,400 103,955
Murata Manufacturing
Co. Ltd. 2,240,300 93,136^ SBI Holdings Inc. 4,470,400 89,262
Suzuki Motor Corp. 2,218,500 85,412
3,846,822
Netherlands (5.3%)
ASML Holding NV 7,790,064 1,732,576
Koninklijke Philips NV 3,529,779 166,375
1,898,951
Norway (0.7%)
DNB ASA 8,478,225 136,586
Norsk Hydro ASA 38,345,698 120,334
256,920
Other (0.2%) 5 Vanguard FTSE All-World
ex-US ETF 1,128,434 55,124
Singapore (0.4%)
Oversea-Chinese
Banking Corp. Ltd. 19,070,500 146,157
South Korea (1.6%)
Samsung Electronics
Co. Ltd. 6,379,876 232,285^,* Celltrion Inc. 1,695,815 220,573
Samsung SDI Co. Ltd. 560,382 115,733
568,591
Spain (2.9%)
Industria de Diseno
Textil SA 21,245,632 657,427
Banco Bilbao Vizcaya
Argentaria SA 80,169,921 380,341
1,037,768
Sweden (4.4%) * Spotify Technology SA 2,908,470 392,498
Atlas Copco AB Class A 9,836,886 294,107
Kinnevik AB 10,340,628 282,049
Svenska
Handelsbanken AB
Class A 28,108,694 247,665
Assa Abloy AB Class B 7,216,721 150,643
SKF AB 7,055,500 113,905^ Elekta AB Class B 6,427,670 81,872
1,562,739
Switzerland (5.3%)
Nestle SA 5,177,491 581,818
Roche Holding AG 1,909,988 521,924
Novartis AG 2,634,439 237,507
Lonza Group AG 574,461 203,896
Cie Financiere
Richemont SA 2,311,487 179,606
Temenos AG 872,365 146,976
Straumann Holding AG 13,099 10,298
1,882,025
Taiwan (1.0%)
Taiwan Semiconductor
Manufacturing Co. Ltd. 41,599,000 341,804
12
International Growth Fund
Market
Value•
Shares ($000)
Market
Value•
Shares ($000)
Thailand (0.3%)
Kasikornbank PCL
(Foreign) 22,280,856 116,326
Turkey (0.2%) * Turkiye Garanti
Bankasi AS 39,634,985 60,712
United Kingdom (6.8%)
Rolls-Royce Holdings
plc 46,651,516 438,448
Diageo plc 8,713,257 373,051* Ocado Group plc 19,221,816 303,365
BHP Group plc 8,794,634 190,261
Royal Dutch Shell plc
Class A 6,669,211 185,186
Burberry Group plc 6,851,592 181,337
Smith & Nephew plc 7,487,455 179,423
GlaxoSmithKline plc 6,981,170 145,485
Whitbread plc 2,253,798 120,181
Lloyds Banking Group
plc 170,979,423 104,028
Aviva plc 21,361,017 92,220
Bunzl plc 2,273,703 55,768^,*,2 Aston Martin Lagonda
Global Holdings plc 6,321,596 36,949
Next plc 83,261 6,027
2,411,729
United States (10.0%) * Amazon.com Inc. 669,737 1,189,647* Booking Holdings Inc. 51,269 100,816* Illumina Inc. 2,734,956 769,453* MercadoLibre Inc. 1,706,131 1,014,465
Philip Morris
International Inc. 788,444 56,839^,* Tesla Inc. 1,894,281 427,369
3,558,589
Total Common Stocks
(Cost $25,510,096) 35,056,146
Preferred Stocks (0.4%)
*,§,3,4,6 You & Mr. Jones 44,800,000 127,680*,§,4,6 CureVac GmbH 12,600 19,709
Total Preferred Stocks
(Cost $75,682) 147,389
Temporary Cash Investments (3.5%)1
Money Market Fund (3.4%)7,8 Vanguard Market
Liquidity Fund,
2.249% 12,435,941 1,243,718
Face
Amount
($000)
U.S. Government and Agency Obligations (0.1%)
United States Treasury
Bill, 1.954%, 11/7/19 4,500 4,484
United States Treasury
Bill, 2.135%, 11/14/19 2,400 2,3919 United States Treasury
Bill, 2.048%, 11/21/19 10,000 9,9579 United States Treasury
Bill, 2.082%, 12/26/19 3,500 3,479
20,311
Total Temporary Cash Investments
(Cost $1,263,905) 1,264,029
Total Investments (102.4%)
(Cost $26,849,683) 36,467,564
Other Assets and Liabilities (-2.4%)
Other Assets10 193,194
Liabilities (1,055,559)
(862,365)
Net Assets (100%) 35,605,199
13
International Growth Fund
Amount
($000)
Amount
($000)
Statement of Assets and Liabilities
Assets
Investments in Securities, at Value
Unaffiliated Issuers 34,821,948
Affiliated Issuers 1,645,616
Total Investments in Securities 36,467,564
Investment in Vanguard 1,731
Receivables for Investment Securities
Sold 45,064
Receivables for Accrued Income 64,710
Receivables for Capital Shares Issued 22,508
Variation Margin Receivable—Futures
Contracts 2,516
Unrealized Appreciation—Forward
Currency Contracts 5,679
Other Assets10 50,986
Total Assets 36,660,758
Liabilities
Payables for Investment Securities
Purchased (31,328)
Collateral for Securities on Loan (943,002)
Payables for Capital Shares Redeemed (13,861)
Payables to Investment Advisor (15,675)
Payables to Vanguard (23,316)
Variation Margin Payable—Futures
Contracts (17)
Unrealized Depreciation—Forward
Currency Contracts (11,097)
Other Liabilities (17,263)
Total Liabilities (1,055,559)
Net Assets (100%) 35,605,199
At August 31, 2019, net assets consisted of:
Amount
($000)
Paid-in Capital 25,853,807
Total Distributable Earnings (Loss) 9,751,392
Net Assets 35,605,199
Investor Shares—Net Assets
Applicable to 249,373,598 outstanding
$.001 par value shares of beneficial
interest (unlimited authorization) 7,056,331
Net Asset Value Per Share—
Investor Shares $28.30
Admiral Shares—Net Assets
Applicable to 317,030,200 outstanding
$.001 par value shares of beneficial
interest (unlimited authorization) 28,548,868
Net Asset Value Per Share—
Admiral Shares $90.05
• See Note A in Notes to Financial Statements.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $925,745,000.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.0% and 3.0%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, the aggregate value of these securities was $951,387,000, representing 2.7% of net assets.
3 Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company.
4 Restricted securities totaling $196,844,000, representing 0.6% of net assets. See Restricted Securities table for additional information.
5 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
6 Perpetual security with no stated maturity date.
7 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
8 Includes $943,002,000 of collateral received for securities on loan.
9 Securities with a value of $9,901,000 have been segregated as initial margin for open futures contracts.
10 Cash of $6,030,000 has been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
14
International Growth Fund
Restricted Securities as of Period End
Acquisition
Acquisition Cost
Security Name Date ($000)
You & Mr. Jones September 2015 44,800
CureVac GmbH October 2015 30,882
ANI Technologies December 2015 51,748
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000)
Value and
Number of Unrealized
Long (Short) Notional Appreciation
Expiration Contracts Amount (Depreciation)
Long Futures Contracts
Dow Jones EURO STOXX 50 Index September 2019 1,912 71,847 289
Topix Index September 2019 352 50,032 (405)
FTSE 100 Index September 2019 432 37,745 (741)
S&P ASX 200 Index September 2019 271 29,981 (454)
(1,311)
Forward Currency Contracts
Contract Unrealized Unrealized
Settlement Contract Amount (000) Appreciation (Depreciation)
Counterparty Date Receive Deliver ($000) ($000)
Morgan Stanley Capital
Services LLC 9/25/19 EUR 124,013 USD 140,372 — (3,804)
Citibank, N.A. 9/18/19 JPY 12,573,713 USD 116,709 1,809 —
Toronto-Dominion Bank 9/24/19 GBP 64,712 USD 82,482 — (3,656)
Toronto-Dominion Bank 9/24/19 AUD 93,932 USD 64,723 — (1,418)
Citibank, N.A. 9/24/19 EUR 38,013 USD 42,394 — (537)
Citibank, N.A. 9/17/19 JPY 3,281,975 USD 30,883 50 —
Royal Bank of Canada 9/24/19 GBP 22,491 USD 27,366 31 —
Citibank, N.A. 9/23/19 AUD 29,180 USD 19,865 — (200)
JPMorgan Chase Bank, N.A. 9/23/19 AUD 15,796 USD 11,071 — (425)
JPMorgan Chase Bank, N.A. 9/24/19 EUR 9,569 USD 10,705 — (168)
15
International Growth Fund
Forward Currency Contracts (continued)
Contract Unrealized Unrealized
Settlement Contract Amount (000) Appreciation (Depreciation)
Counterparty Date Receive Deliver ($000) ($000)
Goldman Sachs International 9/24/19 EUR 9,201 USD 10,387 — (255)
Royal Bank of Canada 9/24/19 EUR 8,104 USD 9,031 — (107)
Morgan Stanley Capital
Services LLC 9/24/19 GBP 6,904 USD 8,643 — (233)
Royal Bank of Canada 9/17/19 JPY 726,425 USD 6,865 — (18)
Barclays Bank plc 9/17/19 JPY 687,720 USD 6,402 80 —
Morgan Stanley Capital
Services LLC 9/17/19 JPY 660,450 USD 6,127 98 —
Barclays Bank plc 9/25/19 EUR 2,076 USD 2,349 — (63)
Royal Bank of Canada 9/18/19 JPY 195,842 USD 1,818 28 —
Royal Bank of Canada 9/23/19 AUD 2,072 USD 1,406 — (10)
Bank of America, N.A. 9/24/19 AUD 1,131 USD 779 — (17)
BNP Paribas 9/24/19 GBP 601 USD 750 — (18)
Toronto-Dominion Bank 9/24/19 USD 99,772 EUR 88,642 2,165 —
Barclays Bank plc 9/17/19 USD 74,195 JPY 7,825,940 435 —
UBS AG 9/23/19 USD 49,628 AUD 73,376 178 —
Barclays Bank plc 9/24/19 USD 32,594 GBP 26,768 — (13)
JPMorgan Chase Bank, N.A. 9/24/19 USD 17,048 GBP 14,001 — (7)
Deutsche Bank AG 9/24/19 USD 12,412 EUR 11,143 142 —
Goldman Sachs International 9/24/19 USD 11,070 EUR 9,960 102 —
Royal Bank of Canada 9/24/19 USD 10,472 EUR 9,343 184 —
Citibank, N.A. 9/17/19 USD 10,470 JPY 1,111,825 — (10)
UBS AG 9/24/19 USD 9,971 EUR 8,967 97 —
Royal Bank of Canada 9/17/19 USD 7,777 JPY 827,680 — (24)
Deutsche Bank AG 9/23/19 USD 6,491 AUD 9,579 35 —
UBS AG 9/24/19 USD 5,701 GBP 4,693 — (15)
Goldman Sachs International 9/17/19 USD 5,531 JPY 591,480 — (43)
UBS AG 9/17/19 USD 5,472 JPY 581,880 — (12)
Deutsche Bank AG 9/17/19 USD 5,428 JPY 571,520 42 —
HSBC Bank USA, N.A. 9/24/19 USD 5,246 GBP 4,311 — (5)
Royal Bank of Canada 9/24/19 USD 4,522 GBP 3,744 — (39)
Goldman Sachs International 9/17/19 USD 4,476 JPY 474,400 5 —
Goldman Sachs International 9/24/19 USD 4,193 GBP 3,412 37 —
UBS AG 9/24/19 USD 4,145 GBP 3,378 30 —
Royal Bank of Canada 9/23/19 USD 4,085 AUD 6,005 38 —
Bank of America, N.A. 9/23/19 USD 3,940 AUD 5,795 34 —
16
International Growth Fund
Forward Currency Contracts (continued)
Contract Unrealized Unrealized Settlement Contract Amount (000) Appreciation (Depreciation)Counterparty Date Receive Deliver ($000) ($000)
Goldman Sachs International 9/23/19 USD 3,580 AUD 5,280 22 —
Barclays Bank plc 9/24/19 USD 3,477 GBP 2,842 15 —
JPMorgan Chase Bank, N.A. 9/24/19 USD 488 GBP 383 22 —
5,679 (11,097)
AUD—Australian dollar.
EUR—euro.
GBP—British pound.
JPY—Japanese yen.
USD—U.S. dollar.
At August 31, 2019, the counterparties had deposited in segregated accounts securities with a value of $1,559,000 in connection with open forward currency contracts. After August 31, 2019, the counterparties posted additional collateral of $1,380,000 in connection with open forward currency contracts as of August 31, 2019.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Year Ended
August 31, 2019
($000)
Investment Income
Income
Dividends—Unaffiliated Issuers1 526,647
Dividends—Affiliated Issuers 1,667
Interest—Unaffiliated Issuers 617
Interest—Affiliated Issuers 11,685
Securities Lending—Net 36,756
Total Income 577,372
Expenses
Investment Advisory Fees—Note B
Basic Fee 49,469
Performance Adjustment 10,483
The Vanguard Group—Note C
Management and Administrative—Investor Shares 17,266
Management and Administrative—Admiral Shares 37,892
Marketing and Distribution—Investor Shares 850
Marketing and Distribution—Admiral Shares 1,588
Custodian Fees 2,200
Auditing Fees 46
Shareholders’ Reports—Investor Shares 125
Shareholders’ Reports—Admiral Shares 233
Trustees’ Fees and Expenses 45
Total Expenses 120,197
Net Investment Income 457,175
Realized Net Gain (Loss)
Investment Securities Sold—Unaffiliated Issuers (13,231)
Investment Securities Sold—Affiliated Issuers 214
Futures Contracts 2,687
Forward Currency Contracts (19,337)
Foreign Currencies (2,595)
Realized Net Gain (Loss) (32,262)
Change in Unrealized Appreciation (Depreciation)
Investment Securities—Unaffiliated Issuers (2,154,205)
Investment Securities—Affiliated Issuers (4,789)
Futures Contracts (434)
Forward Currency Contracts 3,840
Foreign Currencies (1,045)
Change in Unrealized Appreciation (Depreciation) (2,156,633)
Net Increase (Decrease) in Net Assets Resulting from Operations (1,731,720)
1 Dividends are net of foreign withholding taxes of $63,506,000.
Statement of Operations
International Growth Fund
See accompanying Notes, which are an integral part of the Financial Statements.
18
Statement of Changes in Net Assets
International Growth Fund
See accompanying Notes, which are an integral part of the Financial Statements.
Year Ended August 31,
2019 2018
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 457,175 485,445
Realized Net Gain (Loss) (32,262) 1,574,400
Change in Unrealized Appreciation (Depreciation) (2,156,633) 1,400,252
Net Increase (Decrease) in Net Assets Resulting from Operations (1,731,720) 3,460,097
Distributions
Net Investment Income
Investor Shares (101,822) (66,639)
Admiral Shares (414,446) (217,469)
Realized Capital Gain1
Investor Shares (234,310) —
Admiral Shares (863,521) —
Total Distributions (1,614,099) (284,108)
Capital Share Transactions
Investor Shares (284,833) (426,156)
Admiral Shares 1,992,089 3,661,907
Net Increase (Decrease) from Capital Share Transactions 1,707,256 3,235,751
Total Increase (Decrease) (1,638,563) 6,411,740
Net Assets
Beginning of Period 37,243,762 30,832,022
End of Period 35,605,199 37,243,762
1 Includes fiscal 2019 and 2018 short-term gain distributions totaling $14,449,000 and $0, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
19
Investor Shares
For a Share Outstanding Year Ended August 31,
Throughout Each Period 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $31.23 $28.38 $22.38 $20.83 $23.79
Investment Operations
Net Investment Income .3421 .3811 .2401 .304 .308
Net Realized and Unrealized Gain (Loss)
on Investments (1.941) 2.722 6.028 1.539 (2.774)
Total from Investment Operations (1.599) 3.103 6.268 1.843 (2.466)
Distributions
Dividends from Net Investment Income (.403) (.253) (.268) (.293) (.494)
Distributions from Realized Capital Gains (.928) — — — —
Total Distributions (1.331) (.253) (.268) (.293) (.494)
Net Asset Value, End of Period $28.30 $31.23 $28.38 $22.38 $20.83
Total Return2 -4.58% 10.97% 28.43% 8.95% -10.46%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $7,056 $8,074 $7,731 $6,700 $7,172
Ratio of Total Expenses to Average Net Assets3 0.43% 0.45% 0.45% 0.46% 0.47%
Ratio of Net Investment Income to
Average Net Assets 1.23% 1.25% 1.01% 1.47% 1.34%
Portfolio Turnover Rate 13% 16% 15% 29% 29%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Includes performance-based investment advisory fee increases (decreases) of 0.03%, 0.03%, 0.03%, 0.04%, and 0.03%.
Financial Highlights
See accompanying Notes, which are an integral part of the Financial Statements.
International Growth Fund
20
Admiral Shares
For a Share Outstanding Year Ended August 31,
Throughout Each Period 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $99.45 $90.24 $71.19 $66.28 $75.70
Investment Operations
Net Investment Income 1.2031 1.3651 .8791 1.062 1.088
Net Realized and Unrealized Gain (Loss)
on Investments (6.230) 8.652 19.127 4.877 (8.821)
Total from Investment Operations (5.027) 10.017 20.006 5.939 (7.733)
Distributions
Dividends from Net Investment Income (1.418) (.807) (.956) (1.029) (1.687)
Distributions from Realized Capital Gains (2.955) — — — —
Total Distributions (4.373) (.807) (.956) (1.029) (1.687)
Net Asset Value, End of Period $90.05 $99.45 $90.24 $71.19 $66.28
Total Return2 -4.50% 11.14% 28.57% 9.07% -10.32%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $28,549 $29,170 $23,101 $15,704 $13,752
Ratio of Total Expenses to Average Net Assets3 0.32% 0.32% 0.32% 0.33% 0.34%
Ratio of Net Investment Income to
Average Net Assets 1.34% 1.38% 1.14% 1.60% 1.47%
Portfolio Turnover Rate 13% 16% 15% 29% 29%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Includes performance-based investment advisory fee increases (decreases) of 0.03%, 0.03%, 0.03%, 0.04%, and 0.03%.
Financial Highlights
See accompanying Notes, which are an integral part of the Financial Statements.
International Growth Fund
21
Notes to Financial Statements
International Growth Fund
Vanguard International Growth Fund is registered under the Investment Company Act of 1940 as
an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers,
which may subject it to investment risks not normally associated with investing in securities of U.S.
corporations. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of
the share classes has different eligibility and minimum purchase requirements, and is designed for
different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles
for U.S. investment companies. The fund consistently follows such policies in preparing its financial
statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange
(generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted
sales prices or official closing prices taken from the primary market in which each security trades;
such securities not traded on the valuation date are valued at the mean of the latest quoted bid and
asked prices. Securities for which market quotations are not readily available, or whose values have
been affected by events occurring before the fund’s pricing time but after the close of the securities’
primary markets, are valued at their fair values calculated according to procedures adopted by the
board of trustees. These procedures include obtaining quotations from an independent pricing
service, monitoring news to identify significant market- or security-specific events, and evaluating
changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-
traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-
value pricing is employed, the prices of securities used by a fund to calculate its net asset value
may differ from quoted or published prices for the same securities. Investments in Vanguard
Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are
valued using the latest bid prices or using valuations based on a matrix system (which considers
such factors as security prices, yields, maturities, and ratings), both as furnished by independent
pricing services.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies
are translated into U.S. dollars using exchange rates obtained from an independent third party as
of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation
(depreciation) on investment securities include the effects of changes in exchange rates since the
securities were purchased, combined with the effects of changes in security prices. Fluctuations
in the value of other assets and liabilities resulting from changes in exchange rates are recorded as
unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which
time they are recorded as realized foreign currency gains (losses).
3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent,
with the objective of maintaining full exposure to the stock market while maintaining liquidity. The
fund may purchase or sell futures contracts to achieve a desired level of investment, whether to
accommodate portfolio turnover or cash flows from capital share transactions. The primary risks
associated with the use of futures contracts are imperfect correlation between changes in market
values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid
market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the
counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades
futures contracts on an exchange, monitors the financial strength of its clearing brokers and
22
International Growth Fund
clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse
imposes initial margin requirements to secure the fund’s performance and requires daily settlement
of variation margin representing changes in the market value of each contract. Any assets pledged
as initial margin for open contracts are noted in the Statement of Net Assets.
The fund enters into forward currency contracts to provide the appropriate currency exposure
related to any open futures contracts or to protect the value of securities and related receivables
and payables against changes in foreign exchange rates. The fund’s risks in using these contracts
include movement in the values of the foreign currencies relative to the U.S. dollar and the ability
of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counter-
party risk by entering into forward currency contracts only with a diverse group of prequalified
counterparties, monitoring their financial strength, entering into master netting arrangements
with its counterparties, and requiring its counterparties to transfer collateral as security for their
performance. In the absence of a default, the collateral pledged or received by the fund cannot be
repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event
of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency
contracts, determine the net amount owed by either party in accordance with its master netting
arrangements, and sell or retain any collateral held up to the net amount owed to the fund under
the master netting arrangements. The forward currency contracts contain provisions whereby a
counterparty may terminate open contracts if the fund’s net assets decline below a certain level,
triggering a payment by the fund if the fund is in a net liability position at the time of the termination.
The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged
as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral
received or pledged is compared daily to the value of the forward currency contracts exposure
with each counterparty, and any difference, if in excess of a specified minimum transfer amount,
is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are
valued at their quoted daily prices obtained from an independent third party, adjusted for currency
risk based on the expiration date of each contract. The notional amounts of the contracts are not
recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in
the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as
unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as
realized gains (losses) on futures or forward currency contracts.
During the year ended August 31, 2019, the fund’s average investments in long and short futures
contracts represented less than 1% and 0% of net assets, respectively, based on the average of
the notional amounts at each quarter-end during the period. The fund’s average investment in
forward currency contracts represented 1% of net assets, based on the average of the notional
amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company
and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for
all open federal income tax years (August 31, 2016–2019), and has concluded that no provision for
federal income tax is required in the fund’s financial statements.
23
International Growth Fund
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions
are determined on a tax basis and may differ from net investment income and realized capital gains
for financial reporting purposes.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional
borrowers. Security loans are subject to termination by the fund at any time, and are required to
be secured at all times by collateral in an amount at least equal to the market value of securities
loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than
the value of the collateral received. When this occurs, the collateral is adjusted and settled before
the opening of the market on the next business day. The fund further mitigates its counterparty
risk by entering into securities lending transactions only with a diverse group of prequalified
counterparties, monitoring their financial strength, and entering into master securities lending
agreements with its counterparties. The master securities lending agreements provide that, in the
event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that
borrower, determine the net amount owed, and sell or retain the collateral up to the net amount
owed to the fund; however, such actions may be subject to legal proceedings. While collateral
mitigates counterparty risk, in the event of a default, the fund may experience delays and costs
in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market
Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the
collateral, during the period the securities are on loan. Securities lending income represents fees
charged to borrowers plus income earned on invested cash collateral, less expenses associated
with the loan. During the term of the loan, the fund is entitled to all distributions made on or in
respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”)
participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to
a credit agreement that may be renewed annually; each fund is individually liable for its borrowings,
if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes,
and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating
funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn
amount of the facility; these fees are allocated to the funds based on a method approved by the
fund’s board of trustees and included in Management and Administrative expenses on the fund’s
Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the
higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight
bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at August 31, 2019, or at any time during the period
then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income
distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and
discounts on debt securities purchased are amortized and accreted, respectively, to interest income
over the lives of the respective securities. Security transactions are accounted for on the date
securities are bought or sold. Costs used to determine realized gains (losses) on the sale of
investment securities are those of the specific securities sold.
24
25
International Growth Fund
Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to their uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The investment advisory firms Baillie Gifford Overseas Ltd. and Schroder Investment Management North America Inc. each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Baillie Gifford Overseas Ltd. and Schroder Investment Management North America Inc. are subject to quarterly adjustments based on performance relative to the MSCI All Country World Index ex USA for the preceding three years.
Vanguard manages the cash reserves of the fund as described below.
For the year ended August 31, 2019, the aggregate investment advisory fee represented an effective annual basic rate of 0.14% of the fund’s average net assets, before an increase of $10,483,000 (0.03%) based on performance.
C. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2019, the fund had contributed to Vanguard capital in the amount of $1,731,000, representing less than 0.01% of the fund’s net assets and 0.69% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
D. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
International Growth Fund
Level 1—Quoted prices in active markets for identical securities. Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments and derivatives as of August 31, 2019, based on the inputs used to value them:
Level 1 Level 2 Level 3 Investments ($000) ($000) ($000)
Common Stocks—North and South America 4,153,275 — —
Common Stocks—Other 4,175,014 26,678,402 49,455
Preferred Stocks — — 147,389
Temporary Cash Investments 1,243,718 20,311 —
Futures Contracts—Assets1 2,516 — —
Futures Contracts—Liabilities1 (17) — —
Forward Currency Contracts—Assets — 5,679 —
Forward Currency Contracts—Liabilities — (11,097) —
Total 9,574,506 26,693,295 196,844
1 Represents variation margin on the last day of the reporting period.
E. At August 31, 2019, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
Foreign Equity Exchange Contracts Contracts Total Statement of Assets and Liabilities Caption ($000) ($000) ($000)
Variation Margin Receivable—Futures Contracts 2,516 — 2,516
Unrealized Appreciation—Forward Currency Contracts — 5,679 5,679
Total Assets 2,516 5,679 8,195
Variation Margin Payable—Futures Contracts (17) — (17)
Unrealized Depreciation—Forward Currency Contracts — (11,097) (11,097)
Total Liabilities (17) (11,097) (11,114)
26
International Growth Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for
the year ended August 31, 2019, were:
Foreign
Equity Exchange
Contracts Contracts Total
Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)
Futures Contracts 2,687 — 2,687
Forward Currency Contracts — (19,337) (19,337)
Realized Net Gain (Loss) on Derivatives 2,687 (19,337) (16,650)
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts (434) — (434)
Forward Currency Contracts — 3,840 3,840
Change in Unrealized Appreciation (Depreciation) on Derivatives (434) 3,840 3,406
F. Permanent differences between book-basis and tax-basis components of net assets are
reclassified among capital accounts in the financial statements to reflect their tax character.
These reclassifications have no effect on net assets or net asset value per share. As of period
end, permanent differences primarily attributable to the accounting for foreign currency transactions
and passive foreign investment companies were reclassified between the individual components
of total distributable earnings (loss).
Amount
($000)
Paid-in Capital —
Total Distributable Earnings (Loss) —
Temporary differences between book-basis and tax-basis components of total distributable
earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods
for financial statement and tax purposes; these differences will reverse at some time in the future.
The differences are primarily related to the tax deferral on wash sales, the realization of unrealized
gains or losses on certain futures contracts, unrealized gains on passive foreign investment
companies and the deferral of post-October capital losses to future periods. As of period end, the
tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Ordinary Income 370,642
Undistributed Long-Term Gains —
Capital Loss Carryforwards1 (195,415)
Net Unrealized Gains (Losses) 9,597,187
1 Includes losses of $195,415,000 realized subsequent to October 31, 2018, which are deferred and will be treated as realized for tax purposes in the next fiscal year.
27
International Growth Fund
As of August 31, 2019, gross unrealized appreciation and depreciation for investments and
derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 26,867,576
Gross Unrealized Appreciation 12,284,290
Gross Unrealized Depreciation (2,685,161)
Net Unrealized Appreciation (Depreciation) 9,599,129
G. During the year ended August 31, 2019, the fund purchased $5,214,820,000 of investment
securities and sold $4,648,035,000 of investment securities, other than temporary cash investments.
H. Capital share transactions for each class of shares were:
Year Ended August 31,
2019 2018
Amount Shares Amount Shares
($000) (000) ($000) (000)
Investor Shares
Issued 945,569 33,667 2,130,616 68,838
Issued in Lieu of Cash Distributions 322,714 12,842 64,011 2,138
Redeemed (1,553,116) (55,661) (2,620,783) (84,901)
Net Increase (Decrease)—Investor Shares (284,833) (9,152) (426,156) (13,925)
Admiral Shares
Issued 5,613,299 63,290 7,766,732 78,708
Issued in Lieu of Cash Distributions 1,174,401 14,695 199,790 2,098
Redeemed (4,795,611) (54,277) (4,304,615) (43,465)
Net Increase (Decrease)—Admiral Shares 1,992,089 23,708 3,661,907 37,341
28
International Growth Fund
I. Certain of the fund’s investments are in companies that are considered to be affiliated companies
of the fund because the fund owns more than 5% of the outstanding voting securities of the
company or the issuer is another member of The Vanguard Group. Transactions during the period
in securities of these companies were as follows:
Current Period Transactions
Aug. 31, Proceeds Realized Aug. 31,
2018 from Net Change in Capital Gain 2019
Market Purchases Securities Gain Unrealized Distributions Market
Value at Cost Sold (Loss) App. (Dep.) Income Received Value
($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)
HelloFresh SE 150,128 — — — (12,163) — — 137,965
Home 24 SE NA1 — — — (47,981) — — 6,147
Jumia Technologies
AG ADR — 97,510 — — (22,528) — — 74,982
Vanguard FTSE
All-World ex-US ETF 58,780 — — — (3,656) 1,667 — 55,124
Vanguard Market
Liquidity Fund 956,789 NA2 NA2 214 (87) 11,685 — 1,243,718
You & Mr. Jones 46,054 — — — 81,626 — — 127,680
Total 1,211,751 214 (4,789) 13,352 — 1,645,616
1 Not applicable—at August 31, 2018, the issuer was not an affiliated company of the fund.
2 Not applicable—purchases and sales are for temporary cash investment purposes.
J. Management has determined that no events or transactions occurred subsequent to August 31,
2019, that would require recognition or disclosure in these financial statements.
29
To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard International
Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets and statement of assets and liabilities
of Vanguard International Growth Fund (one of the funds constituting Vanguard World Fund, referred
to hereafter as the “Fund”) as of August 31, 2019, the related statement of operations for the year
ended August 31, 2019, the statement of changes in net assets for each of the two years in the
period ended August 31, 2019, including the related notes, and the financial highlights for each
of the five years in the period ended August 31, 2019 (collectively referred to as the “financial
statements”). In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Fund as of August 31, 2019, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period ended August 31,
2019 and the financial highlights for each of the five years in the period ended August 31, 2019
in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility
is to express an opinion on the Fund’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB”) and are required to be independent with respect to the Fund in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. Our procedures included confirmation of securities owned
as of August 31, 2019 by correspondence with the custodians and brokers and by agreement to the
underlying ownership records of the transfer agent; when replies were not received from brokers,
we performed other auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 18, 2019
We have served as the auditor of one or more investment companies in The Vanguard Group of
Funds since 1975.
Report of Independent Registered Public Accounting Firm
30
Special 2019 tax information (unaudited) for Vanguard International Growth Fund
This information for the fiscal year ended August 31, 2019, is included pursuant to provisions of
the Internal Revenue Code.
The fund distributed $431,456,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $583,834,000 and foreign taxes
paid of $47,060,000. Shareholders will receive more detailed information with their Form 1099-DIV
in January 2020 to determine the calendar-year amounts to be included on their 2019 tax returns.
31
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your
best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also
serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard
funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation
with Vanguard or the funds they oversee, apart from the sizable personal investments they have
made as private individuals. The independent board members have distinguished backgrounds
in business, academia, and public service. Each of the trustees and executive officers oversees
212 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. The mailing address
of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the
trustees is in the Statement of Additional Information, which can be obtained, without charge,
by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal
occupation(s) during the past five years and other
experience: chairman of the board (January 2019–
present) of Vanguard and of each of the investment
companies served by Vanguard; chief executive officer
(January 2018–present) of Vanguard; chief executive
officer, president, and trustee (January 2018–present)
of each of the investment companies served by
Vanguard; president and director (2017–present) of
Vanguard; and president (February 2018–present) of
Vanguard Marketing Corporation. Chief investment
officer (2013–2017), managing director (2002–2017),
head of the Retail Investor Group (2006–2012), and
chief information officer (2001–2006) of Vanguard.
Chairman of the board (2011–2017) and trustee
(2009–2017) of the Children’s Hospital of Philadelphia;
trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal
occupation(s) during the past five years and other
experience: executive chief staff and marketing officer
for North America and corporate vice president (retired
2008) of Xerox Corporation (document management
products and services). Former president of the
Worldwide Channels Group, Latin America, and
Worldwide Customer Service and executive chief
staff officer of Developing Markets of Xerox. Executive
in residence and 2009–2010 Distinguished Minett
Professor at the Rochester Institute of Technology.
Director of SPX FLOW, Inc. (multi-industry manufac-
turing). Director of the University of Rochester Medical
Center, the Monroe Community College Foundation,
the United Way of Rochester, North Carolina A&T
University, and Roberts Wesleyan College. Trustee
of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal
occupation(s) during the past five years and other
experience: president (2004–present) of the University
of Pennsylvania. Christopher H. Browne Distinguished
Professor of Political Science, School of Arts and
Sciences, and professor of communication, Annenberg
School for Communication, with secondary faculty
appointments in the Department of Philosophy, School
of Arts and Sciences, and at the Graduate School of
Education, University of Pennsylvania. Trustee of the
National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal
occupation(s) during the past five years and other
experience: president and chief operating officer
(retired 2009) and vice chairman of the board
(2008–2009) of Cummins Inc. (industrial machinery).
Chairman of the board of Hillenbrand, Inc. (specialized
consumer services), and the Lumina Foundation.
1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
Director of the V Foundation and Oxfam America.
Member of the advisory council for the College of
Arts and Letters and chair of the advisory board to
the Kellogg Institute for International Studies, both
at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal
occupation(s) during the past five years and other
experience: senior vice president and chief financial
officer (retired 2013) of IBM (information technology
services). Fiduciary member of IBM’s Retirement
Plan Committee (2004–2013), senior vice president
and general manager (2002–2004) of IBM Global
Financing, vice president and controller (1998–2002)
of IBM, and a variety of other prior management roles
at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal
occupation(s) during the past five years and other
experience: chief investment officer (1989–present)
and vice president (1996–present) of the University
of Notre Dame. Assistant professor of finance at the
Mendoza College of Business, University of Notre
Dame, and member of the Notre Dame 403(b)
Investment Committee. Chairman of the board of
TIFF Advisory Services, Inc. Member of the board
of Catholic Investment Services, Inc. (investment
advisors) and the board of superintendence
of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal
occupation(s) during the past five years and other
experience: president (2010–present) and chief
executive officer (2011–present) of The Guardian
Life Insurance Company of America. Chief operating
officer (2010–2011) and executive vice president
(2008–2010) of Individual Life and Disability of
The Guardian Life Insurance Company of America.
Member of the board of The Guardian Life Insurance
Company of America, the American Council of Life
Insurers, the Partnership for New York City (business
leadership), and the Committee Encouraging Corporate
Philanthropy. Trustee of the Economic Club of New
York and the Bruce Museum (arts and science).
Member of the Advisory Council for the Stanford
Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal
occupation(s) during the past five years and other
experience: George Gund Professor of Finance and
Banking, Emeritus at the Harvard Business School
(retired 2011). Chief investment officer and co-
managing partner of HighVista Strategies LLC (private
investment firm). Board of advisors and investment
committee member of the Museum of Fine Arts
Boston. Board member (2018–present) of RIT Capital
Partners (investment firm); investment committee
member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal
occupation(s) during the past five years and other
experience: deputy secretary (2014–2017) of
the United States Department of the Treasury.
Governor (2010–2014) of the Federal Reserve
Board. Commissioner (2007–2010) of financial
regulation for the State of Maryland. Member of
the board of directors (2012–2014) of Neighborhood
Reinvestment Corporation. Director (2017–present)
of i(x) Investments, LLC; director (2017–present)
of Reserve Trust. Rubinstein Fellow (2017–present)
of Duke University; trustee (2017–present) of
Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal
occupation(s) during the past five years and other
experience: president and chief operating officer
(retired 2010) of Corning Incorporated (communications
equipment) and director of Corning Incorporated
(2000–2010) and Dow Corning (2001–2010).
Director (2012) of SPX Corporation (multi-industry
manufacturing). Overseer of the Amos Tuck School
of Business Administration, Dartmouth College
(2001–2013). Chairman of the board of trustees of
Colby-Sawyer College. Member of the board of
Hypertherm Inc. (industrial cutting systems, software,
and consumables).
Executive Officers
Glenn Booraem
Born in 1967. Principal occupation(s) during the past
five years and other experience: principal of Vanguard.
Investment stewardship officer (2017–present),
treasurer (2015–2017), controller (2010–2015),
and assistant controller (2001–2010) of each of
the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past
five years and other experience: principal of Vanguard
and global head of Fund Administration at Vanguard.
Treasurer (2017–present) of each of the investment
companies served by Vanguard. Partner (2005–2017)
at KPMG LLP (audit, tax, and advisory services).
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past
five years and other experience: principal of Vanguard.
Chief financial officer (2008–present) and treasurer
(1998–2008) of each of the investment companies
served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past
five years and other experience: principal of Vanguard.
Controller (2015–present) of each of the investment
companies served by Vanguard. Head of International
Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the
past five years and other experience: general
counsel (2016–present) of Vanguard. Secretary
(2016–present) of Vanguard and of each of the
investment companies served by Vanguard.
Managing director (2016–present) of Vanguard.
Director and senior vice president (2016–2018)
of Vanguard Marketing Corporation. Managing
director and general counsel of Global Cards and
Consumer Services (2014–2016) at Citigroup.
Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the
past five years and other experience: finance
director (2017–present) and treasurer (2017) of each
of the investment companies served by Vanguard.
Managing director (2016–present) of Vanguard. Chief
financial officer (2016–present) of Vanguard. Director
(2016–present) of Vanguard Marketing Corporation.
Executive vice president and chief financial officer
(2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the
past five years and other experience: principal of
Vanguard. Chief compliance officer (2019–present)
of Vanguard and of each of the investment companies
served by Vanguard. Assistant vice president (May
2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Joseph Brennan Chris D. McIsaac
Mortimer J. Buckley James M. Norris
Gregory Davis Thomas M. Rampulla
John James Karin A. Risi
Martha G. King Anne E. Robinson
John T. Marcante Michael Rollings
P.O. Box 2600Valley Forge, PA 19482-2600
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for PeopleWho Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunctionwith the offering of shares of any Vanguardfund only if preceded or accompanied bythe fund’s current prospectus.
All comparative mutual fund data are from Morningstar,Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy votingguidelines by visiting vanguard.com/proxyreporting or bycalling Vanguard at 800-662-2739. The guidelines arealso available from the SEC’s website, www.sec.gov. Inaddition, you may obtain a free report on how your fundvoted the proxies for securities it owned during the 12months ended June 30. To get the report, visit eithervanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on theSEC’s website, and you can receive copies of thisinformation, for a fee, by sending a request via emailaddressed to [email protected].
Source for Bloomberg Barclays indexes: BloombergIndex Services Limited. Copyright 2019, Bloomberg. Allrights reserved.
CFA® is a registered trademark owned by CFA Institute.
© 2019 The Vanguard Group, Inc.All rights reserved.Vanguard Marketing Corporation, Distributor.
Q810 102019