UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number:
811-07443
Name of Registrant:
Whitehall Funds
Address of Registrant:
P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service:
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
Date of fiscal year end: October 31
Date of reporting period: January 31, 2013
Item 1:
Schedule of Investments
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Vanguard International Explorer Fund
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Schedule of Investments
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As of January 31, 2013
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Market
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Value
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Shares
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($000)
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Common Stocks (94.7%)
1
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Australia (6.9%)
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Ansell Ltd.
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1,458,462
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26,101
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Computershare Ltd.
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1,771,210
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19,370
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^ Iluka Resources Ltd.
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1,626,807
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16,490
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Amcor Ltd.
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1,617,810
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14,172
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Mirvac Group
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7,858,991
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13,044
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Incitec Pivot Ltd.
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3,205,064
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10,808
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Whitehaven Coal Ltd.
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2,996,399
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10,280
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Sims Metal Management Ltd.
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706,488
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6,877
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Myer Holdings Ltd.
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1,972,486
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5,133
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^,*
Mesoblast Ltd.
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617,926
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3,860
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Boral Ltd.
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246,139
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1,262
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* Karoon Gas Australia Ltd.
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168,098
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1,140
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WorleyParsons Ltd.
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42,910
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1,131
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SAI Global Ltd.
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221,729
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1,034
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Cochlear Ltd.
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9,845
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829
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Domino's Pizza Enterprises Ltd.
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71,904
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777
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Seek Ltd.
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82,446
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722
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Monadelphous Group Ltd.
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23,918
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665
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Nufarm Ltd.
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95,001
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552
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134,247
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Austria (1.6%)
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Mayr Melnhof Karton AG
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150,000
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17,781
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Rosenbauer International AG
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109,819
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7,121
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Kapsch TrafficCom AG
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60,000
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3,725
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Andritz AG
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18,888
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1,243
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Zumtobel AG
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78,911
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1,137
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Schoeller-Bleckmann Oilfield Equipment AG
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10,266
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1,029
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32,036
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Belgium (1.0%)
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Tessenderlo Chemie NV (Voting Shares)
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260,000
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9,052
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D'ieteren SA
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204,358
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9,043
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Cie d'Entreprises CFE
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16,288
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1,010
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19,105
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Brazil (0.4%)
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BR Properties SA
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593,450
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7,704
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Arezzo Industria e Comercio SA
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29,300
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552
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Brasil Insurance Participacoes e Administracao SA
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38,900
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420
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8,676
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Canada (0.2%)
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^ Niko Resources Ltd.
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334,368
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3,490
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China (1.7%)
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Yuexiu Transport Infrastructure Ltd.
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20,306,000
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11,186
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Jiangsu Expressway Co. Ltd.
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9,080,000
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9,362
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Parkson Retail Group Ltd.
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7,110,000
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5,484
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Shenzhou International Group Holdings Ltd.
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1,684,000
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4,094
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Evergreen International Holdings Ltd.
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7,595,000
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1,497
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^ Microport Scientific Corp.
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1,081,000
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708
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Daphne International Holdings Ltd.
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290,000
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373
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32,704
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Denmark (1.7%)
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* Jyske Bank A/S
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500,000
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16,256
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* Sydbank A/S
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750,000
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14,782
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DSV A/S
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50,183
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1,287
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Rockwool International A/S Class B
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5,705
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684
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33,009
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Finland (0.1%)
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Tikkurila Oyj
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51,606
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1,104
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Nokian Renkaat Oyj
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12,871
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553
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1,657
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France (4.9%)
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Groupe Eurotunnel SA
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2,300,000
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19,558
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^ Bourbon SA
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535,000
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16,322
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* Club Mediterranee SA
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780,811
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14,790
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Medica SA
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620,000
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11,807
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Saft Groupe SA
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350,000
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9,454
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Alten SA
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230,000
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8,840
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Lectra
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600,000
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4,300
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* Inside Secure SA
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670,000
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2,620
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IPSOS
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50,000
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1,993
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Euler Hermes SA
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20,000
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1,784
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Wendel SA
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13,063
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1,417
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Imerys SA
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19,603
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1,296
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Eurazeo
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20,528
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1,083
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Vallourec SA
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11,239
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610
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Legrand SA
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1
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—
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95,874
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Germany (8.1%)
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^ Freenet AG
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1,300,000
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27,997
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Rheinmetall AG
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335,553
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17,862
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Tom Tailor Holding AG
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738,836
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17,368
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Delticom AG
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290,000
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13,944
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Wirecard AG
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500,000
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11,389
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* Tipp24 SE
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180,000
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11,238
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* SAF-Holland SA
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1,240,000
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10,127
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XING AG
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160,000
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8,870
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^ Draegerwerk AG & Co. KGaA Prior Pfd.
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68,000
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8,337
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STRATEC Biomedical AG
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128,184
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6,657
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Takkt AG
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275,359
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3,931
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RIB Software AG
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590,000
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3,490
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Sartorius AG Prior Pfd.
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30,000
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3,077
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CANCOM AG
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150,000
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2,958
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Prime Office REIT-AG
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629,502
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2,943
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MTU Aero Engines Holding AG
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21,403
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2,041
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VTG AG
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95,062
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1,801
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Cewe Color Holding AG
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33,429
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1,483
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Gildemeister AG
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43,293
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1,066
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^ Wacker Chemie AG
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9,029
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642
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* KUKA AG
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15,358
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596
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157,817
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Hong Kong (1.7%)
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Techtronic Industries Co.
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8,649,000
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17,534
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Yue Yuen Industrial Holdings Ltd.
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2,958,000
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9,908
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Dah Sing Banking Group Ltd.
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4,433,000
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5,505
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^ ASM Pacific Technology Ltd.
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52,500
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663
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33,610
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India (3.2%)
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* Idea Cellular Ltd.
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6,031,093
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12,816
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* Gujarat Pipavav Port Ltd.
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15,036,675
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12,457
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Shriram Transport Finance Co. Ltd.
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720,522
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10,696
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Multi Commodity Exchange of India Ltd.
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277,413
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7,409
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Apollo Hospitals Enterprise Ltd.
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470,010
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7,137
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Ashok Leyland Ltd.
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9,984,208
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4,582
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Emami Ltd.
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348,840
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3,829
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McLeod Russel India Ltd.
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552,767
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3,765
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62,691
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Indonesia (1.6%)
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Bank Mandiri Persero Tbk PT
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16,064,000
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14,934
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Ciputra Property Tbk PT
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133,519,500
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9,468
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United Tractors Tbk PT
|
3,099,000
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6,301
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30,703
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Ireland (3.8%)
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DCC plc
|
630,000
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20,622
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Smurfit Kappa Group plc
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1,250,000
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17,319
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Grafton Group plc
|
2,600,000
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15,239
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^ Irish Continental Group plc
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530,000
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14,273
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IFG Group plc
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3,312,005
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6,075
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73,528
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Italy (4.4%)
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Azimut Holding SPA
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1,420,265
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24,983
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Prysmian SPA
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1,000,000
|
21,372
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Amplifon SPA
|
2,600,000
|
13,887
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* Sorin SPA
|
2,160,000
|
5,513
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Credito Emiliano SPA
|
625,760
|
3,743
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* Natuzzi SPA ADR
|
1,614,968
|
3,601
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Danieli & C Officine Meccaniche SPA
|
160,000
|
2,984
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Cairo Communication SPA
|
538,614
|
1,934
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* Safilo Group SPA
|
148,460
|
1,633
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* Yoox SPA
|
82,029
|
1,566
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Interpump Group SPA
|
128,648
|
987
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* Brunello Cucinelli SPA
|
48,319
|
971
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Salvatore Ferragamo Italia SPA
|
33,756
|
861
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Pirelli & C. SPA
|
68,883
|
845
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Immobiliare Grande Distribuzione
|
458,023
|
522
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Beni Stabili SPA
|
305,526
|
211
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85,613
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Japan (16.3%)
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Tokai Tokyo Financial Holdings Inc.
|
2,533,000
|
12,701
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NEC Networks & System Integration Corp.
|
619,900
|
11,645
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|
Nichi-iko Pharmaceutical Co. Ltd.
|
537,400
|
11,299
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|
Aica Kogyo Co. Ltd.
|
675,400
|
11,222
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|
Arcs Co. Ltd.
|
597,200
|
11,186
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|
Modec Inc.
|
489,000
|
11,120
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|
Musashi Seimitsu Industry Co. Ltd.
|
533,800
|
10,844
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|
Tsuruha Holdings Inc.
|
128,200
|
10,719
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|
Glory Ltd.
|
456,100
|
10,682
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|
Unipres Corp.
|
453,400
|
10,042
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|
|
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|
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Nippon Soda Co. Ltd.
|
2,179,000
|
9,892
|
|
Nihon Parkerizing Co. Ltd.
|
599,000
|
9,873
|
|
Kureha Corp.
|
2,531,000
|
9,800
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|
^ Kuroda Electric Co. Ltd.
|
788,300
|
9,628
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|
Nitta Corp.
|
559,900
|
9,593
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Tsumura & Co.
|
285,100
|
9,365
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|
JSP Corp.
|
610,000
|
9,066
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|
^ Capcom Co. Ltd.
|
510,600
|
8,242
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|
Asahi Diamond Industrial Co. Ltd.
|
863,600
|
7,900
|
|
Lintec Corp.
|
411,700
|
7,613
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|
Trusco Nakayama Corp.
|
405,600
|
7,525
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|
Takasago International Corp.
|
1,308,000
|
6,604
|
|
Tsutsumi Jewelry Co. Ltd.
|
255,500
|
6,281
|
|
Plenus Co. Ltd.
|
368,900
|
6,079
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|
Yushin Precision Equipment Co. Ltd.
|
307,900
|
5,841
|
|
Hitachi Transport System Ltd.
|
367,800
|
5,570
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|
Nabtesco Corp.
|
242,700
|
5,067
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|
Mitsui Sugar Co. Ltd.
|
1,446,000
|
4,568
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|
Kissei Pharmaceutical Co. Ltd.
|
218,000
|
4,105
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|
Koito Manufacturing Co. Ltd.
|
230,000
|
3,834
|
|
Hitachi High-Technologies Corp.
|
192,600
|
3,825
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|
Shinko Plantech Co. Ltd.
|
359,400
|
2,937
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|
Icom Inc.
|
120,700
|
2,631
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|
Shionogi & Co. Ltd.
|
147,100
|
2,629
|
|
Nippon Thompson Co. Ltd.
|
591,000
|
2,329
|
|
Exedy Corp.
|
104,700
|
2,298
|
|
Nifco Inc.
|
108,900
|
2,262
|
|
Nafco Co. Ltd.
|
122,600
|
1,871
|
|
Nikkiso Co. Ltd.
|
160,000
|
1,744
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|
^ Kakaku.com Inc.
|
45,000
|
1,680
|
|
Fujikura Kasei Co. Ltd.
|
394,000
|
1,662
|
|
^ Toyo Tanso Co. Ltd.
|
68,600
|
1,660
|
|
Hino Motors Ltd.
|
143,000
|
1,503
|
|
Benesse Holdings Inc.
|
33,900
|
1,478
|
|
Don Quijote Co. Ltd.
|
34,500
|
1,374
|
|
CyberAgent Inc.
|
607
|
1,273
|
|
IHI Corp.
|
482,000
|
1,250
|
|
Daido Steel Co. Ltd.
|
277,000
|
1,237
|
|
Yaskawa Electric Corp.
|
131,000
|
1,224
|
|
Mitsubishi UFJ Lease & Finance Co. Ltd.
|
25,800
|
1,172
|
|
Nidec Copal Corp.
|
163,700
|
1,162
|
|
Yokogawa Electric Corp.
|
101,300
|
1,128
|
|
Pigeon Corp.
|
20,700
|
1,127
|
|
Yamato Kogyo Co. Ltd.
|
39,000
|
1,117
|
|
Nihon Nohyaku Co. Ltd.
|
185,000
|
1,078
|
|
Amada Co. Ltd.
|
165,000
|
1,031
|
|
Hoshizaki Electric Co. Ltd.
|
30,600
|
910
|
|
Message Co. Ltd.
|
336
|
907
|
|
Japan Petroleum Exploration Co.
|
23,000
|
847
|
|
Mitsubishi Gas Chemical Co. Inc.
|
125,000
|
837
|
|
Mori Seiki Co. Ltd.
|
81,100
|
763
|
|
Hitachi Metals Ltd.
|
88,000
|
757
|
|
Disco Corp.
|
13,700
|
754
|
|
^ Sanrio Co. Ltd.
|
18,300
|
730
|
|
Makino Milling Machine Co. Ltd.
|
114,000
|
726
|
|
Konami Corp.
|
33,500
|
711
|
|
IBJ Leasing Co. Ltd.
|
25,300
|
679
|
|
|
|
|
|
Japan Exchange Group Inc.
|
11,300
|
678
|
|
GLP J-REIT
|
695
|
619
|
|
Sega Sammy Holdings Inc.
|
34,500
|
609
|
|
* Sumco Corp.
|
57,900
|
603
|
|
* Kenedix Inc.
|
1,838
|
574
|
|
Cosmos Pharmaceutical Corp.
|
4,900
|
525
|
|
Shinsei Bank Ltd.
|
255,000
|
521
|
|
Square Enix Holdings Co. Ltd.
|
41,300
|
513
|
|
Dena Co. Ltd.
|
15,600
|
494
|
|
Hulic Co. Ltd.
|
66,200
|
420
|
|
THK Co. Ltd.
|
23,000
|
400
|
|
|
|
317,165
|
|
Luxembourg (0.1%)
|
|
|
|
* Reinet Investments SCA
|
73,716
|
1,410
|
|
2 O'Key Group SA GDR
|
102,364
|
1,212
|
|
|
|
2,622
|
|
Malaysia (0.1%)
|
|
|
|
Media Prima Bhd.
|
3,089,500
|
2,217
|
|
|
|
Mexico (0.0%)
|
|
|
|
Fibra Uno Administracion SA de CV
|
249,000
|
780
|
|
|
|
Netherlands (2.2%)
|
|
|
|
Delta Lloyd NV
|
1,600,000
|
31,515
|
|
Koninklijke Ten Cate NV
|
400,000
|
10,842
|
|
* InterXion Holding NV
|
34,800
|
800
|
|
HAL Trust
|
4,785
|
632
|
|
|
|
43,789
|
|
New Zealand (1.2%)
|
|
|
|
Fletcher Building Ltd.
|
1,704,244
|
13,615
|
|
Chorus Ltd.
|
4,071,719
|
9,744
|
|
|
|
23,359
|
|
Norway (2.5%)
|
|
|
|
* Storebrand ASA
|
4,000,000
|
20,477
|
|
Borregaard ASA
|
4,100,000
|
18,165
|
|
Schibsted ASA
|
200,000
|
8,052
|
|
Kongsberg Gruppen AS
|
75,521
|
1,821
|
|
Petroleum Geo-Services ASA
|
67,470
|
1,197
|
|
|
|
49,712
|
|
Russia (0.1%)
|
|
|
|
* Exillon Energy plc
|
400,000
|
1,024
|
|
|
|
Singapore (2.2%)
|
|
|
|
UOL Group Ltd.
|
2,322,000
|
11,728
|
|
Mapletree Industrial Trust
|
9,634,880
|
10,668
|
|
SembCorp Industries Ltd.
|
2,004,000
|
8,876
|
|
First Resources Ltd.
|
4,598,000
|
7,257
|
|
STX OSV Holdings Ltd.
|
3,102,000
|
3,158
|
|
Indofood Agri Resources Ltd.
|
755,000
|
797
|
|
|
|
42,484
|
|
South Korea (2.0%)
|
|
|
|
* Hankook Tire Co. Ltd.
|
418,363
|
17,206
|
|
BS Financial Group Inc.
|
613,600
|
8,112
|
|
Halla Climate Control Corp.
|
349,980
|
7,848
|
|
Mando Corp.
|
43,144
|
4,794
|
|
|
|
|
|
CJ O Shopping Co. Ltd.
|
3,354
|
911
|
|
Green Cross Corp.
|
5,593
|
722
|
|
|
|
39,593
|
|
Spain (0.1%)
|
|
|
|
Bolsas y Mercados Espanoles SA
|
41,205
|
1,154
|
|
|
|
Sweden (1.5%)
|
|
|
|
Byggmax Group AB
|
2,400,000
|
13,570
|
|
Loomis AB Class B
|
800,354
|
13,302
|
|
FinnvedenBulten AB
|
220,000
|
1,141
|
|
Electrolux AB Class B
|
37,761
|
998
|
|
|
|
29,011
|
|
Switzerland (5.5%)
|
|
|
|
Helvetia Holding AG
|
65,000
|
26,474
|
|
Kuoni Reisen Holding AG
|
71,450
|
21,717
|
|
Forbo Holding AG
|
25,000
|
16,791
|
|
Gategroup Holding AG
|
576,346
|
14,453
|
|
Clariant AG
|
900,000
|
12,283
|
|
Orior AG
|
210,588
|
12,090
|
|
* Dufry AG
|
10,349
|
1,412
|
|
Tecan Group AG
|
12,820
|
1,215
|
|
Partners Group Holding AG
|
4,870
|
1,143
|
|
Aryzta AG
|
11,633
|
653
|
|
|
|
108,231
|
|
Taiwan (1.1%)
|
|
|
|
Giant Manufacturing Co. Ltd.
|
1,628,000
|
8,658
|
|
CTCI Corp.
|
3,710,000
|
7,110
|
|
Lung Yen Life Service Corp.
|
1,867,000
|
5,604
|
|
|
|
21,372
|
|
Thailand (0.2%)
|
|
|
|
Hemaraj Land and Development PCL
|
29,785,400
|
3,638
|
|
|
|
United Kingdom (18.2%)
|
|
|
|
Telecom Plus plc
|
850,000
|
13,050
|
|
Millennium & Copthorne Hotels plc
|
1,500,000
|
12,909
|
|
* Sports Direct International plc
|
2,000,000
|
12,528
|
|
CSR plc
|
2,155,651
|
12,349
|
|
* Premier Oil plc
|
2,000,000
|
11,842
|
|
Dechra Pharmaceuticals plc
|
1,200,000
|
11,809
|
|
WS Atkins plc
|
825,000
|
10,849
|
|
Elementis plc
|
3,200,000
|
10,714
|
|
SIG plc
|
5,000,000
|
10,468
|
|
John Wood Group plc
|
772,222
|
9,849
|
|
Inchcape plc
|
1,300,000
|
9,755
|
|
Grainger plc
|
4,915,405
|
9,725
|
|
Ultra Electronics Holdings plc
|
370,584
|
9,665
|
|
Pace plc
|
2,700,000
|
9,658
|
|
Devro plc
|
1,650,000
|
8,918
|
|
William Hill plc
|
1,450,000
|
8,846
|
|
Daily Mail & General Trust plc
|
825,000
|
7,840
|
|
TalkTalk Telecom Group plc
|
2,000,000
|
7,498
|
|
Spirit Pub Co. plc
|
7,000,000
|
7,464
|
|
* Berkeley Group Holdings plc
|
233,170
|
6,761
|
|
Oxford Instruments plc
|
250,000
|
6,506
|
|
* Ricardo plc
|
1,000,000
|
6,460
|
|
Eco Animal Health Group plc
|
1,618,166
|
6,277
|
|
|
|
|
|
|
|
IG Group Holdings plc
|
876,954
|
6,206
|
|
|
Ashtead Group plc
|
850,000
|
6,117
|
|
|
Booker Group plc
|
3,650,000
|
6,084
|
|
*
|
Gulfsands Petroleum plc
|
3,581,812
|
6,076
|
|
|
Travis Perkins plc
|
300,000
|
5,750
|
|
|
Debenhams plc
|
3,532,935
|
5,673
|
|
|
Lamprell plc
|
2,700,000
|
5,524
|
|
^,*
LMS Capital plc
|
5,005,187
|
5,279
|
|
|
Domino Printing Sciences plc
|
494,332
|
5,164
|
|
|
Halma plc
|
700,000
|
5,113
|
|
|
Senior plc
|
1,600,000
|
5,105
|
|
|
Synthomer plc
|
1,600,000
|
5,033
|
|
|
QinetiQ Group plc
|
1,519,650
|
4,531
|
|
|
Victrex plc
|
180,000
|
4,371
|
|
|
Micro Focus International plc
|
450,000
|
4,353
|
|
|
Photo-Me International plc
|
4,158,854
|
4,352
|
|
|
National Express Group plc
|
1,250,000
|
4,115
|
|
*
|
Findel plc
|
32,007,307
|
3,876
|
|
|
TT electronics plc
|
1,400,000
|
3,570
|
|
|
Premier Farnell plc
|
1,000,000
|
3,359
|
|
|
Filtrona plc
|
300,000
|
2,739
|
|
*
|
BTG plc
|
500,000
|
2,628
|
|
|
De La Rue plc
|
174,396
|
2,490
|
|
|
RM plc
|
2,034,198
|
2,412
|
|
|
Babcock International Group plc
|
137,327
|
2,261
|
|
|
Morgan Crucible Co. plc
|
500,000
|
2,201
|
|
*
|
London Mining plc
|
750,000
|
1,981
|
|
|
James Fisher & Sons plc
|
116,840
|
1,510
|
|
*
|
CPP Group plc
|
3,971,079
|
1,255
|
|
|
A.G.BARR plc
|
144,032
|
1,240
|
|
|
Kier Group plc
|
55,436
|
1,186
|
|
|
Persimmon plc
|
82,159
|
1,098
|
|
|
Domino's Pizza Group plc
|
130,826
|
1,068
|
|
|
Hansteen Holdings plc
|
792,736
|
1,058
|
|
|
Invensys plc
|
182,160
|
997
|
|
|
Informa plc
|
129,771
|
985
|
|
*
|
Direct Line Insurance Group plc
|
276,735
|
980
|
|
|
Savills plc
|
122,433
|
961
|
|
|
Mears Group plc
|
146,932
|
851
|
|
|
Hunting plc
|
51,562
|
693
|
|
*
|
Mothercare plc
|
137,812
|
679
|
|
|
Chemring Group plc
|
104,028
|
469
|
|
|
Hays plc
|
306,293
|
432
|
|
|
AZ Electronic Materials SA
|
62,954
|
373
|
|
*
|
Pinnacle Staffing Group plc
|
673,983
|
—
|
|
|
|
|
353,938
|
|
United States (0.1%)
|
|
|
|
Industrials (0.1%)
|
|
|
|
|
Copa Holdings SA Class A
|
6,600
|
723
|
|
|
|
Total Common Stocks (Cost $1,612,804)
|
|
1,845,572
|
|
|
|
|
|
|
|
|
|
|
Coupon
|
|
|
|
|
Temporary Cash Investments (7.7%)
1
|
|
|
|
|
|
Money Market Fund (7.2%)
|
|
|
|
|
|
3,4
Vanguard Market Liquidity Fund
|
0.143%
|
|
139,561,702
|
139,562
|
|
|
|
|
|
|
|
Face
|
|
|
|
|
|
Maturity
|
Amount
|
|
|
|
|
|
Date
|
($000)
|
|
|
Repurchase Agreement (0.1%)
|
|
|
|
|
|
|
Goldman Sachs & Co.
|
|
|
|
|
|
|
(Dated 1/31/13, Repurchase Value
|
|
|
|
|
|
|
$2,100,000, collateralized by Federal
|
|
|
|
|
|
|
National Mortgage Assn. 2.428%-3.699%,
|
|
|
|
|
|
|
1/1/35-4/1/41)
|
0.160%
|
2/1/13
|
2,100
|
2,100
|
|
|
|
U.S. Government and Agency Obligations (0.4%)
|
|
|
|
|
|
5
|
Federal Home Loan Bank Discount Notes
|
0.130%
|
2/1/13
|
3,200
|
3,200
|
|
5,6
|
Federal Home Loan Bank Discount Notes
|
0.100%
|
4/26/13
|
2,200
|
2,199
|
|
6,7,8
Freddie Mac Discount Notes
|
0.125%
|
2/19/13
|
3,000
|
3,000
|
|
|
|
|
|
|
8,399
|
|
Total Temporary Cash Investments (Cost $150,061)
|
|
|
|
150,061
|
|
Total Investments (102.4%) (Cost $1,762,865)
|
|
|
|
1,995,633
|
|
Other Assets and Liabilities-Net (-2.4%)
3
|
|
|
|
(45,854)
|
|
Net Assets (100%)
|
|
|
|
1,949,779
|
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $41,579,000.
* Non-income-producing security.
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 97.0% and 5.4%, 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 January 31, 2013, the value of
this security represented 0.1% of net assets.
3 Includes $44,055,000 of collateral received for securities on loan.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
6 Securities with a value of $2,200,000 have been segregated as initial margin for open futures contracts.
7 Securities with a value of $1,593,000 have been segregated as collateral for open forward currency contracts.
8 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
A.
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,
International Explorer Fund
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 acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
B.
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).
C.
Repurchase Agreements: The fund may enter into repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default or bankruptcy by the other party to the agreement, the fund may sell or retain the collateral; however, such action may be subject to legal proceedings.
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.
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).
The following table summarizes the market value of the fund's investments as of January 31, 2013, based on the inputs used to value them:
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
Investments
|
($000)
|
($000)
|
($000)
|
|
Common Stocks
|
18,070
|
1,827,502
|
—
|
|
Temporary Cash Investments
|
139,562
|
10,499
|
—
|
|
Futures Contracts—Liabilities
1
|
(90)
|
—
|
—
|
|
Forward Currency Contracts—Liabilities
|
—
|
(1,235)
|
—
|
|
Total
|
157,542
|
1,836,766
|
—
|
|
1 Represents variation margin on the last day of the reporting period.
|
E.
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
International Explorer Fund
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.
The fund also 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 primary risk associated with the fund's use of these contracts is that a counterparty will fail to fulfill its obligation to pay gains due to the fund under the contracts. The fund attempts to mitigate this risk by, among other things, performing a credit analysis of counterparties, monitoring exposure to counterparties, and requiring counterparties to post collateral to secure such exposure. 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 posted. Any assets posted as collateral for open contracts are noted in the Schedule of Investments.
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 aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At January 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
|
Aggregate
|
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
|
Long (Short)
|
Value
|
Appreciation
|
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short)
|
(Depreciation)
|
|
Topix Index
|
March 2013
|
173
|
17,772
|
2,769
|
|
Dow Jones EURO STOXX 50 Index
|
March 2013
|
325
|
11,960
|
392
|
|
S&P ASX 200 Index
|
March 2013
|
84
|
10,613
|
549
|
|
FTSE 100 Index
|
March 2013
|
50
|
4,962
|
300
|
Unrealized appreciation (depreciation) on open FTSE 100 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
International Explorer Fund
At January 31, 2013, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
Contract Amount (000)
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
Contract
|
|
|
|
|
Appreciation
|
|
|
Settlement
|
|
|
|
|
(Depreciation)
|
|
Counterparty
|
Date
|
|
Receive
|
|
Deliver
|
($000)
|
|
Brown Brothers Harriman & Co.
|
3/12/13
|
JPY
|
1,312,848
|
USD
|
15,845
|
(1,455)
|
|
Brown Brothers Harriman & Co.
|
3/20/13
|
EUR
|
8,405
|
USD
|
11,069
|
343
|
|
Brown Brothers Harriman & Co.
|
3/26/13
|
AUD
|
9,669
|
USD
|
10,074
|
(29)
|
|
Brown Brothers Harriman & Co.
|
3/20/13
|
GBP
|
2,932
|
USD
|
4,741
|
(94)
|
AUD—Australian dollar.
EUR—Euro.
GBP—British pound.
JPY—Japanese yen.
USD—U.S. dollar.
F.
At January 31, 2013, the cost of investment securities for tax purposes was $1,773,082,000. Net unrealized appreciation of investment securities for tax purposes was $222,551,000, consisting of unrealized gains of $357,176,000 on securities that had risen in value since their purchase and $134,625,000 in unrealized losses on securities that had fallen in value since their purchase.
|
|
|
|
|
|
Mid-Cap Growth Fund
|
|
|
|
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
As of January 31, 2013
|
|
|
|
|
|
|
|
|
Market
|
|
|
|
|
Value
|
|
|
|
Shares
|
($000)
|
|
Common Stocks (93.8%)
1
|
|
|
|
Consumer Discretionary (20.0%)
|
|
|
|
|
Dick's Sporting Goods Inc.
|
1,116,945
|
53,155
|
|
*
|
O'Reilly Automotive Inc.
|
352,400
|
32,650
|
|
*
|
Bed Bath & Beyond Inc.
|
477,600
|
28,035
|
|
|
Harley-Davidson Inc.
|
526,800
|
27,615
|
|
|
Group 1 Automotive Inc.
|
348,635
|
23,617
|
|
*
|
Lululemon Athletica Inc.
|
321,300
|
22,170
|
|
|
Wyndham Worldwide Corp.
|
363,850
|
20,299
|
|
*
|
Hanesbrands Inc.
|
523,120
|
19,607
|
|
|
VF Corp.
|
132,425
|
19,543
|
|
|
Domino's Pizza Inc.
|
389,470
|
18,138
|
|
*
|
Dollar General Corp.
|
389,450
|
18,000
|
|
|
Nordstrom Inc.
|
312,955
|
17,285
|
|
|
Interpublic Group of Cos. Inc.
|
1,409,455
|
17,069
|
|
*
|
Carter's Inc.
|
280,075
|
16,869
|
|
*
|
Sally Beauty Holdings Inc.
|
617,870
|
16,398
|
|
*
|
Penn National Gaming Inc.
|
315,925
|
15,373
|
|
|
Six Flags Entertainment Corp.
|
230,750
|
14,523
|
|
*
|
Select Comfort Corp.
|
619,684
|
13,645
|
|
|
Ralph Lauren Corp. Class A
|
77,055
|
12,828
|
|
|
PetSmart Inc.
|
188,125
|
12,305
|
|
*
|
Chipotle Mexican Grill Inc. Class A
|
38,400
|
11,789
|
|
|
Harman International Industries Inc.
|
251,613
|
11,267
|
|
|
Chico's FAS Inc.
|
595,675
|
10,680
|
|
|
Tractor Supply Co.
|
57,100
|
5,920
|
|
*
|
Michael Kors Holdings Ltd.
|
99,600
|
5,591
|
|
*
|
Fossil Inc.
|
52,200
|
5,511
|
|
|
|
|
469,882
|
|
Consumer Staples (4.8%)
|
|
|
|
|
McCormick & Co. Inc.
|
692,575
|
43,182
|
|
|
Mead Johnson Nutrition Co.
|
501,300
|
38,099
|
|
*
|
Green Mountain Coffee Roasters Inc.
|
679,645
|
30,944
|
|
|
|
|
112,225
|
|
Energy (5.4%)
|
|
|
|
*
|
Denbury Resources Inc.
|
1,943,850
|
36,214
|
|
*
|
Cameron International Corp.
|
323,100
|
20,455
|
|
*
|
Concho Resources Inc.
|
204,815
|
18,683
|
|
|
Cabot Oil & Gas Corp.
|
264,165
|
13,943
|
|
|
Helmerich & Payne Inc.
|
212,500
|
13,672
|
|
*
|
Oil States International Inc.
|
165,135
|
12,811
|
|
|
Range Resources Corp.
|
156,600
|
10,519
|
|
|
|
|
126,297
|
|
Exchange-Traded Fund (0.3%)
|
|
|
|
^,2
Vanguard Mid-Cap ETF
|
82,700
|
7,271
|
|
|
|
Financials (13.4%)
|
|
|
|
*
|
Affiliated Managers Group Inc.
|
268,560
|
38,654
|
|
|
LPL Financial Holdings Inc.
|
939,984
|
31,301
|
|
*
|
Signature Bank
|
408,400
|
30,193
|
|
|
|
|
|
|
|
T. Rowe Price Group Inc.
|
406,700
|
29,059
|
|
|
American Campus Communities Inc.
|
596,174
|
27,764
|
|
|
Regions Financial Corp.
|
3,184,720
|
24,777
|
|
|
First Republic Bank
|
601,000
|
21,450
|
|
|
XL Group plc Class A
|
764,145
|
21,182
|
|
*
|
IntercontinentalExchange Inc.
|
141,985
|
19,700
|
|
*
|
CIT Group Inc.
|
460,150
|
19,487
|
|
|
Zions Bancorporation
|
803,550
|
18,739
|
|
|
SunTrust Banks Inc.
|
592,975
|
16,823
|
|
|
Brown & Brown Inc.
|
423,700
|
11,584
|
|
|
SEI Investments Co.
|
218,225
|
5,883
|
|
|
|
|
316,596
|
|
Health Care (11.8%)
|
|
|
|
*
|
HMS Holdings Corp.
|
1,443,300
|
39,344
|
|
*
|
HealthSouth Corp.
|
1,005,531
|
23,992
|
|
*
|
Mettler-Toledo International Inc.
|
111,420
|
23,680
|
|
*
|
IDEXX Laboratories Inc.
|
239,655
|
22,818
|
|
*
|
MEDNAX Inc.
|
194,333
|
16,627
|
|
*
|
Mylan Inc.
|
568,295
|
16,066
|
|
*
|
Waters Corp.
|
172,680
|
15,812
|
|
|
Perrigo Co.
|
156,300
|
15,710
|
|
*
|
Covance Inc.
|
220,625
|
14,718
|
|
|
Humana Inc.
|
191,330
|
14,227
|
|
|
Cooper Cos. Inc.
|
115,937
|
11,750
|
|
*
|
Hologic Inc.
|
484,550
|
11,552
|
|
*
|
Alexion Pharmaceuticals Inc.
|
109,575
|
10,299
|
|
*
|
ICON plc ADR
|
338,600
|
9,924
|
|
*
|
Cerner Corp.
|
104,734
|
8,646
|
|
*
|
BioMarin Pharmaceutical Inc.
|
124,375
|
6,827
|
|
*
|
Akorn Inc.
|
394,621
|
5,166
|
|
*
|
Sirona Dental Systems Inc.
|
77,405
|
5,145
|
|
*
|
Volcano Corp.
|
187,255
|
4,689
|
|
|
|
|
276,992
|
|
Industrials (17.2%)
|
|
|
|
|
AMETEK Inc.
|
728,655
|
29,868
|
|
*
|
Stericycle Inc.
|
302,490
|
28,540
|
|
*
|
B/E Aerospace Inc.
|
554,130
|
28,532
|
|
|
Donaldson Co. Inc.
|
748,612
|
28,155
|
|
|
JB Hunt Transport Services Inc.
|
409,700
|
27,561
|
|
|
Fastenal Co.
|
515,835
|
25,627
|
|
*
|
Hertz Global Holdings Inc.
|
1,384,925
|
25,316
|
|
*
|
Genesee & Wyoming Inc. Class A
|
275,520
|
23,303
|
|
*
|
WESCO International Inc.
|
300,765
|
21,935
|
|
|
TransDigm Group Inc.
|
159,800
|
21,643
|
|
*
|
Clean Harbors Inc.
|
384,500
|
21,374
|
|
*
|
Verisk Analytics Inc. Class A
|
355,110
|
19,588
|
|
*
|
Jacobs Engineering Group Inc.
|
395,900
|
19,047
|
|
*
|
Old Dominion Freight Line Inc.
|
483,315
|
18,018
|
|
|
Hubbell Inc. Class B
|
146,150
|
13,307
|
|
*,^
Polypore International Inc.
|
317,800
|
12,264
|
|
*
|
IHS Inc. Class A
|
113,700
|
11,700
|
|
|
Actuant Corp. Class A
|
384,000
|
11,320
|
|
|
Waste Connections Inc.
|
243,690
|
8,778
|
|
*
|
Hexcel Corp.
|
320,225
|
8,579
|
|
|
|
|
404,455
|
|
|
|
|
|
|
|
|
Information Technology (17.5%)
|
|
|
|
|
|
|
Amphenol Corp. Class A
|
|
|
723,675
|
48,899
|
|
*
|
Citrix Systems Inc.
|
|
|
563,705
|
41,241
|
|
*
|
Trimble Navigation Ltd.
|
|
|
561,811
|
35,113
|
|
*
|
SolarWinds Inc.
|
|
|
347,200
|
18,895
|
|
*
|
FleetCor Technologies Inc.
|
|
|
303,668
|
18,171
|
|
|
Genpact Ltd.
|
|
|
1,050,722
|
17,600
|
|
|
FEI Co.
|
|
|
287,313
|
17,515
|
|
|
Intuit Inc.
|
|
|
266,165
|
16,603
|
|
*
|
RealPage Inc.
|
|
|
645,300
|
15,061
|
|
*
|
Silicon Laboratories Inc.
|
|
|
334,017
|
14,576
|
|
*
|
VeriSign Inc.
|
|
|
330,100
|
14,330
|
|
*
|
Informatica Corp.
|
|
|
355,700
|
13,164
|
|
*
|
Teradata Corp.
|
|
|
191,135
|
12,741
|
|
*
|
PTC Inc.
|
|
|
546,755
|
12,674
|
|
*
|
TIBCO Software Inc.
|
|
|
533,695
|
12,510
|
|
*
|
Guidewire Software Inc.
|
|
|
367,000
|
12,155
|
|
|
Avago Technologies Ltd. Class A
|
|
|
334,125
|
11,952
|
|
*
|
Juniper Networks Inc.
|
|
|
530,075
|
11,863
|
|
*
|
Semtech Corp.
|
|
|
391,125
|
11,796
|
|
*
|
MICROS Systems Inc.
|
|
|
250,252
|
11,519
|
|
*
|
Cavium Inc.
|
|
|
331,966
|
11,101
|
|
*
|
Riverbed Technology Inc.
|
|
|
532,825
|
10,337
|
|
|
Linear Technology Corp.
|
|
|
250,075
|
9,158
|
|
*
|
Fortinet Inc.
|
|
|
283,910
|
6,697
|
|
*
|
F5 Networks Inc.
|
|
|
52,600
|
5,517
|
|
|
|
|
|
|
411,188
|
|
Materials (2.5%)
|
|
|
|
|
|
|
Airgas Inc.
|
|
|
272,200
|
25,924
|
|
|
Ecolab Inc.
|
|
|
307,410
|
22,257
|
|
|
Ashland Inc.
|
|
|
141,980
|
11,147
|
|
|
|
|
|
|
59,328
|
|
Telecommunication Services (0.9%)
|
|
|
|
|
|
*
|
SBA Communications Corp. Class A
|
|
|
301,400
|
20,995
|
|
|
|
Total Common Stocks (Cost $1,782,858)
|
|
|
|
2,205,229
|
|
|
|
Coupon
|
|
|
|
|
Temporary Cash Investments (6.8%)
1
|
|
|
|
|
|
Money Market Fund (6.6%)
|
|
|
|
|
|
3,4
Vanguard Market Liquidity Fund
|
0.143%
|
|
153,748,219
|
153,748
|
|
|
|
|
|
|
|
Face
|
|
|
|
|
|
Maturity
|
Amount
|
|
|
|
|
|
Date
|
($000)
|
|
|
U.S. Government and Agency Obligations (0.2%)
|
|
|
|
|
|
5,6
Federal Home Loan Bank Discount Notes
|
0.105%
|
4/3/13
|
1,500
|
1,500
|
|
6,7
Freddie Mac Discount Notes
|
0.118%
|
3/11/13
|
3,500
|
3,499
|
|
|
|
|
|
|
4,999
|
|
Total Temporary Cash Investments (Cost $158,747)
|
|
|
|
158,747
|
|
Total Investments (100.6%) (Cost $1,941,605)
|
|
|
|
2,363,976
|
|
Other Assets and Liabilities-Net (-0.6%)
4
|
|
|
|
(13,633)
|
|
Net Assets (100%)
|
|
|
|
2,350,343
|
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $7,045,000.
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 97.8% and 2.8%, respectively, of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
4 Includes $7,242,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
6 Securities with a value of $3,699 have been segregated as initial margin for open futures contracts.
7 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
ADR—American Depositary Receipt.
A.
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 materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
B.
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.
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).
The following table summarizes the market value of the fund's investments as of January 31, 2013, based on the inputs used to value them:
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
Investments
|
($000)
|
($000)
|
($000)
|
|
Common Stocks
|
2,205,229
|
—
|
—
|
|
Temporary Cash Investments
|
153,748
|
4,999
|
—
|
|
Futures Contracts—Assets
1
|
344
|
—
|
—
|
|
Futures Contracts—Liabilities
1
|
(33)
|
—
|
—
|
|
Total
|
2,359,288
|
4,999
|
—
|
|
1 Represents variation margin on the last day of the reporting period.
|
Mid-Cap Growth Fund
C. Futures 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At January 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
|
Aggregate
|
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
|
Long (Short)
|
Value
|
Appreciation
|
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short) (Depreciation)
|
|
E-mini S&P MidCap 400 Index
|
March 2013
|
625
|
68,200
|
3,934
|
|
E-mini S&P 500 Index
|
March 2013
|
190
|
14,186
|
339
|
|
S&P 500 Index
|
March 2013
|
27
|
10,080
|
514
|
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
D. At January 31, 2013, the cost of investment securities for tax purposes was $1,941,605,000. Net unrealized appreciation of investment securities for tax purposes was $422,371,000, consisting of unrealized gains of $437,611,000 on securities that had risen in value since their purchase and $15,240,000 in unrealized losses on securities that had fallen in value since their purchase.
|
|
|
|
|
|
Vanguard Selected Value Fund
|
|
|
|
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
As of January 31, 2013
|
|
|
|
|
|
|
|
|
Market
|
|
|
|
|
Value
|
|
|
|
Shares
|
($000)
|
|
Common Stocks (89.2%)
1
|
|
|
|
Consumer Discretionary (12.3%)
|
|
|
|
|
Royal Caribbean Cruises Ltd.
|
4,563,119
|
165,185
|
|
|
International Game Technology
|
6,108,000
|
93,880
|
|
*
|
Hanesbrands Inc.
|
2,395,600
|
89,787
|
|
^
|
Hasbro Inc.
|
1,744,800
|
65,203
|
|
|
Newell Rubbermaid Inc.
|
2,573,200
|
60,419
|
|
|
Rent-A-Center Inc.
|
1,480,017
|
52,807
|
|
|
Dillard's Inc. Class A
|
411,734
|
34,754
|
|
|
Service Corp. International
|
1,151,964
|
17,199
|
|
|
|
|
579,234
|
|
Consumer Staples (3.5%)
|
|
|
|
|
Lorillard Inc.
|
2,164,800
|
84,579
|
|
|
Reynolds American Inc.
|
1,816,200
|
79,876
|
|
|
|
|
164,455
|
|
Energy (4.9%)
|
|
|
|
|
Seadrill Ltd.
|
2,427,000
|
96,303
|
|
|
Golar LNG Ltd.
|
1,689,447
|
69,352
|
|
*
|
WPX Energy Inc.
|
1,892,935
|
28,451
|
|
|
Spectra Energy Corp.
|
561,300
|
15,593
|
|
*
|
Nabors Industries Ltd.
|
535,000
|
8,919
|
|
|
Valero Energy Corp.
|
200,500
|
8,768
|
|
*,^
Overseas Shipholding Group Inc.
|
472,900
|
475
|
|
|
|
|
227,861
|
|
Financials (24.4%)
|
|
|
|
|
XL Group plc Class A
|
5,650,581
|
156,634
|
|
|
Fifth Third Bancorp
|
6,610,600
|
107,687
|
|
|
SLM Corp.
|
5,626,300
|
95,028
|
|
|
New York Community Bancorp Inc.
|
7,110,600
|
94,926
|
|
|
Capital One Financial Corp.
|
1,651,700
|
93,024
|
|
|
Discover Financial Services
|
2,401,500
|
92,194
|
|
|
CNA Financial Corp.
|
2,755,982
|
85,849
|
|
|
Willis Group Holdings plc
|
2,205,700
|
78,765
|
|
|
People's United Financial Inc.
|
6,015,300
|
74,048
|
|
|
Ameriprise Financial Inc.
|
1,088,100
|
72,163
|
|
|
Chubb Corp.
|
724,900
|
58,217
|
|
|
Essex Property Trust Inc.
|
328,900
|
50,578
|
|
|
Everest Re Group Ltd.
|
357,437
|
41,395
|
|
|
Unum Group
|
1,401,490
|
32,669
|
|
|
American National Insurance Co.
|
164,858
|
12,729
|
|
|
|
|
1,145,906
|
|
Health Care (8.7%)
|
|
|
|
|
Cigna Corp.
|
2,017,000
|
117,672
|
|
|
Omnicare Inc.
|
2,785,900
|
108,511
|
|
|
Cardinal Health Inc.
|
2,282,800
|
100,009
|
|
|
St. Jude Medical Inc.
|
1,951,900
|
79,442
|
|
|
|
|
405,634
|
|
Industrials (16.8%)
|
|
|
|
|
Pentair Ltd.
|
2,188,900
|
110,934
|
|
|
|
|
|
|
|
|
|
Stanley Black & Decker Inc.
|
|
|
1,249,100
|
95,969
|
|
|
Eaton Corp. plc
|
|
|
1,675,300
|
95,408
|
|
|
SPX Corp.
|
|
|
1,203,100
|
89,787
|
|
|
Masco Corp.
|
|
|
4,659,600
|
85,690
|
|
|
Southwest Airlines Co.
|
|
|
7,493,030
|
83,997
|
|
*
|
Air France-KLM ADR
|
|
|
5,177,864
|
56,102
|
|
*
|
JetBlue Airways Corp.
|
|
|
7,389,729
|
42,934
|
|
|
L-3 Communications Holdings Inc.
|
|
|
544,100
|
41,308
|
|
|
ITT Corp.
|
|
|
1,330,400
|
34,165
|
|
|
Xylem Inc.
|
|
|
955,900
|
26,698
|
|
|
Exelis Inc.
|
|
|
2,278,100
|
25,036
|
|
|
|
|
|
|
788,028
|
|
Information Technology (8.1%)
|
|
|
|
|
|
*
|
Micron Technology Inc.
|
|
|
12,321,916
|
93,154
|
|
|
Molex Inc.
|
|
|
3,308,900
|
89,870
|
|
|
CA Inc.
|
|
|
3,578,700
|
88,823
|
|
*
|
Ingram Micro Inc.
|
|
|
4,190,311
|
76,180
|
|
|
Western Union Co.
|
|
|
2,397,700
|
34,119
|
|
|
|
|
|
|
382,146
|
|
Materials (3.9%)
|
|
|
|
|
|
|
Rockwood Holdings Inc.
|
|
|
2,150,700
|
117,708
|
|
|
Yamana Gold Inc.
|
|
|
4,018,046
|
65,695
|
|
|
|
|
|
|
183,403
|
|
Utilities (6.6%)
|
|
|
|
|
|
|
CenterPoint Energy Inc.
|
|
|
3,775,600
|
77,173
|
|
|
Xcel Energy Inc.
|
|
|
2,493,300
|
69,264
|
|
|
Pinnacle West Capital Corp.
|
|
|
1,145,500
|
61,147
|
|
|
ONEOK Inc.
|
|
|
993,500
|
46,704
|
|
|
Exelon Corp.
|
|
|
1,113,003
|
34,993
|
|
|
NRG Energy Inc.
|
|
|
888,614
|
21,327
|
|
|
NV Energy Inc.
|
|
|
26,884
|
509
|
|
|
|
|
|
|
311,117
|
|
Total Common Stocks (Cost $3,168,418)
|
|
|
|
4,187,784
|
|
|
|
Coupon
|
|
|
|
|
Temporary Cash Investments (11.2%)
1
|
|
|
|
|
|
Money Market Fund (10.9%)
|
|
|
|
|
|
2,3
Vanguard Market Liquidity Fund
|
0.143%
|
|
511,213,784
|
511,214
|
|
|
|
|
|
|
|
Face
|
|
|
|
|
|
Maturity
|
Amount
|
|
|
|
|
|
Date
|
($000)
|
|
|
U.S. Government and Agency Obligations (0.3%)
|
|
|
|
|
|
4,5
Fannie Mae Discount Notes
|
0.097%
|
3/27/13
|
500
|
500
|
|
5,6
Federal Home Loan Bank Discount Notes
|
0.085%
|
4/19/13
|
5,000
|
4,998
|
|
4,5
Freddie Mac Discount Notes
|
0.118%
|
3/11/13
|
5,000
|
4,999
|
|
5
|
United States Treasury Note/Bond
|
0.625%
|
2/28/13
|
3,500
|
3,501
|
|
|
|
|
|
|
13,998
|
|
Total Temporary Cash Investments (Cost $525,214)
|
|
|
|
525,212
|
|
Total Investments (100.4%) (Cost $3,693,632)
|
|
|
|
4,712,996
|
|
Other Assets and Liabilities-Net (-0.4%)
2
|
|
|
|
(19,227)
|
|
Net Assets (100%)
|
|
|
|
4,693,769
|
* Non-income-producing security.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $7,729,000.
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 93.3% and 7.1%, respectively, of net assets.
2 Includes $8,107,000 of collateral received for securities on loan.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
5 Securities with a value of $9,150,000 have been segregated as initial margin for open futures contracts.
6 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S.
Treasury nor backed by the full faith and credit of the U.S. government.
ADR—American Depositary Receipt.
A.
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 acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
Selected Value Fund
B.
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.
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).
The following table summarizes the market value of the fund's investments as of January 31, 2013, based on the inputs used to value them:
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
Investments
|
($000)
|
($000)
|
($000)
|
|
Common Stocks
|
4,187,784
|
—
|
—
|
|
Temporary Cash Investments
|
511,214
|
13,998
|
—
|
|
Futures Contracts—Liabilities
1
|
(259)
|
—
|
—
|
|
Total
|
4,698,739
|
13,998
|
—
|
|
1 Represents variation margin on the last day of the reporting period.
|
C.
Futures 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At January 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
|
Aggregate
|
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
|
Long (Short)
|
Value
|
Appreciation
|
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short)
|
(Depreciation)
|
|
S&P 500 Index
|
March 2013
|
356
|
132,904
|
6,413
|
|
E-mini S&P 500 Index
|
March 2013
|
800
|
59,732
|
1,014
|
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
D.
At January 31, 2013, the cost of investment securities for tax purposes was $3,693,632,000. Net unrealized appreciation of investment securities for tax purposes was $1,019,364,000, consisting of
Selected Value Fund
unrealized gains of $1,120,599,000 on securities that had risen in value since their purchase and $101,235,000 in unrealized losses on securities that had fallen in value since their purchase.
|
|
|
|
|
Vanguard High Dividend Yield Index Fund
|
|
|
|
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
As of January 31, 2013
|
|
|
|
|
|
|
|
Market
|
|
|
|
Value
|
|
|
Shares
|
($000)
|
|
Common Stocks (99.5%)
1
|
|
|
|
Consumer Discretionary (6.1%)
|
|
|
|
Home Depot Inc.
|
1,463,345
|
97,927
|
|
McDonald's Corp.
|
974,609
|
92,871
|
|
Time Warner Inc.
|
921,200
|
46,539
|
|
Time Warner Cable Inc.
|
292,969
|
26,174
|
|
Carnival Corp.
|
433,373
|
16,780
|
|
Mattel Inc.
|
333,022
|
12,532
|
|
Genuine Parts Co.
|
151,144
|
10,282
|
|
Staples Inc.
|
654,391
|
8,821
|
|
Whirlpool Corp.
|
75,026
|
8,657
|
|
Autoliv Inc.
|
92,437
|
6,082
|
|
H&R Block Inc.
|
263,313
|
5,996
|
|
Darden Restaurants Inc.
|
124,753
|
5,801
|
|
Garmin Ltd.
|
151,505
|
5,741
|
|
Foot Locker Inc.
|
146,898
|
5,046
|
|
Hasbro Inc.
|
125,144
|
4,677
|
|
Gannett Co. Inc.
|
224,539
|
4,408
|
|
JC Penney Co. Inc.
|
211,967
|
4,309
|
|
Leggett & Platt Inc.
|
136,526
|
4,019
|
|
American Eagle Outfitters Inc.
|
189,620
|
3,832
|
|
Cinemark Holdings Inc.
|
111,493
|
3,137
|
|
Cablevision Systems Corp. Class A
|
202,569
|
2,966
|
|
Brinker International Inc.
|
71,100
|
2,328
|
|
Regal Entertainment Group Class A
|
126,731
|
1,892
|
|
Washington Post Co. Class B
|
4,480
|
1,728
|
|
Guess? Inc.
|
62,039
|
1,681
|
|
KB Home
|
85,568
|
1,632
|
|
Cooper Tire & Rubber Co.
|
61,089
|
1,555
|
|
Hillenbrand Inc.
|
60,480
|
1,497
|
|
MDC Holdings Inc.
|
35,300
|
1,388
|
|
Meredith Corp.
|
34,890
|
1,265
|
|
Bob Evans Farms Inc.
|
27,205
|
1,204
|
|
Ameristar Casinos Inc.
|
31,886
|
845
|
|
National CineMedia Inc.
|
54,226
|
829
|
|
Belo Corp. Class A
|
90,835
|
769
|
|
Cato Corp. Class A
|
26,841
|
740
|
|
Brown Shoe Co. Inc.
|
41,589
|
717
|
|
Stage Stores Inc.
|
30,545
|
698
|
|
Strayer Education Inc.
|
11,424
|
650
|
|
Superior Industries International Inc.
|
26,297
|
533
|
|
CTC Media Inc.
|
46,372
|
496
|
|
Hot Topic Inc.
|
41,009
|
455
|
|
American Greetings Corp. Class A
|
27,710
|
443
|
|
NACCO Industries Inc. Class A
|
6,649
|
433
|
|
Harte-Hanks Inc.
|
45,473
|
373
|
|
^ RadioShack Corp.
|
96,695
|
318
|
|
Speedway Motorsports Inc.
|
16,029
|
262
|
|
Nutrisystem Inc.
|
27,157
|
245
|
|
|
|
401,573
|
|
|
|
|
|
|
Consumer Staples (19.2%)
|
|
|
|
|
Procter & Gamble Co.
|
2,667,342
|
200,477
|
|
|
Wal-Mart Stores Inc.
|
2,447,300
|
171,189
|
|
|
Coca-Cola Co.
|
4,393,938
|
163,630
|
|
|
Philip Morris International Inc.
|
1,636,393
|
144,264
|
|
|
PepsiCo Inc.
|
1,501,598
|
109,391
|
|
|
Altria Group Inc.
|
1,975,351
|
66,530
|
|
|
Colgate-Palmolive Co.
|
463,300
|
49,745
|
|
|
Mondelez International Inc. Class A
|
1,714,504
|
47,646
|
|
|
Walgreen Co.
|
914,357
|
36,538
|
|
|
Kimberly-Clark Corp.
|
381,410
|
34,140
|
|
|
Kraft Foods Group Inc.
|
571,533
|
26,416
|
|
|
General Mills Inc.
|
628,431
|
26,356
|
|
|
HJ Heinz Co.
|
311,267
|
18,872
|
|
|
Sysco Corp.
|
565,490
|
17,966
|
|
|
Reynolds American Inc.
|
406,825
|
17,892
|
|
|
Kellogg Co.
|
261,412
|
15,293
|
|
|
Lorillard Inc.
|
376,876
|
14,725
|
|
|
ConAgra Foods Inc.
|
395,667
|
12,934
|
|
|
Hershey Co.
|
157,782
|
12,536
|
|
|
Clorox Co.
|
126,043
|
9,883
|
|
|
JM Smucker Co.
|
107,240
|
9,505
|
|
|
Dr Pepper Snapple Group Inc.
|
202,091
|
9,108
|
|
|
Campbell Soup Co.
|
230,493
|
8,461
|
|
|
McCormick & Co. Inc.
|
116,139
|
7,241
|
|
|
Avon Products Inc.
|
418,841
|
7,112
|
|
|
Molson Coors Brewing Co. Class B
|
151,596
|
6,849
|
|
|
Safeway Inc.
|
233,248
|
4,490
|
|
|
Flowers Foods Inc.
|
134,500
|
3,615
|
|
|
Hillshire Brands Co.
|
114,741
|
3,555
|
|
|
B&G Foods Inc.
|
51,102
|
1,620
|
|
|
Snyders-Lance Inc.
|
49,711
|
1,264
|
|
|
Universal Corp.
|
22,814
|
1,241
|
|
|
WD-40 Co.
|
15,308
|
818
|
|
|
SUPERVALU Inc.
|
205,037
|
802
|
|
|
Vector Group Ltd.
|
41,961
|
652
|
|
|
Weis Markets Inc.
|
10,446
|
421
|
|
|
|
|
1,263,177
|
|
Energy (13.0%)
|
|
|
|
|
Exxon Mobil Corp.
|
4,425,856
|
398,194
|
|
|
Chevron Corp.
|
1,914,932
|
220,504
|
|
|
ConocoPhillips
|
1,179,035
|
68,384
|
|
|
Phillips 66
|
608,618
|
36,864
|
|
|
Kinder Morgan Inc.
|
716,530
|
26,841
|
|
|
Marathon Petroleum Corp.
|
330,790
|
24,548
|
|
|
Valero Energy Corp.
|
536,756
|
23,472
|
|
|
Williams Cos. Inc.
|
607,424
|
21,290
|
|
|
Spectra Energy Corp.
|
646,322
|
17,955
|
|
|
Linn Energy LLC
|
192,462
|
7,485
|
|
|
Copano Energy LLC
|
76,693
|
2,988
|
|
†
|
WPX Energy Inc.
|
192,889
|
2,899
|
|
|
Targa Resources Corp.
|
30,872
|
1,864
|
|
|
Teekay Corp.
|
52,668
|
1,853
|
|
|
Arch Coal Inc.
|
207,038
|
1,474
|
|
^
|
Ship Finance International Ltd.
|
61,962
|
1,045
|
|
|
Crosstex Energy Inc.
|
34,200
|
578
|
|
^
|
Nordic American Tankers Ltd.
|
50,877
|
440
|
|
|
|
|
|
Penn Virginia Corp.
|
53,404
|
229
|
|
Tsakos Energy Navigation Ltd.
|
39,856
|
168
|
|
|
|
859,075
|
|
Financials (10.5%)
|
|
|
|
JPMorgan Chase & Co.
|
3,688,558
|
173,547
|
|
PNC Financial Services Group Inc.
|
510,699
|
31,561
|
|
Bank of New York Mellon Corp.
|
1,134,504
|
30,813
|
|
BlackRock Inc.
|
123,443
|
29,167
|
|
Travelers Cos. Inc.
|
370,321
|
29,055
|
|
ACE Ltd.
|
329,202
|
28,091
|
|
Prudential Financial Inc.
|
450,469
|
26,073
|
|
Aflac Inc.
|
457,094
|
24,253
|
|
Allstate Corp.
|
470,800
|
20,668
|
|
Chubb Corp.
|
254,271
|
20,421
|
|
BB&T Corp.
|
674,370
|
20,420
|
|
Marsh & McLennan Cos. Inc.
|
525,655
|
18,650
|
|
Fifth Third Bancorp
|
870,992
|
14,188
|
|
M&T Bank Corp.
|
124,233
|
12,757
|
|
Northern Trust Corp.
|
233,857
|
12,037
|
|
Invesco Ltd.
|
430,959
|
11,744
|
|
Principal Financial Group Inc.
|
286,585
|
8,887
|
|
NYSE Euronext
|
235,979
|
8,158
|
|
SLM Corp.
|
447,567
|
7,559
|
|
Cincinnati Financial Corp.
|
158,271
|
6,717
|
|
Willis Group Holdings plc
|
167,991
|
5,999
|
|
Huntington Bancshares Inc.
|
838,455
|
5,836
|
|
New York Community Bancorp Inc.
|
422,941
|
5,646
|
|
Fidelity National Financial Inc. Class A
|
218,869
|
5,494
|
|
PartnerRe Ltd.
|
59,494
|
5,217
|
|
Axis Capital Holdings Ltd.
|
118,600
|
4,539
|
|
Arthur J Gallagher & Co.
|
120,782
|
4,463
|
|
Hudson City Bancorp Inc.
|
510,840
|
4,368
|
|
Lazard Ltd. Class A
|
122,018
|
4,228
|
|
People's United Financial Inc.
|
337,558
|
4,155
|
|
Eaton Vance Corp.
|
111,730
|
4,045
|
|
Validus Holdings Ltd.
|
104,474
|
3,804
|
|
Cullen/Frost Bankers Inc.
|
59,340
|
3,495
|
|
Commerce Bancshares Inc.
|
89,236
|
3,351
|
|
Waddell & Reed Financial Inc. Class A
|
83,464
|
3,314
|
|
Jefferies Group Inc.
|
148,025
|
2,950
|
|
Old Republic International Corp.
|
250,694
|
2,858
|
|
Alterra Capital Holdings Ltd.
|
93,227
|
2,841
|
|
First Niagara Financial Group Inc.
|
341,495
|
2,677
|
|
Hancock Holding Co.
|
82,288
|
2,487
|
|
Erie Indemnity Co. Class A
|
34,408
|
2,455
|
|
Protective Life Corp.
|
76,927
|
2,434
|
|
Federated Investors Inc. Class B
|
100,939
|
2,388
|
|
Aspen Insurance Holdings Ltd.
|
69,521
|
2,371
|
|
Bank of Hawaii Corp.
|
43,622
|
2,098
|
|
Synovus Financial Corp.
|
767,637
|
1,981
|
|
Valley National Bancorp
|
191,625
|
1,876
|
|
Hanover Insurance Group Inc.
|
43,557
|
1,810
|
|
Endurance Specialty Holdings Ltd.
|
42,174
|
1,810
|
|
Capitol Federal Financial Inc.
|
150,424
|
1,767
|
|
Janus Capital Group Inc.
|
182,603
|
1,698
|
|
StanCorp Financial Group Inc.
|
43,150
|
1,678
|
|
FirstMerit Corp.
|
106,062
|
1,615
|
|
|
|
|
|
|
|
Symetra Financial Corp.
|
114,290
|
1,594
|
|
|
FNB Corp.
|
134,507
|
1,559
|
|
|
American National Insurance Co.
|
19,560
|
1,510
|
|
|
Iberiabank Corp.
|
28,442
|
1,464
|
|
|
Trustmark Corp.
|
62,934
|
1,456
|
|
|
Kemper Corp.
|
42,363
|
1,411
|
|
†
|
Alexander & Baldwin Inc.
|
41,040
|
1,379
|
|
|
Montpelier Re Holdings Ltd.
|
54,393
|
1,326
|
|
|
UMB Financial Corp.
|
29,701
|
1,315
|
|
|
Old National Bancorp
|
98,200
|
1,312
|
|
|
First Financial Bankshares Inc.
|
30,359
|
1,247
|
|
|
United Bankshares Inc.
|
48,592
|
1,239
|
|
|
Greenhill & Co. Inc.
|
20,598
|
1,213
|
|
|
Westamerica Bancorporation
|
26,725
|
1,187
|
|
|
Northwest Bancshares Inc.
|
94,196
|
1,149
|
|
|
CVB Financial Corp.
|
101,724
|
1,119
|
|
|
BOK Financial Corp.
|
19,741
|
1,106
|
|
|
Glacier Bancorp Inc.
|
70,015
|
1,091
|
|
|
Community Bank System Inc.
|
38,406
|
1,091
|
|
|
Selective Insurance Group Inc.
|
52,867
|
1,084
|
|
|
Mercury General Corp.
|
26,516
|
1,050
|
|
|
BankUnited Inc.
|
36,592
|
984
|
|
|
Park National Corp.
|
14,871
|
973
|
|
|
International Bancshares Corp.
|
49,228
|
962
|
|
|
PacWest Bancorp
|
34,279
|
942
|
|
|
Astoria Financial Corp.
|
95,521
|
930
|
|
|
First Financial Bancorp
|
56,734
|
867
|
|
|
Provident Financial Services Inc.
|
58,426
|
866
|
|
|
Horace Mann Educators Corp.
|
38,361
|
834
|
|
|
Tower Group Inc.
|
37,135
|
717
|
|
|
Maiden Holdings Ltd.
|
70,015
|
712
|
|
|
Safety Insurance Group Inc.
|
14,810
|
711
|
|
|
First Commonwealth Financial Corp.
|
100,437
|
710
|
|
|
Independent Bank Corp.
|
22,098
|
685
|
|
|
NBT Bancorp Inc.
|
32,765
|
680
|
|
|
Oritani Financial Corp.
|
44,343
|
671
|
|
|
WesBanco Inc.
|
28,389
|
658
|
|
|
Interactive Brokers Group Inc.
|
45,796
|
655
|
|
|
Chemical Financial Corp.
|
26,661
|
648
|
|
|
Brookline Bancorp Inc.
|
67,627
|
596
|
|
|
United Fire Group Inc.
|
24,618
|
571
|
|
|
City Holding Co.
|
14,337
|
542
|
|
|
S&T Bancorp Inc.
|
29,031
|
535
|
|
|
Community Trust Bancorp Inc.
|
14,978
|
505
|
|
|
Flushing Financial Corp.
|
30,463
|
483
|
|
|
TrustCo Bank Corp. NY
|
91,058
|
482
|
|
|
Renasant Corp.
|
24,357
|
474
|
|
|
Dime Community Bancshares Inc.
|
34,227
|
473
|
|
|
BGC Partners Inc. Class A
|
112,463
|
449
|
|
|
Tompkins Financial Corp.
|
10,467
|
428
|
|
|
Washington Trust Bancorp Inc.
|
15,740
|
415
|
|
|
Simmons First National Corp. Class A
|
16,090
|
411
|
|
|
Republic Bancorp Inc. Class A
|
18,198
|
409
|
|
|
1st Source Corp.
|
17,752
|
401
|
|
|
Provident New York Bancorp
|
43,063
|
385
|
|
|
SY Bancorp Inc.
|
13,637
|
308
|
|
|
First Financial Corp.
|
9,742
|
294
|
|
|
|
|
|
Arrow Financial Corp.
|
11,523
|
281
|
|
Bancfirst Corp.
|
5,805
|
237
|
|
State Auto Financial Corp.
|
15,435
|
235
|
|
Baldwin & Lyons Inc.
|
9,049
|
224
|
|
GFI Group Inc.
|
56,930
|
194
|
|
|
|
692,953
|
|
Health Care (12.9%)
|
|
|
|
Johnson & Johnson
|
2,665,873
|
197,061
|
|
Pfizer Inc.
|
7,147,076
|
194,972
|
|
Merck & Co. Inc.
|
2,952,567
|
127,699
|
|
Eli Lilly & Co.
|
1,115,427
|
59,887
|
|
Bristol-Myers Squibb Co.
|
1,602,437
|
57,912
|
|
AbbVie Inc.
|
1,526,399
|
56,004
|
|
Abbott Laboratories
|
1,526,409
|
51,715
|
|
Medtronic Inc.
|
995,097
|
46,372
|
|
Baxter International Inc.
|
534,520
|
36,262
|
|
Becton Dickinson and Co.
|
191,143
|
16,064
|
|
Owens & Minor Inc.
|
61,561
|
1,884
|
|
PDL BioPharma Inc.
|
135,036
|
929
|
|
Meridian Bioscience Inc.
|
29,922
|
627
|
|
Landauer Inc.
|
9,040
|
569
|
|
Computer Programs & Systems Inc.
|
10,765
|
566
|
|
National Healthcare Corp.
|
10,161
|
489
|
|
|
|
849,012
|
|
Industrials (12.5%)
|
|
|
|
General Electric Co.
|
10,248,321
|
228,333
|
|
United Technologies Corp.
|
882,138
|
77,249
|
|
3M Co.
|
671,107
|
67,480
|
|
United Parcel Service Inc. Class B
|
702,475
|
55,699
|
|
Boeing Co.
|
727,158
|
53,715
|
|
Honeywell International Inc.
|
757,373
|
51,683
|
|
Emerson Electric Co.
|
706,082
|
40,423
|
|
Illinois Tool Works Inc.
|
449,929
|
28,269
|
|
Lockheed Martin Corp.
|
314,133
|
27,289
|
|
Eaton Corp. plc
|
443,379
|
25,250
|
|
General Dynamics Corp.
|
342,495
|
22,707
|
|
Raytheon Co.
|
320,121
|
16,864
|
|
Waste Management Inc.
|
446,737
|
16,252
|
|
Northrop Grumman Corp.
|
239,912
|
15,604
|
|
Stanley Black & Decker Inc.
|
163,177
|
12,537
|
|
Republic Services Inc. Class A
|
354,523
|
11,306
|
|
L-3 Communications Holdings Inc.
|
91,237
|
6,927
|
|
Masco Corp.
|
349,215
|
6,422
|
|
Iron Mountain Inc.
|
182,647
|
6,248
|
|
Hubbell Inc. Class B
|
50,877
|
4,632
|
|
Snap-on Inc.
|
56,249
|
4,557
|
|
Avery Dennison Corp.
|
96,585
|
3,719
|
|
Pitney Bowes Inc.
|
194,066
|
2,797
|
|
Watsco Inc.
|
28,802
|
2,170
|
|
GATX Corp.
|
45,131
|
2,137
|
|
Macquarie Infrastructure Co. LLC
|
45,460
|
2,108
|
|
Exelis Inc.
|
181,076
|
1,990
|
|
Harsco Corp.
|
77,956
|
1,987
|
|
Deluxe Corp.
|
49,068
|
1,805
|
|
Brady Corp. Class A
|
46,093
|
1,608
|
|
RR Donnelley & Sons Co.
|
174,491
|
1,605
|
|
|
|
|
|
|
|
Healthcare Services Group Inc.
|
65,560
|
1,583
|
|
|
HNI Corp.
|
43,692
|
1,379
|
|
|
TAL International Group Inc.
|
32,476
|
1,361
|
|
|
Mine Safety Appliances Co.
|
26,936
|
1,245
|
|
|
ABM Industries Inc.
|
52,394
|
1,148
|
|
|
Seaspan Corp.
|
61,156
|
1,146
|
|
|
Matson Inc.
|
41,004
|
1,124
|
|
|
Steelcase Inc. Class A
|
81,788
|
1,115
|
|
|
Briggs & Stratton Corp.
|
46,400
|
1,101
|
|
|
AZZ Inc.
|
24,490
|
1,048
|
|
|
Aircastle Ltd.
|
68,483
|
945
|
|
|
Mueller Water Products Inc. Class A
|
150,721
|
891
|
|
|
Copa Holdings SA Class A
|
8,093
|
887
|
|
|
Kaydon Corp.
|
31,022
|
769
|
|
|
Knoll Inc.
|
46,352
|
769
|
|
|
McGrath RentCorp
|
23,951
|
716
|
|
|
Albany International Corp.
|
27,198
|
682
|
|
|
Textainer Group Holdings Ltd.
|
16,308
|
676
|
|
|
Apogee Enterprises Inc.
|
27,535
|
673
|
|
|
China Yuchai International Ltd.
|
36,359
|
624
|
|
|
MFC Industrial Ltd.
|
60,564
|
594
|
|
|
American Science & Engineering Inc.
|
8,054
|
544
|
|
|
Ennis Inc.
|
25,092
|
392
|
|
|
Hyster-Yale Materials Handling Inc.
|
6,546
|
328
|
|
|
US Ecology Inc.
|
13,414
|
319
|
|
†
|
Engility Holdings Inc.
|
16,026
|
309
|
|
|
Navios Maritime Holdings Inc.
|
73,125
|
273
|
|
|
CDI Corp.
|
13,929
|
237
|
|
|
Schawk Inc. Class A
|
12,352
|
159
|
|
|
|
|
824,409
|
|
Information Technology (7.9%)
|
|
|
|
|
Microsoft Corp.
|
8,156,432
|
224,057
|
|
|
Intel Corp.
|
4,849,844
|
102,041
|
|
|
Accenture plc Class A
|
622,187
|
44,729
|
|
|
Automatic Data Processing Inc.
|
474,442
|
28,130
|
|
|
Applied Materials Inc.
|
1,200,968
|
15,504
|
|
|
Analog Devices Inc.
|
288,917
|
12,608
|
|
|
Seagate Technology plc
|
366,370
|
12,449
|
|
|
Paychex Inc.
|
352,964
|
11,517
|
|
|
Xilinx Inc.
|
254,865
|
9,300
|
|
|
KLA-Tencor Corp.
|
162,976
|
8,949
|
|
|
Maxim Integrated Products Inc.
|
283,275
|
8,909
|
|
|
Linear Technology Corp.
|
223,455
|
8,183
|
|
|
Computer Sciences Corp.
|
150,552
|
6,293
|
|
|
Microchip Technology Inc.
|
187,879
|
6,285
|
|
|
Harris Corp.
|
110,609
|
5,110
|
|
|
Broadridge Financial Solutions Inc.
|
118,733
|
2,798
|
|
|
Molex Inc.
|
69,552
|
1,889
|
|
|
Diebold Inc.
|
60,798
|
1,790
|
|
|
Molex Inc. Class A
|
77,943
|
1,753
|
|
|
Lexmark International Inc. Class A
|
62,689
|
1,508
|
|
|
j2 Global Inc.
|
44,191
|
1,406
|
|
|
Intersil Corp. Class A
|
123,154
|
1,065
|
|
|
MTS Systems Corp.
|
15,299
|
870
|
|
|
EarthLink Inc.
|
101,347
|
689
|
|
|
Brooks Automation Inc.
|
64,093
|
600
|
|
|
Comtech Telecommunications Corp.
|
16,982
|
450
|
|
|
|
|
|
United Online Inc.
|
65,513
|
435
|
|
NAM TAI Electronics Inc.
|
32,727
|
429
|
|
Methode Electronics Inc.
|
35,512
|
342
|
|
Electro Rent Corp.
|
17,350
|
269
|
|
|
|
520,357
|
|
Materials (4.1%)
|
|
|
|
EI du Pont de Nemours & Co.
|
901,578
|
42,780
|
|
Dow Chemical Co.
|
1,160,468
|
37,367
|
|
Freeport-McMoRan Copper & Gold Inc.
|
913,413
|
32,198
|
|
LyondellBasell Industries NV Class A
|
420,451
|
26,665
|
|
^ PPG Industries Inc.
|
137,818
|
19,001
|
|
Air Products & Chemicals Inc.
|
205,635
|
17,979
|
|
International Paper Co.
|
423,695
|
17,549
|
|
Nucor Corp.
|
307,360
|
14,142
|
|
Eastman Chemical Co.
|
148,922
|
10,596
|
|
Southern Copper Corp.
|
247,611
|
9,753
|
|
MeadWestvaco Corp.
|
169,786
|
5,323
|
|
RPM International Inc.
|
127,778
|
3,988
|
|
Packaging Corp. of America
|
95,446
|
3,668
|
|
Bemis Co. Inc.
|
100,284
|
3,578
|
|
Sealed Air Corp.
|
188,234
|
3,524
|
|
Steel Dynamics Inc.
|
212,436
|
3,231
|
|
Huntsman Corp.
|
174,498
|
3,076
|
|
Sonoco Products Co.
|
97,779
|
3,030
|
|
Scotts Miracle-Gro Co. Class A
|
44,277
|
1,936
|
|
Commercial Metals Co.
|
112,253
|
1,869
|
|
Worthington Industries Inc.
|
67,504
|
1,855
|
|
Sensient Technologies Corp.
|
48,682
|
1,855
|
|
Olin Corp.
|
77,342
|
1,799
|
|
Greif Inc. Class A
|
24,594
|
1,155
|
|
A Schulman Inc.
|
28,416
|
914
|
|
Koppers Holdings Inc.
|
20,148
|
817
|
|
PH Glatfelter Co.
|
41,523
|
771
|
|
AMCOL International Corp.
|
23,210
|
685
|
|
Gold Resource Corp.
|
38,536
|
528
|
|
Myers Industries Inc.
|
24,602
|
364
|
|
Axiall Corp.
|
3,098
|
174
|
|
|
|
272,170
|
|
Telecommunication Services (5.3%)
|
|
|
|
AT&T Inc.
|
5,513,753
|
191,823
|
|
Verizon Communications Inc.
|
2,767,222
|
120,679
|
|
CenturyLink Inc.
|
604,497
|
24,452
|
|
Windstream Corp.
|
571,469
|
5,566
|
|
Frontier Communications Corp.
|
960,338
|
4,389
|
|
Consolidated Communications Holdings Inc.
|
38,486
|
662
|
|
Shenandoah Telecommunications Co.
|
22,862
|
335
|
|
USA Mobility Inc.
|
21,417
|
248
|
|
NTELOS Holdings Corp.
|
15,852
|
205
|
|
|
|
348,359
|
|
Utilities (8.0%)
|
|
|
|
Duke Energy Corp.
|
677,448
|
46,568
|
|
Southern Co.
|
841,270
|
37,209
|
|
Dominion Resources Inc.
|
552,600
|
29,901
|
|
NextEra Energy Inc.
|
408,671
|
29,445
|
|
Exelon Corp.
|
821,553
|
25,830
|
|
American Electric Power Co. Inc.
|
467,755
|
21,185
|
|
|
|
|
|
PG&E Corp.
|
417,282
|
17,793
|
|
Sempra Energy
|
232,963
|
17,484
|
|
PPL Corp.
|
560,062
|
16,964
|
|
FirstEnergy Corp.
|
405,807
|
16,431
|
|
Consolidated Edison Inc.
|
281,958
|
16,038
|
|
Public Service Enterprise Group Inc.
|
493,556
|
15,389
|
|
Edison International
|
316,196
|
15,237
|
|
Xcel Energy Inc.
|
472,477
|
13,125
|
|
Northeast Utilities
|
303,582
|
12,365
|
|
Entergy Corp.
|
170,932
|
11,042
|
|
DTE Energy Co.
|
167,087
|
10,578
|
|
ONEOK Inc.
|
198,692
|
9,341
|
|
Wisconsin Energy Corp.
|
224,579
|
8,855
|
|
CenterPoint Energy Inc.
|
414,946
|
8,482
|
|
NiSource Inc.
|
300,806
|
8,131
|
|
Ameren Corp.
|
234,690
|
7,613
|
|
CMS Energy Corp.
|
257,044
|
6,606
|
|
American Water Works Co. Inc.
|
171,142
|
6,551
|
|
SCANA Corp.
|
126,976
|
5,944
|
|
Pinnacle West Capital Corp.
|
106,349
|
5,677
|
|
OGE Energy Corp.
|
95,242
|
5,592
|
|
Alliant Energy Corp.
|
107,157
|
4,912
|
|
AGL Resources Inc.
|
114,016
|
4,766
|
|
National Fuel Gas Co.
|
80,665
|
4,388
|
|
Pepco Holdings Inc.
|
221,014
|
4,314
|
|
NV Energy Inc.
|
226,935
|
4,296
|
|
MDU Resources Group Inc.
|
182,312
|
4,252
|
|
Integrys Energy Group Inc.
|
75,750
|
4,143
|
|
Questar Corp.
|
170,376
|
3,958
|
|
UGI Corp.
|
108,945
|
3,839
|
|
TECO Energy Inc.
|
208,392
|
3,703
|
|
Aqua America Inc.
|
135,708
|
3,695
|
|
Westar Energy Inc.
|
122,224
|
3,675
|
|
Atmos Energy Corp.
|
87,564
|
3,271
|
|
Great Plains Energy Inc.
|
149,025
|
3,189
|
|
Hawaiian Electric Industries Inc.
|
94,320
|
2,544
|
|
Cleco Corp.
|
59,325
|
2,536
|
|
Vectren Corp.
|
79,523
|
2,510
|
|
IDACORP Inc.
|
48,467
|
2,249
|
|
Piedmont Natural Gas Co. Inc.
|
69,606
|
2,211
|
|
Portland General Electric Co.
|
72,908
|
2,094
|
|
WGL Holdings Inc.
|
49,713
|
2,084
|
|
Southwest Gas Corp.
|
44,497
|
1,982
|
|
UIL Holdings Corp.
|
48,804
|
1,816
|
|
UNS Energy Corp.
|
39,938
|
1,809
|
|
ALLETE Inc.
|
37,708
|
1,740
|
|
Black Hills Corp.
|
42,645
|
1,721
|
|
New Jersey Resources Corp.
|
40,206
|
1,690
|
|
PNM Resources Inc.
|
77,327
|
1,652
|
|
South Jersey Industries Inc.
|
30,350
|
1,647
|
|
Avista Corp.
|
58,072
|
1,502
|
|
NorthWestern Corp.
|
36,053
|
1,334
|
|
El Paso Electric Co.
|
39,169
|
1,320
|
|
Northwest Natural Gas Co.
|
26,161
|
1,188
|
|
MGE Energy Inc.
|
22,152
|
1,161
|
|
American States Water Co.
|
18,583
|
939
|
|
CH Energy Group Inc.
|
14,372
|
934
|
|
|
|
|
|
|
|
Otter Tail Corp.
|
|
|
34,676
|
932
|
|
Empire District Electric Co.
|
|
|
41,179
|
873
|
|
Laclede Group Inc.
|
|
|
21,665
|
865
|
|
California Water Service Group
|
|
|
40,537
|
790
|
|
SJW Corp.
|
|
|
13,348
|
362
|
|
|
|
|
|
524,262
|
|
Total Common Stocks (Cost $5,665,048)
|
|
|
|
6,555,347
|
|
|
Coupon
|
|
|
|
|
Temporary Cash Investments (0.8%)
1
|
|
|
|
|
|
Money Market Fund (0.8%)
|
|
|
|
|
|
2,3
Vanguard Market Liquidity Fund
|
0.143%
|
|
48,800,679
|
48,801
|
|
|
|
|
|
|
Face
|
|
|
|
|
Maturity
|
Amount
|
|
|
|
|
Date
|
($000)
|
|
|
U.S. Government and Agency Obligations (0.0%)
|
|
|
|
|
|
4,5
Fannie Mae Discount Notes
|
0.110%
|
3/13/13
|
200
|
200
|
|
4 Fannie Mae Discount Notes
|
0.097%
|
3/27/13
|
500
|
500
|
|
4,5
Fannie Mae Discount Notes
|
0.100%
|
4/3/13
|
500
|
500
|
|
4,5
Freddie Mac Discount Notes
|
0.140%
|
2/11/13
|
500
|
500
|
|
4,5
Freddie Mac Discount Notes
|
0.130%
|
2/28/13
|
200
|
200
|
|
5 United States Treasury Note/Bond
|
3.125%
|
4/30/13
|
200
|
201
|
|
|
|
|
|
2,101
|
|
Total Temporary Cash Investments (Cost $50,902)
|
|
|
|
50,902
|
|
Total Investments (100.3%) (Cost $5,715,950)
|
|
|
|
6,606,249
|
|
Other Assets and Liabilities-Net (-0.3%)
3
|
|
|
|
(17,234)
|
|
Net Assets (100%)
|
|
|
|
6,589,015
|
† Non-income producing security - new issue that has not paid a dividend as of January, 31 2013.
^ Part of security position is on loan to broker-dealers. The total value of securities on loan is $10,381,000.
* Non-income-producing security.
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 100.0% and 0.3%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
3 Includes $10,868,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations
have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as
needed to maintain a positive net worth, in exchange for senior preferred stock.
5 Securities with a value of $1,601,000 have been segregated as initial margin for open futures contracts.
A.
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 materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value.
High Dividend Yield Index Fund
B.
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.
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).
The following table summarizes the market value of the fund's investments as of January 31, 2013, based on the inputs used to value them:
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
Investments
|
($000)
|
($000)
|
($000)
|
|
Common Stocks
|
6,555,347
|
—
|
—
|
|
Temporary Cash Investments
|
48,801
|
2,101
|
—
|
|
Futures Contracts—Liabilities
1
|
(44)
|
—
|
—
|
|
Total
|
6,604,104
|
2,101
|
—
|
|
1 Represents variation margin on the last day of the reporting period.
|
C.
Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Schedule of Investments as an asset (liability).
At January 31, 2013, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
|
|
|
|
|
|
|
|
|
|
|
($000)
|
|
|
|
|
Aggregate
|
|
|
|
|
Number of
|
Settlement
|
Unrealized
|
|
|
|
Long (Short)
|
Value
|
Appreciation
|
|
Futures Contracts
|
Expiration
|
Contracts
|
Long (Short)
|
(Depreciation)
|
|
S&P 500 Index
|
March 2013
|
83
|
30,986
|
1,362
|
|
E-mini S&P 500 Index
|
March 2013
|
20
|
1,493
|
1
|
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
High Dividend Yield Index Fund
D.
At January 31, 2013, the cost of investment securities for tax purposes was $5,716,171,000. Net unrealized appreciation of investment securities for tax purposes was $890,078,000, consisting of unrealized gains of $936,742,000 on securities that had risen in value since their purchase and $46,664,000 in unrealized losses on securities that had fallen in value since their purchase.
Item 2: Controls and Procedures
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3: Exhibits
(a) Certifications
|
|
|
|
|
VANGUARD WHITEHALL FUNDS
|
|
|
|
By:
|
/s/ F. WILLIAM MCNABB III*
|
|
|
F. WILLIAM MCNABB III
|
|
|
CHIEF EXECUTIVE OFFICER
|
|
|
|
Date: March 20, 2013
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
VANGUARD WHITEHALL FUNDS
|
|
|
|
By:
|
/s/ F. WILLIAM MCNABB III*
|
|
|
F. WILLIAM MCNABB III
|
|
|
CHIEF EXECUTIVE OFFICER
|
|
|
|
Date: March 20, 2013
|
|
|
|
|
|
VANGUARD WHITEHALL FUNDS
|
|
|
|
By:
|
/s/ THOMAS J. HIGGINS*
|
|
|
THOMAS J. HIGGINS
|
|
|
CHIEF FINANCIAL OFFICER
|
|
|
|
Date: March 20, 2013
|
* By:/s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on
March 27, 2012 see file Number 2-11444
, Incorporated by Reference.