Finding Value in Foreign Lands  One fund that rode the wave of
strong performance from foreign equity markets last year was
Vanguard International Value Fund (VTRIX). The $1.7 billion
portfolio soared 41.9%, vs. a gain of 38.6% by its benchmark,
the MSCI EAFE Index, and a 37.4% return from the average
international equity fund. For the five years through January,
the fund rose an average annualized 4.7%, vs. 2.3% for its
peers.  Launched in May, 1983, Vanguard International Value was
taken over by Hansberger Global Investors in July, 2000. Ajit
Dayal is part of a four-person management team from Hansberger
that oversees the portfolio. Thomas Hansberger, Ronald Holt, and
Aureole L.W. Fong round out the group.  The fund, ranked 3 Stars
by Standard & Poor's based on a three-year period, takes on
slightly more risk than the peer group, but it features
substantially lower turnover. Over a five-year period, the
portfolio carries a 4-Star rank. Typical of Vanguard funds, this
portfolio has a relatively small expense