0000932471-16-012915.txt : 20160908 0000932471-16-012915.hdr.sgml : 20160908 20160315143111 ACCESSION NUMBER: 0000932471-16-012915 CONFORMED SUBMISSION TYPE: N-CSR/A PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160315 DATE AS OF CHANGE: 20160707 EFFECTIVENESS DATE: 20160315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD STAR FUNDS CENTRAL INDEX KEY: 0000736054 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-03919 FILM NUMBER: 161506501 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD STAR FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIAL TAX ADVANTAGED RETIREMENT FUND DATE OF NAME CHANGE: 19850318 0000736054 S000002927 Vanguard LifeStrategy Conservative Growth Fund C000008015 Investor Shares VSCGX 0000736054 S000002928 Vanguard LifeStrategy Growth Fund C000008016 Investor Shares VASGX 0000736054 S000002929 Vanguard LifeStrategy Income Fund C000008017 Investor Shares VASIX 0000736054 S000002930 Vanguard LifeStrategy Moderate Growth Fund C000008018 Investor Shares VSMGX 0000736054 S000002931 Vanguard Star Fund C000008019 Vanguard Star Fund VGSTX 0000736054 S000002932 Vanguard Total International Stock Index Fund C000008020 Investor Shares VGTSX C000094036 Institutional Shares VTSNX C000094037 Admiral Shares VTIAX C000094038 ETF Shares VXUS C000094039 Institutional Plus Shares VTPSX N-CSR/A 1 starfunds_amendedfinal.htm starfunds_amendedfinal.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03919

Name of Registrant: Vanguard STAR 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

Registrant’s telephone number, including area code: (610) 669-1000

Date of fiscal year end: October 31

Date of reporting period: November 1, 2014 – October 31, 2015

Item 1: Reports to Shareholders



Annual Report | October 31, 2015

Vanguard STAR® Fund


 

Vanguard’s Principles for Investing Success

We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.

Goals. Create clear, appropriate investment goals.

Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.

Discipline. Maintain perspective and long-term discipline.

A single theme unites these principles: Focus on the things you can control.

We believe there is no wiser course for any investor.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
Fund Profile. 8
Performance Summary. 9
Financial Statements. 11
Your Fund’s After-Tax Returns. 20
About Your Fund’s Expenses. 21
Glossary. 23

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

See the Glossary for definitions of investment terms used in this report.

About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.


 

Your Fund’s Total Returns        
 
 
 
 
Fiscal Year Ended October 31, 2015        
        Total
        Returns
Vanguard STAR Fund       2.03%
STAR Composite Index       2.08
STAR Composite Average       0.92
For a benchmark description, see the Glossary.        
STAR Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.    
 
Your Fund’s Performance at a Glance        
October 31, 2014, Through October 31, 2015        
      Distributions Per Share
  Starting Ending    
  Share Share Income Capital
  Price Price Dividends Gains
Vanguard STAR Fund $25.27 $24.76 $0.530 $0.493

 

1


 


Chairman’s Letter

Dear Shareholder,

For the fiscal year ended October 31, 2015, Vanguard STAR Fund returned 2.03%, more than a percentage point ahead of a composite of the average returns of peer groups for its underlying funds. The STAR Composite Index, a static mix of about 44% U.S. stocks, 19% international stocks, and 37% U.S. bonds, returned 2.08%.

As a “fund of funds,” the STAR Fund reflects the combined results of its 11 underlying actively managed Vanguard funds: eight stock funds and three bond funds. Consistent with broad trends in the global stock market, funds focused on large-capitalization growth stocks generally performed better than those invested in small-cap value stocks. More than half of the underlying stock funds posted positive returns and also beat their benchmark indexes. U.S and international stock funds’ returns ranged from about –7% to more than 10%. Negative returns were confined to the two international stock strategies and one small-cap growth fund.

All three bond funds in the portfolio posted low-single-digit returns as investors’ summer flight to safety and the Federal Reserve’s decision not to raise rates in September supported modest gains.

2


 

Global stock markets struggled, and some failed to advance

The broad U.S. stock market returned more than 4% for the fiscal year ended October 31, 2015. The market traveled a bumpy road to that result. Fears surfaced in late summer that slower economic growth in China would spread across the globe. A sharp drop in August erased the market’s earlier gains and stocks slid further in September.

In October, however, U.S. stocks staged a robust rally as the Fed maintained its historically low short-term interest rates. Corporate earnings, although lower than in recent years, mostly exceeded expectations. In Europe and Asia, central banks signaled or implemented additional stimulus measures to counter sluggish growth and low inflation.

The broad international stock market returned about –4% for U.S. investors as the dollar’s strength weighed on local-market returns. Solid gains in the developed markets of the Pacific region and Europe were essentially flat when translated into dollars. Stocks tumbled in emerging markets, where concerns about China seemed to weigh most heavily.

The search for a safe haven gave bonds a bit of a boost

The broad U.S. taxable bond market, which returned 1.96% for the fiscal year, benefited from investors’ desire for

Market Barometer      
 
    Average Annual Total Returns
    Periods Ended October 31, 2015
  One Three Five
  Year Years Years
Stocks      
Russell 1000 Index (Large-caps) 4.86% 16.28% 14.32%
Russell 2000 Index (Small-caps) 0.34 13.90 12.06
Russell 3000 Index (Broad U.S. market) 4.49 16.09 14.14
FTSE All-World ex US Index (International) -3.83 5.20 2.99
 
Bonds      
Barclays U.S. Aggregate Bond Index (Broad taxable market) 1.96% 1.65% 3.03%
Barclays Municipal Bond Index (Broad tax-exempt market) 2.87 2.91 4.28
Citigroup Three-Month U.S. Treasury Bill Index 0.02 0.02 0.04
 
CPI      
Consumer Price Index 0.17% 0.93% 1.69%

 

3


 

safe-haven assets during periods of stock market volatility. The yield of the 10-year Treasury note ended October at 2.17%, down from 2.31% a year earlier. (Bond prices and yields move in opposite directions.)

International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned about –7%, also held back by the strong dollar. Without this currency effect, international bond returns were positive.

The Fed’s 0%–0.25% target for short-term interest rates continued to constrain returns for money market funds and savings accounts.

Performance differences highlight the importance of diversification

The wide variety in the results of the STAR Fund’s underlying stock funds reflects how unevenly this summer’s volatility affected different segments of the market. Within the stock portfolio, U.S. large-cap growth stocks demonstrated the greatest resilience, weathering turbulence in the second half of the fiscal year better than their small-, mid-cap, value, and international counterparts.

Not surprisingly, the top performers in the stock portfolio all feature large-cap growth companies. Both Vanguard U.S. Growth Fund and Vanguard Morgan™ Growth Fund returned more than 10%. The former specializes in large-cap growth, while the

Expense Ratios    
Your Fund Compared With Its Peer Group    
 
  Acquired Fund Fees Peer Group
  and Expenses Average
STAR Fund 0.34% 1.10%

 

The acquired fund fees and expenses—drawn from the prospectus dated February 26, 2015—represent an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the STAR Fund invests. The STAR Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2015, the annualized acquired fund fees and expenses were 0.34%.

The peer group is the STAR Composite Average, which is derived by weighting the average expense ratios of the following mutual fund groups: general equity funds (43.75%), fixed income funds (25%), 1–5 year investment-grade funds (12.5%), and international funds (18.75%). Average expense ratios for these groups are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2014.

4


 

latter invests in both large and mid-sized companies. Both funds benefited from exposure to the consumer discretionary and information technology sectors.

Vanguard PRIMECAP Fund, another strong performer, staged a late recovery following a stretch of volatility. A sharp rally in health care and information technology, which together represent about 60% of fund assets, pushed PRIMECAP well into positive territory, and the fund returned more than 5% for 12 months.

Vanguard Windsor™ Fund and Vanguard Windsor II Fund, which invest mainly in large-cap value stocks, each returned more than 1%. Although large-cap value stocks delivered more muted returns than their growth counterparts, both funds did slightly better than their benchmark, the Russell 1000 Value Index. They benefited from having smaller allocations to the hard-hit energy sector than the index did.

Of the domestic stock funds, the weakest performance came from Vanguard Explorer™ Fund—the lone small-cap portfolio. It ended the period in modestly negative territory, lagging the positive return of its benchmark largely because of poor stock selection in the technology and health care sectors.

The STAR Fund’s international stock funds ended the period in the red, as foreign currency translation effects weighed on results. As with their U.S. counterparts, growth stocks fared better

Total Returns  
Ten Years Ended October 31, 2015  
  Average
  Annual Return
STAR Fund 6.64%
STAR Composite Index 6.50
STAR Composite Average 5.29

 

For a benchmark description, see the Glossary.

STAR Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.

The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.

5


 

than value. Vanguard International Growth Fund returned –1.96% while Vanguard International Value returned –7.43%.

The stronger U.S. dollar dampened returns for both of these funds. When measured in local currencies, the funds’ holdings in most developed European and Pacific markets registered gains for the fiscal year. Of course, when the tide inevitably turns and foreign currencies strengthen, U.S. investor returns will benefit.

At the end of the period, about 63% of the STAR Fund’s assets were in stock funds, with the remaining balance in bond funds. Bonds exhibited increased volatility over the past year. After hitting a rough patch earlier this year, the surge in demand from risk-averse investors over the summer and the Fed’s decision not to hike rates helped each of the three underlying bond funds finish higher. Vanguard Long-Term Investment-Grade Fund returned 1.80%, while Vanguard GNMA Fund and Vanguard Short-Term Investment-Grade Fund returned 2.06% and 1.27%, respectively.

The fund’s record was solid during a challenging decade

For the ten-year period ended October 31, Vanguard STAR Fund produced an average annual return of 6.64%. The fund outpaced a composite of the average annual returns of peer groups for its underlying funds, and it was modestly ahead of its composite benchmark index (+6.50%).

Underlying Funds: Allocations and Returns    
Twelve Months Ended October 31, 2015    
  Percentage of  
Vanguard Fund STAR Fund Assets Total Returns
Vanguard Windsor II Fund Investor Shares 14.3% 1.57%
Vanguard Long-Term Investment-Grade Fund    
Investor Shares 12.4 1.80
Vanguard GNMA Fund Investor Shares 12.3 2.06
Vanguard Short-Term Investment-Grade Fund    
Investor Shares 12.3 1.27
Vanguard International Growth Fund Investor    
Shares 9.5 -1.96
Vanguard International Value Fund 9.3 -7.43
Vanguard Windsor Fund Investor Shares 7.7 1.76
Vanguard Morgan Growth Fund Investor Shares 6.2 10.44
Vanguard PRIMECAP Fund Investor Shares 6.1 5.67
Vanguard U.S. Growth Fund Investor Shares 6.1 10.71
Vanguard Explorer Fund Investor Shares 3.8 -0.62
Combined 100.0% 2.03%

 

6


 

This admirable long-term performance is perhaps even more impressive when you consider the extreme volatility that the fund has contended with over the past decade, which saw the worst global recession since the Great Depression. The track record is a tribute to the discipline and expertise of the advisors who oversee the underlying stock and bond funds.

A dose of discipline is crucial when markets become volatile

The developments over the past few months remind us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term. However, investors can control how they react to unstable and turbulent markets.

During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline. Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read

Vanguard’s Principles for Investing Success at vanguard.com/research.)

As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.

The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.

As always, thank you for investing with Vanguard.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
November 17, 2015

7


 

STAR Fund  
 
 
Fund Profile  
As of October 31, 2015  
 
Total Fund Characteristics  
 
Ticker Symbol VGSTX
30-Day SEC Yield 2.15%
Acquired Fund Fees and Expenses1 0.34%

 

Allocation to Underlying Vanguard Funds

Vanguard Windsor II Fund Investor Shares 14.3%
Vanguard Long-Term Investment-Grade  
Fund Investor Shares 12.4
Vanguard GNMA Fund Investor Shares 12.3
Vanguard Short-Term Investment-Grade  
Fund Investor Shares 12.3
Vanguard International Growth Fund  
Investor Shares 9.5
Vanguard International Value Fund 9.3
Vanguard Windsor Fund Investor Shares 7.7
Vanguard Morgan Growth Fund Investor  
Shares 6.2
Vanguard PRIMECAP Fund Investor  
Shares 6.1
Vanguard U.S. Growth Fund Investor  
Shares 6.1
Vanguard Explorer Fund Investor Shares 3.8

 

Total Fund Volatility Measures  
    DJ
  STAR U.S. Total
  Composite Market
  Index FA Index
R-Squared 0.99 0.91
Beta 1.05 0.64

 

These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

Fund Asset Allocation


1 This figure—drawn from the prospectus dated February 26, 2015—represents an estimate of the weighted average of the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the STAR Fund invests. The STAR Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2015, the annualized acquired fund fees and expenses were 0.34%.

8


 

STAR Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.


See Financial Highlights for dividend and capital gains information.

9


 

STAR Fund

Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015


STAR Composite Index
For a benchmark description, see the Glossary.

Average Annual Total Returns: Periods Ended September 30, 2015

This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.

Securities and Exchange Commission rules require that we provide this information.

            Ten Years
  Inception Date One Year Five Years Income Capital Total
STAR Fund 3/29/1985 -1.27% 8.19% 2.66% 3.28% 5.94%

 

10


 

STAR Fund

Financial Statements

Statement of Net Assets
As of October 31, 2015

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

    Market
    Value
  Shares ($000)
Investment Companies (100.0%)    
U.S. Stock Funds (44.1%)    
Vanguard Windsor II Fund Investor Shares 72,950,181 2,679,460
Vanguard Windsor Fund Investor Shares 69,086,765 1,454,967
Vanguard Morgan Growth Fund Investor Shares 42,230,942 1,157,973
Vanguard PRIMECAP Fund Investor Shares 10,943,150 1,155,159
Vanguard U.S. Growth Fund Investor Shares 35,598,492 1,150,543
Vanguard Explorer Fund Investor Shares 7,835,181 709,476
    8,307,578
International Stock Funds (18.8%)    
Vanguard International Growth Fund Investor Shares 81,758,898 1,784,797
Vanguard International Value Fund 52,848,124 1,755,614
    3,540,411
U.S. Bond Funds (37.1%)    
Vanguard Long-Term Investment Grade Fund Investor Shares 229,308,257 2,332,065
Vanguard GNMA Fund Investor Shares 217,227,652 2,324,336
Vanguard Short-Term Investment-Grade Fund Investor Shares 218,438,928 2,324,190
    6,980,591
Total Investment Companies (Cost $12,976,636)   18,828,580

 

11


 

STAR Fund  
 
 
 
 
  Amount
  ($000)
Other Assets and Liabilities (0.0%)  
Other Assets  
Receivables for Investment Securities Sold 4,295
Receivables for Accrued Income 17,062
Receivables for Capital Shares Issued 6,732
Total Other Assets 28,089
Liabilities  
Payables for Investment Securities Purchased (17,061)
Payables for Capital Shares Redeemed (8,414)
Other Liabilities (1,010)
Total Liabilities (26,485)
Net Assets (100%)  
Applicable to 760,545,295 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 18,830,184
Net Asset Value Per Share $24.76
 
 
At October 31, 2015, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 12,303,581
Undistributed Net Investment Income 72,157
Accumulated Net Realized Gains 602,502
Unrealized Appreciation (Depreciation) 5,851,944
Net Assets 18,830,184

 

  • See Note A in Notes to Financial Statements.
    See accompanying Notes, which are an integral part of the Financial Statements.

12


 

STAR Fund  
 
 
Statement of Operations  
 
  Year Ended
  October 31, 2015
  ($000)
Investment Income  
Income  
Income Distributions Received 391,785
Net Investment Income—Note B 391,785
Realized Net Gain (Loss)  
Capital Gain Distributions Received 653,136
Affiliated Investment Securities Sold 68,243
Realized Net Gain (Loss) 721,379
Change in Unrealized Appreciation (Depreciation) of Investment Securities (741,845)
Net Increase (Decrease) in Net Assets Resulting from Operations 371,319

 

See accompanying Notes, which are an integral part of the Financial Statements.

13


 

STAR Fund    
 
 
Statement of Changes in Net Assets    
 
  Year Ended October 31,
  2015 2014
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 391,785 356,588
Realized Net Gain (Loss) 721,379 340,804
Change in Unrealized Appreciation (Depreciation) (741,845) 950,666
Net Increase (Decrease) in Net Assets Resulting from Operations 371,319 1,648,058
Distributions    
Net Investment Income (395,337) (345,133)
Realized Capital Gain1 (363,753) (114,586)
Total Distributions (759,090) (459,719)
Capital Share Transactions    
Issued 1,513,107 1,651,880
Issued in Lieu of Cash Distributions 729,333 441,520
Redeemed (1,769,525) (1,716,515)
Net Increase (Decrease) from Capital Share Transactions 472,915 376,885
Total Increase (Decrease) 85,144 1,565,224
Net Assets    
Beginning of Period 18,745,040 17,179,816
End of Period2 18,830,184 18,745,040

 

1 Includes fiscal 2015 and 2014 short-term gain distributions totaling $82,638,000 and $12,329,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $72,157,000 and $75,709,000.

See accompanying Notes, which are an integral part of the Financial Statements.

14


 

STAR Fund          
 
 
Financial Highlights          
 
 
For a Share Outstanding     Year Ended October 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $25.27 $23.66 $20.62 $19.25 $18.76
Investment Operations          
Net Investment Income . 523 . 486 .460 .455 .445
Capital Gain Distributions Received .319 .296 .106 .097 .073
Net Realized and Unrealized Gain (Loss)          
on Investments (. 329) 1.458 2.951 1.309 .468
Total from Investment Operations .513 2.240 3.517 1.861 . 986
Distributions          
Dividends from Net Investment Income (.530) (.472) (. 453) (.466) (.448)
Distributions from Realized Capital Gains (.493) (.158) (.024) (. 025) (. 048)
Total Distributions (1.023) (.630) (.477) (.491) (. 496)
Net Asset Value, End of Period $24.76 $25.27 $23.66 $20.62 $19.25
 
Total Return1 2.03% 9.61% 17.36% 9.91% 5.27%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $18,830 $18,745 $17,180 $14,759 $13,883
Ratio of Total Expenses to Average Net Assets
Acquired Fund Fees and Expenses 0.34% 0.34% 0.34% 0.34% 0.34%
Ratio of Net Investment Income to          
Average Net Assets 2.06% 1.97% 2.08% 2.28% 2.29%
Portfolio Turnover Rate 8% 6% 9% 12% 24%

 

1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

See accompanying Notes, which are an integral part of the Financial Statements.

15


 

STAR Fund

Notes to Financial Statements

Vanguard STAR Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds. The fund invests 60% to 70% of its net assets in stock funds (predominantly large-capitalization U.S. stock funds), 20% to 30% in intermediate- to long-term bond funds, and 10% to 20% in a short-term bond fund. Financial statements and other information about each underlying fund are available on vanguard.com.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2015, or at any time during the period then ended.

5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended October 31, 2015, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

16


 

STAR Fund

C. 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).

At October 31, 2015, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.

D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $56,350,000 from accumulated net realized gains to paid-in capital.

For tax purposes, at October 31, 2015, the fund had $106,611,000 of ordinary income and $568,047,000 of long-term capital gains available for distribution.

At October 31, 2015, the cost of investment securities for tax purposes was $12,976,636,000. Net unrealized appreciation of investment securities for tax purposes was $5,851,944,000, consisting entirely of unrealized gains on securities that had risen in value since their purchase.

E.      Capital shares issued and redeemed were:
  Year Ended October 31,
  2015 2014
  Shares Shares
  (000) (000)
Issued 60,364 67,662
Issued in Lieu of Cash Distributions 29,292 18,278
Redeemed (70,801) (70,294)
Net Increase (Decrease) in Shares Outstanding 18,855 15,646

 

17


 

STAR Fund

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:  
      Current Period Transactions  
  Oct. 31,   Proceeds     Oct. 31,
  2014   from   Capital Gain 2015
  Market Purchases Securities   Distributions Market
  Value at Cost Sold Income Received Value
  ($000) ($000) ($000) ($000) ($000) ($000)
Vanguard Explorer Fund 721,792 125,294 41,052 1,026 94,267 709,476
Vanguard GNMA Fund 2,310,756 277,462 243,532 54,273 13,854 2,324,336
Vanguard International            
Growth Fund 1,759,479 234,921 157,594 38,867 1,784,797
Vanguard International            
Value Fund 1,726,503 282,547 93,899 45,338 1,755,614
Vanguard Long-Term            
Investment Grade Fund 2,302,728 304,853 172,045 100,798 46,267 2,332,065
Vanguard Morgan Growth Fund 1,153,837 123,782 112,592 7,776 115,006 1,157,973
Vanguard PRIMECAP Fund 1,153,269 101,127 93,195 12,149 59,781 1,155,159
Vanguard Short-Term            
Investment Grade Fund 2,308,598 298,370 262,562 44,690 4,997 2,324,190
Vanguard U.S. Growth Fund 1,152,831 93,492 126,659 6,931 81,561 1,150,543
Vanguard Windsor Fund 1,467,215 136,129 93,396 22,572 63,061 1,454,967
Vanguard Windsor II Fund 2,690,417 328,906 155,600 57,365 174,342 2,679,460
Total 18,747,425 2,306,883 1,552,126 391,785 653,136 18,828,580

 

G. Management has determined that no material events or transactions occurred subsequent to October 31, 2015, that would require recognition or disclosure in these financial statements.

18


 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard STAR Funds and the Shareholders of Vanguard STAR Fund:

In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard STAR Fund (constituting a separate portfolio of Vanguard STAR Funds, hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by agreement to the underlying ownership records of the transfer agent, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 10, 2015

Special 2015 tax information (unaudited) for Vanguard STAR Fund

This information for the fiscal year ended October 31, 2015, is included pursuant to provisions of the Internal Revenue Code.

The fund distributed $335,054,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund are qualified short-term capital gains.

The fund distributed $178,003,000 of qualified dividend income to shareholders during the fiscal year.

For corporate shareholders, 24.8% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.

The fund designates to shareholders foreign source income of $84,205,000 and foreign taxes paid of $4,083,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2016 to determine the calendar-year amounts to be included on their 2015 tax returns.

19


 

Your Fund’s After-Tax Returns

This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.

Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2015. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)

Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.

Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.

Average Annual Total Returns: STAR Fund      
Periods Ended October 31, 2015      
  One Five Ten
  Year Years Years
Returns Before Taxes 2.03% 8.71% 6.64%
Returns After Taxes on Distributions 0.76 7.81 5.57
Returns After Taxes on Distributions and Sale of Fund Shares 1.64 6.61 5.00

 

20


 

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A typical fund’s expenses are expressed as a percentage of its average net assets. The STAR Fund has no direct expenses, but bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.

The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using the acquired fund fees and expenses for the STAR Fund.

The accompanying table illustrates your fund’s costs in two ways:

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

21


 

Six Months Ended October 31, 2015      
  Beginning Ending Expenses
  Account Value Account Value Paid During
STAR Fund 4/30/2015 10/31/2015 Period
Based on Actual Fund Return $1,000.00 $979.04 $1.70
Based on Hypothetical 5% Yearly Return 1,000.00 1,023.49 1.73

 

The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the STAR Fund invests. The STAR Fund’s annualized expense figure for the period is 0.34%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized average weighted expense ratio for the underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

22


 

Glossary

30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.

Acquired Fund Fees and Expenses. Funds that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any mutual fund whose shares are owned by another fund.

Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.

Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.

Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.

R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.

23


 

Benchmark Information

STAR Composite Average: 62.5% general equity funds average, 25% fixed income funds average, and 12.5% money market funds average through December 31, 2002; 50% general equity funds average, 25% fixed income funds average, 12.5% 1–5 year investment-grade funds average, and 12.5% international funds average through September 30, 2010; and 43.75% general equity funds average, 25% fixed income funds average, 12.5% 1–5 year investment-grade funds average, and 18.75% international funds average thereafter. Derived from data provided by Lipper, a Thomson Reuters Company.

STAR Composite Index: 62.5% Dow Jones U.S. Total Stock Market Index, 25% Barclays U.S. Aggregate Bond Index, and 12.5% Citigroup Three-Month U.S. Treasury Bill Index through December 31, 2002; 50% Dow Jones U.S. Total Stock Market Index, 25% Barclays U.S. Aggregate Bond Index, 12.5% Barclays U.S. 1–5 Year Credit Bond Index, and 12.5% MSCI EAFE Index through April 22, 2005; 50% MSCI US Broad Market Index, 25% Barclays U.S. Aggregate Bond Index, 12.5% Barclays U.S. 1–5 Year Credit Bond Index, and 12.5% MSCI EAFE Index through September 30, 2010; and 43.75% MSCI US Broad Market Index, 25% Barclays U.S. Aggregate Bond Index, 12.5% Barclays U.S. 1–5 Year Credit Bond Index, and 18.75% MSCI All Country World Index ex USA thereafter. MSCI international benchmark returns are adjusted for withholding taxes.

24


 

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 194 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

InterestedTrustee1

F. William McNabb III

Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).

IndependentTrustees

Emerson U. Fullwood

Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.

Rajiv L. Gupta

Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.

Amy Gutmann

Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.

JoAnn Heffernan Heisen

Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.


 

F. Joseph Loughrey

Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.

Mark Loughridge

Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.

Scott C. Malpass

Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.

André F. Perold

Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.

Peter F. Volanakis

Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).

Executive Officers

Glenn Booraem

Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).

Thomas J. Higgins

Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).

Peter Mahoney

Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).

Heidi Stam

Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.

Vanguard Senior Management Team

Mortimer J. Buckley
Kathleen C. Gubanich
Paul A. Heller
Martha G. King
John T. Marcante

Chris D. McIsaac
James M. Norris
Thomas M. Rampulla
Glenn W. Reed
Karin A. Risi

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder John C. Bogle

Chairman and Chief Executive Officer, 1974–1996

1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.


 

 

P.O. Box 2600
Valley Forge, PA 19482-2600

 

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447  
Direct Investor Account Services > 800-662-2739  
Institutional Investor Services > 800-523-1036  
Text Telephone for People  
Who Are Deaf or Hard of Hearing> 800-749-7273  
 
This material may be used in conjunction  
with the offering of shares of any Vanguard  
fund only if preceded or accompanied by  
the fund’s current prospectus.  
 
All comparative mutual fund data are from Lipper, a  
Thomson Reuters Company, or Morningstar, Inc., unless  
otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via email addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
 
  © 2015 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q560 122015

 



Annual Report | October 31, 2015

Vanguard LifeStrategy® Funds

Vanguard LifeStrategy Income Fund

Vanguard LifeStrategy Conservative Growth Fund

Vanguard LifeStrategy Moderate Growth Fund

Vanguard LifeStrategy Growth Fund


 

Vanguard’s Principles for Investing Success

We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.

Goals. Create clear, appropriate investment goals.

Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.

Discipline. Maintain perspective and long-term discipline.

A single theme unites these principles: Focus on the things you can control.

We believe there is no wiser course for any investor.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
LifeStrategy Income Fund. 9
LifeStrategy Conservative Growth Fund. 20
LifeStrategy Moderate Growth Fund. 31
LifeStrategy Growth Fund. 42
Your Fund’s After-Tax Returns. 55
About Your Fund’s Expenses. 57
Glossary. 59

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the
sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows
us to help millions of clients around the world reach their financial goals.


 

Your Fund’s Total Returns

Fiscal Year Ended October 31, 2015  
  Total
  Returns
Vanguard LifeStrategy Income Fund 2.03%
Income Composite Index 2.28
Income Composite Average 0.25
Income Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.
 
Vanguard LifeStrategy Conservative Growth Fund 1.86%
Conservative Growth Composite Index 2.22
Conservative Growth Composite Average 0.55
Conservative Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.
 
Vanguard LifeStrategy Moderate Growth Fund 1.71%
Moderate Growth Composite Index 2.08
Moderate Growth Composite Average 0.81
Moderate Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.  
 
Vanguard LifeStrategy Growth Fund 1.35%
Growth Composite Index 1.85
Growth Composite Average 1.01
Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.
For a benchmark description, see the Glossary.

 

1


 

 

Chairman’s Letter

Dear Shareholder,

The 12 months ended October 31, 2015, were a volatile period for global financial markets. Uncertainty about when the Federal Reserve might begin raising interest rates certainly weighed on sentiment at times, but a host of other factors contributed to the bumpy ride as well. They included twists and turns in Greek debt negotiations, mounting signs of a marked slowdown in China, and disinflationary pressures from the fall in the price of oil and other commodities.

In this environment, returns were fairly modest overall. U.S. stocks did better than their international counterparts, while the opposite was true for bonds. Those performances kept the fiscal-year returns for Vanguard’s four LifeStrategy Funds within a narrow range of roughly 1% and 2%. The funds’ results after adjusting for expenses were not far behind those of their composite indexes. Each fund outpaced the average return of its composite peer group.

I mentioned in my last letter to you that Vanguard LifeStrategy Funds would expand their international exposure by the end of 2015, further enhancing the diversification of your investments. With that transition complete, international stocks now account for approximately 40% of the funds’ holdings in equities, while international bonds make up about 30% of their fixed income holdings.

2


 

U.S. stock market fluctuated on its way to modest returns

The broad U.S. stock market returned more than 4% for the fiscal year ended October 31. Stocks generally climbed during the first nine months before dropping sharply in August and September. Fears surfaced in late summer that slower economic growth in China would spread across the globe.

In October, however, stocks rallied as the Fed maintained its historically low short-term interest rates. Corporate earnings, although generally lower than in the past couple of years, mostly exceeded expectations.

The strength of the U.S. dollar against foreign currencies contributed to a negative return for international stocks. Returns for the developed markets of the Pacific region and Europe were essentially flat despite central bank stimulus to counter sluggish growth and low inflation. Stocks tumbled in emerging markets, where concerns about China seemed to weigh most heavily.

Market Barometer      
 
  Average Annual Total Returns
  Periods Ended October 31, 2015
  One Three Five
  Year Years Years
Stocks      
Russell 1000 Index (Large-caps) 4.86% 16.28% 14.32%
Russell 2000 Index (Small-caps) 0.34 13.90 12.06
Russell 3000 Index (Broad U.S. market) 4.49 16.09 14.14
FTSE All-World ex US Index (International) -3.83 5.20 2.99
 
Bonds      
Barclays U.S. Aggregate Bond Index (Broad taxable market) 1.96% 1.65% 3.03%
Barclays Municipal Bond Index (Broad tax-exempt market) 2.87 2.91 4.28
Citigroup Three-Month U.S. Treasury Bill Index 0.02 0.02 0.04
 
CPI      
Consumer Price Index 0.17% 0.93% 1.69%

 

3


 

The search for a safe haven gave bonds a bit of a boost

The broad U.S. taxable bond market, which returned 1.96% over the fiscal year, benefited from investors’ desire for safe-haven assets during periods of stock market volatility. The yield of the 10-year Treasury note ended October at 2.17%, down from 2.31% a year earlier. (Bond prices and yields move in opposite directions.)

International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned –6.74%, held back by the dollar’s strength against many foreign currencies. Without this currency effect, international bond returns were positive.

Returns for money market funds and savings accounts continued to be constrained by the Fed’s 0%–0.25% target for short-term interest rates.

U.S. stocks, international bonds helped buoy fund returns

All four of Vanguard’s LifeStrategy Funds invest in the same underlying index funds, which together provide investors with broad exposure to stocks and bonds across the globe. What distinguishes each LifeStrategy Fund is how its assets are allocated to those four underlying funds. Because bonds produced returns that overall were a little better than those of stocks for the fiscal year, the LifeStrategy Income Fund—with about 80% of its assets in bonds—posted

Expense Ratios    
Your Fund Compared With Its Peer Group    
 
  Acquired Fund Fees Peer Group
  and Expenses Average
LifeStrategy Income Fund 0.14% 0.95%
LifeStrategy Conservative Growth Fund 0.15 1.02
LifeStrategy Moderate Growth Fund 0.16 1.10
LifeStrategy Growth Fund 0.17 1.18

The fund expense figures shown—drawn from the prospectus dated February 26, 2015—represent an estimate of the weighted average of
the expense ratios and any transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Funds
invest. The LifeStrategy Funds do not charge any expenses or fees of their own. For the fiscal year ended October 31, 2015, the annualized
acquired fund fees and expenses were 0.12% for the LifeStrategy Income Fund, 0.13% for the LifeStrategy Conservative Growth Fund, 0.14%
for the LifeStrategy Moderate Growth Fund, and 0.15% for the LifeStrategy Growth Fund.

Peer groups are the composites listed on page 1. Their expense figures are derived by applying the appropriate allocations to average
expense ratios of these mutual fund peer groups: fixed income funds, general equity funds, and international funds. Average expense ratios
for these groups are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2014.

4


 

the best return, 2.03%. In contrast, the LifeStrategy Growth Fund, with about 80% of its assets in stocks, returned 1.35%. The returns of the other two LifeStrategy Funds fell in between.

Vanguard Total Stock Market Index Fund, which provides the LifeStrategy Funds with exposure to the entire U.S. stock market, was a bright spot with a return of more than 4% for the fiscal year. With continuing improvements in the labor market and the drop in the price of gasoline, consumer-related stocks performed best, along with tech stocks. As was the case elsewhere, mining and energy stocks were among the laggards as they felt the effects of the continuing slide in commodity prices.

Total Returns  
Ten Years Ended October 31, 2015  
  Average
  Annual Return
LifeStrategy Income Fund 4.74%
Income Composite Index 5.22
Income Composite Average 4.27
Income Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.
 
LifeStrategy Conservative Growth Fund 5.25%
Conservative Growth Composite Index 5.69
Conservative Growth Composite Average 4.74
Conservative Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.
 
LifeStrategy Moderate Growth Fund 5.82%
Moderate Growth Composite Index 6.30
Moderate Growth Composite Average 5.45
Moderate Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.
 
LifeStrategy Growth Fund 6.04%
Growth Composite Index 6.54
Growth Composite Average 5.73
Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.

 

For a benchmark description, see the Glossary.

The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be
lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our
website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so
an investor’s shares, when sold, could be worth more or less than their original cost.

5


 

The return of Vanguard Total International Stock Index Fund, which gives the LifeStrategy Funds equity exposure outside the United States, was just shy of –5%. The larger markets in the euro zone and Japan performed fairly well, keeping developed markets as a whole in positive territory. Emerging markets, on the other hand, posted a double-digit decline amid concerns about the extent of the economic slowdown in China.

Vanguard Total International Bond Index Fund, which provides broad exposure to non-U.S. investment-grade bonds, returned about 3%. Global fixed income markets benefited from continuing monetary easing in many countries aimed at spurring growth and from investors seeking relief from stock markets’ heightened volatility. Hedging helped offset the strengthening of the U.S. dollar over the period.

Vanguard Total Bond Market II Index Fund—which invests across the U.S. investment-grade fixed income market—returned a little less than 2%. U.S. Treasuries were in demand, but investors were less interested in riskier corporate bonds.

A longer-term look at funds’ performance

Over the decade ended October 31, 2015, the average annual returns of the LifeStrategy Funds were fairly similar to one another, ranging from almost 5% for the Income Fund to just over 6% for the Growth Fund. Those performances were not very far off the returns of their benchmarks, which incur no expenses.

Over the decade, the funds have outpaced the average annual returns of their peer groups.

A dose of discipline is crucial when markets become volatile

The developments over the past few months remind us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term. However, investors can control how they react to unstable and turbulent markets.

During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline. Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read Vanguard’s Principles for Investing Success at vanguard.com/research.)

As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.

6


 

The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.

As always, thank you for investing with Vanguard.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
November 17, 2015

7


 

Your Fund’s Performance at a Glance        
October 31, 2014, Through October 31, 2015        
      Distributions Per Share
  Starting Ending Income Capital
  Share Price Share Price Dividends Gains
Vanguard LifeStrategy Income Fund $14.93 $14.86 $0.309 $0.061
Vanguard LifeStrategy Conservative Growth        
Fund $18.86 $18.36 $0.385 $0.461
Vanguard LifeStrategy Moderate Growth Fund $24.32 $24.08 $0.501 $0.158
Vanguard LifeStrategy Growth Fund $29.12 $28.74 $0.595 $0.188

 

8


 

LifeStrategy Income Fund

Fund Profile
As of October 31, 2015

Total Fund Characteristics  
 
Ticker Symbol VASIX
30-Day SEC Yield 2.19%
Acquired Fund Fees and Expenses1 0.14%

 

Allocation to Underlying Vanguard Funds  
Vanguard Total Bond Market II Index Fund  
Investor Shares 55.8%
Vanguard Total International Bond Index  
Fund Investor Shares 23.8
Vanguard Total Stock Market Index Fund  
Investor Shares 12.3
Vanguard Total International Stock Index  
Fund Investor Shares 8.1

 

Total Fund Volatility Measures  
    Barclays
  Income Aggregate
  Composite Bond
  Index Index
R-Squared 0.99 0.57
Beta 1.01 0.84
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

 

Fund Asset Allocation


1 This figure—drawn from the prospectus dated February 26, 2015—represents an estimate of the weighted average of the expense ratios and any
transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Income Fund invests. The LifeStrategy
Income Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2015, the annualized acquired fund fees and
expenses were 0.12%.

9


 

LifeStrategy Income Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: October 31, 2005, Through October 31, 2015
Initial Investment of $10,000


 
  Average Annual Total Returns  
  Periods Ended October 31, 2015  
        Final Value
  One Five Ten of a $10,000
  Year Years Years Investment
LifeStrategy Income Fund 2.03% 4.39% 4.74% $15,884
•••••••Income Composite Index 2.28 4.73 5.22 16,640
– – – –        
 
Barclays Income Composite U.S. Aggregate Average Bond Index 1.96 0.25 3.03 4.28 4.72 4.27 15,862 15,188
For a benchmark description, see the Glossary.
Income Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.

 

See Financial Highlights for dividend and capital gains information.

10


 

LifeStrategy Income Fund

Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015

 
For a benchmark description, see the Glossary.

 

Average Annual Total Returns: Periods Ended September 30, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

        Ten Years
  Inception Date One Year Five Years Income Capital Total
LifeStrategy Income Fund 9/30/1994 1.61% 4.29% 3.05% 1.43% 4.48%

 

11


 

LifeStrategy Income Fund

Financial Statements

Statement of Net Assets
As of October 31, 2015

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

    Market
    Value
  Shares ($000)
Investment Companies (100.0%)    
U.S. Stock Fund (12.3%)    
Vanguard Total Stock Market Index Fund Investor Shares 7,904,276 409,679
 
International Stock Fund (8.1%)    
Vanguard Total International Stock Index Fund Investor Shares 17,887,582 270,281
 
U.S. Bond Fund (55.8%)    
1 Vanguard Total Bond Market II Index Fund Investor Shares 173,360,805 1,861,895
 
International Bond Fund (23.8%)    
Vanguard Total International Bond Index Fund Investor Shares 75,008,679 795,842
Total Investments (100.0%) (Cost $3,083,385)   3,337,697
 
    Amount
    ($000)
Other Assets and Liabilities (0.0%)    
Other Assets    
Receivables for Investment Securities Sold   1,773
Receivables for Accrued Income   4,939
Receivables for Capital Shares Issued   1,634
    8,346
Liabilities    
Payables for Investment Securities Purchased   (4,938)
Payables for Capital Shares Redeemed   (2,846)
Other Liabilities   (272)
    (8,056)
Net Assets (100%)    
Applicable to 224,655,469 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   3,337,987
Net Asset Value Per Share   $14.86

 

12


 

LifeStrategy Income Fund

At October 31, 2015, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 3,064,211
Undistributed Net Investment Income 6,752
Accumulated Net Realized Gains 12,712
Unrealized Appreciation (Depreciation) 254,312
Net Assets 3,337,987

 

See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard.
See accompanying Notes, which are an integral part of the Financial Statements.

13


 

LifeStrategy Income Fund

Statement of Operations

  Year Ended
  October 31, 2015
  ($000)
Investment Income  
Income  
Income Distributions Received 68,381
Net Investment Income—Note B 68,381
Realized Net Gain (Loss)  
Capital Gain Distributions Received 6,185
Affiliated Investment Securities Sold 12,796
Realized Net Gain (Loss) 18,981
Change in Unrealized Appreciation (Depreciation) of Investment Securities (23,706)
Net Increase (Decrease) in Net Assets Resulting from Operations 63,656

 

See accompanying Notes, which are an integral part of the Financial Statements.

14


 

LifeStrategy Income Fund

Statement of Changes in Net Assets

  Year Ended October 31,
  2015 2014
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 68,381 61,667
Realized Net Gain (Loss) 18,981 13,284
Change in Unrealized Appreciation (Depreciation) (23,706) 93,419
Net Increase (Decrease) in Net Assets Resulting from Operations 63,656 168,370
Distributions    
Net Investment Income (67,850) (60,573)
Realized Capital Gain1 (12,903) (16,656)
Total Distributions (80,753) (77,229)
Capital Share Transactions    
Issued 853,105 851,276
Issued in Lieu of Cash Distributions 75,963 72,207
Redeemed (679,670) (812,916)
Net Increase (Decrease) from Capital Share Transactions 249,398 110,567
Total Increase (Decrease) 232,301 201,708
Net Assets    
Beginning of Period 3,105,686 2,903,978
End of Period2 3,337,987 3,105,686

1 Includes fiscal 2015 and 2014 short-term gain distributions totaling $5,500,000 and $2,809,000, respectively. Short-term gain distributions
are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $6,752,000 and $6,221,000.

See accompanying Notes, which are an integral part of the Financial Statements.

15


 

LifeStrategy Income Fund

Financial Highlights

For a Share Outstanding Year Ended October 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $14.93 $14.47 $14.73 $14.28 $14.15
Investment Operations          
Net Investment Income .309 .307 .294 .353 .357
Capital Gain Distributions Received .012 .004 .064 .116 .059
Net Realized and Unrealized Gain (Loss)          
on Investments (.021) .535 .189 .429 .109
Total from Investment Operations .300 .846 .547 .898 .525
Distributions          
Dividends from Net Investment Income (.309) (.303) (.293) (.354) (.361)
Distributions from Realized Capital Gains (.061) (.083) (.514) (.094) (.034)
Total Distributions (.370) (.386) (.807) (.448) (.395)
Net Asset Value, End of Period $14.86 $14.93 $14.47 $14.73 $14.28
 
Total Return1 2.03% 5.95% 3.88% 6.41% 3.77%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $3,338 $3,106 $2,904 $2,750 $2,402
Ratio of Total Expenses to Average Net Assets
Acquired Fund Fees and Expenses 0.12% 0.14% 0.14% 0.14% 0.18%
Ratio of Net Investment Income to          
Average Net Assets 2.08% 2.10% 2.04% 2.45% 2.52%
Portfolio Turnover Rate 14% 12% 25% 8%2 43%3

1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from Vanguard
Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in kind and did not
cause the fund to incur transaction costs.
3 Excludes the value of mutual fund shares delivered and bonds received in connection with a change in the fund’s bond investments from
Vanguard Short-Term Investment-Grade Fund to individual bonds because those transactions were effected in kind and did not cause the
fund to incur transaction costs.

See accompanying Notes, which are an integral part of the Financial Statements.

16


 

LifeStrategy Income Fund

Notes to Financial Statements

Vanguard LifeStrategy Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

3. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2015, or at any time during the period then ended.

5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended October 31, 2015, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the Vanguard underlying funds, as well as directors and employees, respectively, of Vanguard.

17


 

LifeStrategy Income Fund

C. 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 1Quoted prices in active markets for identical securities.
Level 2Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

At October 31, 2015, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.

D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $2,539,000 from accumulated net realized gains to paid-in capital.

For tax purposes, at October 31, 2015, the fund had $8,798,000 of ordinary income and $10,666,000 of long-term capital gains available for distribution.

At October 31, 2015, the cost of investment securities for tax purposes was $3,083,385,000. Net unrealized appreciation of investment securities for tax purposes was $254,312,000, consisting of unrealized gains of $258,570,000 on securities that had risen in value since their purchase and $4,258,000 in unrealized losses on securities that had fallen in value since their purchase.

E. Capital shares issued and redeemed were:

  Year Ended October 31,
  2015 2014
  Shares Shares
  (000) (000)
Issued 56,932 58,114
Issued in Lieu of Cash Distributions 5,107 4,972
Redeemed (45,451) (55,726)
Net Increase (Decrease) in Shares Outstanding 16,588 7,360

 

18


 

LifeStrategy Income Fund

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:

    Current Period Transactions  
  Oct. 31,   Proceeds     Oct. 31,
  2014   from   Capital Gain 2015
  Market Purchases Securities Dividend Distributions  Market
  Value at Cost Sold Income Received Value
  ($000) ($000) ($000) ($000) ($000) ($000)
Vanguard Market Liquidity Fund 944 NA1 NA1 2
Vanguard Total Bond Market II            
Index Fund 1,989,600 216,466 326,238 45,766 6,185 1,861,895
Vanguard Total International            
Bond Index Fund 494,494 300,562 9,722 9,031 795,842
Vanguard Total International            
Stock Index Fund 184,969 112,995 9,721 5,602 270,281
Vanguard Total Stock Market            
Index Fund 435,258 63,022 103,078 7,980 409,679
Total 3,105,265 693,045 448,759 68,381 6,185 3,337,697
1 Not applicable—purchases and sales are for temporary cash investment purposes.

 

G. Management has determined that no material events or transactions occurred subsequent to October 31, 2015, that would require recognition or disclosure in these financial statements.

19


 

LifeStrategy Conservative Growth Fund

Fund Profile
As of October 31, 2015

Total Fund Characteristics  
 
Ticker Symbol VSCGX
30-Day SEC Yield 2.19%
Acquired Fund Fees and Expenses1 0.15%

 

Allocation to Underlying Vanguard Funds  
Vanguard Total Bond Market II Index Fund  
Investor Shares 41.7%
Vanguard Total Stock Market Index Fund  
Investor Shares 24.5
Vanguard Total International Bond Index  
Fund Investor Shares 17.8
Vanguard Total International Stock Index  
Fund Investor Shares 16.0

 

Total Fund Volatility Measures  
  Conservative DJ
  Growth U.S. Total
  Composite Market
  Index FA Index
R-Squared 1.00 0.77
Beta 1.00 0.38

These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

 

Fund Asset Allocation


1 This figure—drawn from the prospectus dated February 26, 2015—represents an estimate of the weighted average of the expense ratios and any
transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Conservative Growth Fund invests. The
LifeStrategy Conservative Growth Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2015, the annualized
acquired fund fees and expenses were 0.13%.

20


 

LifeStrategy Conservative Growth Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: October 31, 2005, Through October 31, 2015
Initial Investment of $10,000

 
  Average Annual Total Returns  
  Periods Ended October 31, 2015  
 
        Final Value
  One Five Ten of a $10,000
  Year Years Years Investment
LifeStrategy Conservative Growth        
Fund 1.86% 5.96% 5.25% $16,678
Conservative Growth Composite        
••••••••        
Index 2.22 6.27 5.69 17,386
 
– – – Conservative Growth Composite        
Average 0.55 5.65 4.74 15,887
 
Dow Jones U.S. Total Stock Market        
Float Adjusted Index 4.40 14.11 8.07 21,735
For a benchmark description, see the Glossary.
Conservative Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.

 

See Financial Highlights for dividend and capital gains information.

21


 

LifeStrategy Conservative Growth Fund

Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015


For a benchmark description, see the Glossary.

Average Annual Total Returns: Periods Ended September 30, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

        Ten Years
  Inception Date One Year Five Years Income Capital Total
LifeStrategy Conservative            
Growth Fund 9/30/1994 0.31% 5.74% 2.80% 2.02% 4.82%

 

22


 

LifeStrategy Conservative Growth Fund

Financial Statements

Statement of Net Assets
As of October 31, 2015

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

    Market
    Value
  Shares ($000)
Investment Companies (100.0%)    
U.S. Stock Fund (24.5%)    
Vanguard Total Stock Market Index Fund Investor Shares 35,856,915 1,858,464
 
International Stock Fund (16.0%)    
Vanguard Total International Stock Index Fund Investor Shares 80,352,726 1,214,130
 
U.S. Bond Fund (41.7%)    
1 Vanguard Total Bond Market II Index Fund Investor Shares 295,396,064 3,172,554
 
International Bond Fund (17.8%)    
Vanguard Total International Bond Index Fund Investor Shares 127,506,101 1,352,839
Total Investment Companies (Cost $6,274,108)   7,597,987
Temporary Cash Investment (0.0%)    
Money Market Fund (0.0%)    
1 Vanguard Market Liquidity Fund, 0.207% (Cost $1,072) 1,072,158 1,072
Total Investments (100.0%) (Cost $6,275,180)   7,599,059
 
    Amount
    ($000)
Other Assets and Liabilities (0.0%)    
Other Assets    
Receivables for Accrued Income   8,398
Receivables for Capital Shares Issued   4,351
Other Assets   100
Total Other Assets   12,849
Liabilities    
Payables for Investment Securities Purchased   (8,564)
Payables for Capital Shares Redeemed   (4,797)
Other Liabilities   (5)
Total Liabilities   (13,366)
Net Assets (100%)    
Applicable to 413,777,983 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   7,598,542
Net Asset Value Per Share   $18.36

 

23


 

LifeStrategy Conservative Growth Fund

At October 31, 2015, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 6,188,427
Undistributed Net Investment Income 11,472
Accumulated Net Realized Gains 74,764
Unrealized Appreciation (Depreciation) 1,323,879
Net Assets 7,598,542

 

See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market
Liquidity Fund is the 7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.

24


 

LifeStrategy Conservative Growth Fund

Statement of Operations

  Year Ended
  October 31, 2015
  ($000)
Investment Income  
Income  
Income Distributions Received 157,497
Net Investment Income—Note B 157,497
Realized Net Gain (Loss)  
Capital Gain Distributions Received 10,784
Affiliated Investment Securities Sold 80,644
Futures Contracts 137
Realized Net Gain (Loss) 91,565
Change in Unrealized Appreciation (Depreciation) of Investment Securities (115,317)
Net Increase (Decrease) in Net Assets Resulting from Operations 133,745

 

See accompanying Notes, which are an integral part of the Financial Statements.

25


 

LifeStrategy Conservative Growth Fund

Statement of Changes in Net Assets

  Year Ended October 31,
  2015 2014
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 157,497 156,644
Realized Net Gain (Loss) 91,565 201,324
Change in Unrealized Appreciation (Depreciation) (115,317) 136,732
Net Increase (Decrease) in Net Assets Resulting from Operations 133,745 494,700
Distributions    
Net Investment Income (156,725) (157,513)
Realized Capital Gain1 (179,912) (45,631)
Total Distributions (336,637) (203,144)
Capital Share Transactions    
Issued 1,615,486 1,694,523
Issued in Lieu of Cash Distributions 324,435 196,106
Redeemed (1,397,718) (3,566,652)
Net Increase (Decrease) from Capital Share Transactions 542,203 (1,676,023)
Total Increase (Decrease) 339,311 (1,384,467)
Net Assets    
Beginning of Period 7,259,231 8,643,698
End of Period2 7,598,542 7,259,231

1 Includes fiscal 2015 and 2014 short-term gain distributions totaling $6,635,000 and $17,476,000, respectively. Short-term gain distributions
are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $11,472,000 and $10,700,000.

See accompanying Notes, which are an integral part of the Financial Statements.

26


 

LifeStrategy Conservative Growth Fund

Financial Highlights

For a Share Outstanding Year Ended October 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $18.86 $18.04 $17.21 $16.40 $16.20
Investment Operations          
Net Investment Income .385 .395 .369 .421 .374
Capital Gain Distributions Received .018 .005 .055 .101 .049
Net Realized and Unrealized Gain (Loss)          
on Investments (.057) .905 1.109 .750 .179
Total from Investment Operations .346 1.305 1.533 1.272 .602
Distributions          
Dividends from Net Investment Income (.385) (.391) (.367) (.420) (.378)
Distributions from Realized Capital Gains (.461) (.094) (.336) (.042) (.024)
Total Distributions (.846) (.485) (.703) (.462) (.402)
Net Asset Value, End of Period $18.36 $18.86 $18.04 $17.21 $16.40
 
Total Return1 1.86% 7.34% 9.18% 7.88% 3.74%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $7,599 $7,259 $8,644 $7,359 $6,553
Ratio of Total Expenses to Average Net Assets
Acquired Fund Fees and Expenses 0.13% 0.15% 0.15% 0.15% 0.19%
Ratio of Net Investment Income to          
Average Net Assets 2.07% 2.12% 2.12% 2.51% 2.27%
Portfolio Turnover Rate 16% 15% 19% 15%2 46%3

1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s bond investments from Vanguard
Total Bond Market Index Fund to Vanguard Total Bond Market II Index Fund because those transactions were effected in kind and did not
cause the fund to incur transaction costs.
3 Excludes the value of mutual fund shares delivered and bonds received in connection with a change in the fund’s bond investments from
Vanguard Short-Term Investment-Grade Fund to individual bonds because those transactions were effected in kind and did not cause the
fund to incur transaction costs.

See accompanying Notes, which are an integral part of the Financial Statements.

27


 

LifeStrategy Conservative Growth Fund

Notes to Financial Statements

Vanguard LifeStrategy Conservative Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.

Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

During the period ended October 31, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at October 31, 2015.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the

28


 

LifeStrategy Conservative Growth Fund

fund’s board of trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2015, or at any time during the period then ended.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended October 31, 2015, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the Vanguard underlying funds, as well as directors and employees, respectively, of Vanguard.

C. 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 1Quoted prices in active markets for identical securities.
Level 2Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

At October 31, 2015, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.

D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $10,103,000 from accumulated net realized gains to paid-in capital.

For tax purposes, at October 31, 2015, the fund had $18,344,000 of ordinary income and $67,892,000 of long-term capital gains available for distribution.

29


 

LifeStrategy Conservative Growth Fund

At October 31, 2015, the cost of investment securities for tax purposes was $6,275,180,000. Net unrealized appreciation of investment securities for tax purposes was $1,323,879,000, consisting entirely of unrealized gains on securities that had risen in value since their purchase.

E. Capital shares issued and redeemed were:

  Year Ended October 31,
  2015 2014
  Shares Shares
  (000) (000)
Issued 86,785 92,159
Issued in Lieu of Cash Distributions 17,572 10,727
Redeemed (75,572) (197,073)
Net Increase (Decrease) in Shares Outstanding 28,785 (94,187)

 

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:

 

    Current Period Transactions  
  Oct. 31,   Proceeds     Oct. 31,
  2014   from   Capital Gain 2015
  Market Purchases Securities Dividend Distributions  Market
  Value at Cost Sold Income Received Value
  ($000) ($000) ($000) ($000) ($000) ($000)
Vanguard Market Liquidity Fund 123 NA1 NA1 5 1,072
Vanguard Total Bond Market II            
Index Fund 3,456,280 398,924 652,510 79,280 10,784 3,172,554
Vanguard Total International            
Bond Index Fund 867,223 530,131 62,204 15,677 1,352,839
Vanguard Total International            
Stock Index Fund 886,661 458,660 30,037 25,347 1,214,130
Vanguard Total Stock Market            
Index Fund 2,065,716 167,087 433,271 37,188 1,858,464
Total 7,256,003 1,554,802 1,178,022 157,497 10,784 7,599,059
1 Not applicable—purchases and sales are for temporary cash investment purposes.

 

G. Management has determined that no material events or transactions occurred subsequent to October 31, 2015, that would require recognition or disclosure in these financial statements.

30


 

LifeStrategy Moderate Growth Fund

Fund Profile
As of October 31, 2015

Total Fund Characteristics  
 
Ticker Symbol VSMGX
30-Day SEC Yield 2.19%
Acquired Fund Fees and Expenses1 0.16%

 

Allocation to Underlying Vanguard Funds  
Vanguard Total Stock Market Index Fund  
Investor Shares 36.6%
Vanguard Total Bond Market II Index Fund  
Investor Shares 27.9
Vanguard Total International Stock Index  
Fund Investor Shares 23.8
Vanguard Total International Bond Index  
Fund Investor Shares 11.7

 

Total Fund Volatility Measures  
  Moderate DJ
  Growth U.S. Total
  Composite Market
  Index FA Index
R-Squared 1.00 0.90
Beta 0.99 0.58
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

 

Fund Asset Allocation


1 This figure—drawn from the prospectus dated February 26, 2015—represents an estimate of the weighted average of the expense ratios and any
transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Moderate Growth Fund invests. The
LifeStrategy Moderate Growth Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2015, the annualized
acquired fund fees and expenses were 0.14%.

31


 

LifeStrategy Moderate Growth Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: October 31, 2005, Through October 31, 2015
Initial Investment of $10,000

 
 
    Average Annual Total Returns  
    Periods Ended October 31, 2015  
          Final Value
    One Five Ten of a $10,000
    Year Years Years Investment
  LifeStrategy Moderate Growth Fund 1.71% 7.59% 5.82% $17,603
••••••• Moderate Growth Composite Index 2.08 8.03 6.30 18,416
– – – Moderate Growth Composite        
  Average 0.81 7.10 5.45 16,997
  Dow Jones U.S. Total Stock Market        
  Float Adjusted Index 4.40 14.11 8.07 21,735
For a benchmark description, see the Glossary.
Moderate Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.

 

See Financial Highlights for dividend and capital gains information.

32


 

LifeStrategy Moderate Growth Fund

Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015

For a benchmark description, see the Glossary.

 

Average Annual Total Returns: Periods Ended September 30, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

        Ten Years
  Inception Date One Year Five Years Income Capital Total
LifeStrategy Moderate            
Growth Fund 9/30/1994 -1.05% 7.19% 2.58% 2.61% 5.19%

 

33


 

LifeStrategy Moderate Growth Fund

Financial Statements

Statement of Net Assets
As of October 31, 2015

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

    Market
    Value
  Shares ($000)
Investment Companies (100.0%)    
U.S. Stock Fund (36.6%)    
Vanguard Total Stock Market Index Fund Investor Shares 86,583,690 4,487,633
 
International Stock Fund (23.8%)    
Vanguard Total International Stock Index Fund Investor Shares 193,481,140 2,923,500
 
U.S. Bond Fund (27.9%)    
1 Vanguard Total Bond Market II Index Fund Investor Shares 318,885,495 3,424,830
 
International Bond Fund (11.7%)    
Vanguard Total International Bond Index Fund Investor Shares 135,529,718 1,437,970
Total Investments (100.0%) (Cost $9,281,557)   12,273,933
 
    Amount
    ($000)
Other Assets    
Receivables for Investment Securities Sold   785
Receivables for Accrued Income   9,005
Receivables for Capital Shares Issued   10,712
Other Assets   100
Total Other Assets   20,602
Liabilities    
Payables for Investment Securities Purchased   (8,997)
Payables for Capital Shares Redeemed   (8,191)
Other liabilities   (1,224)
Total Liabilities   (18,412)
Net Assets (100%)    
Applicable to 509,837,265 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   12,276,123
Net Asset Value Per Share   $24.08

 

34


 

LifeStrategy Moderate Growth Fund

At October 31, 2015, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 9,011,196
Undistributed Net Investment Income 70,709
Accumulated Net Realized Gains 201,842
Unrealized Appreciation (Depreciation) 2,992,376
Net Assets 12,276,123

 

See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard.
See accompanying Notes, which are an integral part of the Financial Statements.

35


 

LifeStrategy Moderate Growth Fund

Statement of Operations

  Year Ended
  October 31, 2015
  ($000)
Investment Income  
Income  
Income Distributions Received 252,486
Net Investment Income—Note B 252,486
Realized Net Gain (Loss)  
Capital Gain Distributions Received 11,570
Affiliated Investment Securities Sold 216,041
Futures Contracts 946
Realized Net Gain (Loss) 228,557
Change in Unrealized Appreciation (Depreciation) of Investment Securities (283,346)
Net Increase (Decrease) in Net Assets Resulting from Operations 197,697

 

See accompanying Notes, which are an integral part of the Financial Statements.

36


 

LifeStrategy Moderate Growth Fund

Statement of Changes in Net Assets

  Year Ended October 31,
  2015 2014
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 252,486 239,306
Realized Net Gain (Loss) 228,557 82,715
Change in Unrealized Appreciation (Depreciation) (283,346) 604,631
Net Increase (Decrease) in Net Assets Resulting from Operations 197,697 926,652
Distributions    
Net Investment Income (249,240) (227,870)
Realized Capital Gain1 (77,127) (30,908)
Total Distributions (326,367) (258,778)
Capital Share Transactions    
Issued 2,640,642 2,577,826
Issued in Lieu of Cash Distributions 317,362 252,992
Redeemed (2,318,657) (2,461,436)
Net Increase (Decrease) from Capital Share Transactions 639,347 369,382
Total Increase (Decrease) 510,677 1,037,256
Net Assets    
Beginning of Period 11,765,446 10,728,190
End of Period2 12,276,123 11,765,446

 

1 Includes fiscal 2015 and 2014 short-term gain distributions totaling $19,526,000 and $9,035,000, respectively. Short-term gain distributions
are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $70,709,000 and $67,463,000.

See accompanying Notes, which are an integral part of the Financial Statements.

37


 

LifeStrategy Moderate Growth Fund

Financial Highlights

For a Share Outstanding Year Ended October 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $24.32 $22.90 $20.84 $19.54 $19.22
Investment Operations          
Net Investment Income . 501 . 498 .475 .515 .406
Capital Gain Distributions Received .017 .004 .044 .081 .042
Net Realized and Unrealized Gain (Loss)          
on Investments (. 099) 1.462 2.430 1.173 .350
Total from Investment Operations .419 1.964 2.949 1.769 .798
Distributions          
Dividends from Net Investment Income (.501) (.479) (. 522) (. 439) (.448)
Distributions from Realized Capital Gains (.158) (. 065) (. 367) (. 030) (. 030)
Total Distributions (.659) (.544) (.889) (.469) (.478)
Net Asset Value, End of Period $24.08 $24.32 $22.90 $20.84 $19.54
 
Total Return1 1.71% 8.67% 14.66% 9.25% 4.14%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $12,276 $11,765 $10,728 $8,786 $8,098
Ratio of Total Expenses to Average Net Assets
Acquired Fund Fees and Expenses 0.14% 0.16% 0.16% 0.16% 0.19%
Ratio of Net Investment Income to          
Average Net Assets 2.07% 2.12% 2.19% 2.56% 2.05%
Portfolio Turnover Rate 16% 12% 15% 15%2 32%

1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s investments from Vanguard
Asset Allocation Fund to Vanguard Total Bond Market II Index Fund and Vanguard Total Stock Market Index Fund because those transactions
were effected in kind and did not cause the fund to incur transaction costs.

See accompanying Notes, which are an integral part of the Financial Statements.

38


 

LifeStrategy Moderate Growth Fund

Notes to Financial Statements

Vanguard LifeStrategy Moderate Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.

Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

During the year ended October 31, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at October 31, 2015.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of

39


 

LifeStrategy Moderate Growth Fund

trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2015, or at any time during the period then ended.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended October 31, 2015, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the Vanguard underlying funds, as well as directors and employees, respectively, of Vanguard.

C. 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 1Quoted prices in active markets for identical securities.
Level 2Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

At October 31, 2015, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.

D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $17,201,000 from accumulated net realized gains to paid-in capital.

For tax purposes, at October 31, 2015, the fund had $79,693,000 of ordinary income and $192,858,000 of long-term capital gains available for distribution.

40


 

LifeStrategy Moderate Growth Fund

At October 31, 2015, the cost of investment securities for tax purposes was $9,281,557,000. Net unrealized appreciation of investment securities for tax purposes was $2,992,376,000, consisting entirely of unrealized gains on securities that had risen in value since their purchase.

E. Capital shares issued and redeemed were:

  Year Ended October 31,
  2015 2014
  Shares Shares
  (000) (000)
Issued 108,433 109,330
Issued in Lieu of Cash Distributions 13,030 10,769
Redeemed (95,364) (104,840)
Net Increase (Decrease) in Shares Outstanding 26,099 15,259

 

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:

 

    Current Period Transactions  
  Oct. 31,   Proceeds     Oct. 31,
  2014   from   Capital Gain 2015
  Market Purchases Securities Dividend Distributions  Market
  Value at Cost Sold Income Received Value
  ($000) ($000) ($000) ($000) ($000) ($000)
Vanguard Market Liquidity Fund 1,163 NA1 NA1 10
Vanguard Total Bond Market II            
Index Fund 3,746,840 510,860 800,416 84,989 11,570 3,424,830
Vanguard Total International            
Bond Index Fund 942,439 566,577 89,368 16,793 1,437,970
Vanguard Total International            
Stock Index Fund 2,104,589 1,122,366 113,048 60,998 2,923,500
Vanguard Total Stock Market            
Index Fund 4,973,804 289,595 913,000 89,696 4,487,633
Total 11,768,835 2,489,398 1,915,832 252,486 11,570 12,273,933
1 Not applicable—purchases and sales are for temporary cash investment purposes.

 

G. Management has determined that no material events or transactions occurred subsequent to October 31, 2015, that would require recognition or disclosure in these financial statements.

41


 

LifeStrategy Growth Fund

Fund Profile
As of October 31, 2015

Total Fund Characteristics  
 
Ticker Symbol VASGX
30-Day SEC Yield 2.19%
Acquired Fund Fees and Expenses1 0.17%

 

Allocation to Underlying Vanguard Funds  
Vanguard Total Stock Market Index Fund  
Investor Shares 48.3%
Vanguard Total International Stock Index  
Fund Investor Shares 31.8
Vanguard Total Bond Market II Index Fund  
Investor Shares 14.0
Vanguard Total International Bond Index  
Fund Investor Shares 5.9

 

Total Fund Volatility Measures  
    DJ
  Growth U.S. Total
  Composite Market
  Index FA Index
R-Squared 1.00 0.94
Beta 0.99 0.77
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

 

Fund Asset Allocation

 

 

 

1 This figure—drawn from the prospectus dated February 26, 2015—represents an estimate of the weighted average of the expense ratios and any
transaction fees charged by the underlying mutual funds (the ”acquired” funds) in which the LifeStrategy Growth Fund invests. The LifeStrategy
Growth Fund does not charge any expenses or fees of its own. For the fiscal year ended October 31, 2015, the annualized acquired fund fees and
expenses were 0.15%.

42


 

LifeStrategy Growth Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: October 31, 2005, Through October 31, 2015
Initial Investment of $10,000

 

 
  Average Annual Total Returns  
  Periods Ended October 31, 2015  
        Final Value
  One Five Ten of a $10,000
  Year Years Years Investment
LifeStrategy Growth Fund 1.35% 8.98% 6.04% $17,971
•••••••Growth Composite Index 1.85 9.45 6.54 18,837
– – – –        
Growth Composite Average 1.01 8.37 5.73 17,456
Dow Jones U.S. Total Stock Market        
Float Adjusted Index 4.40 14.11 8.07 21,735
For a benchmark description, see the Glossary.
Growth Composite Average: Derived from data provided by Lipper, a Thomson Reuters Company.

 

See Financial Highlights for dividend and capital gains information.

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LifeStrategy Growth Fund

Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015

 
For a benchmark description, see the Glossary.

Average Annual Total Returns: Periods Ended September 30, 2015
This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.
Securities and Exchange Commission rules require that we provide this information.

        Ten Years
  Inception Date One Year Five Years Income Capital Total
LifeStrategy Growth Fund 9/30/1994 -2.55% 8.43% 2.30% 2.93% 5.23%

 

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LifeStrategy Growth Fund

Financial Statements

Statement of Net Assets
As of October 31, 2015

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

    Market
    Value
  Shares ($000)
Investment Companies (100.0%)    
U.S. Stock Fund (48.4%)    
Vanguard Total Stock Market Index Fund Investor Shares 104,880,758 5,435,970
 
International Stock Fund (31.8%)    
Vanguard Total International Stock Index Fund Investor Shares 236,289,756 3,570,338
 
U.S. Bond Fund (14.0%)    
1 Vanguard Total Bond Market II Index Fund Investor Shares 146,154,668 1,569,701
 
International Bond Fund (5.8%)    
Vanguard Total International Bond Index Fund Investor Shares 62,081,135 658,681
Total Investments (100.0%) (Cost $7,970,543)   11,234,690
 
    Amount
    ($000)
Other Assets and Liabilities (0.0%)    
Other Assets    
Receivables for Investment Securities Sold   35,000
Receivables for Accrued Income   4,083
Receivables for Capital Shares Issued   7,615
Total Other Assets   46,698
Liabilities    
Payables for Investment Securities Purchased   (38,966)
Payables for Capital Shares Redeemed   (3,990)
Other Liabilities   (815)
Total Liabilities   (43,771)
Net Assets (100%)    
Applicable to 390,982,774 outstanding $.001 par value shares of    
beneficial interest (unlimited authorization)   11,237,617
Net Asset Value Per Share   $28.74

 

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LifeStrategy Growth Fund

At October 31, 2015, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 7,662,672
Undistributed Net Investment Income 58,217
Accumulated Net Realized Gains 252,581
Unrealized Appreciation (Depreciation) 3,264,147
Net Assets 11,237,617

 

See Note A in Notes to Financial Statements.
1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard.
See accompanying Notes, which are an integral part of the Financial Statements.

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LifeStrategy Growth Fund

Statement of Operations

  Year Ended
  October 31, 2015
  ($000)
Investment Income  
Income  
Income Distributions Received 229,167
Net Investment Income—Note B 229,167
Realized Net Gain (Loss)  
Capital Gain Distributions Received 5,217
Affiliated Investment Securities Sold 265,734
Futures Contracts 278
Realized Net Gain (Loss) 271,229
Change in Unrealized Appreciation (Depreciation) of Investment Securities (358,649)
Net Increase (Decrease) in Net Assets Resulting from Operations 141,747

 

See accompanying Notes, which are an integral part of the Financial Statements.

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LifeStrategy Growth Fund

Statement of Changes in Net Assets

  Year Ended October 31,
  2015 2014
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 229,167 217,124
Realized Net Gain (Loss) 271,229 74,439
Change in Unrealized Appreciation (Depreciation) (358,649) 661,026
Net Increase (Decrease) in Net Assets Resulting from Operations 141,747 952,589
Distributions    
Net Investment Income (224,425) (210,261)
Realized Capital Gain1 (69,146) (19,730)
Total Distributions (293,571) (229,991)
Capital Share Transactions    
Issued 1,940,685 1,754,318
Issued in Lieu of Cash Distributions 287,739 226,220
Redeemed (1,468,819) (1,860,694)
Net Increase (Decrease) from Capital Share Transactions 759,605 119,844
Total Increase (Decrease) 607,781 842,442
Net Assets    
Beginning of Period 10,629,836 9,787,394
End of Period2 11,237,617 10,629,836

 

1 Includes fiscal 2015 and 2014 short-term gain distributions totaling $10,298,000 and $7,307,000, respectively. Short-term gain distributions
are treated as ordinary income dividends for tax purposes.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $58,217,000 and $53,475,000.

See accompanying Notes, which are an integral part of the Financial Statements.

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LifeStrategy Growth Fund

Financial Highlights

For a Share Outstanding Year Ended October 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $29.12 $27.07 $23.36 $21.61 $21.28
Investment Operations          
Net Investment Income . 598 .599 .569 .587 .401
Capital Gain Distributions Received .012 .002 .025 .045 .018
Net Realized and Unrealized Gain (Loss)          
on Investments (. 207) 2.085 4.013 1.603 .364
Total from Investment Operations .403 2.686 4.607 2.235 .783
Distributions          
Dividends from Net Investment Income (.595) (.582) (. 631) (. 468) (.444)
Distributions from Realized Capital Gains (.188) (.054) (. 266) (. 017) (.009)
Total Distributions (.783) (. 636) (. 897) (.485) (. 453)
Net Asset Value, End of Period $28.74 $29.12 $27.07 $23.36 $21.61
 
Total Return1 1.35% 10.02% 20.34% 10.56% 3.63%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $11,238 $10,630 $9,787 $7,799 $7,371
Ratio of Total Expenses to Average Net Assets
Acquired Fund Fees and Expenses 0.15% 0.17% 0.17% 0.17% 0.20%
Ratio of Net Investment Income to          
Average Net Assets 2.06% 2.14% 2.27% 2.61% 1.79%
Portfolio Turnover Rate 13% 10% 9% 10%2 22%

1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about
any applicable account service fees.
2 Excludes the value of mutual fund shares delivered and received in connection with a change in the fund’s investments from Vanguard
Asset Allocation Fund to Vanguard Total Bond Market II Index Fund and Vanguard Total Stock Market Index Fund because those transactions
were effected in kind and did not cause the fund to incur transaction costs.

See accompanying Notes, which are an integral part of the Financial Statements.

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LifeStrategy Growth Fund

Notes to Financial Statements

Vanguard LifeStrategy Growth Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available on vanguard.com.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.

Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

During the year ended October 31, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at October 31, 2015.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of

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LifeStrategy Growth Fund

trustees and borne by the funds in which the fund invests (see Note B). Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2015, or at any time during the period then ended.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the period ended October 31, 2015, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the Vanguard underlying funds, as well as directors and employees, respectively, of Vanguard.

C. 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 1Quoted prices in active markets for identical securities.
Level 2Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).

At October 31, 2015, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.

D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the fund has reclassified $13,881,000 from accumulated net realized gains to paid-in capital.

For tax purposes, at October 31, 2015, the fund had $69,315,000 of ordinary income and $241,484,000 of long-term capital gains available for distribution.

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LifeStrategy Growth Fund

At October 31, 2015, the cost of investment securities for tax purposes was $7,970,543,000. Net unrealized appreciation of investment securities for tax purposes was $3,264,147,000, consisting entirely of unrealized gains on securities that had risen in value since their purchase.

E. Capital shares issued and redeemed were:

  Year Ended October 31,
  2015 2014
  Shares Shares
  (000) (000)
Issued 66,547 62,458
Issued in Lieu of Cash Distributions 9,813 8,035
Redeemed (50,470) (66,974)
Net Increase (Decrease) in Shares Outstanding 25,890 3,519

 

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:

 

    Current Period Transactions  
  Oct. 31,   Proceeds     Oct. 31,
  2014   from   Capital Gain 2015
  Market Purchases Securities Dividend Distributions Market
  Value at Cost Sold Income Received Value
  ($000) ($000) ($000) ($000) ($000) ($000)
Vanguard Market Liquidity Fund NA1 NA1 5
Vanguard Total Bond Market II            
Index Fund 1,661,998 298,179 375,991 38,843 5,217 1,569,701
Vanguard Total International            
Bond Index Fund 425,696 271,073 45,539 7,706 658,681
Vanguard Total International            
Stock Index Fund 2,525,084 1,328,877 38,695 74,177 3,570,338
Vanguard Total Stock Market            
Index Fund 6,015,078 262,924 1,001,078 108,436 5,435,970
Total 10,627,856 2,161,053 1,461,303 229,167 5,217 11,234,690
1 Not applicable—purchases and sales are for temporary cash investment purposes.

 

G. Management has determined that no material events or transactions occurred subsequent to October 31, 2015, that would require recognition or disclosure in these financial statements.

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Report of Independent Registered
Public Accounting Firm

To the Board of Trustees of Vanguard STAR Funds and the Shareholders of Vanguard LifeStrategy Income Fund, Vanguard LifeStrategy Conservative Growth Fund, Vanguard LifeStrategy Moderate Growth Fund and Vanguard LifeStrategy Growth Fund:

In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard LifeStrategy Income Fund, Vanguard LifeStrategy Conservative Growth Fund, Vanguard LifeStrategy Moderate Growth Fund and Vanguard LifeStrategy Growth Fund (constituting separate portfolios of Vanguard STAR Funds, hereafter referred to as the “Funds”) at October 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by agreement to the underlying ownership records of the transfer agent, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 10, 2015

Special 2015 tax information (unaudited) for Vanguard LifeStrategy Funds

This information for the fiscal year ended October 31, 2015, is included pursuant to provisions of the
Internal Revenue Code.

The funds distributed capital gain dividends (from net long-term capital gains) to shareholders during
the fiscal year as follows:
 
Fund ($000)
LifeStrategy Income Fund 9,578
LifeStrategy Conservative Growth Fund 182,675
LifeStrategy Moderate Growth Fund 74,197
LifeStrategy Growth Fund 72,156

 

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For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the funds are qualified short-term capital gains.

The funds distributed qualified dividend income to shareholders during the fiscal year as follows:

Fund ($000)
LifeStrategy Income Fund 12,453
LifeStrategy Conservative Growth Fund 55,860
LifeStrategy Moderate Growth Fund 131,808
LifeStrategy Growth Fund 156,498

 

For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows:

Fund Percentage
LifeStrategy Income Fund 9.9%
LifeStrategy Conservative Growth Fund 19.8
LifeStrategy Moderate Growth Fund 30.3
LifeStrategy Growth Fund 40.1

 

The funds designate to shareholders foreign source income and foreign taxes paid as follows:

 

  Foreign Source Income Foreign Taxes Paid
Fund ($000) ($000)
LifeStrategy Income Fund 13,771 357
LifeStrategy Conservative Growth Fund 39,578 1,490
LifeStrategy Moderate Growth Fund 76,286 3,481
LifeStrategy Growth Fund 81,198 4,171

 

Shareholders will receive more detailed information with their Form 1099-DIV in January 2016 to determine the calendar-year amounts to be included on their 2015 tax returns.

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Your Fund’s After-Tax Returns

This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.

Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2015. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)

Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.

Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.

Average Annual Total Returns: LifeStrategy Funds      
Periods Ended October 31, 2015      
  One Five Ten
  Year Years Years
LifeStrategy Income Fund      
Returns Before Taxes 2.03% 4.39% 4.74%
Returns After Taxes on Distributions 1.06 3.33 3.57
Returns After Taxes on Distributions and Sale of Fund Shares 1.26 3.10 3.34

 

  One Five Ten
  Year Years Years
LifeStrategy Conservative Growth Fund      
Returns Before Taxes 1.86% 5.96% 5.25%
Returns After Taxes on Distributions 0.49 4.95 4.25
Returns After Taxes on Distributions and Sale of Fund Shares 1.65 4.40 3.86

 

  One Five Ten
  Year Years Years
LifeStrategy Moderate Growth Fund      
Returns Before Taxes 1.71% 7.59% 5.82%
Returns After Taxes on Distributions 0.85 6.79 5.04
Returns After Taxes on Distributions and Sale of Fund Shares 1.28 5.79 4.44

 

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Average Annual Total Returns: LifeStrategy Funds      
Periods Ended October 31, 2015      
 
  One Five Ten
  Year Years Years
LifeStrategy Growth Fund      
Returns Before Taxes 1.35% 8.98% 6.04%
Returns After Taxes on Distributions 0.58 8.31 5.46
Returns After Taxes on Distributions and Sale of Fund Shares 1.16 7.00 4.75

 

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About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A typical fund’s expenses are expressed as a percentage of its average net assets. The LifeStrategy Funds have no direct expenses, but each fund bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.

The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using the acquired fund fees and expenses for each LifeStrategy Fund.

The accompanying table illustrates your fund’s costs in two ways:

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

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Six Months Ended October 31, 2015      
  Beginning Ending Expenses
  Account Value Account Value Paid During
  4/30/2015 10/31/2015 Period
Based on Actual Fund Return      
LifeStrategy Income Fund $1,000.00 $992.24 $0.60
LifeStrategy Conservative Growth Fund $1,000.00 $985.81 $0.65
LifeStrategy Moderate Growth Fund $1,000.00 $979.33 $0.70
LifeStrategy Growth Fund $1,000.00 $971.28 $0.75
Based on Hypothetical 5% Yearly Return      
LifeStrategy Income Fund $1,000.00 $1,024.60 $0.61
LifeStrategy Conservative Growth Fund $1,000.00 $1,024.55 $0.66
LifeStrategy Moderate Growth Fund $1,000.00 $1,024.50 $0.71
LifeStrategy Growth Fund $1,000.00 $1,024.45 $0.77

The calculations are based on acquired fund fees and expenses charged by the underlying mutual funds in which the LifeStrategy Funds
invest. The LifeStrategy Funds’ annualized expense figures for the period are (in order as listed from top to bottom above) 0.12%, 0.13%,
0.14%, and 0.15%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized average weighted expense ratio for the
underlying funds multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month
period, then divided by the number of days in the most recent 12-month period (184/365).

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Glossary

30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.

Acquired Fund Fees and Expenses. Funds that invest in other Vanguard funds incur no direct expenses, but they do bear proportionate shares of the operating, administrative, and advisory expenses of the underlying funds, and they must pay any fees charged by those funds. The figure for acquired fund fees and expenses represents a weighted average of these underlying costs. Acquired is a term that the Securities and Exchange Commission applies to any mutual fund whose shares are owned by another fund.

Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.

Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.

Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.

R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.

Benchmark Information

Conservative Growth Composite Average: Weighted 60% fixed income funds average, 28% general equity funds average, and 12% international funds average. Derived from data provided by Lipper, a Thomson Reuters Company.

59


 

Conservative Growth Composite Index: Weighted 42% Barclays U.S. Aggregate Float Adjusted Index, 24% CRSP US Total Market Index, 18% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, and 16% FTSE Global All Cap ex US Index as of July 1, 2015. In prior periods, the composite was 48% Barclays U.S. Aggregate Float Adjusted Index, 28% CRSP US Total Market Index, 12% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, and 12% FTSE Global All Cap ex US Index through June 30, 2015; 60% Barclays U.S. Aggregate Float Adjusted Index, 28% MSCI US Broad Market Index, and 12% MSCI ACWI ex USA IMI Index through June 2, 2013; 40% Barclays U.S. Aggregate Float Adjusted Index, 28% MSCI US Broad Market Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, and 12% MSCI ACWI ex USA IMI Index through November 30, 2011; 40% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), 35% MSCI US Broad Market Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, and 5% MSCI EAFE Index through December 15, 2010; 40% Barclays U.S. Aggregate Bond Index, 35% Dow Jones U.S. Total Stock Market Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, and 5% MSCI EAFE Index through April 22, 2005; and 40% Barclays U.S. Aggregate Bond Index, 35% Dow Jones U.S. Total Stock Market Index, 20% Citigroup 3-Month Treasury Bill Index, and 5% MSCI EAFE Index through August 31, 2003. International stock benchmark returns are adjusted for withholding taxes.

Growth Composite Average: Weighted 56% general equity funds average, 24% international funds average, and 20% fixed income funds average. Derived from data provided by Lipper, a Thomson Reuters Company.

Growth Composite Index: Weighted 48% CRSP US Total Market Index, 32% FTSE Global All Cap ex US Index, 14% Barclays U.S. Aggregate Float Adjusted Index, and 6% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of July 1, 2015. In prior periods, the composite was 56% CRSP US Total Market Index, 24% FTSE Global All Cap ex US Index, 16% Barclays U.S. Aggregate Float Adjusted Index, and 4% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index through June 30, 2015; 56% MSCI US Broad Market Index, 24% MSCI ACWI ex USA IMI Index, and 20% Barclays U.S. Aggregate Float Adjusted Index through June 2, 2013; 65% MSCI US Broad Market Index, 20% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), and 15% MSCI EAFE Index through December 15, 2010; and 65% Dow Jones U.S. Total Stock Market Index, 20% Barclays U.S. Aggregate Bond Index, and 15% MSCI EAFE Index through April 22, 2005. International stock benchmark returns are adjusted for withholding taxes.

Income Composite Average: Weighted 80% fixed income funds average, 14% general equity funds average, and 6% international funds average. Derived from data provided by Lipper, a Thomson Reuters Company.

60


 

Income Composite Index: Weighted 56% Barclays U.S. Aggregate Float Adjusted Index, 24% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, 12% CRSP US Total Market Index, and 8% FTSE Global All Cap ex US Index as of July 1, 2015. In prior periods, the composite was 64% Barclays U.S. Aggregate Float Adjusted Index, 16% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, 14% CRSP US Total Market Index, and 6% FTSE Global All Cap ex US Index through June 30, 2015; 80% Barclays U.S. Aggregate Float Adjusted Index, 14% MSCI US Broad Market Index, and 6% MSCI ACWI ex USA IMI Index through June 2, 2013; 60% Barclays U.S. Aggregate Float Adjusted Index, 20% Barclays U.S. 1–3 Year Credit Bond Index, 14% MSCI US Broad Market Index, and 6% MSCI ACWI ex USA IMI Index through November 30, 2011; 60% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), 20% MSCI US Broad Market Index, and 20% Barclays U.S. 1–3 Year Credit Bond Index through December 15, 2010; 60% Barclays U.S. Aggregate Bond Index, 20% Dow Jones U.S. Total Stock Market Index, and 20% Barclays U.S. 1–3 Year Credit Bond Index through April 22, 2005; and 60% Barclays U.S. Aggregate Bond Index, 20% Dow Jones U.S. Total Stock Market Index, and 20% Citigroup 3-Month Treasury Bill Index through August 31, 2003. International stock benchmark returns are adjusted for withholding taxes.

Moderate Growth Composite Average: Weighted 42% general equity funds average, 40% fixed income funds average, and 18% international funds average. Derived from data provided by Lipper, a Thomson Reuters Company.

Moderate Growth Composite Index: Weighted 36% CRSP US Total Market Index, 28% Barclays U.S. Aggregate Float Adjusted Index, 24% FTSE Global All Cap ex US Index, and 12% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of July 1, 2015. In prior periods, the composite was 42% CRSP US Total Market Index, 32% Barclays U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, and 8% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index through June 30, 2015; 42% MSCI US Broad Market Index, 40% Barclays U.S. Aggregate Float Adjusted Index, and 18% MSCI ACWI ex USA IMI Index through June 2, 2013; 50% MSCI US Broad Market Index, 40% Barclays U.S. Aggregate Bond Index (with the Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), and 10% MSCI EAFE Index through December 15, 2010; and 50% Dow Jones U.S. Total Stock Market Index, 40% Barclays U.S. Aggregate Bond Index, and 10% MSCI EAFE Index through April 22, 2005. International stock benchmark returns are adjusted for withholding taxes.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 194 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

InterestedTrustee1 Rajiv L. Gupta
  Born 1945. Trustee Since December 2001.2 Principal
F. William McNabb III Occupation(s) During the Past Five Years and Other
Born 1957. Trustee Since July 2009. Chairman of Experience: Chairman and Chief Executive Officer
the Board. Principal Occupation(s) During the Past (retired 2009) and President (2006–2008) of
Five Years and Other Experience: Chairman of the Rohm and Haas Co. (chemicals); Director of Tyco
Board of The Vanguard Group, Inc., and of each of International PLC (diversified manufacturing and
the investment companies served by The Vanguard services), Hewlett-Packard Co. (electronic computer
Group, since January 2010; Director of The Vanguard manufacturing), and Delphi Automotive PLC
Group since 2008; Chief Executive Officer and (automotive components); Senior Advisor at New
President of The Vanguard Group, and of each of Mountain Capital.
the investment companies served by The Vanguard  
Group, since 2008; Director of Vanguard Marketing Amy Gutmann
Corporation; Managing Director of The Vanguard Born 1949. Trustee Since June 2006. Principal
Group (1995–2008). Occupation(s) During the Past Five Years and
  Other Experience: President of the University of
IndependentTrustees Pennsylvania; Christopher H. Browne Distinguished
  Professor of Political Science, School of Arts and
Emerson U. Fullwood Sciences, and Professor of Communication, Annenberg
Born 1948. Trustee Since January 2008. Principal School for Communication, with secondary faculty
Occupation(s) During the Past Five Years and appointments in the Department of Philosophy, School
Other Experience: Executive Chief Staff and of Arts and Sciences, and at the Graduate School of
Marketing Officer for North America and Corporate Education, University of Pennsylvania; Trustee of the
Vice President (retired 2008) of Xerox Corporation National Constitution Center; Chair of the Presidential
(document management products and services); Commission for the Study of Bioethical Issues.
Executive in Residence and 2009–2010 Distinguished  
Minett Professor at the Rochester Institute of JoAnn Heffernan Heisen
Technology; Director of SPX Corporation (multi-industry Born 1950. Trustee Since July 1998. Principal
manufacturing), the United Way of Rochester, the Occupation(s) During the Past Five Years and
University of Rochester Medical Center, Monroe Other Experience: Corporate Vice President and
Community College Foundation, and North Carolina Chief Global Diversity Officer (retired 2008) and
A&T University. Member of the Executive Committee (1997–2008)
  of Johnson & Johnson (pharmaceuticals/medical
  devices/consumer products); Director of Skytop
  Lodge Corporation (hotels) and the Robert Wood
  Johnson Foundation; Member of the Advisory
  Board of the Institute for Women’s Leadership
  at Rutgers University.

 


 

F. Joseph Loughrey Executive Officers  
Born 1949. Trustee Since October 2009. Principal    
Occupation(s) During the Past Five Years and Other Glenn Booraem  
Experience: President and Chief Operating Officer Born 1967. Treasurer Since May 2015. Principal
(retired 2009) of Cummins Inc. (industrial machinery); Occupation(s) During the Past Five Years and
Chairman of the Board of Hillenbrand, Inc. (specialized Other Experience: Principal of The Vanguard Group,
consumer services), and of Oxfam America; Director Inc.; Treasurer of each of the investment companies
of SKF AB (industrial machinery), Hyster-Yale Materials served by The Vanguard Group; Controller of each of
Handling, Inc. (forklift trucks), the Lumina Foundation the investment companies served by The Vanguard
for Education, and the V Foundation for Cancer Group (2010–2015); Assistant Controller of each of
Research; Member of the Advisory Council for the the investment companies served by The Vanguard
College of Arts and Letters and of the Advisory Board Group (2001–2010).  
to the Kellogg Institute for International Studies, both  
at the University of Notre Dame.
Thomas J. Higgins
Born 1957. Chief Financial Officer Since September
Mark Loughridge 2008. Principal Occupation(s) During the Past Five
Born 1953. Trustee Since March 2012. Principal Years and Other Experience: Principal of The Vanguard
Occupation(s) During the Past Five Years and Other Group, Inc.; Chief Financial Officer of each of the
Experience: Senior Vice President and Chief Financial investment companies served by The Vanguard Group;
Officer (retired 2013) at IBM (information technology Treasurer of each of the investment companies served
services); Fiduciary Member of IBM’s Retirement Plan by The Vanguard Group (1998–2008).
Committee (2004–2013); Director of the Dow Chemical  
Company; Member of the Council on Chicago Booth. Peter Mahoney
Born 1974. Controller Since May 2015. Principal
Scott C. Malpass Occupation(s) During the Past Five Years and
Born 1962. Trustee Since March 2012. Principal Other Experience: Head of Global Fund Accounting
Occupation(s) During the Past Five Years and Other at The Vanguard Group, Inc.; Controller of each of the
Experience: Chief Investment Officer and Vice investment companies served by The Vanguard Group;
President at the University of Notre Dame; Assistant Head of International Fund Services at The Vanguard
Professor of Finance at the Mendoza College of Group (2008–2014).  
Business at Notre Dame; Member of the Notre Dame  
403(b) Investment Committee; Board Member of Heidi Stam
TIFF Advisory Services, Inc., and Catholic Investment Born 1956. Secretary Since July 2005. Principal
Services, Inc. (investment advisors); Member of Occupation(s) During the Past Five Years and Other
the Investment Advisory Committee of Major Experience: Managing Director of The Vanguard
League Baseball. Group, Inc.; General Counsel of The Vanguard Group;
Secretary of The Vanguard Group and of each of the
André F. Perold investment companies served by The Vanguard Group;
Born 1952. Trustee Since December 2004. Principal Director and Senior Vice President of Vanguard
Occupation(s) During the Past Five Years and Other Marketing Corporation.  
Experience: George Gund Professor of Finance and    
Banking, Emeritus at the Harvard Business School Vanguard Senior ManagementTeam
(retired 2011); Chief Investment Officer and Managing Mortimer J. Buckley Chris D. McIsaac
Partner of HighVista Strategies LLC (private investment Kathleen C. Gubanich James M. Norris
firm); Director of Rand Merchant Bank; Overseer of Paul A. Heller Thomas M. Rampulla
the Museum of Fine Arts Boston. Martha G. King Glenn W. Reed
John T. Marcante Karin A. Risi
Peter F. Volanakis
Born 1955. Trustee Since July 2009. Principal    
Occupation(s) During the Past Five Years and Other Chairman Emeritus and Senior Advisor
Experience: President and Chief Operating Officer John J. Brennan   
(retired 2010) of Corning Incorporated (communications  Chairman, 1996–2009  
equipment); Trustee of Colby-Sawyer College;   
Member of the Advisory Board of the Norris Cotton  Chief Executive Officer and President, 1996–2008
Cancer Center and of the Advisory Board of the    
Parthenon Group (strategy consulting). Founder  
  John C. Bogle  
  Chairman and Chief Executive Officer, 1974–1996

1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.


 

 

  P.O. Box 2600
  Valley Forge, PA 19482-2600
 
 
 
Connect with Vanguard® > vanguard.com  
 
 
 
Fund Information > 800-662-7447  
Direct Investor Account Services > 800-662-2739  
Institutional Investor Services > 800-523-1036  
Text Telephone for People  
Who Are Deaf or Hard of Hearing> 800-749-7273  
 
This material may be used in conjunction  
with the offering of shares of any Vanguard  
fund only if preceded or accompanied by  
the fund’s current prospectus.  
 
All comparative mutual fund data are from Lipper, a  
Thomson Reuters Company, or Morningstar, Inc., unless  
otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via email addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
 
  © 2015 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q880 032016

 



Annual Report | October 31, 2015

Vanguard Total International

Stock Index Fund


 

Vanguard’s Principles for Investing Success

We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.

Goals. Create clear, appropriate investment goals.

Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.

Discipline. Maintain perspective and long-term discipline.

A single theme unites these principles: Focus on the things you can control.

We believe there is no wiser course for any investor.

Contents  
Your Fund’s Total Returns. 1
Chairman’s Letter. 2
Fund Profile. 8
Performance Summary. 10
Financial Statements. 13
Your Fund’s After-Tax Returns. 37
About Your Fund’s Expenses. 38
Glossary. 40

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

See the Glossary for definitions of investment terms used in this report.

About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.


 

Your Fund’s Total Returns  
 
 
 
 
Fiscal Year Ended October 31, 2015  
  Total
  Returns
Vanguard Total International Stock Index Fund  
Investor Shares -4.89%
ETF Shares  
Market Price -5.04
Net Asset Value -4.87
Admiral™ Shares -4.88
Institutional Shares -4.84
Institutional Plus Shares -4.82
FTSE Global All Cap ex US Index -3.58
International Funds Average -1.46
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.  

 

Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the Nasdaq exchange and are available only through brokers. The table provides ETF returns based on both the Nasdaq market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.

Your Fund’s Performance at a Glance        
October 31, 2014, Through October 31, 2015        
      Distributions Per Share
  Starting Ending    
  Share Share Income Capital
  Price Price Dividends Gains
Vanguard Total International Stock Index Fund        
Investor Shares $16.31 $15.11 $0.417 $0.000
ETF Shares 50.75 47.00 1.329 0.000
Admiral Shares 27.29 25.27 0.714 0.000
Institutional Shares 109.12 101.07 2.875 0.000
Institutional Plus Shares 109.14 101.08 2.906 0.000

 

1


 


Chairman’s Letter

Dear Shareholder,

The fiscal year ended October 31, 2015, was a volatile one for the world’s equity markets. Both domestic and international markets struggled late in the period.

The strength of the U.S. dollar further hindered results of international stocks, which, as a whole, lost ground for the period.

While results varied dramatically from country to country, stocks of developed economies generally held up better than those of emerging-market economies.

In this investment environment, all share classes of Vanguard Total International Stock Index Fund returned about –5%. Because of temporary price differences arising from fair-value pricing policies (see the box on page 7), the fund’s return diverged from that of its target index.

If you own shares of this fund in a taxable account, you may wish to review the table of after-tax returns that appears later in this report.

Global stock markets struggled, and some failed to advance
The broad U.S. stock market returned more than 4% for the fiscal year ended October 31, 2015. The market traveled a bumpy road to that result. Fears surfaced in late summer that slower economic growth in China would spread across the globe. A sharp drop in August erased the market’s earlier gains and stocks slid further in September.

2


 

In October, however, U.S. stocks staged a robust rally as the Federal Reserve maintained its historically low short-term interest rates. Corporate earnings, although lower than in recent years, mostly exceeded expectations. In Europe and Asia, central banks signaled or implemented additional stimulus measures to counter sluggish growth and low inflation.

Among international stocks, solid gains in the developed markets of the Pacific region and Europe were essentially flat when translated into dollars. Stocks tumbled in emerging markets, where concerns about China seemed to weigh most heavily.

The search for a safe haven gave bonds a bit of a boost

The broad U.S. taxable bond market, which returned 1.96% for the fiscal year, benefited from investors’ desire for safe-haven assets during periods of stock market volatility. The yield of the 10-year Treasury note ended October at 2.17%, down from 2.31% a year earlier. (Bond prices and yields move in opposite directions.)

International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned about –7%, also held back by the strong dollar. Without this currency effect, international bond returns were positive.

Market Barometer      
 
    Average Annual Total Returns
    Periods Ended October 31, 2015
  One Three Five
  Year Years Years
Stocks      
Russell 1000 Index (Large-caps) 4.86% 16.28% 14.32%
Russell 2000 Index (Small-caps) 0.34 13.90 12.06
Russell 3000 Index (Broad U.S. market) 4.49 16.09 14.14
FTSE All-World ex US Index (International) -3.83 5.20 2.99
 
Bonds      
Barclays U.S. Aggregate Bond Index (Broad taxable market) 1.96% 1.65% 3.03%
Barclays Municipal Bond Index (Broad tax-exempt market) 2.87 2.91 4.28
Citigroup Three-Month U.S. Treasury Bill Index 0.02 0.02 0.04
 
CPI      
Consumer Price Index 0.17% 0.93% 1.69%

 

3


 

Returns for money market funds and savings accounts continued to be constrained by the Fed’s 0%–0.25% target for short-term interest rates.

Losses in emerging markets, strong U.S. dollar hurt returns

Vanguard Total International Stock Index Fund offers investors broad exposure to both developed and emerging economies outside the United States. Three major market categories—Europe, the Pacific region’s developed markets, and the emerging markets—account for the bulk of the fund’s holdings.

For the most recent 12 months, Europe and the Pacific region both returned about 1% for the fund, while emerging markets returned about –14%.

Declining commodities prices, triggered by weakened demand from China and the strong dollar, weighed heavily on emerging-market countries. Several of the biggest economies, including Taiwan (–8%), India (–4%), and South Africa (–14%), posted losses. Brazil—which relies heavily on commodity exports to China—was hit particularly hard, declining 46%.

In the Pacific region, too, the drop in commodities prices hindered results for some countries. Australia, another big

Expense Ratios            
Your Fund Compared With Its Peer Group            
 
            Peer
  Investor ETF Admiral Institutional Institutional Group
  Shares Shares Shares Shares Plus Shares Average
Total International Stock Index Fund 0.22% 0.14% 0.14% 0.12% 0.10% 1.39%

 

The fund expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2015, the fund’s expense ratios were 0.19% for Investor Shares, 0.13% for ETF Shares, 0.12% for Admiral Shares, 0.10% for Institutional Shares, and 0.07% for Institutional Plus Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2014.

Peer group: International Funds.

4


 

exporter of commodities, declined 20% for the period. However, strong returns in Japan (+11%), the world’s third-largest economy, behind the United States and China, more than offset these losses.

While Europe as a whole ended the period in positive territory, results among the region’s countries ranged widely. Ireland notched the best result, returning about 24%. At the opposite end of the spectrum, Greece returned about –42% for the period.

The remaining countries were split about 50-50 between positive and negative returns. France (+6%) and Germany (+4%) added most to the region’s result, while the United Kingdom (–1%), Spain (–12%), and Norway (–22%) hurt performance.

The fund has minimal exposure to North America and the Middle East. The North American region—made up almost exclusively of Canadian stocks—was down about 19% for the period and erased more than 1 percentage point from the fund’s total return. The Middle East region, consisting solely of Israeli stocks and constituting just a tiny percentage of the index, returned about 11%.

The fund has been successful in tightly tracking its index

For the ten years ended October 31, 2015, Vanguard Total International Stock Index Fund delivered an average annual return of 3.97% for Investor Shares, outperforming its peer group average.

Total Returns  
Ten Years Ended October 31, 2015  
  Average
  Annual Return
Total International Stock Index Fund Investor Shares 3.97%
Spliced Total International Stock Index 4.13
International Funds Average 3.77

 

For a benchmark description, see the Glossary.

International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.

The figures shown represent past performance, which is not a guarantee of future results. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost.

5


 

The fund has succeeded in meeting its primary objective of closely tracking its index over the long term—no easy feat during a period that included the worst global recession since the Great Depression. This is a tribute to the experience, talent, and sophisticated systems of the fund’s advisor, Vanguard Equity Index Group. Low expenses––which allow you to keep more of the fund’s return––have helped in these efforts.

A dose of discipline is crucial when markets become volatile

The developments over the past few months remind us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term.

However, investors can control how they react to unstable and turbulent markets.

During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline. Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read

Vanguard’s Principles for Investing Success at vanguard.com/research.)

As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make

A note on fair-value pricing

The reported return of a fund that tracks an index sometimes diverges from the index’s return a bit more than would be expected. This may be the result of a fair-value pricing adjustment.

These adjustments, which are required by the Securities and Exchange Commission, address pricing discrepancies that may arise because of time-zone differences among global stock markets. Foreign stocks may trade on exchanges that close many hours before a fund’s closing share price is calculated in the United States, generally at 4 p.m., Eastern time. In the hours between the foreign close and the U.S. close, the value of these foreign securities may change—because of company-specific announcements or market-wide developments, for example. Such price changes are not immediately reflected in international index values.

Fair-value pricing takes such changes into account in calculating the fund’s daily net asset value, thus ensuring that the NAV doesn’t include “stale” prices. The result can be a temporary divergence between the return of the fund and that of its benchmark index—a difference that usually corrects itself when the foreign markets reopen.

6


 

decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.

The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.

As always, thank you for investing with Vanguard.

Sincerely,


F. William McNabb III
Chairman and Chief Executive Officer
November 17, 2015

Staying the course can help you stay closer to your fund’s return

When stock markets are highly volatile, as in recent months, it’s tempting to run for cover. But the price of panic can be high.

A rough measure of what can be lost from attempts to time the market is the difference between the returns produced by a fund and the returns earned by the fund’s investors.

The results shown in your fund’s Performance Summary later in this report are its time-weighted returns—the average annual returns investors would have earned if they had invested a lump sum in the fund at the start of the period and reinvested any distributions they received. Their actual returns, however, depend on whether they subsequently bought or sold any shares. There’s often a gap between this dollar-weighted return for investors and the fund’s time-weighted return, as shown in the figure to the right.

Many sensible investment behaviors can contribute to the difference in returns, but industry cash flow data suggest that one important factor is the generally counter-

productive effort to buy and sell at the “right” time. Keeping your emotions in check can help narrow the gap.

Fund returns vs. investor returns


Notes: Data are for the decade ended September 30, 2015. The average fund return and average investor return are from Morningstar, based on U.S.-domiciled international equity funds that have reported ten-year returns. The average fund return is the average of the international stock funds’ time-weighted returns. The average investor return assumes that the growth of a fund’s total net assets for a given period is driven by market returns and investor cash ‚ow. To calculate investor return, a fund’s change in assets for the period is discounted by the return of the fund to isolate how much of the asset growth was driven by cash ‚ow. A model similar to an internal rate-of-return calculation is then used to calculate a constant growth rate that links the beginning total net assets and periodic cash ‚ows to the ending total net assets.

Sources: Vanguard and Morningstar, Inc.

7


 

Total International Stock Index Fund      
 
 
Fund Profile          
As of October 31, 2015          
 
Share-Class Characteristics          
  Investor   Admiral Institutional Institutional
  Shares ETF Shares Shares Shares Plus Shares
Ticker Symbol VGTSX VXUS VTIAX VTSNX VTPSX
Expense Ratio1 0.22% 0.14% 0.14% 0.12% 0.10%

 

Portfolio Characteristics    
    FTSE Global
    All Cap
    ex US
  Fund Index
Number of Stocks 5,989 5,715
Median Market Cap $22.8B $22.8B
Price/Earnings Ratio 17.6x 17.6x
Price/Book Ratio 1.6x 1.6x
Return on Equity 14.6% 14.6%
Earnings Growth    
Rate 11.2% 11.3%
Dividend Yield 2.9% 2.9%
Turnover Rate 3%
Short-Term Reserves 0.1%

 

Sector Diversification (% of equity exposure)

    FTSE Global
    All Cap
    ex US
  Fund Index
Basic Materials 6.9% 6.9%
Consumer Goods 16.5 16.5
Consumer Services 8.9 8.8
Financials 26.2 26.2
Health Care 8.3 8.3
Industrials 14.0 14.0
Oil & Gas 6.0 6.0
Technology 5.2 5.2
Telecommunications 4.6 4.6
Utilities 3.4 3.5

 

Volatility Measures    
  Spliced FTSE Global
  Total All Cap
  International ex US
  Stock Index Index
R-Squared 0.99 0.98
Beta 0.99 0.99

 

These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.

Ten Largest Holdings (% of total net assets)

Nestle SA Food Products 1.2%
Roche Holding AG Pharmaceuticals 1.0
Novartis AG Pharmaceuticals 1.0
Royal Dutch Shell plc Integrated Oil & Gas 0.8
Toyota Motor Corp. Automobiles 0.8
HSBC Holdings plc Banks 0.8
Samsung Electronics Co. Consumer  
Ltd. Electronics 0.7
Unilever Personal Products 0.6
Sanofi Pharmaceuticals 0.6
British American    
Tobacco plc Tobacco 0.6
Top Ten   8.1%

 

The holdings listed exclude any temporary cash investments and equity index products.

Allocation by Region (% of portfolio)


1 The expense ratios shown are from the prospectus dated February 26, 2015, and represent estimated costs for the current fiscal year. For the fiscal year ended October 31, 2015, the expense ratios were 0.19% for Investor Shares, 0.13% for ETF Shares, 0.12% for Admiral Shares, 0.10% for Institutional Shares, and 0.07% for Institutional Plus Shares.

8


 

Total International Stock Index Fund

Market Diversification (% of equity exposure)

    FTSE
    Global
    All Cap
    ex US
  Fund Index
Europe    
United Kingdom 15.0% 15.0%
France 6.4 6.4
Switzerland 6.2 6.3
Germany 6.2 6.2
Spain 2.3 2.3
Sweden 2.2 2.2
Netherlands 2.1 2.1
Italy 2.0 2.0
Denmark 1.2 1.2
Belgium 1.0 1.0
Other 1.9 1.9
Subtotal 46.5% 46.6%
Pacific    
Japan 17.5% 17.6%
Australia 4.7 4.7
South Korea 3.3 3.4
Hong Kong 2.6 2.6
Singapore 1.0 1.0
Other 0.2 0.2
Subtotal 29.3% 29.5%
Emerging Markets    
China 4.7% 4.6%
Taiwan 2.8 2.8
India 2.3 2.3
South Africa 1.5 1.5
Brazil 1.2 1.2
Other 5.0 4.8
Subtotal 17.5% 17.2%
North America    
Canada 6.2% 6.2%
Middle East 0.5% 0.5%

 

9


 

Total International Stock Index Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: October 31, 2005, Through October 31, 2015

Initial Investment of $10,000


"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.

See Financial Highlights for dividend and capital gains information.

10


 

Total International Stock Index Fund      
 
 
 
 
  Average Annual Total Returns  
  Periods Ended October 31, 2015  
 
    Since Final Value
  One Inception of a $10,000
  Year (11/29/2010) Investment
Total International Stock Index Fund Admiral      
Shares -4.88% 3.46% $11,822
Spliced Total International Stock Index -3.58 3.57 11,885

 

"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards.

    Since Final Value
  One Inception of a $5,000,000
  Year (11/29/2010) Investment
Total International Stock Index Fund      
Institutional Shares -4.84% 3.49% $5,920,584
Spliced Total International Stock Index -3.58 3.57 5,941,086

 

"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standards.

    Since Final Value
  One Inception of a $100,000,000
  Year (11/30/2010) Investment
Total International Stock Index Fund      
Institutional Plus Shares -4.82% 3.75% $119,855,910
Spliced Total International Stock Index -3.58 3.80 120,143,288

 

"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standards.

Cumulative Returns of ETF Shares: January 26, 2011, Through October 31, 2015  
 
    Since
  One Inception
  Year (1/26/2011)
Total International Stock Index Fund ETF Shares    
Market Price -5.04% 8.53%
Total International Stock Index Fund ETF Shares    
Net Asset Value -4.87 8.33
Spliced Total International Stock Index -3.58 9.10

 

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.

11


 

Total International Stock Index Fund

Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015


Total International Stock Index Fund Investor Shares

Spliced Total International Stock Index

For a benchmark description, see the Glossary.

Average Annual Total Returns: Periods Ended September 30, 2015

This table presents returns through the latest calendar quarter—rather than through the end of the fiscal period.

Securities and Exchange Commission rules require that we provide this information.

  Inception One Five Ten
  Date Year Years Years
Investor Shares 4/29/1996 -10.77% 2.09% 2.99%
ETF Shares 1/26/2011      
Market Price   -10.73 0.451
Net Asset Value   -10.74 0.411
Admiral Shares 11/29/2010 -10.72 2.231
Institutional Shares 11/29/2010 -10.71 2.261
Institutional Plus Shares 11/30/2010 -10.68 2.521
1 Return since inception.        

 

12


 

Total International Stock Index Fund

Financial Statements

Statement of Net Assets—Investments Summary

As of October 31, 2015

This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).

    Market Percentage
    Value of Net
  Shares ($000) Assets
Common Stocks      
Argentina †   0.0%
 
Australia      
Commonwealth Bank of Australia 15,923,203 871,764 0.5%
Westpac Banking Corp. 29,858,029 667,537 0.3%
Australia—Other †   7,085,329 3.8%
    8,624,630 4.6%
 
Austria †   381,419 0.2%
 
Belgium      
Anheuser-Busch InBev SA/NV 7,478,363 891,902 0.5%
Belgium—Other †   977,438 0.5%
    1,869,340 1.0%
 
Brazil †   2,144,750 1.2%
 
Canada      
^ Royal Bank of Canada 13,499,728 771,929 0.4%
^ Toronto-Dominion Bank 17,315,245 710,831 0.4%
Bank of Nova Scotia 11,355,015 533,971 0.3%
Canada—Other †   9,553,756 5.1%
    11,570,487 6.2%
 
Chile †   448,289 0.2%
 
China      
Tencent Holdings Ltd. 50,092,275 940,090 0.5%
China Construction Bank Corp. 856,557,340 617,600 0.4%
China Mobile Ltd. 49,915,740 593,804 0.3%
Industrial & Commercial Bank of China Ltd. 675,649,760 428,739 0.2%
Bank of China Ltd. 705,631,306 332,360 0.2%

 

13


 

Total International Stock Index Fund      
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
  China Life Insurance Co. Ltd. Class H 69,817,000 250,369 0.2%
  China Petroleum & Chemical Corp. 239,506,400 172,737 0.1%
  CNOOC Ltd. 150,785,000 171,499 0.1%
  PetroChina Co. Ltd. 197,884,000 155,773 0.1%
  China Overseas Land & Investment Ltd. 36,039,680 116,078 0.1%
  CITIC Ltd. 60,133,000 111,850 0.1%
  Agricultural Bank of China Ltd. 241,679,736 98,612 0.1%
  China Telecom Corp. Ltd. 151,641,000 79,273 0.1%
  PICC Property & Casualty Co. Ltd. 30,656,484 69,455 0.1%
  China Unicom Hong Kong Ltd. 53,969,694 66,139 0.1%
  China Resources Land Ltd. 25,416,867 65,817 0.1%
  China Communications Construction Co. Ltd. 41,647,080 57,037 0.1%
  China Shenhua Energy Co. Ltd. 31,902,000 53,895 0.0%
*,^ CRRC Corp. Ltd. 37,916,000 48,179 0.0%
* China Taiping Insurance Holdings Co. Ltd. 13,825,626 43,317 0.0%
  Sinopharm Group Co. Ltd. 9,880,000 40,693 0.0%
  China Resources Power Holdings Co. Ltd. 17,771,600 40,124 0.0%
  Dongfeng Motor Group Co. Ltd. 27,406,000 39,309 0.0%
1 CGN Power Co. Ltd. 93,186,000 38,368 0.0%
  China Merchants Holdings International Co. Ltd. 11,092,000 36,717 0.0%
  China Railway Group Ltd. 36,082,000 34,014 0.0%
  China Cinda Asset Management Co. Ltd. 85,176,000 33,040 0.0%
  People’s Insurance Co. Group of China Ltd. 59,990,000 31,987 0.0%
  Zhuzhou CSR Times Electric Co. Ltd. 4,769,500 30,903 0.0%
  China Galaxy Securities Co. Ltd. 34,953,500 30,190 0.0%
  China Longyuan Power Group Corp. Ltd. 31,529,000 28,839 0.0%
  China Railway Construction Corp. Ltd. 17,720,800 26,423 0.0%
  China State Construction International Holdings Ltd. 15,113,442 22,939 0.0%
  Kunlun Energy Co. Ltd. 26,346,300 21,567 0.0%
  China Resources Beer Holdings Company Ltd. 11,356,000 21,422 0.0%
  China Everbright Ltd. 7,984,000 18,722 0.0%
  China Oilfield Services Ltd. 16,808,000 18,647 0.0%
  AviChina Industry & Technology Co. Ltd. 21,297,000 17,284 0.0%
  China Resources Gas Group Ltd. 6,241,000 17,089 0.0%
  Air China Ltd. 17,170,000 16,436 0.0%
  China Power International Development Ltd. 25,465,000 15,996 0.0%
  Beijing Capital International Airport Co. Ltd. 14,002,000 14,997 0.0%
*,^ China COSCO Holdings Co. Ltd. 22,815,000 14,542 0.0%
  China Southern Airlines Co. Ltd. 16,386,000 13,856 0.0%
* Sinopec Shanghai Petrochemical Co. Ltd. 32,751,000 13,674 0.0%
  Huaneng Renewables Corp. Ltd. 38,154,000 11,874 0.0%
  Huadian Power International Corp. Ltd. 15,298,000 11,177 0.0%
^ China Coal Energy Co. Ltd. 24,285,000 10,422 0.0%
  Sinotrans Ltd. 17,340,000 9,378 0.0%
* China Eastern Airlines Corp. Ltd. 14,608,000 9,363 0.0%
  Metallurgical Corp. of China Ltd. 25,179,063 9,291 0.0%
  Sinopec Engineering Group Co. Ltd. 10,410,500 8,956 0.0%
  China Jinmao Holdings Group Ltd. 31,854,000 8,730 0.0%
* China Reinsurance Group Corp. 22,775,939 7,964 0.0%
  Huadian Fuxin Energy Corp. Ltd. 24,354,014 7,467 0.0%
* China Agri-Industries Holdings Ltd. 20,232,400 7,431 0.0%
  China Merchants Property Development Co. Ltd. Class B 1,971,224 7,376 0.0%
  China Resources Cement Holdings Ltd. 18,003,845 7,235 0.0%
*,1 China Railway Signal & Communication Corp. Ltd. 7,554,600 5,975 0.0%
*,^ CSSC Offshore and Marine Engineering Group Co. Ltd. 2,256,000 5,531 0.0%
  China BlueChemical Ltd. 17,814,000 5,310 0.0%

 

14


 

Total International Stock Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
^ Sinopec Kantons Holdings Ltd. 9,274,000 5,271 0.0%
Shanghai Baosight Software Co. Ltd. Class B 1,131,056 4,433 0.0%
Angang Steel Co. Ltd. 9,680,000 4,013 0.0%
China Machinery Engineering Corp. 4,600,000 3,985 0.0%
Sinofert Holdings Ltd. 18,602,000 3,256 0.0%
* China Foods Ltd. 6,602,000 3,002 0.0%
* China Datang Corp. Renewable Power Co. Ltd. 22,154,000 2,962 0.0%
^ China Merchants Land Ltd. 12,376,000 2,615 0.0%
^ COSCO International Holdings Ltd. 4,512,000 2,596 0.0%
China National Accord Medicines Corp. Ltd. Class B 500,068 2,569 0.0%
China National Materials Co. Ltd. 10,367,000 2,483 0.0%
^ Sinotrans Shipping Ltd. 11,744,500 2,472 0.0%
^ CPMC Holdings Ltd. 3,970,000 2,227 0.0%
* China Overseas Property Holdings Ltd. 11,948,560 2,050 0.0%
^ Poly Culture Group Corp. Ltd. 766,686 1,837 0.0%
Foshan Huaxin Packaging Co. Ltd. Class B 1,362,902 1,667 0.0%
^ Minmetals Land Ltd. 9,736,000 999 0.0%
1 China—Other †   3,389,938 1.8%
    8,682,256 4.7%
 
Colombia †   201,268 0.1%
 
Czech Republic †   61,628 0.0%
 
Denmark      
Novo Nordisk A/S Class B 17,300,933 916,494 0.5%
Denmark—Other †   1,380,418 0.7%
    2,296,912 1.2%
 
Egypt †   118,553 0.1%
 
Finland †   1,343,570 0.7%
 
France      
Sanofi 10,589,976 1,067,680 0.6%
TOTAL SA 19,293,433 934,949 0.5%
BNP Paribas SA 9,156,286 555,370 0.3%
1 France—Other †   9,346,025 5.0%
    11,904,024 6.4%
Germany      
Bayer AG 7,753,143 1,034,890 0.5%
Daimler AG 8,956,136 777,176 0.4%
Allianz SE 4,268,720 747,453 0.4%
Siemens AG 7,424,848 746,727 0.4%
BASF SE 8,654,942 709,444 0.4%
SAP SE 8,380,022 662,503 0.4%
* Deutsche Telekom AG 29,681,445 554,987 0.3%
1 Germany—Other †   6,296,270 3.4%
    11,529,450 6.2%
 
Greece †   116,682 0.1%
 
Hong Kong      
AIA Group Ltd. 112,922,896 659,392 0.3%
BOC Hong Kong Holdings Ltd. 33,679,325 107,462 0.1%

 

15


 

Total International Stock Index Fund      
 
 
 
      Market Percentage
      Value of Net
    Shares ($000) Assets
  China Travel International Investment Hong Kong Ltd. 24,731,096 11,150 0.0%
  APT Satellite Holdings Ltd. 3,457,000 3,382 0.0%
*,^ MMG Ltd. 14,228,000 3,132 0.0%
* CGN Meiya Power Holdings Co. Ltd. 9,852,000 2,369 0.0%
^ Shenwan Hongyuan HK Ltd. 4,055,000 1,774 0.0%
*,^ Yanchang Petroleum International Ltd. 40,120,000 1,276 0.0%
1 Hong Kong—Other †   4,080,863 2.2%
      4,870,800 2.6%
 
Hungary †   82,082 0.1%
 
India      
  Nestle India Ltd. 214,309 20,222 0.0%
  India—Other †   4,166,666 2.3%
      4,186,888 2.3%
 
Indonesia †   813,321 0.4%
 
Ireland †   470,206 0.3%
 
Israel      
  Teva Pharmaceutical Industries Ltd. 8,899,032 528,618 0.3%
  Osem Investments Ltd. 355,559 6,870 0.0%
  Israel—Other †   413,388 0.2%
      948,876 0.5%
 
1Italy †   3,608,145 1.9%
 
Japan      
  Toyota Motor Corp. 24,835,644 1,520,701 0.8%
  Mitsubishi UFJ Financial Group Inc. 130,392,650 843,156 0.5%
  Honda Motor Co. Ltd. 16,813,822 558,216 0.3%
  Chugai Pharmaceutical Co. Ltd. 2,048,131 65,676 0.0%
  Japan—Other †   29,430,672 15.8%
      32,418,421 17.4%
 
1Malaysia †   1,349,972 0.7%
 
Mexico †   1,737,812 0.9%
 
Netherlands      
  Unilever NV 14,592,022 657,732 0.4%
  ING Groep NV 36,207,416 525,094 0.3%
1 Netherlands—Other †   2,677,415 1.4%
      3,860,241 2.1%
 
New Zealand †   351,110 0.2%
 
1Norway †   921,909 0.5%
 
Other2      
3 Vanguard FTSE Emerging Markets ETF 6,914,371 240,897 0.1%
 
Peru †   67,917 0.0%

 

16


 

Total International Stock Index Fund      
 
 
 
    Market Percentage
    Value of Net
  Shares ($000) Assets
Philippines †   626,046 0.3%
 
Poland †   522,564 0.3%
 
Portugal †   245,153 0.1%
 
1Russia †   1,308,705 0.7%
 
Singapore      
^ COSCO Corp. Singapore Ltd. 8,735,944 2,338 0.0%
GMG Global Ltd. 1,928,210 530 0.0%
1 Singapore—Other †   1,858,857 1.0%
    1,861,725 1.0%
South Africa      
Naspers Ltd. 3,818,098 557,735 0.3%
South Africa—Other †   2,297,832 1.2%
    2,855,567 1.5%
South Korea      
Samsung Electronics Co. Ltd. 952,662 1,141,191 0.6%
South Korea—Other †   5,081,714 2.7%
    6,222,905 3.3%
Spain      
Banco Santander SA 130,392,767 730,186 0.4%
1 Spain—Other †   3,587,601 1.9%
    4,317,787 2.3%
 
1Sweden †   4,048,143 2.2%
 
Switzerland      
Nestle SA 29,364,558 2,241,780 1.2%
Novartis AG 19,993,309 1,812,714 1.0%
Roche Holding AG 6,616,501 1,792,159 1.0%
UBS Group AG 32,931,579 657,244 0.3%
Roche Holding AG (Bearer) 131,667 35,967 0.0%
1 Switzerland—Other †   5,044,487 2.7%
    11,584,351 6.2%
Taiwan      
Taiwan Semiconductor Manufacturing Co. Ltd. 205,880,063 870,166 0.5%
Taiwan—Other †   4,349,145 2.3%
    5,219,311 2.8%
 
Thailand †   995,067 0.5%
 
Turkey †   542,481 0.3%
 
United Arab Emirates †   302,038 0.2%
 
United Kingdom      
HSBC Holdings plc 182,973,023 1,429,177 0.8%
British American Tobacco plc 17,476,308 1,037,322 0.6%
BP plc 170,988,532 1,014,949 0.5%
GlaxoSmithKline plc 45,582,125 981,747 0.5%
Royal Dutch Shell plc Class A 34,715,936 901,524 0.5%
Vodafone Group plc 249,077,591 821,125 0.4%

 

17


 

Total International Stock Index Fund        
 
 
 
        Market Percentage
        Value of Net
      Shares ($000) Assets
  AstraZeneca plc   11,831,536 755,208 0.4%
  Diageo plc   23,614,608 682,428 0.4%
  Lloyds Banking Group plc   573,420,467 650,651 0.4%
  Royal Dutch Shell plc Class B   22,761,238 594,531 0.3%
  Reckitt Benckiser Group plc   5,960,418 581,554 0.3%
  BT Group plc   78,468,135 560,995 0.3%
  Barclays plc   157,011,005 558,805 0.3%
  Prudential plc   23,923,981 558,414 0.3%
  SABMiller plc   8,863,454 545,226 0.3%
1 United Kingdom—Other †     16,056,107 8.6%
        27,729,763 14.9%
Total Common Stocks (Cost $187,715,549)     185,603,461 99.5%4
 
    Coupon      
Temporary Cash Investments        
Money Market Fund        
5,6 Vanguard Market Liquidity Fund 0.207% 5,451,983,306 5,451,983 2.9%
 
7,8 U.S. Government and Agency Obligations †     88,263 0.1%
Total Temporary Cash Investments (Cost $5,540,231)     5,540,246 3.0%4
Total Investments (Cost $193,255,780)     191,143,707 102.5%
 
        Amount  
        ($000)  
Other Assets and Liabilities        
Other Assets        
Investment in Vanguard     16,076  
Receivables for Investment Securities Sold     11,962  
Receivables for Accrued Income     481,507  
Receivables for Capital Shares Issued     242,322  
Other Assets     86,707  
Total Other Assets     838,574 0.4%
Liabilities        
Payables for Investment Securities Purchased     (513,142)  
Collateral for Securities on Loan     (4,730,037)  
Payables for Capital Shares Redeemed     (70,351)  
Payables to Vanguard     (84,118)  
Other Liabilities     (13,366)  
Total Liabilities     (5,411,014) (2.9%)
Net Assets     186,571,267 100.0%

 

18


 

Total International Stock Index Fund  
 
 
At October 31, 2015, net assets consisted of:  
  Amount
  ($000)
Paid-in Capital 189,552,047
Undistributed Net Investment Income 366,038
Accumulated Net Realized Losses (1,264,762)
Unrealized Appreciation (Depreciation)  
Investment Securities (2,112,073)
Futures Contracts 47,351
Forward Currency Contracts (4,515)
Foreign Currencies (12,819)
Net Assets 186,571,267
 
Investor Shares—Net Assets  
Applicable to 4,927,146,049 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 74,443,630
Net Asset Value Per Share—Investor Shares $15.11
 
ETF Shares—Net Assets  
Applicable to 104,895,823 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 4,929,653
Net Asset Value Per Share—ETF Shares $47.00
 
Admiral Shares—Net Assets  
Applicable to 1,497,313,991 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 37,841,092
Net Asset Value Per Share—Admiral Shares $25.27
 
Institutional Shares—Net Assets  
Applicable to 158,689,915 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 16,038,400
Net Asset Value Per Share—Institutional Shares $101.07

 

19


 

Total International Stock Index Fund  
 
 
 
  Amount
  ($000)
Institutional Plus Shares—Net Assets  
Applicable to 527,467,332 outstanding $.001 par value shares of  
beneficial interest (unlimited authorization) 53,318,492
Net Asset Value Per Share—Institutional Plus Shares $101.08

 

  • See Note A in Notes to Financial Statements.
  • Non-income-producing security.
  • Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,208,246,000.
  • Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
  • Certain of the fund’s securities are 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 October 31, 2015, the aggregate value of these securities was $560,542,000, representing 0.3% of net assets.
  • “Other” represents securities that are not classified by the fund’s benchmark index.
  • Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
  • 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 2.5%, respectively, of net assets.
  • Includes $4,730,037,000 of collateral received for securities on loan.
  • Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  • Securities with a value of $62,782,000 have been segregated as initial margin for open futures contracts.
  • Securities with a value of $12,469,000 have been segregated as collateral for open forward currency contracts. See accompanying Notes, which are an integral part of the Financial Statements.

20


 

Total International Stock Index Fund  
 
 
Statement of Operations  
 
 
  Year Ended
  October 31, 2015
  ($000)
Investment Income  
Income  
Dividends1,2 4,474,041
Interest2 1,470
Securities Lending 144,109
Total Income 4,619,620
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 6,617
Management and Administrative—Investor Shares 89,745
Management and Administrative—ETF Shares 3,788
Management and Administrative—Admiral Shares 27,526
Management and Administrative—Institutional Shares 9,005
Management and Administrative—Institutional Plus Shares 14,628
Marketing and Distribution—Investor Shares 11,408
Marketing and Distribution—ETF Shares 542
Marketing and Distribution—Admiral Shares 3,795
Marketing and Distribution—Institutional Shares 1,793
Marketing and Distribution—Institutional Plus Shares 4,860
Custodian Fees 33,018
Auditing Fees 49
Shareholders’ Reports—Investor Shares 106
Shareholders’ Reports—ETF Shares 104
Shareholders’ Reports—Admiral Shares 216
Shareholders’ Reports—Institutional Shares 144
Shareholders’ Reports—Institutional Plus Shares 68
Trustees’ Fees and Expenses 113
Total Expenses 207,525
Net Investment Income 4,412,095
Realized Net Gain (Loss)  
Investment Securities Sold2 (757,587)
Futures Contracts (9,750)
Foreign Currencies and Forward Currency Contracts (122,334)
Realized Net Gain (Loss) (889,671)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (12,680,275)
Futures Contracts 54,790
Foreign Currencies and Forward Currency Contracts 6,157
Change in Unrealized Appreciation (Depreciation) (12,619,328)
Net Increase (Decrease) in Net Assets Resulting from Operations (9,096,904)

 

1 Dividends are net of foreign withholding taxes of $299,660,000.

2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $7,828,000, $1,387,000, and ($16,960,000), respectively.

See accompanying Notes, which are an integral part of the Financial Statements.

21


 

Total International Stock Index Fund    
 
 
Statement of Changes in Net Assets    
 
  Year Ended October 31,
  2015 2014
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 4,412,095 3,918,366
Realized Net Gain (Loss) (889,671) 739,297
Change in Unrealized Appreciation (Depreciation) (12,619,328) (3,642,906)
Net Increase (Decrease) in Net Assets Resulting from Operations (9,096,904) 1,014,757
Distributions    
Net Investment Income    
Investor Shares (1,570,687) (1,534,033)
ETF Shares (112,690) (89,095)
Admiral Shares (932,112) (819,498)
Signal Shares (144,315)
Institutional Shares (401,374) (397,850)
Institutional Plus Shares (1,194,763) (931,850)
Realized Capital Gain    
Investor Shares
ETF Shares
Admiral Shares
Institutional Shares
Institutional Plus Shares
Total Distributions (4,211,626) (3,916,641)
Capital Share Transactions    
Investor Shares 28,740,430 6,874,109
ETF Shares 1,939,958 1,243,544
Admiral Shares 9,237,699 10,709,173
Signal Shares (5,394,525)
Institutional Shares 3,972,530 2,462,701
Institutional Plus Shares 23,048,189 12,165,427
Net Increase (Decrease) from Capital Share Transactions 66,938,806 28,060,429
Total Increase (Decrease) 53,630,276 25,158,545
Net Assets    
Beginning of Period 132,940,991 107,782,446
End of Period1 186,571,267 132,940,991

 

1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $366,038,000 and $228,065,000.

See accompanying Notes, which are an integral part of the Financial Statements.

22


 

Total International Stock Index Fund          
 
 
Financial Highlights          
 
 
Investor Shares          
 
For a Share Outstanding     Year Ended October 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $16.31 $16.67 $14.31 $14.24 $15.48
Investment Operations          
Net Investment Income . 423 .5261 .425 . 405 .4342
Net Realized and Unrealized Gain (Loss)          
on Investments (1.206) (.352) 2.428 .305 (1.425)
Total from Investment Operations (.783) .174 2.853 .710 (.991)
Distributions          
Dividends from Net Investment Income (.417) (.534) (.493) (.640) (. 249)
Distributions from Realized Capital Gains
Total Distributions (.417) (.534) (.493) (.640) (. 249)
Net Asset Value, End of Period $15.11 $16.31 $16.67 $14.31 $14.24
 
Total Return3 -4.89% 1.00% 20.37% 5.32% -6.54%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $74,444 $51,040 $45,205 $35,564 $30,912
Ratio of Total Expenses to Average Net Assets 0.19% 0.22% 0.22% 0.22% 0.22%
Ratio of Net Investment Income to          
Average Net Assets 2.73% 3.16%1 2.79% 3.17% 2.95%
Portfolio Turnover Rate 4 3% 3% 5% 3% 3%

 

1 Net investment income per share and the ratio of net investment income to average net assets include $.067 and 0.39%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.

2 Calculated based on average shares outstanding.

3 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.

4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

23


 

Total International Stock Index Fund          
 
 
Financial Highlights          
 
 
ETF Shares          
          Jan. 26,
          20111 to
    Year Ended October 31,  
For a Share Outstanding         Oct. 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $50.75 $51.86 $44.53 $44.33 $50.00
Investment Operations          
Net Investment Income 1.346 1.6802 1.365 1.283 1.0213
Net Realized and Unrealized Gain (Loss)          
on Investments (3.767) (1.087) 7.555 .965 (6.691)
Total from Investment Operations (2.421) .593 8.920 2.248 (5.670)
Distributions          
Dividends from Net Investment Income (1.329) (1.703) (1.590) (2.048)
Distributions from Realized Capital Gains
Total Distributions (1.329) (1.703) (1.590) (2.048)
Net Asset Value, End of Period $47.00 $50.75 $51.86 $44.53 $44.33
 
Total Return -4.87% 1.10% 20.50% 5.43% -11.34%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $4,930 $3,360 $2,198 $966 $435
Ratio of Total Expenses to Average Net Assets 0.13% 0.14% 0.14% 0.16% 0.18%4
Ratio of Net Investment Income to          
Average Net Assets 2.79% 3.24%2 2.87% 3.23% 2.99%4
Portfolio Turnover Rate 5 3% 3% 5% 3% 3%

 

1      Inception.
2      Net investment income per share and the ratio of net investment income to average net assets include $.208 and 0.39%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3      Calculated based on average shares outstanding.
4      Annualized.
5      Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

24


 

Total International Stock Index Fund          
 
 
Financial Highlights          
 
Admiral Shares          
          Nov. 29,
          20101 to
    Year Ended October 31,  
For a Share Outstanding         Oct. 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $27.29 $27.89 $23.94 $23.81 $25.00
Investment Operations          
Net Investment Income .726 . 9042 .733 .681 .8423
Net Realized and Unrealized Gain (Loss)          
on Investments (2.032) (.588) 4.069 . 530 (1.615)
Total from Investment Operations (1.306) .316 4.802 1.211 (.773)
Distributions          
Dividends from Net Investment Income (.714) (. 916) (. 852) (1.081) (.417)
Distributions from Realized Capital Gains
Total Distributions (.714) (. 916) (. 852) (1.081) (.417)
Net Asset Value, End of Period $25.27 $27.29 $27.89 $23.94 $23.81
 
Total Return4 -4.88% 1.09% 20.51% 5.43% -3.23%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $37,841 $31,445 $21,438 $15,153 $13,190
Ratio of Total Expenses to Average Net Assets 0.12% 0.14% 0.14% 0.16% 0.18%5
Ratio of Net Investment Income to          
Average Net Assets 2.80% 3.24%2 2.87% 3.23% 2.99%5
Portfolio Turnover Rate 6 3% 3% 5% 3% 3%

 

1      Inception.
2      Net investment income per share and the ratio of net investment income to average net assets include $.111 and 0.39%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3      Calculated based on average shares outstanding.
4      Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction and account service fees.
5      Annualized.
6      Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

25


 

Total International Stock Index Fund          
 
 
Financial Highlights          
 
 
Institutional Shares          
          Nov. 29,
          20101 to
    Year Ended October 31,  
For a Share Outstanding         Oct. 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $109.12 $111.51 $95.75 $95.29 $100.00
Investment Operations          
Net Investment Income 2.923 3.6302 2.948 2.818 3.208 3
Net Realized and Unrealized Gain (Loss)          
on Investments (8.098) (2.338) 16.255 2.048 (6.245)
Total from Investment Operations (5.175) 1.292 19.203 4.866 (3.037)
Distributions          
Dividends from Net Investment Income (2.875) (3.682) (3.443) (4.406) (1.673)
Distributions from Realized Capital Gains
Total Distributions (2.875) (3.682) (3.443) (4.406) (1.673)
Net Asset Value, End of Period $101.07 $109.12 $111.51 $95.75 $95.29
 
Total Return4 -4.84% 1.12% 20.51% 5.46% -3.18%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $16,038 $13,182 $11,024 $7,062 $3,788
Ratio of Total Expenses to Average Net Assets 0.10% 0.12% 0.12% 0.12% 0.13%5
Ratio of Net Investment Income to          
Average Net Assets 2.82% 3.26%2 2.89% 3.27% 3.04%5
Portfolio Turnover Rate 6 3% 3% 5% 3% 3%

 

1      Inception.
2      Net investment income per share and the ratio of net investment income to average net assets include $.446 and 0.39%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3      Calculated based on average shares outstanding.
4      Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5      Annualized.
6      Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

26


 

Total International Stock Index Fund          
 
 
Financial Highlights          
 
 
Institutional Plus Shares          
          Nov. 30,
          20101 to
    Year Ended October 31,  
For a Share Outstanding         Oct. 31,
Throughout Each Period 2015 2014 2013 2012 2011
Net Asset Value, Beginning of Period $109.14 $111.53 $95.77 $95.31 $98.88
Investment Operations          
Net Investment Income 2.954 3.655 2 2.968 2.778 2.596 3
Net Realized and Unrealized Gain (Loss)          
on Investments (8.108) (2.339) 16.259 2.110 (4.492)
Total from Investment Operations (5.154) 1.316 19.227 4.888 (1.896)
Distributions          
Dividends from Net Investment Income (2.906) (3.706) (3.467) (4.428) (1.674)
Distributions from Realized Capital Gains
Total Distributions (2.906) (3.706) (3.467) (4.428) (1.674)
Net Asset Value, End of Period $101.08 $109.14 $111.53 $95.77 $95.31
 
Total Return4 -4.82% 1.14% 20.54% 5.48% -2.08%
 
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $53,318 $33,915 $22,504 $12,973 $6,965
Ratio of Total Expenses to Average Net Assets 0.07% 0.10% 0.10% 0.10% 0.10%5
Ratio of Net Investment Income to          
Average Net Assets 2.85% 3.28%2 2.91% 3.29% 3.07%5
Portfolio Turnover Rate 6 3% 3% 5% 3% 3%

 

1      Inception.
2      Net investment income per share and the ratio of net investment income to average net assets include $.446 and 0.39%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3      Calculated based on average shares outstanding.
4      Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
5      Annualized.
6      Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

27


 

Total International Stock Index Fund

Notes to Financial Statements

Vanguard Total International Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments 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.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the 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

28


 

Total International Stock Index Fund

values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearing-house, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.

The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.

During the year ended October 31, 2015, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (October 31, 2012–2015), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of

29


 

Total International Stock Index Fund

loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.

7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.06% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate equal to the higher of the federal funds rate or LIBOR reference rate plus an agreed-upon spread.

The fund had no borrowings outstanding at October 31, 2015, or at any time during the period then ended.

8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

30


 

Total International Stock Index Fund

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2015, the fund had contributed to Vanguard capital in the amount of $16,076,000, representing 0.01% of the fund’s net assets and 6.43% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C. 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 October 31, 2015, based on the inputs used to value them:

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Common Stocks—North and South America 13,824,698 2,588,355 2,623
Common Stocks—Other 717,270 168,259,085 211,430
Temporary Cash Investments 5,451,983 88,263
Futures Contracts—Assets1 1,702
Futures Contracts—Liabilities1 (1,842)
Forward Currency Contracts—Assets 6,243
Forward Currency Contracts—Liabilities (10,758)
Total 19,993,811 170,931,188 214,053
1 Represents variation margin on the last day of the reporting period.      

 

Securities in certain countries may transfer between Level 1 and Level 2 because of differences in stock market closure times that may result from transitions between standard and daylight saving time in those countries and the United States. Based on values on the date of transfer, securities valued at $1,884,065,000 based on Level 1 inputs were transferred from Level 2 during the fiscal year. Additionally, based on values on the date of transfer, securities valued at $1,943,654,000 based on Level 2 inputs were transferred from Level 1 during the fiscal year.

31


 

Total International Stock Index Fund

D. At October 31, 2015, the fair values of derivatives were reflected in the Statement of Net Assets as follows:

    Foreign  
  Equity Exchange  
  Contracts Contracts Total
Statement of Net Assets Caption ($000) ($000) ($000)
Other Assets 1,702 6,243 7,945
Other Liabilities (1,842) (10,758) (12,600)

 

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2015, were:

    Foreign  
  Equity Exchange  
  Contracts Contracts Total
Realized Net Gain (Loss) on Derivatives ($000) ($000) ($000)
Futures Contracts (9,750) (9,750)
Forward Currency Contracts (56,664) (56,664)
Realized Net Gain (Loss) on Derivatives (9,750) (56,664) (66,414)
 
Change in Unrealized Appreciation (Depreciation) on Derivatives      
Futures Contracts 54,790 54,790
Forward Currency Contracts 8,362 8,362
Change in Unrealized Appreciation (Depreciation) on Derivatives 54,790 8,362 63,152

 

At October 31, 2015, 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)
Dow Jones EURO STOXX 50 Index December 2015 7,240 272,162 16,087
Topix Index December 2015 1,667 215,291 16,308
FTSE 100 Index December 2015 2,131 207,999 8,595
S&P ASX 200 Index December 2015 989 92,364 3,416
E-mini S&P 500 Index December 2015 750 77,764 2,945
        47,351

 

Unrealized appreciation (depreciation) on open Dow Jones EURO STOXX 50 Index, FTSE 100 Index, and E-mini S&P 500 Index are required to be treated as realized gain (loss) for tax purposes.

At October 31, 2015, 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.

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Total International Stock Index Fund            
 
 
 
 
            Unrealized
  Contract         Appreciation
        Contract Amount (000)  
  Settlement         (Depreciation)
Counterparty Date   Receive   Deliver ($000)
BNP Paribas 12/23/15 EUR 272,113 USD 307,561 (8,047)
BNP Paribas 12/23/15 GBP 194,644 USD 299,287 716
BNP Paribas 12/15/15 JPY 26,865,721 USD 224,599 (1,789)
BNP Paribas 12/22/15 AUD 156,926 USD 111,181 425
JPMorgan Chase Bank, N.A. 12/23/15 EUR 23,688 USD 26,197 (123)
JPMorgan Chase Bank, N.A 12/15/15 JPY 2,497,635 USD 20,781 (67)
Bank of America, N.A. 12/23/15 GBP 13,193 USD 20,213 122
JPMorgan Chase Bank, N.A. 12/22/15 AUD 12,819 USD 9,247 (130)
BNP Paribas 12/15/15 USD 271,195 JPY 32,480,402 1,819
Bank of America, N.A. 12/23/15 USD 68,893 GBP 45,029 (508)
Bank of America, N.A. 12/23/15 USD 47,723 GBP 30,957 9
Bank of America, N.A. 12/23/15 USD 29,820 EUR 26,079 1,114
Citibank, N.A. 12/23/15 USD 26,292 EUR 23,059 911
Morgan Stanley Capital Services LLC 12/23/15 USD 17,469 EUR 15,471 439
Citibank, N.A. 12/22/15 USD 13,642 AUD 18,878 216
UBS AG 12/22/15 USD 11,213 AUD 15,356 292
Citibank, N.A. 12/23/15 USD 10,102 GBP 6,615 (94)
BNP Paribas 12/22/15 USD 9,155 AUD 12,619 180
            (4,515)
AUD—Australian dollar.            
EUR—Euro.            
GBP—British pound.            
JPY—Japanese yen.            
USD—U.S. dollar.            

 

At October 31, 2015, the counterparties had deposited in segregated accounts securities with a value of $2,101,000 in connection with amounts due to the fund for open forward currency contracts.

E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

During the year ended October 31, 2015, the fund realized net foreign currency losses of $65,670,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income. Certain of the fund’s investments are in securities considered to be passive foreign investment

33


 

Total International Stock Index Fund

companies, for which any unrealized appreciation and/or realized gains are required to be included in distributable net income for tax purposes. During the year ended October 31, 2015, the fund realized gains on the sale of passive foreign investment companies of $3,174,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income. Passive foreign investment companies held at October 31, 2015, had unrealized appreciation of $464,855,000 of which all has been distributed and is reflected in the balance of undistributed net investment income.

For tax purposes, at October 31, 2015, the fund had $904,139,000 of ordinary income available for distribution. At October 31, 2015, the fund had available capital losses totaling $902,806,000 to offset future net capital gains. Of this amount, $463,013,000 is subject to expiration on October 31, 2017. Capital losses of $439,793,000 realized beginning in fiscal 2012 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards.

At October 31, 2015, the cost of investment securities for tax purposes was $194,059,352,000. Net unrealized depreciation of investment securities for tax purposes was $2,915,645,000, consisting of unrealized gains of $21,853,294,000 on securities that had risen in value since their purchase and $24,768,939,000 in unrealized losses on securities that had fallen in value since their purchase.

F. During the year ended October 31, 2015, the fund purchased $70,815,436,000 of investment securities and sold $3,990,403,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,012,160,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

G. Capital share transactions for each class of shares were:      
      Year Ended October 31,
    2015   2014
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued 33,775,753 2,133,278 9,303,349 563,187
Issued in Lieu of Cash Distributions 1,562,883 99,309 1,523,991 91,155
Redeemed (6,598,206) (433,915) (3,953,231) (237,198)
Net Increase (Decrease)—Investor Shares 28,740,430 1,798,672 6,874,109 417,144
ETF Shares        
Issued 1,939,962 38,689 1,253,978 24,021
Issued in Lieu of Cash Distributions
Redeemed (4) (10,434) (200)
Net Increase (Decrease) —ETF Shares 1,939,958 38,689 1,243,544 23,821
Admiral Shares        
Issued1 13,155,587 494,118 12,409,332 444,554
Issued in Lieu of Cash Distributions 827,223 31,318 728,068 25,999
Redeemed (4,745,111) (180,521) (2,428,227) (86,941)
Net Increase (Decrease) —Admiral Shares 9,237,699 344,915 10,709,173 383,612

 

34


 

Total International Stock Index Fund

      Year Ended October 31,
    2015   2014
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Signal Shares        
Issued 1,413,050 42,230
Issued in Lieu of Cash Distributions 129,836 3,891
Redeemed1 (6,937,411) (207,962)
Net Increase (Decrease)—Signal Shares (5,394,525) (161,841)
Institutional Shares        
Issued 5,691,327 53,792 4,631,261 41,269
Issued in Lieu of Cash Distributions 384,849 3,643 382,641 3,420
Redeemed (2,103,646) (19,550) (2,551,201) (22,745)
Net Increase (Decrease) —Institutional Shares 3,972,530 37,885 2,462,701 21,944
Institutional Plus Shares        
Issued 25,223,565 236,739 12,404,005 111,084
Issued in Lieu of Cash Distributions 1,167,596 11,081 903,727 8,072
Redeemed (3,342,972) (31,100) (1,142,305) (10,174)
Net Increase (Decrease) —Institutional Plus Shares 23,048,189 216,720 12,165,427 108,982

 

1 Admiral Shares Issued and Signal Shares Redeemed include $4,028,000,000 from the conversion of Signal Shares to Admiral Shares during the 2014 fiscal year.

H. Management has determined that no material events or transactions occurred subsequent to October 31, 2015, that would require recognition or disclosure in these financial statements.

35


 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard STAR Funds and the Shareholders of Vanguard Total International Stock Index Fund:

In our opinion, the accompanying statement of net assets—investments summary and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Vanguard Total International Stock Index Fund (constituting a separate portfolio of Vanguard STAR Funds, hereafter referred to as the “Fund”) at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, by agreement to the underlying ownership records of the transfer agent and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 10, 2015

Special 2015 tax information (unaudited) for Vanguard Total International Stock Index Fund

This information for the fiscal year ended October 31, 2015, is included pursuant to provisions of the Internal Revenue Code.

The fund distributed $2,923,902,000 of qualified dividend income to shareholders during the fiscal year.

The fund designates to shareholders foreign source income of $4,089,969,000 and foreign taxes paid of $290,237,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2016 to determine the calendar-year amounts to be included on their 2015 tax returns.

36


 

Your Fund’s After-Tax Returns

This table presents returns for your fund both before and after taxes. The after-tax returns are shown in two ways: (1) assuming that an investor owned the fund during the entire period and paid taxes on the fund’s distributions, and (2) assuming that an investor paid taxes on the fund’s distributions and sold all shares at the end of each period.

Calculations are based on the highest individual federal income tax and capital gains tax rates in effect at the times of the distributions and the hypothetical sales. State and local taxes were not considered. After-tax returns reflect any qualified dividend income, using actual prior-year figures and estimates for 2015. (In the example, returns after the sale of fund shares may be higher than those assuming no sale. This occurs when the sale would have produced a capital loss. The calculation assumes that the investor received a tax deduction for the loss.)

The table shows returns for Investor Shares only; returns for other share classes will differ. Please note that your actual after-tax returns will depend on your tax situation and may differ from those shown. Also note that if you own the fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information does not apply to you. Such accounts are not subject to current taxes.

Finally, keep in mind that a fund’s performance—whether before or after taxes—does not guarantee future results.

Average Annual Total Returns: Total International Stock Index Fund Investor Shares

Periods Ended October 31, 2015

  One Five Ten
  Year Years Years
Returns Before Taxes -4.89% 2.62% 3.97%
Returns After Taxes on Distributions -5.61 1.93 3.38
Returns After Taxes on Distributions and Sale of Fund Shares -2.39 2.04 3.16

 

37


 

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

38


 

Six Months Ended October 31, 2015      
  Beginning Ending Expenses
  Account Value Account Value Paid During
Total International Stock Index Fund 4/30/2015 10/31/2015 Period
Based on Actual Fund Return      
Investor Shares $1,000.00 $905.19 $0.91
ETF Shares 1,000.00 905.69 0.62
Admiral Shares 1,000.00 905.72 0.53
Institutional Shares 1,000.00 905.78 0.43
Institutional Plus Shares 1,000.00 905.84 0.34
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,024.25 $0.97
ETF Shares 1,000.00 1,024.55 0.66
Admiral Shares 1,000.00 1,024.65 0.56
Institutional Shares 1,000.00 1,024.75 0.46
Institutional Plus Shares 1,000.00 1,024.85 0.36

 

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.19% for Investor Shares, 0.13% for ETF Shares, 0.11% for Admiral Shares, 0.09% for Institutional Shares, and 0.07% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

39


 

Glossary

Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.

Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.

Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.

Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.

Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.

Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.

Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.

Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.

Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.

R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.

40


 

Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.

Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.

Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.

Benchmark Information

Spliced Total International Stock Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 194 Vanguard funds.

The following table provides information for each trustee and executive officer of the fund. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

InterestedTrustee1

F. William McNabb III

Born 1957. Trustee Since July 2009. Chairman of the Board. Principal Occupation(s) During the Past Five Years and Other Experience: Chairman of the Board of The Vanguard Group, Inc., and of each of the investment companies served by The Vanguard Group, since January 2010; Director of The Vanguard Group since 2008; Chief Executive Officer and President of The Vanguard Group, and of each of the investment companies served by The Vanguard Group, since 2008; Director of Vanguard Marketing Corporation; Managing Director of The Vanguard Group (1995–2008).

IndependentTrustees

Emerson U. Fullwood

Born 1948. Trustee Since January 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Executive Chief Staff and Marketing Officer for North America and Corporate Vice President (retired 2008) of Xerox Corporation (document management products and services); Executive in Residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology; Director of SPX Corporation (multi-industry manufacturing), the United Way of Rochester, the University of Rochester Medical Center, Monroe Community College Foundation, and North Carolina A&T University.

Rajiv L. Gupta

Born 1945. Trustee Since December 2001.2 Principal Occupation(s) During the Past Five Years and Other Experience: Chairman and Chief Executive Officer (retired 2009) and President (2006–2008) of Rohm and Haas Co. (chemicals); Director of Tyco International PLC (diversified manufacturing and services), Hewlett-Packard Co. (electronic computer manufacturing), and Delphi Automotive PLC (automotive components); Senior Advisor at New Mountain Capital.

Amy Gutmann

Born 1949. Trustee Since June 2006. Principal Occupation(s) During the Past Five Years and Other Experience: President of the University of Pennsylvania; Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and Professor of Communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania; Trustee of the National Constitution Center; Chair of the Presidential Commission for the Study of Bioethical Issues.

JoAnn Heffernan Heisen

Born 1950. Trustee Since July 1998. Principal Occupation(s) During the Past Five Years and Other Experience: Corporate Vice President and Chief Global Diversity Officer (retired 2008) and Member of the Executive Committee (1997–2008) of Johnson & Johnson (pharmaceuticals/medical devices/consumer products); Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation; Member of the Advisory Board of the Institute for Women’s Leadership at Rutgers University.


 

F. Joseph Loughrey

Born 1949. Trustee Since October 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2009) of Cummins Inc. (industrial machinery); Chairman of the Board of Hillenbrand, Inc. (specialized consumer services), and of Oxfam America; Director of SKF AB (industrial machinery), Hyster-Yale Materials Handling, Inc. (forklift trucks), the Lumina Foundation for Education, and the V Foundation for Cancer Research; Member of the Advisory Council for the College of Arts and Letters and of the Advisory Board to the Kellogg Institute for International Studies, both at the University of Notre Dame.

Mark Loughridge

Born 1953. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Senior Vice President and Chief Financial Officer (retired 2013) at IBM (information technology services); Fiduciary Member of IBM’s Retirement Plan Committee (2004–2013); Director of the Dow Chemical Company; Member of the Council on Chicago Booth.

Scott C. Malpass

Born 1962. Trustee Since March 2012. Principal Occupation(s) During the Past Five Years and Other Experience: Chief Investment Officer and Vice President at the University of Notre Dame; Assistant Professor of Finance at the Mendoza College of Business at Notre Dame; Member of the Notre Dame 403(b) Investment Committee; Board Member of TIFF Advisory Services, Inc., and Catholic Investment Services, Inc. (investment advisors); Member of the Investment Advisory Committee of Major League Baseball.

André F. Perold

Born 1952. Trustee Since December 2004. Principal Occupation(s) During the Past Five Years and Other Experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011); Chief Investment Officer and Managing Partner of HighVista Strategies LLC (private investment firm); Director of Rand Merchant Bank; Overseer of the Museum of Fine Arts Boston.

Peter F. Volanakis

Born 1955. Trustee Since July 2009. Principal Occupation(s) During the Past Five Years and Other Experience: President and Chief Operating Officer (retired 2010) of Corning Incorporated (communications equipment); Trustee of Colby-Sawyer College; Member of the Advisory Board of the Norris Cotton Cancer Center and of the Advisory Board of the Parthenon Group (strategy consulting).

Executive Officers

Glenn Booraem

Born 1967. Treasurer Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Treasurer of each of the investment companies served by The Vanguard Group; Controller of each of the investment companies served by The Vanguard Group (2010–2015); Assistant Controller of each of the investment companies served by The Vanguard Group (2001–2010).

Thomas J. Higgins

Born 1957. Chief Financial Officer Since September 2008. Principal Occupation(s) During the Past Five Years and Other Experience: Principal of The Vanguard Group, Inc.; Chief Financial Officer of each of the investment companies served by The Vanguard Group; Treasurer of each of the investment companies served by The Vanguard Group (1998–2008).

Peter Mahoney

Born 1974. Controller Since May 2015. Principal Occupation(s) During the Past Five Years and Other Experience: Head of Global Fund Accounting at The Vanguard Group, Inc.; Controller of each of the investment companies served by The Vanguard Group; Head of International Fund Services at The Vanguard Group (2008–2014).

Heidi Stam

Born 1956. Secretary Since July 2005. Principal Occupation(s) During the Past Five Years and Other Experience: Managing Director of The Vanguard Group, Inc.; General Counsel of The Vanguard Group; Secretary of The Vanguard Group and of each of the investment companies served by The Vanguard Group; Director and Senior Vice President of Vanguard Marketing Corporation.

Vanguard Senior Management Team

Mortimer J. Buckley
Kathleen C. Gubanich
Paul A. Heller
Martha G. King
John T. Marcante

Chris D. McIsaac
James M. Norris
Thomas M. Rampulla
Glenn W. Reed
Karin A. Risi

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder John C. Bogle

Chairman and Chief Executive Officer, 1974–1996

1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.


 

 

P.O. Box 2600
Valley Forge, PA 19482-2600

 

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447  
Direct Investor Account Services > 800-662-2739  
Institutional Investor Services > 800-523-1036  
Text Telephone for People  
Who Are Deaf or Hard of Hearing> 800-749-7273  
 
This material may be used in conjunction  
with the offering of shares of any Vanguard  
fund only if preceded or accompanied by  
the fund’s current prospectus.  
 
All comparative mutual fund data are from Lipper, a  
Thomson Reuters Company, or Morningstar, Inc., unless  
otherwise noted.  
 
You can obtain a free copy of Vanguard’s proxy voting  
guidelines by visiting vanguard.com/proxyreporting or by  
calling Vanguard at 800-662-2739. The guidelines are  
also available from the SEC’s website, sec.gov. In  
addition, you may obtain a free report on how your fund  
voted the proxies for securities it owned during the 12  
months ended June 30. To get the report, visit either  
vanguard.com/proxyreporting or sec.gov.  
 
You can review and copy information about your fund at  
the SEC’s Public Reference Room in Washington, D.C. To  
find out more about this public service, call the SEC at  
202-551-8090. Information about your fund is also  
available on the SEC’s website, and you can receive  
copies of this information, for a fee, by sending a  
request in either of two ways: via email addressed to  
publicinfo@sec.gov or via regular mail addressed to the  
Public Reference Section, Securities and Exchange  
Commission, Washington, DC 20549-1520.  
 
  © 2015 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
 
  Q1130 122015

 


Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

Item 3: Audit Committee Financial Expert. The following members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts serving on its Audit Committee, and to be independent: Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, and André F. Perold.

Item 4: Principal Accountant Fees and Services.

(a) Audit Fees.

Audit Fees of the Registrant

Fiscal Year Ended October 31, 2015: $200,000
Fiscal Year Ended October 31, 2014: $223,000

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

Fiscal Year Ended October 31, 2015: $7,000,200
Fiscal Year Ended October 31, 2014: $6,605,127

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.

(b) Audit-Related Fees.

Fiscal Year Ended October 31, 2015: $2,899,096
Fiscal Year Ended October 31, 2014: $2,176,479

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(c) Tax Fees.

Fiscal Year Ended October 31, 2015: $353,389
Fiscal Year Ended October 31, 2014: $316,869

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(d) All Other Fees.

Fiscal Year Ended October 31, 2015: $202,313
Fiscal Year Ended October 31, 2014: $198,163

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.


 

(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

     In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

     The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

     (2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Fiscal Year Ended October 31, 2015: $555,702
Fiscal Year Ended October 31, 2014: $515,032

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Emerson U. Fullwood, Rajiv L. Gupta, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Scott C. Malpass, André F. Perold, and Peter F. Volanakis.

Item 6: Investments.


Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
 
Common Stocks (99.5%)1    
Argentina (0.0%)    
Siderar SAIC Class A 390
 
Australia (4.6%)    
Commonwealth Bank of Australia 15,923,203 871,764
Westpac Banking Corp. 29,858,029 667,537
National Australia Bank Ltd. 24,515,601 522,354
Australia & New Zealand Banking Group Ltd. 26,958,879 518,688
BHP Billiton Ltd. 30,088,280 494,257
Wesfarmers Ltd. 10,489,550 293,158
CSL Ltd. 4,385,371 291,255
Woolworths Ltd. 11,880,866 204,370
Macquarie Group Ltd. 2,847,888 172,177
Telstra Corp. Ltd. 40,448,491 155,822
Rio Tinto Ltd. 3,980,125 142,395
Scentre Group 47,870,047 141,383
Woodside Petroleum Ltd. 6,725,999 141,383
Transurban Group 17,977,212 133,883
Westfield Corp. 18,123,110 132,519
QBE Insurance Group Ltd. 12,825,616 119,280
AMP Ltd. 27,487,863 112,380
Suncorp Group Ltd. 12,084,823 112,086
Brambles Ltd. 14,571,714 107,907
Amcor Ltd. 11,075,458 107,163
Insurance Australia Group Ltd. 22,832,701 90,674
AGL Energy Ltd. 6,339,673 75,667
Goodman Group 16,484,967 71,388
Vicinity Centers 34,097,919 70,783
Aurizon Holdings Ltd. 19,163,049 70,681
APA Group 10,425,371 68,428
Origin Energy Ltd. 16,392,609 64,350
Stockland 22,181,048 64,081
Oil Search Ltd. 10,983,704 61,305
* Newcrest Mining Ltd. 7,037,331 61,129
Caltex Australia Ltd. 2,526,092 56,380
GPT Group 16,506,947 55,864
James Hardie Industries plc 4,174,772 54,504
Asciano Ltd. 9,134,260 53,279
Ramsay Health Care Ltd. 1,209,870 53,119
ASX Ltd. 1,798,198 52,884
Sonic Healthcare Ltd. 3,768,997 51,835
* South32 Ltd. 49,911,871 51,582
Dexus Property Group 9,089,804 50,194
Sydney Airport 10,127,343 46,596
Lend Lease Group 4,873,827 45,207
Mirvac Group 34,604,876 44,562
Incitec Pivot Ltd. 15,753,695 44,393
Medibank Pvt Ltd. 25,663,766 43,198
^ Orica Ltd. 3,468,615 40,787
Aristocrat Leisure Ltd. 5,973,716 39,720
Santos Ltd. 9,364,143 39,036
Tatts Group Ltd. 13,608,651 38,447
DUET Group (Stapled Security) 21,801,811 36,700
Computershare Ltd. 4,640,921 35,791
Treasury Wine Estates Ltd. 6,897,969 34,845
Cochlear Ltd. 533,559 33,854
Coca-Cola Amatil Ltd. 5,095,267 33,110
Bendigo & Adelaide Bank Ltd. 4,274,870 32,636
Bank of Queensland Ltd. 3,481,549 32,466
Challenger Ltd. 5,292,305 31,073
SEEK Ltd. 3,196,868 29,017
Crown Resorts Ltd. 3,518,574 28,766
Echo Entertainment Group Ltd. 7,748,526 28,245

 

1


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Westpac Banking Corp. 1,290,675 28,026
Boral Ltd. 7,210,911 27,725
* Qantas Airways Ltd. 9,377,679 26,424
Tabcorp Holdings Ltd. 7,800,229 26,266
Healthscope Ltd. 12,557,176 24,185
TPG Telecom Ltd. 3,013,435 23,778
^ Fortescue Metals Group Ltd. 14,903,713 21,879
Ansell Ltd. 1,444,136 20,534
Domino's Pizza Enterprises Ltd. 579,320 19,320
Orora Ltd. 11,223,149 18,739
CIMIC Group Ltd. 941,466 18,618
IOOF Holdings Ltd. 2,773,436 18,327
Iluka Resources Ltd. 3,879,339 17,770
Alumina Ltd. 22,692,771 17,568
AusNet Services 16,625,390 17,138
BlueScope Steel Ltd. 5,335,620 16,780
REA Group Ltd. 496,383 16,753
Magellan Financial Group Ltd. 986,904 15,867
Recall Holdings Ltd. 2,870,769 15,686
Spotless Group Holdings Ltd. 10,119,610 15,380
BT Investment Management Ltd. 1,887,711 15,222
DuluxGroup Ltd. 3,588,844 15,105
Investa Office Fund 5,228,742 15,070
Fairfax Media Ltd. 22,320,583 15,048
Veda Group Ltd. 7,885,700 14,738
Harvey Norman Holdings Ltd. 4,993,780 14,181
ALS Ltd. 3,829,771 14,072
^ Flight Centre Travel Group Ltd. 517,544 14,013
carsales.com Ltd. 1,990,167 13,912
Perpetual Ltd. 410,883 13,167
Adelaide Brighton Ltd. 4,179,195 12,493
Sirtex Medical Ltd. 445,854 12,103
JB Hi-Fi Ltd. 935,220 11,983
Primary Health Care Ltd. 4,478,702 11,853
M2 Group Ltd. 1,655,934 11,697
Platinum Asset Management Ltd. 2,232,566 11,681
Macquarie Atlas Roads Group 3,910,810 11,283
GrainCorp Ltd. Class A 1,739,864 11,232
Qube Holdings Ltd. 6,754,325 10,953
Northern Star Resources Ltd. 5,463,030 10,686
^ Sims Metal Management Ltd. 1,519,797 10,668
BWP Trust 4,630,329 10,636
Charter Hall Group 3,282,421 10,515
Downer EDI Ltd. 4,106,872 10,403
nib holdings Ltd. 4,031,988 10,381
Nufarm Ltd. 1,668,348 9,962
Shopping Centres Australasia Property Group 6,712,523 9,865
Cromwell Property Group 13,515,235 9,689
Charter Hall Retail REIT 3,157,566 9,551
CSR Ltd. 4,819,378 9,438
^ Super Retail Group Ltd. 1,355,128 9,339
WorleyParsons Ltd. 2,001,729 9,313
^ Vocus Communications Ltd. 1,902,280 8,834
OZ Minerals Ltd. 2,836,887 8,827
^ Navitas Ltd. 2,885,470 8,646
Evolution Mining Ltd. 8,555,553 8,490
^ InvoCare Ltd. 1,042,603 8,264
Aveo Group 3,719,459 8,172
Ardent Leisure Group 4,090,188 8,141
IRESS Ltd. 1,190,136 7,972
^ Metcash Ltd. 8,928,540 7,580
^ G8 Education Ltd. 3,503,857 7,450
Premier Investments Ltd. 762,081 7,444
Independence Group NL 3,693,236 7,300

 

2


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Nine Entertainment Co. Holdings Ltd. 6,258,762 6,921
  Abacus Property Group 2,953,062 6,890
  Automotive Holdings Group Ltd. 2,201,033 6,674
  Mantra Group Ltd. 2,248,533 6,624
  Sandfire Resources NL 1,437,021 6,501
  ARB Corp. Ltd. 612,759 6,466
  SAI Global Ltd. 2,052,817 6,429
  Sigma Pharmaceuticals Ltd. 10,421,066 6,244
  Estia Health Ltd. 1,177,999 6,212
  Pact Group Holdings Ltd. 1,692,445 6,132
^ Slater & Gordon Ltd. 3,019,390 5,898
  Genworth Mortgage Insurance Australia Ltd. 3,015,129 5,808
  Brickworks Ltd. 551,185 5,686
* Burson Group Ltd. 2,220,180 5,636
  Breville Group Ltd. 1,184,420 5,551
  Japara Healthcare Ltd. 2,414,314 5,339
  Beach Energy Ltd. 11,642,259 5,292
* Mayne Pharma Group Ltd. 7,009,821 5,127
^ Myer Holdings Ltd. 7,424,358 5,047
  Regis Healthcare Ltd. 1,202,784 5,020
  Australian Pharmaceutical Industries Ltd. 3,542,827 5,004
  Steadfast Group Ltd. 4,552,798 4,872
^ Regis Resources Ltd. 3,303,718 4,871
^ GWA Group Ltd. 2,713,937 4,801
  Select Harvests Ltd. 661,694 4,798
  McMillan Shakespeare Ltd. 530,865 4,760
  Transpacific Industries Group Ltd. 9,759,032 4,734
^ FlexiGroup Ltd. 2,172,935 4,695
  Asaleo Care Ltd. 3,717,322 4,637
^ Bega Cheese Ltd. 1,114,415 4,611
^ Cover-More Group Ltd. 2,827,459 4,599
  Retail Food Group Ltd. 1,373,434 4,500
*,^ Mesoblast Ltd. 1,856,945 4,487
  Seven West Media Ltd. 9,134,135 4,399
*,^ Liquefied Natural Gas Ltd. 4,189,379 4,380
  GUD Holdings Ltd. 755,597 4,334
  Programmed Maintenance Services Ltd. 2,081,643 4,285
* Pacific Brands Ltd. 8,367,561 4,268
  Village Roadshow Ltd. 793,441 4,262
*,^ Syrah Resources Ltd. 1,918,595 4,255
^ Monadelphous Group Ltd. 841,436 4,154
  iSentia Group Ltd. 1,401,127 4,128
^ OzForex Group Ltd. 2,019,166 4,062
  Tassal Group Ltd. 1,322,372 3,967
*,^ Whitehaven Coal Ltd. 5,503,082 3,957
  Mineral Resources Ltd. 1,274,144 3,891
  Southern Cross Media Group Ltd. 5,470,714 3,826
* Australian Agricultural Co. Ltd. 3,471,364 3,739
* Transfield Services Ltd. 4,999,968 3,540
  Growthpoint Properties Australia Ltd. 1,607,028 3,531
  Technology One Ltd. 1,274,219 3,500
^ Greencross Ltd. 787,227 3,476
  Western Areas Ltd. 1,997,936 3,369
^ Seven Group Holdings Ltd. 936,136 3,345
*,^ Virgin Australia Holdings Ltd. 9,719,265 3,327
  National Storage REIT 2,914,007 3,274
^ TFS Corp. Ltd. 2,541,993 3,171
  Altium Ltd. 995,621 3,161
* Saracen Mineral Holdings Ltd. 7,523,582 3,088
  Ainsworth Game Technology Ltd. 1,336,793 3,032
  New Hope Corp. Ltd. 2,167,851 2,951
^ Cardno Ltd. 1,361,776 2,941
  Folkestone Education Trust 1,825,918 2,891
  Webjet Ltd. 797,458 2,849

 

3


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
* Highfield Resources Ltd. 2,600,765 2,849
^ UGL Ltd. 1,731,143 2,793
* APN News & Media Ltd. 7,586,176 2,755
*,^ iProperty Group Ltd. 1,099,350 2,753
* NEXTDC Ltd. 1,487,718 2,738
* Billabong International Ltd. 5,059,914 2,647
  GDI Property Group 3,930,652 2,523
  Ingenia Communities Group 7,705,914 2,501
^ Reject Shop Ltd. 300,339 2,464
  Virtus Health Ltd. 534,671 2,389
  Tox Free Solutions Ltd. 1,145,433 2,353
  Hotel Property Investments 1,281,883 2,350
  UXC Ltd. 2,729,726 2,336
*,^ Karoon Gas Australia Ltd. 1,814,492 2,268
  SMS Management & Technology Ltd. 639,392 2,235
*,^ Paladin Energy Ltd. 12,432,397 2,174
  Thorn Group Ltd. 1,420,634 2,149
  Cabcharge Australia Ltd. 1,068,001 2,133
  Credit Corp. Group Ltd. 335,487 2,099
*,^ Ten Network Holdings Ltd. 16,799,294 1,965
*,^ Arrium Ltd. 26,938,843 1,897
* Drillsearch Energy Ltd. 3,386,101 1,872
  RCR Tomlinson Ltd. 1,145,341 1,871
* AWE Ltd. 4,157,712 1,861
  Astro Japan Property Group 471,596 1,766
  Cedar Woods Properties Ltd. 531,998 1,588
  STW Communications Group Ltd. 2,791,417 1,483
*,^ Perseus Mining Ltd. 5,222,438 1,380
*,^ Senex Energy Ltd. 9,662,159 1,261
  ERM Power Ltd. 1,059,322 1,239
  Capitol Health Ltd. 4,336,820 1,195
*,^ Starpharma Holdings Ltd. 2,399,794 1,175
*,^ CuDeco Ltd. 1,465,862 1,155
  MMA Offshore Ltd. 3,847,515 1,153
* Sundance Energy Australia Ltd. 5,331,510 1,126
* Infigen Energy 4,170,047 1,115
*,^ Lynas Corp. Ltd. 26,871,995 1,106
  Acrux Ltd. 1,854,394 965
  Beadell Resources Ltd. 8,425,657 956
* Newcrest Mining Ltd. ADR 107,626 945
* Resolute Mining Ltd. 3,500,881 934
  Cash Converters International Ltd. 2,469,136 907
* Bradken Ltd. 1,320,812 905
^ MACA Ltd. 1,377,923 844
*,^ Horizon Oil Ltd. 9,346,701 797
  Watpac Ltd. 1,137,549 777
  Decmil Group Ltd. 1,109,374 741
*,^ Kingsgate Consolidated Ltd. 1,527,556 714
* Troy Resources Ltd. 3,129,534 713
*,^ Mount Gibson Iron Ltd. 4,262,608 653
^ Dick Smith Holdings Ltd. 1,313,373 651
* Medusa Mining Ltd. 1,486,349 597
  Sims Metal Management Ltd. ADR 66,577 466
  Hills Ltd. 1,356,559 419
  Ausdrill Ltd. 1,642,190 400
*,^ Buru Energy Ltd. 1,823,692 394
  Panoramic Resources Ltd. 1,754,609 373
* Tap Oil Ltd. 1,524,457 267
  Mincor Resources NL 1,066,764 197
* Ten Network Holdings Ltd. 1,664,731 196
* Energy World Corp. Ltd. 805,665 143
*,^ S2 Resources Ltd. 1,172,702 138
*,^ Atlas Iron Ltd. 6,556,768 130
* BGP Holdings PLC 17,449,685

 

4


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* SGH Energy Pty Ltd. 5,925,255
* Kagara Ltd. 2,282,838
* Jacana Minerals Ltd. 215,615
    8,624,630
Austria (0.2%)    
* Erste Group Bank AG 2,696,788 78,968
voestalpine AG 1,067,106 38,581
OMV AG 1,352,141 35,992
ANDRITZ AG 684,392 34,456
* IMMOFINANZ AG 8,571,120 21,951
Wienerberger AG 1,103,077 20,327
* Raiffeisen Bank International AG 1,087,219 17,148
CA Immobilien Anlagen AG 673,887 13,209
BUWOG AG 554,425 11,795
Vienna Insurance Group AG Wiener Versicherung Gruppe 366,590 11,730
Oesterreichische Post AG 313,145 11,382
UNIQA Insurance Group AG 1,051,269 9,763
^ Verbund AG 629,164 8,905
Mayr Melnhof Karton AG 73,458 8,679
* Conwert Immobilien Invest SE 555,743 7,962
Schoeller-Bleckmann Oilfield Equipment AG 98,989 5,943
Zumtobel Group AG 253,833 5,771
RHI AG 247,677 5,595
Lenzing AG 72,373 5,530
Flughafen Wien AG 55,345 5,216
Telekom Austria AG 719,974 4,339
S IMMO AG 486,579 4,320
Strabag SE 144,065 3,308
^ Semperit AG Holding 95,312 3,298
EVN AG 272,503 3,011
Palfinger AG 95,762 2,692
Kapsch TrafficCom AG 42,802 1,548
    381,419
Belgium (1.0%)    
Anheuser-Busch InBev SA/NV 7,478,363 891,902
KBC Groep NV 2,581,296 156,876
UCB SA 1,143,779 98,800
Delhaize Group 964,060 89,336
Ageas 1,940,573 85,605
Solvay SA Class A 528,106 59,602
Groupe Bruxelles Lambert SA 729,982 59,242
Proximus SADP 1,315,084 45,503
Umicore SA 1,017,979 43,186
Ackermans & van Haaren NV 233,744 35,562
^ Colruyt SA 623,671 30,823
* Telenet Group Holding NV 462,016 26,835
bpost SA 931,049 23,281
Cofinimmo SA 188,372 21,005
Ontex Group NV 621,870 19,105
Euronav NV 1,058,699 15,609
* Galapagos NV 314,947 15,196
Elia System Operator SA/NV 247,976 11,992
Warehouses De Pauw CVA 132,122 10,813
Befimmo SA 157,673 10,554
Melexis NV 195,414 9,501
Bekaert SA 319,773 9,483
D'ieteren SA/NV 257,027 8,699
Gimv NV 176,297 8,277
Cie d'Entreprises CFE 65,591 8,129
Fagron 289,055 7,088
* Tessenderlo Chemie NV (Voting Shares) 214,924 6,928
* Mobistar SA 269,903 6,616
* AGFA-Gevaert NV 1,535,466 6,549
Ion Beam Applications 180,152 6,416

 

5


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  KBC Ancora 145,234 5,759
^ Kinepolis Group NV 119,081 4,944
  Barco NV 73,517 4,829
  Econocom Group SA/NV 537,311 4,794
*,^ Nyrstar (Voting Shares) 3,077,837 4,696
* BHF Kleinwort Benson Group 766,123 4,381
  Van de Velde NV 59,600 3,883
*,^ Cie Maritime Belge SA 152,832 2,702
  Wereldhave Belgium NV 20,682 2,455
  EVS Broadcast Equipment SA 81,839 2,384
      1,869,340
Brazil (1.2%)    
  Ambev SA 36,212,616 179,253
  Itau Unibanco Holding SA Preference Shares 20,207,187 138,695
  BRF SA 6,972,903 108,665
  Banco Bradesco SA Preference Shares 18,704,061 101,849
  Cielo SA 8,111,402 77,001
* Petroleo Brasileiro SA 29,136,557 70,867
* Petroleo Brasileiro SA Preference Shares 31,754,164 63,483
  Ultrapar Participacoes SA 3,610,976 62,734
  Itausa - Investimentos Itau SA Preference Shares 32,823,757 61,280
  Vale SA Preference Shares 14,040,801 51,080
  Itau Unibanco Holding SA ADR 6,991,675 47,893
  BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros 16,115,029 47,636
  Vale SA 9,727,000 43,029
  BB Seguridade Participacoes SA 5,653,382 38,993
  Ambev SA ADR 7,702,516 37,511
  Embraer SA 4,985,905 36,561
  Kroton Educacional SA 14,244,116 36,418
  Banco Bradesco SA 5,650,575 34,344
  Banco do Brasil SA 8,054,222 33,353
  Telefonica Brasil SA Preference Shares 3,007,738 31,157
  Klabin SA 5,174,939 29,427
  Lojas Renner SA 5,973,200 28,654
  Banco Bradesco SA ADR 5,005,284 27,229
  CCR SA 8,095,477 25,442
  JBS SA 6,711,224 24,798
  Raia Drogasil SA 2,320,093 24,058
  Lojas Americanas SA Preference Shares 4,858,020 21,049
  WEG SA 5,140,355 19,194
  Fibria Celulose SA 1,399,155 19,098
  BRF SA ADR 1,201,248 18,415
  CETIP SA - Mercados Organizados 2,079,068 18,383
  BTG Pactual Group 2,406,736 17,911
  Tractebel Energia SA 1,968,620 17,289
* Petroleo Brasileiro SA ADR Type A 4,313,844 17,212
  Equatorial Energia SA 1,887,168 16,828
* Hypermarcas SA 3,561,947 16,163
  Vale SA Class B Pfd. ADR 4,182,203 15,056
  Tim Participacoes SA 6,764,838 14,822
*,^ Petroleo Brasileiro SA ADR 2,833,346 13,827
  Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares 964,402 12,688
  BR Malls Participacoes SA 4,083,669 11,860
  Suzano Papel e Celulose SA Preference Shares Class A 2,736,806 11,745
  Embraer SA ADR 399,883 11,745
  TOTVS SA 1,320,381 11,699
^ Vale SA Class B ADR 2,676,187 11,668
  Sul America SA 2,250,543 11,047
  Estacio Participacoes SA 2,479,322 9,939
  Cia Energetica de Minas Gerais Preference Shares 5,250,281 9,748
  Natura Cosmeticos SA 1,633,981 9,702
* CPFL Energia SA 2,384,924 9,579
  Cia de Saneamento Basico do Estado de Sao Paulo 2,186,954 9,493
  Fibria Celulose SA ADR 692,602 9,364

 

6


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Localiza Rent a Car SA 1,333,457 8,990
Gerdau SA Preference Shares 6,149,111 8,658
Qualicorp SA 2,018,771 8,480
Itau Unibanco Holding SA 1,243,072 7,994
Multiplan Empreendimentos Imobiliarios SA 732,087 7,986
Porto Seguro SA 933,501 7,826
M Dias Branco SA 419,646 7,606
Cia Energetica de Sao Paulo Preference Shares 1,671,514 7,021
Telefonica Brasil SA ADR 643,491 6,667
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 586,753 6,662
Cosan SA Industria e Comercio 1,010,194 6,473
Odontoprev SA 2,514,246 6,441
EDP - Energias do Brasil SA 2,171,902 6,353
Braskem SA Preference Shares 1,115,146 6,298
Cyrela Brazil Realty SA Empreendimentos e Participacoes 2,533,739 5,887
BR Properties SA 1,870,249 5,722
Cia Brasileira de Distribuicao ADR 402,324 5,282
Cia Hering 1,313,315 5,159
MRV Engenharia e Participacoes SA 2,672,812 5,142
Sao Martinho SA 414,844 4,779
Cia Siderurgica Nacional SA 4,203,848 4,731
Cia Paranaense de Energia Preference Shares 551,750 4,650
Duratex SA 2,736,545 4,541
Cia de Saneamento Basico do Estado de Sao Paulo ADR 1,024,290 4,497
Transmissora Alianca de Energia Eletrica SA 864,267 4,460
Bradespar SA Preference Shares 2,015,361 4,311
Lojas Americanas SA 1,382,825 4,195
* Marfrig Global Foods SA 2,514,556 4,153
Multiplus SA 450,204 4,009
Cia de Transmissao de Energia Eletrica Paulista Preference Shares 347,319 3,999
* B2W Cia Digital 1,028,554 3,888
Linx SA 317,722 3,872
* Rumo Logistica Operadora Multimodal SA 2,010,332 3,826
Cia Paranaense de Energia ADR 415,656 3,433
Centrais Eletricas Brasileiras SA Preference Shares 1,396,668 3,415
* Somos Educacao SA 982,880 3,377
Grendene SA 718,623 3,363
Cia Energetica de Minas Gerais ADR 1,705,414 3,326
* Minerva SA 994,400 3,290
Smiles SA 420,800 3,284
Iguatemi Empresa de Shopping Centers SA 587,751 3,249
Fleury SA 763,231 3,244
AES Tiete SA Preference Shares 903,360 3,237
Tupy SA 549,269 3,005
EcoRodovias Infraestrutura e Logistica SA 1,924,962 2,970
Iochpe Maxion SA 692,680 2,874
Usinas Siderurgicas de Minas Gerais SA Preference Shares 3,948,202 2,846
Alpargatas SA Preference Shares 1,299,211 2,779
Alupar Investimento SA 657,800 2,703
^ Cia Siderurgica Nacional SA ADR 2,123,549 2,612
Gerdau SA ADR 1,846,158 2,566
Marcopolo SA Preference Shares 4,825,404 2,440
* Centrais Eletricas Brasileiras SA 1,853,800 2,413
Banco do Estado do Rio Grande do Sul SA Preference Shares 1,528,096 2,373
Tim Participacoes SA ADR 207,108 2,301
Usinas Siderurgicas de Minas Gerais SA 1,054,000 2,162
Light SA 643,159 2,140
Cia de Saneamento de Minas Gerais-COPASA 624,065 2,104
Mahle-Metal Leve SA 337,839 2,051
AES Tiete SA 574,602 2,013
* Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares 782,513 2,011
Arezzo Industria e Comercio SA 358,446 1,952
Aliansce Shopping Centers SA 719,294 1,949
SLC Agricola SA 422,654 1,887

 

7


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
JSL SA 760,868 1,851
Braskem SA ADR 165,600 1,846
* Oi SA Preference Shares 3,236,185 1,779
Even Construtora e Incorporadora SA 1,691,433 1,754
Ez Tec Empreendimentos e Participacoes SA 510,956 1,683
Metalurgica Gerdau SA Preference Shares Class A 2,469,441 1,665
Cia de Gas de Sao Paulo COMGAS Preference Shares Class A 150,635 1,578
GAEC Educacao SA 450,484 1,554
* CPFL Energia SA ADR 191,751 1,536
Centrais Eletricas Brasileiras SA ADR Prf Class B 640,858 1,532
Santos Brasil Participacoes SA 385,549 1,429
CVC Brasil Operadora e Agencia de Viagens SA 375,400 1,421
QGEP Participacoes SA 889,475 1,375
Cia Energetica de Minas Gerais 719,128 1,259
Via Varejo SA 1,140,300 1,257
Cia Energetica do Ceara Preference Shares 117,133 1,200
Arteris SA 479,687 1,173
* Gafisa SA ADR 888,800 1,146
* Oi SA 1,330,222 1,083
* Magnesita Refratarios SA 1,596,645 1,076
Diagnosticos da America SA 456,563 1,064
Cia Paranaense de Energia 183,700 1,047
* Gafisa SA 1,600,223 1,037
* Centrais Eletricas Brasileiras SA ADR 805,734 1,015
Randon Participacoes SA Preference Shares 1,347,556 989
* Paranapanema SA 1,280,353 926
Sonae Sierra Brasil SA 203,760 882
Guararapes Confeccoes SA 63,825 803
* Restoque Comercio e Confeccoes de Roupas SA 927,500 731
Ser Educacional SA 279,600 681
* Mills Estruturas e Servicos de Engenharia SA 582,979 677
* Gol Linhas Aereas Inteligentes SA Preference Shares 709,200 653
Marisa Lojas SA 384,670 649
Tecnisa SA 819,877 621
* International Meal Co. Alimentacao SA 464,484 560
Direcional Engenharia SA 585,241 537
JHSF Participacoes SA 1,050,785 477
Cosan Logistica SA 1,095,194 369
LPS Brasil Consultoria de Imoveis SA 534,370 291
Tegma Gestao Logistica 234,200 219
* PDG Realty SA Empreendimentos e Participacoes 362,908 192
Oi SA ADR 250,201 147
Gol Linhas Aereas Inteligentes SA ADR 128,200 114
* Oi SA ADR WI 8,713 7
Contax Participacoes SA Preference Shares 45,455 4
Itausa - Investimentos Itau SA 42
Klabin SA Preference Shares 3
    2,144,750
Canada (6.2%)    
^ Royal Bank of Canada 13,499,728 771,929
^ Toronto-Dominion Bank 17,315,245 710,831
Bank of Nova Scotia 11,355,015 533,971
Canadian National Railway Co. 6,678,459 407,929
Suncor Energy Inc. 13,683,684 407,183
^ Bank of Montreal (Toronto Shares) 6,034,147 350,900
Enbridge Inc. 7,996,322 341,782
Manulife Financial Corp. 18,497,533 306,689
^ Canadian Imperial Bank of Commerce 3,754,100 287,902
Brookfield Asset Management Inc. Class A (Toronto Shares) 8,192,942 286,214
* Valeant Pharmaceuticals International Inc. 2,976,538 277,804
Canadian Natural Resources Ltd. 10,282,988 238,437
TransCanada Corp. 6,597,595 222,005
Magna International Inc. 3,700,712 195,168
Canadian Pacific Railway Ltd. 1,378,420 193,702

 

8


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Sun Life Financial Inc. 5,735,471 193,434
Alimentation Couche-Tard Inc. Class B 3,703,710 159,325
Potash Corp. of Saskatchewan Inc. 7,776,987 157,491
Thomson Reuters Corp. 3,350,138 137,531
Rogers Communications Inc. Class B 3,407,325 135,579
Agrium Inc. 1,337,971 124,475
Cenovus Energy Inc. 7,830,037 116,648
BCE Inc. 2,649,021 114,502
Loblaw Cos. Ltd. 2,165,841 114,122
* Fairfax Financial Holdings Ltd. 207,059 101,965
National Bank of Canada 3,070,570 101,703
Goldcorp Inc. 7,778,585 99,523
* CGI Group Inc. Class A 2,493,356 92,614
City National Corp. 1,000,000 89,600
Intact Financial Corp. 1,237,568 88,388
Imperial Oil Ltd. 2,474,298 82,332
^ Pembina Pipeline Corp. 3,198,771 80,410
Barrick Gold Corp. (Toronto Shares) 10,378,351 79,766
Shaw Communications Inc. Class B 3,838,067 79,691
Restaurant Brands International Inc. 1,976,693 79,334
Fortis Inc. 2,601,902 75,315
Great-West Lifeco Inc. 2,814,310 74,598
Franco-Nevada Corp. 1,457,541 73,925
Power Corp. of Canada 3,270,911 73,518
^ Dollarama Inc. 1,038,367 70,143
Metro Inc. 2,317,108 66,256
Gildan Activewear Inc. 2,273,557 65,359
^ Crescent Point Energy Corp. 4,729,460 64,453
Constellation Software Inc. 148,957 64,363
TELUS Corp. 1,889,794 63,070
^ Canadian Tire Corp. Ltd. Class A 682,578 60,041
Encana Corp. 7,873,390 59,911
^ Inter Pipeline Ltd. 3,144,589 58,919
^ RioCan REIT 2,979,463 58,104
Agnico Eagle Mines Ltd. 2,031,354 57,417
Saputo Inc. 2,376,830 56,676
^ Power Financial Corp. 2,190,247 54,187
CI Financial Corp. 2,210,964 52,755
Open Text Corp. 1,134,668 52,594
Cameco Corp. 3,681,142 52,137
^ Silver Wheaton Corp. 3,780,520 51,376
Onex Corp. 822,434 49,864
Keyera Corp. 1,566,641 48,343
^ ARC Resources Ltd. 3,175,102 46,816
^ Canadian Utilities Ltd. Class A 1,767,403 46,496
* Element Financial Corp. 3,591,427 46,445
^ SNC-Lavalin Group Inc. 1,414,713 45,343
CCL Industries Inc. Class B 302,577 42,867
H&R REIT 2,591,592 41,581
George Weston Ltd. 478,553 40,302
* Tourmaline Oil Corp. 1,810,913 37,683
Husky Energy Inc. 2,762,560 37,331
^ First Quantum Minerals Ltd. 6,483,612 34,610
^ Canadian Oil Sands Ltd. 4,530,916 34,200
Methanex Corp. 853,771 34,063
* BlackBerry Ltd. 4,659,701 33,961
^ AltaGas Ltd. 1,254,632 32,392
^ Vermilion Energy Inc. 897,681 31,586
Industrial Alliance Insurance & Financial Services Inc. 945,942 31,035
Empire Co. Ltd. 1,449,129 30,355
WSP Global Inc. 845,241 29,424
^ PrairieSky Royalty Ltd. 1,450,238 28,537
CAE Inc. 2,478,116 27,973
Linamar Corp. 472,905 27,482

 

9


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  DH Corp. 987,643 26,662
^ Peyto Exploration & Development Corp. 1,274,111 26,308
  Progressive Waste Solutions Ltd. 1,085,361 26,096
  Finning International Inc. 1,624,066 25,958
  IGM Financial Inc. 897,017 25,931
  Teck Resources Ltd. Class B 4,389,949 25,717
^ Smart REIT 1,029,798 24,461
^ Whitecap Resources Inc. 2,693,476 23,915
^ Veresen Inc. 2,714,528 23,624
  Eldorado Gold Corp. 6,716,905 23,475
  Canadian Apartment Properties REIT 1,105,710 22,764
^ Cineplex Inc. 584,715 22,533
^ Canadian REIT 671,466 21,870
*,^ Amaya Inc. 976,936 21,831
* Kinross Gold Corp. 10,810,937 21,744
^ Ritchie Bros Auctioneers Inc. 832,043 21,596
  Atco Ltd. 709,376 20,262
  Stantec Inc. 807,077 20,257
* Turquoise Hill Resources Ltd. 7,454,916 20,182
  West Fraser Timber Co. Ltd. 569,619 20,156
  MacDonald Dettwiler & Associates Ltd. 336,531 20,059
^ Allied Properties REIT 728,843 19,999
^ Bombardier Inc. Class B 18,234,516 19,802
* Lundin Mining Corp. 5,854,115 19,744
  Yamana Gold Inc. 8,826,754 19,306
  Hudson's Bay Co. 1,093,388 19,006
^ Cominar REIT 1,580,468 18,589
  Quebecor Inc. Class B 784,927 18,483
  TransForce Inc. 943,565 18,459
* Detour Gold Corp. 1,567,306 17,428
  Tahoe Resources Inc. 2,073,946 17,320
  Toromont Industries Ltd. 632,889 16,471
* Colliers International Group Inc. 330,614 16,392
^ Dream Office REIT 1,020,528 16,382
^ Home Capital Group Inc. Class B 655,028 15,955
  Gibson Energy Inc. 1,175,940 15,675
* Seven Generations Energy Ltd. Class A 1,468,216 15,641
^ Chartwell Retirement Residences 1,591,759 15,399
^ Boardwalk REIT 373,255 15,334
^ Canadian Western Bank 755,816 14,526
  Stella-Jones Inc. 392,583 14,447
  Aimia Inc. 1,543,989 14,287
  Concordia Healthcare Corp. 462,627 14,152
  Capital Power Corp. 960,109 13,797
  Algonquin Power & Utilities Corp. 1,757,543 13,562
^ Northland Power Inc. 1,008,061 13,029
^ Artis REIT 1,270,627 13,011
* Celestica Inc. 1,159,953 13,005
^ Granite REIT 440,144 12,828
^ Parkland Fuel Corp. 736,186 12,808
  First Capital Realty Inc. 846,664 12,542
  ShawCor Ltd. 580,337 12,316
^ TMX Group Ltd. 348,421 12,292
^ TransAlta Corp. 2,618,098 12,214
* New Gold Inc. 4,787,452 11,862
  Maple Leaf Foods Inc. 743,546 11,822
* MEG Energy Corp. 1,415,705 11,779
  HudBay Minerals Inc. 2,185,142 11,347
* Raging River Exploration Inc. 1,765,114 11,204
  FirstService Corp. 311,014 10,941
  Laurentian Bank of Canada 268,175 10,864
^ Precision Drilling Corp. 2,729,435 10,854
^ Emera Inc. 331,038 10,846
  OceanaGold Corp. 5,619,478 10,744

 

10


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Jean Coutu Group PJC Inc. Class A 704,479 10,737
  RONA Inc. 1,021,639 10,665
* Canfor Corp. 749,930 10,610
  Cott Corp. 1,014,284 10,588
  Pan American Silver Corp. 1,361,964 10,332
* Parex Resources Inc. 1,344,653 10,098
^ Mullen Group Ltd. 726,394 9,699
^ Superior Plus Corp. 1,185,356 9,682
  North West Co. Inc. 431,090 9,561
  Westshore Terminals Investment Corp. 561,116 9,359
  Osisko Gold Royalties Ltd. 891,360 9,257
  Alamos Gold Inc. 2,401,639 9,238
  Transcontinental Inc. Class A 599,368 9,236
* B2Gold Corp. 8,504,231 9,170
^ Just Energy Group Inc. 1,245,677 9,155
  Pason Systems Inc. 620,537 9,131
^ Enerplus Corp. 1,933,562 9,124
  Russel Metals Inc. 579,381 9,039
* Advantage Oil & Gas Ltd. 1,615,818 8,984
^ Genworth MI Canada Inc. 362,646 8,966
  Manitoba Telecom Services Inc. 396,179 8,705
  Centerra Gold Inc. 1,532,568 8,626
  Dominion Diamond Corp. 802,453 8,487
*,^ NovaGold Resources Inc. 2,249,075 8,118
^ Secure Energy Services Inc. 1,209,927 8,041
^ Baytex Energy Corp. 1,959,303 7,971
* ATS Automation Tooling Systems Inc. 736,070 7,751
^ Innergex Renewable Energy Inc. 956,916 7,743
^ Corus Entertainment Inc. Class B 793,016 7,563
^ Canadian Energy Services & Technology Corp. 1,741,052 7,523
  Ensign Energy Services Inc. 1,192,644 7,497
*,^ Sierra Wireless Inc. 298,595 7,447
^ TORC Oil & Gas Ltd. 1,458,791 7,397
^ Norbord Inc. 389,177 7,354
  Enerflex Ltd. 746,633 7,206
*,^ Torex Gold Resources Inc. 7,370,355 6,989
  Brookfield Asset Management Inc. Class A (New York Shares) 187,500 6,557
*,^ IAMGOLD Corp. 3,583,667 6,468
* Great Canadian Gaming Corp. 464,833 6,417
  Aecon Group Inc. 536,431 6,199
* SEMAFO Inc. 2,693,394 6,118
  Dorel Industries Inc. Class B 232,511 5,912
*,^ Pacific Exploration and Production Corp. 2,951,627 5,756
  Martinrea International Inc. 667,402 5,660
*,^ Pretium Resources Inc. 940,851 5,634
  Nevsun Resources Ltd. 1,801,343 5,386
^ Penn West Petroleum Ltd. 4,523,840 5,259
^ Extendicare Inc. 798,222 5,244
*,^ Silver Standard Resources Inc. 754,202 5,197
*,^ Paramount Resources Ltd. Class A 511,323 5,173
  Cogeco Cable Inc. 99,338 5,130
^ Pengrowth Energy Corp. 4,957,552 4,853
* NuVista Energy Ltd. 1,371,268 4,845
*,^ First Majestic Silver Corp. 1,449,207 4,788
* Kelt Exploration Ltd. 1,280,429 4,710
^ Surge Energy Inc. 2,069,909 4,654
^ Bonterra Energy Corp. 276,127 4,585
* Crew Energy Inc. 1,320,753 4,495
^ Northern Property REIT 308,212 4,358
* Birchcliff Energy Ltd. 986,860 4,302
  Barrick Gold Corp. (New York Shares) 542,335 4,171
^ AutoCanada Inc. 169,844 4,115
* Alacer Gold Corp. 2,102,723 4,085
^ Bonavista Energy Corp. 1,816,617 4,057

 

11


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Cascades Inc. 569,003 4,056
* Bankers Petroleum Ltd. 2,401,963 4,041
*,^ Athabasca Oil Corp. 3,318,787 3,959
  Morguard REIT 336,778 3,722
*,^ Avigilon Corp. 328,011 3,680
^ InnVest REIT 883,953 3,542
  Trinidad Drilling Ltd. 2,004,936 3,481
* Primero Mining Corp. 1,501,647 3,457
  Canaccord Genuity Group Inc. 886,930 3,439
* Gran Tierra Energy Inc. (American Shares) 1,352,643 3,246
^ AGF Management Ltd. Class B 754,973 3,135
*,^ DREAM Unlimited Corp. Class A 504,080 2,841
*,^ China Gold International Resources Corp. Ltd. 2,120,825 2,838
* Gran Tierra Energy Inc. (Toronto Shares) 1,149,808 2,779
^ Sprott Inc. 1,386,446 2,736
*,^ Bellatrix Exploration Ltd. 1,557,912 2,562
^ First National Financial Corp. 150,614 2,561
^ Dundee Corp. Class A 418,966 2,409
*,^ Imperial Metals Corp. 393,317 2,382
  Major Drilling Group International Inc. 700,993 2,225
^ Black Diamond Group Ltd. 315,228 2,027
^ Trilogy Energy Corp. 564,934 1,901
*,^ Denison Mines Corp. 4,002,010 1,622
^ Sherritt International Corp. 2,498,769 1,567
^ Calfrac Well Services Ltd. 611,694 1,081
^ Trican Well Service Ltd. 1,253,075 834
  Canexus Corp. 521,847 539
* AuRico Metals Inc. 150,602 91
*,^ Great Basin Gold Ltd. 2,279,068 5
* Poseidon Concepts Corp. 320,721 2
      11,570,487
Chile (0.2%)    
  Enersis SA 156,229,587 41,213
  Empresas COPEC SA 3,558,413 33,336
  Empresa Nacional de Electricidad SA 25,582,328 32,050
  SACI Falabella 4,487,826 30,090
  Empresas CMPC SA 10,465,185 25,832
  Banco de Chile 228,865,202 24,219
  Cencosud SA 10,933,914 24,005
  Banco Santander Chile 494,611,365 23,481
  Colbun SA 66,128,398 17,540
  Banco de Credito e Inversiones 409,682 16,706
  Cia Cervecerias Unidas SA 1,369,659 16,430
* Latam Airlines Group SA (Santiago Shares) 2,893,815 15,456
  Aguas Andinas SA Class A 27,443,326 14,432
  Corpbanca SA 1,487,348,122 13,545
  Sociedad Quimica y Minera de Chile SA Preference Shares Class B 661,109 12,724
  AES Gener SA 23,462,533 11,281
  Empresa Nacional de Telecomunicaciones SA 996,524 9,218
  Vina Concha y Toro SA 5,318,984 9,047
  Parque Arauco SA 4,910,832 8,205
  Embotelladora Andina SA Preference Shares 2,204,636 8,085
  Empresa Nacional de Electricidad SA ADR 198,443 7,497
  E.CL SA 5,017,120 7,250
  Enersis SA ADR 540,699 7,164
  SONDA SA 4,380,129 7,039
  Inversiones Aguas Metropolitanas SA 4,005,811 5,703
  Banco Santander Chile ADR 229,722 4,362
  Administradora de Fondos de Pensiones Habitat SA 3,273,044 3,881
  Inversiones La Construccion SA 329,032 3,738
  Sociedad Quimica y Minera de Chile SA ADR 192,785 3,736
  Ripley Corp. SA 8,199,073 2,715
* Cia Sud Americana de Vapores SA 109,423,611 2,671
  Forus SA 800,687 2,316

 

12


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  CAP SA 689,561 1,823
* Latam Airlines Group SA 217,064 1,094
*,^ Latam Airlines Group SA ADR 73,423 405
      448,289
China (4.7%)    
  Tencent Holdings Ltd. 50,092,275 940,090
  China Construction Bank Corp. 856,557,340 617,600
  China Mobile Ltd. 49,915,740 593,804
  Industrial & Commercial Bank of China Ltd. 675,649,760 428,739
  Bank of China Ltd. 705,631,306 332,360
  Ping An Insurance Group Co. of China Ltd. 46,795,400 261,752
  China Life Insurance Co. Ltd. Class H 69,817,000 250,369
  China Petroleum & Chemical Corp. 239,506,400 172,737
  CNOOC Ltd. 150,785,000 171,499
  PetroChina Co. Ltd. 197,884,000 155,773
  China Overseas Land & Investment Ltd. 36,039,680 116,078
  China Merchants Bank Co. Ltd. 43,070,122 112,335
  CITIC Ltd. 60,133,000 111,850
  Agricultural Bank of China Ltd. 241,679,736 98,612
  China Pacific Insurance Group Co. Ltd. 24,176,838 96,351
  China Telecom Corp. Ltd. 151,641,000 79,273
  Hengan International Group Co. Ltd. 6,847,000 73,809
  PICC Property & Casualty Co. Ltd. 30,656,484 69,455
  China Unicom Hong Kong Ltd. 53,969,694 66,139
  China Resources Land Ltd. 25,416,867 65,817
  China Minsheng Banking Corp. Ltd. 61,075,918 61,166
  China Communications Construction Co. Ltd. 41,647,080 57,037
  Lenovo Group Ltd. 60,672,000 56,278
  Bank of Communications Co. Ltd. 75,707,150 55,725
  Haitong Securities Co. Ltd. 32,005,482 55,559
  China Shenhua Energy Co. Ltd. 31,902,000 53,895
*,^ CRRC Corp. Ltd. 37,916,000 48,179
  Belle International Holdings Ltd. 49,238,000 47,775
* China CITIC Bank Corp. Ltd. 71,239,446 45,988
  CITIC Securities Co. Ltd. 21,361,000 45,933
* China Taiping Insurance Holdings Co. Ltd. 13,825,626 43,317
2 Dalian Wanda Commercial Properties Co. Ltd. 6,402,873 42,648
  Sinopharm Group Co. Ltd. 9,880,000 40,693
  China Resources Power Holdings Co. Ltd. 17,771,600 40,124
*,^ Byd Co. Ltd. 6,445,758 39,928
  China Everbright International Ltd. 24,858,000 39,850
  Fosun International Ltd. 21,779,524 39,551
  ENN Energy Holdings Ltd. 6,872,000 39,380
  Dongfeng Motor Group Co. Ltd. 27,406,000 39,309
2 CGN Power Co. Ltd. 93,186,000 38,368
^ Evergrande Real Estate Group Ltd. 50,124,883 38,298
  China Merchants Holdings International Co. Ltd. 11,092,000 36,717
  Guangdong Investment Ltd. 26,086,000 36,670
  CSPC Pharmaceutical Group Ltd. 39,391,579 36,625
  Brilliance China Automotive Holdings Ltd. 25,880,000 35,729
  Great Wall Motor Co. Ltd. 29,113,000 35,293
  Huaneng Power International Inc. 31,684,000 34,315
  Anhui Conch Cement Co. Ltd. 11,267,500 34,299
  China Railway Group Ltd. 36,082,000 34,014
  New China Life Insurance Co. Ltd. 7,557,067 33,133
  China Cinda Asset Management Co. Ltd. 85,176,000 33,040
  Sino Biopharmaceutical Ltd. 26,684,000 33,006
  People's Insurance Co. Group of China Ltd. 59,990,000 31,987
*,^ Alibaba Pictures Group Ltd. 117,810,000 31,348
  Beijing Enterprises Holdings Ltd. 4,952,000 31,238
  Zhuzhou CSR Times Electric Co. Ltd. 4,769,500 30,903
  China Galaxy Securities Co. Ltd. 34,953,500 30,190
  Beijing Enterprises Water Group Ltd. 37,806,000 29,998
  China Longyuan Power Group Corp. Ltd. 31,529,000 28,839

 

13


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  China Vanke Co. Ltd. 12,345,974 28,808
^ China Conch Venture Holdings Ltd. 11,741,887 26,720
  China Railway Construction Corp. Ltd. 17,720,800 26,423
  Country Garden Holdings Co. Ltd. 67,996,962 25,840
  Shenzhou International Group Holdings Ltd. 5,230,000 25,698
*,2 Huatai Securities Co. Ltd. 10,689,099 24,112
  China Gas Holdings Ltd. 15,090,000 23,941
*,^ Hanergy Thin Film Power Group Ltd. 84,704,000 23,717
  Geely Automobile Holdings Ltd. 44,120,000 23,507
  ANTA Sports Products Ltd. 8,419,000 23,484
  China State Construction International Holdings Ltd. 15,113,442 22,939
  Haier Electronics Group Co. Ltd. 11,429,000 22,057
  Kunlun Energy Co. Ltd. 26,346,300 21,567
  China Resources Beer Holdings Company Ltd. 11,356,000 21,422
^ China Huishan Dairy Holdings Co. Ltd. 55,031,368 20,914
  Shimao Property Holdings Ltd. 11,794,000 20,670
*,^ GCL-Poly Energy Holdings Ltd. 99,277,000 20,451
  Far East Horizon Ltd. 24,565,598 20,402
  Sino-Ocean Land Holdings Ltd. 34,984,000 20,288
  GOME Electrical Appliances Holding Ltd. 108,842,612 19,893
2 Shengjing Bank Co. Ltd. 14,527,888 19,380
  COSCO Pacific Ltd. 14,904,000 19,281
  China Everbright Ltd. 7,984,000 18,722
  China Oilfield Services Ltd. 16,808,000 18,647
  Guangzhou Automobile Group Co. Ltd. 20,679,883 18,116
  Longfor Properties Co. Ltd. 13,551,500 18,098
^ Kingsoft Corp. Ltd. 7,775,000 17,538
  AviChina Industry & Technology Co. Ltd. 21,297,000 17,284
  China Resources Gas Group Ltd. 6,241,000 17,089
  Zhejiang Expressway Co. Ltd. 13,928,000 17,089
  China National Building Material Co. Ltd. 27,286,000 16,954
  Tsingtao Brewery Co. Ltd. 3,554,000 16,950
  ZTE Corp. 7,070,577 16,902
^ Shanghai Electric Group Co. Ltd. 26,548,000 16,476
* Alibaba Health Information Technology Ltd. 20,748,000 16,450
  Air China Ltd. 17,170,000 16,436
  Chongqing Rural Commercial Bank Co. Ltd. 26,127,000 16,358
  Jiangxi Copper Co. Ltd. 12,343,000 16,225
  China Power International Development Ltd. 25,465,000 15,996
  China Medical System Holdings Ltd. 11,688,500 15,971
  Jiangsu Expressway Co. Ltd. 11,506,000 15,543
  Shenzhen International Holdings Ltd. 10,166,750 15,408
  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B 4,768,425 15,389
  Shanghai Pharmaceuticals Holding Co. Ltd. 6,594,347 15,166
  China Everbright Bank Co. Ltd. 30,997,231 15,074
  Beijing Capital International Airport Co. Ltd. 14,002,000 14,997
  Chongqing Changan Automobile Co. Ltd. Class B 7,979,905 14,680
*,^ China COSCO Holdings Co. Ltd. 22,815,000 14,542
  Zijin Mining Group Co. Ltd. 53,411,000 14,289
^ Sunny Optical Technology Group Co. Ltd. 6,057,000 14,098
  TravelSky Technology Ltd. 9,547,000 14,048
  China Southern Airlines Co. Ltd. 16,386,000 13,856
* Sinopec Shanghai Petrochemical Co. Ltd. 32,751,000 13,674
*,^ China Shipping Container Lines Co. Ltd. 32,575,000 13,071
  Skyworth Digital Holdings Ltd. 17,547,000 12,917
* China Traditional Chinese Medicine Co. Ltd. 16,784,000 12,648
  Shanghai Fosun Pharmaceutical Group Co. Ltd. 3,717,500 12,053
* Aluminum Corp. of China Ltd. 37,291,426 12,049
* Luye Pharma Group Ltd. 12,131,000 11,878
  Huaneng Renewables Corp. Ltd. 38,154,000 11,874
*,^ CAR Inc. 6,597,753 11,495
  Shandong Weigao Group Medical Polymer Co. Ltd. 16,624,000 11,465
  Shenzhen Investment Ltd. 28,203,823 11,385
  Shanghai Industrial Holdings Ltd. 4,328,000 11,378

 

14


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Huadian Power International Corp. Ltd. 15,298,000 11,177
2 BAIC Motor Corp. Ltd. 12,662,100 11,136
^ Intime Retail Group Co. Ltd. 9,862,000 10,855
^ Tech Pro Technology Development Ltd. 44,389,600 10,500
  Sunac China Holdings Ltd. 17,105,000 10,445
^ China Coal Energy Co. Ltd. 24,285,000 10,422
  Yuexiu Property Co. Ltd. 59,759,536 10,272
  China International Marine Containers Group Co. Ltd. 5,551,753 9,871
  Nine Dragons Paper Holdings Ltd. 14,993,669 9,855
  Datang International Power Generation Co. Ltd. 26,710,000 9,831
  Weichai Power Co. Ltd. 9,051,120 9,583
  China Communications Services Corp. Ltd. 23,883,600 9,557
  Tong Ren Tang Technologies Co. Ltd. 6,046,000 9,429
  Haitian International Holdings Ltd. 5,387,000 9,416
  Sinotrans Ltd. 17,340,000 9,378
* China Eastern Airlines Corp. Ltd. 14,608,000 9,363
*,^ China Shanshui Cement Group Ltd. 11,479,000 9,316
  Metallurgical Corp. of China Ltd. 25,179,063 9,291
  Kingboard Chemical Holdings Ltd. 6,496,900 9,174
  Guangzhou R&F Properties Co. Ltd. 9,096,800 8,994
  Sinopec Engineering Group Co. Ltd. 10,410,500 8,956
^ Yanzhou Coal Mining Co. Ltd. 18,242,866 8,780
  China Jinmao Holdings Group Ltd. 31,854,000 8,730
* China High Speed Transmission Equipment Group Co. Ltd. 9,657,000 8,650
  Lao Feng Xiang Co. Ltd. Class B 1,969,737 8,437
* Shunfeng International Clean Energy Ltd. 26,202,000 8,356
*,2 Legend Holdings Corp. 2,158,800 8,344
* Fullshare Holdings Ltd. 43,442,500 8,303
  Inner Mongolia Yitai Coal Co. Ltd. Class B 9,883,894 8,269
  KWG Property Holding Ltd. 11,459,000 8,249
  Jiangsu Future Land Co. Ltd. Class B 3,691,800 8,156
  Lee & Man Paper Manufacturing Ltd. 13,087,000 8,139
* China Reinsurance Group Corp. 22,775,939 7,964
  PAX Global Technology Ltd. 5,981,000 7,791
  BBMG Corp. 11,093,500 7,757
^ China Shipping Development Co. Ltd. 10,948,000 7,755
  Digital China Holdings Ltd. 7,596,000 7,726
^ Xinjiang Goldwind Science & Technology Co. Ltd. 4,096,400 7,682
  SOHO China Ltd. 14,848,000 7,593
*,^ Renhe Commercial Holdings Co. Ltd. 145,363,452 7,547
^ CT Environmental Group Ltd. 21,296,000 7,536
  Huadian Fuxin Energy Corp. Ltd. 24,354,014 7,467
* China Agri-Industries Holdings Ltd. 20,232,400 7,431
^ Agile Property Holdings Ltd. 13,655,500 7,416
  China Merchants Property Development Co. Ltd. Class B 1,971,224 7,376
^ Kingdee International Software Group Co. Ltd. 17,735,600 7,261
  China Resources Cement Holdings Ltd. 18,003,845 7,235
  Guangshen Railway Co. Ltd. 13,806,000 7,160
^ China Lesso Group Holdings Ltd. 8,826,000 7,147
^ China Molybdenum Co. Ltd. 12,708,000 7,041
*,2 Fuyao Glass Industry Group Co. Ltd. 3,263,199 6,931
^ Beijing Jingneng Clean Energy Co. Ltd. 19,784,000 6,850
  China Dongxiang Group Co. Ltd. 26,367,000 6,681
*,^ Li Ning Co. Ltd. 12,638,727 6,567
2 Cosmo Lady China Holdings Co. Ltd. 6,392,871 6,351
  Huishang Bank Corp. Ltd. 14,578,665 6,283
* Greentown China Holdings Ltd. 7,145,500 6,237
  Yantai Changyu Pioneer Wine Co. Ltd. Class B 1,955,747 6,205
^ Hua Han Bio-Pharmaceutical Holdings Ltd. 42,250,792 6,096
*,^ Chinasoft International Ltd. 14,142,000 6,087
^ Golden Eagle Retail Group Ltd. 4,698,000 6,042
*,^ Sinopec Oilfield Service Corp. 18,986,000 5,981
*,2 China Railway Signal & Communication Corp. Ltd. 7,554,600 5,975
^ NetDragon Websoft Inc. 2,139,508 5,890

 

15


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
^ Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. 2,046,000 5,747
^ CIFI Holdings Group Co. Ltd. 26,484,000 5,637
^ China Zhongwang Holdings Ltd. 12,800,695 5,636
^ China Modern Dairy Holdings Ltd. 18,559,000 5,577
  Dazhong Transportation Group Co. Ltd. Class B 5,195,464 5,555
^ Poly Property Group Co. Ltd. 17,147,000 5,541
  Central China Securities Co. Ltd. 10,674,489 5,535
^ China South City Holdings Ltd. 23,310,000 5,533
*,^ CSSC Offshore and Marine Engineering Group Co. Ltd. 2,256,000 5,531
*,^ GF Securities Co. Ltd. 2,767,800 5,448
  CSG Holding Co. Ltd. Class B 6,840,563 5,409
  China BlueChemical Ltd. 17,814,000 5,310
^ Sinopec Kantons Holdings Ltd. 9,274,000 5,271
  Fu Shou Yuan International Group Ltd. 7,721,000 5,266
  Xinhua Winshare Publishing and Media Co. Ltd. 6,246,000 5,250
  Wasion Group Holdings Ltd. 4,698,000 5,201
^ China Hongqiao Group Ltd. 9,995,075 5,201
  Shenzhen Expressway Co. Ltd. 6,548,000 5,023
  Guangdong Electric Power Development Co. Ltd. Class B 7,636,770 4,982
* Hopson Development Holdings Ltd. 5,812,000 4,893
  Shanghai Mechanical and Electrical Industry Co. Ltd. Class B 1,929,721 4,848
  Greatview Aseptic Packaging Co. Ltd. 10,313,000 4,847
* BYD Electronic International Co. Ltd. 7,456,500 4,832
^ Zoomlion Heavy Industry Science and Technology Co. Ltd. 12,437,822 4,722
  Hangzhou Steam Turbine Co. Ltd. Class B 2,286,336 4,717
^ Phoenix Healthcare Group Co. Ltd. 3,079,069 4,666
  Shanghai Jinjiang International Hotels Development Co. Ltd. Class B 1,456,152 4,651
^ Zhaojin Mining Industry Co. Ltd. 8,213,000 4,643
^ Fufeng Group Ltd. 8,791,600 4,615
*,2 Red Star Macalline Group Corp. Ltd. 3,320,713 4,611
  Beijing Capital Land Ltd. 9,506,000 4,549
  Shanghai Baosight Software Co. Ltd. Class B 1,131,056 4,433
  Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B 2,627,275 4,431
^ China Water Affairs Group Ltd. 8,372,000 4,421
* Tianneng Power International Ltd. 6,102,000 4,419
  Tibet 5100 Water Resources Holdings Ltd. 13,513,000 4,356
*,2 Beijing Urban Construction Design & Development Group Co. Ltd. 7,046,000 4,339
*,^ AVIC International Holding HK Ltd. 36,116,000 4,293
  XTEP International Holdings Ltd. 8,277,000 4,283
^ Yuexiu Transport Infrastructure Ltd. 6,250,000 4,259
  Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B 1,927,505 4,211
^ Dongfang Electric Corp. Ltd. 3,390,800 4,061
* Coolpad Group Ltd. 23,220,000 4,039
  Anhui Expressway Co. Ltd. 4,696,000 4,021
  Angang Steel Co. Ltd. 9,680,000 4,013
* Shanghai Zhenhua Heavy Industries Co. Ltd. Class B 7,607,367 3,990
  China Machinery Engineering Corp. 4,600,000 3,985
  Harbin Electric Co. Ltd. 6,650,000 3,956
^ Boer Power Holdings Ltd. 2,345,000 3,822
^ Universal Health International Group Holding Ltd. 9,620,000 3,799
^ China ZhengTong Auto Services Holdings Ltd. 8,511,500 3,786
  Kingboard Laminates Holdings Ltd. 9,070,000 3,783
  China Shineway Pharmaceutical Group Ltd. 2,835,000 3,670
^ Dongjiang Environmental Co. Ltd. 1,897,200 3,654
^ Shanghai Jin Jiang International Hotels Group Co. Ltd. 11,486,000 3,563
  Beijing Enterprises Clean Energy Group Ltd. 39,339,506 3,524
  Anhui Gujing Distillery Co. Ltd. Class B 1,060,127 3,503
^ Bank of Chongqing Co. Ltd. 4,680,500 3,497
* BOE Technology Group Co. Ltd. Class B 12,042,068 3,488
  CIMC Enric Holdings Ltd. 5,238,000 3,449
*,^ Maanshan Iron & Steel Co. Ltd. 16,080,000 3,435
*,^ Wumart Stores Inc. 4,799,000 3,411
*,^ Lifetech Scientific Corp. 17,719,944 3,382
^ Livzon Pharmaceutical Group Inc. 652,374 3,367

 

16


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Weifu High-Technology Group Co. Ltd. Class B 1,316,789 3,366
  Shandong Airlines Co. Ltd. Class B 1,306,820 3,326
*,^ Hi Sun Technology China Ltd. 17,205,000 3,321
^ China Singyes Solar Technologies Holdings Ltd. 4,226,400 3,314
  Luthai Textile Co. Ltd. Class B 2,443,450 3,269
  Sinofert Holdings Ltd. 18,602,000 3,256
  Guorui Properties Ltd. 6,807,000 3,248
^ Biostime International Holdings Ltd. 1,460,000 3,239
^ Dah Chong Hong Holdings Ltd. 7,130,000 3,229
^ Concord New Energy Group Ltd. 47,550,000 3,225
*,^ CITIC Resources Holdings Ltd. 20,884,600 3,139
^ West China Cement Ltd. 18,294,000 3,133
* China Metal Recycling Holdings Ltd. 2,568,000 3,124
*,2 Tianhe Chemicals Group Ltd. 20,635,827 3,115
*,2 Cogobuy Group 3,181,000 3,097
  C C Land Holdings Ltd. 12,058,000 3,094
  Shanghai Bailian Group Co. Ltd. Class B 1,619,654 3,082
*,^ Yestar International Holdings Co. Ltd. 7,700,000 3,079
*,2 Hua Hong Semiconductor Ltd. 2,978,000 3,007
* China Foods Ltd. 6,602,000 3,002
  China Power New Energy Development Co. Ltd. 43,140,000 2,986
*,^ Chaowei Power Holdings Ltd. 4,626,000 2,968
* China Datang Corp. Renewable Power Co. Ltd. 22,154,000 2,962
* China Chengtong Development Group Ltd. 25,832,000 2,941
^ China All Access Holdings Ltd. 8,520,000 2,934
^ China Suntien Green Energy Corp. Ltd. 16,371,000 2,925
* Sinosoft Technology Group Ltd. 5,152,000 2,908
  Shanghai Haixin Group Co. Class B 3,941,094 2,905
  Inner Mongolia Eerduosi Resourses Co. Ltd. Class B 3,393,377 2,904
^ Phoenix Satellite Television Holdings Ltd. 12,162,000 2,897
  China Lilang Ltd. 3,375,000 2,873
  Logan Property Holdings Co. Ltd. 6,806,000 2,856
^ Vinda International Holdings Ltd. 1,444,528 2,834
^ First Tractor Co. Ltd. 4,140,000 2,817
  Sichuan Expressway Co. Ltd. 8,058,000 2,811
*,^ Carnival Group International Holdings Ltd. 25,061,556 2,809
^ Yashili International Holdings Ltd. 9,893,000 2,805
  Lonking Holdings Ltd. 17,514,000 2,804
^ Dalian Port PDA Co. Ltd. 7,764,000 2,800
^ SSY Group Ltd. 11,182,894 2,789
* Glorious Property Holdings Ltd. 21,710,000 2,788
  Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B 1,502,548 2,749
  Yuzhou Properties Co. Ltd. 11,429,000 2,735
* China Huiyuan Juice Group Ltd. 6,004,000 2,697
^ Baoxin Auto Group Ltd. 6,505,000 2,697
  Shandong Chenming Paper Holdings Ltd. Class B 4,441,695 2,678
  Landing International Development Ltd. 88,580,500 2,660
  Peak Sport Products Co. Ltd. 8,802,000 2,640
  Zhongsheng Group Holdings Ltd. 6,381,500 2,638
^ 361 Degrees International Ltd. 7,471,000 2,637
  Foshan Electrical and Lighting Co. Ltd. Class B 2,856,396 2,625
  Dongyue Group Ltd. 9,588,000 2,619
^ China Merchants Land Ltd. 12,376,000 2,615
* China Oil & Gas Group Ltd. 37,666,000 2,605
* Shanghai Chlor-Alkali Chemical Co. Ltd. Class B 3,611,000 2,602
^ COSCO International Holdings Ltd. 4,512,000 2,596
  Powerlong Real Estate Holdings Ltd. 13,201,000 2,570
  China National Accord Medicines Corp. Ltd. Class B 500,068 2,569
*,^ China Electronics Corp. Holdings Co. Ltd. 7,554,000 2,555
  Huangshan Tourism Development Co. Ltd. Class B 1,486,882 2,537
  Double Coin Holdings Ltd. Class B 2,517,300 2,531
*,^ China Yurun Food Group Ltd. 11,854,413 2,528
* Kama Co. Ltd. Class B 2,507,400 2,527
* Enerchina Holdings Ltd. 41,109,000 2,499

 

17


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
* Greenland Hong Kong Holdings Ltd. 5,934,000 2,498
  Sinotruk Hong Kong Ltd. 6,001,500 2,493
  China National Materials Co. Ltd. 10,367,000 2,483
^ Sinotrans Shipping Ltd. 11,744,500 2,472
  Shanghai Diesel Engine Co. Ltd. Class B 3,209,560 2,456
^ Shanghai Industrial Urban Development Group Ltd. 12,330,000 2,385
^ Wisdom Sports Group 4,577,000 2,384
  Tianjin Port Development Holdings Ltd. 14,302,000 2,381
  Jiangling Motors Corp. Ltd. Class B 741,660 2,378
* Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. 2,513,000 2,374
^ Bloomage BioTechnology Corp. Ltd. 1,307,500 2,368
^ Hengdeli Holdings Ltd. 15,699,600 2,357
^ Bosideng International Holdings Ltd. 24,410,000 2,353
  Tianjin Capital Environmental Protection Group Co. Ltd. 3,132,000 2,342
  Wuxi Little Swan Co. Ltd. Class B 1,054,556 2,340
^ China SCE Property Holdings Ltd. 10,608,000 2,326
  Shenzhen Chiwan Wharf Holdings Ltd. Class B 1,175,411 2,320
* Mingfa Group International Co. Ltd. 9,594,455 2,319
^ V1 Group Ltd. 29,978,000 2,266
* Huadian Energy Co. Ltd. Class B 3,947,034 2,264
*,^ Lianhua Supermarket Holdings Co. Ltd. 4,779,000 2,228
^ CPMC Holdings Ltd. 3,970,000 2,227
^ Texhong Textile Group Ltd. 2,972,000 2,201
  Tianjin Development Holdings Ltd. 3,388,000 2,193
^ China Overseas Grand Oceans Group Ltd. 6,922,500 2,192
  Ajisen China Holdings Ltd. 4,574,000 2,183
* Colour Life Services Group Co. Ltd. 2,541,000 2,183
* China Tian Lun Gas Holdings Ltd. 2,392,500 2,180
* Shang Gong Group Co. Ltd. Class B 2,073,296 2,178
*,^ China Lumena New Materials Corp. 13,488,000 2,175
  Beijing North Star Co. Ltd. 6,594,000 2,133
* Zhonglu Co. Ltd. Class B 757,711 2,131
^ Comba Telecom Systems Holdings Ltd. 10,365,540 2,121
*,^ Sany Heavy Equipment International Holdings Co. Ltd. 8,735,000 2,114
  Shanghai Highly Group Co. Ltd. Class B 2,956,900 2,100
  Qingling Motors Co. Ltd. 6,534,000 2,099
  China Fangda Group Co. Ltd. Class B 2,594,290 2,089
* China Overseas Property Holdings Ltd. 11,948,560 2,050
*,2 Ozner Water International Holding Ltd. 11,025,000 2,030
  Xiamen International Port Co. Ltd. 7,760,000 1,965
^ Fantasia Holdings Group Co. Ltd. 16,105,500 1,908
* Launch Tech Co. Ltd. 1,260,000 1,897
^ TCL Multimedia Technology Holdings Ltd. 4,220,000 1,882
  Weiqiao Textile Co. 4,182,000 1,876
* Sinolink Worldwide Holdings Ltd. 16,986,000 1,871
* Hisense Kelon Electrical Holdings Co. Ltd. Class A 3,672,000 1,866
  Shandong Chenming Paper Holdings Ltd. 3,322,000 1,852
^ Poly Culture Group Corp. Ltd. 766,686 1,837
* INESA Electron Co. Ltd. Class B 2,595,473 1,822
  Xingda International Holdings Ltd. 8,197,000 1,821
  Eastern Communications Co. Ltd. Class B 2,394,600 1,756
*,^ Wanda Hotel Development Co. Ltd. 11,484,000 1,739
* EverChina International Holdings Co. Ltd. 42,895,000 1,738
  Guangdong Provincial Expressway Development Co. Ltd. Class B 3,490,900 1,737
*,^ China Dynamics Holdings Ltd. 25,210,000 1,737
* Shanghai Greencourt Investment Group Co. Ltd. Class B 2,694,801 1,703
*,2 Kangda International Environmental Co. Ltd. 5,715,891 1,695
  Hubei Sanonda Co. Ltd. Class B 1,915,900 1,686
  Foshan Huaxin Packaging Co. Ltd. Class B 1,362,902 1,667
* Shougang Concord International Enterprises Co. Ltd. 38,534,000 1,612
  Changshouhua Food Co. Ltd. 2,640,000 1,585
^ China Fiber Optic Network System Group Ltd. 12,939,600 1,538
*,^ China Precious Metal Resources Holdings Co. Ltd. 34,252,000 1,535
* Shanghai Potevio Co. Ltd. Class B 1,028,700 1,499

 

18


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Jinzhou Port Co. Ltd. Class B 2,549,944 1,471
* Loudong General Nice Resources China Holdings Ltd. 17,073,000 1,449
*,^ China Rare Earth Holdings Ltd. 15,493,426 1,416
*,^ China Public Procurement Ltd. 77,304,000 1,388
^ Hydoo International Holding Ltd. 9,016,000 1,386
^ Welling Holding Ltd. 8,083,200 1,347
^ Hilong Holding Ltd. 6,343,000 1,344
  HNA Infrastructure Company Ltd. 1,159,000 1,328
* MIE Holdings Corp. 10,072,000 1,327
*,^ PW Medtech Group Ltd. 6,296,000 1,313
^ Maoye International Holdings Ltd. 10,045,000 1,290
  Chongqing Machinery & Electric Co. Ltd. 9,076,000 1,289
^ Real Nutriceutical Group Ltd. 9,597,000 1,238
* Jinshan Development & Construction Co. Ltd. Class B 1,433,100 1,221
* Chengde Nanjiang Co. Ltd. Class B 3,182,875 1,187
  Huaxin Cement Co. Ltd. Class B 1,770,629 1,174
* O-Net Communications Group Ltd. 3,960,000 1,155
  Shenguan Holdings Group Ltd. 7,906,000 1,139
  Bengang Steel Plates Co. Ltd. Class B 3,176,272 1,094
^ Tiangong International Co. Ltd. 11,646,000 1,076
  NVC Lighting Holding Ltd. 8,187,000 1,056
*,^ North Mining Shares Co. Ltd. 97,450,000 1,047
  Hefei Meiling Co. Ltd. Class B 1,629,752 1,005
^ Minmetals Land Ltd. 9,736,000 999
*,^ Daphne International Holdings Ltd. 5,238,000 941
^ Yuanda China Holdings Ltd. 19,078,000 933
* SRE Group Ltd. 17,190,000 865
* Anxin-China Holdings Ltd. 16,568,000 823
  Fiyta Holdings Ltd. Class B 710,020 749
* Shenzhen Wongtee International Enterprise Co. Ltd. Class B 529,380 743
  Changchai Co. Ltd. Class B 1,128,300 735
* China Automation Group Ltd. 6,241,000 681
* Chongqing Iron & Steel Co. Ltd. 4,228,000 676
  Dalian Refrigeration Co. Ltd. Class B 618,700 664
* Boshiwa International Holding Ltd. 2,777,000 602
*,^ Xinjiang Xinxin Mining Industry Co. Ltd. 5,406,000 595
* Global Bio-Chem Technology Group Co. Ltd. 14,960,000 582
* Synertone Communication Corp. 27,592,000 550
*,^ China Resources and Transportation Group Ltd. 129,000,000 545
* China ITS Holdings Co. Ltd. 3,856,000 473
* Daqing Dairy Holdings Ltd. 1,578,000 342
* Chigo Holding Ltd. 19,276,000 324
* Titan Petrochemicals Group Ltd. 10,180,000 323
* Hidili Industry International Development Ltd. 5,777,000 295
* China Vanadium Titano - Magnetite Mining Co. Ltd. 6,914,000 265
*,^ Dynasty Fine Wines Group Ltd. 1,342,000 249
*,^ Winsway Enterprises Holdings Ltd. 10,916,000 204
* Real Gold Mining Ltd. 1,345,000 145
* Trony Solar Holdings Co. Ltd. 1,562,000 127
* HKC Holdings Ltd. 1,793,400 42
      8,682,256
Colombia (0.1%)    
  Bancolombia SA ADR 967,982 33,512
  Grupo de Inversiones Suramericana SA 2,202,607 27,964
  Grupo Argos SA 3,013,955 18,519
  Ecopetrol SA 31,521,686 14,689
  Corp Financiera Colombiana SA 990,212 12,934
  Grupo Aval Acciones y Valores Preference Shares 31,088,693 12,448
  Cementos Argos SA 3,691,808 12,234
  Grupo de Inversiones Suramericana SA Preference Shares 862,919 10,830
  Almacenes Exito SA 2,106,330 9,496
  Isagen SA ESP 7,671,821 8,130
  Banco Davivienda SA Preference Shares 953,525 7,840
  Interconexion Electrica SA ESP 3,238,486 7,758

 

19


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Ecopetrol SA ADR 743,583 6,930
  Cementos Argos SA Preference Shares 1,898,666 5,971
* Cemex Latam Holdings SA 1,594,296 5,547
  Celsia SA ESP 2,894,404 2,987
  Grupo Aval Acciones y Valores SA ADR 249,000 1,995
  Avianca Holdings SA Preference Shares 2,905,693 1,484
      201,268
Czech Republic (0.0%)    
  CEZ AS 1,503,184 30,045
  Komercni banka as 142,186 29,395
  Philip Morris CR AS 4,592 2,188
      61,628
Denmark (1.2%)    
  Novo Nordisk A/S Class B 17,300,933 916,494
  Danske Bank A/S 7,246,305 198,803
  Pandora A/S 1,074,647 123,706
  Vestas Wind Systems A/S 2,079,581 120,842
  Novozymes A/S 2,129,358 98,478
  AP Moeller - Maersk A/S Class B 61,191 90,056
  Carlsberg A/S Class B 993,336 81,271
  Coloplast A/S Class B 942,217 67,471
  DSV A/S 1,572,347 63,623
  AP Moeller - Maersk A/S Class A 42,072 60,168
  ISS A/S 1,613,151 56,669
  Chr Hansen Holding A/S 827,102 49,590
* Genmab A/S 499,549 49,115
  TDC A/S 7,509,710 39,274
* Jyske Bank A/S 664,729 32,384
  GN Store Nord A/S 1,421,373 25,889
  Sydbank A/S 681,510 22,368
* William Demant Holding A/S 222,061 19,261
* Topdanmark A/S 723,934 19,246
  Tryg A/S 1,058,780 19,014
^ FLSmidth & Co. A/S 462,547 17,482
* H Lundbeck A/S 549,977 16,148
  SimCorp A/S 315,125 15,433
* Royal Unibrew A/S 378,195 14,935
  NKT Holding A/S 220,134 11,964
  Rockwool International A/S Class B 60,557 9,472
* Dfds A/S 292,290 8,873
  Spar Nord Bank A/S 773,810 7,399
* Bavarian Nordic A/S 174,731 6,992
  Schouw & Co. 117,554 6,146
*,^ Ambu A/S Class B 222,557 6,029
  Matas A/S 326,549 5,917
  ALK-Abello A/S 54,322 5,901
  Alm Brand A/S 650,172 3,683
  Solar A/S Class B 56,209 3,415
*,^ Bang & Olufsen A/S 292,101 1,917
*,^ D/S Norden A/S 74,571 1,484
* Amagerbanken A/S 537,565
* OW Bunker A/S 129,331
      2,296,912
Egypt (0.1%)    
  Commercial International Bank Egypt SAE 7,758,187 51,012
  Talaat Moustafa Group 9,607,172 8,124
* Egyptian Financial Group-Hermes Holding Co. 5,523,294 6,191
* Orascom Construction Ltd. 576,132 5,759
* Global Telecom Holding SAE GDR 4,067,881 4,733
  Egypt Kuwait Holding Co. SAE 7,665,433 4,446
  Juhayna Food Industries 4,285,896 4,168
* ElSewedy Electric Co. 722,034 3,845
* Medinet Nasr Housing 1,140,077 3,430

 

20


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Telecom Egypt Co. 3,476,062 2,981
* Six of October Development & Investment 2,463,911 2,780
* Palm Hills Developments SAE 10,329,159 2,740
* Pioneers Holding for Financial Investments SAE 2,336,376 2,409
* Ezz Steel 1,850,105 2,286
  Oriental Weavers 1,651,628 2,258
  Sidi Kerir Petrochemicals Co. 1,159,232 1,917
  Heliopolis Co. for Housing and Construction SAE 298,770 1,609
* Orascom Telecom Media And Technology Holding SAE 13,896,489 1,436
* South Valley Cement 1,639,755 880
* Orascom Telecom Media And Technology Holding SAE GDR 1,591,123 875
* Egyptian Resorts Co. 6,572,106 810
* Citadel Capital SAE 3,178,807 736
* Arab Cotton Ginning 1,901,986 725
* Global Telecom Holding SAE 2,989,569 696
  Amer Group Holding 8,302,600 558
* Porto Holding SAE 8,302,600 476
* Maridive & Oil Services SAE 1,028,654 340
* Abu Dhabi Islamic Bank 514,865 333
      118,553
Finland (0.7%)    
  Nokia Oyj 35,120,717 260,624
  Sampo Oyj Class A 4,415,840 215,435
  Kone Oyj Class B 3,557,717 151,590
  UPM-Kymmene Oyj 4,994,857 93,367
  Fortum Oyj 4,169,967 62,458
  Wartsila OYJ Abp 1,460,847 62,264
  Elisa Oyj 1,486,008 55,940
  Stora Enso Oyj 5,361,591 49,632
  Nokian Renkaat Oyj 1,269,126 47,764
  Huhtamaki Oyj 966,060 34,018
  Orion Oyj Class B 948,470 33,836
  Amer Sports Oyj 1,101,485 30,824
  Metso Oyj 1,251,189 30,561
  Neste Oyj 1,205,193 29,350
  Kesko Oyj Class B 630,304 20,085
  Tieto Oyj 684,736 17,521
  Konecranes Oyj 555,385 14,867
  Cargotec Oyj Class B 392,345 13,945
  Metsa Board Oyj 2,123,948 13,485
  Valmet Oyj 1,266,870 13,324
  Caverion Corp. 1,154,447 10,041
  Citycon Oyj 3,712,477 9,765
  Sponda Oyj 2,290,693 9,721
  Kemira Oyj 710,494 8,410
  Uponor Oyj 508,372 6,768
*,^ Outokumpu Oyj 1,947,224 6,597
^ YIT Oyj 1,171,591 6,150
^ Outotec Oyj 1,725,709 5,924
* Oriola-KD Oyj 1,160,813 5,669
  Raisio Oyj 1,104,586 5,205
  Ramirent Oyj 623,584 4,850
  Cramo Oyj 228,781 4,191
^ Sanoma Oyj 727,755 3,188
* Finnair Oyj 610,055 2,521
*,^ Stockmann OYJ Abp Class B 269,001 2,089
  F-Secure Oyj 533,688 1,591
      1,343,570
France (6.4%)    
  Sanofi 10,589,976 1,067,680
  TOTAL SA 19,293,433 934,949
  BNP Paribas SA 9,156,286 555,370
  AXA SA 18,062,707 482,239
  LVMH Moet Hennessy Louis Vuitton SE 2,348,064 436,854

 

21


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Danone SA 5,329,602 371,047
  Airbus Group SE 5,195,092 360,976
  Societe Generale SA 6,870,692 319,007
  Orange SA 17,879,669 314,540
  Air Liquide SA 2,428,138 314,112
  Schneider Electric SE 5,181,093 313,279
  L'Oreal SA 1,695,486 308,908
^ Vinci SA 4,371,029 294,611
  Vivendi SA 11,027,866 265,375
  Essilor International SA 1,868,507 245,198
^ Engie SA 13,343,816 233,735
  Pernod Ricard SA 1,838,827 216,446
  Safran SA 2,614,226 198,389
  Cie de Saint-Gobain 4,322,309 181,126
  Cie Generale des Etablissements Michelin 1,754,888 174,609
  Carrefour SA 5,095,609 165,943
  Renault SA 1,612,054 151,654
  Legrand SA 2,493,026 136,662
  Cap Gemini SA 1,489,608 132,480
  Kering 697,964 128,951
  Publicis Groupe SA 1,778,909 115,400
  Valeo SA 728,761 112,527
* Alcatel-Lucent 25,886,604 105,039
  Veolia Environnement SA 4,378,029 101,787
  Air Liquide SA (Prime de fidelite) 782,813 101,267
  Credit Agricole SA 7,839,427 99,157
  L'Oreal SA Loyalty Line 532,666 97,049
  Christian Dior SE 486,934 95,712
  Accor SA 1,892,108 93,939
  Dassault Systemes 1,176,390 92,819
  Hermes International 224,179 86,243
  SES SA 2,780,122 82,091
  Klepierre 1,661,476 78,728
  Sodexo SA 857,710 76,230
  Thales SA 966,778 69,998
  Bouygues SA 1,759,368 66,560
*,^ Alstom SA 2,025,841 66,009
  Atos SE 820,620 65,387
* Peugeot SA 3,646,400 64,117
  Groupe Eurotunnel SE 4,326,533 60,576
  Ingenico Group SA 512,256 60,430
  Suez Environnement Co. 3,034,641 57,666
  Bureau Veritas SA 2,414,150 54,542
  Technip SA 1,044,953 54,501
  Natixis SA 8,754,834 53,587
^ Eutelsat Communications SA 1,542,940 50,849
  SCOR SE 1,316,528 48,963
  Arkema SA 653,893 47,771
  Iliad SA 217,951 45,793
  Bollore SA 9,216,639 45,563
  Zodiac Aerospace 1,797,338 45,449
  Gecina SA 328,224 41,924
  Teleperformance 533,212 41,872
  STMicroelectronics NV 5,826,139 40,273
  Societe BIC SA 251,783 40,106
* Numericable-SFR SAS 865,796 39,169
  Rexel SA 2,817,642 38,471
  Electricite de France SA 2,016,060 37,497
  Edenred 1,897,318 34,771
  Wendel SA 285,080 34,174
  Aeroports de Paris 267,346 33,569
  Fonciere Des Regions 337,797 31,787
  Orpea 394,751 31,640
  Casino Guichard Perrachon SA 542,136 31,145

 

22


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Lagardere SCA 1,059,699 30,847
  JCDecaux SA 714,051 29,059
2 Euronext NV 652,681 28,631
  Eurofins Scientific SE 78,974 28,553
  Eurazeo SA 383,810 27,026
  Rubis SCA 329,974 26,450
* UBISOFT Entertainment 872,345 26,129
  ICADE 329,521 24,377
  Eiffage SA 386,243 24,093
  Credit Agricole SA Loyalty Line 1,787,302 22,607
  Faurecia 563,542 22,268
  Imerys SA 322,532 22,063
  CNP Assurances 1,544,193 22,033
  SEB SA 214,226 21,759
^ Technicolor SA 3,153,341 21,355
  Ipsen SA 322,944 20,374
2 Elior 900,143 17,078
  Plastic Omnium SA 542,888 15,670
  BioMerieux 134,456 15,621
  Remy Cointreau SA 221,248 15,401
  Nexity SA 336,244 14,887
  Korian SA 379,750 14,359
  Altran Technologies SA 1,100,916 13,709
  Sopra Steria Group 120,078 13,657
  Havas SA 1,521,012 13,179
  Sartorius Stedim Biotech 36,853 13,011
*,^ DBV Technologies SA 184,980 12,760
  Societe Television Francaise 1 979,397 12,600
* Nexans SA 308,397 12,258
^ Vallourec SA 1,102,421 12,227
  Metropole Television SA 619,389 11,916
  Euler Hermes Group 120,911 11,328
  Alten SA 216,274 11,213
  Elis SA 629,639 10,666
*,^ Air France-KLM 1,381,384 10,120
  Vicat 145,214 9,310
  Mercialys SA 393,295 9,036
  Gaztransport Et Technigaz SA 169,530 8,476
^ Virbac SA 41,666 8,295
*,^ Genfit 179,754 8,066
  Neopost SA 317,611 7,898
  Electricite de France SA Loyalty Line 416,343 7,744
  Saft Groupe SA 263,134 6,796
  Faiveley Transport SA 63,870 6,741
  IPSOS 313,477 6,361
*,^ CGG SA 1,566,525 6,293
*,^ Groupe Fnac SA 93,072 6,039
  Coface SA 743,799 6,020
  Tarkett SA 180,086 5,377
  Trigano SA 93,324 4,483
  LISI 179,038 4,370
  Boiron SA 48,399 4,276
* GameLoft SE 733,362 4,187
^ Vilmorin & Cie SA 57,480 4,051
  SEB SA Loyalty Line 39,123 3,974
^ Rallye SA 196,504 3,632
* Parrot SA 79,189 3,586
  FFP 46,582 3,405
^ Bourbon SA 221,254 3,260
*,^ Eramet 82,077 3,239
  Bonduelle SCA 123,052 3,063
  Guerbet 44,971 3,049
*,^ Etablissements Maurel et Prom 781,882 2,815
* Euro Disney SCA 1,990,188 2,735

 

23


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Derichebourg SA 766,909 2,358
Assystem 109,087 2,278
Mersen 120,274 2,257
Albioma SA 118,116 1,921
^ MPI 720,409 1,812
Jacquet Metal Service 110,034 1,606
Haulotte Group SA 109,806 1,556
GL Events 79,062 1,505
* Esso SA Francaise 25,680 1,472
^ Solocal Group 174,219 1,418
* Stallergenes Greer plc 28,032 1,248
Manitou BF SA 74,703 1,034
Union Financiere de France BQE SA 25,293 715
Albioma SA Loyalty Line 42,824 696
    11,904,024
Germany (6.2%)    
Bayer AG 7,753,143 1,034,890
Daimler AG 8,956,136 777,176
Allianz SE 4,268,720 747,453
Siemens AG 7,424,848 746,727
BASF SE 8,654,942 709,444
SAP SE 8,380,022 662,503
* Deutsche Telekom AG 29,681,445 554,987
Deutsche Bank AG 12,931,570 362,655
Bayerische Motoren Werke AG 3,072,930 315,463
Linde AG 1,734,526 300,839
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 1,387,518 276,951
Fresenius SE & Co. KGaA 3,676,032 269,711
Deutsche Post AG 8,913,616 265,397
Continental AG 1,013,295 243,620
E.ON SE 17,560,534 185,316
Fresenius Medical Care AG & Co. KGaA 1,999,267 180,107
Henkel AG & Co. KGaA Preference Shares 1,627,278 176,592
Volkswagen AG Preference Shares 1,439,506 172,793
adidas AG 1,877,203 168,275
Deutsche Boerse AG 1,726,391 158,905
Vonovia SE 4,370,909 145,610
Infineon Technologies AG 10,511,355 129,368
Merck KGaA 1,212,104 118,236
ProSiebenSat.1 Media SE 1,994,927 107,965
* Commerzbank AG 9,722,591 107,035
Henkel AG & Co. KGaA 1,097,348 101,281
HeidelbergCement AG 1,320,879 98,409
Deutsche Wohnen AG 3,155,560 88,978
Beiersdorf AG 935,564 88,881
Brenntag AG 1,451,338 87,694
ThyssenKrupp AG 3,980,650 80,295
Symrise AG 1,138,308 75,003
Porsche Automobil Holding SE Preference Shares 1,430,919 67,041
GEA Group AG 1,660,196 66,465
Hannover Rueck SE 563,493 65,241
RWE AG 4,532,229 63,074
HUGO BOSS AG 599,876 61,764
United Internet AG 1,108,316 57,576
Wirecard AG 1,071,457 55,292
* QIAGEN NV 2,119,509 51,213
METRO AG 1,542,350 47,535
OSRAM Licht AG 793,817 46,691
LANXESS AG 862,158 46,308
K&S AG 1,785,687 45,192
MTU Aero Engines AG 479,112 44,345
LEG Immobilien AG 545,442 43,547
Bayerische Motoren Werke AG Preference Shares 483,203 38,999
^ Volkswagen AG 275,740 38,188

 

24


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Evonik Industries AG 1,002,844 36,451
*,2 Zalando SE 1,012,389 35,451
  MAN SE 332,268 34,687
  Freenet AG 1,001,523 33,790
  Telefonica Deutschland Holding AG 5,033,905 32,415
* Deutsche Lufthansa AG 2,166,739 32,005
  RTL Group SA 364,210 31,490
  Fuchs Petrolub SE Preference Shares 654,679 31,400
  Aurubis AG 424,708 28,399
  KION Group AG 619,735 27,937
  Kabel Deutschland Holding AG 197,734 25,181
* Dialog Semiconductor plc 672,123 24,831
  TUI AG-DI 1,278,422 23,740
  HOCHTIEF AG 249,385 23,214
  Gerresheimer AG 291,524 22,744
  STADA Arzneimittel AG 583,469 22,208
  Fraport AG Frankfurt Airport Services Worldwide 347,517 22,044
  Axel Springer SE 384,974 21,669
  Aareal Bank AG 565,031 21,489
  Deutsche EuroShop AG 428,714 20,677
^ KUKA AG 239,984 20,277
  Drillisch AG 390,889 20,164
  Sartorius AG Preference Shares 84,904 19,196
* Nordex SE 583,437 19,081
  Fielmann AG 234,770 16,446
  Krones AG 134,546 16,176
  Norma Group SE 300,651 15,422
  Rational AG 38,549 15,297
* MorphoSys AG 244,111 15,099
  DMG Mori AG 357,636 14,207
^ TAG Immobilien AG 1,092,547 14,150
^ Suedzucker AG 736,328 13,741
^ Bilfinger SE 300,632 13,473
^ alstria office REIT-AG 959,609 13,376
  Software AG 454,256 13,212
  Stroeer SE 209,069 13,156
  FUCHS PETROLUB SE 313,539 12,959
  Wincor Nixdorf AG 251,987 12,907
* GRENKELEASING AG 69,193 12,689
  Leoni AG 308,426 12,584
  Wacker Chemie AG 137,130 12,049
  CTS Eventim AG & Co. KGaA 301,061 11,784
  Pfeiffer Vacuum Technology AG 93,901 11,713
  Hella KGaA Hueck & Co. 285,227 11,706
  RHOEN-KLINIKUM AG 381,352 11,368
  Talanx AG 346,328 11,100
  Jungheinrich AG Preference Shares 148,319 10,911
  Duerr AG 128,678 10,715
  Salzgitter AG 367,629 10,615
*,^ SGL Carbon SE 565,456 10,396
  Bechtle AG 110,369 10,201
* PATRIZIA Immobilien AG 364,733 10,026
  Indus Holding AG 176,391 8,211
^ Kloeckner & Co. SE 889,863 7,939
  Sixt SE 132,331 7,382
  Nemetschek AG 164,678 7,092
  Rheinmetall AG 107,373 6,760
  KWS Saat SE 20,444 6,609
  Sixt SE Preference Shares 152,448 6,571
*,^ Heidelberger Druckmaschinen AG 2,272,570 6,529
*,^ Vossloh AG 85,624 6,304
  CompuGroup Medical AG 209,947 6,174
  Jenoptik AG 378,337 6,112
  ElringKlinger AG 266,557 5,969

 

25


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  BRAAS Monier Building Group SA 221,229 5,784
^ Puma SE 25,723 5,763
  Takkt AG 301,848 5,611
  Bertrandt AG 46,363 5,434
*,^ AIXTRON SE 794,790 5,062
  Draegerwerk AG & Co. KGaA Preference Shares 69,283 4,994
*,^ SMA Solar Technology AG 97,812 4,722
^ BayWa AG 125,928 4,264
  Carl Zeiss Meditec AG 145,022 4,249
^ Gerry Weber International AG 226,179 3,678
  Wacker Neuson SE 249,434 3,466
  RWE AG Preference Shares 297,328 3,265
  Deutz AG 850,218 3,188
  DIC Asset AG 317,463 3,124
  comdirect bank AG 247,464 3,001
  Biotest AG Preference Shares 186,917 2,631
  Deutsche Beteiligungs AG 88,827 2,524
* Hornbach Baumarkt AG 69,283 2,479
  Hamburger Hafen und Logistik AG 168,839 2,442
  Draegerwerk AG & Co. KGaA 28,114 1,800
  Bauer AG 83,517 1,765
*,^ CropEnergies AG 202,575 1,251
* H&R AG 119,223 1,077
^ Biotest AG 66,067 996
  CAT Oil AG 22,770 180
      11,529,450
Greece (0.1%)    
  OPAP SA 1,963,971 17,364
  Hellenic Telecommunications Organization SA 1,598,755 14,874
* National Bank of Greece SA 14,307,302 10,570
  Titan Cement Co. SA 416,934 9,138
  JUMBO SA 892,549 8,626
  FF Group 332,888 6,697
* Motor Oil Hellas Corinth Refineries SA 545,379 6,694
  Hellenic Telecommunications Organization SA ADR 1,341,580 6,198
  Public Power Corp. SA 1,023,185 5,886
* Alpha Bank AE 35,938,370 4,526
  Mytilineos Holdings SA 712,038 3,793
  Hellenic Petroleum SA 646,585 3,761
  Hellenic Exchanges SA 577,647 3,293
  Grivalia Properties REIC AE 345,669 3,156
* Eurobank Ergasias SA 74,710,899 2,537
  Metka SA 255,433 2,471
* Ellaktor SA 1,229,868 2,404
  Athens Water Supply & Sewage Co. SA 375,187 2,374
* Piraeus Bank SA 17,346,663 1,766
* Cyprus Popular Bank PCL 12,597,118 554
      116,682
Hong Kong (2.6%)    
  AIA Group Ltd. 112,922,896 659,392
  CK Hutchison Holdings Ltd. 26,422,514 360,951
  Hong Kong Exchanges and Clearing Ltd. 11,227,617 293,119
  Sun Hung Kai Properties Ltd. 15,624,579 208,512
  Cheung Kong Property Holdings Ltd. 26,394,780 184,349
  Hang Seng Bank Ltd. 7,163,813 131,169
  Hong Kong & China Gas Co. Ltd. 64,128,981 129,958
  Link REIT 21,406,820 127,165
  CLP Holdings Ltd. 14,478,786 125,922
  Jardine Matheson Holdings Ltd. 2,291,162 124,275
  Power Assets Holdings Ltd. 12,423,846 123,546
  BOC Hong Kong Holdings Ltd. 33,679,325 107,462
  Hongkong Land Holdings Ltd. 11,028,847 82,570
  Sands China Ltd. 22,646,079 81,288
  Wharf Holdings Ltd. 12,742,106 75,648

 

26


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Galaxy Entertainment Group Ltd. 19,950,464 67,887
  Jardine Strategic Holdings Ltd. 2,092,714 63,085
  Swire Pacific Ltd. Class A 5,426,329 62,678
  Henderson Land Development Co. Ltd. 9,634,640 61,326
  MTR Corp. Ltd. 13,182,353 59,642
  New World Development Co. Ltd. 50,891,612 54,253
^ Cheung Kong Infrastructure Holdings Ltd. 5,637,438 52,350
  Want Want China Holdings Ltd. 61,831,410 51,330
  Hang Lung Properties Ltd. 20,946,846 51,168
  China Mengniu Dairy Co. Ltd. 25,213,230 48,761
^ Sino Land Co. Ltd. 28,662,742 44,166
  Li & Fung Ltd. 54,096,587 43,671
  Techtronic Industries Co. Ltd. 11,751,051 42,888
  AAC Technologies Holdings Inc. 6,588,385 41,707
  Bank of East Asia Ltd. 10,806,330 40,281
*,^ Goldin Financial Holdings Ltd. 19,756,013 36,832
  Wheelock & Co. Ltd. 7,586,291 35,259
  Samsonite International SA 11,943,311 35,155
  Swire Properties Ltd. 10,957,236 32,822
  Tingyi Cayman Islands Holding Corp. 17,801,690 30,417
  Yue Yuen Industrial Holdings Ltd. 7,859,610 28,651
  Hysan Development Co. Ltd. 5,854,577 25,916
* Semiconductor Manufacturing International Corp. 233,199,911 21,843
  PCCW Ltd. 38,014,671 20,525
^ Esprit Holdings Ltd. 17,690,951 19,819
  NWS Holdings Ltd. 13,195,786 19,819
^ Prada SPA 4,780,476 19,389
  Cathay Pacific Airways Ltd. 9,512,930 18,873
  Hopewell Holdings Ltd. 5,146,551 18,560
  Kerry Properties Ltd. 6,141,397 18,160
  VTech Holdings Ltd. 1,483,885 17,986
^ Sun Art Retail Group Ltd. 20,790,573 17,001
*,2 WH Group Ltd. 30,224,066 16,672
  New World China Land Ltd. 24,148,481 15,957
  ASM Pacific Technology Ltd. 2,241,257 15,867
  First Pacific Co. Ltd. 22,049,354 15,049
  SJM Holdings Ltd. 17,754,248 14,716
^ Wynn Macau Ltd. 9,695,930 13,288
  Johnson Electric Holdings Ltd. 3,275,511 12,010
^ Melco International Development Ltd. 7,603,540 11,730
*,^ Brightoil Petroleum Holdings Ltd. 32,955,464 11,679
  Champion REIT 21,917,844 11,359
  China Travel International Investment Hong Kong Ltd. 24,731,096 11,150
^ Haitong International Securities Group Ltd. 20,152,142 11,109
^ Imperial Pacific International Holdings Ltd. 440,046,320 11,076
* Global Brands Group Holding Ltd. 53,038,985 10,943
  MGM China Holdings Ltd. 7,260,980 10,574
  Cafe de Coral Holdings Ltd. 3,121,310 10,549
*,^ Goldin Properties Holdings Ltd. 12,302,000 10,534
  FIH Mobile Ltd. 21,984,751 10,455
  Minth Group Ltd. 5,002,000 10,332
  Uni-President China Holdings Ltd. 12,271,678 10,040
  Television Broadcasts Ltd. 2,703,051 9,830
  Xinyi Glass Holdings Ltd. 18,518,923 9,596
  Value Partners Group Ltd. 8,768,000 9,260
  Shangri-La Asia Ltd. 10,007,177 9,156
^ Xinyi Solar Holdings Ltd. 23,021,022 9,117
  Stella International Holdings Ltd. 3,678,500 9,079
  NagaCorp Ltd. 12,842,000 9,067
  Orient Overseas International Ltd. 1,861,029 8,870
  Shui On Land Ltd. 32,067,243 8,793
^ Chow Tai Fook Jewellery Group Ltd. 10,272,383 8,766
  Great Eagle Holdings Ltd. 2,480,712 8,156
  L'Occitane International SA 4,058,789 8,150

 

27


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
* HKBN Ltd. 6,743,362 8,100
  Luk Fook Holdings International Ltd. 3,133,000 8,080
*,2 China Jicheng Holdings Ltd. 32,131,757 8,035
  Dah Sing Financial Holdings Ltd. 1,436,140 8,023
  Man Wah Holdings Ltd. 6,995,600 7,951
^ Guotai Junan International Holdings Ltd. 21,628,000 7,927
* Hybrid Kinetic Group Ltd. 165,682,000 7,861
  Huabao International Holdings Ltd. 18,555,985 7,755
  Kerry Logistics Network Ltd. 5,144,048 7,648
^ Town Health International Medical Group Ltd. 36,350,000 7,503
  Shun Tak Holdings Ltd. 17,237,272 6,865
  Nexteer Automotive Group Ltd. 6,373,000 6,767
*,^ KuangChi Science Ltd. 16,295,000 6,680
  Dah Sing Banking Group Ltd. 3,517,257 6,650
*,^ China LNG Group Ltd. 156,895,000 6,543
  Pacific Textiles Holdings Ltd. 4,482,000 6,384
*,^ FDG Electric Vehicles Ltd. 91,760,000 6,356
^ Fortune REIT (Singapore Shares) 6,141,000 6,350
^ Fortune REIT (Hong Kong Shares) 6,005,077 6,247
*,^ Superb Summit International Group Ltd. 32,112,957 6,049
^ United Co. RUSAL plc 15,443,565 5,915
  Lifestyle International Holdings Ltd. 4,084,470 5,904
  SmarTone Telecommunications Holdings Ltd. 3,322,000 5,874
* Tongda Group Holdings Ltd. 28,770,000 5,844
  Texwinca Holdings Ltd. 5,940,070 5,764
  Giordano International Ltd. 10,736,000 5,763
*,^ China Oceanwide Holdings Ltd. 41,341,896 5,741
  China Soft Power Technology Holdings Ltd. 57,988,000 5,423
  SITC International Holdings Co. Ltd. 10,327,000 5,296
*,^ Good Resources Holdings Ltd. 21,711,634 5,261
  Yuexiu REIT 9,860,000 5,207
  CITIC Telecom International Holdings Ltd. 12,408,875 5,126
^ Sunlight REIT 9,727,000 4,919
  K Wah International Holdings Ltd. 11,087,000 4,777
^ Pacific Basin Shipping Ltd. 16,066,000 4,758
  Beijing Enterprises Medical & Health Group Ltd. 44,562,000 4,726
*,^ National Agricultural Holdings Ltd. 9,352,000 4,668
^ Shougang Fushan Resources Group Ltd. 33,575,307 4,542
  G-Resources Group Ltd. 202,310,559 4,526
  Chow Sang Sang Holdings International Ltd. 2,294,000 4,457
* China Harmony New Energy Auto Holding Ltd. 6,721,500 4,456
*,^ SMI Holdings Group Ltd. 50,876,000 4,434
  Yingde Gases Group Co. Ltd. 9,728,000 4,341
  Ju Teng International Holdings Ltd. 7,936,999 4,332
  Hutchison Telecommunications Hong Kong Holdings Ltd. 11,543,565 4,263
*,^ China Financial International Investments Ltd. 41,320,000 4,238
^ Towngas China Co. Ltd. 6,193,084 4,211
^ REXLot Holdings Ltd. 71,550,000 4,062
  Hopewell Highway Infrastructure Ltd. 8,532,601 3,924
*,^ Summit Ascent Holdings Ltd. 7,724,052 3,838
*,^ TOM Group Ltd. 13,973,013 3,792
  Prosperity REIT 10,201,000 3,732
*,^ United Photovoltaics Group Ltd. 36,042,000 3,698
  Sun Hung Kai & Co. Ltd. 5,483,000 3,684
^ China LotSynergy Holdings Ltd. 66,700,000 3,618
* Kong Sun Holdings Ltd. 35,850,000 3,578
  Jiangnan Group Ltd. 15,548,000 3,552
^ Kowloon Development Co. Ltd. 3,075,734 3,474
*,^ Goodbaby International Holdings Ltd. 7,482,536 3,452
  Freeman Financial Corp. Ltd. 58,716,732 3,417
  APT Satellite Holdings Ltd. 3,457,000 3,382
  Far East Consortium International Ltd. 9,218,000 3,354
^ NewOcean Energy Holdings Ltd. 8,214,000 3,344
*,^ Hang Fat Ginseng Holdings Co. Ltd. 45,380,000 3,318

 

28


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
*,^ Sino Oil And Gas Holdings Ltd. 130,055,000 3,204
^ TCL Communication Technology Holdings Ltd. 4,288,000 3,185
* Suncorp Technologies Ltd. 114,870,000 3,155
  Chong Hing Bank Ltd. 1,481,000 3,144
*,^ MMG Ltd. 14,228,000 3,132
^ Truly International Holdings Ltd. 12,832,000 3,049
*,^ SinoCom Software Group Ltd. 84,670,000 3,032
  HKR International Ltd. 6,798,400 3,023
^ SA Sa International Holdings Ltd. 9,420,074 3,018
^ GCL New Energy Holdings Ltd. 39,752,459 2,902
^ Dynam Japan Holdings Co. Ltd. 2,364,800 2,902
^ Lee's Pharmaceutical Holdings Ltd. 2,219,000 2,862
^ Dawnrays Pharmaceutical Holdings Ltd. 3,432,000 2,843
*,^ China Beidahuang Industry Group Holdings Ltd. Class A 12,380,000 2,823
  China Smarter Energy Group Holdings Ltd. 33,162,000 2,812
* Canvest Environmental Protection Group Co. Ltd. 6,353,000 2,733
*,^ HC International Inc. 4,710,000 2,728
*,^ China Huarong Energy Co. Ltd. 65,280,344 2,670
* China Ocean Shipbuilding Industry Group Ltd. 84,075,000 2,646
  China Aerospace International Holdings Ltd. 17,238,000 2,491
* CST Mining Group Ltd. 222,648,000 2,451
* Technovator International Ltd. 3,934,000 2,448
* China Water Industry Group Ltd. 11,604,000 2,383
* CGN Meiya Power Holdings Co. Ltd. 9,852,000 2,369
*,^ United Laboratories International Holdings Ltd. 4,422,500 2,345
* Newtree Group Holdings Ltd. 6,472,000 2,338
*,^ Midland Holdings Ltd. 5,356,000 2,310
* Emperor Capital Group Ltd. 27,648,140 2,293
  Springland International Holdings Ltd. 9,005,343 2,259
  TCC International Holdings Ltd. 11,483,000 2,256
* Sincere Watch Hong Kong Ltd. 21,480,000 2,254
  EVA Precision Industrial Holdings Ltd. 9,510,000 2,254
* Winshine Entertainment & Media Holding Co. Ltd. 17,132,096 2,242
* China Minsheng Drawin Technology Group Ltd. 34,280,000 2,238
^ Spring REIT 5,567,238 2,225
  Capital Environment Holdings Ltd. 42,942,000 2,205
^ China Silver Group Ltd. 8,390,000 2,195
*,^ Macau Legend Development Ltd. 15,053,529 2,140
*,^ Leyou Technologies Holdings Ltd. 22,390,000 2,120
* Gemdale Properties & Investment Corp. Ltd. 40,315,974 2,072
  Mason Financial Holdings Ltd. 54,447,397 2,028
^ Road King Infrastructure Ltd. 2,314,000 2,012
* Mei Ah Entertainment Group Ltd. 18,322,494 1,951
* Peace Map Holding Ltd. 52,560,212 1,916
^ Parkson Retail Group Ltd. 12,515,883 1,850
* L'sea Resources International Holdings Ltd. 30,420,000 1,831
^ Varitronix International Ltd. 2,629,000 1,797
^ Shenwan Hongyuan HK Ltd. 4,055,000 1,774
*,^ Haier Healthwise Holdings Ltd. 25,852,885 1,717
* Lai Sun Development Co. Ltd. 92,753,833 1,690
*,^ Xinchen China Power Holdings Ltd. 7,131,000 1,680
^ Singamas Container Holdings Ltd. 14,082,000 1,680
  AMVIG Holdings Ltd. 3,620,000 1,657
*,^ Sunshine Oilsands Ltd. 17,164,500 1,647
  Regal Hotels International Holdings Ltd. 3,178,000 1,639
^ Liu Chong Hing Investment Ltd. 1,322,018 1,559
*,^ Louis XIII Holdings Ltd. 6,211,500 1,554
  Skyway Securities Group Ltd. 60,956,548 1,538
* Microport Scientific Corp. 3,646,000 1,518
  Trinity Ltd. 10,228,000 1,497
* Auto Italia Holdings 28,238,991 1,428
* New Focus Auto Tech Holdings Ltd. 13,992,518 1,367
  Polytec Asset Holdings Ltd. 10,895,000 1,359
*,^ SOCAM Development Ltd. 2,288,353 1,353

 

29


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
*,^ Yanchang Petroleum International Ltd. 40,120,000 1,276
  IT Ltd. 3,840,000 1,174
*,^ Honghua Group Ltd. 14,246,000 1,154
*,^ Anton Oilfield Services Group 8,484,000 1,119
* Silver Base Group Holdings Ltd. 6,186,225 940
  TPV Technology Ltd. 6,370,000 930
^ GT Group Holdings Ltd. 7,068,098 902
* China Household Holdings Ltd. 27,250,000 896
  Inspur International Ltd. 4,113,000 795
^ Yip's Chemical Holdings Ltd. 1,906,000 781
* Hong Kong Television Network Ltd. 3,579,000 759
  Henderson Investment Ltd. 8,460,000 707
  Emperor Watch & Jewellery Ltd. 26,590,000 706
* PetroAsian Energy Holdings Ltd. 29,536,000 647
  New World Department Store China Ltd. 3,724,000 636
*,^ SPT Energy Group Inc. 6,212,000 603
* China Forestry Holdings Co. Ltd. 3,050,000 570
* Neo-Neon Holdings Ltd. 3,843,500 537
* Qunxing Paper Holdings Co. Ltd. 1,573,000 409
* Heng Tai Consumables Group Ltd. 33,308,204 355
  Oriental Press Group 3,192,000 352
* Hanison Construction Holdings Ltd. 1,653,901 303
* Sijia Group Co. 1,027,000 182
* Real Nutriceutical Group Ltd. Rights Exp. 11/6/2015 2,159,325 28
* Portico International Holdings Ltd. 31,000 12
      4,870,800
Hungary (0.1%)    
  OTP Bank plc 1,772,231 34,319
  Richter Gedeon Nyrt 1,323,971 22,086
  MOL Hungarian Oil & Gas plc 451,020 20,380
* Magyar Telekom Telecommunications plc 3,819,127 5,297
      82,082
India (2.3%)    
  Infosys Ltd. 17,215,983 298,762
  Housing Development Finance Corp. Ltd. 14,767,208 283,238
  Reliance Industries Ltd. 14,852,348 214,888
  Tata Consultancy Services Ltd. 4,351,294 165,918
  Sun Pharmaceutical Industries Ltd. 10,385,939 141,023
  HDFC Bank Ltd. 7,316,863 122,857
  ICICI Bank Ltd. 22,561,578 95,217
  ITC Ltd. 18,084,913 92,445
  Hindustan Unilever Ltd. 6,678,384 81,707
  Oil & Natural Gas Corp. Ltd. 19,257,938 72,622
  HCL Technologies Ltd. 4,993,917 66,555
  Bharti Airtel Ltd. 12,013,181 64,009
  Lupin Ltd. 2,067,034 60,723
  Coal India Ltd. 12,428,420 60,703
  Kotak Mahindra Bank Ltd. 5,527,033 58,037
  Axis Bank Ltd. 7,968,539 57,774
* Tata Motors Ltd. 9,136,154 53,529
  Mahindra & Mahindra Ltd. 2,835,054 51,229
  State Bank of India 13,256,036 47,887
  Larsen & Toubro Ltd. 2,086,528 44,918
  IndusInd Bank Ltd. 2,703,074 37,615
  NTPC Ltd. (Common) 18,527,438 37,555
  Wipro Ltd. 4,206,612 36,986
  Hero MotoCorp Ltd. 918,555 36,214
  Tech Mahindra Ltd. 4,332,853 35,672
  Adani Ports & Special Economic Zone Ltd. 7,727,230 34,899
  Asian Paints Ltd. 2,694,429 34,168
  Indiabulls Housing Finance Ltd. 3,062,985 33,665
  Aurobindo Pharma Ltd. 2,526,898 32,233
  Indian Oil Corp. Ltd. 5,226,351 31,916
  Cipla Ltd. 3,022,436 31,858

 

30


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Dr Reddy's Laboratories Ltd. 485,600 31,598
Zee Entertainment Enterprises Ltd. 5,048,227 31,487
Eicher Motors Ltd. 114,401 30,986
Bharti Infratel Ltd. 5,153,476 30,626
Maruti Suzuki India Ltd. 446,509 30,327
Idea Cellular Ltd. 13,437,032 28,695
UltraTech Cement Ltd. 618,644 27,276
* United Spirits Ltd. 555,010 26,667
Bajaj Auto Ltd. 654,559 25,496
Shriram Transport Finance Co. Ltd. 1,578,752 22,738
Bosch Ltd. 70,720 22,092
Bharat Petroleum Corp. Ltd. 1,634,880 21,751
Godrej Consumer Products Ltd. 1,123,954 21,671
Power Grid Corp. of India Ltd. 10,637,588 20,923
Dabur India Ltd. 4,925,889 20,290
Nestle India Ltd. 214,309 20,222
UPL Ltd. 2,834,157 19,878
Glenmark Pharmaceuticals Ltd. 1,295,414 19,585
Dr Reddy's Laboratories Ltd. ADR 292,825 18,972
Ambuja Cements Ltd. 5,878,308 18,574
Vedanta Ltd. 11,365,542 17,214
LIC Housing Finance Ltd. 2,341,543 17,131
Bharat Heavy Electricals Ltd. 5,552,960 16,841
ICICI Bank Ltd. ADR 1,919,835 16,549
Wipro Ltd. ADR 1,323,075 16,380
Siemens Ltd. 797,487 16,135
Yes Bank Ltd. 1,356,117 15,681
JSW Steel Ltd. 1,103,964 15,327
Mindtree Ltd. 636,878 15,270
* Cadila Healthcare Ltd. 2,337,362 14,880
* Shree Cement Ltd. 79,303 14,868
Apollo Hospitals Enterprise Ltd. 721,140 14,451
* Tata Motors Ltd. Class A 3,616,188 14,333
GAIL India Ltd. 2,887,574 13,598
Britannia Industries Ltd. 268,761 13,266
Divi's Laboratories Ltd. 735,494 12,951
Rajesh Exports Ltd. 1,318,160 12,950
Marico Ltd. 2,132,055 12,608
Rural Electrification Corp. Ltd. 3,272,320 12,460
Bajaj Finance Ltd. 153,241 12,216
Oracle Financial Services Software Ltd. 201,390 11,940
* Reliance Communications Ltd. 9,989,112 11,473
NMDC Ltd. 7,379,166 11,270
Bharat Forge Ltd. 857,274 11,229
Piramal Enterprises Ltd. 783,884 11,203
Motherson Sumi Systems Ltd. 2,961,454 11,097
Power Finance Corp. Ltd. 2,982,213 10,913
Titan Co. Ltd. 2,033,627 10,865
Bajaj Finserv Ltd. 351,469 10,567
Bharat Electronics Ltd. 546,911 10,391
Cummins India Ltd. 626,292 10,273
Bank of Baroda 4,158,180 10,136
Crompton Greaves Ltd. 3,807,451 10,107
Pidilite Industries Ltd. 1,156,732 9,904
Cairn India Ltd. 4,208,597 9,847
Max India Ltd. 1,206,322 9,753
Hindalco Industries Ltd. 7,607,467 9,742
Page Industries Ltd. 45,323 9,741
GlaxoSmithKline Pharmaceuticals Ltd. 187,559 9,497
Tata Power Co. Ltd. 9,033,766 9,489
Ashok Leyland Ltd. 6,398,953 9,140
United Breweries Ltd. 636,481 9,121
Hindustan Petroleum Corp. Ltd. 774,517 9,090
ACC Ltd. 428,650 9,032

 

31


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Colgate-Palmolive India Ltd. 615,886 8,993
Havells India Ltd. 2,320,941 8,984
Aditya Birla Nuvo Ltd. 285,213 8,983
ABB India Ltd. 473,109 8,937
Torrent Pharmaceuticals Ltd. 377,763 8,881
Mahindra & Mahindra Financial Services Ltd. 2,536,431 8,785
GlaxoSmithKline Consumer Healthcare Ltd. 93,230 8,573
* Suzlon Energy Ltd. 22,704,957 8,507
Tata Steel Ltd. 2,193,200 8,241
Grasim Industries Ltd. 144,024 8,167
Emami Ltd. 496,186 8,130
Castrol India Ltd. 1,093,105 7,734
Reliance Capital Ltd. 1,169,638 7,529
Reliance Infrastructure Ltd. 1,236,408 7,471
Steel Authority of India Ltd. 9,098,742 7,406
DLF Ltd. 4,069,744 7,213
Wockhardt Ltd. 312,139 7,117
Oil India Ltd. 1,144,130 7,087
Punjab National Bank 3,480,820 6,808
CRISIL Ltd. 220,483 6,596
Jubilant Foodworks Ltd. 293,884 6,571
* Blue Dart Express Ltd. 55,992 6,514
Federal Bank Ltd. 7,783,259 6,445
* IDFC Bank Ltd. 5,774,703 6,407
Bajaj Holdings & Investment Ltd. 243,429 6,178
MRF Ltd. 9,873 6,006
Dewan Housing Finance Corp. Ltd. 1,704,685 5,840
Apollo Tyres Ltd. 2,156,946 5,627
Hindustan Zinc Ltd. 2,322,711 5,571
Strides Arcolab Ltd. 281,581 5,554
* SKS Microfinance Ltd. 837,162 5,504
Sundaram Finance Ltd. 241,167 5,485
Mphasis Ltd. 756,372 5,477
Cyient Ltd. 662,858 5,435
JSW Energy Ltd. 3,808,288 5,412
Just Dial Ltd. 434,219 5,308
Info Edge India Ltd. 457,075 5,269
CESC Ltd. 592,383 5,256
Gillette India Ltd. 70,591 5,234
IDFC Ltd. 5,774,703 5,186
Amara Raja Batteries Ltd. 374,173 5,155
Berger Paints India Ltd. 1,507,140 5,102
Petronet LNG Ltd. 1,717,145 5,090
AIA Engineering Ltd. 345,546 5,067
PI Industries Ltd. 487,694 4,977
Infosys Ltd. ADR 273,400 4,965
* Gujarat Pipavav Port Ltd. 2,008,329 4,939
HDFC Bank Ltd. ADR 80,536 4,924
Arvind Ltd. 1,157,970 4,900
IRB Infrastructure Developers Ltd. 1,246,901 4,673
Ajanta Pharma Ltd. 197,261 4,666
* Sun Pharma Advanced Research Co. Ltd. 788,357 4,649
Vakrangee Ltd. 2,306,601 4,603
Alembic Pharmaceuticals Ltd. 443,273 4,592
Bayer CropScience Ltd. 85,715 4,574
NCC Ltd. 3,695,620 4,521
Sun TV Network Ltd. 743,840 4,512
TVS Motor Co. Ltd. 1,101,828 4,464
Alstom T&D India Ltd. 555,615 4,452
* Indian Hotels Co. Ltd. 2,891,775 4,384
Exide Industries Ltd. 1,908,944 4,348
* Reliance Power Ltd. 5,604,707 4,312
Kajaria Ceramics Ltd. 310,880 4,308
Voltas Ltd. 985,820 4,265

 

32


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Adani Power Ltd. 8,853,507 4,251
* Essar Oil Ltd. 1,454,915 4,244
WABCO India Ltd. 41,725 4,226
Sintex Industries Ltd. 2,726,504 4,200
Canara Bank 992,163 4,185
IDBI Bank Ltd. 3,180,812 4,151
NHPC Ltd. 14,953,656 4,148
* Jindal Steel & Power Ltd. 3,389,006 4,139
L&T Finance Holdings Ltd. 4,020,182 4,101
* Dish TV India Ltd. 2,514,292 4,061
Credit Analysis & Research Ltd. 199,515 3,969
Tata Communications Ltd. 603,271 3,952
* Abbott India Ltd. 46,286 3,944
Pfizer Ltd. 99,649 3,878
* GMR Infrastructure Ltd. 19,388,285 3,872
Balkrishna Industries Ltd. 388,545 3,867
Sadbhav Engineering Ltd. 770,259 3,751
Godrej Industries Ltd. 618,493 3,696
Hexaware Technologies Ltd. 1,006,924 3,684
eClerx Services Ltd. 129,462 3,615
Adani Enterprises Ltd. 2,448,072 3,449
Persistent Systems Ltd. 344,727 3,390
Cox & Kings Ltd. 816,193 3,372
Oberoi Realty Ltd. 759,394 3,310
Repco Home Finance Ltd. 304,243 3,299
Redington India Ltd. 1,794,843 3,255
Thermax Ltd. 248,064 3,223
State Bank of India GDR 88,502 3,199
Torrent Power Ltd. 1,077,147 3,192
GRUH Finance Ltd. 798,180 3,108
Biocon Ltd. 438,543 3,047
KPIT Technologies Ltd. 1,440,202 3,002
* Bajaj Corp. Ltd. 478,516 2,989
Gateway Distriparks Ltd. 582,452 2,975
Ipca Laboratories Ltd. 240,831 2,863
Prestige Estates Projects Ltd. 905,193 2,809
Karur Vysya Bank Ltd. 422,049 2,720
Tata Global Beverages Ltd. 1,320,183 2,694
Ramco Cements Ltd. 487,337 2,694
IFCI Ltd. 6,592,461 2,679
Union Bank of India 1,121,833 2,674
Great Eastern Shipping Co. Ltd. 462,749 2,669
* Housing Development & Infrastructure Ltd. 2,402,330 2,655
* Whirlpool of India Ltd. 269,366 2,619
National Aluminium Co. Ltd. 4,226,285 2,483
Gujarat Fluorochemicals Ltd. 245,658 2,422
Tata Chemicals Ltd. 383,577 2,394
* Fortis Healthcare Ltd. 1,008,267 2,384
Muthoot Finance Ltd. 849,741 2,339
VA Tech Wabag Ltd. 238,146 2,330
* Jaiprakash Associates Ltd. 11,299,772 2,323
Bank of India 1,153,653 2,307
* Gujarat Gas Ltd. 271,283 2,305
Gujarat State Petronet Ltd. 1,163,083 2,298
Indraprastha Gas Ltd. 301,263 2,247
* Indiabulls Real Estate Ltd. 2,336,865 2,218
Jain Irrigation Systems Ltd. 2,299,763 2,166
Jammu & Kashmir Bank Ltd. 1,678,053 2,130
South Indian Bank Ltd. 6,788,992 2,120
Kaveri Seed Co. Ltd. 275,765 2,118
Engineers India Ltd. 701,249 2,102
CMC Ltd. 67,319 2,094
Sobha Ltd. 404,916 2,005
Syndicate Bank 1,394,420 1,996

 

33


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Tata Motors Ltd. ADR 67,417 1,994
Century Textiles & Industries Ltd. 216,666 1,830
Central Bank of India 1,421,514 1,812
* Hathway Cable & Datacom Ltd. 2,762,233 1,724
* Hindustan Construction Co. Ltd. 4,177,864 1,683
Welspun Corp. Ltd. 1,084,698 1,672
Coromandel International Ltd. 582,710 1,666
Karnataka Bank Ltd. 832,426 1,634
Future Retail Ltd. 889,040 1,610
* Mangalore Refinery & Petrochemicals Ltd. 1,893,657 1,581
* Bajaj Hindusthan Sugar Ltd. 5,159,657 1,567
Srei Infrastructure Finance Ltd. 2,279,583 1,560
* Jet Airways India Ltd. 232,291 1,548
Multi Commodity Exchange of India Ltd. 112,863 1,535
Alstom India Ltd. 153,620 1,453
PTC India Ltd. 1,438,597 1,421
Jindal Saw Ltd. 1,429,933 1,414
Rolta India Ltd. 936,910 1,408
* Shipping Corp. of India Ltd. 1,165,221 1,404
* Unitech Ltd. 11,790,102 1,368
Indian Bank 707,369 1,348
UCO Bank 1,710,924 1,330
Videocon Industries Ltd. 637,382 1,305
* Indian Overseas Bank 2,301,354 1,230
* Pipavav Defence & Offshore Engineering Co. Ltd. 1,393,873 1,217
* DEN Networks Ltd. 691,486 1,205
Polaris Consulting & Services Ltd. 410,487 1,202
McLeod Russel India Ltd. 448,439 1,176
* Balrampur Chini Mills Ltd. 1,236,279 1,145
* Adani Transmissions Ltd. 2,057,514 1,139
* India Cements Ltd. 951,110 1,137
Oriental Bank of Commerce 549,217 1,127
Andhra Bank 1,043,238 1,038
Allahabad Bank 824,882 945
* Punj Lloyd Ltd. 2,352,333 926
Raymond Ltd. 124,727 800
Radico Khaitan Ltd. 494,183 768
Amtek Auto Ltd. 1,209,979 734
Vijaya Bank 1,262,461 711
Gujarat State Fertilizers & Chemicals Ltd. 604,857 665
Corp Bank 981,445 653
Gujarat Mineral Development Corp. Ltd. 542,660 604
Chambal Fertilizers and Chemicals Ltd. 670,306 589
* Shree Renuka Sugars Ltd. 2,476,247 433
Castex Technologies Ltd. 929,432 336
Vedanta Ltd. ADR 16,320 98
* Nagarjuna Fertilizers & Chemicals Ltd. 312,129 54
Jain Irrigation Systems Ltd. DVR 32,150 20
* Chennai Super Kings Cricket Ltd. 951,110
* Arvind Infrastructure Ltd 93,681
    4,186,888
Indonesia (0.4%)    
Bank Central Asia Tbk PT 115,088,900 108,043
Telekomunikasi Indonesia Persero Tbk PT 471,471,700 93,263
Astra International Tbk PT 188,326,900 80,741
Bank Rakyat Indonesia Persero Tbk PT 100,737,200 76,936
Bank Mandiri Persero Tbk PT 87,521,124 55,345
Unilever Indonesia Tbk PT 10,758,600 29,030
Bank Negara Indonesia Persero Tbk PT 70,322,395 24,282
Perusahaan Gas Negara Persero Tbk PT 100,755,600 21,937
Semen Indonesia Persero Tbk PT 27,959,500 19,887
United Tractors Tbk PT 14,329,241 18,904
Kalbe Farma Tbk PT 177,584,210 18,463
Indocement Tunggal Prakarsa Tbk PT 12,569,400 16,405

 

34


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Indofood Sukses Makmur Tbk PT 40,729,600 16,352
Lippo Karawaci Tbk PT 178,202,100 15,455
Gudang Garam Tbk PT 4,310,900 13,508
Charoen Pokphand Indonesia Tbk PT 69,178,358 12,532
Surya Citra Media Tbk PT 53,937,100 11,455
Indofood CBP Sukses Makmur Tbk PT 10,762,900 10,362
Summarecon Agung Tbk PT 99,976,900 10,112
* Tower Bersama Infrastructure Tbk PT 18,815,900 9,760
Bumi Serpong Damai Tbk PT 72,633,400 8,524
Ciputra Development Tbk PT 102,332,954 8,057
Pakuwon Jati Tbk PT 219,302,834 6,772
Jasa Marga Persero Tbk PT 19,200,400 6,759
AKR Corporindo Tbk PT 15,649,600 6,722
Media Nusantara Citra Tbk PT 46,408,812 6,000
* XL Axiata Tbk PT 26,265,023 5,966
Bank Danamon Indonesia Tbk PT 28,921,009 5,818
Wijaya Karya Beton Tbk PT 80,785,905 5,747
Adaro Energy Tbk PT 115,306,492 4,983
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 85,889,600 4,720
Waskita Karya Persero Tbk PT 38,513,867 4,557
Wijaya Karya Persero Tbk PT 20,370,500 4,347
Astra Agro Lestari Tbk PT 2,892,400 4,179
Tambang Batubara Bukit Asam Persero Tbk PT 7,860,500 4,168
Matahari Putra Prima Tbk PT 24,150,600 3,913
Global Mediacom Tbk PT 60,226,318 3,797
MNC Investama Tbk PT 234,840,200 3,583
Ace Hardware Indonesia Tbk PT 67,790,200 3,304
* Vale Indonesia Tbk PT 20,394,998 3,299
Alam Sutera Realty Tbk PT 116,569,300 3,288
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 27,114,800 3,048
* Link Net Tbk PT 9,112,900 2,845
Bank Tabungan Negara Persero Tbk PT 33,039,197 2,844
* Aneka Tambang Persero Tbk PT 87,319,327 2,406
Indo Tambangraya Megah Tbk PT 3,798,300 2,333
* Lippo Cikarang Tbk PT 3,891,500 2,264
* Panin Financial Tbk PT 136,057,900 2,167
Intiland Development Tbk PT 55,080,300 2,023
Siloam International Hospitals Tbk PT 2,409,100 1,908
* Eagle High Plantations Tbk PT 104,569,400 1,788
* Sigmagold Inti Perkasa Tbk PT 51,695,900 1,681
* Mitra Adiperkasa Tbk PT 6,601,000 1,656
Surya Semesta Internusa Tbk PT 33,286,700 1,561
* Energi Mega Persada Tbk PT 364,463,432 1,330
Holcim Indonesia Tbk PT 16,030,700 1,225
Bekasi Fajar Industrial Estate Tbk PT 42,592,500 1,182
* Agung Podomoro Land Tbk PT 56,044,600 1,129
Ramayana Lestari Sentosa Tbk PT 22,496,600 1,033
Timah Persero Tbk PT 22,614,387 1,026
* Bakrie and Brothers Tbk PT 274,678,500 1,003
BISI International Tbk PT 10,850,100 947
Medco Energi Internasional Tbk PT 9,976,000 781
Salim Ivomas Pratama Tbk PT 22,989,100 777
* Bumi Resources Tbk PT 154,029,200 562
* Krakatau Steel Persero Tbk PT 22,187,900 504
Gajah Tunggal Tbk PT 9,957,100 427
Sampoerna Agro PT 4,713,700 402
* Berlian Laju Tanker Tbk PT 25,926,000 371
* Bakrie Telecom Tbk PT 94,762,000 346
* Harum Energy Tbk PT 5,296,000 326
* Darma Henwa Tbk PT 41,394,000 151
    813,321
Ireland (0.3%)    
Kerry Group plc Class A 1,364,387 110,810
* Bank of Ireland 257,705,547 95,871

 

35


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Smurfit Kappa Group plc 2,210,410 62,941
* Ryanair Holdings plc ADR 743,035 58,098
Kingspan Group plc 1,652,263 39,989
Paddy Power plc 313,307 36,218
Glanbia plc 1,630,870 31,605
C&C Group plc 3,177,381 12,675
Green REIT plc 6,075,179 10,506
* Ryanair Holdings plc 695,654 10,303
FBD Holdings plc 155,719 1,190
* Irish Bank Resolution Corp. Ltd. 698,992
    470,206
Israel (0.5%)    
Teva Pharmaceutical Industries Ltd. 8,899,032 528,618
Bank Hapoalim BM 9,186,747 47,790
* Bank Leumi Le-Israel BM 11,665,462 44,209
Bezeq The Israeli Telecommunication Corp. Ltd. 17,758,703 38,148
NICE-Systems Ltd. 500,624 30,964
Israel Chemicals Ltd. 4,195,711 23,246
* Israel Discount Bank Ltd. Class A 9,874,041 17,993
Elbit Systems Ltd. 226,968 17,970
Frutarom Industries Ltd. 337,631 14,572
Azrieli Group 344,609 13,465
Mizrahi Tefahot Bank Ltd. 1,081,434 13,108
Delek Group Ltd. 44,206 10,667
Gazit-Globe Ltd. 806,801 8,737
* Tower Semiconductor Ltd. 630,467 8,600
Osem Investments Ltd. 355,559 6,870
Paz Oil Co. Ltd. 45,296 6,758
Alony Hetz Properties & Investments Ltd. 882,985 6,734
* EZchip Semiconductor Ltd. 274,756 6,699
Israel Corp. Ltd. 21,754 5,613
* Airport City Ltd. 527,888 5,131
First International Bank Of Israel Ltd. 400,672 5,054
Teva Pharmaceutical Industries Ltd. ADR 78,230 4,630
Melisron Ltd. 125,093 4,365
Harel Insurance Investments & Financial Services Ltd. 998,279 4,217
Reit 1 Ltd. 1,527,246 4,188
* Strauss Group Ltd. 285,792 4,090
* Partner Communications Co. Ltd. 865,418 3,923
* Oil Refineries Ltd. 9,818,795 3,587
Shikun & Binui Ltd. 1,843,131 3,350
* Jerusalem Oil Exploration 73,356 2,928
* Compugen Ltd. 469,511 2,901
Amot Investments Ltd. 881,182 2,866
* Clal Insurance Enterprises Holdings Ltd. 183,977 2,798
Ituran Location and Control Ltd. 135,814 2,788
* Cellcom Israel Ltd. (Registered) 363,387 2,719
* Nova Measuring Instruments Ltd. 236,297 2,465
* Mazor Robotics Ltd. 446,678 2,418
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 51,418 2,414
Delek Automotive Systems Ltd. 253,135 2,395
Silicom Ltd. 60,158 1,939
* Evogene Ltd. 239,973 1,854
* Kenon Holdings Ltd. 140,966 1,851
* Shufersal Ltd. 635,239 1,818
Norstar Holdings Inc. 80,362 1,729
* Phoenix Holdings Ltd. 646,612 1,701
Migdal Insurance & Financial Holding Ltd. 1,864,315 1,690
Menorah Mivtachim Holdings Ltd. 192,856 1,686
Electra Ltd. 12,846 1,634
* Allot Communications Ltd. 252,730 1,435
* Naphtha Israel Petroleum Corp. Ltd. 254,555 1,423
* Africa Israel Properties Ltd. 104,259 1,412
* IDI Insurance Co. Ltd. 26,104 1,302

 

36


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Delta-Galil Industries Ltd. 39,663 1,250
* Africa Israel Investments Ltd. 1,404,537 1,039
* AudioCodes Ltd. 256,599 893
* Gilat Satellite Networks Ltd. 245,895 860
* Ceragon Networks Ltd. 458,454 829
* Kamada Ltd. 191,257 768
* Cellcom Israel Ltd. 96,644 737
* Property & Building Corp. Ltd. 8,855 650
* Jerusalem Economy Ltd. 199,572 388
      948,876
Italy (1.9%)    
  Intesa Sanpaolo SPA (Registered) 112,928,104 393,684
  Eni SPA 23,111,757 377,065
  Enel SPA 64,361,712 297,156
  UniCredit SPA 45,877,587 296,849
  Assicurazioni Generali SPA 11,831,619 224,428
* Telecom Italia SPA (Registered) 105,346,086 146,726
  Atlantia SPA 4,473,168 124,021
* Fiat Chrysler Automobiles NV 8,216,193 120,803
  Luxottica Group SPA 1,645,364 115,116
  Snam SPA 20,327,888 105,142
^ Terna Rete Elettrica Nazionale SPA 13,391,373 68,070
  Telecom Italia SPA (Bearer) 56,643,315 63,766
  Unione di Banche Italiane SPA 8,104,108 60,495
  CNH Industrial NV 8,621,384 58,205
  Tenaris SA 4,146,715 52,285
  Mediobanca SPA 5,143,572 51,785
* Banco Popolare SC 3,399,805 50,920
* Finmeccanica SPA 3,574,630 46,806
  EXOR SPA 918,817 45,647
  Prysmian SPA 1,926,558 41,654
  Banca Monte dei Paschi di Siena SPA 22,653,893 41,552
  Banca Popolare di Milano Scarl 41,473,343 39,017
  Banca Popolare dell'Emilia Romagna SC 4,477,226 36,079
  Mediaset SPA 7,031,155 35,743
  Enel Green Power SPA 14,631,732 30,928
  Intesa Sanpaolo SPA 8,768,790 28,041
  Azimut Holding SPA 1,047,631 25,155
  Recordati SPA 956,885 23,800
  UnipolSai SPA 9,827,464 23,687
  Davide Campari-Milano SPA 2,641,462 22,582
*,^ Saipem SPA 2,373,146 22,309
  Unipol Gruppo Finanziario SPA 4,577,609 21,355
  Moncler SPA 1,255,348 20,236
  A2A SPA 14,560,467 19,976
  Italcementi SPA 1,797,828 19,970
2 Anima Holding SPA 2,018,591 19,823
  Mediolanum SPA 2,402,153 19,537
  Banca Popolare di Sondrio SCARL 4,233,601 19,305
* Yoox Net-A-Porter Group SPA 543,363 18,394
  Banca Generali SPA 539,835 16,655
  Hera SPA 5,774,507 15,175
  FinecoBank Banca Fineco SPA 1,987,647 15,000
* Credito Valtellinese SC 10,441,467 13,116
  De' Longhi SPA 530,171 12,966
  Brembo SPA 283,933 12,523
^ Salvatore Ferragamo SPA 453,679 12,330
  Ansaldo STS SPA 1,145,633 12,183
  Cerved Information Solutions SPA 1,536,072 11,633
^ Banca Carige SPA 6,325,989 11,555
^ Buzzi Unicem SPA 670,029 11,347
* Autogrill SPA 1,213,101 11,277
  Interpump Group SPA 762,308 11,215
^ Tod's SPA 128,668 10,767

 

37


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Societa Cattolica di Assicurazioni SCRL 1,362,376 10,661
  DiaSorin SPA 222,769 9,970
^ Ei Towers SPA 155,766 9,450
  Beni Stabili SpA SIIQ 10,012,347 8,234
  Parmalat SPA 2,872,964 7,473
  Societa Iniziative Autostradali e Servizi SPA 645,844 7,399
  Salini Impregilo SPA 1,765,475 7,323
^ Industria Macchine Automatiche SPA 136,120 7,041
  ACEA SPA 474,654 6,822
*,2 OVS SPA 977,100 6,728
  Iren SPA 4,059,063 6,689
*,^ Saras SPA 3,383,434 6,682
  Amplifon SPA 833,866 6,489
  ERG SPA 445,964 6,333
  MARR SPA 295,062 6,014
  Danieli & C Officine Meccaniche SPA RSP 372,156 5,632
  Credito Emiliano SPA 701,456 5,013
^ Brunello Cucinelli SPA 259,811 4,706
2 RAI Way SPA 884,600 4,503
  Banca IFIS SPA 181,817 4,491
  ASTM SPA 323,198 4,338
  Italmobiliare SPA RSP 151,282 4,116
^ Piaggio & C SPA 1,554,703 3,862
* CIR-Compagnie Industriali Riunite SPA 3,461,772 3,821
  Buzzi Unicem SPA 365,804 3,689
*,^ Safilo Group SPA 296,352 3,687
  Tenaris SA ADR 139,938 3,536
*,^ Geox SPA 730,408 3,404
^ Astaldi SPA 410,196 3,303
*,^ RCS MediaGroup SPA 3,673,335 2,936
^ Italmobiliare SPA 65,124 2,815
  Cementir Holding SPA 495,654 2,776
  Immobiliare Grande Distribuzione SIIQ SPA 2,764,282 2,760
*,^ Fincantieri SPA 5,012,443 2,750
  Esprinet SPA 294,991 2,654
  Danieli & C Officine Meccaniche SPA 119,698 2,562
  Zignago Vetro SPA 293,725 1,912
*,^ Gruppo Editoriale L'Espresso SPA 1,395,724 1,509
* Arnoldo Mondadori Editore SPA 1,192,987 1,453
* Cofide SPA 2,820,809 1,376
  DeA Capital SPA 821,732 1,327
  Falck Renewables SPA 960,562 1,204
^ Trevi Finanziaria Industriale SPA 800,928 1,035
*,^ Juventus Football Club SPA 3,320,053 953
* Sogefi SPA 339,011 819
* Gemina SPA CVR Exp. 12/31/2049 2,837,088 41
      3,608,145
Japan (17.4%)    
  Toyota Motor Corp. 24,835,644 1,520,701
  Mitsubishi UFJ Financial Group Inc. 130,392,650 843,156
  Honda Motor Co. Ltd. 16,813,822 558,216
  Sumitomo Mitsui Financial Group Inc. 12,178,425 484,175
  SoftBank Group Corp. 8,693,157 483,863
  Mizuho Financial Group Inc. 232,116,886 474,641
  KDDI Corp. 17,615,098 425,507
  Takeda Pharmaceutical Co. Ltd. 7,256,471 352,743
  East Japan Railway Co. 3,558,900 337,830
  Japan Tobacco Inc. 9,737,764 336,411
  Sony Corp. 11,778,637 334,050
  Seven & i Holdings Co. Ltd. 7,313,709 330,491
  FANUC Corp. 1,834,789 322,882
  Central Japan Railway Co. 1,697,114 308,153
  Astellas Pharma Inc. 20,375,955 294,567
  Canon Inc. 9,828,527 293,580

 

38


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Mitsubishi Estate Co. Ltd. 11,860,490 253,570
Tokio Marine Holdings Inc. 6,582,031 252,141
Murata Manufacturing Co. Ltd. 1,765,071 250,294
NTT DOCOMO Inc. 12,743,331 250,141
Hitachi Ltd. 43,503,803 249,907
Mitsui Fudosan Co. Ltd. 8,891,720 241,031
Kao Corp. 4,695,155 239,812
Mitsubishi Corp. 12,922,499 234,098
Panasonic Corp. 19,921,455 233,775
Shin-Etsu Chemical Co. Ltd. 3,858,321 228,439
Nissan Motor Co. Ltd. 21,983,388 228,075
Fuji Heavy Industries Ltd. 5,864,242 226,425
Keyence Corp. 426,764 221,499
Bridgestone Corp. 6,014,153 220,506
Denso Corp. 4,707,607 217,946
Mitsui & Co. Ltd. 15,954,002 201,530
Nomura Holdings Inc. 31,974,070 200,319
Mitsubishi Electric Corp. 18,524,584 192,114
Dai-ichi Life Insurance Co. Ltd. 10,597,370 183,223
ORIX Corp. 12,294,749 179,750
Nippon Telegraph & Telephone Corp. 4,815,024 176,823
Fast Retailing Co. Ltd. 477,794 173,865
Nidec Corp. 2,272,950 170,782
ITOCHU Corp. 13,460,619 167,667
Kubota Corp. 10,518,799 162,154
Nintendo Co. Ltd. 1,012,065 161,562
Daikin Industries Ltd. 2,496,569 159,839
Hoya Corp. 3,881,477 159,531
Daiwa House Industry Co. Ltd. 6,047,463 157,899
FUJIFILM Holdings Corp. 3,928,161 156,137
Eisai Co. Ltd. 2,487,657 154,764
Nippon Steel & Sumitomo Metal Corp. 7,598,413 153,682
Mitsubishi Heavy Industries Ltd. 29,987,679 150,929
Komatsu Ltd. 8,821,013 145,626
MS&AD Insurance Group Holdings Inc. 4,831,385 141,789
SMC Corp. 546,599 140,110
Sumitomo Mitsui Trust Holdings Inc. 35,421,393 135,549
Sumitomo Realty & Development Co. Ltd. 4,051,531 132,833
Kyocera Corp. 2,921,253 131,683
Suzuki Motor Corp. 3,841,433 125,395
Toray Industries Inc. 14,202,436 123,642
Daiichi Sankyo Co. Ltd. 6,325,542 123,299
Secom Co. Ltd. 1,819,549 121,020
West Japan Railway Co. 1,720,456 120,363
Dentsu Inc. 2,080,748 116,559
Ono Pharmaceutical Co. Ltd. 854,236 116,399
Shimano Inc. 737,007 115,827
Otsuka Holdings Co. Ltd. 3,497,621 115,699
Sumitomo Corp. 10,557,224 115,680
Resona Holdings Inc. 21,763,051 114,757
Shionogi & Co. Ltd. 2,765,523 113,046
Kirin Holdings Co. Ltd. 7,875,764 111,138
Sompo Japan Nipponkoa Holdings Inc. 3,522,730 109,813
Asahi Group Holdings Ltd. 3,560,816 109,579
Ajinomoto Co. Inc. 4,935,318 109,547
Oriental Land Co. Ltd. 1,807,583 109,403
Daiwa Securities Group Inc. 16,022,282 109,270
Rakuten Inc. 7,882,875 109,091
Tokyo Gas Co. Ltd. 21,720,268 107,246
Mazda Motor Corp. 5,311,065 104,293
Chubu Electric Power Co. Inc. 6,662,360 102,152
Olympus Corp. 3,007,211 101,031
Recruit Holdings Co. Ltd. 3,135,886 100,586
MEIJI Holdings Co. Ltd. 1,280,490 100,359

 

39


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Toshiba Corp. 35,633,759 100,223
* Tokyo Electric Power Co. Inc. 14,585,680 99,190
Sumitomo Electric Industries Ltd. 7,178,652 97,661
Aeon Co. Ltd. 6,480,897 95,756
Nitto Denko Corp. 1,467,491 93,605
Tokyo Electron Ltd. 1,531,930 91,476
Sekisui House Ltd. 5,510,187 91,411
Terumo Corp. 3,066,806 90,551
Marubeni Corp. 15,603,284 89,863
JX Holdings Inc. 22,676,606 88,610
* Kansai Electric Power Co. Inc. 6,849,677 87,271
Shiseido Co. Ltd. 3,661,593 86,363
Tokyu Corp. 10,621,959 85,857
Japan Exchange Group Inc. 5,144,620 82,506
Inpex Corp. 8,642,804 82,384
Sumitomo Chemical Co. Ltd. 14,268,691 81,444
Toyota Industries Corp. 1,528,992 80,036
Fujitsu Ltd. 16,705,441 78,606
T&D Holdings Inc. 5,891,536 76,980
Hankyu Hanshin Holdings Inc. 11,795,165 76,843
Mitsubishi Chemical Holdings Corp. 12,326,372 76,587
Sysmex Corp. 1,339,318 76,539
Asahi Kasei Corp. 12,474,330 76,300
NEC Corp. 24,427,112 75,311
JFE Holdings Inc. 4,799,752 75,057
Daito Trust Construction Co. Ltd. 691,895 74,844
Osaka Gas Co. Ltd. 18,559,196 72,906
TDK Corp. 1,117,671 70,899
Aisin Seiki Co. Ltd. 1,780,619 70,467
Ricoh Co. Ltd. 6,390,449 68,707
Unicharm Corp. 3,197,610 68,148
Yamato Holdings Co. Ltd. 3,426,373 67,187
Bank of Yokohama Ltd. 10,756,638 66,836
Taisei Corp. 10,199,645 66,209
Chugai Pharmaceutical Co. Ltd. 2,048,131 65,676
Kintetsu Group Holdings Co. Ltd. 16,951,581 65,412
Isuzu Motors Ltd. 5,401,893 62,779
Tohoku Electric Power Co. Inc. 4,476,069 62,623
Makita Corp. 1,140,237 62,184
Omron Corp. 1,867,385 61,596
Dai Nippon Printing Co. Ltd. 5,769,011 59,453
Yamaha Motor Co. Ltd. 2,620,090 58,706
NTT Data Corp. 1,181,670 58,569
Odakyu Electric Railway Co. Ltd. 5,741,055 55,953
Obayashi Corp. 6,330,264 55,444
Electric Power Development Co. Ltd. 1,681,521 55,229
Sumitomo Metal Mining Co. Ltd. 4,425,630 55,096
NGK Insulators Ltd. 2,529,883 54,414
Isetan Mitsukoshi Holdings Ltd. 3,397,713 54,297
Kawasaki Heavy Industries Ltd. 13,504,164 53,896
Nitori Holdings Co. Ltd. 690,157 53,701
* Kyushu Electric Power Co. Inc. 4,355,664 52,525
LIXIL Group Corp. 2,436,588 52,033
Yahoo Japan Corp. 12,246,046 51,788
Kikkoman Corp. 1,659,075 51,733
Mitsubishi Motors Corp. 5,817,699 51,488
Alps Electric Co. Ltd. 1,666,202 51,309
NSK Ltd. 4,353,963 51,292
Asahi Glass Co. Ltd. 8,956,685 51,034
Santen Pharmaceutical Co. Ltd. 3,729,185 50,435
Yakult Honsha Co. Ltd. 956,173 50,378
Shizuoka Bank Ltd. 5,021,494 50,070
Toyota Tsusho Corp. 2,112,062 48,146
Suntory Beverage & Food Ltd. 1,184,556 47,847

 

40


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Chiba Bank Ltd. 6,376,052 46,336
Shimizu Corp. 5,300,154 46,286
Tobu Railway Co. Ltd. 9,477,470 45,724
Lawson Inc. 618,632 45,642
Asics Corp. 1,651,193 45,469
Kajima Corp. 7,895,058 45,179
^ TOTO Ltd. 1,337,176 45,080
NGK Spark Plug Co. Ltd. 1,838,727 44,750
Bandai Namco Holdings Inc. 1,822,161 44,636
Koito Manufacturing Co. Ltd. 1,170,151 44,179
Toppan Printing Co. Ltd. 4,879,803 43,618
Keio Corp. 5,371,421 43,587
Chugoku Electric Power Co. Inc. 2,846,966 42,923
Oji Holdings Corp. 8,259,483 42,679
^ Nikon Corp. 3,307,455 42,649
Ryohin Keikaku Co. Ltd. 210,623 42,212
Konica Minolta Inc. 4,096,862 42,073
Fukuoka Financial Group Inc. 8,022,848 42,051
Rohm Co. Ltd. 831,152 40,846
Sekisui Chemical Co. Ltd. 3,473,905 40,824
Mitsubishi Materials Corp. 11,658,925 40,456
^ Casio Computer Co. Ltd. 2,142,339 40,214
Don Quijote Holdings Co. Ltd. 1,091,098 40,006
Seiko Epson Corp. 2,624,066 39,957
Aozora Bank Ltd. 10,948,512 39,870
Yamaha Corp. 1,600,110 39,576
Kyowa Hakko Kirin Co. Ltd. 2,409,680 39,556
Nippon Yusen KK 15,092,969 39,303
IHI Corp. 13,942,941 39,293
Shimadzu Corp. 2,508,991 38,893
Nomura Research Institute Ltd. 946,687 38,586
Keikyu Corp. 4,661,061 38,213
NH Foods Ltd. 1,820,604 38,024
J Front Retailing Co. Ltd. 2,315,581 37,884
Nisshin Seifun Group Inc. 2,466,810 37,536
Daicel Corp. 2,838,526 37,345
Taiheiyo Cement Corp. 11,310,811 37,171
Trend Micro Inc. 952,254 36,984
Hirose Electric Co. Ltd. 306,248 36,947
Kuraray Co. Ltd. 3,000,459 36,876
Seibu Holdings Inc. 1,819,538 36,780
Nippon Express Co. Ltd. 7,152,137 36,680
USS Co. Ltd. 2,052,840 36,178
JTEKT Corp. 2,108,604 36,149
Nippon Paint Holdings Co. Ltd. 1,674,399 35,214
Mitsubishi Tanabe Pharma Corp. 2,084,285 35,163
Nagoya Railroad Co. Ltd. 8,505,179 35,111
Kobe Steel Ltd. 27,885,389 35,041
Bank of Kyoto Ltd. 3,422,899 34,399
Alfresa Holdings Corp. 1,773,945 33,960
Minebea Co. Ltd. 3,088,682 33,850
Keihan Electric Railway Co. Ltd. 4,773,266 33,765
Nissan Chemical Industries Ltd. 1,350,527 33,382
Obic Co. Ltd. 628,587 33,133
Joyo Bank Ltd. 6,385,508 33,025
MISUMI Group Inc. 2,523,457 32,795
Hamamatsu Photonics KK 1,279,267 32,704
M3 Inc. 1,698,491 32,663
Tokyu Fudosan Holdings Corp. 4,659,212 32,647
Keisei Electric Railway Co. Ltd. 2,640,789 32,425
Suruga Bank Ltd. 1,649,836 32,387
ANA Holdings Inc. 10,847,558 32,295
JGC Corp. 2,043,261 32,269
Mitsui Chemicals Inc. 8,529,929 32,141

 

41


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Teijin Ltd. 9,063,628 31,891
Nissin Foods Holdings Co. Ltd. 684,594 31,579
Toyo Suisan Kaisha Ltd. 842,448 31,019
Japan Airlines Co. Ltd. 816,855 30,720
Hulic Co. Ltd. 3,297,844 30,703
Tosoh Corp. 6,059,488 30,641
Sohgo Security Services Co. Ltd. 632,887 30,596
Shinsei Bank Ltd. 14,615,951 30,517
Credit Saison Co. Ltd. 1,489,555 30,489
Toyo Seikan Group Holdings Ltd. 1,566,378 30,369
Amada Holdings Co. Ltd. 3,409,894 30,221
Hiroshima Bank Ltd. 5,430,017 30,041
Suzuken Co. Ltd. 777,401 29,704
Toho Gas Co. Ltd. 4,819,793 29,456
Sony Financial Holdings Inc. 1,634,134 29,201
TonenGeneral Sekiyu KK 2,799,009 29,082
^ Japan Airport Terminal Co. Ltd. 534,780 29,004
Marui Group Co. Ltd. 2,244,632 28,926
Hino Motors Ltd. 2,536,205 28,854
Yamada Denki Co. Ltd. 6,399,596 28,838
Yaskawa Electric Corp. 2,434,349 28,817
Toho Co. Ltd. (Tokyo Shares 9602) 1,100,212 28,590
JSR Corp. 1,803,341 28,412
* Kyushu Financial Group Inc. 3,686,069 28,347
Shimamura Co. Ltd. 252,694 28,293
Kansai Paint Co. Ltd. 1,854,123 28,120
Pigeon Corp. 1,004,197 28,069
Rinnai Corp. 355,356 28,055
Mitsui OSK Lines Ltd. 10,507,476 27,938
Brother Industries Ltd. 2,189,875 27,880
Seven Bank Ltd. 6,122,766 27,792
Iida Group Holdings Co. Ltd. 1,484,613 27,728
Hokuhoku Financial Group Inc. 12,472,619 27,582
Kaneka Corp. 3,112,845 27,513
Kose Corp. 281,978 27,360
Taisho Pharmaceutical Holdings Co. Ltd. 439,059 27,315
Iyo Bank Ltd. 2,532,349 27,093
Hoshizaki Electric Co. Ltd. 372,973 26,955
Gunma Bank Ltd. 4,297,554 26,926
Stanley Electric Co. Ltd. 1,414,017 26,863
Hisamitsu Pharmaceutical Co. Inc. 683,796 26,441
Haseko Corp. 2,596,328 26,421
Yamazaki Baking Co. Ltd. 1,367,826 26,233
Tsuruha Holdings Inc. 328,375 26,004
Nankai Electric Railway Co. Ltd. 5,092,931 25,970
Hokuriku Electric Power Co. 1,743,317 25,931
Sojitz Corp. 11,781,440 25,821
Yamaguchi Financial Group Inc. 2,102,719 25,782
Hachijuni Bank Ltd. 3,792,320 25,698
MediPal Holdings Corp. 1,471,148 25,598
Yokogawa Electric Corp. 2,297,204 25,569
AEON Financial Service Co. Ltd. 1,007,788 25,172
Sumitomo Rubber Industries Ltd. 1,683,349 25,013
Takashimaya Co. Ltd. 2,793,411 24,884
Calbee Inc. 692,618 24,879
NOK Corp. 1,054,621 24,739
Mitsubishi UFJ Lease & Finance Co. Ltd. 4,718,011 24,680
Mabuchi Motor Co. Ltd. 501,407 24,591
Shikoku Electric Power Co. Inc. 1,451,993 24,541
NTN Corp. 4,910,767 24,311
Kewpie Corp. 1,065,887 24,233
Fuji Electric Co. Ltd. 5,438,898 24,175
Kurita Water Industries Ltd. 1,072,561 24,171
Kakaku.com Inc. 1,284,038 23,977

 

42


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Hakuhodo DY Holdings Inc. 2,277,846 23,857
Nippon Shokubai Co. Ltd. 305,509 23,842
Sumitomo Heavy Industries Ltd. 5,300,872 23,781
Nomura Real Estate Holdings Inc. 1,115,275 23,698
Tokyo Tatemono Co. Ltd. 1,911,823 23,647
Daihatsu Motor Co. Ltd. 1,937,782 23,636
Miraca Holdings Inc. 528,456 23,480
Chugoku Bank Ltd. 1,659,765 23,402
Sotetsu Holdings Inc. 4,118,648 23,378
Kobayashi Pharmaceutical Co. Ltd. 301,429 23,349
FamilyMart Co. Ltd. 571,762 23,338
Air Water Inc. 1,425,337 23,253
Otsuka Corp. 480,753 23,211
^ Lion Corp. 2,415,730 23,190
Ezaki Glico Co. Ltd. 480,631 22,906
Kaken Pharmaceutical Co. Ltd. 330,789 22,768
Citizen Holdings Co. Ltd. 2,953,848 22,353
SBI Holdings Inc. 1,961,650 22,086
Nabtesco Corp. 1,089,974 21,828
Disco Corp. 238,157 21,632
Mitsubishi Gas Chemical Co. Inc. 3,884,549 21,603
Zenkoku Hosho Co. Ltd. 629,671 21,201
DIC Corp. 7,766,126 20,955
Konami Holdings Corp. 915,624 20,801
Ube Industries Ltd. 9,939,449 20,788
THK Co. Ltd. 1,100,389 20,700
Hitachi Metals Ltd. 1,816,150 20,487
Park24 Co. Ltd. 955,872 20,048
Square Enix Holdings Co. Ltd. 742,241 19,974
Denka Co. Ltd. 4,310,439 19,921
Toyo Tire & Rubber Co. Ltd. 947,300 19,892
* Acom Co. Ltd. 3,641,002 19,832
Mitsubishi Logistics Corp. 1,366,680 19,657
Temp Holdings Co. Ltd. 1,295,031 19,292
Yokohama Rubber Co. Ltd. 1,007,533 19,283
Nishi-Nippon City Bank Ltd. 6,603,223 19,207
Sawai Pharmaceutical Co. Ltd. 302,093 19,204
Nisshinbo Holdings Inc. 1,419,329 19,182
Kawasaki Kisen Kaisha Ltd. 8,582,784 19,177
Dowa Holdings Co. Ltd. 2,177,249 18,910
IT Holdings Corp. 759,700 18,761
Sankyo Co. Ltd. 487,725 18,759
Nippon Shinyaku Co. Ltd. 478,366 18,699
Nippon Electric Glass Co. Ltd. 3,810,017 18,659
CyberAgent Inc. 452,751 18,564
Kamigumi Co. Ltd. 2,145,542 18,423
Aeon Mall Co. Ltd. 1,099,740 18,361
77 Bank Ltd. 3,330,035 18,318
Nishi-Nippon Railroad Co. Ltd. 3,517,346 18,145
Ebara Corp. 4,163,864 18,091
Aoyama Trading Co. Ltd. 497,591 18,084
* Hokkaido Electric Power Co. Inc. 1,696,325 18,024
Nippon Paper Industries Co. Ltd. 968,973 17,907
Sega Sammy Holdings Inc. 1,688,274 17,707
NHK Spring Co. Ltd. 1,736,455 17,646
Benesse Holdings Inc. 656,897 17,588
Asahi Intecc Co. Ltd. 456,900 17,541
Nippon Kayaku Co. Ltd. 1,639,861 17,078
Showa Denko KK 13,552,684 17,026
Sumco Corp. 1,695,040 17,011
Seino Holdings Co. Ltd. 1,434,104 16,978
Azbil Corp. 670,799 16,957
Sundrug Co. Ltd. 321,755 16,937
Nexon Co. Ltd. 1,225,372 16,904

 

43


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Sanwa Holdings Corp. 2,079,167 16,713
  Sumitomo Dainippon Pharma Co. Ltd. 1,500,779 16,543
  Sugi Holdings Co. Ltd. 338,289 16,452
  Hitachi High-Technologies Corp. 603,282 16,178
  Hikari Tsushin Inc. 212,497 16,143
*,^ Sharp Corp. 14,572,892 15,985
  Ushio Inc. 1,165,365 15,980
  Matsumotokiyoshi Holdings Co. Ltd. 372,867 15,943
  Toyoda Gosei Co. Ltd. 695,578 15,939
  Kinden Corp. 1,222,295 15,825
  Maruichi Steel Tube Ltd. 616,873 15,733
  SCSK Corp. 409,208 15,674
^ DeNA Co. Ltd. 974,861 15,629
  Nifco Inc. 406,170 15,625
  Showa Shell Sekiyu KK 1,774,495 15,596
  Resorttrust Inc. 606,212 15,534
  H2O Retailing Corp. 796,328 15,458
  Hitachi Chemical Co. Ltd. 975,189 15,376
  Tsumura & Co. 639,607 15,365
  Fujikura Ltd. 2,996,141 15,291
  Idemitsu Kosan Co. Ltd. 930,039 15,258
  Start Today Co. Ltd. 452,857 15,072
^ Sanrio Co. Ltd. 568,315 15,029
  Hitachi Construction Machinery Co. Ltd. 963,844 14,965
^ Ibiden Co. Ltd. 1,078,907 14,835
  Rohto Pharmaceutical Co. Ltd. 903,009 14,820
  Sumitomo Forestry Co. Ltd. 1,240,909 14,785
  Century Tokyo Leasing Corp. 434,726 14,684
  Taiyo Yuden Co. Ltd. 1,048,279 14,678
  Wacoal Holdings Corp. 1,161,771 14,543
  Nihon Kohden Corp. 743,639 14,387
  Daishi Bank Ltd. 3,196,553 14,369
  Juroku Bank Ltd. 3,236,842 14,367
  Horiba Ltd. 361,900 14,218
  DMG Mori Co. Ltd. 1,002,312 14,169
  Topcon Corp. 978,558 14,121
  Izumi Co. Ltd. 377,607 14,015
  Oracle Corp. Japan 307,267 13,943
  Sumitomo Osaka Cement Co. Ltd. 3,614,656 13,941
  Nichirei Corp. 2,153,478 13,938
  Daifuku Co. Ltd. 941,500 13,908
  Pilot Corp. 330,500 13,907
  GS Yuasa Corp. 3,667,092 13,876
  Taiyo Nippon Sanso Corp. 1,346,093 13,831
  MonotaRO Co. Ltd. 537,900 13,802
  Glory Ltd. 546,888 13,777
  COMSYS Holdings Corp. 1,049,640 13,660
  San-In Godo Bank Ltd. 1,486,514 13,654
  ADEKA Corp. 925,200 13,578
  OSG Corp. 723,300 13,577
  Tokai Tokyo Financial Holdings Inc. 2,229,965 13,481
  Sankyu Inc. 2,401,000 13,466
  K's Holdings Corp. 378,005 13,315
  Sapporo Holdings Ltd. 3,205,505 13,175
  Oki Electric Industry Co. Ltd. 7,728,000 13,002
  Tadano Ltd. 1,093,572 12,998
  Nagase & Co. Ltd. 1,039,769 12,882
  Nipro Corp. 1,143,591 12,780
  TS Tech Co. Ltd. 464,622 12,704
  Takara Holdings Inc. 1,760,487 12,599
^ Advantest Corp. 1,576,687 12,537
  Daido Steel Co. Ltd. 3,285,242 12,513
  Japan Steel Works Ltd. 3,340,394 12,355
  Shiga Bank Ltd. 2,313,607 12,321

 

44


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Toyobo Co. Ltd. 8,390,632 12,243
  Toda Corp. 2,248,353 12,198
* Leopalace21 Corp. 2,284,400 12,128
  Chiyoda Corp. 1,600,788 12,108
  ABC-Mart Inc. 217,286 12,104
  Hitachi Capital Corp. 422,004 12,059
  Tokyo Ohka Kogyo Co. Ltd. 378,300 12,037
  Autobacs Seven Co. Ltd. 686,846 12,011
  Ogaki Kyoritsu Bank Ltd. 3,092,000 11,993
  Nihon M&A Center Inc. 293,200 11,970
  Toho Holdings Co. Ltd. 541,300 11,960
  Toyota Boshoku Corp. 558,932 11,890
  Penta-Ocean Construction Co. Ltd. 2,613,900 11,875
  Zeon Corp. 1,461,499 11,870
  Coca-Cola West Co. Ltd. 588,434 11,860
  Furukawa Electric Co. Ltd. 6,483,010 11,838
  House Foods Group Inc. 684,423 11,781
^ Kagome Co. Ltd. 690,467 11,714
  Keiyo Bank Ltd. 2,329,633 11,672
  Hyakugo Bank Ltd. 2,290,415 11,664
  Nikkon Holdings Co. Ltd. 605,600 11,658
  Skylark Co. Ltd. 894,400 11,592
  OKUMA Corp. 1,452,475 11,587
  Nichi-iko Pharmaceutical Co. Ltd. 418,300 11,585
  Jafco Co. Ltd. 303,330 11,533
  HIS Co. Ltd. 343,129 11,516
  Welcia Holdings Co. Ltd. 234,060 11,482
  SCREEN Holdings Co. Ltd. 1,946,665 11,466
  Awa Bank Ltd. 2,072,955 11,437
^ Bic Camera Inc. 1,411,057 11,426
  Pola Orbis Holdings Inc. 179,146 11,329
  Musashino Bank Ltd. 300,220 11,326
  Tsubakimoto Chain Co. 1,532,000 11,179
  UNY Group Holdings Co. Ltd. 2,021,470 11,153
  Lintec Corp. 474,053 11,058
  United Arrows Ltd. 256,700 11,050
  Calsonic Kansei Corp. 1,387,414 10,997
  Senshu Ikeda Holdings Inc. 2,553,070 10,984
^ Ito En Ltd. 526,240 10,981
  Japan Post Holdings Co. Ltd. 943,300 10,944
  Ain Pharmaciez Inc. 230,400 10,905
  Mitsui Engineering & Shipbuilding Co. Ltd. 7,092,549 10,874
  Japan Aviation Electronics Industry Ltd. 612,492 10,828
^ Iwatani Corp. 1,920,000 10,612
  Megmilk Snow Brand Co. Ltd. 508,400 10,563
  Hokkoku Bank Ltd. 2,843,601 10,544
  Okasan Securities Group Inc. 1,799,716 10,516
  Maeda Road Construction Co. Ltd. 576,386 10,496
*,^ Aiful Corp. 2,626,139 10,449
  Shimachu Co. Ltd. 475,922 10,399
  Yamato Kogyo Co. Ltd. 388,413 10,325
  Sangetsu Co. Ltd. 649,600 10,323
^ Cosmos Pharmaceutical Corp. 82,593 10,287
  Tokai Rika Co. Ltd. 471,208 10,217
  Itochu Techno-Solutions Corp. 465,897 10,185
  NTT Urban Development Corp. 1,024,969 10,143
  Capcom Co. Ltd. 481,316 10,138
* Japan Display Inc. 3,239,803 10,092
  Relo Holdings Inc. 94,400 10,044
  Hazama Ando Corp. 1,693,500 9,984
  Mitsui Mining & Smelting Co. Ltd. 5,143,025 9,849
  Morinaga & Co. Ltd. 1,946,000 9,847
  Kumagai Gumi Co. Ltd. 3,254,000 9,731
  Rengo Co. Ltd. 2,047,986 9,711

 

45


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Nishimatsu Construction Co. Ltd. 2,444,000 9,695
Mitsubishi Pencil Co. Ltd. 217,300 9,669
Nippon Soda Co. Ltd. 1,253,000 9,669
North Pacific Bank Ltd. 2,533,083 9,663
Coca-Cola East Japan Co. Ltd. 688,715 9,661
Aica Kogyo Co. Ltd. 486,700 9,621
NOF Corp. 1,338,000 9,518
Toagosei Co. Ltd. 1,132,500 9,474
Kiyo Bank Ltd. 620,700 9,424
Meitec Corp. 259,800 9,399
Kokuyo Co. Ltd. 841,200 9,340
Central Glass Co. Ltd. 1,891,000 9,310
Fuyo General Lease Co. Ltd. 207,500 9,262
FP Corp. 226,238 9,243
Okumura Corp. 1,749,000 9,239
Hyakujushi Bank Ltd. 2,465,042 9,228
SHO-BOND Holdings Co. Ltd. 230,600 9,125
Kyowa Exeo Corp. 874,800 9,080
Heiwa Corp. 490,640 9,031
Shochiku Co. Ltd. 1,016,498 8,960
Ship Healthcare Holdings Inc. 371,400 8,949
Takasago Thermal Engineering Co. Ltd. 624,600 8,945
Nippon Seiki Co. Ltd. 424,000 8,867
Nisshin Steel Co. Ltd. 856,301 8,741
Topre Corp. 399,800 8,661
Morinaga Milk Industry Co. Ltd. 1,912,000 8,640
Miura Co. Ltd. 722,000 8,588
Valor Holdings Co. Ltd. 365,500 8,536
Arcs Co. Ltd. 421,900 8,501
Matsui Securities Co. Ltd. 967,648 8,497
Japan Petroleum Exploration Co. Ltd. 282,327 8,477
Amano Corp. 652,100 8,455
Maeda Corp. 1,167,000 8,450
Japan Post Bank Co. Ltd. 701,700 8,432
Kenedix Inc. 2,343,900 8,430
Seiko Holdings Corp. 1,296,000 8,423
Hokuetsu Kishu Paper Co. Ltd. 1,213,400 8,422
Nihon Parkerizing Co. Ltd. 942,700 8,372
Ai Holdings Corp. 344,500 8,361
* Cosmo Energy Holdings Co. Ltd. 610,103 8,347
Shinmaywa Industries Ltd. 762,000 8,301
Nippo Corp. 470,116 8,213
^ Zensho Holdings Co. Ltd. 873,800 8,211
Hitachi Zosen Corp. 1,497,900 8,183
Tokyo Dome Corp. 1,768,000 8,181
Chiyoda Co. Ltd. 245,200 8,112
GMO internet Inc. 571,300 8,036
Anritsu Corp. 1,233,813 8,030
Duskin Co. Ltd. 467,700 8,011
Nissan Shatai Co. Ltd. 693,902 7,971
Yaoko Co. Ltd. 198,100 7,962
Nippon Light Metal Holdings Co. Ltd. 4,669,600 7,950
Fujitec Co. Ltd. 728,900 7,880
^ COOKPAD Inc. 410,800 7,814
Ulvac Inc. 438,500 7,764
Onward Holdings Co. Ltd. 1,237,951 7,748
Tokyo Seimitsu Co. Ltd. 351,100 7,709
Nippon Suisan Kaisha Ltd. 2,292,300 7,647
Nippon Gas Co. Ltd. 304,100 7,645
Fuji Machine Manufacturing Co. Ltd. 780,500 7,635
SKY Perfect JSAT Holdings Inc. 1,451,633 7,623
Unipres Corp. 335,000 7,597
Nanto Bank Ltd. 2,385,805 7,563
^ Kyoritsu Maintenance Co. Ltd. 110,180 7,537

 

46


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Nachi-Fujikoshi Corp. 1,673,000 7,472
  Ariake Japan Co. Ltd. 165,200 7,454
  Inaba Denki Sangyo Co. Ltd. 239,900 7,451
  Kissei Pharmaceutical Co. Ltd. 290,211 7,442
*,^ euglena Co. Ltd. 544,300 7,411
  Toyo Ink SC Holdings Co. Ltd. 1,794,000 7,391
  Toho Bank Ltd. 2,023,000 7,382
  Hanwa Co. Ltd. 1,791,000 7,378
  Canon Marketing Japan Inc. 486,658 7,373
  Yoshinoya Holdings Co. Ltd. 586,000 7,214
* Orient Corp. 3,626,770 7,209
  Mandom Corp. 181,600 7,184
  Tokyo TY Financial Group Inc. 229,524 7,155
^ Colowide Co. Ltd. 527,300 7,140
  San-A Co. Ltd. 168,100 7,130
  Hitachi Transport System Ltd. 407,164 7,127
  Adastria Co. Ltd. 127,580 7,126
  Makino Milling Machine Co. Ltd. 921,000 7,111
  Mochida Pharmaceutical Co. Ltd. 120,492 7,085
^ ASKUL Corp. 192,500 7,083
* Nippon Sheet Glass Co. Ltd. 8,202,413 7,048
  Ryosan Co. Ltd. 291,800 7,038
  Kandenko Co. Ltd. 996,289 7,025
  Yamanashi Chuo Bank Ltd. 1,513,000 7,022
  Cocokara fine Inc. 177,100 7,003
  Kusuri No Aoki Co. Ltd. 147,200 6,983
  HI-LEX Corp. 228,000 6,975
  Asatsu-DK Inc. 284,800 6,970
  NS Solutions Corp. 142,548 6,946
  Kuroda Electric Co. Ltd. 343,400 6,943
  Sakata Seed Corp. 328,400 6,940
  Furukawa Co. Ltd. 2,941,000 6,921
  Bank of Iwate Ltd. 156,200 6,910
^ Fukuyama Transporting Co. Ltd. 1,271,072 6,904
^ Kyudenko Corp. 336,000 6,901
* Pioneer Corp. 2,561,900 6,898
  Okamura Corp. 743,500 6,890
  IBJ Leasing Co. Ltd. 327,800 6,879
^ COLOPL Inc. 422,015 6,875
  KYORIN Holdings Inc. 409,811 6,868
  Nissha Printing Co. Ltd. 315,332 6,868
  Fuji Seal International Inc. 200,800 6,794
*,^ Laox Co. Ltd. 2,453,000 6,793
^ Sumitomo Mitsui Construction Co. Ltd. 6,927,100 6,694
  Taikisha Ltd. 277,000 6,684
  Koei Tecmo Holdings Co. Ltd. 441,120 6,664
  Takara Standard Co. Ltd. 880,000 6,638
*,^ Tokuyama Corp. 3,279,000 6,629
  Meidensha Corp. 1,882,000 6,586
  J Trust Co. Ltd. 818,000 6,577
  Saibu Gas Co. Ltd. 2,915,000 6,552
  Sumitomo Bakelite Co. Ltd. 1,582,000 6,486
  Tokyo Steel Manufacturing Co. Ltd. 972,300 6,469
^ Daio Paper Corp. 655,000 6,440
  Keihin Corp. 396,300 6,434
  Nippon Densetsu Kogyo Co. Ltd. 340,800 6,426
  Kanematsu Corp. 3,887,000 6,380
  Hogy Medical Co. Ltd. 133,200 6,377
  Axial Retailing Inc. 172,171 6,372
  Tokyu Construction Co. Ltd. 836,290 6,365
  Fujitsu General Ltd. 509,000 6,358
  Ashikaga Holdings Co. Ltd. 1,420,400 6,356
  Nichias Corp. 1,005,000 6,338
  TechnoPro Holdings Inc. 237,600 6,330

 

47


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
^ Fuji Kyuko Co. Ltd. 665,000 6,303
  TSI Holdings Co. Ltd. 896,800 6,291
^ Itoham Foods Inc. 1,232,000 6,278
  Exedy Corp. 273,057 6,260
  Heiwado Co. Ltd. 278,900 6,259
  Bank of Okinawa Ltd. 160,600 6,249
  Nippon Signal Company Ltd. 601,100 6,226
  Transcosmos Inc. 224,200 6,224
  Hitachi Kokusai Electric Inc. 452,000 6,214
^ Bank of Nagoya Ltd. 1,672,000 6,180
  TPR Co. Ltd. 254,000 6,179
^ Senko Co. Ltd. 890,000 6,161
  Kintetsu World Express Inc. 327,800 6,135
  Fuji Oil 435,000 6,122
^ Okamoto Industries Inc. 671,000 6,070
  Trusco Nakayama Corp. 173,600 6,063
  Oita Bank Ltd. 1,436,000 6,034
  Nippon Television Holdings Inc. 348,229 6,019
  Daiseki Co. Ltd. 374,100 6,006
  Takuma Co. Ltd. 756,000 5,972
  FCC Co. Ltd. 337,600 5,969
  Aomori Bank Ltd. 1,841,000 5,961
  Takeuchi Manufacturing Co. Ltd. 315,700 5,945
  Nihon Unisys Ltd. 540,300 5,936
  Paramount Bed Holdings Co. Ltd. 185,200 5,924
  Sumitomo Warehouse Co. Ltd. 1,112,000 5,903
  Nippon Flour Mills Co. Ltd. 951,000 5,885
  Kureha Corp. 1,536,000 5,853
  Komeri Co. Ltd. 272,052 5,817
  Kadokawa Dwango Corp. 448,418 5,755
^ Yamagata Bank Ltd. 1,482,000 5,732
  Totetsu Kogyo Co. Ltd. 265,200 5,722
  Komori Corp. 485,200 5,720
^ EDION Corp. 759,900 5,693
  Accordia Golf Co. Ltd. 627,100 5,676
  GMO Payment Gateway Inc. 145,100 5,674
  PALTAC Corp. 290,000 5,674
  Toei Co. Ltd. 635,000 5,657
  Chudenko Corp. 261,500 5,640
  Foster Electric Co. Ltd. 230,300 5,634
  DCM Holdings Co. Ltd. 850,700 5,632
  ZERIA Pharmaceutical Co. Ltd. 378,000 5,600
*,^ Zojirushi Corp. 393,000 5,567
  Descente Ltd. 433,400 5,514
  Token Corp. 69,750 5,509
  Tochigi Bank Ltd. 959,000 5,453
  Towa Pharmaceutical Co. Ltd. 79,700 5,404
  Saizeriya Co. Ltd. 238,500 5,388
  Asahi Diamond Industrial Co. Ltd. 511,600 5,387
  Fuji Co. Ltd. 263,000 5,355
  Taiyo Holdings Co. Ltd. 156,200 5,341
  Yamazen Corp. 599,200 5,324
  Aida Engineering Ltd. 560,900 5,322
  Monex Group Inc. 1,885,700 5,265
  Nomura Co. Ltd. 390,100 5,254
  Daikyonishikawa Corp. 99,000 5,250
  MOS Food Services Inc. 240,800 5,211
^ Gulliver International Co. Ltd. 516,900 5,178
  Tokyo Broadcasting System Holdings Inc. 348,618 5,169
^ Wacom Co. Ltd. 1,384,300 5,161
  Eagle Industry Co. Ltd. 256,500 5,147
  Nissin Kogyo Co. Ltd. 333,500 5,139
  Seiren Co. Ltd. 438,200 5,135
  Tokai Carbon Co. Ltd. 1,887,000 5,130

 

48


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Kameda Seika Co. Ltd. 132,151 5,112
NEC Networks & System Integration Corp. 273,100 5,105
Japan Wool Textile Co. Ltd. 625,000 5,086
PanaHome Corp. 716,632 5,069
Kato Sangyo Co. Ltd. 208,500 5,056
Nikkiso Co. Ltd. 627,500 5,043
Aichi Bank Ltd. 91,300 5,035
NET One Systems Co. Ltd. 819,200 5,034
Akita Bank Ltd. 1,537,000 5,030
Jaccs Co. Ltd. 1,208,000 5,027
Inabata & Co. Ltd. 433,400 5,006
Okinawa Electric Power Co. Inc. 204,550 5,003
Gunze Ltd. 1,581,000 5,001
Aeon Delight Co. Ltd. 173,700 4,993
Noritz Corp. 320,800 4,989
TOMONY Holdings Inc. 1,297,000 4,983
Marusan Securities Co. Ltd. 513,100 4,952
Mirait Holdings Corp. 572,300 4,952
KYB Corp. 1,740,228 4,948
Hitachi Maxell Ltd. 288,500 4,929
^ Jin Co. Ltd. 133,300 4,904
NSD Co. Ltd. 353,420 4,899
Kanamoto Co. Ltd. 242,200 4,886
Daikyo Inc. 2,829,421 4,876
Ryobi Ltd. 1,328,000 4,866
Mitsuba Corp. 310,500 4,864
^ Nichicon Corp. 605,900 4,858
Nitto Boseki Co. Ltd. 1,613,000 4,845
Miyazaki Bank Ltd. 1,391,000 4,835
Star Micronics Co. Ltd. 358,000 4,832
Toppan Forms Co. Ltd. 375,709 4,827
Earth Chemical Co. Ltd. 122,200 4,816
Daihen Corp. 974,000 4,816
Fancl Corp. 344,300 4,810
Goldwin Inc. 84,400 4,794
Sanki Engineering Co. Ltd. 579,700 4,771
kabu.com Securities Co. Ltd. 1,456,800 4,766
Sato Holdings Corp. 219,100 4,745
Nitto Kogyo Corp. 246,700 4,727
Maruha Nichiro Corp. 315,900 4,719
Nitta Corp. 173,500 4,706
Aichi Steel Corp. 1,084,000 4,687
Alpine Electronics Inc. 355,500 4,681
Gurunavi Inc. 257,700 4,680
^ Unizo Holdings Co. Ltd. 110,500 4,677
Higashi-Nippon Bank Ltd. 1,391,000 4,665
Japan Securities Finance Co. Ltd. 869,300 4,664
^ Royal Holdings Co. Ltd. 265,100 4,642
^ Mitsumi Electric Co. Ltd. 766,400 4,622
Daibiru Corp. 542,700 4,607
Riso Kagaku Corp. 254,500 4,599
As One Corp. 129,900 4,581
Takasago International Corp. 174,800 4,580
Yodogawa Steel Works Ltd. 260,800 4,576
Internet Initiative Japan Inc. 244,800 4,562
^ Joyful Honda Co. Ltd. 242,132 4,557
United Super Markets Holdings Inc. 520,160 4,539
^ Financial Products Group Co. Ltd. 581,800 4,536
Mizuno Corp. 914,000 4,476
Obara Group Inc. 107,000 4,471
Bank of the Ryukyus Ltd. 314,000 4,467
^ Siix Corp. 159,200 4,466
Raito Kogyo Co. Ltd. 466,600 4,459
Futaba Corp. 345,200 4,457

 

49


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
OBIC Business Consultants Co. Ltd. 72,800 4,455
^ Pacific Industrial Co. Ltd. 400,900 4,448
DTS Corp. 188,000 4,433
Nippon Steel & Sumikin Bussan Corp. 1,280,480 4,431
Oiles Corp. 278,280 4,413
OSAKA Titanium Technologies Co. Ltd. 163,600 4,411
Asahi Holdings Inc. 299,400 4,391
Seikagaku Corp. 342,700 4,376
CKD Corp. 482,900 4,368
Starts Corp. Inc. 279,785 4,366
AOKI Holdings Inc. 357,800 4,362
Sanyo Special Steel Co. Ltd. 1,064,000 4,359
* Macnica Fuji Electronics Holdings Inc. 324,137 4,347
^ Life Corp. 174,200 4,340
Eighteenth Bank Ltd. 1,435,000 4,332
Geo Holdings Corp. 289,800 4,327
Fukui Bank Ltd. 2,055,000 4,288
Milbon Co. Ltd. 114,892 4,286
Eizo Corp. 183,600 4,284
Namura Shipbuilding Co. Ltd. 489,108 4,267
^ Gree Inc. 844,227 4,257
Jeol Ltd. 705,000 4,249
Showa Corp. 459,600 4,248
Hokuetsu Bank Ltd. 2,048,000 4,248
Sanyo Chemical Industries Ltd. 575,000 4,237
^ Atom Corp. 784,347 4,235
Nagaileben Co. Ltd. 249,100 4,232
UACJ Corp. 2,187,006 4,231
TOC Co. Ltd. 577,800 4,222
Takara Leben Co. Ltd. 815,400 4,220
Nishimatsuya Chain Co. Ltd. 479,700 4,220
Matsuya Co. Ltd. 343,200 4,152
Showa Sangyo Co. Ltd. 1,103,000 4,131
Toshiba TEC Corp. 1,138,748 4,130
Doshisha Co. Ltd. 224,200 4,116
Shikoku Bank Ltd. 1,898,000 4,086
Iino Kaiun Kaisha Ltd. 897,400 4,045
Bunka Shutter Co. Ltd. 523,500 4,044
Doutor Nichires Holdings Co. Ltd. 277,600 4,024
Kitz Corp. 871,100 4,004
Create SD Holdings Co. Ltd. 68,700 4,001
St. Marc Holdings Co. Ltd. 134,500 3,989
Fuji Media Holdings Inc. 335,374 3,984
Yondoshi Holdings Inc. 188,700 3,981
San-Ai Oil Co. Ltd. 524,000 3,980
Piolax Inc. 75,100 3,961
Sintokogio Ltd. 462,000 3,957
Nisshin Oillio Group Ltd. 1,069,000 3,954
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 837,000 3,952
Toa Corp. (Tokyo Shares 1885) 1,722,000 3,899
Sakata INX Corp. 427,700 3,887
^ Shima Seiki Manufacturing Ltd. 260,900 3,885
Create Restaurants Holdings Inc. 150,010 3,878
^ Next Co. Ltd. 522,600 3,864
Morita Holdings Corp. 362,300 3,862
Heiwa Real Estate Co. Ltd. 321,100 3,860
* Toho Titanium Co. Ltd. 294,800 3,841
Topy Industries Ltd. 1,708,000 3,831
Mani Inc. 209,400 3,805
TKC Corp. 161,900 3,801
Fuji Soft Inc. 199,200 3,793
TOKAI Holdings Corp. 897,200 3,792
Fujicco Co. Ltd. 189,000 3,766
Ihara Chemical Industry Co. Ltd. 307,900 3,758

 

50


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Xebio Holdings Co. Ltd. 210,000 3,752
  Chofu Seisakusho Co. Ltd. 181,100 3,737
  Enplas Corp. 101,400 3,722
  Shinko Electric Industries Co. Ltd. 613,489 3,713
  Musashi Seimitsu Industry Co. Ltd. 183,900 3,712
  Kurabo Industries Ltd. 2,104,000 3,706
^ Jamco Corp. 88,500 3,684
  Prima Meat Packers Ltd. 1,314,000 3,658
^ Daiho Corp. 828,000 3,646
  Noevir Holdings Co. Ltd. 145,100 3,637
  SMS Co. Ltd. 219,500 3,635
  Chugoku Marine Paints Ltd. 510,000 3,630
  T-Gaia Corp. 238,600 3,612
  Shikoku Chemicals Corp. 367,000 3,602
  Avex Group Holdings Inc. 304,700 3,582
  Relia Inc. 377,500 3,573
  Plenus Co. Ltd. 231,600 3,570
  Marudai Food Co. Ltd. 963,000 3,562
  Hokuto Corp. 183,000 3,561
  Fujimori Kogyo Co. Ltd. 129,600 3,554
  Ohsho Food Service Corp. 106,100 3,532
  Yorozu Corp. 164,900 3,511
^ Dr Ci:Labo Co. Ltd. 195,000 3,509
*,^ Takata Corp. 308,927 3,503
  Sanden Holdings Corp. 1,023,000 3,501
  Toshiba Machine Co. Ltd. 1,017,000 3,493
  Nippon Chemi-Con Corp. 1,509,000 3,483
  Hosiden Corp. 565,800 3,474
  Ricoh Leasing Co. Ltd. 115,100 3,470
  Sanken Electric Co. Ltd. 1,000,000 3,459
^ Dip Corp. 197,000 3,454
  Max Co. Ltd. 342,000 3,453
  Nichiha Corp. 256,700 3,451
  Sekisui Jushi Corp. 258,200 3,450
  Belc Co. Ltd. 92,600 3,443
  Sankyo Tateyama Inc. 247,900 3,441
  Konoike Transport Co. Ltd. 276,500 3,419
  FIDEA Holdings Co. Ltd. 1,581,700 3,398
  Itochu Enex Co. Ltd. 426,100 3,397
*,^ Pacific Metals Co. Ltd. 1,267,000 3,381
  Kohnan Shoji Co. Ltd. 231,500 3,369
  Tokai Corp. 105,500 3,362
  Shizuoka Gas Co. Ltd. 500,300 3,356
  TV Asahi Holdings Corp. 201,670 3,354
  Kanto Denka Kogyo Co. Ltd. 431,000 3,343
  Kyoei Steel Ltd. 202,500 3,341
  Nishio Rent All Co. Ltd. 144,100 3,339
  Okabe Co. Ltd. 417,600 3,336
  Tachi-S Co. Ltd. 238,000 3,310
^ Tekken Corp. 1,196,000 3,308
  Press Kogyo Co. Ltd. 774,100 3,306
^ Tokyotokeiba Co. Ltd. 1,411,000 3,302
  Wakita & Co. Ltd. 420,000 3,298
^ Toshiba Plant Systems & Services Corp. 308,700 3,298
  Daiwabo Holdings Co. Ltd. 1,678,000 3,295
  Mitsubishi Shokuhin Co. Ltd. 129,600 3,292
  Yuasa Trading Co. Ltd. 141,400 3,279
^ Clarion Co. Ltd. 961,000 3,278
  Dydo Drinco Inc. 76,400 3,255
^ Ringer Hut Co. Ltd. 159,900 3,253
  Ichibanya Co. Ltd. 73,100 3,241
  Itoki Corp. 441,600 3,229
* Toyo Engineering Corp. 1,281,000 3,224
  Mitsuboshi Belting Ltd. 390,000 3,224

 

51


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
^ Kumiai Chemical Industry Co. Ltd. 400,300 3,211
Yellow Hat Ltd. 145,400 3,196
^ Juki Corp. 258,000 3,187
Sodick Co. Ltd. 432,700 3,172
^ Kisoji Co. Ltd. 191,800 3,170
Sogo Medical Co. Ltd. 85,900 3,168
Toho Zinc Co. Ltd. 1,153,000 3,166
Bando Chemical Industries Ltd. 759,000 3,166
Tsukishima Kikai Co. Ltd. 329,100 3,152
^ Iseki & Co. Ltd. 1,920,000 3,147
Fujimi Inc. 208,800 3,131
^ Modec Inc. 228,500 3,130
Fukuda Corp. 314,000 3,128
Zenrin Co. Ltd. 215,700 3,126
Kyokuto Kaihatsu Kogyo Co. Ltd. 295,500 3,123
Yokohama Reito Co. Ltd. 390,800 3,114
Nippon Road Co. Ltd. 572,000 3,110
Hiday Hidaka Corp. 125,080 3,095
C Uyemura & Co. Ltd. 59,000 3,064
Yurtec Corp. 319,000 3,061
Hitachi Koki Co. Ltd. 419,000 3,050
Nippon Synthetic Chemical Industry Co. Ltd. 413,000 3,049
* Ishihara Sangyo Kaisha Ltd. 3,152,000 3,045
Sumitomo Real Estate Sales Co. Ltd. 131,888 3,031
Mitsui-Soko Holdings Co. Ltd. 938,000 3,020
Ehime Bank Ltd. 1,462,000 3,013
JVC Kenwood Corp. 1,146,800 2,991
Riken Corp. 798,000 2,984
Minato Bank Ltd. 1,775,000 2,981
Tsurumi Manufacturing Co. Ltd. 163,100 2,972
Tokushu Tokai Paper Co. Ltd. 895,000 2,965
Kansai Urban Banking Corp. 258,900 2,961
Mitsui Sugar Co. Ltd. 737,000 2,961
^ Tomy Co. Ltd. 586,600 2,949
Sanyo Shokai Ltd. 1,014,000 2,944
Nissin Electric Co. Ltd. 440,200 2,933
Tamron Co. Ltd. 146,800 2,923
BML Inc. 99,200 2,915
Noritake Co. Ltd. 1,267,000 2,914
Chiyoda Integre Co. Ltd. 121,000 2,909
Aisan Industry Co. Ltd. 291,100 2,907
Daido Metal Co. Ltd. 310,400 2,905
Takamatsu Construction Group Co. Ltd. 139,300 2,890
YAMABIKO Corp. 314,800 2,886
^ Hamakyorex Co. Ltd. 143,800 2,886
Tv Tokyo Holdings Corp. 162,800 2,879
Canon Electronics Inc. 169,000 2,871
Nippon Thompson Co. Ltd. 606,000 2,869
Ichiyoshi Securities Co. Ltd. 313,500 2,868
Shibuya Kogyo Co. Ltd. 186,700 2,861
Nippon Carbon Co. Ltd. 1,026,000 2,858
^ Tsugami Corp. 584,000 2,847
Toyo Construction Co. Ltd. 617,700 2,841
Kasai Kogyo Co. Ltd. 227,900 2,830
Taihei Dengyo Kaisha Ltd. 266,000 2,829
^ Trancom Co. Ltd. 59,100 2,821
^ Nihon Nohyaku Co. Ltd. 434,900 2,817
Kinugawa Rubber Industrial Co. Ltd. 506,000 2,814
Sumitomo Seika Chemicals Co. Ltd. 404,000 2,811
Kura Corp. 93,200 2,810
Wowow Inc. 102,400 2,793
Goldcrest Co. Ltd. 149,320 2,789
Open House Co. Ltd. 153,000 2,783
Sanyo Electric Railway Co. Ltd. 717,093 2,782

 

52


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
^ Sumitomo Riko Co. Ltd. 341,900 2,760
  SMK Corp. 540,000 2,754
  Bank of Saga Ltd. 1,217,000 2,747
  Arcland Sakamoto Co. Ltd. 125,100 2,723
  UKC Holdings Corp. 136,300 2,719
  Katakura Industries Co. Ltd. 246,300 2,717
  Yokogawa Bridge Holdings Corp. 293,800 2,715
  Torii Pharmaceutical Co. Ltd. 112,400 2,704
  ASKA Pharmaceutical Co. Ltd. 226,500 2,703
  Shinko Plantech Co. Ltd. 337,600 2,703
  Pressance Corp. 67,500 2,690
  Osaka Soda Co. Ltd. 774,000 2,677
^ JCR Pharmaceuticals Co. Ltd. 127,400 2,662
* Unitika Ltd. 5,295,000 2,661
  Hibiya Engineering Ltd. 204,900 2,648
^ Nichii Gakkan Co. 382,900 2,639
  Tocalo Co. Ltd. 131,500 2,636
  Sac's Bar Holdings Inc. 166,800 2,636
  T Hasegawa Co. Ltd. 201,500 2,631
  Tsukuba Bank Ltd. 752,500 2,628
  Japan Pulp & Paper Co. Ltd. 945,000 2,600
  Neturen Co. Ltd. 363,700 2,600
  Joshin Denki Co. Ltd. 340,000 2,590
  Sanshin Electronics Co. Ltd. 244,600 2,580
  Konishi Co. Ltd. 140,800 2,579
  Kyokuto Securities Co. Ltd. 200,500 2,576
*,^ KLab Inc. 256,200 2,571
  J-Oil Mills Inc. 891,000 2,565
  Shindengen Electric Manufacturing Co. Ltd. 699,000 2,540
  Pack Corp. 107,200 2,531
  Tenma Corp. 149,600 2,525
* KNT-CT Holdings Co. Ltd. 1,080,000 2,518
  Nohmi Bosai Ltd. 203,600 2,515
  Jimoto Holdings Inc. 1,474,200 2,514
  Justsystems Corp. 317,100 2,502
  Round One Corp. 554,700 2,499
  Ikyu Corp. 132,100 2,496
  Key Coffee Inc. 156,200 2,493
  Eiken Chemical Co. Ltd. 142,300 2,487
^ Benefit One Inc. 143,000 2,481
  Union Tool Co. 100,200 2,463
  Nippon Kanzai Co. Ltd. 159,800 2,454
  Toridoll.corp 194,900 2,451
  Towa Bank Ltd. 2,814,000 2,444
  JSP Corp. 114,000 2,437
^ Fujita Kanko Inc. 634,000 2,436
  Koa Corp. 293,400 2,435
  Denki Kogyo Co. Ltd. 571,000 2,435
  Yahagi Construction Co. Ltd. 282,300 2,417
  Fukushima Industries Corp. 110,500 2,396
  Sanyo Denki Co. Ltd. 392,000 2,373
  Mitani Corp. 96,004 2,372
  Oyo Corp. 184,800 2,367
  Broadleaf Co. Ltd. 205,200 2,344
^ Futaba Industrial Co. Ltd. 544,200 2,335
  Belluna Co. Ltd. 411,500 2,331
  Meisei Industrial Co. Ltd. 499,200 2,328
^ F@N Communications Inc. 327,300 2,325
^ Alpen Co. Ltd. 141,900 2,322
  Arata Corp. 110,400 2,322
  Sakai Chemical Industry Co. Ltd. 789,000 2,322
  Nissin Corp. 800,000 2,322
  G-Tekt Corp. 187,400 2,318
  Teikoku Sen-I Co. Ltd. 183,300 2,309

 

53


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Nippon Koei Co. Ltd. 572,000 2,304
  Rock Field Co. Ltd. 94,800 2,298
^ Tsukui Corp. 213,800 2,298
^ S Foods Inc. 132,200 2,291
  Toenec Corp. 296,000 2,287
  Chiba Kogyo Bank Ltd. 391,100 2,273
  Pal Co. Ltd. 101,200 2,262
  Nittetsu Mining Co. Ltd. 514,000 2,254
*,^ Kappa Create Co. Ltd. 227,900 2,245
^ Elecom Co. Ltd. 184,600 2,234
  Denyo Co. Ltd. 138,500 2,233
  Ines Corp. 249,800 2,231
  Daisan Bank Ltd. 1,506,000 2,226
  Roland DG Corp. 97,200 2,208
  Optex Co. Ltd. 116,300 2,196
  METAWATER Co. Ltd. 101,200 2,196
  Cosel Co. Ltd. 224,500 2,185
  Maruzen Showa Unyu Co. Ltd. 600,000 2,168
  EPS Holdings Inc. 220,600 2,154
  Tamura Corp. 679,000 2,153
^ Nippon Ceramic Co. Ltd. 145,500 2,139
^ Tosei Corp. 346,500 2,136
*,^ Kintetsu Department Store Co. Ltd. 790,000 2,135
  Chukyo Bank Ltd. 1,032,000 2,131
  Kamei Corp. 214,600 2,127
  Warabeya Nichiyo Co. Ltd. 109,500 2,118
  Vital KSK Holdings Inc. 290,500 2,106
  Cawachi Ltd. 121,700 2,104
  Toa Corp. (Tokyo Shares 6809) 208,000 2,094
  Ryoyo Electro Corp. 170,700 2,093
^ Akebono Brake Industry Co. Ltd. 716,800 2,092
  Kaga Electronics Co. Ltd. 149,700 2,088
  Meiko Network Japan Co. Ltd. 175,400 2,079
  Nitto Kohki Co. Ltd. 98,700 2,079
  Toyo Tanso Co. Ltd. 143,800 2,066
  Kato Works Co. Ltd. 483,000 2,064
^ Marvelous Inc. 258,400 2,061
  Nippon Denko Co. Ltd. 1,024,500 2,058
  Osaka Steel Co. Ltd. 114,400 2,052
  Fujibo Holdings Inc. 1,111,000 2,044
  Toyo Securities Co. Ltd. 636,000 2,043
  Shinko Shoji Co. Ltd. 183,800 2,043
  Tonami Holdings Co. Ltd. 622,000 2,021
  Mitsubishi Steel Manufacturing Co. Ltd. 1,056,000 2,017
  Mie Bank Ltd. 939,000 2,017
  Aiphone Co. Ltd. 131,000 2,011
  Sakai Moving Service Co. Ltd. 40,100 1,998
^ Kobe Bussan Co. Ltd. 51,600 1,991
  Mito Securities Co. Ltd. 615,200 1,986
^ Senshukai Co. Ltd. 297,500 1,977
  Idec Corp. 236,400 1,973
  Megachips Corp. 195,100 1,965
^ Sagami Chain Co. Ltd. 190,640 1,960
  Okuwa Co. Ltd. 232,000 1,940
  Artnature Inc. 202,200 1,940
  Icom Inc. 93,500 1,939
  Michinoku Bank Ltd. 1,118,000 1,930
  Yusen Logistics Co. Ltd. 165,300 1,928
^ Toyo Corp. 245,900 1,923
* Mitsubishi Paper Mills Ltd. 2,808,000 1,920
  Japan Digital Laboratory Co. Ltd. 149,800 1,909
*,^ Nippon Yakin Kogyo Co. Ltd. 1,389,200 1,909
  Daiken Corp. 649,000 1,892
  Shin-Etsu Polymer Co. Ltd. 362,900 1,887

 

54


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Achilles Corp. 1,529,000 1,886
  Ministop Co. Ltd. 102,100 1,884
^ Nihon Trim Co. Ltd. 50,500 1,869
  Weathernews Inc. 57,961 1,861
  Yushin Precision Equipment Co. Ltd. 102,600 1,857
  Kurimoto Ltd. 1,081,000 1,842
  Nichiden Corp. 75,800 1,831
  Keihanshin Building Co. Ltd. 332,500 1,829
^ OSJB Holdings Corp. 955,500 1,818
^ Osaki Electric Co. Ltd. 353,000 1,810
  Sinfonia Technology Co. Ltd. 1,053,000 1,810
  Kyodo Printing Co. Ltd. 643,000 1,783
^ Keiyo Co. Ltd. 434,200 1,780
  Kitagawa Iron Works Co. Ltd. 684,000 1,773
  Kita-Nippon Bank Ltd. 64,800 1,772
  Komatsu Seiren Co. Ltd. 295,300 1,768
* Fujiya Co. Ltd. 1,079,000 1,758
  Qol Co. Ltd. 149,801 1,758
  Tokyo Tekko Co. Ltd. 380,000 1,753
  NS United Kaiun Kaisha Ltd. 877,000 1,752
  France Bed Holdings Co. Ltd. 222,400 1,739
  Tosho Co. Ltd. 66,100 1,735
  Sumitomo Densetsu Co. Ltd. 132,700 1,735
  Nippon Parking Development Co. Ltd. 1,519,000 1,728
  Maruwa Co. Ltd. 77,743 1,725
*,^ Tokyo Rope Manufacturing Co. Ltd. 1,118,000 1,725
  Daikokutenbussan Co. Ltd. 50,000 1,709
  Kyokuyo Co. Ltd. 789,000 1,708
  Information Services International-Dentsu Ltd. 108,900 1,694
  Nagatanien Holdings Co. Ltd. 191,000 1,678
  Itochu-Shokuhin Co. Ltd. 48,400 1,676
  Shimizu Bank Ltd. 67,900 1,663
  ESPEC Corp. 177,600 1,656
  Starzen Co. Ltd. 63,100 1,628
  Tokyo Energy & Systems Inc. 168,000 1,625
^ Fudo Tetra Corp. 1,264,000 1,616
  Daiichi Jitsugyo Co. Ltd. 379,000 1,615
  Aichi Corp. 255,400 1,613
  MTI Ltd. 254,200 1,613
  Riken Technos Corp. 484,900 1,608
  Japan Post Insurance Co. Ltd. 87,600 1,597
^ Japan Cash Machine Co. Ltd. 151,300 1,595
  CHIMNEY Co. Ltd. 62,600 1,589
  Nippon Beet Sugar Manufacturing Co. Ltd. 1,012,000 1,578
^ Zuiko Corp. 41,700 1,565
*,^ Nippon Sharyo Ltd. 653,000 1,563
  Elematec Corp. 63,800 1,562
^ Nissei ASB Machine Co. Ltd. 76,300 1,556
  Nippon Valqua Industries Ltd. 632,000 1,555
  Dai Nippon Toryo Co. Ltd. 1,022,000 1,554
  Happinet Corp. 150,700 1,550
^ U-Shin Ltd. 249,400 1,549
^ Mimasu Semiconductor Industry Co. Ltd. 164,400 1,542
  Kanematsu Electronics Ltd. 100,800 1,536
  Mars Engineering Corp. 89,800 1,528
^ Torishima Pump Manufacturing Co. Ltd. 197,000 1,522
  Godo Steel Ltd. 867,000 1,510
^ JP-Holdings Inc. 573,000 1,506
  K&O Energy Group Inc. 117,900 1,505
  Hosokawa Micron Corp. 303,000 1,505
  GCA Savvian Corp. 129,100 1,504
  Aderans Co. Ltd. 215,100 1,499
  Arakawa Chemical Industries Ltd. 151,600 1,498
  Yonekyu Corp. 81,500 1,486

 

55


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
^ Giken Ltd. 110,400 1,482
  Melco Holdings Inc. 85,400 1,470
  Taiho Kogyo Co. Ltd. 127,600 1,469
^ Chuetsu Pulp & Paper Co. Ltd. 826,000 1,465
  Hisaka Works Ltd. 190,300 1,457
  Sekisui Plastics Co. Ltd. 450,000 1,455
  Takiron Co. Ltd. 339,000 1,451
  Furuno Electric Co. Ltd. 215,100 1,450
  Japan Transcity Corp. 404,000 1,447
  Daiwa Industries Ltd. 219,600 1,445
  Misawa Homes Co. Ltd. 240,300 1,440
  Ateam Inc. 94,100 1,432
  Iwasaki Electric Co. Ltd. 705,000 1,429
  Toyo Kanetsu KK 887,000 1,426
  Funai Electric Co. Ltd. 138,400 1,421
^ Asahi Co. Ltd. 144,600 1,420
  Koatsu Gas Kogyo Co. Ltd. 278,000 1,419
  Studio Alice Co. Ltd. 75,600 1,419
  Showa Aircraft Industry Co. Ltd. 140,000 1,418
  Fuso Pharmaceutical Industries Ltd. 612,000 1,416
  Mitsui High-Tec Inc. 241,600 1,410
* SWCC Showa Holdings Co. Ltd. 2,136,000 1,405
  Tsutsumi Jewelry Co. Ltd. 70,400 1,399
  Ryoden Trading Co. Ltd. 214,000 1,393
  Atsugi Co. Ltd. 1,428,000 1,389
*,^ WATAMI Co. Ltd. 197,800 1,386
  Mitani Sekisan Co. Ltd. 101,600 1,385
^ Tabuchi Electric Co. Ltd. 202,700 1,383
  Parco Co. Ltd. 159,300 1,376
  Sinanen Holdings Co. Ltd. 363,000 1,348
  Yomiuri Land Co. Ltd. 392,000 1,347
  CONEXIO Corp. 134,000 1,345
  Matsuya Foods Co. Ltd. 66,500 1,340
  Nihon Dempa Kogyo Co. Ltd. 190,600 1,331
^ Honeys Co. Ltd. 160,920 1,325
^ Japan Drilling Co. Ltd. 60,900 1,321
  Uchida Yoko Co. Ltd. 413,000 1,321
  Fujitsu Frontech Ltd. 101,700 1,310
  Maeda Kosen Co. Ltd. 171,500 1,307
  Toho Co. Ltd. (Tokyo Shares 8142) 71,000 1,305
^ Sun Frontier Fudousan Co. Ltd. 160,900 1,293
  Hakuto Co. Ltd. 110,600 1,289
  Hioki EE Corp. 70,500 1,276
  Shibusawa Warehouse Co. Ltd. 498,000 1,267
  Sanoh Industrial Co. Ltd. 199,500 1,260
^ Pasona Group Inc. 165,000 1,245
  Asunaro Aoki Construction Co. Ltd. 168,200 1,242
  Yushiro Chemical Industry Co. Ltd. 106,300 1,230
  Teikoku Electric Manufacturing Co. Ltd. 178,900 1,226
  Toyo Kohan Co. Ltd. 381,000 1,224
* Nakayama Steel Works Ltd. 1,844,000 1,223
  Kanaden Corp. 154,700 1,213
  Toli Corp. 428,000 1,212
  Tatsuta Electric Wire and Cable Co. Ltd. 317,900 1,210
  Matsuda Sangyo Co. Ltd. 103,500 1,208
  Japan Radio Co. Ltd. 339,000 1,206
  Mitsubishi Nichiyu Forklift Co. Ltd. 282,500 1,196
  Asahi Organic Chemicals Industry Co. Ltd. 648,000 1,193
^ Kobelco Eco-Solutions Co. Ltd. 271,000 1,186
  Advan Co. Ltd. 127,800 1,182
  Chori Co. Ltd. 84,200 1,181
  Cleanup Corp. 185,800 1,170
  Nihon Yamamura Glass Co. Ltd. 767,000 1,155
  Nippon Chemiphar Co. Ltd. 236,000 1,150

 

56


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  AOI Electronics Co. Ltd. 39,230 1,140
  Onoken Co. Ltd. 130,000 1,137
^ Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. 308,000 1,122
  Shiroki Corp. 385,000 1,112
  Mitsui Matsushima Co. Ltd. 1,126,571 1,105
  Fuji Oil Co. Ltd. 354,300 1,097
  Noritsu Koki Co. Ltd. 219,600 1,097
  Future Architect Inc. 201,500 1,094
^ Mitsubishi Kakoki Kaisha Ltd. 441,000 1,091
  Takaoka Toko Co. Ltd. 92,400 1,089
^ Kourakuen Holdings Corp. 85,160 1,082
  Hokkaido Gas Co. Ltd. 467,000 1,078
  Taisei Lamick Co. Ltd. 44,400 1,060
^ Tosho Printing Co. Ltd. 252,000 1,060
  Mitsubishi Research Institute Inc. 42,600 1,051
  KFC Holdings Japan Ltd. 55,000 1,045
  Mory Industries Inc. 358,000 1,033
  Inaba Seisakusho Co. Ltd. 96,200 1,026
  Hokkan Holdings Ltd. 402,000 1,024
  Dunlop Sports Co. Ltd. 101,371 1,013
  Maezawa Kyuso Industries Co. Ltd. 79,200 1,009
  Organo Corp. 246,000 1,008
^ CMIC Holdings Co. Ltd. 80,900 1,003
  Sankyo Seiko Co. Ltd. 262,200 996
  Mitsui Home Co. Ltd. 207,000 993
  Rhythm Watch Co. Ltd. 700,000 985
  Daikoku Denki Co. Ltd. 76,200 981
  Shinwa Co. Ltd. 70,100 981
  Kyosan Electric Manufacturing Co. Ltd. 349,000 980
  Corona Corp. Class A 99,300 973
  Zuken Inc. 103,900 969
  Axell Corp. 84,900 959
*,^ Kinki Sharyo Co. Ltd. 305,000 959
  T RAD Co. Ltd. 575,000 950
  Seika Corp. 417,000 947
  NDS Co. Ltd. 384,000 947
  Alpha Systems Inc. 55,500 934
  Kitano Construction Corp. 352,000 927
  CAC Holdings Corp. 113,400 923
^ Toko Inc. 323,000 920
  Tomoku Co. Ltd. 426,000 918
*,^ Janome Sewing Machine Co. Ltd. 125,900 918
  Pronexus Inc. 123,400 907
  Gun-Ei Chemical Industry Co. Ltd. 371,000 901
  Tokyo Rakutenchi Co. Ltd. 218,000 895
  Nippon Coke & Engineering Co. Ltd. 1,073,000 891
  Maezawa Kasei Industries Co. Ltd. 101,600 882
  Okura Industrial Co. Ltd. 309,000 879
  Chugai Ro Co. Ltd. 465,000 875
  Daisyo Corp. 74,200 874
  Nice Holdings Inc. 616,000 866
  Pocket Card Co. Ltd. 177,600 856
^ Toda Kogyo Corp. 315,000 849
  Fujikura Kasei Co. Ltd. 178,000 834
^ Ichikoh Industries Ltd. 470,000 809
^ Gakken Holdings Co. Ltd. 413,000 800
  Endo Lighting Corp. 78,800 799
  Sumitomo Precision Products Co. Ltd. 204,000 797
^ Right On Co. Ltd. 83,900 795
  Takihyo Co. Ltd. 210,000 795
  Hodogaya Chemical Co. Ltd. 572,000 793
  Gecoss Corp. 91,200 786
  CMK Corp. 395,200 755
  NEC Capital Solutions Ltd. 51,100 733

 

57


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Tokyo Electron Device Ltd. 56,800 731
  Airport Facilities Co. Ltd. 159,300 720
*,^ Aplus Financial Co. Ltd. 675,800 712
  ST Corp. 81,700 698
  Stella Chemifa Corp. 70,800 690
  Daidoh Ltd. 165,200 686
^ Japan Pure Chemical Co. Ltd. 36,300 683
*,^ FDK Corp. 650,000 670
  Chuo Spring Co. Ltd. 281,000 670
^ Dai-ichi Seiko Co. Ltd. 50,500 667
  Paris Miki Holdings Inc. 174,000 662
*,^ Shin Nippon Biomedical Laboratories Ltd. 129,900 645
  Shimojima Co. Ltd. 74,100 642
^ Aeon Fantasy Co. Ltd. 39,200 636
  Krosaki Harima Corp. 311,000 630
^ Srg Takamiya Co. Ltd. 130,700 626
*,^ Yamada SxL Home Co. Ltd. 857,000 619
  Panasonic Industrial Devices SUNX Co. Ltd. 112,900 616
  ValueCommerce Co. Ltd. 146,900 591
  NIFTY Corp. 52,400 482
^ Toa Oil Co. Ltd. 377,000 473
^ Best Denki Co. Ltd. 413,600 465
*,^ Sanix Inc. 177,000 381
  Cybozu Inc. 139,000 362
* Kojima Co. Ltd. 149,300 349
*,^ Nissen Holdings Co. Ltd. 178,800 269
  Olympic Group Corp. 53,700 263
  Ohara Inc. 49,500 241
*,^ Livesense Inc. 63,200 229
  Nippon Kasei Chemical Co. Ltd. 172,000 184
      32,418,421
Malaysia (0.7%)    
  Public Bank Bhd. (Local) 29,174,814 122,620
  Tenaga Nasional Bhd. 33,114,400 97,379
  Malayan Banking Bhd. 49,234,890 94,425
  Axiata Group Bhd. 41,698,500 59,906
  Sime Darby Bhd. 30,151,200 58,577
  CIMB Group Holdings Bhd. 50,696,700 54,241
  DiGi.Com Bhd. 34,766,900 42,542
  Petronas Chemicals Group Bhd. 26,924,327 39,733
  Petronas Gas Bhd. 7,366,200 39,219
  IHH Healthcare Bhd. 26,263,477 38,558
  Maxis Bhd. 24,574,050 37,643
  Genting Bhd. 20,777,900 35,800
  IOI Corp. Bhd. 34,528,386 34,141
  MISC Bhd. 13,763,830 28,918
  Genting Malaysia Bhd. 27,422,900 27,411
  Kuala Lumpur Kepong Bhd. 5,043,486 26,705
  IJM Corp. Bhd. 29,185,220 22,544
  Gamuda Bhd. 19,983,800 20,889
  AMMB Holdings Bhd. 18,160,100 20,154
  PPB Group Bhd. 5,593,500 20,076
  British American Tobacco Malaysia Bhd. 1,345,900 19,342
  SapuraKencana Petroleum Bhd. 35,432,022 17,373
  YTL Corp. Bhd. 48,692,586 17,084
  Hong Leong Bank Bhd. 5,137,160 16,646
  Telekom Malaysia Bhd. 10,579,600 16,398
  Petronas Dagangan Bhd. 2,801,300 14,655
  Dialog Group Bhd. 38,852,944 14,424
  Astro Malaysia Holdings Bhd. 19,256,500 12,785
  UMW Holdings Bhd. 6,123,400 11,694
  Malaysia Airports Holdings Bhd. 8,552,000 10,525
  Westports Holdings Bhd. 9,779,700 9,755
  RHB Capital Bhd. 6,733,400 9,532

 

58


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
YTL Power International Bhd. 26,015,780 9,144
IOI Properties Group Bhd. 18,773,365 8,812
Lafarge Malaysia Bhd. 4,071,800 8,618
Top Glove Corp. Bhd. 3,858,400 8,504
Genting Plantations Bhd. 3,354,700 8,341
Alliance Financial Group Bhd. 10,008,300 8,325
Hartalega Holdings Bhd. 6,719,580 8,128
HAP Seng Consolidated Bhd. 5,407,800 7,604
Felda Global Ventures Holdings Bhd. 17,563,224 7,257
Bumi Armada Bhd. 31,770,287 7,167
KLCCP Stapled Group 4,246,900 6,933
Hong Leong Financial Group Bhd. 2,004,800 6,576
Bursa Malaysia Bhd. 3,293,600 6,481
Cahya Mata Sarawak Bhd. 5,226,700 6,465
SP Setia Bhd Group 8,135,900 6,232
Kossan Rubber Industries 3,085,600 5,846
Berjaya Sports Toto Bhd. 7,545,387 5,618
Sunway REIT 15,197,200 5,409
KPJ Healthcare Bhd. 5,393,490 5,350
Sunway Bhd. 7,199,057 5,179
QL Resources Bhd. 5,142,864 4,809
TIME dotCom Bhd. 2,936,640 4,778
BIMB Holdings Bhd. 4,933,760 4,699
My EG Services Bhd. 6,655,200 4,576
Mah Sing Group Bhd. 14,194,307 4,356
Kulim Malaysia Bhd. 5,484,200 4,247
AirAsia Bhd. 12,046,300 4,134
UEM Sunrise Bhd. 14,111,003 4,093
MMC Corp. Bhd. 7,718,500 3,996
Inari Amertron Bhd. 4,708,300 3,902
Capitaland Malaysia Mall Trust 10,282,400 3,303
Malaysia Building Society Bhd. 8,354,900 3,143
Press Metal Bhd. 5,538,900 2,998
Pavilion REIT 8,315,200 2,919
Media Prima Bhd. 8,999,300 2,913
Yinson Holdings Bhd. 4,225,500 2,890
WCT Holdings Bhd. 8,922,570 2,838
Pos Malaysia Bhd. 3,121,700 2,813
Berjaya Auto Bhd. 5,501,740 2,655
* Eastern & Oriental Bhd. 7,054,126 2,599
Berjaya Corp. Bhd. 25,832,800 2,488
Unisem M Bhd. 4,330,000 2,384
DRB-Hicom Bhd. 7,651,000 2,384
UOA Development Bhd. 4,757,900 2,331
Malaysian Resources Corp. Bhd. 7,853,400 2,315
* Eco World Development Group Bhd. 6,866,500 2,185
Supermax Corp. Bhd. 4,002,300 2,092
Malakoff Corp. Bhd. 5,103,700 2,026
* KNM Group Bhd. 15,583,625 1,922
OSK Holdings Bhd. 4,894,190 1,911
Datasonic Group Bhd. 5,398,600 1,864
Gas Malaysia Bhd. 3,251,200 1,794
* MPHB Capital Bhd. 4,589,400 1,678
UMW Oil & Gas Corp. Bhd. 5,944,700 1,673
Muhibbah Engineering M Bhd. 3,262,200 1,665
* Puncak Niaga Holdings Bhd. 2,268,000 1,497
TA Enterprise Bhd. 9,783,800 1,423
Dayang Enterprise Holdings Bhd. 2,948,300 1,165
* Parkson Holdings Bhd. 4,655,520 1,154
* Sunway Construction Group Bhd. 3,803,225 1,148
* AirAsia X Bhd. 19,169,250 909
Coastal Contracts Bhd. 1,792,600 848
Wah Seong Corp. Bhd. 3,033,738 836
* Malaysia Marine and Heavy Engineering Holdings Bhd. 2,861,571 731

 

59


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Mulpha International Bhd. 9,195,600 648
* Mudajaya Group Bhd. 1,777,766 509
* Perisai Petroleum Teknologi Bhd. 6,212,000 469
Malaysian Bulk Carriers Bhd. 1,811,400 379
* Scomi Group Bhd. 8,240,100 362
IGB Corp. Bhd. 171,688 98
* Malaysian Resources Corp. Bhd. Warrants Exp. 9/16/2018 2,286,033 90
* OSK Holdings Bhd. Warrants Exp. 7/22/2020 1,144,372 89
* Malaysia Building Society Bhd. Warrants Exp. 5/31/2016 568,847 86
* BIMB Holdings Bhd. Warrants Exp. 12/4/2023 741,960 66
* WCT Holdings Bhd. Warrants Exp. 8/24/2020 1,594,005 52
* Eastern & Oriental Bhd Warrants Exp. 7/21/2019 1,014,820 51
* Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 111,300 48
* KNM Group Bhd. Warrants Exp. 11/15/2017 1,643,477 42
* CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 462,666 36
* KNM Group BHD Warrants Exp. 4/21/2020 1,085,087 35
* Mah Sing Group Bhd. Warrants Exp. 3/18/2018 714,028 31
* Mah Sing Group Warrants Exp. 1/15/2026 895,021 30
* AirAsia X Bhd. Warrants Exp. 6/8/2020 1,955,625 25
* Kulim Malaysia Bhd. Warrants Exp. 2/27/2016 165,750 24
* WCT Holdings Bhd. Warrants Exp. 12/11/2017 558,140 22
* MBM Resources Bhd. Warrants Exp. 6/14/2017 88,380 5
* WCT Holdings Bhd. Warrants Exp. 03/10/2016 288,480 5
* Coastal Contracts Bhd. Warrants Exp. 07/18/2016 46,016 3
    1,349,972
Mexico (0.9%)    
America Movil SAB de CV 268,110,565 239,416
Fomento Economico Mexicano SAB de CV 20,295,943 200,492
Grupo Televisa SAB 24,706,127 143,754
Wal-Mart de Mexico SAB de CV 52,796,722 139,297
Grupo Financiero Banorte SAB de CV 21,342,906 114,934
Grupo Mexico SAB de CV Class B 36,704,701 89,419
* Cemex SAB de CV 121,290,575 76,881
Alfa SAB de CV Class A 26,593,329 55,399
* Grupo Bimbo SAB de CV Class A 17,714,140 50,265
Fibra Uno Administracion SA de CV 22,665,758 49,784
Grupo Financiero Inbursa SAB de CV 19,383,654 38,972
Grupo Aeroportuario del Sureste SAB de CV Class B 2,101,801 32,552
Coca-Cola Femsa SAB de CV 3,870,090 29,749
Grupo Aeroportuario del Pacifico SAB de CV Class B 3,202,674 28,845
Mexichem SAB de CV 10,446,088 27,093
El Puerto de Liverpool SAB de CV 1,865,700 25,910
Grupo Financiero Santander Mexico SAB de CV Class B 13,974,005 25,676
Gruma SAB de CV Class B 1,568,259 24,201
* Promotora y Operadora de Infraestructura SAB de CV 1,856,892 23,283
Grupo Carso SAB de CV 4,483,639 19,989
Kimberly-Clark de Mexico SAB de CV Class A 8,073,869 19,484
Gentera SAB de CV 10,369,323 19,103
Arca Continental SAB de CV 2,599,386 16,642
Alsea SAB de CV 4,875,923 16,023
Industrias Penoles SAB de CV 1,188,284 15,798
Controladora Comercial Mexicana SAB de CV 4,343,880 12,723
Grupo Lala SAB de CV 4,393,696 11,228
Megacable Holdings SAB de CV 2,880,891 10,979
Mexico Real Estate Management SA de CV 7,657,573 10,630
Grupo Aeroportuario del Centro Norte Sab de CV Class B 1,935,926 9,958
* OHL Mexico SAB de CV 7,218,755 9,497
Bolsa Mexicana de Valores SAB de CV 5,527,148 9,212
PLA Administradora Industrial S de RL de CV 4,762,500 8,788
Infraestructura Energetica Nova SAB de CV 1,791,617 8,639
Corp Inmobiliaria Vesta SAB de CV 5,017,939 8,239
Grupo Comercial Chedraui SA de CV 2,734,354 7,565
* Grupo Aeromexico SAB de CV 3,897,361 6,843
Industrias Bachoco SAB de CV Class B 1,475,012 6,731

 

60


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Grupo Elektra SAB DE CV 323,964 6,453
Grupo Sanborns SAB de CV 3,628,430 6,381
* Controladora Vuela Cia de Aviacion SAB de CV Class A 3,413,700 5,828
* Industrias CH SAB de CV Class B 1,602,439 5,807
* Genomma Lab Internacional SAB de CV Class B 7,630,272 5,603
* Organizacion Soriana SAB de CV Class B 2,281,062 5,511
Prologis Property Mexico SA de CV 3,024,438 5,032
Concentradora Fibra Danhos SA de CV 2,073,872 4,855
Alpek SAB de CV 3,326,056 4,802
* Promotora y Operadora de Infraestructura SAB de CV 426,936 4,657
Grupo Financiero Interacciones SA de CV 705,244 4,576
* Credito Real SAB de CV SOFOM ER 1,884,700 4,450
Concentradora Fibra Hotelera Mexicana SA de CV 3,988,372 3,902
Banregio Grupo Financiero SAB de CV 652,738 3,521
* Hoteles City Express SAB de CV 2,448,435 3,288
Grupo Herdez SAB de CV 1,178,516 3,259
* Minera Frisco SAB de CV 4,864,299 2,565
TV Azteca SAB de CV 15,315,575 2,457
* Consorcio ARA SAB de CV 6,286,715 2,356
* Grupo Simec SAB de CV Class B 724,043 1,986
* Grupo Rotoplas SAB de CV 1,077,165 1,969
* Empresas ICA SAB de CV 4,848,913 1,940
* Qualitas Controladora SAB de CV 1,523,351 1,898
* Urbi Desarrollos Urbanos SAB de CV 2,494,600 240
* Corp GEO SAB de CV 2,276,157 229
* Cemex SAB de CV ADR 22,973 145
Grupo Aeroportuario del Pacifico SAB de CV ADR 1,200 109
    1,737,812
Netherlands (2.1%)    
Unilever NV 14,592,022 657,732
ING Groep NV 36,207,416 525,094
ASML Holding NV 3,045,433 282,317
Unibail-Rodamco SE 923,311 257,275
Koninklijke Philips NV 8,684,003 234,252
Heineken NV 2,051,371 187,042
Koninklijke Ahold NV 8,386,347 170,352
Akzo Nobel NV 2,323,343 164,158
RELX NV 8,825,001 150,525
Aegon NV (Amsterdam Shares) 17,798,643 109,316
Koninklijke KPN NV 29,174,890 106,841
Wolters Kluwer NV 2,765,528 93,410
Koninklijke DSM NV 1,636,579 87,139
NN Group NV 2,417,232 75,803
Heineken Holding NV 918,334 73,463
* Altice NV Class A 3,611,746 62,253
Randstad Holding NV 1,028,328 61,243
ArcelorMittal 9,328,106 51,849
Gemalto NV 751,733 47,109
TNT Express NV 4,396,184 36,965
Boskalis Westminster 742,190 36,029
Aalberts Industries NV 895,948 29,051
Koninklijke Vopak NV 619,817 24,869
* SBM Offshore NV 1,728,302 23,642
Wereldhave NV 373,800 23,295
* OCI NV 778,223 21,944
Eurocommercial Properties NV 429,683 20,488
* Altice NV Class B 1,120,139 19,778
ASM International NV 460,762 17,578
* PostNL NV 4,123,791 16,985
Delta Lloyd NV 2,098,434 16,507
Arcadis NV 624,624 15,738
IMCD Group NV 413,926 15,475
TKH Group NV 393,910 14,907
* APERAM SA 447,105 13,757

 

61


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Corbion NV 556,416 13,657
2 GrandVision NV 477,671 13,195
* TomTom NV 1,109,200 12,024
* Koninklijke BAM Groep NV 2,091,043 11,522
* Fugro NV 552,898 10,462
  USG People NV 636,172 10,110
  Vastned Retail NV 173,709 8,430
*,2 Refresco Gerber NV 409,108 6,689
  Koninklijke Ten Cate NV 217,228 5,880
  NSI NV 1,318,517 5,739
  Wessanen 497,063 5,341
  BinckBank NV 567,954 4,997
  Accell Group 229,564 4,784
  Brunel International NV 172,093 3,224
  Aegon (New York Shares) 922 6
*,^ SNS REAAL NV 672,039
      3,860,241
New Zealand (0.2%)    
  Spark New Zealand Ltd. 16,982,051 38,612
  Fletcher Building Ltd. (New Zealand Shares) 6,208,213 31,340
  Auckland International Airport Ltd. 8,317,836 29,534
  Fisher & Paykel Healthcare Corp. Ltd. 5,284,232 27,803
  Contact Energy Ltd. 7,115,528 24,968
^ Ryman Healthcare Ltd. 3,799,842 20,282
  SKYCITY Entertainment Group Ltd. 5,480,229 14,836
  Mighty River Power Ltd. 6,351,863 12,017
  SKY Network Television Ltd. 3,546,850 10,887
  Kiwi Property Group Ltd. 11,617,045 10,686
  Z Energy Ltd. 2,263,417 10,259
  Air New Zealand Ltd. 4,908,833 9,655
*,^ Xero Ltd. 842,864 9,097
  Trade Me Group Ltd. 3,637,347 8,996
  Infratil Ltd. 3,779,490 7,934
  Goodman Property Trust 9,341,974 7,616
* Chorus Ltd. 3,801,206 7,305
  EBOS Group Ltd. 776,188 7,166
  Precinct Properties New Zealand Ltd. 8,041,179 6,636
  Genesis Energy Ltd. 4,505,777 5,685
  Argosy Property Ltd. 7,365,697 5,604
  Summerset Group Holdings Ltd. 2,042,040 5,419
  Freightways Ltd. 1,356,364 5,407
  Nuplex Industries Ltd. 1,850,681 5,329
  Vector Ltd. 2,268,761 5,063
  Metlifecare Ltd. 1,088,950 3,284
  Vital Healthcare Property Trust 2,754,490 3,280
* Diligent Corp. 743,468 3,002
  Heartland New Zealand Ltd. 3,309,591 2,797
  Warehouse Group Ltd. 1,323,636 2,446
*,^ a2 Milk Co. Ltd. 4,597,092 2,362
  TOWER Ltd. 1,652,598 2,335
  Kathmandu Holdings Ltd. 1,606,090 1,705
  Fletcher Building Ltd. (Australia Shares) 240,759 1,213
*,^ New Zealand Oil & Gas Ltd. 1,827,609 537
* Bathurst Resources Ltd. 1,188,709 13
      351,110
Norway (0.5%)    
  Statoil ASA 8,981,501 144,965
  DNB ASA 10,051,249 127,524
^ Telenor ASA 6,520,522 122,730
  Yara International ASA 1,650,267 74,842
  Orkla ASA 7,335,835 62,338
  Norsk Hydro ASA 12,575,079 45,018
  Marine Harvest ASA 2,940,171 39,384
  Schibsted ASA Class A 763,896 25,593

 

62


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Gjensidige Forsikring ASA 1,604,115 24,329
* Schibsted ASA Class B 768,019 23,886
*,^ Seadrill Ltd. 3,322,700 21,148
* Subsea 7 SA 2,555,987 20,048
^ TGS Nopec Geophysical Co. ASA 950,321 18,830
* Storebrand ASA 4,130,166 14,436
  Bakkafrost P/F 301,063 9,639
2 XXL ASA 899,914 9,602
  Veidekke ASA 698,404 8,874
^ Petroleum Geo-Services ASA 2,095,875 8,701
  Atea ASA 870,895 8,082
  Salmar ASA 491,221 8,029
  SpareBank 1 SMN 1,193,674 7,469
  Kongsberg Gruppen ASA 468,318 7,325
*,^ Nordic Semiconductor ASA 1,458,520 6,989
*,^ Det Norske Oljeselskap ASA 1,023,711 6,329
^ Opera Software ASA 919,486 5,735
  SpareBank 1 SR-Bank ASA 1,175,364 5,608
  Aker Solutions ASA 1,366,383 5,493
*,^ DNO ASA 5,501,265 5,485
2 Entra ASA 560,345 4,761
  Prosafe SE 1,659,845 4,609
  Aker ASA 233,185 4,587
^,2 BW LPG Ltd. 675,572 4,578
  Leroy Seafood Group ASA 127,174 4,456
  Austevoll Seafood ASA 681,606 4,188
^ Hoegh LNG Holdings Ltd. 349,104 4,177
*,^ Norwegian Air Shuttle ASA 102,341 3,754
*,^ REC Silicon ASA 19,768,020 3,532
* Ocean Yield ASA 363,491 2,929
* Norwegian Property ASA 2,352,360 2,544
  Wilh Wilhelmsen ASA 576,069 2,497
  Stolt-Nielsen Ltd. 176,576 2,386
*,^ Akastor ASA 1,330,480 1,738
  BW Offshore Ltd. 3,752,591 1,562
*,^ Fred Olsen Energy ASA 204,266 954
*,^ Archer 131,234 157
* Odfjell Drilling Ltd. 107,166 69
      921,909
Other (0.1%)3    
4 Vanguard FTSE Emerging Markets ETF 6,914,371 240,897
 
Peru (0.0%)    
  Credicorp Ltd. (New York Shares) 346,091 39,171
  Credicorp Ltd. 141,272 16,017
  Cia de Minas Buenaventura SAA ADR 1,649,723 10,575
* Cia de Minas Buenaventura SAA 289,871 2,154
      67,917
Philippines (0.3%)    
  SM Investments Corp. 2,980,306 55,521
  Ayala Land Inc. 54,944,520 41,932
  Philippine Long Distance Telephone Co. 808,325 38,126
  Ayala Corp. 2,267,944 37,690
  Universal Robina Corp. 8,215,520 35,056
  SM Prime Holdings Inc. 72,802,086 33,447
  JG Summit Holdings Inc. 21,350,520 32,440
  BDO Unibank Inc. 13,326,397 28,737
  Bank of the Philippine Islands 14,819,094 26,748
  Aboitiz Equity Ventures Inc. 20,583,850 24,422
  Metropolitan Bank & Trust Co. 11,996,864 21,757
  Manila Electric Co. 2,830,250 19,623
  Jollibee Foods Corp. 4,006,410 17,601
  GT Capital Holdings Inc. 575,727 16,115
  Alliance Global Group Inc. 38,888,241 15,101

 

63


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Globe Telecom Inc. 284,585 13,802
  International Container Terminal Services Inc. 7,677,910 13,495
  Aboitiz Power Corp. 14,969,923 13,409
  Metro Pacific Investments Corp. 103,461,200 11,505
  Megaworld Corp. 107,572,400 10,735
  DMCI Holdings Inc. 39,286,000 10,362
  Robinsons Land Corp. 15,772,734 10,296
  Energy Development Corp. 60,761,100 8,578
  Semirara Mining and Power Corp. Class A 2,849,800 8,132
  Puregold Price Club Inc. 9,139,000 7,009
  LT Group Inc. 25,620,300 6,817
  Security Bank Corp. 2,221,340 6,725
  First Gen Corp. 11,823,900 6,377
  Robinsons Retail Holdings Inc. 2,987,580 4,884
  Cosco Capital Inc. 29,016,700 4,605
  D&L Industries Inc. 20,478,800 4,250
  Manila Water Co. Inc. 7,659,700 3,889
  Petron Corp. 22,372,200 3,862
  Bloomberry Resorts Corp. 29,375,700 3,845
  Filinvest Land Inc. 97,611,000 3,618
  Vista Land & Lifescapes Inc. 29,566,350 3,505
  Cebu Air Inc. 1,747,620 3,324
  Emperador Inc. 18,711,204 3,310
  First Philippine Holdings Corp. 1,953,200 2,942
  Belle Corp. 38,036,808 2,804
  Nickel Asia Corp. 14,920,400 2,516
  Lopez Holdings Corp. 16,673,070 2,408
  Travellers International Hotel Group Inc. 15,684,000 1,535
  Philex Mining Corp. 12,806,600 1,479
* Melco Crown Philippines Resorts Corp. 14,151,200 1,106
* Atlas Consolidated Mining & Development Corp. 5,044,600 606
      626,046
Poland (0.3%)    
* Powszechna Kasa Oszczednosci Bank Polski SA 8,091,189 59,874
  Powszechny Zaklad Ubezpieczen SA 528,091 51,254
^ Polski Koncern Naftowy Orlen SA 3,031,390 49,103
  Bank Pekao SA 1,221,640 47,429
  KGHM Polska Miedz SA 1,292,917 29,985
  Polskie Gornictwo Naftowe i Gazownictwo SA 16,710,022 29,636
  PGE Polska Grupa Energetyczna SA 6,833,218 25,373
  LPP SA 12,118 22,853
* Bank Zachodni WBK SA 274,251 22,092
* Cyfrowy Polsat SA 2,068,309 13,325
  Energa SA 2,996,380 12,792
  Orange Polska SA 6,317,134 11,604
*,^ mBank SA 118,613 11,122
  Asseco Poland SA 727,986 10,735
  CCC SA 239,035 10,439
  Eurocash SA 766,437 10,336
* Grupa Azoty SA 434,043 10,331
* Alior Bank SA 468,309 9,835
* Bank Millennium SA 5,843,057 9,234
  Tauron Polska Energia SA 10,031,789 7,858
  Enea SA 2,103,748 6,968
* Grupa Lotos SA 877,859 6,467
  Kernel Holding SA 465,457 6,281
  Bank Handlowy w Warszawie SA 303,683 6,177
  Budimex SA 105,142 5,684
^ PKP Cargo SA 296,184 5,085
* Ciech SA 239,523 4,629
  Synthos SA 4,442,537 4,233
* CD Projekt Red SA 570,077 3,921
^ Lubelski Wegiel Bogdanka SA 329,073 3,506
  Warsaw Stock Exchange 266,044 2,820

 

64


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Netia SA 1,752,039 2,501
* Getin Noble Bank SA 11,236,381 2,322
*,^ Jastrzebska Spolka Weglowa SA 520,621 1,779
* Integer.pl SA 57,091 1,701
*,^ Getin Holding SA 3,217,127 1,329
^ Boryszew SA 888,710 1,155
* Neuca SA 8,816 796
      522,564
Portugal (0.1%)    
  EDP - Energias de Portugal SA 17,929,583 66,247
  Galp Energia SGPS SA 3,493,235 37,668
  Jeronimo Martins SGPS SA 2,280,490 31,963
* Banco Comercial Portugues SA 377,561,241 21,643
  NOS SGPS SA 2,113,027 17,532
  CTT-Correios de Portugal SA 1,377,446 15,634
  EDP Renovaveis SA 1,815,241 13,199
  Sonae SGPS SA 8,639,237 10,311
  Portucel SA 2,352,125 9,557
  Altri SGPS SA 1,124,883 5,318
  Semapa-Sociedade de Investimento e Gestao 335,294 4,732
  REN - Redes Energeticas Nacionais SGPS SA 1,220,710 3,725
*,^ Banco BPI SA 2,950,233 3,581
^ Mota-Engil SGPS SA 713,179 1,786
* Pharol SGPS SA 3,946,412 1,661
  Sonaecom SGPS SA 226,781 534
* Banco Espirito Santo SA 19,970,703 62
      245,153
Russia (0.7%)    
  Gazprom PAO 78,011,920 166,077
  Sberbank PAO 98,258,942 139,256
  Lukoil PJSC 3,300,176 120,084
  Magnit PJSC GDR 2,611,148 118,599
  MMC Norilsk Nickel OJSC 443,643 65,908
  NOVATEK OAO 6,605,820 60,440
  Gazprom PAO ADR (London Shares) 12,616,585 53,163
  Surgutneftegas OAO Preference Shares 71,834,900 48,929
  Tatneft OAO 8,883,393 45,816
* Lukoil PJSC ADR 1,232,826 44,752
  VTB Bank PJSC 33,874,134,410 38,351
  Novatek OAO GDR 390,868 35,765
  AK Transneft OAO Preference Shares 14,582 33,979
  Mobile TeleSystems PJSC ADR 4,690,691 32,976
  Rosneft OAO 7,855,319 31,797
  Surgutneftegas OAO 42,456,536 23,791
  Tatneft OAO ADR (London Shares) 744,780 22,979
  Moscow Exchange MICEX-RTS OAO 12,603,560 17,730
  VTB Bank PJSC GDR 7,070,341 15,489
  Rostelecom PJSC 9,946,803 14,570
  Alrosa PAO 16,784,800 13,502
  Surgutneftegas OAO ADR 2,415,085 13,176
  RusHydro PJSC 1,284,858,350 13,088
  Rosneft OAO GDR 3,042,079 12,133
  Severstal PAO 1,005,308 11,683
  MegaFon PJSC GDR 888,762 11,485
  PhosAgro OAO GDR 727,528 9,818
  Novolipetsk Steel OJSC GDR 781,820 9,600
  Sistema JSFC GDR 1,306,784 9,062
* Uralkali PJSC 3,361,872 8,163
  Severstal PAO GDR 585,710 6,881
  E.ON Russia JSC 134,647,196 6,404
  Bashneft PAO 200,996 6,043
  Magnitogorsk Iron & Steel Works OJSC 14,211,790 5,357
  Sberbank of Russia ADR (London Shares) 747,880 4,570
  LSR Group PJSC GDR 1,888,888 4,237

 

65


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
* Bashneft PAO Preference Shares 164,926 4,109
* Tatneft PAO Preference Shares 1,338,782 3,793
  Acron JSC 68,217 3,313
* Aeroflot - Russian Airlines OJSC 4,026,521 3,089
  Inter RAO UES PJSC 158,072,393 3,020
  M Video OJSC 757,226 2,700
* DIXY Group PJSC 513,010 2,647
  Federal Grid Co. Unified Energy System JSC 2,272,502,440 2,213
  TMK PAO GDR 410,916 1,538
* Rosseti PJSC 214,554,055 1,523
*,^ Mechel ADR 1,268,939 1,282
* Sollers PAO 145,990 1,034
* Raspadskaya OAO 1,314,487 777
  Mosenergo OAO 49,770,556 641
  Novolipetsk Steel OJSC 445,750 546
  OGK-2 PAO 138,346,306 468
  MMC Norilsk Nickel PJSC ADR 9,538 141
  Tatneft PAO ADR 3,534 109
  Sberbank PAO ADR 8,082 49
  Gazprom PAO ADR 10,809 45
* Mechel 14,601 15
      1,308,705
Singapore (1.0%)    
  DBS Group Holdings Ltd. 16,687,401 205,467
  Singapore Telecommunications Ltd. 68,555,759 194,044
  Oversea-Chinese Banking Corp. Ltd. 29,950,664 192,280
  United Overseas Bank Ltd. 11,259,614 163,205
  Keppel Corp. Ltd. 13,389,572 67,213
  CapitaLand Ltd. 23,880,698 52,534
  Global Logistic Properties Ltd. 28,627,158 45,577
  Wilmar International Ltd. 19,746,018 43,915
  Singapore Press Holdings Ltd. 14,995,980 42,600
  ComfortDelGro Corp. Ltd. 19,045,087 41,129
  Singapore Exchange Ltd. 7,756,086 40,740
  Singapore Airlines Ltd. 4,761,487 36,600
  Singapore Technologies Engineering Ltd. 14,641,817 34,467
  CapitaLand Mall Trust 24,398,485 34,457
  Genting Singapore plc 56,733,993 32,964
  Ascendas REIT 18,524,056 31,495
  City Developments Ltd. 5,509,050 31,165
  Suntec REIT 22,552,822 26,542
  Hutchison Port Holdings Trust 47,071,921 26,024
  Jardine Cycle & Carriage Ltd. 1,033,273 23,918
  Sembcorp Industries Ltd. 8,300,694 21,090
  UOL Group Ltd. 4,397,299 20,570
  CapitaLand Commercial Trust Ltd. 18,660,974 18,726
  Singapore Post Ltd. 13,329,288 18,016
  Yangzijiang Shipbuilding Holdings Ltd. 19,310,797 17,158
  Golden Agri-Resources Ltd. 59,623,593 16,559
  SATS Ltd. 5,900,100 15,957
^ Noble Group Ltd. 42,094,766 15,125
  StarHub Ltd. 5,580,632 14,298
  Venture Corp. Ltd. 2,347,042 13,844
^ Sembcorp Marine Ltd. 7,944,411 13,249
  Mapletree Industrial Trust 11,432,380 12,437
  Mapletree Greater China Commercial Trust 17,200,600 12,205
  Keppel REIT 17,170,889 11,806
  Mapletree Commercial Trust 12,097,600 11,792
  Mapletree Logistics Trust 13,848,000 10,077
  Raffles Medical Group Ltd. 2,681,100 8,222
  Starhill Global REIT 12,906,500 7,448
^ Olam International Ltd. 5,176,273 7,368
  Keppel Infrastructure Trust 19,562,700 7,257
  Asian Pay Television Trust 12,781,700 7,205

 

66


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Frasers Centrepoint Trust 5,063,500 7,061
^ SMRT Corp. Ltd. 6,681,629 6,956
  United Engineers Ltd. 4,653,200 6,577
^ Ezion Holdings Ltd. 13,050,500 6,466
  Genting Hong Kong Ltd. 20,093,925 6,326
  Ascott Residence Trust 7,034,500 6,071
*,^ Neptune Orient Lines Ltd. 8,463,531 6,004
  SIA Engineering Co. Ltd. 2,100,723 5,980
^ First Resources Ltd. 4,424,800 5,919
  CDL Hospitality Trusts 6,122,800 5,916
  M1 Ltd. 2,860,060 5,795
  Cambridge Industrial Trust 11,988,000 5,216
  Frasers Commercial Trust 5,202,669 5,083
  CapitaLand Retail China Trust 4,641,880 5,032
^ SIIC Environment Holdings Ltd. 8,148,580 4,939
  Cache Logistics Trust 6,618,100 4,737
* Biosensors International Group Ltd. 9,725,600 4,726
  Yanlord Land Group Ltd. 6,071,764 4,514
  Wing Tai Holdings Ltd. 3,595,642 4,475
  Lippo Malls Indonesia Retail Trust 18,172,100 4,141
  First REIT 4,532,100 4,009
  OUE Hospitality Trust 6,839,466 3,972
  Frasers Centrepoint Ltd. 3,409,761 3,964
  Ascendas India Trust 6,222,000 3,884
^ Far East Hospitality Trust 8,016,200 3,831
  ARA Asset Management Ltd. 3,796,780 3,819
  Religare Health Trust 5,202,900 3,689
  SPH REIT 5,505,400 3,687
  Ascendas Hospitality Trust 7,565,400 3,669
  Soilbuild Business Space REIT 6,413,800 3,656
  Keppel DC REIT 4,761,200 3,534
^ Silverlake Axis Ltd. 8,224,780 3,362
^ Sabana Shari'ah Compliant Industrial REIT 6,186,018 3,355
*,^ China Animal Healthcare Ltd. 4,917,000 3,299
  Accordia Golf Trust 7,134,484 3,256
^ OUE Ltd. 2,500,000 3,192
*,^ Yoma Strategic Holdings Ltd. 9,752,847 2,975
^ Croesus Retail Trust 4,758,700 2,832
*,^ Perennial Real Estate Holdings Ltd. 3,924,545 2,771
  GuocoLeisure Ltd. 3,992,200 2,541
^ Super Group Ltd. (Singapore Shares) 3,819,800 2,450
^ Sarine Technologies Ltd. 2,144,596 2,385
^ OSIM International Ltd. 2,422,800 2,351
^ COSCO Corp. Singapore Ltd. 8,735,944 2,338
^ Hyflux Ltd. 4,775,300 2,305
*,^ China Everbright Water Ltd. 4,487,100 2,270
*,^ Tiger Airways Holdings Ltd. 10,590,737 2,184
^ Midas Holdings Ltd. 9,120,700 2,040
*,^ Ezra Holdings Ltd. 20,298,532 1,770
  Bumitama Agri Ltd. 2,663,600 1,530
  Indofood Agri Resources Ltd. 3,725,800 1,509
*,^ Vard Holdings Ltd. 5,467,900 1,481
  Raffles Education Corp. Ltd. 6,971,098 1,393
  CSE Global Ltd. 3,344,100 1,182
  Boustead Singapore Ltd. 1,677,900 1,143
* Ying Li International Real Estate Ltd. 7,541,800 986
*,^ Gallant Venture Ltd. 5,963,400 979
  Keppel Telecommunications & Transportation Ltd. 862,900 891
*,^ China Fishery Group Ltd. 9,033,000 592
  GMG Global Ltd. 1,928,210 530
  Hi-P International Ltd. 1,418,000 525
^ Swiber Holdings Ltd. 2,070,000 381
* Boustead Projects Ltd. 609,880 368

 

67


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Hong Leong Asia Ltd. 271,003 166
    1,861,725
South Africa (1.5%)    
Naspers Ltd. 3,818,098 557,735
MTN Group Ltd. 16,483,849 187,664
Sasol Ltd. 5,184,615 165,126
Steinhoff International Holdings Ltd. 22,906,576 140,186
Standard Bank Group Ltd. 11,267,854 116,998
FirstRand Ltd. 28,489,736 104,400
Remgro Ltd. 4,513,526 90,213
Bidvest Group Ltd. 3,018,733 77,129
Sanlam Ltd. 16,452,499 74,171
Aspen Pharmacare Holdings Ltd. 2,856,964 64,074
Woolworths Holdings Ltd. 8,511,268 62,975
Growthpoint Properties Ltd. 23,287,027 42,658
Shoprite Holdings Ltd. 4,066,621 42,251
Mediclinic International Ltd. 4,610,719 40,474
Netcare Ltd. 13,625,561 38,745
Barclays Africa Group Ltd. 3,015,997 38,657
^ Brait SE 3,093,733 35,364
Tiger Brands Ltd. 1,520,130 34,776
* Mr Price Group Ltd. 2,197,611 33,696
Vodacom Group Ltd. 3,088,129 33,394
Redefine Properties Ltd. 38,927,452 32,455
Discovery Ltd. 2,992,604 31,960
* AngloGold Ashanti Ltd. 3,762,391 31,828
RMB Holdings Ltd. 6,269,353 30,531
Nedbank Group Ltd. 1,835,142 30,470
Truworths International Ltd. 3,940,167 26,621
Mondi Ltd. 1,118,822 25,993
Life Healthcare Group Holdings Ltd. 9,187,293 25,600
SPAR Group Ltd. 1,612,877 23,154
Capitec Bank Holdings Ltd. 486,179 20,974
Imperial Holdings Ltd. 1,579,394 20,559
Hyprop Investments Ltd. 2,259,828 20,473
Resilient Property Income Fund Ltd. 2,263,188 19,880
* Sappi Ltd. 4,998,587 19,714
Investec Ltd. 2,364,467 19,515
Gold Fields Ltd. 7,175,178 18,740
Foschini Group Ltd. 1,818,680 18,557
AVI Ltd. 2,911,443 18,532
^ Pioneer Foods Group Ltd. 1,216,699 17,403
MMI Holdings Ltd. 9,527,407 17,261
PSG Group Ltd. 891,136 17,154
Capital Property Fund Ltd. 14,691,942 17,104
Clicks Group Ltd. 2,296,050 16,762
* Impala Platinum Holdings Ltd. 5,697,767 15,548
Telkom SA SOC Ltd. 2,944,283 15,456
Coronation Fund Managers Ltd. 2,453,058 12,924
Barloworld Ltd. 2,093,109 11,817
Sibanye Gold Ltd. 6,760,816 11,225
EOH Holdings Ltd. 1,004,724 11,096
Pick n Pay Stores Ltd. 2,143,748 10,347
* Anglo American Platinum Ltd. 568,941 9,955
Liberty Holdings Ltd. 949,697 9,278
Nampak Ltd. 5,604,532 9,076
Tongaat Hulett Ltd. 1,008,430 8,623
* Attacq Ltd. 5,346,656 8,437
Massmart Holdings Ltd. 990,486 8,186
* Tsogo Sun Holdings Ltd. 4,451,967 7,971
JSE Ltd. 809,470 7,796
DataTec Ltd. 1,804,463 7,718
AECI Ltd. 1,071,764 7,369
* Super Group Ltd. (South Africa Shares) 3,134,954 7,351

 

68


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Reunert Ltd. 1,455,493 7,095
* Northam Platinum Ltd. 3,236,870 7,090
  SA Corporate Real Estate Fund Nominees Pty Ltd. 18,631,694 7,007
  KAP Industrial Holdings Ltd. 12,313,997 6,538
^ Famous Brands Ltd. 660,445 6,422
  Omnia Holdings Ltd. 566,675 6,274
  Sun International Ltd. 861,753 5,956
  Vukile Property Fund Ltd. 4,279,385 5,928
  Alexander Forbes Group Holdings Ltd. 8,542,871 5,369
  Emira Property Fund Ltd. 3,984,143 5,294
  Mpact Ltd. 1,513,380 5,283
  Zeder Investments Ltd. 9,095,510 5,174
  Distell Group Ltd. 400,980 5,155
  Santam Ltd. 319,934 5,145
  PPC Ltd. 4,172,899 5,012
^ Exxaro Resources Ltd. 1,209,100 5,001
  Pick n Pay Holdings Ltd. 2,366,817 4,855
  Wilson Bayly Holmes-Ovcon Ltd. 515,329 4,816
  Grindrod Ltd. 4,291,882 4,635
  Astral Foods Ltd. 367,367 4,618
  Cashbuild Ltd. 191,271 4,561
  City Lodge Hotels Ltd. 354,457 3,827
^ Lewis Group Ltd. 816,622 3,531
  African Rainbow Minerals Ltd. 902,995 3,436
  Peregrine Holdings Ltd. 1,399,567 3,107
  Blue Label Telecoms Ltd. 3,497,608 2,945
^ Murray & Roberts Holdings Ltd. 3,889,860 2,939
  Metair Investments Ltd. 1,327,385 2,928
  Illovo Sugar Ltd. 2,315,875 2,918
* Curro Holdings Ltd. 995,834 2,877
  Adcock Ingram Holdings Ltd. 732,659 2,750
*,^ Harmony Gold Mining Co. Ltd. 3,661,596 2,579
^ Kumba Iron Ore Ltd. 554,447 2,394
* Consolidated Infrastructure Group Ltd. 907,413 2,291
  Hudaco Industries Ltd. 258,399 2,030
^ Invicta Holdings Ltd. 412,797 1,819
  Adcorp Holdings Ltd. 955,087 1,738
  Clover Industries Ltd. 1,240,106 1,700
^ Assore Ltd. 293,703 1,692
  Raubex Group Ltd. 1,255,674 1,500
  Group Five Ltd. 907,554 1,442
* Pinnacle Holdings Ltd. 1,517,876 1,311
* Royal Bafokeng Platinum Ltd. 571,223 1,155
*,^ ArcelorMittal South Africa Ltd. 1,410,672 840
  Oceana Group Ltd. 111,964 833
* Aveng Ltd. 3,008,142 743
^ DRDGOLD Ltd. 2,970,752 484
  Merafe Resources Ltd. 8,043,228 418
* Adbee Rf Ltd. 4,031 10
* Adcock Ingram Holdings Ltd. Warrants Exp. 7/26/2019 5,387 3
* African Bank Investments Ltd. 7,766,579
      2,855,567
South Korea (3.3%)    
  Samsung Electronics Co. Ltd. 952,662 1,141,191
  Samsung Electronics Co. Ltd. Preference Shares 183,326 191,197
  Hyundai Motor Co. 1,359,121 185,705
  SK Hynix Inc. 5,105,984 136,403
  Shinhan Financial Group Co. Ltd. 3,550,523 135,139
  NAVER Corp. 250,760 131,530
  Hyundai Mobis Co. Ltd. 616,464 129,644
  Kia Motors Corp. 2,419,101 118,057
  LG Chem Ltd. 409,264 108,477
  KT&G Corp. 1,039,137 103,847
  Samsung Fire & Marine Insurance Co. Ltd. 363,640 101,792

 

69


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  KB Financial Group Inc. 3,073,771 97,364
  Amorepacific Corp. 295,501 97,274
  POSCO 581,218 93,246
* Samsung C&T Corp. 655,253 88,607
  SK Holdings Co. Ltd. 333,735 77,850
  Korea Electric Power Corp. 1,641,989 73,927
  Samsung Life Insurance Co. Ltd. 724,942 69,187
  LG Household & Health Care Ltd. 82,530 68,289
  Hana Financial Group Inc. 2,776,930 67,410
  Samsung SDS Co. Ltd. 268,545 60,374
  SK Innovation Co. Ltd. 573,282 59,127
  Samsung Electronics Co. Ltd. GDR 96,364 57,571
  SK Telecom Co. Ltd. 243,078 51,507
  LG Corp. 838,077 48,490
  Samsung SDI Co. Ltd. 513,958 47,752
*,^ Celltrion Inc. 657,387 44,058
  LG Electronics Inc. 1,009,599 43,357
  LG Display Co. Ltd. 2,110,031 40,210
  Korea Zinc Co. Ltd. 92,477 38,423
  Kangwon Land Inc. 1,030,691 38,209
  Coway Co. Ltd. 509,567 37,881
  AMOREPACIFIC Group 264,024 36,979
  Korea Aerospace Industries Ltd. 465,087 36,512
  E-MART Inc. 196,149 36,485
^ Hyundai Heavy Industries Co. Ltd. 415,876 34,498
  Hyundai Motor Co. 2nd Preference Shares 340,255 33,964
  Korea Electric Power Corp. ADR 1,515,332 33,943
  Hyundai Steel Co. 711,148 32,285
^ Kakao Corp. 318,239 31,573
  Orion Corp. 36,967 31,106
  Industrial Bank of Korea 2,445,526 29,920
  Hyundai Glovis Co. Ltd. 171,126 29,457
  BNK Financial Group Inc. 2,399,005 29,345
  Samsung Electro-Mechanics Co. Ltd. 512,024 29,134
^ Hotel Shilla Co. Ltd. 298,228 28,621
  Lotte Chemical Corp. 135,426 28,264
  NCSoft Corp. 166,060 27,475
  Dongbu Insurance Co. Ltd. 457,359 27,432
  Shinhan Financial Group Co. Ltd. ADR 714,271 27,392
  Hankook Tire Co. Ltd. 697,187 26,646
*,^ Hanmi Pharm Co. Ltd. 57,742 25,939
  CJ Corp. 123,038 25,892
  Woori Bank 2,771,185 24,040
  Samsung Securities Co. Ltd. 558,151 23,453
  S-Oil Corp. 387,937 23,199
  Hyundai Development Co-Engineering & Construction 572,837 22,956
  Hyosung Corp. 224,900 22,911
  Lotte Shopping Co. Ltd. 103,648 20,969
  GS Holdings Corp. 475,924 20,849
  CJ CheilJedang Corp. 68,039 20,796
  Hyundai Motor Co. Preference Shares 213,562 20,580
  Hyundai Engineering & Construction Co. Ltd. 671,647 20,226
  Korea Investment Holdings Co. Ltd. 365,314 19,443
^ Hanssem Co. Ltd. 94,290 19,220
  LG Uplus Corp. 1,992,409 19,069
  KCC Corp. 53,150 18,943
^ Samsung Heavy Industries Co. Ltd. 1,636,467 18,939
  KEPCO Plant Service & Engineering Co. Ltd. 196,969 17,940
  Yuhan Corp. 72,189 17,841
  Hyundai Wia Corp. 149,768 17,487
  KB Financial Group Inc. ADR 547,396 17,259
  S-1 Corp. 197,331 17,127
* KT Corp. 648,860 16,793
* Amorepacific Corp. Preference Shares 99,158 16,739

 

70


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Hyundai Marine & Fire Insurance Co. Ltd. 561,252 16,701
  Daelim Industrial Co. Ltd. 255,038 16,610
  Daewoo Securities Co. Ltd. 1,707,340 16,473
  Medy-Tox Inc. 38,528 16,331
  Hyundai Department Store Co. Ltd. 145,379 15,933
  Hanwha Corp. 482,704 15,767
*,^ ViroMed Co. Ltd. 113,111 15,570
  Hanwha Chemical Corp. 757,948 14,627
  Hanwha Life Insurance Co. Ltd. 1,955,886 14,551
* BGF retail Co. Ltd. 94,777 14,077
  Lotte Confectionery Co. Ltd. 7,580 13,203
  DGB Financial Group Inc. 1,422,445 13,180
  LG Chem Ltd. Preference Shares 69,961 13,177
^ Meritz Securities Co. Ltd. 2,958,937 13,136
  Shinsegae Co. Ltd. 64,144 13,018
* CJ E&M Corp. 177,135 12,961
*,^ Hanmi Science Co. ltd 109,863 12,535
^ Hanwha Techwin Co. Ltd. 377,612 12,277
^ OCI Co. Ltd. 170,155 12,176
^ Hanon Systems 307,961 12,105
^ Hyundai Greenfood Co. Ltd. 561,671 11,691
^ Youngone Corp. 276,794 11,598
* CJ Korea Express Co. Ltd. 66,526 11,332
^ Ottogi Corp. 12,053 11,041
  Lotte Chilsung Beverage Co. Ltd. 5,577 10,910
  Woori Investment & Securities Co. Ltd. 1,212,832 10,646
  Samsung Card Co. Ltd. 314,572 10,644
^ LG Innotek Co. Ltd. 131,174 10,600
^ CJ CGV Co. Ltd. 116,783 10,581
*,^ Daewoo Engineering & Construction Co. Ltd. 1,818,996 10,329
  Korean Reinsurance Co. 868,645 10,314
* Cheil Worldwide Inc. 579,096 10,103
  NongShim Co. Ltd. 30,778 9,922
^ Korea Kolmar Co. Ltd. 126,641 9,908
  Hyundai Securities Co. Ltd. 1,644,011 9,898
  KB Insurance Co. Ltd. 420,703 9,793
  Doosan Corp. 99,450 9,619
  Korea Gas Corp. 258,357 9,615
*,^ Com2uSCorp 95,335 9,603
^ Cosmax Inc. 55,892 9,398
  Green Cross Holdings Corp. 261,822 9,341
* Korean Air Lines Co. Ltd. 339,109 9,137
^ Hana Tour Service Inc. 82,074 9,011
  POSCO ADR 224,171 8,974
*,^ Kumho Tire Co. Inc. 1,456,788 8,807
  SK Networks Co. Ltd. 1,419,194 8,777
^ Kolon Industries Inc. 160,123 8,713
^ Dongsuh Cos. Inc. 291,880 8,600
^ SK Chemicals Co. Ltd. 141,060 8,357
*,^ GS Engineering & Construction Corp. 412,248 8,353
  Kumho Petrochemical Co. Ltd. 165,386 8,343
^ Doosan Heavy Industries & Construction Co. Ltd. 458,297 8,234
^ Green Cross Corp. 51,370 8,120
^ Mando Corp. 62,448 8,108
^ LG Hausys Ltd. 54,401 8,053
^ Paradise Co. Ltd. 427,698 8,049
* LG Household & Health Care Ltd. Preference Shares 19,057 7,913
^ Samyang Holdings Corp. 56,604 7,871
^ Hansae Co. Ltd. 159,363 7,799
^ Fila Korea Ltd. 88,974 7,778
*,^ NHN Entertainment Corp. 148,568 7,222
  Daewoo International Corp. 410,018 7,131
* Ssangyong Cement Industrial Co. Ltd. 447,626 7,084
  LG International Corp. 228,622 6,962

 

71


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
^ GS Retail Co. Ltd. 138,106 6,933
*,^ Doosan Infracore Co. Ltd. 1,256,521 6,853
^ Meritz Fire & Marine Insurance Co. Ltd. 475,504 6,701
^ Eo Technics Co. Ltd. 77,172 6,694
*,^ Komipharm International Co. Ltd. 277,169 6,415
*,^ GemVax & Kael Co. Ltd. 238,994 6,179
^ Hyundai Mipo Dockyard Co. Ltd. 97,907 6,123
*,^ Pan Ocean Co. Ltd. 1,721,031 6,044
^ Ilyang Pharmaceutical Co. Ltd. 123,357 6,011
^ Seoul Semiconductor Co. Ltd. 360,934 5,971
  LS Industrial Systems Co. Ltd. 137,414 5,966
  SKC Co. Ltd. 177,964 5,959
*,^ HLB Inc. 278,935 5,935
*,^ SM Entertainment Co. 142,275 5,687
  Korea Electric Terminal Co. Ltd. 65,890 5,686
^ LOTTE Himart Co. Ltd. 111,967 5,685
  Hyundai Home Shopping Network Corp. 52,607 5,607
*,^ Samlip General Foods Co. Ltd. 22,701 5,578
^ Samsung Fine Chemicals Co. Ltd. 169,151 5,570
*,^ Medipost Co. Ltd. 65,807 5,567
^ Lotte Food Co. Ltd. 7,082 5,562
*,^ Osstem Implant Co. Ltd. 95,317 5,552
*,^ LG Life Sciences Ltd. 103,446 5,538
*,^ Hanjin Shipping Co. Ltd. 1,261,728 5,523
^ iMarketKorea Inc. 212,273 5,509
  Young Poong Corp. 4,971 5,457
  Taekwang Industrial Co. Ltd. 5,561 5,412
^ Kolon Life Science Inc. 38,257 5,374
  KIWOOM Securities Co. Ltd. 104,517 5,338
*,^ Huons Co. Ltd. 65,931 5,333
^ Hite Jinro Co. Ltd. 264,513 5,294
^ Daewoo Shipbuilding & Marine Engineering Co. Ltd. 870,409 5,291
^ LS Corp. 155,042 5,243
*,^ Muhak Co. Ltd. 120,889 5,087
  Mirae Asset Securities Co. Ltd. 225,132 5,041
  JB Financial Group Co. Ltd. 962,847 5,003
^ Grand Korea Leisure Co. Ltd. 178,656 4,957
  Daou Technology Inc. 226,848 4,910
  Daesang Corp. 172,201 4,670
  KT Corp. ADR 350,114 4,594
*,^ Seegene Inc. 132,682 4,565
  LF Corp. 162,381 4,504
^ Hanjin Kal Corp. 236,074 4,500
^ Hanjin Transportation Co. Ltd. 114,845 4,453
  CJ O Shopping Co. Ltd. 28,498 4,410
*,^ Webzen Inc. 155,163 4,394
^ Korea Real Estate Investment & Trust Co. Ltd. 1,520,541 4,366
  Hansol Chemical Co. Ltd. 74,471 4,360
  GS Home Shopping Inc. 29,231 4,350
*,^ Hyundai Elevator Co. Ltd. 94,041 4,318
*,^ Samsung Engineering Co. Ltd. 271,625 4,305
*,^ Hyundai Livart Furniture Co. Ltd. 98,051 4,299
*,^ Wonik IPS Co. Ltd. 523,485 4,298
  Samsung Fire & Marine Insurance Co. Ltd. Preference Shares 24,335 4,280
*,^ InBody Co. Ltd. 98,113 4,221
^ Dong-A ST Co. Ltd. 38,742 4,193
*,^ Chabiotech Co. Ltd. 311,977 4,184
  S&T Motiv Co. Ltd. 65,489 4,162
  Kwang Dong Pharmaceutical Co. Ltd. 406,595 4,130
*,^ Amicogen Inc. 70,815 4,123
^ Bukwang Pharmaceutical Co. Ltd. 183,722 4,021
^ Handsome Co. Ltd. 117,218 3,975
^ Korea PetroChemical Ind Co. Ltd. 25,785 3,964
  Hanil Cement Co. Ltd. 38,283 3,941

 

72


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
*,^ iNtRON Biotechnology Inc. 106,213 3,925
^ Poongsan Corp. 174,423 3,918
^ OCI Materials Co. Ltd. 48,388 3,917
^ YG Entertainment Inc. 95,481 3,789
*,^ Loen Entertainment Inc. 55,091 3,766
*,^ Hyundai Merchant Marine Co. Ltd. 719,449 3,758
^ Nexen Tire Corp. 324,648 3,746
*,^ Kumho Industrial Co. Ltd. 245,386 3,743
^ Interpark Holdings Corp. 365,309 3,730
^ Hankook Tire Worldwide Co. Ltd. 227,077 3,662
^ Cuckoo Electronics Co. Ltd. 16,736 3,659
^ Tongyang Life Insurance Co. Ltd. 296,016 3,619
^ Binggrae Co. Ltd. 60,180 3,603
^ Chong Kun Dang Pharmaceutical Corp. 64,130 3,559
^ Dong-A Socio Holdings Co. Ltd. 24,957 3,554
^ KEPCO Engineering & Construction Co. Inc. 118,886 3,546
*,^ Hanwha General Insurance Co. Ltd. 530,727 3,495
*,^ Sansung Life & Science Co. Ltd. 105,994 3,479
^ AK Holdings Inc. 46,192 3,472
^ Meritz Financial Group Inc. 269,169 3,445
^ KONA I Co. Ltd. 106,918 3,417
^ Dongwon Industries Co. Ltd. 12,146 3,409
^ Halla Holdings Corp. 68,027 3,390
  LG Electronics Inc. Preference Shares 155,979 3,343
* Asiana Airlines Inc. 776,084 3,289
  LEENO Industrial Inc. 85,874 3,283
*,^ Korea Kolmar Holdings Co. Ltd. 56,533 3,261
^ Dongwon F&B Co. Ltd. 9,771 3,226
^ SFA Engineering Corp. 82,935 3,184
^ Partron Co. Ltd. 367,226 3,144
^ Huchems Fine Chemical Corp. 191,258 3,137
^ DuzonBizon Co. Ltd. 166,373 3,122
*,^ Hansol Technics Co. Ltd. 142,411 3,117
^ Dongkuk Steel Mill Co. Ltd. 520,424 3,105
  JW Pharmaceutical Corp. 100,449 3,040
*,^ Gamevil Inc. 41,337 3,027
^ Crown Confectionery Co. Ltd. 5,831 2,989
*,^ WeMade Entertainment Co. Ltd. 74,471 2,975
*,^ Binex Co. Ltd. 209,247 2,957
^ Koh Young Technology Inc. 101,693 2,951
^ Namyang Dairy Products Co. Ltd. 3,990 2,942
  Daishin Securities Co. Ltd. 320,510 2,930
  Youngone Holdings Co. Ltd. 46,163 2,908
*,^ Cell Biotech Co. Ltd. 52,550 2,895
*,^ IS Dongseo Co. Ltd. 76,549 2,846
*,^ Genexine Co. Ltd. 38,051 2,820
*,^ Ssangyong Motor Co. 387,471 2,813
^ Hyundai Rotem Co. Ltd. 192,435 2,736
*,^ Humedix Co. Ltd. 47,169 2,731
^ Kolao Holdings 227,333 2,688
*,^ China Ocean Resources Co. Ltd. 682,504 2,677
* Hansol Paper Co. Ltd. 148,602 2,673
*,^ Yuanta Securities Korea Co. Ltd. 766,959 2,661
^ Hancom Inc. 145,529 2,643
^ Daewoong Pharmaceutical Co. Ltd. 39,860 2,642
^ SK Gas Ltd. 34,707 2,592
  CJ Hellovision Co. Ltd. 270,547 2,574
*,^ Seobu T&D 130,451 2,564
*,^ COSON Co. Ltd. 127,720 2,555
*,^ Dongbu HiTek Co. Ltd. 241,288 2,547
  S&T Dynamics Co. Ltd. 209,545 2,544
* Dae Hwa Pharmaceutical Co. Ltd. 99,358 2,505
*,^ Lutronic Corp. 65,483 2,502
  KISWIRE Ltd. 68,614 2,480

 

73


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
^ Seah Besteel Corp. 98,243 2,467
* NS Shopping Co. Ltd. 14,371 2,445
*,^ i-SENS Inc. 75,703 2,445
*,^ SK Securities Co. Ltd. 2,389,407 2,439
^ POSCO Chemtech Co. Ltd. 194,082 2,435
*,^ Naturalendo Tech Co. Ltd. 120,470 2,433
^ Samchully Co. Ltd. 26,712 2,395
* Green Cross Cell Corp. 52,836 2,383
  Daekyo Co. Ltd. 296,959 2,382
^ Soulbrain Co. Ltd. 68,061 2,367
*,^ Samsung Pharmaceutical Co. Ltd. 209,973 2,360
^ Posco ICT Co. Ltd. 538,013 2,356
^ Daeduck Electronics Co. 365,585 2,349
* CJ CheilJedang Corp. Preference Shares 12,048 2,348
^ Maeil Dairy Industry Co. Ltd. 67,188 2,304
^ Cosmax BTI Inc 36,730 2,282
^ Ahnlab Inc. 62,323 2,262
^ Agabang&Company 196,730 2,242
^ Hankook Shell Oil Co. Ltd. 5,009 2,227
  SL Corp. 147,249 2,190
*,^ GOLFZON Co. Ltd. 24,570 2,144
^ Chongkundang Holdings Corp. 30,813 2,140
^ KH Vatec Co. Ltd. 119,360 2,103
  KT Skylife Co. Ltd. 128,521 2,100
^ Able C&C Co. Ltd. 97,122 2,089
* Taeyoung Engineering & Construction Co. Ltd. 404,962 2,083
  Sungwoo Hitech Co. Ltd. 268,835 2,070
* JW Holdings Corp. 277,495 2,066
  Humax Co. Ltd. 133,933 2,025
*,^ Coreana Cosmetics Co. Ltd. 218,017 2,002
  Silicon Works Co. Ltd. 66,581 1,975
^ Hyundai Corp. 67,597 1,973
*,^ Hanjin Heavy Industries & Construction Co. Ltd. 504,962 1,960
*,^ Korea Line Corp. 108,932 1,921
  E1 Corp. 31,509 1,904
  Hanwha Investment & Securities Co. Ltd. 473,855 1,851
*,^ Pharmicell Co. Ltd. 422,648 1,811
^ Lock&Lock Co. Ltd. 168,449 1,800
  KISCO Corp. 42,331 1,794
^ Sindoh Co. Ltd. 33,229 1,777
  Hansol Holdings Co. Ltd. 274,222 1,717
*,^ Foosung Co. Ltd. 466,581 1,707
^ Kolon Corp. 30,530 1,702
* Kwangju Bank 237,006 1,688
  Namhae Chemical Corp. 187,528 1,652
^ SBS Media Holdings Co. Ltd. 476,113 1,618
  Dae Han Flour Mills Co. Ltd. 9,506 1,615
^ SeAH Steel Corp. 28,037 1,570
*,^ Neowiz Games Corp. 96,929 1,543
*,^ Eusu Holdings Co. Ltd. 198,139 1,525
*,^ Jusung Engineering Co. Ltd. 354,378 1,517
^ Lumens Co. Ltd. 422,640 1,514
^ Daeduck GDS Co. Ltd. 175,573 1,491
*,^ Hyundai C&F Inc. 46,503 1,479
^ Sung Kwang Bend Co. Ltd. 177,420 1,455
*,^ Woongjin Thinkbig Co. Ltd. 192,387 1,375
*,^ Eugene Investment & Securities Co. Ltd. 554,674 1,351
  Daishin Securities Co. Ltd. Preference Shares 203,122 1,302
  Samyang Corp. 14,363 1,298
*,^ Duksan Hi-Metal Co. Ltd. 171,965 1,278
^ Kyobo Securities Co. Ltd. 138,958 1,189
  DY Corp. 195,100 1,179
*,^ TK Corp. 112,418 1,109
*,^ CUROCOM Co. Ltd. 684,385 1,090

 

74


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Youlchon Chemical Co. Ltd. 98,095 1,060
* Taewoong Co. Ltd. 80,848 1,058
*,^ Insun ENT Co. Ltd. 215,005 1,020
*,^ STS Semiconductor & Telecommunications 427,515 1,016
^ Hanil E-Hwa Co. Ltd. 94,696 1,008
*,^ KTB Investment & Securities Co. Ltd. 438,100 970
* Duk San Neolux Co. Ltd. 46,970 938
*,^ SK Communications Co. Ltd. 124,203 884
^ GOLFZONYUWONHOLDINGS Co. Ltd. 123,732 876
^ Kumho Electric Co. Ltd. 55,850 856
  Sam Young Electronics Co. Ltd. 71,460 780
^ Iljin Display Co. Ltd. 126,642 756
  INTOPS Co. Ltd. 48,799 724
^ Dongbu Securities Co. Ltd. 204,672 724
^ Seoyon Co. Ltd. 67,687 722
  MegaStudy Co. Ltd. 17,668 696
*,^ NEPES Corp. 106,422 619
*,^ Doosan Engine Co. Ltd. 181,734 612
*,^ Interflex Co. Ltd. 54,703 601
^ Hanjin Heavy Industries & Construction Holdings Co. Ltd. 100,460 579
*,^ MegaStudyEdu Co. Ltd. 10,224 573
*,^ Taihan Electric Wire Co. Ltd. 105,490 555
  Hitejinro Holdings Co. Ltd. 46,396 552
*,^ 3S Korea Co. Ltd. 256,028 534
* Mirae Asset Securities Co. Ltd. Rights Exp. 11/05/2015 196,132 465
^ ICD Co. Ltd. 78,007 422
^ EG Corp. 31,339 336
  SK Telecom Co. Ltd. ADR 10,712 252
*,^ SK Chemicals Co Ltd Rights Exp. 12/04/2015 19,118 161
* CNK International Co. Ltd. 259,916 71
* Tera Resource Co. Ltd. 209,223 9
      6,222,905
Spain (2.3%)    
  Banco Santander SA 130,392,767 730,186
  Telefonica SA 39,703,918 524,561
  Banco Bilbao Vizcaya Argentaria SA 58,722,417 504,821
  Iberdrola SA 52,877,243 377,480
  Industria de Diseno Textil SA 9,935,384 372,150
  Amadeus IT Holding SA 3,906,326 166,222
* Repsol SA 9,937,578 125,212
* Ferrovial SA 3,768,544 95,066
  CaixaBank SA 23,522,057 90,101
  Red Electrica Corp. SA 1,014,024 89,360
* Banco de Sabadell SA 43,220,069 83,495
  Grifols SA 1,557,521 72,184
*,2 Aena SA 602,940 67,263
  Endesa SA 2,981,489 66,350
  Enagas SA 2,122,932 64,275
  Abertis Infraestructuras SA 3,821,058 63,417
  Gas Natural SDG SA 2,873,788 62,228
  Banco Popular Espanol SA 14,688,215 55,827
* ACS Actividades de Construccion y Servicios SA 1,639,695 55,730
  Bankia SA 43,130,519 55,534
  Bankinter SA 6,435,011 46,634
  Grifols SA Preference Shares 1,221,318 42,415
  Merlin Properties Socimi SA 3,013,209 38,607
  Distribuidora Internacional de Alimentacion SA 5,876,603 37,369
  Gamesa Corp. Tecnologica SA 2,103,625 33,220
  Mapfre SA 9,599,754 28,523
^ Bolsas y Mercados Espanoles SHMSF SA 725,217 26,040
  Viscofan SA 436,975 25,514
  Zardoya Otis SA 1,708,452 21,006
  Mediaset Espana Comunicacion SA 1,697,699 20,616
  Acciona SA 244,018 20,503

 

75


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Banco Santander SA BDR 2,701,820 16,113
  Ebro Foods SA 813,450 15,414
* Inmobiliaria Colonial SA 19,829,019 14,686
*,^ Acerinox SA 1,318,916 14,257
  Grupo Catalana Occidente SA 422,671 13,124
^ Tecnicas Reunidas SA 287,900 12,831
*,^ NH Hotel Group SA 1,928,653 11,799
^ Melia Hotels International SA 815,711 11,774
*,^ Indra Sistemas SA 1,090,319 11,682
  Almirall SA 572,542 11,027
*,^ Fomento de Construcciones y Contratas SA 1,293,424 9,859
* Hispania Activos Inmobiliarios SA 624,746 9,391
  Prosegur Cia de Seguridad SA 2,019,687 8,985
^ Obrascon Huarte Lain SA 1,069,455 8,571
  Applus Services SA 924,555 8,228
^ Abengoa SA Class B 7,693,476 7,498
  Corp Financiera Alba SA 159,429 7,037
  Cia de Distribucion Integral Logista Holdings SA 337,819 6,748
^ Sacyr SA 2,663,858 6,718
  Atresmedia Corp. de Medios de Comunicacion SA 520,032 6,665
*,^ Zeltia SA 1,435,546 6,378
  CIE Automotive SA 381,674 6,117
  Faes Farma SA 2,241,849 6,029
^ Construcciones y Auxiliar de Ferrocarriles SA 17,842 4,978
^ Liberbank SA 7,713,140 4,779
  Ence Energia y Celulosa SA 1,199,660 4,201
  Banco Santander SA ADR 582,178 3,225
  Papeles y Cartones de Europa SA 428,492 2,434
^ Promotora de Informaciones SA 414,860 2,302
^ Duro Felguera SA 533,236 1,253
*,^ Deoleo SA 2,884,888 967
^ Tubacex SA 333,164 715
* Papeles y Cartones de Europa SA Rights Exp. 11/12/15 428,492 93
*,^ Let's GOWEX SA 155,449
* Pescanova SA 63,151
      4,317,787
Sweden (2.2%)    
  Hennes & Mauritz AB Class B 8,901,603 345,296
  Nordea Bank AB 29,782,205 328,429
  Telefonaktiebolaget LM Ericsson Class B 27,944,370 271,721
  Swedbank AB Class A 9,795,041 224,707
* Svenska Handelsbanken AB Class A 13,491,327 182,963
* Assa Abloy AB Class B 8,805,499 174,635
  Svenska Cellulosa AB SCA Class B 5,434,216 160,184
  Investor AB Class B 4,237,880 156,884
^ Atlas Copco AB Class A 5,811,193 151,125
  Volvo AB Class B 14,504,644 150,137
  Skandinaviska Enskilda Banken AB Class A 13,651,817 142,767
  TeliaSonera AB 24,411,825 124,633
  Sandvik AB 10,139,755 94,748
^ Atlas Copco AB Class B 3,668,329 88,553
  Hexagon AB Class B 2,405,681 83,279
  SKF AB 3,896,017 68,343
  Skanska AB Class B 3,381,214 65,675
  Investment AB Kinnevik 1,919,894 61,162
  Electrolux AB Class B 2,078,160 61,079
  Swedish Match AB 1,804,583 56,724
  Alfa Laval AB 2,919,157 51,326
  Boliden AB 2,560,019 48,980
  Getinge AB 1,716,716 42,851
  Trelleborg AB Class B 2,269,196 38,237
  Meda AB Class A 2,579,456 37,936
  Securitas AB Class B 2,869,500 37,384
  Industrivarden AB Class A 1,811,620 35,206

 

76


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Tele2 AB 2,924,632 29,195
* Lundin Petroleum AB 2,008,466 29,065
  Industrivarden AB 1,541,166 27,856
  BillerudKorsnas AB 1,433,591 25,886
  Elekta AB Class B 3,331,662 25,747
^ ICA Gruppen AB 711,100 25,293
^ NCC AB Class B 764,097 23,598
  Husqvarna AB 3,498,997 23,016
  Castellum AB 1,538,564 23,002
* Swedish Orphan Biovitrum AB 1,481,493 22,531
* Hexpol AB 2,319,344 22,495
*,^ Fingerprint Cards AB Class B 447,818 21,933
  Fabege AB 1,236,393 19,624
* Betsson AB 1,149,602 18,641
* Axfood AB 974,224 17,566
* Fastighets AB Balder 870,920 17,531
  AAK AB 243,028 17,473
  Nibe Industrier AB Class B 540,464 17,350
* Wallenstam AB 1,871,251 16,549
* NetEnt AB 286,782 16,302
  Loomis AB Class B 571,571 14,813
  Hufvudstaden AB Class A 1,039,675 14,688
  Modern Times Group MTG AB Class B 508,185 14,389
  Holmen AB 466,591 14,073
  Indutrade AB 289,608 13,804
  JM AB 464,333 13,112
  Kungsleden AB 1,701,938 12,725
  L E Lundbergforetagen AB Class B 240,616 12,243
  Intrum Justitia AB 339,104 12,123
  Wihlborgs Fastigheter AB 612,307 11,942
  Peab AB 1,523,194 11,584
  Saab AB Class B 387,923 10,926
  Com Hem Holding AB 1,265,746 10,809
  Ratos AB 1,811,152 10,547
  Avanza Bank Holding AB 258,345 10,137
* Lifco AB Class B 419,556 9,301
  Nobia AB 666,288 8,153
  Hemfosa Fastigheter AB 721,652 7,794
*,^ SSAB AB Class A 2,086,282 7,542
^ AF AB 495,616 7,335
* Sweco AB Class B 458,471 6,708
2 Thule Group AB 515,485 6,370
  Atrium Ljungberg AB 387,024 6,000
^ Melker Schorling AB 100,102 5,565
* SSAB AB Class B 1,743,260 5,515
  Klovern AB Preference Shares 135,064 4,673
* Svenska Handelsbanken AB Class B 304,953 4,400
  Concentric AB 378,480 4,372
  Rezidor Hotel Group AB 977,274 4,144
  SAS AB Preference Shares 67,304 3,945
  Haldex AB 399,815 3,846
^ Lindab International AB 530,245 3,594
  Klovern AB 3,462,397 3,585
  Mekonomen AB 146,146 3,463
  Clas Ohlson AB 204,614 3,105
  Bure Equity AB 473,763 3,062
  Axis Communications AB 75,694 3,021
  Investment AB Oresund 137,628 2,980
  SkiStar AB 185,604 2,693
*,^ SAS AB 1,294,142 2,499
  Nordnet AB 679,729 2,400
  Fastighets AB Balder Preference Shares 54,715 2,177
  Sagax AB Preference Shares 500,470 1,919
  Hemfosa Fastigheter AB Preference Shares 87,129 1,675

 

77


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
* Ratos AB Preference Shares 7,396 1,639
  NCC AB Class A 36,875 1,135
* Eniro AB 8,242 1
      4,048,143
Switzerland (6.2%)    
  Nestle SA 29,364,558 2,241,780
  Novartis AG 19,993,309 1,812,714
  Roche Holding AG 6,616,501 1,792,159
  UBS Group AG 32,931,579 657,244
  Cie Financiere Richemont SA 4,788,181 409,542
  ABB Ltd. 20,820,509 392,152
  Credit Suisse Group AG 15,304,912 381,119
  Zurich Insurance Group AG 1,397,335 368,573
  Swiss Re AG 3,208,334 297,667
  Syngenta AG 860,130 288,953
  Givaudan SA 86,622 154,824
  LafargeHolcim Ltd. 2,403,375 135,166
  Actelion Ltd. 921,450 127,809
  Geberit AG 352,047 113,470
  Adecco SA 1,512,008 112,283
  Swatch Group AG (Bearer) 284,086 110,907
  Swisscom AG 213,416 109,889
  Julius Baer Group Ltd. 2,045,574 101,359
  SGS SA 48,004 91,304
* LafargeHolcim Ltd. 1,401,547 78,855
  Swiss Life Holding AG 300,575 71,644
  Lonza Group AG 486,955 71,375
  Chocoladefabriken Lindt & Sprungli AG Registered Shares 957 70,937
  Schindler Holding AG 413,754 67,083
  Galenica AG 45,657 66,839
  Sonova Holding AG 486,585 66,343
  Kuehne & Nagel International AG 473,494 65,580
  Sika AG 19,728 64,624
  Partners Group Holding AG 168,928 61,070
  Chocoladefabriken Lindt & Sprungli AG Participation Certificates 8,983 54,780
  Baloise Holding AG 438,923 52,605
* Dufry AG 448,172 52,363
^ Transocean Ltd. 3,255,410 49,840
  Clariant AG 2,519,889 46,289
  Swiss Prime Site AG 592,896 45,294
  Roche Holding AG (Bearer) 131,667 35,967
  Swatch Group AG (Registered) 448,674 32,394
  PSP Swiss Property AG 370,363 32,208
  Schindler Holding AG (Registered) 197,035 32,030
  Aryzta AG (Switzerland Shares) 707,999 31,893
  Helvetia Holding AG 56,745 29,684
  BB Biotech AG 104,412 29,500
  EMS-Chemie Holding AG 68,027 28,754
  GAM Holding AG 1,469,945 26,869
  Georg Fischer AG 38,782 23,811
  dorma&kaba Holding AG 35,346 22,040
^ Sulzer AG 217,915 22,018
  Flughafen Zuerich AG 28,673 21,704
  Barry Callebaut AG 17,861 21,424
  Straumann Holding AG 73,248 20,723
  Logitech International SA 1,406,630 20,672
*,2 Sunrise Communications Group AG 317,127 17,306
  Valiant Holding AG 149,007 17,216
  ams AG 537,885 17,215
  Leonteq AG 88,994 17,111
  Pargesa Holding SA 266,743 16,929
  Temenos Group AG 362,166 16,927
  Cembra Money Bank AG 279,253 16,657
  Banque Cantonale Vaudoise 26,749 16,463

 

78


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  OC Oerlikon Corp. AG 1,630,511 15,631
  DKSH Holding AG 248,567 15,131
^ Panalpina Welttransport Holding AG 130,042 14,852
  Tecan Group AG 108,113 14,722
  Forbo Holding AG 12,150 13,814
  Bucher Industries AG 60,352 13,731
  Vontobel Holding AG 262,853 12,946
  Mobimo Holding AG 57,868 12,486
  Allreal Holding AG 89,079 11,805
  U-Blox AG 54,805 10,582
  Burckhardt Compression Holding AG 30,344 10,577
  SFS Group AG 148,467 9,573
  Belimo Holding AG 4,387 9,404
  Gategroup Holding AG 239,389 8,971
  Emmi AG 19,829 8,966
  Autoneum Holding AG 42,901 7,869
  VZ Holding AG 25,012 7,787
  St. Galler Kantonalbank AG 20,830 7,532
  Rieter Holding AG 43,349 7,133
* Cosmo Pharmaceuticals SA 44,541 6,840
  Schweiter Technologies AG 8,431 6,758
  Daetwyler Holding AG 46,721 6,548
  Implenia AG 130,441 6,462
  EFG International AG 619,214 6,217
  Ascom Holding AG 323,016 6,123
*,^ Meyer Burger Technology AG 837,665 5,996
  Huber & Suhner AG 136,591 5,888
^ Kuoni Reisen Holding AG 26,896 5,565
  Conzzeta AG 8,450 5,236
  Valora Holding AG 25,261 5,082
* Basilea Pharmaceutica Ltd. 42,017 4,359
  Siegfried Holding AG 21,171 4,239
  Kudelski SA 310,913 4,178
  Ypsomed Holding AG 29,371 3,860
* AFG Arbonia-Forster Holding AG 395,211 3,827
* APG SGA SA 9,365 3,771
  Aryzta AG (Ireland Shares) 76,275 3,452
^ BKW AG 89,169 3,385
* Bell AG 1,125 3,090
  Vetropack Holding AG 1,995 3,066
* Zehnder Group AG 88,316 3,006
^ Alpiq Holding AG 27,994 2,956
* Schmolz & Bickenbach AG 4,431,063 2,419
^ Swissquote Group Holding SA 96,200 2,314
* Plazza AG 7,927 1,576
^ Bachem Holding AG 21,734 1,105
* Orascom Development Holding AG 72,194 946
  Liechtensteinische Landesbank AG 10,280 366
  Basler Kantonalbank 3,799 259
      11,584,351
Taiwan (2.8%)    
  Taiwan Semiconductor Manufacturing Co. Ltd. 205,880,063 870,166
  Hon Hai Precision Industry Co. Ltd. 130,508,786 346,049
  Fubon Financial Holding Co. Ltd. 68,177,018 109,783
  Formosa Plastics Corp. 45,998,091 106,497
  MediaTek Inc. 13,708,807 106,418
  Nan Ya Plastics Corp. 53,514,907 106,095
  Cathay Financial Holding Co. Ltd. 74,349,012 105,637
  Delta Electronics Inc. 19,073,240 96,684
  Formosa Chemicals & Fibre Corp. 41,134,645 94,080
  CTBC Financial Holding Co. Ltd. 157,264,588 86,034
  Chunghwa Telecom Co. Ltd. 27,077,456 82,975
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 3,729,792 81,906
  Uni-President Enterprises Corp. 45,280,204 76,368

 

79


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Largan Precision Co. Ltd. 945,376 73,018
  China Steel Corp. 116,346,848 70,220
  Mega Financial Holding Co. Ltd. 93,646,873 67,912
  Catcher Technology Co. Ltd. 6,949,800 67,770
  Asustek Computer Inc. 6,634,168 59,215
  Taiwan Mobile Co. Ltd. 15,668,400 49,297
  Advanced Semiconductor Engineering Inc. 42,010,201 48,679
  Hotai Motor Co. Ltd. 3,847,000 44,765
  Pegatron Corp. 17,834,639 43,392
  Formosa Petrochemical Corp. 17,697,950 42,911
  E.Sun Financial Holding Co. Ltd. 70,682,053 42,421
  Quanta Computer Inc. 24,688,950 42,055
  First Financial Holding Co. Ltd. 84,817,031 41,054
  Yuanta Financial Holding Co. Ltd. 93,884,975 36,758
  China Development Financial Holding Corp. 132,726,856 35,585
  President Chain Store Corp. 5,302,146 35,117
  Pou Chen Corp. 24,787,517 34,860
  Far Eastern New Century Corp. 37,836,806 34,347
  Taiwan Cooperative Financial Holding Co. Ltd. 75,311,973 33,647
  Hua Nan Financial Holdings Co. Ltd. 69,306,349 33,297
  Taiwan Cement Corp. 30,002,700 33,272
  Far EasTone Telecommunications Co. Ltd. 15,021,000 32,545
  Cheng Shin Rubber Industry Co. Ltd. 17,396,828 31,458
  United Microelectronics Corp. 85,226,175 31,032
  Taishin Financial Holding Co. Ltd. 78,817,407 30,757
  Innolux Corp. 91,413,024 30,587
  SinoPac Financial Holdings Co. Ltd. 88,952,058 29,256
  Eclat Textile Co. Ltd. 1,828,011 26,872
  Foxconn Technology Co. Ltd. 10,225,762 26,666
^ Chunghwa Telecom Co. Ltd. ADR 864,198 26,479
  Chang Hwa Commercial Bank Ltd. 50,308,975 26,059
  China Life Insurance Co. Ltd. 31,513,020 25,874
  Compal Electronics Inc. 39,141,689 24,283
  Advantech Co. Ltd. 3,197,851 22,880
  Asia Cement Corp. 21,804,567 22,568
  Lite-On Technology Corp. 20,200,383 20,943
  Giant Manufacturing Co. Ltd. 2,663,319 20,026
  Hermes Microvision Inc. 521,509 19,881
  Chailease Holding Co. Ltd. 9,743,410 18,551
  Novatek Microelectronics Corp. 5,412,275 18,298
  Advanced Semiconductor Engineering Inc. ADR 3,186,287 18,289
* Inotera Memories Inc. 23,134,002 17,727
  Shin Kong Financial Holding Co. Ltd. 72,875,258 17,397
  HTC Corp. 6,998,792 16,805
  Inventec Corp. 28,548,315 16,327
  Feng TAY Enterprise Co. Ltd. 2,801,121 15,904
  Teco Electric and Machinery Co. Ltd. 17,250,000 15,020
  Highwealth Construction Corp. 10,217,860 15,014
  AU Optronics Corp. 50,625,640 14,787
  Powertech Technology Inc. 6,631,955 14,596
  WPG Holdings Ltd. 13,710,553 14,272
  Siliconware Precision Industries Co. Ltd. 10,667,491 14,107
  Merida Industry Co. Ltd. 2,303,232 13,426
  Synnex Technology International Corp. 11,981,463 12,582
  Radiant Opto-Electronics Corp. 4,094,948 12,576
  Ruentex Industries Ltd. 6,718,340 12,311
  Chicony Electronics Co. Ltd. 5,175,847 12,299
  Wistron Corp. 24,481,573 12,264
  Zhen Ding Technology Holding Ltd. 4,290,355 12,178
  Makalot Industrial Co. Ltd. 1,552,918 11,768
  Ruentex Development Co. Ltd. 9,650,758 11,685
*,^ Acer Inc. 27,116,682 11,459
  Hiwin Technologies Corp. 2,060,366 11,437
  Vanguard International Semiconductor Corp. 8,633,000 11,064

 

80


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
^ Siliconware Precision Industries Co. Ltd. ADR 1,621,450 10,848
Phison Electronics Corp. 1,494,510 10,754
* Eva Airways Corp. 17,940,178 10,491
United Microelectronics Corp. ADR 5,269,974 9,749
Simplo Technology Co. Ltd. 2,748,443 9,698
Kenda Rubber Industrial Co. Ltd. 6,032,132 9,684
Yageo Corp. 6,068,407 9,542
Formosa Taffeta Co. Ltd. 9,481,000 9,367
Realtek Semiconductor Corp. 4,493,215 9,349
* China Airlines Ltd. 25,886,646 9,253
^ AU Optronics Corp. ADR 3,188,526 9,215
* Taiwan Business Bank 35,048,370 8,987
Standard Foods Corp. 3,718,063 8,927
Epistar Corp. 9,679,760 8,663
Yulon Motor Co. Ltd. 8,190,015 8,660
Taiwan Fertilizer Co. Ltd. 6,787,000 8,642
CTCI Corp. 6,373,000 8,286
Chipbond Technology Corp. 5,755,000 8,146
PChome Online Inc. 706,262 7,866
Taiwan Secom Co. Ltd. 2,617,920 7,856
King Slide Works Co. Ltd. 595,000 7,777
Transcend Information Inc. 2,750,363 7,627
King's Town Bank Co. Ltd. 9,563,000 7,585
Poya International Co. Ltd. 667,384 7,559
* Walsin Lihwa Corp. 31,149,000 7,513
Win Semiconductors Corp. 5,440,005 7,349
Tripod Technology Corp. 4,716,023 7,263
Eternal Materials Co. Ltd. 7,585,001 7,172
Airtac International Group 1,331,580 6,885
Compeq Manufacturing Co. Ltd. 10,434,000 6,836
Evergreen Marine Corp. Taiwan Ltd. 15,297,438 6,787
eMemory Technology Inc. 655,000 6,699
St. Shine Optical Co. Ltd. 440,000 6,604
FLEXium Interconnect Inc. 2,360,257 6,529
* Winbond Electronics Corp. 27,065,000 6,508
King Yuan Electronics Co. Ltd. 10,249,000 6,505
Far Eastern Department Stores Ltd. 10,666,977 6,416
Micro-Star International Co. Ltd. 6,311,000 6,387
TPK Holding Co. Ltd. 2,584,695 6,382
Wistron NeWeb Corp. 2,432,581 6,372
Sino-American Silicon Products Inc. 5,055,428 6,209
Clevo Co. 5,645,796 6,070
Capital Securities Corp. 20,198,175 5,988
* Asia Pacific Telecom Co. Ltd. 18,640,848 5,955
* LCY Chemical Corp. 6,719,288 5,939
Taichung Commercial Bank Co. Ltd. 19,215,680 5,849
Chroma ATE Inc. 3,264,800 5,812
Cub Elecparts Inc. 464,531 5,810
Waterland Financial Holdings Co. Ltd. 23,684,000 5,810
Hota Industrial Manufacturing Co. Ltd. 1,764,000 5,782
* Ta Chong Bank Ltd. 13,561,511 5,746
* Nan Kang Rubber Tire Co. Ltd. 6,502,209 5,728
Wan Hai Lines Ltd. 8,613,325 5,676
Everlight Electronics Co. Ltd. 3,740,497 5,656
* China Petrochemical Development Corp. 22,008,647 5,582
Unimicron Technology Corp. 12,684,750 5,535
TTY Biopharm Co. Ltd. 1,939,780 5,454
Grape King Bio Ltd. 983,000 5,377
Yungtay Engineering Co. Ltd. 3,325,000 5,362
China Steel Chemical Corp. 1,417,000 5,355
Far Eastern International Bank 16,898,478 5,250
Cheng Uei Precision Industry Co. Ltd. 3,595,485 5,249
Taiwan Paiho Ltd. 2,195,300 5,234
Firich Enterprises Co. Ltd. 1,697,614 5,229

 

81


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Richtek Technology Corp. 894,591 5,213
Elite Material Co. Ltd. 2,552,965 5,194
* Macronix International 35,500,878 5,172
Voltronic Power Technology Corp. 406,358 5,169
Tong Yang Industry Co. Ltd. 4,674,126 5,105
Oriental Union Chemical Corp. 6,778,700 5,071
Kinsus Interconnect Technology Corp. 2,477,000 5,054
Tainan Spinning Co. Ltd. 10,677,404 5,053
Feng Hsin Steel Co. Ltd. 4,291,000 4,948
Gigabyte Technology Co. Ltd. 4,740,000 4,940
TSRC Corp. 7,156,626 4,889
U-Ming Marine Transport Corp. 4,079,000 4,787
* Taiwan Glass Industry Corp. 12,071,747 4,747
Sercomm Corp. 2,043,000 4,729
Parade Technologies Ltd. 617,805 4,722
China Motor Corp. 6,704,000 4,717
Coretronic Corp. 5,095,000 4,680
Ginko International Co. Ltd. 431,000 4,559
Taiwan Hon Chuan Enterprise Co. Ltd. 2,880,496 4,558
Tung Thih Electronic Co. Ltd. 557,000 4,557
Elan Microelectronics Corp. 4,142,000 4,546
Gigasolar Materials Corp. 235,600 4,523
Neo Solar Power Corp. 6,687,831 4,519
Jih Sun Financial Holdings Co. Ltd. 19,827,891 4,471
Mercuries Life Insurance Co. Ltd. 7,328,306 4,462
Chin-Poon Industrial Co. Ltd. 3,330,000 4,453
Qisda Corp. 13,103,880 4,424
Casetek Holdings Ltd. 1,001,000 4,366
WT Microelectronics Co. Ltd. 3,900,260 4,361
Huaku Development Co. Ltd. 2,302,087 4,349
Formosa International Hotels Corp. 629,422 4,321
Shin Zu Shing Co. Ltd. 1,342,000 4,311
Chlitina Holding Ltd. 520,300 4,217
Nanya Technology Corp. 3,432,000 4,196
* Sanyang Motor Co. Ltd. 6,272,540 4,169
YFY Inc. 12,059,515 4,144
* E Ink Holdings Inc. 8,432,000 4,097
Silergy Corp. 403,000 4,094
* Swancor Ind Co. Ltd. 598,000 4,094
* Yang Ming Marine Transport Corp. 13,554,553 4,089
Tung Ho Steel Enterprise Corp. 7,549,842 4,088
* Yeong Guan Energy Technology Group Co. Ltd. 639,000 4,073
Mitac Holdings Corp. 5,201,997 4,039
Depo Auto Parts Ind Co. Ltd. 1,207,000 4,034
Grand Pacific Petrochemical 8,219,000 4,011
* Kinpo Electronics 12,349,000 3,997
* Motech Industries Inc. 3,088,100 3,992
Primax Electronics Ltd. 3,046,000 3,978
Cleanaway Co. Ltd. 800,000 3,925
Goldsun Building Materials Co. Ltd. 13,246,830 3,868
Lung Yen Life Service Corp. 1,951,000 3,862
* Tatung Co. Ltd. 21,090,738 3,830
* Ennoconn Corp. 355,000 3,770
Shinkong Synthetic Fibers Corp. 13,783,451 3,751
Ardentec Corp. 4,861,473 3,678
Cathay Real Estate Development Co. Ltd. 8,472,000 3,660
China Synthetic Rubber Corp. 4,947,850 3,646
Flytech Technology Co. Ltd. 1,145,919 3,646
San Shing Fastech Corp. 1,788,014 3,642
AmTRAN Technology Co. Ltd. 7,173,716 3,620
PharmaEngine Inc. 562,000 3,599
Ton Yi Industrial Corp. 7,385,850 3,596
Wowprime Corp. 616,015 3,573
Farglory Land Development Co. Ltd. 3,107,815 3,571

 

82


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Adlink Technology Inc. 1,314,328 3,510
USI Corp. 8,441,105 3,507
Tong Hsing Electronic Industries Ltd. 1,385,259 3,497
Lien Hwa Industrial Corp. 5,660,677 3,478
President Securities Corp. 7,822,926 3,476
Taiwan Sogo Shin Kong SEC 2,852,950 3,434
Faraday Technology Corp. 2,088,666 3,379
Xxentria Technology Materials Corp. 1,155,224 3,367
ScinoPharm Taiwan Ltd. 2,576,050 3,351
Elite Advanced Laser Corp. 794,400 3,343
Gourmet Master Co. Ltd. 551,000 3,337
Prince Housing & Development Corp. 10,739,559 3,327
Sporton International Inc. 551,465 3,324
Namchow Chemical Industrial Co. Ltd. 1,529,000 3,308
Merry Electronics Co. Ltd. 1,713,976 3,265
* China Man-Made Fiber Corp. 11,270,000 3,248
TA Chen Stainless Pipe 6,720,410 3,241
Accton Technology Corp. 5,181,800 3,240
* HannStar Display Corp. 24,585,060 3,200
* Medigen Biotechnology Corp. 1,091,032 3,136
Great Wall Enterprise Co. Ltd. 5,124,920 3,094
* Microbio Co. Ltd. 3,776,907 3,088
Walsin Technology Corp. 5,572,394 3,082
China Bills Finance Corp. 8,846,000 3,062
TXC Corp. 2,597,979 3,028
MIN AIK Technology Co. Ltd. 1,567,000 3,004
Sinbon Electronics Co. Ltd. 1,694,000 2,997
Test Research Inc. 1,690,503 2,951
Cheng Loong Corp. 8,351,600 2,946
Greatek Electronics Inc. 2,951,000 2,904
BES Engineering Corp. 12,161,000 2,855
Advanced Ceramic X Corp. 457,000 2,829
Taiwan FamilyMart Co. Ltd. 432,000 2,805
Taiwan TEA Corp. 6,384,000 2,788
YungShin Global Holding Corp. 1,914,850 2,787
Advanced Wireless Semiconductor Co. 1,169,000 2,771
* Gintech Energy Corp. 3,783,904 2,755
Long Bon International Co. Ltd. 4,288,000 2,723
Masterlink Securities Corp. 9,497,664 2,721
* Bizlink Holding Inc. 606,000 2,710
Taiwan Acceptance Corp. 1,157,000 2,702
Radium Life Tech Co. Ltd. 7,008,865 2,695
Systex Corp. 1,383,000 2,645
* Center Laboratories Inc. 1,210,000 2,644
FocalTech Systems Co. Ltd. 3,236,200 2,639
Posiflex Technology Inc. 491,895 2,583
* Orient Semiconductor Electronics Ltd. 7,153,000 2,579
Toung Loong Textile Manufacturing 851,000 2,561
XPEC Entertainment Inc. 939,871 2,555
Mercuries & Associates Holding Ltd. 3,891,641 2,548
AcBel Polytech Inc. 3,610,000 2,542
Taiwan Surface Mounting Technology Corp. 2,708,118 2,521
Everlight Chemical Industrial Corp. 3,942,537 2,519
Visual Photonics Epitaxy Co. Ltd. 2,143,750 2,516
Nan Liu Enterprise Co. Ltd. 447,000 2,498
Sitronix Technology Corp. 885,000 2,469
Formosan Rubber Group Inc. 4,348,000 2,453
Taiwan PCB Techvest Co. Ltd. 2,207,153 2,446
Test Rite International Co. Ltd. 3,900,314 2,439
* Pihsiang Machinery Manufacturing Co. Ltd. 1,021,000 2,413
* TWi Pharmaceuticals Inc. 440,000 2,413
Getac Technology Corp. 3,535,000 2,398
United Integrated Services Co. Ltd. 2,033,000 2,389
Yieh Phui Enterprise Co. Ltd. 10,049,613 2,382

 

83


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Career Technology MFG. Co. Ltd. 2,931,000 2,381
IEI Integration Corp. 1,893,694 2,376
Ambassador Hotel 2,719,000 2,338
Universal Cement Corp. 3,312,738 2,335
* Ritek Corp. 25,850,000 2,329
Aten International Co. Ltd. 1,050,000 2,317
Lealea Enterprise Co. Ltd. 8,019,197 2,314
Pixart Imaging Inc. 1,039,711 2,308
Taiwan Cogeneration Corp. 3,269,550 2,294
Dynapack International Technology Corp. 1,387,000 2,262
* Taigen Biopharmaceuticals Holdings Ltd. 2,669,000 2,243
Nan Ya Printed Circuit Board Corp. 2,223,059 2,238
Chong Hong Construction Co. Ltd. 1,584,416 2,236
Lextar Electronics Corp. 3,988,000 2,225
Sigurd Microelectronics Corp. 3,278,000 2,195
Wah Lee Industrial Corp. 1,565,000 2,191
* Wei Chuan Foods Corp. 3,638,000 2,167
Hung Sheng Construction Ltd. 4,494,000 2,165
China Metal Products 2,412,243 2,159
* Asia Optical Co. Inc. 2,276,000 2,158
Brogent Technologies Inc. 252,642 2,155
Great China Metal Industry 2,429,000 2,153
* Continental Holdings Corp. 6,577,900 2,152
Holtek Semiconductor Inc. 1,432,000 2,144
UPC Technology Corp. 6,952,767 2,116
KEE TAI Properties Co. Ltd. 3,940,740 2,068
Chimei Materials Technology Corp. 2,944,000 2,060
* D-Link Corp. 6,473,204 2,045
* Lotus Pharmaceutical Co. Ltd. 889,000 2,034
Elite Semiconductor Memory Technology Inc. 2,275,000 2,029
Basso Industry Corp. 1,006,200 2,014
Long Chen Paper Co. Ltd. 5,558,613 2,013
Topkey Corp. 519,000 2,012
* Gigastorage Corp. 2,590,096 2,006
Kindom Construction Corp. 3,577,000 2,001
Darwin Precisions Corp. 5,074,000 1,996
Taiwan Land Development Corp. 6,053,725 1,994
* CMC Magnetics Corp. 16,572,364 1,990
Solar Applied Materials Technology Co. 3,129,740 1,989
* Shining Building Business Co. Ltd. 5,486,518 1,957
ITEQ Corp. 2,821,140 1,935
Zeng Hsing Industrial Co. Ltd. 460,000 1,922
Topco Scientific Co. Ltd. 1,214,553 1,922
* Taiwan Styrene Monomer 4,431,342 1,919
A-DATA Technology Co. Ltd. 1,870,087 1,916
Asia Vital Components Co. Ltd. 2,395,148 1,914
Zinwell Corp. 1,546,000 1,889
WUS Printed Circuit Co. Ltd. 2,314,000 1,875
Sinyi Realty Inc. 2,123,238 1,850
Syncmold Enterprise Corp. 1,180,000 1,841
Kuo Toong International Co. Ltd. 1,635,708 1,835
Soft-World International Corp. 925,620 1,818
Lotes Co. Ltd. 553,000 1,814
Rich Development Co. Ltd. 5,648,000 1,813
* Li Peng Enterprise Co. Ltd. 6,410,615 1,797
Evergreen International Storage & Transport Corp. 4,325,000 1,790
Kinik Co. 1,017,000 1,781
Asia Polymer Corp. 3,073,515 1,777
Yulon Nissan Motor Co. Ltd. 203,179 1,772
Unity Opto Technology Co. Ltd. 2,503,409 1,752
Green Seal Holding Ltd. 462,900 1,740
Gloria Material Technology Corp. 3,257,824 1,724
Johnson Health Tech Co. Ltd. 945,110 1,723
Sampo Corp. 4,249,000 1,709

 

84


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
^ Senao International Co. Ltd. 1,234,000 1,685
* Ho Tung Chemical Corp. 7,256,250 1,671
Federal Corp. 3,674,777 1,669
Alpha Networks Inc. 2,916,000 1,667
* Ability Enterprise Co. Ltd. 3,021,000 1,662
YC INOX Co. Ltd. 2,727,000 1,640
Holy Stone Enterprise Co. Ltd. 1,598,500 1,620
Taiflex Scientific Co. Ltd. 1,337,852 1,619
Rechi Precision Co. Ltd. 2,288,596 1,617
Tong-Tai Machine & Tool Co. Ltd. 2,171,218 1,605
Altek Corp. 1,930,353 1,586
Taiwan Semiconductor Co. Ltd. 1,823,000 1,580
Sunplus Technology Co. Ltd. 3,961,000 1,559
Ichia Technologies Inc. 2,709,000 1,543
GeoVision Inc. 623,907 1,542
Etron Technology Inc. 3,765,000 1,541
Unitech Printed Circuit Board Corp. 4,332,248 1,537
Kuoyang Construction Co. Ltd. 4,433,696 1,537
Chung-Hsin Electric & Machinery Manufacturing Corp. 2,862,250 1,530
CHC Healthcare Group 855,333 1,504
* Genius Electronic Optical Co. Ltd. 732,363 1,500
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 724,000 1,485
CyberTAN Technology Inc. 2,835,000 1,473
* Green Energy Technology Inc. 2,937,405 1,461
TYC Brother Industrial Co. Ltd. 2,020,000 1,456
Global Unichip Corp. 717,000 1,432
Elitegroup Computer Systems Co. Ltd. 2,067,441 1,427
* Taiwan Liposome Co. Ltd. 332,000 1,417
Jess-Link Products Co. Ltd. 1,330,458 1,396
Sonix Technology Co. Ltd. 1,211,000 1,379
CSBC Corp. Taiwan 3,231,100 1,363
Pan-International Industrial Corp. 3,285,991 1,347
* E-Ton Solar Tech Co. Ltd. 3,627,096 1,327
Sincere Navigation Corp. 2,373,000 1,313
Unizyx Holding Corp. 3,418,000 1,311
Taiwan Fire & Marine Insurance Co. Ltd. 1,915,000 1,299
Pan Jit International Inc. 3,288,000 1,298
Lite-On Semiconductor Corp. 1,827,439 1,280
OptoTech Corp. 4,000,000 1,280
China General Plastics Corp. 2,886,920 1,269
Weltrend Semiconductor 2,064,500 1,260
* LES Enphants Co. Ltd. 2,209,461 1,242
Global Mixed Mode Technology Inc. 673,000 1,237
Hung Poo Real Estate Development Corp. 1,838,946 1,227
Solartech Energy Corp. 2,193,364 1,217
Microlife Corp. 475,400 1,209
Nien Hsing Textile Co. Ltd. 1,820,468 1,179
Vivotek Inc. 469,006 1,164
China Chemical & Pharmaceutical Co. Ltd. 2,019,000 1,151
International Games System Co. Ltd. 415,000 1,111
* Chung Hung Steel Corp. 7,362,240 1,108
Gemtek Technology Corp. 2,165,564 1,099
Chung Hwa Pulp Corp. 3,595,712 1,099
Taiwan Sanyo Electric Co. Ltd. 1,330,750 1,093
Darfon Electronics Corp. 2,082,000 1,080
King's Town Construction Co. Ltd. 1,882,771 1,074
Tyntek Corp. 2,265,438 1,065
Cyberlink Corp. 495,578 1,059
Huang Hsiang Construction Corp. 1,301,000 1,054
Chun Yuan Steel 3,475,653 1,028
* Concord Securities Co. Ltd. 5,076,219 1,020
Chia Hsin Cement Corp. 3,020,112 1,002
* G Tech Optoelectronics Corp. 2,160,334 993
* Gold Circuit Electronics Ltd. 2,844,000 983

 

85


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* Wafer Works Corp. 2,887,674 976
Infortrend Technology Inc. 2,221,000 953
Aerospace Industrial Development Corp. 741,942 940
ALI Corp. 1,838,000 932
Lingsen Precision Industries Ltd. 3,034,000 914
Bank of Kaohsiung Co. Ltd. 3,297,639 901
Globe Union Industrial Corp. 1,874,625 881
Jentech Precision Industrial Co. Ltd. 611,354 854
ITE Technology Inc. 971,625 826
Hsin Kuang Steel Co. Ltd. 1,833,000 779
Quanta Storage Inc. 1,227,000 766
* Silicon Integrated Systems Corp. 3,736,000 711
* China Electric Manufacturing Corp. 2,735,000 691
Taiyen Biotech Co. Ltd. 919,979 685
* Eastern Media International Corp. 2,917,195 670
* Dynamic Electronics Co. Ltd. 2,299,000 664
L&K Engineering Co. Ltd. 1,132,000 652
Young Optics Inc. 527,000 650
ENG Electric Co. Ltd. 1,207,483 599
Shih Wei Navigation Co. Ltd. 1,455,772 582
Sunrex Technology Corp. 1,288,000 576
* Champion Building Materials Co. Ltd. 2,659,000 571
* Ta Ya Electric Wire & Cable 3,772,950 561
* AGV Products Corp. 2,660,265 557
ACES Electronic Co. Ltd. 693,000 554
Chinese Maritime Transport Ltd. 732,000 511
* HannsTouch Solution Inc. 3,220,559 498
FSP Technology Inc. 758,071 471
* Genesis Photonics Inc. 1,683,931 467
* Chinese Gamer International Corp. 352,000 450
Phihong Technology Co. Ltd. 1,483,000 435
First Steamship Co. Ltd. 1,219,000 434
Advanced International Multitech Co. Ltd. 646,000 412
Sheng Yu Steel Co. Ltd. 715,000 391
Tsann Kuen Enterprise Co. Ltd. 582,000 391
* KYE Systems Corp. 1,229,892 383
* Global Brands Manufacture Ltd. 1,714,462 381
Taiwan Mask Corp. 1,546,000 373
* Microelectronics Technology Inc. 1,313,000 366
Silitech Technology Corp. 619,405 357
Taiwan Navigation Co. Ltd. 747,000 312
* Tatung Co. Ltd. GDR 38,879 142
* ProMOS Technologies Inc. 5,975,000
* Taichung Commercial Bank Co Ltd Rights Exp. 11/23/15 712,511
    5,219,311
Thailand (0.5%)    
* PTT PCL 5,609,400 43,178
Advanced Info Service PCL (Foreign) 6,120,100 40,077
* Siam Commercial Bank PCL (Local) 10,110,600 37,806
Kasikornbank PCL (Foreign) 7,561,500 36,583
Siam Cement PCL (Foreign) 2,821,700 35,940
* Advanced Info Service PCL (Local) 4,995,292 32,711
CP ALL PCL (Foreign) 21,481,570 30,121
Intouch Holdings PCL 14,118,100 29,732
* CP ALL PCL (Local) 19,764,800 27,714
Bangkok Bank PCL (Foreign) 4,469,000 21,000
* Bumrungrad Hospital PCL 3,358,900 20,337
Airports of Thailand PCL (Foreign) 2,205,300 18,433
PTT PCL (Foreign) 2,366,115 18,213
Big C Supercenter PCL 3,235,300 18,177
* PTT Global Chemical PCL (Local) 11,201,600 17,485
* Central Pattana PCL 12,764,186 16,492
Siam Commercial Bank PCL (Foreign) 4,402,600 16,462
* Kasikornbank PCL 3,382,600 16,365

 

86


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* True Corp. PCL 57,506,200 16,288
* Airports of Thailand PCL 1,791,000 14,970
* OBI Pharma Inc. 1,128,000 13,869
* PTT Exploration and Production PCL (Local) 6,715,600 13,705
* Minor International PCL 15,826,280 13,534
PTT Exploration & Production PCL (Foreign) 6,384,569 13,029
Total Access Communication PCL 6,732,400 12,834
* Charoen Pokphand Foods PCL 21,136,500 12,277
* Delta Electronics Thailand PCL 4,670,800 11,058
* Bangkok Dusit Medical Services PCL (Local) 20,595,600 10,978
BTS Group Holdings PCL ADR 37,646,200 10,202
* Electricity Generating PCL 2,247,700 9,817
* Digital Telecommunications Infrastructure Fund 26,465,700 9,372
* Krung Thai Bank PCL 17,994,700 8,637
Bangkok Dusit Medical Services PCL (Foreign) 15,919,000 8,485
TMB Bank PCL (Foreign) 112,734,300 8,404
* IRPC PCL 67,642,700 7,726
* Land & Houses PCL 31,708,700 7,604
* BTS Rail Mass Transit Growth Infrastructure Fund 26,350,624 7,480
Krung Thai Bank PCL (Foreign) 14,913,137 7,158
* Jasmine Broadband Internet Infrastructure Fund 24,459,600 7,149
* TMB Bank PCL 93,165,200 6,945
PTT Global Chemical PCL (Foreign) 4,225,236 6,595
* Tipco Asphalt PCL 5,461,400 6,510
Thai Oil PCL (Foreign) 4,176,800 6,343
* Indorama Ventures PCL (Local) 9,502,300 6,143
* Siam City Cement PCL (Local) 636,717 6,041
Glow Energy PCL (Foreign) 2,486,345 5,979
* BEC World PCL 6,679,700 5,901
* Thai Oil PCL 3,512,200 5,334
* Central Plaza Hotel PCL 4,856,700 5,175
* Thai Union Frozen Products PCL (Foreign) 10,402,800 5,159
* Srisawad Power 1979 PCL 4,133,224 5,072
* Thanachart Capital PCL 5,345,400 5,030
* Sino-Thai Engineering & Construction PCL 7,072,142 5,005
Bangkok Life Assurance PCL (NVDR) 3,416,620 4,940
Ratchaburi Electricity Generating Holding PCL 3,250,200 4,839
Charoen Pokphand Foods PCL (Foreign) 8,304,300 4,823
* Robinson Department Store PCL 4,211,700 4,666
* Thai Union Group PCL 9,319,400 4,622
* Banpu PCL (Local) 7,591,100 4,618
* KCE Electronics PCL 2,558,400 4,432
BTS Group Holdings PCL 16,254,048 4,405
* Superblock PCL 103,279,300 4,316
* Bangkok Land PCL 96,722,100 4,261
* Siam Global House PCL (Local) 14,017,575 4,088
Home Product Center PCL (Foreign) 20,294,238 3,985
* Berli Jucker PCL 3,642,300 3,835
* True Corp. PCL 13,467,523 3,814
* Bangkok Airways Co. Ltd. 6,751,400 3,811
* Thaicom PCL 4,211,900 3,695
* Tisco Financial Group PCL 3,454,420 3,660
* Hana Microelectronics PCL 3,570,900 3,451
* Home Product Center PCL (Local) 17,575,547 3,451
* Glow Energy PCL 1,430,800 3,441
* Major Cineplex Group PCL 3,899,280 3,394
* TPI Polene PCL 47,759,400 3,375
* Bangchak Petroleum PCL 3,190,400 3,220
* Supalai PCL 6,067,700 3,218
* CH Karnchang PCL 4,056,800 3,214
* Krungthai Card PCL 1,146,600 3,207
IRPC PCL (Foreign) 28,064,000 3,206
* Muangthai Leasing PCL 6,219,800 3,176
* Chularat Hospital PCL 47,147,360 3,147

 

87


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* PTG Energy PCL 7,426,800 3,125
* LPN Development PCL 5,873,100 2,948
* Jasmine International PCL 18,407,000 2,922
* Gunkul Engineering PCL 4,278,425 2,903
* SPCG PCL 4,305,700 2,903
* Pruksa Real Estate PCL (Local) 3,669,700 2,883
Indorama Ventures PCL (Foreign) 4,205,648 2,719
* Thai Vegetable Oil PCL 3,589,120 2,666
* Carabao Group PCL 2,269,000 2,483
* VGI Global Media PCL (Local) 23,173,192 2,407
* Jasmine International PCL (Foreign) 15,089,900 2,396
* momo.com Inc. 413,000 2,351
* Inter Far East Energy Corp. 8,114,400 2,337
* Dynasty Ceramic PCL 19,952,400 2,276
* Bangkok Metro PCL 44,438,200 2,270
* CK Power PCL 30,952,800 2,172
* Italian-Thai Development PCL (Local) 9,271,700 2,144
Pruksa Real Estate PCL (Foreign) 2,710,500 2,130
TTW PCL (Foreign) 6,920,300 2,100
BEC World PCL (Foreign) 2,370,905 2,094
* Samart Corp. PCL 3,617,800 2,070
Hana Microelectronics PCL (Foreign) 2,059,900 1,991
* Thai Reinsurance PCL 24,207,590 1,943
Bangkok Expressway PCL (Foreign) 1,876,200 1,897
* TTW PCL 6,097,200 1,850
* Sri Trang Agro-Industry PCL 5,726,400 1,817
* Sansiri PCL (Local) 37,638,900 1,805
* Quality Houses PCL (Local) 24,000,650 1,723
* Italian-Thai Development PCL (Foreign) 7,424,785 1,717
* TICON Industrial Connection PCL 4,996,500 1,683
WHA Corp. PCL 18,608,630 1,679
Kiatnakin Bank PCL (Foreign) 1,775,743 1,671
* Amata Corp. PCL 4,265,000 1,640
* Esso Thailand PCL 10,312,900 1,617
Thoresen Thai Agencies PCL (Foreign) 5,418,772 1,564
* Bangkok Expressway PCL 1,529,400 1,547
Banpu PCL 2,537,400 1,544
* Kiatnakin Bank PCL (Local) 1,596,400 1,502
* GFPT PCL 4,810,500 1,419
WHA Corp. PCL 14,165,950 1,278
Bangkok Chain Hospital PCL (Foreign) 5,881,825 1,098
Quality Houses PCL (Foreign) 14,903,018 1,070
* Thai Airways International PCL (Foreign) 3,415,800 968
* AP Thailand PCL 5,710,400 960
* Cal-Comp Electronics Thailand PCL 10,514,797 938
* Bangkok Chain Hospital PCL (Local) 4,989,800 932
VGI Global Media PCL (Foreign) 8,894,080 924
* Precious Shipping PCL 4,499,600 859
Univentures PCL (Foreign) 4,060,200 807
* U City PCL 651,459,622 733
Asian Property Development PCL (Foreign) 4,332,944 729
Sansiri PCL (Foreign) 14,838,699 711
Siam Global House PCL (Foreign) 2,329,227 679
* Thoresen Thai Agencies PCL (Local) 2,263,500 654
* Thai Airways International PCL 2,110,200 598
* Bangkok Life Assurance PCL 402,900 583
* Maybank Kim Eng Securities Thailand PCL 756,900 489
* Univentures PCL (Local) 2,407,300 479
Samart Corp. PCL (Foreign) 810,500 464
* Precious Shipping PCL (Foreign) 1,518,350 290
* Jasmine International PCL Warrants Exp. 6/25/2025 7,397,009 281
* Jasmine International PCL Warrants Exp. 06/25/2020 5,737,892 218
* Sahaviriya Steel Industries PCL 96,407,100 136
* CK Power PCL Foreign Line Warrants Exp. 5/28/2020 6,341,340 86

 

88


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
* WHA Corp. PCL Warrants Exp. 12/31/2019 201,600 68
* Indorama Ventures PCL Warrants Exp. 8/24/2017 853,604 51
* WHA Corp. PCL Warrants 3,277,458 46
* Minor International Warrants Exp. 11/03/2017 487,890 44
* Indorama Ventures Warrants Exp. 8/24/2018 656,618 37
* G J Steel PCL Warrants Exp. 01/30/2020 9,920,670 5
* Sansiri PLC Warrants Exp. 7/29/2017 7,803,235
* BTS Group Holdings PCL Warrants Exp 10/16/2018 5,418,016
* Italian-Thai Development PCL (Foreign) Warrants Exp. 5/13/2019 1,484,957
* VGI Global Media PCL Warrants 1,154,924
* VGI Global Media PCL Foreign Warrants 1,111,760
* Italian-Thai Development PCL Warrants Exp. 5/13/2019 1,038,000
* Thoresen Thai Agencies PCL Warrants Exp. 2/28/2019 701,670
* Samart Corp. PCL Warrants Exp. 2/11/2018 661,060
G Steel PCL 14
* Srisawad Power 1979 PCL Warrants Exp. 11/30/2017 126,432
* Precious Shipping PCL Warrants 151,835
* Loxley PCL Warrants Exp. 03/20/2016 32,585
    995,067
Turkey (0.3%)    
Turkiye Garanti Bankasi AS 19,707,843 51,145
Akbank TAS 19,131,609 49,125
BIM Birlesik Magazalar AS 2,110,628 42,925
* Tupras Turkiye Petrol Rafinerileri AS 1,145,393 30,246
Turkcell Iletisim Hizmetleri AS 7,410,643 29,475
KOC Holding AS 5,890,239 26,659
Haci Omer Sabanci Holding AS (Bearer) 7,597,804 24,093
Turkiye Halk Bankasi AS 5,909,606 22,181
Turkiye Is Bankasi 12,740,718 21,752
Eregli Demir ve Celik Fabrikalari TAS 12,823,640 18,186
Emlak Konut Gayrimenkul Yatirim Ortakligi AS 18,211,172 17,671
* Turk Hava Yollari AO 5,173,297 15,272
Anadolu Efes Biracilik Ve Malt Sanayii AS 1,821,327 14,364
Turkiye Vakiflar Bankasi TAO 10,039,774 14,317
TAV Havalimanlari Holding AS 1,423,278 11,176
Turk Telekomunikasyon AS 5,010,346 10,799
Yapi ve Kredi Bankasi AS 8,311,121 10,116
Ulker Biskuvi Sanayi AS 1,476,160 9,972
Arcelik AS 1,685,886 9,192
Enka Insaat ve Sanayi AS 4,878,964 8,644
Coca-Cola Icecek AS 640,342 8,114
Tofas Turk Otomobil Fabrikasi AS 1,171,982 7,736
Ford Otomotiv Sanayi AS 639,453 7,520
Turkiye Sise ve Cam Fabrikalari AS 5,566,231 6,374
* Petkim Petrokimya Holding AS 3,814,360 5,624
Turkiye Sinai Kalkinma Bankasi AS 6,621,544 3,497
Aselsan Elektronik Sanayi Ve Ticaret AS 709,378 3,393
Turk Traktor ve Ziraat Makineleri AS 119,436 2,843
Cimsa Cimento Sanayi VE Ticaret AS 451,522 2,462
Dogus Otomotiv Servis ve Ticaret AS 671,613 2,437
Koza Altin Isletmeleri AS 425,840 2,393
Aygaz AS 615,197 2,310
Yazicilar Holding AS Class A 401,083 2,235
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS 4,729,253 2,124
* Pegasus Hava Tasimaciligi AS 330,088 2,116
* Asya Katilim Bankasi AS 7,571,421 2,077
Aksa Akrilik Kimya Sanayii AS 559,090 2,051
* Migros Ticaret AS 333,197 1,965
* Aksa Enerji Uretim AS Class B 2,077,512 1,866
Trakya Cam Sanayii AS 2,806,324 1,857
Otokar Otomotiv Ve Savunma Sanayi A.S. 67,447 1,807
* Sekerbank TAS 3,188,933 1,695
Gubre Fabrikalari TAS 749,675 1,694
* Dogan Sirketler Grubu Holding AS 7,924,256 1,685

 

89


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Akcansa Cimento AS 356,996 1,677
Akfen Holding AS 596,177 1,675
Tekfen Holding AS 1,132,360 1,619
Aksigorta AS 2,466,731 1,571
Is Gayrimenkul Yatirim Ortakligi AS 2,696,555 1,387
* NET Holding AS 1,221,082 1,383
* Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS 2,304,707 1,383
* Vestel Elektronik Sanayi ve Ticaret AS 810,300 1,372
* Soda Sanayii AS 778,715 1,287
* Koza Anadolu Metal Madencilik Isletmeleri AS 2,426,653 1,281
Albaraka Turk Katilim Bankasi AS 2,368,957 1,129
Bagfas Bandirma Gubre Fabrikalari AS 245,050 1,113
* Brisa Bridgestone Sabanci Sanayi ve Ticaret AS 359,999 1,033
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A 1,859,682 1,033
Bizim Toptan Satis Magazalari AS 226,412 1,009
* Afyon Cimento Sanayi TAS 444,721 935
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS 1,033,417 861
Konya Cimento Sanayii AS 8,327 857
Torunlar Gayrimenkul Yatirim Ortakligi AS 642,034 729
* Anadolu Cam Sanayii AS 830,940 618
* Adana Cimento Sanayii TAS Class A 262,407 591
* Zorlu Enerji Elektrik Uretim AS 1,011,368 531
* Vakif Gayrimenkul Yatirim Ortakligi AS 632,318 512
Alarko Holding AS 409,805 459
* Akenerji Elektrik Uretim AS 1,321,807 422
Turcas Petrol AS 724,518 400
* Ihlas Holding AS 3,143,110 270
Anadolu Hayat Emeklilik AS 85,757 159
    542,481
United Arab Emirates (0.2%)    
Emaar Properties PJSC 32,842,811 57,121
First Gulf Bank PJSC 10,549,742 35,459
Abu Dhabi Commercial Bank PJSC 17,171,531 35,055
DP World Ltd. 1,590,918 32,140
Aldar Properties PJSC 29,282,351 18,156
* Emaar Malls Group PJSC 19,710,597 16,790
Dubai Islamic Bank PJSC 9,256,289 16,288
Union National Bank PJSC 10,318,971 15,724
DAMAC Properties Dubai Co. PJSC 15,879,121 12,830
* Arabtec Holding PJSC 21,148,898 9,372
* Dubai Parks & Resorts PJSC 23,558,861 8,047
Air Arabia PJSC 21,894,999 8,044
Dubai Financial Market PJSC 14,997,453 5,836
Al Waha Capital PJSC 8,837,857 5,229
Dubai Investments PJSC 8,143,944 5,006
* Dana Gas PJSC 34,444,523 4,403
Agthia Group PJSC 1,363,215 2,837
* Amanat Holdings PJSC 11,672,536 2,446
* Deyaar Development PJSC 14,105,150 2,275
Union Properties PJSC 8,690,634 2,035
* Eshraq Properties Co. PJSC 11,478,105 1,935
RAK Properties PJSC 11,015,932 1,737
* Drake & Scull International PJSC 10,774,405 1,688
National Central Cooling Co. PJSC 3,153,083 969
Aramex PJSC 733,646 616
    302,038
United Kingdom (14.9%)    
HSBC Holdings plc 182,973,023 1,429,177
British American Tobacco plc 17,476,308 1,037,322
BP plc 170,988,532 1,014,949
GlaxoSmithKline plc 45,582,125 981,747
Royal Dutch Shell plc Class A 34,715,936 901,524
Vodafone Group plc 249,077,591 821,125
AstraZeneca plc 11,831,536 755,208

 

90


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Diageo plc 23,614,608 682,428
Lloyds Banking Group plc 573,420,467 650,651
Royal Dutch Shell plc Class B 22,761,238 594,531
Reckitt Benckiser Group plc 5,960,418 581,554
BT Group plc 78,468,135 560,995
Barclays plc 157,011,005 558,805
Prudential plc 23,923,981 558,414
SABMiller plc 8,863,454 545,226
National Grid plc 35,366,348 503,367
BG Group plc 31,909,090 502,625
Unilever plc 11,311,376 502,338
Imperial Tobacco Group plc 9,034,005 486,640
Rio Tinto plc 11,526,938 418,040
Shire plc 5,511,375 417,343
BHP Billiton plc 19,802,551 316,708
Aviva plc 37,929,539 283,677
WPP plc 12,151,104 272,342
Compass Group plc 15,448,330 266,116
Legal & General Group plc 55,726,015 224,099
Standard Chartered plc 19,588,013 217,400
SSE plc 9,265,116 216,092
* Tesco plc 76,210,237 214,721
ARM Holdings plc 13,221,255 208,980
BAE Systems plc 29,620,818 200,593
CRH plc (Dublin Shares) 7,017,418 191,600
Glencore plc 110,560,866 190,424
RELX plc 10,483,263 187,391
Rolls-Royce Holdings plc 17,231,484 182,300
Associated British Foods plc 3,270,780 173,940
Next plc 1,380,759 169,940
Sky plc 9,833,386 165,813
Centrica plc 47,388,502 164,941
Experian plc 9,132,779 155,733
Land Securities Group plc 7,381,872 152,150
Old Mutual plc 45,869,272 149,814
* Royal Bank of Scotland Group plc 30,411,852 148,644
Smith & Nephew plc 8,414,295 143,607
Wolseley plc 2,443,521 143,407
ITV plc 35,061,572 136,068
Whitbread plc 1,712,051 130,841
British Land Co. plc 9,610,950 128,778
Capita plc 6,203,327 121,759
Marks & Spencer Group plc 15,402,343 121,603
Kingfisher plc 21,831,594 118,653
Standard Life plc 18,344,646 118,632
London Stock Exchange Group plc 2,928,019 114,543
Anglo American plc London Shares 12,261,594 102,746
Pearson plc 7,611,657 100,791
United Utilities Group plc 6,385,367 97,104
Carnival plc 1,714,613 95,324
Taylor Wimpey plc 30,285,817 92,227
InterContinental Hotels Group plc 2,221,840 88,939
Bunzl plc 3,104,796 88,791
Persimmon plc 2,875,104 88,184
Barratt Developments plc 9,313,096 87,737
* International Consolidated Airlines Group SA (London Shares) 9,556,437 85,593
Burberry Group plc 4,158,387 85,015
Sage Group plc 10,080,702 84,519
Mondi plc 3,449,372 79,719
Direct Line Insurance Group plc 12,864,566 78,113
Severn Trent plc 2,234,675 77,179
Johnson Matthey plc 1,925,472 76,576
Provident Financial plc 1,369,577 73,155
Ashtead Group plc 4,708,853 72,453

 

91


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  St. James's Place plc 4,851,840 71,968
  Hammerson plc 7,329,715 71,811
  GKN plc 16,051,424 70,912
  3i Group plc 9,027,486 69,602
  Travis Perkins plc 2,308,968 68,052
  Dixons Carphone plc 9,329,168 66,246
  DCC plc 825,289 66,141
  Inmarsat plc 4,205,420 63,733
  RSA Insurance Group plc 9,553,307 61,896
  Intertek Group plc 1,513,313 61,153
  Berkeley Group Holdings plc 1,178,404 60,137
  Royal Mail plc 8,592,041 58,908
  TUI AG 3,145,514 58,495
  Randgold Resources Ltd. 869,635 58,306
  Croda International plc 1,263,107 56,298
  Derwent London plc 935,854 55,896
  Rexam plc 6,591,968 54,816
  easyJet plc 2,034,467 54,773
  Smiths Group plc 3,679,868 54,494
  G4S plc 14,522,083 54,221
  J Sainsbury plc 13,225,860 54,165
  Informa plc 6,109,186 53,375
  DS Smith plc 8,822,743 52,545
  Wm Morrison Supermarkets plc 20,273,981 52,518
  Rightmove plc 862,608 50,925
  Inchcape plc 4,138,635 50,875
  Aberdeen Asset Management plc 9,238,735 49,291
  Schroders plc 1,063,397 48,814
  Pennon Group plc 3,842,501 47,941
  Segro plc 6,920,844 47,894
  Amlin plc 4,687,812 47,583
  Royal Dutch Shell plc Class A (Amsterdam Shares) 1,804,354 47,185
  Capital & Counties Properties plc 6,843,575 46,795
  Intu Properties plc 8,779,491 46,721
  Admiral Group plc 1,867,826 46,351
  Cobham plc 10,729,617 45,808
  Bellway plc 1,142,707 45,639
  Hargreaves Lansdown plc 2,045,868 45,465
  Booker Group plc 15,432,604 44,228
  Great Portland Estates plc 3,207,535 43,935
  Coca-Cola HBC AG 1,842,265 43,891
  Henderson Group plc 9,857,915 43,519
2 Merlin Entertainments plc 6,638,803 42,360
  Hikma Pharmaceuticals plc 1,260,348 41,997
  Howden Joinery Group plc 5,849,329 41,741
  Halma plc 3,509,858 41,257
  Rentokil Initial plc 17,014,172 40,473
  William Hill plc 8,261,977 40,335
  Amec Foster Wheeler plc 3,667,214 40,066
  Tate & Lyle plc 4,357,166 40,057
  Investec plc 4,787,504 39,934
  Meggitt plc 7,307,328 39,774
*,2 Auto Trader Group plc 6,644,532 39,728
  IG Group Holdings plc 3,410,388 39,671
  Betfair Group plc 797,587 39,633
  Hiscox Ltd. 2,651,517 39,478
  Melrose Industries plc 9,319,503 38,179
  Shaftesbury plc 2,611,868 37,827
  IMI plc 2,566,384 37,622
  Man Group plc 14,384,054 36,904
  Greene King plc 2,904,831 35,933
  Babcock International Group plc 2,356,094 34,965
  Telecity Group plc 1,904,526 34,460
  ICAP plc 5,010,599 33,937

 

92


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Weir Group plc 2,007,803 32,979
UBM plc 4,081,489 32,138
Spirax-Sarco Engineering plc 685,635 32,108
Essentra plc 2,435,517 31,567
Petrofac Ltd. 2,431,741 31,483
Aggreko plc 2,234,107 31,448
Close Brothers Group plc 1,392,928 31,379
John Wood Group plc 3,412,248 31,312
* BTG plc 3,570,610 30,334
Regus plc 5,794,374 29,848
Cable & Wireless Communications plc 26,198,460 29,646
Hays plc 13,266,725 28,772
Spectris plc 1,117,302 28,667
BBA Aviation plc 9,717,512 28,527
Daily Mail & General Trust plc 2,462,545 28,401
Phoenix Group Holdings 2,103,391 27,708
Micro Focus International plc 1,428,094 27,606
* Thomas Cook Group plc 14,450,475 27,333
Beazley plc 4,872,957 27,269
WH Smith plc 1,036,293 27,196
Jupiter Fund Management plc 3,912,447 27,107
Antofagasta plc 3,347,735 27,057
* Just Eat plc 4,071,290 26,676
* Intermediate Capital Group plc 3,033,050 26,426
* Tullow Oil plc 8,431,910 26,248
Playtech plc 1,955,010 25,772
Berendsen plc 1,597,443 25,201
Britvic plc 2,339,338 25,165
* Sports Direct International plc 2,334,615 25,059
* Balfour Beatty plc 6,407,180 24,565
AA plc 5,673,737 24,164
RPC Group plc 2,369,569 23,745
Rotork plc 8,058,095 23,253
* Ocado Group plc 3,760,923 21,790
Michael Page International plc 2,841,385 21,623
Victrex plc 750,357 21,340
Moneysupermarket.com Group plc 4,143,979 21,324
Stagecoach Group plc 3,997,773 21,293
Domino's Pizza Group plc 1,266,575 21,275
UNITE Group plc 2,075,759 21,242
^ Polymetal International plc 2,397,006 21,202
Synergy Health plc 532,652 20,761
Grafton Group plc 1,992,275 20,661
Restaurant Group plc 1,870,022 20,646
SSP Group plc 4,444,400 20,626
Kennedy Wilson Europe Real Estate plc 1,109,066 20,432
Lancashire Holdings Ltd. 1,850,024 20,290
WS Atkins plc 948,723 20,112
Bovis Homes Group plc 1,262,882 19,920
Indivior plc 6,072,651 19,206
^ TalkTalk Telecom Group plc 4,904,203 19,111
QinetiQ Group plc 5,541,729 19,107
Crest Nicholson Holdings plc 2,282,030 19,099
Carillion plc 4,057,358 19,059
AVEVA Group plc 594,767 18,790
Saga plc 5,761,246 18,414
National Express Group plc 3,986,773 18,379
Polyus Gold International Ltd. 6,246,742 18,309
Kier Group plc 848,204 17,973
Paragon Group of Cos. plc 2,766,769 17,879
Fresnillo plc 1,588,296 17,835
Greencore Group plc 3,783,450 17,597
Greggs plc 960,981 17,562
Galliford Try plc 756,603 17,413

 

93


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
    Market
    Value
  Shares ($000)
Dignity plc 461,390 17,262
Pace plc 2,998,398 17,223
Savills plc 1,196,163 16,859
CRH plc (London Shares) 614,665 16,822
* Firstgroup plc 11,275,784 16,789
UDG Healthcare plc 2,292,897 16,780
Mitie Group plc 3,389,147 16,772
Ultra Electronics Holdings plc 644,199 16,698
Jardine Lloyd Thompson Group plc 1,139,165 16,621
Workspace Group plc 1,096,558 16,161
Debenhams plc 11,664,669 16,053
Ladbrokes plc 9,654,843 15,694
Elementis plc 4,340,818 15,661
Cineworld Group plc 1,833,972 15,593
Big Yellow Group plc 1,348,570 15,565
^ Ashmore Group plc 3,712,984 15,417
Drax Group plc 3,842,629 15,417
Pets at Home Group plc 3,412,995 15,154
Alent plc 1,952,772 15,007
* HomeServe plc 2,409,829 14,993
2 Spire Healthcare Group plc 2,588,117 14,944
* Serco Group plc 10,224,757 14,754
Go-Ahead Group plc 394,456 14,732
Grainger plc 3,814,352 14,617
Redrow plc 2,035,546 14,537
LondonMetric Property plc 5,470,241 14,240
Vesuvius plc 2,581,505 14,193
Bodycote plc 1,764,117 13,987
HellermannTyton Group plc 1,912,960 13,966
Senior plc 3,945,734 13,763
Home Retail Group plc 7,779,961 13,432
Marston's plc 5,382,905 13,403
Al Noor Hospitals Group plc 726,432 13,152
Virgin Money Holdings UK plc 2,182,481 13,027
Dairy Crest Group plc 1,311,631 13,006
Electrocomponents plc 4,108,616 12,977
Laird plc 2,474,871 12,896
Synthomer plc 2,515,411 12,819
Tritax Big Box REIT plc 6,357,488 12,611
* Cairn Energy plc 5,466,628 12,607
Halfords Group plc 1,880,600 12,592
Genus plc 558,719 12,510
Card Factory plc 2,213,030 12,286
Dunelm Group plc 837,330 12,209
International Personal Finance plc 2,142,555 12,209
^ Hansteen Holdings plc 6,376,887 12,181
Dechra Pharmaceuticals plc 813,886 12,151
* Mitchells & Butlers plc 2,190,904 11,954
Tullett Prebon plc 2,169,523 11,752
* SVG Capital plc 1,604,350 11,727
Morgan Advanced Materials plc 2,690,438 11,577
Interserve plc 1,351,872 11,565
ST Modwen Properties plc 1,669,192 11,302
Ted Baker plc 240,887 11,231
Bwin Party Digital Entertainment plc 6,488,623 11,183
F&C Commercial Property Trust Ltd. 4,866,204 10,689
SIG plc 5,190,869 10,657
Diploma plc 1,069,664 10,571
Fidessa Group plc 349,140 10,533
Entertainment One Ltd. 3,081,384 10,433
Countrywide plc 1,444,141 10,344
Brewin Dolphin Holdings plc 2,473,347 10,283
* Vectura Group plc 3,774,081 10,170
Centamin plc 10,143,948 9,935

 

94


 

Vanguard® Total International Stock Index Fund    
Schedule of Investments    
October 31, 2015    
 
      Market
      Value
    Shares ($000)
  Renishaw plc 341,545 9,933
* Ophir Energy plc 6,362,354 9,400
  Bank of Georgia Holdings plc 303,246 9,341
  J D Wetherspoon plc 782,324 9,334
  esure Group plc 2,239,394 9,134
  Telecom Plus plc 561,120 9,087
  Keller Group plc 663,917 8,339
  N Brown Group plc 1,414,529 8,170
  Redefine International PLC 9,439,144 8,053
* Imagination Technologies Group plc 2,346,716 8,000
* Enterprise Inns plc 4,827,183 7,986
2 Zoopla Property Group plc 2,129,995 7,964
  UK Commercial Property Trust Ltd. 5,891,118 7,934
  Northgate plc 1,261,006 7,868
  RPS Group plc 2,161,752 7,813
*,^ Allied Minds plc 1,038,624 7,523
  Computacenter plc 644,662 7,516
^ Vedanta Resources plc 971,126 7,389
  Foxtons Group plc 2,381,471 7,333
  Poundland Group plc 1,669,698 7,071
  Hunting plc 1,261,935 6,992
  NMC Health plc 588,973 6,917
* Aldermore Group plc 1,660,911 6,744
  Devro plc 1,533,020 6,711
  De La Rue plc 936,887 6,667
* SuperGroup plc 293,862 6,610
  Just Retirement Group plc 2,572,120 6,546
  Spirent Communications plc 5,726,624 6,477
  KCOM Group plc 4,778,339 6,405
  Helical Bar plc 916,131 6,233
  Xchanging plc 2,265,121 5,864
  Chesnara plc 1,152,603 5,785
* Evraz plc 4,380,229 5,714
  Xaar plc 716,510 5,644
* Genel Energy plc 1,431,801 5,626
  Soco International plc 2,048,300 5,570
  Picton Property Income Ltd. 4,963,406 5,410
  Petra Diamonds Ltd. 4,656,895 5,347
  Shanks Group plc 3,659,050 5,341
  Premier Farnell plc 3,312,501 5,097
  OneSavings Bank plc 860,409 5,062
* Premier Oil plc 4,738,588 4,974
* Mothercare plc 1,328,755 4,843
  ITE Group plc 2,230,871 4,826
  Chemring Group plc 1,792,986 4,749
  Fenner plc 2,022,675 4,741
  Daejan Holdings plc 48,030 4,698
  Stobart Group Ltd. 2,593,024 4,424
* Lamprell plc 2,380,684 4,406
*,^ KAZ Minerals plc 2,447,403 4,356
  Development Securities plc 1,179,483 4,332
  Schroder REIT Ltd. 4,636,692 4,251
  Acacia Mining plc 1,404,603 4,180
  Cape plc 1,100,246 3,892
  Oxford Instruments plc 483,570 3,870
*,^ AO World plc 1,572,703 3,843
2 John Laing Group plc 1,265,464 3,722
* Premier Foods plc 6,448,104 3,381
^ 888 Holdings plc 1,236,714 3,077
* EnQuest plc 6,923,623 2,883
  Partnership Assurance Group plc 1,369,599 2,823
*,^ Hochschild Mining plc 2,294,379 2,612
  Infinis Energy plc 917,698 2,571
  Speedy Hire plc 4,434,620 2,060

 

95


 

Vanguard® Total International Stock Index Fund        
Schedule of Investments        
October 31, 2015        
 
          Market
          Value
        Shares ($000)
*,^ Lonmin plc     5,015,776 1,964
  Gem Diamonds Ltd.     1,115,315 1,702
  Ferrexpo plc     1,168,471 610
*,^ Afren plc     7,677,368 211
          27,729,763
 
 
Total Common Stocks (Cost $187,715,549)       185,603,461
 
 
    Coupon      
 
Temporary Cash Investments (3.0%)1        
Money Market Fund (2.9%)        
5,6 Vanguard Market Liquidity Fund 0.207%   5,451,983,306 5,451,983
 
 
        Face  
      Maturity Amount  
      Date ($000)  
U.S. Government and Agency Obligations (0.1%)        
7,8 Federal Home Loan Bank Discount Notes 0.170% 11/4/15 10,000 10,000
7 Federal Home Loan Bank Discount Notes 0.170% 11/6/15 800 800
7 Federal Home Loan Bank Discount Notes 0.170% 11/18/15 1,000 1,000
7,8 Federal Home Loan Bank Discount Notes 0.182% 11/25/15 15,000 15,000
7,8 Federal Home Loan Bank Discount Notes 0.140% 12/4/15 10,000 9,999
7,8 Federal Home Loan Bank Discount Notes 0.140% 12/28/15 10,000 9,998
7,9 Federal Home Loan Bank Discount Notes 0.245% 4/20/16 7,000 6,994
7,8 Federal Home Loan Bank Discount Notes 0.260% 4/27/16 10,000 9,990
7,9 Federal Home Loan Bank Discount Notes 0.294% 4/29/16 10,000 9,990
8,9,10 Freddie Mac Discount Notes 0.160% 11/13/15 4,000 4,000
9,10 Freddie Mac Discount Notes 0.220% 4/15/16 10,500 10,492
 
          88,263
 
Total Temporary Cash Investments (Cost $5,540,231)       5,540,246
 
Total Investments (102.5%) (Cost $193,255,780)       191,143,707
Other Assets and Liabilities—Net (-2.5%)6       (4,572,440)
Net Assets (100%)       186,571,267

 

*      Non-income-producing security.
^      Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,208,246,000.
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 100.0% and 2.5%, 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 October 31, 2015, the aggregate value of these securities was $560,542,000, representing 0.3% of net assets.
3      “Other” represents securities that are not classified by the fund’s benchmark index.
4      Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. “Other” represents securities that are not classified by the fund’s benchmark index.
5      Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6      Includes $4,730,037,000 of collateral received for securities on loan.
7      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.
8      Securities with a value of $62,782,000 have been segregated as initial margin for open futures contracts.
9      Securities with a value of $12,469,000 have been segregated as collateral for open forward currency contracts.
10      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.

96


 

Vanguard® Total International Stock Index Fund Schedule of Investments October 31, 2015 GDR—Global Depositary Receipt.

NVDR—Non-Voting Depository Receipt.

REIT—Real Estate Investment Trust.

97


 

© 2015 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SNA1130 122015



Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard STAR Funds and the Shareholders of Vanguard Total International
Stock Index Fund:  

In our opinion, the accompanying statement of net assetsinvestments summary and the related
statements of operations and of changes in net assets and the financial highlights (included in Item 1 of
this Form N­CSR) and the schedule of investments (included in Item 6 of this Form N­CSR) present fairly,
in all material respects, the financial position of Vanguard Total International Stock Index Fund
(constituting a separate portfolio of Vanguard STAR Funds, hereafter referred to as the "Fund") at October
31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the
two years in the period then ended, and the financial highlights for each of the periods indicated, in
conformity with accounting principles generally accepted in the United States of America.  These financial
statements, financial highlights, and schedule of investments (hereafter referred to as "financial
statements") are the responsibility of the Fund's management.  Our responsibility is to express an opinion
on these financial statements based on our audits.  We conducted our audits of these financial statements
in accordance with the standards of the Public Company Accounting Oversight Board (United States). 
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating the overall financial
statement presentation.  We believe that our audits, which included confirmation of securities at October
31, 2015 by correspondence with the custodian and brokers, by agreement to the underlying ownership
records of the transfer agent and the application of alternative auditing procedures where securities
purchased had not been received, provide a reasonable basis for our opinion.  


December 10, 2015

PricewaterhouseCoopers LLP, Two Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, PA 19103-7042
T: (267) 330-3000, F: (267) 330-3300, www.pwc.com/us


Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11: 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. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


 

Item 12: Exhibits.

(a) Code of Ethics.
(b) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  VANGUARD STAR FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: March 14, 2016

 

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 STAR FUNDS
 
By: /s/ F. WILLIAM MCNABB III*
  F. WILLIAM MCNABB III
  CHIEF EXECUTIVE OFFICER
 
Date: March 14, 2016

 

  VANGUARD STAR FUNDS
 
By: /s/ THOMAS J. HIGGINS*
  THOMAS J. HIGGINS
  CHIEF FINANCIAL OFFICER
 
Date: March 14, 2016

 

* By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.

EX-31 2 starfunds_302amended.htm starfunds_302amended.htm - Generated by SEC Publisher for SEC Filing

 

CERTIFICATIONS

 

I, F. William McNabb III, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard STAR Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 14, 2016

/s/ F. William McNabb III

 

F. William McNabb III

 

Chief Executive Officer

 

 


 

 

CERTIFICATIONS

 

I, Thomas J. Higgins, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard STAR Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 14, 2016

/s/ Thomas J Higgins

 

Thomas J. Higgins

 

Chief Financial Officer

 

 

EX-32 3 starfunds_906amended.htm starfunds_906amended.htm - Generated by SEC Publisher for SEC Filing

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

Name of Issuer: Vanguard STAR Funds

 

            In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1.                  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.                  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

 

Date: March 14, 2016

/s/ F. William McNabb III

 

F. William McNabb III

 

Chief Executive Officer

 

 

 

 

 


 

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

 

Name of Issuer:  Vanguard STAR Funds

 

            In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

 

Date: March 14, 2016

/s/ Thomas J Higgins

 

Thomas J. Higgins

 

Chief Financial Officer

 

 

 

 

 

 

 

                                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                            

 

EX-99.CODE ETH 4 sarbanes-oxleycodeofethicsma.htm sarbanes-oxleycodeofethicsma.htm - Generated by SEC Publisher for SEC Filing

 

   

 

the vanguard FUNDS’

CODE OF Ethics

fOR

SENIOR executive and FINANCIAL OFFICERS

I.                   Introduction

 The Board of Trustees of each registered investment company that is managed, sponsored, and distributed by The Vanguard Group, Inc. (“VGI”) (each a “Vanguard Fund” and collectively the “Vanguard Funds”) has adopted this code of ethics (the “Code”) as required by Section 406 of the Sarbanes-Oxley Act.  The Code applies to the individuals in positions listed on Exhibit A (the “Covered Officers”).  All Covered Officers, along with employees of The Vanguard Group, Inc., are subject to separate and distinct obligations from this Code under a Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (“17j-1 Code of Ethics”), policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time.

This Code is designed to promote:

·         Honest and ethical conduct, including the ethical handling of conflicts of interest;

·         Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Vanguard Fund files with, or submits to, the U.S. Securities and Exchange Commission, or in other public communications made by the Vanguard Funds or VGI;

·         Compliance with applicable laws, governmental rules, and regulations;

·         Prompt internal reporting to those identified in the Code of violations of the Code; and

·         Accountability for adherence to the Code.

II.                Actual or Apparent Conflicts of Interest

A.  Covered Officers should conduct all activities in accordance with the following principles:

1.   Shareholders’ interests come first. In the course of fulfilling their duties and responsibilities to Vanguard Fund shareholders, Covered Officers must at all times place the interests of Vanguard Fund shareholders first.  In particular, Covered Officers must avoid serving their own personal interests ahead of the interests of Vanguard Fund shareholders.

 

2.   Conflicts of interest must be avoided.  Covered Officers must avoid any situation involving an actual or potential conflict of interest or possible impropriety with respect to their duties and responsibilities to Vanguard Fund shareholders. Covered Officers must disclose any situation that may present the potential for a conflict of interest to Vanguard’s Compliance Department, consistent with the 17j-1 Code of Ethics.

III.14b.1

March 20, 2015

 


 

 

 

3.   Compromising situations must be avoided.  Covered Officers must not take advantage of their position of trust and responsibility.  Covered Officers must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of Vanguard Fund shareholders.

 

All activities of Covered Officers should be guided by and adhere to these fiduciary standards regardless of whether the activity is specifically described in this Code.

 

B.  Restricted Activities

 

1.   Prohibition on secondary employment.  Covered Officers are prohibited from accepting or serving in any form of secondary employment.  Secondary employment that does not create a potential conflict of interest may be approved by the General Counsel of VGI.

 

2.      Prohibition on service as director or public official.  Unless approved by the General Counsel of VGI, Covered Officers are prohibited from serving on the board of directors of any publicly traded company or in an official capacity for any federal, state, or local government (or governmental agency or instrumentality).

 

3.      Prohibition on misuse of Vanguard time or property.  Covered Officers are prohibited from making use of time, equipment, services, personnel or property of any Vanguard entity for any purposes other than the performance of their duties and responsibilities in connection with the Vanguard Funds or other Vanguard-related entities.

III.             Disclosure and Compliance

A.  Each Covered Officer should be familiar with the disclosure requirements generally applicable to the Vanguard Funds.

 

B.  Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Vanguard Funds to others, including to the Vanguard Funds’ directors and auditors, or to government regulators and self-regulatory organizations.

 

C.  Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of VGI and advisers to a Vanguard Fund with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the fund files with, or submits to, the SEC and in other public communications made by a Vanguard Fund.

 

D.  It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, regulations, and the 17j-1 Code of Ethics.

 

 

III.14b.2

 

March 20, 2015

 


 

 

 

IV.             Reporting and Accountability

 

A.  Each Covered Officer must:

 

1.      Upon adoption or amendment of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Code;

 

2.      Affirm at least annually in writing that he or she has complied with the requirements of the Code;

 

3.      Not retaliate against any other Covered Officer or any employee of VGI for reports of potential violations of the Code that are made in good faith; and

 

4.      Notify the General Counsel of VGI promptly if the Covered Officer knows of any violations of this Code.

 

B.  The Vanguard Funds will use the following procedures in investigating and enforcing this Code:

 

1.      The General Counsel of VGI is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation.  The General Counsel will report on an as-needed basis to the Board of Trustees regarding activities subject to the Code. 

2.      The General Counsel will take all appropriate action to investigate any potential violations of the Code that are reported to him or her.

 

3.      If, after investigation, the General Counsel believes that no material violation of the Code has occurred, the General Counsel is not required to take any further action.

 

4.      Any matter that the General Counsel believes is a material violation of the Code will be reported to the Chief Compliance Officer and the Board of Trustees of the Vanguard Funds.

 

5.      If the Board of Trustees of the Vanguard Funds concurs that a material violation of the Code has occurred, the Board will consider appropriate action.  Appropriate action may include reassignment, suspension, or dismissal of the applicable Covered Officer(s), or any other sanctions the Board deems appropriate.  Appropriate action may also include review of, and appropriate modifications to, applicable policies and procedures.

 

6.      Any changes to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

III.14b.3

 

March 20, 2015

 


 

 

 

Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Vanguard Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Vanguard Funds, VGI, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

 

VGI’s and the Vanguard Funds’ 17j-1 Code of Ethics, policies to prevent the misuse of non-public information, and other internal compliance guidelines and policies that may be in effect from time to time are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.       Amendments

            This Code may not be materially amended except by the approval of a majority vote of the independent trustees of the Vanguard Funds’ Board of Trustees.  Non-material, technical, and administrative revisions of the Code do not have to be approved by the Board of Trustees.   Amendments must be in writing and communicated promptly to the Covered Officers, who shall affirm receipt of the amended Code in accordance with Section IV. A. 1. 

VII.     Confidentiality

            All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Vanguard Funds’ Board of Trustees, VGI’s General Counsel and the Chief Compliance Officer of VGI and the Vanguard Funds.

 

Last Reviewed: March 20, 2015

III.14b.4

 

March 20, 2015

 


 

 

EXHIBIT A

to the vanguard FUNDS’

 CODE OF Ethics

fOR

SENIOR executive and FINANCIAL OFFICERS

 

Covered Officers:

Chairman, President and Chief Executive Officer of The Vanguard Group, Inc. and the Vanguard Funds

Managing Director of Strategy and Finance of The Vanguard Group, Inc.

Chief Financial Officer of The Vanguard Group, Inc.

Controller of The Vanguard Group, Inc.

Director of Domestic Finance of The Vanguard Group, Inc.

Director of International Finance of The Vanguard Group, Inc.

Assistant Controller(s) of The Vanguard Group, Inc.

Director of Enterprise Financial Planning & Analysis of The Vanguard Group, Inc.

Chief Audit Executive and Head of Internal Audit, The Vanguard Group, Inc.

Chief Financial Officer of the Vanguard Funds

Treasurer of the Vanguard Funds

Controller of the Vanguard Funds

Assistant Treasurer(s) of the Vanguard Funds

 

 

 

 

 

III.14b.5

March 20, 2015

 

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March 15, 2016

 

U.S. Securities & Exchange Commission

100 F. Street, N.E.

Washington, DC 20549

 

RE:          Vanguard Star Funds (the Trust)

                File No. 2-88373

 

Commissioners:

 

Enclosed is an amendment to Form N-CSR originally filed on December 22, 2015, which we are filing pursuant to Rule 30b2-1 of the Investment Company Act of 1940. The purpose of this amendment is to refile the annual report to shareholders required by Item 1 of Form N-CSR to correct reported benchmark performance data for the LifeStrategy Conservative Growth Fund, a series of the above-referenced Trust.  Pursuant to Rule 30a-2(a), we are enclosing new certifications by the principal executive and principal financial officer of the Trust.    

Please contact me at (610) 669-2153 with any questions concerning the enclosed Amendment.

 

Sincerely,

 

 

/s/Jaliya S. Faulkner

Jaliya S. Faulkner

Associate Counsel

The Vanguard Group, Inc.

 

cc: Asen Parachkevov

      U.S. Securities & Exchange Commission