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: 811-05972
Name of Registrant: Vanguard International Equity Index 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 International Stock Index Funds
Vanguard European Stock Index Fund
Vanguard Pacific 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 |
| European Stock Index Fund. | 10 |
| Pacific Stock Index Fund. | 34 |
| Your Fund’s After-Tax Returns. | 59 |
| About Your Fund’s Expenses. | 60 |
| Glossary. | 62 |
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 European Stock Index Fund | |
| Investor Shares | -0.77% |
| FTSE Europe ETF Shares | |
| Market Price | -0.77 |
| Net Asset Value | -0.62 |
| Admiral™ Shares | -0.61 |
| Institutional Shares | -0.58 |
| Institutional Plus Shares (Inception: 12/5/2014) | -2.59 |
| Spliced European Stock Index | 0.17 |
| European Region Funds Average | 3.02 |
For a benchmark description, see the Glossary.
European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| Vanguard Pacific Stock Index Fund | |
| Investor Shares | -3.07% |
| FTSE Pacific ETF Shares | |
| Market Price | -3.29 |
| Net Asset Value | -2.93 |
| Admiral Shares | -2.92 |
| Institutional Shares | -2.84 |
| Spliced Pacific Stock Index | -0.10 |
| Japan/Pacific Region Funds Average | 0.83 |
For a benchmark description, see the Glossary.
Japan/Pacific Region 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 NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca 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.
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 lost ground as a whole.
Although results varied dramatically from country to country, stocks of developed economies generally held up better than those of emerging markets. In this investment environment, Vanguard European Stock Index Fund returned –0.77% and Vanguard Pacific Stock Index Fund returned –3.07%. (All returns cited in this letter are for Investor Shares.) Because of temporary price differences arising from fair-value pricing policies, the funds’ returns diverged from those of their target indexes. The fair value impact was especially notable in the Pacific Stock Index Fund, a reflection of elevated volatility in global stock markets and the significant time-zone differences between U.S. markets and those in the Pacific region (see the box on page 7).
Please note that on October 1, 2015, all share classes of the funds transitioned from FTSE benchmarks containing large- and mid-capitalization stocks to broader ones that include large-, mid-, and small-caps. The European Stock Index Fund is now tracking the FTSE Developed Europe All Cap Index, and the Pacific Stock Index Fund is now tracking the FTSE Developed Asia Pacific All Cap Index. We believe that adding small-cap exposure to the funds offers investors fuller diversification benefits.
2
If you own shares of the funds in a taxable account, you may wish to review the information about after-tax returns presented 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 12 months. 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 Federal Reserve kept short-term interest rates at historical lows. Corporate earnings, although lower than in recent years, mostly exceeded expectations. In Europe and Asia, central banks signaled or enacted more 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. Stocks tumbled in emerging markets, where the 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%, 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
| 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
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.
The strong U.S. dollar turned robust advances into losses
For the 12 months, developed markets in the Pacific region and Europe were essentially flat. Both markets posted sizable gains in local currencies, but the strength of the U.S. dollar against most currencies—including the euro, British pound, and yen—ate away some of that performance for U.S. investors. Of course, whenever the tide turns and foreign currencies strengthen, U.S. investor returns will benefit.
Results across European countries were mixed amid global instability and the slower growth in China. The United Kingdom—the region’s biggest market,
| Expense Ratios | ||||||
| Your Fund Compared With Its Peer Group | ||||||
| Peer | ||||||
| Investor | ETF | Admiral | Institutional | Institutional | Group | |
| Shares | Shares | Shares | Shares | Plus Shares | Average | |
| European Stock Index Fund | 0.26% | 0.12% | 0.12% | 0.09% | 0.08% | 1.52% |
| Pacific Stock Index Fund | 0.26 | 0.12 | 0.12 | 0.09 | — | 1.33 |
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 funds’ expense ratios were: for the European Stock Index Fund, 0.26% for Investor Shares, 0.12% for FTSE Europe ETF Shares, 0.12% for Admiral Shares, 0.09% for Institutional Shares, and 0.08% for Institutional Plus Shares (since inception); and for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.12% for FTSE Pacific ETF Shares, 0.12% for Admiral Shares, and 0.09% for Institutional Shares.
Peer groups: For the European Stock Index Fund, European Region Funds; and for the Pacific Stock Index Fund, Japan/Pacific Region Funds.
4
accounting for roughly one-third of the European Index Fund’s holdings—was down 3%. Spain (–13%), Sweden (–3%), and Norway (–21%) also lost ground.
Gains in several of the euro zone’s other economies helped offset some of the weakness. These countries—including France (+6%), Germany (+3%), Switzerland (+2%), the Netherlands (+11%), and Italy (+3%)—benefited from the euro’s continuing slide, cheaper oil, and the European Central Bank’s launch of a quantitative easing program.
In Europe, the ten market sectors were split in half between positive and negative results. Consumer goods and services and health care were among the top contributors to performance, while oil and gas and financials detracted the most.
In the Pacific region, Japan was the lone bright spot. Although its economic growth is still slow and inflation remains low, the weaker yen boosted Japanese exports to the United States and Europe. The country’s stocks—which account for well over half the Pacific Stock Index Fund’s holdings—rose more than 10%, but those gains weren’t enough to offset losses in the rest of the region.
| Total Returns | |
| Ten Years Ended October 31, 2015 | |
| Average | |
| Annual Return | |
| European Stock Index Fund Investor Shares | 4.44% |
| Spliced European Stock Index | 4.46 |
| European Region Funds Average | 4.61 |
| For a benchmark description, see the Glossary. | |
| European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| Pacific Stock Index Fund Investor Shares | 3.18% |
| Spliced Pacific Stock Index | 3.42 |
| Japan/Pacific Region Funds Average | 2.02 |
| For a benchmark description, see the Glossary. | |
| Japan/Pacific Region 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
Australia, a big exporter of commodities, declined 20% amid price drops triggered by China’s slowdown. South Korea (–7%), Singapore (–12%), and Hong Kong (–3%) also lost ground for the period.
Six sectors in the Pacific region posted negative results. Stocks in the financial, basic materials, and oil and gas sectors weighed most heavily on the fund’s performance. Consumer goods and health care, the fund’s top contributors, both produced double-digit gains.
Over the past decade, the funds tightly tracked their indexes
For the ten years ended October 31, 2015, Vanguard European Stock Index Fund delivered an average annual result of 4.44% and Vanguard Pacific Stock Index Fund an average of 3.18% per year.
| 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 Perfor- |
| mance 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. |
6
The Pacific Stock Index Fund outpaced the average result of its peers; the European Stock Index Fund slightly lagged its peer group average.
For any index fund, success is defined as closely tracking the performance of its target index, which like all indexes incurs no expenses. Both funds continued to meet this objective over the past decade—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 funds’ advisor, Vanguard Equity Index Group. The advisor’s efforts have been helped by the funds’ low expenses, which allow you to keep more of the return on your investment.
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.)
| 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. |
7
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
8
| 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 European Stock Index Fund | ||||
| Investor Shares | $29.05 | $27.98 | $0.878 | $0.000 |
| FTSE Europe ETF Shares | 54.08 | 52.09 | 1.711 | 0.000 |
| Admiral Shares | 67.64 | 65.16 | 2.139 | 0.000 |
| Institutional Shares | 28.85 | 27.79 | 0.922 | 0.000 |
| Institutional Plus Shares | 131.51 | 124.09 | 4.147 | 0.000 |
| (Inception: 12/5/2014) | ||||
| Vanguard Pacific Stock Index Fund | ||||
| Investor Shares | $11.59 | $10.99 | $0.246 | $0.000 |
| FTSE Pacific ETF Shares | 60.80 | 57.65 | 1.383 | 0.000 |
| Admiral Shares | 75.19 | 71.30 | 1.710 | 0.000 |
| Institutional Shares | 11.50 | 10.91 | 0.265 | 0.000 |
9
| European Stock Index Fund | |||||
| Fund Profile | |||||
| As of October 31, 2015 | |||||
| Share-Class Characteristics | |||||
| Investor | FTSE Europe | Admiral | Institutional | Institutional | |
| Shares | ETF Shares | Shares | Shares | Plus Shares | |
| Ticker Symbol | VEURX | VGK | VEUSX | VESIX | VEUPX |
| Expense Ratio1 | 0.26% | 0.12% | 0.12% | 0.09% | 0.08% |
| Portfolio Characteristics | |||
| FTSE | FTSE | ||
| Developed | Global | ||
| Europe All | All Cap | ||
| Cap | ex US | ||
| Fund | Index | Index | |
| Number of Stocks | 1,236 | 1,229 | 5,715 |
| Median Market Cap | $40.1B | $40.3B | $22.8B |
| Price/Earnings Ratio | 20.0x | 20.0x | 17.6x |
| Price/Book Ratio | 1.9x | 1.9x | 1.6x |
| Return on Equity | 16.2% | 16.2% | 14.6% |
| Earnings Growth | |||
| Rate | 7.6% | 7.6% | 11.3% |
| Dividend Yield | 3.2% | 3.2% | 2.9% |
| Turnover Rate | 13% | — | — |
| Short-Term Reserves | 0.0% | — | — |
| Sector Diversification (% of equity exposure) | |||
| FTSE | FTSE | ||
| Developed | Global | ||
| Europe All | All Cap | ||
| Cap | ex US | ||
| Fund | Index | Index | |
| Basic Materials | 6.9% | 6.9% | 6.9% |
| Consumer Goods | 18.1 | 18.1 | 16.5 |
| Consumer Services | 8.2 | 8.2 | 8.8 |
| Financials | 23.1 | 23.0 | 26.2 |
| Health Care | 12.1 | 12.1 | 8.3 |
| Industrials | 13.3 | 13.4 | 14.0 |
| Oil & Gas | 6.4 | 6.3 | 6.0 |
| Technology | 3.6 | 3.6 | 5.2 |
| Telecommunications | 4.6 | 4.6 | 4.6 |
| Utilities | 3.7 | 3.8 | 3.5 |
| Volatility Measures | ||
| Spliced | FTSE Global | |
| European | All Cap | |
| Stock | ex US | |
| Index | Index | |
| R-Squared | 0.99 | 0.87 |
| Beta | 0.97 | 1.03 |
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 | 2.6% |
| Roche Holding AG | Pharmaceuticals | 2.1 |
| Novartis AG | Pharmaceuticals | 2.1 |
| Royal Dutch Shell plc | Integrated Oil & Gas | 1.8 |
| HSBC Holdings plc | Banks | 1.6 |
| Unilever | Personal Products | 1.3 |
| Sanofi | Pharmaceuticals | 1.2 |
| British American | ||
| Tobacco plc | Tobacco | 1.2 |
| Bayer AG | Specialty Chemicals | 1.2 |
| BP plc | Integrated Oil & Gas | 1.2 |
| Top Ten | 16.3% | |
The holdings listed exclude any temporary cash investments and equity index products.
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 0.26% for Investor Shares, 0.12% for FTSE Europe ETF Shares, 0.12% for Admiral Shares, 0.09% for Institutional Shares, and 0.08% for Institutional Plus Shares (since inception).
10
European Stock Index Fund
| Market Diversification (% of equity exposure) | |||
| FTSE | FTSE | ||
| Developed | Global | ||
| Europe All | All Cap | ||
| Cap | ex US | ||
| Fund | Index | Index | |
| Europe | |||
| United Kingdom | 32.2% | 32.1% | 15.0% |
| France | 13.9 | 13.8 | 6.4 |
| Switzerland | 13.3 | 13.5 | 6.3 |
| Germany | 13.4 | 13.3 | 6.2 |
| Spain | 5.0 | 5.0 | 2.3 |
| Sweden | 4.7 | 4.7 | 2.2 |
| Netherlands | 4.5 | 4.5 | 2.1 |
| Italy | 4.2 | 4.2 | 2.0 |
| Denmark | 2.6 | 2.7 | 1.2 |
| Belgium | 2.2 | 2.2 | 1.0 |
| Finland | 1.6 | 1.6 | 0.7 |
| Norway | 1.1 | 1.1 | 0.5 |
| Other | 1.3 | 1.3 | 0.7 |
| Subtotal | 100.0% | 100.0% | 46.6% |
| Pacific | 0.0% | 0.0% | 29.5% |
| Emerging Markets | 0.0% | 0.0% | 17.2% |
| North America | 0.0% | 0.0% | 6.2% |
| Middle East | 0.0% | 0.0% | 0.5% |
11
European 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
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| European Stock Index Fund*Investor | ||||
| Shares | -0.77% | 4.85% | 4.44% | $15,448 |
| Spliced European Stock Index | 0.17 | 5.04 | 4.46 | 15,465 |
| European Region Funds Average | 3.02 | 5.50 | 4.61 | 15,694 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
For a benchmark description, see the Glossary.
European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| FTSE Europe ETF Shares | ||||
| Net Asset Value | -0.62% | 5.01% | 4.57% | $15,637 |
| Spliced European Stock Index | 0.17 | 5.04 | 4.46 | 15,465 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
See Financial Highlights for dividend and capital gains information.
12
| European Stock Index Fund | ||||
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| European Stock Index Fund Admiral Shares | -0.61% | 5.00% | 4.57% | $15,634 |
| Spliced European Stock Index | 0.17 | 5.04 | 4.46 | 15,465 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
| Final Value | ||||
| One | Five | Ten | of a $5,000,000 | |
| Year | Years | Years | Investment | |
| European Stock Index Fund Institutional | ||||
| Shares | -0.58% | 5.03% | 4.61% | $7,846,734 |
| Spliced European Stock Index | 0.17 | 5.04 | 4.46 | 7,732,524 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 8,029,743 |
| Since | Final Value | |||
| Inception | of a $100,000,000 | |||
| (12/5/2014) | Investment | |||
| European Stock Index Fund Institutional Plus | ||||
| Shares | -2.59% | $97,408,766 | ||
| Spliced European Stock Index | -2.13 | 97,871,372 | ||
| FTSE Global All Cap ex US Index | -3.42 | 96,584,647 | ||
"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: October 31, 2005, Through October 31, 2015 | |||
| One | Five | Ten | |
| Year | Years | Years | |
| FTSE Europe ETF Shares Market Price | -0.77% | 27.21% | 54.24% |
| FTSE Europe ETF Shares Net Asset Value | -0.62 | 27.67 | 56.37 |
| Spliced European Stock Index | 0.17 | 27.85 | 54.65 |
13
European Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015
| European Stock Index Fund Investor Shares |
| Spliced European 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 | 6/18/1990 | -8.46% | 4.58% | 3.49% |
| FTSE Europe ETF Shares | 3/4/2005 | |||
| Market Price | -8.19 | 4.74 | 3.61 | |
| Net Asset Value | -8.36 | 4.72 | 3.62 | |
| Admiral Shares | 8/13/2001 | -8.35 | 4.71 | 3.61 |
| Institutional Shares | 5/15/2000 | -8.31 | 4.75 | 3.65 |
| Institutional Plus Shares | 12/5/2014 | — | — | -8.181 |
| 1 Return since inception. |
14
European 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 | |||
| Austria † | 94,042 | 0.4% | |
| Belgium | |||
| Anheuser-Busch InBev SA/NV | 1,852,347 | 220,919 | 1.0% |
| Belgium—Other † | 242,136 | 1.1% | |
| 463,055 | 2.1% | ||
| Denmark | |||
| Novo Nordisk A/S Class B | 4,285,350 | 227,011 | 1.0% |
| Denmark—Other † | 341,965 | 1.6% | |
| 568,976 | 2.6% | ||
| Finland † | 332,802 | 1.5% | |
| France | |||
| Sanofi | 2,623,099 | 264,460 | 1.2% |
| TOTAL SA | 4,778,940 | 231,585 | 1.1% |
| BNP Paribas SA | 2,267,980 | 137,563 | 0.6% |
| AXA SA | 4,473,524 | 119,434 | 0.6% |
| LVMH Moet Hennessy Louis Vuitton SE | 581,598 | 108,205 | 0.5% |
| 1 France—Other † | 2,087,038 | 9.7% | |
| 2,948,285 | 13.7% | ||
| Germany | |||
| Bayer AG | 1,920,429 | 256,339 | 1.2% |
| Daimler AG | 2,218,361 | 192,500 | 0.9% |
| Allianz SE | 1,057,348 | 185,142 | 0.9% |
| Siemens AG | 1,839,102 | 184,961 | 0.9% |
| BASF SE | 2,143,791 | 175,726 | 0.8% |
| SAP SE | 2,075,684 | 164,098 | 0.8% |
| * Deutsche Telekom AG | 7,351,999 | 137,469 | 0.6% |
| 1 Germany—Other † | 1,560,735 | 7.2% | |
| 2,856,970 | 13.3% | ||
15
| European Stock Index Fund | |||
| Market | Percentage | ||
| Value• | of Net | ||
| Shares | ($000) | Assets | |
| Greece † | 13,585 | 0.1% | |
| Ireland † | 116,678 | 0.5% | |
| Italy | |||
| Intesa Sanpaolo SPA (Registered) | 27,956,087 | 97,459 | 0.4% |
| Eni SPA | 5,720,538 | 93,330 | 0.4% |
| 1 Italy—Other † | 701,147 | 3.3% | |
| 891,936 | 4.1% | ||
| Netherlands | |||
| Unilever NV | 3,614,390 | 162,918 | 0.7% |
| ING Groep NV | 8,968,416 | 130,064 | 0.6% |
| 1 Netherlands—Other † | 665,026 | 3.1% | |
| 958,008 | 4.4% | ||
| 1Norway † | 228,343 | 1.1% | |
| Portugal † | 60,705 | 0.3% | |
| Spain | |||
| Banco Santander SA | 33,111,342 | 185,420 | 0.9% |
| Telefonica SA | 9,834,395 | 129,930 | 0.6% |
| Banco Bilbao Vizcaya Argentaria SA | 14,544,939 | 125,039 | 0.6% |
| Iberdrola SA | 13,097,396 | 93,500 | 0.4% |
| 1 Spain—Other † | 536,056 | 2.5% | |
| 1,069,945 | 5.0% | ||
| 1Sweden † | 1,003,257 | 4.7% | |
| Switzerland | |||
| Nestle SA | 7,273,528 | 555,283 | 2.6% |
| Roche Holding AG | 1,665,534 | 451,130 | 2.1% |
| Novartis AG | 4,952,288 | 449,004 | 2.1% |
| UBS Group AG | 8,156,942 | 162,795 | 0.8% |
| Cie Financiere Richemont SA | 1,186,004 | 101,441 | 0.5% |
| ABB Ltd. | 5,157,118 | 97,134 | 0.4% |
| Credit Suisse Group AG | 3,790,928 | 94,401 | 0.4% |
| Roche Holding AG (Bearer) | 32,284 | 8,819 | 0.0% |
| 1 Switzerland—Other † | 956,447 | 4.4% | |
| 2,876,454 | 13.3% | ||
| United Kingdom | |||
| HSBC Holdings plc | 45,322,008 | 354,004 | 1.6% |
| British American Tobacco plc | 4,328,810 | 256,941 | 1.2% |
| BP plc | 42,352,770 | 251,396 | 1.2% |
| GlaxoSmithKline plc | 11,290,468 | 243,174 | 1.1% |
| Vodafone Group plc | 61,695,338 | 203,389 | 0.9% |
| Royal Dutch Shell plc Class A | 7,228,504 | 187,714 | 0.9% |
| AstraZeneca plc | 2,930,635 | 187,063 | 0.9% |
| Diageo plc | 5,849,238 | 169,035 | 0.8% |
| Lloyds Banking Group plc | 142,036,421 | 161,166 | 0.8% |
| Royal Dutch Shell plc Class B | 5,637,815 | 147,262 | 0.7% |
| Reckitt Benckiser Group plc | 1,476,356 | 144,047 | 0.7% |
| BT Group plc | 19,435,917 | 138,954 | 0.6% |
| Barclays plc | 38,891,467 | 138,416 | 0.6% |
16
| European Stock Index Fund | ||||
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| Prudential plc | 5,925,786 | 138,315 | 0.6% | |
| SABMiller plc | 2,195,423 | 135,049 | 0.6% | |
| National Grid plc | 8,759,813 | 124,678 | 0.6% | |
| BG Group plc | 7,903,590 | 124,496 | 0.6% | |
| Unilever plc | 2,801,755 | 124,426 | 0.6% | |
| Imperial Tobacco Group plc | 2,237,357 | 120,521 | 0.6% | |
| Rio Tinto plc | 2,854,048 | 103,506 | 0.5% | |
| Shire plc | 1,365,124 | 103,373 | 0.5% | |
| Royal Dutch Shell plc Class A (Amsterdam Shares) | 1,817,380 | 47,526 | 0.2% | |
| 1 United Kingdom—Other † | 3,262,738 | 15.1% | ||
| 6,867,189 | 31.9% | |||
| Total Common Stocks (Cost $25,268,038) | 21,350,230 | 99.0%2 | ||
| Coupon | ||||
| Temporary Cash Investments | ||||
| Money Market Fund | ||||
| 3,4 Vanguard Market Liquidity Fund | 0.207% | 383,815,921 | 383,816 | 1.8% |
| 5,6U.S. Government and Agency Obligations † | 39,495 | 0.2% | ||
| Total Temporary Cash Investments (Cost $423,305) | 423,311 | 2.0%2 | ||
| 7Total Investments (Cost $25,691,343) | 21,773,541 | 101.0% | ||
| Amount | ||||
| ($000) | ||||
| Other Assets and Liabilities | ||||
| Other Assets | ||||
| Investment in Vanguard | 1,845 | |||
| Receivables for Investment Securities Sold | 2,806 | |||
| Receivables for Accrued Income | 60,346 | |||
| Receivables for Capital Shares Issued | 1,943 | |||
| Other Assets | 41,394 | |||
| Total Other Assets | 108,334 | 0.5% | ||
| Liabilities | ||||
| Payables for Investment Securities Purchased | (3,873) | |||
| Collateral for Securities on Loan | (267,382) | |||
| Payables for Capital Shares Redeemed | (1,416) | |||
| Payables to Vanguard | (15,262) | |||
| Other Liabilities | (39,319) | |||
| Total Liabilities | (327,252) | (1.5%) | ||
| Net Assets | 21,554,623 | 100.0% | ||
| At October 31, 2015, net assets consisted of: | ||||
| Amount | ||||
| ($000) | ||||
| Paid-in Capital | 27,414,215 | |||
| Undistributed Net Investment Income | 12,532 | |||
| Accumulated Net Realized Losses | (1,961,302) | |||
17
| European Stock Index Fund | |
| Amount | |
| ($000) | |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | (3,917,802) |
| Futures Contracts | 9,608 |
| Forward Currency Contracts | 636 |
| Foreign Currencies | (3,264) |
| Net Assets | 21,554,623 |
| Investor Shares—Net Assets | |
| Applicable to 26,088,214 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 729,951 |
| Net Asset Value Per Share—Investor Shares | $27.98 |
| ETF Shares—Net Assets | |
| Applicable to 299,059,412 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 15,578,259 |
| Net Asset Value Per Share—ETF Shares | $52.09 |
| Admiral Shares—Net Assets | |
| Applicable to 63,497,564 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,137,335 |
| Net Asset Value Per Share—Admiral Shares | $65.16 |
| Institutional Shares—Net Assets | |
| Applicable to 31,207,142 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 867,116 |
| Net Asset Value Per Share—Institutional Shares | $27.79 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 1,949,903 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 241,962 |
| Net Asset Value Per Share—Institutional Plus Shares | $124.09 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† 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.
1 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 $88,399,000, representing 0.4% of net assets.
2 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 1.0%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $267,382,000 of collateral received for securities on loan.
5 Securities with a value of $19,898,000 have been segregated as initial margin for open futures contracts.
6 Securities with a value of $9,004,000 have been segregated as collateral for open forward currency contracts.
7 The total value of securities on loan is $226,446,000.
See accompanying Notes, which are an integral part of the Financial Statements.
18
| European Stock Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 628,958 |
| Interest2 | 112 |
| Securities Lending | 15,984 |
| Total Income | 645,054 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 2,151 |
| Management and Administrative—Investor Shares | 1,686 |
| Management and Administrative—ETF Shares | 11,473 |
| Management and Administrative—Admiral Shares | 3,660 |
| Management and Administrative—Institutional Shares | 504 |
| Management and Administrative—Institutional Plus Shares | 103 |
| Marketing and Distribution—Investor Shares | 151 |
| Marketing and Distribution—ETF Shares | 1,945 |
| Marketing and Distribution—Admiral Shares | 453 |
| Marketing and Distribution—Institutional Shares | 134 |
| Marketing and Distribution—Institutional Plus Shares | 6 |
| Custodian Fees | 1,708 |
| Auditing Fees | 47 |
| Shareholders’ Reports—Investor Shares | 21 |
| Shareholders’ Reports—ETF Shares | 214 |
| Shareholders’ Reports—Admiral Shares | 30 |
| Shareholders’ Reports—Institutional Shares | 2 |
| Shareholders’ Reports—Institutional Plus Shares | — |
| Trustees’ Fees and Expenses | 14 |
| Total Expenses | 24,302 |
| Net Investment Income | 620,752 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 234,206 |
| Futures Contracts | (17,257) |
| Foreign Currencies and Forward Currency Contracts | (5,521) |
| Realized Net Gain (Loss) | 211,428 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (1,183,571) |
| Futures Contracts | 10,533 |
| Foreign Currencies and Forward Currency Contracts | 337 |
| Change in Unrealized Appreciation (Depreciation) | (1,172,701) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (340,521) |
| 1 Dividends are net of foreign withholding taxes of $32,426,000. | |
| 2 Interest income from an affiliated company of the fund was $92,000. | |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
19
| European 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 | 620,752 | 898,074 |
| Realized Net Gain (Loss) | 211,428 | 1,146,770 |
| Change in Unrealized Appreciation (Depreciation) | (1,172,701) | (2,273,099) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (340,521) | (228,255) |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (23,457) | (33,657) |
| ETF Shares | (433,791) | (643,629) |
| Admiral Shares | (131,297) | (156,533) |
| Signal Shares | — | (15,253) |
| Institutional Shares | (28,805) | (42,503) |
| Institutional Plus Shares | (6,528) | (470) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (623,878) | (892,045) |
| Capital Share Transactions | ||
| Investor Shares | (21,781) | (49,003) |
| ETF Shares | 4,618,360 | 450,062 |
| Admiral Shares | 363,663 | 803,980 |
| Signal Shares | — | (426,309) |
| Institutional Shares | (118,126) | 159,390 |
| Institutional Plus Shares | 264,731 | (115,592) |
| Net Increase (Decrease) from Capital Share Transactions | 5,106,847 | 822,528 |
| Total Increase (Decrease) | 4,142,448 | (297,772) |
| Net Assets | ||
| Beginning of Period | 17,412,175 | 17,709,947 |
| End of Period1 | 21,554,623 | 17,412,175 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $12,532,000 and $18,346,000.
See accompanying Notes, which are an integral part of the Financial Statements.
20
| European 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 | $29.05 | $30.42 | $24.69 | $24.48 | $27.15 |
| Investment Operations | |||||
| Net Investment Income | . 866 | 1.2351 | .830 | .836 | .8822 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (1.058) | (1.380) | 5.800 | .925 | (2.545) |
| Total from Investment Operations | (.192) | (.145) | 6.630 | 1.761 | (1.663) |
| Distributions | |||||
| Dividends from Net Investment Income | (.878) | (1.225) | (.900) | (1.551) | (1.007) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.878) | (1.225) | (.900) | (1.551) | (1.007) |
| Net Asset Value, End of Period | $27.98 | $29.05 | $30.42 | $24.69 | $24.48 |
| Total Return3 | -0.77% | -0.73% | 27.47% | 7.77% | -6.35% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $730 | $782 | $868 | $760 | $851 |
| Ratio of Total Expenses to Average Net Assets | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.05% | 4.12%1 | 3.02% | 3.75% | 3.46% |
| Portfolio Turnover Rate 4 | 13% | 7% | 10% | 7% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.299 and 0.97%, 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.
21
| European Stock Index Fund | |||||
| Financial Highlights | |||||
| FTSE Europe ETF Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $54.08 | $56.64 | $46.01 | $45.66 | $51.00 |
| Investment Operations | |||||
| Net Investment Income | 1.691 | 2.3841 | 1.626 | 1.630 | 1.8262 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (1.970) | (2.577) | 10.787 | 1.706 | (4.860) |
| Total from Investment Operations | (.279) | (.193) | 12.413 | 3.336 | (3.034) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.711) | (2.367) | (1.783) | (2.986) | (2.306) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.711) | (2.367) | (1.783) | (2.986) | (2.306) |
| Net Asset Value, End of Period | $52.09 | $54.08 | $56.64 | $46.01 | $45.66 |
| Total Return | -0.62% | -0.60% | 27.67% | 7.95% | -6.22% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $15,578 | $11,676 | $12,061 | $3,928 | $2,630 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.19% | 4.26%1 | 3.16% | 3.89% | 3.58% |
| Portfolio Turnover Rate 3 | 13% | 7% | 10% | 7% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.556 and 0.97%, 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 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.
22
| European Stock Index Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $67.64 | $70.85 | $57.54 | $57.09 | $63.75 |
| Investment Operations | |||||
| Net Investment Income | 2.113 | 2.9831 | 2.026 | 2.032 | 2.222 2 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (2.454) | (3.233) | 13.503 | 2.152 | (6.020) |
| Total from Investment Operations | (.341) | (.250) | 15.529 | 4.184 | (3.798) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.139) | (2.960) | (2.219) | (3.734) | (2.862) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.139) | (2.960) | (2.219) | (3.734) | (2.862) |
| Net Asset Value, End of Period | $65.16 | $67.64 | $70.85 | $57.54 | $57.09 |
| Total Return3 | -0.61% | -0.61% | 27.64% | 7.93% | -6.22% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $4,137 | $3,949 | $3,340 | $2,508 | $2,531 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.19% | 4.26%1 | 3.16% | 3.89% | 3.58% |
| Portfolio Turnover Rate 4 | 13% | 7% | 10% | 7% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.695 and 0.97%, 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
| European Stock Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $28.85 | $30.21 | $24.54 | $24.36 | $27.20 |
| Investment Operations | |||||
| Net Investment Income | . 910 | 1.2821 | .871 | .875 | .8982 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (1.048) | (1.371) | 5.755 | .912 | (2.510) |
| Total from Investment Operations | (.138) | (.089) | 6.626 | 1.787 | (1.612) |
| Distributions | |||||
| Dividends from Net Investment Income | (.922) | (1.271) | (.956) | (1.607) | (1.228) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.922) | (1.271) | (.956) | (1.607) | (1.228) |
| Net Asset Value, End of Period | $27.79 | $28.85 | $30.21 | $24.54 | $24.36 |
| Total Return3 | -0.58% | -0.55% | 27.66% | 7.95% | -6.19% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $867 | $1,006 | $901 | $762 | $606 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.22% | 4.29%1 | 3.19% | 3.92% | 3.62% |
| Portfolio Turnover Rate 4 | 13% | 7% | 10% | 7% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.297 and 0.97%, 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 fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction 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.
24
| European Stock Index Fund | |||
| Financial Highlights | |||
| Institutional Plus Shares | |||
| Dec. 5, | Nov. 1, | May 17, | |
| 20143 to | 2013 to | 20131 to | |
| Oct. 31, | March 17, | Oct. 31, | |
| For a Share Outstanding Throughout Each Period | 2015 | 20142 | 2013 |
| Net Asset Value, Beginning of Period | $131.51 | $126.52 | $116.90 |
| Investment Operations | |||
| Net Investment Income | 3.878 | 2.253 4 | 2.257 |
| Net Realized and Unrealized Gain (Loss) on Investments | (7.151) | 2.866 | 9.966 |
| Total from Investment Operations | (3.273) | 5.119 | 12.223 |
| Distributions | |||
| Dividends from Net Investment Income | (4.147) | (.539) | (2.603) |
| Distributions from Realized Capital Gains | — | — | — |
| Total Distributions | (4.147) | (.539) | (2.603) |
| Net Asset Value, End of Period | $124.09 | $131.102 | $126.52 |
| Total Return | -2.59% | 4.06% | 10.81% |
| Ratios/Supplemental Data | |||
| Net Assets, End of Period (Millions) | $242 | — | $110 |
| Ratio of Total Expenses to Average Net Assets | 0.08%5 | 0.08%5 | 0.08%5 |
| Ratio of Net Investment Income to Average Net Assets | 3.11%5 | 4.80%4,5 | 3.20%5 |
| Portfolio Turnover Rate 6 | 13% | 7% | 10% |
1 Inception.
2 Net asset value as of March 17, 2014, on which date all shares were redeemed.
3 Recommencement of operations.
4 Net investment income per share and the ratio of net investment income to average net assets include $1.242 and 0.97%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
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
European Stock Index Fund
Notes to Financial Statements
Vanguard European 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, known as Vanguard FTSE Europe 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. Institutional Plus Shares were first issued May 17, 2013, and on March 17, 2014, all outstanding shares were redeemed. Institutional Plus Shares recommenced operation on December 5, 2014.
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).
26
European Stock Index Fund
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 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 2% of net assets, based on the average of notional amounts at each quarter-end during the period.
27
European Stock Index Fund
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 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 counter-parties, 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 counter-party 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
28
European Stock Index Fund
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.
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 $1,845,000, representing 0.01% of the fund’s net assets and 0.74% 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 | 17,115 | 21,333,115 | — |
| Temporary Cash Investments | 383,816 | 39,495 | — |
| Futures Contracts—Assets1 | 62 | — | — |
| Futures Contracts—Liabilities1 | (592) | — | — |
| Forward Currency Contracts—Assets | — | 32,299 | — |
| Forward Currency Contracts—Liabilities | — | (31,663) | — |
| Total | 400,401 | 21,373,246 | — |
| 1 Represents variation margin on the last day of the reporting period. |
29
European 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 | 62 | 32,299 | 32,361 |
| Other Liabilities | (592) | (31,663) | (32,255) |
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 | (17,257) | (17,257) | |
| Forward Currency Contracts | (484) | (484) | |
| Realized Net Gain (Loss) on Derivatives | (17,257) | (484) | (17,741) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 10,533 | 10,533 | |
| Forward Currency Contracts | 1,186 | 1,186 | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 10,533 | 1,186 | 11,719 |
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 | 3,248 | 122,097 | 7,927 |
| FTSE 100 Index | December 2015 | 854 | 83,356 | 1,681 |
| 9,608 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
30
European Stock Index Fund
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.
| Unrealized | ||||||
| Contract | Appreciation | |||||
| Contract Amount (000) | ||||||
| Settlement | (Depreciation) | |||||
| Counterparty | Date | Receive | Deliver | ($000) | ||
| Citibank, N.A. | 12/23/15 | EUR | 633,516 | USD | 711,879 | (14,566) |
| BNP Paribas | 12/23/15 | EUR | 316,662 | USD | 357,000 | (8,449) |
| Bank of America, N.A. | 12/23/15 | GBP | 191,456 | USD | 290,811 | 4,279 |
| BNP Paribas | 12/23/15 | GBP | 126,297 | USD | 192,969 | 1,691 |
| Citibank, N.A. | 12/23/15 | GBP | 86,500 | USD | 131,151 | 2,171 |
| Bank of America, N.A. | 12/23/15 | EUR | 44,475 | USD | 50,022 | (1,068) |
| BNP Paribas | 12/23/15 | GBP | 27,988 | USD | 43,156 | (19) |
| Citibank, N.A. | 12/23/15 | GBP | 27,294 | USD | 42,129 | (61) |
| UBS AG | 12/23/15 | GBP | 11,402 | USD | 17,299 | 274 |
| BNP Paribas | 12/23/15 | USD | 684,537 | EUR | 608,165 | 15,128 |
| BNP Paribas | 12/23/15 | USD | 204,099 | GBP | 134,564 | (3,303) |
| Citibank, N.A. | 12/23/15 | USD | 203,131 | EUR | 180,521 | 4,432 |
| Bank of America, N.A. | 12/23/15 | USD | 163,490 | GBP | 107,313 | (1,911) |
| Barclays Bank PLC | 12/23/15 | USD | 103,396 | EUR | 91,207 | 3,004 |
| Citibank, N.A. | 12/23/15 | USD | 94,395 | GBP | 62,331 | (1,676) |
| BNP Paribas | 12/23/15 | USD | 63,288 | GBP | 40,832 | 353 |
| Barclays Bank PLC | 12/23/15 | USD | 50,008 | GBP | 32,238 | 320 |
| Barclays Bank PLC | 12/23/15 | USD | 32,181 | GBP | 21,042 | (251) |
| Credit Suisse International | 12/23/15 | USD | 25,277 | EUR | 22,592 | 410 |
| Goldman Sachs Bank USA | 12/23/15 | USD | 19,175 | GBP | 12,643 | (312) |
| Goldman Sachs Bank USA | 12/23/15 | USD | 9,604 | GBP | 6,205 | 40 |
| Morgan Stanley Capital Services LLC | 12/23/15 | USD | 6,997 | EUR | 6,177 | 197 |
| UBS AG | 12/23/15 | USD | 3,821 | GBP | 2,509 | (47) |
| 636 | ||||||
EUR—Euro.
GBP—British pound.
USD—U.S. dollar.
At October 31, 2015, the counterparty had deposited in segregated accounts securities with a value of $11,999,000 in connection with amounts due to the fund for open forward currency contracts.
31
European Stock Index Fund
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 $5,037,000, 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 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 $2,349,000, 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 $9,624,000.
During the year ended October 31, 2015, the fund realized $62,344,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $35,268,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $160,184,000 to offset taxable capital gains realized during the year ended October 31, 2015. At October 31, 2015, the fund had available capital losses totaling $1,949,971,000 to offset future net capital gains of $1,500,333,000 through October 31, 2017, $282,885,000 through October 31, 2018, and $166,753,000 through October 31, 2019.
At October 31, 2015, the cost of investment securities for tax purposes was $25,700,967,000. Net unrealized depreciation of investment securities for tax purposes was $3,927,426,000, consisting of unrealized gains of $1,066,674,000 on securities that had risen in value since their purchase and $4,994,100,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended October 31, 2015, the fund purchased $8,022,993,000 of investment securities and sold $3,116,516,000 of investment securities, other than temporary cash investments. Purchases and sales include $4,586,792,000 and $588,070,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
32
European Stock Index Fund
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 | 173,988 | 5,929 | 159,279 | 5,113 |
| Issued in Lieu of Cash Distributions | 20,022 | 684 | 28,720 | 916 |
| Redeemed | (215,791) | (7,454) | (237,002) | (7,630) |
| Net Increase (Decrease)—Investor Shares | (21,781) | (841) | (49,003) | (1,601) |
| ETF Shares | ||||
| Issued | 5,207,514 | 94,654 | 4,956,251 | 85,065 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (589,154) | (11,500) | (4,506,189) | (82,100) |
| Net Increase (Decrease)—ETF Shares | 4,618,360 | 83,154 | 450,062 | 2,965 |
| Admiral Shares | ||||
| Issued1 | 936,063 | 13,685 | 1,159,727 | 16,220 |
| Issued in Lieu of Cash Distributions | 111,233 | 1,634 | 134,055 | 1,835 |
| Redeemed | (683,633) | (10,195) | (489,802) | (6,826) |
| Net Increase (Decrease) —Admiral Shares | 363,663 | 5,124 | 803,980 | 11,229 |
| Signal Shares | ||||
| Issued | — | — | 118,028 | 4,197 |
| Issued in Lieu of Cash Distributions | — | — | 8,991 | 320 |
| Redeemed1 | — | — | (553,328) | (20,200) |
| Net Increase (Decrease)—Signal Shares | — | — | (426,309) | (15,683) |
| Institutional Shares | ||||
| Issued | 293,093 | 10,179 | 434,652 | 14,030 |
| Issued in Lieu of Cash Distributions | 21,252 | 732 | 34,138 | 1,095 |
| Redeemed | (432,471) | (14,564) | (309,400) | (10,083) |
| Net Increase (Decrease) —Institutional Shares | (118,126) | (3,653) | 159,390 | 5,042 |
| Institutional Plus Shares2 | ||||
| Issued | 276,203 | 2,054 | — | — |
| Issued in Lieu of Cash Distributions | 6,528 | 50 | 470 | 4 |
| Redeemed | (18,000) | (154) | (116,062) | (877) |
| Net Increase (Decrease) —Institutional Plus Shares | 264,731 | 1,950 | (115,592) | (873) |
1 Admiral Shares Issued and Signal Shares Redeemed include $319,504,000 from the conversion of Signal Shares to Admiral Shares during the 2014 fiscal year.
2 On March 17, 2014, all Institutional Plus Shares were redemeed. Institutional Plus Shares recommenced operations on December 5, 2014.
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.
33
| Pacific Stock Index Fund |
| Fund Profile |
| As of October 31, 2015 |
| Share-Class Characteristics | ||||
| Investor | FTSE Pacific ETF | Admiral | Institutional | |
| Shares | Shares | Shares | Shares | |
| Ticker Symbol | VPACX | VPL | VPADX | VPKIX |
| Expense Ratio1 | 0.26% | 0.12% | 0.12% | 0.09% |
| Portfolio Characteristics | |||
| FTSE | FTSE | ||
| Developed | Global | ||
| APAC All | All Cap | ||
| Cap | ex US | ||
| Fund | Index | Index | |
| Number of Stocks | 2,210 | 2,196 | 5,715 |
| Median Market Cap | $15.2B | $15.2B | $22.8B |
| Price/Earnings Ratio | 15.3x | 15.4x | 17.6x |
| Price/Book Ratio | 1.4x | 1.4x | 1.6x |
| Return on Equity | 10.6% | 10.6% | 14.6% |
| Earnings Growth | |||
| Rate | 16.2% | 16.2% | 11.3% |
| Dividend Yield | 2.3% | 2.3% | 2.9% |
| Turnover Rate | 14% | — | — |
| Short-Term Reserves | 0.1% | — | — |
| Sector Diversification (% of equity exposure) | |||
| FTSE | FTSE | ||
| Developed | Global | ||
| APAC All | All Cap | ||
| Cap | ex US | ||
| Fund | Index | Index | |
| Basic Materials | 6.5% | 6.5% | 6.9% |
| Consumer Goods | 20.8 | 20.9 | 16.5 |
| Consumer Services | 10.6 | 10.6 | 8.8 |
| Financials | 26.6 | 26.5 | 26.2 |
| Health Care | 5.7 | 5.7 | 8.3 |
| Industrials | 17.3 | 17.3 | 14.0 |
| Oil & Gas | 1.7 | 1.7 | 6.0 |
| Technology | 4.2 | 4.2 | 5.2 |
| Telecommunications | 3.6 | 3.6 | 4.6 |
| Utilities | 3.0 | 3.0 | 3.5 |
| Volatility Measures | ||
| Spliced | FTSE Global | |
| Pacific | All Cap | |
| Stock | ex US | |
| Index | Index | |
| R-Squared | 0.95 | 0.75 |
| Beta | 1.02 | 0.94 |
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) | ||
| Toyota Motor Corp. | Automobiles | 2.8% |
| Samsung Electronics Co. Consumer | ||
| Ltd. | Electronics | 2.5 |
| Commonwealth Bank of | ||
| Australia | Banks | 1.6 |
| Mitsubishi UFJ Financial | ||
| Group Inc. | Banks | 1.5 |
| Westpac Banking Corp. | Banks | 1.3 |
| AIA Group Ltd. | Life Insurance | 1.2 |
| Honda Motor Co. Ltd. | Automobiles | 1.0 |
| National Australia Bank | ||
| Ltd. | Banks | 1.0 |
| Australia & New Zealand | ||
| Banking Group Ltd. | Banks | 1.0 |
| BHP Billiton | General Mining | 0.9 |
| Top Ten | 14.8% | |
The holdings listed exclude any temporary cash investments and equity index products.
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 0.26% for Investor Shares, 0.12% for FTSE Pacific ETF Shares, 0.12% for Admiral Shares, and 0.09% for Institutional Shares.
34
Pacific Stock Index Fund
| Market Diversification (% of equity exposure) | |||
| FTSE | FTSE | ||
| Developed | Global | ||
| APAC All | All Cap | ||
| Cap | ex US | ||
| Fund | Index | Index | |
| Europe | 0.0% | 0.0% | 46.6% |
| Pacific | |||
| Japan | 59.8% | 59.9% | 17.6% |
| Australia | 15.9 | 15.8 | 4.7 |
| South Korea | 11.4 | 11.4 | 3.4 |
| Hong Kong | 8.9 | 8.9 | 2.6 |
| Singapore | 3.4 | 3.4 | 1.0 |
| Other | 0.6 | 0.6 | 0.2 |
| Subtotal | 100.0% | 100.0% | 29.5% |
| Emerging Markets | 0.0% | 0.0% | 17.2% |
| North America | 0.0% | 0.0% | 6.2% |
| Middle East | 0.0% | 0.0% | 0.5% |
35
Pacific 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
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| Pacific Stock Index Fund*Investor | ||||
| Shares | -3.07% | 4.26% | 3.18% | $13,673 |
| Spliced Pacific Stock Index | -0.10 | 4.69 | 3.42 | 14,001 |
| Japan/Pacific Region Funds Average | 0.83 | 5.33 | 2.02 | 12,212 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
For a benchmark description, see the Glossary.
Japan/Pacific Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| FTSE Pacific ETF Shares | ||||
| Net Asset Value | -2.93% | 4.40% | 3.30% | $13,829 |
| Spliced Pacific Stock Index | -0.10 | 4.69 | 3.42 | 14,001 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
See Financial Highlights for dividend and capital gains information.
36
| Pacific Stock Index Fund | ||||
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| Pacific Stock Index Fund Admiral Shares | -2.92% | 4.41% | 3.30% | $13,836 |
| Spliced Pacific Stock Index | -0.10 | 4.69 | 3.42 | 14,001 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
| Final Value | ||||
| One | Five | Ten | of a $5,000,000 | |
| Year | Years | Years | Investment | |
| Pacific Stock Index Fund Institutional Shares | -2.84% | 4.44% | 3.34% | $6,944,517 |
| Spliced Pacific Stock Index | -0.10 | 4.69 | 3.42 | 7,000,270 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 8,029,743 |
| Cumulative Returns of ETF Shares: October 31, 2005, Through October 31, 2015 | |||
| One | Five | Ten | |
| Year | Years | Years | |
| FTSE Pacific ETF Shares Market Price | -3.29% | 24.55% | 36.90% |
| FTSE Pacific ETF Shares Net Asset Value | -2.93 | 24.03 | 38.29 |
| Spliced Pacific Stock Index | -0.10 | 25.76 | 40.01 |
Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015
| Pacific Stock Index Fund Investor Shares |
| Spliced Pacific Stock Index |
For a benchmark description, see the Glossary.
37
Pacific Stock Index Fund
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 | 6/18/1990 | -7.80% | 3.24% | 2.20% |
| FTSE Pacific ETF Shares | 3/4/2005 | |||
| Market Price | -7.35 | 3.38 | 2.18 | |
| Net Asset Value | -7.64 | 3.37 | 2.32 | |
| Admiral Shares | 8/13/2001 | -7.62 | 3.38 | 2.32 |
| Institutional Shares | 5/15/2000 | -7.60 | 3.42 | 2.36 |
38
Pacific 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 | |||
| Australia | |||
| Commonwealth Bank of Australia | 1,622,556 | 88,832 | 1.6% |
| Westpac Banking Corp. - Primary Ticker | 3,042,151 | 68,014 | 1.2% |
| National Australia Bank Ltd. | 2,500,181 | 53,271 | 1.0% |
| Australia & New Zealand Banking Group Ltd. | 2,749,028 | 52,891 | 1.0% |
| BHP Billiton Ltd. | 3,068,977 | 50,414 | 0.9% |
| Wesfarmers Ltd. | 1,070,021 | 29,905 | 0.5% |
| CSL Ltd. | 447,187 | 29,700 | 0.5% |
| Woolworths Ltd. | 1,211,191 | 20,834 | 0.4% |
| * Westpac Banking Corp. | 131,848 | 2,863 | 0.1% |
| BT Investment Management Ltd. | 188,872 | 1,523 | 0.0% |
| Australia—Other † | 482,393 | 8.7% | |
| 880,640 | 15.9% | ||
| Hong Kong | |||
| AIA Group Ltd. | 11,507,245 | 67,194 | 1.2% |
| CK Hutchison Holdings Ltd. | 2,692,591 | 36,783 | 0.7% |
| Hong Kong Exchanges and Clearing Ltd. | 1,145,597 | 29,908 | 0.5% |
| Sun Hung Kai Properties Ltd. | 1,593,118 | 21,260 | 0.4% |
| 1 Hong Kong—Other † | 336,761 | 6.1% | |
| 491,906 | 8.9% | ||
| Japan | |||
| Toyota Motor Corp. | 2,531,071 | 154,979 | 2.8% |
| Mitsubishi UFJ Financial Group Inc. | 13,287,824 | 85,923 | 1.5% |
| Honda Motor Co. Ltd. | 1,713,427 | 56,886 | 1.0% |
| Sumitomo Mitsui Financial Group Inc. | 1,241,034 | 49,340 | 0.9% |
| SoftBank Group Corp. | 885,770 | 49,302 | 0.9% |
| Mizuho Financial Group Inc. | 23,662,041 | 48,385 | 0.9% |
| KDDI Corp. | 1,796,200 | 43,389 | 0.8% |
| Takeda Pharmaceutical Co. Ltd. | 740,391 | 35,991 | 0.6% |
| East Japan Railway Co. | 362,685 | 34,428 | 0.6% |
| Japan Tobacco Inc. | 992,159 | 34,276 | 0.6% |
| Sony Corp. | 1,200,644 | 34,051 | 0.6% |
| Seven & i Holdings Co. Ltd. | 745,354 | 33,681 | 0.6% |
39
| Pacific Stock Index Fund | ||||
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| FANUC Corp. | 186,976 | 32,904 | 0.6% | |
| Central Japan Railway Co. | 173,200 | 31,449 | 0.6% | |
| Astellas Pharma Inc. | 2,079,370 | 30,061 | 0.5% | |
| Canon Inc. | 1,001,717 | 29,922 | 0.5% | |
| Mitsubishi Estate Co. Ltd. | 1,207,982 | 25,826 | 0.5% | |
| Tokio Marine Holdings Inc. | 671,290 | 25,715 | 0.5% | |
| Murata Manufacturing Co. Ltd. | 180,034 | 25,530 | 0.5% | |
| NTT DOCOMO Inc. | 1,300,100 | 25,520 | 0.5% | |
| Hitachi Ltd. | 4,435,258 | 25,478 | 0.5% | |
| Mitsui Fudosan Co. Ltd. | 906,580 | 24,575 | 0.4% | |
| Kao Corp. | 479,077 | 24,470 | 0.4% | |
| Mitsubishi Corp. | 1,318,534 | 23,886 | 0.4% | |
| Panasonic Corp. | 2,035,090 | 23,881 | 0.4% | |
| Shin-Etsu Chemical Co. Ltd. | 393,655 | 23,307 | 0.4% | |
| Nissan Motor Co. Ltd. | 2,242,852 | 23,269 | 0.4% | |
| Fuji Heavy Industries Ltd. | 599,512 | 23,148 | 0.4% | |
| Keyence Corp. | 43,777 | 22,721 | 0.4% | |
| Bridgestone Corp. | 614,550 | 22,532 | 0.4% | |
| Denso Corp. | 480,886 | 22,263 | 0.4% | |
| Mitsui & Co. Ltd. | 1,629,100 | 20,579 | 0.4% | |
| Nomura Holdings Inc. | 3,266,794 | 20,467 | 0.4% | |
| Mitsubishi Electric Corp. | 1,887,954 | 19,579 | 0.4% | |
| Hino Motors Ltd. | 259,509 | 2,952 | 0.1% | |
| Daihatsu Motor Co. Ltd. | 198,757 | 2,424 | 0.0% | |
| kabu.com Securities Co. Ltd. | 139,700 | 457 | 0.0% | |
| Japan—Other † | 2,090,801 | 37.7% | ||
| 3,304,347 | 59.5% | |||
| New Zealand † | 35,777 | 0.6% | ||
| Singapore | ||||
| DBS Group Holdings Ltd. | 1,701,679 | 20,952 | 0.4% | |
| Singapore Telecommunications Ltd. | 6,989,909 | 19,785 | 0.4% | |
| Oversea-Chinese Banking Corp. Ltd. | 3,053,891 | 19,606 | 0.3% | |
| 1 Singapore—Other † | 129,205 | 2.3% | ||
| 189,548 | 3.4% | |||
| South Korea | ||||
| Samsung Electronics Co. Ltd. | 100,995 | 120,982 | 2.2% | |
| Samsung Electronics Co. Ltd. Preference Shares | 18,655 | 19,456 | 0.3% | |
| South Korea—Other † | 491,439 | 8.9% | ||
| 631,877 | 11.4% | |||
| Total Common Stocks (Cost $6,647,650) | 5,534,095 | 99.7%2 | ||
| Coupon | ||||
| Temporary Cash Investments | ||||
| Money Market Fund | ||||
| 3,4 Vanguard Market Liquidity Fund | 0.207% | 147,318,927 | 147,319 | 2.7% |
| 5U.S. Government and Agency Obligations † | 5,799 | 0.1% | ||
| Total Temporary Cash Investments (Cost $153,118) | 153,118 | 2.8%2 | ||
| 6Total Investments (Cost $6,800,768) | 5,687,213 | 102.5% | ||
40
| Pacific Stock Index Fund | ||
| Percentage | ||
| Amount | of Net | |
| ($000) | Assets | |
| Other Assets and Liabilities | ||
| Other Assets | ||
| Investment in Vanguard | 475 | |
| Receivables for Accrued Income | 23,600 | |
| Receivables for Capital Shares Issued | 585 | |
| Other Assets | 7,450 | |
| Total Other Assets | 32,110 | 0.6% |
| Liabilities | ||
| Payables for Investment Securities Purchased | (1,336) | |
| Collateral for Securities on Loan | (147,319) | |
| Payables for Capital Shares Redeemed | (631) | |
| Payables to Vanguard | (6,841) | |
| Other Liabilities | (12,997) | |
| Total Liabilities | (169,124) | (3.1%) |
| Net Assets | 5,550,199 | 100.0% |
| At October 31, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 7,750,977 |
| Undistributed Net Investment Income | 20,721 |
| Accumulated Net Realized Losses | (1,110,470) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | (1,113,555) |
| Futures Contracts | 2,044 |
| Forward Currency Contracts | 654 |
| Foreign Currencies | (172) |
| Net Assets | 5,550,199 |
| Investor Shares—Net Assets | |
| Applicable to 28,079,443 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 308,529 |
| Net Asset Value Per Share—Investor Shares | $10.99 |
| ETF Shares—Net Assets | |
| Applicable to 50,845,251 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,931,300 |
| Net Asset Value Per Share—ETF Shares | $57.65 |
41
| Pacific Stock Index Fund | |
| Amount | |
| ($000) | |
| Admiral Shares—Net Assets | |
| Applicable to 27,789,205 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,981,325 |
| Net Asset Value Per Share—Admiral Shares | $71.30 |
| Institutional Shares—Net Assets | |
| Applicable to 30,160,808 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 329,045 |
| Net Asset Value Per Share—Institutional Shares | $10.91 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
† 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.
1 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 $3,108,000, representing 0.1% of net assets.
2 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 100.1% and 2.4%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $147,319,000 of collateral received for securities on loan.
5 Securities with a value of $1,300,000 have been segregated as initial margin for open futures contracts.
6 The total value of securities on loan is $137,375,000.
See accompanying Notes, which are an integral part of the Financial Statements.
42
| Pacific Stock Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 141,018 |
| Interest2 | 21 |
| Securities Lending | 2,647 |
| Total Income | 143,686 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,103 |
| Management and Administrative—Investor Shares | 672 |
| Management and Administrative—ETF Shares | 2,052 |
| Management and Administrative—Admiral Shares | 1,512 |
| Management and Administrative—Institutional Shares | 137 |
| Marketing and Distribution—Investor Shares | 69 |
| Marketing and Distribution—ETF Shares | 410 |
| Marketing and Distribution—Admiral Shares | 193 |
| Marketing and Distribution—Institutional Shares | 36 |
| Custodian Fees | 820 |
| Auditing Fees | 47 |
| Shareholders’ Reports—Investor Shares | 25 |
| Shareholders’ Reports—ETF Shares | 59 |
| Shareholders’ Reports—Admiral Shares | 12 |
| Shareholders’ Reports—Institutional Shares | 8 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 7,159 |
| Net Investment Income | 136,527 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 119,174 |
| Futures Contracts | 1,815 |
| Foreign Currencies and Forward Currency Contracts | (4,610) |
| Realized Net Gain (Loss) | 116,379 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (432,298) |
| Futures Contracts | 1,534 |
| Foreign Currencies and Forward Currency Contracts | 732 |
| Change in Unrealized Appreciation (Depreciation) | (430,032) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (177,126) |
| 1 Dividends are net of foreign withholding taxes of $8,266,000. | |
| 2 Interest income from an affiliated company of the fund was $16,000. | |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
43
| Pacific 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 | 136,527 | 138,837 |
| Realized Net Gain (Loss) | 116,379 | 64,452 |
| Change in Unrealized Appreciation (Depreciation) | (430,032) | (146,338) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (177,126) | 56,951 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (7,391) | (9,804) |
| ETF Shares | (67,700) | (74,497) |
| Admiral Shares | (46,916) | (51,732) |
| Signal Shares | — | (3,961) |
| Institutional Shares | (7,766) | (9,260) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (129,773) | (149,254) |
| Capital Share Transactions | ||
| Investor Shares | (32,520) | (32,507) |
| ETF Shares | 328,336 | 166,435 |
| Admiral Shares | 63,582 | 223,950 |
| Signal Shares | — | (169,429) |
| Institutional Shares | 9,869 | (95,317) |
| Net Increase (Decrease) from Capital Share Transactions | 369,267 | 93,132 |
| Total Increase (Decrease) | 62,368 | 829 |
| Net Assets | ||
| Beginning of Period | 5,487,831 | 5,487,002 |
| End of Period1 | 5,550,199 | 5,487,831 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $20,721,000 and $14,099,000. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
44
| Pacific 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 | $11.59 | $11.76 | $9.63 | $9.74 | $10.40 |
| Investment Operations | |||||
| Net Investment Income | . 258 | .282 | .246 | .278 | .2891 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (. 612) | (.147) | 2.187 | .037 | (. 619) |
| Total from Investment Operations | (.354) | .135 | 2.433 | .315 | (.330) |
| Distributions | |||||
| Dividends from Net Investment Income | (.246) | (. 305) | (. 303) | (. 425) | (.330) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.246) | (. 305) | (. 303) | (. 425) | (.330) |
| Net Asset Value, End of Period | $10.99 | $11.59 | $11.76 | $9.63 | $9.74 |
| Total Return2 | -3.07% | 1.21% | 25.72% | 3.47% | -3.45% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $309 | $360 | $398 | $360 | $438 |
| Ratio of Total Expenses to Average Net Assets | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.26% | 2.45% | 2.27% | 2.93% | 2.85% |
| Portfolio Turnover Rate 3 | 14% | 5% | 22% | 4% | 4% |
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide
3 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.
45
| Pacific Stock Index Fund | |||||
| Financial Highlights | |||||
| FTSE Pacific ETF Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $60.80 | $61.71 | $50.57 | $51.18 | $55.06 |
| Investment Operations | |||||
| Net Investment Income | 1.443 | 1.568 | 1.372 | 1.544 | 1.6381 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (3.210) | (.791) | 11.475 | .190 | (3.275) |
| Total from Investment Operations | (1.767) | .777 | 12.847 | 1.734 | (1.637) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.383) | (1.687) | (1.707) | (2.344) | (2.243) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.383) | (1.687) | (1.707) | (2.344) | (2.243) |
| Net Asset Value, End of Period | $57.65 | $60.80 | $61.71 | $50.57 | $51.18 |
| Total Return | -2.93% | 1.31% | 25.88% | 3.65% | -3.34% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,931 | $2,760 | $2,645 | $1,563 | $1,472 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.40% | 2.59% | 2.41% | 3.07% | 2.97% |
| Portfolio Turnover Rate 2 | 14% | 5% | 22% | 4% | 4% |
1 Calculated based on average shares outstanding.
2 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.
46
| Pacific Stock Index Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $75.19 | $76.32 | $62.54 | $63.28 | $68.06 |
| Investment Operations | |||||
| Net Investment Income | 1.783 | 1.937 | 1.695 | 1.905 | 2.0511 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (3.963) | (.982) | 14.194 | .249 | (4.080) |
| Total from Investment Operations | (2.180) | .955 | 15.889 | 2.154 | (2.029) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.710) | (2.085) | (2.109) | (2.894) | (2.751) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.710) | (2.085) | (2.109) | (2.894) | (2.751) |
| Net Asset Value, End of Period | $71.30 | $75.19 | $76.32 | $62.54 | $63.28 |
| Total Return2 | -2.92% | 1.32% | 25.89% | 3.65% | -3.33% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,981 | $2,032 | $1,832 | $1,415 | $1,451 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.14% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.40% | 2.59% | 2.41% | 3.07% | 2.97% |
| Portfolio Turnover Rate 3 | 14% | 5% | 22% | 4% | 4% |
1 Calculated based on average shares outstanding.
2 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.
3 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.
47
| Pacific Stock Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $11.50 | $11.68 | $9.57 | $9.69 | $10.42 |
| Investment Operations | |||||
| Net Investment Income | . 276 | .300 | .263 | .295 | .3031 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (.601) | (.158) | 2.174 | .034 | (.609) |
| Total from Investment Operations | (.325) | .142 | 2.437 | .329 | (.306) |
| Distributions | |||||
| Dividends from Net Investment Income | (. 265) | (. 322) | (. 327) | (.449) | (.424) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (. 265) | (. 322) | (. 327) | (.449) | (.424) |
| Net Asset Value, End of Period | $10.91 | $11.50 | $11.68 | $9.57 | $9.69 |
| Total Return2 | -2.84% | 1.28% | 25.96% | 3.65% | -3.29% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $329 | $336 | $437 | $406 | $354 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.43% | 2.62% | 2.44% | 3.10% | 3.01% |
| Portfolio Turnover Rate 3 | 14% | 5% | 22% | 4% | 4% |
1 Calculated based on average shares outstanding.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 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.
48
Pacific Stock Index Fund
Notes to Financial Statements
Vanguard Pacific 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, known as Vanguard FTSE Pacific 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. The fund has not issued any Institutional Plus Shares through October 31, 2015.
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
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Pacific Stock Index Fund
may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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.
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Pacific Stock Index Fund
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 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 counter-parties, 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 counter-party 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.
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.
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Pacific 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 $475,000, representing 0.01% of the fund’s net assets and 0.19% 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 | 730 | 5,531,207 | 2,158 |
| Temporary Cash Investments | 147,319 | 5,799 | — |
| Futures Contracts—Assets1 | 132 | — | — |
| Futures Contracts—Liabilities1 | (2) | — | — |
| Forward Currency Contracts—Assets | — | 774 | — |
| Forward Currency Contracts—Liabilities | — | (120) | — |
| Total | 148,179 | 5,537,660 | 2,158 |
| 1 Represents variation margin on the last day of the reporting period. | |||
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Pacific 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 | 132 | 774 | 906 |
| Other Liabilities | (2) | (120) | (122) |
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 | 1,815 | 1,815 | |
| Forward Currency Contracts | 228 | 228 | |
| Realized Net Gain (Loss) on Derivatives | 1,815 | 228 | 2,043 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 1,534 | 1,534 | |
| Forward Currency Contracts | 319 | 319 | |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,534 | 319 | 1,853 |
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) |
| Topix Index | December 2015 | 117 | 15,110 | 1,464 |
| S&P ASX 200 Index | December 2015 | 43 | 4,016 | 291 |
| KOSPI 200 Index | December 2015 | 27 | 2,975 | 289 |
| 2,044 |
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Pacific Stock Index Fund
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.
| Unrealized | ||||||
| Contract | Appreciation | |||||
| Contract Amount (000) | ||||||
| Settlement | (Depreciation) | |||||
| Counterparty | Date | Receive | Deliver | ($000) | ||
| BNP Paribas | 12/22/15 | AUD | 27,562 | USD | 19,457 | 146 |
| BNP Paribas | 12/15/15 | JPY | 2,176,085 | USD | 18,062 | (14) |
| BNP Paribas | 12/15/15 | JPY | 1,733,022 | USD | 14,361 | 11 |
| Bank of America, N.A. | 12/15/15 | JPY | 1,384,684 | USD | 11,579 | (95) |
| UBS AG | 12/22/15 | AUD | 8,169 | USD | 5,699 | 111 |
| Goldman Sachs Bank USA | 12/15/15 | KRW | 3,500,000 | USD | 3,070 | (5) |
| Morgan Stanley Capital Services LLC | 12/15/15 | KRW | 2,159,625 | USD | 1,798 | 93 |
| BNP Paribas | 12/15/15 | USD | 31,282 | JPY | 3,752,666 | 159 |
| Morgan Stanley Capital Services LLC | 12/22/15 | USD | 13,926 | AUD | 19,369 | 151 |
| Morgan Stanley Capital Services LLC | 12/15/15 | USD | 6,127 | JPY | 739,250 | (4) |
| BNP Paribas | 12/22/15 | USD | 5,072 | AUD | 7,079 | 37 |
| BNP Paribas | 12/15/15 | USD | 3,684 | JPY | 444,375 | (2) |
| Barclays Bank PLC | 12/15/15 | USD | 3,696 | JPY | 443,550 | 18 |
| UBS AG | 12/15/15 | USD | 2,985 | JPY | 357,500 | 20 |
| UBS AG | 12/22/15 | USD | 2,355 | AUD | 3,274 | 26 |
| Barclays Bank PLC | 12/22/15 | USD | 996 | AUD | 1,398 | 2 |
| 654 | ||||||
AUD—Australian dollar.
JPY—Japanese yen.
KRW—Korean won.
USD—U.S. dollar.
At October 31, 2015, the counterparty had deposited in segregated accounts securities with a value of $594,000 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.
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Pacific Stock Index Fund
During the year ended October 31, 2015, the fund realized net foreign currency losses of $4,838,000, 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 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 $4,706,000, 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 $10,992,000.
During the year ended October 31, 2015, the fund realized $70,925,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $38,322,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $45,204,000 to offset taxable capital gains realized during the year ended October 31, 2015. At October 31, 2015, the fund had available capital losses totaling $1,109,815,000 to offset future net capital gains of $418,346,000 through October 31, 2016, $607,343,000 through October 31, 2017, $29,742,000 through October 31, 2018, and $54,384,000 through October 31, 2019.
At October 31, 2015, the cost of investment securities for tax purposes was $6,811,760,000. Net unrealized depreciation of investment securities for tax purposes was $1,124,547,000, consisting of unrealized gains of $473,840,000 on securities that had risen in value since their purchase and $1,598,387,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended October 31, 2015, the fund purchased $1,619,199,000 of investment securities and sold $1,250,618,000 of investment securities, other than temporary cash investments. Purchases and sales include $678,307,000 and $449,277,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Pacific Stock Index Fund
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 | 64,269 | 5,573 | 58,007 | 5,061 |
| Issued in Lieu of Cash Distributions | 6,971 | 624 | 9,268 | 811 |
| Redeemed | (103,760) | (9,176) | (99,782) | (8,663) |
| Net Increase (Decrease)—Investor Shares | (32,520) | (2,979) | (32,507) | (2,791) |
| ETF Shares | ||||
| Issued | 830,517 | 14,049 | 422,766 | 6,937 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (502,181) | (8,600) | (256,331) | (4,400) |
| Net Increase (Decrease) —ETF Shares | 328,336 | 5,449 | 166,435 | 2,537 |
| Admiral Shares | ||||
| Issued1 | 320,195 | 4,274 | 392,179 | 5,284 |
| Issued in Lieu of Cash Distributions | 39,790 | 549 | 44,509 | 600 |
| Redeemed | (296,403) | (4,062) | (212,738) | (2,863) |
| Net Increase (Decrease) —Admiral Shares | 63,582 | 761 | 223,950 | 3,021 |
| Signal Shares | ||||
| Issued | — | — | 31,226 | 1,214 |
| Issued in Lieu of Cash Distributions | — | — | 3,197 | 125 |
| Redeemed1 | — | — | (203,852) | (7,921) |
| Net Increase (Decrease)—Signal Shares | — | — | (169,429) | (6,582) |
| Institutional Shares | ||||
| Issued | 53,168 | 4,727 | 62,585 | 5,485 |
| Issued in Lieu of Cash Distributions | 4,987 | 450 | 7,052 | 622 |
| Redeemed | (48,286) | (4,222) | (164,954) | (14,354) |
| Net Increase (Decrease) —Institutional Shares | 9,869 | 955 | (95,317) | (8,247) |
1 Admiral Shares Issued and Signal Shares Redeemed include $150,910,000 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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund:
In our opinion, the accompanying statements 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 European Stock Index Fund and Vanguard Pacific Stock Index Fund (constituting separate portfolios of Vanguard International Equity Index 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 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 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 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
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| Special 2015 tax information (unaudited) for Vanguard European 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 $522,232,000 of qualified dividend income to shareholders during the fiscal year. |
| The fund designates to shareholders foreign source income of $560,027,000 and foreign taxes paid |
| of $36,316,000. 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. |
| Special 2015 tax information (unaudited) for Vanguard Pacific 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 $99,787,000 of qualified dividend income to shareholders during the fiscal year. |
| The fund designates to shareholders foreign source income of $137,092,000 and foreign taxes paid |
| of $8,048,000. 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. |
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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.)
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: International Stock Index Funds
Periods Ended October 31, 2015
| One | Five | Ten | |
| Year | Years | Years | |
| European Stock Index Fund Investor Shares | |||
| Returns Before Taxes | -0.77% | 4.85% | 4.44% |
| Returns After Taxes on Distributions | -1.56 | 4.03 | 3.74 |
| Returns After Taxes on Distributions and Sale of Fund Shares | 0.09 | 3.86 | 3.64 |
| One | Five | Ten | |
| Year | Years | Years | |
| Pacific Stock Index Fund Investor Shares | |||
| Returns Before Taxes | -3.07% | 4.26% | 3.18% |
| Returns After Taxes on Distributions | -3.64 | 3.58 | 2.66 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -1.38 | 3.31 | 2.53 |
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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 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.
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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 | |||
| European Stock Index Fund | |||
| Investor Shares | $1,000.00 | $939.63 | $1.32 |
| FTSE Europe ETF Shares | 1,000.00 | 940.17 | 0.64 |
| Admiral Shares | 1,000.00 | 940.24 | 0.64 |
| Institutional Shares | 1,000.00 | 940.62 | 0.49 |
| Institutional Plus Shares | 1,000.00 | 940.42 | 0.44 |
| Pacific Stock Index Fund | |||
| Investor Shares | $1,000.00 | $915.82 | $1.26 |
| FTSE Pacific ETF Shares | 1,000.00 | 916.56 | 0.58 |
| Admiral Shares | 1,000.00 | 916.62 | 0.58 |
| Institutional Shares | 1,000.00 | 916.86 | 0.43 |
| Based on Hypothetical 5% Yearly Return | |||
| European Stock Index Fund | |||
| Investor Shares | $1,000.00 | $1,023.84 | $1.38 |
| FTSE Europe ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
| Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
| Institutional Shares | 1,000.00 | 1,024.70 | 0.51 |
| Institutional Plus Shares | 1,000.00 | 1,024.75 | 0.46 |
| Pacific Stock Index Fund | |||
| Investor Shares | $1,000.00 | $1,023.89 | $1.33 |
| FTSE Pacific ETF Shares | 1,000.00 | 1,024.60 | 0.61 |
| Admiral Shares | 1,000.00 | 1,024.60 | 0.61 |
| Institutional Shares | 1,000.00 | 1,024.75 | 0.46 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the European Stock Index Fund, 0.27% for Investor Shares, 0.13% for FTSE Europe ETF Shares, 0.13% for Admiral Shares, 0.10% for Institutional Shares, and 0.09% for Institutional Plus Shares; and for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.12% for FTSE Pacific ETF Shares, 0.12% for Admiral Shares, and 0.09% for Institutional 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).
61
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.
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.
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.
62
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 European Stock Index: MSCI Europe Index through March 26, 2013; FTSE Developed Europe Index through September 30, 2015; FTSE Developed Europe All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.
Spliced Pacific Stock Index: MSCI Pacific Index through March 26, 2013; FTSE Developed Asia Pacific Index through September 30, 2015; FTSE Developed Asia Pacific All Cap Index thereafter.
Benchmark returns are adjusted for withholding taxes.
63
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 |
| Peter F. Volanakis | John T. Marcante | Karin A. Risi |
| 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 | ||
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
| 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
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| All comparative mutual fund data are from Lipper, a | companies nor its licensors for any errors or for any |
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| calling Vanguard at 800-662-2739. The guidelines are | the FTSE Indexes or the fitness or suitability of the |
| also available from the SEC’s website, sec.gov. In | Indexes for any particular purpose to which they might |
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| months ended June 30. To get the report, visit either | The Industry Classification Benchmark (”ICB”) is owned |
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| person for any loss or damage arising out of any error | |
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| 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 | |
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| © 2015 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q720 122015 | |
Annual Report | October 31, 2015
Vanguard Total World 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. | 9 |
| Performance Summary. | 11 |
| Financial Statements. | 14 |
| Your Fund’s After-Tax Returns. | 36 |
| About Your Fund’s Expenses. | 37 |
| Glossary. | 39 |
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 World Stock Index Fund | |
| Investor Shares | -0.37% |
| ETF Shares | |
| Market Price | -0.32 |
| Net Asset Value | -0.23 |
| Institutional Shares | -0.22 |
| FTSE Global All Cap Index | 0.44 |
| Global Funds Average | 0.35 |
Global Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Institutional 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 NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca 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 World Stock Index Fund | ||||
| Investor Shares | $24.82 | $24.18 | $0.554 | $0.000 |
| ETF Shares | 60.89 | 59.34 | 1.424 | 0.000 |
| Institutional Shares | 124.35 | 121.18 | 2.926 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
The 12 months ended October 31, 2015, were a volatile period for global stock markets. Mounting signs of a marked slowdown in China certainly weighed on sentiment at times, but a host of other factors contributed to the bumpy ride as well. They included disinflationary pressures from the continuing slide in the price of oil and other commodities, uncertainty about when the Federal Reserve might begin raising interest rates, and twists and turns in Greek debt negotiations.
For the fiscal year, Vanguard Total World Stock Index Fund returned –0.37% for Investor Shares as a modest rise in U.S. stocks paired with a similar decline in international stocks. For the fund, gains in Japan and many of the larger markets in the euro zone were watered down by a weakening of their currencies versus the U.S. dollar. Emerging markets as a group posted a double-digit decline.
The fund’s performance diverged from the 0.44% return of its target index, the FTSE Global All Cap Index, because of price differences arising from fair-value pricing policies (see the box on page 6 for an explanation of fair-value pricing). The fund’s result lagged the 0.35% average return for competing global funds.
2
If you own the fund in a taxable account, you may wish to review the information about after-tax returns presented later in this report.
China’s economic woes weighed on global stocks
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.
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
| 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
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.
Energy and mining stocks weighed on global returns
Vanguard Total World Stock Index Fund embodies our belief in diversification. It invests in large-, mid-, and small-capitalization stocks listed in the United States, foreign developed markets, and emerging markets.
Because the fund’s allocation by country reflects market-cap weightings, U.S. stocks accounted for more than half its assets on average over the fiscal year. That allocation proved to be a bright spot for the fund, returning more than 4%. The economic backdrop was generally positive in the United States: The economy rebounded after almost grinding to a halt at the beginning of
| Expense Ratios | ||||
| Your Fund Compared With Its Peer Group | ||||
| Investor | ETF | Institutional | Peer Group | |
| Shares | Shares | Shares | Average | |
| Total World Stock Index Fund | 0.27% | 0.17% | 0.15% | 1.33% |
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 0.25% for Investor Shares, 0.14% for ETF Shares, and 0.13% for Institutional 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: Global Funds.
4
2015 and the unemployment rate fell to a seven-year low. Inflation, however, remained below the Fed’s target of 2%. With an improving labor market and a drop in the price of gasoline, stocks in the consumer goods and services and tech sectors turned in the best performances. As was the case elsewhere, mining and energy stocks were among the laggards. They felt the effects of the continuing slide in commodity prices—a result of weaker expected demand and, in the case of oil, abundant supply.
Stocks moved higher in many of the larger markets in Europe, including Germany, France, Italy, and the Netherlands. While there were challenges, among them a narrowly averted Greek exit from the euro zone and the ongoing migrant crisis, Europe continued to grow. Exports increased, aided by the weaker euro, and business and consumer confidence continued to strengthen. The region’s return for the period amounted only to just over 1%, however, as the stronger dollar dampened the performance of European assets for U.S.-based investors.
Japan returned about 10% as government efforts to stimulate the economy bolstered investor sentiment, but here, too, the return would have been higher if not for the strong dollar.
The return for emerging markets as a whole was worse than –14% for the period. In China, weaker-than-expected manufacturing
| Total Returns | |
| Inception Through October 31, 2015 | |
| Average | |
| Annual Return | |
| Total World Stock Index Fund Investor Shares (Returns since inception: 6/26/2008) | 4.62% |
| Spliced Total World Stock Index | 4.63 |
| Global Funds Average | 4.10 |
For a benchmark description, see the Glossary.
Global 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
data, a surprise devaluation of its currency, and a sharp stock market correction sparked concern about policymakers’ ability to engineer a soft landing for the economy. Knock-on effects were felt in economies linked to China’s manufacturing supply chain, including South Korea and Taiwan. Commodity-oriented economies such as Brazil, Russia, Australia, and Canada felt the fallout as well.
A longer-term look at fund performance
The objective of every index fund is to closely track the performance of its target index, which has a leg up from the start because it incurs no expenses. In the case of an international stock fund, that objective is especially challenging as keeping expenses low is no easy feat—transaction costs can be relatively high in some less developed foreign markets.
Since its inception more than seven years ago, your fund has successfully navigated those challenges. Its average annual return of 4.62% for Investor Shares was in line with the 4.63% return for its benchmark over the same period.
The fund’s return was also well ahead of the 4.10% average for its peers.
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
| 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
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
|
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 Perfor- |
| mance 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
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
8
Total World Stock Index Fund
Fund Profile
As of October 31, 2015
| Share-Class Characteristics | |||
| Investor | ETF | Institutional | |
| Shares | Shares | Shares | |
| Ticker Symbol | VTWSX | VT | VTWIX |
| Expense Ratio1 | 0.27% | 0.17% | 0.15% |
| Portfolio Characteristics | ||
| FTSE | ||
| Global | ||
| All Cap | ||
| Fund | Index | |
| Number of Stocks | 7,391 | 7,728 |
| Median Market Cap | $34.0B | $33.7B |
| Price/Earnings Ratio | 19.6x | 19.6x |
| Price/Book Ratio | 2.1x | 2.1x |
| Return on Equity | 16.1% | 16.0% |
| Earnings Growth | ||
| Rate | 10.4% | 10.5% |
| Dividend Yield | 2.4% | 2.4% |
| Turnover Rate | 7% | — |
| Short-Term Reserves | -0.1% | — |
| Sector Diversification (% of equity exposure) | ||
| FTSE | ||
| Global | ||
| All Cap | ||
| Fund | Index | |
| Basic Materials | 4.6% | 4.6% |
| Consumer Goods | 13.2 | 13.2 |
| Consumer Services | 11.5 | 11.5 |
| Financials | 22.5 | 22.5 |
| Health Care | 11.0 | 11.1 |
| Industrials | 13.2 | 13.2 |
| Oil & Gas | 6.4 | 6.3 |
| Technology | 11.1 | 11.1 |
| Telecommunications | 3.3 | 3.3 |
| Utilities | 3.2 | 3.2 |
| Volatility Measures | |
| Spliced Total | |
| World Stock | |
| Index | |
| R-Squared | 0.99 |
| Beta | 0.99 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
| Ten Largest Holdings (% of total net assets) | ||
| Apple Inc. | Computer Hardware | 1.6% |
| Alphabet Inc. | Internet | 1.0 |
| Microsoft Corp. | Software | 0.9 |
| Exxon Mobil Corp. | Integrated Oil & Gas | 0.8 |
| General Electric Co. | Diversified Industrials | 0.7 |
| Wells Fargo & Co. | Banks | 0.7 |
| Johnson & Johnson | Pharmaceuticals | 0.7 |
| Nestle SA | Food Products | 0.6 |
| Berkshire Hathaway Inc. Reinsurance | 0.6 | |
| JPMorgan Chase & Co. | Banks | 0.6 |
| Top Ten | 8.2% | |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of equity exposure)
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 0.25% for Investor Shares, 0.14% for ETF Shares, and 0.13% for Institutional Shares.
9
Total World Stock Index Fund
| Market Diversification (% of equity exposure) | ||
| FTSE | ||
| Global | ||
| All Cap | ||
| Fund | Index | |
| Europe | ||
| United Kingdom | 7.1% | 7.1% |
| France | 3.0 | 3.1 |
| Germany | 2.9 | 2.9 |
| Switzerland | 2.9 | 3.0 |
| Spain | 1.1 | 1.1 |
| Sweden | 1.0 | 1.0 |
| Netherlands | 1.0 | 1.0 |
| Other | 2.8 | 2.9 |
| Subtotal | 21.8% | 22.1% |
| Pacific | ||
| Japan | 8.3% | 8.3% |
| Australia | 2.2 | 2.2 |
| South Korea | 1.6 | 1.6 |
| Hong Kong | 1.2 | 1.2 |
| Other | 0.6 | 0.6 |
| Subtotal | 13.9% | 13.9% |
| Emerging Markets | ||
| China | 2.2% | 2.2% |
| Taiwan | 1.3 | 1.3 |
| India | 1.1 | 1.1 |
| Other | 3.5 | 3.6 |
| Subtotal | 8.1% | 8.2% |
| North America | ||
| United States | 53.1% | 52.6% |
| Canada | 2.9 | 2.9 |
| Subtotal | 56.0% | 55.5% |
| Middle East | 0.2% | 0.3% |
10
Total World 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: June 26, 2008, Through October 31, 2015
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (6/26/2008) | Investment | |
| Total World Stock Index | ||||
| Fund*Investor Shares | -0.37% | 7.71% | 4.62% | $13,937 |
| Spliced Total World Stock Index | 0.44 | 8.01 | 4.63 | 13,944 |
| Global Funds Average | 0.35 | 7.20 | 4.10 | 13,434 |
For a benchmark description, see the Glossary.
Global Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (6/24/2008) | Investment | |
| Total World Stock Index Fund | ||||
| ETF Shares Net Asset Value | -0.23% | 7.86% | 4.57% | $13,885 |
| Spliced Total World Stock Index | 0.44 | 8.01 | 4.63 | 13,944 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard.
See Financial Highlights for dividend and capital gains information.
11
| Total World Stock Index Fund | ||||
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $5,000,000 | |
| Year | Years | (10/9/2008) | Investment | |
| Total World Stock Index Fund Institutional | ||||
| Shares | -0.22% | 7.87% | 11.19% | $10,574,533 |
| Spliced Total World Stock Index | 0.44 | 8.01 | 10.79 | 10,307,863 |
"Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard.
| Cumulative Returns of ETF Shares: June 24, 2008, Through October 31, 2015 | |||
| Since | |||
| One | Five | Inception | |
| Year | Years | (6/24/2008) | |
| Total World Stock Index Fund ETF Shares Market | |||
| Price | -0.32% | 45.47% | 38.75% |
| Total World Stock Index Fund ETF Shares Net | |||
| Asset Value | -0.23 | 45.96 | 38.85 |
| Spliced Total World Stock Index | 0.44 | 46.97 | 39.44 |
"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard.
Fiscal-Year Total Returns (%): June 26, 2008, Through October 31, 2015
| Total World Stock Index Fund Investor Shares |
| Spliced Total World Stock Index |
For a benchmark description, see the Glossary.
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
12
Total World Stock Index Fund
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 | Since | |
| Date | Year | Years | Inception | |
| Investor Shares | 6/26/2008 | -5.87% | 7.00% | 3.70% |
| ETF Shares | 6/24/2008 | |||
| Market Price | -6.02 | 7.07 | 3.60 | |
| Net Asset Value | -5.75 | 7.15 | 3.64 | |
| Institutional Shares | 10/9/2008 | -5.75 | 7.17 | 10.24 |
13
Total World 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 | |||
| Australia † | 170,573 | 2.2% | |
| Austria † | 6,923 | 0.1% | |
| Belgium † | 36,960 | 0.5% | |
| Brazil † | 42,034 | 0.5% | |
| Canada † | 227,770 | 2.9% | |
| Chile † | 8,884 | 0.1% | |
| China | |||
| China Mobile Ltd. | 1,019,861 | 12,132 | 0.2% |
| China Construction Bank Corp. | 16,720,206 | 12,056 | 0.2% |
| Industrial & Commercial Bank of China Ltd. | 13,381,245 | 8,491 | 0.1% |
| Bank of China Ltd. | 13,823,800 | 6,511 | 0.1% |
| China Life Insurance Co. Ltd. Class H | 1,420,000 | 5,092 | 0.1% |
| China Petroleum & Chemical Corp. | 5,166,314 | 3,726 | 0.1% |
| CNOOC Ltd. | 3,075,616 | 3,498 | 0.1% |
| PetroChina Co. Ltd. | 3,984,000 | 3,136 | 0.1% |
| China Overseas Land & Investment Ltd. | 806,480 | 2,598 | 0.1% |
| CITIC Ltd. | 1,123,000 | 2,089 | 0.0% |
| Agricultural Bank of China Ltd. | 4,605,500 | 1,879 | 0.0% |
| China Telecom Corp. Ltd. | 3,184,034 | 1,665 | 0.0% |
| PICC Property & Casualty Co. Ltd. | 729,287 | 1,652 | 0.0% |
| China Unicom Hong Kong Ltd. | 1,053,574 | 1,291 | 0.0% |
| China Shenhua Energy Co. Ltd. | 761,000 | 1,286 | 0.0% |
| China Resources Land Ltd. | 437,909 | 1,134 | 0.0% |
| China Communications Construction Co. Ltd. | 808,375 | 1,107 | 0.0% |
| * CRRC Corp. Ltd. | 747,800 | 950 | 0.0% |
| Sinopharm Group Co. Ltd. | 203,200 | 837 | 0.0% |
14
| Total World Stock Index Fund | ||||
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| Zhuzhou CSR Times Electric Co. Ltd. | 125,777 | 815 | 0.0% | |
| 1 | CGN Power Co. Ltd. | 1,974,832 | 813 | 0.0% |
| * | China Taiping Insurance Holdings Co. Ltd. | 241,259 | 756 | 0.0% |
| China Resources Power Holdings Co. Ltd. | 311,400 | 703 | 0.0% | |
| Dongfeng Motor Group Co. Ltd. | 472,000 | 677 | 0.0% | |
| China Railway Group Ltd. | 712,000 | 671 | 0.0% | |
| China Merchants Holdings International Co. Ltd. | 186,000 | 616 | 0.0% | |
| China Cinda Asset Management Co. Ltd. | 1,449,000 | 562 | 0.0% | |
| China Railway Construction Corp. Ltd. | 361,126 | 538 | 0.0% | |
| 1 | China Galaxy Securities Co. Ltd. | 609,000 | 526 | 0.0% |
| 1 | People’s Insurance Co. Group of China Ltd. | 983,000 | 524 | 0.0% |
| China Longyuan Power Group Corp. Ltd. | 570,000 | 521 | 0.0% | |
| Kunlun Energy Co. Ltd. | 488,000 | 399 | 0.0% | |
| China State Construction International Holdings Ltd. | 260,000 | 395 | 0.0% | |
| Beijing Capital International Airport Co. Ltd. | 354,000 | 379 | 0.0% | |
| China Resources Beer Holdings Company Ltd. | 194,000 | 366 | 0.0% | |
| China Oilfield Services Ltd. | 290,000 | 322 | 0.0% | |
| China Everbright Ltd. | 136,000 | 319 | 0.0% | |
| AviChina Industry & Technology Co. Ltd. | 356,000 | 289 | 0.0% | |
| China Power International Development Ltd. | 442,000 | 278 | 0.0% | |
| China Resources Gas Group Ltd. | 98,000 | 268 | 0.0% | |
| *,^ | China COSCO Holdings Co. Ltd. | 420,500 | 268 | 0.0% |
| Air China Ltd. | 266,000 | 255 | 0.0% | |
| China Southern Airlines Co. Ltd. | 296,000 | 250 | 0.0% | |
| ^ | China Coal Energy Co. Ltd. | 581,000 | 249 | 0.0% |
| * | Sinopec Shanghai Petrochemical Co. Ltd. | 556,000 | 232 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd. | 265,135 | 228 | 0.0% |
| Huaneng Renewables Corp. Ltd. | 694,000 | 216 | 0.0% | |
| Huadian Power International Corp. Ltd. | 266,000 | 194 | 0.0% | |
| China Merchants Property Development Co. Ltd. Class B | 49,900 | 187 | 0.0% | |
| Metallurgical Corp. of China Ltd. | 489,000 | 180 | 0.0% | |
| COSCO International Holdings Ltd. | 308,000 | 177 | 0.0% | |
| * | China Eastern Airlines Corp. Ltd. | 264,000 | 169 | 0.0% |
| * | China Reinsurance Group Corp. | 450,980 | 158 | 0.0% |
| Sinotrans Ltd. | 283,000 | 153 | 0.0% | |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 54,000 | 132 | 0.0% |
| China Jinmao Holdings Group Ltd. | 462,000 | 127 | 0.0% | |
| *,^ | China Agri-Industries Holdings Ltd. | 316,800 | 116 | 0.0% |
| Huadian Fuxin Energy Corp. Ltd. | 342,000 | 105 | 0.0% | |
| China BlueChemical Ltd. | 318,000 | 95 | 0.0% | |
| China Resources Cement Holdings Ltd. | 196,000 | 79 | 0.0% | |
| Shanghai Baosight Software Co. Ltd. Class B | 20,000 | 78 | 0.0% | |
| * | China Foods Ltd. | 156,000 | 71 | 0.0% |
| Foshan Huaxin Packaging Co. Ltd. Class B | 56,900 | 70 | 0.0% | |
| ^ | Sinopec Kantons Holdings Ltd. | 122,000 | 69 | 0.0% |
| *,1 | China Railway Signal & Communication Corp. Ltd. | 84,500 | 67 | 0.0% |
| Poly Culture Group Corp. Ltd. | 27,200 | 65 | 0.0% | |
| China Machinery Engineering Corp. | 69,000 | 60 | 0.0% | |
| Angang Steel Co. Ltd. | 114,000 | 47 | 0.0% | |
| * | China Overseas Property Holdings Ltd. | 267,493 | 46 | 0.0% |
| * | China Datang Corp. Renewable Power Co. Ltd. | 330,000 | 44 | 0.0% |
| ^ | Sinotrans Shipping Ltd. | 169,500 | 36 | 0.0% |
| China Merchants Land Ltd. | 168,000 | 35 | 0.0% | |
| CPMC Holdings Ltd. | 55,000 | 31 | 0.0% | |
| Sinofert Holdings Ltd. | 174,000 | 30 | 0.0% | |
15
| Total World Stock Index Fund | ||||
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| China National Accord Medicines Corp. Ltd. Class B | 5,400 | 28 | 0.0% | |
| China National Materials Co. Ltd. | 88,000 | 21 | 0.0% | |
| 1 | China—Other † | 85,137 | 1.1% | |
| 171,372 | 2.2% | |||
| Colombia † | 4,044 | 0.1% | ||
| Czech Republic † | 1,542 | 0.0% | ||
| Denmark † | 46,352 | 0.6% | ||
| Egypt † | 2,356 | 0.0% | ||
| Finland † | 26,204 | 0.3% | ||
| France | ||||
| Sanofi | 215,601 | 21,737 | 0.3% | |
| 1 | France—Other † | 213,401 | 2.7% | |
| 235,138 | 3.0% | |||
| Germany | ||||
| Bayer AG | 153,396 | 20,475 | 0.3% | |
| 1 | Germany—Other † | 207,411 | 2.6% | |
| 227,886 | 2.9% | |||
| Greece † | 2,149 | 0.0% | ||
| Hong Kong | ||||
| BOC Hong Kong Holdings Ltd. | 645,000 | 2,058 | 0.0% | |
| China Travel International Investment Hong Kong Ltd. | 354,000 | 160 | 0.0% | |
| *,1 | CGN Meiya Power Holdings Co. Ltd. | 250,000 | 60 | 0.0% |
| APT Satellite Holdings Ltd. | 49,500 | 48 | 0.0% | |
| * | MMG Ltd. | 196,000 | 43 | 0.0% |
| Shenwan Hongyuan HK Ltd. | 75,000 | 33 | 0.0% | |
| 1 | Hong Kong—Other † | 93,621 | 1.2% | |
| 96,023 | 1.2% | |||
| Hungary † | 1,905 | 0.0% | ||
| 1India † | 82,849 | 1.1% | ||
| Indonesia † | 15,758 | 0.2% | ||
| Ireland † | 9,969 | 0.1% | ||
| Israel † | 18,722 | 0.3% | ||
| 1Italy † | 72,072 | 0.9% | ||
| Japan | ||||
| Toyota Motor Corp. | 499,230 | 30,568 | 0.4% | |
| Japan—Other † | 610,708 | 7.8% | ||
| 641,276 | 8.2% | |||
16
| Total World Stock Index Fund | |||
| Market | Percentage | ||
| Value• | of Net | ||
| Shares | ($000) | Assets | |
| 1Malaysia † | 25,995 | 0.3% | |
| Mexico † | 35,752 | 0.5% | |
| 1Netherlands † | 75,657 | 1.0% | |
| New Zealand † | 6,918 | 0.1% | |
| 1Norway † | 18,383 | 0.2% | |
| 2Other | |||
| 3 Vanguard FTSE Emerging Markets ETF | 129,659 | 4,517 | 0.1% |
| Peru † | 1,345 | 0.0% | |
| Philippines † | 12,259 | 0.2% | |
| Poland † | 10,084 | 0.1% | |
| Portugal † | 5,180 | 0.1% | |
| 1Russia † | 25,110 | 0.3% | |
| Singapore | |||
| COSCO Corp. Singapore Ltd. | 92,000 | 25 | 0.0% |
| 1 Singapore—Other † | 37,260 | 0.5% | |
| 37,285 | 0.5% | ||
| South Africa † | 55,492 | 0.7% | |
| South Korea | |||
| Samsung Electronics Co. Ltd. GDR | 42,756 | 25,544 | 0.3% |
| South Korea—Other † | 96,307 | 1.3% | |
| 121,851 | 1.6% | ||
| 1Spain † | 85,710 | 1.1% | |
| 1Sweden † | 79,531 | 1.0% | |
| Switzerland | |||
| Nestle SA | 609,392 | 46,523 | 0.6% |
| Novartis AG | 402,416 | 36,485 | 0.5% |
| Roche Holding AG | 131,421 | 35,597 | 0.5% |
| 1 Switzerland—Other † | 111,193 | 1.4% | |
| 229,798 | 3.0% | ||
| Taiwan † | 102,896 | 1.3% | |
| Thailand † | 19,738 | 0.3% | |
| Turkey † | 10,366 | 0.1% | |
| United Arab Emirates † | 6,086 | 0.1% | |
17
| Total World Stock Index Fund | |||
| Market | Percentage | ||
| Value• | of Net | ||
| Shares | ($000) | Assets | |
| United Kingdom | |||
| HSBC Holdings plc | 3,671,361 | 28,676 | 0.4% |
| British American Tobacco plc | 347,796 | 20,644 | 0.3% |
| BP plc | 3,335,842 | 19,801 | 0.3% |
| GlaxoSmithKline plc | 904,905 | 19,490 | 0.2% |
| 1 United Kingdom—Other † | 460,796 | 5.9% | |
| 549,407 | 7.1% | ||
| United States | |||
| Basic Materials † | 97,459 | 1.3% | |
| Consumer Goods | |||
| Procter & Gamble Co. | 492,317 | 37,603 | 0.5% |
| Coca-Cola Co. | 738,726 | 31,285 | 0.4% |
| PepsiCo Inc. | 270,407 | 27,633 | 0.4% |
| Philip Morris International Inc. | 291,689 | 25,785 | 0.3% |
| Altria Group Inc. | 371,880 | 22,488 | 0.3% |
| Consumer Goods—Other † | 273,608 | 3.5% | |
| 418,402 | 5.4% | ||
| Consumer Services | |||
| * Amazon.com Inc. | 70,118 | 43,887 | 0.6% |
| Walt Disney Co. | 321,747 | 36,596 | 0.5% |
| Home Depot Inc. | 254,660 | 31,486 | 0.4% |
| CVS Health Corp. | 208,317 | 20,578 | 0.3% |
| Consumer Services—Other † | 441,394 | 5.6% | |
| 573,941 | 7.4% | ||
| Financials | |||
| Wells Fargo & Co. | 945,295 | 51,178 | 0.6% |
| JPMorgan Chase & Co. | 695,074 | 44,658 | 0.6% |
| Bank of America Corp. | 1,941,553 | 32,579 | 0.4% |
| Citigroup Inc. | 560,851 | 29,820 | 0.4% |
| Visa Inc. Class A | 379,196 | 29,418 | 0.4% |
| * Berkshire Hathaway Inc. Class B | 211,829 | 28,813 | 0.4% |
| Financials—Other † | 569,678 | 7.3% | |
| 786,144 | 10.1% | ||
| Health Care | |||
| Johnson & Johnson | 502,181 | 50,735 | 0.6% |
| Pfizer Inc. | 1,135,958 | 38,418 | 0.5% |
| Gilead Sciences Inc. | 267,907 | 28,969 | 0.4% |
| Merck & Co. Inc. | 520,588 | 28,455 | 0.4% |
| Amgen Inc. | 146,294 | 23,141 | 0.3% |
| * Allergan plc | 71,480 | 22,049 | 0.3% |
| UnitedHealth Group Inc. | 185,639 | 21,865 | 0.3% |
| Bristol-Myers Squibb Co. | 304,569 | 20,086 | 0.2% |
| AbbVie Inc. | 333,351 | 19,851 | 0.2% |
| Health Care—Other † | 295,938 | 3.8% | |
| 549,507 | 7.0% | ||
| Industrials | |||
| ^ General Electric Co. | 1,850,869 | 53,527 | 0.7% |
| 3M Co. | 126,482 | 19,884 | 0.2% |
| Industrials—Other † | 435,964 | 5.6% | |
| 509,375 | 6.5% | ||
18
| Total World Stock Index Fund | |||||
| Market | Percentage | ||||
| Value• | of Net | ||||
| Shares | ($000) | Assets | |||
| Oil & Gas | |||||
| Exxon Mobil Corp. | 772,099 | 63,883 | 0.8% | ||
| Chevron Corp. | 352,052 | 31,994 | 0.4% | ||
| Oil & Gas—Other † | 175,217 | 2.3% | |||
| 271,094 | 3.5% | ||||
| 2Other † | 13 | 0.0% | |||
| Technology | |||||
| Apple Inc. | 1,058,394 | 126,478 | 1.6% | ||
| Microsoft Corp. | 1,324,729 | 69,734 | 0.9% | ||
| * | Facebook Inc. Class A | 393,158 | 40,090 | 0.5% | |
| * | Alphabet Inc. Class A | 53,037 | 39,109 | 0.5% | |
| * | Alphabet Inc. | 53,068 | 37,721 | 0.5% | |
| Intel Corp. | 860,243 | 29,128 | 0.4% | ||
| Cisco Systems Inc. | 933,537 | 26,933 | 0.3% | ||
| International Business Machines Corp. | 182,302 | 25,537 | 0.3% | ||
| Oracle Corp. | 606,785 | 23,568 | 0.3% | ||
| Technology—Other † | 255,932 | 3.3% | |||
| 674,230 | 8.6% | ||||
| Telecommunications | |||||
| AT&T Inc. | 1,163,574 | 38,991 | 0.5% | ||
| Verizon Communications Inc. | 754,708 | 35,381 | 0.4% | ||
| Telecommunications—Other † | 12,935 | 0.2% | |||
| 87,307 | 1.1% | ||||
| Utilities † | 119,265 | 1.5% | |||
| 4,086,737 | 52.4% | ||||
| Total Common Stocks (Cost $6,962,881) | 7,754,858 | 99.5%4 | |||
| Coupon | |||||
| Temporary Cash Investments | |||||
| Money Market Fund | |||||
| 5,6 | Vanguard Market Liquidity Fund | 0.207% | 132,719,973 | 132,720 | 1.7% |
| 7U.S. Government and Agency Obligations † | 7,395 | 0.1% | |||
| Total Temporary Cash Investments (Cost $140,113) | 140,115 | 1.8%4 | |||
| Total Investments (Cost $7,102,994) | 7,894,973 | 101.3% | |||
19
| Total World Stock Index Fund | ||
| Percentage | ||
| Amount | of Net | |
| ($000) | Assets | |
| Other Assets and Liabilities | ||
| Other Assets | ||
| Investment in Vanguard | 656 | |
| Receivables for Investment Securities Sold | 495 | |
| Receivables for Accrued Income | 13,310 | |
| Receivables for Capital Shares Issued | 1,725 | |
| Other Assets | 2,568 | |
| Total Other Assets | 18,754 | 0.2% |
| Liabilities | ||
| Payables for Investment Securities Purchased | (1,288) | |
| Collateral for Securities on Loan | (111,772) | |
| Payables for Capital Shares Redeemed | (473) | |
| Payables to Vanguard | (2,743) | |
| Other Liabilities | (414) | |
| Total Liabilities | (116,690) | (1.5%) |
| Net Assets | 7,797,037 | 100.0% |
| At October 31, 2015, net assets consisted of: | ||
| Amount | ||
| ($000) | ||
| Paid-in Capital | 7,029,973 | |
| Undistributed Net Investment Income | 13,073 | |
| Accumulated Net Realized Losses | (39,571) | |
| Unrealized Appreciation (Depreciation) | ||
| Investment Securities | 791,979 | |
| Futures Contracts | 1,905 | |
| Forward Currency Contracts | (99) | |
| Foreign Currencies | (223) | |
| Net Assets | 7,797,037 | |
| Investor Shares—Net Assets | ||
| Applicable to 39,737,465 outstanding $.001 par value shares of | ||
| beneficial interest (unlimited authorization) | 960,969 | |
| Net Asset Value Per Share—Investor Shares | $24.18 | |
20
| Total World Stock Index Fund | |
| Amount | |
| ($000) | |
| ETF Shares—Net Assets | |
| Applicable to 84,403,847 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 5,008,427 |
| Net Asset Value Per Share—ETF Shares | $59.34 |
| Institutional Shares—Net Assets | |
| Applicable to 15,082,351 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,827,641 |
| Net Asset Value Per Share—Institutional Shares | $121.18 |
• 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 $97,619,000.
† 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.
1 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 $16,074,000, representing 0.2% of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 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 100.1% and 1.2%, respectively, of net assets.
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 $111,772,000 of collateral received for securities on loan.
7 Securities with a value of $2,300,000 have been segregated as initial margin for open futures contracts.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
21
| Total World Stock Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1,2 | 172,173 |
| Interest2 | 61 |
| Securities Lending | 2,938 |
| Total Income | 175,172 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,249 |
| Management and Administrative—Investor Shares | 1,780 |
| Management and Administrative—ETF Shares | 3,846 |
| Management and Administrative—Institutional Shares | 1,385 |
| Marketing and Distribution—Investor Shares | 200 |
| Marketing and Distribution—ETF Shares | 554 |
| Marketing and Distribution—Institutional Shares | 182 |
| Custodian Fees | 1,055 |
| Auditing Fees | 43 |
| Shareholders’ Reports—Investor Shares | 10 |
| Shareholders’ Reports—ETF Shares | 73 |
| Shareholders’ Reports—Institutional Shares | 2 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 10,383 |
| Net Investment Income | 164,789 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 21,317 |
| Futures Contracts | 1,660 |
| Foreign Currencies and Forward Currency Contracts | (2,742) |
| Realized Net Gain (Loss) | 20,235 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (239,786) |
| Futures Contracts | 1,887 |
| Foreign Currencies and Forward Currency Contracts | 370 |
| Change in Unrealized Appreciation (Depreciation) | (237,529) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (52,505) |
1 Dividends are net of foreign withholding taxes of $6,017,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $96,000, $58,000, and ($428,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
22
| Total World 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 | 164,789 | 125,399 |
| Realized Net Gain (Loss) | 20,235 | 31,302 |
| Change in Unrealized Appreciation (Depreciation) | (237,529) | 230,456 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (52,505) | 387,157 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (20,691) | (17,406) |
| ETF Shares | (100,240) | (80,931) |
| Institutional Shares | (38,992) | (24,806) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (159,923) | (123,143) |
| Capital Share Transactions | ||
| Investor Shares | 143,962 | 189,627 |
| ETF Shares | 1,411,644 | 709,628 |
| Institutional Shares | 613,403 | 501,071 |
| Net Increase (Decrease) from Capital Share Transactions | 2,169,009 | 1,400,326 |
| Total Increase (Decrease) | 1,956,581 | 1,664,340 |
| Net Assets | ||
| Beginning of Period | 5,840,456 | 4,176,116 |
| End of Period1 | 7,797,037 | 5,840,456 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $13,073,000 and $9,202,000.
See accompanying Notes, which are an integral part of the Financial Statements.
23
| Total World 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 | $24.82 | $23.48 | $19.46 | $18.40 | $18.85 |
| Investment Operations | |||||
| Net Investment Income | . 557 | .571 | .473 | .399 | .380 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (. 643) | 1.340 | 4.084 | 1.263 | (.480) |
| Total from Investment Operations | (.086) | 1.911 | 4.557 | 1.662 | (.100) |
| Distributions | |||||
| Dividends from Net Investment Income | (.554) | (.571) | (.537) | (. 602) | (. 350) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.554) | (.571) | (.537) | (. 602) | (. 350) |
| Net Asset Value, End of Period | $24.18 | $24.82 | $23.48 | $19.46 | $18.40 |
| Total Return2 | -0.37% | 8.20% | 23.79% | 9.29% | -0.61% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $961 | $844 | $615 | $364 | $286 |
| Ratio of Total Expenses to Average Net Assets | 0.25% | 0.27% | 0.30% | 0.35% | 0.40% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.31% | 2.38% | 2.28% | 2.44% | 2.30% |
| Portfolio Turnover Rate 3 | 7% | 7% | 12% | 16% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.01. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 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.
3 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 World Stock Index Fund | |||||
| Financial Highlights | |||||
| ETF Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $60.89 | $57.60 | $47.76 | $45.21 | $46.30 |
| Investment Operations | |||||
| Net Investment Income | 1.436 | 1.459 | 1.218 | 1.056 | 1.020 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (1.562) | 3.291 | 10.025 | 3.096 | (1.192) |
| Total from Investment Operations | (.126) | 4.750 | 11.243 | 4.152 | (.172) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.424) | (1.460) | (1.403) | (1.602) | (.918) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.424) | (1.460) | (1.403) | (1.602) | (.918) |
| Net Asset Value, End of Period | $59.34 | $60.89 | $57.60 | $47.76 | $45.21 |
| Total Return | -0.23% | 8.31% | 23.95% | 9.47% | -0.46% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $5,008 | $3,720 | $2,837 | $1,463 | $971 |
| Ratio of Total Expenses to Average Net Assets | 0.14% | 0.17% | 0.18% | 0.19% | 0.22% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.42% | 2.48% | 2.40% | 2.60% | 2.48% |
| Portfolio Turnover Rate 2 | 7% | 7% | 12% | 16% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.03. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 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 World Stock Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $124.35 | $117.63 | $97.56 | $92.36 | $94.62 |
| Investment Operations | |||||
| Net Investment Income | 2.945 | 3.007 | 2.506 | 2.167 | 2.124 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (3.189) | 6.717 | 20.461 | 6.336 | (2.459) |
| Total from Investment Operations | (.244) | 9.724 | 22.967 | 8.503 | (. 335) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.926) | (3.004) | (2.897) | (3.303) | (1.925) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.926) | (3.004) | (2.897) | (3.303) | (1.925) |
| Net Asset Value, End of Period | $121.18 | $124.35 | $117.63 | $97.56 | $92.36 |
| Total Return2 | -0.22% | 8.34% | 23.95% | 9.50% | -0.44% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,828 | $1,277 | $724 | $325 | $191 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | 0.15% | 0.16% | 0.17% | 0.20% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.43% | 2.50% | 2.42% | 2.62% | 2.50% |
| Portfolio Turnover Rate 3 | 7% | 7% | 12% | 16% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.03. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 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 World Stock Index Fund
Notes to Financial Statements
Vanguard Total World 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 three classes of shares: Investor Shares, ETF Shares, and Institutional 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. Institutional 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
27
Total World Stock Index Fund
associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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.
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.
28
Total World Stock Index Fund
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 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.
29
Total World Stock Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 $656,000, representing 0.01% of the fund’s net assets and 0.26% 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—International | 336,368 | 3,327,504 | 4,249 |
| Common Stocks—United States | 4,086,625 | 99 | 13 |
| Temporary Cash Investments | 132,720 | 7,395 | — |
| Futures Contracts—Assets1 | 41 | — | — |
| Futures Contracts—Liabilities1 | (122) | — | — |
| Forward Currency Contracts—Assets | — | 174 | — |
| Forward Currency Contracts—Liabilities | — | (273) | — |
| Total | 4,555,632 | 3,334,899 | 4,262 |
| 1 Represents variation margin on the last day of the reporting period. |
30
Total World 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 | 41 | 174 | 215 |
| Other Liabilities | (122) | (273) | (395) |
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 | 1,660 | — | 1,660 |
| Forward Currency Contracts | — | (1,063) | (1,063) |
| Realized Net Gain (Loss) on Derivatives | 1,660 | (1,063) | 597 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 1,887 | — | 1,887 |
| Forward Currency Contracts | — | 351 | 351 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,887 | 351 | 2,238 |
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) |
| E-mini S&P 500 Index | December 2015 | 132 | 13,686 | 333 |
| E-mini S&P Mid-Cap 400 Index | December 2015 | 60 | 8,648 | 259 |
| Dow Jones EURO STOXX 50 Index | December 2015 | 170 | 6,391 | 393 |
| S&P 500 Index | December 2015 | 11 | 5,703 | 356 |
| Topix Index | December 2015 | 38 | 4,908 | 342 |
| FTSE 100 Index | December 2015 | 49 | 4,783 | 157 |
| S&P ASX 200 Index | December 2015 | 23 | 2,148 | 65 |
| 1,905 |
31
Total World Stock Index Fund
Unrealized appreciation (depreciation) on open E-mini S&P 500 Index, E-mini S&P Mid-Cap 400 Index, Dow Jones EURO STOXX 50 Index, S&P 500 Index, and FTSE 100 Index futures contracts is 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.
| Unrealized | ||||||
| Contract | Appreciation | |||||
| Settlement | Contract Amount (000) | (Depreciation) | ||||
| Counterparty | Date | Receive | Deliver | ($000) | ||
| Citibank, N.A. | 12/23/15 | EUR | 5,089 | USD | 5,749 | (147) |
| Bank of America, N.A. | 12/15/15 | JPY | 603,333 | USD | 5,049 | (46) |
| BNP Paribas | 12/23/15 | GBP | 2,842 | USD | 4,348 | 32 |
| BNP Paribas | 12/23/15 | EUR | 1,927 | USD | 2,157 | (36) |
| BNP Paribas | 12/15/15 | JPY | 202,186 | USD | 1,676 | 1 |
| BNP Paribas | 12/22/15 | AUD | 1,753 | USD | 1,242 | 5 |
| Morgan Stanley Capital Services LLC | 12/23/15 | EUR | 830 | USD | 945 | (32) |
| UBS AG | 12/22/15 | AUD | 1,005 | USD | 701 | 14 |
| BNP Paribas | 12/23/15 | GBP | 438 | USD | 676 | (2) |
| BNP Paribas | 12/22/15 | AUD | 521 | USD | 380 | (10) |
| BNP Paribas | 12/15/15 | USD | 5,487 | JPY | 657,009 | 38 |
| Morgan Stanley Capital Services LLC | 12/23/15 | USD | 2,194 | EUR | 1,937 | 62 |
| Citibank, N.A. | 12/23/15 | USD | 624 | EUR | 551 | 18 |
| BNP Paribas | 12/15/15 | USD | 490 | JPY | 59,080 | — |
| Citibank, N.A. | 12/23/15 | USD | 480 | GBP | 309 | 3 |
| BNP Paribas | 12/22/15 | USD | 275 | AUD | 386 | 1 |
| (99) | ||||||
AUD—Australian dollar.
EUR—Euro.
GBP—British pound.
JPY—Japanese yen.
USD—U.S. dollar.
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.
32
Total World Stock Index Fund
During the year ended October 31, 2015, the fund realized net foreign currency losses of $1,679,000, 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 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 $705,000, 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 $9,093,000.
The fund realized gains on the sale of securities that were subject to capital gains tax in certain foreign countries. Capital gains taxes reduce realized gains for financial statement purposes but are treated as an expense for tax purposes. Accordingly, $21,000 of capital gains tax has been reclassified from accumulated net realized losses to undistributed net investment income.
During the year ended October 31, 2015, the fund realized $16,924,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $24,299,000 of ordinary income available for distribution. The fund used capital loss carryforwards of $6,238,000 to offset taxable capital gains realized during the year ended October 31, 2015. At October 31, 2015, the fund had available capital losses totaling $38,171,000 to offset future net capital gains. Of this amount, $24,146,000 is subject to expiration dates; $572,000 may be used to offset future net capital gains through October 31, 2016, $7,777,000 through October 31, 2017, $1,086,000 through October 31, 2018, and $14,711,000 through October 31, 2019. Capital losses of $14,025,000 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 $7,112,087,000. Net unrealized appreciation of investment securities for tax purposes was $782,886,000, consisting of unrealized gains of $1,365,208,000 on securities that had risen in value since their purchase and $582,322,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended October 31, 2015, the fund purchased $2,663,714,000 of investment securities and sold $494,860,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,378,312,000 and $35,900,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
33
Total World Stock Index Fund
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 | 364,888 | 14,684 | 301,386 | 12,389 |
| Issued in Lieu of Cash Distributions | 19,363 | 786 | 16,253 | 665 |
| Redeemed | (240,289) | (9,736) | (128,012) | (5,251) |
| Net Increase (Decrease)—Investor Shares | 143,962 | 5,734 | 189,627 | 7,803 |
| ETF Shares | ||||
| Issued | 1,447,939 | 23,916 | 756,307 | 12,629 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (36,295) | (600) | (46,679) | (800) |
| Net Increase (Decrease) —ETF Shares | 1,411,644 | 23,316 | 709,628 | 11,829 |
| Institutional Shares | ||||
| Issued | 842,698 | 6,658 | 567,749 | 4,654 |
| Issued in Lieu of Cash Distributions | 35,154 | 285 | 21,700 | 177 |
| Redeemed | (264,449) | (2,130) | (88,378) | (715) |
| Net Increase (Decrease) —Institutional Shares | 613,403 | 4,813 | 501,071 | 4,116 |
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.
34
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard Total World 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 World Stock Index Fund (constituting a separate portfolio of Vanguard International Equity Index 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 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 15, 2015
| Special 2015 tax information (unaudited) for Vanguard Total World 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 $130,363,000 of qualified dividend income to shareholders during the fiscal year. |
| For corporate shareholders, 41.3% 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 $84,091,000 and foreign taxes paid |
| of $5,886,000. 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. |
35
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 World Stock Index Fund Investor Shares
Periods Ended October 31, 2015
| Since | |||
| One | Five | Inception | |
| Year | Years | (6/26/2008) | |
| Returns Before Taxes | -0.37% | 7.71% | 4.62% |
| Returns After Taxes on Distributions | -0.98 | 7.17 | 4.23 |
| Returns After Taxes on Distributions and Sale of Fund Shares | 0.16 | 6.07 | 3.64 |
36
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.
37
| Six Months Ended October 31, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| Total World Stock Index Fund | 4/30/2015 | 10/31/2015 | Period |
| Based on Actual Fund Return | |||
| Investor Shares | $1,000.00 | $950.69 | $1.28 |
| ETF Shares | 1,000.00 | 951.49 | 0.64 |
| Institutional Shares | 1,000.00 | 951.56 | 0.64 |
| Based on Hypothetical 5% Yearly Return | |||
| Investor Shares | $1,000.00 | $1,023.89 | $1.33 |
| ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
| Institutional Shares | 1,000.00 | 1,024.55 | 0.66 |
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 0.26% for Investor Shares, 0.13% for ETF Shares, and 0.13% for Institutional 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).
38
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.
39
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 World Stock Index: FTSE All-World Index through December 18, 2011, and FTSE Global All Cap Index thereafter. Benchmark returns are adjusted for withholding taxes.
40
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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 | ||
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
| 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
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| All comparative mutual fund data are from Lipper, a | can be accepted by the London Stock Exchange Group |
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| otherwise noted. | loss from use of this publication. Neither the London |
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| guidelines by visiting vanguard.com/proxyreporting or by | licensors make any claim, prediction, warranty or |
| calling Vanguard at 800-662-2739. The guidelines are | representation whatsoever, expressly or impliedly, |
| also available from the SEC’s website, sec.gov. In | either as to the results to be obtained from the use of |
| addition, you may obtain a free report on how your fund | the FTSE Indexes or the fitness or suitability of the |
| voted the proxies for securities it owned during the 12 | Indexes for any particular purpose to which they might |
| months ended June 30. To get the report, visit either | be put. |
| vanguard.com/proxyreporting or sec.gov. | The Industry Classification Benchmark (”ICB”) is owned |
| You can review and copy information about your fund at | by FTSE. FTSE does not accept any liability to any |
| the SEC’s Public Reference Room in Washington, D.C. To | person for any loss or damage arising out of any error |
| find out more about this public service, call the SEC at | or omission in the ICB. |
| 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 | |
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| publicinfo@sec.gov or via regular mail addressed to the | |
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| Commission, Washington, DC 20549-1520. | |
| © 2015 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| Q6280 122015 | |
Annual Report | October 31, 2015
Vanguard FTSE International Index Funds
Vanguard FTSE All-World ex-US Index Fund
Vanguard FTSE All-World ex-US Small-Cap 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 |
| FTSE All-World ex-US Index Fund. | 10 |
| FTSE All-World ex-US Small-Cap Index Fund. | 37 |
| Your Fund’s After-Tax Returns. | 61 |
| About Your Fund’s Expenses. | 62 |
| Glossary. | 64 |
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 FTSE All-World ex-US Index Fund | |
| Investor Shares | -5.16% |
| ETF Shares | |
| Market Price | -5.20 |
| Net Asset Value | -5.05 |
| Admiral™ Shares | -5.05 |
| Institutional Shares | -5.03 |
| Institutional Plus Shares | -5.01 |
| FTSE All-World ex US Index | -3.83 |
| International Funds Average | -1.46 |
| International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| Vanguard FTSE All-World ex-US Small-Cap Index Fund | |
| Investor Shares | -2.33% |
| ETF Shares | |
| Market Price | -2.87 |
| Net Asset Value | -2.19 |
| Institutional Shares | -2.17 |
| FTSE Global Small Cap ex US Index | -1.27 |
| International Small-Cap Funds Average | 3.87 |
| International Small-Cap 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 NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca 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.
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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 lost ground as a whole.
Although results varied dramatically from country to country, stocks of developed economies held up better than those of emerging markets. Returns for small-capitalization international stocks were negative but generally better than those of their larger counterparts.
In this investment environment, Vanguard FTSE All-World ex-US Index Fund, which holds international large- and mid-cap stocks, returned –5.16%. Vanguard FTSE All-World ex-US Small-Cap Index Fund, which invests in smaller international companies, returned –2.33%. (All returns mentioned in this letter are for the funds’ Investor Shares.) Because of temporary price differences arising from fair-value pricing policies (see the box on page 6), the funds’ returns diverged from those of their respective target indexes.
If you hold your shares in a taxable account, you may wish to review information on the funds’ after-tax returns later in this report.
Global stock markets struggled, and some failed to advance
The broad U.S. stock market returned more
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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 Federal Reserve kept interest rates at historical lows. 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 the 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%, 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.)
| 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% |
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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.
Falling commodity prices and a strong U.S. dollar hurt returns
The FTSE All-World ex-US Index Fund and the FTSE All-World ex-US Small-Cap Index Fund provide investors with broad exposure to different segments of developed and emerging markets outside the United States. Three major market categories—Europe, the Pacific region’s developed markets, and emerging markets—account for the bulk of the funds’ holdings. The funds also have some exposure to Canada.
Both funds posted negative results in emerging markets and Canada; Europe performed best. Holdings in the Pacific region showed slight gains in the FTSE All-World ex-US Index Fund but lost ground in the FTSE All-World ex-US Small-Cap Index.
Declining commodity prices, triggered by weakened demand from China and the strong dollar, weighed heavily on emerging markets countries. Several major exporters, including Brazil, Malaysia, and South Africa, posted negative returns
| Expense Ratios | ||||||
| Your Fund Compared With Its Peer Group | ||||||
| Peer | ||||||
| Investor | ETF | Admiral | Institutional | Institutional | Group | |
| Shares | Shares | Shares | Shares | Plus Shares | Average | |
| FTSE All-World ex-US Index Fund | 0.29% | 0.14% | 0.14% | 0.12% | 0.10% | 1.39% |
| FTSE All-World ex-US Small-Cap Index Fund | 0.37 | 0.19 | — | 0.18 | — | 1.61 |
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 funds’ expense ratios were: for the FTSE All-World ex-US Index Fund, 0.26% for Investor Shares, 0.13% for ETF Shares, 0.13% for Admiral Shares, 0.11% for Institutional Shares, and 0.09% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.31% for Investor Shares, 0.17% for ETF Shares, and 0.15% for Institutional Shares. The peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2014.
Peer groups: For the FTSE All-World ex-US Index Fund, International Funds; and for the FTSE All-World ex-US Small-Cap Index Fund, International Small-Cap Funds.
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in both funds. Brazil, which relies heavily on commodity exports to China, was hit particularly hard.
Likewise, tumbling oil prices were a major blow for Canada, an economy that is heavily dependent on oil exports and exploration.
Returns were mixed for countries in the developed markets of the Pacific, with Japan the best performer in each fund. Although economic growth continues to be slow and inflation remains low, a weaker yen boosted Japanese exports to the United States and Europe. The country’s stock market— which accounts for well over half of both funds’ holdings in the region—rose 10% for the period.
In the small-cap fund, Japan’s gains weren’t enough to offset losses in the rest of the Pacific region. Australia, a big exporter of commodities, declined 20% amid falling prices triggered by the slowdown in China. Singapore also lost ground.
Europe was a bright spot for the funds. Although the region as a whole ended the period in positive territory, results among its countries were wide-ranging and varied between the two funds.
In the mid- and large-cap fund, gains in several of the euro zone’s other large economies, including France, Germany, the Netherlands, Denmark, and Switzerland, boosted returns. These countries benefited
| Total Returns | |
| Inception Through October 31, 2015 | |
| Average | |
| Annual Return | |
| FTSE All-World ex-US Index Fund Investor Shares (Returns since inception: 3/8/2007 ) | 1.13% |
| FTSE All-World ex US Index | 1.62 |
| International Funds Average | 0.83 |
| International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
| FTSE All-World ex-US Small-Cap Index Fund Investor Shares (Returns since inception: 4/2/2009 ) | 12.25% |
| FTSE Global Small Cap ex US Index | 13.00 |
| International Small-Cap Funds Average | 15.08 |
| International Small-Cap 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
from the European Central Bank’s launch of a massive bond-buying program in March, a continuing slide in the euro, and cheaper oil. The United Kingdom—the region’s biggest economy—was down for the period, as were Spain, Norway, and Sweden.
In the small-cap fund, the United Kingdom contributed most to performance both in Europe and overall. Germany, Italy, Sweden, Switzerland, and France also added to returns. Norway, Spain, Greece, and the Netherlands were the only economies to post negative results.
The funds have been successful
in tightly tracking their indexes
Vanguard FTSE All-World ex-US Index
Fund has returned 1.13% annually since its inception in March 2007. Vanguard
FTSE All-World ex-US Small-Cap Index Fund, which launched in April 2009, has returned 12.25% annually since inception.
The FTSE All-World ex-US Index Fund’s average annual return for the eight years outpaced the average annual return of its peer group. The FTSE All-World ex-US Small-Cap Index Fund’s average annual return for the six years lagged that of its peers.
For any index fund, success is defined as closely tracking the performance of its target index, which of course incurs no expenses. Both funds continued to meet this objective since their inception dates—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
| 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. |
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systems of the fund’s advisor, Vanguard Equity Index Group. The advisor’s efforts have been helped by the funds’ low expenses, which allow you to keep more of the return on your investment.
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
|
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 Perfor- |
| mance 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. |
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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
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| 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 FTSE All-World ex-US Index Fund | ||||
| Investor Shares | $19.40 | $17.92 | $0.498 | $0.000 |
| ETF Shares | 49.17 | 45.41 | 1.326 | 0.000 |
| Admiral Shares | 30.57 | 28.23 | 0.826 | 0.000 |
| Institutional Shares | 96.89 | 89.48 | 2.632 | 0.000 |
| Institutional Plus Shares | 102.60 | 94.75 | 2.810 | 0.000 |
| Vanguard FTSE All-World ex-US Small-Cap | ||||
| Index Fund | ||||
| Investor Shares | $38.10 | $36.27 | $0.948 | $0.000 |
| ETF Shares | 99.89 | 95.09 | 2.627 | 0.000 |
| Institutional Shares | 190.87 | 181.69 | 5.072 | 0.000 |
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| FTSE All-World ex-US 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 | VFWIX | VEU | VFWAX | VFWSX | VFWPX |
| Expense Ratio1 | 0.29% | 0.14% | 0.14% | 0.12% | 0.10% |
| Portfolio Characteristics | ||
| FTSE | ||
| All-World | ||
| Fund | ex US Index | |
| Number of Stocks | 2,508 | 2,394 |
| Median Market Cap | $28.5B | $28.5B |
| Price/Earnings Ratio | 17.4x | 17.4x |
| Price/Book Ratio | 1.7x | 1.7x |
| Return on Equity | 15.0% | 15.0% |
| Earnings Growth | ||
| Rate | 11.0% | 11.1% |
| Dividend Yield | 2.9% | 2.9% |
| Turnover Rate | 3% | — |
| Short-Term Reserves | 0.0% | — |
| Sector Diversification (% of equity exposure) | ||
| FTSE | ||
| All-World | ||
| Fund | ex US Index | |
| Basic Materials | 6.8% | 6.8% |
| Consumer Goods | 17.2 | 17.1 |
| Consumer Services | 8.3 | 8.3 |
| Financials | 26.7 | 26.7 |
| Health Care | 8.5 | 8.6 |
| Industrials | 12.8 | 12.9 |
| Oil & Gas | 6.2 | 6.1 |
| Technology | 4.9 | 4.9 |
| Telecommunications | 5.0 | 5.0 |
| Utilities | 3.6 | 3.6 |
| Volatility Measures | |
| FTSE | |
| All-World | |
| ex US Index | |
| R-Squared | 0.98 |
| Beta | 0.99 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
| Ten Largest Holdings (% of total net assets) | ||
| Nestle SA | Food Products | 1.3% |
| Roche Holding AG | Pharmaceuticals | 1.1 |
| Novartis AG | Pharmaceuticals | 1.1 |
| Royal Dutch Shell plc | Integrated Oil & Gas | 0.9 |
| Toyota Motor Corp. | Automobiles | 0.9 |
| HSBC Holdings plc | Banks | 0.9 |
| Samsung Electronics Co. Consumer | ||
| Ltd. | Electronics | 0.8 |
| Unilever | Personal Products | 0.7 |
| Sanofi | Pharmaceuticals | 0.6 |
| British American | ||
| Tobacco plc | Tobacco | 0.6 |
| Top Ten | 8.9% | |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of equity exposure)
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 0.26% for Investor Shares, 0.13% for ETF Shares, 0.13% for Admiral Shares, 0.11% for Institutional Shares, and 0.09% for Institutional Plus Shares.
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FTSE All-World ex-US Index Fund
| Market Diversification (% of equity exposure) | ||
| FTSE | ||
| All-World | ||
| ex US | ||
| Fund | Index | |
| Europe | ||
| United Kingdom | 14.9% | 14.9% |
| France | 6.8 | 6.8 |
| Switzerland | 6.6 | 6.7 |
| Germany | 6.5 | 6.5 |
| Spain | 2.4 | 2.4 |
| Netherlands | 2.1 | 2.1 |
| Sweden | 2.0 | 2.1 |
| Italy | 1.8 | 1.8 |
| Denmark | 1.3 | 1.3 |
| Belgium | 1.0 | 1.0 |
| Other | 1.5 | 1.5 |
| Subtotal | 46.9% | 47.1% |
| Pacific | ||
| Japan | 18.2% | 17.8% |
| Australia | 4.8 | 4.7 |
| South Korea | 3.2 | 3.2 |
| Hong Kong | 2.7 | 2.7 |
| Other | 0.9 | 1.1 |
| Subtotal | 29.8% | 29.5% |
| Emerging Markets | ||
| China | 4.8% | 4.8% |
| Taiwan | 2.5 | 2.5 |
| India | 2.2 | 2.2 |
| South Africa | 1.6 | 1.7 |
| Brazil | 1.2 | 1.2 |
| Mexico | 1.0 | 1.0 |
| Other | 3.9 | 4.0 |
| Subtotal | 17.2% | 17.4% |
| North America | ||
| Canada | 5.6% | 5.5% |
| Middle East | 0.5% | 0.5% |
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FTSE All-World ex-US 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: March 8, 2007, Through October 31, 2015
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (3/8/2007) | Investment | |
| FTSE All-World ex-US Index | ||||
| Fund*Investor Shares | -5.16% | 2.59% | 1.13% | $11,020 |
| FTSE All-World ex US Index | -3.83 | 2.99 | 1.62 | 11,494 |
| International Funds Average | -1.46 | 3.86 | 0.83 | 10,737 |
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (3/2/2007) | Investment | |
| FTSE All-World ex-US Index Fund | ||||
| ETF Shares Net Asset Value | -5.05% | 2.74% | 1.51% | $11,383 |
| FTSE All-World ex US Index | -3.83 | 2.99 | 1.72 | 11,595 |
| "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard. | ||||
See Financial Highlights for dividend and capital gains information.
12
| FTSE All-World ex-US Index Fund | |||
| Average Annual Total Returns | |||
| Periods Ended October 31, 2015 | |||
| Since | Final Value | ||
| One | Inception | of a $10,000 | |
| Year | (9/27/2011) | Investment | |
| FTSE All-World ex-US Index Fund Admiral | |||
| Shares | -5.05% | 6.79% | $13,083 |
| FTSE All-World ex US Index | -3.83 | 6.92 | 13,148 |
| "Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standard. | |||
| Since | Final Value | |||
| One | Five | Inception | of a $5,000,000 | |
| Year | Years | (4/30/2007) | Investment | |
| FTSE All-World ex-US Index Fund | ||||
| Institutional Shares | -5.03% | 2.77% | 0.52% | $5,224,739 |
| FTSE All-World ex US Index | -3.83 | 2.99 | 0.70 | 5,303,374 |
| "Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard. | ||||
| Since | Final Value | ||
| One | Inception | of a $100,000,000 | |
| Year | (12/16/2010) | Investment | |
| FTSE All-World ex-US Index Fund Institutional | |||
| Plus Shares | -5.01% | 2.54% | $113,012,319 |
| FTSE All-World ex US Index | -3.83 | 2.80 | 114,423,950 |
| "Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standard. | |||
| Cumulative Returns of ETF Shares: March 2, 2007, Through October 31, 2015 | |||
| Since | |||
| One | Five | Inception | |
| Year | Years | (3/2/2007) | |
| FTSE All-World ex-US Index Fund ETF Shares | |||
| Market Price | -5.20% | 14.34% | 13.87% |
| FTSE All-World ex-US Index Fund ETF Shares Net | |||
| Asset Value | -5.05 | 14.49 | 13.83 |
| FTSE All-World ex US Index | -3.83 | 15.90 | 15.95 |
| "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard. | |||
13
FTSE All-World ex-US Index Fund
Fiscal-Year Total Returns (%): March 8, 2007, Through October 31, 2015
| FTSE All-World ex-US Index Fund Investor Shares |
| FTSE All-World ex US Index |
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
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 | Since | |
| Date | Year | Years | Inception | |
| Investor Shares | 3/8/2007 | -10.97% | 2.02% | 0.41% |
| ETF Shares | 3/2/2007 | |||
| Market Price | -11.01 | 2.12 | 0.77 | |
| Net Asset Value | -10.87 | 2.17 | 0.79 | |
| Admiral Shares | 9/27/2011 | -10.89 | — | 5.28 |
| Institutional Shares | 4/30/2007 | -10.85 | 2.20 | -0.22 |
| Institutional Plus Shares | 12/16/2010 | -10.83 | — | 1.26 |
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FTSE All-World ex-US 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 | |||
| Australia | |||
| Commonwealth Bank of Australia | 2,320,008 | 127,016 | 0.5% |
| Westpac Banking Corp. | 4,350,596 | 97,267 | 0.4% |
| Australia—Other † | 925,246 | 3.8% | |
| 1,149,529 | 4.7% | ||
| Austria † | 32,198 | 0.1% | |
| Belgium | |||
| Anheuser-Busch InBev SA/NV | 1,089,588 | 129,949 | 0.6% |
| Belgium—Other † | 104,622 | 0.4% | |
| 234,571 | 1.0% | ||
| Brazil † | 291,856 | 1.2% | |
| Canada | |||
| ^ Royal Bank of Canada | 1,964,658 | 112,341 | 0.5% |
| ^ Toronto-Dominion Bank | 2,519,957 | 103,450 | 0.4% |
| Bank of Nova Scotia | 1,652,548 | 77,711 | 0.3% |
| Canada—Other † | 1,061,592 | 4.4% | |
| 1,355,094 | 5.6% | ||
| Chile † | 57,406 | 0.2% | |
| China | |||
| Tencent Holdings Ltd. | 7,298,360 | 136,970 | 0.6% |
| China Construction Bank Corp. | 124,798,277 | 89,983 | 0.4% |
| China Mobile Ltd. | 7,272,204 | 86,511 | 0.4% |
| Industrial & Commercial Bank of China Ltd. | 98,407,500 | 62,445 | 0.3% |
| Bank of China Ltd. | 102,807,541 | 48,423 | 0.2% |
| China Life Insurance Co. Ltd. | 10,165,000 | 36,452 | 0.2% |
15
| FTSE All-World ex-US Index Fund | ||||
| Market | Percentage | |||
| Value | of Net | |||
| Shares | ($000) | Assets | ||
| China Petroleum & Chemical Corp. | 34,851,400 | 25,136 | 0.1% | |
| CNOOC Ltd. | 21,966,536 | 24,984 | 0.1% | |
| PetroChina Co. Ltd. | 28,822,000 | 22,688 | 0.1% | |
| China Overseas Land & Investment Ltd. | 5,253,760 | 16,922 | 0.1% | |
| CITIC Ltd. | 8,742,000 | 16,261 | 0.1% | |
| Agricultural Bank of China Ltd. | 35,271,715 | 14,392 | 0.1% | |
| China Telecom Corp. Ltd. | 22,152,000 | 11,580 | 0.1% | |
| PICC Property & Casualty Co. Ltd. | 4,448,540 | 10,079 | 0.1% | |
| China Unicom Hong Kong Ltd. | 7,914,123 | 9,699 | 0.1% | |
| China Resources Land Ltd. | 3,697,369 | 9,574 | 0.1% | |
| China Communications Construction Co. Ltd. | 6,048,000 | 8,283 | 0.0% | |
| China Shenhua Energy Co. Ltd. | 4,642,500 | 7,843 | 0.0% | |
| * | CRRC Corp. Ltd. | 5,552,600 | 7,055 | 0.0% |
| * | China Taiping Insurance Holdings Co. Ltd. | 2,012,826 | 6,306 | 0.0% |
| China Resources Power Holdings Co. Ltd. | 2,598,400 | 5,867 | 0.0% | |
| Sinopharm Group Co. Ltd. | 1,423,600 | 5,863 | 0.0% | |
| Dongfeng Motor Group Co. Ltd. | 3,958,000 | 5,677 | 0.0% | |
| 1 | CGN Power Co. Ltd. | 13,712,000 | 5,646 | 0.0% |
| China Merchants Holdings International Co. Ltd. | 1,604,893 | 5,313 | 0.0% | |
| China Railway Group Ltd. | 5,243,000 | 4,943 | 0.0% | |
| China Cinda Asset Management Co. Ltd. | 12,465,000 | 4,835 | 0.0% | |
| People’s Insurance Co. Group of China Ltd. | 8,693,000 | 4,635 | 0.0% | |
| Zhuzhou CSR Times Electric Co. Ltd. | 693,000 | 4,490 | 0.0% | |
| China Galaxy Securities Co. Ltd. | 5,110,000 | 4,414 | 0.0% | |
| China Longyuan Power Group Corp. Ltd. | 4,637,000 | 4,241 | 0.0% | |
| China Railway Construction Corp. Ltd. | 2,581,074 | 3,848 | 0.0% | |
| China State Construction International Holdings Ltd. | 2,150,000 | 3,263 | 0.0% | |
| China Resources Beer Holdings Company Ltd. | 1,712,000 | 3,229 | 0.0% | |
| Kunlun Energy Co. Ltd. | 3,838,000 | 3,142 | 0.0% | |
| China Everbright Ltd. | 1,156,000 | 2,711 | 0.0% | |
| China Oilfield Services Ltd. | 2,426,000 | 2,691 | 0.0% | |
| China Resources Gas Group Ltd. | 894,000 | 2,448 | 0.0% | |
| AviChina Industry & Technology Co. Ltd. | 3,004,000 | 2,438 | 0.0% | |
| Air China Ltd. | 2,494,000 | 2,387 | 0.0% | |
| China Power International Development Ltd. | 3,729,130 | 2,343 | 0.0% | |
| Beijing Capital International Airport Co. Ltd. | 2,048,000 | 2,194 | 0.0% | |
| *,^ | China COSCO Holdings Co. Ltd. | 3,378,800 | 2,154 | 0.0% |
| China Southern Airlines Co. Ltd. | 2,321,000 | 1,963 | 0.0% | |
| * | Sinopec Shanghai Petrochemical Co. Ltd. | 4,681,000 | 1,954 | 0.0% |
| Huaneng Renewables Corp. Ltd. | 5,406,000 | 1,682 | 0.0% | |
| ^ | China Coal Energy Co. Ltd. | 3,862,000 | 1,657 | 0.0% |
| Huadian Power International Corp. Ltd. | 2,182,000 | 1,594 | 0.0% | |
| Metallurgical Corp. of China Ltd. | 3,845,000 | 1,419 | 0.0% | |
| * | China Eastern Airlines Corp. Ltd. | 2,134,000 | 1,368 | 0.0% |
| Sinotrans Ltd. | 2,493,000 | 1,348 | 0.0% | |
| Sinopec Engineering Group Co. Ltd. | 1,509,593 | 1,299 | 0.0% | |
| China Jinmao Holdings Group Ltd. | 4,724,000 | 1,295 | 0.0% | |
| * | China Reinsurance Group Corp. | 3,290,859 | 1,151 | 0.0% |
| Huadian Fuxin Energy Corp. Ltd. | 3,630,134 | 1,113 | 0.0% | |
| China Merchants Property Development Co. Ltd. Class B | 292,025 | 1,093 | 0.0% | |
| China Resources Cement Holdings Ltd. | 2,620,000 | 1,053 | 0.0% | |
| * | China Agri-Industries Holdings Ltd. | 2,812,200 | 1,033 | 0.0% |
| *,1 | China Railway Signal & Communication Corp. Ltd. | 1,077,700 | 852 | 0.0% |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 338,000 | 829 | 0.0% |
| China BlueChemical Ltd. | 2,310,000 | 689 | 0.0% | |
16
| FTSE All-World ex-US Index Fund | ||||
| Market | Percentage | |||
| Value | of Net | |||
| Shares | ($000) | Assets | ||
| Shanghai Baosight Software Co. Ltd. Class B | 155,200 | 608 | 0.0% | |
| Angang Steel Co. Ltd. | 1,396,000 | 579 | 0.0% | |
| China Machinery Engineering Corp. | 629,361 | 545 | 0.0% | |
| *,^ | China Foods Ltd. | 934,000 | 425 | 0.0% |
| Sinofert Holdings Ltd. | 2,341,153 | 410 | 0.0% | |
| China National Accord Medicines Corp. Ltd. Class B | 74,430 | 382 | 0.0% | |
| China National Materials Co. Ltd. | 1,555,000 | 372 | 0.0% | |
| * | China Overseas Property Holdings Ltd. | 1,729,920 | 297 | 0.0% |
| 1 | China—Other † | 412,232 | 1.7% | |
| 1,179,600 | 4.8% | |||
| Colombia † | 27,420 | 0.1% | ||
| Czech Republic † | 8,772 | 0.0% | ||
| Denmark | ||||
| Novo Nordisk A/S Class B | 2,489,791 | 131,893 | 0.6% | |
| Denmark—Other † | 172,804 | 0.7% | ||
| 304,697 | 1.3% | |||
| Egypt † | 12,841 | 0.1% | ||
| Finland † | 162,171 | 0.7% | ||
| France | ||||
| Sanofi | 1,542,960 | 155,561 | 0.6% | |
| TOTAL SA | 2,811,071 | 136,223 | 0.6% | |
| BNP Paribas SA | 1,334,072 | 80,917 | 0.3% | |
| France—Other † | 1,280,416 | 5.3% | ||
| 1,653,117 | 6.8% | |||
| Germany | ||||
| Bayer AG | 1,129,636 | 150,784 | 0.6% | |
| Daimler AG | 1,304,886 | 113,232 | 0.5% | |
| Allianz SE | 621,954 | 108,904 | 0.5% | |
| Siemens AG | 1,081,798 | 108,798 | 0.4% | |
| BASF SE | 1,261,022 | 103,366 | 0.4% | |
| SAP SE | 1,220,960 | 96,526 | 0.4% | |
| * | Deutsche Telekom AG | 4,324,596 | 80,862 | 0.3% |
| 1 | Germany—Other † | 806,803 | 3.3% | |
| 1,569,275 | 6.4% | |||
| Greece † | 7,805 | 0.0% | ||
| Hong Kong | ||||
| AIA Group Ltd. | 16,452,481 | 96,071 | 0.4% | |
| BOC Hong Kong Holdings Ltd. | 4,893,882 | 15,615 | 0.1% | |
| China Travel International Investment Hong Kong Ltd. | 3,558,000 | 1,604 | 0.0% | |
| 1 | Hong Kong—Other † | 534,183 | 2.2% | |
| 647,473 | 2.7% | |||
| Hungary † | 11,922 | 0.1% | ||
17
| FTSE All-World ex-US Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| India | |||
| Nestle India Ltd. | 32,014 | 3,021 | 0.0% |
| 1 India—Other † | 544,593 | 2.2% | |
| 547,614 | 2.2% | ||
| Indonesia † | 99,761 | 0.4% | |
| Ireland † | 54,462 | 0.2% | |
| Israel | |||
| Teva Pharmaceutical Industries Ltd. | 1,297,171 | 77,054 | 0.3% |
| Osem Investments Ltd. | 48,527 | 938 | 0.0% |
| Israel—Other † | 48,071 | 0.2% | |
| 126,063 | 0.5% | ||
| Italy † | 435,847 | 1.8% | |
| Japan | |||
| Toyota Motor Corp. | 3,618,517 | 221,564 | 0.9% |
| Mitsubishi UFJ Financial Group Inc. | 18,998,107 | 122,847 | 0.5% |
| Honda Motor Co. Ltd. | 2,449,746 | 81,331 | 0.3% |
| Chugai Pharmaceutical Co. Ltd. | 306,100 | 9,815 | 0.1% |
| Japan—Other † | 3,858,114 | 15.8% | |
| 4,293,671 | 17.6% | ||
| 1Malaysia † | 169,500 | 0.7% | |
| Mexico † | 237,477 | 1.0% | |
| Netherlands | |||
| Unilever NV | 2,126,058 | 95,832 | 0.4% |
| ING Groep NV | 5,275,406 | 76,506 | 0.3% |
| 1 Netherlands—Other † | 344,754 | 1.4% | |
| 517,092 | 2.1% | ||
| New Zealand † | 36,131 | 0.2% | |
| Norway † | 106,343 | 0.4% | |
| Other2 | |||
| 3 Vanguard FTSE Emerging Markets ETF | 958,425 | 33,391 | 0.1% |
| Peru † | 9,781 | 0.0% | |
| Philippines † | 78,938 | 0.3% | |
| Poland † | 69,488 | 0.3% | |
| Portugal † | 25,092 | 0.1% | |
| 1Russia † | 187,568 | 0.8% | |
18
| FTSE All-World ex-US Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| Singapore | |||
| ^ COSCO Corp. Singapore Ltd. | 998,000 | 267 | 0.0% |
| Singapore—Other † | 230,380 | 0.9% | |
| 230,647 | 0.9% | ||
| South Africa | |||
| Naspers Ltd. | 556,288 | 81,261 | 0.3% |
| South Africa—Other † | 319,764 | 1.3% | |
| 401,025 | 1.6% | ||
| South Korea | |||
| Samsung Electronics Co. Ltd. GDR | 230,386 | 137,639 | 0.6% |
| South Korea—Other † | 644,417 | 2.6% | |
| 782,056 | 3.2% | ||
| Spain | |||
| Banco Santander SA | 18,670,876 | 104,555 | 0.4% |
| 1 Spain—Other † | 475,551 | 2.0% | |
| 580,106 | 2.4% | ||
| Sweden † | 495,750 | 2.0% | |
| Switzerland | |||
| Nestle SA | 4,278,439 | 326,629 | 1.3% |
| Novartis AG | 2,913,037 | 264,113 | 1.1% |
| Roche Holding AG | 973,964 | 263,810 | 1.1% |
| UBS Group AG | 4,798,081 | 95,760 | 0.4% |
| Roche Holding AG (Bearer) | 18,908 | 5,165 | 0.0% |
| Switzerland—Other † | 654,292 | 2.7% | |
| 1,609,769 | 6.6% | ||
| Taiwan | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,375,181 | 118,039 | 0.5% |
| Taiwan—Other † | 484,818 | 2.0% | |
| 602,857 | 2.5% | ||
| Thailand † | 113,203 | 0.5% | |
| Turkey † | 71,792 | 0.3% | |
| United Arab Emirates † | 42,026 | 0.2% | |
| United Kingdom | |||
| HSBC Holdings plc | 26,659,334 | 208,232 | 0.9% |
| British American Tobacco plc | 2,546,295 | 151,138 | 0.6% |
| BP plc | 24,912,768 | 147,876 | 0.6% |
| GlaxoSmithKline plc | 6,641,285 | 143,040 | 0.6% |
| Royal Dutch Shell plc Class A | 5,320,975 | 138,178 | 0.6% |
| Vodafone Group plc | 36,290,463 | 119,637 | 0.5% |
| AstraZeneca plc | 1,723,860 | 110,034 | 0.5% |
| Diageo plc | 3,440,642 | 99,430 | 0.4% |
| Lloyds Banking Group plc | 83,548,735 | 94,801 | 0.4% |
| Royal Dutch Shell plc Class B | 3,316,279 | 86,622 | 0.4% |
| Reckitt Benckiser Group plc | 868,423 | 84,731 | 0.3% |
| BT Group plc | 11,432,605 | 81,735 | 0.3% |
| Barclays plc | 22,876,758 | 81,419 | 0.3% |
19
| FTSE All-World ex-US Index Fund | ||||
| Market | Percentage | |||
| Value | of Net | |||
| Shares | ($000) | Assets | ||
| Prudential plc | 3,485,669 | 81,360 | 0.3% | |
| SABMiller plc | 1,291,393 | 79,439 | 0.3% | |
| 1 United Kingdom—Other † | 1,897,061 | 7.8% | ||
| 3,604,733 | 14.8% | |||
| Total Common Stocks (Cost $23,669,840) | 24,267,930 | 99.5%4 | ||
| Coupon | ||||
| Temporary Cash Investments | ||||
| Money Market Fund | ||||
| 5,6 Vanguard Market Liquidity Fund | 0.207% | 714,268,337 | 714,268 | 3.0% |
| 7,8U.S. Government and Agency Obligations † | 24,594 | 0.1% | ||
| Total Temporary Cash Investments (Cost $738,858) | 738,862 | 3.1%4 | ||
| Total Investments (Cost $24,408,698) | 25,006,792 | 102.6% | ||
| Amount | ||||
| ($000) | ||||
| Other Assets and Liabilities | ||||
| Other Assets | ||||
| Investment in Vanguard | 2,115 | |||
| Receivables for Investment Securities Sold | 52,182 | |||
| Receivables for Accrued Income | 71,622 | |||
| Receivables for Capital Shares Issued | 11,870 | |||
| Other Assets | 18,079 | |||
| Total Other Assets | 155,868 | 0.6% | ||
| Liabilities | ||||
| Payables for Investment Securities Purchased | (268,986) | |||
| Collateral for Securities on Loan | (491,464) | |||
| Payables for Capital Shares Redeemed | (2,777) | |||
| Payables to Vanguard | (12,958) | |||
| Other Liabilities | (3,869) | |||
| Total Liabilities | (780,054) | (3.2%) | ||
| Net Assets | 24,382,606 | 100.0% | ||
| At October 31, 2015, net assets consisted of: | ||||
| Amount | ||||
| ($000) | ||||
| Paid-in Capital | 24,822,649 | |||
| Undistributed Net Investment Income | 45,885 | |||
| Accumulated Net Realized Losses | (1,083,682) | |||
| Unrealized Appreciation (Depreciation) | ||||
| Investment Securities | 598,094 | |||
| Futures Contracts | 4,197 | |||
| Forward Currency Contracts | (2,564) | |||
| Foreign Currencies | (1,973) | |||
| Net Assets | 24,382,606 | |||
20
| FTSE All-World ex-US Index Fund | |
| Amount | |
| ($000) | |
| Investor Shares—Net Assets | |
| Applicable to 31,561,864 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 565,470 |
| Net Asset Value Per Share—Investor Shares | $17.92 |
| ETF Shares—Net Assets | |
| Applicable to 297,839,182 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 13,525,407 |
| Net Asset Value Per Share—ETF Shares | $45.41 |
| Admiral Shares—Net Assets | |
| Applicable to 112,038,469 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,162,698 |
| Net Asset Value Per Share—Admiral Shares | $28.23 |
| Institutional Shares—Net Assets | |
| Applicable to 50,297,986 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,500,757 |
| Net Asset Value Per Share—Institutional Shares | $89.48 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 27,738,101 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,628,274 |
| Net Asset Value Per Share—Institutional Plus Shares | $94.75 |
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 $391,306,000.
† 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.
1 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 $94,318,000, representing 0.4% of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
4 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 2.6%, respectively, of net assets.
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 $491,464,000 of collateral received for securities on loan.
7 Securities with a value of $16,197,000 have been segregated as initial margin for open futures contracts.
8 Securities with a value of $2,964,000 and cash of $420,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
21
| FTSE All-World ex-US Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1,2 | 690,657 |
| Interest2 | 165 |
| Securities Lending | 19,217 |
| Total Income | 710,039 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 2,312 |
| Management and Administrative—Investor Shares | 1,162 |
| Management and Administrative—ETF Shares | 11,720 |
| Management and Administrative—Admiral Shares | 2,492 |
| Management and Administrative—Institutional Shares | 3,189 |
| Management and Administrative—Institutional Plus Shares | 1,230 |
| Marketing and Distribution—Investor Shares | 133 |
| Marketing and Distribution—ETF Shares | 1,640 |
| Marketing and Distribution—Admiral Shares | 401 |
| Marketing and Distribution—Institutional Shares | 545 |
| Marketing and Distribution—Institutional Plus Shares | 244 |
| Custodian Fees | 4,431 |
| Auditing Fees | 39 |
| Shareholders’ Reports—Investor Shares | 13 |
| Shareholders’ Reports—ETF Shares | 255 |
| Shareholders’ Reports—Admiral Shares | 15 |
| Shareholders’ Reports—Institutional Shares | 16 |
| Shareholders’ Reports—Institutional Plus Shares | 7 |
| Trustees’ Fees and Expenses | 16 |
| Total Expenses | 29,860 |
| Net Investment Income | 680,179 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | (23,797) |
| Futures Contracts | 9,644 |
| Foreign Currencies and Forward Currency Contracts | (17,295) |
| Realized Net Gain (Loss) | (31,448) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (2,008,881) |
| Futures Contracts | 5,069 |
| Foreign Currencies and Forward Currency Contracts | (630) |
| Change in Unrealized Appreciation (Depreciation) | (2,004,442) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (1,355,711) |
1 Dividends are net of foreign withholding taxes of $45,429,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $1,489,000, $154,000, and ($4,730,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
22
| FTSE All-World ex-US 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 | 680,179 | 718,808 |
| Realized Net Gain (Loss) | (31,448) | (28,844) |
| Change in Unrealized Appreciation (Depreciation) | (2,004,442) | (461,318) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (1,355,711) | 228,646 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (14,940) | (19,217) |
| ETF Shares | (373,817) | (399,093) |
| Admiral Shares | (81,360) | (71,461) |
| Institutional Shares | (129,879) | (154,344) |
| Institutional Plus Shares | (67,629) | (67,065) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (667,625) | (711,180) |
| Capital Share Transactions | ||
| Investor Shares | 59,412 | (77,758) |
| ETF Shares | 2,248,885 | 1,629,962 |
| Admiral Shares | 846,073 | 699,465 |
| Institutional Shares | 148,032 | 117,739 |
| Institutional Plus Shares | 711,587 | 498,478 |
| Net Increase (Decrease) from Capital Share Transactions | 4,013,989 | 2,867,886 |
| Total Increase (Decrease) | 1,990,653 | 2,385,352 |
| Net Assets | ||
| Beginning of Period | 22,391,953 | 20,006,601 |
| End of Period1 | 24,382,606 | 22,391,953 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $45,885,000 and $42,396,000. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
23
| FTSE All-World ex-US 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 | $19.40 | $19.81 | $17.03 | $16.95 | $18.43 |
| Investment Operations | |||||
| Net Investment Income | . 502 | . 6271 | .482 | .448 | .512 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (1.484) | (.413) | 2.850 | .397 | (1.608) |
| Total from Investment Operations | (.982) | . 214 | 3.332 | .845 | (1.096) |
| Distributions | |||||
| Dividends from Net Investment Income | (.498) | (.624) | (. 552) | (.765) | (.384) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.498) | (.624) | (. 552) | (.765) | (.384) |
| Net Asset Value, End of Period | $17.92 | $19.40 | $19.81 | $17.03 | $16.95 |
| Total Return2 | -5.16% | 1.05% | 19.97% | 5.30% | -6.11% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $565 | $552 | $637 | $543 | $1,330 |
| Ratio of Total Expenses to Average Net Assets | 0.26% | 0.29% | 0.30% | 0.30% | 0.35% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.70% | 3.18%1 | 2.69% | 3.13% | 2.87% |
| Portfolio Turnover Rate 3 | 3% | 4% | 8% | 6% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.088 and 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 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.
3 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
| FTSE All-World ex-US Index Fund | |||||
| Financial Highlights | |||||
| ETF Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $49.17 | $50.20 | $43.21 | $43.17 | $46.92 |
| Investment Operations | |||||
| Net Investment Income | 1.335 | 1.6651 | 1.295 | 1.324 | 1.390 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (3.769) | (1.036) | 7.204 | .884 | (4.121) |
| Total from Investment Operations | (2.434) | .629 | 8.499 | 2.208 | (2.731) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.326) | (1.659) | (1.509) | (2.168) | (1.019) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.326) | (1.659) | (1.509) | (2.168) | (1.019) |
| Net Asset Value, End of Period | $45.41 | $49.17 | $50.20 | $43.21 | $43.17 |
| Total Return | -5.05% | 1.21% | 20.12% | 5.51% | -5.99% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $13,525 | $12,453 | $11,102 | $7,400 | $6,301 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | 0.14% | 0.15% | 0.15% | 0.18% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.83% | 3.33%1 | 2.84% | 3.28% | 3.04% |
| Portfolio Turnover Rate2 | 3% | 4% | 8% | 6% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.224 and 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 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
| FTSE All-World ex-US Index Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| Sept. 27, | |||||
| 20111 to | |||||
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | |||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $30.57 | $31.21 | $26.86 | $26.86 | $25.00 |
| Investment Operations | |||||
| Net Investment Income | . 832 | 1.0372 | .805 | .818 | .082 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (2.346) | (.644) | 4.487 | .543 | 1.778 |
| Total from Investment Operations | (1.514) | .393 | 5.292 | 1.361 | 1.860 |
| Distributions | |||||
| Dividends from Net Investment Income | (.826) | (1.033) | (.942) | (1.361) | — |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.826) | (1.033) | (.942) | (1.361) | — |
| Net Asset Value, End of Period | $28.23 | $30.57 | $31.21 | $26.86 | $26.86 |
| Total Return3 | -5.05% | 1.23% | 20.14% | 5.46% | 7.44% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,163 | $2,551 | $1,909 | $1,235 | $152 |
| Ratio of Total Expenses to Average Net Assets | 0.13% | 0.14% | 0.15% | 0.15% | 0.18%4 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.83% | 3.33%2 | 2.84% | 3.28% | 3.04%4 |
| Portfolio Turnover Rate 5 | 3% | 4% | 8% | 6% | 6% |
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.139 and 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
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 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.
26
| FTSE All-World ex-US Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $96.89 | $98.93 | $85.14 | $85.10 | $92.50 |
| Investment Operations | |||||
| Net Investment Income | 2.651 | 3.2991 | 2.577 | 2.628 | 2.785 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (7.429) | (2.049) | 14.215 | 1.735 | (8.113) |
| Total from Investment Operations | (4.778) | 1.250 | 16.792 | 4.363 | (5.328) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.632) | (3.290) | (3.002) | (4.323) | (2.072) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.632) | (3.290) | (3.002) | (4.323) | (2.072) |
| Net Asset Value, End of Period | $89.48 | $96.89 | $98.93 | $85.14 | $85.10 |
| Total Return2 | -5.03% | 1.23% | 20.16% | 5.51% | -5.94% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $4,501 | $4,713 | $4,687 | $3,684 | $3,975 |
| Ratio of Total Expenses to Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.13% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.85% | 3.35%1 | 2.87% | 3.31% | 3.09% |
| Portfolio Turnover Rate 3 | 3% | 4% | 8% | 6% | 6% |
1 Net investment income per share and the ratio of net investment income to average net assets include $.441 and 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 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
| FTSE All-World ex-US Index Fund | |||||
| Financial Highlights | |||||
| Institutional Plus Shares | |||||
| Dec. 16, | |||||
| 20101 to | |||||
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | |||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $102.60 | $104.76 | $90.17 | $90.15 | $99.48 |
| Investment Operations | |||||
| Net Investment Income | 2.829 | 3.5172 | 2.749 | 2.809 | 2.794 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | (7.869) | (2.169) | 15.050 | 1.829 | (9.947) |
| Total from Investment Operations | (5.040) | 1.348 | 17.799 | 4.638 | (7.153) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.810) | (3.508) | (3.209) | (4.618) | (2.177) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.810) | (3.508) | (3.209) | (4.618) | (2.177) |
| Net Asset Value, End of Period | $94.75 | $102.60 | $104.76 | $90.17 | $90.15 |
| Total Return3 | -5.01% | 1.25% | 20.18% | 5.54% | -7.36% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,628 | $2,122 | $1,671 | $1,274 | $566 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.10% | 0.10% | 0.10% | 0.10%4 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.87% | 3.37%2 | 2.89% | 3.33% | 3.12%4 |
| Portfolio Turnover Rate 5 | 3% | 4% | 8% | 6% | 6% |
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.467 and 0.44%, respectively, resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
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.
28
FTSE All-World ex-US Index Fund
Notes to Financial Statements
Vanguard FTSE All-World ex-US 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
29
FTSE All-World ex-US Index Fund
may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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.
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.
30
FTSE All-World ex-US Index Fund
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 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.
31
FTSE All-World ex-US Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 $2,115,000, representing 0.01% of the fund’s net assets and 0.85% 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 | 403,086 | 220,855 | — |
| Common Stocks—Other | 1,748,633 | 21,872,857 | 22,499 |
| Temporary Cash Investments | 714,268 | 24,594 | — |
| Futures Contracts—Assets1 | 550 | — | — |
| Futures Contracts—Liabilities1 | (300) | — | — |
| Forward Currency Contracts—Assets | — | 841 | — |
| Forward Currency Contracts—Liabilities | — | (3,405) | — |
| Total | 2,866,237 | 22,115,742 | 22,499 |
| 1 Represents variation margin on the last day of the reporting period. | |||
32
FTSE All-World ex-US 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 | 550 | 841 | 1,391 |
| Other Liabilities | (300) | (3,405) | (3,705) |
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 | 9,644 | — | 9,644 |
| Forward Currency Contracts | — | (5,911) | (5,911) |
| Realized Net Gain (Loss) on Derivatives | 9,644 | (5,911) | (3,733) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 5,069 | — | 5,069 |
| Forward Currency Contracts | — | (674) | (674) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 5,069 | (674) | (4,395) |
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 | December 2015 | 1,010 | 37,967 | 2,103 |
| Topix Index | December 2015 | 233 | 30,092 | 1,500 |
| FTSE 100 Index | December 2015 | 299 | 29,184 | 380 |
| S&P ASX 200 Index | December 2015 | 143 | 13,355 | 214 |
| 4,197 |
Unrealized appreciation (depreciation) on open Dow Jones EURO STOXX 50 Index and FTSE 100 Index futures contracts are required to be treated as realized gain (loss) for tax purposes.
33
FTSE All-World ex-US Index Fund
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.
| Unrealized | ||||||
| Contract | Appreciation | |||||
| Settlement | Contract Amount (000) | (Depreciation) | ||||
| Counterparty | Date | Receive | Deliver | ($000) | ||
| BNP Paribas | 12/23/2015 | EUR | 62,213 | USD | 70,184 | (1,706) |
| Bank of America N.A | 12/15/2015 | JPY | 6,054,032 | USD | 50,693 | (484) |
| BNP Paribas | 12/23/2015 | GBP | 32,341 | USD | 49,624 | 223 |
| BNP Paribas | 12/22/2015 | AUD | 26,927 | USD | 19,077 | 73 |
| Morgan Stanley Capital Services LLC | 12/23/2015 | GBP | 8,622 | USD | 13,137 | 152 |
| Citibank, N.A. | 12/23/2015 | EUR | 11,790 | USD | 13,074 | (96) |
| UBS AG | 12/23/2015 | EUR | 10,982 | USD | 12,425 | (337) |
| Citibank, N.A. | 12/23/2015 | GBP | 7,199 | USD | 11,075 | 21 |
| Citibank, N.A. | 12/15/2015 | JPY | 1,138,875 | USD | 9,428 | 18 |
| BNP Paribas | 12/15/2015 | JPY | 1,112,022 | USD | 9,215 | 7 |
| UBS AG | 12/22/2015 | AUD | 10,570 | USD | 7,383 | 134 |
| BNP Paribas | 12/22/2015 | AUD | 8,862 | USD | 6,381 | (79) |
| Barclays Capital | 12/15/2015 | JPY | 562,020 | USD | 4,684 | (23) |
| Barclays Capital | 12/23/2015 | USD | 62,650 | EUR | 57,046 | (140) |
| Citibank, N.A. | 12/15/2015 | USD | 48,769 | JPY | 5,895,975 | (129) |
| Goldman Sachs International | 12/23/2015 | USD | 48,330 | GBP | 31,532 | (271) |
| BNP Paribas | 12/15/2015 | USD | 33,387 | JPY | 4,000,000 | 213 |
| Barclays Capital | 12/22/2015 | USD | 20,729 | AUD | 29,344 | (140) |
| (2,564) | ||||||
| AUD—Australian dollar. | ||||||
| EUR—Euro. | ||||||
| GBP—British pound. | ||||||
| JPY—Japanese yen. | ||||||
| USD—U.S. dollar. | ||||||
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.
34
FTSE All-World ex-US Index Fund
During the year ended October 31, 2015, the fund realized net foreign currency losses of $11,384,000, 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 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 $2,346,000, 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 $59,964,000.
The fund realized gains on the sale of securities that were subject to capital gains tax in certain foreign countries. Capital gains taxes reduce realized gains for financial statement purposes but are treated as an expense for tax purposes. Accordingly, $27,000 of capital gains tax has been reclassified from accumulated net realized losses to undistributed net investment income.
During the year ended October 31, 2015, the fund realized $169,157,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $116,924,000 of ordinary income available for distribution. At October 31, 2015, the fund had available capital losses totaling $1,083,764,000 to offset future net capital gains. Of this amount, $279,774,000 is subject to expiration dates; $29,919,000 may be used to offset future net capital gains through October 31, 2016, $138,065,000 through October 31, 2017, $32,560,000 through October 31, 2018, and $79,230,000 through October 31, 2019. Capital losses of $803,990,000 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. Capital loss carryforwards of $1,431,000 expired on October 31, 2015; accordingly, such losses have been reclassified from accumulated net realized losses to paid-in capital.
At October 31, 2015, the cost of investment securities for tax purposes was $24,468,662,000. Net unrealized appreciation of investment securities for tax purposes was $538,130,000, consisting of unrealized gains of $3,882,455,000 on securities that had risen in value since their purchase and $3,344,325,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended October 31, 2015, the fund purchased $5,208,244,000 of investment securities and sold $1,214,344,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,252,257,000 and $406,046,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
35
FTSE All-World ex-US Index Fund
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 | 202,214 | 10,640 | 234,361 | 11,821 |
| Issued in Lieu of Cash Distributions | 14,509 | 772 | 18,693 | 943 |
| Redeemed | (157,311) | (8,322) | (330,812) | (16,475) |
| Net Increase (Decrease)—Investor Shares | 59,412 | 3,090 | (77,758) | (3,711) |
| ETF Shares | ||||
| Issued | 2,660,025 | 53,578 | 1,717,407 | 33,926 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (411,140) | (9,000) | (87,445) | (1,800) |
| Net Increase (Decrease)—ETF Shares | 2,248,885 | 44,578 | 1,629,962 | 32,126 |
| Admiral Shares | ||||
| Issued | 1,381,231 | 47,037 | 1,011,547 | 32,236 |
| Issued in Lieu of Cash Distributions | 67,575 | 2,285 | 58,193 | 1,862 |
| Redeemed | (602,733) | (20,743) | (370,275) | (11,817) |
| Net Increase (Decrease) —Admiral Shares | 846,073 | 28,579 | 699,465 | 22,281 |
| Institutional Shares | ||||
| Issued | 1,019,443 | 10,800 | 1,108,144 | 11,167 |
| Issued in Lieu of Cash Distributions | 118,859 | 1,266 | 140,367 | 1,417 |
| Redeemed | (990,270) | (10,410) | (1,130,772) | (11,322) |
| Net Increase (Decrease) —Institutional Shares | 148,032 | 1,656 | 117,739 | 1,262 |
| Institutional Plus Shares | ||||
| Issued | 865,085 | 8,576 | 692,692 | 6,583 |
| Issued in Lieu of Cash Distributions | 64,893 | 655 | 65,258 | 622 |
| Redeemed | (218,391) | (2,179) | (259,472) | (2,467) |
| Net Increase (Decrease) —Institutional Plus Shares | 711,587 | 7,052 | 498,478 | 4,738 |
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.
36
| FTSE All-World ex-US Small-Cap Index Fund | |||
| Fund Profile | |||
| As of October 31, 2015 | |||
| Share-Class Characteristics | |||
| Investor | Institutional | ||
| Shares | ETF Shares | Shares | |
| Ticker Symbol | VFSVX | VSS | VFSNX |
| Expense Ratio1 | 0.37% | 0.19% | 0.18% |
| Portfolio Characteristics | ||
| FTSE Global | ||
| Small Cap | ||
| Fund | ex US Index | |
| Number of Stocks | 3,445 | 3,321 |
| Median Market Cap | $1.4B | $1.4B |
| Price/Earnings Ratio | 20.6x | 20.7x |
| Price/Book Ratio | 1.5x | 1.5x |
| Return on Equity | 11.6% | 11.6% |
| Earnings Growth | ||
| Rate | 13.0% | 13.1% |
| Dividend Yield | 2.4% | 2.4% |
| Turnover Rate | 9% | — |
| Short-Term Reserves | 0.2% | — |
| Sector Diversification (% of equity exposure) | ||
| FTSE Global | ||
| Small Cap | ||
| Fund | ex US Index | |
| Basic Materials | 7.3% | 7.3% |
| Consumer Goods | 11.3 | 11.4 |
| Consumer Services | 13.4 | 13.3 |
| Financials | 22.0 | 22.0 |
| Health Care | 6.5 | 6.3 |
| Industrials | 23.8 | 23.8 |
| Oil & Gas | 4.7 | 4.7 |
| Technology | 7.5 | 7.6 |
| Telecommunications | 1.1 | 1.1 |
| Utilities | 2.4 | 2.5 |
| Volatility Measures | |
| FTSE Global | |
| Small Cap | |
| ex US Index | |
| R-Squared | 0.99 |
| Beta | 0.99 |
These measures show the degree and timing of the fund’s fluctuations compared with the index over 36 months.
| Ten Largest Holdings (% of total net assets) | ||
| Dollarama Inc. | Specialty Retailers | 0.4% |
| Gildan Activewear Inc. | Clothing & | |
| Accessories | 0.3 | |
| Constellation Software | ||
| Inc. | Software | 0.3 |
| Open Text Corp. | Software | 0.3 |
| Onex Corp. | Diversified Industrials | 0.3 |
| Keyera Corp. | Exploration & | |
| Production | 0.2 | |
| Amlin plc | Property & Casualty | |
| Insurance | 0.2 | |
| Element Financial Corp. | Specialty Finance | 0.2 |
| Bellway plc | Home Construction | 0.2 |
| Great Portland Estates | Industrial & Office | |
| plc | REITs | 0.2 |
| Top Ten | 2.6% | |
The holdings listed exclude any temporary cash investments and equity index products.
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 0.31% for Investor Shares, 0.17% for ETF Shares, and 0.15% for Institutional Shares.
37
FTSE All-World ex-US Small-Cap Index Fund
Allocation by Region (% of equity exposure)
| Market Diversification (% of equity exposure) | ||
| FTSE | ||
| Global | ||
| Small Cap | ||
| ex US | ||
| Fund | Index | |
| Europe | ||
| United Kingdom | 15.5% | 15.5% |
| Germany | 4.0 | 4.0 |
| Sweden | 3.4 | 3.4 |
| Italy | 3.2 | 3.2 |
| Switzerland | 2.9 | 2.9 |
| France | 2.9 | 2.9 |
| Spain | 1.8 | 1.8 |
| Netherlands | 1.6 | 1.7 |
| Belgium | 1.3 | 1.3 |
| Finland | 1.2 | 1.2 |
| Denmark | 1.0 | 1.0 |
| Norway | 1.0 | 1.0 |
| Other | 2.0 | 2.0 |
| Subtotal | 41.8% | 41.9% |
| Pacific | ||
| Japan | 16.0% | 15.5% |
| South Korea | 4.5 | 4.5 |
| Australia | 3.8 | 3.9 |
| Hong Kong | 2.2 | 2.0 |
| Singapore | 1.5 | 1.5 |
| Other | 0.5 | 0.5 |
| Subtotal | 28.5% | 27.9% |
| Emerging Markets | ||
| Taiwan | 5.8% | 5.9% |
| China | 3.1 | 3.2 |
| India | 2.5 | 2.5 |
| Thailand | 1.1 | 1.1 |
| Malaysia | 1.0 | 1.0 |
| Other | 4.1 | 4.3 |
| Subtotal | 17.6% | 18.0% |
| North America | ||
| Canada | 11.7% | 11.8% |
| Middle East | 0.4% | 0.4% |
38
FTSE All-World ex-US Small-Cap 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: April 2, 2009, Through October 31, 2015
Initial Investment of $10,000
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (4/2/2009) | Investment | |
| FTSE All-World ex-US Small-Cap | ||||
| Index Fund*Investor Shares | -2.33% | 2.97% | 12.25% | $21,389 |
| FTSE Global Small Cap ex US Index | -1.27 | 3.36 | 13.00 | 22,351 |
| International Small-Cap Funds | ||||
| Average | 3.87 | 6.75 | 15.08 | 25,203 |
International Small-Cap Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (4/2/2009) | Investment | |
| FTSE All-World ex-US Small-Cap Index Fund | ||||
| ETF Shares Net Asset Value | -2.19% | 3.16% | 12.47% | $21,670 |
| FTSE Global Small Cap ex US Index | -1.27 | 3.36 | 13.00 | 22,351 |
| "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard. | ||||
See Financial Highlights for dividend and capital gains information.
39
| FTSE All-World ex-US Small-Cap Index Fund | ||||
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $5,000,000 | |
| Year | Years | (4/2/2009) | Investment | |
| FTSE All-World ex-US Small-Cap Index Fund | ||||
| Institutional Shares | -2.17% | 3.18% | 12.49% | $10,850,362 |
| FTSE Global Small Cap ex US Index | -1.27 | 3.36 | 13.00 | 11,175,723 |
| "Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standard. | ||||
| Cumulative Returns of ETF Shares: April 2, 2009, Through October 31, 2015 | |||
| Since | |||
| One | Five | Inception | |
| Year | Years | (4/2/2009) | |
| FTSE All-World ex-US Small-Cap Index Fund ETF | |||
| Shares Market Price | -2.87% | 16.07% | 116.55% |
| FTSE All-World ex-US Small-Cap Index Fund ETF | |||
| Shares Net Asset Value | -2.19 | 16.84 | 116.70 |
| FTSE Global Small Cap ex US Index | -1.27 | 17.99 | 123.51 |
| "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standard. | |||
Fiscal-Year Total Returns (%): April 2, 2009, Through October 31, 2015
| FTSE All-World ex-US Small-Cap Index Fund Investor Shares |
| FTSE Global Small Cap ex US Index |
Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts.
40
FTSE All-World ex-US Small-Cap Index Fund
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 | Since | |
| Date | Year | Years | Inception | |
| Investor Shares | 4/2/2009 | -8.63% | 2.87% | 11.60% |
| ETF Shares | 4/2/2009 | |||
| Market Price | -8.81 | 3.00 | 11.82 | |
| Net Asset Value | -8.50 | 3.07 | 11.82 | |
| Institutional Shares | 4/2/2009 | -8.48 | 3.09 | 11.84 |
41
FTSE All-World ex-US Small-Cap 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 | |||
| Australia | |||
| DUET Group | 3,382,785 | 5,694 | 0.2% |
| Australia—Other † | 109,732 | 3.6% | |
| 115,426 | 3.8% | ||
| Austria † | 25,016 | 0.8% | |
| Belgium | |||
| Ackermans & van Haaren NV | 35,290 | 5,369 | 0.2% |
| Belgium—Other † | 35,160 | 1.1% | |
| 40,529 | 1.3% | ||
| Brazil † | 21,511 | 0.7% | |
| Canada | |||
| Dollarama Inc. | 159,263 | 10,758 | 0.3% |
| Gildan Activewear Inc. | 353,127 | 10,151 | 0.3% |
| Constellation Software Inc. | 23,242 | 10,043 | 0.3% |
| Open Text Corp. | 178,537 | 8,276 | 0.3% |
| Onex Corp. | 127,685 | 7,742 | 0.3% |
| Keyera Corp. | 243,800 | 7,523 | 0.2% |
| * Element Financial Corp. | 554,192 | 7,167 | 0.2% |
| CCL Industries Inc. Class B | 47,441 | 6,721 | 0.2% |
| ^ H&R REIT | 399,564 | 6,411 | 0.2% |
| Methanex Corp. | 133,278 | 5,317 | 0.2% |
| ^ AltaGas Ltd. | 197,617 | 5,102 | 0.2% |
| ^ Vermilion Energy Inc. | 140,625 | 4,948 | 0.2% |
| Industrial Alliance Insurance & Financial Services Inc. | 144,929 | 4,755 | 0.2% |
| Empire Co. Ltd. | 226,884 | 4,752 | 0.2% |
| Canada—Other † | 252,208 | 8.4% | |
| 351,874 | 11.7% | ||
42
| FTSE All-World ex-US Small-Cap Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| Chile † | 8,629 | 0.3% | |
| 1China † | 93,233 | 3.1% | |
| Colombia † | 1,990 | 0.1% | |
| Czech Republic † | 332 | 0.0% | |
| Denmark † | 30,561 | 1.0% | |
| Egypt † | 4,875 | 0.2% | |
| Finland | |||
| Huhtamaki Oyj | 151,396 | 5,331 | 0.2% |
| Amer Sports Oyj | 171,137 | 4,789 | 0.2% |
| Finland—Other † | 25,815 | 0.8% | |
| 35,935 | 1.2% | ||
| France | |||
| Teleperformance | 83,376 | 6,547 | 0.2% |
| Orpea | 60,719 | 4,867 | 0.2% |
| 1 France—Other † | 75,081 | 2.5% | |
| 86,495 | 2.9% | ||
| Germany | |||
| LEG Immobilien AG | 81,766 | 6,528 | 0.2% |
| Freenet AG | 154,168 | 5,201 | 0.2% |
| Germany—Other † | 107,150 | 3.5% | |
| 118,879 | 3.9% | ||
| Greece † | 9,886 | 0.3% | |
| 1Hong Kong † | 67,625 | 2.2% | |
| India | |||
| Indiabulls Housing Finance Ltd. | 473,167 | 5,200 | 0.2% |
| India—Other † | 70,868 | 2.3% | |
| 76,068 | 2.5% | ||
| Indonesia † | 19,736 | 0.7% | |
| Ireland | |||
| Kingspan Group plc | 258,178 | 6,248 | 0.2% |
| Paddy Power plc | 48,657 | 5,625 | 0.2% |
| Ireland—Other † | 3,945 | 0.1% | |
| 15,818 | 0.5% | ||
| Israel † | 11,536 | 0.4% | |
| Italy | |||
| Banca Popolare di Milano Scarl | 6,304,589 | 5,931 | 0.2% |
| Banca Popolare dell’Emilia Romagna SC | 687,060 | 5,537 | 0.2% |
| 1 Italy—Other † | 84,250 | 2.8% | |
| 95,718 | 3.2% | ||
43
| FTSE All-World ex-US Small-Cap Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| Japan † | 466,588 | 15.5% | |
| Malaysia † | 29,240 | 1.0% | |
| Mexico † | 16,472 | 0.5% | |
| 1Netherlands † | 48,473 | 1.6% | |
| New Zealand † | 16,309 | 0.5% | |
| 1Norway † | 29,652 | 1.0% | |
| Philippines † | 13,653 | 0.4% | |
| Poland † | 6,873 | 0.2% | |
| Portugal † | 11,580 | 0.4% | |
| Russia † | 1,895 | 0.1% | |
| 1Singapore † | 44,153 | 1.5% | |
| South Africa † | 15,809 | 0.5% | |
| South Korea † | 136,454 | 4.5% | |
| Spain | |||
| Merlin Properties Socimi SA | 476,122 | 6,100 | 0.2% |
| Gamesa Corp. Tecnologica SA | 323,189 | 5,104 | 0.2% |
| Spain—Other † | 41,746 | 1.4% | |
| 52,950 | 1.8% | ||
| 1Sweden † | 102,159 | 3.4% | |
| Switzerland | |||
| BB Biotech AG | 16,418 | 4,639 | 0.2% |
| 1 Switzerland—Other † | 82,342 | 2.7% | |
| 86,981 | 2.9% | ||
| Taiwan † | 175,884 | 5.8% | |
| Thailand † | 34,478 | 1.1% | |
| Turkey † | 7,634 | 0.3% | |
| United Arab Emirates † | 1,420 | 0.0% | |
| United Kingdom | |||
| Amlin plc | 733,501 | 7,445 | 0.2% |
| Bellway plc | 178,559 | 7,132 | 0.2% |
| Great Portland Estates plc | 508,073 | 6,959 | 0.2% |
| Henderson Group plc | 1,533,714 | 6,771 | 0.2% |
| Booker Group plc | 2,356,747 | 6,754 | 0.2% |
| Halma plc | 552,430 | 6,494 | 0.2% |
44
| FTSE All-World ex-US Small-Cap Index Fund | |||||
| Market | Percentage | ||||
| Value• | of Net | ||||
| Shares | ($000) | Assets | |||
| Hiscox Ltd. | 418,443 | 6,230 | 0.2% | ||
| IG Group Holdings plc | 532,584 | 6,195 | 0.2% | ||
| Betfair Group plc | 124,302 | 6,177 | 0.2% | ||
| Man Group plc | 2,322,779 | 5,959 | 0.2% | ||
| Shaftesbury plc | 402,969 | 5,836 | 0.2% | ||
| Greene King plc | 447,634 | 5,537 | 0.2% | ||
| Telecity Group plc | 293,879 | 5,317 | 0.2% | ||
| UBM plc | 636,288 | 5,010 | 0.2% | ||
| Spirax-Sarco Engineering plc | 106,197 | 4,973 | 0.2% | ||
| Essentra plc | 382,970 | 4,964 | 0.2% | ||
| Close Brothers Group plc | 218,823 | 4,930 | 0.2% | ||
| Regus plc | 946,427 | 4,875 | 0.2% | ||
| * | BTG plc | 559,200 | 4,751 | 0.2% | |
| Cable & Wireless Communications plc | 4,117,220 | 4,659 | 0.1% | ||
| 1 | United Kingdom—Other † | 349,299 | 11.6% | ||
| 466,267 | 15.5% | ||||
| Total Common Stocks (Cost $3,146,727) | 2,996,596 | 99.3%2 | |||
| Coupon | |||||
| Temporary Cash Investments | |||||
| Money Market Fund | |||||
| 3,4 | Vanguard Market Liquidity Fund | 0.207% | 334,353,058 | 334,353 | 11.1% |
| 5U.S. Government and Agency Obligations † | 3,400 | 0.1% | |||
| Total Temporary Cash Investments (Cost $337,753) | 337,753 | 11.2%2 | |||
| Total Investments (Cost $3,484,480) | 3,334,349 | 110.5% | |||
| Amount | |||||
| ($000) | |||||
| Other Assets and Liabilities | |||||
| Other Assets | |||||
| Investment in Vanguard | 265 | ||||
| Receivables for Investment Securities Sold | 3,951 | ||||
| Receivables for Accrued Income | 5,840 | ||||
| Receivables for Capital Shares Issued | 413 | ||||
| Other Assets | 89 | ||||
| Total Other Assets | 10,558 | 0.3% | |||
| Liabilities | |||||
| Payables for Investment Securities Purchased | (1,063) | ||||
| Collateral for Securities on Loan | (318,967) | ||||
| Payables for Capital Shares Redeemed | (236) | ||||
| Payables to Vanguard | (1,599) | ||||
| Other Liabilities | (5,916) | ||||
| Total Liabilities | (327,781) | (10.8%) | |||
| Net Assets | 3,017,126 | 100.0% | |||
45
| FTSE All-World ex-US Small-Cap Index Fund | |
| At October 31, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,227,427 |
| Undistributed Net Investment Income | 8,731 |
| Accumulated Net Realized Losses | (69,324) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | (150,131) |
| Futures Contracts | 683 |
| Forward Currency Contracts | (136) |
| Foreign Currencies | (124) |
| Net Assets | 3,017,126 |
| Investor Shares—Net Assets | |
| Applicable to 12,293,182 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 445,921 |
| Net Asset Value Per Share—Investor Shares | $36.27 |
| ETF Shares—Net Assets | |
| Applicable to 25,313,934 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,407,115 |
| Net Asset Value Per Share—ETF Shares | $95.09 |
| Institutional Shares—Net Assets | |
| Applicable to 903,116 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 164,090 |
| Net Asset Value Per Share—Institutional Shares | $181.69 |
See Note A in Notes to Financial Statements.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $298,463,000.
* Non-income-producing security.
† 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.
1 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 $29,555,000, representing 1.0% of net assets.
2 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 10.5%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $318,967,000 of collateral received for securities on loan.
5 Securities with a value of $1,900,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
46
| FTSE All-World ex-US Small-Cap Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 71,933 |
| Interest2 | 35 |
| Securities Lending | 5,890 |
| Total Income | 77,858 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 556 |
| Management and Administrative—Investor Shares | 1,051 |
| Management and Administrative—ETF Shares | 2,455 |
| Management and Administrative—Institutional Shares | 104 |
| Marketing and Distribution—Investor Shares | 71 |
| Marketing and Distribution—ETF Shares | 307 |
| Marketing and Distribution—Institutional Shares | 8 |
| Custodian Fees | 721 |
| Auditing Fees | 43 |
| Shareholders’ Reports—Investor Shares | 6 |
| Shareholders’ Reports—ETF Shares | 122 |
| Shareholders’ Reports—Institutional Shares | — |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 5,446 |
| Net Investment Income | 72,412 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 56,022 |
| Futures Contracts | (2,540) |
| Foreign Currencies and Forward Currency Contracts | (2,162) |
| Realized Net Gain (Loss) | 51,320 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (228,554) |
| Futures Contracts | 683 |
| Foreign Currencies and Forward Currency Contracts | (93) |
| Change in Unrealized Appreciation (Depreciation) | (227,964) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (104,232) |
1 Dividends are net of foreign withholding taxes of $5,560,000.
2 Interest income from an affiliated company of the fund was $33,000.
See accompanying Notes, which are an integral part of the Financial Statements.
47
| FTSE All-World ex-US Small-Cap 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 | 72,412 | 55,436 |
| Realized Net Gain (Loss) | 51,320 | 142,226 |
| Change in Unrealized Appreciation (Depreciation) | (227,964) | (219,553) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (104,232) | (21,891) |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (10,561) | (8,501) |
| ETF Shares | (61,064) | (48,170) |
| Institutional Shares | (2,759) | (985) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (74,384) | (57,656) |
| Capital Share Transactions | ||
| Investor Shares | 86,821 | 74,677 |
| ETF Shares | 604,382 | 291,883 |
| Institutional Shares | 118,310 | 40,284 |
| Net Increase (Decrease) from Capital Share Transactions | 809,513 | 406,844 |
| Total Increase (Decrease) | 630,897 | 327,297 |
| Net Assets | ||
| Beginning of Period | 2,386,229 | 2,058,932 |
| End of Period1 | 3,017,126 | 2,386,229 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $8,731,000 and $9,924,000. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
48
| FTSE All-World ex-US Small-Cap 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 | $38.10 | $38.99 | $33.21 | $32.89 | $36.34 |
| Investment Operations | |||||
| Net Investment Income | . 887 | .909 | .946 | .798 | .854 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (1.769) | (.834) | 5.947 | .649 | (3.231) |
| Total from Investment Operations | (.882) | .075 | 6.893 | 1.447 | (2.377) |
| Distributions | |||||
| Dividends from Net Investment Income | (.948) | (.965) | (1.113) | (1.127) | (.782) |
| Distributions from Realized Capital Gains | — | — | — | — | (.291) |
| Total Distributions | (.948) | (.965) | (1.113) | (1.127) | (1.073) |
| Net Asset Value, End of Period | $36.27 | $38.10 | $38.99 | $33.21 | $32.89 |
| Total Return2 | -2.33% | 0.15% | 21.25% | 4.77% | -6.85% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $446 | $382 | $318 | $232 | $204 |
| Ratio of Total Expenses to Average Net Assets | 0.31% | 0.37% | 0.40% | 0.45% | 0.50% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.41% | 2.25% | 2.58% | 2.54% | 2.35% |
| Portfolio Turnover Rate 3 | 9% | 13% | 19% | 18% | 37% |
1 Includes increases from purchase and redemption fees of $.00, $.01, $.01, $.03, and $.06. Effective July 25, 2014, fees were eliminated.
2 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.
3 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.
49
| FTSE All-World ex-US Small-Cap Index Fund | |||||
| Financial Highlights | |||||
| ETF Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $99.89 | $102.21 | $87.11 | $86.38 | $95.38 |
| Investment Operations | |||||
| Net Investment Income | 2.461 | 2.570 | 2.664 | 2.252 | 2.450 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (4.634) | (2.169) | 15.595 | 1.707 | (8.505) |
| Total from Investment Operations | (2.173) | . 401 | 18.259 | 3.959 | (6.055) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.627) | (2.721) | (3.159) | (3.229) | (2.182) |
| Distributions from Realized Capital Gains | — | — | — | — | (.763) |
| Total Distributions | (2.627) | (2.721) | (3.159) | (3.229) | (2.945) |
| Net Asset Value, End of Period | $95.09 | $99.89 | $102.21 | $87.11 | $86.38 |
| Total Return | -2.19% | 0.34% | 21.50% | 4.99% | -6.67% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,407 | $1,947 | $1,723 | $1,040 | $906 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | 0.19% | 0.20% | 0.25% | 0.28% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.55% | 2.43% | 2.78% | 2.74% | 2.57% |
| Portfolio Turnover Rate2 | 9% | 13% | 19% | 18% | 37% |
1 Includes increases from purchase and redemption fees of $.00, $.04, $.03, $.07, and $.13. Effective July 25, 2014, fees were eliminated.
2 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.
50
| FTSE All-World ex-US Small-Cap Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $190.87 | $195.32 | $166.39 | $165.23 | $182.36 |
| Investment Operations | |||||
| Net Investment Income | 4.756 | 4.933 | 5.100 | 4.244 | 4.892 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (8.864) | (4.161) | 29.812 | 3.315 | (16.420) |
| Total from Investment Operations | (4.108) | .772 | 34.912 | 7.559 | (11.528) |
| Distributions | |||||
| Dividends from Net Investment Income | (5.072) | (5.222) | (5.982) | (6.399) | (4.143) |
| Distributions from Realized Capital Gains | — | — | — | — | (1.459) |
| Total Distributions | (5.072) | (5.222) | (5.982) | (6.399) | (5.602) |
| Net Asset Value, End of Period | $181.69 | $190.87 | $195.32 | $166.39 | $165.23 |
| Total Return2 | -2.17% | 0.34% | 21.51% | 5.00% | -6.64% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $164 | $57 | $18 | $15 | $35 |
| Ratio of Total Expenses to Average Net Assets | 0.15% | 0.18% | 0.19% | 0.24% | 0.25% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.57% | 2.44% | 2.79% | 2.75% | 2.60% |
| Portfolio Turnover Rate 3 | 9% | 13% | 19% | 18% | 37% |
1 Includes increases from purchase and redemption fees of $.00, $.06, $.07, $.20, and $.18. Effective July 25, 2014, fees were eliminated.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 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.
51
FTSE All-World ex-US Small-Cap Index Fund
Notes to Financial Statements
Vanguard FTSE All-World ex-US Small-Cap 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 three classes of shares: Investor Shares, ETF Shares, and Institutional 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. Institutional 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
52
FTSE All-World ex-US Small-Cap Index Fund
associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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.
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.
53
FTSE All-World ex-US Small-Cap Index Fund
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 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.
54
FTSE All-World ex-US Small-Cap Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 $265,000, representing 0.01% of the fund’s net assets and 0.11% 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 | 369,464 | 30,941 | 72 |
| Common Stocks—Other | 895 | 2,584,432 | 10,792 |
| Temporary Cash Investments | 334,353 | 3,400 | — |
| Futures Contracts—Assets1 | 46 | — | — |
| Futures Contracts—Liabilities1 | (15) | — | — |
| Forward Currency Contracts—Assets | — | 44 | — |
| Forward Currency Contracts—Liabilities | — | (180) | — |
| Total | 704,743 | 2,618,637 | 10,864 |
| 1 Represents variation margin on the last day of the reporting period. | |||
55
FTSE All-World ex-US Small-Cap 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 | 46 | 44 | 90 |
| Other Liabilities | (15) | (180) | (195) |
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 | (2,540) | — | (2,540) |
| Forward Currency Contracts | — | 56 | 56 |
| Realized Net Gain (Loss) on Derivatives | (2,540) | 56 | (2,484) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 683 | — | 683 |
| Forward Currency Contracts | — | (136) | (136) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 683 | (136) | 547 |
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) |
| MSCI Emerging Markets Index | December 2015 | 156 | 6,581 | 156 |
| E-mini Russell 2000 Index | December 2015 | 56 | 6,486 | 14 |
| Topix Index | December 2015 | 28 | 3,616 | 304 |
| Dow Jones EURO STOXX 50 | December 2015 | 85 | 3,195 | 209 |
| 683 |
Unrealized appreciation (depreciation) on open MSCI Emerging Markets Index, E-mini Russell 2000 Index, and Dow Jones EURO STOXX 50 Index futures contracts are required to be treated as realized gain (loss) for tax purposes.
56
FTSE All-World ex-US Small-Cap Index Fund
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.
| Unrealized | ||||||
| Contract | Appreciation | |||||
| Contract Amount (000) | ||||||
| Settlement | (Depreciation) | |||||
| Counterparty | Date | Receive | Deliver | ($000) | ||
| Bank of America NA | 12/15/15 | JPY | 642,379 | USD | 5,372 | (44) |
| BNP Paribas | 12/23/15 | EUR | 4,612 | USD | 5,212 | (136) |
| Citibank, N.A. | 12/23/15 | USD | 2,030 | EUR | 1,816 | 31 |
| Barclays Bank PLC | 12/15/15 | USD | 2,003 | JPY | 239,955 | 13 |
| (136) | ||||||
| EUR—Euro. | ||||||
| JPY—Japanese yen. | ||||||
| USD—U.S. dollar. | ||||||
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; such differences are primarily attributed to the tax treatment of unrealized appreciation on passive foreign investment companies. 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 $2,218,000, 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 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 $2,997,000, 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 $21,545,000.
During the year ended October 31, 2015, the fund realized $91,575,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $31,472,000 of ordinary income available for distribution. At October 31, 2015, the fund had available capital losses totaling $68,964,000 to offset future net capital gains. Of this amount, $8,716,000 is subject to expiration on October 31, 2019. Capital losses of $60,248,000 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.
57
FTSE All-World ex-US Small-Cap Index Fund
At October 31, 2015, the cost of investment securities for tax purposes was $3,506,025,000. Net unrealized depreciation of investment securities for tax purposes was $171,676,000, consisting of unrealized gains of $384,991,000 on securities that had risen in value since their purchase and $556,667,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended October 31, 2015, the fund purchased $1,284,752,000 of investment securities and sold $493,881,000 of investment securities, other than temporary cash investments. Purchases and sales include $554,421,000 and $250,813,000, 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 | ||||
| Issued1 | 165,488 | 4,391 | 124,654 | 3,118 |
| Issued in Lieu of Cash Distributions | 9,158 | 249 | 7,547 | 193 |
| Redeemed 2 | (87,825) | (2,368) | (57,524) | (1,445) |
| Net Increase (Decrease)—Investor Shares | 86,821 | 2,272 | 74,677 | 1,866 |
| ETF Shares | ||||
| Issued1 | 880,544 | 8,719 | 664,533 | 6,238 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | (276,162) | (2,900) | (372,650) | (3,600) |
| Net Increase (Decrease) —ETF Shares | 604,382 | 5,819 | 291,883 | 2,638 |
| Institutional Shares | ||||
| Issued1 | 129,128 | 663 | 39,711 | 204 |
| Issued in Lieu of Cash Distributions | 2,545 | 14 | 985 | 5 |
| Redeemed 2 | (13,363) | (73) | (412) | (2) |
| Net Increase (Decrease) —Institutional Shares | 118,310 | 604 | 40,284 | 207 |
1 Incudes purchase fees for fiscal 2014 of $751,000, (fund totals). Effective July 25, 2014, the purchase fee was eliminated.
2 Net of redemption fees for fiscal 2014 of $114,000, (fund totals). Effective July 25, 2014, the redemption fee was eliminated.
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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund:
In our opinion, the accompanying statements 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 FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund (constituting separate portfolios of Vanguard International Equity Index 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 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 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 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 15, 2015
59
| Special 2015 tax information (unaudited) for Vanguard FTSE All-World ex-US 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 $481,692,000 of qualified dividend income to shareholders during the fiscal year. |
| The fund designates to shareholders foreign source income of $627,680,000 and foreign taxes |
| paid of $45,046,000. 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. |
| Special 2015 tax information (unaudited) for Vanguard FTSE All-World ex-US Small-Cap |
| 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 $41,407,000 of qualified dividend income to shareholders during the fiscal year. |
| The fund designates to shareholders foreign source income of $67,091,000 and foreign taxes paid |
| of $5,515,000. 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. |
60
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: FTSE International Index Funds
Periods Ended October 31, 2015
| Since | |||
| One | Five | Inception | |
| Year | Years | (3/8/2007) | |
| FTSE All-World ex-US Index Fund Investor Shares | |||
| Returns Before Taxes | -5.16% | 2.59% | 1.13% |
| Returns After Taxes on Distributions | -5.87 | 1.91 | 0.65 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -2.52 | 2.03 | 0.91 |
| Since | |||
| One | Five | Inception | |
| Year | Years | (4/2/2009) | |
| FTSE All-World ex-US Small-Cap Index Fund Investor Shares | |||
| Returns Before Taxes | -2.33% | 2.97% | 12.25% |
| Returns After Taxes on Distributions | -3.10 | 2.23 | 11.56 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -1.00 | 2.22 | 9.87 |
61
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.
62
| 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 | |||
| FTSE All-World ex-US Index Fund | |||
| Investor Shares | $1,000.00 | $903.91 | $1.20 |
| ETF Shares | 1,000.00 | 904.26 | 0.62 |
| Admiral Shares | 1,000.00 | 904.46 | 0.62 |
| Institutional Shares | 1,000.00 | 904.41 | 0.53 |
| Institutional Plus Shares | 1,000.00 | 904.49 | 0.43 |
| FTSE All-World ex-US Small-Cap Index Fund | |||
| Investor Shares | $1,000.00 | $919.86 | $1.40 |
| ETF Shares | 1,000.00 | 920.58 | 0.82 |
| Institutional Shares | 1,000.00 | 920.60 | 0.73 |
| Based on Hypothetical 5% Yearly Return | |||
| FTSE All-World ex-US Index Fund | |||
| Investor Shares | $1,000.00 | $1,023.95 | $1.28 |
| ETF Shares | 1,000.00 | 1,024.55 | 0.66 |
| Admiral Shares | 1,000.00 | 1,024.55 | 0.66 |
| Institutional Shares | 1,000.00 | 1,024.65 | 0.56 |
| Institutional Plus Shares | 1,000.00 | 1,024.75 | 0.46 |
| FTSE All-World ex-US Small-Cap Index Fund | |||
| Investor Shares | $1,000.00 | $1,023.74 | $1.48 |
| ETF Shares | 1,000.00 | 1,024.35 | 0.87 |
| Institutional Shares | 1,000.00 | 1,024.45 | 0.77 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the FTSE All-World ex-US Index Fund, 0.25% for Investor Shares, 0.13% for ETF Shares, 0.13% for Admiral Shares, 0.11% for Institutional Shares, and 0.09% for Institutional Plus Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.29% for Investor Shares, 0.17% for ETF Shares, and 0.15% for Institutional 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).
63
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.
64
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.
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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 | Chairman Emeritus and Senior Advisor | |
| Occupation(s) During the Past Five Years and Other | ||
| Experience: President and Chief Operating Officer | John J. Brennan | |
| (retired 2010) of Corning Incorporated (communications | Chairman, 1996–2009 | |
| equipment); Trustee of Colby-Sawyer College; | Chief Executive Officer and President, 1996–2008 | |
| Member of the Advisory Board of the Norris Cotton | ||
| Cancer Center and of the Advisory Board of the | Founder | |
| Parthenon Group (strategy consulting). | ||
| 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
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| the fund’s current prospectus. | can be accepted by the London Stock Exchange Group |
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| You can obtain a free copy of Vanguard’s proxy voting | representation whatsoever, expressly or impliedly, |
| guidelines by visiting vanguard.com/proxyreporting or by | either as to the results to be obtained from the use of |
| calling Vanguard at 800-662-2739. The guidelines are | the FTSE Indexes or the fitness or suitability of the |
| also available from the SEC’s website, sec.gov. In | Indexes for any particular purpose to which they might |
| addition, you may obtain a free report on how your fund | be put. |
| voted the proxies for securities it owned during the 12 | |
| months ended June 30. To get the report, visit either | The Industry Classification Benchmark (”ICB”) is owned |
| vanguard.com/proxyreporting or sec.gov. | by FTSE. FTSE does not accept any liability to any |
| person for any loss or damage arising out of any error | |
| You can review and copy information about your fund at | or omission in the ICB. |
| 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. | |
| Q7700 122015 | |
Annual Report | October 31, 2015
Vanguard Global ex-U.S. Real Estate 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. | 9 |
| Performance Summary. | 11 |
| Financial Statements. | 14 |
| Your Fund’s After-Tax Returns. | 38 |
| About Your Fund’s Expenses. | 39 |
| Glossary. | 41 |
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 Global ex-U.S. Real Estate Index Fund | |
| Investor Shares | -1.82% |
| ETF Shares | |
| Market Price | -2.25 |
| Net Asset Value | -1.66 |
| Admiral™ Shares | -1.66 |
| Institutional Shares | -1.61 |
| S&P Global ex-U.S. Property Index | -1.10 |
| International Real Estate Funds Average | -0.13 |
International Real Estate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Institutional 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 Global ex-U.S. Real Estate Index Fund | ||||
| Investor Shares | $22.63 | $21.44 | $0.770 | $0.000 |
| ETF Shares | 56.54 | 53.58 | 2.015 | 0.000 |
| Admiral Shares | 34.27 | 32.47 | 1.217 | 0.000 |
| Institutional Shares | 114.14 | 108.17 | 4.086 | 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 lost ground as a whole. Although results varied dramatically from country to country, stocks of developed economies generally held up better than those of emerging markets.
Against this backdrop, Vanguard Global ex-U.S. Real Estate Index Fund returned about –2%. 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, the Standard & Poor’s Global ex-U.S. Property 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 12 months. The market traveled a bumpy road to that
2
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 Federal Reserve kept short-term interest rates at historical lows. Corporate earnings, although lower than in recent years, mostly exceeded expectations. In Europe and Asia, central banks signaled or enacted more 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 the 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%, benefited from investors’ desire for safe-haven assets
| 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% |
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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 rates continued to constrain returns for money market funds and savings accounts.
Weakness in both the Pacific region and emerging markets hurt returns
Vanguard Global ex-U.S. Real Estate Index Fund invests in real estate stocks in developed and emerging markets outside the United States. The fund seeks to track the S&P Global ex-U.S. Property Index, which includes about 600 stocks of companies in more than 30 countries.
Three major market categories—Europe, the developed markets of the Pacific region, and emerging markets—account for the bulk of the fund’s holdings. For the 12 months, emerging markets and the Pacific region weighed on performance, while Europe posted double-digit returns.
| Expense Ratios | |||||
| Your Fund Compared With Its Peer Group | |||||
| Investor | ETF | Admiral | Institutional | Peer Group | |
| Shares | Shares | Shares | Shares | Average | |
| Global ex-U.S. Real Estate Index Fund | 0.37% | 0.24% | 0.24% | 0.22% | 1.45% |
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 0.36% for Investor Shares, 0.18% for ETF Shares, 0.18% for Admiral Shares, and 0.16% for Institutional 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 Real Estate Funds.
4
All but a few of the fund’s emerging-market holdings lost ground. Declining commodities prices, weakening demand from China, and the strong U.S. dollar took a toll on developing economies. Returns for real estate stocks were generally in line with their countries’ broader results.
Brazil was among the hardest hit; its real estate stocks fell 54%. Negative results in Mexico, Malaysia, the United Arab Emirates, and Thailand also detracted from the fund’s performance.
Holdings in the Pacific region, which constituted about half the fund’s assets, declined as well. Japan, one of the world’s largest commercial real estate markets, weighed most on results. The country’s real estate stocks, which slid about 4%, failed to keep pace with the broad Japanese stock market’s return of about 10%. Real estate stocks in Australia and Singapore also lost ground, while Hong Kong—the world’s most expensive city for real estate—was a bright spot for the fund.
The fund’s European holdings advanced nearly 16%, well ahead of the broad European stock market’s flat return. The European Central Bank’s efforts to stimulate growth helped keep the real estate market attractive to investors. The United Kingdom was the fund’s top contributor, returning almost 20%. Germany, France, and Sweden also did well.
| Total Returns | |
| Inception Through October 31, 2015 | |
| Average | |
| Annual Return | |
| Global ex-U.S. Real Estate Index Fund Investor Shares (Returns since inception: | |
| 11/1/2010) | 5.06% |
| S&P Global ex-U.S. Property Index | 4.97 |
| International Real Estate Funds Average | 4.92 |
International Real Estate 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 been successful in tightly tracking its index
Since its inception in November 2010, Vanguard Global ex-U.S. Real Estate Index Fund has produced an average annual return of 5.06% for Investor Shares.
For any index fund, success is defined as closely tracking the performance of its target index, which like all indexes incurs no expenses. Your fund has continually met this objective since its launch five years ago. This success is a tribute to the experience, talent, and sophisticated systems of the fund’s advisor, Vanguard
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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 Perfor- |
| mance 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. |
6
Equity Index Group. The advisor’s efforts have been helped by the funds’ low expenses, which allow you to keep more of the return on your investment.
Although the fund’s longer-term results are solid, it’s important to consider the benefits of global diversification. Recent years have reminded us that global markets don’t always move in lockstep—and that their real estate stocks can be more volatile than the overall stock market. A broadly diversified portfolio that includes both U.S. and international stocks and other asset classes can help investors weather the inevitable variations in global market performance.
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
| 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. |
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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
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| Global ex-U.S. Real Estate Index Fund | ||||
| Fund Profile | ||||
| As of October 31, 2015 | ||||
| Share-Class Characteristics | ||||
| Investor | Admiral | Institutional | ||
| Shares | ETF Shares | Shares | Shares | |
| Ticker Symbol | VGXRX | VNQI | VGRLX | VGRNX |
| Expense Ratio1 | 0.37% | 0.24% | 0.24% | 0.22% |
| Portfolio Characteristics | ||
| S&P | ||
| Global | ||
| ex-U.S. | ||
| Property | ||
| Fund | Index | |
| Number of Stocks | 668 | 632 |
| Median Market Cap | $5.8B | $5.8B |
| Price/Earnings Ratio | 11.1x | 11.4x |
| Price/Book Ratio | 1.2x | 1.2x |
| Return on Equity | 10.6% | 10.6% |
| Earnings Growth | ||
| Rate | 17.5% | 17.2% |
| Dividend Yield | 3.0% | 3.0% |
| Turnover Rate | 12% | — |
| Short-Term Reserves | 0.4% | — |
Allocation by Region (% of equity exposure)
| Volatility Measures | ||
| S&P | ||
| Global | MSCI AC | |
| ex-U.S. | World | |
| Property | Index | |
| Index | ex USA | |
| R-Squared | 0.99 | 0.69 |
| Beta | 1.01 | 0.89 |
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) | ||
| Mitsubishi Estate Co. | Diversified Real | |
| Ltd. | Estate Activities | 3.3% |
| Unibail-Rodamco SE | Retail REITs | 3.0 |
| Mitsui Fudosan Co. Ltd. | Diversified Real | |
| Estate Activities | 2.9 | |
| Sun Hung Kai Properties Diversified Real | ||
| Ltd. | Estate Activities | 2.3 |
| Cheung Kong Property | Real Estate | |
| Holdings Ltd. | Development | 2.1 |
| Daiwa House Industry | Diversified Real | |
| Co. Ltd. | Estate Activities | 1.9 |
| Land Securities Group | ||
| plc | Diversified REITs | 1.8 |
| Sumitomo Realty & | Diversified Real | |
| Development Co. Ltd. | Estate Activities | 1.7 |
| Scentre Group | Retail REITs | 1.7 |
| Vonovia SE | Real Estate | |
| Operating | ||
| Companies | 1.6 | |
| Top Ten | 22.3% | |
The holdings listed exclude any temporary cash investments and equity index products.
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 fund’s expense ratios were 0.36% for Investor Shares, 0.18% for ETF Shares, 0.18% for Admiral Shares, and 0.16% for Institutional Shares.
9
Global ex-U.S. Real Estate Index Fund
| Market Diversification (% of equity exposure) | ||
| S&P | ||
| Global | ||
| ex-U.S. | ||
| Property | ||
| Fund | Index | |
| Europe | ||
| United Kingdom | 9.5% | 9.6% |
| France | 5.5 | 5.5 |
| Germany | 4.4 | 4.4 |
| Sweden | 1.6 | 1.7 |
| Switzerland | 1.4 | 1.4 |
| Other | 3.6 | 3.8 |
| Subtotal | 26.0% | 26.4% |
| Pacific | ||
| Japan | 22.0% | 22.2% |
| Hong Kong | 11.5 | 11.5 |
| Australia | 8.9 | 9.2 |
| Singapore | 5.6 | 5.4 |
| Other | 0.5 | 0.5 |
| Subtotal | 48.5% | 48.8% |
| Emerging Markets | ||
| China | 8.4% | 8.3% |
| South Africa | 2.0 | 1.9 |
| Philippines | 1.5 | 1.5 |
| United Arab Emirates | 1.1 | 1.1 |
| Mexico | 1.1 | 1.3 |
| Other | 4.4 | 4.4 |
| Subtotal | 18.5% | 18.5% |
| North America | ||
| Canada | 2.3% | 2.3% |
| Middle East | 0.6% | 0.7% |
| Other | 4.1% | 3.3% |
"Other" represents securities that are not classified by the fund's benchmark index.
10
Global ex-U.S. Real Estate 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: November 1, 2010, Through October 31, 2015
Initial Investment of $10,000
| Average Annual Total Returns | |||
| Periods Ended October 31, 2015 | |||
| Since | Final Value | ||
| One | Inception | of a $10,000 | |
| Year | (11/1/2010) | Investment | |
| Global ex-U.S. Real Estate Index Fund | |||
| Investor Shares | -2.30% | 4.97% | $12,742 |
| S&P Global ex-U.S. Property Index | -1.10 | 4.97 | 12,740 |
| International Real Estate Funds Average | -0.13 | 4.92 | 12,716 |
International Real Estate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standards.
| Since | Final Value | ||
| One | Inception | of a $10,000 | |
| Year | (11/1/2010) | Investment | |
| Global ex-U.S. Real Estate Index Fund | |||
| ETF Shares Net Asset Value | -1.66% | 5.19% | $12,879 |
| S&P Global ex-U.S. Property Index | -1.10 | 4.97 | 12,740 |
| "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards. | |||
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares. The Fiscal-Year Total Returns chart is not adjusted for fees.
See Financial Highlights for dividend and capital gains information.
11
| Global ex-U.S. Real Estate Index Fund | |||
| Average Annual Total Returns | |||
| Periods Ended October 31, 2015 | |||
| Since | Final Value | ||
| One | Inception | of a $10,000 | |
| Year | (2/10/2011) | Investment | |
| Global ex-U.S. Real Estate Index Fund Admiral | |||
| Shares | -2.14% | 5.51% | $12,882 |
| S&P Global ex-U.S. Property Index | -1.10 | 5.41 | 12,827 |
| "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 | (4/19/2011) | Investment | |
| Global ex-U.S. Real Estate Index Fund | |||
| Institutional Shares | -2.09% | 5.22% | $6,297,843 |
| S&P Global ex-U.S. Property Index | -1.10 | 5.16 | 6,281,719 |
| "Since Inception" performance is calculated from the Institutional Shares’ inception date for both the fund and its comparative standards. | |||
| Cumulative Returns of ETF Shares: November 1, 2010, Through October 31, 2015 | ||
| Since | ||
| One | Inception | |
| Year | (11/1/2010) | |
| Global ex-U.S. Real Estate Index Fund ETF Shares | ||
| Market Price | -2.25% | 28.13% |
| Global ex-U.S. Real Estate Index Fund ETF Shares | ||
| Net Asset Value | -1.66 | 28.79 |
| S&P Global ex-U.S. Property Index | -1.10 | 27.40 |
| "Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards. | ||
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares. The Fiscal-Year Total Returns chart is not adjusted for fees.
12
Global ex-U.S. Real Estate Index Fund
Fiscal-Year Total Returns (%): November 1, 2010, Through October 31, 2015
| Global ex-U.S. Real Estate Index Fund Investor Shares |
| S&P Global ex-U.S. Property Index |
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 | Since | |
| Date | Year | Inception | |
| Investor Shares | 11/1/2010 | -3.30% | 4.08% |
| Fee-Adjusted Returns | -3.77 | 3.99 | |
| ETF Shares | 11/1/2010 | ||
| Market Price | -2.96 | 4.11 | |
| Net Asset Value | -3.15 | 4.21 | |
| Admiral Shares | 2/10/2011 | -3.14 | 4.57 |
| Fee-Adjusted Returns | -3.62 | 4.47 | |
| Institutional Shares | 4/19/2011 | -3.10 | 4.24 |
| Fee-Adjusted Returns | -3.57 | 4.13 |
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fees do not apply to the ETF Shares. The Fiscal-Year Total Returns chart is not adjusted for fees.
13
Global ex-U.S. Real Estate Index 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) | ||
| Common Stocks (100.0%) | |||
| Australia (9.2%) | |||
| Scentre Group | 21,307,850 | 62,932 | |
| Westfield Corp. | 7,720,656 | 56,454 | |
| Vicinity Centers | 13,203,938 | 27,410 | |
| Stockland | 9,368,033 | 27,064 | |
| Goodman Group | 6,247,936 | 27,056 | |
| GPT Group | 7,145,586 | 24,183 | |
| Dexus Property Group | 3,895,672 | 21,512 | |
| Lend Lease Group | 2,147,715 | 19,921 | |
| Mirvac Group | 14,402,319 | 18,546 | |
| Investa Office Fund | 2,476,193 | 7,137 | |
| BWP Trust | 2,000,269 | 4,595 | |
| Shopping Centres | |||
| Australasia Property | |||
| Group | 2,908,404 | 4,274 | |
| Charter Hall Group | 1,278,785 | 4,097 | |
| Charter Hall Retail REIT | 1,328,756 | 4,019 | |
| Cromwell Property | |||
| Group | 5,149,892 | 3,692 | |
| Aveo Group | 1,566,862 | 3,443 | |
| Abacus Property Group | 1,106,349 | 2,581 | |
| * | Gateway Lifestyle | 1,003,144 | 2,012 |
| ALE Property Group | 704,825 | 1,960 | |
| ^ | Growthpoint Properties | ||
| Australia Ltd. | 696,239 | 1,530 | |
| National Storage REIT | 1,267,213 | 1,424 | |
| Folkestone Education | |||
| Trust | 888,779 | 1,407 | |
| GDI Property Group | 2,091,391 | 1,342 | |
| ^ | Peet Ltd. | 1,642,282 | 1,195 |
| Arena REIT | 939,804 | 1,145 | |
| ^ | Ingenia Communities | ||
| Group | 3,362,347 | 1,091 | |
| ^ | Hotel Property | ||
| Investments | 532,522 | 976 | |
| ^ | Astro Japan Property | ||
| Group | 211,477 | 792 | |
| Sunland Group Ltd. | 578,453 | 655 | |
| 360 Capital Group Ltd. | 884,626 | 644 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Cedar Woods Properties | |||
| Ltd. | 203,501 | 608 | |
| ^ | Industria REIT | 411,266 | 601 |
| ^ | Galileo Japan Trust | 450,684 | 567 |
| Aspen Group | 567,358 | 563 | |
| 360 Capital Industrial Fund | 306,042 | 514 | |
| Villa World Ltd. | 359,138 | 511 | |
| 360 Capital Office Fund | 273,972 | 391 | |
| Finbar Group Ltd. | 372,209 | 305 | |
| 339,149 | |||
| Austria (0.8%) | |||
| * | IMMOFINANZ AG | 3,652,362 | 9,354 |
| CA Immobilien Anlagen | |||
| AG | 296,082 | 5,804 | |
| BUWOG AG | 225,123 | 4,789 | |
| *,^ | Conwert Immobilien | ||
| Invest SE | 257,006 | 3,682 | |
| Atrium European Real | |||
| Estate Ltd. | 699,273 | 2,900 | |
| S IMMO AG | 218,975 | 1,944 | |
| 28,473 | |||
| Belgium (0.7%) | |||
| Cofinimmo SA | 81,931 | 9,136 | |
| Befimmo SA | 81,719 | 5,470 | |
| Warehouses De Pauw CVA | 56,242 | 4,603 | |
| Aedifica SA | 56,526 | 3,789 | |
| Intervest Offices & | |||
| Warehouses NV | 34,177 | 864 | |
| Wereldhave Belgium NV | 6,649 | 789 | |
| * | Retail Estates NV | 8,079 | 669 |
| 25,320 | |||
| Brazil (0.4%) | |||
| BR Malls Participacoes SA | 1,887,420 | 5,481 | |
| Multiplan | |||
| Empreendimentos | |||
| Imobiliarios SA | 321,850 | 3,511 | |
| BR Properties SA | 778,953 | 2,383 | |
| Iguatemi Empresa de | |||
| Shopping Centers SA | 355,386 | 1,965 | |
14
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Aliansce Shopping | |||
| Centers SA | 294,705 | 798 | |
| Sao Carlos | |||
| Empreendimentos e | |||
| Participacoes SA | 108,250 | 646 | |
| Sonae Sierra Brasil SA | 95,683 | 414 | |
| JHSF Participacoes SA | 631,693 | 287 | |
| 15,485 | |||
| Canada (2.4%) | |||
| ^ | RioCan REIT | 632,783 | 12,340 |
| H&R REIT | 550,463 | 8,832 | |
| ^ | First Capital Realty Inc. | 454,462 | 6,732 |
| Smart REIT | 246,236 | 5,849 | |
| Canadian Apartment | |||
| Properties REIT | 256,113 | 5,273 | |
| Canadian REIT | 144,598 | 4,710 | |
| Allied Properties REIT | 155,722 | 4,273 | |
| ^ | Cominar REIT | 329,599 | 3,877 |
| ^ | Boardwalk REIT | 93,133 | 3,826 |
| ^ | Dream Office REIT | 217,379 | 3,489 |
| ^ | Artis REIT | 276,534 | 2,832 |
| Granite REIT | 95,266 | 2,777 | |
| Morguard Corp. | 22,442 | 2,471 | |
| ^ | Killam Properties Inc. | 240,040 | 1,911 |
| Dream Global REIT | 228,229 | 1,587 | |
| Choice Properties REIT | 175,732 | 1,586 | |
| ^ | Crombie REIT | 157,297 | 1,563 |
| ^ | Milestone Apartments | ||
| REIT | 124,482 | 1,457 | |
| ^ | Morguard REIT | 123,617 | 1,366 |
| ^ | CT REIT | 130,481 | 1,297 |
| Pure Industrial Real Estate | |||
| Trust | 375,887 | 1,276 | |
| *,^ | DREAM Unlimited Corp. | ||
| Class A | 218,563 | 1,232 | |
| ^ | Brookfield Canada Office | ||
| Properties | 52,932 | 1,112 | |
| InnVest REIT | 234,038 | 938 | |
| ^ | Dream Industrial REIT | 140,228 | 862 |
| ^ | Northern Property REIT | 59,995 | 848 |
| InterRent REIT | 150,116 | 746 | |
| ^ | NorthWest Healthcare | ||
| Properties REIT | 107,855 | 706 | |
| Melcor Developments Ltd. | 56,412 | 660 | |
| ^ | Slate Retail REIT | 59,582 | 616 |
| ^ | Plaza Retail REIT | 172,850 | 586 |
| *,^ | Mainstreet Equity Corp. | 20,801 | 517 |
| Morguard North American | |||
| Residential REIT | 60,242 | 485 | |
| ^ | OneREIT | 164,483 | 426 |
| 89,058 | |||
| Chile (0.1%) | |||
| Parque Arauco SA | 2,290,299 | 3,827 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| China (8.6%) | |||
| China Overseas Land & | |||
| Investment Ltd. | 17,655,710 | 56,866 | |
| China Resources Land | |||
| Ltd. | 11,182,446 | 28,957 | |
| 1 | Dalian Wanda | ||
| Commercial Properties | |||
| Co. Ltd. | 2,697,698 | 17,969 | |
| ^ | Evergrande Real Estate | ||
| Group Ltd. | 20,822,921 | 15,910 | |
| Country Garden | |||
| Holdings Co. Ltd. | 33,586,163 | 12,763 | |
| China Vanke Co. Ltd. | 5,463,054 | 12,747 | |
| Shimao Property | |||
| Holdings Ltd. | 5,015,664 | 8,790 | |
| Sino-Ocean Land | |||
| Holdings Ltd. | 14,121,829 | 8,190 | |
| New World China | |||
| Land Ltd. | 11,253,102 | 7,436 | |
| Shanghai Lujiazui | |||
| Finance & Trade Zone | |||
| Development Co. Ltd. | |||
| Class B | 2,160,921 | 6,974 | |
| Longfor Properties Co. | |||
| Ltd. | 5,100,708 | 6,812 | |
| Jiangsu Future Land Co. | |||
| Ltd. Class B | 2,677,110 | 5,914 | |
| Shenzhen Investment | |||
| Ltd. | 11,900,201 | 4,804 | |
| *,^ | Goldin Properties | ||
| Holdings Ltd. | 5,331,300 | 4,565 | |
| Sunac China Holdings | |||
| Ltd. | 7,455,378 | 4,553 | |
| China Jinmao Holdings | |||
| Group Ltd. | 16,332,054 | 4,476 | |
| Yuexiu Property Co. Ltd. | 25,575,094 | 4,396 | |
| *,1 | Red Star Macalline | ||
| Group Corp. Ltd. | 3,117,400 | 4,329 | |
| *,^ | Renhe Commercial | ||
| Holdings Co. Ltd. | 82,916,484 | 4,305 | |
| Guangzhou R&F | |||
| Properties Co. Ltd. | 4,131,809 | 4,085 | |
| * | Fullshare Holdings Ltd. | 21,120,000 | 4,036 |
| SOHO China Ltd. | 7,852,045 | 4,016 | |
| KWG Property Holding | |||
| Ltd. | 5,413,158 | 3,897 | |
| Shui On Land Ltd. | 14,175,038 | 3,887 | |
| China Merchants | |||
| Property Development | |||
| Co. Ltd. Class B | 923,544 | 3,456 | |
| ^ | Agile Property Holdings | ||
| Ltd. | 6,105,409 | 3,316 | |
| ^ | China South City | ||
| Holdings Ltd. | 13,230,111 | 3,141 | |
15
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| *,^ | China New City | ||
| Commercial | |||
| Development Ltd. | 2,026,000 | 3,069 | |
| Poly Property Group Co. | |||
| Ltd. | 8,197,760 | 2,649 | |
| CIFI Holdings Group Co. | |||
| Ltd. | 11,460,000 | 2,439 | |
| * | Hopson Development | ||
| Holdings Ltd. | 2,764,710 | 2,327 | |
| * | Greentown China | ||
| Holdings Ltd. | 2,604,814 | 2,273 | |
| Yuexiu REIT | 4,232,516 | 2,235 | |
| Beijing Enterprises | |||
| Medical & Health | |||
| Group Ltd. | 20,268,000 | 2,149 | |
| Shanghai Jinqiao Export | |||
| Processing Zone | |||
| Development Co. Ltd. | |||
| Class B | 1,193,534 | 2,013 | |
| Tian An China | |||
| Investment Co. Ltd. | 3,120,761 | 1,864 | |
| *,^ | Carnival Group | ||
| International Holdings | |||
| Ltd. | 15,174,514 | 1,701 | |
| Beijing Capital Land Ltd. | 3,515,034 | 1,682 | |
| *,^ | China Oceanwide | ||
| Holdings Ltd. | 10,828,000 | 1,504 | |
| Guorui Properties Ltd. | 3,003,000 | 1,433 | |
| *,^ | Kaisa Group Holdings | ||
| Ltd. | 6,991,671 | 1,407 | |
| *,^ | Zall Development Group | ||
| Ltd. | 6,347,574 | 1,400 | |
| ^ | China Aoyuan Property | ||
| Group Ltd. | 6,165,000 | 1,367 | |
| C C Land Holdings Ltd. | 5,201,000 | 1,334 | |
| ^ | China SCE Property | ||
| Holdings Ltd. | 6,044,766 | 1,326 | |
| Spring REIT | 3,299,000 | 1,318 | |
| * | Glorious Property | ||
| Holdings Ltd. | 10,077,036 | 1,294 | |
| ^ | Logan Property Holdings | ||
| Co. Ltd. | 3,076,000 | 1,291 | |
| ^,1 | Redco Properties Group | ||
| Ltd. | 1,812,000 | 1,232 | |
| ^ | Shanghai Industrial Urban | ||
| Development Group | |||
| Ltd. | 6,104,799 | 1,181 | |
| * | Zhuguang Holdings | ||
| Group Co. Ltd. | 6,158,000 | 1,157 | |
| *,^,1Sunshine 100 China | |||
| Holdings Ltd. | 3,136,000 | 1,139 | |
| ^ | Yuzhou Properties Co. | ||
| Ltd. | 4,755,000 | 1,138 | |
| ^ | China Merchants Land | ||
| Ltd. | 5,230,000 | 1,105 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| * | Gemdale Properties & | ||
| Investment Corp. Ltd. | 21,158,922 | 1,088 | |
| * | Mingfa Group | ||
| International Co. Ltd. | 4,175,908 | 1,009 | |
| ^ | China Overseas Grand | ||
| Oceans Group Ltd. | 3,138,386 | 994 | |
| Beijing North Star Co. | |||
| Ltd. | 2,994,000 | 968 | |
| ^ | Future Land | ||
| Development Holdings | |||
| Ltd. | 6,156,000 | 956 | |
| * | Madex International | ||
| Holdings Ltd. | 38,980,000 | 901 | |
| * | Sinolink Worldwide | ||
| Holdings Ltd. | 7,644,643 | 842 | |
| *,^ | Greenland Hong Kong | ||
| Holdings Ltd. | 1,989,000 | 837 | |
| *,^ | Wanda Hotel | ||
| Development Co. Ltd. | 5,410,741 | 819 | |
| 1 | China Vast Industrial | ||
| Urban Development | |||
| Co. Ltd. | 2,017,000 | 812 | |
| ^ | Hydoo International | ||
| Holding Ltd. | 5,260,000 | 809 | |
| ^ | Road King Infrastructure | ||
| Ltd. | 904,000 | 786 | |
| *,^ | Wuzhou International | ||
| Holdings Ltd. | 4,976,000 | 776 | |
| Powerlong Real Estate | |||
| Holdings Ltd. | 3,939,139 | 767 | |
| Xinyuan Real Estate Co. | |||
| Ltd. ADR | 210,318 | 755 | |
| Fantasia Holdings Group | |||
| Co. Ltd. | 6,352,443 | 753 | |
| New Century REIT | 1,843,000 | 719 | |
| ^ | Times Property Holdings | ||
| Ltd. | 1,769,000 | 706 | |
| Silver Grant International | |||
| Industries Ltd. | 5,204,216 | 700 | |
| * | Top Spring International | ||
| Holdings Ltd. | 1,384,500 | 578 | |
| Greattown Holdings Ltd. | |||
| Class B | 643,800 | 570 | |
| * | Shanghai Zendai | ||
| Property Ltd. | 21,210,000 | 553 | |
| Minmetals Land Ltd. | 5,203,000 | 534 | |
| Lai Fung Holdings Ltd. | 31,241,000 | 531 | |
| * | Beijing Properties | ||
| Holdings Ltd. | 7,442,000 | 525 | |
| * | SRE Group Ltd. | 10,222,000 | 514 |
| *,^ | China New Town | ||
| Development Co. Ltd. | 11,940,600 | 485 | |
| * | Tian Shan Development | ||
| Holding Ltd. | 1,054,000 | 442 | |
| *,^ | LVGEM China Real Estate | ||
| Investment Co. Ltd. | 1,260,000 | 404 |
16
Global ex-U.S. Real Estate Index Fund
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| *,^ | Guangdong Land | ||
| Holdings Ltd. | 1,780,000 | 394 | |
| * | Zhong An Real Estate | ||
| Ltd. | 3,184,000 | 348 | |
| * | China Properties Group | ||
| Ltd. | 1,385,000 | 285 | |
| First Sponsor Group Ltd. | 272,000 | 239 | |
| 318,016 | |||
| Denmark (0.0%) | |||
| * | Jeudan A/S | 6,835 | 677 |
| *,^ | TK Development A/S | 251,868 | 306 |
| 983 | |||
| Egypt (0.2%) | |||
| Talaat Moustafa Group | 4,181,917 | 3,536 | |
| * | Palm Hills Developments | ||
| SAE | 4,608,932 | 1,223 | |
| * | Six of October | ||
| Development & | |||
| Investment | 903,471 | 1,019 | |
| * | Emaar Misr for | ||
| Development SAE | 2,517,594 | 897 | |
| Heliopolis Co. for | |||
| Housing and | |||
| Construction SAE | 134,738 | 725 | |
| * | United Co. for Housing & | ||
| Development - SAE | 294,422 | 499 | |
| Amer Group Holding | 6,337,146 | 426 | |
| * | Porto Holding SAE | 6,337,146 | 363 |
| 8,688 | |||
| Finland (0.2%) | |||
| Citycon Oyj | 1,582,201 | 4,162 | |
| ^ | Sponda Oyj | 853,765 | 3,623 |
| Technopolis Oyj | 326,161 | 1,314 | |
| 9,099 | |||
| France (5.7%) | |||
| Unibail-Rodamco SE | 397,089 | 110,646 | |
| Klepierre | 763,970 | 36,200 | |
| Gecina SA | 145,520 | 18,587 | |
| Fonciere Des Regions | 176,231 | 16,584 | |
| ICADE | 143,715 | 10,632 | |
| Nexity SA | 140,105 | 6,203 | |
| Fonciere de Paris SIIC | 38,866 | 4,733 | |
| Mercialys SA | 75,696 | 1,739 | |
| Altarea SCA | 8,787 | 1,654 | |
| ANF Immobilier | 40,834 | 954 | |
| Affine SA | 24,450 | 452 | |
| * | Fonciere des Murs SCA | 15,527 | 450 |
| 208,834 | |||
| Germany (4.5%) | |||
| Vonovia SE | 1,810,876 | 60,327 | |
| Deutsche Wohnen AG | 1,365,515 | 38,504 | |
| LEG Immobilien AG | 235,975 | 18,840 | |
| Deutsche EuroShop AG | 181,239 | 8,741 | |
| Grand City Properties SA | 358,422 | 7,156 | |
| ^ | TAG Immobilien AG | 493,494 | 6,391 |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| ^ | alstria office REIT-AG | 434,950 | 6,063 |
| * | PATRIZIA Immobilien AG | 148,381 | 4,079 |
| TLG Immobilien AG | 206,844 | 3,894 | |
| ^ | Hamborner REIT AG | 258,238 | 2,749 |
| *,1 | ADO Properties SA | 84,563 | 2,161 |
| DIC Asset AG | 195,840 | 1,927 | |
| VIB Vermoegen AG | 99,978 | 1,918 | |
| * | ADLER Real Estate AG | 109,266 | 1,698 |
| WCM Beteiligungs & | |||
| Grundbesitz-AG | 417,957 | 1,015 | |
| 165,463 | |||
| Greece (0.1%) | |||
| Grivalia Properties REIC AE | 159,148 | 1,453 | |
| * | LAMDA Development SA | 88,367 | 446 |
| 1,899 | |||
| Hong Kong (11.7%) | |||
| Sun Hung Kai Properties | |||
| Ltd. | 6,438,441 | 85,922 | |
| Cheung Kong Property | |||
| Holdings Ltd. | 11,309,375 | 78,988 | |
| Link REIT | 9,333,089 | 55,442 | |
| Hongkong Land Holdings | |||
| Ltd. | 4,765,312 | 35,676 | |
| Sino Land Co. Ltd. | 19,360,605 | 29,833 | |
| Henderson Land | |||
| Development Co. Ltd. | 4,067,200 | 25,888 | |
| Hang Lung Properties | |||
| Ltd. | 8,687,932 | 21,222 | |
| Wheelock & Co. Ltd. | 3,376,652 | 15,694 | |
| Swire Properties Ltd. | 4,376,200 | 13,109 | |
| Hang Lung Group Ltd. | 3,554,103 | 12,866 | |
| Hysan Development Co. | |||
| Ltd. | 2,607,655 | 11,543 | |
| Kerry Properties Ltd. | 2,587,332 | 7,651 | |
| Champion REIT | 9,105,512 | 4,719 | |
| ^ | Chinese Estates | ||
| Holdings Ltd. | 1,891,952 | 4,394 | |
| Great Eagle Holdings Ltd. | 1,083,697 | 3,563 | |
| Joy City Property Ltd. | 16,431,695 | 2,565 | |
| Sunlight REIT | 4,252,400 | 2,150 | |
| K Wah International | |||
| Holdings Ltd. | 4,687,338 | 2,019 | |
| Prosperity REIT | 5,062,649 | 1,852 | |
| Kowloon Development | |||
| Co. Ltd. | 1,423,414 | 1,608 | |
| Far East Consortium | |||
| International Ltd. | 3,810,000 | 1,386 | |
| ^ | Yida China Holdings Ltd. | 4,002,000 | 1,374 |
| HKR International Ltd. | 2,715,682 | 1,208 | |
| ^ | Langham Hospitality | ||
| Investments and | |||
| Langham Hospitality | |||
| Investments Ltd. | 3,264,000 | 1,201 | |
| ^ | TAI Cheung Holdings | ||
| Ltd. | 1,368,033 | 1,097 | |
17
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| * | China Minsheng Drawin | ||
| Technology Group Ltd. | 15,400,000 | 1,005 | |
| Liu Chong Hing | |||
| Investment Ltd. | 694,000 | 818 | |
| ^ | Emperor International | ||
| Holdings Ltd. | 4,129,832 | 797 | |
| ^ | Regal REIT | 2,959,815 | 750 |
| CSI Properties Ltd. | 21,998,348 | 734 | |
| * | Lai Sun Development | ||
| Co. Ltd. | 38,130,302 | 695 | |
| * | ITC Properties Group | ||
| Ltd. | 1,274,000 | 607 | |
| * | Hong Kong Ferry | ||
| Holdings Co. Ltd. | 515,000 | 599 | |
| * | Wang On Group Ltd. | 32,000,000 | 436 |
| * | China Properties | ||
| Investment Holdings | |||
| Ltd. | 14,598,000 | 412 | |
| ^ | Soundwill Holdings Ltd. | 316,500 | 406 |
| * | China City Infrastructure | ||
| Group Ltd. | 4,972,000 | 401 | |
| China Motor Bus Co. Ltd. | 33,600 | 336 | |
| * | Man Sang International | ||
| Ltd. | 2,244,000 | 311 | |
| ZH International Holdings | |||
| Ltd. | 7,610,000 | 252 | |
| ^ | International | ||
| Entertainment Corp. | 870,000 | 201 | |
| * | Hanison Construction | ||
| Holdings Ltd. | 660,665 | 121 | |
| 431,851 | |||
| India (0.3%) | |||
| DLF Ltd. | 1,779,595 | 3,154 | |
| Oberoi Realty Ltd. | 316,612 | 1,380 | |
| * | Housing Development & | ||
| Infrastructure Ltd. | 1,143,317 | 1,264 | |
| Prestige Estates Projects | |||
| Ltd. | 374,929 | 1,163 | |
| Phoenix Mills Ltd. | 215,465 | 1,097 | |
| Godrej Properties Ltd. | 207,493 | 1,088 | |
| * | Indiabulls Real Estate Ltd. | 936,250 | 889 |
| * | Unitech Ltd. | 5,730,270 | 665 |
| Mahindra Lifespace | |||
| Developers Ltd. | 84,255 | 641 | |
| 11,341 | |||
| Indonesia (0.8%) | |||
| Lippo Karawaci Tbk PT | 77,701,600 | 6,739 | |
| Bumi Serpong Damai | |||
| Tbk PT | 37,611,127 | 4,414 | |
| Summarecon Agung | |||
| Tbk PT | 40,305,700 | 4,077 | |
| Ciputra Development | |||
| Tbk PT | 43,568,925 | 3,430 | |
| Pakuwon Jati Tbk PT | 102,278,630 | 3,158 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Modernland Realty Tbk | |||
| PT | 37,306,000 | 1,330 | |
| Alam Sutera Realty Tbk | |||
| PT | 38,012,097 | 1,072 | |
| Kawasan Industri | |||
| Jababeka Tbk PT | 71,271,683 | 1,052 | |
| * | Lippo Cikarang Tbk PT | 1,583,900 | 921 |
| Intiland Development | |||
| Tbk PT | 22,443,351 | 824 | |
| * | Eureka Prima Jakarta | ||
| Tbk PT | 16,758,300 | 624 | |
| * | Agung Podomoro Land | ||
| Tbk PT | 23,916,600 | 482 | |
| Sentul City Tbk PT | 71,307,500 | 384 | |
| Ciputra Surya Tbk PT | 2,246,431 | 370 | |
| Ciputra Property Tbk PT | 9,751,678 | 330 | |
| Bekasi Fajar Industrial | |||
| Estate Tbk PT | 11,411,582 | 317 | |
| * | Puradelta Lestari Tbk PT | 15,220,900 | 247 |
| * | Bakrieland Development | ||
| Tbk PT | 48,597,400 | 178 | |
| 29,949 | |||
| Ireland (0.3%) | |||
| Green REIT plc | 2,766,182 | 4,784 | |
| Hibernia REIT plc | 2,749,416 | 4,071 | |
| Irish Residential | |||
| Properties REIT plc | 1,318,338 | 1,624 | |
| 10,479 | |||
| Israel (0.7%) | |||
| Azrieli Group | 125,730 | 4,913 | |
| Gazit-Globe Ltd. | 356,619 | 3,862 | |
| Alony Hetz Properties & | |||
| Investments Ltd. | 375,588 | 2,864 | |
| Melisron Ltd. | 66,146 | 2,308 | |
| * | Airport City Ltd. | 231,719 | 2,253 |
| Reit 1 Ltd. | 658,066 | 1,804 | |
| Amot Investments Ltd. | 479,506 | 1,560 | |
| * | Jerusalem Oil Exploration | 33,965 | 1,356 |
| Norstar Holdings Inc. | 61,794 | 1,329 | |
| Sella Capital Real Estate | |||
| Ltd. | 543,075 | 814 | |
| * | Africa Israel Properties Ltd. | 47,921 | 649 |
| Big Shopping Centers Ltd. | 11,616 | 565 | |
| * | Blue Square Real Estate | ||
| Ltd. | 13,975 | 376 | |
| * | Africa Israel Investments | ||
| Ltd. | 437,026 | 323 | |
| ADO Group Ltd. | 25,323 | 276 | |
| * | Summit Real Estate | ||
| Holdings Ltd. | 50,582 | 219 | |
| Industrial Buildings Corp. | |||
| Ltd. | 152,033 | 140 | |
| * | Jerusalem Economy Ltd. | 42,619 | 83 |
| * | Elbit Imaging Ltd. | 59,578 | 66 |
| 25,760 | |||
18
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Italy (0.1%) | |||
| ^ | Beni Stabili SpA SIIQ | 4,401,555 | 3,620 |
| Immobiliare Grande | |||
| Distribuzione SIIQ SPA | 1,249,269 | 1,247 | |
| *,^ | Prelios SPA | 1,037,552 | 380 |
| 5,247 | |||
| Japan (22.1%) | |||
| Mitsubishi Estate Co. Ltd. | 5,618,445 | 120,119 | |
| Mitsui Fudosan Co. Ltd. | 4,000,057 | 108,431 | |
| Daiwa House Industry | |||
| Co. Ltd. | 2,701,274 | 70,530 | |
| Sumitomo Realty & | |||
| Development Co. Ltd. | 1,930,367 | 63,289 | |
| Daito Trust Construction | |||
| Co. Ltd. | 321,300 | 34,756 | |
| Nippon Building Fund Inc. | 5,718 | 27,095 | |
| Japan Real Estate | |||
| Investment Corp. | 5,331 | 24,620 | |
| *,^ | Nomura Real Estate | ||
| Master Fund Inc. | 15,148 | 19,194 | |
| Japan Retail Fund | |||
| Investment Corp. | 9,842 | 19,032 | |
| Hulic Co. Ltd. | 1,824,764 | 16,989 | |
| United Urban Investment | |||
| Corp. | 10,710 | 14,828 | |
| Tokyu Fudosan Holdings | |||
| Corp. | 2,076,356 | 14,549 | |
| Nippon Prologis REIT Inc. | 7,010 | 12,265 | |
| Orix JREIT Inc. | 9,055 | 12,164 | |
| Japan Prime Realty | |||
| Investment Corp. | 3,534 | 11,451 | |
| Advance Residence | |||
| Investment Corp. | 5,266 | 11,175 | |
| Nomura Real Estate | |||
| Holdings Inc. | 511,529 | 10,869 | |
| Tokyo Tatemono Co. Ltd. | 868,383 | 10,741 | |
| GLP J-Reit | 10,481 | 10,418 | |
| ^ | Japan Hotel REIT | ||
| Investment Corp. | 12,735 | 8,822 | |
| Activia Properties Inc. | 2,038 | 8,615 | |
| Frontier Real Estate | |||
| Investment Corp. | 2,011 | 8,127 | |
| Aeon Mall Co. Ltd. | 470,783 | 7,860 | |
| Kenedix Office Investment | |||
| Corp. | 1,639 | 7,477 | |
| Mori Trust Sogo Reit Inc. | 4,117 | 7,270 | |
| Nippon Accommodations | |||
| Fund Inc. | 1,966 | 6,752 | |
| ^ | Daiwa Office Investment | ||
| Corp. | 1,314 | 6,670 | |
| Japan Logistics Fund Inc. | 3,559 | 6,606 | |
| Invincible Investment Corp. | 11,125 | 6,589 | |
| Industrial & Infrastructure | |||
| Fund Investment Corp. | 1,432 | 6,473 | |
| Mori Hills REIT | |||
| Investment Corp. | 4,965 | 6,136 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| * | Leopalace21 Corp. | 1,071,850 | 5,690 |
| Japan Excellent Inc. | 5,126 | 5,609 | |
| Daiwa House Residential | |||
| Investment Corp. | 2,711 | 5,466 | |
| Daiwa House REIT | |||
| Investment Corp. | 1,256 | 5,030 | |
| Fukuoka REIT Corp. | 2,800 | 4,544 | |
| Tokyu REIT Inc. | 3,753 | 4,534 | |
| Japan Rental Housing | |||
| Investments Inc. | 6,643 | 4,435 | |
| Premier Investment Corp. | 4,530 | 4,423 | |
| NTT Urban Development | |||
| Corp. | 436,800 | 4,323 | |
| AEON REIT Investment | |||
| Corp. | 3,445 | 4,091 | |
| ^ | Ichigo Office REIT | ||
| Investment | 5,757 | 3,967 | |
| ^ | NIPPON REIT Investment | ||
| Corp. | 1,601 | 3,762 | |
| ^ | Hulic Reit Inc. | 2,831 | 3,704 |
| Sekisui House SI | |||
| Residential Investment | |||
| Corp. | 4,070 | 3,685 | |
| ^ | Kenedix Residential | ||
| Investment Corp. | 1,408 | 3,586 | |
| Comforia Residential REIT | |||
| Inc. | 1,762 | 3,358 | |
| ^ | Sekisui House Reit Inc. | 3,046 | 3,132 |
| MCUBS MidCity | |||
| Investment Corp. | 1,084 | 3,091 | |
| Kenedix Retail REIT Corp. | 1,429 | 2,787 | |
| Top REIT Inc. | 712 | 2,663 | |
| TOC Co. Ltd. | 358,229 | 2,617 | |
| Heiwa Real Estate REIT | |||
| Inc. | 3,427 | 2,537 | |
| Hankyu Reit Inc. | 2,370 | 2,517 | |
| Global One Real Estate | |||
| Investment Corp. | 749 | 2,453 | |
| ^ | Unizo Holdings Co. Ltd. | 57,300 | 2,425 |
| ^ | Hoshino Resorts REIT Inc. | 200 | 2,136 |
| Daikyo Inc. | 1,197,050 | 2,063 | |
| Daibiru Corp. | 228,057 | 1,936 | |
| Takara Leben Co. Ltd. | 353,552 | 1,830 | |
| Heiwa Real Estate Co. Ltd. | 140,532 | 1,689 | |
| Invesco Office J-Reit Inc. | 2,121 | 1,683 | |
| Goldcrest Co. Ltd. | 69,840 | 1,304 | |
| SIA Reit Inc. | 308 | 1,147 | |
| Keihanshin Building Co. | |||
| Ltd. | 182,000 | 1,001 | |
| ^ | Starts Proceed | ||
| Investment Corp. | 610 | 839 | |
| ^ | Shinoken Group Co. Ltd. | 50,000 | 733 |
| *,^ | SAMTY Co. Ltd. | 61,400 | 619 |
| *,^ | Japan Property | ||
| Management Center Co. | |||
| Ltd. | 52,300 | 526 |
19
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| * | Nippon Commercial | ||
| Development Co. Ltd. | 30,100 | 491 | |
| Airport Facilities Co. Ltd. | 103,500 | 468 | |
| * | Samty Residential | ||
| Investment Corp. | 656 | 468 | |
| * | Japan Senior Living | ||
| Investment Corp. | 360 | 458 | |
| Tokyo Theatres Co. Inc. | 354,017 | 392 | |
| 814,124 | |||
| Malaysia (0.7%) | |||
| IOI Properties Group Bhd. | 7,086,516 | 3,326 | |
| KLCCP Stapled Group | 1,375,870 | 2,246 | |
| Sunway Bhd. | 2,767,285 | 1,991 | |
| SP Setia Bhd Group | 2,544,160 | 1,949 | |
| IGB REIT | 5,375,800 | 1,690 | |
| Sunway REIT | 4,526,734 | 1,611 | |
| UEM Sunrise Bhd. | 5,516,565 | 1,600 | |
| Mah Sing Group Bhd. | 4,987,725 | 1,531 | |
| * | Eco World Development | ||
| Group Bhd. | 4,460,400 | 1,419 | |
| * | Eastern & Oriental Bhd. | 3,485,156 | 1,284 |
| Pavilion REIT | 3,448,000 | 1,210 | |
| Capitaland Malaysia Mall | |||
| Trust | 3,442,500 | 1,106 | |
| UOA Development Bhd. | 2,078,100 | 1,018 | |
| Axis REIT | 2,571,600 | 995 | |
| Matrix Concepts Holdings | |||
| Bhd. | 1,520,383 | 856 | |
| IGB Corp. Bhd. | 1,268,100 | 723 | |
| KSL Holdings Bhd. | 1,688,800 | 617 | |
| * | YNH Property Bhd. | 1,315,403 | 573 |
| * | Tropicana Corp. Bhd. | 1,710,146 | 383 |
| Land & General Bhd. | 3,342,800 | 326 | |
| Tambun Indah Land Bhd. | 614,800 | 201 | |
| * | Eco World Development | ||
| Group Bhd Warrants 2 | |||
| Exp. 03/26/2022 | 450,320 | 44 | |
| * | Eastern & Oriental Bhd | ||
| Warrants Exp. | |||
| 07/21/2019 | 438,840 | 22 | |
| * | Matrix Concepts Holdings | ||
| Bhd. Warrants | 133,683 | 13 | |
| * | Mah Sing Group Warrants | ||
| Exp. 01/15/2026 | 264,345 | 9 | |
| * | Mah Sing Group Bhd. | ||
| Warrants Exp. 03/18/2018 | 156,256 | 7 | |
| 26,750 | |||
| Mexico (1.5%) | |||
| Fibra Uno Administracion | |||
| SA de CV | 10,320,612 | 22,668 | |
| Concentradora Fibra | |||
| Danhos SA de CV | 3,112,415 | 7,287 | |
| * | Grupo GICSA SA de CV | 5,062,500 | 4,934 |
| Mexico Real Estate | |||
| Management SA de CV | 3,284,686 | 4,560 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| PLA Administradora | |||
| Industrial S de RL de CV | 2,448,712 | 4,519 | |
| Corp Inmobiliaria Vesta | |||
| SAB de CV | 2,072,500 | 3,403 | |
| Prologis Property Mexico | |||
| SA de CV | 1,189,200 | 1,978 | |
| Concentradora Fibra | |||
| Hotelera Mexicana SA | |||
| de CV | 1,983,187 | 1,940 | |
| Fibra Shop Portafolios | |||
| Inmobiliarios SAPI de CV | 1,589,418 | 1,627 | |
| Asesor de Activos Prisma | |||
| SAPI de CV | 1,520,700 | 1,196 | |
| 54,112 | |||
| Netherlands (0.7%) | |||
| Wereldhave NV | 163,088 | 10,164 | |
| Eurocommercial | |||
| Properties NV | 193,105 | 9,207 | |
| Vastned Retail NV | 78,146 | 3,792 | |
| NSI NV | 557,477 | 2,427 | |
| * | Brack Capital Properties NV | 1,474 | 91 |
| 25,681 | |||
| New Zealand (0.5%) | |||
| Kiwi Property Group Ltd. | 5,256,238 | 4,835 | |
| Goodman Property Trust | 4,169,606 | 3,399 | |
| Precinct Properties New | |||
| Zealand Ltd. | 4,026,266 | 3,323 | |
| Argosy Property Ltd. | 3,189,091 | 2,427 | |
| Stride Property Ltd. | 1,444,704 | 2,043 | |
| Property for Industry Ltd. | 1,689,525 | 1,761 | |
| Vital Healthcare Property | |||
| Trust | 1,222,922 | 1,456 | |
| 19,244 | |||
| Norway (0.2%) | |||
| 1 | Entra ASA | 320,712 | 2,725 |
| Olav Thon | |||
| Eiendomsselskap ASA | 121,360 | 2,028 | |
| * | Norwegian Property ASA | 922,392 | 997 |
| Selvaag Bolig ASA | 181,004 | 513 | |
| 6,263 | |||
| Philippines (1.5%) | |||
| SM Prime Holdings Inc. | 47,271,165 | 21,718 | |
| Ayala Land Inc. | 23,810,100 | 18,171 | |
| Megaworld Corp. | 52,930,000 | 5,282 | |
| Robinsons Land Corp. | 6,391,450 | 4,172 | |
| Vista Land & Lifescapes | |||
| Inc. | 14,074,400 | 1,668 | |
| Filinvest Land Inc. | 40,541,000 | 1,503 | |
| Belle Corp. | 17,150,800 | 1,265 | |
| 8990 Holdings Inc. | 8,177,000 | 1,133 | |
| DoubleDragon Properties | |||
| Corp. | 2,343,000 | 1,033 | |
| * | Starmalls Inc. | 1,359,300 | 237 |
| 56,182 | |||
20
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Poland (0.1%) | |||
| *,^ | Globe Trade Centre SA | 858,257 | 1,492 |
| * | Echo Investment SA | 448,494 | 760 |
| 2,252 | |||
| Qatar (0.2%) | |||
| Barwa Real Estate Co. | 396,693 | 4,893 | |
| United Development Co. | |||
| QSC | 369,559 | 2,494 | |
| Mazaya Qatar Real Estate | |||
| Development QSC | 100,712 | 450 | |
| 7,837 | |||
| Russia (0.1%) | |||
| LSR Group PJSC GDR | 765,010 | 1,716 | |
| Etalon Group Ltd. GDR | 411,071 | 793 | |
| 2,509 | |||
| Singapore (5.7%) | |||
| CapitaLand Ltd. | 10,199,138 | 22,437 | |
| Global Logistic | |||
| Properties Ltd. | 12,543,431 | 19,970 | |
| CapitaLand Mall Trust | 10,524,134 | 14,863 | |
| Ascendas REIT | 8,289,921 | 14,095 | |
| UOL Group Ltd. | 2,612,478 | 12,221 | |
| Suntec REIT | 10,189,027 | 11,991 | |
| City Developments Ltd. | 1,926,990 | 10,901 | |
| CapitaLand Commercial | |||
| Trust Ltd. | 8,142,882 | 8,171 | |
| Fortune REIT | 5,433,861 | 5,653 | |
| Mapletree Commercial | |||
| Trust | 5,393,805 | 5,258 | |
| Mapletree Industrial | |||
| Trust | 4,769,334 | 5,189 | |
| Mapletree Greater China | |||
| Commercial Trust | 7,271,660 | 5,160 | |
| Keppel REIT | 7,032,415 | 4,835 | |
| Mapletree Logistics Trust | 5,979,829 | 4,351 | |
| ^ | Frasers Centrepoint Trust | 2,370,641 | 3,306 |
| Starhill Global REIT | 5,719,368 | 3,300 | |
| ^ | Ascott Residence Trust | 3,374,355 | 2,912 |
| CapitaLand Retail China | |||
| Trust | 2,634,186 | 2,855 | |
| ^ | Keppel DC REIT | 3,625,100 | 2,690 |
| CDL Hospitality Trusts | 2,768,102 | 2,675 | |
| Parkway Life REIT | 1,600,755 | 2,637 | |
| Frasers Commercial Trust | 2,353,767 | 2,300 | |
| Wing Tai Holdings Ltd. | 1,757,410 | 2,187 | |
| ^ | Cache Logistics Trust | 3,017,305 | 2,160 |
| AIMS AMP Capital | |||
| Industrial REIT | 2,136,676 | 2,125 | |
| ^ | SPH REIT | 3,081,300 | 2,064 |
| First REIT | 2,330,754 | 2,061 | |
| Ascendas India Trust | 2,948,266 | 1,841 | |
| Cambridge Industrial | |||
| Trust | 4,192,009 | 1,824 | |
| Lippo Malls Indonesia | |||
| Retail Trust | 7,720,806 | 1,760 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| ^ | United Industrial Corp. | ||
| Ltd. | 792,188 | 1,742 | |
| OUE Hospitality Trust | 2,943,200 | 1,709 | |
| Frasers Centrepoint Ltd. | 1,431,500 | 1,664 | |
| Ascendas Hospitality | |||
| Trust | 3,403,800 | 1,651 | |
| ^ | Far East Hospitality Trust | 3,386,480 | 1,619 |
| Yanlord Land Group Ltd. | 2,136,504 | 1,588 | |
| Soilbuild Business Space | |||
| REIT | 2,689,500 | 1,533 | |
| Sabana Shari’ah | |||
| Compliant Industrial | |||
| REIT | 2,779,636 | 1,507 | |
| ^ | Sinarmas Land Ltd. | 4,231,000 | 1,442 |
| GuocoLand Ltd. | 1,073,977 | 1,426 | |
| *,^ | Yoma Strategic Holdings | ||
| Ltd. | 4,384,218 | 1,337 | |
| ^ | Frasers Hospitality Trust | 2,390,100 | 1,323 |
| Ho Bee Land Ltd. | 938,603 | 1,316 | |
| *,^ | Perennial Real Estate | ||
| Holdings Ltd. | 1,861,877 | 1,315 | |
| Wheelock Properties | |||
| Singapore Ltd. | 1,149,969 | 1,250 | |
| ^ | Croesus Retail Trust | 2,041,500 | 1,215 |
| ^ | OUE Commercial REIT | 1,916,900 | 935 |
| * | Ying Li International Real | ||
| Estate Ltd. | 4,365,000 | 570 | |
| Oxley Holdings Ltd. | 1,764,800 | 528 | |
| Fragrance Group Ltd. | 2,158,550 | 295 | |
| SingHaiyi Group Ltd. | 1,915,200 | 139 | |
| 209,896 | |||
| South Africa (2.0%) | |||
| Growthpoint Properties | |||
| Ltd. | 8,926,873 | 16,352 | |
| Redefine Properties Ltd. | 17,561,698 | 14,642 | |
| Resilient Property | |||
| Income Fund Ltd. | 1,381,165 | 12,132 | |
| Hyprop Investments Ltd. | 866,502 | 7,850 | |
| Capital Property Fund Ltd. | 6,322,161 | 7,360 | |
| * | Attacq Ltd. | 2,885,419 | 4,553 |
| Vukile Property Fund Ltd. | 2,115,850 | 2,931 | |
| Emira Property Fund Ltd. | 1,939,792 | 2,578 | |
| SA Corporate Real Estate | |||
| Fund Nominees Pty Ltd. | 6,231,153 | 2,344 | |
| Octodec Investments Ltd. | 744,593 | 1,371 | |
| Delta Property Fund Ltd. | 1,964,982 | 1,189 | |
| Rebosis Property Fund | |||
| Ltd. | 1,379,988 | 1,175 | |
| * | Hospitality Property Fund | ||
| Ltd. Class A | 533,962 | 471 | |
| 74,948 | |||
| South Korea (0.0%) | |||
| *,^ | SK D&D Co. Ltd. | 9,932 | 568 |
| * | Dongwon Development | ||
| Co. Ltd. | 13,262 | 495 | |
| 1,063 | |||
21
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Spain (0.9%) | |||
| Merlin Properties Socimi | |||
| SA | 1,242,886 | 15,924 | |
| * | Inmobiliaria Colonial SA | 8,028,943 | 5,947 |
| * | Hispania Activos | ||
| Inmobiliarios SA | 333,501 | 5,013 | |
| Axiare Patrimonio SOCIMI | |||
| SA | 243,088 | 3,474 | |
| Lar Espana Real Estate | |||
| Socimi SA | 238,728 | 2,519 | |
| * | Realia Business SA | 431,388 | 340 |
| 33,217 | |||
| Sweden (1.9%) | |||
| Castellum AB | 696,616 | 10,415 | |
| Fabege AB | 569,318 | 9,036 | |
| * | Wallenstam AB | 890,636 | 7,877 |
| Hufvudstaden AB Class A | 483,798 | 6,835 | |
| * | Fastighets AB Balder | 293,533 | 5,909 |
| Hemfosa Fastigheter AB | 540,935 | 5,842 | |
| Wihlborgs Fastigheter AB | 283,961 | 5,538 | |
| Kungsleden AB | 640,802 | 4,791 | |
| Atrium Ljungberg AB | 206,197 | 3,197 | |
| Sagax AB Class B | 288,866 | 2,315 | |
| Klovern AB B Shares | 1,846,125 | 1,911 | |
| Dios Fastigheter AB | 198,527 | 1,456 | |
| * | D Carnegie & Co. AB | 155,060 | 1,055 |
| * | Victoria Park AB | 469,902 | 770 |
| Tribona AB | 129,122 | 645 | |
| Platzer Fastigheter | |||
| Holding AB Class B | 138,112 | 597 | |
| * | FastPartner AB | 29,830 | 450 |
| * | NP3 Fastigheter AB | 58,987 | 287 |
| Corem Property Group | |||
| AB Class B | 75,705 | 231 | |
| 69,157 | |||
| Switzerland (1.5%) | |||
| Swiss Prime Site AG | 282,896 | 21,612 | |
| PSP Swiss Property AG | 163,457 | 14,215 | |
| Allreal Holding AG | 59,665 | 7,907 | |
| Mobimo Holding AG | 24,981 | 5,390 | |
| * | Intershop Holding AG | 6,304 | 2,675 |
| Zug Estates Holding AG | |||
| Class B | 1,046 | 1,506 | |
| Hiag Immobilien AG | 11,050 | 1,003 | |
| 54,308 | |||
| Taiwan (0.8%) | |||
| Ruentex Development | |||
| Co. Ltd. | 4,145,579 | 5,019 | |
| Highwealth Construction | |||
| Corp. | 3,223,149 | 4,736 | |
| Cathay No 1 REIT | 4,695,310 | 2,471 | |
| Huaku Development Co. | |||
| Ltd. | 988,554 | 1,868 | |
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Prince Housing & | |||
| Development Corp. | 5,035,478 | 1,560 | |
| Farglory Land | |||
| Development Co. Ltd. | 1,199,631 | 1,379 | |
| Cathay Real Estate | |||
| Development Co. Ltd. | 2,785,000 | 1,203 | |
| * | Cathay No 2 REIT | 2,415,000 | 1,147 |
| Chong Hong Construction | |||
| Co. Ltd. | 788,497 | 1,113 | |
| Radium Life Tech Co. Ltd. | 2,805,947 | 1,079 | |
| Hung Sheng Construction | |||
| Ltd. | 2,071,000 | 998 | |
| Taiwan Land | |||
| Development Corp. | 2,748,257 | 905 | |
| KEE TAI Properties Co. | |||
| Ltd. | 1,631,869 | 856 | |
| Kindom Construction | |||
| Corp. | 1,366,000 | 764 | |
| Kuoyang Construction Co. | |||
| Ltd. | 2,150,665 | 746 | |
| Pacific Construction Co. | 1,254,000 | 630 | |
| Hung Poo Real Estate | |||
| Development Corp. | 939,194 | 627 | |
| * | Shining Building Business | ||
| Co. Ltd. | 1,642,971 | 586 | |
| Huang Hsiang | |||
| Construction Corp. | 579,000 | 469 | |
| Advancetek Enterprise | |||
| Co. Ltd. | 599,000 | 341 | |
| Yea Shin International | |||
| Development Co. Ltd. | 714,392 | 331 | |
| King’s Town Construction | |||
| Co. Ltd. | 453,239 | 259 | |
| Yungshin Construction & | |||
| Development Co. Ltd. | 178,800 | 164 | |
| 29,251 | |||
| Thailand (1.0%) | |||
| * | Central Pattana PCL | 5,501,900 | 7,109 |
| * | Land & Houses PCL | 13,494,900 | 3,236 |
| ^ | CPN Retail Growth | ||
| Leasehold Property | |||
| Fund | 6,477,610 | 3,186 | |
| Tesco Lotus Retail | |||
| Growth Freehold & | |||
| Leasehold Property | |||
| Fund | 7,199,472 | 2,671 | |
| * | Pruksa Real Estate PCL | 2,846,900 | 2,237 |
| Samui Airport Property | |||
| Fund Leasehold | 2,899,300 | 1,622 | |
| * | Bangkok Land PCL | 34,390,300 | 1,515 |
| WHA Corp. PCL | |||
| (Foreign) | 16,227,630 | 1,464 | |
| * | Supalai PCL | 2,560,305 | 1,358 |
| * | Quality Houses PCL | 17,839,900 | 1,281 |
| * | LPN Development PCL | 2,447,500 | 1,228 |
22
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| * | IMPACT Growth REIT | 3,012,900 | 974 |
| * | MBK PCL | 2,465,620 | 970 |
| * | Amata Corp. PCL | 2,455,000 | 944 |
| Singha Estate PCL | 4,355,700 | 886 | |
| * | United Power of Asia | ||
| PCL | 13,837,900 | 586 | |
| Sansiri PCL | 11,844,200 | 568 | |
| * | Siam Future | ||
| Development PCL | 3,330,267 | 551 | |
| ^ | TICON Industrial | ||
| Connection PCL | 1,609,280 | 542 | |
| * | Platinum Group PCL | 3,319,400 | 475 |
| Univentures PCL | |||
| (Foreign) | 1,577,100 | 314 | |
| * | Property Perfect PCL | 12,008,800 | 310 |
| * | AP Thailand PCL | 1,791,350 | 301 |
| WHA Corp. PCL | 3,250,240 | 293 | |
| Rojana Industrial Park | |||
| PCL NVDR | 1,541,382 | 277 | |
| * | Sansiri PCL (Local) | 5,418,200 | 260 |
| Asian Property | |||
| Development PCL | |||
| (Foreign) | 1,513,270 | 255 | |
| * | SC Asset Corp. PCL | 3,071,925 | 248 |
| * | Univentures PCL | 1,067,500 | 212 |
| SC Asset Corp. PCL | |||
| (Foreign) | 2,526,712 | 204 | |
| ^ | TICON Industrial | ||
| Connection PCL | |||
| (Foreign) | 578,993 | 195 | |
| Sansiri PCL (Foreign) | 4,060,798 | 195 | |
| Bangkok Land PCL | |||
| (Foreign) | 4,269,495 | 188 | |
| * | Rojana Industrial Park | ||
| PCL | 775,812 | 139 | |
| Land & Houses PCL | |||
| (Foreign) | 481,300 | 115 | |
| Rojana Industrial Park | |||
| PCL (Foreign) | 481,328 | 87 | |
| Property Perfect PCL | |||
| (Foreign) | 2,742,000 | 71 | |
| * | SC Asset Corp. PCL | ||
| NVDR | 831,300 | 67 | |
| * | WHA Corp. PCL Warrants | ||
| Exp. 12/31/2019 | 108,341 | 37 | |
| * | WHA Corp. PCL Warrants | 1,509,438 | 21 |
| * | Sansiri PLC Warrants Exp. | ||
| 07/29/2017 | 6,096,366 | — | |
| * | Raimon Land PCL | ||
| Warrants | 1,271,475 | — | |
| * | Thai Factory | ||
| Development PCL | |||
| Warrants Exp. | |||
| 11/26/2017 | 204,800 | — | |
| 37,192 | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Turkey (0.3%) | |||
| Emlak Konut Gayrimenkul | |||
| Yatirim Ortakligi AS | 7,888,671 | 7,655 | |
| Is Gayrimenkul Yatirim | |||
| Ortakligi AS | 1,582,253 | 814 | |
| Torunlar Gayrimenkul | |||
| Yatirim Ortakligi AS | 336,025 | 381 | |
| Saf Gayrimenkul Yatirim | |||
| Ortakligi AS | 1,154,444 | 364 | |
| 9,214 | |||
| United Arab Emirates (1.3%) | |||
| Emaar Properties PJSC | 14,314,178 | 24,895 | |
| Aldar Properties PJSC | 12,832,197 | 7,957 | |
| * | Emaar Malls Group PJSC | 7,964,991 | 6,785 |
| DAMAC Properties Dubai | |||
| Co. PJSC | 6,955,669 | 5,620 | |
| * | Deyaar Development | ||
| PJSC | 5,535,542 | 893 | |
| * | Eshraq Properties Co. | ||
| PJSC | 4,734,595 | 798 | |
| RAK Properties PJSC | 4,611,175 | 727 | |
| 47,675 | |||
| United Kingdom (10.2%) | |||
| Land Securities Group plc | 3,253,952 | 67,068 | |
| British Land Co. plc | 4,144,760 | 55,536 | |
| Hammerson plc | 3,176,847 | 31,125 | |
| Derwent London plc | 448,885 | 26,811 | |
| Segro plc | 3,005,678 | 20,800 | |
| Capital & Counties | |||
| Properties plc | 3,010,865 | 20,588 | |
| Great Portland Estates | |||
| plc | 1,393,102 | 19,082 | |
| ^ | Intu Properties plc | 3,308,943 | 17,609 |
| Shaftesbury plc | 1,125,472 | 16,300 | |
| UNITE Group plc | 898,651 | 9,196 | |
| F&C Commercial Property | |||
| Trust Ltd. | 3,341,086 | 7,339 | |
| Big Yellow Group plc | 608,862 | 7,027 | |
| Workspace Group plc | 476,226 | 7,019 | |
| LondonMetric Property | |||
| plc | 2,544,023 | 6,622 | |
| Grainger plc | 1,686,595 | 6,463 | |
| ^ | Hansteen Holdings plc | 2,863,037 | 5,469 |
| Assura plc | 6,277,610 | 5,440 | |
| Tritax Big Box REIT plc | 2,721,408 | 5,398 | |
| ST Modwen Properties plc | 765,515 | 5,183 | |
| Safestore Holdings plc | 852,693 | 4,270 | |
| Redefine International | |||
| PLC | 4,265,118 | 3,639 | |
| Daejan Holdings plc | 36,433 | 3,564 | |
| UK Commercial Property | |||
| Trust Ltd. | 2,471,473 | 3,328 | |
| ^ | Primary Health Properties | ||
| plc | 460,718 | 3,063 | |
23
| Global ex-U.S. Real Estate Index Fund | |||
| Market | |||
| Value• | |||
| Shares | ($000) | ||
| Helical Bar plc | 442,507 | 3,011 | |
| Picton Property Income | |||
| Ltd. | 2,222,746 | 2,423 | |
| Empiric Student Property | |||
| plc | 1,410,772 | 2,380 | |
| Schroder REIT Ltd. | 2,121,361 | 1,945 | |
| * | CLS Holdings plc | 69,931 | 1,940 |
| Development Securities | |||
| plc | 505,575 | 1,857 | |
| Urban & Civic plc | 429,079 | 1,813 | |
| McKay Securities plc | 394,978 | 1,601 | |
| *,^ | Raven Russia Ltd. | 1,939,954 | 1,286 |
| 376,195 | |||
| Total Common Stocks | |||
| (Cost $3,879,802) | 3,685,991 | ||
| Temporary Cash Investments (3.3%) | |||
| Money Market Fund (3.2%) | |||
| 2,3 | Vanguard Market | ||
| Liquidity Fund, | |||
| 0.207% | 118,663,949 | 118,664 | |
| Face | |||
| Amount | |||
| ($000) | |||
| U.S. Government and Agency Obligations (0.1%) | |||
| 4 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.150%, 11/13/15 | 200 | 200 | |
| 4 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.145%, 12/11/15 | 500 | 500 | |
| 4 | Federal Home Loan | ||
| Bank Discount Notes, | |||
| 0.140%, 12/28/15 | 1,000 | 1,000 | |
| 1,700 | |||
| Total Temporary Cash Investments | |||
| (Cost $120,364) | 120,364 | ||
| Total Investments (103.3%) | |||
| (Cost $4,000,166) | 3,806,355 | ||
| Amount | |
| ($000) | |
| Other Assets and Liabilities (-3.3%) | |
| Other Assets | |
| Investment in Vanguard | 326 |
| Receivables for Investment Securities Sold 1,017 | |
| Receivables for Accrued Income | 10,549 |
| Receivables for Capital Shares Issued | 93 |
| Other Assets | 1,277 |
| Total Other Assets | 13,262 |
| Liabilities | |
| Payables for Investment Securities | |
| Purchased | (186) |
| Collateral for Securities on Loan | (118,664) |
| Payables for Capital Shares Redeemed | (72) |
| Payables to Vanguard | (997) |
| Other Liabilities | (14,670) |
| Total Liabilities | (134,589) |
| Net Assets (100%) | 3,685,028 |
| At October 31, 2015, net assets consisted of: | |
| Amount | |
| ($000) | |
| Paid-in Capital | 3,906,999 |
| Undistributed Net Investment Income | 14,970 |
| Accumulated Net Realized Losses | (43,043) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | (193,811) |
| Foreign Currencies | (87) |
| Net Assets | 3,685,028 |
24
| Global ex-U.S. Real Estate Index Fund | |
| Amount | |
| ($000) | |
| Investor Shares—Net Assets | |
| Applicable to 2,708,002 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 58,061 |
| Net Asset Value Per Share— | |
| Investor Shares | $21.44 |
| ETF Shares—Net Assets | |
| Applicable to 58,065,412 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 3,110,977 |
| Net Asset Value Per Share— | |
| ETF Shares | $53.58 |
| Amount | |
| ($000) | |
| Admiral Shares—Net Assets | |
| Applicable to 10,743,341 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 348,874 |
| Net Asset Value Per Share— | |
| Admiral Shares | $32.47 |
| Institutional Shares—Net Assets | |
| Applicable to 1,544,986 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 167,116 |
| Net Asset Value Per Share— | |
| Institutional Shares | $108.17 |
• 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 $110,431,000.
1 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 $30,367,000, representing 0.8% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Includes $118,664,000 of collateral received for securities on loan.
4 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
25
| Global ex-U.S. Real Estate Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1,2 | 109,240 |
| Interest2 | 17 |
| Securities Lending | 2,287 |
| Total Income | 111,544 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 645 |
| Management and Administrative—Investor Shares | 164 |
| Management and Administrative—ETF Shares | 3,258 |
| Management and Administrative—Admiral Shares | 404 |
| Management and Administrative—Institutional Shares | 199 |
| Marketing and Distribution—Investor Shares | 17 |
| Marketing and Distribution—ETF Shares | 355 |
| Marketing and Distribution—Admiral Shares | 42 |
| Marketing and Distribution—Institutional Shares | 26 |
| Custodian Fees | 759 |
| Auditing Fees | 39 |
| Shareholders’ Reports—Investor Shares | 3 |
| Shareholders’ Reports—ETF Shares | 137 |
| Shareholders’ Reports—Admiral Shares | 2 |
| Shareholders’ Reports—Institutional Shares | — |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 6,052 |
| Net Investment Income | 105,492 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 16,708 |
| Futures Contracts | 1,143 |
| Foreign Currencies | (2,136) |
| Realized Net Gain (Loss) | 15,715 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (229,927) |
| Foreign Currencies | 119 |
| Change in Unrealized Appreciation (Depreciation) | (229,808) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (108,601) |
1 Dividends are net of foreign withholding taxes of $7,730,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $218,000, $16,000, and $1,166,000, respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
26
| Global ex-U.S. Real Estate 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 | 105,492 | 83,723 |
| Realized Net Gain (Loss) | 15,715 | 38,982 |
| Change in Unrealized Appreciation (Depreciation) | (229,808) | (92,734) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (108,601) | 29,971 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (1,956) | (3,574) |
| ETF Shares | (91,740) | (64,730) |
| Admiral Shares | (11,597) | (8,282) |
| Institutional Shares | (7,070) | (5,016) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Total Distributions | (112,363) | (81,602) |
| Capital Share Transactions | ||
| Investor Shares | 10,627 | (101,960) |
| ETF Shares | 1,089,398 | 941,601 |
| Admiral Shares | 72,528 | 179,927 |
| Institutional Shares | 6,988 | 87,945 |
| Net Increase (Decrease) from Capital Share Transactions | 1,179,541 | 1,107,513 |
| Total Increase (Decrease) | 958,577 | 1,055,882 |
| Net Assets | ||
| Beginning of Period | 2,726,451 | 1,670,569 |
| End of Period1 | 3,685,028 | 2,726,451 |
| 1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $14,970,000 and $18,146,000. | ||
See accompanying Notes, which are an integral part of the Financial Statements.
27
| Global ex-U.S. Real Estate Index Fund | |||||
| Financial Highlights | |||||
| Investor Shares | |||||
| Nov. 1, | |||||
| 20101 to | |||||
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | |||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $22.63 | $23.06 | $21.04 | $18.14 | $20.00 |
| Investment Operations | |||||
| Net Investment Income | . 683 | . 944 | .685 2 | .7002 | .7442 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments 3 | (1.103) | (.443) | 2.321 | 2.995 | (2.430) |
| Total from Investment Operations | (.420) | .501 | 3.006 | 3.695 | (1.686) |
| Distributions | |||||
| Dividends from Net Investment Income | (.770) | (. 931) | (. 986) | (.795) | (.174) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.770) | (. 931) | (. 986) | (.795) | (.174) |
| Net Asset Value, End of Period | $21.44 | $22.63 | $23.06 | $21.04 | $18.14 |
| Total Return4 | -1.82% | 2.41% | 14.69% | 21.31% | -8.49% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $58 | $51 | $156 | $84 | $41 |
| Ratio of Total Expenses to Average Net Assets | 0.36% | 0.37% | 0.40% | 0.45% | 0.50%5 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.97% | 4.10% | 2.95% | 3.74% | 3.61%5 |
| Portfolio Turnover Rate 6 | 12% | 8% | 8% | 10% | 7% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.00, $.00, $.02, $.01, and $.02.
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.
28
| Global ex-U.S. Real Estate Index Fund | |||||
| Financial Highlights | |||||
| ETF Shares | |||||
| Nov. 1, | |||||
| 20101 to | |||||
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | |||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $56.54 | $57.64 | $52.60 | $45.39 | $49.97 |
| Investment Operations | |||||
| Net Investment Income | 1.802 | 2.437 | 1.7132 | 1.8202 | 1.8482 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments 3 | (2.747) | (1.120) | 5.869 | 7.460 | (5.981) |
| Total from Investment Operations | (.945) | 1.317 | 7.582 | 9.280 | (4.133) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.015) | (2.417) | (2.542) | (2.070) | (.447) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.015) | (2.417) | (2.542) | (2.070) | (.447) |
| Net Asset Value, End of Period | $53.58 | $56.54 | $57.64 | $52.60 | $45.39 |
| Total Return | -1.66% | 2.51% | 14.77% | 21.44% | -8.34% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,111 | $2,203 | $1,306 | $381 | $173 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | 0.24% | 0.27% | 0.32% | 0.35%4 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.15% | 4.23% | 3.08% | 3.87% | 3.76%4 |
| Portfolio Turnover Rate 5 | 12% | 8% | 8% | 10% | 7% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.00, $.00, $.02, $.03, and $.04.
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.
29
| Global ex-U.S. Real Estate Index Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| Feb. 10, | |||||
| 20111 to | |||||
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | |||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $34.27 | $34.92 | $31.87 | $27.51 | $29.89 |
| Investment Operations | |||||
| Net Investment Income | 1.090 | 1.466 | 1.0122 | 1.0932 | .7842 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments 3 | (1.673) | (.661) | 3.580 | 4.528 | (3.164) |
| Total from Investment Operations | (.583) | .805 | 4.592 | 5.621 | (2.380) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.217) | (1.455) | (1.542) | (1.261) | — |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.217) | (1.455) | (1.542) | (1.261) | — |
| Net Asset Value, End of Period | $32.47 | $34.27 | $34.92 | $31.87 | $27.51 |
| Total Return4 | -1.66% | 2.55% | 14.83% | 21.43% | -7.96% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $349 | $296 | $117 | $43 | $12 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | 0.24% | 0.27% | 0.32% | 0.35%5 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.15% | 4.23% | 3.08% | 3.87% | 3.76%5 |
| Portfolio Turnover Rate 6 | 12% | 8% | 8% | 10% | 7% |
Signal Shares were renamed Admiral Shares in October 2013. Prior periods’ Financial Highlights are for the Signal class.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from redemption fees of $.00, $.00, $.01, $.01, and $.02.
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.
30
| Global ex-U.S. Real Estate Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| Apr. 19, | |||||
| 20111 to | |||||
| For a Share Outstanding | Year Ended October 31, | Oct. 31, | |||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $114.14 | $116.37 | $106.19 | $91.68 | $102.01 |
| Investment Operations | |||||
| Net Investment Income | 3.657 | 4.954 | 3.4072 | 3.658 2 | 1.5222 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments 3 | (5.541) | (2.273) | 11.930 | 15.107 | (11.852) |
| Total from Investment Operations | (1.884) | 2.681 | 15.337 | 18.765 | (10.330) |
| Distributions | |||||
| Dividends from Net Investment Income | (4.086) | (4.911) | (5.157) | (4.255) | — |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (4.086) | (4.911) | (5.157) | (4.255) | — |
| Net Asset Value, End of Period | $108.17 | $114.14 | $116.37 | $106.19 | $91.68 |
| Total Return4 | -1.61% | 2.55% | 14.87% | 21.48% | -10.13% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $167 | $176 | $92 | $61 | $52 |
| Ratio of Total Expenses to Average Net Assets | 0.16% | 0.22% | 0.24% | 0.29% | 0.30%5 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 3.17% | 4.25% | 3.11% | 3.90% | 3.81%5 |
| Portfolio Turnover Rate 6 | 12% | 8% | 8% | 10% | 7% |
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.00, $.00, $.07, $.06, and $.01.
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.
31
Global ex-U.S. Real Estate Index Fund
Notes to Financial Statements
Vanguard Global ex-U.S. Real Estate 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 four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker. Admiral Shares and Institutional 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 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
32
Global ex-U.S. Real Estate Index Fund
futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and 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.
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 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
33
Global ex-U.S. Real Estate Index Fund
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. Fees assessed on capital share transactions are credited to paid-in capital.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 $326,000, representing 0.01% of the fund’s net assets and 0.13% 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).
34
Global ex-U.S. Real Estate Index Fund
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 | 142,693 | 3,541,199 | 2,099 |
| Temporary Cash Investments | 118,664 | 1,700 | — |
| Total | 261,357 | 3,542,899 | 2,099 |
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; such differences are primarily attributed to the tax treatment of unrealized appreciation on passive foreign investment companies. 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 $2,136,000, 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 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 $5,831,000, 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 $27,487,000.
During the year ended October 31, 2015, the fund realized $35,375,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $43,156,000 of ordinary income available for distribution. At October 31, 2015, the fund had available capital losses totaling $43,042,000 to offset future net capital gains. Of this amount, $1,948,000 is subject to expiration on October 31, 2019. Capital losses of $41,094,000 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 $4,027,653,000. Net unrealized depreciation of investment securities for tax purposes was $221,298,000, consisting of unrealized gains of $174,319,000 on securities that had risen in value since their purchase and $395,617,000 in unrealized losses on securities that had fallen in value since their purchase.
35
Global ex-U.S. Real Estate Index Fund
E. During the year ended October 31, 2015, the fund purchased $1,730,777,000 of investment securities and sold $553,729,000 of investment securities, other than temporary cash investments. Purchases and sales include $930,563,000 and $159,074,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. 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 | ||||
| Issued1 | 24,542 | 1,092 | 31,515 | 1,441 |
| Issued in Lieu of Cash Distributions | 1,827 | 85 | 3,300 | 155 |
| Redeemed 2 | (15,742) | (716) | (136,775) | (6,126) |
| Net Increase (Decrease)—Investor Shares | 10,627 | 461 | (101,960) | (4,530) |
| ETF Shares | ||||
| Issued1 | 1,249,356 | 22,106 | 1,118,382 | 19,503 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | (159,958) | (3,000) | (176,781) | (3,200) |
| Net Increase (Decrease)—ETF Shares | 1,089,398 | 19,106 | 941,601 | 16,303 |
| Admiral Shares | ||||
| Issued1 | 119,047 | 3,503 | 212,469 | 6,271 |
| Issued in Lieu of Cash Distributions | 9,915 | 306 | 7,203 | 218 |
| Redeemed 2 | (56,434) | (1,716) | (39,745) | (1,182) |
| Net Increase (Decrease) —Admiral Shares | 72,528 | 2,093 | 179,927 | 5,307 |
| Institutional Shares | ||||
| Issued1 | 64,020 | 552 | 138,447 | 1,216 |
| Issued in Lieu of Cash Distributions | 4,296 | 40 | 4,204 | 38 |
| Redeemed 2 | (61,328) | (592) | (54,706) | (497) |
| Net Increase (Decrease)—Institutional Shares | 6,988 | — | 87,945 | 757 |
1 Includes purchase fees for fiscal 2015 and 2014 of $611,000 and $666,000, respectively (fund totals).
2 Net of redemption fees for fiscal 2015 and 2014 of $296,000 and $274,000, respectively (fund totals).
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.
36
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard Global ex-U.S. Real Estate Index 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 Global ex-U.S. Real Estate Index Fund (constituting a separate portfolio of Vanguard International Equity Index 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 15, 2015
| Special 2015 tax information (unaudited) for Vanguard Global ex-U.S. Real Estate 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 $24,358,000 of qualified dividend income to shareholders during the fiscal year. |
| The fund designates to shareholders foreign source income of $101,563,000 and foreign taxes paid of |
| $7,536,000. 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. |
37
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: Global ex-U.S. Real Estate Index Fund Investor Shares
Periods Ended October 31, 2015
| Since | ||
| One | Inception | |
| Year | (11/1/2010) | |
| Returns Before Taxes | -2.30% | 4.97% |
| Returns After Taxes on Distributions | -3.64 | 3.72 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -1.15 | 3.42 |
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions.
38
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.
39
| Six Months Ended October 31, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| Global ex-U.S. Real Estate Index Fund | 4/30/2015 | 10/31/2015 | Period |
| Based on Actual Fund Return | |||
| Investor Shares | $1,000.00 | $915.51 | $1.74 |
| ETF Shares | 1,000.00 | 916.58 | 0.77 |
| Admiral Shares | 1,000.00 | 916.71 | 0.58 |
| Institutional Shares | 1,000.00 | 916.70 | 0.68 |
| Based on Hypothetical 5% Yearly Return | |||
| Investor Shares | $1,000.00 | $1,023.39 | $1.84 |
| ETF Shares | 1,000.00 | 1,024.40 | 0.82 |
| Admiral Shares | 1,000.00 | 1,024.60 | 0.61 |
| Institutional Shares | 1,000.00 | 1,024.50 | 0.71 |
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 0.36% for Investor Shares, 0.16% for ETF Shares, 0.12% for Admiral Shares, and 0.14% for Institutional 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).
40
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. This yield may include some payments that represent a return of capital, capital gains distributions, or both by the underlying stocks.
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.
41
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.
42
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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 | ||
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
| 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 | The index is a product of S&P Dow Jones Indices LLC |
| Direct Investor Account Services > 800-662-2739 | (“SPDJI”), and has been licensed for use by Vanguard. |
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| and S&P 500® are trademarks of S&P; and these | |
| This material may be used in conjunction | trademarks have been licensed for use by SPDJI and |
| with the offering of shares of any Vanguard | sublicensed for certain purposes by Vanguard. |
| fund only if preceded or accompanied by | Vanguard product(s) are not sponsored, endorsed, sold |
| or promoted by SPDJI, Dow Jones, S&P, or their | |
| the fund’s current prospectus. | respective affiliates and none of such parties make any |
| All comparative mutual fund data are from Lipper, a | representation regarding the advisability of investing in |
| Thomson Reuters Company, or Morningstar, Inc., unless | such product(s) nor do they have any liability for any |
| otherwise noted. | errors, omissions, or interruptions of the index. |
| 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. | |
| Q7380 122015 | |
Annual Report | October 31, 2015
Vanguard Emerging Markets 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. | 35 |
| About Your Fund’s Expenses. | 36 |
| Glossary. | 38 |
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 Emerging Markets Stock Index Fund | |
| Investor Shares | -15.74% |
| FTSE Emerging Markets ETF Shares | |
| Market Price | -15.79 |
| Net Asset Value | -15.59 |
| Admiral™ Shares | -15.60 |
| Institutional Shares | -15.57 |
| Institutional Plus Shares | -15.55 |
| FTSE Emerging Index | -15.20 |
| Emerging Markets Funds Average | -14.77 |
| Emerging Markets 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 NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca 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 Emerging Markets Stock Index Fund | ||||
| Investor Shares | $27.02 | $22.16 | $0.637 | $0.000 |
| FTSE Emerging Markets ETF Shares | 42.66 | 34.98 | 1.081 | 0.000 |
| Admiral Shares | 35.49 | 29.10 | 0.899 | 0.000 |
| Institutional Shares | 26.99 | 22.13 | 0.691 | 0.000 |
| Institutional Plus Shares | 89.77 | 73.61 | 2.315 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
A summer swoon for stocks globally helped knock emerging markets into negative territory for the 12 months ended October 31, 2015.
In this environment, Vanguard Emerging Markets Stock Index Fund returned –15.74% for Investor Shares. The fund’s result was in line with that of its benchmark for the period, the FTSE Emerging Index. Peer funds, on average, returned –14.77%.
From the standpoint of U.S.based investors, currency had a generally negative effect on the returns of emerging markets stocks, reflecting the dollar’s relative strength against many other currencies.
If you own the fund in a taxable account, you may wish to review the section on aftertax returns that appears later in this report.
The first phase of your fund’s benchmark transition is complete
Before further discussing the markets and your fund’s performance, I’ll update you on important changes to your fund that will further broaden its diversification. You may recall that I first wrote about these changes at the end of the semiannual reporting period.
The fund is transitioning to a new benchmark index, which will expand its reach to smallcapitalization stocks in addition to the large and midcap stocks it already
2
invests in. It will also add exposure to China Ashares—shares of companies based in mainland China that trade on the Shanghai and Shenzhen stock exchanges.
At the beginning of November, we completed the first phase of the twophase benchmark transition as your fund switched from tracking the FTSE Emerging Index to the FTSE Emerging Markets All Cap China A Transition Index. We’ll complete the second phase of the transition over a period of about a year, at which time the fund will track the FTSE Emerging Markets All Cap China A Inclusion Index. By proceeding with the transition gradually, we can reduce the costs associated with trading large amounts of securities in a short period.
FTSE will supply monthly updates of the transition index’s composition at ftse.com/vanguard.
Global stock markets struggled, and some failed to advance
After a bumpy ride, the broad U.S. stock market returned more than 4% for the fiscal year. 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 Federal Reserve kept shortterm interest rates at historical lows. Corporate earnings, although lower
| 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
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 localmarket returns. Solid gains in the developed markets of the Pacific region and Europe were essentially flat when translated into dollars.
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 safehaven assets during periods of stock market volatility. The yield of the 10year 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 shortterm interest rates continued to restrain returns for money market funds and savings accounts.
| Expense Ratios | ||||||
| Your Fund Compared With Its Peer Group | ||||||
| Peer | ||||||
| Investor | ETF | Admiral | Institutional | Institutional | Group | |
| Shares | Shares | Shares | Shares | Plus Shares | Average | |
| Emerging Markets Stock Index Fund | 0.33% | 0.15% | 0.15% | 0.12% | 0.10% | 1.57% |
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 0.33% for Investor Shares, 0.15% for FTSE Emerging Markets ETF Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, and 0.10% 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: Emerging Markets Funds.
4
Emerging markets fared worse than their developed counterparts
During the fiscal year, the concerns about China seemed to weigh most heavily on emerging markets stocks, which lagged the performance of equities in developed countries by a considerable margin. One of the reasons China’s slowdown is so significant is that many emerging economies depend on exporting commodities to the world’s most populous country.
The stock markets of major commodity exporters Brazil, Mexico, Russia, and South Africa all tumbled over the 12 months. Adding to the woes, the strength of the U.S. dollar was seen as a negative for emerging markets, because repaying dollardenominated debt becomes more expensive.
Although emerging markets stocks were laggards in the latest fiscal year, there have been many other periods when they’ve outdistanced their developed peers. As experienced investors know, market leadership alternates frequently and unpredictably. That’s one of the reasons Vanguard believes broad global diversification is the wisest choice for most investors.
Among the ten industry sectors represented in your fund, oil & gas performed worst amid the steep drop in oil prices. Technology fared best, although it still recorded a modestly negative return.
| Total Returns | |
| Ten Years Ended October 31, 2015 | |
| Average | |
| Annual Return | |
| Emerging Markets Stock Index Fund Investor Shares | 5.27% |
| Spliced Emerging Markets Index | 5.66 |
| Emerging Markets Funds Average | 4.58 |
For a benchmark description, see the Glossary.
Emerging Markets 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
Over a volatile decade, your fund successfully tracked its benchmark
Emerging markets lived up to their well deserved reputation for volatility in the ten years ended October 31. These stocks plummeted in the 2008 fiscal year amid the global financial crisis. That decline was followed by an extraordinary rebound in the next two fiscal years. Since then, performance has been decidedly mixed, and your fund finished the tenyear period with an average annual return of 5.27%.
Through all the ups and downs, your fund has met its goal of tracking the performance of its benchmark index. This success reflects the deep expertise, developed over many years, of the fund’s advisor,
| 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 Perfor |
| mance 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 timeweighted 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. |
6
Vanguard’s Equity Index Group. Your fund’s 10year return also exceeded the average annual return of peer 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 longterm 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 longterm 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 longterm 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
Emerging Markets Stock Index Fund
Fund Profile
As of October 31, 2015
| Share-Class Characteristics | |||||
| FTSE | |||||
| Emerging | |||||
| Investor | Markets ETF | Admiral | Institutional | Institutional | |
| Shares | Shares | Shares | Shares | Plus Shares | |
| Ticker Symbol | VEIEX | VWO | VEMAX | VEMIX | VEMRX |
| Expense Ratio1 | 0.33% | 0.15% | 0.15% | 0.12% | 0.10% |
| Portfolio Characteristics | |||
| FTSE | |||
| Global | |||
| FTSE | All Cap | ||
| Emerging | ex US | ||
| Fund | Index | Index | |
| Number of Stocks | 2,560 | 946 | 5,715 |
| Median Market Cap | $14.9B | $15.5B | $22.8B |
| Price/Earnings Ratio | 16.0x | 15.9x | 17.6x |
| Price/Book Ratio | 1.7x | 1.6x | 1.6x |
| Return on Equity | 18.3% | 18.3% | 14.6% |
| Earnings Growth | |||
| Rate | 12.9% | 12.9% | 11.3% |
| Dividend Yield | 2.7% | 2.8% | 2.9% |
| Turnover Rate | 7% | — | — |
| Short-Term Reserves | 0.0% | — | — |
| Sector Diversification (% of equity exposure) | |||
| FTSE | |||
| Global | |||
| FTSE | All Cap | ||
| Emerging | ex US | ||
| Fund | Index | Index | |
| Basic Materials | 6.5% | 6.5% | 6.9% |
| Consumer Goods | 10.0 | 10.0 | 16.5 |
| Consumer Services | 7.6 | 7.7 | 8.8 |
| Financials | 30.6 | 30.7 | 26.2 |
| Health Care | 3.1 | 3.1 | 8.3 |
| Industrials | 10.8 | 10.6 | 14.0 |
| Oil & Gas | 8.3 | 8.4 | 6.0 |
| Technology | 11.9 | 11.8 | 5.2 |
| Telecommunications | 7.4 | 7.5 | 4.6 |
| Utilities | 3.8 | 3.7 | 3.5 |
| Volatility Measures | ||
| FTSE Global | ||
| Spliced | All Cap | |
| Emerging | ex US | |
| Mkts Index | Index | |
| R-Squared | 0.99 | 0.74 |
| Beta | 1.01 | 1.06 |
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) | ||
| Taiwan Semiconductor | ||
| Manufacturing Co. Ltd. | Semiconductors | 3.3% |
| Tencent Holdings Ltd. | Internet | 3.2 |
| China Construction Bank | ||
| Corp. | Banks | 2.1 |
| China Mobile Ltd. | Mobile | |
| Telecommunications | 2.0 | |
| Naspers Ltd. | Broadcasting & | |
| Entertainment | 1.8 | |
| Industrial & Commercial | ||
| Bank of China Ltd. | Banks | 1.5 |
| Hon Hai Precision | Electrical | |
| Industry Co. Ltd. | Components & | |
| Equipment | 1.1 | |
| Bank of China Ltd. | Banks | 1.1 |
| Infosys Ltd. | Computer Services | 1.0 |
| Housing Development | ||
| Finance Corp. Ltd. | Mortgage Finance | 1.0 |
| Top Ten | 18.1% | |
The holdings listed exclude any temporary cash investments and equity index products.
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 0.33% for Investor Shares, 0.15% for FTSE Emerging Markets ETF Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, and 0.10% for Institutional Plus Shares.
8
Emerging Markets Stock Index Fund
| Market Diversification (% of equity exposure) | |||
| FTSE | |||
| Global | |||
| FTSE | All Cap | ||
| Emerging | ex US | ||
| Fund | Index | Index | |
| Europe | 0.0% | 0.0% | 46.6% |
| Pacific | 0.0% | 0.0% | 29.5% |
| Emerging Markets | |||
| China | 28.2% | 27.9% | 4.6% |
| Taiwan | 14.3 | 14.2 | 2.8 |
| India | 12.8 | 12.8 | 2.3 |
| South Africa | 9.3 | 9.5 | 1.5 |
| Brazil | 6.9 | 7.0 | 1.2 |
| Mexico | 5.6 | 5.6 | 0.9 |
| Russia | 4.4 | 4.5 | 0.7 |
| Malaysia | 4.0 | 4.0 | 0.7 |
| Thailand | 2.7 | 2.7 | 0.5 |
| Indonesia | 2.4 | 2.4 | 0.4 |
| Philippines | 1.9 | 1.9 | 0.3 |
| Turkey | 1.7 | 1.7 | 0.3 |
| Poland | 1.6 | 1.6 | 0.3 |
| Chile | 1.4 | 1.4 | 0.2 |
| United Arab | |||
| Emirates | 1.0 | 1.0 | 0.2 |
| Other | 1.8 | 1.8 | 0.3 |
| Subtotal | 100.0% | 100.0% | 17.2% |
| North America | 0.0% | 0.0% | 6.2% |
| Middle East | 0.0% | 0.0% | 0.5% |
9
Emerging Markets 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
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| Emerging Markets Stock Index | ||||
| Fund*Investor Shares | -15.74% | -3.02% | 5.27% | $16,709 |
| Spliced Emerging Markets Index | -15.20 | -2.66 | 5.66 | 17,335 |
| Emerging Markets Funds Average | -14.77 | -3.19 | 4.58 | 15,654 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
For a benchmark description, see the Glossary.
Emerging Markets Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
| Final Value | ||||
| One | Five | Ten | of a $10,000 | |
| Year | Years | Years | Investment | |
| FTSE Emerging Markets | ||||
| ETF Shares Net Asset Value | -15.59% | -2.86% | 5.42% | $16,949 |
| Spliced Emerging Markets Index | -15.20 | -2.66 | 5.66 | 17,335 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 16,059 |
See Financial Highlights for dividend and capital gains information.
10
| Emerging Markets Stock Index Fund | ||||
| Average Annual Total Returns | ||||
| Periods Ended October 31, 2015 | ||||
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (6/23/2006) | Investment | |
| Emerging Markets Stock Index Fund Admiral | ||||
| Shares | -15.60% | -2.86% | 4.30% | $14,830 |
| Spliced Emerging Markets Index | -15.20 | -2.66 | 4.50 | 15,100 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 3.71 | 14,066 |
"Since Inception" performance is calculated from the Admiral Shares’ inception date for both the fund and its comparative standards.
| Final Value | ||||
| One | Five | Ten | of a $5,000,000 | |
| Year | Years | Years | Investment | |
| Emerging Markets Stock Index Fund | ||||
| Institutional Shares | -15.57% | -2.81% | 5.47% | $8,517,378 |
| Spliced Emerging Markets Index | -15.20 | -2.66 | 5.66 | 8,667,670 |
| FTSE Global All Cap ex US Index | -3.58 | 3.04 | 4.85 | 8,029,743 |
| Since | Final Value | ||
| One | Inception | of a $100,000,000 | |
| Year | (12/15/2010) | Investment | |
| Emerging Markets Stock Index Fund | |||
| Institutional Plus Shares | -15.55% | -3.08% | $85,858,947 |
| Spliced Emerging Markets Index | -15.20 | -3.00 | 84,765,903 |
| FTSE Global All Cap ex US Index | -3.58 | 2.68 | 113,750,136 |
| "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: October 31, 2005, Through October 31, 2015 | |||
| One | Five | Ten | |
| Year | Years | Years | |
| FTSE Emerging Markets ETF Shares Market Price | -15.79% | -14.10% | 66.52% |
| FTSE Emerging Markets ETF Shares Net Asset | |||
| Value | -15.59 | -13.52 | 69.49 |
| Spliced Emerging Markets Index | -15.20 | -12.59 | 73.35 |
11
Emerging Markets Stock Index Fund
Fiscal-Year Total Returns (%): October 31, 2005, Through October 31, 2015
| Emerging Markets Stock Index Fund Investor Shares |
| Spliced Emerging Markets 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 | 5/4/1994 | -18.35% | -3.50% | 3.99% |
| FTSE Emerging Markets ETF | ||||
| Shares | 3/4/2005 | |||
| Market Price | -18.34 | -3.41 | 4.08 | |
| Net Asset Value | -18.20 | -3.35 | 4.14 | |
| Admiral Shares | 6/23/2006 | -18.23 | -3.35 | 3.731 |
| Institutional Shares | 6/22/2000 | -18.20 | -3.31 | 4.19 |
| Institutional Plus Shares | 12/15/2010 | -18.17 | — | -4.231 |
| 1 Return since inception. |
12
Emerging Markets 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 | |||
| Brazil | |||
| Ambev SA | 49,700,955 | 246,021 | 0.5% |
| BRF SA | 12,385,464 | 193,014 | 0.3% |
| Brazil—Other † | 3,172,899 | 6.0% | |
| 3,611,934 | 6.8% | ||
| Chile † | 720,728 | 1.4% | |
| China | |||
| Tencent Holdings Ltd. | 89,488,760 | 1,679,451 | 3.2% |
| China Construction Bank Corp. | 1,528,975,913 | 1,102,431 | 2.1% |
| China Mobile Ltd. | 89,079,067 | 1,059,697 | 2.0% |
| Industrial & Commercial Bank of China Ltd. | 1,211,458,003 | 768,740 | 1.5% |
| Bank of China Ltd. | 1,265,799,177 | 596,204 | 1.1% |
| Ping An Insurance Group Co. of China Ltd. | 83,887,976 | 469,231 | 0.9% |
| China Life Insurance Co. Ltd. | 124,929,470 | 448,007 | 0.9% |
| China Petroleum & Chemical Corp. | 429,815,372 | 309,992 | 0.6% |
| CNOOC Ltd. | 268,679,252 | 305,589 | 0.6% |
| PetroChina Co. Ltd. | 354,721,479 | 279,234 | 0.5% |
| China Overseas Land & Investment Ltd. | 64,860,276 | 208,905 | 0.4% |
| China Merchants Bank Co. Ltd. | 77,792,405 | 202,898 | 0.4% |
| CITIC Ltd. | 108,114,674 | 201,099 | 0.4% |
| Agricultural Bank of China Ltd. | 438,886,065 | 179,077 | 0.3% |
| China Pacific Insurance Group Co. Ltd. | 43,757,794 | 174,387 | 0.3% |
| China Telecom Corp. Ltd. | 272,211,683 | 142,304 | 0.3% |
| PICC Property & Casualty Co. Ltd. | 55,052,895 | 124,728 | 0.2% |
| China Unicom Hong Kong Ltd. | 96,864,248 | 118,705 | 0.2% |
| China Resources Land Ltd. | 45,658,771 | 118,233 | 0.2% |
| China Communications Construction Co. Ltd. | 74,895,504 | 102,571 | 0.2% |
| China Shenhua Energy Co. Ltd. | 57,231,925 | 96,686 | 0.2% |
| *,^ CRRC Corp. Ltd. | 66,789,277 | 84,867 | 0.2% |
13
| Emerging Markets Stock Index Fund | ||||
| Market | Percentage | |||
| Value | of Net | |||
| Shares | ($000) | Assets | ||
| * | China Taiping Insurance Holdings Co. Ltd. | 25,084,620 | 78,592 | 0.2% |
| China Resources Power Holdings Co. Ltd. | 32,409,048 | 73,172 | 0.1% | |
| Sinopharm Group Co. Ltd. | 17,473,100 | 71,966 | 0.1% | |
| Dongfeng Motor Group Co. Ltd. | 49,278,744 | 70,682 | 0.1% | |
| China Merchants Holdings International Co. Ltd. | 19,933,610 | 65,985 | 0.1% | |
| 1 | CGN Power Co. Ltd. | 153,133,878 | 63,050 | 0.1% |
| China Railway Group Ltd. | 63,304,408 | 59,677 | 0.1% | |
| China Cinda Asset Management Co. Ltd. | 152,575,000 | 59,184 | 0.1% | |
| 1 | People’s Insurance Co. Group of China Ltd. | 109,437,000 | 58,353 | 0.1% |
| Zhuzhou CSR Times Electric Co. Ltd. | 8,595,000 | 55,689 | 0.1% | |
| 1 | China Galaxy Securities Co. Ltd. | 62,748,870 | 54,198 | 0.1% |
| China Longyuan Power Group Corp. Ltd. | 56,969,800 | 52,109 | 0.1% | |
| China Railway Construction Corp. Ltd. | 32,287,765 | 48,143 | 0.1% | |
| China State Construction International Holdings Ltd. | 27,030,872 | 41,027 | 0.1% | |
| Kunlun Energy Co. Ltd. | 47,785,230 | 39,118 | 0.1% | |
| China Resources Beer Holdings Company Ltd. | 20,301,860 | 38,297 | 0.1% | |
| China Oilfield Services Ltd. | 31,041,800 | 34,438 | 0.1% | |
| China Everbright Ltd. | 14,222,010 | 33,350 | 0.1% | |
| AviChina Industry & Technology Co. Ltd. | 38,124,000 | 30,941 | 0.1% | |
| China Resources Gas Group Ltd. | 11,036,100 | 30,219 | 0.1% | |
| *,^ | China COSCO Holdings Co. Ltd. | 46,642,000 | 29,728 | 0.1% |
| China Power International Development Ltd. | 46,235,469 | 29,044 | 0.1% | |
| Air China Ltd. | 28,994,748 | 27,756 | 0.1% | |
| Beijing Capital International Airport Co. Ltd. | 25,366,564 | 27,170 | 0.1% | |
| China Southern Airlines Co. Ltd. | 30,144,000 | 25,490 | 0.1% | |
| * | Sinopec Shanghai Petrochemical Co. Ltd. | 59,698,788 | 24,925 | 0.1% |
| Huadian Power International Corp. Ltd. | 28,616,000 | 20,907 | 0.1% | |
| Huaneng Renewables Corp. Ltd. | 65,982,000 | 20,534 | 0.0% | |
| Metallurgical Corp. of China Ltd. | 50,523,937 | 18,644 | 0.0% | |
| ^ | China Coal Energy Co. Ltd. | 42,093,800 | 18,065 | 0.0% |
| Sinotrans Ltd. | 31,567,000 | 17,073 | 0.0% | |
| 1 | Sinopec Engineering Group Co. Ltd. | 19,587,772 | 16,851 | 0.0% |
| *,^ | China Eastern Airlines Corp. Ltd. | 24,962,000 | 15,999 | 0.0% |
| ^ | China Jinmao Holdings Group Ltd. | 57,768,094 | 15,833 | 0.0% |
| China Merchants Property Development Co. Ltd. Class B | 4,157,170 | 15,555 | 0.0% | |
| ^ | China Resources Cement Holdings Ltd. | 32,436,686 | 13,035 | 0.0% |
| Huadian Fuxin Energy Corp. Ltd. | 41,973,852 | 12,869 | 0.0% | |
| *,^ | China Agri-Industries Holdings Ltd. | 33,292,961 | 12,227 | 0.0% |
| *,^,1China Railway Signal & Communication Corp. Ltd. | 14,381,400 | 11,375 | 0.0% | |
| *,^ | CSSC Offshore and Marine Engineering Group Co. Ltd. | 4,214,000 | 10,331 | 0.0% |
| China BlueChemical Ltd. | 33,387,405 | 9,952 | 0.0% | |
| Shanghai Baosight Software Co. Ltd. Class B | 2,168,013 | 8,498 | 0.0% | |
| ^ | Angang Steel Co. Ltd. | 20,382,374 | 8,450 | 0.0% |
| China Machinery Engineering Corp. | 9,046,639 | 7,837 | 0.0% | |
| China National Accord Medicines Corp. Ltd. Class B | 1,203,249 | 6,182 | 0.0% | |
| * | China Foods Ltd. | 12,701,506 | 5,775 | 0.0% |
| ^ | Sinofert Holdings Ltd. | 32,238,000 | 5,643 | 0.0% |
| * | CRRC Corp. Ltd. Class A | 2,372,800 | 5,206 | 0.0% |
| ^ | China National Materials Co. Ltd. | 16,586,000 | 3,972 | 0.0% |
| * | China Overseas Property Holdings Ltd. | 21,760,092 | 3,734 | 0.0% |
| * | China Railway Group Ltd. Class A | 1,427,900 | 2,782 | 0.0% |
| * | China Shipbuilding Industry Co. Ltd. Class A | 1,036,400 | 1,814 | 0.0% |
| * | China State Construction Engineering Corp. Ltd. Class A | 1,546,100 | 1,520 | 0.0% |
| * | China Eastern Airlines Corp. Ltd. Class A | 1,107,400 | 1,436 | 0.0% |
14
| Emerging Markets Stock Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| * Air China Ltd. Class A | 1,010,500 | 1,430 | 0.0% |
| * China National Nuclear Power Co. Ltd. Class A | 814,400 | 1,336 | 0.0% |
| * China Reinsurance Group Corp. | 3,001,252 | 1,049 | 0.0% |
| * China United Network Communications Ltd. Class A | 906,200 | 948 | 0.0% |
| * Daqin Railway Co. Ltd. Class A | 650,600 | 940 | 0.0% |
| * Power Construction Corp. of China Ltd. Class A | 678,800 | 919 | 0.0% |
| * SDIC Power Holdings Co. Ltd. Class A | 522,900 | 740 | 0.0% |
| * China Datang Corp. Renewable Power Co. Ltd. | 5,044,000 | 674 | 0.0% |
| * China International Travel Service Corp. Ltd. Class A | 68,408 | 559 | 0.0% |
| * Jihua Group Corp. Ltd. Class A | 247,500 | 553 | 0.0% |
| * Shanghai Electric Power Co. Ltd. Class A | 207,100 | 513 | 0.0% |
| * CSSC Offshore and Marine Engineering Group Co. Ltd. Class A | 79,700 | 507 | 0.0% |
| * China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | 117,100 | 487 | 0.0% |
| * Sinoma Science & Technology Co. Ltd. Class A | 136,200 | 411 | 0.0% |
| * Shenzhen Overseas Chinese Town Co. Ltd. Class A | 312,100 | 404 | 0.0% |
| * Xinjiang Yilite Industry Co. Ltd. Class A | 190,300 | 354 | 0.0% |
| * Baoshan Iron & Steel Co. Ltd. Class A | 391,800 | 352 | 0.0% |
| * Guangxi Guiguan Electric Power Co. Ltd. Class A | 245,500 | 301 | 0.0% |
| * Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. | |||
| Class A | 393,300 | 299 | 0.0% |
| * COFCO Property Group Co. Ltd. Class A | 126,400 | 290 | 0.0% |
| * Rizhao Port Co. Ltd. Class A | 219,300 | 260 | 0.0% |
| * China Shipping Haisheng Co. Ltd. Class A | 107,246 | 255 | 0.0% |
| * Lanpec Technologies Ltd. Class A | 129,100 | 250 | 0.0% |
| * East China Engineering Science and Technology Co. Ltd. Class A | 81,200 | 243 | 0.0% |
| * CITIC Heavy Industries Co. Ltd. Class A | 189,400 | 230 | 0.0% |
| * Cinda Real Estate Co. Ltd. Class A | 225,100 | 228 | 0.0% |
| * Offshore Oil Engineering Co. Ltd. Class A | 131,000 | 206 | 0.0% |
| * Grinm Advanced Materials Co. Ltd. Class A | 92,600 | 195 | 0.0% |
| * China XD Electric Co. Ltd. Class A | 164,200 | 175 | 0.0% |
| * China Television Media Ltd. Class A | 45,400 | 173 | 0.0% |
| * Sinosteel Engineering & Technology Co. Ltd. Class A | 61,900 | 167 | 0.0% |
| * Blue Star New Chemical Material Co. Ltd. Class A | 57,200 | 165 | 0.0% |
| * China Railway Construction Corp. Ltd. Class A | 64,600 | 156 | 0.0% |
| * Shenwan Hongyuan Group Co. Ltd. Class A | 100,000 | 154 | 0.0% |
| * SGIS Songshan Co. Ltd. Class A | 171,200 | 147 | 0.0% |
| China Merchants Securities Co. Ltd. Class A | 46,200 | 140 | 0.0% |
| * China National Software & Service Co. Ltd. Class A | 24,100 | 137 | 0.0% |
| * Sinotrans Air Transportation Development Co. Ltd. Class A | 30,600 | 128 | 0.0% |
| * Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 70,400 | 108 | 0.0% |
| * China CAMC Engineering Co. Ltd. Class A | 27,600 | 107 | 0.0% |
| * North Navigation Control Technology Co. Ltd. Class A | 16,300 | 83 | 0.0% |
| * Huadian Heavy Industries Co. Ltd. Class A | 39,600 | 76 | 0.0% |
| North Electro-Optic Co. Ltd. Class A | 15,800 | 68 | 0.0% |
| * Wuhan Iron & Steel Co. Ltd. Class A | 109,200 | 65 | 0.0% |
| CPMC Holdings Ltd. | 100,000 | 56 | 0.0% |
| * Beijing Tiantan Biological Products Corp. Ltd. Class A | 10,900 | 49 | 0.0% |
| * Shanghai Datun Energy Resources Co. Ltd. Class A | 24,200 | 39 | 0.0% |
| 1 China—Other † | 4,517,196 | 8.5% | |
| 14,821,760 | 28.0% | ||
| Colombia † | 338,676 | 0.6% | |
| Czech Republic † | 110,532 | 0.2% | |
15
| Emerging Markets Stock Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| Egypt † | 183,541 | 0.3% | |
| Hong Kong † | 7,268 | 0.0% | |
| Hungary † | 149,078 | 0.3% | |
| India | |||
| Infosys Ltd. | 31,828,267 | 552,341 | 1.1% |
| Housing Development Finance Corp. Ltd. | 26,492,624 | 508,135 | 1.0% |
| Reliance Industries Ltd. | 26,613,347 | 385,049 | 0.7% |
| Tata Consultancy Services Ltd. | 7,956,226 | 303,377 | 0.6% |
| Sun Pharmaceutical Industries Ltd. | 18,611,990 | 252,719 | 0.5% |
| ICICI Bank Ltd. | 47,504,349 | 200,482 | 0.4% |
| Oil & Natural Gas Corp. Ltd. | 34,542,244 | 130,259 | 0.3% |
| Coal India Ltd. | 22,442,785 | 109,616 | 0.2% |
| State Bank of India | 25,241,760 | 91,186 | 0.2% |
| NTPC Ltd. | 33,485,680 | 67,876 | 0.1% |
| Indian Oil Corp. Ltd. | 9,620,891 | 58,753 | 0.1% |
| Power Grid Corp. of India Ltd. | 20,711,051 | 40,736 | 0.1% |
| Bharat Petroleum Corp. Ltd. | 2,999,150 | 39,902 | 0.1% |
| Bharat Heavy Electricals Ltd. | 10,103,866 | 30,643 | 0.1% |
| GAIL India Ltd. | 5,173,250 | 24,361 | 0.1% |
| Rural Electrification Corp. Ltd. | 5,805,439 | 22,105 | 0.0% |
| Bharat Electronics Ltd. | 1,050,363 | 19,956 | 0.0% |
| Power Finance Corp. Ltd. | 5,385,927 | 19,708 | 0.0% |
| NMDC Ltd. | 12,822,271 | 19,583 | 0.0% |
| Bank of Baroda | 7,131,185 | 17,383 | 0.0% |
| Hindustan Petroleum Corp. Ltd. | 1,462,903 | 17,169 | 0.0% |
| Steel Authority of India Ltd. | 16,758,009 | 13,641 | 0.0% |
| Oil India Ltd. | 2,001,205 | 12,395 | 0.0% |
| Punjab National Bank | 5,619,989 | 10,991 | 0.0% |
| IDBI Bank Ltd. | 5,806,899 | 7,579 | 0.0% |
| Canara Bank | 1,732,919 | 7,309 | 0.0% |
| NHPC Ltd. | 22,668,366 | 6,287 | 0.0% |
| Union Bank of India | 2,030,318 | 4,840 | 0.0% |
| Bank of India | 2,191,539 | 4,382 | 0.0% |
| * Mangalore Refinery & Petrochemicals Ltd. | 3,711,949 | 3,098 | 0.0% |
| Oriental Bank of Commerce | 1,194,783 | 2,452 | 0.0% |
| Corp Bank | 2,410,755 | 1,605 | 0.0% |
| State Bank of India GDR | 15,488 | 560 | 0.0% |
| India—Other † | 3,730,275 | 7.1% | |
| 6,716,753 | 12.7% | ||
| Indonesia | |||
| Bank Central Asia Tbk PT | 205,822,324 | 193,221 | 0.4% |
| Telekomunikasi Indonesia Persero Tbk PT | 848,062,605 | 167,757 | 0.3% |
| Bank Rakyat Indonesia Persero Tbk PT | 179,866,800 | 137,369 | 0.3% |
| Bank Mandiri Persero Tbk PT | 156,604,180 | 99,031 | 0.2% |
| Bank Negara Indonesia Persero Tbk PT | 125,932,161 | 43,484 | 0.1% |
| Perusahaan Gas Negara Persero Tbk PT | 178,910,404 | 38,953 | 0.1% |
| Semen Indonesia Persero Tbk PT | 49,840,604 | 35,450 | 0.1% |
| Jasa Marga Persero Tbk PT | 33,090,500 | 11,648 | 0.0% |
| Tambang Batubara Bukit Asam Persero Tbk PT | 14,870,125 | 7,884 | 0.0% |
| * Aneka Tambang Persero Tbk PT | 155,997,191 | 4,299 | 0.0% |
| Timah Persero Tbk PT | 9,283,600 | 421 | 0.0% |
16
| Emerging Markets Stock Index Fund | |||
| Market | Percentage | ||
| Value | of Net | ||
| Shares | ($000) | Assets | |
| Waskita Karya Persero Tbk PT | 2,552,300 | 302 | 0.0% |
| Wijaya Karya Beton Tbk PT | 3,816,300 | 271 | 0.0% |
| Indonesia—Other † | 507,687 | 0.9% | |
| 1,247,777 | 2.4% | ||
| Malaysia | |||
| Public Bank Bhd. (Local) | 52,248,400 | 219,596 | 0.4% |
| Tenaga Nasional Bhd. | 59,201,507 | 174,093 | 0.3% |
| 1 Malaysia—Other † | 1,717,243 | 3.3% | |
| 2,110,932 | 4.0% | ||
| Mexico | |||
| America Movil SAB de CV | 477,033,568 | 425,980 | 0.8% |
| Fomento Economico Mexicano SAB de CV | 36,235,366 | 357,949 | 0.7% |
| Grupo Televisa SAB | 44,251,746 | 257,482 | 0.5% |
| Wal-Mart de Mexico SAB de CV | 94,578,430 | 249,533 | 0.4% |
| Grupo Financiero Banorte SAB de CV | 38,246,856 | 205,963 | 0.4% |
| Mexico—Other † | 1,430,857 | 2.7% | |
| 2,927,764 | 5.5% | ||
| Peru † | 124,084 | 0.2% | |
| Philippines † | 1,006,802 | 1.9% | |
| Poland † | 863,005 | 1.6% | |
| Russia | |||
| Sberbank PAO | 183,696,668 | 260,341 | 0.5% |
| Magnit PJSC GDR | 4,688,542 | 212,954 | 0.4% |
| Gazprom PAO ADR | 50,231,302 | 211,663 | 0.4% |
| Gazprom PAO | 85,443,353 | 181,897 | 0.3% |
| * Lukoil PJSC ADR | 4,939,300 | 179,297 | 0.3% |
| VTB Bank PJSC | 58,129,231,072 | 65,811 | 0.1% |
| AK Transneft OAO Preference Shares | 27,789 | 64,754 | 0.1% |
| Rosneft OAO GDR | 12,744,667 | 50,830 | 0.1% |
| 1 VTB Bank PJSC GDR | 13,175,375 | 28,863 | 0.1% |
| Rosneft OAO | 6,628,175 | 26,829 | 0.1% |
| RusHydro PJSC | 2,341,602,363 | 23,853 | 0.1% |
| Bashneft PAO | 400,000 | 12,027 | 0.0% |
| Inter RAO UES PJSC | 404,169,509 | 7,723 | 0.0% |
| * Bashneft PAO Preference Shares | 309,176 | 7,703 | 0.0% |
| * Aeroflot - Russian Airlines OJSC | 9,186,772 | 7,048 | 0.0% |
| Federal Grid Co. Unified Energy System JSC | 5,323,286,228 | 5,183 | 0.0% |
| * Rosseti PJSC | 415,162,605 | 2,947 | 0.0% |
| OGK-2 PAO | 5,592,002 | 19 | 0.0% |
| Mosenergo OAO | 481,888 | 6 | 0.0% |
| Russia—Other † | 981,307 | 1.9% | |
| 2,331,055 | 4.4% | ||
| South Africa | |||
| Naspers Ltd. | 6,537,609 | 954,991 | 1.8% |
| ^ MTN Group Ltd. | 29,370,786 | 334,378 | 0.6% |
| Sasol Ltd. | 9,218,179 | 293,592 | 0.6% |
| Steinhoff International Holdings Ltd. | 39,883,637 | 244,084 | 0.5% |
| Standard Bank Group Ltd. | 20,256,743 | 210,332 | 0.4% |
17
| Emerging Markets Stock Index Fund | ||||
| Market | Percentage | |||
| Value | of Net | |||
| Shares | ($000) | Assets | ||
| ^ FirstRand Ltd. | 50,786,387 | 186,106 | 0.4% | |
| South Africa—Other † | 2,670,482 | 5.0% | ||
| 4,893,965 | 9.3% | |||
| Taiwan | ||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 252,443,845 | 1,066,971 | 2.0% | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 30,005,615 | 658,923 | 1.2% | |
| Hon Hai Precision Industry Co. Ltd. | 228,001,108 | 604,553 | 1.1% | |
| Fubon Financial Holding Co. Ltd. | 122,044,336 | 196,524 | 0.4% | |
| MediaTek Inc. | 24,533,192 | 190,445 | 0.4% | |
| Formosa Plastics Corp. | 82,099,616 | 190,081 | 0.4% | |
| Cathay Financial Holding Co. Ltd. | 133,618,966 | 189,849 | 0.4% | |
| Nan Ya Plastics Corp. | 95,685,253 | 189,698 | 0.4% | |
| Taiwan—Other † | 4,207,113 | 7.9% | ||
| 7,494,157 | 14.2% | |||
| Thailand † | 1,422,654 | 2.7% | ||
| Turkey † | 895,096 | 1.7% | ||
| United Arab Emirates † | 523,078 | 1.0% | ||
| Total Common Stocks (Cost $59,224,230) | 52,500,639 | 99.2%2 | ||
| Coupon | ||||
| Temporary Cash Investments | ||||
| Money Market Fund | ||||
| 3,4 Vanguard Market Liquidity Fund | 0.207% | 1,117,390,788 | 1,117,391 | 2.1% |
| 5U.S. Government and Agency Obligations † | 52,987 | 0.1% | ||
| Total Temporary Cash Investments (Cost $1,170,369) | 1,170,378 | 2.2%2 | ||
| Total Investments (Cost $60,394,599) | 53,671,017 | 101.4% | ||
18
| Emerging Markets Stock Index Fund | ||
| Percentage | ||
| Amount | of Net | |
| ($000) | Assets | |
| Other Assets and Liabilities | ||
| Other Assets | ||
| Investment in Vanguard | 4,580 | |
| Receivables for Investment Securities Sold | 122,873 | |
| Receivables for Accrued Income | 46,845 | |
| Receivables for Capital Shares Issued | 47,071 | |
| Other Assets | 79,739 | |
| Total Other Assets | 301,108 | 0.6% |
| Liabilities | ||
| Payables for Investment Securities Purchased | (46,493) | |
| Collateral for Securities on Loan | (924,747) | |
| Payables for Capital Shares Redeemed | (33,273) | |
| Payables to Vanguard | (51,793) | |
| Other Liabilities | (786) | |
| Total Liabilities | (1,057,092) | (2.0%) |
| Net Assets | 52,915,033 | 100.0% |
| At October 31, 2015, net assets consisted of: | ||
| Amount | ||
| ($000) | ||
| Paid-in Capital | 65,860,299 | |
| Undistributed Net Investment Income | 41,604 | |
| Accumulated Net Realized Losses | (6,276,079) | |
| Unrealized Appreciation (Depreciation) | ||
| Investment Securities | (6,723,582) | |
| Futures Contracts | 14,160 | |
| Foreign Currencies | (1,369) | |
| Net Assets | 52,915,033 | |
| Investor Shares—Net Assets | ||
| Applicable to 71,003,813 outstanding $.001 par value shares of | ||
| beneficial interest (unlimited authorization) | 1,573,205 | |
| Net Asset Value Per Share—Investor Shares | $22.16 | |
| ETF Shares—Net Assets | ||
| Applicable to 1,059,745,443 outstanding $.001 par value shares of | ||
| beneficial interest (unlimited authorization) | 37,070,979 | |
| Net Asset Value Per Share—ETF Shares | $34.98 | |
| Admiral Shares—Net Assets | ||
| Applicable to 277,035,050 outstanding $.001 par value shares of | ||
| beneficial interest (unlimited authorization) | 8,060,342 | |
| Net Asset Value Per Share—Admiral Shares | $29.10 | |
19
| Emerging Markets Stock Index Fund | |
| Amount | |
| ($000) | |
| Institutional Shares—Net Assets | |
| Applicable to 164,728,504 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,644,718 |
| Net Asset Value Per Share—Institutional Shares | $22.13 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 34,858,877 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,565,789 |
| Net Asset Value Per Share—Institutional Plus Shares | $73.61 |
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 $837,779,000.
† 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.
1 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 $448,381,000, representing 0.8% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 1.5%, respectively, of net assets.
3 Includes $924,747,000 of collateral received for securities on loan.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Securities with a value of $17,793,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
20
| Emerging Markets Stock Index Fund | |
| Statement of Operations | |
| Year Ended | |
| October 31, 2015 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 1,726,600 |
| Interest2 | 540 |
| Securities Lending | 45,353 |
| Total Income | 1,772,493 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 3,912 |
| Management and Administrative—Investor Shares | 4,457 |
| Management and Administrative—ETF Shares | 33,190 |
| Management and Administrative—Admiral Shares | 6,493 |
| Management and Administrative—Institutional Shares | 1,666 |
| Management and Administrative—Institutional Plus Shares | 662 |
| Marketing and Distribution—Investor Shares | 386 |
| Marketing and Distribution—ETF Shares | 4,976 |
| Marketing and Distribution—Admiral Shares | 1,019 |
| Marketing and Distribution—Institutional Shares | 519 |
| Marketing and Distribution—Institutional Plus Shares | 374 |
| Custodian Fees | 34,334 |
| Auditing Fees | 49 |
| Shareholders’ Reports—Investor Shares | 59 |
| Shareholders’ Reports—ETF Shares | 884 |
| Shareholders’ Reports—Admiral Shares | 59 |
| Shareholders’ Reports—Institutional Shares | 21 |
| Shareholders’ Reports—Institutional Plus Shares | — |
| Trustees’ Fees and Expenses | 44 |
| Total Expenses | 93,104 |
| Net Investment Income | 1,679,389 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (1,855,950) |
| Futures Contracts | (114,620) |
| Foreign Currencies | (23,219) |
| Realized Net Gain (Loss) | (1,993,789) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (10,379,923) |
| Futures Contracts | 18,458 |
| Foreign Currencies | (450) |
| Change in Unrealized Appreciation (Depreciation) | (10,361,915) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (10,676,315) |
| 1 Dividends are net of foreign withholding taxes of $183,953,000. | |
| 2 Interest income from an affiliated company of the fund was $536,000. | |
| See accompanying Notes, which are an integral part of the Financial Statements. | |
21
| Emerging Markets 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 | 1,679,389 | 1,704,321 |
| Realized Net Gain (Loss) | (1,993,789) | (1,371,709) |
| Change in Unrealized Appreciation (Depreciation) | (10,361,915) | 1,471,560 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (10,676,315) | 1,804,172 |
| Distributions | ||
| Net Investment Income | ||
| Investor Shares | (45,750) | (54,715) |
| ETF Shares | (1,206,542) | (1,306,758) |
| Admiral Shares | (237,570) | (211,231) |
| Signal Shares | — | (27,666) |
| Institutional Shares | (105,620) | (107,801) |
| Institutional Plus Shares | (77,229) | (74,398) |
| Realized Capital Gain | ||
| Investor Shares | — | — |
| ETF Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| Total Distributions | (1,672,711) | (1,782,569) |
| Capital Share Transactions | ||
| Investor Shares | (137,894) | (135,545) |
| ETF Shares | (1,905,825) | (2,957,902) |
| Admiral Shares | 874,453 | 1,834,672 |
| Signal Shares | — | (1,387,323) |
| Institutional Shares | 380,858 | 402,491 |
| Institutional Plus Shares | 363,624 | 410,168 |
| Net Increase (Decrease) from Capital Share Transactions | (424,784) | (1,833,439) |
| Total Increase (Decrease) | (12,773,810) | (1,811,836) |
| Net Assets | ||
| Beginning of Period | 65,688,843 | 67,500,679 |
| End of Period1 | 52,915,033 | 65,688,843 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $41,604,000 and $52,001,000.
See accompanying Notes, which are an integral part of the Financial Statements.
22
| Emerging Markets 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 | $27.02 | $26.78 | $26.36 | $26.39 | $29.49 |
| Investment Operations | |||||
| Net Investment Income | . 642 | .672 | .667 | .576 | .589 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (4.865) | .271 | .548 | .237 | (3.255) |
| Total from Investment Operations | (4.223) | .943 | 1.215 | .813 | (2.666) |
| Distributions | |||||
| Dividends from Net Investment Income | (.637) | (.703) | (.795) | (.843) | (. 434) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.637) | (.703) | (.795) | (.843) | (. 434) |
| Net Asset Value, End of Period | $22.16 | $27.02 | $26.78 | $26.36 | $26.39 |
| Total Return2 | -15.74% | 3.59% | 4.78% | 3.30% | -9.20% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,573 | $2,063 | $2,181 | $2,333 | $2,585 |
| Ratio of Total Expenses to Average Net Assets | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.53% | 2.56% | 2.45% | 2.38% | 2.25% |
| Portfolio Turnover Rate 3 | 7% | 9% | 26% | 8% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.02. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 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.
3 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
| Emerging Markets Stock Index Fund | |||||
| Financial Highlights | |||||
| FTSE Emerging Markets ETF Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $42.66 | $42.28 | $41.65 | $41.73 | $46.70 |
| Investment Operations | |||||
| Net Investment Income | 1.086 | 1.137 | 1.129 | .984 | 1.019 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (7.685) | . 428 | .860 | .367 | (5.174) |
| Total from Investment Operations | (6.599) | 1.565 | 1.989 | 1.351 | (4.155) |
| Distributions | |||||
| Dividends from Net Investment Income | (1.081) | (1.185) | (1.359) | (1.431) | (.815) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.081) | (1.185) | (1.359) | (1.431) | (.815) |
| Net Asset Value, End of Period | $34.98 | $42.66 | $42.28 | $41.65 | $41.73 |
| Total Return | -15.59% | 3.77% | 4.97% | 3.47% | -9.09% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $37,071 | $48,000 | $51,083 | $57,125 | $46,289 |
| Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.15% | 0.18% | 0.20% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.71% | 2.74% | 2.63% | 2.53% | 2.38% |
| Portfolio Turnover Rate 2 | 7% | 9% | 26% | 8% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, and $.02. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 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
| Emerging Markets Stock Index Fund | |||||
| Financial Highlights | |||||
| Admiral Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $35.49 | $35.17 | $34.65 | $34.71 | $38.82 |
| Investment Operations | |||||
| Net Investment Income | . 903 | . 946 | .940 | .816 | .820 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (6.394) | .361 | .709 | .311 | (4.277) |
| Total from Investment Operations | (5.491) | 1.307 | 1.649 | 1.127 | (3.457) |
| Distributions | |||||
| Dividends from Net Investment Income | (.899) | (.987) | (1.129) | (1.187) | (.653) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.899) | (.987) | (1.129) | (1.187) | (.653) |
| Net Asset Value, End of Period | $29.10 | $35.49 | $35.17 | $34.65 | $34.71 |
| Total Return2 | -15.60% | 3.79% | 4.94% | 3.49% | -9.09% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $8,060 | $8,870 | $6,959 | $6,801 | $6,486 |
| Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.15% | 0.18% | 0.20% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.71% | 2.74% | 2.63% | 2.53% | 2.38% |
| Portfolio Turnover Rate 3 | 7% | 9% | 26% | 8% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, and $.02. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 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.
3 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
| Emerging Markets Stock Index Fund | |||||
| Financial Highlights | |||||
| Institutional Shares | |||||
| For a Share Outstanding | Year Ended October 31, | ||||
| Throughout Each Period | 2015 | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $26.99 | $26.74 | $26.36 | $26.42 | $29.55 |
| Investment Operations | |||||
| Net Investment Income | . 696 | .726 | .725 | . 643 | .657 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments1 | (4.865) | .283 | .532 | .225 | (3.259) |
| Total from Investment Operations | (4.169) | 1.009 | 1.257 | .868 | (2.602) |
| Distributions | |||||
| Dividends from Net Investment Income | (.691) | (.759) | (.877) | (.928) | (.528) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.691) | (.759) | (.877) | (.928) | (.528) |
| Net Asset Value, End of Period | $22.13 | $26.99 | $26.74 | $26.36 | $26.42 |
| Total Return2 | -15.57% | 3.85% | 4.95% | 3.54% | -9.00% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $3,645 | $4,002 | $3,558 | $2,495 | $1,305 |
| Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.13% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.74% | 2.77% | 2.66% | 2.59% | 2.45% |
| Portfolio Turnover Rate 3 | 7% | 9% | 26% | 8% | 10% |
1 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.00, and $.02. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
2 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
3 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
| Emerging Markets Stock Index Fund | |||||
| Financial Highlights | |||||
| Institutional Plus Shares | |||||
| Dec. 15, | |||||
| 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 | $89.77 | $88.97 | $87.68 | $87.90 | $99.35 |
| Investment Operations | |||||
| Net Investment Income | 2.326 | 2.436 | 2.426 | 2.131 | 2.215 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments 2 | (16.171) | .904 | 1.792 | .776 | (11.911) |
| Total from Investment Operations | (13.845) | 3.340 | 4.218 | 2.907 | (9.696) |
| Distributions | |||||
| Dividends from Net Investment Income | (2.315) | (2.540) | (2.928) | (3.127) | (1.754) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.315) | (2.540) | (2.928) | (3.127) | (1.754) |
| Net Asset Value, End of Period | $73.61 | $89.77 | $88.97 | $87.68 | $87.90 |
| Total Return3 | -15.55% | 3.83% | 4.99% | 3.56% | -9.95% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,566 | $2,754 | $2,320 | $1,607 | $1,581 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10% | 0.10%4 |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.76% | 2.79% | 2.68% | 2.61% | 2.48%4 |
| Portfolio Turnover Rate 5 | 7% | 9% | 26% | 8% | 10% |
1 Inception.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, and $.05. Purchase and redemption fees were eliminated effective February 29, 2012, and May 23, 2012, respectively.
3 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable transaction fees.
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.
27
Emerging Markets Stock Index Fund
Notes to Financial Statements
Vanguard Emerging Markets Stock Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. 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 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
28
Emerging Markets Stock Index Fund
returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. 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.
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 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,
29
Emerging Markets Stock Index Fund
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.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. 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 $4,580,000, representing 0.01% of the fund’s net assets and 1.83% 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).
Emerging Markets Stock Index Fund
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 | 4,194,959 | 3,524,802 | 3,425 |
| Common Stocks—Other | 1,307,400 | 43,212,117 | 257,936 |
| Temporary Cash Investments | 1,117,391 | 52,987 | — |
| Futures Contracts—Assets1 | 828 | — | — |
| Futures Contracts—Liabilities1 | (302) | — | — |
| Total | 6,620,276 | 46,789,906 | 261,361 |
| 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 $4,064,463,000 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 $2,972,550,000 based on Level 2 inputs were transferred from Level 1 during the fiscal year.
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. Further, at October 31, 2015, the fund had a concentration of its investments in securities issued in China, and the performance of such investments may be impacted by the country’s social, political, and economic conditions.
D. 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) |
| MSCI Emerging Markets Index | December 2015 | 6,900 | 291,077 | 11,478 |
| E-mini S&P 500 Index | December 2015 | 650 | 67,395 | 2,682 |
| 14,160 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
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.
31
Emerging Markets Stock Index Fund
During the year ended October 31, 2015, the fund realized net foreign currency losses of $23,219,000, 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 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 $6,144,000, 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 $71,193,000.
During the year ended October 31, 2015, the fund realized $133,007,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
For tax purposes, at October 31, 2015, the fund had $161,858,000 of ordinary income available for distribution. At October 31, 2015, the fund had available capital losses totaling $6,261,919,000 to offset future net capital gains. Of this amount, $2,165,283,000 is subject to expiration dates; $59,681,000 may be used to offset future net capital gains through October 31, 2016, $1,591,794,000 through October 31, 2017, $212,374,000 through October 31, 2018, and $301,434,000 through October 31, 2019. Capital losses of $4,096,636,000 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 $60,465,792,000. Net unrealized depreciation of investment securities for tax purposes was $6,794,775,000, consisting of unrealized gains of $8,565,298,000 on securities that had risen in value since their purchase and $15,360,073,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the year ended October 31, 2015, the fund purchased $6,739,021,000 of investment securities and sold $7,396,930,000 of investment securities, other than temporary cash investments. Purchases and sales include $612,766,000 and $3,106,379,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
32
Emerging Markets Stock Index Fund
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 | 364,606 | 14,768 | 452,183 | 17,297 |
| Issued in Lieu of Cash Distributions | 43,224 | 1,839 | 51,321 | 1,929 |
| Redeemed | (545,724) | (21,958) | (639,049) | (24,336) |
| Net Increase (Decrease)—Investor Shares | (137,894) | (5,351) | (135,545) | (5,110) |
| ETF Shares | ||||
| Issued | 2,723,101 | 66,677 | 4,796,082 | 112,270 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (4,628,926) | (132,000) | (7,753,984) | (195,400) |
| Net Increase (Decrease)—ETF Shares | (1,905,825) | (65,323) | (2,957,902) | (83,130) |
| Admiral Shares | ||||
| Issued1 | 2,379,828 | 73,134 | 2,886,209 | 82,926 |
| Issued in Lieu of Cash Distributions | 207,486 | 6,725 | 188,705 | 5,400 |
| Redeemed | (1,712,861) | (52,780) | (1,240,242) | (36,247) |
| Net Increase (Decrease) —Admiral Shares | 874,453 | 27,079 | 1,834,672 | 52,079 |
| Signal Shares | ||||
| Issued | — | — | 371,246 | 11,327 |
| Issued in Lieu of Cash Distributions | — | — | 23,257 | 699 |
| Redeemed1 | — | — | (1,781,826) | (53,414) |
| Net Increase (Decrease)—Signal Shares | — | — | (1,387,323) | (41,388) |
| Institutional Shares | ||||
| Issued | 1,464,969 | 59,422 | 1,415,770 | 54,296 |
| Issued in Lieu of Cash Distributions | 97,029 | 4,142 | 99,153 | 3,728 |
| Redeemed | (1,181,140) | (47,125) | (1,112,432) | (42,784) |
| Net Increase (Decrease) —Institutional Shares | 380,858 | 16,439 | 402,491 | 15,240 |
| Institutional Plus Shares | ||||
| Issued | 622,489 | 7,130 | 802,266 | 9,114 |
| Issued in Lieu of Cash Distributions | 69,085 | 885 | 66,245 | 749 |
| Redeemed | (327,950) | (3,832) | (458,343) | (5,261) |
| Net Increase (Decrease) —Institutional Plus Shares | 363,624 | 4,183 | 410,168 | 4,602 |
1 Admiral Shares Issued and Signal Shares Redeemed include $1,127,550,000 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.
33
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard Emerging Markets 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 Emerging Markets Stock Index Fund (constituting a separate portfolio of Vanguard International Equity Index 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 15, 2015
| Special 2015 tax information (unaudited) for Vanguard Emerging Markets 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 $616,732,000 of qualified dividend income to shareholders during the fiscal year. |
|
|
| The fund designates to shareholders foreign source income of $1,766,197,000 and foreign taxes |
| paid of $186,658,000. 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. |
34
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: Emerging Markets Stock Index Fund Investor Shares
Periods Ended October 31, 2015
| One | Five | Ten | |
| Year | Years | Years | |
| Returns Before Taxes | -15.74% | -3.02% | 5.27% |
| Returns After Taxes on Distributions | -16.55 | -3.64 | 4.76 |
| Returns After Taxes on Distributions and Sale of Fund Shares | -8.71 | -2.24 | 4.29 |
35
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.
36
| Six Months Ended October 31, 2015 | |||
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| Emerging Markets Stock Index Fund | 4/30/2015 | 10/31/2015 | Period |
| Based on Actual Fund Return | |||
| Investor Shares | $1,000.00 | $814.15 | $1.51 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 814.70 | 0.69 |
| Admiral Shares | 1,000.00 | 814.77 | 0.69 |
| Institutional Shares | 1,000.00 | 814.87 | 0.55 |
| Institutional Plus Shares | 1,000.00 | 815.00 | 0.46 |
| Based on Hypothetical 5% Yearly Return | |||
| Investor Shares | $1,000.00 | $1,023.54 | $1.68 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 1,024.45 | 0.77 |
| Admiral Shares | 1,000.00 | 1,024.45 | 0.77 |
| Institutional Shares | 1,000.00 | 1,024.60 | 0.61 |
| Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.51 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are 0.33% for Investor Shares, 0.15% for FTSE Emerging Markets ETF Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, and 0.10% 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).
37
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.
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.
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.
38
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 Emerging Markets Index: Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index through January 9, 2013; FTSE Emerging Transition Index through June 27, 2013; FTSE Emerging Index through November 1, 2015; and FTSE Emerging Markets All Cap China A Transition Index thereafter. Benchmark returns are adjusted for withholding taxes.
39
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 | ||
| (retired 2010) of Corning Incorporated (communications | John J. Brennan | |
| equipment); Trustee of Colby-Sawyer College; | Chairman, 1996–2009 | |
| 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 | |
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| with the offering of shares of any Vanguard | are trademarks of the London Stock Exchange Group |
| fund only if preceded or accompanied by | companies and are used by FTSE, MTS, FTSE TMX and |
| the fund’s current prospectus. | Russell under licence. All information is provided for |
| information purposes only. No responsibility or liability | |
| All comparative mutual fund data are from Lipper, a | can be accepted by the London Stock Exchange Group |
| Thomson Reuters Company, or Morningstar, Inc., unless | companies nor its licensors for any errors or for any |
| otherwise noted. | loss from use of this publication. Neither the London |
| You can obtain a free copy of Vanguard’s proxy voting | Stock Exchange Group companies nor any of its |
| guidelines by visiting vanguard.com/proxyreporting or by | licensors make any claim, prediction, warranty or |
| calling Vanguard at 800-662-2739. The guidelines are | representation whatsoever, expressly or impliedly, |
| also available from the SEC’s website, sec.gov. In | either as to the results to be obtained from the use of |
| addition, you may obtain a free report on how your fund | the FTSE Indexes or the fitness or suitability of the |
| voted the proxies for securities it owned during the 12 | Indexes for any particular purpose to which they might |
| months ended June 30. To get the report, visit either | be put. |
| vanguard.com/proxyreporting or sec.gov. | The Industry Classification Benchmark (”ICB”) is owned |
| You can review and copy information about your fund at | by FTSE. FTSE does not accept any liability to any |
| the SEC’s Public Reference Room in Washington, D.C. To | person for any loss or damage arising out of any error |
| find out more about this public service, call the SEC at | or omission in the ICB. |
| 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 | |
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| Commission, Washington, DC 20549-1520. | |
| © 2015 The Vanguard Group, Inc. | |
| All rights reserved. | |
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| Q5330 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: $307,000 Fiscal Year Ended October 31, 2014: $296,000
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® European Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (99.0%)1 | ||
| Austria (0.4%) | ||
| * Erste Group Bank AG | 666,406 | 19,514 |
| voestalpine AG | 264,043 | 9,546 |
| OMV AG | 334,413 | 8,902 |
| ANDRITZ AG | 169,064 | 8,512 |
| * IMMOFINANZ AG | 2,106,104 | 5,394 |
| Wienerberger AG | 271,609 | 5,005 |
| * Raiffeisen Bank International AG | 272,414 | 4,297 |
| CA Immobilien Anlagen AG | 169,803 | 3,328 |
| BUWOG AG | 138,800 | 2,953 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 89,177 | 2,853 |
| Oesterreichische Post AG | 78,439 | 2,851 |
| UNIQA Insurance Group AG | 258,334 | 2,399 |
| Mayr Melnhof Karton AG | 18,578 | 2,195 |
| ^ Verbund AG | 154,181 | 2,182 |
| * Conwert Immobilien Invest SE | 142,263 | 2,038 |
| Schoeller-Bleckmann Oilfield Equipment AG | 25,638 | 1,539 |
| Zumtobel Group AG | 65,663 | 1,493 |
| Lenzing AG | 18,497 | 1,413 |
| RHI AG | 60,107 | 1,358 |
| Telekom Austria AG | 185,181 | 1,116 |
| Flughafen Wien AG | 10,241 | 965 |
| Strabag SE | 38,123 | 875 |
| EVN AG | 70,287 | 777 |
| Semperit AG Holding | 21,978 | 761 |
| Palfinger AG | 25,978 | 730 |
| S IMMO AG | 68,620 | 609 |
| Kapsch TrafficCom AG | 12,076 | 437 |
| 94,042 | ||
| Belgium (2.1%) | ||
| Anheuser-Busch InBev SA/NV | 1,852,347 | 220,919 |
| KBC Groep NV | 639,096 | 38,840 |
| UCB SA | 282,932 | 24,440 |
| Delhaize Group | 238,348 | 22,087 |
| Ageas | 480,079 | 21,178 |
| Solvay SA Class A | 131,018 | 14,787 |
| Groupe Bruxelles Lambert SA | 180,242 | 14,628 |
| Proximus SADP | 325,056 | 11,247 |
| Umicore SA | 251,009 | 10,649 |
| Ackermans & van Haaren NV | 57,727 | 8,783 |
| Colruyt SA | 153,605 | 7,591 |
| * Telenet Group Holding NV | 113,346 | 6,583 |
| bpost SA | 232,232 | 5,807 |
| Cofinimmo SA | 46,841 | 5,223 |
| Ontex Group NV | 153,305 | 4,710 |
| Euronav NV | 263,281 | 3,882 |
| * Galapagos NV | 78,482 | 3,787 |
| Elia System Operator SA/NV | 61,672 | 2,982 |
| Warehouses De Pauw CVA | 33,094 | 2,708 |
| Befimmo SA | 39,073 | 2,615 |
| Bekaert SA | 80,395 | 2,384 |
| Melexis NV | 48,787 | 2,372 |
| D'ieteren SA/NV | 63,301 | 2,142 |
| Gimv NV | 44,286 | 2,079 |
| Cie d'Entreprises CFE | 16,461 | 2,040 |
| Fagron | 73,780 | 1,809 |
| * Tessenderlo Chemie NV (Voting Shares) | 54,658 | 1,762 |
| * AGFA-Gevaert NV | 389,570 | 1,662 |
| * Mobistar SA | 66,899 | 1,640 |
| Ion Beam Applications | 45,397 | 1,617 |
| KBC Ancora | 36,368 | 1,442 |
| Barco NV | 18,818 | 1,236 |
1
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Kinepolis Group NV | 28,800 | 1,196 | |
| *,^ | Nyrstar (Voting Shares) | 760,202 | 1,160 |
| Econocom Group SA/NV | 128,080 | 1,143 | |
| * | BHF Kleinwort Benson Group | 177,941 | 1,017 |
| Van de Velde NV | 15,469 | 1,008 | |
| * | Cie Maritime Belge SA | 40,640 | 719 |
| EVS Broadcast Equipment SA | 21,921 | 639 | |
| Wereldhave Belgium NV | 4,568 | 542 | |
| 463,055 | |||
| Denmark (2.6%) | |||
| Novo Nordisk A/S Class B | 4,285,350 | 227,011 | |
| Danske Bank A/S | 1,793,136 | 49,195 | |
| Pandora A/S | 266,131 | 30,635 | |
| Vestas Wind Systems A/S | 515,828 | 29,974 | |
| Novozymes A/S | 527,445 | 24,393 | |
| AP Moeller - Maersk A/S Class B | 15,199 | 22,369 | |
| Carlsberg A/S Class B | 245,661 | 20,099 | |
| Coloplast A/S Class B | 233,002 | 16,685 | |
| DSV A/S | 388,197 | 15,708 | |
| AP Moeller - Maersk A/S Class A | 10,463 | 14,963 | |
| ISS A/S | 399,107 | 14,020 | |
| Chr Hansen Holding A/S | 203,985 | 12,230 | |
| * | Genmab A/S | 124,088 | 12,200 |
| TDC A/S | 1,855,257 | 9,703 | |
| * | Jyske Bank A/S | 165,419 | 8,059 |
| GN Store Nord A/S | 349,313 | 6,362 | |
| Sydbank A/S | 170,326 | 5,590 | |
| * | William Demant Holding A/S | 55,044 | 4,774 |
| Tryg A/S | 265,649 | 4,771 | |
| * | Topdanmark A/S | 178,983 | 4,758 |
| FLSmidth & Co. A/S | 113,862 | 4,304 | |
| * | H Lundbeck A/S | 137,169 | 4,028 |
| SimCorp A/S | 78,080 | 3,824 | |
| * | Royal Unibrew A/S | 94,136 | 3,718 |
| NKT Holding A/S | 55,127 | 2,996 | |
| Rockwool International A/S Class B | 14,720 | 2,302 | |
| * | Dfds A/S | 73,477 | 2,230 |
| Spar Nord Bank A/S | 192,403 | 1,840 | |
| * | Bavarian Nordic A/S | 43,698 | 1,749 |
| *,^ | Ambu A/S Class B | 55,257 | 1,497 |
| Matas A/S | 82,584 | 1,496 | |
| ALK-Abello A/S | 13,386 | 1,454 | |
| Schouw & Co. | 27,276 | 1,426 | |
| Alm Brand A/S | 159,054 | 901 | |
| Solar A/S Class B | 13,858 | 842 | |
| *,^ | Bang & Olufsen A/S | 75,061 | 493 |
| *,^ | D/S Norden A/S | 18,961 | 377 |
| 568,976 | |||
| Finland (1.5%) | |||
| Nokia Oyj | 8,696,948 | 64,538 | |
| Sampo Oyj Class A | 1,092,751 | 53,312 | |
| Kone Oyj Class B | 881,856 | 37,575 | |
| UPM-Kymmene Oyj | 1,235,280 | 23,091 | |
| Fortum Oyj | 1,034,223 | 15,491 | |
| Wartsila OYJ Abp | 361,750 | 15,419 | |
| Elisa Oyj | 370,058 | 13,931 | |
| Stora Enso Oyj | 1,334,741 | 12,356 | |
| Nokian Renkaat Oyj | 312,795 | 11,772 | |
| Huhtamaki Oyj | 239,930 | 8,449 | |
| Orion Oyj Class B | 235,492 | 8,401 | |
| Amer Sports Oyj | 271,948 | 7,610 | |
| Metso Oyj | 310,748 | 7,590 | |
| Neste Oyj | 297,724 | 7,250 | |
| Kesko Oyj Class B | 157,062 | 5,005 | |
2
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Tieto Oyj | 169,791 | 4,344 | |
| Konecranes Oyj | 136,077 | 3,643 | |
| Cargotec Oyj Class B | 95,592 | 3,398 | |
| Metsa Board Oyj | 519,575 | 3,299 | |
| Valmet Oyj | 310,748 | 3,268 | |
| Caverion Corp. | 291,673 | 2,537 | |
| Citycon Oyj | 909,409 | 2,392 | |
| Sponda Oyj | 558,781 | 2,371 | |
| Kemira Oyj | 176,496 | 2,089 | |
| Uponor Oyj | 125,834 | 1,675 | |
| *,^ | Outokumpu Oyj | 472,712 | 1,601 |
| ^ | YIT Oyj | 291,659 | 1,531 |
| ^ | Outotec Oyj | 420,302 | 1,443 |
| * | Oriola-KD Oyj | 287,402 | 1,403 |
| Raisio Oyj | 287,831 | 1,356 | |
| Ramirent Oyj | 153,756 | 1,196 | |
| Cramo Oyj | 58,521 | 1,072 | |
| ^ | Sanoma Oyj | 196,335 | 860 |
| * | Finnair Oyj | 148,148 | 612 |
| * | Stockmann OYJ Abp Class B | 63,166 | 491 |
| F-Secure Oyj | 144,692 | 431 | |
| 332,802 | |||
| France (13.7%) | |||
| Sanofi | 2,623,099 | 264,460 | |
| TOTAL SA | 4,778,940 | 231,585 | |
| BNP Paribas SA | 2,267,980 | 137,563 | |
| AXA SA | 4,473,524 | 119,434 | |
| LVMH Moet Hennessy Louis Vuitton SE | 581,598 | 108,205 | |
| Danone SA | 1,320,120 | 91,907 | |
| Airbus Group SE | 1,286,793 | 89,412 | |
| Societe Generale SA | 1,701,813 | 79,015 | |
| Orange SA | 4,428,625 | 77,909 | |
| Schneider Electric SE | 1,283,309 | 77,596 | |
| Vinci SA | 1,082,673 | 72,973 | |
| Vivendi SA | 2,731,502 | 65,731 | |
| Essilor International SA | 462,643 | 60,711 | |
| Air Liquide SA | 457,450 | 59,177 | |
| L'Oreal SA | 319,381 | 58,189 | |
| ^ | Engie SA | 3,303,548 | 57,866 |
| Pernod Ricard SA | 455,939 | 53,668 | |
| Safran SA | 648,227 | 49,193 | |
| Cie de Saint-Gobain | 1,071,254 | 44,891 | |
| Air Liquide SA | 337,631 | 43,677 | |
| Cie Generale des Etablissements Michelin | 434,701 | 43,252 | |
| L'Oreal SA Loyalty Line | 232,325 | 42,328 | |
| Carrefour SA | 1,262,092 | 41,101 | |
| Renault SA | 399,637 | 37,596 | |
| Legrand SA | 616,637 | 33,803 | |
| Cap Gemini SA | 369,430 | 32,856 | |
| Kering | 172,961 | 31,955 | |
| Publicis Groupe SA | 440,100 | 28,550 | |
| Valeo SA | 180,311 | 27,842 | |
| * | Alcatel-Lucent | 6,429,260 | 26,088 |
| Veolia Environnement SA | 1,081,858 | 25,153 | |
| Credit Agricole SA | 1,890,480 | 23,912 | |
| Christian Dior SE | 120,400 | 23,666 | |
| Accor SA | 468,404 | 23,255 | |
| Dassault Systemes | 290,823 | 22,946 | |
| Hermes International | 55,497 | 21,350 | |
| SES SA | 689,930 | 20,372 | |
| Klepierre | 411,664 | 19,506 | |
| Sodexo SA | 212,233 | 18,863 | |
| Thales SA | 239,157 | 17,316 | |
| Bouygues SA | 436,574 | 16,516 | |
3
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Alstom SA | 500,660 | 16,313 |
| Atos SE | 203,653 | 16,227 | |
| * | Peugeot SA | 901,734 | 15,856 |
| Ingenico Group SA | 126,888 | 14,969 | |
| Groupe Eurotunnel SE | 1,068,309 | 14,958 | |
| Suez Environnement Co. | 750,903 | 14,269 | |
| Bureau Veritas SA | 598,863 | 13,530 | |
| Technip SA | 257,902 | 13,451 | |
| Natixis SA | 2,169,666 | 13,280 | |
| Eutelsat Communications SA | 380,472 | 12,539 | |
| SCOR SE | 326,029 | 12,125 | |
| Arkema SA | 161,936 | 11,830 | |
| Iliad SA | 53,919 | 11,329 | |
| Zodiac Aerospace | 445,827 | 11,274 | |
| Bollore SA | 2,277,376 | 11,258 | |
| Teleperformance | 132,552 | 10,409 | |
| Gecina SA | 81,274 | 10,381 | |
| Societe BIC SA | 62,570 | 9,967 | |
| STMicroelectronics NV | 1,440,099 | 9,955 | |
| * | Numericable-SFR SAS | 213,726 | 9,669 |
| Rexel SA | 696,937 | 9,516 | |
| Electricite de France SA | 482,552 | 8,975 | |
| Edenred | 468,670 | 8,589 | |
| Wendel SA | 70,566 | 8,459 | |
| Aeroports de Paris | 66,647 | 8,368 | |
| Orpea | 97,689 | 7,830 | |
| Fonciere Des Regions | 83,099 | 7,820 | |
| Casino Guichard Perrachon SA | 133,439 | 7,666 | |
| Lagardere SCA | 262,550 | 7,643 | |
| 2 | Euronext NV | 162,562 | 7,131 |
| Eurofins Scientific SE | 19,603 | 7,087 | |
| JCDecaux SA | 172,454 | 7,018 | |
| Eurazeo SA | 94,558 | 6,658 | |
| Rubis SCA | 82,080 | 6,579 | |
| * | UBISOFT Entertainment | 214,640 | 6,429 |
| SEB SA | 62,430 | 6,341 | |
| Credit Agricole SA Loyalty Line | 497,173 | 6,288 | |
| ICADE | 82,009 | 6,067 | |
| Eiffage SA | 96,452 | 6,016 | |
| Faurecia | 140,968 | 5,570 | |
| CNP Assurances | 382,690 | 5,460 | |
| Imerys SA | 79,635 | 5,448 | |
| ^ | Technicolor SA | 777,452 | 5,265 |
| Ipsen SA | 80,248 | 5,063 | |
| 2 | Elior | 223,566 | 4,242 |
| Plastic Omnium SA | 133,850 | 3,864 | |
| BioMerieux | 32,985 | 3,832 | |
| Remy Cointreau SA | 54,947 | 3,825 | |
| Nexity SA | 84,303 | 3,733 | |
| Korian SA | 95,146 | 3,598 | |
| Sopra Steria Group | 29,774 | 3,386 | |
| Altran Technologies SA | 271,801 | 3,384 | |
| Sartorius Stedim Biotech | 9,264 | 3,271 | |
| Havas SA | 374,490 | 3,245 | |
| * | DBV Technologies SA | 46,431 | 3,203 |
| Societe Television Francaise 1 | 245,018 | 3,152 | |
| * | Nexans SA | 77,075 | 3,063 |
| Vallourec SA | 271,715 | 3,014 | |
| Metropole Television SA | 152,621 | 2,936 | |
| Euler Hermes Group | 30,528 | 2,860 | |
| Alten SA | 53,135 | 2,755 | |
| Elis SA | 153,559 | 2,601 | |
| *,^ | Air France-KLM | 343,721 | 2,518 |
| Vicat | 35,791 | 2,295 | |
4
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Electricite de France SA Loyalty Line | 122,442 | 2,277 | |
| Mercialys SA | 96,112 | 2,208 | |
| Gaztransport Et Technigaz SA | 42,996 | 2,150 | |
| *,^ | Genfit | 45,622 | 2,047 |
| Virbac SA | 10,214 | 2,034 | |
| Neopost SA | 79,877 | 1,986 | |
| Saft Groupe SA | 63,990 | 1,653 | |
| Faiveley Transport SA | 15,561 | 1,642 | |
| IPSOS | 78,947 | 1,602 | |
| *,^ | CGG SA | 394,297 | 1,584 |
| Coface SA | 185,759 | 1,504 | |
| * | Groupe Fnac SA | 22,739 | 1,475 |
| Tarkett SA | 42,915 | 1,281 | |
| Boiron SA | 12,561 | 1,110 | |
| LISI | 44,905 | 1,096 | |
| Trigano SA | 22,257 | 1,069 | |
| Vilmorin & Cie SA | 14,384 | 1,014 | |
| * | GameLoft SE | 170,972 | 976 |
| ^ | Rallye SA | 50,343 | 931 |
| FFP | 12,238 | 895 | |
| ^ | Bourbon SA | 58,967 | 869 |
| * | Parrot SA | 18,769 | 850 |
| *,^ | Eramet | 20,707 | 817 |
| Bonduelle SCA | 30,655 | 763 | |
| Guerbet | 11,169 | 757 | |
| * | Euro Disney SCA | 500,156 | 687 |
| * | Etablissements Maurel et Prom | 183,079 | 659 |
| Albioma SA | 39,283 | 639 | |
| * | Derichebourg SA | 186,068 | 572 |
| Mersen | 27,102 | 509 | |
| Assystem | 24,260 | 506 | |
| MPI | 176,619 | 444 | |
| Jacquet Metal Service | 29,675 | 433 | |
| GL Events | 21,932 | 418 | |
| Haulotte Group SA | 27,288 | 387 | |
| * | Esso SA Francaise | 5,970 | 342 |
| ^ | Solocal Group | 40,407 | 329 |
| Manitou BF SA | 22,042 | 305 | |
| * | Stallergenes Greer plc | 5,371 | 239 |
| Union Financiere de France BQE SA | 6,570 | 186 | |
| 2,948,285 | |||
| Germany (13.3%) | |||
| Bayer AG | 1,920,429 | 256,339 | |
| Daimler AG | 2,218,361 | 192,500 | |
| Allianz SE | 1,057,348 | 185,142 | |
| Siemens AG | 1,839,102 | 184,961 | |
| BASF SE | 2,143,791 | 175,726 | |
| SAP SE | 2,075,684 | 164,098 | |
| * | Deutsche Telekom AG | 7,351,999 | 137,469 |
| Deutsche Bank AG | 3,203,100 | 89,828 | |
| Bayerische Motoren Werke AG | 754,930 | 77,500 | |
| Linde AG | 429,629 | 74,515 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 343,674 | 68,598 | |
| Fresenius SE & Co. KGaA | 910,495 | 66,803 | |
| Deutsche Post AG | 2,207,847 | 65,737 | |
| Continental AG | 250,817 | 60,302 | |
| E.ON SE | 4,352,607 | 45,933 | |
| Fresenius Medical Care AG & Co. KGaA | 495,241 | 44,614 | |
| Henkel AG & Co. KGaA Preference Shares | 403,017 | 43,735 | |
| Volkswagen AG Preference Shares | 356,525 | 42,796 | |
| adidas AG | 464,920 | 41,676 | |
| Deutsche Boerse AG | 427,422 | 39,342 | |
| Vonovia SE | 1,082,198 | 36,052 | |
| Infineon Technologies AG | 2,604,159 | 32,050 | |
5
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Merck KGaA | 300,009 | 29,265 | |
| ProSiebenSat.1 Media SE | 494,690 | 26,773 | |
| * | Commerzbank AG | 2,413,941 | 26,575 |
| Henkel AG & Co. KGaA | 271,498 | 25,058 | |
| HeidelbergCement AG | 326,575 | 24,331 | |
| Deutsche Wohnen AG | 782,184 | 22,055 | |
| Beiersdorf AG | 231,767 | 22,019 | |
| Brenntag AG | 358,797 | 21,679 | |
| ThyssenKrupp AG | 985,712 | 19,883 | |
| Symrise AG | 282,309 | 18,601 | |
| Porsche Automobil Holding SE Preference Shares | 355,604 | 16,661 | |
| GEA Group AG | 411,271 | 16,465 | |
| Hannover Rueck SE | 140,032 | 16,213 | |
| RWE AG | 1,123,130 | 15,630 | |
| HUGO BOSS AG | 149,058 | 15,347 | |
| United Internet AG | 274,581 | 14,264 | |
| Wirecard AG | 266,709 | 13,763 | |
| * | QIAGEN NV | 524,540 | 12,674 |
| METRO AG | 383,835 | 11,830 | |
| OSRAM Licht AG | 197,060 | 11,591 | |
| LANXESS AG | 212,545 | 11,416 | |
| K&S AG | 444,490 | 11,249 | |
| MTU Aero Engines AG | 118,103 | 10,931 | |
| LEG Immobilien AG | 135,297 | 10,802 | |
| Bayerische Motoren Werke AG Preference Shares | 126,565 | 10,215 | |
| Volkswagen AG | 68,362 | 9,468 | |
| Evonik Industries AG | 248,905 | 9,047 | |
| *,2 | Zalando SE | 244,418 | 8,559 |
| MAN SE | 81,847 | 8,544 | |
| Freenet AG | 249,814 | 8,428 | |
| Telefonica Deutschland Holding AG | 1,243,411 | 8,007 | |
| * | Deutsche Lufthansa AG | 537,243 | 7,936 |
| RTL Group SA | 89,866 | 7,770 | |
| Fuchs Petrolub SE Preference Shares | 161,401 | 7,741 | |
| TUI AG | 383,129 | 7,115 | |
| Aurubis AG | 104,403 | 6,981 | |
| KION Group AG | 153,883 | 6,937 | |
| Kabel Deutschland Holding AG | 49,339 | 6,283 | |
| * | Dialog Semiconductor plc | 166,363 | 6,146 |
| HOCHTIEF AG | 62,124 | 5,783 | |
| Gerresheimer AG | 72,921 | 5,689 | |
| STADA Arzneimittel AG | 144,570 | 5,503 | |
| Axel Springer SE | 96,503 | 5,432 | |
| Fraport AG Frankfurt Airport Services Worldwide | 85,616 | 5,431 | |
| Aareal Bank AG | 139,007 | 5,287 | |
| Deutsche EuroShop AG | 106,487 | 5,136 | |
| Drillisch AG | 96,657 | 4,986 | |
| ^ | KUKA AG | 58,877 | 4,975 |
| * | Nordex SE | 142,754 | 4,669 |
| Sartorius AG Preference Shares | 19,784 | 4,473 | |
| Fielmann AG | 58,494 | 4,098 | |
| Krones AG | 33,750 | 4,058 | |
| Norma Group SE | 73,994 | 3,796 | |
| Rational AG | 9,506 | 3,772 | |
| * | MorphoSys AG | 60,478 | 3,741 |
| ^ | TAG Immobilien AG | 274,214 | 3,552 |
| DMG Mori AG | 87,859 | 3,490 | |
| ^ | Bilfinger SE | 75,886 | 3,401 |
| Suedzucker AG | 180,514 | 3,369 | |
| alstria office REIT-AG | 239,505 | 3,338 | |
| Stroeer SE | 52,206 | 3,285 | |
| FUCHS PETROLUB SE | 79,086 | 3,269 | |
| Wincor Nixdorf AG | 63,618 | 3,259 | |
| Software AG | 108,785 | 3,164 | |
6
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | GRENKELEASING AG | 17,124 | 3,140 |
| Leoni AG | 75,868 | 3,095 | |
| Wacker Chemie AG | 34,612 | 3,041 | |
| CTS Eventim AG & Co. KGaA | 75,800 | 2,967 | |
| Hella KGaA Hueck & Co. | 72,250 | 2,965 | |
| Pfeiffer Vacuum Technology AG | 22,916 | 2,859 | |
| RHOEN-KLINIKUM AG | 95,531 | 2,848 | |
| Talanx AG | 87,380 | 2,800 | |
| Jungheinrich AG Preference Shares | 37,157 | 2,733 | |
| Duerr AG | 32,142 | 2,677 | |
| Salzgitter AG | 89,181 | 2,575 | |
| *,^ | SGL Carbon SE | 137,600 | 2,530 |
| Bechtle AG | 27,078 | 2,503 | |
| * | PATRIZIA Immobilien AG | 88,623 | 2,436 |
| Indus Holding AG | 42,586 | 1,982 | |
| ^ | Kloeckner & Co. SE | 215,203 | 1,920 |
| Nemetschek AG | 42,022 | 1,810 | |
| Sixt SE | 31,826 | 1,775 | |
| Sixt SE Preference Shares | 39,274 | 1,693 | |
| Rheinmetall AG | 26,848 | 1,690 | |
| KWS Saat SE | 5,211 | 1,685 | |
| * | Vossloh AG | 21,352 | 1,572 |
| * | Heidelberger Druckmaschinen AG | 543,742 | 1,562 |
| CompuGroup Medical AG | 53,117 | 1,562 | |
| Jenoptik AG | 93,047 | 1,503 | |
| ElringKlinger AG | 66,214 | 1,483 | |
| Takkt AG | 76,184 | 1,416 | |
| Puma SE | 6,305 | 1,412 | |
| BRAAS Monier Building Group SA | 51,997 | 1,360 | |
| Bertrandt AG | 11,071 | 1,297 | |
| *,^ | AIXTRON SE | 201,089 | 1,281 |
| Draegerwerk AG & Co. KGaA Preference Shares | 17,650 | 1,272 | |
| *,^ | SMA Solar Technology AG | 24,175 | 1,167 |
| Carl Zeiss Meditec AG | 37,765 | 1,107 | |
| BayWa AG | 31,905 | 1,080 | |
| ^ | Gerry Weber International AG | 59,700 | 971 |
| RWE AG Preference Shares | 76,079 | 835 | |
| Wacker Neuson SE | 58,639 | 815 | |
| Deutz AG | 209,153 | 784 | |
| DIC Asset AG | 79,629 | 784 | |
| comdirect bank AG | 57,063 | 692 | |
| Deutsche Beteiligungs AG | 23,791 | 676 | |
| Hamburger Hafen und Logistik AG | 45,549 | 659 | |
| Biotest AG Preference Shares | 45,949 | 647 | |
| * | Hornbach Baumarkt AG | 17,728 | 634 |
| Draegerwerk AG & Co. KGaA | 7,550 | 483 | |
| Bauer AG | 21,791 | 460 | |
| * | H&R AG | 34,938 | 316 |
| * | CropEnergies AG | 46,603 | 288 |
| Biotest AG | 13,549 | 204 | |
| 2,856,970 | |||
| Greece (0.1%) | |||
| Hellenic Telecommunications Organization SA | 556,506 | 5,177 | |
| OPAP SA | 481,543 | 4,258 | |
| * | National Bank of Greece SA | 3,475,085 | 2,567 |
| * | Alpha Bank AE | 8,660,457 | 1,091 |
| * | Piraeus Bank SA | 4,830,637 | 492 |
| 13,585 | |||
| Ireland (0.5%) | |||
| Kerry Group plc Class A | 338,261 | 27,472 | |
| * | Bank of Ireland | 63,883,920 | 23,766 |
| * | Ryanair Holdings plc ADR | 218,889 | 17,115 |
| Smurfit Kappa Group plc | 544,852 | 15,515 | |
| Kingspan Group plc | 409,295 | 9,906 | |
7
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Paddy Power plc | 77,201 | 8,924 | |
| Glanbia plc | 405,083 | 7,850 | |
| C&C Group plc | 788,476 | 3,145 | |
| Green REIT plc | 1,529,354 | 2,645 | |
| FBD Holdings plc | 44,504 | 340 | |
| *,^ | Irish Bank Resolution Corp. Ltd. | 2,503,596 | — |
| 116,678 | |||
| Italy (4.1%) | |||
| Intesa Sanpaolo SPA (Registered) | 27,956,087 | 97,459 | |
| Eni SPA | 5,720,538 | 93,330 | |
| Enel SPA | 15,941,383 | 73,601 | |
| UniCredit SPA | 11,363,171 | 73,525 | |
| Assicurazioni Generali SPA | 2,927,721 | 55,534 | |
| * | Telecom Italia SPA (Registered) | 26,099,281 | 36,351 |
| Atlantia SPA | 1,108,394 | 30,731 | |
| * | Fiat Chrysler Automobiles NV | 2,032,593 | 29,885 |
| Luxottica Group SPA | 407,633 | 28,519 | |
| Snam SPA | 5,035,997 | 26,048 | |
| Terna Rete Elettrica Nazionale SPA | 3,314,155 | 16,846 | |
| Telecom Italia SPA (Bearer) | 13,994,519 | 15,754 | |
| Unione di Banche Italiane SPA | 2,007,695 | 14,987 | |
| CNH Industrial NV | 2,130,092 | 14,381 | |
| Tenaris SA | 1,096,629 | 13,827 | |
| Mediobanca SPA | 1,274,199 | 12,828 | |
| * | Banco Popolare SC | 837,370 | 12,542 |
| * | Finmeccanica SPA | 885,053 | 11,589 |
| EXOR SPA | 227,196 | 11,287 | |
| Prysmian SPA | 476,744 | 10,308 | |
| Banca Monte dei Paschi di Siena SPA | 5,583,180 | 10,241 | |
| Banca Popolare di Milano Scarl | 10,192,351 | 9,589 | |
| Banca Popolare dell'Emilia Romagna SC | 1,109,215 | 8,938 | |
| Mediaset SPA | 1,741,791 | 8,854 | |
| Enel Green Power SPA | 3,599,580 | 7,609 | |
| Intesa Sanpaolo SPA | 2,165,532 | 6,925 | |
| Recordati SPA | 236,928 | 5,893 | |
| Azimut Holding SPA | 243,640 | 5,850 | |
| UnipolSai SPA | 2,406,478 | 5,800 | |
| Davide Campari-Milano SPA | 656,723 | 5,614 | |
| *,^ | Saipem SPA | 579,741 | 5,450 |
| Unipol Gruppo Finanziario SPA | 1,138,847 | 5,313 | |
| Italcementi SPA | 449,202 | 4,990 | |
| Moncler SPA | 307,706 | 4,960 | |
| A2A SPA | 3,606,533 | 4,948 | |
| 2 | Anima Holding SPA | 494,329 | 4,855 |
| Mediolanum SPA | 596,170 | 4,849 | |
| Banca Popolare di Sondrio SCARL | 1,042,344 | 4,753 | |
| * | Yoox Net-A-Porter Group SPA | 134,619 | 4,557 |
| Banca Generali SPA | 131,923 | 4,070 | |
| FinecoBank Banca Fineco SPA | 492,785 | 3,719 | |
| Hera SPA | 1,408,643 | 3,702 | |
| * | Credito Valtellinese SC | 2,575,006 | 3,234 |
| De' Longhi SPA | 131,930 | 3,227 | |
| Brembo SPA | 69,566 | 3,068 | |
| ^ | Salvatore Ferragamo SPA | 109,508 | 2,976 |
| Ansaldo STS SPA | 278,676 | 2,963 | |
| Banca Carige SPA | 1,580,289 | 2,886 | |
| Buzzi Unicem SPA | 168,446 | 2,853 | |
| Interpump Group SPA | 185,988 | 2,736 | |
| * | Autogrill SPA | 294,231 | 2,735 |
| Societa Cattolica di Assicurazioni SCRL | 336,118 | 2,630 | |
| ^ | Tod's SPA | 31,277 | 2,617 |
| Cerved Information Solutions SPA | 335,109 | 2,538 | |
| DiaSorin SPA | 54,292 | 2,430 | |
| Ei Towers SPA | 39,136 | 2,374 | |
8
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Beni Stabili SpA SIIQ | 2,475,791 | 2,036 | |
| Societa Iniziative Autostradali e Servizi SPA | 163,781 | 1,876 | |
| Parmalat SPA | 718,912 | 1,870 | |
| Salini Impregilo SPA | 445,761 | 1,849 | |
| ^ | Industria Macchine Automatiche SPA | 33,923 | 1,755 |
| Iren SPA | 1,021,690 | 1,684 | |
| ACEA SPA | 113,751 | 1,635 | |
| *,2 | OVS SPA | 237,224 | 1,633 |
| ERG SPA | 112,756 | 1,601 | |
| Amplifon SPA | 202,875 | 1,579 | |
| * | Saras SPA | 798,481 | 1,577 |
| MARR SPA | 75,123 | 1,531 | |
| Danieli & C Officine Meccaniche SPA | 93,879 | 1,421 | |
| Credito Emiliano SPA | 177,541 | 1,269 | |
| Brunello Cucinelli SPA | 64,746 | 1,173 | |
| Banca IFIS SPA | 46,523 | 1,149 | |
| 2 | RAI Way SPA | 221,084 | 1,126 |
| ASTM SPA | 81,641 | 1,096 | |
| Italmobiliare SPA | 37,954 | 1,033 | |
| ^ | Piaggio & C SPA | 384,710 | 956 |
| Buzzi Unicem SPA | 92,377 | 932 | |
| * | CIR-Compagnie Industriali Riunite SPA | 819,166 | 904 |
| * | Safilo Group SPA | 70,973 | 883 |
| * | Geox SPA | 180,095 | 839 |
| Astaldi SPA | 102,858 | 828 | |
| Cementir Holding SPA | 129,334 | 724 | |
| Immobiliare Grande Distribuzione SIIQ SPA | 702,597 | 701 | |
| * | RCS MediaGroup SPA | 784,790 | 627 |
| Danieli & C Officine Meccaniche SPA | 28,699 | 614 | |
| *,^ | Fincantieri SPA | 1,100,295 | 604 |
| Esprinet SPA | 65,299 | 587 | |
| Italmobiliare SPA | 13,124 | 567 | |
| Zignago Vetro SPA | 66,001 | 430 | |
| * | Gruppo Editoriale L'Espresso SPA | 386,076 | 418 |
| * | Cofide SPA | 734,900 | 358 |
| DeA Capital SPA | 216,354 | 350 | |
| * | Arnoldo Mondadori Editore SPA | 285,378 | 348 |
| Falck Renewables SPA | 259,966 | 326 | |
| * | Juventus Football Club SPA | 936,139 | 269 |
| Trevi Finanziaria Industriale SPA | 188,600 | 244 | |
| * | Sogefi SPA | 94,219 | 228 |
| * | Pirelli & C. SPA | 11,853 | 191 |
| * | World Duty Free SPA | 3,299 | 37 |
| 891,936 | |||
| Netherlands (4.4%) | |||
| Unilever NV | 3,614,390 | 162,918 | |
| ING Groep NV | 8,968,416 | 130,064 | |
| ASML Holding NV | 754,326 | 69,927 | |
| Unibail-Rodamco SE | 228,685 | 63,722 | |
| Koninklijke Philips NV | 2,148,780 | 57,964 | |
| Heineken NV | 508,309 | 46,347 | |
| Koninklijke Ahold NV | 2,077,012 | 42,190 | |
| Akzo Nobel NV | 575,038 | 40,630 | |
| RELX NV | 2,184,053 | 37,253 | |
| Aegon NV | 4,417,120 | 27,129 | |
| Koninklijke KPN NV | 7,213,023 | 26,415 | |
| Wolters Kluwer NV | 685,866 | 23,166 | |
| Koninklijke DSM NV | 405,708 | 21,602 | |
| NN Group NV | 656,594 | 20,590 | |
| Heineken Holding NV | 227,424 | 18,193 | |
| * | Altice NV Class A | 894,219 | 15,413 |
| Randstad Holding NV | 254,556 | 15,160 | |
| ArcelorMittal | 2,320,534 | 12,898 | |
| Gemalto NV | 186,338 | 11,677 | |
9
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| TNT Express NV | 1,082,541 | 9,103 | |
| Boskalis Westminster | 182,879 | 8,878 | |
| Aalberts Industries NV | 223,417 | 7,244 | |
| Koninklijke Vopak NV | 154,374 | 6,194 | |
| * | SBM Offshore NV | 427,513 | 5,848 |
| Wereldhave NV | 93,522 | 5,828 | |
| * | OCI NV | 190,842 | 5,381 |
| Eurocommercial Properties NV | 106,331 | 5,070 | |
| * | Altice NV Class B | 279,091 | 4,928 |
| ASM International NV | 112,754 | 4,302 | |
| * | PostNL NV | 1,023,955 | 4,217 |
| Delta Lloyd NV | 517,537 | 4,071 | |
| Arcadis NV | 154,322 | 3,888 | |
| IMCD Group NV | 103,815 | 3,881 | |
| TKH Group NV | 96,125 | 3,638 | |
| Corbion NV | 139,286 | 3,419 | |
| * | APERAM SA | 108,748 | 3,346 |
| 2 | GrandVision NV | 118,179 | 3,265 |
| * | TomTom NV | 275,881 | 2,991 |
| * | Koninklijke BAM Groep NV | 506,806 | 2,793 |
| * | Fugro NV | 139,112 | 2,632 |
| USG People NV | 154,167 | 2,450 | |
| Vastned Retail NV | 44,209 | 2,145 | |
| *,2 | Refresco Gerber NV | 104,681 | 1,711 |
| Koninklijke Ten Cate NV | 53,211 | 1,440 | |
| NSI NV | 318,912 | 1,388 | |
| Wessanen | 123,534 | 1,328 | |
| BinckBank NV | 146,549 | 1,289 | |
| Accell Group | 58,686 | 1,223 | |
| Brunel International NV | 45,844 | 859 | |
| 958,008 | |||
| Norway (1.1%) | |||
| Statoil ASA | 2,221,508 | 35,856 | |
| DNB ASA | 2,486,169 | 31,543 | |
| ^ | Telenor ASA | 1,612,237 | 30,346 |
| Yara International ASA | 408,549 | 18,528 | |
| Orkla ASA | 1,813,140 | 15,407 | |
| Norsk Hydro ASA | 3,108,097 | 11,127 | |
| Marine Harvest ASA | 731,600 | 9,800 | |
| Schibsted ASA Class A | 188,113 | 6,302 | |
| Gjensidige Forsikring ASA | 394,793 | 5,988 | |
| * | Schibsted ASA Class B | 188,114 | 5,851 |
| *,^ | Seadrill Ltd. | 817,310 | 5,202 |
| * | Subsea 7 SA | 636,659 | 4,994 |
| ^ | TGS Nopec Geophysical Co. ASA | 237,121 | 4,698 |
| * | Storebrand ASA | 1,038,522 | 3,630 |
| 2 | XXL ASA | 228,384 | 2,437 |
| Bakkafrost P/F | 74,306 | 2,379 | |
| Veidekke ASA | 167,672 | 2,130 | |
| Petroleum Geo-Services ASA | 499,625 | 2,074 | |
| Atea ASA | 219,815 | 2,040 | |
| Salmar ASA | 119,645 | 1,956 | |
| Kongsberg Gruppen ASA | 119,831 | 1,874 | |
| SpareBank 1 SMN | 292,312 | 1,829 | |
| *,^ | Nordic Semiconductor ASA | 361,232 | 1,731 |
| * | Det Norske Oljeselskap ASA | 258,799 | 1,600 |
| ^ | Opera Software ASA | 236,748 | 1,477 |
| SpareBank 1 SR-Bank ASA | 296,967 | 1,417 | |
| *,^ | DNO ASA | 1,407,639 | 1,404 |
| 2 | Aker Solutions ASA | 343,609 | 1,381 |
| 2 | Entra ASA | 145,072 | 1,233 |
| Prosafe SE | 427,442 | 1,187 | |
| Leroy Seafood Group ASA | 32,954 | 1,155 | |
| Aker ASA | 56,944 | 1,120 | |
10
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| 2 | BW LPG Ltd. | 163,547 | 1,108 |
| Hoegh LNG Holdings Ltd. | 89,327 | 1,069 | |
| Austevoll Seafood ASA | 169,478 | 1,041 | |
| *,^ | Norwegian Air Shuttle ASA | 24,801 | 910 |
| *,^ | REC Silicon ASA | 4,666,953 | 834 |
| * | Ocean Yield ASA | 93,009 | 749 |
| Wilh Wilhelmsen ASA | 153,272 | 664 | |
| * | Norwegian Property ASA | 573,149 | 620 |
| Stolt-Nielsen Ltd. | 43,089 | 582 | |
| *,^ | Akastor ASA | 339,876 | 444 |
| BW Offshore Ltd. | 896,382 | 373 | |
| *,^ | Fred Olsen Energy ASA | 54,209 | 253 |
| 228,343 | |||
| Portugal (0.3%) | |||
| EDP - Energias de Portugal SA | 4,470,019 | 16,516 | |
| Galp Energia SGPS SA | 877,540 | 9,462 | |
| Jeronimo Martins SGPS SA | 570,182 | 7,991 | |
| * | Banco Comercial Portugues SA | 94,564,858 | 5,421 |
| NOS SGPS SA | 526,400 | 4,368 | |
| CTT-Correios de Portugal SA | 348,346 | 3,954 | |
| EDP Renovaveis SA | 465,927 | 3,388 | |
| Sonae SGPS SA | 2,091,890 | 2,497 | |
| Portucel SA | 600,168 | 2,438 | |
| REN - Redes Energeticas Nacionais SGPS SA | 323,203 | 986 | |
| *,^ | Banco BPI SA | 812,023 | 986 |
| Altri SGPS SA | 166,733 | 788 | |
| Semapa-Sociedade de Investimento e Gestao | 54,986 | 776 | |
| * | Pharol SGPS SA | 1,261,109 | 531 |
| ^ | Mota-Engil SGPS SA | 156,825 | 393 |
| Sonaecom SGPS SA | 78,110 | 184 | |
| * | Banco Espirito Santo SA | 8,371,877 | 26 |
| 60,705 | |||
| Spain (5.0%) | |||
| Banco Santander SA | 33,111,342 | 185,420 | |
| Telefonica SA | 9,834,395 | 129,930 | |
| Banco Bilbao Vizcaya Argentaria SA | 14,544,939 | 125,039 | |
| Iberdrola SA | 13,097,396 | 93,500 | |
| Industria de Diseno Textil SA | 2,460,861 | 92,177 | |
| Amadeus IT Holding SA | 967,122 | 41,153 | |
| * | Repsol SA | 2,462,803 | 31,031 |
| * | Ferrovial SA | 935,459 | 23,598 |
| CaixaBank SA | 5,837,305 | 22,360 | |
| Red Electrica Corp. SA | 251,311 | 22,146 | |
| * | Banco de Sabadell SA | 10,720,837 | 20,711 |
| Grifols SA | 385,659 | 17,874 | |
| *,2 | Aena SA | 149,789 | 16,710 |
| Endesa SA | 737,625 | 16,415 | |
| Enagas SA | 526,694 | 15,947 | |
| ^ | Abertis Infraestructuras SA | 948,472 | 15,741 |
| Gas Natural SDG SA | 713,921 | 15,459 | |
| * | ACS Actividades de Construccion y Servicios SA | 407,250 | 13,842 |
| Banco Popular Espanol SA | 3,641,161 | 13,839 | |
| Bankia SA | 10,698,722 | 13,776 | |
| Bankinter SA | 1,601,464 | 11,606 | |
| Grifols SA Preference Shares | 325,190 | 11,293 | |
| Merlin Properties Socimi SA | 750,176 | 9,612 | |
| Distribuidora Internacional de Alimentacion SA | 1,459,183 | 9,279 | |
| Gamesa Corp. Tecnologica SA | 519,667 | 8,206 | |
| Mapfre SA | 2,360,053 | 7,012 | |
| ^ | Bolsas y Mercados Espanoles SHMSF SA | 178,647 | 6,415 |
| Viscofan SA | 108,228 | 6,319 | |
| Zardoya Otis SA | 420,217 | 5,167 | |
| Acciona SA | 59,861 | 5,030 | |
| Mediaset Espana Comunicacion SA | 409,936 | 4,978 | |
11
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Ebro Foods SA | 200,101 | 3,792 | |
| * | Inmobiliaria Colonial SA | 4,847,795 | 3,590 |
| *,^ | Acerinox SA | 322,076 | 3,482 |
| Grupo Catalana Occidente SA | 104,129 | 3,233 | |
| Tecnicas Reunidas SA | 71,311 | 3,178 | |
| * | NH Hotel Group SA | 483,360 | 2,957 |
| ^ | Melia Hotels International SA | 201,368 | 2,907 |
| *,^ | Indra Sistemas SA | 266,667 | 2,857 |
| Almirall SA | 140,576 | 2,707 | |
| *,^ | Fomento de Construcciones y Contratas SA | 314,200 | 2,395 |
| * | Hispania Activos Inmobiliarios SA | 156,364 | 2,350 |
| ^ | Obrascon Huarte Lain SA | 271,006 | 2,172 |
| Prosegur Cia de Seguridad SA | 486,320 | 2,164 | |
| Applus Services SA | 232,493 | 2,069 | |
| ^ | Abengoa SA Class B | 1,905,178 | 1,857 |
| Corp Financiera Alba SA | 40,563 | 1,790 | |
| Cia de Distribucion Integral Logista Holdings SA | 86,320 | 1,724 | |
| ^ | Sacyr SA | 681,616 | 1,719 |
| Atresmedia Corp. de Medios de Comunicacion SA | 125,685 | 1,611 | |
| *,^ | Zeltia SA | 361,220 | 1,605 |
| CIE Automotive SA | 95,865 | 1,536 | |
| Construcciones y Auxiliar de Ferrocarriles SA | 4,379 | 1,222 | |
| Liberbank SA | 1,922,388 | 1,191 | |
| Ence Energia y Celulosa SA | 310,191 | 1,086 | |
| Faes Farma SA | 395,295 | 1,063 | |
| ^ | Promotora de Informaciones SA | 111,929 | 621 |
| Papeles y Cartones de Europa SA | 107,632 | 611 | |
| Duro Felguera SA | 153,830 | 362 | |
| * | Deoleo SA | 858,086 | 288 |
| Tubacex SA | 92,332 | 198 | |
| * | Papeles y Cartones de Europa SA Rights Exp. 11/12/2015 | 107,632 | 23 |
| 1,069,945 | |||
| Sweden (4.7%) | |||
| Hennes & Mauritz AB Class B | 2,204,886 | 85,528 | |
| Nordea Bank AB | 7,376,784 | 81,349 | |
| Telefonaktiebolaget LM Ericsson Class B | 6,921,527 | 67,302 | |
| Swedbank AB Class A | 2,424,620 | 55,623 | |
| * | Svenska Handelsbanken AB Class A | 3,345,092 | 45,365 |
| * | Assa Abloy AB Class B | 2,180,637 | 43,247 |
| Svenska Cellulosa AB SCA Class B | 1,347,634 | 39,724 | |
| Investor AB Class B | 1,050,571 | 38,891 | |
| ^ | Atlas Copco AB Class A | 1,438,238 | 37,403 |
| Volvo AB Class B | 3,586,654 | 37,125 | |
| Skandinaviska Enskilda Banken AB Class A | 3,376,436 | 35,310 | |
| TeliaSonera AB | 6,033,478 | 30,804 | |
| Sandvik AB | 2,505,242 | 23,409 | |
| ^ | Atlas Copco AB Class B | 906,209 | 21,876 |
| Hexagon AB Class B | 595,044 | 20,599 | |
| SKF AB | 965,537 | 16,937 | |
| Skanska AB Class B | 836,140 | 16,241 | |
| Electrolux AB Class B | 516,337 | 15,176 | |
| Investment AB Kinnevik | 475,602 | 15,151 | |
| Swedish Match AB | 445,134 | 13,992 | |
| Alfa Laval AB | 726,109 | 12,767 | |
| Boliden AB | 635,178 | 12,153 | |
| Getinge AB | 423,484 | 10,571 | |
| Trelleborg AB Class B | 563,327 | 9,492 | |
| Meda AB Class A | 636,546 | 9,362 | |
| Securitas AB Class B | 711,009 | 9,263 | |
| Industrivarden AB Class A | 449,028 | 8,726 | |
| Tele2 AB | 718,370 | 7,171 | |
| * | Lundin Petroleum AB | 495,252 | 7,167 |
| Industrivarden AB | 380,419 | 6,876 | |
| BillerudKorsnas AB | 354,874 | 6,408 | |
12
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Elekta AB Class B | 821,667 | 6,350 | |
| ^ | ICA Gruppen AB | 176,984 | 6,295 |
| ^ | NCC AB Class B | 190,012 | 5,868 |
| ^ | Husqvarna AB | 870,606 | 5,727 |
| Castellum AB | 380,859 | 5,694 | |
| * | Swedish Orphan Biovitrum AB | 369,563 | 5,620 |
| * | Hexpol AB | 573,789 | 5,565 |
| *,^ | Fingerprint Cards AB Class B | 110,295 | 5,402 |
| Fabege AB | 307,272 | 4,877 | |
| * | Betsson AB | 282,838 | 4,586 |
| * | Axfood AB | 243,692 | 4,394 |
| * | Fastighets AB Balder | 214,145 | 4,311 |
| AAK AB | 59,668 | 4,290 | |
| Nibe Industrier AB Class B | 133,036 | 4,271 | |
| * | NetEnt AB | 71,683 | 4,075 |
| * | Wallenstam AB | 459,051 | 4,060 |
| Hufvudstaden AB Class A | 257,486 | 3,638 | |
| Loomis AB Class B | 140,163 | 3,632 | |
| Modern Times Group MTG AB Class B | 124,788 | 3,533 | |
| Holmen AB | 114,022 | 3,439 | |
| Indutrade AB | 71,527 | 3,409 | |
| *,^ | Sweco AB Class B | 228,081 | 3,337 |
| JM AB | 112,954 | 3,190 | |
| Kungsleden AB | 422,675 | 3,160 | |
| L E Lundbergforetagen AB Class B | 60,237 | 3,065 | |
| Intrum Justitia AB | 84,807 | 3,032 | |
| Wihlborgs Fastigheter AB | 153,497 | 2,994 | |
| Peab AB | 370,769 | 2,820 | |
| Saab AB Class B | 96,946 | 2,730 | |
| Com Hem Holding AB | 312,431 | 2,668 | |
| Ratos AB | 451,741 | 2,631 | |
| Avanza Bank Holding AB | 63,296 | 2,484 | |
| * | Lifco AB Class B | 106,302 | 2,357 |
| Nobia AB | 163,015 | 1,995 | |
| Hemfosa Fastigheter AB | 183,147 | 1,978 | |
| *,^ | SSAB AB Class A | 520,035 | 1,880 |
| AF AB | 124,447 | 1,842 | |
| 2 | Thule Group AB | 130,049 | 1,607 |
| Atrium Ljungberg AB | 99,030 | 1,535 | |
| Melker Schorling AB | 24,765 | 1,377 | |
| * | SSAB AB Class B | 421,142 | 1,332 |
| Klovern AB Preference Shares | 33,224 | 1,149 | |
| Concentric AB | 97,951 | 1,131 | |
| Haldex AB | 101,810 | 979 | |
| Rezidor Hotel Group AB | 225,969 | 958 | |
| SAS AB Preference Shares | 16,256 | 953 | |
| Lindab International AB | 138,268 | 937 | |
| Klovern AB | 870,227 | 901 | |
| Axis Communications AB | 22,259 | 888 | |
| Mekonomen AB | 35,017 | 830 | |
| Bure Equity AB | 125,314 | 810 | |
| Clas Ohlson AB | 53,244 | 808 | |
| SkiStar AB | 44,852 | 651 | |
| *,^ | SAS AB | 317,396 | 613 |
| Nordnet AB | 170,717 | 603 | |
| Fastighets AB Balder Preference Shares | 14,398 | 573 | |
| Sagax AB Preference Shares | 135,275 | 519 | |
| Investment AB Oresund | 22,687 | 491 | |
| Hemfosa Fastigheter AB Preference Shares | 21,058 | 405 | |
| * | Ratos AB Preference Shares | 1,612 | 357 |
| * | Svenska Handelsbanken AB Class B | 22,849 | 330 |
| NCC AB Class A | 10,181 | 313 | |
| 1,003,257 | |||
13
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Switzerland (13.3%) | |||
| Nestle SA | 7,273,528 | 555,283 | |
| Roche Holding AG | 1,665,534 | 451,130 | |
| Novartis AG | 4,952,288 | 449,004 | |
| UBS Group AG | 8,156,942 | 162,795 | |
| Cie Financiere Richemont SA | 1,186,004 | 101,441 | |
| ABB Ltd. | 5,157,118 | 97,134 | |
| Credit Suisse Group AG | 3,790,928 | 94,401 | |
| Zurich Insurance Group AG | 346,110 | 91,293 | |
| Swiss Re AG | 794,681 | 73,730 | |
| Syngenta AG | 213,046 | 71,571 | |
| Givaudan SA | 21,443 | 38,326 | |
| Actelion Ltd. | 228,635 | 31,713 | |
| LafargeHolcim Ltd. | 526,209 | 29,594 | |
| Geberit AG | 87,329 | 28,147 | |
| Adecco SA | 375,072 | 27,853 | |
| Swatch Group AG (Bearer) | 70,447 | 27,502 | |
| Swisscom AG | 52,932 | 27,255 | |
| Julius Baer Group Ltd. | 506,657 | 25,105 | |
| * | LafargeHolcim Ltd. | 415,132 | 23,357 |
| SGS SA | 11,860 | 22,558 | |
| Swiss Life Holding AG | 74,502 | 17,758 | |
| Lonza Group AG | 120,566 | 17,672 | |
| Chocoladefabriken Lindt & Spruengli AG | 237 | 17,568 | |
| Schindler Holding AG | 102,688 | 16,649 | |
| Galenica AG | 11,321 | 16,573 | |
| Sonova Holding AG | 120,484 | 16,427 | |
| Kuehne & Nagel International AG | 117,044 | 16,211 | |
| Sika AG | 4,881 | 15,989 | |
| Partners Group Holding AG | 41,955 | 15,167 | |
| Chocoladefabriken Lindt & Spruengli AG | 2,223 | 13,556 | |
| Baloise Holding AG | 108,649 | 13,022 | |
| * | Dufry AG | 111,147 | 12,986 |
| ^ | Transocean Ltd. | 810,060 | 12,402 |
| Clariant AG | 626,012 | 11,500 | |
| Swiss Prime Site AG | 147,195 | 11,245 | |
| Roche Holding AG (Bearer) | 32,284 | 8,819 | |
| Aryzta AG | 194,227 | 8,749 | |
| Swatch Group AG (Registered) | 111,395 | 8,043 | |
| PSP Swiss Property AG | 92,418 | 8,037 | |
| Schindler Holding AG (Registered) | 48,668 | 7,911 | |
| Helvetia Holding AG | 13,985 | 7,316 | |
| BB Biotech AG | 25,845 | 7,302 | |
| EMS-Chemie Holding AG | 16,838 | 7,117 | |
| GAM Holding AG | 364,512 | 6,663 | |
| Georg Fischer AG | 9,524 | 5,847 | |
| dorma&kaba Holding AG | 8,794 | 5,483 | |
| ^ | Sulzer AG | 54,029 | 5,459 |
| Flughafen Zuerich AG | 7,130 | 5,397 | |
| Barry Callebaut AG | 4,461 | 5,351 | |
| Straumann Holding AG | 18,184 | 5,145 | |
| Logitech International SA | 336,036 | 4,938 | |
| *,2 | Sunrise Communications Group AG | 78,378 | 4,277 |
| Valiant Holding AG | 36,675 | 4,237 | |
| ams AG | 132,355 | 4,236 | |
| Leonteq AG | 21,821 | 4,196 | |
| Pargesa Holding SA | 65,960 | 4,186 | |
| Cembra Money Bank AG | 69,669 | 4,156 | |
| Temenos Group AG | 86,874 | 4,060 | |
| Banque Cantonale Vaudoise | 6,583 | 4,052 | |
| OC Oerlikon Corp. AG | 401,283 | 3,847 | |
| DKSH Holding AG | 61,930 | 3,770 | |
| Panalpina Welttransport Holding AG | 31,990 | 3,654 | |
| Tecan Group AG | 26,582 | 3,620 | |
14
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Forbo Holding AG | 3,054 | 3,472 | |
| Bucher Industries AG | 14,896 | 3,389 | |
| Vontobel Holding AG | 64,668 | 3,185 | |
| Mobimo Holding AG | 14,299 | 3,085 | |
| Allreal Holding AG | 22,206 | 2,943 | |
| U-Blox AG | 13,389 | 2,585 | |
| Burckhardt Compression Holding AG | 7,343 | 2,560 | |
| SFS Group AG | 37,447 | 2,415 | |
| Belimo Holding AG | 1,067 | 2,287 | |
| Gategroup Holding AG | 60,535 | 2,269 | |
| Emmi AG | 4,970 | 2,247 | |
| Autoneum Holding AG | 10,727 | 1,967 | |
| VZ Holding AG | 6,249 | 1,946 | |
| St. Galler Kantonalbank AG | 5,177 | 1,872 | |
| Rieter Holding AG | 10,732 | 1,766 | |
| Schweiter Technologies AG | 2,157 | 1,729 | |
| * | Cosmo Pharmaceuticals SA | 11,134 | 1,710 |
| Implenia AG | 33,415 | 1,655 | |
| Daetwyler Holding AG | 11,517 | 1,614 | |
| EFG International AG | 155,010 | 1,556 | |
| Ascom Holding AG | 81,111 | 1,537 | |
| *,^ | Meyer Burger Technology AG | 210,062 | 1,504 |
| Huber & Suhner AG | 33,917 | 1,462 | |
| Kuoni Reisen Holding AG | 6,441 | 1,333 | |
| Conzzeta AG | 2,121 | 1,314 | |
| Valora Holding AG | 6,444 | 1,296 | |
| Siegfried Holding AG | 5,502 | 1,102 | |
| Kudelski SA | 81,033 | 1,089 | |
| * | Basilea Pharmaceutica Ltd. | 10,193 | 1,057 |
| * | AFG Arbonia-Forster Holding AG | 100,243 | 971 |
| * | APG SGA SA | 2,396 | 965 |
| Ypsomed Holding AG | 7,325 | 963 | |
| BKW AG | 23,546 | 894 | |
| * | Bell AG | 288 | 791 |
| * | Zehnder Group AG | 22,656 | 771 |
| Alpiq Holding AG | 6,440 | 680 | |
| * | Schmolz & Bickenbach AG | 1,163,129 | 635 |
| Swissquote Group Holding SA | 22,501 | 541 | |
| Vetropack Holding AG | 306 | 470 | |
| * | Plazza AG | 2,121 | 422 |
| Bachem Holding AG | 6,214 | 316 | |
| * | Orascom Development Holding AG | 23,200 | 304 |
| 2,876,454 | |||
| United Kingdom (31.9%) | |||
| HSBC Holdings plc | 45,322,008 | 354,004 | |
| British American Tobacco plc | 4,328,810 | 256,941 | |
| BP plc | 42,352,770 | 251,396 | |
| GlaxoSmithKline plc | 11,290,468 | 243,174 | |
| Vodafone Group plc | 61,695,338 | 203,389 | |
| Royal Dutch Shell plc Class A | 7,228,504 | 187,714 | |
| AstraZeneca plc | 2,930,635 | 187,063 | |
| Diageo plc | 5,849,238 | 169,035 | |
| Lloyds Banking Group plc | 142,036,421 | 161,166 | |
| Royal Dutch Shell plc Class B | 5,637,815 | 147,262 | |
| Reckitt Benckiser Group plc | 1,476,356 | 144,047 | |
| BT Group plc | 19,435,917 | 138,954 | |
| Barclays plc | 38,891,467 | 138,416 | |
| Prudential plc | 5,925,786 | 138,315 | |
| SABMiller plc | 2,195,423 | 135,049 | |
| National Grid plc | 8,759,813 | 124,678 | |
| BG Group plc | 7,903,590 | 124,496 | |
| Unilever plc | 2,801,755 | 124,426 | |
| Imperial Tobacco Group plc | 2,237,357 | 120,521 | |
| Rio Tinto plc | 2,854,048 | 103,506 | |
15
| Vanguard® European Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Shire plc | 1,365,124 | 103,373 |
| BHP Billiton plc | 4,904,885 | 78,445 |
| Aviva plc | 9,394,849 | 70,265 |
| WPP plc | 3,009,733 | 67,457 |
| Compass Group plc | 3,826,343 | 65,913 |
| Legal & General Group plc | 13,789,453 | 55,453 |
| Standard Chartered plc | 4,848,251 | 53,809 |
| SSE plc | 2,293,058 | 53,481 |
| * Tesco plc | 18,864,100 | 53,149 |
| ARM Holdings plc | 3,277,878 | 51,811 |
| BAE Systems plc | 7,345,157 | 49,742 |
| Royal Dutch Shell plc Class A (Amsterdam Shares) | 1,817,380 | 47,526 |
| Glencore plc | 27,077,530 | 46,637 |
| RELX plc | 2,598,137 | 46,442 |
| Rolls-Royce Holdings plc | 4,269,786 | 45,172 |
| Associated British Foods plc | 809,279 | 43,037 |
| Next plc | 341,942 | 42,085 |
| Sky plc | 2,435,175 | 41,063 |
| Centrica plc | 11,732,489 | 40,836 |
| Experian plc | 2,260,872 | 38,553 |
| Land Securities Group plc | 1,826,945 | 37,656 |
| Old Mutual plc | 11,349,600 | 37,069 |
| * Royal Bank of Scotland Group plc | 7,525,936 | 36,785 |
| Smith & Nephew plc | 2,082,325 | 35,539 |
| Wolseley plc | 604,474 | 35,476 |
| ITV plc | 8,693,870 | 33,739 |
| Whitbread plc | 423,735 | 32,383 |
| British Land Co. plc | 2,378,624 | 31,871 |
| CRH plc | 1,135,535 | 31,004 |
| Capita plc | 1,537,101 | 30,170 |
| Marks & Spencer Group plc | 3,821,144 | 30,168 |
| Kingfisher plc | 5,416,298 | 29,437 |
| Standard Life plc | 4,542,324 | 29,375 |
| London Stock Exchange Group plc | 724,621 | 28,347 |
| Anglo American plc London Shares | 3,034,510 | 25,428 |
| Pearson plc | 1,888,272 | 25,004 |
| United Utilities Group plc | 1,583,344 | 24,078 |
| Carnival plc | 423,777 | 23,560 |
| Taylor Wimpey plc | 7,502,399 | 22,847 |
| Bunzl plc | 771,028 | 22,050 |
| InterContinental Hotels Group plc | 548,974 | 21,975 |
| Persimmon plc | 710,305 | 21,786 |
| Barratt Developments plc | 2,312,526 | 21,786 |
| * International Consolidated Airlines Group SA (London Shares) | 2,363,608 | 21,170 |
| Burberry Group plc | 1,028,846 | 21,034 |
| Sage Group plc | 2,501,189 | 20,970 |
| CRH plc | 756,711 | 20,710 |
| Mondi plc | 852,847 | 19,710 |
| Direct Line Insurance Group plc | 3,193,176 | 19,389 |
| Severn Trent plc | 552,889 | 19,095 |
| Johnson Matthey plc | 475,883 | 18,926 |
| Provident Financial plc | 339,460 | 18,132 |
| Ashtead Group plc | 1,168,878 | 17,985 |
| St. James's Place plc | 1,203,609 | 17,853 |
| Hammerson plc | 1,821,323 | 17,844 |
| GKN plc | 3,979,690 | 17,581 |
| 3i Group plc | 2,237,782 | 17,253 |
| Travis Perkins plc | 573,292 | 16,897 |
| DCC plc | 204,870 | 16,419 |
| Dixons Carphone plc | 2,310,465 | 16,407 |
| Inmarsat plc | 1,040,212 | 15,764 |
| RSA Insurance Group plc | 2,358,543 | 15,281 |
| Intertek Group plc | 373,303 | 15,085 |
| Berkeley Group Holdings plc | 292,337 | 14,919 |
16
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Royal Mail plc | 2,113,411 | 14,490 | |
| Randgold Resources Ltd. | 215,608 | 14,456 | |
| Croda International plc | 313,060 | 13,953 | |
| Derwent London plc | 231,290 | 13,814 | |
| easyJet plc | 503,686 | 13,561 | |
| Rexam plc | 1,626,213 | 13,523 | |
| Smiths Group plc | 910,435 | 13,482 | |
| G4S plc | 3,603,283 | 13,454 | |
| J Sainsbury plc | 3,279,606 | 13,431 | |
| TUI AG | 711,306 | 13,228 | |
| Informa plc | 1,507,043 | 13,167 | |
| Wm Morrison Supermarkets plc | 5,026,372 | 13,020 | |
| DS Smith plc | 2,181,317 | 12,991 | |
| Inchcape plc | 1,025,474 | 12,606 | |
| Rightmove plc | 213,136 | 12,583 | |
| Aberdeen Asset Management plc | 2,295,454 | 12,247 | |
| Schroders plc | 262,447 | 12,047 | |
| Segro plc | 1,722,386 | 11,919 | |
| Pennon Group plc | 954,571 | 11,910 | |
| Amlin plc | 1,161,509 | 11,790 | |
| Intu Properties plc | 2,177,010 | 11,585 | |
| Capital & Counties Properties plc | 1,687,374 | 11,538 | |
| Admiral Group plc | 460,205 | 11,420 | |
| Bellway plc | 283,741 | 11,333 | |
| Cobham plc | 2,644,126 | 11,289 | |
| Hargreaves Lansdown plc | 506,697 | 11,260 | |
| Great Portland Estates plc | 798,703 | 10,940 | |
| Booker Group plc | 3,814,392 | 10,932 | |
| Coca-Cola HBC AG | 458,403 | 10,921 | |
| Henderson Group plc | 2,450,070 | 10,816 | |
| 2 | Merlin Entertainments plc | 1,647,963 | 10,515 |
| Hikma Pharmaceuticals plc | 312,624 | 10,417 | |
| Howden Joinery Group plc | 1,441,195 | 10,284 | |
| Halma plc | 874,188 | 10,276 | |
| William Hill plc | 2,048,456 | 10,001 | |
| Rentokil Initial plc | 4,203,652 | 10,000 | |
| Tate & Lyle plc | 1,082,136 | 9,948 | |
| Amec Foster Wheeler plc | 907,439 | 9,914 | |
| Betfair Group plc | 198,795 | 9,878 | |
| *,2 | Auto Trader Group plc | 1,648,840 | 9,859 |
| Investec plc | 1,181,567 | 9,856 | |
| Meggitt plc | 1,807,498 | 9,838 | |
| Hiscox Ltd. | 659,645 | 9,821 | |
| IG Group Holdings plc | 843,589 | 9,813 | |
| Melrose Industries plc | 2,311,179 | 9,468 | |
| Shaftesbury plc | 645,247 | 9,345 | |
| IMI plc | 633,835 | 9,292 | |
| Man Group plc | 3,557,710 | 9,128 | |
| Greene King plc | 717,015 | 8,870 | |
| Babcock International Group plc | 583,011 | 8,652 | |
| Telecity Group plc | 470,976 | 8,522 | |
| ICAP plc | 1,245,296 | 8,435 | |
| Weir Group plc | 493,498 | 8,106 | |
| UBM plc | 1,019,047 | 8,024 | |
| Spirax-Sarco Engineering plc | 169,371 | 7,932 | |
| Aggreko plc | 557,220 | 7,844 | |
| Essentra plc | 604,928 | 7,841 | |
| Close Brothers Group plc | 346,128 | 7,797 | |
| John Wood Group plc | 849,190 | 7,793 | |
| Petrofac Ltd. | 601,176 | 7,783 | |
| * | BTG plc | 886,434 | 7,531 |
| Regus plc | 1,446,339 | 7,450 | |
| Cable & Wireless Communications plc | 6,448,166 | 7,297 | |
| Daily Mail & General Trust plc | 615,264 | 7,096 | |
17
| Vanguard® European Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Hays plc | 3,270,061 | 7,092 |
| BBA Aviation plc | 2,410,413 | 7,076 |
| Spectris plc | 275,252 | 7,062 |
| Phoenix Group Holdings | 521,561 | 6,871 |
| Micro Focus International plc | 351,929 | 6,803 |
| WH Smith plc | 258,218 | 6,777 |
| * Thomas Cook Group plc | 3,566,723 | 6,747 |
| Beazley plc | 1,203,327 | 6,734 |
| Jupiter Fund Management plc | 967,258 | 6,701 |
| Antofagasta plc | 824,207 | 6,661 |
| * Intermediate Capital Group plc | 756,513 | 6,591 |
| * Just Eat plc | 1,002,848 | 6,571 |
| * Tullow Oil plc | 2,099,013 | 6,534 |
| Playtech plc | 486,939 | 6,419 |
| Berendsen plc | 399,009 | 6,295 |
| * Sports Direct International plc | 583,859 | 6,267 |
| Britvic plc | 581,571 | 6,256 |
| * Balfour Beatty plc | 1,598,298 | 6,128 |
| AA plc | 1,407,175 | 5,993 |
| RPC Group plc | 581,175 | 5,824 |
| Rotork plc | 2,004,153 | 5,783 |
| * Ocado Group plc | 937,710 | 5,433 |
| Michael Page International plc | 710,502 | 5,407 |
| Victrex plc | 186,717 | 5,310 |
| Domino's Pizza Group plc | 316,056 | 5,309 |
| Moneysupermarket.com Group plc | 1,025,010 | 5,274 |
| Polymetal International plc | 596,137 | 5,273 |
| UNITE Group plc | 515,208 | 5,272 |
| Stagecoach Group plc | 989,538 | 5,271 |
| Grafton Group plc | 496,913 | 5,153 |
| Synergy Health plc | 131,202 | 5,114 |
| Restaurant Group plc | 463,006 | 5,112 |
| SSP Group plc | 1,092,066 | 5,068 |
| Lancashire Holdings Ltd. | 460,026 | 5,045 |
| Kennedy Wilson Europe Real Estate plc | 273,328 | 5,035 |
| WS Atkins plc | 233,417 | 4,948 |
| Bovis Homes Group plc | 312,605 | 4,931 |
| QinetiQ Group plc | 1,387,484 | 4,784 |
| ^ TalkTalk Telecom Group plc | 1,219,751 | 4,753 |
| Crest Nicholson Holdings plc | 566,375 | 4,740 |
| Indivior plc | 1,498,167 | 4,738 |
| Carillion plc | 999,185 | 4,694 |
| AVEVA Group plc | 148,508 | 4,692 |
| Polyus Gold International Ltd. | 1,549,150 | 4,540 |
| Saga plc | 1,418,671 | 4,534 |
| National Express Group plc | 979,178 | 4,514 |
| Kier Group plc | 212,134 | 4,495 |
| Paragon Group of Cos. plc | 691,902 | 4,471 |
| Fresnillo plc | 393,598 | 4,420 |
| Greencore Group plc | 943,498 | 4,388 |
| Galliford Try plc | 189,331 | 4,357 |
| Greggs plc | 235,586 | 4,305 |
| Dignity plc | 114,181 | 4,272 |
| Pace plc | 738,408 | 4,242 |
| Savills plc | 297,745 | 4,197 |
| Ultra Electronics Holdings plc | 161,459 | 4,185 |
| * Firstgroup plc | 2,796,438 | 4,164 |
| Mitie Group plc | 840,666 | 4,160 |
| UDG Healthcare plc | 567,806 | 4,155 |
| Jardine Lloyd Thompson Group plc | 283,961 | 4,143 |
| Workspace Group plc | 269,284 | 3,969 |
| Debenhams plc | 2,846,572 | 3,918 |
| Cineworld Group plc | 452,756 | 3,849 |
| Elementis plc | 1,064,383 | 3,840 |
18
| Vanguard® European Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Ladbrokes plc | 2,359,851 | 3,836 |
| Big Yellow Group plc | 330,650 | 3,816 |
| Drax Group plc | 942,526 | 3,782 |
| Alent plc | 490,216 | 3,767 |
| 2 Spire Healthcare Group plc | 652,005 | 3,765 |
| Pets at Home Group plc | 847,643 | 3,764 |
| ^ Ashmore Group plc | 905,489 | 3,760 |
| Go-Ahead Group plc | 99,007 | 3,698 |
| * Serco Group plc | 2,551,114 | 3,681 |
| * HomeServe plc | 590,468 | 3,674 |
| Grainger plc | 954,024 | 3,656 |
| Redrow plc | 506,686 | 3,619 |
| LondonMetric Property plc | 1,356,417 | 3,531 |
| Bodycote plc | 443,975 | 3,520 |
| HellermannTyton Group plc | 480,012 | 3,504 |
| Vesuvius plc | 632,069 | 3,475 |
| Senior plc | 969,113 | 3,380 |
| Marston's plc | 1,329,752 | 3,311 |
| Home Retail Group plc | 1,906,542 | 3,292 |
| Al Noor Hospitals Group plc | 179,124 | 3,243 |
| Laird plc | 618,998 | 3,225 |
| Electrocomponents plc | 1,018,860 | 3,218 |
| Synthomer plc | 625,424 | 3,187 |
| Virgin Money Holdings UK plc | 533,278 | 3,183 |
| Dairy Crest Group plc | 319,918 | 3,172 |
| Genus plc | 140,626 | 3,149 |
| Tritax Big Box REIT plc | 1,573,479 | 3,121 |
| Halfords Group plc | 463,061 | 3,100 |
| * Cairn Energy plc | 1,338,264 | 3,086 |
| Dunelm Group plc | 211,305 | 3,081 |
| International Personal Finance plc | 540,545 | 3,080 |
| Hansteen Holdings plc | 1,592,253 | 3,041 |
| Dechra Pharmaceuticals plc | 203,696 | 3,041 |
| Card Factory plc | 538,018 | 2,987 |
| * Mitchells & Butlers plc | 544,297 | 2,970 |
| Tullett Prebon plc | 542,899 | 2,941 |
| Interserve plc | 334,201 | 2,859 |
| * SVG Capital plc | 390,953 | 2,858 |
| Morgan Advanced Materials plc | 661,610 | 2,847 |
| Ted Baker plc | 60,797 | 2,834 |
| Bwin Party Digital Entertainment plc | 1,633,096 | 2,815 |
| ST Modwen Properties plc | 409,427 | 2,772 |
| SIG plc | 1,303,449 | 2,676 |
| Fidessa Group plc | 88,553 | 2,671 |
| F&C Commercial Property Trust Ltd. | 1,206,485 | 2,650 |
| Entertainment One Ltd. | 776,870 | 2,630 |
| Diploma plc | 262,977 | 2,599 |
| Brewin Dolphin Holdings plc | 622,097 | 2,586 |
| Countrywide plc | 357,029 | 2,557 |
| * Vectura Group plc | 939,413 | 2,531 |
| Renishaw plc | 84,532 | 2,458 |
| Centamin plc | 2,508,512 | 2,457 |
| J D Wetherspoon plc | 196,788 | 2,348 |
| * Ophir Energy plc | 1,588,475 | 2,347 |
| Bank of Georgia Holdings plc | 75,849 | 2,336 |
| esure Group plc | 561,247 | 2,289 |
| Telecom Plus plc | 138,952 | 2,250 |
| Keller Group plc | 165,016 | 2,073 |
| N Brown Group plc | 355,434 | 2,053 |
| 2 Zoopla Property Group plc | 543,727 | 2,033 |
| Redefine International PLC | 2,293,982 | 1,957 |
| * Enterprise Inns plc | 1,179,681 | 1,952 |
| * Imagination Technologies Group plc | 569,655 | 1,942 |
| Northgate plc | 307,945 | 1,922 |
19
| Vanguard® European Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| UK Commercial Property Trust Ltd. | 1,418,290 | 1,910 | |
| * | Allied Minds plc | 262,523 | 1,902 |
| RPS Group plc | 515,700 | 1,864 | |
| ^ | Vedanta Resources plc | 244,769 | 1,862 |
| Foxtons Group plc | 602,877 | 1,856 | |
| Computacenter plc | 158,032 | 1,842 | |
| Poundland Group plc | 418,016 | 1,770 | |
| Hunting plc | 319,094 | 1,768 | |
| NMC Health plc | 146,637 | 1,722 | |
| * | Aldermore Group plc | 417,326 | 1,695 |
| Devro plc | 386,859 | 1,693 | |
| * | SuperGroup plc | 74,532 | 1,676 |
| De La Rue plc | 233,937 | 1,665 | |
| Spirent Communications plc | 1,423,331 | 1,610 | |
| KCOM Group plc | 1,190,087 | 1,595 | |
| Just Retirement Group plc | 623,246 | 1,586 | |
| Helical Bar plc | 223,474 | 1,520 | |
| Xchanging plc | 574,638 | 1,488 | |
| Chesnara plc | 292,435 | 1,468 | |
| * | Evraz plc | 1,111,850 | 1,450 |
| Xaar plc | 178,389 | 1,405 | |
| * | Genel Energy plc | 355,040 | 1,395 |
| Soco International plc | 510,390 | 1,388 | |
| Picton Property Income Ltd. | 1,254,172 | 1,367 | |
| Shanks Group plc | 922,852 | 1,347 | |
| Premier Farnell plc | 854,453 | 1,315 | |
| OneSavings Bank plc | 220,158 | 1,295 | |
| Petra Diamonds Ltd. | 1,112,714 | 1,278 | |
| * | Premier Oil plc | 1,189,227 | 1,248 |
| * | Mothercare plc | 340,744 | 1,242 |
| ITE Group plc | 572,902 | 1,239 | |
| Chemring Group plc | 448,361 | 1,188 | |
| Schroder REIT Ltd. | 1,204,149 | 1,104 | |
| * | Lamprell plc | 594,366 | 1,100 |
| * | KAZ Minerals plc | 601,647 | 1,071 |
| Development Securities plc | 289,137 | 1,062 | |
| Fenner plc | 450,534 | 1,056 | |
| Acacia Mining plc | 352,368 | 1,049 | |
| *,^ | AO World plc | 410,682 | 1,003 |
| Cape plc | 280,449 | 992 | |
| Oxford Instruments plc | 122,829 | 983 | |
| 2 | John Laing Group plc | 323,801 | 952 |
| Daejan Holdings plc | 9,547 | 934 | |
| * | Premier Foods plc | 1,606,610 | 842 |
| 888 Holdings plc | 329,153 | 819 | |
| * | EnQuest plc | 1,670,941 | 696 |
| Partnership Assurance Group plc | 334,413 | 689 | |
| Stobart Group Ltd. | 366,954 | 626 | |
| * | Hochschild Mining plc | 539,220 | 614 |
| Infinis Energy plc | 215,975 | 605 | |
| Speedy Hire plc | 1,183,646 | 550 | |
| *,^ | Lonmin plc | 1,355,802 | 531 |
| Gem Diamonds Ltd. | 253,138 | 386 | |
| Ferrexpo plc | 323,146 | 169 | |
| 6,867,189 | |||
| Total Common Stocks (Cost $25,268,038) | 21,350,230 | ||
20
| Vanguard® European Stock Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Market | |||||
| Value | |||||
| Coupon | Shares | ($000) | |||
| Temporary Cash Investments (2.0%)1 | |||||
| Money Market Fund (1.8%) | |||||
| 3,4 | Vanguard Market Liquidity Fund | 0.207% | 383,815,921 | 383,816 | |
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| U.S. Government and Agency Obligations (0.2%) | |||||
| 5,6,7 | Federal Home Loan Bank Discount Notes | 0.150%-0.175% | 11/13/15 | 15,000 | 15,000 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.180% | 11/17/15 | 1,000 | 1,000 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.208% | 12/9/15 | 2,500 | 2,500 |
| 5,7 | Federal Home Loan Bank Discount Notes | 0.200% | 2/19/16 | 5,000 | 4,998 |
| 8 | Freddie Mac Discount Notes | 0.160% | 11/13/15 | 1,000 | 1,000 |
| 6,7,8 | Freddie Mac Discount Notes | 0.245% | 1/5/16 | 15,000 | 14,997 |
| 39,495 | |||||
| Total Temporary Cash Investments (Cost $423,305) | 423,311 | ||||
| Total Investments (101.0%) (Cost $25,691,343) | 21,773,541 | ||||
| Other Assets and Liabilities—Net (-1.0%)4 | (218,918) | ||||
| Net Assets (100%) | 21,554,623 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $226,446,000.
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 1.0%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2015, the aggregate value of these securities was $88,399,000, representing 0.4% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $267,382,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
6 Securities with a value of $19,898,000 have been segregated as initial margin for open futures contracts.
7 Securities with a value of $9,004,000 have been segregated as collateral for open forward currency contracts.
8 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.
21
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (99.7%)1 | ||
| Australia (15.9%) | ||
| Commonwealth Bank of Australia | 1,622,556 | 88,832 |
| Westpac Banking Corp.- Primary Ticker | 3,042,151 | 68,014 |
| National Australia Bank Ltd. | 2,500,181 | 53,271 |
| Australia & New Zealand Banking Group Ltd. | 2,749,028 | 52,891 |
| BHP Billiton Ltd. | 3,068,977 | 50,414 |
| Wesfarmers Ltd. | 1,070,021 | 29,905 |
| CSL Ltd. | 447,187 | 29,700 |
| Woolworths Ltd. | 1,211,191 | 20,834 |
| Macquarie Group Ltd. | 290,206 | 17,545 |
| Telstra Corp. Ltd. | 4,121,545 | 15,878 |
| Rio Tinto Ltd. | 405,491 | 14,507 |
| Scentre Group | 4,891,292 | 14,446 |
| Woodside Petroleum Ltd. | 685,371 | 14,407 |
| Transurban Group | 1,831,329 | 13,639 |
| Westfield Corp. | 1,847,829 | 13,512 |
| QBE Insurance Group Ltd. | 1,308,266 | 12,167 |
| AMP Ltd. | 2,804,048 | 11,464 |
| Suncorp Group Ltd. | 1,229,453 | 11,403 |
| Brambles Ltd. | 1,486,588 | 11,009 |
| Amcor Ltd. | 1,128,855 | 10,922 |
| Insurance Australia Group Ltd. | 2,326,280 | 9,238 |
| AGL Energy Ltd. | 644,062 | 7,687 |
| Goodman Group | 1,674,023 | 7,249 |
| Aurizon Holdings Ltd. | 1,964,481 | 7,246 |
| Vicinity Centers | 3,462,524 | 7,188 |
| APA Group | 1,065,376 | 6,993 |
| Origin Energy Ltd. | 1,664,759 | 6,535 |
| Stockland | 2,255,154 | 6,515 |
| Oil Search Ltd. | 1,121,489 | 6,259 |
| * Newcrest Mining Ltd. | 697,979 | 6,063 |
| Caltex Australia Ltd. | 258,537 | 5,770 |
| GPT Group | 1,687,975 | 5,713 |
| James Hardie Industries plc | 426,895 | 5,573 |
| Asciano Ltd. | 934,187 | 5,449 |
| Ramsay Health Care Ltd. | 123,913 | 5,440 |
| ASX Ltd. | 183,963 | 5,410 |
| Sonic Healthcare Ltd. | 385,357 | 5,300 |
| * South32 Ltd. | 5,101,311 | 5,272 |
| Dexus Property Group | 926,725 | 5,117 |
| Sydney Airport | 1,030,904 | 4,743 |
| Lend Lease Group | 496,280 | 4,603 |
| Mirvac Group | 3,549,540 | 4,571 |
| Incitec Pivot Ltd. | 1,606,628 | 4,527 |
| Medibank Pvt Ltd. | 2,640,109 | 4,444 |
| ^ Orica Ltd. | 355,898 | 4,185 |
| Santos Ltd. | 962,452 | 4,012 |
| Aristocrat Leisure Ltd. | 601,895 | 4,002 |
| Tatts Group Ltd. | 1,402,163 | 3,961 |
| DUET Group | 2,204,400 | 3,711 |
| Computershare Ltd. | 473,672 | 3,653 |
| Treasury Wine Estates Ltd. | 708,463 | 3,579 |
| Cochlear Ltd. | 54,658 | 3,468 |
| Coca-Cola Amatil Ltd. | 520,569 | 3,383 |
| Bendigo & Adelaide Bank Ltd. | 435,083 | 3,322 |
| Bank of Queensland Ltd. | 356,091 | 3,321 |
| Challenger Ltd. | 541,254 | 3,178 |
| Crown Resorts Ltd. | 363,534 | 2,972 |
| SEEK Ltd. | 326,812 | 2,966 |
| Echo Entertainment Group Ltd. | 790,072 | 2,880 |
| * Westpac Banking Corp. | 131,848 | 2,863 |
| Boral Ltd. | 733,226 | 2,819 |
22
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Qantas Airways Ltd. | 969,808 | 2,733 |
| Tabcorp Holdings Ltd. | 787,777 | 2,653 |
| Healthscope Ltd. | 1,365,195 | 2,629 |
| TPG Telecom Ltd. | 304,268 | 2,401 |
| ^ Fortescue Metals Group Ltd. | 1,545,997 | 2,270 |
| Ansell Ltd. | 145,275 | 2,066 |
| Investa Office Fund | 693,980 | 2,000 |
| Domino's Pizza Enterprises Ltd. | 58,484 | 1,950 |
| Orora Ltd. | 1,146,123 | 1,914 |
| CIMIC Group Ltd. | 95,882 | 1,896 |
| ^ IOOF Holdings Ltd. | 285,126 | 1,884 |
| Iluka Resources Ltd. | 403,214 | 1,847 |
| Alumina Ltd. | 2,347,179 | 1,817 |
| AusNet Services | 1,674,503 | 1,726 |
| REA Group Ltd. | 50,065 | 1,690 |
| BlueScope Steel Ltd. | 536,990 | 1,689 |
| Magellan Financial Group Ltd. | 101,103 | 1,625 |
| Recall Holdings Ltd. | 295,287 | 1,613 |
| ^ InvoCare Ltd. | 199,212 | 1,579 |
| DuluxGroup Ltd. | 369,335 | 1,555 |
| Spotless Group Holdings Ltd. | 1,022,686 | 1,554 |
| Fairfax Media Ltd. | 2,300,817 | 1,551 |
| BT Investment Management Ltd. | 188,872 | 1,523 |
| Veda Group Ltd. | 793,992 | 1,484 |
| ^ Flight Centre Travel Group Ltd. | 54,069 | 1,464 |
| Harvey Norman Holdings Ltd. | 511,609 | 1,453 |
| ALS Ltd. | 386,986 | 1,422 |
| carsales.com Ltd. | 200,835 | 1,404 |
| Perpetual Ltd. | 41,594 | 1,333 |
| Adelaide Brighton Ltd. | 431,709 | 1,291 |
| Sirtex Medical Ltd. | 44,485 | 1,208 |
| Primary Health Care Ltd. | 456,211 | 1,207 |
| ^ JB Hi-Fi Ltd. | 94,205 | 1,207 |
| Platinum Asset Management Ltd. | 225,867 | 1,182 |
| M2 Group Ltd. | 167,088 | 1,180 |
| Charter Hall Retail REIT | 385,943 | 1,167 |
| Macquarie Atlas Roads Group | 398,651 | 1,150 |
| GrainCorp Ltd. Class A | 175,161 | 1,131 |
| Qube Holdings Ltd. | 673,049 | 1,091 |
| Northern Star Resources Ltd. | 553,022 | 1,082 |
| nib holdings Ltd. | 419,877 | 1,081 |
| BWP Trust | 464,081 | 1,066 |
| Charter Hall Group | 328,592 | 1,053 |
| Downer EDI Ltd. | 414,070 | 1,049 |
| Shopping Centres Australasia Property Group | 690,470 | 1,015 |
| Nufarm Ltd. | 168,773 | 1,008 |
| Cromwell Property Group | 1,396,460 | 1,001 |
| WorleyParsons Ltd. | 208,148 | 968 |
| CSR Ltd. | 480,112 | 940 |
| OZ Minerals Ltd. | 301,531 | 938 |
| Super Retail Group Ltd. | 134,936 | 930 |
| ^ Vocus Communications Ltd. | 188,158 | 874 |
| ^ Navitas Ltd. | 289,198 | 867 |
| Evolution Mining Ltd. | 847,838 | 841 |
| Ardent Leisure Group | 420,496 | 837 |
| IRESS Ltd. | 121,112 | 811 |
| Aveo Group | 367,757 | 808 |
| FlexiGroup Ltd. | 368,710 | 797 |
| ^ Sims Metal Management Ltd. | 112,996 | 793 |
| ^ Metcash Ltd. | 928,423 | 788 |
| Independence Group NL | 378,211 | 748 |
| ^ G8 Education Ltd. | 349,679 | 744 |
| Premier Investments Ltd. | 75,216 | 735 |
| Abacus Property Group | 300,051 | 700 |
23
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Nine Entertainment Co. Holdings Ltd. | 616,880 | 682 | |
| Automotive Holdings Group Ltd. | 221,747 | 672 | |
| ARB Corp. Ltd. | 62,564 | 660 | |
| Sandfire Resources NL | 144,513 | 654 | |
| Estia Health Ltd. | 120,498 | 635 | |
| SAI Global Ltd. | 202,815 | 635 | |
| ^ | Slater & Gordon Ltd. | 316,901 | 619 |
| Sigma Pharmaceuticals Ltd. | 1,030,084 | 617 | |
| Pact Group Holdings Ltd. | 165,275 | 599 | |
| * | Burson Group Ltd. | 234,160 | 594 |
| * | Australian Agricultural Co. Ltd. | 546,714 | 589 |
| Genworth Mortgage Insurance Australia Ltd. | 303,444 | 585 | |
| Breville Group Ltd. | 124,139 | 582 | |
| Brickworks Ltd. | 55,099 | 568 | |
| Regis Healthcare Ltd. | 128,768 | 537 | |
| * | Mayne Pharma Group Ltd. | 731,748 | 535 |
| Programmed Maintenance Services Ltd. | 257,640 | 530 | |
| Myer Holdings Ltd. | 775,557 | 527 | |
| Japara Healthcare Ltd. | 235,123 | 520 | |
| ^ | Regis Resources Ltd. | 344,123 | 507 |
| Beach Energy Ltd. | 1,113,269 | 506 | |
| ^ | Bega Cheese Ltd. | 119,623 | 495 |
| Australian Pharmaceutical Industries Ltd. | 350,300 | 495 | |
| Select Harvests Ltd. | 67,543 | 490 | |
| Transpacific Industries Group Ltd. | 1,007,420 | 489 | |
| Mantra Group Ltd. | 165,623 | 488 | |
| McMillan Shakespeare Ltd. | 53,876 | 483 | |
| Asaleo Care Ltd. | 379,273 | 473 | |
| Steadfast Group Ltd. | 440,222 | 471 | |
| GWA Group Ltd. | 262,509 | 464 | |
| Cover-More Group Ltd. | 283,580 | 461 | |
| Seven West Media Ltd. | 938,528 | 452 | |
| GUD Holdings Ltd. | 77,876 | 447 | |
| Village Roadshow Ltd. | 83,042 | 446 | |
| Sims Metal Management Ltd. ADR | 63,294 | 443 | |
| *,^ | Syrah Resources Ltd. | 199,678 | 443 |
| * | Pacific Brands Ltd. | 864,215 | 441 |
| *,^ | Liquefied Natural Gas Ltd. | 418,482 | 438 |
| *,^ | Whitehaven Coal Ltd. | 607,507 | 437 |
| *,^ | Mesoblast Ltd. | 180,126 | 435 |
| iSentia Group Ltd. | 146,677 | 432 | |
| ^ | OzForex Group Ltd. | 209,021 | 421 |
| Tassal Group Ltd. | 138,500 | 416 | |
| ^ | Monadelphous Group Ltd. | 82,976 | 410 |
| Mineral Resources Ltd. | 133,220 | 407 | |
| ^ | Retail Food Group Ltd. | 122,042 | 400 |
| Technology One Ltd. | 138,210 | 380 | |
| Growthpoint Properties Australia Ltd. | 161,197 | 354 | |
| * | Transfield Services Ltd. | 488,088 | 346 |
| ^ | Greencross Ltd. | 78,205 | 345 |
| New Hope Corp. Ltd. | 248,867 | 339 | |
| Southern Cross Media Group Ltd. | 474,900 | 332 | |
| ^ | TFS Corp. Ltd. | 263,662 | 329 |
| Altium Ltd. | 102,796 | 326 | |
| Western Areas Ltd. | 192,499 | 325 | |
| * | Virgin Australia Holdings Ltd. | 946,488 | 324 |
| National Storage REIT | 286,376 | 322 | |
| ^ | Seven Group Holdings Ltd. | 89,722 | 321 |
| ^ | Cardno Ltd. | 147,329 | 318 |
| Folkestone Education Trust | 200,583 | 318 | |
| Ainsworth Game Technology Ltd. | 137,090 | 311 | |
| * | APN News & Media Ltd. | 833,090 | 303 |
| * | Saracen Mineral Holdings Ltd. | 704,125 | 289 |
| * | Newcrest Mining Ltd. ADR | 32,727 | 287 |
24
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | NEXTDC Ltd. | 155,222 | 286 |
| * | Billabong International Ltd. | 528,233 | 276 |
| GDI Property Group | 421,136 | 270 | |
| *,^ | Highfield Resources Ltd. | 244,305 | 268 |
| ^ | UGL Ltd. | 157,819 | 255 |
| Virtus Health Ltd. | 56,444 | 252 | |
| * | iProperty Group Ltd. | 99,219 | 248 |
| * | Karoon Gas Australia Ltd. | 196,111 | 245 |
| UXC Ltd. | 285,650 | 244 | |
| Webjet Ltd. | 67,977 | 243 | |
| Tox Free Solutions Ltd. | 117,020 | 240 | |
| *,^ | Paladin Energy Ltd. | 1,369,635 | 240 |
| Cabcharge Australia Ltd. | 114,012 | 228 | |
| Ingenia Communities Group | 692,871 | 225 | |
| Reject Shop Ltd. | 27,271 | 224 | |
| Credit Corp. Group Ltd. | 35,221 | 220 | |
| Thorn Group Ltd. | 143,264 | 217 | |
| * | AWE Ltd. | 465,794 | 208 |
| Hotel Property Investments | 112,164 | 206 | |
| * | Ten Network Holdings Ltd. | 1,756,972 | 206 |
| SMS Management & Technology Ltd. | 56,015 | 196 | |
| *,^ | Arrium Ltd. | 2,773,644 | 195 |
| Astro Japan Property Group | 48,525 | 182 | |
| RCR Tomlinson Ltd. | 105,718 | 173 | |
| * | Drillsearch Energy Ltd. | 282,066 | 156 |
| *,^ | Senex Energy Ltd. | 1,091,195 | 142 |
| ERM Power Ltd. | 121,428 | 142 | |
| Cedar Woods Properties Ltd. | 44,952 | 134 | |
| *,^ | Perseus Mining Ltd. | 501,179 | 132 |
| Capitol Health Ltd. | 465,009 | 128 | |
| STW Communications Group Ltd. | 235,538 | 125 | |
| Cash Converters International Ltd. | 319,273 | 117 | |
| * | Resolute Mining Ltd. | 421,382 | 112 |
| *,^ | Starpharma Holdings Ltd. | 204,211 | 100 |
| * | Bradken Ltd. | 140,925 | 97 |
| *,^ | Mount Gibson Iron Ltd. | 623,360 | 95 |
| * | Infigen Energy | 321,126 | 86 |
| MACA Ltd. | 139,094 | 85 | |
| MMA Offshore Ltd. | 279,707 | 84 | |
| * | Lynas Corp. Ltd. | 2,014,419 | 83 |
| Decmil Group Ltd. | 119,124 | 80 | |
| ^ | Dick Smith Holdings Ltd. | 147,770 | 73 |
| * | Horizon Oil Ltd. | 851,641 | 73 |
| Watpac Ltd. | 101,769 | 69 | |
| * | Sundance Energy Australia Ltd. | 320,851 | 68 |
| * | Kingsgate Consolidated Ltd. | 130,071 | 61 |
| Beadell Resources Ltd. | 521,772 | 59 | |
| Hills Ltd. | 156,721 | 48 | |
| * | Troy Resources Ltd. | 177,050 | 40 |
| Acrux Ltd. | 77,116 | 40 | |
| * | Ten Network Holdings Ltd. | 332,400 | 39 |
| * | Medusa Mining Ltd. | 95,316 | 38 |
| * | Buru Energy Ltd. | 163,146 | 35 |
| Panoramic Resources Ltd. | 123,398 | 26 | |
| Ausdrill Ltd. | 101,390 | 25 | |
| *,^ | Atlas Iron Ltd. | 1,061,833 | 21 |
| * | Tap Oil Ltd. | 111,154 | 19 |
| Mincor Resources NL | 49,790 | 9 | |
| * | BGP Holdings PLC | 15,642,708 | — |
| 880,640 | |||
| Hong Kong (8.9%) | |||
| AIA Group Ltd. | 11,507,245 | 67,194 | |
| CK Hutchison Holdings Ltd. | 2,692,591 | 36,783 | |
| Hong Kong Exchanges and Clearing Ltd. | 1,145,597 | 29,908 | |
25
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Sun Hung Kai Properties Ltd. | 1,593,118 | 21,260 | |
| Cheung Kong Property Holdings Ltd. | 2,692,591 | 18,806 | |
| Hong Kong & China Gas Co. Ltd. | 6,668,666 | 13,514 | |
| Hang Seng Bank Ltd. | 730,441 | 13,374 | |
| Link REIT | 2,183,143 | 12,969 | |
| CLP Holdings Ltd. | 1,472,541 | 12,807 | |
| Jardine Matheson Holdings Ltd. | 233,520 | 12,666 | |
| Power Assets Holdings Ltd. | 1,269,316 | 12,622 | |
| BOC Hong Kong Holdings Ltd. | 3,440,546 | 10,978 | |
| Hongkong Land Holdings Ltd. | 1,121,600 | 8,397 | |
| Sands China Ltd. | 2,311,947 | 8,299 | |
| Wharf Holdings Ltd. | 1,304,297 | 7,743 | |
| Galaxy Entertainment Group Ltd. | 2,037,950 | 6,935 | |
| Jardine Strategic Holdings Ltd. | 213,800 | 6,445 | |
| Swire Pacific Ltd. Class A | 556,125 | 6,424 | |
| Henderson Land Development Co. Ltd. | 977,206 | 6,220 | |
| MTR Corp. Ltd. | 1,341,217 | 6,068 | |
| New World Development Co. Ltd. | 5,163,870 | 5,505 | |
| Cheung Kong Infrastructure Holdings Ltd. | 576,215 | 5,351 | |
| ^ | Want Want China Holdings Ltd. | 6,332,000 | 5,257 |
| Hang Lung Properties Ltd. | 2,143,317 | 5,236 | |
| China Mengniu Dairy Co. Ltd. | 2,606,000 | 5,040 | |
| Sino Land Co. Ltd. | 2,910,300 | 4,484 | |
| Li & Fung Ltd. | 5,519,259 | 4,456 | |
| Techtronic Industries Co. Ltd. | 1,195,000 | 4,361 | |
| AAC Technologies Holdings Inc. | 668,500 | 4,232 | |
| Bank of East Asia Ltd. | 1,098,876 | 4,096 | |
| *,^ | Goldin Financial Holdings Ltd. | 2,016,000 | 3,759 |
| Wheelock & Co. Ltd. | 776,486 | 3,609 | |
| Samsonite International SA | 1,223,973 | 3,603 | |
| Swire Properties Ltd. | 1,117,965 | 3,349 | |
| Tingyi Cayman Islands Holding Corp. | 1,820,600 | 3,111 | |
| Yue Yuen Industrial Holdings Ltd. | 795,019 | 2,898 | |
| Hysan Development Co. Ltd. | 599,603 | 2,654 | |
| * | Semiconductor Manufacturing International Corp. | 23,621,000 | 2,212 |
| PCCW Ltd. | 3,874,143 | 2,092 | |
| ^ | Esprit Holdings Ltd. | 1,830,500 | 2,051 |
| ^ | Prada SPA | 497,900 | 2,019 |
| NWS Holdings Ltd. | 1,340,411 | 2,013 | |
| Cathay Pacific Airways Ltd. | 982,548 | 1,949 | |
| Hopewell Holdings Ltd. | 520,624 | 1,878 | |
| Kerry Properties Ltd. | 624,858 | 1,848 | |
| VTech Holdings Ltd. | 151,700 | 1,839 | |
| ^ | Sun Art Retail Group Ltd. | 2,104,000 | 1,721 |
| *,2 | WH Group Ltd. | 3,050,865 | 1,683 |
| New World China Land Ltd. | 2,542,000 | 1,680 | |
| ASM Pacific Technology Ltd. | 231,228 | 1,637 | |
| First Pacific Co. Ltd. | 2,290,823 | 1,564 | |
| SJM Holdings Ltd. | 1,803,359 | 1,495 | |
| ^ | Wynn Macau Ltd. | 991,640 | 1,359 |
| Fortune REIT | 1,251,000 | 1,301 | |
| Johnson Electric Holdings Ltd. | 350,125 | 1,284 | |
| ^ | Melco International Development Ltd. | 788,000 | 1,216 |
| Champion REIT | 2,330,000 | 1,208 | |
| * | Global Brands Group Holding Ltd. | 5,697,259 | 1,175 |
| *,^ | Brightoil Petroleum Holdings Ltd. | 3,301,000 | 1,170 |
| China Travel International Investment Hong Kong Ltd. | 2,562,000 | 1,155 | |
| Haitong International Securities Group Ltd. | 2,028,347 | 1,118 | |
| Cafe de Coral Holdings Ltd. | 326,000 | 1,102 | |
| ^ | Imperial Pacific International Holdings Ltd. | 43,711,820 | 1,100 |
| FIH Mobile Ltd. | 2,251,000 | 1,070 | |
| MGM China Holdings Ltd. | 726,400 | 1,058 | |
| Uni-President China Holdings Ltd. | 1,285,400 | 1,052 | |
| Minth Group Ltd. | 506,000 | 1,045 | |
26
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Goldin Properties Holdings Ltd. | 1,218,453 | 1,043 |
| Xinyi Glass Holdings Ltd. | 1,950,000 | 1,010 | |
| Television Broadcasts Ltd. | 273,700 | 995 | |
| Shangri-La Asia Ltd. | 1,028,096 | 941 | |
| ^ | Chow Tai Fook Jewellery Group Ltd. | 1,090,200 | 930 |
| Value Partners Group Ltd. | 879,000 | 928 | |
| ^ | Xinyi Solar Holdings Ltd. | 2,316,000 | 917 |
| Orient Overseas International Ltd. | 190,824 | 910 | |
| NagaCorp Ltd. | 1,288,000 | 909 | |
| Stella International Holdings Ltd. | 364,500 | 900 | |
| Shui On Land Ltd. | 3,276,666 | 898 | |
| L'Occitane International SA | 437,000 | 877 | |
| Dah Sing Financial Holdings Ltd. | 150,952 | 843 | |
| Great Eagle Holdings Ltd. | 253,000 | 832 | |
| Luk Fook Holdings International Ltd. | 322,000 | 830 | |
| Man Wah Holdings Ltd. | 725,200 | 824 | |
| * | HKBN Ltd. | 683,000 | 820 |
| *,2 | China Jicheng Holdings Ltd. | 3,262,336 | 816 |
| ^ | Guotai Junan International Holdings Ltd. | 2,219,213 | 813 |
| Kerry Logistics Network Ltd. | 535,179 | 796 | |
| ^ | Town Health International Medical Group Ltd. | 3,782,000 | 781 |
| Huabao International Holdings Ltd. | 1,843,000 | 770 | |
| Nexteer Automotive Group Ltd. | 669,000 | 710 | |
| Shun Tak Holdings Ltd. | 1,780,000 | 709 | |
| *,^ | FDG Electric Vehicles Ltd. | 9,545,000 | 661 |
| Dah Sing Banking Group Ltd. | 349,656 | 661 | |
| Pacific Textiles Holdings Ltd. | 464,000 | 661 | |
| *,^ | KuangChi Science Ltd. | 1,607,000 | 659 |
| ^ | United Co. RUSAL plc | 1,709,000 | 655 |
| Lifestyle International Holdings Ltd. | 451,500 | 653 | |
| *,^ | China LNG Group Ltd. | 15,640,000 | 652 |
| Texwinca Holdings Ltd. | 650,000 | 631 | |
| SmarTone Telecommunications Holdings Ltd. | 343,500 | 607 | |
| Giordano International Ltd. | 1,102,000 | 592 | |
| * | China Oceanwide Holdings Ltd. | 4,242,000 | 589 |
| SITC International Holdings Co. Ltd. | 1,083,000 | 555 | |
| * | Good Resources Holdings Ltd. | 2,258,940 | 547 |
| Yuexiu REIT | 1,025,000 | 541 | |
| CITIC Telecom International Holdings Ltd. | 1,283,000 | 530 | |
| Freeman Financial Corp. Ltd. | 8,900,000 | 518 | |
| Sunlight REIT | 1,005,000 | 508 | |
| ^ | Shougang Fushan Resources Group Ltd. | 3,732,000 | 505 |
| Beijing Enterprises Medical & Health Group Ltd. | 4,710,000 | 500 | |
| Pacific Basin Shipping Ltd. | 1,643,000 | 487 | |
| Towngas China Co. Ltd. | 708,929 | 482 | |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,304,000 | 482 | |
| G-Resources Group Ltd. | 21,267,000 | 476 | |
| * | China Harmony New Energy Auto Holding Ltd. | 695,000 | 461 |
| K Wah International Holdings Ltd. | 1,041,500 | 449 | |
| Yingde Gases Group Co. Ltd. | 999,000 | 446 | |
| Hopewell Highway Infrastructure Ltd. | 966,656 | 445 | |
| *,^ | China Financial International Investments Ltd. | 4,200,000 | 431 |
| Ju Teng International Holdings Ltd. | 762,000 | 416 | |
| Chow Sang Sang Holdings International Ltd. | 214,000 | 416 | |
| Kowloon Development Co. Ltd. | 359,000 | 405 | |
| * | TOM Group Ltd. | 1,484,000 | 403 |
| * | Summit Ascent Holdings Ltd. | 778,000 | 387 |
| Prosperity REIT | 1,055,000 | 386 | |
| Sun Hung Kai & Co. Ltd. | 558,000 | 375 | |
| * | Goodbaby International Holdings Ltd. | 807,000 | 372 |
| ^ | China LotSynergy Holdings Ltd. | 6,680,000 | 362 |
| * | Kong Sun Holdings Ltd. | 3,625,000 | 362 |
| * | United Photovoltaics Group Ltd. | 3,432,000 | 352 |
| APT Satellite Holdings Ltd. | 355,500 | 348 | |
27
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Hang Fat Ginseng Holdings Co. Ltd. | 4,730,000 | 346 |
| ^ | NewOcean Energy Holdings Ltd. | 836,000 | 340 |
| ^ | SA Sa International Holdings Ltd. | 1,035,860 | 332 |
| Chong Hing Bank Ltd. | 155,000 | 329 | |
| * | Mei Ah Entertainment Group Ltd. | 3,040,000 | 324 |
| * | MMG Ltd. | 1,460,000 | 321 |
| ^ | TCL Communication Technology Holdings Ltd. | 430,000 | 319 |
| * | Suncorp Technologies Ltd. | 11,530,000 | 317 |
| * | Sino Oil And Gas Holdings Ltd. | 12,815,000 | 316 |
| Dynam Japan Holdings Co. Ltd. | 253,200 | 311 | |
| GCL New Energy Holdings Ltd. | 4,228,000 | 309 | |
| ^ | Truly International Holdings Ltd. | 1,294,000 | 308 |
| Lee's Pharmaceutical Holdings Ltd. | 238,000 | 307 | |
| ^ | China Smarter Energy Group Holdings Ltd. | 3,506,000 | 297 |
| *,^ | China Huarong Energy Co. Ltd. | 7,189,000 | 294 |
| Mason Financial Holdings Ltd. | 7,760,000 | 289 | |
| * | SinoCom Software Group Ltd. | 8,060,000 | 289 |
| * | Canvest Environmental Protection Group Co. Ltd. | 667,000 | 287 |
| *,^ | HC International Inc. | 494,000 | 286 |
| HKR International Ltd. | 643,200 | 286 | |
| * | China Ocean Shipbuilding Industry Group Ltd. | 8,825,000 | 278 |
| * | CST Mining Group Ltd. | 24,144,000 | 266 |
| Far East Consortium International Ltd. | 728,000 | 265 | |
| China Aerospace International Holdings Ltd. | 1,792,000 | 259 | |
| * | Technovator International Ltd. | 412,000 | 256 |
| * | Gemdale Properties & Investment Corp. Ltd. | 4,906,000 | 252 |
| EVA Precision Industrial Holdings Ltd. | 1,048,000 | 248 | |
| Springland International Holdings Ltd. | 990,242 | 248 | |
| * | United Laboratories International Holdings Ltd. | 464,000 | 246 |
| * | Newtree Group Holdings Ltd. | 676,000 | 244 |
| * | Emperor Capital Group Ltd. | 2,904,000 | 241 |
| *,^ | Macau Legend Development Ltd. | 1,673,000 | 238 |
| * | Sincere Watch Hong Kong Ltd. | 2,250,000 | 236 |
| *,^ | Winshine Entertainment & Media Holding Co. Ltd. | 1,788,000 | 234 |
| *,2 | CGN Meiya Power Holdings Co. Ltd. | 968,000 | 233 |
| Parkson Retail Group Ltd. | 1,420,000 | 210 | |
| * | L'sea Resources International Holdings Ltd. | 3,420,000 | 206 |
| * | Midland Holdings Ltd. | 472,000 | 204 |
| * | Peace Map Holding Ltd. | 5,520,000 | 201 |
| * | Haier Healthwise Holdings Ltd. | 2,930,000 | 195 |
| Spring REIT | 487,000 | 195 | |
| TCC International Holdings Ltd. | 978,000 | 192 | |
| China Silver Group Ltd. | 712,000 | 186 | |
| * | Auto Italia Holdings | 3,550,000 | 179 |
| Liu Chong Hing Investment Ltd. | 152,000 | 179 | |
| * | Xinchen China Power Holdings Ltd. | 748,000 | 176 |
| Regal Hotels International Holdings Ltd. | 338,000 | 174 | |
| * | Microport Scientific Corp. | 406,000 | 169 |
| Shenwan Hongyuan HK Ltd. | 380,000 | 166 | |
| Varitronix International Ltd. | 242,000 | 165 | |
| Road King Infrastructure Ltd. | 189,000 | 164 | |
| * | Sunshine Oilsands Ltd. | 1,682,500 | 161 |
| AMVIG Holdings Ltd. | 352,000 | 161 | |
| Polytec Asset Holdings Ltd. | 1,270,000 | 158 | |
| * | Yanchang Petroleum International Ltd. | 4,510,000 | 143 |
| * | New Focus Auto Tech Holdings Ltd. | 1,460,000 | 143 |
| Trinity Ltd. | 926,000 | 136 | |
| * | Lai Sun Development Co. Ltd. | 7,290,000 | 133 |
| * | Louis XIII Holdings Ltd. | 528,500 | 132 |
| Singamas Container Holdings Ltd. | 1,048,000 | 125 | |
| *,^ | Honghua Group Ltd. | 1,535,000 | 124 |
| *,^ | Anton Oilfield Services Group | 912,000 | 120 |
| * | SOCAM Development Ltd. | 186,000 | 110 |
| * | China Household Holdings Ltd. | 3,145,000 | 103 |
28
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Yip's Chemical Holdings Ltd. | 240,000 | 98 | |
| Inspur International Ltd. | 498,000 | 96 | |
| * | PetroAsian Energy Holdings Ltd. | 4,044,000 | 89 |
| IT Ltd. | 282,000 | 86 | |
| New World Department Store China Ltd. | 482,000 | 82 | |
| * | Hong Kong Television Network Ltd. | 385,000 | 82 |
| TPV Technology Ltd. | 530,000 | 77 | |
| GT Group Holdings Ltd. | 488,000 | 62 | |
| * | Silver Base Group Holdings Ltd. | 358,000 | 54 |
| Emperor Watch & Jewellery Ltd. | 1,740,000 | 46 | |
| Henderson Investment Ltd. | 524,000 | 44 | |
| Oriental Press Group | 334,000 | 37 | |
| *,^ | SPT Energy Group Inc. | 366,000 | 36 |
| * | Hanison Construction Holdings Ltd. | 156,476 | 29 |
| * | Neo-Neon Holdings Ltd. | 198,000 | 28 |
| * | Portico International Holdings Ltd. | 38,500 | 15 |
| * | Heng Tai Consumables Group Ltd. | 660,000 | 7 |
| 491,906 | |||
| Japan (59.5%) | |||
| Toyota Motor Corp. | 2,531,071 | 154,979 | |
| Mitsubishi UFJ Financial Group Inc. | 13,287,824 | 85,923 | |
| Honda Motor Co. Ltd. | 1,713,427 | 56,886 | |
| Sumitomo Mitsui Financial Group Inc. | 1,241,034 | 49,340 | |
| SoftBank Group Corp. | 885,770 | 49,302 | |
| Mizuho Financial Group Inc. | 23,662,041 | 48,385 | |
| KDDI Corp. | 1,796,200 | 43,389 | |
| Takeda Pharmaceutical Co. Ltd. | 740,391 | 35,991 | |
| East Japan Railway Co. | 362,685 | 34,428 | |
| Japan Tobacco Inc. | 992,159 | 34,276 | |
| Sony Corp. | 1,200,644 | 34,051 | |
| Seven & i Holdings Co. Ltd. | 745,354 | 33,681 | |
| FANUC Corp. | 186,976 | 32,904 | |
| Central Japan Railway Co. | 173,200 | 31,449 | |
| Astellas Pharma Inc. | 2,079,370 | 30,061 | |
| Canon Inc. | 1,001,717 | 29,922 | |
| Mitsubishi Estate Co. Ltd. | 1,207,982 | 25,826 | |
| Tokio Marine Holdings Inc. | 671,290 | 25,715 | |
| Murata Manufacturing Co. Ltd. | 180,034 | 25,530 | |
| NTT DOCOMO Inc. | 1,300,100 | 25,520 | |
| Hitachi Ltd. | 4,435,258 | 25,478 | |
| Mitsui Fudosan Co. Ltd. | 906,580 | 24,575 | |
| Kao Corp. | 479,077 | 24,470 | |
| Mitsubishi Corp. | 1,318,534 | 23,886 | |
| Panasonic Corp. | 2,035,090 | 23,881 | |
| Shin-Etsu Chemical Co. Ltd. | 393,655 | 23,307 | |
| Nissan Motor Co. Ltd. | 2,242,852 | 23,269 | |
| Fuji Heavy Industries Ltd. | 599,512 | 23,148 | |
| Keyence Corp. | 43,777 | 22,721 | |
| Bridgestone Corp. | 614,550 | 22,532 | |
| Denso Corp. | 480,886 | 22,263 | |
| Mitsui & Co. Ltd. | 1,629,100 | 20,579 | |
| Nomura Holdings Inc. | 3,266,794 | 20,467 | |
| Mitsubishi Electric Corp. | 1,887,954 | 19,579 | |
| Dai-ichi Life Insurance Co. Ltd. | 1,080,400 | 18,680 | |
| ORIX Corp. | 1,254,010 | 18,334 | |
| Nippon Telegraph & Telephone Corp. | 491,475 | 18,049 | |
| Fast Retailing Co. Ltd. | 48,820 | 17,765 | |
| Nidec Corp. | 231,428 | 17,389 | |
| ITOCHU Corp. | 1,376,797 | 17,150 | |
| Kubota Corp. | 1,074,028 | 16,557 | |
| Nintendo Co. Ltd. | 103,298 | 16,490 | |
| Daikin Industries Ltd. | 255,212 | 16,340 | |
| Hoya Corp. | 396,102 | 16,280 | |
| Daiwa House Industry Co. Ltd. | 618,705 | 16,154 | |
29
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| FUJIFILM Holdings Corp. | 400,795 | 15,931 |
| Eisai Co. Ltd. | 254,868 | 15,856 |
| Nippon Steel & Sumitomo Metal Corp. | 776,930 | 15,714 |
| Mitsubishi Heavy Industries Ltd. | 3,066,743 | 15,435 |
| Komatsu Ltd. | 901,509 | 14,883 |
| MS&AD Insurance Group Holdings Inc. | 492,901 | 14,465 |
| SMC Corp. | 56,000 | 14,355 |
| Sumitomo Mitsui Trust Holdings Inc. | 3,623,819 | 13,867 |
| Sumitomo Realty & Development Co. Ltd. | 412,539 | 13,525 |
| Kyocera Corp. | 297,950 | 13,431 |
| Suzuki Motor Corp. | 387,768 | 12,658 |
| Toray Industries Inc. | 1,452,857 | 12,648 |
| Daiichi Sankyo Co. Ltd. | 646,991 | 12,611 |
| Secom Co. Ltd. | 185,603 | 12,345 |
| West Japan Railway Co. | 175,737 | 12,295 |
| Dentsu Inc. | 212,902 | 11,926 |
| Ono Pharmaceutical Co. Ltd. | 87,133 | 11,873 |
| Shimano Inc. | 75,498 | 11,865 |
| Otsuka Holdings Co. Ltd. | 357,279 | 11,819 |
| Sumitomo Corp. | 1,077,238 | 11,804 |
| Resona Holdings Inc. | 2,222,343 | 11,718 |
| Shionogi & Co. Ltd. | 283,751 | 11,599 |
| Kirin Holdings Co. Ltd. | 803,116 | 11,333 |
| Oriental Land Co. Ltd. | 185,177 | 11,208 |
| Ajinomoto Co. Inc. | 504,706 | 11,203 |
| Sompo Japan Nipponkoa Holdings Inc. | 359,126 | 11,195 |
| Asahi Group Holdings Ltd. | 363,221 | 11,178 |
| Daiwa Securities Group Inc. | 1,635,984 | 11,157 |
| Rakuten Inc. | 802,600 | 11,107 |
| Tokyo Gas Co. Ltd. | 2,213,959 | 10,932 |
| Mazda Motor Corp. | 543,091 | 10,665 |
| Chubu Electric Power Co. Inc. | 677,972 | 10,395 |
| Olympus Corp. | 307,894 | 10,344 |
| * Toshiba Corp. | 3,658,424 | 10,290 |
| Recruit Holdings Co. Ltd. | 320,535 | 10,281 |
| MEIJI Holdings Co. Ltd. | 131,130 | 10,277 |
| * Tokyo Electric Power Co. Inc. | 1,489,784 | 10,131 |
| Sumitomo Electric Industries Ltd. | 733,321 | 9,976 |
| Aeon Co. Ltd. | 664,195 | 9,814 |
| Nitto Denko Corp. | 150,366 | 9,591 |
| Tokyo Electron Ltd. | 156,813 | 9,364 |
| Sekisui House Ltd. | 563,535 | 9,349 |
| Terumo Corp. | 312,800 | 9,236 |
| Marubeni Corp. | 1,593,756 | 9,179 |
| JX Holdings Inc. | 2,314,623 | 9,044 |
| * Kansai Electric Power Co. Inc. | 702,314 | 8,948 |
| Shiseido Co. Ltd. | 375,853 | 8,865 |
| Tokyu Corp. | 1,086,409 | 8,781 |
| Inpex Corp. | 882,300 | 8,410 |
| Japan Exchange Group Inc. | 521,300 | 8,360 |
| Sumitomo Chemical Co. Ltd. | 1,457,276 | 8,318 |
| Toyota Industries Corp. | 156,220 | 8,177 |
| Fujitsu Ltd. | 1,708,981 | 8,041 |
| Hankyu Hanshin Holdings Inc. | 1,229,000 | 8,007 |
| T&D Holdings Inc. | 601,161 | 7,855 |
| Sysmex Corp. | 137,184 | 7,840 |
| Mitsubishi Chemical Holdings Corp. | 1,261,479 | 7,838 |
| Asahi Kasei Corp. | 1,276,836 | 7,810 |
| JFE Holdings Inc. | 492,607 | 7,703 |
| NEC Corp. | 2,498,284 | 7,702 |
| Daito Trust Construction Co. Ltd. | 70,958 | 7,676 |
| Osaka Gas Co. Ltd. | 1,891,548 | 7,431 |
| TDK Corp. | 114,887 | 7,288 |
| Aisin Seiki Co. Ltd. | 181,829 | 7,196 |
30
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Ricoh Co. Ltd. | 653,182 | 7,023 |
| Unicharm Corp. | 329,123 | 7,014 |
| Yamato Holdings Co. Ltd. | 350,861 | 6,880 |
| Bank of Yokohama Ltd. | 1,102,462 | 6,850 |
| Taisei Corp. | 1,044,863 | 6,783 |
| Chugai Pharmaceutical Co. Ltd. | 209,657 | 6,723 |
| Kintetsu Group Holdings Co. Ltd. | 1,725,927 | 6,660 |
| Isuzu Motors Ltd. | 551,598 | 6,410 |
| Tohoku Electric Power Co. Inc. | 456,542 | 6,387 |
| Makita Corp. | 116,627 | 6,360 |
| Omron Corp. | 191,610 | 6,320 |
| Dai Nippon Printing Co. Ltd. | 590,513 | 6,086 |
| Yamaha Motor Co. Ltd. | 268,747 | 6,022 |
| NTT Data Corp. | 121,000 | 5,997 |
| Odakyu Electric Railway Co. Ltd. | 600,362 | 5,851 |
| Sumitomo Metal Mining Co. Ltd. | 458,149 | 5,704 |
| Obayashi Corp. | 650,575 | 5,698 |
| Electric Power Development Co. Ltd. | 171,579 | 5,636 |
| Isetan Mitsukoshi Holdings Ltd. | 347,880 | 5,559 |
| Kawasaki Heavy Industries Ltd. | 1,384,357 | 5,525 |
| NGK Insulators Ltd. | 256,541 | 5,518 |
| Nitori Holdings Co. Ltd. | 70,782 | 5,508 |
| * Kyushu Electric Power Co. Inc. | 444,444 | 5,360 |
| LIXIL Group Corp. | 249,418 | 5,326 |
| Shizuoka Bank Ltd. | 531,859 | 5,303 |
| Yahoo Japan Corp. | 1,252,300 | 5,296 |
| Mitsubishi Motors Corp. | 593,421 | 5,252 |
| Kikkoman Corp. | 167,922 | 5,236 |
| Alps Electric Co. Ltd. | 170,000 | 5,235 |
| Asahi Glass Co. Ltd. | 917,115 | 5,226 |
| NSK Ltd. | 442,236 | 5,210 |
| Santen Pharmaceutical Co. Ltd. | 382,200 | 5,169 |
| ^ Yakult Honsha Co. Ltd. | 97,915 | 5,159 |
| Toyota Tsusho Corp. | 215,448 | 4,911 |
| Suntory Beverage & Food Ltd. | 120,200 | 4,855 |
| Shimizu Corp. | 545,293 | 4,762 |
| Chiba Bank Ltd. | 653,129 | 4,746 |
| Tobu Railway Co. Ltd. | 966,206 | 4,661 |
| Lawson Inc. | 63,095 | 4,655 |
| ^ Asics Corp. | 168,932 | 4,652 |
| Kajima Corp. | 805,362 | 4,609 |
| Toppan Printing Co. Ltd. | 514,872 | 4,602 |
| Bandai Namco Holdings Inc. | 187,454 | 4,592 |
| Keio Corp. | 565,808 | 4,591 |
| TOTO Ltd. | 135,839 | 4,580 |
| NGK Spark Plug Co. Ltd. | 187,181 | 4,556 |
| Koito Manufacturing Co. Ltd. | 119,055 | 4,495 |
| Chugoku Electric Power Co. Inc. | 296,813 | 4,475 |
| ^ Nikon Corp. | 337,530 | 4,352 |
| Oji Holdings Corp. | 840,521 | 4,343 |
| Konica Minolta Inc. | 420,853 | 4,322 |
| Fukuoka Financial Group Inc. | 823,041 | 4,314 |
| Ryohin Keikaku Co. Ltd. | 21,300 | 4,269 |
| Sekisui Chemical Co. Ltd. | 357,445 | 4,201 |
| Rohm Co. Ltd. | 85,033 | 4,179 |
| Mitsubishi Materials Corp. | 1,197,508 | 4,155 |
| ^ Casio Computer Co. Ltd. | 220,172 | 4,133 |
| Yamaha Corp. | 165,539 | 4,094 |
| Don Quijote Holdings Co. Ltd. | 110,900 | 4,066 |
| IHI Corp. | 1,435,720 | 4,046 |
| Seiko Epson Corp. | 265,700 | 4,046 |
| Aozora Bank Ltd. | 1,106,676 | 4,030 |
| Nippon Yusen KK | 1,547,083 | 4,029 |
| Kyowa Hakko Kirin Co. Ltd. | 245,386 | 4,028 |
31
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Keikyu Corp. | 484,531 | 3,972 |
| Shimadzu Corp. | 254,596 | 3,947 |
| Nomura Research Institute Ltd. | 96,332 | 3,926 |
| NH Foods Ltd. | 185,466 | 3,874 |
| Nippon Express Co. Ltd. | 752,925 | 3,861 |
| J Front Retailing Co. Ltd. | 235,990 | 3,861 |
| Nisshin Seifun Group Inc. | 251,524 | 3,827 |
| Daicel Corp. | 290,473 | 3,822 |
| Hirose Electric Co. Ltd. | 31,618 | 3,815 |
| Trend Micro Inc. | 97,658 | 3,793 |
| Taiheiyo Cement Corp. | 1,149,000 | 3,776 |
| Kuraray Co. Ltd. | 305,013 | 3,749 |
| Seibu Holdings Inc. | 185,144 | 3,742 |
| USS Co. Ltd. | 210,460 | 3,709 |
| JTEKT Corp. | 216,166 | 3,706 |
| Mitsubishi Tanabe Pharma Corp. | 215,036 | 3,628 |
| Nippon Paint Holdings Co. Ltd. | 170,600 | 3,588 |
| Kobe Steel Ltd. | 2,852,957 | 3,585 |
| Nagoya Railroad Co. Ltd. | 865,000 | 3,571 |
| Bank of Kyoto Ltd. | 350,363 | 3,521 |
| Keihan Electric Railway Co. Ltd. | 493,000 | 3,487 |
| Minebea Co. Ltd. | 312,000 | 3,419 |
| Alfresa Holdings Corp. | 177,432 | 3,397 |
| Obic Co. Ltd. | 64,400 | 3,395 |
| Joyo Bank Ltd. | 652,338 | 3,374 |
| Nissan Chemical Industries Ltd. | 136,000 | 3,362 |
| Suruga Bank Ltd. | 170,096 | 3,339 |
| ANA Holdings Inc. | 1,117,143 | 3,326 |
| MISUMI Group Inc. | 255,200 | 3,317 |
| M3 Inc. | 172,100 | 3,310 |
| Mitsui Chemicals Inc. | 871,190 | 3,283 |
| Hamamatsu Photonics KK | 128,144 | 3,276 |
| Keisei Electric Railway Co. Ltd. | 266,404 | 3,271 |
| Teijin Ltd. | 929,175 | 3,269 |
| Nissin Foods Holdings Co. Ltd. | 70,647 | 3,259 |
| JGC Corp. | 205,221 | 3,241 |
| Tokyu Fudosan Holdings Corp. | 456,755 | 3,200 |
| Toyo Suisan Kaisha Ltd. | 86,896 | 3,200 |
| Tosoh Corp. | 629,000 | 3,181 |
| Hulic Co. Ltd. | 341,600 | 3,180 |
| Japan Airlines Co. Ltd. | 83,692 | 3,147 |
| Credit Saison Co. Ltd. | 153,375 | 3,139 |
| * Kyushu Financial Group Inc. | 407,500 | 3,134 |
| Sohgo Security Services Co. Ltd. | 64,600 | 3,123 |
| Amada Holdings Co. Ltd. | 351,193 | 3,113 |
| Hiroshima Bank Ltd. | 560,000 | 3,098 |
| Shinsei Bank Ltd. | 1,475,373 | 3,080 |
| Suzuken Co. Ltd. | 79,762 | 3,048 |
| Toho Gas Co. Ltd. | 491,518 | 3,004 |
| Sony Financial Holdings Inc. | 166,524 | 2,976 |
| Yamada Denki Co. Ltd. | 659,540 | 2,972 |
| Toyo Seikan Group Holdings Ltd. | 153,273 | 2,972 |
| Yaskawa Electric Corp. | 249,555 | 2,954 |
| Hino Motors Ltd. | 259,509 | 2,952 |
| TonenGeneral Sekiyu KK | 282,713 | 2,937 |
| JSR Corp. | 185,043 | 2,915 |
| Marui Group Co. Ltd. | 226,142 | 2,914 |
| ^ Japan Airport Terminal Co. Ltd. | 53,400 | 2,896 |
| Toho Co. Ltd. | 111,033 | 2,885 |
| Brother Industries Ltd. | 225,959 | 2,877 |
| Shimamura Co. Ltd. | 25,653 | 2,872 |
| Mitsui OSK Lines Ltd. | 1,075,811 | 2,860 |
| Kansai Paint Co. Ltd. | 188,590 | 2,860 |
| Pigeon Corp. | 102,300 | 2,859 |
32
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Taisho Pharmaceutical Holdings Co. Ltd. | 45,623 | 2,838 |
| Seven Bank Ltd. | 622,140 | 2,824 |
| Hisamitsu Pharmaceutical Co. Inc. | 72,940 | 2,820 |
| Rinnai Corp. | 35,707 | 2,819 |
| Iida Group Holdings Co. Ltd. | 150,800 | 2,816 |
| Iyo Bank Ltd. | 259,798 | 2,780 |
| Hokuhoku Financial Group Inc. | 1,241,000 | 2,744 |
| ^ Yamaguchi Financial Group Inc. | 222,864 | 2,733 |
| Stanley Electric Co. Ltd. | 143,741 | 2,731 |
| Kaneka Corp. | 307,995 | 2,722 |
| Gunma Bank Ltd. | 434,081 | 2,720 |
| MediPal Holdings Corp. | 156,184 | 2,718 |
| Hoshizaki Electric Co. Ltd. | 37,500 | 2,710 |
| Haseko Corp. | 265,700 | 2,704 |
| Hachijuni Bank Ltd. | 396,828 | 2,689 |
| Hokuriku Electric Power Co. | 179,634 | 2,672 |
| Kose Corp. | 27,500 | 2,668 |
| Tsuruha Holdings Inc. | 33,500 | 2,653 |
| Nankai Electric Railway Co. Ltd. | 518,000 | 2,641 |
| Yamazaki Baking Co. Ltd. | 137,435 | 2,636 |
| Sojitz Corp. | 1,188,618 | 2,605 |
| Yokogawa Electric Corp. | 233,696 | 2,601 |
| Takashimaya Co. Ltd. | 291,494 | 2,597 |
| NOK Corp. | 109,256 | 2,563 |
| Sumitomo Rubber Industries Ltd. | 171,690 | 2,551 |
| Calbee Inc. | 71,000 | 2,550 |
| ^ AEON Financial Service Co. Ltd. | 101,870 | 2,544 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 483,160 | 2,527 |
| Shikoku Electric Power Co. Inc. | 148,644 | 2,512 |
| Mabuchi Motor Co. Ltd. | 50,902 | 2,496 |
| ^ Kakaku.com Inc. | 132,000 | 2,465 |
| NTN Corp. | 497,000 | 2,460 |
| Kewpie Corp. | 108,100 | 2,458 |
| Kurita Water Industries Ltd. | 108,778 | 2,451 |
| Hakuhodo DY Holdings Inc. | 233,750 | 2,448 |
| Sumitomo Heavy Industries Ltd. | 544,153 | 2,441 |
| Air Water Inc. | 149,281 | 2,435 |
| Fuji Electric Co. Ltd. | 547,783 | 2,435 |
| Chugoku Bank Ltd. | 172,609 | 2,434 |
| Daihatsu Motor Co. Ltd. | 198,757 | 2,424 |
| Sotetsu Holdings Inc. | 427,000 | 2,424 |
| Nippon Shokubai Co. Ltd. | 31,000 | 2,419 |
| Nomura Real Estate Holdings Inc. | 113,778 | 2,418 |
| Tokyo Tatemono Co. Ltd. | 195,300 | 2,416 |
| Miraca Holdings Inc. | 54,185 | 2,407 |
| FamilyMart Co. Ltd. | 58,365 | 2,382 |
| ^ Lion Corp. | 246,000 | 2,362 |
| Otsuka Corp. | 48,826 | 2,357 |
| Ezaki Glico Co. Ltd. | 49,300 | 2,350 |
| Kobayashi Pharmaceutical Co. Ltd. | 30,200 | 2,339 |
| Kaken Pharmaceutical Co. Ltd. | 33,500 | 2,306 |
| Nabtesco Corp. | 111,365 | 2,230 |
| Zenkoku Hosho Co. Ltd. | 64,900 | 2,185 |
| Disco Corp. | 24,000 | 2,180 |
| SBI Holdings Inc. | 193,206 | 2,175 |
| Citizen Holdings Co. Ltd. | 284,748 | 2,155 |
| DIC Corp. | 791,000 | 2,134 |
| Ube Industries Ltd. | 1,016,936 | 2,127 |
| Hitachi Metals Ltd. | 186,807 | 2,107 |
| Konami Holdings Corp. | 92,749 | 2,107 |
| Mitsubishi Gas Chemical Co. Inc. | 372,921 | 2,074 |
| THK Co. Ltd. | 109,332 | 2,057 |
| ^ Park24 Co. Ltd. | 97,900 | 2,053 |
| Square Enix Holdings Co. Ltd. | 75,315 | 2,027 |
33
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Acom Co. Ltd. | 372,000 | 2,026 |
| Denka Co. Ltd. | 436,927 | 2,019 | |
| Mitsubishi Logistics Corp. | 139,831 | 2,011 | |
| Toyo Tire & Rubber Co. Ltd. | 95,400 | 2,003 | |
| Nishi-Nippon City Bank Ltd. | 685,839 | 1,995 | |
| Temp Holdings Co. Ltd. | 133,800 | 1,993 | |
| Sankyo Co. Ltd. | 50,917 | 1,958 | |
| Nippon Electric Glass Co. Ltd. | 399,752 | 1,958 | |
| Nisshinbo Holdings Inc. | 144,000 | 1,946 | |
| Sawai Pharmaceutical Co. Ltd. | 30,600 | 1,945 | |
| IT Holdings Corp. | 78,400 | 1,936 | |
| Kawasaki Kisen Kaisha Ltd. | 866,000 | 1,935 | |
| Yokohama Rubber Co. Ltd. | 100,000 | 1,914 | |
| Nishi-Nippon Railroad Co. Ltd. | 368,000 | 1,898 | |
| 77 Bank Ltd. | 345,000 | 1,898 | |
| Aeon Mall Co. Ltd. | 113,055 | 1,888 | |
| CyberAgent Inc. | 45,800 | 1,878 | |
| ^ | Nippon Shinyaku Co. Ltd. | 48,000 | 1,876 |
| Dowa Holdings Co. Ltd. | 216,000 | 1,876 | |
| Ebara Corp. | 429,000 | 1,864 | |
| Sega Sammy Holdings Inc. | 176,291 | 1,849 | |
| NHK Spring Co. Ltd. | 179,196 | 1,821 | |
| Benesse Holdings Inc. | 67,147 | 1,798 | |
| * | Hokkaido Electric Power Co. Inc. | 168,993 | 1,796 |
| Sumco Corp. | 177,568 | 1,782 | |
| Kamigumi Co. Ltd. | 207,148 | 1,779 | |
| Asahi Intecc Co. Ltd. | 46,270 | 1,776 | |
| Azbil Corp. | 69,900 | 1,767 | |
| Sugi Holdings Co. Ltd. | 36,200 | 1,760 | |
| Nippon Kayaku Co. Ltd. | 168,000 | 1,750 | |
| Nexon Co. Ltd. | 126,300 | 1,742 | |
| Showa Denko KK | 1,370,499 | 1,722 | |
| Aoyama Trading Co. Ltd. | 47,300 | 1,719 | |
| Sundrug Co. Ltd. | 32,600 | 1,716 | |
| Sumitomo Dainippon Pharma Co. Ltd. | 152,438 | 1,680 | |
| Seino Holdings Co. Ltd. | 141,700 | 1,678 | |
| *,^ | Sharp Corp. | 1,522,829 | 1,670 |
| Toyoda Gosei Co. Ltd. | 72,803 | 1,668 | |
| Maruichi Steel Tube Ltd. | 65,314 | 1,666 | |
| Nippon Paper Industries Co. Ltd. | 89,948 | 1,662 | |
| H2O Retailing Corp. | 85,200 | 1,654 | |
| Hitachi High-Technologies Corp. | 61,580 | 1,651 | |
| Showa Shell Sekiyu KK | 185,822 | 1,633 | |
| Hikari Tsushin Inc. | 21,400 | 1,626 | |
| DeNA Co. Ltd. | 100,951 | 1,618 | |
| Ushio Inc. | 117,384 | 1,610 | |
| Matsumotokiyoshi Holdings Co. Ltd. | 37,600 | 1,608 | |
| Kinden Corp. | 123,931 | 1,605 | |
| Resorttrust Inc. | 62,200 | 1,594 | |
| Sanwa Holdings Corp. | 196,500 | 1,579 | |
| Idemitsu Kosan Co. Ltd. | 95,692 | 1,570 | |
| Hitachi Chemical Co. Ltd. | 99,566 | 1,570 | |
| Fujikura Ltd. | 307,000 | 1,567 | |
| SCSK Corp. | 40,600 | 1,555 | |
| Hitachi Construction Machinery Co. Ltd. | 100,132 | 1,555 | |
| Tsumura & Co. | 64,572 | 1,551 | |
| Start Today Co. Ltd. | 46,500 | 1,548 | |
| Sumitomo Forestry Co. Ltd. | 129,700 | 1,545 | |
| Juroku Bank Ltd. | 348,000 | 1,545 | |
| Century Tokyo Leasing Corp. | 45,700 | 1,544 | |
| Nifco Inc. | 40,000 | 1,539 | |
| Rohto Pharmaceutical Co. Ltd. | 91,700 | 1,505 | |
| ^ | Sanrio Co. Ltd. | 56,550 | 1,496 |
| Taiyo Yuden Co. Ltd. | 105,100 | 1,472 | |
34
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Wacoal Holdings Corp. | 117,000 | 1,465 |
| Oracle Corp. Japan | 32,168 | 1,460 |
| Topcon Corp. | 100,500 | 1,450 |
| Horiba Ltd. | 36,600 | 1,438 |
| Daifuku Co. Ltd. | 96,800 | 1,430 |
| Pilot Corp. | 33,900 | 1,426 |
| Daishi Bank Ltd. | 315,000 | 1,416 |
| Glory Ltd. | 56,200 | 1,416 |
| Nichirei Corp. | 218,000 | 1,411 |
| Ibiden Co. Ltd. | 102,483 | 1,409 |
| DMG Mori Co. Ltd. | 99,500 | 1,407 |
| GS Yuasa Corp. | 370,999 | 1,404 |
| COMSYS Holdings Corp. | 107,800 | 1,403 |
| Nihon Kohden Corp. | 72,500 | 1,403 |
| ^ Taiyo Nippon Sanso Corp. | 135,501 | 1,392 |
| MonotaRO Co. Ltd. | 54,202 | 1,391 |
| Izumi Co. Ltd. | 37,400 | 1,388 |
| San-In Godo Bank Ltd. | 150,900 | 1,386 |
| ADEKA Corp. | 94,200 | 1,382 |
| Sumitomo Osaka Cement Co. Ltd. | 355,000 | 1,369 |
| TS Tech Co. Ltd. | 50,000 | 1,367 |
| Sapporo Holdings Ltd. | 331,000 | 1,360 |
| Nagase & Co. Ltd. | 108,600 | 1,345 |
| K's Holdings Corp. | 38,000 | 1,339 |
| OSG Corp. | 71,130 | 1,335 |
| Oki Electric Industry Co. Ltd. | 792,000 | 1,332 |
| Tokai Tokyo Financial Holdings Inc. | 219,600 | 1,328 |
| Sankyu Inc. | 235,000 | 1,318 |
| Shiga Bank Ltd. | 247,000 | 1,315 |
| Daido Steel Co. Ltd. | 345,087 | 1,314 |
| ^ Advantest Corp. | 164,187 | 1,306 |
| Japan Steel Works Ltd. | 349,865 | 1,294 |
| Tadano Ltd. | 108,000 | 1,284 |
| Nipro Corp. | 114,600 | 1,281 |
| Toyobo Co. Ltd. | 872,000 | 1,272 |
| Autobacs Seven Co. Ltd. | 72,200 | 1,263 |
| Takara Holdings Inc. | 176,400 | 1,262 |
| Coca-Cola West Co. Ltd. | 62,624 | 1,262 |
| ^ Kagome Co. Ltd. | 74,400 | 1,262 |
| Toyota Boshoku Corp. | 58,809 | 1,251 |
| Chiyoda Corp. | 165,123 | 1,249 |
| House Foods Group Inc. | 72,500 | 1,248 |
| Furukawa Electric Co. Ltd. | 680,600 | 1,243 |
| Toda Corp. | 229,000 | 1,242 |
| ABC-Mart Inc. | 22,287 | 1,242 |
| Tokyo Ohka Kogyo Co. Ltd. | 38,900 | 1,238 |
| * Leopalace21 Corp. | 233,100 | 1,238 |
| Toho Holdings Co. Ltd. | 55,900 | 1,235 |
| Hitachi Capital Corp. | 43,100 | 1,232 |
| Hyakugo Bank Ltd. | 240,000 | 1,222 |
| Penta-Ocean Construction Co. Ltd. | 268,900 | 1,222 |
| Nihon M&A Center Inc. | 29,800 | 1,217 |
| Musashino Bank Ltd. | 32,000 | 1,207 |
| Awa Bank Ltd. | 218,000 | 1,203 |
| Ogaki Kyoritsu Bank Ltd. | 309,000 | 1,199 |
| Welcia Holdings Co. Ltd. | 23,958 | 1,175 |
| Skylark Co. Ltd. | 90,400 | 1,172 |
| Keiyo Bank Ltd. | 233,000 | 1,167 |
| Nichi-iko Pharmaceutical Co. Ltd. | 42,100 | 1,166 |
| Lintec Corp. | 49,600 | 1,157 |
| Zeon Corp. | 142,000 | 1,153 |
| Calsonic Kansei Corp. | 145,000 | 1,149 |
| ^ Bic Camera Inc. | 141,900 | 1,149 |
| Senshu Ikeda Holdings Inc. | 266,300 | 1,146 |
35
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| OKUMA Corp. | 143,000 | 1,141 |
| Tsubakimoto Chain Co. | 156,000 | 1,138 |
| ^ HIS Co. Ltd. | 33,800 | 1,134 |
| Japan Aviation Electronics Industry Ltd. | 64,000 | 1,131 |
| ^ Ito En Ltd. | 54,000 | 1,127 |
| Pola Orbis Holdings Inc. | 17,800 | 1,126 |
| UNY Group Holdings Co. Ltd. | 203,500 | 1,123 |
| Ain Pharmaciez Inc. | 23,700 | 1,122 |
| United Arrows Ltd. | 25,900 | 1,115 |
| Nikkon Holdings Co. Ltd. | 57,900 | 1,115 |
| Yamato Kogyo Co. Ltd. | 41,917 | 1,114 |
| SCREEN Holdings Co. Ltd. | 189,000 | 1,113 |
| Jafco Co. Ltd. | 29,200 | 1,110 |
| * Aiful Corp. | 275,100 | 1,095 |
| Mitsui Engineering & Shipbuilding Co. Ltd. | 699,000 | 1,072 |
| Shimachu Co. Ltd. | 48,600 | 1,062 |
| Tokai Rika Co. Ltd. | 48,700 | 1,056 |
| ^ Iwatani Corp. | 191,000 | 1,056 |
| Okasan Securities Group Inc. | 180,000 | 1,052 |
| * Japan Display Inc. | 335,900 | 1,046 |
| Sangetsu Co. Ltd. | 65,700 | 1,044 |
| North Pacific Bank Ltd. | 273,000 | 1,041 |
| Hokkoku Bank Ltd. | 280,000 | 1,038 |
| Megmilk Snow Brand Co. Ltd. | 49,800 | 1,035 |
| NTT Urban Development Corp. | 103,400 | 1,023 |
| Cosmos Pharmaceutical Corp. | 8,200 | 1,021 |
| Capcom Co. Ltd. | 48,400 | 1,019 |
| Hazama Ando Corp. | 172,400 | 1,016 |
| Nippon Soda Co. Ltd. | 131,000 | 1,011 |
| Mitsui Mining & Smelting Co. Ltd. | 524,000 | 1,004 |
| Maeda Road Construction Co. Ltd. | 55,000 | 1,002 |
| Toagosei Co. Ltd. | 119,300 | 998 |
| Kumagai Gumi Co. Ltd. | 333,000 | 996 |
| Relo Holdings Inc. | 9,300 | 990 |
| Itochu Techno-Solutions Corp. | 45,232 | 989 |
| Aica Kogyo Co. Ltd. | 49,700 | 983 |
| Rengo Co. Ltd. | 207,000 | 982 |
| ^ Coca-Cola East Japan Co. Ltd. | 69,900 | 981 |
| Fuyo General Lease Co. Ltd. | 21,800 | 973 |
| Nishimatsu Construction Co. Ltd. | 245,000 | 972 |
| Morinaga & Co. Ltd. | 192,000 | 972 |
| NOF Corp. | 136,000 | 967 |
| Hyakujushi Bank Ltd. | 258,000 | 966 |
| Kiyo Bank Ltd. | 63,600 | 966 |
| Ship Healthcare Holdings Inc. | 39,400 | 949 |
| ^ Shochiku Co. Ltd. | 107,000 | 943 |
| FP Corp. | 22,900 | 936 |
| Central Glass Co. Ltd. | 190,000 | 935 |
| Mitsubishi Pencil Co. Ltd. | 21,000 | 934 |
| Okumura Corp. | 175,000 | 924 |
| * Cosmo Energy Holdings Co. Ltd. | 67,504 | 924 |
| Meitec Corp. | 25,500 | 923 |
| Takasago Thermal Engineering Co. Ltd. | 64,400 | 922 |
| Kyowa Exeo Corp. | 88,700 | 921 |
| Heiwa Corp. | 49,700 | 915 |
| Miura Co. Ltd. | 76,200 | 906 |
| Nippon Seiki Co. Ltd. | 43,000 | 899 |
| Nisshin Steel Co. Ltd. | 87,900 | 897 |
| Kenedix Inc. | 246,800 | 888 |
| Kokuyo Co. Ltd. | 79,800 | 886 |
| Japan Petroleum Exploration Co. Ltd. | 29,479 | 885 |
| Shinmaywa Industries Ltd. | 79,000 | 861 |
| SHO-BOND Holdings Co. Ltd. | 21,700 | 859 |
| Hokuetsu Kishu Paper Co. Ltd. | 123,500 | 857 |
36
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Matsui Securities Co. Ltd. | 97,500 | 856 | |
| Nippo Corp. | 49,000 | 856 | |
| Morinaga Milk Industry Co. Ltd. | 189,000 | 854 | |
| Ai Holdings Corp. | 35,100 | 852 | |
| Valor Holdings Co. Ltd. | 36,400 | 850 | |
| Anritsu Corp. | 130,595 | 850 | |
| ^ | Maeda Corp. | 117,000 | 847 |
| Hitachi Zosen Corp. | 154,300 | 843 | |
| Seiko Holdings Corp. | 129,000 | 838 | |
| Nippon Light Metal Holdings Co. Ltd. | 491,900 | 837 | |
| Arcs Co. Ltd. | 41,500 | 836 | |
| GMO internet Inc. | 59,400 | 835 | |
| Topre Corp. | 38,500 | 834 | |
| Nissan Shatai Co. Ltd. | 72,400 | 832 | |
| Nihon Parkerizing Co. Ltd. | 93,300 | 829 | |
| Kissei Pharmaceutical Co. Ltd. | 32,100 | 823 | |
| Zensho Holdings Co. Ltd. | 87,500 | 822 | |
| Ulvac Inc. | 46,100 | 816 | |
| Yaoko Co. Ltd. | 20,300 | 816 | |
| Tokyo Dome Corp. | 176,000 | 814 | |
| ^ | COOKPAD Inc. | 42,700 | 812 |
| ^ | Amano Corp. | 62,600 | 812 |
| Fujitec Co. Ltd. | 74,000 | 800 | |
| Tokyo Seimitsu Co. Ltd. | 36,400 | 799 | |
| Fuji Machine Manufacturing Co. Ltd. | 81,200 | 794 | |
| Canon Marketing Japan Inc. | 51,800 | 785 | |
| *,^ | euglena Co. Ltd. | 57,100 | 777 |
| Onward Holdings Co. Ltd. | 124,000 | 776 | |
| Chiyoda Co. Ltd. | 23,400 | 774 | |
| Unipres Corp. | 34,100 | 773 | |
| Kyoritsu Maintenance Co. Ltd. | 11,300 | 773 | |
| Nachi-Fujikoshi Corp. | 173,000 | 773 | |
| SKY Perfect JSAT Holdings Inc. | 146,200 | 768 | |
| Ariake Japan Co. Ltd. | 17,000 | 767 | |
| ^ | Fukuyama Transporting Co. Ltd. | 141,000 | 766 |
| Toho Bank Ltd. | 209,000 | 763 | |
| Toyo Ink SC Holdings Co. Ltd. | 185,000 | 762 | |
| Inaba Denki Sangyo Co. Ltd. | 24,500 | 761 | |
| Duskin Co. Ltd. | 44,300 | 759 | |
| KYORIN Holdings Inc. | 45,200 | 758 | |
| ^ | Nippon Gas Co. Ltd. | 30,000 | 754 |
| Nanto Bank Ltd. | 237,680 | 753 | |
| Adastria Co. Ltd. | 13,400 | 748 | |
| Mochida Pharmaceutical Co. Ltd. | 12,600 | 741 | |
| Kandenko Co. Ltd. | 105,000 | 740 | |
| Asatsu-DK Inc. | 30,140 | 738 | |
| * | Nippon Sheet Glass Co. Ltd. | 858,000 | 737 |
| Furukawa Co. Ltd. | 313,000 | 737 | |
| NS Solutions Corp. | 15,100 | 736 | |
| Nippon Suisan Kaisha Ltd. | 220,400 | 735 | |
| Yoshinoya Holdings Co. Ltd. | 59,700 | 735 | |
| Colowide Co. Ltd. | 54,100 | 733 | |
| Hanwa Co. Ltd. | 177,000 | 729 | |
| Hitachi Transport System Ltd. | 41,600 | 728 | |
| Tokyo TY Financial Group Inc. | 23,300 | 726 | |
| ASKUL Corp. | 19,600 | 721 | |
| Kuroda Electric Co. Ltd. | 35,600 | 720 | |
| Cocokara fine Inc. | 18,200 | 720 | |
| Kyudenko Corp. | 35,000 | 719 | |
| Ryosan Co. Ltd. | 29,700 | 716 | |
| * | Orient Corp. | 360,000 | 716 |
| ^ | COLOPL Inc. | 43,700 | 712 |
| Nissha Printing Co. Ltd. | 32,600 | 710 | |
| HI-LEX Corp. | 23,200 | 710 | |
37
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Okamura Corp. | 76,400 | 708 | |
| IBJ Leasing Co. Ltd. | 33,400 | 701 | |
| Kusuri No Aoki Co. Ltd. | 14,700 | 697 | |
| * | Pioneer Corp. | 258,700 | 697 |
| Koei Tecmo Holdings Co. Ltd. | 46,000 | 695 | |
| Mandom Corp. | 17,500 | 692 | |
| Sumitomo Mitsui Construction Co. Ltd. | 714,200 | 690 | |
| Yamanashi Chuo Bank Ltd. | 148,000 | 687 | |
| San-A Co. Ltd. | 16,100 | 683 | |
| Makino Milling Machine Co. Ltd. | 88,000 | 679 | |
| Bank of Iwate Ltd. | 15,300 | 677 | |
| Fuji Seal International Inc. | 20,000 | 677 | |
| *,^ | Laox Co. Ltd. | 243,010 | 673 |
| Saibu Gas Co. Ltd. | 299,000 | 672 | |
| Takara Standard Co. Ltd. | 89,000 | 671 | |
| Keihin Corp. | 41,200 | 669 | |
| ^ | Daio Paper Corp. | 68,000 | 669 |
| J Trust Co. Ltd. | 83,000 | 667 | |
| Transcosmos Inc. | 24,000 | 666 | |
| ^ | Taikisha Ltd. | 27,500 | 664 |
| Exedy Corp. | 28,900 | 663 | |
| Fujitsu General Ltd. | 53,000 | 662 | |
| *,^ | Tokuyama Corp. | 327,000 | 661 |
| TechnoPro Holdings Inc. | 24,700 | 658 | |
| Bank of Okinawa Ltd. | 16,900 | 658 | |
| Axial Retailing Inc. | 17,700 | 655 | |
| Ashikaga Holdings Co. Ltd. | 146,000 | 653 | |
| Kanematsu Corp. | 394,000 | 647 | |
| Hitachi Kokusai Electric Inc. | 47,000 | 646 | |
| Trusco Nakayama Corp. | 18,500 | 646 | |
| Sakata Seed Corp. | 30,500 | 645 | |
| TPR Co. Ltd. | 26,300 | 640 | |
| Senko Co. Ltd. | 92,000 | 637 | |
| Sumitomo Bakelite Co. Ltd. | 155,000 | 635 | |
| ^ | Okamoto Industries Inc. | 70,000 | 633 |
| TSI Holdings Co. Ltd. | 90,200 | 633 | |
| Tokyo Steel Manufacturing Co. Ltd. | 95,100 | 633 | |
| Itoham Foods Inc. | 124,000 | 632 | |
| Kintetsu World Express Inc. | 33,700 | 631 | |
| Nichias Corp. | 100,000 | 631 | |
| Heiwado Co. Ltd. | 28,100 | 631 | |
| Nippon Densetsu Kogyo Co. Ltd. | 33,400 | 630 | |
| Bank of Nagoya Ltd. | 170,000 | 628 | |
| Takeuchi Manufacturing Co. Ltd. | 33,200 | 625 | |
| Daiseki Co. Ltd. | 38,700 | 621 | |
| Nihon Unisys Ltd. | 56,400 | 620 | |
| Nippon Signal Company Ltd. | 59,800 | 619 | |
| Fuji Kyuko Co. Ltd. | 65,000 | 616 | |
| Foster Electric Co. Ltd. | 25,000 | 612 | |
| Fuji Oil Holdings Inc. | 43,400 | 611 | |
| Meidensha Corp. | 174,000 | 609 | |
| ^ | ZERIA Pharmaceutical Co. Ltd. | 41,000 | 607 |
| Nippon Flour Mills Co. Ltd. | 98,000 | 606 | |
| Accordia Golf Co. Ltd. | 67,000 | 606 | |
| GMO Payment Gateway Inc. | 15,500 | 606 | |
| Paramount Bed Holdings Co. Ltd. | 18,900 | 605 | |
| Komeri Co. Ltd. | 28,000 | 599 | |
| PALTAC Corp. | 30,400 | 595 | |
| Oita Bank Ltd. | 141,000 | 592 | |
| Aomori Bank Ltd. | 181,000 | 586 | |
| FCC Co. Ltd. | 33,100 | 585 | |
| * | Zojirushi Corp. | 41,000 | 581 |
| Tochigi Bank Ltd. | 102,000 | 580 | |
| ^ | Tokyu Construction Co. Ltd. | 76,100 | 579 |
38
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Totetsu Kogyo Co. Ltd. | 26,700 | 576 |
| DCM Holdings Co. Ltd. | 86,700 | 574 |
| Sumitomo Warehouse Co. Ltd. | 108,000 | 573 |
| Kureha Corp. | 150,000 | 572 |
| Kadokawa Dwango Corp. | 44,200 | 567 |
| Toei Co. Ltd. | 63,000 | 561 |
| Takuma Co. Ltd. | 71,000 | 561 |
| Japan Post Holdings Co. Ltd. | 48,300 | 560 |
| Saizeriya Co. Ltd. | 24,700 | 558 |
| Nissin Kogyo Co. Ltd. | 36,200 | 558 |
| Descente Ltd. | 43,800 | 557 |
| ^ Yamagata Bank Ltd. | 144,000 | 557 |
| Towa Pharmaceutical Co. Ltd. | 8,200 | 556 |
| Taiyo Holdings Co. Ltd. | 16,200 | 554 |
| Fuji Co. Ltd. | 27,200 | 554 |
| Daikyonishikawa Corp. | 10,400 | 551 |
| ^ EDION Corp. | 73,500 | 551 |
| Nippon Television Holdings Inc. | 31,800 | 550 |
| Chudenko Corp. | 25,400 | 548 |
| Yamazen Corp. | 61,600 | 547 |
| Token Corp. | 6,900 | 545 |
| PanaHome Corp. | 76,000 | 538 |
| Hitachi Maxell Ltd. | 31,300 | 535 |
| Komori Corp. | 45,200 | 533 |
| Toppan Forms Co. Ltd. | 41,400 | 532 |
| Japan Wool Textile Co. Ltd. | 65,000 | 529 |
| ^ Kanamoto Co. Ltd. | 26,200 | 529 |
| Daikyo Inc. | 306,000 | 527 |
| Aichi Bank Ltd. | 9,500 | 524 |
| Seiren Co. Ltd. | 44,400 | 520 |
| Jin Co. Ltd. | 14,100 | 519 |
| Akita Bank Ltd. | 158,000 | 517 |
| KYB Corp. | 181,180 | 515 |
| Aida Engineering Ltd. | 54,300 | 515 |
| ^ Wacom Co. Ltd. | 137,800 | 514 |
| Monex Group Inc. | 183,900 | 513 |
| Maruha Nichiro Corp. | 34,200 | 511 |
| Mitsuba Corp. | 32,600 | 511 |
| Japan Post Bank Co. Ltd. | 42,400 | 509 |
| Gunze Ltd. | 161,000 | 509 |
| MOS Food Services Inc. | 23,500 | 509 |
| Hogy Medical Co. Ltd. | 10,600 | 508 |
| Kato Sangyo Co. Ltd. | 20,900 | 507 |
| Marusan Securities Co. Ltd. | 52,500 | 507 |
| Tokai Carbon Co. Ltd. | 186,000 | 506 |
| Noritz Corp. | 32,400 | 504 |
| Aeon Delight Co. Ltd. | 17,400 | 500 |
| ^ Gulliver International Co. Ltd. | 49,900 | 500 |
| Eagle Industry Co. Ltd. | 24,900 | 500 |
| Internet Initiative Japan Inc. | 26,800 | 499 |
| TOMONY Holdings Inc. | 129,900 | 499 |
| Alpine Electronics Inc. | 37,800 | 498 |
| Nomura Co. Ltd. | 36,900 | 497 |
| Nichicon Corp. | 61,700 | 495 |
| Okinawa Electric Power Co. Inc. | 20,200 | 494 |
| Nikkiso Co. Ltd. | 61,300 | 493 |
| Tokyo Broadcasting System Holdings Inc. | 33,000 | 489 |
| Obara Group Inc. | 11,700 | 489 |
| Earth Chemical Co. Ltd. | 12,400 | 489 |
| Asahi Diamond Industrial Co. Ltd. | 46,300 | 487 |
| Kameda Seika Co. Ltd. | 12,600 | 487 |
| Star Micronics Co. Ltd. | 36,100 | 487 |
| Jaccs Co. Ltd. | 117,000 | 487 |
| Unizo Holdings Co. Ltd. | 11,500 | 487 |
39
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Nitta Corp. | 17,900 | 486 |
| Siix Corp. | 17,300 | 485 |
| Miyazaki Bank Ltd. | 139,000 | 483 |
| Inabata & Co. Ltd. | 41,800 | 483 |
| Riso Kagaku Corp. | 26,700 | 482 |
| NET One Systems Co. Ltd. | 78,400 | 482 |
| Fancl Corp. | 34,300 | 479 |
| NSD Co. Ltd. | 34,500 | 478 |
| Nitto Kogyo Corp. | 24,900 | 477 |
| Mirait Holdings Corp. | 55,000 | 476 |
| Yodogawa Steel Works Ltd. | 26,900 | 472 |
| Nitto Boseki Co. Ltd. | 157,000 | 472 |
| Toshiba TEC Corp. | 130,000 | 471 |
| Daihen Corp. | 95,000 | 470 |
| OSAKA Titanium Technologies Co. Ltd. | 17,400 | 469 |
| Bank of the Ryukyus Ltd. | 32,900 | 468 |
| Sato Holdings Corp. | 21,600 | 468 |
| ^ Gree Inc. | 92,679 | 467 |
| Nippon Steel & Sumikin Bussan Corp. | 135,000 | 467 |
| Aichi Steel Corp. | 108,000 | 467 |
| United Super Markets Holdings Inc. | 53,500 | 467 |
| Japan Securities Finance Co. Ltd. | 87,000 | 467 |
| Joyful Honda Co. Ltd. | 24,700 | 465 |
| ^ Financial Products Group Co. Ltd. | 59,500 | 464 |
| Seikagaku Corp. | 36,000 | 460 |
| Higashi-Nippon Bank Ltd. | 137,000 | 459 |
| kabu.com Securities Co. Ltd. | 139,700 | 457 |
| Life Corp. | 18,300 | 456 |
| Sanki Engineering Co. Ltd. | 55,300 | 455 |
| Goldwin Inc. | 8,000 | 454 |
| Ryobi Ltd. | 124,000 | 454 |
| Daibiru Corp. | 53,500 | 454 |
| Geo Holdings Corp. | 30,100 | 449 |
| Matsuya Co. Ltd. | 37,100 | 449 |
| Takara Leben Co. Ltd. | 86,000 | 445 |
| Mitsumi Electric Co. Ltd. | 73,800 | 445 |
| TOC Co. Ltd. | 60,900 | 445 |
| Fukui Bank Ltd. | 213,000 | 444 |
| Gurunavi Inc. | 24,300 | 441 |
| DTS Corp. | 18,700 | 441 |
| Futaba Corp. | 34,100 | 440 |
| Milbon Co. Ltd. | 11,800 | 440 |
| Shinko Electric Industries Co. Ltd. | 72,400 | 438 |
| Royal Holdings Co. Ltd. | 25,000 | 438 |
| Oiles Corp. | 27,600 | 438 |
| OBIC Business Consultants Co. Ltd. | 7,100 | 435 |
| CKD Corp. | 48,000 | 434 |
| Atom Corp. | 80,047 | 432 |
| AOKI Holdings Inc. | 35,400 | 432 |
| Nagaileben Co. Ltd. | 25,300 | 430 |
| Showa Corp. | 46,300 | 428 |
| Jeol Ltd. | 71,000 | 428 |
| Hokuetsu Bank Ltd. | 206,000 | 427 |
| Iino Kaiun Kaisha Ltd. | 94,600 | 426 |
| Sanyo Special Steel Co. Ltd. | 104,000 | 426 |
| ^ Starts Corp. Inc. | 27,300 | 426 |
| ^ UACJ Corp. | 220,000 | 426 |
| Eizo Corp. | 18,200 | 425 |
| Takasago International Corp. | 16,200 | 425 |
| Eighteenth Bank Ltd. | 140,000 | 423 |
| Showa Sangyo Co. Ltd. | 112,000 | 420 |
| Ihara Chemical Industry Co. Ltd. | 34,100 | 416 |
| Namura Shipbuilding Co. Ltd. | 47,400 | 414 |
| TOKAI Holdings Corp. | 97,800 | 413 |
40
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Raito Kogyo Co. Ltd. | 42,900 | 410 |
| * Takata Corp. | 36,100 | 409 |
| Shikoku Bank Ltd. | 190,000 | 409 |
| * Macnica Fuji Electronics Holdings Inc. | 30,400 | 408 |
| Heiwa Real Estate Co. Ltd. | 33,800 | 406 |
| Doshisha Co. Ltd. | 22,100 | 406 |
| Kitz Corp. | 87,800 | 404 |
| Nisshin Oillio Group Ltd. | 109,000 | 403 |
| Musashi Seimitsu Industry Co. Ltd. | 19,900 | 402 |
| Piolax Inc. | 7,600 | 401 |
| Fujicco Co. Ltd. | 20,100 | 400 |
| Bunka Shutter Co. Ltd. | 51,600 | 399 |
| Nishimatsuya Chain Co. Ltd. | 45,100 | 397 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 84,000 | 397 |
| NEC Networks & System Integration Corp. | 21,200 | 396 |
| ^ Shima Seiki Manufacturing Ltd. | 26,600 | 396 |
| * Toho Titanium Co. Ltd. | 30,400 | 396 |
| Create SD Holdings Co. Ltd. | 6,800 | 396 |
| San-Ai Oil Co. Ltd. | 52,000 | 395 |
| Mitsubishi Shokuhin Co. Ltd. | 15,500 | 394 |
| TKC Corp. | 16,700 | 392 |
| St. Marc Holdings Co. Ltd. | 13,200 | 391 |
| As One Corp. | 11,100 | 391 |
| Next Co. Ltd. | 52,800 | 390 |
| Yorozu Corp. | 18,300 | 390 |
| Asahi Holdings Inc. | 26,500 | 389 |
| Marudai Food Co. Ltd. | 105,000 | 388 |
| Dr Ci:Labo Co. Ltd. | 21,400 | 385 |
| Chugoku Marine Paints Ltd. | 54,000 | 384 |
| TV Asahi Holdings Corp. | 23,100 | 384 |
| Prima Meat Packers Ltd. | 138,000 | 384 |
| Doutor Nichires Holdings Co. Ltd. | 26,500 | 384 |
| Sanden Holdings Corp. | 112,000 | 383 |
| Sanyo Chemical Industries Ltd. | 52,000 | 383 |
| Jamco Corp. | 9,200 | 383 |
| Ricoh Leasing Co. Ltd. | 12,700 | 383 |
| ^ Pacific Industrial Co. Ltd. | 34,500 | 383 |
| Morita Holdings Corp. | 35,900 | 383 |
| Xebio Holdings Co. Ltd. | 21,400 | 382 |
| Hosiden Corp. | 61,600 | 378 |
| Topy Industries Ltd. | 168,000 | 377 |
| Toa Corp. | 166,000 | 376 |
| Sintokogio Ltd. | 43,800 | 375 |
| Relia Inc. | 39,500 | 374 |
| Max Co. Ltd. | 37,000 | 374 |
| Chofu Seisakusho Co. Ltd. | 18,100 | 373 |
| Fuji Soft Inc. | 19,600 | 373 |
| Mizuno Corp. | 76,000 | 372 |
| Hokuto Corp. | 19,100 | 372 |
| * Pacific Metals Co. Ltd. | 139,000 | 371 |
| Sakata INX Corp. | 40,700 | 370 |
| Yondoshi Holdings Inc. | 17,500 | 369 |
| Enplas Corp. | 10,000 | 367 |
| Toshiba Plant Systems & Services Corp. | 34,200 | 365 |
| Shikoku Chemicals Corp. | 37,000 | 363 |
| Dip Corp. | 20,700 | 363 |
| SMS Co. Ltd. | 21,900 | 363 |
| Kohnan Shoji Co. Ltd. | 24,900 | 362 |
| T-Gaia Corp. | 23,900 | 362 |
| Nichiha Corp. | 26,900 | 362 |
| Sanken Electric Co. Ltd. | 104,000 | 360 |
| Plenus Co. Ltd. | 23,100 | 356 |
| Shizuoka Gas Co. Ltd. | 53,000 | 355 |
| Mitsuboshi Belting Ltd. | 43,000 | 355 |
41
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Dydo Drinco Inc. | 8,300 | 354 |
| Mani Inc. | 19,400 | 353 |
| Konoike Transport Co. Ltd. | 28,500 | 352 |
| Press Kogyo Co. Ltd. | 82,300 | 351 |
| Tachi-S Co. Ltd. | 25,100 | 349 |
| Sankyo Tateyama Inc. | 25,100 | 348 |
| Juki Corp. | 28,200 | 348 |
| Fujimori Kogyo Co. Ltd. | 12,700 | 348 |
| Yuasa Trading Co. Ltd. | 15,000 | 348 |
| Nippon Chemi-Con Corp. | 150,000 | 346 |
| Ohsho Food Service Corp. | 10,400 | 346 |
| Ringer Hut Co. Ltd. | 16,900 | 344 |
| Avex Group Holdings Inc. | 29,200 | 343 |
| Toho Zinc Co. Ltd. | 125,000 | 343 |
| Sumitomo Real Estate Sales Co. Ltd. | 14,900 | 342 |
| Bando Chemical Industries Ltd. | 82,000 | 342 |
| Ichibanya Co. Ltd. | 7,700 | 341 |
| Itochu Enex Co. Ltd. | 42,800 | 341 |
| Tokai Corp. | 10,700 | 341 |
| Fuji Media Holdings Inc. | 28,700 | 341 |
| Kyoei Steel Ltd. | 20,600 | 340 |
| * Toyo Engineering Corp. | 135,000 | 340 |
| Kisoji Co. Ltd. | 20,400 | 337 |
| Noevir Holdings Co. Ltd. | 13,400 | 336 |
| Hitachi Koki Co. Ltd. | 46,100 | 336 |
| Daiho Corp. | 76,000 | 335 |
| Modec Inc. | 24,400 | 334 |
| Kanto Denka Kogyo Co. Ltd. | 43,000 | 334 |
| ^ Iseki & Co. Ltd. | 203,000 | 333 |
| Sekisui Jushi Corp. | 24,900 | 333 |
| Tokyotokeiba Co. Ltd. | 142,000 | 332 |
| Daiwabo Holdings Co. Ltd. | 169,000 | 332 |
| JVC Kenwood Corp. | 126,300 | 329 |
| Minato Bank Ltd. | 196,000 | 329 |
| ^ Tekken Corp. | 119,000 | 329 |
| Nishio Rent All Co. Ltd. | 14,200 | 329 |
| Fukuda Corp. | 33,000 | 329 |
| Create Restaurants Holdings Inc. | 12,700 | 328 |
| Kurabo Industries Ltd. | 186,000 | 328 |
| Clarion Co. Ltd. | 96,000 | 327 |
| Toshiba Machine Co. Ltd. | 94,000 | 323 |
| Hiday Hidaka Corp. | 13,000 | 322 |
| Wakita & Co. Ltd. | 40,900 | 321 |
| * Ishihara Sangyo Kaisha Ltd. | 329,000 | 318 |
| Tomy Co. Ltd. | 63,200 | 318 |
| ^ Yokohama Reito Co. Ltd. | 39,700 | 316 |
| Belc Co. Ltd. | 8,500 | 316 |
| ^ Kumiai Chemical Industry Co. Ltd. | 39,300 | 315 |
| Sogo Medical Co. Ltd. | 8,500 | 313 |
| Okabe Co. Ltd. | 39,100 | 312 |
| Ichiyoshi Securities Co. Ltd. | 34,100 | 312 |
| Daido Metal Co. Ltd. | 33,200 | 311 |
| Tsurumi Manufacturing Co. Ltd. | 17,000 | 310 |
| Toyo Construction Co. Ltd. | 67,000 | 308 |
| Sanyo Shokai Ltd. | 106,000 | 308 |
| FIDEA Holdings Co. Ltd. | 143,100 | 307 |
| Sanyo Electric Railway Co. Ltd. | 79,000 | 306 |
| Kinugawa Rubber Industrial Co. Ltd. | 55,000 | 306 |
| Itoki Corp. | 41,800 | 306 |
| Ehime Bank Ltd. | 148,000 | 305 |
| Open House Co. Ltd. | 16,600 | 302 |
| Aisan Industry Co. Ltd. | 30,200 | 302 |
| Bank of Saga Ltd. | 133,000 | 300 |
| Mitsui-Soko Holdings Co. Ltd. | 93,000 | 299 |
42
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| UKC Holdings Corp. | 15,000 | 299 |
| Riken Corp. | 80,000 | 299 |
| Yellow Hat Ltd. | 13,600 | 299 |
| Shibuya Kogyo Co. Ltd. | 19,400 | 297 |
| Takamatsu Construction Group Co. Ltd. | 14,300 | 297 |
| SMK Corp. | 58,000 | 296 |
| Nippon Synthetic Chemical Industry Co. Ltd. | 40,000 | 295 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 27,800 | 294 |
| Hamakyorex Co. Ltd. | 14,600 | 293 |
| Tamron Co. Ltd. | 14,700 | 293 |
| Sodick Co. Ltd. | 39,900 | 292 |
| Katakura Industries Co. Ltd. | 26,500 | 292 |
| Kasai Kogyo Co. Ltd. | 23,500 | 292 |
| Pressance Corp. | 7,300 | 291 |
| Mitsui Sugar Co. Ltd. | 72,000 | 289 |
| Canon Electronics Inc. | 17,000 | 289 |
| BML Inc. | 9,800 | 288 |
| Yurtec Corp. | 30,000 | 288 |
| Shinko Plantech Co. Ltd. | 35,900 | 287 |
| Hibiya Engineering Ltd. | 22,200 | 287 |
| ^ Nihon Nohyaku Co. Ltd. | 44,300 | 287 |
| ^ Nichii Gakkan Co. | 41,500 | 286 |
| Nissin Electric Co. Ltd. | 42,900 | 286 |
| C Uyemura & Co. Ltd. | 5,500 | 286 |
| Sumitomo Seika Chemicals Co. Ltd. | 41,000 | 285 |
| YAMABIKO Corp. | 31,100 | 285 |
| JCR Pharmaceuticals Co. Ltd. | 13,600 | 284 |
| Goldcrest Co. Ltd. | 15,200 | 284 |
| Nippon Road Co. Ltd. | 52,000 | 283 |
| Jimoto Holdings Inc. | 165,300 | 282 |
| Torii Pharmaceutical Co. Ltd. | 11,700 | 281 |
| Noritake Co. Ltd. | 122,000 | 281 |
| Fujimi Inc. | 18,700 | 280 |
| Kansai Urban Banking Corp. | 24,500 | 280 |
| Tv Tokyo Holdings Corp. | 15,800 | 279 |
| Sumitomo Riko Co. Ltd. | 34,500 | 278 |
| Kura Corp. | 9,200 | 277 |
| Trancom Co. Ltd. | 5,800 | 277 |
| Tsukishima Kikai Co. Ltd. | 28,900 | 277 |
| Chiyoda Integre Co. Ltd. | 11,500 | 276 |
| ^ Nippon Carbon Co. Ltd. | 99,000 | 276 |
| * KLab Inc. | 27,400 | 275 |
| Osaka Soda Co. Ltd. | 79,000 | 273 |
| Tsugami Corp. | 56,000 | 273 |
| Wowow Inc. | 10,000 | 273 |
| Round One Corp. | 60,500 | 273 |
| Sac's Bar Holdings Inc. | 17,200 | 272 |
| ^ Yokogawa Bridge Holdings Corp. | 29,400 | 272 |
| Towa Bank Ltd. | 310,000 | 269 |
| ^ Fujita Kanko Inc. | 70,000 | 269 |
| Japan Pulp & Paper Co. Ltd. | 97,000 | 267 |
| Taihei Dengyo Kaisha Ltd. | 25,000 | 266 |
| Arcland Sakamoto Co. Ltd. | 12,100 | 263 |
| Chiba Kogyo Bank Ltd. | 45,300 | 263 |
| Tokushu Tokai Paper Co. Ltd. | 79,000 | 262 |
| Shindengen Electric Manufacturing Co. Ltd. | 72,000 | 262 |
| T Hasegawa Co. Ltd. | 20,000 | 261 |
| * Unitika Ltd. | 519,000 | 261 |
| ^ Kyokuto Securities Co. Ltd. | 20,200 | 259 |
| Joshin Denki Co. Ltd. | 34,000 | 259 |
| ^ Nippon Koei Co. Ltd. | 64,000 | 258 |
| Nohmi Bosai Ltd. | 20,700 | 256 |
| Zenrin Co. Ltd. | 17,600 | 255 |
| Toenec Corp. | 33,000 | 255 |
43
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Sanyo Denki Co. Ltd. | 42,000 | 254 |
| Pack Corp. | 10,700 | 253 |
| Eiken Chemical Co. Ltd. | 14,400 | 252 |
| Denki Kogyo Co. Ltd. | 59,000 | 252 |
| Toridoll.corp | 20,000 | 252 |
| Nippon Thompson Co. Ltd. | 53,000 | 251 |
| ^ Alpen Co. Ltd. | 15,300 | 250 |
| Sanshin Electronics Co. Ltd. | 23,700 | 250 |
| ^ Ikyu Corp. | 13,200 | 249 |
| Tsukuba Bank Ltd. | 71,400 | 249 |
| Belluna Co. Ltd. | 43,900 | 249 |
| Tocalo Co. Ltd. | 12,400 | 249 |
| Benefit One Inc. | 14,300 | 248 |
| J-Oil Mills Inc. | 86,000 | 248 |
| Broadleaf Co. Ltd. | 21,500 | 246 |
| ^ Daisan Bank Ltd. | 164,000 | 242 |
| Konishi Co. Ltd. | 13,200 | 242 |
| Optex Co. Ltd. | 12,800 | 242 |
| JSP Corp. | 11,300 | 242 |
| G-Tekt Corp. | 19,500 | 241 |
| Nittetsu Mining Co. Ltd. | 55,000 | 241 |
| EPS Holdings Inc. | 24,700 | 241 |
| Key Coffee Inc. | 15,100 | 241 |
| Fukushima Industries Corp. | 11,100 | 241 |
| Nissin Corp. | 82,000 | 238 |
| Warabeya Nichiyo Co. Ltd. | 12,300 | 238 |
| * KNT-CT Holdings Co. Ltd. | 102,000 | 238 |
| Neturen Co. Ltd. | 33,100 | 237 |
| Tsukui Corp. | 22,000 | 236 |
| ASKA Pharmaceutical Co. Ltd. | 19,800 | 236 |
| ^ Japan Vilene Co. Ltd. | 24,000 | 236 |
| Ryoyo Electro Corp. | 19,100 | 234 |
| Denyo Co. Ltd. | 14,500 | 234 |
| Justsystems Corp. | 29,600 | 234 |
| Sakai Chemical Industry Co. Ltd. | 79,000 | 233 |
| Yahagi Construction Co. Ltd. | 27,100 | 232 |
| Nippon Kanzai Co. Ltd. | 15,100 | 232 |
| Chukyo Bank Ltd. | 112,000 | 231 |
| Union Tool Co. | 9,400 | 231 |
| METAWATER Co. Ltd. | 10,600 | 230 |
| * Kintetsu Department Store Co. Ltd. | 85,000 | 230 |
| Oyo Corp. | 17,900 | 229 |
| Tamura Corp. | 72,000 | 228 |
| Pal Co. Ltd. | 10,200 | 228 |
| F@N Communications Inc. | 32,100 | 228 |
| Tenma Corp. | 13,500 | 228 |
| Sagami Chain Co. Ltd. | 22,000 | 226 |
| Teikoku Sen-I Co. Ltd. | 17,900 | 225 |
| ^ Futaba Industrial Co. Ltd. | 52,300 | 224 |
| Ines Corp. | 25,100 | 224 |
| Maruzen Showa Unyu Co. Ltd. | 62,000 | 224 |
| Elecom Co. Ltd. | 18,500 | 224 |
| ^ S Foods Inc. | 12,800 | 222 |
| ^ Arata Corp. | 10,400 | 219 |
| ^ Marvelous Inc. | 27,400 | 219 |
| ^ Rock Field Co. Ltd. | 9,000 | 218 |
| Kato Works Co. Ltd. | 51,000 | 218 |
| Kaga Electronics Co. Ltd. | 15,600 | 218 |
| Nitto Kohki Co. Ltd. | 10,300 | 217 |
| Mie Bank Ltd. | 101,000 | 217 |
| Koa Corp. | 26,000 | 216 |
| Meisei Industrial Co. Ltd. | 46,200 | 215 |
| Kamei Corp. | 21,700 | 215 |
| ^ Nippon Ceramic Co. Ltd. | 14,600 | 215 |
44
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Nippon Denko Co. Ltd. | 106,700 | 214 |
| * Kappa Create Co. Ltd. | 21,600 | 213 |
| ^ Michinoku Bank Ltd. | 123,000 | 212 |
| Meiko Network Japan Co. Ltd. | 17,900 | 212 |
| Ministop Co. Ltd. | 11,500 | 212 |
| Sinfonia Technology Co. Ltd. | 123,000 | 211 |
| Toa Corp. | 20,800 | 209 |
| Sakai Moving Service Co. Ltd. | 4,200 | 209 |
| Cosel Co. Ltd. | 21,500 | 209 |
| Okuwa Co. Ltd. | 25,000 | 209 |
| Vital KSK Holdings Inc. | 28,800 | 209 |
| ^ Kobe Bussan Co. Ltd. | 5,400 | 208 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 109,000 | 208 |
| Tosei Corp. | 33,400 | 206 |
| ^ Akebono Brake Industry Co. Ltd. | 70,500 | 206 |
| Toyo Securities Co. Ltd. | 64,000 | 206 |
| Shinko Shoji Co. Ltd. | 18,500 | 206 |
| Keiyo Co. Ltd. | 50,100 | 205 |
| Idec Corp. | 24,600 | 205 |
| ^ Senshukai Co. Ltd. | 30,600 | 203 |
| Tonami Holdings Co. Ltd. | 62,000 | 201 |
| Kyodo Printing Co. Ltd. | 72,000 | 200 |
| Osaka Steel Co. Ltd. | 11,100 | 199 |
| Roland DG Corp. | 8,600 | 195 |
| Kurimoto Ltd. | 114,000 | 194 |
| Mito Securities Co. Ltd. | 60,100 | 194 |
| Fujibo Holdings Inc. | 105,000 | 193 |
| Komatsu Seiren Co. Ltd. | 32,100 | 192 |
| Toyo Tanso Co. Ltd. | 13,200 | 190 |
| Daiken Corp. | 65,000 | 190 |
| Icom Inc. | 9,100 | 189 |
| Kyokuyo Co. Ltd. | 87,000 | 188 |
| Keihanshin Building Co. Ltd. | 34,200 | 188 |
| Daiichi Jitsugyo Co. Ltd. | 44,000 | 188 |
| OSJB Holdings Corp. | 97,400 | 185 |
| * Nippon Yakin Kogyo Co. Ltd. | 134,700 | 185 |
| Tokyo Tekko Co. Ltd. | 40,000 | 185 |
| Achilles Corp. | 149,000 | 184 |
| Tosho Co. Ltd. | 7,000 | 184 |
| Tokyo Energy & Systems Inc. | 19,000 | 184 |
| Artnature Inc. | 19,100 | 183 |
| Qol Co. Ltd. | 15,600 | 183 |
| Yusen Logistics Co. Ltd. | 15,600 | 182 |
| * Mitsubishi Paper Mills Ltd. | 266,000 | 182 |
| Elematec Corp. | 7,400 | 181 |
| Osaki Electric Co. Ltd. | 35,000 | 180 |
| * Tokyo Rope Manufacturing Co. Ltd. | 116,000 | 179 |
| Cawachi Ltd. | 10,300 | 178 |
| Toyo Corp. | 22,700 | 177 |
| Yushin Precision Equipment Co. Ltd. | 9,800 | 177 |
| Shin-Etsu Polymer Co. Ltd. | 34,000 | 177 |
| Information Services International-Dentsu Ltd. | 11,100 | 173 |
| Japan Digital Laboratory Co. Ltd. | 13,500 | 172 |
| Aiphone Co. Ltd. | 11,200 | 172 |
| K&O Energy Group Inc. | 13,400 | 171 |
| France Bed Holdings Co. Ltd. | 21,800 | 170 |
| Weathernews Inc. | 5,300 | 170 |
| Nippon Valqua Industries Ltd. | 69,000 | 170 |
| Maruwa Co. Ltd. | 7,600 | 169 |
| Daiwa Industries Ltd. | 25,600 | 168 |
| MTI Ltd. | 26,500 | 168 |
| NS United Kaiun Kaisha Ltd. | 84,000 | 168 |
| ESPEC Corp. | 17,900 | 167 |
| Megachips Corp. | 16,500 | 166 |
45
| Vanguard® Pacific Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| ^ U-Shin Ltd. | 26,700 | 166 |
| Studio Alice Co. Ltd. | 8,800 | 165 |
| Tabuchi Electric Co. Ltd. | 24,200 | 165 |
| Japan Post Insurance Co. Ltd. | 9,000 | 164 |
| Melco Holdings Inc. | 9,500 | 164 |
| * Fujiya Co. Ltd. | 100,000 | 163 |
| Nihon Trim Co. Ltd. | 4,400 | 163 |
| Kanematsu Electronics Ltd. | 10,600 | 161 |
| Godo Steel Ltd. | 92,000 | 160 |
| Nichiden Corp. | 6,600 | 159 |
| Nippon Parking Development Co. Ltd. | 140,100 | 159 |
| ^ Sekisui Plastics Co. Ltd. | 49,000 | 158 |
| Sumitomo Densetsu Co. Ltd. | 12,100 | 158 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 101,000 | 158 |
| ^ Torishima Pump Manufacturing Co. Ltd. | 20,300 | 157 |
| Yonekyu Corp. | 8,600 | 157 |
| Ryoden Trading Co. Ltd. | 24,000 | 156 |
| Kita-Nippon Bank Ltd. | 5,700 | 156 |
| Sun Frontier Fudousan Co. Ltd. | 19,400 | 156 |
| Toyo Kanetsu KK | 96,000 | 154 |
| Aichi Corp. | 24,300 | 153 |
| Matsuya Foods Co. Ltd. | 7,600 | 153 |
| Maeda Kosen Co. Ltd. | 20,100 | 153 |
| CHIMNEY Co. Ltd. | 6,000 | 152 |
| Fudo Tetra Corp. | 118,300 | 151 |
| Furuno Electric Co. Ltd. | 22,400 | 151 |
| Nissei ASB Machine Co. Ltd. | 7,400 | 151 |
| ^ Japan Cash Machine Co. Ltd. | 14,300 | 151 |
| Dai Nippon Toryo Co. Ltd. | 99,000 | 151 |
| Hioki EE Corp. | 8,300 | 150 |
| Advan Co. Ltd. | 16,200 | 150 |
| Starzen Co. Ltd. | 5,800 | 150 |
| ^ Hosokawa Micron Corp. | 30,000 | 149 |
| Kitagawa Iron Works Co. Ltd. | 57,000 | 148 |
| Giken Ltd. | 11,000 | 148 |
| * Nakayama Steel Works Ltd. | 221,000 | 147 |
| Mars Engineering Corp. | 8,600 | 146 |
| Happinet Corp. | 14,200 | 146 |
| Takiron Co. Ltd. | 34,000 | 146 |
| CONEXIO Corp. | 14,500 | 146 |
| Riken Technos Corp. | 43,400 | 144 |
| Toyo Kohan Co. Ltd. | 44,800 | 144 |
| ^ Misawa Homes Co. Ltd. | 24,000 | 144 |
| Funai Electric Co. Ltd. | 13,900 | 143 |
| Shibusawa Warehouse Co. Ltd. | 56,000 | 143 |
| Shimizu Bank Ltd. | 5,800 | 142 |
| * Nippon Sharyo Ltd. | 59,000 | 141 |
| Nagatanien Holdings Co. Ltd. | 16,000 | 141 |
| Chori Co. Ltd. | 10,000 | 140 |
| * SWCC Showa Holdings Co. Ltd. | 210,000 | 138 |
| Aderans Co. Ltd. | 19,800 | 138 |
| GCA Savvian Corp. | 11,800 | 137 |
| Daikokutenbussan Co. Ltd. | 4,000 | 137 |
| Hakuto Co. Ltd. | 11,700 | 136 |
| Hokkaido Gas Co. Ltd. | 59,000 | 136 |
| Atsugi Co. Ltd. | 139,000 | 135 |
| JP-Holdings Inc. | 51,400 | 135 |
| Koatsu Gas Kogyo Co. Ltd. | 26,000 | 133 |
| Ateam Inc. | 8,700 | 132 |
| Zuiko Corp. | 3,500 | 131 |
| Sanoh Industrial Co. Ltd. | 20,800 | 131 |
| Mitsui High-Tec Inc. | 22,500 | 131 |
| Uchida Yoko Co. Ltd. | 41,000 | 131 |
| Mimasu Semiconductor Industry Co. Ltd. | 13,900 | 130 |
46
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Arakawa Chemical Industries Ltd. | 13,100 | 129 | |
| Fuji Oil Co. Ltd. | 41,600 | 129 | |
| Mitsubishi Kakoki Kaisha Ltd. | 52,000 | 129 | |
| Organo Corp. | 31,000 | 127 | |
| Iwasaki Electric Co. Ltd. | 62,000 | 126 | |
| Cleanup Corp. | 19,800 | 125 | |
| Itochu-Shokuhin Co. Ltd. | 3,600 | 125 | |
| Parco Co. Ltd. | 14,400 | 124 | |
| Onoken Co. Ltd. | 14,200 | 124 | |
| Fujitsu Frontech Ltd. | 9,600 | 124 | |
| Yomiuri Land Co. Ltd. | 36,000 | 124 | |
| Mitsui Matsushima Co. Ltd. | 126,000 | 124 | |
| AOI Electronics Co. Ltd. | 4,200 | 122 | |
| Asahi Co. Ltd. | 12,400 | 122 | |
| Tatsuta Electric Wire and Cable Co. Ltd. | 31,900 | 121 | |
| ^ | Japan Drilling Co. Ltd. | 5,500 | 119 |
| Pasona Group Inc. | 15,800 | 119 | |
| Nihon Yamamura Glass Co. Ltd. | 79,000 | 119 | |
| Japan Transcity Corp. | 33,000 | 118 | |
| Tosho Printing Co. Ltd. | 28,000 | 118 | |
| Honeys Co. Ltd. | 14,300 | 118 | |
| Yushiro Chemical Industry Co. Ltd. | 10,000 | 116 | |
| Shiroki Corp. | 40,000 | 116 | |
| Takaoka Toko Co. Ltd. | 9,800 | 115 | |
| Sinanen Holdings Co. Ltd. | 31,000 | 115 | |
| ^ | Nippon Coke & Engineering Co. Ltd. | 137,400 | 114 |
| Teikoku Electric Manufacturing Co. Ltd. | 16,600 | 114 | |
| Seika Corp. | 50,000 | 114 | |
| Fuso Pharmaceutical Industries Ltd. | 49,000 | 113 | |
| Toho Co. Ltd. | 6,100 | 112 | |
| Chuetsu Pulp & Paper Co. Ltd. | 63,000 | 112 | |
| *,^ | WATAMI Co. Ltd. | 15,900 | 111 |
| Zuken Inc. | 11,900 | 111 | |
| ^ | Nihon Dempa Kogyo Co. Ltd. | 15,800 | 110 |
| Dunlop Sports Co. Ltd. | 11,000 | 110 | |
| *,^ | Janome Sewing Machine Co. Ltd. | 15,000 | 109 |
| Nippon Chemiphar Co. Ltd. | 22,000 | 107 | |
| Shinwa Co. Ltd. | 7,600 | 106 | |
| Sumitomo Precision Products Co. Ltd. | 27,000 | 106 | |
| Rhythm Watch Co. Ltd. | 75,000 | 105 | |
| T RAD Co. Ltd. | 62,000 | 102 | |
| Taiho Kogyo Co. Ltd. | 8,900 | 102 | |
| Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. | 28,000 | 102 | |
| Hisaka Works Ltd. | 13,300 | 102 | |
| CMIC Holdings Co. Ltd. | 8,200 | 102 | |
| Mitsubishi Nichiyu Forklift Co. Ltd. | 24,000 | 102 | |
| Mitani Sekisan Co. Ltd. | 7,400 | 101 | |
| Mitsui Home Co. Ltd. | 21,000 | 101 | |
| * | Kinki Sharyo Co. Ltd. | 32,000 | 101 |
| Toko Inc. | 35,000 | 100 | |
| Tsutsumi Jewelry Co. Ltd. | 5,000 | 99 | |
| NEC Capital Solutions Ltd. | 6,900 | 99 | |
| Asunaro Aoki Construction Co. Ltd. | 13,300 | 98 | |
| Right On Co. Ltd. | 10,300 | 98 | |
| Kanaden Corp. | 12,400 | 97 | |
| Corona Corp. Class A | 9,900 | 97 | |
| Noritsu Koki Co. Ltd. | 19,300 | 96 | |
| *,^ | Aplus Financial Co. Ltd. | 91,000 | 96 |
| KFC Holdings Japan Ltd. | 5,000 | 95 | |
| Toda Kogyo Corp. | 35,000 | 94 | |
| CAC Holdings Corp. | 11,400 | 93 | |
| Japan Radio Co. Ltd. | 26,000 | 92 | |
| Dai-ichi Seiko Co. Ltd. | 7,000 | 92 | |
| Future Architect Inc. | 16,900 | 92 | |
47
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Sankyo Seiko Co. Ltd. | 24,100 | 92 |
| NDS Co. Ltd. | 37,000 | 91 | |
| Matsuda Sangyo Co. Ltd. | 7,700 | 90 | |
| Endo Lighting Corp. | 8,600 | 87 | |
| ^ | Srg Takamiya Co. Ltd. | 18,000 | 86 |
| *,^ | Shin Nippon Biomedical Laboratories Ltd. | 17,300 | 86 |
| Gecoss Corp. | 9,900 | 85 | |
| ^ | CMK Corp. | 44,300 | 85 |
| Aeon Fantasy Co. Ltd. | 5,200 | 84 | |
| Kobelco Eco-Solutions Co. Ltd. | 19,000 | 83 | |
| Ichikoh Industries Ltd. | 48,000 | 83 | |
| Axell Corp. | 7,300 | 82 | |
| Daikoku Denki Co. Ltd. | 6,400 | 82 | |
| Toli Corp. | 29,000 | 82 | |
| Maezawa Kyuso Industries Co. Ltd. | 6,300 | 80 | |
| Inaba Seisakusho Co. Ltd. | 7,500 | 80 | |
| Hokkan Holdings Ltd. | 31,000 | 79 | |
| Kyosan Electric Manufacturing Co. Ltd. | 28,000 | 79 | |
| Gun-Ei Chemical Industry Co. Ltd. | 32,000 | 78 | |
| Nice Holdings Inc. | 55,000 | 77 | |
| Stella Chemifa Corp. | 7,900 | 77 | |
| Krosaki Harima Corp. | 38,000 | 77 | |
| Tomoku Co. Ltd. | 35,000 | 75 | |
| Chugai Ro Co. Ltd. | 40,000 | 75 | |
| Kourakuen Holdings Corp. | 5,900 | 75 | |
| Hodogaya Chemical Co. Ltd. | 54,000 | 75 | |
| Tokyo Electron Device Ltd. | 5,700 | 73 | |
| ^ | Panasonic Industrial Devices SUNX Co. Ltd. | 13,400 | 73 |
| Alpha Systems Inc. | 4,300 | 72 | |
| Fujikura Kasei Co. Ltd. | 15,400 | 72 | |
| Pocket Card Co. Ltd. | 14,800 | 71 | |
| Shimojima Co. Ltd. | 7,900 | 68 | |
| Pronexus Inc. | 9,200 | 68 | |
| Taisei Lamick Co. Ltd. | 2,800 | 67 | |
| Toa Oil Co. Ltd. | 53,000 | 66 | |
| Mory Industries Inc. | 23,000 | 66 | |
| * | Yamada SxL Home Co. Ltd. | 89,000 | 64 |
| Daisyo Corp. | 5,400 | 64 | |
| Kitano Construction Corp. | 24,000 | 63 | |
| ^ | Asahi Organic Chemicals Industry Co. Ltd. | 34,000 | 63 |
| Best Denki Co. Ltd. | 54,800 | 62 | |
| Tokyo Rakutenchi Co. Ltd. | 15,000 | 62 | |
| Showa Aircraft Industry Co. Ltd. | 6,000 | 61 | |
| Daidoh Ltd. | 14,600 | 61 | |
| Chuo Spring Co. Ltd. | 25,000 | 60 | |
| * | Sanix Inc. | 26,700 | 58 |
| Gakken Holdings Co. Ltd. | 29,000 | 56 | |
| Okura Industrial Co. Ltd. | 19,000 | 54 | |
| Takihyo Co. Ltd. | 14,000 | 53 | |
| Maezawa Kasei Industries Co. Ltd. | 6,100 | 53 | |
| ST Corp. | 5,800 | 50 | |
| Paris Miki Holdings Inc. | 12,800 | 49 | |
| Mitsubishi Research Institute Inc. | 1,900 | 47 | |
| Airport Facilities Co. Ltd. | 9,900 | 45 | |
| ValueCommerce Co. Ltd. | 10,800 | 43 | |
| * | Kojima Co. Ltd. | 17,000 | 40 |
| * | Livesense Inc. | 10,900 | 40 |
| Japan Pure Chemical Co. Ltd. | 1,900 | 36 | |
| Olympic Group Corp. | 6,500 | 32 | |
| ^ | NIFTY Corp. | 2,600 | 24 |
| Cybozu Inc. | 7,400 | 19 | |
| * | FDK Corp. | 14,000 | 14 |
| Ohara Inc. | 2,500 | 12 | |
| * | Nissen Holdings Co. Ltd. | 8,000 | 12 |
48
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Nippon Kasei Chemical Co. Ltd. | 10,000 | 11 | |
| 3,304,347 | |||
| New Zealand (0.6%) | |||
| Spark New Zealand Ltd. | 1,730,654 | 3,935 | |
| Fletcher Building Ltd. | 652,218 | 3,293 | |
| Auckland International Airport Ltd. | 846,432 | 3,006 | |
| Fisher & Paykel Healthcare Corp. Ltd. | 537,061 | 2,826 | |
| Contact Energy Ltd. | 694,306 | 2,436 | |
| Ryman Healthcare Ltd. | 389,149 | 2,077 | |
| SKYCITY Entertainment Group Ltd. | 557,853 | 1,510 | |
| ^ | Mighty River Power Ltd. | 653,635 | 1,237 |
| SKY Network Television Ltd. | 386,069 | 1,185 | |
| Kiwi Property Group Ltd. | 1,256,546 | 1,156 | |
| Air New Zealand Ltd. | 535,956 | 1,054 | |
| Z Energy Ltd. | 228,058 | 1,034 | |
| * | Xero Ltd. | 90,399 | 976 |
| Trade Me Group Ltd. | 378,800 | 937 | |
| Infratil Ltd. | 379,198 | 796 | |
| Goodman Property Trust | 957,261 | 780 | |
| EBOS Group Ltd. | 77,408 | 715 | |
| * | Chorus Ltd. | 367,040 | 705 |
| Precinct Properties New Zealand Ltd. | 778,436 | 642 | |
| ^ | Genesis Energy Ltd. | 466,281 | 588 |
| Vector Ltd. | 258,167 | 576 | |
| Argosy Property Ltd. | 754,843 | 574 | |
| Summerset Group Holdings Ltd. | 206,184 | 547 | |
| Freightways Ltd. | 130,889 | 522 | |
| Nuplex Industries Ltd. | 181,063 | 521 | |
| Metlifecare Ltd. | 115,629 | 349 | |
| Vital Healthcare Property Trust | 242,654 | 289 | |
| * | Diligent Corp. | 71,374 | 288 |
| Heartland New Zealand Ltd. | 318,266 | 269 | |
| Warehouse Group Ltd. | 145,129 | 268 | |
| TOWER Ltd. | 165,523 | 234 | |
| * | a2 Milk Co. Ltd. | 421,683 | 217 |
| Kathmandu Holdings Ltd. | 153,523 | 163 | |
| * | New Zealand Oil & Gas Ltd. | 245,090 | 72 |
| 35,777 | |||
| Singapore (3.4%) | |||
| DBS Group Holdings Ltd. | 1,701,679 | 20,952 | |
| Singapore Telecommunications Ltd. | 6,989,909 | 19,785 | |
| Oversea-Chinese Banking Corp. Ltd. | 3,053,891 | 19,606 | |
| United Overseas Bank Ltd. | 1,148,067 | 16,641 | |
| Keppel Corp. Ltd. | 1,364,158 | 6,848 | |
| CapitaLand Ltd. | 2,420,158 | 5,324 | |
| Global Logistic Properties Ltd. | 2,923,873 | 4,655 | |
| Wilmar International Ltd. | 2,005,703 | 4,461 | |
| Singapore Press Holdings Ltd. | 1,521,217 | 4,321 | |
| ComfortDelGro Corp. Ltd. | 1,947,180 | 4,205 | |
| Singapore Exchange Ltd. | 789,460 | 4,147 | |
| Singapore Airlines Ltd. | 481,326 | 3,700 | |
| Singapore Technologies Engineering Ltd. | 1,502,955 | 3,538 | |
| CapitaLand Mall Trust | 2,471,712 | 3,491 | |
| Genting Singapore plc | 5,838,597 | 3,392 | |
| City Developments Ltd. | 564,713 | 3,195 | |
| Ascendas REIT | 1,874,494 | 3,187 | |
| Suntec REIT | 2,345,800 | 2,761 | |
| Hutchison Port Holdings Trust | 4,846,239 | 2,679 | |
| Jardine Cycle & Carriage Ltd. | 106,890 | 2,474 | |
| Sembcorp Industries Ltd. | 849,020 | 2,157 | |
| UOL Group Ltd. | 450,317 | 2,107 | |
| CapitaLand Commercial Trust Ltd. | 1,909,200 | 1,916 | |
| Singapore Post Ltd. | 1,389,700 | 1,878 | |
| Yangzijiang Shipbuilding Holdings Ltd. | 1,997,810 | 1,775 | |
49
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Golden Agri-Resources Ltd. | 6,190,363 | 1,719 | |
| SATS Ltd. | 598,000 | 1,617 | |
| ^ | Noble Group Ltd. | 4,286,204 | 1,540 |
| StarHub Ltd. | 577,367 | 1,479 | |
| Venture Corp. Ltd. | 240,200 | 1,417 | |
| ^ | Sembcorp Marine Ltd. | 795,366 | 1,326 |
| Mapletree Industrial Trust | 1,161,600 | 1,264 | |
| Mapletree Greater China Commercial Trust | 1,758,200 | 1,248 | |
| Mapletree Commercial Trust | 1,244,400 | 1,213 | |
| Keppel REIT | 1,750,900 | 1,204 | |
| Mapletree Logistics Trust | 1,384,000 | 1,007 | |
| Raffles Medical Group Ltd. | 272,400 | 835 | |
| Asian Pay Television Trust | 1,325,900 | 747 | |
| Starhill Global REIT | 1,273,100 | 735 | |
| Frasers Centrepoint Trust | 524,400 | 731 | |
| Olam International Ltd. | 513,600 | 731 | |
| ^ | SMRT Corp. Ltd. | 667,400 | 695 |
| ^ | Keppel Infrastructure Trust | 1,870,500 | 694 |
| United Engineers Ltd. | 455,800 | 644 | |
| ^ | Ezion Holdings Ltd. | 1,291,400 | 640 |
| Genting Hong Kong Ltd. | 2,017,100 | 635 | |
| M1 Ltd. | 312,000 | 632 | |
| Ascott Residence Trust | 731,500 | 631 | |
| *,^ | Neptune Orient Lines Ltd. | 866,800 | 615 |
| SIA Engineering Co. Ltd. | 213,200 | 607 | |
| ^ | First Resources Ltd. | 452,600 | 605 |
| CDL Hospitality Trusts | 608,000 | 588 | |
| Frasers Commercial Trust | 542,400 | 530 | |
| CapitaLand Retail China Trust | 482,900 | 523 | |
| Cambridge Industrial Trust | 1,197,900 | 521 | |
| ^ | Yanlord Land Group Ltd. | 697,100 | 518 |
| ^ | SIIC Environment Holdings Ltd. | 854,600 | 518 |
| Wing Tai Holdings Ltd. | 401,200 | 499 | |
| * | Biosensors International Group Ltd. | 1,018,500 | 495 |
| Cache Logistics Trust | 679,000 | 486 | |
| ^ | Frasers Centrepoint Ltd. | 404,500 | 470 |
| First REIT | 473,600 | 419 | |
| OUE Hospitality Trust | 715,800 | 416 | |
| Far East Hospitality Trust | 843,100 | 403 | |
| ^ | Ascendas India Trust | 635,400 | 397 |
| Lippo Malls Indonesia Retail Trust | 1,697,300 | 387 | |
| Soilbuild Business Space REIT | 668,300 | 381 | |
| Ascendas Hospitality Trust | 781,900 | 379 | |
| 2 | ARA Asset Management Ltd. | 374,200 | 376 |
| Keppel DC REIT | 501,500 | 372 | |
| Religare Health Trust | 497,800 | 353 | |
| Accordia Golf Trust | 749,200 | 342 | |
| SPH REIT | 509,100 | 341 | |
| Sabana Shari'ah Compliant Industrial REIT | 620,800 | 337 | |
| OUE Ltd. | 258,400 | 330 | |
| Silverlake Axis Ltd. | 769,700 | 315 | |
| *,^ | Yoma Strategic Holdings Ltd. | 1,027,500 | 313 |
| ^ | COSCO Corp. Singapore Ltd. | 1,089,601 | 292 |
| * | Perennial Real Estate Holdings Ltd. | 409,200 | 289 |
| Croesus Retail Trust | 483,600 | 288 | |
| GuocoLeisure Ltd. | 430,000 | 274 | |
| Hyflux Ltd. | 519,400 | 251 | |
| Super Group Ltd. | 384,800 | 247 | |
| * | China Everbright Water Ltd. | 469,100 | 237 |
| ^ | Sarine Technologies Ltd. | 206,500 | 230 |
| *,^ | Tiger Airways Holdings Ltd. | 1,076,500 | 222 |
| ^ | OSIM International Ltd. | 221,900 | 215 |
| Midas Holdings Ltd. | 922,100 | 206 | |
| Indofood Agri Resources Ltd. | 443,700 | 180 | |
50
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Bumitama Agri Ltd. | 291,300 | 167 | |
| * | Ezra Holdings Ltd. | 1,786,900 | 156 |
| Raffles Education Corp. Ltd. | 688,600 | 138 | |
| *,^ | Vard Holdings Ltd. | 502,700 | 136 |
| CSE Global Ltd. | 316,600 | 112 | |
| Keppel Telecommunications & Transportation Ltd. | 105,000 | 108 | |
| Boustead Singapore Ltd. | 157,900 | 108 | |
| * | Ying Li International Real Estate Ltd. | 680,500 | 89 |
| * | Gallant Venture Ltd. | 512,200 | 84 |
| * | China Fishery Group Ltd. | 754,600 | 49 |
| GMG Global Ltd. | 99,300 | 27 | |
| Hi-P International Ltd. | 30,100 | 11 | |
| Swiber Holdings Ltd. | 59,500 | 11 | |
| * | Boustead Projects Ltd. | 9,900 | 6 |
| 189,548 | |||
| South Korea (11.4%) | |||
| Samsung Electronics Co. Ltd. | 100,995 | 120,982 | |
| Samsung Electronics Co. Ltd. Preference Shares | 18,655 | 19,456 | |
| Hyundai Motor Co. | 138,055 | 18,863 | |
| Shinhan Financial Group Co. Ltd. | 433,584 | 16,503 | |
| SK Hynix Inc. | 520,799 | 13,913 | |
| NAVER Corp. | 25,589 | 13,422 | |
| Hyundai Mobis Co. Ltd. | 62,787 | 13,204 | |
| Kia Motors Corp. | 246,849 | 12,047 | |
| KB Financial Group Inc. | 367,980 | 11,656 | |
| LG Chem Ltd. | 41,700 | 11,053 | |
| Korea Electric Power Corp. | 243,866 | 10,980 | |
| KT&G Corp. | 105,700 | 10,563 | |
| POSCO | 64,762 | 10,390 | |
| Samsung Fire & Marine Insurance Co. Ltd. | 37,001 | 10,357 | |
| Amorepacific Corp. | 30,143 | 9,923 | |
| * | Samsung C&T Corp. | 66,695 | 9,019 |
| SK Holdings Co. Ltd. | 34,010 | 7,934 | |
| Samsung Life Insurance Co. Ltd. | 73,835 | 7,047 | |
| LG Household & Health Care Ltd. | 8,379 | 6,933 | |
| Hana Financial Group Inc. | 282,763 | 6,864 | |
| Samsung SDS Co. Ltd. | 27,244 | 6,125 | |
| SK Innovation Co. Ltd. | 58,319 | 6,015 | |
| SK Telecom Co. Ltd. | 24,667 | 5,227 | |
| LG Corp. | 85,464 | 4,945 | |
| Samsung SDI Co. Ltd. | 52,312 | 4,860 | |
| *,^ | Celltrion Inc. | 67,347 | 4,514 |
| LG Electronics Inc. | 103,309 | 4,437 | |
| LG Display Co. Ltd. | 214,371 | 4,085 | |
| Korea Zinc Co. Ltd. | 9,428 | 3,917 | |
| Kangwon Land Inc. | 102,343 | 3,794 | |
| Coway Co. Ltd. | 50,935 | 3,786 | |
| AMOREPACIFIC Group | 26,871 | 3,763 | |
| E-MART Inc. | 19,997 | 3,720 | |
| Korea Aerospace Industries Ltd. | 47,061 | 3,695 | |
| Hyundai Heavy Industries Co. Ltd. | 42,411 | 3,518 | |
| Hyundai Motor Co. 2nd Preference Shares | 34,219 | 3,416 | |
| Hyundai Steel Co. | 72,455 | 3,289 | |
| ^ | Kakao Corp. | 32,599 | 3,234 |
| Orion Corp. | 3,788 | 3,187 | |
| Industrial Bank of Korea | 250,475 | 3,064 | |
| Hyundai Glovis Co. Ltd. | 17,462 | 3,006 | |
| BNK Financial Group Inc. | 245,139 | 2,999 | |
| ^ | Hotel Shilla Co. Ltd. | 31,003 | 2,975 |
| Samsung Electro-Mechanics Co. Ltd. | 51,872 | 2,951 | |
| Lotte Chemical Corp. | 13,866 | 2,894 | |
| NCSoft Corp. | 16,984 | 2,810 | |
| Dongbu Insurance Co. Ltd. | 46,530 | 2,791 | |
| Hankook Tire Co. Ltd. | 71,267 | 2,724 | |
51
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Hanmi Pharm Co. Ltd. | 5,894 | 2,648 |
| CJ Corp. | 12,526 | 2,636 | |
| Woori Bank | 281,690 | 2,444 | |
| S-Oil Corp. | 39,950 | 2,389 | |
| Hyundai Development Co-Engineering & Construction | 57,818 | 2,317 | |
| Samsung Securities Co. Ltd. | 54,742 | 2,300 | |
| Hyosung Corp. | 22,047 | 2,246 | |
| * | KT Corp. | 83,952 | 2,173 |
| GS Holdings Corp. | 49,008 | 2,147 | |
| CJ CheilJedang Corp. | 6,996 | 2,138 | |
| Hyundai Motor Co. Preference Shares | 21,632 | 2,085 | |
| Hyundai Engineering & Construction Co. Ltd. | 68,988 | 2,077 | |
| Lotte Shopping Co. Ltd. | 10,204 | 2,064 | |
| ^ | Samsung Heavy Industries Co. Ltd. | 170,768 | 1,976 |
| Korea Investment Holdings Co. Ltd. | 36,911 | 1,964 | |
| Hanssem Co. Ltd. | 9,560 | 1,949 | |
| LG Uplus Corp. | 202,528 | 1,938 | |
| KCC Corp. | 5,267 | 1,877 | |
| Yuhan Corp. | 7,578 | 1,873 | |
| KEPCO Plant Service & Engineering Co. Ltd. | 20,145 | 1,835 | |
| Hyundai Wia Corp. | 15,322 | 1,789 | |
| Hyundai Marine & Fire Insurance Co. Ltd. | 58,918 | 1,753 | |
| S-1 Corp. | 20,145 | 1,748 | |
| Daewoo Securities Co. Ltd. | 176,622 | 1,704 | |
| Daelim Industrial Co. Ltd. | 26,081 | 1,699 | |
| * | Amorepacific Corp. Preference Shares | 9,970 | 1,683 |
| Hyundai Department Store Co. Ltd. | 14,700 | 1,611 | |
| Medy-Tox Inc. | 3,788 | 1,606 | |
| *,^ | ViroMed Co. Ltd. | 11,424 | 1,573 |
| Hanwha Corp. | 46,057 | 1,504 | |
| Hanwha Life Insurance Co. Ltd. | 200,585 | 1,492 | |
| Hanwha Chemical Corp. | 76,651 | 1,479 | |
| * | BGF retail Co. Ltd. | 9,540 | 1,417 |
| DGB Financial Group Inc. | 151,606 | 1,405 | |
| Lotte Confectionery Co. Ltd. | 781 | 1,360 | |
| LG Chem Ltd. Preference Shares | 7,204 | 1,357 | |
| Meritz Securities Co. Ltd. | 298,958 | 1,327 | |
| Shinsegae Co. Ltd. | 6,525 | 1,324 | |
| * | CJ E&M Corp. | 17,966 | 1,315 |
| *,^ | Hanmi Science Co. ltd | 10,954 | 1,250 |
| ^ | OCI Co. Ltd. | 17,265 | 1,235 |
| ^ | Hanwha Techwin Co. Ltd. | 37,954 | 1,234 |
| Hanon Systems | 31,331 | 1,232 | |
| Youngone Corp. | 28,699 | 1,203 | |
| ^ | Hyundai Greenfood Co. Ltd. | 57,696 | 1,201 |
| * | CJ Korea Express Co. Ltd. | 6,764 | 1,152 |
| Lotte Chilsung Beverage Co. Ltd. | 575 | 1,125 | |
| Ottogi Corp. | 1,222 | 1,119 | |
| ^ | CJ CGV Co. Ltd. | 12,019 | 1,089 |
| *,^ | Daewoo Engineering & Construction Co. Ltd. | 191,609 | 1,088 |
| ^ | LG Innotek Co. Ltd. | 13,443 | 1,086 |
| Samsung Card Co. Ltd. | 31,851 | 1,078 | |
| Woori Investment & Securities Co. Ltd. | 122,543 | 1,076 | |
| * | Cheil Worldwide Inc. | 60,772 | 1,060 |
| Korean Reinsurance Co. | 85,906 | 1,020 | |
| Korea Kolmar Co. Ltd. | 12,983 | 1,016 | |
| Doosan Corp. | 10,373 | 1,003 | |
| Hyundai Securities Co. Ltd. | 162,838 | 980 | |
| * | Korean Air Lines Co. Ltd. | 36,360 | 980 |
| NongShim Co. Ltd. | 3,012 | 971 | |
| Korea Gas Corp. | 25,874 | 963 | |
| *,^ | Com2uSCorp | 9,411 | 948 |
| Cosmax Inc. | 5,623 | 945 | |
| SK Networks Co. Ltd. | 152,386 | 942 | |
52
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Green Cross Holdings Corp. | 25,948 | 926 | |
| Hana Tour Service Inc. | 8,133 | 893 | |
| ^ | Kolon Industries Inc. | 16,224 | 883 |
| *,^ | Kumho Tire Co. Inc. | 144,223 | 872 |
| *,^ | GS Engineering & Construction Corp. | 42,403 | 859 |
| Dongsuh Cos. Inc. | 29,060 | 856 | |
| KB Insurance Co. Ltd. | 36,713 | 855 | |
| ^ | SK Chemicals Co. Ltd. | 14,334 | 849 |
| ^ | LG Hausys Ltd. | 5,724 | 847 |
| Kumho Petrochemical Co. Ltd. | 16,485 | 832 | |
| Doosan Heavy Industries & Construction Co. Ltd. | 45,852 | 824 | |
| * | LG Household & Health Care Ltd. Preference Shares | 1,983 | 823 |
| Green Cross Corp. | 5,145 | 813 | |
| Mando Corp. | 6,224 | 808 | |
| ^ | Paradise Co. Ltd. | 42,914 | 808 |
| Fila Korea Ltd. | 9,013 | 788 | |
| ^ | Hansae Co. Ltd. | 15,706 | 769 |
| Samyang Holdings Corp. | 5,488 | 763 | |
| Daewoo International Corp. | 43,385 | 755 | |
| *,^ | NHN Entertainment Corp. | 15,094 | 734 |
| GS Retail Co. Ltd. | 14,578 | 732 | |
| * | Ssangyong Cement Industrial Co. Ltd. | 45,510 | 720 |
| LG International Corp. | 23,116 | 704 | |
| ^ | Meritz Fire & Marine Insurance Co. Ltd. | 49,317 | 695 |
| *,^ | Doosan Infracore Co. Ltd. | 125,690 | 686 |
| ^ | Eo Technics Co. Ltd. | 7,757 | 673 |
| *,^ | Komipharm International Co. Ltd. | 27,921 | 646 |
| LS Industrial Systems Co. Ltd. | 14,436 | 627 | |
| SKC Co. Ltd. | 18,627 | 624 | |
| *,^ | GemVax & Kael Co. Ltd. | 24,071 | 622 |
| *,^ | HLB Inc. | 29,094 | 619 |
| Ilyang Pharmaceutical Co. Ltd. | 12,364 | 602 | |
| LS Corp. | 17,746 | 600 | |
| ^ | Hyundai Mipo Dockyard Co. Ltd. | 9,586 | 600 |
| *,^ | Hanjin Shipping Co. Ltd. | 134,969 | 591 |
| *,^ | LG Life Sciences Ltd. | 10,985 | 588 |
| * | Osstem Implant Co. Ltd. | 10,083 | 587 |
| *,^ | SM Entertainment Co. | 14,660 | 586 |
| Hyundai Home Shopping Network Corp. | 5,494 | 586 | |
| ^ | Seoul Semiconductor Co. Ltd. | 35,325 | 584 |
| ^ | Hite Jinro Co. Ltd. | 28,630 | 573 |
| Korea Electric Terminal Co. Ltd. | 6,627 | 572 | |
| ^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 93,747 | 570 |
| * | Pan Ocean Co. Ltd. | 161,904 | 569 |
| ^ | LOTTE Himart Co. Ltd. | 11,174 | 567 |
| * | Huons Co. Ltd. | 6,953 | 562 |
| Kolon Life Science Inc. | 3,990 | 561 | |
| ^ | Lotte Food Co. Ltd. | 713 | 560 |
| iMarketKorea Inc. | 21,549 | 559 | |
| KIWOOM Securities Co. Ltd. | 10,945 | 559 | |
| *,^ | Medipost Co. Ltd. | 6,563 | 555 |
| ^ | Samsung Fine Chemicals Co. Ltd. | 16,740 | 551 |
| *,^ | Samlip General Foods Co. Ltd. | 2,233 | 549 |
| *,^ | Muhak Co. Ltd. | 12,868 | 541 |
| JB Financial Group Co. Ltd. | 101,792 | 529 | |
| Young Poong Corp. | 472 | 518 | |
| Taekwang Industrial Co. Ltd. | 529 | 515 | |
| Daou Technology Inc. | 22,937 | 496 | |
| Daesang Corp. | 18,242 | 495 | |
| ^ | Grand Korea Leisure Co. Ltd. | 17,567 | 487 |
| ^ | Hanjin Kal Corp. | 25,127 | 479 |
| LF Corp. | 17,162 | 476 | |
| Mirae Asset Securities Co. Ltd. | 21,172 | 474 | |
| *,^ | Seegene Inc. | 13,584 | 467 |
53
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| S&T Motiv Co. Ltd. | 7,192 | 457 | |
| ^ | Hansol Chemical Co. Ltd. | 7,768 | 455 |
| Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 2,532 | 445 | |
| *,^ | Webzen Inc. | 15,711 | 445 |
| Dong-A ST Co. Ltd. | 4,073 | 441 | |
| * | InBody Co. Ltd. | 10,234 | 440 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 84,118 | 439 |
| *,^ | Chabiotech Co. Ltd. | 32,644 | 438 |
| Handsome Co. Ltd. | 12,902 | 438 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 151,848 | 436 | |
| Hanjin Transportation Co. Ltd. | 11,242 | 436 | |
| GS Home Shopping Inc. | 2,912 | 433 | |
| CJ O Shopping Co. Ltd. | 2,793 | 432 | |
| *,^ | Amicogen Inc. | 7,386 | 430 |
| *,^ | Hyundai Livart Furniture Co. Ltd. | 9,784 | 429 |
| *,^ | Hyundai Elevator Co. Ltd. | 9,327 | 428 |
| Korea PetroChemical Ind Co. Ltd. | 2,689 | 413 | |
| *,^ | Samsung Engineering Co. Ltd. | 26,062 | 413 |
| * | iNtRON Biotechnology Inc. | 11,078 | 409 |
| ^ | KEPCO Engineering & Construction Co. Inc. | 13,462 | 401 |
| Poongsan Corp. | 17,774 | 399 | |
| * | Wonik IPS Co. Ltd. | 48,595 | 399 |
| OCI Materials Co. Ltd. | 4,893 | 396 | |
| *,^ | Loen Entertainment Inc. | 5,746 | 393 |
| *,^ | Kumho Industrial Co. Ltd. | 25,549 | 390 |
| Tongyang Life Insurance Co. Ltd. | 31,110 | 380 | |
| Hankook Tire Worldwide Co. Ltd. | 23,580 | 380 | |
| Bukwang Pharmaceutical Co. Ltd. | 17,365 | 380 | |
| Nexen Tire Corp. | 32,546 | 376 | |
| * | Hanwha General Insurance Co. Ltd. | 56,693 | 373 |
| Dong-A Socio Holdings Co. Ltd. | 2,617 | 373 | |
| ^ | YG Entertainment Inc. | 9,383 | 372 |
| Interpark Holdings Corp. | 36,083 | 368 | |
| Hanil Cement Co. Ltd. | 3,546 | 365 | |
| ^ | KONA I Co. Ltd. | 11,398 | 364 |
| *,^ | Sansung Life & Science Co. Ltd. | 11,056 | 363 |
| Hyundai Corp. | 12,335 | 360 | |
| * | Asiana Airlines Inc. | 84,959 | 360 |
| AK Holdings Inc. | 4,761 | 358 | |
| Binggrae Co. Ltd. | 5,968 | 357 | |
| Halla Holdings Corp. | 7,070 | 352 | |
| Dongwon F&B Co. Ltd. | 1,066 | 352 | |
| * | Hansol Technics Co. Ltd. | 16,017 | 351 |
| Meritz Financial Group Inc. | 27,226 | 348 | |
| LG Electronics Inc. Preference Shares | 16,228 | 348 | |
| Dongwon Industries Co. Ltd. | 1,228 | 345 | |
| ^ | SFA Engineering Corp. | 8,920 | 342 |
| * | Korea Kolmar Holdings Co. Ltd. | 5,897 | 340 |
| ^ | Cuckoo Electronics Co. Ltd. | 1,552 | 339 |
| DuzonBizon Co. Ltd. | 17,697 | 332 | |
| ^ | Partron Co. Ltd. | 37,918 | 325 |
| ^ | Dongkuk Steel Mill Co. Ltd. | 54,235 | 324 |
| *,^ | WeMade Entertainment Co. Ltd. | 7,992 | 319 |
| JW Pharmaceutical Corp. | 10,477 | 317 | |
| ^ | Chong Kun Dang Pharmaceutical Corp. | 5,708 | 317 |
| * | IS Dongseo Co. Ltd. | 8,480 | 315 |
| Namyang Dairy Products Co. Ltd. | 425 | 313 | |
| ^ | Crown Confectionery Co. Ltd. | 608 | 312 |
| Youngone Holdings Co. Ltd. | 4,909 | 309 | |
| Huchems Fine Chemical Corp. | 18,841 | 309 | |
| *,^ | Binex Co. Ltd. | 21,825 | 308 |
| *,^ | Gamevil Inc. | 4,186 | 307 |
| *,^ | Cell Biotech Co. Ltd. | 5,481 | 302 |
| Kwang Dong Pharmaceutical Co. Ltd. | 29,386 | 298 | |
54
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Hyundai Rotem Co. Ltd. | 20,921 | 297 |
| ^ | Kolao Holdings | 25,107 | 297 |
| *,^ | Genexine Co. Ltd. | 3,993 | 296 |
| *,^ | Ssangyong Motor Co. | 40,269 | 292 |
| LEENO Industrial Inc. | 7,622 | 291 | |
| Daishin Securities Co. Ltd. | 31,136 | 285 | |
| *,^ | Humedix Co. Ltd. | 4,909 | 284 |
| *,^ | China Ocean Resources Co. Ltd. | 72,149 | 283 |
| Koh Young Technology Inc. | 9,743 | 283 | |
| Daewoong Pharmaceutical Co. Ltd. | 4,186 | 277 | |
| *,^ | Seobu T&D | 14,052 | 276 |
| * | Yuanta Securities Korea Co. Ltd. | 78,425 | 272 |
| * | i-SENS Inc. | 8,269 | 267 |
| Soulbrain Co. Ltd. | 7,671 | 267 | |
| *,^ | COSON Co. Ltd. | 13,322 | 266 |
| * | Hansol Paper Co. Ltd. | 14,715 | 265 |
| *,^ | Dae Hwa Pharmaceutical Co. Ltd. | 10,363 | 261 |
| * | Lutronic Corp. | 6,830 | 261 |
| *,^ | Naturalendo Tech Co. Ltd. | 12,905 | 261 |
| KISWIRE Ltd. | 7,200 | 260 | |
| Seah Besteel Corp. | 10,317 | 259 | |
| Hankook Shell Oil Co. Ltd. | 578 | 257 | |
| ^ | Cosmax BTI Inc | 4,116 | 256 |
| * | NS Shopping Co. Ltd. | 1,499 | 255 |
| ^ | Agabang&Company | 22,329 | 255 |
| ^ | SK Gas Ltd. | 3,383 | 253 |
| Hancom Inc. | 13,852 | 252 | |
| * | SK Securities Co. Ltd. | 245,171 | 250 |
| *,^ | Samsung Pharmaceutical Co. Ltd. | 21,901 | 246 |
| POSCO Chemtech Co. Ltd. | 19,572 | 246 | |
| * | CJ CheilJedang Corp. Preference Shares | 1,253 | 244 |
| CJ Hellovision Co. Ltd. | 25,660 | 244 | |
| * | Green Cross Cell Corp. | 5,374 | 242 |
| Sungwoo Hitech Co. Ltd. | 31,431 | 242 | |
| Maeil Dairy Industry Co. Ltd. | 6,926 | 237 | |
| Samchully Co. Ltd. | 2,610 | 234 | |
| KT Skylife Co. Ltd. | 13,988 | 229 | |
| KH Vatec Co. Ltd. | 12,932 | 228 | |
| Silicon Works Co. Ltd. | 7,665 | 227 | |
| Humax Co. Ltd. | 14,878 | 225 | |
| *,^ | Hanjin Heavy Industries & Construction Co. Ltd. | 57,114 | 222 |
| Daekyo Co. Ltd. | 27,547 | 221 | |
| Posco ICT Co. Ltd. | 50,296 | 220 | |
| *,^ | Dongbu HiTek Co. Ltd. | 20,831 | 220 |
| ^ | Chongkundang Holdings Corp. | 3,115 | 216 |
| * | JW Holdings Corp. | 28,944 | 216 |
| * | Coreana Cosmetics Co. Ltd. | 22,740 | 209 |
| S&T Dynamics Co. Ltd. | 17,174 | 209 | |
| SL Corp. | 13,785 | 205 | |
| Ahnlab Inc. | 5,591 | 203 | |
| *,^ | Pharmicell Co. Ltd. | 47,087 | 202 |
| Able C&C Co. Ltd. | 9,115 | 196 | |
| * | GOLFZON Co. Ltd. | 2,203 | 192 |
| *,^ | Korea Line Corp. | 10,864 | 192 |
| Kolon Corp. | 3,425 | 191 | |
| * | Taeyoung Engineering & Construction Co. Ltd. | 36,177 | 186 |
| KISCO Corp. | 4,359 | 185 | |
| E1 Corp. | 2,974 | 180 | |
| * | Neowiz Games Corp. | 11,282 | 180 |
| *,^ | Foosung Co. Ltd. | 48,122 | 176 |
| Hansol Holdings Co. Ltd. | 28,037 | 176 | |
| ^ | Lock&Lock Co. Ltd. | 15,389 | 164 |
| Namhae Chemical Corp. | 18,610 | 164 | |
| Hanwha Investment & Securities Co. Ltd. | 41,357 | 162 | |
55
| Vanguard® Pacific Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| DY Corp. | 25,319 | 153 | |
| * | Kwangju Bank | 21,375 | 152 |
| Sindoh Co. Ltd. | 2,837 | 152 | |
| Dae Han Flour Mills Co. Ltd. | 842 | 143 | |
| SeAH Steel Corp. | 2,547 | 143 | |
| Daeduck Electronics Co. | 21,910 | 141 | |
| Kyobo Securities Co. Ltd. | 16,417 | 141 | |
| * | Woongjin Thinkbig Co. Ltd. | 19,431 | 139 |
| * | Jusung Engineering Co. Ltd. | 32,397 | 139 |
| * | Eugene Investment & Securities Co. Ltd. | 56,837 | 138 |
| SBS Media Holdings Co. Ltd. | 40,062 | 136 | |
| Samyang Corp. | 1,445 | 131 | |
| Sung Kwang Bend Co. Ltd. | 15,908 | 130 | |
| Youlchon Chemical Co. Ltd. | 12,047 | 130 | |
| Daeduck GDS Co. Ltd. | 15,142 | 129 | |
| Hanil E-Hwa Co. Ltd. | 12,026 | 128 | |
| Daishin Securities Co. Ltd. Preference Shares | 19,354 | 124 | |
| * | TK Corp. | 12,269 | 121 |
| *,^ | STS Semiconductor & Telecommunications | 49,016 | 117 |
| *,^ | Insun ENT Co. Ltd. | 24,551 | 117 |
| * | Eusu Holdings Co. Ltd. | 15,078 | 116 |
| * | Duk San Neolux Co. Ltd. | 5,604 | 112 |
| *,^ | CUROCOM Co. Ltd. | 69,635 | 111 |
| * | Taewoong Co. Ltd. | 8,132 | 106 |
| Seoyon Co. Ltd. | 9,429 | 101 | |
| *,^ | KTB Investment & Securities Co. Ltd. | 44,088 | 98 |
| MegaStudy Co. Ltd. | 2,433 | 96 | |
| ^ | GOLFZONYUWONHOLDINGS Co. Ltd. | 13,382 | 95 |
| * | Duksan Hi-Metal Co. Ltd. | 12,546 | 93 |
| * | NEPES Corp. | 15,206 | 88 |
| ^ | Iljin Display Co. Ltd. | 14,709 | 88 |
| INTOPS Co. Ltd. | 5,617 | 83 | |
| * | 3S Korea Co. Ltd. | 38,610 | 81 |
| *,^ | Doosan Engine Co. Ltd. | 23,830 | 80 |
| Lumens Co. Ltd. | 22,109 | 79 | |
| * | Interflex Co. Ltd. | 7,133 | 78 |
| *,^ | SK Communications Co. Ltd. | 10,417 | 74 |
| Hitejinro Holdings Co. Ltd. | 6,100 | 73 | |
| Sam Young Electronics Co. Ltd. | 6,604 | 72 | |
| * | Mirae Asset Securities Co. Ltd. Rights Exp. 11/05/2015 | 22,642 | 54 |
| EG Corp. | 4,686 | 50 | |
| Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 6,698 | 39 | |
| Dongbu Securities Co. Ltd. | 10,739 | 38 | |
| * | MegaStudyEdu Co. Ltd. | 616 | 35 |
| ICD Co. Ltd. | 3,888 | 21 | |
| Kumho Electric Co. Ltd. | 1,195 | 18 | |
| * | SK Chemicals Co Ltd Rights Exp. 12/04/2015 | 1,942 | 16 |
| 631,877 | |||
| Total Common Stocks (Cost $6,647,650) | 5,534,095 | ||
56
| Vanguard® Pacific Stock Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Market | |||||
| Value | |||||
| Coupon | Shares | ($000) | |||
| Temporary Cash Investments (2.8%)1 | |||||
| Money Market Fund (2.7%) | |||||
| 3,4 | Vanguard Market Liquidity Fund | 0.207% | 147,318,927 | 147,319 | |
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| U.S. Government and Agency Obligations (0.1%) | |||||
| 5 | Federal Home Loan Bank Discount Notes | 0.180% | 11/4/15 | 1,500 | 1,500 |
| 5 | Federal Home Loan Bank Discount Notes | 0.200% | 11/18/15 | 1,300 | 1,300 |
| 6,7 | Freddie Mac Discount Notes | 0.245% | 1/5/16 | 3,000 | 2,999 |
| 5,799 | |||||
| Total Temporary Cash Investments (Cost $153,118) | 153,118 | ||||
| Total Investments (102.5%) (Cost $6,800,768) | 5,687,213 | ||||
| Other Assets and Liabilities—Net (-2.5%)4 | (137,014) | ||||
| Net Assets (100%) | 5,550,199 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $137,375,000.
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 100.1% and 2.4%, respectively, of net assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2015, the aggregate value of these securities was $3,108,000, representing 0.1% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $147,319,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
6 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.
7 Securities with a value of $1,300,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.
57
© 2015 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA720 122015
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (99.5%)1 | ||
| Australia (2.2%) | ||
| Commonwealth Bank of Australia | 313,715 | 17,175 |
| Westpac Banking Corp. Primary Ticker | 590,048 | 13,192 |
| National Australia Bank Ltd. | 500,660 | 10,668 |
| Australia & New Zealand Banking Group Ltd. | 534,080 | 10,276 |
| BHP Billiton Ltd. | 613,548 | 10,079 |
| CSL Ltd. | 92,919 | 6,171 |
| Wesfarmers Ltd. | 188,854 | 5,278 |
| Macquarie Group Ltd. | 76,952 | 4,652 |
| Woolworths Ltd. | 247,502 | 4,257 |
| Brambles Ltd. | 475,297 | 3,520 |
| Woodside Petroleum Ltd. | 164,363 | 3,455 |
| Rio Tinto Ltd. | 79,617 | 2,848 |
| Telstra Corp. Ltd. | 693,685 | 2,672 |
| Scentre Group | 827,345 | 2,444 |
| Westfield Corp. | 330,367 | 2,416 |
| Transurban Group | 317,537 | 2,365 |
| Insurance Australia Group Ltd. | 592,225 | 2,352 |
| QBE Insurance Group Ltd. | 242,776 | 2,258 |
| Suncorp Group Ltd. | 239,843 | 2,224 |
| AMP Ltd. | 530,930 | 2,171 |
| Amcor Ltd. | 194,634 | 1,883 |
| * Newcrest Mining Ltd. | 188,251 | 1,635 |
| AGL Energy Ltd. | 123,762 | 1,477 |
| Vicinity Centers | 655,997 | 1,362 |
| Aurizon Holdings Ltd. | 364,493 | 1,344 |
| Origin Energy Ltd. | 322,922 | 1,268 |
| Orica Ltd. | 106,194 | 1,249 |
| Goodman Group | 280,806 | 1,216 |
| Oil Search Ltd. | 217,566 | 1,214 |
| APA Group | 185,000 | 1,214 |
| Stockland | 401,709 | 1,160 |
| Ramsay Health Care Ltd. | 24,153 | 1,060 |
| * South32 Ltd. | 1,023,471 | 1,058 |
| Sonic Healthcare Ltd. | 72,045 | 991 |
| James Hardie Industries plc | 75,161 | 981 |
| Caltex Australia Ltd. | 43,097 | 962 |
| Asciano Ltd. | 163,578 | 954 |
| GPT Group | 269,880 | 913 |
| ASX Ltd. | 30,451 | 896 |
| Dexus Property Group | 152,729 | 843 |
| Santos Ltd. | 200,281 | 835 |
| Medibank Pvt Ltd. | 493,666 | 831 |
| Lend Lease Group | 86,201 | 800 |
| Sydney Airport | 168,668 | 776 |
| Incitec Pivot Ltd. | 265,656 | 749 |
| Mirvac Group | 569,979 | 734 |
| Tatts Group Ltd. | 247,931 | 700 |
| DUET Group | 403,596 | 679 |
| Aristocrat Leisure Ltd. | 100,897 | 671 |
| Treasury Wine Estates Ltd. | 129,134 | 652 |
| Computershare Ltd. | 83,750 | 646 |
| Cochlear Ltd. | 9,588 | 608 |
| Coca-Cola Amatil Ltd. | 90,965 | 591 |
| Crown Resorts Ltd. | 70,220 | 574 |
| Challenger Ltd. | 97,519 | 573 |
| Flight Centre Travel Group Ltd. | 20,734 | 561 |
| * Westpac Banking Corp. | 25,075 | 544 |
| GUD Holdings Ltd. | 92,061 | 528 |
| Bank of Queensland Ltd. | 55,281 | 515 |
| SEEK Ltd. | 56,411 | 512 |
| Bendigo & Adelaide Bank Ltd. | 64,180 | 490 |
1
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Tabcorp Holdings Ltd. | 143,747 | 484 |
| Echo Entertainment Group Ltd. | 130,400 | 475 |
| Healthscope Ltd. | 243,627 | 469 |
| * Qantas Airways Ltd. | 158,537 | 447 |
| TPG Telecom Ltd. | 56,096 | 443 |
| Boral Ltd. | 114,861 | 442 |
| Reject Shop Ltd. | 50,277 | 412 |
| ^ Fortescue Metals Group Ltd. | 266,879 | 392 |
| Spotless Group Holdings Ltd. | 257,439 | 391 |
| Ansell Ltd. | 24,880 | 354 |
| AusNet Services | 331,515 | 342 |
| CIMIC Group Ltd. | 16,745 | 331 |
| Domino's Pizza Enterprises Ltd. | 9,546 | 318 |
| WorleyParsons Ltd. | 67,368 | 313 |
| Orora Ltd. | 184,434 | 308 |
| Recall Holdings Ltd. | 56,290 | 308 |
| IOOF Holdings Ltd. | 45,775 | 302 |
| Iluka Resources Ltd. | 64,898 | 297 |
| Magellan Financial Group Ltd. | 18,373 | 295 |
| Alumina Ltd. | 374,493 | 290 |
| REA Group Ltd. | 8,499 | 287 |
| Veda Group Ltd. | 145,800 | 272 |
| BlueScope Steel Ltd. | 85,589 | 269 |
| Fairfax Media Ltd. | 394,420 | 266 |
| ALS Ltd. | 72,094 | 265 |
| BT Investment Management Ltd. | 32,452 | 262 |
| DuluxGroup Ltd. | 62,104 | 261 |
| Harvey Norman Holdings Ltd. | 87,226 | 248 |
| carsales.com Ltd. | 35,013 | 245 |
| M2 Group Ltd. | 32,084 | 227 |
| Charter Hall Group | 69,676 | 223 |
| Investa Office Fund | 75,706 | 218 |
| Nine Entertainment Co. Holdings Ltd. | 190,200 | 210 |
| Northern Star Resources Ltd. | 105,349 | 206 |
| BWP Trust | 89,415 | 205 |
| ARB Corp. Ltd. | 19,394 | 205 |
| Qube Holdings Ltd. | 125,155 | 203 |
| Sirtex Medical Ltd. | 7,462 | 203 |
| * Australian Agricultural Co. Ltd. | 187,667 | 202 |
| IRESS Ltd. | 29,801 | 200 |
| InvoCare Ltd. | 24,361 | 193 |
| Shopping Centres Australasia Property Group | 128,582 | 189 |
| Adelaide Brighton Ltd. | 62,069 | 186 |
| Downer EDI Ltd. | 73,111 | 185 |
| * Burson Group Ltd. | 72,743 | 185 |
| Macquarie Atlas Roads Group | 63,433 | 183 |
| Primary Health Care Ltd. | 69,027 | 183 |
| Aveo Group | 83,081 | 182 |
| ^ Vocus Communications Ltd. | 39,140 | 182 |
| Sandfire Resources NL | 38,621 | 175 |
| JB Hi-Fi Ltd. | 13,341 | 171 |
| Evolution Mining Ltd. | 169,856 | 169 |
| Sims Metal Management Ltd. | 23,894 | 168 |
| Village Roadshow Ltd. | 30,616 | 164 |
| GrainCorp Ltd. Class A | 25,389 | 164 |
| Cromwell Property Group | 226,795 | 163 |
| Super Retail Group Ltd. | 23,090 | 159 |
| Nufarm Ltd. | 26,632 | 159 |
| Perpetual Ltd. | 4,888 | 157 |
| OZ Minerals Ltd. | 50,109 | 156 |
| Ardent Leisure Group | 77,614 | 154 |
| Platinum Asset Management Ltd. | 29,340 | 153 |
| Navitas Ltd. | 50,787 | 152 |
| CSR Ltd. | 77,533 | 152 |
2
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Abacus Property Group | 62,402 | 146 | |
| nib holdings Ltd. | 54,642 | 141 | |
| Charter Hall Retail REIT | 45,936 | 139 | |
| Mantra Group Ltd. | 46,106 | 136 | |
| Estia Health Ltd. | 25,174 | 133 | |
| UXC Ltd. | 147,016 | 126 | |
| Sigma Pharmaceuticals Ltd. | 209,696 | 126 | |
| ^ | G8 Education Ltd. | 58,334 | 124 |
| iSentia Group Ltd. | 40,814 | 120 | |
| Independence Group NL | 60,762 | 120 | |
| * | APN News & Media Ltd. | 329,391 | 120 |
| Brickworks Ltd. | 11,518 | 119 | |
| Select Harvests Ltd. | 16,297 | 118 | |
| Regis Healthcare Ltd. | 27,703 | 116 | |
| GWA Group Ltd. | 65,018 | 115 | |
| Metcash Ltd. | 129,865 | 110 | |
| ^ | Slater & Gordon Ltd. | 55,852 | 109 |
| * | Highfield Resources Ltd. | 94,587 | 104 |
| Programmed Maintenance Services Ltd. | 48,054 | 99 | |
| Genworth Mortgage Insurance Australia Ltd. | 50,887 | 98 | |
| Premier Investments Ltd. | 9,643 | 94 | |
| Seven West Media Ltd. | 191,420 | 92 | |
| Steadfast Group Ltd. | 85,557 | 92 | |
| SAI Global Ltd. | 29,194 | 91 | |
| * | Mayne Pharma Group Ltd. | 115,565 | 84 |
| Beach Energy Ltd. | 182,176 | 83 | |
| Asaleo Care Ltd. | 64,802 | 81 | |
| OzForex Group Ltd. | 39,620 | 80 | |
| Western Areas Ltd. | 46,674 | 79 | |
| * | Whitehaven Coal Ltd. | 109,265 | 79 |
| Retail Food Group Ltd. | 22,951 | 75 | |
| Growthpoint Properties Australia Ltd. | 33,836 | 74 | |
| *,^ | Liquefied Natural Gas Ltd. | 69,122 | 72 |
| Pact Group Holdings Ltd. | 19,616 | 71 | |
| Ingenia Communities Group | 217,755 | 71 | |
| ^ | Seven Group Holdings Ltd. | 19,431 | 69 |
| Breville Group Ltd. | 14,492 | 68 | |
| Folkestone Education Trust | 41,409 | 66 | |
| Australian Pharmaceutical Industries Ltd. | 45,992 | 65 | |
| Automotive Holdings Group Ltd. | 21,030 | 64 | |
| Myer Holdings Ltd. | 93,405 | 63 | |
| Technology One Ltd. | 22,813 | 63 | |
| Mineral Resources Ltd. | 20,222 | 62 | |
| Cover-More Group Ltd. | 37,846 | 62 | |
| Transpacific Industries Group Ltd. | 126,486 | 61 | |
| Altium Ltd. | 18,786 | 60 | |
| National Storage REIT | 51,828 | 58 | |
| Japara Healthcare Ltd. | 26,153 | 58 | |
| * | Saracen Mineral Holdings Ltd. | 138,314 | 57 |
| Hotel Property Investments | 30,663 | 56 | |
| *,^ | Mesoblast Ltd. | 23,196 | 56 |
| Cardno Ltd. | 24,848 | 54 | |
| Monadelphous Group Ltd. | 10,830 | 53 | |
| Credit Corp. Group Ltd. | 8,434 | 53 | |
| Sunland Group Ltd. | 46,201 | 52 | |
| Southern Cross Media Group Ltd. | 74,133 | 52 | |
| New Hope Corp. Ltd. | 38,080 | 52 | |
| ^ | FlexiGroup Ltd. | 23,453 | 51 |
| SMS Management & Technology Ltd. | 14,483 | 51 | |
| * | Karoon Gas Australia Ltd. | 40,339 | 50 |
| Astro Japan Property Group | 13,425 | 50 | |
| * | Virgin Australia Holdings Ltd. | 143,665 | 49 |
| Greencross Ltd. | 10,999 | 49 | |
| Regis Resources Ltd. | 32,830 | 48 | |
3
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| GDI Property Group | 75,397 | 48 | |
| * | Syrah Resources Ltd. | 21,577 | 48 |
| * | NEXTDC Ltd. | 25,198 | 46 |
| McMillan Shakespeare Ltd. | 5,068 | 45 | |
| * | Pacific Brands Ltd. | 86,743 | 44 |
| Tassal Group Ltd. | 14,474 | 43 | |
| * | AWE Ltd. | 93,461 | 42 |
| * | Senex Energy Ltd. | 319,614 | 42 |
| * | iProperty Group Ltd. | 16,531 | 41 |
| * | Transfield Services Ltd. | 57,532 | 41 |
| Bega Cheese Ltd. | 9,644 | 40 | |
| TFS Corp. Ltd. | 31,364 | 39 | |
| Webjet Ltd. | 10,804 | 39 | |
| * | Drillsearch Energy Ltd. | 68,448 | 38 |
| * | Billabong International Ltd. | 71,794 | 38 |
| UGL Ltd. | 22,674 | 37 | |
| Tox Free Solutions Ltd. | 16,304 | 33 | |
| Ainsworth Game Technology Ltd. | 14,747 | 33 | |
| MACA Ltd. | 54,308 | 33 | |
| Virtus Health Ltd. | 7,125 | 32 | |
| * | Arrium Ltd. | 450,831 | 32 |
| STW Communications Group Ltd. | 58,559 | 31 | |
| RCR Tomlinson Ltd. | 18,116 | 30 | |
| * | CuDeco Ltd. | 35,034 | 28 |
| ERM Power Ltd. | 23,151 | 27 | |
| * | Ten Network Holdings Ltd. (XASX) | 229,769 | 27 |
| * | Paladin Energy Ltd. | 153,176 | 27 |
| Thorn Group Ltd. | 17,486 | 26 | |
| Cabcharge Australia Ltd. | 13,013 | 26 | |
| * | Energy World Corp. Ltd. | 133,434 | 24 |
| Cedar Woods Properties Ltd. | 7,313 | 22 | |
| Capitol Health Ltd. | 76,464 | 21 | |
| * | Macmahon Holdings Ltd. | 297,544 | 21 |
| * | Bradken Ltd. | 29,923 | 20 |
| * | Lynas Corp. Ltd. | 437,604 | 18 |
| *,^ | Mount Gibson Iron Ltd. | 105,993 | 16 |
| Hills Ltd. | 48,111 | 15 | |
| * | Resolute Mining Ltd. | 53,798 | 14 |
| Acrux Ltd. | 27,063 | 14 | |
| * | Troy Resources Ltd. | 60,145 | 14 |
| * | Horizon Oil Ltd. | 149,601 | 13 |
| MMA Offshore Ltd. | 40,368 | 12 | |
| * | Sundance Energy Australia Ltd. | 55,714 | 12 |
| * | Starpharma Holdings Ltd. | 23,801 | 12 |
| * | Perseus Mining Ltd. | 41,674 | 11 |
| Cash Converters International Ltd. | 29,337 | 11 | |
| * | Buru Energy Ltd. | 42,599 | 9 |
| Beadell Resources Ltd. | 77,976 | 9 | |
| Dick Smith Holdings Ltd. | 14,824 | 7 | |
| * | Energy Resources of Australia Ltd. | 29,019 | 7 |
| * | Medusa Mining Ltd. | 17,452 | 7 |
| * | Tiger Resources Ltd. | 129,407 | 6 |
| * | Ten Network Holdings Ltd. | 43,470 | 5 |
| Ausdrill Ltd. | 19,488 | 5 | |
| Decmil Group Ltd. | 5,745 | 4 | |
| * | S2 Resources Ltd. | 17,545 | 2 |
| * | Atlas Iron Ltd. | 61,964 | 1 |
| * | BGP Holdings PLC | 197,753 | — |
| * | Jacana Minerals Ltd. | 5,347 | — |
| 170,573 | |||
| Austria (0.1%) | |||
| voestalpine AG | 37,558 | 1,358 | |
| * | Erste Group Bank AG | 45,386 | 1,329 |
| OMV AG | 22,760 | 606 | |
4
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ANDRITZ AG | 11,167 | 562 | |
| * | IMMOFINANZ AG | 151,773 | 389 |
| Wienerberger AG | 20,167 | 371 | |
| * | Raiffeisen Bank International AG | 19,457 | 307 |
| BUWOG AG | 10,838 | 230 | |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 5,782 | 185 | |
| CA Immobilien Anlagen AG | 9,175 | 180 | |
| UNIQA Insurance Group AG | 17,732 | 165 | |
| Oesterreichische Post AG | 4,318 | 157 | |
| Zumtobel Group AG | 6,626 | 151 | |
| ^ | Verbund AG | 10,223 | 145 |
| * | Conwert Immobilien Invest SE | 7,337 | 105 |
| Schoeller-Bleckmann Oilfield Equipment AG | 1,502 | 90 | |
| Lenzing AG | 1,176 | 90 | |
| Flughafen Wien AG | 952 | 90 | |
| RHI AG | 3,814 | 86 | |
| Mayr Melnhof Karton AG | 708 | 84 | |
| S IMMO AG | 7,798 | 69 | |
| Telekom Austria AG | 10,794 | 65 | |
| Strabag SE | 1,787 | 41 | |
| Semperit AG Holding | 1,094 | 38 | |
| Palfinger AG | 1,090 | 30 | |
| 6,923 | |||
| Belgium (0.5%) | |||
| Anheuser-Busch InBev SA/NV | 148,521 | 17,713 | |
| Ageas | 70,306 | 3,101 | |
| KBC Groep NV | 43,828 | 2,664 | |
| Umicore SA | 44,471 | 1,887 | |
| UCB SA | 20,068 | 1,734 | |
| Delhaize Group | 17,764 | 1,646 | |
| Solvay SA Class A | 8,669 | 978 | |
| Groupe Bruxelles Lambert SA | 11,707 | 950 | |
| Proximus SADP | 21,607 | 748 | |
| Colruyt SA | 10,069 | 498 | |
| Ackermans & van Haaren NV | 3,137 | 477 | |
| * | Telenet Group Holding NV | 7,436 | 432 |
| EVS Broadcast Equipment SA | 11,749 | 342 | |
| bpost SA | 13,619 | 341 | |
| Euronav NV | 21,958 | 324 | |
| * | Galapagos NV | 6,032 | 291 |
| Cofinimmo SA | 2,165 | 241 | |
| Ontex Group NV | 7,453 | 229 | |
| Cie d'Entreprises CFE | 1,711 | 212 | |
| Elia System Operator SA/NV | 4,096 | 198 | |
| Warehouses De Pauw CVA | 2,327 | 190 | |
| D'ieteren SA/NV | 4,967 | 168 | |
| Melexis NV | 3,442 | 167 | |
| Befimmo SA | 2,451 | 164 | |
| Ion Beam Applications | 3,801 | 135 | |
| Bekaert SA | 3,709 | 110 | |
| Fagron | 4,348 | 107 | |
| * | Mobistar SA | 4,121 | 101 |
| KBC Ancora | 2,239 | 89 | |
| * | Tessenderlo Chemie NV (Voting Shares) | 2,724 | 88 |
| Kinepolis Group NV | 1,963 | 82 | |
| * | AGFA-Gevaert NV | 18,029 | 77 |
| Econocom Group SA/NV | 7,684 | 69 | |
| *,^ | Nyrstar (Voting Shares) | 42,132 | 64 |
| Van de Velde NV | 888 | 58 | |
| Intervest Offices & Warehouses NV | 2,176 | 55 | |
| * | BHF Kleinwort Benson Group | 9,317 | 53 |
| Wereldhave Belgium NV | 434 | 52 | |
| Gimv NV | 1,096 | 51 | |
| Barco NV | 689 | 45 | |
5
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Cie Maritime Belge SA | 1,632 | 29 |
| 36,960 | ||
| Brazil (0.5%) | ||
| Itau Unibanco Holding SA Preference Shares | 391,117 | 2,685 |
| Ambev SA ADR | 530,928 | 2,586 |
| BRF SA | 155,624 | 2,425 |
| Banco Bradesco SA ADR | 388,327 | 2,113 |
| Ambev SA | 418,917 | 2,074 |
| Embraer SA ADR | 56,279 | 1,653 |
| Cielo SA | 153,912 | 1,461 |
| Itau Unibanco Holding SA ADR | 189,928 | 1,301 |
| * Petroleo Brasileiro SA | 453,946 | 1,104 |
| Ultrapar Participacoes SA | 61,048 | 1,061 |
| * Petroleo Brasileiro SA Preference Shares | 529,792 | 1,059 |
| Itausa - Investimentos Itau SA Preference Shares | 552,289 | 1,031 |
| * Petroleo Brasileiro SA ADR | 201,690 | 984 |
| ^ Vale SA-SP Class B ADR | 205,784 | 897 |
| Banco Bradesco SA Preference Shares | 153,204 | 834 |
| BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | 272,550 | 806 |
| Banco do Brasil SA | 186,593 | 773 |
| Vale SA Class B Pfd. ADR | 191,031 | 688 |
| Vale SA Preference Shares | 187,666 | 683 |
| Telefonica Brasil SA Preference Shares | 65,664 | 680 |
| BB Seguridade Participacoes SA | 98,239 | 678 |
| Lojas Renner SA | 134,300 | 644 |
| Kroton Educacional SA | 250,736 | 641 |
| Banco Bradesco SA | 103,952 | 632 |
| CCR SA | 175,900 | 553 |
| JBS SA | 144,798 | 535 |
| Fibria Celulose SA | 39,000 | 532 |
| Lojas Americanas SA Preference Shares | 120,688 | 523 |
| Klabin SA | 82,000 | 466 |
| Raia Drogasil SA | 42,100 | 437 |
| CETIP SA - Mercados Organizados | 40,854 | 361 |
| Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 25,621 | 337 |
| WEG SA | 89,322 | 334 |
| Tractebel Energia SA | 36,300 | 319 |
| Equatorial Energia SA | 34,800 | 310 |
| BTG Pactual Group | 40,900 | 304 |
| * Hypermarcas SA | 58,312 | 265 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 58,200 | 253 |
| Suzano Papel e Celulose SA Preference Shares Class A | 58,834 | 252 |
| Tim Participacoes SA | 110,200 | 241 |
| Vale SA | 53,600 | 237 |
| Braskem SA Preference Shares | 41,676 | 235 |
| * CPFL Energia SA | 58,268 | 234 |
| BR Malls Participacoes SA | 74,500 | 216 |
| Cia Energetica de Minas Gerais Preference Shares | 111,500 | 207 |
| TOTVS SA | 23,000 | 204 |
| Multiplan Empreendimentos Imobiliarios SA | 16,500 | 180 |
| M Dias Branco SA | 9,900 | 179 |
| Estacio Participacoes SA | 43,200 | 173 |
| Localiza Rent a Car SA | 25,400 | 171 |
| Natura Cosmeticos SA | 28,200 | 167 |
| Sul America SA | 31,909 | 157 |
| Gerdau SA Preference Shares | 107,200 | 151 |
| Cia Hering | 38,400 | 151 |
| Qualicorp SA | 34,800 | 146 |
| Odontoprev SA | 51,300 | 131 |
| Centrais Eletricas Brasileiras SA Preference Shares | 46,500 | 114 |
| Porto Seguro SA | 12,772 | 107 |
| MRV Engenharia e Participacoes SA | 52,900 | 102 |
| Cia Energetica de Sao Paulo Preference Shares | 24,085 | 101 |
| BR Properties SA | 32,400 | 99 |
6
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Cia Paranaense de Energia Preference Shares | 11,500 | 97 |
| EDP - Energias do Brasil SA | 30,300 | 89 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 37,898 | 88 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 7,753 | 88 |
| Lojas Americanas SA | 28,720 | 87 |
| Banco do Estado do Rio Grande do Sul SA Preference Shares | 54,088 | 84 |
| Cosan SA Industria e Comercio | 12,900 | 83 |
| Multiplus SA | 9,100 | 81 |
| Linx SA | 6,600 | 80 |
| * Petroleo Brasileiro SA ADR Type A | 19,355 | 77 |
| Tim Participacoes SA ADR | 6,700 | 74 |
| Bradespar SA Preference Shares | 33,000 | 71 |
| Transmissora Alianca de Energia Eletrica SA | 13,627 | 70 |
| Duratex SA | 42,371 | 70 |
| ^ Cia Siderurgica Nacional SA ADR | 55,570 | 68 |
| * B2W Cia Digital | 17,620 | 67 |
| Cia Energetica de Minas Gerais | 35,922 | 63 |
| Usinas Siderurgicas de Minas Gerais SA | 30,200 | 62 |
| * Rumo Logistica Operadora Multimodal SA | 32,483 | 62 |
| Sao Martinho SA | 5,100 | 59 |
| * Marfrig Global Foods SA | 34,700 | 57 |
| Cia Siderurgica Nacional SA | 47,400 | 53 |
| Fleury SA | 11,700 | 50 |
| AES Tiete SA Preference Shares | 13,700 | 49 |
| Gerdau SA ADR | 34,726 | 48 |
| Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 4,084 | 47 |
| EcoRodovias Infraestrutura e Logistica SA | 29,800 | 46 |
| Alupar Investimento SA | 11,100 | 46 |
| Tupy SA | 7,400 | 41 |
| Cia de Saneamento de Minas Gerais-COPASA | 11,500 | 39 |
| Cia Energetica de Minas Gerais ADR | 19,000 | 37 |
| Smiles SA | 4,700 | 37 |
| Marcopolo SA Preference Shares | 70,300 | 36 |
| * Centrais Eletricas Brasileiras SA | 26,900 | 35 |
| * Minerva SA | 10,300 | 34 |
| Grendene SA | 6,900 | 32 |
| Usinas Siderurgicas de Minas Gerais SA Preference Shares | 44,700 | 32 |
| Mahle-Metal Leve SA | 5,200 | 32 |
| * Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares | 12,108 | 31 |
| Cia Paranaense de Energia | 5,400 | 31 |
| Iguatemi Empresa de Shopping Centers SA | 5,300 | 29 |
| Light SA | 8,773 | 29 |
| Cia Energetica do Ceara Preference Shares | 2,819 | 29 |
| Alpargatas SA Preference Shares | 13,189 | 28 |
| SLC Agricola SA | 6,300 | 28 |
| Metalurgica Gerdau SA Preference Shares Class A | 41,700 | 28 |
| * Restoque Comercio e Confeccoes de Roupas SA | 34,500 | 27 |
| Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 2,586 | 27 |
| * Gafisa SA | 40,500 | 26 |
| Iochpe Maxion SA | 6,300 | 26 |
| Santos Brasil Participacoes SA | 7,000 | 26 |
| Arteris SA | 10,500 | 26 |
| Sonae Sierra Brasil SA | 5,200 | 23 |
| JSL SA | 9,200 | 22 |
| Diagnosticos da America SA | 9,520 | 22 |
| * Oi SA Preference Shares | 38,851 | 21 |
| AES Tiete SA | 5,800 | 20 |
| Arezzo Industria e Comercio SA | 3,700 | 20 |
| Via Varejo SA | 17,900 | 20 |
| Ez Tec Empreendimentos e Participacoes SA | 5,673 | 19 |
| QGEP Participacoes SA | 11,900 | 18 |
| GAEC Educacao SA | 4,964 | 17 |
| Aliansce Shopping Centers SA | 6,200 | 17 |
| * Oi SA | 20,455 | 17 |
7
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Even Construtora e Incorporadora SA | 15,000 | 16 |
| Guararapes Confeccoes SA | 1,100 | 14 |
| Embraer SA | 1,820 | 13 |
| * Magnesita Refratarios SA | 18,300 | 12 |
| Randon Participacoes SA Preference Shares | 15,250 | 11 |
| * Mills Estruturas e Servicos de Engenharia SA | 9,400 | 11 |
| * Gol Linhas Aereas Inteligentes SA Preference Shares | 11,700 | 11 |
| Tecnisa SA | 13,900 | 11 |
| JHSF Participacoes SA | 22,834 | 10 |
| Marisa Lojas SA | 4,950 | 8 |
| Direcional Engenharia SA | 9,000 | 8 |
| * International Meal Co. Alimentacao SA | 5,600 | 7 |
| Oi SA ADR | 9,817 | 6 |
| Ser Educacional SA | 2,300 | 6 |
| LPS Brasil Consultoria de Imoveis SA | 8,200 | 4 |
| Cosan Logistica SA | 12,900 | 4 |
| Tegma Gestao Logistica | 4,000 | 4 |
| * PDG Realty SA Empreendimentos e Participacoes | 4,816 | 3 |
| 42,034 | ||
| Canada (2.9%) | ||
| ^ Royal Bank of Canada | 270,694 | 15,479 |
| ^ Toronto-Dominion Bank | 347,980 | 14,285 |
| Bank of Nova Scotia | 225,634 | 10,610 |
| Suncor Energy Inc. | 279,834 | 8,327 |
| Canadian National Railway Co. | 132,152 | 8,072 |
| Brookfield Asset Management Inc. Class A (Toronto Shares) | 198,799 | 6,945 |
| Enbridge Inc. | 161,180 | 6,889 |
| ^ Bank of Montreal (Toronto Shares) | 104,629 | 6,084 |
| Canadian Imperial Bank of Commerce | 77,832 | 5,969 |
| Manulife Financial Corp. | 355,878 | 5,900 |
| * Valeant Pharmaceuticals International Inc. | 59,391 | 5,543 |
| Canadian Natural Resources Ltd. | 209,260 | 4,852 |
| Canadian Pacific Railway Ltd. | 33,391 | 4,692 |
| Magna International Inc. | 83,349 | 4,396 |
| TransCanada Corp. | 130,508 | 4,392 |
| Sun Life Financial Inc. | 109,536 | 3,694 |
| Agrium Inc. | 34,573 | 3,216 |
| Potash Corp. of Saskatchewan Inc. | 153,816 | 3,115 |
| Alimentation Couche-Tard Inc. Class B | 68,200 | 2,934 |
| Thomson Reuters Corp. | 65,501 | 2,689 |
| Rogers Communications Inc. Class B | 63,100 | 2,511 |
| Goldcorp Inc. | 183,286 | 2,345 |
| * CGI Group Inc. Class A | 60,788 | 2,258 |
| Cenovus Energy Inc. | 149,774 | 2,231 |
| Loblaw Cos. Ltd. | 37,135 | 1,957 |
| BCE Inc. | 45,016 | 1,946 |
| * Fairfax Financial Holdings Ltd. | 3,700 | 1,822 |
| National Bank of Canada | 52,904 | 1,752 |
| Restaurant Brands International Inc. | 41,002 | 1,646 |
| Canadian Utilities Ltd. Class A | 61,126 | 1,608 |
| Keyera Corp. | 49,640 | 1,532 |
| Cameco Corp. | 106,426 | 1,507 |
| Intact Financial Corp. | 20,900 | 1,493 |
| Barrick Gold Corp. (Toronto Shares) | 190,148 | 1,461 |
| Imperial Oil Ltd. | 42,690 | 1,421 |
| Agnico Eagle Mines Ltd. | 49,840 | 1,409 |
| Fortis Inc. | 48,644 | 1,408 |
| Shaw Communications Inc. Class B | 64,520 | 1,340 |
| Dollarama Inc. | 19,800 | 1,338 |
| ^ Pembina Pipeline Corp. | 53,000 | 1,332 |
| Metro Inc. | 46,550 | 1,331 |
| ^ Canadian Tire Corp. Ltd. Class A | 15,078 | 1,326 |
| ^ Crescent Point Energy Corp. | 93,100 | 1,269 |
| Power Corp. of Canada | 56,090 | 1,261 |
8
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Franco-Nevada Corp. | 24,800 | 1,258 | |
| Constellation Software Inc. | 2,900 | 1,253 | |
| Encana Corp. | 161,894 | 1,232 | |
| Great-West Lifeco Inc. | 46,100 | 1,222 | |
| Gildan Activewear Inc. | 38,900 | 1,118 | |
| TELUS Corp. | 32,700 | 1,091 | |
| ^ | Inter Pipeline Ltd. | 58,100 | 1,089 |
| Silver Wheaton Corp. | 78,688 | 1,069 | |
| Open Text Corp. | 21,800 | 1,010 | |
| * | BlackBerry Ltd. | 133,972 | 976 |
| Saputo Inc. | 40,300 | 961 | |
| * | Element Financial Corp. | 72,700 | 940 |
| RioCan REIT | 47,600 | 928 | |
| Power Financial Corp. | 36,560 | 904 | |
| ^ | Artis REIT | 87,000 | 891 |
| SNC-Lavalin Group Inc. | 27,600 | 885 | |
| CI Financial Corp. | 37,000 | 883 | |
| Allied Properties REIT | 31,400 | 862 | |
| Onex Corp. | 14,200 | 861 | |
| ^ | ARC Resources Ltd. | 55,100 | 812 |
| * | Colliers International Group Inc. | 14,940 | 741 |
| CCL Industries Inc. Class B | 5,100 | 723 | |
| Canadian Oil Sands Ltd. | 95,000 | 717 | |
| First Quantum Minerals Ltd. | 130,523 | 697 | |
| George Weston Ltd. | 7,800 | 657 | |
| Husky Energy Inc. | 48,460 | 655 | |
| H&R REIT | 39,703 | 637 | |
| FirstService Corp. | 17,540 | 617 | |
| Laurentian Bank of Canada | 15,135 | 613 | |
| * | Tourmaline Oil Corp. | 29,400 | 612 |
| Methanex Corp. | 15,200 | 606 | |
| Yamana Gold Inc. | 253,428 | 554 | |
| Teck Resources Ltd. Class B | 94,048 | 551 | |
| ^ | AltaGas Ltd. | 20,373 | 526 |
| ^ | Vermilion Energy Inc. | 14,700 | 517 |
| Industrial Alliance Insurance & Financial Services Inc. | 15,600 | 512 | |
| Progressive Waste Solutions Ltd. | 21,100 | 507 | |
| Empire Co. Ltd. | 23,700 | 496 | |
| WSP Global Inc. | 14,203 | 494 | |
| * | Turquoise Hill Resources Ltd. | 181,869 | 492 |
| CAE Inc. | 43,500 | 491 | |
| Linamar Corp. | 8,400 | 488 | |
| ^ | Cominar REIT | 40,412 | 475 |
| Eldorado Gold Corp. | 132,105 | 462 | |
| ^ | PrairieSky Royalty Ltd. | 23,200 | 457 |
| ^ | Peyto Exploration & Development Corp. | 21,700 | 448 |
| DH Corp. | 16,409 | 443 | |
| Finning International Inc. | 27,600 | 441 | |
| ^ | IGM Financial Inc. | 15,200 | 439 |
| * | Kinross Gold Corp. | 213,749 | 430 |
| *,^ | Amaya Inc. | 18,875 | 422 |
| ^ | Whitecap Resources Inc. | 43,259 | 384 |
| ^ | Veresen Inc. | 43,877 | 382 |
| Morguard REIT | 34,540 | 382 | |
| * | IMAX Corp. | 9,700 | 372 |
| ^ | Cineplex Inc. | 9,500 | 366 |
| Stantec Inc. | 14,500 | 364 | |
| TMX Group Ltd. | 9,964 | 352 | |
| MacDonald Dettwiler & Associates Ltd. | 5,800 | 346 | |
| Canadian REIT | 10,600 | 345 | |
| Hudson's Bay Co. | 19,500 | 339 | |
| Ritchie Bros Auctioneers Inc. | 13,000 | 337 | |
| Smart REIT | 14,200 | 337 | |
| * | Lundin Mining Corp. | 98,684 | 333 |
9
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| West Fraser Timber Co. Ltd. | 9,300 | 329 |
| Atco Ltd. | 11,500 | 328 |
| TransForce Inc. | 16,700 | 327 |
| Canadian Apartment Properties REIT | 15,400 | 317 |
| ^ Emera Inc. | 9,600 | 315 |
| * Detour Gold Corp. | 27,700 | 308 |
| Quebecor Inc. Class B | 13,000 | 306 |
| ^ Home Capital Group Inc. Class B | 12,200 | 297 |
| Bombardier Inc. Class B | 268,228 | 291 |
| Tahoe Resources Inc. | 34,034 | 284 |
| * New Gold Inc. | 114,500 | 284 |
| * Seven Generations Energy Ltd. Class A | 25,961 | 277 |
| Toromont Industries Ltd. | 10,500 | 273 |
| Gibson Energy Inc. | 19,700 | 263 |
| Dream Office REIT | 16,100 | 258 |
| ^ Just Energy Group Inc. | 34,800 | 256 |
| Canadian Western Bank | 13,300 | 256 |
| ^ Boardwalk REIT | 6,000 | 247 |
| Chartwell Retirement Residences | 25,400 | 246 |
| * Raging River Exploration Inc. | 38,300 | 243 |
| Aimia Inc. | 25,400 | 235 |
| Transcontinental Inc. Class A | 15,200 | 234 |
| * Celestica Inc. | 20,401 | 229 |
| Capital Power Corp. | 15,717 | 226 |
| Algonquin Power & Utilities Corp. | 28,600 | 221 |
| TransAlta Corp. | 46,660 | 218 |
| Parkland Fuel Corp. | 12,400 | 216 |
| OceanaGold Corp. | 110,808 | 212 |
| Centerra Gold Inc. | 37,484 | 211 |
| ^ First Capital Realty Inc. | 14,200 | 210 |
| ShawCor Ltd. | 9,900 | 210 |
| Concordia Healthcare Corp. | 6,686 | 205 |
| Barrick Gold Corp. (New York Shares) | 26,426 | 203 |
| * MEG Energy Corp. | 24,200 | 201 |
| Jean Coutu Group PJC Inc. Class A | 13,100 | 200 |
| ^ Extendicare Inc. | 30,200 | 198 |
| Granite REIT | 6,800 | 198 |
| Maple Leaf Foods Inc. | 12,300 | 196 |
| Precision Drilling Corp. | 48,700 | 194 |
| RONA Inc. | 18,500 | 193 |
| HudBay Minerals Inc. | 37,165 | 193 |
| ^ Bank of Montreal (New York Shares) | 3,309 | 192 |
| * Great Canadian Gaming Corp. | 13,100 | 181 |
| Stella-Jones Inc. | 4,900 | 180 |
| * Canfor Corp. | 11,900 | 168 |
| * Parex Resources Inc. | 22,343 | 168 |
| ^ TORC Oil & Gas Ltd. | 32,814 | 166 |
| ^ Enerplus Corp. | 34,700 | 164 |
| Alamos Gold Inc. | 41,760 | 161 |
| * ATS Automation Tooling Systems Inc. | 15,000 | 158 |
| ^ Mullen Group Ltd. | 11,800 | 158 |
| Brookfield Asset Management Inc. Class A (New York Shares) | 4,500 | 157 |
| Osisko Gold Royalties Ltd. | 15,107 | 157 |
| Cott Corp. | 14,700 | 153 |
| ^ Northland Power Inc. | 11,652 | 151 |
| Pan American Silver Corp. | 19,224 | 146 |
| Cogeco Cable Inc. | 2,800 | 145 |
| * B2Gold Corp. | 129,493 | 140 |
| Westshore Terminals Investment Corp. | 8,300 | 138 |
| ^ Canadian Energy Services & Technology Corp. | 31,900 | 138 |
| ^ Superior Plus Corp. | 16,500 | 135 |
| Russel Metals Inc. | 8,600 | 134 |
| Martinrea International Inc. | 15,500 | 131 |
| Pason Systems Inc. | 8,900 | 131 |
10
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Secure Energy Services Inc. | 19,462 | 129 | |
| ^ | Genworth MI Canada Inc. | 5,200 | 129 |
| Baytex Energy Corp. | 31,409 | 128 | |
| North West Co. Inc. | 5,700 | 126 | |
| Dominion Diamond Corp. | 11,700 | 124 | |
| * | Advantage Oil & Gas Ltd. | 22,200 | 123 |
| Norbord Inc. | 6,472 | 122 | |
| *,^ | Sierra Wireless Inc. | 4,900 | 122 |
| Ensign Energy Services Inc. | 18,800 | 118 | |
| * | NovaGold Resources Inc. | 32,400 | 117 |
| Nevsun Resources Ltd. | 36,800 | 110 | |
| * | IAMGOLD Corp. | 59,200 | 107 |
| *,^ | Pacific Exploration and Production Corp. | 54,765 | 107 |
| Enerflex Ltd. | 11,000 | 106 | |
| ^ | Corus Entertainment Inc. Class B | 11,100 | 106 |
| Innergex Renewable Energy Inc. | 13,000 | 105 | |
| Manitoba Telecom Services Inc. | 4,600 | 101 | |
| * | Torex Gold Resources Inc. | 105,282 | 100 |
| * | SEMAFO Inc. | 43,200 | 98 |
| * | Paramount Resources Ltd. Class A | 9,000 | 91 |
| ^ | Bonterra Energy Corp. | 5,400 | 90 |
| * | Pretium Resources Inc. | 14,500 | 87 |
| ^ | Bombardier Inc. Class A | 74,500 | 85 |
| ^ | Pengrowth Energy Corp. | 86,400 | 85 |
| * | Birchcliff Energy Ltd. | 18,800 | 82 |
| ^ | Penn West Petroleum Ltd. | 70,300 | 82 |
| * | NuVista Energy Ltd. | 22,773 | 80 |
| * | Kelt Exploration Ltd. | 21,851 | 80 |
| ^ | First National Financial Corp. | 4,600 | 78 |
| ^ | Bonavista Energy Corp. | 34,000 | 76 |
| * | Silver Standard Resources Inc. | 10,900 | 75 |
| * | Alacer Gold Corp. | 36,900 | 72 |
| ^ | Surge Energy Inc. | 29,800 | 67 |
| InnVest REIT | 16,500 | 66 | |
| Dorel Industries Inc. Class B | 2,600 | 66 | |
| Cascades Inc. | 9,100 | 65 | |
| * | Crew Energy Inc. | 18,600 | 63 |
| Aecon Group Inc. | 5,400 | 62 | |
| * | China Gold International Resources Corp. Ltd. | 46,000 | 62 |
| * | Gran Tierra Energy Inc. (Toronto Shares) | 24,000 | 58 |
| * | Athabasca Oil Corp. | 48,500 | 58 |
| * | Bankers Petroleum Ltd. | 34,200 | 58 |
| ^ | AutoCanada Inc. | 2,300 | 56 |
| * | Gran Tierra Energy Inc. (American Shares) | 22,700 | 54 |
| * | Primero Mining Corp. | 23,100 | 53 |
| * | First Majestic Silver Corp. | 15,700 | 52 |
| Canaccord Genuity Group Inc. | 13,000 | 50 | |
| ^ | Northern Property REIT | 3,300 | 47 |
| ^ | AGF Management Ltd. Class B | 11,100 | 46 |
| Major Drilling Group International Inc. | 14,400 | 46 | |
| * | Imperial Metals Corp. | 7,400 | 45 |
| *,^ | Avigilon Corp. | 3,900 | 44 |
| Dundee Corp. Class A | 7,200 | 41 | |
| *,^ | DREAM Unlimited Corp. Class A | 7,200 | 41 |
| *,^ | Bellatrix Exploration Ltd. | 23,434 | 39 |
| ^ | Sprott Inc. | 18,900 | 37 |
| ^ | Trilogy Energy Corp. | 10,700 | 36 |
| Torstar Corp. Class B | 10,400 | 32 | |
| Trinidad Drilling Ltd. | 15,600 | 27 | |
| Black Diamond Group Ltd. | 3,500 | 23 | |
| ^ | Sherritt International Corp. | 34,400 | 22 |
| *,^ | Denison Mines Corp. | 38,200 | 15 |
| * | Capstone Mining Corp. | 25,878 | 13 |
| ^ | Calfrac Well Services Ltd. | 6,200 | 11 |
11
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Trican Well Service Ltd. | 16,200 | 11 |
| Canexus Corp. | 9,329 | 10 |
| * AuRico Metals Inc. | 3,143 | 2 |
| Wi-LAN Inc. | 145 | — |
| 227,770 | ||
| Chile (0.1%) | ||
| Empresa Nacional de Electricidad SA ADR | 53,438 | 2,019 |
| Empresas COPEC SA | 56,309 | 527 |
| SACI Falabella | 74,520 | 500 |
| Cencosud SA | 213,869 | 469 |
| Banco de Chile | 4,131,572 | 437 |
| Enersis SA | 1,505,735 | 397 |
| Enersis SA ADR | 29,061 | 385 |
| Empresas CMPC SA | 148,942 | 368 |
| Banco de Credito e Inversiones | 6,832 | 279 |
| Banco Santander Chile | 5,672,801 | 269 |
| Colbun SA | 1,005,266 | 267 |
| * Latam Airlines Group SA (Santiago Shares) | 45,015 | 240 |
| Cia Cervecerias Unidas SA | 19,385 | 232 |
| Sociedad Quimica y Minera de Chile SA ADR | 11,862 | 230 |
| Aguas Andinas SA Class A | 425,142 | 224 |
| Empresa Nacional de Electricidad SA | 167,940 | 210 |
| Empresa Nacional de Telecomunicaciones SA | 20,921 | 193 |
| Corpbanca SA | 20,346,293 | 185 |
| Banco Santander Chile ADR | 9,416 | 179 |
| Vina Concha y Toro SA | 102,740 | 175 |
| Embotelladora Andina SA Preference Shares | 40,520 | 149 |
| AES Gener SA | 265,095 | 127 |
| Inversiones La Construccion SA | 9,475 | 108 |
| Parque Arauco SA | 59,605 | 100 |
| Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 5,070 | 98 |
| Administradora de Fondos de Pensiones Habitat SA | 81,126 | 96 |
| SONDA SA | 59,815 | 96 |
| E.CL SA | 62,179 | 90 |
| Inversiones Aguas Metropolitanas SA | 36,076 | 51 |
| Forus SA | 15,785 | 46 |
| Ripley Corp. SA | 116,780 | 39 |
| CAP SA | 14,259 | 38 |
| * Cia Sud Americana de Vapores SA | 977,795 | 24 |
| * Latam Airlines Group SA | 4,562 | 23 |
| Salfacorp SA | 25,244 | 14 |
| 8,884 | ||
| China (2.2%) | ||
| Tencent Holdings Ltd. | 1,035,385 | 19,431 |
| China Mobile Ltd. | 1,019,861 | 12,132 |
| China Construction Bank Corp. | 16,720,206 | 12,056 |
| Industrial & Commercial Bank of China Ltd. | 13,381,245 | 8,491 |
| Bank of China Ltd. | 13,823,800 | 6,511 |
| Ping An Insurance Group Co. of China Ltd. | 983,606 | 5,502 |
| China Life Insurance Co. Ltd. Class H | 1,420,000 | 5,092 |
| China Petroleum & Chemical Corp. | 5,166,314 | 3,726 |
| CNOOC Ltd. | 3,075,616 | 3,498 |
| PetroChina Co. Ltd. | 3,984,000 | 3,136 |
| China Overseas Land & Investment Ltd. | 806,480 | 2,598 |
| Hengan International Group Co. Ltd. | 202,498 | 2,183 |
| China Merchants Bank Co. Ltd. | 825,272 | 2,152 |
| CITIC Ltd. | 1,123,000 | 2,089 |
| Agricultural Bank of China Ltd. | 4,605,500 | 1,879 |
| China Pacific Insurance Group Co. Ltd. | 463,800 | 1,848 |
| China Telecom Corp. Ltd. | 3,184,034 | 1,665 |
| PICC Property & Casualty Co. Ltd. | 729,287 | 1,652 |
| ENN Energy Holdings Ltd. | 245,346 | 1,406 |
| China Unicom Hong Kong Ltd. | 1,053,574 | 1,291 |
| China Shenhua Energy Co. Ltd. | 761,000 | 1,286 |
12
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| China Minsheng Banking Corp. Ltd. | 1,183,760 | 1,185 | |
| Lenovo Group Ltd. | 1,228,000 | 1,139 | |
| China Resources Land Ltd. | 437,909 | 1,134 | |
| China Communications Construction Co. Ltd. | 808,375 | 1,107 | |
| Bank of Communications Co. Ltd. | 1,462,058 | 1,076 | |
| Belle International Holdings Ltd. | 1,104,000 | 1,071 | |
| Haitong Securities Co. Ltd. | 585,539 | 1,016 | |
| * | CRRC Corp. Ltd. | 747,800 | 950 |
| Great Wall Motor Co. Ltd. | 769,458 | 933 | |
| * | China CITIC Bank Corp. Ltd. | 1,392,010 | 899 |
| 2 | Dalian Wanda Commercial Properties Co. Ltd. | 126,999 | 846 |
| Sinopharm Group Co. Ltd. | 203,200 | 837 | |
| Zhuzhou CSR Times Electric Co. Ltd. | 125,777 | 815 | |
| 2 | CGN Power Co. Ltd. | 1,974,832 | 813 |
| CITIC Securities Co. Ltd. | 377,500 | 812 | |
| CSPC Pharmaceutical Group Ltd. | 862,000 | 801 | |
| * | China Taiping Insurance Holdings Co. Ltd. | 241,259 | 756 |
| Brilliance China Automotive Holdings Ltd. | 546,000 | 754 | |
| Jiangsu Future Land Co. Ltd. Class B | 339,800 | 751 | |
| Anhui Conch Cement Co. Ltd. | 240,000 | 731 | |
| ^ | Evergrande Real Estate Group Ltd. | 943,000 | 720 |
| Huaneng Power International Inc. | 660,000 | 715 | |
| Sino Biopharmaceutical Ltd. | 572,000 | 708 | |
| China Resources Power Holdings Co. Ltd. | 311,400 | 703 | |
| *,^ | Byd Co. Ltd. | 113,460 | 703 |
| Dongfeng Motor Group Co. Ltd. | 472,000 | 677 | |
| Fosun International Ltd. | 371,964 | 675 | |
| China Everbright International Ltd. | 421,000 | 675 | |
| China Railway Group Ltd. | 712,000 | 671 | |
| Guangdong Investment Ltd. | 464,000 | 652 | |
| Tsingtao Brewery Co. Ltd. | 136,347 | 650 | |
| China Merchants Holdings International Co. Ltd. | 186,000 | 616 | |
| New China Life Insurance Co. Ltd. | 133,401 | 585 | |
| China Conch Venture Holdings Ltd. | 254,998 | 580 | |
| China National Building Material Co. Ltd. | 910,000 | 565 | |
| China Cinda Asset Management Co. Ltd. | 1,449,000 | 562 | |
| *,^ | Alibaba Pictures Group Ltd. | 2,080,000 | 553 |
| China Vanke Co. Ltd. | 233,404 | 545 | |
| China Railway Construction Corp. Ltd. | 361,126 | 538 | |
| Beijing Enterprises Water Group Ltd. | 668,000 | 530 | |
| 2 | China Galaxy Securities Co. Ltd. | 609,000 | 526 |
| 2 | People's Insurance Co. Group of China Ltd. | 983,000 | 524 |
| China Longyuan Power Group Corp. Ltd. | 570,000 | 521 | |
| Beijing Enterprises Holdings Ltd. | 81,500 | 514 | |
| *,^ | Hanergy Thin Film Power Group Ltd. | 1,810,000 | 507 |
| Shenzhou International Group Holdings Ltd. | 87,991 | 432 | |
| Country Garden Holdings Co. Ltd. | 1,124,230 | 427 | |
| *,2 | Huatai Securities Co. Ltd. | 188,564 | 425 |
| China Gas Holdings Ltd. | 262,000 | 416 | |
| 2 | Shengjing Bank Co. Ltd. | 301,354 | 402 |
| Kunlun Energy Co. Ltd. | 488,000 | 399 | |
| China State Construction International Holdings Ltd. | 260,000 | 395 | |
| China Medical System Holdings Ltd. | 286,000 | 391 | |
| ANTA Sports Products Ltd. | 139,000 | 388 | |
| ^ | China Huishan Dairy Holdings Co. Ltd. | 1,010,401 | 384 |
| Beijing Capital International Airport Co. Ltd. | 354,000 | 379 | |
| Geely Automobile Holdings Ltd. | 705,000 | 376 | |
| Far East Horizon Ltd. | 452,000 | 375 | |
| COSCO Pacific Ltd. | 290,000 | 375 | |
| Shimao Property Holdings Ltd. | 212,000 | 372 | |
| Haier Electronics Group Co. Ltd. | 192,000 | 371 | |
| China Resources Beer Holdings Company Ltd. | 194,000 | 366 | |
| GOME Electrical Appliances Holding Ltd. | 1,797,720 | 329 | |
| China Oilfield Services Ltd. | 290,000 | 322 | |
13
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | GCL-Poly Energy Holdings Ltd. | 1,554,000 | 320 |
| China Everbright Ltd. | 136,000 | 319 | |
| Guangzhou Automobile Group Co. Ltd. | 357,857 | 313 | |
| Hangzhou Steam Turbine Co. Ltd. Class B | 149,857 | 309 | |
| *,2 | Fuyao Glass Industry Group Co. Ltd. | 143,200 | 304 |
| Sino-Ocean Land Holdings Ltd. | 522,500 | 303 | |
| Kingsoft Corp. Ltd. | 131,000 | 295 | |
| AviChina Industry & Technology Co. Ltd. | 356,000 | 289 | |
| * | Alibaba Health Information Technology Ltd. | 364,000 | 289 |
| Chongqing Rural Commercial Bank Co. Ltd. | 459,000 | 287 | |
| ZTE Corp. | 117,614 | 281 | |
| Jiangsu Expressway Co. Ltd. | 208,000 | 281 | |
| 2 | BAIC Motor Corp. Ltd. | 316,400 | 278 |
| China Power International Development Ltd. | 442,000 | 278 | |
| Jiangxi Copper Co. Ltd. | 211,000 | 277 | |
| Sunny Optical Technology Group Co. Ltd. | 118,000 | 275 | |
| China Resources Gas Group Ltd. | 98,000 | 268 | |
| *,^ | China COSCO Holdings Co. Ltd. | 420,500 | 268 |
| ^ | Shanghai Electric Group Co. Ltd. | 428,000 | 266 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 81,837 | 264 | |
| Shanghai Pharmaceuticals Holding Co. Ltd. | 114,400 | 263 | |
| Longfor Properties Co. Ltd. | 195,000 | 260 | |
| Air China Ltd. | 266,000 | 255 | |
| Zijin Mining Group Co. Ltd. | 947,301 | 253 | |
| China Southern Airlines Co. Ltd. | 296,000 | 250 | |
| China Everbright Bank Co. Ltd. | 513,000 | 249 | |
| ^ | China Coal Energy Co. Ltd. | 581,000 | 249 |
| Zhejiang Expressway Co. Ltd. | 202,000 | 248 | |
| Chongqing Changan Automobile Co. Ltd. Class B | 133,100 | 245 | |
| TravelSky Technology Ltd. | 163,000 | 240 | |
| * | China Shipping Container Lines Co. Ltd. | 590,000 | 237 |
| Skyworth Digital Holdings Ltd. | 320,000 | 236 | |
| * | Sinopec Shanghai Petrochemical Co. Ltd. | 556,000 | 232 |
| 2 | Sinopec Engineering Group Co. Ltd. | 265,135 | 228 |
| * | Aluminum Corp. of China Ltd. | 705,331 | 228 |
| Shenzhen International Holdings Ltd. | 149,500 | 227 | |
| * | Luye Pharma Group Ltd. | 229,500 | 225 |
| China International Marine Containers Group Co. Ltd. | 125,500 | 223 | |
| Intime Retail Group Co. Ltd. | 197,000 | 217 | |
| *,^ | China Shanshui Cement Group Ltd. | 267,000 | 217 |
| Huaneng Renewables Corp. Ltd. | 694,000 | 216 | |
| Shanghai Industrial Holdings Ltd. | 82,000 | 216 | |
| *,^ | CAR Inc. | 123,117 | 214 |
| * | China Traditional Chinese Medicine Co. Ltd. | 280,000 | 211 |
| Tong Ren Tang Technologies Co. Ltd. | 134,000 | 209 | |
| Shanghai Fosun Pharmaceutical Group Co. Ltd. | 63,500 | 206 | |
| ^ | Tech Pro Technology Development Ltd. | 833,600 | 197 |
| Huadian Power International Corp. Ltd. | 266,000 | 194 | |
| China Merchants Property Development Co. Ltd. Class B | 49,900 | 187 | |
| 2 | Fu Shou Yuan International Group Ltd. | 272,000 | 185 |
| Sunac China Holdings Ltd. | 302,000 | 184 | |
| Yuexiu Property Co. Ltd. | 1,063,207 | 183 | |
| China Shipping Development Co. Ltd. | 256,000 | 181 | |
| Metallurgical Corp. of China Ltd. | 489,000 | 180 | |
| 2 | Cosmo Lady China Holdings Co. Ltd. | 179,998 | 179 |
| Nine Dragons Paper Holdings Ltd. | 271,000 | 178 | |
| Kingboard Chemical Holdings Ltd. | 126,000 | 178 | |
| COSCO International Holdings Ltd. | 308,000 | 177 | |
| Guangzhou R&F Properties Co. Ltd. | 179,000 | 177 | |
| Datang International Power Generation Co. Ltd. | 478,000 | 176 | |
| Haitian International Holdings Ltd. | 99,000 | 173 | |
| Shenzhen Investment Ltd. | 419,953 | 170 | |
| * | China Eastern Airlines Corp. Ltd. | 264,000 | 169 |
| * | Fullshare Holdings Ltd. | 867,500 | 166 |
14
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Shandong Weigao Group Medical Polymer Co. Ltd. | 240,000 | 166 | |
| Wuxi Little Swan Co. Ltd. Class B | 73,375 | 163 | |
| Hilong Holding Ltd. | 754,000 | 160 | |
| Xinjiang Goldwind Science & Technology Co. Ltd. | 85,000 | 159 | |
| * | China Reinsurance Group Corp. | 450,980 | 158 |
| Guangdong Electric Power Development Co. Ltd. Class B | 239,742 | 156 | |
| ^ | Digital China Holdings Ltd. | 152,000 | 155 |
| ^ | PAX Global Technology Ltd. | 118,000 | 154 |
| Sinotrans Ltd. | 283,000 | 153 | |
| China Communications Services Corp. Ltd. | 382,000 | 153 | |
| ^ | Universal Health International Group Holding Ltd. | 383,000 | 151 |
| *,2 | Legend Holdings Corp. | 39,100 | 151 |
| * | Tianneng Power International Ltd. | 208,000 | 151 |
| ^ | CT Environmental Group Ltd. | 424,000 | 150 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 308,000 | 148 |
| Weichai Power Co. Ltd. | 135,200 | 143 | |
| * | Renhe Commercial Holdings Co. Ltd. | 2,742,000 | 142 |
| China Lesso Group Holdings Ltd. | 175,000 | 142 | |
| * | Li Ning Co. Ltd. | 268,749 | 140 |
| *,2 | Beijing Urban Construction Design & Development Group Co. Ltd. | 223,000 | 137 |
| Kingdee International Software Group Co. Ltd. | 332,000 | 136 | |
| Inner Mongolia Yitai Coal Co. Ltd. Class B | 161,304 | 135 | |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 54,000 | 132 |
| Lao Feng Xiang Co. Ltd. Class B | 30,400 | 130 | |
| * | China High Speed Transmission Equipment Group Co. Ltd. | 145,000 | 130 |
| BBMG Corp. | 182,500 | 128 | |
| China Jinmao Holdings Group Ltd. | 462,000 | 127 | |
| ^ | China Molybdenum Co. Ltd. | 227,000 | 126 |
| Guangshen Railway Co. Ltd. | 242,000 | 125 | |
| * | Hopson Development Holdings Ltd. | 144,000 | 121 |
| ^ | NetDragon Websoft Inc. | 43,500 | 120 |
| Wasion Group Holdings Ltd. | 108,000 | 120 | |
| Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 47,573 | 120 | |
| * | Shunfeng International Clean Energy Ltd. | 370,000 | 118 |
| Lee & Man Paper Manufacturing Ltd. | 189,000 | 118 | |
| *,^ | China Agri-Industries Holdings Ltd. | 316,800 | 116 |
| ^ | Hua Han Bio-Pharmaceutical Holdings Ltd. | 778,708 | 112 |
| * | Chinasoft International Ltd. | 260,000 | 112 |
| Yantai Changyu Pioneer Wine Co. Ltd. Class B | 34,833 | 111 | |
| * | Yestar International Holdings Co. Ltd. | 270,000 | 108 |
| ^ | Agile Property Holdings Ltd. | 197,500 | 107 |
| Xinhua Winshare Publishing and Media Co. Ltd. | 126,000 | 106 | |
| KWG Property Holding Ltd. | 147,000 | 106 | |
| *,2 | Cogobuy Group | 108,000 | 105 |
| Huadian Fuxin Energy Corp. Ltd. | 342,000 | 105 | |
| Central China Securities Co. Ltd. | 201,988 | 105 | |
| ^ | China Zhongwang Holdings Ltd. | 237,200 | 104 |
| SOHO China Ltd. | 200,000 | 102 | |
| CSG Holding Co. Ltd. Class B | 129,105 | 102 | |
| *,^ | Sinopec Oilfield Service Corp. | 316,000 | 100 |
| Anhui Expressway Co. Ltd. | 116,000 | 99 | |
| Dazhong Transportation Group Co. Ltd. Class B | 91,500 | 98 | |
| Guorui Properties Ltd. | 205,000 | 98 | |
| China BlueChemical Ltd. | 318,000 | 95 | |
| Beijing Jingneng Clean Energy Co. Ltd. | 270,000 | 93 | |
| China Modern Dairy Holdings Ltd. | 310,000 | 93 | |
| * | China Chengtong Development Group Ltd. | 816,000 | 93 |
| West China Cement Ltd. | 530,000 | 91 | |
| Shenzhen Expressway Co. Ltd. | 118,000 | 91 | |
| ^ | Zhaojin Mining Industry Co. Ltd. | 158,500 | 90 |
| XTEP International Holdings Ltd. | 173,000 | 89 | |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 52,600 | 89 | |
| Weifu High-Technology Group Co. Ltd. Class B | 34,600 | 88 | |
| ^ | China Hongqiao Group Ltd. | 166,000 | 86 |
15
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Weiqiao Textile Co. | 191,000 | 86 | |
| * | Greentown China Holdings Ltd. | 97,879 | 85 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 30,000 | 84 | |
| * | BYD Electronic International Co. Ltd. | 129,500 | 84 |
| * | BOE Technology Group Co. Ltd. Class B | 288,800 | 84 |
| *,2 | Red Star Macalline Group Corp. Ltd. | 60,196 | 84 |
| Boer Power Holdings Ltd. | 51,000 | 83 | |
| * | Coolpad Group Ltd. | 476,000 | 83 |
| CIFI Holdings Group Co. Ltd. | 382,000 | 81 | |
| ^ | Golden Eagle Retail Group Ltd. | 63,000 | 81 |
| Beijing Enterprises Clean Energy Group Ltd. | 879,989 | 79 | |
| *,2 | Hua Hong Semiconductor Ltd. | 78,000 | 79 |
| China Resources Cement Holdings Ltd. | 196,000 | 79 | |
| Shanghai Baosight Software Co. Ltd. Class B | 20,000 | 78 | |
| Yuexiu Transport Infrastructure Ltd. | 114,000 | 78 | |
| C C Land Holdings Ltd. | 302,000 | 77 | |
| * | China Lumena New Materials Corp. | 476,000 | 77 |
| China ZhengTong Auto Services Holdings Ltd. | 171,000 | 76 | |
| China All Access Holdings Ltd. | 220,000 | 76 | |
| Vinda International Holdings Ltd. | 38,599 | 76 | |
| Poly Property Group Co. Ltd. | 234,000 | 76 | |
| * | Huadian Energy Co. Ltd. Class B | 131,400 | 75 |
| ^ | Dah Chong Hong Holdings Ltd. | 166,000 | 75 |
| Tianjin Port Development Holdings Ltd. | 450,000 | 75 | |
| China Dongxiang Group Co. Ltd. | 295,000 | 75 | |
| China Water Affairs Group Ltd. | 138,000 | 73 | |
| Beijing Capital Land Ltd. | 152,000 | 73 | |
| * | Lifetech Scientific Corp. | 379,998 | 73 |
| ^ | Dongjiang Environmental Co. Ltd. | 37,500 | 72 |
| * | AVIC International Holding HK Ltd. | 604,000 | 72 |
| Shandong Chenming Paper Holdings Ltd. | 127,500 | 71 | |
| * | China Foods Ltd. | 156,000 | 71 |
| Foshan Huaxin Packaging Co. Ltd. Class B | 56,900 | 70 | |
| ^ | Sinopec Kantons Holdings Ltd. | 122,000 | 69 |
| China South City Holdings Ltd. | 292,000 | 69 | |
| Powerlong Real Estate Holdings Ltd. | 356,000 | 69 | |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 130,500 | 68 |
| Huishang Bank Corp. Ltd. | 158,452 | 68 | |
| *,2 | China Railway Signal & Communication Corp. Ltd. | 84,500 | 67 |
| Phoenix Healthcare Group Co. Ltd. | 43,590 | 66 | |
| ^ | Fufeng Group Ltd. | 125,000 | 66 |
| * | China Tian Lun Gas Holdings Ltd. | 72,000 | 66 |
| Poly Culture Group Corp. Ltd. | 27,200 | 65 | |
| Kingboard Laminates Holdings Ltd. | 155,000 | 65 | |
| Double Coin Holdings Ltd. Class B | 63,200 | 64 | |
| China Lilang Ltd. | 73,000 | 62 | |
| Greatview Aseptic Packaging Co. Ltd. | 132,000 | 62 | |
| Tibet 5100 Water Resources Holdings Ltd. | 191,000 | 62 | |
| Fiyta Holdings Ltd. Class B | 57,840 | 61 | |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 160,380 | 61 |
| China Machinery Engineering Corp. | 69,000 | 60 | |
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 26,900 | 59 | |
| Tianjin Development Holdings Ltd. | 90,000 | 58 | |
| Sichuan Expressway Co. Ltd. | 166,000 | 58 | |
| *,2 | Tianhe Chemicals Group Ltd. | 383,088 | 58 |
| Harbin Electric Co. Ltd. | 96,000 | 57 | |
| * | Chaowei Power Holdings Ltd. | 86,000 | 55 |
| Sinotruk Hong Kong Ltd. | 130,500 | 54 | |
| Tianjin Capital Environmental Protection Group Co. Ltd. | 72,000 | 54 | |
| ^ | Dongfang Electric Corp. Ltd. | 44,800 | 54 |
| China Overseas Grand Oceans Group Ltd. | 165,000 | 52 | |
| Xiamen International Port Co. Ltd. | 204,000 | 52 | |
| 361 Degrees International Ltd. | 146,000 | 52 | |
| Dalian Port PDA Co. Ltd. | 142,000 | 51 | |
16
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 27,700 | 51 | |
| * | MIE Holdings Corp. | 384,000 | 51 |
| ^ | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 162,000 | 50 |
| * | Wumart Stores Inc. | 69,000 | 49 |
| Luthai Textile Co. Ltd. Class B | 35,800 | 48 | |
| Phoenix Satellite Television Holdings Ltd. | 200,000 | 48 | |
| Shanghai Industrial Urban Development Group Ltd. | 246,000 | 48 | |
| Angang Steel Co. Ltd. | 114,000 | 47 | |
| Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 14,700 | 47 | |
| * | Kama Co. Ltd. Class B | 46,500 | 47 |
| ^ | Biostime International Holdings Ltd. | 21,000 | 47 |
| CIMC Enric Holdings Ltd. | 70,000 | 46 | |
| * | China Overseas Property Holdings Ltd. | 267,493 | 46 |
| * | Glorious Property Holdings Ltd. | 355,000 | 46 |
| * | Shang Gong Group Co. Ltd. Class B | 42,600 | 45 |
| Lonking Holdings Ltd. | 279,000 | 45 | |
| * | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 61,900 | 45 |
| Fantasia Holdings Group Co. Ltd. | 375,000 | 44 | |
| * | China Datang Corp. Renewable Power Co. Ltd. | 330,000 | 44 |
| * | Lianhua Supermarket Holdings Co. Ltd. | 94,000 | 44 |
| Anhui Gujing Distillery Co. Ltd. Class B | 13,200 | 44 | |
| * | Mingfa Group International Co. Ltd. | 180,000 | 43 |
| China Power New Energy Development Co. Ltd. | 620,000 | 43 | |
| *,^ | Maanshan Iron & Steel Co. Ltd. | 200,000 | 43 |
| China Shineway Pharmaceutical Group Ltd. | 33,000 | 43 | |
| Hengdeli Holdings Ltd. | 284,000 | 43 | |
| * | Sinolink Worldwide Holdings Ltd. | 386,000 | 43 |
| * | CITIC Resources Holdings Ltd. | 278,000 | 42 |
| *,^ | China Yurun Food Group Ltd. | 195,000 | 42 |
| * | Shougang Concord International Enterprises Co. Ltd. | 994,000 | 42 |
| China Fiber Optic Network System Group Ltd. | 348,000 | 41 | |
| * | Hi Sun Technology China Ltd. | 213,000 | 41 |
| SSY Group Ltd. | 164,336 | 41 | |
| China Fangda Group Co. Ltd. Class B | 49,800 | 40 | |
| * | China Oil & Gas Group Ltd. | 572,000 | 40 |
| Huangshan Tourism Development Co. Ltd. Class B | 22,900 | 39 | |
| * | China Rare Earth Holdings Ltd. | 421,113 | 38 |
| Beijing North Star Co. Ltd. | 118,000 | 38 | |
| * | Shanghai Potevio Co. Ltd. Class B | 25,700 | 37 |
| China Suntien Green Energy Corp. Ltd. | 209,000 | 37 | |
| ^ | China Singyes Solar Technologies Holdings Ltd. | 47,000 | 37 |
| Shanghai Haixin Group Co. Class B | 48,700 | 36 | |
| ^ | Sinotrans Shipping Ltd. | 169,500 | 36 |
| Livzon Pharmaceutical Group Inc. | 6,890 | 36 | |
| China Merchants Land Ltd. | 168,000 | 35 | |
| Shanghai Diesel Engine Co. Ltd. Class B | 46,100 | 35 | |
| Concord New Energy Group Ltd. | 520,000 | 35 | |
| ^ | Baoxin Auto Group Ltd. | 85,000 | 35 |
| * | Shanghai Greencourt Investment Group Co. Ltd. Class B | 55,200 | 35 |
| * | China Huiyuan Juice Group Ltd. | 77,500 | 35 |
| * | Carnival Group International Holdings Ltd. | 309,992 | 35 |
| * | Jinshan Development & Construction Co. Ltd. Class B | 40,300 | 34 |
| Hubei Sanonda Co. Ltd. Class B | 38,600 | 34 | |
| Zhongsheng Group Holdings Ltd. | 82,000 | 34 | |
| Shanghai Highly Group Co. Ltd. Class B | 47,700 | 34 | |
| Landing International Development Ltd. | 1,115,000 | 33 | |
| Wisdom Sports Group | 64,000 | 33 | |
| * | PW Medtech Group Ltd. | 159,000 | 33 |
| Eastern Communications Co. Ltd. Class B | 45,100 | 33 | |
| Jinzhou Port Co. Ltd. Class B | 56,400 | 33 | |
| * | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 64,000 | 33 |
| Comba Telecom Systems Holdings Ltd. | 157,058 | 32 | |
| Bloomage BioTechnology Corp. Ltd. | 17,500 | 32 | |
| Foshan Electrical and Lighting Co. Ltd. Class B | 33,900 | 31 | |
17
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| CPMC Holdings Ltd. | 55,000 | 31 | |
| Sinofert Holdings Ltd. | 174,000 | 30 | |
| * | Wanda Hotel Development Co. Ltd. | 200,000 | 30 |
| Shanghai Bailian Group Co. Ltd. Class B | 15,500 | 29 | |
| Ajisen China Holdings Ltd. | 61,000 | 29 | |
| * | China Dynamics Holdings Ltd. | 420,000 | 29 |
| Texhong Textile Group Ltd. | 38,500 | 28 | |
| Changshouhua Food Co. Ltd. | 47,000 | 28 | |
| V1 Group Ltd. | 370,000 | 28 | |
| China National Accord Medicines Corp. Ltd. Class B | 5,400 | 28 | |
| Bank of Chongqing Co. Ltd. | 37,000 | 28 | |
| Yashili International Holdings Ltd. | 94,000 | 27 | |
| Hydoo International Holding Ltd. | 172,000 | 26 | |
| Welling Holding Ltd. | 156,000 | 26 | |
| ^ | TCL Multimedia Technology Holdings Ltd. | 58,000 | 26 |
| Shenzhen Chiwan Wharf Holdings Ltd. Class B | 12,900 | 25 | |
| Shenguan Holdings Group Ltd. | 176,000 | 25 | |
| * | SRE Group Ltd. | 490,000 | 25 |
| First Tractor Co. Ltd. | 36,000 | 24 | |
| Huaxin Cement Co. Ltd. Class B | 36,200 | 24 | |
| Tiangong International Co. Ltd. | 258,000 | 24 | |
| * | Chengde Nanjiang Co. Ltd. Class B | 62,900 | 23 |
| Bosideng International Holdings Ltd. | 242,000 | 23 | |
| * | Sany Heavy Equipment International Holdings Co. Ltd. | 95,000 | 23 |
| Xingda International Holdings Ltd. | 103,000 | 23 | |
| * | China Precious Metal Resources Holdings Co. Ltd. | 480,000 | 21 |
| China National Materials Co. Ltd. | 88,000 | 21 | |
| NVC Lighting Holding Ltd. | 156,000 | 20 | |
| Jiangling Motors Corp. Ltd. Class B | 6,100 | 20 | |
| Dongyue Group Ltd. | 71,000 | 19 | |
| * | EverChina International Holdings Co. Ltd. | 475,000 | 19 |
| ^ | Real Nutriceutical Group Ltd. | 143,000 | 18 |
| *,2 | Kangda International Environmental Co. Ltd. | 59,998 | 18 |
| * | China Public Procurement Ltd. | 904,000 | 16 |
| * | Anxin-China Holdings Ltd. | 312,000 | 15 |
| * | Synertone Communication Corp. | 712,000 | 14 |
| * | North Mining Shares Co. Ltd. | 1,310,000 | 14 |
| *,^ | Daphne International Holdings Ltd. | 78,000 | 14 |
| *,^ | China Resources and Transportation Group Ltd. | 1,500,000 | 6 |
| 171,372 | |||
| Colombia (0.1%) | |||
| Bancolombia SA ADR | 25,406 | 880 | |
| Grupo de Inversiones Suramericana SA | 40,212 | 510 | |
| Interconexion Electrica SA ESP | 153,425 | 368 | |
| Grupo Argos SA | 53,737 | 330 | |
| Ecopetrol SA ADR | 34,770 | 324 | |
| Banco Davivienda SA Preference Shares | 24,093 | 198 | |
| Ecopetrol SA | 423,943 | 198 | |
| Grupo Aval Acciones y Valores Preference Shares | 432,438 | 173 | |
| Cementos Argos SA | 49,950 | 165 | |
| Corp Financiera Colombiana SA | 12,604 | 165 | |
| Almacenes Exito SA | 35,678 | 161 | |
| Grupo de Inversiones Suramericana SA Preference Shares | 10,672 | 134 | |
| Isagen SA ESP | 124,490 | 132 | |
| Bancolombia SA Preference Shares | 14,574 | 126 | |
| * | Cemex Latam Holdings SA | 21,710 | 75 |
| Celsia SA ESP | 59,713 | 62 | |
| Avianca Holdings SA Preference Shares | 47,127 | 24 | |
| Grupo Aval Acciones y Valores SA ADR | 2,333 | 19 | |
| 4,044 | |||
| Czech Republic (0.0%) | |||
| Komercni banka as | 4,923 | 1,018 | |
18
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| CEZ AS | 26,207 | 524 | |
| 1,542 | |||
| Denmark (0.6%) | |||
| Novo Nordisk A/S Class B | 346,212 | 18,340 | |
| Danske Bank A/S | 132,352 | 3,631 | |
| Carlsberg A/S Class B | 30,688 | 2,511 | |
| Pandora A/S | 19,042 | 2,192 | |
| Vestas Wind Systems A/S | 37,645 | 2,188 | |
| Coloplast A/S Class B | 28,238 | 2,022 | |
| Novozymes A/S | 42,839 | 1,981 | |
| AP Moeller - Maersk A/S Class A | 1,117 | 1,597 | |
| AP Moeller - Maersk A/S Class B | 863 | 1,270 | |
| DSV A/S | 28,025 | 1,134 | |
| ISS A/S | 29,342 | 1,031 | |
| * | Genmab A/S | 9,818 | 965 |
| Chr Hansen Holding A/S | 15,557 | 933 | |
| * | Royal Unibrew A/S | 18,209 | 719 |
| TDC A/S | 125,259 | 655 | |
| * | Jyske Bank A/S | 13,369 | 651 |
| * | Topdanmark A/S | 20,439 | 543 |
| GN Store Nord A/S | 24,126 | 439 | |
| Sydbank A/S | 11,263 | 370 | |
| SimCorp A/S | 6,823 | 334 | |
| * | H Lundbeck A/S | 11,016 | 323 |
| ^ | FLSmidth & Co. A/S | 7,328 | 277 |
| Tryg A/S | 15,400 | 277 | |
| * | William Demant Holding A/S | 3,031 | 263 |
| * | Dfds A/S | 7,170 | 218 |
| Matas A/S | 11,786 | 214 | |
| Rockwool International A/S Class B | 1,356 | 212 | |
| Spar Nord Bank A/S | 21,626 | 207 | |
| NKT Holding A/S | 3,370 | 183 | |
| Solar A/S Class B | 2,959 | 180 | |
| * | Bavarian Nordic A/S | 4,076 | 163 |
| ALK-Abello A/S | 1,004 | 109 | |
| *,^ | Ambu A/S Class B | 3,819 | 104 |
| Schouw & Co. | 1,690 | 88 | |
| *,^ | Bang & Olufsen A/S | 4,004 | 26 |
| ^ | Auriga Industries A/S Class B | 5,574 | 2 |
| * | OW Bunker A/S | 3,210 | — |
| 46,352 | |||
| Egypt (0.0%) | |||
| Commercial International Bank Egypt SAE | 150,903 | 992 | |
| Talaat Moustafa Group | 193,125 | 163 | |
| Sidi Kerir Petrochemicals Co. | 79,618 | 132 | |
| Juhayna Food Industries | 126,362 | 123 | |
| * | Orascom Construction Ltd. | 10,791 | 108 |
| * | Orascom Telecom Media And Technology Holding SAE GDR | 191,266 | 105 |
| * | Medinet Nasr Housing | 27,600 | 83 |
| * | Global Telecom Holding SAE GDR | 70,996 | 83 |
| * | Egyptian Financial Group-Hermes Holding Co. | 65,963 | 74 |
| Egypt Kuwait Holding Co. SAE | 112,592 | 65 | |
| * | Citadel Capital SAE | 263,431 | 61 |
| * | Maridive & Oil Services SAE | 165,936 | 55 |
| Telecom Egypt Co. | 55,015 | 47 | |
| * | Pioneers Holding for Financial Investments SAE | 40,996 | 42 |
| * | ElSewedy Electric Co. | 7,718 | 41 |
| * | South Valley Cement | 74,684 | 40 |
| Oriental Weavers | 24,535 | 34 | |
| * | Ezz Steel | 24,554 | 30 |
| * | Six of October Development & Investment | 24,349 | 27 |
| * | Palm Hills Developments SAE | 67,986 | 18 |
| Heliopolis Co. for Housing and Construction SAE | 3,075 | 17 | |
| * | Abu Dhabi Islamic Bank | 24,453 | 16 |
19
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Egyptian Financial & Industrial Co. | 321 | — | |
| 2,356 | |||
| Finland (0.3%) | |||
| Nokia Oyj | 696,097 | 5,166 | |
| Sampo Oyj Class A | 74,817 | 3,650 | |
| Kone Oyj Class B | 64,318 | 2,740 | |
| UPM-Kymmene Oyj | 116,697 | 2,181 | |
| Nokian Renkaat Oyj | 41,856 | 1,575 | |
| Fortum Oyj | 80,579 | 1,207 | |
| Metso Oyj | 47,028 | 1,149 | |
| Wartsila OYJ Abp | 24,970 | 1,064 | |
| Elisa Oyj | 24,426 | 919 | |
| Stora Enso Oyj | 97,520 | 903 | |
| Cargotec Oyj Class B | 22,188 | 789 | |
| Orion Oyj Class B | 16,052 | 573 | |
| Huhtamaki Oyj | 14,189 | 500 | |
| Amer Sports Oyj | 16,751 | 469 | |
| Neste Oyj | 18,951 | 461 | |
| ^ | Outotec Oyj | 94,394 | 324 |
| Kesko Oyj Class B | 9,796 | 312 | |
| Valmet Oyj | 28,128 | 296 | |
| Tieto Oyj | 10,196 | 261 | |
| Konecranes Oyj | 8,513 | 228 | |
| Metsa Board Oyj | 33,515 | 213 | |
| Sponda Oyj | 44,471 | 189 | |
| Citycon Oyj | 59,664 | 157 | |
| Caverion Corp. | 15,327 | 133 | |
| Kemira Oyj | 10,948 | 130 | |
| *,^ | Outokumpu Oyj | 31,105 | 105 |
| Uponor Oyj | 7,218 | 96 | |
| ^ | YIT Oyj | 17,206 | 90 |
| Ramirent Oyj | 11,293 | 88 | |
| Raisio Oyj | 14,364 | 68 | |
| * | Oriola-KD Oyj | 13,385 | 65 |
| Cramo Oyj | 2,348 | 43 | |
| ^ | Sanoma Oyj | 7,321 | 32 |
| * | Stockmann OYJ Abp Class B | 3,597 | 28 |
| 26,204 | |||
| France (3.0%) | |||
| Sanofi | 215,601 | 21,737 | |
| TOTAL SA | 382,578 | 18,540 | |
| BNP Paribas SA | 185,108 | 11,228 | |
| AXA SA | 375,777 | 10,033 | |
| LVMH Moet Hennessy Louis Vuitton SE | 49,993 | 9,301 | |
| Danone SA | 102,232 | 7,117 | |
| Airbus Group SE | 101,282 | 7,037 | |
| L'Oreal SA | 34,526 | 6,290 | |
| Societe Generale SA | 131,513 | 6,106 | |
| Orange SA | 341,394 | 6,006 | |
| Air Liquide SA | 45,378 | 5,870 | |
| Schneider Electric SE | 95,265 | 5,760 | |
| ^ | Vinci SA | 81,808 | 5,514 |
| Vivendi SA | 226,186 | 5,443 | |
| ^ | Engie SA | 262,680 | 4,601 |
| Essilor International SA | 32,793 | 4,303 | |
| Pernod Ricard SA | 33,982 | 4,000 | |
| Carrefour SA | 113,841 | 3,707 | |
| Safran SA | 48,646 | 3,692 | |
| Cie de Saint-Gobain | 84,114 | 3,525 | |
| Cie Generale des Etablissements Michelin | 32,103 | 3,194 | |
| Renault SA | 29,579 | 2,783 | |
| Kering | 14,190 | 2,622 | |
| * | Alcatel-Lucent | 595,007 | 2,414 |
| Legrand SA | 43,513 | 2,385 | |
20
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Hermes International | 6,061 | 2,332 | |
| Cap Gemini SA | 25,029 | 2,226 | |
| L'Oreal SA Loyalty Line | 12,108 | 2,206 | |
| Valeo SA | 13,846 | 2,138 | |
| *,^ | Alstom SA | 65,317 | 2,128 |
| Publicis Groupe SA | 32,326 | 2,097 | |
| Credit Agricole SA | 164,962 | 2,087 | |
| Dassault Systemes | 23,921 | 1,887 | |
| Veolia Environnement SA | 79,862 | 1,857 | |
| Air Liquide SA (Prime de fidelite) | 13,881 | 1,796 | |
| Societe BIC SA | 10,855 | 1,729 | |
| SCOR SE | 45,393 | 1,688 | |
| SES SA | 55,878 | 1,650 | |
| Christian Dior SE | 8,139 | 1,600 | |
| Accor SA | 32,171 | 1,597 | |
| Bouygues SA | 41,873 | 1,584 | |
| Klepierre | 29,285 | 1,388 | |
| Arkema SA | 17,606 | 1,286 | |
| Thales SA | 17,189 | 1,245 | |
| Sodexo SA | 13,543 | 1,204 | |
| Ingenico Group SA | 9,830 | 1,160 | |
| * | Peugeot SA | 65,762 | 1,156 |
| Groupe Eurotunnel SE | 81,545 | 1,142 | |
| Atos SE | 14,174 | 1,129 | |
| Suez Environnement Co. | 56,830 | 1,080 | |
| Technip SA | 20,629 | 1,076 | |
| Sartorius Stedim Biotech | 2,993 | 1,057 | |
| Casino Guichard Perrachon SA | 18,118 | 1,041 | |
| Bollore SA | 194,283 | 960 | |
| Bureau Veritas SA | 41,458 | 937 | |
| Natixis SA | 144,066 | 882 | |
| Teleperformance | 10,820 | 850 | |
| ^ | Eutelsat Communications SA | 25,244 | 832 |
| Zodiac Aerospace | 32,349 | 818 | |
| * | Numericable-SFR SAS | 17,549 | 794 |
| Iliad SA | 3,735 | 785 | |
| STMicroelectronics NV | 103,302 | 714 | |
| Wendel SA | 5,950 | 713 | |
| Mercialys SA | 30,154 | 693 | |
| Saft Groupe SA | 25,391 | 656 | |
| Electricite de France SA | 34,572 | 643 | |
| Rexel SA | 46,380 | 633 | |
| Aeroports de Paris | 4,853 | 609 | |
| Gecina SA | 4,764 | 609 | |
| Edenred | 32,690 | 599 | |
| 2 | Euronext NV | 12,877 | 565 |
| Rubis SCA | 6,685 | 536 | |
| Eurofins Scientific SE | 1,478 | 534 | |
| Eurazeo SA | 7,011 | 494 | |
| JCDecaux SA | 12,070 | 491 | |
| SEB SA | 4,683 | 476 | |
| Fonciere Des Regions | 4,996 | 470 | |
| Lagardere SCA | 16,049 | 467 | |
| Orpea | 5,561 | 446 | |
| * | UBISOFT Entertainment | 14,291 | 428 |
| Eiffage SA | 6,370 | 397 | |
| Ipsen SA | 6,176 | 390 | |
| Faurecia | 9,139 | 361 | |
| ^ | Technicolor SA | 53,154 | 360 |
| ICADE | 4,844 | 358 | |
| Korian SA | 8,909 | 337 | |
| CNP Assurances | 23,564 | 336 | |
| Credit Agricole SA Loyalty Line | 25,664 | 325 | |
| ^ | Vallourec SA | 28,410 | 315 |
21
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Imerys SA | 4,319 | 295 | |
| Nexity SA | 6,304 | 279 | |
| 2 | Elior | 14,510 | 275 |
| Remy Cointreau SA | 3,597 | 250 | |
| * | DBV Technologies SA | 3,552 | 245 |
| Sopra Steria Group | 2,118 | 241 | |
| Metropole Television SA | 12,110 | 233 | |
| Altran Technologies SA | 18,294 | 228 | |
| BioMerieux | 1,906 | 221 | |
| Havas SA | 25,376 | 220 | |
| *,^ | CGG SA | 54,168 | 218 |
| Plastic Omnium SA | 7,468 | 216 | |
| Alten SA | 3,980 | 206 | |
| * | Nexans SA | 5,175 | 206 |
| Societe Television Francaise 1 | 15,937 | 205 | |
| Euler Hermes Group | 1,829 | 171 | |
| Elis SA | 10,067 | 171 | |
| *,^ | Air France-KLM | 22,432 | 164 |
| Faiveley Transport SA | 1,533 | 162 | |
| Neopost SA | 5,799 | 144 | |
| Gaztransport Et Technigaz SA | 2,718 | 136 | |
| *,^ | Genfit | 2,946 | 132 |
| Electricite de France SA Loyalty Line | 6,661 | 124 | |
| Virbac SA | 549 | 109 | |
| * | Euro Disney SCA | 75,318 | 104 |
| Beneteau SA | 6,653 | 101 | |
| Trigano SA | 1,902 | 91 | |
| * | Groupe Fnac SA | 1,373 | 89 |
| IPSOS | 4,103 | 83 | |
| Coface SA | 9,900 | 80 | |
| Guerbet | 1,179 | 80 | |
| Vicat | 1,220 | 78 | |
| * | GameLoft SE | 13,315 | 76 |
| LISI | 2,726 | 67 | |
| SEB SA Loyalty Line | 643 | 65 | |
| * | Etablissements Maurel et Prom | 17,679 | 64 |
| * | Constellium NV Class A | 16,000 | 60 |
| Vilmorin & Cie SA | 815 | 57 | |
| Boiron SA | 633 | 56 | |
| Tarkett SA | 1,857 | 55 | |
| * | Derichebourg SA | 18,005 | 55 |
| MPI | 20,679 | 52 | |
| * | Parrot SA | 974 | 44 |
| ^ | Bourbon SA | 2,900 | 43 |
| Rallye SA | 2,306 | 43 | |
| Haulotte Group SA | 2,872 | 41 | |
| *,^ | Eramet | 929 | 37 |
| Assystem | 1,557 | 33 | |
| Albioma SA | 1,776 | 29 | |
| Bonduelle SCA | 1,139 | 28 | |
| FFP | 382 | 28 | |
| ^ | Solocal Group | 2,411 | 20 |
| Jacquet Metal Service | 1,267 | 18 | |
| Mersen | 914 | 17 | |
| *,^ | SOITEC | 7,813 | 6 |
| 235,138 | |||
| Germany (2.9%) | |||
| Bayer AG | 153,396 | 20,475 | |
| Siemens AG | 161,899 | 16,282 | |
| Daimler AG | 176,414 | 15,308 | |
| Allianz SE | 83,310 | 14,588 | |
| BASF SE | 171,065 | 14,022 | |
| SAP SE | 161,319 | 12,753 | |
| * | Deutsche Telekom AG | 584,327 | 10,926 |
22
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Deutsche Bank AG | 262,066 | 7,349 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 32,003 | 6,388 | |
| Bayerische Motoren Werke AG | 59,505 | 6,109 | |
| Linde AG | 31,741 | 5,505 | |
| Fresenius SE & Co. KGaA | 71,633 | 5,256 | |
| Deutsche Post AG | 174,557 | 5,197 | |
| Continental AG | 18,948 | 4,556 | |
| Deutsche Boerse AG | 49,255 | 4,534 | |
| Volkswagen AG Preference Shares | 30,648 | 3,679 | |
| E.ON SE | 333,228 | 3,517 | |
| Fresenius Medical Care AG & Co. KGaA | 37,964 | 3,420 | |
| Henkel AG & Co. KGaA Preference Shares | 29,221 | 3,171 | |
| adidas AG | 33,691 | 3,020 | |
| HeidelbergCement AG | 38,397 | 2,861 | |
| Vonovia SE | 85,296 | 2,841 | |
| Infineon Technologies AG | 199,078 | 2,450 | |
| * | Commerzbank AG | 209,696 | 2,309 |
| Merck KGaA | 21,770 | 2,124 | |
| ThyssenKrupp AG | 104,663 | 2,111 | |
| ProSiebenSat.1 Media SE | 36,534 | 1,977 | |
| Porsche Automobil Holding SE Preference Shares | 40,835 | 1,913 | |
| Henkel AG & Co. KGaA | 19,750 | 1,823 | |
| Deutsche Wohnen AG | 62,337 | 1,758 | |
| Brenntag AG | 25,127 | 1,518 | |
| Beiersdorf AG | 15,678 | 1,489 | |
| Symrise AG | 20,034 | 1,320 | |
| RWE AG | 89,929 | 1,252 | |
| Hannover Rueck SE | 10,555 | 1,222 | |
| HUGO BOSS AG | 11,489 | 1,183 | |
| GEA Group AG | 28,396 | 1,137 | |
| Wirecard AG | 21,152 | 1,092 | |
| FUCHS PETROLUB SE | 25,522 | 1,055 | |
| United Internet AG | 19,404 | 1,008 | |
| METRO AG | 32,265 | 994 | |
| K&S AG | 38,092 | 964 | |
| OSRAM Licht AG | 16,292 | 958 | |
| LEG Immobilien AG | 11,717 | 935 | |
| * | QIAGEN NV | 33,845 | 818 |
| MTU Aero Engines AG | 8,809 | 815 | |
| LANXESS AG | 14,617 | 785 | |
| Kabel Deutschland Holding AG | 6,136 | 781 | |
| *,2 | Zalando SE | 19,506 | 683 |
| Puma SE | 2,984 | 668 | |
| Freenet AG | 19,678 | 664 | |
| Norma Group SE | 12,074 | 619 | |
| Evonik Industries AG | 16,795 | 610 | |
| MAN SE | 5,697 | 595 | |
| Volkswagen AG | 4,276 | 592 | |
| Telefonica Deutschland Holding AG | 83,071 | 535 | |
| RTL Group SA | 6,165 | 533 | |
| * | Dialog Semiconductor plc | 13,707 | 506 |
| * | Deutsche Lufthansa AG | 32,260 | 477 |
| Aurubis AG | 6,974 | 466 | |
| Drillisch AG | 8,836 | 456 | |
| KION Group AG | 10,057 | 453 | |
| Fraport AG Frankfurt Airport Services Worldwide | 6,847 | 434 | |
| TUI AG-DI | 23,341 | 433 | |
| Fuchs Petrolub SE Preference Shares | 8,756 | 420 | |
| * | Nordex SE | 12,551 | 410 |
| Deutsche EuroShop AG | 8,453 | 408 | |
| DMG Mori AG | 9,244 | 367 | |
| STADA Arzneimittel AG | 9,436 | 359 | |
| Axel Springer SE | 6,284 | 354 | |
| Aareal Bank AG | 8,799 | 335 | |
23
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| HOCHTIEF AG | 3,588 | 334 | |
| Gerresheimer AG | 4,122 | 322 | |
| ^ | KUKA AG | 3,729 | 315 |
| Sartorius AG Preference Shares | 1,390 | 314 | |
| Bayerische Motoren Werke AG Preference Shares | 3,869 | 312 | |
| alstria office REIT-AG | 18,364 | 256 | |
| * | MorphoSys AG | 4,109 | 254 |
| Stroeer SE | 4,030 | 254 | |
| Software AG | 8,520 | 248 | |
| ^ | Suedzucker AG | 13,234 | 247 |
| CTS Eventim AG & Co. KGaA | 6,198 | 243 | |
| ^ | Bilfinger SE | 5,310 | 238 |
| Rational AG | 590 | 234 | |
| Leoni AG | 5,436 | 222 | |
| TAG Immobilien AG | 16,429 | 213 | |
| * | GRENKELEASING AG | 1,154 | 212 |
| Fielmann AG | 2,992 | 210 | |
| Sixt SE | 3,725 | 208 | |
| Krones AG | 1,665 | 200 | |
| Pfeiffer Vacuum Technology AG | 1,577 | 197 | |
| Takkt AG | 10,483 | 195 | |
| Wincor Nixdorf AG | 3,793 | 194 | |
| Jungheinrich AG Preference Shares | 2,597 | 191 | |
| Hella KGaA Hueck & Co. | 4,568 | 187 | |
| Wacker Chemie AG | 1,999 | 176 | |
| Salzgitter AG | 5,667 | 164 | |
| *,^ | SGL Carbon SE | 8,789 | 162 |
| RHOEN-KLINIKUM AG | 5,330 | 159 | |
| * | PATRIZIA Immobilien AG | 5,663 | 156 |
| BRAAS Monier Building Group SA | 5,799 | 152 | |
| Duerr AG | 1,716 | 143 | |
| Talanx AG | 4,447 | 143 | |
| ^ | Kloeckner & Co. SE | 14,417 | 129 |
| Draegerwerk AG & Co. KGaA Preference Shares | 1,599 | 115 | |
| CompuGroup Medical AG | 3,741 | 110 | |
| Nemetschek AG | 2,404 | 104 | |
| Bechtle AG | 1,108 | 102 | |
| * | Heidelberger Druckmaschinen AG | 32,853 | 94 |
| *,^ | SMA Solar Technology AG | 1,946 | 94 |
| * | Vossloh AG | 1,197 | 88 |
| BayWa AG | 2,533 | 86 | |
| Indus Holding AG | 1,803 | 84 | |
| *,^ | AIXTRON SE | 12,390 | 79 |
| Sixt SE Preference Shares | 1,806 | 78 | |
| Rheinmetall AG | 1,226 | 77 | |
| ElringKlinger AG | 3,434 | 77 | |
| KWS Saat SE | 221 | 71 | |
| Gerry Weber International AG | 4,199 | 68 | |
| Carl Zeiss Meditec AG | 2,316 | 68 | |
| Bertrandt AG | 558 | 65 | |
| Jenoptik AG | 3,717 | 60 | |
| Biotest AG Preference Shares | 3,969 | 56 | |
| DIC Asset AG | 5,437 | 53 | |
| Deutz AG | 11,888 | 45 | |
| KSB AG Preference Shares | 80 | 34 | |
| Wacker Neuson SE | 2,449 | 34 | |
| Hamburger Hafen und Logistik AG | 2,013 | 29 | |
| CAT Oil AG | 717 | 6 | |
| 227,886 | |||
| Greece (0.0%) | |||
| OPAP SA | 33,820 | 299 | |
| Hellenic Telecommunications Organization SA ADR | 45,296 | 209 | |
| FF Group | 9,992 | 201 | |
| * | National Bank of Greece SA | 248,046 | 183 |
24
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Hellenic Telecommunications Organization SA | 19,491 | 181 | |
| * | Motor Oil Hellas Corinth Refineries SA | 14,637 | 180 |
| Titan Cement Co. SA | 7,714 | 169 | |
| JUMBO SA | 16,422 | 159 | |
| Mytilineos Holdings SA | 20,599 | 110 | |
| Athens Water Supply & Sewage Co. SA | 16,211 | 102 | |
| * | Alpha Bank AE | 659,490 | 83 |
| Public Power Corp. SA | 13,196 | 76 | |
| * | Eurobank Ergasias SA | 1,350,700 | 46 |
| Hellenic Petroleum SA | 7,187 | 42 | |
| Grivalia Properties REIC AE | 3,952 | 36 | |
| * | Piraeus Bank SA | 281,904 | 29 |
| Hellenic Exchanges SA | 4,615 | 26 | |
| * | Ellaktor SA | 8,992 | 18 |
| 2,149 | |||
| Hong Kong (1.2%) | |||
| AIA Group Ltd. | 2,267,782 | 13,242 | |
| CK Hutchison Holdings Ltd. | 496,427 | 6,782 | |
| Hong Kong Exchanges and Clearing Ltd. | 224,607 | 5,864 | |
| Sun Hung Kai Properties Ltd. | 337,183 | 4,500 | |
| Cheung Kong Property Holdings Ltd. | 528,927 | 3,694 | |
| Hang Seng Bank Ltd. | 186,468 | 3,414 | |
| CLP Holdings Ltd. | 301,465 | 2,622 | |
| Hong Kong & China Gas Co. Ltd. | 1,227,435 | 2,487 | |
| Jardine Matheson Holdings Ltd. | 45,201 | 2,452 | |
| Link REIT | 404,760 | 2,404 | |
| Swire Pacific Ltd. Class A | 203,562 | 2,351 | |
| Power Assets Holdings Ltd. | 214,000 | 2,128 | |
| BOC Hong Kong Holdings Ltd. | 645,000 | 2,058 | |
| Jardine Strategic Holdings Ltd. | 64,712 | 1,951 | |
| Sands China Ltd. | 484,000 | 1,737 | |
| Hongkong Land Holdings Ltd. | 200,200 | 1,499 | |
| Wharf Holdings Ltd. | 220,600 | 1,310 | |
| Galaxy Entertainment Group Ltd. | 379,000 | 1,290 | |
| Bank of East Asia Ltd. | 296,672 | 1,106 | |
| Henderson Land Development Co. Ltd. | 167,463 | 1,066 | |
| Prosperity REIT | 2,801,000 | 1,025 | |
| Want Want China Holdings Ltd. | 1,196,391 | 993 | |
| MTR Corp. Ltd. | 218,500 | 989 | |
| China Mengniu Dairy Co. Ltd. | 508,000 | 982 | |
| Cheung Kong Infrastructure Holdings Ltd. | 97,000 | 901 | |
| Tingyi Cayman Islands Holding Corp. | 524,000 | 895 | |
| Li & Fung Ltd. | 1,104,000 | 891 | |
| New World Development Co. Ltd. | 825,224 | 880 | |
| Hang Lung Properties Ltd. | 354,000 | 865 | |
| Techtronic Industries Co. Ltd. | 226,500 | 827 | |
| *,^ | Goldin Financial Holdings Ltd. | 394,000 | 735 |
| AAC Technologies Holdings Inc. | 115,500 | 731 | |
| Sino Land Co. Ltd. | 440,280 | 678 | |
| Samsonite International SA | 211,796 | 623 | |
| Wheelock & Co. Ltd. | 131,000 | 609 | |
| Swire Properties Ltd. | 188,446 | 564 | |
| Hysan Development Co. Ltd. | 106,000 | 469 | |
| Yue Yuen Industrial Holdings Ltd. | 122,500 | 447 | |
| Esprit Holdings Ltd. | 342,246 | 383 | |
| * | Semiconductor Manufacturing International Corp. | 3,943,000 | 369 |
| PCCW Ltd. | 659,000 | 356 | |
| NWS Holdings Ltd. | 230,500 | 346 | |
| Hopewell Holdings Ltd. | 92,500 | 334 | |
| ^ | Prada SPA | 81,100 | 329 |
| VTech Holdings Ltd. | 24,500 | 297 | |
| *,2 | WH Group Ltd. | 532,201 | 294 |
| ^ | Sun Art Retail Group Ltd. | 345,579 | 283 |
| ASM Pacific Technology Ltd. | 38,200 | 270 | |
25
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| New World China Land Ltd. | 406,000 | 268 | |
| Cathay Pacific Airways Ltd. | 135,000 | 268 | |
| SJM Holdings Ltd. | 314,000 | 260 | |
| Kerry Properties Ltd. | 85,500 | 253 | |
| First Pacific Co. Ltd. | 361,200 | 247 | |
| ^ | Wynn Macau Ltd. | 176,800 | 242 |
| * | HKBN Ltd. | 193,689 | 233 |
| * | Tongda Group Holdings Ltd. | 1,110,000 | 225 |
| Johnson Electric Holdings Ltd. | 57,750 | 212 | |
| * | Global Brands Group Holding Ltd. | 990,000 | 204 |
| FIH Mobile Ltd. | 427,000 | 203 | |
| ^ | Haitong International Securities Group Ltd. | 366,038 | 202 |
| *,^ | Brightoil Petroleum Holdings Ltd. | 566,000 | 201 |
| Champion REIT | 375,000 | 194 | |
| ^ | Imperial Pacific International Holdings Ltd. | 7,710,000 | 194 |
| Giordano International Ltd. | 354,000 | 190 | |
| Shun Tak Holdings Ltd. | 472,000 | 188 | |
| Melco International Development Ltd. | 118,000 | 182 | |
| Dah Sing Financial Holdings Ltd. | 32,544 | 182 | |
| Uni-President China Holdings Ltd. | 220,800 | 181 | |
| ^ | Xinyi Solar Holdings Ltd. | 448,000 | 177 |
| *,^ | Goldin Properties Holdings Ltd. | 204,000 | 175 |
| ^ | Chow Tai Fook Jewellery Group Ltd. | 201,600 | 172 |
| * | Hybrid Kinetic Group Ltd. | 3,574,000 | 170 |
| Television Broadcasts Ltd. | 45,800 | 167 | |
| Fortune REIT | 157,923 | 164 | |
| ^ | Dawnrays Pharmaceutical Holdings Ltd. | 196,000 | 162 |
| *,2 | China Jicheng Holdings Ltd. | 641,934 | 161 |
| China Travel International Investment Hong Kong Ltd. | 354,000 | 160 | |
| MGM China Holdings Ltd. | 108,000 | 157 | |
| Jiangnan Group Ltd. | 684,000 | 156 | |
| Cafe de Coral Holdings Ltd. | 46,000 | 155 | |
| Xinyi Glass Holdings Ltd. | 300,000 | 155 | |
| * | China Harmony New Energy Auto Holding Ltd. | 231,000 | 153 |
| Luk Fook Holdings International Ltd. | 59,000 | 152 | |
| Value Partners Group Ltd. | 143,000 | 151 | |
| ^ | Guotai Junan International Holdings Ltd. | 399,000 | 146 |
| Stella International Holdings Ltd. | 59,000 | 146 | |
| Orient Overseas International Ltd. | 30,500 | 145 | |
| Shangri-La Asia Ltd. | 157,519 | 144 | |
| L'Occitane International SA | 70,000 | 141 | |
| Man Wah Holdings Ltd. | 121,600 | 138 | |
| Beijing Enterprises Medical & Health Group Ltd. | 1,242,000 | 132 | |
| ^ | Town Health International Medical Group Ltd. | 618,000 | 128 |
| * | Canvest Environmental Protection Group Co. Ltd. | 291,000 | 125 |
| CITIC Telecom International Holdings Ltd. | 302,500 | 125 | |
| Minth Group Ltd. | 60,000 | 124 | |
| * | National Agricultural Holdings Ltd. | 246,000 | 123 |
| Shui On Land Ltd. | 447,000 | 123 | |
| China Soft Power Technology Holdings Ltd. | 1,302,000 | 122 | |
| NagaCorp Ltd. | 172,000 | 121 | |
| *,^ | KuangChi Science Ltd. | 289,000 | 118 |
| Lifestyle International Holdings Ltd. | 81,500 | 118 | |
| *,^ | Superb Summit International Group Ltd. | 620,000 | 117 |
| * | Good Resources Holdings Ltd. | 479,978 | 116 |
| Huabao International Holdings Ltd. | 275,000 | 115 | |
| Nexteer Automotive Group Ltd. | 107,000 | 114 | |
| *,^ | FDG Electric Vehicles Ltd. | 1,620,000 | 112 |
| * | China Water Industry Group Ltd. | 544,000 | 112 |
| SmarTone Telecommunications Holdings Ltd. | 63,000 | 111 | |
| Yuexiu REIT | 207,000 | 109 | |
| Sunlight REIT | 215,000 | 109 | |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 290,000 | 107 | |
| * | SMI Holdings Group Ltd. | 1,212,000 | 106 |
26
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | United Co. RUSAL plc | 270,000 | 103 |
| *,^ | China LNG Group Ltd. | 2,400,000 | 100 |
| * | China Oceanwide Holdings Ltd. | 700,000 | 97 |
| G-Resources Group Ltd. | 4,329,600 | 97 | |
| *,^ | Hang Fat Ginseng Holdings Co. Ltd. | 1,310,000 | 96 |
| * | Sino Oil And Gas Holdings Ltd. | 3,795,000 | 94 |
| * | Kong Sun Holdings Ltd. | 925,000 | 92 |
| REXLot Holdings Ltd. | 1,600,000 | 91 | |
| Dah Sing Banking Group Ltd. | 47,937 | 91 | |
| *,^ | Anton Oilfield Services Group | 676,000 | 89 |
| * | TOM Group Ltd. | 325,971 | 88 |
| *,^ | Winshine Entertainment & Media Holding Co. Ltd. | 675,904 | 88 |
| Kerry Logistics Network Ltd. | 58,000 | 86 | |
| *,^ | SPT Energy Group Inc. | 866,000 | 84 |
| * | Newtree Group Holdings Ltd. | 232,000 | 84 |
| Far East Consortium International Ltd. | 225,000 | 82 | |
| *,^ | China Financial International Investments Ltd. | 790,000 | 81 |
| Great Eagle Holdings Ltd. | 24,000 | 79 | |
| Freeman Financial Corp. Ltd. | 1,294,914 | 75 | |
| * | United Photovoltaics Group Ltd. | 734,000 | 75 |
| Pacific Textiles Holdings Ltd. | 52,000 | 74 | |
| *,^ | Summit Ascent Holdings Ltd. | 145,948 | 73 |
| Hopewell Highway Infrastructure Ltd. | 156,300 | 72 | |
| SITC International Holdings Co. Ltd. | 136,000 | 70 | |
| Mason Financial Holdings Ltd. | 1,871,227 | 70 | |
| Pacific Basin Shipping Ltd. | 235,000 | 70 | |
| Ju Teng International Holdings Ltd. | 126,000 | 69 | |
| ^ | Shougang Fushan Resources Group Ltd. | 498,000 | 67 |
| NewOcean Energy Holdings Ltd. | 162,000 | 66 | |
| Singamas Container Holdings Ltd. | 548,000 | 65 | |
| * | Mei Ah Entertainment Group Ltd. | 606,122 | 65 |
| EVA Precision Industrial Holdings Ltd. | 272,000 | 64 | |
| Yingde Gases Group Co. Ltd. | 137,500 | 61 | |
| *,2 | CGN Meiya Power Holdings Co. Ltd. | 250,000 | 60 |
| * | Sincere Watch Hong Kong Ltd. | 560,000 | 59 |
| K Wah International Holdings Ltd. | 132,000 | 57 | |
| Lee's Pharmaceutical Holdings Ltd. | 43,500 | 56 | |
| China Aerospace International Holdings Ltd. | 382,000 | 55 | |
| ^ | TCL Communication Technology Holdings Ltd. | 74,000 | 55 |
| ^ | China Smarter Energy Group Holdings Ltd. | 636,000 | 54 |
| * | Suncorp Technologies Ltd. | 1,910,000 | 52 |
| ^ | China LotSynergy Holdings Ltd. | 940,000 | 51 |
| GCL New Energy Holdings Ltd. | 696,000 | 51 | |
| Texwinca Holdings Ltd. | 52,000 | 50 | |
| APT Satellite Holdings Ltd. | 49,500 | 48 | |
| Towngas China Co. Ltd. | 71,000 | 48 | |
| * | Goodbaby International Holdings Ltd. | 104,464 | 48 |
| *,^ | China Huarong Energy Co. Ltd. | 1,161,500 | 48 |
| Dynam Japan Holdings Co. Ltd. | 37,400 | 46 | |
| * | United Laboratories International Holdings Ltd. | 86,000 | 46 |
| * | CST Mining Group Ltd. | 4,128,000 | 45 |
| *,^ | Honghua Group Ltd. | 540,000 | 44 |
| * | MMG Ltd. | 196,000 | 43 |
| *,^ | Midland Holdings Ltd. | 96,000 | 41 |
| Sun Hung Kai & Co. Ltd. | 58,000 | 39 | |
| ^ | SA Sa International Holdings Ltd. | 115,995 | 37 |
| Chow Sang Sang Holdings International Ltd. | 19,000 | 37 | |
| ^ | Truly International Holdings Ltd. | 154,000 | 37 |
| * | Hong Kong Television Network Ltd. | 164,000 | 35 |
| * | L'sea Resources International Holdings Ltd. | 570,000 | 34 |
| Shenwan Hongyuan HK Ltd. | 75,000 | 33 | |
| TPV Technology Ltd. | 224,000 | 33 | |
| Springland International Holdings Ltd. | 122,657 | 31 | |
| * | Sunshine Oilsands Ltd. | 317,500 | 30 |
27
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Xinchen China Power Holdings Ltd. | 128,000 | 30 |
| *,^ | Silver Base Group Holdings Ltd. | 196,000 | 30 |
| TCC International Holdings Ltd. | 147,000 | 29 | |
| * | Louis XIII Holdings Ltd. | 107,500 | 27 |
| * | Macau Legend Development Ltd. | 186,000 | 26 |
| * | Lai Sun Development Co. Ltd. | 1,446,000 | 26 |
| Liu Chong Hing Investment Ltd. | 19,982 | 24 | |
| Trinity Ltd. | 156,000 | 23 | |
| *,^ | Haier Healthwise Holdings Ltd. | 301,115 | 20 |
| Parkson Retail Group Ltd. | 117,500 | 17 | |
| * | China Household Holdings Ltd. | 445,000 | 15 |
| Emperor Watch & Jewellery Ltd. | 360,000 | 10 | |
| * | Real Nutriceutical Group Ltd. Rights Exp. 11/6/2015 | 32,175 | — |
| 96,023 | |||
| Hungary (0.0%) | |||
| OTP Bank plc | 59,154 | 1,146 | |
| Richter Gedeon Nyrt | 21,925 | 366 | |
| MOL Hungarian Oil & Gas plc | 6,799 | 307 | |
| * | Magyar Telekom Telecommunications plc | 62,225 | 86 |
| 1,905 | |||
| India (1.1%) | |||
| Housing Development Finance Corp. Ltd. | 281,549 | 5,400 | |
| HDFC Bank Ltd. ADR | 82,371 | 5,036 | |
| Infosys Ltd. ADR | 250,883 | 4,556 | |
| Tata Consultancy Services Ltd. | 87,030 | 3,318 | |
| 2 | Reliance Industries Ltd. GDR | 99,545 | 2,852 |
| Sun Pharmaceutical Industries Ltd. | 199,592 | 2,710 | |
| Infosys Ltd. | 130,954 | 2,273 | |
| Hindustan Unilever Ltd. | 136,625 | 1,672 | |
| ITC Ltd. | 324,315 | 1,658 | |
| * | Tata Motors Ltd. | 245,274 | 1,437 |
| Reliance Industries Ltd. | 98,766 | 1,429 | |
| Oil & Natural Gas Corp. Ltd. | 362,409 | 1,367 | |
| ICICI Bank Ltd. | 317,485 | 1,340 | |
| Lupin Ltd. | 42,288 | 1,242 | |
| HCL Technologies Ltd. | 92,901 | 1,238 | |
| Axis Bank Ltd. | 167,819 | 1,217 | |
| Kotak Mahindra Bank Ltd. | 115,324 | 1,211 | |
| Bharti Airtel Ltd. | 222,145 | 1,184 | |
| Coal India Ltd. | 236,235 | 1,154 | |
| Dr Reddy's Laboratories Ltd. | 13,551 | 882 | |
| Mahindra & Mahindra Ltd. | 48,200 | 871 | |
| IndusInd Bank Ltd. | 61,090 | 850 | |
| NTPC Ltd. (Common) | 410,457 | 832 | |
| Larsen & Toubro Ltd. | 35,743 | 769 | |
| State Bank of India GDR | 21,221 | 767 | |
| Adani Ports & Special Economic Zone Ltd. | 168,835 | 762 | |
| ICICI Bank Ltd. ADR | 81,110 | 699 | |
| Hero MotoCorp Ltd. | 17,276 | 681 | |
| Indiabulls Housing Finance Ltd. | 58,547 | 643 | |
| Indian Oil Corp. Ltd. | 104,924 | 641 | |
| Tech Mahindra Ltd. | 77,736 | 640 | |
| Wipro Ltd. | 71,277 | 627 | |
| Asian Paints Ltd. | 49,047 | 622 | |
| Maruti Suzuki India Ltd. | 9,018 | 612 | |
| Aurobindo Pharma Ltd. | 47,918 | 611 | |
| Zee Entertainment Enterprises Ltd. | 89,092 | 556 | |
| Eicher Motors Ltd. | 2,036 | 551 | |
| * | United Spirits Ltd. | 11,184 | 537 |
| Cipla Ltd. | 50,968 | 537 | |
| Bharti Infratel Ltd. | 89,213 | 530 | |
| GAIL India Ltd. | 108,270 | 510 | |
| Idea Cellular Ltd. | 229,303 | 490 | |
| Power Grid Corp. of India Ltd. | 231,783 | 456 | |
28
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Bajaj Auto Ltd. | 11,495 | 448 |
| UltraTech Cement Ltd. | 9,734 | 429 |
| UPL Ltd. | 60,270 | 423 |
| Shriram Transport Finance Co. Ltd. | 28,681 | 413 |
| Bosch Ltd. | 1,238 | 387 |
| Mphasis Ltd. | 51,680 | 374 |
| LIC Housing Finance Ltd. | 50,770 | 371 |
| Glenmark Pharmaceuticals Ltd. | 24,487 | 370 |
| Godrej Consumer Products Ltd. | 18,799 | 362 |
| Bharat Petroleum Corp. Ltd. | 26,241 | 349 |
| Credit Analysis & Research Ltd. | 17,395 | 346 |
| Nestle India Ltd. | 3,622 | 342 |
| Vedanta Ltd. | 213,858 | 324 |
| Dabur India Ltd. | 76,193 | 314 |
| Yes Bank Ltd. | 26,777 | 310 |
| Mindtree Ltd. | 12,890 | 309 |
| CRISIL Ltd. | 10,095 | 302 |
| Bharat Heavy Electricals Ltd. | 97,563 | 296 |
| Ambuja Cements Ltd. | 92,983 | 294 |
| * Shree Cement Ltd. | 1,543 | 289 |
| Apollo Hospitals Enterprise Ltd. | 14,411 | 289 |
| JSW Steel Ltd. | 20,465 | 284 |
| Pfizer Ltd. | 7,080 | 275 |
| * Cadila Healthcare Ltd. | 40,645 | 259 |
| Titan Co. Ltd. | 48,049 | 257 |
| Siemens Ltd. | 12,446 | 252 |
| Britannia Industries Ltd. | 4,992 | 246 |
| Federal Bank Ltd. | 288,546 | 239 |
| * Blue Dart Express Ltd. | 2,017 | 235 |
| Rajesh Exports Ltd. | 23,244 | 228 |
| Bajaj Finance Ltd. | 2,819 | 225 |
| Bank of Baroda | 91,356 | 223 |
| Wipro Ltd. ADR | 17,687 | 219 |
| Cyient Ltd. | 26,586 | 218 |
| ABB India Ltd. | 11,390 | 215 |
| Havells India Ltd. | 55,138 | 213 |
| Piramal Enterprises Ltd. | 14,712 | 210 |
| NMDC Ltd. | 133,233 | 203 |
| Rural Electrification Corp. Ltd. | 52,980 | 202 |
| State Bank of India | 55,530 | 201 |
| Hindustan Petroleum Corp. Ltd. | 17,055 | 200 |
| Power Finance Corp. Ltd. | 54,172 | 198 |
| Marico Ltd. | 33,062 | 195 |
| Motherson Sumi Systems Ltd. | 51,808 | 194 |
| Hindustan Zinc Ltd. | 79,986 | 192 |
| Cairn India Ltd. | 81,088 | 190 |
| Crompton Greaves Ltd. | 71,167 | 189 |
| Bajaj Finserv Ltd. | 6,175 | 186 |
| Dewan Housing Finance Corp. Ltd. | 54,173 | 186 |
| Petronet LNG Ltd. | 61,098 | 181 |
| Grasim Industries Ltd. | 3,156 | 179 |
| * Abbott India Ltd. | 2,099 | 179 |
| Hindalco Industries Ltd. | 139,523 | 179 |
| Bharat Forge Ltd. | 12,991 | 170 |
| * Suzlon Energy Ltd. | 451,294 | 169 |
| * Reliance Communications Ltd. | 146,458 | 168 |
| United Breweries Ltd. | 11,552 | 166 |
| Jubilant Foodworks Ltd. | 7,394 | 165 |
| Page Industries Ltd. | 735 | 158 |
| Bharat Electronics Ltd. | 8,274 | 157 |
| Pidilite Industries Ltd. | 18,150 | 155 |
| Mahindra & Mahindra Financial Services Ltd. | 43,961 | 152 |
| Torrent Pharmaceuticals Ltd. | 6,428 | 151 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 2,939 | 149 |
29
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| ACC Ltd. | 7,059 | 149 |
| Cummins India Ltd. | 9,045 | 148 |
| Max India Ltd. | 18,124 | 146 |
| Colgate-Palmolive India Ltd. | 9,940 | 145 |
| Reliance Capital Ltd. | 22,512 | 145 |
| Steel Authority of India Ltd. | 176,832 | 144 |
| Oracle Financial Services Software Ltd. | 2,415 | 143 |
| Divi's Laboratories Ltd. | 7,870 | 139 |
| Tata Power Co. Ltd. | 126,230 | 133 |
| Ashok Leyland Ltd. | 92,594 | 132 |
| Tata Steel Ltd. | 34,752 | 131 |
| Punjab National Bank | 64,733 | 127 |
| Emami Ltd. | 7,710 | 126 |
| MRF Ltd. | 207 | 126 |
| HDFC Bank Ltd. | 7,224 | 121 |
| Aditya Birla Nuvo Ltd. | 3,850 | 121 |
| Sundaram Finance Ltd. | 5,136 | 117 |
| Wockhardt Ltd. | 5,121 | 117 |
| GlaxoSmithKline Consumer Healthcare Ltd. | 1,260 | 116 |
| Oil India Ltd. | 18,669 | 116 |
| * IDFC Bank Ltd. | 103,749 | 115 |
| DLF Ltd. | 60,681 | 108 |
| Bajaj Holdings & Investment Ltd. | 4,212 | 107 |
| Reliance Infrastructure Ltd. | 17,599 | 106 |
| Oberoi Realty Ltd. | 23,982 | 105 |
| Castrol India Ltd. | 14,722 | 104 |
| IDFC Ltd. | 103,749 | 93 |
| Voltas Ltd. | 21,448 | 93 |
| JSW Energy Ltd. | 65,068 | 92 |
| Alembic Pharmaceuticals Ltd. | 8,754 | 91 |
| Muthoot Finance Ltd. | 32,403 | 89 |
| Godrej Industries Ltd. | 14,509 | 87 |
| AIA Engineering Ltd. | 5,820 | 85 |
| eClerx Services Ltd. | 3,049 | 85 |
| Arvind Ltd. | 20,018 | 85 |
| * SKS Microfinance Ltd. | 12,790 | 84 |
| * Sun Pharma Advanced Research Co. Ltd. | 14,218 | 84 |
| CESC Ltd. | 9,350 | 83 |
| Gillette India Ltd. | 1,099 | 81 |
| Ajanta Pharma Ltd. | 3,380 | 80 |
| Just Dial Ltd. | 6,520 | 80 |
| NCC Ltd. | 63,849 | 78 |
| * Jindal Steel & Power Ltd. | 63,005 | 77 |
| Balkrishna Industries Ltd. | 7,599 | 76 |
| PI Industries Ltd. | 7,408 | 76 |
| Apollo Tyres Ltd. | 28,669 | 75 |
| Kajaria Ceramics Ltd. | 5,263 | 73 |
| * Gujarat Pipavav Port Ltd. | 29,361 | 72 |
| Alstom T&D India Ltd. | 8,970 | 72 |
| Tata Communications Ltd. | 10,833 | 71 |
| Amara Raja Batteries Ltd. | 5,150 | 71 |
| Redington India Ltd. | 38,482 | 70 |
| Berger Paints India Ltd. | 20,494 | 69 |
| Torrent Power Ltd. | 23,118 | 68 |
| * Essar Oil Ltd. | 23,435 | 68 |
| Hexaware Technologies Ltd. | 18,647 | 68 |
| * Indian Hotels Co. Ltd. | 44,199 | 67 |
| Persistent Systems Ltd. | 6,778 | 67 |
| Thermax Ltd. | 5,117 | 66 |
| Info Edge India Ltd. | 5,723 | 66 |
| WABCO India Ltd. | 640 | 65 |
| Canara Bank | 15,022 | 63 |
| Century Textiles & Industries Ltd. | 7,450 | 63 |
| KPIT Technologies Ltd. | 30,090 | 63 |
30
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Sadbhav Engineering Ltd. | 12,847 | 63 |
| Strides Arcolab Ltd. | 3,169 | 62 |
| Bayer CropScience Ltd. | 1,170 | 62 |
| * Adani Power Ltd. | 129,261 | 62 |
| TVS Motor Co. Ltd. | 15,125 | 61 |
| Repco Home Finance Ltd. | 5,587 | 61 |
| Sun TV Network Ltd. | 9,912 | 60 |
| Adani Enterprises Ltd. | 42,545 | 60 |
| Gateway Distriparks Ltd. | 11,596 | 59 |
| Sintex Industries Ltd. | 37,552 | 58 |
| Cox & Kings Ltd. | 13,948 | 58 |
| Tata Chemicals Ltd. | 9,174 | 57 |
| IRB Infrastructure Developers Ltd. | 15,260 | 57 |
| Vakrangee Ltd. | 28,576 | 57 |
| Ipca Laboratories Ltd. | 4,757 | 57 |
| Welspun Corp. Ltd. | 36,272 | 56 |
| * Gujarat Gas Ltd. | 6,502 | 55 |
| Exide Industries Ltd. | 23,787 | 54 |
| * GMR Infrastructure Ltd. | 269,033 | 54 |
| GRUH Finance Ltd. | 13,350 | 52 |
| Union Bank of India | 21,229 | 51 |
| IDBI Bank Ltd. | 37,908 | 49 |
| NHPC Ltd. | 174,976 | 48 |
| * Reliance Power Ltd. | 62,911 | 48 |
| * Bajaj Corp. Ltd. | 7,508 | 47 |
| Tata Global Beverages Ltd. | 22,864 | 47 |
| Karur Vysya Bank Ltd. | 7,135 | 46 |
| * Dish TV India Ltd. | 28,109 | 45 |
| * Whirlpool of India Ltd. | 4,543 | 44 |
| L&T Finance Holdings Ltd. | 40,644 | 41 |
| * Hathway Cable & Datacom Ltd. | 65,940 | 41 |
| Jammu & Kashmir Bank Ltd. | 32,230 | 41 |
| Gujarat Fluorochemicals Ltd. | 4,074 | 40 |
| Prestige Estates Projects Ltd. | 12,821 | 40 |
| VA Tech Wabag Ltd. | 3,912 | 38 |
| * Mangalore Refinery & Petrochemicals Ltd. | 45,416 | 38 |
| National Aluminium Co. Ltd. | 63,183 | 37 |
| * Housing Development & Infrastructure Ltd. | 31,911 | 35 |
| Multi Commodity Exchange of India Ltd. | 2,593 | 35 |
| Sobha Ltd. | 7,055 | 35 |
| Gujarat State Petronet Ltd. | 17,246 | 34 |
| * Jaiprakash Associates Ltd. | 159,746 | 33 |
| * Indiabulls Real Estate Ltd. | 33,322 | 32 |
| IFCI Ltd. | 75,943 | 31 |
| Indraprastha Gas Ltd. | 4,094 | 30 |
| * Pipavav Defence & Offshore Engineering Co. Ltd. | 34,299 | 30 |
| Rolta India Ltd. | 18,714 | 28 |
| Bank of India | 13,460 | 27 |
| Jain Irrigation Systems Ltd. | 28,413 | 27 |
| South Indian Bank Ltd. | 79,690 | 25 |
| Great Eastern Shipping Co. Ltd. | 4,216 | 24 |
| Biocon Ltd. | 3,399 | 24 |
| Alstom India Ltd. | 2,496 | 24 |
| * Hindustan Construction Co. Ltd. | 58,499 | 24 |
| * Adani Transmissions Ltd. | 42,545 | 24 |
| * Unitech Ltd. | 198,930 | 23 |
| Srei Infrastructure Finance Ltd. | 33,628 | 23 |
| Indian Bank | 11,871 | 23 |
| Karnataka Bank Ltd. | 10,313 | 20 |
| Engineers India Ltd. | 6,599 | 20 |
| Videocon Industries Ltd. | 9,656 | 20 |
| * DEN Networks Ltd. | 10,752 | 19 |
| Vijaya Bank | 31,062 | 17 |
| Syndicate Bank | 11,844 | 17 |
31
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Central Bank of India | 13,166 | 17 |
| PTC India Ltd. | 16,013 | 16 |
| Corp Bank | 23,040 | 15 |
| * Indian Overseas Bank | 27,269 | 15 |
| UCO Bank | 17,873 | 14 |
| Coromandel International Ltd. | 4,820 | 14 |
| Allahabad Bank | 11,991 | 14 |
| Oriental Bank of Commerce | 6,239 | 13 |
| Amtek Auto Ltd. | 19,970 | 12 |
| * Bhushan Steel Ltd. | 2,605 | 2 |
| * Nirvikara Paper Mills Ltd. | 716 | 1 |
| * Arvind Infrastructure Ltd | 2,001 | — |
| 82,849 | ||
| Indonesia (0.2%) | ||
| Bank Central Asia Tbk PT | 3,166,328 | 2,972 |
| Astra International Tbk PT | 4,266,130 | 1,829 |
| Telekomunikasi Indonesia Persero Tbk PT | 8,279,640 | 1,638 |
| Bank Rakyat Indonesia Persero Tbk PT | 1,968,778 | 1,504 |
| Bank Mandiri Persero Tbk PT | 1,507,116 | 953 |
| Unilever Indonesia Tbk PT | 194,000 | 523 |
| Bank Negara Indonesia Persero Tbk PT | 1,100,630 | 380 |
| Perusahaan Gas Negara Persero Tbk PT | 1,669,100 | 363 |
| AKR Corporindo Tbk PT | 766,700 | 329 |
| Kalbe Farma Tbk PT | 3,041,400 | 316 |
| Semen Indonesia Persero Tbk PT | 437,300 | 311 |
| United Tractors Tbk PT | 222,960 | 294 |
| Indofood Sukses Makmur Tbk PT | 666,900 | 268 |
| Indocement Tunggal Prakarsa Tbk PT | 203,700 | 266 |
| Lippo Karawaci Tbk PT | 2,823,500 | 245 |
| Intiland Development Tbk PT | 6,121,500 | 225 |
| Gudang Garam Tbk PT | 71,400 | 224 |
| Charoen Pokphand Indonesia Tbk PT | 1,127,500 | 204 |
| * Tower Bersama Infrastructure Tbk PT | 357,100 | 185 |
| Surya Citra Media Tbk PT | 837,200 | 178 |
| Ramayana Lestari Sentosa Tbk PT | 3,479,900 | 160 |
| BISI International Tbk PT | 1,725,100 | 151 |
| Summarecon Agung Tbk PT | 1,475,500 | 149 |
| Indofood CBP Sukses Makmur Tbk PT | 147,600 | 142 |
| Media Nusantara Citra Tbk PT | 1,051,100 | 136 |
| Bumi Serpong Damai Tbk PT | 1,147,400 | 135 |
| Ciputra Development Tbk PT | 1,298,057 | 102 |
| * XL Axiata Tbk PT | 418,000 | 95 |
| Wijaya Karya Beton Tbk PT | 1,298,600 | 92 |
| Pakuwon Jati Tbk PT | 2,725,000 | 84 |
| Bank Danamon Indonesia Tbk PT | 408,600 | 82 |
| Jasa Marga Persero Tbk PT | 225,200 | 79 |
| Adaro Energy Tbk PT | 1,516,000 | 66 |
| Bank Tabungan Negara Persero Tbk PT | 743,100 | 64 |
| Waskita Karya Persero Tbk PT | 525,374 | 62 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 1,091,000 | 60 |
| Astra Agro Lestari Tbk PT | 39,400 | 57 |
| Matahari Putra Prima Tbk PT | 345,600 | 56 |
| Tambang Batubara Bukit Asam Persero Tbk PT | 100,900 | 54 |
| Wijaya Karya Persero Tbk PT | 249,900 | 53 |
| * Panin Financial Tbk PT | 3,164,200 | 50 |
| MNC Investama Tbk PT | 2,927,700 | 45 |
| Global Mediacom Tbk PT | 667,100 | 42 |
| * Lippo Cikarang Tbk PT | 69,300 | 40 |
| * Indosat Tbk PT | 131,868 | 40 |
| Alam Sutera Realty Tbk PT | 1,374,100 | 39 |
| Ace Hardware Indonesia Tbk PT | 729,200 | 36 |
| * Eagle High Plantations Tbk PT | 2,054,500 | 35 |
| * Vale Indonesia Tbk PT | 216,600 | 35 |
| Surya Semesta Internusa Tbk PT | 704,600 | 33 |
32
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 293,100 | 33 |
| * Agung Podomoro Land Tbk PT | 1,547,500 | 31 |
| Gajah Tunggal Tbk PT | 720,000 | 31 |
| Siloam International Hospitals Tbk PT | 38,600 | 31 |
| Bekasi Fajar Industrial Estate Tbk PT | 1,002,100 | 28 |
| Indo Tambangraya Megah Tbk PT | 42,500 | 26 |
| Timah Persero Tbk PT | 473,400 | 21 |
| * Mitra Adiperkasa Tbk PT | 82,600 | 21 |
| * Energi Mega Persada Tbk PT | 5,503,500 | 20 |
| Medco Energi Internasional Tbk PT | 186,500 | 15 |
| * Berlian Laju Tanker Tbk PT | 968,000 | 14 |
| * Bumi Resources Tbk PT | 1,618,500 | 6 |
| 15,758 | ||
| Ireland (0.1%) | ||
| Kerry Group plc Class A | 24,427 | 1,984 |
| * Bank of Ireland | 4,678,076 | 1,740 |
| * Ryanair Holdings plc ADR | 20,329 | 1,589 |
| Smurfit Kappa Group plc | 40,647 | 1,157 |
| Paddy Power plc | 5,707 | 660 |
| * ICON plc | 10,000 | 639 |
| Kingspan Group plc | 26,150 | 633 |
| Glanbia plc | 29,480 | 571 |
| * Ryanair Holdings plc | 22,790 | 338 |
| * Prothena Corp. plc | 5,800 | 299 |
| C&C Group plc | 51,114 | 204 |
| Green REIT plc | 83,889 | 145 |
| FBD Holdings plc | 1,374 | 10 |
| * Irish Bank Resolution Corp. Ltd. | 14,385 | — |
| 9,969 | ||
| Israel (0.3%) | ||
| Teva Pharmaceutical Industries Ltd. | 177,347 | 10,535 |
| Bank Hapoalim BM | 188,926 | 983 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 401,192 | 862 |
| * Strauss Group Ltd. | 58,844 | 842 |
| * Bank Leumi Le-Israel BM | 200,395 | 759 |
| NICE-Systems Ltd. | 8,265 | 511 |
| Israel Chemicals Ltd. | 72,044 | 399 |
| * Mellanox Technologies Ltd. | 8,039 | 379 |
| * Israel Discount Bank Ltd. Class A | 181,002 | 330 |
| Elbit Systems Ltd. | 3,823 | 303 |
| Frutarom Industries Ltd. | 5,312 | 229 |
| Azrieli Group | 5,692 | 222 |
| Mizrahi Tefahot Bank Ltd. | 15,715 | 191 |
| Delek Group Ltd. | 773 | 187 |
| * Tower Semiconductor Ltd. | 11,449 | 156 |
| Gazit-Globe Ltd. | 12,436 | 135 |
| First International Bank Of Israel Ltd. | 9,518 | 120 |
| * Airport City Ltd. | 12,314 | 120 |
| Israel Corp. Ltd. | 396 | 102 |
| Paz Oil Co. Ltd. | 663 | 99 |
| Melisron Ltd. | 2,819 | 98 |
| * EZchip Semiconductor Ltd. | 3,995 | 97 |
| Alony Hetz Properties & Investments Ltd. | 11,949 | 91 |
| Osem Investments Ltd. | 4,261 | 82 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,678 | 79 |
| * Oil Refineries Ltd. | 184,043 | 67 |
| * Naphtha Israel Petroleum Corp. Ltd. | 11,590 | 65 |
| Shikun & Binui Ltd. | 35,075 | 64 |
| Harel Insurance Investments & Financial Services Ltd. | 14,790 | 62 |
| * Cellcom Israel Ltd. (Registered) | 8,090 | 61 |
| * Clal Insurance Enterprises Holdings Ltd. | 3,854 | 59 |
| * Jerusalem Oil Exploration | 1,309 | 52 |
| Reit 1 Ltd. | 18,543 | 51 |
| Ituran Location and Control Ltd. | 2,266 | 47 |
33
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Migdal Insurance & Financial Holding Ltd. | 47,854 | 43 | |
| * | Partner Communications Co. Ltd. | 8,707 | 39 |
| * | Compugen Ltd. | 6,072 | 38 |
| * | Allot Communications Ltd. | 4,912 | 28 |
| * | Mazor Robotics Ltd. | 5,016 | 27 |
| * | Nova Measuring Instruments Ltd. | 2,405 | 25 |
| Silicom Ltd. | 693 | 22 | |
| * | Kamada Ltd. | 5,171 | 21 |
| * | Evogene Ltd. | 2,628 | 20 |
| * | Kenon Holdings Ltd. | 1,533 | 20 |
| 18,722 | |||
| Italy (0.9%) | |||
| Intesa Sanpaolo SPA (Registered) | 2,318,433 | 8,082 | |
| Eni SPA | 480,293 | 7,836 | |
| Enel SPA | 1,293,126 | 5,970 | |
| UniCredit SPA | 914,144 | 5,915 | |
| Assicurazioni Generali SPA | 228,668 | 4,338 | |
| * | Telecom Italia SPA (Registered) | 2,225,976 | 3,100 |
| * | Fiat Chrysler Automobiles NV | 151,221 | 2,223 |
| Atlantia SPA | 79,834 | 2,213 | |
| Luxottica Group SPA | 27,735 | 1,940 | |
| Snam SPA | 354,200 | 1,832 | |
| Prysmian SPA | 81,494 | 1,762 | |
| CNH Industrial NV | 250,626 | 1,692 | |
| Terna Rete Elettrica Nazionale SPA | 329,687 | 1,676 | |
| Unione di Banche Italiane SPA | 139,936 | 1,045 | |
| Telecom Italia SPA (Bearer) | 851,380 | 958 | |
| Azimut Holding SPA | 38,606 | 927 | |
| Banca Generali SPA | 28,231 | 871 | |
| * | Banco Popolare SC | 57,497 | 861 |
| Mediobanca SPA | 81,515 | 821 | |
| EXOR SPA | 15,677 | 779 | |
| * | Finmeccanica SPA | 59,028 | 773 |
| Banca Monte dei Paschi di Siena SPA | 399,476 | 733 | |
| Banca Popolare di Milano Scarl | 700,672 | 659 | |
| Tenaris SA ADR | 25,662 | 648 | |
| Banca Popolare dell'Emilia Romagna SC | 78,820 | 635 | |
| Mediaset SPA | 123,291 | 627 | |
| Recordati SPA | 23,910 | 595 | |
| *,^ | Saipem SPA | 62,887 | 591 |
| * | LivaNova plc | 8,297 | 550 |
| Enel Green Power SPA | 243,912 | 516 | |
| Italcementi SPA | 43,842 | 487 | |
| UnipolSai SPA | 176,053 | 424 | |
| A2A SPA | 301,842 | 414 | |
| Davide Campari-Milano SPA | 45,120 | 386 | |
| Tenaris SA | 29,761 | 375 | |
| Falck Renewables SPA | 291,555 | 365 | |
| Unipol Gruppo Finanziario SPA | 76,871 | 359 | |
| 2 | Anima Holding SPA | 35,414 | 348 |
| Mediolanum SPA | 41,853 | 340 | |
| * | Yoox Net-A-Porter Group SPA | 9,975 | 338 |
| Banca Popolare di Sondrio SCARL | 71,946 | 328 | |
| Moncler SPA | 19,854 | 320 | |
| ERG SPA | 20,451 | 290 | |
| Hera SPA | 109,162 | 287 | |
| FinecoBank Banca Fineco SPA | 34,759 | 262 | |
| DiaSorin SPA | 5,622 | 252 | |
| * | Credito Valtellinese SC | 190,798 | 240 |
| * | Juventus Football Club SPA | 825,309 | 237 |
| Iren SPA | 136,998 | 226 | |
| Banca Carige SPA | 121,503 | 222 | |
| De' Longhi SPA | 8,878 | 217 | |
| Salvatore Ferragamo SPA | 7,614 | 207 | |
34
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Brembo SPA | 4,602 | 203 | |
| Buzzi Unicem SPA | 11,773 | 199 | |
| * | Autogrill SPA | 19,451 | 181 |
| Ansaldo STS SPA | 16,919 | 180 | |
| Tod's SPA | 2,088 | 175 | |
| Cerved Information Solutions SPA | 22,594 | 171 | |
| Societa Cattolica di Assicurazioni SCRL | 20,187 | 158 | |
| Banca IFIS SPA | 6,213 | 153 | |
| *,2 | OVS SPA | 21,970 | 151 |
| ACEA SPA | 9,936 | 143 | |
| MARR SPA | 6,935 | 141 | |
| Interpump Group SPA | 9,369 | 138 | |
| Salini Impregilo SPA | 27,931 | 116 | |
| Parmalat SPA | 44,356 | 115 | |
| Industria Macchine Automatiche SPA | 2,180 | 113 | |
| Ei Towers SPA | 1,850 | 112 | |
| * | Saras SPA | 53,596 | 106 |
| Beni Stabili SpA SIIQ | 124,719 | 103 | |
| Danieli & C Officine Meccaniche SPA RSP | 6,539 | 99 | |
| Italmobiliare SPA | 2,286 | 99 | |
| Amplifon SPA | 11,873 | 92 | |
| Zignago Vetro SPA | 13,478 | 88 | |
| Societa Iniziative Autostradali e Servizi SPA | 6,715 | 77 | |
| Credito Emiliano SPA | 9,851 | 70 | |
| 2 | RAI Way SPA | 13,264 | 68 |
| Brunello Cucinelli SPA | 3,359 | 61 | |
| Cementir Holding SPA | 10,694 | 60 | |
| Immobiliare Grande Distribuzione SIIQ SPA | 55,106 | 55 | |
| * | Geox SPA | 10,796 | 50 |
| ASTM SPA | 3,541 | 48 | |
| CNH Industrial NV (New York Shares) | 6,507 | 44 | |
| *,^ | Fincantieri SPA | 74,730 | 41 |
| Danieli & C Officine Meccaniche SPA | 1,880 | 40 | |
| * | Safilo Group SPA | 3,221 | 40 |
| Esprinet SPA | 4,334 | 39 | |
| Astaldi SPA | 4,791 | 39 | |
| * | RCS MediaGroup SPA | 48,117 | 38 |
| Piaggio & C SPA | 14,781 | 37 | |
| * | CIR-Compagnie Industriali Riunite SPA | 32,485 | 36 |
| * | Arnoldo Mondadori Editore SPA | 24,213 | 30 |
| * | Gruppo Editoriale L'Espresso SPA | 22,920 | 25 |
| * | Cofide SPA | 48,461 | 24 |
| ^ | Trevi Finanziaria Industriale SPA | 17,319 | 22 |
| 72,072 | |||
| Japan (8.2%) | |||
| Toyota Motor Corp. | 499,230 | 30,568 | |
| Mitsubishi UFJ Financial Group Inc. | 2,689,072 | 17,388 | |
| Honda Motor Co. Ltd. | 333,619 | 11,076 | |
| Sumitomo Mitsui Financial Group Inc. | 255,448 | 10,156 | |
| SoftBank Group Corp. | 182,433 | 10,154 | |
| Mizuho Financial Group Inc. | 4,476,107 | 9,153 | |
| KDDI Corp. | 378,300 | 9,138 | |
| Takeda Pharmaceutical Co. Ltd. | 158,981 | 7,728 | |
| Japan Tobacco Inc. | 209,396 | 7,234 | |
| East Japan Railway Co. | 73,398 | 6,967 | |
| Sony Corp. | 241,900 | 6,860 | |
| FANUC Corp. | 38,248 | 6,731 | |
| Central Japan Railway Co. | 35,021 | 6,359 | |
| Canon Inc. | 208,700 | 6,234 | |
| Seven & i Holdings Co. Ltd. | 136,100 | 6,150 | |
| Mitsubishi Estate Co. Ltd. | 286,627 | 6,128 | |
| NTT DOCOMO Inc. | 292,948 | 5,750 | |
| Murata Manufacturing Co. Ltd. | 39,269 | 5,569 | |
| Astellas Pharma Inc. | 384,600 | 5,560 | |
35
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Shin-Etsu Chemical Co. Ltd. | 93,890 | 5,559 |
| Bridgestone Corp. | 146,898 | 5,386 |
| Kao Corp. | 104,548 | 5,340 |
| Hitachi Ltd. | 902,688 | 5,185 |
| Tokio Marine Holdings Inc. | 130,821 | 5,011 |
| Panasonic Corp. | 408,855 | 4,798 |
| Mitsui Fudosan Co. Ltd. | 168,000 | 4,554 |
| Nissan Motor Co. Ltd. | 427,901 | 4,439 |
| Mitsubishi Corp. | 241,800 | 4,380 |
| Nippon Telegraph & Telephone Corp. | 117,000 | 4,297 |
| Mitsubishi Electric Corp. | 410,819 | 4,261 |
| Keyence Corp. | 8,183 | 4,247 |
| Nomura Holdings Inc. | 671,100 | 4,204 |
| Fuji Heavy Industries Ltd. | 108,800 | 4,201 |
| Mitsui & Co. Ltd. | 322,900 | 4,079 |
| ITOCHU Corp. | 323,400 | 4,028 |
| Denso Corp. | 86,000 | 3,982 |
| Nintendo Co. Ltd. | 23,700 | 3,783 |
| ORIX Corp. | 249,460 | 3,647 |
| Dai-ichi Life Insurance Co. Ltd. | 204,600 | 3,537 |
| Komatsu Ltd. | 208,435 | 3,441 |
| Fast Retailing Co. Ltd. | 9,100 | 3,311 |
| Tokyo Gas Co. Ltd. | 657,000 | 3,244 |
| MS&AD Insurance Group Holdings Inc. | 110,389 | 3,240 |
| Kubota Corp. | 210,000 | 3,237 |
| Nidec Corp. | 43,006 | 3,231 |
| FUJIFILM Holdings Corp. | 76,200 | 3,029 |
| Eisai Co. Ltd. | 48,500 | 3,017 |
| Hoya Corp. | 73,000 | 3,000 |
| Olympus Corp. | 87,300 | 2,933 |
| Daikin Industries Ltd. | 45,579 | 2,918 |
| Daiwa House Industry Co. Ltd. | 111,000 | 2,898 |
| Chubu Electric Power Co. Inc. | 185,907 | 2,850 |
| Nippon Steel & Sumitomo Metal Corp. | 136,874 | 2,768 |
| Mitsubishi Heavy Industries Ltd. | 533,870 | 2,687 |
| SMC Corp. | 10,400 | 2,666 |
| Sumitomo Mitsui Trust Holdings Inc. | 689,460 | 2,638 |
| Sumitomo Realty & Development Co. Ltd. | 79,846 | 2,618 |
| West Japan Railway Co. | 37,400 | 2,617 |
| Kyocera Corp. | 54,900 | 2,475 |
| Sysmex Corp. | 42,268 | 2,416 |
| Daito Trust Construction Co. Ltd. | 22,292 | 2,411 |
| Daiichi Sankyo Co. Ltd. | 122,800 | 2,394 |
| Suzuki Motor Corp. | 71,581 | 2,337 |
| Toray Industries Inc. | 262,000 | 2,281 |
| Shionogi & Co. Ltd. | 54,800 | 2,240 |
| Otsuka Holdings Co. Ltd. | 67,700 | 2,239 |
| * Tokyo Electric Power Co. Inc. | 326,300 | 2,219 |
| Shimano Inc. | 14,100 | 2,216 |
| Secom Co. Ltd. | 33,100 | 2,202 |
| Isuzu Motors Ltd. | 187,720 | 2,182 |
| Oriental Land Co. Ltd. | 35,700 | 2,161 |
| Dentsu Inc. | 38,449 | 2,154 |
| Ono Pharmaceutical Co. Ltd. | 15,700 | 2,139 |
| Sumitomo Corp. | 191,300 | 2,096 |
| Rakuten Inc. | 149,600 | 2,070 |
| Asahi Group Holdings Ltd. | 67,100 | 2,065 |
| Kirin Holdings Co. Ltd. | 144,800 | 2,043 |
| Sompo Japan Nipponkoa Holdings Inc. | 64,975 | 2,025 |
| Ajinomoto Co. Inc. | 91,000 | 2,020 |
| Resona Holdings Inc. | 374,406 | 1,974 |
| * Toshiba Corp. | 697,000 | 1,960 |
| Daiwa Securities Group Inc. | 283,000 | 1,930 |
| Mazda Motor Corp. | 96,500 | 1,895 |
36
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| JFE Holdings Inc. | 121,000 | 1,892 |
| MEIJI Holdings Co. Ltd. | 24,034 | 1,884 |
| Terumo Corp. | 63,100 | 1,863 |
| Aeon Co. Ltd. | 122,300 | 1,807 |
| * Kansai Electric Power Co. Inc. | 141,200 | 1,799 |
| Recruit Holdings Co. Ltd. | 55,870 | 1,792 |
| Nitto Denko Corp. | 27,600 | 1,760 |
| Tokyo Electron Ltd. | 28,800 | 1,720 |
| Sumitomo Electric Industries Ltd. | 123,800 | 1,684 |
| Sekisui House Ltd. | 98,600 | 1,636 |
| Shiseido Co. Ltd. | 69,100 | 1,630 |
| Kintetsu Group Holdings Co. Ltd. | 405,000 | 1,563 |
| Aisin Seiki Co. Ltd. | 39,300 | 1,555 |
| Kikkoman Corp. | 49,750 | 1,551 |
| Tokyu Corp. | 190,000 | 1,536 |
| JX Holdings Inc. | 391,907 | 1,531 |
| Marubeni Corp. | 265,228 | 1,528 |
| Yaskawa Electric Corp. | 128,663 | 1,523 |
| Osaka Gas Co. Ltd. | 378,000 | 1,485 |
| Sumitomo Chemical Co. Ltd. | 259,492 | 1,481 |
| Amada Holdings Co. Ltd. | 167,000 | 1,480 |
| Japan Exchange Group Inc. | 91,000 | 1,459 |
| Asahi Kasei Corp. | 238,000 | 1,456 |
| Toyota Industries Corp. | 27,500 | 1,440 |
| Inpex Corp. | 149,900 | 1,429 |
| Fujitsu Ltd. | 299,906 | 1,411 |
| T&D Holdings Inc. | 106,900 | 1,397 |
| Mitsubishi Chemical Holdings Corp. | 219,084 | 1,361 |
| Taisei Corp. | 207,002 | 1,344 |
| Ryohin Keikaku Co. Ltd. | 6,675 | 1,338 |
| Hankyu Hanshin Holdings Inc. | 204,000 | 1,329 |
| NEC Corp. | 426,000 | 1,313 |
| Tohoku Electric Power Co. Inc. | 91,500 | 1,280 |
| TDK Corp. | 20,100 | 1,275 |
| Ricoh Co. Ltd. | 116,400 | 1,251 |
| Unicharm Corp. | 57,800 | 1,232 |
| Yamato Holdings Co. Ltd. | 62,100 | 1,218 |
| Bank of Yokohama Ltd. | 194,000 | 1,205 |
| Chugai Pharmaceutical Co. Ltd. | 36,400 | 1,167 |
| Yamada Denki Co. Ltd. | 257,360 | 1,160 |
| Asahi Glass Co. Ltd. | 198,000 | 1,128 |
| Makita Corp. | 20,200 | 1,102 |
| Taisei Lamick Co. Ltd. | 45,100 | 1,077 |
| NGK Insulators Ltd. | 50,000 | 1,075 |
| Omron Corp. | 32,400 | 1,069 |
| Japan Pure Chemical Co. Ltd. | 56,100 | 1,056 |
| Sumitomo Heavy Industries Ltd. | 229,000 | 1,027 |
| Alps Electric Co. Ltd. | 33,300 | 1,025 |
| Nippon Valqua Industries Ltd. | 408,000 | 1,004 |
| LIXIL Group Corp. | 46,700 | 997 |
| Yamaha Motor Co. Ltd. | 44,500 | 997 |
| Hakuto Co. Ltd. | 85,256 | 993 |
| Sumitomo Metal Mining Co. Ltd. | 79,000 | 984 |
| Japan Transcity Corp. | 274,000 | 982 |
| Nitori Holdings Co. Ltd. | 12,600 | 980 |
| NTT Data Corp. | 19,700 | 976 |
| Shibusawa Warehouse Co. Ltd. | 383,000 | 975 |
| Yakult Honsha Co. Ltd. | 18,500 | 975 |
| Dai Nippon Printing Co. Ltd. | 94,000 | 969 |
| Odakyu Electric Railway Co. Ltd. | 99,000 | 965 |
| Obayashi Corp. | 110,000 | 963 |
| Kawasaki Heavy Industries Ltd. | 241,000 | 962 |
| Electric Power Development Co. Ltd. | 29,200 | 959 |
| Isetan Mitsukoshi Holdings Ltd. | 59,300 | 948 |
37
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Yahoo Japan Corp. | 223,600 | 946 |
| * Kyushu Electric Power Co. Inc. | 77,300 | 932 |
| Fujikura Kasei Co. Ltd. | 195,200 | 914 |
| Shimizu Corp. | 104,000 | 908 |
| Santen Pharmaceutical Co. Ltd. | 66,800 | 903 |
| Pronexus Inc. | 121,700 | 894 |
| Shizuoka Bank Ltd. | 89,000 | 887 |
| NSK Ltd. | 75,000 | 884 |
| TOTO Ltd. | 26,000 | 877 |
| Toppan Printing Co. Ltd. | 96,000 | 858 |
| Chiba Bank Ltd. | 117,000 | 850 |
| Suntory Beverage & Food Ltd. | 20,700 | 836 |
| Asahi Organic Chemicals Industry Co. Ltd. | 452,000 | 832 |
| Mitsubishi Motors Corp. | 93,700 | 829 |
| Toyota Tsusho Corp. | 36,200 | 825 |
| Asics Corp. | 29,800 | 821 |
| Sekisui Chemical Co. Ltd. | 69,000 | 811 |
| Tobu Railway Co. Ltd. | 165,000 | 796 |
| Toho Co. Ltd. (Tokyo Shares 8142) | 43,000 | 790 |
| Kajima Corp. | 138,000 | 790 |
| Lawson Inc. | 10,700 | 789 |
| Rohm Co. Ltd. | 15,700 | 772 |
| Bandai Namco Holdings Inc. | 31,400 | 769 |
| NGK Spark Plug Co. Ltd. | 31,500 | 767 |
| Keio Corp. | 94,000 | 763 |
| Shimadzu Corp. | 49,000 | 760 |
| Konica Minolta Inc. | 73,600 | 756 |
| ^ Fukuyama Transporting Co. Ltd. | 139,000 | 755 |
| Chugoku Electric Power Co. Inc. | 50,000 | 754 |
| Koito Manufacturing Co. Ltd. | 19,800 | 748 |
| Nikon Corp. | 57,600 | 743 |
| ^ Mitsubishi Kakoki Kaisha Ltd. | 294,000 | 727 |
| Oji Holdings Corp. | 140,000 | 723 |
| Kyowa Hakko Kirin Co. Ltd. | 44,000 | 722 |
| Nippon Express Co. Ltd. | 140,000 | 718 |
| Seiko Epson Corp. | 46,500 | 708 |
| ^ Casio Computer Co. Ltd. | 37,500 | 704 |
| Fukuoka Financial Group Inc. | 134,000 | 702 |
| Nomura Research Institute Ltd. | 16,830 | 686 |
| Yamaha Corp. | 27,600 | 683 |
| Keikyu Corp. | 83,000 | 680 |
| Don Quijote Holdings Co. Ltd. | 18,400 | 675 |
| NH Foods Ltd. | 32,000 | 668 |
| Daicel Corp. | 50,600 | 666 |
| Kuraray Co. Ltd. | 54,100 | 665 |
| Mitsubishi Materials Corp. | 191,340 | 664 |
| Nippon Paint Holdings Co. Ltd. | 31,500 | 662 |
| Aozora Bank Ltd. | 178,901 | 651 |
| IHI Corp. | 229,000 | 645 |
| Nippon Yusen KK | 247,000 | 643 |
| Hirose Electric Co. Ltd. | 5,330 | 643 |
| Shimamura Co. Ltd. | 5,700 | 638 |
| M3 Inc. | 32,600 | 627 |
| Minebea Co. Ltd. | 57,000 | 625 |
| J Front Retailing Co. Ltd. | 38,000 | 622 |
| Taiheiyo Cement Corp. | 187,000 | 615 |
| Tosoh Corp. | 121,531 | 615 |
| Seibu Holdings Inc. | 30,378 | 614 |
| USS Co. Ltd. | 34,800 | 613 |
| Trend Micro Inc. | 15,700 | 610 |
| JTEKT Corp. | 35,500 | 609 |
| Kansai Paint Co. Ltd. | 40,000 | 607 |
| Mitsubishi Tanabe Pharma Corp. | 35,900 | 606 |
| Nisshin Seifun Group Inc. | 39,420 | 600 |
38
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Toyo Suisan Kaisha Ltd. | 16,100 | 593 |
| Kobe Steel Ltd. | 464,000 | 583 |
| Bank of Kyoto Ltd. | 58,000 | 583 |
| Nagoya Railroad Co. Ltd. | 141,000 | 582 |
| Nissin Foods Holdings Co. Ltd. | 12,600 | 581 |
| * Kyushu Financial Group Inc. | 75,070 | 577 |
| Obic Co. Ltd. | 10,900 | 575 |
| Hamamatsu Photonics KK | 22,300 | 570 |
| MISUMI Group Inc. | 43,800 | 569 |
| Keisei Electric Railway Co. Ltd. | 46,000 | 565 |
| Alfresa Holdings Corp. | 29,500 | 565 |
| Suruga Bank Ltd. | 28,600 | 561 |
| JGC Corp. | 35,000 | 553 |
| Tokyu Fudosan Holdings Corp. | 77,686 | 544 |
| Teijin Ltd. | 153,000 | 538 |
| Suzuken Co. Ltd. | 14,060 | 537 |
| Mitsui Chemicals Inc. | 142,000 | 535 |
| Japan Airlines Co. Ltd. | 14,200 | 534 |
| Nissan Chemical Industries Ltd. | 21,600 | 534 |
| Hiroshima Bank Ltd. | 96,000 | 531 |
| Haseko Corp. | 51,700 | 526 |
| Joyo Bank Ltd. | 101,000 | 522 |
| Hisamitsu Pharmaceutical Co. Inc. | 13,400 | 518 |
| Keihan Electric Railway Co. Ltd. | 73,000 | 516 |
| Hulic Co. Ltd. | 54,800 | 510 |
| Toyo Seikan Group Holdings Ltd. | 26,300 | 510 |
| Brother Industries Ltd. | 40,000 | 509 |
| Toho Co. Ltd. (Tokyo Shares 9602) | 19,300 | 502 |
| Shinsei Bank Ltd. | 240,000 | 501 |
| Hoshizaki Electric Co. Ltd. | 6,882 | 497 |
| Kaneka Corp. | 56,000 | 495 |
| AEON Financial Service Co. Ltd. | 19,700 | 492 |
| Hino Motors Ltd. | 43,200 | 491 |
| Stanley Electric Co. Ltd. | 25,800 | 490 |
| Iyo Bank Ltd. | 45,800 | 490 |
| Marui Group Co. Ltd. | 37,900 | 488 |
| Sohgo Security Services Co. Ltd. | 10,100 | 488 |
| Japan Airport Terminal Co. Ltd. | 9,000 | 488 |
| Credit Saison Co. Ltd. | 23,700 | 485 |
| Iida Group Holdings Co. Ltd. | 25,781 | 482 |
| Toho Gas Co. Ltd. | 78,000 | 477 |
| JSR Corp. | 30,200 | 476 |
| Rinnai Corp. | 6,000 | 474 |
| Nippon Parking Development Co. Ltd. | 413,800 | 471 |
| Pigeon Corp. | 16,800 | 470 |
| Seven Bank Ltd. | 102,600 | 466 |
| Sony Financial Holdings Inc. | 25,800 | 461 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 7,400 | 460 |
| Nankai Electric Railway Co. Ltd. | 90,000 | 459 |
| TonenGeneral Sekiyu KK | 44,000 | 457 |
| Air Water Inc. | 28,000 | 457 |
| Kose Corp. | 4,700 | 456 |
| Yamaguchi Financial Group Inc. | 37,000 | 454 |
| Sumitomo Rubber Industries Ltd. | 30,200 | 449 |
| MediPal Holdings Corp. | 25,700 | 447 |
| Aeon Mall Co. Ltd. | 26,772 | 447 |
| Hakuhodo DY Holdings Inc. | 41,900 | 439 |
| Hokuhoku Financial Group Inc. | 198,000 | 438 |
| Mitsui OSK Lines Ltd. | 164,397 | 437 |
| Kakaku.com Inc. | 23,368 | 436 |
| Century Tokyo Leasing Corp. | 12,900 | 436 |
| Gunma Bank Ltd. | 69,000 | 432 |
| Nippon Shinyaku Co. Ltd. | 11,000 | 430 |
| Shikoku Electric Power Co. Inc. | 25,400 | 429 |
39
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Hokuriku Electric Power Co. | 28,700 | 427 |
| Kurita Water Industries Ltd. | 18,800 | 424 |
| Yamazaki Baking Co. Ltd. | 22,000 | 422 |
| ANA Holdings Inc. | 141,000 | 420 |
| Tsuruha Holdings Inc. | 5,300 | 420 |
| Takashimaya Co. Ltd. | 47,000 | 419 |
| Hachijuni Bank Ltd. | 61,000 | 413 |
| Miraca Holdings Inc. | 9,300 | 413 |
| Kaken Pharmaceutical Co. Ltd. | 6,000 | 413 |
| Nomura Real Estate Holdings Inc. | 19,400 | 412 |
| Mabuchi Motor Co. Ltd. | 8,400 | 412 |
| Sojitz Corp. | 186,148 | 408 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 77,600 | 406 |
| NOK Corp. | 17,200 | 403 |
| Fuji Electric Co. Ltd. | 90,000 | 400 |
| NTN Corp. | 80,000 | 396 |
| Tokyo Tatemono Co. Ltd. | 32,000 | 396 |
| Daihatsu Motor Co. Ltd. | 32,200 | 393 |
| Calbee Inc. | 10,900 | 392 |
| Ezaki Glico Co. Ltd. | 8,200 | 391 |
| Citizen Holdings Co. Ltd. | 51,400 | 389 |
| FamilyMart Co. Ltd. | 9,500 | 388 |
| Kewpie Corp. | 17,000 | 387 |
| Otsuka Corp. | 8,000 | 386 |
| Nabtesco Corp. | 19,100 | 383 |
| Kobayashi Pharmaceutical Co. Ltd. | 4,900 | 380 |
| Nippon Chemiphar Co. Ltd. | 77,048 | 376 |
| Chugoku Bank Ltd. | 26,600 | 375 |
| Nippon Shokubai Co. Ltd. | 4,800 | 375 |
| Yokogawa Electric Corp. | 33,600 | 374 |
| Yokohama Rubber Co. Ltd. | 19,500 | 373 |
| Mitsubishi Gas Chemical Co. Inc. | 67,000 | 373 |
| Sugi Holdings Co. Ltd. | 7,600 | 370 |
| Sotetsu Holdings Inc. | 65,000 | 369 |
| Square Enix Holdings Co. Ltd. | 13,600 | 366 |
| * Acom Co. Ltd. | 67,100 | 366 |
| Denka Co. Ltd. | 79,000 | 365 |
| SBI Holdings Inc. | 32,340 | 364 |
| FP Corp. | 8,800 | 360 |
| Lion Corp. | 37,000 | 355 |
| Disco Corp. | 3,900 | 354 |
| Ube Industries Ltd. | 169,000 | 353 |
| Mitsubishi Logistics Corp. | 24,000 | 345 |
| Duskin Co. Ltd. | 20,100 | 344 |
| Konami Holdings Corp. | 15,100 | 343 |
| Zenkoku Hosho Co. Ltd. | 10,100 | 340 |
| Toyo Tire & Rubber Co. Ltd. | 16,100 | 338 |
| Nisshinbo Holdings Inc. | 25,000 | 338 |
| DIC Corp. | 125,000 | 337 |
| THK Co. Ltd. | 17,900 | 337 |
| Park24 Co. Ltd. | 16,000 | 336 |
| Temp Holdings Co. Ltd. | 22,200 | 331 |
| Nippon Electric Glass Co. Ltd. | 67,000 | 328 |
| Hitachi Metals Ltd. | 29,000 | 327 |
| Sankyo Co. Ltd. | 8,500 | 327 |
| Kamigumi Co. Ltd. | 38,000 | 326 |
| Ebara Corp. | 75,000 | 326 |
| Sawai Pharmaceutical Co. Ltd. | 5,100 | 324 |
| Nishi-Nippon Railroad Co. Ltd. | 62,000 | 320 |
| Aoyama Trading Co. Ltd. | 8,800 | 320 |
| Seino Holdings Co. Ltd. | 27,000 | 320 |
| Taiyo Nippon Sanso Corp. | 31,100 | 320 |
| Nishi-Nippon City Bank Ltd. | 109,000 | 317 |
| Asahi Intecc Co. Ltd. | 8,200 | 315 |
40
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Benesse Holdings Inc. | 11,700 | 313 | |
| Nippon Kayaku Co. Ltd. | 30,000 | 312 | |
| Nichirei Corp. | 48,000 | 311 | |
| Kawasaki Kisen Kaisha Ltd. | 137,000 | 306 | |
| Showa Denko KK | 243,000 | 305 | |
| Tsumura & Co. | 12,700 | 305 | |
| * | Mitsubishi Paper Mills Ltd. | 446,000 | 305 |
| Kyoritsu Maintenance Co. Ltd. | 4,436 | 303 | |
| 77 Bank Ltd. | 55,000 | 303 | |
| IT Holdings Corp. | 12,200 | 301 | |
| Daishi Bank Ltd. | 67,000 | 301 | |
| Shochiku Co. Ltd. | 34,000 | 300 | |
| Nippon Paper Industries Co. Ltd. | 16,100 | 298 | |
| Kourakuen Holdings Corp. | 23,300 | 296 | |
| CyberAgent Inc. | 7,200 | 295 | |
| Rohto Pharmaceutical Co. Ltd. | 17,900 | 294 | |
| Sega Sammy Holdings Inc. | 28,000 | 294 | |
| Azbil Corp. | 11,600 | 293 | |
| NHK Spring Co. Ltd. | 28,800 | 293 | |
| Sanwa Holdings Corp. | 36,000 | 289 | |
| * | Hokkaido Electric Power Co. Inc. | 27,000 | 287 |
| K's Holdings Corp. | 8,142 | 287 | |
| Sumco Corp. | 28,526 | 286 | |
| Maruichi Steel Tube Ltd. | 11,200 | 286 | |
| Tokushu Tokai Paper Co. Ltd. | 86,000 | 285 | |
| Sumitomo Dainippon Pharma Co. Ltd. | 25,800 | 284 | |
| Yushiro Chemical Industry Co. Ltd. | 24,530 | 284 | |
| Nexon Co. Ltd. | 20,400 | 281 | |
| Hikari Tsushin Inc. | 3,700 | 281 | |
| Taiyo Yuden Co. Ltd. | 20,000 | 280 | |
| Ushio Inc. | 20,400 | 280 | |
| DeNA Co. Ltd. | 17,400 | 279 | |
| Toyoda Gosei Co. Ltd. | 12,100 | 277 | |
| ^ | Topcon Corp. | 19,200 | 277 |
| Zeon Corp. | 34,000 | 276 | |
| *,^ | Sharp Corp. | 251,302 | 276 |
| Sundrug Co. Ltd. | 5,200 | 274 | |
| Fujikura Ltd. | 53,000 | 271 | |
| Showa Shell Sekiyu KK | 30,700 | 270 | |
| H2O Retailing Corp. | 13,900 | 270 | |
| Matsumotokiyoshi Holdings Co. Ltd. | 6,300 | 269 | |
| Dowa Holdings Co. Ltd. | 31,000 | 269 | |
| Nichi-iko Pharmaceutical Co. Ltd. | 9,650 | 267 | |
| Musashino Bank Ltd. | 7,000 | 264 | |
| Shiga Bank Ltd. | 49,000 | 261 | |
| ^ | Advantest Corp. | 32,800 | 261 |
| Awa Bank Ltd. | 47,000 | 259 | |
| Nifco Inc. | 6,701 | 258 | |
| Hitachi High-Technologies Corp. | 9,600 | 257 | |
| Hitachi Capital Corp. | 8,900 | 254 | |
| Start Today Co. Ltd. | 7,600 | 253 | |
| Sumitomo Forestry Co. Ltd. | 21,200 | 253 | |
| Sumitomo Osaka Cement Co. Ltd. | 65,000 | 251 | |
| Wacoal Holdings Corp. | 20,000 | 250 | |
| DMG Mori Co. Ltd. | 17,700 | 250 | |
| Hazama Ando Corp. | 42,100 | 248 | |
| Horiba Ltd. | 6,300 | 248 | |
| Sankyu Inc. | 44,000 | 247 | |
| KYORIN Holdings Inc. | 14,700 | 246 | |
| MonotaRO Co. Ltd. | 9,600 | 246 | |
| Keiyo Bank Ltd. | 49,000 | 246 | |
| Penta-Ocean Construction Co. Ltd. | 54,000 | 245 | |
| Ogaki Kyoritsu Bank Ltd. | 63,000 | 244 | |
| Glory Ltd. | 9,700 | 244 | |
41
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Kiyo Bank Ltd. | 16,007 | 243 |
| COMSYS Holdings Corp. | 18,600 | 242 |
| Izumi Co. Ltd. | 6,500 | 241 |
| Tokai Tokyo Financial Holdings Inc. | 39,900 | 241 |
| TS Tech Co. Ltd. | 8,800 | 241 |
| ^ Sanrio Co. Ltd. | 8,992 | 238 |
| Hitachi Chemical Co. Ltd. | 14,800 | 233 |
| Hitachi Construction Machinery Co. Ltd. | 15,000 | 233 |
| Resorttrust Inc. | 9,000 | 231 |
| SCSK Corp. | 6,000 | 230 |
| San-In Godo Bank Ltd. | 25,000 | 230 |
| Skylark Co. Ltd. | 17,700 | 229 |
| Nihon Kohden Corp. | 11,800 | 228 |
| Ibiden Co. Ltd. | 16,500 | 227 |
| UNY Group Holdings Co. Ltd. | 41,100 | 227 |
| Tsubakimoto Chain Co. | 31,000 | 226 |
| Daifuku Co. Ltd. | 15,300 | 226 |
| Welcia Holdings Co. Ltd. | 4,600 | 226 |
| Daido Steel Co. Ltd. | 58,000 | 221 |
| Kinden Corp. | 17,000 | 220 |
| Idemitsu Kosan Co. Ltd. | 13,400 | 220 |
| Japan Steel Works Ltd. | 59,000 | 218 |
| Japan Post Holdings Co. Ltd. | 18,600 | 216 |
| Nikkon Holdings Co. Ltd. | 11,200 | 216 |
| Pola Orbis Holdings Inc. | 3,400 | 215 |
| Toyobo Co. Ltd. | 147,000 | 215 |
| Oracle Corp. Japan | 4,700 | 213 |
| GS Yuasa Corp. | 56,000 | 212 |
| Pilot Corp. | 5,000 | 210 |
| Nipro Corp. | 18,800 | 210 |
| Toyota Boshoku Corp. | 9,800 | 208 |
| Nihon M&A Center Inc. | 5,100 | 208 |
| Okamoto Industries Inc. | 23,000 | 208 |
| Calsonic Kansei Corp. | 26,000 | 206 |
| Jafco Co. Ltd. | 5,400 | 205 |
| Daiken Corp. | 70,000 | 204 |
| Relo Holdings Inc. | 1,900 | 202 |
| Maeda Road Construction Co. Ltd. | 11,000 | 200 |
| North Pacific Bank Ltd. | 52,400 | 200 |
| OKUMA Corp. | 25,000 | 199 |
| * Leopalace21 Corp. | 37,200 | 198 |
| OSG Corp. | 10,500 | 197 |
| Meitec Corp. | 5,400 | 195 |
| Sagami Chain Co. Ltd. | 19,000 | 195 |
| Juroku Bank Ltd. | 44,000 | 195 |
| ABC-Mart Inc. | 3,500 | 195 |
| Japan Securities Finance Co. Ltd. | 36,300 | 195 |
| HIS Co. Ltd. | 5,800 | 195 |
| Japan Aviation Electronics Industry Ltd. | 11,000 | 194 |
| Toho Holdings Co. Ltd. | 8,800 | 194 |
| Ain Pharmaciez Inc. | 4,100 | 194 |
| Takara Holdings Inc. | 27,000 | 193 |
| Sapporo Holdings Ltd. | 47,000 | 193 |
| Morinaga & Co. Ltd. | 38,000 | 192 |
| Tadano Ltd. | 16,000 | 190 |
| GMO internet Inc. | 13,500 | 190 |
| Chiyoda Corp. | 25,000 | 189 |
| SCREEN Holdings Co. Ltd. | 32,000 | 188 |
| * Japan Display Inc. | 60,300 | 188 |
| Tokyo Ohka Kogyo Co. Ltd. | 5,900 | 188 |
| Megmilk Snow Brand Co. Ltd. | 9,000 | 187 |
| Oki Electric Industry Co. Ltd. | 111,000 | 187 |
| Lintec Corp. | 8,000 | 187 |
| Hitachi Zosen Corp. | 34,000 | 186 |
42
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Nippon Soda Co. Ltd. | 24,000 | 185 | |
| *,^ | Aiful Corp. | 46,300 | 184 |
| Ito En Ltd. | 8,800 | 184 | |
| Hyakujushi Bank Ltd. | 49,000 | 183 | |
| Nippon Television Holdings Inc. | 10,600 | 183 | |
| Nagase & Co. Ltd. | 14,600 | 181 | |
| Rengo Co. Ltd. | 38,000 | 180 | |
| Aica Kogyo Co. Ltd. | 9,100 | 180 | |
| Toda Corp. | 33,000 | 179 | |
| Kenedix Inc. | 49,600 | 178 | |
| Mitsubishi Pencil Co. Ltd. | 4,000 | 178 | |
| Itochu Techno-Solutions Corp. | 8,100 | 177 | |
| Shimachu Co. Ltd. | 8,100 | 177 | |
| Senshu Ikeda Holdings Inc. | 41,100 | 177 | |
| Kuroda Electric Co. Ltd. | 8,700 | 176 | |
| Coca-Cola East Japan Co. Ltd. | 12,500 | 175 | |
| Takeuchi Manufacturing Co. Ltd. | 9,200 | 173 | |
| Gurunavi Inc. | 9,500 | 173 | |
| NTT Urban Development Corp. | 17,400 | 172 | |
| Kokuyo Co. Ltd. | 15,400 | 171 | |
| Shinko Plantech Co. Ltd. | 21,200 | 170 | |
| Japan Petroleum Exploration Co. Ltd. | 5,600 | 168 | |
| United Arrows Ltd. | 3,900 | 168 | |
| Yamato Kogyo Co. Ltd. | 6,300 | 167 | |
| Tokyo Dome Corp. | 36,000 | 167 | |
| Elematec Corp. | 6,800 | 166 | |
| Anritsu Corp. | 25,500 | 166 | |
| Japan Post Bank Co. Ltd. | 13,800 | 166 | |
| ASKUL Corp. | 4,500 | 166 | |
| House Foods Group Inc. | 9,600 | 165 | |
| Fuyo General Lease Co. Ltd. | 3,700 | 165 | |
| Bank of Nagoya Ltd. | 44,000 | 163 | |
| ADEKA Corp. | 11,000 | 161 | |
| Mitsui Engineering & Shipbuilding Co. Ltd. | 105,000 | 161 | |
| Mitsui Mining & Smelting Co. Ltd. | 84,000 | 161 | |
| Iwatani Corp. | 29,000 | 160 | |
| Nippon Steel & Sumikin Bussan Corp. | 46,000 | 159 | |
| Nishimatsu Construction Co. Ltd. | 40,000 | 159 | |
| ^ | Rock Field Co. Ltd. | 6,500 | 158 |
| Tokyo TY Financial Group Inc. | 5,049 | 157 | |
| Sangetsu Co. Ltd. | 9,800 | 156 | |
| Zensho Holdings Co. Ltd. | 16,400 | 154 | |
| ^ | COOKPAD Inc. | 8,100 | 154 |
| Morinaga Milk Industry Co. Ltd. | 34,000 | 154 | |
| ^ | Kagome Co. Ltd. | 9,000 | 153 |
| Nanto Bank Ltd. | 48,000 | 152 | |
| ^ | Bic Camera Inc. | 18,600 | 151 |
| Token Corp. | 1,900 | 150 | |
| Toagosei Co. Ltd. | 17,500 | 146 | |
| Nippon Seiki Co. Ltd. | 7,000 | 146 | |
| Okasan Securities Group Inc. | 25,000 | 146 | |
| Nisshin Steel Co. Ltd. | 14,200 | 145 | |
| Hokuto Corp. | 7,400 | 144 | |
| Coca-Cola West Co. Ltd. | 7,100 | 143 | |
| Hyakugo Bank Ltd. | 28,000 | 143 | |
| Furukawa Electric Co. Ltd. | 78,000 | 142 | |
| * | Nippon Sheet Glass Co. Ltd. | 165,742 | 142 |
| Autobacs Seven Co. Ltd. | 8,100 | 142 | |
| * | Zojirushi Corp. | 10,000 | 142 |
| Kanamoto Co. Ltd. | 7,000 | 141 | |
| United Super Markets Holdings Inc. | 16,160 | 141 | |
| Canon Marketing Japan Inc. | 9,300 | 141 | |
| Ikyu Corp. | 7,400 | 140 | |
| Pasona Group Inc. | 18,500 | 140 | |
43
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Sanyo Special Steel Co. Ltd. | 34,000 | 139 |
| Capcom Co. Ltd. | 6,600 | 139 |
| Hokuetsu Kishu Paper Co. Ltd. | 19,900 | 138 |
| ^ Daio Paper Corp. | 14,000 | 138 |
| Cosmos Pharmaceutical Corp. | 1,100 | 137 |
| Furukawa Co. Ltd. | 58,000 | 137 |
| Tokyo Steel Manufacturing Co. Ltd. | 20,500 | 136 |
| Toyo Ink SC Holdings Co. Ltd. | 33,000 | 136 |
| ^ EDION Corp. | 18,100 | 136 |
| MOS Food Services Inc. | 6,200 | 134 |
| Saizeriya Co. Ltd. | 5,900 | 133 |
| Asahi Diamond Industrial Co. Ltd. | 12,600 | 133 |
| Sakata Seed Corp. | 6,200 | 131 |
| Taikisha Ltd. | 5,400 | 130 |
| Tokai Rika Co. Ltd. | 6,000 | 130 |
| Earth Chemical Co. Ltd. | 3,300 | 130 |
| Fukuda Corp. | 13,000 | 129 |
| Takasago Thermal Engineering Co. Ltd. | 9,000 | 129 |
| Kumagai Gumi Co. Ltd. | 43,000 | 129 |
| Itochu-Shokuhin Co. Ltd. | 3,700 | 128 |
| NOF Corp. | 18,000 | 128 |
| Nihon Parkerizing Co. Ltd. | 14,400 | 128 |
| TechnoPro Holdings Inc. | 4,800 | 128 |
| SMS Co. Ltd. | 7,700 | 128 |
| Sumitomo Bakelite Co. Ltd. | 31,000 | 127 |
| Hioki EE Corp. | 7,000 | 127 |
| Fukui Bank Ltd. | 60,000 | 125 |
| Kissei Pharmaceutical Co. Ltd. | 4,848 | 124 |
| Kyudenko Corp. | 6,000 | 123 |
| Ulvac Inc. | 6,900 | 122 |
| Keihin Corp. | 7,500 | 122 |
| Nippon Suisan Kaisha Ltd. | 36,500 | 122 |
| Kyowa Exeo Corp. | 11,700 | 121 |
| Miura Co. Ltd. | 10,200 | 121 |
| Ship Healthcare Holdings Inc. | 5,000 | 120 |
| Fujitec Co. Ltd. | 11,100 | 120 |
| Taiyo Holdings Co. Ltd. | 3,500 | 120 |
| Topre Corp. | 5,500 | 119 |
| Hokkoku Bank Ltd. | 32,000 | 119 |
| Takuma Co. Ltd. | 15,000 | 118 |
| Inaba Denki Sangyo Co. Ltd. | 3,800 | 118 |
| Royal Holdings Co. Ltd. | 6,700 | 117 |
| * Cosmo Energy Holdings Co. Ltd. | 8,500 | 116 |
| Maeda Corp. | 16,000 | 116 |
| Toei Co. Ltd. | 13,000 | 116 |
| ^ Kobe Bussan Co. Ltd. | 3,000 | 116 |
| Sekisui Jushi Corp. | 8,600 | 115 |
| Nissan Shatai Co. Ltd. | 10,000 | 115 |
| ^ COLOPL Inc. | 7,000 | 114 |
| Kusuri No Aoki Co. Ltd. | 2,400 | 114 |
| Sankyo Tateyama Inc. | 8,200 | 114 |
| Central Glass Co. Ltd. | 23,000 | 113 |
| Nippon Gas Co. Ltd. | 4,500 | 113 |
| Matsuya Foods Co. Ltd. | 5,600 | 113 |
| Katakura Industries Co. Ltd. | 10,200 | 113 |
| Fujitsu General Ltd. | 9,000 | 112 |
| Topy Industries Ltd. | 50,000 | 112 |
| Aeon Delight Co. Ltd. | 3,900 | 112 |
| Okumura Corp. | 21,000 | 111 |
| * Pioneer Corp. | 41,100 | 111 |
| OSAKA Titanium Technologies Co. Ltd. | 4,100 | 111 |
| Seiko Holdings Corp. | 17,000 | 110 |
| NIFTY Corp. | 12,000 | 110 |
| Monex Group Inc. | 39,500 | 110 |
44
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Seiren Co. Ltd. | 9,400 | 110 | |
| Mochida Pharmaceutical Co. Ltd. | 1,871 | 110 | |
| Hitachi Kokusai Electric Inc. | 8,000 | 110 | |
| Valor Holdings Co. Ltd. | 4,700 | 110 | |
| IBJ Leasing Co. Ltd. | 5,200 | 109 | |
| Shinmaywa Industries Ltd. | 10,000 | 109 | |
| Paramount Bed Holdings Co. Ltd. | 3,400 | 109 | |
| Jeol Ltd. | 18,000 | 109 | |
| Futaba Corp. | 8,400 | 108 | |
| *,^ | Laox Co. Ltd. | 39,000 | 108 |
| Sankyo Seiko Co. Ltd. | 28,400 | 108 | |
| Asatsu-DK Inc. | 4,400 | 108 | |
| Foster Electric Co. Ltd. | 4,400 | 108 | |
| ST Corp. | 12,600 | 108 | |
| Tokyo Seimitsu Co. Ltd. | 4,900 | 108 | |
| Chukyo Bank Ltd. | 52,000 | 107 | |
| AOKI Holdings Inc. | 8,800 | 107 | |
| SHO-BOND Holdings Co. Ltd. | 2,700 | 107 | |
| Fuji Seal International Inc. | 3,100 | 105 | |
| Nippo Corp. | 6,000 | 105 | |
| Matsui Securities Co. Ltd. | 11,900 | 105 | |
| ^ | Wacom Co. Ltd. | 28,000 | 104 |
| Fuji Kyuko Co. Ltd. | 11,000 | 104 | |
| Ashikaga Holdings Co. Ltd. | 23,200 | 104 | |
| Nippon Light Metal Holdings Co. Ltd. | 60,700 | 103 | |
| Arcs Co. Ltd. | 5,100 | 103 | |
| Amano Corp. | 7,900 | 102 | |
| Toho Bank Ltd. | 28,000 | 102 | |
| Life Corp. | 4,100 | 102 | |
| J Trust Co. Ltd. | 12,700 | 102 | |
| Ai Holdings Corp. | 4,200 | 102 | |
| Kita-Nippon Bank Ltd. | 3,700 | 101 | |
| Internet Initiative Japan Inc. | 5,400 | 101 | |
| Makino Milling Machine Co. Ltd. | 13,000 | 100 | |
| Sanken Electric Co. Ltd. | 29,000 | 100 | |
| SKY Perfect JSAT Holdings Inc. | 19,100 | 100 | |
| Obara Group Inc. | 2,400 | 100 | |
| Fuji Oil Holdings Inc. | 7,100 | 100 | |
| Axial Retailing Inc. | 2,699 | 100 | |
| Aida Engineering Ltd. | 10,500 | 100 | |
| Ariake Japan Co. Ltd. | 2,200 | 99 | |
| Kisoji Co. Ltd. | 6,000 | 99 | |
| Adastria Co. Ltd. | 1,770 | 99 | |
| Fuji Machine Manufacturing Co. Ltd. | 10,100 | 99 | |
| Heiwado Co. Ltd. | 4,400 | 99 | |
| Nachi-Fujikoshi Corp. | 22,000 | 98 | |
| Siix Corp. | 3,500 | 98 | |
| Mizuno Corp. | 20,000 | 98 | |
| Unipres Corp. | 4,300 | 98 | |
| Nikkiso Co. Ltd. | 12,100 | 97 | |
| * | Tokyo Rope Manufacturing Co. Ltd. | 63,000 | 97 |
| Matsuda Sangyo Co. Ltd. | 8,300 | 97 | |
| Nagatanien Holdings Co. Ltd. | 11,000 | 97 | |
| Nichiden Corp. | 4,000 | 97 | |
| FIDEA Holdings Co. Ltd. | 44,900 | 96 | |
| Yaoko Co. Ltd. | 2,400 | 96 | |
| Morita Holdings Corp. | 9,000 | 96 | |
| NET One Systems Co. Ltd. | 15,600 | 96 | |
| *,^ | Nippon Sharyo Ltd. | 40,000 | 96 |
| Kyoei Steel Ltd. | 5,800 | 96 | |
| Daikyonishikawa Corp. | 1,800 | 95 | |
| NEC Networks & System Integration Corp. | 5,100 | 95 | |
| Nagaileben Co. Ltd. | 5,600 | 95 | |
| * | Toho Titanium Co. Ltd. | 7,300 | 95 |
45
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Tokuyama Corp. | 47,000 | 95 |
| Nitto Kohki Co. Ltd. | 4,500 | 95 | |
| Colowide Co. Ltd. | 7,000 | 95 | |
| Toshiba TEC Corp. | 26,000 | 94 | |
| Ryosan Co. Ltd. | 3,900 | 94 | |
| Fukushima Industries Corp. | 4,300 | 93 | |
| Kanto Denka Kogyo Co. Ltd. | 12,000 | 93 | |
| Yamanashi Chuo Bank Ltd. | 20,000 | 93 | |
| Fuji Media Holdings Inc. | 7,800 | 93 | |
| NS Solutions Corp. | 1,900 | 93 | |
| Sintokogio Ltd. | 10,800 | 93 | |
| Alpine Electronics Inc. | 7,000 | 92 | |
| Descente Ltd. | 7,200 | 92 | |
| Nissha Printing Co. Ltd. | 4,200 | 91 | |
| Yoshinoya Holdings Co. Ltd. | 7,400 | 91 | |
| Takara Leben Co. Ltd. | 17,600 | 91 | |
| Cocokara fine Inc. | 2,300 | 91 | |
| Open House Co. Ltd. | 5,000 | 91 | |
| Sanshin Electronics Co. Ltd. | 8,600 | 91 | |
| Aomori Bank Ltd. | 28,000 | 91 | |
| Hanwa Co. Ltd. | 22,000 | 91 | |
| Tokyu Construction Co. Ltd. | 11,900 | 91 | |
| Heiwa Corp. | 4,900 | 90 | |
| Nomura Co. Ltd. | 6,600 | 89 | |
| Benefit One Inc. | 5,100 | 88 | |
| Bank of Iwate Ltd. | 2,000 | 88 | |
| Hosiden Corp. | 14,400 | 88 | |
| ZERIA Pharmaceutical Co. Ltd. | 5,900 | 87 | |
| Sumitomo Mitsui Construction Co. Ltd. | 89,300 | 86 | |
| Doshisha Co. Ltd. | 4,700 | 86 | |
| * | KNT-CT Holdings Co. Ltd. | 37,000 | 86 |
| Ichiyoshi Securities Co. Ltd. | 9,400 | 86 | |
| ^ | Tekken Corp. | 31,000 | 86 |
| OBIC Business Consultants Co. Ltd. | 1,400 | 86 | |
| HI-LEX Corp. | 2,800 | 86 | |
| Saibu Gas Co. Ltd. | 38,000 | 85 | |
| Kadokawa Dwango Corp. | 6,636 | 85 | |
| Toppan Forms Co. Ltd. | 6,600 | 85 | |
| Nissin Kogyo Co. Ltd. | 5,500 | 85 | |
| Starts Corp. Inc. | 5,400 | 84 | |
| Komori Corp. | 7,100 | 84 | |
| San-Ai Oil Co. Ltd. | 11,000 | 84 | |
| Kinugawa Rubber Industrial Co. Ltd. | 15,000 | 83 | |
| Okamura Corp. | 9,000 | 83 | |
| Accordia Golf Co. Ltd. | 9,200 | 83 | |
| Chiyoda Co. Ltd. | 2,500 | 83 | |
| * | Orient Corp. | 41,500 | 83 |
| Hitachi Transport System Ltd. | 4,700 | 82 | |
| Milbon Co. Ltd. | 2,200 | 82 | |
| Bank of Okinawa Ltd. | 2,100 | 82 | |
| Itoham Foods Inc. | 16,000 | 82 | |
| Ricoh Leasing Co. Ltd. | 2,700 | 81 | |
| Onward Holdings Co. Ltd. | 13,000 | 81 | |
| kabu.com Securities Co. Ltd. | 24,800 | 81 | |
| Dydo Drinco Inc. | 1,900 | 81 | |
| Meidensha Corp. | 23,000 | 81 | |
| * | Macnica Fuji Electronics Holdings Inc. | 6,000 | 80 |
| Trusco Nakayama Corp. | 2,300 | 80 | |
| Noevir Holdings Co. Ltd. | 3,200 | 80 | |
| Kansai Urban Banking Corp. | 7,000 | 80 | |
| Dunlop Sports Co. Ltd. | 8,000 | 80 | |
| Next Co. Ltd. | 10,800 | 80 | |
| Fujicco Co. Ltd. | 4,000 | 80 | |
| Yushin Precision Equipment Co. Ltd. | 4,400 | 80 | |
46
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Tochigi Bank Ltd. | 14,000 | 80 |
| Goldwin Inc. | 1,400 | 80 |
| Riso Kagaku Corp. | 4,400 | 80 |
| Jaccs Co. Ltd. | 19,000 | 79 |
| Aisan Industry Co. Ltd. | 7,900 | 79 |
| Dip Corp. | 4,500 | 79 |
| Aichi Steel Corp. | 18,000 | 78 |
| FCC Co. Ltd. | 4,400 | 78 |
| UACJ Corp. | 40,000 | 77 |
| Bank of Saga Ltd. | 34,000 | 77 |
| Mani Inc. | 4,200 | 76 |
| Senko Co. Ltd. | 11,000 | 76 |
| Osaka Soda Co. Ltd. | 22,000 | 76 |
| Yamazen Corp. | 8,500 | 76 |
| Sanyo Shokai Ltd. | 26,000 | 75 |
| Takara Standard Co. Ltd. | 10,000 | 75 |
| Nippon Densetsu Kogyo Co. Ltd. | 4,000 | 75 |
| TPR Co. Ltd. | 3,100 | 75 |
| Bank of the Ryukyus Ltd. | 5,300 | 75 |
| Mandom Corp. | 1,900 | 75 |
| Kintetsu World Express Inc. | 4,000 | 75 |
| NSD Co. Ltd. | 5,390 | 75 |
| Tokyo Electron Device Ltd. | 5,800 | 75 |
| Towa Pharmaceutical Co. Ltd. | 1,100 | 75 |
| Taihei Dengyo Kaisha Ltd. | 7,000 | 74 |
| PALTAC Corp. | 3,800 | 74 |
| Tokyo Broadcasting System Holdings Inc. | 5,000 | 74 |
| Kanematsu Corp. | 45,000 | 74 |
| UKC Holdings Corp. | 3,700 | 74 |
| TSI Holdings Co. Ltd. | 10,500 | 74 |
| Yamagata Bank Ltd. | 19,000 | 73 |
| Exedy Corp. | 3,200 | 73 |
| Japan Wool Textile Co. Ltd. | 9,000 | 73 |
| Tsugami Corp. | 15,000 | 73 |
| Canon Electronics Inc. | 4,300 | 73 |
| Kitagawa Iron Works Co. Ltd. | 28,000 | 73 |
| Koei Tecmo Holdings Co. Ltd. | 4,800 | 73 |
| ^ Financial Products Group Co. Ltd. | 9,300 | 73 |
| Kureha Corp. | 19,000 | 72 |
| Prima Meat Packers Ltd. | 26,000 | 72 |
| Create Restaurants Holdings Inc. | 2,800 | 72 |
| Daiseki Co. Ltd. | 4,500 | 72 |
| ^ Kumiai Chemical Industry Co. Ltd. | 9,000 | 72 |
| San-A Co. Ltd. | 1,700 | 72 |
| Futaba Industrial Co. Ltd. | 16,800 | 72 |
| Mitsuba Corp. | 4,600 | 72 |
| Ihara Chemical Industry Co. Ltd. | 5,900 | 72 |
| Atom Corp. | 13,249 | 72 |
| KYB Corp. | 25,000 | 71 |
| Nippon Thompson Co. Ltd. | 15,000 | 71 |
| Chiba Kogyo Bank Ltd. | 12,200 | 71 |
| Komeri Co. Ltd. | 3,300 | 71 |
| As One Corp. | 2,000 | 71 |
| Kandenko Co. Ltd. | 10,000 | 71 |
| TKC Corp. | 3,000 | 70 |
| GMO Payment Gateway Inc. | 1,800 | 70 |
| ESPEC Corp. | 7,500 | 70 |
| Jin Co. Ltd. | 1,900 | 70 |
| Warabeya Nichiyo Co. Ltd. | 3,600 | 70 |
| DCM Holdings Co. Ltd. | 10,500 | 70 |
| Miyazaki Bank Ltd. | 20,000 | 70 |
| Marusan Securities Co. Ltd. | 7,200 | 70 |
| Fuji Co. Ltd. | 3,400 | 69 |
| Japan Digital Laboratory Co. Ltd. | 5,400 | 69 |
47
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Shikoku Chemicals Corp. | 7,000 | 69 | |
| Kameda Seika Co. Ltd. | 1,749 | 68 | |
| Toyo Construction Co. Ltd. | 14,700 | 68 | |
| Belluna Co. Ltd. | 11,900 | 67 | |
| Nippon Signal Company Ltd. | 6,500 | 67 | |
| Yurtec Corp. | 7,000 | 67 | |
| Kurabo Industries Ltd. | 38,000 | 67 | |
| Zenrin Co. Ltd. | 4,600 | 67 | |
| T-Gaia Corp. | 4,400 | 67 | |
| Showa Corp. | 7,200 | 67 | |
| Seikagaku Corp. | 5,200 | 66 | |
| Sogo Medical Co. Ltd. | 1,800 | 66 | |
| Aichi Bank Ltd. | 1,200 | 66 | |
| Ines Corp. | 7,400 | 66 | |
| Yorozu Corp. | 3,100 | 66 | |
| Hibiya Engineering Ltd. | 5,100 | 66 | |
| Inabata & Co. Ltd. | 5,700 | 66 | |
| Sanki Engineering Co. Ltd. | 8,000 | 66 | |
| Akita Bank Ltd. | 20,000 | 65 | |
| St. Marc Holdings Co. Ltd. | 2,200 | 65 | |
| Nitto Kogyo Corp. | 3,400 | 65 | |
| TOKAI Holdings Corp. | 15,400 | 65 | |
| Daiwabo Holdings Co. Ltd. | 33,000 | 65 | |
| Dr Ci:Labo Co. Ltd. | 3,600 | 65 | |
| Sakai Chemical Industry Co. Ltd. | 22,000 | 65 | |
| Chudenko Corp. | 3,000 | 65 | |
| Hokuetsu Bank Ltd. | 31,000 | 64 | |
| Daihen Corp. | 13,000 | 64 | |
| Create SD Holdings Co. Ltd. | 1,100 | 64 | |
| Higashi-Nippon Bank Ltd. | 19,000 | 64 | |
| Sumitomo Warehouse Co. Ltd. | 12,000 | 64 | |
| Eighteenth Bank Ltd. | 21,000 | 63 | |
| Asahi Holdings Inc. | 4,300 | 63 | |
| Oita Bank Ltd. | 15,000 | 63 | |
| Tosei Corp. | 10,200 | 63 | |
| Chiyoda Integre Co. Ltd. | 2,600 | 63 | |
| Shikoku Bank Ltd. | 29,000 | 62 | |
| Nitta Corp. | 2,300 | 62 | |
| Okinawa Electric Power Co. Inc. | 2,550 | 62 | |
| Daibiru Corp. | 7,300 | 62 | |
| Nippon Flour Mills Co. Ltd. | 10,000 | 62 | |
| Bunka Shutter Co. Ltd. | 8,000 | 62 | |
| Nohmi Bosai Ltd. | 5,000 | 62 | |
| Matsuya Co. Ltd. | 5,100 | 62 | |
| Sanden Holdings Corp. | 18,000 | 62 | |
| JVC Kenwood Corp. | 23,600 | 62 | |
| Oyo Corp. | 4,800 | 61 | |
| Mirait Holdings Corp. | 7,100 | 61 | |
| TOC Co. Ltd. | 8,400 | 61 | |
| DTS Corp. | 2,600 | 61 | |
| *,^ | Livesense Inc. | 16,900 | 61 |
| SMK Corp. | 12,000 | 61 | |
| Eiken Chemical Co. Ltd. | 3,500 | 61 | |
| ^ | Gulliver International Co. Ltd. | 6,100 | 61 |
| Transcosmos Inc. | 2,200 | 61 | |
| Toyo Corp. | 7,800 | 61 | |
| ASKA Pharmaceutical Co. Ltd. | 5,100 | 61 | |
| Star Micronics Co. Ltd. | 4,500 | 61 | |
| ^ | Marvelous Inc. | 7,600 | 61 |
| Max Co. Ltd. | 6,000 | 61 | |
| Totetsu Kogyo Co. Ltd. | 2,800 | 60 | |
| TOMONY Holdings Inc. | 15,700 | 60 | |
| Tocalo Co. Ltd. | 3,000 | 60 | |
| Nissin Electric Co. Ltd. | 9,000 | 60 | |
48
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Nishimatsuya Chain Co. Ltd. | 6,800 | 60 |
| Mitsumi Electric Co. Ltd. | 9,900 | 60 |
| Juki Corp. | 4,800 | 59 |
| Unizo Holdings Co. Ltd. | 1,400 | 59 |
| Noritz Corp. | 3,800 | 59 |
| Hitachi Koki Co. Ltd. | 8,100 | 59 |
| * Ishihara Sangyo Kaisha Ltd. | 61,000 | 59 |
| Sodick Co. Ltd. | 8,000 | 59 |
| Plenus Co. Ltd. | 3,800 | 59 |
| Nichicon Corp. | 7,300 | 59 |
| Nippon Carbon Co. Ltd. | 21,000 | 59 |
| Tokyotokeiba Co. Ltd. | 25,000 | 59 |
| Mitsubishi Shokuhin Co. Ltd. | 2,300 | 58 |
| Eagle Industry Co. Ltd. | 2,900 | 58 |
| Itochu Enex Co. Ltd. | 7,300 | 58 |
| Tokyo Energy & Systems Inc. | 6,000 | 58 |
| Piolax Inc. | 1,100 | 58 |
| Clarion Co. Ltd. | 17,000 | 58 |
| Toyo Kanetsu KK | 36,000 | 58 |
| Mitsuboshi Belting Ltd. | 7,000 | 58 |
| Toridoll.corp | 4,600 | 58 |
| * Unitika Ltd. | 115,000 | 58 |
| Itoki Corp. | 7,900 | 58 |
| Takasago International Corp. | 2,200 | 58 |
| Kura Corp. | 1,900 | 57 |
| Fancl Corp. | 4,100 | 57 |
| Trancom Co. Ltd. | 1,200 | 57 |
| Tokai Carbon Co. Ltd. | 21,000 | 57 |
| Nitto Boseki Co. Ltd. | 19,000 | 57 |
| Fujimi Inc. | 3,800 | 57 |
| Ringer Hut Co. Ltd. | 2,800 | 57 |
| Tsukui Corp. | 5,300 | 57 |
| Chugoku Marine Paints Ltd. | 8,000 | 57 |
| Takaoka Toko Co. Ltd. | 4,800 | 57 |
| Hitachi Maxell Ltd. | 3,300 | 56 |
| Shizuoka Gas Co. Ltd. | 8,400 | 56 |
| Tomy Co. Ltd. | 11,100 | 56 |
| * Toyo Engineering Corp. | 22,000 | 55 |
| Maruha Nichiro Corp. | 3,700 | 55 |
| Nissin Corp. | 19,000 | 55 |
| Ryobi Ltd. | 15,000 | 55 |
| Yondoshi Holdings Inc. | 2,600 | 55 |
| Fujimori Kogyo Co. Ltd. | 2,000 | 55 |
| Yahagi Construction Co. Ltd. | 6,400 | 55 |
| Tsurumi Manufacturing Co. Ltd. | 3,000 | 55 |
| Sanyo Denki Co. Ltd. | 9,000 | 54 |
| Joyful Honda Co. Ltd. | 2,894 | 54 |
| Toa Corp. (Tokyo Shares 1885) | 24,000 | 54 |
| Tokai Corp. | 1,700 | 54 |
| Tamura Corp. | 17,000 | 54 |
| Eizo Corp. | 2,300 | 54 |
| Sakata INX Corp. | 5,900 | 54 |
| Shima Seiki Manufacturing Ltd. | 3,600 | 54 |
| Raito Kogyo Co. Ltd. | 5,600 | 54 |
| Elecom Co. Ltd. | 4,400 | 53 |
| TV Asahi Holdings Corp. | 3,200 | 53 |
| Ichibanya Co. Ltd. | 1,200 | 53 |
| Koa Corp. | 6,400 | 53 |
| Tv Tokyo Holdings Corp. | 3,000 | 53 |
| Optex Co. Ltd. | 2,800 | 53 |
| Daiho Corp. | 12,000 | 53 |
| Ryoyo Electro Corp. | 4,300 | 53 |
| Hogy Medical Co. Ltd. | 1,100 | 53 |
| Yodogawa Steel Works Ltd. | 3,000 | 53 |
49
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Musashi Seimitsu Industry Co. Ltd. | 2,600 | 52 |
| Showa Sangyo Co. Ltd. | 14,000 | 52 |
| Nippon Koei Co. Ltd. | 13,000 | 52 |
| Vital KSK Holdings Inc. | 7,200 | 52 |
| Tonami Holdings Co. Ltd. | 16,000 | 52 |
| ^ Gree Inc. | 10,300 | 52 |
| C Uyemura & Co. Ltd. | 1,000 | 52 |
| Sanyo Chemical Industries Ltd. | 7,000 | 52 |
| Enplas Corp. | 1,400 | 51 |
| Iino Kaiun Kaisha Ltd. | 11,400 | 51 |
| Nichiha Corp. | 3,800 | 51 |
| Nichias Corp. | 8,000 | 50 |
| Shinwa Co. Ltd. | 3,600 | 50 |
| Xebio Holdings Co. Ltd. | 2,800 | 50 |
| Fujita Kanko Inc. | 13,000 | 50 |
| EPS Holdings Inc. | 5,100 | 50 |
| Nihon Unisys Ltd. | 4,500 | 49 |
| Toa Corp. (Tokyo Shares 6809) | 4,900 | 49 |
| Union Tool Co. | 2,000 | 49 |
| JSP Corp. | 2,300 | 49 |
| Wowow Inc. | 1,800 | 49 |
| Shibuya Kogyo Co. Ltd. | 3,200 | 49 |
| Minato Bank Ltd. | 29,000 | 49 |
| OSJB Holdings Corp. | 25,600 | 49 |
| Goldcrest Co. Ltd. | 2,600 | 49 |
| Belc Co. Ltd. | 1,300 | 48 |
| Noritake Co. Ltd. | 21,000 | 48 |
| Mitsui Sugar Co. Ltd. | 12,000 | 48 |
| Sinfonia Technology Co. Ltd. | 28,000 | 48 |
| Tsukishima Kikai Co. Ltd. | 5,000 | 48 |
| YAMABIKO Corp. | 5,200 | 48 |
| Mars Engineering Corp. | 2,800 | 48 |
| Sumitomo Riko Co. Ltd. | 5,900 | 48 |
| Sac's Bar Holdings Inc. | 3,000 | 47 |
| Justsystems Corp. | 6,000 | 47 |
| Shindengen Electric Manufacturing Co. Ltd. | 13,000 | 47 |
| Kato Works Co. Ltd. | 11,000 | 47 |
| Daido Metal Co. Ltd. | 5,000 | 47 |
| ^ Keiyo Co. Ltd. | 11,400 | 47 |
| Michinoku Bank Ltd. | 27,000 | 47 |
| J-Oil Mills Inc. | 16,000 | 46 |
| JCR Pharmaceuticals Co. Ltd. | 2,200 | 46 |
| Jamco Corp. | 1,100 | 46 |
| Heiwa Real Estate Co. Ltd. | 3,800 | 46 |
| Sato Holdings Corp. | 2,100 | 45 |
| Kitz Corp. | 9,800 | 45 |
| Aiphone Co. Ltd. | 2,900 | 45 |
| Tachi-S Co. Ltd. | 3,200 | 45 |
| Namura Shipbuilding Co. Ltd. | 5,100 | 45 |
| Sumitomo Densetsu Co. Ltd. | 3,400 | 44 |
| CKD Corp. | 4,900 | 44 |
| Nippon Synthetic Chemical Industry Co. Ltd. | 6,000 | 44 |
| BML Inc. | 1,500 | 44 |
| Nippon Chemi-Con Corp. | 19,000 | 44 |
| Jimoto Holdings Inc. | 25,700 | 44 |
| Oiles Corp. | 2,760 | 44 |
| Doutor Nichires Holdings Co. Ltd. | 3,000 | 43 |
| * KLab Inc. | 4,300 | 43 |
| Takiron Co. Ltd. | 10,000 | 43 |
| Mitani Corp. | 1,731 | 43 |
| Iseki & Co. Ltd. | 26,000 | 43 |
| Avex Group Holdings Inc. | 3,600 | 42 |
| Meisei Industrial Co. Ltd. | 9,000 | 42 |
| * Takata Corp. | 3,700 | 42 |
50
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Sumitomo Seika Chemicals Co. Ltd. | 6,000 | 42 | |
| Zuiko Corp. | 1,100 | 41 | |
| Toho Zinc Co. Ltd. | 15,000 | 41 | |
| Riken Corp. | 11,000 | 41 | |
| Fujibo Holdings Inc. | 22,000 | 40 | |
| Geo Holdings Corp. | 2,700 | 40 | |
| Teikoku Sen-I Co. Ltd. | 3,200 | 40 | |
| Pal Co. Ltd. | 1,800 | 40 | |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,800 | 40 | |
| Fudo Tetra Corp. | 31,300 | 40 | |
| Shinko Electric Industries Co. Ltd. | 6,600 | 40 | |
| F@N Communications Inc. | 5,600 | 40 | |
| Modec Inc. | 2,900 | 40 | |
| Okabe Co. Ltd. | 4,900 | 39 | |
| ^ | Nihon Nohyaku Co. Ltd. | 6,000 | 39 |
| Mito Securities Co. Ltd. | 12,000 | 39 | |
| Mitsui-Soko Holdings Co. Ltd. | 12,000 | 39 | |
| Toshiba Plant Systems & Services Corp. | 3,600 | 38 | |
| KFC Holdings Japan Ltd. | 2,000 | 38 | |
| ^ | Japan Cash Machine Co. Ltd. | 3,600 | 38 |
| Tosho Printing Co. Ltd. | 9,000 | 38 | |
| Tamron Co. Ltd. | 1,900 | 38 | |
| Yomiuri Land Co. Ltd. | 11,000 | 38 | |
| AOI Electronics Co. Ltd. | 1,300 | 38 | |
| Yokohama Reito Co. Ltd. | 4,700 | 37 | |
| *,^ | Pacific Metals Co. Ltd. | 14,000 | 37 |
| Nippon Denko Co. Ltd. | 18,500 | 37 | |
| Toko Inc. | 13,000 | 37 | |
| Yokogawa Bridge Holdings Corp. | 4,000 | 37 | |
| Kitano Construction Corp. | 14,000 | 37 | |
| Sumitomo Real Estate Sales Co. Ltd. | 1,600 | 37 | |
| ^ | Pacific Industrial Co. Ltd. | 3,300 | 37 |
| Broadleaf Co. Ltd. | 3,200 | 37 | |
| Kato Sangyo Co. Ltd. | 1,500 | 36 | |
| Roland DG Corp. | 1,600 | 36 | |
| Daikyo Inc. | 21,000 | 36 | |
| Maruzen Showa Unyu Co. Ltd. | 10,000 | 36 | |
| Hamakyorex Co. Ltd. | 1,800 | 36 | |
| Torii Pharmaceutical Co. Ltd. | 1,500 | 36 | |
| Toyo Tanso Co. Ltd. | 2,500 | 36 | |
| PanaHome Corp. | 5,000 | 35 | |
| Tatsuta Electric Wire and Cable Co. Ltd. | 9,200 | 35 | |
| Kobelco Eco-Solutions Co. Ltd. | 8,000 | 35 | |
| Nishio Rent All Co. Ltd. | 1,500 | 35 | |
| Kyokuto Securities Co. Ltd. | 2,700 | 35 | |
| Konoike Transport Co. Ltd. | 2,800 | 35 | |
| Furuno Electric Co. Ltd. | 5,100 | 34 | |
| * | SWCC Showa Holdings Co. Ltd. | 52,000 | 34 |
| Maruwa Co. Ltd. | 1,500 | 33 | |
| Maeda Kosen Co. Ltd. | 4,300 | 33 | |
| Gunze Ltd. | 10,000 | 32 | |
| Wakita & Co. Ltd. | 4,000 | 31 | |
| Relia Inc. | 3,300 | 31 | |
| ^ | Akebono Brake Industry Co. Ltd. | 10,700 | 31 |
| Japan Post Insurance Co. Ltd. | 1,700 | 31 | |
| Toshiba Machine Co. Ltd. | 9,000 | 31 | |
| Happinet Corp. | 3,000 | 31 | |
| Sanyo Electric Railway Co. Ltd. | 7,907 | 31 | |
| Arcland Sakamoto Co. Ltd. | 1,400 | 30 | |
| Showa Aircraft Industry Co. Ltd. | 3,000 | 30 | |
| *,^ | WATAMI Co. Ltd. | 4,300 | 30 |
| Press Kogyo Co. Ltd. | 7,000 | 30 | |
| Denki Kogyo Co. Ltd. | 7,000 | 30 | |
| Nihon Trim Co. Ltd. | 800 | 30 | |
51
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Daisan Bank Ltd. | 20,000 | 30 |
| Bando Chemical Industries Ltd. | 7,000 | 29 |
| Yonekyu Corp. | 1,600 | 29 |
| Sun Frontier Fudousan Co. Ltd. | 3,600 | 29 |
| Tabuchi Electric Co. Ltd. | 4,200 | 29 |
| Yellow Hat Ltd. | 1,300 | 29 |
| Fuji Soft Inc. | 1,500 | 29 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 6,000 | 28 |
| Mitsubishi Nichiyu Forklift Co. Ltd. | 6,600 | 28 |
| * Janome Sewing Machine Co. Ltd. | 3,800 | 28 |
| * Kappa Create Co. Ltd. | 2,800 | 28 |
| Gecoss Corp. | 3,200 | 28 |
| * Nippon Yakin Kogyo Co. Ltd. | 19,500 | 27 |
| Round One Corp. | 5,900 | 27 |
| Towa Bank Ltd. | 30,000 | 26 |
| Nisshin Oillio Group Ltd. | 7,000 | 26 |
| Marudai Food Co. Ltd. | 7,000 | 26 |
| Key Coffee Inc. | 1,600 | 26 |
| Megachips Corp. | 2,500 | 25 |
| Takamatsu Construction Group Co. Ltd. | 1,200 | 25 |
| Ehime Bank Ltd. | 12,000 | 25 |
| Ateam Inc. | 1,600 | 24 |
| ^ S Foods Inc. | 1,400 | 24 |
| Hiday Hidaka Corp. | 960 | 24 |
| Ohsho Food Service Corp. | 700 | 23 |
| Joshin Denki Co. Ltd. | 3,000 | 23 |
| Nichii Gakkan Co. | 3,200 | 22 |
| NS United Kaiun Kaisha Ltd. | 11,000 | 22 |
| Hokkaido Gas Co. Ltd. | 9,000 | 21 |
| Chugai Ro Co. Ltd. | 11,000 | 21 |
| Starzen Co. Ltd. | 800 | 21 |
| Chofu Seisakusho Co. Ltd. | 1,000 | 21 |
| Funai Electric Co. Ltd. | 2,000 | 21 |
| Mitsui High-Tec Inc. | 3,500 | 20 |
| Nissei ASB Machine Co. Ltd. | 1,000 | 20 |
| ValueCommerce Co. Ltd. | 5,000 | 20 |
| ^ Japan Drilling Co. Ltd. | 900 | 20 |
| Chuetsu Pulp & Paper Co. Ltd. | 10,000 | 18 |
| Future Architect Inc. | 3,200 | 17 |
| Okuwa Co. Ltd. | 2,000 | 17 |
| Zuken Inc. | 1,600 | 15 |
| Aderans Co. Ltd. | 2,000 | 14 |
| * Sanix Inc. | 4,500 | 10 |
| Honeys Co. Ltd. | 60 | 1 |
| 641,276 | ||
| Malaysia (0.3%) | ||
| Public Bank Bhd. (Local) | 492,400 | 2,070 |
| Tenaga Nasional Bhd. | 616,550 | 1,813 |
| Malayan Banking Bhd. | 846,315 | 1,623 |
| Sime Darby Bhd. | 595,300 | 1,157 |
| Axiata Group Bhd. | 742,966 | 1,067 |
| CIMB Group Holdings Bhd. | 885,442 | 947 |
| IHH Healthcare Bhd. | 632,000 | 928 |
| DiGi.Com Bhd. | 599,000 | 733 |
| Petronas Chemicals Group Bhd. | 490,189 | 723 |
| Petronas Gas Bhd. | 128,400 | 684 |
| Maxis Bhd. | 421,000 | 645 |
| Genting Bhd. | 368,100 | 634 |
| IOI Corp. Bhd. | 607,940 | 601 |
| Genting Malaysia Bhd. | 496,100 | 496 |
| Kuala Lumpur Kepong Bhd. | 87,500 | 463 |
| MISC Bhd. | 220,356 | 463 |
| Gamuda Bhd. | 438,000 | 458 |
| British American Tobacco Malaysia Bhd. | 26,700 | 384 |
52
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| SapuraKencana Petroleum Bhd. | 774,195 | 380 |
| IJM Corp. Bhd. | 480,420 | 371 |
| PPB Group Bhd. | 97,700 | 351 |
| Dialog Group Bhd. | 837,748 | 311 |
| AMMB Holdings Bhd. | 277,400 | 308 |
| YTL Corp. Bhd. | 818,966 | 287 |
| Hong Leong Bank Bhd. | 85,500 | 277 |
| 2 Astro Malaysia Holdings Bhd. | 400,387 | 266 |
| Felda Global Ventures Holdings Bhd. | 630,500 | 260 |
| Kossan Rubber Industries | 128,900 | 244 |
| Sunway REIT | 684,100 | 243 |
| Petronas Dagangan Bhd. | 44,800 | 234 |
| Telekom Malaysia Bhd. | 150,500 | 233 |
| UMW Holdings Bhd. | 121,600 | 232 |
| Yinson Holdings Bhd. | 331,500 | 227 |
| BIMB Holdings Bhd. | 223,300 | 213 |
| Berjaya Sports Toto Bhd. | 272,531 | 203 |
| Top Glove Corp. Bhd. | 90,900 | 200 |
| Malaysia Airports Holdings Bhd. | 162,300 | 200 |
| Bursa Malaysia Bhd. | 99,300 | 195 |
| Westports Holdings Bhd. | 188,600 | 188 |
| Bumi Armada Bhd. | 823,950 | 186 |
| Alliance Financial Group Bhd. | 213,600 | 178 |
| My EG Services Bhd. | 250,900 | 173 |
| RHB Capital Bhd. | 116,200 | 164 |
| Genting Plantations Bhd. | 58,800 | 146 |
| Cahya Mata Sarawak Bhd. | 115,100 | 142 |
| KPJ Healthcare Bhd. | 141,000 | 140 |
| IOI Properties Group Bhd. | 296,997 | 139 |
| * Eco World Development Group Bhd. | 432,600 | 138 |
| Lafarge Malaysia Bhd. | 64,200 | 136 |
| Hartalega Holdings Bhd. | 111,400 | 135 |
| Sunway Bhd. | 167,443 | 120 |
| KLCCP Stapled Group | 73,300 | 120 |
| TSH Resources Bhd. | 249,750 | 119 |
| QL Resources Bhd. | 120,900 | 113 |
| YTL Power International Bhd. | 320,918 | 113 |
| Media Prima Bhd. | 339,000 | 110 |
| Berjaya Corp. Bhd. | 1,062,000 | 102 |
| HAP Seng Consolidated Bhd. | 72,600 | 102 |
| Kulim Malaysia Bhd. | 123,800 | 96 |
| * Puncak Niaga Holdings Bhd. | 140,200 | 93 |
| UMW Oil & Gas Corp. Bhd. | 327,400 | 92 |
| * KNM Group Bhd. | 720,600 | 89 |
| WCT Holdings Bhd. | 264,420 | 84 |
| Unisem M Bhd. | 143,400 | 79 |
| Hong Leong Financial Group Bhd. | 23,800 | 78 |
| MMC Corp. Bhd. | 144,100 | 75 |
| SP Setia Bhd Group | 95,600 | 73 |
| Pavilion REIT | 203,500 | 71 |
| Dayang Enterprise Holdings Bhd. | 177,900 | 70 |
| TIME dotCom Bhd. | 42,900 | 70 |
| Inari Amertron Bhd. | 83,300 | 69 |
| Pos Malaysia Bhd. | 74,800 | 67 |
| AirAsia Bhd. | 182,000 | 62 |
| Muhibbah Engineering M Bhd. | 115,500 | 59 |
| UEM Sunrise Bhd. | 200,900 | 58 |
| Mah Sing Group Bhd. | 189,250 | 58 |
| OSK Holdings Bhd. | 139,400 | 54 |
| * Perisai Petroleum Teknologi Bhd. | 713,400 | 54 |
| UOA Development Bhd. | 104,800 | 51 |
| Berjaya Auto Bhd. | 97,020 | 47 |
| DRB-Hicom Bhd. | 145,200 | 45 |
| TA Enterprise Bhd. | 271,300 | 39 |
53
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Capitaland Malaysia Mall Trust | 108,600 | 35 |
| * Eastern & Oriental Bhd. | 92,004 | 34 |
| * MPHB Capital Bhd. | 92,000 | 34 |
| Malaysian Resources Corp. Bhd. | 107,900 | 32 |
| IGB Corp. Bhd. | 55,417 | 32 |
| Supermax Corp. Bhd. | 58,600 | 31 |
| Malaysia Building Society Bhd. | 81,400 | 31 |
| Datasonic Group Bhd. | 87,200 | 30 |
| CB Industrial Product Holding Bhd. | 55,852 | 26 |
| Gas Malaysia Bhd. | 44,800 | 25 |
| Wah Seong Corp. Bhd. | 89,274 | 25 |
| Coastal Contracts Bhd. | 47,000 | 22 |
| * Parkson Holdings Bhd. | 77,669 | 19 |
| * Scomi Group Bhd. | 411,000 | 18 |
| * Mulpha International Bhd. | 251,200 | 18 |
| * Mudajaya Group Bhd. | 61,100 | 17 |
| * Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 | 28,250 | 12 |
| Jaya Tiasa Holdings Bhd. | 32,057 | 9 |
| * Malaysia Marine and Heavy Engineering Holdings Bhd. | 25,400 | 6 |
| * BIMB Holdings Bhd. Warrants Exp. 12/4/2023 | 63,800 | 6 |
| * OSK Holdings Bhd. Warrants Exp. 07/22/2020 | 34,850 | 3 |
| * WCT Holdings Bhd. Warrants Exp. 08/24/2020 | 52,360 | 2 |
| * Sunway Construction Group Bhd. | 5,294 | 2 |
| * KNM Group BHD Warrants Exp. 04/21/2020 | 40,650 | 1 |
| * CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 | 15,733 | 1 |
| * Mah Sing Group Bhd. Warrants Exp. 03/18/2018 | 23,257 | 1 |
| * Eastern & Oriental Bhd Warrants Exp. 07/21/2019 | 16,400 | 1 |
| * Mah Sing Group Warrants Exp. 01/15/2026 | 15,015 | 1 |
| 25,995 | ||
| Mexico (0.5%) | ||
| America Movil SAB de CV | 5,331,794 | 4,761 |
| Fomento Economico Mexicano SAB de CV | 406,525 | 4,016 |
| Grupo Televisa SAB | 491,500 | 2,860 |
| Wal-Mart de Mexico SAB de CV | 1,033,800 | 2,727 |
| Grupo Financiero Banorte SAB de CV | 474,408 | 2,555 |
| Grupo Mexico SAB de CV Class B | 776,147 | 1,891 |
| * Cemex SAB de CV | 2,731,569 | 1,731 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 18,500 | 1,685 |
| Alfa SAB de CV Class A | 491,600 | 1,024 |
| Fibra Uno Administracion SA de CV | 443,940 | 975 |
| * Grupo Bimbo SAB de CV Class A | 301,700 | 856 |
| Industrias Penoles SAB de CV | 56,680 | 754 |
| Grupo Financiero Inbursa SAB de CV | 333,900 | 671 |
| Mexichem SAB de CV | 224,384 | 582 |
| * Promotora y Operadora de Infraestructura SAB de CV | 46,312 | 581 |
| Grupo Aeroportuario del Sureste SAB de CV Class B | 36,381 | 563 |
| Coca-Cola Femsa SAB de CV | 71,700 | 551 |
| Gruma SAB de CV Class B | 28,935 | 446 |
| Grupo Financiero Santander Mexico SAB de CV Class B | 236,565 | 435 |
| Gentera SAB de CV | 197,100 | 363 |
| Grupo Carso SAB de CV | 80,000 | 357 |
| El Puerto de Liverpool SAB de CV | 24,600 | 342 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B | 37,900 | 341 |
| Kimberly-Clark de Mexico SAB de CV Class A | 125,000 | 302 |
| Arca Continental SAB de CV | 46,800 | 300 |
| Alsea SAB de CV | 87,300 | 287 |
| Controladora Comercial Mexicana SAB de CV | 83,080 | 243 |
| * Industrias CH SAB de CV Class B | 66,300 | 240 |
| Grupo Aeroportuario del Centro Norte Sab de CV Class B | 46,600 | 240 |
| Grupo Lala SAB de CV | 78,900 | 202 |
| Megacable Holdings SAB de CV | 52,162 | 199 |
| Grupo Elektra SAB DE CV | 9,480 | 189 |
| Bolsa Mexicana de Valores SAB de CV | 112,700 | 188 |
| * OHL Mexico SAB de CV | 136,100 | 179 |
54
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Infraestructura Energetica Nova SAB de CV | 36,000 | 174 |
| Mexico Real Estate Management SA de CV | 122,200 | 170 |
| Grupo Comercial Chedraui SA de CV | 53,100 | 147 |
| Industrias Bachoco SAB de CV Class B | 27,100 | 124 |
| * Genomma Lab Internacional SAB de CV Class B | 153,563 | 113 |
| * Credito Real SAB de CV SOFOM ER | 47,600 | 112 |
| Corp Inmobiliaria Vesta SAB de CV | 67,400 | 111 |
| PLA Administradora Industrial S de RL de CV | 55,286 | 102 |
| * Organizacion Soriana SAB de CV Class B | 37,200 | 90 |
| * Grupo Aeromexico SAB de CV | 50,300 | 88 |
| Alpek SAB de CV | 59,100 | 85 |
| TV Azteca SAB de CV | 507,500 | 81 |
| * Controladora Vuela Cia de Aviacion SAB de CV Class A | 47,500 | 81 |
| Banregio Grupo Financiero SAB de CV | 12,900 | 70 |
| Grupo Sanborns SAB de CV | 37,600 | 66 |
| Concentradora Fibra Danhos SA de CV | 24,000 | 56 |
| * Hoteles City Express SAB de CV | 40,800 | 55 |
| Concentradora Fibra Hotelera Mexicana SA de CV | 52,200 | 51 |
| Grupo Financiero Interacciones SA de CV | 7,400 | 48 |
| Prologis Property Mexico SA de CV | 28,800 | 48 |
| Grupo Herdez SAB de CV | 16,100 | 44 |
| Organizacion Cultiba SAB de CV | 32,100 | 43 |
| * Minera Frisco SAB de CV | 81,563 | 43 |
| * Grupo Simec SAB de CV Class B | 13,000 | 36 |
| * Empresas ICA SAB de CV | 83,400 | 33 |
| * Qualitas Controladora SAB de CV | 19,419 | 24 |
| * Consorcio ARA SAB de CV | 56,800 | 21 |
| 35,752 | ||
| Netherlands (1.0%) | ||
| ^ Unilever NV | 299,017 | 13,478 |
| ING Groep NV | 746,792 | 10,830 |
| Unibail-Rodamco SE | 17,952 | 5,002 |
| ASLM Holdings NV (Amsterdam Shares) | 53,566 | 4,966 |
| Koninklijke Philips NV | 177,894 | 4,799 |
| Koninklijke Ahold NV | 195,184 | 3,965 |
| Heineken NV | 35,144 | 3,204 |
| Akzo Nobel NV | 42,931 | 3,033 |
| Aegon NV | 469,775 | 2,885 |
| RELX NV | 156,640 | 2,672 |
| Koninklijke KPN NV | 558,123 | 2,044 |
| Wolters Kluwer NV | 50,798 | 1,716 |
| Koninklijke DSM NV | 28,171 | 1,500 |
| NN Group NV | 46,606 | 1,462 |
| * Altice NV Class A | 71,544 | 1,233 |
| Heineken Holding NV | 15,202 | 1,216 |
| Randstad Holding NV | 17,810 | 1,061 |
| ArcelorMittal | 178,362 | 991 |
| Gemalto NV | 14,252 | 893 |
| TNT Express NV | 78,434 | 659 |
| Boskalis Westminster | 11,794 | 572 |
| Delta Lloyd NV | 67,228 | 529 |
| Aalberts Industries NV | 15,207 | 493 |
| Wereldhave NV | 6,743 | 420 |
| Koninklijke Vopak NV | 10,294 | 413 |
| * SBM Offshore NV | 29,694 | 406 |
| TKH Group NV | 10,533 | 399 |
| * Altice NV Class B | 22,176 | 392 |
| * OCI NV | 13,466 | 380 |
| Eurocommercial Properties NV | 6,705 | 320 |
| * Fugro NV | 16,561 | 313 |
| ASLM Holdings (New York Shares) | 3,375 | 313 |
| * PostNL NV | 69,430 | 286 |
| IMCD Group NV | 7,570 | 283 |
| * Koninklijke BAM Groep NV | 49,191 | 271 |
55
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Arcadis NV | 10,737 | 270 | |
| ASM International NV | 6,576 | 251 | |
| * | APERAM SA | 7,367 | 227 |
| * | TomTom NV | 20,252 | 220 |
| Corbion NV | 8,357 | 205 | |
| USG People NV | 12,833 | 204 | |
| 2 | GrandVision NV | 6,378 | 176 |
| *,2 | Refresco Gerber NV | 9,989 | 163 |
| Koninklijke Ten Cate NV | 5,570 | 151 | |
| Vastned Retail NV | 1,807 | 88 | |
| Brunel International NV | 4,071 | 76 | |
| NSI NV | 13,998 | 61 | |
| Accell Group | 2,813 | 59 | |
| BinckBank NV | 6,465 | 57 | |
| Wessanen | 4,624 | 50 | |
| 75,657 | |||
| New Zealand (0.1%) | |||
| Fletcher Building Ltd. | 280,141 | 1,414 | |
| Spark New Zealand Ltd. | 293,474 | 667 | |
| Auckland International Airport Ltd. | 140,672 | 499 | |
| Contact Energy Ltd. | 126,962 | 445 | |
| Fisher & Paykel Healthcare Corp. Ltd. | 74,226 | 391 | |
| Ryman Healthcare Ltd. | 66,162 | 353 | |
| EBOS Group Ltd. | 36,239 | 335 | |
| SKYCITY Entertainment Group Ltd. | 77,786 | 211 | |
| Mighty River Power Ltd. | 110,267 | 209 | |
| SKY Network Television Ltd. | 65,167 | 200 | |
| Kiwi Property Group Ltd. | 205,279 | 189 | |
| Infratil Ltd. | 83,585 | 175 | |
| * | Xero Ltd. | 15,682 | 169 |
| Genesis Energy Ltd. | 126,986 | 160 | |
| Z Energy Ltd. | 34,375 | 156 | |
| Trade Me Group Ltd. | 59,488 | 147 | |
| Air New Zealand Ltd. | 73,466 | 145 | |
| Goodman Property Trust | 146,920 | 120 | |
| * | Chorus Ltd. | 57,044 | 110 |
| Summerset Group Holdings Ltd. | 41,195 | 109 | |
| Argosy Property Ltd. | 106,763 | 81 | |
| Freightways Ltd. | 18,883 | 75 | |
| Precinct Properties New Zealand Ltd. | 87,309 | 72 | |
| Nuplex Industries Ltd. | 24,418 | 70 | |
| Vector Ltd. | 30,875 | 69 | |
| * | Diligent Corp. | 16,234 | 66 |
| Vital Healthcare Property Trust | 45,667 | 54 | |
| Metlifecare Ltd. | 14,922 | 45 | |
| Heartland New Zealand Ltd. | 52,255 | 44 | |
| TOWER Ltd. | 26,604 | 38 | |
| Kathmandu Holdings Ltd. | 32,196 | 34 | |
| Warehouse Group Ltd. | 18,061 | 33 | |
| * | a2 Milk Co. Ltd. | 63,344 | 33 |
| 6,918 | |||
| Norway (0.2%) | |||
| Statoil ASA | 171,165 | 2,763 | |
| DNB ASA | 187,460 | 2,378 | |
| ^ | Telenor ASA | 112,484 | 2,117 |
| Yara International ASA | 33,262 | 1,508 | |
| Orkla ASA | 121,051 | 1,029 | |
| * | Schibsted ASA Class B | 29,401 | 914 |
| Schibsted ASA Class A | 24,582 | 824 | |
| Norsk Hydro ASA | 212,079 | 759 | |
| Marine Harvest ASA | 52,553 | 704 | |
| * | Subsea 7 SA | 82,879 | 650 |
| * | Storebrand ASA | 158,098 | 553 |
| *,^ | Seadrill Ltd. | 80,736 | 514 |
56
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Gjensidige Forsikring ASA | 23,559 | 357 | |
| TGS Nopec Geophysical Co. ASA | 15,938 | 316 | |
| Petroleum Geo-Services ASA | 74,512 | 309 | |
| 2 | Aker Solutions ASA | 66,105 | 266 |
| Atea ASA | 21,815 | 202 | |
| SpareBank 1 SR-Bank ASA | 42,291 | 202 | |
| Veidekke ASA | 13,234 | 168 | |
| * | Det Norske Oljeselskap ASA | 26,429 | 163 |
| 2 | XXL ASA | 14,433 | 154 |
| Bakkafrost P/F | 4,781 | 153 | |
| *,^ | DNO ASA | 145,158 | 145 |
| ^ | Opera Software ASA | 19,169 | 120 |
| *,^ | Nordic Semiconductor ASA | 22,372 | 107 |
| * | Norwegian Property ASA | 96,123 | 104 |
| *,^ | Fred Olsen Energy ASA | 20,726 | 97 |
| SpareBank 1 SMN | 14,608 | 91 | |
| Salmar ASA | 5,507 | 90 | |
| 2 | Entra ASA | 10,098 | 86 |
| Prosafe SE | 29,784 | 83 | |
| Hoegh LNG Holdings Ltd. | 6,871 | 82 | |
| BW Offshore Ltd. | 145,929 | 61 | |
| 2 | BW LPG Ltd. | 8,351 | 57 |
| *,^ | REC Silicon ASA | 292,534 | 52 |
| Wilh Wilhelmsen ASA | 10,986 | 48 | |
| * | Norwegian Air Shuttle ASA | 1,163 | 43 |
| Aker ASA | 2,156 | 42 | |
| Austevoll Seafood ASA | 4,106 | 25 | |
| Leroy Seafood Group ASA | 710 | 25 | |
| *,^ | Akastor ASA | 17,120 | 22 |
| 18,383 | |||
| Other (0.1%)3 | |||
| 4 | Vanguard FTSE Emerging Markets ETF | 129,659 | 4,517 |
| Peru (0.0%) | |||
| Credicorp Ltd. (New York Shares) | 5,286 | 599 | |
| Cia de Minas Buenaventura SAA ADR | 62,588 | 401 | |
| Credicorp Ltd. | 3,045 | 345 | |
| 1,345 | |||
| Philippines (0.2%) | |||
| SM Investments Corp. | 49,122 | 915 | |
| Ayala Corp. | 45,320 | 753 | |
| Ayala Land Inc. | 907,200 | 692 | |
| Universal Robina Corp. | 153,040 | 653 | |
| Philippine Long Distance Telephone Co. | 13,085 | 617 | |
| SM Prime Holdings Inc. | 1,220,850 | 561 | |
| JG Summit Holdings Inc. | 358,710 | 545 | |
| Semirara Mining and Power Corp. Class A | 190,359 | 543 | |
| BDO Unibank Inc. | 215,300 | 464 | |
| First Philippine Holdings Corp. | 300,010 | 452 | |
| First Gen Corp. | 768,800 | 415 | |
| Aboitiz Equity Ventures Inc. | 337,470 | 400 | |
| GT Capital Holdings Inc. | 14,113 | 395 | |
| Manila Electric Co. | 55,080 | 382 | |
| Vista Land & Lifescapes Inc. | 3,212,800 | 381 | |
| Bank of the Philippine Islands | 205,385 | 371 | |
| Metropolitan Bank & Trust Co. | 167,564 | 304 | |
| Alliance Global Group Inc. | 742,000 | 288 | |
| Manila Water Co. Inc. | 526,100 | 267 | |
| Jollibee Foods Corp. | 55,700 | 245 | |
| Globe Telecom Inc. | 4,905 | 238 | |
| Metro Pacific Investments Corp. | 1,962,000 | 218 | |
| DMCI Holdings Inc. | 819,000 | 216 | |
| Energy Development Corp. | 1,362,900 | 192 | |
| International Container Terminal Services Inc. | 107,150 | 188 | |
57
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Filinvest Land Inc. | 4,980,000 | 185 | |
| Aboitiz Power Corp. | 187,520 | 168 | |
| Megaworld Corp. | 1,569,900 | 157 | |
| Robinsons Land Corp. | 218,600 | 143 | |
| LT Group Inc. | 435,600 | 116 | |
| Security Bank Corp. | 32,980 | 100 | |
| Robinsons Retail Holdings Inc. | 58,090 | 95 | |
| Puregold Price Club Inc. | 104,600 | 80 | |
| Cosco Capital Inc. | 499,500 | 79 | |
| Bloomberry Resorts Corp. | 546,100 | 72 | |
| * | Philippine National Bank | 58,365 | 66 |
| Belle Corp. | 770,000 | 57 | |
| D&L Industries Inc. | 221,400 | 46 | |
| Petron Corp. | 251,500 | 43 | |
| Lopez Holdings Corp. | 241,900 | 35 | |
| Emperador Inc. | 185,300 | 33 | |
| Nickel Asia Corp. | 168,600 | 28 | |
| Rizal Commercial Banking Corp. | 38,790 | 26 | |
| Philex Mining Corp. | 157,700 | 18 | |
| * | Melco Crown Philippines Resorts Corp. | 220,700 | 17 |
| 12,259 | |||
| Poland (0.1%) | |||
| Powszechny Zaklad Ubezpieczen SA | 16,440 | 1,596 | |
| * | Powszechna Kasa Oszczednosci Bank Polski SA | 135,718 | 1,004 |
| ^ | Polski Koncern Naftowy Orlen SA | 56,130 | 909 |
| KGHM Polska Miedz SA | 34,677 | 804 | |
| Bank Pekao SA | 18,901 | 734 | |
| Enea SA | 196,117 | 650 | |
| Polskie Gornictwo Naftowe i Gazownictwo SA | 317,169 | 563 | |
| PGE Polska Grupa Energetyczna SA | 106,978 | 397 | |
| LPP SA | 199 | 375 | |
| * | Bank Zachodni WBK SA | 4,366 | 352 |
| * | Bank Millennium SA | 157,377 | 249 |
| Energa SA | 49,015 | 209 | |
| * | Cyfrowy Polsat SA | 32,365 | 208 |
| Orange Polska SA | 98,779 | 181 | |
| * | Grupa Azoty SA | 7,327 | 174 |
| * | mBank SA | 1,800 | 169 |
| * | Globe Trade Centre SA | 82,556 | 144 |
| Asseco Poland SA | 9,655 | 142 | |
| CCC SA | 3,201 | 140 | |
| Eurocash SA | 9,585 | 129 | |
| Tauron Polska Energia SA | 157,122 | 123 | |
| * | Alior Bank SA | 5,011 | 105 |
| Synthos SA | 108,677 | 104 | |
| Kernel Holding SA | 7,186 | 97 | |
| Bank Handlowy w Warszawie SA | 3,958 | 80 | |
| ^ | Lubelski Wegiel Bogdanka SA | 7,130 | 76 |
| * | Grupa Lotos SA | 9,235 | 68 |
| ^ | Netia SA | 47,099 | 67 |
| * | CD Projekt Red SA | 9,088 | 63 |
| PKP Cargo SA | 3,586 | 62 | |
| *,^ | Getin Noble Bank SA | 144,691 | 30 |
| * | Integer.pl SA | 775 | 23 |
| * | Getin Holding SA | 53,314 | 22 |
| Warsaw Stock Exchange | 1,878 | 20 | |
| * | Jastrzebska Spolka Weglowa SA | 4,357 | 15 |
| ING Bank Slaski SA | 11 | — | |
| 10,084 | |||
| Portugal (0.1%) | |||
| EDP - Energias de Portugal SA | 441,892 | 1,633 | |
| Galp Energia SGPS SA | 89,438 | 964 | |
| Jeronimo Martins SGPS SA | 46,942 | 658 | |
| NOS SGPS SA | 62,405 | 518 | |
58
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Banco Comercial Portugues SA | 5,884,570 | 337 |
| CTT-Correios de Portugal SA | 20,528 | 233 |
| EDP Renovaveis SA | 30,859 | 224 |
| Portucel SA | 41,957 | 170 |
| Sonae SGPS SA | 104,336 | 125 |
| * Banco BPI SA | 68,043 | 83 |
| Altri SGPS SA | 13,342 | 63 |
| REN - Redes Energeticas Nacionais SGPS SA | 19,975 | 61 |
| * Pharol SGPS SA | 99,498 | 42 |
| Sonaecom SGPS SA | 15,610 | 37 |
| ^ Mota-Engil SGPS SA | 12,362 | 31 |
| * Banco Espirito Santo SA | 428,634 | 1 |
| 5,180 | ||
| Russia (0.3%) | ||
| * Lukoil PJSC ADR | 107,880 | 3,916 |
| Gazprom PAO ADR | 559,307 | 2,357 |
| Surgutneftegas OAO ADR | 414,397 | 2,261 |
| Magnit PJSC GDR | 49,162 | 2,233 |
| NOVATEK OAO | 190,206 | 1,740 |
| Sberbank PAO ADR | 274,051 | 1,675 |
| Gazprom PAO | 664,220 | 1,414 |
| Tatneft PAO ADR | 42,144 | 1,300 |
| MMC Norilsk Nickel PJSC ADR | 75,404 | 1,118 |
| Sberbank PAO | 759,171 | 1,076 |
| Rosneft OAO GDR | 197,112 | 786 |
| AK Transneft OAO Preference Shares | 243 | 566 |
| Mobile TeleSystems PJSC | 157,611 | 514 |
| 2 VTB Bank PJSC GDR | 220,216 | 482 |
| VTB Bank PJSC | 360,782,455 | 408 |
| Moscow Exchange MICEX-RTS OAO | 202,240 | 285 |
| * Rosseti PJSC | 39,782,655 | 282 |
| Severstal PAO | 22,467 | 261 |
| RusHydro PJSC | 21,056,242 | 215 |
| MegaFon PJSC GDR | 15,972 | 206 |
| Rostelecom PJSC | 139,763 | 205 |
| Alrosa PAO | 251,000 | 202 |
| Acron JSC | 3,636 | 177 |
| Sistema JSFC GDR | 24,816 | 172 |
| * Uralkali PJSC | 66,306 | 161 |
| Novolipetsk Steel OJSC | 119,719 | 147 |
| PhosAgro OAO GDR | 9,709 | 131 |
| Inter RAO UES PJSC | 6,084,172 | 116 |
| Magnitogorsk Iron & Steel Works OJSC | 278,631 | 105 |
| Bashneft PAO | 3,191 | 96 |
| E.ON Russia JSC | 1,847,900 | 88 |
| * DIXY Group PJSC | 14,610 | 75 |
| M Video OJSC | 17,050 | 61 |
| Federal Grid Co. Unified Energy System JSC | 44,833,105 | 44 |
| LSR Group PJSC GDR | 18,772 | 42 |
| * Mechel | 38,802 | 39 |
| * Aeroflot - Russian Airlines OJSC | 48,600 | 37 |
| Sistema JSFC | 106,900 | 30 |
| Mosenergo OAO | 2,043,038 | 26 |
| * Raspadskaya OAO | 41,689 | 25 |
| TMK PAO GDR | 6,181 | 23 |
| Rosneft OAO | 3,288 | 13 |
| 25,110 | ||
| Singapore (0.5%) | ||
| DBS Group Holdings Ltd. | 310,900 | 3,828 |
| Singapore Telecommunications Ltd. | 1,320,600 | 3,738 |
| Oversea-Chinese Banking Corp. Ltd. | 483,238 | 3,102 |
| United Overseas Bank Ltd. | 181,200 | 2,626 |
| Singapore Airlines Ltd. | 210,217 | 1,616 |
| Singapore Exchange Ltd. | 254,094 | 1,335 |
59
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Keppel Corp. Ltd. | 226,513 | 1,137 |
| Ascott Residence Trust | 1,275,920 | 1,101 |
| Global Logistic Properties Ltd. | 615,200 | 979 |
| Wilmar International Ltd. | 406,373 | 904 |
| CapitaLand Ltd. | 384,500 | 846 |
| Frasers Commercial Trust | 812,518 | 794 |
| ComfortDelGro Corp. Ltd. | 317,300 | 685 |
| Cache Logistics Trust | 890,600 | 637 |
| Singapore Press Holdings Ltd. | 222,000 | 631 |
| Genting Singapore plc | 988,600 | 574 |
| Singapore Technologies Engineering Ltd. | 236,600 | 557 |
| Cambridge Industrial Trust | 1,263,200 | 550 |
| Ascendas REIT | 319,300 | 543 |
| CapitaLand Mall Trust | 373,600 | 528 |
| City Developments Ltd. | 84,900 | 480 |
| Suntec REIT | 374,000 | 440 |
| Hutchison Port Holdings Trust | 760,000 | 420 |
| UOL Group Ltd. | 86,299 | 404 |
| Sembcorp Industries Ltd. | 149,831 | 381 |
| Singapore Post Ltd. | 281,000 | 380 |
| ^ Noble Group Ltd. | 1,034,268 | 372 |
| Jardine Cycle & Carriage Ltd. | 15,888 | 368 |
| AIMS AMP Capital Industrial REIT | 326,000 | 324 |
| Mapletree Logistics Trust | 427,000 | 311 |
| Keppel Telecommunications & Transportation Ltd. | 297,600 | 307 |
| StarHub Ltd. | 117,600 | 301 |
| Golden Agri-Resources Ltd. | 1,066,419 | 296 |
| Keppel Infrastructure Trust | 754,400 | 280 |
| SATS Ltd. | 99,000 | 268 |
| CapitaLand Commercial Trust Ltd. | 266,710 | 268 |
| Yangzijiang Shipbuilding Holdings Ltd. | 260,036 | 231 |
| Asian Pay Television Trust | 397,600 | 224 |
| ^ Ezion Holdings Ltd. | 365,120 | 181 |
| ^ Sembcorp Marine Ltd. | 108,389 | 181 |
| Raffles Medical Group Ltd. | 56,000 | 172 |
| First Resources Ltd. | 128,000 | 171 |
| Mapletree Greater China Commercial Trust | 235,000 | 167 |
| Mapletree Industrial Trust | 148,500 | 162 |
| Keppel REIT | 229,188 | 158 |
| Mapletree Commercial Trust | 156,200 | 152 |
| Venture Corp. Ltd. | 25,500 | 150 |
| Frasers Centrepoint Trust | 98,300 | 137 |
| Starhill Global REIT | 228,300 | 132 |
| Tat Hong Holdings Ltd. | 307,400 | 123 |
| ^ SIIC Environment Holdings Ltd. | 180,320 | 109 |
| Ascendas Hospitality Trust | 225,000 | 109 |
| CDL Hospitality Trusts | 110,600 | 107 |
| Religare Health Trust | 147,100 | 104 |
| Genting Hong Kong Ltd. | 322,798 | 102 |
| Lippo Malls Indonesia Retail Trust | 442,600 | 101 |
| * Neptune Orient Lines Ltd. | 136,300 | 97 |
| United Engineers Ltd. | 65,000 | 92 |
| M1 Ltd. | 44,000 | 89 |
| Soilbuild Business Space REIT | 156,400 | 89 |
| ^ SMRT Corp. Ltd. | 85,000 | 88 |
| Keppel DC REIT | 116,700 | 87 |
| * Biosensors International Group Ltd. | 176,000 | 85 |
| Olam International Ltd. | 59,000 | 84 |
| OUE Ltd. | 57,600 | 73 |
| Silverlake Axis Ltd. | 177,499 | 73 |
| CapitaLand Retail China Trust | 63,000 | 68 |
| Wing Tai Holdings Ltd. | 53,000 | 66 |
| Yanlord Land Group Ltd. | 78,000 | 58 |
| SIA Engineering Co. Ltd. | 20,000 | 57 |
60
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Far East Hospitality Trust | 118,400 | 57 | |
| * | China Animal Healthcare Ltd. | 84,000 | 56 |
| Ascendas India Trust | 84,000 | 52 | |
| Midas Holdings Ltd. | 223,900 | 50 | |
| Sarine Technologies Ltd. | 44,300 | 49 | |
| *,^ | Tiger Airways Holdings Ltd. | 227,600 | 47 |
| First REIT | 53,000 | 47 | |
| Frasers Centrepoint Ltd. | 39,500 | 46 | |
| *,^ | Yoma Strategic Holdings Ltd. | 147,330 | 45 |
| SPH REIT | 66,700 | 45 | |
| 2 | ARA Asset Management Ltd. | 44,000 | 44 |
| OUE Hospitality Trust | 76,000 | 44 | |
| Croesus Retail Trust | 67,000 | 40 | |
| Super Group Ltd. (Singapore Shares) | 58,000 | 37 | |
| Swiber Holdings Ltd. | 189,750 | 35 | |
| Sabana Shari'ah Compliant Industrial REIT | 63,000 | 34 | |
| * | Ezra Holdings Ltd. | 344,056 | 30 |
| Hyflux Ltd. | 54,000 | 26 | |
| COSCO Corp. Singapore Ltd. | 92,000 | 25 | |
| * | China Everbright Water Ltd. | 47,300 | 24 |
| OSIM International Ltd. | 24,000 | 23 | |
| Accordia Golf Trust | 44,000 | 20 | |
| *,^ | Vard Holdings Ltd. | 70,000 | 19 |
| 37,285 | |||
| South Africa (0.7%) | |||
| Naspers Ltd. | 73,626 | 10,755 | |
| MTN Group Ltd. | 314,897 | 3,585 | |
| Sasol Ltd. | 104,365 | 3,324 | |
| Steinhoff International Holdings Ltd. | 407,994 | 2,497 | |
| Standard Bank Group Ltd. | 189,114 | 1,964 | |
| FirstRand Ltd. | 483,260 | 1,771 | |
| Remgro Ltd. | 84,933 | 1,698 | |
| Aspen Pharmacare Holdings Ltd. | 58,680 | 1,316 | |
| Sanlam Ltd. | 290,144 | 1,308 | |
| Bidvest Group Ltd. | 49,246 | 1,258 | |
| Shoprite Holdings Ltd. | 114,361 | 1,188 | |
| Clicks Group Ltd. | 145,134 | 1,059 | |
| Barloworld Ltd. | 183,951 | 1,038 | |
| Woolworths Holdings Ltd. | 136,277 | 1,008 | |
| Mpact Ltd. | 226,217 | 790 | |
| Brait SE | 68,609 | 784 | |
| DataTec Ltd. | 171,409 | 733 | |
| Mediclinic International Ltd. | 77,418 | 680 | |
| * | AngloGold Ashanti Ltd. | 75,728 | 641 |
| Netcare Ltd. | 224,910 | 640 | |
| Growthpoint Properties Ltd. | 343,081 | 628 | |
| Barclays Africa Group Ltd. | 48,168 | 617 | |
| Mondi Ltd. | 25,592 | 595 | |
| Tiger Brands Ltd. | 25,172 | 576 | |
| Redefine Properties Ltd. | 685,190 | 571 | |
| City Lodge Hotels Ltd. | 50,298 | 543 | |
| * | Mr Price Group Ltd. | 34,491 | 529 |
| Vodacom Group Ltd. | 47,562 | 514 | |
| Discovery Ltd. | 47,857 | 511 | |
| Nedbank Group Ltd. | 29,950 | 497 | |
| RMB Holdings Ltd. | 89,695 | 437 | |
| Truworths International Ltd. | 64,510 | 436 | |
| Life Healthcare Group Holdings Ltd. | 152,937 | 426 | |
| MMI Holdings Ltd. | 224,229 | 406 | |
| Gold Fields Ltd. | 150,364 | 393 | |
| Coronation Fund Managers Ltd. | 72,992 | 385 | |
| Capitec Bank Holdings Ltd. | 8,326 | 359 | |
| Resilient Property Income Fund Ltd. | 40,094 | 352 | |
| PSG Group Ltd. | 18,229 | 351 | |
61
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| SPAR Group Ltd. | 24,366 | 350 |
| * Impala Platinum Holdings Ltd. | 127,517 | 348 |
| Foschini Group Ltd. | 33,931 | 346 |
| Hyprop Investments Ltd. | 36,818 | 334 |
| Imperial Holdings Ltd. | 25,330 | 330 |
| Investec Ltd. | 36,915 | 305 |
| * Sappi Ltd. | 76,611 | 302 |
| Pioneer Foods Group Ltd. | 20,924 | 299 |
| Emira Property Fund Ltd. | 206,682 | 275 |
| SA Corporate Real Estate Fund Nominees Pty Ltd. | 679,481 | 256 |
| Telkom SA SOC Ltd. | 48,073 | 252 |
| JSE Ltd. | 25,216 | 243 |
| AVI Ltd. | 36,727 | 234 |
| Capital Property Fund Ltd. | 198,417 | 231 |
| * Tsogo Sun Holdings Ltd. | 121,136 | 217 |
| Sibanye Gold Ltd. | 121,203 | 201 |
| KAP Industrial Holdings Ltd. | 362,105 | 192 |
| Adcock Ingram Holdings Ltd. | 49,139 | 184 |
| Omnia Holdings Ltd. | 16,576 | 183 |
| * Anglo American Platinum Ltd. | 8,548 | 150 |
| Nampak Ltd. | 91,225 | 148 |
| EOH Holdings Ltd. | 13,273 | 147 |
| Vukile Property Fund Ltd. | 87,528 | 121 |
| Pick n Pay Stores Ltd. | 25,106 | 121 |
| Reunert Ltd. | 24,815 | 121 |
| ^ Kumba Iron Ore Ltd. | 27,015 | 117 |
| Tongaat Hulett Ltd. | 13,623 | 116 |
| Liberty Holdings Ltd. | 11,494 | 112 |
| Massmart Holdings Ltd. | 12,926 | 107 |
| * Northam Platinum Ltd. | 46,879 | 103 |
| * Attacq Ltd. | 64,477 | 102 |
| Astral Foods Ltd. | 7,639 | 96 |
| * Super Group Ltd. (South Africa Shares) | 40,667 | 95 |
| AECI Ltd. | 13,469 | 93 |
| Exxaro Resources Ltd. | 22,079 | 91 |
| Sun International Ltd. | 12,892 | 89 |
| Cashbuild Ltd. | 3,622 | 86 |
| Illovo Sugar Ltd. | 67,733 | 85 |
| Peregrine Holdings Ltd. | 35,263 | 78 |
| Distell Group Ltd. | 6,056 | 78 |
| ^ Lewis Group Ltd. | 17,093 | 74 |
| * Curro Holdings Ltd. | 24,411 | 70 |
| PPC Ltd. | 52,938 | 64 |
| Blue Label Telecoms Ltd. | 74,154 | 62 |
| African Rainbow Minerals Ltd. | 16,169 | 61 |
| Grindrod Ltd. | 54,052 | 58 |
| Alexander Forbes Group Holdings Ltd. | 89,965 | 57 |
| Pick n Pay Holdings Ltd. | 26,672 | 55 |
| Famous Brands Ltd. | 5,510 | 54 |
| Wilson Bayly Holmes-Ovcon Ltd. | 5,074 | 47 |
| Santam Ltd. | 2,842 | 46 |
| Murray & Roberts Holdings Ltd. | 56,830 | 43 |
| Clover Industries Ltd. | 30,888 | 42 |
| Hudaco Industries Ltd. | 5,387 | 42 |
| * Harmony Gold Mining Co. Ltd. | 55,434 | 39 |
| Adcorp Holdings Ltd. | 16,230 | 30 |
| Oceana Group Ltd. | 3,937 | 29 |
| Metair Investments Ltd. | 12,945 | 29 |
| Group Five Ltd. | 15,342 | 24 |
| Assore Ltd. | 3,401 | 20 |
| * Aveng Ltd. | 60,206 | 15 |
| * ArcelorMittal South Africa Ltd. | 21,122 | 13 |
| * Adbee Rf Ltd. | 3,375 | 8 |
| * Royal Bafokeng Platinum Ltd. | 3,748 | 8 |
62
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Adcock Ingram Holdings Ltd. Warrants Exp. 07/26/2019 | 1,045 | 1 |
| * | African Bank Investments Ltd. | 150,852 | — |
| 55,492 | |||
| South Korea (1.6%) | |||
| Samsung Electronics Co. Ltd. GDR | 42,756 | 25,544 | |
| Samsung Electronics Co. Ltd. Preference Shares | 3,537 | 3,689 | |
| Hyundai Motor Co. | 26,152 | 3,573 | |
| KB Financial Group Inc. ADR | 86,820 | 2,737 | |
| SK Hynix Inc. | 102,062 | 2,727 | |
| NAVER Corp. | 4,683 | 2,456 | |
| Hyundai Mobis Co. Ltd. | 11,373 | 2,392 | |
| Kia Motors Corp. | 46,839 | 2,286 | |
| Amorepacific Corp. | 6,724 | 2,213 | |
| KT&G Corp. | 21,516 | 2,150 | |
| Samsung Fire & Marine Insurance Co. Ltd. | 7,469 | 2,091 | |
| LG Chem Ltd. | 7,473 | 1,981 | |
| Korea Electric Power Corp. | 43,306 | 1,950 | |
| Shinhan Financial Group Co. Ltd. ADR | 48,059 | 1,843 | |
| * | Samsung C&T Corp. | 12,246 | 1,656 |
| LG Household & Health Care Ltd. | 1,850 | 1,531 | |
| SK Holdings Co. Ltd. | 6,248 | 1,457 | |
| Hana Financial Group Inc. | 57,773 | 1,402 | |
| POSCO ADR | 32,009 | 1,281 | |
| SK Telecom Co. Ltd. ADR | 53,225 | 1,254 | |
| Samsung Life Insurance Co. Ltd. | 12,827 | 1,224 | |
| Samsung SDS Co. Ltd. | 4,920 | 1,106 | |
| POSCO | 6,772 | 1,086 | |
| Shinhan Financial Group Co. Ltd. | 28,483 | 1,084 | |
| LG Electronics Inc. | 24,312 | 1,044 | |
| Hyundai Motor Co. Preference Shares | 10,825 | 1,043 | |
| SK Innovation Co. Ltd. | 9,922 | 1,023 | |
| *,^ | Celltrion Inc. | 13,519 | 906 |
| Samsung SDI Co. Ltd. | 9,018 | 838 | |
| LG Corp. | 14,210 | 822 | |
| Korea Aerospace Industries Ltd. | 10,099 | 793 | |
| Coway Co. Ltd. | 9,901 | 736 | |
| LG Display Co. Ltd. | 37,451 | 714 | |
| Korea Zinc Co. Ltd. | 1,709 | 710 | |
| AMOREPACIFIC Group | 4,828 | 676 | |
| Kangwon Land Inc. | 17,974 | 666 | |
| Hyundai Steel Co. | 13,970 | 634 | |
| E-MART Inc. | 3,367 | 626 | |
| Hyundai Glovis Co. Ltd. | 3,520 | 606 | |
| ^ | Hyundai Heavy Industries Co. Ltd. | 7,245 | 601 |
| Orion Corp. | 661 | 556 | |
| ^ | Kakao Corp. | 5,527 | 548 |
| NCSoft Corp. | 3,285 | 544 | |
| Samsung Electro-Mechanics Co. Ltd. | 9,184 | 523 | |
| Industrial Bank of Korea | 41,573 | 509 | |
| ^ | Hotel Shilla Co. Ltd. | 5,296 | 508 |
| Hankook Tire Co. Ltd. | 13,291 | 508 | |
| BNK Financial Group Inc. | 39,651 | 485 | |
| Hanssem Co. Ltd. | 2,371 | 483 | |
| CJ Corp. | 2,293 | 483 | |
| Dongbu Insurance Co. Ltd. | 7,975 | 478 | |
| Lotte Chemical Corp. | 2,285 | 477 | |
| *,^ | Hanmi Pharm Co. Ltd. | 1,053 | 473 |
| LG Chem Ltd. Preference Shares | 2,333 | 439 | |
| Daewoo Securities Co. Ltd. | 44,013 | 425 | |
| S-Oil Corp. | 6,891 | 412 | |
| Samsung Securities Co. Ltd. | 9,800 | 412 | |
| Woori Bank | 47,432 | 411 | |
| ^ | LG Innotek Co. Ltd. | 4,929 | 398 |
| Hyundai Development Co-Engineering & Construction | 9,862 | 395 | |
63
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Hyosung Corp. | 3,808 | 388 | |
| * | KT Corp. | 14,359 | 372 |
| CJ CheilJedang Corp. | 1,179 | 360 | |
| Korea Investment Holdings Co. Ltd. | 6,636 | 353 | |
| GS Holdings Corp. | 8,053 | 353 | |
| SK Telecom Co. Ltd. | 1,618 | 343 | |
| KCC Corp. | 960 | 342 | |
| Lotte Shopping Co. Ltd. | 1,663 | 336 | |
| ^ | Samsung Heavy Industries Co. Ltd. | 28,957 | 335 |
| LG Uplus Corp. | 34,930 | 334 | |
| KEPCO Plant Service & Engineering Co. Ltd. | 3,639 | 331 | |
| Hyundai Engineering & Construction Co. Ltd. | 10,967 | 330 | |
| ^ | Hyundai Greenfood Co. Ltd. | 15,539 | 323 |
| * | BGF retail Co. Ltd. | 2,148 | 319 |
| Hyundai Wia Corp. | 2,715 | 317 | |
| Yuhan Corp. | 1,250 | 309 | |
| *,^ | ViroMed Co. Ltd. | 2,182 | 300 |
| Daelim Industrial Co. Ltd. | 4,477 | 292 | |
| Hyundai Department Store Co. Ltd. | 2,647 | 290 | |
| Ottogi Corp. | 307 | 281 | |
| Medy-Tox Inc. | 657 | 279 | |
| Hanwha Chemical Corp. | 13,819 | 267 | |
| *,^ | Hanmi Science Co. ltd | 2,269 | 259 |
| Hanwha Corp. | 7,638 | 250 | |
| NongShim Co. Ltd. | 772 | 249 | |
| Hanwha Life Insurance Co. Ltd. | 33,060 | 246 | |
| S-1 Corp. | 2,833 | 246 | |
| ^ | Hanwha Techwin Co. Ltd. | 7,374 | 240 |
| Shinsegae Co. Ltd. | 1,167 | 237 | |
| Hyundai Marine & Fire Insurance Co. Ltd. | 7,947 | 236 | |
| * | Cheil Worldwide Inc. | 13,305 | 232 |
| ^ | Korean Reinsurance Co. | 19,191 | 228 |
| * | CJ E&M Corp. | 3,113 | 228 |
| Meritz Securities Co. Ltd. | 50,860 | 226 | |
| Lotte Confectionery Co. Ltd. | 129 | 225 | |
| KB Financial Group Inc. | 7,033 | 223 | |
| Daishin Securities Co. Ltd. | 22,900 | 209 | |
| ^ | Youngone Corp. | 4,960 | 208 |
| DGB Financial Group Inc. | 22,173 | 205 | |
| * | CJ Korea Express Co. Ltd. | 1,189 | 203 |
| Samsung Card Co. Ltd. | 5,818 | 197 | |
| ^ | OCI Co. Ltd. | 2,738 | 196 |
| Taekwang Industrial Co. Ltd. | 199 | 194 | |
| ^ | CJ CGV Co. Ltd. | 2,130 | 193 |
| Hyundai Securities Co. Ltd. | 31,608 | 190 | |
| ^ | Hana Tour Service Inc. | 1,714 | 188 |
| Green Cross Holdings Corp. | 5,182 | 185 | |
| ^ | Kolon Industries Inc. | 3,387 | 184 |
| Lotte Chilsung Beverage Co. Ltd. | 91 | 178 | |
| ^ | Korea Kolmar Co. Ltd. | 2,261 | 177 |
| Hansol Chemical Co. Ltd. | 3,018 | 177 | |
| * | InBody Co. Ltd. | 4,083 | 176 |
| Hanon Systems | 4,407 | 173 | |
| ^ | SK Chemicals Co. Ltd. | 2,877 | 170 |
| *,^ | Kumho Tire Co. Inc. | 27,894 | 169 |
| Green Cross Corp. | 1,066 | 169 | |
| Sam Young Electronics Co. Ltd. | 15,182 | 166 | |
| Woori Investment & Securities Co. Ltd. | 18,681 | 164 | |
| * | Osstem Implant Co. Ltd. | 2,787 | 162 |
| *,^ | HLB Inc. | 7,620 | 162 |
| Samsung Electronics Co. Ltd. | 135 | 162 | |
| * | Com2uSCorp | 1,593 | 160 |
| Cosmax Inc. | 952 | 160 | |
| Namhae Chemical Corp. | 18,020 | 159 | |
64
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Ssangyong Cement Industrial Co. Ltd. | 9,983 | 158 |
| *,^ | Daewoo Engineering & Construction Co. Ltd. | 27,757 | 158 |
| Youlchon Chemical Co. Ltd. | 14,280 | 154 | |
| Samyang Holdings Corp. | 1,069 | 149 | |
| KT Corp. ADR | 11,162 | 146 | |
| ^ | Dongsuh Cos. Inc. | 4,930 | 145 |
| iMarketKorea Inc. | 5,560 | 144 | |
| Hansae Co. Ltd. | 2,942 | 144 | |
| Korea PetroChemical Ind Co. Ltd. | 913 | 140 | |
| Daesang Corp. | 5,170 | 140 | |
| Samsung Fine Chemicals Co. Ltd. | 4,172 | 137 | |
| *,^ | Hanjin Shipping Co. Ltd. | 31,240 | 137 |
| Korea Gas Corp. | 3,651 | 136 | |
| KB Insurance Co. Ltd. | 5,630 | 131 | |
| * | Korean Air Lines Co. Ltd. | 4,852 | 131 |
| ^ | Maeil Dairy Industry Co. Ltd. | 3,787 | 130 |
| *,^ | Loen Entertainment Inc. | 1,895 | 130 |
| Kumho Petrochemical Co. Ltd. | 2,557 | 129 | |
| ^ | Paradise Co. Ltd. | 6,828 | 129 |
| Kolon Life Science Inc. | 912 | 128 | |
| *,^ | NHN Entertainment Corp. | 2,627 | 128 |
| SK Networks Co. Ltd. | 20,389 | 126 | |
| * | GS Engineering & Construction Corp. | 6,137 | 124 |
| * | Amicogen Inc. | 2,114 | 123 |
| Doosan Corp. | 1,259 | 122 | |
| LG International Corp. | 3,990 | 122 | |
| JW Pharmaceutical Corp. | 4,003 | 121 | |
| *,^ | Doosan Infracore Co. Ltd. | 21,888 | 119 |
| Doosan Heavy Industries & Construction Co. Ltd. | 6,629 | 119 | |
| S&T Motiv Co. Ltd. | 1,871 | 119 | |
| *,^ | Binex Co. Ltd. | 8,302 | 117 |
| LG Hausys Ltd. | 790 | 117 | |
| ^ | LOTTE Himart Co. Ltd. | 2,295 | 117 |
| * | Huons Co. Ltd. | 1,440 | 116 |
| Hyundai Mipo Dockyard Co. Ltd. | 1,814 | 113 | |
| KIWOOM Securities Co. Ltd. | 2,211 | 113 | |
| * | Hanwha General Insurance Co. Ltd. | 17,139 | 113 |
| *,^ | Komipharm International Co. Ltd. | 4,831 | 112 |
| * | Pan Ocean Co. Ltd. | 31,782 | 112 |
| * | iNtRON Biotechnology Inc. | 2,985 | 110 |
| ^ | Hanjin Kal Corp. | 5,763 | 110 |
| * | NS Shopping Co. Ltd. | 640 | 109 |
| Fila Korea Ltd. | 1,243 | 109 | |
| Daewoo International Corp. | 6,053 | 105 | |
| *,^ | Wonik IPS Co. Ltd. | 12,767 | 105 |
| Young Poong Corp. | 91 | 100 | |
| Mando Corp. | 765 | 99 | |
| ^ | Crown Confectionery Co. Ltd. | 191 | 98 |
| *,^ | SM Entertainment Co. | 2,434 | 97 |
| ^ | Eo Technics Co. Ltd. | 1,113 | 97 |
| Ilyang Pharmaceutical Co. Ltd. | 1,960 | 96 | |
| GS Retail Co. Ltd. | 1,890 | 95 | |
| *,^ | Sansung Life & Science Co. Ltd. | 2,889 | 95 |
| *,^ | COSON Co. Ltd. | 4,633 | 93 |
| Daekyo Co. Ltd. | 11,162 | 90 | |
| Poongsan Corp. | 3,950 | 89 | |
| ^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 14,483 | 88 |
| DuzonBizon Co. Ltd. | 4,685 | 88 | |
| Hyundai Home Shopping Network Corp. | 819 | 87 | |
| * | Samlip General Foods Co. Ltd. | 352 | 87 |
| Hankook Shell Oil Co. Ltd. | 194 | 86 | |
| * | GemVax & Kael Co. Ltd. | 3,321 | 86 |
| Seah Besteel Corp. | 3,350 | 84 | |
| * | LG Life Sciences Ltd. | 1,565 | 84 |
65
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Lotte Food Co. Ltd. | 105 | 82 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 28,386 | 82 | |
| Hanjin Transportation Co. Ltd. | 2,100 | 81 | |
| Daeduck Electronics Co. | 12,627 | 81 | |
| * | Muhak Co. Ltd. | 1,917 | 81 |
| SKC Co. Ltd. | 2,370 | 79 | |
| *,^ | Ssangyong Motor Co. | 10,890 | 79 |
| OCI Materials Co. Ltd. | 976 | 79 | |
| LEENO Industrial Inc. | 2,065 | 79 | |
| Humax Co. Ltd. | 5,217 | 79 | |
| LF Corp. | 2,820 | 78 | |
| *,^ | Medipost Co. Ltd. | 914 | 77 |
| Handsome Co. Ltd. | 2,264 | 77 | |
| ^ | Cosmax BTI Inc | 1,211 | 75 |
| ^ | Ahnlab Inc. | 2,032 | 74 |
| Mirae Asset Securities Co. Ltd. | 3,255 | 73 | |
| * | Webzen Inc. | 2,559 | 72 |
| ^ | Seoul Semiconductor Co. Ltd. | 4,368 | 72 |
| AK Holdings Inc. | 952 | 72 | |
| Daou Technology Inc. | 3,300 | 71 | |
| LS Industrial Systems Co. Ltd. | 1,644 | 71 | |
| Korea Electric Terminal Co. Ltd. | 821 | 71 | |
| * | i-SENS Inc. | 2,173 | 70 |
| KONA I Co. Ltd. | 2,190 | 70 | |
| *,^ | Hyundai Livart Furniture Co. Ltd. | 1,592 | 70 |
| *,^ | Pharmicell Co. Ltd. | 16,212 | 70 |
| Kwang Dong Pharmaceutical Co. Ltd. | 6,830 | 69 | |
| Grand Korea Leisure Co. Ltd. | 2,480 | 69 | |
| SFA Engineering Corp. | 1,773 | 68 | |
| Daewoong Pharmaceutical Co. Ltd. | 1,015 | 67 | |
| JB Financial Group Co. Ltd. | 12,847 | 67 | |
| Dong-A Socio Holdings Co. Ltd. | 464 | 66 | |
| *,^ | Samsung Engineering Co. Ltd. | 4,141 | 66 |
| *,^ | Kumho Industrial Co. Ltd. | 4,287 | 65 |
| ^ | Meritz Fire & Marine Insurance Co. Ltd. | 4,620 | 65 |
| Dongwon F&B Co. Ltd. | 196 | 65 | |
| *,^ | China Ocean Resources Co. Ltd. | 16,469 | 65 |
| *,^ | Seegene Inc. | 1,857 | 64 |
| ^ | Kolao Holdings | 5,310 | 63 |
| Hanwha Investment & Securities Co. Ltd. | 15,899 | 62 | |
| Dong-A ST Co. Ltd. | 569 | 62 | |
| Tongyang Life Insurance Co. Ltd. | 4,930 | 60 | |
| Koh Young Technology Inc. | 2,048 | 59 | |
| *,^ | Gamevil Inc. | 801 | 59 |
| Nexen Tire Corp. | 5,080 | 59 | |
| * | Humedix Co. Ltd. | 1,006 | 58 |
| *,^ | WeMade Entertainment Co. Ltd. | 1,456 | 58 |
| *,^ | Hyundai Elevator Co. Ltd. | 1,265 | 58 |
| * | Asiana Airlines Inc. | 13,664 | 58 |
| * | Green Cross Cell Corp. | 1,282 | 58 |
| Silicon Works Co. Ltd. | 1,927 | 57 | |
| *,^ | Dongbu HiTek Co. Ltd. | 5,383 | 57 |
| GS Home Shopping Inc. | 379 | 56 | |
| Chong Kun Dang Pharmaceutical Corp. | 1,005 | 56 | |
| *,^ | SK Securities Co. Ltd. | 54,276 | 55 |
| ^ | Hite Jinro Co. Ltd. | 2,740 | 55 |
| ^ | Dongkuk Steel Mill Co. Ltd. | 9,093 | 54 |
| ^ | KEPCO Engineering & Construction Co. Inc. | 1,816 | 54 |
| LS Corp. | 1,593 | 54 | |
| KT Skylife Co. Ltd. | 3,297 | 54 | |
| Bukwang Pharmaceutical Co. Ltd. | 2,403 | 53 | |
| * | Foosung Co. Ltd. | 14,322 | 52 |
| * | Seobu T&D | 2,639 | 52 |
| * | GOLFZON Co. Ltd. | 566 | 49 |
66
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Hyundai Merchant Marine Co. Ltd. | 9,438 | 49 |
| * | Chabiotech Co. Ltd. | 3,667 | 49 |
| Cuckoo Electronics Co. Ltd. | 223 | 49 | |
| * | Neowiz Games Corp. | 3,030 | 48 |
| CJ O Shopping Co. Ltd. | 311 | 48 | |
| *,^ | Naturalendo Tech Co. Ltd. | 2,354 | 48 |
| * | Eusu Holdings Co. Ltd. | 6,136 | 47 |
| Youngone Holdings Co. Ltd. | 745 | 47 | |
| Interpark Holdings Corp. | 4,596 | 47 | |
| Dongwon Industries Co. Ltd. | 165 | 46 | |
| * | Yuanta Securities Korea Co. Ltd. | 13,343 | 46 |
| Hanil Cement Co. Ltd. | 449 | 46 | |
| ^ | KH Vatec Co. Ltd. | 2,613 | 46 |
| ^ | Namyang Dairy Products Co. Ltd. | 61 | 45 |
| * | Jusung Engineering Co. Ltd. | 10,459 | 45 |
| * | IS Dongseo Co. Ltd. | 1,191 | 44 |
| Kolon Corp. | 792 | 44 | |
| ^ | Agabang&Company | 3,825 | 44 |
| Samyang Corp. | 480 | 43 | |
| * | Hansol Technics Co. Ltd. | 1,961 | 43 |
| * | Eugene Investment & Securities Co. Ltd. | 17,472 | 43 |
| Soulbrain Co. Ltd. | 1,212 | 42 | |
| * | Korea Line Corp. | 2,370 | 42 |
| ^ | Huchems Fine Chemical Corp. | 2,510 | 41 |
| Hankook Tire Worldwide Co. Ltd. | 2,542 | 41 | |
| YG Entertainment Inc. | 1,017 | 40 | |
| Hancom Inc. | 2,196 | 40 | |
| * | Hansol Paper Co. Ltd. | 2,213 | 40 |
| Meritz Financial Group Inc. | 3,105 | 40 | |
| Samchully Co. Ltd. | 442 | 40 | |
| ^ | Hyundai Rotem Co. Ltd. | 2,780 | 40 |
| Partron Co. Ltd. | 4,491 | 38 | |
| SL Corp. | 2,368 | 35 | |
| Halla Holdings Corp. | 701 | 35 | |
| Kyobo Securities Co. Ltd. | 4,032 | 35 | |
| *,^ | Taihan Electric Wire Co. Ltd. | 5,952 | 31 |
| Sungwoo Hitech Co. Ltd. | 3,981 | 31 | |
| ^ | Posco ICT Co. Ltd. | 6,926 | 30 |
| *,^ | STS Semiconductor & Telecommunications | 11,646 | 28 |
| Hyundai Corp. | 941 | 27 | |
| Binggrae Co. Ltd. | 454 | 27 | |
| Chongkundang Holdings Corp. | 389 | 27 | |
| CJ Hellovision Co. Ltd. | 2,780 | 26 | |
| Able C&C Co. Ltd. | 1,204 | 26 | |
| * | Hanjin Heavy Industries & Construction Co. Ltd. | 6,504 | 25 |
| SBS Media Holdings Co. Ltd. | 6,724 | 23 | |
| Hansol Holdings Co. Ltd. | 3,626 | 23 | |
| SK Gas Ltd. | 298 | 22 | |
| * | Kwangju Bank | 2,894 | 21 |
| * | Hyundai C&F Inc. | 648 | 21 |
| Hanil E-Hwa Co. Ltd. | 1,885 | 20 | |
| GOLFZONYUWONHOLDINGS Co. Ltd. | 2,759 | 20 | |
| Lumens Co. Ltd. | 5,290 | 19 | |
| * | Shenglong PV-Tech Investment Co. Ltd. | 1,034,191 | 18 |
| Sung Kwang Bend Co. Ltd. | 2,178 | 18 | |
| MegaStudy Co. Ltd. | 425 | 17 | |
| * | MegaStudyEdu Co. Ltd. | 246 | 14 |
| Seoyon Co. Ltd. | 864 | 9 | |
| * | Mirae Asset Securities Co. Ltd. Rights Exp. 11/05/2015 | 2,835 | 7 |
| *,^ | SK Chemicals Co Ltd Rights Exp. 12/4/2015 | 388 | 3 |
| * | CNK International Co. Ltd. | 78 | — |
| 121,851 | |||
| Spain (1.1%) | |||
| Banco Bilbao Vizcaya Argentaria SA | 1,275,085 | 10,962 | |
67
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Banco Santander SA | 1,899,880 | 10,639 | |
| Telefonica SA | 794,767 | 10,500 | |
| Industria de Diseno Textil SA | 204,998 | 7,679 | |
| Iberdrola SA | 1,037,415 | 7,406 | |
| Amadeus IT Holding SA | 74,972 | 3,190 | |
| * | Repsol SA | 241,963 | 3,049 |
| Banco Santander SA ADR | 508,549 | 2,817 | |
| Viscofan SA | 33,887 | 1,979 | |
| Grifols SA | 42,601 | 1,974 | |
| * | Ferrovial SA | 68,750 | 1,734 |
| Red Electrica Corp. SA | 16,693 | 1,471 | |
| * | Banco de Sabadell SA | 735,968 | 1,422 |
| CaixaBank SA | 360,099 | 1,379 | |
| Abertis Infraestructuras SA | 78,087 | 1,296 | |
| Grupo Catalana Occidente SA | 39,883 | 1,238 | |
| *,2 | Aena SA | 10,955 | 1,222 |
| Enagas SA | 35,948 | 1,088 | |
| Endesa SA | 48,295 | 1,075 | |
| Gas Natural SDG SA | 49,104 | 1,063 | |
| Banco Popular Espanol SA | 252,811 | 961 | |
| Bankia SA | 745,578 | 960 | |
| * | ACS Actividades de Construccion y Servicios SA | 24,931 | 847 |
| Bankinter SA | 112,518 | 815 | |
| Construcciones y Auxiliar de Ferrocarriles SA | 2,818 | 786 | |
| Banco Santander SA ADR Depositary Receipt | 131,503 | 784 | |
| Merlin Properties Socimi SA | 51,372 | 658 | |
| Distribuidora Internacional de Alimentacion SA | 101,919 | 648 | |
| Gamesa Corp. Tecnologica SA | 33,486 | 529 | |
| Mapfre SA | 147,518 | 438 | |
| Bolsas y Mercados Espanoles SHMSF SA | 10,949 | 393 | |
| Acciona SA | 4,590 | 386 | |
| Mediaset Espana Comunicacion SA | 28,774 | 349 | |
| Zardoya Otis SA | 27,941 | 344 | |
| Tecnicas Reunidas SA | 7,101 | 316 | |
| Almirall SA | 14,904 | 287 | |
| Ebro Foods SA | 12,581 | 238 | |
| *,^ | Acerinox SA | 19,338 | 209 |
| * | NH Hotel Group SA | 34,084 | 209 |
| *,^ | Indra Sistemas SA | 18,570 | 199 |
| * | Hispania Activos Inmobiliarios SA | 12,148 | 183 |
| * | Zeltia SA | 40,605 | 180 |
| ^ | Obrascon Huarte Lain SA | 21,063 | 169 |
| * | Inmobiliaria Colonial SA | 209,700 | 155 |
| Melia Hotels International SA | 10,108 | 146 | |
| *,^ | Fomento de Construcciones y Contratas SA | 18,203 | 139 |
| Applus Services SA | 15,340 | 137 | |
| ^ | Abengoa SA Class B | 131,654 | 128 |
| Corp Financiera Alba SA | 2,693 | 119 | |
| Prosegur Cia de Seguridad SA | 26,190 | 117 | |
| Atresmedia Corp. de Medios de Comunicacion SA | 8,613 | 110 | |
| Cia de Distribucion Integral Logista Holdings SA | 4,237 | 85 | |
| Faes Farma SA | 30,308 | 82 | |
| Liberbank SA | 120,443 | 75 | |
| Tubacex SA | 31,806 | 68 | |
| Ence Energia y Celulosa SA | 19,358 | 68 | |
| CIE Automotive SA | 3,478 | 56 | |
| Sacyr SA | 16,588 | 42 | |
| Promotora de Informaciones SA | 7,163 | 40 | |
| Duro Felguera SA | 11,357 | 27 | |
| * | Deoleo SA | 73,583 | 25 |
| Tubos Reunidos SA | 19,407 | 20 | |
| * | Let's GOWEX SA | 3,921 | — |
| 85,710 | |||
68
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Sweden (1.0%) | |||
| Hennes & Mauritz AB Class B | 173,065 | 6,713 | |
| Nordea Bank AB | 585,320 | 6,455 | |
| Telefonaktiebolaget LM Ericsson Class B | 544,650 | 5,296 | |
| Swedbank AB Class A | 192,869 | 4,425 | |
| * | Svenska Handelsbanken AB Class A | 277,408 | 3,762 |
| Svenska Cellulosa AB SCA Class B | 106,803 | 3,148 | |
| * | Assa Abloy AB Class B | 157,612 | 3,126 |
| ^ | Atlas Copco AB Class B | 128,141 | 3,093 |
| Investor AB Class B | 83,278 | 3,083 | |
| Skandinaviska Enskilda Banken AB Class A | 276,617 | 2,893 | |
| Volvo AB Class B | 273,660 | 2,833 | |
| TeliaSonera AB | 422,649 | 2,158 | |
| SKF AB | 107,523 | 1,886 | |
| ^ | Atlas Copco AB Class A | 71,447 | 1,858 |
| Sandvik AB | 189,898 | 1,774 | |
| Electrolux AB Class B | 57,516 | 1,690 | |
| Hexagon AB Class B | 42,937 | 1,486 | |
| Boliden AB | 76,038 | 1,455 | |
| * | Lundin Petroleum AB | 89,572 | 1,296 |
| Investment AB Kinnevik | 35,957 | 1,145 | |
| Skanska AB Class B | 55,685 | 1,082 | |
| Swedish Match AB | 31,903 | 1,003 | |
| Alfa Laval AB | 50,324 | 885 | |
| * | Swedish Orphan Biovitrum AB | 49,152 | 748 |
| Getinge AB | 29,625 | 739 | |
| * | Hexpol AB | 69,950 | 678 |
| Meda AB Class A | 44,837 | 659 | |
| Securitas AB Class B | 47,880 | 624 | |
| Trelleborg AB Class B | 36,035 | 607 | |
| Industrivarden AB Class A | 28,133 | 547 | |
| Elekta AB Class B | 68,511 | 529 | |
| Tele2 AB | 51,908 | 518 | |
| * | Wallenstam AB | 54,182 | 479 |
| * | SSAB AB Class B | 148,104 | 469 |
| Industrivarden AB | 25,657 | 464 | |
| Husqvarna AB | 67,129 | 442 | |
| *,^ | Fingerprint Cards AB Class B | 8,994 | 440 |
| Fabege AB | 27,387 | 435 | |
| ICA Gruppen AB | 11,964 | 426 | |
| * | Betsson AB | 24,491 | 397 |
| * | Fastighets AB Balder | 19,679 | 396 |
| Hufvudstaden AB Class A | 26,208 | 370 | |
| ^ | NCC AB Class B | 11,503 | 355 |
| Castellum AB | 23,502 | 351 | |
| BillerudKorsnas AB | 19,321 | 349 | |
| * | NetEnt AB | 5,910 | 336 |
| Nibe Industrier AB Class B | 9,183 | 295 | |
| * | Axfood AB | 16,212 | 292 |
| AAK AB | 3,806 | 274 | |
| Indutrade AB | 4,967 | 237 | |
| Loomis AB Class B | 9,026 | 234 | |
| Modern Times Group MTG AB Class B | 7,828 | 222 | |
| Kungsleden AB | 28,955 | 216 | |
| Nobia AB | 17,123 | 209 | |
| Holmen AB | 6,828 | 206 | |
| JM AB | 6,979 | 197 | |
| Intrum Justitia AB | 5,438 | 194 | |
| Wihlborgs Fastigheter AB | 9,949 | 194 | |
| Avanza Bank Holding AB | 4,654 | 183 | |
| Peab AB | 23,839 | 181 | |
| * | Lifco AB Class B | 8,067 | 179 |
| Com Hem Holding AB | 20,589 | 176 | |
| Axis Communications AB | 3,797 | 152 | |
69
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Atrium Ljungberg AB | 8,932 | 138 | |
| Hemfosa Fastigheter AB | 12,464 | 135 | |
| * | Sweco AB Class B | 8,816 | 129 |
| Ratos AB | 22,034 | 128 | |
| Hemfosa Fastigheter AB Preference Shares | 6,636 | 128 | |
| AF AB | 7,661 | 113 | |
| Haldex AB | 11,512 | 111 | |
| Saab AB Class B | 3,901 | 110 | |
| L E Lundbergforetagen AB Class B | 2,038 | 104 | |
| *,^ | SAS AB | 49,862 | 96 |
| 2 | Thule Group AB | 7,686 | 95 |
| Rezidor Hotel Group AB | 19,442 | 82 | |
| Klovern AB Preference Shares | 2,036 | 70 | |
| Bure Equity AB | 10,810 | 70 | |
| SkiStar AB | 4,733 | 69 | |
| Mekonomen AB | 2,334 | 55 | |
| Concentric AB | 4,656 | 54 | |
| Melker Schorling AB | 893 | 50 | |
| Lindab International AB | 6,351 | 43 | |
| *,^ | SSAB AB Class A | 11,555 | 42 |
| Klovern AB | 40,198 | 42 | |
| Clas Ohlson AB | 2,654 | 40 | |
| Investment AB Oresund | 1,836 | 40 | |
| Nordnet AB | 6,516 | 23 | |
| Sagax AB Preference Shares | 5,206 | 20 | |
| 79,531 | |||
| Switzerland (3.0%) | |||
| Nestle SA | 609,392 | 46,523 | |
| Novartis AG | 402,416 | 36,485 | |
| Roche Holding AG | 131,421 | 35,597 | |
| UBS Group AG | 659,930 | 13,171 | |
| Cie Financiere Richemont SA | 110,270 | 9,432 | |
| ABB Ltd. | 414,391 | 7,805 | |
| Credit Suisse Group AG | 299,628 | 7,461 | |
| Zurich Insurance Group AG | 27,390 | 7,225 | |
| Syngenta AG | 17,461 | 5,866 | |
| Swiss Re AG | 57,427 | 5,328 | |
| Givaudan SA | 1,662 | 2,971 | |
| Swatch Group AG (Bearer) | 6,724 | 2,625 | |
| Actelion Ltd. | 17,375 | 2,410 | |
| Adecco SA | 29,015 | 2,155 | |
| LafargeHolcim Ltd. | 36,577 | 2,057 | |
| * | LafargeHolcim Ltd. (XPAR) | 34,256 | 1,927 |
| Swisscom AG | 3,683 | 1,896 | |
| Geberit AG | 5,880 | 1,895 | |
| Julius Baer Group Ltd. | 35,302 | 1,749 | |
| SGS SA | 840 | 1,598 | |
| Barry Callebaut AG | 1,193 | 1,431 | |
| * | Dufry AG | 11,199 | 1,308 |
| Sika AG | 387 | 1,268 | |
| Swiss Life Holding AG | 5,182 | 1,235 | |
| Galenica AG | 827 | 1,211 | |
| Lonza Group AG | 8,218 | 1,205 | |
| Chocoladefabriken Lindt & Sprungli AG Particpiation Certificates | 186 | 1,134 | |
| Chocoladefabriken Lindt & Sprungli AG Registered Shares | 15 | 1,112 | |
| Sonova Holding AG | 8,118 | 1,107 | |
| Kuehne & Nagel International AG | 7,651 | 1,060 | |
| ^ | Transocean Ltd. (Switzerland Shares) | 65,327 | 1,000 |
| Partners Group Holding AG | 2,739 | 990 | |
| Schindler Holding AG | 6,094 | 988 | |
| Baloise Holding AG | 7,319 | 877 | |
| Clariant AG | 44,084 | 810 | |
| Swiss Prime Site AG | 10,380 | 793 | |
| Schindler Holding AG (Registered) | 4,394 | 714 | |
70
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Bucher Industries AG | 2,903 | 660 | |
| Aryzta AG | 14,555 | 656 | |
| BB Biotech AG | 2,288 | 646 | |
| PSP Swiss Property AG | 6,548 | 569 | |
| EMS-Chemie Holding AG | 1,172 | 495 | |
| GAM Holding AG | 25,559 | 467 | |
| Helvetia Holding AG | 855 | 447 | |
| Swatch Group AG (Registered) | 6,066 | 438 | |
| Roche Holding AG (Bearer) | 1,586 | 433 | |
| Temenos Group AG | 9,179 | 429 | |
| ^ | Sulzer AG | 4,131 | 417 |
| dorma&kaba Holding AG | 646 | 403 | |
| Georg Fischer AG | 656 | 403 | |
| Forbo Holding AG | 312 | 355 | |
| Logitech International SA | 23,446 | 345 | |
| Straumann Holding AG | 1,202 | 340 | |
| ams AG | 10,465 | 335 | |
| Flughafen Zuerich AG | 398 | 301 | |
| OC Oerlikon Corp. AG | 31,369 | 301 | |
| *,2 | Sunrise Communications Group AG | 5,494 | 300 |
| Implenia AG | 5,949 | 295 | |
| Leonteq AG | 1,507 | 290 | |
| Cembra Money Bank AG | 4,793 | 286 | |
| U-Blox AG | 1,434 | 277 | |
| Allreal Holding AG | 2,075 | 275 | |
| DKSH Holding AG | 4,501 | 274 | |
| Valiant Holding AG | 2,356 | 272 | |
| Pargesa Holding SA | 4,242 | 269 | |
| Banque Cantonale Vaudoise | 434 | 267 | |
| * | APG SGA SA | 613 | 247 |
| Mobimo Holding AG | 1,069 | 231 | |
| Panalpina Welttransport Holding AG | 2,018 | 230 | |
| Vontobel Holding AG | 4,312 | 212 | |
| Tecan Group AG | 1,403 | 191 | |
| Burckhardt Compression Holding AG | 542 | 189 | |
| Autoneum Holding AG | 940 | 172 | |
| SFS Group AG | 2,365 | 153 | |
| Gategroup Holding AG | 4,013 | 150 | |
| St. Galler Kantonalbank AG | 394 | 142 | |
| EFG International AG | 12,367 | 124 | |
| Belimo Holding AG | 57 | 122 | |
| Emmi AG | 270 | 122 | |
| Rieter Holding AG | 709 | 117 | |
| Daetwyler Holding AG | 806 | 113 | |
| Schweiter Technologies AG | 125 | 100 | |
| Huber & Suhner AG | 2,238 | 97 | |
| *,^ | Meyer Burger Technology AG | 12,887 | 92 |
| * | Cosmo Pharmaceuticals SA | 599 | 92 |
| VZ Holding AG | 293 | 91 | |
| Transocean Ltd. (New York Shares) | 5,627 | 89 | |
| Conzzeta AG | 136 | 84 | |
| Kudelski SA | 6,259 | 84 | |
| Kuoni Reisen Holding AG | 395 | 82 | |
| * | AFG Arbonia-Forster Holding AG | 7,828 | 76 |
| Valora Holding AG | 370 | 74 | |
| Ypsomed Holding AG | 507 | 67 | |
| BKW AG | 1,670 | 63 | |
| Ascom Holding AG | 3,260 | 62 | |
| Vetropack Holding AG | 40 | 62 | |
| Basler Kantonalbank | 852 | 58 | |
| Swissquote Group Holding SA | 2,287 | 55 | |
| Alpiq Holding AG | 434 | 46 | |
| Liechtensteinische Landesbank AG | 1,240 | 44 | |
| * | Basilea Pharmaceutica Ltd. | 412 | 43 |
71
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Schmolz & Bickenbach AG | 75,992 | 42 |
| * Zehnder Group- RG | 1,190 | 41 |
| Siegfried Holding AG | 154 | 31 |
| * Plazza AG | 136 | 27 |
| * Orascom Development Holding AG | 1,294 | 17 |
| 229,798 | ||
| Taiwan (1.3%) | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 616,872 | 13,547 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,726,000 | 7,295 |
| Hon Hai Precision Industry Co. Ltd. | 2,499,229 | 6,627 |
| Chunghwa Telecom Co. Ltd. ADR | 123,262 | 3,777 |
| Advanced Semiconductor Engineering Inc. ADR | 366,244 | 2,102 |
| MediaTek Inc. | 270,086 | 2,097 |
| Formosa Plastics Corp. | 887,873 | 2,056 |
| Fubon Financial Holding Co. Ltd. | 1,266,880 | 2,040 |
| Delta Electronics Inc. | 377,641 | 1,914 |
| Nan Ya Plastics Corp. | 958,423 | 1,900 |
| Cathay Financial Holding Co. Ltd. | 1,330,549 | 1,891 |
| Formosa Chemicals & Fibre Corp. | 733,283 | 1,677 |
| CTBC Financial Holding Co. Ltd. | 3,062,625 | 1,675 |
| Uni-President Enterprises Corp. | 910,992 | 1,536 |
| Largan Precision Co. Ltd. | 19,020 | 1,469 |
| Catcher Technology Co. Ltd. | 139,310 | 1,358 |
| Asustek Computer Inc. | 135,169 | 1,207 |
| China Steel Corp. | 1,939,390 | 1,171 |
| Mega Financial Holding Co. Ltd. | 1,591,557 | 1,154 |
| E.Sun Financial Holding Co. Ltd. | 1,568,351 | 941 |
| Taiwan Mobile Co. Ltd. | 268,800 | 846 |
| Hotai Motor Co. Ltd. | 70,000 | 815 |
| Pegatron Corp. | 312,954 | 761 |
| ^ AU Optronics Corp. ADR | 261,418 | 756 |
| Quanta Computer Inc. | 435,450 | 742 |
| Formosa Petrochemical Corp. | 297,140 | 720 |
| President Chain Store Corp. | 100,342 | 665 |
| Chang Hwa Commercial Bank Ltd. | 1,269,777 | 658 |
| China Development Financial Holding Corp. | 2,364,580 | 634 |
| First Financial Holding Co. Ltd. | 1,286,866 | 623 |
| Pou Chen Corp. | 426,524 | 600 |
| Yuanta Financial Holding Co. Ltd. | 1,500,848 | 588 |
| Far EasTone Telecommunications Co. Ltd. | 262,000 | 568 |
| Sonix Technology Co. Ltd. | 498,000 | 567 |
| Far Eastern New Century Corp. | 619,279 | 562 |
| Taiwan Cement Corp. | 497,210 | 551 |
| Hua Nan Financial Holdings Co. Ltd. | 1,129,597 | 543 |
| Cheng Shin Rubber Industry Co. Ltd. | 291,379 | 527 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 1,178,933 | 527 |
| Innolux Corp. | 1,550,885 | 519 |
| United Microelectronics Corp. | 1,373,180 | 500 |
| SinoPac Financial Holdings Co. Ltd. | 1,516,220 | 499 |
| Eclat Textile Co. Ltd. | 32,193 | 473 |
| Taishin Financial Holding Co. Ltd. | 1,205,707 | 471 |
| Highwealth Construction Corp. | 319,540 | 470 |
| China Life Insurance Co. Ltd. | 556,118 | 457 |
| Foxconn Technology Co. Ltd. | 174,202 | 454 |
| Compal Electronics Inc. | 660,323 | 410 |
| Advantech Co. Ltd. | 56,518 | 404 |
| Hermes Microvision Inc. | 9,493 | 362 |
| * Taiwan Business Bank | 1,402,382 | 360 |
| Asia Cement Corp. | 347,264 | 359 |
| Giant Manufacturing Co. Ltd. | 46,881 | 353 |
| Lite-On Technology Corp. | 323,719 | 336 |
| Inventec Corp. | 560,554 | 321 |
| Siliconware Precision Industries Co. Ltd. | 237,655 | 314 |
| Chailease Holding Co. Ltd. | 164,892 | 314 |
72
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Inotera Memories Inc. | 409,000 | 313 |
| Novatek Microelectronics Corp. | 91,025 | 308 |
| HTC Corp. | 127,491 | 306 |
| Compeq Manufacturing Co. Ltd. | 441,000 | 289 |
| Feng TAY Enterprise Co. Ltd. | 50,210 | 285 |
| Powertech Technology Inc. | 126,000 | 277 |
| Merida Industry Co. Ltd. | 44,400 | 259 |
| Radiant Opto-Electronics Corp. | 83,314 | 256 |
| Makalot Industrial Co. Ltd. | 33,540 | 254 |
| Siliconware Precision Industries Co. Ltd. ADR | 37,120 | 248 |
| Cub Elecparts Inc. | 19,547 | 245 |
| Sinbon Electronics Co. Ltd. | 136,000 | 241 |
| Shin Kong Financial Holding Co. Ltd. | 978,612 | 234 |
| CTCI Corp. | 179,000 | 233 |
| Chicony Electronics Co. Ltd. | 97,389 | 231 |
| WPG Holdings Ltd. | 218,000 | 227 |
| Teco Electric and Machinery Co. Ltd. | 258,000 | 225 |
| * Acer Inc. | 524,551 | 222 |
| Ruentex Industries Ltd. | 118,268 | 217 |
| Wistron Corp. | 421,167 | 211 |
| Phison Electronics Corp. | 29,000 | 209 |
| United Microelectronics Corp. ADR | 108,200 | 200 |
| Ruentex Development Co. Ltd. | 163,156 | 198 |
| Tung Thih Electronic Co. Ltd. | 24,000 | 196 |
| Clevo Co. | 182,628 | 196 |
| Vanguard International Semiconductor Corp. | 148,000 | 190 |
| Realtek Semiconductor Corp. | 89,420 | 186 |
| * Ennoconn Corp. | 17,000 | 181 |
| Advanced Semiconductor Engineering Inc. | 155,000 | 180 |
| Hiwin Technologies Corp. | 31,963 | 177 |
| * Eva Airways Corp. | 301,595 | 176 |
| Syncmold Enterprise Corp. | 111,000 | 173 |
| Zhen Ding Technology Holding Ltd. | 59,700 | 169 |
| Synnex Technology International Corp. | 160,189 | 168 |
| Formosa Taffeta Co. Ltd. | 168,000 | 166 |
| * Yeong Guan Energy Technology Group Co. Ltd. | 26,000 | 166 |
| Epistar Corp. | 180,044 | 161 |
| King Yuan Electronics Co. Ltd. | 246,000 | 156 |
| Aerospace Industrial Development Corp. | 121,000 | 153 |
| AU Optronics Corp. | 520,000 | 152 |
| Hota Industrial Manufacturing Co. Ltd. | 46,000 | 151 |
| * Swancor Ind Co. Ltd. | 22,000 | 151 |
| Elite Material Co. Ltd. | 74,000 | 151 |
| Depo Auto Parts Ind Co. Ltd. | 45,000 | 150 |
| St. Shine Optical Co. Ltd. | 10,000 | 150 |
| Chipbond Technology Corp. | 102,000 | 144 |
| PChome Online Inc. | 12,915 | 144 |
| Wistron NeWeb Corp. | 53,060 | 139 |
| * Bizlink Holding Inc. | 31,000 | 139 |
| Chunghwa Telecom Co. Ltd. | 45,000 | 138 |
| Poya International Co. Ltd. | 12,116 | 137 |
| Taiwan Secom Co. Ltd. | 45,675 | 137 |
| Taiwan Fertilizer Co. Ltd. | 106,000 | 135 |
| * China Airlines Ltd. | 377,000 | 135 |
| Kenda Rubber Industrial Co. Ltd. | 83,875 | 135 |
| Yageo Corp. | 85,385 | 134 |
| * Winbond Electronics Corp. | 557,000 | 134 |
| Simplo Technology Co. Ltd. | 37,400 | 132 |
| King Slide Works Co. Ltd. | 10,000 | 131 |
| Parade Technologies Ltd. | 17,000 | 130 |
| Gigabyte Technology Co. Ltd. | 124,000 | 129 |
| Xxentria Technology Materials Corp. | 44,000 | 128 |
| * Nan Kang Rubber Tire Co. Ltd. | 144,493 | 127 |
| Kinsus Interconnect Technology Corp. | 62,000 | 127 |
73
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Dynapack International Technology Corp. | 77,000 | 126 |
| Chroma ATE Inc. | 70,000 | 125 |
| King's Town Bank Co. Ltd. | 157,000 | 125 |
| TPK Holding Co. Ltd. | 49,958 | 123 |
| Coretronic Corp. | 134,250 | 123 |
| Huaku Development Co. Ltd. | 65,000 | 123 |
| FLEXium Interconnect Inc. | 43,531 | 120 |
| Far Eastern Department Stores Ltd. | 190,115 | 114 |
| Airtac International Group | 22,050 | 114 |
| Tripod Technology Corp. | 73,000 | 112 |
| Advanced Ceramic X Corp. | 18,000 | 111 |
| * Ta Chong Bank Ltd. | 262,744 | 111 |
| Greatek Electronics Inc. | 112,000 | 110 |
| Standard Foods Corp. | 45,501 | 109 |
| Advanced Wireless Semiconductor Co. | 46,000 | 109 |
| TSRC Corp. | 155,925 | 107 |
| Win Semiconductors Corp. | 78,419 | 106 |
| * Asia Pacific Telecom Co. Ltd. | 331,152 | 106 |
| Transcend Information Inc. | 38,000 | 105 |
| Tainan Spinning Co. Ltd. | 220,543 | 104 |
| Taichung Commercial Bank Co. Ltd. | 339,385 | 103 |
| Eternal Materials Co. Ltd. | 109,180 | 103 |
| eMemory Technology Inc. | 10,000 | 102 |
| Visual Photonics Epitaxy Co. Ltd. | 87,000 | 102 |
| Kuoyang Construction Co. Ltd. | 293,000 | 102 |
| Chimei Materials Technology Corp. | 143,000 | 100 |
| YFY Inc. | 287,000 | 99 |
| Sporton International Inc. | 16,309 | 98 |
| Yulon Motor Co. Ltd. | 91,000 | 96 |
| * Walsin Lihwa Corp. | 395,000 | 95 |
| Yungtay Engineering Co. Ltd. | 59,000 | 95 |
| Topco Scientific Co. Ltd. | 60,003 | 95 |
| Far Eastern International Bank | 301,529 | 94 |
| Wan Hai Lines Ltd. | 141,000 | 93 |
| * China Petrochemical Development Corp. | 361,350 | 92 |
| * Wei Chuan Foods Corp. | 152,000 | 91 |
| Holtek Semiconductor Inc. | 60,000 | 90 |
| * Pihsiang Machinery Manufacturing Co. Ltd. | 38,000 | 90 |
| Nan Ya Printed Circuit Board Corp. | 89,000 | 90 |
| Test Research Inc. | 51,000 | 89 |
| Solar Applied Materials Technology Co. | 140,000 | 89 |
| President Securities Corp. | 198,000 | 88 |
| Evergreen Marine Corp. Taiwan Ltd. | 195,940 | 87 |
| Firich Enterprises Co. Ltd. | 27,168 | 84 |
| Sino-American Silicon Products Inc. | 67,000 | 82 |
| Grape King Bio Ltd. | 15,000 | 82 |
| Getac Technology Corp. | 120,000 | 81 |
| Taiwan Paiho Ltd. | 34,000 | 81 |
| Elite Advanced Laser Corp. | 19,200 | 81 |
| Cathay Real Estate Development Co. Ltd. | 186,000 | 80 |
| Voltronic Power Technology Corp. | 6,300 | 80 |
| Taiwan Sogo Shin Kong SEC | 65,650 | 79 |
| Chin-Poon Industrial Co. Ltd. | 59,000 | 79 |
| * Ta Ya Electric Wire & Cable | 528,000 | 78 |
| Micro-Star International Co. Ltd. | 77,000 | 78 |
| Bank of Kaohsiung Co. Ltd. | 279,549 | 76 |
| Great China Metal Industry | 86,000 | 76 |
| Sitronix Technology Corp. | 27,000 | 75 |
| Lung Yen Life Service Corp. | 38,000 | 75 |
| Nanya Technology Corp. | 60,000 | 73 |
| Unitech Printed Circuit Board Corp. | 206,000 | 73 |
| Richtek Technology Corp. | 12,486 | 73 |
| Feng Hsin Steel Co. Ltd. | 63,000 | 73 |
| Asia Vital Components Co. Ltd. | 90,000 | 72 |
74
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Grand Pacific Petrochemical | 146,000 | 71 |
| Silergy Corp. | 7,000 | 71 |
| Everlight Electronics Co. Ltd. | 46,000 | 70 |
| * CMC Magnetics Corp. | 575,021 | 69 |
| TTY Biopharm Co. Ltd. | 24,541 | 69 |
| Systex Corp. | 36,000 | 69 |
| Capital Securities Corp. | 232,000 | 69 |
| Chlitina Holding Ltd. | 8,400 | 68 |
| China Steel Chemical Corp. | 18,000 | 68 |
| Sunplus Technology Co. Ltd. | 171,000 | 67 |
| * Macronix International | 461,432 | 67 |
| ^ Senao International Co. Ltd. | 49,000 | 67 |
| Primax Electronics Ltd. | 51,000 | 67 |
| WUS Printed Circuit Co. Ltd. | 82,000 | 66 |
| Unimicron Technology Corp. | 151,000 | 66 |
| Cheng Loong Corp. | 185,000 | 65 |
| TXC Corp. | 55,000 | 64 |
| China Synthetic Rubber Corp. | 86,110 | 63 |
| * Orient Semiconductor Electronics Ltd. | 176,000 | 63 |
| Kinik Co. | 36,000 | 63 |
| Jih Sun Financial Holdings Co. Ltd. | 274,450 | 62 |
| Neo Solar Power Corp. | 91,000 | 62 |
| Adlink Technology Inc. | 22,892 | 61 |
| Shin Zu Shing Co. Ltd. | 19,000 | 61 |
| Pixart Imaging Inc. | 27,000 | 60 |
| Jess-Link Products Co. Ltd. | 57,000 | 60 |
| Tung Ho Steel Enterprise Corp. | 110,000 | 60 |
| * LCY Chemical Corp. | 67,000 | 59 |
| Everlight Chemical Industrial Corp. | 92,610 | 59 |
| WT Microelectronics Co. Ltd. | 52,904 | 59 |
| * Taiwan Glass Industry Corp. | 150,354 | 59 |
| Shinkong Synthetic Fibers Corp. | 217,000 | 59 |
| Namchow Chemical Industrial Co. Ltd. | 27,000 | 58 |
| Oriental Union Chemical Corp. | 78,000 | 58 |
| Sigurd Microelectronics Corp. | 87,000 | 58 |
| * D-Link Corp. | 184,212 | 58 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 35,772 | 57 |
| U-Ming Marine Transport Corp. | 48,000 | 56 |
| Cheng Uei Precision Industry Co. Ltd. | 38,000 | 55 |
| China Motor Corp. | 78,000 | 55 |
| Tong Yang Industry Co. Ltd. | 49,000 | 54 |
| Sercomm Corp. | 23,000 | 53 |
| * Sanyang Motor Co. Ltd. | 80,000 | 53 |
| Ginko International Co. Ltd. | 5,000 | 53 |
| Casetek Holdings Ltd. | 12,000 | 52 |
| Mitac Holdings Corp. | 67,000 | 52 |
| XPEC Entertainment Inc. | 19,124 | 52 |
| Etron Technology Inc. | 127,000 | 52 |
| China Bills Finance Corp. | 150,000 | 52 |
| Qisda Corp. | 152,000 | 51 |
| Merry Electronics Co. Ltd. | 26,850 | 51 |
| Taiwan PCB Techvest Co. Ltd. | 46,000 | 51 |
| Altek Corp. | 61,600 | 51 |
| Elan Microelectronics Corp. | 46,000 | 51 |
| Lien Hwa Industrial Corp. | 82,160 | 51 |
| Elitegroup Computer Systems Co. Ltd. | 73,000 | 50 |
| Nan Liu Enterprise Co. Ltd. | 9,000 | 50 |
| Wowprime Corp. | 8,665 | 50 |
| * Microbio Co. Ltd. | 61,000 | 50 |
| Cleanaway Co. Ltd. | 10,000 | 49 |
| Posiflex Technology Inc. | 9,315 | 49 |
| Evergreen International Storage & Transport Corp. | 118,000 | 49 |
| Ardentec Corp. | 64,261 | 49 |
| Taiflex Scientific Co. Ltd. | 40,000 | 48 |
75
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| USI Corp. | 114,000 | 47 |
| * Yang Ming Marine Transport Corp. | 156,000 | 47 |
| Chung Hwa Pulp Corp. | 152,421 | 47 |
| * Motech Industries Inc. | 36,000 | 47 |
| San Shing Fastech Corp. | 22,770 | 46 |
| Gigasolar Materials Corp. | 2,400 | 46 |
| Lotes Co. Ltd. | 14,000 | 46 |
| * China Man-Made Fiber Corp. | 159,000 | 46 |
| * Center Laboratories Inc. | 20,900 | 46 |
| Great Wall Enterprise Co. Ltd. | 74,100 | 45 |
| * Kinpo Electronics | 138,000 | 45 |
| Huang Hsiang Construction Corp. | 55,000 | 45 |
| MIN AIK Technology Co. Ltd. | 23,000 | 44 |
| Flytech Technology Co. Ltd. | 13,853 | 44 |
| Prince Housing & Development Corp. | 139,050 | 43 |
| OptoTech Corp. | 134,000 | 43 |
| YungShin Global Holding Corp. | 29,400 | 43 |
| Hey Song Corp. | 43,500 | 43 |
| Gourmet Master Co. Ltd. | 7,000 | 42 |
| TA Chen Stainless Pipe | 87,442 | 42 |
| Toung Loong Textile Manufacturing | 14,000 | 42 |
| Goldsun Building Materials Co. Ltd. | 144,000 | 42 |
| Ton Yi Industrial Corp. | 86,000 | 42 |
| Faraday Technology Corp. | 25,800 | 42 |
| Lextar Electronics Corp. | 74,000 | 41 |
| Formosa International Hotels Corp. | 5,962 | 41 |
| Taiwan Cogeneration Corp. | 58,000 | 41 |
| * Taiwan Styrene Monomer | 93,450 | 40 |
| CHC Healthcare Group | 23,000 | 40 |
| * Medigen Biotechnology Corp. | 14,000 | 40 |
| Kuo Toong International Co. Ltd. | 35,851 | 40 |
| Walsin Technology Corp. | 71,325 | 39 |
| Johnson Health Tech Co. Ltd. | 21,105 | 39 |
| PharmaEngine Inc. | 6,000 | 38 |
| * E Ink Holdings Inc. | 79,000 | 38 |
| * TWi Pharmaceuticals Inc. | 7,000 | 38 |
| TYC Brother Industrial Co. Ltd. | 53,000 | 38 |
| * Asia Optical Co. Inc. | 40,000 | 38 |
| Farglory Land Development Co. Ltd. | 33,000 | 38 |
| Zeng Hsing Industrial Co. Ltd. | 9,000 | 38 |
| UPC Technology Corp. | 123,000 | 37 |
| Brogent Technologies Inc. | 4,389 | 37 |
| Career Technology MFG. Co. Ltd. | 46,000 | 37 |
| AmTRAN Technology Co. Ltd. | 74,000 | 37 |
| * Tatung Co. Ltd. | 200,000 | 36 |
| * Gintech Energy Corp. | 49,555 | 36 |
| Taiwan Semiconductor Co. Ltd. | 41,000 | 36 |
| Mercuries Life Insurance Co. Ltd. | 58,300 | 36 |
| Tong Hsing Electronic Industries Ltd. | 14,000 | 35 |
| ScinoPharm Taiwan Ltd. | 27,040 | 35 |
| Unizyx Holding Corp. | 91,000 | 35 |
| Sampo Corp. | 86,000 | 35 |
| Federal Corp. | 75,110 | 34 |
| Radium Life Tech Co. Ltd. | 87,393 | 34 |
| Mercuries & Associates Holding Ltd. | 51,000 | 33 |
| Formosan Rubber Group Inc. | 59,000 | 33 |
| Aten International Co. Ltd. | 15,000 | 33 |
| Green Seal Holding Ltd. | 8,800 | 33 |
| * E-Ton Solar Tech Co. Ltd. | 90,000 | 33 |
| Chong Hong Construction Co. Ltd. | 23,152 | 33 |
| Basso Industry Corp. | 16,200 | 32 |
| International Games System Co. Ltd. | 12,000 | 32 |
| * Taigen Biopharmaceuticals Holdings Ltd. | 38,000 | 32 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 47,000 | 32 |
76
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Weltrend Semiconductor | 52,000 | 32 |
| * Shining Building Business Co. Ltd. | 88,660 | 32 |
| Soft-World International Corp. | 16,000 | 31 |
| FocalTech Systems Co. Ltd. | 38,400 | 31 |
| Taiwan Mask Corp. | 129,000 | 31 |
| Topkey Corp. | 8,000 | 31 |
| * HannStar Display Corp. | 235,265 | 31 |
| IEI Integration Corp. | 24,380 | 31 |
| AcBel Polytech Inc. | 43,000 | 30 |
| * Continental Holdings Corp. | 91,000 | 30 |
| Universal Cement Corp. | 41,454 | 29 |
| Darwin Precisions Corp. | 73,000 | 29 |
| Microlife Corp. | 11,000 | 28 |
| Long Bon International Co. Ltd. | 44,000 | 28 |
| Ichia Technologies Inc. | 49,000 | 28 |
| Hung Sheng Construction Ltd. | 57,000 | 27 |
| A-DATA Technology Co. Ltd. | 26,190 | 27 |
| Taiyen Biotech Co. Ltd. | 36,000 | 27 |
| * Ritek Corp. | 296,000 | 27 |
| Lite-On Semiconductor Corp. | 38,000 | 27 |
| Unity Opto Technology Co. Ltd. | 38,000 | 27 |
| ACES Electronic Co. Ltd. | 33,000 | 26 |
| * Gigastorage Corp. | 34,000 | 26 |
| Masterlink Securities Corp. | 91,800 | 26 |
| Taiwan Sanyo Electric Co. Ltd. | 32,000 | 26 |
| Taiwan FamilyMart Co. Ltd. | 4,000 | 26 |
| Taiwan TEA Corp. | 59,000 | 26 |
| Taiwan Acceptance Corp. | 11,000 | 26 |
| * Ho Tung Chemical Corp. | 111,300 | 26 |
| Taiwan Land Development Corp. | 77,000 | 25 |
| Kindom Construction Corp. | 45,000 | 25 |
| * Lotus Pharmaceutical Co. Ltd. | 11,000 | 25 |
| Taiwan Surface Mounting Technology Corp. | 26,250 | 24 |
| Elite Semiconductor Memory Technology Inc. | 27,000 | 24 |
| Ambassador Hotel | 28,000 | 24 |
| GeoVision Inc. | 9,680 | 24 |
| Wah Lee Industrial Corp. | 17,000 | 24 |
| BES Engineering Corp. | 99,000 | 23 |
| Test Rite International Co. Ltd. | 37,000 | 23 |
| CyberTAN Technology Inc. | 44,000 | 23 |
| ITEQ Corp. | 33,000 | 23 |
| Jentech Precision Industrial Co. Ltd. | 16,000 | 22 |
| Advanced International Multitech Co. Ltd. | 35,000 | 22 |
| KEE TAI Properties Co. Ltd. | 41,000 | 22 |
| China Metal Products | 24,000 | 21 |
| * Taiwan Liposome Co. Ltd. | 5,000 | 21 |
| Vivotek Inc. | 8,564 | 21 |
| * Li Peng Enterprise Co. Ltd. | 75,600 | 21 |
| Tong-Tai Machine & Tool Co. Ltd. | 28,560 | 21 |
| Hung Poo Real Estate Development Corp. | 31,000 | 21 |
| Rich Development Co. Ltd. | 63,000 | 20 |
| * AGV Products Corp. | 96,000 | 20 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 37,000 | 20 |
| * Concord Securities Co. Ltd. | 96,000 | 19 |
| Sinyi Realty Inc. | 21,630 | 19 |
| * Genius Electronic Optical Co. Ltd. | 8,714 | 18 |
| Rechi Precision Co. Ltd. | 25,000 | 18 |
| * G Tech Optoelectronics Corp. | 38,000 | 17 |
| Yulon Nissan Motor Co. Ltd. | 2,000 | 17 |
| Global Mixed Mode Technology Inc. | 9,000 | 17 |
| * Mosel Vitelic Inc. | 209,554 | 15 |
| * Gold Circuit Electronics Ltd. | 41,000 | 14 |
| * HUA ENG Wire & Cable | 61,757 | 14 |
| AV Tech Corp. | 5,341 | 4 |
77
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| ENG Electric Co. Ltd. | 3,180 | 2 |
| Waterland Financial Holdings Co. Ltd. | 1 | — |
| * Taichung Commercial Bank Co Ltd Rights Exp. 11/23/2015 | 12,584 | — |
| 102,896 | ||
| Thailand (0.3%) | ||
| * Airports of Thailand PCL | 220,806 | 1,846 |
| Kasikornbank PCL (Foreign) | 278,675 | 1,348 |
| Advanced Info Service PCL (Foreign) | 193,400 | 1,266 |
| ^ CP ALL PCL (Foreign) | 590,000 | 827 |
| Siam Commercial Bank PCL (Foreign) | 170,900 | 639 |
| PTT PCL (Foreign) | 76,600 | 590 |
| Siam Cement PCL (Foreign) | 46,000 | 586 |
| * PTT PCL | 71,700 | 552 |
| * OBI Pharma Inc. | 29,000 | 357 |
| Bangkok Bank PCL (Foreign) | 73,698 | 346 |
| * Bangkok Expressway PCL | 309,600 | 313 |
| * Big C Supercenter PCL | 53,700 | 302 |
| * Siam Commercial Bank PCL (Local) | 77,800 | 291 |
| PTT Exploration & Production PCL (Foreign) | 140,881 | 287 |
| ^ Intouch Holdings NVDR | 135,496 | 285 |
| * True Corp. PCL | 958,000 | 271 |
| Central Pattana PCL | 208,800 | 270 |
| PTT Global Chemical PCL (Foreign) | 171,515 | 268 |
| TMB Bank PCL | 3,532,900 | 263 |
| * Bumrungrad Hospital PCL | 42,500 | 257 |
| * Digital Telecommunications Infrastructure Fund | 688,200 | 244 |
| Krung Thai Bank PCL (Foreign) | 482,175 | 231 |
| * Intouch Holdings PCL | 103,200 | 217 |
| * Indorama Ventures PCL (Local) | 332,500 | 215 |
| * Thai Union Frozen Products PCL (Foreign) | 404,880 | 201 |
| * Bangkok Dusit Medical Services PCL (Local) | 343,500 | 183 |
| * Thaicom PCL | 198,000 | 174 |
| * Central Plaza Hotel PCL | 162,200 | 173 |
| Thai Oil PCL (Foreign) | 112,700 | 171 |
| * CP ALL PCL (Local) | 121,500 | 170 |
| IRPC PCL (Foreign) | 1,491,200 | 170 |
| * Tipco Asphalt PCL | 140,500 | 167 |
| Pruksa Real Estate PCL | 210,700 | 166 |
| BTS Group Holdings PCL ADR | 604,800 | 164 |
| * Jasmine Broadband Internet Infrastructure Fund | 559,400 | 163 |
| Electricity Generating PCL (Foreign) | 37,200 | 162 |
| * Siam City Cement PCL (Local) | 16,800 | 159 |
| Total Access Communication PCL (Foreign) | 80,000 | 152 |
| * Charoen Pokphand Foods PCL | 255,900 | 149 |
| * PTT Exploration and Production PCL (Local) | 72,800 | 149 |
| * Minor International PCL | 172,260 | 147 |
| * PTT Global Chemical PCL (Local) | 92,500 | 144 |
| ^ Thoresen Thai Agencies PCL (Foreign) | 480,252 | 139 |
| * Krungthai Card PCL | 49,400 | 138 |
| Delta Electronics Thai PCL (Foreign) | 56,600 | 134 |
| ^ Home Product Center PCL | 677,598 | 133 |
| * Delta Electronics Thailand PCL | 51,800 | 123 |
| * Land & Houses PCL | 508,200 | 122 |
| * Cal-Comp Electronics Thailand PCL | 1,344,630 | 120 |
| BEC World PCL (Foreign) | 130,800 | 116 |
| * Jasmine International PCL | 696,100 | 111 |
| Charoen Pokphand Foods PCL (Foreign) | 188,200 | 109 |
| * BTS Rail Mass Transit Growth Infrastructure Fund | 361,700 | 103 |
| Bumrungrad Hospital PCL (Foreign) | 16,900 | 102 |
| * PTG Energy PCL | 242,700 | 102 |
| * Inter Far East Energy Corp. | 351,100 | 101 |
| Bangkok Dusit Medical Services PCL (Foreign) | 176,000 | 94 |
| * Srisawad Power 1979 PCL | 75,480 | 93 |
| * BTS Group Holdings PCL | 332,800 | 90 |
78
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Glow Energy PCL | 37,300 | 90 |
| * Superblock PCL | 2,021,200 | 84 |
| * KCE Electronics PCL | 48,000 | 83 |
| * Banpu PCL (Local) | 131,700 | 80 |
| * Dynasty Ceramic PCL | 696,900 | 79 |
| Minor International PCL (Foreign) | 92,010 | 79 |
| Glow Energy PCL (Foreign) | 32,700 | 79 |
| * Samart Corp. PCL | 128,900 | 74 |
| * Bangkok Life Assurance PCL | 50,940 | 74 |
| Kiatnakin Bank PCL | 74,800 | 70 |
| * Sino-Thai Engineering & Construction PCL | 99,100 | 70 |
| * VGI Global Media PCL | 652,900 | 68 |
| * Robinson Department Store PCL | 59,400 | 66 |
| * True Corp. PCL (Foreign) | 232,127 | 66 |
| * Italian-Thai Development PCL | 284,200 | 66 |
| * Esso Thailand PCL | 408,900 | 64 |
| * Muangthai Leasing PCL | 124,100 | 63 |
| * Hana Microelectronics PCL | 64,600 | 62 |
| * Bangkok Airways Co. Ltd. | 99,400 | 56 |
| * Chularat Hospital PCL | 837,980 | 56 |
| * CH Karnchang PCL | 70,300 | 56 |
| * Siam Global House PCL | 184,914 | 54 |
| * Bangkok Land PCL | 1,219,100 | 54 |
| * Ratchaburi Electricity Generating Holding PCL (Local) | 35,300 | 53 |
| * Berli Jucker PCL | 49,600 | 52 |
| LPN Development PCL | 102,800 | 52 |
| * Total Access Communication PCL (Local) | 25,400 | 48 |
| * Thanachart Capital PCL | 50,100 | 47 |
| Hana Microelectronics PCL (Foreign) | 46,600 | 45 |
| * TICON Industrial Connection PCL | 132,600 | 45 |
| * SPCG PCL | 65,000 | 44 |
| Bangkok Expressway PCL (Foreign) | 43,100 | 44 |
| * TPI Polene PCL | 605,600 | 43 |
| * Tisco Financial Group PCL | 40,100 | 42 |
| * TTW PCL | 136,600 | 41 |
| * Bangkok Metro PCL | 809,300 | 41 |
| * Gunkul Engineering PCL | 60,125 | 41 |
| WHA Corp. PCL | 420,000 | 38 |
| * CK Power PCL | 529,000 | 37 |
| Siam City Cement PCL (Foreign) | 3,800 | 36 |
| * Quality Houses PCL | 470,983 | 34 |
| * Thai Airways International PCL (Foreign) | 104,374 | 30 |
| * Major Cineplex Group PCL | 33,800 | 29 |
| * Bangkok Chain Hospital PCL | 154,400 | 29 |
| * Univentures PCL | 143,400 | 28 |
| * Thai Vegetable Oil PCL | 36,900 | 27 |
| * U City PCL | 23,593,120 | 27 |
| * Sri Trang Agro-Industry PCL | 78,200 | 25 |
| * Bangchak Petroleum PCL | 24,500 | 25 |
| * Precious Shipping PCL | 125,400 | 24 |
| * Sansiri PCL (Local) | 463,100 | 22 |
| * Thai Reinsurance PCL | 243,500 | 20 |
| * Supalai PCL | 30,600 | 16 |
| * IRPC PCL | 129,200 | 15 |
| * MBK PCL | 37,208 | 15 |
| WHA Corp. PCL | 153,190 | 14 |
| * Jasmine International PCL Warrants Exp. 06/25/2020 | 341,225 | 13 |
| * CK Power PCL | 179,860 | 13 |
| * Precious Shipping PCL (Foreign) | 62,700 | 12 |
| * Thoresen Thai Agencies PCL (Local) | 13,200 | 4 |
| * CK Power PCL Foreign Line Warrants Exp. 05/28/2020 | 179,860 | 2 |
| * Indorama Ventures PCL Warrants Exp. 08/24/2017 | 33,250 | 2 |
| * WHA Corp. PCL Warrants Exp. 12/31/2019 | 5,106 | 2 |
| * Indorama Ventures Warrants Exp. 08/24/2018 | 25,576 | 1 |
79
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * WHA Corp. PCL Warrants | 57,319 | 1 |
| * Minor International Warrants Exp. 11/03/2017 | 7,830 | 1 |
| * Italian-Thai Development PCL Warrants Exp. 05/13/2019 | 56,840 | — |
| * Samart Corp. PCL Warrants Exp. 02/11/2018 | 39,440 | — |
| * VGI Global Media PCL Warrants | 35,725 | — |
| * Thoresen Thai Agencies PCL Warrants Exp. 02/28/2019 | 53,346 | — |
| * Srisawad Power 1979 PCL Warrants Exp. 11/30/2017 | 2,960 | — |
| * Precious Shipping PCL Warrants | 6,270 | — |
| 19,738 | ||
| Turkey (0.1%) | ||
| Turkiye Halk Bankasi AS | 301,762 | 1,133 |
| Turkiye Garanti Bankasi AS | 332,765 | 864 |
| Akbank TAS | 328,998 | 845 |
| BIM Birlesik Magazalar AS | 38,588 | 785 |
| Turkcell Iletisim Hizmetleri AS | 128,627 | 512 |
| * Tupras Turkiye Petrol Rafinerileri AS | 18,444 | 487 |
| Ford Otomotiv Sanayi AS | 40,789 | 480 |
| Is Gayrimenkul Yatirim Ortakligi AS | 878,235 | 452 |
| KOC Holding AS | 93,117 | 421 |
| Haci Omer Sabanci Holding AS (Bearer) | 120,258 | 381 |
| Turkiye Is Bankasi | 196,810 | 336 |
| Eregli Demir ve Celik Fabrikalari TAS | 198,474 | 282 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 270,833 | 263 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 30,311 | 239 |
| * Vestel Elektronik Sanayi ve Ticaret AS | 138,800 | 235 |
| Turkiye Vakiflar Bankasi TAO | 152,943 | 218 |
| * Turk Hava Yollari AO | 64,679 | 191 |
| Turk Telekomunikasyon AS | 83,613 | 180 |
| Ulker Biskuvi Sanayi AS | 23,237 | 157 |
| Tofas Turk Otomobil Fabrikasi AS | 22,955 | 152 |
| TAV Havalimanlari Holding AS | 18,890 | 148 |
| Coca-Cola Icecek AS | 10,490 | 133 |
| Yapi ve Kredi Bankasi AS | 96,920 | 118 |
| Enka Insaat ve Sanayi AS | 63,314 | 112 |
| * Aksa Enerji Uretim AS Class B | 123,798 | 111 |
| * Sekerbank TAS | 205,730 | 109 |
| Arcelik AS | 19,148 | 104 |
| Aksigorta AS | 132,563 | 84 |
| Turkiye Sise ve Cam Fabrikalari AS | 62,204 | 71 |
| * Petkim Petrokimya Holding AS | 45,663 | 67 |
| * Asya Katilim Bankasi AS | 219,779 | 60 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 125,938 | 57 |
| Turkiye Sinai Kalkinma Bankasi AS | 95,845 | 51 |
| Aygaz AS | 12,065 | 45 |
| Koza Altin Isletmeleri AS | 8,052 | 45 |
| Cimsa Cimento Sanayi VE Ticaret AS | 8,065 | 44 |
| Aksa Akrilik Kimya Sanayii AS | 11,842 | 43 |
| * Zorlu Enerji Elektrik Uretim AS | 82,067 | 43 |
| Otokar Otomotiv Ve Savunma Sanayi A.S. | 1,491 | 40 |
| Turk Traktor ve Ziraat Makineleri AS | 1,534 | 37 |
| * Dogan Sirketler Grubu Holding AS | 168,390 | 36 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 6,963 | 33 |
| * Koza Anadolu Metal Madencilik Isletmeleri AS | 59,315 | 31 |
| Yazicilar Holding AS Class A | 5,506 | 31 |
| * Pegasus Hava Tasimaciligi AS | 4,428 | 28 |
| Dogus Otomotiv Servis ve Ticaret AS | 7,386 | 27 |
| * Vakif Gayrimenkul Yatirim Ortakligi AS | 19,147 | 16 |
| Albaraka Turk Katilim Bankasi AS | 32,421 | 15 |
| Trakya Cam Sanayii AS | 20,697 | 14 |
| 10,366 | ||
| United Arab Emirates (0.1%) | ||
| Emaar Properties PJSC | 592,773 | 1,031 |
| DP World Ltd. | 34,062 | 688 |
| Abu Dhabi Commercial Bank PJSC | 318,122 | 650 |
80
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| First Gulf Bank PJSC | 191,529 | 644 |
| * Emaar Malls Group PJSC | 391,593 | 334 |
| Aldar Properties PJSC | 529,166 | 328 |
| Union National Bank PJSC | 199,193 | 304 |
| Dubai Islamic Bank PJSC | 165,859 | 292 |
| DAMAC Properties Dubai Co. PJSC | 305,690 | 247 |
| * Deyaar Development PJSC | 1,260,884 | 203 |
| * Arabtec Holding PJSC | 386,155 | 171 |
| Dubai Financial Market PJSC | 426,230 | 166 |
| * Dubai Parks & Resorts PJSC | 419,822 | 143 |
| Al Waha Capital PJSC | 234,724 | 139 |
| Dubai Investments PJSC | 171,276 | 105 |
| Agthia Group PJSC | 50,166 | 104 |
| Air Arabia PJSC | 256,371 | 94 |
| Aramex PJSC | 106,323 | 89 |
| * Amanat Holdings PJSC | 389,761 | 82 |
| * Drake & Scull International PJSC | 459,669 | 72 |
| * Dana Gas PJSC | 547,053 | 70 |
| National Central Cooling Co. PJSC | 134,628 | 41 |
| Union Properties PJSC | 133,484 | 31 |
| * Eshraq Properties Co. PJSC | 184,450 | 31 |
| RAK Properties PJSC | 168,932 | 27 |
| 6,086 | ||
| United Kingdom (7.1%) | ||
| HSBC Holdings plc | 3,671,361 | 28,676 |
| British American Tobacco plc | 347,796 | 20,644 |
| BP plc | 3,335,842 | 19,801 |
| GlaxoSmithKline plc | 904,905 | 19,490 |
| Royal Dutch Shell plc Class A | 738,727 | 19,184 |
| Vodafone Group plc | 4,896,352 | 16,142 |
| AstraZeneca plc | 242,137 | 15,456 |
| Diageo plc | 458,613 | 13,253 |
| SABMiller plc | 206,022 | 12,673 |
| Lloyds Banking Group plc | 10,799,370 | 12,254 |
| Royal Dutch Shell plc Class B | 456,428 | 11,922 |
| Reckitt Benckiser Group plc | 120,210 | 11,729 |
| BT Group plc | 1,604,557 | 11,471 |
| Barclays plc | 3,120,137 | 11,105 |
| Prudential plc | 455,994 | 10,643 |
| Unilever plc | 233,684 | 10,378 |
| National Grid plc | 713,123 | 10,150 |
| BG Group plc | 630,738 | 9,935 |
| Imperial Tobacco Group plc | 179,172 | 9,652 |
| Rio Tinto plc | 236,295 | 8,570 |
| Shire plc | 106,539 | 8,068 |
| BHP Billiton plc | 408,727 | 6,537 |
| Compass Group plc | 365,760 | 6,301 |
| Aviva plc | 729,828 | 5,458 |
| RELX plc | 304,732 | 5,447 |
| Land Securities Group plc | 237,090 | 4,887 |
| WPP plc | 216,308 | 4,848 |
| CRH plc | 175,461 | 4,802 |
| Next plc | 37,605 | 4,628 |
| Legal & General Group plc | 1,135,136 | 4,565 |
| Standard Chartered plc | 407,779 | 4,526 |
| SSE plc | 182,942 | 4,267 |
| ARM Holdings plc | 266,150 | 4,207 |
| * Tesco plc | 1,486,008 | 4,187 |
| Rolls-Royce Holdings plc | 380,260 | 4,023 |
| Glencore plc | 2,303,506 | 3,967 |
| BAE Systems plc | 514,180 | 3,482 |
| Centrica plc | 977,290 | 3,402 |
| Sky plc | 186,807 | 3,150 |
| Associated British Foods plc | 58,700 | 3,122 |
81
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| InterContinental Hotels Group plc | 76,663 | 3,069 |
| * Royal Bank of Scotland Group plc | 598,227 | 2,924 |
| Wolseley plc | 49,121 | 2,883 |
| Experian plc | 167,729 | 2,860 |
| Old Mutual plc | 842,039 | 2,750 |
| British Land Co. plc | 185,703 | 2,488 |
| Smith & Nephew plc | 144,118 | 2,460 |
| Burberry Group plc | 118,078 | 2,414 |
| ITV plc | 619,509 | 2,404 |
| Anglo American plc London Shares | 268,980 | 2,254 |
| Whitbread plc | 28,465 | 2,175 |
| London Stock Exchange Group plc | 54,137 | 2,118 |
| Capita plc | 107,449 | 2,109 |
| Kingfisher plc | 386,552 | 2,101 |
| DCC plc | 25,910 | 2,076 |
| Marks & Spencer Group plc | 262,160 | 2,070 |
| Standard Life plc | 315,455 | 2,040 |
| Pearson plc | 149,398 | 1,978 |
| United Utilities Group plc | 122,353 | 1,861 |
| IMI plc | 122,904 | 1,802 |
| Aberdeen Asset Management plc | 317,384 | 1,693 |
| Kier Group plc | 79,593 | 1,687 |
| Carnival plc | 30,085 | 1,673 |
| Taylor Wimpey plc | 548,998 | 1,672 |
| Spirax-Sarco Engineering plc | 35,196 | 1,648 |
| Investec plc | 196,515 | 1,639 |
| Persimmon plc | 53,062 | 1,627 |
| Barratt Developments plc | 164,761 | 1,552 |
| Randgold Resources Ltd. | 23,114 | 1,550 |
| Bunzl plc | 51,212 | 1,465 |
| * International Consolidated Airlines Group SA (London Shares) | 161,476 | 1,446 |
| Sage Group plc | 172,399 | 1,445 |
| Johnson Matthey plc | 36,055 | 1,434 |
| Severn Trent plc | 40,761 | 1,408 |
| Mondi plc | 60,269 | 1,393 |
| Ashtead Group plc | 89,027 | 1,370 |
| GKN plc | 291,188 | 1,286 |
| Provident Financial plc | 23,264 | 1,243 |
| Intertek Group plc | 29,577 | 1,195 |
| Direct Line Insurance Group plc | 195,252 | 1,186 |
| St. James's Place plc | 78,753 | 1,168 |
| 3i Group plc | 150,264 | 1,159 |
| Royal Mail plc | 167,950 | 1,151 |
| Travis Perkins plc | 38,060 | 1,122 |
| Hammerson plc | 114,071 | 1,118 |
| Dixons Carphone plc | 156,741 | 1,113 |
| RSA Insurance Group plc | 169,759 | 1,100 |
| G4S plc | 287,322 | 1,073 |
| Berkeley Group Holdings plc | 20,930 | 1,068 |
| Inmarsat plc | 69,944 | 1,060 |
| Cineworld Group plc | 123,103 | 1,047 |
| TUI AG | 55,980 | 1,041 |
| Man Group plc | 376,514 | 966 |
| Smiths Group plc | 64,939 | 962 |
| Croda International plc | 21,355 | 952 |
| J Sainsbury plc | 230,892 | 946 |
| Rexam plc | 112,463 | 935 |
| easyJet plc | 34,530 | 930 |
| DS Smith plc | 153,250 | 913 |
| Wm Morrison Supermarkets plc | 351,262 | 910 |
| Rightmove plc | 15,386 | 908 |
| Informa plc | 103,798 | 907 |
| Amlin plc | 85,110 | 864 |
| Inchcape plc | 70,240 | 863 |
82
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Weir Group plc | 52,321 | 859 | |
| Pennon Group plc | 68,456 | 854 | |
| Babcock International Group plc | 57,064 | 847 | |
| Derwent London plc | 13,949 | 833 | |
| Howden Joinery Group plc | 112,047 | 800 | |
| Fresnillo plc | 70,068 | 787 | |
| Schroders plc | 16,998 | 780 | |
| Booker Group plc | 270,474 | 775 | |
| Hargreaves Lansdown plc | 34,810 | 774 | |
| *,2 | Auto Trader Group plc | 129,363 | 773 |
| Coca-Cola HBC AG | 32,461 | 773 | |
| Hikma Pharmaceuticals plc | 22,656 | 755 | |
| Cobham plc | 175,720 | 750 | |
| Segro plc | 108,378 | 750 | |
| Amec Foster Wheeler plc | 68,263 | 746 | |
| Bellway plc | 18,535 | 740 | |
| Capital & Counties Properties plc | 107,572 | 736 | |
| Admiral Group plc | 29,631 | 735 | |
| Intu Properties plc | 136,768 | 728 | |
| Henderson Group plc | 161,691 | 714 | |
| Tate & Lyle plc | 77,542 | 713 | |
| Betfair Group plc | 14,163 | 704 | |
| William Hill plc | 143,284 | 699 | |
| 2 | Merlin Entertainments plc | 109,199 | 697 |
| Meggitt plc | 127,345 | 693 | |
| Great Portland Estates plc | 49,085 | 672 | |
| Halma plc | 56,652 | 666 | |
| Melrose Industries plc | 160,775 | 659 | |
| Rentokil Initial plc | 274,538 | 653 | |
| IG Group Holdings plc | 55,784 | 649 | |
| Petrofac Ltd. | 49,769 | 644 | |
| Telecity Group plc | 34,460 | 623 | |
| Hiscox Ltd. | 40,710 | 606 | |
| Aggreko plc | 40,436 | 569 | |
| Greene King plc | 45,731 | 566 | |
| Shaftesbury plc | 38,961 | 564 | |
| Micro Focus International plc | 28,863 | 558 | |
| Essentra plc | 42,102 | 546 | |
| * | BTG plc | 63,864 | 543 |
| John Wood Group plc | 58,753 | 539 | |
| ICAP plc | 78,700 | 533 | |
| Polymetal International plc | 59,761 | 529 | |
| Regus plc | 101,048 | 520 | |
| UBM plc | 65,407 | 515 | |
| Close Brothers Group plc | 22,675 | 511 | |
| Hays plc | 225,336 | 489 | |
| Spectris plc | 19,040 | 488 | |
| * | Cairn Energy plc | 211,676 | 488 |
| Daily Mail & General Trust plc | 41,878 | 483 | |
| * | Thomas Cook Group plc | 254,965 | 482 |
| Bovis Homes Group plc | 30,538 | 482 | |
| * | Just Eat plc | 73,204 | 480 |
| Ultra Electronics Holdings plc | 18,435 | 478 | |
| * | Tullow Oil plc | 151,185 | 471 |
| Cable & Wireless Communications plc | 415,462 | 470 | |
| Jupiter Fund Management plc | 67,553 | 468 | |
| Synergy Health plc | 11,865 | 462 | |
| Playtech plc | 34,853 | 459 | |
| Antofagasta plc | 55,311 | 447 | |
| * | Intermediate Capital Group plc | 50,472 | 440 |
| * | Sports Direct International plc | 40,810 | 438 |
| BBA Aviation plc | 146,361 | 430 | |
| * | Balfour Beatty plc | 111,101 | 426 |
| WH Smith plc | 16,168 | 424 | |
83
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Berendsen plc | 26,595 | 420 |
| Britvic plc | 38,975 | 419 |
| Rotork plc | 140,437 | 405 |
| Restaurant Group plc | 36,332 | 401 |
| AA plc | 94,149 | 401 |
| Moneysupermarket.com Group plc | 77,342 | 398 |
| * Ocado Group plc | 66,222 | 384 |
| Marston's plc | 151,725 | 378 |
| Stagecoach Group plc | 70,728 | 377 |
| RPC Group plc | 37,022 | 371 |
| Phoenix Group Holdings | 27,818 | 366 |
| Interserve plc | 42,639 | 365 |
| Alent plc | 46,867 | 360 |
| Beazley plc | 64,005 | 358 |
| Indivior plc | 113,068 | 358 |
| Victrex plc | 12,373 | 352 |
| Michael Page International plc | 45,775 | 348 |
| Domino's Pizza Group plc | 20,321 | 341 |
| Saga plc | 106,223 | 339 |
| Dunelm Group plc | 22,807 | 333 |
| Elementis plc | 91,803 | 331 |
| Grainger plc | 86,141 | 330 |
| Grafton Group plc | 31,460 | 326 |
| SIG plc | 158,243 | 325 |
| AVEVA Group plc | 10,244 | 324 |
| ^ TalkTalk Telecom Group plc | 82,885 | 323 |
| Galliford Try plc | 13,953 | 321 |
| UNITE Group plc | 30,678 | 314 |
| National Express Group plc | 67,826 | 313 |
| Crest Nicholson Holdings plc | 37,103 | 311 |
| Polyus Gold International Ltd. | 103,484 | 303 |
| SSP Group plc | 64,890 | 301 |
| WS Atkins plc | 14,128 | 299 |
| Greggs plc | 16,250 | 297 |
| * Firstgroup plc | 198,745 | 296 |
| Greencore Group plc | 63,117 | 294 |
| Pace plc | 50,753 | 292 |
| Workspace Group plc | 19,761 | 291 |
| Ladbrokes plc | 176,641 | 287 |
| Drax Group plc | 70,613 | 283 |
| Big Yellow Group plc | 24,501 | 283 |
| Dignity plc | 7,476 | 280 |
| Kennedy Wilson Europe Real Estate plc | 15,166 | 279 |
| Savills plc | 19,727 | 278 |
| Mitie Group plc | 56,078 | 277 |
| Lancashire Holdings Ltd. | 24,894 | 273 |
| Carillion plc | 58,017 | 272 |
| Go-Ahead Group plc | 7,182 | 268 |
| 2 Spire Healthcare Group plc | 46,346 | 268 |
| UDG Healthcare plc | 36,428 | 267 |
| Debenhams plc | 193,507 | 266 |
| Genus plc | 11,766 | 263 |
| QinetiQ Group plc | 76,178 | 263 |
| Redrow plc | 36,404 | 260 |
| * Serco Group plc | 176,960 | 255 |
| Vesuvius plc | 45,788 | 252 |
| HellermannTyton Group plc | 34,274 | 250 |
| * HomeServe plc | 39,715 | 247 |
| N Brown Group plc | 41,889 | 242 |
| Home Retail Group plc | 138,082 | 238 |
| LondonMetric Property plc | 90,776 | 236 |
| Paragon Group of Cos. plc | 36,418 | 235 |
| Jardine Lloyd Thompson Group plc | 16,078 | 235 |
| ^ Ashmore Group plc | 55,913 | 232 |
84
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Senior plc | 65,060 | 227 |
| Bodycote plc | 28,475 | 226 |
| Virgin Money Holdings UK plc | 37,241 | 222 |
| Laird plc | 42,580 | 222 |
| Hansteen Holdings plc | 112,916 | 216 |
| Bwin Party Digital Entertainment plc | 123,400 | 213 |
| Pets at Home Group plc | 47,242 | 210 |
| Brewin Dolphin Holdings plc | 50,121 | 208 |
| International Personal Finance plc | 35,699 | 203 |
| * Mitchells & Butlers plc | 36,759 | 201 |
| Synthomer plc | 38,937 | 198 |
| Countrywide plc | 27,491 | 197 |
| Entertainment One Ltd. | 57,819 | 196 |
| ST Modwen Properties plc | 28,439 | 193 |
| Al Noor Hospitals Group plc | 10,622 | 192 |
| Halfords Group plc | 28,183 | 189 |
| Bank of Georgia Holdings plc | 6,126 | 189 |
| Dairy Crest Group plc | 18,598 | 184 |
| Card Factory plc | 32,842 | 182 |
| Centamin plc | 181,977 | 178 |
| Electrocomponents plc | 55,859 | 176 |
| Ted Baker plc | 3,760 | 175 |
| Dechra Pharmaceuticals plc | 11,624 | 174 |
| esure Group plc | 42,145 | 172 |
| Helical Bar plc | 25,204 | 171 |
| Morgan Advanced Materials plc | 39,401 | 170 |
| Fidessa Group plc | 5,613 | 169 |
| Tullett Prebon plc | 30,745 | 167 |
| Diploma plc | 16,847 | 166 |
| * Vectura Group plc | 61,227 | 165 |
| Renishaw plc | 5,568 | 162 |
| KCOM Group plc | 120,418 | 161 |
| * Ophir Energy plc | 108,688 | 161 |
| 2 Zoopla Property Group plc | 42,590 | 159 |
| UK Commercial Property Trust Ltd. | 118,056 | 159 |
| * SVG Capital plc | 20,998 | 153 |
| J D Wetherspoon plc | 12,487 | 149 |
| Redefine International PLC | 161,814 | 138 |
| Vedanta Resources plc | 18,036 | 137 |
| Foxtons Group plc | 44,447 | 137 |
| Telecom Plus plc | 8,363 | 135 |
| * Allied Minds plc | 18,342 | 133 |
| * Aldermore Group plc | 32,589 | 132 |
| NMC Health plc | 11,230 | 132 |
| Poundland Group plc | 31,139 | 132 |
| * Enterprise Inns plc | 77,242 | 128 |
| Keller Group plc | 9,790 | 123 |
| Devro plc | 27,493 | 120 |
| Tritax Big Box REIT plc | 59,753 | 118 |
| Just Retirement Group plc | 46,280 | 118 |
| Xaar plc | 14,941 | 118 |
| Northgate plc | 18,558 | 116 |
| Hunting plc | 20,638 | 114 |
| * Mothercare plc | 31,304 | 114 |
| RPS Group plc | 31,467 | 114 |
| * Imagination Technologies Group plc | 33,307 | 114 |
| * Evraz plc | 82,987 | 108 |
| F&C Commercial Property Trust Ltd. | 48,866 | 107 |
| Petra Diamonds Ltd. | 92,525 | 106 |
| ITE Group plc | 49,024 | 106 |
| OneSavings Bank plc | 17,280 | 102 |
| * Genel Energy plc | 25,864 | 102 |
| Computacenter plc | 8,299 | 97 |
| De La Rue plc | 13,186 | 94 |
85
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Development Securities plc | 24,222 | 89 | |
| Connect Group plc | 34,236 | 88 | |
| Spirent Communications plc | 76,600 | 87 | |
| Acacia Mining plc | 29,009 | 86 | |
| Xchanging plc | 32,346 | 84 | |
| 888 Holdings plc | 33,538 | 83 | |
| Stobart Group Ltd. | 48,087 | 82 | |
| * | SuperGroup plc | 3,600 | 81 |
| Soco International plc | 29,740 | 81 | |
| Schroder REIT Ltd. | 87,915 | 81 | |
| Fenner plc | 33,918 | 79 | |
| Picton Property Income Ltd. | 71,746 | 78 | |
| Oxford Instruments plc | 9,640 | 77 | |
| * | Premier Oil plc | 73,323 | 77 |
| Premier Farnell plc | 49,682 | 76 | |
| Shanks Group plc | 48,766 | 71 | |
| Chesnara plc | 13,561 | 68 | |
| * | KAZ Minerals plc | 37,455 | 67 |
| Severfield plc | 69,430 | 66 | |
| * | Lamprell plc | 34,894 | 65 |
| Chemring Group plc | 23,955 | 63 | |
| *,^ | AO World plc | 25,742 | 63 |
| Speedy Hire plc | 134,596 | 62 | |
| * | EnQuest plc | 146,010 | 61 |
| SDL plc | 9,382 | 56 | |
| * | Premier Foods plc | 98,103 | 51 |
| Cape plc | 13,478 | 48 | |
| Morgan Sindall Group plc | 3,985 | 46 | |
| Partnership Assurance Group plc | 22,162 | 46 | |
| Daejan Holdings plc | 400 | 39 | |
| *,^ | Lonmin plc | 96,083 | 38 |
| * | Hochschild Mining plc | 28,168 | 32 |
| * | APR Energy plc | 11,811 | 31 |
| Infinis Energy plc | 9,976 | 28 | |
| * | Aquarius Platinum Ltd. | 133,799 | 24 |
| Gem Diamonds Ltd. | 14,574 | 22 | |
| Ferrexpo plc | 23,306 | 12 | |
| *,^ | Afren plc | 141,140 | 4 |
| 549,407 | |||
| United States (52.4%) | |||
| Basic Materials (1.3%) | |||
| EI du Pont de Nemours & Co. | 176,822 | 11,211 | |
| Dow Chemical Co. | 200,446 | 10,357 | |
| LyondellBasell Industries NV Class A | 72,272 | 6,715 | |
| Praxair Inc. | 53,417 | 5,934 | |
| Ecolab Inc. | 45,917 | 5,526 | |
| Air Products & Chemicals Inc. | 36,929 | 5,132 | |
| PPG Industries Inc. | 45,746 | 4,769 | |
| International Paper Co. | 73,220 | 3,126 | |
| CF Industries Holdings Inc. | 53,175 | 2,700 | |
| Sigma-Aldrich Corp. | 18,957 | 2,649 | |
| Celanese Corp. Class A | 33,841 | 2,404 | |
| Freeport-McMoRan Inc. | 186,471 | 2,195 | |
| Nucor Corp. | 50,985 | 2,157 | |
| Mosaic Co. | 61,850 | 2,090 | |
| Eastman Chemical Co. | 28,607 | 2,065 | |
| Alcoa Inc. | 225,179 | 2,011 | |
| Newmont Mining Corp. | 93,634 | 1,822 | |
| International Flavors & Fragrances Inc. | 12,909 | 1,498 | |
| * | WR Grace & Co. | 11,500 | 1,153 |
| Ashland Inc. | 10,429 | 1,144 | |
| Albemarle Corp. | 18,235 | 976 | |
| Cytec Industries Inc. | 12,900 | 960 | |
| RPM International Inc. | 20,300 | 928 | |
86
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Southern Copper Corp. | 31,497 | 874 |
| Avery Dennison Corp. | 13,230 | 860 | |
| FMC Corp. | 20,778 | 846 | |
| Airgas Inc. | 8,637 | 831 | |
| * | Axalta Coating Systems Ltd. | 27,324 | 755 |
| Reliance Steel & Aluminum Co. | 11,300 | 678 | |
| Steel Dynamics Inc. | 34,700 | 641 | |
| NewMarket Corp. | 1,600 | 630 | |
| Olin Corp. | 29,110 | 558 | |
| Sensient Technologies Corp. | 8,500 | 555 | |
| Domtar Corp. | 12,300 | 507 | |
| Royal Gold Inc. | 9,700 | 464 | |
| Minerals Technologies Inc. | 7,200 | 424 | |
| Allegheny Technologies Inc. | 27,943 | 411 | |
| Compass Minerals International Inc. | 4,900 | 398 | |
| PolyOne Corp. | 11,900 | 398 | |
| CONSOL Energy Inc. | 55,849 | 372 | |
| Westlake Chemical Corp. | 6,100 | 368 | |
| Deltic Timber Corp. | 5,700 | 353 | |
| Cabot Corp. | 9,700 | 349 | |
| PH Glatfelter Co. | 17,900 | 347 | |
| Balchem Corp. | 5,000 | 341 | |
| * | Chemtura Corp. | 10,346 | 330 |
| Huntsman Corp. | 24,200 | 319 | |
| HB Fuller Co. | 7,600 | 289 | |
| * | Platform Specialty Products Corp. | 27,400 | 286 |
| KapStone Paper and Packaging Corp. | 12,500 | 272 | |
| * | Cambrex Corp. | 5,900 | 271 |
| United States Steel Corp. | 22,531 | 263 | |
| Worthington Industries Inc. | 8,500 | 261 | |
| Carpenter Technology Corp. | 7,200 | 240 | |
| Axiall Corp. | 11,400 | 231 | |
| * | Clearwater Paper Corp. | 4,200 | 212 |
| Chemours Co. | 30,164 | 209 | |
| Kaiser Aluminum Corp. | 2,400 | 195 | |
| * | Stillwater Mining Co. | 19,700 | 184 |
| Innospec Inc. | 3,300 | 182 | |
| Commercial Metals Co. | 12,400 | 178 | |
| Stepan Co. | 3,200 | 169 | |
| * | Ferro Corp. | 13,400 | 167 |
| US Silica Holdings Inc. | 8,500 | 154 | |
| A Schulman Inc. | 4,200 | 151 | |
| * | Resolute Forest Products Inc. | 19,700 | 147 |
| Cliffs Natural Resources Inc. | 50,973 | 141 | |
| Globe Specialty Metals Inc. | 10,400 | 131 | |
| Hecla Mining Co. | 58,012 | 120 | |
| Innophos Holdings Inc. | 2,600 | 110 | |
| * | AK Steel Holding Corp. | 29,500 | 85 |
| * | Kraton Performance Polymers Inc. | 3,900 | 80 |
| Calgon Carbon Corp. | 4,600 | 79 | |
| Tronox Ltd. Class A | 11,100 | 69 | |
| Haynes International Inc. | 1,500 | 59 | |
| * | Coeur Mining Inc. | 20,810 | 56 |
| Rayonier Advanced Materials Inc. | 5,200 | 48 | |
| * | Veritiv Corp. | 1,032 | 43 |
| SunCoke Energy Inc. | 8,600 | 43 | |
| Wausau Paper Corp. | 3,800 | 39 | |
| Tredegar Corp. | 2,700 | 39 | |
| Koppers Holdings Inc. | 1,900 | 36 | |
| *,^ | Peabody Energy Corp. | 2,651 | 34 |
| * | Century Aluminum Co. | 7,800 | 28 |
| * | Intrepid Potash Inc. | 5,300 | 20 |
| ^ | Arch Coal Inc. | 4,380 | 7 |
| 97,459 | |||
87
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Consumer Goods (5.4%) | ||
| Procter & Gamble Co. | 492,317 | 37,603 |
| Coca-Cola Co. | 738,726 | 31,285 |
| PepsiCo Inc. | 270,407 | 27,633 |
| Philip Morris International Inc. | 291,689 | 25,785 |
| Altria Group Inc. | 371,880 | 22,488 |
| Mondelez International Inc. Class A | 292,243 | 13,490 |
| NIKE Inc. Class B | 100,825 | 13,211 |
| Colgate-Palmolive Co. | 178,347 | 11,833 |
| Ford Motor Co. | 690,020 | 10,219 |
| General Motors Co. | 274,311 | 9,576 |
| Kimberly-Clark Corp. | 76,524 | 9,161 |
| Kraft Heinz Co. | 105,573 | 8,232 |
| Monsanto Co. | 83,398 | 7,774 |
| Reynolds American Inc. | 149,733 | 7,235 |
| General Mills Inc. | 97,176 | 5,647 |
| * Electronic Arts Inc. | 78,046 | 5,625 |
| Johnson Controls Inc. | 121,425 | 5,486 |
| Archer-Daniels-Midland Co. | 104,472 | 4,770 |
| VF Corp. | 67,485 | 4,557 |
| Activision Blizzard Inc. | 120,877 | 4,202 |
| Delphi Automotive plc | 48,779 | 4,058 |
| Stanley Black & Decker Inc. | 36,208 | 3,837 |
| Molson Coors Brewing Co. Class B | 42,976 | 3,786 |
| Constellation Brands Inc. Class A | 27,747 | 3,740 |
| * Monster Beverage Corp. | 27,153 | 3,702 |
| * Tesla Motors Inc. | 16,507 | 3,416 |
| ^ Autoliv Inc. | 27,823 | 3,373 |
| Hanesbrands Inc. | 105,000 | 3,354 |
| ConAgra Foods Inc. | 77,156 | 3,129 |
| * Under Armour Inc. Class A | 31,900 | 3,033 |
| Estee Lauder Cos. Inc. Class A | 36,200 | 2,913 |
| BorgWarner Inc. | 67,562 | 2,893 |
| Mead Johnson Nutrition Co. | 34,592 | 2,837 |
| Kellogg Co. | 39,512 | 2,786 |
| Dr Pepper Snapple Group Inc. | 30,873 | 2,759 |
| * LKQ Corp. | 90,436 | 2,678 |
| Clorox Co. | 20,404 | 2,488 |
| JM Smucker Co. | 21,050 | 2,471 |
| Leggett & Platt Inc. | 52,248 | 2,353 |
| Tyson Foods Inc. Class A | 53,004 | 2,351 |
| Hershey Co. | 25,664 | 2,276 |
| Genuine Parts Co. | 24,634 | 2,236 |
| Whirlpool Corp. | 13,859 | 2,219 |
| Brown-Forman Corp. Class B | 20,064 | 2,130 |
| Coca-Cola Enterprises Inc. | 40,640 | 2,086 |
| Leucadia National Corp. | 103,468 | 2,070 |
| Church & Dwight Co. Inc. | 23,740 | 2,044 |
| Snyder's-Lance Inc. | 56,175 | 1,996 |
| Coach Inc. | 63,710 | 1,988 |
| * Mohawk Industries Inc. | 10,125 | 1,979 |
| Flowers Foods Inc. | 72,244 | 1,951 |
| * Tempur Sealy International Inc. | 24,379 | 1,898 |
| Harley-Davidson Inc. | 37,608 | 1,860 |
| DR Horton Inc. | 59,391 | 1,749 |
| Newell Rubbermaid Inc. | 41,002 | 1,740 |
| Bunge Ltd. | 23,156 | 1,689 |
| McCormick & Co. Inc. | 18,442 | 1,549 |
| Lennar Corp. Class A | 30,743 | 1,539 |
| Hasbro Inc. | 20,029 | 1,539 |
| Lear Corp. | 12,171 | 1,522 |
| Goodyear Tire & Rubber Co. | 46,109 | 1,514 |
| * Jarden Corp. | 33,675 | 1,509 |
| Hormel Foods Corp. | 21,675 | 1,464 |
88
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Keurig Green Mountain Inc. | 28,480 | 1,445 | |
| Harman International Industries Inc. | 13,012 | 1,431 | |
| Campbell Soup Co. | 27,963 | 1,420 | |
| Snap-on Inc. | 8,500 | 1,410 | |
| Scotts Miracle-Gro Co. Class A | 20,595 | 1,363 | |
| Mattel Inc. | 55,204 | 1,357 | |
| * | Michael Kors Holdings Ltd. | 33,700 | 1,302 |
| * | WhiteWave Foods Co. Class A | 29,522 | 1,210 |
| PVH Corp. | 12,688 | 1,154 | |
| Polaris Industries Inc. | 10,000 | 1,123 | |
| Ralph Lauren Corp. Class A | 9,659 | 1,070 | |
| * | WABCO Holdings Inc. | 9,400 | 1,055 |
| * | Toll Brothers Inc. | 28,172 | 1,013 |
| * | NVR Inc. | 591 | 968 |
| Ingredion Inc. | 9,700 | 922 | |
| * | Middleby Corp. | 7,700 | 900 |
| PulteGroup Inc. | 48,396 | 887 | |
| * | lululemon athletica Inc. | 17,898 | 880 |
| * | Herbalife Ltd. | 15,400 | 863 |
| * | Visteon Corp. | 7,700 | 840 |
| Brunswick Corp. | 15,300 | 823 | |
| * | Edgewell Personal Care Co. | 9,360 | 793 |
| * | Hain Celestial Group Inc. | 15,400 | 768 |
| Pinnacle Foods Inc. | 17,268 | 761 | |
| Gentex Corp. | 45,178 | 741 | |
| * | Skechers U.S.A. Inc. Class A | 23,100 | 721 |
| * | Post Holdings Inc. | 10,372 | 667 |
| CalAtlantic Group Inc. | 16,888 | 643 | |
| Carter's Inc. | 6,900 | 627 | |
| * | Vista Outdoor Inc. | 13,262 | 593 |
| * | TreeHouse Foods Inc. | 6,693 | 573 |
| * | Take-Two Interactive Software Inc. | 15,800 | 525 |
| * | Tenneco Inc. | 9,200 | 521 |
| WD-40 Co. | 5,200 | 497 | |
| Cooper Tire & Rubber Co. | 11,400 | 476 | |
| Pool Corp. | 5,400 | 440 | |
| Vector Group Ltd. | 17,970 | 436 | |
| Dana Holding Corp. | 25,700 | 432 | |
| Spectrum Brands Holdings Inc. | 4,323 | 414 | |
| * | Fossil Group Inc. | 7,600 | 414 |
| Tupperware Brands Corp. | 6,900 | 406 | |
| Energizer Holdings Inc. | 9,360 | 401 | |
| * | Helen of Troy Ltd. | 4,000 | 397 |
| * | Kate Spade & Co. | 20,600 | 370 |
| Fresh Del Monte Produce Inc. | 7,695 | 351 | |
| Thor Industries Inc. | 6,400 | 346 | |
| B&G Foods Inc. | 9,300 | 338 | |
| Coty Inc. Class A | 11,600 | 336 | |
| *,^ | GoPro Inc. Class A | 13,030 | 326 |
| Avon Products Inc. | 80,225 | 323 | |
| * | Steven Madden Ltd. | 9,250 | 322 |
| * | G-III Apparel Group Ltd. | 5,700 | 314 |
| Wolverine World Wide Inc. | 16,800 | 312 | |
| Nu Skin Enterprises Inc. Class A | 7,800 | 298 | |
| * | Deckers Outdoor Corp. | 5,300 | 295 |
| * | TRI Pointe Group Inc. | 22,000 | 286 |
| Lancaster Colony Corp. | 2,500 | 284 | |
| HNI Corp. | 6,500 | 279 | |
| * | Zynga Inc. Class A | 113,551 | 269 |
| * | Gentherm Inc. | 5,200 | 256 |
| Dean Foods Co. | 14,050 | 254 | |
| * | Darling Ingredients Inc. | 24,500 | 248 |
| * | Boston Beer Co. Inc. Class A | 1,100 | 242 |
| Steelcase Inc. Class A | 11,600 | 225 | |
89
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| J&J Snack Foods Corp. | 1,800 | 221 |
| Drew Industries Inc. | 3,600 | 215 |
| Briggs & Stratton Corp. | 12,100 | 215 |
| Cal-Maine Foods Inc. | 4,000 | 214 |
| Sanderson Farms Inc. | 3,000 | 209 |
| Interface Inc. Class A | 10,600 | 207 |
| * American Axle & Manufacturing Holdings Inc. | 9,200 | 204 |
| Herman Miller Inc. | 6,400 | 203 |
| Pilgrim's Pride Corp. | 10,400 | 198 |
| La-Z-Boy Inc. | 6,900 | 197 |
| Oxford Industries Inc. | 2,700 | 197 |
| * Wayfair Inc. | 4,600 | 194 |
| Universal Corp. | 3,600 | 194 |
| Columbia Sportswear Co. | 3,500 | 192 |
| * Select Comfort Corp. | 8,400 | 178 |
| KB Home | 13,000 | 170 |
| * Dorman Products Inc. | 3,500 | 163 |
| * Meritage Homes Corp. | 4,600 | 162 |
| * Adecoagro SA | 14,300 | 151 |
| Schweitzer-Mauduit International Inc. | 3,900 | 151 |
| Knoll Inc. | 6,300 | 146 |
| * Iconix Brand Group Inc. | 9,500 | 146 |
| * Tumi Holdings Inc. | 8,900 | 143 |
| * Seaboard Corp. | 42 | 141 |
| MDC Holdings Inc. | 5,300 | 138 |
| * Crocs Inc. | 12,400 | 134 |
| Andersons Inc. | 3,750 | 133 |
| * TiVo Inc. | 14,181 | 129 |
| Tootsie Roll Industries Inc. | 3,857 | 122 |
| * Diamond Foods Inc. | 2,900 | 115 |
| Ethan Allen Interiors Inc. | 4,100 | 112 |
| Caesarstone Sdot-Yam Ltd. | 2,900 | 103 |
| * ACCO Brands Corp. | 11,942 | 96 |
| * USANA Health Sciences Inc. | 700 | 90 |
| Winnebago Industries Inc. | 3,500 | 73 |
| * SodaStream International Ltd. | 4,600 | 69 |
| Callaway Golf Co. | 6,900 | 69 |
| Cosan Ltd. | 13,600 | 48 |
| * Modine Manufacturing Co. | 5,400 | 45 |
| * National Beverage Corp. | 1,000 | 38 |
| National Presto Industries Inc. | 400 | 35 |
| * Federal-Mogul Holdings Corp. | 4,100 | 32 |
| * Elizabeth Arden Inc. | 2,500 | 31 |
| * Blount International Inc. | 5,000 | 30 |
| Superior Industries International Inc. | 1,400 | 28 |
| Titan International Inc. | 3,700 | 26 |
| * Vera Bradley Inc. | 1,800 | 23 |
| 418,402 | ||
| Consumer Services (7.4%) | ||
| * Amazon.com Inc. | 70,118 | 43,887 |
| Walt Disney Co. | 321,747 | 36,596 |
| Home Depot Inc. | 254,660 | 31,486 |
| CVS Health Corp. | 208,317 | 20,578 |
| McDonald's Corp. | 171,088 | 19,205 |
| Comcast Corp. Class A | 297,780 | 18,647 |
| Wal-Mart Stores Inc. | 299,890 | 17,166 |
| Starbucks Corp. | 264,064 | 16,523 |
| Walgreens Boots Alliance Inc. | 167,146 | 14,154 |
| Lowe's Cos. Inc. | 182,301 | 13,459 |
| * Priceline Group Inc. | 9,173 | 13,340 |
| Costco Wholesale Corp. | 79,838 | 12,624 |
| Time Warner Inc. | 163,679 | 12,332 |
| Time Warner Cable Inc. | 53,222 | 10,080 |
| Comcast Corp. Special Class A | 150,010 | 9,407 |
90
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Target Corp. | 117,331 | 9,056 | |
| TJX Cos. Inc. | 121,282 | 8,877 | |
| * | Netflix Inc. | 74,149 | 8,036 |
| McKesson Corp. | 41,430 | 7,408 | |
| Twenty-First Century Fox Inc. Class A | 217,638 | 6,679 | |
| * | AutoZone Inc. | 8,152 | 6,395 |
| Kroger Co. | 168,592 | 6,373 | |
| Yum! Brands Inc. | 81,292 | 5,764 | |
| * | eBay Inc. | 199,060 | 5,554 |
| Cardinal Health Inc. | 58,265 | 4,789 | |
| CBS Corp. Class B | 101,010 | 4,699 | |
| * | O'Reilly Automotive Inc. | 16,601 | 4,586 |
| L Brands Inc. | 44,554 | 4,276 | |
| Sysco Corp. | 102,729 | 4,238 | |
| * | Liberty Global plc | 97,698 | 4,166 |
| *,^ | Charter Communications Inc. Class A | 20,598 | 3,933 |
| Carnival Corp. | 70,440 | 3,809 | |
| Ross Stores Inc. | 72,920 | 3,688 | |
| Las Vegas Sands Corp. | 73,357 | 3,632 | |
| Viacom Inc. Class B | 72,704 | 3,585 | |
| Macy's Inc. | 69,288 | 3,532 | |
| AmerisourceBergen Corp. Class A | 36,412 | 3,514 | |
| * | Chipotle Mexican Grill Inc. Class A | 5,419 | 3,469 |
| * | CarMax Inc. | 55,132 | 3,253 |
| Expedia Inc. | 23,368 | 3,185 | |
| Dollar General Corp. | 46,881 | 3,177 | |
| Nordstrom Inc. | 45,515 | 2,968 | |
| Twenty-First Century Fox Inc. | 95,018 | 2,934 | |
| * | Nielsen Holdings plc | 61,604 | 2,927 |
| Omnicom Group Inc. | 38,846 | 2,910 | |
| Delta Air Lines Inc. | 57,065 | 2,901 | |
| Marriott International Inc. Class A | 35,138 | 2,698 | |
| Royal Caribbean Cruises Ltd. | 27,007 | 2,656 | |
| * | DISH Network Corp. Class A | 40,810 | 2,570 |
| Service Corp. International | 90,100 | 2,546 | |
| * | Dollar Tree Inc. | 38,802 | 2,541 |
| Advance Auto Parts Inc. | 12,800 | 2,540 | |
| * | Liberty Global plc Class A | 57,021 | 2,539 |
| Southwest Airlines Co. | 52,981 | 2,453 | |
| Starwood Hotels & Resorts Worldwide Inc. | 28,740 | 2,295 | |
| Hilton Worldwide Holdings Inc. | 89,769 | 2,243 | |
| Darden Restaurants Inc. | 36,215 | 2,241 | |
| Tiffany & Co. | 26,463 | 2,182 | |
| Signet Jewelers Ltd. | 14,400 | 2,174 | |
| * | Liberty Interactive Corp. QVC Group Class A | 78,547 | 2,150 |
| Best Buy Co. Inc. | 60,172 | 2,108 | |
| Kohl's Corp. | 45,476 | 2,097 | |
| * | MGM Resorts International | 81,510 | 1,890 |
| * | Ulta Salon Cosmetics & Fragrance Inc. | 10,300 | 1,792 |
| * | Bed Bath & Beyond Inc. | 29,900 | 1,783 |
| * | Sirius XM Holdings Inc. | 433,540 | 1,769 |
| Whole Foods Market Inc. | 58,428 | 1,751 | |
| * | Norwegian Cruise Line Holdings Ltd. | 26,963 | 1,715 |
| H&R Block Inc. | 43,542 | 1,622 | |
| Staples Inc. | 124,801 | 1,621 | |
| New York Times Co. Class A | 118,300 | 1,571 | |
| Wynn Resorts Ltd. | 22,389 | 1,566 | |
| * | United Continental Holdings Inc. | 25,800 | 1,556 |
| * | TripAdvisor Inc. | 18,568 | 1,556 |
| Foot Locker Inc. | 22,833 | 1,547 | |
| Wyndham Worldwide Corp. | 18,898 | 1,537 | |
| * | Discovery Communications Inc. | 55,847 | 1,537 |
| * | Hertz Global Holdings Inc. | 78,805 | 1,537 |
| Tractor Supply Co. | 16,500 | 1,524 | |
91
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Interpublic Group of Cos. Inc. | 65,207 | 1,495 |
| * JetBlue Airways Corp. | 59,164 | 1,470 |
| * IHS Inc. Class A | 10,911 | 1,304 |
| American Airlines Group Inc. | 26,966 | 1,246 |
| Cablevision Systems Corp. Class A | 35,840 | 1,168 |
| Graham Holdings Co. Class B | 1,959 | 1,082 |
| Gap Inc. | 38,409 | 1,046 |
| Aramark | 32,988 | 1,001 |
| TEGNA Inc. | 36,177 | 978 |
| * Liberty Media Corp. | 24,774 | 970 |
| Domino's Pizza Inc. | 9,000 | 960 |
| * Rite Aid Corp. | 119,700 | 943 |
| FactSet Research Systems Inc. | 5,300 | 928 |
| * United Natural Foods Inc. | 18,117 | 914 |
| News Corp. Class A | 53,170 | 819 |
| GameStop Corp. Class A | 17,416 | 802 |
| * Avis Budget Group Inc. | 16,000 | 799 |
| Williams-Sonoma Inc. | 10,800 | 797 |
| * Liberty Media Corp. Class A | 19,387 | 790 |
| KAR Auction Services Inc. | 19,604 | 753 |
| Six Flags Entertainment Corp. | 14,000 | 729 |
| Scripps Networks Interactive Inc. Class A | 12,065 | 725 |
| * AMC Networks Inc. Class A | 9,634 | 712 |
| * Panera Bread Co. Class A | 4,000 | 710 |
| * AutoNation Inc. | 11,166 | 706 |
| DeVry Education Group Inc. | 29,876 | 704 |
| Casey's General Stores Inc. | 6,500 | 690 |
| * VCA Inc. | 12,600 | 690 |
| * Live Nation Entertainment Inc. | 25,200 | 687 |
| * JC Penney Co. Inc. | 73,434 | 673 |
| * Burlington Stores Inc. | 13,862 | 667 |
| * Madison Square Garden Co. Class A | 3,733 | 666 |
| Lions Gate Entertainment Corp. | 16,885 | 658 |
| Sabre Corp. | 22,285 | 653 |
| * Office Depot Inc. | 85,467 | 651 |
| Tribune Media Co. Class A | 16,100 | 649 |
| Vail Resorts Inc. | 5,600 | 639 |
| * Discovery Communications Inc. Class A | 21,241 | 625 |
| Jack in the Box Inc. | 8,300 | 619 |
| Abercrombie & Fitch Co. | 28,748 | 609 |
| * ServiceMaster Global Holdings Inc. | 17,048 | 608 |
| * Sprouts Farmers Market Inc. | 28,994 | 591 |
| Alaska Air Group Inc. | 7,700 | 587 |
| Cinemark Holdings Inc. | 16,500 | 585 |
| Dun & Bradstreet Corp. | 5,130 | 584 |
| Dick's Sporting Goods Inc. | 12,800 | 570 |
| * Starz | 16,987 | 569 |
| Dunkin' Brands Group Inc. | 13,618 | 564 |
| * Sally Beauty Holdings Inc. | 23,700 | 557 |
| AMERCO | 1,346 | 547 |
| Brinker International Inc. | 12,000 | 546 |
| * Buffalo Wild Wings Inc. | 3,500 | 540 |
| News Corp. Class B | 33,640 | 521 |
| Lithia Motors Inc. Class A | 4,400 | 517 |
| * Copart Inc. | 13,600 | 492 |
| * DreamWorks Animation SKG Inc. Class A | 24,171 | 489 |
| Cracker Barrel Old Country Store Inc. | 3,500 | 481 |
| CST Brands Inc. | 13,023 | 468 |
| * Restoration Hardware Holdings Inc. | 4,300 | 443 |
| * Murphy USA Inc. | 7,130 | 438 |
| * Urban Outfitters Inc. | 15,217 | 435 |
| American Eagle Outfitters Inc. | 27,943 | 427 |
| MercadoLibre Inc. | 4,100 | 403 |
| GNC Holdings Inc. Class A | 13,500 | 402 |
92
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Rollins Inc. | 14,850 | 398 |
| Churchill Downs Inc. | 2,700 | 396 |
| * Ascena Retail Group Inc. | 29,562 | 394 |
| Chemed Corp. | 2,500 | 393 |
| Papa John's International Inc. | 5,500 | 386 |
| Wendy's Co. | 42,028 | 385 |
| * Houghton Mifflin Harcourt Co. | 19,600 | 384 |
| * Beacon Roofing Supply Inc. | 10,798 | 382 |
| Big Lots Inc. | 8,200 | 378 |
| * Pandora Media Inc. | 32,600 | 375 |
| * Diamond Resorts International Inc. | 12,700 | 361 |
| * Pinnacle Entertainment Inc. | 10,200 | 357 |
| DSW Inc. Class A | 14,020 | 350 |
| Penske Automotive Group Inc. | 7,100 | 347 |
| * Cable One Inc. | 792 | 343 |
| John Wiley & Sons Inc. Class A | 6,400 | 335 |
| Time Inc. | 17,802 | 331 |
| Dillard's Inc. Class A | 3,500 | 313 |
| * HomeAway Inc. | 9,900 | 312 |
| * Michaels Cos. Inc. | 13,208 | 309 |
| Cheesecake Factory Inc. | 6,400 | 309 |
| Sonic Corp. | 10,700 | 305 |
| Bloomin' Brands Inc. | 17,935 | 304 |
| Group 1 Automotive Inc. | 3,500 | 304 |
| Monro Muffler Brake Inc. | 4,100 | 304 |
| PriceSmart Inc. | 3,500 | 301 |
| Chico's FAS Inc. | 21,500 | 297 |
| Cato Corp. Class A | 7,800 | 295 |
| Choice Hotels International Inc. | 5,600 | 293 |
| * Bright Horizons Family Solutions Inc. | 4,545 | 291 |
| Hillenbrand Inc. | 9,800 | 291 |
| * Groupon Inc. Class A | 78,300 | 291 |
| * Scientific Games Corp. Class A | 25,977 | 288 |
| Sotheby's | 8,300 | 288 |
| Gannett Co. Inc. | 18,088 | 286 |
| International Game Technology plc | 17,578 | 285 |
| Sinclair Broadcast Group Inc. Class A | 9,500 | 285 |
| HSN Inc. | 4,600 | 285 |
| * Hyatt Hotels Corp. Class A | 5,549 | 280 |
| SpartanNash Co. | 10,000 | 279 |
| Meredith Corp. | 5,900 | 277 |
| Dolby Laboratories Inc. Class A | 8,000 | 277 |
| EW Scripps Co. Class A | 12,500 | 276 |
| * Cabela's Inc. | 7,000 | 274 |
| * Express Inc. | 14,100 | 272 |
| Men's Wearhouse Inc. | 6,800 | 272 |
| * Popeyes Louisiana Kitchen Inc. | 4,800 | 271 |
| * Genesco Inc. | 4,200 | 263 |
| * Asbury Automotive Group Inc. | 3,300 | 261 |
| ClubCorp Holdings Inc. | 12,500 | 256 |
| * Five Below Inc. | 7,300 | 251 |
| * Grand Canyon Education Inc. | 5,900 | 245 |
| Weis Markets Inc. | 5,900 | 243 |
| * Apollo Education Group Inc. | 33,275 | 242 |
| * Yelp Inc. Class A | 10,800 | 240 |
| * Dave & Buster's Entertainment Inc. | 6,200 | 239 |
| Bob Evans Farms Inc. | 5,500 | 238 |
| Texas Roadhouse Inc. Class A | 6,900 | 237 |
| Morningstar Inc. | 2,800 | 230 |
| * Boyd Gaming Corp. | 11,500 | 230 |
| * Media General Inc. | 15,351 | 228 |
| Caleres Inc. | 7,300 | 223 |
| * SUPERVALU Inc. | 33,597 | 221 |
| * comScore Inc. | 5,100 | 218 |
93
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Aaron's Inc. | 8,800 | 217 | |
| * | La Quinta Holdings Inc. | 14,106 | 214 |
| * | Shutterfly Inc. | 5,100 | 213 |
| Regal Entertainment Group Class A | 10,900 | 211 | |
| Matthews International Corp. Class A | 3,619 | 209 | |
| * | GrubHub Inc. | 8,700 | 209 |
| Nexstar Broadcasting Group Inc. Class A | 3,900 | 208 | |
| SeaWorld Entertainment Inc. | 10,200 | 203 | |
| * | Acxiom Corp. | 8,900 | 197 |
| DineEquity Inc. | 2,300 | 192 | |
| * | WebMD Health Corp. | 4,700 | 191 |
| * | Liberty Global PLC LiLAC | 4,884 | 189 |
| * | Red Robin Gourmet Burgers Inc. | 2,500 | 187 |
| Guess? Inc. | 8,600 | 181 | |
| * | MSG Networks Inc. | 8,800 | 181 |
| Scholastic Corp. | 4,400 | 180 | |
| Marriott Vacations Worldwide Corp. | 2,663 | 172 | |
| * | SolarCity Corp. | 5,300 | 157 |
| * | Regis Corp. | 9,500 | 157 |
| Buckle Inc. | 4,400 | 156 | |
| * | Diplomat Pharmacy Inc. | 5,336 | 150 |
| * | Penn National Gaming Inc. | 8,300 | 148 |
| * | FTD Cos. Inc. | 5,200 | 147 |
| International Speedway Corp. Class A | 4,200 | 146 | |
| Children's Place Inc. | 2,700 | 145 | |
| * | Fresh Market Inc. | 5,700 | 142 |
| Extended Stay America Inc. | 7,375 | 142 | |
| * | Mattress Firm Holding Corp. | 3,300 | 141 |
| Interval Leisure Group Inc. | 7,900 | 139 | |
| * | Pep Boys-Manny Moe & Jack | 9,200 | 138 |
| Rent-A-Center Inc. | 7,500 | 138 | |
| * | Fiesta Restaurant Group Inc. | 3,900 | 138 |
| * | Constant Contact Inc. | 5,200 | 136 |
| *,^ | Sears Holdings Corp. | 5,794 | 135 |
| * | Belmond Ltd. Class A | 12,500 | 134 |
| * | BJ's Restaurants Inc. | 3,100 | 133 |
| Core-Mark Holding Co. Inc. | 1,500 | 122 | |
| Sonic Automotive Inc. Class A | 4,700 | 117 | |
| Finish Line Inc. Class A | 6,200 | 116 | |
| * | Hibbett Sports Inc. | 3,300 | 113 |
| * | Krispy Kreme Doughnuts Inc. | 8,200 | 112 |
| Pier 1 Imports Inc. | 15,000 | 111 | |
| National CineMedia Inc. | 7,800 | 111 | |
| New Media Investment Group Inc. | 6,698 | 108 | |
| * | Rush Enterprises Inc. Class A | 4,400 | 107 |
| * | Bankrate Inc. | 8,600 | 102 |
| Copa Holdings SA Class A | 2,000 | 101 | |
| Allegiant Travel Co. Class A | 500 | 99 | |
| * | Spirit Airlines Inc. | 2,500 | 93 |
| * | Vitamin Shoppe Inc. | 3,200 | 92 |
| Barnes & Noble Inc. | 7,000 | 91 | |
| * | Caesars Entertainment Corp. | 11,200 | 90 |
| * | Biglari Holdings Inc. | 225 | 86 |
| * | Liberty Global PLC LiLAC Class A | 2,176 | 84 |
| * | Conn's Inc. | 4,000 | 76 |
| Arcos Dorados Holdings Inc. Class A | 24,600 | 76 | |
| Fred's Inc. Class A | 5,400 | 75 | |
| * | Steiner Leisure Ltd. | 1,120 | 71 |
| * | Lands' End Inc. | 2,691 | 66 |
| * | Francesca's Holdings Corp. | 4,600 | 65 |
| * | Barnes & Noble Education Inc. | 4,424 | 65 |
| * | Ruby Tuesday Inc. | 11,600 | 61 |
| * | Zumiez Inc. | 3,200 | 56 |
| * | K12 Inc. | 5,700 | 55 |
94
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Lumber Liquidators Holdings Inc. | 4,000 | 55 |
| * Clean Energy Fuels Corp. | 8,600 | 49 |
| * Strayer Education Inc. | 900 | 48 |
| Capella Education Co. | 1,000 | 45 |
| * RetailMeNot Inc. | 4,700 | 41 |
| * TrueCar Inc. | 6,400 | 39 |
| Stein Mart Inc. | 3,500 | 31 |
| * Ascent Capital Group Inc. Class A | 1,300 | 28 |
| * American Public Education Inc. | 1,300 | 28 |
| Stage Stores Inc. | 2,700 | 26 |
| Speedway Motorsports Inc. | 1,200 | 22 |
| * J Alexander's Holdings Inc. | 2,102 | 20 |
| * Central European Media Enterprises Ltd. Class A | 8,100 | 18 |
| Harte-Hanks Inc. | 3,700 | 16 |
| * Cumulus Media Inc. Class A | 19,700 | 9 |
| 573,941 | ||
| Financials (10.1%) | ||
| Wells Fargo & Co. | 945,295 | 51,178 |
| JPMorgan Chase & Co. | 695,074 | 44,658 |
| Bank of America Corp. | 1,941,553 | 32,579 |
| Citigroup Inc. | 560,851 | 29,820 |
| Visa Inc. Class A | 379,196 | 29,418 |
| * Berkshire Hathaway Inc. Class B | 211,829 | 28,813 |
| MasterCard Inc. Class A | 192,150 | 19,021 |
| * Berkshire Hathaway Inc. Class A | 86 | 17,595 |
| American International Group Inc. | 225,679 | 14,231 |
| US Bancorp | 336,603 | 14,198 |
| Goldman Sachs Group Inc. | 72,037 | 13,507 |
| American Express Co. | 175,503 | 12,857 |
| Simon Property Group Inc. | 56,225 | 11,327 |
| Morgan Stanley | 307,816 | 10,149 |
| MetLife Inc. | 170,466 | 8,588 |
| Bank of New York Mellon Corp. | 205,124 | 8,543 |
| American Tower Corporation | 82,358 | 8,419 |
| PNC Financial Services Group Inc. | 92,949 | 8,390 |
| BlackRock Inc. | 21,430 | 7,543 |
| Capital One Financial Corp. | 87,541 | 6,907 |
| Travelers Cos. Inc. | 58,569 | 6,612 |
| Prudential Financial Inc. | 80,123 | 6,610 |
| Charles Schwab Corp. | 205,386 | 6,268 |
| ACE Ltd. | 54,251 | 6,160 |
| Aflac Inc. | 89,921 | 5,732 |
| State Street Corp. | 78,571 | 5,421 |
| CME Group Inc. | 57,009 | 5,386 |
| Public Storage | 23,183 | 5,320 |
| Chubb Corp. | 40,725 | 5,268 |
| Intercontinental Exchange Inc. | 19,699 | 4,972 |
| BB&T Corp. | 132,881 | 4,937 |
| Discover Financial Services | 86,917 | 4,886 |
| Crown Castle International Corp. | 56,988 | 4,870 |
| Marsh & McLennan Cos. Inc. | 87,225 | 4,862 |
| Hartford Financial Services Group Inc. | 97,876 | 4,528 |
| Equity Residential | 58,397 | 4,515 |
| McGraw Hill Financial Inc. | 46,527 | 4,310 |
| Allstate Corp. | 68,875 | 4,262 |
| Aon plc | 45,557 | 4,251 |
| Kilroy Realty Corp. | 63,974 | 4,212 |
| * Welltower Inc. | 59,536 | 3,862 |
| Prologis Inc. | 86,353 | 3,690 |
| Principal Financial Group Inc. | 71,925 | 3,608 |
| AvalonBay Communities Inc. | 20,565 | 3,595 |
| T. Rowe Price Group Inc. | 46,508 | 3,517 |
| SunTrust Banks Inc. | 83,626 | 3,472 |
| Ameriprise Financial Inc. | 29,488 | 3,402 |
95
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Lincoln National Corp. | 63,400 | 3,393 |
| Moody's Corp. | 33,203 | 3,193 |
| Loews Corp. | 86,087 | 3,139 |
| FNF Group | 87,502 | 3,087 |
| New York Community Bancorp Inc. | 185,922 | 3,071 |
| Boston Properties Inc. | 23,401 | 2,945 |
| Equinix Inc. | 9,878 | 2,931 |
| Acadia Realty Trust | 86,000 | 2,829 |
| Ventas Inc. | 52,061 | 2,797 |
| Progressive Corp. | 84,017 | 2,783 |
| HCP Inc. | 72,727 | 2,705 |
| Brown & Brown Inc. | 82,468 | 2,661 |
| Valley National Bancorp | 252,384 | 2,650 |
| Northern Trust Corp. | 37,521 | 2,641 |
| Extra Space Storage Inc. | 33,100 | 2,623 |
| Franklin Resources Inc. | 64,296 | 2,621 |
| Fifth Third Bancorp | 135,520 | 2,582 |
| Vornado Realty Trust | 25,149 | 2,529 |
| Legg Mason Inc. | 55,991 | 2,506 |
| ProAssurance Corp. | 46,840 | 2,481 |
| Sun Communities Inc. | 36,600 | 2,453 |
| Weyerhaeuser Co. | 80,825 | 2,371 |
| Post Properties Inc. | 39,600 | 2,366 |
| Western Union Co. | 121,954 | 2,348 |
| Comerica Inc. | 53,226 | 2,310 |
| Invesco Ltd. | 68,048 | 2,257 |
| Corporate Office Properties Trust | 97,642 | 2,246 |
| Host Hotels & Resorts Inc. | 129,012 | 2,236 |
| Macerich Co. | 26,346 | 2,233 |
| General Growth Properties Inc. | 77,043 | 2,230 |
| M&T Bank Corp. | 18,300 | 2,193 |
| Essex Property Trust Inc. | 9,918 | 2,186 |
| Regions Financial Corp. | 220,866 | 2,065 |
| Equifax Inc. | 18,997 | 2,025 |
| Hudson City Bancorp Inc. | 195,260 | 1,976 |
| Tompkins Financial Corp. | 35,400 | 1,922 |
| * Navigators Group Inc. | 22,200 | 1,895 |
| KeyCorp | 151,977 | 1,888 |
| TCF Financial Corp. | 121,412 | 1,869 |
| * CBRE Group Inc. Class A | 48,698 | 1,815 |
| XL Group plc Class A | 46,920 | 1,787 |
| BOK Financial Corp. | 26,400 | 1,774 |
| EastGroup Properties Inc. | 31,500 | 1,769 |
| Ramco-Gershenson Properties Trust | 102,700 | 1,725 |
| Citizens Financial Group Inc. | 70,957 | 1,724 |
| Eaton Vance Corp. | 47,500 | 1,715 |
| Realty Income Corp. | 34,575 | 1,710 |
| * Markel Corp. | 1,945 | 1,688 |
| SL Green Realty Corp. | 14,159 | 1,680 |
| Kimco Realty Corp. | 60,226 | 1,612 |
| * Ally Financial Inc. | 78,143 | 1,557 |
| LTC Properties Inc. | 36,100 | 1,547 |
| CIT Group Inc. | 35,633 | 1,532 |
| Digital Realty Trust Inc. | 20,611 | 1,524 |
| * MGIC Investment Corp. | 161,200 | 1,515 |
| * Affiliated Managers Group Inc. | 8,383 | 1,511 |
| Saul Centers Inc. | 26,900 | 1,508 |
| Voya Financial Inc. | 36,281 | 1,472 |
| Huntington Bancshares Inc. | 130,481 | 1,431 |
| First Republic Bank | 21,897 | 1,430 |
| Annaly Capital Management Inc. | 142,795 | 1,421 |
| Westamerica Bancorporation | 32,100 | 1,419 |
| Nasdaq Inc. | 24,000 | 1,389 |
| Washington REIT | 51,300 | 1,386 |
96
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| UDR Inc. | 39,887 | 1,374 |
| * Hilltop Holdings Inc. | 65,220 | 1,368 |
| Federal Realty Investment Trust | 9,450 | 1,356 |
| Universal Health Realty Income Trust | 27,200 | 1,352 |
| Unum Group | 38,303 | 1,327 |
| Navient Corp. | 98,635 | 1,301 |
| * Arch Capital Group Ltd. | 17,210 | 1,289 |
| * E*TRADE Financial Corp. | 45,000 | 1,283 |
| Cincinnati Financial Corp. | 20,671 | 1,245 |
| Apartment Investment & Management Co. | 31,557 | 1,237 |
| VEREIT Inc. | 149,078 | 1,231 |
| Everest Re Group Ltd. | 6,846 | 1,218 |
| * Alleghany Corp. | 2,447 | 1,214 |
| Willis Group Holdings plc | 27,161 | 1,212 |
| TD Ameritrade Holding Corp. | 34,331 | 1,183 |
| * Signature Bank | 7,800 | 1,162 |
| MSCI Inc. Class A | 17,100 | 1,146 |
| Jones Lang LaSalle Inc. | 6,800 | 1,134 |
| * SVB Financial Group | 9,260 | 1,130 |
| Mack-Cali Realty Corp. | 49,900 | 1,086 |
| BGC Partners Inc. Class A | 123,184 | 1,066 |
| Investors Real Estate Trust | 131,000 | 1,064 |
| PartnerRe Ltd. | 7,624 | 1,060 |
| CBL & Associates Properties Inc. | 72,600 | 1,058 |
| Arthur J Gallagher & Co. | 24,042 | 1,051 |
| American Equity Investment Life Holding Co. | 39,900 | 1,025 |
| Brookline Bancorp Inc. | 89,015 | 1,010 |
| Mid-America Apartment Communities Inc. | 11,644 | 992 |
| Plum Creek Timber Co. Inc. | 23,883 | 973 |
| SEI Investments Co. | 18,717 | 970 |
| Zions Bancorporation | 33,596 | 967 |
| Duke Realty Corp. | 46,252 | 957 |
| Camden Property Trust | 12,748 | 941 |
| Reinsurance Group of America Inc. Class A | 10,400 | 938 |
| BioMed Realty Trust Inc. | 39,797 | 932 |
| * Liberty Ventures Class A | 21,353 | 930 |
| Torchmark Corp. | 16,025 | 930 |
| PacWest Bancorp | 20,569 | 926 |
| Raymond James Financial Inc. | 16,800 | 926 |
| American Capital Agency Corp. | 51,294 | 915 |
| Assurant Inc. | 11,138 | 908 |
| Iron Mountain Inc. | 29,481 | 903 |
| * Realogy Holdings Corp. | 23,090 | 903 |
| Inland Real Estate Corp. | 99,543 | 881 |
| CBOE Holdings Inc. | 13,100 | 878 |
| Omega Healthcare Investors Inc. | 24,459 | 844 |
| StanCorp Financial Group Inc. | 7,300 | 837 |
| Endurance Specialty Holdings Ltd. | 12,938 | 817 |
| Alexandria Real Estate Equities Inc. | 9,071 | 814 |
| WR Berkley Corp. | 14,576 | 814 |
| Taubman Centers Inc. | 10,513 | 809 |
| Medical Properties Trust Inc. | 71,568 | 809 |
| * Forest City Enterprises Inc. Class A | 36,546 | 808 |
| East West Bancorp Inc. | 19,900 | 804 |
| Axis Capital Holdings Ltd. | 14,862 | 803 |
| Lamar Advertising Co. Class A | 14,127 | 797 |
| * Howard Hughes Corp. | 6,400 | 791 |
| Liberty Property Trust | 22,998 | 782 |
| * SLM Corp. | 109,135 | 770 |
| CubeSmart | 27,000 | 751 |
| Lazard Ltd. Class A | 16,200 | 750 |
| Regency Centers Corp. | 10,986 | 747 |
| WP Carey Inc. | 11,743 | 744 |
| American Campus Communities Inc. | 18,000 | 730 |
97
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Invesco Mortgage Capital Inc. | 59,800 | 721 | |
| * | Strategic Hotels & Resorts Inc. | 50,624 | 714 |
| NorthStar Realty Finance Corp. | 58,891 | 707 | |
| Safety Insurance Group Inc. | 11,916 | 691 | |
| Synovus Financial Corp. | 21,585 | 683 | |
| Brixmor Property Group Inc. | 26,553 | 680 | |
| City National Corp. | 7,457 | 668 | |
| RenaissanceRe Holdings Ltd. | 5,931 | 650 | |
| MarketAxess Holdings Inc. | 6,400 | 648 | |
| *,^ | Synchrony Financial | 21,047 | 647 |
| National Retail Properties Inc. | 16,805 | 639 | |
| DDR Corp. | 37,700 | 633 | |
| American Financial Group Inc. | 8,700 | 628 | |
| Bank of the Ozarks Inc. | 12,500 | 625 | |
| First American Financial Corp. | 16,200 | 618 | |
| Sovran Self Storage Inc. | 6,000 | 599 | |
| Assured Guaranty Ltd. | 21,800 | 598 | |
| LaSalle Hotel Properties | 19,900 | 585 | |
| Symetra Financial Corp. | 18,400 | 584 | |
| Investors Bancorp Inc. | 46,631 | 583 | |
| Equity LifeStyle Properties Inc. | 9,400 | 569 | |
| Cullen/Frost Bankers Inc. | 8,300 | 568 | |
| * | Western Alliance Bancorp | 15,800 | 565 |
| Starwood Property Trust Inc. | 27,905 | 561 | |
| First Niagara Financial Group Inc. | 53,700 | 556 | |
| People's United Financial Inc. | 34,824 | 555 | |
| Old Republic International Corp. | 30,667 | 553 | |
| Commerce Bancshares Inc. | 11,850 | 540 | |
| Hanover Insurance Group Inc. | 6,300 | 531 | |
| Healthcare Trust of America Inc. Class A | 20,150 | 530 | |
| Prosperity Bancshares Inc. | 10,100 | 519 | |
| Senior Housing Properties Trust | 34,003 | 516 | |
| Stock Yards Bancorp Inc. | 13,400 | 505 | |
| Hospitality Properties Trust | 18,768 | 504 | |
| Umpqua Holdings Corp. | 29,733 | 497 | |
| Webster Financial Corp. | 13,300 | 493 | |
| CNO Financial Group Inc. | 25,600 | 492 | |
| PrivateBancorp Inc. | 11,700 | 489 | |
| Douglas Emmett Inc. | 15,900 | 486 | |
| First Industrial Realty Trust Inc. | 22,351 | 485 | |
| Spirit Realty Capital Inc. | 47,099 | 479 | |
| LPL Financial Holdings Inc. | 11,200 | 477 | |
| FirstMerit Corp. | 25,358 | 476 | |
| BankUnited Inc. | 12,801 | 476 | |
| * | Equity Commonwealth | 16,500 | 474 |
| Weingarten Realty Investors | 13,200 | 472 | |
| NorthStar Asset Management Group Inc. | 31,948 | 467 | |
| Highwoods Properties Inc. | 10,700 | 465 | |
| Cathay General Bancorp | 14,600 | 457 | |
| New Residential Investment Corp. | 37,659 | 457 | |
| Outfront Media Inc. | 19,315 | 456 | |
| Capstead Mortgage Corp. | 47,000 | 454 | |
| Allied World Assurance Co. Holdings AG | 12,300 | 447 | |
| Interactive Brokers Group Inc. | 10,700 | 440 | |
| * | Markit Ltd. | 14,400 | 439 |
| * | Liberty Broadband Corp. | 8,150 | 438 |
| Redwood Trust Inc. | 32,700 | 434 | |
| Corrections Corp. of America | 15,207 | 433 | |
| * | Liberty TripAdvisor Holdings Inc. Class A | 13,867 | 433 |
| Janus Capital Group Inc. | 27,642 | 429 | |
| Care Capital Properties Inc. | 13,015 | 429 | |
| Waddell & Reed Financial Inc. Class A | 11,600 | 428 | |
| Retail Properties of America Inc. | 28,600 | 428 | |
| * | PRA Group Inc. | 7,800 | 427 |
98
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Blackhawk Network Holdings Inc. | 10,008 | 426 |
| Retail Opportunity Investments Corp. | 23,400 | 424 |
| GEO Group Inc. | 13,132 | 424 |
| Popular Inc. | 14,198 | 420 |
| First Horizon National Corp. | 29,481 | 418 |
| Sterling Bancorp | 26,900 | 414 |
| CyrusOne Inc. | 11,700 | 413 |
| Tanger Factory Outlet Centers Inc. | 11,700 | 409 |
| RLJ Lodging Trust | 16,100 | 404 |
| Two Harbors Investment Corp. | 47,600 | 403 |
| Communications Sales & Leasing Inc. | 20,039 | 403 |
| Gaming and Leisure Properties Inc. | 13,764 | 401 |
| Radian Group Inc. | 27,500 | 398 |
| Rayonier Inc. | 17,400 | 394 |
| Federated Investors Inc. Class B | 12,779 | 393 |
| * Texas Capital Bancshares Inc. | 7,100 | 392 |
| Chimera Investment Corp. | 27,820 | 392 |
| Aspen Insurance Holdings Ltd. | 8,000 | 389 |
| * Zillow Group Inc. | 14,017 | 388 |
| WP GLIMCHER Inc. | 33,371 | 388 |
| EPR Properties | 6,800 | 386 |
| Pebblebrook Hotel Trust | 11,260 | 385 |
| * Springleaf Holdings Inc. Class A | 8,152 | 382 |
| * Stifel Financial Corp. | 8,600 | 382 |
| Columbia Property Trust Inc. | 15,300 | 380 |
| Xenia Hotels & Resorts Inc. | 21,800 | 378 |
| Paramount Group Inc. | 21,200 | 377 |
| Sunstone Hotel Investors Inc. | 25,991 | 376 |
| * Genworth Financial Inc. Class A | 80,274 | 376 |
| IBERIABANK Corp. | 6,190 | 375 |
| Kennedy-Wilson Holdings Inc. | 15,300 | 375 |
| QTS Realty Trust Inc. Class A | 8,500 | 366 |
| DCT Industrial Trust Inc. | 9,625 | 357 |
| Cousins Properties Inc. | 35,290 | 354 |
| Validus Holdings Ltd. | 7,965 | 353 |
| Community Trust Bancorp Inc. | 10,230 | 353 |
| AmTrust Financial Services Inc. | 5,110 | 349 |
| Hancock Holding Co. | 12,600 | 348 |
| Glacier Bancorp Inc. | 12,700 | 347 |
| Washington Federal Inc. | 13,900 | 347 |
| Bank of Hawaii Corp. | 5,200 | 340 |
| Associated Banc-Corp | 17,500 | 338 |
| Piedmont Office Realty Trust Inc. Class A | 17,300 | 335 |
| Ryman Hospitality Properties Inc. | 6,337 | 333 |
| Blackstone Mortgage Trust Inc. Class A | 11,901 | 328 |
| Pinnacle Financial Partners Inc. | 6,200 | 326 |
| Fulton Financial Corp. | 24,300 | 326 |
| Primerica Inc. | 6,800 | 324 |
| American Homes 4 Rent Class A | 19,507 | 322 |
| United Bankshares Inc. | 8,102 | 320 |
| Hudson Pacific Properties Inc. | 11,125 | 318 |
| Chambers Street Properties | 44,400 | 314 |
| RLI Corp. | 5,100 | 310 |
| Brandywine Realty Trust | 22,964 | 310 |
| * Eagle Bancorp Inc. | 6,500 | 309 |
| Home BancShares Inc. | 7,100 | 305 |
| Monogram Residential Trust Inc. | 30,800 | 304 |
| * Santander Consumer USA Holdings Inc. | 16,600 | 299 |
| LegacyTexas Financial Group Inc. | 10,400 | 298 |
| DuPont Fabros Technology Inc. | 9,300 | 298 |
| Evercore Partners Inc. Class A | 5,500 | 297 |
| Colony Capital Inc. Class A | 14,564 | 296 |
| DiamondRock Hospitality Co. | 24,900 | 291 |
| UMB Financial Corp. | 5,900 | 290 |
99
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Healthcare Realty Trust Inc. | 10,900 | 287 | |
| American National Insurance Co. | 2,700 | 279 | |
| Wintrust Financial Corp. | 5,500 | 278 | |
| FNB Corp. | 20,600 | 277 | |
| Lexington Realty Trust | 30,700 | 271 | |
| Chesapeake Lodging Trust | 9,800 | 270 | |
| PS Business Parks Inc. | 3,100 | 266 | |
| * | Credit Acceptance Corp. | 1,383 | 262 |
| Urban Edge Properties | 10,974 | 261 | |
| * | Enstar Group Ltd. | 1,632 | 258 |
| First Citizens BancShares Inc. Class A | 1,000 | 256 | |
| South State Corp. | 3,300 | 256 | |
| BancorpSouth Inc. | 10,200 | 254 | |
| National Penn Bancshares Inc. | 21,050 | 253 | |
| Argo Group International Holdings Ltd. | 4,050 | 253 | |
| New York REIT Inc. | 22,200 | 253 | |
| MFA Financial Inc. | 36,000 | 249 | |
| Alexander & Baldwin Inc. | 6,600 | 249 | |
| Kite Realty Group Trust | 9,200 | 243 | |
| International Bancshares Corp. | 9,000 | 243 | |
| First Financial Bankshares Inc. | 7,200 | 239 | |
| * | HRG Group Inc. | 17,625 | 237 |
| * | HealthEquity Inc. | 7,200 | 236 |
| Gramercy Property Trust Inc. | 10,373 | 235 | |
| Northwest Bancshares Inc. | 17,400 | 234 | |
| WisdomTree Investments Inc. | 12,000 | 231 | |
| Financial Engines Inc. | 7,100 | 228 | |
| * | MBIA Inc. | 30,300 | 228 |
| CYS Investments Inc. | 29,400 | 227 | |
| Columbia Banking System Inc. | 6,800 | 227 | |
| Education Realty Trust Inc. | 6,300 | 226 | |
| MB Financial Inc. | 7,000 | 226 | |
| Community Bank System Inc. | 5,500 | 224 | |
| Mercury General Corp. | 4,055 | 219 | |
| Selective Insurance Group Inc. | 6,000 | 219 | |
| Artisan Partners Asset Management Inc. Class A | 5,700 | 218 | |
| Renasant Corp. | 6,289 | 218 | |
| * | Zillow Group Inc. Class A | 7,027 | 216 |
| EverBank Financial Corp. | 12,433 | 215 | |
| Chemical Financial Corp. | 6,294 | 214 | |
| National Health Investors Inc. | 3,600 | 211 | |
| CVB Financial Corp. | 11,900 | 208 | |
| Simmons First National Corp. Class A | 4,000 | 206 | |
| * | Liberty Broadband Corp. Class A | 3,746 | 204 |
| Capitol Federal Financial Inc. | 15,700 | 204 | |
| Kemper Corp. | 5,700 | 204 | |
| Select Income REIT | 9,889 | 200 | |
| *,^ | St. Joe Co. | 10,033 | 199 |
| Great Western Bancorp Inc. | 7,000 | 198 | |
| * | BofI Holding Inc. | 2,400 | 192 |
| Old National Bancorp | 13,500 | 189 | |
| * | iStar Inc. | 14,300 | 185 |
| Pennsylvania REIT | 7,914 | 178 | |
| STAG Industrial Inc. | 8,508 | 175 | |
| FelCor Lodging Trust Inc. | 21,586 | 174 | |
| Parkway Properties Inc. | 10,346 | 173 | |
| HFF Inc. Class A | 5,000 | 173 | |
| Park National Corp. | 1,900 | 172 | |
| * | Encore Capital Group Inc. | 4,200 | 171 |
| * | Essent Group Ltd. | 6,900 | 166 |
| * | First Cash Financial Services Inc. | 4,300 | 164 |
| Sabra Health Care REIT Inc. | 7,139 | 162 | |
| American Assets Trust Inc. | 3,800 | 160 | |
| First Financial Bancorp | 8,200 | 158 | |
100
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| NBT Bancorp Inc. | 5,600 | 157 | |
| * | Ocwen Financial Corp. | 22,400 | 157 |
| TFS Financial Corp. | 8,900 | 156 | |
| Trustmark Corp. | 6,500 | 156 | |
| BBCN Bancorp Inc. | 9,200 | 154 | |
| Horace Mann Educators Corp. | 4,500 | 154 | |
| First Midwest Bancorp Inc. | 8,600 | 153 | |
| Provident Financial Services Inc. | 7,500 | 152 | |
| Cash America International Inc. | 4,400 | 152 | |
| Independent Bank Corp. | 3,200 | 150 | |
| WesBanco Inc. | 4,557 | 149 | |
| United Fire Group Inc. | 4,000 | 149 | |
| Government Properties Income Trust | 9,019 | 147 | |
| PennyMac Mortgage Investment Trust | 9,900 | 145 | |
| * | LendingClub Corp. | 10,200 | 145 |
| * | Marcus & Millichap Inc. | 3,300 | 144 |
| NRG Yield Inc. | 9,896 | 143 | |
| * | FNFV Group | 12,171 | 137 |
| Empire State Realty Trust Inc. | 7,593 | 135 | |
| CNA Financial Corp. | 3,700 | 135 | |
| Hatteras Financial Corp. | 9,000 | 129 | |
| S&T Bancorp Inc. | 4,000 | 128 | |
| Hersha Hospitality Trust Class A | 5,275 | 127 | |
| Boston Private Financial Holdings Inc. | 11,000 | 126 | |
| * | KCG Holdings Inc. Class A | 9,969 | 125 |
| Equity One Inc. | 4,600 | 122 | |
| * | Forestar Group Inc. | 8,500 | 120 |
| ARMOUR Residential REIT Inc. | 5,712 | 117 | |
| 1st Source Corp. | 3,630 | 115 | |
| City Holding Co. | 2,400 | 115 | |
| Nelnet Inc. Class A | 3,200 | 114 | |
| * | Beneficial Bancorp Inc. | 8,249 | 114 |
| Potlatch Corp. | 3,500 | 109 | |
| * | Greenlight Capital Re Ltd. Class A | 4,900 | 108 |
| Virtus Investment Partners Inc. | 900 | 105 | |
| Altisource Residential Corp. | 7,100 | 102 | |
| Sandy Spring Bancorp Inc. | 3,700 | 102 | |
| * | Green Dot Corp. Class A | 5,426 | 101 |
| Ashford Hospitality Trust Inc. | 14,006 | 96 | |
| Flushing Financial Corp. | 4,500 | 95 | |
| * | Piper Jaffray Cos. | 2,600 | 92 |
| Starwood Waypoint Residential Trust | 3,721 | 92 | |
| Employers Holdings Inc. | 3,400 | 90 | |
| Infinity Property & Casualty Corp. | 1,100 | 89 | |
| Oritani Financial Corp. | 5,500 | 88 | |
| First Commonwealth Financial Corp. | 9,200 | 85 | |
| Franklin Street Properties Corp. | 8,100 | 84 | |
| InfraREIT Inc. | 3,500 | 84 | |
| New Senior Investment Group Inc. | 8,251 | 83 | |
| *,^ | Walter Investment Management Corp. | 6,900 | 83 |
| * | Nationstar Mortgage Holdings Inc. | 6,104 | 81 |
| Alexander's Inc. | 200 | 79 | |
| Washington Trust Bancorp Inc. | 2,000 | 78 | |
| Greenhill & Co. Inc. | 3,000 | 77 | |
| Rouse Properties Inc. | 4,214 | 74 | |
| Maiden Holdings Ltd. | 4,700 | 73 | |
| Urstadt Biddle Properties Inc. Class A | 3,557 | 71 | |
| NRG Yield Inc. Class A | 5,100 | 70 | |
| FBL Financial Group Inc. Class A | 1,100 | 69 | |
| * | World Acceptance Corp. | 1,800 | 69 |
| Cedar Realty Trust Inc. | 9,476 | 66 | |
| * | First BanCorp | 17,400 | 66 |
| Cohen & Steers Inc. | 2,100 | 64 | |
| Investment Technology Group Inc. | 3,800 | 61 | |
101
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Tejon Ranch Co. | 2,500 | 56 |
| * Enova International Inc. | 4,304 | 56 |
| BancFirst Corp. | 900 | 55 |
| First Financial Corp. | 1,448 | 50 |
| Anworth Mortgage Asset Corp. | 9,800 | 47 |
| * Ezcorp Inc. Class A | 6,100 | 41 |
| * Altisource Portfolio Solutions SA | 1,500 | 40 |
| Getty Realty Corp. | 2,000 | 34 |
| OFG Bancorp | 3,500 | 32 |
| Republic Bancorp Inc. Class A | 1,200 | 31 |
| Astoria Financial Corp. | 1,900 | 30 |
| State Auto Financial Corp. | 1,200 | 29 |
| National Interstate Corp. | 900 | 26 |
| * PICO Holdings Inc. | 2,200 | 21 |
| Ashford Hospitality Prime Inc. | 573 | 8 |
| * Tejon Ranch Co. Warrants Exp. 08/31/2016 | 369 | — |
| * Gulf Coast Ultra Deep Royalty Trust | 4 | — |
| 786,144 | ||
| Health Care (7.0%) | ||
| Johnson & Johnson | 502,181 | 50,735 |
| Pfizer Inc. | 1,135,958 | 38,418 |
| Gilead Sciences Inc. | 267,907 | 28,969 |
| Merck & Co. Inc. | 520,588 | 28,455 |
| Amgen Inc. | 146,294 | 23,141 |
| * Allergan plc | 71,480 | 22,049 |
| UnitedHealth Group Inc. | 185,639 | 21,865 |
| Bristol-Myers Squibb Co. | 304,569 | 20,086 |
| AbbVie Inc. | 333,351 | 19,851 |
| Medtronic plc | 256,753 | 18,979 |
| * Celgene Corp. | 152,768 | 18,746 |
| Eli Lilly & Co. | 193,595 | 15,792 |
| * Biogen Inc. | 45,125 | 13,109 |
| Abbott Laboratories | 276,975 | 12,408 |
| * Express Scripts Holding Co. | 134,591 | 11,626 |
| Thermo Fisher Scientific Inc. | 82,997 | 10,854 |
| * Regeneron Pharmaceuticals Inc. | 14,100 | 7,859 |
| Aetna Inc. | 63,622 | 7,303 |
| Anthem Inc. | 51,005 | 7,097 |
| Cigna Corp. | 51,944 | 6,963 |
| * Alexion Pharmaceuticals Inc. | 39,429 | 6,939 |
| * Vertex Pharmaceuticals Inc. | 52,034 | 6,491 |
| Humana Inc. | 26,994 | 4,822 |
| Becton Dickinson and Co. | 33,550 | 4,782 |
| St. Jude Medical Inc. | 70,542 | 4,501 |
| * Illumina Inc. | 30,241 | 4,333 |
| Stryker Corp. | 45,023 | 4,305 |
| Baxter International Inc. | 113,034 | 4,226 |
| * Boston Scientific Corp. | 225,972 | 4,131 |
| * Intuitive Surgical Inc. | 8,245 | 4,094 |
| * HCA Holdings Inc. | 59,501 | 4,093 |
| * Edwards Lifesciences Corp. | 25,150 | 3,952 |
| Perrigo Co. plc | 24,263 | 3,827 |
| Zoetis Inc. | 88,108 | 3,790 |
| Baxalta Inc. | 96,036 | 3,309 |
| * BioMarin Pharmaceutical Inc. | 27,489 | 3,217 |
| * Mylan NV | 72,479 | 3,196 |
| Zimmer Biomet Holdings Inc. | 30,115 | 3,149 |
| * Incyte Corp. | 25,117 | 2,952 |
| Cooper Cos. Inc. | 17,995 | 2,742 |
| * DaVita HealthCare Partners Inc. | 34,786 | 2,696 |
| CR Bard Inc. | 12,229 | 2,279 |
| * Laboratory Corp. of America Holdings | 18,216 | 2,236 |
| * Endo International plc | 36,489 | 2,189 |
| * Henry Schein Inc. | 13,091 | 1,986 |
102
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Patterson Cos. Inc. | 41,619 | 1,973 |
| * Hologic Inc. | 48,600 | 1,889 |
| Universal Health Services Inc. Class B | 15,328 | 1,871 |
| * Alkermes plc | 23,300 | 1,676 |
| Quest Diagnostics Inc. | 23,574 | 1,602 |
| * Waters Corp. | 12,325 | 1,575 |
| ResMed Inc. | 24,600 | 1,417 |
| * Mallinckrodt plc | 20,922 | 1,374 |
| * MEDNAX Inc. | 19,200 | 1,353 |
| DENTSPLY International Inc. | 22,055 | 1,342 |
| * Jazz Pharmaceuticals plc | 9,200 | 1,263 |
| * Varian Medical Systems Inc. | 15,690 | 1,232 |
| * Centene Corp. | 19,900 | 1,184 |
| * IDEXX Laboratories Inc. | 17,100 | 1,173 |
| * Medivation Inc. | 27,000 | 1,136 |
| * Alnylam Pharmaceuticals Inc. | 12,900 | 1,109 |
| * United Therapeutics Corp. | 7,500 | 1,100 |
| * Quintiles Transnational Holdings Inc. | 15,227 | 969 |
| * Isis Pharmaceuticals Inc. | 19,700 | 949 |
| * DexCom Inc. | 11,200 | 933 |
| * Sirona Dental Systems Inc. | 8,200 | 895 |
| * Health Net Inc. | 13,600 | 874 |
| * Envision Healthcare Holdings Inc. | 30,534 | 861 |
| West Pharmaceutical Services Inc. | 13,800 | 828 |
| * Bluebird Bio Inc. | 10,651 | 822 |
| * Anacor Pharmaceuticals Inc. | 7,100 | 798 |
| Teleflex Inc. | 6,000 | 798 |
| STERIS Corp. | 10,595 | 794 |
| * WellCare Health Plans Inc. | 8,100 | 718 |
| * Seattle Genetics Inc. | 17,000 | 705 |
| * Team Health Holdings Inc. | 11,600 | 692 |
| * Neurocrine Biosciences Inc. | 13,700 | 673 |
| * Juno Therapeutics Inc. | 12,800 | 663 |
| * Dyax Corp. | 24,000 | 661 |
| * Acadia Healthcare Co. Inc. | 10,376 | 637 |
| * Ultragenyx Pharmaceutical Inc. | 6,400 | 636 |
| * Brookdale Senior Living Inc. | 29,673 | 620 |
| * Amsurg Corp. | 8,542 | 599 |
| * Align Technology Inc. | 9,100 | 596 |
| * Alere Inc. | 12,700 | 586 |
| * Community Health Systems Inc. | 19,602 | 550 |
| * OPKO Health Inc. | 56,600 | 535 |
| * Clovis Oncology Inc. | 5,253 | 525 |
| * ABIOMED Inc. | 7,100 | 523 |
| * PAREXEL International Corp. | 8,100 | 511 |
| * Tenet Healthcare Corp. | 16,250 | 510 |
| * LifePoint Health Inc. | 7,300 | 503 |
| HealthSouth Corp. | 14,120 | 492 |
| * Neogen Corp. | 9,000 | 486 |
| Hill-Rom Holdings Inc. | 9,200 | 485 |
| * ACADIA Pharmaceuticals Inc. | 13,500 | 470 |
| * Kite Pharma Inc. | 6,900 | 470 |
| * Horizon Pharma plc | 28,724 | 452 |
| * Impax Laboratories Inc. | 13,000 | 450 |
| * Prestige Brands Holdings Inc. | 8,600 | 421 |
| * Radius Health Inc. | 6,400 | 411 |
| * NuVasive Inc. | 8,700 | 410 |
| * Molina Healthcare Inc. | 6,600 | 409 |
| * Charles River Laboratories International Inc. | 6,200 | 404 |
| * Catalent Inc. | 15,200 | 404 |
| * China Biologic Products Inc. | 3,500 | 399 |
| * Medicines Co. | 11,400 | 390 |
| * Myriad Genetics Inc. | 9,300 | 375 |
| * Akorn Inc. | 13,800 | 369 |
103
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Cepheid | 10,900 | 364 |
| * | Bio-Rad Laboratories Inc. Class A | 2,600 | 363 |
| * | Intercept Pharmaceuticals Inc. | 2,300 | 362 |
| Bio-Techne Corp. | 4,000 | 353 | |
| Healthcare Services Group Inc. | 9,400 | 350 | |
| * | Bruker Corp. | 18,400 | 338 |
| * | Novavax Inc. | 47,951 | 324 |
| * | Intrexon Corp. | 9,600 | 323 |
| * | Taro Pharmaceutical Industries Ltd. | 2,200 | 319 |
| * | Portola Pharmaceuticals Inc. Class A | 6,500 | 309 |
| * | Wright Medical Group NV | 15,732 | 304 |
| * | Halyard Health Inc. | 10,125 | 300 |
| * | Chimerix Inc. | 7,396 | 290 |
| * | Pacira Pharmaceuticals Inc. | 5,800 | 290 |
| * | ICU Medical Inc. | 2,600 | 286 |
| * | IPC Healthcare Inc. | 3,600 | 283 |
| * | Puma Biotechnology Inc. | 3,300 | 272 |
| * | Halozyme Therapeutics Inc. | 17,200 | 269 |
| * | Ironwood Pharmaceuticals Inc. Class A | 23,500 | 267 |
| * | Ophthotech Corp. | 5,300 | 265 |
| * | Insulet Corp. | 8,800 | 263 |
| * | Ligand Pharmaceuticals Inc. | 2,900 | 262 |
| * | Amedisys Inc. | 6,600 | 261 |
| * | Natus Medical Inc. | 5,700 | 260 |
| Owens & Minor Inc. | 7,200 | 258 | |
| * | Haemonetics Corp. | 7,600 | 257 |
| * | Masimo Corp. | 6,400 | 254 |
| * | ZS Pharma Inc. | 3,800 | 247 |
| Select Medical Holdings Corp. | 21,700 | 245 | |
| Cantel Medical Corp. | 4,100 | 243 | |
| * | Nektar Therapeutics | 20,300 | 241 |
| * | AMAG Pharmaceuticals Inc. | 5,915 | 237 |
| * | Magellan Health Inc. | 4,300 | 230 |
| * | Air Methods Corp. | 5,600 | 229 |
| * | Insmed Inc. | 11,500 | 228 |
| * | Omnicell Inc. | 8,300 | 226 |
| Ensign Group Inc. | 5,100 | 215 | |
| * | Repligen Corp. | 6,400 | 213 |
| * | Agios Pharmaceuticals Inc. | 2,900 | 211 |
| * | ZIOPHARM Oncology Inc. | 18,200 | 207 |
| * | Integra LifeSciences Holdings Corp. | 3,457 | 206 |
| * | VWR Corp. | 7,400 | 204 |
| * | FibroGen Inc. | 8,700 | 203 |
| * | ARIAD Pharmaceuticals Inc. | 29,441 | 201 |
| * | Depomed Inc. | 11,400 | 199 |
| * | INC Research Holdings Inc. Class A | 4,700 | 196 |
| * | Merrimack Pharmaceuticals Inc. | 20,800 | 194 |
| * | Acorda Therapeutics Inc. | 5,300 | 191 |
| * | Celldex Therapeutics Inc. | 15,700 | 189 |
| * | TESARO Inc. | 4,127 | 188 |
| CONMED Corp. | 4,500 | 183 | |
| * | Alder Biopharmaceuticals Inc. | 5,700 | 182 |
| * | Globus Medical Inc. | 8,100 | 181 |
| * | ImmunoGen Inc. | 15,300 | 179 |
| * | Surgical Care Affiliates Inc. | 6,000 | 178 |
| * | Lannett Co. Inc. | 3,800 | 170 |
| * | TherapeuticsMD Inc. | 28,000 | 164 |
| * | Nevro Corp. | 4,000 | 163 |
| Kindred Healthcare Inc. | 11,900 | 159 | |
| *,^ | MannKind Corp. | 46,800 | 155 |
| * | Amicus Therapeutics Inc. | 20,500 | 154 |
| * | Cempra Inc. | 6,700 | 149 |
| * | HMS Holdings Corp. | 13,800 | 145 |
| Abaxis Inc. | 2,800 | 141 | |
104
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Spark Therapeutics Inc. | 2,600 | 140 |
| * | Insys Therapeutics Inc. | 5,400 | 139 |
| * | Relypsa Inc. | 8,500 | 136 |
| * | Sage Therapeutics Inc. | 2,700 | 136 |
| PDL BioPharma Inc. | 29,600 | 136 | |
| * | Momenta Pharmaceuticals Inc. | 8,212 | 135 |
| Analogic Corp. | 1,500 | 131 | |
| * | NxStage Medical Inc. | 7,600 | 127 |
| Theravance Inc. | 13,700 | 120 | |
| * | Exact Sciences Corp. | 13,400 | 112 |
| * | PharMerica Corp. | 3,900 | 111 |
| * | Merit Medical Systems Inc. | 5,600 | 104 |
| * | HeartWare International Inc. | 2,300 | 99 |
| Invacare Corp. | 5,100 | 88 | |
| * | PRA Health Sciences Inc. | 2,500 | 88 |
| * | Accuray Inc. | 12,800 | 86 |
| * | Luminex Corp. | 4,700 | 86 |
| * | Lexicon Pharmaceuticals Inc. | 8,849 | 84 |
| * | PTC Therapeutics Inc. | 3,200 | 80 |
| * | Spectranetics Corp. | 6,300 | 77 |
| Meridian Bioscience Inc. | 4,000 | 76 | |
| * | Healthways Inc. | 6,400 | 75 |
| * | Arena Pharmaceuticals Inc. | 39,300 | 74 |
| * | Hanger Inc. | 5,000 | 72 |
| * | Infinity Pharmaceuticals Inc. | 6,900 | 71 |
| *,^ | Keryx Biopharmaceuticals Inc. | 14,100 | 63 |
| * | Quidel Corp. | 3,200 | 61 |
| * | Tetraphase Pharmaceuticals Inc. | 6,800 | 61 |
| * | Esperion Therapeutics Inc. | 2,300 | 55 |
| * | CorVel Corp. | 1,600 | 53 |
| * | Orthofix International NV | 1,500 | 51 |
| * | LHC Group Inc. | 1,100 | 50 |
| Universal American Corp. | 5,500 | 41 | |
| * | Theravance Biopharma Inc. | 2,657 | 40 |
| * | Genomic Health Inc. | 1,700 | 36 |
| * | Aegerion Pharmaceuticals Inc. | 2,200 | 32 |
| * | SeaSpine Holdings Corp. | 1,152 | 17 |
| 549,507 | |||
| Industrials (6.5%) | |||
| ^ | General Electric Co. | 1,850,869 | 53,527 |
| 3M Co. | 126,482 | 19,884 | |
| Boeing Co. | 119,761 | 17,733 | |
| United Technologies Corp. | 153,417 | 15,098 | |
| Union Pacific Corp. | 156,264 | 13,962 | |
| United Parcel Service Inc. Class B | 133,619 | 13,765 | |
| Honeywell International Inc. | 131,777 | 13,610 | |
| Accenture plc Class A | 108,045 | 11,582 | |
| Lockheed Martin Corp. | 52,205 | 11,476 | |
| Danaher Corp. | 109,368 | 10,205 | |
| General Dynamics Corp. | 67,414 | 10,016 | |
| Automatic Data Processing Inc. | 104,986 | 9,133 | |
| Northrop Grumman Corp. | 44,151 | 8,289 | |
| Caterpillar Inc. | 110,036 | 8,032 | |
| Raytheon Co. | 66,461 | 7,803 | |
| FedEx Corp. | 45,915 | 7,165 | |
| * | PayPal Holdings Inc. | 198,260 | 7,139 |
| Precision Castparts Corp. | 26,543 | 6,126 | |
| Illinois Tool Works Inc. | 63,427 | 5,831 | |
| Deere & Co. | 70,219 | 5,477 | |
| Emerson Electric Co. | 111,707 | 5,276 | |
| * | LinkedIn Corp. Class A | 20,580 | 4,957 |
| Norfolk Southern Corp. | 59,989 | 4,801 | |
| Eaton Corp. plc | 84,135 | 4,704 | |
| CSX Corp. | 174,251 | 4,703 | |
105
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| TE Connectivity Ltd. | 66,420 | 4,280 |
| Ingersoll-Rand plc | 68,987 | 4,088 |
| Waste Management Inc. | 74,945 | 4,029 |
| Agilent Technologies Inc. | 100,163 | 3,782 |
| * Fiserv Inc. | 37,912 | 3,659 |
| Rockwell Automation Inc. | 33,288 | 3,634 |
| Cintas Corp. | 38,358 | 3,571 |
| Fidelity National Information Services Inc. | 47,678 | 3,477 |
| Sherwin-Williams Co. | 12,940 | 3,453 |
| * Alliance Data Systems Corp. | 11,156 | 3,317 |
| PACCAR Inc. | 60,567 | 3,189 |
| Vulcan Materials Co. | 32,086 | 3,099 |
| Cummins Inc. | 29,553 | 3,059 |
| Roper Technologies Inc. | 16,229 | 3,024 |
| Amphenol Corp. Class A | 53,034 | 2,876 |
| Paychex Inc. | 50,825 | 2,622 |
| PerkinElmer Inc. | 50,331 | 2,599 |
| Robert Half International Inc. | 48,777 | 2,569 |
| Tyco International plc | 67,530 | 2,461 |
| AO Smith Corp. | 31,900 | 2,451 |
| WestRock Co. | 44,038 | 2,367 |
| Parker-Hannifin Corp. | 22,611 | 2,367 |
| * Teledyne Technologies Inc. | 23,548 | 2,101 |
| AMETEK Inc. | 37,993 | 2,083 |
| Packaging Corp. of America | 29,747 | 2,036 |
| * Armstrong World Industries Inc. | 41,011 | 2,035 |
| Republic Services Inc. Class A | 45,778 | 2,002 |
| * Jacobs Engineering Group Inc. | 49,223 | 1,976 |
| WW Grainger Inc. | 9,392 | 1,972 |
| * Verisk Analytics Inc. Class A | 26,300 | 1,883 |
| * TransDigm Group Inc. | 8,500 | 1,869 |
| Orbital ATK Inc. | 21,461 | 1,837 |
| Textron Inc. | 43,170 | 1,820 |
| Martin Marietta Materials Inc. | 11,700 | 1,815 |
| Xerox Corp. | 190,182 | 1,786 |
| * FleetCor Technologies Inc. | 12,321 | 1,785 |
| Masco Corp. | 60,587 | 1,757 |
| Rockwell Collins Inc. | 19,858 | 1,722 |
| Fastenal Co. | 43,480 | 1,703 |
| Pentair plc | 30,294 | 1,694 |
| Dover Corp. | 25,946 | 1,672 |
| Sealed Air Corp. | 33,935 | 1,667 |
| Acuity Brands Inc. | 7,500 | 1,640 |
| L-3 Communications Holdings Inc. | 12,895 | 1,630 |
| CH Robinson Worldwide Inc. | 23,136 | 1,605 |
| Kansas City Southern | 18,985 | 1,571 |
| Brink's Co. | 48,400 | 1,499 |
| Expeditors International of Washington Inc. | 29,995 | 1,493 |
| * Keysight Technologies Inc. | 44,669 | 1,478 |
| Ball Corp. | 21,560 | 1,477 |
| MDU Resources Group Inc. | 78,276 | 1,476 |
| Towers Watson & Co. Class A | 11,800 | 1,458 |
| Fortune Brands Home & Security Inc. | 27,850 | 1,457 |
| * Stericycle Inc. | 11,931 | 1,448 |
| Owens Corning | 31,800 | 1,448 |
| * CoreLogic Inc. | 36,845 | 1,436 |
| Global Payments Inc. | 9,400 | 1,282 |
| Total System Services Inc. | 24,135 | 1,266 |
| * Sensata Technologies Holding NV | 26,185 | 1,259 |
| * Louisiana-Pacific Corp. | 71,100 | 1,256 |
| * AerCap Holdings NV | 29,716 | 1,233 |
| Broadridge Financial Solutions Inc. | 20,295 | 1,209 |
| Fluor Corp. | 25,205 | 1,205 |
| ManpowerGroup Inc. | 12,854 | 1,180 |
106
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * United Rentals Inc. | 15,600 | 1,168 |
| * HD Supply Holdings Inc. | 37,900 | 1,129 |
| * Vantiv Inc. Class A | 22,410 | 1,124 |
| * Crown Holdings Inc. | 21,141 | 1,121 |
| * Spirit AeroSystems Holdings Inc. Class A | 21,058 | 1,111 |
| JB Hunt Transport Services Inc. | 14,481 | 1,106 |
| * Mettler-Toledo International Inc. | 3,524 | 1,096 |
| Xylem Inc. | 28,835 | 1,050 |
| * Flextronics International Ltd. | 90,725 | 1,033 |
| * Trimble Navigation Ltd. | 44,800 | 1,019 |
| Flowserve Corp. | 21,966 | 1,018 |
| * CoStar Group Inc. | 4,900 | 995 |
| Valspar Corp. | 12,142 | 983 |
| Wabtec Corp. | 11,700 | 970 |
| Avnet Inc. | 21,243 | 965 |
| Waste Connections Inc. | 17,600 | 959 |
| Graphic Packaging Holding Co. | 65,380 | 926 |
| Allegion plc | 13,891 | 905 |
| Huntington Ingalls Industries Inc. | 7,529 | 903 |
| ADT Corp. | 26,871 | 888 |
| Oshkosh Corp. | 20,996 | 863 |
| * Old Dominion Freight Line Inc. | 13,550 | 839 |
| Lennox International Inc. | 6,300 | 837 |
| Materion Corp. | 27,416 | 827 |
| * Arrow Electronics Inc. | 14,882 | 818 |
| Jabil Circuit Inc. | 35,019 | 805 |
| Allison Transmission Holdings Inc. | 27,623 | 793 |
| Carlisle Cos. Inc. | 9,100 | 792 |
| Chicago Bridge & Iron Co. NV | 17,610 | 790 |
| B/E Aerospace Inc. | 16,500 | 775 |
| IDEX Corp. | 9,600 | 737 |
| Jack Henry & Associates Inc. | 9,300 | 719 |
| Hubbell Inc. Class B | 7,300 | 707 |
| Graco Inc. | 9,400 | 690 |
| AGCO Corp. | 14,200 | 687 |
| * Zebra Technologies Corp. | 8,900 | 684 |
| Bemis Co. Inc. | 14,760 | 676 |
| * Berry Plastics Group Inc. | 19,782 | 663 |
| Hexcel Corp. | 14,300 | 662 |
| Ryder System Inc. | 9,087 | 652 |
| * Euronet Worldwide Inc. | 8,000 | 642 |
| Donaldson Co. Inc. | 20,800 | 628 |
| * AECOM | 21,300 | 628 |
| Lincoln Electric Holdings Inc. | 10,400 | 622 |
| Toro Co. | 8,200 | 617 |
| Nordson Corp. | 8,600 | 613 |
| AptarGroup Inc. | 8,200 | 603 |
| MAXIMUS Inc. | 8,800 | 600 |
| * Quanta Services Inc. | 28,600 | 575 |
| Trinity Industries Inc. | 21,200 | 574 |
| * Kirby Corp. | 8,700 | 568 |
| * Owens-Illinois Inc. | 26,350 | 568 |
| * Genpact Ltd. | 22,800 | 565 |
| * Genesee & Wyoming Inc. Class A | 8,400 | 564 |
| * WEX Inc. | 6,200 | 557 |
| FLIR Systems Inc. | 20,600 | 549 |
| EnerSys | 8,800 | 537 |
| Sonoco Products Co. | 12,400 | 529 |
| ITT Corp. | 12,967 | 513 |
| Booz Allen Hamilton Holding Corp. Class A | 17,358 | 511 |
| Curtiss-Wright Corp. | 7,300 | 508 |
| * Cimpress NV | 6,300 | 497 |
| RR Donnelley & Sons Co. | 29,260 | 494 |
| CEB Inc. | 6,600 | 493 |
107
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | XPO Logistics Inc. | 17,753 | 493 |
| Air Lease Corp. Class A | 14,400 | 485 | |
| * | Colfax Corp. | 17,940 | 484 |
| * | IPG Photonics Corp. | 5,800 | 479 |
| Woodward Inc. | 10,500 | 478 | |
| Eagle Materials Inc. | 7,200 | 475 | |
| National Instruments Corp. | 15,500 | 472 | |
| Joy Global Inc. | 27,335 | 470 | |
| Watsco Inc. | 3,700 | 455 | |
| BWX Technologies Inc. | 16,050 | 454 | |
| Deluxe Corp. | 7,600 | 453 | |
| MSC Industrial Direct Co. Inc. Class A | 7,200 | 452 | |
| Cognex Corp. | 11,600 | 436 | |
| FEI Co. | 6,000 | 433 | |
| John Bean Technologies Corp. | 9,600 | 431 | |
| KBR Inc. | 22,900 | 422 | |
| * | Generac Holdings Inc. | 13,200 | 417 |
| Belden Inc. | 6,500 | 416 | |
| Crane Co. | 7,700 | 405 | |
| Landstar System Inc. | 6,400 | 403 | |
| Valmont Industries Inc. | 3,700 | 401 | |
| World Fuel Services Corp. | 8,900 | 396 | |
| Heartland Payment Systems Inc. | 5,200 | 385 | |
| * | Esterline Technologies Corp. | 4,900 | 378 |
| * | Imperva Inc. | 5,300 | 374 |
| Triumph Group Inc. | 8,000 | 373 | |
| * | Clean Harbors Inc. | 8,000 | 372 |
| Korn/Ferry International | 10,200 | 371 | |
| Regal Beloit Corp. | 5,700 | 364 | |
| * | Advisory Board Co. | 8,200 | 359 |
| EMCOR Group Inc. | 7,200 | 348 | |
| * | USG Corp. | 14,700 | 346 |
| Terex Corp. | 17,102 | 343 | |
| Littelfuse Inc. | 3,300 | 330 | |
| * | KLX Inc. | 8,400 | 329 |
| * | On Assignment Inc. | 7,200 | 325 |
| Kennametal Inc. | 11,500 | 323 | |
| * | Anixter International Inc. | 4,700 | 322 |
| CLARCOR Inc. | 6,400 | 319 | |
| * | Proto Labs Inc. | 4,900 | 318 |
| * | Headwaters Inc. | 15,400 | 316 |
| Convergys Corp. | 12,000 | 308 | |
| Manitowoc Co. Inc. | 19,700 | 301 | |
| * | WESCO International Inc. | 6,100 | 298 |
| Timken Co. | 9,400 | 297 | |
| Universal Forest Products Inc. | 4,000 | 291 | |
| * | Sanmina Corp. | 13,800 | 285 |
| * | LifeLock Inc. | 20,300 | 284 |
| * | Greatbatch Inc. | 5,300 | 283 |
| *,^ | Ambarella Inc. | 5,700 | 282 |
| Silgan Holdings Inc. | 5,484 | 279 | |
| GATX Corp. | 5,900 | 276 | |
| Aircastle Ltd. | 12,100 | 274 | |
| Barnes Group Inc. | 7,200 | 271 | |
| Advanced Drainage Systems Inc. | 8,600 | 270 | |
| * | Moog Inc. Class A | 4,300 | 266 |
| * | AMN Healthcare Services Inc. | 9,100 | 258 |
| * | CBIZ Inc. | 24,000 | 258 |
| * | Rexnord Corp. | 13,889 | 257 |
| * | Knowles Corp. | 15,373 | 256 |
| * | NeuStar Inc. Class A | 9,400 | 256 |
| * | RBC Bearings Inc. | 3,700 | 253 |
| Covanta Holding Corp. | 14,800 | 248 | |
| Applied Industrial Technologies Inc. | 6,000 | 248 | |
108
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Actuant Corp. Class A | 10,700 | 244 |
| UniFirst Corp. | 2,300 | 242 |
| Teekay Corp. | 7,500 | 241 |
| * TrueBlue Inc. | 8,000 | 232 |
| * ExamWorks Group Inc. | 8,200 | 232 |
| * ExlService Holdings Inc. | 5,200 | 230 |
| * Masonite International Corp. | 3,800 | 228 |
| AZZ Inc. | 4,100 | 227 |
| Scorpio Tankers Inc. | 24,800 | 226 |
| AAON Inc. | 10,950 | 224 |
| Badger Meter Inc. | 3,700 | 224 |
| * Trex Co. Inc. | 5,700 | 223 |
| Nordic American Tankers Ltd. | 14,498 | 222 |
| Tetra Tech Inc. | 8,200 | 221 |
| * SPX FLOW Inc. | 6,499 | 220 |
| Mobile Mini Inc. | 6,400 | 219 |
| * Coherent Inc. | 4,000 | 217 |
| * Universal Display Corp. | 6,300 | 216 |
| * WageWorks Inc. | 4,500 | 216 |
| Outerwall Inc. | 3,600 | 216 |
| * Swift Transportation Co. | 13,800 | 216 |
| * Rofin-Sinar Technologies Inc. | 7,400 | 214 |
| * TASER International Inc. | 8,800 | 206 |
| Knight Transportation Inc. | 8,100 | 206 |
| Franklin Electric Co. Inc. | 6,200 | 204 |
| * Meritor Inc. | 18,600 | 202 |
| * M/A-COM Technology Solutions Holdings Inc. | 5,900 | 199 |
| Comfort Systems USA Inc. | 6,200 | 198 |
| * Hub Group Inc. Class A | 4,900 | 196 |
| * FTI Consulting Inc. | 5,700 | 194 |
| Methode Electronics Inc. | 5,800 | 193 |
| EVERTEC Inc. | 10,400 | 190 |
| * Plexus Corp. | 5,400 | 187 |
| * MasTec Inc. | 11,100 | 186 |
| Apogee Enterprises Inc. | 3,700 | 183 |
| Sturm Ruger & Co. Inc. | 3,200 | 182 |
| MSA Safety Inc. | 4,000 | 174 |
| Tennant Co. | 3,000 | 174 |
| * Itron Inc. | 4,700 | 173 |
| Forward Air Corp. | 3,800 | 172 |
| * OSI Systems Inc. | 2,000 | 172 |
| Vishay Intertechnology Inc. | 16,200 | 172 |
| * TopBuild Corp. | 6,098 | 172 |
| Matson Inc. | 3,700 | 170 |
| * Huron Consulting Group Inc. | 3,500 | 169 |
| Ship Finance International Ltd. | 9,813 | 168 |
| ABM Industries Inc. | 5,900 | 168 |
| Mueller Water Products Inc. Class A | 18,900 | 166 |
| Essendant Inc. | 4,800 | 166 |
| * Cardtronics Inc. | 4,800 | 166 |
| Watts Water Technologies Inc. Class A | 3,000 | 163 |
| * Team Inc. | 4,500 | 158 |
| * DigitalGlobe Inc. | 10,354 | 155 |
| Werner Enterprises Inc. | 5,800 | 153 |
| G&K Services Inc. Class A | 2,300 | 151 |
| * Benchmark Electronics Inc. | 7,600 | 150 |
| Albany International Corp. | 4,000 | 150 |
| Harsco Corp. | 13,900 | 149 |
| Brady Corp. Class A | 6,400 | 146 |
| Mueller Industries Inc. | 4,600 | 145 |
| * II-VI Inc. | 8,000 | 145 |
| Greenbrier Cos. Inc. | 3,800 | 145 |
| * Navistar International Corp. | 11,700 | 144 |
| Standex International Corp. | 1,600 | 144 |
109
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Quanex Building Products Corp. | 7,600 | 143 |
| EnPro Industries Inc. | 2,900 | 142 |
| * Navigant Consulting Inc. | 8,200 | 141 |
| * Aerojet Rocketdyne Holdings Inc. | 8,200 | 139 |
| Otter Tail Corp. | 5,000 | 137 |
| * Babcock & Wilcox Enterprises Inc. | 8,025 | 136 |
| General Cable Corp. | 8,800 | 135 |
| * Rogers Corp. | 2,800 | 130 |
| Insperity Inc. | 2,800 | 130 |
| Heartland Express Inc. | 6,900 | 130 |
| * Atlas Air Worldwide Holdings Inc. | 3,100 | 128 |
| Greif Inc. Class A | 3,900 | 128 |
| * Boise Cascade Co. | 4,200 | 126 |
| Cubic Corp. | 2,800 | 126 |
| Granite Construction Inc. | 3,800 | 125 |
| * Veeco Instruments Inc. | 6,900 | 124 |
| * Sykes Enterprises Inc. | 4,200 | 122 |
| MTS Systems Corp. | 1,800 | 119 |
| ManTech International Corp. Class A | 4,100 | 118 |
| HEICO Corp. | 2,343 | 118 |
| Simpson Manufacturing Co. Inc. | 3,000 | 114 |
| * Wesco Aircraft Holdings Inc. | 9,100 | 113 |
| Hyster-Yale Materials Handling Inc. | 1,900 | 111 |
| AAR Corp. | 4,900 | 111 |
| * Nortek Inc. | 1,800 | 110 |
| Hollysys Automation Technologies Ltd. | 5,100 | 109 |
| Kelly Services Inc. Class A | 6,900 | 109 |
| * PHH Corp. | 7,400 | 109 |
| Kaman Corp. | 2,700 | 105 |
| * TriMas Corp. | 5,200 | 104 |
| Astec Industries Inc. | 3,200 | 104 |
| Encore Wire Corp. | 2,400 | 103 |
| * Aegion Corp. Class A | 5,300 | 102 |
| CIRCOR International Inc. | 2,100 | 96 |
| TAL International Group Inc. | 5,600 | 95 |
| * TriNet Group Inc. | 5,000 | 95 |
| Federal Signal Corp. | 6,300 | 95 |
| * UTi Worldwide Inc. | 13,300 | 95 |
| US Ecology Inc. | 2,400 | 94 |
| * Saia Inc. | 3,700 | 87 |
| ESCO Technologies Inc. | 2,300 | 85 |
| Seaspan Corp. Class A | 5,000 | 82 |
| Lindsay Corp. | 1,200 | 81 |
| Raven Industries Inc. | 4,400 | 80 |
| SPX Corp. | 6,499 | 80 |
| Viad Corp. | 2,600 | 78 |
| Primoris Services Corp. | 3,900 | 78 |
| * Monster Worldwide Inc. | 12,300 | 77 |
| AVX Corp. | 5,700 | 77 |
| * ServiceSource International Inc. | 17,900 | 76 |
| * Newport Corp. | 5,000 | 76 |
| Griffon Corp. | 4,200 | 72 |
| * FARO Technologies Inc. | 2,100 | 71 |
| Powell Industries Inc. | 2,100 | 70 |
| * Tutor Perini Corp. | 4,000 | 67 |
| * Engility Holdings Inc. | 2,073 | 67 |
| H&E Equipment Services Inc. | 3,200 | 62 |
| Resources Connection Inc. | 3,400 | 61 |
| Schnitzer Steel Industries Inc. | 3,500 | 59 |
| GasLog Ltd. | 5,000 | 58 |
| American Railcar Industries Inc. | 1,000 | 58 |
| Myers Industries Inc. | 3,500 | 55 |
| CTS Corp. | 3,000 | 55 |
| * Diana Shipping Inc. | 8,100 | 51 |
110
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| McGrath RentCorp | 1,700 | 51 | |
| Textainer Group Holdings Ltd. | 2,600 | 51 | |
| TimkenSteel Corp. | 4,700 | 50 | |
| TeleTech Holdings Inc. | 1,700 | 49 | |
| American Science & Engineering Inc. | 1,300 | 49 | |
| * | TTM Technologies Inc. | 6,100 | 45 |
| * | Gibraltar Industries Inc. | 1,700 | 43 |
| Daktronics Inc. | 4,400 | 43 | |
| Acacia Research Corp. | 6,100 | 41 | |
| Checkpoint Systems Inc. | 5,300 | 40 | |
| * | Era Group Inc. | 2,400 | 33 |
| * | Aerovironment Inc. | 1,400 | 32 |
| Park Electrochemical Corp. | 1,700 | 28 | |
| * | DXP Enterprises Inc. | 800 | 24 |
| * | Golden Ocean Group Ltd. | 10,615 | 21 |
| Navios Maritime Holdings Inc. | 8,900 | 19 | |
| * | Horizon Global Corp. | 2,080 | 18 |
| * | DryShips Inc. | 81,100 | 16 |
| 509,375 | |||
| Oil & Gas (3.5%) | |||
| Exxon Mobil Corp. | 772,099 | 63,883 | |
| Chevron Corp. | 352,052 | 31,994 | |
| Schlumberger Ltd. | 229,663 | 17,950 | |
| ConocoPhillips | 218,749 | 11,670 | |
| Occidental Petroleum Corp. | 148,319 | 11,056 | |
| Kinder Morgan Inc. | 334,922 | 9,160 | |
| Phillips 66 | 102,378 | 9,117 | |
| EOG Resources Inc. | 103,474 | 8,883 | |
| Anadarko Petroleum Corp. | 95,580 | 6,392 | |
| Halliburton Co. | 165,781 | 6,363 | |
| Valero Energy Corp. | 90,061 | 5,937 | |
| Williams Cos. Inc. | 145,635 | 5,744 | |
| Marathon Petroleum Corp. | 99,330 | 5,145 | |
| Baker Hughes Inc. | 77,055 | 4,059 | |
| Apache Corp. | 85,370 | 4,023 | |
| Spectra Energy Corp. | 135,015 | 3,857 | |
| Pioneer Natural Resources Co. | 26,251 | 3,600 | |
| * | Concho Resources Inc. | 29,913 | 3,467 |
| Tesoro Corp. | 27,410 | 2,931 | |
| Devon Energy Corp. | 66,180 | 2,775 | |
| National Oilwell Varco Inc. | 73,257 | 2,757 | |
| Noble Energy Inc. | 73,699 | 2,641 | |
| Hess Corp. | 44,151 | 2,482 | |
| * | Cameron International Corp. | 35,333 | 2,403 |
| HollyFrontier Corp. | 45,642 | 2,235 | |
| Marathon Oil Corp. | 119,648 | 2,199 | |
| * | Cheniere Energy Inc. | 39,977 | 1,980 |
| Cimarex Energy Co. | 15,941 | 1,882 | |
| * | FMC Technologies Inc. | 54,215 | 1,834 |
| EQT Corp. | 24,955 | 1,649 | |
| * | Weatherford International plc | 152,303 | 1,560 |
| Cabot Oil & Gas Corp. | 66,582 | 1,446 | |
| Columbia Pipeline Group Inc. | 52,195 | 1,084 | |
| * | Newfield Exploration Co. | 26,401 | 1,061 |
| Noble Corp. plc | 71,095 | 958 | |
| Helmerich & Payne Inc. | 16,500 | 928 | |
| ^ | Chesapeake Energy Corp. | 120,764 | 861 |
| OGE Energy Corp. | 29,800 | 850 | |
| Energen Corp. | 14,400 | 837 | |
| Range Resources Corp. | 27,422 | 835 | |
| * | Diamondback Energy Inc. | 11,100 | 820 |
| Core Laboratories NV | 6,800 | 791 | |
| Murphy Oil Corp. | 26,123 | 743 | |
| * | Southwestern Energy Co. | 61,552 | 680 |
111
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Ensco plc Class A | 40,184 | 668 | |
| Oceaneering International Inc. | 15,900 | 668 | |
| * | First Solar Inc. | 11,370 | 649 |
| * | Whiting Petroleum Corp. | 35,735 | 616 |
| * | Gulfport Energy Corp. | 20,138 | 614 |
| PBF Energy Inc. Class A | 17,702 | 602 | |
| * | Continental Resources Inc. | 15,112 | 512 |
| Nabors Industries Ltd. | 50,008 | 502 | |
| Western Refining Inc. | 11,074 | 461 | |
| Golar LNG Ltd. | 15,800 | 458 | |
| Targa Resources Corp. | 7,684 | 439 | |
| QEP Resources Inc. | 27,699 | 428 | |
| * | Cobalt International Energy Inc. | 52,092 | 400 |
| Rowan Cos. plc Class A | 19,588 | 386 | |
| * | RSP Permian Inc. | 13,700 | 376 |
| * | Carrizo Oil & Gas Inc. | 9,779 | 368 |
| * | PDC Energy Inc. | 6,057 | 365 |
| * | Dril-Quip Inc. | 5,500 | 339 |
| SM Energy Co. | 9,900 | 330 | |
| * | Matador Resources Co. | 12,600 | 324 |
| Superior Energy Services Inc. | 22,635 | 321 | |
| * | WPX Energy Inc. | 46,699 | 320 |
| Patterson-UTI Energy Inc. | 21,359 | 318 | |
| * | NOW Inc. | 19,240 | 318 |
| * | Laredo Petroleum Inc. | 25,200 | 289 |
| * | Rice Energy Inc. | 18,644 | 285 |
| SemGroup Corp. Class A | 6,200 | 282 | |
| * | InterOil Corp. | 6,700 | 256 |
| * | Oil States International Inc. | 8,300 | 249 |
| * | Parsley Energy Inc. Class A | 13,722 | 243 |
| * | Oasis Petroleum Inc. | 20,000 | 233 |
| Delek US Holdings Inc. | 8,480 | 231 | |
| * | Antero Resources Corp. | 8,700 | 205 |
| Diamond Offshore Drilling Inc. | 10,218 | 203 | |
| * | MRC Global Inc. | 16,800 | 200 |
| California Resources Corp. | 47,222 | 191 | |
| * | SunPower Corp. Class A | 7,100 | 191 |
| Denbury Resources Inc. | 53,026 | 188 | |
| Exterran Holdings Inc. | 8,600 | 187 | |
| CVR Energy Inc. | 4,200 | 187 | |
| * | McDermott International Inc. | 40,077 | 185 |
| Pattern Energy Group Inc. Class A | 7,628 | 178 | |
| Atwood Oceanics Inc. | 10,300 | 170 | |
| Bristow Group Inc. | 4,700 | 163 | |
| * | Kosmos Energy Ltd. | 20,779 | 142 |
| * | SEACOR Holdings Inc. | 2,400 | 140 |
| * | Flotek Industries Inc. | 7,600 | 138 |
| * | Canadian Solar Inc. | 5,900 | 129 |
| *,^ | Ultra Petroleum Corp. | 23,355 | 128 |
| Green Plains Inc. | 5,800 | 119 | |
| RPC Inc. | 10,600 | 117 | |
| * | Forum Energy Technologies Inc. | 8,800 | 117 |
| * | Matrix Service Co. | 5,000 | 114 |
| Frank's International NV | 6,200 | 106 | |
| * | Unit Corp. | 8,200 | 103 |
| * | Memorial Resource Development Corp. | 5,700 | 101 |
| * | C&J Energy Services Ltd. | 18,800 | 94 |
| * | Helix Energy Solutions Group Inc. | 15,600 | 90 |
| * | Hornbeck Offshore Services Inc. | 6,400 | 86 |
| Tidewater Inc. | 6,100 | 75 | |
| * | Chart Industries Inc. | 4,200 | 72 |
| * | Clayton Williams Energy Inc. | 1,100 | 66 |
| * | Newpark Resources Inc. | 10,100 | 57 |
| * | TETRA Technologies Inc. | 8,400 | 57 |
112
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Halcon Resources Corp. | 80,200 | 56 |
| CARBO Ceramics Inc. | 3,100 | 54 |
| * Sanchez Energy Corp. | 6,500 | 39 |
| * Stone Energy Corp. | 6,456 | 36 |
| * Bonanza Creek Energy Inc. | 6,044 | 34 |
| * EP Energy Corp. Class A | 5,200 | 29 |
| * Bill Barrett Corp. | 5,600 | 27 |
| * Pacific Drilling SA | 15,800 | 25 |
| * Civeo Corp. | 12,800 | 24 |
| * SandRidge Energy Inc. | 63,900 | 24 |
| Ocean Rig UDW Inc. | 9,500 | 20 |
| W&T Offshore Inc. | 5,000 | 16 |
| * Contango Oil & Gas Co. | 2,100 | 16 |
| * ION Geophysical Corp. | 26,300 | 10 |
| * PHI Inc. | 385 | 7 |
| * Magnum Hunter Resources Corp. | 23,700 | 6 |
| 271,094 | ||
| Other (0.0%)3 | ||
| * Leap Wireless International Inc CVR | 5,200 | 13 |
| Technology (8.6%) | ||
| Apple Inc. | 1,058,394 | 126,478 |
| Microsoft Corp. | 1,324,729 | 69,734 |
| * Facebook Inc. Class A | 393,158 | 40,090 |
| * Alphabet Inc. Class A | 53,037 | 39,109 |
| * Alphabet Inc. | 53,068 | 37,721 |
| Intel Corp. | 860,243 | 29,128 |
| Cisco Systems Inc. | 933,537 | 26,933 |
| International Business Machines Corp. | 182,302 | 25,537 |
| Oracle Corp. | 606,785 | 23,568 |
| QUALCOMM Inc. | 288,369 | 17,135 |
| Texas Instruments Inc. | 186,091 | 10,555 |
| * salesforce.com inc | 120,395 | 9,356 |
| EMC Corp. | 345,301 | 9,054 |
| Hewlett-Packard Co. | 325,985 | 8,789 |
| * Adobe Systems Inc. | 95,993 | 8,511 |
| * Cognizant Technology Solutions Corp. Class A | 111,160 | 7,571 |
| Avago Technologies Ltd. Class A | 46,629 | 5,741 |
| * Yahoo! Inc. | 157,024 | 5,593 |
| Broadcom Corp. Class A | 103,705 | 5,330 |
| Intuit Inc. | 50,080 | 4,879 |
| Corning Inc. | 229,820 | 4,275 |
| * Gartner Inc. | 44,100 | 3,999 |
| Altera Corp. | 70,091 | 3,683 |
| * Citrix Systems Inc. | 44,759 | 3,675 |
| * NXP Semiconductors NV | 44,800 | 3,510 |
| * Micron Technology Inc. | 209,922 | 3,476 |
| NVIDIA Corp. | 120,881 | 3,429 |
| Applied Materials Inc. | 204,382 | 3,427 |
| * Cerner Corp. | 51,006 | 3,381 |
| Analog Devices Inc. | 56,121 | 3,374 |
| Juniper Networks Inc. | 106,394 | 3,340 |
| SanDisk Corp. | 43,215 | 3,328 |
| Western Digital Corp. | 46,394 | 3,100 |
| * Autodesk Inc. | 55,473 | 3,062 |
| * Check Point Software Technologies Ltd. | 33,839 | 2,874 |
| Skyworks Solutions Inc. | 33,200 | 2,564 |
| Motorola Solutions Inc. | 35,945 | 2,515 |
| * Red Hat Inc. | 31,486 | 2,491 |
| * Twitter Inc. | 81,900 | 2,331 |
| Symantec Corp. | 110,005 | 2,266 |
| * F5 Networks Inc. | 20,262 | 2,233 |
| Lam Research Corp. | 28,611 | 2,191 |
| Xilinx Inc. | 43,097 | 2,052 |
113
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Maxim Integrated Products Inc. | 48,336 | 1,981 |
| Seagate Technology plc | 51,983 | 1,978 |
| KLA-Tencor Corp. | 28,492 | 1,912 |
| * Akamai Technologies Inc. | 29,902 | 1,819 |
| NetApp Inc. | 51,940 | 1,766 |
| Microchip Technology Inc. | 36,481 | 1,762 |
| CDK Global Inc. | 35,027 | 1,744 |
| Linear Technology Corp. | 36,951 | 1,641 |
| Harris Corp. | 20,263 | 1,603 |
| * VeriSign Inc. | 18,766 | 1,513 |
| Computer Sciences Corp. | 22,590 | 1,504 |
| CA Inc. | 53,950 | 1,495 |
| * Mobileye NV | 32,405 | 1,475 |
| Amdocs Ltd. | 23,838 | 1,420 |
| * Workday Inc. Class A | 17,672 | 1,396 |
| Brocade Communications Systems Inc. | 133,700 | 1,393 |
| * Polycom Inc. | 98,841 | 1,362 |
| * ANSYS Inc. | 12,555 | 1,197 |
| * Palo Alto Networks Inc. | 7,400 | 1,191 |
| * Cadence Design Systems Inc. | 51,365 | 1,141 |
| * Qorvo Inc. | 25,427 | 1,117 |
| * Synopsys Inc. | 21,919 | 1,095 |
| SS&C Technologies Holdings Inc. | 14,768 | 1,095 |
| * VMware Inc. Class A | 17,468 | 1,051 |
| CDW Corp. | 23,134 | 1,034 |
| * CommVault Systems Inc. | 25,130 | 1,018 |
| * Manhattan Associates Inc. | 13,100 | 954 |
| * Tyler Technologies Inc. | 5,600 | 954 |
| * athenahealth Inc. | 6,200 | 945 |
| * Ultimate Software Group Inc. | 4,600 | 940 |
| * NCR Corp. | 31,214 | 830 |
| * Fortinet Inc. | 24,100 | 828 |
| * Tableau Software Inc. Class A | 9,302 | 781 |
| IAC/InterActiveCorp | 11,619 | 779 |
| * Integrated Device Technology Inc. | 30,200 | 770 |
| * ON Semiconductor Corp. | 69,167 | 761 |
| * SolarWinds Inc. | 12,700 | 737 |
| * Microsemi Corp. | 19,900 | 717 |
| * Teradata Corp. | 24,836 | 698 |
| * Nuance Communications Inc. | 41,100 | 697 |
| * IMS Health Holdings Inc. | 25,500 | 694 |
| * CommScope Holding Co. Inc. | 21,100 | 684 |
| * Splunk Inc. | 11,898 | 668 |
| Ingram Micro Inc. | 22,300 | 664 |
| * Cavium Inc. | 9,200 | 653 |
| Teradyne Inc. | 33,400 | 652 |
| * NetScout Systems Inc. | 17,838 | 640 |
| DST Systems Inc. | 5,191 | 634 |
| * PTC Inc. | 17,700 | 627 |
| Pitney Bowes Inc. | 30,047 | 620 |
| Garmin Ltd. | 17,336 | 615 |
| * Yandex NV Class A | 37,962 | 611 |
| * Ciena Corp. | 25,100 | 606 |
| * Aspen Technology Inc. | 14,100 | 584 |
| * Guidewire Software Inc. | 10,000 | 582 |
| Cypress Semiconductor Corp. | 55,232 | 582 |
| * VeriFone Systems Inc. | 19,100 | 576 |
| Solera Holdings Inc. | 10,500 | 574 |
| * ServiceNow Inc. | 6,900 | 563 |
| * Allscripts Healthcare Solutions Inc. | 39,200 | 551 |
| j2 Global Inc. | 7,100 | 551 |
| Blackbaud Inc. | 8,700 | 545 |
| * ARRIS Group Inc. | 19,268 | 544 |
| Marvell Technology Group Ltd. | 65,379 | 537 |
114
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Proofpoint Inc. | 7,600 | 535 |
| * NetSuite Inc. | 6,219 | 529 |
| * Freescale Semiconductor Ltd. | 15,256 | 511 |
| Leidos Holdings Inc. | 9,569 | 503 |
| * Dycom Industries Inc. | 6,600 | 502 |
| * Synaptics Inc. | 5,800 | 494 |
| * Qlik Technologies Inc. | 15,000 | 471 |
| * Rackspace Hosting Inc. | 18,100 | 468 |
| Atmel Corp. | 60,100 | 457 |
| * Arista Networks Inc. | 7,000 | 452 |
| * Tech Data Corp. | 6,200 | 451 |
| * SINA Corp. | 9,321 | 444 |
| * Verint Systems Inc. | 9,100 | 433 |
| Mentor Graphics Corp. | 15,800 | 430 |
| * Cree Inc. | 16,915 | 426 |
| * ViaSat Inc. | 6,400 | 422 |
| * PMC-Sierra Inc. | 35,100 | 418 |
| * ACI Worldwide Inc. | 16,900 | 405 |
| * Ellie Mae Inc. | 5,500 | 401 |
| Diebold Inc. | 10,826 | 399 |
| SYNNEX Corp. | 4,500 | 398 |
| Fair Isaac Corp. | 4,200 | 388 |
| * Infinera Corp. | 19,500 | 385 |
| * FireEye Inc. | 14,600 | 382 |
| * Veeva Systems Inc. Class A | 15,000 | 381 |
| * Fleetmatics Group plc | 6,500 | 362 |
| Plantronics Inc. | 6,600 | 354 |
| * EchoStar Corp. Class A | 7,800 | 350 |
| * Fairchild Semiconductor International Inc. Class A | 20,800 | 347 |
| * Entegris Inc. | 26,000 | 334 |
| Monolithic Power Systems Inc. | 5,100 | 318 |
| * SunEdison Inc. | 43,300 | 316 |
| * Medidata Solutions Inc. | 7,300 | 314 |
| * Electronics For Imaging Inc. | 6,700 | 311 |
| * CACI International Inc. Class A | 3,200 | 311 |
| * Premier Inc. Class A | 9,175 | 310 |
| * Silicon Laboratories Inc. | 6,200 | 310 |
| * MicroStrategy Inc. Class A | 1,800 | 310 |
| * Cirrus Logic Inc. | 10,000 | 308 |
| * Cabot Microelectronics Corp. | 7,200 | 304 |
| * Demandware Inc. | 5,300 | 300 |
| Lexmark International Inc. Class A | 9,200 | 299 |
| Tessera Technologies Inc. | 8,300 | 290 |
| * Virtusa Corp. | 5,000 | 287 |
| * Semtech Corp. | 14,900 | 261 |
| InterDigital Inc. | 5,100 | 259 |
| MKS Instruments Inc. | 7,300 | 257 |
| * CyberArk Software Ltd. | 5,000 | 248 |
| * Syntel Inc. | 5,200 | 245 |
| * Sohu.com Inc. | 4,800 | 242 |
| * EPAM Systems Inc. | 3,100 | 240 |
| * Paycom Software Inc. | 6,300 | 239 |
| Science Applications International Corp. | 5,153 | 236 |
| * OmniVision Technologies Inc. | 8,100 | 234 |
| West Corp. | 9,818 | 234 |
| * Qualys Inc. | 6,500 | 230 |
| * Zendesk Inc. | 11,400 | 229 |
| * Nimble Storage Inc. | 10,000 | 226 |
| * MedAssets Inc. | 9,500 | 225 |
| Intersil Corp. Class A | 16,500 | 224 |
| * Progress Software Corp. | 9,100 | 221 |
| * InterXion Holding NV | 7,300 | 214 |
| * LogMeIn Inc. | 3,100 | 209 |
| * AVG Technologies NV | 8,800 | 209 |
115
| Vanguard® Total World Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Advanced Micro Devices Inc. | 97,706 | 207 |
| * | BroadSoft Inc. | 6,400 | 205 |
| Power Integrations Inc. | 4,000 | 202 | |
| * | Gogo Inc. | 13,800 | 195 |
| * | Envestnet Inc. | 6,500 | 194 |
| * | Cornerstone OnDemand Inc. | 6,000 | 189 |
| * | Stratasys Ltd. | 7,400 | 189 |
| * | Cray Inc. | 6,200 | 184 |
| Cogent Communications Holdings Inc. | 5,900 | 181 | |
| * | QLogic Corp. | 14,100 | 175 |
| * | NETGEAR Inc. | 4,200 | 174 |
| * | Advanced Energy Industries Inc. | 6,000 | 170 |
| * | Viavi Solutions Inc. | 28,200 | 168 |
| * | HubSpot Inc. | 3,200 | 166 |
| * | Synchronoss Technologies Inc. | 4,700 | 165 |
| * | 3D Systems Corp. | 16,300 | 164 |
| * | Bottomline Technologies de Inc. | 5,900 | 163 |
| CSG Systems International Inc. | 4,800 | 161 | |
| * | Finisar Corp. | 13,800 | 157 |
| NIC Inc. | 7,800 | 148 | |
| * | Ixia | 10,100 | 146 |
| Ebix Inc. | 5,200 | 144 | |
| * | Amkor Technology Inc. | 22,600 | 141 |
| * | Super Micro Computer Inc. | 4,900 | 138 |
| * | Rambus Inc. | 13,100 | 135 |
| * | ScanSource Inc. | 3,900 | 135 |
| * | Rovi Corp. | 14,399 | 132 |
| * | Loral Space & Communications Inc. | 2,900 | 130 |
| Forrester Research Inc. | 4,000 | 129 | |
| * | Diodes Inc. | 5,500 | 126 |
| *,^ | Ubiquiti Networks Inc. | 4,300 | 125 |
| * | RealPage Inc. | 7,300 | 123 |
| * | Marketo Inc. | 4,100 | 121 |
| * | Endurance International Group Holdings Inc. | 8,900 | 119 |
| * | InvenSense Inc. | 9,000 | 107 |
| Pegasystems Inc. | 3,800 | 106 | |
| * | Insight Enterprises Inc. | 4,100 | 104 |
| Quality Systems Inc. | 7,200 | 101 | |
| * | Kulicke & Soffa Industries Inc. | 9,400 | 100 |
| * | Barracuda Networks Inc. | 5,000 | 96 |
| * | Premiere Global Services Inc. | 7,000 | 96 |
| * | Web.com Group Inc. | 3,900 | 92 |
| * | Unisys Corp. | 6,800 | 91 |
| * | Applied Micro Circuits Corp. | 13,900 | 90 |
| * | Lattice Semiconductor Corp. | 18,600 | 85 |
| * | Infoblox Inc. | 5,100 | 83 |
| * | Lumentum Holdings Inc. | 5,640 | 81 |
| ADTRAN Inc. | 5,000 | 78 | |
| * | Perficient Inc. | 4,400 | 74 |
| Brooks Automation Inc. | 6,200 | 68 | |
| * | Shutterstock Inc. | 2,300 | 65 |
| * | Harmonic Inc. | 10,000 | 58 |
| Epiq Systems Inc. | 4,000 | 55 | |
| Monotype Imaging Holdings Inc. | 1,800 | 49 | |
| * | Xura Inc. | 1,900 | 49 |
| * | Exar Corp. | 8,400 | 48 |
| Computer Programs & Systems Inc. | 1,200 | 46 | |
| * | Interactive Intelligence Group Inc. | 1,400 | 45 |
| Comtech Telecommunications Corp. | 1,800 | 43 | |
| * | Ultratech Inc. | 2,600 | 41 |
| * | Blucora Inc. | 3,800 | 37 |
| 674,230 | |||
| Telecommunications (1.1%) | |||
| AT&T Inc. | 1,163,574 | 38,991 | |
116
| Vanguard® Total World Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Verizon Communications Inc. | 754,708 | 35,381 |
| * Level 3 Communications Inc. | 54,490 | 2,776 |
| CenturyLink Inc. | 96,738 | 2,729 |
| * SBA Communications Corp. Class A | 20,834 | 2,480 |
| * T-Mobile US Inc. | 44,088 | 1,670 |
| Frontier Communications Corp. | 211,402 | 1,087 |
| * Sprint Corp. | 150,521 | 712 |
| Telephone & Data Systems Inc. | 15,773 | 452 |
| Shenandoah Telecommunications Co. | 4,875 | 228 |
| Consolidated Communications Holdings Inc. | 6,800 | 150 |
| EarthLink Holdings Corp. | 14,900 | 127 |
| * Cincinnati Bell Inc. | 30,200 | 114 |
| * United States Cellular Corp. | 2,700 | 110 |
| * General Communication Inc. Class A | 5,400 | 110 |
| Windstream Holdings Inc. | 15,032 | 98 |
| Atlantic Tele-Network Inc. | 1,200 | 92 |
| 87,307 | ||
| Utilities (1.5%) | ||
| Duke Energy Corp. | 128,332 | 9,172 |
| NextEra Energy Inc. | 77,762 | 7,983 |
| Southern Co. | 154,604 | 6,973 |
| Dominion Resources Inc. | 93,394 | 6,671 |
| American Electric Power Co. Inc. | 80,267 | 4,547 |
| PG&E Corp. | 78,584 | 4,196 |
| Exelon Corp. | 148,418 | 4,144 |
| Sempra Energy | 39,073 | 4,001 |
| PPL Corp. | 108,173 | 3,721 |
| Vectren Corp. | 76,460 | 3,477 |
| Public Service Enterprise Group Inc. | 83,019 | 3,428 |
| Edison International | 55,577 | 3,364 |
| Xcel Energy Inc. | 85,391 | 3,042 |
| CenterPoint Energy Inc. | 163,947 | 3,041 |
| Consolidated Edison Inc. | 45,688 | 3,004 |
| WEC Energy Group Inc. | 52,838 | 2,724 |
| Eversource Energy | 50,082 | 2,551 |
| MGE Energy Inc. | 53,865 | 2,223 |
| NiSource Inc. | 115,216 | 2,208 |
| DTE Energy Co. | 26,591 | 2,170 |
| FirstEnergy Corp. | 69,461 | 2,167 |
| Entergy Corp. | 28,661 | 1,954 |
| TECO Energy Inc. | 61,097 | 1,650 |
| American Water Works Co. Inc. | 28,556 | 1,638 |
| CMS Energy Corp. | 42,848 | 1,546 |
| Empire District Electric Co. | 67,000 | 1,511 |
| Ameren Corp. | 34,467 | 1,506 |
| AGL Resources Inc. | 20,800 | 1,300 |
| AES Corp. | 112,531 | 1,232 |
| ONEOK Inc. | 33,706 | 1,143 |
| Pepco Holdings Inc. | 42,195 | 1,124 |
| Pinnacle West Capital Corp. | 16,840 | 1,069 |
| SCANA Corp. | 17,727 | 1,050 |
| Atmos Energy Corp. | 15,900 | 1,002 |
| Westar Energy Inc. Class A | 24,600 | 977 |
| UGI Corp. | 25,950 | 952 |
| * Calpine Corp. | 51,484 | 799 |
| NRG Energy Inc. | 61,732 | 796 |
| Alliant Energy Corp. | 13,377 | 789 |
| ITC Holdings Corp. | 23,200 | 759 |
| Aqua America Inc. | 22,125 | 633 |
| National Fuel Gas Co. | 11,900 | 625 |
| Great Plains Energy Inc. | 21,500 | 591 |
| Piedmont Natural Gas Co. Inc. | 10,100 | 579 |
| Portland General Electric Co. | 15,525 | 576 |
| Questar Corp. | 27,325 | 564 |
117
| Vanguard® Total World Stock Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Market | |||||
| Value | |||||
| Shares | ($000) | ||||
| IDACORP Inc. | 7,500 | 501 | |||
| Southwest Gas Corp. | 8,000 | 492 | |||
| UIL Holdings Corp. | 9,100 | 464 | |||
| Hawaiian Electric Industries Inc. | 15,800 | 462 | |||
| Cleco Corp. | 8,500 | 450 | |||
| WGL Holdings Inc. | 7,100 | 442 | |||
| NorthWestern Corp. | 7,900 | 428 | |||
| * | Dynegy Inc. | 21,479 | 417 | ||
| ONE Gas Inc. | 7,176 | 350 | |||
| New Jersey Resources Corp. | 11,000 | 348 | |||
| Black Hills Corp. | 7,500 | 343 | |||
| ALLETE Inc. | 6,800 | 341 | |||
| PNM Resources Inc. | 11,000 | 309 | |||
| Laclede Group Inc. | 5,100 | 299 | |||
| TerraForm Power Inc. Class A | 15,300 | 279 | |||
| Avista Corp. | 7,800 | 264 | |||
| SJW Corp. | 7,780 | 247 | |||
| American States Water Co. | 6,000 | 244 | |||
| South Jersey Industries Inc. | 8,800 | 233 | |||
| El Paso Electric Co. | 5,600 | 217 | |||
| Northwest Natural Gas Co. | 4,500 | 215 | |||
| Ormat Technologies Inc. (New York Shares) | 5,400 | 204 | |||
| California Water Service Group | 7,700 | 172 | |||
| Abengoa Yield plc | 8,501 | 158 | |||
| * | Talen Energy Corp. | 13,236 | 115 | ||
| Ormat Technologies Inc. (Tel Aviv Shares) | 2,610 | 99 | |||
| 119,265 | |||||
| 4,086,737 | |||||
| Total Common Stocks (Cost $6,962,881) | 7,754,858 | ||||
| Coupon | |||||
| Temporary Cash Investments (1.8%)1 | |||||
| Money Market Fund (1.7%) | |||||
| 5,6 | Vanguard Market Liquidity Fund | 0.207% | 132,719,973 | 132,720 | |
| 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 | 1,000 | 1,000 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.150% | 11/13/15 | 500 | 500 |
| 7 | Federal Home Loan Bank Discount Notes | 0.245% | 4/20/16 | 5,000 | 4,995 |
| 8,9 | Freddie Mac Discount Notes | 0.245% | 1/5/16 | 500 | 500 |
| 8,9 | Freddie Mac Discount Notes | 0.220% | 4/15/16 | 400 | 400 |
| 7,395 | |||||
| Total Temporary Cash Investments (Cost $140,113) | 140,115 | ||||
| Total Investments (101.3%) (Cost $7,102,994) | 7,894,973 | ||||
| Other Assets and Liabilities—Net (-1.3%)6 | (97,936) | ||||
| Net Assets (100%) | 7,797,037 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $97,619,000.
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 100.1% and 1.2%, respectively, of net assets.
118
Vanguard® Total World Stock Index Fund
Schedule of Investments
October 31, 2015
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 $16,074,000, representing 0.2% 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.
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 $111,772,000 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 $2,300,000 have been segregated as initial margin for open futures contracts.
9 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
119
© 2015 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA6280 122015
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard Total World 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 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Vanguard Total World Stock Index Fund (constituting a separate portfolio of Vanguard International Equity Index 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, 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 15, 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
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (99.5%)1 | ||
| Australia (4.7%) | ||
| Commonwealth Bank of Australia | 2,320,008 | 127,016 |
| Westpac Banking Corp. | 4,350,596 | 97,267 |
| National Australia Bank Ltd. | 3,571,898 | 76,106 |
| Australia & New Zealand Banking Group Ltd. | 3,927,938 | 75,573 |
| BHP Billiton Ltd. | 4,383,839 | 72,013 |
| Wesfarmers Ltd. | 1,528,322 | 42,713 |
| CSL Ltd. | 638,930 | 42,435 |
| Woolworths Ltd. | 1,730,235 | 29,763 |
| Macquarie Group Ltd. | 414,517 | 25,061 |
| Telstra Corp. Ltd. | 5,885,991 | 22,675 |
| Rio Tinto Ltd. | 579,460 | 20,731 |
| Scentre Group | 6,985,305 | 20,631 |
| Woodside Petroleum Ltd. | 979,174 | 20,583 |
| Transurban Group | 2,615,213 | 19,476 |
| Westfield Corp. | 2,640,022 | 19,304 |
| QBE Insurance Group Ltd. | 1,870,363 | 17,395 |
| AMP Ltd. | 4,003,047 | 16,366 |
| Suncorp Group Ltd. | 1,757,536 | 16,301 |
| Brambles Ltd. | 2,121,848 | 15,713 |
| Amcor Ltd. | 1,622,772 | 15,701 |
| Insurance Australia Group Ltd. | 3,321,345 | 13,190 |
| AGL Energy Ltd. | 921,678 | 11,001 |
| Goodman Group | 2,394,700 | 10,370 |
| Aurizon Holdings Ltd. | 2,790,702 | 10,293 |
| Vicinity Centers | 4,941,328 | 10,258 |
| APA Group | 1,522,178 | 9,991 |
| Origin Energy Ltd. | 2,381,891 | 9,350 |
| Stockland | 3,226,178 | 9,320 |
| * Newcrest Mining Ltd. | 1,042,882 | 9,059 |
| Oil Search Ltd. | 1,601,634 | 8,939 |
| Caltex Australia Ltd. | 369,027 | 8,236 |
| GPT Group | 2,393,805 | 8,101 |
| James Hardie Industries plc | 608,813 | 7,948 |
| Ramsay Health Care Ltd. | 177,168 | 7,779 |
| ASX Ltd. | 262,570 | 7,722 |
| Asciano Ltd. | 1,313,560 | 7,662 |
| Sonic Healthcare Ltd. | 549,760 | 7,561 |
| * South32 Ltd. | 7,208,397 | 7,450 |
| Dexus Property Group | 1,326,151 | 7,323 |
| Sydney Airport | 1,483,435 | 6,825 |
| Lend Lease Group | 733,719 | 6,806 |
| Incitec Pivot Ltd. | 2,288,950 | 6,450 |
| Mirvac Group | 5,004,961 | 6,445 |
| Medibank Pvt Ltd. | 3,721,630 | 6,264 |
| Orica Ltd. | 508,174 | 5,976 |
| Aristocrat Leisure Ltd. | 859,596 | 5,716 |
| Santos Ltd. | 1,352,598 | 5,639 |
| Tatts Group Ltd. | 1,975,956 | 5,583 |
| Computershare Ltd. | 674,031 | 5,198 |
| Treasury Wine Estates Ltd. | 1,008,262 | 5,093 |
| Cochlear Ltd. | 79,154 | 5,022 |
| Coca-Cola Amatil Ltd. | 747,486 | 4,857 |
| Bank of Queensland Ltd. | 506,481 | 4,723 |
| Bendigo & Adelaide Bank Ltd. | 610,017 | 4,657 |
| Challenger Ltd. | 778,263 | 4,570 |
| Crown Resorts Ltd. | 525,730 | 4,298 |
| SEEK Ltd. | 471,716 | 4,282 |
| Echo Entertainment Group Ltd. | 1,170,064 | 4,265 |
| Boral Ltd. | 1,054,446 | 4,054 |
| * Westpac Banking Corp. | 186,559 | 4,051 |
| * Qantas Airways Ltd. | 1,407,526 | 3,966 |
1
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Healthscope Ltd. | 1,963,858 | 3,782 | |
| Tabcorp Holdings Ltd. | 1,110,804 | 3,741 | |
| TPG Telecom Ltd. | 438,343 | 3,459 | |
| ^ | Fortescue Metals Group Ltd. | 2,157,459 | 3,167 |
| Ansell Ltd. | 204,814 | 2,912 | |
| Orora Ltd. | 1,640,549 | 2,739 | |
| IOOF Holdings Ltd. | 405,587 | 2,680 | |
| CIMIC Group Ltd. | 135,198 | 2,674 | |
| Iluka Resources Ltd. | 574,548 | 2,632 | |
| Alumina Ltd. | 3,269,533 | 2,531 | |
| REA Group Ltd. | 71,944 | 2,428 | |
| BlueScope Steel Ltd. | 767,414 | 2,414 | |
| AusNet Services | 2,321,436 | 2,393 | |
| Recall Holdings Ltd. | 419,810 | 2,294 | |
| DuluxGroup Ltd. | 520,335 | 2,190 | |
| Fairfax Media Ltd. | 3,241,489 | 2,185 | |
| Harvey Norman Holdings Ltd. | 717,463 | 2,037 | |
| ^ | Flight Centre Travel Group Ltd. | 74,110 | 2,007 |
| ALS Ltd. | 545,382 | 2,004 | |
| Perpetual Ltd. | 59,228 | 1,898 | |
| Adelaide Brighton Ltd. | 608,289 | 1,818 | |
| Sims Metal Management Ltd. | 255,214 | 1,791 | |
| Platinum Asset Management Ltd. | 313,616 | 1,641 | |
| Macquarie Atlas Roads Group | 568,567 | 1,640 | |
| Downer EDI Ltd. | 583,085 | 1,477 | |
| CSR Ltd. | 747,787 | 1,465 | |
| Nufarm Ltd. | 243,927 | 1,457 | |
| Shopping Centres Australasia Property Group | 985,712 | 1,449 | |
| WorleyParsons Ltd. | 291,284 | 1,355 | |
| OZ Minerals Ltd. | 415,525 | 1,293 | |
| ^ | Metcash Ltd. | 1,371,136 | 1,164 |
| Seven West Media Ltd. | 1,477,132 | 711 | |
| *,^ | Whitehaven Coal Ltd. | 809,782 | 582 |
| New Hope Corp. Ltd. | 296,312 | 403 | |
| * | BGP Holdings PLC | 3,738,510 | — |
| 1,149,529 | |||
| Austria (0.1%) | |||
| * | Erste Group Bank AG | 392,642 | 11,497 |
| voestalpine AG | 155,221 | 5,612 | |
| ANDRITZ AG | 103,111 | 5,191 | |
| OMV AG | 194,776 | 5,185 | |
| * | Raiffeisen Bank International AG | 150,429 | 2,373 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 55,326 | 1,770 | |
| Telekom Austria AG | 94,557 | 570 | |
| 32,198 | |||
| Belgium (1.0%) | |||
| Anheuser-Busch InBev SA/NV | 1,089,588 | 129,949 | |
| KBC Groep NV | 375,929 | 22,847 | |
| UCB SA | 166,426 | 14,376 | |
| Delhaize Group | 138,585 | 12,842 | |
| Ageas | 282,392 | 12,457 | |
| Solvay SA Class A | 76,063 | 8,584 | |
| Groupe Bruxelles Lambert SA | 103,693 | 8,415 | |
| Umicore SA | 155,382 | 6,592 | |
| Proximus SADP | 187,448 | 6,486 | |
| Colruyt SA | 89,202 | 4,409 | |
| * | Telenet Group Holding NV | 72,895 | 4,234 |
| bpost SA | 135,165 | 3,380 | |
| 234,571 | |||
| Brazil (1.2%) | |||
| Itau Unibanco Holding SA ADR | 3,794,894 | 25,995 | |
| Ambev SA ADR | 4,017,499 | 19,565 | |
| Banco Bradesco SA ADR | 3,444,159 | 18,736 | |
2
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| BRF SA | 922,462 | 14,376 | |
| Ambev SA | 2,375,740 | 11,760 | |
| Cielo SA | 1,185,520 | 11,254 | |
| * | Petroleo Brasileiro SA ADR Type A | 2,722,670 | 10,863 |
| *,^ | Petroleo Brasileiro SA ADR | 2,126,605 | 10,378 |
| Ultrapar Participacoes SA | 524,537 | 9,113 | |
| Itausa - Investimentos Itau SA Preference Shares | 4,809,362 | 8,979 | |
| BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | 2,355,329 | 6,962 | |
| Embraer SA ADR | 224,140 | 6,583 | |
| Vale SA Class B ADR | 1,786,330 | 6,431 | |
| ^ | Vale SA Class B ADR Preference Shares | 1,450,442 | 6,324 |
| BB Seguridade Participacoes SA | 819,628 | 5,653 | |
| Kroton Educacional SA | 2,053,092 | 5,249 | |
| Banco Bradesco SA | 818,747 | 4,976 | |
| Banco do Brasil SA | 1,171,086 | 4,850 | |
| Klabin SA | 752,284 | 4,278 | |
| Lojas Renner SA | 873,610 | 4,191 | |
| Fibria Celulose SA | 306,400 | 4,182 | |
| BRF SA ADR | 269,343 | 4,129 | |
| Telefonica Brasil SA Preference Shares | 361,035 | 3,740 | |
| CCR SA | 1,189,853 | 3,739 | |
| JBS SA | 977,874 | 3,613 | |
| Raia Drogasil SA | 331,870 | 3,441 | |
| Vale SA Preference Shares | 872,036 | 3,172 | |
| Lojas Americanas SA Preference Shares | 699,015 | 3,029 | |
| WEG SA | 731,224 | 2,730 | |
| CETIP SA - Mercados Organizados | 295,221 | 2,610 | |
| BTG Pactual Group | 339,389 | 2,526 | |
| Tractebel Energia SA | 279,708 | 2,457 | |
| Equatorial Energia SA | 269,226 | 2,401 | |
| * | Hypermarcas SA | 524,533 | 2,380 |
| * | Petroleo Brasileiro SA | 851,132 | 2,070 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 461,817 | 2,005 | |
| Cia Brasileira de Distribuicao ADR | 143,172 | 1,880 | |
| Telefonica Brasil SA ADR | 176,029 | 1,824 | |
| BR Malls Participacoes SA | 583,713 | 1,695 | |
| Suzano Papel e Celulose SA Preference Shares Class A | 394,600 | 1,693 | |
| Vale SA | 370,900 | 1,641 | |
| TOTVS SA | 183,862 | 1,629 | |
| * | CPFL Energia SA | 401,426 | 1,612 |
| Sul America SA | 323,988 | 1,590 | |
| Itau Unibanco Holding SA | 236,322 | 1,520 | |
| Cia Energetica de Minas Gerais ADR | 769,447 | 1,500 | |
| Natura Cosmeticos SA | 236,931 | 1,407 | |
| Cia Paranaense de Energia ADR | 168,700 | 1,394 | |
| Estacio Participacoes SA | 346,200 | 1,388 | |
| Localiza Rent a Car SA | 191,913 | 1,294 | |
| Gerdau SA ADR | 911,873 | 1,268 | |
| Qualicorp SA | 296,000 | 1,243 | |
| Multiplan Empreendimentos Imobiliarios SA | 102,600 | 1,119 | |
| M Dias Branco SA | 60,762 | 1,101 | |
| Porto Seguro SA | 129,912 | 1,089 | |
| Cia Energetica de Sao Paulo Preference Shares | 244,934 | 1,029 | |
| Braskem SA ADR | 90,964 | 1,014 | |
| ^ | Cia Siderurgica Nacional SA ADR | 822,798 | 1,012 |
| Cosan SA Industria e Comercio | 146,234 | 937 | |
| Tim Participacoes SA | 419,030 | 918 | |
| Tim Participacoes SA ADR | 81,069 | 901 | |
| EDP - Energias do Brasil SA | 303,800 | 889 | |
| * | Petroleo Brasileiro SA Preference Shares | 433,739 | 867 |
| Embraer SA | 113,800 | 835 | |
| Itau Unibanco Holding SA Preference Shares | 117,278 | 805 | |
| Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 54,330 | 715 | |
| Centrais Eletricas Brasileiras SA Preference Shares | 284,776 | 696 | |
3
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Transmissora Alianca de Energia Eletrica SA | 124,544 | 643 |
| Lojas Americanas SA | 205,895 | 625 |
| Cia Energetica de Minas Gerais Preference Shares | 328,837 | 611 |
| Duratex SA | 355,705 | 590 |
| Multiplus SA | 64,823 | 577 |
| * B2W Cia Digital | 131,300 | 496 |
| Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 41,462 | 477 |
| * Centrais Eletricas Brasileiras SA | 365,399 | 476 |
| Smiles SA | 56,830 | 444 |
| AES Tiete SA Preference Shares | 117,016 | 419 |
| Gerdau SA Preference Shares | 282,486 | 398 |
| EcoRodovias Infraestrutura e Logistica SA | 251,700 | 388 |
| Usinas Siderurgicas de Minas Gerais SA Preference Shares | 521,754 | 376 |
| Usinas Siderurgicas de Minas Gerais SA | 147,820 | 303 |
| Cia Siderurgica Nacional SA | 217,400 | 245 |
| AES Tiete SA | 62,900 | 220 |
| * Oi SA Preference Shares | 350,557 | 193 |
| Braskem SA Preference Shares | 33,000 | 186 |
| Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 17,570 | 184 |
| Via Varejo SA | 162,000 | 179 |
| Cia Energetica de Minas Gerais | 99,669 | 174 |
| Cia Paranaense de Energia | 24,000 | 137 |
| * Oi SA | 160,034 | 130 |
| Banco Bradesco SA Preference Shares | 11,037 | 60 |
| Oi SA ADR | 68,948 | 41 |
| Cia Paranaense de Energia Preference Shares | 4,200 | 35 |
| * Oi SA ADR WI | 4,655 | 4 |
| Itausa - Investimentos Itau SA | 7 | — |
| 291,856 | ||
| Canada (5.6%) | ||
| ^ Royal Bank of Canada | 1,964,658 | 112,341 |
| ^ Toronto-Dominion Bank | 2,519,957 | 103,450 |
| Bank of Nova Scotia | 1,652,548 | 77,711 |
| Canadian National Railway Co. | 971,849 | 59,362 |
| Suncor Energy Inc. | 1,991,189 | 59,251 |
| ^ Bank of Montreal | 877,899 | 51,052 |
| Enbridge Inc. | 1,163,372 | 49,725 |
| Manulife Financial Corp. | 2,690,756 | 44,613 |
| Canadian Imperial Bank of Commerce | 546,013 | 41,874 |
| Brookfield Asset Management Inc. Class A (Toronto Shares) | 1,185,942 | 41,430 |
| * Valeant Pharmaceuticals International Inc. | 433,030 | 40,415 |
| Canadian Natural Resources Ltd. | 1,497,661 | 34,727 |
| TransCanada Corp. | 960,607 | 32,324 |
| Magna International Inc. | 538,096 | 28,378 |
| Canadian Pacific Railway Ltd. | 200,528 | 28,179 |
| Sun Life Financial Inc. | 834,081 | 28,130 |
| Alimentation Couche-Tard Inc. Class B | 538,358 | 23,159 |
| Potash Corp. of Saskatchewan Inc. | 1,132,736 | 22,939 |
| Thomson Reuters Corp. | 487,644 | 20,019 |
| Rogers Communications Inc. Class B | 495,244 | 19,706 |
| Agrium Inc. | 195,302 | 18,170 |
| Cenovus Energy Inc. | 1,138,167 | 16,956 |
| BCE Inc. | 385,957 | 16,683 |
| Loblaw Cos. Ltd. | 315,546 | 16,627 |
| * Fairfax Financial Holdings Ltd. | 30,074 | 14,810 |
| National Bank of Canada | 446,949 | 14,804 |
| Goldcorp Inc. | 1,129,501 | 14,451 |
| City National Corp. | 150,000 | 13,440 |
| * CGI Group Inc. Class A | 360,943 | 13,407 |
| Intact Financial Corp. | 179,692 | 12,834 |
| Imperial Oil Ltd. | 359,476 | 11,962 |
| Pembina Pipeline Corp. | 465,064 | 11,691 |
| Shaw Communications Inc. Class B | 553,063 | 11,483 |
| Restaurant Brands International Inc. | 284,248 | 11,408 |
4
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Barrick Gold Corp. (Toronto Shares) | 1,478,397 | 11,363 |
| Fortis Inc. | 379,045 | 10,972 |
| Franco-Nevada Corp. | 212,903 | 10,798 |
| Great-West Lifeco Inc. | 406,309 | 10,770 |
| Power Corp. of Canada | 471,348 | 10,594 |
| Metro Inc. | 334,371 | 9,561 |
| TELUS Corp. | 280,764 | 9,370 |
| ^ Crescent Point Energy Corp. | 686,541 | 9,356 |
| ^ Canadian Tire Corp. Ltd. Class A | 100,284 | 8,821 |
| Encana Corp. | 1,146,851 | 8,727 |
| ^ Inter Pipeline Ltd. | 456,586 | 8,555 |
| RioCan REIT | 433,205 | 8,448 |
| Agnico Eagle Mines Ltd. | 296,767 | 8,388 |
| Saputo Inc. | 343,082 | 8,181 |
| Power Financial Corp. | 317,601 | 7,857 |
| CI Financial Corp. | 321,510 | 7,671 |
| Cameco Corp. | 533,589 | 7,557 |
| Silver Wheaton Corp. | 551,477 | 7,494 |
| ^ ARC Resources Ltd. | 463,515 | 6,834 |
| Canadian Utilities Ltd. Class A | 255,029 | 6,709 |
| ^ SNC-Lavalin Group Inc. | 204,638 | 6,559 |
| George Weston Ltd. | 71,748 | 6,042 |
| * Tourmaline Oil Corp. | 264,248 | 5,499 |
| Husky Energy Inc. | 402,432 | 5,438 |
| Canadian Oil Sands Ltd. | 660,103 | 4,983 |
| First Quantum Minerals Ltd. | 927,111 | 4,949 |
| * BlackBerry Ltd. | 674,397 | 4,915 |
| ^ IGM Financial Inc. | 136,770 | 3,954 |
| Finning International Inc. | 235,227 | 3,760 |
| Teck Resources Ltd. Class B | 636,726 | 3,730 |
| * Turquoise Hill Resources Ltd. | 1,123,431 | 3,041 |
| Bombardier Inc. Class B | 2,658,140 | 2,887 |
| * MEG Energy Corp. | 208,128 | 1,732 |
| Brookfield Asset Management Inc. Class A (New York Shares) | 33,000 | 1,154 |
| Barrick Gold Corp. (New York Shares) | 112,553 | 866 |
| Restaurant Brands International LP | 1,203 | 48 |
| 1,355,094 | ||
| Chile (0.2%) | ||
| Empresa Nacional de Electricidad SA ADR | 148,580 | 5,613 |
| Empresas COPEC SA | 521,583 | 4,886 |
| Enersis SA ADR | 356,037 | 4,718 |
| SACI Falabella | 646,727 | 4,336 |
| Empresas CMPC SA | 1,529,970 | 3,777 |
| Banco de Chile | 33,288,428 | 3,523 |
| Cencosud SA | 1,547,586 | 3,398 |
| Banco Santander Chile ADR | 172,280 | 3,272 |
| Colbun SA | 9,423,786 | 2,500 |
| Banco de Credito e Inversiones | 60,281 | 2,458 |
| Enersis SA | 9,127,739 | 2,408 |
| Cia Cervecerias Unidas SA | 197,935 | 2,374 |
| Sociedad Quimica y Minera de Chile SA ADR | 122,461 | 2,373 |
| * Latam Airlines Group SA (Santiago Shares) | 388,689 | 2,076 |
| Aguas Andinas SA Class A | 3,935,047 | 2,069 |
| Corpbanca SA | 215,200,428 | 1,960 |
| AES Gener SA | 3,309,535 | 1,591 |
| Empresa Nacional de Telecomunicaciones SA | 143,811 | 1,330 |
| Embotelladora Andina SA Preference Shares | 321,927 | 1,181 |
| Banco Santander Chile | 15,222,058 | 723 |
| Empresa Nacional de Electricidad SA | 350,630 | 439 |
| * Latam Airlines Group SA | 72,072 | 363 |
| Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 1,990 | 38 |
| 57,406 | ||
| China (4.8%) | ||
| Tencent Holdings Ltd. | 7,298,360 | 136,970 |
5
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| China Construction Bank Corp. | 124,798,277 | 89,983 | |
| China Mobile Ltd. | 7,272,204 | 86,511 | |
| Industrial & Commercial Bank of China Ltd. | 98,407,500 | 62,445 | |
| Bank of China Ltd. | 102,807,541 | 48,423 | |
| Ping An Insurance Group Co. of China Ltd. | 6,816,376 | 38,128 | |
| China Life Insurance Co. Ltd. | 10,165,000 | 36,452 | |
| China Petroleum & Chemical Corp. | 34,851,400 | 25,136 | |
| CNOOC Ltd. | 21,966,536 | 24,984 | |
| PetroChina Co. Ltd. | 28,822,000 | 22,688 | |
| China Overseas Land & Investment Ltd. | 5,253,760 | 16,922 | |
| China Merchants Bank Co. Ltd. | 6,271,508 | 16,357 | |
| CITIC Ltd. | 8,742,000 | 16,261 | |
| Agricultural Bank of China Ltd. | 35,271,715 | 14,392 | |
| China Pacific Insurance Group Co. Ltd. | 3,525,720 | 14,051 | |
| China Telecom Corp. Ltd. | 22,152,000 | 11,580 | |
| Hengan International Group Co. Ltd. | 1,007,517 | 10,861 | |
| PICC Property & Casualty Co. Ltd. | 4,448,540 | 10,079 | |
| China Unicom Hong Kong Ltd. | 7,914,123 | 9,699 | |
| China Resources Land Ltd. | 3,697,369 | 9,574 | |
| China Minsheng Banking Corp. Ltd. | 8,841,560 | 8,855 | |
| China Communications Construction Co. Ltd. | 6,048,000 | 8,283 | |
| Lenovo Group Ltd. | 8,845,966 | 8,205 | |
| Bank of Communications Co. Ltd. | 11,000,220 | 8,097 | |
| Haitong Securities Co. Ltd. | 4,657,763 | 8,085 | |
| China Shenhua Energy Co. Ltd. | 4,642,500 | 7,843 | |
| * | CRRC Corp. Ltd. | 5,552,600 | 7,055 |
| Belle International Holdings Ltd. | 7,218,839 | 7,004 | |
| CITIC Securities Co. Ltd. | 3,112,500 | 6,693 | |
| * | China CITIC Bank Corp. Ltd. | 10,350,843 | 6,682 |
| * | China Taiping Insurance Holdings Co. Ltd. | 2,012,826 | 6,306 |
| 2 | Dalian Wanda Commercial Properties Co. Ltd. | 930,096 | 6,195 |
| China Resources Power Holdings Co. Ltd. | 2,598,400 | 5,867 | |
| Sinopharm Group Co. Ltd. | 1,423,600 | 5,863 | |
| *,^ | Byd Co. Ltd. | 937,641 | 5,808 |
| China Everbright International Ltd. | 3,614,000 | 5,794 | |
| ENN Energy Holdings Ltd. | 996,000 | 5,708 | |
| ^ | Evergrande Real Estate Group Ltd. | 7,434,336 | 5,680 |
| Dongfeng Motor Group Co. Ltd. | 3,958,000 | 5,677 | |
| 2 | CGN Power Co. Ltd. | 13,712,000 | 5,646 |
| Fosun International Ltd. | 3,032,892 | 5,508 | |
| Guangdong Investment Ltd. | 3,820,000 | 5,370 | |
| CSPC Pharmaceutical Group Ltd. | 5,729,765 | 5,327 | |
| China Merchants Holdings International Co. Ltd. | 1,604,893 | 5,313 | |
| Huaneng Power International Inc. | 4,806,000 | 5,205 | |
| Brilliance China Automotive Holdings Ltd. | 3,744,000 | 5,169 | |
| Great Wall Motor Co. Ltd. | 4,200,750 | 5,092 | |
| Anhui Conch Cement Co. Ltd. | 1,635,500 | 4,979 | |
| China Railway Group Ltd. | 5,243,000 | 4,943 | |
| China Cinda Asset Management Co. Ltd. | 12,465,000 | 4,835 | |
| Beijing Enterprises Holdings Ltd. | 764,800 | 4,824 | |
| New China Life Insurance Co. Ltd. | 1,098,843 | 4,818 | |
| Sino Biopharmaceutical Ltd. | 3,863,627 | 4,779 | |
| 2 | People's Insurance Co. Group of China Ltd. | 8,693,000 | 4,635 |
| *,^ | Alibaba Pictures Group Ltd. | 17,260,000 | 4,593 |
| Zhuzhou CSR Times Electric Co. Ltd. | 693,000 | 4,490 | |
| 2 | China Galaxy Securities Co. Ltd. | 5,110,000 | 4,414 |
| Beijing Enterprises Water Group Ltd. | 5,476,000 | 4,345 | |
| China Longyuan Power Group Corp. Ltd. | 4,637,000 | 4,241 | |
| China Vanke Co. Ltd. | 1,803,538 | 4,208 | |
| *,^ | Hanergy Thin Film Power Group Ltd. | 14,742,000 | 4,128 |
| China Conch Venture Holdings Ltd. | 1,715,482 | 3,904 | |
| China Railway Construction Corp. Ltd. | 2,581,074 | 3,848 | |
| Shenzhou International Group Holdings Ltd. | 768,944 | 3,778 | |
| Country Garden Holdings Co. Ltd. | 9,888,812 | 3,758 | |
6
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,2 | Huatai Securities Co. Ltd. | 1,555,912 | 3,510 |
| Geely Automobile Holdings Ltd. | 6,555,000 | 3,492 | |
| China Gas Holdings Ltd. | 2,179,592 | 3,458 | |
| ANTA Sports Products Ltd. | 1,236,000 | 3,448 | |
| China State Construction International Holdings Ltd. | 2,150,000 | 3,263 | |
| Haier Electronics Group Co. Ltd. | 1,685,215 | 3,252 | |
| COSCO Pacific Ltd. | 2,496,578 | 3,230 | |
| China Resources Beer Holdings Company Ltd. | 1,712,000 | 3,229 | |
| Kunlun Energy Co. Ltd. | 3,838,000 | 3,142 | |
| Sino-Ocean Land Holdings Ltd. | 5,131,685 | 2,976 | |
| Far East Horizon Ltd. | 3,563,445 | 2,959 | |
| Shimao Property Holdings Ltd. | 1,684,094 | 2,951 | |
| *,^ | GCL-Poly Energy Holdings Ltd. | 14,089,000 | 2,902 |
| ^ | China Huishan Dairy Holdings Co. Ltd. | 7,550,438 | 2,870 |
| GOME Electrical Appliances Holding Ltd. | 15,691,357 | 2,868 | |
| 2 | Shengjing Bank Co. Ltd. | 2,111,640 | 2,817 |
| China Everbright Ltd. | 1,156,000 | 2,711 | |
| China Oilfield Services Ltd. | 2,426,000 | 2,691 | |
| Longfor Properties Co. Ltd. | 1,948,000 | 2,602 | |
| Guangzhou Automobile Group Co. Ltd. | 2,963,558 | 2,596 | |
| China National Building Material Co. Ltd. | 4,022,400 | 2,499 | |
| Tsingtao Brewery Co. Ltd. | 522,000 | 2,490 | |
| ^ | Kingsoft Corp. Ltd. | 1,098,000 | 2,477 |
| ^ | Shanghai Electric Group Co. Ltd. | 3,976,000 | 2,467 |
| ZTE Corp. | 1,027,671 | 2,457 | |
| China Resources Gas Group Ltd. | 894,000 | 2,448 | |
| AviChina Industry & Technology Co. Ltd. | 3,004,000 | 2,438 | |
| Zhejiang Expressway Co. Ltd. | 1,978,000 | 2,427 | |
| Jiangxi Copper Co. Ltd. | 1,836,000 | 2,413 | |
| * | Alibaba Health Information Technology Ltd. | 3,042,000 | 2,412 |
| Air China Ltd. | 2,494,000 | 2,387 | |
| China Power International Development Ltd. | 3,729,130 | 2,343 | |
| Chongqing Rural Commercial Bank Co. Ltd. | 3,736,000 | 2,339 | |
| China Medical System Holdings Ltd. | 1,687,542 | 2,306 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 696,033 | 2,246 | |
| China Everbright Bank Co. Ltd. | 4,568,297 | 2,222 | |
| Jiangsu Expressway Co. Ltd. | 1,636,000 | 2,210 | |
| Beijing Capital International Airport Co. Ltd. | 2,048,000 | 2,194 | |
| Shenzhen International Holdings Ltd. | 1,444,000 | 2,188 | |
| Shanghai Pharmaceuticals Holding Co. Ltd. | 943,600 | 2,170 | |
| *,^ | China COSCO Holdings Co. Ltd. | 3,378,800 | 2,154 |
| Zijin Mining Group Co. Ltd. | 7,950,000 | 2,127 | |
| Chongqing Changan Automobile Co. Ltd. Class B | 1,135,421 | 2,089 | |
| TravelSky Technology Ltd. | 1,372,000 | 2,019 | |
| China Southern Airlines Co. Ltd. | 2,321,000 | 1,963 | |
| * | Sinopec Shanghai Petrochemical Co. Ltd. | 4,681,000 | 1,954 |
| * | China Shipping Container Lines Co. Ltd. | 4,835,700 | 1,940 |
| * | China Traditional Chinese Medicine Co. Ltd. | 2,442,075 | 1,840 |
| Datang International Power Generation Co. Ltd. | 4,834,000 | 1,779 | |
| Shanghai Fosun Pharmaceutical Group Co. Ltd. | 540,000 | 1,751 | |
| * | Aluminum Corp. of China Ltd. | 5,244,000 | 1,694 |
| * | Luye Pharma Group Ltd. | 1,725,000 | 1,689 |
| Huaneng Renewables Corp. Ltd. | 5,406,000 | 1,682 | |
| *,^ | CAR Inc. | 963,597 | 1,679 |
| Shandong Weigao Group Medical Polymer Co. Ltd. | 2,424,000 | 1,672 | |
| ^ | China Coal Energy Co. Ltd. | 3,862,000 | 1,657 |
| 2 | BAIC Motor Corp. Ltd. | 1,854,700 | 1,631 |
| Shanghai Industrial Holdings Ltd. | 608,000 | 1,598 | |
| Shenzhen Investment Ltd. | 3,953,154 | 1,596 | |
| Huadian Power International Corp. Ltd. | 2,182,000 | 1,594 | |
| Kingboard Chemical Holdings Ltd. | 1,115,600 | 1,575 | |
| Sunac China Holdings Ltd. | 2,411,707 | 1,473 | |
| Yuexiu Property Co. Ltd. | 8,407,708 | 1,445 | |
| Nine Dragons Paper Holdings Ltd. | 2,196,331 | 1,444 | |
7
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Metallurgical Corp. of China Ltd. | 3,845,000 | 1,419 | |
| China International Marine Containers Group Co. Ltd. | 785,420 | 1,396 | |
| China Communications Services Corp. Ltd. | 3,474,800 | 1,390 | |
| Weichai Power Co. Ltd. | 1,300,400 | 1,377 | |
| * | China Eastern Airlines Corp. Ltd. | 2,134,000 | 1,368 |
| Haitian International Holdings Ltd. | 772,000 | 1,349 | |
| Sinotrans Ltd. | 2,493,000 | 1,348 | |
| 2 | Sinopec Engineering Group Co. Ltd. | 1,509,593 | 1,299 |
| China Jinmao Holdings Group Ltd. | 4,724,000 | 1,295 | |
| Guangzhou R&F Properties Co. Ltd. | 1,294,800 | 1,280 | |
| ^ | Yanzhou Coal Mining Co. Ltd. | 2,622,910 | 1,262 |
| China Shipping Development Co. Ltd. | 1,742,000 | 1,234 | |
| *,2 | Legend Holdings Corp. | 314,000 | 1,214 |
| Lao Feng Xiang Co. Ltd. Class B | 279,500 | 1,197 | |
| Lee & Man Paper Manufacturing Ltd. | 1,884,200 | 1,172 | |
| KWG Property Holding Ltd. | 1,601,500 | 1,153 | |
| * | China Reinsurance Group Corp. | 3,290,859 | 1,151 |
| Inner Mongolia Yitai Coal Co. Ltd. Class B | 1,372,454 | 1,148 | |
| * | Li Ning Co. Ltd. | 2,185,104 | 1,135 |
| Huadian Fuxin Energy Corp. Ltd. | 3,630,134 | 1,113 | |
| SOHO China Ltd. | 2,158,500 | 1,104 | |
| ^ | Xinjiang Goldwind Science & Technology Co. Ltd. | 584,600 | 1,096 |
| BBMG Corp. | 1,566,000 | 1,095 | |
| China Merchants Property Development Co. Ltd. Class B | 292,025 | 1,093 | |
| *,^ | Renhe Commercial Holdings Co. Ltd. | 20,986,000 | 1,089 |
| China Resources Cement Holdings Ltd. | 2,620,000 | 1,053 | |
| Agile Property Holdings Ltd. | 1,914,750 | 1,040 | |
| * | China Agri-Industries Holdings Ltd. | 2,812,200 | 1,033 |
| Guangshen Railway Co. Ltd. | 1,920,000 | 996 | |
| ^ | Golden Eagle Retail Group Ltd. | 754,000 | 970 |
| *,2 | Fuyao Glass Industry Group Co. Ltd. | 452,800 | 962 |
| ^ | Beijing Jingneng Clean Energy Co. Ltd. | 2,760,000 | 956 |
| China Dongxiang Group Co. Ltd. | 3,707,000 | 939 | |
| Yantai Changyu Pioneer Wine Co. Ltd. Class B | 295,884 | 939 | |
| ^ | China Molybdenum Co. Ltd. | 1,676,000 | 929 |
| Huishang Bank Corp. Ltd. | 2,071,504 | 893 | |
| *,^ | Sinopec Oilfield Service Corp. | 2,816,000 | 887 |
| * | Greentown China Holdings Ltd. | 994,121 | 868 |
| *,2 | China Railway Signal & Communication Corp. Ltd. | 1,077,700 | 852 |
| ^ | China Zhongwang Holdings Ltd. | 1,919,200 | 845 |
| Poly Property Group Co. Ltd. | 2,594,000 | 838 | |
| * | CSSC Offshore and Marine Engineering Group Co. Ltd. | 338,000 | 829 |
| CSG Holding Co. Ltd. Class B | 1,021,212 | 807 | |
| Dazhong Transportation Group Co. Ltd. Class B | 753,303 | 805 | |
| ^ | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 284,000 | 798 |
| Shenzhen Expressway Co. Ltd. | 1,006,000 | 772 | |
| ^ | China South City Holdings Ltd. | 3,214,000 | 763 |
| Guangdong Electric Power Development Co. Ltd. Class B | 1,134,572 | 740 | |
| Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 289,591 | 728 | |
| ^ | Zhaojin Mining Industry Co. Ltd. | 1,259,000 | 712 |
| ^ | China Hongqiao Group Ltd. | 1,345,886 | 700 |
| China BlueChemical Ltd. | 2,310,000 | 689 | |
| *,2 | Red Star Macalline Group Corp. Ltd. | 485,369 | 674 |
| * | Hopson Development Holdings Ltd. | 784,000 | 660 |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 1,727,405 | 656 |
| Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 193,500 | 618 | |
| Shanghai Baosight Software Co. Ltd. Class B | 155,200 | 608 | |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 1,151,266 | 604 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 345,760 | 583 | |
| Angang Steel Co. Ltd. | 1,396,000 | 579 | |
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 256,100 | 560 | |
| ^ | Dongfang Electric Corp. Ltd. | 455,400 | 545 |
| China Machinery Engineering Corp. | 629,361 | 545 | |
| Anhui Expressway Co. Ltd. | 628,000 | 538 | |
8
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,2 | Tianhe Chemicals Group Ltd. | 3,538,329 | 534 |
| * | Huadian Energy Co. Ltd. Class B | 921,800 | 529 |
| Beijing Enterprises Clean Energy Group Ltd. | 5,879,926 | 527 | |
| Kingboard Laminates Holdings Ltd. | 1,255,000 | 523 | |
| Anhui Gujing Distillery Co. Ltd. Class B | 156,700 | 518 | |
| CIMC Enric Holdings Ltd. | 784,287 | 516 | |
| ^ | Harbin Electric Co. Ltd. | 862,000 | 513 |
| * | BOE Technology Group Co. Ltd. Class B | 1,675,520 | 485 |
| * | Wumart Stores Inc. | 662,094 | 471 |
| Shanghai Bailian Group Co. Ltd. Class B | 240,690 | 458 | |
| *,^ | CITIC Resources Holdings Ltd. | 3,040,690 | 457 |
| *,^ | Maanshan Iron & Steel Co. Ltd. | 2,122,000 | 453 |
| Weifu High-Technology Group Co. Ltd. Class B | 175,784 | 449 | |
| Shanghai Haixin Group Co. Class B | 600,037 | 442 | |
| *,^ | China Foods Ltd. | 934,000 | 425 |
| Dalian Port PDA Co. Ltd. | 1,168,000 | 421 | |
| Sichuan Expressway Co. Ltd. | 1,186,000 | 414 | |
| Sinofert Holdings Ltd. | 2,341,153 | 410 | |
| ^ | Biostime International Holdings Ltd. | 182,500 | 405 |
| China National Accord Medicines Corp. Ltd. Class B | 74,430 | 382 | |
| * | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 524,935 | 378 |
| *,^ | China Yurun Food Group Ltd. | 1,771,000 | 378 |
| China National Materials Co. Ltd. | 1,555,000 | 372 | |
| Foshan Electrical and Lighting Co. Ltd. Class B | 394,576 | 363 | |
| Jiangling Motors Corp. Ltd. Class B | 111,283 | 357 | |
| Shandong Chenming Paper Holdings Ltd. Class B | 584,700 | 353 | |
| Zhongsheng Group Holdings Ltd. | 821,000 | 339 | |
| Sinotruk Hong Kong Ltd. | 804,500 | 334 | |
| Bosideng International Holdings Ltd. | 3,466,000 | 334 | |
| Double Coin Holdings Ltd. Class B | 313,600 | 315 | |
| Tianjin Capital Environmental Protection Group Co. Ltd. | 420,000 | 314 | |
| Beijing North Star Co. Ltd. | 922,000 | 298 | |
| * | China Overseas Property Holdings Ltd. | 1,729,920 | 297 |
| Shenzhen Chiwan Wharf Holdings Ltd. Class B | 143,700 | 284 | |
| Shandong Chenming Paper Holdings Ltd. | 494,500 | 276 | |
| *,^ | Sany Heavy Equipment International Holdings Co. Ltd. | 1,011,000 | 245 |
| Bengang Steel Plates Co. Ltd. Class B | 372,700 | 128 | |
| Jinzhou Port Co. Ltd. Class B | 211,860 | 122 | |
| 1,179,600 | |||
| Colombia (0.1%) | |||
| Bancolombia SA ADR | 141,126 | 4,886 | |
| Grupo de Inversiones Suramericana SA | 316,917 | 4,024 | |
| Grupo Argos SA | 437,832 | 2,690 | |
| Ecopetrol SA | 4,821,790 | 2,247 | |
| Corp Financiera Colombiana SA | 146,513 | 1,914 | |
| Cementos Argos SA | 547,547 | 1,814 | |
| Grupo Aval Acciones y Valores Preference Shares | 4,124,528 | 1,652 | |
| Grupo de Inversiones Suramericana SA Preference Shares | 127,826 | 1,604 | |
| Almacenes Exito SA | 297,274 | 1,340 | |
| Isagen SA ESP | 1,055,378 | 1,118 | |
| Interconexion Electrica SA ESP | 443,796 | 1,063 | |
| Ecopetrol SA ADR | 112,000 | 1,044 | |
| Cementos Argos SA Preference Shares | 283,835 | 893 | |
| * | Cemex Latam Holdings SA | 217,281 | 756 |
| Grupo Aval Acciones y Valores SA ADR | 46,834 | 375 | |
| 27,420 | |||
| Czech Republic (0.0%) | |||
| Komercni banka as | 22,060 | 4,561 | |
| CEZ AS | 210,684 | 4,211 | |
| 8,772 | |||
| Denmark (1.3%) | |||
| Novo Nordisk A/S Class B | 2,489,791 | 131,893 | |
| Danske Bank A/S | 1,054,759 | 28,937 | |
9
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Pandora A/S | 156,544 | 18,020 |
| Vestas Wind Systems A/S | 303,421 | 17,632 |
| Novozymes A/S | 310,254 | 14,349 |
| AP Moeller - Maersk A/S Class B | 9,085 | 13,371 |
| Carlsberg A/S Class B | 144,503 | 11,823 |
| Coloplast A/S Class B | 137,056 | 9,814 |
| DSV A/S | 228,486 | 9,245 |
| AP Moeller - Maersk A/S Class A | 6,127 | 8,762 |
| ISS A/S | 231,901 | 8,147 |
| Chr Hansen Holding A/S | 119,988 | 7,194 |
| * Genmab A/S | 72,497 | 7,128 |
| TDC A/S | 1,081,310 | 5,655 |
| * Jyske Bank A/S | 97,303 | 4,740 |
| * William Demant Holding A/S | 33,162 | 2,876 |
| Tryg A/S | 156,260 | 2,806 |
| * H Lundbeck A/S | 78,491 | 2,305 |
| 304,697 | ||
| Egypt (0.1%) | ||
| Commercial International Bank Egypt SAE | 1,141,091 | 7,503 |
| Talaat Moustafa Group | 1,358,206 | 1,148 |
| * Global Telecom Holding SAE GDR | 764,672 | 890 |
| * Egyptian Financial Group-Hermes Holding Co. | 700,184 | 785 |
| * Orascom Construction Ltd. | 77,459 | 774 |
| Juhayna Food Industries | 607,623 | 591 |
| * ElSewedy Electric Co. | 106,234 | 566 |
| Telecom Egypt Co. | 362,333 | 311 |
| Sidi Kerir Petrochemicals Co. | 165,354 | 273 |
| 12,841 | ||
| Finland (0.7%) | ||
| Nokia Oyj | 5,115,723 | 37,963 |
| Sampo Oyj Class A | 642,778 | 31,359 |
| Kone Oyj Class B | 521,021 | 22,200 |
| UPM-Kymmene Oyj | 718,813 | 13,436 |
| Wartsila OYJ Abp | 211,842 | 9,029 |
| Fortum Oyj | 594,651 | 8,907 |
| Elisa Oyj | 216,201 | 8,139 |
| Stora Enso Oyj | 785,122 | 7,268 |
| Nokian Renkaat Oyj | 183,906 | 6,921 |
| Orion Oyj Class B | 138,521 | 4,942 |
| Metso Oyj | 188,844 | 4,613 |
| Neste Oyj | 186,009 | 4,530 |
| Kesko Oyj Class B | 89,887 | 2,864 |
| 162,171 | ||
| France (6.8%) | ||
| Sanofi | 1,542,960 | 155,561 |
| TOTAL SA | 2,811,071 | 136,223 |
| BNP Paribas SA | 1,334,072 | 80,917 |
| AXA SA | 2,631,418 | 70,254 |
| LVMH Moet Hennessy Louis Vuitton SE | 342,108 | 63,649 |
| Danone SA | 776,522 | 54,061 |
| Airbus Group SE | 756,918 | 52,594 |
| Societe Generale SA | 1,001,041 | 46,478 |
| Orange SA | 2,605,008 | 45,827 |
| Schneider Electric SE | 754,869 | 45,644 |
| ^ Vinci SA | 636,850 | 42,924 |
| Vivendi SA | 1,606,725 | 38,664 |
| Essilor International SA | 272,136 | 35,712 |
| L'Oreal SA Loyalty Line | 190,657 | 34,737 |
| ^ Engie SA | 1,943,215 | 34,038 |
| Air Liquide SA | 248,668 | 32,169 |
| Pernod Ricard SA | 268,193 | 31,569 |
| Safran SA | 381,301 | 28,936 |
| Air Liquide SA (Prime de fidelite) | 219,013 | 28,332 |
10
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Cie de Saint-Gobain | 630,134 | 26,406 | |
| Cie Generale des Etablissements Michelin | 255,700 | 25,442 | |
| L'Oreal SA | 133,868 | 24,390 | |
| Carrefour SA | 744,644 | 24,250 | |
| Renault SA | 235,074 | 22,115 | |
| Legrand SA | 363,412 | 19,921 | |
| Cap Gemini SA | 217,306 | 19,326 | |
| Kering | 101,739 | 18,797 | |
| Publicis Groupe SA | 258,876 | 16,794 | |
| Valeo SA | 106,062 | 16,377 | |
| * | Alcatel-Lucent | 3,781,822 | 15,345 |
| Veolia Environnement SA | 636,371 | 14,795 | |
| Christian Dior SE | 70,822 | 13,921 | |
| Accor SA | 275,525 | 13,679 | |
| Dassault Systemes | 171,068 | 13,498 | |
| Credit Agricole SA | 1,030,250 | 13,031 | |
| Hermes International | 32,644 | 12,558 | |
| SES SA | 405,831 | 11,983 | |
| Klepierre | 242,149 | 11,474 | |
| Sodexo SA | 125,079 | 11,117 | |
| Thales SA | 140,677 | 10,186 | |
| Bouygues SA | 255,410 | 9,663 | |
| *,^ | Alstom SA | 294,498 | 9,596 |
| Atos SE | 119,793 | 9,545 | |
| * | Peugeot SA | 530,419 | 9,327 |
| Ingenico Group SA | 74,638 | 8,805 | |
| Groupe Eurotunnel SE | 625,469 | 8,757 | |
| Suez Environnement Co. | 441,697 | 8,393 | |
| Bureau Veritas SA | 351,206 | 7,935 | |
| Technip SA | 151,703 | 7,912 | |
| Natixis SA | 1,276,242 | 7,812 | |
| ^ | Eutelsat Communications SA | 223,801 | 7,376 |
| SCOR SE | 189,939 | 7,064 | |
| Arkema SA | 95,254 | 6,959 | |
| Iliad SA | 31,716 | 6,664 | |
| Bollore SA | 1,340,287 | 6,626 | |
| Zodiac Aerospace | 260,096 | 6,577 | |
| Gecina SA | 47,807 | 6,106 | |
| STMicroelectronics NV | 860,754 | 5,950 | |
| Societe BIC SA | 36,903 | 5,878 | |
| * | Numericable-SFR SAS | 126,323 | 5,715 |
| Rexel SA | 409,952 | 5,597 | |
| Edenred | 274,509 | 5,031 | |
| Wendel SA | 41,549 | 4,981 | |
| Aeroports de Paris | 38,852 | 4,878 | |
| Credit Agricole SA Loyalty Line | 374,217 | 4,733 | |
| Electricite de France SA | 254,143 | 4,727 | |
| Fonciere Des Regions | 48,932 | 4,605 | |
| Casino Guichard Perrachon SA | 79,076 | 4,543 | |
| Lagardere SCA | 152,465 | 4,438 | |
| JCDecaux SA | 107,270 | 4,365 | |
| Eurazeo SA | 55,230 | 3,889 | |
| ICADE | 48,456 | 3,585 | |
| Eiffage SA | 56,739 | 3,539 | |
| Faurecia | 82,023 | 3,241 | |
| CNP Assurances | 221,913 | 3,166 | |
| Imerys SA | 45,923 | 3,141 | |
| Ipsen SA | 47,624 | 3,005 | |
| SEB SA | 26,703 | 2,712 | |
| BioMerieux | 19,310 | 2,243 | |
| Remy Cointreau SA | 32,026 | 2,229 | |
| Electricite de France SA Loyalty Line | 102,414 | 1,905 | |
| Societe Television Francaise 1 | 142,743 | 1,836 | |
| Vallourec SA | 157,430 | 1,746 | |
11
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Euler Hermes Group | 17,504 | 1,640 | |
| SEB SA Loyalty Line | 9,727 | 988 | |
| 1,653,117 | |||
| Germany (6.4%) | |||
| Bayer AG | 1,129,636 | 150,784 | |
| Daimler AG | 1,304,886 | 113,232 | |
| Allianz SE | 621,954 | 108,904 | |
| Siemens AG | 1,081,798 | 108,798 | |
| BASF SE | 1,261,022 | 103,366 | |
| SAP SE | 1,220,960 | 96,526 | |
| * | Deutsche Telekom AG | 4,324,596 | 80,862 |
| Deutsche Bank AG | 1,884,129 | 52,839 | |
| Bayerische Motoren Werke AG | 444,066 | 45,587 | |
| Linde AG | 252,716 | 43,831 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 202,156 | 40,351 | |
| Fresenius SE & Co. KGaA | 535,572 | 39,295 | |
| Deutsche Post AG | 1,298,701 | 38,668 | |
| Continental AG | 147,536 | 35,471 | |
| E.ON SE | 2,560,293 | 27,019 | |
| Fresenius Medical Care AG & Co. KGaA | 291,311 | 26,243 | |
| Henkel AG & Co. KGaA Preference Shares | 237,063 | 25,726 | |
| Volkswagen AG Preference Shares | 209,716 | 25,173 | |
| adidas AG | 275,421 | 24,689 | |
| Deutsche Boerse AG | 251,419 | 23,142 | |
| Vonovia SE | 636,571 | 21,206 | |
| Infineon Technologies AG | 1,531,819 | 18,853 | |
| Merck KGaA | 176,471 | 17,214 | |
| ProSiebenSat.1 Media SE | 290,987 | 15,748 | |
| * | Commerzbank AG | 1,419,930 | 15,632 |
| Henkel AG & Co. KGaA | 159,700 | 14,740 | |
| HeidelbergCement AG | 192,098 | 14,312 | |
| Deutsche Wohnen AG | 460,096 | 12,973 | |
| Beiersdorf AG | 136,330 | 12,952 | |
| Brenntag AG | 211,052 | 12,752 | |
| ThyssenKrupp AG | 579,816 | 11,696 | |
| Symrise AG | 166,060 | 10,942 | |
| Porsche Automobil Holding SE Preference Shares | 207,293 | 9,712 | |
| GEA Group AG | 240,810 | 9,641 | |
| Hannover Rueck SE | 82,370 | 9,537 | |
| RWE AG | 660,648 | 9,194 | |
| HUGO BOSS AG | 87,788 | 9,039 | |
| United Internet AG | 160,536 | 8,340 | |
| Wirecard AG | 156,219 | 8,061 | |
| * | QIAGEN NV | 312,725 | 7,556 |
| METRO AG | 225,847 | 6,960 | |
| OSRAM Licht AG | 116,054 | 6,826 | |
| LANXESS AG | 124,252 | 6,674 | |
| K&S AG | 259,815 | 6,575 | |
| MTU Aero Engines AG | 69,470 | 6,430 | |
| Bayerische Motoren Werke AG Preference Shares | 73,944 | 5,968 | |
| Volkswagen AG | 40,192 | 5,566 | |
| Evonik Industries AG | 146,411 | 5,322 | |
| *,2 | Zalando SE | 150,304 | 5,263 |
| MAN SE | 47,469 | 4,955 | |
| Telefonica Deutschland Holding AG | 732,517 | 4,717 | |
| * | Deutsche Lufthansa AG | 312,242 | 4,612 |
| RTL Group SA | 52,986 | 4,581 | |
| Fuchs Petrolub SE Preference Shares | 95,096 | 4,561 | |
| TUI AG-DI | 232,404 | 4,316 | |
| Kabel Deutschland Holding AG | 28,660 | 3,650 | |
| HOCHTIEF AG | 37,145 | 3,458 | |
| Axel Springer SE | 56,832 | 3,199 | |
| Fraport AG Frankfurt Airport Services Worldwide | 49,810 | 3,160 | |
| Fielmann AG | 34,168 | 2,393 | |
12
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Suedzucker AG | 104,096 | 1,943 |
| FUCHS PETROLUB SE | 46,450 | 1,920 | |
| Wacker Chemie AG | 20,167 | 1,772 | |
| Hella KGaA Hueck & Co. | 41,430 | 1,700 | |
| Talanx AG | 51,789 | 1,660 | |
| RWE AG Preference Shares | 44,448 | 488 | |
| 1,569,275 | |||
| Greece (0.0%) | |||
| Hellenic Telecommunications Organization SA | 315,696 | 2,937 | |
| OPAP SA | 281,047 | 2,485 | |
| * | National Bank of Greece SA | 1,972,114 | 1,457 |
| * | Alpha Bank AE | 5,155,203 | 649 |
| * | Piraeus Bank SA | 2,722,058 | 277 |
| 7,805 | |||
| Hong Kong (2.7%) | |||
| AIA Group Ltd. | 16,452,481 | 96,071 | |
| CK Hutchison Holdings Ltd. | 3,848,872 | 52,578 | |
| Hong Kong Exchanges and Clearing Ltd. | 1,635,700 | 42,703 | |
| Sun Hung Kai Properties Ltd. | 2,276,599 | 30,382 | |
| Cheung Kong Property Holdings Ltd. | 3,848,872 | 26,882 | |
| Hang Seng Bank Ltd. | 1,044,700 | 19,128 | |
| Hong Kong & China Gas Co. Ltd. | 9,294,928 | 18,836 | |
| Link REIT | 3,120,768 | 18,539 | |
| CLP Holdings Ltd. | 2,119,257 | 18,431 | |
| Jardine Matheson Holdings Ltd. | 334,046 | 18,119 | |
| Power Assets Holdings Ltd. | 1,807,812 | 17,977 | |
| BOC Hong Kong Holdings Ltd. | 4,893,882 | 15,615 | |
| Hongkong Land Holdings Ltd. | 1,598,865 | 11,970 | |
| Sands China Ltd. | 3,298,000 | 11,838 | |
| Wharf Holdings Ltd. | 1,861,275 | 11,050 | |
| Galaxy Entertainment Group Ltd. | 2,906,000 | 9,888 | |
| Jardine Strategic Holdings Ltd. | 304,800 | 9,188 | |
| Swire Pacific Ltd. Class A | 791,941 | 9,148 | |
| Henderson Land Development Co. Ltd. | 1,412,367 | 8,990 | |
| MTR Corp. Ltd. | 1,917,500 | 8,676 | |
| New World Development Co. Ltd. | 7,374,309 | 7,861 | |
| Hang Lung Properties Ltd. | 3,115,000 | 7,609 | |
| Cheung Kong Infrastructure Holdings Ltd. | 818,000 | 7,596 | |
| ^ | Want Want China Holdings Ltd. | 9,020,805 | 7,489 |
| China Mengniu Dairy Co. Ltd. | 3,768,000 | 7,287 | |
| ^ | Sino Land Co. Ltd. | 4,165,600 | 6,419 |
| Li & Fung Ltd. | 7,793,555 | 6,292 | |
| Techtronic Industries Co. Ltd. | 1,717,500 | 6,268 | |
| ^ | AAC Technologies Holdings Inc. | 956,000 | 6,052 |
| Bank of East Asia Ltd. | 1,595,407 | 5,947 | |
| *,^ | Goldin Financial Holdings Ltd. | 2,859,402 | 5,331 |
| Wheelock & Co. Ltd. | 1,110,000 | 5,159 | |
| Samsonite International SA | 1,749,320 | 5,149 | |
| Tingyi Cayman Islands Holding Corp. | 2,863,667 | 4,893 | |
| Swire Properties Ltd. | 1,598,300 | 4,788 | |
| Yue Yuen Industrial Holdings Ltd. | 1,117,830 | 4,075 | |
| Hysan Development Co. Ltd. | 846,000 | 3,745 | |
| ^ | Esprit Holdings Ltd. | 2,878,244 | 3,225 |
| * | Semiconductor Manufacturing International Corp. | 34,157,000 | 3,199 |
| PCCW Ltd. | 5,569,000 | 3,007 | |
| NWS Holdings Ltd. | 1,926,500 | 2,893 | |
| ^ | Prada SPA | 699,906 | 2,839 |
| Cathay Pacific Airways Ltd. | 1,381,015 | 2,740 | |
| Hopewell Holdings Ltd. | 744,500 | 2,685 | |
| VTech Holdings Ltd. | 218,000 | 2,642 | |
| Kerry Properties Ltd. | 865,000 | 2,558 | |
| ^ | Sun Art Retail Group Ltd. | 2,953,055 | 2,415 |
| *,2 | WH Group Ltd. | 4,303,661 | 2,374 |
| ^ | New World China Land Ltd. | 3,471,400 | 2,294 |
13
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ASM Pacific Technology Ltd. | 322,500 | 2,283 | |
| First Pacific Co. Ltd. | 3,062,350 | 2,090 | |
| SJM Holdings Ltd. | 2,510,000 | 2,080 | |
| ^ | Wynn Macau Ltd. | 1,495,700 | 2,050 |
| Johnson Electric Holdings Ltd. | 475,875 | 1,745 | |
| ^ | Melco International Development Ltd. | 1,077,000 | 1,661 |
| Champion REIT | 3,179,000 | 1,648 | |
| *,^ | Brightoil Petroleum Holdings Ltd. | 4,595,000 | 1,628 |
| Shangri-La Asia Ltd. | 1,774,390 | 1,624 | |
| China Travel International Investment Hong Kong Ltd. | 3,558,000 | 1,604 | |
| Haitong International Securities Group Ltd. | 2,905,908 | 1,602 | |
| * | Global Brands Group Holding Ltd. | 7,761,555 | 1,601 |
| ^ | Imperial Pacific International Holdings Ltd. | 62,556,854 | 1,575 |
| Cafe de Coral Holdings Ltd. | 448,000 | 1,514 | |
| FIH Mobile Ltd. | 3,176,000 | 1,510 | |
| *,^ | Goldin Properties Holdings Ltd. | 1,742,507 | 1,492 |
| MGM China Holdings Ltd. | 1,012,976 | 1,475 | |
| ^ | Uni-President China Holdings Ltd. | 1,735,702 | 1,420 |
| Television Broadcasts Ltd. | 387,100 | 1,408 | |
| Xinyi Glass Holdings Ltd. | 2,626,000 | 1,361 | |
| ^ | Xinyi Solar Holdings Ltd. | 3,260,000 | 1,291 |
| ^ | Orient Overseas International Ltd. | 270,500 | 1,289 |
| ^ | Chow Tai Fook Jewellery Group Ltd. | 1,503,000 | 1,283 |
| *,2 | China Jicheng Holdings Ltd. | 5,122,779 | 1,281 |
| Shui On Land Ltd. | 4,582,200 | 1,256 | |
| L'Occitane International SA | 606,000 | 1,217 | |
| ^ | Guotai Junan International Holdings Ltd. | 3,188,943 | 1,169 |
| Great Eagle Holdings Ltd. | 352,000 | 1,157 | |
| ^ | Dah Sing Financial Holdings Ltd. | 202,121 | 1,129 |
| Huabao International Holdings Ltd. | 2,670,000 | 1,116 | |
| Kerry Logistics Network Ltd. | 748,000 | 1,112 | |
| Shun Tak Holdings Ltd. | 2,465,625 | 982 | |
| Lifestyle International Holdings Ltd. | 622,000 | 899 | |
| Dah Sing Banking Group Ltd. | 470,063 | 889 | |
| Texwinca Holdings Ltd. | 884,000 | 858 | |
| ^ | United Co. RUSAL plc | 2,201,876 | 843 |
| *,^ | China Oceanwide Holdings Ltd. | 5,822,000 | 808 |
| *,^ | Good Resources Holdings Ltd. | 3,249,853 | 788 |
| ^ | Shougang Fushan Resources Group Ltd. | 4,840,000 | 655 |
| ^ | Towngas China Co. Ltd. | 848,921 | 577 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,531,000 | 565 | |
| Hopewell Highway Infrastructure Ltd. | 1,211,100 | 557 | |
| Kowloon Development Co. Ltd. | 423,000 | 478 | |
| ^ | SA Sa International Holdings Ltd. | 1,235,844 | 396 |
| *,^ | China Huarong Energy Co. Ltd. | 9,164,229 | 375 |
| *,^ | Macau Legend Development Ltd. | 2,055,000 | 292 |
| 647,473 | |||
| Hungary (0.1%) | |||
| OTP Bank plc | 250,964 | 4,860 | |
| Richter Gedeon Nyrt | 205,245 | 3,423 | |
| MOL Hungarian Oil & Gas plc | 64,555 | 2,917 | |
| * | Magyar Telekom Telecommunications plc | 520,363 | 722 |
| 11,922 | |||
| India (2.2%) | |||
| Infosys Ltd. ADR | 2,465,158 | 44,767 | |
| Housing Development Finance Corp. Ltd. | 2,153,392 | 41,303 | |
| Tata Consultancy Services Ltd. | 641,669 | 24,467 | |
| 2 | Reliance Industries Ltd. GDR | 749,596 | 21,476 |
| Sun Pharmaceutical Industries Ltd. | 1,512,785 | 20,541 | |
| HDFC Bank Ltd. ADR | 331,160 | 20,247 | |
| ICICI Bank Ltd. ADR | 1,735,977 | 14,964 | |
| ITC Ltd. | 2,630,362 | 13,446 | |
| Hindustan Unilever Ltd. | 973,468 | 11,910 | |
| Oil & Natural Gas Corp. Ltd. | 2,804,931 | 10,577 | |
14
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| HCL Technologies Ltd. | 725,897 | 9,674 |
| Reliance Industries Ltd. | 667,790 | 9,662 |
| Bharti Airtel Ltd. | 1,747,382 | 9,311 |
| Lupin Ltd. | 301,265 | 8,850 |
| Coal India Ltd. | 1,811,952 | 8,850 |
| Kotak Mahindra Bank Ltd. | 803,187 | 8,434 |
| Axis Bank Ltd. | 1,151,641 | 8,350 |
| Wipro Ltd. ADR | 663,093 | 8,209 |
| * Tata Motors Ltd. | 1,380,413 | 8,088 |
| Mahindra & Mahindra Ltd. | 411,750 | 7,440 |
| State Bank of India GDR | 198,609 | 7,180 |
| Larsen & Toubro Ltd. | 305,076 | 6,568 |
| Dr Reddy's Laboratories Ltd. ADR | 89,565 | 5,803 |
| IndusInd Bank Ltd. | 396,018 | 5,511 |
| NTPC Ltd. (Common) | 2,703,253 | 5,480 |
| Hero MotoCorp Ltd. | 133,662 | 5,270 |
| Tech Mahindra Ltd. | 630,708 | 5,193 |
| Adani Ports & Special Economic Zone Ltd. | 1,123,440 | 5,074 |
| Asian Paints Ltd. | 393,208 | 4,986 |
| Aurobindo Pharma Ltd. | 366,272 | 4,672 |
| Indian Oil Corp. Ltd. | 760,910 | 4,647 |
| Cipla Ltd. | 439,440 | 4,632 |
| Zee Entertainment Enterprises Ltd. | 734,466 | 4,581 |
| Eicher Motors Ltd. | 16,598 | 4,496 |
| Bharti Infratel Ltd. | 750,108 | 4,458 |
| Maruti Suzuki India Ltd. | 64,553 | 4,384 |
| Idea Cellular Ltd. | 1,972,289 | 4,212 |
| UltraTech Cement Ltd. | 90,318 | 3,982 |
| * United Spirits Ltd. | 81,864 | 3,933 |
| Bajaj Auto Ltd. | 95,532 | 3,721 |
| Power Grid Corp. of India Ltd. | 1,692,921 | 3,330 |
| Shriram Transport Finance Co. Ltd. | 229,829 | 3,310 |
| Bosch Ltd. | 10,399 | 3,249 |
| Bharat Petroleum Corp. Ltd. | 239,546 | 3,187 |
| Godrej Consumer Products Ltd. | 164,553 | 3,173 |
| Nestle India Ltd. | 32,014 | 3,021 |
| UPL Ltd. | 412,796 | 2,895 |
| Dabur India Ltd. | 699,351 | 2,881 |
| Glenmark Pharmaceuticals Ltd. | 188,863 | 2,855 |
| Ambuja Cements Ltd. | 853,472 | 2,697 |
| Vedanta Ltd. | 1,661,931 | 2,517 |
| LIC Housing Finance Ltd. | 331,163 | 2,423 |
| Bharat Heavy Electricals Ltd. | 786,675 | 2,386 |
| Siemens Ltd. | 114,459 | 2,316 |
| JSW Steel Ltd. | 158,625 | 2,202 |
| Infosys Ltd. | 125,405 | 2,176 |
| * Shree Cement Ltd. | 11,197 | 2,099 |
| * Cadila Healthcare Ltd. | 329,040 | 2,095 |
| Yes Bank Ltd. | 180,767 | 2,090 |
| * Tata Motors Ltd. Class A | 517,417 | 2,051 |
| GAIL India Ltd. | 407,697 | 1,920 |
| Britannia Industries Ltd. | 38,545 | 1,903 |
| Divi's Laboratories Ltd. | 106,736 | 1,879 |
| HDFC Bank Ltd. | 106,795 | 1,793 |
| Marico Ltd. | 302,103 | 1,786 |
| Rural Electrification Corp. Ltd. | 462,840 | 1,762 |
| Bajaj Finance Ltd. | 21,830 | 1,740 |
| Oracle Financial Services Software Ltd. | 28,014 | 1,661 |
| * Reliance Communications Ltd. | 1,428,009 | 1,640 |
| Bharat Forge Ltd. | 124,703 | 1,633 |
| NMDC Ltd. | 1,061,906 | 1,622 |
| Piramal Enterprises Ltd. | 113,237 | 1,618 |
| ICICI Bank Ltd. | 382,768 | 1,615 |
| Motherson Sumi Systems Ltd. | 425,121 | 1,593 |
15
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Dr Reddy's Laboratories Ltd. | 24,066 | 1,566 |
| Hindustan Petroleum Corp. Ltd. | 133,397 | 1,566 |
| Grasim Industries Ltd. | 27,587 | 1,564 |
| Power Finance Corp. Ltd. | 424,235 | 1,552 |
| Bajaj Finserv Ltd. | 51,563 | 1,550 |
| Titan Co. Ltd. | 285,514 | 1,525 |
| Crompton Greaves Ltd. | 556,042 | 1,476 |
| Bank of Baroda | 604,194 | 1,473 |
| Bharat Electronics Ltd. | 77,139 | 1,466 |
| Cummins India Ltd. | 89,094 | 1,461 |
| Cairn India Ltd. | 608,883 | 1,425 |
| Hindalco Industries Ltd. | 1,105,952 | 1,416 |
| Pidilite Industries Ltd. | 164,767 | 1,411 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 27,224 | 1,378 |
| Aditya Birla Nuvo Ltd. | 42,667 | 1,344 |
| Tata Power Co. Ltd. | 1,268,025 | 1,332 |
| United Breweries Ltd. | 92,063 | 1,319 |
| Ashok Leyland Ltd. | 914,684 | 1,307 |
| Torrent Pharmaceuticals Ltd. | 55,122 | 1,296 |
| ABB India Ltd. | 68,401 | 1,292 |
| GlaxoSmithKline Consumer Healthcare Ltd. | 13,913 | 1,279 |
| Colgate-Palmolive India Ltd. | 87,578 | 1,279 |
| ACC Ltd. | 60,220 | 1,269 |
| Mahindra & Mahindra Financial Services Ltd. | 365,610 | 1,266 |
| Wipro Ltd. | 142,814 | 1,256 |
| Emami Ltd. | 73,907 | 1,211 |
| Tata Steel Ltd. | 312,155 | 1,173 |
| Castrol India Ltd. | 158,779 | 1,123 |
| Reliance Infrastructure Ltd. | 179,596 | 1,085 |
| Steel Authority of India Ltd. | 1,327,539 | 1,081 |
| * IDFC Bank Ltd. | 952,848 | 1,057 |
| Reliance Capital Ltd. | 161,186 | 1,038 |
| DLF Ltd. | 584,010 | 1,035 |
| Wockhardt Ltd. | 45,282 | 1,032 |
| Oil India Ltd. | 161,291 | 999 |
| Punjab National Bank | 506,676 | 991 |
| Bajaj Holdings & Investment Ltd. | 35,960 | 913 |
| IDFC Ltd. | 952,848 | 856 |
| Mphasis Ltd. | 112,858 | 817 |
| Hindustan Zinc Ltd. | 339,512 | 814 |
| JSW Energy Ltd. | 558,364 | 794 |
| Sun TV Network Ltd. | 111,329 | 675 |
| Exide Industries Ltd. | 290,642 | 662 |
| * Essar Oil Ltd. | 217,901 | 636 |
| Canara Bank | 150,093 | 633 |
| * Reliance Power Ltd. | 785,614 | 604 |
| * Adani Power Ltd. | 1,222,627 | 587 |
| Tata Communications Ltd. | 87,649 | 574 |
| * Jindal Steel & Power Ltd. | 468,685 | 572 |
| IDBI Bank Ltd. | 438,206 | 572 |
| Godrej Industries Ltd. | 92,551 | 553 |
| NHPC Ltd. | 1,955,291 | 542 |
| * GMR Infrastructure Ltd. | 2,482,241 | 496 |
| Adani Enterprises Ltd. | 322,956 | 455 |
| Union Bank of India | 188,519 | 449 |
| Torrent Power Ltd. | 143,644 | 426 |
| Great Eastern Shipping Co. Ltd. | 68,503 | 395 |
| Bank of India | 194,388 | 389 |
| Tata Chemicals Ltd. | 61,655 | 385 |
| * Mangalore Refinery & Petrochemicals Ltd. | 276,782 | 231 |
| Oriental Bank of Commerce | 72,758 | 149 |
| Corp Bank | 112,610 | 75 |
| 547,614 | ||
16
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Indonesia (0.4%) | ||
| Bank Central Asia Tbk PT | 16,743,600 | 15,718 |
| Telekomunikasi Indonesia Persero Tbk PT | 68,847,896 | 13,619 |
| Astra International Tbk PT | 27,447,258 | 11,767 |
| Bank Rakyat Indonesia Persero Tbk PT | 14,546,500 | 11,110 |
| Bank Mandiri Persero Tbk PT | 12,639,778 | 7,993 |
| Unilever Indonesia Tbk PT | 1,691,400 | 4,564 |
| Bank Negara Indonesia Persero Tbk PT | 9,836,134 | 3,396 |
| Perusahaan Gas Negara Persero Tbk PT | 14,013,400 | 3,051 |
| United Tractors Tbk PT | 2,300,858 | 3,035 |
| Semen Indonesia Persero Tbk PT | 4,232,200 | 3,010 |
| Kalbe Farma Tbk PT | 25,935,881 | 2,696 |
| Indofood Sukses Makmur Tbk PT | 6,475,000 | 2,600 |
| Indocement Tunggal Prakarsa Tbk PT | 1,856,200 | 2,423 |
| Charoen Pokphand Indonesia Tbk PT | 10,802,300 | 1,957 |
| Gudang Garam Tbk PT | 618,400 | 1,938 |
| Surya Citra Media Tbk PT | 7,494,100 | 1,592 |
| Indofood CBP Sukses Makmur Tbk PT | 1,585,000 | 1,526 |
| * Tower Bersama Infrastructure Tbk PT | 2,633,600 | 1,366 |
| Jasa Marga Persero Tbk PT | 2,496,000 | 879 |
| Media Nusantara Citra Tbk PT | 6,586,400 | 851 |
| * XL Axiata Tbk PT | 3,614,400 | 821 |
| Adaro Energy Tbk PT | 18,145,458 | 784 |
| Bank Danamon Indonesia Tbk PT | 3,890,294 | 783 |
| Global Mediacom Tbk PT | 9,209,900 | 581 |
| Astra Agro Lestari Tbk PT | 400,000 | 578 |
| Tambang Batubara Bukit Asam Persero Tbk PT | 958,600 | 508 |
| * Vale Indonesia Tbk PT | 2,111,500 | 342 |
| Indo Tambangraya Megah Tbk PT | 444,600 | 273 |
| 99,761 | ||
| Ireland (0.2%) | ||
| Kerry Group plc Class A | 196,514 | 15,960 |
| * Bank of Ireland | 37,051,187 | 13,784 |
| * Ryanair Holdings plc ADR | 139,018 | 10,870 |
| Smurfit Kappa Group plc | 315,703 | 8,989 |
| Glanbia plc | 235,464 | 4,563 |
| * Ryanair Holdings plc | 19,968 | 296 |
| * Irish Bank Resolution Corp. Ltd. | 236,607 | — |
| 54,462 | ||
| Israel (0.5%) | ||
| Teva Pharmaceutical Industries Ltd. | 1,297,171 | 77,054 |
| Bank Hapoalim BM | 1,331,572 | 6,927 |
| * Bank Leumi Le-Israel BM | 1,734,164 | 6,572 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 2,524,510 | 5,423 |
| NICE-Systems Ltd. | 71,562 | 4,426 |
| Israel Chemicals Ltd. | 625,092 | 3,463 |
| Elbit Systems Ltd. | 32,421 | 2,567 |
| * Israel Discount Bank Ltd. Class A | 1,405,679 | 2,562 |
| Azrieli Group | 58,017 | 2,267 |
| Frutarom Industries Ltd. | 48,406 | 2,089 |
| Mizrahi Tefahot Bank Ltd. | 152,783 | 1,852 |
| Gazit-Globe Ltd. | 141,029 | 1,527 |
| Delek Group Ltd. | 6,263 | 1,511 |
| Paz Oil Co. Ltd. | 6,349 | 947 |
| Osem Investments Ltd. | 48,527 | 938 |
| * Tower Semiconductor Ltd. | 59,320 | 809 |
| Israel Corp. Ltd. | 3,093 | 798 |
| First International Bank Of Israel Ltd. | 58,300 | 735 |
| Melisron Ltd. | 18,436 | 643 |
| * Strauss Group Ltd. | 42,524 | 609 |
| Harel Insurance Investments & Financial Services Ltd. | 135,466 | 572 |
| Shikun & Binui Ltd. | 278,779 | 507 |
| * Oil Refineries Ltd. | 1,179,965 | 431 |
| * Clal Insurance Enterprises Holdings Ltd. | 22,729 | 346 |
17
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Delek Automotive Systems Ltd. | 29,330 | 277 | |
| Migdal Insurance & Financial Holding Ltd. | 232,284 | 211 | |
| * | Shufersal Ltd. | 1 | — |
| 126,063 | |||
| Italy (1.8%) | |||
| Intesa Sanpaolo SPA (Registered) | 16,444,344 | 57,327 | |
| Eni SPA | 3,340,282 | 54,496 | |
| Enel SPA | 9,377,048 | 43,294 | |
| UniCredit SPA | 6,684,050 | 43,249 | |
| Assicurazioni Generali SPA | 1,722,146 | 32,667 | |
| * | Telecom Italia SPA (Registered) | 15,352,132 | 21,382 |
| Atlantia SPA | 651,980 | 18,077 | |
| * | Fiat Chrysler Automobiles NV | 1,195,612 | 17,579 |
| Luxottica Group SPA | 239,778 | 16,776 | |
| Snam SPA | 2,967,937 | 15,351 | |
| Terna Rete Elettrica Nazionale SPA | 1,949,454 | 9,909 | |
| Telecom Italia SPA (Bearer) | 8,231,863 | 9,267 | |
| Unione di Banche Italiane SPA | 1,180,967 | 8,816 | |
| CNH Industrial NV | 1,262,009 | 8,520 | |
| Mediobanca SPA | 756,301 | 7,614 | |
| * | Banco Popolare SC | 495,194 | 7,417 |
| * | Finmeccanica SPA | 523,420 | 6,854 |
| EXOR SPA | 133,642 | 6,639 | |
| Prysmian SPA | 283,806 | 6,136 | |
| Banca Monte dei Paschi di Siena SPA | 3,317,130 | 6,084 | |
| Mediaset SPA | 1,030,706 | 5,240 | |
| Tenaris SA | 370,727 | 4,674 | |
| Enel Green Power SPA | 2,122,335 | 4,486 | |
| Intesa Sanpaolo SPA | 1,295,589 | 4,143 | |
| UnipolSai SPA | 1,598,673 | 3,853 | |
| Tenaris SA ADR | 137,850 | 3,483 | |
| Davide Campari-Milano SPA | 396,726 | 3,392 | |
| *,^ | Saipem SPA | 344,516 | 3,239 |
| Mediolanum SPA | 359,586 | 2,925 | |
| ^ | Salvatore Ferragamo SPA | 66,907 | 1,818 |
| Parmalat SPA | 438,230 | 1,140 | |
| 435,847 | |||
| Japan (17.6%) | |||
| Toyota Motor Corp. | 3,618,517 | 221,564 | |
| Mitsubishi UFJ Financial Group Inc. | 18,998,107 | 122,847 | |
| Honda Motor Co. Ltd. | 2,449,746 | 81,331 | |
| Sumitomo Mitsui Financial Group Inc. | 1,774,314 | 70,541 | |
| SoftBank Group Corp. | 1,266,554 | 70,497 | |
| Mizuho Financial Group Inc. | 33,820,323 | 69,157 | |
| KDDI Corp. | 2,566,366 | 61,993 | |
| Takeda Pharmaceutical Co. Ltd. | 1,057,131 | 51,388 | |
| East Japan Railway Co. | 518,526 | 49,221 | |
| Japan Tobacco Inc. | 1,418,700 | 49,012 | |
| Sony Corp. | 1,716,000 | 48,667 | |
| Seven & i Holdings Co. Ltd. | 1,065,629 | 48,153 | |
| FANUC Corp. | 267,283 | 47,036 | |
| Central Japan Railway Co. | 247,312 | 44,906 | |
| Astellas Pharma Inc. | 2,968,580 | 42,916 | |
| Canon Inc. | 1,431,977 | 42,773 | |
| Mitsubishi Estate Co. Ltd. | 1,728,247 | 36,949 | |
| Tokio Marine Holdings Inc. | 958,827 | 36,730 | |
| Murata Manufacturing Co. Ltd. | 257,400 | 36,500 | |
| NTT DOCOMO Inc. | 1,855,800 | 36,428 | |
| Hitachi Ltd. | 6,335,350 | 36,393 | |
| Mitsui Fudosan Co. Ltd. | 1,295,500 | 35,117 | |
| Kao Corp. | 684,900 | 34,982 | |
| Panasonic Corp. | 2,905,884 | 34,100 | |
| Mitsubishi Corp. | 1,881,794 | 34,090 | |
| Shin-Etsu Chemical Co. Ltd. | 562,966 | 33,331 | |
18
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Nissan Motor Co. Ltd. | 3,206,925 | 33,271 |
| Fuji Heavy Industries Ltd. | 855,500 | 33,032 |
| Keyence Corp. | 62,421 | 32,398 |
| Bridgestone Corp. | 877,297 | 32,166 |
| Denso Corp. | 686,645 | 31,789 |
| Mitsui & Co. Ltd. | 2,331,418 | 29,450 |
| Nomura Holdings Inc. | 4,664,300 | 29,222 |
| Mitsubishi Electric Corp. | 2,698,148 | 27,982 |
| Dai-ichi Life Insurance Co. Ltd. | 1,543,900 | 26,693 |
| ORIX Corp. | 1,791,100 | 26,186 |
| Nippon Telegraph & Telephone Corp. | 702,714 | 25,806 |
| Fast Retailing Co. Ltd. | 69,200 | 25,181 |
| Nidec Corp. | 331,092 | 24,877 |
| ITOCHU Corp. | 1,964,658 | 24,472 |
| Kubota Corp. | 1,536,266 | 23,682 |
| Nintendo Co. Ltd. | 147,700 | 23,578 |
| Hoya Corp. | 566,300 | 23,275 |
| Daikin Industries Ltd. | 361,914 | 23,171 |
| FUJIFILM Holdings Corp. | 573,172 | 22,783 |
| Daiwa House Industry Co. Ltd. | 871,406 | 22,752 |
| Eisai Co. Ltd. | 363,111 | 22,590 |
| Nippon Steel & Sumitomo Metal Corp. | 1,109,306 | 22,436 |
| Mitsubishi Heavy Industries Ltd. | 4,332,890 | 21,808 |
| Komatsu Ltd. | 1,288,200 | 21,267 |
| MS&AD Insurance Group Holdings Inc. | 704,875 | 20,686 |
| SMC Corp. | 79,353 | 20,341 |
| Sumitomo Mitsui Trust Holdings Inc. | 5,177,168 | 19,812 |
| Sumitomo Realty & Development Co. Ltd. | 592,762 | 19,434 |
| Kyocera Corp. | 425,924 | 19,200 |
| Suzuki Motor Corp. | 553,700 | 18,074 |
| Toray Industries Inc. | 2,074,390 | 18,059 |
| Daiichi Sankyo Co. Ltd. | 909,340 | 17,725 |
| Secom Co. Ltd. | 261,144 | 17,369 |
| West Japan Railway Co. | 247,194 | 17,294 |
| Ono Pharmaceutical Co. Ltd. | 125,700 | 17,128 |
| Dentsu Inc. | 303,218 | 16,986 |
| Shimano Inc. | 107,700 | 16,926 |
| Otsuka Holdings Co. Ltd. | 502,500 | 16,622 |
| Sumitomo Corp. | 1,516,738 | 16,620 |
| Resona Holdings Inc. | 3,137,273 | 16,543 |
| Shionogi & Co. Ltd. | 397,200 | 16,236 |
| Ajinomoto Co. Inc. | 720,697 | 15,997 |
| Kirin Holdings Co. Ltd. | 1,129,156 | 15,934 |
| Oriental Land Co. Ltd. | 262,904 | 15,912 |
| Sompo Japan Nipponkoa Holdings Inc. | 509,900 | 15,895 |
| Tokyo Gas Co. Ltd. | 3,201,242 | 15,806 |
| Asahi Group Holdings Ltd. | 510,883 | 15,722 |
| Rakuten Inc. | 1,131,500 | 15,659 |
| Daiwa Securities Group Inc. | 2,295,500 | 15,655 |
| Mazda Motor Corp. | 763,400 | 14,991 |
| Chubu Electric Power Co. Inc. | 956,265 | 14,662 |
| Recruit Holdings Co. Ltd. | 453,450 | 14,545 |
| Olympus Corp. | 431,605 | 14,500 |
| * Toshiba Corp. | 5,137,452 | 14,450 |
| MEIJI Holdings Co. Ltd. | 183,290 | 14,365 |
| * Tokyo Electric Power Co. Inc. | 2,088,763 | 14,205 |
| Sumitomo Electric Industries Ltd. | 1,032,594 | 14,048 |
| Aeon Co. Ltd. | 931,600 | 13,765 |
| Nitto Denko Corp. | 210,559 | 13,431 |
| Sekisui House Ltd. | 802,789 | 13,318 |
| Terumo Corp. | 448,902 | 13,254 |
| Tokyo Electron Ltd. | 220,476 | 13,165 |
| Marubeni Corp. | 2,253,974 | 12,981 |
| JX Holdings Inc. | 3,242,430 | 12,670 |
19
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Tokyu Corp. | 1,557,537 | 12,590 |
| * Kansai Electric Power Co. Inc. | 985,700 | 12,559 |
| Shiseido Co. Ltd. | 527,599 | 12,444 |
| Sumitomo Chemical Co. Ltd. | 2,119,500 | 12,098 |
| Inpex Corp. | 1,243,930 | 11,857 |
| Japan Exchange Group Inc. | 735,400 | 11,794 |
| Toyota Industries Corp. | 219,257 | 11,477 |
| Fujitsu Ltd. | 2,420,055 | 11,387 |
| T&D Holdings Inc. | 845,379 | 11,046 |
| Mitsubishi Chemical Holdings Corp. | 1,773,915 | 11,022 |
| Asahi Kasei Corp. | 1,801,307 | 11,018 |
| Hankyu Hanshin Holdings Inc. | 1,690,700 | 11,015 |
| Sysmex Corp. | 192,320 | 10,991 |
| JFE Holdings Inc. | 692,500 | 10,829 |
| NEC Corp. | 3,484,000 | 10,741 |
| Daito Trust Construction Co. Ltd. | 99,200 | 10,731 |
| TDK Corp. | 166,500 | 10,562 |
| Aisin Seiki Co. Ltd. | 264,309 | 10,460 |
| Osaka Gas Co. Ltd. | 2,657,921 | 10,441 |
| Unicharm Corp. | 476,879 | 10,163 |
| Yamato Holdings Co. Ltd. | 510,716 | 10,014 |
| Ricoh Co. Ltd. | 913,741 | 9,824 |
| Chugai Pharmaceutical Co. Ltd. | 306,100 | 9,815 |
| Bank of Yokohama Ltd. | 1,539,869 | 9,568 |
| Taisei Corp. | 1,452,700 | 9,430 |
| Isuzu Motors Ltd. | 804,500 | 9,350 |
| Kintetsu Group Holdings Co. Ltd. | 2,397,500 | 9,251 |
| Omron Corp. | 277,300 | 9,147 |
| Tohoku Electric Power Co. Inc. | 643,800 | 9,007 |
| Makita Corp. | 163,300 | 8,906 |
| NTT Data Corp. | 176,900 | 8,768 |
| Yamaha Motor Co. Ltd. | 391,200 | 8,765 |
| Dai Nippon Printing Co. Ltd. | 842,566 | 8,683 |
| Sumitomo Metal Mining Co. Ltd. | 672,700 | 8,375 |
| Odakyu Electric Railway Co. Ltd. | 845,210 | 8,238 |
| NGK Insulators Ltd. | 379,000 | 8,152 |
| Kikkoman Corp. | 259,000 | 8,076 |
| Nitori Holdings Co. Ltd. | 103,382 | 8,044 |
| Obayashi Corp. | 908,700 | 7,959 |
| Electric Power Development Co. Ltd. | 240,900 | 7,912 |
| Isetan Mitsukoshi Holdings Ltd. | 490,140 | 7,833 |
| Kawasaki Heavy Industries Ltd. | 1,935,037 | 7,723 |
| Mitsubishi Motors Corp. | 863,520 | 7,642 |
| Alps Electric Co. Ltd. | 247,300 | 7,615 |
| Yahoo Japan Corp. | 1,794,300 | 7,588 |
| NSK Ltd. | 641,700 | 7,560 |
| * Kyushu Electric Power Co. Inc. | 621,848 | 7,499 |
| LIXIL Group Corp. | 349,973 | 7,474 |
| Santen Pharmaceutical Co. Ltd. | 548,000 | 7,411 |
| Asahi Glass Co. Ltd. | 1,287,300 | 7,335 |
| Shizuoka Bank Ltd. | 729,877 | 7,278 |
| Yakult Honsha Co. Ltd. | 136,540 | 7,194 |
| Chiba Bank Ltd. | 981,500 | 7,133 |
| Asics Corp. | 251,200 | 6,917 |
| Suntory Beverage & Food Ltd. | 169,700 | 6,855 |
| Toyota Tsusho Corp. | 300,502 | 6,850 |
| Toppan Printing Co. Ltd. | 759,000 | 6,784 |
| Tobu Railway Co. Ltd. | 1,404,690 | 6,777 |
| Shimizu Corp. | 770,000 | 6,724 |
| Bandai Namco Holdings Inc. | 273,100 | 6,690 |
| NGK Spark Plug Co. Ltd. | 271,908 | 6,618 |
| Keio Corp. | 811,031 | 6,581 |
| Oji Holdings Corp. | 1,272,200 | 6,574 |
| Kajima Corp. | 1,147,200 | 6,565 |
20
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Lawson Inc. | 88,700 | 6,544 |
| ^ TOTO Ltd. | 194,000 | 6,540 |
| Chugoku Electric Power Co. Inc. | 425,900 | 6,421 |
| Ryohin Keikaku Co. Ltd. | 32,000 | 6,413 |
| Koito Manufacturing Co. Ltd. | 169,500 | 6,399 |
| Rohm Co. Ltd. | 128,500 | 6,315 |
| Sekisui Chemical Co. Ltd. | 522,000 | 6,134 |
| Mitsubishi Materials Corp. | 1,753,000 | 6,083 |
| Fukuoka Financial Group Inc. | 1,151,700 | 6,037 |
| Konica Minolta Inc. | 586,589 | 6,024 |
| Nikon Corp. | 465,920 | 6,008 |
| Nomura Research Institute Ltd. | 146,970 | 5,990 |
| Kyowa Hakko Kirin Co. Ltd. | 363,000 | 5,959 |
| Seiko Epson Corp. | 385,200 | 5,866 |
| ^ Casio Computer Co. Ltd. | 310,426 | 5,827 |
| Nippon Yusen KK | 2,214,700 | 5,767 |
| Nippon Express Co. Ltd. | 1,115,500 | 5,721 |
| Yamaha Corp. | 230,200 | 5,694 |
| Aozora Bank Ltd. | 1,555,488 | 5,664 |
| Don Quijote Holdings Co. Ltd. | 153,700 | 5,636 |
| Shimadzu Corp. | 363,000 | 5,627 |
| Taiheiyo Cement Corp. | 1,700,000 | 5,587 |
| Daicel Corp. | 423,700 | 5,574 |
| IHI Corp. | 1,966,000 | 5,540 |
| JTEKT Corp. | 320,500 | 5,495 |
| J Front Retailing Co. Ltd. | 334,600 | 5,474 |
| NH Foods Ltd. | 262,000 | 5,472 |
| Keikyu Corp. | 664,657 | 5,449 |
| Trend Micro Inc. | 140,000 | 5,437 |
| Kobe Steel Ltd. | 4,243,000 | 5,332 |
| Nisshin Seifun Group Inc. | 350,325 | 5,331 |
| Hirose Electric Co. Ltd. | 43,560 | 5,255 |
| Kuraray Co. Ltd. | 427,200 | 5,250 |
| Seibu Holdings Inc. | 259,635 | 5,248 |
| USS Co. Ltd. | 294,800 | 5,195 |
| Minebea Co. Ltd. | 473,000 | 5,184 |
| Nippon Paint Holdings Co. Ltd. | 245,000 | 5,152 |
| Nagoya Railroad Co. Ltd. | 1,244,000 | 5,135 |
| Joyo Bank Ltd. | 989,072 | 5,115 |
| Suruga Bank Ltd. | 259,300 | 5,090 |
| Nissan Chemical Industries Ltd. | 203,600 | 5,033 |
| Mitsubishi Tanabe Pharma Corp. | 296,800 | 5,007 |
| Alfresa Holdings Corp. | 257,900 | 4,937 |
| Nissin Foods Holdings Co. Ltd. | 106,900 | 4,931 |
| Keihan Electric Railway Co. Ltd. | 696,000 | 4,923 |
| Bank of Kyoto Ltd. | 488,000 | 4,904 |
| Japan Airlines Co. Ltd. | 130,388 | 4,904 |
| Toyo Suisan Kaisha Ltd. | 132,200 | 4,868 |
| Obic Co. Ltd. | 90,700 | 4,781 |
| Tokyu Fudosan Holdings Corp. | 678,023 | 4,751 |
| Keisei Electric Railway Co. Ltd. | 383,000 | 4,703 |
| JGC Corp. | 297,604 | 4,700 |
| Hamamatsu Photonics KK | 183,700 | 4,696 |
| Mitsui Chemicals Inc. | 1,246,000 | 4,695 |
| Hiroshima Bank Ltd. | 846,200 | 4,682 |
| Toyo Seikan Group Holdings Ltd. | 238,500 | 4,624 |
| M3 Inc. | 239,800 | 4,612 |
| ANA Holdings Inc. | 1,545,258 | 4,601 |
| MISUMI Group Inc. | 352,252 | 4,578 |
| Yamada Denki Co. Ltd. | 1,006,800 | 4,537 |
| Marui Group Co. Ltd. | 351,700 | 4,532 |
| Shinsei Bank Ltd. | 2,155,000 | 4,499 |
| Teijin Ltd. | 1,276,000 | 4,490 |
| Tosoh Corp. | 886,000 | 4,480 |
21
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Sohgo Security Services Co. Ltd. | 91,800 | 4,438 | |
| Hulic Co. Ltd. | 475,043 | 4,423 | |
| Credit Saison Co. Ltd. | 215,984 | 4,421 | |
| Toho Co. Ltd. | 167,800 | 4,360 | |
| JSR Corp. | 275,500 | 4,341 | |
| Amada Holdings Co. Ltd. | 489,100 | 4,335 | |
| Hisamitsu Pharmaceutical Co. Inc. | 111,601 | 4,315 | |
| Suzuken Co. Ltd. | 112,587 | 4,302 | |
| Sony Financial Holdings Inc. | 237,600 | 4,246 | |
| Hokuhoku Financial Group Inc. | 1,916,000 | 4,237 | |
| ^ Japan Airport Terminal Co. Ltd. | 77,100 | 4,182 | |
| Seven Bank Ltd. | 916,260 | 4,159 | |
| * Kyushu Financial Group Inc. | 540,045 | 4,153 | |
| Toho Gas Co. Ltd. | 679,000 | 4,150 | |
| Iyo Bank Ltd. | 386,000 | 4,130 | |
| Hino Motors Ltd. | 361,700 | 4,115 | |
| Kansai Paint Co. Ltd. | 271,000 | 4,110 | |
| Sojitz Corp. | 1,871,000 | 4,101 | |
| Shimamura Co. Ltd. | 36,532 | 4,090 | |
| Iida Group Holdings Co. Ltd. | 218,600 | 4,083 | |
| Rinnai Corp. | 51,700 | 4,082 | |
| Hokuriku Electric Power Co. | 273,000 | 4,061 | |
| Yamaguchi Financial Group Inc. | 329,000 | 4,034 | |
| Brother Industries Ltd. | 315,800 | 4,021 | |
| Pigeon Corp. | 143,800 | 4,019 | |
| Kose Corp. | 41,400 | 4,017 | |
| Yaskawa Electric Corp. | 337,900 | 4,000 | |
| Stanley Electric Co. Ltd. | 210,400 | 3,997 | |
| Mitsui OSK Lines Ltd. | 1,501,500 | 3,992 | |
| Kaneka Corp. | 451,000 | 3,986 | |
| TonenGeneral Sekiyu KK | 382,000 | 3,969 | |
| Gunma Bank Ltd. | 628,000 | 3,935 | |
| Taisho Pharmaceutical Holdings Co. Ltd. | 62,800 | 3,907 | |
| Hoshizaki Electric Co. Ltd. | 53,593 | 3,873 | |
| Haseko Corp. | 379,800 | 3,865 | |
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 728,500 | 3,811 | |
| Tsuruha Holdings Inc. | 47,908 | 3,794 | |
| Air Water Inc. | 231,000 | 3,769 | |
| Yamazaki Baking Co. Ltd. | 195,000 | 3,740 | |
| Nankai Electric Railway Co. Ltd. | 729,000 | 3,717 | |
| Yokogawa Electric Corp. | 333,900 | 3,716 | |
| AEON Financial Service Co. Ltd. | 147,900 | 3,694 | |
| Hachijuni Bank Ltd. | 544,000 | 3,686 | |
| MediPal Holdings Corp. | 211,500 | 3,680 | |
| Fuji Electric Co. Ltd. | 807,000 | 3,587 | |
| Shikoku Electric Power Co. Inc. | 211,572 | 3,576 | |
| Calbee Inc. | 98,804 | 3,549 | |
| Mabuchi Motor Co. Ltd. | 72,300 | 3,546 | |
| Takashimaya Co. Ltd. | 398,000 | 3,545 | |
| NOK Corp. | 150,500 | 3,530 | |
| Hakuhodo DY Holdings Inc. | 336,100 | 3,520 | |
| Sumitomo Rubber Industries Ltd. | 236,800 | 3,519 | |
| Kewpie Corp. | 153,900 | 3,499 | |
| Kurita Water Industries Ltd. | 154,100 | 3,473 | |
| Kakaku.com Inc. | 185,888 | 3,471 | |
| Kobayashi Pharmaceutical Co. Ltd. | 44,800 | 3,470 | |
| NTN Corp. | 699,000 | 3,460 | |
| ^ Lion Corp. | 357,000 | 3,427 | |
| ^ Daihatsu Motor Co. Ltd. | 280,300 | 3,419 | |
| FamilyMart Co. Ltd. | 83,700 | 3,416 | |
| Tokyo Tatemono Co. Ltd. | 275,500 | 3,408 | |
| Chugoku Bank Ltd. | 241,300 | 3,402 | |
| Sumitomo Heavy Industries Ltd. | 757,200 | 3,397 | |
| Sotetsu Holdings Inc. | 597,000 | 3,389 | |
22
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Nippon Shokubai Co. Ltd. | 43,400 | 3,387 | |
| Miraca Holdings Inc. | 75,300 | 3,346 | |
| Kaken Pharmaceutical Co. Ltd. | 48,600 | 3,345 | |
| Nomura Real Estate Holdings Inc. | 156,400 | 3,323 | |
| Ezaki Glico Co. Ltd. | 69,400 | 3,308 | |
| Otsuka Corp. | 67,900 | 3,278 | |
| THK Co. Ltd. | 173,500 | 3,264 | |
| SBI Holdings Inc. | 287,190 | 3,233 | |
| Nabtesco Corp. | 160,100 | 3,206 | |
| Mitsubishi Gas Chemical Co. Inc. | 571,000 | 3,176 | |
| Konami Holdings Corp. | 139,500 | 3,169 | |
| Disco Corp. | 33,900 | 3,079 | |
| Sawai Pharmaceutical Co. Ltd. | 48,200 | 3,064 | |
| Citizen Holdings Co. Ltd. | 393,200 | 2,975 | |
| Nishi-Nippon City Bank Ltd. | 1,010,700 | 2,940 | |
| Zenkoku Hosho Co. Ltd. | 87,000 | 2,929 | |
| Benesse Holdings Inc. | 108,200 | 2,897 | |
| Sugi Holdings Co. Ltd. | 59,465 | 2,892 | |
| Hitachi Metals Ltd. | 256,000 | 2,888 | |
| DIC Corp. | 1,067,700 | 2,881 | |
| Sega Sammy Holdings Inc. | 274,100 | 2,875 | |
| Sankyo Co. Ltd. | 74,600 | 2,869 | |
| Ube Industries Ltd. | 1,369,000 | 2,863 | |
| Square Enix Holdings Co. Ltd. | 106,100 | 2,855 | |
| * | Hokkaido Electric Power Co. Inc. | 268,600 | 2,854 |
| Toyo Tire & Rubber Co. Ltd. | 135,800 | 2,852 | |
| Nexon Co. Ltd. | 206,438 | 2,848 | |
| *,^ | Acom Co. Ltd. | 520,600 | 2,836 |
| Mitsubishi Logistics Corp. | 196,000 | 2,819 | |
| Denka Co. Ltd. | 606,000 | 2,801 | |
| Park24 Co. Ltd. | 132,900 | 2,787 | |
| Dowa Holdings Co. Ltd. | 320,000 | 2,779 | |
| Nisshinbo Holdings Inc. | 204,000 | 2,757 | |
| Yokohama Rubber Co. Ltd. | 144,000 | 2,756 | |
| 77 Bank Ltd. | 497,000 | 2,734 | |
| Nippon Electric Glass Co. Ltd. | 553,500 | 2,711 | |
| Nippon Shinyaku Co. Ltd. | 69,000 | 2,697 | |
| Temp Holdings Co. Ltd. | 179,700 | 2,677 | |
| Kawasaki Kisen Kaisha Ltd. | 1,178,000 | 2,632 | |
| Nishi-Nippon Railroad Co. Ltd. | 510,000 | 2,631 | |
| Aeon Mall Co. Ltd. | 156,780 | 2,618 | |
| Aoyama Trading Co. Ltd. | 71,700 | 2,606 | |
| Showa Denko KK | 2,062,200 | 2,591 | |
| Kamigumi Co. Ltd. | 301,000 | 2,585 | |
| Showa Shell Sekiyu KK | 291,700 | 2,564 | |
| NHK Spring Co. Ltd. | 252,100 | 2,562 | |
| Ebara Corp. | 588,000 | 2,555 | |
| CyberAgent Inc. | 62,100 | 2,546 | |
| Asahi Intecc Co. Ltd. | 66,236 | 2,543 | |
| Nippon Paper Industries Co. Ltd. | 136,800 | 2,528 | |
| Seino Holdings Co. Ltd. | 208,600 | 2,470 | |
| Nippon Kayaku Co. Ltd. | 237,000 | 2,468 | |
| Nichirei Corp. | 381,000 | 2,466 | |
| Sumco Corp. | 244,786 | 2,457 | |
| Sundrug Co. Ltd. | 46,100 | 2,427 | |
| Sanwa Holdings Corp. | 300,500 | 2,415 | |
| Sumitomo Dainippon Pharma Co. Ltd. | 216,300 | 2,384 | |
| Azbil Corp. | 94,200 | 2,381 | |
| Ushio Inc. | 172,000 | 2,359 | |
| ^ | DeNA Co. Ltd. | 146,300 | 2,346 |
| *,^ | Sharp Corp. | 2,103,657 | 2,307 |
| Kinden Corp. | 178,000 | 2,305 | |
| Hikari Tsushin Inc. | 30,100 | 2,287 | |
| Maruichi Steel Tube Ltd. | 89,400 | 2,280 | |
23
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Matsumotokiyoshi Holdings Co. Ltd. | 53,200 | 2,275 |
| Toyoda Gosei Co. Ltd. | 99,200 | 2,273 |
| Nifco Inc. | 59,000 | 2,270 |
| Hitachi High-Technologies Corp. | 83,700 | 2,245 |
| Rohto Pharmaceutical Co. Ltd. | 135,400 | 2,222 |
| Fujikura Ltd. | 435,000 | 2,220 |
| ^ Ibiden Co. Ltd. | 161,400 | 2,219 |
| Idemitsu Kosan Co. Ltd. | 135,000 | 2,215 |
| ^ Sanrio Co. Ltd. | 83,488 | 2,208 |
| Resorttrust Inc. | 85,700 | 2,196 |
| SCSK Corp. | 57,276 | 2,194 |
| Tsumura & Co. | 91,000 | 2,186 |
| H2O Retailing Corp. | 112,200 | 2,178 |
| Taiyo Yuden Co. Ltd. | 153,000 | 2,142 |
| Wacoal Holdings Corp. | 171,000 | 2,141 |
| Start Today Co. Ltd. | 63,800 | 2,123 |
| Hitachi Construction Machinery Co. Ltd. | 135,900 | 2,110 |
| Hitachi Chemical Co. Ltd. | 133,700 | 2,108 |
| Sumitomo Forestry Co. Ltd. | 175,000 | 2,085 |
| ^ Topcon Corp. | 144,100 | 2,079 |
| Daishi Bank Ltd. | 460,000 | 2,068 |
| Nihon Kohden Corp. | 106,600 | 2,062 |
| Juroku Bank Ltd. | 461,000 | 2,046 |
| Century Tokyo Leasing Corp. | 60,544 | 2,045 |
| DMG Mori Co. Ltd. | 142,500 | 2,014 |
| Zeon Corp. | 247,000 | 2,006 |
| Taiyo Nippon Sanso Corp. | 193,900 | 1,992 |
| MonotaRO Co. Ltd. | 77,481 | 1,988 |
| Izumi Co. Ltd. | 53,200 | 1,974 |
| GS Yuasa Corp. | 521,000 | 1,971 |
| COMSYS Holdings Corp. | 151,200 | 1,968 |
| Glory Ltd. | 78,100 | 1,967 |
| San-In Godo Bank Ltd. | 214,000 | 1,966 |
| Sumitomo Osaka Cement Co. Ltd. | 499,000 | 1,925 |
| OSG Corp. | 101,792 | 1,911 |
| Oracle Corp. Japan | 42,100 | 1,910 |
| Tokai Tokyo Financial Holdings Inc. | 315,600 | 1,908 |
| Nagase & Co. Ltd. | 152,000 | 1,883 |
| Takara Holdings Inc. | 258,900 | 1,853 |
| Sapporo Holdings Ltd. | 446,200 | 1,834 |
| K's Holdings Corp. | 51,744 | 1,823 |
| Japan Steel Works Ltd. | 486,500 | 1,799 |
| Tadano Ltd. | 151,000 | 1,795 |
| Toyota Boshoku Corp. | 83,700 | 1,780 |
| Nipro Corp. | 158,600 | 1,772 |
| Chiyoda Corp. | 234,000 | 1,770 |
| TS Tech Co. Ltd. | 64,100 | 1,753 |
| Daido Steel Co. Ltd. | 458,700 | 1,747 |
| ^ Advantest Corp. | 218,700 | 1,739 |
| Shiga Bank Ltd. | 323,000 | 1,720 |
| ^ Kagome Co. Ltd. | 100,800 | 1,710 |
| Hitachi Capital Corp. | 59,800 | 1,709 |
| HIS Co. Ltd. | 50,900 | 1,708 |
| Jafco Co. Ltd. | 44,600 | 1,696 |
| OKUMA Corp. | 212,000 | 1,691 |
| Musashino Bank Ltd. | 44,700 | 1,686 |
| Welcia Holdings Co. Ltd. | 34,231 | 1,679 |
| Keiyo Bank Ltd. | 335,000 | 1,678 |
| North Pacific Bank Ltd. | 434,500 | 1,658 |
| Skylark Co. Ltd. | 127,400 | 1,651 |
| ^ Bic Camera Inc. | 203,900 | 1,651 |
| Autobacs Seven Co. Ltd. | 94,400 | 1,651 |
| Toda Corp. | 304,000 | 1,649 |
| Toyobo Co. Ltd. | 1,127,000 | 1,644 |
24
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ABC-Mart Inc. | 29,200 | 1,627 | |
| Coca-Cola West Co. Ltd. | 80,600 | 1,625 | |
| SCREEN Holdings Co. Ltd. | 275,000 | 1,620 | |
| Senshu Ikeda Holdings Inc. | 374,440 | 1,611 | |
| Awa Bank Ltd. | 291,500 | 1,608 | |
| House Foods Group Inc. | 93,200 | 1,604 | |
| Japan Post Holdings Co. Ltd. | 138,000 | 1,601 | |
| Japan Aviation Electronics Industry Ltd. | 90,000 | 1,591 | |
| ^ | Ito En Ltd. | 75,900 | 1,584 |
| Furukawa Electric Co. Ltd. | 863,000 | 1,576 | |
| Hyakugo Bank Ltd. | 309,000 | 1,574 | |
| Yamato Kogyo Co. Ltd. | 58,700 | 1,560 | |
| UNY Group Holdings Co. Ltd. | 281,700 | 1,554 | |
| Pola Orbis Holdings Inc. | 24,268 | 1,535 | |
| Okasan Securities Group Inc. | 262,000 | 1,531 | |
| Lintec Corp. | 65,400 | 1,526 | |
| Calsonic Kansei Corp. | 191,700 | 1,520 | |
| ^ | Cosmos Pharmaceutical Corp. | 11,902 | 1,482 |
| Itochu Techno-Solutions Corp. | 67,000 | 1,465 | |
| Mitsui Engineering & Shipbuilding Co. Ltd. | 947,700 | 1,453 | |
| Shimachu Co. Ltd. | 66,300 | 1,449 | |
| Maeda Road Construction Co. Ltd. | 78,895 | 1,437 | |
| * | Aiful Corp. | 359,692 | 1,431 |
| Hokkoku Bank Ltd. | 378,000 | 1,402 | |
| NTT Urban Development Corp. | 141,300 | 1,398 | |
| Coca-Cola East Japan Co. Ltd. | 98,500 | 1,382 | |
| * | Japan Display Inc. | 442,100 | 1,377 |
| Tokai Rika Co. Ltd. | 63,400 | 1,375 | |
| Rengo Co. Ltd. | 289,000 | 1,370 | |
| Shochiku Co. Ltd. | 154,676 | 1,363 | |
| FP Corp. | 33,206 | 1,357 | |
| SKY Perfect JSAT Holdings Inc. | 254,400 | 1,336 | |
| Capcom Co. Ltd. | 63,400 | 1,335 | |
| Heiwa Corp. | 72,400 | 1,333 | |
| Mitsui Mining & Smelting Co. Ltd. | 693,000 | 1,327 | |
| Hyakujushi Bank Ltd. | 343,500 | 1,286 | |
| Matsui Securities Co. Ltd. | 145,500 | 1,278 | |
| Kissei Pharmaceutical Co. Ltd. | 49,000 | 1,257 | |
| Japan Post Bank Co. Ltd. | 102,700 | 1,234 | |
| KYORIN Holdings Inc. | 71,920 | 1,205 | |
| ^ | Fukuyama Transporting Co. Ltd. | 220,000 | 1,195 |
| Nisshin Steel Co. Ltd. | 116,300 | 1,187 | |
| Nissan Shatai Co. Ltd. | 103,159 | 1,185 | |
| Japan Petroleum Exploration Co. Ltd. | 38,900 | 1,168 | |
| Nippo Corp. | 66,531 | 1,162 | |
| * | Cosmo Energy Holdings Co. Ltd. | 81,800 | 1,119 |
| Onward Holdings Co. Ltd. | 169,000 | 1,058 | |
| Canon Marketing Japan Inc. | 68,400 | 1,036 | |
| Hitachi Transport System Ltd. | 58,900 | 1,031 | |
| Nippon Television Holdings Inc. | 59,500 | 1,028 | |
| NS Solutions Corp. | 20,700 | 1,009 | |
| Mochida Pharmaceutical Co. Ltd. | 16,600 | 976 | |
| *,^ | Laox Co. Ltd. | 349,000 | 966 |
| ^ | COLOPL Inc. | 56,900 | 927 |
| * | Orient Corp. | 449,632 | 894 |
| Kandenko Co. Ltd. | 125,000 | 881 | |
| Exedy Corp. | 37,026 | 849 | |
| ^ | Gree Inc. | 166,200 | 838 |
| Komeri Co. Ltd. | 35,100 | 750 | |
| Tokyo Broadcasting System Holdings Inc. | 47,300 | 701 | |
| Toppan Forms Co. Ltd. | 54,400 | 699 | |
| Fuji Media Holdings Inc. | 53,500 | 636 | |
| PanaHome Corp. | 89,000 | 630 | |
| Daikyo Inc. | 340,000 | 586 | |
25
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Toshiba TEC Corp. | 159,000 | 577 | |
| Mitsubishi Shokuhin Co. Ltd. | 18,502 | 470 | |
| Sumitomo Real Estate Sales Co. Ltd. | 19,320 | 444 | |
| TV Asahi Holdings Corp. | 26,100 | 434 | |
| Japan Post Insurance Co. Ltd. | 12,800 | 233 | |
| *,^ | Aplus Financial Co. Ltd. | 101,100 | 107 |
| 4,293,671 | |||
| Malaysia (0.7%) | |||
| Public Bank Bhd. (Local) | 4,258,900 | 17,900 | |
| Tenaga Nasional Bhd. | 4,825,300 | 14,190 | |
| Malayan Banking Bhd. | 7,131,674 | 13,677 | |
| Axiata Group Bhd. | 6,009,224 | 8,633 | |
| Sime Darby Bhd. | 4,420,397 | 8,588 | |
| CIMB Group Holdings Bhd. | 7,382,550 | 7,899 | |
| DiGi.Com Bhd. | 5,116,766 | 6,261 | |
| Petronas Gas Bhd. | 1,069,550 | 5,694 | |
| Petronas Chemicals Group Bhd. | 3,856,868 | 5,692 | |
| IHH Healthcare Bhd. | 3,740,400 | 5,491 | |
| Maxis Bhd. | 3,515,400 | 5,385 | |
| Genting Bhd. | 3,037,300 | 5,233 | |
| IOI Corp. Bhd. | 5,026,865 | 4,971 | |
| MISC Bhd. | 2,014,423 | 4,232 | |
| Genting Malaysia Bhd. | 4,084,900 | 4,083 | |
| Kuala Lumpur Kepong Bhd. | 723,600 | 3,831 | |
| IJM Corp. Bhd. | 4,236,840 | 3,273 | |
| Gamuda Bhd. | 2,832,900 | 2,961 | |
| PPB Group Bhd. | 818,900 | 2,939 | |
| British American Tobacco Malaysia Bhd. | 200,400 | 2,880 | |
| AMMB Holdings Bhd. | 2,583,400 | 2,867 | |
| Hong Leong Bank Bhd. | 773,860 | 2,508 | |
| YTL Corp. Bhd. | 7,113,353 | 2,496 | |
| SapuraKencana Petroleum Bhd. | 5,068,996 | 2,486 | |
| Telekom Malaysia Bhd. | 1,507,900 | 2,337 | |
| Petronas Dagangan Bhd. | 402,800 | 2,107 | |
| 2 | Astro Malaysia Holdings Bhd. | 2,714,468 | 1,802 |
| UMW Holdings Bhd. | 940,200 | 1,796 | |
| Malaysia Airports Holdings Bhd. | 1,207,600 | 1,486 | |
| Westports Holdings Bhd. | 1,489,596 | 1,486 | |
| RHB Capital Bhd. | 970,600 | 1,374 | |
| Alliance Financial Group Bhd. | 1,633,400 | 1,359 | |
| YTL Power International Bhd. | 3,858,647 | 1,356 | |
| Lafarge Malaysia Bhd. | 624,310 | 1,321 | |
| KLCCP Stapled Group | 729,700 | 1,191 | |
| IOI Properties Group Bhd. | 2,508,754 | 1,178 | |
| Berjaya Sports Toto Bhd. | 1,444,877 | 1,076 | |
| Bumi Armada Bhd. | 4,390,500 | 990 | |
| Felda Global Ventures Holdings Bhd. | 2,359,400 | 975 | |
| Hong Leong Financial Group Bhd. | 271,500 | 891 | |
| SP Setia Bhd Group | 1,102,300 | 844 | |
| UEM Sunrise Bhd. | 2,081,400 | 604 | |
| MMC Corp. Bhd. | 1,136,100 | 588 | |
| AirAsia Bhd. | 1,657,700 | 569 | |
| 169,500 | |||
| Mexico (1.0%) | |||
| America Movil SAB de CV | 39,042,895 | 34,864 | |
| Fomento Economico Mexicano SAB de CV | 2,952,234 | 29,163 | |
| Grupo Televisa SAB | 3,595,100 | 20,918 | |
| Wal-Mart de Mexico SAB de CV | 7,677,253 | 20,255 | |
| Grupo Financiero Banorte SAB de CV | 3,106,960 | 16,731 | |
| Grupo Mexico SAB de CV Class B | 5,330,555 | 12,986 | |
| Alfa SAB de CV Class A | 3,863,598 | 8,049 | |
| * | Grupo Bimbo SAB de CV Class A | 2,583,528 | 7,331 |
| * | Cemex SAB de CV ADR | 1,156,831 | 7,300 |
| Fibra Uno Administracion SA de CV | 3,285,521 | 7,216 | |
26
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Grupo Financiero Inbursa SAB de CV | 2,834,400 | 5,699 | |
| Grupo Aeroportuario del Sureste SAB de CV Class B | 303,301 | 4,697 | |
| Coca-Cola Femsa SAB de CV | 581,424 | 4,469 | |
| Grupo Aeroportuario del Pacifico SAB de CV Class B | 470,900 | 4,241 | |
| Mexichem SAB de CV | 1,538,911 | 3,991 | |
| * | Cemex SAB de CV | 6,101,908 | 3,868 |
| Grupo Financiero Santander Mexico SAB de CV Class B | 2,058,650 | 3,783 | |
| El Puerto de Liverpool SAB de CV | 267,900 | 3,720 | |
| Gruma SAB de CV Class B | 228,200 | 3,522 | |
| * | Promotora y Operadora de Infraestructura SAB de CV | 269,993 | 3,385 |
| Grupo Carso SAB de CV | 647,564 | 2,887 | |
| Gentera SAB de CV | 1,517,800 | 2,796 | |
| Kimberly-Clark de Mexico SAB de CV Class A | 1,147,640 | 2,769 | |
| Arca Continental SAB de CV | 390,683 | 2,501 | |
| Industrias Penoles SAB de CV | 178,479 | 2,373 | |
| Alsea SAB de CV | 710,205 | 2,334 | |
| Controladora Comercial Mexicana SAB de CV | 606,629 | 1,777 | |
| Grupo Lala SAB de CV | 639,800 | 1,635 | |
| Megacable Holdings SAB de CV | 403,000 | 1,536 | |
| * | OHL Mexico SAB de CV | 1,039,000 | 1,367 |
| Infraestructura Energetica Nova SAB de CV | 265,809 | 1,282 | |
| Grupo Comercial Chedraui SA de CV | 390,200 | 1,080 | |
| Industrias Bachoco SAB de CV Class B | 210,600 | 961 | |
| Grupo Sanborns SAB de CV | 528,840 | 930 | |
| Grupo Elektra SAB DE CV | 44,910 | 895 | |
| * | Industrias CH SAB de CV Class B | 232,267 | 842 |
| * | Organizacion Soriana SAB de CV Class B | 330,700 | 799 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 63,800 | 696 |
| Alpek SAB de CV | 463,645 | 670 | |
| Concentradora Fibra Danhos SA de CV | 283,500 | 664 | |
| * | Minera Frisco SAB de CV | 939,551 | 495 |
| 237,477 | |||
| Netherlands (2.1%) | |||
| Unilever NV | 2,126,058 | 95,832 | |
| ING Groep NV | 5,275,406 | 76,506 | |
| ASML Holding NV | 443,710 | 41,133 | |
| Unibail-Rodamco SE | 134,517 | 37,482 | |
| Koninklijke Philips NV | 1,263,956 | 34,095 | |
| Heineken NV | 298,998 | 27,262 | |
| Koninklijke Ahold NV | 1,221,742 | 24,817 | |
| Akzo Nobel NV | 338,249 | 23,899 | |
| RELX NV | 1,284,704 | 21,913 | |
| Aegon NV | 2,598,241 | 15,958 | |
| Koninklijke KPN NV | 4,242,848 | 15,538 | |
| Wolters Kluwer NV | 403,440 | 13,627 | |
| Koninklijke DSM NV | 238,850 | 12,718 | |
| NN Group NV | 350,126 | 10,980 | |
| Heineken Holding NV | 133,787 | 10,702 | |
| * | Altice NV Class A | 526,671 | 9,078 |
| Randstad Holding NV | 149,892 | 8,927 | |
| ArcelorMittal | 1,364,986 | 7,587 | |
| Gemalto NV | 110,040 | 6,896 | |
| TNT Express NV | 637,990 | 5,365 | |
| Boskalis Westminster | 107,573 | 5,222 | |
| Koninklijke Vopak NV | 89,503 | 3,591 | |
| * | OCI NV | 113,564 | 3,202 |
| * | Altice NV Class B | 163,687 | 2,890 |
| 2 | GrandVision NV | 67,767 | 1,872 |
| 517,092 | |||
| New Zealand (0.2%) | |||
| Spark New Zealand Ltd. | 2,456,052 | 5,584 | |
| Fletcher Building Ltd. | 941,132 | 4,751 | |
| Auckland International Airport Ltd. | 1,216,290 | 4,319 | |
| Fisher & Paykel Healthcare Corp. Ltd. | 764,070 | 4,020 | |
27
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Contact Energy Ltd. | 993,867 | 3,487 | |
| Ryman Healthcare Ltd. | 564,407 | 3,013 | |
| SKYCITY Entertainment Group Ltd. | 800,449 | 2,167 | |
| Mighty River Power Ltd. | 933,873 | 1,767 | |
| SKY Network Television Ltd. | 516,581 | 1,586 | |
| Kiwi Property Group Ltd. | 1,687,403 | 1,552 | |
| Air New Zealand Ltd. | 718,981 | 1,414 | |
| *,^ | Xero Ltd. | 120,301 | 1,298 |
| Vector Ltd. | 358,305 | 800 | |
| Warehouse Group Ltd. | 201,741 | 373 | |
| 36,131 | |||
| Norway (0.4%) | |||
| Statoil ASA | 1,306,737 | 21,091 | |
| DNB ASA | 1,447,879 | 18,370 | |
| ^ | Telenor ASA | 948,351 | 17,850 |
| Yara International ASA | 239,286 | 10,852 | |
| Orkla ASA | 1,068,407 | 9,079 | |
| Norsk Hydro ASA | 1,814,018 | 6,494 | |
| Marine Harvest ASA | 419,518 | 5,620 | |
| Schibsted ASA Class A | 112,351 | 3,764 | |
| * | Schibsted ASA Class B | 116,690 | 3,629 |
| Gjensidige Forsikring ASA | 232,225 | 3,522 | |
| * | Subsea 7 SA | 394,521 | 3,094 |
| *,^ | Seadrill Ltd. | 467,844 | 2,978 |
| 106,343 | |||
| Other (0.1%)3 | |||
| 4 | Vanguard FTSE Emerging Markets ETF | 958,425 | 33,391 |
| Peru (0.0%) | |||
| Credicorp Ltd. | 65,348 | 7,409 | |
| Cia de Minas Buenaventura SAA ADR | 313,609 | 2,010 | |
| Credicorp Ltd. (New York Shares) | 3,198 | 362 | |
| 9,781 | |||
| Philippines (0.3%) | |||
| SM Investments Corp. | 433,056 | 8,068 | |
| Ayala Land Inc. | 8,137,648 | 6,210 | |
| Philippine Long Distance Telephone Co. | 115,220 | 5,435 | |
| Ayala Corp. | 323,528 | 5,377 | |
| Universal Robina Corp. | 1,175,120 | 5,014 | |
| SM Prime Holdings Inc. | 10,761,545 | 4,944 | |
| JG Summit Holdings Inc. | 3,005,800 | 4,567 | |
| BDO Unibank Inc. | 1,867,618 | 4,027 | |
| Bank of the Philippine Islands | 2,133,836 | 3,851 | |
| Aboitiz Equity Ventures Inc. | 3,127,430 | 3,711 | |
| Metropolitan Bank & Trust Co. | 1,737,657 | 3,151 | |
| Jollibee Foods Corp. | 673,990 | 2,961 | |
| Manila Electric Co. | 416,030 | 2,884 | |
| GT Capital Holdings Inc. | 92,171 | 2,580 | |
| Alliance Global Group Inc. | 6,379,500 | 2,477 | |
| International Container Terminal Services Inc. | 1,277,310 | 2,245 | |
| Globe Telecom Inc. | 41,580 | 2,017 | |
| Aboitiz Power Corp. | 2,178,480 | 1,951 | |
| DMCI Holdings Inc. | 5,818,650 | 1,535 | |
| Megaworld Corp. | 14,275,131 | 1,425 | |
| Energy Development Corp. | 8,788,500 | 1,241 | |
| Semirara Mining and Power Corp. Class A | 370,760 | 1,058 | |
| LT Group Inc. | 3,109,773 | 827 | |
| Bloomberry Resorts Corp. | 3,198,200 | 419 | |
| Petron Corp. | 2,326,000 | 402 | |
| Emperador Inc. | 2,155,296 | 381 | |
| Travellers International Hotel Group Inc. | 1,844,200 | 180 | |
| 78,938 | |||
| Poland (0.3%) | |||
| * | Powszechna Kasa Oszczednosci Bank Polski SA | 1,182,219 | 8,748 |
28
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Powszechny Zaklad Ubezpieczen SA | 76,457 | 7,421 |
| ^ | Polski Koncern Naftowy Orlen SA | 445,600 | 7,218 |
| Bank Pekao SA | 177,933 | 6,908 | |
| KGHM Polska Miedz SA | 189,860 | 4,403 | |
| ^ | Polskie Gornictwo Naftowe i Gazownictwo SA | 2,398,060 | 4,253 |
| PGE Polska Grupa Energetyczna SA | 1,004,438 | 3,730 | |
| LPP SA | 1,767 | 3,332 | |
| * | Bank Zachodni WBK SA | 39,626 | 3,192 |
| * | Cyfrowy Polsat SA | 296,987 | 1,913 |
| ^ | Energa SA | 439,275 | 1,875 |
| Orange Polska SA | 884,788 | 1,625 | |
| *,^ | mBank SA | 16,543 | 1,551 |
| Asseco Poland SA | 100,705 | 1,485 | |
| * | Grupa Azoty SA | 62,184 | 1,480 |
| CCC SA | 33,809 | 1,476 | |
| Eurocash SA | 106,107 | 1,431 | |
| *,^ | Alior Bank SA | 63,836 | 1,341 |
| *,^ | Bank Millennium SA | 819,524 | 1,295 |
| Tauron Polska Energia SA | 1,365,511 | 1,070 | |
| Enea SA | 282,599 | 936 | |
| * | Grupa Lotos SA | 126,843 | 935 |
| Bank Handlowy w Warszawie SA | 43,749 | 890 | |
| Synthos SA | 710,818 | 677 | |
| *,^ | Getin Noble Bank SA | 1,464,514 | 303 |
| 69,488 | |||
| Portugal (0.1%) | |||
| EDP - Energias de Portugal SA | 2,611,817 | 9,650 | |
| Galp Energia SGPS SA | 516,233 | 5,567 | |
| Jeronimo Martins SGPS SA | 339,143 | 4,753 | |
| * | Banco Comercial Portugues SA | 55,624,988 | 3,189 |
| EDP Renovaveis SA | 264,218 | 1,921 | |
| * | Banco Espirito Santo SA | 3,873,216 | 12 |
| 25,092 | |||
| Russia (0.8%) | |||
| Gazprom PAO ADR | 6,323,271 | 26,645 | |
| * | Lukoil PJSC ADR | 658,557 | 23,906 |
| Magnit PJSC GDR | 381,062 | 17,308 | |
| Sberbank PAO | 10,836,116 | 15,357 | |
| NOVATEK OAO | 1,537,576 | 14,068 | |
| Tatneft PAO ADR | 322,268 | 9,943 | |
| MMC Norilsk Nickel PJSC ADR | 648,468 | 9,611 | |
| Surgutneftegas OAO Preference Shares | 10,521,200 | 7,166 | |
| Rosneft OAO GDR | 1,580,739 | 6,305 | |
| Sberbank PAO ADR | 928,000 | 5,671 | |
| Surgutneftegas OAO ADR | 962,489 | 5,251 | |
| Gazprom PAO | 2,391,495 | 5,091 | |
| AK Transneft OAO Preference Shares | 2,101 | 4,896 | |
| 2 | VTB Bank PJSC GDR | 1,881,096 | 4,121 |
| VTB Bank PJSC | 3,172,798,867 | 3,592 | |
| Mobile TeleSystems PJSC | 1,032,110 | 3,364 | |
| Severstal PAO GDR | 226,041 | 2,656 | |
| Moscow Exchange MICEX-RTS OAO | 1,835,580 | 2,582 | |
| Alrosa PAO | 2,372,000 | 1,908 | |
| RusHydro PJSC | 184,672,634 | 1,881 | |
| MegaFon PJSC GDR | 127,641 | 1,649 | |
| Novolipetsk Steel OJSC | 1,203,913 | 1,475 | |
| PhosAgro OAO GDR | 104,055 | 1,404 | |
| Sistema JSFC GDR | 192,801 | 1,337 | |
| * | Uralkali PJSC | 486,616 | 1,182 |
| Mobile TeleSystems PJSC ADR | 164,695 | 1,158 | |
| Rostelecom PJSC ADR | 120,788 | 1,050 | |
| Rostelecom PJSC | 682,908 | 1,000 | |
| E.ON Russia JSC | 18,049,100 | 858 | |
| Bashneft PAO | 27,887 | 838 | |
29
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Magnitogorsk Iron & Steel Works OJSC | 1,828,548 | 689 | |
| LSR Group PJSC GDR | 293,491 | 658 | |
| * | Bashneft PAO Preference Shares | 25,531 | 636 |
| * | Tatneft PAO Preference Shares | 204,640 | 580 |
| Inter RAO UES PJSC | 24,257,300 | 463 | |
| Acron JSC | 8,035 | 390 | |
| * | Aeroflot - Russian Airlines OJSC | 494,114 | 379 |
| Federal Grid Co. Unified Energy System JSC | 335,366,667 | 327 | |
| * | Rosseti PJSC | 24,327,627 | 173 |
| 187,568 | |||
| Singapore (0.9%) | |||
| DBS Group Holdings Ltd. | 2,433,259 | 29,960 | |
| Singapore Telecommunications Ltd. | 9,992,600 | 28,284 | |
| Oversea-Chinese Banking Corp. Ltd. | 4,366,619 | 28,033 | |
| United Overseas Bank Ltd. | 1,641,460 | 23,792 | |
| Keppel Corp. Ltd. | 1,947,283 | 9,775 | |
| CapitaLand Ltd. | 3,498,650 | 7,696 | |
| Global Logistic Properties Ltd. | 4,122,117 | 6,563 | |
| Wilmar International Ltd. | 2,845,454 | 6,328 | |
| Singapore Exchange Ltd. | 1,186,174 | 6,231 | |
| Singapore Press Holdings Ltd. | 2,146,521 | 6,098 | |
| ComfortDelGro Corp. Ltd. | 2,784,124 | 6,013 | |
| Singapore Airlines Ltd. | 736,270 | 5,659 | |
| CapitaLand Mall Trust | 3,541,200 | 5,001 | |
| Singapore Technologies Engineering Ltd. | 2,100,351 | 4,944 | |
| Genting Singapore plc | 8,211,212 | 4,771 | |
| Ascendas REIT | 2,687,200 | 4,569 | |
| City Developments Ltd. | 796,098 | 4,504 | |
| Hutchison Port Holdings Trust | 7,435,400 | 4,111 | |
| Suntec REIT | 3,299,295 | 3,883 | |
| Jardine Cycle & Carriage Ltd. | 151,140 | 3,499 | |
| Sembcorp Industries Ltd. | 1,204,700 | 3,061 | |
| UOL Group Ltd. | 622,800 | 2,913 | |
| CapitaLand Commercial Trust Ltd. | 2,683,435 | 2,693 | |
| Singapore Post Ltd. | 1,885,300 | 2,548 | |
| Golden Agri-Resources Ltd. | 9,033,407 | 2,509 | |
| Yangzijiang Shipbuilding Holdings Ltd. | 2,774,864 | 2,465 | |
| ^ | Noble Group Ltd. | 6,137,272 | 2,205 |
| StarHub Ltd. | 786,240 | 2,014 | |
| Venture Corp. Ltd. | 333,400 | 1,967 | |
| ^ | Sembcorp Marine Ltd. | 1,113,600 | 1,857 |
| ^ | Olam International Ltd. | 750,000 | 1,068 |
| ^ | SMRT Corp. Ltd. | 952,000 | 991 |
| M1 Ltd. | 401,200 | 813 | |
| *,^ | Neptune Orient Lines Ltd. | 1,113,450 | 790 |
| SIA Engineering Co. Ltd. | 273,000 | 777 | |
| Wing Tai Holdings Ltd. | 551,811 | 687 | |
| Yanlord Land Group Ltd. | 821,700 | 611 | |
| Frasers Centrepoint Ltd. | 434,000 | 504 | |
| ^ | COSCO Corp. Singapore Ltd. | 998,000 | 267 |
| Indofood Agri Resources Ltd. | 477,000 | 193 | |
| 230,647 | |||
| South Africa (1.6%) | |||
| Naspers Ltd. | 556,288 | 81,261 | |
| MTN Group Ltd. | 2,398,591 | 27,307 | |
| Sasol Ltd. | 755,093 | 24,049 | |
| Steinhoff International Holdings Ltd. | 3,334,289 | 20,406 | |
| Standard Bank Group Ltd. | 1,644,757 | 17,078 | |
| FirstRand Ltd. | 4,140,883 | 15,174 | |
| Remgro Ltd. | 652,700 | 13,046 | |
| Bidvest Group Ltd. | 438,512 | 11,204 | |
| Sanlam Ltd. | 2,377,560 | 10,719 | |
| Aspen Pharmacare Holdings Ltd. | 421,932 | 9,463 | |
| Woolworths Holdings Ltd. | 1,237,100 | 9,153 | |
30
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Growthpoint Properties Ltd. | 3,366,193 | 6,166 | |
| Shoprite Holdings Ltd. | 589,508 | 6,125 | |
| Mediclinic International Ltd. | 669,996 | 5,881 | |
| Netcare Ltd. | 2,026,639 | 5,763 | |
| Barclays Africa Group Ltd. | 431,415 | 5,530 | |
| * | Mr Price Group Ltd. | 331,036 | 5,076 |
| Brait SE | 440,558 | 5,036 | |
| Tiger Brands Ltd. | 215,859 | 4,938 | |
| Discovery Ltd. | 456,750 | 4,878 | |
| Vodacom Group Ltd. | 447,170 | 4,836 | |
| Redefine Properties Ltd. | 5,748,043 | 4,792 | |
| * | AngloGold Ashanti Ltd. | 549,555 | 4,649 |
| RMB Holdings Ltd. | 932,897 | 4,543 | |
| Nedbank Group Ltd. | 259,517 | 4,309 | |
| Truworths International Ltd. | 598,323 | 4,043 | |
| Mondi Ltd. | 170,008 | 3,950 | |
| Life Healthcare Group Holdings Ltd. | 1,332,804 | 3,714 | |
| SPAR Group Ltd. | 232,916 | 3,344 | |
| Capitec Bank Holdings Ltd. | 71,015 | 3,064 | |
| Imperial Holdings Ltd. | 232,158 | 3,022 | |
| Hyprop Investments Ltd. | 321,676 | 2,914 | |
| * | Sappi Ltd. | 724,903 | 2,859 |
| Resilient Property Income Fund Ltd. | 324,386 | 2,849 | |
| Foschini Group Ltd. | 274,794 | 2,804 | |
| Investec Ltd. | 337,449 | 2,785 | |
| Gold Fields Ltd. | 1,052,551 | 2,749 | |
| AVI Ltd. | 428,937 | 2,730 | |
| MMI Holdings Ltd. | 1,413,970 | 2,562 | |
| Pioneer Foods Group Ltd. | 174,326 | 2,493 | |
| PSG Group Ltd. | 129,389 | 2,491 | |
| Clicks Group Ltd. | 332,869 | 2,430 | |
| Capital Property Fund Ltd. | 2,075,411 | 2,416 | |
| Telkom SA SOC Ltd. | 423,312 | 2,222 | |
| * | Impala Platinum Holdings Ltd. | 812,041 | 2,216 |
| Coronation Fund Managers Ltd. | 415,232 | 2,188 | |
| Barloworld Ltd. | 310,919 | 1,755 | |
| EOH Holdings Ltd. | 144,880 | 1,600 | |
| Sibanye Gold Ltd. | 946,668 | 1,572 | |
| Liberty Holdings Ltd. | 155,730 | 1,522 | |
| * | Anglo American Platinum Ltd. | 81,201 | 1,421 |
| Massmart Holdings Ltd. | 170,445 | 1,409 | |
| Pick n Pay Stores Ltd. | 288,043 | 1,390 | |
| Nampak Ltd. | 804,794 | 1,303 | |
| Tongaat Hulett Ltd. | 143,698 | 1,229 | |
| Reunert Ltd. | 249,068 | 1,214 | |
| *,^ | Northam Platinum Ltd. | 551,601 | 1,208 |
| * | Attacq Ltd. | 716,239 | 1,130 |
| JSE Ltd. | 116,949 | 1,126 | |
| * | Tsogo Sun Holdings Ltd. | 626,343 | 1,122 |
| AECI Ltd. | 148,191 | 1,019 | |
| DataTec Ltd. | 232,911 | 996 | |
| KAP Industrial Holdings Ltd. | 1,840,842 | 977 | |
| Omnia Holdings Ltd. | 77,343 | 856 | |
| Sun International Ltd. | 113,438 | 784 | |
| Distell Group Ltd. | 54,945 | 706 | |
| ^ | Exxaro Resources Ltd. | 165,553 | 685 |
| Santam Ltd. | 42,023 | 676 | |
| PPC Ltd. | 557,027 | 669 | |
| Pick n Pay Holdings Ltd. | 322,871 | 662 | |
| Grindrod Ltd. | 546,549 | 590 | |
| Alexander Forbes Group Holdings Ltd. | 832,594 | 523 | |
| African Rainbow Minerals Ltd. | 123,570 | 470 | |
| Adcock Ingram Holdings Ltd. | 98,611 | 370 | |
| ^ | Kumba Iron Ore Ltd. | 69,564 | 300 |
31
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Assore Ltd. | 37,367 | 215 | |
| Oceana Group Ltd. | 21,448 | 160 | |
| * | Royal Bafokeng Platinum Ltd. | 67,222 | 136 |
| *,^ | Adcock Ingram Holdings Ltd. Exp. 7/26/2019 | 5,387 | 3 |
| * | African Bank Investments Ltd. | 1,597,662 | — |
| 401,025 | |||
| South Korea (3.2%) | |||
| Samsung Electronics Co. Ltd. GDR | 230,386 | 137,639 | |
| Samsung Electronics Co. Ltd. | 29,892 | 35,808 | |
| Samsung Electronics Co. Ltd. Preference Shares | 26,699 | 27,845 | |
| Hyundai Motor Co. | 196,662 | 26,871 | |
| Shinhan Financial Group Co. Ltd. ADR | 564,949 | 21,666 | |
| SK Hynix Inc. | 740,802 | 19,790 | |
| NAVER Corp. | 36,867 | 19,338 | |
| Hyundai Mobis Co. Ltd. | 91,652 | 19,275 | |
| Kia Motors Corp. | 349,491 | 17,056 | |
| LG Chem Ltd. | 59,820 | 15,856 | |
| KB Financial Group Inc. ADR | 483,111 | 15,233 | |
| KT&G Corp. | 150,400 | 15,030 | |
| POSCO ADR | 368,731 | 14,760 | |
| Samsung Fire & Marine Insurance Co. Ltd. | 52,496 | 14,695 | |
| Korea Electric Power Corp. ADR | 650,993 | 14,582 | |
| Amorepacific Corp. | 43,185 | 14,216 | |
| * | Samsung C&T Corp. | 95,554 | 12,921 |
| SK Holdings Co. Ltd. | 48,704 | 11,361 | |
| Samsung Life Insurance Co. Ltd. | 105,339 | 10,053 | |
| LG Household & Health Care Ltd. | 11,935 | 9,876 | |
| Hana Financial Group Inc. | 395,370 | 9,598 | |
| Samsung SDS Co. Ltd. | 38,926 | 8,751 | |
| SK Innovation Co. Ltd. | 81,959 | 8,453 | |
| LG Corp. | 121,047 | 7,004 | |
| SK Telecom Co. Ltd. ADR | 296,974 | 6,997 | |
| Samsung SDI Co. Ltd. | 74,051 | 6,880 | |
| *,^ | Celltrion Inc. | 96,298 | 6,454 |
| LG Electronics Inc. | 146,118 | 6,275 | |
| Korea Zinc Co. Ltd. | 14,245 | 5,919 | |
| LG Display Co. Ltd. | 303,892 | 5,791 | |
| AMOREPACIFIC Group | 40,858 | 5,723 | |
| Kangwon Land Inc. | 153,517 | 5,691 | |
| Coway Co. Ltd. | 75,040 | 5,578 | |
| Korea Aerospace Industries Ltd. | 67,466 | 5,296 | |
| E-MART Inc. | 28,110 | 5,229 | |
| ^ | Hyundai Heavy Industries Co. Ltd. | 59,568 | 4,941 |
| Hyundai Motor Co. 2nd Preference Shares | 49,167 | 4,908 | |
| Hyundai Steel Co. | 103,583 | 4,703 | |
| ^ | Kakao Corp. | 46,546 | 4,618 |
| Hyundai Glovis Co. Ltd. | 26,228 | 4,515 | |
| Orion Corp. | 5,290 | 4,451 | |
| Industrial Bank of Korea | 357,229 | 4,371 | |
| Samsung Electro-Mechanics Co. Ltd. | 74,428 | 4,235 | |
| ^ | Hotel Shilla Co. Ltd. | 44,126 | 4,235 |
| Lotte Chemical Corp. | 20,017 | 4,178 | |
| BNK Financial Group Inc. | 337,747 | 4,131 | |
| CJ Corp. | 19,542 | 4,112 | |
| NCSoft Corp. | 24,044 | 3,978 | |
| Dongbu Insurance Co. Ltd. | 64,904 | 3,893 | |
| *,^ | Hanmi Pharm Co. Ltd. | 8,468 | 3,804 |
| Hankook Tire Co. Ltd. | 98,748 | 3,774 | |
| Woori Bank | 395,339 | 3,430 | |
| Samsung Securities Co. Ltd. | 80,866 | 3,398 | |
| Hyundai Development Co-Engineering & Construction | 84,728 | 3,395 | |
| S-Oil Corp. | 55,343 | 3,310 | |
| Hyosung Corp. | 32,351 | 3,296 | |
| Lotte Shopping Co. Ltd. | 15,062 | 3,047 | |
32
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| CJ CheilJedang Corp. | 9,891 | 3,023 | |
| Hyundai Motor Co. Preference Shares | 31,081 | 2,995 | |
| GS Holdings Corp. | 67,896 | 2,974 | |
| Hyundai Engineering & Construction Co. Ltd. | 95,524 | 2,877 | |
| Korea Investment Holdings Co. Ltd. | 53,307 | 2,837 | |
| Hanssem Co. Ltd. | 13,737 | 2,800 | |
| KCC Corp. | 7,827 | 2,790 | |
| ^ | Samsung Heavy Industries Co. Ltd. | 236,179 | 2,733 |
| LG Uplus Corp. | 284,238 | 2,720 | |
| KEPCO Plant Service & Engineering Co. Ltd. | 28,165 | 2,565 | |
| Yuhan Corp. | 10,378 | 2,565 | |
| Hyundai Wia Corp. | 21,679 | 2,531 | |
| S-1 Corp. | 28,272 | 2,454 | |
| * | Amorepacific Corp. Preference Shares | 14,325 | 2,418 |
| Hyundai Marine & Fire Insurance Co. Ltd. | 80,768 | 2,403 | |
| Daewoo Securities Co. Ltd. | 247,410 | 2,387 | |
| Daelim Industrial Co. Ltd. | 36,063 | 2,349 | |
| Hyundai Department Store Co. Ltd. | 20,832 | 2,283 | |
| Hanwha Corp. | 69,631 | 2,274 | |
| Shinhan Financial Group Co. Ltd. | 56,911 | 2,166 | |
| KT Corp. ADR | 163,886 | 2,150 | |
| Hanwha Life Insurance Co. Ltd. | 288,480 | 2,146 | |
| Hanwha Chemical Corp. | 107,576 | 2,076 | |
| *,^ | BGF retail Co. Ltd. | 13,707 | 2,036 |
| * | CJ Korea Express Co. Ltd. | 11,752 | 2,002 |
| * | Cheil Worldwide Inc. | 114,632 | 2,000 |
| LG Chem Ltd. Preference Shares | 10,351 | 1,950 | |
| Lotte Confectionery Co. Ltd. | 1,095 | 1,907 | |
| Shinsegae Co. Ltd. | 9,156 | 1,858 | |
| DGB Financial Group Inc. | 195,930 | 1,815 | |
| *,^ | Hanmi Science Co. ltd | 15,739 | 1,796 |
| ^ | Hanon Systems | 44,463 | 1,748 |
| ^ | Hanwha Techwin Co. Ltd. | 53,364 | 1,735 |
| ^ | OCI Co. Ltd. | 24,081 | 1,723 |
| Samsung Card Co. Ltd. | 48,317 | 1,635 | |
| Lotte Chilsung Beverage Co. Ltd. | 812 | 1,589 | |
| Woori Investment & Securities Co. Ltd. | 171,984 | 1,510 | |
| *,^ | Daewoo Engineering & Construction Co. Ltd. | 265,053 | 1,505 |
| ^ | Doosan Corp. | 14,968 | 1,448 |
| NongShim Co. Ltd. | 4,445 | 1,433 | |
| ^ | Hyundai Securities Co. Ltd. | 235,771 | 1,419 |
| KB Financial Group Inc. | 44,657 | 1,415 | |
| Korea Gas Corp. | 37,088 | 1,380 | |
| * | Korean Air Lines Co. Ltd. | 47,219 | 1,272 |
| SK Networks Co. Ltd. | 201,141 | 1,244 | |
| ^ | Dongsuh Cos. Inc. | 41,754 | 1,230 |
| ^ | Paradise Co. Ltd. | 64,038 | 1,205 |
| ^ | Kumho Petrochemical Co. Ltd. | 23,478 | 1,184 |
| * | LG Household & Health Care Ltd. Preference Shares | 2,849 | 1,183 |
| ^ | LG Hausys Ltd. | 7,983 | 1,182 |
| *,^ | GS Engineering & Construction Corp. | 57,923 | 1,174 |
| ^ | Mando Corp. | 8,943 | 1,161 |
| Doosan Heavy Industries & Construction Co. Ltd. | 64,350 | 1,156 | |
| Korea Electric Power Corp. | 24,262 | 1,092 | |
| Daewoo International Corp. | 61,772 | 1,074 | |
| *,^ | NHN Entertainment Corp. | 21,817 | 1,061 |
| * | KT Corp. | 37,537 | 972 |
| *,^ | Doosan Infracore Co. Ltd. | 176,399 | 962 |
| SKC Co. Ltd. | 26,189 | 877 | |
| *,^ | Hanjin Shipping Co. Ltd. | 188,270 | 824 |
| LS Corp. | 23,936 | 809 | |
| ^ | Hyundai Mipo Dockyard Co. Ltd. | 12,921 | 808 |
| ^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 125,248 | 761 |
| Mirae Asset Securities Co. Ltd. | 33,323 | 746 | |
33
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Samsung Fine Chemicals Co. Ltd. | 22,429 | 739 |
| ^ | Hite Jinro Co. Ltd. | 35,066 | 702 |
| Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 3,638 | 640 | |
| *,^ | Samsung Engineering Co. Ltd. | 39,326 | 623 |
| SK Telecom Co. Ltd. | 2,772 | 587 | |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 108,151 | 565 |
| ^ | KEPCO Engineering & Construction Co. Inc. | 18,055 | 538 |
| LG Electronics Inc. Preference Shares | 23,318 | 500 | |
| * | CJ CheilJedang Corp. Preference Shares | 1,801 | 351 |
| POSCO | 699 | 112 | |
| * | Mirae Asset Securities Co. Ltd. Rights Exp. 11/05/2015 | 29,030 | 69 |
| 782,056 | |||
| Spain (2.4%) | |||
| Banco Santander SA | 18,670,876 | 104,555 | |
| Telefonica SA | 5,784,793 | 76,428 | |
| Banco Bilbao Vizcaya Argentaria SA | 8,555,631 | 73,551 | |
| Iberdrola SA | 7,704,157 | 54,998 | |
| Industria de Diseno Textil SA | 1,447,529 | 54,220 | |
| Amadeus IT Holding SA | 570,490 | 24,276 | |
| * | Repsol SA | 1,448,671 | 18,253 |
| * | Ferrovial SA | 551,308 | 13,907 |
| CaixaBank SA | 3,433,623 | 13,152 | |
| Red Electrica Corp. SA | 147,826 | 13,027 | |
| * | Banco de Sabadell SA | 6,306,216 | 12,183 |
| Grifols SA | 225,888 | 10,469 | |
| *,2 | Aena SA | 88,109 | 9,829 |
| Endesa SA | 434,961 | 9,680 | |
| Enagas SA | 309,812 | 9,380 | |
| Abertis Infraestructuras SA | 555,345 | 9,217 | |
| Gas Natural SDG SA | 419,943 | 9,093 | |
| * | ACS Actividades de Construccion y Servicios SA | 239,553 | 8,142 |
| Banco Popular Espanol SA | 2,141,806 | 8,141 | |
| Bankia SA | 6,305,233 | 8,119 | |
| Bankinter SA | 939,185 | 6,806 | |
| Grifols SA Preference Shares | 182,854 | 6,350 | |
| Distribuidora Internacional de Alimentacion SA | 868,822 | 5,525 | |
| Banco Santander SA ADR | 805,894 | 4,806 | |
| Mapfre SA | 1,373,320 | 4,080 | |
| Zardoya Otis SA | 244,524 | 3,007 | |
| Acciona SA | 35,323 | 2,968 | |
| Mediaset Espana Comunicacion SA | 235,068 | 2,855 | |
| *,^ | Acerinox SA | 190,332 | 2,057 |
| Corp Financiera Alba SA | 23,390 | 1,032 | |
| 580,106 | |||
| Sweden (2.0%) | |||
| Hennes & Mauritz AB Class B | 1,296,959 | 50,309 | |
| Nordea Bank AB | 4,339,175 | 47,851 | |
| Telefonaktiebolaget LM Ericsson Class B | 4,071,384 | 39,589 | |
| Swedbank AB Class A | 1,426,211 | 32,719 | |
| * | Svenska Handelsbanken AB Class A | 1,967,652 | 26,684 |
| * | Assa Abloy AB Class B | 1,282,695 | 25,439 |
| Svenska Cellulosa AB SCA Class B | 794,221 | 23,411 | |
| Investor AB Class B | 617,968 | 22,877 | |
| ^ | Atlas Copco AB Class A | 846,001 | 22,001 |
| Volvo AB Class B | 2,109,743 | 21,838 | |
| Skandinaviska Enskilda Banken AB Class A | 1,986,089 | 20,770 | |
| TeliaSonera AB | 3,549,015 | 18,119 | |
| Sandvik AB | 1,473,635 | 13,770 | |
| ^ | Atlas Copco AB Class B | 533,051 | 12,868 |
| Hexagon AB Class B | 350,017 | 12,117 | |
| SKF AB | 568,131 | 9,966 | |
| Skanska AB Class B | 492,040 | 9,557 | |
| Electrolux AB Class B | 303,720 | 8,927 | |
| Investment AB Kinnevik | 279,041 | 8,889 | |
34
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Swedish Match AB | 267,854 | 8,420 |
| Alfa Laval AB | 427,112 | 7,510 |
| Boliden AB | 374,338 | 7,162 |
| Getinge AB | 249,498 | 6,228 |
| Trelleborg AB Class B | 331,360 | 5,584 |
| Meda AB Class A | 375,212 | 5,518 |
| Securitas AB Class B | 412,674 | 5,376 |
| Industrivarden AB Class A | 262,994 | 5,111 |
| * Lundin Petroleum AB | 291,318 | 4,216 |
| Tele2 AB | 418,020 | 4,173 |
| Industrivarden AB | 221,816 | 4,009 |
| ^ Husqvarna AB | 502,048 | 3,302 |
| Melker Schorling AB | 13,871 | 771 |
| * Svenska Handelsbanken AB Class B | 46,393 | 669 |
| 495,750 | ||
| Switzerland (6.6%) | ||
| Nestle SA | 4,278,439 | 326,629 |
| Novartis AG | 2,913,037 | 264,113 |
| Roche Holding AG | 973,964 | 263,810 |
| UBS Group AG | 4,798,081 | 95,760 |
| Cie Financiere Richemont SA | 697,632 | 59,670 |
| ABB Ltd. | 3,033,523 | 57,136 |
| Credit Suisse Group AG | 2,229,901 | 55,528 |
| Zurich Insurance Group AG | 203,589 | 53,700 |
| Swiss Re AG | 467,447 | 43,369 |
| Syngenta AG | 125,318 | 42,099 |
| Givaudan SA | 12,613 | 22,544 |
| Actelion Ltd. | 134,488 | 18,654 |
| LafargeHolcim Ltd. | 321,381 | 18,075 |
| Geberit AG | 51,467 | 16,589 |
| Adecco SA | 220,625 | 16,384 |
| Swatch Group AG (Bearer) | 41,439 | 16,178 |
| Swisscom AG | 31,136 | 16,032 |
| Julius Baer Group Ltd. | 298,026 | 14,767 |
| SGS SA | 6,976 | 13,268 |
| * LafargeHolcim Ltd. | 230,997 | 12,997 |
| Swiss Life Holding AG | 43,614 | 10,396 |
| Lonza Group AG | 70,919 | 10,395 |
| Chocoladefabriken Lindt & Sprungli AG Registered Shares | 140 | 10,377 |
| Schindler Holding AG | 60,439 | 9,799 |
| Galenica AG | 6,659 | 9,748 |
| Sonova Holding AG | 70,606 | 9,627 |
| Kuehne & Nagel International AG | 68,979 | 9,554 |
| Sika AG | 2,873 | 9,411 |
| Partners Group Holding AG | 24,468 | 8,846 |
| Chocoladefabriken Lindt & Sprungli AG Participation Certificates | 1,311 | 7,995 |
| Baloise Holding AG | 63,910 | 7,660 |
| * Dufry AG | 65,389 | 7,640 |
| ^ Transocean Ltd. | 476,494 | 7,295 |
| Clariant AG | 368,233 | 6,764 |
| Swiss Prime Site AG | 85,685 | 6,546 |
| Roche Holding AG (Bearer) | 18,908 | 5,165 |
| Aryzta AG | 114,305 | 5,149 |
| Swatch Group AG (Registered) | 66,673 | 4,814 |
| PSP Swiss Property AG | 55,034 | 4,786 |
| Schindler Holding AG (Registered) | 28,065 | 4,562 |
| Helvetia Holding AG | 8,195 | 4,287 |
| EMS-Chemie Holding AG | 9,832 | 4,156 |
| GAM Holding AG | 221,522 | 4,049 |
| ^ Sulzer AG | 32,851 | 3,319 |
| Barry Callebaut AG | 2,634 | 3,159 |
| Pargesa Holding SA | 38,382 | 2,436 |
| Banque Cantonale Vaudoise | 3,796 | 2,336 |
35
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| DKSH Holding AG | 36,079 | 2,196 |
| 1,609,769 | ||
| Taiwan (2.5%) | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,375,181 | 118,039 |
| Hon Hai Precision Industry Co. Ltd. | 19,007,618 | 50,399 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5,840,973 | 24,687 |
| Fubon Financial Holding Co. Ltd. | 9,925,861 | 15,983 |
| Formosa Plastics Corp. | 6,695,873 | 15,503 |
| MediaTek Inc. | 1,993,440 | 15,475 |
| Nan Ya Plastics Corp. | 7,800,615 | 15,465 |
| Cathay Financial Holding Co. Ltd. | 10,849,057 | 15,415 |
| ^ Chunghwa Telecom Co. Ltd. ADR | 461,468 | 14,139 |
| Delta Electronics Inc. | 2,773,818 | 14,061 |
| Formosa Chemicals & Fibre Corp. | 6,005,306 | 13,735 |
| CTBC Financial Holding Co. Ltd. | 22,853,203 | 12,502 |
| Uni-President Enterprises Corp. | 6,597,487 | 11,127 |
| Largan Precision Co. Ltd. | 137,068 | 10,587 |
| China Steel Corp. | 16,978,234 | 10,247 |
| Mega Financial Holding Co. Ltd. | 13,643,144 | 9,894 |
| Catcher Technology Co. Ltd. | 1,010,153 | 9,850 |
| Asustek Computer Inc. | 964,023 | 8,605 |
| Taiwan Mobile Co. Ltd. | 2,289,648 | 7,204 |
| Advanced Semiconductor Engineering Inc. ADR | 1,196,216 | 6,866 |
| Hotai Motor Co. Ltd. | 560,000 | 6,516 |
| Formosa Petrochemical Corp. | 2,604,580 | 6,315 |
| Pegatron Corp. | 2,595,038 | 6,314 |
| E.Sun Financial Holding Co. Ltd. | 10,318,920 | 6,193 |
| Quanta Computer Inc. | 3,630,598 | 6,184 |
| First Financial Holding Co. Ltd. | 12,368,496 | 5,987 |
| United Microelectronics Corp. ADR | 3,026,170 | 5,598 |
| Yuanta Financial Holding Co. Ltd. | 13,704,916 | 5,366 |
| China Development Financial Holding Corp. | 19,211,318 | 5,151 |
| Pou Chen Corp. | 3,616,125 | 5,086 |
| President Chain Store Corp. | 766,904 | 5,079 |
| Far Eastern New Century Corp. | 5,483,819 | 4,978 |
| Hua Nan Financial Holdings Co. Ltd. | 10,149,011 | 4,876 |
| Taiwan Cement Corp. | 4,387,768 | 4,866 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 10,889,801 | 4,865 |
| Far EasTone Telecommunications Co. Ltd. | 2,180,643 | 4,725 |
| Cheng Shin Rubber Industry Co. Ltd. | 2,528,220 | 4,572 |
| Innolux Corp. | 13,447,370 | 4,500 |
| Taishin Financial Holding Co. Ltd. | 11,493,488 | 4,485 |
| SinoPac Financial Holdings Co. Ltd. | 12,917,417 | 4,249 |
| Eclat Textile Co. Ltd. | 266,074 | 3,911 |
| Foxconn Technology Co. Ltd. | 1,486,065 | 3,875 |
| Chang Hwa Commercial Bank Ltd. | 7,228,967 | 3,745 |
| Compal Electronics Inc. | 5,743,510 | 3,563 |
| Advantech Co. Ltd. | 468,314 | 3,351 |
| AU Optronics Corp. ADR | 1,146,509 | 3,313 |
| Asia Cement Corp. | 3,199,519 | 3,312 |
| Lite-On Technology Corp. | 2,948,054 | 3,056 |
| Giant Manufacturing Co. Ltd. | 389,625 | 2,930 |
| Hermes Microvision Inc. | 76,114 | 2,902 |
| Advanced Semiconductor Engineering Inc. | 2,447,847 | 2,836 |
| * Inotera Memories Inc. | 3,411,000 | 2,614 |
| Novatek Microelectronics Corp. | 765,916 | 2,589 |
| Shin Kong Financial Holding Co. Ltd. | 10,609,858 | 2,533 |
| HTC Corp. | 1,004,570 | 2,412 |
| ^ Siliconware Precision Industries Co. Ltd. ADR | 350,831 | 2,347 |
| Inventec Corp. | 4,084,064 | 2,336 |
| Feng TAY Enterprise Co. Ltd. | 404,554 | 2,297 |
| Teco Electric and Machinery Co. Ltd. | 2,441,000 | 2,125 |
| Synnex Technology International Corp. | 1,735,990 | 1,823 |
| Chicony Electronics Co. Ltd. | 748,140 | 1,778 |
36
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Chunghwa Telecom Co. Ltd. | 578,207 | 1,772 |
| Wistron Corp. | 3,517,911 | 1,762 |
| * Acer Inc. | 3,875,396 | 1,638 |
| Vanguard International Semiconductor Corp. | 1,263,466 | 1,619 |
| * Eva Airways Corp. | 2,583,587 | 1,511 |
| Formosa Taffeta Co. Ltd. | 1,398,000 | 1,381 |
| * Taiwan Business Bank | 5,208,019 | 1,335 |
| * China Airlines Ltd. | 3,666,913 | 1,311 |
| Realtek Semiconductor Corp. | 622,768 | 1,296 |
| Taiwan Fertilizer Co. Ltd. | 984,000 | 1,253 |
| Epistar Corp. | 1,375,000 | 1,231 |
| Siliconware Precision Industries Co. Ltd. | 927,678 | 1,227 |
| Yulon Motor Co. Ltd. | 1,148,898 | 1,215 |
| Taiwan Secom Co. Ltd. | 389,725 | 1,170 |
| * Walsin Lihwa Corp. | 4,600,000 | 1,109 |
| Transcend Information Inc. | 380,455 | 1,055 |
| Eternal Materials Co. Ltd. | 1,100,157 | 1,040 |
| Evergreen Marine Corp. Taiwan Ltd. | 2,245,222 | 996 |
| TPK Holding Co. Ltd. | 357,422 | 883 |
| Wan Hai Lines Ltd. | 1,318,702 | 869 |
| Capital Securities Corp. | 2,870,231 | 851 |
| Cheng Uei Precision Industry Co. Ltd. | 532,591 | 778 |
| Unimicron Technology Corp. | 1,707,975 | 745 |
| Far Eastern International Bank | 2,392,642 | 743 |
| * Taiwan Glass Industry Corp. | 1,860,701 | 732 |
| Oriental Union Chemical Corp. | 950,191 | 711 |
| Feng Hsin Steel Co. Ltd. | 613,790 | 708 |
| * Macronix International | 4,695,748 | 684 |
| U-Ming Marine Transport Corp. | 561,000 | 658 |
| China Motor Corp. | 869,105 | 612 |
| Nanya Technology Corp. | 499,000 | 610 |
| YFY Inc. | 1,715,451 | 589 |
| * Yang Ming Marine Transport Corp. | 1,936,305 | 584 |
| President Securities Corp. | 1,218,349 | 541 |
| Cathay Real Estate Development Co. Ltd. | 1,244,000 | 537 |
| Ton Yi Industrial Corp. | 1,014,600 | 494 |
| United Microelectronics Corp. | 1,184,978 | 431 |
| Yulon Nissan Motor Co. Ltd. | 33,633 | 293 |
| Nan Ya Printed Circuit Board Corp. | 274,395 | 276 |
| AU Optronics Corp. | 929,000 | 271 |
| 602,857 | ||
| Thailand (0.5%) | ||
| Advanced Info Service PCL (Foreign) | 1,638,850 | 10,732 |
| Kasikornbank PCL (Foreign) | 1,658,416 | 8,024 |
| CP ALL PCL (Foreign) | 4,192,000 | 5,878 |
| Siam Cement PCL (Foreign) | 414,548 | 5,280 |
| * PTT PCL | 624,972 | 4,811 |
| * Siam Commercial Bank PCL (Local) | 1,127,200 | 4,215 |
| PTT PCL (Foreign) | 539,900 | 4,156 |
| Intouch Holdings NVDR | 1,945,604 | 4,097 |
| PTT Exploration & Production PCL (Foreign) | 1,954,678 | 3,989 |
| Airports of Thailand PCL (Foreign) | 455,300 | 3,806 |
| Siam Commercial Bank PCL (Foreign) | 995,486 | 3,722 |
| Bangkok Bank PCL (Foreign) | 705,029 | 3,313 |
| * Bumrungrad Hospital PCL | 481,504 | 2,915 |
| ^ Bangkok Dusit Medical Services PCL | 5,296,500 | 2,823 |
| * CP ALL PCL (Local) | 1,829,700 | 2,566 |
| * True Corp. PCL | 7,958,000 | 2,254 |
| TMB Bank PCL | 29,787,600 | 2,221 |
| * BTS Group Holdings PCL | 7,692,500 | 2,085 |
| PTT Global Chemical PCL (Foreign) | 1,264,212 | 1,973 |
| * Minor International PCL | 2,278,110 | 1,948 |
| ^ Thai Oil PCL (Foreign) | 1,092,800 | 1,660 |
| * PTT Global Chemical PCL (Local) | 950,400 | 1,483 |
37
| Vanguard® FTSE All-World ex-US Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Thai Union Frozen Products PCL (Foreign) | 2,893,244 | 1,435 |
| Big C Supercenter PCL | 254,900 | 1,432 | |
| * | Charoen Pokphand Foods PCL | 2,283,500 | 1,326 |
| Krung Thai Bank PCL (Foreign) | 2,716,125 | 1,304 | |
| * | Indorama Ventures PCL | 1,972,900 | 1,275 |
| Central Pattana PCL (Foreign) | 903,200 | 1,167 | |
| * | Central Pattana PCL | 899,900 | 1,163 |
| ^ | Big C Supercenter PCL | 206,200 | 1,158 |
| Charoen Pokphand Foods PCL (Foreign) | 1,947,300 | 1,131 | |
| ^ | Total Access Communication PCL (Foreign) | 587,700 | 1,120 |
| Glow Energy PCL (Foreign) | 465,500 | 1,119 | |
| * | Airports of Thailand PCL | 130,100 | 1,087 |
| * | Land & Houses PCL | 4,220,000 | 1,012 |
| * | Home Product Center PCL | 4,982,745 | 978 |
| * | Krung Thai Bank PCL | 1,993,200 | 957 |
| * | IRPC PCL | 7,736,600 | 884 |
| * | Bangkok Life Assurance PCL | 585,800 | 847 |
| * | Banpu PCL (Local) | 1,362,900 | 829 |
| Delta Electronics Thai PCL (Foreign) | 339,900 | 805 | |
| * | Delta Electronics Thailand PCL | 329,700 | 781 |
| * | Electricity Generating PCL | 172,900 | 755 |
| IRPC PCL (Foreign) | 5,950,900 | 680 | |
| *,^ | True Corp. PCL (Foreign) | 2,258,001 | 640 |
| * | BEC World PCL | 715,900 | 632 |
| * | Berli Jucker PCL | 567,500 | 597 |
| ^ | Electricity Generating PCL (Foreign) | 130,500 | 570 |
| Siam City Cement PCL (Foreign) | 57,200 | 543 | |
| ^ | BEC World PCL (Foreign) | 573,400 | 507 |
| * | Ratchaburi Electricity Generating Holding PCL (Local) | 269,900 | 402 |
| Total Access Communication PCL | 184,200 | 351 | |
| * | Total Access Communication PCL (Local) | 163,400 | 311 |
| * | Siam City Cement PCL (Local) | 29,900 | 284 |
| Ratchaburi Electricity Generating Holding PCL (Foreign) | 187,700 | 279 | |
| * | Glow Energy PCL | 114,000 | 274 |
| *,^ | Thai Airways International PCL (Foreign) | 676,002 | 191 |
| * | Intouch Holdings PCL | 72,600 | 153 |
| Land & Houses PCL (Foreign) | 478,520 | 115 | |
| * | Thai Airways International PCL | 257,400 | 73 |
| * | PTT Exploration and Production PCL (Local) | 28,000 | 57 |
| * | Indorama Ventures PCL Warrants Exp. 8/24/2017 | 162,130 | 10 |
| * | Minor International Warrants Exp. 11/03/2017 | 90,215 | 8 |
| * | Indorama Ventures Warrants Exp. 8/24/2018 | 124,715 | 7 |
| * | Big C Supercenter PCL | 500 | 3 |
| 113,203 | |||
| Turkey (0.3%) | |||
| Turkiye Garanti Bankasi AS | 2,839,545 | 7,369 | |
| Akbank TAS | 2,747,500 | 7,055 | |
| BIM Birlesik Magazalar AS | 308,426 | 6,273 | |
| * | Tupras Turkiye Petrol Rafinerileri AS | 164,326 | 4,339 |
| Turkcell Iletisim Hizmetleri AS | 1,060,647 | 4,219 | |
| KOC Holding AS | 931,665 | 4,217 | |
| Haci Omer Sabanci Holding AS (Bearer) | 1,092,994 | 3,466 | |
| Turkiye Is Bankasi | 1,812,986 | 3,095 | |
| Turkiye Halk Bankasi AS | 823,435 | 3,091 | |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 2,911,530 | 2,825 | |
| Eregli Demir ve Celik Fabrikalari TAS | 1,886,295 | 2,675 | |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 312,190 | 2,462 | |
| * | Turk Hava Yollari AO | 747,740 | 2,207 |
| Turkiye Vakiflar Bankasi TAO | 1,406,155 | 2,005 | |
| TAV Havalimanlari Holding AS | 203,464 | 1,598 | |
| Coca-Cola Icecek AS | 120,854 | 1,531 | |
| Turk Telekomunikasyon AS | 692,889 | 1,493 | |
| Ulker Biskuvi Sanayi AS | 200,262 | 1,353 | |
| Yapi ve Kredi Bankasi AS | 1,085,673 | 1,321 | |
38
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Arcelik AS | 225,658 | 1,230 |
| Enka Insaat ve Sanayi AS | 670,442 | 1,188 |
| Tofas Turk Otomobil Fabrikasi AS | 168,919 | 1,115 |
| Ford Otomotiv Sanayi AS | 93,987 | 1,105 |
| Turkiye Sise ve Cam Fabrikalari AS | 699,442 | 801 |
| * Petkim Petrokimya Holding AS | 485,361 | 716 |
| Turkiye Sinai Kalkinma Bankasi AS | 910,697 | 481 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 95,626 | 458 |
| Turk Traktor ve Ziraat Makineleri AS | 16,605 | 395 |
| Koza Altin Isletmeleri AS | 64,175 | 361 |
| Aygaz AS | 89,205 | 335 |
| * Pegasus Hava Tasimaciligi AS | 44,548 | 286 |
| * Migros Ticaret AS | 44,312 | 261 |
| Akcansa Cimento AS | 49,811 | 234 |
| Yazicilar Holding AS Class A | 41,644 | 232 |
| 71,792 | ||
| United Arab Emirates (0.2%) | ||
| Emaar Properties PJSC | 4,853,137 | 8,440 |
| First Gulf Bank PJSC | 1,539,659 | 5,175 |
| Abu Dhabi Commercial Bank PJSC | 2,514,929 | 5,134 |
| DP World Ltd. | 224,325 | 4,532 |
| Aldar Properties PJSC | 4,288,711 | 2,659 |
| Dubai Islamic Bank PJSC | 1,367,652 | 2,407 |
| * Emaar Malls Group PJSC | 2,822,097 | 2,404 |
| Union National Bank PJSC | 1,473,794 | 2,246 |
| DAMAC Properties Dubai Co. PJSC | 2,298,381 | 1,857 |
| * Arabtec Holding PJSC | 3,031,213 | 1,343 |
| * Dubai Parks & Resorts PJSC | 3,367,434 | 1,150 |
| Air Arabia PJSC | 3,007,827 | 1,105 |
| Dubai Financial Market PJSC | 2,296,512 | 894 |
| Al Waha Capital PJSC | 1,220,264 | 722 |
| Dubai Investments PJSC | 1,087,857 | 669 |
| * Dana Gas PJSC | 4,699,878 | 601 |
| * Deyaar Development PJSC | 2,069,349 | 334 |
| Union Properties PJSC | 1,326,655 | 311 |
| Agthia Group PJSC | 20,846 | 43 |
| 42,026 | ||
| United Kingdom (14.8%) | ||
| HSBC Holdings plc | 26,659,334 | 208,232 |
| British American Tobacco plc | 2,546,295 | 151,138 |
| BP plc | 24,912,768 | 147,876 |
| GlaxoSmithKline plc | 6,641,285 | 143,040 |
| Royal Dutch Shell plc Class A | 5,320,975 | 138,178 |
| Vodafone Group plc | 36,290,463 | 119,637 |
| AstraZeneca plc | 1,723,860 | 110,034 |
| Diageo plc | 3,440,642 | 99,430 |
| Lloyds Banking Group plc | 83,548,735 | 94,801 |
| Royal Dutch Shell plc Class B | 3,316,279 | 86,622 |
| Reckitt Benckiser Group plc | 868,423 | 84,731 |
| BT Group plc | 11,432,605 | 81,735 |
| Barclays plc | 22,876,758 | 81,419 |
| Prudential plc | 3,485,669 | 81,360 |
| SABMiller plc | 1,291,393 | 79,439 |
| National Grid plc | 5,152,702 | 73,338 |
| BG Group plc | 4,649,053 | 73,231 |
| Unilever plc | 1,648,050 | 73,190 |
| Imperial Tobacco Group plc | 1,316,060 | 70,893 |
| Rio Tinto plc | 1,678,810 | 60,884 |
| Shire plc | 802,994 | 60,806 |
| BHP Billiton plc | 2,885,154 | 46,143 |
| Aviva plc | 5,526,243 | 41,331 |
| WPP plc | 1,770,386 | 39,680 |
| Compass Group plc | 2,250,733 | 38,771 |
| Legal & General Group plc | 8,111,239 | 32,619 |
39
| Vanguard® FTSE All-World ex-US Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Standard Chartered plc | 2,851,841 | 31,651 |
| SSE plc | 1,348,824 | 31,459 |
| * Tesco plc | 11,096,250 | 31,263 |
| ARM Holdings plc | 1,928,115 | 30,477 |
| BAE Systems plc | 4,320,572 | 29,259 |
| CRH plc (London Shares) | 1,047,547 | 28,670 |
| Glencore plc | 16,196,222 | 27,895 |
| RELX plc | 1,530,475 | 27,358 |
| Rolls-Royce Holdings plc | 2,511,576 | 26,571 |
| Associated British Foods plc | 476,034 | 25,315 |
| Next plc | 201,138 | 24,756 |
| Sky plc | 1,432,420 | 24,154 |
| Centrica plc | 6,901,290 | 24,021 |
| Experian plc | 1,342,040 | 22,884 |
| Land Securities Group plc | 1,074,646 | 22,150 |
| Old Mutual plc | 6,676,067 | 21,805 |
| * Royal Bank of Scotland Group plc | 4,426,849 | 21,637 |
| Smith & Nephew plc | 1,224,866 | 20,905 |
| Wolseley plc | 355,564 | 20,868 |
| ITV plc | 5,113,913 | 19,846 |
| Whitbread plc | 249,249 | 19,048 |
| British Land Co. plc | 1,399,155 | 18,747 |
| Capita plc | 904,154 | 17,747 |
| Marks & Spencer Group plc | 2,247,675 | 17,746 |
| Standard Life plc | 2,671,888 | 17,279 |
| Kingfisher plc | 3,176,311 | 17,263 |
| London Stock Exchange Group plc | 426,237 | 16,674 |
| Anglo American plc London Shares | 1,784,961 | 14,957 |
| Pearson plc | 1,110,721 | 14,708 |
| United Utilities Group plc | 931,355 | 14,163 |
| Carnival plc | 249,274 | 13,858 |
| Taylor Wimpey plc | 4,413,065 | 13,439 |
| Bunzl plc | 453,535 | 12,970 |
| InterContinental Hotels Group plc | 322,918 | 12,926 |
| Persimmon plc | 417,816 | 12,815 |
| Barratt Developments plc | 1,360,275 | 12,815 |
| * International Consolidated Airlines Group SA (London Shares) | 1,390,323 | 12,453 |
| Burberry Group plc | 605,188 | 12,372 |
| Sage Group plc | 1,471,250 | 12,335 |
| Mondi plc | 501,662 | 11,594 |
| Direct Line Insurance Group plc | 1,878,292 | 11,405 |
| Severn Trent plc | 325,598 | 11,245 |
| Johnson Matthey plc | 279,924 | 11,132 |
| Provident Financial plc | 199,677 | 10,666 |
| Ashtead Group plc | 687,558 | 10,579 |
| St. James's Place plc | 707,988 | 10,502 |
| Hammerson plc | 1,071,339 | 10,496 |
| GKN plc | 2,340,935 | 10,342 |
| 3i Group plc | 1,316,309 | 10,149 |
| Travis Perkins plc | 338,247 | 9,969 |
| DCC plc | 120,509 | 9,658 |
| Dixons Carphone plc | 1,353,922 | 9,614 |
| Inmarsat plc | 611,874 | 9,273 |
| RSA Insurance Group plc | 1,387,343 | 8,989 |
| Intertek Group plc | 218,487 | 8,829 |
| Berkeley Group Holdings plc | 170,999 | 8,727 |
| Royal Mail plc | 1,245,710 | 8,541 |
| Randgold Resources Ltd. | 127,022 | 8,516 |
| Croda International plc | 184,149 | 8,208 |
| Derwent London plc | 136,146 | 8,132 |
| easyJet plc | 294,436 | 7,927 |
| G4S plc | 2,119,525 | 7,914 |
| J Sainsbury plc | 1,929,131 | 7,901 |
| Rexam plc | 949,803 | 7,898 |
40
| Vanguard® FTSE All-World ex-US Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Market | |||||
| Value | |||||
| Shares | ($000) | ||||
| Smiths Group plc | 532,068 | 7,879 | |||
| Informa plc | 887,337 | 7,752 | |||
| Wm Morrison Supermarkets plc | 2,956,615 | 7,659 | |||
| DS Smith plc | 1,283,848 | 7,646 | |||
| TUI AG | 408,659 | 7,600 | |||
| Inchcape plc | 607,556 | 7,468 | |||
| Rightmove plc | 125,527 | 7,411 | |||
| Aberdeen Asset Management plc | 1,346,006 | 7,181 | |||
| Schroders plc | 154,377 | 7,087 | |||
| Pennon Group plc | 563,304 | 7,028 | |||
| Segro plc | 1,014,079 | 7,018 | |||
| ^ | Intu Properties plc | 1,280,562 | 6,815 | ||
| Capital & Counties Properties plc | 987,784 | 6,754 | |||
| Admiral Group plc | 270,702 | 6,718 | |||
| Hargreaves Lansdown plc | 298,049 | 6,624 | |||
| Cobham plc | 1,548,572 | 6,611 | |||
| Coca-Cola HBC AG | 268,560 | 6,398 | |||
| 2 | Merlin Entertainments plc | 969,693 | 6,187 | ||
| Hikma Pharmaceuticals plc | 183,892 | 6,128 | |||
| Howden Joinery Group plc | 851,639 | 6,077 | |||
| William Hill plc | 1,207,959 | 5,897 | |||
| Meggitt plc | 1,079,848 | 5,878 | |||
| Amec Foster Wheeler plc | 535,954 | 5,856 | |||
| Rentokil Initial plc | 2,459,940 | 5,852 | |||
| Investec plc | 697,665 | 5,819 | |||
| Tate & Lyle plc | 629,980 | 5,792 | |||
| *,2 | Auto Trader Group plc | 958,320 | 5,730 | ||
| Melrose Industries plc | 1,346,075 | 5,514 | |||
| IMI plc | 370,660 | 5,434 | |||
| Babcock International Group plc | 341,483 | 5,068 | |||
| ICAP plc | 727,094 | 4,925 | |||
| Weir Group plc | 288,598 | 4,740 | |||
| Aggreko plc | 325,903 | 4,587 | |||
| Petrofac Ltd. | 352,291 | 4,561 | |||
| John Wood Group plc | 493,055 | 4,524 | |||
| Daily Mail & General Trust plc | 358,237 | 4,132 | |||
| * | Tullow Oil plc | 1,242,862 | 3,869 | ||
| Antofagasta plc | 478,686 | 3,869 | |||
| * | Sports Direct International plc | 343,157 | 3,683 | ||
| Polymetal International plc | 348,285 | 3,081 | |||
| Polyus Gold International Ltd. | 996,949 | 2,922 | |||
| ^ | TalkTalk Telecom Group plc | 709,536 | 2,765 | ||
| Fresnillo plc | 227,565 | 2,555 | |||
| ^ | Ashmore Group plc | 515,932 | 2,142 | ||
| CRH plc (Dublin Shares) | 53,971 | 1,474 | |||
| 3,604,733 | |||||
| Total Common Stocks (Cost $23,669,840) | 24,267,930 | ||||
| Coupon | |||||
| Temporary Cash Investments (3.1%)1 | |||||
| Money Market Fund (3.0%) | |||||
| 5,6 | Vanguard Market Liquidity Fund | 0.207% | 714,268,337 | 714,268 | |
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| U.S. Government and Agency Obligations (0.1%) | |||||
| 7,8 | Federal Home Loan Bank Discount Notes | 0.150%-0.175% | 11/13/15 | 9,000 | 9,000 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.180% | 11/17/15 | 2,000 | 2,000 |
41
| Vanguard® FTSE All-World ex-US Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Face | Market | ||||
| Maturity | Amount | Value | |||
| Coupon | Date | ($000) | ($000) | ||
| 7 | Federal Home Loan Bank Discount Notes | 0.200% | 11/18/15 | 600 | 600 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.197% | 12/4/15 | 1,000 | 1,000 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.208% | 12/9/15 | 1,000 | 1,000 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.115% | 1/8/16 | 3,000 | 3,000 |
| 7 | Federal Home Loan Bank Discount Notes | 0.245% | 4/20/16 | 3,000 | 2,997 |
| 8,9,10 | Freddie Mac Discount Notes | 0.220% | 3/30/16 | 5,000 | 4,997 |
| 24,594 | |||||
| Total Temporary Cash Investments (Cost $738,858) | 738,862 | ||||
| Total Investments (102.6%) (Cost $24,408,698) | 25,006,792 | ||||
| Other Assets and Liabilities—Net (-2.6%) | (624,186) | ||||
| Net Assets (100%) | 24,382,606 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $391,306,000.
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 2.6%, 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 $94,318,000, representing 0.4% 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.
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 $491,464,000 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 $16,197,000 have been segregated as initial margin for open futures contracts.
9 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.
10 Securities with a value of $2,964,000 and cash of $420,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
CP—Commercial Paper.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
42
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Common Stocks (99.3%)1 | ||
| Australia (3.8%) | ||
| DUET Group | 3,382,785 | 5,694 |
| Domino's Pizza Enterprises Ltd. | 90,369 | 3,014 |
| Investa Office Fund | 851,559 | 2,454 |
| Magellan Financial Group Ltd. | 148,329 | 2,385 |
| Spotless Group Holdings Ltd. | 1,553,610 | 2,361 |
| BT Investment Management Ltd. | 271,909 | 2,193 |
| Veda Group Ltd. | 1,169,050 | 2,185 |
| carsales.com Ltd. | 296,700 | 2,074 |
| Sirtex Medical Ltd. | 71,173 | 1,932 |
| JB Hi-Fi Ltd. | 149,070 | 1,910 |
| M2 Group Ltd. | 262,301 | 1,853 |
| Primary Health Care Ltd. | 690,718 | 1,828 |
| Northern Star Resources Ltd. | 862,966 | 1,688 |
| Qube Holdings Ltd. | 1,040,431 | 1,687 |
| nib holdings Ltd. | 652,141 | 1,679 |
| GrainCorp Ltd. Class A | 259,944 | 1,678 |
| Charter Hall Group | 514,638 | 1,649 |
| BWP Trust | 698,289 | 1,604 |
| Cromwell Property Group | 2,181,600 | 1,564 |
| Charter Hall Retail REIT | 507,352 | 1,535 |
| Super Retail Group Ltd. | 212,072 | 1,462 |
| ^ Vocus Communications Ltd. | 309,946 | 1,439 |
| ^ InvoCare Ltd. | 169,994 | 1,347 |
| Ardent Leisure Group | 673,783 | 1,341 |
| Evolution Mining Ltd. | 1,333,078 | 1,323 |
| IRESS Ltd. | 194,665 | 1,304 |
| Navitas Ltd. | 425,535 | 1,275 |
| Aveo Group | 554,019 | 1,217 |
| Independence Group NL | 595,065 | 1,176 |
| Premier Investments Ltd. | 118,015 | 1,153 |
| SAI Global Ltd. | 362,188 | 1,134 |
| Sigma Pharmaceuticals Ltd. | 1,855,717 | 1,112 |
| ^ G8 Education Ltd. | 520,396 | 1,107 |
| Sandfire Resources NL | 242,668 | 1,098 |
| Nine Entertainment Co. Holdings Ltd. | 968,874 | 1,071 |
| Mantra Group Ltd. | 352,461 | 1,038 |
| Automotive Holdings Group Ltd. | 340,886 | 1,034 |
| ARB Corp. Ltd. | 96,934 | 1,023 |
| Estia Health Ltd. | 186,068 | 981 |
| Abacus Property Group | 418,853 | 977 |
| Pact Group Holdings Ltd. | 264,625 | 959 |
| ^ Slater & Gordon Ltd. | 485,091 | 948 |
| Beach Energy Ltd. | 2,029,608 | 923 |
| Cover-More Group Ltd. | 561,522 | 913 |
| Breville Group Ltd. | 192,404 | 902 |
| * Burson Group Ltd. | 353,098 | 896 |
| Genworth Mortgage Insurance Australia Ltd. | 464,122 | 894 |
| * Pacific Brands Ltd. | 1,736,865 | 886 |
| Regis Resources Ltd. | 596,117 | 879 |
| ^ Myer Holdings Ltd. | 1,273,462 | 866 |
| * Mayne Pharma Group Ltd. | 1,163,236 | 851 |
| Regis Healthcare Ltd. | 198,611 | 829 |
| Transpacific Industries Group Ltd. | 1,694,685 | 822 |
| Brickworks Ltd. | 78,270 | 807 |
| Select Harvests Ltd. | 107,293 | 778 |
| Australian Pharmaceutical Industries Ltd. | 545,937 | 771 |
| Japara Healthcare Ltd. | 346,297 | 766 |
| McMillan Shakespeare Ltd. | 84,138 | 754 |
| FlexiGroup Ltd. | 339,961 | 735 |
| ^ Bega Cheese Ltd. | 175,017 | 724 |
| Steadfast Group Ltd. | 666,902 | 714 |
43
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| GUD Holdings Ltd. | 123,930 | 711 | |
| GWA Group Ltd. | 400,242 | 708 | |
| Asaleo Care Ltd. | 561,007 | 700 | |
| ^,* | Liquefied Natural Gas Ltd. | 665,206 | 695 |
| iSentia Group Ltd. | 234,970 | 692 | |
| ^ | Monadelphous Group Ltd. | 136,843 | 676 |
| * | Australian Agricultural Co. Ltd. | 614,126 | 661 |
| ^,* | Mesoblast Ltd. | 272,047 | 657 |
| ^,* | Syrah Resources Ltd. | 293,509 | 651 |
| Village Roadshow Ltd. | 120,971 | 650 | |
| Mineral Resources Ltd. | 212,515 | 649 | |
| Retail Food Group Ltd. | 191,943 | 629 | |
| ^ | OzForex Group Ltd. | 312,156 | 628 |
| Tassal Group Ltd. | 201,935 | 606 | |
| TFS Corp. Ltd. | 471,227 | 588 | |
| Growthpoint Properties Australia Ltd. | 265,646 | 584 | |
| ^ | Seven Group Holdings Ltd. | 162,970 | 582 |
| Southern Cross Media Group Ltd. | 801,607 | 561 | |
| Programmed Maintenance Services Ltd. | 259,075 | 533 | |
| Western Areas Ltd. | 312,231 | 526 | |
| * | Transfield Services Ltd. | 741,919 | 525 |
| Technology One Ltd. | 190,500 | 523 | |
| * | Saracen Mineral Holdings Ltd. | 1,272,900 | 522 |
| Altium Ltd. | 162,389 | 516 | |
| National Storage REIT | 457,766 | 514 | |
| ^ | Cardno Ltd. | 232,885 | 503 |
| ^,* | Virgin Australia Holdings Ltd. | 1,407,801 | 482 |
| ^ | Greencross Ltd. | 109,104 | 482 |
| * | APN News & Media Ltd. | 1,300,357 | 472 |
| Ainsworth Game Technology Ltd. | 204,635 | 464 | |
| Folkestone Education Trust | 293,045 | 464 | |
| * | Highfield Resources Ltd. | 413,627 | 453 |
| GDI Property Group | 693,057 | 445 | |
| ^,* | iProperty Group Ltd. | 177,485 | 444 |
| * | Karoon Gas Australia Ltd. | 354,214 | 443 |
| ^ | UGL Ltd. | 255,535 | 412 |
| * | AWE Ltd. | 842,150 | 377 |
| ^,* | NEXTDC Ltd. | 202,502 | 373 |
| ^,* | Paladin Energy Ltd. | 2,090,369 | 366 |
| * | Billabong International Ltd. | 693,727 | 363 |
| ^ | Cabcharge Australia Ltd. | 178,754 | 357 |
| Thorn Group Ltd. | 235,984 | 357 | |
| Tox Free Solutions Ltd. | 168,183 | 345 | |
| Ingenia Communities Group | 1,062,862 | 345 | |
| Virtus Health Ltd. | 76,102 | 340 | |
| Hotel Property Investments | 175,992 | 323 | |
| * | Drillsearch Energy Ltd. | 580,090 | 321 |
| ^,* | Arrium Ltd. | 4,377,411 | 308 |
| Webjet Ltd. | 85,327 | 305 | |
| Reject Shop Ltd. | 36,693 | 301 | |
| Credit Corp. Group Ltd. | 47,058 | 294 | |
| * | Ten Network Holdings Ltd. | 2,420,531 | 283 |
| UXC Ltd. | 321,272 | 275 | |
| SMS Management & Technology Ltd. | 78,073 | 273 | |
| * | Infigen Energy | 954,536 | 255 |
| * | Senex Energy Ltd. | 1,876,559 | 245 |
| Cedar Woods Properties Ltd. | 80,129 | 239 | |
| ^,* | CuDeco Ltd. | 298,221 | 235 |
| ^,* | Mount Gibson Iron Ltd. | 1,527,569 | 234 |
| Astro Japan Property Group | 62,019 | 232 | |
| ^,* | Perseus Mining Ltd. | 867,434 | 229 |
| ERM Power Ltd. | 187,757 | 220 | |
| STW Communications Group Ltd. | 371,377 | 197 | |
| * | Bradken Ltd. | 271,975 | 186 |
44
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| RCR Tomlinson Ltd. | 112,269 | 183 | |
| MMA Offshore Ltd. | 603,241 | 181 | |
| * | Starpharma Holdings Ltd. | 365,348 | 179 |
| Capitol Health Ltd. | 630,148 | 174 | |
| Cash Converters International Ltd. | 457,078 | 168 | |
| Beadell Resources Ltd. | 1,167,244 | 132 | |
| ^,* | Kingsgate Consolidated Ltd. | 277,729 | 130 |
| Ausdrill Ltd. | 509,302 | 124 | |
| * | Resolute Mining Ltd. | 455,877 | 122 |
| * | Sundance Energy Australia Ltd. | 572,857 | 121 |
| * | Horizon Oil Ltd. | 1,230,328 | 105 |
| Acrux Ltd. | 199,813 | 104 | |
| Watpac Ltd. | 150,993 | 103 | |
| ^ | Dick Smith Holdings Ltd. | 201,826 | 100 |
| ^,* | Medusa Mining Ltd. | 237,300 | 95 |
| ^,* | Lynas Corp. Ltd. | 2,304,919 | 95 |
| MACA Ltd. | 149,109 | 91 | |
| Decmil Group Ltd. | 108,517 | 72 | |
| Hills Ltd. | 224,358 | 69 | |
| Panoramic Resources Ltd. | 313,454 | 67 | |
| ^,* | Buru Energy Ltd. | 305,978 | 66 |
| * | Ten Network Holdings Ltd. | 457,938 | 54 |
| * | Troy Resources Ltd. | 171,798 | 39 |
| * | Tap Oil Ltd. | 186,680 | 33 |
| * | S2 Resources Ltd. | 193,687 | 23 |
| * | Atlas Iron Ltd. | 1,145,123 | 23 |
| * | Energy World Corp. Ltd. | 122,698 | 22 |
| Mincor Resources NL | 114,012 | 21 | |
| * | Virgin Australia Holdings Pvt Ltd | 1,276,415 | 5 |
| * | SGH Energy Pty Ltd. | 1,906,834 | — |
| * | Kagara Ltd. | 274,560 | — |
| * | Jacana Minerals Ltd. | 37,888 | — |
| 115,426 | |||
| Austria (0.8%) | |||
| * | IMMOFINANZ AG | 1,309,057 | 3,353 |
| Wienerberger AG | 165,717 | 3,054 | |
| CA Immobilien Anlagen AG | 111,190 | 2,179 | |
| BUWOG AG | 87,661 | 1,865 | |
| Oesterreichische Post AG | 49,569 | 1,802 | |
| * | Conwert Immobilien Invest SE | 106,560 | 1,527 |
| UNIQA Insurance Group AG | 159,847 | 1,484 | |
| ^ | Verbund AG | 95,832 | 1,356 |
| Mayr Melnhof Karton AG | 11,060 | 1,307 | |
| Schoeller-Bleckmann Oilfield Equipment AG | 17,130 | 1,028 | |
| Zumtobel Group AG | 44,573 | 1,013 | |
| RHI AG | 41,339 | 934 | |
| Lenzing AG | 10,842 | 829 | |
| Flughafen Wien AG | 7,036 | 663 | |
| S IMMO AG | 68,848 | 611 | |
| Semperit AG Holding | 13,387 | 463 | |
| Strabag SE | 19,974 | 459 | |
| EVN AG | 41,172 | 455 | |
| Palfinger AG | 13,806 | 388 | |
| Kapsch TrafficCom AG | 6,789 | 246 | |
| 25,016 | |||
| Belgium (1.3%) | |||
| Ackermans & van Haaren NV | 35,290 | 5,369 | |
| Cofinimmo SA | 29,785 | 3,321 | |
| Ontex Group NV | 94,820 | 2,913 | |
| Euronav NV | 161,147 | 2,376 | |
| * | Galapagos NV | 48,781 | 2,354 |
| Elia System Operator SA | 39,736 | 1,922 | |
| Befimmo SA | 27,009 | 1,808 | |
| Bekaert SA | 55,351 | 1,641 | |
45
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Warehouses De Pauw CVA | 18,683 | 1,529 | |
| Melexis NV | 31,248 | 1,519 | |
| Gimv NV | 30,823 | 1,447 | |
| Cie d'Entreprises CFE | 10,738 | 1,331 | |
| D'ieteren SA | 37,550 | 1,271 | |
| * | Tessenderlo Chemie NV (Voting Shares) | 34,432 | 1,110 |
| * | Mobistar SA | 44,477 | 1,090 |
| Ion Beam Applications | 29,385 | 1,047 | |
| Fagron | 42,663 | 1,046 | |
| * | AGFA-Gevaert NV | 243,598 | 1,039 |
| KBC Ancora | 22,634 | 898 | |
| Kinepolis Group NV | 19,601 | 814 | |
| ^,* | Nyrstar (Voting Shares) | 517,952 | 790 |
| Barco NV | 11,517 | 756 | |
| Econocom Group SA | 81,318 | 725 | |
| Van de Velde NV | 9,160 | 597 | |
| * | BHF Kleinwort Benson Group | 94,301 | 539 |
| ^,* | Cie Maritime Belge SA | 28,113 | 497 |
| EVS Broadcast Equipment SA | 14,998 | 437 | |
| Wereldhave Belgium NV | 2,887 | 343 | |
| 40,529 | |||
| Brazil (0.7%) | |||
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 93,611 | 1,063 | |
| Odontoprev SA | 409,327 | 1,049 | |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 386,600 | 898 | |
| Cia Hering | 227,100 | 892 | |
| BR Properties SA | 289,400 | 885 | |
| MRV Engenharia e Participacoes SA | 447,700 | 861 | |
| Sao Martinho SA | 66,500 | 766 | |
| Bradespar SA Preference Shares | 327,700 | 701 | |
| * | Marfrig Global Foods SA | 411,512 | 680 |
| * | Rumo Logistica Operadora Multimodal SA | 332,077 | 632 |
| Grendene SA | 129,664 | 607 | |
| Linx SA | 46,378 | 565 | |
| * | Somos Educacao SA | 161,300 | 554 |
| Tupy SA | 94,531 | 517 | |
| * | Minerva SA | 153,800 | 509 |
| Iguatemi Empresa de Shopping Centers SA | 88,500 | 489 | |
| Iochpe Maxion SA | 115,450 | 479 | |
| Alpargatas SA Preference Shares | 216,102 | 462 | |
| Fleury SA | 107,956 | 459 | |
| Alupar Investimento SA | 104,700 | 430 | |
| Banco do Estado do Rio Grande do Sul SA Preference Shares | 273,150 | 424 | |
| Light SA | 113,500 | 378 | |
| Marcopolo SA Preference Shares | 720,516 | 364 | |
| SLC Agricola SA | 78,400 | 350 | |
| Aliansce Shopping Centers SA | 127,379 | 345 | |
| Arezzo Industria e Comercio SA | 62,000 | 338 | |
| * | Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares | 123,818 | 318 |
| Mahle-Metal Leve SA | 50,700 | 308 | |
| * | Gafisa SA | 469,582 | 304 |
| Even Construtora e Incorporadora SA | 287,822 | 299 | |
| JSL SA | 114,300 | 278 | |
| Cia de Saneamento de Minas Gerais-COPASA | 81,098 | 273 | |
| Cia Energetica do Ceara Preference Shares | 26,142 | 268 | |
| Metalurgica Gerdau SA Preference Shares Class A | 397,000 | 268 | |
| Ez Tec Empreendimentos e Participacoes SA | 79,105 | 260 | |
| QGEP Participacoes SA | 166,900 | 258 | |
| CVC Brasil Operadora e Agencia de Viagens SA | 59,700 | 226 | |
| GAEC Educacao SA | 63,022 | 217 | |
| Santos Brasil Participacoes SA | 55,846 | 207 | |
| Arteris SA | 79,600 | 195 | |
| * | Paranapanema SA | 245,700 | 178 |
| Diagnosticos da America SA | 74,617 | 174 | |
46
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Magnesita Refratarios SA | 245,201 | 165 |
| Ser Educacional SA | 64,000 | 156 | |
| * | Mills Estruturas e Servicos de Engenharia SA | 129,778 | 151 |
| * | Restoque Comercio e Confeccoes de Roupas SA | 187,000 | 147 |
| Randon Participacoes SA Preference Shares | 195,695 | 144 | |
| Guararapes Confeccoes SA | 11,300 | 142 | |
| Sonae Sierra Brasil SA | 32,600 | 141 | |
| * | Gol Linhas Aereas Inteligentes SA Preference Shares | 149,500 | 138 |
| Direcional Engenharia SA | 123,294 | 113 | |
| Marisa Lojas SA | 63,690 | 108 | |
| Tecnisa SA | 117,100 | 89 | |
| * | International Meal Co. Alimentacao SA | 61,700 | 74 |
| JHSF Participacoes SA | 115,871 | 53 | |
| Cosan Logistica SA | 133,600 | 45 | |
| Tegma Gestao Logistica | 47,700 | 45 | |
| LPS Brasil Consultoria de Imoveis SA | 66,806 | 36 | |
| * | PDG Realty SA Empreendimentos e Participacoes | 68,432 | 36 |
| 21,511 | |||
| Canada (11.7%) | |||
| Dollarama Inc. | 159,263 | 10,758 | |
| Gildan Activewear Inc. | 353,127 | 10,151 | |
| Constellation Software Inc. | 23,242 | 10,043 | |
| Open Text Corp. | 178,537 | 8,276 | |
| Onex Corp. | 127,685 | 7,742 | |
| Keyera Corp. | 243,800 | 7,523 | |
| * | Element Financial Corp. | 554,192 | 7,167 |
| CCL Industries Inc. Class B | 47,441 | 6,721 | |
| ^ | H&R REIT | 399,564 | 6,411 |
| Methanex Corp. | 133,278 | 5,317 | |
| ^ | AltaGas Ltd. | 197,617 | 5,102 |
| ^ | Vermilion Energy Inc. | 140,625 | 4,948 |
| Industrial Alliance Insurance & Financial Services Inc. | 144,929 | 4,755 | |
| Empire Co. Ltd. | 226,884 | 4,752 | |
| WSP Global Inc. | 130,402 | 4,540 | |
| CAE Inc. | 391,663 | 4,421 | |
| Linamar Corp. | 75,571 | 4,392 | |
| ^ | PrairieSky Royalty Ltd. | 220,148 | 4,332 |
| DH Corp. | 154,752 | 4,178 | |
| ^ | Peyto Exploration & Development Corp. | 198,955 | 4,108 |
| Progressive Waste Solutions Ltd. | 169,089 | 4,066 | |
| Smart REIT | 161,290 | 3,831 | |
| ^ | Whitecap Resources Inc. | 416,387 | 3,697 |
| ^ | Veresen Inc. | 413,502 | 3,599 |
| Eldorado Gold Corp. | 1,026,828 | 3,589 | |
| ^ | Cineplex Inc. | 93,047 | 3,586 |
| Canadian Apartment Properties REIT | 170,726 | 3,515 | |
| ^,* | Amaya Inc. | 155,587 | 3,477 |
| ^ | Canadian REIT | 106,143 | 3,457 |
| Ritchie Bros Auctioneers Inc. | 128,868 | 3,345 | |
| * | Kinross Gold Corp. | 1,644,125 | 3,307 |
| Atco Ltd. | 111,644 | 3,189 | |
| Hudson's Bay Co. | 182,845 | 3,178 | |
| West Fraser Timber Co. Ltd. | 88,013 | 3,114 | |
| MacDonald Dettwiler & Associates Ltd. | 52,008 | 3,100 | |
| ^ | Allied Properties REIT | 112,963 | 3,100 |
| Stantec Inc. | 123,238 | 3,093 | |
| * | Lundin Mining Corp. | 900,349 | 3,037 |
| Yamana Gold Inc. | 1,353,542 | 2,960 | |
| TransForce Inc. | 147,483 | 2,885 | |
| Quebecor Inc. Class B | 121,287 | 2,856 | |
| ^ | Cominar REIT | 237,775 | 2,797 |
| * | Detour Gold Corp. | 243,459 | 2,707 |
| Tahoe Resources Inc. | 318,073 | 2,656 | |
| Toromont Industries Ltd. | 99,789 | 2,597 | |
47
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Dream Office REIT | 159,278 | 2,557 |
| * | Seven Generations Energy Ltd. Class A | 236,370 | 2,518 |
| Chartwell Retirement Residences | 253,000 | 2,448 | |
| ^ | Home Capital Group Inc. Class B | 100,282 | 2,443 |
| ^ | Boardwalk REIT | 58,756 | 2,414 |
| Gibson Energy Inc. | 180,096 | 2,401 | |
| * | Colliers International Group Inc. | 47,115 | 2,336 |
| Aimia Inc. | 245,750 | 2,274 | |
| ^ | Canadian Western Bank | 114,895 | 2,208 |
| Stella-Jones Inc. | 59,285 | 2,182 | |
| Algonquin Power & Utilities Corp. | 282,117 | 2,177 | |
| Capital Power Corp. | 145,754 | 2,094 | |
| ^ | Artis REIT | 198,722 | 2,035 |
| ^ | Northland Power Inc. | 155,169 | 2,005 |
| Granite REIT | 68,220 | 1,988 | |
| * | Celestica Inc. | 175,978 | 1,973 |
| Parkland Fuel Corp. | 112,843 | 1,963 | |
| TMX Group Ltd. | 54,530 | 1,924 | |
| TransAlta Corp. | 411,181 | 1,918 | |
| ShawCor Ltd. | 88,912 | 1,887 | |
| First Capital Realty Inc. | 125,859 | 1,864 | |
| Maple Leaf Foods Inc. | 115,432 | 1,835 | |
| * | New Gold Inc. | 720,128 | 1,784 |
| HudBay Minerals Inc. | 341,098 | 1,771 | |
| Laurentian Bank of Canada | 43,200 | 1,750 | |
| ^ | Emera Inc. | 52,946 | 1,735 |
| RONA Inc. | 165,721 | 1,730 | |
| Concordia Healthcare Corp. | 56,315 | 1,723 | |
| * | Raging River Exploration Inc. | 269,216 | 1,709 |
| FirstService Corp. | 48,570 | 1,709 | |
| OceanaGold Corp. | 884,069 | 1,690 | |
| Precision Drilling Corp. | 420,037 | 1,670 | |
| * | Canfor Corp. | 116,188 | 1,644 |
| * | Parex Resources Inc. | 217,398 | 1,633 |
| Jean Coutu Group PJC Inc. Class A | 107,083 | 1,632 | |
| Cott Corp. | 153,494 | 1,602 | |
| ^ | Pan American Silver Corp. | 208,836 | 1,584 |
| North West Co. Inc. | 70,359 | 1,560 | |
| ^ | Mullen Group Ltd. | 114,097 | 1,523 |
| ^ | Superior Plus Corp. | 185,610 | 1,516 |
| ^ | Transcontinental Inc. Class A | 98,049 | 1,511 |
| Westshore Terminals Investment Corp. | 89,059 | 1,485 | |
| Alamos Gold Inc. | 378,624 | 1,456 | |
| Russel Metals Inc. | 91,227 | 1,423 | |
| ^ | Genworth MI Canada Inc. | 57,503 | 1,422 |
| * | Advantage Oil & Gas Ltd. | 251,053 | 1,396 |
| * | B2Gold Corp. | 1,288,709 | 1,390 |
| Osisko Gold Royalties Ltd. | 133,630 | 1,388 | |
| Pason Systems Inc. | 94,025 | 1,383 | |
| ^ | Enerplus Corp. | 290,942 | 1,373 |
| Manitoba Telecom Services Inc. | 62,324 | 1,369 | |
| ^ | Just Energy Group Inc. | 185,744 | 1,365 |
| Centerra Gold Inc. | 239,034 | 1,345 | |
| Innergex Renewable Energy Inc. | 165,699 | 1,341 | |
| * | NovaGold Resources Inc. | 364,839 | 1,317 |
| * | ATS Automation Tooling Systems Inc. | 123,607 | 1,302 |
| Dominion Diamond Corp. | 122,801 | 1,299 | |
| ^ | Secure Energy Services Inc. | 187,904 | 1,249 |
| ^ | Baytex Energy Corp. | 298,323 | 1,214 |
| Ensign Energy Services Inc. | 190,683 | 1,199 | |
| ^ | Corus Entertainment Inc. Class B | 124,014 | 1,183 |
| ^,* | Sierra Wireless Inc. | 46,496 | 1,160 |
| Norbord Inc. | 61,190 | 1,156 | |
| ^ | Canadian Energy Services & Technology Corp. | 263,719 | 1,139 |
48
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^,* | Torex Gold Resources Inc. | 1,195,561 | 1,134 |
| Enerflex Ltd. | 116,711 | 1,126 | |
| ^ | TORC Oil & Gas Ltd. | 218,471 | 1,108 |
| Aecon Group Inc. | 95,033 | 1,098 | |
| Dorel Industries Inc. Class B | 40,886 | 1,040 | |
| ^,* | IAMGOLD Corp. | 552,400 | 997 |
| * | Great Canadian Gaming Corp. | 68,590 | 947 |
| * | SEMAFO Inc. | 409,889 | 931 |
| ^ | Extendicare Inc. | 134,578 | 884 |
| Martinrea International Inc. | 102,438 | 869 | |
| ^,* | Silver Standard Resources Inc. | 126,004 | 868 |
| Cogeco Cable Inc. | 16,722 | 864 | |
| ^,* | Pacific Exploration and Production Corp. | 437,171 | 853 |
| * | Pretium Resources Inc. | 141,346 | 846 |
| Nevsun Resources Ltd. | 282,574 | 845 | |
| ^ | Penn West Petroleum Ltd. | 706,776 | 822 |
| * | Alacer Gold Corp. | 405,535 | 788 |
| ^,* | First Majestic Silver Corp. | 228,033 | 753 |
| ^,* | Paramount Resources Ltd. Class A | 73,661 | 745 |
| * | NuVista Energy Ltd. | 209,031 | 739 |
| * | Kelt Exploration Ltd. | 198,074 | 729 |
| ^ | Pengrowth Energy Corp. | 742,504 | 727 |
| * | Crew Energy Inc. | 212,101 | 722 |
| ^ | Bonterra Energy Corp. | 43,190 | 717 |
| ^ | Surge Energy Inc. | 303,089 | 681 |
| * | Birchcliff Energy Ltd. | 152,484 | 665 |
| Cascades Inc. | 93,208 | 664 | |
| ^ | Bonavista Energy Corp. | 287,847 | 643 |
| ^,* | Avigilon Corp. | 55,561 | 623 |
| * | Bankers Petroleum Ltd. | 368,810 | 621 |
| ^ | Northern Property REIT | 43,451 | 614 |
| ^,* | Athabasca Oil Corp. | 510,393 | 609 |
| * | Gran Tierra Energy Inc. (American Shares) | 250,760 | 602 |
| ^ | AutoCanada Inc. | 24,175 | 586 |
| Canaccord Genuity Group Inc. | 148,661 | 576 | |
| Trinidad Drilling Ltd. | 327,435 | 568 | |
| ^ | InnVest REIT | 138,542 | 555 |
| ^ | Morguard REIT | 49,774 | 550 |
| ^ | AGF Management Ltd. Class B | 127,014 | 527 |
| * | Primero Mining Corp. | 226,977 | 522 |
| * | China Gold International Resources Corp. Ltd. | 363,300 | 486 |
| * | Gran Tierra Energy Inc. (Toronto Shares) | 195,195 | 472 |
| ^,* | Bellatrix Exploration Ltd. | 276,863 | 455 |
| Major Drilling Group International Inc. | 142,624 | 453 | |
| ^,* | DREAM Unlimited Corp. Class A | 73,687 | 415 |
| ^ | Sprott Inc. | 204,300 | 403 |
| ^ | First National Financial Corp. | 22,911 | 389 |
| * | Imperial Metals Corp. | 63,763 | 386 |
| Dundee Corp. Class A | 66,870 | 385 | |
| ^ | Black Diamond Group Ltd. | 53,465 | 344 |
| ^ | Trilogy Energy Corp. | 95,759 | 322 |
| ^ | Sherritt International Corp. | 435,365 | 273 |
| ^,* | Denison Mines Corp. | 639,682 | 259 |
| ^ | Calfrac Well Services Ltd. | 98,900 | 175 |
| ^ | Trican Well Service Ltd. | 213,691 | 142 |
| Canexus Corp. | 79,539 | 82 | |
| * | AuRico Metals Inc. | 29,606 | 18 |
| Wi-LAN Inc. | 3,727 | 7 | |
| * | Great Basin Gold Ltd. | 345,634 | 1 |
| 351,874 | |||
| Chile (0.3%) | |||
| Vina Concha y Toro SA | 797,437 | 1,356 | |
| Parque Arauco SA | 783,768 | 1,310 | |
| SONDA SA | 702,825 | 1,129 | |
49
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| E.CL SA | 737,336 | 1,066 | |
| Inversiones Aguas Metropolitanas SA | 687,960 | 979 | |
| Administradora de Fondos de Pensiones Habitat SA | 531,646 | 631 | |
| Inversiones La Construccion SA | 48,262 | 548 | |
| * | Cia Sud Americana de Vapores SA | 19,987,507 | 488 |
| Ripley Corp. SA | 1,297,730 | 430 | |
| Forus SA | 130,471 | 377 | |
| CAP SA | 119,172 | 315 | |
| 8,629 | |||
| China (3.1%) | |||
| ^ | Sunny Optical Technology Group Co. Ltd. | 1,008,367 | 2,347 |
| Skyworth Digital Holdings Ltd. | 2,680,497 | 1,973 | |
| Intime Retail Group Co. Ltd. | 1,639,337 | 1,804 | |
| ^,* | China Shanshui Cement Group Ltd. | 2,108,757 | 1,711 |
| Jiangsu Future Land Co. Ltd. Class B | 763,150 | 1,686 | |
| ^ | Tech Pro Technology Development Ltd. | 7,121,804 | 1,685 |
| ^ | Tong Ren Tang Technologies Co. Ltd. | 932,526 | 1,454 |
| Digital China Holdings Ltd. | 1,344,671 | 1,368 | |
| * | China High Speed Transmission Equipment Group Co. Ltd. | 1,511,150 | 1,354 |
| * | Shunfeng International Clean Energy Ltd. | 4,015,657 | 1,281 |
| * | Fullshare Holdings Ltd. | 6,655,000 | 1,272 |
| ^ | PAX Global Technology Ltd. | 975,266 | 1,270 |
| ^ | Kingdee International Software Group Co. Ltd. | 2,787,332 | 1,141 |
| ^ | NetDragon Websoft Inc. | 388,929 | 1,071 |
| ^ | CT Environmental Group Ltd. | 2,921,760 | 1,034 |
| ^ | China Lesso Group Holdings Ltd. | 1,257,160 | 1,018 |
| 2 | Cosmo Lady China Holdings Co. Ltd. | 1,015,131 | 1,009 |
| ^ | China Modern Dairy Holdings Ltd. | 3,188,000 | 958 |
| ^ | Hua Han Bio-Pharmaceutical Holdings Ltd. | 6,431,183 | 928 |
| Central China Securities Co. Ltd. | 1,763,523 | 914 | |
| ^ | Greatview Aseptic Packaging Co. Ltd. | 1,915,000 | 900 |
| Hangzhou Steam Turbine Co. Ltd. Class B | 432,612 | 893 | |
| ^,* | Chinasoft International Ltd. | 2,064,768 | 889 |
| ^ | Sinopec Kantons Holdings Ltd. | 1,553,962 | 883 |
| 2 | Fu Shou Yuan International Group Ltd. | 1,228,000 | 837 |
| Beijing Capital Land Ltd. | 1,734,000 | 830 | |
| ^ | CIFI Holdings Group Co. Ltd. | 3,898,000 | 830 |
| * | BYD Electronic International Co. Ltd. | 1,230,411 | 797 |
| Xinhua Winshare Publishing and Media Co. Ltd. | 906,000 | 761 | |
| Tibet 5100 Water Resources Holdings Ltd. | 2,336,006 | 753 | |
| Wasion Group Holdings Ltd. | 678,230 | 751 | |
| ^ | Phoenix Healthcare Group Co. Ltd. | 474,341 | 719 |
| *,2 | Beijing Urban Construction Design & Development Group Co. Ltd. | 1,121,000 | 690 |
| * | Coolpad Group Ltd. | 3,954,356 | 688 |
| * | Tianneng Power International Ltd. | 944,000 | 684 |
| China ZhengTong Auto Services Holdings Ltd. | 1,506,000 | 670 | |
| ^ | Fufeng Group Ltd. | 1,263,352 | 663 |
| ^ | XTEP International Holdings Ltd. | 1,247,379 | 645 |
| ^ | Dah Chong Hong Holdings Ltd. | 1,423,988 | 645 |
| ^,* | China Lumena New Materials Corp. | 3,950,000 | 637 |
| ^ | Phoenix Satellite Television Holdings Ltd. | 2,659,783 | 634 |
| ^ | China Water Affairs Group Ltd. | 1,186,000 | 626 |
| ^ | China Shineway Pharmaceutical Group Ltd. | 479,000 | 620 |
| ^ | Boer Power Holdings Ltd. | 377,000 | 614 |
| * | China Datang Corp. Renewable Power Co. Ltd. | 4,562,393 | 610 |
| ^ | Universal Health International Group Holding Ltd. | 1,530,000 | 604 |
| West China Cement Ltd. | 3,518,000 | 602 | |
| ^ | Bank of Chongqing Co. Ltd. | 789,100 | 590 |
| Yuexiu Transport Infrastructure Ltd. | 862,000 | 587 | |
| ^,* | AVIC International Holding HK Ltd. | 4,904,000 | 583 |
| ^ | Dongjiang Environmental Co. Ltd. | 297,000 | 572 |
| V1 Group Ltd. | 7,363,484 | 557 | |
| Livzon Pharmaceutical Group Inc. | 106,410 | 549 | |
| Dongyue Group Ltd. | 1,959,000 | 535 | |
50
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Sinotrans Shipping Ltd. | 2,533,190 | 533 |
| Shandong Airlines Co. Ltd. Class B | 207,900 | 529 | |
| Concord New Energy Group Ltd. | 7,780,000 | 528 | |
| ^ | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 1,695,417 | 526 |
| ^,* | China Oil & Gas Group Ltd. | 7,548,000 | 522 |
| ^,* | Hi Sun Technology China Ltd. | 2,685,143 | 518 |
| Guorui Properties Ltd. | 1,083,000 | 517 | |
| Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 602,900 | 516 | |
| ^ | China Suntien Green Energy Corp. Ltd. | 2,876,366 | 514 |
| ^ | SSY Group Ltd. | 1,985,324 | 495 |
| *,2 | Cogobuy Group | 506,000 | 493 |
| ^,* | Carnival Group International Holdings Ltd. | 4,370,000 | 490 |
| ^,* | Yestar International Holdings Co. Ltd. | 1,225,000 | 490 |
| ^ | Baoxin Auto Group Ltd. | 1,175,500 | 487 |
| ^,*,2 | Hua Hong Semiconductor Ltd. | 471,000 | 476 |
| COSCO International Holdings Ltd. | 826,000 | 475 | |
| Luthai Textile Co. Ltd. Class B | 354,632 | 474 | |
| ^ | China Singyes Solar Technologies Holdings Ltd. | 604,375 | 474 |
| Lonking Holdings Ltd. | 2,943,313 | 471 | |
| China Lilang Ltd. | 553,000 | 471 | |
| ^,* | China Chengtong Development Group Ltd. | 4,108,000 | 468 |
| Ajisen China Holdings Ltd. | 975,408 | 466 | |
| C C Land Holdings Ltd. | 1,810,000 | 464 | |
| ^,* | Chaowei Power Holdings Ltd. | 723,000 | 464 |
| * | Sinosoft Technology Group Ltd. | 820,000 | 463 |
| * | Glorious Property Holdings Ltd. | 3,601,000 | 462 |
| * | Lifetech Scientific Corp. | 2,398,058 | 458 |
| Landing International Development Ltd. | 15,142,135 | 455 | |
| ^ | Logan Property Holdings Co. Ltd. | 1,082,000 | 454 |
| ^ | Yashili International Holdings Ltd. | 1,570,000 | 445 |
| ^ | China Overseas Grand Oceans Group Ltd. | 1,399,000 | 443 |
| ^ | Peak Sport Products Co. Ltd. | 1,457,756 | 437 |
| Yuzhou Properties Co. Ltd. | 1,818,000 | 435 | |
| ^ | Vinda International Holdings Ltd. | 220,873 | 433 |
| Wuxi Little Swan Co. Ltd. Class B | 194,600 | 432 | |
| * | China Huiyuan Juice Group Ltd. | 959,000 | 431 |
| China Power New Energy Development Co. Ltd. | 6,140,000 | 425 | |
| Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 229,100 | 419 | |
| ^ | First Tractor Co. Ltd. | 612,954 | 417 |
| ^,* | China Electronics Corp. Holdings Co. Ltd. | 1,202,000 | 407 |
| ^ | Hengdeli Holdings Ltd. | 2,697,765 | 405 |
| ^,* | China Metal Recycling Holdings Ltd. | 332,400 | 404 |
| * | Kama Co. Ltd. Class B | 401,200 | 404 |
| ^ | China SCE Property Holdings Ltd. | 1,812,000 | 397 |
| ^,* | Greenland Hong Kong Holdings Ltd. | 944,000 | 397 |
| * | Enerchina Holdings Ltd. | 6,537,000 | 397 |
| ^ | China All Access Holdings Ltd. | 1,132,000 | 390 |
| ^,* | China Tian Lun Gas Holdings Ltd. | 427,500 | 389 |
| Huangshan Tourism Development Co. Ltd. Class B | 223,800 | 382 | |
| * | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. | 400,000 | 378 |
| * | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 732,839 | 372 |
| ^ | Bloomage BioTechnology Corp. Ltd. | 205,000 | 371 |
| Shanghai Diesel Engine Co. Ltd. Class B | 482,300 | 369 | |
| Tianjin Development Holdings Ltd. | 560,000 | 362 | |
| ^ | Wisdom Sports Group | 694,000 | 361 |
| ^,* | Lianhua Supermarket Holdings Co. Ltd. | 770,000 | 359 |
| Tianjin Port Development Holdings Ltd. | 2,123,976 | 354 | |
| ^ | Powerlong Real Estate Holdings Ltd. | 1,811,000 | 353 |
| China Fangda Group Co. Ltd. Class B | 436,800 | 352 | |
| * | Colour Life Services Group Co. Ltd. | 404,000 | 347 |
| ^ | Shanghai Industrial Urban Development Group Ltd. | 1,788,000 | 346 |
| China Merchants Land Ltd. | 1,636,000 | 346 | |
| ^ | 361 Degrees International Ltd. | 965,000 | 341 |
| ^ | CPMC Holdings Ltd. | 606,000 | 340 |
51
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Zhonglu Co. Ltd. Class B | 120,500 | 339 |
| * | Sinolink Worldwide Holdings Ltd. | 3,052,000 | 336 |
| *,2 | Ozner Water International Holding Ltd. | 1,753,000 | 323 |
| * | EverChina International Holdings Co. Ltd. | 7,695,000 | 312 |
| ^ | Poly Culture Group Corp. Ltd. | 128,914 | 309 |
| ^,* | China Dynamics Holdings Ltd. | 4,458,752 | 307 |
| Hubei Sanonda Co. Ltd. Class B | 344,400 | 303 | |
| * | Launch Tech Co. Ltd. | 200,500 | 302 |
| * | Shang Gong Group Co. Ltd. Class B | 286,100 | 301 |
| Qingling Motors Co. Ltd. | 932,929 | 300 | |
| ^ | Xiamen International Port Co. Ltd. | 1,177,000 | 298 |
| Eastern Communications Co. Ltd. Class B | 396,650 | 291 | |
| Xingda International Holdings Ltd. | 1,304,000 | 290 | |
| Weiqiao Textile Co. | 632,000 | 283 | |
| * | Mingfa Group International Co. Ltd. | 1,151,000 | 278 |
| ^,* | China Precious Metal Resources Holdings Co. Ltd. | 6,172,936 | 277 |
| Shenguan Holdings Group Ltd. | 1,914,000 | 276 | |
| ^ | TCL Multimedia Technology Holdings Ltd. | 615,842 | 275 |
| ^ | Texhong Textile Group Ltd. | 369,000 | 273 |
| Guangdong Provincial Expressway Development Co. Ltd. Class B | 537,400 | 267 | |
| ^ | China Fiber Optic Network System Group Ltd. | 2,215,200 | 263 |
| Comba Telecom Systems Holdings Ltd. | 1,276,661 | 261 | |
| ^,* | Wanda Hotel Development Co. Ltd. | 1,717,000 | 260 |
| Shanghai Highly Group Co. Ltd. Class B | 354,300 | 252 | |
| * | SRE Group Ltd. | 4,930,302 | 248 |
| *,2 | Kangda International Environmental Co. Ltd. | 827,111 | 245 |
| ^,* | MIE Holdings Corp. | 1,834,000 | 242 |
| * | Shanghai Potevio Co. Ltd. Class B | 165,700 | 241 |
| ^,* | PW Medtech Group Ltd. | 1,151,000 | 240 |
| ^ | Hilong Holding Ltd. | 1,120,000 | 237 |
| Fantasia Holdings Group Co. Ltd. | 1,986,000 | 235 | |
| * | Loudong General Nice Resources China Holdings Ltd. | 2,715,000 | 231 |
| Chongqing Machinery & Electric Co. Ltd. | 1,612,000 | 229 | |
| * | Shanghai Greencourt Investment Group Co. Ltd. Class B | 349,900 | 221 |
| * | O-Net Communications Group Ltd. | 756,000 | 221 |
| * | China Public Procurement Ltd. | 11,828,000 | 212 |
| ^ | Tiangong International Co. Ltd. | 2,289,478 | 211 |
| NVC Lighting Holding Ltd. | 1,626,088 | 210 | |
| * | Shougang Concord International Enterprises Co. Ltd. | 4,959,116 | 207 |
| * | Jinshan Development & Construction Co. Ltd. Class B | 236,200 | 201 |
| ^ | Welling Holding Ltd. | 1,203,600 | 201 |
| ^ | Changshouhua Food Co. Ltd. | 326,000 | 196 |
| ^ | Maoye International Holdings Ltd. | 1,501,459 | 193 |
| HNA Infrastructure Company Ltd. | 166,000 | 190 | |
| * | INESA Electron Co. Ltd. Class B | 268,933 | 189 |
| ^ | Hydoo International Holding Ltd. | 1,208,000 | 186 |
| Huaxin Cement Co. Ltd. Class B | 277,760 | 184 | |
| * | Chongqing Iron & Steel Co. Ltd. | 1,125,500 | 180 |
| * | China Rare Earth Holdings Ltd. | 1,872,548 | 171 |
| Foshan Huaxin Packaging Co. Ltd. Class B | 135,000 | 165 | |
| ^,* | North Mining Shares Co. Ltd. | 13,573,200 | 146 |
| Yuanda China Holdings Ltd. | 2,880,000 | 141 | |
| * | Anxin-China Holdings Ltd. | 2,683,000 | 133 |
| ^ | Real Nutriceutical Group Ltd. | 1,018,000 | 131 |
| Minmetals Land Ltd. | 1,184,000 | 122 | |
| ^,* | Daphne International Holdings Ltd. | 671,996 | 121 |
| Changchai Co. Ltd. Class B | 179,100 | 117 | |
| Hefei Meiling Co. Ltd. Class B | 184,160 | 114 | |
| * | Boshiwa International Holding Ltd. | 469,000 | 102 |
| * | Chengde Nanjiang Co. Ltd. Class B | 271,700 | 101 |
| ^,* | China Resources and Transportation Group Ltd. | 23,925,200 | 101 |
| Shenzhen Chiwan Petroleum Class B | 47,000 | 94 | |
| * | Xinjiang Xinxin Mining Industry Co. Ltd. | 844,000 | 93 |
| * | Synertone Communication Corp. | 4,312,000 | 86 |
52
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Fiyta Holdings Ltd. Class B | 73,309 | 77 | |
| * | Global Bio-Chem Technology Group Co. Ltd. | 1,678,000 | 65 |
| * | China ITS Holdings Co. Ltd. | 531,000 | 65 |
| * | Shenzhen Wongtee International Enterprise Co. Ltd. Class B | 45,840 | 64 |
| * | China High Precision Automation Group Ltd. | 401,000 | 63 |
| * | China Automation Group Ltd. | 566,670 | 62 |
| Dalian Refrigeration Co. Ltd. Class B | 57,600 | 62 | |
| * | Winsway Enterprises Holdings Ltd. | 3,198,870 | 60 |
| * | Hidili Industry International Development Ltd. | 815,000 | 42 |
| * | China Vanadium Titano - Magnetite Mining Co. Ltd. | 742,000 | 29 |
| * | Real Gold Mining Ltd. | 239,476 | 26 |
| * | Sound Global Ltd. | 20,000 | 18 |
| * | Chigo Holding Ltd. | 1,038,000 | 17 |
| 93,233 | |||
| Colombia (0.1%) | |||
| Banco Davivienda SA Preference Shares | 145,410 | 1,195 | |
| Celsia SA ESP | 503,707 | 520 | |
| Avianca Holdings SA Preference Shares | 537,885 | 275 | |
| 1,990 | |||
| Czech Republic (0.0%) | |||
| Philip Morris CR AS | 697 | 332 | |
| Denmark (1.0%) | |||
| GN Store Nord A/S | 230,959 | 4,207 | |
| Sydbank A/S | 110,111 | 3,614 | |
| * | Topdanmark A/S | 110,658 | 2,942 |
| FLSmidth & Co. A/S | 70,576 | 2,668 | |
| SimCorp A/S | 52,588 | 2,576 | |
| * | Royal Unibrew A/S | 58,800 | 2,322 |
| NKT Holding A/S | 35,666 | 1,938 | |
| Rockwool International A/S Class B | 9,246 | 1,446 | |
| * | Dfds A/S | 44,545 | 1,352 |
| Spar Nord Bank A/S | 126,552 | 1,210 | |
| * | Bavarian Nordic A/S | 27,544 | 1,102 |
| Matas A/S | 57,277 | 1,038 | |
| ALK-Abello A/S | 8,698 | 945 | |
| ^,* | Ambu A/S Class B | 34,131 | 925 |
| Schouw & Co. | 16,893 | 883 | |
| Alm Brand A/S | 90,615 | 513 | |
| Solar A/S Class B | 7,325 | 445 | |
| ^,* | Bang & Olufsen A/S | 42,015 | 276 |
| ^,* | D/S Norden A/S | 8,002 | 159 |
| * | Genmab A/S | 1 | — |
| * | OW Bunker A/S | 24,023 | — |
| 30,561 | |||
| Egypt (0.2%) | |||
| Egypt Kuwait Holding Co. SAE | 1,147,138 | 665 | |
| * | Medinet Nasr Housing | 185,355 | 558 |
| * | Six of October Development & Investment | 412,130 | 465 |
| * | Pioneers Holding for Financial Investments SAE | 405,621 | 418 |
| Oriental Weavers | 298,624 | 408 | |
| * | Palm Hills Developments SAE | 1,522,888 | 404 |
| * | Orascom Telecom Media And Technology Holding SAE | 3,751,555 | 388 |
| * | Ezz Steel | 277,384 | 343 |
| Heliopolis Co. for Housing and Construction SAE | 55,303 | 298 | |
| * | Arab Cotton Ginning | 444,362 | 169 |
| * | Egyptian Resorts Co. | 1,289,451 | 159 |
| * | South Valley Cement | 250,000 | 134 |
| * | Maridive & Oil Services SAE | 356,111 | 118 |
| Amer Group Holding | 1,525,662 | 103 | |
| * | Citadel Capital SAE | 425,000 | 98 |
| * | Porto Holding SAE | 1,525,662 | 87 |
| * | Abu Dhabi Islamic Bank | 53,172 | 34 |
53
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Nile Cotton Ginning | 31,192 | 26 |
| 4,875 | |||
| Finland (1.2%) | |||
| Huhtamaki Oyj | 151,396 | 5,331 | |
| Amer Sports Oyj | 171,137 | 4,789 | |
| Tieto Oyj | 104,726 | 2,680 | |
| Konecranes Oyj | 85,897 | 2,299 | |
| Cargotec Oyj Class B | 57,228 | 2,034 | |
| Valmet Oyj | 188,782 | 1,986 | |
| Metsa Board Oyj | 312,062 | 1,981 | |
| Caverion Corp. | 185,776 | 1,616 | |
| Sponda Oyj | 366,995 | 1,558 | |
| Citycon Oyj | 576,346 | 1,516 | |
| Kemira Oyj | 114,936 | 1,360 | |
| Uponor Oyj | 86,460 | 1,151 | |
| ^ | YIT Oyj | 193,364 | 1,015 |
| ^,* | Outokumpu Oyj | 298,192 | 1,010 |
| ^ | Outotec Oyj | 273,076 | 938 |
| Ramirent Oyj | 111,962 | 871 | |
| * | Oriola-KD Oyj | 172,810 | 844 |
| Raisio Oyj | 177,466 | 836 | |
| ^ | Sanoma Oyj | 142,434 | 624 |
| Cramo Oyj | 31,253 | 573 | |
| ^ | F-Secure Oyj | 118,532 | 353 |
| * | Finnair Oyj | 77,235 | 319 |
| ^,* | Stockmann OYJ Abp Class B | 32,328 | 251 |
| 35,935 | |||
| France (2.9%) | |||
| Teleperformance | 83,376 | 6,547 | |
| Orpea | 60,719 | 4,867 | |
| 2 | Euronext NV | 100,292 | 4,399 |
| Eurofins Scientific SE | 12,047 | 4,356 | |
| * | UBISOFT Entertainment | 134,540 | 4,030 |
| Rubis SCA | 49,542 | 3,971 | |
| ^ | Technicolor SA | 483,346 | 3,273 |
| 2 | Elior | 128,488 | 2,438 |
| Nexity SA | 53,023 | 2,348 | |
| Plastic Omnium SA | 80,718 | 2,330 | |
| Altran Technologies SA | 180,467 | 2,247 | |
| Korian SA | 58,069 | 2,196 | |
| * | DBV Technologies SA | 30,946 | 2,135 |
| Sopra Steria Group | 18,243 | 2,075 | |
| Sartorius Stedim Biotech | 5,644 | 1,993 | |
| Havas SA | 227,292 | 1,969 | |
| Metropole Television SA | 99,859 | 1,921 | |
| * | Nexans SA | 48,154 | 1,914 |
| Alten SA | 34,607 | 1,794 | |
| Elis SA | 97,169 | 1,646 | |
| ^,* | Air France-KLM | 213,641 | 1,565 |
| Vicat | 23,447 | 1,503 | |
| Mercialys SA | 64,413 | 1,480 | |
| ^,* | Genfit | 30,363 | 1,362 |
| Virbac SA | 6,843 | 1,362 | |
| Gaztransport Et Technigaz SA | 26,651 | 1,332 | |
| Neopost SA | 51,139 | 1,272 | |
| IPSOS | 53,803 | 1,092 | |
| Faiveley Transport SA | 10,203 | 1,077 | |
| Saft Groupe SA | 40,688 | 1,051 | |
| ^,* | CGG SA | 235,818 | 947 |
| Coface SA | 116,306 | 941 | |
| * | Groupe Fnac SA | 13,560 | 880 |
| Tarkett SA | 26,616 | 795 | |
| * | GameLoft SE | 120,650 | 689 |
| ^ | Bourbon SA | 44,897 | 662 |
54
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Boiron SA | 7,420 | 656 | |
| ^ | Rallye SA | 35,461 | 655 |
| LISI | 26,445 | 645 | |
| Trigano SA | 12,960 | 623 | |
| FFP | 8,155 | 596 | |
| Vilmorin & Cie SA | 8,414 | 593 | |
| * | Parrot SA | 12,223 | 553 |
| ^,* | Eramet | 13,661 | 539 |
| Bonduelle SCA | 20,101 | 500 | |
| * | Etablissements Maurel et Prom | 134,292 | 483 |
| Guerbet | 6,643 | 450 | |
| * | Derichebourg SA | 142,793 | 439 |
| * | Euro Disney SCA | 316,520 | 435 |
| Mersen | 16,517 | 310 | |
| Assystem | 13,611 | 284 | |
| MPI | 111,396 | 280 | |
| * | Esso SA Francaise | 4,789 | 275 |
| Jacquet Metal Service | 18,428 | 269 | |
| Haulotte Group SA | 16,624 | 236 | |
| ^ | Solocal Group | 28,223 | 230 |
| GL Events | 11,575 | 220 | |
| * | Stallergenes Greer plc | 4,717 | 210 |
| Albioma SA | 11,750 | 191 | |
| Albioma SA Loyalty Line | 8,890 | 145 | |
| Manitou BF SA | 9,233 | 128 | |
| Union Financiere de France BQE SA | 3,200 | 91 | |
| * | Etablissements Maurel et Prom Warrants Exp. 12/31/2015 | 38,916 | — |
| 86,495 | |||
| Germany (3.9%) | |||
| LEG Immobilien AG | 81,766 | 6,528 | |
| Freenet AG | 154,168 | 5,201 | |
| Aurubis AG | 66,123 | 4,421 | |
| KION Group AG | 94,995 | 4,282 | |
| * | Dialog Semiconductor plc | 104,795 | 3,871 |
| Gerresheimer AG | 45,525 | 3,552 | |
| STADA Arzneimittel AG | 88,635 | 3,374 | |
| Aareal Bank AG | 85,002 | 3,233 | |
| Deutsche EuroShop AG | 66,414 | 3,203 | |
| ^ | KUKA AG | 37,612 | 3,178 |
| Sartorius AG Preference Shares | 13,620 | 3,079 | |
| * | Nordex SE | 93,248 | 3,050 |
| Drillisch AG | 58,440 | 3,015 | |
| Krones AG | 20,263 | 2,436 | |
| Norma Group SE | 46,146 | 2,367 | |
| Rational AG | 5,813 | 2,307 | |
| * | MorphoSys AG | 36,634 | 2,266 |
| ^ | alstria office REIT-AG | 151,065 | 2,106 |
| DMG Mori AG | 52,815 | 2,098 | |
| ^ | Bilfinger SE | 46,347 | 2,077 |
| ^ | TAG Immobilien AG | 159,549 | 2,066 |
| Stroeer SE | 32,246 | 2,029 | |
| * | GRENKELEASING AG | 10,755 | 1,972 |
| Software AG | 67,617 | 1,967 | |
| Wincor Nixdorf AG | 37,984 | 1,946 | |
| CTS Eventim AG & Co. KGaA | 49,096 | 1,922 | |
| Leoni AG | 46,613 | 1,902 | |
| Pfeiffer Vacuum Technology AG | 14,998 | 1,871 | |
| RHOEN-KLINIKUM AG | 61,979 | 1,848 | |
| Jungheinrich AG Preference Shares | 24,836 | 1,827 | |
| Salzgitter AG | 59,706 | 1,724 | |
| Duerr AG | 20,483 | 1,706 | |
| * | PATRIZIA Immobilien AG | 58,110 | 1,597 |
| ^,* | SGL Carbon SE | 85,514 | 1,572 |
| Bechtle AG | 16,812 | 1,554 | |
55
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Indus Holding AG | 28,312 | 1,318 | |
| ^ | Kloeckner & Co. SE | 145,572 | 1,299 |
| Sixt SE | 20,623 | 1,150 | |
| Nemetschek AG | 25,852 | 1,113 | |
| Jenoptik AG | 68,058 | 1,099 | |
| KWS Saat SE | 3,368 | 1,089 | |
| Rheinmetall AG | 17,151 | 1,080 | |
| * | Vossloh AG | 14,148 | 1,042 |
| Sixt SE Preference Shares | 23,906 | 1,030 | |
| CompuGroup Medical AG | 34,593 | 1,017 | |
| * | Heidelberger Druckmaschinen AG | 333,517 | 958 |
| ElringKlinger AG | 41,308 | 925 | |
| Takkt AG | 48,067 | 894 | |
| Puma SE | 3,919 | 878 | |
| ^,* | AIXTRON SE | 135,382 | 862 |
| Bertrandt AG | 7,216 | 846 | |
| BRAAS Monier Building Group SA | 32,162 | 841 | |
| BayWa AG | 24,358 | 825 | |
| Draegerwerk AG & Co. KGaA Preference Shares | 10,885 | 785 | |
| ^,* | SMA Solar Technology AG | 15,852 | 765 |
| Carl Zeiss Meditec AG | 24,763 | 726 | |
| ^ | Gerry Weber International AG | 38,189 | 621 |
| Deutz AG | 139,465 | 523 | |
| DIC Asset AG | 49,387 | 486 | |
| comdirect bank AG | 39,593 | 480 | |
| Wacker Neuson SE | 32,939 | 458 | |
| Hamburger Hafen und Logistik AG | 29,543 | 427 | |
| * | Hornbach Baumarkt AG | 11,019 | 394 |
| Biotest AG Preference Shares | 27,513 | 387 | |
| Deutsche Beteiligungs AG | 13,381 | 380 | |
| Bauer AG | 15,649 | 331 | |
| Draegerwerk AG & Co. KGaA | 4,664 | 299 | |
| * | H&R AG | 22,324 | 202 |
| Biotest AG | 7,464 | 112 | |
| * | CropEnergies AG | 10,226 | 63 |
| CAT Oil AG | 3,435 | 27 | |
| 118,879 | |||
| Greece (0.3%) | |||
| Titan Cement Co. SA | 69,895 | 1,532 | |
| JUMBO SA | 139,429 | 1,348 | |
| * | Motor Oil Hellas Corinth Refineries SA | 90,366 | 1,109 |
| FF Group | 51,764 | 1,041 | |
| Public Power Corp. SA | 159,291 | 916 | |
| Mytilineos Holdings SA | 137,711 | 734 | |
| Hellenic Petroleum SA | 102,506 | 596 | |
| Hellenic Exchanges SA | 92,884 | 530 | |
| Grivalia Properties REIC AE | 51,080 | 467 | |
| * | Ellaktor SA | 214,567 | 419 |
| Athens Water Supply & Sewage Co. SA | 65,813 | 416 | |
| * | Eurobank Ergasias SA | 11,959,206 | 406 |
| Metka SA | 37,574 | 364 | |
| * | TT Hellenic Postbank SA | 44,448 | 8 |
| 9,886 | |||
| Hong Kong (2.2%) | |||
| Fortune REIT (Hong Kong Shares) | 1,745,000 | 1,815 | |
| Minth Group Ltd. | 832,219 | 1,719 | |
| Value Partners Group Ltd. | 1,557,498 | 1,645 | |
| Stella International Holdings Ltd. | 615,591 | 1,519 | |
| ^ | NagaCorp Ltd. | 2,082,228 | 1,470 |
| Luk Fook Holdings International Ltd. | 507,000 | 1,308 | |
| * | HKBN Ltd. | 1,061,449 | 1,275 |
| ^ | Man Wah Holdings Ltd. | 1,112,400 | 1,264 |
| * | Hybrid Kinetic Group Ltd. | 24,638,000 | 1,169 |
| ^ | Town Health International Medical Group Ltd. | 5,394,217 | 1,113 |
56
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^,* | FDG Electric Vehicles Ltd. | 15,848,885 | 1,098 |
| Giordano International Ltd. | 2,021,735 | 1,085 | |
| Pacific Textiles Holdings Ltd. | 746,000 | 1,063 | |
| SITC International Holdings Co. Ltd. | 2,055,294 | 1,054 | |
| ^ | SmarTone Telecommunications Holdings Ltd. | 588,730 | 1,041 |
| Nexteer Automotive Group Ltd. | 974,848 | 1,035 | |
| ^,* | KuangChi Science Ltd. | 2,461,000 | 1,009 |
| ^,* | China LNG Group Ltd. | 22,400,000 | 934 |
| * | Tongda Group Holdings Ltd. | 4,570,000 | 928 |
| China Soft Power Technology Holdings Ltd. | 9,226,000 | 863 | |
| G-Resources Group Ltd. | 38,085,190 | 852 | |
| CITIC Telecom International Holdings Ltd. | 2,054,004 | 848 | |
| ^ | Pacific Basin Shipping Ltd. | 2,846,766 | 843 |
| Ju Teng International Holdings Ltd. | 1,419,002 | 775 | |
| Yuexiu REIT | 1,461,000 | 772 | |
| ^ | REXLot Holdings Ltd. | 13,461,248 | 764 |
| Beijing Enterprises Medical & Health Group Ltd. | 7,086,000 | 751 | |
| ^,* | Superb Summit International Group Ltd. | 3,957,346 | 745 |
| Yingde Gases Group Co. Ltd. | 1,670,000 | 745 | |
| * | National Agricultural Holdings Ltd. | 1,488,000 | 743 |
| ^ | Chow Sang Sang Holdings International Ltd. | 381,565 | 741 |
| ^ | Sunlight REIT | 1,458,000 | 737 |
| K Wah International Holdings Ltd. | 1,673,000 | 721 | |
| ^,* | China Harmony New Energy Auto Holding Ltd. | 1,069,000 | 709 |
| * | SMI Holdings Group Ltd. | 8,092,000 | 705 |
| ^,* | China Financial International Investments Ltd. | 6,634,000 | 680 |
| ^,* | Goodbaby International Holdings Ltd. | 1,395,000 | 644 |
| * | Kong Sun Holdings Ltd. | 6,075,000 | 606 |
| ^ | Prosperity REIT | 1,566,000 | 573 |
| Jiangnan Group Ltd. | 2,472,000 | 565 | |
| ^,* | TOM Group Ltd. | 2,067,016 | 561 |
| ^ | NewOcean Energy Holdings Ltd. | 1,360,000 | 554 |
| ^,* | Summit Ascent Holdings Ltd. | 1,104,000 | 549 |
| TCL Communication Technology Holdings Ltd. | 737,252 | 548 | |
| APT Satellite Holdings Ltd. | 558,500 | 546 | |
| Freeman Financial Corp. Ltd. | 9,368,354 | 545 | |
| ^,* | United Photovoltaics Group Ltd. | 5,260,645 | 540 |
| ^,* | Hang Fat Ginseng Holdings Co. Ltd. | 7,220,000 | 528 |
| ^ | China LotSynergy Holdings Ltd. | 9,410,693 | 510 |
| ^ | Sun Hung Kai & Co. Ltd. | 758,000 | 509 |
| Far East Consortium International Ltd. | 1,379,858 | 502 | |
| Chong Hing Bank Ltd. | 235,000 | 499 | |
| ^,* | MMG Ltd. | 2,211,127 | 487 |
| ^ | Truly International Holdings Ltd. | 1,981,000 | 471 |
| GCL New Energy Holdings Ltd. | 6,411,541 | 468 | |
| ^,* | Suncorp Technologies Ltd. | 16,990,000 | 467 |
| ^ | Dynam Japan Holdings Co. Ltd. | 377,920 | 464 |
| ^ | Dawnrays Pharmaceutical Holdings Ltd. | 544,000 | 451 |
| ^,* | China Beidahuang Industry Group Holdings Ltd. Class A | 1,968,000 | 449 |
| ^ | Springland International Holdings Ltd. | 1,789,000 | 449 |
| * | Canvest Environmental Protection Group Co. Ltd. | 1,010,000 | 434 |
| ^,* | HC International Inc. | 750,000 | 434 |
| ^ | Lee's Pharmaceutical Holdings Ltd. | 329,000 | 424 |
| ^,* | China Ocean Shipbuilding Industry Group Ltd. | 13,370,000 | 421 |
| ^ | China Smarter Energy Group Holdings Ltd. | 4,878,000 | 414 |
| ^ | EVA Precision Industrial Holdings Ltd. | 1,726,000 | 409 |
| ^,* | Sino Oil And Gas Holdings Ltd. | 16,505,000 | 407 |
| ^,* | Technovator International Ltd. | 626,000 | 389 |
| ^,*,2 | CGN Meiya Power Holdings Co. Ltd. | 1,580,000 | 380 |
| ^,* | China Water Industry Group Ltd. | 1,844,000 | 379 |
| * | Newtree Group Holdings Ltd. | 1,030,000 | 372 |
| HKR International Ltd. | 825,600 | 367 | |
| * | Emperor Capital Group Ltd. | 4,397,860 | 365 |
| China Aerospace International Holdings Ltd. | 2,520,000 | 364 | |
57
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Spring REIT | 906,762 | 362 | |
| * | Sincere Watch Hong Kong Ltd. | 3,420,000 | 359 |
| ^,* | Winshine Entertainment & Media Holding Co. Ltd. | 2,724,000 | 356 |
| * | China Minsheng Drawin Technology Group Ltd. | 5,460,000 | 356 |
| ^ | TCC International Holdings Ltd. | 1,804,500 | 355 |
| Capital Environment Holdings Ltd. | 6,830,000 | 351 | |
| AMVIG Holdings Ltd. | 764,000 | 350 | |
| ^ | China Silver Group Ltd. | 1,334,000 | 349 |
| ^ | Road King Infrastructure Ltd. | 394,346 | 343 |
| ^,* | Leyou Technologies Holdings Ltd. | 3,560,000 | 337 |
| * | CST Mining Group Ltd. | 30,344,000 | 334 |
| ^,* | Gemdale Properties & Investment Corp. Ltd. | 6,413,104 | 330 |
| Mason Financial Holdings Ltd. | 8,681,376 | 323 | |
| * | United Laboratories International Holdings Ltd. | 602,500 | 320 |
| * | Mei Ah Entertainment Group Ltd. | 2,931,384 | 312 |
| ^,* | Midland Holdings Ltd. | 722,000 | 311 |
| ^,* | Xinchen China Power Holdings Ltd. | 1,297,400 | 306 |
| ^,* | Peace Map Holding Ltd. | 8,359,788 | 305 |
| * | Louis XIII Holdings Ltd. | 1,203,040 | 301 |
| ^ | Parkson Retail Group Ltd. | 1,969,500 | 291 |
| * | L'sea Resources International Holdings Ltd. | 4,780,000 | 288 |
| Fortune REIT (Singapore Shares) | 276,589 | 286 | |
| Varitronix International Ltd. | 386,000 | 264 | |
| ^,* | Haier Healthwise Holdings Ltd. | 3,914,000 | 260 |
| ^ | Trinity Ltd. | 1,746,000 | 256 |
| Skyway Securities Group Ltd. | 9,699,452 | 245 | |
| * | Yanchang Petroleum International Ltd. | 7,630,000 | 243 |
| Singamas Container Holdings Ltd. | 1,917,960 | 229 | |
| * | Auto Italia Holdings | 4,511,009 | 228 |
| * | Lai Sun Development Co. Ltd. | 12,085,000 | 220 |
| ^,* | Honghua Group Ltd. | 2,713,000 | 220 |
| * | New Focus Auto Tech Holdings Ltd. | 2,223,482 | 217 |
| Regal Hotels International Holdings Ltd. | 414,000 | 213 | |
| Liu Chong Hing Investment Ltd. | 178,000 | 210 | |
| ^ | Shenwan Hongyuan HK Ltd. | 470,000 | 206 |
| ^,* | Anton Oilfield Services Group | 1,487,298 | 196 |
| * | Microport Scientific Corp. | 457,000 | 190 |
| * | Silver Base Group Holdings Ltd. | 1,234,475 | 188 |
| Polytec Asset Holdings Ltd. | 1,440,000 | 180 | |
| ^,* | SOCAM Development Ltd. | 290,725 | 172 |
| * | Sunshine Oilsands Ltd. | 1,555,000 | 149 |
| New World Department Store China Ltd. | 846,966 | 145 | |
| ^ | GT Group Holdings Ltd. | 1,123,902 | 143 |
| ^ | Inspur International Ltd. | 736,000 | 142 |
| * | Neo-Neon Holdings Ltd. | 946,880 | 132 |
| TPV Technology Ltd. | 876,000 | 128 | |
| IT Ltd. | 412,000 | 126 | |
| Henderson Investment Ltd. | 1,405,000 | 117 | |
| Emperor Watch & Jewellery Ltd. | 4,230,000 | 112 | |
| Yip's Chemical Holdings Ltd. | 272,000 | 111 | |
| ^,* | SPT Energy Group Inc. | 1,023,000 | 99 |
| * | China Household Holdings Ltd. | 2,920,000 | 96 |
| * | Hong Kong Television Network Ltd. | 405,000 | 86 |
| * | PetroAsian Energy Holdings Ltd. | 3,380,000 | 74 |
| * | Portico International Holdings Ltd. | 168,000 | 63 |
| * | Heng Tai Consumables Group Ltd. | 4,220,244 | 45 |
| * | SinoCom Software Group Ltd. | 1,220,000 | 44 |
| * | Hanison Construction Holdings Ltd. | 200,850 | 37 |
| Oriental Press Group | 262,000 | 29 | |
| * | Real Nutriceutical Group Ltd. Rights Expi. 11/6/2015 | 229,049 | 3 |
| 67,625 | |||
| India (2.5%) | |||
| Indiabulls Housing Finance Ltd. | 473,167 | 5,200 | |
| Mindtree Ltd. | 98,062 | 2,351 | |
58
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Apollo Hospitals Enterprise Ltd. | 113,581 | 2,276 |
| Rajesh Exports Ltd. | 204,283 | 2,007 |
| Max India Ltd. | 185,412 | 1,499 |
| Page Industries Ltd. | 6,680 | 1,436 |
| Havells India Ltd. | 365,736 | 1,416 |
| * Suzlon Energy Ltd. | 3,347,313 | 1,254 |
| Jubilant Foodworks Ltd. | 47,816 | 1,069 |
| CRISIL Ltd. | 35,066 | 1,049 |
| * Blue Dart Express Ltd. | 8,905 | 1,036 |
| Federal Bank Ltd. | 1,212,774 | 1,004 |
| * SKS Microfinance Ltd. | 140,942 | 927 |
| Strides Arcolab Ltd. | 46,465 | 917 |
| Dewan Housing Finance Corp. Ltd. | 265,460 | 909 |
| MRF Ltd. | 1,479 | 900 |
| Cyient Ltd. | 105,421 | 864 |
| Amara Raja Batteries Ltd. | 61,432 | 846 |
| Apollo Tyres Ltd. | 323,777 | 845 |
| Petronet LNG Ltd. | 284,941 | 845 |
| CESC Ltd. | 94,700 | 840 |
| Berger Paints India Ltd. | 247,792 | 839 |
| Gillette India Ltd. | 11,134 | 825 |
| AIA Engineering Ltd. | 55,655 | 816 |
| Sundaram Finance Ltd. | 35,827 | 815 |
| NCC Ltd. | 664,683 | 813 |
| Just Dial Ltd. | 66,473 | 813 |
| Info Edge India Ltd. | 70,462 | 812 |
| PI Industries Ltd. | 77,434 | 790 |
| Ajanta Pharma Ltd. | 33,211 | 786 |
| Arvind Ltd. | 184,389 | 780 |
| * Gujarat Pipavav Port Ltd. | 315,240 | 775 |
| IRB Infrastructure Developers Ltd. | 196,524 | 736 |
| TVS Motor Co. Ltd. | 180,609 | 732 |
| Kajaria Ceramics Ltd. | 52,767 | 731 |
| Vakrangee Ltd. | 365,811 | 730 |
| WABCO India Ltd. | 7,184 | 728 |
| Alembic Pharmaceuticals Ltd. | 68,511 | 710 |
| Alstom T&D India Ltd. | 88,446 | 709 |
| Bayer CropScience Ltd. | 13,180 | 703 |
| Sintex Industries Ltd. | 455,878 | 702 |
| * Sun Pharma Advanced Research Co. Ltd. | 118,139 | 697 |
| eClerx Services Ltd. | 24,305 | 679 |
| Voltas Ltd. | 155,859 | 674 |
| * Dish TV India Ltd. | 412,232 | 666 |
| L&T Finance Holdings Ltd. | 646,187 | 659 |
| * Indian Hotels Co. Ltd. | 426,167 | 646 |
| Hexaware Technologies Ltd. | 175,454 | 642 |
| Balkrishna Industries Ltd. | 63,190 | 629 |
| * Abbott India Ltd. | 7,361 | 627 |
| Pfizer Ltd. | 15,848 | 617 |
| Credit Analysis & Research Ltd. | 29,975 | 596 |
| Thermax Ltd. | 45,350 | 589 |
| Sadbhav Engineering Ltd. | 118,656 | 578 |
| Persistent Systems Ltd. | 58,717 | 577 |
| Redington India Ltd. | 312,258 | 566 |
| Repco Home Finance Ltd. | 51,109 | 554 |
| Cox & Kings Ltd. | 131,140 | 542 |
| Biocon Ltd. | 75,745 | 526 |
| GRUH Finance Ltd. | 132,631 | 517 |
| KPIT Technologies Ltd. | 243,466 | 508 |
| Gateway Distriparks Ltd. | 97,891 | 500 |
| * Whirlpool of India Ltd. | 50,990 | 496 |
| Oberoi Realty Ltd. | 110,395 | 481 |
| Ramco Cements Ltd. | 83,231 | 460 |
| * Bajaj Corp. Ltd. | 72,242 | 451 |
59
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Tata Global Beverages Ltd. | 218,339 | 446 |
| Indraprastha Gas Ltd. | 59,265 | 442 |
| Muthoot Finance Ltd. | 159,867 | 440 |
| Karur Vysya Bank Ltd. | 66,045 | 426 |
| * Gujarat Gas Ltd. | 49,242 | 418 |
| National Aluminium Co. Ltd. | 702,977 | 413 |
| IFCI Ltd. | 1,013,175 | 412 |
| * Housing Development & Infrastructure Ltd. | 362,786 | 401 |
| Gujarat Fluorochemicals Ltd. | 39,837 | 393 |
| VA Tech Wabag Ltd. | 39,337 | 385 |
| Prestige Estates Projects Ltd. | 124,025 | 385 |
| Gujarat State Petronet Ltd. | 193,931 | 383 |
| * Fortis Healthcare Ltd. | 160,355 | 379 |
| Jammu & Kashmir Bank Ltd. | 292,394 | 371 |
| Central Bank of India | 285,025 | 363 |
| Ipca Laboratories Ltd. | 29,927 | 356 |
| Kaveri Seed Co. Ltd. | 43,858 | 337 |
| * Jaiprakash Associates Ltd. | 1,579,998 | 325 |
| Engineers India Ltd. | 107,676 | 323 |
| Syndicate Bank | 224,377 | 321 |
| Welspun Corp. Ltd. | 203,488 | 314 |
| Coromandel International Ltd. | 109,756 | 314 |
| * Indiabulls Real Estate Ltd. | 326,133 | 310 |
| Jain Irrigation Systems Ltd. | 320,143 | 302 |
| * Hathway Cable & Datacom Ltd. | 471,255 | 294 |
| Karnataka Bank Ltd. | 149,626 | 294 |
| Videocon Industries Ltd. | 140,166 | 287 |
| Multi Commodity Exchange of India Ltd. | 20,280 | 276 |
| Century Textiles & Industries Ltd. | 32,612 | 275 |
| Sobha Ltd. | 54,471 | 270 |
| Jindal Saw Ltd. | 272,321 | 269 |
| * Balrampur Chini Mills Ltd. | 290,118 | 269 |
| Alstom India Ltd. | 28,303 | 268 |
| PTC India Ltd. | 266,177 | 263 |
| Polaris Consulting & Services Ltd. | 88,447 | 259 |
| * DEN Networks Ltd. | 148,069 | 258 |
| * Shipping Corp. of India Ltd. | 199,415 | 240 |
| * Pipavav Defence & Offshore Engineering Co. Ltd. | 270,702 | 236 |
| * Jet Airways India Ltd. | 35,377 | 236 |
| South Indian Bank Ltd. | 753,626 | 235 |
| * Unitech Ltd. | 1,963,767 | 228 |
| Andhra Bank | 227,254 | 226 |
| Indian Bank | 114,039 | 217 |
| Rolta India Ltd. | 141,036 | 212 |
| * India Cements Ltd. | 176,674 | 211 |
| McLeod Russel India Ltd. | 76,709 | 201 |
| Future Retail Ltd. | 110,904 | 201 |
| Allahabad Bank | 156,752 | 180 |
| Gujarat Mineral Development Corp. Ltd. | 159,344 | 177 |
| Srei Infrastructure Finance Ltd. | 252,127 | 173 |
| * Hindustan Construction Co. Ltd. | 421,220 | 170 |
| UCO Bank | 201,120 | 156 |
| * Indian Overseas Bank | 281,582 | 150 |
| * Bajaj Hindusthan Sugar Ltd. | 491,959 | 149 |
| Raymond Ltd. | 20,579 | 132 |
| Vijaya Bank | 216,248 | 122 |
| Amtek Auto Ltd. | 197,339 | 120 |
| Chambal Fertilizers and Chemicals Ltd. | 133,715 | 117 |
| Radico Khaitan Ltd. | 72,936 | 113 |
| Gujarat State Fertilizers & Chemicals Ltd. | 82,282 | 91 |
| * Punj Lloyd Ltd. | 166,563 | 66 |
| * Shree Renuka Sugars Ltd. | 360,673 | 63 |
| Castex Technologies Ltd. | 147,817 | 53 |
| * Nagarjuna Fertilizers & Chemicals Ltd. | 233,445 | 40 |
60
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Chennai Super Kings Cricket Ltd. | 176,674 | — |
| * Arvind Infrastructure Ltd | 19,638 | — |
| 76,068 | ||
| Indonesia (0.7%) | ||
| Lippo Karawaci Tbk PT | 29,126,818 | 2,526 |
| Summarecon Agung Tbk PT | 16,162,168 | 1,635 |
| Bumi Serpong Damai Tbk PT | 11,132,549 | 1,307 |
| Ciputra Development Tbk PT | 16,168,858 | 1,273 |
| AKR Corporindo Tbk PT | 2,595,700 | 1,115 |
| Pakuwon Jati Tbk PT | 31,881,534 | 985 |
| Wijaya Karya Beton Tbk PT | 12,085,195 | 860 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 15,385,800 | 845 |
| Waskita Karya Persero Tbk PT | 6,021,879 | 713 |
| Matahari Putra Prima Tbk PT | 4,351,800 | 705 |
| MNC Investama Tbk PT | 43,460,730 | 663 |
| Ace Hardware Indonesia Tbk PT | 11,286,100 | 550 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 4,851,703 | 545 |
| Wijaya Karya Persero Tbk PT | 2,502,900 | 534 |
| Alam Sutera Realty Tbk PT | 17,017,691 | 480 |
| Bank Tabungan Negara Persero Tbk PT | 5,352,170 | 461 |
| * Link Net Tbk PT | 1,449,300 | 453 |
| * Aneka Tambang Persero Tbk PT | 12,140,519 | 335 |
| * Panin Financial Tbk PT | 19,481,000 | 310 |
| * Lippo Cikarang Tbk PT | 491,200 | 286 |
| * Mitra Adiperkasa Tbk PT | 1,081,300 | 271 |
| Siloam International Hospitals Tbk PT | 318,800 | 252 |
| * Eagle High Plantations Tbk PT | 14,471,000 | 247 |
| Surya Semesta Internusa Tbk PT | 4,971,800 | 233 |
| * Sigmagold Inti Perkasa Tbk PT | 6,751,200 | 219 |
| * Agung Podomoro Land Tbk PT | 10,183,000 | 205 |
| * Energi Mega Persada Tbk PT | 54,645,500 | 200 |
| Intiland Development Tbk PT | 4,902,000 | 180 |
| Holcim Indonesia Tbk PT | 2,049,577 | 157 |
| Bekasi Fajar Industrial Estate Tbk PT | 5,517,800 | 153 |
| BISI International Tbk PT | 1,734,420 | 151 |
| Ramayana Lestari Sentosa Tbk PT | 3,183,500 | 146 |
| Timah Persero Tbk PT | 3,195,120 | 145 |
| Medco Energi Internasional Tbk PT | 1,752,671 | 137 |
| Salim Ivomas Pratama Tbk PT | 4,001,200 | 135 |
| * Bumi Resources Tbk PT | 25,095,500 | 92 |
| * Harum Energy Tbk PT | 976,100 | 60 |
| Gajah Tunggal Tbk PT | 1,340,000 | 57 |
| * Krakatau Steel Persero Tbk PT | 2,114,000 | 48 |
| Sampoerna Agro PT | 545,500 | 47 |
| * Trada Maritime Tbk PT | 5,369,760 | 20 |
| 19,736 | ||
| Ireland (0.5%) | ||
| Kingspan Group plc | 258,178 | 6,248 |
| Paddy Power plc | 48,657 | 5,625 |
| C&C Group plc (Dublin Shares) | 511,655 | 2,041 |
| Green REIT plc | 960,658 | 1,661 |
| FBD Holdings plc | 25,902 | 198 |
| C&C Group plc (London Shares) | 11,196 | 45 |
| 15,818 | ||
| Israel (0.4%) | ||
| Alony Hetz Properties & Investments Ltd. | 131,124 | 1,000 |
| * Airport City Ltd. | 91,469 | 889 |
| * EZchip Semiconductor Ltd. | 35,397 | 863 |
| Reit 1 Ltd. | 230,287 | 631 |
| Ituran Location and Control Ltd. | 28,663 | 588 |
| * Compugen Ltd. | 93,271 | 576 |
| * Partner Communications Co. Ltd. | 126,709 | 574 |
| * Cellcom Israel Ltd. (Registered) | 72,584 | 543 |
61
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Nova Measuring Instruments Ltd. | 51,548 | 538 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 8,163 | 383 | |
| * | Jerusalem Oil Exploration | 9,484 | 379 |
| Amot Investments Ltd. | 113,805 | 370 | |
| * | Mazor Robotics Ltd. | 65,718 | 356 |
| * | Allot Communications Ltd. | 56,064 | 318 |
| * | Kenon Holdings Ltd. | 23,335 | 306 |
| * | Evogene Ltd. | 38,137 | 295 |
| Electra Ltd. | 2,231 | 284 | |
| Menorah Mivtachim Holdings Ltd. | 30,185 | 264 | |
| Norstar Holdings Inc. | 11,222 | 241 | |
| * | Phoenix Holdings Ltd. | 91,613 | 241 |
| * | Shufersal Ltd. | 77,475 | 222 |
| * | IDI Insurance Co. Ltd. | 4,153 | 207 |
| Silicom Ltd. | 6,193 | 200 | |
| Delta-Galil Industries Ltd. | 6,309 | 199 | |
| * | Africa Israel Properties Ltd. | 14,311 | 194 |
| * | Naphtha Israel Petroleum Corp. Ltd. | 30,682 | 171 |
| * | Gilat Satellite Networks Ltd. | 40,725 | 143 |
| * | Ceragon Networks Ltd. | 69,161 | 125 |
| * | AudioCodes Ltd. | 35,741 | 124 |
| * | Kamada Ltd. | 24,100 | 97 |
| * | Property & Building Corp. Ltd. | 1,263 | 93 |
| * | Africa Israel Investments Ltd. | 109,168 | 81 |
| * | Jerusalem Economy Ltd. | 21,043 | 41 |
| 11,536 | |||
| Italy (3.2%) | |||
| Banca Popolare di Milano Scarl | 6,304,589 | 5,931 | |
| Banca Popolare dell'Emilia Romagna SC | 687,060 | 5,537 | |
| Recordati SPA | 149,190 | 3,711 | |
| Azimut Holding SPA | 151,436 | 3,636 | |
| Unipol Gruppo Finanziario SPA | 722,387 | 3,370 | |
| Italcementi SPA | 284,342 | 3,158 | |
| A2A SPA | 2,261,185 | 3,102 | |
| Banca Popolare di Sondrio SCARL | 672,466 | 3,066 | |
| 2 | Anima Holding SPA | 307,270 | 3,018 |
| Moncler SPA | 186,572 | 3,007 | |
| * | Yoox Net-A-Porter Group SPA | 85,020 | 2,878 |
| Banca Generali SPA | 80,535 | 2,485 | |
| Hera SPA | 876,285 | 2,303 | |
| FinecoBank Banca Fineco SPA | 304,474 | 2,298 | |
| * | Credito Valtellinese SC | 1,616,936 | 2,031 |
| De' Longhi SPA | 82,669 | 2,022 | |
| Ansaldo STS SPA | 185,977 | 1,978 | |
| Brembo SPA | 41,855 | 1,846 | |
| Buzzi Unicem SPA | 104,821 | 1,775 | |
| Interpump Group SPA | 120,520 | 1,773 | |
| Banca Carige SPA | 967,986 | 1,768 | |
| * | Autogrill SPA | 188,702 | 1,754 |
| ^ | Tod's SPA | 19,716 | 1,650 |
| Societa Cattolica di Assicurazioni SCRL | 205,901 | 1,611 | |
| Cerved Information Solutions SPA | 211,638 | 1,603 | |
| DiaSorin SPA | 33,656 | 1,506 | |
| Ei Towers SPA | 23,702 | 1,438 | |
| Beni Stabili SpA SIIQ | 1,596,618 | 1,313 | |
| Societa Iniziative Autostradali e Servizi SPA | 112,447 | 1,288 | |
| ERG SPA | 85,893 | 1,220 | |
| Salini Impregilo SPA | 290,306 | 1,204 | |
| Industria Macchine Automatiche SPA | 21,508 | 1,112 | |
| Danieli & C Officine Meccaniche SPA RSP | 71,908 | 1,088 | |
| Iren SPA | 658,651 | 1,085 | |
| * | Saras SPA | 523,570 | 1,034 |
| Amplifon SPA | 131,560 | 1,024 | |
| *,2 | OVS SPA | 147,447 | 1,015 |
62
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ACEA SPA | 69,220 | 995 | |
| MARR SPA | 46,439 | 947 | |
| Credito Emiliano SPA | 120,444 | 861 | |
| ^ | Piaggio & C SPA | 293,524 | 729 |
| ^ | Brunello Cucinelli SPA | 40,140 | 727 |
| Banca IFIS SPA | 28,916 | 714 | |
| 2 | RAI Way SPA | 139,897 | 712 |
| * | CIR-Compagnie Industriali Riunite SPA | 644,225 | 711 |
| ASTM SPA | 49,712 | 667 | |
| Italmobiliare SPA RSP | 23,591 | 642 | |
| Buzzi Unicem SPA RSP | 58,178 | 587 | |
| ^,* | Safilo Group SPA | 44,175 | 550 |
| Astaldi SPA | 65,899 | 531 | |
| Immobiliare Grande Distribuzione SIIQ SPA | 435,753 | 435 | |
| Italmobiliare SPA | 9,523 | 412 | |
| Cementir Holding SPA | 71,516 | 400 | |
| * | Geox SPA | 83,231 | 388 |
| ^,* | Fincantieri SPA | 689,732 | 378 |
| ^,* | RCS MediaGroup SPA | 466,675 | 373 |
| Falck Renewables SPA | 274,270 | 344 | |
| Esprinet SPA | 37,887 | 341 | |
| Danieli & C Officine Meccaniche SPA | 15,592 | 334 | |
| Zignago Vetro SPA | 34,901 | 227 | |
| * | Cofide SPA | 431,222 | 210 |
| DeA Capital SPA | 122,976 | 199 | |
| * | Gruppo Editoriale L'Espresso SPA | 183,674 | 199 |
| * | Arnoldo Mondadori Editore SPA | 143,206 | 174 |
| Trevi Finanziaria Industriale SPA | 86,441 | 112 | |
| * | Sogefi SPA | 40,379 | 98 |
| * | Juventus Football Club SPA | 290,159 | 83 |
| 95,718 | |||
| Japan (15.5%) | |||
| IT Holdings Corp. | 118,799 | 2,934 | |
| ADEKA Corp. | 161,955 | 2,377 | |
| Horiba Ltd. | 58,439 | 2,296 | |
| Pilot Corp. | 53,112 | 2,235 | |
| Daifuku Co. Ltd. | 150,707 | 2,226 | |
| Sankyu Inc. | 389,763 | 2,186 | |
| Penta-Ocean Construction Co. Ltd. | 441,500 | 2,006 | |
| Ogaki Kyoritsu Bank Ltd. | 511,805 | 1,985 | |
| * | Leopalace21 Corp. | 373,600 | 1,983 |
| Oki Electric Industry Co. Ltd. | 1,165,673 | 1,961 | |
| Nichi-iko Pharmaceutical Co. Ltd. | 69,339 | 1,920 | |
| United Arrows Ltd. | 44,367 | 1,910 | |
| Tokyo Ohka Kogyo Co. Ltd. | 59,813 | 1,903 | |
| Ain Pharmaciez Inc. | 39,808 | 1,884 | |
| Tsubakimoto Chain Co. | 254,095 | 1,854 | |
| Toho Holdings Co. Ltd. | 83,818 | 1,852 | |
| Megmilk Snow Brand Co. Ltd. | 88,526 | 1,839 | |
| Nihon M&A Center Inc. | 44,727 | 1,826 | |
| Relo Holdings Inc. | 16,400 | 1,745 | |
| Nippon Soda Co. Ltd. | 224,492 | 1,732 | |
| Kiyo Bank Ltd. | 113,396 | 1,722 | |
| Toagosei Co. Ltd. | 203,792 | 1,705 | |
| Nikkon Holdings Co. Ltd. | 87,786 | 1,690 | |
| Kokuyo Co. Ltd. | 149,895 | 1,664 | |
| ^ | Iwatani Corp. | 297,778 | 1,646 |
| Okumura Corp. | 310,213 | 1,639 | |
| Fuyo General Lease Co. Ltd. | 36,347 | 1,622 | |
| Hazama Ando Corp. | 274,679 | 1,619 | |
| Miura Co. Ltd. | 135,355 | 1,610 | |
| SHO-BOND Holdings Co. Ltd. | 40,400 | 1,599 | |
| Aica Kogyo Co. Ltd. | 80,636 | 1,594 | |
| Mitsubishi Pencil Co. Ltd. | 35,200 | 1,566 | |
63
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| NOF Corp. | 218,202 | 1,552 | |
| Meitec Corp. | 42,746 | 1,547 | |
| Central Glass Co. Ltd. | 313,049 | 1,541 | |
| Takasago Thermal Engineering Co. Ltd. | 107,079 | 1,534 | |
| Nippon Light Metal Holdings Co. Ltd. | 896,523 | 1,526 | |
| Sangetsu Co. Ltd. | 95,820 | 1,523 | |
| Arcs Co. Ltd. | 75,100 | 1,513 | |
| Morinaga Milk Industry Co. Ltd. | 332,678 | 1,503 | |
| Nishimatsu Construction Co. Ltd. | 375,939 | 1,491 | |
| Amano Corp. | 114,840 | 1,489 | |
| Kumagai Gumi Co. Ltd. | 495,640 | 1,482 | |
| Maeda Corp. | 204,306 | 1,479 | |
| Chiyoda Co. Ltd. | 44,300 | 1,466 | |
| Valor Holdings Co. Ltd. | 62,000 | 1,448 | |
| Shinmaywa Industries Ltd. | 132,476 | 1,443 | |
| Kyowa Exeo Corp. | 138,790 | 1,441 | |
| Kenedix Inc. | 399,100 | 1,435 | |
| Nippon Suisan Kaisha Ltd. | 429,562 | 1,433 | |
| Ai Holdings Corp. | 59,000 | 1,432 | |
| Duskin Co. Ltd. | 83,360 | 1,428 | |
| Morinaga & Co. Ltd. | 281,518 | 1,425 | |
| Nippon Seiki Co. Ltd. | 67,749 | 1,417 | |
| Nihon Parkerizing Co. Ltd. | 159,060 | 1,413 | |
| Ship Healthcare Holdings Inc. | 58,300 | 1,405 | |
| Zensho Holdings Co. Ltd. | 148,461 | 1,395 | |
| Ariake Japan Co. Ltd. | 30,747 | 1,387 | |
| Tokyo Seimitsu Co. Ltd. | 62,934 | 1,382 | |
| Seiko Holdings Corp. | 212,291 | 1,380 | |
| Ulvac Inc. | 77,822 | 1,378 | |
| Hokuetsu Kishu Paper Co. Ltd. | 197,721 | 1,372 | |
| Cocokara fine Inc. | 34,689 | 1,372 | |
| Nippon Gas Co. Ltd. | 54,302 | 1,365 | |
| GMO internet Inc. | 96,761 | 1,361 | |
| Topre Corp. | 62,700 | 1,358 | |
| Yaoko Co. Ltd. | 33,600 | 1,350 | |
| Makino Milling Machine Co. Ltd. | 171,901 | 1,327 | |
| Toho Bank Ltd. | 363,664 | 1,327 | |
| Fuji Machine Manufacturing Co. Ltd. | 134,491 | 1,316 | |
| Ryosan Co. Ltd. | 53,757 | 1,296 | |
| Anritsu Corp. | 198,400 | 1,291 | |
| Bank of Iwate Ltd. | 29,124 | 1,288 | |
| Tokyo Dome Corp. | 278,067 | 1,287 | |
| Sakata Seed Corp. | 60,756 | 1,284 | |
| Inaba Denki Sangyo Co. Ltd. | 40,932 | 1,271 | |
| Sumitomo Bakelite Co. Ltd. | 310,000 | 1,271 | |
| Fujitec Co. Ltd. | 117,326 | 1,268 | |
| IBJ Leasing Co. Ltd. | 60,201 | 1,263 | |
| Saibu Gas Co. Ltd. | 554,734 | 1,247 | |
| Unipres Corp. | 54,760 | 1,242 | |
| Bank of Okinawa Ltd. | 31,804 | 1,238 | |
| ^,* | Tokuyama Corp. | 606,050 | 1,225 |
| Hitachi Zosen Corp. | 223,855 | 1,223 | |
| * | Pioneer Corp. | 452,413 | 1,218 |
| Hanwa Co. Ltd. | 293,415 | 1,209 | |
| TSI Holdings Co. Ltd. | 171,700 | 1,204 | |
| Bank of Nagoya Ltd. | 325,121 | 1,202 | |
| Nachi-Fujikoshi Corp. | 268,818 | 1,201 | |
| HI-LEX Corp. | 39,022 | 1,194 | |
| Transcosmos Inc. | 42,896 | 1,191 | |
| Meidensha Corp. | 340,181 | 1,191 | |
| Toyo Ink SC Holdings Co. Ltd. | 288,528 | 1,189 | |
| Nissha Printing Co. Ltd. | 54,489 | 1,187 | |
| ASKUL Corp. | 32,236 | 1,186 | |
| Kyudenko Corp. | 57,739 | 1,186 | |
64
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Nichias Corp. | 187,818 | 1,184 | |
| ^,* | euglena Co. Ltd. | 86,600 | 1,179 |
| Okamura Corp. | 127,131 | 1,178 | |
| Yoshinoya Holdings Co. Ltd. | 95,340 | 1,174 | |
| Colowide Co. Ltd. | 86,500 | 1,171 | |
| Accordia Golf Co. Ltd. | 129,407 | 1,171 | |
| ^ | COOKPAD Inc. | 61,500 | 1,170 |
| Kanematsu Corp. | 710,000 | 1,165 | |
| Nanto Bank Ltd. | 364,000 | 1,154 | |
| Daiseki Co. Ltd. | 71,587 | 1,149 | |
| * | Nippon Sheet Glass Co. Ltd. | 1,335,000 | 1,147 |
| Furukawa Co. Ltd. | 484,491 | 1,140 | |
| Nippon Signal Company Ltd. | 109,900 | 1,138 | |
| Aomori Bank Ltd. | 349,462 | 1,131 | |
| San-A Co. Ltd. | 26,544 | 1,126 | |
| Mandom Corp. | 28,457 | 1,126 | |
| Taikisha Ltd. | 46,378 | 1,119 | |
| Asatsu-DK Inc. | 45,700 | 1,119 | |
| Oita Bank Ltd. | 264,168 | 1,110 | |
| Kuroda Electric Co. Ltd. | 54,800 | 1,108 | |
| Fuji Seal International Inc. | 32,736 | 1,108 | |
| Keihin Corp. | 68,203 | 1,107 | |
| Adastria Co. Ltd. | 19,700 | 1,100 | |
| PALTAC Corp. | 56,100 | 1,098 | |
| Yamagata Bank Ltd. | 279,426 | 1,081 | |
| Tokyo TY Financial Group Inc. | 34,384 | 1,072 | |
| Kyoritsu Maintenance Co. Ltd. | 15,580 | 1,066 | |
| Hitachi Kokusai Electric Inc. | 76,918 | 1,057 | |
| Fujitsu General Ltd. | 84,544 | 1,056 | |
| Noritz Corp. | 67,699 | 1,053 | |
| Japan Wool Textile Co. Ltd. | 129,189 | 1,051 | |
| Fuji Co. Ltd. | 51,600 | 1,051 | |
| Yamanashi Chuo Bank Ltd. | 226,311 | 1,050 | |
| Axial Retailing Inc. | 28,330 | 1,049 | |
| Koei Tecmo Holdings Co. Ltd. | 69,120 | 1,044 | |
| Totetsu Kogyo Co. Ltd. | 47,900 | 1,034 | |
| J Trust Co. Ltd. | 128,500 | 1,033 | |
| Tokyo Steel Manufacturing Co. Ltd. | 155,100 | 1,032 | |
| Heiwado Co. Ltd. | 45,950 | 1,031 | |
| Toei Co. Ltd. | 115,648 | 1,030 | |
| Nichicon Corp. | 128,284 | 1,029 | |
| Tokyu Construction Co. Ltd. | 134,900 | 1,027 | |
| NSD Co. Ltd. | 73,834 | 1,023 | |
| Takara Standard Co. Ltd. | 135,348 | 1,021 | |
| Kusuri No Aoki Co. Ltd. | 21,400 | 1,015 | |
| TechnoPro Holdings Inc. | 38,100 | 1,015 | |
| Fuji Oil | 71,998 | 1,013 | |
| ^ | EDION Corp. | 133,933 | 1,003 |
| Sumitomo Warehouse Co. Ltd. | 187,481 | 995 | |
| Japan Securities Finance Co. Ltd. | 185,141 | 993 | |
| Tochigi Bank Ltd. | 174,484 | 992 | |
| Sumitomo Mitsui Construction Co. Ltd. | 1,022,032 | 988 | |
| Daibiru Corp. | 115,843 | 983 | |
| Ashikaga Holdings Co. Ltd. | 219,600 | 983 | |
| TPR Co. Ltd. | 40,317 | 981 | |
| Nippon Densetsu Kogyo Co. Ltd. | 52,003 | 981 | |
| Sanki Engineering Co. Ltd. | 118,767 | 977 | |
| Komori Corp. | 82,900 | 977 | |
| DCM Holdings Co. Ltd. | 146,788 | 972 | |
| ^ | Daio Paper Corp. | 98,454 | 968 |
| Nippon Flour Mills Co. Ltd. | 155,459 | 962 | |
| Chudenko Corp. | 44,600 | 962 | |
| Aichi Bank Ltd. | 17,428 | 961 | |
| Kureha Corp. | 251,026 | 957 | |
65
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| NET One Systems Co. Ltd. | 155,200 | 954 |
| ^ MOS Food Services Inc. | 44,046 | 953 |
| Gunze Ltd. | 300,079 | 949 |
| Fuji Kyuko Co. Ltd. | 100,000 | 948 |
| Takeuchi Manufacturing Co. Ltd. | 50,200 | 945 |
| Higashi-Nippon Bank Ltd. | 280,913 | 942 |
| ZERIA Pharmaceutical Co. Ltd. | 63,580 | 942 |
| Fancl Corp. | 66,704 | 932 |
| Aida Engineering Ltd. | 97,876 | 929 |
| Trusco Nakayama Corp. | 26,500 | 925 |
| Riso Kagaku Corp. | 51,184 | 925 |
| Kameda Seika Co. Ltd. | 23,900 | 925 |
| Nihon Unisys Ltd. | 83,668 | 919 |
| Kintetsu World Express Inc. | 48,800 | 913 |
| Paramount Bed Holdings Co. Ltd. | 28,500 | 912 |
| Monex Group Inc. | 325,487 | 909 |
| Mizuno Corp. | 184,782 | 905 |
| Nissin Kogyo Co. Ltd. | 58,409 | 900 |
| TOMONY Holdings Inc. | 233,200 | 896 |
| Kadokawa Dwango Corp. | 69,751 | 895 |
| Mitsuba Corp. | 57,043 | 894 |
| Hokuetsu Bank Ltd. | 430,487 | 893 |
| Mirait Holdings Corp. | 103,171 | 893 |
| Showa Sangyo Co. Ltd. | 238,000 | 891 |
| Eizo Corp. | 38,142 | 890 |
| Nitto Boseki Co. Ltd. | 294,488 | 884 |
| Asahi Diamond Industrial Co. Ltd. | 83,722 | 881 |
| FCC Co. Ltd. | 49,843 | 881 |
| Akita Bank Ltd. | 269,000 | 880 |
| Miyazaki Bank Ltd. | 252,932 | 879 |
| * Zojirushi Corp. | 62,000 | 878 |
| Tokai Carbon Co. Ltd. | 323,000 | 878 |
| Fukui Bank Ltd. | 419,602 | 876 |
| Token Corp. | 11,086 | 876 |
| Kanamoto Co. Ltd. | 43,400 | 875 |
| Hogy Medical Co. Ltd. | 18,056 | 865 |
| Sanyo Special Steel Co. Ltd. | 210,257 | 861 |
| Okamoto Industries Inc. | 95,000 | 859 |
| Daikyonishikawa Corp. | 16,200 | 859 |
| Itoham Foods Inc. | 168,422 | 858 |
| Nikkiso Co. Ltd. | 106,494 | 856 |
| Towa Pharmaceutical Co. Ltd. | 12,594 | 854 |
| Nitto Kogyo Corp. | 44,537 | 853 |
| Takuma Co. Ltd. | 108,000 | 853 |
| Saizeriya Co. Ltd. | 37,721 | 852 |
| Jaccs Co. Ltd. | 204,000 | 849 |
| Nomura Co. Ltd. | 63,000 | 849 |
| ^ Jin Co. Ltd. | 22,900 | 843 |
| Tokai Corp. | 26,400 | 841 |
| Senko Co. Ltd. | 121,000 | 838 |
| GMO Payment Gateway Inc. | 21,400 | 837 |
| Iino Kaiun Kaisha Ltd. | 184,502 | 832 |
| Seikagaku Corp. | 64,564 | 824 |
| Alpine Electronics Inc. | 62,376 | 821 |
| Descente Ltd. | 64,500 | 821 |
| Foster Electric Co. Ltd. | 33,185 | 812 |
| Takasago International Corp. | 30,800 | 807 |
| Yamazen Corp. | 90,200 | 801 |
| Nippon Steel & Sumikin Bussan Corp. | 231,349 | 801 |
| Marusan Securities Co. Ltd. | 82,940 | 801 |
| Star Micronics Co. Ltd. | 59,237 | 800 |
| ^ Wacom Co. Ltd. | 213,177 | 795 |
| Hiday Hidaka Corp. | 32,067 | 794 |
| ^ Mitsumi Electric Co. Ltd. | 131,349 | 792 |
66
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| KYB Corp. | 278,000 | 790 | |
| Futaba Corp. | 61,119 | 789 | |
| TOC Co. Ltd. | 107,646 | 787 | |
| Shima Seiki Manufacturing Ltd. | 52,800 | 786 | |
| ^ | Kisoji Co. Ltd. | 47,220 | 780 |
| Toho Zinc Co. Ltd. | 283,758 | 779 | |
| Kyoei Steel Ltd. | 47,059 | 776 | |
| Internet Initiative Japan Inc. | 41,467 | 773 | |
| Ryobi Ltd. | 209,435 | 767 | |
| Kato Sangyo Co. Ltd. | 31,500 | 764 | |
| Taiyo Holdings Co. Ltd. | 22,300 | 763 | |
| UACJ Corp. | 391,852 | 758 | |
| Morita Holdings Corp. | 70,863 | 755 | |
| ^,* | Pacific Metals Co. Ltd. | 282,354 | 753 |
| OBIC Business Consultants Co. Ltd. | 12,300 | 753 | |
| Okinawa Electric Power Co. Inc. | 30,758 | 752 | |
| Yodogawa Steel Works Ltd. | 42,733 | 750 | |
| Earth Chemical Co. Ltd. | 18,943 | 747 | |
| Eagle Industry Co. Ltd. | 37,200 | 747 | |
| Seiren Co. Ltd. | 63,700 | 746 | |
| DTS Corp. | 31,600 | 745 | |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 157,262 | 743 | |
| United Super Markets Holdings Inc. | 85,050 | 742 | |
| Geo Holdings Corp. | 49,700 | 742 | |
| Nitta Corp. | 27,300 | 741 | |
| NEC Networks & System Integration Corp. | 39,600 | 740 | |
| Hitachi Maxell Ltd. | 42,700 | 730 | |
| Daihen Corp. | 146,759 | 726 | |
| ^ | Gulliver International Co. Ltd. | 72,400 | 725 |
| Milbon Co. Ltd. | 19,360 | 722 | |
| kabu.com Securities Co. Ltd. | 220,000 | 720 | |
| Aeon Delight Co. Ltd. | 24,900 | 716 | |
| Obara Group Inc. | 17,100 | 715 | |
| Inabata & Co. Ltd. | 61,600 | 712 | |
| Bank of the Ryukyus Ltd. | 49,705 | 707 | |
| Musashi Seimitsu Industry Co. Ltd. | 34,715 | 701 | |
| Raito Kogyo Co. Ltd. | 72,900 | 697 | |
| As One Corp. | 19,600 | 691 | |
| Life Corp. | 27,700 | 690 | |
| Aichi Steel Corp. | 159,029 | 688 | |
| Xebio Holdings Co. Ltd. | 38,408 | 686 | |
| Maruha Nichiro Corp. | 45,846 | 685 | |
| Royal Holdings Co. Ltd. | 38,900 | 681 | |
| AOKI Holdings Inc. | 55,704 | 679 | |
| Hokuto Corp. | 34,824 | 678 | |
| OSAKA Titanium Technologies Co. Ltd. | 25,100 | 677 | |
| Sato Holdings Corp. | 31,200 | 676 | |
| Heiwa Real Estate Co. Ltd. | 55,772 | 670 | |
| Starts Corp. Inc. | 42,915 | 670 | |
| CKD Corp. | 74,000 | 669 | |
| Avex Group Holdings Inc. | 56,800 | 668 | |
| Eighteenth Bank Ltd. | 219,000 | 661 | |
| Goldwin Inc. | 11,600 | 659 | |
| ^ | Financial Products Group Co. Ltd. | 84,000 | 655 |
| Doutor Nichires Holdings Co. Ltd. | 45,037 | 653 | |
| Riken Corp. | 174,253 | 652 | |
| Doshisha Co. Ltd. | 35,300 | 648 | |
| Asahi Holdings Inc. | 44,100 | 647 | |
| Fuji Soft Inc. | 33,954 | 647 | |
| ^ | Iseki & Co. Ltd. | 393,404 | 645 |
| Unizo Holdings Co. Ltd. | 15,200 | 643 | |
| Sanden Holdings Corp. | 188,000 | 643 | |
| Siix Corp. | 22,900 | 642 | |
| Fujicco Co. Ltd. | 32,205 | 642 | |
67
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Create SD Holdings Co. Ltd. | 11,006 | 641 |
| Oiles Corp. | 40,208 | 638 |
| Joyful Honda Co. Ltd. | 33,774 | 636 |
| Jimoto Holdings Inc. | 372,182 | 635 |
| Gurunavi Inc. | 34,900 | 634 |
| Showa Corp. | 68,494 | 633 |
| Matsuya Co. Ltd. | 52,300 | 633 |
| * Macnica Fuji Electronics Holdings Inc. | 47,113 | 632 |
| Noevir Holdings Co. Ltd. | 25,100 | 629 |
| Ricoh Leasing Co. Ltd. | 20,806 | 627 |
| Sanken Electric Co. Ltd. | 180,648 | 625 |
| Namura Shipbuilding Co. Ltd. | 71,548 | 624 |
| Shikoku Bank Ltd. | 289,703 | 624 |
| TKC Corp. | 26,549 | 623 |
| Prima Meat Packers Ltd. | 221,440 | 616 |
| Juki Corp. | 49,518 | 612 |
| Sintokogio Ltd. | 71,000 | 608 |
| ^ Pacific Industrial Co. Ltd. | 54,700 | 607 |
| Nishimatsuya Chain Co. Ltd. | 68,800 | 605 |
| Nippon Chemi-Con Corp. | 259,786 | 600 |
| St. Marc Holdings Co. Ltd. | 20,200 | 599 |
| Sekisui Jushi Corp. | 44,700 | 597 |
| ^ Create Restaurants Holdings Inc. | 23,090 | 597 |
| Dip Corp. | 34,000 | 596 |
| Topy Industries Ltd. | 264,795 | 594 |
| Next Co. Ltd. | 80,200 | 593 |
| Chugoku Marine Paints Ltd. | 83,000 | 591 |
| Shinko Electric Industries Co. Ltd. | 97,600 | 591 |
| Nisshin Oillio Group Ltd. | 159,262 | 589 |
| Sakata INX Corp. | 64,800 | 589 |
| Takara Leben Co. Ltd. | 113,300 | 586 |
| TOKAI Holdings Corp. | 138,700 | 586 |
| Ihara Chemical Industry Co. Ltd. | 47,600 | 581 |
| Belc Co. Ltd. | 15,600 | 580 |
| Nagaileben Co. Ltd. | 34,000 | 578 |
| Sanyo Chemical Industries Ltd. | 78,274 | 577 |
| Jamco Corp. | 13,800 | 574 |
| Mani Inc. | 31,500 | 572 |
| SMS Co. Ltd. | 34,400 | 570 |
| San-Ai Oil Co. Ltd. | 75,000 | 570 |
| Relia Inc. | 60,100 | 569 |
| ^ Tomy Co. Ltd. | 113,017 | 568 |
| Yorozu Corp. | 26,676 | 568 |
| Japan Pulp & Paper Co. Ltd. | 206,000 | 567 |
| Piolax Inc. | 10,700 | 564 |
| Bunka Shutter Co. Ltd. | 73,000 | 564 |
| ^ Atom Corp. | 104,357 | 564 |
| * Toyo Engineering Corp. | 222,763 | 561 |
| * Toho Titanium Co. Ltd. | 43,000 | 560 |
| Yondoshi Holdings Inc. | 26,500 | 559 |
| * Takata Corp. | 49,200 | 558 |
| Fujimori Kogyo Co. Ltd. | 20,100 | 551 |
| Kitz Corp. | 119,548 | 550 |
| Enplas Corp. | 14,853 | 545 |
| Nichiha Corp. | 40,500 | 545 |
| Dr Ci:Labo Co. Ltd. | 30,200 | 543 |
| Shizuoka Gas Co. Ltd. | 80,700 | 541 |
| Plenus Co. Ltd. | 34,700 | 535 |
| Toshiba Machine Co. Ltd. | 154,000 | 529 |
| ^ Modec Inc. | 38,541 | 528 |
| Jeol Ltd. | 87,000 | 524 |
| Chofu Seisakusho Co. Ltd. | 25,400 | 524 |
| FIDEA Holdings Co. Ltd. | 241,800 | 520 |
| Sankyo Tateyama Inc. | 37,400 | 519 |
68
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Okabe Co. Ltd. | 64,835 | 518 |
| Yuasa Trading Co. Ltd. | 22,200 | 515 |
| Nishio Rent All Co. Ltd. | 22,200 | 514 |
| Hosiden Corp. | 83,067 | 510 |
| Kurabo Industries Ltd. | 289,000 | 509 |
| ^ Tekken Corp. | 184,000 | 509 |
| Marudai Food Co. Ltd. | 136,591 | 505 |
| Nippon Synthetic Chemical Industry Co. Ltd. | 68,000 | 502 |
| Toshiba Plant Systems & Services Corp. | 46,524 | 497 |
| Konoike Transport Co. Ltd. | 40,200 | 497 |
| Kohnan Shoji Co. Ltd. | 34,100 | 496 |
| Max Co. Ltd. | 49,000 | 495 |
| T-Gaia Corp. | 32,400 | 490 |
| Tachi-S Co. Ltd. | 35,000 | 487 |
| Shikoku Chemicals Corp. | 49,000 | 481 |
| Bank of Saga Ltd. | 212,000 | 479 |
| Toa Corp. (Tokyo Shares 1885) | 211,000 | 478 |
| Mitsui-Soko Holdings Co. Ltd. | 147,762 | 476 |
| Tsukishima Kikai Co. Ltd. | 49,300 | 472 |
| Ringer Hut Co. Ltd. | 23,200 | 472 |
| Mitsuboshi Belting Ltd. | 57,000 | 471 |
| Itochu Enex Co. Ltd. | 59,000 | 470 |
| Ehime Bank Ltd. | 228,000 | 470 |
| Press Kogyo Co. Ltd. | 110,000 | 470 |
| C Uyemura & Co. Ltd. | 9,000 | 467 |
| Sodick Co. Ltd. | 63,707 | 467 |
| Kanto Denka Kogyo Co. Ltd. | 60,000 | 465 |
| ^ Kumiai Chemical Industry Co. Ltd. | 58,000 | 465 |
| Nippon Thompson Co. Ltd. | 98,000 | 464 |
| Clarion Co. Ltd. | 136,000 | 464 |
| Mitsui Sugar Co. Ltd. | 115,000 | 462 |
| Hitachi Koki Co. Ltd. | 63,400 | 462 |
| Taihei Dengyo Kaisha Ltd. | 43,000 | 457 |
| Toyo Construction Co. Ltd. | 99,400 | 457 |
| UKC Holdings Corp. | 22,800 | 455 |
| Tamron Co. Ltd. | 22,800 | 454 |
| JCR Pharmaceuticals Co. Ltd. | 21,694 | 453 |
| Kinugawa Rubber Industrial Co. Ltd. | 81,000 | 450 |
| Yellow Hat Ltd. | 20,400 | 448 |
| Sanyo Shokai Ltd. | 154,423 | 448 |
| ^ Nihon Nohyaku Co. Ltd. | 68,900 | 446 |
| Sanyo Electric Railway Co. Ltd. | 115,000 | 446 |
| Trancom Co. Ltd. | 9,300 | 444 |
| Wakita & Co. Ltd. | 56,300 | 442 |
| Fujimi Inc. | 29,347 | 440 |
| Minato Bank Ltd. | 262,000 | 440 |
| Tsugami Corp. | 90,000 | 439 |
| JVC Kenwood Corp. | 167,640 | 437 |
| Dydo Drinco Inc. | 10,244 | 436 |
| Nissin Electric Co. Ltd. | 65,000 | 433 |
| Osaka Steel Co. Ltd. | 24,000 | 431 |
| Canon Electronics Inc. | 25,294 | 430 |
| Bando Chemical Industries Ltd. | 103,000 | 430 |
| Shibuya Kogyo Co. Ltd. | 27,800 | 426 |
| Benefit One Inc. | 24,500 | 425 |
| Joshin Denki Co. Ltd. | 55,653 | 424 |
| ^ Tokyotokeiba Co. Ltd. | 181,000 | 424 |
| YAMABIKO Corp. | 46,000 | 422 |
| Daiwabo Holdings Co. Ltd. | 214,761 | 422 |
| Daido Metal Co. Ltd. | 45,000 | 421 |
| Noritake Co. Ltd. | 183,000 | 421 |
| Ichibanya Co. Ltd. | 9,484 | 420 |
| Fukuda Corp. | 42,000 | 418 |
| Goldcrest Co. Ltd. | 22,380 | 418 |
69
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| ASKA Pharmaceutical Co. Ltd. | 34,900 | 416 |
| Sac's Bar Holdings Inc. | 26,350 | 416 |
| * Ishihara Sangyo Kaisha Ltd. | 431,000 | 416 |
| Yokohama Reito Co. Ltd. | 52,200 | 416 |
| Senshukai Co. Ltd. | 62,400 | 415 |
| Chiba Kogyo Bank Ltd. | 71,100 | 413 |
| Nichiden Corp. | 17,000 | 411 |
| Ichiyoshi Securities Co. Ltd. | 44,800 | 410 |
| Shindengen Electric Manufacturing Co. Ltd. | 112,000 | 407 |
| Wowow Inc. | 14,900 | 406 |
| Ohsho Food Service Corp. | 12,174 | 405 |
| Sanshin Electronics Co. Ltd. | 38,300 | 404 |
| Chiyoda Integre Co. Ltd. | 16,800 | 404 |
| Open House Co. Ltd. | 22,200 | 404 |
| Arcland Sakamoto Co. Ltd. | 18,500 | 403 |
| ^ Nippon Carbon Co. Ltd. | 144,000 | 401 |
| Mitani Corp. | 16,165 | 399 |
| Itoki Corp. | 54,400 | 398 |
| Nippon Road Co. Ltd. | 73,000 | 397 |
| Nitto Kohki Co. Ltd. | 18,800 | 396 |
| ^ Nichii Gakkan Co. | 57,300 | 395 |
| Takamatsu Construction Group Co. Ltd. | 19,000 | 394 |
| Towa Bank Ltd. | 451,000 | 392 |
| * KLab Inc. | 38,970 | 391 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 37,000 | 391 |
| Aisan Industry Co. Ltd. | 39,100 | 391 |
| * Unitika Ltd. | 772,000 | 388 |
| Hibiya Engineering Ltd. | 30,000 | 388 |
| Kasai Kogyo Co. Ltd. | 31,200 | 387 |
| Tv Tokyo Holdings Corp. | 21,800 | 386 |
| Zenrin Co. Ltd. | 26,600 | 385 |
| Teikoku Sen-I Co. Ltd. | 30,513 | 384 |
| Kura Corp. | 12,700 | 383 |
| Tsurumi Manufacturing Co. Ltd. | 21,000 | 383 |
| Ryoyo Electro Corp. | 31,142 | 382 |
| Eiken Chemical Co. Ltd. | 21,600 | 377 |
| Ikyu Corp. | 19,800 | 374 |
| Katakura Industries Co. Ltd. | 33,900 | 374 |
| Shinko Plantech Co. Ltd. | 46,400 | 371 |
| Pressance Corp. | 9,287 | 370 |
| Osaka Soda Co. Ltd. | 107,000 | 370 |
| G-Tekt Corp. | 29,800 | 369 |
| Ines Corp. | 41,200 | 368 |
| BML Inc. | 12,500 | 367 |
| ^ Yokogawa Bridge Holdings Corp. | 39,400 | 364 |
| SMK Corp. | 71,000 | 362 |
| Sogo Medical Co. Ltd. | 9,800 | 361 |
| Koa Corp. | 43,400 | 360 |
| Denki Kogyo Co. Ltd. | 84,400 | 360 |
| Sumitomo Riko Co. Ltd. | 44,300 | 358 |
| Daiho Corp. | 81,000 | 357 |
| Sumitomo Seika Chemicals Co. Ltd. | 51,000 | 355 |
| Daisan Bank Ltd. | 240,037 | 355 |
| Broadleaf Co. Ltd. | 31,000 | 354 |
| ^ F@N Communications Inc. | 49,800 | 354 |
| Torii Pharmaceutical Co. Ltd. | 14,700 | 354 |
| METAWATER Co. Ltd. | 16,100 | 349 |
| Sakai Chemical Industry Co. Ltd. | 117,546 | 346 |
| Kansai Urban Banking Corp. | 30,000 | 343 |
| ^ Kyokuto Securities Co. Ltd. | 26,700 | 343 |
| ^ Nippon Ceramic Co. Ltd. | 23,300 | 343 |
| Warabeya Nichiyo Co. Ltd. | 17,700 | 342 |
| Toridoll.corp | 27,100 | 341 |
| ^ Michinoku Bank Ltd. | 197,000 | 340 |
70
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^ | Fujita Kanko Inc. | 88,000 | 338 |
| Sagami Chain Co. Ltd. | 32,822 | 337 | |
| J-Oil Mills Inc. | 117,000 | 337 | |
| Round One Corp. | 74,300 | 335 | |
| Tokushu Tokai Paper Co. Ltd. | 100,000 | 331 | |
| T Hasegawa Co. Ltd. | 25,300 | 330 | |
| Ministop Co. Ltd. | 17,900 | 330 | |
| Sanyo Denki Co. Ltd. | 54,000 | 327 | |
| Optex Co. Ltd. | 17,300 | 327 | |
| Nissin Corp. | 112,000 | 325 | |
| Nittetsu Mining Co. Ltd. | 74,000 | 325 | |
| Kyodo Printing Co. Ltd. | 117,000 | 324 | |
| Nohmi Bosai Ltd. | 26,000 | 321 | |
| Belluna Co. Ltd. | 56,400 | 319 | |
| Sakai Moving Service Co. Ltd. | 6,400 | 319 | |
| ^ | Marvelous Inc. | 39,800 | 317 |
| * | Kappa Create Co. Ltd. | 32,188 | 317 |
| ^ | Elecom Co. Ltd. | 26,200 | 317 |
| Hamakyorex Co. Ltd. | 15,800 | 317 | |
| Tocalo Co. Ltd. | 15,800 | 317 | |
| Yurtec Corp. | 33,000 | 317 | |
| ^ | Kobe Bussan Co. Ltd. | 8,200 | 316 |
| JSP Corp. | 14,600 | 312 | |
| Yahagi Construction Co. Ltd. | 36,400 | 312 | |
| Pack Corp. | 13,200 | 312 | |
| Oyo Corp. | 24,200 | 310 | |
| Kamei Corp. | 31,200 | 309 | |
| Kita-Nippon Bank Ltd. | 11,300 | 309 | |
| Cawachi Ltd. | 17,800 | 308 | |
| Keihanshin Building Co. Ltd. | 55,700 | 306 | |
| Key Coffee Inc. | 19,193 | 306 | |
| ^ | S Foods Inc. | 17,600 | 305 |
| Alpen Co. Ltd. | 18,600 | 304 | |
| ^ | Rock Field Co. Ltd. | 12,534 | 304 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 159,000 | 304 | |
| ^,* | FDK Corp. | 294,149 | 303 |
| Neturen Co. Ltd. | 42,300 | 302 | |
| Justsystems Corp. | 38,300 | 302 | |
| Kato Works Co. Ltd. | 70,205 | 300 | |
| Nippon Koei Co. Ltd. | 74,000 | 298 | |
| Sinfonia Technology Co. Ltd. | 173,000 | 297 | |
| Maruzen Showa Unyu Co. Ltd. | 82,000 | 296 | |
| Konishi Co. Ltd. | 16,100 | 295 | |
| * | Mitsubishi Paper Mills Ltd. | 430,000 | 294 |
| Meiko Network Japan Co. Ltd. | 24,763 | 294 | |
| Toa Corp. (Tokyo Shares 6809) | 29,000 | 292 | |
| Tonami Holdings Co. Ltd. | 89,000 | 289 | |
| Sumitomo Densetsu Co. Ltd. | 22,100 | 289 | |
| Pal Co. Ltd. | 12,900 | 288 | |
| ^ | Osaki Electric Co. Ltd. | 56,000 | 287 |
| Futaba Industrial Co. Ltd. | 66,800 | 287 | |
| Mie Bank Ltd. | 133,104 | 286 | |
| * | KNT-CT Holdings Co. Ltd. | 122,000 | 284 |
| Kyokuyo Co. Ltd. | 131,000 | 284 | |
| EPS Holdings Inc. | 29,000 | 283 | |
| Tamura Corp. | 89,000 | 282 | |
| Fukushima Industries Corp. | 13,000 | 282 | |
| Elematec Corp. | 11,500 | 282 | |
| Tokyo Energy & Systems Inc. | 29,000 | 280 | |
| Qol Co. Ltd. | 23,799 | 279 | |
| Tsukuba Bank Ltd. | 79,900 | 279 | |
| Denyo Co. Ltd. | 17,300 | 279 | |
| Toyo Securities Co. Ltd. | 86,000 | 276 | |
| Godo Steel Ltd. | 158,000 | 275 | |
71
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Tenma Corp. | 16,300 | 275 | |
| * | Tokyo Rope Manufacturing Co. Ltd. | 178,000 | 275 |
| Union Tool Co. | 11,000 | 270 | |
| Toenec Corp. | 35,000 | 270 | |
| Daikokutenbussan Co. Ltd. | 7,900 | 270 | |
| Cosel Co. Ltd. | 27,700 | 270 | |
| Meisei Industrial Co. Ltd. | 57,000 | 266 | |
| Tosho Co. Ltd. | 10,100 | 265 | |
| Toyo Tanso Co. Ltd. | 18,410 | 264 | |
| Chukyo Bank Ltd. | 128,000 | 264 | |
| Nagatanien Holdings Co. Ltd. | 30,000 | 264 | |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 168,000 | 262 | |
| Shinko Shoji Co. Ltd. | 23,400 | 260 | |
| Aiphone Co. Ltd. | 16,900 | 259 | |
| Okuwa Co. Ltd. | 31,000 | 259 | |
| ^ | Giken Ltd. | 19,200 | 258 |
| Nippon Denko Co. Ltd. | 127,990 | 257 | |
| MTI Ltd. | 40,400 | 256 | |
| Yusen Logistics Co. Ltd. | 21,900 | 255 | |
| * | Kintetsu Department Store Co. Ltd. | 94,000 | 254 |
| Kaga Electronics Co. Ltd. | 18,200 | 254 | |
| Fujibo Holdings Inc. | 138,000 | 254 | |
| ^ | Keiyo Co. Ltd. | 61,500 | 252 |
| Nippon Kanzai Co. Ltd. | 16,400 | 252 | |
| Idec Corp. | 30,100 | 251 | |
| ^ | Akebono Brake Industry Co. Ltd. | 85,757 | 250 |
| K&O Energy Group Inc. | 19,500 | 249 | |
| Icom Inc. | 12,000 | 249 | |
| Roland DG Corp. | 10,900 | 248 | |
| Vital KSK Holdings Inc. | 34,000 | 247 | |
| Hisaka Works Ltd. | 32,000 | 245 | |
| Showa Aircraft Industry Co. Ltd. | 24,000 | 243 | |
| Japan Pure Chemical Co. Ltd. | 12,900 | 243 | |
| Kanematsu Electronics Ltd. | 15,900 | 242 | |
| Daiken Corp. | 83,000 | 242 | |
| Nippon Parking Development Co. Ltd. | 212,000 | 241 | |
| Toli Corp. | 85,101 | 241 | |
| Studio Alice Co. Ltd. | 12,700 | 238 | |
| Funai Electric Co. Ltd. | 23,200 | 238 | |
| Megachips Corp. | 23,581 | 238 | |
| Tokyo Tekko Co. Ltd. | 51,000 | 235 | |
| ESPEC Corp. | 25,208 | 235 | |
| Hioki EE Corp. | 12,900 | 233 | |
| CHIMNEY Co. Ltd. | 9,100 | 231 | |
| ^ | U-Shin Ltd. | 37,000 | 230 |
| Mito Securities Co. Ltd. | 71,000 | 229 | |
| Tosei Corp. | 37,000 | 228 | |
| ^,* | Nippon Yakin Kogyo Co. Ltd. | 165,400 | 227 |
| Artnature Inc. | 23,600 | 226 | |
| Kitagawa Iron Works Co. Ltd. | 87,000 | 226 | |
| Kurimoto Ltd. | 131,000 | 223 | |
| Shibusawa Warehouse Co. Ltd. | 87,549 | 223 | |
| Daiichi Jitsugyo Co. Ltd. | 52,000 | 222 | |
| Yushin Precision Equipment Co. Ltd. | 12,200 | 221 | |
| Japan Digital Laboratory Co. Ltd. | 17,300 | 220 | |
| Toyo Corp. | 28,117 | 220 | |
| Sekisui Plastics Co. Ltd. | 68,000 | 220 | |
| Fudo Tetra Corp. | 168,400 | 215 | |
| Melco Holdings Inc. | 12,500 | 215 | |
| Tsukui Corp. | 20,000 | 215 | |
| ^ | Torishima Pump Manufacturing Co. Ltd. | 27,500 | 213 |
| Atsugi Co. Ltd. | 218,000 | 212 | |
| Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. | 58,000 | 211 | |
| ^ | Nihon Trim Co. Ltd. | 5,700 | 211 |
72
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Maruwa Co. Ltd. | 9,500 | 211 | |
| Arata Corp. | 9,959 | 209 | |
| Chori Co. Ltd. | 14,900 | 209 | |
| Arakawa Chemical Industries Ltd. | 21,100 | 209 | |
| Ryoden Trading Co. Ltd. | 32,000 | 208 | |
| Taiho Kogyo Co. Ltd. | 18,000 | 207 | |
| Aichi Corp. | 32,700 | 207 | |
| Starzen Co. Ltd. | 8,000 | 206 | |
| Takiron Co. Ltd. | 48,000 | 206 | |
| Weathernews Inc. | 6,400 | 206 | |
| Achilles Corp. | 165,000 | 204 | |
| ^ | Japan Cash Machine Co. Ltd. | 19,300 | 203 |
| ^ | Mitsubishi Kakoki Kaisha Ltd. | 82,000 | 203 |
| Happinet Corp. | 19,700 | 203 | |
| Pasona Group Inc. | 26,200 | 198 | |
| Mimasu Semiconductor Industry Co. Ltd. | 21,000 | 197 | |
| Sanoh Industrial Co. Ltd. | 31,000 | 196 | |
| Riken Technos Corp. | 58,400 | 194 | |
| Sun Frontier Fudousan Co. Ltd. | 24,000 | 193 | |
| Matsuda Sangyo Co. Ltd. | 16,500 | 193 | |
| NS United Kaiun Kaisha Ltd. | 96,000 | 192 | |
| CONEXIO Corp. | 18,800 | 189 | |
| Uchida Yoko Co. Ltd. | 59,000 | 189 | |
| Shimizu Bank Ltd. | 7,700 | 189 | |
| Japan Radio Co. Ltd. | 53,000 | 189 | |
| ^ | Tabuchi Electric Co. Ltd. | 27,500 | 188 |
| Shiroki Corp. | 64,961 | 188 | |
| Shin-Etsu Polymer Co. Ltd. | 36,000 | 187 | |
| Nippon Valqua Industries Ltd. | 76,000 | 187 | |
| ^,* | Nippon Sharyo Ltd. | 78,000 | 187 |
| OSJB Holdings Corp. | 97,594 | 186 | |
| Sinanen Holdings Co. Ltd. | 50,000 | 186 | |
| Misawa Homes Co. Ltd. | 30,800 | 185 | |
| Toyo Kanetsu KK | 114,000 | 183 | |
| Maeda Kosen Co. Ltd. | 24,000 | 183 | |
| Daiwa Industries Ltd. | 27,700 | 182 | |
| * | Janome Sewing Machine Co. Ltd. | 25,000 | 182 |
| Fuso Pharmaceutical Industries Ltd. | 78,000 | 181 | |
| Yushiro Chemical Industry Co. Ltd. | 15,600 | 180 | |
| Teikoku Electric Manufacturing Co. Ltd. | 26,300 | 180 | |
| Itochu-Shokuhin Co. Ltd. | 5,200 | 180 | |
| France Bed Holdings Co. Ltd. | 23,000 | 180 | |
| ^ | JP-Holdings Inc. | 68,400 | 180 |
| ^ | Kobelco Eco-Solutions Co. Ltd. | 41,000 | 179 |
| Hosokawa Micron Corp. | 36,000 | 179 | |
| ^ | Japan Drilling Co. Ltd. | 8,200 | 178 |
| Hakuto Co. Ltd. | 15,200 | 177 | |
| Nihon Dempa Kogyo Co. Ltd. | 25,310 | 177 | |
| Toyo Kohan Co. Ltd. | 55,000 | 177 | |
| AOI Electronics Co. Ltd. | 6,070 | 176 | |
| Japan Transcity Corp. | 49,192 | 176 | |
| Koatsu Gas Kogyo Co. Ltd. | 34,000 | 174 | |
| Dai Nippon Toryo Co. Ltd. | 114,000 | 173 | |
| Matsuya Foods Co. Ltd. | 8,600 | 173 | |
| * | Kinki Sharyo Co. Ltd. | 55,000 | 173 |
| Asahi Co. Ltd. | 17,600 | 173 | |
| Kourakuen Holdings Corp. | 13,500 | 171 | |
| ^ | Nissei ASB Machine Co. Ltd. | 8,400 | 171 |
| Sankyo Seiko Co. Ltd. | 45,097 | 171 | |
| * | Fujiya Co. Ltd. | 105,000 | 171 |
| Furuno Electric Co. Ltd. | 25,200 | 170 | |
| Toho Co. Ltd. | 9,200 | 169 | |
| ^ | Zuiko Corp. | 4,500 | 169 |
| Fujitsu Frontech Ltd. | 13,100 | 169 | |
73
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Mitsubishi Research Institute Inc. | 6,800 | 168 | |
| Komatsu Seiren Co. Ltd. | 28,000 | 168 | |
| Mitani Sekisan Co. Ltd. | 12,200 | 166 | |
| Hokkaido Gas Co. Ltd. | 72,000 | 166 | |
| Zuken Inc. | 17,800 | 166 | |
| Yonekyu Corp. | 9,100 | 166 | |
| Kyosan Electric Manufacturing Co. Ltd. | 59,000 | 166 | |
| Onoken Co. Ltd. | 18,900 | 165 | |
| Yomiuri Land Co. Ltd. | 48,000 | 165 | |
| Sumitomo Precision Products Co. Ltd. | 42,000 | 164 | |
| * | Nakayama Steel Works Ltd. | 245,000 | 162 |
| Tatsuta Electric Wire and Cable Co. Ltd. | 42,600 | 162 | |
| Krosaki Harima Corp. | 80,000 | 162 | |
| Mars Engineering Corp. | 9,500 | 162 | |
| Nihon Yamamura Glass Co. Ltd. | 105,000 | 158 | |
| Daidoh Ltd. | 37,100 | 154 | |
| Aderans Co. Ltd. | 22,009 | 153 | |
| Asunaro Aoki Construction Co. Ltd. | 20,700 | 153 | |
| Gecoss Corp. | 17,700 | 153 | |
| KFC Holdings Japan Ltd. | 8,000 | 152 | |
| Chuetsu Pulp & Paper Co. Ltd. | 85,000 | 151 | |
| * | SWCC Showa Holdings Co. Ltd. | 229,000 | 151 |
| Paris Miki Holdings Inc. | 39,400 | 150 | |
| Ateam Inc. | 9,800 | 149 | |
| Rhythm Watch Co. Ltd. | 106,000 | 149 | |
| Tsutsumi Jewelry Co. Ltd. | 7,500 | 149 | |
| Mitsui High-Tec Inc. | 25,500 | 149 | |
| Advan Co. Ltd. | 16,000 | 148 | |
| Tomoku Co. Ltd. | 68,000 | 147 | |
| Organo Corp. | 35,000 | 143 | |
| NDS Co. Ltd. | 58,000 | 143 | |
| Daikoku Denki Co. Ltd. | 11,100 | 143 | |
| Noritsu Koki Co. Ltd. | 28,600 | 143 | |
| Chugai Ro Co. Ltd. | 74,000 | 139 | |
| Pronexus Inc. | 18,735 | 138 | |
| Cleanup Corp. | 21,800 | 137 | |
| Asahi Organic Chemicals Industry Co. Ltd. | 74,555 | 137 | |
| ^,* | WATAMI Co. Ltd. | 19,500 | 137 |
| CMK Corp. | 70,700 | 135 | |
| GCA Savvian Corp. | 11,300 | 132 | |
| Mitsubishi Nichiyu Forklift Co. Ltd. | 31,000 | 131 | |
| T RAD Co. Ltd. | 79,000 | 131 | |
| Shinwa Co. Ltd. | 9,300 | 130 | |
| Dai-ichi Seiko Co. Ltd. | 9,800 | 129 | |
| Honeys Co. Ltd. | 15,690 | 129 | |
| Nippon Chemiphar Co. Ltd. | 26,000 | 127 | |
| ^ | CMIC Holdings Co. Ltd. | 10,200 | 126 |
| Hokkan Holdings Ltd. | 49,000 | 125 | |
| Information Services International-Dentsu Ltd. | 8,000 | 124 | |
| Parco Co. Ltd. | 14,400 | 124 | |
| Taisei Lamick Co. Ltd. | 5,200 | 124 | |
| Ichikoh Industries Ltd. | 70,000 | 120 | |
| Iwasaki Electric Co. Ltd. | 59,000 | 120 | |
| Corona Corp. Class A | 12,200 | 120 | |
| Nippon Coke & Engineering Co. Ltd. | 143,000 | 119 | |
| ^ | Tosho Printing Co. Ltd. | 28,000 | 118 |
| Kanaden Corp. | 15,000 | 118 | |
| Gun-Ei Chemical Industry Co. Ltd. | 48,000 | 117 | |
| Okura Industrial Co. Ltd. | 40,000 | 114 | |
| Ohara Inc. | 23,270 | 113 | |
| Mitsui Matsushima Co. Ltd. | 115,000 | 113 | |
| Fuji Oil Co. Ltd. | 35,900 | 111 | |
| Chuo Spring Co. Ltd. | 46,000 | 110 | |
| ^ | Toda Kogyo Corp. | 40,000 | 108 |
74
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Dunlop Sports Co. Ltd. | 10,600 | 106 | |
| Toko Inc. | 37,000 | 105 | |
| Panasonic Industrial Devices SUNX Co. Ltd. | 19,100 | 104 | |
| Seika Corp. | 45,000 | 102 | |
| Nice Holdings Inc. | 72,000 | 101 | |
| Kitano Construction Corp. | 38,000 | 100 | |
| Takaoka Toko Co. Ltd. | 8,400 | 99 | |
| Tokyo Rakutenchi Co. Ltd. | 23,000 | 94 | |
| Gakken Holdings Co. Ltd. | 47,000 | 91 | |
| Shimojima Co. Ltd. | 10,200 | 88 | |
| Future Architect Inc. | 15,900 | 86 | |
| Axell Corp. | 7,600 | 86 | |
| ^ | Srg Takamiya Co. Ltd. | 17,900 | 86 |
| Maezawa Kasei Industries Co. Ltd. | 9,600 | 83 | |
| Mitsui Home Co. Ltd. | 17,000 | 82 | |
| CAC Holdings Corp. | 10,000 | 81 | |
| Maezawa Kyuso Industries Co. Ltd. | 5,900 | 75 | |
| Mory Industries Inc. | 26,000 | 75 | |
| Fujikura Kasei Co. Ltd. | 16,000 | 75 | |
| Endo Lighting Corp. | 7,100 | 72 | |
| NEC Capital Solutions Ltd. | 5,000 | 72 | |
| Daisyo Corp. | 6,000 | 71 | |
| ValueCommerce Co. Ltd. | 17,000 | 68 | |
| Takihyo Co. Ltd. | 18,000 | 68 | |
| Alpha Systems Inc. | 4,000 | 67 | |
| Right On Co. Ltd. | 7,000 | 66 | |
| ST Corp. | 7,500 | 64 | |
| ^,* | Shin Nippon Biomedical Laboratories Ltd. | 12,900 | 64 |
| Airport Facilities Co. Ltd. | 14,000 | 63 | |
| Stella Chemifa Corp. | 6,200 | 60 | |
| NIFTY Corp. | 6,500 | 60 | |
| ^,* | Yamada SxL Home Co. Ltd. | 81,000 | 59 |
| Aeon Fantasy Co. Ltd. | 3,600 | 58 | |
| Hodogaya Chemical Co. Ltd. | 42,000 | 58 | |
| ^,* | Sanix Inc. | 26,300 | 57 |
| Best Denki Co. Ltd. | 46,000 | 52 | |
| Pocket Card Co. Ltd. | 10,600 | 51 | |
| ^,* | Nissen Holdings Co. Ltd. | 33,000 | 50 |
| Cybozu Inc. | 17,600 | 46 | |
| Tokyo Electron Device Ltd. | 3,500 | 45 | |
| ^,* | Livesense Inc. | 12,000 | 44 |
| Toa Oil Co. Ltd. | 33,000 | 41 | |
| Olympic Group Corp. | 7,800 | 38 | |
| Inaba Seisakusho Co. Ltd. | 3,500 | 37 | |
| * | Kojima Co. Ltd. | 15,100 | 35 |
| Nippon Kasei Chemical Co. Ltd. | 21,000 | 22 | |
| Asahi Intecc Co. Ltd. | 4 | — | |
| Heiwa Corp. | 4 | — | |
| 466,588 | |||
| Malaysia (1.0%) | |||
| Dialog Group Bhd. | 6,082,162 | 2,258 | |
| Top Glove Corp. Bhd. | 585,979 | 1,292 | |
| Hartalega Holdings Bhd. | 1,067,720 | 1,292 | |
| Genting Plantations Bhd. | 514,073 | 1,278 | |
| HAP Seng Consolidated Bhd. | 904,000 | 1,271 | |
| Bursa Malaysia Bhd. | 528,936 | 1,041 | |
| Cahya Mata Sarawak Bhd. | 786,000 | 972 | |
| Kossan Rubber Industries | 498,400 | 944 | |
| KPJ Healthcare Bhd. | 882,010 | 875 | |
| Sunway REIT | 2,417,000 | 860 | |
| Sunway Bhd. | 1,133,100 | 815 | |
| QL Resources Bhd. | 849,340 | 794 | |
| BIMB Holdings Bhd. | 809,740 | 771 | |
| TIME dotCom Bhd. | 450,000 | 732 | |
75
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| My EG Services Bhd. | 1,058,400 | 728 |
| Mah Sing Group Bhd. | 2,196,775 | 674 |
| Inari Amertron Bhd. | 703,000 | 583 |
| Kulim Malaysia Bhd. | 742,436 | 575 |
| Capitaland Malaysia Mall Trust | 1,674,400 | 538 |
| Media Prima Bhd. | 1,614,117 | 522 |
| Yinson Holdings Bhd. | 752,000 | 514 |
| Pos Malaysia Bhd. | 562,200 | 507 |
| Malaysia Building Society Bhd. | 1,336,600 | 503 |
| Pavilion REIT | 1,415,500 | 497 |
| * Eastern & Oriental Bhd. | 1,307,833 | 482 |
| WCT Holdings Bhd. | 1,501,018 | 477 |
| Press Metal Bhd. | 880,900 | 477 |
| Berjaya Auto Bhd. | 926,940 | 447 |
| Unisem M Bhd. | 752,080 | 414 |
| Berjaya Corp. Bhd. | 3,979,971 | 383 |
| UOA Development Bhd. | 774,700 | 380 |
| OSK Holdings Bhd. | 952,781 | 372 |
| DRB-Hicom Bhd. | 1,159,627 | 361 |
| Supermax Corp. Bhd. | 679,350 | 355 |
| Malaysian Resources Corp. Bhd. | 1,198,969 | 353 |
| * Eco World Development Group Bhd. | 1,092,100 | 347 |
| * KNM Group Bhd. | 2,659,600 | 328 |
| Gas Malaysia Bhd. | 547,600 | 302 |
| UMW Oil & Gas Corp. Bhd. | 1,046,400 | 294 |
| * MPHB Capital Bhd. | 782,300 | 286 |
| Muhibbah Engineering M Bhd. | 543,000 | 277 |
| TA Enterprise Bhd. | 1,674,100 | 244 |
| Datasonic Group Bhd. | 639,800 | 221 |
| Dayang Enterprise Holdings Bhd. | 485,100 | 192 |
| * Puncak Niaga Holdings Bhd. | 252,500 | 167 |
| * Parkson Holdings Bhd. | 607,900 | 151 |
| * Malaysia Marine and Heavy Engineering Holdings Bhd. | 577,400 | 147 |
| Coastal Contracts Bhd. | 300,000 | 142 |
| Wah Seong Corp. Bhd. | 492,642 | 136 |
| * AirAsia X Bhd. | 2,519,650 | 120 |
| * Mulpha International Bhd. | 1,519,700 | 107 |
| Malaysian Bulk Carriers Bhd. | 370,500 | 78 |
| * Mudajaya Group Bhd. | 269,500 | 77 |
| * Perisai Petroleum Teknologi Bhd. | 904,200 | 68 |
| * Scomi Group Bhd. | 1,394,300 | 61 |
| * Sunway Construction Group Bhd. | 79,540 | 24 |
| IGB Corp. Bhd. | 32,779 | 19 |
| * OSK Holdings Bhd. Warrants Exp. 7/22/2020 | 238,195 | 19 |
| * BIMB Holdings Bhd. Warrants Exp. 12/4/2023 | 154,640 | 14 |
| * Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 | 25,250 | 11 |
| * WCT Holdings Bhd. Warrants Exp. 8/24/2020 | 310,551 | 10 |
| * Malaysian Resources Corp. Bhd. Warrants Exp. 9/16/2018 | 253,023 | 10 |
| * Eastern & Oriental Bhd Warrants Exp. 7/21/2019 | 154,580 | 8 |
| * Mah Sing Group Bhd. Warrants Exp. 3/18/2018 | 164,085 | 7 |
| * Kulim Malaysia Bhd. Warrants Exp. 2/27/2016 | 46,729 | 7 |
| * CB Industrial Product Holding Bhd Warrants Exp. 10/31/2019 | 78,700 | 6 |
| * KNM Group BHD Warrants Exp. 4/21/2020 | 178,365 | 6 |
| * KNM Group Bhd. Warrants Exp. 11/15/2017 | 189,022 | 5 |
| * Mah Sing Group Warrants Exp. 1/15/2026 | 125,235 | 4 |
| * AirAsia X Bhd. Warrants Exp. 6/8/2020 | 300,675 | 4 |
| * WCT Holdings Bhd. Warrants Exp. 12/11/2017 | 82,009 | 3 |
| * WCT Holdings Bhd. Warrants Exp. 03/10/2016 | 73,268 | 1 |
| 29,240 | ||
| Mexico (0.5%) | ||
| Mexico Real Estate Management SA de CV | 1,183,074 | 1,642 |
| Grupo Aeroportuario del Centro Norte Sab de CV Class B | 304,044 | 1,564 |
| Bolsa Mexicana de Valores SAB de CV | 916,815 | 1,528 |
| * Grupo Aeromexico SAB de CV | 758,188 | 1,331 |
76
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Corp Inmobiliaria Vesta SAB de CV | 781,200 | 1,283 | |
| PLA Administradora Industrial S de RL de CV | 684,528 | 1,263 | |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 528,600 | 902 |
| * | Genomma Lab Internacional SAB de CV Class B | 1,145,900 | 841 |
| Prologis Property Mexico SA de CV | 462,175 | 769 | |
| Concentradora Fibra Hotelera Mexicana SA de CV | 690,857 | 676 | |
| * | Credito Real SAB de CV SOFOM ER | 280,000 | 661 |
| Grupo Financiero Interacciones SA de CV | 101,350 | 658 | |
| Grupo Herdez SAB de CV | 167,675 | 464 | |
| Banregio Grupo Financiero SAB de CV | 82,676 | 446 | |
| * | Hoteles City Express SAB de CV | 323,100 | 434 |
| TV Azteca SAB de CV | 2,535,522 | 407 | |
| * | Empresas ICA SAB de CV | 902,350 | 361 |
| * | Grupo Rotoplas SAB de CV | 185,500 | 339 |
| * | Consorcio ARA SAB de CV | 898,210 | 337 |
| * | Qualitas Controladora SAB de CV | 210,076 | 262 |
| * | Grupo Simec SAB de CV Class B | 84,915 | 233 |
| * | Corp GEO SAB de CV | 412,100 | 41 |
| * | Urbi Desarrollos Urbanos SAB de CV | 313,585 | 30 |
| 16,472 | |||
| Netherlands (1.6%) | |||
| Aalberts Industries NV | 140,976 | 4,571 | |
| Wereldhave NV | 58,302 | 3,634 | |
| * | SBM Offshore NV | 265,527 | 3,632 |
| Eurocommercial Properties NV | 65,861 | 3,140 | |
| ASM International NV | 72,442 | 2,764 | |
| * | PostNL NV | 623,499 | 2,568 |
| Delta Lloyd NV | 314,629 | 2,475 | |
| IMCD Group NV | 64,280 | 2,403 | |
| Arcadis NV | 93,524 | 2,356 | |
| TKH Group NV | 60,912 | 2,305 | |
| Corbion NV | 89,341 | 2,193 | |
| * | APERAM SA | 71,055 | 2,186 |
| * | TomTom NV | 170,585 | 1,849 |
| * | Koninklijke BAM Groep NV | 315,283 | 1,737 |
| USG People NV | 103,019 | 1,637 | |
| * | Fugro NV | 84,854 | 1,606 |
| Vastned Retail NV | 30,951 | 1,502 | |
| *,2 | Refresco Gerber NV | 65,065 | 1,064 |
| Koninklijke Ten Cate NV | 37,470 | 1,014 | |
| BinckBank NV | 108,257 | 953 | |
| NSI NV | 193,128 | 841 | |
| Wessanen | 73,813 | 793 | |
| Accell Group | 32,437 | 676 | |
| Brunel International NV | 30,656 | 574 | |
| ^,* | SNS REAAL NV | 96,364 | — |
| 48,473 | |||
| New Zealand (0.5%) | |||
| Z Energy Ltd. | 395,029 | 1,790 | |
| Trade Me Group Ltd. | 581,864 | 1,439 | |
| Infratil Ltd. | 632,019 | 1,327 | |
| Goodman Property Trust | 1,511,344 | 1,232 | |
| EBOS Group Ltd. | 122,769 | 1,133 | |
| * | Chorus Ltd. | 554,045 | 1,065 |
| Argosy Property Ltd. | 1,293,363 | 984 | |
| Freightways Ltd. | 233,846 | 932 | |
| Precinct Properties New Zealand Ltd. | 1,104,096 | 911 | |
| Nuplex Industries Ltd. | 303,549 | 874 | |
| Genesis Energy Ltd. | 659,205 | 832 | |
| Summerset Group Holdings Ltd. | 292,869 | 777 | |
| Vital Healthcare Property Trust | 445,031 | 530 | |
| Metlifecare Ltd. | 163,988 | 495 | |
| * | Diligent Corp. | 96,234 | 389 |
| ^,* | a2 Milk Co. Ltd. | 720,651 | 370 |
77
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Heartland New Zealand Ltd. | 409,064 | 346 | |
| TOWER Ltd. | 217,320 | 307 | |
| * | New Zealand Oil & Gas Ltd. | 1,036,992 | 305 |
| Kathmandu Holdings Ltd. | 255,330 | 271 | |
| 16,309 | |||
| Norway (1.0%) | |||
| ^ | TGS Nopec Geophysical Co. ASA | 145,566 | 2,884 |
| * | Storebrand ASA | 636,902 | 2,226 |
| Bakkafrost P/F | 44,762 | 1,433 | |
| ^ | Petroleum Geo-Services ASA | 331,331 | 1,376 |
| 2 | XXL ASA | 127,951 | 1,365 |
| Atea ASA | 144,717 | 1,343 | |
| Veidekke ASA | 104,217 | 1,324 | |
| SpareBank 1 SMN | 204,267 | 1,278 | |
| Salmar ASA | 77,292 | 1,263 | |
| Kongsberg Gruppen ASA | 74,482 | 1,165 | |
| ^,* | Nordic Semiconductor ASA | 242,943 | 1,164 |
| ^,* | Det Norske Oljeselskap ASA | 176,800 | 1,093 |
| ^ | Opera Software ASA | 143,314 | 894 |
| ^,* | DNO ASA | 845,011 | 843 |
| 2 | Aker Solutions ASA | 198,765 | 799 |
| Prosafe SE | 286,872 | 797 | |
| Aker ASA | 39,771 | 782 | |
| 2 | Entra ASA | 91,798 | 780 |
| SpareBank 1 SR-Bank ASA | 146,647 | 700 | |
| Hoegh LNG Holdings Ltd. | 55,522 | 664 | |
| 2 | BW LPG Ltd. | 94,623 | 641 |
| ^,* | REC Silicon ASA | 3,518,448 | 629 |
| Leroy Seafood Group ASA | 17,417 | 610 | |
| Austevoll Seafood ASA | 95,680 | 588 | |
| * | Norwegian Property ASA | 532,978 | 576 |
| * | Norwegian Air Shuttle ASA | 14,758 | 541 |
| * | Ocean Yield ASA | 57,810 | 466 |
| Wilh Wilhelmsen ASA | 96,853 | 420 | |
| Stolt-Nielsen Ltd. | 25,276 | 342 | |
| ^,* | Akastor ASA | 178,071 | 233 |
| ^,* | Fred Olsen Energy ASA | 41,633 | 194 |
| BW Offshore Ltd. | 460,983 | 192 | |
| * | Archer | 29,443 | 35 |
| * | Odfjell Drilling Ltd. | 18,262 | 12 |
| 29,652 | |||
| Philippines (0.4%) | |||
| Metro Pacific Investments Corp. | 17,376,666 | 1,932 | |
| Robinsons Land Corp. | 2,515,431 | 1,642 | |
| Security Bank Corp. | 441,389 | 1,336 | |
| Puregold Price Club Inc. | 1,436,600 | 1,102 | |
| First Gen Corp. | 1,776,530 | 958 | |
| Cosco Capital Inc. | 5,590,500 | 887 | |
| Robinsons Retail Holdings Inc. | 515,350 | 843 | |
| D&L Industries Inc. | 3,103,000 | 644 | |
| Vista Land & Lifescapes Inc. | 5,068,000 | 601 | |
| Manila Water Co. Inc. | 1,111,085 | 564 | |
| Filinvest Land Inc. | 14,538,400 | 539 | |
| Nickel Asia Corp. | 2,624,808 | 443 | |
| Cebu Air Inc. | 223,530 | 425 | |
| First Philippine Holdings Corp. | 282,240 | 425 | |
| Belle Corp. | 5,638,600 | 416 | |
| Lopez Holdings Corp. | 2,487,700 | 359 | |
| Philex Mining Corp. | 2,046,281 | 236 | |
| * | Melco Crown Philippines Resorts Corp. | 2,542,800 | 199 |
| * | Atlas Consolidated Mining & Development Corp. | 853,100 | 102 |
| 13,653 | |||
78
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Poland (0.2%) | |||
| Kernel Holding SA | 75,003 | 1,012 | |
| Budimex SA | 16,646 | 900 | |
| ^ | PKP Cargo SA | 46,855 | 804 |
| * | Ciech SA | 37,358 | 722 |
| * | CD Projekt Red SA | 104,060 | 716 |
| ^ | Netia SA | 382,250 | 546 |
| Lubelski Wegiel Bogdanka SA | 50,664 | 540 | |
| Warsaw Stock Exchange | 38,508 | 408 | |
| ^,* | Jastrzebska Spolka Weglowa SA | 102,560 | 350 |
| ^,* | Getin Holding SA | 611,861 | 253 |
| * | Neuca SA | 2,564 | 232 |
| * | Integer.pl SA | 7,186 | 214 |
| ^ | Boryszew SA | 127,777 | 166 |
| * | Globe Trade Centre SA | 5,811 | 10 |
| 6,873 | |||
| Portugal (0.4%) | |||
| NOS SGPS SA | 320,890 | 2,663 | |
| CTT-Correios de Portugal SA | 220,827 | 2,506 | |
| Sonae SGPS SA | 1,380,152 | 1,647 | |
| Portucel SA | 373,037 | 1,516 | |
| Semapa-Sociedade de Investimento e Gestao | 54,005 | 762 | |
| ^,* | Banco BPI SA | 512,734 | 622 |
| REN - Redes Energeticas Nacionais SGPS SA | 193,285 | 590 | |
| Altri SGPS SA | 123,649 | 585 | |
| ^ | Mota-Engil SGPS SA | 118,468 | 297 |
| * | Pharol SGPS SA | 660,729 | 278 |
| Sonaecom SGPS SA | 48,550 | 114 | |
| 11,580 | |||
| Russia (0.1%) | |||
| * | DIXY Group PJSC | 98,410 | 508 |
| M Video OJSC | 112,430 | 401 | |
| TMK PAO GDR | 78,956 | 295 | |
| * | Mechel | 179,200 | 182 |
| * | Sollers PAO | 22,760 | 161 |
| OGK-2 PAO | 38,218,850 | 129 | |
| Mosenergo OAO | 8,590,191 | 111 | |
| * | Raspadskaya OAO | 182,900 | 108 |
| 1,895 | |||
| Singapore (1.5%) | |||
| SATS Ltd. | 1,008,729 | 2,728 | |
| Mapletree Industrial Trust | 1,870,000 | 2,034 | |
| Mapletree Commercial Trust | 2,086,000 | 2,033 | |
| Mapletree Greater China Commercial Trust | 2,636,212 | 1,871 | |
| Keppel REIT | 2,655,947 | 1,826 | |
| Mapletree Logistics Trust | 2,146,352 | 1,562 | |
| Raffles Medical Group Ltd. | 462,728 | 1,419 | |
| Asian Pay Television Trust | 2,391,000 | 1,348 | |
| ^ | Starhill Global REIT | 2,333,108 | 1,346 |
| ^ | Frasers Centrepoint Trust | 851,210 | 1,187 |
| United Engineers Ltd. | 784,000 | 1,108 | |
| Keppel Infrastructure Trust | 2,839,300 | 1,053 | |
| ^ | First Resources Ltd. | 745,629 | 997 |
| ^ | Ezion Holdings Ltd. | 1,939,612 | 961 |
| Cambridge Industrial Trust | 2,178,260 | 948 | |
| Ascott Residence Trust | 1,076,021 | 929 | |
| CDL Hospitality Trusts | 951,166 | 919 | |
| ^ | Genting Hong Kong Ltd. | 2,881,577 | 907 |
| Cache Logistics Trust | 1,212,241 | 868 | |
| Frasers Commercial Trust | 841,713 | 822 | |
| ^ | SIIC Environment Holdings Ltd. | 1,341,682 | 813 |
| * | Biosensors International Group Ltd. | 1,634,902 | 794 |
| CapitaLand Retail China Trust | 678,860 | 736 | |
| ^,* | China Animal Healthcare Ltd. | 1,067,176 | 716 |
79
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| 2 | ARA Asset Management Ltd. | 708,210 | 712 |
| Lippo Malls Indonesia Retail Trust | 3,013,000 | 687 | |
| First REIT | 752,000 | 665 | |
| Far East Hospitality Trust | 1,320,400 | 631 | |
| Religare Health Trust | 857,500 | 608 | |
| ^ | Keppel DC REIT | 778,500 | 578 |
| Ascendas India Trust | 904,562 | 565 | |
| OUE Hospitality Trust | 948,166 | 551 | |
| Soilbuild Business Space REIT | 959,000 | 547 | |
| ^ | SPH REIT | 750,400 | 503 |
| ^ | OUE Ltd. | 381,900 | 488 |
| Ascendas Hospitality Trust | 1,003,000 | 486 | |
| ^ | Silverlake Axis Ltd. | 1,185,535 | 485 |
| Sabana Shari'ah Compliant Industrial REIT | 821,300 | 445 | |
| Accordia Golf Trust | 948,616 | 433 | |
| * | Perennial Real Estate Holdings Ltd. | 601,283 | 424 |
| ^,* | Yoma Strategic Holdings Ltd. | 1,313,919 | 401 |
| ^ | Super Group Ltd. (Singapore Shares) | 606,574 | 389 |
| GuocoLeisure Ltd. | 601,900 | 383 | |
| ^ | Hyflux Ltd. | 776,286 | 375 |
| Croesus Retail Trust | 595,000 | 354 | |
| ^ | OSIM International Ltd. | 322,680 | 313 |
| ^,* | China Everbright Water Ltd. | 616,500 | 312 |
| ^ | Sarine Technologies Ltd. | 279,404 | 311 |
| ^,* | Tiger Airways Holdings Ltd. | 1,498,136 | 309 |
| ^,* | Ezra Holdings Ltd. | 3,188,198 | 278 |
| Hi-P International Ltd. | 642,000 | 238 | |
| Raffles Education Corp. Ltd. | 1,110,839 | 222 | |
| Midas Holdings Ltd. | 978,847 | 219 | |
| ^ | Bumitama Agri Ltd. | 356,000 | 204 |
| ^,* | Gallant Venture Ltd. | 1,115,679 | 183 |
| Boustead Singapore Ltd. | 214,000 | 146 | |
| CSE Global Ltd. | 398,759 | 141 | |
| ^,* | Vard Holdings Ltd. | 508,000 | 138 |
| Keppel Telecommunications & Transportation Ltd. | 96,420 | 99 | |
| * | Ying Li International Real Estate Ltd. | 717,000 | 94 |
| * | China Fishery Group Ltd. | 1,088,512 | 71 |
| GMG Global Ltd. | 244,400 | 67 | |
| ^ | Swiber Holdings Ltd. | 339,750 | 63 |
| * | Boustead Projects Ltd. | 64,200 | 39 |
| * | China Hongxing Sports Ltd. | 831,000 | 34 |
| Hong Leong Asia Ltd. | 34,997 | 21 | |
| CITIC Envirotech Ltd. | 15,805 | 16 | |
| * | China Milk Products Group Ltd. | 140,000 | — |
| 44,153 | |||
| South Africa (0.5%) | |||
| SA Corporate Real Estate Fund Nominees Pty Ltd. | 3,374,494 | 1,269 | |
| * | Super Group Ltd. (South Africa Shares) | 504,332 | 1,183 |
| Famous Brands Ltd. | 103,286 | 1,004 | |
| Emira Property Fund Ltd. | 683,513 | 908 | |
| Vukile Property Fund Ltd. | 624,993 | 866 | |
| Zeder Investments Ltd. | 1,446,554 | 823 | |
| Mpact Ltd. | 222,874 | 778 | |
| Astral Foods Ltd. | 59,950 | 754 | |
| Cashbuild Ltd. | 30,980 | 739 | |
| Wilson Bayly Holmes-Ovcon Ltd. | 77,166 | 721 | |
| Lewis Group Ltd. | 137,294 | 594 | |
| City Lodge Hotels Ltd. | 48,787 | 527 | |
| Metair Investments Ltd. | 232,968 | 514 | |
| Peregrine Holdings Ltd. | 229,681 | 510 | |
| Murray & Roberts Holdings Ltd. | 590,594 | 446 | |
| * | Curro Holdings Ltd. | 152,356 | 440 |
| Illovo Sugar Ltd. | 329,306 | 415 | |
| Hudaco Industries Ltd. | 51,950 | 408 | |
80
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Blue Label Telecoms Ltd. | 475,055 | 400 | |
| * | Harmony Gold Mining Co. Ltd. | 540,307 | 381 |
| * | Consolidated Infrastructure Group Ltd. | 144,315 | 364 |
| Raubex Group Ltd. | 223,847 | 267 | |
| Invicta Holdings Ltd. | 59,706 | 263 | |
| Clover Industries Ltd. | 188,516 | 258 | |
| Adcorp Holdings Ltd. | 135,922 | 247 | |
| Group Five Ltd. | 136,967 | 218 | |
| * | Pinnacle Holdings Ltd. | 176,819 | 153 |
| * | ArcelorMittal South Africa Ltd. | 231,630 | 138 |
| * | Aveng Ltd. | 471,485 | 116 |
| Merafe Resources Ltd. | 1,222,650 | 63 | |
| DRDGOLD Ltd. | 257,096 | 42 | |
| 15,809 | |||
| South Korea (4.5%) | |||
| ^ | Medy-Tox Inc. | 6,125 | 2,596 |
| ^,* | ViroMed Co. Ltd. | 17,485 | 2,407 |
| * | CJ E&M Corp. | 28,415 | 2,079 |
| Meritz Securities Co. Ltd. | 459,715 | 2,041 | |
| ^ | Hyundai Greenfood Co. Ltd. | 91,305 | 1,900 |
| ^ | Youngone Corp. | 45,016 | 1,886 |
| ^ | Ottogi Corp. | 1,893 | 1,734 |
| ^ | CJ CGV Co. Ltd. | 18,579 | 1,683 |
| ^ | LG Innotek Co. Ltd. | 20,608 | 1,665 |
| Korean Reinsurance Co. | 137,042 | 1,627 | |
| ^ | SK Chemicals Co. Ltd. | 26,345 | 1,561 |
| Green Cross Holdings Corp. | 43,115 | 1,538 | |
| KB Insurance Co. Ltd. | 65,425 | 1,523 | |
| Hana Tour Service Inc. | 13,773 | 1,512 | |
| ^ | Cosmax Inc. | 8,793 | 1,478 |
| ^,* | Com2uSCorp | 14,642 | 1,475 |
| ^ | Korea Kolmar Co. Ltd. | 18,626 | 1,457 |
| ^,* | Kumho Tire Co. Inc. | 221,714 | 1,340 |
| ^ | Green Cross Corp. | 8,253 | 1,305 |
| ^ | Kolon Industries Inc. | 23,975 | 1,305 |
| ^ | Fila Korea Ltd. | 14,162 | 1,238 |
| ^ | Hansae Co. Ltd. | 24,866 | 1,217 |
| ^ | Samyang Holdings Corp. | 8,724 | 1,213 |
| GS Retail Co. Ltd. | 23,607 | 1,185 | |
| LG International Corp. | 36,289 | 1,105 | |
| * | Ssangyong Cement Industrial Co. Ltd. | 69,150 | 1,094 |
| ^ | Eo Technics Co. Ltd. | 12,484 | 1,083 |
| LS Industrial Systems Co. Ltd. | 24,286 | 1,054 | |
| ^ | Meritz Fire & Marine Insurance Co. Ltd. | 71,562 | 1,008 |
| ^,* | Komipharm International Co. Ltd. | 42,797 | 991 |
| ^,* | Pan Ocean Co. Ltd. | 278,088 | 977 |
| Hyundai Home Shopping Network Corp. | 8,871 | 945 | |
| ^,* | GemVax & Kael Co. Ltd. | 36,524 | 944 |
| ^,* | HLB Inc. | 44,362 | 944 |
| * | Osstem Implant Co. Ltd. | 16,138 | 940 |
| ^,* | LG Life Sciences Ltd. | 17,291 | 926 |
| ^ | Ilyang Pharmaceutical Co. Ltd. | 18,829 | 918 |
| ^ | Seoul Semiconductor Co. Ltd. | 54,909 | 908 |
| Lotte Food Co. Ltd. | 1,136 | 892 | |
| Korea Electric Terminal Co. Ltd. | 10,270 | 886 | |
| ^ | LOTTE Himart Co. Ltd. | 17,290 | 878 |
| ^,* | SM Entertainment Co. | 21,871 | 874 |
| ^ | Daou Technology Inc. | 40,222 | 871 |
| ^,* | Muhak Co. Ltd. | 20,486 | 862 |
| * | Huons Co. Ltd. | 10,611 | 858 |
| ^ | Kolon Life Science Inc. | 6,084 | 855 |
| Taekwang Industrial Co. Ltd. | 878 | 854 | |
| ^,* | Samlip General Foods Co. Ltd. | 3,474 | 854 |
| iMarketKorea Inc. | 32,558 | 845 | |
81
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| KIWOOM Securities Co. Ltd. | 16,471 | 841 | |
| JB Financial Group Co. Ltd. | 160,125 | 832 | |
| Young Poong Corp. | 744 | 817 | |
| ^ | Grand Korea Leisure Co. Ltd. | 29,229 | 811 |
| GS Home Shopping Inc. | 5,186 | 772 | |
| ^ | Hanjin Kal Corp. | 40,363 | 769 |
| ^ | LF Corp. | 27,703 | 768 |
| ^,* | Medipost Co. Ltd. | 8,979 | 759 |
| Daesang Corp. | 26,960 | 731 | |
| ^ | Korea Real Estate Investment & Trust Co. Ltd. | 250,746 | 720 |
| CJ O Shopping Co. Ltd. | 4,589 | 710 | |
| ^,* | Wonik IPS Co. Ltd. | 85,675 | 703 |
| ^,* | Seegene Inc. | 20,435 | 703 |
| ^ | Hansol Chemical Co. Ltd. | 11,844 | 693 |
| ^ | S&T Motiv Co. Ltd. | 10,865 | 690 |
| ^,* | Hyundai Elevator Co. Ltd. | 14,936 | 686 |
| ^,* | Hyundai Livart Furniture Co. Ltd. | 15,525 | 681 |
| ^ | Bukwang Pharmaceutical Co. Ltd. | 31,018 | 679 |
| ^,* | InBody Co. Ltd. | 15,604 | 671 |
| ^ | Dong-A ST Co. Ltd. | 6,159 | 667 |
| ^,* | Webzen Inc. | 23,476 | 665 |
| Hanjin Transportation Co. Ltd. | 16,918 | 656 | |
| ^,* | Amicogen Inc. | 11,262 | 656 |
| ^ | Cuckoo Electronics Co. Ltd. | 2,974 | 650 |
| ^ | Handsome Co. Ltd. | 18,868 | 640 |
| Kwang Dong Pharmaceutical Co. Ltd. | 62,506 | 635 | |
| ^ | Meritz Financial Group Inc. | 49,549 | 634 |
| ^ | Korea PetroChemical Ind Co. Ltd. | 4,101 | 630 |
| ^ | Halla Holdings Corp. | 12,639 | 630 |
| ^ | Nexen Tire Corp. | 54,464 | 628 |
| * | Hanwha General Insurance Co. Ltd. | 95,069 | 626 |
| ^,* | iNtRON Biotechnology Inc. | 16,892 | 624 |
| ^,* | Chabiotech Co. Ltd. | 46,135 | 619 |
| ^ | Interpark Holdings Corp. | 59,955 | 612 |
| ^ | Hankook Tire Worldwide Co. Ltd. | 37,732 | 609 |
| ^ | Tongyang Life Insurance Co. Ltd. | 49,761 | 608 |
| Hanil Cement Co. Ltd. | 5,844 | 602 | |
| ^,* | Loen Entertainment Inc. | 8,762 | 599 |
| ^ | YG Entertainment Inc. | 15,019 | 596 |
| ^ | OCI Materials Co. Ltd. | 7,314 | 592 |
| ^ | Chong Kun Dang Pharmaceutical Corp. | 10,637 | 590 |
| DuzonBizon Co. Ltd. | 31,103 | 584 | |
| ^,* | Kumho Industrial Co. Ltd. | 37,982 | 579 |
| ^ | Huchems Fine Chemical Corp. | 34,456 | 565 |
| ^ | KONA I Co. Ltd. | 17,486 | 559 |
| Poongsan Corp. | 24,853 | 558 | |
| ^,* | Sansung Life & Science Co. Ltd. | 16,857 | 553 |
| ^ | AK Holdings Inc. | 7,336 | 551 |
| ^ | Dongwon F&B Co. Ltd. | 1,657 | 547 |
| * | Asiana Airlines Inc. | 126,989 | 538 |
| LEENO Industrial Inc. | 14,063 | 538 | |
| Dong-A Socio Holdings Co. Ltd. | 3,744 | 533 | |
| Daishin Securities Co. Ltd. | 58,285 | 533 | |
| ^ | SFA Engineering Corp. | 13,743 | 528 |
| ^ | Dongwon Industries Co. Ltd. | 1,873 | 526 |
| ^,* | WeMade Entertainment Co. Ltd. | 13,083 | 523 |
| * | Korea Kolmar Holdings Co. Ltd. | 8,991 | 519 |
| ^,* | China Ocean Resources Co. Ltd. | 131,675 | 516 |
| ^ | Binggrae Co. Ltd. | 8,501 | 509 |
| ^ | Koh Young Technology Inc. | 17,123 | 497 |
| ^,* | Gamevil Inc. | 6,754 | 495 |
| ^,* | Hansol Technics Co. Ltd. | 22,339 | 489 |
| ^ | JW Pharmaceutical Corp. | 15,975 | 483 |
| Namyang Dairy Products Co. Ltd. | 646 | 476 | |
82
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ^,* | IS Dongseo Co. Ltd. | 12,802 | 476 |
| ^ | Crown Confectionery Co. Ltd. | 927 | 475 |
| ^ | Daewoong Pharmaceutical Co. Ltd. | 7,155 | 474 |
| ^ | Soulbrain Co. Ltd. | 13,578 | 472 |
| ^,* | Binex Co. Ltd. | 33,279 | 470 |
| ^ | Dongkuk Steel Mill Co. Ltd. | 78,028 | 466 |
| Youngone Holdings Co. Ltd. | 7,341 | 462 | |
| ^,* | Naturalendo Tech Co. Ltd. | 22,877 | 462 |
| ^,* | Ssangyong Motor Co. | 63,591 | 462 |
| ^,* | Seobu T&D | 23,489 | 462 |
| * | Cell Biotech Co. Ltd. | 8,358 | 460 |
| ^,* | i-SENS Inc. | 14,110 | 456 |
| Hancom Inc. | 24,772 | 450 | |
| ^,* | Genexine Co. Ltd. | 6,052 | 449 |
| ^ | Hyundai Rotem Co. Ltd. | 31,377 | 446 |
| ^ | Partron Co. Ltd. | 52,094 | 446 |
| ^,* | Humedix Co. Ltd. | 7,618 | 441 |
| ^ | Kolao Holdings | 37,258 | 441 |
| S&T Dynamics Co. Ltd. | 35,559 | 432 | |
| ^ | Cosmax BTI Inc | 6,945 | 431 |
| ^ | Seah Besteel Corp. | 17,123 | 430 |
| ^ | Agabang&Company | 36,606 | 417 |
| * | Green Cross Cell Corp. | 9,220 | 416 |
| * | Hansol Paper Co. Ltd. | 23,051 | 415 |
| ^ | KH Vatec Co. Ltd. | 23,374 | 412 |
| ^,* | Yuanta Securities Korea Co. Ltd. | 118,630 | 412 |
| ^,* | COSON Co. Ltd. | 20,313 | 406 |
| Hankook Shell Oil Co. Ltd. | 913 | 406 | |
| ^,* | Dae Hwa Pharmaceutical Co. Ltd. | 15,802 | 398 |
| ^,* | Lutronic Corp. | 10,414 | 398 |
| KISWIRE Ltd. | 10,912 | 394 | |
| ^,* | SK Securities Co. Ltd. | 383,523 | 392 |
| KT Skylife Co. Ltd. | 23,886 | 390 | |
| Maeil Dairy Industry Co. Ltd. | 11,350 | 389 | |
| * | NS Shopping Co. Ltd. | 2,286 | 389 |
| Sungwoo Hitech Co. Ltd. | 50,015 | 385 | |
| ^,* | Dongbu HiTek Co. Ltd. | 36,399 | 384 |
| ^ | E1 Corp. | 6,216 | 376 |
| ^,* | Samsung Pharmaceutical Co. Ltd. | 33,394 | 375 |
| Silicon Works Co. Ltd. | 12,506 | 371 | |
| ^ | Ahnlab Inc. | 10,169 | 369 |
| ^ | Posco ICT Co. Ltd. | 83,435 | 365 |
| * | Taeyoung Engineering & Construction Co. Ltd. | 70,945 | 365 |
| ^ | SK Gas Ltd. | 4,818 | 360 |
| ^ | Chongkundang Holdings Corp. | 5,135 | 357 |
| Samchully Co. Ltd. | 3,906 | 350 | |
| CJ Hellovision Co. Ltd. | 36,243 | 345 | |
| Daekyo Co. Ltd. | 42,417 | 340 | |
| KISCO Corp. | 7,971 | 338 | |
| Humax Co. Ltd. | 22,327 | 338 | |
| ^ | Kolon Corp. | 5,936 | 331 |
| * | JW Holdings Corp. | 44,133 | 329 |
| ^ | Able C&C Co. Ltd. | 15,249 | 328 |
| ^ | Daeduck Electronics Co. | 50,782 | 326 |
| Sindoh Co. Ltd. | 6,075 | 325 | |
| ^,* | Foosung Co. Ltd. | 87,435 | 320 |
| POSCO Chemtech Co. Ltd. | 25,470 | 320 | |
| ^,* | Neowiz Games Corp. | 20,012 | 319 |
| ^,* | Coreana Cosmetics Co. Ltd. | 34,674 | 318 |
| ^ | Hyundai Corp. | 10,737 | 313 |
| ^ | Lock&Lock Co. Ltd. | 29,204 | 312 |
| ^,* | Hanjin Heavy Industries & Construction Co. Ltd. | 79,555 | 309 |
| ^,* | Pharmicell Co. Ltd. | 68,478 | 293 |
| Samyang Corp. | 3,233 | 292 | |
83
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Hanwha Investment & Securities Co. Ltd. | 74,260 | 290 | |
| * | GOLFZON Co. Ltd. | 3,147 | 275 |
| SL Corp. | 18,280 | 272 | |
| ^,* | Korea Line Corp. | 15,081 | 266 |
| Namhae Chemical Corp. | 30,040 | 265 | |
| * | TK Corp. | 26,637 | 263 |
| Hansol Holdings Co. Ltd. | 41,806 | 262 | |
| ^ | Sung Kwang Bend Co. Ltd. | 31,240 | 256 |
| Dae Han Flour Mills Co. Ltd. | 1,507 | 256 | |
| Youlchon Chemical Co. Ltd. | 23,467 | 254 | |
| ^,* | CUROCOM Co. Ltd. | 156,811 | 250 |
| Daishin Securities Co. Ltd. Preference Shares | 38,355 | 246 | |
| * | Woongjin Thinkbig Co. Ltd. | 33,602 | 240 |
| ^ | SBS Media Holdings Co. Ltd. | 69,400 | 236 |
| ^,* | Hyundai C&F Inc. | 7,385 | 235 |
| ^,* | Insun ENT Co. Ltd. | 48,264 | 229 |
| ^ | Lumens Co. Ltd. | 61,198 | 219 |
| ^,* | Jusung Engineering Co. Ltd. | 51,077 | 219 |
| Daeduck GDS Co. Ltd. | 25,565 | 217 | |
| Sam Young Electronics Co. Ltd. | 18,620 | 203 | |
| * | Eusu Holdings Co. Ltd. | 25,060 | 193 |
| SeAH Steel Corp. | 3,441 | 193 | |
| ^ | GOLFZONYUWONHOLDINGS Co. Ltd. | 26,491 | 188 |
| ^ | Hanil E-Hwa Co. Ltd. | 17,568 | 187 |
| Seoyon Co. Ltd. | 17,030 | 182 | |
| * | Kwangju Bank | 25,433 | 181 |
| DY Corp. | 29,413 | 178 | |
| * | Eugene Investment & Securities Co. Ltd. | 72,832 | 177 |
| ^,* | SK Communications Co. Ltd. | 24,269 | 173 |
| ^,* | STS Semiconductor & Telecommunications | 72,593 | 173 |
| * | Duk San Neolux Co. Ltd. | 8,321 | 166 |
| ^ | Iljin Display Co. Ltd. | 25,264 | 151 |
| ^ | Kyobo Securities Co. Ltd. | 17,389 | 149 |
| ^,* | 3S Korea Co. Ltd. | 70,925 | 148 |
| ^,* | Duksan Hi-Metal Co. Ltd. | 18,916 | 141 |
| Dongbu Securities Co. Ltd. | 38,937 | 138 | |
| Kumho Electric Co. Ltd. | 8,710 | 134 | |
| * | Taewoong Co. Ltd. | 9,801 | 128 |
| ^,* | KTB Investment & Securities Co. Ltd. | 56,860 | 126 |
| MegaStudy Co. Ltd. | 2,940 | 116 | |
| Hitejinro Holdings Co. Ltd. | 9,000 | 107 | |
| ^,* | Doosan Engine Co. Ltd. | 28,930 | 97 |
| Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 16,877 | 97 | |
| * | MegaStudyEdu Co. Ltd. | 1,702 | 95 |
| * | NEPES Corp. | 16,272 | 95 |
| INTOPS Co. Ltd. | 6,332 | 94 | |
| ^,* | Taihan Electric Wire Co. Ltd. | 15,732 | 83 |
| ^,* | Interflex Co. Ltd. | 7,115 | 78 |
| ICD Co. Ltd. | 11,667 | 63 | |
| ^ | EG Corp. | 3,452 | 37 |
| ^,* | SK Chemicals Co Ltd Rights Exp. 12/4/15 | 3,570 | 30 |
| * | CNK International Co. Ltd. | 35,374 | 10 |
| * | Zyle Daewoo Motor Sales Corp. | 3,992 | 5 |
| * | Tera Resource Co. Ltd. | 42,004 | 2 |
| * | SSCP Co. Ltd. | 20,873 | 1 |
| * | Shenglong PV-Tech Investment Co. Ltd. | 44,660 | 1 |
| SK Telecom Co. Ltd. | 1 | — | |
| * | Daewoo Songdo Development Co. Ltd. | 11,746 | — |
| 136,454 | |||
| Spain (1.8%) | |||
| Merlin Properties Socimi SA | 476,122 | 6,100 | |
| Gamesa Corp. Tecnologica SA | 323,189 | 5,104 | |
| ^ | Bolsas y Mercados Espanoles SHMSF SA | 111,113 | 3,990 |
| Viscofan SA | 68,237 | 3,984 | |
84
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Ebro Foods SA | 124,435 | 2,358 | |
| * | Inmobiliaria Colonial SA | 3,013,165 | 2,232 |
| Tecnicas Reunidas SA | 45,618 | 2,033 | |
| Grupo Catalana Occidente SA | 62,942 | 1,954 | |
| ^,* | Indra Sistemas SA | 172,943 | 1,853 |
| * | NH Hotel Group SA | 300,912 | 1,841 |
| ^ | Melia Hotels International SA | 126,163 | 1,821 |
| Almirall SA | 92,759 | 1,786 | |
| ^,* | Fomento de Construcciones y Contratas SA | 199,357 | 1,520 |
| * | Hispania Activos Inmobiliarios SA | 97,755 | 1,469 |
| ^ | Obrascon Huarte Lain SA | 181,164 | 1,452 |
| Prosegur Cia de Seguridad SA | 300,315 | 1,336 | |
| Applus Services SA | 147,225 | 1,310 | |
| * | Zeltia SA | 249,925 | 1,110 |
| Cia de Distribucion Integral Logista Holdings SA | 55,008 | 1,099 | |
| ^ | Abengoa SA Class B | 1,119,160 | 1,091 |
| ^ | Sacyr SA | 423,661 | 1,068 |
| Faes Farma SA | 371,048 | 998 | |
| Atresmedia Corp. de Medios de Comunicacion SA | 77,234 | 990 | |
| CIE Automotive SA | 59,213 | 949 | |
| Construcciones y Auxiliar de Ferrocarriles SA | 2,887 | 805 | |
| Liberbank SA | 1,219,767 | 756 | |
| Ence Energia y Celulosa SA | 210,430 | 737 | |
| Promotora de Informaciones SA | 70,829 | 393 | |
| Papeles y Cartones de Europa SA | 57,769 | 328 | |
| ^ | Duro Felguera SA | 101,409 | 238 |
| * | Deoleo SA | 365,266 | 122 |
| Tubacex SA | 51,058 | 110 | |
| * | Papeles y Cartones de Europa SA Rights Exp. 11/12/15 | 57,769 | 13 |
| ^,* | Caja de Ahorros del Mediterraneo | 42,306 | — |
| ^,* | Let's GOWEX SA | 31,105 | — |
| * | Pescanova SA | 10,066 | — |
| 52,950 | |||
| Sweden (3.4%) | |||
| BillerudKorsnas AB | 224,956 | 4,062 | |
| ^ | ICA Gruppen AB | 111,230 | 3,956 |
| Elekta AB Class B | 510,710 | 3,947 | |
| ^ | NCC AB Class B | 120,373 | 3,718 |
| Castellum AB | 240,791 | 3,600 | |
| * | Swedish Orphan Biovitrum AB | 232,151 | 3,531 |
| * | Hexpol AB | 360,610 | 3,498 |
| ^,* | Fingerprint Cards AB Class B | 68,554 | 3,358 |
| Fabege AB | 199,259 | 3,163 | |
| * | Betsson AB | 181,986 | 2,951 |
| * | Fastighets AB Balder | 137,208 | 2,762 |
| * | Axfood AB | 151,952 | 2,740 |
| Nibe Industrier AB Class B | 84,796 | 2,722 | |
| AAK AB | 37,698 | 2,710 | |
| * | Wallenstam AB | 299,460 | 2,648 |
| * | NetEnt AB | 43,655 | 2,482 |
| Loomis AB Class B | 91,290 | 2,366 | |
| Indutrade AB | 47,548 | 2,266 | |
| Hufvudstaden AB Class A | 159,412 | 2,252 | |
| Modern Times Group MTG AB Class B | 76,989 | 2,180 | |
| JM AB | 75,863 | 2,142 | |
| Holmen AB | 70,871 | 2,138 | |
| Wihlborgs Fastigheter AB | 105,166 | 2,051 | |
| Intrum Justitia AB | 56,029 | 2,003 | |
| Kungsleden AB | 260,836 | 1,950 | |
| L E Lundbergforetagen AB Class B | 38,158 | 1,942 | |
| Peab AB | 246,837 | 1,877 | |
| Com Hem Holding AB | 203,836 | 1,741 | |
| Saab AB Class B | 61,234 | 1,725 | |
| Ratos AB | 279,446 | 1,627 | |
85
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Avanza Bank Holding AB | 40,268 | 1,580 | |
| * | Lifco AB Class B | 67,265 | 1,491 |
| Nobia AB | 106,497 | 1,303 | |
| AF AB | 87,104 | 1,289 | |
| ^,* | SSAB AB Class A | 352,789 | 1,275 |
| Hemfosa Fastigheter AB | 116,762 | 1,261 | |
| * | Sweco AB Class B | 73,465 | 1,075 |
| 2 | Thule Group AB | 84,626 | 1,046 |
| Atrium Ljungberg AB | 61,552 | 954 | |
| ^,* | SSAB AB Class B | 253,706 | 803 |
| Concentric AB | 63,380 | 732 | |
| Klovern AB Preference Shares | 20,360 | 704 | |
| Rezidor Hotel Group AB | 155,323 | 659 | |
| Haldex AB | 65,826 | 633 | |
| SAS AB Preference Shares | 10,667 | 625 | |
| ^ | Lindab International AB | 91,777 | 622 |
| Mekonomen AB | 24,009 | 569 | |
| Klovern AB | 544,442 | 564 | |
| Axis Communications AB | 14,119 | 563 | |
| Bure Equity AB | 84,020 | 543 | |
| Clas Ohlson AB | 35,320 | 536 | |
| Investment AB Oresund | 23,877 | 517 | |
| ^,* | SAS AB | 228,628 | 441 |
| SkiStar AB | 30,187 | 438 | |
| Fastighets AB Balder Preference Shares | 9,484 | 377 | |
| Nordnet AB | 106,817 | 377 | |
| Sagax AB Preference Shares | 79,402 | 304 | |
| Hemfosa Fastigheter AB Preference Shares | 13,857 | 266 | |
| * | Ratos AB Preference Shares | 1,176 | 261 |
| NCC AB Class A | 7,881 | 243 | |
| 102,159 | |||
| Switzerland (2.9%) | |||
| BB Biotech AG | 16,418 | 4,639 | |
| Georg Fischer AG | 5,823 | 3,575 | |
| dorma&kaba Holding AG | 5,684 | 3,544 | |
| Flughafen Zuerich AG | 4,460 | 3,376 | |
| Logitech International SA | 222,979 | 3,277 | |
| Straumann Holding AG | 11,314 | 3,201 | |
| *,2 | Sunrise Communications Group AG | 51,393 | 2,805 |
| Temenos Group AG | 58,286 | 2,724 | |
| Valiant Holding AG | 23,388 | 2,702 | |
| Leonteq AG | 13,646 | 2,624 | |
| ams AG | 80,867 | 2,588 | |
| Cembra Money Bank AG | 42,729 | 2,549 | |
| OC Oerlikon Corp. AG | 243,572 | 2,335 | |
| ^ | Panalpina Welttransport Holding AG | 20,040 | 2,289 |
| Forbo Holding AG | 1,957 | 2,225 | |
| Tecan Group AG | 15,858 | 2,159 | |
| Mobimo Holding AG | 9,870 | 2,130 | |
| Bucher Industries AG | 8,923 | 2,030 | |
| Vontobel Holding AG | 39,408 | 1,941 | |
| Allreal Holding AG | 14,009 | 1,857 | |
| U-Blox AG | 8,322 | 1,607 | |
| Burckhardt Compression Holding AG | 4,522 | 1,576 | |
| Gategroup Holding AG | 41,931 | 1,571 | |
| Belimo Holding AG | 705 | 1,511 | |
| SFS Group AG | 22,886 | 1,476 | |
| Emmi AG | 3,262 | 1,475 | |
| VZ Holding AG | 4,069 | 1,267 | |
| Autoneum Holding AG | 6,715 | 1,232 | |
| Rieter Holding AG | 7,476 | 1,230 | |
| Schweiter Technologies AG | 1,477 | 1,184 | |
| Daetwyler Holding AG | 8,053 | 1,129 | |
| Ascom Holding AG | 58,876 | 1,116 | |
86
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| St. Galler Kantonalbank AG | 3,045 | 1,101 | |
| Implenia AG | 21,961 | 1,088 | |
| Huber & Suhner AG | 24,411 | 1,052 | |
| * | Cosmo Pharmaceuticals SA | 6,748 | 1,036 |
| EFG International AG | 97,103 | 975 | |
| ^,* | Meyer Burger Technology AG | 131,206 | 939 |
| Kuoni Reisen Holding AG | 3,944 | 816 | |
| Conzzeta AG | 1,312 | 813 | |
| Valora Holding AG | 3,733 | 751 | |
| Siegfried Holding AG | 3,608 | 722 | |
| * | Basilea Pharmaceutica Ltd. | 6,639 | 689 |
| Kudelski SA | 46,727 | 628 | |
| * | AFG Arbonia-Forster Holding AG | 63,298 | 613 |
| * | APG SGA SA | 1,489 | 600 |
| BKW AG | 13,617 | 517 | |
| Ypsomed Holding AG | 3,838 | 504 | |
| * | Bell AG | 179 | 492 |
| * | Schmolz & Bickenbach AG | 852,811 | 465 |
| Vetropack Holding AG | 280 | 430 | |
| * | Zehnder Group AG | 11,558 | 393 |
| ^ | Alpiq Holding AG | 3,697 | 390 |
| Swissquote Group Holding SA | 12,543 | 302 | |
| * | Plazza AG | 1,312 | 261 |
| * | Orascom Development Holding AG | 15,285 | 200 |
| Bachem Holding AG | 3,267 | 166 | |
| Liechtensteinische Landesbank AG | 1,425 | 51 | |
| Basler Kantonalbank | 621 | 42 | |
| * | Petroplus Holdings AG | 36,495 | 1 |
| 86,981 | |||
| Taiwan (5.8%) | |||
| China Life Insurance Co. Ltd. | 5,042,651 | 4,140 | |
| Chailease Holding Co. Ltd. | 1,593,214 | 3,033 | |
| Powertech Technology Inc. | 1,092,662 | 2,405 | |
| Highwealth Construction Corp. | 1,636,341 | 2,404 | |
| WPG Holdings Ltd. | 2,209,889 | 2,300 | |
| Merida Industry Co. Ltd. | 363,263 | 2,117 | |
| Radiant Opto-Electronics Corp. | 660,147 | 2,027 | |
| Makalot Industrial Co. Ltd. | 256,660 | 1,945 | |
| Ruentex Industries Ltd. | 1,027,160 | 1,882 | |
| Hiwin Technologies Corp. | 335,985 | 1,865 | |
| Ruentex Development Co. Ltd. | 1,493,142 | 1,808 | |
| Zhen Ding Technology Holding Ltd. | 608,400 | 1,727 | |
| Phison Electronics Corp. | 238,962 | 1,719 | |
| Kenda Rubber Industrial Co. Ltd. | 954,325 | 1,532 | |
| Yageo Corp. | 971,218 | 1,527 | |
| Simplo Technology Co. Ltd. | 432,053 | 1,525 | |
| Standard Foods Corp. | 603,557 | 1,449 | |
| CTCI Corp. | 1,025,667 | 1,334 | |
| PChome Online Inc. | 113,974 | 1,269 | |
| Chipbond Technology Corp. | 876,852 | 1,241 | |
| King Slide Works Co. Ltd. | 92,675 | 1,211 | |
| Poya International Co. Ltd. | 103,877 | 1,177 | |
| King's Town Bank Co. Ltd. | 1,483,193 | 1,176 | |
| Win Semiconductors Corp. | 835,407 | 1,129 | |
| Tripod Technology Corp. | 726,327 | 1,119 | |
| Micro-Star International Co. Ltd. | 1,092,000 | 1,105 | |
| Compeq Manufacturing Co. Ltd. | 1,681,471 | 1,102 | |
| eMemory Technology Inc. | 104,000 | 1,064 | |
| King Yuan Electronics Co. Ltd. | 1,666,963 | 1,058 | |
| Airtac International Group | 203,229 | 1,051 | |
| Far Eastern Department Stores Ltd. | 1,746,043 | 1,050 | |
| Chroma ATE Inc. | 554,040 | 986 | |
| St. Shine Optical Co. Ltd. | 65,419 | 982 | |
| * | LCY Chemical Corp. | 1,105,255 | 977 |
87
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Nan Kang Rubber Tire Co. Ltd. | 1,095,107 | 965 |
| Taichung Commercial Bank Co. Ltd. | 3,160,036 | 962 |
| Wistron NeWeb Corp. | 358,571 | 939 |
| TTY Biopharm Co. Ltd. | 332,987 | 936 |
| * Winbond Electronics Corp. | 3,869,000 | 930 |
| Everlight Electronics Co. Ltd. | 613,725 | 928 |
| Waterland Financial Holdings Co. Ltd. | 3,767,000 | 924 |
| Clevo Co. | 857,944 | 922 |
| Cub Elecparts Inc. | 73,589 | 920 |
| Taiwan Paiho Ltd. | 382,183 | 911 |
| Hota Industrial Manufacturing Co. Ltd. | 277,000 | 908 |
| Sino-American Silicon Products Inc. | 735,945 | 904 |
| * Ta Chong Bank Ltd. | 2,087,160 | 884 |
| Richtek Technology Corp. | 150,641 | 878 |
| China Steel Chemical Corp. | 231,853 | 876 |
| Grape King Bio Ltd. | 158,000 | 864 |
| * China Petrochemical Development Corp. | 3,405,077 | 864 |
| Elite Material Co. Ltd. | 424,519 | 864 |
| Kinsus Interconnect Technology Corp. | 420,282 | 858 |
| Yungtay Engineering Co. Ltd. | 514,993 | 830 |
| Tong Yang Industry Co. Ltd. | 758,919 | 829 |
| Voltronic Power Technology Corp. | 65,101 | 828 |
| Firich Enterprises Co. Ltd. | 265,246 | 817 |
| FLEXium Interconnect Inc. | 289,059 | 800 |
| Gigabyte Technology Co. Ltd. | 747,271 | 779 |
| Sercomm Corp. | 315,000 | 729 |
| * Asia Pacific Telecom Co. Ltd. | 2,282,000 | 729 |
| Tung Thih Electronic Co. Ltd. | 89,000 | 728 |
| TSRC Corp. | 1,064,046 | 727 |
| Tainan Spinning Co. Ltd. | 1,535,674 | 727 |
| Mercuries Life Insurance Co. Ltd. | 1,173,217 | 714 |
| Formosa International Hotels Corp. | 102,936 | 707 |
| * Motech Industries Inc. | 545,311 | 705 |
| Ginko International Co. Ltd. | 66,000 | 698 |
| Qisda Corp. | 2,062,000 | 696 |
| Jih Sun Financial Holdings Co. Ltd. | 3,085,205 | 696 |
| Coretronic Corp. | 755,000 | 693 |
| WT Microelectronics Co. Ltd. | 619,642 | 693 |
| * E Ink Holdings Inc. | 1,423,708 | 692 |
| Shin Zu Shing Co. Ltd. | 215,000 | 691 |
| Neo Solar Power Corp. | 1,012,819 | 684 |
| Gigasolar Materials Corp. | 35,600 | 683 |
| Parade Technologies Ltd. | 89,000 | 680 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 429,401 | 679 |
| Huaku Development Co. Ltd. | 358,499 | 677 |
| Chin-Poon Industrial Co. Ltd. | 504,072 | 674 |
| Depo Auto Parts Ind Co. Ltd. | 200,313 | 670 |
| Mitac Holdings Corp. | 852,000 | 662 |
| * Swancor Ind Co. Ltd. | 95,000 | 650 |
| * Yeong Guan Energy Technology Group Co. Ltd. | 102,000 | 650 |
| Elan Microelectronics Corp. | 589,350 | 647 |
| Chlitina Holding Ltd. | 79,750 | 646 |
| Grand Pacific Petrochemical | 1,307,928 | 638 |
| Casetek Holdings Ltd. | 146,000 | 637 |
| * Tatung Co. Ltd. | 3,466,320 | 630 |
| Tung Ho Steel Enterprise Corp. | 1,158,150 | 627 |
| * Sanyang Motor Co. Ltd. | 932,037 | 619 |
| Namchow Chemical Industrial Co. Ltd. | 286,000 | 619 |
| Cleanaway Co. Ltd. | 125,000 | 613 |
| Silergy Corp. | 60,000 | 610 |
| * Ennoconn Corp. | 57,000 | 605 |
| Lung Yen Life Service Corp. | 304,000 | 602 |
| Shinkong Synthetic Fibers Corp. | 2,180,416 | 593 |
| * Kinpo Electronics | 1,828,196 | 592 |
88
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Gourmet Master Co. Ltd. | 96,650 | 585 |
| China Synthetic Rubber Corp. | 793,552 | 585 |
| Goldsun Building Materials Co. Ltd. | 1,985,591 | 580 |
| Sporton International Inc. | 94,799 | 572 |
| Flytech Technology Co. Ltd. | 178,845 | 569 |
| Lien Hwa Industrial Corp. | 916,810 | 563 |
| AmTRAN Technology Co. Ltd. | 1,112,692 | 562 |
| Primax Electronics Ltd. | 428,000 | 559 |
| San Shing Fastech Corp. | 271,824 | 554 |
| Farglory Land Development Co. Ltd. | 480,854 | 553 |
| Elite Advanced Laser Corp. | 130,800 | 551 |
| Wowprime Corp. | 93,761 | 544 |
| Xxentria Technology Materials Corp. | 185,776 | 542 |
| Prince Housing & Development Corp. | 1,741,183 | 539 |
| * Microbio Co. Ltd. | 652,562 | 533 |
| Taiwan Sogo Shin Kong SEC | 438,930 | 528 |
| BES Engineering Corp. | 2,185,468 | 513 |
| China Bills Finance Corp. | 1,468,800 | 509 |
| Adlink Technology Inc. | 189,678 | 507 |
| PharmaEngine Inc. | 79,000 | 506 |
| Test Research Inc. | 288,371 | 503 |
| Great Wall Enterprise Co. Ltd. | 830,190 | 501 |
| * China Man-Made Fiber Corp. | 1,731,778 | 499 |
| Ardentec Corp. | 658,267 | 498 |
| MIN AIK Technology Co. Ltd. | 258,987 | 497 |
| TA Chen Stainless Pipe | 1,021,546 | 493 |
| Cheng Loong Corp. | 1,386,920 | 489 |
| USI Corp. | 1,175,518 | 488 |
| Faraday Technology Corp. | 297,000 | 481 |
| Greatek Electronics Inc. | 487,000 | 479 |
| Sinbon Electronics Co. Ltd. | 269,000 | 476 |
| Tong Hsing Electronic Industries Ltd. | 188,056 | 475 |
| FocalTech Systems Co. Ltd. | 578,200 | 471 |
| Walsin Technology Corp. | 849,685 | 470 |
| Visual Photonics Epitaxy Co. Ltd. | 399,941 | 469 |
| TXC Corp. | 401,877 | 468 |
| XPEC Entertainment Inc. | 170,761 | 464 |
| Taiwan FamilyMart Co. Ltd. | 71,000 | 461 |
| Accton Technology Corp. | 735,467 | 460 |
| YungShin Global Holding Corp. | 315,647 | 459 |
| Systex Corp. | 240,000 | 459 |
| ScinoPharm Taiwan Ltd. | 351,561 | 457 |
| Universal Cement Corp. | 646,414 | 456 |
| Taiwan Acceptance Corp. | 195,000 | 455 |
| Advanced Ceramic X Corp. | 73,000 | 452 |
| Lealea Enterprise Co. Ltd. | 1,557,848 | 450 |
| * HannStar Display Corp. | 3,450,810 | 449 |
| Ambassador Hotel | 521,519 | 448 |
| Long Bon International Co. Ltd. | 706,000 | 448 |
| * Medigen Biotechnology Corp. | 155,680 | 447 |
| Merry Electronics Co. Ltd. | 233,910 | 446 |
| * Pihsiang Machinery Manufacturing Co. Ltd. | 187,000 | 442 |
| Nan Liu Enterprise Co. Ltd. | 79,000 | 442 |
| Advanced Wireless Semiconductor Co. | 186,000 | 441 |
| Test Rite International Co. Ltd. | 702,725 | 440 |
| Posiflex Technology Inc. | 81,765 | 429 |
| * Bizlink Holding Inc. | 96,000 | 429 |
| * TWi Pharmaceuticals Inc. | 78,000 | 428 |
| * Center Laboratories Inc. | 189,200 | 413 |
| Masterlink Securities Corp. | 1,424,177 | 408 |
| Yieh Phui Enterprise Co. Ltd. | 1,704,355 | 404 |
| Pixart Imaging Inc. | 180,920 | 402 |
| * Orient Semiconductor Electronics Ltd. | 1,109,000 | 400 |
| Sitronix Technology Corp. | 143,282 | 400 |
89
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Formosan Rubber Group Inc. | 697,888 | 394 |
| * Shining Building Business Co. Ltd. | 1,101,463 | 393 |
| * Taigen Biopharmaceuticals Holdings Ltd. | 467,000 | 392 |
| Taiwan PCB Techvest Co. Ltd. | 354,102 | 392 |
| * Gintech Energy Corp. | 537,354 | 391 |
| * CMC Magnetics Corp. | 3,249,369 | 390 |
| Radium Life Tech Co. Ltd. | 1,009,265 | 388 |
| Career Technology MFG. Co. Ltd. | 477,126 | 388 |
| Solar Applied Materials Technology Co. | 609,201 | 387 |
| Great China Metal Industry | 436,000 | 386 |
| * Continental Holdings Corp. | 1,167,600 | 382 |
| AcBel Polytech Inc. | 537,000 | 378 |
| Toung Loong Textile Manufacturing | 125,000 | 376 |
| Asia Vital Components Co. Ltd. | 470,337 | 376 |
| United Integrated Services Co. Ltd. | 319,000 | 375 |
| Taiwan TEA Corp. | 856,293 | 374 |
| Sinyi Realty Inc. | 426,824 | 372 |
| Taiwan Cogeneration Corp. | 527,903 | 370 |
| China Metal Products | 411,515 | 368 |
| ^ Taiwan Surface Mounting Technology Corp. | 394,530 | 367 |
| Getac Technology Corp. | 539,000 | 366 |
| IEI Integration Corp. | 287,623 | 361 |
| Basso Industry Corp. | 180,000 | 360 |
| Everlight Chemical Industrial Corp. | 562,523 | 359 |
| Mercuries & Associates Holding Ltd. | 547,005 | 358 |
| Aten International Co. Ltd. | 162,260 | 358 |
| Wah Lee Industrial Corp. | 254,883 | 357 |
| Chong Hong Construction Co. Ltd. | 251,493 | 355 |
| Kuo Toong International Co. Ltd. | 314,817 | 353 |
| * Wei Chuan Foods Corp. | 589,835 | 351 |
| Topco Scientific Co. Ltd. | 219,003 | 346 |
| Brogent Technologies Inc. | 40,606 | 346 |
| * Gigastorage Corp. | 446,800 | 346 |
| Darwin Precisions Corp. | 873,000 | 343 |
| KEE TAI Properties Co. Ltd. | 647,740 | 340 |
| Kinik Co. | 194,000 | 340 |
| Sigurd Microelectronics Corp. | 501,000 | 336 |
| Syncmold Enterprise Corp. | 215,000 | 335 |
| ITEQ Corp. | 488,261 | 335 |
| * Ritek Corp. | 3,705,000 | 334 |
| Zinwell Corp. | 273,099 | 334 |
| Hung Sheng Construction Ltd. | 692,100 | 333 |
| Rich Development Co. Ltd. | 1,031,000 | 331 |
| Holtek Semiconductor Inc. | 219,279 | 328 |
| Dynapack International Technology Corp. | 201,299 | 328 |
| Asia Polymer Corp. | 567,525 | 328 |
| * Taiwan Styrene Monomer | 756,579 | 328 |
| Taiwan Land Development Corp. | 987,129 | 325 |
| WUS Printed Circuit Co. Ltd. | 400,000 | 324 |
| Chimei Materials Technology Corp. | 455,000 | 318 |
| Lotes Co. Ltd. | 97,000 | 318 |
| Evergreen International Storage & Transport Corp. | 767,502 | 318 |
| Zeng Hsing Industrial Co. Ltd. | 76,000 | 318 |
| Soft-World International Corp. | 160,520 | 315 |
| * Li Peng Enterprise Co. Ltd. | 1,120,915 | 314 |
| A-DATA Technology Co. Ltd. | 305,915 | 313 |
| Long Chen Paper Co. Ltd. | 863,655 | 313 |
| UPC Technology Corp. | 1,025,510 | 312 |
| Sunplus Technology Co. Ltd. | 787,000 | 310 |
| * Asia Optical Co. Inc. | 325,000 | 308 |
| ^ Senao International Co. Ltd. | 224,000 | 306 |
| CyberTAN Technology Inc. | 586,571 | 305 |
| Green Seal Holding Ltd. | 81,000 | 305 |
| Topkey Corp. | 78,000 | 302 |
90
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Sampo Corp. | 748,311 | 301 |
| Federal Corp. | 653,437 | 297 |
| Lextar Electronics Corp. | 528,000 | 295 |
| * Ho Tung Chemical Corp. | 1,270,356 | 293 |
| Solartech Energy Corp. | 525,414 | 291 |
| Johnson Health Tech Co. Ltd. | 159,283 | 290 |
| Elite Semiconductor Memory Technology Inc. | 324,000 | 289 |
| Unitech Printed Circuit Board Corp. | 803,738 | 285 |
| * D-Link Corp. | 898,406 | 284 |
| Lite-On Semiconductor Corp. | 401,977 | 282 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 409,840 | 278 |
| Holy Stone Enterprise Co. Ltd. | 273,670 | 277 |
| Taiflex Scientific Co. Ltd. | 228,034 | 276 |
| Taiwan Sanyo Electric Co. Ltd. | 333,300 | 274 |
| Alpha Networks Inc. | 477,827 | 273 |
| YC INOX Co. Ltd. | 450,159 | 271 |
| Tong-Tai Machine & Tool Co. Ltd. | 358,429 | 265 |
| Taiwan Semiconductor Co. Ltd. | 304,000 | 263 |
| Elitegroup Computer Systems Co. Ltd. | 376,647 | 260 |
| * Ability Enterprise Co. Ltd. | 470,257 | 259 |
| Gloria Material Technology Corp. | 488,484 | 258 |
| Kindom Construction Corp. | 461,000 | 258 |
| * E-Ton Solar Tech Co. Ltd. | 694,603 | 254 |
| Ichia Technologies Inc. | 446,000 | 254 |
| OptoTech Corp. | 784,000 | 251 |
| CSBC Corp. Taiwan | 591,808 | 250 |
| Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 121,000 | 248 |
| Kuoyang Construction Co. Ltd. | 710,648 | 246 |
| Rechi Precision Co. Ltd. | 345,668 | 244 |
| Global Unichip Corp. | 119,649 | 239 |
| Jess-Link Products Co. Ltd. | 226,800 | 238 |
| Pan-International Industrial Corp. | 578,595 | 237 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 443,625 | 237 |
| Sonix Technology Co. Ltd. | 208,000 | 237 |
| Unity Opto Technology Co. Ltd. | 338,000 | 237 |
| Bank of Kaohsiung Co. Ltd. | 839,820 | 230 |
| Gemtek Technology Corp. | 451,115 | 229 |
| Huang Hsiang Construction Corp. | 272,051 | 220 |
| Altek Corp. | 267,250 | 220 |
| * Genius Electronic Optical Co. Ltd. | 106,732 | 219 |
| Pan Jit International Inc. | 552,000 | 218 |
| Etron Technology Inc. | 531,947 | 218 |
| * Taiwan Liposome Co. Ltd. | 51,000 | 218 |
| Hung Poo Real Estate Development Corp. | 325,195 | 217 |
| Sincere Navigation Corp. | 390,000 | 216 |
| Nien Hsing Textile Co. Ltd. | 330,083 | 214 |
| Tyntek Corp. | 448,250 | 211 |
| Vivotek Inc. | 83,693 | 208 |
| GeoVision Inc. | 83,906 | 207 |
| * Gold Circuit Electronics Ltd. | 586,280 | 203 |
| TYC Brother Industrial Co. Ltd. | 272,710 | 197 |
| CHC Healthcare Group | 108,733 | 191 |
| International Games System Co. Ltd. | 71,213 | 191 |
| Weltrend Semiconductor | 304,200 | 186 |
| * Lotus Pharmaceutical Co. Ltd. | 80,000 | 183 |
| Chung Hwa Pulp Corp. | 586,135 | 179 |
| China Chemical & Pharmaceutical Co. Ltd. | 313,000 | 178 |
| King's Town Construction Co. Ltd. | 311,826 | 178 |
| * Chung Hung Steel Corp. | 1,168,047 | 176 |
| * Wafer Works Corp. | 517,309 | 175 |
| Jentech Precision Industrial Co. Ltd. | 124,698 | 174 |
| Chia Hsin Cement Corp. | 524,352 | 174 |
| * G Tech Optoelectronics Corp. | 378,000 | 174 |
| China General Plastics Corp. | 389,147 | 171 |
91
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Microlife Corp. | 66,500 | 169 |
| * China Electric Manufacturing Corp. | 667,000 | 169 |
| Unizyx Holding Corp. | 427,000 | 164 |
| ITE Technology Inc. | 182,418 | 155 |
| Chun Yuan Steel | 516,676 | 153 |
| * Concord Securities Co. Ltd. | 755,324 | 152 |
| * Silicon Integrated Systems Corp. | 782,592 | 149 |
| Darfon Electronics Corp. | 287,000 | 149 |
| Global Mixed Mode Technology Inc. | 80,199 | 147 |
| Globe Union Industrial Corp. | 310,675 | 146 |
| Infortrend Technology Inc. | 334,885 | 144 |
| ALI Corp. | 277,358 | 141 |
| * Champion Building Materials Co. Ltd. | 625,000 | 134 |
| Cyberlink Corp. | 61,076 | 131 |
| * Green Energy Technology Inc. | 252,746 | 126 |
| * Chinese Gamer International Corp. | 95,000 | 121 |
| Lingsen Precision Industries Ltd. | 398,000 | 120 |
| Quanta Storage Inc. | 190,000 | 119 |
| FSP Technology Inc. | 181,428 | 113 |
| Hsin Kuang Steel Co. Ltd. | 260,569 | 111 |
| * Dynamic Electronics Co. Ltd. | 366,468 | 106 |
| * AGV Products Corp. | 495,000 | 104 |
| Aerospace Industrial Development Corp. | 76,383 | 97 |
| * Ta Ya Electric Wire & Cable | 650,440 | 97 |
| ACES Electronic Co. Ltd. | 120,000 | 96 |
| ENG Electric Co. Ltd. | 188,466 | 94 |
| * Eastern Media International Corp. | 406,072 | 93 |
| L&K Engineering Co. Ltd. | 159,000 | 92 |
| Taiwan Navigation Co. Ltd. | 219,178 | 91 |
| Taiwan Mask Corp. | 377,650 | 91 |
| Phihong Technology Co. Ltd. | 308,618 | 91 |
| * Genesis Photonics Inc. | 312,308 | 87 |
| Shih Wei Navigation Co. Ltd. | 205,784 | 82 |
| Sunrex Technology Corp. | 184,000 | 82 |
| * LES Enphants Co. Ltd. | 145,059 | 82 |
| * HannsTouch Solution Inc. | 523,731 | 81 |
| Taiyen Biotech Co. Ltd. | 107,877 | 80 |
| First Steamship Co. Ltd. | 216,588 | 77 |
| Chinese Maritime Transport Ltd. | 109,000 | 76 |
| * KYE Systems Corp. | 244,308 | 76 |
| Young Optics Inc. | 58,000 | 71 |
| * Global Brands Manufacture Ltd. | 295,045 | 66 |
| Tsann Kuen Enterprise Co. Ltd. | 91,295 | 61 |
| Sheng Yu Steel Co. Ltd. | 111,000 | 61 |
| Advanced International Multitech Co. Ltd. | 90,000 | 57 |
| * Microelectronics Technology Inc. | 188,212 | 52 |
| Silitech Technology Corp. | 72,925 | 42 |
| * Taichung Commercial Bank Co Ltd Rights Exp. 11/23/15 | 117,173 | — |
| 175,884 | ||
| Thailand (1.1%) | ||
| * OBI Pharma Inc. | 172,000 | 2,115 |
| * Digital Telecommunications Infrastructure Fund | 4,107,900 | 1,455 |
| * BTS Rail Mass Transit Growth Infrastructure Fund | 4,553,876 | 1,293 |
| * Jasmine Broadband Internet Infrastructure Fund | 3,890,100 | 1,137 |
| * Tipco Asphalt PCL | 868,600 | 1,035 |
| * Jasmine International PCL | 5,368,588 | 852 |
| * Bangkok Land PCL | 18,246,500 | 804 |
| * Siam Global House PCL | 2,710,204 | 790 |
| * Robinson Department Store PCL | 709,800 | 786 |
| * Superblock PCL | 17,524,100 | 732 |
| * Srisawad Power 1979 PCL | 596,085 | 732 |
| * KCE Electronics PCL | 409,700 | 710 |
| * Hana Microelectronics PCL | 636,062 | 615 |
| * Thaicom PCL | 696,140 | 611 |
92
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Major Cineplex Group PCL | 686,783 | 598 |
| * | Bangkok Airways Co. Ltd. | 1,049,200 | 592 |
| * | Thanachart Capital PCL | 605,920 | 570 |
| ^ | Central Plaza Hotel PCL | 526,790 | 561 |
| ^ | Sino-Thai Engineering & Construction PCL (Foreign) | 759,099 | 537 |
| * | Krungthai Card PCL | 182,400 | 510 |
| * | Muangthai Leasing PCL | 996,900 | 509 |
| * | Pruksa Real Estate PCL (Local) | 639,890 | 503 |
| * | PTG Energy PCL | 1,181,200 | 497 |
| * | Chularat Hospital PCL | 7,262,860 | 485 |
| * | SPCG PCL | 652,100 | 440 |
| * | Bangchak Petroleum PCL | 431,000 | 435 |
| * | Dynasty Ceramic PCL | 3,808,000 | 434 |
| * | Univentures PCL (Local) | 2,086,188 | 415 |
| * | CH Karnchang PCL | 515,300 | 408 |
| * | TPI Polene PCL | 5,725,800 | 405 |
| ^ | Thoresen Thai Agencies PCL (Foreign) | 1,399,625 | 404 |
| * | Carabao Group PCL | 360,900 | 395 |
| * | Tisco Financial Group PCL | 362,950 | 385 |
| * | CK Power PCL | 5,461,800 | 383 |
| * | momo.com Inc. | 66,000 | 376 |
| * | Gunkul Engineering PCL | 548,750 | 372 |
| * | Inter Far East Energy Corp. | 1,290,500 | 372 |
| Kiatnakin Bank PCL (Foreign) | 389,200 | 366 | |
| TTW PCL | 1,201,300 | 365 | |
| * | LPN Development PCL | 693,711 | 348 |
| * | Thai Vegetable Oil PCL | 467,600 | 347 |
| * | Bangkok Metro PCL | 6,235,600 | 319 |
| ^,* | Italian-Thai Development PCL (Foreign) | 1,360,202 | 315 |
| ^ | Central Plaza Hotel PCL NVDR | 289,900 | 309 |
| Bangkok Expressway PCL | 298,200 | 302 | |
| ^ | Hana Microelectronics PCL (Foreign) | 307,510 | 297 |
| ^ | Pruksa Real Estate PCL (Foreign) | 361,400 | 284 |
| Bangkok Expressway PCL (Foreign) | 278,700 | 282 | |
| * | Esso Thailand PCL | 1,741,000 | 273 |
| * | Thai Reinsurance PCL | 3,398,450 | 273 |
| WHA Corp. PCL | 3,007,770 | 271 | |
| * | Bangkok Chain Hospital PCL (Local) | 1,419,936 | 265 |
| * | Sansiri PCL (Local) | 5,274,300 | 253 |
| * | Supalai PCL | 468,800 | 249 |
| * | Amata Corp. PCL | 645,400 | 248 |
| * | Samart Corp. PCL | 429,021 | 245 |
| * | Sri Trang Agro-Industry PCL | 740,900 | 235 |
| * | Quality Houses PCL (Local) | 3,199,233 | 230 |
| ^ | Supalai PCL NVDR | 413,100 | 219 |
| VGI Global Media PCL - NVDR | 2,024,200 | 210 | |
| * | TICON Industrial Connection PCL | 622,700 | 210 |
| Thanachart Capital PCL NVDR | 216,600 | 204 | |
| * | GFPT PCL | 671,200 | 198 |
| WHA Corp. PCL (Foreign) | 2,187,000 | 197 | |
| Bangkok Chain Hospital PCL (Foreign) | 1,051,125 | 196 | |
| ^ | Samart Corp. PCL (Foreign) | 341,500 | 195 |
| VGI Global Media PCL (Foreign) | 1,865,788 | 194 | |
| Tisco Financial Group PCL (Foreign) | 172,150 | 182 | |
| * | Thoresen Thai Agencies PCL (Local) | 566,144 | 163 |
| * | Italian-Thai Development PCL (Local) | 676,308 | 156 |
| * | Cal-Comp Electronics Thailand PCL | 1,718,516 | 153 |
| Quality Houses PCL (Foreign) | 2,133,757 | 153 | |
| * | Sino-Thai Engineering & Construction PCL NVDR | 205,200 | 145 |
| Asian Property Development PCL (Foreign) | 861,256 | 145 | |
| ^ | Univentures PCL (Foreign) | 707,100 | 141 |
| * | U City PCL | 123,974,958 | 139 |
| Maybank Kim Eng Securities Thailand PCL | 197,500 | 128 | |
| * | TTW PCL | 419,400 | 127 |
93
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| TTW PCL | 361,600 | 110 |
| * Kiatnakin Bank PCL (Local) | 104,200 | 98 |
| AP Thailand PCL | 532,800 | 90 |
| * Jasmine International PCL Warrants Exp. 06/25/2020 | 2,122,200 | 81 |
| * Precious Shipping PCL | 403,800 | 77 |
| Sansiri PCL (Foreign) | 1,403,050 | 67 |
| * Precious Shipping PCL NVDR | 309,900 | 59 |
| * WHA Corp. PCL Warrants Exp. 12/31/19 | 56,618 | 19 |
| * Sino-Thai Engineering & Construction PCL | 24,716 | 18 |
| * Sahaviriya Steel Industries PCL | 11,300,000 | 16 |
| * CK Power PCL Foreign Line Warrants Exp. 5/28/2020 | 1,015,920 | 14 |
| Hemaraj Land & Development PCL | 109,821 | 13 |
| * Sahaviriya Steel Industries PCL (Foreign) | 9,411,500 | 13 |
| * VGI Global Media PCL | 104,424 | 11 |
| * WHA Corp. PCL Warrants (Local) | 519,477 | 7 |
| * G J Steel PCL Warrants Exp. 01/30/2020 | 1,627,035 | 1 |
| * Sansiri PLC Warrants Exp. 7/29/17 | 1,403,050 | — |
| * BTS Group Holdings PCL Warrants Exp. 10/16/18 | 976,408 | — |
| * Italian-Thai Development PCL (Foreign) Warrants Exp. 5/13/19 | 272,040 | — |
| * VGI Global Media PCL Foreign Warrants | 224,000 | — |
| * VGI Global Media PCL NVDR Warrants | 171,400 | — |
| * Thoresen Thai Agencies PCL Warrants Exp. 2/28/19 | 166,980 | — |
| * Italian-Thai Development PCL Warrants Exp. 5/13/2019 | 135,261 | — |
| * Samart Corp. PCL Warrants Exp. 2/11/2018 | 106,504 | — |
| * Precious Shipping PCL Warrants | 23,790 | — |
| * Srisawad Power 1979 PCL Warrants Exp. 11/30/2017 | 22,387 | — |
| 34,478 | ||
| Turkey (0.3%) | ||
| * Dogan Sirketler Grubu Holding AS | 2,350,441 | 500 |
| Dogus Otomotiv Servis ve Ticaret AS | 118,159 | 429 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 910,768 | 409 |
| * Asya Katilim Bankasi AS | 1,453,793 | 399 |
| Cimsa Cimento Sanayi VE Ticaret AS | 72,794 | 397 |
| Aksa Akrilik Kimya Sanayii AS | 91,802 | 337 |
| * Aksa Enerji Uretim AS Class B | 339,001 | 305 |
| Gubre Fabrikalari TAS | 134,487 | 304 |
| Otokar Otomotiv Ve Savunma Sanayi A.S. | 10,532 | 282 |
| * Sekerbank TAS | 503,167 | 267 |
| Trakya Cam Sanayii AS | 383,329 | 254 |
| Konya Cimento Sanayii AS | 2,412 | 248 |
| Tekfen Holding AS | 155,970 | 223 |
| Is Gayrimenkul Yatirim Ortakligi AS | 415,691 | 214 |
| Akfen Holding AS | 74,550 | 209 |
| * NET Holding AS | 182,457 | 207 |
| * Soda Sanayii AS | 123,847 | 205 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A | 367,602 | 204 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 239,419 | 199 |
| Bagfas Bandirma Gubre Fabrikalari AS | 38,973 | 177 |
| * Koza Anadolu Metal Madencilik Isletmeleri AS | 323,522 | 171 |
| Albaraka Turk Katilim Bankasi AS | 349,642 | 167 |
| * Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 57,254 | 164 |
| * Anadolu Cam Sanayii AS | 210,651 | 157 |
| * Afyon Cimento Sanayi TAS | 70,729 | 149 |
| * Vestel Elektronik Sanayi ve Ticaret AS | 72,776 | 123 |
| Aksigorta AS | 175,747 | 112 |
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 97,105 | 110 |
| Bizim Toptan Satis Magazalari AS | 24,664 | 110 |
| * Adana Cimento Sanayii TAS Class A | 46,134 | 104 |
| * Zorlu Enerji Elektrik Uretim AS | 180,809 | 95 |
| * Vakif Gayrimenkul Yatirim Ortakligi AS | 103,738 | 84 |
| * Akenerji Elektrik Uretim AS | 223,987 | 71 |
| * Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS | 118,068 | 71 |
| * Ihlas Holding AS | 631,611 | 54 |
| Alarko Holding AS | 44,146 | 49 |
94
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Turcas Petrol AS | 88,897 | 49 |
| Anadolu Hayat Emeklilik AS | 13,635 | 25 |
| 7,634 | ||
| United Arab Emirates (0.0%) | ||
| * Amanat Holdings PJSC | 1,800,140 | 377 |
| * Eshraq Properties Co. PJSC | 1,825,843 | 308 |
| * Drake & Scull International PJSC | 1,728,095 | 271 |
| RAK Properties PJSC | 1,412,175 | 223 |
| National Central Cooling Co. PJSC | 651,746 | 200 |
| Aramex PJSC | 48,984 | 41 |
| 1,420 | ||
| United Kingdom (15.5%) | ||
| Amlin plc | 733,501 | 7,445 |
| Bellway plc | 178,559 | 7,132 |
| Great Portland Estates plc | 508,073 | 6,959 |
| Henderson Group plc | 1,533,714 | 6,771 |
| Booker Group plc | 2,356,747 | 6,754 |
| Halma plc | 552,430 | 6,494 |
| Hiscox Ltd. | 418,443 | 6,230 |
| IG Group Holdings plc | 532,584 | 6,195 |
| Betfair Group plc | 124,302 | 6,177 |
| Man Group plc | 2,322,779 | 5,959 |
| Shaftesbury plc | 402,969 | 5,836 |
| Greene King plc | 447,634 | 5,537 |
| Telecity Group plc | 293,879 | 5,317 |
| UBM plc | 636,288 | 5,010 |
| Spirax-Sarco Engineering plc | 106,197 | 4,973 |
| Essentra plc | 382,970 | 4,964 |
| Close Brothers Group plc | 218,823 | 4,930 |
| Regus plc | 946,427 | 4,875 |
| * BTG plc | 559,200 | 4,751 |
| Cable & Wireless Communications plc | 4,117,220 | 4,659 |
| BBA Aviation plc | 1,536,451 | 4,510 |
| Spectris plc | 175,129 | 4,493 |
| Hays plc | 2,068,647 | 4,486 |
| WH Smith plc | 167,523 | 4,396 |
| Phoenix Group Holdings | 332,435 | 4,379 |
| Beazley plc | 765,526 | 4,284 |
| * Thomas Cook Group plc | 2,238,858 | 4,235 |
| Micro Focus International plc | 218,744 | 4,229 |
| * Intermediate Capital Group plc | 484,170 | 4,218 |
| Jupiter Fund Management plc | 603,340 | 4,180 |
| * Just Eat plc | 634,855 | 4,160 |
| Playtech plc | 305,589 | 4,028 |
| Berendsen plc | 249,073 | 3,929 |
| Britvic plc | 362,325 | 3,898 |
| * Balfour Beatty plc | 1,005,573 | 3,855 |
| AA plc | 897,013 | 3,820 |
| RPC Group plc | 370,651 | 3,714 |
| Rotork plc | 1,280,450 | 3,695 |
| * Ocado Group plc | 592,159 | 3,431 |
| Domino's Pizza Group plc | 200,707 | 3,371 |
| Michael Page International plc | 440,789 | 3,354 |
| Victrex plc | 116,894 | 3,325 |
| UNITE Group plc | 324,520 | 3,321 |
| Moneysupermarket.com Group plc | 639,337 | 3,290 |
| Stagecoach Group plc | 616,272 | 3,282 |
| Synergy Health plc | 83,634 | 3,260 |
| Restaurant Group plc | 292,382 | 3,228 |
| Grafton Group plc | 308,572 | 3,200 |
| SSP Group plc | 686,161 | 3,184 |
| Lancashire Holdings Ltd. | 290,324 | 3,184 |
| Kennedy Wilson Europe Real Estate plc | 172,149 | 3,171 |
| WS Atkins plc | 148,088 | 3,139 |
95
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Bovis Homes Group plc | 198,879 | 3,137 |
| QinetiQ Group plc | 891,790 | 3,075 |
| Indivior plc | 959,494 | 3,035 |
| Crest Nicholson Holdings plc | 359,821 | 3,011 |
| ^ Carillion plc | 637,926 | 2,997 |
| AVEVA Group plc | 92,954 | 2,937 |
| Paragon Group of Cos. plc | 452,334 | 2,923 |
| Kier Group plc | 136,419 | 2,891 |
| National Express Group plc | 625,924 | 2,885 |
| Saga plc | 896,940 | 2,867 |
| Galliford Try plc | 120,864 | 2,782 |
| Dignity plc | 73,469 | 2,749 |
| Greencore Group plc | 588,882 | 2,739 |
| Greggs plc | 148,832 | 2,720 |
| Savills plc | 191,109 | 2,694 |
| Pace plc | 468,562 | 2,692 |
| Jardine Lloyd Thompson Group plc | 182,457 | 2,662 |
| * Firstgroup plc | 1,780,959 | 2,652 |
| Mitie Group plc | 533,461 | 2,640 |
| UDG Healthcare plc | 356,742 | 2,611 |
| Ultra Electronics Holdings plc | 100,077 | 2,594 |
| Workspace Group plc | 172,517 | 2,543 |
| Debenhams plc | 1,810,421 | 2,492 |
| Alent plc | 318,052 | 2,444 |
| Elementis plc | 676,673 | 2,441 |
| 2 Spire Healthcare Group plc | 421,705 | 2,435 |
| Ladbrokes plc | 1,492,887 | 2,427 |
| Cineworld Group plc | 279,062 | 2,373 |
| Pets at Home Group plc | 534,035 | 2,371 |
| * Serco Group plc | 1,638,894 | 2,365 |
| Go-Ahead Group plc | 63,109 | 2,357 |
| Big Yellow Group plc | 204,170 | 2,357 |
| Drax Group plc | 585,831 | 2,350 |
| * HomeServe plc | 376,594 | 2,343 |
| Grainger plc | 587,932 | 2,253 |
| Bodycote plc | 283,228 | 2,246 |
| Redrow plc | 313,425 | 2,238 |
| HellermannTyton Group plc | 302,857 | 2,211 |
| Vesuvius plc | 401,442 | 2,207 |
| LondonMetric Property plc | 837,787 | 2,181 |
| Marston's plc | 857,157 | 2,134 |
| Senior plc | 608,372 | 2,122 |
| Dairy Crest Group plc | 207,686 | 2,059 |
| Home Retail Group plc | 1,180,987 | 2,039 |
| Laird plc | 386,915 | 2,016 |
| Synthomer plc | 391,912 | 1,997 |
| Electrocomponents plc | 628,398 | 1,985 |
| ^ Hansteen Holdings plc | 1,036,611 | 1,980 |
| Al Noor Hospitals Group plc | 108,789 | 1,970 |
| International Personal Finance plc | 344,189 | 1,961 |
| Genus plc | 87,385 | 1,957 |
| Tritax Big Box REIT plc | 978,002 | 1,940 |
| Halfords Group plc | 286,823 | 1,920 |
| * Cairn Energy plc | 831,704 | 1,918 |
| * Mitchells & Butlers plc | 350,020 | 1,910 |
| Dunelm Group plc | 130,488 | 1,903 |
| Dechra Pharmaceuticals plc | 127,040 | 1,897 |
| Tullett Prebon plc | 336,880 | 1,825 |
| Virgin Money Holdings UK plc | 304,461 | 1,817 |
| Card Factory plc | 326,308 | 1,812 |
| * SVG Capital plc | 244,554 | 1,788 |
| Morgan Advanced Materials plc | 412,117 | 1,773 |
| Interserve plc | 205,777 | 1,760 |
| Bwin Party Digital Entertainment plc | 1,007,103 | 1,736 |
96
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Ted Baker plc | 37,183 | 1,734 | |
| ST Modwen Properties plc | 253,202 | 1,714 | |
| SIG plc | 812,552 | 1,668 | |
| Fidessa Group plc | 55,231 | 1,666 | |
| Entertainment One Ltd. | 489,812 | 1,658 | |
| F&C Commercial Property Trust Ltd. | 754,949 | 1,658 | |
| Diploma plc | 165,394 | 1,635 | |
| Brewin Dolphin Holdings plc | 379,558 | 1,578 | |
| * | Vectura Group plc | 583,896 | 1,573 |
| Countrywide plc | 219,385 | 1,571 | |
| Centamin plc | 1,593,506 | 1,561 | |
| Renishaw plc | 52,044 | 1,514 | |
| J D Wetherspoon plc | 125,618 | 1,499 | |
| Bank of Georgia Holdings plc | 48,512 | 1,494 | |
| * | Ophir Energy plc | 977,421 | 1,444 |
| ^ | Telecom Plus plc | 85,891 | 1,391 |
| esure Group plc | 339,007 | 1,383 | |
| Keller Group plc | 104,131 | 1,308 | |
| 2 | Zoopla Property Group plc | 342,503 | 1,281 |
| * | Enterprise Inns plc | 771,868 | 1,277 |
| N Brown Group plc | 218,429 | 1,262 | |
| ^,* | Imagination Technologies Group plc | 369,074 | 1,258 |
| Northgate plc | 199,706 | 1,246 | |
| Computacenter plc | 104,516 | 1,218 | |
| UK Commercial Property Trust Ltd. | 895,605 | 1,206 | |
| Redefine International PLC | 1,384,743 | 1,181 | |
| ^,* | Allied Minds plc | 162,041 | 1,174 |
| ^ | Vedanta Resources plc | 153,625 | 1,169 |
| Poundland Group plc | 274,425 | 1,162 | |
| Foxtons Group plc | 375,566 | 1,156 | |
| NMC Health plc | 96,733 | 1,136 | |
| ^ | Hunting plc | 203,453 | 1,127 |
| RPS Group plc | 308,321 | 1,114 | |
| Devro plc | 248,670 | 1,089 | |
| * | Aldermore Group plc | 263,534 | 1,070 |
| Spirent Communications plc | 925,187 | 1,046 | |
| Helical Bar plc | 149,976 | 1,020 | |
| * | SuperGroup plc | 45,354 | 1,020 |
| KCOM Group plc | 760,450 | 1,019 | |
| Xchanging plc | 392,799 | 1,017 | |
| Just Retirement Group plc | 396,911 | 1,010 | |
| De La Rue plc | 140,336 | 999 | |
| Chesnara plc | 191,268 | 960 | |
| * | Evraz plc | 729,772 | 952 |
| Xaar plc | 117,556 | 926 | |
| * | Genel Energy plc | 225,144 | 885 |
| Picton Property Income Ltd. | 793,404 | 865 | |
| Soco International plc | 311,669 | 848 | |
| Shanks Group plc | 574,051 | 838 | |
| Petra Diamonds Ltd. | 711,378 | 817 | |
| OneSavings Bank plc | 136,840 | 805 | |
| Premier Farnell plc | 519,931 | 800 | |
| * | Premier Oil plc | 753,700 | 791 |
| Stobart Group Ltd. | 456,894 | 780 | |
| ^,* | Mothercare plc | 212,211 | 774 |
| ITE Group plc | 356,108 | 770 | |
| Chemring Group plc | 280,568 | 743 | |
| Development Securities plc | 196,061 | 720 | |
| Daejan Holdings plc | 7,361 | 720 | |
| * | Lamprell plc | 375,595 | 695 |
| Schroder REIT Ltd. | 738,462 | 677 | |
| Fenner plc | 286,937 | 673 | |
| * | KAZ Minerals plc | 369,517 | 658 |
| Oxford Instruments plc | 81,247 | 650 | |
97
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Market | |||||
| Value | |||||
| Shares | ($000) | ||||
| Acacia Mining plc | 217,230 | 646 | |||
| ^,* | AO World plc | 243,727 | 596 | ||
| 2 | John Laing Group plc | 201,260 | 592 | ||
| Cape plc | 167,285 | 592 | |||
| 888 Holdings plc | 218,313 | 543 | |||
| * | Premier Foods plc | 919,862 | 482 | ||
| Partnership Assurance Group plc | 231,048 | 476 | |||
| * | EnQuest plc | 1,085,885 | 452 | ||
| Infinis Energy plc | 148,079 | 415 | |||
| Speedy Hire plc | 822,791 | 382 | |||
| * | Hochschild Mining plc | 312,312 | 356 | ||
| ^,* | Lonmin plc | 866,097 | 339 | ||
| Gem Diamonds Ltd. | 166,096 | 253 | |||
| Ferrexpo plc | 168,214 | 88 | |||
| ^,* | Afren plc | 1,404,272 | 39 | ||
| Rightmove plc | 1 | — | |||
| 466,267 | |||||
| Total Common Stocks (Cost $3,146,727) | 2,996,596 | ||||
| Coupon | |||||
| Temporary Cash Investments (11.2%)1 | |||||
| Money Market Fund (11.1%) | |||||
| 3,4 | Vanguard Market Liquidity Fund | 0.207% | 334,353,058 | 334,353 | |
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| U.S. Government and Agency Obligations (0.1%) | |||||
| 5 | Federal Home Loan Bank Discount Notes | 0.150% | 11/13/15 | 500 | 500 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.192% | 11/27/15 | 400 | 400 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.195% | 12/2/15 | 500 | 500 |
| 6,7 | Freddie Mac Discount Notes | 0.245% | 1/5/16 | 2,000 | 2,000 |
| 3,400 | |||||
| Total Temporary Cash Investments (Cost $337,753) | 337,753 | ||||
| Total Investments (110.5%) (Cost $3,484,480) | 3,334,349 | ||||
| Other Assets and Liabilities—Net (-10.5%) | (317,223) | ||||
| Net Assets (100%) | 3,017,126 | ||||
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $298,463,000.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 10.5%, 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 $29,555,000, representing 1.0% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $318,967,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
6 Securities with a value of $1,900,000 have been segregated as initial margin for open futures contracts.
7 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
GDR—Global Depositary Receipt.
98
Vanguard® FTSE All-World ex-US Small-Cap Index Fund
Schedule of Investments
October 31, 2015
NVDR—Non-Voting Depository Receipt.
REIT—Real Estate Investment Trust.
99
© 2015 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA7700 122015
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund:
In our opinion, the accompanying statements of net assets investments summary and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Vanguard FTSE All-World ex-US Index Fund and Vanguard FTSE All-World ex-US Small-Cap Index Fund (constituting separate portfolios of Vanguard International Equity Index 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 periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedules of investments (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 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 15, 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
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Common Stocks (99.2%)1 | |||
| Brazil (6.8%) | |||
| Ambev SA | 49,700,955 | 246,021 | |
| BRF SA | 12,385,464 | 193,014 | |
| Itau Unibanco Holding SA Preference Shares | 25,255,624 | 173,346 | |
| Itau Unibanco Holding SA ADR | 21,400,408 | 146,593 | |
| Cielo SA | 14,595,172 | 138,551 | |
| Ambev SA ADR | 28,433,997 | 138,474 | |
| Banco Bradesco SA Preference Shares | 23,099,723 | 125,784 | |
| * | Petroleo Brasileiro SA | 48,210,897 | 117,260 |
| Ultrapar Participacoes SA | 6,452,297 | 112,096 | |
| Itausa - Investimentos Itau SA Preference Shares | 58,083,157 | 108,439 | |
| Banco Bradesco SA ADR | 18,786,199 | 102,197 | |
| * | Petroleo Brasileiro SA Preference Shares | 47,865,186 | 95,692 |
| BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros | 28,953,149 | 85,586 | |
| BB Seguridade Participacoes SA | 9,952,478 | 68,646 | |
| Kroton Educacional SA | 25,610,580 | 65,478 | |
| Vale SA Preference Shares | 17,164,586 | 62,444 | |
| Banco Bradesco SA | 10,156,938 | 61,734 | |
| Telefonica Brasil SA Preference Shares | 5,718,356 | 59,236 | |
| Banco do Brasil SA | 13,915,485 | 57,624 | |
| Vale SA Class B ADR | 15,564,360 | 56,032 | |
| Vale SA | 12,445,212 | 55,053 | |
| Klabin SA | 9,247,951 | 52,588 | |
| Lojas Renner SA | 10,824,160 | 51,924 | |
| Embraer SA | 7,046,682 | 51,673 | |
| Fibria Celulose SA | 3,754,840 | 51,252 | |
| * | Petroleo Brasileiro SA ADR Preference Shares | 11,588,978 | 46,240 |
| CCR SA | 14,548,776 | 45,723 | |
| JBS SA | 11,959,806 | 44,192 | |
| Raia Drogasil SA | 4,093,976 | 42,452 | |
| ^ | Vale SA Class B ADR | 9,322,019 | 40,644 |
| Lojas Americanas SA Preference Shares | 8,489,598 | 36,784 | |
| *,^ | Petroleo Brasileiro SA ADR | 7,158,724 | 34,935 |
| BRF SA ADR | 2,261,420 | 34,668 | |
| Embraer SA ADR | 1,167,082 | 34,277 | |
| WEG SA | 9,174,600 | 34,257 | |
| CETIP SA - Mercados Organizados | 3,672,119 | 32,469 | |
| BTG Pactual Group | 4,198,964 | 31,248 | |
| Tractebel Energia SA | 3,509,438 | 30,821 | |
| * | Hypermarcas SA | 6,306,648 | 28,618 |
| Itau Unibanco Holding SA | 3,990,750 | 25,663 | |
| Equatorial Energia SA | 2,682,413 | 23,920 | |
| Suzano Papel e Celulose SA Preference Shares Class A | 4,957,900 | 21,276 | |
| BR Malls Participacoes SA | 7,162,999 | 20,802 | |
| TOTVS SA | 2,263,429 | 20,055 | |
| Sul America SA | 4,047,647 | 19,868 | |
| Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 1,499,116 | 19,724 | |
| * | CPFL Energia SA | 4,539,386 | 18,233 |
| Estacio Participacoes SA | 4,378,600 | 17,553 | |
| Natura Cosmeticos SA | 2,871,967 | 17,054 | |
| Tim Participacoes SA | 7,640,642 | 16,741 | |
| Cia Energetica de Minas Gerais Preference Shares | 8,572,689 | 15,916 | |
| Localiza Rent a Car SA | 2,337,393 | 15,758 | |
| Qualicorp SA | 3,669,700 | 15,415 | |
| Multiplan Empreendimentos Imobiliarios SA | 1,284,339 | 14,010 | |
| Porto Seguro SA | 1,632,048 | 13,682 | |
| M Dias Branco SA | 737,417 | 13,366 | |
| Cia de Saneamento Basico do Estado de Sao Paulo ADR | 3,016,606 | 13,243 | |
| Tim Participacoes SA ADR | 1,181,488 | 13,126 | |
| Cia Energetica de Sao Paulo Preference Shares | 3,060,186 | 12,855 | |
| ^ | Cia Brasileira de Distribuicao ADR | 950,060 | 12,474 |
| Gerdau SA Preference Shares | 8,777,162 | 12,358 | |
1
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Cosan SA Industria e Comercio | 1,862,901 | 11,936 |
| EDP - Energias do Brasil SA | 3,998,021 | 11,694 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 2,684,786 | 11,654 |
| ^ Cia Paranaense de Energia ADR | 1,328,406 | 10,973 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 4,551,798 | 10,575 |
| Lojas Americanas SA | 3,137,341 | 9,518 |
| Bradespar SA Preference Shares | 4,065,463 | 8,697 |
| Transmissora Alianca de Energia Eletrica SA | 1,566,986 | 8,086 |
| Telefonica Brasil SA ADR | 769,339 | 7,970 |
| Braskem SA Preference Shares | 1,397,378 | 7,892 |
| Duratex SA | 4,752,716 | 7,887 |
| Cia Energetica de Minas Gerais ADR | 3,928,239 | 7,660 |
| ^ Cia Siderurgica Nacional SA ADR | 6,174,166 | 7,594 |
| Multiplus SA | 846,435 | 7,537 |
| ^ Gerdau SA ADR | 5,285,953 | 7,347 |
| Centrais Eletricas Brasileiras SA Preference Shares | 2,741,951 | 6,705 |
| Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 574,217 | 6,611 |
| * B2W Cia Digital | 1,748,200 | 6,609 |
| * Centrais Eletricas Brasileiras SA | 4,888,052 | 6,363 |
| Braskem SA ADR | 555,207 | 6,191 |
| AES Tiete SA Preference Shares | 1,621,996 | 5,812 |
| Cia Siderurgica Nacional SA | 5,027,948 | 5,658 |
| EcoRodovias Infraestrutura e Logistica SA | 3,413,399 | 5,266 |
| Usinas Siderurgicas de Minas Gerais SA | 2,213,244 | 4,539 |
| Smiles SA | 569,864 | 4,448 |
| Usinas Siderurgicas de Minas Gerais SA Preference Shares | 5,962,878 | 4,298 |
| * Oi SA Preference Shares | 5,405,362 | 2,971 |
| Cia de Gas de Sao Paulo COMGAS Preference Shares Class A | 275,419 | 2,885 |
| Centrais Eletricas Brasileiras SA ADR | 1,126,262 | 2,692 |
| Cia Energetica de Minas Gerais | 1,493,243 | 2,614 |
| AES Tiete SA | 742,344 | 2,601 |
| Cia Paranaense de Energia Preference Shares | 263,705 | 2,222 |
| Iguatemi Empresa de Shopping Centers SA | 400,719 | 2,215 |
| Via Varejo SA | 2,000,400 | 2,204 |
| Arteris SA | 888,291 | 2,172 |
| Cia Paranaense de Energia | 369,887 | 2,109 |
| Even Construtora e Incorporadora SA | 2,000,000 | 2,074 |
| Guararapes Confeccoes SA | 162,220 | 2,040 |
| * Oi SA | 2,206,249 | 1,796 |
| * CPFL Energia SA ADR | 216,006 | 1,730 |
| Metalurgica Gerdau SA Preference Shares Class A | 2,472,691 | 1,667 |
| Banco do Estado do Rio Grande do Sul SA Preference Shares | 1,038,500 | 1,613 |
| Mahle-Metal Leve SA | 256,873 | 1,559 |
| BR Properties SA | 363,700 | 1,113 |
| QGEP Participacoes SA | 709,525 | 1,097 |
| * Marfrig Global Foods SA | 500,000 | 826 |
| Linx SA | 63,100 | 769 |
| Odontoprev SA | 253,400 | 649 |
| * Rumo Logistica Operadora Multimodal SA | 327,200 | 623 |
| * Mills Estruturas e Servicos de Engenharia SA | 521,158 | 605 |
| Marcopolo SA Preference Shares | 1,079,600 | 546 |
| GAEC Educacao SA | 118,450 | 408 |
| * International Meal Co. Alimentacao SA | 271,500 | 327 |
| Direcional Engenharia SA | 334,050 | 307 |
| Oi SA ADR | 475,896 | 280 |
| * Gafisa SA | 300,000 | 194 |
| Cia de Saneamento de Minas Gerais-COPASA | 40,250 | 136 |
| LPS Brasil Consultoria de Imoveis SA | 164,650 | 90 |
| Fibria Celulose SA ADR | 5,706 | 77 |
| * Gol Linhas Aereas Inteligentes SA Preference Shares | 50,000 | 46 |
| Itausa - Investimentos Itau SA | 115 | — |
| 3,611,934 | ||
| Chile (1.4%) | ||
| Empresas COPEC SA | 6,489,496 | 60,795 |
2
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| SACI Falabella | 8,068,014 | 54,094 | |
| Empresas CMPC SA | 18,791,021 | 46,383 | |
| Banco de Chile | 424,647,368 | 44,936 | |
| Enersis SA | 166,324,784 | 43,876 | |
| Enersis SA ADR | 3,306,582 | 43,812 | |
| Cencosud SA | 19,708,353 | 43,270 | |
| Empresa Nacional de Electricidad SA ADR | 983,971 | 37,175 | |
| Empresa Nacional de Electricidad SA | 28,174,325 | 35,297 | |
| Colbun SA | 120,779,167 | 32,036 | |
| Cia Cervecerias Unidas SA | 2,522,954 | 30,264 | |
| Banco de Credito e Inversiones | 741,921 | 30,254 | |
| Aguas Andinas SA Class A | 49,937,729 | 26,262 | |
| Banco Santander Chile | 550,204,304 | 26,120 | |
| * | Latam Airlines Group SA | 4,868,777 | 26,004 |
| Corpbanca SA | 2,628,941,816 | 23,942 | |
| Banco Santander Chile ADR | 1,254,499 | 23,823 | |
| AES Gener SA | 41,366,860 | 19,889 | |
| Empresa Nacional de Telecomunicaciones SA | 1,936,524 | 17,914 | |
| Sociedad Quimica y Minera de Chile SA ADR | 895,247 | 17,350 | |
| Embotelladora Andina SA Preference Shares | 3,940,376 | 14,450 | |
| Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 663,282 | 12,766 | |
| Parque Arauco SA | 2,500,000 | 4,177 | |
| * | Latam Airlines Group SA BVMF | 739,267 | 3,726 |
| *,^ | Latam Airlines Group SA ADR | 232,414 | 1,281 |
| Vina Concha y Toro SA | 253,008 | 430 | |
| SONDA SA | 250,000 | 402 | |
| 720,728 | |||
| China (28.0%) | |||
| Tencent Holdings Ltd. | 89,488,760 | 1,679,451 | |
| China Construction Bank Corp. | 1,528,975,913 | 1,102,431 | |
| China Mobile Ltd. | 89,079,067 | 1,059,697 | |
| Industrial & Commercial Bank of China Ltd. | 1,211,458,003 | 768,740 | |
| Bank of China Ltd. | 1,265,799,177 | 596,204 | |
| Ping An Insurance Group Co. of China Ltd. | 83,887,976 | 469,231 | |
| China Life Insurance Co. Ltd. | 124,929,470 | 448,007 | |
| China Petroleum & Chemical Corp. | 429,815,372 | 309,992 | |
| CNOOC Ltd. | 268,679,252 | 305,589 | |
| PetroChina Co. Ltd. | 354,721,479 | 279,234 | |
| China Overseas Land & Investment Ltd. | 64,860,276 | 208,905 | |
| China Merchants Bank Co. Ltd. | 77,792,405 | 202,898 | |
| CITIC Ltd. | 108,114,674 | 201,099 | |
| Agricultural Bank of China Ltd. | 438,886,065 | 179,077 | |
| China Pacific Insurance Group Co. Ltd. | 43,757,794 | 174,387 | |
| China Telecom Corp. Ltd. | 272,211,683 | 142,304 | |
| Hengan International Group Co. Ltd. | 12,275,900 | 132,331 | |
| PICC Property & Casualty Co. Ltd. | 55,052,895 | 124,728 | |
| China Unicom Hong Kong Ltd. | 96,864,248 | 118,705 | |
| China Resources Land Ltd. | 45,658,771 | 118,233 | |
| China Minsheng Banking Corp. Ltd. | 110,370,741 | 110,534 | |
| China Communications Construction Co. Ltd. | 74,895,504 | 102,571 | |
| Lenovo Group Ltd. | 108,498,109 | 100,640 | |
| Haitong Securities Co. Ltd. | 57,913,064 | 100,532 | |
| Bank of Communications Co. Ltd. | 135,782,345 | 99,945 | |
| China Shenhua Energy Co. Ltd. | 57,231,925 | 96,686 | |
| Belle International Holdings Ltd. | 87,471,500 | 84,873 | |
| *,^ | CRRC Corp. Ltd. | 66,789,277 | 84,867 |
| CITIC Securities Co. Ltd. | 38,735,200 | 83,293 | |
| * | China CITIC Bank Corp. Ltd. | 126,998,719 | 81,982 |
| * | China Taiping Insurance Holdings Co. Ltd. | 25,084,620 | 78,592 |
| China Resources Power Holdings Co. Ltd. | 32,409,048 | 73,172 | |
| *,^ | Byd Co. Ltd. | 11,651,781 | 72,176 |
| Sinopharm Group Co. Ltd. | 17,473,100 | 71,966 | |
| China Everbright International Ltd. | 44,796,000 | 71,813 | |
| Dongfeng Motor Group Co. Ltd. | 49,278,744 | 70,682 | |
3
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| ENN Energy Holdings Ltd. | 12,292,400 | 70,442 | |
| Fosun International Ltd. | 38,529,267 | 69,968 | |
| ^ | Evergrande Real Estate Group Ltd. | 90,619,785 | 69,238 |
| 2 | Dalian Wanda Commercial Properties Co. Ltd. | 10,393,334 | 69,228 |
| CSPC Pharmaceutical Group Ltd. | 72,385,757 | 67,301 | |
| Guangdong Investment Ltd. | 47,836,080 | 67,245 | |
| China Merchants Holdings International Co. Ltd. | 19,933,610 | 65,985 | |
| Great Wall Motor Co. Ltd. | 52,878,000 | 64,103 | |
| Brilliance China Automotive Holdings Ltd. | 46,308,700 | 63,931 | |
| 2 | CGN Power Co. Ltd. | 153,133,878 | 63,050 |
| Huaneng Power International Inc. | 56,902,978 | 61,627 | |
| Anhui Conch Cement Co. Ltd. | 19,874,152 | 60,499 | |
| New China Life Insurance Co. Ltd. | 13,634,219 | 59,778 | |
| China Railway Group Ltd. | 63,304,408 | 59,677 | |
| China Cinda Asset Management Co. Ltd. | 152,575,000 | 59,184 | |
| 2 | People's Insurance Co. Group of China Ltd. | 109,437,000 | 58,353 |
| Sino Biopharmaceutical Ltd. | 46,984,373 | 58,117 | |
| *,^ | Hanergy Thin Film Power Group Ltd. | 206,154,000 | 57,723 |
| *,^ | Alibaba Pictures Group Ltd. | 212,910,000 | 56,653 |
| Beijing Enterprises Holdings Ltd. | 8,978,500 | 56,638 | |
| Zhuzhou CSR Times Electric Co. Ltd. | 8,595,000 | 55,689 | |
| 2 | China Galaxy Securities Co. Ltd. | 62,748,870 | 54,198 |
| Beijing Enterprises Water Group Ltd. | 67,566,000 | 53,611 | |
| ^ | China Vanke Co. Ltd. | 22,503,341 | 52,509 |
| China Longyuan Power Group Corp. Ltd. | 56,969,800 | 52,109 | |
| China Railway Construction Corp. Ltd. | 32,287,765 | 48,143 | |
| Country Garden Holdings Co. Ltd. | 125,445,728 | 47,672 | |
| Shenzhou International Group Holdings Ltd. | 9,609,065 | 47,214 | |
| *,2 | Huatai Securities Co. Ltd. | 19,567,823 | 44,141 |
| Geely Automobile Holdings Ltd. | 81,002,300 | 43,157 | |
| China Gas Holdings Ltd. | 26,308,900 | 41,740 | |
| China State Construction International Holdings Ltd. | 27,030,872 | 41,027 | |
| ANTA Sports Products Ltd. | 14,620,000 | 40,782 | |
| Haier Electronics Group Co. Ltd. | 21,103,000 | 40,726 | |
| COSCO Pacific Ltd. | 30,331,788 | 39,240 | |
| Kunlun Energy Co. Ltd. | 47,785,230 | 39,118 | |
| China Resources Beer Holdings Company Ltd. | 20,301,860 | 38,297 | |
| Far East Horizon Ltd. | 45,102,010 | 37,457 | |
| ^ | China Huishan Dairy Holdings Co. Ltd. | 97,491,365 | 37,051 |
| *,^ | GCL-Poly Energy Holdings Ltd. | 178,744,000 | 36,822 |
| Sino-Ocean Land Holdings Ltd. | 63,436,802 | 36,789 | |
| ^ | China Conch Venture Holdings Ltd. | 16,039,633 | 36,500 |
| Shimao Property Holdings Ltd. | 20,495,957 | 35,920 | |
| GOME Electrical Appliances Holding Ltd. | 195,964,805 | 35,816 | |
| China Oilfield Services Ltd. | 31,041,800 | 34,438 | |
| China Everbright Ltd. | 14,222,010 | 33,350 | |
| Guangzhou Automobile Group Co. Ltd. | 37,856,584 | 33,164 | |
| Longfor Properties Co. Ltd. | 23,604,580 | 31,524 | |
| ZTE Corp. | 13,000,792 | 31,079 | |
| ^ | Kingsoft Corp. Ltd. | 13,774,000 | 31,070 |
| AviChina Industry & Technology Co. Ltd. | 38,124,000 | 30,941 | |
| China National Building Material Co. Ltd. | 49,076,960 | 30,494 | |
| China Resources Gas Group Ltd. | 11,036,100 | 30,219 | |
| ^ | Shanghai Electric Group Co. Ltd. | 48,045,756 | 29,817 |
| *,^ | China COSCO Holdings Co. Ltd. | 46,642,000 | 29,728 |
| Jiangxi Copper Co. Ltd. | 22,566,898 | 29,664 | |
| * | Alibaba Health Information Technology Ltd. | 37,398,000 | 29,651 |
| Chongqing Rural Commercial Bank Co. Ltd. | 46,426,461 | 29,068 | |
| China Power International Development Ltd. | 46,235,469 | 29,044 | |
| Zhejiang Expressway Co. Ltd. | 23,486,704 | 28,817 | |
| Jiangsu Expressway Co. Ltd. | 20,936,139 | 28,282 | |
| Shenzhen International Holdings Ltd. | 18,640,500 | 28,250 | |
| ^ | Tsingtao Brewery Co. Ltd. | 5,820,000 | 27,757 |
| Air China Ltd. | 28,994,748 | 27,756 | |
4
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Shanghai Pharmaceuticals Holding Co. Ltd. | 12,049,753 | 27,712 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 8,551,857 | 27,598 | |
| Beijing Capital International Airport Co. Ltd. | 25,366,564 | 27,170 | |
| *,^ | China Shipping Container Lines Co. Ltd. | 67,700,618 | 27,165 |
| Zijin Mining Group Co. Ltd. | 101,069,680 | 27,039 | |
| China Everbright Bank Co. Ltd. | 55,345,472 | 26,914 | |
| 2 | Shengjing Bank Co. Ltd. | 19,963,154 | 26,631 |
| Chongqing Changan Automobile Co. Ltd. Class B | 14,142,062 | 26,016 | |
| China Southern Airlines Co. Ltd. | 30,144,000 | 25,490 | |
| * | Sinopec Shanghai Petrochemical Co. Ltd. | 59,698,788 | 24,925 |
| China Medical System Holdings Ltd. | 17,839,711 | 24,375 | |
| TravelSky Technology Ltd. | 16,524,000 | 24,315 | |
| *,^ | Luye Pharma Group Ltd. | 23,232,500 | 22,748 |
| * | Aluminum Corp. of China Ltd. | 68,001,220 | 21,971 |
| Shandong Weigao Group Medical Polymer Co. Ltd. | 30,357,800 | 20,937 | |
| Huadian Power International Corp. Ltd. | 28,616,000 | 20,907 | |
| Shanghai Fosun Pharmaceutical Group Co. Ltd. | 6,440,500 | 20,882 | |
| Huaneng Renewables Corp. Ltd. | 65,982,000 | 20,534 | |
| Shanghai Industrial Holdings Ltd. | 7,704,445 | 20,254 | |
| Shenzhen Investment Ltd. | 47,575,015 | 19,205 | |
| Yuexiu Property Co. Ltd. | 109,171,732 | 18,765 | |
| Sunac China Holdings Ltd. | 30,725,406 | 18,763 | |
| Metallurgical Corp. of China Ltd. | 50,523,937 | 18,644 | |
| ^ | China Coal Energy Co. Ltd. | 42,093,800 | 18,065 |
| Datang International Power Generation Co. Ltd. | 48,364,568 | 17,801 | |
| China International Marine Containers Group Co. Ltd. | 9,947,798 | 17,686 | |
| Weichai Power Co. Ltd. | 16,563,640 | 17,537 | |
| Nine Dragons Paper Holdings Ltd. | 26,477,000 | 17,402 | |
| Haitian International Holdings Ltd. | 9,873,000 | 17,257 | |
| Sinotrans Ltd. | 31,567,000 | 17,073 | |
| Guangzhou R&F Properties Co. Ltd. | 17,189,300 | 16,994 | |
| 2 | Sinopec Engineering Group Co. Ltd. | 19,587,772 | 16,851 |
| China Communications Services Corp. Ltd. | 40,769,973 | 16,314 | |
| *,2 | Legend Holdings Corp. | 4,172,600 | 16,127 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 33,403,320 | 16,077 |
| *,^ | China Eastern Airlines Corp. Ltd. | 24,962,000 | 15,999 |
| *,^ | CAR Inc. | 9,127,532 | 15,902 |
| ^ | China Shipping Development Co. Ltd. | 22,444,021 | 15,898 |
| ^ | China Jinmao Holdings Group Ltd. | 57,768,094 | 15,833 |
| China Merchants Property Development Co. Ltd. Class B | 4,157,170 | 15,555 | |
| Kingboard Chemical Holdings Ltd. | 11,002,671 | 15,537 | |
| KWG Property Holding Ltd. | 21,343,500 | 15,365 | |
| *,^ | China Traditional Chinese Medicine Co. Ltd. | 19,829,013 | 14,942 |
| Lee & Man Paper Manufacturing Ltd. | 23,928,000 | 14,881 | |
| ^ | BBMG Corp. | 20,861,500 | 14,587 |
| Inner Mongolia Yitai Coal Co. Ltd. Class B | 17,353,698 | 14,518 | |
| SOHO China Ltd. | 28,076,506 | 14,359 | |
| ^ | Xinjiang Goldwind Science & Technology Co. Ltd. | 7,613,400 | 14,277 |
| ^ | Agile Property Holdings Ltd. | 25,412,887 | 13,801 |
| *,^ | Renhe Commercial Holdings Co. Ltd. | 262,534,999 | 13,629 |
| ^ | Beijing Jingneng Clean Energy Co. Ltd. | 38,342,000 | 13,276 |
| *,^ | Li Ning Co. Ltd. | 25,456,791 | 13,228 |
| ^ | China Resources Cement Holdings Ltd. | 32,436,686 | 13,035 |
| ^ | China Molybdenum Co. Ltd. | 23,460,000 | 12,999 |
| Huadian Fuxin Energy Corp. Ltd. | 41,973,852 | 12,869 | |
| China Dongxiang Group Co. Ltd. | 50,273,000 | 12,738 | |
| ^ | Golden Eagle Retail Group Ltd. | 9,733,000 | 12,518 |
| *,^ | China Agri-Industries Holdings Ltd. | 33,292,961 | 12,227 |
| ^ | Huishang Bank Corp. Ltd. | 28,223,380 | 12,163 |
| 2 | BAIC Motor Corp. Ltd. | 13,797,700 | 12,134 |
| Yantai Changyu Pioneer Wine Co. Ltd. Class B | 3,715,787 | 11,789 | |
| ^ | China Zhongwang Holdings Ltd. | 26,178,486 | 11,527 |
| Guangshen Railway Co. Ltd. | 22,136,000 | 11,480 | |
| *,^,2 | China Railway Signal & Communication Corp. Ltd. | 14,381,400 | 11,375 |
5
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | Sinopec Oilfield Service Corp. | 36,104,000 | 11,373 |
| *,^ | Greentown China Holdings Ltd. | 12,305,500 | 10,740 |
| CSG Holding Co. Ltd. Class B | 13,280,792 | 10,500 | |
| Dazhong Transportation Group Co. Ltd. Class B | 9,758,772 | 10,434 | |
| Guangdong Electric Power Development Co. Ltd. Class B | 15,940,844 | 10,399 | |
| *,^ | CSSC Offshore and Marine Engineering Group Co. Ltd. | 4,214,000 | 10,331 |
| Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 3,197,808 | 10,214 | |
| Lao Feng Xiang Co. Ltd. Class B | 2,349,538 | 10,064 | |
| ^ | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 3,563,000 | 10,009 |
| China BlueChemical Ltd. | 33,387,405 | 9,952 | |
| Shenzhen Expressway Co. Ltd. | 12,788,000 | 9,810 | |
| * | Fuyao Glass Industry Group Co. Ltd. Class A | 4,613,200 | 9,807 |
| ^ | Poly Property Group Co. Ltd. | 29,510,900 | 9,537 |
| Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 3,735,157 | 9,384 | |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 24,671,579 | 9,367 |
| ^ | China Hongqiao Group Ltd. | 17,486,256 | 9,099 |
| *,2 | Red Star Macalline Group Corp. Ltd. | 6,514,759 | 9,046 |
| *,^ | Hopson Development Holdings Ltd. | 10,604,000 | 8,927 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 15,306,000 | 8,652 |
| *,2 | Tianhe Chemicals Group Ltd. | 57,304,542 | 8,650 |
| Shanghai Baosight Software Co. Ltd. Class B | 2,168,013 | 8,498 | |
| ^ | Angang Steel Co. Ltd. | 20,382,374 | 8,450 |
| ^ | China South City Holdings Ltd. | 35,590,000 | 8,448 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 4,942,943 | 8,336 | |
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. Class B | 3,650,286 | 7,975 | |
| China Machinery Engineering Corp. | 9,046,639 | 7,837 | |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 14,703,579 | 7,711 |
| Anhui Expressway Co. Ltd. | 8,956,000 | 7,668 | |
| * | BOE Technology Group Co. Ltd. Class B | 25,260,822 | 7,318 |
| Weifu High-Technology Group Co. Ltd. Class B | 2,844,219 | 7,270 | |
| Kingboard Laminates Holdings Ltd. | 17,351,000 | 7,237 | |
| ^ | Harbin Electric Co. Ltd. | 11,938,000 | 7,101 |
| ^ | Dongfang Electric Corp. Ltd. | 5,834,830 | 6,989 |
| ^ | CIMC Enric Holdings Ltd. | 10,573,713 | 6,962 |
| Shanghai Bailian Group Co. Ltd. Class B | 3,653,716 | 6,953 | |
| Anhui Gujing Distillery Co. Ltd. Class B | 2,077,434 | 6,865 | |
| *,^ | Maanshan Iron & Steel Co. Ltd. | 31,848,000 | 6,803 |
| ^ | Beijing Enterprises Clean Energy Group Ltd. | 70,640,579 | 6,329 |
| *,^ | CITIC Resources Holdings Ltd. | 41,418,000 | 6,225 |
| Shanghai Haixin Group Co. Class B | 8,408,919 | 6,198 | |
| China National Accord Medicines Corp. Ltd. Class B | 1,203,249 | 6,182 | |
| Sichuan Expressway Co. Ltd. | 17,394,000 | 6,068 | |
| * | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 8,143,832 | 5,868 |
| * | China Foods Ltd. | 12,701,506 | 5,775 |
| ^ | Sinofert Holdings Ltd. | 32,238,000 | 5,643 |
| ^ | Biostime International Holdings Ltd. | 2,532,000 | 5,617 |
| Jiangling Motors Corp. Ltd. Class B | 1,721,446 | 5,520 | |
| * | Wumart Stores Inc. | 7,670,000 | 5,452 |
| ^ | Dalian Port PDA Co. Ltd. | 14,644,000 | 5,281 |
| * | CRRC Corp. Ltd. Class A | 2,372,800 | 5,206 |
| Shandong Chenming Paper Holdings Ltd. Class B | 8,608,238 | 5,191 | |
| Foshan Electrical and Lighting Co. Ltd. Class B | 5,622,601 | 5,168 | |
| Shenzhen Chiwan Wharf Holdings Ltd. Class B | 2,617,518 | 5,167 | |
| ^ | Sinotruk Hong Kong Ltd. | 12,173,000 | 5,056 |
| Double Coin Holdings Ltd. Class B | 4,822,134 | 4,848 | |
| Tianjin Capital Environmental Protection Group Co. Ltd. | 6,176,000 | 4,619 | |
| Beijing North Star Co. Ltd. | 14,272,000 | 4,616 | |
| * | Huadian Energy Co. Ltd. Class B | 7,910,644 | 4,537 |
| ^ | Bosideng International Holdings Ltd. | 45,040,000 | 4,341 |
| *,^ | China Yurun Food Group Ltd. | 20,037,149 | 4,273 |
| Skyworth Digital Holdings Ltd. | 5,788,000 | 4,261 | |
| ^ | Zhongsheng Group Holdings Ltd. | 10,174,000 | 4,205 |
| *,^ | Sany Heavy Equipment International Holdings Co. Ltd. | 16,931,000 | 4,098 |
| ^ | China National Materials Co. Ltd. | 16,586,000 | 3,972 |
6
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | China Overseas Property Holdings Ltd. | 21,760,092 | 3,734 |
| Shandong Chenming Paper Holdings Ltd. | 6,573,500 | 3,664 | |
| * | BYD Electronic International Co. Ltd. | 5,264,000 | 3,411 |
| ^ | Tibet 5100 Water Resources Holdings Ltd. | 9,771,000 | 3,150 |
| * | Kweichow Moutai Co. Ltd. Class A | 85,050 | 2,879 |
| ^ | Boer Power Holdings Ltd. | 1,761,000 | 2,870 |
| * | Lao Feng Xiang Co. Ltd. Class A | 406,700 | 2,834 |
| *,2 | Fuyao Glass Industry Group Co. Ltd. | 1,326,401 | 2,817 |
| Bengang Steel Plates Co. Ltd. Class B | 8,157,311 | 2,810 | |
| * | China Railway Group Ltd. Class A | 1,427,900 | 2,782 |
| Jinzhou Port Co. Ltd. Class B | 4,698,200 | 2,710 | |
| * | Tsingtao Brewery Co. Ltd. Class A | 471,800 | 2,531 |
| Wasion Group Holdings Ltd. | 2,068,000 | 2,289 | |
| Dah Chong Hong Holdings Ltd. | 5,052,000 | 2,288 | |
| ^ | Greatview Aseptic Packaging Co. Ltd. | 4,836,000 | 2,273 |
| Central China Securities Co. Ltd. | 4,023,000 | 2,086 | |
| *,2 | Beijing Urban Construction Design & Development Group Co. Ltd. | 3,189,000 | 1,964 |
| * | China Shipbuilding Industry Co. Ltd. Class A | 1,036,400 | 1,814 |
| * | Fengfan Stock Ltd. Co. Class A | 279,700 | 1,693 |
| SSY Group Ltd. | 6,678,000 | 1,666 | |
| * | Hangzhou Hikvision Digital Technology Co. Ltd. Class A | 294,800 | 1,616 |
| Tianjin Development Holdings Ltd. | 2,492,000 | 1,613 | |
| ^ | Tech Pro Technology Development Ltd. | 6,770,000 | 1,601 |
| * | Shenzhen Hepalink Pharmaceutical Co. Ltd. Class A | 339,300 | 1,530 |
| * | China State Construction Engineering Corp. Ltd. Class A | 1,546,100 | 1,520 |
| * | Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | 379,700 | 1,497 |
| * | China Eastern Airlines Corp. Ltd. Class A | 1,107,400 | 1,436 |
| * | Air China Ltd. Class A | 1,010,500 | 1,430 |
| * | Dong-E-E-Jiao Co. Ltd. Class A | 191,500 | 1,429 |
| Yuexiu Transport Infrastructure Ltd. | 2,004,000 | 1,366 | |
| * | Fullshare Holdings Ltd. | 7,050,000 | 1,347 |
| * | Bank of Communications Co. Ltd. Class A | 1,339,300 | 1,346 |
| Intime Retail Group Co. Ltd. | 1,217,500 | 1,340 | |
| * | China National Nuclear Power Co. Ltd. Class A | 814,400 | 1,336 |
| * | Fujian Longma Environmental Sanitation Equipment Co. Ltd. Class A | 229,300 | 1,258 |
| * | Guangshen Railway Co. Ltd. Class A | 1,657,800 | 1,246 |
| Beijing Capital Land Ltd. | 2,530,000 | 1,211 | |
| * | Jiangsu Hengrui Medicine Co. Ltd. Class A | 139,822 | 1,163 |
| * | China Merchants Bank Co. Ltd. Class A | 408,900 | 1,161 |
| * | China Everbright Bank Co. Ltd. Class A | 1,748,700 | 1,138 |
| Ajisen China Holdings Ltd. | 2,374,000 | 1,133 | |
| Tong Ren Tang Technologies Co. Ltd. | 710,000 | 1,107 | |
| * | Guangdong Golden Dragon Development Inc. Class A | 263,700 | 1,103 |
| * | Kangmei Pharmaceutical Co. Ltd. Class A | 416,100 | 1,097 |
| * | Anhui Zhongding Sealing Parts Co. Ltd. Class A | 294,500 | 1,088 |
| * | Huaxia Bank Co. Ltd. Class A | 637,100 | 1,065 |
| * | Zhejiang Weixing Industrial Development Co. Ltd. Class A | 452,100 | 1,056 |
| * | China Reinsurance Group Corp. | 3,001,252 | 1,049 |
| * | Da An Gene Co. Ltd. of Sun Yat-Sen University Class A | 146,800 | 1,047 |
| * | Heilan Home Co. Ltd. Class A | 413,700 | 1,040 |
| 2 | Cosmo Lady China Holdings Co. Ltd. | 1,046,000 | 1,039 |
| * | Yunnan Baiyao Group Co. Ltd. Class A | 97,000 | 1,034 |
| * | China CIFCO Investment Co. Ltd. Class A | 263,200 | 1,024 |
| * | Suning Commerce Group Co. Ltd. Class A | 386,100 | 994 |
| * | Sanan Optoelectronics Co. Ltd. Class A | 265,500 | 981 |
| Shenguan Holdings Group Ltd. | 6,646,000 | 958 | |
| * | Shanghai RAAS Blood Products Co. Ltd. Class A | 147,700 | 955 |
| * | China United Network Communications Ltd. Class A | 906,200 | 948 |
| * | Daqin Railway Co. Ltd. Class A | 650,600 | 940 |
| China Overseas Grand Oceans Group Ltd. | 2,952,000 | 935 | |
| * | Midea Group Co. Ltd. Class A | 208,700 | 925 |
| * | Power Construction Corp. of China Ltd. Class A | 678,800 | 919 |
| * | Baotou Huazi Industry Co. Ltd. Class A | 334,700 | 900 |
| * | Spring Airlines Co. Ltd. Class A | 91,400 | 893 |
7
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 486,700 | 890 |
| 2 Fu Shou Yuan International Group Ltd. | 1,295,000 | 883 |
| * China Minsheng Banking Corp. Ltd. Class A | 645,800 | 879 |
| Shandong Airlines Co. Ltd. Class B | 342,100 | 871 |
| * Chengzhi Co. Ltd. Class A | 214,400 | 869 |
| * Jiangsu Fasten Co. Ltd. Class A | 505,700 | 857 |
| * Gree Electric Appliances Inc. of Zhuhai Class A | 309,200 | 849 |
| * Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | 187,573 | 848 |
| * Daye Special Steel Co. Ltd. Class A | 490,900 | 842 |
| * Zhongtian Urban Development Group Co. Ltd. Class A | 508,300 | 839 |
| * Hangzhou Robam Appliances Co. Ltd. Class A | 132,100 | 836 |
| * Guangzhou Baiyun International Airport Co. Ltd. Class A | 390,900 | 833 |
| * Shanghai Oriental Pearl Media Co. Ltd. Class A | 150,800 | 829 |
| * Avic Aviation Engine Corp. plc Class A | 106,300 | 820 |
| * Shandong Realcan Pharmaceutical Co. Ltd. Class A | 158,000 | 819 |
| * Zhonghong Holding Co. Ltd. Class A | 1,123,900 | 795 |
| * Shanghai International Airport Co. Ltd. Class A | 164,766 | 788 |
| * Zhonglu Co. Ltd. Class B | 278,300 | 783 |
| * Weihai Guangtai Airport Equipment Co. Ltd. Class A | 152,902 | 774 |
| Luthai Textile Co. Ltd. Class B | 578,332 | 774 |
| * Shunfeng International Clean Energy Ltd. | 2,424,000 | 773 |
| C C Land Holdings Ltd. | 2,996,000 | 769 |
| * Fujian Rongji Software Co. Ltd. Class A | 286,400 | 763 |
| * Hubei Xinyangfeng Fertilizer Co. Ltd. Class A | 185,975 | 755 |
| * Chacha Food Co. Ltd. Class A | 297,357 | 753 |
| * Huadong Medicine Co. Ltd. Class A | 61,860 | 742 |
| * SDIC Power Holdings Co. Ltd. Class A | 522,900 | 740 |
| * Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | 73,700 | 729 |
| * Tasly Pharmaceutical Group Co. Ltd. Class A | 124,800 | 726 |
| * Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 285,700 | 720 |
| * Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | 156,300 | 717 |
| * Guangdong Advertising Group Co. Ltd. Class A | 203,500 | 713 |
| * Zhongyuan Union Cell & Gene Engineering Corp. Ltd. Class A | 82,100 | 711 |
| Beijing Tongrentang Co. Ltd. Class A | 174,900 | 708 |
| * Inner Mongolia BaoTou Steel Union Co. Ltd. Class A | 1,110,800 | 693 |
| AVIC Aircraft Co. Ltd. Class A | 149,400 | 690 |
| * China Datang Corp. Renewable Power Co. Ltd. | 5,044,000 | 674 |
| * Dongjiang Environmental Co. Ltd. Class A | 197,500 | 665 |
| * Shanghai SK Petroleum & Chemical Equipment Corp. Ltd. Class A | 253,600 | 664 |
| Bank of Nanjing Co. Ltd. Class A | 246,800 | 661 |
| * Shandong Xinhua Pharmaceutical Co. Ltd. Class A | 378,800 | 660 |
| * Inner Mongolia Xingye Mining Co. Ltd. Class A | 579,300 | 647 |
| * Jiangsu Kangde Xin Composite Material Co. Ltd. Class A | 114,300 | 647 |
| * GD Power Development Co. Ltd. Class A | 993,600 | 646 |
| * Sound Environmental Resources Co. Ltd. Class A | 106,400 | 645 |
| * Tianjin Lisheng Pharmaceutical Co. Ltd. Class A | 108,000 | 641 |
| * Zhengzhou Yutong Bus Co. Ltd. Class A | 183,500 | 637 |
| * China Fortune Land Development Co. Ltd. Class A | 160,300 | 634 |
| * Henan Lotus Flower Gourmet Powder Co. Ltd. Class A | 614,500 | 634 |
| * Iflytek Co. Ltd. Class A | 106,800 | 631 |
| * Lianhua Supermarket Holdings Co. Ltd. | 1,328,000 | 619 |
| * An Hui Wenergy Co. Ltd. Class A | 283,100 | 617 |
| * Chinese Universe Publishing and Media Co. Ltd. Class A | 157,000 | 617 |
| Huangshan Tourism Development Co. Ltd. Class B | 361,000 | 616 |
| * Shanghai International Port Group Co. Ltd. Class A | 543,300 | 614 |
| * Jiangsu Hengli Highpressure Oil Cylinder Co. Ltd. Class A | 223,100 | 608 |
| * Western Securities Co. Ltd. Class A | 178,300 | 603 |
| * Zhejiang China Commodities City Group Co. Ltd. Class A | 362,000 | 595 |
| * Youngor Group Co. Ltd. Class A | 259,700 | 590 |
| * Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | 145,100 | 586 |
| Yuanda China Holdings Ltd. | 11,820,000 | 578 |
| * Zhejiang Huahai Pharmaceutical Co. Ltd. Class A | 141,100 | 576 |
| * Shanghai STEP Electric Corp. Class A | 157,100 | 575 |
| * Shandong Pharmaceutical Glass Co. Ltd. Class A | 208,500 | 569 |
8
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Xinjiang Youhao Group Co. Ltd. Class A | 326,700 | 568 |
| * Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | 61,500 | 564 |
| * Shenzhen Fastprint Circuit Tech Co. Ltd. Class A | 195,600 | 564 |
| * Sunward Intelligent Equipment Co. Ltd. Class A | 378,100 | 560 |
| * Hainan Airlines Co. Ltd. Class A | 883,300 | 559 |
| * China International Travel Service Corp. Ltd. Class A | 68,408 | 559 |
| * Suofeiya Home Collection Co. Ltd. Class A | 87,797 | 559 |
| * Henan Shuanghui Investment & Development Co. Ltd. Class A | 186,900 | 558 |
| * Sichuan Western Resources Holding Co. Ltd. Class A | 224,100 | 558 |
| * Time Publishing and Media Co. Ltd. Class A | 187,800 | 556 |
| * Jihua Group Corp. Ltd. Class A | 247,500 | 553 |
| * China South Publishing & Media Group Co. Ltd. Class A | 160,700 | 550 |
| * Shang Gong Group Co. Ltd. Class B | 509,400 | 535 |
| * Xi'an LONGi Silicon Materials Corp. Class A | 271,700 | 530 |
| * Stanley Fertilizer Co. Ltd. Class A | 128,056 | 525 |
| ^ Hua Han Bio-Pharmaceutical Holdings Ltd. | 3,612,000 | 521 |
| * Kama Co. Ltd. Class B | 515,700 | 520 |
| * Shanghai Electric Power Co. Ltd. Class A | 207,100 | 513 |
| * Xiandai Investment Co. Ltd. Class A | 400,900 | 510 |
| * CSSC Offshore and Marine Engineering Group Co. Ltd. Class A | 79,700 | 507 |
| Shanghai Maling Aquarius Co. Ltd. Class A | 245,300 | 506 |
| * Venustech Group Inc. Class A | 92,900 | 506 |
| * Dawning Information Industry Co. Ltd. Class A | 37,900 | 504 |
| * Sichuan Chuantou Energy Co. Ltd. Class A | 296,900 | 501 |
| * Bank of Ningbo Co. Ltd. Class A | 242,600 | 499 |
| * Jonjee High-Tech Industrial And Commercial Holding Co. Ltd. Class A | 234,200 | 499 |
| * Oceanwide Holdings Co. Ltd. Class A | 279,500 | 493 |
| * Foshan Haitian Flavouring & Food Co. Ltd. Class A | 91,700 | 493 |
| * Guangdong Zhongsheng Pharmaceutical Co. Ltd. Class A | 239,900 | 489 |
| * Inner Mongolia Jinyu Group Co. Ltd. Class A | 97,800 | 489 |
| * China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | 117,100 | 487 |
| * Beijing SDL Technology Co. Ltd. Class A | 118,100 | 483 |
| * Zhejiang Dahua Technology Co. Ltd. Class A | 86,900 | 480 |
| * Huapont Life Sciences Co. Ltd. Class A | 221,200 | 479 |
| * Gansu Gangtai Holding Group Co. Ltd. Class A | 202,200 | 479 |
| * Shandong Himile Mechanical Science & Technology Co. Ltd. Class A | 139,400 | 475 |
| * Fujian Torch Electron Technology Co. Ltd. Class A | 38,500 | 474 |
| * Yonyou Network Technology Co. Ltd. Class A | 99,500 | 472 |
| Guangdong Provincial Expressway Development Co. Ltd. Class B | 944,355 | 470 |
| ^ NetDragon Websoft Inc. | 170,000 | 468 |
| * Hubei Broadcasting & Television Information Network Co. Ltd. Class A | 167,800 | 467 |
| * Luzhou Laojiao Co. Ltd. Class A | 120,400 | 461 |
| * Shenergy Co. Ltd. Class A | 371,100 | 456 |
| * Guangdong Alpha Animation and Culture Co. Ltd. Class A | 85,800 | 456 |
| * Org Packaging Co. Ltd. Class A | 106,200 | 456 |
| * Zhejiang Jiuzhou Pharmaceutical Co. Ltd. Class A | 43,600 | 452 |
| * China Wafer Level CSP Co. Ltd. Class A | 78,300 | 450 |
| * Hongfa Technology Co. Ltd. Class A | 95,900 | 449 |
| * Shanghai Greencourt Investment Group Co. Ltd. Class B | 707,700 | 447 |
| * Harbin Gloria Pharmaceuticals Co. Ltd. Class A | 96,300 | 446 |
| * Hisense Kelon Electrical Holdings Co. Ltd. Class A | 328,800 | 441 |
| * Beijing SPC Environmental Protection Tech Co. Ltd. Class A | 128,500 | 439 |
| China Fangda Group Co. Ltd. Class B | 543,700 | 438 |
| * Kingenta Ecological Engineering Group Co. Ltd. Class A | 131,000 | 436 |
| * KPC Pharmaceuticals Inc. Class A | 81,300 | 433 |
| * Hubei Chutian Expressway Co. Ltd. Class A | 551,000 | 433 |
| * Jiangsu Protruly Vision Technology Group Co. Ltd. Class A | 173,500 | 431 |
| * Suzhou Good-Ark Electronics Co. Ltd. Class A | 331,500 | 428 |
| * Zhongshan Public Utilities Group Co. Ltd. Class A | 192,200 | 427 |
| * Shenzhen Bauing Construction Holding Group Co. Ltd. Class A | 272,900 | 426 |
| Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 495,000 | 424 |
| * Dalian Zeus Entertainment Group Co. Ltd. Class A | 27,300 | 420 |
| * INESA Electron Co. Ltd. Class B | 596,900 | 419 |
| * Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A | 62,900 | 415 |
9
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Goldleaf Jewelry Co. Ltd. Class A | 126,500 | 414 |
| * | Sinoma Science & Technology Co. Ltd. Class A | 136,200 | 411 |
| * | Hefei Meiling Co. Ltd. Class A | 395,400 | 405 |
| * | China Quanjude Group Co. Ltd. Class A | 128,100 | 404 |
| * | Shenzhen Overseas Chinese Town Co. Ltd. Class A | 312,100 | 404 |
| * | Beijing Sifang Automation Co. Ltd. Class A | 164,600 | 404 |
| * | Coolpad Group Ltd. | 2,320,000 | 404 |
| * | Hubei Mailyard Share Co. Ltd. Class A | 138,800 | 402 |
| * | Wanxiang Qianchao Co. Ltd. Class A | 112,600 | 399 |
| * | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A | 209,000 | 395 |
| * | Gemdale Corp. Class A | 217,400 | 392 |
| * | Canny Elevator Co. Ltd. Class A | 142,400 | 391 |
| Guorui Properties Ltd. | 814,000 | 388 | |
| China High-Speed Railway Technology Co. Ltd. Class A | 186,300 | 385 | |
| * | Yonghui Superstores Co. Ltd. Class A | 221,600 | 384 |
| * | Yantai Tayho Advanced Materials Co. Ltd. Class A | 149,600 | 384 |
| * | Befar Group Co. Ltd. Class A | 321,000 | 383 |
| * | Harbin Air Conditioning Co. Ltd. Class A | 221,800 | 380 |
| Sunny Optical Technology Group Co. Ltd. | 163,000 | 379 | |
| * | Jiangsu Kanion Pharmaceutical Co. Ltd. Class A | 98,300 | 378 |
| * | Hubei Fuxing Science And Technology Co. Ltd. Class A | 189,400 | 377 |
| * | Jiangxi Changyun Co. Ltd. Class A | 173,500 | 374 |
| CT Environmental Group Ltd. | 1,056,000 | 374 | |
| * | Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 104,600 | 373 |
| * | Beijing Shougang Co. Ltd. Class A | 647,500 | 373 |
| * | Beibuwan Port Co. Ltd. Class A | 97,250 | 372 |
| * | Westone Information Industry Inc. Class A | 39,700 | 371 |
| * | Jiangzhong Pharmaceutical Co. Ltd. Class A | 60,300 | 369 |
| * | Yabao Pharmaceutical Group Co. Ltd. Class A | 166,900 | 369 |
| * | Wintime Energy Co. Ltd. Class A | 469,900 | 367 |
| * | Jilin Aodong Pharmaceutical Group Co. Ltd. Class A | 84,000 | 365 |
| China Water Affairs Group Ltd. | 690,000 | 364 | |
| *,^ | Yestar International Holdings Co. Ltd. | 910,000 | 364 |
| China All Access Holdings Ltd. | 1,054,000 | 363 | |
| * | Hangzhou Silan Microelectronics Co. Ltd. Class A | 330,600 | 362 |
| *,^ | China Chengtong Development Group Ltd. | 3,176,000 | 362 |
| Wuxi Little Swan Co. Ltd. Class B | 162,939 | 361 | |
| * | China Resources Double Crane Pharmaceutical Co. Ltd. Class A | 100,000 | 361 |
| * | Beijing Yanjing Brewery Co. Ltd. Class A | 256,700 | 360 |
| * | Wuxi Little Swan Co. Ltd. Class A | 107,000 | 357 |
| * | Sunflower Pharmaceutical Group Co. Ltd. Class A | 46,900 | 357 |
| * | Yantai Jereh Oilfield Services Group Co. Ltd. Class A | 86,300 | 356 |
| * | Hebei Hengshui Laobaigan Liquor Co. Ltd. Class A | 36,499 | 355 |
| * | Zhejiang Supor Cookware Co. Ltd. Class A | 86,400 | 354 |
| * | Beijing GeoEnviron Engineering & Technology Inc. Class A | 30,100 | 354 |
| * | Xinjiang Yilite Industry Co. Ltd. Class A | 190,300 | 354 |
| * | Hualan Biological Engineering Inc. Class A | 54,800 | 353 |
| * | Hubei Yihua Chemical Industry Co. Ltd. Class A | 306,800 | 353 |
| * | Baoshan Iron & Steel Co. Ltd. Class A | 391,800 | 352 |
| * | Harbin Pharmaceutical Group Co. Ltd. Class A | 188,800 | 351 |
| * | Shanghai Construction Group Co. Ltd. Class A | 271,000 | 350 |
| * | Guilin Sanjin Pharmaceutical Co. Ltd. Class A | 106,412 | 350 |
| China SCE Property Holdings Ltd. | 1,583,000 | 347 | |
| * | Xinxing Ductile Iron Pipes Co. Ltd. Class A | 287,200 | 345 |
| * | Fiberhome Telecommunication Technologies Co. Ltd. Class A | 86,900 | 344 |
| * | Guangzhou Haige Communications Group Inc. Co. Class A | 133,400 | 343 |
| * | Shandong Denghai Seeds Co. Ltd. Class A | 136,500 | 341 |
| * | Changchun High & New Technology Industries Inc. Class A | 17,100 | 338 |
| * | Xishui Strong Year Co. Ltd. Inner Mongolia Class A | 84,300 | 337 |
| * | Dr Peng Telecom & Media Group Co. Ltd. Class A | 82,000 | 334 |
| Yotrio Group Co. Ltd. Class A | 285,100 | 334 | |
| * | Hebei Chengde Lolo Co. Class A | 148,100 | 334 |
| * | Shenzhen Infinova Ltd. Class A | 182,400 | 334 |
| * | Zhejiang Semir Garment Co. Ltd. Class A | 172,400 | 334 |
10
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * CCS Supply Chain Management Co. Ltd. Class A | 93,800 | 333 |
| * Orient Securities Co. Ltd. Class A | 100,000 | 328 |
| Shanghai Diesel Engine Co. Ltd. Class B | 427,800 | 327 |
| * Beijing Utour International Travel Service Co. Ltd. Class A | 46,400 | 325 |
| * TOP Energy Co. Ltd-A Class A | 280,400 | 324 |
| Apeloa Pharmaceutical Co. Ltd. Class A | 259,900 | 323 |
| * DHC Software Co. Ltd. Class A | 91,700 | 322 |
| * Shandong Hualu Hengsheng Chemical Co. Ltd. Class A | 147,400 | 321 |
| * Shanghai Potevio Co. Ltd. Class A | 37,900 | 319 |
| * Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. | 337,000 | 318 |
| * Sichuan Shuangma Cement Co. Ltd. Class A | 295,400 | 318 |
| * Hundsun Technologies Inc. Class A | 31,000 | 318 |
| * Lianhe Chemical Technology Co. Ltd. Class A | 108,500 | 316 |
| * Renhe Pharmacy Co. Ltd. Class A | 189,400 | 314 |
| * Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd. Class A | 38,800 | 313 |
| * China Aviation Optical-Electrical Technology Co. Ltd. Class A | 49,900 | 313 |
| * China National Medicines Corp. Ltd. Class A | 58,700 | 313 |
| * Guizhou Bailing Group Pharmaceutical Co. Ltd. Class A | 77,374 | 312 |
| * Beijing Shiji Information Technology Co. Ltd. Class A | 17,200 | 312 |
| Logan Property Holdings Co. Ltd. | 740,000 | 311 |
| * Zhejiang Hisoar Pharmaceutical Co. Ltd. Class A | 86,800 | 309 |
| * Hubei Xingfa Chemicals Group Co. Ltd. Class A | 154,300 | 308 |
| * Sundiro Holding Co. Ltd. Class A | 289,100 | 308 |
| * GRG Banking Equipment Co. Ltd. Class A | 69,200 | 305 |
| Shanxi Guoxin Energy Corp. Ltd. Class A | 114,400 | 304 |
| * Guizhou Yibai Pharmaceutical Co. Ltd. Class A | 94,600 | 304 |
| * Jinling Pharmaceutical Co. Ltd. Class A | 111,635 | 303 |
| * Guangdong Haid Group Co. Ltd. Class A | 137,600 | 302 |
| * Luxshare Precision Industry Co. Ltd. Class A | 59,423 | 302 |
| * Guangxi Guiguan Electric Power Co. Ltd. Class A | 245,500 | 301 |
| * Shenzhen MTC Co. Ltd. Class A | 148,300 | 301 |
| * Oriental Energy Co. Ltd. Class A | 68,300 | 300 |
| * Guangdong Xinhui Meida Nylon Co. Ltd. Class A | 130,300 | 299 |
| * Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd. Class A | 393,300 | 299 |
| Phoenix Healthcare Group Co. Ltd. | 196,500 | 298 |
| * Sunshine City Group Co. Ltd. Class A | 276,300 | 297 |
| * Anhui Jiangnan Chemical Industry Co. Ltd. Class A | 230,200 | 296 |
| * Avic Capital Co. Ltd. Class A | 111,200 | 295 |
| * C&S Paper Co. Ltd. Class A | 156,000 | 294 |
| * CPT Technology Group Co. Ltd. Class A | 141,746 | 293 |
| * Guoxuan High-Tech Co. Ltd. | 54,500 | 292 |
| Shanghai Highly Group Co. Ltd. Class B | 409,700 | 291 |
| * Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd. Class A | 120,500 | 290 |
| * COFCO Property Group Co. Ltd. Class A | 126,400 | 290 |
| * Zhejiang Hangmin Co. Ltd. Class A | 145,100 | 290 |
| Eastern Communications Co. Ltd. Class B | 394,000 | 289 |
| * Wuhan Department Store Group Co. Ltd. Class A | 99,300 | 289 |
| Texhong Textile Group Ltd. | 389,500 | 288 |
| * Lifetech Scientific Corp. | 1,500,000 | 286 |
| * Huabei Expressway Co. Ltd. Class A | 316,600 | 285 |
| * Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd. Class A | 173,900 | 284 |
| * Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | 102,800 | 284 |
| * Shanghai Tunnel Engineering Co. Ltd. Class A | 149,100 | 283 |
| * Markor International Home Furnishings Co. Ltd. Class A | 115,500 | 281 |
| * Jiangsu Phoenix Publishing & Media Corp. Ltd. Class A | 119,700 | 280 |
| * Shenzhen Huaqiang Industry Co. Ltd. Class A | 39,100 | 279 |
| * Beijing BDStar Navigation Co. Ltd. Class A | 35,700 | 278 |
| * Orient Group Inc. Class A | 215,500 | 278 |
| * Dongguan Souyute Fashion Co. Ltd. Class A | 135,495 | 276 |
| * Sansteel Minguang Co. Ltd. Fujian Class A | 281,000 | 275 |
| * Shandong Wohua Pharmaceutical Co. Ltd. Class A | 72,900 | 274 |
| * Addsino Co. Ltd. Class A | 82,000 | 274 |
| * Yonggao Co. Ltd. Class A | 192,400 | 273 |
| * TCL Corp. Class A | 432,500 | 273 |
11
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Shanghai Dazhong Public Utilities Group Co. Ltd. Class A | 193,300 | 272 |
| * Jiangxi Ganyue Expressway Co. Ltd. Class A | 316,900 | 272 |
| * Fujian Expressway Development Co. Ltd. Class A | 434,900 | 271 |
| Jiangsu Akcome Science & Technology Co. Ltd. Class A | 139,900 | 271 |
| * Shenzhen Desay Battery Technology Co. Class A | 37,300 | 271 |
| * Konka Group Co. Ltd. Class A | 256,300 | 271 |
| * Guangdong Rongtai Industry Co. Ltd. Class A | 200,100 | 268 |
| * Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. Class A | 96,200 | 267 |
| * Ningbo Shanshan Co. Ltd. Class A | 58,700 | 267 |
| * Zhejiang Weixing New Building Materials Co. Ltd. Class A | 100,300 | 267 |
| * Anyang Iron & Steel Inc. Class A | 554,300 | 266 |
| * Zhangjiagang Freetrade Science and Technology Co. Ltd. Class A | 249,200 | 265 |
| * Dongxu Optoelectronic Technology Co. Ltd. Class A | 193,100 | 264 |
| * Henan Mingtai Al Industrial Co. Ltd. Class A | 130,600 | 264 |
| * Huayu Automotive Systems Co. Ltd. Class A | 107,300 | 263 |
| * Shaan Xi Provincial Natural Gas Co. Ltd. Class A | 127,700 | 263 |
| * Jiuzhitang Co. Ltd. Class A | 63,100 | 262 |
| * Rizhao Port Co. Ltd. Class A | 219,300 | 260 |
| * Zhengzhou Coal Industry & Electric Power Co. Ltd. Class A | 295,800 | 260 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd. Class A | 60,200 | 260 |
| * Shanghai Pudong Development Bank Co. Ltd. Class A | 100,000 | 259 |
| * Jiangsu King's Luck Brewery JSC Ltd. Class A | 55,700 | 257 |
| * Inner Mongolia Yili Energy Co. Ltd. Class A | 163,300 | 257 |
| Changchai Co. Ltd. Class B | 394,842 | 257 |
| * Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. Class A | 40,400 | 257 |
| * Visual China Group Co. Ltd. Class A | 57,500 | 257 |
| * Hengtong Optic-electric Co. Ltd. Class A | 137,200 | 256 |
| * Jiangsu Changqing Agrochemical Co. Ltd. Class A | 104,000 | 255 |
| * China Shipping Haisheng Co. Ltd. Class A | 107,246 | 255 |
| * Hunan Valin Steel Co. Ltd. Class A | 534,000 | 253 |
| * 263 Network Communications Co. Ltd. Class A | 111,700 | 252 |
| * China Tianying Inc. Class A | 107,900 | 251 |
| * Lanpec Technologies Ltd. Class A | 129,100 | 250 |
| * Guirenniao Co. Ltd. Class A | 50,874 | 249 |
| * Shanghai Shimao Co. Ltd. Class A | 137,900 | 248 |
| * Beijing Shouhang Resources Saving Co. Ltd. Class A | 58,600 | 247 |
| * Jiangsu Changjiang Electronics Technology Co. Ltd. Class A | 105,300 | 247 |
| * Shenzhen Airport Co. Class A | 196,500 | 247 |
| * Qinghai Huzhu Barley Wine Co. Ltd. Class A | 72,300 | 246 |
| * Shenzhen Agricultural Products Co. Ltd. Class A | 105,000 | 246 |
| * Hangzhou Sunyard System Engineering Co. Ltd. Class A | 24,600 | 245 |
| * Hangzhou Zhongheng Electric Co. Ltd. Class A | 55,043 | 245 |
| Nantong Fujitsu Microelectronics Co. Ltd. Class A | 103,400 | 245 |
| * Zhejiang Wanliyang Transmission Co. Ltd. Class A | 89,600 | 244 |
| * Chongqing Fuling Zhacai Group Co. Ltd. Class A | 81,500 | 243 |
| * Beijing Capital Development Co. Ltd. Class A | 129,700 | 243 |
| * East China Engineering Science and Technology Co. Ltd. Class A | 81,200 | 243 |
| * Hengbao Co. Ltd. Class A | 77,100 | 243 |
| * Ningbo Marine Co. Ltd. Class A | 229,200 | 242 |
| * Anhui Golden Seed Winery Co. Ltd. Class A | 169,100 | 241 |
| * Jointo Energy Investment Co. Ltd. Hebei Class A | 152,600 | 241 |
| * Jiangsu Sihuan Bioengineering Co. Ltd. Class A | 246,500 | 240 |
| * RiseSun Real Estate Development Co. Ltd. Class A | 182,000 | 240 |
| * Ningbo Sanxing Electric Co. Ltd. Class A | 102,600 | 240 |
| * Shenzhen Tagen Group Co. Ltd. Class A | 84,000 | 240 |
| * Tatwah Smartech Co. Ltd. Class A | 90,300 | 239 |
| * First Tractor Co. Ltd. Class A | 118,600 | 238 |
| * Henan Huanghe Whirlwind Co. Ltd. Class A | 74,100 | 238 |
| * Jiangsu Hongdou Industrial Co. Ltd. Class A | 81,800 | 237 |
| * Changchun Eurasia Group Co. Ltd. Class A | 57,000 | 237 |
| * Apex Technology Co. Ltd. Class A | 32,700 | 237 |
| * Jilin Sino-Microelectronics Co. Ltd. Class A | 189,700 | 236 |
| TBEA Co. Ltd. Class A | 125,900 | 236 |
| * Anhui Conch Cement Co. Ltd. Class A | 83,700 | 235 |
12
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | China Meheco Co. Ltd. Class A | 87,600 | 235 |
| Dalian Refrigeration Co. Ltd. Class B | 217,500 | 233 | |
| * | Henan Zhongyuan Expressway Co. Ltd. Class A | 257,700 | 233 |
| * | Jinke Properties Group Co. Ltd. Class A | 284,600 | 232 |
| * | Zhuzhou Qianjin Pharmaceutical Co. Ltd. Class A | 84,700 | 232 |
| * | Shanghai SMI Holding Co. Ltd. Class A | 103,200 | 232 |
| * | Beijing Jingneng Power Co. Ltd. Class A | 252,800 | 232 |
| * | Chengdu Huaze Cobalt & Nickel Material Co. Ltd. Class A | 84,700 | 231 |
| * | Hunan Jingfeng Pharmaceutical Co. Ltd. Class A | 93,000 | 230 |
| * | Guangxi Wuzhou Communications Co. Ltd. Class A | 204,200 | 230 |
| * | Jiangsu Nhwa Pharmaceutical Co. Ltd. Class A | 50,849 | 230 |
| Guangxi Wuzhou Zhongheng Group Co. Ltd. Class A | 232,000 | 230 | |
| * | CITIC Heavy Industries Co. Ltd. Class A | 189,400 | 230 |
| * | Xinhu Zhongbao Co. Ltd. Class A | 263,700 | 230 |
| * | Wuxi Huaguang Boiler Co. Ltd. Class A | 93,600 | 229 |
| * | Shenyang Jinbei Automotive Co. Ltd. Class A | 284,700 | 229 |
| * | Tsinghua Unisplendour Co. Ltd. Class A | 15,700 | 229 |
| * | Talkweb Information System Co. Ltd. Class A | 37,600 | 229 |
| * | Zhejiang Zheneng Electric Power Co. Ltd. Class A | 186,300 | 228 |
| * | Cinda Real Estate Co. Ltd. Class A | 225,100 | 228 |
| * | Shenzhen Fenda Technology Co. Ltd. Class A | 46,300 | 228 |
| * | Lanzhou LS Heavy Equipment Co. Ltd. Class A | 73,500 | 228 |
| * | China Electronics Corp. Holdings Co. Ltd. | 672,000 | 227 |
| * | Zhejiang Aokang Shoes Co. Ltd. Class A | 50,300 | 227 |
| * | AVIC Helicopter Co. Ltd. Class A | 28,700 | 226 |
| * | China Jushi Co. Ltd. Class A | 61,100 | 226 |
| * | Jiangsu Zhongtian Technology Co. Ltd. Class A | 71,200 | 225 |
| * | Inspur Electronic Information Industry Co. Ltd. Class A | 47,600 | 225 |
| * | Shanghai Zhongji Investment Holding Co. Ltd. Class A | 64,300 | 225 |
| * | SDIC Essence Holdings Co. Ltd. Class A | 79,100 | 225 |
| Far East Smarter Energy Co. Ltd. Class A | 152,200 | 224 | |
| * | Humanwell Healthcare Group Co. Ltd. Class A | 71,300 | 223 |
| *,2 | Cogobuy Group | 228,000 | 222 |
| * | Zhejiang Transfar Co. Ltd. Class A | 64,300 | 221 |
| * | Hi Sun Technology China Ltd. | 1,143,000 | 221 |
| Yibin Tianyuan Group Co. Ltd. Class A | 213,700 | 220 | |
| * | Tianshui Huatian Technology Co. Ltd. Class A | 85,700 | 220 |
| * | Shenzhen Noposion Agrochemicals Co. Ltd. Class A | 82,600 | 220 |
| Fujian Zhangzhou Development Co. Ltd. Class A | 237,300 | 219 | |
| * | Guangzhou Echom Science & Technology Co. Ltd. Class A | 154,400 | 219 |
| * | Angel Yeast Co. Ltd. Class A | 47,800 | 219 |
| TangShan Port Group Co. Ltd. Class A | 167,200 | 218 | |
| * | Chenzhou City Jingui Silver Industry Co. Ltd. Class A | 139,800 | 218 |
| * | Suzhou New Sea Union Telecom Technology Co. Ltd. Class A | 87,300 | 218 |
| * | Glarun Technology Co. Ltd. Class A | 25,700 | 217 |
| *,2 | Ozner Water International Holding Ltd. | 1,171,000 | 216 |
| * | Tibet Rhodiola Pharmaceutical Holding Co. Class A | 33,600 | 216 |
| * | Tongding Interconnection Information Co. Ltd. Class A | 84,300 | 215 |
| * | Shanghai ShenTong Metro Co. Ltd. Class A | 72,500 | 214 |
| * | Yangguang Co. Ltd. Class A | 265,700 | 214 |
| * | Jilin Power Share Co. Ltd. Class A | 139,500 | 213 |
| * | Shijiazhuang Dongfang Energy Co. Ltd. Class A | 50,400 | 213 |
| * | Chongqing Water Group Co. Ltd. Class A | 131,800 | 213 |
| * | Xizang Haisco Pharmaceutical Group Co. Ltd. Class A | 61,700 | 212 |
| * | Shandong Hi-speed Co. Ltd. Class A | 204,700 | 212 |
| * | Shanghai Dingli Technology Development Group Co. Ltd. Class A | 141,200 | 212 |
| * | Sinolink Worldwide Holdings Ltd. | 1,924,000 | 212 |
| * | Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | 52,300 | 211 |
| * | Huaxun Fangzhou Co. Ltd. | 77,300 | 211 |
| * | GuangYuYuan Chinese Herbal Medicine Co. Ltd. Class A | 46,800 | 211 |
| * | Zhejiang Longsheng Group Co. Ltd. Class A | 128,000 | 211 |
| * | Accelink Technologies Co. Ltd. Class A | 29,300 | 210 |
| * | Shenzhen Clou Electronics Co. Ltd. Class A | 49,100 | 210 |
| Jiangsu Lianfa Textile Co. Ltd. Class A | 99,500 | 210 | |
13
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Huafu Top Dyed Melange Yarn Co. Ltd. Class A | 131,100 | 209 |
| * Shanxi Lanhua Sci-Tech Venture Co. Ltd. Class A | 175,100 | 209 |
| * Shenzhen Chiwan Wharf Holdings Ltd. Class A | 65,700 | 208 |
| * Henan Senyuan Electric Co. Ltd. Class A | 80,000 | 208 |
| * Offshore Oil Engineering Co. Ltd. Class A | 131,000 | 206 |
| * Zhejiang NetSun Co. Ltd. Class A | 17,800 | 206 |
| * Hytera Communications Corp. Ltd. Class A | 121,300 | 205 |
| * Neusoft Corp. Class A | 71,800 | 204 |
| * Digital China Information Service Co. Ltd. Class A | 40,102 | 203 |
| * Zhejiang Baoxiniao Garment Co. Ltd. Class A | 158,800 | 203 |
| * PetroChina Jinhong Energy Investment Co. Ltd. Class A | 60,800 | 203 |
| * Beijing Gehua CATV Network Co. Ltd. Class A | 53,000 | 201 |
| * China Zhonghua Geotechnical Engineering Co. Ltd. Class A | 106,300 | 201 |
| * Jointown Pharmaceutical Group Co. Ltd. Class A | 64,400 | 201 |
| * Xiamen International Airport Co. Ltd. Class A | 60,500 | 201 |
| * Suning Universal Co. Ltd. Class A | 127,100 | 201 |
| * Chongqing Gangjiu Co. Ltd. Class A | 77,400 | 200 |
| * Beijing SL Pharmaceutical Co. Ltd. Class A | 42,800 | 199 |
| * Pubang Landscape Architecture Co. Ltd. Class A | 144,300 | 199 |
| * Chengdu Santai Holding Group Co. Ltd. Class A | 46,200 | 199 |
| * Luolai Home Textile Co. Ltd. Class A | 69,700 | 199 |
| * Puyang Refractories Group Co. Ltd. Class A | 168,300 | 198 |
| * Sichuan Kelun Pharmaceutical Co. Ltd. Class A | 76,200 | 198 |
| Landing International Development Ltd. | 6,560,000 | 197 |
| * Shenzhen Topraysolar Co. Ltd. Class A | 127,700 | 196 |
| Fujian Funeng Co. Ltd. Class A | 79,652 | 196 |
| Xinhua Winshare Publishing and Media Co. Ltd. | 233,000 | 196 |
| * Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 69,600 | 196 |
| * Grinm Advanced Materials Co. Ltd. Class A | 92,600 | 195 |
| * Shimge Pump Industry Group Co. Ltd. Class A | 94,700 | 195 |
| * Guangzhou Hengyun Enterprises Holdings Ltd. Class A | 132,000 | 195 |
| * Nanjing Pharmaceutical Co. Ltd. Class A | 130,000 | 194 |
| * Wuhan Guide Infrared Co. Ltd. Class A | 47,242 | 194 |
| * Jinshan Development & Construction Co. Ltd. Class B | 226,400 | 193 |
| * Sichuan Haite High-tech Co. Ltd. Class A | 64,800 | 193 |
| Yifan Xinfu Pharmaceutical Co. Ltd. Class A | 42,338 | 192 |
| * Xiamen Faratronic Co. Ltd. Class A | 39,900 | 192 |
| * Cachet Pharmaceutical Co. Ltd. Class A | 29,000 | 191 |
| * Jiangsu Sunrain Solar Energy Co. Ltd. Class A | 117,700 | 190 |
| * Hangzhou Liaison Interactive Information Technology Co. Ltd. Class A | 27,400 | 190 |
| * China CITIC Bank Corp. Ltd. Class A | 187,400 | 190 |
| * Nanjing Gaoke Co. Ltd. Class A | 64,600 | 190 |
| * Guangdong Goworld Co. Ltd. Class A | 118,000 | 189 |
| * Poly Real Estate Group Co. Ltd. Class A | 137,200 | 189 |
| * Shenzhen Neptunus Bioengineering Co. Ltd. Class A | 66,700 | 188 |
| * Huagong Tech Co. Ltd. Class A | 66,800 | 188 |
| * Guizhou Xinbang Pharmaceutical Co. Ltd. Class A | 87,100 | 187 |
| * Emei Shan Tourism Co. Class A | 109,300 | 187 |
| * Tianjin Tianyao Pharmaceutical Co. Ltd. Class A | 171,500 | 186 |
| * Kunming Yunnei Power Co. Ltd. Class A | 150,500 | 186 |
| * Shanghai Jielong Industry Group Corp. Ltd. Class A | 36,400 | 186 |
| * Guosen Securities Co. Ltd. Class A | 71,000 | 185 |
| * Zhejiang Hailide New Material Co. Ltd. Class A | 85,700 | 185 |
| * Zhejiang Medicine Co. Ltd. Class A | 113,500 | 185 |
| * Sinolink Securities Co. Ltd. Class A | 78,100 | 184 |
| * Dongguan Development Holdings Co. Ltd. Class A | 102,100 | 184 |
| * Guodian Changyuan Electric Power Co. Ltd. Class A | 86,800 | 182 |
| * Beyondsoft Corp. Class A | 25,600 | 182 |
| * Shenzhen Centralcon Investment Holding Co. Ltd. Class A | 66,700 | 181 |
| * Shenzhen Energy Group Co. Ltd. Class A | 108,400 | 181 |
| * Fiyta Holdings Ltd. Class A | 83,600 | 180 |
| * Zhejiang Juhua Co. Ltd. Class A | 84,800 | 180 |
| * Henan Dayou Energy Co. Ltd. Class A | 205,800 | 180 |
| * Ping An Bank Co. Ltd. Class A | 100,000 | 180 |
14
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Shandong Huatai Paper Co. Ltd. Class A | 215,600 | 180 |
| * Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 22,400 | 178 |
| V1 Group Ltd. | 2,358,000 | 178 |
| Jiangsu Asia-Pacific Light Alloy Technology Co. Ltd. Class A | 112,600 | 177 |
| * Thaihot Group Co. Ltd. Class A | 47,800 | 177 |
| * Daheng New Epoch Technology Inc. Class A | 53,300 | 177 |
| * Han's Laser Technology Industry Group Co. Ltd. Class A | 44,200 | 176 |
| * Northern United Publishing & Media Group Co. Ltd. Class A | 103,600 | 176 |
| * Lawton Development Co. Ltd. Class A | 129,400 | 176 |
| * Sichuan EM Technology Co. Ltd. Class A | 132,000 | 176 |
| * Long Yuan Construction Group Co. Ltd. Class A | 108,400 | 175 |
| * China XD Electric Co. Ltd. Class A | 164,200 | 175 |
| * Suzhou Anjie Technology Co. Ltd. Class A | 44,100 | 175 |
| * Beijing WKW Automotive Parts Co. Ltd. Class A | 91,600 | 174 |
| Hunan Corun New Energy Co. Ltd. Class A | 59,500 | 173 |
| * Beijing Jingyuntong Technology Co. Ltd. Class A | 137,500 | 173 |
| * China Television Media Ltd. Class A | 45,400 | 173 |
| * Shenzhen Fuanna Bedding and Furnishing Co. Ltd. Class A | 98,200 | 173 |
| * Dongfang Electronics Co. Ltd. Class A | 166,700 | 172 |
| * Shijiazhuang Changshan Textile Co. Ltd. Class A | 65,000 | 171 |
| * Zhuzhou Times New Material Technology Co. Ltd. Class A | 56,600 | 171 |
| * Mayinglong Pharmaceutical Group Co. Ltd. Class A | 51,700 | 171 |
| * Eternal Asia Supply Chain Management Ltd. Class A | 24,100 | 171 |
| * Zhejiang NHU Co. Ltd. Class A | 70,900 | 171 |
| * Chongqing Iron & Steel Co. Ltd. Class A | 332,000 | 170 |
| * Central China Land Media Co. Ltd. Class A | 52,200 | 170 |
| * Huayi Compressor Co. Ltd. Class A | 127,100 | 169 |
| * Shanghai Guangdian Electric Group Co. Ltd. Class A | 160,300 | 169 |
| * Zhejiang China Light & Textile Industrial City Group Co. Ltd. Class A | 142,200 | 168 |
| * Zhangzidao Group Co. Ltd. Class A | 88,400 | 168 |
| * Asian Star Anchor Chain Co. Ltd. Jiangsu Class A | 75,700 | 168 |
| * NavInfo Co. Ltd. Class A | 31,100 | 167 |
| * Beijing Jingxi Tourism Development Co. Ltd. Class A | 40,100 | 167 |
| * Sinosteel Engineering & Technology Co. Ltd. Class A | 61,900 | 167 |
| Shanghai Bairun Flavor & Fragrance Co. Ltd. Class A | 25,600 | 167 |
| * Chongqing Brewery Co. Class A | 65,900 | 165 |
| * Hunan Gold Corp. Ltd. Class A | 123,600 | 165 |
| * Muyuan Foodstuff Co. Ltd. Class A | 20,900 | 165 |
| * Shaanxi Aerospace Power Hi-Tech Co. Ltd. Class A | 35,700 | 165 |
| * Xian International Medical Investment Co. Ltd. Class A | 52,800 | 165 |
| * Blue Star New Chemical Material Co. Ltd. Class A | 57,200 | 165 |
| Southwest Securities Co. Ltd. Class A | 122,500 | 165 |
| * Guangdong Highsun Group Co. Ltd. Class A | 152,600 | 164 |
| * Xiwang Foodstuffs Co. Ltd. Class A | 76,300 | 164 |
| * Shenzhen Wongtee International Enterprise Co. Ltd. Class B | 116,500 | 164 |
| * Jangho Group Co. Ltd. Class A | 90,400 | 163 |
| * Ningxia Orient Tantalum Industry Co. Ltd. Class A | 83,200 | 160 |
| * Shaanxi Broadcast & TV Network Intermediary Co. Ltd. Class A | 69,600 | 160 |
| * Zhejiang Jingxing Paper JSC Ltd. Class A | 90,100 | 160 |
| * Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd. Class A | 118,300 | 160 |
| * Shenzhen Gas Corp. Ltd. Class A | 107,600 | 159 |
| * Tsinghua Tongfang Co. Ltd. Class A | 59,000 | 159 |
| * Suzhou Chunxing Precision Mechanical Co. Ltd. Class A | 98,000 | 159 |
| Xiamen International Port Co. Ltd. | 624,000 | 158 |
| * North China Pharmaceutical Co. Ltd. Class A | 138,400 | 158 |
| * China Railway Construction Corp. Ltd. Class A | 64,600 | 156 |
| * Guizhou Jiulian Industrial Explosive Material Development Co. Ltd. Class A | 36,400 | 156 |
| * Sichuan Hebang Biotechnology Co. Ltd. Class A | 163,900 | 156 |
| Vinda International Holdings Ltd. | 79,000 | 155 |
| * Shenwan Hongyuan Group Co. Ltd. Class A | 100,000 | 154 |
| * China Dynamics Holdings Ltd. | 2,230,000 | 154 |
| * Jiangsu Youli Investment Holding Co. Ltd. Class A | 67,800 | 154 |
| * Royal Group Co. Ltd. Class A | 51,000 | 154 |
| * Anhui Heli Co. Ltd-A Class A | 77,100 | 154 |
15
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Tianrun Crankshaft Co. Ltd. Class A | 53,100 | 153 |
| * | Anhui Sierte Fertilizer Industry Ltd. Co. Class A | 80,900 | 152 |
| * | Sieyuan Electric Co. Ltd. Class A | 66,600 | 152 |
| * | Beijing Dabeinong Technology Group Co. Ltd. Class A | 78,500 | 152 |
| * | Guangdong Baolihua New Energy Stock Co. Ltd. Class A | 100,400 | 151 |
| * | Qingdao Citymedia Co. Ltd. Class A | 60,000 | 151 |
| * | Hongbaoli Group Corp. Ltd. Class A | 134,900 | 150 |
| * | Chengdu Xingrong Environment Co. Ltd. Class A | 119,600 | 149 |
| *,2 | Kangda International Environmental Co. Ltd. | 500,000 | 148 |
| * | Zhejiang Dun'An Artificial Environment Co. Ltd. Class A | 76,500 | 148 |
| * | Shenzhen World Union Properties Consultancy Inc. Class A | 54,600 | 148 |
| * | Beijing Haohua Energy Resource Co. Ltd. Class A | 135,300 | 148 |
| * | Zhuhai Port Co. Ltd. Class A | 117,400 | 147 |
| * | Nanjing Redsun Co. Ltd. Class A | 60,600 | 147 |
| * | Lier Chemical Co. Ltd. Class A | 40,400 | 147 |
| * | Wanhua Chemical Group Co. Ltd. Class A | 50,100 | 147 |
| * | SGIS Songshan Co. Ltd. Class A | 171,200 | 147 |
| * | Beijing Capital Co. Ltd. Class A | 84,800 | 146 |
| * | Beijing Vantone Real Estate Co. Ltd. Class A | 180,400 | 146 |
| * | China World Trade Center Co. Ltd. Class A | 61,500 | 146 |
| * | Shenzhen Guangju Energy Co. Ltd. Class A | 57,400 | 145 |
| * | Titan Wind Energy Suzhou Co. Ltd. Class A | 70,500 | 145 |
| * | EGing Photovoltaic Technology Co. Ltd. Class A | 72,500 | 145 |
| * | Chongqing Changan Automobile Co. Ltd. Class A | 59,300 | 144 |
| * | Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd. Class A | 70,800 | 144 |
| * | Tianjin Hi-Tech Development Co. Ltd. Class A | 143,200 | 143 |
| * | China CYTS Tours Holding Co. Ltd. Class A | 45,300 | 143 |
| * | Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 122,100 | 143 |
| * | Beijing Homyear Capital Holdings Co. Ltd. Class A | 63,200 | 143 |
| * | Joincare Pharmaceutical Group Industry Co. Ltd. Class A | 59,800 | 142 |
| * | Joeone Co. Ltd. Class A | 51,700 | 142 |
| * | Renrenle Commercial Group Co. Ltd. Class A | 69,800 | 142 |
| * | Zhongshan Broad Ocean Motor Co. Ltd. Class A | 73,600 | 142 |
| Changshouhua Food Co. Ltd. | 236,000 | 142 | |
| Harbin Boshi Automation Co. Ltd. Class A | 31,500 | 141 | |
| * | Guoguang Electric Co. Ltd. Class A | 71,300 | 140 |
| * | Shandong Yisheng Livestock & Poultry Breeding Co. Ltd. Class A | 35,100 | 140 |
| * | Zhefu Holding Group Co. Ltd. Class A | 100,400 | 140 |
| Jiangsu Linyang Electronics Co. Ltd. Class A | 26,900 | 140 | |
| * | Grandblue Environment Co. Ltd. Class A | 64,600 | 140 |
| China Merchants Securities Co. Ltd. Class A | 46,200 | 140 | |
| * | GITI Tire Corp. Class A | 53,900 | 139 |
| * | Invengo Information Technology Co. Ltd. Class A | 56,200 | 139 |
| * | Chongqing Zongshen Power Machinery Co. Ltd. Class A | 56,500 | 139 |
| * | Shenzhen Woer Heat-Shrinkable Material Co. Ltd. Class A | 34,600 | 139 |
| * | Zhejiang Crystal-Optech Co. Ltd. Class A | 37,300 | 138 |
| * | Dare Technology Co. Ltd. Class A | 54,000 | 138 |
| * | Jiangxi Zhengbang Technology Co. Ltd. Class A | 50,400 | 138 |
| * | Eastcompeace Technology Co. Ltd. Class A | 55,800 | 138 |
| * | Shandong Homey Aquatic Development Co. Ltd. Class A | 128,600 | 138 |
| * | Shanghai East China Computer Co. Ltd. Class A | 16,900 | 137 |
| * | China National Software & Service Co. Ltd. Class A | 24,100 | 137 |
| * | GoerTek Inc. Class A | 33,700 | 137 |
| * | Shenzhen Glory Medical Co. Ltd. Class A | 32,100 | 136 |
| * | Shenzhen Grandland Decoration Group Co. Ltd. Class A | 44,100 | 135 |
| * | Guizhou Space Appliance Co. Ltd. Class A | 31,200 | 134 |
| *,2 | Hua Hong Semiconductor Ltd. | 133,000 | 134 |
| * | TDG Holdings Co. Ltd. Class A | 67,500 | 134 |
| * | Liuzhou Liangmianzhen Co. Ltd. Class A | 112,200 | 133 |
| * | Changzhou Qianhong Biopharma Co. Ltd. Class A | 50,000 | 133 |
| * | Ningbo Yunsheng Group Co. Ltd. Class A | 45,400 | 133 |
| * | Zhejiang Zhongcheng Packing Material Co. Ltd. Class A | 49,600 | 131 |
| * | Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | 143,100 | 131 |
| * | Chengdu Huasun Group Inc. Ltd. Class A | 70,000 | 131 |
16
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Zhejiang Yongtai Technology Co. Ltd. Class A | 47,500 | 130 |
| * | Sichuan Xichang Electric Power Co. Ltd. Class A | 81,400 | 130 |
| * | Xiamen Xiangyu Co. Ltd. Class A | 67,300 | 130 |
| * | Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd. Class A | 50,600 | 129 |
| * | Fujian Yanjing Huiquan Brewery Co. Ltd. Class A | 58,800 | 129 |
| * | Changchun Gas Co. Ltd. Class A | 108,900 | 128 |
| * | Guangdong Ellington Electronics Technology Co. Ltd. Class A | 31,900 | 128 |
| * | Hebei Iron & Steel Co. Ltd. Class A | 249,400 | 128 |
| * | Zhejiang Xianju Pharmaceutical Co. Ltd. Class A | 55,500 | 128 |
| * | CPI Yuanda Environmental-Protection Group Co. Ltd. Class A | 40,600 | 128 |
| * | Sinotrans Air Transportation Development Co. Ltd. Class A | 30,600 | 128 |
| * | CNHTC Jinan Truck Co. Ltd. Class A | 53,900 | 127 |
| * | Xiamen Kingdomway Group Co. Class A | 55,700 | 127 |
| * | Jiangsu Yangnong Chemical Co. Ltd. Class A | 30,100 | 127 |
| * | Hunan Mendale Hometextile Co. Ltd. Class A | 85,100 | 127 |
| * | Anhui Truchum Advanced Materials & Technology Co. Ltd. Class A | 45,000 | 127 |
| * | Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A | 47,100 | 127 |
| * | Shanghai Pret Composites Co. Ltd. Class A | 33,100 | 126 |
| * | Colour Life Services Group Co. Ltd. | 147,000 | 126 |
| Qingling Motors Co. Ltd. | 392,000 | 126 | |
| * | Anhui Jianghuai Automobile Co. Ltd. Class A | 49,401 | 126 |
| China Lesso Group Holdings Ltd. | 154,000 | 125 | |
| * | Guangdong Vanward New Electric Co. Ltd. Class A | 50,800 | 125 |
| * | Henan Taloph Pharmaceutical Stock Co. Ltd. Class A | 98,300 | 125 |
| * | Zhejiang Yankon Group Co. Ltd. Class A | 100,600 | 125 |
| * | China Huiyuan Juice Group Ltd. | 277,000 | 124 |
| * | Ningbo Bird Co. Ltd. Class A | 105,100 | 124 |
| * | Fujian Sunner Development Co. Ltd. Class A | 45,092 | 124 |
| * | Ningbo Joyson Electronic Corp. Class A | 23,700 | 124 |
| * | Changjiang & Jinggong Steel Building Group Co. Ltd. Class A | 135,700 | 124 |
| * | Zhongyuan Environment-Protection Co. Ltd. Class A | 46,500 | 124 |
| * | Hubei Biocause Pharmaceutical Co. Ltd. Class A | 78,100 | 123 |
| *,^ | Enerchina Holdings Ltd. | 2,025,000 | 123 |
| * | Zhejiang Jingu Co. Ltd. Class A | 35,400 | 123 |
| * | Glodon Software Co. Ltd. Class A | 47,400 | 123 |
| * | Orient International Enterprise Ltd. Class A | 41,000 | 122 |
| * | NARI Technology Co. Ltd. Class A | 45,300 | 122 |
| * | Chengdu Leejun Industrial Co. Ltd. Class A | 61,400 | 122 |
| * | Changshu Fengfan Power Equipment Co. Ltd. Class A | 94,600 | 122 |
| * | Xi'An Shaangu Power Co. Ltd. Class A | 88,600 | 121 |
| * | Shanghai Lansheng Corp. Class A | 27,000 | 121 |
| * | Guangzhou KingTeller Technology Co. Ltd. Class A | 71,700 | 121 |
| * | Macrolink Real Estate Co. Ltd. Class A | 69,200 | 121 |
| * | Datang Telecom Technology Co. Ltd. Class A | 37,400 | 120 |
| * | Financial Street Holdings Co. Ltd. Class A | 79,900 | 120 |
| * | Qingdao Haier Co. Ltd. Class A | 75,300 | 118 |
| * | Shenzhen Heungkong Holding Co. Ltd. Class A | 94,200 | 118 |
| * | Zhongbai Holdings Group Co. Ltd. Class A | 94,000 | 117 |
| * | Hengdian Group DMEGC Magnetics Co. Ltd. Class A | 32,200 | 117 |
| * | Huayuan Property Co. Ltd. Class A | 93,000 | 117 |
| * | Metro Land Corp. Ltd. Class A | 76,800 | 117 |
| * | Guangdong Taiantang Pharmaceutical Co. Ltd. Class A | 48,200 | 116 |
| * | Shandong Humon Smelting Co. Ltd. Class A | 76,200 | 116 |
| * | Ningbo Boway Alloy Material Co. Ltd. Class A | 36,100 | 115 |
| * | Qiming Information Technology Co. Ltd. Class A | 45,400 | 114 |
| * | Kingfa Sci & Tech Co. Ltd. Class A | 89,400 | 114 |
| * | Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | 62,600 | 114 |
| *,^ | China Public Procurement Ltd. | 6,320,000 | 113 |
| * | Foshan Saturday Shoes Co. Ltd. Class A | 53,800 | 113 |
| * | China Wuyi Co. Ltd. Class A | 29,100 | 113 |
| * | Jiangsu Huifeng Agrochemical Co. Ltd. Class A | 30,505 | 113 |
| * | Zhejiang Nanyang Technology Co. Ltd. Class A | 35,200 | 113 |
| * | Tibet Cheezheng Tibetan Medicine Co. Ltd. Class A | 23,400 | 112 |
| * | Wuhan Yangtze Communications Industry Group Co. Ltd. Class A | 40,900 | 112 |
17
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Launch Tech Co. Ltd. | 73,500 | 111 |
| * Jishi Media Co. Ltd. Class A | 114,700 | 110 |
| * United Electronics Co. Ltd. Class A | 15,400 | 110 |
| * Bright Oceans Inter-Telecom Corp. Class A | 40,600 | 110 |
| * New Huadu Supercenter Co. Ltd. Class A | 101,000 | 109 |
| * Huafa Industrial Co. Ltd. Zhuhai Class A | 43,900 | 109 |
| * MeiHua Holdings Group Co. Ltd. Class A | 95,500 | 108 |
| * Zhejiang Huamei Holding Co. Ltd. Class A | 65,300 | 108 |
| Qingdao Hanhe Cable Co. Ltd. Class A | 105,800 | 108 |
| * Sichuan Tuopai Shede Wine Co. Ltd. Class A | 43,900 | 108 |
| * Beijing Dalong Weiye Real Estate Development Co. Ltd. Class A | 132,000 | 108 |
| * Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia Class A | 70,400 | 108 |
| * Tianjin Benefo Tejing Electric Co. Ltd. Class A | 39,300 | 107 |
| * Insigma Technology Co. Ltd. Class A | 49,900 | 107 |
| * China CAMC Engineering Co. Ltd. Class A | 27,600 | 107 |
| * Shanghai Jiao Yun Co. Ltd. Class A | 46,900 | 106 |
| * Hongrun Construction Group Co. Ltd. Class A | 67,200 | 106 |
| * Tungkong Inc. Class A | 19,400 | 105 |
| * China Gezhouba Group Co. Ltd. Class A | 85,300 | 105 |
| * Rongxin Power Electronic Co. Ltd. Class A | 30,700 | 105 |
| * Sichuan Yahua Industrial Group Co. Ltd. Class A | 69,700 | 105 |
| * Shanghai 2345 Network Holding Group Co. Ltd. Class A | 19,500 | 104 |
| * Leaguer Stock Co. Ltd. Class A | 38,500 | 104 |
| * Focus Technology Co. Ltd. Class A | 8,300 | 103 |
| * Nantong Jianghai Capacitor Co. Ltd. Class A | 31,200 | 103 |
| * Qinghai Salt Lake Industry Co. Ltd. Class A | 33,100 | 103 |
| * Henan Splendor Science & Technology Co. Ltd. Class A | 39,600 | 101 |
| * Shanghai Shenqi Pharmaceutical Investment Management Co. Ltd. Class A | 28,200 | 100 |
| * Shanxi Zhangze Electric Power Co. Ltd. Class A | 103,400 | 100 |
| * Anhui Jinhe Industrial Co. Ltd. Class A | 52,900 | 100 |
| * Sichuan Tianyi Science & Technology Co. Ltd. Class A | 38,100 | 100 |
| * Luyang Energy-Saving Materials Co. Ltd. | 46,400 | 100 |
| * Shenzhen Jieshun Science And Technology Industry Co. Ltd. Class A | 30,800 | 100 |
| * Wuhu Conch Profiles and Science Co. Ltd. Class A | 51,500 | 99 |
| * Guangdong Fenghua Advanced Technology Holding Co. Ltd. Class A | 63,700 | 99 |
| * Zhejiang JIULI Hi-tech Metals Co. Ltd. Class A | 43,700 | 98 |
| * Anhui Xinhua Media Co. Ltd. Class A | 20,200 | 97 |
| * Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. Class A | 99,700 | 97 |
| * Wanda Hotel Development Co. Ltd. | 638,000 | 97 |
| * Tianjin Realty Development Group Co. Ltd. Class A | 122,100 | 96 |
| * Tianma Microelectronics Co. Ltd. Class A | 32,600 | 96 |
| * Bright Real Estate Group Co. Ltd. Class A | 41,400 | 95 |
| * Xinzhi Motor Co. Ltd. Class A | 21,300 | 95 |
| * Wanxiang Doneed Co. Ltd. Class A | 37,900 | 95 |
| * Shandong New Beiyang Information Technology Co. Ltd. Class A | 40,600 | 94 |
| * Northeast Pharmaceutical Group Co. Ltd. Class A | 68,000 | 94 |
| * Chengtun Mining Group Co. Ltd. Class A | 72,100 | 94 |
| * Zhejiang Ming Jewelry Co. Ltd. Class A | 39,100 | 93 |
| * Fujian Dongbai Group Co. Ltd. Class A | 65,900 | 93 |
| Xiamen King Long Motor Group Co. Ltd. Class A | 28,000 | 93 |
| * Zhejiang Golden Eagle Co. Ltd. Class A | 65,800 | 92 |
| * HPGC Renmintongtai Pharmaceutical Corp. Class A | 46,800 | 92 |
| * PKU Healthcare Corp. Ltd. Class A | 44,100 | 92 |
| * Qitaihe Baotailong Coal & Coal Chemicals PCL Class A | 81,300 | 92 |
| * Shenzhen Kaifa Technology Co. Ltd. Class A | 52,700 | 92 |
| * Yingkou Port Liability Co. Ltd. Class A | 113,300 | 91 |
| * Zhejiang Sanhua Co. Ltd. Class A | 65,400 | 91 |
| * Jilin Jian Yisheng Pharmaceutical Co. Ltd. Class A | 36,300 | 91 |
| * Yunnan Copper Co. Ltd. Class A | 52,800 | 91 |
| * Jiangsu Wujiang China Eastern Silk Market Co. Ltd. Class A | 106,400 | 90 |
| * Xiamen Kehua Hengsheng Co. Ltd. Class A | 19,600 | 90 |
| * Zhejiang Yasha Decoration Co. Ltd. Class A | 38,700 | 89 |
| * Kailuan Energy Chemical Co. Ltd. Class A | 103,300 | 89 |
| * Tianjin ZhongXin Pharmaceutical Group Corp. Ltd. Class A | 29,300 | 89 |
18
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| *,^ | China Precious Metal Resources Holdings Co. Ltd. | 1,974,000 | 88 |
| * | Lifan Industry Group Co. Ltd. Class A | 42,500 | 88 |
| * | Shanghai Belling Co. Ltd. Class A | 32,800 | 88 |
| * | Anhui Xinlong Electrical Co. Ltd. Class A | 33,800 | 87 |
| * | China Automation Group Ltd. | 801,000 | 87 |
| * | Sanquan Food Co. Ltd. Class A | 52,700 | 87 |
| * | Anhui Liuguo Chemical Co. Ltd. Class A | 71,200 | 87 |
| * | Inner Mongolia Yuan Xing Energy Co. Ltd. Class A | 100,700 | 86 |
| * | Hefei Meiya Optoelectronic Technology Inc. Class A | 17,400 | 86 |
| * | Anyuan Coal Industry Group Co. Ltd. Class A | 81,800 | 85 |
| * | Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd. Class A | 41,200 | 84 |
| * | Baida Group Co. Ltd. Class A | 33,400 | 84 |
| * | North Navigation Control Technology Co. Ltd. Class A | 16,300 | 83 |
| * | Huaxin Cement Co. Ltd. Class A | 65,900 | 83 |
| * | Danhua Chemical Technology Co. Ltd. Class A | 58,800 | 83 |
| * | China Oil HBP Science & Technology Co. Ltd. Class A | 47,300 | 83 |
| * | Bright Dairy & Food Co. Ltd. Class A | 30,700 | 82 |
| * | Chengdu Qian Feng Electronics Co. Ltd-A Class A | 14,700 | 82 |
| Bloomage BioTechnology Corp. Ltd. | 45,000 | 81 | |
| * | Jiangsu Aoyang Technology Corp. Ltd. Class A | 51,100 | 81 |
| * | BeijingHualian Hypermarket Co. Ltd. Class A | 70,300 | 81 |
| * | Hanwang Technology Co. Ltd. Class A | 17,000 | 80 |
| * | Tongwei Co. Ltd. Class A | 41,600 | 80 |
| * | Hunan Huasheng Co. Ltd. Class A | 45,400 | 79 |
| * | Daphne International Holdings Ltd. | 442,000 | 79 |
| * | Shanghai Jiabao Industry & Commerce Group Co. Ltd. Class A | 39,600 | 79 |
| * | Jiangnan Mould and Plastic Technology Co. Ltd. Class A | 25,700 | 79 |
| * | Wasu Media Holding Co. Ltd. Class A | 17,100 | 79 |
| * | Guanghui Energy Co. Ltd. Class A | 72,600 | 79 |
| * | Shindoo Chemical Industry Co. Ltd. Class A | 41,100 | 78 |
| * | Hunan Investment Group Co. Ltd. Class A | 57,400 | 78 |
| * | Nanjing Panda Electronics Co. Ltd. Class A | 27,300 | 78 |
| * | Guilin Tourism Co. Ltd. Class A | 47,600 | 78 |
| * | Shenyang Chemical Industry Class A | 66,400 | 78 |
| * | Nanjing Yunhai Special Metals Co. Ltd. Class A | 40,300 | 77 |
| * | Anhui Yingliu Electromechanical Co. Ltd. Class A | 20,400 | 77 |
| * | Hangzhou First Pv Material Co. Ltd. Class A | 12,900 | 77 |
| * | GEM Co. Ltd. Class A | 36,600 | 77 |
| * | Songz Automobile Air Conditioning Co. Ltd. Class A | 30,400 | 76 |
| * | Huadian Heavy Industries Co. Ltd. Class A | 39,600 | 76 |
| * | Sino-Platinum Metals Co. Ltd. Class A | 25,500 | 76 |
| * | Der Future Science & Technology Holding Group Co. Ltd. Class A | 26,000 | 76 |
| * | Jiangsu Wuzhong Industrial Co. Class A | 23,200 | 75 |
| * | Yunnan Tourism Co. Ltd. Class A | 39,800 | 74 |
| * | Wuhan Fingu Electronic Technology Co. Ltd. Class A | 33,000 | 74 |
| * | TONTEC Technology Investment Group Co. Ltd. Class A | 24,700 | 74 |
| * | Better Life Commercial Chain Share Co. Ltd. Class A | 25,700 | 73 |
| HNA Infrastructure Company Ltd. | 64,000 | 73 | |
| * | Aerosun Corp. Class A | 18,700 | 73 |
| * | Guangzhou Development Group Inc. Class A | 39,200 | 73 |
| * | Maoming Petro-Chemical Shihua Co. Ltd. Class A | 64,300 | 73 |
| * | Beijing Capital Retailing Group Co. Ltd. Class A | 44,700 | 73 |
| * | Shandong Shanda WIT Science & Tech Co. Ltd. Class A | 12,000 | 72 |
| * | Zhejiang Asia-Pacific Mechanical & Electronic Co. Ltd. Class A | 35,500 | 72 |
| * | Suzhou Hesheng Special Material Co. Ltd. Class A | 16,100 | 72 |
| * | Anhui Shanying Paper Industry Co. Ltd. Class A | 119,500 | 71 |
| Concord New Energy Group Ltd. | 1,050,000 | 71 | |
| * | Shenzhen Das Intellitech Co. Ltd. Class A | 26,200 | 71 |
| * | Wuxi Taiji Industry Co. Ltd. Class A | 62,400 | 71 |
| * | Citic Offshore Helicopter Co. Ltd. Class A | 29,800 | 71 |
| * | Hunan Nanling Industry Explosive Material Co. Ltd. Class A | 22,400 | 70 |
| Shandong Sinobioway Biomedicine Co. Ltd. | 14,700 | 70 | |
| TCL Multimedia Technology Holdings Ltd. | 154,000 | 69 | |
| * | Yang Quan Coal Industry Group Co. Ltd. Class A | 62,800 | 68 |
19
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Beijing Centergate Technologies Holding Co. Ltd. Class A | 39,000 | 68 |
| * Xuchang Yuandong Drive Shaft Co. Ltd. Class A | 47,900 | 68 |
| North Electro-Optic Co. Ltd. Class A | 15,800 | 68 |
| China Fiber Optic Network System Group Ltd. | 568,000 | 68 |
| * Yueyang Xingchang Petrochemical Class A | 15,100 | 67 |
| * Beijing Shunxin Agriculture Co. Ltd. Class A | 22,900 | 67 |
| * Xiamen Comfort Science & Technology Group Co. Ltd. Class A | 22,700 | 67 |
| Peak Sport Products Co. Ltd. | 220,000 | 66 |
| * Ningbo Lugong Online Monitoring Technology Co. Ltd. Class A | 22,700 | 66 |
| * Hubei Energy Group Co. Ltd. Class A | 66,200 | 65 |
| * Wuhan Iron & Steel Co. Ltd. Class A | 109,200 | 65 |
| * Shandong Gold Mining Co. Ltd. Class A | 22,100 | 64 |
| * Hangxiao Steel Structure Co. Ltd. Class A | 39,100 | 64 |
| * Hengyi Petrochemical Co. Ltd. Class A | 45,800 | 62 |
| * Shantou Dongfeng Printing Co. Ltd. Class A | 28,000 | 62 |
| Shuangliang Eco-Energy Systems Co. Ltd. Class A | 42,600 | 62 |
| * Guangzhou Pearl River Piano Group Co. Ltd. Class A | 22,600 | 61 |
| * Sichuan Jiuzhou Electric Co. Ltd. Class A | 14,100 | 61 |
| * Sinosoft Technology Group Ltd. | 106,000 | 60 |
| * O-Net Communications Group Ltd. | 204,000 | 60 |
| Huaxin Cement Co. Ltd. Class B | 88,900 | 59 |
| * Changchunjingkai Group Co. Ltd. Class A | 40,800 | 58 |
| * Tianjin Port Co. Ltd. Class A | 33,300 | 58 |
| Shenzhen Sunlord Electronics Co. Ltd. Class A | 28,900 | 57 |
| * Loudong General Nice Resources China Holdings Ltd. | 675,000 | 57 |
| * Shandong Sunway Petrochemical Engineering Co. Ltd. Class A | 24,500 | 57 |
| * Zhejiang Haiyue Co. Ltd. Class A | 26,900 | 56 |
| CPMC Holdings Ltd. | 100,000 | 56 |
| * China TransInfo Technology Co. Ltd. Class A | 9,800 | 56 |
| * Yantai Moon Co. Ltd. Class A | 25,800 | 56 |
| * Suzhou Hailu Heavy Industry Co. Ltd. Class A | 34,900 | 55 |
| Henan Hengxing Science & Technology Co. Ltd. Class A | 54,400 | 55 |
| * Beijing UniStrong Science & Technology Co. Ltd. Class A | 9,700 | 54 |
| * Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 25,400 | 53 |
| * Shandong Polymer Biochemicals Co. Ltd. Class A | 38,400 | 53 |
| * Bros Eastern Co. Ltd. Class A | 45,500 | 53 |
| Guangxi Guidong Electric Power Co. Ltd. Class A | 36,100 | 53 |
| * Zhongli Science and Technology Group Co. Ltd. Class A | 18,600 | 53 |
| * Jiangsu Lianyungang Port Co. Ltd. Class A | 43,600 | 52 |
| * Zhejiang Huafeng Spandex Co. Ltd. Class A | 55,000 | 52 |
| * Shanghai Luxin Packing Materials Science & Technology Co. Ltd. Class A | 38,300 | 52 |
| * Yintai Resources Co. Ltd. Class A | 28,400 | 52 |
| * Guangdong Macro Co. Ltd. Class A | 44,900 | 52 |
| * Shanghai Chinafortune Co. Ltd. Class A | 24,300 | 52 |
| * CITIC Guoan Wine Co. Ltd. Class A | 49,200 | 52 |
| * Luxi Chemical Group Co. Ltd. Class A | 48,700 | 51 |
| * Sichuan Guodong Construction Co. Ltd. Class A | 64,900 | 51 |
| * Tongkun Group Co. Ltd. Class A | 27,200 | 51 |
| * Tibet Tianlu Co. Ltd. Class A | 28,900 | 51 |
| * Zhejiang Shuanghuan Driveline Co. Ltd. Class A | 15,300 | 51 |
| * Fujian Qingshan Paper Industry Co. Ltd. Class A | 54,300 | 50 |
| * Jiangsu Yabang Dyestuff Co. Ltd. Class A | 15,300 | 50 |
| * Global Bio-Chem Technology Group Co. Ltd. | 1,278,000 | 50 |
| * Mingsheng Holdings Co. Ltd. Class A | 34,000 | 50 |
| * Baoji Titanium Industry Co. Ltd. Class A | 17,400 | 49 |
| Fiyta Holdings Ltd. Class B | 46,698 | 49 |
| * Anhui Honglu Steel Construction Group Co. Ltd. Class A | 18,100 | 49 |
| * Beijing Tiantan Biological Products Corp. Ltd. Class A | 10,900 | 49 |
| * Beih-Property Co. Ltd. Class A | 40,200 | 49 |
| * Shanghai Hanbell Precise Machinery Co. Ltd. Class A | 16,900 | 48 |
| * Guangdong Tapai Group Co. Ltd. Class A | 29,700 | 48 |
| China Lilang Ltd. | 56,000 | 48 |
| * Zhejiang Hisun Pharmaceutical Co. Ltd. Class A | 21,800 | 47 |
| Welling Holding Ltd. | 282,000 | 47 |
20
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * MIE Holdings Corp. | 330,000 | 43 |
| * EverChina International Holdings Co. Ltd. | 1,045,000 | 42 |
| * Neway Valve Suzhou Co. Ltd. Class A | 12,800 | 42 |
| * AUCMA Co. Ltd. Class A | 35,400 | 41 |
| * Shenzhen Yan Tian Port Holding Co. Ltd. Class A | 31,300 | 41 |
| * Sichuan Hejia Co. Class A | 15,400 | 40 |
| * Henan Rebecca Hair Products Co. Ltd. Class A | 41,000 | 40 |
| * Shanxi Lu'an Environmental Energy Development Co. Ltd. Class A | 40,300 | 39 |
| * Shanghai Datun Energy Resources Co. Ltd. Class A | 24,200 | 39 |
| * Shandong Jinling Mining Co. Ltd. Class A | 29,500 | 38 |
| Shandong Bohui Paper Industrial Co. Ltd. Class A | 64,900 | 38 |
| * Guangxi Liugong Machinery Co. Ltd. Class A | 27,500 | 37 |
| * Xinjiang Tecon Animal Husbandry Bio-Technology Co. Ltd. Class A | 22,700 | 37 |
| * China Tian Lun Gas Holdings Ltd. | 40,500 | 37 |
| * Wolong Electric Group Co. Ltd. Class A | 14,400 | 36 |
| * Jiangxi Wannianqing Cement Co. Ltd. Class A | 31,600 | 35 |
| * Shaanxi Fenghuo Electronics Co. Ltd. Class A | 21,400 | 35 |
| * Hangzhou Advance Gearbox Group Co. Ltd. Class A | 22,200 | 35 |
| * Zhongxing Shenyang Commercial Building Group Co. Ltd. Class A | 19,600 | 34 |
| * Jiangsu Huaxicun Co. Ltd. Class A | 20,800 | 33 |
| * Beijing Wangfujing Department Store Group Co. Ltd. Class A | 8,700 | 33 |
| * Jiangsu Yulong Steel Pipe Co. Ltd. Class A | 22,700 | 33 |
| * Foshan Nationstar Optoelectronics Co. Ltd. Class A | 15,600 | 32 |
| * Wolong Real Estate Group Co. Ltd. Class A | 31,900 | 32 |
| * Xinjiang Tianfu Energy Co. Ltd. Class A | 20,500 | 31 |
| * Fangda Special Steel Technology Co. Ltd. Class A | 31,300 | 31 |
| * Hangzhou Boiler Group Co. Ltd. Class A | 13,000 | 30 |
| * Gansu Ronghua Industry Group Co. Ltd. Class A | 29,900 | 30 |
| * Hainan Expressway Co. Ltd. Class A | 34,800 | 30 |
| China Suntien Green Energy Corp. Ltd. | 166,000 | 30 |
| * Weichai Heavy Machinery Co. Ltd. Class A | 11,900 | 30 |
| * Chongqing Jianfeng Chemical Co. Ltd. Class A | 25,900 | 29 |
| * Beijing Electronic Zone Investment and Development Co. Ltd. Class A | 15,300 | 28 |
| China Power New Energy Development Co. Ltd. | 400,000 | 28 |
| * Sunvim Group Co. Ltd. Class A | 25,200 | 28 |
| * Xinyu Iron & Steel Co. Ltd. Class A | 34,000 | 27 |
| * Jizhong Energy Resources Co. Ltd. Class A | 31,800 | 26 |
| Hefei Meiling Co. Ltd. Class B | 41,500 | 26 |
| * Hidili Industry International Development Ltd. | 499,000 | 25 |
| * Shanxi Coking Co. Ltd. Class A | 26,200 | 25 |
| * Industrial Bank Co. Ltd. Class A | 10,000 | 24 |
| 361 Degrees International Ltd. | 67,000 | 24 |
| * Henan Billions Chemicals Co. Ltd. Class A | 5,300 | 23 |
| * Taiyuan Coal Gasification Co. Ltd. Class A | 19,700 | 22 |
| * Aeolus Tyre Co. Ltd. Class A | 7,800 | 18 |
| * Wuhan Langold Real Estate Co. Ltd. Class A | 16,700 | 15 |
| * Rainbow Department Store Co. Ltd. Class A | 7,200 | 15 |
| * Tande Co. Ltd. Class A | 15,800 | 14 |
| * Hangzhou Hangyang Co. Ltd. Class A | 9,300 | 14 |
| * Mingfa Group International Co. Ltd. | 57,000 | 14 |
| * Chigo Holding Ltd. | 704,000 | 12 |
| * China ITS Holdings Co. Ltd. | 35,000 | 4 |
| 14,821,760 | ||
| Colombia (0.6%) | ||
| Grupo de Inversiones Suramericana SA | 4,157,769 | 52,787 |
| Bancolombia SA ADR | 1,436,144 | 49,719 |
| Cementos Argos SA | 7,144,669 | 23,676 |
| Grupo Argos SA | 3,816,227 | 23,448 |
| Corp Financiera Colombiana SA | 1,715,268 | 22,404 |
| Grupo de Inversiones Suramericana SA Preference Shares | 1,674,263 | 21,013 |
| ^ Ecopetrol SA ADR | 2,235,058 | 20,831 |
| Grupo Aval Acciones y Valores Preference Shares | 47,266,226 | 18,926 |
| Ecopetrol SA | 39,691,902 | 18,496 |
| Almacenes Exito SA | 3,850,921 | 17,360 |
21
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Isagen SA ESP | 13,528,652 | 14,337 | |
| Bancolombia SA Preference Shares | 1,634,187 | 14,170 | |
| Interconexion Electrica SA ESP | 5,815,519 | 13,932 | |
| Cementos Argos SA Preference Shares | 3,559,314 | 11,193 | |
| * | Cemex Latam Holdings SA | 2,978,253 | 10,363 |
| Grupo Aval Acciones y Valores SA ADR | 751,667 | 6,021 | |
| 338,676 | |||
| Czech Republic (0.2%) | |||
| CEZ AS | 2,814,881 | 56,263 | |
| Komercni banka as | 260,774 | 53,912 | |
| Philip Morris CR AS | 749 | 357 | |
| 110,532 | |||
| Egypt (0.3%) | |||
| Commercial International Bank Egypt SAE | 14,633,631 | 96,221 | |
| Talaat Moustafa Group | 18,321,311 | 15,492 | |
| * | Egyptian Financial Group-Hermes Holding Co. | 10,061,211 | 11,277 |
| * | Global Telecom Holding SAE GDR | 9,087,511 | 10,573 |
| * | Orascom Construction Ltd. | 1,055,077 | 10,546 |
| Egypt Kuwait Holding Co. SAE | 14,735,315 | 8,546 | |
| Juhayna Food Industries | 8,124,983 | 7,902 | |
| * | ElSewedy Electric Co. | 1,287,151 | 6,854 |
| Telecom Egypt Co. | 6,161,855 | 5,285 | |
| * | Ezz Steel | 3,558,889 | 4,397 |
| Sidi Kerir Petrochemicals Co. | 2,218,241 | 3,668 | |
| * | Orascom Telecom Media And Technology Holding SAE | 4,050,000 | 419 |
| * | Arab Cotton Ginning | 942,092 | 359 |
| * | Palm Hills Developments SAE | 1,189,526 | 316 |
| * | Porto Holding SAE | 4,650,410 | 266 |
| Amer Group Holding | 3,379,248 | 227 | |
| * | Medinet Nasr Housing | 71,291 | 214 |
| * | Six of October Development & Investment | 181,471 | 205 |
| * | Global Telecom Holding SAE | 768,520 | 179 |
| * | Pioneers Holding for Financial Investments SAE | 169,781 | 175 |
| * | Egyptian Resorts Co. | 1,218,664 | 150 |
| * | Citadel Capital SAE | 410,000 | 95 |
| Oriental Weavers | 42,776 | 58 | |
| * | South Valley Cement | 98,416 | 53 |
| Heliopolis Co. for Housing and Construction SAE | 6,100 | 33 | |
| * | Maridive & Oil Services SAE | 74,788 | 25 |
| * | Abu Dhabi Islamic Bank | 9,900 | 6 |
| 183,541 | |||
| Hong Kong (0.0%) | |||
| *,^ | Hybrid Kinetic Group Ltd. | 29,686,000 | 1,409 |
| Jiangnan Group Ltd. | 6,010,000 | 1,373 | |
| *,^ | SMI Holdings Group Ltd. | 12,580,000 | 1,096 |
| *,^ | Tongda Group Holdings Ltd. | 4,610,000 | 936 |
| * | National Agricultural Holdings Ltd. | 1,504,000 | 751 |
| ^ | Dawnrays Pharmaceutical Holdings Ltd. | 540,000 | 447 |
| Capital Environment Holdings Ltd. | 5,308,000 | 273 | |
| * | China Water Industry Group Ltd. | 1,264,000 | 259 |
| *,^ | China Beidahuang Industry Group Holdings Ltd. Class A | 1,096,000 | 250 |
| China Soft Power Technology Holdings Ltd. | 2,562,000 | 240 | |
| *,^ | Leyou Technologies Holdings Ltd. | 2,065,000 | 195 |
| * | China Minsheng Drawin Technology Group Ltd. | 600,000 | 39 |
| 7,268 | |||
| Hungary (0.3%) | |||
| OTP Bank plc | 3,243,616 | 62,813 | |
| Richter Gedeon Nyrt | 2,401,414 | 40,058 | |
| MOL Hungarian Oil & Gas plc | 804,239 | 36,340 | |
| * | Magyar Telekom Telecommunications plc | 7,113,381 | 9,867 |
| 149,078 | |||
| India (12.7%) | |||
| Infosys Ltd. | 31,828,267 | 552,341 | |
22
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Housing Development Finance Corp. Ltd. | 26,492,624 | 508,135 |
| Reliance Industries Ltd. | 26,613,347 | 385,049 |
| Tata Consultancy Services Ltd. | 7,956,226 | 303,377 |
| Sun Pharmaceutical Industries Ltd. | 18,611,990 | 252,719 |
| ICICI Bank Ltd. | 47,504,349 | 200,482 |
| ITC Ltd. | 32,241,881 | 164,811 |
| Hindustan Unilever Ltd. | 12,162,361 | 148,800 |
| HDFC Bank Ltd. | 8,142,063 | 136,713 |
| Oil & Natural Gas Corp. Ltd. | 34,542,244 | 130,259 |
| HCL Technologies Ltd. | 9,025,274 | 120,281 |
| Bharti Airtel Ltd. | 21,632,220 | 115,262 |
| Lupin Ltd. | 3,732,859 | 109,659 |
| Coal India Ltd. | 22,442,785 | 109,616 |
| Kotak Mahindra Bank Ltd. | 10,325,661 | 108,426 |
| Axis Bank Ltd. | 14,279,240 | 103,529 |
| HDFC Bank Ltd. ADR | 1,667,910 | 101,976 |
| * Tata Motors Ltd. | 17,213,108 | 100,852 |
| Mahindra & Mahindra Ltd. | 5,085,486 | 91,895 |
| State Bank of India | 25,241,760 | 91,186 |
| Larsen & Toubro Ltd. | 3,692,626 | 79,493 |
| NTPC Ltd. | 33,485,680 | 67,876 |
| IndusInd Bank Ltd. | 4,833,564 | 67,261 |
| Hero MotoCorp Ltd. | 1,672,276 | 65,929 |
| Tech Mahindra Ltd. | 7,645,553 | 62,945 |
| Asian Paints Ltd. | 4,884,064 | 61,934 |
| Indian Oil Corp. Ltd. | 9,620,891 | 58,753 |
| Wipro Ltd. | 6,576,713 | 57,825 |
| Aurobindo Pharma Ltd. | 4,517,387 | 57,624 |
| Zee Entertainment Enterprises Ltd. | 9,232,540 | 57,585 |
| Cipla Ltd. | 5,453,408 | 57,482 |
| Eicher Motors Ltd. | 203,804 | 55,202 |
| Bharti Infratel Ltd. | 9,249,542 | 54,968 |
| Maruti Suzuki India Ltd. | 797,888 | 54,192 |
| Adani Ports & Special Economic Zone Ltd. | 11,730,489 | 52,979 |
| Idea Cellular Ltd. | 24,674,825 | 52,694 |
| * United Spirits Ltd. | 1,008,194 | 48,441 |
| UltraTech Cement Ltd. | 1,092,325 | 48,160 |
| Dr Reddy's Laboratories Ltd. ADR | 739,492 | 47,912 |
| Bajaj Auto Ltd. | 1,191,901 | 46,426 |
| ^ Wipro Ltd. ADR | 3,683,341 | 45,600 |
| Dr Reddy's Laboratories Ltd. | 657,542 | 42,786 |
| Shriram Transport Finance Co. Ltd. | 2,876,024 | 41,423 |
| Power Grid Corp. of India Ltd. | 20,711,051 | 40,736 |
| Bharat Petroleum Corp. Ltd. | 2,999,150 | 39,902 |
| Bosch Ltd. | 126,262 | 39,443 |
| Godrej Consumer Products Ltd. | 1,970,205 | 37,988 |
| Nestle India Ltd. | 389,772 | 36,779 |
| Dabur India Ltd. | 8,910,561 | 36,702 |
| Glenmark Pharmaceuticals Ltd. | 2,285,971 | 34,562 |
| Ambuja Cements Ltd. | 10,203,424 | 32,240 |
| Vedanta Ltd. | 20,347,948 | 30,819 |
| Bharat Heavy Electricals Ltd. | 10,103,866 | 30,643 |
| UPL Ltd. | 4,286,901 | 30,067 |
| LIC Housing Finance Ltd. | 4,066,609 | 29,752 |
| Siemens Ltd. | 1,405,310 | 28,433 |
| Yes Bank Ltd. | 2,427,477 | 28,069 |
| JSW Steel Ltd. | 1,928,984 | 26,782 |
| * Shree Cement Ltd. | 141,160 | 26,465 |
| * Cadila Healthcare Ltd. | 4,035,655 | 25,691 |
| Britannia Industries Ltd. | 515,724 | 25,456 |
| GAIL India Ltd. | 5,173,250 | 24,361 |
| * Tata Motors Ltd. Class A | 6,057,460 | 24,009 |
| Divi's Laboratories Ltd. | 1,353,786 | 23,838 |
| Marico Ltd. | 3,935,689 | 23,273 |
23
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Piramal Enterprises Ltd. | 1,588,320 | 22,700 |
| Rural Electrification Corp. Ltd. | 5,805,439 | 22,105 |
| Bajaj Finserv Ltd. | 683,672 | 20,554 |
| Oracle Financial Services Software Ltd. | 344,237 | 20,409 |
| * Reliance Communications Ltd. | 17,660,908 | 20,285 |
| Bharat Forge Ltd. | 1,544,643 | 20,233 |
| Motherson Sumi Systems Ltd. | 5,354,188 | 20,063 |
| Cummins India Ltd. | 1,219,735 | 20,007 |
| Bharat Electronics Ltd. | 1,050,363 | 19,956 |
| Power Finance Corp. Ltd. | 5,385,927 | 19,708 |
| Crompton Greaves Ltd. | 7,416,010 | 19,686 |
| NMDC Ltd. | 12,822,271 | 19,583 |
| Titan Co. Ltd. | 3,535,515 | 18,889 |
| Pidilite Industries Ltd. | 2,176,134 | 18,633 |
| Ashok Leyland Ltd. | 12,710,004 | 18,155 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 358,182 | 18,136 |
| Cairn India Ltd. | 7,720,192 | 18,063 |
| Hindalco Industries Ltd. | 13,798,092 | 17,670 |
| Bank of Baroda | 7,131,185 | 17,383 |
| Tata Power Co. Ltd. | 16,531,832 | 17,364 |
| Hindustan Petroleum Corp. Ltd. | 1,462,903 | 17,169 |
| United Breweries Ltd. | 1,186,673 | 17,005 |
| GlaxoSmithKline Consumer Healthcare Ltd. | 184,292 | 16,947 |
| Mahindra & Mahindra Financial Services Ltd. | 4,809,700 | 16,659 |
| ABB India Ltd. | 868,958 | 16,415 |
| Colgate-Palmolive India Ltd. | 1,106,968 | 16,164 |
| Grasim Industries Ltd. | 279,610 | 15,855 |
| Aditya Birla Nuvo Ltd. | 496,967 | 15,653 |
| ACC Ltd. | 736,149 | 15,511 |
| Tata Steel Ltd. | 3,958,024 | 14,872 |
| Castrol India Ltd. | 2,054,315 | 14,534 |
| Reliance Capital Ltd. | 2,237,650 | 14,405 |
| Reliance Infrastructure Ltd. | 2,314,209 | 13,983 |
| Wockhardt Ltd. | 607,005 | 13,841 |
| Steel Authority of India Ltd. | 16,758,009 | 13,641 |
| Indiabulls Housing Finance Ltd. | 1,207,390 | 13,270 |
| DLF Ltd. | 7,354,356 | 13,034 |
| Oil India Ltd. | 2,001,205 | 12,395 |
| * IDFC Bank Ltd. | 10,827,135 | 12,013 |
| Mphasis Ltd. | 1,612,193 | 11,674 |
| Bajaj Holdings & Investment Ltd. | 458,181 | 11,629 |
| Punjab National Bank | 5,619,989 | 10,991 |
| IDFC Ltd. | 10,827,135 | 9,723 |
| Bajaj Finance Ltd. | 117,638 | 9,378 |
| Hindustan Zinc Ltd. | 3,867,337 | 9,275 |
| JSW Energy Ltd. | 6,311,663 | 8,970 |
| Sun TV Network Ltd. | 1,468,839 | 8,909 |
| Tata Communications Ltd. | 1,336,516 | 8,756 |
| Exide Industries Ltd. | 3,698,215 | 8,424 |
| * Essar Oil Ltd. | 2,815,690 | 8,214 |
| * Reliance Power Ltd. | 10,402,661 | 8,004 |
| * Adani Power Ltd. | 16,373,337 | 7,862 |
| IDBI Bank Ltd. | 5,806,899 | 7,579 |
| * Jindal Steel & Power Ltd. | 6,194,001 | 7,564 |
| Canara Bank | 1,732,919 | 7,309 |
| Torrent Pharmaceuticals Ltd. | 304,462 | 7,158 |
| Torrent Power Ltd. | 2,356,490 | 6,983 |
| Adani Enterprises Ltd. | 4,580,686 | 6,453 |
| NHPC Ltd. | 22,668,366 | 6,287 |
| Emami Ltd. | 371,274 | 6,084 |
| Godrej Industries Ltd. | 1,009,156 | 6,031 |
| * GMR Infrastructure Ltd. | 30,086,693 | 6,009 |
| Union Bank of India | 2,030,318 | 4,840 |
| Great Eastern Shipping Co. Ltd. | 777,407 | 4,484 |
24
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Bank of India | 2,191,539 | 4,382 |
| Tata Chemicals Ltd. | 660,292 | 4,120 |
| * Jaiprakash Associates Ltd. | 18,964,999 | 3,899 |
| * Mangalore Refinery & Petrochemicals Ltd. | 3,711,949 | 3,098 |
| * Unitech Ltd. | 21,892,999 | 2,539 |
| Oriental Bank of Commerce | 1,194,783 | 2,452 |
| Bayer CropScience Ltd. | 42,391 | 2,262 |
| Mindtree Ltd. | 88,192 | 2,114 |
| Apollo Hospitals Enterprise Ltd. | 88,089 | 1,765 |
| Info Edge India Ltd. | 143,898 | 1,659 |
| Corp Bank | 2,410,755 | 1,605 |
| Page Industries Ltd. | 5,992 | 1,288 |
| Prestige Estates Projects Ltd. | 408,564 | 1,268 |
| Rajesh Exports Ltd. | 99,433 | 977 |
| * Gujarat Pipavav Port Ltd. | 338,333 | 832 |
| eClerx Services Ltd. | 23,771 | 664 |
| Kajaria Ceramics Ltd. | 45,650 | 633 |
| * Blue Dart Express Ltd. | 5,176 | 602 |
| Ajanta Pharma Ltd. | 24,246 | 573 |
| State Bank of India GDR | 15,488 | 560 |
| Alembic Pharmaceuticals Ltd. | 53,994 | 559 |
| Havells India Ltd. | 135,054 | 523 |
| Redington India Ltd. | 286,297 | 519 |
| Max India Ltd. | 62,060 | 502 |
| Gateway Distriparks Ltd. | 97,063 | 496 |
| AIA Engineering Ltd. | 32,989 | 484 |
| PI Industries Ltd. | 45,708 | 466 |
| KPIT Technologies Ltd. | 207,911 | 433 |
| * Indian Hotels Co. Ltd. | 284,937 | 432 |
| Persistent Systems Ltd. | 43,380 | 427 |
| * Sun Pharma Advanced Research Co. Ltd. | 68,036 | 401 |
| Vakrangee Ltd. | 195,994 | 391 |
| Cox & Kings Ltd. | 92,521 | 382 |
| Cyient Ltd. | 43,990 | 361 |
| * Bajaj Corp. Ltd. | 55,957 | 350 |
| * Abbott India Ltd. | 3,857 | 329 |
| Rolta India Ltd. | 199,530 | 300 |
| Jammu & Kashmir Bank Ltd. | 227,499 | 289 |
| Balkrishna Industries Ltd. | 23,347 | 232 |
| Credit Analysis & Research Ltd. | 11,238 | 224 |
| Karur Vysya Bank Ltd. | 34,237 | 221 |
| * Balrampur Chini Mills Ltd. | 225,260 | 209 |
| Repco Home Finance Ltd. | 19,104 | 207 |
| VA Tech Wabag Ltd. | 20,750 | 203 |
| Radico Khaitan Ltd. | 122,472 | 190 |
| Sadbhav Engineering Ltd. | 31,229 | 152 |
| * Punj Lloyd Ltd. | 383,154 | 151 |
| * Bajaj Hindusthan Sugar Ltd. | 494,173 | 150 |
| WABCO India Ltd. | 1,409 | 143 |
| Gillette India Ltd. | 1,782 | 132 |
| Polaris Consulting & Services Ltd. | 43,484 | 127 |
| Alstom T&D India Ltd. | 15,868 | 127 |
| Pfizer Ltd. | 3,161 | 123 |
| Srei Infrastructure Finance Ltd. | 173,944 | 119 |
| Videocon Industries Ltd. | 52,374 | 107 |
| Welspun Corp. Ltd. | 66,050 | 102 |
| * Adani Transmissions Ltd. | 170,000 | 94 |
| * Whirlpool of India Ltd. | 9,616 | 93 |
| Alstom India Ltd. | 9,188 | 87 |
| Jindal Saw Ltd. | 69,044 | 68 |
| * Shree Renuka Sugars Ltd. | 282,316 | 49 |
| * Pipavav Defence & Offshore Engineering Co. Ltd. | 39,374 | 34 |
| * Gujarat Gas Ltd. | 3,017 | 26 |
| * DEN Networks Ltd. | 13,378 | 23 |
25
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Hathway Cable & Datacom Ltd. | 23,902 | 15 |
| Castex Technologies Ltd. | 7,862 | 3 |
| 6,716,753 | ||
| Indonesia (2.4%) | ||
| Bank Central Asia Tbk PT | 205,822,324 | 193,221 |
| Telekomunikasi Indonesia Persero Tbk PT | 848,062,605 | 167,757 |
| Astra International Tbk PT | 335,431,900 | 143,808 |
| Bank Rakyat Indonesia Persero Tbk PT | 179,866,800 | 137,369 |
| Bank Mandiri Persero Tbk PT | 156,604,180 | 99,031 |
| Unilever Indonesia Tbk PT | 19,276,530 | 52,014 |
| Bank Negara Indonesia Persero Tbk PT | 125,932,161 | 43,484 |
| Perusahaan Gas Negara Persero Tbk PT | 178,910,404 | 38,953 |
| Semen Indonesia Persero Tbk PT | 49,840,604 | 35,450 |
| United Tractors Tbk PT | 25,646,901 | 33,836 |
| Kalbe Farma Tbk PT | 316,853,890 | 32,942 |
| Indofood Sukses Makmur Tbk PT | 74,734,496 | 30,004 |
| Indocement Tunggal Prakarsa Tbk PT | 22,488,931 | 29,351 |
| Gudang Garam Tbk PT | 7,791,580 | 24,415 |
| Charoen Pokphand Indonesia Tbk PT | 124,089,232 | 22,480 |
| Surya Citra Media Tbk PT | 98,590,200 | 20,938 |
| Indofood CBP Sukses Makmur Tbk PT | 19,275,200 | 18,557 |
| * Tower Bersama Infrastructure Tbk PT | 33,729,100 | 17,496 |
| * XL Axiata Tbk PT | 53,052,824 | 12,051 |
| Jasa Marga Persero Tbk PT | 33,090,500 | 11,648 |
| Media Nusantara Citra Tbk PT | 85,024,750 | 10,992 |
| Bank Danamon Indonesia Tbk PT | 54,457,324 | 10,955 |
| Adaro Energy Tbk PT | 216,524,480 | 9,356 |
| Astra Agro Lestari Tbk PT | 5,588,980 | 8,075 |
| Tambang Batubara Bukit Asam Persero Tbk PT | 14,870,125 | 7,884 |
| Global Mediacom Tbk PT | 111,004,189 | 6,997 |
| * Vale Indonesia Tbk PT | 30,302,527 | 4,902 |
| * Aneka Tambang Persero Tbk PT | 155,997,191 | 4,299 |
| Indo Tambangraya Megah Tbk PT | 6,423,800 | 3,946 |
| AKR Corporindo Tbk PT | 7,750,300 | 3,329 |
| Lippo Karawaci Tbk PT | 24,466,100 | 2,122 |
| * Link Net Tbk PT | 4,843,100 | 1,512 |
| Siloam International Hospitals Tbk PT | 1,690,600 | 1,339 |
| * Sigmagold Inti Perkasa Tbk PT | 23,646,100 | 769 |
| Pakuwon Jati Tbk PT | 23,823,500 | 736 |
| Salim Ivomas Pratama Tbk PT | 21,088,700 | 713 |
| * Agung Podomoro Land Tbk PT | 27,872,200 | 562 |
| Ciputra Development Tbk PT | 6,259,400 | 493 |
| Timah Persero Tbk PT | 9,283,600 | 421 |
| Surya Semesta Internusa Tbk PT | 7,746,000 | 363 |
| Waskita Karya Persero Tbk PT | 2,552,300 | 302 |
| Medco Energi Internasional Tbk PT | 3,810,400 | 298 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 2,617,000 | 294 |
| Wijaya Karya Beton Tbk PT | 3,816,300 | 271 |
| * Eagle High Plantations Tbk PT | 14,206,500 | 243 |
| * Harum Energy Tbk PT | 3,873,200 | 239 |
| MNC Investama Tbk PT | 14,276,600 | 218 |
| * Energi Mega Persada Tbk PT | 59,051,800 | 216 |
| Bumi Serpong Damai Tbk PT | 1,740,600 | 204 |
| Bekasi Fajar Industrial Estate Tbk PT | 6,480,400 | 180 |
| Summarecon Agung Tbk PT | 1,743,000 | 176 |
| Ramayana Lestari Sentosa Tbk PT | 3,475,600 | 160 |
| Matahari Putra Prima Tbk PT | 861,200 | 140 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 1,667,000 | 92 |
| * Lippo Cikarang Tbk PT | 126,600 | 74 |
| BISI International Tbk PT | 805,200 | 70 |
| Gajah Tunggal Tbk PT | 710,600 | 30 |
| 1,247,777 | ||
| Malaysia (4.0%) | ||
| Public Bank Bhd. (Local) | 52,248,400 | 219,596 |
26
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Tenaga Nasional Bhd. | 59,201,507 | 174,093 |
| Malayan Banking Bhd. | 87,384,888 | 167,590 |
| Axiata Group Bhd. | 73,783,094 | 106,000 |
| Sime Darby Bhd. | 53,939,313 | 104,793 |
| CIMB Group Holdings Bhd. | 89,594,948 | 95,859 |
| DiGi.Com Bhd. | 63,022,050 | 77,117 |
| Petronas Gas Bhd. | 13,359,296 | 71,127 |
| Petronas Chemicals Group Bhd. | 48,136,822 | 71,037 |
| IHH Healthcare Bhd. | 47,442,676 | 69,651 |
| Maxis Bhd. | 44,666,150 | 68,421 |
| Genting Bhd. | 36,990,490 | 63,735 |
| IOI Corp. Bhd. | 61,900,378 | 61,207 |
| MISC Bhd. | 24,832,991 | 52,174 |
| Genting Malaysia Bhd. | 48,826,990 | 48,806 |
| Kuala Lumpur Kepong Bhd. | 8,857,412 | 46,900 |
| IJM Corp. Bhd. | 53,289,900 | 41,164 |
| PPB Group Bhd. | 10,216,208 | 36,668 |
| AMMB Holdings Bhd. | 32,429,858 | 35,990 |
| Gamuda Bhd. | 34,386,716 | 35,945 |
| British American Tobacco Malaysia Bhd. | 2,419,887 | 34,776 |
| YTL Corp. Bhd. | 91,298,456 | 32,032 |
| SapuraKencana Petroleum Bhd. | 64,194,162 | 31,476 |
| Hong Leong Bank Bhd. | 9,527,605 | 30,872 |
| Telekom Malaysia Bhd. | 19,052,040 | 29,530 |
| Petronas Dagangan Bhd. | 5,057,000 | 26,455 |
| 2 Astro Malaysia Holdings Bhd. | 33,604,300 | 22,311 |
| UMW Holdings Bhd. | 11,258,120 | 21,500 |
| Malaysia Airports Holdings Bhd. | 14,423,500 | 17,750 |
| Westports Holdings Bhd. | 17,778,424 | 17,734 |
| RHB Capital Bhd. | 12,236,535 | 17,323 |
| IOI Properties Group Bhd. | 35,223,494 | 16,534 |
| YTL Power International Bhd. | 44,729,068 | 15,721 |
| Alliance Financial Group Bhd. | 18,670,617 | 15,530 |
| Lafarge Malaysia Bhd. | 7,239,920 | 15,323 |
| Bumi Armada Bhd. | 57,924,640 | 13,067 |
| KLCCP Stapled Group | 7,830,300 | 12,783 |
| Felda Global Ventures Holdings Bhd. | 29,994,157 | 12,393 |
| Hong Leong Financial Group Bhd. | 3,643,500 | 11,951 |
| SP Setia Bhd Group | 15,567,724 | 11,925 |
| Berjaya Sports Toto Bhd. | 14,007,398 | 10,428 |
| MMC Corp. Bhd. | 14,997,900 | 7,764 |
| UEM Sunrise Bhd. | 24,172,500 | 7,012 |
| AirAsia Bhd. | 19,461,548 | 6,679 |
| Cahya Mata Sarawak Bhd. | 3,359,800 | 4,155 |
| Sunway REIT | 11,174,100 | 3,977 |
| Dialog Group Bhd. | 5,908,700 | 2,193 |
| Mah Sing Group Bhd. | 7,000,300 | 2,148 |
| WCT Holdings Bhd. | 6,608,100 | 2,102 |
| BIMB Holdings Bhd. | 1,823,400 | 1,737 |
| * Malaysia Marine and Heavy Engineering Holdings Bhd. | 6,575,735 | 1,680 |
| * Parkson Holdings Bhd. | 6,504,587 | 1,613 |
| Gas Malaysia Bhd. | 2,000,000 | 1,103 |
| Top Glove Corp. Bhd. | 445,500 | 982 |
| My EG Services Bhd. | 760,300 | 523 |
| Muhibbah Engineering M Bhd. | 927,500 | 473 |
| * Mudajaya Group Bhd. | 1,277,400 | 366 |
| TA Enterprise Bhd. | 1,814,900 | 264 |
| * Eco World Development Group Bhd. | 666,000 | 212 |
| Yinson Holdings Bhd. | 204,200 | 140 |
| Media Prima Bhd. | 360,500 | 117 |
| * Scomi Group Bhd. | 2,067,100 | 91 |
| DRB-Hicom Bhd. | 276,300 | 86 |
| * Puncak Niaga Holdings Bhd. | 111,800 | 74 |
| * Eastern & Oriental Bhd. | 155,900 | 57 |
27
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Mulpha International Bhd. | 759,400 | 53 |
| Wah Seong Corp. Bhd. | 158,000 | 44 | |
| 2,110,932 | |||
| Mexico (5.5%) | |||
| America Movil SAB de CV | 477,033,568 | 425,980 | |
| Fomento Economico Mexicano SAB de CV | 36,235,366 | 357,949 | |
| Grupo Televisa SAB | 44,251,746 | 257,482 | |
| Wal-Mart de Mexico SAB de CV | 94,578,430 | 249,533 | |
| Grupo Financiero Banorte SAB de CV | 38,246,856 | 205,963 | |
| Grupo Mexico SAB de CV Class B | 65,317,565 | 159,124 | |
| * | Cemex SAB de CV | 215,777,825 | 136,773 |
| Alfa SAB de CV Class A | 47,456,320 | 98,861 | |
| * | Grupo Bimbo SAB de CV Class A | 31,642,910 | 89,788 |
| Fibra Uno Administracion SA de CV | 40,688,469 | 89,369 | |
| Grupo Financiero Inbursa SAB de CV | 34,653,815 | 69,674 | |
| Grupo Aeroportuario del Sureste SAB de CV Class B | 3,775,315 | 58,470 | |
| Coca-Cola Femsa SAB de CV | 6,998,194 | 53,794 | |
| Grupo Aeroportuario del Pacifico SAB de CV Class B | 5,753,900 | 51,823 | |
| Mexichem SAB de CV | 18,624,635 | 48,304 | |
| Grupo Financiero Santander Mexico SAB de CV Class B | 24,982,973 | 45,904 | |
| Gruma SAB de CV Class B | 2,844,431 | 43,895 | |
| * | Promotora y Operadora de Infraestructura SAB de CV | 3,340,427 | 41,884 |
| Grupo Carso SAB de CV | 8,075,554 | 36,003 | |
| Kimberly-Clark de Mexico SAB de CV Class A | 14,234,452 | 34,350 | |
| El Puerto de Liverpool SAB de CV | 2,472,800 | 34,341 | |
| Gentera SAB de CV | 18,616,429 | 34,296 | |
| Alsea SAB de CV | 8,740,210 | 28,722 | |
| Industrias Penoles SAB de CV | 2,143,725 | 28,500 | |
| Arca Continental SAB de CV | 4,397,006 | 28,150 | |
| Controladora Comercial Mexicana SAB de CV | 7,527,400 | 22,047 | |
| Grupo Lala SAB de CV | 8,127,200 | 20,768 | |
| Megacable Holdings SAB de CV | 5,262,308 | 20,055 | |
| * | OHL Mexico SAB de CV | 12,886,355 | 16,953 |
| Infraestructura Energetica Nova SAB de CV | 3,394,220 | 16,367 | |
| Grupo Comercial Chedraui SA de CV | 5,298,500 | 14,659 | |
| Grupo Sanborns SAB de CV | 7,139,088 | 12,556 | |
| Industrias Bachoco SAB de CV Class B | 2,722,900 | 12,426 | |
| Grupo Elektra SAB DE CV | 597,260 | 11,898 | |
| * | Organizacion Soriana SAB de CV Class B | 4,418,744 | 10,676 |
| * | Industrias CH SAB de CV Class B | 2,850,698 | 10,331 |
| * | Genomma Lab Internacional SAB de CV Class B | 13,025,118 | 9,565 |
| Concentradora Fibra Danhos SA de CV | 3,718,214 | 8,705 | |
| * | Promotora y Operadora de Infraestructura SAB de CV Class L | 770,200 | 8,402 |
| Alpek SAB de CV | 5,415,321 | 7,819 | |
| Mexico Real Estate Management SA de CV | 3,610,579 | 5,012 | |
| * | Minera Frisco SAB de CV | 8,242,676 | 4,346 |
| PLA Administradora Industrial S de RL de CV | 2,019,600 | 3,727 | |
| Grupo Herdez SAB de CV | 500,000 | 1,383 | |
| Bolsa Mexicana de Valores SAB de CV | 331,348 | 552 | |
| * | Hoteles City Express SAB de CV | 306,400 | 411 |
| TV Azteca SAB de CV | 607,700 | 98 | |
| * | Controladora Vuela Cia de Aviacion SAB de CV Class A | 22,605 | 39 |
| * | Qualitas Controladora SAB de CV | 28,800 | 36 |
| * | Empresas ICA SAB de CV | 1,500 | 1 |
| Concentradora Fibra Hotelera Mexicana SA de CV | 300 | — | |
| 2,927,764 | |||
| Peru (0.2%) | |||
| Credicorp Ltd. | 534,040 | 60,443 | |
| Credicorp Ltd. XLIM | 357,268 | 40,507 | |
| Cia de Minas Buenaventura SAA ADR | 2,998,096 | 19,218 | |
| * | Cia de Minas Buenaventura SAA | 461,011 | 3,425 |
| Grana y Montero SAA | 613,275 | 491 | |
| 124,084 | |||
28
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| Philippines (1.9%) | |||
| SM Investments Corp. | 5,324,944 | 99,200 | |
| Ayala Land Inc. | 99,425,129 | 75,878 | |
| Philippine Long Distance Telephone Co. | 1,449,005 | 68,345 | |
| Ayala Corp. | 3,979,217 | 66,129 | |
| Universal Robina Corp. | 14,976,710 | 63,907 | |
| SM Prime Holdings Inc. | 131,697,597 | 60,505 | |
| JG Summit Holdings Inc. | 37,219,990 | 56,552 | |
| BDO Unibank Inc. | 24,927,722 | 53,753 | |
| Bank of the Philippine Islands | 28,391,355 | 51,245 | |
| Aboitiz Equity Ventures Inc. | 38,749,320 | 45,975 | |
| Metropolitan Bank & Trust Co. | 21,847,800 | 39,622 | |
| Manila Electric Co. | 5,321,276 | 36,894 | |
| GT Capital Holdings Inc. | 1,163,506 | 32,568 | |
| Jollibee Foods Corp. | 6,851,439 | 30,100 | |
| Alliance Global Group Inc. | 70,219,534 | 27,268 | |
| International Container Terminal Services Inc. | 15,069,590 | 26,487 | |
| Aboitiz Power Corp. | 27,647,126 | 24,764 | |
| Globe Telecom Inc. | 506,143 | 24,548 | |
| Megaworld Corp. | 203,357,213 | 20,294 | |
| DMCI Holdings Inc. | 72,940,650 | 19,238 | |
| Semirara Mining and Power Corp. Class A | 5,317,532 | 15,174 | |
| Energy Development Corp. | 101,613,653 | 14,345 | |
| LT Group Inc. | 48,687,327 | 12,955 | |
| Petron Corp. | 37,644,100 | 6,498 | |
| Bloomberry Resorts Corp. | 48,267,272 | 6,317 | |
| Emperador Inc. | 34,000,000 | 6,015 | |
| Travellers International Hotel Group Inc. | 28,774,400 | 2,816 | |
| Cebu Air Inc. | 1,174,950 | 2,235 | |
| Manila Water Co. Inc. | 4,379,700 | 2,223 | |
| D&L Industries Inc. | 10,000,000 | 2,075 | |
| First Philippine Holdings Corp. | 1,339,460 | 2,018 | |
| Filinvest Land Inc. | 47,213,000 | 1,750 | |
| Metro Pacific Investments Corp. | 15,443,000 | 1,717 | |
| Security Bank Corp. | 565,690 | 1,713 | |
| Belle Corp. | 20,788,000 | 1,533 | |
| Vista Land & Lifescapes Inc. | 9,061,200 | 1,074 | |
| Nickel Asia Corp. | 5,703,800 | 962 | |
| Robinsons Land Corp. | 989,200 | 646 | |
| Lopez Holdings Corp. | 3,898,500 | 563 | |
| * | Melco Crown Philippines Resorts Corp. | 4,926,000 | 385 |
| * | Atlas Consolidated Mining & Development Corp. | 1,600,000 | 192 |
| Cosco Capital Inc. | 891,500 | 141 | |
| First Gen Corp. | 250,000 | 135 | |
| Robinsons Retail Holdings Inc. | 29,080 | 48 | |
| 1,006,802 | |||
| Poland (1.6%) | |||
| * | Powszechna Kasa Oszczednosci Bank Polski SA | 14,397,629 | 106,542 |
| Powszechny Zaklad Ubezpieczen SA | 935,575 | 90,803 | |
| ^ | Polski Koncern Naftowy Orlen SA | 5,388,047 | 87,276 |
| Bank Pekao SA | 2,185,648 | 84,855 | |
| KGHM Polska Miedz SA | 2,305,618 | 53,471 | |
| Polskie Gornictwo Naftowe i Gazownictwo SA | 30,118,633 | 53,417 | |
| PGE Polska Grupa Energetyczna SA | 12,171,744 | 45,195 | |
| LPP SA | 21,695 | 40,914 | |
| * | Bank Zachodni WBK SA | 486,907 | 39,222 |
| * | Cyfrowy Polsat SA | 3,879,322 | 24,992 |
| ^ | Energa SA | 5,596,126 | 23,890 |
| Orange Polska SA | 11,117,949 | 20,422 | |
| Asseco Poland SA | 1,332,068 | 19,644 | |
| * | Grupa Azoty SA | 824,191 | 19,618 |
| Eurocash SA | 1,414,587 | 19,076 | |
| *,^ | mBank SA | 202,480 | 18,985 |
| * | Alior Bank SA | 873,102 | 18,336 |
29
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| CCC SA | 381,985 | 16,681 | |
| *,^ | Bank Millennium SA | 10,534,768 | 16,648 |
| Tauron Polska Energia SA | 16,624,868 | 13,022 | |
| *,^ | Grupa Lotos SA | 1,668,139 | 12,290 |
| Enea SA | 3,567,469 | 11,816 | |
| Bank Handlowy w Warszawie SA | 509,895 | 10,371 | |
| Synthos SA | 7,020,341 | 6,690 | |
| *,^ | Getin Noble Bank SA | 17,270,145 | 3,569 |
| * | CD Projekt Red SA | 275,324 | 1,894 |
| Kernel Holding SA | 108,993 | 1,471 | |
| Warsaw Stock Exchange | 92,791 | 984 | |
| Lubelski Wegiel Bogdanka SA | 49,497 | 527 | |
| * | Neuca SA | 838 | 76 |
| * | Jastrzebska Spolka Weglowa SA | 18,668 | 64 |
| Budimex SA | 961 | 52 | |
| * | Ciech SA | 2,656 | 51 |
| Boryszew SA | 32,017 | 42 | |
| PKP Cargo SA | 2,018 | 35 | |
| * | Globe Trade Centre SA | 19,107 | 33 |
| * | Integer.pl SA | 755 | 22 |
| * | Getin Holding SA | 22,571 | 9 |
| 863,005 | |||
| Russia (4.4%) | |||
| Sberbank PAO | 183,696,668 | 260,341 | |
| Magnit PJSC GDR | 4,688,542 | 212,954 | |
| Gazprom PAO ADR | 50,231,302 | 211,663 | |
| Gazprom PAO | 85,443,353 | 181,897 | |
| * | Lukoil PJSC ADR | 4,939,300 | 179,297 |
| Lukoil PJSC | 3,145,383 | 114,452 | |
| Novatek OAO GDR | 1,014,622 | 92,840 | |
| Surgutneftegas OAO Preference Shares | 134,102,500 | 91,341 | |
| NOVATEK OAO | 8,667,771 | 79,305 | |
| Tatneft PAO ADR | 2,381,238 | 73,471 | |
| MMC Norilsk Nickel PJSC ADR | 4,816,708 | 71,388 | |
| VTB Bank PJSC | 58,129,231,072 | 65,811 | |
| AK Transneft OAO Preference Shares | 27,789 | 64,754 | |
| Mobile TeleSystems PJSC ADR | 8,386,979 | 58,960 | |
| Rosneft OAO GDR | 12,744,667 | 50,830 | |
| Surgutneftegas OAO ADR | 9,159,712 | 49,973 | |
| MMC Norilsk Nickel OJSC | 315,772 | 46,912 | |
| Tatneft OAO | 8,951,972 | 46,170 | |
| Moscow Exchange MICEX-RTS OAO | 23,949,172 | 33,690 | |
| Severstal PAO | 2,534,129 | 29,451 | |
| 2 | VTB Bank PJSC GDR | 13,175,375 | 28,863 |
| Rostelecom PJSC | 18,484,608 | 27,077 | |
| Rosneft OAO | 6,628,175 | 26,829 | |
| Alrosa PAO | 30,515,440 | 24,548 | |
| RusHydro PJSC | 2,341,602,363 | 23,853 | |
| PhosAgro OAO GDR | 1,369,966 | 18,487 | |
| MegaFon PJSC GDR | 1,399,337 | 18,082 | |
| Novolipetsk Steel OJSC GDR | 1,297,961 | 15,938 | |
| Surgutneftegas OAO | 27,603,149 | 15,468 | |
| Sistema JSFC GDR | 2,200,825 | 15,261 | |
| * | Uralkali PJSC | 6,259,195 | 15,198 |
| E.ON Russia JSC | 292,732,779 | 13,923 | |
| Bashneft PAO | 400,000 | 12,027 | |
| Magnitogorsk Iron & Steel Works OJSC | 27,115,988 | 10,221 | |
| Inter RAO UES PJSC | 404,169,509 | 7,723 | |
| * | Bashneft PAO Preference Shares | 309,176 | 7,703 |
| * | Tatneft PAO Preference Shares | 2,509,730 | 7,111 |
| * | Aeroflot - Russian Airlines OJSC | 9,186,772 | 7,048 |
| Acron JSC | 117,629 | 5,712 | |
| Federal Grid Co. Unified Energy System JSC | 5,323,286,228 | 5,183 | |
| LSR Group PJSC GDR | 2,164,598 | 4,856 | |
30
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Rosseti PJSC | 415,162,605 | 2,947 |
| Severstal PAO GDR | 70,821 | 832 |
| Mobile TeleSystems PJSC | 95,358 | 311 |
| Novolipetsk Steel OJSC | 180,757 | 221 |
| * DIXY Group PJSC | 10,110 | 52 |
| OGK-2 PAO | 5,592,002 | 19 |
| * Mechel | 16,780 | 17 |
| TMK PAO GDR | 3,670 | 14 |
| * Raspadskaya OAO | 23,230 | 14 |
| M Video OJSC | 2,126 | 8 |
| Mosenergo OAO | 481,888 | 6 |
| * Sollers PAO | 419 | 3 |
| 2,331,055 | ||
| South Africa (9.3%) | ||
| Naspers Ltd. | 6,537,609 | 954,991 |
| ^ MTN Group Ltd. | 29,370,786 | 334,378 |
| Sasol Ltd. | 9,218,179 | 293,592 |
| Steinhoff International Holdings Ltd. | 39,883,637 | 244,084 |
| Standard Bank Group Ltd. | 20,256,743 | 210,332 |
| ^ FirstRand Ltd. | 50,786,387 | 186,106 |
| Remgro Ltd. | 8,139,230 | 162,681 |
| Bidvest Group Ltd. | 5,448,039 | 139,198 |
| Sanlam Ltd. | 29,358,947 | 132,356 |
| Aspen Pharmacare Holdings Ltd. | 5,153,529 | 115,579 |
| Woolworths Holdings Ltd. | 15,095,658 | 111,692 |
| Growthpoint Properties Ltd. | 42,474,687 | 77,807 |
| Shoprite Holdings Ltd. | 7,426,098 | 77,156 |
| Mediclinic International Ltd. | 8,310,359 | 72,950 |
| Netcare Ltd. | 25,329,355 | 72,025 |
| Barclays Africa Group Ltd. | 5,547,220 | 71,101 |
| Tiger Brands Ltd. | 2,760,720 | 63,156 |
| ^ Brait SE | 5,460,841 | 62,422 |
| * Mr Price Group Ltd. | 3,959,926 | 60,719 |
| Vodacom Group Ltd. | 5,570,721 | 60,240 |
| Redefine Properties Ltd. | 71,989,758 | 60,020 |
| Discovery Ltd. | 5,358,438 | 57,226 |
| * AngloGold Ashanti Ltd. | 6,720,648 | 56,853 |
| Nedbank Group Ltd. | 3,309,837 | 54,955 |
| RMB Holdings Ltd. | 11,109,770 | 54,103 |
| Truworths International Ltd. | 7,142,291 | 48,255 |
| Mondi Ltd. | 2,002,040 | 46,512 |
| Life Healthcare Group Holdings Ltd. | 16,450,582 | 45,839 |
| SPAR Group Ltd. | 2,928,730 | 42,045 |
| Hyprop Investments Ltd. | 4,203,654 | 38,084 |
| Imperial Holdings Ltd. | 2,885,108 | 37,555 |
| Resilient Property Income Fund Ltd. | 4,233,903 | 37,191 |
| Capitec Bank Holdings Ltd. | 856,332 | 36,943 |
| * Sappi Ltd. | 9,112,106 | 35,937 |
| Investec Ltd. | 4,209,209 | 34,740 |
| Gold Fields Ltd. | 12,871,907 | 33,619 |
| AVI Ltd. | 5,193,514 | 33,058 |
| ^ Pioneer Foods Group Ltd. | 2,224,802 | 31,822 |
| Foschini Group Ltd. | 3,046,948 | 31,090 |
| Capital Property Fund Ltd. | 26,463,196 | 30,808 |
| MMI Holdings Ltd. | 16,941,899 | 30,693 |
| Clicks Group Ltd. | 4,132,586 | 30,169 |
| Telkom SA SOC Ltd. | 5,257,045 | 27,597 |
| PSG Group Ltd. | 1,347,250 | 25,933 |
| * Impala Platinum Holdings Ltd. | 8,776,195 | 23,948 |
| Coronation Fund Managers Ltd. | 4,365,388 | 22,999 |
| Barloworld Ltd. | 3,826,642 | 21,603 |
| EOH Holdings Ltd. | 1,861,398 | 20,558 |
| Sibanye Gold Ltd. | 12,187,271 | 20,235 |
| Pick n Pay Stores Ltd. | 3,721,451 | 17,961 |
31
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | Anglo American Platinum Ltd. | 984,745 | 17,230 |
| Tongaat Hulett Ltd. | 1,978,067 | 16,915 | |
| Liberty Holdings Ltd. | 1,719,021 | 16,795 | |
| Nampak Ltd. | 10,070,421 | 16,308 | |
| * | Attacq Ltd. | 10,133,132 | 15,989 |
| Massmart Holdings Ltd. | 1,735,806 | 14,346 | |
| ^ | AECI Ltd. | 1,995,468 | 13,719 |
| JSE Ltd. | 1,371,426 | 13,208 | |
| ^ | DataTec Ltd. | 3,020,153 | 12,918 |
| Reunert Ltd. | 2,603,841 | 12,692 | |
| * | Northam Platinum Ltd. | 5,689,408 | 12,462 |
| Omnia Holdings Ltd. | 1,067,788 | 11,821 | |
| Sun International Ltd. | 1,655,896 | 11,444 | |
| Distell Group Ltd. | 800,307 | 10,289 | |
| Santam Ltd. | 638,217 | 10,263 | |
| PPC Ltd. | 8,174,143 | 9,819 | |
| ^ | Exxaro Resources Ltd. | 2,221,682 | 9,189 |
| Wilson Bayly Holmes-Ovcon Ltd. | 976,111 | 9,122 | |
| Pick n Pay Holdings Ltd. | 4,379,087 | 8,983 | |
| Grindrod Ltd. | 7,599,574 | 8,208 | |
| Alexander Forbes Group Holdings Ltd. | 10,395,051 | 6,533 | |
| African Rainbow Minerals Ltd. | 1,666,267 | 6,340 | |
| Murray & Roberts Holdings Ltd. | 7,177,241 | 5,423 | |
| Illovo Sugar Ltd. | 3,964,880 | 4,996 | |
| *,^ | Harmony Gold Mining Co. Ltd. | 6,691,411 | 4,712 |
| ^ | Kumba Iron Ore Ltd. | 915,945 | 3,955 |
| ^ | Adcock Ingram Holdings Ltd. | 1,000,000 | 3,754 |
| ^ | Assore Ltd. | 580,072 | 3,343 |
| * | Tsogo Sun Holdings Ltd. | 1,354,657 | 2,426 |
| * | Royal Bafokeng Platinum Ltd. | 1,129,971 | 2,285 |
| *,^ | ArcelorMittal South Africa Ltd. | 2,984,502 | 1,777 |
| Oceana Group Ltd. | 143,720 | 1,070 | |
| KAP Industrial Holdings Ltd. | 1,464,745 | 778 | |
| DRDGOLD Ltd. | 3,066,925 | 499 | |
| Cashbuild Ltd. | 19,980 | 476 | |
| *,^ | Adbee Rf Ltd. | 177,977 | 437 |
| Lewis Group Ltd. | 83,395 | 361 | |
| City Lodge Hotels Ltd. | 23,510 | 254 | |
| Famous Brands Ltd. | 25,567 | 249 | |
| Vukile Property Fund Ltd. | 139,735 | 194 | |
| SA Corporate Real Estate Fund Nominees Pty Ltd. | 445,048 | 167 | |
| Zeder Investments Ltd. | 284,033 | 162 | |
| * | Curro Holdings Ltd. | 54,789 | 158 |
| Astral Foods Ltd. | 10,775 | 135 | |
| Adcorp Holdings Ltd. | 64,447 | 117 | |
| * | Pinnacle Holdings Ltd. | 130,754 | 113 |
| Peregrine Holdings Ltd. | 45,965 | 102 | |
| Emira Property Fund Ltd. | 64,144 | 85 | |
| * | Aveng Ltd. | 270,073 | 67 |
| * | Consolidated Infrastructure Group Ltd. | 24,141 | 61 |
| * | Super Group Ltd. | 20,953 | 49 |
| Mpact Ltd. | 13,953 | 49 | |
| Blue Label Telecoms Ltd. | 56,795 | 48 | |
| *,^ | Adcock Ingram Holdings Ltd. Warrants Expires 7/26/2019 | 73,897 | 42 |
| Raubex Group Ltd. | 25,840 | 31 | |
| Clover Industries Ltd. | 18,924 | 26 | |
| Metair Investments Ltd. | 11,660 | 26 | |
| Hudaco Industries Ltd. | 1,513 | 12 | |
| Invicta Holdings Ltd. | 1,982 | 9 | |
| Group Five Ltd. | 3,676 | 6 | |
| Merafe Resources Ltd. | 39,391 | 2 | |
| * | African Bank Investments Ltd. | 23,997,414 | — |
| 4,893,965 | |||
32
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Taiwan (14.2%) | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 252,443,845 | 1,066,971 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 30,005,615 | 658,923 |
| Hon Hai Precision Industry Co. Ltd. | 228,001,108 | 604,553 |
| Fubon Financial Holding Co. Ltd. | 122,044,336 | 196,524 |
| MediaTek Inc. | 24,533,192 | 190,445 |
| Formosa Plastics Corp. | 82,099,616 | 190,081 |
| Cathay Financial Holding Co. Ltd. | 133,618,966 | 189,849 |
| Nan Ya Plastics Corp. | 95,685,253 | 189,698 |
| Delta Electronics Inc. | 34,002,245 | 172,360 |
| Formosa Chemicals & Fibre Corp. | 74,518,918 | 170,435 |
| CTBC Financial Holding Co. Ltd. | 281,337,959 | 153,910 |
| Uni-President Enterprises Corp. | 82,611,783 | 139,330 |
| Largan Precision Co. Ltd. | 1,723,135 | 133,090 |
| China Steel Corp. | 207,908,385 | 125,481 |
| Mega Financial Holding Co. Ltd. | 170,131,340 | 123,378 |
| Catcher Technology Co. Ltd. | 12,109,463 | 118,084 |
| Asustek Computer Inc. | 12,248,958 | 109,332 |
| Chunghwa Telecom Co. Ltd. | 32,953,913 | 100,982 |
| ^ Chunghwa Telecom Co. Ltd. ADR | 3,071,064 | 94,097 |
| Taiwan Mobile Co. Ltd. | 28,819,796 | 90,675 |
| Hotai Motor Co. Ltd. | 6,993,000 | 81,372 |
| Formosa Petrochemical Corp. | 32,860,393 | 79,675 |
| Pegatron Corp. | 32,426,897 | 78,896 |
| Quanta Computer Inc. | 45,589,165 | 77,657 |
| Advanced Semiconductor Engineering Inc. | 66,075,717 | 76,565 |
| E.Sun Financial Holding Co. Ltd. | 126,549,105 | 75,950 |
| First Financial Holding Co. Ltd. | 153,005,410 | 74,059 |
| Yuanta Financial Holding Co. Ltd. | 173,641,129 | 67,985 |
| China Development Financial Holding Corp. | 245,619,649 | 65,853 |
| President Chain Store Corp. | 9,890,647 | 65,508 |
| Pou Chen Corp. | 45,244,531 | 63,630 |
| Far Eastern New Century Corp. | 68,399,322 | 62,090 |
| Hua Nan Financial Holdings Co. Ltd. | 129,055,959 | 62,003 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 137,619,756 | 61,484 |
| Taiwan Cement Corp. | 54,240,877 | 60,151 |
| Far EasTone Telecommunications Co. Ltd. | 27,369,343 | 59,299 |
| Cheng Shin Rubber Industry Co. Ltd. | 31,928,883 | 57,735 |
| Innolux Corp. | 167,163,726 | 55,933 |
| Taishin Financial Holding Co. Ltd. | 141,538,607 | 55,233 |
| SinoPac Financial Holdings Co. Ltd. | 159,928,284 | 52,600 |
| Foxconn Technology Co. Ltd. | 18,719,683 | 48,815 |
| Eclat Textile Co. Ltd. | 3,190,600 | 46,902 |
| Advanced Semiconductor Engineering Inc. ADR | 7,638,994 | 43,848 |
| Compal Electronics Inc. | 70,520,629 | 43,750 |
| Asia Cement Corp. | 40,074,529 | 41,478 |
| Advantech Co. Ltd. | 5,721,619 | 40,938 |
| United Microelectronics Corp. ADR | 20,702,433 | 38,300 |
| Lite-On Technology Corp. | 36,730,135 | 38,080 |
| Hermes Microvision Inc. | 973,369 | 37,108 |
| United Microelectronics Corp. | 98,295,970 | 35,790 |
| Giant Manufacturing Co. Ltd. | 4,725,721 | 35,533 |
| Novatek Microelectronics Corp. | 9,959,817 | 33,672 |
| Chang Hwa Commercial Bank Ltd. | 64,623,294 | 33,474 |
| * Inotera Memories Inc. | 42,348,000 | 32,451 |
| HTC Corp. | 12,791,925 | 30,714 |
| Shin Kong Financial Holding Co. Ltd. | 127,119,583 | 30,346 |
| Inventec Corp. | 52,581,489 | 30,071 |
| AU Optronics Corp. | 92,924,669 | 27,142 |
| Feng TAY Enterprise Co. Ltd. | 4,765,777 | 27,058 |
| Teco Electric and Machinery Co. Ltd. | 30,844,000 | 26,856 |
| Chicony Electronics Co. Ltd. | 10,077,885 | 23,948 |
| Synnex Technology International Corp. | 21,805,055 | 22,897 |
| Siliconware Precision Industries Co. Ltd. | 16,393,139 | 21,679 |
33
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| ^ Siliconware Precision Industries Co. Ltd. ADR | 3,195,806 | 21,380 |
| * Acer Inc. | 50,438,632 | 21,314 |
| Wistron Corp. | 40,707,968 | 20,392 |
| Vanguard International Semiconductor Corp. | 14,614,000 | 18,729 |
| Formosa Taffeta Co. Ltd. | 18,844,868 | 18,618 |
| * Taiwan Business Bank | 71,379,872 | 18,304 |
| * Eva Airways Corp. | 29,793,242 | 17,422 |
| Realtek Semiconductor Corp. | 8,269,241 | 17,206 |
| ^ AU Optronics Corp. ADR | 5,605,661 | 16,200 |
| Taiwan Fertilizer Co. Ltd. | 12,563,100 | 15,997 |
| * Walsin Lihwa Corp. | 63,727,770 | 15,370 |
| Yulon Motor Co. Ltd. | 14,172,584 | 14,985 |
| * China Airlines Ltd. | 40,827,050 | 14,593 |
| Taiwan Secom Co. Ltd. | 4,647,805 | 13,948 |
| Transcend Information Inc. | 4,838,981 | 13,419 |
| Epistar Corp. | 14,832,732 | 13,275 |
| Capital Securities Corp. | 42,981,422 | 12,742 |
| Eternal Materials Co. Ltd. | 13,445,697 | 12,714 |
| Evergreen Marine Corp. Taiwan Ltd. | 27,741,358 | 12,307 |
| Wan Hai Lines Ltd. | 17,354,450 | 11,436 |
| TPK Holding Co. Ltd. | 4,376,667 | 10,807 |
| Far Eastern International Bank | 32,425,493 | 10,073 |
| * Macronix International | 65,922,541 | 9,604 |
| * Taiwan Glass Industry Corp. | 24,396,551 | 9,594 |
| Cheng Uei Precision Industry Co. Ltd. | 6,545,473 | 9,556 |
| U-Ming Marine Transport Corp. | 8,051,356 | 9,448 |
| Unimicron Technology Corp. | 21,630,754 | 9,439 |
| Feng Hsin Steel Co. Ltd. | 7,692,310 | 8,870 |
| China Motor Corp. | 12,324,000 | 8,672 |
| Oriental Union Chemical Corp. | 11,373,000 | 8,507 |
| Nanya Technology Corp. | 6,486,000 | 7,930 |
| YFY Inc. | 22,827,000 | 7,844 |
| * Yang Ming Marine Transport Corp. | 25,191,195 | 7,599 |
| Cathay Real Estate Development Co. Ltd. | 17,052,000 | 7,367 |
| President Securities Corp. | 14,169,000 | 6,295 |
| Ton Yi Industrial Corp. | 11,561,000 | 5,628 |
| Nan Ya Printed Circuit Board Corp. | 4,378,521 | 4,409 |
| Chroma ATE Inc. | 2,376,000 | 4,230 |
| Airtac International Group | 790,000 | 4,084 |
| Yulon Nissan Motor Co. Ltd. | 416,188 | 3,630 |
| Lung Yen Life Service Corp. | 1,358,000 | 2,688 |
| King Slide Works Co. Ltd. | 180,000 | 2,353 |
| Coretronic Corp. | 2,159,000 | 1,983 |
| China Life Insurance Co. Ltd. | 2,122,000 | 1,742 |
| Accton Technology Corp. | 2,241,000 | 1,401 |
| Chipbond Technology Corp. | 841,000 | 1,190 |
| Merida Industry Co. Ltd. | 196,000 | 1,142 |
| United Integrated Services Co. Ltd. | 961,000 | 1,129 |
| Formosan Rubber Group Inc. | 1,867,000 | 1,053 |
| Powertech Technology Inc. | 460,000 | 1,012 |
| Makalot Industrial Co. Ltd. | 126,000 | 955 |
| WPG Holdings Ltd. | 782,000 | 814 |
| Holtek Semiconductor Inc. | 538,000 | 805 |
| Radiant Opto-Electronics Corp. | 247,000 | 759 |
| Yageo Corp. | 474,000 | 745 |
| TXC Corp. | 639,000 | 745 |
| WT Microelectronics Co. Ltd. | 647,000 | 723 |
| Darwin Precisions Corp. | 1,817,000 | 715 |
| Formosa International Hotels Corp. | 103,000 | 707 |
| * Orient Semiconductor Electronics Ltd. | 1,958,000 | 706 |
| Taichung Commercial Bank Co. Ltd. | 2,303,000 | 701 |
| AmTRAN Technology Co. Ltd. | 1,387,000 | 700 |
| OptoTech Corp. | 2,131,000 | 682 |
| Highwealth Construction Corp. | 448,000 | 658 |
34
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| eMemory Technology Inc. | 62,000 | 634 |
| Flytech Technology Co. Ltd. | 190,000 | 604 |
| Sigurd Microelectronics Corp. | 895,000 | 599 |
| Toung Loong Textile Manufacturing | 199,000 | 599 |
| Taiwan TEA Corp. | 1,343,000 | 586 |
| Greatek Electronics Inc. | 576,000 | 567 |
| GeoVision Inc. | 217,000 | 536 |
| * Eastern Media International Corp. | 2,322,000 | 533 |
| Pan Jit International Inc. | 1,350,000 | 533 |
| * Ability Enterprise Co. Ltd. | 936,000 | 515 |
| * Wei Chuan Foods Corp. | 859,000 | 512 |
| * Taiwan Styrene Monomer | 1,178,000 | 510 |
| Ruentex Development Co. Ltd. | 407,000 | 493 |
| China Chemical & Pharmaceutical Co. Ltd. | 863,000 | 492 |
| Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 238,000 | 488 |
| Ruentex Industries Ltd. | 265,000 | 486 |
| ITE Technology Inc. | 565,000 | 481 |
| Kinik Co. | 274,000 | 480 |
| Dynapack International Technology Corp. | 294,000 | 479 |
| Sporton International Inc. | 79,000 | 476 |
| Depo Auto Parts Ind Co. Ltd. | 140,000 | 468 |
| Tyntek Corp. | 987,000 | 464 |
| BES Engineering Corp. | 1,976,000 | 464 |
| Test Rite International Co. Ltd. | 740,000 | 463 |
| Tainan Spinning Co. Ltd. | 978,000 | 463 |
| * Nan Kang Rubber Tire Co. Ltd. | 522,000 | 460 |
| Namchow Chemical Industrial Co. Ltd. | 208,000 | 450 |
| Lite-On Semiconductor Corp. | 642,000 | 450 |
| Richtek Technology Corp. | 77,000 | 449 |
| San Shing Fastech Corp. | 220,000 | 448 |
| Poya International Co. Ltd. | 39,000 | 442 |
| Global Unichip Corp. | 218,000 | 435 |
| Wowprime Corp. | 75,000 | 435 |
| Cleanaway Co. Ltd. | 88,000 | 432 |
| KEE TAI Properties Co. Ltd. | 804,000 | 422 |
| Jess-Link Products Co. Ltd. | 399,000 | 419 |
| Walsin Technology Corp. | 733,000 | 405 |
| * Ta Chong Bank Ltd. | 956,000 | 405 |
| Simplo Technology Co. Ltd. | 113,000 | 399 |
| Cyberlink Corp. | 186,000 | 398 |
| Topco Scientific Co. Ltd. | 250,000 | 396 |
| Tong-Tai Machine & Tool Co. Ltd. | 533,000 | 394 |
| Lien Hwa Industrial Corp. | 635,000 | 390 |
| Faraday Technology Corp. | 238,000 | 385 |
| YungShin Global Holding Corp. | 264,000 | 384 |
| Standard Foods Corp. | 160,000 | 384 |
| Taiwan Cogeneration Corp. | 543,000 | 381 |
| Unitech Printed Circuit Board Corp. | 1,061,000 | 377 |
| Global Mixed Mode Technology Inc. | 201,000 | 370 |
| China Bills Finance Corp. | 1,066,000 | 369 |
| Taiwan Surface Mounting Technology Corp. | 388,000 | 361 |
| Goldsun Building Materials Co. Ltd. | 1,235,000 | 361 |
| Mercuries & Associates Holding Ltd. | 540,000 | 354 |
| China Metal Products | 394,000 | 353 |
| Kenda Rubber Industrial Co. Ltd. | 219,000 | 352 |
| Posiflex Technology Inc. | 66,000 | 347 |
| Microlife Corp. | 136,000 | 346 |
| Lextar Electronics Corp. | 612,000 | 341 |
| Sonix Technology Co. Ltd. | 293,000 | 334 |
| Aten International Co. Ltd. | 151,000 | 333 |
| Gourmet Master Co. Ltd. | 53,000 | 321 |
| USI Corp. | 766,000 | 318 |
| Prince Housing & Development Corp. | 1,012,000 | 314 |
| Elite Advanced Laser Corp. | 73,000 | 307 |
35
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| CTCI Corp. | 235,000 | 306 |
| Shinkong Synthetic Fibers Corp. | 1,108,000 | 302 |
| Green Seal Holding Ltd. | 77,000 | 289 |
| Zhen Ding Technology Holding Ltd. | 99,000 | 281 |
| Soft-World International Corp. | 143,000 | 281 |
| Nan Liu Enterprise Co. Ltd. | 50,000 | 279 |
| ACES Electronic Co. Ltd. | 348,000 | 278 |
| Zeng Hsing Industrial Co. Ltd. | 66,000 | 276 |
| * D-Link Corp. | 872,000 | 276 |
| Great Wall Enterprise Co. Ltd. | 456,000 | 275 |
| Taiwan Sogo Shin Kong SEC | 225,000 | 271 |
| Tung Ho Steel Enterprise Corp. | 489,000 | 265 |
| * Microbio Co. Ltd. | 322,000 | 263 |
| Yungtay Engineering Co. Ltd. | 163,000 | 263 |
| Lealea Enterprise Co. Ltd. | 903,000 | 261 |
| Long Chen Paper Co. Ltd. | 718,000 | 260 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 471,000 | 252 |
| Darfon Electronics Corp. | 478,000 | 248 |
| Rich Development Co. Ltd. | 772,000 | 248 |
| TA Chen Stainless Pipe | 510,000 | 246 |
| Clevo Co. | 228,000 | 245 |
| Silergy Corp. | 24,000 | 244 |
| Unizyx Holding Corp. | 634,000 | 243 |
| * Continental Holdings Corp. | 727,000 | 238 |
| Asia Polymer Corp. | 411,000 | 238 |
| Taiwan Land Development Corp. | 719,000 | 237 |
| Solar Applied Materials Technology Co. | 372,000 | 236 |
| Test Research Inc. | 135,000 | 236 |
| Jentech Precision Industrial Co. Ltd. | 167,000 | 233 |
| * Tatung Co. Ltd. | 1,266,000 | 230 |
| WUS Printed Circuit Co. Ltd. | 276,000 | 224 |
| * Li Peng Enterprise Co. Ltd. | 793,000 | 222 |
| Unity Opto Technology Co. Ltd. | 317,000 | 222 |
| Evergreen International Storage & Transport Corp. | 534,000 | 221 |
| Elan Microelectronics Corp. | 198,000 | 217 |
| Advanced Wireless Semiconductor Co. | 91,000 | 216 |
| * Genesis Photonics Inc. | 773,000 | 215 |
| Taiwan Semiconductor Co. Ltd. | 247,000 | 214 |
| Syncmold Enterprise Corp. | 137,000 | 214 |
| Xxentria Technology Materials Corp. | 71,000 | 207 |
| China Synthetic Rubber Corp. | 275,000 | 203 |
| Gigabyte Technology Co. Ltd. | 194,000 | 202 |
| ITEQ Corp. | 287,000 | 197 |
| Tripod Technology Corp. | 127,000 | 196 |
| Senao International Co. Ltd. | 143,000 | 195 |
| * LES Enphants Co. Ltd. | 346,000 | 194 |
| Wah Lee Industrial Corp. | 137,000 | 192 |
| Grand Pacific Petrochemical | 393,000 | 192 |
| Taiyen Biotech Co. Ltd. | 257,000 | 191 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 120,000 | 190 |
| * Kinpo Electronics | 584,000 | 189 |
| CHC Healthcare Group | 107,000 | 188 |
| King Yuan Electronics Co. Ltd. | 295,000 | 187 |
| Lingsen Precision Industries Ltd. | 605,000 | 182 |
| * Silicon Integrated Systems Corp. | 952,000 | 181 |
| Long Bon International Co. Ltd. | 281,000 | 178 |
| Rechi Precision Co. Ltd. | 250,000 | 177 |
| Adlink Technology Inc. | 66,000 | 176 |
| Pan-International Industrial Corp. | 424,000 | 174 |
| UPC Technology Corp. | 568,000 | 173 |
| ALI Corp. | 340,000 | 172 |
| YC INOX Co. Ltd. | 285,000 | 171 |
| Brogent Technologies Inc. | 20,000 | 171 |
| Ginko International Co. Ltd. | 16,000 | 169 |
36
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Sanyang Motor Co. Ltd. | 252,000 | 167 |
| * AGV Products Corp. | 799,000 | 167 |
| Kindom Construction Corp. | 298,000 | 167 |
| Sampo Corp. | 414,000 | 167 |
| * Green Energy Technology Inc. | 330,000 | 164 |
| Hung Sheng Construction Ltd. | 330,000 | 159 |
| * Asia Pacific Telecom Co. Ltd. | 480,000 | 153 |
| Yieh Phui Enterprise Co. Ltd. | 646,000 | 153 |
| Cheng Loong Corp. | 434,000 | 153 |
| CSBC Corp. Taiwan | 360,000 | 152 |
| Sincere Navigation Corp. | 272,000 | 151 |
| Federal Corp. | 325,000 | 148 |
| Globe Union Industrial Corp. | 310,000 | 146 |
| Holy Stone Enterprise Co. Ltd. | 142,000 | 144 |
| * Wafer Works Corp. | 416,000 | 141 |
| ENG Electric Co. Ltd. | 283,000 | 140 |
| Sunrex Technology Corp. | 314,000 | 140 |
| * CMC Magnetics Corp. | 1,126,000 | 135 |
| Taiwan Paiho Ltd. | 56,000 | 134 |
| Chailease Holding Co. Ltd. | 70,000 | 133 |
| Kuoyang Construction Co. Ltd. | 362,000 | 126 |
| Phison Electronics Corp. | 17,000 | 122 |
| * G Tech Optoelectronics Corp. | 260,000 | 119 |
| China General Plastics Corp. | 271,000 | 119 |
| * Global Brands Manufacture Ltd. | 532,000 | 118 |
| Huaku Development Co. Ltd. | 62,000 | 117 |
| Win Semiconductors Corp. | 86,000 | 116 |
| * Shining Building Business Co. Ltd. | 324,000 | 116 |
| Universal Cement Corp. | 163,000 | 115 |
| Topkey Corp. | 29,000 | 112 |
| PChome Online Inc. | 10,000 | 111 |
| * Pihsiang Machinery Manufacturing Co. Ltd. | 47,000 | 111 |
| King's Town Bank Co. Ltd. | 136,000 | 108 |
| Silitech Technology Corp. | 187,000 | 108 |
| Infortrend Technology Inc. | 250,000 | 107 |
| TTY Biopharm Co. Ltd. | 38,000 | 107 |
| Gemtek Technology Corp. | 207,000 | 105 |
| * KYE Systems Corp. | 332,000 | 103 |
| Voltronic Power Technology Corp. | 8,000 | 102 |
| Sinyi Realty Inc. | 114,000 | 99 |
| CyberTAN Technology Inc. | 189,000 | 98 |
| Chlitina Holding Ltd. | 12,000 | 97 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 143,000 | 97 |
| Tsann Kuen Enterprise Co. Ltd. | 144,000 | 97 |
| Hsin Kuang Steel Co. Ltd. | 220,000 | 94 |
| * Concord Securities Co. Ltd. | 463,000 | 93 |
| Radium Life Tech Co. Ltd. | 235,000 | 90 |
| * Microelectronics Technology Inc. | 323,000 | 90 |
| * Swancor Ind Co. Ltd. | 13,000 | 89 |
| * Chung Hung Steel Corp. | 590,000 | 89 |
| Bank of Kaohsiung Co. Ltd. | 320,000 | 87 |
| Taiwan Mask Corp. | 355,000 | 86 |
| Hiwin Technologies Corp. | 15,000 | 83 |
| Ambassador Hotel | 94,000 | 81 |
| Hung Poo Real Estate Development Corp. | 121,000 | 81 |
| Elite Material Co. Ltd. | 38,000 | 77 |
| * LCY Chemical Corp. | 87,000 | 77 |
| Great China Metal Industry | 85,000 | 75 |
| Cub Elecparts Inc. | 6,000 | 75 |
| St. Shine Optical Co. Ltd. | 5,000 | 75 |
| * China Man-Made Fiber Corp. | 248,000 | 71 |
| * E-Ton Solar Tech Co. Ltd. | 193,000 | 71 |
| Chinese Maritime Transport Ltd. | 99,000 | 69 |
| * Ritek Corp. | 766,000 | 69 |
37
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Champion Building Materials Co. Ltd. | 318,000 | 68 |
| Sino-American Silicon Products Inc. | 55,000 | 68 |
| Quanta Storage Inc. | 108,000 | 67 |
| * Ta Ya Electric Wire & Cable | 424,000 | 63 |
| XPEC Entertainment Inc. | 23,000 | 63 |
| * Dynamic Electronics Co. Ltd. | 208,000 | 60 |
| Nien Hsing Textile Co. Ltd. | 92,000 | 60 |
| * China Electric Manufacturing Corp. | 233,000 | 59 |
| Tung Thih Electronic Co. Ltd. | 7,000 | 57 |
| * Taiwan Liposome Co. Ltd. | 13,000 | 55 |
| Taiwan FamilyMart Co. Ltd. | 8,000 | 52 |
| Chia Hsin Cement Corp. | 155,000 | 51 |
| Taiwan Navigation Co. Ltd. | 122,000 | 51 |
| * Chinese Gamer International Corp. | 39,000 | 50 |
| King's Town Construction Co. Ltd. | 87,000 | 50 |
| Shih Wei Navigation Co. Ltd. | 124,000 | 50 |
| * Winbond Electronics Corp. | 204,000 | 49 |
| Chun Yuan Steel | 163,000 | 48 |
| MIN AIK Technology Co. Ltd. | 25,000 | 48 |
| Visual Photonics Epitaxy Co. Ltd. | 38,000 | 45 |
| Young Optics Inc. | 35,000 | 43 |
| Waterland Financial Holdings Co. Ltd. | 170,000 | 42 |
| Advanced International Multitech Co. Ltd. | 62,000 | 40 |
| L&K Engineering Co. Ltd. | 66,000 | 38 |
| Sunplus Technology Co. Ltd. | 92,000 | 36 |
| Sheng Yu Steel Co. Ltd. | 62,000 | 34 |
| TYC Brother Industrial Co. Ltd. | 47,000 | 34 |
| FSP Technology Inc. | 54,120 | 34 |
| Ardentec Corp. | 43,000 | 33 |
| Taiwan Sanyo Electric Co. Ltd. | 39,000 | 32 |
| * Gigastorage Corp. | 41,000 | 32 |
| * Ho Tung Chemical Corp. | 132,000 | 30 |
| Huang Hsiang Construction Corp. | 37,000 | 30 |
| Phihong Technology Co. Ltd. | 102,000 | 30 |
| * Medigen Biotechnology Corp. | 10,000 | 29 |
| Getac Technology Corp. | 40,000 | 27 |
| First Steamship Co. Ltd. | 72,000 | 26 |
| A-DATA Technology Co. Ltd. | 20,000 | 20 |
| Etron Technology Inc. | 48,000 | 20 |
| * Taigen Biopharmaceuticals Holdings Ltd. | 18,000 | 15 |
| Everlight Chemical Industrial Corp. | 18,000 | 12 |
| Alpha Networks Inc. | 19,000 | 11 |
| * Ya Hsin Industrial Co. Ltd. | 5,306,018 | — |
| * Taichung Commercial Bank Co Ltd Rights Expire 11/23/15 | 22,321 | — |
| 7,494,157 | ||
| Thailand (2.7%) | ||
| * Advanced Info Service PCL (Local) | 19,938,377 | 130,566 |
| * CP ALL PCL (Local) | 73,899,830 | 103,620 |
| * Siam Commercial Bank PCL (Local) | 26,128,957 | 97,703 |
| PTT PCL (Foreign) | 8,133,737 | 62,609 |
| * Kasikornbank PCL | 12,816,700 | 62,009 |
| * Airports of Thailand PCL | 7,079,800 | 59,176 |
| ^ Siam Cement PCL (Foreign) | 4,637,817 | 59,072 |
| ^ Intouch Holdings PCL | 25,640,650 | 53,998 |
| * PTT Exploration and Production PCL (Local) | 23,315,706 | 47,582 |
| * PTT PCL | 6,143,000 | 47,286 |
| * Bangkok Bank PCL (Local) | 8,389,343 | 39,422 |
| * Bangkok Dusit Medical Services PCL | 64,788,500 | 34,534 |
| ^ Big C Supercenter PCL | 5,861,500 | 32,931 |
| Kasikornbank PCL (Foreign) | 6,767,549 | 32,742 |
| PTT Global Chemical PCL (Foreign) | 19,950,507 | 31,141 |
| * Bumrungrad Hospital PCL | 4,892,801 | 29,625 |
| * Central Pattana PCL | 22,433,328 | 28,986 |
| Krung Thai Bank PCL (Foreign) | 59,887,051 | 28,743 |
38
| Vanguard® Emerging Markets Stock Index Fund | |||
| Schedule of Investments | |||
| October 31, 2015 | |||
| Market | |||
| Value | |||
| Shares | ($000) | ||
| * | TMB Bank PCL | 367,177,800 | 27,371 |
| * | Minor International PCL | 31,228,230 | 26,706 |
| * | BTS Group Holdings PCL | 96,724,300 | 26,212 |
| * | True Corp. PCL | 85,645,400 | 24,258 |
| * | Total Access Communication PCL (Local) | 12,284,400 | 23,417 |
| * | Thai Oil PCL | 14,471,700 | 21,978 |
| * | Delta Electronics Thailand PCL | 8,552,200 | 20,247 |
| * | Electricity Generating PCL | 4,129,500 | 18,035 |
| * | Thai Union Group PCL | 34,614,600 | 17,168 |
| * | Charoen Pokphand Foods PCL | 28,403,200 | 16,497 |
| IRPC PCL (Foreign) | 138,017,360 | 15,765 | |
| Glow Energy PCL (Foreign) | 6,520,655 | 15,680 | |
| ^ | Land & Houses PCL | 63,407,380 | 15,207 |
| Charoen Pokphand Foods PCL (Foreign) | 25,553,800 | 14,842 | |
| * | Home Product Center PCL | 72,355,679 | 14,207 |
| * | PTT Global Chemical PCL | 8,007,600 | 12,499 |
| Indorama Ventures PCL Foreign Shares | 19,164,164 | 12,390 | |
| *,^ | True Corp. PCL | 42,285,523 | 11,977 |
| * | Banpu PCL (Local) | 18,447,300 | 11,223 |
| ^ | Ratchaburi Electricity Generating Holding PCL | 7,485,600 | 11,144 |
| * | Siam City Cement PCL (Local) | 1,119,483 | 10,621 |
| ^ | BEC World PCL (Foreign) | 10,649,325 | 9,408 |
| * | Bangkok Life Assurance PCL | 6,207,000 | 8,975 |
| * | Berli Jucker PCL | 5,862,500 | 6,172 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 18,926,300 | 5,373 |
| * | BEC World PCL | 5,752,100 | 5,081 |
| ^ | Siam Cement PCL NVDR | 376,300 | 4,793 |
| * | Indorama Ventures PCL | 6,225,400 | 4,025 |
| * | Thanachart Capital PCL | 3,532,900 | 3,325 |
| * | IRPC PCL | 25,844,200 | 2,952 |
| * | Thai Airways International PCL | 8,863,100 | 2,511 |
| * | Bangchak Petroleum PCL | 2,289,200 | 2,311 |
| * | Glow Energy PCL | 837,700 | 2,014 |
| * | Digital Telecommunications Infrastructure Fund | 4,107,300 | 1,454 |
| Bangkok Bank PCL (Foreign) | 282,900 | 1,329 | |
| * | Sri Trang Agro-Industry PCL | 4,185,500 | 1,328 |
| * | Krung Thai Bank PCL | 2,591,100 | 1,244 |
| * | Robinson Department Store PCL | 1,048,500 | 1,161 |
| * | Central Plaza Hotel PCL | 964,100 | 1,027 |
| * | Krungthai Card PCL | 280,200 | 784 |
| * | Major Cineplex Group PCL | 754,100 | 656 |
| * | SPCG PCL | 872,400 | 588 |
| * | CK Power PCL | 7,968,500 | 559 |
| * | PTG Energy PCL | 1,240,500 | 522 |
| * | Dynasty Ceramic PCL | 4,075,000 | 465 |
| * | Siam Global House PCL | 1,477,700 | 431 |
| * | Srisawad Power 1979 PCL | 312,500 | 383 |
| * | TTW PCL | 1,161,500 | 352 |
| * | Thai Vegetable Oil PCL | 449,800 | 334 |
| * | Hana Microelectronics PCL | 340,800 | 329 |
| * | Bangkok Chain Hospital PCL | 1,326,200 | 248 |
| * | Kiatnakin Bank PCL | 256,500 | 241 |
| * | Bangkok Expressway PCL | 233,800 | 236 |
| * | Superblock PCL | 5,491,200 | 229 |
| * | GFPT PCL | 728,400 | 215 |
| * | KCE Electronics PCL | 122,200 | 212 |
| * | VGI Global Media PCL | 1,911,200 | 199 |
| * | Amata Corp. PCL | 508,400 | 196 |
| * | Bangkok Airways Co. Ltd. | 333,200 | 188 |
| * | Carabao Group PCL | 162,300 | 178 |
| * | Univentures PCL | 892,700 | 177 |
| * | OBI Pharma Inc. | 13,000 | 160 |
| * | Indorama Ventures PCL Warrants Expire 8/24/2017 | 2,633,776 | 158 |
| * | Siam Cement PCL | 11,600 | 148 |
39
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| * Cal-Comp Electronics Thailand PCL | 1,513,200 | 135 |
| * AP Thailand PCL | 787,100 | 132 |
| * Minor International Warrants Expire 11/03/2017 | 1,432,265 | 129 |
| * Indorama Ventures Warrants Expire 8/24/2018 | 2,025,981 | 113 |
| * Precious Shipping PCL | 443,100 | 85 |
| * Bangkok Metro PCL | 1,238,800 | 63 |
| * TICON Industrial Connection PCL | 164,600 | 55 |
| * Thai Reinsurance PCL | 459,200 | 37 |
| * Maybank Kim Eng Securities Thailand PCL | 51,100 | 33 |
| * U City PCL | 9,733,800 | 11 |
| Bank of Ayudhya PCL | 558 | 1 |
| 1,422,654 | ||
| Turkey (1.7%) | ||
| Turkiye Garanti Bankasi AS | 35,104,164 | 91,101 |
| Akbank TAS | 34,337,432 | 88,170 |
| BIM Birlesik Magazalar AS | 3,760,798 | 76,486 |
| * Tupras Turkiye Petrol Rafinerileri AS | 2,074,736 | 54,787 |
| Turkcell Iletisim Hizmetleri AS | 13,409,403 | 53,335 |
| KOC Holding AS | 10,777,616 | 48,779 |
| Haci Omer Sabanci Holding AS (Bearer) | 13,709,002 | 43,471 |
| Turkiye Halk Bankasi AS | 10,432,170 | 39,156 |
| Turkiye Is Bankasi | 22,749,248 | 38,840 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 34,490,022 | 33,466 |
| Eregli Demir ve Celik Fabrikalari TAS | 23,220,233 | 32,929 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,379,465 | 26,652 |
| * Turk Hava Yollari AO | 8,965,203 | 26,466 |
| Turkiye Vakiflar Bankasi TAO | 17,967,287 | 25,622 |
| TAV Havalimanlari Holding AS | 2,651,707 | 20,822 |
| Turk Telekomunikasyon AS | 8,997,980 | 19,394 |
| Yapi ve Kredi Bankasi AS | 14,515,590 | 17,667 |
| Ulker Biskuvi Sanayi AS | 2,603,036 | 17,585 |
| Coca-Cola Icecek AS | 1,235,612 | 15,657 |
| Enka Insaat ve Sanayi AS | 8,830,321 | 15,644 |
| Arcelik AS | 2,816,831 | 15,358 |
| Ford Otomotiv Sanayi AS | 1,292,895 | 15,205 |
| Tofas Turk Otomobil Fabrikasi AS | 2,008,158 | 13,255 |
| * Petkim Petrokimya Holding AS | 7,038,047 | 10,377 |
| Turkiye Sise ve Cam Fabrikalari AS | 8,650,486 | 9,907 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 1,736,374 | 8,306 |
| Turkiye Sinai Kalkinma Bankasi AS | 13,264,898 | 7,005 |
| Aygaz AS | 1,299,331 | 4,879 |
| Turk Traktor ve Ziraat Makineleri AS | 194,665 | 4,633 |
| Koza Altin Isletmeleri AS | 800,427 | 4,499 |
| Yazicilar Holding AS Class A | 744,486 | 4,149 |
| Akcansa Cimento AS | 725,531 | 3,409 |
| * Migros Ticaret AS | 390,972 | 2,306 |
| * Pegasus Hava Tasimaciligi AS | 298,260 | 1,912 |
| Dogus Otomotiv Servis ve Ticaret AS | 328,023 | 1,190 |
| * Afyon Cimento Sanayi TAS | 313,425 | 659 |
| * Vestel Elektronik Sanayi ve Ticaret AS | 176,801 | 299 |
| * Ihlas Holding AS | 2,348,560 | 201 |
| * Asya Katilim Bankasi AS | 709,921 | 195 |
| * NET Holding AS | 158,813 | 180 |
| * Dogan Sirketler Grubu Holding AS | 544,539 | 116 |
| * Adana Cimento Sanayii TAS Class A | 51,270 | 116 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 192,589 | 87 |
| * Zorlu Enerji Elektrik Uretim AS | 159,224 | 84 |
| Tekfen Holding AS | 54,391 | 78 |
| Gubre Fabrikalari TAS | 32,721 | 74 |
| Aksigorta AS | 102,669 | 65 |
| Trakya Cam Sanayii AS | 92,863 | 61 |
| Otokar Otomotiv Ve Savunma Sanayi A.S. | 1,880 | 50 |
| * Koza Anadolu Metal Madencilik Isletmeleri AS | 93,722 | 50 |
| * Akenerji Elektrik Uretim AS | 142,793 | 46 |
40
| Vanguard® Emerging Markets Stock Index Fund | ||
| Schedule of Investments | ||
| October 31, 2015 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Konya Cimento Sanayii AS | 363 | 37 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 38,651 | 32 |
| * Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS | 48,304 | 29 |
| Bagfas Bandirma Gubre Fabrikalari AS | 6,347 | 29 |
| * Aksa Enerji Uretim AS Class B | 24,978 | 22 |
| Is Gayrimenkul Yatirim Ortakligi AS | 39,706 | 20 |
| Aksa Akrilik Kimya Sanayii AS | 5,123 | 19 |
| Anadolu Hayat Emeklilik AS | 9,847 | 18 |
| * Vakif Gayrimenkul Yatirim Ortakligi AS | 21,316 | 17 |
| * Soda Sanayii AS | 9,767 | 16 |
| Cimsa Cimento Sanayi VE Ticaret AS | 2,812 | 15 |
| Bizim Toptan Satis Magazalari AS | 2,803 | 13 |
| Albaraka Turk Katilim Bankasi AS | 23,039 | 11 |
| * Anadolu Cam Sanayii AS | 10,243 | 8 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A | 12,333 | 7 |
| Alarko Holding AS | 5,583 | 6 |
| * Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 1,907 | 6 |
| * Sekerbank TAS | 5,285 | 3 |
| Akfen Holding AS | 967 | 3 |
| Turcas Petrol AS | 4,737 | 3 |
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 1,915 | 2 |
| 895,096 | ||
| United Arab Emirates (1.0%) | ||
| Emaar Properties PJSC | 60,469,105 | 105,169 |
| First Gulf Bank PJSC | 19,648,644 | 66,042 |
| Abu Dhabi Commercial Bank PJSC | 31,169,213 | 63,630 |
| DP World Ltd. | 2,784,408 | 56,251 |
| Aldar Properties PJSC | 52,720,332 | 32,689 |
| * Emaar Malls Group PJSC | 37,209,196 | 31,696 |
| Dubai Islamic Bank PJSC | 17,243,456 | 30,344 |
| Union National Bank PJSC | 19,446,988 | 29,633 |
| DAMAC Properties Dubai Co. PJSC | 23,019,285 | 18,599 |
| * Arabtec Holding PJSC | 36,363,373 | 16,115 |
| * Dubai Parks & Resorts PJSC | 45,758,284 | 15,630 |
| Air Arabia PJSC | 38,382,149 | 14,101 |
| Dubai Financial Market PJSC | 25,927,037 | 10,089 |
| Al Waha Capital PJSC | 15,340,307 | 9,076 |
| * Dana Gas PJSC | 55,802,470 | 7,132 |
| Dubai Investments PJSC | 11,252,909 | 6,917 |
| * Deyaar Development PJSC | 26,515,495 | 4,276 |
| Union Properties PJSC | 17,034,345 | 3,989 |
| Agthia Group PJSC | 403,030 | 839 |
| * Eshraq Properties Co. PJSC | 1,420,149 | 239 |
| * Amanat Holdings PJSC | 1,072,479 | 225 |
| RAK Properties PJSC | 1,277,197 | 202 |
| National Central Cooling Co. PJSC | 377,043 | 116 |
| * Drake & Scull International PJSC | 506,873 | 79 |
| 523,078 | ||
| Total Common Stocks (Cost $59,224,230) | 52,500,639 | |
41
| Vanguard® Emerging Markets Stock Index Fund | |||||
| Schedule of Investments | |||||
| October 31, 2015 | |||||
| Market | |||||
| Value | |||||
| Coupon | Shares | ($000) | |||
| Temporary Cash Investments (2.2%)1 | |||||
| Money Market Fund (2.1%) | |||||
| 3,4 | Vanguard Market Liquidity Fund | 0.207% | 1,117,390,788 | 1,117,391 | |
| Face | |||||
| Maturity | Amount | ||||
| Date | ($000) | ||||
| U.S. Government and Agency Obligations (0.1%) | |||||
| 5 | Federal Home Loan Bank Discount Notes | 0.170% | 11/18/15 | 10,000 | 10,000 |
| 5 | Federal Home Loan Bank Discount Notes | 0.195% | 12/2/15 | 1,000 | 1,000 |
| 5 | Federal Home Loan Bank Discount Notes | 0.197% | 12/4/15 | 7,000 | 6,999 |
| 5 | Federal Home Loan Bank Discount Notes | 0.145% | 12/11/15 | 10,000 | 9,999 |
| 6,7 | Freddie Mac Discount Notes | 0.245% | 1/5/16 | 10,000 | 9,998 |
| 6,7 | Freddie Mac Discount Notes | 0.220% | 3/30/16 | 15,000 | 14,991 |
| 52,987 | |||||
| Total Temporary Cash Investments (Cost $1,170,369) | 1,170,378 | ||||
| Total Investments (101.4%) (Cost $60,394,599) | 53,671,017 | ||||
| Other Assets and Liabilities—Net (-1.4%)4 | (755,984) | ||||
| Net Assets (100%) | 52,915,033 | ||||
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $837,779,000.
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 99.9% and 1.5%, 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 $448,381,000, representing 0.8% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $924,747,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
6 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.
7 Securities with a value of $17,793,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
42
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© 2015 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA5330 122015
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard International Equity Index Funds and the Shareholders of Vanguard Emerging Markets 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 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Vanguard Emerging Markets Stock Index Fund (constituting a separate portfolio of Vanguard International Equity Index 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 15 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 INTERNATIONAL EQUITY INDEX FUNDS | |
| BY: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: | December 18, 2015 |
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 INTERNATIONAL EQUITY INDEX FUNDS | |
| BY: | /s/ F. WILLIAM MCNABB III* |
| F. WILLIAM MCNABB III | |
| CHIEF EXECUTIVE OFFICER | |
| Date: | December 18, 2015 |
| VANGUARD INTERNATIONAL EQUITY INDEX FUNDS | |
| BY: | /s/ THOMAS J. HIGGINS* |
| THOMAS J. HIGGINS | |
| CHIEF FINANCIAL OFFICER | |
| Date: | December 18, 2015 |
* 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.