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, 2013 – April 30, 2014
Item 1: Reports to Shareholders
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| Semiannual Report | April 30, 2014 |
| Vanguard International Stock Index Funds |
| |
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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. | 4 |
| European Stock Index Fund. | 9 |
| Pacific Stock Index Fund. | 31 |
| Emerging Markets Stock Index Fund. | 51 |
| About Your Fund’s Expenses. | 73 |
| Trustees Approve Advisory Arrangements. | 76 |
| Glossary. | 77 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas. This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
| |
| Six Months Ended April 30, 2014 | |
| | Total |
| | Returns |
| Vanguard European Stock Index Fund | |
| Investor Shares | 8.71% |
| Admiral™ Shares | 8.77 |
| Signal® Shares | 8.80 |
| Institutional Shares | 8.82 |
| FTSE Europe ETF Shares | |
| Market Price | 8.59 |
| Net Asset Value | 8.76 |
| FTSE Developed Europe Index | 8.35 |
| European Region Funds Average | 7.33 |
| European Region Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
| Vanguard Pacific Stock Index Fund | |
| Investor Shares | -2.85% |
| Admiral Shares | -2.77 |
| Signal Shares | -2.80 |
| Institutional Shares | -2.80 |
| FTSE Pacific ETF Shares | |
| Market Price | -2.88 |
| Net Asset Value | -2.77 |
| FTSE Developed Asia Pacific Index | -2.93 |
| Japan/Pacific Region Funds Average | -3.60 |
| 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. Signal Shares, 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.
1
Your Fund’s Total Returns
| |
| Six Months Ended April 30, 2014 | |
| | Total |
| | Returns |
| Vanguard Emerging Markets Stock Index Fund | |
| Investor Shares | -2.85% |
| Admiral Shares | -2.74 |
| Signal Shares | -2.74 |
| Institutional Shares | -2.72 |
| Institutional Plus Shares | -2.71 |
| FTSE Emerging Markets ETF Shares | |
| Market Price | -1.53 |
| Net Asset Value | -2.72 |
| FTSE Emerging Index | -3.18 |
| Emerging Markets Funds Average | -1.99 |
| 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. Signal Shares, 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.
2
Your Fund’s Performance at a Glance
| | | | |
| October 31, 2013, Through April 30, 2014 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard European Stock Index Fund | | | | |
| Investor Shares | $30.42 | $32.46 | $0.576 | $0.000 |
| Admiral Shares | 70.85 | 75.59 | 1.392 | 0.000 |
| Signal Shares | 27.41 | 29.25 | 0.539 | 0.000 |
| Institutional Shares | 30.21 | 32.24 | 0.598 | 0.000 |
| FTSE Europe ETF Shares | 56.64 | 60.43 | 1.115 | 0.000 |
| Vanguard Pacific Stock Index Fund | | | | |
| Investor Shares | $11.76 | $11.26 | $0.164 | $0.000 |
| Admiral Shares | 76.32 | 73.09 | 1.114 | 0.000 |
| Signal Shares | 26.51 | 25.38 | 0.387 | 0.000 |
| Institutional Shares | 11.68 | 11.18 | 0.172 | 0.000 |
| FTSE Pacific ETF Shares | 61.71 | 59.10 | 0.902 | 0.000 |
| Vanguard Emerging Markets Stock Index Fund | | | | |
| Investor Shares | $26.78 | $25.83 | $0.181 | $0.000 |
| Admiral Shares | 35.17 | 33.93 | 0.269 | 0.000 |
| Signal Shares | 33.81 | 32.62 | 0.258 | 0.000 |
| Institutional Shares | 26.74 | 25.80 | 0.208 | 0.000 |
| Institutional Plus Shares | 88.97 | 85.84 | 0.699 | 0.000 |
| FTSE Emerging Markets ETF Shares | 42.28 | 40.80 | 0.321 | 0.000 |
3
Chairman’s Letter
Dear Shareholder,
International stock markets responded primarily to shifts in the outlook for economic growth and the direction of interest rates during the six months ended April 30, 2014. Fairly modest improvements in the European economy were enough to lift investor sentiment and drive stock markets higher across that region. Vanguard European Stock Index Fund returned about 9% for the half year.
Other markets outside the United States generally didn’t fare as well. Optimism about government efforts to jump-start the Japanese economy began to flag, weighing heavily on the performance of Vanguard Pacific Stock Index Fund, which returned about –3% for the six months. Signs of slower growth in China along with rising interest rates and political turmoil in some developing markets resulted in a return of about –3% for Vanguard Emerging Markets Stock Index Fund as well.
Recent progress has been sporadic, but stocks continued their climb
For the half year ended April 30, U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014. Technology stocks, for example, turned in a rocky performance amid concerns about pricey valuations. Poor economic data from China and the conflict in Ukraine also unsettled investors.
Global economic and political shifts are, of course, as inevitable as they are unpredictable. Broad diversification remains the best
4
way of managing the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues, and that’s always, I think, a valuable starting point for investors.”
Despite low yields, the bond market experienced a surprising rally
Bonds continued to emerge from the struggles that marked much of 2013, when the market was roiled by worries about the prospect of the Federal Reserve reducing its stimulative bond-buying. In January, however, when the Fed actually started to trim purchases, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74%. The yield of the 10-year Treasury note ended the six months at 2.69%, up from 2.54% on October 31 but down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 4.08% for the six months. Money market and savings accounts posted paltry returns as the Fed’s target for short-term interest rates remained at 0%–0.25%.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2014 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
| Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
| Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
| FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
| |
| CPI | | | |
| Consumer Price Index | 1.51% | 1.95% | 2.14% |
5
Fund returns reflected contrasting economic backdrops
Stock markets outside the United States ended the six months up about 3% as a whole. Underlying that performance were returns for Europe, the Pacific, and emerging markets, which ranged roughly from 9% to –3% as their economies headed in different directions over the period.
Almost every developed market in the European Stock Index Fund gained ground. Although the Eurozone continued to struggle with high levels of unemployment and government debt in some member states, the region’s emergence from recession helped fuel high single-digit returns for some of its larger economies, including Germany and France. Some
smaller economies that had fallen out of favor with investors during the debt crisis, including Ireland and Portugal, posted even stronger returns. The United Kingdom—a heavyweight in the fund, representing almost one-third of its assets—returned about 7% amid stronger housing and employment data as well as a strengthening of the British pound against the U.S. dollar.
In terms of sectors, health care, utilities, and oil and gas returned more than 10%. Consumer services and technology were the laggards, with returns of about 3% each.
The Pacific Stock Index Fund slipped into negative territory, largely owing to a drop of almost 6% in Japanese stocks, which
| | | | | | | |
| Expense Ratios | | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | | |
| | | | | | | | Peer |
| | Investor | Admiral | Signal | Institutional | Institutional | ETF | Group |
| | Shares | Shares | Shares | Shares | Plus Shares | Shares | Average |
| European Stock Index Fund | 0.26% | 0.12% | 0.12% | 0.09% | — | 0.12% | 1.27% |
| Pacific Stock Index Fund | 0.26 | 0.12 | 0.12 | 0.09 | — | 0.12 | 1.39 |
| Emerging Markets Stock Index | | | | | | | |
| Fund | 0.33 | 0.15 | 0.15 | 0.12 | 0.10% | 0.15 | 1.54 |
The fund expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the funds’ annualized expense ratios were: for the European Stock Index Fund, 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Europe ETF Shares; for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Pacific ETF Shares; and for the Emerging Markets Stock Index Fund, 0.33% for Investor Shares, 0.15% for Admiral Shares, 0.15% for Signal Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.15% for FTSE Emerging Markets ETF Shares.
Peer groups: For the European Stock Index Fund, European Region Funds; for the Pacific Stock Index Fund, Japan/Pacific Region Funds; for the Emerging Markets Stock Index Fund, Emerging Markets Funds.
6
accounted for more than half of the fund’s assets in this region. Investors initially applauded the aggressive stimulus program Japan introduced last spring, aimed at ending deflation and breathing new life back into the world’s third-largest economy. The pace of economic growth has slackened since then, however, and exports have not benefited from the weaker currency as much as had been expected. New Zealand, Australia, and Hong Kong, in contrast, produced positive returns.
In this region, seven of ten market sectors posted negative returns. Technology was the outlier with a gain of almost 12%.
The Emerging Markets Stock Index Fund lost ground as well. There were positive performances from not quite half of the
countries in the index. India’s economy seemed to be on the mend, and United Arab Emirates stocks were increasingly on investors’ radar screens. However, they were not able to offset negative returns from some of their larger counterparts. Slowing growth in China, along with concerns about its banking sector, weighed on stock prices in the world’s second-largest economy. Russian stocks were down even more amid the conflict in Ukraine and sanctions from the West. Additional challenges facing other emerging markets included soft global demand for commodities, rising interest rates, and political instability.
Here, too, technology performed well, while basic materials and consumer services were the laggards.
A note on fair-value pricing
The reported return of a fund that tracks an index sometimes may diverge 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
Balancing investors’ ‘home bias’ and the benefits of diversification
Many investors have a natural tendency to focus on companies close to home. But this “home bias” can lead to missed opportunities to diversify your portfolio internationally.
Stocks of companies based outside the United States account for about half of the global equity market. Vanguard’s analysis of more than four decades of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This benefit has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that vary from those of U.S. stocks—which helps reduce volatility risk. Of course, the impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
When it comes to deciding how much to allocate to international stocks, there’s no one-size-fits-all answer. It depends on your view regarding some of the short-term and long-term trade-offs, which include potential exposure to currency fluctuations and generally higher transaction and investment costs.
Vanguard suggests that allocating 20% of your equity portfolio to non-U.S. stocks may be a reasonable starting point. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 14, 2014
8
European Stock Index Fund
Fund Profile
As of April 30, 2014
| | | | | |
| Share-Class Characteristics | | | | | |
| | Investor | Admiral | Signal | Institutional | FTSE Europe |
| | Shares | Shares | Shares | Shares | ETF Shares |
| Ticker Symbol | VEURX | VEUSX | VESSX | VESIX | VGK |
| Expense Ratio1 | 0.26% | 0.12% | 0.12% | 0.09% | 0.12% |
| | | |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Europe | ex US |
| | Fund | Index | Index |
| Number of Stocks | 515 | 509 | 5,471 |
| Median Market Cap | $53.5B | $53.5B | $27.3B |
| Price/Earnings Ratio | 18.8x | 18.9x | 16.9x |
| Price/Book Ratio | 1.9x | 1.9x | 1.7x |
| Return on Equity | 15.5% | 15.5% | 14.0% |
| Earnings Growth | | | |
| Rate | 7.9% | 7.9% | 9.6% |
| Dividend Yield | 3.2% | 3.2% | 2.8% |
| Turnover Rate | | | |
| (Annualized) | 7% | — | — |
| Short-Term Reserves | -0.1% | — | — |
| | | |
| Sector Diversification (% of equity exposure) |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Europe | ex US |
| | Fund | Index | Index |
| Basic Materials | 8.6% | 8.6% | 8.5% |
| Consumer Goods | 17.3 | 17.3 | 15.0 |
| Consumer Services | 6.6 | 6.6 | 8.0 |
| Financials | 22.4 | 22.4 | 25.8 |
| Health Care | 11.4 | 11.4 | 7.4 |
| Industrials | 12.8 | 12.8 | 14.0 |
| Oil & Gas | 9.4 | 9.4 | 8.8 |
| Technology | 2.9 | 2.9 | 4.5 |
| Telecommunications | 4.4 | 4.4 | 4.5 |
| Utilities | 4.2 | 4.2 | 3.5 |
| | |
| Volatility Measures | | |
| | Spliced | FTSE Global |
| | European | All Cap |
| | Stock | ex US |
| | Index | Index |
| R-Squared | 0.99 | 0.94 |
| Beta | 0.99 | 1.07 |
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) |
| Royal Dutch Shell plc | Integrated Oil & Gas | 2.8% |
| Nestle SA | Food Products | 2.7 |
| Roche Holding AG | Pharmaceuticals | 2.2 |
| Novartis AG | Pharmaceuticals | 2.2 |
| HSBC Holdings plc | Banks | 2.1 |
| BP plc | Integrated Oil & Gas | 1.7 |
| Total SA | Integrated Oil & Gas | 1.6 |
| GlaxoSmithKline plc | Pharmaceuticals | 1.4 |
| Sanofi | Pharmaceuticals | 1.3 |
| Unilever plc | Food Products | 1.3 |
| Top Ten | | 19.3% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Europe ETF Shares.
9
European Stock Index Fund
| | | |
| Market Diversification (% of equity exposure) |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Europe | ex US |
| | Fund | Index | Index |
| Europe | | | |
| United Kingdom | 32.2% | 32.1% | 15.7% |
| France | 14.6 | 14.6 | 6.7 |
| Germany | 13.7 | 13.7 | 6.4 |
| Switzerland | 13.5 | 13.6 | 6.2 |
| Spain | 5.3 | 5.3 | 2.5 |
| Sweden | 4.7 | 4.7 | 2.3 |
| Netherlands | 4.2 | 4.2 | 2.0 |
| Italy | 4.0 | 4.0 | 2.0 |
| Denmark | 2.2 | 2.3 | 1.1 |
| Belgium | 1.8 | 1.8 | 0.9 |
| Finland | 1.3 | 1.3 | 0.7 |
| Norway | 1.2 | 1.2 | 0.7 |
| Other | 1.3 | 1.2 | 0.8 |
| Subtotal | 100.0% | 100.0% | 48.0% |
| Pacific | 0.0% | 0.0% | 27.1% |
| Emerging Markets | 0.0% | 0.0% | 17.3% |
| North America | 0.0% | 0.0% | 7.2% |
| Middle East | 0.0% | 0.0% | 0.4% |
10
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.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 24.88% | 17.75% | 7.55% |
| Admiral Shares | 8/13/2001 | 25.05 | 17.90 | 7.67 |
| Signal Shares | 10/6/2006 | 25.05 | 17.89 | 3.781 |
| Institutional Shares | 5/15/2000 | 25.07 | 17.94 | 7.71 |
| FTSE Europe ETF Shares | 3/4/2005 | | | |
| Market Price | | 25.23 | 17.89 | 5.831 |
| Net Asset Value | | 25.05 | 17.90 | 5.841 |
| 1 Return since inception. | | | | |
See Financial Highlights for dividend and capital gains information.
11
European Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
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 † | | 98,292 | 0.4% |
| |
| Belgium | | | |
| Anheuser-Busch InBev NV | 1,956,372 | 213,239 | 1.0% |
| Belgium—Other † | | 187,513 | 0.8% |
| | | 400,752 | 1.8% |
| Denmark | | | |
| Novo Nordisk A/S Class B | 4,775,090 | 216,722 | 0.9% |
| Denmark—Other † | | 296,115 | 1.3% |
| | | 512,837 | 2.2% |
| |
| Finland † | | 292,364 | 1.3% |
| |
| France | | | |
| Total SA | 4,982,416 | 356,467 | 1.6% |
| Sanofi | 2,807,297 | 302,967 | 1.3% |
| BNP Paribas SA | 2,395,763 | 180,031 | 0.8% |
| Schneider Electric SA | 1,339,427 | 125,735 | 0.6% |
| ^ AXA SA | 4,654,843 | 121,474 | 0.5% |
| LVMH Moet Hennessy Louis Vuitton SA | 607,836 | 119,742 | 0.5% |
| France—Other † | | 2,123,515 | 9.3% |
| | | 3,329,931 | 14.6% |
| Germany | | | |
| Bayer AG | 2,028,277 | 282,019 | 1.2% |
| * BASF SE | 2,264,182 | 262,661 | 1.2% |
| Siemens AG | 1,944,316 | 256,498 | 1.1% |
12
European Stock Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Daimler AG | 2,343,116 | 218,145 | 1.0% |
| Allianz SE | 1,116,049 | 194,228 | 0.8% |
| SAP AG | 2,192,480 | 177,214 | 0.8% |
| Deutsche Telekom AG | 7,534,519 | 126,590 | 0.6% |
| Kabel Deutschland Holding AG | 52,554 | 7,120 | 0.0% |
| Germany—Other † | | 1,598,970 | 7.0% |
| | | 3,123,445 | 13.7% |
| |
| Greece † | | 35,488 | 0.2% |
| |
| Ireland † | | 80,837 | 0.4% |
| |
| Italy | | | |
| Eni SPA | 6,038,479 | 156,395 | 0.7% |
| Italy—Other † | | 743,420 | 3.2% |
| | | 899,815 | 3.9% |
| Netherlands | | | |
| Unilever NV | 3,817,601 | 163,705 | 0.7% |
| * ING Groep NV | 9,473,951 | 135,430 | 0.6% |
| Netherlands—Other † | | 666,930 | 2.9% |
| | | 966,065 | 4.2% |
| |
| Norway † | | 273,396 | 1.2% |
| |
| 1Other † | | 892 | 0.0% |
| |
| Portugal † | | 74,467 | 0.3% |
| |
| Spain | | | |
| * Banco Santander SA | 28,338,844 | 281,852 | 1.2% |
| Banco Bilbao Vizcaya Argentaria SA | 14,179,009 | 174,656 | 0.8% |
| Telefonica SA | 9,886,335 | 165,916 | 0.7% |
| Spain—Other † | | 584,436 | 2.6% |
| | | 1,206,860 | 5.3% |
| Sweden | | | |
| Nordea Bank AB | 7,793,417 | 112,931 | 0.5% |
| Sweden—Other † | | 956,630 | 4.2% |
| | | 1,069,561 | 4.7% |
| Switzerland | | | |
| Nestle SA | 7,821,256 | 604,460 | 2.7% |
| Roche Holding AG | 1,723,286 | 505,520 | 2.2% |
| Novartis AG | 5,711,677 | 496,531 | 2.2% |
| UBS AG | 8,642,047 | 180,739 | 0.8% |
| * ABB Ltd. | 5,673,123 | 136,587 | 0.6% |
| * Cie Financiere Richemont SA | 1,220,660 | 124,190 | 0.5% |
| * Credit Suisse Group AG | 3,914,845 | 124,111 | 0.5% |
| Switzerland—Other † | | 918,412 | 4.0% |
| | | 3,090,550 | 13.5% |
13
European Stock Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| United Kingdom | | | | |
| HSBC Holdings plc | | 46,183,644 | 471,892 | 2.1% |
| BP plc | | 45,265,567 | 382,187 | 1.7% |
| GlaxoSmithKline plc | | 11,924,522 | 329,485 | 1.4% |
| Royal Dutch Shell plc Class A | | 7,660,517 | 302,856 | 1.3% |
| British American Tobacco plc | | 4,634,744 | 267,636 | 1.2% |
| Royal Dutch Shell plc Class B | | 6,015,518 | 255,428 | 1.1% |
| Vodafone Group plc | | 65,160,048 | 247,390 | 1.1% |
| AstraZeneca plc | | 3,059,666 | 241,517 | 1.1% |
| Diageo plc | | 6,177,722 | 189,286 | 0.8% |
| * Lloyds Banking Group plc | | 132,574,171 | 169,062 | 0.7% |
| BG Group plc | | 8,342,185 | 168,759 | 0.7% |
| Barclays plc | | 39,403,790 | 168,258 | 0.7% |
| BHP Billiton plc | | 5,180,335 | 168,178 | 0.7% |
| Rio Tinto plc | | 3,058,162 | 166,267 | 0.7% |
| Prudential plc | | 6,259,642 | 143,905 | 0.6% |
| Unilever plc | | 2,957,180 | 132,285 | 0.6% |
| National Grid plc | | 9,149,134 | 130,041 | 0.6% |
| Reckitt Benckiser Group plc | | 1,582,446 | 127,746 | 0.6% |
| Glencore Xstrata plc | | 23,570,738 | 127,184 | 0.6% |
| SABMiller plc | | 2,319,112 | 126,279 | 0.6% |
| BT Group plc | | 19,301,862 | 120,496 | 0.5% |
| Royal Dutch Shell plc Class A (Amsterdam Shares) | | 1,993,326 | 78,853 | 0.4% |
| United Kingdom—Other † | | | 2,796,921 | 12.3% |
| | | | 7,311,911 | 32.1% |
| Total Common Stocks (Cost $22,210,153) | | | 22,767,463 | 99.8%2 |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 3,4 Vanguard Market Liquidity Fund | 0.124% | 617,331,910 | 617,332 | 2.7% |
| |
| 5U.S. Government and Agency Obligations † | | | 19,299 | 0.1% |
| Total Temporary Cash Investments (Cost $636,631) | | | 636,631 | 2.8%2 |
| Total Investments (Cost $22,846,784) | | | 23,404,094 | 102.6% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 122,561 | 0.5% |
| Liabilities4 | | | (720,435) | (3.1%) |
| | | | (597,874) | (2.6%) |
| Net Assets | | | 22,806,220 | 100.0% |
14
European Stock Index Fund
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 24,386,486 |
| Undistributed Net Investment Income | 135,198 |
| Accumulated Net Realized Losses | (2,275,789) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 557,310 |
| Futures Contracts | 1,066 |
| Forward Currency Contracts | 551 |
| Foreign Currencies | 1,398 |
| Net Assets | 22,806,220 |
| |
| Investor Shares—Net Assets | |
| Applicable to 28,239,793 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 916,634 |
| Net Asset Value Per Share—Investor Shares | $32.46 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 52,042,451 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,934,131 |
| Net Asset Value Per Share—Admiral Shares | $75.59 |
| |
| Signal Shares—Net Assets | |
| Applicable to 15,840,426 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 463,304 |
| Net Asset Value Per Share—Signal Shares | $29.25 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 33,506,509 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,080,166 |
| Net Asset Value Per Share—Institutional Shares | $32.24 |
| |
| ETF Shares—Net Assets | |
| Applicable to 271,570,626 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 16,411,985 |
| Net Asset Value Per Share—ETF Shares | $60.43 |
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 $583,421,000.
* 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 “Other” represents securities that are not classified by the fund’s benchmark index.
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 2.6%, 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 $617,332,000 of collateral received for securities on loan.
5 Securities with a value of $2,600,000 have been segregated as initial margin for open futures contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
15
European Stock Index Fund
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 539,372 |
| Interest2 | 69 |
| Securities Lending | 3,374 |
| Total Income | 542,815 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 784 |
| Management and Administrative—Investor Shares | 934 |
| Management and Administrative—Admiral Shares | 1,579 |
| Management and Administrative—Signal Shares | 162 |
| Management and Administrative—Institutional Shares | 220 |
| Management and Administrative—Institutional Plus Shares | 8 |
| Management and Administrative—ETF Shares | 5,567 |
| Marketing and Distribution—Investor Shares | 80 |
| Marketing and Distribution—Admiral Shares | 246 |
| Marketing and Distribution—Signal Shares | 54 |
| Marketing and Distribution—Institutional Shares | 111 |
| Marketing and Distribution—Institutional Plus Shares | 15 |
| Marketing and Distribution—ETF Shares | 1,565 |
| Custodian Fees | 988 |
| Shareholders’ Reports—Investor Shares | 21 |
| Shareholders’ Reports—Admiral Shares | 11 |
| Shareholders’ Reports—Signal Shares | 3 |
| Shareholders’ Reports—Institutional Shares | 1 |
| Shareholders’ Reports—Institutional Plus Shares | — |
| Shareholders’ Reports—ETF Shares | 182 |
| Trustees’ Fees and Expenses | 6 |
| Total Expenses | 12,537 |
| Net Investment Income | 530,278 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 212,258 |
| Futures Contracts | 1,382 |
| Foreign Currencies and Forward Currency Contracts | 2,684 |
| Realized Net Gain (Loss) | 216,324 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 1,025,797 |
| Futures Contracts | (1,161) |
| Foreign Currencies and Forward Currency Contracts | 711 |
| Change in Unrealized Appreciation (Depreciation) | 1,025,347 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,771,949 |
1 Dividends are net of foreign withholding taxes of $28,639,000.
2 Interest income from an affiliated company of the fund was $65,000.
See accompanying Notes, which are an integral part of the Financial Statements.
16
European Stock Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 530,278 | 353,210 |
| Realized Net Gain (Loss) | 216,324 | 234,579 |
| Change in Unrealized Appreciation (Depreciation) | 1,025,347 | 2,243,153 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,771,949 | 2,830,942 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (16,013) | (25,588) |
| Admiral Shares | (70,742) | (98,333) |
| Signal Shares | (8,303) | (11,793) |
| Institutional Shares | (18,498) | (25,112) |
| Institutional Plus Shares | (470) | (2,226) |
| ETF Shares | (290,720) | (214,905) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (404,746) | (377,957) |
| Capital Share Transactions | | |
| Investor Shares | (7,942) | (59,529) |
| Admiral Shares | 351,378 | 232,687 |
| Signal Shares | 4,592 | 100,005 |
| Institutional Shares | 115,297 | (22,260) |
| Institutional Plus Shares | (115,592) | 102,225 |
| ETF Shares | 3,381,337 | 6,686,863 |
| Net Increase (Decrease) from Capital Share Transactions | 3,729,070 | 7,039,991 |
| Total Increase (Decrease) | 5,096,273 | 9,492,976 |
| Net Assets | | |
| Beginning of Period | 17,709,947 | 8,216,971 |
| End of Period1 | 22,806,220 | 17,709,947 |
| 1 Net Assets—End of Period includes undistributed net investment income of $135,198,000 and $9,132,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
17
European Stock Index Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $30.42 | $24.69 | $24.48 | $27.15 | $25.77 | $21.99 |
| Investment Operations | | | | | | |
| Net Investment Income | .7511 | .830 | .836 | .8822 | .7682 | 1.008 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.865 | 5.800 | .925 | (2.545) | 1.594 | 4.269 |
| Total from Investment Operations | 2.616 | 6.630 | 1.761 | (1.663) | 2.362 | 5.277 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.576) | (.900) | (1.551) | (1.007) | (.982) | (1.497) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.576) | (.900) | (1.551) | (1.007) | (.982) | (1.497) |
| Net Asset Value, End of Period | $32.46 | $30.42 | $24.69 | $24.48 | $27.15 | $25.77 |
| |
| Total Return3 | 8.71% | 27.47% | 7.77% | -6.35% | 9.35% | 26.25% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $917 | $868 | $760 | $851 | $1,884 | $5,789 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.27% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 4.10%1 | 3.02% | 3.75% | 3.46% | 2.98% | 3.80% |
| Portfolio Turnover Rate4 | 7% | 10% | 7% | 6% | 11% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.299 and 1.01%, 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.
18
European Stock Index Fund
Financial Highlights
| | | | | | |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $70.85 | $57.54 | $57.09 | $63.75 | $60.51 | $51.71 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.8031 | 2.026 | 2.032 | 2.2222 | 1.7582 | 2.448 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 4.329 | 13.503 | 2.152 | (6.020) | 3.864 | 9.968 |
| Total from Investment Operations | 6.132 | 15.529 | 4.184 | (3.798) | 5.622 | 12.416 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.392) | (2.219) | (3.734) | (2.862) | (2.382) | (3.616) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.392) | (2.219) | (3.734) | (2.862) | (2.382) | (3.616) |
| Net Asset Value, End of Period | $75.59 | $70.85 | $57.54 | $57.09 | $63.75 | $60.51 |
| |
| Total Return3 | 8.77% | 27.64% | 7.93% | -6.22% | 9.49% | 26.33% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,934 | $3,340 | $2,508 | $2,531 | $2,087 | $1,700 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% | 0.16% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 4.24%1 | 3.16% | 3.89% | 3.58% | 3.10% | 3.91% |
| Portfolio Turnover Rate4 | 7% | 10% | 7% | 6% | 11% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.695 and 1.01%, 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.
19
European Stock Index Fund
Financial Highlights
| | | | | | |
| Signal Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $27.41 | $22.26 | $22.09 | $24.68 | $23.42 | $20.01 |
| Investment Operations | | | | | | |
| Net Investment Income | .6981 | .786 | .788 | .8522 | .6862 | .947 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.681 | 5.224 | .827 | (2.327) | 1.497 | 3.860 |
| Total from Investment Operations | 2.379 | 6.010 | 1.615 | (1.475) | 2.183 | 4.807 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.539) | (.860) | (1.445) | (1.115) | (.923) | (1.397) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.539) | (.860) | (1.445) | (1.115) | (.923) | (1.397) |
| Net Asset Value, End of Period | $29.25 | $27.41 | $22.26 | $22.09 | $24.68 | $23.42 |
| |
| Total Return3 | 8.80% | 27.65% | 7.91% | -6.24% | 9.52% | 26.34% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $463 | $430 | $259 | $227 | $272 | $245 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% | 0.16% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 4.24%1 | 3.16% | 3.89% | 3.58% | 3.10% | 3.91% |
| Portfolio Turnover Rate4 | 7% | 10% | 7% | 6% | 11% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.269 and 1.01%, 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.
20
European Stock Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $30.21 | $24.54 | $24.36 | $27.20 | $25.80 | $22.04 |
| Investment Operations | | | | | | |
| Net Investment Income | .7741 | .871 | .875 | .8982 | .7642 | 1.036 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.854 | 5.755 | .912 | (2.510) | 1.644 | 4.277 |
| Total from Investment Operations | 2.628 | 6.626 | 1.787 | (1.612) | 2.408 | 5.313 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.598) | (.956) | (1.607) | (1.228) | (1.008) | (1.553) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.598) | (.956) | (1.607) | (1.228) | (1.008) | (1.553) |
| Net Asset Value, End of Period | $32.24 | $30.21 | $24.54 | $24.36 | $27.20 | $25.80 |
| |
| Total Return3 | 8.82% | 27.66% | 7.95% | -6.19% | 9.53% | 26.45% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,080 | $901 | $762 | $606 | $1,349 | $853 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.09% | 0.09% | 0.09% | 0.10% | 0.10% | 0.12% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 4.27%1 | 3.19% | 3.92% | 3.62% | 3.14% | 3.95% |
| Portfolio Turnover Rate4 | 7% | 10% | 7% | 6% | 11% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.297 and 1.01%, 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.
21
European Stock Index Fund
Financial Highlights
| | |
| Institutional Plus Shares | | |
| | Oct. 31, | May 17, |
| | 2013 to | 20131 to |
| | March 17, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 20142 | 2013 |
| Net Asset Value, Beginning of Period | $126.52 | $116.90 |
| Investment Operations | | |
| Net Investment Income | 2.2533 | 2.257 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.866 | 9.966 |
| Total from Investment Operations | 5.119 | 12.223 |
| Distributions | | |
| Dividends from Net Investment Income | (.539) | (2.603) |
| Distributions from Realized Capital Gains | — | — |
| Total Distributions | (.539) | (2.603) |
| Net Asset Value, End of Period | $131.102 | $126.52 |
| |
| Total Return4 | 4.06% | 10.81% |
| |
| Ratios/Supplemental Data | | |
| Net Assets, End of Period (Millions) | $0 | $110 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08%5 |
| Ratio of Net Investment Income to Average Net Assets | 2.59%3 | 3.20%5 |
| Portfolio Turnover Rate6 | 7% | 10% |
The expense ratio and turnover rate for the current period have been annualized.
1 Inception.
2 Net asset value as of March 17, 2014, on which date the sole shareholder converted to ETF Shares.
3 Net investment income per share and the ratio of net investment income to average net assets include $1.242 and 1.01%, respectively,
resulting from income received from Vodafone Group plc in the form of cash and shares in Verizon Communications Inc. in February 2014.
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.
22
European Stock Index Fund
Financial Highlights
| | | | | | |
| FTSE Europe ETF Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $56.64 | $46.01 | $45.66 | $51.00 | $48.41 | $41.37 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.4421 | 1.626 | 1.630 | 1.8262 | 1.4202 | 1.964 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 3.463 | 10.787 | 1.706 | (4.860) | 3.082 | 7.977 |
| Total from Investment Operations | 4.905 | 12.413 | 3.336 | (3.034) | 4.502 | 9.941 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.115) | (1.783) | (2.986) | (2.306) | (1.912) | (2.901) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.115) | (1.783) | (2.986) | (2.306) | (1.912) | (2.901) |
| Net Asset Value, End of Period | $60.43 | $56.64 | $46.01 | $45.66 | $51.00 | $48.41 |
| |
| Total Return | 8.76% | 27.67% | 7.95% | -6.22% | 9.48% | 26.33% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $16,412 | $12,061 | $3,928 | $2,630 | $2,858 | $2,464 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% | 0.16% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 4.24%1 | 3.16% | 3.89% | 3.58% | 3.10% | 3.91% |
| Portfolio Turnover Rate3 | 7% | 10% | 7% | 6% | 11% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.556 and 1.01%, 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.
23
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 six classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Signal Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. On March 17, 2014, the sole shareholder in the Institutional Plus class converted to ETF Shares. The fund has not issued any additional Institutional Plus Shares as of April 30, 2014. 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.
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
24
European Stock Index Fund
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 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 six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on quarterly average notional amounts.
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, 2010–2013), and for the period ended April 30, 2014, 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.
25
European 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 participate in a $2.89 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 April 30, 2014, 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. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $2,339,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.94% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers of Vanguard.
26
European Stock Index Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of April 30, 2014,
based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 22,459 | 22,745,004 | — |
| Temporary Cash Investments | 617,332 | 19,299 | — |
| Futures Contracts—Assets1 | 52 | — | — |
| Forward Currency Contracts—Assets | — | 556 | — |
| Forward Currency Contracts—Liabilities | — | (5) | — |
| Total | 639,843 | 22,764,854 | — |
| 1 Represents variation margin on the last day of the reporting period. |
D. At April 30, 2014, 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 | 52 | 556 | 608 |
| Liabilities | — | (5) | (5) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2014, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 1,382 | — | 1,382 |
| Forward Currency Contracts | — | 2,150 | 2,150 |
| Realized Net Gain (Loss) on Derivatives | 1,382 | 2,150 | 3,532 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (1,161) | — | (1,161) |
| Forward Currency Contracts | — | (267) | (267) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (1,161) | (267) | (1,428) |
27
European Stock Index Fund
At April 30, 2014, 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 | June 2014 | 499 | 21,760 | 429 |
| FTSE 100 Index | June 2014 | 184 | 20,955 | 637 |
| | | | | 1,066 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
At April 30, 2014, 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) |
| UBS AG | 6/25/14 | GBP | 11,884 | USD | 19,591 | 466 |
| UBS AG | 6/25/14 | EUR | 13,207 | USD | 18,231 | 90 |
| UBS AG | 6/25/14 | EUR | 1,617 | USD | 2,248 | (5) |
| | | | | | | 551 |
| EUR—Euro. | | | | | | |
| GBP—British pound. | | | | | | |
| 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.
During the six months ended April 30, 2014, the fund realized net foreign currency gains of $534,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2014, the fund realized $124,383,000 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.
28
European Stock Index Fund
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013, the fund had available capital losses totaling $2,362,363,000 to offset future net capital gains. Of this amount, $2,316,734,000 is subject to expiration dates; $357,042,000 may be used to offset future net capital gains through October 31, 2016, $1,510,053,000 through October 31, 2017, $282,886,000 through October 31, 2018, and $166,753,000 through October 31, 2019. Capital losses of $45,629,000 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2014, the cost of investment securities for tax purposes was $22,855,329,000. Net unrealized appreciation of investment securities for tax purposes was $548,765,000, consisting of unrealized gains of $2,549,436,000 on securities that had risen in value since their purchase and $2,000,671,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2014, the fund purchased $4,833,421,000 of investment securities and sold $1,073,408,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,402,566,000 and $408,478,000, 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:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 98,019 | 3,151 | 125,211 | 4,544 |
| Issued in Lieu of Cash Distributions | 13,619 | 443 | 21,969 | 836 |
| Redeemed | (119,580) | (3,885) | (206,709) | (7,636) |
| Net Increase (Decrease)—Investor Shares | (7,942) | (291) | (59,529) | (2,256) |
| Admiral Shares | | | | |
| Issued | 506,186 | 7,030 | 487,201 | 7,587 |
| Issued in Lieu of Cash Distributions | 60,218 | 842 | 84,425 | 1,378 |
| Redeemed | (215,026) | (2,974) | (338,939) | (5,404) |
| Net Increase (Decrease)—Admiral Shares | 351,378 | 4,898 | 232,687 | 3,561 |
| Signal Shares | | | | |
| Issued | 84,518 | 3,023 | 211,984 | 8,620 |
| Issued in Lieu of Cash Distributions | 5,556 | 201 | 8,895 | 375 |
| Redeemed | (85,482) | (3,066) | (120,874) | (4,948) |
| Net Increase (Decrease)—Signal Shares | 4,592 | 158 | 100,005 | 4,047 |
29
European Stock Index Fund
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Institutional Shares | | | | |
| Issued | 280,923 | 9,156 | 287,365 | 10,449 |
| Issued in Lieu of Cash Distributions | 14,688 | 481 | 16,017 | 612 |
| Redeemed | (180,314) | (5,949) | (325,642) | (12,276) |
| Net Increase (Decrease)—Institutional Shares | 115,297 | 3,688 | (22,260) | (1,215) |
| Institutional Plus Shares1 | | | | |
| Issued | — | — | 100,915 | 861 |
| Issued in Lieu of Cash Distributions | 470 | 4 | 1,310 | 12 |
| Redeemed | (116,062) | (877) | — | — |
| Net Increase (Decrease)—Institutional Plus Shares | (115,592) | (873) | 102,225 | 873 |
| ETF Shares | | | | |
| Issued | 3,791,152 | 65,631 | 7,281,111 | 139,552 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (409,815) | (7,000) | (594,248) | (12,000) |
| Net Increase (Decrease)—ETF Shares | 3,381,337 | 58,631 | 6,686,863 | 127,552 |
1 Inception was May 17, 2013, for Institutional Plus Shares. On March 17, 2014, the sole shareholder in Institutional Plus Shares converted to ETF Shares.
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
30
Pacific Stock Index Fund
Fund Profile
As of April 30, 2014
| | | | | |
| Share-Class Characteristics | | | | | |
| |
| | Investor | Admiral | Signal | Institutional | FTSE Pacific |
| | Shares | Shares | Shares | Shares | ETF Shares |
| Ticker Symbol | VPACX | VPADX | VPASX | VPKIX | VPL |
| Expense Ratio1 | 0.26% | 0.12% | 0.12% | 0.09% | 0.12% |
| | | |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Asia Pacific | ex US |
| | Fund | Index | Index |
| Number of Stocks | 821 | 814 | 5,471 |
| Median Market Cap | $18.7B | $18.7B | $27.3B |
| Price/Earnings Ratio | 14.5x | 14.5x | 16.9x |
| Price/Book Ratio | 1.4x | 1.4x | 1.7x |
| Return on Equity | 10.2% | 10.2% | 14.0% |
| Earnings Growth | | | |
| Rate | 9.9% | 9.9% | 9.6% |
| Dividend Yield | 2.4% | 2.4% | 2.8% |
| Turnover Rate | | | |
| (Annualized) | 5% | — | — |
| Short-Term Reserves | -0.3% | — | — |
| | | |
| Sector Diversification (% of equity exposure) |
| | | | FTSE |
| | | FTSE | Global |
| | | Developed | All Cap |
| | | Asia Pacific | ex US |
| | Fund | Index | Index |
| Basic Materials | 7.9% | 7.9% | 8.5% |
| Consumer Goods | 19.3 | 19.4 | 15.0 |
| Consumer Services | 9.8 | 9.7 | 8.0 |
| Financials | 28.7 | 28.6 | 25.8 |
| Health Care | 4.5 | 4.6 | 7.4 |
| Industrials | 16.6 | 16.7 | 14.0 |
| Oil & Gas | 2.5 | 2.5 | 8.8 |
| Technology | 3.8 | 3.7 | 4.5 |
| Telecommunications | 4.1 | 4.1 | 4.5 |
| Utilities | 2.8 | 2.8 | 3.5 |
| | |
| Volatility Measures | | |
| | Spliced | FTSE Global |
| | Pacific | All Cap |
| | Stock | ex US |
| | Index | Index |
| R-Squared | 0.92 | 0.78 |
| Beta | 1.01 | 0.78 |
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 | 2.7% |
| Samsung Electronics Co. Consumer | |
| Ltd. | Electronics | 2.7 |
| Commonwealth Bank of | | |
| Australia | Banks | 2.3 |
| BHP Billiton Ltd. | General Mining | 2.1 |
| Westpac Banking Corp. | Banks | 1.9 |
| Australia & New Zealand | | |
| Banking Group Ltd. | Banks | 1.7 |
| National Australia Bank | | |
| Ltd. | Banks | 1.4 |
| Mitsubishi UFJ Financial | | |
| Group Inc. | Banks | 1.4 |
| SoftBank Corp. | Mobile | |
| | Telecommunications | 1.3 |
| Honda Motor Co. Ltd. | Automobiles | 1.1 |
| Top Ten | | 18.6% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Pacific ETF Shares.
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Pacific Stock Index Fund
| | | |
| Market Diversification (% of equity exposure) |
| | | FTSE | FTSE |
| | | Developed | Global |
| | | Asia | All Cap |
| | | Pacific | ex US |
| | Fund | Index | Index |
| Europe | 0.0% | 0.0% | 48.0% |
| Pacific | | | |
| Japan | 53.5% | 53.6% | 14.4% |
| Australia | 21.4 | 21.2 | 5.7 |
| South Korea | 11.4 | 11.4 | 3.2 |
| Hong Kong | 9.1 | 9.2 | 2.4 |
| Singapore | 4.0 | 4.0 | 1.2 |
| Other | 0.6 | 0.6 | 0.2 |
| Subtotal | 100.0% | 100.0% | 27.1% |
| Emerging Markets | 0.0% | 0.0% | 17.3% |
| North America | 0.0% | 0.0% | 7.2% |
| Middle East | 0.0% | 0.0% | 0.4% |
32
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.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 5.08% | 13.06% | 4.72% |
| Admiral Shares | 8/13/2001 | 5.19 | 13.22 | 4.84 |
| Signal Shares | 6/4/2007 | 5.22 | 13.22 | 0.331 |
| Institutional Shares | 5/15/2000 | 5.18 | 13.26 | 4.88 |
| FTSE Pacific ETF Shares | 3/4/2005 | | | |
| Market Price | | 4.45 | 13.04 | 4.451 |
| Net Asset Value | | 5.20 | 13.21 | 4.491 |
| 1 Return since inception. | | | | |
See Financial Highlights for dividend and capital gains information.
33
Pacific Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
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 | 1,605,502 | 118,103 | 2.3% |
| BHP Billiton Ltd. | 3,201,843 | 112,759 | 2.1% |
| Westpac Banking Corp. | 3,072,965 | 100,654 | 1.9% |
| Australia & New Zealand Banking Group Ltd. | 2,709,771 | 87,141 | 1.7% |
| National Australia Bank Ltd. | 2,291,985 | 75,470 | 1.4% |
| Wesfarmers Ltd. | 1,135,899 | 45,208 | 0.9% |
| Woolworths Ltd. | 1,224,091 | 42,540 | 0.8% |
| CSL Ltd. | 511,039 | 32,579 | 0.6% |
| Rio Tinto Ltd. | 434,764 | 25,073 | 0.5% |
| Woodside Petroleum Ltd. | 616,522 | 23,435 | 0.4% |
| Telstra Corp. Ltd. | 4,374,268 | 21,268 | 0.4% |
| Australia—Other † | | 429,826 | 8.2% |
| | | 1,114,056 | 21.2% |
| Hong Kong | | | |
| AIA Group Ltd. | 12,016,645 | 58,444 | 1.1% |
| Hutchison Whampoa Ltd. | 2,000,531 | 27,446 | 0.5% |
| Cheung Kong Holdings Ltd. | 1,318,636 | 22,519 | 0.4% |
| Hong Kong—Other † | | 369,887 | 7.1% |
| | | 478,296 | 9.1% |
| Japan | | | |
| Toyota Motor Corp. | 2,642,971 | 142,795 | 2.7% |
| Mitsubishi UFJ Financial Group Inc. | 14,116,124 | 75,091 | 1.4% |
| SoftBank Corp. | 939,270 | 69,955 | 1.3% |
| Honda Motor Co. Ltd. | 1,789,327 | 59,378 | 1.1% |
| Sumitomo Mitsui Financial Group Inc. | 1,340,334 | 52,984 | 1.0% |
| Mizuho Financial Group Inc. | 23,873,141 | 46,758 | 0.9% |
| Canon Inc. | 1,129,117 | 35,381 | 0.7% |
| FANUC Corp. | 196,076 | 35,379 | 0.7% |
| Takeda Pharmaceutical Co. Ltd. | 772,191 | 34,733 | 0.7% |
| Japan Tobacco Inc. | 1,051,859 | 34,573 | 0.7% |
| Hitachi Ltd. | 4,628,258 | 32,995 | 0.6% |
| Seven & I Holdings Co. Ltd. | 778,354 | 30,711 | 0.6% |
34
Pacific Stock Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| KDDI Corp. | | 546,000 | 29,119 | 0.6% |
| Mitsubishi Estate Co. Ltd. | | 1,262,982 | 28,658 | 0.5% |
| East Japan Railway Co. | | 378,785 | 27,638 | 0.5% |
| Astellas Pharma Inc. | | 2,311,270 | 25,769 | 0.5% |
| Mitsubishi Corp. | | 1,435,334 | 25,703 | 0.5% |
| Mitsui Fudosan Co. Ltd. | | 845,580 | 25,031 | 0.5% |
| Mitsui & Co. Ltd. | | 1,726,600 | 24,487 | 0.5% |
| Shin-Etsu Chemical Co. Ltd. | | 411,255 | 24,125 | 0.5% |
| Bridgestone Corp. | | 665,350 | 23,823 | 0.5% |
| Central Japan Railway Co. | | 189,200 | 23,239 | 0.4% |
| Panasonic Corp. | | 2,122,490 | 23,135 | 0.4% |
| Mitsubishi Electric Corp. | | 1,971,954 | 22,454 | 0.4% |
| NTT DOCOMO Inc. | | 1,403,200 | 22,382 | 0.4% |
| Nippon Steel & Sumitomo Metal Corp. | | 8,439,309 | 22,142 | 0.4% |
| Nippon Telegraph & Telephone Corp. | | 398,144 | 22,094 | 0.4% |
| Nissan Motor Co. Ltd. | | 2,531,946 | 21,847 | 0.4% |
| Denso Corp. | | 476,386 | 21,701 | 0.4% |
| Tokio Marine Holdings Inc. | | 711,690 | 20,971 | 0.4% |
| Komatsu Ltd. | | 950,209 | 20,920 | 0.4% |
| Hino Motors Ltd. | | 268,809 | 3,541 | 0.1% |
| Daihatsu Motor Co. Ltd. | | 209,957 | 3,478 | 0.1% |
| Japan—Other † | | | 1,683,152 | 32.1% |
| | | | 2,796,142 | 53.3% |
| |
| New Zealand † | | | 29,192 | 0.6% |
| |
| Singapore | | | | |
| DBS Group Holdings Ltd. | | 1,732,779 | 23,474 | 0.4% |
| Singapore Telecommunications Ltd. | | 7,282,109 | 22,306 | 0.4% |
| Singapore—Other † | | | 161,524 | 3.1% |
| | | | 207,304 | 3.9% |
| South Korea | | | | |
| Samsung Electronics Co. Ltd. | | 107,052 | 139,592 | 2.7% |
| Hyundai Motor Co. | | 153,013 | 34,117 | 0.6% |
| POSCO | | 73,939 | 21,844 | 0.4% |
| South Korea—Other † | | | 402,102 | 7.7% |
| | | | 597,655 | 11.4% |
| Total Common Stocks (Cost $6,012,110) | | | 5,222,645 | 99.5%1 |
| |
| | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 2,3 Vanguard Market Liquidity Fund | 0.124% | 85,495,859 | 85,496 | 1.6% |
| |
| 4U.S. Government and Agency Obligations † | | | 2,600 | 0.1% |
| Total Temporary Cash Investments (Cost $88,095) | | | 88,096 | 1.7%1 |
| 5Total Investments (Cost $6,100,205) | | | 5,310,741 | 101.2% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 32,115 | 0.6% |
| Liabilities3 | | | (96,898) | (1.8%) |
| | | | (64,783) | (1.2%) |
| Net Assets | | | 5,245,958 | 100.0% |
35
Pacific Stock Index Fund
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 7,192,389 |
| Undistributed Net Investment Income | 11,020 |
| Accumulated Net Realized Losses | (1,168,189) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | (789,464) |
| Futures Contracts | 209 |
| Forward Currency Contracts | (11) |
| Foreign Currencies | 4 |
| Net Assets | 5,245,958 |
| |
| Investor Shares—Net Assets | |
| Applicable to 32,513,739 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 366,138 |
| Net Asset Value Per Share—Investor Shares | $11.26 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 24,638,850 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,800,731 |
| Net Asset Value Per Share—Admiral Shares | $73.09 |
| |
| Signal Shares—Net Assets | |
| Applicable to 6,533,228 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 165,840 |
| Net Asset Value Per Share—Signal Shares | $25.38 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 29,136,407 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 325,828 |
| Net Asset Value Per Share—Institutional Shares | $11.18 |
| |
| ETF Shares—Net Assets | |
| Applicable to 43,783,257 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,587,421 |
| Net Asset Value Per Share—ETF Shares | $59.10 |
See Note A in Notes to Financial Statements.
† 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 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 1.3%, respectively,
of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 Includes $85,286,000 of collateral received for securities on loan.
4 Securities with a value of $1,000,000 have been segregated as initial margin for open futures contracts.
5 The total value of securities on loan is $80,712,000.
See accompanying Notes, which are an integral part of the Financial Statements.
36
Pacific Stock Index Fund
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 69,148 |
| Interest2 | 10 |
| Securities Lending | 702 |
| Total Income | 69,860 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 516 |
| Management and Administrative—Investor Shares | 363 |
| Management and Administrative—Admiral Shares | 625 |
| Management and Administrative—Signal Shares | 47 |
| Management and Administrative—Institutional Shares | 42 |
| Management and Administrative—ETF Shares | 737 |
| Marketing and Distribution—Investor Shares | 38 |
| Marketing and Distribution—Admiral Shares | 129 |
| Marketing and Distribution—Signal Shares | 20 |
| Marketing and Distribution—Institutional Shares | 43 |
| Marketing and Distribution—ETF Shares | 308 |
| Custodian Fees | 407 |
| Shareholders’ Reports—Investor Shares | 12 |
| Shareholders’ Reports—Admiral Shares | 6 |
| Shareholders’ Reports—Signal Shares | 2 |
| Shareholders’ Reports—Institutional Shares | 6 |
| Shareholders’ Reports—ETF Shares | 55 |
| Trustees’ Fees and Expenses | 2 |
| Total Expenses | 3,358 |
| Net Investment Income | 66,502 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 33,187 |
| Futures Contracts | 85 |
| Foreign Currencies and Forward Currency Contracts | (793) |
| Realized Net Gain (Loss) | 32,479 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (254,192) |
| Futures Contracts | (275) |
| Foreign Currencies and Forward Currency Contracts | (136) |
| Change in Unrealized Appreciation (Depreciation) | (254,603) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (155,622) |
| 1 Dividends are net of foreign withholding taxes of $4,730,000. |
| 2 Interest income from an affiliated company of the fund was $8,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
37
Pacific Stock Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 66,502 | 112,157 |
| Realized Net Gain (Loss) | 32,479 | 26,810 |
| Change in Unrealized Appreciation (Depreciation) | (254,603) | 896,389 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (155,622) | 1,035,356 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (5,350) | (10,849) |
| Admiral Shares | (27,032) | (48,519) |
| Signal Shares | (2,463) | (4,825) |
| Institutional Shares | (4,925) | (13,074) |
| ETF Shares | (39,166) | (58,556) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (78,936) | (135,823) |
| Capital Share Transactions | | |
| Investor Shares | (15,480) | (39,472) |
| Admiral Shares | 46,848 | 98,798 |
| Signal Shares | (1,692) | (17,751) |
| Institutional Shares | (96,094) | (51,755) |
| ETF Shares | 59,932 | 694,621 |
| Net Increase (Decrease) from Capital Share Transactions | (6,486) | 684,441 |
| Total Increase (Decrease) | (241,044) | 1,583,974 |
| Net Assets | | |
| Beginning of Period | 5,487,002 | 3,903,028 |
| End of Period1 | 5,245,958 | 5,487,002 |
| 1 Net Assets—End of Period includes undistributed net investment income of $11,020,000 and $24,236,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
38
Pacific Stock Index Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $11.76 | $9.63 | $9.74 | $10.40 | $9.61 | $7.94 |
| Investment Operations | | | | | | |
| Net Investment Income | .137 | .246 | .278 | .2891 | .2431 | .1891 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | (.473) | 2.187 | .037 | (.619) | .803 | 1.621 |
| Total from Investment Operations | (.336) | 2.433 | .315 | (.330) | 1.046 | 1.810 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.164) | (.303) | (.425) | (.330) | (.256) | (.140) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.164) | (.303) | (.425) | (.330) | (.256) | (.140) |
| Net Asset Value, End of Period | $11.26 | $11.76 | $9.63 | $9.74 | $10.40 | $9.61 |
| |
| Total Return2 | -2.85% | 25.72% | 3.47% | -3.45% | 11.09% | 23.23% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $366 | $398 | $360 | $438 | $868 | $2,846 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.27% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.40% | 2.27% | 2.93% | 2.85% | 2.37% | 2.42% |
| Portfolio Turnover Rate3 | 5% | 22% | 4% | 4% | 3% | 8% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
39
Pacific Stock Index Fund
Financial Highlights
| | | | | | |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $76.32 | $62.54 | $63.28 | $68.06 | $62.95 | $52.04 |
| Investment Operations | | | | | | |
| Net Investment Income | .942 | 1.695 | 1.905 | 2.0511 | 1.5331 | 1.3861 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | (3.058) | 14.194 | .249 | (4.080) | 5.337 | 10.531 |
| Total from Investment Operations | (2.116) | 15.889 | 2.154 | (2.029) | 6.870 | 11.917 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.114) | (2.109) | (2.894) | (2.751) | (1.760) | (1.007) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.114) | (2.109) | (2.894) | (2.751) | (1.760) | (1.007) |
| Net Asset Value, End of Period | $73.09 | $76.32 | $62.54 | $63.28 | $68.06 | $62.95 |
| |
| Total Return2 | -2.77% | 25.89% | 3.65% | -3.33% | 11.13% | 23.38% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,801 | $1,832 | $1,415 | $1,451 | $1,165 | $849 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% | 0.16% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.54% | 2.41% | 3.07% | 2.97% | 2.49% | 2.53% |
| Portfolio Turnover Rate3 | 5% | 22% | 4% | 4% | 3% | 8% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
40
Pacific Stock Index Fund
Financial Highlights
| | | | | | |
| Signal Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $26.51 | $21.72 | $21.98 | $23.64 | $21.87 | $18.08 |
| Investment Operations | | | | | | |
| Net Investment Income | .327 | .588 | .662 | .6951 | .5411 | .4811 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | (1.070) | 4.933 | .083 | (1.394) | 1.840 | 3.658 |
| Total from Investment Operations | (.743) | 5.521 | .745 | (.699) | 2.381 | 4.139 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.387) | (.731) | (1.005) | (.961) | (.611) | (.349) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.387) | (.731) | (1.005) | (.961) | (.611) | (.349) |
| Net Asset Value, End of Period | $25.38 | $26.51 | $21.72 | $21.98 | $23.64 | $21.87 |
| |
| Total Return2 | -2.80% | 25.91% | 3.64% | -3.31% | 11.10% | 23.38% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $166 | $174 | $159 | $149 | $171 | $159 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% | 0.16% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.54% | 2.41% | 3.07% | 2.97% | 2.49% | 2.53% |
| Portfolio Turnover Rate3 | 5% | 22% | 4% | 4% | 3% | 8% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
41
Pacific Stock Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $11.68 | $9.57 | $9.69 | $10.42 | $9.63 | $7.96 |
| Investment Operations | | | | | | |
| Net Investment Income | .146 | .263 | .295 | .3031 | .2431 | .2151 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | (.474) | 2.174 | .034 | (.609) | .816 | 1.613 |
| Total from Investment Operations | (.328) | 2.437 | .329 | (.306) | 1.059 | 1.828 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.172) | (.327) | (.449) | (.424) | (.269) | (.158) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.172) | (.327) | (.449) | (.424) | (.269) | (.158) |
| Net Asset Value, End of Period | $11.18 | $11.68 | $9.57 | $9.69 | $10.42 | $9.63 |
| |
| Total Return2 | -2.80% | 25.96% | 3.65% | -3.29% | 11.22% | 23.46% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $326 | $437 | $406 | $354 | $799 | $487 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.09% | 0.09% | 0.09% | 0.10% | 0.10% | 0.12% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.57% | 2.44% | 3.10% | 3.01% | 2.53% | 2.57% |
| Portfolio Turnover Rate3 | 5% | 22% | 4% | 4% | 3% | 8% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
42
Pacific Stock Index Fund
Financial Highlights
| | | | | | |
| FTSE Pacific ETF Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $61.71 | $50.57 | $51.18 | $55.06 | $50.92 | $42.10 |
| Investment Operations | | | | | | |
| Net Investment Income | .762 | 1.372 | 1.544 | 1.6381 | 1.2651 | 1.1091 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | (2.470) | 11.475 | .190 | (3.275) | 4.296 | 8.534 |
| Total from Investment Operations | (1.708) | 12.847 | 1.734 | (1.637) | 5.561 | 9.643 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.902) | (1.707) | (2.344) | (2.243) | (1.421) | (.823) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.902) | (1.707) | (2.344) | (2.243) | (1.421) | (.823) |
| Net Asset Value, End of Period | $59.10 | $61.71 | $50.57 | $51.18 | $55.06 | $50.92 |
| |
| Total Return | -2.77% | 25.88% | 3.65% | -3.34% | 11.11% | 23.38% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $2,587 | $2,645 | $1,563 | $1,472 | $1,482 | $1,288 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.14% | 0.14% | 0.16% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.54% | 2.41% | 3.07% | 2.97% | 2.49% | 2.53% |
| Portfolio Turnover Rate2 | 5% | 22% | 4% | 4% | 3% | 8% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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.
43
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 six classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Signal 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 April 30, 2014. 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.
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
44
Pacific Stock Index Fund
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 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 six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on quarterly average notional amounts.
45
Pacific 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, 2010–2013), and for the period ended April 30, 2014, 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 participate in a $2.89 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 April 30, 2014, 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
46
Pacific Stock Index Fund
expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $560,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.22% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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 April 30, 2014, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 1,220 | 5,207,639 | 13,786 |
| Temporary Cash Investments | 85,496 | 2,600 | — |
| Futures Contracts—Liabilities1 | (68) | — | — |
| Forward Currency Contracts—Assets | — | 47 | — |
| Forward Currency Contracts—Liabilities | — | (58) | — |
| Total | 86,648 | 5,210,228 | 13,786 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At April 30, 2014, 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 | — | 47 | 47 |
| Liabilities | (68) | (58) | (126) |
47
Pacific Stock Index Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2014, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 85 | — | 85 |
| Forward Currency Contracts | — | (11) | (11) |
| Realized Net Gain (Loss) on Derivatives | 85 | (11) | 74 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (275) | — | (275) |
| Forward Currency Contracts | — | (36) | (36) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (275) | (36) | (311) |
At April 30, 2014, 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 | June 2014 | 120 | 13,574 | 43 |
| S&P ASX 200 Index | June 2014 | 59 | 7,474 | 166 |
| | | | | 209 |
At April 30, 2014, 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) |
| UBS AG | 6/24/14 | AUD | 4,135 | USD | 3,799 | 28 |
| UBS AG | 6/24/14 | AUD | 3,826 | USD | 3,572 | (31) |
| UBS AG | 6/17/14 | USD | 9,661 | JPY | 985,579 | 19 |
| UBS AG | 6/17/14 | USD | 3,250 | JPY | 334,910 | (27) |
| | | | | | | (11) |
| AUD—Australian dollar. | | | | | | |
| JPY—Japanese yen. | | | | | | |
| USD—U.S. dollar. | | | | | | |
48
Pacific 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 six months ended April 30, 2014, the fund realized net foreign currency losses of $782,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2014, the fund realized $12,300,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013, the fund had available capital losses totaling $1,189,115,000 to offset future net capital gains. Of this amount, $1,144,492,000 is subject to expiration dates; $453,022,000 may be used to offset future net capital gains through October 31, 2016, $607,343,000 through October 31, 2017, $29,742,000 through October 31, 2018, and $54,385,000 through October 31, 2019. Capital losses of $44,623,000 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2014, the cost of investment securities for tax purposes was $6,114,555,000. Net unrealized depreciation of investment securities for tax purposes was $803,814,000, consisting of unrealized gains of $511,272,000 on securities that had risen in value since their purchase and $1,315,086,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2014, the fund purchased $235,619,000 of investment securities and sold $263,105,000 of investment securities, other than temporary cash investments. Purchases and sales include $112,614,000 and $87,047,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
49
Pacific Stock Index Fund
G. Capital share transactions for each class of shares were:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 36,404 | 3,206 | 77,260 | 7,140 |
| Issued in Lieu of Cash Distributions | 5,059 | 450 | 10,267 | 992 |
| Redeemed | (56,943) | (4,992) | (126,999) | (11,637) |
| Net Increase (Decrease)—Investor Shares | (15,480) | (1,336) | (39,472) | (3,505) |
| Admiral Shares | | | | |
| Issued | 145,104 | 1,964 | 287,864 | 4,076 |
| Issued in Lieu of Cash Distributions | 23,248 | 319 | 41,581 | 617 |
| Redeemed | (121,504) | (1,652) | (230,647) | (3,316) |
| Net Increase (Decrease)—Admiral Shares | 46,848 | 631 | 98,798 | 1,377 |
| Signal Shares | | | | |
| Issued | 23,932 | 937 | 46,608 | 1,930 |
| Issued in Lieu of Cash Distributions | 2,052 | 81 | 4,061 | 174 |
| Redeemed | (27,676) | (1,067) | (68,420) | (2,833) |
| Net Increase (Decrease)—Signal Shares | (1,692) | (49) | (17,751) | (729) |
| Institutional Shares | | | | |
| Issued | 41,078 | 3,643 | 68,532 | 6,385 |
| Issued in Lieu of Cash Distributions | 3,799 | 341 | 8,378 | 816 |
| Redeemed | (140,971) | (12,300) | (128,665) | (12,206) |
| Net Increase (Decrease)—Institutional Shares | (96,094) | (8,316) | (51,755) | (5,005) |
| ETF Shares | | | | |
| Issued | 157,862 | 2,624 | 780,954 | 13,457 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (97,930) | (1,700) | (86,333) | (1,500) |
| Net Increase (Decrease)—ETF Shares | 59,932 | 924 | 694,621 | 11,957 |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
50
Emerging Markets Stock Index Fund
Fund Profile
As of April 30, 2014
| | | | | | |
| Share-Class Characteristics | | | | | | |
| | | | | | | FTSE |
| | | | | | | Emerging |
| | Investor | Admiral | Signal | Institutional | Institutional | Markets |
| | Shares | Shares | Shares | Shares | Plus Shares | ETF Shares |
| Ticker Symbol | VEIEX | VEMAX | VERSX | VEMIX | VEMRX | VWO |
| Expense Ratio1 | 0.33% | 0.15% | 0.15% | 0.12% | 0.10% | 0.15% |
| | | |
| Portfolio Characteristics | | |
| | | | FTSE |
| | | | Global |
| | | FTSE | All Cap |
| | | Emerging | ex US |
| | Fund | Index | Index |
| Number of Stocks | 960 | 889 | 5,471 |
| Median Market Cap | $16.8B | $16.8B | $27.3B |
| Price/Earnings Ratio | 13.7x | 13.2x | 16.9x |
| Price/Book Ratio | 1.8x | 1.7x | 1.7x |
| Return on Equity | 18.5% | 18.4% | 14.0% |
| Earnings Growth | | | |
| Rate | 12.9% | 13.2% | 9.6% |
| Dividend Yield | 2.7% | 2.9% | 2.8% |
| Turnover Rate | | | |
| (Annualized) | 9% | — | — |
| Short-Term Reserves | 0.2% | — | — |
| | | |
| Sector Diversification (% of equity exposure) |
| | | | FTSE |
| | | | Global |
| | | FTSE | All Cap |
| | | Emerging | ex US |
| | Fund | Index | Index |
| Basic Materials | 8.2% | 8.2% | 8.5% |
| Consumer Goods | 9.7 | 9.7 | 15.0 |
| Consumer Services | 6.9 | 6.8 | 8.0 |
| Financials | 29.3 | 29.7 | 25.8 |
| Health Care | 2.1 | 2.1 | 7.4 |
| Industrials | 10.1 | 10.0 | 14.0 |
| Oil & Gas | 11.8 | 11.8 | 8.8 |
| Technology | 9.8 | 9.7 | 4.5 |
| Telecommunications | 8.1 | 8.0 | 4.5 |
| Utilities | 4.0 | 4.0 | 3.5 |
| | |
| Volatility Measures | | |
| | | FTSE Global |
| | Spliced | All Cap |
| | Emerging | ex US |
| | Mkts Index | Index |
| R-Squared | 0.98 | 0.90 |
| Beta | 1.00 | 1.12 |
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 | 2.9% |
| Petroleo Brasileiro SA | Integrated Oil & Gas | 1.7 |
| Tencent Holdings Ltd. | Internet | 1.7 |
| China Construction Bank | | |
| Corp. | Banks | 1.5 |
| China Mobile Ltd. | Mobile | |
| | Telecommunications | 1.5 |
| Itau Unibanco Holding | | |
| SA | Banks | 1.4 |
| Industrial & Commercial | | |
| Bank of China Ltd. | Banks | 1.3 |
| Vale SA | General Mining | 1.3 |
| Gazprom OAO | Integrated Oil & Gas | 1.2 |
| Banco Bradesco SA | Banks | 1.2 |
| Top Ten | | 15.7% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.33% for Investor Shares, 0.15% for Admiral Shares, 0.15% for Signal Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.15% for FTSE Emerging Markets ETF Shares.
51
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% | 48.0% |
| Pacific | 0.0% | 0.0% | 27.1% |
| Emerging Markets | | | |
| China | 20.7% | 20.5% | 3.4% |
| Taiwan | 13.7 | 13.7 | 2.8 |
| Brazil | 13.7 | 13.6 | 2.3 |
| India | 9.8 | 9.8 | 1.7 |
| South Africa | 9.6 | 9.6 | 1.5 |
| Mexico | 5.7 | 5.8 | 1.0 |
| Russia | 5.4 | 5.3 | 0.8 |
| Malaysia | 5.2 | 5.2 | 0.9 |
| Indonesia | 2.9 | 2.9 | 0.5 |
| Thailand | 2.8 | 2.8 | 0.5 |
| Turkey | 1.9 | 1.9 | 0.3 |
| Poland | 1.9 | 1.9 | 0.3 |
| Chile | 1.7 | 1.7 | 0.3 |
| Philippines | 1.7 | 1.7 | 0.3 |
| Colombia | 1.1 | 1.1 | 0.2 |
| United Arab | | | |
| Emirates | 1.0 | 1.0 | 0.2 |
| Other | 1.2 | 1.5 | 0.3 |
| Subtotal | 100.0% | 100.0% | 17.3% |
| North America | 0.0% | 0.0% | 7.2% |
| Middle East | 0.0% | 0.0% | 0.4% |
52
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.
Fiscal-Year Total Returns (%): October 31, 2003, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | -2.98% | 13.72% | 9.56% |
| Admiral Shares | 6/23/2006 | -2.82 | 13.90 | 6.561 |
| Signal Shares | 1/19/2007 | -2.81 | 13.90 | 3.431 |
| Institutional Shares | 6/22/2000 | -2.78 | 13.96 | 9.77 |
| Institutional Plus Shares | 12/15/2010 | -2.77 | — | -1.621 |
| FTSE Emerging Markets ETF | | | | |
| Shares | 3/4/2005 | | | |
| Market Price | | -2.55 | 13.88 | 7.841 |
| Net Asset Value | | -2.80 | 13.90 | 7.851 |
| 1 Return since inception. | | | | |
See Financial Highlights for dividend and capital gains information.
53
Emerging Markets Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
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 | | | |
| Itau Unibanco Holding SA ADR | 22,992,877 | 376,163 | 0.6% |
| AMBEV SA | 50,496,390 | 369,141 | 0.6% |
| Itau Unibanco Holding SA Preference Shares | 21,758,980 | 359,112 | 0.6% |
| Petroleo Brasileiro SA Preference Shares | 44,782,486 | 332,793 | 0.6% |
| Petroleo Brasileiro SA | 45,842,497 | 321,345 | 0.5% |
| Banco Bradesco SA ADR | 19,257,224 | 286,355 | 0.5% |
| BRF SA | 12,263,164 | 277,740 | 0.5% |
| Banco Bradesco SA Preference Shares | 18,287,386 | 272,209 | 0.5% |
| ^ Petroleo Brasileiro SA ADR | 16,073,281 | 237,885 | 0.4% |
| AMBEV SA ADR | 32,708,747 | 237,138 | 0.4% |
| Cielo SA | 12,845,060 | 227,550 | 0.4% |
| Itausa—Investimentos Itau SA Preference Shares | 50,913,162 | 223,769 | 0.4% |
| Vale SA Class B Pfd. ADR | 18,274,700 | 216,921 | 0.4% |
| Vale SA Preference Shares | 17,859,186 | 211,611 | 0.3% |
| Vale SA | 12,005,512 | 158,297 | 0.3% |
| Vale SA Class B ADR | 11,779,689 | 155,728 | 0.3% |
| Petroleo Brasileiro SA ADR Series A | 10,286,103 | 142,771 | 0.2% |
| Banco Bradesco SA | 8,982,271 | 137,972 | 0.2% |
| Itau Unibanco Holding SA | 4,894,449 | 75,401 | 0.1% |
| Brazil—Other † | | 3,464,708 | 5.8% |
| | | 8,084,609 | 13.6% |
| |
| Chile † | | 1,033,376 | 1.7% |
| |
| China | | | |
| Tencent Holdings Ltd. | 16,373,472 | 1,030,873 | 1.7% |
| China Construction Bank Corp. | 1,286,654,913 | 890,846 | 1.5% |
| China Mobile Ltd. | 92,834,067 | 883,639 | 1.5% |
| Industrial & Commercial Bank of China Ltd. | 1,284,986,003 | 767,803 | 1.3% |
| Bank of China Ltd. | 1,342,097,177 | 591,326 | 1.0% |
| CNOOC Ltd. | 286,894,252 | 474,193 | 0.8% |
| PetroChina Co. Ltd. | 376,237,479 | 434,093 | 0.7% |
54
Emerging Markets Stock Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| | China Petroleum & Chemical Corp. | 455,071,372 | 403,992 | 0.7% |
| | China Life Insurance Co. Ltd. | 132,758,470 | 345,378 | 0.6% |
| | Ping An Insurance Group Co. of China Ltd. | 34,022,988 | 252,523 | 0.4% |
| | China Overseas Land & Investment Ltd. | 72,689,276 | 178,938 | 0.3% |
| | Agricultural Bank of China Ltd. | 411,122,065 | 172,992 | 0.3% |
| | China Shenhua Energy Co. Ltd. | 61,608,925 | 167,313 | 0.3% |
| | China Telecom Corp. Ltd. | 288,447,683 | 147,567 | 0.3% |
| | China Unicom Hong Kong Ltd. | 80,122,248 | 122,830 | 0.2% |
| | China Resources Power Holdings Co. Ltd. | 33,847,048 | 85,070 | 0.2% |
| | China CITIC Bank Corp. Ltd. | 137,192,719 | 81,953 | 0.1% |
| | China Oilfield Services Ltd. | 33,339,800 | 79,930 | 0.1% |
| | Kunlun Energy Co. Ltd. | 50,013,230 | 78,147 | 0.1% |
| | Dongfeng Motor Group Co. Ltd. | 54,246,744 | 72,521 | 0.1% |
| | PICC Property & Casualty Co. Ltd. | 53,230,601 | 70,362 | 0.1% |
| | China Resources Land Ltd. | 33,185,200 | 68,490 | 0.1% |
| | China Merchants Holdings International Co. Ltd. | 20,338,610 | 63,821 | 0.1% |
| | China Resources Enterprise Ltd. | 21,908,860 | 62,386 | 0.1% |
| | China Longyuan Power Group Corp. | 60,191,800 | 61,997 | 0.1% |
| | China Communications Construction Co. Ltd. | 82,284,504 | 53,985 | 0.1% |
| ^ | CITIC Pacific Ltd. | 27,972,674 | 49,129 | 0.1% |
| | China State Construction International Holdings Ltd. | 28,426,872 | 47,551 | 0.1% |
| | Sinopharm Group Co. Ltd. | 17,457,700 | 46,100 | 0.1% |
| ^ | China Coal Energy Co. Ltd. | 76,588,800 | 41,498 | 0.1% |
| | China Resources Gas Group Ltd. | 11,990,100 | 35,567 | 0.1% |
| | China Railway Group Ltd. | 71,785,408 | 32,152 | 0.1% |
| | China Railway Construction Corp. Ltd. | 36,269,765 | 30,098 | 0.1% |
| ^,* | China Cinda Asset Management Co. Ltd. | 56,827,000 | 28,659 | 0.1% |
| | Zhuzhou CSR Times Electric Co. Ltd. | 9,366,000 | 27,542 | 0.1% |
| ^,* | Aluminum Corp. of China Ltd. | 74,701,220 | 26,782 | 0.1% |
| 1 | People’s Insurance Co. Group of China Ltd. | 65,881,000 | 25,307 | 0.1% |
| 1 | Sinopec Engineering Group Co. Ltd. | 21,886,272 | 24,497 | 0.1% |
| | CSR Corp. Ltd. | 33,451,377 | 24,483 | 0.1% |
| | China Resources Cement Holdings Ltd. | 34,530,686 | 24,039 | 0.1% |
| * | China Taiping Insurance Holdings Co. Ltd. | 14,574,907 | 23,200 | 0.0% |
| | China Communications Services Corp. Ltd. | 44,957,973 | 22,815 | 0.0% |
| | AviChina Industry & Technology Co. Ltd. | 39,940,000 | 21,377 | 0.0% |
| | Beijing Capital International Airport Co. Ltd. | 27,584,564 | 19,236 | 0.0% |
| ^,* | China COSCO Holdings Co. Ltd. | 48,279,000 | 19,148 | 0.0% |
| | Franshion Properties China Ltd. | 60,042,094 | 18,934 | 0.0% |
| | China BlueChemical Ltd. | 34,431,405 | 18,483 | 0.0% |
| | Air China Ltd. | 30,108,748 | 17,125 | 0.0% |
| | Sinotrans Ltd. | 30,360,000 | 16,796 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 67,418,788 | 16,476 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 36,930,961 | 14,776 | 0.0% |
| | Huaneng Renewables Corp. Ltd. | 43,786,000 | 13,612 | 0.0% |
| *,1 | China Galaxy Securities Co. Ltd. | 22,064,000 | 12,942 | 0.0% |
| ^,* | Angang Steel Co. Ltd. | 20,382,374 | 12,404 | 0.0% |
| | China Southern Airlines Co. Ltd. | 31,578,000 | 9,430 | 0.0% |
| ^ | Dongfang Electric Corp. Ltd. | 5,057,030 | 7,909 | 0.0% |
| ^,* | Metallurgical Corp. of China Ltd. | 39,510,937 | 7,603 | 0.0% |
| ^,* | CITIC Resources Holdings Ltd. | 50,156,000 | 7,258 | 0.0% |
| ^,* | China Eastern Airlines Corp. Ltd. | 22,688,000 | 7,012 | 0.0% |
| ^ | Harbin Electric Co. Ltd. | 11,938,000 | 7,002 | 0.0% |
| | China Merchants Property Development Co. Ltd. Class B | 2,592,880 | 5,784 | 0.0% |
| * | China Machinery Engineering Corp. | 8,117,639 | 5,376 | 0.0% |
| ^,* | China Foods Ltd. | 12,701,506 | 4,298 | 0.0% |
55
Emerging Markets Stock Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| ^ Sinofert Holdings Ltd. | 28,510,000 | 3,539 | 0.0% |
| China—Other † | | 3,749,939 | 6.3% |
| | | 12,168,846 | 20.5% |
| |
| Colombia † | | 647,076 | 1.1% |
| |
| Czech Republic † | | 177,377 | 0.3% |
| |
| Egypt † | | 80,037 | 0.1% |
| |
| Hungary † | | 166,299 | 0.3% |
| |
| India | | | |
| Infosys Ltd. | 8,428,925 | 448,451 | 0.8% |
| Reliance Industries Ltd. | 28,206,796 | 438,450 | 0.7% |
| Housing Development Finance Corp. | 27,703,018 | 413,040 | 0.7% |
| Tata Consultancy Services Ltd. | 8,351,141 | 303,149 | 0.5% |
| Oil & Natural Gas Corp. Ltd. | 36,498,472 | 197,020 | 0.3% |
| State Bank of India | 2,485,018 | 85,811 | 0.2% |
| NTPC Ltd. | 35,179,710 | 67,889 | 0.1% |
| Coal India Ltd. | 11,639,664 | 56,406 | 0.1% |
| Power Grid Corp. of India Ltd. | 22,713,055 | 39,864 | 0.1% |
| NMDC Ltd. | 13,522,584 | 33,722 | 0.1% |
| GAIL India Ltd. | 5,383,163 | 33,062 | 0.1% |
| Bharat Heavy Electricals Ltd. | 11,009,655 | 33,011 | 0.1% |
| Rural Electrification Corp. Ltd. | 6,403,895 | 25,291 | 0.1% |
| Indian Oil Corp. Ltd. | 5,634,998 | 24,623 | 0.1% |
| Bharat Petroleum Corp. Ltd. | 3,208,040 | 24,230 | 0.0% |
| Bank of Baroda | 1,532,657 | 20,816 | 0.0% |
| Power Finance Corp. Ltd. | 5,857,104 | 17,878 | 0.0% |
| Oil India Ltd. | 2,162,705 | 17,123 | 0.0% |
| Container Corp. Of India | 1,050,710 | 16,740 | 0.0% |
| Steel Authority of India Ltd. | 14,343,182 | 16,075 | 0.0% |
| Punjab National Bank | 1,103,768 | 14,377 | 0.0% |
| NHPC Ltd. | 26,367,024 | 8,312 | 0.0% |
| Hindustan Petroleum Corp. Ltd. | 1,462,903 | 7,810 | 0.0% |
| Bharat Electronics Ltd. | 383,327 | 7,694 | 0.0% |
| Bank of India | 1,758,520 | 6,851 | 0.0% |
| IDBI Bank Ltd. | 5,806,899 | 6,574 | 0.0% |
| Union Bank of India | 2,030,318 | 5,103 | 0.0% |
| Canara Bank | 1,044,705 | 4,962 | 0.0% |
| Oriental Bank of Commerce | 1,194,783 | 4,913 | 0.0% |
| * Mangalore Refinery & Petrochemicals Ltd. | 3,711,949 | 3,681 | 0.0% |
| State Bank of India GDR | 39,524 | 2,716 | 0.0% |
| Corp Bank | 482,151 | 2,352 | 0.0% |
| India—Other † | | 3,443,957 | 5.8% |
| | | 5,831,953 | 9.8% |
| Indonesia | | | |
| Astra International Tbk PT | 359,286,200 | 231,485 | 0.4% |
| Telekomunikasi Indonesia Persero Tbk PT | 898,059,805 | 176,514 | 0.3% |
| Bank Rakyat Indonesia Persero Tbk PT | 191,762,100 | 164,677 | 0.3% |
| Bank Mandiri Persero Tbk PT | 166,542,380 | 142,297 | 0.3% |
| Perusahaan Gas Negara Persero Tbk PT | 195,681,604 | 90,376 | 0.2% |
| Semen Indonesia Persero Tbk PT | 53,075,704 | 68,425 | 0.1% |
| Bank Negara Indonesia Persero Tbk PT | 132,866,861 | 55,531 | 0.1% |
| Jasa Marga Persero Tbk PT | 36,183,600 | 18,487 | 0.0% |
56
Emerging Markets Stock Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Tambang Batubara Bukit Asam Persero Tbk PT | 16,558,825 | 14,176 | 0.0% |
| Vale Indonesia Tbk PT | 36,331,927 | 11,191 | 0.0% |
| Aneka Tambang Persero Tbk PT | 61,919,500 | 6,313 | 0.0% |
| Indonesia—Other † | | 712,153 | 1.2% |
| | | 1,691,625 | 2.9% |
| Malaysia | | | |
| Public Bank Bhd. (Local) | 50,003,447 | 308,677 | 0.5% |
| Malayan Banking Bhd. | 76,520,788 | 232,279 | 0.4% |
| 1 Malaysia—Other † | | 2,540,184 | 4.3% |
| | | 3,081,140 | 5.2% |
| Mexico | | | |
| America Movil SAB de CV | 549,182,006 | 552,425 | 0.9% |
| Fomento Economico Mexicano SAB de CV | 38,565,952 | 351,944 | 0.6% |
| Grupo Televisa SAB | 46,365,630 | 304,148 | 0.5% |
| * Cemex SAB de CV | 210,748,239 | 269,501 | 0.5% |
| Grupo Financiero Banorte SAB de CV | 40,547,734 | 268,805 | 0.5% |
| Wal-Mart de Mexico SAB de CV | 101,338,730 | 256,237 | 0.4% |
| Mexico—Other † | | 1,388,476 | 2.3% |
| | | 3,391,536 | 5.7% |
| |
| Morocco † | | 3,035 | 0.0% |
| |
| Other2 | | | |
| * AMBEV SA Rights Exp. 5/29/14 | 70,665 | 8 | 0.0% |
| Other—Other † | | 2,093 | 0.0% |
| | | 2,101 | 0.0% |
| |
| Peru † | | 210,600 | 0.4% |
| |
| Philippines † | | 1,005,134 | 1.7% |
| |
| Poland † | | 1,115,663 | 1.9% |
| |
| Russia | | | |
| Gazprom OAO ADR | 59,457,262 | 429,694 | 0.7% |
| * Sberbank of Russia | 192,331,748 | 392,488 | 0.7% |
| Lukoil OAO ADR | 5,801,305 | 307,118 | 0.5% |
| Gazprom OAO | 78,588,823 | 283,725 | 0.5% |
| Magnit OJSC GDR | 4,980,325 | 235,682 | 0.4% |
| Rosneft OAO GDR | 14,339,707 | 90,155 | 0.1% |
| VTB Bank OJSC | 58,129,231,072 | 62,934 | 0.1% |
| AK Transneft OAO Preference Shares | 27,343 | 60,659 | 0.1% |
| Rosneft OAO | 6,628,175 | 41,480 | 0.1% |
| VTB Bank OJSC GDR | 17,421,052 | 37,059 | 0.1% |
| RusHydro JSC | 1,901,621,363 | 29,799 | 0.1% |
| Aeroflot - Russian Airlines OJSC | 9,430,172 | 13,503 | 0.0% |
| * Federal Grid Co. Unified Energy System JSC | 5,323,286,228 | 8,275 | 0.0% |
| * Russian Grids OAO | 407,033,605 | 4,824 | 0.0% |
| * Sberbank of Russia ADR | 521,005 | 4,389 | 0.0% |
| * Mosenergo OAO | 125,477,702 | 2,561 | 0.0% |
| Russia—Other † | | 1,196,617 | 2.0% |
| | | 3,200,962 | 5.4% |
| South Africa | | | |
| Naspers Ltd. | 6,984,283 | 660,010 | 1.1% |
| MTN Group Ltd. | 31,887,665 | 639,724 | 1.1% |
57
Emerging Markets Stock Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Sasol Ltd. | 9,758,672 | 546,918 | 0.9% |
| Standard Bank Group Ltd. | 21,465,296 | 282,032 | 0.5% |
| South Africa—Other † | | 3,578,465 | 6.0% |
| | | 5,707,149 | 9.6% |
| Taiwan | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 238,633,845 | 937,678 | 1.6% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 37,766,607 | 759,109 | 1.3% |
| Hon Hai Precision Industry Co. Ltd. | 201,729,645 | 579,360 | 1.0% |
| MediaTek Inc. | 25,963,192 | 406,843 | 0.7% |
| Formosa Plastics Corp. | 86,778,616 | 223,922 | 0.4% |
| Nan Ya Plastics Corp. | 101,095,253 | 221,687 | 0.4% |
| Taiwan—Other † | | 4,960,751 | 8.3% |
| | | 8,089,350 | 13.7% |
| |
| Thailand † | | 1,665,761 | 2.8% |
| Turkey † | | 1,143,569 | 1.9% |
| |
| United Arab Emirates † | | 568,256 | 1.0% |
| Total Common Stocks (Cost $58,410,556) | | 59,065,454 | 99.6%3 |
| |
| | Coupon | | |
| Temporary Cash Investments | | | |
| Money Market Fund | | | |
| 4,5 Vanguard Market Liquidity Fund | 0.124% 1,391,019,000 | 1,391,019 | 2.4% |
| |
| 6U.S. Government and Agency Obligations † | | 22,799 | 0.0% |
| Total Temporary Cash Investments (Cost $1,413,818) | | 1,413,818 | 2.4%3 |
| Total Investments (Cost $59,824,374) | | 60,479,272 | 102.0% |
| Other Assets and Liabilities | | | |
| Other Assets | | 196,617 | 0.4% |
| Liabilities5 | | (1,411,475) | (2.4%) |
| | | (1,214,858) | (2.0%) |
| Net Assets | | 59,264,414 | 100.0% |
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 62,335,567 |
| Undistributed Net Investment Income | 170,321 |
| Accumulated Net Realized Losses | (3,902,888) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 654,898 |
| Futures Contracts | 6,528 |
| Foreign Currencies | (12) |
| Net Assets | 59,264,414 |
58
Emerging Markets Stock Index Fund
| |
| | Amount |
| | ($000) |
| Investor Shares—Net Assets | |
| Applicable to 80,170,753 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,071,190 |
| Net Asset Value Per Share—Investor Shares | $25.83 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 201,828,757 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 6,848,111 |
| Net Asset Value Per Share—Admiral Shares | $33.93 |
| |
| Signal Shares—Net Assets | |
| Applicable to 39,032,445 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,273,215 |
| Net Asset Value Per Share—Signal Shares | $32.62 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 139,622,578 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,602,732 |
| Net Asset Value Per Share—Institutional Shares | $25.80 |
| |
| Institutional Plus Shares—Net Assets | |
| Applicable to 25,702,819 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,206,310 |
| Net Asset Value Per Share—Institutional Plus Shares | $85.84 |
| |
| ETF Shares—Net Assets | |
| Applicable to 1,060,486,454 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 43,262,856 |
| Net Asset Value Per Share—ETF Shares | $40.80 |
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 $979,930,000.
* 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 April 30, 2014, the aggregate value of these securities
was 93,151,000, representing 0.2% of net assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
3 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 2.0%, respectively, of net
assets.
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 Includes $1,059,556,000 of collateral received for securities on loan.
6 Securities with a value of $16,999,000 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.
59
Emerging Markets Stock Index Fund
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 549,499 |
| Interest2 | 188 |
| Securities Lending | 13,803 |
| Total Income | 563,490 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,556 |
| Management and Administrative—Investor Shares | 2,319 |
| Management and Administrative—Admiral Shares | 2,235 |
| Management and Administrative—Signal Shares | 352 |
| Management and Administrative—Institutional Shares | 471 |
| Management and Administrative—Institutional Plus Shares | 122 |
| Management and Administrative—ETF Shares | 11,623 |
| Marketing and Distribution—Investor Shares | 244 |
| Marketing and Distribution—Admiral Shares | 528 |
| Marketing and Distribution—Signal Shares | 172 |
| Marketing and Distribution—Institutional Shares | 440 |
| Marketing and Distribution—Institutional Plus Shares | 291 |
| Marketing and Distribution—ETF Shares | 5,653 |
| Custodian Fees | 18,028 |
| Shareholders’ Reports—Investor Shares | 62 |
| Shareholders’ Reports—Admiral Shares | 27 |
| Shareholders’ Reports—Signal Shares | 8 |
| Shareholders’ Reports—Institutional Shares | 10 |
| Shareholders’ Reports—Institutional Plus Shares | — |
| Shareholders’ Reports—ETF Shares | 804 |
| Trustees’ Fees and Expenses | 20 |
| Total Expenses | 44,965 |
| Net Investment Income | 518,525 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (1,110,421) |
| Futures Contracts | 929 |
| Foreign Currencies | 1,333 |
| Realized Net Gain (Loss) | (1,108,159) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (1,523,047) |
| Futures Contracts | 4,662 |
| Foreign Currencies | 235 |
| Change in Unrealized Appreciation (Depreciation) | (1,518,150) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (2,107,784) |
1 Dividends are net of foreign withholding taxes of $54,845,000.
2 Interest income from an affiliated company of the fund was $180,000.
See accompanying Notes, which are an integral part of the Financial Statements.
60
Emerging Markets Stock Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 518,525 | 1,862,694 |
| Realized Net Gain (Loss) | (1,108,159) | 3,307,815 |
| Change in Unrealized Appreciation (Depreciation) | (1,518,150) | (2,315,290) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (2,107,784) | 2,855,219 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (14,326) | (67,382) |
| Admiral Shares | (53,539) | (223,614) |
| Signal Shares | (10,344) | (38,274) |
| Institutional Shares | (27,297) | (104,184) |
| Institutional Plus Shares | (18,709) | (71,369) |
| ETF Shares | (356,001) | (1,757,080) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Signal Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (480,216) | (2,261,903) |
| Capital Share Transactions | | |
| Investor Shares | (30,872) | (181,983) |
| Admiral Shares | 136,138 | 75,340 |
| Signal Shares | (74,531) | 459,927 |
| Institutional Shares | 167,477 | 1,045,928 |
| Institutional Plus Shares | (36,226) | 710,176 |
| ETF Shares | (5,810,251) | (6,490,426) |
| Net Increase (Decrease) from Capital Share Transactions | (5,648,265) | (4,381,038) |
| Total Increase (Decrease) | (8,236,265) | (3,787,722) |
| Net Assets | | |
| Beginning of Period | 67,500,679 | 71,288,401 |
| End of Period1 | 59,264,414 | 67,500,679 |
| 1 Net Assets—End of Period includes undistributed net investment income of $170,321,000 and $130,679,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
61
Emerging Markets Stock Index Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $26.78 | $26.36 | $26.39 | $29.49 | $23.90 | $15.66 |
| Investment Operations | | | | | | |
| Net Investment Income | .202 | .667 | .576 | .589 | .5211 | .3981 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments2 | (.971) | .548 | .237 | (3.255) | 5.383 | 8.542 |
| Total from Investment Operations | (.769) | 1.215 | .813 | (2.666) | 5.904 | 8.940 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.181) | (.795) | (.843) | (.434) | (.314) | (.700) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.181) | (.795) | (.843) | (.434) | (.314) | (.700) |
| Net Asset Value, End of Period | $25.83 | $26.78 | $26.36 | $26.39 | $29.49 | $23.90 |
| |
| Total Return3 | -2.85% | 4.78% | 3.30% | -9.20% | 24.92% | 60.07% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $2,071 | $2,181 | $2,333 | $2,585 | $5,597 | $7,024 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.33% | 0.33% | 0.33% | 0.33% | 0.35% | 0.40% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.58% | 2.45% | 2.38% | 2.25% | 1.97% | 2.16% |
| Portfolio Turnover Rate4 | 9% | 26% | 8% | 10% | 12% | 12% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.02, $.04, and $.01. Purchase and redemption fees were
eliminated effective February 29, 2012, and May 23, 2012, respectively.
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.
62
Emerging Markets Stock Index Fund
Financial Highlights
| | | | | | |
| Admiral Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $35.17 | $34.65 | $34.71 | $38.82 | $31.45 | $20.63 |
| Investment Operations | | | | | | |
| Net Investment Income | .296 | .940 | .816 | .820 | .6961 | .5671 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments2 | (1.267) | .709 | .311 | (4.277) | 7.119 | 11.222 |
| Total from Investment Operations | (.971) | 1.649 | 1.127 | (3.457) | 7.815 | 11.789 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.269) | (1.129) | (1.187) | (.653) | (.445) | (.969) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.269) | (1.129) | (1.187) | (.653) | (.445) | (.969) |
| Net Asset Value, End of Period | $33.93 | $35.17 | $34.65 | $34.71 | $38.82 | $31.45 |
| |
| Total Return3 | -2.74% | 4.94% | 3.49% | -9.09% | 25.08% | 60.29% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $6,848 | $6,959 | $6,801 | $6,486 | $4,761 | $2,674 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.15% | 0.15% | 0.18% | 0.20% | 0.22% | 0.27% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.76% | 2.63% | 2.53% | 2.38% | 2.10% | 2.29% |
| Portfolio Turnover Rate4 | 9% | 26% | 8% | 10% | 12% | 12% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.01, $.02, $.03, and $.01. Purchase and redemption fees were
eliminated effective February 29, 2012, and May 23, 2012, respectively.
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.
63
Emerging Markets Stock Index Fund
Financial Highlights
| | | | | | |
| Signal Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $33.81 | $33.31 | $33.38 | $37.34 | $30.26 | $19.85 |
| Investment Operations | | | | | | |
| Net Investment Income | .285 | .906 | .788 | .813 | .6901 | .5531 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments2 | (1.217) | .685 | .285 | (4.129) | 6.818 | 10.795 |
| Total from Investment Operations | (.932) | 1.591 | 1.073 | (3.316) | 7.508 | 11.348 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.258) | (1.091) | (1.143) | (.644) | (.428) | (.938) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.258) | (1.091) | (1.143) | (.644) | (.428) | (.938) |
| Net Asset Value, End of Period | $32.62 | $33.81 | $33.31 | $33.38 | $37.34 | $30.26 |
| |
| Total Return3 | -2.74% | 4.96% | 3.46% | -9.07% | 25.04% | 60.33% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,273 | $1,399 | $927 | $666 | $644 | $463 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.15% | 0.15% | 0.18% | 0.20% | 0.22% | 0.27% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.76% | 2.63% | 2.53% | 2.38% | 2.10% | 2.29% |
| Portfolio Turnover Rate4 | 9% | 26% | 8% | 10% | 12% | 12% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.02, $.03, and $.01. 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 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.
64
Emerging Markets Stock Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $26.74 | $26.36 | $26.42 | $29.55 | $23.94 | $15.71 |
| Investment Operations | | | | | | |
| Net Investment Income | .229 | .725 | .643 | .657 | .5711 | .4371 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments2 | (.961) | .532 | .225 | (3.259) | 5.388 | 8.547 |
| Total from Investment Operations | (.732) | 1.257 | .868 | (2.602) | 5.959 | 8.984 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.208) | (.877) | (.928) | (.528) | (.349) | (.754) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.208) | (.877) | (.928) | (.528) | (.349) | (.754) |
| Net Asset Value, End of Period | $25.80 | $26.74 | $26.36 | $26.42 | $29.55 | $23.94 |
| |
| Total Return3 | -2.72% | 4.95% | 3.54% | -9.00% | 25.13% | 60.41% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,603 | $3,558 | $2,495 | $1,305 | $3,473 | $1,731 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.13% | 0.15% | 0.23% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.79% | 2.66% | 2.59% | 2.45% | 2.17% | 2.33% |
| Portfolio Turnover Rate4 | 9% | 26% | 8% | 10% | 12% | 12% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.02, $.02, and $.01. 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 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.
65
Emerging Markets Stock Index Fund
Financial Highlights
| | | | |
| Institutional Plus Shares | | | | |
| | Six Months | | | Dec. 15, |
| | Ended | Year Ended | 20101 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $88.97 | $87.68 | $87.90 | $99.35 |
| Investment Operations | | | | |
| Net Investment Income | .769 | 2.426 | 2.131 | 2.215 |
| Net Realized and Unrealized Gain (Loss) on Investments2 | (3.200) | 1.792 | .776 | (11.911) |
| Total from Investment Operations | (2.431) | 4.218 | 2.907 | (9.696) |
| Distributions | | | | |
| Dividends from Net Investment Income | (.699) | (2.928) | (3.127) | (1.754) |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (.699) | (2.928) | (3.127) | (1.754) |
| Net Asset Value, End of Period | $85.84 | $88.97 | $87.68 | $87.90 |
| |
| Total Return3 | -2.71% | 4.99% | 3.56% | -9.95% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $2,206 | $2,320 | $1,607 | $1,581 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10%4 |
| Ratio of Net Investment Income to Average Net Assets | 1.81% | 2.68% | 2.61% | 2.48%4 |
| Portfolio Turnover Rate5 | 9% | 26% | 8% | 10% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Includes increases from purchase and redemption fees of $.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.
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Emerging Markets Stock Index Fund
Financial Highlights
| | | | | | |
| FTSE Emerging Markets ETF Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $42.28 | $41.65 | $41.73 | $46.70 | $37.84 | $24.83 |
| Investment Operations | | | | | | |
| Net Investment Income | .356 | 1.129 | .984 | 1.019 | .8701 | .6681 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments2 | (1.515) | .860 | .367 | (5.174) | 8.535 | 13.520 |
| Total from Investment Operations | (1.159) | 1.989 | 1.351 | (4.155) | 9.405 | 14.188 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.321) | (1.359) | (1.431) | (.815) | (.545) | (1.178) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.321) | (1.359) | (1.431) | (.815) | (.545) | (1.178) |
| Net Asset Value, End of Period | $40.80 | $42.28 | $41.65 | $41.73 | $46.70 | $37.84 |
| |
| Total Return | -2.72% | 4.97% | 3.47% | -9.09% | 25.07% | 60.28% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $43,263 | $51,083 | $57,125 | $46,289 | $40,817 | $15,537 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.15% | 0.15% | 0.18% | 0.20% | 0.22% | 0.27% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.76% | 2.63% | 2.53% | 2.38% | 2.10% | 2.29% |
| Portfolio Turnover Rate3 | 9% | 26% | 8% | 10% | 12% | 12% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.01, $.02, $.03, and $.01. Purchase and redemption fees were
eliminated effective February 29, 2012, and May 23, 2012, respectively.
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.
67
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 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 six classes of shares: Investor Shares, Admiral Shares, Signal Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Signal Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares, known as Vanguard FTSE Emerging Markets ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
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
68
Emerging Markets Stock 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 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 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 futures gains (losses).
During the six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values.
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, 2010–2013), and for the period ended April 30, 2014, 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 participate in a $2.89 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
69
Emerging Markets Stock Index Fund
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 April 30, 2014, 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. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $6,209,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 2.48% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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 April 30, 2014, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 13,361,271 | 260 | 5,665 |
| Common Stocks—Other | 1,399,635 | 44,291,017 | 7,606 |
| Temporary Cash Investments | 1,391,019 | 22,799 | — |
| Futures Contracts—Assets1 | 720 | — | — |
| Futures Contracts—Liabilities1 | (1,071) | — | — |
| Total | 16,151,574 | 44,314,076 | 13,271 |
| 1 Represents variation margin on the last day of the reporting period. |
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Emerging Markets Stock Index Fund
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 $5,673,059,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
D. At April 30, 2014, 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) |
| mini MSCI Emerging Markets Index | June 2014 | 2,500 | 124,313 | 5,007 |
| E-mini S&P 500 Index | June 2014 | 800 | 75,116 | 859 |
| MSCI Taiwan Index | May 2014 | 1,000 | 31,390 | 662 |
| | | | | 6,528 |
Unrealized appreciation (depreciation) on open mini MSCI Emerging Markets Index and E-mini S&P 500 Index 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.
During the six months ended April 30, 2014, the fund realized net foreign currency gains of $1,333,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2014, the fund realized $615,108,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
For tax purposes, at October 31, 2013, the fund had available capital losses totaling $2,165,283,000 to offset future net capital gains of $59,682,000 through October 31, 2016, $1,591,794,000 through October 31, 2017, $212,374,000 through October 31, 2018, and $301,433,000 through October 31, 2019. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2014, the cost of investment securities for tax purposes was $59,849,636,000. Net unrealized appreciation of investment securities for tax purposes was $629,636,000, consisting of unrealized gains of $9,430,157,000 on securities that had risen in value since their purchase and $8,800,521,000 in unrealized losses on securities that had fallen in value since their purchase.
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Emerging Markets Stock Index Fund
F. During the six months ended April 30, 2014, the fund purchased $3,751,604,000 of investment securities and sold $9,599,510,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,140,254,000 and $5,267,925,000, 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:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 282,445 | 11,112 | 467,727 | 17,369 |
| Issued in Lieu of Cash Distributions | 13,390 | 531 | 63,019 | 2,459 |
| Redeemed | (326,707) | (12,937) | (712,729) | (26,865) |
| Net Increase (Decrease)—Investor Shares | (30,872) | (1,294) | (181,983) | (7,037) |
| Admiral Shares | | | | |
| Issued | 809,995 | 24,320 | 1,340,995 | 37,938 |
| Issued in Lieu of Cash Distributions | 47,892 | 1,448 | 200,948 | 5,964 |
| Redeemed | (721,749) | (21,817) | (1,466,603) | (42,308) |
| Net Increase (Decrease)—Admiral Shares | 136,138 | 3,951 | 75,340 | 1,594 |
| Signal Shares | | | | |
| Issued | 271,744 | 8,458 | 816,165 | 24,280 |
| Issued in Lieu of Cash Distributions | 8,954 | 281 | 33,455 | 1,038 |
| Redeemed | (355,229) | (11,095) | (389,693) | (11,763) |
| Net Increase (Decrease)—Signal Shares | (74,531) | (2,356) | 459,927 | 13,555 |
| Institutional Shares | | | | |
| Issued | 790,483 | 31,282 | 1,710,001 | 63,821 |
| Issued in Lieu of Cash Distributions | 24,058 | 957 | 85,408 | 3,345 |
| Redeemed | (647,064) | (25,666) | (749,481) | (28,777) |
| Net Increase (Decrease)—Institutional Shares | 167,477 | 6,573 | 1,045,928 | 38,389 |
| Institutional Plus Shares | | | | |
| Issued | 248,089 | 2,964 | 1,158,428 | 12,922 |
| Issued in Lieu of Cash Distributions | 16,466 | 197 | 64,803 | 764 |
| Redeemed | (300,781) | (3,533) | (513,055) | (5,942) |
| Net Increase (Decrease)—Institutional Plus Shares | (36,226) | (372) | 710,176 | 7,744 |
| ETF Shares | | | | |
| Issued | 1,908,724 | 46,887 | 3,964,471 | 94,396 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (7,718,975) | (194,600) | (10,454,897) | (257,600) |
| Net Increase (Decrease)—ETF Shares | (5,810,251) | (147,713) | (6,490,426) | (163,204) |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
72
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.
73
| | | |
| Six Months Ended April 30, 2014 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 10/31/2013 | 4/30/2014 | Period |
| Based on Actual Fund Return | | | |
| European Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,087.12 | $1.35 |
| Admiral Shares | 1,000.00 | 1,087.73 | 0.62 |
| Signal Shares | 1,000.00 | 1,087.97 | 0.62 |
| Institutional Shares | 1,000.00 | 1,088.18 | 0.47 |
| FTSE Europe ETF Shares | 1,000.00 | 1,087.56 | 0.62 |
| Pacific Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $971.48 | $1.27 |
| Admiral Shares | 1,000.00 | 972.35 | 0.59 |
| Signal Shares | 1,000.00 | 972.04 | 0.59 |
| Institutional Shares | 1,000.00 | 971.99 | 0.44 |
| FTSE Pacific ETF Shares | 1,000.00 | 972.27 | 0.59 |
| Emerging Markets Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $971.46 | $1.61 |
| Admiral Shares | 1,000.00 | 972.60 | 0.73 |
| Signal Shares | 1,000.00 | 972.64 | 0.73 |
| Institutional Shares | 1,000.00 | 972.84 | 0.59 |
| Institutional Plus Shares | 1,000.00 | 972.89 | 0.49 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 972.78 | 0.73 |
74
| | | |
| Six Months Ended April 30, 2014 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 10/31/2013 | 4/30/2014 | Period |
| Based on Hypothetical 5% Yearly Return | | | |
| European Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.51 | $1.30 |
| Admiral Shares | 1,000.00 | 1,024.20 | 0.60 |
| Signal Shares | 1,000.00 | 1,024.20 | 0.60 |
| Institutional Shares | 1,000.00 | 1,024.35 | 0.45 |
| FTSE Europe ETF Shares | 1,000.00 | 1,024.20 | 0.60 |
| Pacific Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.51 | $1.30 |
| Admiral Shares | 1,000.00 | 1,024.20 | 0.60 |
| Signal Shares | 1,000.00 | 1,024.20 | 0.60 |
| Institutional Shares | 1,000.00 | 1,024.35 | 0.45 |
| FTSE Pacific ETF Shares | 1,000.00 | 1,024.20 | 0.60 |
| Emerging Markets Stock Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.16 | $1.66 |
| Admiral Shares | 1,000.00 | 1,024.05 | 0.75 |
| Signal Shares | 1,000.00 | 1,024.05 | 0.75 |
| Institutional Shares | 1,000.00 | 1,024.20 | 0.60 |
| Institutional Plus Shares | 1,000.00 | 1,024.30 | 0.50 |
| FTSE Emerging Markets ETF Shares | 1,000.00 | 1,024.05 | 0.75 |
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, 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Europe ETF Shares; for the Pacific Stock Index Fund, 0.26% for Investor Shares, 0.12% for Admiral Shares, 0.12% for Signal Shares, 0.09% for Institutional Shares, and 0.12% for FTSE Pacific ETF Shares; and for the Emerging Markets Stock Index Fund, 0.33% for Investor Shares, 0.15% for Admiral Shares, 0.15% for Signal Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.15% for FTSE Emerging Markets ETF 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.
75
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard European, Pacific, and Emerging Markets Stock Index Funds has renewed the funds’ investment advisory arrangements with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Equity Investment Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the investment management services provided to the funds over both the short and long term, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.
Investment performance
The board considered the short- and long-term performance of the funds, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangements should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ at-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements after a one-year period.
76
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.
77
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; and FTSE Emerging Index thereafter.
Spliced European Index: MSCI Europe Index through March 26, 2013; FTSE Developed Europe Index thereafter.
Spliced Pacific Stock Index: MSCI Pacific Index through March 26, 2013; FTSE Developed Asia Pacific Index thereafter.
78
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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 178 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 | and Delphi Automotive LLP (automotive components); |
| | Senior Advisor at New Mountain Capital. |
| F. William McNabb III | |
| Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
| Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
| Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
| Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
| by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
| of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
| Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
| each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
| Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
| Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
| Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
| | of the Presidential Commission for the Study of |
| | Bioethical Issues. |
| IndependentTrustees | |
| Emerson U. Fullwood | JoAnn Heffernan Heisen |
| Born 1948. Trustee Since January 2008. Principal | Born 1950. Trustee Since July 1998. Principal |
| Occupation(s) During the Past Five Years: Executive | Occupation(s) During the Past Five Years: Corporate |
| Chief Staff and Marketing Officer for North America | Vice President and Chief Global Diversity Officer |
| and Corporate Vice President (retired 2008) of Xerox | (retired 2008) and Member of the Executive |
| Corporation (document management products and | Committee (1997–2008) of Johnson & Johnson |
| services); Executive in Residence and 2009–2010 | (pharmaceuticals/medical devices/consumer |
| Distinguished Minett Professor at the Rochester | products); Director of Skytop Lodge Corporation |
| Institute of Technology; Director of SPX Corporation | (hotels), the University Medical Center at Princeton, |
| (multi-industry manufacturing), the United Way of | the Robert Wood Johnson Foundation, and the Center |
| Rochester, Amerigroup Corporation (managed health | or Talent Innovation; Member of the Advisory Board |
| care), the University of Rochester Medical Center, | of the Maxwell School of Citizenship and Public Affairs |
| Monroe Community College Foundation, and North | at Syracuse University. |
| Carolina A&T University. | |
| F. Joseph Loughrey |
| Rajiv L. Gupta | Born 1949. Trustee Since October 2009. Principal |
| Born 1945. Trustee Since December 2001.2 | Occupation(s) During the Past Five Years: President |
| Principal Occupation(s) During the Past Five Years: | and Chief Operating Officer (retired 2009) of Cummins |
| Chairman and Chief Executive Officer (retired 2009) | Inc. (industrial machinery); Chairman of the Board |
| and President (2006–2008) of Rohm and Haas Co. | of Hillenbrand, Inc. (specialized consumer services), |
| (chemicals); Director of Tyco International, Ltd. | and of Oxfam America; Director of SKF AB (industrial |
| (diversified manufacturing and services), Hewlett- | machinery), Hyster-Yale Materials Handling, Inc. |
| Packard Co. (electronic computer manufacturing), | (forklift trucks), the Lumina Foundation for Education, |
| | |
| and the V Foundation for Cancer Research; Member | Executive Officers | |
| of the Advisory Council for the College of Arts and | | |
| Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal |
| University of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Controller of each of |
| Mark Loughridge | the investment companies served by The Vanguard |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). |
| President and Chief Financial Officer (retired 2013) | | |
| at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
| Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September |
| 2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five |
| | Years: Principal of The Vanguard Group, Inc.; Chief |
| Scott C. Malpass | Financial Officer of each of the investment companies |
| Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of |
| Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard |
| Investment Officer and Vice President at the University | Group (1998–2008). | |
| of Notre Dame; Assistant Professor of Finance at the | | |
| Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
| of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal |
| Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of |
| (investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the |
| Advisory Committees of the Financial Industry | investment companies served by The Vanguard |
| Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment |
| Baseball. | companies served by The Vanguard Group (1988–2008). |
| |
| André F. Perold | Heidi Stam | |
| Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal |
| Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing |
| Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel |
| at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard |
| Chief Investment Officer and Managing Partner of | Group and of each of the investment companies |
| HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior |
| Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. |
| Museum of Fine Arts Boston. | | |
| | Vanguard Senior ManagementTeam |
| Alfred M. Rankin, Jr. | | |
| Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
| Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
| President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
| Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
| Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
| of the Board of University Hospitals of Cleveland. | | |
| |
| Peter F. Volanakis | Chairman Emeritus and Senior Advisor |
| Born 1955. Trustee Since July 2009. Principal | | |
| Occupation(s) During the Past Five Years: President | John J. Brennan | |
| and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
| Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 |
| Colby-Sawyer College; Member of the Advisory Board | | |
| of the Norris Cotton Cancer Center and of the Advisory | Founder | |
| Board of the 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 | |
| All rights in a FTSE index (the “Index”) vest in FTSE |
| Fund Information > 800-662-7447 | International Limited (“FTSE”). “FTSE®” is a trademark |
| Direct Investor Account Services > 800-662-2739 | of London Stock Exchange Group companies and is |
| Institutional Investor Services > 800-523-1036 | used by FTSE under licence. The Vanguard Fund(s) (the |
| Text Telephone for People | “Product”) has been developed solely by Vanguard. The |
| With Hearing Impairment > 800-749-7273 | Index is calculated by FTSE or its agent. FTSE and its |
| | licensors are not connected to and do not sponsor, |
| This material may be used in conjunction | advise, recommend, endorse or promote the Product |
| with the offering of shares of any Vanguard | and do not accept any liability whatsoever to any |
| fund only if preceded or accompanied by | person arising out of (a) the use of, reliance on or any |
| the fund’s current prospectus. | error in the Index or (b) investment in or operation of |
| the Product. FTSE makes no claim, prediction, warranty |
| All comparative mutual fund data are from Lipper, a | or representation either as to the results to be obtained |
| Thomson Reuters Company, or Morningstar, Inc., unless | from the Product or the suitability of the Index for the |
| otherwise noted. | purpose to which it is being put by Vanguard. |
| |
| 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 e-mail addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| | © 2014 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q722 062014 |
|
| Semiannual Report | April 30, 2014 |
| 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. | 7 |
| Performance Summary. | 9 |
| Financial Statements. | 10 |
| About Your Fund’s Expenses. | 29 |
| Trustees Approve Advisory Arrangement. | 31 |
| Glossary. | 32 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas. This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
| |
| Six Months Ended April 30, 2014 | |
| | Total |
| | Returns |
| Vanguard Total World Stock Index Fund | |
| Investor Shares | 5.52% |
| Institutional Shares | 5.63 |
| ETF Shares | |
| Market Price | 5.59 |
| Net Asset Value | 5.61 |
| FTSE Global All Cap Index | 5.44 |
| Global Funds Average | 5.06 |
| 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, 2013, Through April 30, 2014 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Total World Stock Index Fund | | | | |
| Investor Shares | $23.48 | $24.49 | $0.276 | $0.000 |
| Institutional Shares | 117.63 | 122.74 | 1.457 | 0.000 |
| ETF Shares | 57.60 | 60.10 | 0.708 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
The world’s stock markets produced solid overall results for the six months ended April 30, 2014, despite challenges that arose at home and abroad as the global economy plodded along. Vanguard Total World Stock Index Fund returned more than 5% for the six months, in line with its target, the FTSE Global All Cap Index, and ahead of the average return of competing global funds.
Stocks from the developed markets of Europe were the world’s leaders over the period, followed closely by U.S. stocks. Developed markets of the Pacific region and emerging markets stocks lagged. Health care and technology stocks were the top performers among sectors and the only two with double-digit returns. None of the fund’s ten industry sectors recorded negative results. As for currency effects, U.S.-based investors were hurt by the U.S. dollar’s strength against the Japanese yen but helped by its weakness against the euro and British pound.
Recent progress has been sporadic, but stocks continued their climb
For the half year ended April 30, international stocks, in aggregate, returned nearly 3%. U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014 as poor economic data from China and the conflict in Ukraine unsettled investors.
2
Global economic and political developments are, of course, as inevitable as they are unpredictable. Broad diversification remains the best way of managing the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues, and that’s always, I think, a valuable starting point for investors.”
Despite low yields, the bond market experienced a surprising rally
Bonds continued to emerge from the struggles that marked much of 2013, when the market was roiled by worries about the prospect of the Federal Reserve reducing its stimulative bond-buying. In January, however, when the Fed actually started to trim purchases, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74%. The yield of the 10-year Treasury note ended the six months at 2.69%, up from 2.54% on October 31 but down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 4.08%. Money market and savings accounts posted paltry returns as the Fed’s target for short-term interest rates remained at 0%–0.25%.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2014 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
| Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
| Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
| FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
| |
| CPI | | | |
| Consumer Price Index | 1.51% | 1.95% | 2.14% |
3
Stocks in the United States and Europe paced the fund’s return
Vanguard Total World Stock Index Fund was created to provide investors with exposure to the world’s global stock markets––including the United States, developed international markets, and emerging markets––with each area weighted in proportion to its market value. The fund seeks to closely track the FTSE Global All Cap Index, which includes more than 7,000 stocks.
With the fund’s broad diversification, weakness in one region can be offset by strength in another. This was true for the half year, which highlighted how stock performance can vary significantly around the world.
The nearly 8% return of U.S. stocks, which represented close to 50% of the fund’s assets on average over the period, provided the biggest boost to the fund’s return. Although the severe winter weather affected the U.S. economy and investors were quick to shun stocks they considered overpriced as the period continued, U.S. stocks were mostly productive. U.S. technology stocks, for example, posted negative returns in three of the period’s final four months, yet still returned nearly 10% for the half year and were one of the fund’s top performers. Computer hardware and software firms and internet companies––despite being caught up in the volatility––were the sector’s leaders.
| | | | |
| Expense Ratios | | | | |
| Your Fund Compared With Its Peer Group | | | | |
| | Investor | Institutional | ETF | Peer Group |
| | Shares | Shares | Shares | Average |
| Total World Stock Index Fund | 0.30% | 0.16% | 0.18% | 1.44% |
The fund expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the fund’s annualized expense ratios were 0.28% for Investor Shares, 0.15% for Institutional Shares, and 0.17% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2013.
Peer group: Global Funds.
4
Other sectors in the United States also performed well without experiencing such turbulence. Health care, industrial, energy, utilities, and materials stocks notched double-digit returns, and financial and consumer staples stocks had returns of 6% or higher, reflecting the U.S. markets’ broad-based strength.
The developed markets of Europe, which made up nearly one-quarter of the fund’s assets on average over the period, returned about 9%. Supported by monetary stimulus, the economies in Europe continued to emerge from the sovereign-debt crisis. Gains were nearly universal across the region, showing the depth and breadth of the recovery. Among the top performers were British oil and gas giants and pharmaceuticals, Swiss pharmaceuticals, French industrials, and Italian and Spanish banks.
The fund’s stocks from the developed markets of the Pacific Region, which made up close to 13% of assets on average during the period, returned about –3%. Much of the trouble came from Japanese holdings, which returned about –5%. Although policy changes initiated by a new government revived its economy and financial markets last year, Japan has battled trade deficits and weaker spending more recently. In contrast to Japan, stock returns from New Zealand, Australia, and Hong Kong were positive.
Emerging markets stocks, which totaled about 10% of the fund’s assets on average during the period, returned about –2%. Concerns about Russia’s conflict in Ukraine and China’s trade deficit and slower manufacturing growth have been an albatross for these stocks. However, there were positive performances from about half of the emerging-market countries in the index, notably India, whose economy seems to be on the mend, and the United Arab Emirates, whose stocks are increasingly on investors’ radar screens.
Balancing investors’ ‘home bias’ and the benefits of diversification
Many investors have a natural tendency to focus on companies close to home. But this “home bias” can lead to missed opportunities to diversify a portfolio internationally.
Stocks of companies based outside the United States account for about half of the global equity market. Vanguard’s analysis of more than four decades of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This benefit has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that can vary from those of U.S. stocks—which helps to reduce volatility risk. Of course, the
5
impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
Deciding how much to allocate to international stocks depends on your view regarding the short-term and long-term trade-offs. These include potential exposure to currency fluctuations and generally higher transaction and investment costs.
Within Vanguard Total World Stock Index Fund, the mix of U.S. and non-U.S. stocks is determined for you and based on the weightings in the target index that the fund seeks to track. When it comes to your total investment portfolio, Vanguard suggests that allocating 20% of your equity holdings to non-U.S. stocks may be a reasonable starting point. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 16, 2014
6
Total World Stock Index Fund
Fund Profile
As of April 30, 2014
| | | |
| Share-Class Characteristics | |
| | Investor | Institutional | ETF |
| | Shares | Shares | Shares |
| Ticker Symbol | VTWSX | VTWIX | VT |
| Expense Ratio1 | 0.30% | 0.16% | 0.18% |
| | |
| Portfolio Characteristics | | |
| | | FTSE |
| | | Global |
| | | All Cap |
| | Fund | Index |
| Number of Stocks | 6,198 | 7,434 |
| Median Market Cap | $34.6B | $34.7B |
| Price/Earnings Ratio | 18.3x | 18.1x |
| Price/Book Ratio | 2.1x | 2.0x |
| Return on Equity | 15.8% | 15.7% |
| Earnings Growth | | |
| Rate | 10.8% | 10.9% |
| Dividend Yield | 2.4% | 2.4% |
| Turnover Rate | | |
| (Annualized) | 11% | — |
| Short-Term Reserves | 0.0% | — |
| | |
| Sector Diversification (% of equity exposure) |
| | | FTSE |
| | | Global |
| | | All Cap |
| | Fund | Index |
| Basic Materials | 5.9% | 5.9% |
| Consumer Goods | 12.6 | 12.6 |
| Consumer Services | 10.4 | 10.3 |
| Financials | 22.1 | 22.1 |
| Health Care | 9.6 | 9.6 |
| Industrials | 13.6 | 13.6 |
| Oil & Gas | 9.2 | 9.2 |
| Technology | 9.8 | 9.8 |
| Telecommunications | 3.4 | 3.5 |
| Utilities | 3.4 | 3.4 |
| |
| Volatility Measures | |
| | Spliced Total |
| | World Stock |
| | Index |
| R-Squared | 0.99 |
| Beta | 1.00 |
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 | 1.3% |
| Exxon Mobil Corp. | Integrated Oil & Gas | 1.1 |
| Microsoft Corp. | Software | 0.7 |
| Google Inc. | Internet | 0.7 |
| Johnson & Johnson | Pharmaceuticals | 0.7 |
| General Electric Co. | Diversified Industrials | 0.6 |
| Royal Dutch Shell plc | Integrated Oil & Gas | 0.6 |
| Wells Fargo & Co. | Banks | 0.6 |
| Nestle SA | Food Products | 0.6 |
| Chevron Corp. | Integrated Oil & Gas | 0.6 |
| Top Ten | | 7.5% |
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 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.28% for Investor Shares, 0.15% for Institutional Shares, and 0.17% for ETF Shares.
7
Total World Stock Index Fund
| | |
| Market Diversification (% of equity exposure) |
| | | FTSE |
| | | Global |
| | | All Cap |
| | Fund | Index |
| Europe | | |
| United Kingdom | 8.0% | 8.0% |
| France | 3.4 | 3.4 |
| Germany | 3.2 | 3.2 |
| Switzerland | 3.1 | 3.2 |
| Spain | 1.3 | 1.3 |
| Sweden | 1.2 | 1.2 |
| Netherlands | 1.0 | 1.0 |
| Italy | 1.0 | 1.0 |
| Other | 2.3 | 2.2 |
| Subtotal | 24.5% | 24.5% |
| Pacific | | |
| Japan | 7.3% | 7.3% |
| Australia | 2.9 | 2.9 |
| South Korea | 1.6 | 1.6 |
| Hong Kong | 1.2 | 1.2 |
| Other | 0.7 | 0.7 |
| Subtotal | 13.7% | 13.7% |
| Emerging Markets | | |
| China | 1.7% | 1.7% |
| Taiwan | 1.4 | 1.4 |
| Brazil | 1.1 | 1.1 |
| Other | 4.7 | 4.6 |
| Subtotal | 8.9% | 8.8% |
| North America | | |
| United States | 49.0% | 49.1% |
| Canada | 3.7 | 3.7 |
| Subtotal | 52.7% | 52.8% |
| Middle East | 0.2% | 0.2% |
8
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.
Fiscal-Year Total Returns (%): June 26, 2008, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 17.13% | 17.98% | 5.41% |
| Institutional Shares | 10/9/2008 | 17.29 | 18.20 | 14.03 |
| ETF Shares | 6/24/2008 | | | |
| Market Price | | 17.00 | 18.13 | 5.28 |
| Net Asset Value | | 17.27 | 18.18 | 5.30 |
See Financial Highlights for dividend and capital gains information.
9
Total World Stock Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
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 | 190,484 | 14,012 | 0.3% |
| BHP Billiton Ltd. | 381,142 | 13,423 | 0.3% |
| Australia—Other † | | 116,689 | 2.3% |
| | | 144,124 | 2.9% |
| |
| Austria † | | 6,189 | 0.1% |
| |
| Belgium † | | 23,153 | 0.5% |
| |
| Brazil † | | 57,331 | 1.1% |
| |
| Canada | | | |
| Imperial Oil Ltd. | 29,490 | 1,440 | 0.0% |
| Canada—Other † | | 182,792 | 3.7% |
| | | 184,232 | 3.7% |
| |
| Chile † | | 7,880 | 0.2% |
| |
| China | | | |
| China Mobile Ltd. | 627,861 | 5,976 | 0.1% |
| China Construction Bank Corp. | 8,481,231 | 5,872 | 0.1% |
| Industrial & Commercial Bank of China Ltd. | 8,530,245 | 5,097 | 0.1% |
| Bank of China Ltd. | 9,176,800 | 4,043 | 0.1% |
| CNOOC Ltd. | 1,960,656 | 3,241 | 0.1% |
| PetroChina Co. Ltd. | 2,646,000 | 3,053 | 0.1% |
| China Petroleum & Chemical Corp. | 3,064,314 | 2,720 | 0.1% |
| China Life Insurance Co. Ltd. | 943,000 | 2,453 | 0.1% |
| China Shenhua Energy Co. Ltd. | 536,000 | 1,456 | 0.1% |
| China Overseas Land & Investment Ltd. | 526,480 | 1,296 | 0.0% |
10
Total World Stock Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| | Agricultural Bank of China Ltd. | 2,620,500 | 1,103 | 0.0% |
| | China Telecom Corp. Ltd. | 2,064,034 | 1,056 | 0.0% |
| | China Unicom Hong Kong Ltd. | 653,574 | 1,002 | 0.0% |
| | PICC Property & Casualty Co. Ltd. | 504,466 | 667 | 0.0% |
| | China Resources Power Holdings Co. Ltd. | 219,400 | 551 | 0.0% |
| | China Resources Land Ltd. | 250,000 | 516 | 0.0% |
| | China CITIC Bank Corp. Ltd. | 847,010 | 506 | 0.0% |
| | China Oilfield Services Ltd. | 210,000 | 503 | 0.0% |
| | Kunlun Energy Co. Ltd. | 322,000 | 503 | 0.0% |
| | Dongfeng Motor Group Co. Ltd. | 340,000 | 455 | 0.0% |
| | China Merchants Holdings International Co. Ltd. | 136,000 | 427 | 0.0% |
| | China Longyuan Power Group Corp. | 400,000 | 412 | 0.0% |
| | China Resources Enterprise Ltd. | 134,000 | 382 | 0.0% |
| | China State Construction International Holdings Ltd. | 218,000 | 365 | 0.0% |
| ^ | CITIC Pacific Ltd. | 196,000 | 344 | 0.0% |
| | China Communications Construction Co. Ltd. | 498,375 | 327 | 0.0% |
| 1 | People’s Insurance Co. Group of China Ltd. | 826,000 | 317 | 0.0% |
| | Sinopharm Group Co. Ltd. | 113,600 | 300 | 0.0% |
| | Beijing Capital International Airport Co. Ltd. | 406,000 | 283 | 0.0% |
| *,^ | China Cinda Asset Management Co. Ltd. | 530,000 | 267 | 0.0% |
| *,^ | Aluminum Corp. of China Ltd. | 705,331 | 253 | 0.0% |
| * | Hunan Nonferrous Metal Corp. Ltd. | 866,728 | 252 | 0.0% |
| * | China Taiping Insurance Holdings Co. Ltd. | 141,200 | 225 | 0.0% |
| ^ | China Coal Energy Co. Ltd. | 408,000 | 221 | 0.0% |
| | Zhuzhou CSR Times Electric Co. Ltd. | 69,000 | 203 | 0.0% |
| | Cosco International Holdings Ltd. | 466,000 | 194 | 0.0% |
| | China Resources Gas Group Ltd. | 64,000 | 190 | 0.0% |
| | Sinotrans Ltd. | 283,000 | 157 | 0.0% |
| | China Railway Construction Corp. Ltd. | 182,626 | 152 | 0.0% |
| | China Railway Group Ltd. | 331,000 | 148 | 0.0% |
| | CSR Corp. Ltd. | 197,000 | 144 | 0.0% |
| | China Resources Cement Holdings Ltd. | 196,000 | 136 | 0.0% |
| | Foshan Huaxin Packaging Co. Ltd. Class B | 266,600 | 129 | 0.0% |
| | Air China Ltd. | 220,000 | 125 | 0.0% |
| | China Communications Services Corp. Ltd. | 234,000 | 119 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd. | 101,135 | 113 | 0.0% |
| *,^ | China COSCO Holdings Co. Ltd. | 276,500 | 110 | 0.0% |
| | AviChina Industry & Technology Co. Ltd. | 200,000 | 107 | 0.0% |
| | Dah Chong Hong Holdings Ltd. | 166,000 | 106 | 0.0% |
| | China BlueChemical Ltd. | 176,000 | 95 | 0.0% |
| | Franshion Properties China Ltd. | 294,000 | 93 | 0.0% |
| | Sinopec Kantons Holdings Ltd. | 90,000 | 84 | 0.0% |
| *,^ | China Foods Ltd. | 230,000 | 78 | 0.0% |
| | Huaneng Renewables Corp. Ltd. | 242,000 | 75 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 300,000 | 73 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 176,800 | 71 | 0.0% |
| | Dongfang Electric Corp. Ltd. | 44,800 | 70 | 0.0% |
| * | Angang Steel Co. Ltd. | 114,000 | 69 | 0.0% |
| ^ | China Power International Development Ltd. | 178,000 | 64 | 0.0% |
| * | China Eastern Airlines Corp. Ltd. | 202,000 | 62 | 0.0% |
| *,1 | China Galaxy Securities Co. Ltd. | 103,000 | 60 | 0.0% |
| | Harbin Electric Co. Ltd. | 96,000 | 56 | 0.0% |
| | Sinotrans Shipping Ltd. | 169,500 | 49 | 0.0% |
| * | China Traditional Chinese Medicine Co. Ltd. | 110,000 | 47 | 0.0% |
11
Total World Stock Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| China Datang Corp. Renewable Power Co. Ltd. | 330,000 | 44 | 0.0% |
| China Southern Airlines Co. Ltd. | 88,000 | 26 | 0.0% |
| China—Other † | | 37,138 | 0.8% |
| | | 86,831 | 1.7% |
| |
| Colombia † | | 4,571 | 0.1% |
| Czech Republic † | | 1,325 | 0.0% |
| Denmark † | | 27,803 | 0.5% |
| |
| Egypt † | | 1,317 | 0.0% |
| |
| Finland † | | 18,626 | 0.4% |
| |
| France | | | |
| Total SA | 239,073 | 17,105 | 0.3% |
| Sanofi | 135,375 | 14,610 | 0.3% |
| France—Other † | | 138,358 | 2.8% |
| | | 170,073 | 3.4% |
| Germany | | | |
| ^ Bayer AG | 97,636 | 13,576 | 0.3% |
| Siemens AG | 99,023 | 13,063 | 0.2% |
| Germany—Other † | | 135,026 | 2.7% |
| | | 161,665 | 3.2% |
| |
| Greece † | | 4,010 | 0.1% |
| Hong Kong | | | |
| BOC Hong Kong Holdings Ltd. | 404,500 | 1,187 | 0.0% |
| CITIC Telecom International Holdings Ltd. | 302,500 | 105 | 0.0% |
| China Travel International Inv HK | 354,000 | 71 | 0.0% |
| * COFCO Land Holdings Ltd. | 187,840 | 43 | 0.0% |
| Hong Kong—Other † | | 60,268 | 1.2% |
| | | 61,674 | 1.2% |
| |
| Hungary † | | 1,206 | 0.0% |
| |
| 1India † | | 43,089 | 0.9% |
| |
| Indonesia † | | 13,268 | 0.3% |
| Ireland † | | 5,763 | 0.1% |
| Israel † | | 10,655 | 0.2% |
| |
| Italy † | | 51,469 | 1.0% |
| Japan | | | |
| Toyota Motor Corp. | 315,030 | 17,020 | 0.3% |
| Japan—Other † | | 349,367 | 7.0% |
| | | 366,387 | 7.3% |
12
Total World Stock Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| 1Malaysia † | | 23,420 | 0.5% |
| Mexico † | | 24,066 | 0.5% |
| Morocco † | | 139 | 0.0% |
| Netherlands † | | 51,647 | 1.0% |
| New Zealand † | | 4,900 | 0.1% |
| Norway † | | 17,737 | 0.3% |
| Peru † | | 1,500 | 0.0% |
| Philippines † | | 8,263 | 0.2% |
| Poland † | | 8,349 | 0.2% |
| Portugal † | | 4,707 | 0.1% |
| Russia † | | 22,217 | 0.4% |
| Singapore | | | |
| Cosco Corp. Singapore Ltd. | 92,000 | 53 | 0.0% |
| 1 Singapore—Other † | | 29,525 | 0.6% |
| | | 29,578 | 0.6% |
| South Africa † | | 39,159 | 0.8% |
| South Korea | | | |
| Samsung Electronics Co. Ltd. GDR | 25,104 | 16,206 | 0.3% |
| South Korea—Other † | | 64,695 | 1.3% |
| | | 80,901 | 1.6% |
| Spain † | | 63,055 | 1.3% |
| Sweden † | | 59,421 | 1.2% |
| Switzerland | | | |
| Nestle SA | 387,149 | 29,921 | 0.6% |
| Roche Holding AG | 83,426 | 24,473 | 0.5% |
| Novartis AG | 275,665 | 23,964 | 0.4% |
| Switzerland—Other † | | 79,540 | 1.6% |
| | | 157,898 | 3.1% |
| Taiwan † | | 71,136 | 1.4% |
| Thailand † | | 13,368 | 0.3% |
| Turkey † | | 8,548 | 0.2% |
| United Arab Emirates † | | 4,249 | 0.1% |
13
Total World Stock Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| United Kingdom | | | |
| | HSBC Holdings plc | 2,253,975 | 23,031 | 0.4% |
| | BP plc | 2,230,747 | 18,835 | 0.4% |
| | Royal Dutch Shell plc Class A | 468,818 | 18,535 | 0.4% |
| | GlaxoSmithKline plc | 577,479 | 15,956 | 0.3% |
| | British American Tobacco plc | 226,006 | 13,051 | 0.3% |
| | Royal Dutch Shell plc Class B | 304,442 | 12,927 | 0.2% |
| | United Kingdom—Other † | | 297,403 | 5.9% |
| | | | 399,738 | 7.9% |
| |
| United States | | | |
| Basic Materials † | | 74,514 | 1.5% |
| |
| Consumer Goods | | | |
| | Procter & Gamble Co. | 325,558 | 26,875 | 0.6% |
| | Coca-Cola Co. | 502,687 | 20,505 | 0.4% |
| | Philip Morris International Inc. | 192,289 | 16,427 | 0.3% |
| | PepsiCo Inc. | 184,584 | 15,854 | 0.3% |
| | Consumer Goods—Other † | | 171,534 | 3.4% |
| | | | 251,195 | 5.0% |
| Consumer Services | | | |
| | Walt Disney Co. | 208,064 | 16,508 | 0.3% |
| | Wal-Mart Stores Inc. | 194,412 | 15,497 | 0.3% |
| * | Amazon.com Inc. | 43,898 | 13,351 | 0.3% |
| | Home Depot Inc. | 167,244 | 13,298 | 0.2% |
| | Consumer Services—Other † | | 256,120 | 5.1% |
| | | | 314,774 | 6.2% |
| Financials | | | |
| | Wells Fargo & Co. | 629,726 | 31,260 | 0.6% |
| | JPMorgan Chase & Co. | 451,987 | 25,302 | 0.5% |
| | Bank of America Corp. | 1,274,794 | 19,300 | 0.4% |
| | Citigroup Inc. | 362,711 | 17,377 | 0.4% |
| * | Berkshire Hathaway Inc. Class B | 126,329 | 16,277 | 0.3% |
| | Financials—Other † | | 337,675 | 6.7% |
| | | | 447,191 | 8.9% |
| Health Care | | | |
| | Johnson & Johnson | 328,721 | 33,296 | 0.7% |
| | Pfizer Inc. | 772,858 | 24,175 | 0.5% |
| | Merck & Co. Inc. | 351,885 | 20,606 | 0.4% |
| * | Gilead Sciences Inc. | 181,564 | 14,251 | 0.3% |
| | Health Care—Other † | | 199,146 | 3.9% |
| | | | 291,474 | 5.8% |
| Industrials | | | |
| | General Electric Co. | 1,206,676 | 32,448 | 0.6% |
| | Industrials—Other † | | 291,159 | 5.8% |
| | | | 323,607 | 6.4% |
| Oil & Gas | | | |
| | Exxon Mobil Corp. | 520,597 | 53,314 | 1.0% |
| | Chevron Corp. | 228,788 | 28,717 | 0.6% |
| | Schlumberger Ltd. | 155,463 | 15,787 | 0.3% |
| | Oil & Gas—Other † | | 139,756 | 2.8% |
| | | | 237,574 | 4.7% |
14
Total World Stock Index Fund
| | | | | |
| | | | | Market | Percentage |
| | | | | Value | of Net |
| | | | Shares | ($000) | Assets |
| Other2 | | | | |
| 3 | Vanguard FTSE Emerging Markets ETF | | 133,278 | 5,457 | 0.1% |
| | Other—Other † | | | 13 | 0.0% |
| | | | | 5,470 | 0.1% |
| Technology | | | | |
| | Apple Inc. | | 106,886 | 63,072 | 1.3% |
| | Microsoft Corp. | | 898,292 | 36,291 | 0.7% |
| | International Business Machines Corp. | | 125,009 | 24,561 | 0.5% |
| * | Google Inc. Class A | | 33,446 | 17,890 | 0.4% |
| * | Google Inc. | | 33,625 | 17,709 | 0.3% |
| | Oracle Corp. | | 411,819 | 16,835 | 0.3% |
| | Intel Corp. | | 597,479 | 15,947 | 0.3% |
| | QUALCOMM Inc. | | 202,295 | 15,923 | 0.3% |
| | Cisco Systems Inc. | | 618,387 | 14,291 | 0.3% |
| * | Facebook Inc. Class A | | 237,380 | 14,191 | 0.3% |
| | Technology—Other † | | | 138,632 | 2.8% |
| | | | | 375,342 | 7.5% |
| Telecommunications | | | | |
| | Verizon Communications Inc. | | 492,260 | 23,003 | 0.5% |
| | AT&T Inc. | | 624,631 | 22,299 | 0.4% |
| | Telecommunications—Other † | | | 8,855 | 0.2% |
| | | | | 54,157 | 1.1% |
| |
| Utilities † | | | 82,942 | 1.6% |
| | | | | 2,458,240 | 48.8% |
| Total Common Stocks (Cost $4,031,623) | | | 5,004,877 | 99.5%4 |
| |
| | | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 5,6 | Vanguard Market Liquidity Fund | 0.124% | 129,065,343 | 129,065 | 2.6% |
| |
| 7U.S. Government and Agency Obligations † | | | 2,300 | 0.0% |
| Total Temporary Cash Investments (Cost $131,365) | | | 131,365 | 2.6%4 |
| Total Investments (Cost $4,162,988) | | | 5,136,242 | 102.1% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 15,284 | 0.3% |
| Liabilities6 | | | (119,497) | (2.4%) |
| | | | | (104,213) | (2.1%) |
| Net Assets | | | 5,032,029 | 100.0% |
15
Total World Stock Index Fund
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 4,098,139 |
| Undistributed Net Investment Income | 11,385 |
| Accumulated Net Realized Losses | (51,190) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 973,254 |
| Futures Contracts | 310 |
| Forward Currency Contracts | 55 |
| Foreign Currencies | 76 |
| Net Assets | 5,032,029 |
| |
| Investor Shares—Net Assets | |
| Applicable to 30,951,384 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 758,130 |
| Net Asset Value Per Share—Investor Shares | $24.49 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 7,954,712 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 976,330 |
| Net Asset Value Per Share—Institutional Shares | $122.74 |
| |
| ETF Shares—Net Assets | |
| Applicable to 54,868,645 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 3,297,569 |
| Net Asset Value Per Share—ETF Shares | $60.10 |
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 $103,896,000.
† 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 April 30, 2014, the aggregate value of these securities
was $2,182,000.
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 99.9% and 2.2%, 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 $109,979,000 of collateral received for securities on loan.
7 Securities with a value of $1,400,000 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.
16
Total World Stock Index Fund
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1,2 | 64,328 |
| Interest2 | 25 |
| Securities Lending | 602 |
| Total Income | 64,955 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 454 |
| Management and Administrative—Investor Shares | 735 |
| Management and Administrative—Institutional Shares | 420 |
| Management and Administrative—ETF Shares | 1,704 |
| Marketing and Distribution—Investor Shares | 76 |
| Marketing and Distribution—Institutional Shares | 103 |
| Marketing and Distribution—ETF Shares | 376 |
| Custodian Fees | 306 |
| Shareholders’ Reports—Investor Shares | 10 |
| Shareholders’ Reports—Institutional Shares | 1 |
| Shareholders’ Reports—ETF Shares | 42 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 4,228 |
| Net Investment Income | 60,727 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 22,299 |
| Futures Contracts | 1,669 |
| Foreign Currencies and Forward Currency Contracts | (29) |
| Realized Net Gain (Loss) | 23,939 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 173,626 |
| Futures Contracts | (531) |
| Foreign Currencies and Forward Currency Contracts | (35) |
| Change in Unrealized Appreciation (Depreciation) | 173,060 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 257,726 |
1 Dividends are net of foreign withholding taxes of $2,879,000.
2 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $50,000, $23,000, and ($11,000),
respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Total World Stock Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 60,727 | 75,676 |
| Realized Net Gain (Loss) | 23,939 | 30,448 |
| Change in Unrealized Appreciation (Depreciation) | 173,060 | 568,557 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 257,726 | 674,681 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (7,882) | (11,989) |
| Institutional Shares | (10,689) | (13,244) |
| ETF Shares | (37,572) | (56,101) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (56,143) | (81,334) |
| Capital Share Transactions | | |
| Investor Shares | 113,602 | 159,086 |
| Institutional Shares | 214,218 | 302,700 |
| ETF Shares | 326,510 | 968,235 |
| Net Increase (Decrease) from Capital Share Transactions | 654,330 | 1,430,021 |
| Total Increase (Decrease) | 855,913 | 2,023,368 |
| Net Assets | | |
| Beginning of Period | 4,176,116 | 2,152,748 |
| End of Period1 | 5,032,029 | 4,176,116 |
| 1 Net Assets—End of Period includes undistributed net investment income of $11,385,000 and $6,966,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
18
Total World Stock Index Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $23.48 | $19.46 | $18.40 | $18.85 | $16.66 | $13.71 |
| Investment Operations | | | | | | |
| Net Investment Income | .294 | .473 | .399 | .380 | .3591 | .3281 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | .992 | 4.084 | 1.263 | (.480) | 2.076 | 2.698 |
| Total from Investment Operations | 1.286 | 4.557 | 1.662 | (.100) | 2.435 | 3.026 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (. 276) | (. 537) | (. 602) | (. 350) | (. 245) | (. 076) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (. 276) | (. 537) | (. 602) | (. 350) | (. 245) | (. 076) |
| Net Asset Value, End of Period | $24.49 | $23.48 | $19.46 | $18.40 | $18.85 | $16.66 |
| |
| Total Return3 | 5.52% | 23.79% | 9.29% | -0.61% | 14.73% | 22.25% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $758 | $615 | $364 | $286 | $255 | $131 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.28% | 0.30% | 0.35% | 0.40% | 0.45% | 0.50% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.31% | 2.28% | 2.44% | 2.30% | 2.03% | 2.28% |
| Portfolio Turnover Rate 4 | 11% | 12% | 16% | 10% | 7% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.01, $.01, and $.01. Purchase and redemption fees were
eliminated effective February 29, 2012, and May 23, 2012, respectively.
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.
19
Total World Stock Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $117.63 | $97.56 | $92.36 | $94.62 | $83.54 | $68.63 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.544 | 2.506 | 2.167 | 2.124 | 1.8931 | 1.8841 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 5.023 | 20.461 | 6.336 | (2.459) | 10.538 | 13.457 |
| Total from Investment Operations | 6.567 | 22.967 | 8.503 | (.335) | 12.431 | 15.341 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.457) | (2.897) | (3.303) | (1.925) | (1.351) | (.431) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.457) | (2.897) | (3.303) | (1.925) | (1.351) | (.431) |
| Net Asset Value, End of Period | $122.74 | $117.63 | $97.56 | $92.36 | $94.62 | $83.54 |
| |
| Total Return3 | 5.63% | 23.95% | 9.50% | -0.44% | 15.01% | 22.55% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $976 | $724 | $325 | $191 | $48 | $17 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.15% | 0.16% | 0.17% | 0.20% | 0.23% | 0.25% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.44% | 2.42% | 2.62% | 2.50% | 2.25% | 2.53% |
| Portfolio Turnover Rate 4 | 11% | 12% | 16% | 10% | 7% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.03, $.03, 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 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.
20
Total World Stock Index Fund
Financial Highlights
| | | | | | |
| ETF Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $57.60 | $47.76 | $45.21 | $46.30 | $40.88 | $33.59 |
| Investment Operations | | | | | | |
| Net Investment Income | .750 | 1.218 | 1.056 | 1.020 | .9641 | .8711 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 2 | 2.458 | 10.025 | 3.096 | (1.192) | 5.118 | 6.622 |
| Total from Investment Operations | 3.208 | 11.243 | 4.152 | (.172) | 6.082 | 7.493 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.708) | (1.403) | (1.602) | (.918) | (.662) | (.203) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.708) | (1.403) | (1.602) | (.918) | (.662) | (.203) |
| Net Asset Value, End of Period | $60.10 | $57.60 | $47.76 | $45.21 | $46.30 | $40.88 |
| |
| Total Return | 5.61% | 23.95% | 9.47% | -0.46% | 15.00% | 22.49% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $3,298 | $2,837 | $1,463 | $971 | $733 | $499 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.17% | 0.18% | 0.19% | 0.22% | 0.25% | 0.30% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.42% | 2.40% | 2.60% | 2.48% | 2.23% | 2.48% |
| Portfolio Turnover Rate 3 | 11% | 12% | 16% | 10% | 7% | 18% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Includes increases from purchase and redemption fees of $.00, $.00, $.00, $.03, $.02, and $.02. Purchase and redemption fees were
eliminated effective February 29, 2012, and May 23, 2012, respectively.
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.
21
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, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
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
22
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 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 six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on quarterly average notional amounts.
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, 2010–2013), and for the period ended April 30, 2014, 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.
23
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 participate in a $2.89 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 April 30, 2014, 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.
24
Total World Stock Index Fund
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $530,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.21% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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 April 30, 2014, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—U.S. | 2,458,081 | — | 159 |
| Common Stocks—International | 297,097 | 2,247,508 | 2,032 |
| Temporary Cash Investments | 129,065 | 2,300 | — |
| Futures Contracts—Assets1 | 55 | — | — |
| Futures Contracts—Liabilities1 | (9) | — | — |
| Forward Currency Contracts—Assets | — | 61 | — |
| Forward Currency Contracts—Liabilities | — | (6) | — |
| Total | 2,884,289 | 2,249,863 | 2,191 |
| 1 Represents variation margin on the last day of the reporting period. | | | |
D. At April 30, 2014, 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 | 55 | 61 | 116 |
| Liabilities | (9) | (6) | (15) |
25
Total World Stock Index Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2014, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 1,669 | — | 1,669 |
| Forward Currency Contracts | — | 134 | 134 |
| Realized Net Gain (Loss) on Derivatives | 1,669 | 134 | 1,803 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (531) | — | (531) |
| Forward Currency Contracts | — | (63) | (63) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (531) | (63) | (594) |
At April 30, 2014, 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 | June 2014 | 86 | 8,075 | 146 |
| S&P 500 Index | June 2014 | 10 | 4,695 | 72 |
| Topix Index | June 2014 | 21 | 2,376 | (2) |
| E-mini S&P Mid-Cap 400 Index | June 2014 | 17 | 2,300 | (28) |
| FTSE 100 Index | June 2014 | 27 | 3,075 | 47 |
| Dow Jones EURO STOXX 50 Index | June 2014 | 79 | 3,445 | 67 |
| S&P ASX 200 Index | June 2014 | 9 | 1,140 | 8 |
| | | | | 310 |
Unrealized appreciation (depreciation) on open E-mini S&P 500 Index, S&P 500 Index, E-mini S&P Mid-Cap 400 Index, FTSE 100 Index, and Dow Jones EURO STOXX 50 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
26
Total World Stock Index Fund
At April 30, 2014, 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) |
| UBS AG | 6/25/2014 | EUR | 2,316 | USD | 3,196 | 16 |
| UBS AG | 6/25/2014 | GBP | 1,751 | USD | 2,924 | 32 |
| UBS AG | 6/17/2014 | JPY | 196,087 | USD | 1,917 | 2 |
| UBS AG | 6/24/2014 | AUD | 674 | USD | 629 | (5) |
| UBS AG | 6/17/2014 | JPY | 53,786 | USD | 527 | (1) |
| UBS AG | 6/24/2014 | AUD | 518 | USD | 468 | 11 |
| UBS AG | 6/25/2014 | EUR | 8 | USD | 11 | — |
| | | | | | | 55 |
| 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. The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year.
During the six months ended April 30, 2014, the fund realized net foreign currency losses of $163,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2014, the fund realized $21,317,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013, the fund had available capital losses totaling $52,949,000 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
27
Total World Stock Index Fund
through October 31, 2017, $1,086,000 through October 31, 2018, and $14,711,000 through October 31, 2019. Capital losses of $28,803,000 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2014, the cost of investment securities for tax purposes was $4,169,303,000. Net unrealized appreciation of investment securities for tax purposes was $966,939,000, consisting of unrealized gains of $1,081,922,000 on securities that had risen in value since their purchase and $114,983,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2014, the fund purchased $961,743,000 of investment securities and sold $310,604,000 of investment securities, other than temporary cash investments. Purchases and sales include $369,912,000 and $46,222,000, 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:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 163,272 | 6,833 | 240,328 | 11,302 |
| Issued in Lieu of Cash Distributions | 7,371 | 311 | 11,215 | 536 |
| Redeemed | (57,041) | (2,393) | (92,457) | (4,362) |
| Net Increase (Decrease)—Investor Shares | 113,602 | 4,751 | 159,086 | 7,476 |
| Institutional Shares | | | | |
| Issued | 245,569 | 2,059 | 346,071 | 3,226 |
| Issued in Lieu of Cash Distributions | 9,079 | 77 | 11,524 | 110 |
| Redeemed | (40,430) | (334) | (54,895) | (518) |
| Net Increase (Decrease)—Institutional Shares | 214,218 | 1,802 | 302,700 | 2,818 |
| ETF Shares | | | | |
| Issued | 373,188 | 6,410 | 1,017,912 | 19,629 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (46,678) | (800) | (49,677) | (1,000) |
| Net Increase (Decrease)—ETF Shares | 326,510 | 5,610 | 968,235 | 18,629 |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
28
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.
29
| | | |
| Six Months Ended April 30, 2014 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Total World Stock Index Fund | 10/31/2013 | 4/30/2014 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $1,055.22 | $1.43 |
| Institutional Shares | 1,000.00 | 1,056.31 | 0.76 |
| ETF Shares | 1,000.00 | 1,056.09 | 0.87 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,023.41 | $1.40 |
| Institutional Shares | 1,000.00 | 1,024.05 | 0.75 |
| ETF Shares | 1,000.00 | 1,023.95 | 0.85 |
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 0.28% for Investor Shares, 0.15% for Institutional Shares, and 0.17% for ETF 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.
30
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Total World Stock Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the fund’s investment management services since the fund’s inception in 2008, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the fund’s performance since its inception, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard, because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as the fund’s assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
31
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.
32
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.
33
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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 178 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 | and Delphi Automotive LLP (automotive components); |
| | Senior Advisor at New Mountain Capital. |
| F. William McNabb III | |
| Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
| Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
| Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
| Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
| by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
| of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
| Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
| each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
| Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
| Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
| Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
| | of the Presidential Commission for the Study of |
| IndependentTrustees | Bioethical Issues. |
| | |
| Emerson U. Fullwood | JoAnn Heffernan Heisen |
| Born 1948. Trustee Since January 2008. Principal | Born 1950. Trustee Since July 1998. Principal |
| Occupation(s) During the Past Five Years: Executive | Occupation(s) During the Past Five Years: Corporate |
| Chief Staff and Marketing Officer for North America | Vice President and Chief Global Diversity Officer |
| and Corporate Vice President (retired 2008) of Xerox | (retired 2008) and Member of the Executive |
| Corporation (document management products and | Committee (1997–2008) of Johnson & Johnson |
| services); Executive in Residence and 2009–2010 | (pharmaceuticals/medical devices/consumer |
| Distinguished Minett Professor at the Rochester | products); Director of Skytop Lodge Corporation |
| Institute of Technology; Director of SPX Corporation | (hotels), the University Medical Center at Princeton, |
| (multi-industry manufacturing), the United Way of | the Robert Wood Johnson Foundation, and the Center |
| Rochester, Amerigroup Corporation (managed health | for Talent Innovation; Member of the Advisory Board |
| care), the University of Rochester Medical Center, | of the Maxwell School of Citizenship and Public Affairs |
| Monroe Community College Foundation, and North | at Syracuse University. |
| Carolina A&T University. | |
| | F. Joseph Loughrey |
| Rajiv L. Gupta | Born 1949. Trustee Since October 2009. Principal |
| Born 1945. Trustee Since December 2001.2 | Occupation(s) During the Past Five Years: President |
| Principal Occupation(s) During the Past Five Years: | and Chief Operating Officer (retired 2009) of Cummins |
| Chairman and Chief Executive Officer (retired 2009) | Inc. (industrial machinery); Chairman of the Board |
| and President (2006–2008) of Rohm and Haas Co. | of Hillenbrand, Inc. (specialized consumer services), |
| (chemicals); Director of Tyco International, Ltd. | and of Oxfam America; Director of SKF AB (industrial |
| (diversified manufacturing and services), Hewlett- | machinery), Hyster-Yale Materials Handling, Inc. |
| Packard Co. (electronic computer manufacturing), | (forklift trucks), the Lumina Foundation for Education, |
| | |
| and the V Foundation for Cancer Research; Member | Executive Officers | |
| of the Advisory Council for the College of Arts and | | |
| Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal |
| University of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Controller of each of |
| Mark Loughridge | the investment companies served by The Vanguard |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). |
| President and Chief Financial Officer (retired 2013) | | |
| at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
| Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September |
| 2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five |
| | Years: Principal of The Vanguard Group, Inc.; Chief |
| Scott C. Malpass | Financial Officer of each of the investment companies |
| Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of |
| Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard |
| Investment Officer and Vice President at the University | Group (1998–2008). | |
| of Notre Dame; Assistant Professor of Finance at the | | |
| Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
| of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal |
| Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of |
| (investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the |
| Advisory Committees of the Financial Industry | investment companies served by The Vanguard |
| Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment |
| Baseball. | companies served by The Vanguard Group (1988–2008). |
| |
| André F. Perold | Heidi Stam | |
| Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal |
| Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing |
| Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel |
| at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard |
| Chief Investment Officer and Managing Partner of | Group and of each of the investment companies |
| HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior |
| Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. |
| Museum of Fine Arts Boston. | | |
| | Vanguard Senior ManagementTeam |
| Alfred M. Rankin, Jr. | | |
| Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
| Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
| President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
| Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
| Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
| of the Board of University Hospitals of Cleveland. | | |
| |
| Peter F. Volanakis | Chairman Emeritus and Senior Advisor |
| Born 1955. Trustee Since July 2009. Principal | | |
| Occupation(s) During the Past Five Years: President | John J. Brennan | |
| and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
| Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 |
| Colby-Sawyer College; Member of the Advisory Board | | |
| of the Norris Cotton Cancer Center and of the Advisory | Founder | |
| Board of the 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 | |
| All rights in a FTSE index (the “Index”) vest in FTSE |
| Fund Information > 800-662-7447 | International Limited (“FTSE”). “FTSE®” is a trademark |
| Direct Investor Account Services > 800-662-2739 | of London Stock Exchange Group companies and is |
| Institutional Investor Services > 800-523-1036 | used by FTSE under licence. The Vanguard Fund(s) (the |
| Text Telephone for People | “Product”) has been developed solely by Vanguard. The |
| With Hearing Impairment > 800-749-7273 | Index is calculated by FTSE or its agent. FTSE and its |
| | licensors are not connected to and do not sponsor, |
| This material may be used in conjunction | advise, recommend, endorse, or promote the Product |
| with the offering of shares of any Vanguard | and do not accept any liability whatsoever to any |
| fund only if preceded or accompanied by | person arising out of (a) the use of, reliance on or any |
| the fund’s current prospectus. | error in the Index or (b) investment in or operation of |
| the Product. FTSE makes no claim, prediction, warranty, |
| All comparative mutual fund data are from Lipper, a | or representation either as to the results to be obtained |
| Thomson Reuters Company, or Morningstar, Inc., unless | from the Product or the suitability of the Index for the |
| otherwise noted. | purpose to which it is being put by Vanguard. |
| |
| 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 e-mail addressed to | |
| publicinfo@sec.gov or via regular mail addressed to the | |
| Public Reference Section, Securities and Exchange | |
| Commission, Washington, DC 20549-1520. | |
| | © 2014 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q6282 062014 |
|
| Semiannual Report | April 30, 2014 |
| Vanguard FTSE International Index Funds |
| |
 |
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. | 8 |
| FTSE All-World ex-US Small-Cap Index Fund. | 32 |
| About Your Fund’s Expenses. | 50 |
| Trustees Approve Advisory Arrangements. | 52 |
| Glossary. | 53 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas. This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
| |
| Six Months Ended April 30, 2014 | |
| | Total |
| | Returns |
| Vanguard FTSE All-World ex-US Index Fund | |
| Investor Shares | 3.06% |
| Admiral™ Shares | 3.17 |
| Institutional Shares | 3.19 |
| Institutional Plus Shares | 3.20 |
| ETF Shares | |
| Market Price | 3.21 |
| Net Asset Value | 3.17 |
| FTSE All-World ex US Index | 2.84 |
| International Funds Average | 3.71 |
| 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 | 6.57% |
| Institutional Shares | 6.69 |
| ETF Shares | |
| Market Price | 6.54 |
| Net Asset Value | 6.68 |
| FTSE Global Small Cap ex US Index | 6.30 |
| International Small-Cap Funds Average | 5.13 |
| 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.
1
Chairman’s Letter
Dear Shareholder,
Shifts in the outlook for economic growth and the direction of interest rates largely drove international stock markets during the six months ended April 30, 2014.
Even fairly modest improvements in Europe’s economy were enough to lift investor sentiment and push stock markets significantly higher across that region. Other markets outside the United States generally didn’t fare as well. Softening growth prospects for Japan and China as well as political instability in some emerging markets and economic turmoil from rising rates in others weighed on returns in those countries.
In terms of market capitalization, investors favored small-cap stocks this time around—Vanguard FTSE All-World ex-US Small-Cap Index Fund returned 6.57% for the six months. Vanguard FTSE All-World ex-US Index Fund, which invests in large and mid-sized international companies, returned 3.06%. (All returns mentioned in this letter are for the funds’ Investor Shares.)
The funds’ returns were modestly higher than their benchmarks, an unusual situation for index funds and a result of fair-value pricing adjustments. 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.
2
While the small-cap fund outpaced the average return of its peer group, which includes actively managed and indexed international funds, the large- and mid-cap fund did not.
Recent progress has been sporadic, but stocks continued their climb
For the fiscal half year ended April 30, U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014. Technology stocks, for example, turned in a rocky performance amid concerns about pricey valuations. Poor economic data from China and the conflict in Ukraine also unsettled investors.
Global economic and political shifts are, of course, as inevitable as they are unpredictable. Broad diversification remains the best way of managing the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues and that’s always, I think, a valuable starting point for investors.”
International stocks, in aggregate, returned nearly 3%, with the developed markets of Europe faring the best. The developed markets of the Pacific region and emerging markets, where China’s weakness was felt most, had negative returns.
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2014 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
| Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
| Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
| FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
| |
| CPI | | | |
| Consumer Price Index | 1.51% | 1.95% | 2.14% |
3
Despite low yields, the bond market
experienced a surprising rally
Bonds continued to emerge from the
struggles that marked much of 2013, when the market was roiled by worries about the prospect of the Federal Reserve reducing its stimulative bond-buying. In January, however, when the Fed actually started to trim purchases, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74%. The yield of the 10-year Treasury note ended the six months at 2.69%, up from 2.54% on October 31 but down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
Municipal bonds returned 4.08% for the six months. Money market and savings accounts posted paltry returns as the Fed’s target for short-term interest rates remained at 0%–0.25%.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
European stocks buoyed
the funds’ performances
While a number of regions outside the
United States posted poor performances for the six months, solid returns from European stocks—which represented more than 40% of the assets of both funds—helped offset that downdraft.
| | | | | | |
| Expense Ratios | | | | | | |
| Your Fund Compared With Its Peer Group | | | | | | |
| | | | | | | Peer |
| | Investor | Admiral | Institutional | Institutional | ETF | Group |
| | Shares | Shares | Shares | Plus Shares | Shares | Average |
| FTSE All-World ex-US Index Fund | 0.30% | 0.15% | 0.12% | 0.10% | 0.15% | 1.36% |
| FTSE All-World ex-US Small-Cap Index | | | | | | |
| Fund | 0.40 | — | 0.19 | — | 0.20 | 1.51 |
The fund expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the funds’ annualized expense ratios were: for the FTSE All-World ex-US Index Fund, 0.29% for Investor Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for ETF Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.38% for Investor Shares, 0.18% for Institutional Shares, and 0.19% for ETF Shares. The peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2013.
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.
4
Developed European stock markets produced returns of about 9% for the large- and mid-cap fund and about 12% for the small-cap fund. Although the Eurozone continued to struggle with problems including high unemployment and government debt in some member states, the region’s emergence from recession helped fuel gains among the larger economies, including Germany and France. Some economies that had fallen out of favor with investors during the debt crisis, including Italy and Portugal, posted double-digit returns. The U.K., a heavyweight in both funds, also performed well amid stronger housing and employment data as well as a strengthening of the British pound against the U.S. dollar.
Returns from the Pacific region were negative for both funds (about –2% for the small-cap fund and –3% for its larger-cap counterpart), largely owing to a slide in Japanese stocks, which accounted for more than half of the funds’ assets in this region. Investors initially applauded the introduction last spring of an aggressive stimulus program aimed at ending Japan’s deflation and breathing new life back into the world’s third-largest economy. More recently, however, the pace of economic growth in Japan has slackened and exports have not benefited from the weaker currency as much as had been hoped. The performances of other developed Pacific markets ranged from positive to slightly negative.
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.
5
Within the emerging markets, the small-cap fund posted a return of about 2% for the period, outpacing the large- and mid-cap fund’s return of about –2%. Both funds saw positive performances from roughly half the countries, with the United Arab Emirates and Egypt both rising more than 20%. However, slowing growth in China, along with concerns about its banking sector, weighed on stock prices in the world’s second-largest economy. Russia was another major detractor for the large- and mid-cap fund as the stocks it held sank amid conflict in Ukraine and sanctions from the West. The small-cap fund, in contrast, had less exposure to Russia. Additional challenges facing other emerging markets included soft global demand for commodities, rising interest rates, and political instability.
In terms of sectors, oil and gas and technology were among the top performers, while consumer services lagged for both funds.
Balancing investors’ ‘home bias’ and the benefits of diversification
Many investors have a natural tendency to focus on companies close to home. But this “home bias” can lead to missed opportunities to diversify your portfolio internationally.
Stocks of companies based outside the United States account for about half of the global equity market. Vanguard’s analysis of more than four decades of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This benefit has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that vary from those of U.S. stocks—which helps reduce volatility risk. Of course, the impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
When it comes to deciding how much to allocate to international stocks, there’s no one-size-fits-all answer. It depends on your view regarding some of the short-term and long-term trade-offs, which include potential exposure to currency fluctuations and generally higher transaction and investment costs.
Vanguard suggests that allocating 20% of your equity portfolio to non-U.S. stocks may be a reasonable starting point. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 15, 2014
6
| | | | |
| Your Fund’s Performance at a Glance | | | | |
| October 31, 2013, Through April 30, 2014 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard FTSE All-World ex-US Index Fund | | | | |
| Investor Shares | $19.81 | $20.11 | $0.293 | $0.000 |
| Admiral Shares | 31.21 | 31.69 | 0.485 | 0.000 |
| Institutional Shares | 98.93 | 100.46 | 1.549 | 0.000 |
| Institutional Plus Shares | 104.76 | 106.38 | 1.652 | 0.000 |
| ETF Shares | 50.20 | 50.98 | 0.781 | 0.000 |
| Vanguard FTSE All-World ex-US Small-Cap | | | | |
| Index Fund | | | | |
| Investor Shares | $38.99 | $40.92 | $0.586 | $0.000 |
| Institutional Shares | 195.32 | 205.10 | 3.039 | 0.000 |
| ETF Shares | 102.21 | 107.33 | 1.584 | 0.000 |
7
FTSE All-World ex-US Index Fund
Fund Profile
As of April 30, 2014
| | | | | |
| Share-Class Characteristics | | | | | |
| | Investor | Admiral | Institutional | Institutional | |
| | Shares | Shares | Shares | Plus Shares | ETF Shares |
| Ticker Symbol | VFWIX | VFWAX | VFWSX | VFWPX | VEU |
| Expense Ratio1 | 0.30% | 0.15% | 0.12% | 0.10% | 0.15% |
| | |
| Portfolio Characteristics | | |
| | | FTSE |
| | | All-World |
| | Fund | ex US Index |
| Number of Stocks | 2,403 | 2,313 |
| Median Market Cap | $33.0B | $33.3B |
| Price/Earnings Ratio | 16.7x | 16.4x |
| Price/Book Ratio | 1.7x | 1.7x |
| Return on Equity | 14.3% | 14.4% |
| Earnings Growth | | |
| Rate | 9.3% | 9.5% |
| Dividend Yield | 2.8% | 2.9% |
| Turnover Rate | | |
| (Annualized) | 5% | — |
| Short-Term Reserves | -0.2% | — |
| | |
| Sector Diversification (% of equity exposure) |
| | | FTSE |
| | | All-World |
| | Fund | ex US Index |
| Basic Materials | 8.5% | 8.5% |
| Consumer Goods | 15.5 | 15.5 |
| Consumer Services | 7.4 | 7.4 |
| Financials | 26.5 | 26.4 |
| Health Care | 7.6 | 7.6 |
| Industrials | 12.9 | 13.0 |
| Oil & Gas | 8.8 | 8.9 |
| Technology | 4.3 | 4.2 |
| Telecommunications | 4.9 | 4.9 |
| Utilities | 3.6 | 3.6 |
| |
| Volatility Measures | |
| | FTSE |
| | All-World |
| | ex US Index |
| R-Squared | 0.98 |
| Beta | 1.00 |
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) |
| Royal Dutch Shell plc | Integrated Oil & Gas | 1.3% |
| Nestle SA | Food Products | 1.3 |
| Roche Holding AG | Pharmaceuticals | 1.1 |
| Novartis AG | Pharmaceuticals | 1.1 |
| HSBC Holdings plc | Banks | 1.0 |
| BHP Billiton Ltd. | General Mining | 0.9 |
| BP plc | Integrated Oil & Gas | 0.8 |
| Total SA | Integrated Oil & Gas | 0.8 |
| Toyota Motor Corp. | Automobiles | 0.7 |
| Samsung Electronics Co. Consumer | |
| Ltd. | Electronics | 0.7 |
| Top Ten | | 9.7% |
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 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.29% for Investor Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for ETF Shares.
8
FTSE All-World ex-US Index Fund
| | |
| Market Diversification (% of equity exposure) |
| | | FTSE |
| | | All-World |
| | | ex US |
| | Fund | Index |
| Europe | | |
| United Kingdom | 15.2% | 15.6% |
| France | 7.1 | 7.1 |
| Germany | 6.6 | 6.6 |
| Switzerland | 6.6 | 6.6 |
| Spain | 2.6 | 2.6 |
| Sweden | 2.3 | 2.3 |
| Netherlands | 2.1 | 2.1 |
| Italy | 1.9 | 1.9 |
| Denmark | 1.1 | 1.1 |
| Other | 2.8 | 2.7 |
| Subtotal | 48.3% | 48.6% |
| Pacific | | |
| Japan | 14.6% | 14.6% |
| Australia | 5.8 | 5.8 |
| South Korea | 3.1 | 3.1 |
| Hong Kong | 2.5 | 2.5 |
| Singapore | 1.1 | 1.1 |
| Other | 0.2 | 0.1 |
| Subtotal | 27.3% | 27.2% |
| Emerging Markets | | |
| China | 3.6% | 3.5% |
| Taiwan | 2.4 | 2.4 |
| Brazil | 2.4 | 2.3 |
| India | 1.7 | 1.7 |
| South Africa | 1.7 | 1.7 |
| Mexico | 1.0 | 1.0 |
| Other | 4.7 | 4.6 |
| Subtotal | 17.5% | 17.2% |
| North America | | |
| Canada | 6.5% | 6.5% |
| Middle East | 0.4% | 0.5% |
9
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.
Fiscal-Year Total Returns (%): March 8, 2007, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 12.26% | 15.50% | 2.23% |
| Admiral Shares | 9/27/2011 | 12.43 | — | 13.85 |
| Institutional Shares | 4/30/2007 | 12.47 | 15.73 | 1.46 |
| Institutional Plus Shares | 12/16/2010 | 12.49 | — | 5.58 |
| ETF Shares | 3/2/2007 | | | |
| Market Price | | 12.27 | 15.59 | 2.66 |
| Net Asset Value | | 12.46 | 15.67 | 2.67 |
See Financial Highlights for dividend and capital gains information.
10
FTSE All-World ex-US Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
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 | 1,830,051 | 134,621 | 0.6% |
| BHP Billiton Ltd. | 3,649,810 | 128,535 | 0.6% |
| Westpac Banking Corp. | 3,502,729 | 114,731 | 0.5% |
| Australia & New Zealand Banking Group Ltd. | 3,094,839 | 99,524 | 0.5% |
| National Australia Bank Ltd. | 2,607,523 | 85,859 | 0.4% |
| Australia—Other † | | 709,187 | 3.2% |
| | | 1,272,457 | 5.8% |
| |
| Austria † | | 46,118 | 0.2% |
| |
| Belgium | | | |
| Anheuser-Busch InBev NV | 902,496 | 98,370 | 0.4% |
| Belgium—Other † | | 88,420 | 0.4% |
| | | 186,790 | 0.8% |
| |
| Brazil † | | 510,809 | 2.3% |
| |
| Canada | | | |
| Royal Bank of Canada | 1,638,846 | 109,376 | 0.5% |
| Toronto-Dominion Bank | 2,098,248 | 100,945 | 0.5% |
| Bank of Nova Scotia | 1,378,534 | 83,765 | 0.4% |
| Canada—Other † | | 1,126,190 | 5.1% |
| | | 1,420,276 | 6.5% |
| |
| Chile † | | 64,849 | 0.3% |
| |
| China | | | |
| China Construction Bank Corp. | 82,186,277 | 56,904 | 0.3% |
| China Mobile Ltd. | 5,931,204 | 56,456 | 0.3% |
| Industrial & Commercial Bank of China Ltd. | 81,938,500 | 48,960 | 0.2% |
11
FTSE All-World ex-US Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| | Bank of China Ltd. | 85,606,541 | 37,718 | 0.2% |
| | CNOOC Ltd. | 18,237,536 | 30,144 | 0.2% |
| | PetroChina Co. Ltd. | 24,042,000 | 27,739 | 0.1% |
| | China Petroleum & Chemical Corp. | 29,071,400 | 25,808 | 0.1% |
| | China Life Insurance Co. Ltd. | 8,454,000 | 21,994 | 0.1% |
| | China Overseas Land & Investment Ltd. | 4,701,760 | 11,574 | 0.1% |
| | Agricultural Bank of China Ltd. | 26,356,715 | 11,090 | 0.1% |
| | China Shenhua Energy Co. Ltd. | 3,902,500 | 10,598 | 0.1% |
| | China Telecom Corp. Ltd. | 18,578,000 | 9,504 | 0.1% |
| | China Unicom Hong Kong Ltd. | 5,398,123 | 8,276 | 0.1% |
| | China Resources Power Holdings Co. Ltd. | 2,162,400 | 5,435 | 0.0% |
| | China CITIC Bank Corp. Ltd. | 8,829,843 | 5,275 | 0.0% |
| | Kunlun Energy Co. Ltd. | 3,168,000 | 4,950 | 0.0% |
| | China Oilfield Services Ltd. | 2,006,000 | 4,809 | 0.0% |
| | China Resources Land Ltd. | 2,296,883 | 4,741 | 0.0% |
| | PICC Property & Casualty Co. Ltd. | 3,497,523 | 4,623 | 0.0% |
| | China Merchants Holdings International Co. Ltd. | 1,394,893 | 4,377 | 0.0% |
| | Dongfeng Motor Group Co. Ltd. | 3,266,000 | 4,366 | 0.0% |
| | China Resources Enterprise Ltd. | 1,422,000 | 4,049 | 0.0% |
| | China Longyuan Power Group Corp. | 3,731,000 | 3,843 | 0.0% |
| | China Communications Construction Co. Ltd. | 5,283,000 | 3,466 | 0.0% |
| ^ | CITIC Pacific Ltd. | 1,783,000 | 3,132 | 0.0% |
| | China State Construction International Holdings Ltd. | 1,758,000 | 2,941 | 0.0% |
| | Sinopharm Group Co. Ltd. | 1,104,400 | 2,916 | 0.0% |
| ^ | China Coal Energy Co. Ltd. | 4,711,000 | 2,553 | 0.0% |
| | China Railway Group Ltd. | 4,983,000 | 2,232 | 0.0% |
| | China Resources Gas Group Ltd. | 740,000 | 2,195 | 0.0% |
| *,^ | Aluminum Corp. of China Ltd. | 5,096,000 | 1,827 | 0.0% |
| *,^ | China Cinda Asset Management Co. Ltd. | 3,565,000 | 1,798 | 0.0% |
| | China Railway Construction Corp. Ltd. | 2,093,074 | 1,737 | 0.0% |
| 1 | People’s Insurance Co. Group of China Ltd. | 4,230,000 | 1,625 | 0.0% |
| | Zhuzhou CSR Times Electric Co. Ltd. | 552,000 | 1,623 | 0.0% |
| | CSR Corp. Ltd. | 2,030,000 | 1,486 | 0.0% |
| | China Resources Cement Holdings Ltd. | 2,132,000 | 1,484 | 0.0% |
| * | China Taiping Insurance Holdings Co. Ltd. | 917,000 | 1,460 | 0.0% |
| | China Communications Services Corp. Ltd. | 2,870,800 | 1,457 | 0.0% |
| 1 | Sinopec Engineering Group Co. Ltd. | 1,208,093 | 1,352 | 0.0% |
| | AviChina Industry & Technology Co. Ltd. | 2,480,000 | 1,327 | 0.0% |
| | Air China Ltd. | 2,320,000 | 1,320 | 0.0% |
| | Franshion Properties China Ltd. | 4,060,000 | 1,280 | 0.0% |
| | Beijing Capital International Airport Co. Ltd. | 1,726,000 | 1,204 | 0.0% |
| *,^ | China COSCO Holdings Co. Ltd. | 2,822,800 | 1,120 | 0.0% |
| | China BlueChemical Ltd. | 2,044,000 | 1,097 | 0.0% |
| | Sinotrans Ltd. | 1,776,000 | 983 | 0.0% |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 3,981,000 | 973 | 0.0% |
| | China Agri-Industries Holdings Ltd. | 2,202,200 | 881 | 0.0% |
| | Huaneng Renewables Corp. Ltd. | 2,708,000 | 842 | 0.0% |
| *,^ | Angang Steel Co. Ltd. | 1,264,000 | 769 | 0.0% |
| *,1 | China Galaxy Securities Co. Ltd. | 1,295,000 | 760 | 0.0% |
| | China Southern Airlines Co. Ltd. | 1,995,000 | 596 | 0.0% |
| | Dongfang Electric Corp. Ltd. | 348,400 | 545 | 0.0% |
| * | Metallurgical Corp. of China Ltd. | 2,795,000 | 538 | 0.0% |
| * | China Eastern Airlines Corp. Ltd. | 1,672,000 | 517 | 0.0% |
| | Harbin Electric Co. Ltd. | 698,000 | 409 | 0.0% |
| * | CITIC Resources Holdings Ltd. | 2,472,690 | 358 | 0.0% |
12
FTSE All-World ex-US Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | | Shares | ($000) | Assets |
| * | China Machinery Engineering Corp. | 510,361 | 338 | 0.0% |
| | China Merchants Property Development Co. Ltd. Class B | 144,550 | 322 | 0.0% |
| *,^ | China Foods Ltd. | 934,000 | 316 | 0.0% |
| | Sinofert Holdings Ltd. | 1,919,153 | 238 | 0.0% |
| | China—Other † | | 317,046 | 1.5% |
| | | | 772,296 | 3.5% |
| |
| Colombia † | | 41,522 | 0.2% |
| |
| Czech Republic † | | 11,280 | 0.1% |
| |
| Denmark | | | |
| | Novo Nordisk A/S Class B | 2,219,764 | 100,746 | 0.5% |
| | Denmark—Other † | | 137,581 | 0.6% |
| | | | 238,327 | 1.1% |
| |
| Egypt † | | 11,873 | 0.1% |
| |
| Finland † | | 135,830 | 0.6% |
| |
| France | | | |
| | Total SA | 2,314,739 | 165,608 | 0.8% |
| | Sanofi | 1,304,219 | 140,753 | 0.6% |
| | BNP Paribas SA | 1,112,834 | 83,624 | 0.4% |
| | France—Other † | | 1,157,471 | 5.3% |
| | | | 1,547,456 | 7.1% |
| Germany | | | |
| | Bayer AG | 942,300 | 131,021 | 0.6% |
| * | BASF SE | 1,051,898 | 122,028 | 0.5% |
| | Siemens AG | 903,293 | 119,164 | 0.5% |
| | Daimler AG | 1,086,373 | 101,142 | 0.5% |
| | Allianz SE | 518,811 | 90,290 | 0.4% |
| | SAP AG | 1,018,479 | 82,322 | 0.4% |
| | Germany—Other † | | 805,174 | 3.7% |
| | | | 1,451,141 | 6.6% |
| |
| Greece † | | 16,499 | 0.1% |
| |
| Hong Kong | | | |
| | AIA Group Ltd. | 13,604,881 | 66,169 | 0.3% |
| | Hang Seng Bank Ltd. | 877,600 | 14,328 | 0.1% |
| | BOC Hong Kong Holdings Ltd. | 4,131,882 | 12,124 | 0.1% |
| | China Travel International Inv HK | 2,748,000 | 554 | 0.0% |
| | Hong Kong—Other † | | 453,599 | 2.0% |
| | | | 546,774 | 2.5% |
| |
| Hungary † | | 10,712 | 0.0% |
| |
| India | | | |
| | Nestle India Ltd. | 25,258 | 1,996 | 0.0% |
| 1 | India—Other † | | 372,677 | 1.7% |
| | | | 374,673 | 1.7% |
13
FTSE All-World ex-US Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Indonesia † | | 108,551 | 0.5% |
| |
| Ireland † | | 37,523 | 0.2% |
| |
| Israel | | | |
| Osem Investments Ltd. | 40,567 | 964 | 0.0% |
| Israel—Other † | | 97,012 | 0.4% |
| | | 97,976 | 0.4% |
| Italy | | | |
| Eni SPA | 2,801,386 | 72,555 | 0.3% |
| Italy—Other † | | 345,456 | 1.6% |
| | | 418,011 | 1.9% |
| Japan | | | |
| Toyota Motor Corp. | 3,018,449 | 163,081 | 0.8% |
| Mitsubishi UFJ Financial Group Inc. | 16,122,007 | 85,761 | 0.4% |
| SoftBank Corp. | 1,072,554 | 79,882 | 0.4% |
| Honda Motor Co. Ltd. | 2,036,646 | 67,585 | 0.3% |
| Chugai Pharmaceutical Co. Ltd. | 262,700 | 6,630 | 0.0% |
| Japan—Other † | | 2,789,965 | 12.7% |
| | | 3,192,904 | 14.6% |
| |
| 1Malaysia † | | 195,151 | 0.9% |
| |
| Mexico † | | 215,841 | 1.0% |
| |
| Morocco † | | 1,052 | 0.0% |
| |
| Netherlands | | | |
| Unilever NV | 1,773,479 | 76,050 | 0.3% |
| Netherlands—Other † | | 372,813 | 1.7% |
| | | 448,863 | 2.0% |
| |
| New Zealand † | | 33,432 | 0.1% |
| |
| Norway † | | 127,096 | 0.6% |
| |
| Other2 | | | |
| 3 Vanguard FTSE Emerging Markets ETF | 870,522 | 35,639 | 0.2% |
| |
| Peru † | | 12,889 | 0.1% |
| |
| Philippines † | | 63,687 | 0.3% |
| |
| Poland † | | 71,101 | 0.3% |
| |
| Portugal † | | 34,628 | 0.2% |
| |
| 1Russia † | | 201,826 | 0.9% |
| |
| Singapore | | | |
| ^ Cosco Corp. Singapore Ltd. | 998,000 | 575 | 0.0% |
| Singapore—Other † | | 236,454 | 1.1% |
| | | 237,029 | 1.1% |
14
FTSE All-World ex-US Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| South Africa † | | 362,762 | 1.6% |
| |
| South Korea | | | |
| Samsung Electronics Co. Ltd. GDR | 208,757 | 134,766 | 0.6% |
| South Korea—Other † | | 546,639 | 2.5% |
| | | 681,405 | 3.1% |
| Spain | | | |
| * Banco Santander SA | 13,165,706 | 130,943 | 0.6% |
| Banco Bilbao Vizcaya Argentaria SA | 6,591,466 | 81,193 | 0.4% |
| Telefonica SA | 4,591,908 | 77,063 | 0.4% |
| Spain—Other † | | 271,652 | 1.2% |
| | | 560,851 | 2.6% |
| |
| Sweden † | | 496,926 | 2.3% |
| |
| Switzerland | | | |
| Nestle SA | 3,633,612 | 280,821 | 1.3% |
| Roche Holding AG | 800,607 | 234,855 | 1.1% |
| Novartis AG | 2,653,540 | 230,679 | 1.0% |
| UBS AG | 4,002,460 | 83,707 | 0.4% |
| Switzerland—Other † | | 605,764 | 2.7% |
| | | 1,435,826 | 6.5% |
| Taiwan | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4,795,908 | 96,398 | 0.5% |
| Taiwan—Other † | | 422,077 | 1.9% |
| | | 518,475 | 2.4% |
| |
| Thailand † | | 105,788 | 0.5% |
| |
| Turkey † | | 72,182 | 0.3% |
| |
| United Arab Emirates † | | 36,107 | 0.2% |
| |
| United Kingdom | | | |
| HSBC Holdings plc | 21,459,283 | 219,265 | 1.0% |
| BP plc | 21,029,551 | 177,557 | 0.8% |
| Royal Dutch Shell plc Class A | 4,484,998 | 177,313 | 0.8% |
| GlaxoSmithKline plc | 5,539,914 | 153,073 | 0.7% |
| British American Tobacco plc | 2,153,217 | 124,339 | 0.6% |
| Royal Dutch Shell plc Class B | 2,789,340 | 118,440 | 0.5% |
| Vodafone Group plc | 30,213,846 | 114,712 | 0.5% |
| AstraZeneca plc | 1,418,741 | 111,989 | 0.5% |
| Diageo plc | 2,870,056 | 87,939 | 0.4% |
| BG Group plc | 3,878,068 | 78,452 | 0.4% |
| * Lloyds Banking Group plc | 61,415,322 | 78,318 | 0.4% |
| Barclays plc | 18,318,276 | 78,221 | 0.4% |
| BHP Billiton plc | 2,406,689 | 78,133 | 0.4% |
| Rio Tinto plc | 1,421,668 | 77,294 | 0.3% |
| Prudential plc | 2,907,616 | 66,844 | 0.3% |
| United Kingdom—Other † | | 1,655,018 | 7.5% |
| | | 3,396,907 | 15.5% |
| Total Common Stocks (Cost $18,392,882) | | 21,860,110 | 99.8%4 |
15
FTSE All-World ex-US Index Fund
| | | | |
| | | | Market | Percentage |
| | | | Value | of Net |
| | Coupon | Shares | ($000) | Assets |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 5,6 Vanguard Market Liquidity Fund | 0.124% | 614,903,345 | 614,903 | 2.8% |
| |
| 7U.S. Government and Agency Obligations † | | | 4,499 | 0.0% |
| Total Temporary Cash Investments (Cost $619,403) | | | 619,402 | 2.8%4 |
| Total Investments (Cost $19,012,285) | | | 22,479,512 | 102.6% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 122,787 | 0.5% |
| Liabilities6 | | | (687,461) | (3.1%) |
| | | | (564,674) | (2.6%) |
| Net Assets | | | 21,914,838 | 100.0% |
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 19,263,332 |
| Undistributed Net Investment Income | 82,014 |
| Accumulated Net Realized Losses | (900,750) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 3,467,227 |
| Futures Contracts | 1,578 |
| Forward Currency Contracts | 542 |
| Foreign Currencies | 895 |
| Net Assets | 21,914,838 |
| |
| Investor Shares—Net Assets | |
| Applicable to 31,530,732 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 634,155 |
| Net Asset Value Per Share—Investor Shares | $20.11 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 68,955,992 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,185,407 |
| Net Asset Value Per Share—Admiral Shares | $31.69 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 47,490,298 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 4,770,718 |
| Net Asset Value Per Share—Institutional Shares | $100.46 |
16
FTSE All-World ex-US Index Fund
| |
| | Amount |
| | ($000) |
| Institutional Plus Shares—Net Assets | |
| Applicable to 19,473,301 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 2,071,532 |
| Net Asset Value Per Share—Institutional Plus Shares | $106.38 |
| |
| ETF Shares—Net Assets | |
| Applicable to 240,345,359 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 12,253,026 |
| Net Asset Value Per Share—ETF Shares | $50.98 |
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 $570,743,000.
† 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 inder Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, the aggregate value of these securities was $24,606,000, representing 0.1% 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 it's 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 certian trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6 Includes $604,927,000 of collateral received for securities on loan.
7 Securities with a value of $3,099,000 have been segregated as initial margin for open futures contracts.
ADR - American Depository Receipt.
GDR - Global Depository Receipt.
See accompanying Notes, which are an integral part of the Financial Statements.
17
FTSE All-World ex-US Index Fund
| |
| Statement of Operations | |
| |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1,2 | 379,611 |
| Interest2 | 59 |
| Securities Lending | 4,851 |
| Total Income | 384,521 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 821 |
| Management and Administrative—Investor Shares | 727 |
| Management and Administrative—Admiral Shares | 1,000 |
| Management and Administrative—Institutional Shares | 1,547 |
| Management and Administrative—Institutional Plus Shares | 500 |
| Management and Administrative—ETF Shares | 4,979 |
| Marketing and Distribution—Investor Shares | 81 |
| Marketing and Distribution—Admiral Shares | 185 |
| Marketing and Distribution—Institutional Shares | 536 |
| Marketing and Distribution—Institutional Plus Shares | 185 |
| Marketing and Distribution—ETF Shares | 1,289 |
| Custodian Fees | 1,942 |
| Shareholders’ Reports—Investor Shares | 8 |
| Shareholders’ Reports—Admiral Shares | 6 |
| Shareholders’ Reports—Institutional Shares | 11 |
| Shareholders’ Reports—Institutional Plus Shares | 3 |
| Shareholders’ Reports—ETF Shares | 186 |
| Trustees’ Fees and Expenses | 6 |
| Total Expenses | 14,012 |
| Net Investment Income | 370,509 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | (111,282) |
| Futures Contracts | 2,719 |
| Foreign Currencies and Forward Currency Contracts | 343 |
| Realized Net Gain (Loss) | (108,220) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 407,551 |
| Futures Contracts | (1,006) |
| Foreign Currencies and Forward Currency Contracts | 183 |
| Change in Unrealized Appreciation (Depreciation) | 406,728 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 669,017 |
1. Dividends are net of foreign withholding taxes of $25,162,000.
2. Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $241,000, $55,000, and ($603,000), respectively.
See accompanying Notes, which are an integral part of the Financial Statements.
18
FTSE All-World ex-US Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 370,509 | 484,398 |
| Realized Net Gain (Loss) | (108,220) | (333,975) |
| Change in Unrealized Appreciation (Depreciation) | 406,728 | 2,950,192 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 669,017 | 3,100,615 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (9,344) | (17,084) |
| Admiral Shares | (31,791) | (49,909) |
| Institutional Shares | (72,536) | (133,997) |
| Institutional Plus Shares | (29,346) | (49,235) |
| ETF Shares | (180,594) | (297,105) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares | — | — |
| Institutional Shares | — | — |
| Institutional Plus Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (323,611) | (547,330) |
| Capital Share Transactions | | |
| Investor Shares | (13,029) | 7,164 |
| Admiral Shares | 239,844 | 438,694 |
| Institutional Shares | 9,345 | 377,443 |
| Institutional Plus Shares | 365,530 | 172,307 |
| ETF Shares | 961,141 | 2,321,932 |
| Net Increase (Decrease) from Capital Share Transactions | 1,562,831 | 3,317,540 |
| Total Increase (Decrease) | 1,908,237 | 5,870,825 |
| Net Assets | | |
| Beginning of Period | 20,006,601 | 14,135,776 |
| End of Period1 | 21,914,838 | 20,006,601 |
| 1 Net Assets - End of Period includes undistributed net investment income of $82,014,000 and $36,122,000 |
See accompanying Notes, which are an integral part of the Financial Statements.19
FTSE All-World ex-US Index Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $19.81 | $17.03 | $16.95 | $18.43 | $16.48 | $12.77 |
| Investment Operations | | | | | | |
| Net Investment Income | . 3341 | .482 | .448 | .512 | .418 2 | . 378 2 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .259 | 2.850 | .397 | (1.608) | 1.853 | 3.622 |
| Total from Investment Operations | .593 | 3.332 | .845 | (1.096) | 2.271 | 4.000 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.293) | (.552) | (.765) | (.384) | (.321) | (.290) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.293) | (.552) | (.765) | (.384) | (.321) | (.290) |
| Net Asset Value, End of Period | $20.11 | $19.81 | $17.03 | $16.95 | $18.43 | $16.48 |
| |
| Total Return 3 | 3.06% | 19.97% | 5.30% | -6.11% | 13.94% | 32.19% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $634 | $637 | $543 | $1,330 | $1,458 | $748 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.29% | 0.30% | 0.30% | 0.35% | 0.35% | 0.40% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.02%1 | 2.69% | 3.13% | 2.87% | 2.45% | 2.75% |
| Portfolio Turnover Rate4 | 5% | 8% | 6% | 6% | 6% | 9% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.088 and 0.46%, 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.
20
FTSE All-World ex-US Index Fund
Financial Highlights
| | | | |
| Admiral Shares | | | | |
| | Six Months | | | Sept. 27, |
| | Ended | Year Ended | 20111 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $31.21 | $26.86 | $26.86 | $25.00 |
| Investment Operations | | | | |
| Net Investment Income | . 549 2 | .805 | .818 | .082 |
| Net Realized and Unrealized Gain (Loss) on Investments | .416 | 4.487 | .543 | 1.778 |
| Total from Investment Operations | .965 | 5.292 | 1.361 | 1.860 |
| Distributions | | | | |
| Dividends from Net Investment Income | (.485) | (.942) | (1.361) | — |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (.485) | (.942) | (1.361) | — |
| Net Asset Value, End of Period | $31.69 | $31.21 | $26.86 | $26.86 |
| |
| Total Return3 | 3.17% | 20.14% | 5.46% | 7.44% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $2,185 | $1,909 | $1,235 | $152 |
| Ratio of Total Expenses to Average Net Assets | 0.15% | 0.15% | 0.15% | 0.18%4 |
| Ratio of Net Investment Income to Average Net Assets | 3.16%2 | 2.84% | 3.28% | 3.04%4 |
| Portfolio Turnover Rate 5 | 5% | 8% | 6% | 6% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.139 and 0.46%, respectively, resulting from income Vodafone Group plc i 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.
21
FTSE All-World ex-US Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $98.93 | $85.14 | $85.10 | $92.50 | $82.71 | $64.06 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.7511 | 2.577 | 2.628 | 2.785 | 2.226 2 | 2.1012 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | 1.328 | 14.215 | 1.735 | (8.113) | 9.322 | 18.142 |
| Total from Investment Operations | 3.079 | 16.792 | 4.363 | (5.328) | 11.548 | 20.243 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.549) | (3.002) | (4.323) | (2.072) | (1.758) | (1.593) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (1.549) | (3.002) | (4.323) | (2.072) | (1.758) | (1.593) |
| Net Asset Value, End of Period | $100.46 | $98.93 | $85.14 | $85.10 | $92.50 | $82.71 |
| |
| Total Return 3 | 3.19% | 20.16% | 5.51% | -5.94% | 14.15% | 32.56% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $4,771 | $4,687 | $3,684 | $3,975 | $4,146 | $1,608 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.12% | 0.12% | 0.12% | 0.13% | 0.15% | 0.15% |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 3.19%1 | 2.87% | 3.31% | 3.09% | 2.65% | 3.00% |
| Portfolio Turnover Rate4 | 5% | 8% | 6% | 6% | 6% | 9% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.441 and 0.46%, 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.
22
FTSE All-World ex-US Index Fund
Financial Highlights
| | | | |
| Institutional Plus Shares | | | | |
| | Six Months | | | Dec. 16, |
| | Ended | Year Ended | 20101 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $104.76 | $90.17 | $90.15 | $99.48 |
| Investment Operations | | | | |
| Net Investment Income | 1.863 2 | 2.749 | 2.809 | 2.794 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.409 | 15.050 | 1.829 | (9.947) |
| Total from Investment Operations | 3.272 | 17.799 | 4.638 | (7.153) |
| Distributions | | | | |
| Dividends from Net Investment Income | (1.652) | (3.209) | (4.618) | (2.177) |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (1.652) | (3.209) | (4.618) | (2.177) |
| Net Asset Value, End of Period | $106.38 | $104.76 | $90.17 | $90.15 |
| |
| Total Return 3 | 3.20% | 20.18% | 5.54% | -7.36% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $2,072 | $1,671 | $1,274 | $566 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10% | 0.10%4 |
| Ratio of Net Investment Income to Average Net Assets | 3.21%2 | 2.89% | 3.33% | 3.12%4 |
| Portfolio Turnover Rate5 | 5% | 8% | 6% | 6% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Net investment income per share and the ratio of net investment income to average net assets include $.467 and 0.46%, 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.
23
FTSE All-World ex-US Index Fund
Financial Highlights
| | | | | | |
| ETF Shares | | | | | | |
| Six Months | | | | | |
| | Ended | | | | | |
| For a Share Outstanding | April 30, | | | Year Ended October 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $50.20 | $43.21 | $43.17 | $46.92 | $41.95 | $32.50 |
| Investment Operations | | | | | | |
| Net Investment Income | . 8841 | 1.295 | 1.324 | 1.390 | 1.1182 | 1.0112 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments | .677 | 7.204 | .884 | (4.121) | 4.715 | 9.224 |
| Total from Investment Operations | 1.561 | 8.499 | 2.208 | (2.731) | 5.833 | 10.235 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.781) | (1.509) | (2.168) | (1.019) | (.863) | (.785) |
| Distributions from Realized Capital Gains — | — | — | — | — | — |
| Total Distributions | (.781) | (1.509) | (2.168) | (1.019) | (.863) | (.785) |
| Net Asset Value, End of Period | $50.98 | $50.20 | $43.21 | $43.17 | $46.92 | $41.95 |
| |
| Total Return | 3.17% | 20.12% | 5.51% | -5.99% | 14.07% | 32.41% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $12,253 | $11,102 | $7,400 | $6,301 | $6,272 | $4,366 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.14% | 0.15% | 0.15% | 0.18% | 0.22% | 0.25% |
| Ratio of Net Investment Income | | | | | | |
| to Average Net Assets | 3.17%1 | 2.84% | 3.28% | 3.04% | 2.58% | 2.90% |
| Portfolio Turnover Rate 3 | 5% | 8% | 6% | 6% | 6% | 9% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Net investment income per share and the ratio of net investment income to average net assets include $.224 and 0.46%, respectively, resulting from income Vodafone Group plc i the form of cash and shares in Verizon Communications Inc in February 2014.
2. Calculated 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.
24
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, Admiral Shares, Institutional Shares, Institutional Plus Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
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
25
FTSE All-World ex-US Index Fund
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 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 six months ended April 30, 2014, the fund’s average investments in long and short futures contracts each represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund’s average investment in forward currency contracts represented less than 1% of net assets, based on quarterly average notional amounts.
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, 2010–2013), and for the period ended April 30, 2014, 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.
26
FTSE All-World ex-US 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 participate in a $2.89 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 April 30, 2014, 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.
27
FTSE All-World ex-US Index Fund
B. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $2,267,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.91% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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 April 30, 2014, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 2,266,185 | — | — |
| Common Stocks—Other | 346,355 | 19,231,253 | 16,317 |
| Temporary Cash Investments | 614,903 | 4,499 | — |
| Futures Contracts—Liabilities1 | (13) | — | — |
| Forward Currency Contracts—Assets | — | 592 | — |
| Forward Currency Contracts—Liabilities | — | (50) | — |
| Total | 3,227,430 | 19,236,294 | 16,317 |
| 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 $270,656,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
D. At April 30, 2014, 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 | — | 592 | 592 |
| Liabilities | (13) | (50) | (63) |
28
FTSE All-World ex-US Index Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2014, were:
| | | |
| | | Foreign | |
| | Equity | Exchange | |
| | Contracts | Contracts | Total |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 2,719 | — | 2,719 |
| Forward Currency Contracts | — | 1,265 | 1,265 |
| Realized Net Gain (Loss) on Derivatives | 2,719 | 1,265 | 3,984 |
| |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | | | |
| Futures Contracts | (1,006) | — | (1,006) |
| Forward Currency Contracts | — | (389) | (389) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (1,006) | (389) | (1,395) |
At April 30, 2014, 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) |
| FTSE 100 Index | June 2014 | 172 | 19,588 | 690 |
| Dow Jones EURO STOXX 50 | June 2014 | 402 | 17,530 | 789 |
| Topix Index | June 2014 | 111 | 12,556 | (105) |
| S&P ASX 200 Index | June 2014 | 65 | 8,234 | 204 |
| | | | | 1,578 |
Unrealized appreciation (depreciation) on open FTSE 100 Index and Dow Jones EURO STOXX 50 Index futures contracts are required to be treated as realized gain (loss) for tax purposes.
At April 30, 2014, 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.
29
FTSE All-World ex-US Index Fund
| | | | | | |
| | | | | | | Unrealized |
| | Contract | | | | | Appreciation |
| | Settlement | | | Contract Amount (000) | (Depreciation) |
| Counterparty | Date | | Receive | | Deliver | ($000) |
| UBS AG | 6/25/14 | GBP | 11,335 | USD | 18,827 | 303 |
| UBS AG | 6/25/14 | EUR | 12,258 | USD | 17,054 | (50) |
| UBS AG | 6/17/14 | JPY | 1,433,553 | USD | 13,981 | 45 |
| UBS AG | 6/24/14 | AUD | 8,780 | USD | 7,882 | 244 |
| | | | | | | 542 |
| AUD - Australian Dollar | | | | | |
| EUR - Euro | | | | | |
| GBP - British Pound | | | | | |
| JPY - Japanese Yen | | | | | |
| USD - U.S. Dollar | | | | | |
At April 30, 2014, the counterparty had deposited in segregated accounts securities with a value of $599,000 in connection with amounts due to the fund for open forward currency contracts.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended April 30, 2014, the fund realized net foreign currency losses of $922,000, which decreased distributable net income for tax purposes; accordingly, such losses have been reclassified from accumulated net realized losses to undistributed net investment income.
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, $84,000 of capital gains tax has been reclassified from accumulated net realized losses to undistributed net investment income.
During the six months ended April 30, 2014, the fund realized $14,572,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013, the fund had available capital losses totaling $764,819,000 to offset future net capital gains. Of this amount, $281,206,000 is subject to expiration dates; $1,431,000 may be used to offset future net capital gains through October 31, 2015, $29,919,000 through October 31, 2016, $138,066,000 through October 31, 2017, $32,560,000 through October 31, 2018, and $79,230,000 through October 31, 2019. Capital losses of $483,613,000 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
30
FTSE All-World ex-US Index Fund
At April 30, 2014, the cost of investment securities for tax purposes was $19,065,638,000. Net unrealized appreciation of investment securities for tax purposes was $3,413,874,000, consisting of unrealized gains of $4,607,040,000 on securities that had risen in value since their purchase and $1,193,166,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended April 30, 2014, the fund purchased $2,102,459,000 of investment securities and sold $522,888,000 of investment securities, other than temporary cash investments. Purchases and sales include $929,299,000 and $30,110,000, 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:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued | 79,325 | 4,042 | 172,809 | 9,431 |
| Issued in Lieu of Cash Distributions | 9,071 | 471 | 16,608 | 933 |
| Redeemed | (101,425) | (5,166) | (182,253) | (10,092) |
| Net Increase (Decrease)—Investor Shares | (13,029) | (653) | 7,164 | 272 |
| Admiral Shares | | | | |
| Issued | 378,891 | 12,277 | 635,607 | 22,027 |
| Issued in Lieu of Cash Distributions | 25,762 | 848 | 39,898 | 1,420 |
| Redeemed | (164,809) | (5,348) | (236,811) | (8,222) |
| Net Increase (Decrease)—Admiral Shares | 239,844 | 7,777 | 438,694 | 15,225 |
| Institutional Shares | | | | |
| Issued | 496,050 | 5,069 | 1,031,334 | 11,230 |
| Issued in Lieu of Cash Distributions | 65,705 | 683 | 121,461 | 1,365 |
| Redeemed | (552,410) | (5,641) | (775,352) | (8,480) |
| Net Increase (Decrease)—Institutional Shares | 9,345 | 111 | 377,443 | 4,115 |
| Institutional Plus Shares | | | | |
| Issued | 441,627 | 4,255 | 382,327 | 3,927 |
| Issued in Lieu of Cash Distributions | 29,346 | 288 | 49,237 | 522 |
| Redeemed | (105,443) | (1,018) | (259,257) | (2,629) |
| Net Increase (Decrease)—Institutional Plus Shares | 365,530 | 3,525 | 172,307 | 1,820 |
| ETF Shares | | | | |
| Issued | 991,346 | 19,810 | 2,321,932 | 49,861 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed | (30,205) | (600) | — | — |
| Net Increase (Decrease)—ETF Shares | 961,141 | 19,210 | 2,321,932 | 49,861 |
H. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
31
FTSE All-World ex-US Small-Cap Index Fund
Fund Profile
As of April 30, 2014
| | | |
| Share-Class Characteristics | |
| | Investor | Institutional | ETF |
| | Shares | Shares | Shares |
| Ticker Symbol | VFSVX | VFSNX | VSS |
| Expense Ratio1 | 0.40% | 0.19% | 0.20% |
| | |
| Portfolio Characteristics | | |
| | | FTSE Global |
| | | Small Cap |
| | Fund | ex US Index |
| Number of Stocks | 3,237 | 3,158 |
| Median Market Cap | $1.7B | $1.7B |
| Price/Earnings Ratio | 22.0x | 22.1x |
| Price/Book Ratio | 1.5x | 1.6x |
| Return on Equity | 10.7% | 10.8% |
| Earnings Growth | | |
| Rate | 10.5% | 10.5% |
| Dividend Yield | 2.3% | 2.3% |
| Turnover Rate | | |
| (Annualized) | 18% | — |
| Short-Term Reserves | 0.4% | — |
| | |
| Sector Diversification (% of equity exposure) |
| | | FTSE Global |
| | | Small Cap |
| | Fund | ex US Index |
| Basic Materials | 8.2% | 8.2% |
| Consumer Goods | 9.9 | 10.0 |
| Consumer Services | 13.2 | 13.2 |
| Financials | 19.9 | 20.0 |
| Health Care | 5.4 | 5.5 |
| Industrials | 23.8 | 23.6 |
| Oil & Gas | 8.6 | 8.6 |
| Technology | 7.1 | 7.0 |
| Telecommunications | 1.3 | 1.3 |
| Utilities | 2.6 | 2.6 |
| |
| Volatility Measures | |
| | FTSE Global |
| | Small Cap |
| | ex US Index |
| R-Squared | 0.99 |
| Beta | 1.00 |
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) |
| Tourmaline Oil Corp. | Exploration & | |
| | Production | 0.4% |
| Gildan Activewear Inc. | Clothing & | |
| | Accessories | 0.3 |
| Vermilion Energy Inc. | Exploration & | |
| | Production | 0.3 |
| Methanex Corp. | Specialty Chemicals | 0.3 |
| Open Text Corp. | Software | 0.3 |
| Keyera Corp. | Exploration & | |
| | Production | 0.2 |
| Baytex Energy Corp. | Exploration & | |
| | Production | 0.2 |
| Trelleborg AB | Industrial Machinery | 0.2 |
| AltaGas Ltd. | Exploration & | |
| | Production | 0.2 |
| Delta Lloyd NV | Life Insurance | 0.2 |
| Top Ten | | 2.6% |
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 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the annualized expense ratios were 0.38% for Investor Shares, 0.18% for Institutional Shares, and 0.19% for ETF Shares.
32
FTSE All-World ex-US Small-Cap Index Fund
| | |
| Market Diversification (% of equity exposure) |
| | | FTSE |
| | | Global |
| | | Small Cap |
| | | ex US |
| | Fund | Index |
| Europe | | |
| United Kingdom | 17.0% | 16.9% |
| Germany | 3.9 | 3.9 |
| Italy | 3.1 | 3.0 |
| Sweden | 2.9 | 2.9 |
| France | 2.9 | 2.9 |
| Switzerland | 2.9 | 2.9 |
| Finland | 1.7 | 1.7 |
| Netherlands | 1.6 | 1.6 |
| Norway | 1.6 | 1.6 |
| Spain | 1.6 | 1.5 |
| Belgium | 1.3 | 1.3 |
| Denmark | 1.1 | 1.1 |
| Other | 2.3 | 2.3 |
| Subtotal | 43.9% | 43.6% |
| Pacific | | |
| Japan | 12.1% | 12.1% |
| Australia | 4.2 | 4.2 |
| South Korea | 3.8 | 3.8 |
| Singapore | 1.8 | 1.7 |
| Hong Kong | 1.6 | 1.6 |
| Other | 0.5 | 0.5 |
| Subtotal | 24.0% | 23.9% |
| Emerging Markets | | |
| Taiwan | 6.5% | 6.6% |
| China | 2.6 | 2.5 |
| India | 1.5 | 1.5 |
| Brazil | 1.5 | 1.5 |
| Malaysia | 1.1 | 1.2 |
| Other | 4.9 | 5.1 |
| Subtotal | 18.1% | 18.4% |
| North America | | |
| Canada | 13.7% | 13.7% |
| Middle East | 0.3% | 0.4% |
33
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.
Fiscal-Year Total Returns (%): April 2, 2009, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | 4/2/2009 | 17.33% | 18.42% |
| Fee-Adjusted Returns | | 16.75 | 18.31 |
| Institutional Shares | 4/2/2009 | 17.56 | 18.70 |
| Fee-Adjusted Returns | | 16.98 | 18.59 |
| ETF Shares | 4/2/2009 | | |
| Market Price | | 16.60 | 18.61 |
| Net Asset Value | | 17.57 | 18.67 |
Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions. The fee does 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.
34
FTSE All-World ex-US Small-Cap Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of April 30, 2014
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 † | | 99,494 | 4.2% |
| |
| 1Austria † | | 16,388 | 0.7% |
| |
| Belgium † | | 31,713 | 1.3% |
| |
| Brazil † | | 34,377 | 1.4% |
| |
| Canada | | | |
| * Tourmaline Oil Corp. | 187,024 | 9,683 | 0.4% |
| Gildan Activewear Inc. | 132,512 | 6,774 | 0.3% |
| ^ Vermilion Energy Inc. | 98,312 | 6,542 | 0.3% |
| Methanex Corp. | 104,737 | 6,487 | 0.3% |
| Open Text Corp. | 129,480 | 6,385 | 0.3% |
| Keyera Corp. | 86,860 | 5,777 | 0.2% |
| ^ Baytex Energy Corp. | 138,162 | 5,751 | 0.2% |
| ^ AltaGas Ltd. | 133,303 | 5,680 | 0.2% |
| Dollarama Inc. | 66,155 | 5,502 | 0.2% |
| Onex Corp. | 96,141 | 5,491 | 0.2% |
| Peyto Exploration & Development Corp. | 144,306 | 5,320 | 0.2% |
| ^ Enerplus Corp. | 219,242 | 4,863 | 0.2% |
| Industrial Alliance Insurance & Financial Services Inc. | 108,870 | 4,495 | 0.2% |
| Precision Drilling Corp. | 314,137 | 4,084 | 0.2% |
| Atco Ltd. | 82,538 | 4,030 | 0.2% |
| Canada—Other † | | 238,354 | 10.1% |
| | | 325,218 | 13.7% |
| |
| Chile † | | 9,805 | 0.4% |
35
FTSE All-World ex-US Small-Cap Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| China † | | 61,221 | 2.6% |
| |
| Colombia † | | 1,457 | 0.1% |
| |
| Czech Republic † | | 164 | 0.0% |
| |
| Denmark | | | |
| * Jyske Bank A/S | 80,934 | 4,450 | 0.2% |
| GN Store Nord A/S | 180,271 | 4,355 | 0.2% |
| Denmark—Other † | | 17,138 | 0.7% |
| | | 25,943 | 1.1% |
| |
| Egypt † | | 2,179 | 0.1% |
| |
| Finland | | | |
| Elisa Oyj | 173,687 | 5,191 | 0.2% |
| Finland—Other † | | 35,174 | 1.5% |
| | | 40,365 | 1.7% |
| France | | | |
| ^ Ingenico | 49,522 | 4,321 | 0.2% |
| France—Other † | | 65,243 | 2.7% |
| | | 69,564 | 2.9% |
| Germany | | | |
| Wirecard AG | 125,645 | 5,293 | 0.2% |
| Freenet AG | 117,550 | 4,071 | 0.2% |
| Germany—Other † | | 83,739 | 3.5% |
| | | 93,103 | 3.9% |
| |
| Greece † | | 14,912 | 0.6% |
| |
| Hong Kong † | | 37,697 | 1.6% |
| |
| India † | | 34,664 | 1.5% |
| |
| Indonesia † | | 19,655 | 0.8% |
| |
| Ireland † | | 12,659 | 0.5% |
| |
| Israel † | | 8,102 | 0.3% |
| |
| Italy | | | |
| * Banca Popolare dell’Emilia Romagna SC | 381,461 | 4,397 | 0.2% |
| Italy—Other † | | 68,382 | 2.9% |
| | | 72,779 | 3.1% |
| |
| Japan † | | 285,796 | 12.1% |
| |
| Malaysia † | | 26,579 | 1.1% |
| |
| Mexico † | | 13,666 | 0.6% |
36
FTSE All-World ex-US Small-Cap Index Fund
| | | |
| | | Market | Percentage |
| | | Value | of Net |
| | Shares | ($000) | Assets |
| Netherlands | | | |
| Delta Lloyd NV | 211,200 | 5,558 | 0.2% |
| Netherlands—Other † | | 33,059 | 1.4% |
| | | 38,617 | 1.6% |
| |
| New Zealand † | | 12,602 | 0.5% |
| |
| Norway | | | |
| * DNO International ASA | 1,132,212 | 3,932 | 0.2% |
| TGS Nopec Geophysical Co. ASA | 112,030 | 3,864 | 0.1% |
| Norway—Other † | | 30,425 | 1.3% |
| | | 38,221 | 1.6% |
| |
| Philippines † | | 13,127 | 0.6% |
| |
| Poland † | | 9,073 | 0.4% |
| |
| Portugal | | | |
| * Banco Comercial Portugues SA | 15,531,411 | 4,720 | 0.2% |
| Portugal—Other † | | 7,829 | 0.3% |
| | | 12,549 | 0.5% |
| |
| Russia † | | 1,576 | 0.1% |
| |
| 1Singapore † | | 41,509 | 1.8% |
| |
| South Africa † | | 8,607 | 0.4% |
| |
| South Korea † | | 89,184 | 3.8% |
| |
| Spain † | | 37,593 | 1.6% |
| |
| Sweden | | | |
| ^ Trelleborg AB Class B | 265,781 | 5,687 | 0.2% |
| Meda AB Class A | 261,064 | 4,693 | 0.2% |
| Sweden—Other † | | 59,262 | 2.5% |
| | | 69,642 | 2.9% |
| Switzerland | | | |
| * Dufry AG | 30,589 | 5,062 | 0.2% |
| Switzerland—Other † | | 64,996 | 2.8% |
| | | 70,058 | 3.0% |
| |
| Taiwan † | | 152,357 | 6.4% |
| |
| Thailand † | | 23,084 | 1.0% |
| |
| Turkey † | | 10,196 | 0.4% |
| |
| United Arab Emirates † | | 1,627 | 0.1% |
37
FTSE All-World ex-US Small-Cap Index Fund
| | | | | |
| | | | | Market | Percentage |
| | | | | Value• | of Net |
| | | | Shares | ($000) | Assets |
| United Kingdom | | | | |
| | Inchcape plc | | 501,305 | 5,446 | 0.2% |
| | DS Smith plc | | 1,013,729 | 5,402 | 0.2% |
| | Pennon Group plc | | 403,820 | 5,170 | 0.2% |
| | Provident Financial plc | | 151,864 | 5,106 | 0.2% |
| | Spectris plc | | 129,746 | 4,882 | 0.2% |
| | Henderson Group plc | | 1,145,807 | 4,868 | 0.2% |
| * | Thomas Cook Group plc | | 1,623,603 | 4,800 | 0.2% |
| | DCC plc | | 92,444 | 4,740 | 0.2% |
| | Derwent London plc | | 99,626 | 4,583 | 0.2% |
| | IG Group Holdings plc | | 400,611 | 4,308 | 0.2% |
| | Rightmove plc | | 105,736 | 4,308 | 0.2% |
| | Rotork plc | | 94,555 | 4,147 | 0.2% |
| | Amlin plc | | 547,047 | 4,136 | 0.2% |
| * | Hiscox Ltd. | | 344,065 | 4,105 | 0.2% |
| | Hays plc | | 1,585,127 | 4,044 | 0.2% |
| | Capital & Counties Properties plc | | 714,623 | 4,031 | 0.2% |
| | Spirax-Sarco Engineering plc | | 81,741 | 4,007 | 0.2% |
| | Great Portland Estates plc | | 374,158 | 3,967 | 0.2% |
| | Booker Group plc | | 1,590,655 | 3,957 | 0.1% |
| | Halma plc | | 412,442 | 3,919 | 0.1% |
| | Howden Joinery Group plc | | 705,000 | 3,881 | 0.1% |
| | United Kingdom—Other † | | | 307,622 | 13.0% |
| | | | | 401,429 | 16.9% |
| Total Common Stocks (Cost $2,050,423) | | | 2,368,551 | 99.9% |
| |
| | | Coupon | | | |
| Temporary Cash Investments | | | | |
| Money Market Fund | | | | |
| 2,3 | Vanguard Market Liquidity Fund | 0.124% | 192,744,071 | 192,744 | 8.2% |
| |
| U.S. Government and Agency Obligations † | | | 600 | 0.0% |
| Total Temporary Cash Investments (Cost $193,344) | | | 193,344 | 8.2% |
| Total Investments (Cost $2,243,767) | | | 2,561,895 | 108.1% |
| Other Assets and Liabilities | | | | |
| Other Assets | | | 27,160 | 1.1% |
| Liabilities3 | | | (218,236) | (9.2%) |
| | | | | (191,076) | (8.1%) |
| Net Assets | | | 2,370,819 | 100.0% |
38
FTSE All-World ex-US Small-Cap Index Fund
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 2,087,100 |
| Undistributed Net Investment Income | 177 |
| Accumulated Net Realized Losses | (34,657) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 318,128 |
| Foreign Currencies | 71 |
| Net Assets | 2,370,819 |
| |
| Investor Shares—Net Assets | |
| Applicable to 9,068,613 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 371,123 |
| Net Asset Value Per Share—Investor Shares | $40.92 |
| |
| Institutional Shares—Net Assets | |
| Applicable to 287,663 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 59,000 |
| Net Asset Value Per Share—Institutional Shares | $205.10 |
| |
| ETF Shares—Net Assets | |
| Applicable to 18,081,272 outstanding $.001 par value shares of | |
| beneficial interest (unlimited authorization) | 1,940,696 |
| Net Asset Value Per Share—ETF Shares | $107.33 |
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 $172,665,000.
* 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 April 30, 2014, the aggregate value of these securities
was $1,233,000, representing 0.1% 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 $184,384,000 of collateral received for securities on loan.
See accompanying Notes, which are an integral part of the Financial Statements.
39
FTSE All-World ex-US Small-Cap Index Fund
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 22,824 |
| Interest2 | 12 |
| Securities Lending | 1,272 |
| Total Income | 24,108 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 229 |
| Management and Administrative—Investor Shares | 540 |
| Management and Administrative—Institutional Shares | 28 |
| Management and Administrative—ETF Shares | 1,041 |
| Marketing and Distribution—Investor Shares | 29 |
| Marketing and Distribution—Institutional Shares | 2 |
| Marketing and Distribution—ETF Shares | 201 |
| Custodian Fees | 198 |
| Shareholders’ Reports—Investor Shares | 2 |
| Shareholders’ Reports—Institutional Shares | — |
| Shareholders’ Reports—ETF Shares | 53 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,324 |
| Net Investment Income | 21,784 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 91,306 |
| Futures Contracts | 914 |
| Foreign Currencies | (61) |
| Realized Net Gain (Loss) | 92,159 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | 20,347 |
| Foreign Currencies | 43 |
| Change in Unrealized Appreciation (Depreciation) | 20,390 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 134,333 |
| 1 Dividends are net of foreign withholding taxes of $2,158,000. | |
| 2 Interest income from an affiliated company of the fund was $11,000. | |
See accompanying Notes, which are an integral part of the Financial Statements.
40
FTSE All-World ex-US Small-Cap Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 21,784 | 44,920 |
| Realized Net Gain (Loss) | 92,159 | 21,886 |
| Change in Unrealized Appreciation (Depreciation) | 20,390 | 248,523 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 134,333 | 315,329 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (4,927) | (8,190) |
| Institutional Shares | (348) | (536) |
| ETF Shares | (26,385) | (42,405) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (31,660) | (51,131) |
| Capital Share Transactions | | |
| Investor Shares | 35,949 | 41,905 |
| Institutional Shares | 37,871 | 701 |
| ETF Shares | 135,394 | 465,041 |
| Net Increase (Decrease) from Capital Share Transactions | 209,214 | 507,647 |
| Total Increase (Decrease) | 311,887 | 771,845 |
| Net Assets | | |
| Beginning of Period | 2,058,932 | 1,287,087 |
| End of Period1 | 2,370,819 | 2,058,932 |
| 1 Net Assets—End of Period includes undistributed net investment income of $177,000 and $7,427,000. | |
See accompanying Notes, which are an integral part of the Financial Statements.
41
FTSE All-World ex-US Small-Cap Index Fund
Financial Highlights
| | | | | | |
| Investor Shares | | | | | | |
| | Six Months | | | | | March 19, |
| | Ended | | | | | 20091 to |
| For a Share Outstanding | April 30, | Year Ended October 31, | Oct. 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $38.99 | $33.21 | $32.89 | $36.34 | $29.83 | $20.00 |
| Investment Operations | | | | | | |
| Net Investment Income | . 388 | . 946 | .798 | . 854 | . 603 2 | .2572 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 3 | 2.128 | 5.947 | .649 | (3.231) | 6.430 | 9.573 |
| Total from Investment Operations | 2.516 | 6.893 | 1.447 | (2.377) | 7.033 | 9.830 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (.586) | (1.113) | (1.127) | (.782) | (.314) | — |
| Distributions from Realized Capital Gains | — | — | — | (.291) | (.209) | — |
| Total Distributions | (.586) | (1.113) | (1.127) | (1.073) | (.523) | — |
| Net Asset Value, End of Period | $40.92 | $38.99 | $33.21 | $32.89 | $36.34 | $29.83 |
| |
| Total Return4 | 6.57% | 21.25% | 4.77% | -6.85% | 23.90% | 49.15% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $371 | $318 | $232 | $204 | $170 | $62 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.38% | 0.40% | 0.45% | 0.50% | 0.55% | 0.78%5 |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 1.91% | 2.58% | 2.54% | 2.35% | 1.89% | 1.49%5 |
| Portfolio Turnover Rate 6 | 18% | 19% | 18% | 37% | 19% | 19% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Subscription period for the fund was March 19, 2009, to April 2, 2009, during which time all assets were held in money market instruments.
Performance measurement began April 2, 2009, at a net asset value of $20.00.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.01, $.01, $.03, $.06, $.05, and $.04.
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.
42
FTSE All-World ex-US Small-Cap Index Fund
Financial Highlights
| | | | | | |
| Institutional Shares | | | | | | |
| Six Months | | | | | April 2, |
| | Ended | | | | | 20091 to |
| For a Share Outstanding | April 30, | Year Ended October 31, | Oct. 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $195.32 | $166.39 | $165.23 | $182.36 | $149.40 | $100.00 |
| Investment Operations | | | | | | |
| Net Investment Income | 2.143 | 5.100 | 4.244 | 4.892 | 3.2842 | 1.6252 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 3 | 10.676 | 29.812 | 3.315 | (16.420) | 32.377 | 47.775 |
| Total from Investment Operations | 12.819 | 34.912 | 7.559 | (11.528) | 35.661 | 49.400 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (3.039) | (5.982) | (6.399) | (4.143) | (1.655) | — |
| Distributions from Realized Capital Gains — | — | — | (1.459) | (1.046) | — |
| Total Distributions | (3.039) | (5.982) | (6.399) | (5.602) | (2.701) | — |
| Net Asset Value, End of Period | $205.10 | $195.32 | $166.39 | $165.23 | $182.36 | $149.40 |
| |
| Total Return4 | 6.69% | 21.51% | 5.00% | -6.64% | 24.21% | 49.40% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $59 | $18 | $15 | $35 | $9 | $7 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.18% | 0.19% | 0.24% | 0.25% | 0.30% | 0.52%5 |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.11% | 2.79% | 2.75% | 2.60% | 2.14% | 1.75%5 |
| Portfolio Turnover Rate 6 | 18% | 19% | 18% | 37% | 19% | 19% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.04, $.07, $.20, $.18, $.32, and $.27.
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.
43
FTSE All-World ex-US Small-Cap Index Fund
Financial Highlights
| | | | | | |
| ETF Shares | | | | | | |
| Six Months | | | | | April 2, |
| | Ended | | | | | 20091 to |
| For a Share Outstanding | April 30, | Year Ended October 31, | Oct. 31, |
| Throughout Each Period | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Net Asset Value, Beginning of Period | $102.21 | $87.11 | $86.38 | $95.38 | $78.21 | $52.36 |
| Investment Operations | | | | | | |
| Net Investment Income | 1.112 | 2.664 | 2.252 | 2.450 | 1.750 2 | .7142 |
| Net Realized and Unrealized Gain (Loss) | | | | | | |
| on Investments 3 | 5.592 | 15.595 | 1.707 | (8.505) | 16.884 | 25.136 |
| Total from Investment Operations | 6.704 | 18.259 | 3.959 | (6.055) | 18.634 | 25.850 |
| Distributions | | | | | | |
| Dividends from Net Investment Income | (1.584) | (3.159) | (3.229) | (2.182) | (.917) | — |
| Distributions from Realized Capital Gains — | — | — | (.763) | (.547) | — |
| Total Distributions | (1.584) | (3.159) | (3.229) | (2.945) | (1.464) | — |
| Net Asset Value, End of Period | $107.33 | $102.21 | $87.11 | $86.38 | $95.38 | $78.21 |
| |
| Total Return | 6.68% | 21.50% | 4.99% | -6.67% | 24.17% | 49.37% |
| |
| Ratios/Supplemental Data | | | | | | |
| Net Assets, End of Period (Millions) | $1,941 | $1,723 | $1,040 | $906 | $626 | $283 |
| Ratio of Total Expenses to | | | | | | |
| Average Net Assets | 0.19% | 0.20% | 0.25% | 0.28% | 0.33% | 0.55%4 |
| Ratio of Net Investment Income to | | | | | | |
| Average Net Assets | 2.10% | 2.78% | 2.74% | 2.57% | 2.11% | 1.72%4 |
| Portfolio Turnover Rate 5 | 18% | 19% | 18% | 37% | 19% | 19% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.03, $.03, $.07, $.13, $.14, and $.07.
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.
44
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, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
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 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
45
FTSE All-World ex-US Small-Cap Index Fund
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 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 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 futures gains (losses).
During the six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund had no open futures contracts at April 30, 2014.
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, 2010–2013), and for the period ended April 30, 2014, 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 participate in a $2.89 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.
46
FTSE All-World ex-US Small-Cap Index Fund
The fund had no borrowings outstanding at April 30, 2014, 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. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $241,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.10% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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 April 30, 2014,
based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks—North and South America | 383,198 | 1,235 | 90 |
| Common Stocks—Other | — | 1,980,390 | 3,638 |
| Temporary Cash Investments | 192,744 | 600 | — |
| Total | 575,942 | 1,982,225 | 3,728 |
47
FTSE All-World ex-US Small-Cap Index Fund
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 $41,472,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended April 30, 2014, the fund realized net foreign currency losses of $61,000, 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 investment income for tax purposes. During the six months ended April 30, 2014, the fund realized gains on the sale of passive foreign investment companies of $2,687,000, 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 had unrealized appreciation of $15,995,000 at April 30, 2014.
During the six months ended April 30, 2014, the fund realized $102,207,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013, the fund had available capital losses totaling $21,841,000 to offset future net capital gains. Of this amount, $8,716,000 is subject to expiration on October 31, 2019. Capital losses of $13,125,000 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 carryforward. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At April 30, 2014, the cost of investment securities for tax purposes was $2,259,762,000. Net unrealized appreciation of investment securities for tax purposes was $302,133,000, consisting of unrealized gains of $469,875,000 on securities that had risen in value since their purchase and $167,742,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $612,223,000 of investment securities and sold $413,778,000 of investment securities, other than temporary cash investments. Purchases and sales include $294,907,000 and $218,514,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
48
FTSE All-World ex-US Small-Cap Index Fund
F. Capital share transactions for each class of shares were:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued1 | 55,800 | 1,415 | 85,304 | 2,385 |
| Issued in Lieu of Cash Distributions | 4,371 | 115 | 7,230 | 211 |
| Redeemed 2 | (24,222) | (617) | (50,629) | (1,428) |
| Net Increase (Decrease)—Investor Shares | 35,949 | 913 | 41,905 | 1,168 |
| Institutional Shares | | | | |
| Issued1 | 37,812 | 194 | 165 | 1 |
| Issued in Lieu of Cash Distributions | 348 | 2 | 536 | 3 |
| Redeemed 2 | (289) | (1) | — | — |
| Net Increase (Decrease)—Institutional Shares | 37,871 | 195 | 701 | 4 |
| ETF Shares | | | | |
| Issued1 | 384,042 | 3,625 | 465,041 | 4,914 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | (248,648) | (2,400) | — | — |
| Net Increase (Decrease)—ETF Shares | 135,394 | 1,225 | 465,041 | 4,914 |
1 Includes purchase fees for fiscal 2014 and 2013 of $515,000 and $409,000, respectively (fund totals).
2 Net of redemption fees for fiscal 2014 and 2013 of $75,000 and $213,000, respectively (fund totals).
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
49
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 April 30, 2014 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| | 10/31/2013 | 4/30/2014 | Period |
| Based on Actual Fund Return | | | |
| FTSE All-World ex-US Index Fund | | | |
| Investor Shares | $1,000.00 | $1,030.63 | $1.46 |
| Admiral Shares | 1,000.00 | 1,031.66 | 0.76 |
| Institutional Shares | 1,000.00 | 1,031.87 | 0.60 |
| Institutional Plus Shares | 1,000.00 | 1,031.99 | 0.50 |
| ETF Shares | 1,000.00 | 1,031.72 | 0.71 |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| Investor Shares | $1,000.00 | $1,065.73 | $1.95 |
| Institutional Shares | 1,000.00 | 1,066.88 | 0.92 |
| ETF Shares | 1,000.00 | 1,066.77 | 0.97 |
| Based on Hypothetical 5% Yearly Return | | | |
| FTSE All-World ex-US Index Fund | | | |
| Investor Shares | $1,000.00 | $1,023.36 | $1.45 |
| Admiral Shares | 1,000.00 | 1,024.05 | 0.75 |
| Institutional Shares | 1,000.00 | 1,024.20 | 0.60 |
| Institutional Plus Shares | 1,000.00 | 1,024.30 | 0.50 |
| ETF Shares | 1,000.00 | 1,024.10 | 0.70 |
| FTSE All-World ex-US Small-Cap Index Fund | | | |
| Investor Shares | $1,000.00 | $1,022.91 | $1.91 |
| Institutional Shares | 1,000.00 | 1,023.90 | 0.90 |
| ETF Shares | 1,000.00 | 1,023.85 | 0.95 |
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, 0.29% for Investor Shares, 0.15% for Admiral Shares, 0.12% for Institutional Shares, 0.10% for Institutional Plus Shares, and 0.14% for ETF Shares; and for the FTSE All-World ex-US Small-Cap Index Fund, 0.38% for Investor Shares, 0.18% for Institutional Shares, and 0.19% for ETF 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.
51
Trustees Approve Advisory Arrangements
The board of trustees of Vanguard FTSE All-World ex-US and FTSE All-World ex-US Small-Cap Index Funds has renewed the funds’ investment advisory arrangements with The Vanguard Group, Inc. (Vanguard). Vanguard—through its Equity Investment Group—serves as the investment advisor for each of the funds. The board determined that continuing the funds’ internalized management structure was in the best interests of the funds and their shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the investment management services provided to the FTSE All-World ex-US Index Fund since its inception in 2007 and to the FTSE All-World ex-US Small-Cap Index Fund since its inception in 2009, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.
Investment performance
The board considered each fund’s performance since its inception, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary sections of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds’ at-cost arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements after a one-year period.
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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.
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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 178 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 | and Delphi Automotive LLP (automotive components); |
| | Senior Advisor at New Mountain Capital. |
| F. William McNabb III | |
| Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
| Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
| Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
| Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
| by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
| of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
| Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
| each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
| Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
| Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
| Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
| | of the Presidential Commission for the Study of |
| | Bioethical Issues. |
| IndependentTrustees | |
| | |
| Emerson U. Fullwood | JoAnn Heffernan Heisen |
| Born 1948. Trustee Since January 2008. Principal | Born 1950. Trustee Since July 1998. Principal |
| Occupation(s) During the Past Five Years: Executive | Occupation(s) During the Past Five Years: Corporate |
| Chief Staff and Marketing Officer for North America | Vice President and Chief Global Diversity Officer |
| and Corporate Vice President (retired 2008) of Xerox | (retired 2008) and Member of the Executive |
| Corporation (document management products and | Committee (1997–2008) of Johnson & Johnson |
| services); Executive in Residence and 2009–2010 | (pharmaceuticals/medical devices/consumer |
| Distinguished Minett Professor at the Rochester | products); Director of Skytop Lodge Corporation |
| Institute of Technology; Director of SPX Corporation | (hotels), the University Medical Center at Princeton, |
| (multi-industry manufacturing), the United Way of | the Robert Wood Johnson Foundation, and the Center |
| Rochester, Amerigroup Corporation (managed health | for Talent Innovation; Member of the Advisory Board |
| care), the University of Rochester Medical Center, | of the Maxwell School of Citizenship and Public Affairs |
| Monroe Community College Foundation, and North | at Syracuse University. |
| Carolina A&T University. | |
| |
| | F. Joseph Loughrey |
| Rajiv L. Gupta | Born 1949. Trustee Since October 2009. Principal |
| Born 1945. Trustee Since December 2001.2 | Occupation(s) During the Past Five Years: President |
| Principal Occupation(s) During the Past Five Years: | and Chief Operating Officer (retired 2009) of Cummins |
| Chairman and Chief Executive Officer (retired 2009) | Inc. (industrial machinery); Chairman of the Board |
| and President (2006–2008) of Rohm and Haas Co. | of Hillenbrand, Inc. (specialized consumer services), |
| (chemicals); Director of Tyco International, Ltd. | and of Oxfam America; Director of SKF AB (industrial |
| (diversified manufacturing and services), Hewlett- | machinery), Hyster-Yale Materials Handling, Inc. |
| Packard Co. (electronic computer manufacturing), | (forklift trucks), the Lumina Foundation for Education, |
| | |
| and the V Foundation for Cancer Research; Member | Executive Officers | |
| of the Advisory Council for the College of Arts and | | |
| Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal |
| University of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Controller of each of |
| Mark Loughridge | the investment companies served by The Vanguard |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). |
| President and Chief Financial Officer (retired 2013) | | |
| at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
| Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September |
| 2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five |
| | Years: Principal of The Vanguard Group, Inc.; Chief |
| Scott C. Malpass | Financial Officer of each of the investment companies |
| Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of |
| Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard |
| Investment Officer and Vice President at the University | Group (1998–2008). | |
| of Notre Dame; Assistant Professor of Finance at the | | |
| Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
| of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal |
| Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of |
| (investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the |
| Advisory Committees of the Financial Industry | investment companies served by The Vanguard |
| Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment |
| Baseball. | companies served by The Vanguard Group (1988–2008). |
| |
| André F. Perold | Heidi Stam | |
| Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal |
| Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing |
| Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel |
| at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard |
| Chief Investment Officer and Managing Partner of | Group and of each of the investment companies |
| HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior |
| Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. |
| Museum of Fine Arts Boston. | | |
| | Vanguard Senior ManagementTeam |
| Alfred M. Rankin, Jr. | | |
| Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
| Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
| President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
| Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
| Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
| of the Board of University Hospitals of Cleveland. | | |
| |
| Peter F. Volanakis | Chairman Emeritus and Senior Advisor |
| Born 1955. Trustee Since July 2009. Principal | | |
| Occupation(s) During the Past Five Years: President | John J. Brennan | |
| and Chief Operating Officer (retired 2010) of Corning | Chairman, 1996–2009 | |
| Incorporated (communications equipment); Trustee of | Chief Executive Officer and President, 1996–2008 |
| Colby-Sawyer College; Member of the Advisory Board | | |
| of the Norris Cotton Cancer Center and of the Advisory | Founder | |
| Board of the 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 |
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| | Q7702 062014 |
|
| Semiannual Report | April 30, 2014 |
| |
| 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. | 7 |
| Performance Summary. | 9 |
| Financial Statements. | 10 |
| About Your Fund’s Expenses. | 31 |
| Trustees Approve Advisory Arrangement. | 33 |
| Glossary. | 34 |
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: The ship’s wheel represents leadership and guidance, essential qualities in navigating difficult seas. This one is a replica based on an 18th-century British vessel. The HMSVanguard, another ship of that era, served as the flagship for British Admiral Horatio Nelson when he defeated a French fleet at the Battle of the Nile.
Your Fund’s Total Returns
| |
| Six Months Ended April 30, 2014 | |
| | Total |
| | Returns |
| Vanguard Global ex-U.S. Real Estate Index Fund | |
| Investor Shares | -1.40% |
| Admiral™ Shares | -1.33 |
| Institutional Shares | -1.32 |
| ETF Shares | |
| Market Price | -1.54 |
| Net Asset Value | -1.35 |
| S&P Global ex-U.S. Property Index | -1.86 |
| International Real Estate Funds Average | -0.46 |
| 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, 2013, Through April 30, 2014 | | | | |
| | | | Distributions Per Share |
| | Starting | Ending | Income | Capital |
| | Share Price | Share Price | Dividends | Gains |
| Vanguard Global ex-U.S. Real Estate Index | | | | |
| Fund | | | | |
| Investor Shares | $23.06 | $22.09 | $0.621 | $0.000 |
| Admiral Shares | 34.92 | 33.46 | 0.952 | 0.000 |
| Institutional Shares | 116.37 | 111.50 | 3.188 | 0.000 |
| ETF Shares | 57.64 | 55.23 | 1.576 | 0.000 |
1
Chairman’s Letter
Dear Shareholder,
During the six months ended April 30, 2014, equity markets outside the United States responded primarily to shifts in the outlook for economic growth and the direction of interest rates. Fairly modest improvements in Europe’s economies were enough to lift investor sentiment and drive stock markets significantly higher across that region. Softening growth prospects for Japan and China, however, as well as political and economic turmoil in some developing markets, weighed on returns in those countries.
In the end, these developments produced an overall return of about 3% for international equities. Real estate stocks didn’t fare as well, though, because they were more concentrated in some of the poorly performing countries.
Investor Shares of Vanguard Global exU.S. Real Estate Index Fund returned –1.40% for the six months ended April 30, 2014. The result was modestly better than the –1.86% return of the benchmark, the Standard & Poor’s Global exU.S. Property Index, in part because of fairvalue pricing adjustments. These adjustments, which are required by the Securities and Exchange Commission, address pricing discrepancies that may arise because of timezone differences among global stock markets. The fund’s result lagged the –0.46% average return of its peer group.
2
Recent progress has been sporadic, but stocks continued their climb
For the six months ended April 30, U.S. stocks returned almost 8%, notwithstanding the patches of turbulence the market has encountered in 2014. Technology stocks, for example, turned in a rocky performance amid concerns about pricey valuations. Poor economic data from China and the conflict in Ukraine also unsettled investors.
Global economic and political shifts are, of course, as inevitable as they are unpredictable. Broad diversification remains the best way of managing the risks they pose to your portfolio. As Joe Davis, our chief economist, noted recently, “Having a broader portfolio tends to moderate those individual issues and that’s always, I think, a valuable starting point for investors.”
Despite low yields, the bond market experienced a surprising rally
Bonds continued to emerge from the struggles that marked much of 2013, when the market was roiled by worries about the prospect of the Federal Reserve reducing its stimulative bondbuying. In January, however, when the Fed actually started to trim purchases, investors seemed to take the news in stride.
The broad U.S. taxable bond market returned 1.74% for the six months. The yield of the 10year Treasury note ended April 30 at 2.69%, up from 2.54% on October 31 but down from nearly 3% on December 31. (Bond prices and yields move in opposite directions.)
| | | |
| Market Barometer | | | |
| |
| | | | Total Returns |
| | | Periods Ended April 30, 2014 |
| | Six | One | Five Years |
| | Months | Year | (Annualized) |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | 8.25% | 20.81% | 19.52% |
| Russell 2000 Index (Small-caps) | 3.08 | 20.50 | 19.84 |
| Russell 3000 Index (Broad U.S. market) | 7.83 | 20.78 | 19.54 |
| FTSE All-World ex US Index (International) | 2.84 | 9.77 | 13.22 |
| |
| Bonds | | | |
| Barclays U.S. Aggregate Bond Index (Broad taxable market) | 1.74% | -0.26% | 4.88% |
| Barclays Municipal Bond Index (Broad tax-exempt market) | 4.08 | 0.50 | 5.54 |
| Citigroup Three-Month U.S. Treasury Bill Index | 0.00 | 0.04 | 0.08 |
| |
| CPI | | | |
| Consumer Price Index | 1.51% | 1.95% | 2.14% |
3
Municipal bonds returned 4.08% for the six months. Money market funds and savings accounts posted paltry returns as the Fed’s target for shortterm interest rates remained at 0%–0.25%.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 2.33%.
Contrasting economic backdrops made for a variety of market returns
While real estate stocks in developed Europe posted solid results overall for the six months, their gains were unable to offset poor results from their counterparts in emerging markets, especially those of the Pacific region.
More than half of the European markets represented in the fund posted returns in the double digits, putting the fund’s return for this region at about 11%. Although the Eurozone continued to struggle with ongoing problems, including high levels of unemployment and government debt in some member states, the region’s emergence from recession helped boost real estate stocks in some of the larger countries (Germany and the Netherlands, for example).
Countries that had fallen out of favor with investors during the debt crisis, including Italy and Spain, posted even stronger returns; their small allocations in the fund, however, limited their impact on
| | | | | |
| Expense Ratios | | | | | |
| Your Fund Compared With Its Peer Group | | | | | |
| | Investor | Admiral | Institutional | ETF | Peer Group |
| | Shares | Shares | Shares | Shares | Average |
| Global ex-U.S. Real Estate Index Fund | 0.40% | 0.27% | 0.24% | 0.27% | 1.37% |
The fund expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the fund’s annualized expense ratios were 0.38% for Investor Shares, 0.24% for Admiral Shares, 0.22% for Institutional Shares, and 0.25% for ETF Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2013.
Peer group: International Real Estate Funds.
4
its performance. The United Kingdom, representing about onethird of the fund’s European assets on average, returned about 14% amid some improvement in the labor and property markets. Part of the strong performance from Europe came from the euro and British pound strengthening against the dollar.
Real estate stocks in the Pacific region, which accounted for more than half of the fund’s assets on average, produced a return of about –4%, mainly because of a poor showing from Japan. Investors had initially applauded the country’s introduction last spring of an aggressive stimulus program aimed at ending deflation and breathing new life back into the world’s thirdlargest economy. Toward the end of the six months, however, the pace of Japan’s growth slackened and it appeared that exports weren’t benefiting from the weaker currency as much as had been expected. The returns of other developed Pacific markets ranged from virtually flat to positive.
Within emerging markets, real estate stocks returned about –10%. In a handful of countries, including Egypt and Mexico, these stocks finished the period in positive territory. However, slowing growth in China, along with concerns about its banking sector, contributed to a drop of about 20% in real estate stock prices in the world’s secondlargest economy. Other emerging markets faced their own challenges: With soft global demand for commodities, rising interest rates, and
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 fairvalue pricing adjustment.
These adjustments, which are required by the Securities and Exchange Commission, address pricing discrepancies that may arise because of timezone 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 companyspecific announcements or marketwide developments, for example. Such price changes are not immediately reflected in international index values.
Fairvalue 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.
5
political instability, real estate stocks in both Brazil and Russia posted declines in the double digits.
Balancing investors’ ‘home bias’ and the benefits of diversification
Many investors have a natural tendency to focus on companies close to home. But this “home bias” can lead to missed opportunities to diversify your portfolio internationally.
Stocks of companies based outside the United States account for about half of the global equity market. Vanguard’s analysis of more than four decades of data shows that, on average, adding such stocks to a U.S. portfolio would have reduced the volatility of returns. This benefit has generally persisted even as economies and markets have become more integrated.
International stocks offer exposure to a wider array of economic and market forces, producing returns that vary from those of U.S. stocks—which helps reduce volatility risk. Of course, the impact of diversification changes over time as returns, volatilities, and correlations between foreign and domestic stocks change.
When it comes to deciding how much to allocate to international stocks, there’s no onesizefitsall answer. It depends on your view regarding the shortterm and longterm tradeoffs, which include potential exposure to currency fluctuations and generally higher transaction and investment costs.
Vanguard suggests that allocating 20% of your equity portfolio to nonU.S. stocks may be a reasonable starting point. (You can read more in Global Equities: Balancing Home Bias and Diversification, available at vanguard.com/research.)
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
May 16, 2014
6
Global ex-U.S. Real Estate Index Fund
Fund Profile
As of April 30, 2014
| | | | |
| Share-Class Characteristics | | | | |
| | Investor | Admiral | Institutional | |
| | Shares | Shares | Shares | ETF Shares |
| Ticker Symbol | VGXRX | VGRLX | VGRNX | VNQI |
| Expense Ratio1 | 0.40% | 0.27% | 0.24% | 0.27% |
| | |
| Portfolio Characteristics | | |
| | | S&P |
| | | Global |
| | | ex-U.S. |
| | | Property |
| | Fund | Index |
| Number of Stocks | 533 | 524 |
| Median Market Cap | $5.9B | $5.7B |
| Price/Earnings Ratio | 12.4x | 12.6x |
| Price/Book Ratio | 1.1x | 1.1x |
| Return on Equity | 7.7% | 7.7% |
| Earnings Growth | | |
| Rate | 14.6% | 14.8% |
| Dividend Yield | 3.3% | 3.3% |
| Turnover Rate | | |
| (Annualized) | 4% | — |
| Short-Term Reserves | 0.0% | — |
| | |
| Volatility Measures | | |
| | S&P | |
| | Global | MSCI AC |
| | ex-U.S. | World |
| | Property | Index |
| | Index | ex USA |
| R-Squared | 0.98 | 0.83 |
| Beta | 1.00 | 1.01 |
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 | 3.8% |
| Unibail-Rodamco SE | Retail REITs | 3.2 |
| Mitsui Fudosan Co. Ltd. | Diversified Real | |
| | Estate Activities | 3.2 |
| Cheung Kong Holdings | Real Estate | |
| Ltd. | Development | 2.7 |
| Westfield Group | Retail REITs | 2.4 |
| Sun Hung Kai Properties Diversified Real | |
| Ltd. | Estate Activities | 2.4 |
| Sumitomo Realty & | Diversified Real | |
| Development Co. Ltd. | Estate Activities | 2.2 |
| Land Securities Group | | |
| plc | Diversified REITs | 1.7 |
| British Land Co. plc | Diversified REITs | 1.4 |
| Link REIT | Retail REITs | 1.4 |
| Top Ten | | 24.4% |
The holdings listed exclude any temporary cash investments and equity index products.
1 The expense ratios shown are from the prospectus dated February 27, 2014, and represent estimated costs for the current fiscal year. For the six months ended April 30, 2014, the fund’s annualized expense ratios were 0.38% for Investor Shares, 0.24% for Admiral Shares, 0.22% for Institutional Shares, and 0.25% for ETF Shares.
7
Global ex-U.S. Real Estate Index Fund
Allocation by Region (% of equity exposure)
| | |
| Market Diversification (% of equity exposure) |
| | | S&P |
| | | Global |
| | | ex-U.S. |
| | | Property |
| | Fund | Index |
| Europe | | |
| United Kingdom | 8.8% | 8.5% |
| France | 5.4 | 5.4 |
| Germany | 2.4 | 2.2 |
| Sweden | 1.6 | 1.5 |
| Switzerland | 1.6 | 1.5 |
| Netherlands | 1.2 | 1.2 |
| Austria | 1.0 | 1.1 |
| Other | 1.5 | 1.3 |
| Subtotal | 23.5% | 22.7% |
| Pacific | | |
| Japan | 23.1% | 22.6% |
| Hong Kong | 12.8 | 12.7 |
| Australia | 11.0 | 10.8 |
| Singapore | 7.8 | 7.5 |
| Other | 0.5 | 0.5 |
| Subtotal | 55.2% | 54.1% |
| Emerging Markets | | |
| China | 6.5% | 6.2% |
| South Africa | 1.9 | 1.7 |
| Philippines | 1.2 | 1.2 |
| Brazil | 1.2 | 1.2 |
| Malaysia | 1.1 | 1.1 |
| Thailand | 1.1 | 0.9 |
| Taiwan | 1.1 | 1.1 |
| Mexico | 1.1 | 1.0 |
| Indonesia | 1.0 | 1.0 |
| Other | 1.3 | 1.4 |
| Subtotal | 17.5% | 16.8% |
| North America | | |
| Canada | 3.2% | 3.1% |
| Middle East | 0.6% | 0.6% |
| Other | 0.0% | 2.7% |
8
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.
Fiscal-Year Total Returns (%): November 1, 2010, Through April 30, 2014
Average Annual Total Returns: Periods Ended March 31, 2014
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 | -2.08% | 6.21% |
| Fee-Adjusted Returns | | -2.56 | 6.06 |
| Admiral Shares | 2/10/2011 | -1.94 | 7.06 |
| Fee-Adjusted Returns | | -2.42 | 6.90 |
| Institutional Shares | 4/19/2011 | -1.92 | 6.69 |
| Fee-Adjusted Returns | | -2.40 | 6.52 |
| ETF Shares | 11/1/2010 | | |
| Market Price | | -2.50 | 6.21 |
| Net Asset Value | | -1.98 | 6.32 |
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.
9
Global ex-U.S. Real Estate Index Fund
Financial Statements (unaudited)
Statement of Net Assets
As of April 30, 2014
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 (11.0%) | | |
| | Westfield Group | 4,097,203 | 41,809 |
| | Westfield Retail Trust | 6,313,409 | 18,757 |
| | Stockland | 4,858,949 | 17,614 |
| | Goodman Group | 3,240,150 | 15,050 |
| | Lend Lease Group | 1,117,821 | 13,510 |
| | Mirvac Group | 7,695,923 | 12,559 |
| | Dexus Property Group | 11,806,993 | 12,491 |
| | GPT Group | 3,295,138 | 12,025 |
| | CFS Retail Property | | |
| | Trust Group | 5,213,441 | 9,761 |
| | Federation Centres Ltd. | 3,022,872 | 7,017 |
| | Investa Office Fund | 1,290,806 | 4,019 |
| | Australand Property | | |
| | Group | 979,384 | 3,903 |
| | Cromwell Property | | |
| | Group | 2,690,467 | 2,479 |
| | BWP Trust | 1,044,238 | 2,428 |
| | Charter Hall Retail REIT | 631,779 | 2,271 |
| | Shopping Centres | | |
| | Australasia Property | | |
| | Group | 1,354,479 | 2,187 |
| | Charter Hall Group | 525,508 | 2,057 |
| ^ | Abacus Property Group | 638,777 | 1,450 |
| * | Aveo Group | 749,490 | 1,418 |
| | ALE Property Group | 374,047 | 1,005 |
| * | GDI Property Group | 1,024,508 | 876 |
| * | Peet Ltd. | 634,803 | 761 |
| ^ | Cedar Woods | | |
| | Properties Ltd. | 109,698 | 739 |
| | Ingenia Communities | | |
| | Group | 1,409,944 | 650 |
| | Growthpoint Properties | | |
| | Australia Ltd. | 281,950 | 637 |
| | Challenger Diversified | | |
| | Property Group | 229,846 | 585 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | National Storage REIT | 471,855 | 538 |
| ^ | Finbar Group Ltd. | 348,307 | 536 |
| | Sunland Group Ltd. | 324,265 | 504 |
| | Astro Japan Property | | |
| | Group | 142,511 | 504 |
| ^,* | Industria REIT | 215,492 | 383 |
| * | Australian Industrial REIT | 194,350 | 365 |
| | Aspen Group | 281,310 | 351 |
| | | | 191,239 |
| Austria (1.1%) | | |
| | IMMOFINANZ AG | 2,236,322 | 8,305 |
| | CA Immobilien | | |
| | Anlagen AG | 151,259 | 2,883 |
| | Atrium European | | |
| | Real Estate Ltd. | 368,567 | 2,123 |
| * | BUWOG AG | 110,406 | 2,027 |
| ^,* | Conwert Immobilien | | |
| | Invest SE | 133,717 | 1,927 |
| | S IMMO AG | 112,165 | 887 |
| | | | 18,152 |
| Belgium (0.6%) | | |
| | Cofinimmo | 33,351 | 4,087 |
| | Befimmo SA | 39,142 | 2,853 |
| * | Warehouses De Pauw SCA | 24,048 | 1,856 |
| | Aedifica SA | 19,297 | 1,346 |
| | | | 10,142 |
| Brazil (1.2%) | | |
| | BR Malls | | |
| | Participacoes SA | 963,800 | 8,295 |
| | Multiplan | | |
| | Empreendimentos | | |
| | Imobiliarios SA | 171,600 | 3,793 |
| | BR Properties SA | 455,803 | 3,641 |
| | Iguatemi Empresa de | | |
| | Shopping Centers SA | 128,386 | 1,276 |
| | Aliansce Shopping | | |
| | Centers SA | 149,229 | 1,231 |
10
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sao Carlos | | |
| | Empreendimentos | | |
| | e Participacoes SA | 55,650 | 874 |
| | Sonae Sierra Brasil SA | 53,883 | 434 |
| | Cyrela Commercial | | |
| | Properties SA | | |
| | Empreendimentos | | |
| | e Participacoes | 51,600 | 414 |
| | JHSF Participacoes SA | 217,127 | 353 |
| | | | 20,311 |
| Canada (3.2%) | | |
| ^ | RioCan REIT | 311,905 | 7,749 |
| | H&R REIT | 279,056 | 5,876 |
| | Calloway REIT | 136,856 | 3,344 |
| | First Capital Realty Inc. | 198,321 | 3,248 |
| ^ | Boardwalk REIT | 52,524 | 2,961 |
| | Dundee REIT Class A | 111,602 | 2,941 |
| ^ | Canadian REIT | 70,542 | 2,908 |
| ^ | Allied Properties REIT | 71,461 | 2,230 |
| ^ | Cominar REIT | 128,540 | 2,228 |
| | Canadian Apartment | | |
| | Properties REIT | 114,189 | 2,191 |
| | Artis REIT | 133,574 | 1,946 |
| | Granite REIT | 47,620 | 1,834 |
| | Chartwell Retirement | | |
| | Residences | 178,617 | 1,700 |
| | Morguard Corp. | 12,009 | 1,466 |
| * | Dream Unlimited Corp. | 103,465 | 1,414 |
| ^ | Killam Properties Inc. | 107,814 | 1,028 |
| | Morguard REIT | 65,117 | 999 |
| ^ | Crombie REIT | 80,609 | 989 |
| ^ | Dundee International REIT | 113,752 | 971 |
| | Northern Property REIT | 34,721 | 886 |
| | Choice Properties REIT | 88,700 | 858 |
| ^ | CT REIT | 81,548 | 848 |
| | Brookfield Canada | | |
| | Office Properties | 33,382 | 818 |
| ^ | Pure Industrial Real | | |
| | Estate Trust | 155,700 | 699 |
| | Melcor Developments Ltd. | 25,360 | 530 |
| | Dundee Industrial REIT | 55,400 | 467 |
| | InnVest REIT | 96,038 | 464 |
| ^,* | Mainstreet Equity Corp. | 13,265 | 439 |
| | Milestone Apartments REIT | 46,300 | 436 |
| ^ | NorthWest Healthcare | | |
| | Properties REIT | 38,887 | 355 |
| ^ | Plaza Retail REIT | 81,650 | 309 |
| ^ | Retrocom REIT | 67,605 | 296 |
| | Morguard North American | | |
| | Residential REIT | 29,700 | 279 |
| | InterRent REIT | 50,296 | 256 |
| ^ | HealthLease Properties REIT | 27,600 | 255 |
| | | | 56,218 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Chile (0.1%) | | |
| | Parque Arauco SA | 1,317,463 | 2,358 |
| |
| China (6.5%) | | |
| | China Overseas Land | | |
| | & Investment Ltd. | 8,085,550 | 19,904 |
| | China Resources | | |
| | Land Ltd. | 3,934,127 | 8,120 |
| | Country Garden | | |
| | Holdings Co. Ltd. | 14,393,908 | 5,771 |
| ^ | Evergrande Real | | |
| | Estate Group Ltd. | 11,777,921 | 5,276 |
| | Shimao Property | | |
| | Holdings Ltd. | 2,619,164 | 5,194 |
| | New World China | | |
| | Land Ltd. | 6,221,102 | 5,165 |
| | China Vanke Co. Ltd. | | |
| | Class B | 2,770,354 | 4,633 |
| | Sino-Ocean Land | | |
| | Holdings Ltd. | 8,205,891 | 4,349 |
| | Longfor Properties | | |
| | Co. Ltd. | 2,537,617 | 3,284 |
| | Guangzhou R&F | | |
| | Properties Co. Ltd. | 2,186,209 | 2,864 |
| | SOHO China Ltd. | 3,448,045 | 2,747 |
| ^ | China South City | | |
| | Holdings Ltd. | 5,431,111 | 2,274 |
| | Agile Property | | |
| | Holdings Ltd. | 2,728,586 | 2,220 |
| | Shui On Land Ltd. | 7,882,538 | 2,089 |
| | Yuexiu Property Co. Ltd. | 10,592,241 | 2,056 |
| | Sunac China | | |
| | Holdings Ltd. | 3,637,378 | 1,852 |
| | Poly Property | | |
| | Group Co. Ltd. | 4,100,680 | 1,780 |
| | Franshion Properties | | |
| | China Ltd. | 5,558,054 | 1,753 |
| | Yuexiu REIT | 3,700,516 | 1,749 |
| * | Hopson Development | | |
| | Holdings Ltd. | 1,712,710 | 1,683 |
| | Shenzhen | | |
| | Investment Ltd. | 4,702,077 | 1,537 |
| | KWG Property | | |
| | Holding Ltd. | 2,753,158 | 1,531 |
| * | Hydoo International | | |
| | Holding Ltd. | 3,712,000 | 1,501 |
| | Shanghai Lujiazui | | |
| | Finance & Trade Zone | | |
| | Development Co. Ltd. | | |
| | Class B | 946,920 | 1,451 |
| * | Renhe Commercial | | |
| | Holdings Co. Ltd. | 22,064,323 | 1,266 |
| ^ | Tian An China | | |
| | Investment | 1,587,761 | 1,244 |
11
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kaisa Group | | |
| | Holdings Ltd. | 3,900,671 | 1,241 |
| ^,* | Yuzhou Properties | | |
| | Co. Ltd. | 4,447,000 | 1,028 |
| ^ | China Overseas Grand | | |
| | Oceans Group Ltd. | 1,658,386 | 987 |
| | Greentown China | | |
| | Holdings Ltd. | 921,237 | 928 |
| * | Mingfa Group | | |
| | International Co. Ltd. | 3,492,363 | 874 |
| | CIFI Holdings | | |
| | Group Co. Ltd. | 4,492,000 | 853 |
| * | Glorious Property | | |
| | Holdings Ltd. | 5,226,036 | 749 |
| | Beijing Capital Land Ltd. | 2,119,034 | 714 |
| | Jiangsu Future Land Co. | | |
| | Ltd. Class B | 1,364,750 | 675 |
| | Fantasia Holdings | | |
| | Group Co. Ltd. | 4,878,943 | 651 |
| | China Merchants | | |
| | Property Development | | |
| | Co. Ltd. Class B | 288,596 | 644 |
| ^ | China SCE Property | | |
| | Holdings Ltd. | 2,956,766 | 641 |
| * | Beijing Properties | | |
| | Holdings Ltd. | 5,750,000 | 610 |
| | Shanghai Jinqiao Export | | |
| | Processing Zone | | |
| | Development Co. Ltd. | | |
| | Class B | 598,334 | 605 |
| * | Shanghai Industrial | | |
| | Urban Development | | |
| | Group Ltd. | 3,164,799 | 605 |
| * | Greenland Hong Kong | | |
| | Holdings Ltd. | 1,277,000 | 583 |
| | China Aoyuan Property | | |
| | Group Ltd. | 3,148,000 | 536 |
| | C C Land Holdings Ltd. | 2,774,000 | 528 |
| | Xinyuan Real Estate | | |
| | Co. Ltd. ADR | 120,663 | 493 |
| ^,* | China New Town | | |
| | Development Co. Ltd. | 6,332,000 | 470 |
| * | Logan Property | | |
| | Holdings Co. Ltd. | 1,522,000 | 453 |
| | Zall Development | | |
| | Group Ltd. | 1,241,858 | 432 |
| * | Jingrui Holdings Ltd. | 791,000 | 388 |
| | Lai Fung Holdings Ltd. | 18,147,000 | 387 |
| * | Redco Properties | | |
| | Group Ltd. | 802,000 | 367 |
| * | Times Property | | |
| | Holdings Ltd. | 835,000 | 352 |
| * | Zhong An Real | | |
| | Estate Ltd. | 1,386,000 | 329 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Powerlong Real | | |
| | Estate Holdings Ltd. | 2,101,139 | 317 |
| * | Sinolink Worldwide | | |
| | Holdings Ltd. | 4,020,643 | 317 |
| | Minmetals Land Ltd. | 2,589,000 | 291 |
| | Hutchison Harbour | | |
| | Ring Ltd. | 3,750,000 | 286 |
| ^,* | Future Land | | |
| | Development | | |
| | Holdings Ltd. | 2,910,000 | 278 |
| | Silver Grant International | 2,034,216 | 257 |
| * | Gemdale Properties and | | |
| | Investment Corp. Ltd. | 3,426,000 | 226 |
| * | SRE Group Ltd. | 6,368,712 | 183 |
| | | | 112,571 |
| Denmark (0.0%) | | |
| ^ | Jeudan A/S | 4,734 | 534 |
| |
| Egypt (0.2%) | | |
| | Talaat Moustafa Group | 1,623,228 | 2,078 |
| * | Six of October | | |
| | Development & | | |
| | Investment | 116,698 | 436 |
| * | Palm Hills | | |
| | Developments SAE | 584,205 | 342 |
| | | | 2,856 |
| Finland (0.3%) | | |
| | Sponda Oyj | 511,403 | 2,637 |
| | Citycon Oyj | 476,789 | 1,789 |
| | Technopolis Oyj | 221,687 | 1,350 |
| | | | 5,776 |
| France (5.4%) | | |
| | Unibail-Rodamco SE | 204,884 | 55,369 |
| * | Fonciere Des Regions | 92,922 | 9,439 |
| | Klepierre | 204,037 | 9,361 |
| ^,* | ICADE | 73,192 | 7,468 |
| ^ | Gecina SA | 55,388 | 7,455 |
| | Mercialys SA | 117,354 | 2,698 |
| ^ | Altarea | 7,072 | 1,325 |
| | Societe de la Tour Eiffel | 11,683 | 843 |
| | ANF Immobilier | 19,126 | 642 |
| | | | 94,600 |
| Germany (2.4%) | | |
| | LEG Immobilien AG | 112,233 | 7,489 |
| | Deutsche Wohnen AG | 342,714 | 7,357 |
| * | Deutsche Wohnen AG-BR | 247,977 | 5,195 |
| * | GAGFAH SA | 327,512 | 5,180 |
| | Deutsche Euroshop AG | 94,599 | 4,561 |
| | TAG Immobilien AG | 279,261 | 3,551 |
| * | Deutsche Annington | | |
| | Immobilien SE | 95,240 | 2,747 |
| | Alstria Office REIT-AG | 156,011 | 2,153 |
| ^ | Hamborner REIT AG | 87,462 | 959 |
12
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | DIC Asset AG | 93,090 | 918 |
| * | Patrizia Immobilien AG | 61,392 | 726 |
| * | Prime Office AG | 128,862 | 529 |
| | | | 41,365 |
| Greece (0.0%) | | |
| | Eurobank Properties Real | | |
| | Estate Investment Co. | 54,590 | 631 |
| |
| Hong Kong (12.8%) | | |
| | Cheung Kong | | |
| | Holdings Ltd. | 2,782,375 | 47,516 |
| | Sun Hung Kai | | |
| | Properties Ltd. | 3,261,441 | 41,153 |
| | Link REIT | 4,894,089 | 24,366 |
| | Hongkong Land | | |
| | Holdings Ltd. | 2,479,212 | 17,376 |
| | Henderson Land | | |
| | Development Co. Ltd. | 2,446,312 | 14,623 |
| | Hang Lung | | |
| | Properties Ltd. | 4,754,691 | 14,181 |
| | Sino Land Co. Ltd. | 7,186,605 | 10,776 |
| | Hang Lung Group Ltd. | 1,796,413 | 9,756 |
| | Wheelock & Co. Ltd. | 1,708,652 | 7,053 |
| | Swire Properties Ltd. | 2,225,800 | 6,703 |
| | Hysan Development | | |
| | Co. Ltd. | 1,480,422 | 6,349 |
| | Kerry Properties Ltd. | 1,558,154 | 5,131 |
| | Champion REIT | 5,618,969 | 2,649 |
| ^ | Chinese Estates | | |
| | Holdings Ltd. | 988,452 | 2,591 |
| | Great Eagle Holdings Ltd. | 651,697 | 2,336 |
| | K Wah International | | |
| | Holdings Ltd. | 2,358,338 | 1,572 |
| ^,* | Goldin Properties | | |
| | Holdings Ltd. | 2,829,650 | 1,281 |
| | Kowloon Development | | |
| | Co. Ltd. | 661,414 | 809 |
| | Prosperity REIT | 2,676,649 | 791 |
| | Sunlight REIT | 1,980,400 | 780 |
| | Wanda Commercial | | |
| | Properties Group | | |
| | Co. Ltd. | 2,114,741 | 746 |
| | Far East Consortium | | |
| | International Ltd. | 1,936,000 | 698 |
| | HKR International Ltd. | 1,518,082 | 623 |
| | TAI Cheung Holdings | 789,131 | 545 |
| | Regal REIT | 1,709,815 | 476 |
| | Emperor International | | |
| | Holdings | 2,073,832 | 466 |
| * | Lai Sun Development | 19,657,302 | 460 |
| | CSI Properties Ltd. | 10,448,348 | 365 |
| | Spring REIT | 891,000 | 345 |
| | Soundwill Holdings Ltd. | 172,000 | 298 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Sun Hung Kai | | |
| | Properties Ltd. | | |
| | Warrants Exp. | | |
| | 04/08/2016 | 270,620 | 182 |
| | | | 222,996 |
| India (0.3%) | | |
| | DLF Ltd. | 894,712 | 2,088 |
| * | Unitech Ltd. | 2,826,184 | 745 |
| * | Housing Development | | |
| | & Infrastructure Ltd. | 568,751 | 648 |
| * | Oberoi Realty Ltd. | 161,502 | 555 |
| | Prestige Estates | | |
| | Projects Ltd. | 162,266 | 458 |
| | Indiabulls Real Estate Ltd. | 391,593 | 405 |
| * | Godrej Properties Ltd. | 111,030 | 405 |
| * | Phoenix Mills Ltd. | 90,247 | 372 |
| | | | 5,676 |
| Indonesia (1.0%) | | |
| | Lippo Karawaci Tbk PT | 39,893,000 | 3,700 |
| | Bumi Serpong | | |
| | Damai PT | 18,316,827 | 2,481 |
| | Ciputra Development | | |
| | Tbk PT | 22,692,000 | 1,998 |
| | Summarecon | | |
| | Agung Tbk PT | 20,593,500 | 1,985 |
| | Pakuwon Jati Tbk PT | 45,477,615 | 1,387 |
| | Alam Sutera Realty | | |
| | Tbk PT | 22,235,397 | 1,025 |
| | Kawasan Industri | | |
| | Jababeka Tbk PT | 32,448,731 | 718 |
| | Modernland Realty | | |
| | Tbk PT | 17,891,700 | 681 |
| * | Sentul City Tbk PT | 41,925,000 | 626 |
| * | Lippo Cikarang Tbk PT | 884,400 | 585 |
| | Intiland Development | | |
| | Tbk PT | 11,796,051 | 464 |
| | Ciputra Property | | |
| | Tbk PT | 6,286,896 | 396 |
| | Ciputra Surya Tbk PT | 1,832,131 | 362 |
| | Metropolitan Land | | |
| | Tbk PT | 8,008,215 | 306 |
| | Agung Podomoro | | |
| | Land Tbk PT | 13,040,500 | 298 |
| | Bekasi Fajar Industrial | | |
| | Estate Tbk PT | 6,663,482 | 295 |
| * | Bakrieland Development | | |
| | Tbk PT | 58,593,000 | 253 |
| | | | 17,560 |
| Ireland (0.2%) | | |
| * | Green REIT plc | 1,284,487 | 2,141 |
| * | Hibernia REIT plc | 780,841 | 1,084 |
| | | | 3,225 |
13
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Israel (0.6%) | | |
| | Gazit-Globe Ltd. | 183,139 | 2,354 |
| | Azrieli Group | 48,503 | 1,642 |
| | Alony Hetz Properties | | |
| | & Investments Ltd. | 151,302 | 1,084 |
| | Melisron Ltd. | 31,171 | 830 |
| | Amot Investments Ltd. | 246,043 | 806 |
| * | Nitsba Holdings 1995 Ltd. | 49,468 | 759 |
| * | Jerusalem Oil Exploration | 17,058 | 732 |
| | Norstar Holdings Inc. | 27,038 | 727 |
| | Reit 1 Ltd. | 245,233 | 643 |
| * | Airport City Ltd. | 60,053 | 614 |
| * | Africa Israel | | |
| | Investments Ltd. | 230,217 | 504 |
| | Jerusalem Economy Ltd. | 42,345 | 422 |
| | | | 11,117 |
| Italy (0.2%) | | |
| ^ | Beni Stabili SPA | 1,666,149 | 1,489 |
| | Immobiliare Grande | | |
| | Distribuzione | 305,886 | 568 |
| ^ | Prelios SPA | 584,697 | 519 |
| | | | 2,576 |
| Japan (22.9%) | | |
| | Mitsubishi Estate Co. Ltd. | 2,929,353 | 66,468 |
| | Mitsui Fudosan Co. Ltd. | 1,858,057 | 55,002 |
| | Sumitomo Realty & | | |
| | Development Co. Ltd. | 1,007,567 | 39,093 |
| | Daiwa House | | |
| | Industry Co. Ltd. | 1,398,674 | 23,632 |
| | Daito Trust | | |
| | Construction | | |
| | Co. Ltd. | 170,600 | 17,360 |
| | Nippon Building Fund Inc. | 2,916 | 16,168 |
| | Japan Real Estate | | |
| | Investment Corp. | 2,503 | 13,270 |
| | Hulic Co. Ltd. | 801,932 | 9,673 |
| | Japan Retail Fund | | |
| | Investment Corp. | 4,622 | 9,296 |
| | Tokyu Fudosan | | |
| | Holdings Corp. | 1,094,156 | 7,954 |
| | United Urban | | |
| | Investment Corp. | 5,043 | 7,611 |
| | Tokyo Tatemono Co. Ltd. | 922,166 | 7,354 |
| | Nippon Prologis REIT Inc. | 3,299 | 6,986 |
| | Advance Residence | | |
| | Investment Corp. | 2,740 | 6,199 |
| | Aeon Mall Co. Ltd. | 238,183 | 5,679 |
| | Japan Prime Realty | | |
| | Investment Corp. | 1,589 | 5,592 |
| | Frontier Real Estate | | |
| | Investment Corp. | 971 | 5,038 |
| | Nomura Real Estate | | |
| | Holdings Inc. | 266,229 | 4,974 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Orix JREIT Inc. | 3,762 | 4,786 |
| | GLP J-Reit | 4,436 | 4,378 |
| | Activia Properties Inc. | 488 | 4,098 |
| | Japan Logistics Fund Inc. | 1,759 | 3,970 |
| | Nomura Real Estate | | |
| | Master Fund Inc. | 3,377 | 3,530 |
| | Nomura Real Estate | | |
| | Office Fund Inc. | 793 | 3,432 |
| | Mori Hills REIT | | |
| | Investment Corp. | 2,510 | 3,349 |
| ^ | Japan Excellent Inc. | 2,489 | 3,305 |
| ^ | Daiwa House Residential | | |
| | Investment Corp. | 778 | 3,226 |
| | Kenedix Office | | |
| | Investment Corp. | 635 | 3,172 |
| | Nippon Accommodations | | |
| | Fund Inc. | 862 | 3,040 |
| ^ | Mori Trust Sogo Reit Inc. | 2,014 | 3,023 |
| ^ | Industrial & Infrastructure | | |
| | Fund Investment Corp. | 351 | 2,941 |
| * | Leopalace21 Corp. | 538,650 | 2,786 |
| ^ | Japan Hotel REIT | | |
| | Investment Corp. | 5,555 | 2,555 |
| | AEON REIT | | |
| | Investment Corp. | 1,967 | 2,499 |
| ^ | Daiwa Office Investment | | |
| | Corp. Class A | 487 | 2,493 |
| ^ | Daiwa House REIT | | |
| | Investment Corp. | 601 | 2,449 |
| | Tokyu REIT Inc. | 1,891 | 2,416 |
| | NTT Urban | | |
| | Development Corp. | 235,400 | 2,070 |
| | Fukuoka REIT Co. | 1,255 | 2,020 |
| ^,* | Hulic Reit Inc. | 1,257 | 1,754 |
| ^ | Nomura Real Estate | | |
| | Residential Fund Inc. | 317 | 1,754 |
| | Premier Investment Corp. | 412 | 1,592 |
| ^ | Sekisui House SI | | |
| | Investment Co. | 1,679 | 1,586 |
| | Top REIT Inc. | 320 | 1,389 |
| | Comforia Residential | | |
| | REIT Inc. | 186 | 1,315 |
| ^ | Ichigo Real Estate | | |
| | Investment Corp. | 2,169 | 1,306 |
| | TOC Co. Ltd. | 190,629 | 1,297 |
| | Heiwa Real Estate | | |
| | REIT Inc. | 1,534 | 1,250 |
| | Daikyo Inc. | 631,075 | 1,230 |
| | Daibiru Corp. | 122,057 | 1,218 |
| | Heiwa Real Estate Co. Ltd. | 76,432 | 1,200 |
| | Global One Real Estate | | |
| | Investment Corp. | 378 | 1,183 |
14
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Kenedix Residential | | |
| | Investment Corp. | 496 | 1,089 |
| | Hankyu Reit Inc. | 199 | 1,070 |
| | Japan Rental Housing | | |
| | Investments Inc. | 1,639 | 1,014 |
| | MID Reit Inc. | 368 | 833 |
| | Goldcrest Co. Ltd. | 37,505 | 785 |
| ^ | Jowa Holdings Co. Ltd. | 22,000 | 764 |
| | SIA Reit Inc. | 151 | 566 |
| ^ | Takara Leben Co. Ltd. | 180,752 | 496 |
| | Starts Proceed | | |
| | Investment Corp. | 242 | 400 |
| | Tokyo Theatres Co. Inc. | 207,017 | 282 |
| | | | 398,260 |
| Malaysia (1.1%) | | |
| * | IOI Properties Group | | |
| | Sdn Bhd. | 3,047,300 | 2,505 |
| | UEM Sunrise Bhd. | 2,852,565 | 2,014 |
| | KLCC Property | | |
| | Holdings Bhd. | 945,600 | 1,927 |
| | IGB Corp. Bhd. | 1,773,687 | 1,504 |
| | Sunway Bhd. | 1,531,385 | 1,457 |
| | IGB REIT | 3,568,800 | 1,268 |
| | SP Setia Bhd. | 1,303,700 | 1,205 |
| | Sunway REIT | 2,853,034 | 1,189 |
| | Eastern & Oriental Bhd. | 1,335,400 | 971 |
| | Mah Sing Group Bhd. | 1,192,780 | 827 |
| | CapitaMalls Malaysia | | |
| | Trust | 1,631,000 | 755 |
| | IJM Land Bhd. | 725,941 | 672 |
| | Pavilion REIT | 1,576,400 | 657 |
| | Axis REIT | 612,200 | 656 |
| | UOA Development Bhd. | 748,800 | 539 |
| | Al-’Aqar Healthcare REIT | 999,700 | 423 |
| | Tropicana Corp. Bhd. | 825,700 | 390 |
| | TA Global Bhd. | 2,734,900 | 260 |
| * | KSL Holdings Bhd. | 364,300 | 240 |
| | Glomac Bhd. | 557,800 | 188 |
| * | YTL Land & | | |
| | Development Bhd. | 515,100 | 148 |
| * | Mah Sing Group Bhd. | | |
| | Warrants Exp. | | |
| | 03/18/2018 | 114,160 | 19 |
| | | | 19,814 |
| Mexico (1.1%) | | |
| | Fibra Uno Administracion | | |
| | SA de CV | 3,223,370 | 10,530 |
| | Mexico Real Estate | | |
| | Management SA de CV | 1,263,745 | 2,399 |
| | TF Administradora | | |
| | Industrial S de RL de CV | 796,140 | 1,590 |
| | Corp Inmobiliaria Vesta | | |
| | SAB de CV | 644,867 | 1,305 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Concentradora Fibra | | |
| | Hotelera Mexicana | | |
| | SA de CV | 761,445 | 1,271 |
| | Concentradora Fibra | | |
| | Danhos SA de CV | 422,600 | 866 |
| | Asesor de Activos | | |
| | Prisma SAPI de CV | 445,200 | 582 |
| | | | 18,543 |
| Morocco (0.1%) | | |
| | Douja Promotion Groupe | | |
| | Addoha SA | 204,967 | 1,518 |
| | Alliances Developpement | | |
| | Immobilier SA | 7,717 | 462 |
| | Cie Generale Immobiliere | 2,882 | 256 |
| | | | 2,236 |
| Netherlands (1.2%) | | |
| | Corio NV | 206,534 | 9,678 |
| ^ | Wereldhave NV | 45,560 | 3,831 |
| | Eurocommercial | | |
| | Properties NV | 77,141 | 3,542 |
| | Vastned Retail NV | 41,247 | 2,122 |
| | Nieuwe Steen | | |
| | Investments NV | 235,593 | 1,426 |
| | | | 20,599 |
| New Zealand (0.5%) | | |
| | Kiwi Income | | |
| | Property Trust | 2,011,345 | 1,995 |
| | Goodman Property Trust | 2,097,170 | 1,800 |
| | Precinct Properties | | |
| | New Zealand Ltd. | 1,795,853 | 1,580 |
| | Argosy Property Ltd. | 1,641,896 | 1,303 |
| ^ | Property for Industry Ltd. | 840,927 | 936 |
| | DNZ Property Fund Ltd. | 604,727 | 813 |
| | Vital Healthcare | | |
| | Property Trust | 585,690 | 677 |
| | | | 9,104 |
| Norway (0.2%) | | |
| * | Norwegian Property ASA | 1,025,260 | 1,302 |
| * | Olav Thon | | |
| | Eiendomsselskap ASA | 6,450 | 1,192 |
| ^ | Selvaag Bolig ASA | 93,233 | 279 |
| | | | 2,773 |
| Philippines (1.2%) | | |
| | Ayala Land Inc. | 11,916,300 | 8,075 |
| | SM Prime Holdings Inc. | 15,236,955 | 5,594 |
| | Megaworld Corp. | 27,555,000 | 2,885 |
| | Robinsons Land Corp. | 3,354,850 | 1,684 |
| * | Belle Corp. | 8,787,000 | 1,180 |
| | Vista Land & | | |
| | Lifescapes Inc. | 6,963,400 | 943 |
| | Filinvest Land Inc. | 19,597,000 | 701 |
| * | Century Properties | | |
| | Group Inc. | 6,187,549 | 206 |
| | | | 21,268 |
15
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Poland (0.1%) | | |
| ^,* | Globe Trade Centre SA | 496,672 | 1,243 |
| * | Echo Investment SA | 496,541 | 983 |
| | | | 2,226 |
| Russia (0.1%) | | |
| * | LSR Group GDR | 391,350 | 1,176 |
| * | Etalon Group Ltd. GDR | 242,523 | 850 |
| | | | 2,026 |
| Singapore (7.8%) | | |
| | Global Logistic | | |
| | Properties Ltd. | 6,421,131 | 14,634 |
| | CapitaLand Ltd. | 5,287,304 | 13,532 |
| | CapitaMall Trust | 5,470,034 | 8,719 |
| | City Developments Ltd. | 963,090 | 8,344 |
| | Ascendas REIT | 4,304,221 | 7,878 |
| | Suntec REIT | 5,288,127 | 7,248 |
| | UOL Group Ltd. | 1,295,878 | 6,653 |
| | CapitaCommercial Trust | 4,743,082 | 6,070 |
| | CapitaMalls Asia Ltd. | 2,781,942 | 4,902 |
| | Keppel Land Ltd. | 1,475,462 | 4,082 |
| | Mapletree Industrial Trust | 2,423,934 | 2,789 |
| | Mapletree | | |
| | Commercial Trust | 2,753,705 | 2,785 |
| | Mapletree Logistics Trust | 3,101,129 | 2,724 |
| | Mapletree Greater | | |
| | China Commercial Trust | 3,848,230 | 2,598 |
| ^ | Fortune REIT | 2,651,861 | 2,103 |
| | CDL Hospitality Trusts | 1,425,402 | 2,044 |
| | Starhill Global REIT | 2,904,968 | 1,880 |
| | Ascott Residence Trust | 1,783,355 | 1,709 |
| | Wing Tai Holdings Ltd. | 1,014,410 | 1,622 |
| | CapitaRetail China Trust | 1,345,586 | 1,591 |
| | United Industrial Corp. Ltd. | 585,188 | 1,565 |
| | Frasers Centrepoint Trust | 1,089,341 | 1,562 |
| | Bukit Sembawang | | |
| | Estates Ltd. | 320,650 | 1,495 |
| | Parkway Life REIT | 744,255 | 1,490 |
| | Cambridge | | |
| | Industrial Trust | 2,363,409 | 1,397 |
| | Keppel REIT | 1,431,015 | 1,383 |
| | Cache Logistics Trust | 1,451,405 | 1,333 |
| | Far East Hospitality Trust | 1,800,740 | 1,273 |
| | GuocoLand Ltd. | 727,477 | 1,238 |
| | AIMS AMP Capital | | |
| | Industrial REIT | 1,086,876 | 1,229 |
| ^ | Lippo Malls Indonesia | | |
| | Retail Trust | 3,699,706 | 1,197 |
| | Sabana Shari’ah Compliant | | |
| | Industrial REIT | 1,334,360 | 1,092 |
| | Yanlord Land Group Ltd. | 1,170,204 | 1,081 |
| | First REIT | 1,164,754 | 1,080 |
| | Frasers Commercial Trust | 1,032,867 | 1,048 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Frasers Centrepoint Ltd. | 703,000 | 947 |
| | Wheelock Properties | | |
| | Singapore Ltd. | 629,969 | 945 |
| | Ascendas India Trust | 1,476,666 | 902 |
| ^,* | Sinarmas Land Ltd. | 2,066,000 | 877 |
| | Ascendas Hospitality | | |
| | Trust | 1,500,000 | 862 |
| | Soilbuild Business | | |
| | Space REIT | 1,282,000 | 803 |
| | Ho Bee Land Ltd. | 435,903 | 798 |
| | Religare Health Trust | 1,154,000 | 783 |
| | Croesus Retail Trust | 871,000 | 626 |
| * | Forterra Trust | 434,000 | 615 |
| | Oxley Holdings Ltd. | 979,000 | 608 |
| ^ | Perennial China | | |
| | Retail Trust | 1,339,576 | 594 |
| * | OUE Commercial REIT | 878,000 | 557 |
| | Far East Orchard Ltd. | 342,035 | 511 |
| | Fragrance Group Ltd. | 2,321,550 | 463 |
| | Saizen REIT | 577,400 | 413 |
| ^,* | Ying Li International | | |
| | Real Estate Ltd. | 1,789,000 | 386 |
| | | | 135,060 |
| South Africa (1.9%) | | |
| | Growthpoint | | |
| | Properties Ltd. | 2,964,630 | 6,853 |
| | Redefine Properties Ltd. | 6,062,491 | 5,731 |
| | Capital Property Fund | 3,301,590 | 3,329 |
| | Resilient Property | | |
| | Income Fund Ltd. | 548,419 | 3,004 |
| | Hyprop Investments Ltd. | 329,102 | 2,461 |
| * | Attacq Ltd. | 1,215,696 | 2,080 |
| | Fountainhead | | |
| | Property Trust | 2,420,534 | 1,832 |
| | Acucap Properties Ltd. | 340,604 | 1,535 |
| | Emira Property Fund | 947,815 | 1,302 |
| | SA Corporate Real Estate | | |
| | Fund Nominees Pty Ltd. | 2,882,726 | 1,132 |
| | Vukile Property Fund Ltd. | 691,538 | 1,103 |
| | Sycom Property Fund | 300,275 | 762 |
| | Rebosis Property Fund Ltd. | 612,468 | 676 |
| | Delta Property Fund Ltd. | 701,853 | 567 |
| | Hospitality Property | | |
| | Fund Ltd. Class A | 266,145 | 421 |
| | Premium Properties Ltd. | 222,935 | 371 |
| | Octodec Investments Ltd. | 158,614 | 306 |
| * | Resilient Property | | |
| | Income Fund Ltd | | |
| | Rights Exp. 05/16/2014 | 35,953 | 17 |
| | | | 33,482 |
| Spain (0.1%) | | |
| ^,* | Inmobiliaria Colonial SA | 2,443,378 | 2,275 |
16
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Sweden (1.6%) | | |
| | Castellum AB | 360,019 | 6,139 |
| | Fabege AB | 297,863 | 4,184 |
| | Wallenstam AB | 229,156 | 3,762 |
| | Hufvudstaden AB Class A | 247,704 | 3,632 |
| ^ | Wihlborgs Fastigheter AB | 144,123 | 2,779 |
| ^ | Kungsleden AB | 286,418 | 2,340 |
| * | Fastighets AB Balder | 133,597 | 1,714 |
| | Klovern AB | 220,445 | 1,212 |
| ^ | Atrium Ljungberg AB | 72,048 | 1,142 |
| ^ | Dios Fastigheter AB | 103,661 | 842 |
| | | | 27,746 |
| Switzerland (1.6%) | | |
| | Swiss Prime Site AG | 127,553 | 10,722 |
| | PSP Swiss Property AG | 81,191 | 7,804 |
| | Mobimo Holding AG | 13,027 | 2,800 |
| | Allreal Holding AG | 17,870 | 2,520 |
| | Solvalor 61 | 8,208 | 1,977 |
| ^ | Intershop Holdings AG | 2,687 | 1,039 |
| | Zug Estates Holding AG | | |
| | Class B | 530 | 713 |
| | | | 27,575 |
| Taiwan (1.1%) | | |
| | Ruentex Development | | |
| | Co. Ltd. | 1,593,830 | 2,825 |
| | Highwealth Construction | | |
| | Corp. | 973,800 | 2,174 |
| | Cathay No 1 REIT | 2,461,310 | 1,424 |
| | Huaku Development | | |
| | Co. Ltd. | 481,554 | 1,180 |
| | Prince Housing & | | |
| | Development Corp. | 2,448,290 | 1,133 |
| | Cathay Real Estate | | |
| | Development Co. Ltd. | 1,892,000 | 1,098 |
| | Farglory Land | | |
| | Development Co. Ltd. | 658,631 | 1,080 |
| | Radium Life Tech Co. Ltd. | 1,338,494 | 1,049 |
| | Chong Hong | | |
| | Construction Co. | 371,000 | 1,025 |
| | Kingdom Construction Co. | 775,000 | 801 |
| | Shin Kong No.1 REIT | 1,836,000 | 776 |
| | Hung Sheng | | |
| | Construction Ltd. | 947,000 | 614 |
| | KEE TAI Properties | | |
| | Co. Ltd. | 792,869 | 540 |
| | Gallop No 1 REIT | 879,000 | 526 |
| | Kuoyang Construction | | |
| | Co. Ltd. | 1,000,665 | 509 |
| * | Shining Building | | |
| | Business Co. Ltd. | 594,638 | 475 |
| * | Taiwan Land | | |
| | Development Corp. | 1,218,906 | 449 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hung Poo Real Estate | | |
| | Development Corp. | 430,194 | 385 |
| | Huang Hsiang | | |
| | Construction Co. | 247,000 | 376 |
| | Advancetek Enterprise | | |
| | Co. Ltd. | 294,000 | 321 |
| * | YeaShin International | | |
| | Development Co. Ltd. | 408,000 | 287 |
| * | King’s Town | | |
| | Construction Co. Ltd. | 231,352 | 193 |
| * | YeaShin International | | |
| | Development Co. Ltd. | | |
| | Rights Exp. 05/13/2014 | 16,761 | — |
| | | | 19,240 |
| Thailand (1.1%) | | |
| * | Central Pattana PCL | 2,800,400 | 3,932 |
| * | Land and Houses PCL | 6,382,400 | 1,958 |
| | Tesco Lotus Retail | | |
| | Growth Freehold | | |
| | & Leasehold | | |
| | Property Fund | 3,418,762 | 1,375 |
| ^ | CPN Retail Growth | | |
| | Leasehold | | |
| | Property Fund | 2,682,810 | 1,279 |
| * | Hemaraj Land and | | |
| | Development PCL | 9,995,478 | 1,104 |
| * | Bangkok Land PCL | 21,421,800 | 1,082 |
| * | Pruksa Real Estate PCL | 1,390,600 | 966 |
| * | Quality Houses PCL | 7,843,800 | 794 |
| * | WHA Corp. PCL | 737,470 | 764 |
| * | Supalai PCL | 1,232,305 | 746 |
| * | MBK PCL | 1,507,120 | 709 |
| * | LPN Development PCL | 1,237,900 | 668 |
| | TICON Property Fund | 1,565,300 | 523 |
| * | Amata Corp. PCL | 1,043,400 | 508 |
| | Univentures PCL | 1,577,100 | 384 |
| * | Sansiri PCL (Local) | 5,418,200 | 321 |
| * | Siam Future | | |
| | Development PCL | 1,524,606 | 265 |
| | TICON Industrial | | |
| | Connection PCL (Foreign) | 501,661 | 258 |
| * | Land and Houses | | |
| | Warrants | 1,276,480 | 252 |
| | SC Asset Corp. | | |
| | PCL (Foreign) | 2,245,967 | 240 |
| * | Asian Property | | |
| | Development PCL | | |
| | (Foreign) | 1,375,700 | 231 |
| | Thai Factory | | |
| | Development PCL | 1,024,000 | 218 |
| | SC Asset Corp. | | |
| | PCL (Local) | 1,643,100 | 175 |
17
Global ex-U.S. Real Estate Index Fund
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Rojana Industrial | | |
| | Park PCL (Local) | 760,600 | 169 |
| | TICON Industrial | | |
| | Connection PCL (Local) | 332,400 | 165 |
| | Sansiri PCL | 1,383,900 | 82 |
| | Rojana Industrial Park | | |
| | PCL - NVDR | 279,400 | 62 |
| | Sansiri PCL (Foreign) | 901,132 | 53 |
| | Rojana Industrial Park | | |
| | PCL (Foreign) | 225,393 | 50 |
| * | Bangkokland PCL | | |
| | Warrants Exp. | | |
| | 05/16/2018 | 4,269,495 | 44 |
| * | TICON Industrial | | |
| | Connection PCL Rights | 100,332 | 5 |
| * | TICON Industrial | | |
| | NVDR Rights | 66,480 | 2 |
| | | | 19,384 |
| Turkey (0.4%) | | |
| | Emlak Konut Gayrimenkul | | |
| | Yatirim Ortakligi AS | 4,084,568 | 5,364 |
| | Is Gayrimenkul Yatirim | | |
| | Ortakligi AS | 728,034 | 477 |
| | Torunlar Gayrimenkul | | |
| | Yatirim Ortakligi AS | 254,950 | 435 |
| | Sinpas Gayrimenkul | | |
| | Yatirim Ortakligi AS | 712,033 | 284 |
| | Halk Gayrimenkul | | |
| | Yatrm Ortakligi AS | 419,543 | 213 |
| | | | 6,773 |
| United Kingdom (8.8%) | | |
| | Land Securities Group plc | 1,643,844 | 29,531 |
| | British Land Co. plc | 2,102,228 | 24,560 |
| | Hammerson plc | 1,502,091 | 14,497 |
| | Segro plc | 1,566,525 | 9,272 |
| | Intu Properties plc | 1,856,540 | 9,172 |
| | Derwent London plc | 180,465 | 8,302 |
| | Capital & Counties | | |
| | Properties plc | 1,406,968 | 7,937 |
| | Great Portland Estates plc | 724,676 | 7,684 |
| | Shaftesbury plc | 584,918 | 6,540 |
| | Grainger plc | 860,051 | 3,104 |
| | Unite Group plc | 421,764 | 3,012 |
| | Londonmetric Property plc | 1,249,945 | 2,919 |
| | Hansteen Holdings plc | 1,432,030 | 2,493 |
| | ST Modwen Properties plc | 387,122 | 2,431 |
| | F&C Commercial | | |
| | Property Trust Ltd. | 1,168,726 | 2,359 |
| | Big Yellow Group plc | 263,935 | 2,294 |
| | Workspace Group plc | 221,385 | 2,145 |
| * | Quintain Estates & | | |
| | Development plc | 1,098,907 | 1,882 |
| | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Safestore Holdings plc | 425,150 | 1,654 |
| ^ | Redefine International plc 1,674,353 | 1,570 |
| | Helical Bar plc | 220,802 | 1,355 |
| | UK Commercial | | |
| | Property Trust Ltd. | 952,708 | 1,304 |
| | Primary Health | | |
| | Properties plc | 205,575 | 1,243 |
| * | Raven Russia Ltd. | 973,126 | 1,069 |
| | Development Securities plc | 251,614 | 1,034 |
| | Mucklow A & J Group plc | 125,397 | 954 |
| | Schroder REIT Ltd. | 975,024 | 881 |
| * | CLS Holdings plc | 36,256 | 855 |
| | Picton Property Income Ltd. | 770,827 | 804 |
| * | Tritax Big Box REIT plc | 196,000 | 361 |
| | | | 153,218 |
| Total Common Stocks | | |
| (Cost $1,671,561) | | 1,741,505 |
| Temporary Cash Investments (3.9%) | |
| Money Market Fund (3.8%) | | |
| 1,2 | Vanguard Market Liquidity | | |
| | Fund, 0.124% | 66,437,812 | 66,438 |
| |
| | | Face | |
| | | Amount | |
| | | ($000) | |
| U.S. Government and Agency Obligations (0.1%) |
| 3 | Federal Home Loan | | |
| | Bank Discount Notes, | | |
| | 0.125%, 5/30/14 | 200 | 200 |
| 3 | Federal Home Loan | | |
| | Bank Discount Notes, | | |
| | 0.077%, 6/13/14 | 200 | 200 |
| 3 | Federal Home Loan | | |
| | Bank Discount Notes, | | |
| | 0.090%, 8/6/14 | 300 | 300 |
| | | | 700 |
| Total Temporary Cash | | |
| Investments (Cost $67,138) | | 67,138 |
| Total Investments (103.9%) | | |
| (Cost $1,738,699) | | 1,808,643 |
| Other Assets and Liabilities (-3.9%) | |
| Other Assets | | 10,707 |
| Liabilities2 | | (77,901) |
| | | | (67,194) |
| Net Assets (100%) | | 1,741,449 |
18
Global ex-U.S. Real Estate Index Fund
| |
| At April 30, 2014, net assets consisted of: | |
| | Amount |
| | ($000) |
| Paid-in Capital | 1,697,588 |
| Overdistributed Net Investment Income | (12,447) |
| Accumulated Net Realized Losses | (13,655) |
| Unrealized Appreciation (Depreciation) | |
| Investment Securities | 69,944 |
| Foreign Currencies | 19 |
| Net Assets | 1,741,449 |
| |
| Investor Shares—Net Assets | |
| Applicable to 3,838,911 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 84,801 |
| Net Asset Value Per Share— | |
| Investor Shares | $22.09 |
| |
| Admiral Shares—Net Assets | |
| Applicable to 5,881,385 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 196,804 |
| Net Asset Value Per Share— | |
| Admiral Shares | $33.46 |
| |
| | Amount |
| | ($000) |
| Institutional Shares—Net Assets | |
| Applicable to 978,444 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 109,101 |
| Net Asset Value Per Share— | |
| Institutional Shares | $111.50 |
| |
| ETF Shares—Net Assets | |
| Applicable to 24,458,137 outstanding | |
| $.001 par value shares of beneficial | |
| interest (unlimited authorization) | 1,350,743 |
| Net Asset Value Per Share— | |
| ETF Shares | $55.23 |
Securities with a market value of less than $500 are displayed with a dash.
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 $61,584,000.
* Non-income-producing security.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
2 Includes $66,438,000 of collateral received for securities on loan.
3 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.
19
Global ex-U.S. Real Estate Index Fund
| |
| Statement of Operations | |
| |
| | Six Months Ended |
| | April 30, 2014 |
| | ($000) |
| Investment Income | |
| Income | |
| Dividends1 | 25,930 |
| Interest2 | 6 |
| Securities Lending | 434 |
| Total Income | 26,370 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 174 |
| Management and Administrative—Investor Shares | 146 |
| Management and Administrative—Admiral Shares | 147 |
| Management and Administrative—Institutional Shares | 66 |
| Management and Administrative—ETF Shares | 1,059 |
| Marketing and Distribution—Investor Shares | 15 |
| Marketing and Distribution—Admiral Shares | 16 |
| Marketing and Distribution—Institutional Shares | 11 |
| Marketing and Distribution—ETF Shares | 150 |
| Custodian Fees | 197 |
| Shareholders’ Reports—Investor Shares | 1 |
| Shareholders’ Reports—Admiral Shares | 1 |
| Shareholders’ Reports—Institutional Shares | — |
| Shareholders’ Reports—ETF Shares | 56 |
| Trustees’ Fees and Expenses | 1 |
| Total Expenses | 2,040 |
| Net Investment Income | 24,330 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | 13,018 |
| Futures Contracts | 833 |
| Foreign Currencies | 70 |
| Realized Net Gain (Loss) | 13,921 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (58,698) |
| Foreign Currencies | 17 |
| Change in Unrealized Appreciation (Depreciation) | (58,681) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (20,430) |
| 1 Dividends are net of foreign withholding taxes of $2,002,000. | |
| 2 Interest income from an affiliated company of the fund was $6,000. | |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Global ex-U.S. Real Estate Index Fund
| | |
| Statement of Changes in Net Assets | | |
| |
| | Six Months Ended | Year Ended |
| | April 30, | October 31, |
| | 2014 | 2013 |
| | ($000) | ($000) |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 24,330 | 31,694 |
| Realized Net Gain (Loss) | 13,921 | (5,257) |
| Change in Unrealized Appreciation (Depreciation) | (58,681) | 85,175 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (20,430) | 111,612 |
| Distributions | | |
| Net Investment Income | | |
| Investor Shares | (3,084) | (5,042) |
| Admiral Shares1 | (4,278) | (2,407) |
| Institutional Shares | (2,708) | (2,923) |
| ETF Shares | (36,653) | (22,129) |
| Realized Capital Gain | | |
| Investor Shares | — | — |
| Admiral Shares1 | — | — |
| Institutional Shares | — | — |
| ETF Shares | — | — |
| Total Distributions | (46,723) | (32,501) |
| Capital Share Transactions | | |
| Investor Shares | (65,075) | 60,441 |
| Admiral Shares1 | 84,487 | 68,607 |
| Institutional Shares | 20,522 | 22,942 |
| ETF Shares | 98,099 | 869,588 |
| Net Increase (Decrease) from Capital Share Transactions | 138,033 | 1,021,578 |
| Total Increase (Decrease) | 70,880 | 1,100,689 |
| Net Assets | | |
| Beginning of Period | 1,670,569 | 569,880 |
| End of Period2 | 1,741,449 | 1,670,569 |
1 Signal Shares were renamed Admiral Shares in October 2013. The prior period’s distributions and capital share transactions are for the Signal class.
2 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($12,447,000) and $4,813,000.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Global ex-U.S. Real Estate Index Fund
Financial Highlights
| | | | |
| Investor Shares | | | | |
| | Six Months | | | Nov. 1, |
| | Ended | Year Ended | 20101 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $23.06 | $21.04 | $18.14 | $20.00 |
| Investment Operations | | | | |
| Net Investment Income | .325 | .6852 | .7002 | .7442 |
| Net Realized and Unrealized Gain (Loss) on Investments3 | (.674) | 2.321 | 2.995 | (2.430) |
| Total from Investment Operations | (.349) | 3.006 | 3.695 | (1.686) |
| Distributions | | | | |
| Dividends from Net Investment Income | (.621) | (.986) | (.795) | (.174) |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (.621) | (.986) | (.795) | (.174) |
| Net Asset Value, End of Period | $22.09 | $23.06 | $21.04 | $18.14 |
| |
| Total Return4 | -1.40% | 14.69% | 21.31% | -8.49% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $85 | $156 | $84 | $41 |
| Ratio of Total Expenses to Average Net Assets | 0.38% | 0.40% | 0.45% | 0.50%5 |
| Ratio of Net Investment Income to Average Net Assets | 2.88% | 2.95% | 3.74% | 3.61%5 |
| Portfolio Turnover Rate6 | 4% | 8% | 10% | 7% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.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.
22
Global ex-U.S. Real Estate Index Fund
Financial Highlights
| | | | |
| Admiral Shares | | | | |
| | Six Months | | | Feb. 10, |
| | Ended | Year Ended | 20111 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $34.92 | $31.87 | $27.51 | $29.89 |
| Investment Operations | | | | |
| Net Investment Income | .512 | 1.0122 | 1.0932 | .7842 |
| Net Realized and Unrealized Gain (Loss) on Investments3 | (1.020) | 3.580 | 4.528 | (3.164) |
| Total from Investment Operations | (.508) | 4.592 | 5.621 | (2.380) |
| Distributions | | | | |
| Dividends from Net Investment Income | (.952) | (1.542) | (1.261) | — |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (.952) | (1.542) | (1.261) | — |
| Net Asset Value, End of Period | $33.46 | $34.92 | $31.87 | $27.51 |
| |
| Total Return4 | -1.33% | 14.83% | 21.43% | -7.96% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $197 | $117 | $43 | $12 |
| Ratio of Total Expenses to Average Net Assets | 0.24% | 0.27% | 0.32% | 0.35%5 |
| Ratio of Net Investment Income to Average Net Assets | 3.02% | 3.08% | 3.87% | 3.76%5 |
| Portfolio Turnover Rate6 | 4% | 8% | 10% | 7% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
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 purchase and redemption fees of $.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.
23
Global ex-U.S. Real Estate Index Fund
Financial Highlights
| | | | |
| Institutional Shares | | | | |
| | Six Months | | | April 19, |
| | Ended | Year Ended | 20111 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $116.37 | $106.19 | $91.68 | $102.01 |
| Investment Operations | | | | |
| Net Investment Income | 1.746 | 3.4072 | 3.6582 | 1.5222 |
| Net Realized and Unrealized Gain (Loss) on Investments3 | (3.428) | 11.930 | 15.107 | (11.852) |
| Total from Investment Operations | (1.682) | 15.337 | 18.765 | (10.330) |
| Distributions | | | | |
| Dividends from Net Investment Income | (3.188) | (5.157) | (4.255) | — |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (3.188) | (5.157) | (4.255) | — |
| Net Asset Value, End of Period | $111.50 | $116.37 | $106.19 | $91.68 |
| |
| Total Return4 | -1.32% | 14.87% | 21.48% | -10.13% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $109 | $92 | $61 | $52 |
| Ratio of Total Expenses to Average Net Assets | 0.22% | 0.24% | 0.29% | 0.30%5 |
| Ratio of Net Investment Income to Average Net Assets | 3.04% | 3.11% | 3.90% | 3.81%5 |
| Portfolio Turnover Rate6 | 4% | 8% | 10% | 7% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.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.
24
Global ex-U.S. Real Estate Index Fund
Financial Highlights
| | | | |
| ETF Shares | | | | |
| | Six Months | | | Nov. 1, |
| | Ended | Year Ended | 20101 to |
| | April 30, | October 31, | Oct. 31, |
| For a Share Outstanding Throughout Each Period | 2014 | 2013 | 2012 | 2011 |
| Net Asset Value, Beginning of Period | $57.64 | $52.60 | $45.39 | $49.97 |
| Investment Operations | | | | |
| Net Investment Income | .852 | 1.7132 | 1.8202 | 1.8482 |
| Net Realized and Unrealized Gain (Loss) on Investments3 | (1.686) | 5.869 | 7.460 | (5.981) |
| Total from Investment Operations | (.834) | 7.582 | 9.280 | (4.133) |
| Distributions | | | | |
| Dividends from Net Investment Income | (1.576) | (2.542) | (2.070) | (.447) |
| Distributions from Realized Capital Gains | — | — | — | — |
| Total Distributions | (1.576) | (2.542) | (2.070) | (.447) |
| Net Asset Value, End of Period | $55.23 | $57.64 | $52.60 | $45.39 |
| |
| Total Return | -1.35% | 14.77% | 21.44% | -8.34% |
| |
| Ratios/Supplemental Data | | | | |
| Net Assets, End of Period (Millions) | $1,351 | $1,306 | $381 | $173 |
| Ratio of Total Expenses to Average Net Assets | 0.25% | 0.27% | 0.32% | 0.35%4 |
| Ratio of Net Investment Income to Average Net Assets | 3.01% | 3.08% | 3.87% | 3.76%4 |
| Portfolio Turnover Rate5 | 4% | 8% | 10% | 7% |
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Calculated based on average shares outstanding.
3 Includes increases from purchase and redemption fees of $.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.
25
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, Admiral Shares, Institutional Shares, and ETF Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker. Effective in October 2013, Signal Shares were renamed Admiral Shares.
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
Global ex-U.S. Real Estate Index Fund
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 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 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 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 futures gains (losses).
During the six months ended April 30, 2014, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on quarterly average aggregate settlement values. The fund had no open futures contracts at April 30, 2014.
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, 2011–2013), and for the period ended April 30, 2014, 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 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.
27
Global ex-U.S. Real Estate Index Fund
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group participate in a $2.89 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 April 30, 2014, 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. The Vanguard Group furnishes at cost investment advisory, corporate management, administrative, marketing, and distribution services. The costs of such services are allocated to the fund based on methods approved by the board of trustees. The fund has committed to provide up to 0.40% of its net assets in capital contributions to Vanguard. At April 30, 2014, the fund had contributed capital of $179,000 to Vanguard (included in Other Assets), representing 0.01% of the fund’s net assets and 0.07% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and officers 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).
28
Global ex-U.S. Real Estate Index Fund
The following table summarizes the market value of the fund’s investments as of April 30, 2014, based on the inputs used to value them:
| | | |
| | Level 1 | Level 2 | Level 3 |
| Investments | ($000) | ($000) | ($000) |
| Common Stocks | 96,510 | 1,644,742 | 253 |
| Temporary Cash Investments | 66,438 | 700 | — |
| Total | 162,948 | 1,645,442 | 253 |
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 $19,127,000 based on Level 1 inputs were transferred from Level 2 during the fiscal period.
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 six months ended April 30, 2014, the fund realized net foreign currency gains of $70,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to overdistributed 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 investment income for tax purposes. During the six months ended April 30, 2014, the fund realized gains on the sale of passive foreign investment companies of $5,063,000, which have been included in current and prior periods’ taxable income; accordingly, such gains have been reclassified from accumulated net realized losses to overdistributed net investment income. Passive foreign investment companies had unrealized appreciation of $28,946,000 at April 30, 2014.
During the six months ended April 30, 2014, the fund realized $8,604,000 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.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2013 the fund had available capital losses totaling $12,497,000 to offset future net capital gains. Of this amount, $1,948,000 is subject to expiration on October 31, 2019. Capital losses of $10,549,000 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2014; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
29
Global ex-U.S. Real Estate Index Fund
At April 30, 2014, the cost of investment securities for tax purposes was $1,767,645,000. Net unrealized appreciation of investment securities for tax purposes was $40,998,000, consisting of unrealized gains of $106,326,000 on securities that had risen in value since their purchase and $65,328,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended April 30, 2014, the fund purchased $192,060,000 of investment securities and sold $76,657,000 of investment securities, other than temporary cash investments. Purchases and sales include $66,824,000 and $45,884,000, 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:
| | | | |
| | Six Months Ended | | Year Ended |
| | | April 30, 2014 | October 31, 2013 |
| | Amount | Shares | Amount | Shares |
| | ($000) | (000) | ($000) | (000) |
| Investor Shares | | | | |
| Issued1 | 9,694 | 447 | 155,272 | 6,953 |
| Issued in Lieu of Cash Distributions | 2,839 | 134 | 4,517 | 212 |
| Redeemed 2 | (77,608) | (3,519) | (99,348) | (4,402) |
| Net Increase (Decrease)—Investor Shares | (65,075) | (2,938) | 60,441 | 2,763 |
| Admiral Shares3 | | | | |
| Issued1 | 98,266 | 2,956 | 70,563 | 2,042 |
| Issued in Lieu of Cash Distributions | 3,707 | 116 | 2,193 | 68 |
| Redeemed 2 | (17,486) | (534) | (4,149) | (123) |
| Net Increase (Decrease)—Admiral Shares | 84,487 | 2,538 | 68,607 | 1,987 |
| Institutional Shares | | | | |
| Issued1 | 63,804 | 588 | 37,302 | 340 |
| Issued in Lieu of Cash Distributions | 2,499 | 23 | 2,608 | 24 |
| Redeemed 2 | (45,781) | (420) | (16,968) | (153) |
| Net Increase (Decrease)—Institutional Shares | 20,522 | 191 | 22,942 | 211 |
| ETF Shares | | | | |
| Issued1 | 146,338 | 2,702 | 875,175 | 15,515 |
| Issued in Lieu of Cash Distributions | — | — | — | — |
| Redeemed 2 | (48,239) | (900) | (5,587) | (100) |
| Net Increase (Decrease)—ETF Shares | 98,099 | 1,802 | 869,588 | 15,415 |
1 Includes purchase fees for fiscal 2014 and 2013 of $274,000 and $567,000, respectively (fund totals).
2 Net of redemption fees for fiscal 2014 and 2013 of $297,000 and $215,000, respectively (fund totals).
3 Signal Shares were renamed Admiral Shares in October 2013. The prior period’s capital share transactions are for the Signal class.
G. Management has determined that no material events or transactions occurred subsequent to April 30, 2014, that would require recognition or disclosure in these financial statements.
30
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.
31
| | | |
| Six Months Ended April 30, 2014 | | | |
| | Beginning | Ending | Expenses |
| | Account Value | Account Value | Paid During |
| Global ex-U.S. Real Estate Index Fund | 10/31/2013 | 4/30/2014 | Period |
| Based on Actual Fund Return | | | |
| Investor Shares | $1,000.00 | $986.04 | $1.87 |
| Admiral Shares | 1,000.00 | 986.65 | 1.18 |
| Institutional Shares | 1,000.00 | 986.76 | 1.08 |
| ETF Shares | 1,000.00 | 986.54 | 1.23 |
| Based on Hypothetical 5% Yearly Return | | | |
| Investor Shares | $1,000.00 | $1,022.91 | $1.91 |
| Admiral Shares | 1,000.00 | 1,023.60 | 1.20 |
| Institutional Shares | 1,000.00 | 1,023.70 | 1.10 |
| ETF Shares | 1,000.00 | 1,023.55 | 1.25 |
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 0.38% for Investor Shares, 0.24% for Admiral Shares, 0.22% for Institutional Shares, and 0.25% for ETF 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.
32
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Global ex-U.S. Real Estate Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard). Vanguard— through its Equity Investment Group—serves as the investment advisor for the fund. The board determined that continuing the fund’s internalized management structure was in the best interest of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board considered the quality of the investment management services provided to the fund since its inception in 2010, and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than three decades. The Equity Investment Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the fund’s performance since its inception, including any periods of outperformance or underperformance relative to a target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory fee rate was also well below its peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement after a one-year period.
33
Glossary
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.
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 178 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 | and Delphi Automotive LLP (automotive components); |
| | Senior Advisor at New Mountain Capital. |
| F. William McNabb III | |
| Born 1957. Trustee Since July 2009. Chairman of the | Amy Gutmann |
| Board. Principal Occupation(s) During the Past Five | Born 1949. Trustee Since June 2006. Principal |
| Years: Chairman of the Board of The Vanguard Group, | Occupation(s) During the Past Five Years: President of |
| Inc., and of each of the investment companies served | the University of Pennsylvania; Christopher H. Browne |
| by The Vanguard Group, since January 2010; Director | Distinguished Professor of Political Science, School of |
| of The Vanguard Group since 2008; Chief Executive | Arts and Sciences, and Professor of Communication, |
| Officer and President of The Vanguard Group, and of | Annenberg School for Communication, with secondary |
| each of the investment companies served by The | faculty appointments in the Department of Philosophy, |
| Vanguard Group, since 2008; Director of Vanguard | School of Arts and Sciences, and at the Graduate |
| Marketing Corporation; Managing Director of The | School of Education, University of Pennsylvania; |
| Vanguard Group (1995–2008). | Trustee of the National Constitution Center; Chair |
| | of the Presidential Commission for the Study of |
| IndependentTrustees | Bioethical Issues. |
| |
| Emerson U. Fullwood | JoAnn Heffernan Heisen |
| Born 1948. Trustee Since January 2008. Principal | Born 1950. Trustee Since July 1998. Principal |
| Occupation(s) During the Past Five Years: Executive | Occupation(s) During the Past Five Years: Corporate |
| Chief Staff and Marketing Officer for North America | Vice President and Chief Global Diversity Officer |
| and Corporate Vice President (retired 2008) of Xerox | (retired 2008) and Member of the Executive |
| Corporation (document management products and | Committee (1997–2008) of Johnson & Johnson |
| services); Executive in Residence and 2009–2010 | (pharmaceuticals/medical devices/consumer |
| Distinguished Minett Professor at the Rochester | products); Director of Skytop Lodge Corporation |
| Institute of Technology; Director of SPX Corporation | (hotels), the University Medical Center at Princeton, |
| (multi-industry manufacturing), the United Way of | the Robert Wood Johnson Foundation, and the Center |
| Rochester, Amerigroup Corporation (managed health | for Talent Innovation; Member of the Advisory Board |
| care), the University of Rochester Medical Center, | of the Maxwell School of Citizenship and Public Affairs |
| Monroe Community College Foundation, and North | at Syracuse University. |
| Carolina A&T University. | |
| F. Joseph Loughrey |
| Rajiv L. Gupta | Born 1949. Trustee Since October 2009. Principal |
| Born 1945. Trustee Since December 2001.2 | Occupation(s) During the Past Five Years: President |
| Principal Occupation(s) During the Past Five Years: | and Chief Operating Officer (retired 2009) of Cummins |
| Chairman and Chief Executive Officer (retired 2009) | Inc. (industrial machinery); Chairman of the Board |
| and President (2006–2008) of Rohm and Haas Co. | of Hillenbrand, Inc. (specialized consumer services), |
| (chemicals); Director of Tyco International, Ltd. | and of Oxfam America; Director of SKF AB (industrial |
| (diversified manufacturing and services), Hewlett- | machinery), Hyster-Yale Materials Handling, Inc. |
| Packard Co. (electronic computer manufacturing), | (forklift trucks), the Lumina Foundation for Education, |
| | |
| and the V Foundation for Cancer Research; Member | Executive Officers | |
| of the Advisory Council for the College of Arts and | | |
| Letters and of the Advisory Board to the Kellogg | Glenn Booraem | |
| Institute for International Studies, both at the | Born 1967. Controller Since July 2010. Principal |
| University of Notre Dame. | Occupation(s) During the Past Five Years: Principal |
| | of The Vanguard Group, Inc.; Controller of each of |
| Mark Loughridge | the investment companies served by The Vanguard |
| Born 1953. Trustee Since March 2012. Principal | Group; Assistant Controller of each of the investment |
| Occupation(s) During the Past Five Years: Senior Vice | companies served by The Vanguard Group (2001–2010). |
| President and Chief Financial Officer (retired 2013) | | |
| at IBM (information technology services); Fiduciary | Thomas J. Higgins | |
| Member of IBM’s Retirement Plan Committee (2004– | Born 1957. Chief Financial Officer Since September |
| 2013); Member of the Council on Chicago Booth. | 2008. Principal Occupation(s) During the Past Five |
| | Years: Principal of The Vanguard Group, Inc.; Chief |
| Scott C. Malpass | Financial Officer of each of the investment companies |
| Born 1962. Trustee Since March 2012. Principal | served by The Vanguard Group; Treasurer of each of |
| Occupation(s) During the Past Five Years: Chief | the investment companies served by The Vanguard |
| Investment Officer and Vice President at the University | Group (1998–2008). | |
| of Notre Dame; Assistant Professor of Finance at the | | |
| Mendoza College of Business at Notre Dame; Member | Kathryn J. Hyatt | |
| of the Notre Dame 403(b) Investment Committee; | Born 1955. Treasurer Since November 2008. Principal |
| Board Member of TIFF Advisory Services, Inc. | Occupation(s) During the Past Five Years: Principal of |
| (investment advisor); Member of the Investment | The Vanguard Group, Inc.; Treasurer of each of the |
| Advisory Committees of the Financial Industry | investment companies served by The Vanguard |
| Regulatory Authority (FINRA) and of Major League | Group; Assistant Treasurer of each of the investment |
| Baseball. | companies served by The Vanguard Group (1988–2008). |
| |
| André F. Perold | Heidi Stam | |
| Born 1952. Trustee Since December 2004. Principal | Born 1956. Secretary Since July 2005. Principal |
| Occupation(s) During the Past Five Years: George | Occupation(s) During the Past Five Years: Managing |
| Gund Professor of Finance and Banking, Emeritus | Director of The Vanguard Group, Inc.; General Counsel |
| at the Harvard Business School (retired 2011); | of The Vanguard Group; Secretary of The Vanguard |
| Chief Investment Officer and Managing Partner of | Group and of each of the investment companies |
| HighVista Strategies LLC (private investment firm); | served by The Vanguard Group; Director and Senior |
| Director of Rand Merchant Bank; Overseer of the | Vice President of Vanguard Marketing Corporation. |
| Museum of Fine Arts Boston. | | |
| |
| Alfred M. Rankin, Jr. | Vanguard Senior ManagementTeam |
| Born 1941. Trustee Since January 1993. Principal | Mortimer J. Buckley | Chris D. McIsaac |
| Occupation(s) During the Past Five Years: Chairman, | Kathleen C. Gubanich | Michael S. Miller |
| President, and Chief Executive Officer of NACCO | Paul A. Heller | James M. Norris |
| Industries, Inc. (housewares/lignite), and of Hyster- | Martha G. King | Glenn W. Reed |
| Yale Materials Handling, Inc. (forklift trucks); Chairman | John T. Marcante | |
| of the Board of University Hospitals of Cleveland. | | |
| |
| Peter F. Volanakis | Chairman Emeritus and Senior Advisor |
| Born 1955. Trustee Since July 2009. Principal | John J. Brennan | |
| Occupation(s) During the Past Five Years: President | Chairman, 1996–2009 | |
| and Chief Operating Officer (retired 2010) of Corning | Chief Executive Officer and President, 1996–2008 |
| Incorporated (communications equipment); Trustee of | | |
| Colby-Sawyer College; Member of the Advisory Board | | |
| of the Norris Cotton Cancer Center and of the Advisory | Founder | |
| Board of the 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.
|  |
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| All comparative mutual fund data are from Lipper, a | investing in such products. |
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| otherwise noted. | |
| |
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| |
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| find out more about this public service, call the SEC at | |
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| Commission, Washington, DC 20549-1520. | |
| | © 2014 The Vanguard Group, Inc. |
| | All rights reserved. |
| | Vanguard Marketing Corporation, Distributor. |
| |
| | Q7382 062014 |
Item 2: Code of Ethics.
Not Applicable.
Item 3:
Not Applicable.
Item 4: Principal Accountant Fees and Services.
Not. Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.8%)1 | | |
| Austria (0.4%) | | |
| | Erste Group Bank AG | 701,835 | 23,599 |
| | OMV AG | 352,080 | 16,462 |
| | Voestalpine AG | 274,478 | 12,538 |
| | Andritz AG | 178,191 | 11,069 |
| | Raiffeisen Bank International AG | 286,100 | 9,044 |
| | IMMOFINANZ AG | 2,351,878 | 8,734 |
| | Telekom Austria AG | 558,251 | 5,540 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 94,261 | 5,041 |
| ^ | Verbund AG | 159,975 | 3,102 |
| * | BUWOG AG | 117,593 | 2,159 |
| | Strabag SE | 35,893 | 1,004 |
| | | | 98,292 |
| Belgium (1.8%) | | |
| | Anheuser-Busch InBev NV | 1,956,372 | 213,239 |
| | KBC Groep NV | 674,380 | 41,153 |
| | Ageas | 533,340 | 22,953 |
| | UCB SA | 278,875 | 22,876 |
| | Solvay SA Class A | 137,637 | 22,305 |
| | Groupe Bruxelles Lambert SA | 191,088 | 19,321 |
| | Delhaize Group SA | 247,370 | 18,420 |
| ^ | Umicore SA | 266,296 | 13,054 |
| | Belgacom SA | 345,363 | 10,571 |
| | Colruyt SA | 176,471 | 9,979 |
| | Telenet Group Holding NV | 117,333 | 6,881 |
| | | | 400,752 |
| Denmark (2.2%) | | |
| | Novo Nordisk A/S Class B | 4,775,090 | 216,722 |
| | Danske Bank A/S | 1,929,124 | 54,581 |
| | AP Moeller - Maersk A/S Class B | 16,620 | 39,676 |
| | Novozymes A/S | 573,813 | 27,512 |
| | Carlsberg A/S Class B | 259,705 | 25,979 |
| * | Vestas Wind Systems A/S | 542,983 | 24,115 |
| | Coloplast A/S Class B | 245,215 | 20,596 |
| | Pandora A/S | 277,464 | 18,704 |
| | TDC A/S | 1,953,487 | 18,345 |
| | AP Moeller - Maersk A/S Class A | 8,031 | 18,245 |
| | DSV A/S | 429,637 | 14,350 |
| | Chr Hansen Holding A/S | 218,917 | 9,870 |
| ^ | FLSmidth & Co. A/S | 121,617 | 6,511 |
| | Tryg A/S | 58,974 | 5,601 |
| * | William Demant Holding A/S | 55,308 | 4,956 |
| | H Lundbeck A/S | 140,982 | 4,109 |
| | Rockwool International A/S Class B | 15,369 | 2,965 |
| | | | 512,837 |
| Finland (1.3%) | | |
| * | Nokia Oyj | 9,182,189 | 68,753 |
| ^ | Sampo | 1,150,426 | 57,176 |
| ^ | Kone Oyj Class B | 929,056 | 39,825 |
| | Fortum Oyj | 1,079,810 | 24,395 |
| | UPM-Kymmene Oyj | 1,293,253 | 22,650 |
| | Wartsila OYJ Abp | 383,443 | 21,406 |
| | Stora Enso Oyj | 1,429,970 | 14,603 |
| | Metso Oyj | 333,805 | 13,436 |
| ^ | Nokian Renkaat Oyj | 329,417 | 13,109 |
| | Kesko Oyj Class B | 163,463 | 6,691 |
| ^ | Neste Oil Oyj | 309,803 | 6,371 |
| | Valmet Corp. | 337,930 | 3,949 |
| | | | 292,364 |
| France (14.6%) | | |
| | Total SA | 4,982,416 | 356,467 |
| | Sanofi | 2,807,297 | 302,967 |
1
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | BNP Paribas SA | 2,395,763 | 180,031 |
| | Schneider Electric SA | 1,339,427 | 125,735 |
| ^ | AXA SA | 4,654,843 | 121,474 |
| | LVMH Moet Hennessy Louis Vuitton SA | 607,836 | 119,742 |
| | Air Liquide SA | 762,954 | 109,155 |
| | Societe Generale SA | 1,749,770 | 108,972 |
| ^ | L'Oreal SA | 572,581 | 98,683 |
| | Danone | 1,327,768 | 98,042 |
| | Airbus Group NV | 1,358,040 | 93,353 |
| ^ | Vinci SA | 1,151,233 | 86,927 |
| | Vivendi SA | 3,114,816 | 83,686 |
| ^ | GDF Suez | 3,195,110 | 80,529 |
| | Orange SA | 4,418,198 | 71,581 |
| | Cie de St-Gobain | 969,792 | 59,416 |
| | Pernod Ricard SA | 480,707 | 57,690 |
| | Cie Generale des Etablissements Michelin | 459,114 | 56,302 |
| | Carrefour SA | 1,424,224 | 55,519 |
| | Essilor International SA | 482,911 | 51,714 |
| | Safran SA | 644,064 | 43,347 |
| | Legrand SA | 642,592 | 41,522 |
| | Lafarge SA | 446,630 | 40,867 |
| | Kering | 180,915 | 40,014 |
| | Renault SA | 407,384 | 39,830 |
| * | Credit Agricole SA | 2,448,143 | 38,628 |
| | Publicis Groupe SA | 392,063 | 33,541 |
| ^ | Technip SA | 260,385 | 29,309 |
| | SES SA | 727,893 | 27,425 |
| * | Alcatel-Lucent | 6,692,647 | 26,542 |
| | Christian Dior SA | 127,408 | 26,215 |
| | Cap Gemini SA | 360,628 | 25,480 |
| | Valeo SA | 183,135 | 25,150 |
| | Electricite de France | 638,328 | 24,513 |
| | Sodexo | 221,743 | 23,908 |
| | Alstom SA | 529,725 | 21,891 |
| | Accor SA | 423,649 | 20,742 |
| ^,* | Bouygues SA | 440,981 | 19,862 |
| | Veolia Environnement SA | 1,036,515 | 19,337 |
| | Dassault Systemes | 153,748 | 18,920 |
| * | Casino Guichard Perrachon SA | 141,010 | 17,968 |
| | Vallourec SA | 286,869 | 16,953 |
| | Edenred | 490,898 | 16,592 |
| | Bureau Veritas SA | 535,215 | 16,402 |
| | Natixis | 2,272,577 | 16,132 |
| | Arkema SA | 143,883 | 16,071 |
| | Rexel SA | 634,460 | 16,018 |
| | AtoS | 184,555 | 15,944 |
| | Thales SA | 244,432 | 15,565 |
| | Zodiac Aerospace | 467,492 | 15,543 |
| | Groupe Eurotunnel SA | 1,128,050 | 15,144 |
| | Iliad SA | 56,165 | 15,142 |
| | STMicroelectronics NV | 1,556,547 | 14,844 |
| * | SCOR SE | 344,495 | 12,606 |
| | Suez Environnement Co. | 623,718 | 12,256 |
| | Aeroports de Paris | 96,597 | 12,013 |
| ^ | Lagardere SCA | 282,416 | 11,836 |
| | Wendel SA | 75,214 | 11,338 |
| | Klepierre | 240,198 | 11,021 |
| | Eutelsat Communications SA | 316,808 | 10,898 |
| ^,* | Peugeot SA | 594,750 | 10,523 |
| * | CNP Assurances | 401,424 | 9,261 |
| | Societe BIC SA | 66,437 | 8,815 |
| | Bollore SA | 13,357 | 8,513 |
| * | Fonciere Des Regions | 82,344 | 8,364 |
| * | ICADE | 79,038 | 8,064 |
2
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Eurazeo SA | 89,332 | 7,531 |
| * | Eiffage SA | 96,720 | 7,311 |
| * | CGG SA | 416,154 | 7,200 |
| | Hermes International | 20,377 | 7,155 |
| | Imerys SA | 80,863 | 7,101 |
| | JCDecaux SA | 163,289 | 6,703 |
| | Gecina SA | 45,219 | 6,087 |
| | SEB SA | 64,824 | 5,980 |
| * | Air France-KLM | 361,718 | 5,204 |
| | Remy Cointreau SA | 58,069 | 5,104 |
| ^ | Societe Television Francaise 1 | 256,013 | 4,359 |
| | Euler Hermes SA | 31,685 | 3,823 |
| | BioMerieux | 34,515 | 3,770 |
| | Ipsen SA | 84,443 | 3,749 |
| | | | 3,329,931 |
| Germany (13.7%) | | |
| | Bayer AG | 2,028,277 | 282,019 |
| * | BASF SE | 2,264,182 | 262,661 |
| | Siemens AG | 1,944,316 | 256,498 |
| | Daimler AG | 2,343,116 | 218,145 |
| | Allianz SE | 1,116,049 | 194,228 |
| | SAP AG | 2,192,480 | 177,214 |
| | Deutsche Telekom AG | 7,534,519 | 126,590 |
| | Deutsche Bank AG | 2,498,397 | 110,045 |
| | Bayerische Motoren Werke AG | 796,963 | 100,184 |
| * | Volkswagen AG Preference Shares | 354,579 | 95,853 |
| | Linde AG | 453,500 | 94,186 |
| ^,* | Muenchener Rueckversicherungs AG | 391,231 | 90,438 |
| | Deutsche Post AG | 2,331,836 | 87,988 |
| | E.ON SE | 4,486,623 | 85,942 |
| | Continental AG | 264,935 | 62,341 |
| | Adidas AG | 512,949 | 54,836 |
| | Fresenius SE & Co. KGaA | 319,767 | 48,654 |
| | Henkel AG & Co. KGaA Preference Shares | 428,871 | 47,841 |
| | RWE AG | 1,186,806 | 45,290 |
| | Porsche Automobil Holding SE Preference Shares | 374,746 | 41,446 |
| * | Commerzbank AG | 2,314,887 | 41,278 |
| | Fresenius Medical Care AG & Co. KGaA | 526,813 | 36,297 |
| | Deutsche Boerse AG | 452,115 | 33,155 |
| | Infineon Technologies AG | 2,751,892 | 31,998 |
| | HeidelbergCement AG | 344,483 | 29,932 |
| * | ThyssenKrupp AG | 1,044,455 | 29,811 |
| | Henkel AG & Co. KGaA | 286,449 | 29,453 |
| * | Merck KGaA | 158,868 | 26,856 |
| | Beiersdorf AG | 244,966 | 24,591 |
| | Brenntag AG | 126,214 | 22,864 |
| * | ProSiebenSat.1 Media AG | 521,225 | 22,813 |
| | GEA Group AG | 434,669 | 19,468 |
| * | Volkswagen AG | 72,053 | 19,321 |
| ^ | K&S AG | 469,273 | 16,444 |
| | LANXESS AG | 205,050 | 15,615 |
| | Deutsche Lufthansa AG | 568,353 | 14,273 |
| | Hannover Rueck SE | 148,321 | 13,821 |
| | Symrise AG | 272,456 | 13,764 |
| | Metro AG | 324,454 | 12,999 |
| * | QIAGEN NV | 572,700 | 12,573 |
| | United Internet AG | 274,271 | 11,783 |
| * | Bilfinger SE | 96,129 | 11,461 |
| | MAN SE | 86,149 | 11,047 |
| * | OSRAM Licht AG | 209,550 | 11,001 |
| | Hugo Boss AG | 74,148 | 10,301 |
| * | Sky Deutschland AG | 1,098,901 | 9,431 |
| | Deutsche Wohnen AG-NEW | 415,382 | 8,917 |
| | Fuchs Petrolub SE Preference Shares | 87,378 | 8,790 |
3
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | MTU Aero Engines AG | 83,267 | 7,851 |
| | Kabel Deutschland Holding AG | 52,554 | 7,120 |
| | TUI AG | 420,762 | 7,006 |
| ^,* | Evonik Industries AG | 171,127 | 6,759 |
| | Fraport AG Frankfurt Airport Services Worldwide | 90,200 | 6,671 |
| | Axel Springer SE | 101,513 | 6,199 |
| ^ | Hochtief AG | 64,405 | 6,005 |
| * | Deutsche Wohnen AG-BR | 283,646 | 5,942 |
| * | Telefonica Deutschland Holding AG | 653,064 | 5,433 |
| | Software AG | 141,560 | 5,332 |
| | Wacker Chemie AG | 35,926 | 4,223 |
| | Fielmann AG | 31,003 | 4,194 |
| ^ | Suedzucker AG | 189,721 | 4,054 |
| | Fuchs Petrolub SE | 41,685 | 3,843 |
| | Celesio AG | 101,006 | 3,511 |
| * | Talanx AG | 89,873 | 3,439 |
| ^ | Puma SE | 6,656 | 1,966 |
| | Generali Deutschland Holding AG | 9,222 | 1,441 |
| | | | 3,123,445 |
| Greece (0.2%) | | |
| * | Piraeus Bank SA | 4,903,749 | 11,573 |
| * | Alpha Bank AE | 9,335,450 | 9,043 |
| * | Hellenic Telecommunications Organization SA ADR | 655,196 | 5,176 |
| * | Hellenic Telecommunications Organization SA | 282,448 | 4,512 |
| | National Bank of Greece SA | 953,006 | 3,726 |
| | Hellenic Petroleum SA | 169,875 | 1,458 |
| | | | 35,488 |
| Ireland (0.4%) | | |
| | Kerry Group plc Class A | 359,317 | 28,359 |
| * | Bank of Ireland | 67,300,498 | 26,278 |
| * | Ryanair Holdings plc ADR | 323,177 | 17,283 |
| | Smurfit Kappa Group plc | 384,694 | 8,570 |
| * | Ryanair Holdings plc | 36,593 | 347 |
| ^,* | Irish Bank Resolution Corp. Ltd. | 2,503,596 | — |
| | | | 80,837 |
| Italy (3.9%) | | |
| | Eni SPA | 6,038,479 | 156,395 |
| | Intesa Sanpaolo SPA (Registered) | 28,878,140 | 98,823 |
| | UniCredit SPA | 10,919,121 | 97,833 |
| | Enel SPA | 15,914,070 | 90,137 |
| | Assicurazioni Generali SPA | 3,092,138 | 72,299 |
| * | Telecom Italia SPA (Registered) | 25,548,292 | 32,831 |
| | Snam SPA | 5,137,889 | 30,905 |
| | CNH Industrial NV | 2,256,674 | 26,361 |
| | Tenaris SA | 1,158,762 | 25,616 |
| | Atlantia SPA | 975,944 | 25,423 |
| * | Fiat SPA | 2,088,657 | 25,216 |
| | Luxottica Group SPA | 426,679 | 24,473 |
| | Unione di Banche Italiane SCPA | 2,122,284 | 20,258 |
| | Terna Rete Elettrica Nazionale SPA | 3,497,201 | 18,947 |
| | Banco Popolare SC | 841,339 | 17,388 |
| | Saipem SPA | 610,237 | 16,369 |
| | Telecom Italia SPA (Bearer) | 14,834,676 | 14,745 |
| | Pirelli & C. SPA | 819,144 | 13,791 |
| | Prysmian SPA | 518,716 | 13,510 |
| * | Mediobanca SPA | 1,181,454 | 13,113 |
| | Exor SPA | 240,300 | 10,983 |
| | Enel Green Power SPA | 3,786,268 | 10,836 |
| * | Mediaset SPA | 1,628,407 | 9,012 |
| * | Finmeccanica SPA | 944,556 | 8,741 |
| | Davide Campari-Milano SPA | 693,190 | 6,026 |
| | Mediolanum SPA | 632,524 | 5,693 |
| | Gtech SPA | 157,876 | 4,634 |
4
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Salvatore Ferragamo SPA | 114,869 | 3,641 |
| | Buzzi Unicem SPA | 174,838 | 3,102 |
| | Parmalat SPA | 781,165 | 2,714 |
| | | | 899,815 |
| Netherlands (4.2%) | | |
| | Unilever NV | 3,817,601 | 163,705 |
| * | ING Groep NV | 9,473,951 | 135,430 |
| | Koninklijke Philips NV | 2,199,210 | 70,405 |
| | ASML Holding NV | 818,669 | 66,816 |
| | Unibail-Rodamco SE | 238,525 | 64,461 |
| | Heineken NV | 704,613 | 48,941 |
| | Akzo Nobel NV | 583,843 | 44,993 |
| | Koninklijke Ahold NV | 2,311,988 | 44,696 |
| | Aegon NV | 4,703,476 | 43,114 |
| | ArcelorMittal | 2,448,838 | 39,822 |
| | Reed Elsevier NV | 1,564,196 | 31,927 |
| | Koninklijke DSM NV | 427,871 | 30,725 |
| * | Koninklijke KPN NV | 7,643,110 | 27,155 |
| ^ | Gemalto NV | 192,654 | 21,540 |
| | Wolters Kluwer NV | 721,285 | 20,107 |
| | Ziggo NV | 354,659 | 15,400 |
| | Heineken Holding NV | 238,524 | 15,245 |
| | Randstad Holding NV | 260,402 | 15,218 |
| | Fugro NV | 194,587 | 12,894 |
| | Koninklijke Boskalis Westminster NV | 185,087 | 10,490 |
| | TNT Express NV | 1,152,993 | 10,390 |
| * | OCI | 200,663 | 8,581 |
| ^ | Koninklijke Vopak NV | 164,314 | 8,193 |
| * | SBM Offshore NV | 443,873 | 8,125 |
| | Corio NV | 164,148 | 7,692 |
| | | | 966,065 |
| Norway (1.2%) | | |
| | Statoil ASA | 2,346,783 | 71,543 |
| | DNB ASA | 2,627,500 | 46,574 |
| | Telenor ASA | 1,479,336 | 34,760 |
| ^ | Seadrill Ltd. | 864,188 | 30,239 |
| | Yara International ASA | 384,180 | 18,161 |
| | Norsk Hydro ASA | 3,292,087 | 17,656 |
| | Orkla ASA | 1,919,511 | 15,875 |
| | Subsea 7 SA | 685,583 | 13,728 |
| | Schibsted ASA | 198,593 | 11,427 |
| ^ | Gjensidige Forsikring ASA | 416,981 | 7,695 |
| ^ | Aker Solutions ASA | 358,105 | 5,738 |
| | | | 273,396 |
| Other (0.0%)2 | | |
| ^,* | Peugeot SA Warrants Exp. 04/29/2017 | 466,127 | 892 |
| |
| Portugal (0.3%) | | |
| | EDP - Energias de Portugal SA | 6,239,332 | 30,309 |
| | Galp Energia SGPS SA | 926,537 | 16,059 |
| | Jeronimo Martins SGPS SA | 602,640 | 10,540 |
| * | Banco Espirito Santo SA | 4,955,097 | 8,783 |
| ^ | Portugal Telecom SGPS SA | 1,312,893 | 5,455 |
| | EDP Renovaveis SA | 484,290 | 3,321 |
| | | | 74,467 |
| Spain (5.3%) | | |
| * | Banco Santander SA | 28,338,844 | 281,852 |
| | Banco Bilbao Vizcaya Argentaria SA | 14,179,009 | 174,656 |
| | Telefonica SA | 9,886,335 | 165,916 |
| | Iberdrola SA | 12,531,154 | 87,538 |
| | Inditex SA | 519,794 | 78,098 |
| | Repsol SA | 2,209,100 | 59,480 |
| | Amadeus IT Holding SA | 963,466 | 40,072 |
| | Banco de Sabadell SA | 8,611,795 | 29,300 |
5
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Abertis Infraestructuras SA | 1,212,553 | 27,294 |
| * | Banco Popular Espanol SA | 3,548,220 | 26,147 |
| * | CaixaBank SA | 4,163,350 | 25,375 |
| * | Bankia SA | 11,259,068 | 22,998 |
| | Ferrovial SA | 986,618 | 21,931 |
| | Red Electrica Corp. SA | 264,909 | 21,807 |
| | Grifols SA | 407,256 | 21,771 |
| | Gas Natural SDG SA | 755,192 | 21,655 |
| * | ACS Actividades de Construccion y Servicios SA | 423,499 | 18,179 |
| | Enagas SA | 499,111 | 15,377 |
| | Bankinter SA | 1,695,424 | 12,981 |
| | Distribuidora Internacional de Alimentacion SA | 1,416,143 | 12,668 |
| | Mapfre SA | 2,469,731 | 10,416 |
| | Endesa SA | 208,828 | 7,919 |
| | Zardoya Otis SA | 407,567 | 7,150 |
| ^ | Acciona SA | 63,718 | 5,183 |
| * | Mediaset Espana Comunicacion SA | 431,793 | 4,792 |
| ^,* | Acerinox SA | 198,851 | 3,477 |
| | Corp Financiera Alba SA | 45,852 | 2,828 |
| | | | 1,206,860 |
| Sweden (4.7%) | | |
| | Nordea Bank AB | 7,793,417 | 112,931 |
| | Hennes & Mauritz AB Class B | 2,326,586 | 95,234 |
| | Telefonaktiebolaget LM Ericsson Class B | 7,306,700 | 88,108 |
| | Swedbank AB Class A | 2,635,980 | 70,544 |
| | Volvo AB Class B | 3,744,016 | 59,283 |
| | Svenska Handelsbanken AB Class A | 1,177,968 | 59,252 |
| | Skandinaviska Enskilda Banken AB Class A | 3,559,307 | 49,164 |
| ^ | Atlas Copco AB Class A | 1,520,915 | 44,232 |
| * | Investor AB Class B | 1,109,049 | 42,960 |
| * | Assa Abloy AB Class B | 766,830 | 40,699 |
| | Svenska Cellulosa AB SCA Class B | 1,421,201 | 39,954 |
| | TeliaSonera AB | 5,300,445 | 38,582 |
| * | Sandvik AB | 2,639,444 | 37,512 |
| | SKF AB | 1,022,698 | 26,558 |
| ^ | Atlas Copco AB Class B | 957,962 | 26,129 |
| | Scania AB Class B | 745,629 | 22,717 |
| ^ | Alfa Laval AB | 766,026 | 20,409 |
| | Skanska AB Class B | 883,069 | 20,275 |
| | Hexagon AB Class B | 622,072 | 19,916 |
| | Investment AB Kinnevik | 501,146 | 17,684 |
| * | Swedish Match AB | 487,853 | 16,737 |
| | Electrolux AB Class B | 546,205 | 15,182 |
| | Getinge AB | 450,437 | 13,202 |
| ^ | Elekta AB Class B | 872,934 | 12,182 |
| ^ | Industrivarden AB Class A | 476,509 | 10,688 |
| * | Lundin Petroleum AB | 480,621 | 10,317 |
| | Boliden AB | 674,233 | 10,297 |
| * | Tele2 AB | 760,277 | 9,716 |
| | Securitas AB Class B | 752,396 | 9,095 |
| | Husqvarna AB | 913,590 | 7,628 |
| ^ | Industrivarden AB | 288,066 | 6,053 |
| | Modern Times Group AB Class B | 131,832 | 5,882 |
| ^ | Ratos AB | 471,657 | 4,812 |
| | Holmen AB | 118,354 | 4,183 |
| | Melker Schorling AB | 26,579 | 1,444 |
| | | | 1,069,561 |
| Switzerland (13.5%) | | |
| | Nestle SA | 7,821,256 | 604,460 |
| | Roche Holding AG | 1,723,286 | 505,520 |
| | Novartis AG | 5,711,677 | 496,531 |
| | UBS AG | 8,642,047 | 180,739 |
| * | ABB Ltd. | 5,673,123 | 136,587 |
| * | Cie Financiere Richemont SA | 1,220,660 | 124,190 |
6
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Credit Suisse Group AG | 3,914,845 | 124,111 |
| | Zurich Insurance Group AG | 361,711 | 103,724 |
| * | Syngenta AG | 224,547 | 88,919 |
| | Swiss Re AG | 908,086 | 79,404 |
| * | Holcim Ltd. | 558,001 | 51,178 |
| | Swatch Group AG (Bearer) | 74,417 | 47,853 |
| | Transocean Ltd. | 845,976 | 36,139 |
| | Adecco SA | 427,282 | 35,871 |
| | Givaudan SA | 22,647 | 35,741 |
| | Swisscom AG | 55,949 | 34,038 |
| | SGS SA | 12,461 | 31,129 |
| | Geberit AG | 92,215 | 30,799 |
| | Julius Baer Group Ltd. | 538,456 | 25,221 |
| * | Actelion Ltd. | 247,941 | 24,411 |
| | Sonova Holding AG | 163,564 | 23,629 |
| | Sika AG | 5,114 | 20,692 |
| | Aryzta AG | 204,635 | 18,915 |
| | Schindler Holding AG | 115,728 | 17,930 |
| | Swiss Life Holding AG | 71,611 | 17,643 |
| | Kuehne & Nagel International AG | 123,147 | 16,839 |
| | Swatch Group AG (Registered) | 121,509 | 14,661 |
| | Lindt & Spruengli AG (Regular) | 249 | 14,526 |
| | Baloise Holding AG | 114,253 | 13,913 |
| | Lonza Group AG | 127,337 | 13,327 |
| | Clariant AG | 664,860 | 13,111 |
| | Galenica AG | 11,892 | 12,109 |
| | Partners Group Holding AG | 43,061 | 11,791 |
| | Swiss Prime Site AG | 136,871 | 11,506 |
| | Lindt & Spruengli AG | 2,208 | 10,745 |
| | PSP Swiss Property AG | 95,937 | 9,221 |
| | Sulzer AG | 56,465 | 8,713 |
| | Schindler Holding AG (Registered) | 52,904 | 8,075 |
| | GAM Holding AG | 402,871 | 7,338 |
| | EMS-Chemie Holding AG | 17,904 | 6,986 |
| | Barry Callebaut AG | 4,760 | 6,469 |
| | Pargesa Holding SA | 68,577 | 6,225 |
| | DKSH Holding AG | 63,223 | 5,217 |
| * | Banque Cantonale Vaudoise | 7,419 | 4,404 |
| | | | 3,090,550 |
| United Kingdom (32.1%) | | |
| | HSBC Holdings plc | 46,183,644 | 471,892 |
| | BP plc | 45,265,567 | 382,187 |
| | GlaxoSmithKline plc | 11,924,522 | 329,485 |
| | Royal Dutch Shell plc Class A | 7,660,517 | 302,856 |
| | British American Tobacco plc | 4,634,744 | 267,636 |
| | Royal Dutch Shell plc Class B | 6,015,518 | 255,428 |
| | Vodafone Group plc | 65,160,048 | 247,390 |
| | AstraZeneca plc | 3,059,666 | 241,517 |
| | Diageo plc | 6,177,722 | 189,286 |
| * | Lloyds Banking Group plc | 132,574,171 | 169,062 |
| | BG Group plc | 8,342,185 | 168,759 |
| | Barclays plc | 39,403,790 | 168,258 |
| | BHP Billiton plc | 5,180,335 | 168,178 |
| | Rio Tinto plc | 3,058,162 | 166,267 |
| | Prudential plc | 6,259,642 | 143,905 |
| | Unilever plc | 2,957,180 | 132,285 |
| | National Grid plc | 9,149,134 | 130,041 |
| | Reckitt Benckiser Group plc | 1,582,446 | 127,746 |
| | Glencore Xstrata plc | 23,570,738 | 127,184 |
| | SABMiller plc | 2,319,112 | 126,279 |
| | BT Group plc | 19,301,862 | 120,496 |
| | Standard Chartered plc | 4,844,486 | 104,919 |
| | Imperial Tobacco Group plc | 2,360,742 | 102,019 |
| | Tesco plc | 19,687,373 | 97,531 |
7
| | | |
| Vanguard® European Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Anglo American plc London Shares | 3,204,923 | 85,679 |
| | Shire plc | 1,441,787 | 82,460 |
| | Rolls-Royce Holdings plc | 4,590,905 | 81,547 |
| | Royal Dutch Shell plc Class A (Amsterdam Shares) | 1,993,326 | 78,853 |
| | WPP plc | 3,301,582 | 71,188 |
| | Compass Group plc | 4,408,231 | 70,219 |
| | Centrica plc | 12,469,384 | 69,543 |
| | Aviva plc | 7,222,383 | 64,365 |
| | SSE plc | 2,350,849 | 60,621 |
| | BAE Systems plc | 7,838,575 | 53,032 |
| | ARM Holdings plc | 3,426,078 | 51,855 |
| | Legal & General Group plc | 14,383,042 | 51,488 |
| | Experian plc | 2,478,652 | 47,658 |
| | Associated British Foods plc | 852,891 | 42,825 |
| | Reed Elsevier plc | 2,866,555 | 42,275 |
| | Kingfisher plc | 5,807,263 | 41,095 |
| | Old Mutual plc | 11,978,765 | 40,490 |
| | Next plc | 364,235 | 40,184 |
| | Wolseley plc | 646,754 | 37,476 |
| | Pearson plc | 1,994,192 | 37,395 |
| | Standard Life plc | 5,768,151 | 37,292 |
| | British Sky Broadcasting Group plc | 2,356,382 | 35,070 |
| | Land Securities Group plc | 1,927,281 | 34,622 |
| | Smith & Nephew plc | 2,199,640 | 34,300 |
| | CRH plc (XDUB) | 1,135,535 | 33,060 |
| | Tullow Oil plc | 2,214,738 | 32,945 |
| | Whitbread plc | 441,585 | 30,459 |
| | Marks & Spencer Group plc | 3,990,171 | 29,832 |
| | Capita plc | 1,607,061 | 29,470 |
| | British Land Co. plc | 2,447,486 | 28,594 |
| | ITV plc | 9,172,240 | 28,215 |
| | Johnson Matthey plc | 502,020 | 27,772 |
| | Burberry Group plc | 1,093,728 | 27,469 |
| * | Royal Bank of Scotland Group plc | 5,167,289 | 26,180 |
| | GKN plc | 3,992,673 | 25,957 |
| | Babcock International Group plc | 1,225,108 | 24,728 |
| | Weir Group plc | 522,560 | 23,770 |
| | Bunzl plc | 812,154 | 23,140 |
| | United Utilities Group plc | 1,663,693 | 22,379 |
| | InterContinental Hotels Group plc | 638,242 | 21,813 |
| | Smiths Group plc | 962,783 | 21,734 |
| | RSA Insurance Group plc | 12,372,045 | 20,543 |
| | Intertek Group plc | 397,751 | 19,593 |
| | J Sainsbury plc | 3,426,352 | 19,437 |
| | Sage Group plc | 2,677,883 | 19,317 |
| | CRH plc (XLON) | 643,974 | 18,774 |
| | Severn Trent plc | 589,031 | 18,361 |
| | Ashtead Group plc | 1,235,439 | 18,305 |
| | Randgold Resources Ltd. | 225,097 | 18,094 |
| | Carnival plc | 452,182 | 18,078 |
| | WM Morrison Supermarkets plc | 5,309,943 | 18,026 |
| | Travis Perkins plc | 604,456 | 17,451 |
| | Aberdeen Asset Management plc | 2,318,612 | 17,150 |
| * | International Consolidated Airlines Group SA (London Shares) | 2,492,713 | 17,048 |
| | IMI plc | 671,639 | 17,035 |
| | Resolution Ltd. | 3,352,092 | 16,911 |
| | Hammerson plc | 1,742,004 | 16,812 |
| | Aggreko plc | 620,805 | 16,569 |
| * | Persimmon plc | 742,829 | 16,485 |
| | St. James's Place plc | 1,245,474 | 16,232 |
| | Rexam plc | 1,931,069 | 16,190 |
| | Petrofac Ltd. | 642,387 | 15,766 |
| | Meggitt plc | 1,947,402 | 15,708 |
| | Direct Line Insurance Group plc | 3,679,090 | 15,565 |
8
| | | | | |
| Vanguard® European Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2014 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| | G4S plc | | | 3,812,082 | 15,220 |
| | AMEC plc | | | 724,252 | 15,126 |
| | 3i Group plc | | | 2,346,584 | 15,073 |
| | Mondi plc | | | 900,741 | 14,974 |
| | Barratt Developments plc | | | 2,380,238 | 14,887 |
| | easyJet plc | | | 532,168 | 14,725 |
| | Croda International plc | | | 334,436 | 14,566 |
| | Taylor Wimpey plc | | | 7,880,295 | 14,015 |
| | Cobham plc | | | 2,628,389 | 13,712 |
| | Tate & Lyle plc | | | 1,143,542 | 13,556 |
| | London Stock Exchange Group plc | | | 432,350 | 13,250 |
| | Inmarsat plc | | | 1,046,533 | 12,877 |
| | Melrose Industries plc | | | 2,625,220 | 12,678 |
| | William Hill plc | | | 2,114,885 | 12,673 |
| | Coca-Cola HBC AG | | | 483,320 | 12,249 |
| | Informa plc | | | 1,477,141 | 12,063 |
| | Schroders plc (Voting Shares) | | | 278,381 | 12,039 |
| | Berkeley Group Holdings plc | | | 309,232 | 11,999 |
| | John Wood Group plc | | | 892,397 | 11,833 |
| | Antofagasta plc | | | 873,993 | 11,648 |
| | Admiral Group plc | | | 482,870 | 11,403 |
| | Drax Group plc | | | 996,355 | 11,153 |
| | Investec plc | | | 1,232,789 | 10,878 |
| | Segro plc | | | 1,836,639 | 10,870 |
| | Hargreaves Lansdown plc | | | 536,408 | 10,619 |
| | Intu Properties plc | | | 2,131,596 | 10,531 |
| | ICAP plc | | | 1,320,878 | 9,253 |
| | Rentokil Initial plc | | | 4,458,607 | 8,984 |
| | Daily Mail & General Trust plc | | | 647,537 | 8,926 |
| | TUI Travel plc | | | 1,229,583 | 8,894 |
| | Serco Group plc | | | 1,211,919 | 6,908 |
| * | Sports Direct International plc | | | 511,175 | 6,778 |
| | Fresnillo plc | | | 411,568 | 5,935 |
| ^ | Ashmore Group plc | | | 972,937 | 5,779 |
| | Polyus Gold International Ltd. | | | 1,627,484 | 5,087 |
| * | Lonmin plc | | | 1,049,782 | 5,037 |
| | Polymetal International plc | | | 487,502 | 4,669 |
| ^ | Vedanta Resources plc | | | 250,002 | 4,003 |
| | Schroders plc | | | 119,469 | 3,936 |
| | | | | | 7,311,911 |
| Total Common Stocks (Cost $22,210,153) | | | | 22,767,463 |
| | | Coupon | | | |
| Temporary Cash Investments (2.8%)1 | | | | |
| Money Market Fund (2.7%) | | | | |
| 3,4 | Vanguard Market Liquidity Fund | 0.124% | | 617,331,910 | 617,332 |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| 5,6 | Fannie Mae Discount Notes | 0.080% | 5/14/14 | 2,500 | 2,500 |
| 5,6 | Fannie Mae Discount Notes | 0.060% | 6/2/14 | 2,500 | 2,500 |
| 7 | Federal Home Loan Bank Discount Notes | 0.060-0.120% | 5/23/14 | 3,300 | 3,300 |
| 7 | Federal Home Loan Bank Discount Notes | 0.070% | 6/4/14 | 11,000 | 10,999 |
| |
| | | | | | 19,299 |
| Total Temporary Cash Investments (Cost $636,631) | | | | 636,631 |
9
Vanguard® European Stock Index Fund
Schedule of Investments
April 30, 2014
| |
| Total Investments (102.6%) (Cost $22,846,784) | 23,404,094 |
| Other Assets and Liabilities—Net (-2.6%)4 | (597,874) |
| Net Assets (100%) | 22,806,220 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $583,421,000.
* 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 2.6%, respectively, of net
assets.
2 “Other” represents securities that are not classified by the fund’s benchmark index.
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 $617,332,000 of collateral received for securities on loan.
5 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.
6 Securities with a value of $2,600,000 have been segregated as initial margin for open futures contracts.
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.
ADR—American Depositary Receipt.
10
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.5%)1 | | |
| Australia (21.2%) | | |
| | Commonwealth Bank of Australia | 1,605,502 | 118,103 |
| | BHP Billiton Ltd. | 3,201,843 | 112,759 |
| | Westpac Banking Corp. | 3,072,965 | 100,654 |
| | Australia & New Zealand Banking Group Ltd. | 2,709,771 | 87,141 |
| | National Australia Bank Ltd. | 2,291,985 | 75,470 |
| | Wesfarmers Ltd. | 1,135,899 | 45,208 |
| | Woolworths Ltd. | 1,224,091 | 42,540 |
| | CSL Ltd. | 511,039 | 32,579 |
| | Rio Tinto Ltd. | 434,764 | 25,073 |
| | Woodside Petroleum Ltd. | 616,522 | 23,435 |
| | Telstra Corp. Ltd. | 4,374,268 | 21,268 |
| | Westfield Group | 1,927,500 | 19,669 |
| | Macquarie Group Ltd. | 319,067 | 17,190 |
| | Suncorp Group Ltd. | 1,282,365 | 15,573 |
| | Origin Energy Ltd. | 1,082,380 | 15,036 |
| | AMP Ltd. | 2,919,941 | 13,742 |
| | Brambles Ltd. | 1,553,215 | 13,658 |
| | QBE Insurance Group Ltd. | 1,196,686 | 12,915 |
| | Santos Ltd. | 954,883 | 12,243 |
| | Insurance Australia Group Ltd. | 2,288,093 | 12,229 |
| | Amcor Ltd. | 1,201,268 | 11,529 |
| | Aurizon Holdings Ltd. | 2,042,581 | 9,862 |
| | Transurban Group | 1,451,774 | 9,805 |
| | Oil Search Ltd. | 1,149,359 | 9,523 |
| | Westfield Retail Trust | 3,054,151 | 9,074 |
| | Stockland | 2,295,469 | 8,321 |
| | AGL Energy Ltd. | 547,633 | 8,039 |
| | Goodman Group | 1,715,021 | 7,966 |
| | Fortescue Metals Group Ltd. | 1,600,358 | 7,570 |
| | Orica Ltd. | 362,333 | 7,395 |
| * | Newcrest Mining Ltd. | 707,795 | 6,903 |
| | Sonic Healthcare Ltd. | 393,789 | 6,496 |
| | Lend Lease Group | 534,877 | 6,465 |
| | ASX Ltd. | 190,987 | 6,320 |
| | Dexus Property Group | 5,731,093 | 6,063 |
| | Mirvac Group | 3,665,927 | 5,982 |
| | GPT Group | 1,575,790 | 5,751 |
| | Computershare Ltd. | 492,070 | 5,672 |
| | Crown Resorts Ltd. | 377,065 | 5,642 |
| | James Hardie Industries plc | 437,916 | 5,622 |
| | Ramsay Health Care Ltd. | 129,322 | 5,404 |
| | Seek Ltd. | 334,259 | 5,235 |
| ^ | APA Group | 810,431 | 5,023 |
| | Asciano Ltd. | 976,574 | 4,928 |
| | Coca-Cola Amatil Ltd. | 536,570 | 4,632 |
| | Incitec Pivot Ltd. | 1,620,078 | 4,349 |
| | Bendigo and Adelaide Bank Ltd. | 400,739 | 4,295 |
| | Sydney Airport | 1,040,420 | 4,088 |
| | Boral Ltd. | 762,796 | 4,048 |
| | CFS Retail Property Trust Group | 2,103,149 | 3,938 |
| | Bank of Queensland Ltd. | 342,883 | 3,920 |
| | Tatts Group Ltd. | 1,382,671 | 3,889 |
| | Challenger Ltd. | 548,601 | 3,609 |
| | Iluka Resources Ltd. | 421,010 | 3,498 |
| * | BlueScope Steel Ltd. | 559,977 | 3,386 |
| | WorleyParsons Ltd. | 214,123 | 3,358 |
| | Federation Centres Ltd. | 1,428,658 | 3,316 |
| | Toll Holdings Ltd. | 671,622 | 3,313 |
| | Cochlear Ltd. | 56,675 | 3,098 |
| * | Alumina Ltd. | 2,457,117 | 3,087 |
| | Flight Centre Travel Group Ltd. | 55,740 | 2,796 |
11
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Caltex Australia Ltd. | 134,306 | 2,788 |
| ^ | Leighton Holdings Ltd. | 148,664 | 2,644 |
| | ALS Ltd. | 373,818 | 2,614 |
| | Aristocrat Leisure Ltd. | 548,031 | 2,571 |
| | Tabcorp Holdings Ltd. | 724,967 | 2,513 |
| | Ansell Ltd. | 148,622 | 2,503 |
| | REA Group Ltd. | 52,449 | 2,287 |
| | Treasury Wine Estates Ltd. | 637,233 | 2,269 |
| ^ | Metcash Ltd. | 871,439 | 2,251 |
| | Echo Entertainment Group Ltd. | 828,552 | 2,179 |
| | SP AusNet | 1,666,109 | 2,171 |
| | Downer EDI Ltd. | 430,635 | 2,010 |
| | DuluxGroup Ltd. | 369,190 | 1,972 |
| | Perpetual Ltd. | 43,523 | 1,905 |
| | Australand Property Group | 462,459 | 1,843 |
| | IOOF Holdings Ltd. | 230,850 | 1,825 |
| | CSR Ltd. | 506,242 | 1,724 |
| | Adelaide Brighton Ltd. | 441,909 | 1,611 |
| | TPG Telecom Ltd. | 284,488 | 1,578 |
| ^ | Harvey Norman Holdings Ltd. | 511,736 | 1,566 |
| | Orora Ltd. | 1,204,450 | 1,562 |
| | Fairfax Media Ltd. | 1,685,805 | 1,540 |
| | Arrium Ltd. | 1,349,294 | 1,504 |
| | Platinum Asset Management Ltd. | 224,311 | 1,378 |
| * | Recall Holdings Ltd. | 312,062 | 1,318 |
| * | Qantas Airways Ltd. | 1,086,766 | 1,236 |
| | Seven West Media Ltd. | 660,246 | 1,147 |
| | Goodman Fielder Ltd. | 1,765,064 | 1,108 |
| | Macquarie Atlas Roads Group | 379,006 | 1,100 |
| | OZ Minerals Ltd. | 307,410 | 1,058 |
| | Envestra Ltd. | 944,884 | 1,025 |
| | Shopping Centres Australasia Property Group | 628,156 | 1,014 |
| * | Sims Metal Management Ltd. | 93,020 | 851 |
| *,^ | Whitehaven Coal Ltd. | 590,417 | 805 |
| | Atlas Iron Ltd. | 884,109 | 750 |
| | GWA Group Ltd. | 297,943 | 748 |
| | New Hope Corp. Ltd. | 254,227 | 739 |
| * | Sims Metal Management Ltd. ADR | 79,352 | 716 |
| | Nufarm Ltd. | 171,496 | 663 |
| * | Newcrest Mining Ltd. ADR | 51,388 | 504 |
| * | Ten Network Holdings Ltd. | 1,694,786 | 427 |
| * | Aquila Resources Ltd. | 147,567 | 344 |
| | | | 1,114,056 |
| Hong Kong (9.1%) | | |
| | AIA Group Ltd. | 12,016,645 | 58,444 |
| | Hutchison Whampoa Ltd. | 2,000,531 | 27,446 |
| | Cheung Kong Holdings Ltd. | 1,318,636 | 22,519 |
| | Hong Kong Exchanges and Clearing Ltd. | 1,147,097 | 20,629 |
| | Sun Hung Kai Properties Ltd. | 1,538,118 | 19,408 |
| | Sands China Ltd. | 2,408,347 | 17,682 |
| * | Galaxy Entertainment Group Ltd. | 2,081,950 | 16,435 |
| | Jardine Matheson Holdings Ltd. | 238,000 | 14,859 |
| | Hong Kong & China Gas Co. Ltd. | 5,619,146 | 12,966 |
| | Hang Seng Bank Ltd. | 761,341 | 12,430 |
| | CLP Holdings Ltd. | 1,534,041 | 12,264 |
| | Power Assets Holdings Ltd. | 1,317,316 | 11,387 |
| | Link REIT | 2,274,243 | 11,323 |
| | Wharf Holdings Ltd. | 1,507,297 | 10,581 |
| | BOC Hong Kong Holdings Ltd. | 3,578,546 | 10,500 |
| | Want Want China Holdings Ltd. | 6,608,000 | 10,387 |
| | Li & Fung Ltd. | 5,735,259 | 8,348 |
| | Hongkong Land Holdings Ltd. | 1,173,000 | 8,221 |
| | Jardine Strategic Holdings Ltd. | 224,000 | 8,014 |
12
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Swire Pacific Ltd. Class A | 631,125 | 7,289 |
| | China Mengniu Dairy Co. Ltd. | 1,371,000 | 7,055 |
| | Hang Lung Properties Ltd. | 2,222,317 | 6,628 |
| | Henderson Land Development Co. Ltd. | 1,031,328 | 6,165 |
| | Bank of East Asia Ltd. | 1,326,876 | 5,481 |
| | Tingyi Cayman Islands Holding Corp. | 1,898,000 | 5,284 |
| | MTR Corp. Ltd. | 1,379,917 | 5,215 |
| | New World Development Co. Ltd. | 4,983,870 | 5,156 |
| | SJM Holdings Ltd. | 1,819,359 | 5,061 |
| | Sino Land Co. Ltd. | 2,958,300 | 4,436 |
| | Hang Lung Group Ltd. | 812,000 | 4,410 |
| | Wynn Macau Ltd. | 1,040,440 | 4,118 |
| | Prada SPA | 513,400 | 4,118 |
| | Samsonite International SA | 1,272,573 | 4,043 |
| | Techtronic Industries Co. | 1,251,000 | 3,997 |
| ^ | AAC Technologies Holdings Inc. | 696,500 | 3,900 |
| | Swire Properties Ltd. | 1,170,665 | 3,526 |
| | Wheelock & Co. Ltd. | 815,486 | 3,366 |
| | Cheung Kong Infrastructure Holdings Ltd. | 496,215 | 3,243 |
| | Esprit Holdings Ltd. | 1,851,900 | 3,083 |
| ^ | Sun Art Retail Group Ltd. | 2,201,000 | 2,869 |
| | Wing Hang Bank Ltd. | 172,885 | 2,787 |
| | Hysan Development Co. Ltd. | 630,603 | 2,705 |
| | MGM China Holdings Ltd. | 756,400 | 2,643 |
| | ASM Pacific Technology Ltd. | 237,028 | 2,637 |
| | First Pacific Co. Ltd. | 2,362,823 | 2,628 |
| | Yue Yuen Industrial Holdings Ltd. | 833,519 | 2,582 |
| | Melco International Development Ltd. | 793,000 | 2,441 |
| | Shangri-La Asia Ltd. | 1,442,096 | 2,381 |
| | NWS Holdings Ltd. | 1,352,411 | 2,319 |
| | VTech Holdings Ltd. | 160,500 | 2,215 |
| | Kerry Properties Ltd. | 645,858 | 2,127 |
| | New World China Land Ltd. | 2,552,000 | 2,119 |
| | PCCW Ltd. | 3,943,143 | 2,108 |
| | Cathay Pacific Airways Ltd. | 1,029,548 | 1,946 |
| | Hopewell Holdings Ltd. | 544,124 | 1,877 |
| | Television Broadcasts Ltd. | 290,900 | 1,817 |
| * | Semiconductor Manufacturing International Corp. | 21,587,000 | 1,774 |
| | Chow Tai Fook Jewellery Group Ltd. | 1,104,200 | 1,551 |
| | Xinyi Glass Holdings Ltd. | 1,902,000 | 1,503 |
| | Johnson Electric Holdings Ltd. | 1,452,500 | 1,389 |
| * | FIH Mobile Ltd. | 2,273,000 | 1,228 |
| *,^ | Macau Legend Development Ltd. | 1,601,000 | 1,225 |
| | Champion REIT | 2,313,000 | 1,090 |
| | L'Occitane International SA | 442,750 | 1,089 |
| | Shougang Fushan Resources Group Ltd. | 3,610,000 | 1,086 |
| | Cafe de Coral Holdings Ltd. | 328,000 | 1,031 |
| | Orient Overseas International Ltd. | 200,324 | 958 |
| | Lifestyle International Holdings Ltd. | 471,000 | 923 |
| | Great Eagle Holdings Ltd. | 257,000 | 921 |
| | Shun Tak Holdings Ltd. | 1,838,000 | 905 |
| * | Brightoil Petroleum Holdings Ltd. | 2,914,000 | 905 |
| | Shui On Land Ltd. | 3,404,166 | 902 |
| | Huabao International Holdings Ltd. | 1,880,000 | 890 |
| | Uni-President China Holdings Ltd. | 1,047,000 | 867 |
| ^ | SA SA International Holdings Ltd. | 983,860 | 827 |
| * | Kerry Logistics Network Ltd. | 544,679 | 801 |
| | Towngas China Co. Ltd. | 675,929 | 772 |
| *,^ | United Co. RUSAL plc | 1,634,000 | 721 |
| | Dah Sing Financial Holdings Ltd. | 147,352 | 657 |
| | Texwinca Holdings Ltd. | 608,000 | 654 |
| | Dah Sing Banking Group Ltd. | 370,048 | 555 |
| | China Travel International Inv HK | 2,562,000 | 516 |
| *,^ | China Rongsheng Heavy Industries Group Holdings Ltd. | 2,941,500 | 510 |
13
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Xinyi Solar Holdings Ltd. | 1,846,000 | 498 |
| | Kowloon Development Co. Ltd. | 354,000 | 433 |
| | Hopewell Highway Infrastructure Ltd. | 856,500 | 418 |
| | Parkson Retail Group Ltd. | 1,372,000 | 402 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,224,000 | 401 |
| | Hutchison Harbour Ring Ltd. | 2,492,000 | 190 |
| * | Sun Hung Kai Properties Ltd. Warrants Exp. 04/08/2016 | 128,426 | 86 |
| | | | 478,296 |
| Japan (53.3%) | | |
| | Toyota Motor Corp. | 2,642,971 | 142,795 |
| | Mitsubishi UFJ Financial Group Inc. | 14,116,124 | 75,091 |
| | SoftBank Corp. | 939,270 | 69,955 |
| | Honda Motor Co. Ltd. | 1,789,327 | 59,378 |
| | Sumitomo Mitsui Financial Group Inc. | 1,340,334 | 52,984 |
| | Mizuho Financial Group Inc. | 23,873,141 | 46,758 |
| | Canon Inc. | 1,129,117 | 35,381 |
| | FANUC Corp. | 196,076 | 35,379 |
| | Takeda Pharmaceutical Co. Ltd. | 772,191 | 34,733 |
| | Japan Tobacco Inc. | 1,051,859 | 34,573 |
| | Hitachi Ltd. | 4,628,258 | 32,995 |
| | Seven & I Holdings Co. Ltd. | 778,354 | 30,711 |
| | KDDI Corp. | 546,000 | 29,119 |
| | Mitsubishi Estate Co. Ltd. | 1,262,982 | 28,658 |
| | East Japan Railway Co. | 378,785 | 27,638 |
| | Astellas Pharma Inc. | 2,311,270 | 25,769 |
| | Mitsubishi Corp. | 1,435,334 | 25,703 |
| | Mitsui Fudosan Co. Ltd. | 845,580 | 25,031 |
| | Mitsui & Co. Ltd. | 1,726,600 | 24,487 |
| | Shin-Etsu Chemical Co. Ltd. | 411,255 | 24,125 |
| | Bridgestone Corp. | 665,350 | 23,823 |
| | Central Japan Railway Co. | 189,200 | 23,239 |
| | Panasonic Corp. | 2,122,490 | 23,135 |
| | Mitsubishi Electric Corp. | 1,971,954 | 22,454 |
| | NTT DOCOMO Inc. | 1,403,200 | 22,382 |
| | Nippon Steel & Sumitomo Metal Corp. | 8,439,309 | 22,142 |
| | Nippon Telegraph & Telephone Corp. | 398,144 | 22,094 |
| | Nissan Motor Co. Ltd. | 2,531,946 | 21,847 |
| | Denso Corp. | 476,386 | 21,701 |
| | Tokio Marine Holdings Inc. | 711,690 | 20,971 |
| | Komatsu Ltd. | 950,209 | 20,920 |
| | Nomura Holdings Inc. | 3,501,494 | 20,277 |
| | Kao Corp. | 524,877 | 19,760 |
| | ORIX Corp. | 1,292,810 | 18,733 |
| | Keyence Corp. | 45,577 | 17,582 |
| | Sony Corp. | 994,644 | 17,462 |
| | ITOCHU Corp. | 1,547,397 | 17,346 |
| | Mitsubishi Heavy Industries Ltd. | 3,195,743 | 16,825 |
| | Sumitomo Realty & Development Co. Ltd. | 433,539 | 16,821 |
| | Murata Manufacturing Co. Ltd. | 200,019 | 16,674 |
| | Fast Retailing Co. Ltd. | 52,920 | 16,444 |
| | Fuji Heavy Industries Ltd. | 624,512 | 16,421 |
| | Kubota Corp. | 1,256,895 | 16,200 |
| | Toshiba Corp. | 4,099,424 | 16,057 |
| | Sumitomo Mitsui Trust Holdings Inc. | 3,812,819 | 15,711 |
| | Daikin Industries Ltd. | 266,012 | 15,387 |
| | Kyocera Corp. | 322,550 | 15,169 |
| | SMC Corp. | 61,900 | 14,736 |
| | Sumitomo Corp. | 1,121,738 | 14,561 |
| | Inpex Corp. | 917,800 | 13,385 |
| | Dai-ichi Life Insurance Co. Ltd. | 956,500 | 13,254 |
| | Tokyo Gas Co. Ltd. | 2,503,959 | 13,119 |
| | Daiwa Securities Group Inc. | 1,743,984 | 13,077 |
| | Hoya Corp. | 433,402 | 12,819 |
| | Nidec Corp. | 221,628 | 12,530 |
14
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | JX Holdings Inc. | 2,410,723 | 12,526 |
| | Kirin Holdings Co. Ltd. | 884,116 | 12,245 |
| | MS&AD Insurance Group Holdings | 541,401 | 12,145 |
| | Secom Co. Ltd. | 206,403 | 11,850 |
| | Mazda Motor Corp. | 2,649,959 | 11,849 |
| | Asahi Group Holdings Ltd. | 428,621 | 11,844 |
| | FUJIFILM Holdings Corp. | 456,172 | 11,784 |
| | Daiichi Sankyo Co. Ltd. | 691,991 | 11,608 |
| | Nintendo Co. Ltd. | 106,198 | 11,147 |
| | Marubeni Corp. | 1,659,356 | 11,089 |
| | Otsuka Holdings Co. Ltd. | 384,879 | 11,088 |
| | Daiwa House Industry Co. Ltd. | 645,805 | 10,911 |
| | Suzuki Motor Corp. | 416,468 | 10,745 |
| | Eisai Co. Ltd. | 274,568 | 10,604 |
| | Sumitomo Electric Industries Ltd. | 762,521 | 10,554 |
| | Fujitsu Ltd. | 1,773,981 | 10,431 |
| | Toray Industries Inc. | 1,544,857 | 10,083 |
| | Tokyo Electron Ltd. | 171,613 | 9,761 |
| | Resona Holdings Inc. | 1,877,743 | 9,601 |
| | NKSJ Holdings Inc. | 384,726 | 9,598 |
| | JFE Holdings Inc. | 512,007 | 9,463 |
| | Ajinomoto Co. Inc. | 641,706 | 9,445 |
| | Dentsu Inc. | 224,102 | 9,191 |
| * | Olympus Corp. | 296,436 | 9,054 |
| | Asahi Kasei Corp. | 1,327,836 | 9,028 |
| | Yamato Holdings Co. Ltd. | 400,761 | 8,247 |
| * | Chubu Electric Power Co. Inc. | 706,472 | 8,047 |
| | Ricoh Co. Ltd. | 697,182 | 8,034 |
| | Sumitomo Metal Mining Co. Ltd. | 530,149 | 8,008 |
| | Tokyu Corp. | 1,258,409 | 7,926 |
| | Oriental Land Co. Ltd. | 52,518 | 7,868 |
| | T&D Holdings Inc. | 658,061 | 7,855 |
| | Shimano Inc. | 78,498 | 7,847 |
| | Toyota Industries Corp. | 168,720 | 7,778 |
| | Daito Trust Construction Co. Ltd. | 76,258 | 7,760 |
| | Omron Corp. | 219,110 | 7,760 |
| | West Japan Railway Co. | 189,137 | 7,670 |
| | Aeon Co. Ltd. | 657,195 | 7,590 |
| | LIXIL Group Corp. | 283,632 | 7,516 |
| | Osaka Gas Co. Ltd. | 1,970,548 | 7,428 |
| | Ono Pharmaceutical Co. Ltd. | 93,133 | 7,387 |
| | Isuzu Motors Ltd. | 1,266,996 | 7,358 |
| | NEC Corp. | 2,593,284 | 7,295 |
| | Terumo Corp. | 362,800 | 7,200 |
| | JGC Corp. | 222,221 | 7,196 |
| | Nitto Denko Corp. | 164,366 | 7,116 |
| | Shiseido Co. Ltd. | 392,353 | 7,010 |
| | Aisin Seiki Co. Ltd. | 196,529 | 6,945 |
| | Hankyu Hanshin Holdings Inc. | 1,264,000 | 6,927 |
| | Sekisui House Ltd. | 566,035 | 6,794 |
| | Makita Corp. | 126,127 | 6,708 |
| | Mitsubishi Motors Corp. | 601,921 | 6,524 |
| * | Kansai Electric Power Co. Inc. | 772,114 | 6,474 |
| | Unicharm Corp. | 117,441 | 6,369 |
| | Bank of Yokohama Ltd. | 1,254,462 | 6,305 |
| | Kintetsu Corp. | 1,782,927 | 6,266 |
| | Shizuoka Bank Ltd. | 628,859 | 6,009 |
| | Toyota Tsusho Corp. | 224,648 | 5,917 |
| | Yakult Honsha Co. Ltd. | 108,415 | 5,860 |
| | Yahoo Japan Corp. | 1,330,700 | 5,813 |
| | Asahi Glass Co. Ltd. | 1,024,115 | 5,806 |
| | Sumitomo Chemical Co. Ltd. | 1,532,276 | 5,749 |
| | Kawasaki Heavy Industries Ltd. | 1,536,357 | 5,702 |
| | IHI Corp. | 1,416,720 | 5,649 |
15
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Chugai Pharmaceutical Co. Ltd. | 221,557 | 5,592 |
| | Dai Nippon Printing Co. Ltd. | 620,513 | 5,589 |
| | Shionogi & Co. Ltd. | 318,073 | 5,575 |
| * | Tokyo Electric Power Co. Inc. | 1,464,984 | 5,541 |
| | Odakyu Electric Railway Co. Ltd. | 626,362 | 5,499 |
| | Nikon Corp. | 350,530 | 5,496 |
| | Japan Exchange Group Inc. | 273,300 | 5,407 |
| | Mitsubishi Chemical Holdings Corp. | 1,349,579 | 5,401 |
| | Tobu Railway Co. Ltd. | 1,077,206 | 5,269 |
| | NGK Insulators Ltd. | 278,541 | 5,267 |
| | TDK Corp. | 122,587 | 5,227 |
| | NGK Spark Plug Co. Ltd. | 219,081 | 5,016 |
| | NSK Ltd. | 472,736 | 4,970 |
| | Chiba Bank Ltd. | 770,129 | 4,895 |
| | Taisei Corp. | 1,055,863 | 4,895 |
| | Konica Minolta Inc. | 522,253 | 4,866 |
| | NTT Data Corp. | 125,700 | 4,856 |
| | Sysmex Corp. | 152,384 | 4,831 |
| * | Kyushu Electric Power Co. Inc. | 465,944 | 4,701 |
| | Lawson Inc. | 65,795 | 4,570 |
| | Rohm Co. Ltd. | 95,533 | 4,569 |
| | Tohoku Electric Power Co. Inc. | 478,042 | 4,549 |
| | Isetan Mitsukoshi Holdings Ltd. | 360,580 | 4,487 |
| | TOTO Ltd. | 314,078 | 4,443 |
| | Hirose Electric Co. Ltd. | 31,241 | 4,410 |
| | Suntory Beverage & Food Ltd. | 126,100 | 4,404 |
| | Obayashi Corp. | 674,575 | 4,356 |
| | Nippon Yusen KK | 1,605,083 | 4,351 |
| | MEIJI Holdings Co. Ltd. | 70,715 | 4,340 |
| | Sekisui Chemical Co. Ltd. | 425,445 | 4,312 |
| | Yamaha Motor Co. Ltd. | 278,547 | 4,300 |
| | Nippon Express Co. Ltd. | 905,925 | 4,283 |
| | Keio Corp. | 603,808 | 4,274 |
| | Taiheiyo Cement Corp. | 1,197,000 | 4,199 |
| | Namco Bandai Holdings Inc. | 194,254 | 4,197 |
| | Toppan Printing Co. Ltd. | 605,872 | 4,161 |
| | Keikyu Corp. | 494,531 | 4,105 |
| ^ | Chugoku Electric Power Co. Inc. | 309,413 | 4,054 |
| | Sega Sammy Holdings Inc. | 198,391 | 3,999 |
| | Oji Holdings Corp. | 949,521 | 3,989 |
| | Electric Power Development Co. Ltd. | 147,179 | 3,903 |
| | Kuraray Co. Ltd. | 345,513 | 3,885 |
| | Kikkoman Corp. | 190,642 | 3,874 |
| | Kobe Steel Ltd. | 2,936,957 | 3,855 |
| | Seiko Epson Corp. | 139,200 | 3,799 |
| | Nissin Foods Holdings Co. Ltd. | 78,947 | 3,779 |
| | Mitsui OSK Lines Ltd. | 1,122,811 | 3,746 |
| *,^ | Sharp Corp. | 1,490,829 | 3,737 |
| | Shimizu Corp. | 650,504 | 3,687 |
| | Asics Corp. | 185,132 | 3,603 |
| | Mitsubishi Materials Corp. | 1,238,508 | 3,592 |
| | Kansai Paint Co. Ltd. | 255,442 | 3,571 |
| | Hulic Co. Ltd. | 294,700 | 3,555 |
| | Nippon Paint Co. Ltd. | 229,000 | 3,543 |
| | Hino Motors Ltd. | 268,809 | 3,541 |
| | Santen Pharmaceutical Co. Ltd. | 79,220 | 3,531 |
| | Brother Industries Ltd. | 252,059 | 3,526 |
| | Nitori Holdings Co. Ltd. | 76,682 | 3,517 |
| | Fukuoka Financial Group Inc. | 859,041 | 3,508 |
| | JSR Corp. | 213,943 | 3,506 |
| | Daihatsu Motor Co. Ltd. | 209,957 | 3,478 |
| | Shinsei Bank Ltd. | 1,779,373 | 3,469 |
| | Aozora Bank Ltd. | 1,160,676 | 3,453 |
| | Taisho Pharmaceutical Holdings Co. Ltd. | 46,623 | 3,436 |
16
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Joyo Bank Ltd. | 702,338 | 3,418 |
| ^ | Hisamitsu Pharmaceutical Co. Inc. | 81,440 | 3,408 |
| | Yokogawa Electric Corp. | 248,096 | 3,392 |
| | Stanley Electric Co. Ltd. | 152,841 | 3,388 |
| | Tokyu Fudosan Holdings Corp. | 465,355 | 3,383 |
| | Credit Saison Co. Ltd. | 158,775 | 3,382 |
| | Trend Micro Inc. | 103,958 | 3,363 |
| | JTEKT Corp. | 226,766 | 3,309 |
| | Suruga Bank Ltd. | 192,396 | 3,300 |
| | Rinnai Corp. | 39,207 | 3,267 |
| | Nippon Meat Packers Inc. | 188,466 | 3,266 |
| | Tokyo Tatemono Co. Ltd. | 409,000 | 3,262 |
| | Kajima Corp. | 852,362 | 3,245 |
| | Yamada Denki Co. Ltd. | 866,940 | 3,203 |
| | J Front Retailing Co. Ltd. | 501,380 | 3,187 |
| | Toyo Suisan Kaisha Ltd. | 97,996 | 3,139 |
| | Hamamatsu Photonics KK | 69,622 | 3,137 |
| | USS Co. Ltd. | 213,560 | 3,113 |
| | Japan Airlines Co. Ltd. | 59,946 | 3,103 |
| | Kyowa Hakko Kirin Co. Ltd. | 271,386 | 3,090 |
| | Mitsubishi Tanabe Pharma Corp. | 225,036 | 3,086 |
| | Alfresa Holdings Corp. | 48,258 | 3,004 |
| | Don Quijote Holdings Co. Ltd. | 56,600 | 2,985 |
| | Benesse Holdings Inc. | 78,347 | 2,981 |
| | Bank of Kyoto Ltd. | 363,363 | 2,961 |
| | Nomura Research Institute Ltd. | 99,184 | 2,876 |
| | Minebea Co. Ltd. | 351,000 | 2,844 |
| | Yaskawa Electric Corp. | 249,955 | 2,818 |
| | Nisshin Seifun Group Inc. | 241,440 | 2,809 |
| | Casio Computer Co. Ltd. | 245,472 | 2,801 |
| | Nagoya Railroad Co. Ltd. | 876,000 | 2,779 |
| | Sony Financial Holdings Inc. | 173,224 | 2,778 |
| | Iyo Bank Ltd. | 308,498 | 2,774 |
| ^ | AEON Financial Service Co. Ltd. | 109,870 | 2,767 |
| | Suzuken Co. Ltd. | 75,948 | 2,738 |
| | Koito Manufacturing Co. Ltd. | 124,455 | 2,707 |
| | Fuji Electric Co. Ltd. | 594,783 | 2,699 |
| | Hachijuni Bank Ltd. | 491,828 | 2,689 |
| ^ | Ebara Corp. | 452,000 | 2,689 |
| | Ryohin Keikaku Co. Ltd. | 23,900 | 2,686 |
| | TonenGeneral Sekiyu KK | 283,713 | 2,680 |
| | Amada Co. Ltd. | 367,393 | 2,657 |
| | Takashimaya Co. Ltd. | 279,494 | 2,648 |
| | Daicel Corp. | 314,473 | 2,634 |
| | Hokuhoku Financial Group Inc. | 1,354,000 | 2,613 |
| | FamilyMart Co. Ltd. | 62,865 | 2,610 |
| | Hitachi Metals Ltd. | 190,407 | 2,586 |
| ^ | ANA Holdings Inc. | 1,177,143 | 2,571 |
| | Nabtesco Corp. | 118,965 | 2,568 |
| | Toyo Seikan Group Holdings Ltd. | 172,073 | 2,559 |
| | THK Co. Ltd. | 120,232 | 2,541 |
| | Miraca Holdings Inc. | 58,585 | 2,540 |
| | Shimadzu Corp. | 296,596 | 2,534 |
| | Shimamura Co. Ltd. | 27,153 | 2,530 |
| | Toho Gas Co. Ltd. | 514,518 | 2,525 |
| | Keisei Electric Railway Co. Ltd. | 287,404 | 2,501 |
| | Yokohama Rubber Co. Ltd. | 280,000 | 2,501 |
| | Sumitomo Rubber Industries Ltd. | 179,790 | 2,499 |
| | Seven Bank Ltd. | 657,140 | 2,491 |
| | Mitsubishi UFJ Lease & Finance Co. Ltd. | 504,760 | 2,490 |
| | Gunma Bank Ltd. | 467,081 | 2,483 |
| | Kurita Water Industries Ltd. | 117,478 | 2,474 |
| | M3 Inc. | 178,200 | 2,445 |
| | Air Water Inc. | 173,281 | 2,431 |
17
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mitsubishi Gas Chemical Co. Inc. | 420,921 | 2,430 |
| | Chugoku Bank Ltd. | 182,809 | 2,423 |
| | Sumitomo Heavy Industries Ltd. | 569,153 | 2,422 |
| | Dainippon Sumitomo Pharma Co. Ltd. | 159,138 | 2,413 |
| | SBI Holdings Inc. | 210,949 | 2,412 |
| | MediPal Holdings Corp. | 170,784 | 2,402 |
| | Iida Group Holdings Co. Ltd. | 160,900 | 2,401 |
| | Hiroshima Bank Ltd. | 582,000 | 2,394 |
| | Teijin Ltd. | 972,175 | 2,390 |
| | Citizen Holdings Co. Ltd. | 324,348 | 2,382 |
| | Yamaha Corp. | 176,539 | 2,365 |
| | Marui Group Co. Ltd. | 266,042 | 2,363 |
| | Aeon Mall Co. Ltd. | 98,655 | 2,352 |
| | Chiyoda Corp. | 175,123 | 2,348 |
| | Keihan Electric Railway Co. Ltd. | 568,000 | 2,342 |
| | Hokuriku Electric Power Co. | 188,134 | 2,336 |
| | Nissan Chemical Industries Ltd. | 156,600 | 2,334 |
| | Taiyo Nippon Sanso Corp. | 292,728 | 2,333 |
| | Tosoh Corp. | 603,000 | 2,301 |
| | Toho Co. Ltd. | 118,533 | 2,282 |
| | Yamaguchi Financial Group Inc. | 246,864 | 2,277 |
| | Nomura Real Estate Holdings Inc. | 120,278 | 2,247 |
| ^ | Mitsui Chemicals Inc. | 919,190 | 2,240 |
| | Idemitsu Kosan Co. Ltd. | 101,092 | 2,236 |
| | Konami Corp. | 97,649 | 2,227 |
| | Sawai Pharmaceutical Co. Ltd. | 35,800 | 2,216 |
| | Kamigumi Co. Ltd. | 232,148 | 2,213 |
| | GS Yuasa Corp. | 389,999 | 2,207 |
| * | Seibu Holdings Inc. | 120,572 | 2,205 |
| | MISUMI Group Inc. | 88,000 | 2,141 |
| | Mitsubishi Logistics Corp. | 148,831 | 2,135 |
| | Sankyo Co. Ltd. | 53,117 | 2,124 |
| | Nippon Kayaku Co. Ltd. | 178,000 | 2,118 |
| | DIC Corp. | 793,000 | 2,104 |
| | Ibiden Co. Ltd. | 115,583 | 2,086 |
| | COMSYS Holdings Corp. | 125,900 | 2,064 |
| | Obic Co. Ltd. | 67,900 | 2,037 |
| | Otsuka Corp. | 17,142 | 2,029 |
| | Sugi Holdings Co. Ltd. | 44,800 | 2,015 |
| | Nippon Electric Glass Co. Ltd. | 409,752 | 2,004 |
| | Kobayashi Pharmaceutical Co. Ltd. | 33,000 | 2,004 |
| | Dowa Holdings Co. Ltd. | 239,000 | 2,004 |
| | Hoshizaki Electric Co. Ltd. | 49,500 | 2,003 |
| | Showa Denko KK | 1,500,499 | 1,999 |
| | Sojitz Corp. | 1,258,918 | 1,985 |
| | Kaneka Corp. | 337,995 | 1,982 |
| ^ | Sanrio Co. Ltd. | 62,050 | 1,967 |
| | Showa Shell Sekiyu KK | 193,522 | 1,963 |
| | Alps Electric Co. Ltd. | 172,700 | 1,953 |
| | Hakuhodo DY Holdings Inc. | 250,750 | 1,945 |
| ^ | Hitachi Construction Machinery Co. Ltd. | 104,632 | 1,942 |
| ^ | Nippon Paper Industries Co. Ltd. | 105,348 | 1,925 |
| | Kakaku.com Inc. | 133,700 | 1,907 |
| | Nippon Shokubai Co. Ltd. | 163,000 | 1,881 |
| ^ | Advantest Corp. | 170,587 | 1,881 |
| | Zeon Corp. | 202,000 | 1,878 |
| | NOK Corp. | 114,356 | 1,870 |
| | Mabuchi Motor Co. Ltd. | 27,201 | 1,863 |
| ^ | Dena Co. Ltd. | 109,551 | 1,851 |
| | Park24 Co. Ltd. | 100,100 | 1,830 |
| | Kawasaki Kisen Kaisha Ltd. | 907,000 | 1,821 |
| * | Shikoku Electric Power Co. Inc. | 155,544 | 1,821 |
| | Ube Industries Ltd. | 1,064,936 | 1,804 |
| | Calbee Inc. | 73,400 | 1,800 |
18
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | NTN Corp. | 523,000 | 1,790 |
| | Yamazaki Baking Co. Ltd. | 146,435 | 1,789 |
| | Rohto Pharmaceutical Co. Ltd. | 101,000 | 1,782 |
| | Tsuruha Holdings Inc. | 17,600 | 1,771 |
| | Haseko Corp. | 278,500 | 1,764 |
| | Coca-Cola East Japan Co. Ltd. | 77,100 | 1,738 |
| | Daido Steel Co. Ltd. | 353,087 | 1,726 |
| | Maruichi Steel Tube Ltd. | 67,014 | 1,700 |
| | 77 Bank Ltd. | 371,000 | 1,675 |
| | NHK Spring Co. Ltd. | 184,696 | 1,672 |
| | Ushio Inc. | 127,884 | 1,670 |
| | Azbil Corp. | 73,300 | 1,663 |
| | Nishi-Nippon City Bank Ltd. | 724,839 | 1,649 |
| | Tokai Tokyo Financial Holdings Inc. | 243,000 | 1,633 |
| | Kewpie Corp. | 113,300 | 1,630 |
| | Pigeon Corp. | 36,300 | 1,625 |
| | Tsumura & Co. | 68,372 | 1,625 |
| | Sapporo Holdings Ltd. | 383,000 | 1,624 |
| | Anritsu Corp. | 142,700 | 1,598 |
| | Sotetsu Holdings Inc. | 446,000 | 1,594 |
| | Sumitomo Osaka Cement Co. Ltd. | 398,000 | 1,583 |
| | Oracle Corp. Japan | 33,768 | 1,556 |
| | Seino Holdings Co. Ltd. | 157,000 | 1,552 |
| | Glory Ltd. | 59,700 | 1,545 |
| | Furukawa Electric Co. Ltd. | 684,600 | 1,541 |
| | Hitachi Chemical Co. Ltd. | 104,366 | 1,535 |
| | Denki Kagaku Kogyo KK | 462,927 | 1,535 |
| | Japan Steel Works Ltd. | 361,865 | 1,529 |
| | Nagase & Co. Ltd. | 122,900 | 1,506 |
| | Hitachi High-Technologies Corp. | 65,380 | 1,496 |
| | Disco Corp. | 24,400 | 1,483 |
| | Nishi-Nippon Railroad Co. Ltd. | 385,000 | 1,481 |
| | Mitsui Engineering & Shipbuilding Co. Ltd. | 763,000 | 1,480 |
| | Sohgo Security Services Co. Ltd. | 68,800 | 1,459 |
| | Takara Holdings Inc. | 190,000 | 1,455 |
| | Toyobo Co. Ltd. | 900,000 | 1,453 |
| | Lion Corp. | 263,000 | 1,441 |
| | Sundrug Co. Ltd. | 34,700 | 1,420 |
| | Nichirei Corp. | 289,000 | 1,403 |
| ^ | Taiyo Yuden Co. Ltd. | 112,700 | 1,393 |
| | Fujikura Ltd. | 323,000 | 1,391 |
| | Mitsui Mining & Smelting Co. Ltd. | 557,000 | 1,381 |
| | Toyoda Gosei Co. Ltd. | 74,903 | 1,380 |
| | OKUMA Corp. | 161,000 | 1,378 |
| | Shiga Bank Ltd. | 252,000 | 1,378 |
| | UNY Group Holdings Co. Ltd. | 212,900 | 1,374 |
| | DMG Mori Seiki Co. Ltd. | 109,800 | 1,370 |
| | Ezaki Glico Co. Ltd. | 104,000 | 1,370 |
| | Sumitomo Forestry Co. Ltd. | 134,200 | 1,365 |
| *,^ | Acom Co. Ltd. | 396,700 | 1,352 |
| | Okasan Securities Group Inc. | 193,000 | 1,347 |
| | Aoyama Trading Co. Ltd. | 53,800 | 1,335 |
| | Century Tokyo Leasing Corp. | 45,900 | 1,328 |
| | Nisshinbo Holdings Inc. | 152,000 | 1,302 |
| | Kaken Pharmaceutical Co. Ltd. | 75,000 | 1,292 |
| ^ | Kagome Co. Ltd. | 75,500 | 1,278 |
| | House Foods Group Inc. | 76,500 | 1,273 |
| | Yamato Kogyo Co. Ltd. | 43,217 | 1,246 |
| | Wacoal Holdings Corp. | 126,000 | 1,243 |
| | Daishi Bank Ltd. | 344,000 | 1,242 |
| | Juroku Bank Ltd. | 349,000 | 1,219 |
| | Cosmo Oil Co. Ltd. | 650,046 | 1,216 |
| ^ | Ito En Ltd. | 56,400 | 1,206 |
| | Japan Airport Terminal Co. Ltd. | 52,100 | 1,202 |
19
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Izumi Co. Ltd. | 41,000 | 1,200 |
| | Awa Bank Ltd. | 224,000 | 1,199 |
| | K's Holdings Corp. | 41,100 | 1,193 |
| | Hikari Tsushin Inc. | 14,100 | 1,189 |
| | SCSK Corp. | 44,500 | 1,177 |
| | Nissan Shatai Co. Ltd. | 76,700 | 1,168 |
| | Matsumotokiyoshi Holdings Co. Ltd. | 39,500 | 1,166 |
| * | Nippon Sheet Glass Co. Ltd. | 906,000 | 1,162 |
| | Hitachi Capital Corp. | 46,300 | 1,141 |
| * | Hokkaido Electric Power Co. Inc. | 185,793 | 1,137 |
| ^ | Square Enix Holdings Co. Ltd. | 70,415 | 1,133 |
| | Temp Holdings Co. Ltd. | 44,500 | 1,132 |
| | North Pacific Bank Ltd. | 278,300 | 1,127 |
| | Shimachu Co. Ltd. | 51,200 | 1,125 |
| | Autobacs Seven Co. Ltd. | 72,700 | 1,125 |
| | Japan Petroleum Exploration Co. | 30,179 | 1,123 |
| | SKY Perfect JSAT Holdings Inc. | 208,000 | 1,118 |
| | Keiyo Bank Ltd. | 253,000 | 1,114 |
| | KYORIN Holdings Inc. | 57,700 | 1,112 |
| | Mochida Pharmaceutical Co. Ltd. | 15,700 | 1,106 |
| | Jafco Co. Ltd. | 28,800 | 1,103 |
| | Coca-Cola West Co. Ltd. | 63,024 | 1,097 |
| | Itochu Techno-Solutions Corp. | 25,466 | 1,064 |
| | Musashino Bank Ltd. | 33,000 | 1,057 |
| | Nexon Co. Ltd. | 135,600 | 1,056 |
| | Higo Bank Ltd. | 205,000 | 1,054 |
| | Senshu Ikeda Holdings Inc. | 229,200 | 1,052 |
| | San-In Godo Bank Ltd. | 159,000 | 1,049 |
| | Kagoshima Bank Ltd. | 168,000 | 1,049 |
| | Kose Corp. | 31,200 | 1,037 |
| | Start Today Co. Ltd. | 49,200 | 1,031 |
| ^ | Fukuyama Transporting Co. Ltd. | 175,000 | 1,024 |
| | ABC-Mart Inc. | 22,787 | 1,023 |
| | Hokkoku Bank Ltd. | 304,000 | 1,018 |
| | Rengo Co. Ltd. | 227,000 | 1,014 |
| | Resorttrust Inc. | 63,700 | 999 |
| | Nanto Bank Ltd. | 266,000 | 998 |
| | Kinden Corp. | 108,431 | 998 |
| | Matsui Securities Co. Ltd. | 107,500 | 990 |
| | Lintec Corp. | 52,900 | 984 |
| | Maeda Road Construction Co. Ltd. | 63,000 | 977 |
| | Hyakugo Bank Ltd. | 249,000 | 965 |
| *,^ | Aiful Corp. | 280,100 | 957 |
| ^ | Shochiku Co. Ltd. | 114,000 | 943 |
| | H2O Retailing Corp. | 125,000 | 943 |
| | Cosmos Pharmaceutical Corp. | 8,800 | 941 |
| | NTT Urban Development Corp. | 106,200 | 934 |
| | Dainippon Screen Manufacturing Co. Ltd. | 213,000 | 929 |
| ^ | Gree Inc. | 94,379 | 923 |
| | Kissei Pharmaceutical Co. Ltd. | 39,400 | 923 |
| | Hyakujushi Bank Ltd. | 274,000 | 918 |
| | TS Tech Co. Ltd. | 33,800 | 901 |
| ^ | Nipro Corp. | 104,100 | 901 |
| | Onward Holdings Co. Ltd. | 133,000 | 895 |
| | Capcom Co. Ltd. | 51,300 | 894 |
| | Tokai Rika Co. Ltd. | 51,100 | 888 |
| | Nisshin Steel Holdings Co. Ltd. | 85,300 | 876 |
| | Toshiba TEC Corp. | 130,000 | 847 |
| | Canon Marketing Japan Inc. | 51,700 | 833 |
| | Toda Corp. | 237,000 | 831 |
| | Komeri Co. Ltd. | 29,800 | 807 |
| | Sumco Corp. | 104,601 | 803 |
| | Fuji Media Holdings Inc. | 47,600 | 802 |
| | Nippon Television Holdings Inc. | 53,100 | 792 |
20
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Exedy Corp. | 29,500 | 789 |
| | KYB Co. Ltd. | 193,000 | 786 |
| | Takata Corp. | 33,300 | 785 |
| | FP Corp. | 25,000 | 778 |
| | Nippo Corp. | 50,000 | 764 |
| | Calsonic Kansei Corp. | 152,000 | 749 |
| | Pola Orbis Holdings Inc. | 19,000 | 744 |
| | Asatsu-DK Inc. | 31,800 | 719 |
| | Hitachi Transport System Ltd. | 42,600 | 654 |
| | Heiwa Corp. | 39,000 | 649 |
| ^ | Toyota Boshoku Corp. | 60,509 | 626 |
| *,^ | Orient Corp. | 282,800 | 596 |
| | Kandenko Co. Ltd. | 102,000 | 547 |
| | PanaHome Corp. | 73,000 | 485 |
| | Sumitomo Real Estate Sales Co. Ltd. | 15,300 | 459 |
| | Shinko Electric Industries Co. Ltd. | 64,800 | 427 |
| ^ | Tokyo Broadcasting System Holdings Inc. | 37,200 | 404 |
| | Toppan Forms Co. Ltd. | 43,300 | 398 |
| | NS Solutions Corp. | 14,700 | 368 |
| | TV Asahi Corp. | 20,800 | 362 |
| | Tokai Rubber Industries Ltd. | 33,700 | 349 |
| | Mitsubishi Shokuhin Co. Ltd. | 13,500 | 302 |
| *,^ | Aplus Financial Co. Ltd. | 91,000 | 120 |
| | | | 2,796,142 |
| New Zealand (0.6%) | | |
| | Fletcher Building Ltd. | 683,800 | 5,815 |
| | Telecom Corp. of New Zealand Ltd. | 1,817,469 | 4,342 |
| | Ryman Healthcare Ltd. | 408,159 | 3,049 |
| * | Auckland International Airport Ltd. | 886,104 | 3,035 |
| | Sky Network Television Ltd. | 386,210 | 2,229 |
| | SKYCITY Entertainment Group Ltd. | 577,433 | 2,108 |
| * | Xero Ltd. | 76,183 | 2,096 |
| | Fisher & Paykel Healthcare Corp. Ltd. | 540,357 | 1,905 |
| | Contact Energy Ltd. | 368,650 | 1,811 |
| | Kiwi Income Property Trust | 1,002,077 | 994 |
| | Air New Zealand Ltd. | 503,055 | 912 |
| | Vector Ltd. | 244,450 | 540 |
| | Warehouse Group Ltd. | 121,769 | 356 |
| | | | 29,192 |
| Singapore (3.9%) | | |
| | DBS Group Holdings Ltd. | 1,732,779 | 23,474 |
| | Singapore Telecommunications Ltd. | 7,282,109 | 22,306 |
| ^ | Oversea-Chinese Banking Corp. Ltd. | 2,702,594 | 20,843 |
| | United Overseas Bank Ltd. | 1,180,267 | 20,543 |
| | Keppel Corp. Ltd. | 1,419,358 | 11,943 |
| | Global Logistic Properties Ltd. | 2,982,773 | 6,798 |
| | CapitaLand Ltd. | 2,541,558 | 6,505 |
| | Genting Singapore plc | 6,095,597 | 6,459 |
| | Wilmar International Ltd. | 2,109,303 | 5,733 |
| ^ | Singapore Press Holdings Ltd. | 1,584,417 | 5,298 |
| | City Developments Ltd. | 588,713 | 5,101 |
| | Singapore Technologies Engineering Ltd. | 1,552,055 | 4,741 |
| | Singapore Exchange Ltd. | 824,260 | 4,558 |
| | Singapore Airlines Ltd. | 506,226 | 4,197 |
| | CapitaMall Trust | 2,581,112 | 4,114 |
| | Noble Group Ltd. | 3,846,304 | 3,960 |
| | Sembcorp Industries Ltd. | 892,820 | 3,833 |
| | Jardine Cycle & Carriage Ltd. | 99,621 | 3,735 |
| | Ascendas REIT | 1,972,894 | 3,611 |
| | Hutchison Port Holdings Trust | 5,028,639 | 3,422 |
| | ComfortDelGro Corp. Ltd. | 1,997,980 | 3,388 |
| | Suntec REIT | 2,389,000 | 3,275 |
| | Golden Agri-Resources Ltd. | 6,391,163 | 3,118 |
| ^ | Sembcorp Marine Ltd. | 834,666 | 2,715 |
21
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Olam International Ltd. | 1,416,181 | 2,527 |
| | CapitaCommercial Trust | 1,946,000 | 2,490 |
| | CapitaMalls Asia Ltd. | 1,364,335 | 2,404 |
| | UOL Group Ltd. | 455,717 | 2,340 |
| | Keppel Land Ltd. | 710,575 | 1,966 |
| | StarHub Ltd. | 585,567 | 1,942 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 2,050,210 | 1,803 |
| | Singapore Post Ltd. | 1,391,000 | 1,572 |
| | Venture Corp. Ltd. | 245,000 | 1,501 |
| | SIA Engineering Co. Ltd. | 223,000 | 853 |
| | M1 Ltd. | 285,000 | 766 |
| *,^ | Neptune Orient Lines Ltd. | 885,000 | 718 |
| ^ | SMRT Corp. Ltd. | 668,000 | 650 |
| ^ | Wing Tai Holdings Ltd. | 381,000 | 609 |
| ^ | Yanlord Land Group Ltd. | 648,000 | 598 |
| ^ | Cosco Corp. Singapore Ltd. | 961,001 | 553 |
| | Indofood Agri Resources Ltd. | 402,000 | 342 |
| | | | 207,304 |
| South Korea (11.4%) | | |
| | Samsung Electronics Co. Ltd. | 107,052 | 139,592 |
| | Hyundai Motor Co. | 153,013 | 34,117 |
| | POSCO | 73,939 | 21,844 |
| * | SK Hynix Inc. | 518,180 | 20,206 |
| | Shinhan Financial Group Co. Ltd. | 454,110 | 19,821 |
| | NAVER Corp. | 27,132 | 19,538 |
| | Hyundai Mobis | 66,941 | 19,124 |
| | Kia Motors Corp. | 257,463 | 14,285 |
| | KB Financial Group Inc. | 384,620 | 13,157 |
| | LG Chem Ltd. | 43,697 | 11,154 |
| | Hana Financial Group Inc. | 291,660 | 10,292 |
| | Korea Electric Power Corp. | 254,890 | 9,746 |
| | KT&G Corp. | 120,701 | 9,673 |
| | Samsung Life Insurance Co. Ltd. | 99,552 | 9,265 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 38,888 | 9,237 |
| | Hyundai Heavy Industries Co. Ltd. | 44,036 | 8,279 |
| | SK Telecom Co. Ltd. | 39,816 | 8,244 |
| | Samsung C&T Corp. | 124,182 | 7,810 |
| | LG Electronics Inc. | 107,524 | 7,162 |
| | SK Innovation Co. Ltd. | 61,126 | 7,003 |
| * | LG Display Co. Ltd. | 224,410 | 5,977 |
| | Samsung SDI Co. Ltd. | 36,283 | 5,328 |
| | LG Corp. | 89,328 | 4,981 |
| | Samsung Heavy Industries Co. Ltd. | 176,970 | 4,848 |
| | E-Mart Co. Ltd. | 20,814 | 4,760 |
| | SK Holdings Co. Ltd. | 25,694 | 4,558 |
| | Coway Co. Ltd. | 55,181 | 4,362 |
| | Hyundai Steel Co. | 65,900 | 4,318 |
| | Hankook Tire Co. Ltd. | 73,991 | 4,293 |
| | LG Household & Health Care Ltd. | 9,330 | 4,272 |
| | Amorepacific Corp. | 3,140 | 4,060 |
| | KT Corp. | 127,030 | 4,049 |
| | Woori Finance Holdings Co. Ltd. | 353,050 | 3,981 |
| | Hyundai Engineering & Construction Co. Ltd. | 71,577 | 3,875 |
| | Hyundai Glovis Co. Ltd. | 15,680 | 3,699 |
| | Samsung Electro-Mechanics Co. Ltd. | 55,770 | 3,584 |
| | Lotte Shopping Co. Ltd. | 11,287 | 3,500 |
| | Korea Zinc Co. Ltd. | 10,521 | 3,467 |
| | Kangwon Land Inc. | 112,880 | 3,265 |
| ^ | OCI Co. Ltd. | 18,045 | 3,171 |
| | SK C&C Co. Ltd. | 22,101 | 3,034 |
| ^ | Celltrion Inc. | 64,538 | 3,010 |
| | Cheil Industries Inc. | 46,983 | 3,000 |
| | BS Financial Group Inc. | 194,260 | 2,974 |
| ^ | NCSoft Corp. | 14,473 | 2,880 |
22
| | | |
| Vanguard® Pacific Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Orion Corp. | 3,667 | 2,802 |
| | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 93,850 | 2,724 |
| | Dongbu Insurance Co. Ltd. | 48,573 | 2,685 |
| | KCC Corp. | 5,232 | 2,609 |
| | Hyundai Wia Corp. | 15,510 | 2,557 |
| | Industrial Bank of Korea | 197,180 | 2,429 |
| | S-Oil Corp. | 41,470 | 2,427 |
| | GS Holdings | 50,871 | 2,374 |
| | Samsung Securities Co. Ltd. | 60,664 | 2,318 |
| | Lotte Chemical Corp. | 14,414 | 2,282 |
| | Samsung Engineering Co. Ltd. | 29,930 | 2,247 |
| | Samsung Techwin Co. Ltd. | 39,670 | 2,227 |
| | CJ CheilJedang Corp. | 7,412 | 2,225 |
| | Daelim Industrial Co. Ltd. | 27,023 | 2,205 |
| * | Cheil Worldwide Inc. | 86,740 | 2,111 |
| | LG Uplus Corp. | 211,810 | 2,086 |
| | Hyundai Greenfood Co. Ltd. | 15,610 | 2,013 |
| | DGB Financial Group Inc. | 121,440 | 1,842 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 61,600 | 1,807 |
| | Hyundai Development Co-Engineering & Construction | 61,800 | 1,772 |
| | Hyosung Corp. | 24,675 | 1,763 |
| | CJ Corp. | 14,451 | 1,750 |
| * | Daewoo Engineering & Construction Co. Ltd. | 202,990 | 1,684 |
| | Korea Gas Corp. | 27,385 | 1,640 |
| | Doosan Heavy Industries & Construction Co. Ltd. | 48,220 | 1,630 |
| | Daewoo International Corp. | 46,160 | 1,619 |
| | S-1 Corp. | 21,223 | 1,614 |
| * | Doosan Infracore Co. Ltd. | 131,410 | 1,589 |
| | AMOREPACIFIC Group | 3,046 | 1,576 |
| | Mando Corp. | 12,920 | 1,554 |
| | Hanwha Corp. | 53,110 | 1,548 |
| | Daewoo Securities Co. Ltd. | 185,880 | 1,527 |
| | Kumho Petro chemical Co. Ltd. | 17,907 | 1,518 |
| | Shinsegae Co. Ltd. | 6,983 | 1,516 |
| | Korea Investment Holdings Co. Ltd. | 40,660 | 1,493 |
| | Hanwha Life Insurance Co. Ltd. | 220,030 | 1,434 |
| ^ | Hyundai Mipo Dockyard | 10,336 | 1,411 |
| | Lotte Confectionery Co. Ltd. | 822 | 1,408 |
| | Yuhan Corp. | 7,921 | 1,393 |
| | SK Networks Co. Ltd. | 151,120 | 1,393 |
| ^ | Halla Visteon Climate Control Corp. | 32,570 | 1,363 |
| | LS Corp. | 17,063 | 1,338 |
| | Samsung Card Co. Ltd. | 34,270 | 1,245 |
| ^ | Hanwha Chemical Corp. | 69,870 | 1,238 |
| ^ | GS Engineering & Construction Corp. | 32,693 | 1,154 |
| | Doosan Corp. | 8,909 | 1,148 |
| *,^ | CJ Korea Express Co. Ltd. | 10,830 | 1,145 |
| | LG Hausys Ltd. | 5,927 | 1,046 |
| *,^ | NHN Entertainment Corp. | 12,529 | 1,025 |
| | Daum Communications Corp. | 13,827 | 1,004 |
| | Mirae Asset Securities Co. Ltd. | 24,370 | 1,001 |
| | NongShim Co. Ltd. | 3,301 | 983 |
| * | Korean Air Lines Co. Ltd. | 29,170 | 938 |
| | Woori Investment & Securities Co. Ltd. | 109,720 | 929 |
| | Lotte Chilsung Beverage Co. Ltd. | 597 | 904 |
| ^ | Samsung Fine Chemicals Co. Ltd. | 18,299 | 731 |
| | Hyundai Securities Co. Ltd. | 107,270 | 723 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 68,449 | 688 |
| ^ | Hite Jinro Co. Ltd. | 27,040 | 656 |
| | SKC Co. Ltd. | 18,950 | 628 |
| | KEPCO Engineering & Construction Co. Inc. | 9,660 | 576 |
| * | Hanjin Shipping Co. Ltd. | 77,000 | 451 |
| ^ | Hyundai Hysco Co. Ltd. | 7,988 | 425 |
| ^ | Dongkuk Steel Mill Co. Ltd. | 34,380 | 331 |
23
| | | | | |
| Vanguard® Pacific Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2014 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| | Hyundai Securities Co. Ltd. Preference Shares | | | 45,272 | 299 |
| * | GS Engineering & Construction Corp Rights Exp. 06/03/2014 | | | 10,554 | 89 |
| | | | | | 597,655 |
| Total Common Stocks (Cost $6,012,110) | | | | 5,222,645 |
| | | Coupon | | | |
| Temporary Cash Investments (1.7%)1 | | | | |
| Money Market Fund (1.6%) | | | | |
| 2,3 | Vanguard Market Liquidity Fund | 0.124% | | 85,495,859 | 85,496 |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.1%) | | | | |
| 4 | Fannie Mae Discount Notes | 0.085% | 7/14/14 | 1,000 | 1,000 |
| 5,6 | Federal Home Loan Bank Discount Notes | 0.090% | 7/16/14 | 1,600 | 1,600 |
| | | | | | 2,600 |
| Total Temporary Cash Investments (Cost $88,095) | | | | 88,096 |
| Total Investments (101.2%) (Cost $6,100,205) | | | | 5,310,741 |
| Other Assets and Liabilities—Net (-1.2%)3 | | | | (64,783) |
| Net Assets (100%) | | | | 5,245,958 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $80,712,000.
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 1.3%, respectively, of net
assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
3 Includes $85,286,000 of collateral received for securities on loan.
4 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal
Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior
preferred stock.
5 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 $1,000,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
REIT—Real Estate Investment Trust.
24
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.6%)1 | | |
| Brazil (13.6%) | | |
| | Itau Unibanco Holding SA ADR | 22,992,877 | 376,163 |
| | AMBEV SA | 50,496,390 | 369,141 |
| | Itau Unibanco Holding SA Preference Shares | 21,758,980 | 359,112 |
| | Petroleo Brasileiro SA Preference Shares | 44,782,486 | 332,793 |
| | Petroleo Brasileiro SA | 45,842,497 | 321,345 |
| | Banco Bradesco SA ADR | 19,257,224 | 286,355 |
| | BRF SA | 12,263,164 | 277,740 |
| | Banco Bradesco SA Preference Shares | 18,287,386 | 272,209 |
| ^ | Petroleo Brasileiro SA ADR | 16,073,281 | 237,885 |
| | AMBEV SA ADR | 32,708,747 | 237,138 |
| | Cielo SA | 12,845,060 | 227,550 |
| | Itausa - Investimentos Itau SA Preference Shares | 50,913,162 | 223,769 |
| | Vale SA Class B Pfd. ADR | 18,274,700 | 216,921 |
| | Vale SA Preference Shares | 17,859,186 | 211,611 |
| | Ultrapar Participacoes SA | 6,834,095 | 171,576 |
| | BM&FBovespa SA | 33,384,449 | 170,684 |
| | Banco do Brasil SA | 15,267,385 | 160,291 |
| | Vale SA | 12,005,512 | 158,297 |
| | Vale SA Class B ADR | 11,779,689 | 155,728 |
| | Petroleo Brasileiro SA ADR Series A | 10,286,103 | 142,771 |
| | Banco Bradesco SA | 8,982,271 | 137,972 |
| | BB Seguridade Participacoes SA | 10,655,478 | 124,869 |
| | CCR SA | 15,360,076 | 120,208 |
| | Kroton Educacional SA | 4,307,279 | 92,260 |
| | Telefonica Brasil SA Preference Shares | 3,711,232 | 77,961 |
| | Itau Unibanco Holding SA | 4,894,449 | 75,401 |
| | BRF SA ADR | 3,295,730 | 74,484 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 1,444,016 | 68,323 |
| | BR Malls Participacoes SA | 7,717,099 | 66,416 |
| | Lojas Renner SA | 2,206,672 | 64,921 |
| | Cia Energetica de Minas Gerais Preference Shares | 8,444,689 | 64,346 |
| | Grupo BTG Pactual | 4,680,164 | 63,871 |
| | WEG SA | 5,156,450 | 62,231 |
| | Souza Cruz SA | 6,791,879 | 61,987 |
| | Embraer SA | 6,851,882 | 59,246 |
| | Banco Santander Brasil SA ADR | 8,755,748 | 58,226 |
| | Lojas Americanas SA Preference Shares | 7,597,174 | 57,547 |
| | Banco Santander Brasil SA | 8,478,992 | 56,660 |
| | Natura Cosmeticos SA | 3,225,139 | 55,239 |
| | Tractebel Energia SA | 3,711,301 | 55,193 |
| | Gerdau SA Preference Shares | 9,135,462 | 54,778 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 1,115,970 | 53,076 |
| | CETIP SA - Mercados Organizados | 3,975,244 | 50,650 |
| | Hypermarcas SA | 6,686,890 | 49,273 |
| | Embraer SA ADR | 1,421,932 | 48,914 |
| | Anhanguera Educacional Participacoes SA | 7,781,100 | 48,158 |
| * | Klabin SA | 9,029,530 | 47,380 |
| | Tim Participacoes SA | 8,695,542 | 47,187 |
| * | JBS SA | 13,379,506 | 46,203 |
| | Totvs SA | 2,460,329 | 40,175 |
| | Cia Energetica de Sao Paulo Preference Shares | 3,360,386 | 39,832 |
| | Raia Drogasil SA | 4,631,025 | 39,462 |
| | Gerdau SA ADR | 6,542,681 | 39,322 |
| * | Fibria Celulose SA | 3,941,840 | 39,246 |
| | Metalurgica Gerdau SA Preference Shares Class A | 5,232,391 | 37,921 |
| | CPFL Energia SA | 4,441,502 | 37,667 |
| | Localiza Rent a Car SA | 2,520,523 | 37,643 |
| | Bradespar SA Preference Shares | 4,284,463 | 37,085 |
| | Cosan SA Industria e Comercio | 2,126,501 | 36,469 |
| | Cia Energetica de Minas Gerais ADR | 4,732,892 | 35,686 |
| | M Dias Branco SA | 802,617 | 34,693 |
25
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | ALL - America Latina Logistica SA | 8,694,466 | 34,431 |
| | Telefonica Brasil SA ADR | 1,610,679 | 34,146 |
| | Tim Participacoes SA ADR | 1,247,788 | 33,578 |
| | Oi SA Preference Shares | 33,292,424 | 31,952 |
| ^ | Cia Siderurgica Nacional SA ADR | 8,198,043 | 31,726 |
| | Multiplan Empreendimentos Imobiliarios SA | 1,426,839 | 31,535 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 5,184,798 | 31,438 |
| | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 3,279,955 | 31,094 |
| * | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 7,488,078 | 29,284 |
| | BR Properties SA | 3,351,320 | 26,768 |
| | Porto Seguro SA | 1,836,248 | 26,764 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 2,755,186 | 26,097 |
| | Cia Hering | 2,357,733 | 24,912 |
| | Duratex SA | 5,305,815 | 22,963 |
| | EcoRodovias Infraestrutura e Logistica SA | 3,591,099 | 21,468 |
| ^ | Cia Paranaense de Energia ADR | 1,479,168 | 21,226 |
| | Sul America SA | 2,849,555 | 20,895 |
| | EDP - Energias do Brasil SA | 4,479,921 | 19,469 |
| | Cia Siderurgica Nacional SA | 5,027,948 | 19,302 |
| | Centrais Eletricas Brasileiras SA | 5,397,752 | 18,834 |
| | MRV Engenharia e Participacoes SA | 5,729,966 | 18,143 |
| | Suzano Papel e Celulose SA Preference Shares Class A | 5,180,400 | 16,890 |
| | Lojas Americanas SA | 2,586,353 | 16,529 |
| | Centrais Eletricas Brasileiras SA Preference Shares | 2,821,151 | 15,955 |
| | Transmissora Alianca de Energia Eletrica SA | 1,560,986 | 13,966 |
| | AES Tiete SA Preference Shares | 1,777,496 | 13,959 |
| | Cia Energetica de Minas Gerais | 1,594,634 | 12,251 |
| | Gerdau SA | 2,461,576 | 11,934 |
| | Multiplus SA | 906,035 | 11,593 |
| | Braskem SA Preference Shares | 1,397,378 | 9,538 |
| | Braskem SA ADR | 697,646 | 9,488 |
| | Light SA | 1,103,553 | 8,810 |
| | Oi SA | 8,602,591 | 8,681 |
| * | Usinas Siderurgicas de Minas Gerais SA | 2,213,944 | 7,953 |
| | CPFL Energia SA ADR | 472,392 | 7,917 |
| | Guararapes Confeccoes SA | 162,220 | 7,566 |
| ^ | Centrais Eletricas Brasileiras SA ADR Preference Shares | 1,300,935 | 7,233 |
| | AES Tiete SA | 955,205 | 6,255 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 562,828 | 6,222 |
| | Arteris SA | 719,691 | 5,945 |
| | Cia de Gas de Sao Paulo Preference Shares Class A | 269,021 | 5,918 |
| ^ | Oi SA ADR Preference Shares | 5,675,768 | 5,271 |
| | Cia Paranaense de Energia | 382,500 | 3,774 |
| ^,* | Fibria Celulose SA ADR | 269,506 | 2,676 |
| | Centrais Eletricas Brasileiras SA ADR | 595,104 | 2,065 |
| | Cia Paranaense de Energia Preference Shares | 142,644 | 2,044 |
| ^ | Oi SA ADR | 625,137 | 619 |
| | Klabin SA Preference Shares | 252,000 | 260 |
| * | Klabin SA Rights Exp 5/23/14 | 275,267 | 12 |
| | | | 8,084,609 |
| Chile (1.7%) | | |
| | Empresas COPEC SA | 6,693,089 | 87,559 |
| | Latam Airlines Group | 4,841,160 | 73,968 |
| | SACI Falabella | 8,504,694 | 72,560 |
| | Cencosud SA | 20,619,797 | 68,530 |
| | Enersis SA ADR | 3,851,355 | 62,007 |
| | Banco de Chile | 414,718,411 | 53,639 |
| | Enersis SA | 163,962,717 | 53,081 |
| | Empresa Nacional de Electricidad SA ADR | 1,107,092 | 48,790 |
| | Empresas CMPC SA | 18,830,564 | 42,320 |
| | Banco de Credito e Inversiones | 758,158 | 42,107 |
| | Empresa Nacional de Electricidad SA | 26,717,495 | 39,524 |
| | Banco Santander Chile ADR | 1,473,679 | 35,766 |
| | Corpbanca SA | 3,035,897,104 | 35,639 |
26
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aguas Andinas SA Class A | 55,767,129 | 34,523 |
| | Cia Cervecerias Unidas SA | 2,856,768 | 33,657 |
| | Banco Santander Chile | 544,089,640 | 32,901 |
| | Colbun SA | 124,944,125 | 30,998 |
| | Sociedad Quimica y Minera de Chile SA ADR | 965,745 | 30,807 |
| | Sociedad Matriz Banco de Chile Class B | 88,578,667 | 27,215 |
| | ENTEL Chile SA | 2,121,979 | 26,051 |
| | AES Gener SA | 47,263,549 | 25,888 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 663,282 | 21,205 |
| | CAP SA | 1,395,809 | 20,890 |
| | Embotelladora Andina SA Preference Shares | 4,449,436 | 17,922 |
| | Latam Airlines Group SA | 739,267 | 10,692 |
| ^ | Latam Airlines Group SA ADR | 335,113 | 5,137 |
| | | | 1,033,376 |
| China (20.5%) | | |
| | Tencent Holdings Ltd. | 16,373,472 | 1,030,873 |
| | China Construction Bank Corp. | 1,286,654,913 | 890,846 |
| | China Mobile Ltd. | 92,834,067 | 883,639 |
| | Industrial & Commercial Bank of China Ltd. | 1,284,986,003 | 767,803 |
| | Bank of China Ltd. | 1,342,097,177 | 591,326 |
| | CNOOC Ltd. | 286,894,252 | 474,193 |
| | PetroChina Co. Ltd. | 376,237,479 | 434,093 |
| | China Petroleum & Chemical Corp. | 455,071,372 | 403,992 |
| | China Life Insurance Co. Ltd. | 132,758,470 | 345,378 |
| | Ping An Insurance Group Co. of China Ltd. | 34,022,988 | 252,523 |
| | China Overseas Land & Investment Ltd. | 72,689,276 | 178,938 |
| | Agricultural Bank of China Ltd. | 411,122,065 | 172,992 |
| | China Shenhua Energy Co. Ltd. | 61,608,925 | 167,313 |
| | China Telecom Corp. Ltd. | 288,447,683 | 147,567 |
| | China Merchants Bank Co. Ltd. | 81,833,405 | 146,628 |
| | Hengan International Group Co. Ltd. | 13,259,400 | 139,781 |
| | China Pacific Insurance Group Co. Ltd. | 40,023,394 | 125,838 |
| | Lenovo Group Ltd. | 107,890,109 | 122,947 |
| | China Unicom Hong Kong Ltd. | 80,122,248 | 122,830 |
| | Belle International Holdings Ltd. | 94,060,500 | 97,806 |
| | ENN Energy Holdings Ltd. | 13,360,400 | 93,447 |
| | China Minsheng Banking Corp. Ltd. | 91,568,368 | 92,384 |
| | Bank of Communications Co. Ltd. | 143,410,345 | 89,328 |
| | Great Wall Motor Co. Ltd. | 18,711,500 | 85,124 |
| | China Resources Power Holdings Co. Ltd. | 33,847,048 | 85,070 |
| | China CITIC Bank Corp. Ltd. | 137,192,719 | 81,953 |
| ^ | Anhui Conch Cement Co. Ltd. | 21,740,952 | 81,175 |
| | Beijing Enterprises Holdings Ltd. | 9,258,000 | 80,624 |
| | China Oilfield Services Ltd. | 33,339,800 | 79,930 |
| | Kunlun Energy Co. Ltd. | 50,013,230 | 78,147 |
| | Brilliance China Automotive Holdings Ltd. | 48,804,700 | 75,425 |
| | Dongfeng Motor Group Co. Ltd. | 54,246,744 | 72,521 |
| | PICC Property & Casualty Co. Ltd. | 53,230,601 | 70,362 |
| | China Resources Land Ltd. | 33,185,200 | 68,490 |
| | China Merchants Holdings International Co. Ltd. | 20,338,610 | 63,821 |
| | China Resources Enterprise Ltd. | 21,908,860 | 62,386 |
| | China Longyuan Power Group Corp. | 60,191,800 | 61,997 |
| | China Everbright International Ltd. | 47,228,000 | 59,250 |
| * | GCL-Poly Energy Holdings Ltd. | 193,278,000 | 58,055 |
| ^,* | Byd Co. Ltd. | 10,619,255 | 57,463 |
| | Huaneng Power International Inc. | 55,764,978 | 54,588 |
| | China Communications Construction Co. Ltd. | 82,284,504 | 53,985 |
| | China National Building Material Co. Ltd. | 54,752,960 | 51,940 |
| ^ | CITIC Pacific Ltd. | 27,972,674 | 49,129 |
| | China State Construction International Holdings Ltd. | 28,426,872 | 47,551 |
| ^ | Evergrande Real Estate Group Ltd. | 105,467,785 | 47,249 |
| | CSPC Pharmaceutical Group Ltd. | 55,755,497 | 46,455 |
| | Sinopharm Group Co. Ltd. | 17,457,700 | 46,100 |
| | Tsingtao Brewery Co. Ltd. | 6,226,000 | 45,461 |
27
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shimao Property Holdings Ltd. | 22,491,957 | 44,600 |
| | Guangdong Investment Ltd. | 40,656,080 | 44,202 |
| | Beijing Enterprises Water Group Ltd. | 69,422,000 | 44,121 |
| | China Gas Holdings Ltd. | 27,013,900 | 43,973 |
| | Guangzhou Automobile Group Co. Ltd. | 42,146,584 | 42,603 |
| | GOME Electrical Appliances Holding Ltd. | 220,260,805 | 41,584 |
| ^ | China Coal Energy Co. Ltd. | 76,588,800 | 41,498 |
| | Jiangxi Copper Co. Ltd. | 24,807,898 | 41,040 |
| ^ | Kingsoft Corp. Ltd. | 13,172,000 | 40,822 |
| | COSCO Pacific Ltd. | 29,693,788 | 39,855 |
| | China Vanke Co. Ltd. Class B | 23,467,441 | 39,244 |
| * | New China Life Insurance Co. Ltd. | 13,075,053 | 38,574 |
| | Sino Biopharmaceutical Ltd. | 48,892,373 | 38,370 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 32,400,000 | 35,812 |
| | China Resources Gas Group Ltd. | 11,990,100 | 35,567 |
| | Sino-Ocean Land Holdings Ltd. | 66,490,802 | 35,238 |
| | Shenzhou International Group Holdings Ltd. | 9,958,065 | 34,357 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 33,321,800 | 33,761 |
| | Haitong Securities Co. Ltd. | 23,944,400 | 33,583 |
| | Haier Electronics Group Co. Ltd. | 13,642,000 | 33,557 |
| | China Railway Group Ltd. | 71,785,408 | 32,152 |
| ^ | Weichai Power Co. Ltd. | 9,151,820 | 31,974 |
| | CITIC Securities Co. Ltd. | 15,514,700 | 31,181 |
| | Country Garden Holdings Co. Ltd. | 77,074,662 | 30,904 |
| | Longfor Properties Co. Ltd. | 23,854,080 | 30,868 |
| | China Railway Construction Corp. Ltd. | 36,269,765 | 30,098 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 15,999,711 | 28,892 |
| | Geely Automobile Holdings Ltd. | 82,947,300 | 28,835 |
| ^,* | China Cinda Asset Management Co. Ltd. | 56,827,000 | 28,659 |
| ^,* | China Huishan Dairy Holdings Co. Ltd. | 125,159,365 | 28,500 |
| ^ | Zijin Mining Group Co. Ltd. | 116,527,680 | 28,470 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 36,809,320 | 27,623 |
| | Zhuzhou CSR Times Electric Co. Ltd. | 9,366,000 | 27,542 |
| ^ | Fosun International Ltd. | 22,637,737 | 27,446 |
| ^,* | Aluminum Corp. of China Ltd. | 74,701,220 | 26,782 |
| | Jiangsu Expressway Co. Ltd. | 23,664,139 | 26,660 |
| | Shanghai Industrial Holdings Ltd. | 8,587,445 | 26,651 |
| 2 | People's Insurance Co. Group of China Ltd. | 65,881,000 | 25,307 |
| 2 | Sinopec Engineering Group Co. Ltd. | 21,886,272 | 24,497 |
| | CSR Corp. Ltd. | 33,451,377 | 24,483 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 7,207,500 | 24,460 |
| | China Resources Cement Holdings Ltd. | 34,530,686 | 24,039 |
| | Kingboard Chemical Holdings Ltd. | 12,151,171 | 23,223 |
| * | China Taiping Insurance Holdings Co. Ltd. | 14,574,907 | 23,200 |
| | Guangzhou R&F Properties Co. Ltd. | 17,693,300 | 23,180 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 18,268,898 | 22,980 |
| | ANTA Sports Products Ltd. | 15,667,000 | 22,966 |
| | Chongqing Rural Commercial Bank | 52,145,461 | 22,932 |
| | China Communications Services Corp. Ltd. | 44,957,973 | 22,815 |
| | SOHO China Ltd. | 28,317,506 | 22,563 |
| | Shanghai Electric Group Co. Ltd. | 56,045,756 | 22,055 |
| | China International Marine Containers Group Co. Ltd. | 10,965,398 | 21,668 |
| | China Everbright Ltd. | 16,090,010 | 21,563 |
| ^,* | ZTE Corp. | 10,466,328 | 21,418 |
| | AviChina Industry & Technology Co. Ltd. | 39,940,000 | 21,377 |
| ^ | Far East Horizon Ltd. | 30,471,010 | 20,662 |
| | Haitian International Holdings Ltd. | 10,222,000 | 20,593 |
| | Zhejiang Expressway Co. Ltd. | 23,768,704 | 20,566 |
| | Datang International Power Generation Co. Ltd. | 53,422,568 | 19,923 |
| | Agile Property Holdings Ltd. | 23,908,345 | 19,451 |
| | Beijing Capital International Airport Co. Ltd. | 27,584,564 | 19,236 |
| ^,* | China COSCO Holdings Co. Ltd. | 48,279,000 | 19,148 |
| | Franshion Properties China Ltd. | 60,042,094 | 18,934 |
| * | Shenzhen International Holdings Ltd. | 15,567,500 | 18,933 |
28
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 10,239,500 | 18,783 |
| | Nine Dragons Paper Holdings Ltd. | 28,222,000 | 18,607 |
| | China BlueChemical Ltd. | 34,431,405 | 18,483 |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 26,004,179 | 17,395 |
| | Air China Ltd. | 30,108,748 | 17,125 |
| ^ | Biostime International Holdings Ltd. | 2,532,000 | 16,859 |
| ^,* | China Shipping Container Lines Co. Ltd. | 70,373,618 | 16,855 |
| | Sinotrans Ltd. | 30,360,000 | 16,796 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 67,418,788 | 16,476 |
| | BBMG Corp. | 23,311,500 | 16,409 |
| | Yuexiu Property Co. Ltd. | 84,381,300 | 16,380 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 10,402,066 | 15,939 |
| | Golden Eagle Retail Group Ltd. | 11,841,000 | 15,316 |
| | China Agri-Industries Holdings Ltd. | 36,930,961 | 14,776 |
| ^ | Zhongsheng Group Holdings Ltd. | 11,956,500 | 14,551 |
| | Lee & Man Paper Manufacturing Ltd. | 26,040,000 | 14,156 |
| | Huadian Power International Corp. Ltd. | 26,044,000 | 14,154 |
| ^,* | Li Ning Co. Ltd. | 20,171,500 | 14,056 |
| ^,* | Huadian Fuxin Energy Corp. Ltd. | 30,041,852 | 14,048 |
| | Poly Property Group Co. Ltd. | 32,182,900 | 13,973 |
| | CIMC Enric Holdings Ltd. | 9,413,713 | 13,656 |
| | Huaneng Renewables Corp. Ltd. | 43,786,000 | 13,612 |
| *,2 | China Galaxy Securities Co. Ltd. | 22,064,000 | 12,942 |
| | Travelsky Technology Ltd. | 16,668,000 | 12,735 |
| | Greentown China Holdings Ltd. | 12,535,000 | 12,624 |
| ^,* | Angang Steel Co. Ltd. | 20,382,374 | 12,404 |
| ^,* | China Shipping Development Co. Ltd. | 22,504,021 | 12,365 |
| ^,* | China Yurun Food Group Ltd. | 25,358,149 | 12,224 |
| ^,* | Huishang Bank Corp. Ltd. | 26,849,380 | 12,195 |
| | China Molybdenum Co. Ltd. | 27,095,000 | 12,086 |
| | KWG Property Holding Ltd. | 21,397,500 | 11,899 |
| ^,* | Beijing Jingneng Clean Energy Co. Ltd. | 27,334,000 | 11,783 |
| | CSG Holding Co. Ltd. Class B | 14,942,164 | 11,587 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 4,635,466 | 11,506 |
| ^,* | Hopson Development Holdings Ltd. | 11,302,000 | 11,106 |
| | Shenzhen Investment Ltd. | 33,386,000 | 10,912 |
| ^,* | Renhe Commercial Holdings Co. Ltd. | 183,012,000 | 10,502 |
| | China Dongxiang Group Co. | 58,591,000 | 10,388 |
| ^,* | Sinopec Yizheng Chemical Fibre Co. Ltd. | 44,742,000 | 9,959 |
| | Weifu High-Technology Group Co. Ltd. Class B | 3,047,253 | 9,954 |
| ^,* | China Hongqiao Group Ltd. | 14,462,756 | 9,901 |
| ^ | Xinjiang Goldwind Science & Technology Co. Ltd. | 9,045,000 | 9,841 |
| | China Southern Airlines Co. Ltd. | 31,578,000 | 9,430 |
| ^ | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 3,140,000 | 9,397 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 14,474,000 | 8,713 |
| | Guangshen Railway Co. Ltd. | 21,246,000 | 8,054 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 4,600,075 | 8,033 |
| ^ | Dongfang Electric Corp. Ltd. | 5,057,030 | 7,909 |
| | Wumart Stores Inc. | 8,024,000 | 7,890 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 13,330,537 | 7,690 |
| ^ | Guangzhou Shipyard International Co. Ltd. | 4,292,000 | 7,606 |
| ^,* | Metallurgical Corp. of China Ltd. | 39,510,937 | 7,603 |
| | Dazhong Transportation Group Co. Ltd. Class B | 11,357,506 | 7,259 |
| ^,* | CITIC Resources Holdings Ltd. | 50,156,000 | 7,258 |
| | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 4,293,029 | 7,257 |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 18,121,057 | 7,014 |
| ^,* | China Eastern Airlines Corp. Ltd. | 22,688,000 | 7,012 |
| ^ | Harbin Electric Co. Ltd. | 11,938,000 | 7,002 |
| * | BOE Technology Group Co. Ltd. Class B | 28,217,600 | 6,945 |
| | Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 8,368,815 | 6,942 |
| | Shenzhen Expressway Co. Ltd. | 14,818,000 | 6,761 |
| ^,* | Maanshan Iron & Steel | 31,848,000 | 6,676 |
| ^ | Bosideng International Holdings Ltd. | 44,438,000 | 6,558 |
| | Sinotruk Hong Kong Ltd. | 12,173,000 | 6,462 |
29
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Jiangling Motors Corp. Ltd. Class B | 1,720,246 | 6,416 |
| ^,* | China Zhongwang Holdings Ltd. | 20,426,486 | 6,385 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 12,036,985 | 5,932 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 5,790,169 | 5,860 |
| | Anhui Expressway Co. Ltd. | 10,678,000 | 5,818 |
| | China Merchants Property Development Co. Ltd. Class B | 2,592,880 | 5,784 |
| | Sichuan Expressway Co. Ltd. | 18,632,000 | 5,582 |
| | Kingboard Laminates Holdings Ltd. | 14,179,000 | 5,502 |
| * | China Machinery Engineering Corp. | 8,117,639 | 5,376 |
| | Shanghai Friendship Group Inc. Co. Class B | 3,823,241 | 5,145 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 3,272,024 | 4,584 |
| * | Shanghai Haixin Group Co. Class B | 8,925,019 | 4,341 |
| ^,* | China Foods Ltd. | 12,701,506 | 4,298 |
| ^ | Lianhua Supermarket Holdings Co. Ltd. | 7,696,000 | 4,267 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 4,592,770 | 4,184 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 1,878,159 | 3,988 |
| * | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 8,649,032 | 3,946 |
| ^ | Sany Heavy Equipment International Holdings Co. Ltd. | 16,931,000 | 3,934 |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 2,595,918 | 3,797 |
| | Tianjin Capital Environmental Protection Group Co. Ltd. | 6,920,000 | 3,674 |
| ^ | Sinofert Holdings Ltd. | 28,510,000 | 3,539 |
| | Double Coin Holdings Ltd. Class B | 5,030,634 | 3,532 |
| | Beijing North Star Co. Ltd. | 14,830,000 | 3,462 |
| | Shandong Chenming Paper Holdings Ltd. | 7,243,000 | 3,202 |
| * | Huadian Energy Co. Ltd. Class B | 9,190,269 | 2,668 |
| | Bengang Steel Plates Co. Class B | 8,157,311 | 2,453 |
| ^ | China National Materials Co. Ltd. | 10,644,000 | 2,065 |
| | Jinzhou Port Co. Ltd. Class B | 4,698,200 | 1,829 |
| ^,* | Fosun International Ltd Rights Expire 5/13/14 | 1,765,743 | 8 |
| | | | 12,168,846 |
| Colombia (1.1%) | | |
| | Bancolombia SA ADR | 1,653,529 | 94,135 |
| ^ | Ecopetrol SA ADR | 2,308,158 | 86,533 |
| | Grupo de Inversiones Suramericana SA | 4,191,014 | 81,761 |
| | Ecopetrol SA | 41,488,303 | 77,232 |
| | Almacenes Exito SA | 3,993,883 | 60,839 |
| | Cementos Argos SA | 6,952,492 | 38,773 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 1,783,012 | 35,171 |
| | Corp Financiera Colombiana SA | 1,617,937 | 31,280 |
| | Interconexion Electrica SA ESP | 5,847,253 | 27,416 |
| * | Cemex Latam Holdings SA | 2,933,162 | 27,081 |
| | Isagen SA ESP | 14,245,690 | 23,282 |
| | Grupo Argos SA Preference Shares | 2,034,210 | 22,416 |
| | Grupo Aval Acciones y Valores Preference Shares | 31,283,977 | 21,162 |
| | Bancolombia SA Preference Shares | 1,413,196 | 19,995 |
| | | | 647,076 |
| Czech Republic (0.3%) | | |
| | CEZ AS | 2,920,243 | 87,884 |
| | Komercni Banka AS | 273,620 | 63,090 |
| | Telefonica Czech Republic AS | 1,741,618 | 26,403 |
| | | | 177,377 |
| Egypt (0.1%) | | |
| * | Global Telecom Holding GDR | 9,175,935 | 34,188 |
| | Commercial International Bank Egypt SAE | 5,859,213 | 31,445 |
| | Talaat Moustafa Group | 4,208,215 | 5,387 |
| | Telecom Egypt Co. | 1,443,930 | 3,063 |
| * | Egypt Kuwait Holding Co. SAE | 2,855,862 | 3,013 |
| * | Egyptian Financial Group-Hermes Holding | 1,602,116 | 2,941 |
| | | | 80,037 |
| Hungary (0.3%) | | |
| | OTP Bank plc | 3,417,112 | 65,253 |
| | MOL Hungarian Oil & Gas plc | 834,464 | 48,009 |
| * | Richter Gedeon Nyrt | 2,495,759 | 42,746 |
30
| | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Magyar Telekom Telecommunications plc | 7,212,866 | 10,291 |
| | | 166,299 |
| India (9.8%) | | |
| Infosys Ltd. | 8,428,925 | 448,451 |
| Reliance Industries Ltd. | 28,206,796 | 438,450 |
| Housing Development Finance Corp. | 27,703,018 | 413,040 |
| Tata Consultancy Services Ltd. | 8,351,141 | 303,149 |
| ICICI Bank Ltd. | 10,400,444 | 214,436 |
| Oil & Natural Gas Corp. Ltd. | 36,498,472 | 197,020 |
| ITC Ltd. | 34,328,437 | 194,086 |
| HDFC Bank Ltd. | 13,048,507 | 156,179 |
| Sun Pharmaceutical Industries Ltd. | 13,636,592 | 143,256 |
| Axis Bank Ltd. | 5,158,698 | 130,159 |
| Bharti Airtel Ltd. | 23,246,097 | 126,589 |
| Tata Motors Ltd. | 17,238,626 | 119,244 |
| Hindustan Unilever Ltd. | 12,660,981 | 119,169 |
| HCL Technologies Ltd. | 4,717,757 | 109,784 |
| HDFC Bank Ltd. ADR | 2,608,895 | 104,486 |
| Mahindra & Mahindra Ltd. | 5,534,200 | 98,840 |
| State Bank of India | 2,485,018 | 85,811 |
| Larsen & Toubro Ltd. | 3,865,569 | 83,137 |
| Sesa Sterlite Ltd. | 23,659,649 | 72,891 |
| United Spirits Ltd. | 1,556,363 | 71,473 |
| NTPC Ltd. | 35,179,710 | 67,889 |
| Kotak Mahindra Bank Ltd. | 4,766,602 | 63,521 |
| Tech Mahindra Ltd. | 1,864,072 | 56,680 |
| Coal India Ltd. | 11,639,664 | 56,406 |
| Hero MotoCorp Ltd. | 1,418,264 | 51,863 |
| ^ Wipro Ltd. ADR | 4,024,580 | 48,134 |
| Cairn India Ltd. | 8,467,236 | 47,094 |
| Asian Paints Ltd. | 5,472,838 | 45,867 |
| Lupin Ltd. | 2,723,078 | 44,685 |
| Wipro Ltd. | 4,905,628 | 42,516 |
| Bajaj Auto Ltd. | 1,307,857 | 41,535 |
| Ultratech Cement Ltd. | 1,215,456 | 40,903 |
| Maruti Suzuki India Ltd. | 1,261,016 | 40,283 |
| Cipla Ltd. | 6,064,025 | 40,018 |
| Power Grid Corp. of India Ltd. | 22,713,055 | 39,864 |
| JSW Steel Ltd. | 2,211,579 | 39,781 |
| Dr Reddy's Laboratories Ltd. ADR | 870,257 | 39,222 |
| Zee Entertainment Enterprises Ltd. | 8,386,559 | 36,563 |
| Ambuja Cements Ltd. | 10,815,449 | 35,530 |
| IndusInd Bank Ltd. | 4,376,391 | 34,799 |
| Adani Enterprises Ltd. | 4,903,937 | 34,073 |
| NMDC Ltd. | 13,522,584 | 33,722 |
| GAIL India Ltd. | 5,383,163 | 33,062 |
| Bharat Heavy Electricals Ltd. | 11,009,655 | 33,011 |
| Nestle India Ltd. | 410,850 | 32,464 |
| Idea Cellular Ltd. | 14,199,164 | 31,743 |
| Godrej Consumer Products Ltd. | 2,281,878 | 30,234 |
| Hindalco Industries Ltd. | 13,545,374 | 30,221 |
| Dr Reddy's Laboratories Ltd. | 657,542 | 29,510 |
| Tata Steel Ltd. | 4,309,767 | 28,690 |
| Jindal Steel & Power Ltd. | 6,638,101 | 28,143 |
| Shriram Transport Finance Co. Ltd. | 2,294,777 | 28,002 |
| Adani Ports and Special Economic Zone Ltd. | 8,417,990 | 26,325 |
| IDFC Ltd. | 14,127,357 | 26,202 |
| Rural Electrification Corp. Ltd. | 6,403,895 | 25,291 |
| Indian Oil Corp. Ltd. | 5,634,998 | 24,623 |
| Bharat Petroleum Corp. Ltd. | 3,208,040 | 24,230 |
| Tata Power Co. Ltd. | 17,988,326 | 23,315 |
| Reliance Communications Ltd. | 11,353,949 | 23,092 |
| Dabur India Ltd. | 7,501,908 | 22,318 |
| Yes Bank Ltd. | 2,993,263 | 21,960 |
31
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of Baroda | 1,532,657 | 20,816 |
| | Reliance Infrastructure Ltd. | 2,386,029 | 20,151 |
| | Glenmark Pharmaceuticals Ltd. | 1,994,050 | 19,997 |
| * | Oracle Financial Services Software Ltd. | 400,090 | 19,903 |
| | Mahindra & Mahindra Financial Services Ltd. | 4,800,335 | 19,612 |
| | ACC Ltd. | 897,331 | 19,259 |
| | DLF Ltd. | 8,104,791 | 18,910 |
| * | Ranbaxy Laboratories Ltd. | 2,307,347 | 18,150 |
| | Power Finance Corp. Ltd. | 5,857,104 | 17,878 |
| | Siemens Ltd. | 1,495,569 | 17,216 |
| | Oil India Ltd. | 2,162,705 | 17,123 |
| | Divi's Laboratories Ltd. | 738,474 | 16,910 |
| | Container Corp. Of India | 1,050,710 | 16,740 |
| | United Breweries Ltd. | 1,275,755 | 16,730 |
| | Titan Co. Ltd. | 3,945,801 | 16,690 |
| | Jaiprakash Associates Ltd. | 18,554,689 | 16,613 |
| | Steel Authority of India Ltd. | 14,343,182 | 16,075 |
| | Grasim Industries Ltd. | 364,956 | 15,846 |
| | Cadila Healthcare Ltd. | 962,536 | 15,613 |
| | Shree Cement Ltd. | 162,470 | 15,344 |
| | Piramal Enterprises Ltd. | 1,648,442 | 14,792 |
| * | GlaxoSmithKline Consumer Healthcare Ltd. | 213,341 | 14,773 |
| | GlaxoSmithKline Pharmaceuticals Ltd. | 358,182 | 14,646 |
| | Punjab National Bank | 1,103,768 | 14,377 |
| | Colgate-Palmolive India Ltd. | 589,988 | 14,048 |
| | ABB India Ltd. | 948,440 | 13,297 |
| | Bharti Infratel Ltd. | 3,714,964 | 13,292 |
| | Reliance Capital Ltd. | 2,223,832 | 13,119 |
| * | Reliance Power Ltd. | 10,402,661 | 11,822 |
| | Cummins India Ltd. | 1,230,639 | 11,190 |
| | Castrol India Ltd. | 2,246,754 | 11,048 |
| | Mphasis Ltd. | 1,612,193 | 11,037 |
| | Bharat Forge Ltd. | 1,554,658 | 10,537 |
| | Aditya Birla Nuvo Ltd. | 555,009 | 10,196 |
| | Sun TV Network Ltd. | 1,468,839 | 9,157 |
| | Crompton Greaves Ltd. | 3,276,954 | 8,952 |
| | Bajaj Holdings and Investment Ltd. | 507,813 | 8,829 |
| | Hindustan Zinc Ltd. | 3,949,079 | 8,448 |
| | NHPC Ltd. | 26,367,024 | 8,312 |
| | Hindustan Petroleum Corp. Ltd. | 1,462,903 | 7,810 |
| | Bharat Electronics Ltd. | 383,327 | 7,694 |
| | Exide Industries Ltd. | 3,698,215 | 7,355 |
| | Bank of India | 1,758,520 | 6,851 |
| | IDBI Bank Ltd. | 5,806,899 | 6,574 |
| | Tata Communications Ltd. | 1,384,211 | 6,508 |
| | GMR Infrastructure Ltd. | 15,742,485 | 6,493 |
| * | Adani Power Ltd. | 7,861,694 | 6,284 |
| | Godrej Industries Ltd. | 1,183,202 | 5,931 |
| * | Unitech Ltd. | 21,620,869 | 5,699 |
| | Wockhardt Ltd. | 438,512 | 5,577 |
| | Union Bank of India | 2,030,318 | 5,103 |
| | Canara Bank | 1,044,705 | 4,962 |
| | Oriental Bank of Commerce | 1,194,783 | 4,913 |
| | JSW Energy Ltd. | 5,501,343 | 4,895 |
| | Ashok Leyland Ltd. | 12,710,004 | 4,695 |
| | Great Eastern Shipping Co. Ltd. | 777,407 | 4,319 |
| | Torrent Power Ltd. | 2,409,638 | 4,170 |
| | Tata Chemicals Ltd. | 805,959 | 3,805 |
| * | Mangalore Refinery & Petrochemicals Ltd. | 3,711,949 | 3,681 |
| * | Essar Oil Ltd. | 3,173,339 | 3,084 |
| | State Bank of India GDR | 39,524 | 2,716 |
| | Corp Bank | 482,151 | 2,352 |
| | | | 5,831,953 |
32
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Indonesia (2.9%) | | |
| | Astra International Tbk PT | 359,286,200 | 231,485 |
| | Bank Central Asia Tbk PT | 218,347,324 | 207,954 |
| | Telekomunikasi Indonesia Persero Tbk PT | 898,059,805 | 176,514 |
| | Bank Rakyat Indonesia Persero Tbk PT | 191,762,100 | 164,677 |
| | Bank Mandiri Persero Tbk PT | 166,542,380 | 142,297 |
| | Perusahaan Gas Negara Persero Tbk PT | 195,681,604 | 90,376 |
| | Semen Indonesia Persero Tbk PT | 53,075,704 | 68,425 |
| | Bank Negara Indonesia Persero Tbk PT | 132,866,861 | 55,531 |
| | Unilever Indonesia Tbk PT | 20,460,130 | 51,981 |
| | United Tractors Tbk PT | 26,796,101 | 50,380 |
| | Kalbe Farma Tbk PT | 374,610,490 | 50,172 |
| | Indofood Sukses Makmur Tbk PT | 80,949,796 | 49,520 |
| | Indocement Tunggal Prakarsa Tbk PT | 23,167,331 | 43,969 |
| | Charoen Pokphand Indonesia Tbk PT | 133,085,532 | 43,516 |
| | Gudang Garam Tbk PT | 8,220,580 | 40,275 |
| | XL Axiata Tbk PT | 55,911,724 | 25,079 |
| | Adaro Energy Tbk PT | 224,677,980 | 23,116 |
| | Bank Danamon Indonesia Tbk PT | 59,106,524 | 20,953 |
| | Media Nusantara Citra Tbk PT | 88,791,250 | 20,934 |
| | Jasa Marga Persero Tbk PT | 36,183,600 | 18,487 |
| * | Surya Citra Media Tbk PT | 66,844,500 | 18,233 |
| | Indofood CBP Sukses Makmur Tbk PT | 19,880,000 | 17,214 |
| | Indo Tambangraya Megah Tbk PT | 7,260,300 | 16,047 |
| | Tambang Batubara Bukit Asam Persero Tbk PT | 16,558,825 | 14,176 |
| | Global Mediacom Tbk PT | 72,685,089 | 13,797 |
| | Astra Agro Lestari Tbk PT | 4,767,680 | 12,139 |
| | Vale Indonesia Tbk PT | 36,331,927 | 11,191 |
| | Indosat Tbk PT | 20,292,273 | 6,874 |
| | Aneka Tambang Persero Tbk PT | 61,919,500 | 6,313 |
| | | | 1,691,625 |
| Malaysia (5.2%) | | |
| | Public Bank Bhd. (Local) | 50,003,447 | 308,677 |
| | Malayan Banking Bhd. | 76,520,788 | 232,279 |
| | CIMB Group Holdings Bhd. | 93,589,548 | 215,592 |
| | Axiata Group Bhd. | 88,570,094 | 182,679 |
| | Sime Darby Bhd. | 55,504,113 | 160,562 |
| | Genting Bhd. | 39,457,490 | 118,598 |
| | DiGi.Com Bhd. | 68,074,750 | 115,677 |
| | Petronas Chemicals Group Bhd. | 52,675,322 | 108,660 |
| | Petronas Gas Bhd. | 14,473,296 | 104,265 |
| | IOI Corp. Bhd. | 67,823,278 | 103,781 |
| | Maxis Bhd. | 47,882,550 | 101,967 |
| | Tenaga Nasional Bhd. | 25,346,007 | 92,393 |
| * | Sapurakencana Petroleum Bhd. | 68,247,991 | 90,220 |
| | Kuala Lumpur Kepong Bhd. | 9,528,812 | 70,672 |
| | AMMB Holdings Bhd. | 31,895,458 | 70,200 |
| | Genting Malaysia Bhd. | 54,137,590 | 70,025 |
| * | IHH Healthcare Bhd. | 48,721,276 | 59,859 |
| | PPB Group Bhd. | 10,837,808 | 54,696 |
| | Gamuda Bhd. | 36,031,116 | 50,931 |
| | Petronas Dagangan Bhd. | 5,295,000 | 49,205 |
| * | MISC Bhd. | 24,576,891 | 49,102 |
| | British American Tobacco Malaysia Bhd. | 2,611,287 | 48,971 |
| | YTL Corp. Bhd. | 95,314,356 | 47,022 |
| | Felda Global Ventures Holdings Bhd. | 33,034,357 | 45,745 |
| | IJM Corp. Bhd. | 22,904,450 | 44,817 |
| | Hong Leong Bank Bhd. | 10,103,405 | 43,347 |
| | UMW Holdings Bhd. | 12,155,420 | 40,101 |
| | Telekom Malaysia Bhd. | 20,054,840 | 38,110 |
| | RHB Capital Bhd. | 12,698,035 | 32,264 |
| | Bumi Armada Bhd. | 26,050,581 | 31,949 |
| 2 | Astro Malaysia Holdings Bhd. | 29,792,400 | 30,405 |
| * | YTL Power International Bhd. | 62,882,068 | 30,259 |
33
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Alliance Financial Group Bhd. | 21,337,817 | 29,308 |
| * | IOI Properties Group Sdn Bhd. | 33,167,738 | 27,269 |
| | Malaysia Airports Holdings Bhd. | 10,724,200 | 26,456 |
| | Lafarge Malaysia Bhd. | 7,978,420 | 22,234 |
| | Berjaya Sports Toto Bhd. | 15,838,255 | 18,870 |
| | Hong Leong Financial Group Bhd. | 3,939,800 | 18,483 |
| | UEM Sunrise Bhd. | 24,332,100 | 17,180 |
| | KLCC Property Holdings Bhd. | 7,935,900 | 16,171 |
| | SP Setia Bhd. | 15,916,024 | 14,711 |
| | AirAsia Bhd. | 21,161,548 | 14,398 |
| | MMC Corp. Bhd. | 14,791,200 | 12,681 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 8,519,035 | 10,327 |
| | Parkson Holdings Bhd. | 11,134,926 | 10,022 |
| | | | 3,081,140 |
| Mexico (5.7%) | | |
| | America Movil SAB de CV | 549,182,006 | 552,425 |
| | Fomento Economico Mexicano SAB de CV | 38,565,952 | 351,944 |
| | Grupo Televisa SAB | 46,365,630 | 304,148 |
| * | Cemex SAB de CV | 210,748,239 | 269,501 |
| | Grupo Financiero Banorte SAB de CV | 40,547,734 | 268,805 |
| | Wal-Mart de Mexico SAB de CV | 101,338,730 | 256,237 |
| | Grupo Mexico SAB de CV Class B | 69,619,365 | 209,080 |
| | Alfa SAB de CV Class A | 50,494,020 | 132,963 |
| | Grupo Financiero Inbursa SAB de CV | 37,186,415 | 95,107 |
| | Grupo Bimbo SAB de CV Class A | 33,943,410 | 93,766 |
| | Fibra Uno Administracion SA de CV | 26,951,700 | 88,048 |
| | Coca-Cola Femsa SAB de CV | 7,348,470 | 82,086 |
| | Mexichem SAB de CV | 20,396,035 | 75,908 |
| | Grupo Financiero Santander Mexico SAB de CV Class B | 26,818,762 | 63,773 |
| | Industrias Penoles SAB de CV | 2,265,230 | 52,728 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 4,223,220 | 51,675 |
| | Grupo Carso SAB de CV | 8,873,454 | 45,104 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 3,069,633 | 42,905 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 16,440,252 | 42,738 |
| * | Genomma Lab Internacional SAB de CV Class B | 14,090,018 | 35,713 |
| * | Compartamos SAB de CV | 20,090,600 | 35,197 |
| | Arca Continental SAB de CV | 4,673,306 | 29,777 |
| | Controladora Comercial Mexicana SAB de CV | 7,850,900 | 29,201 |
| * | OHL Mexico SAB de CV | 10,964,600 | 29,107 |
| * | Gruma SAB de CV Class B | 3,003,300 | 26,533 |
| | Infraestructura Energetica Nova SAB de CV | 4,062,620 | 21,153 |
| | Grupo Elektra SAB DE CV | 668,175 | 19,198 |
| * | Minera Frisco SAB de CV | 9,362,976 | 16,983 |
| * | Industrias CH SAB de CV Class B | 3,077,898 | 16,445 |
| | Grupo Comercial Chedraui SA de CV | 5,215,200 | 15,885 |
| | Grupo Sanborns SAB de CV | 8,569,888 | 14,071 |
| * | Organizacion Soriana SAB de CV Class B | 4,476,144 | 12,988 |
| | Alpek SA de CV | 6,014,721 | 10,344 |
| | | | 3,391,536 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe Addoha SA | 409,761 | 3,035 |
| |
| Other3 (0.0%) | | |
| * | Land and Houses PCL Warrants | 10,577,020 | 2,092 |
| * | Ambev SA Rights Exp. 5/29/14 | 70,665 | 8 |
| * | Cia de Gas de Sao Paulo COMGAS Rights Exp. 5/28/14 | 4,600 | 1 |
| | | | 2,101 |
| Peru (0.4%) | | |
| | Credicorp Ltd. | 569,886 | 85,055 |
| | Credicorp Ltd. XLIM | 357,268 | 53,412 |
| | Cia de Minas Buenaventura SAA ADR | 3,223,121 | 41,901 |
| | Volcan Cia Minera SAA Class B | 50,208,458 | 18,957 |
| | Cia de Minas Buenaventura SAA | 461,011 | 5,665 |
34
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Grana y Montero SA | 1,587,702 | 5,610 |
| | | | 210,600 |
| Philippines (1.7%) | | |
| | Philippine Long Distance Telephone Co. | 1,576,015 | 101,876 |
| | SM Investments Corp. | 5,834,679 | 95,113 |
| | Ayala Land Inc. | 104,555,429 | 70,854 |
| | Bank of the Philippine Islands | 29,582,895 | 60,303 |
| | Ayala Corp. | 4,122,527 | 57,831 |
| | Alliance Global Group Inc. | 75,023,434 | 52,544 |
| | BDO Unibank Inc. | 26,059,482 | 51,718 |
| | Universal Robina Corp. | 15,746,690 | 51,708 |
| | SM Prime Holdings Inc. | 138,188,997 | 50,730 |
| | Aboitiz Equity Ventures Inc. | 39,182,250 | 49,845 |
| * | JG Summit Holdings Inc. | 38,721,200 | 43,957 |
| | International Container Terminal Services Inc. | 15,713,520 | 38,181 |
| * | Metropolitan Bank & Trust Co. | 19,270,929 | 36,702 |
| | Manila Electric Co. | 5,637,916 | 35,521 |
| | Jollibee Foods Corp. | 7,323,549 | 28,286 |
| | Aboitiz Power Corp. | 29,287,426 | 23,978 |
| | GT Capital Holdings Inc. | 1,225,900 | 23,895 |
| | DMCI Holdings Inc. | 14,463,010 | 23,340 |
| | LT Group Inc. | 50,054,427 | 20,624 |
| | San Miguel Corp. | 10,730,246 | 20,114 |
| | Globe Telecom Inc. | 536,558 | 19,949 |
| * | Bloomberry Resorts Corp. | 52,390,472 | 14,241 |
| | Energy Development Corp. | 111,053,353 | 13,940 |
| | Petron Corp. | 36,852,300 | 10,172 |
| * | Emperador Inc. | 34,000,000 | 9,712 |
| | | | 1,005,134 |
| Poland (1.9%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 15,401,835 | 211,365 |
| | Bank Pekao SA | 2,324,149 | 149,165 |
| | Powszechny Zaklad Ubezpieczen SA | 1,002,530 | 142,210 |
| | PGE SA | 13,123,647 | 91,194 |
| ^ | KGHM Polska Miedz SA | 2,457,285 | 88,973 |
| ^ | Polski Koncern Naftowy Orlen SA | 5,718,338 | 85,626 |
| | Polskie Gornictwo Naftowe i Gazownictwo SA | 33,380,353 | 51,883 |
| ^ | Orange Polska SA | 12,550,574 | 42,883 |
| ^ | mBank | 235,652 | 38,561 |
| | Tauron Polska Energia SA | 19,871,906 | 35,203 |
| * | ING Bank Slaski SA | 547,728 | 24,590 |
| ^,* | Getin Noble Bank SA | 20,101,192 | 24,466 |
| | Bank Handlowy w Warszawie SA | 614,561 | 22,869 |
| ^,* | Bank Millennium SA | 7,463,478 | 21,926 |
| * | Cyfrowy Polsat SA | 3,062,576 | 20,813 |
| | Enea SA | 3,933,898 | 19,918 |
| | Eurocash SA | 1,380,633 | 18,257 |
| ^ | Jastrzebska Spolka Weglowa SA | 973,091 | 13,397 |
| | Synthos SA | 7,844,852 | 12,364 |
| | | | 1,115,663 |
| Russia (5.4%) | | |
| | Gazprom OAO ADR | 59,457,262 | 429,694 |
| * | Sberbank of Russia | 192,331,748 | 392,488 |
| | Lukoil OAO ADR | 5,801,305 | 307,118 |
| | Gazprom OAO | 78,588,823 | 283,725 |
| | Magnit OJSC GDR | 4,980,325 | 235,682 |
| | Mobile Telesystems OJSC ADR | 9,348,360 | 156,678 |
| | Lukoil OAO | 2,861,571 | 151,227 |
| | NOVATEK OAO GDR | 1,172,005 | 121,175 |
| | Uralkali OJSC | 25,576,379 | 113,215 |
| | MMC Norilsk Nickel OJSC ADR | 5,723,343 | 103,473 |
| | Tatneft OAO ADR | 2,823,686 | 97,125 |
| | Rosneft OAO GDR | 14,339,707 | 90,155 |
35
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Surgutneftegas OAO ADR | 10,073,463 | 71,434 |
| | VTB Bank OJSC | 58,129,231,072 | 62,934 |
| | AK Transneft OAO Preference Shares | 27,343 | 60,659 |
| | Sistema JSFC GDR | 2,507,561 | 59,853 |
| | Tatneft OAO | 8,951,972 | 51,204 |
| | MMC Norilsk Nickel OJSC | 262,352 | 47,245 |
| | MegaFon OAO GDR | 1,649,817 | 43,025 |
| | Rosneft OAO | 6,628,175 | 41,480 |
| | Rostelecom OJSC | 17,802,318 | 38,337 |
| | VTB Bank OJSC GDR | 17,421,052 | 37,059 |
| | RusHydro JSC | 1,901,621,363 | 29,799 |
| | E.ON Russia JSC | 297,929,779 | 20,903 |
| | Surgutneftegas OAO | 24,504,449 | 17,161 |
| * | Novolipetsk Steel OJSC GDR | 1,463,388 | 17,061 |
| | Severstal OAO | 2,193,939 | 15,364 |
| | Phosagro OAO GDR | 1,203,361 | 14,025 |
| | Aeroflot - Russian Airlines OJSC | 9,430,172 | 13,503 |
| * | Inter RAO JSC | 41,677,450,909 | 8,780 |
| * | LSR Group GDR | 2,829,327 | 8,501 |
| * | Federal Grid Co. Unified Energy System JSC | 5,323,286,228 | 8,275 |
| * | NOMOS-BANK GDR | 659,324 | 8,171 |
| | TMK OAO GDR | 975,008 | 7,762 |
| ^,* | Mechel ADR | 2,946,939 | 5,953 |
| * | Magnitogorsk Iron & Steel Works | 30,882,788 | 5,058 |
| * | Pharmstandard OJSC GDR | 615,042 | 4,986 |
| * | Russian Grids OAO | 407,033,605 | 4,824 |
| * | Sberbank of Russia ADR | 521,005 | 4,389 |
| | Polyus Gold OJSC | 266,757 | 3,978 |
| | Severstal OAO GDR | 464,356 | 3,282 |
| * | Mosenergo OAO | 125,477,702 | 2,561 |
| | Mobile Telesystems OJSC | 95,358 | 692 |
| | NOVATEK OAO | 61,651 | 591 |
| | Rostelecom OJSC ADR | 19,689 | 252 |
| * | Novolipetsk Steel OJSC | 82,970 | 96 |
| * | Mechel | 9,605 | 10 |
| | | | 3,200,962 |
| South Africa (9.6%) | | |
| | Naspers Ltd. | 6,984,283 | 660,010 |
| | MTN Group Ltd. | 31,887,665 | 639,724 |
| | Sasol Ltd. | 9,758,672 | 546,918 |
| | Standard Bank Group Ltd. | 21,465,296 | 282,032 |
| | FirstRand Ltd. | 52,908,441 | 194,671 |
| ^ | Steinhoff International Holdings Ltd. | 37,140,846 | 192,997 |
| | Sanlam Ltd. | 33,712,073 | 180,600 |
| | Remgro Ltd. | 8,576,340 | 172,711 |
| | Bidvest Group Ltd. | 5,537,082 | 152,036 |
| | Aspen Pharmacare Holdings Ltd. | 5,436,921 | 144,912 |
| | Shoprite Holdings Ltd. | 7,726,789 | 129,260 |
| | AngloGold Ashanti Ltd. | 7,029,185 | 127,068 |
| | Impala Platinum Holdings Ltd. | 9,479,034 | 106,860 |
| | Woolworths Holdings Ltd. | 13,392,322 | 91,144 |
| | Barclays Africa Group Ltd. | 5,770,520 | 84,533 |
| | Nedbank Group Ltd. | 3,689,009 | 79,081 |
| | Growthpoint Properties Ltd. | 31,879,870 | 73,696 |
| | Tiger Brands Ltd. | 2,638,245 | 70,578 |
| ^ | Vodacom Group Ltd. | 5,829,581 | 69,571 |
| | Netcare Ltd. | 27,449,155 | 66,587 |
| | Life Healthcare Group Holdings Ltd. | 16,645,614 | 66,192 |
| | Truworths International Ltd. | 7,734,484 | 62,141 |
| | Mr Price Group Ltd. | 4,081,596 | 61,502 |
| | Imperial Holdings Ltd. | 3,224,472 | 60,138 |
| | Gold Fields Ltd. | 13,637,854 | 57,883 |
| | RMB Holdings Ltd. | 11,928,201 | 57,238 |
| ^,* | Anglo American Platinum Ltd. | 1,113,007 | 52,996 |
36
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mediclinic International Ltd. | 7,337,416 | 51,324 |
| | Discovery Ltd. | 5,523,593 | 47,954 |
| | Coronation Fund Managers Ltd. | 4,742,618 | 45,797 |
| | MMI Holdings Ltd. | 17,730,754 | 44,578 |
| | Investec Ltd. | 4,597,237 | 40,462 |
| | Barloworld Ltd. | 3,689,125 | 40,245 |
| | Nampak Ltd. | 10,251,318 | 38,244 |
| | Foschini Group Ltd. | 3,700,061 | 38,240 |
| | SPAR Group Ltd. | 3,235,581 | 38,016 |
| ^ | Kumba Iron Ore Ltd. | 1,034,325 | 36,837 |
| | Mondi Ltd. | 2,124,539 | 35,377 |
| | Sibanye Gold Ltd. | 13,010,674 | 33,607 |
| ^ | Exxaro Resources Ltd. | 2,441,051 | 33,318 |
| | African Rainbow Minerals Ltd. | 1,760,288 | 33,145 |
| | Brait SE | 6,041,409 | 32,555 |
| * | Sappi Ltd. | 10,059,947 | 31,889 |
| | AVI Ltd. | 5,769,411 | 31,834 |
| ^ | African Bank Investments Ltd. | 23,410,038 | 27,760 |
| | Massmart Holdings Ltd. | 2,029,396 | 26,898 |
| | Capital Property Fund | 24,971,989 | 25,178 |
| | Clicks Group Ltd. | 4,126,187 | 25,159 |
| | PPC Ltd. | 8,595,473 | 25,009 |
| | Tongaat Hulett Ltd. | 2,056,499 | 24,450 |
| | Assore Ltd. | 629,015 | 24,346 |
| | Omnia Holdings Ltd. | 1,111,413 | 23,894 |
| * | Northam Platinum Ltd. | 6,078,445 | 23,727 |
| ^ | Capitec Bank Holdings Ltd. | 1,084,133 | 23,463 |
| * | Harmony Gold Mining Co. Ltd. | 7,059,170 | 23,200 |
| | Aeci Ltd. | 2,060,822 | 23,018 |
| | Liberty Holdings Ltd. | 1,765,860 | 21,182 |
| * | Telkom SA SOC Ltd. | 5,807,271 | 20,779 |
| ^ | Pick n Pay Stores Ltd. | 3,601,146 | 20,577 |
| | Reunert Ltd. | 2,792,020 | 18,348 |
| | Grindrod Ltd. | 7,339,891 | 17,381 |
| * | Murray & Roberts Holdings Ltd. | 6,797,367 | 15,917 |
| | Sun International Ltd. | 1,597,960 | 15,795 |
| * | Aveng Ltd. | 7,338,485 | 15,767 |
| | DataTec Ltd. | 2,960,814 | 14,885 |
| ^ | Adcock Ingram Holdings Ltd. | 2,541,526 | 14,726 |
| * | PSG Group Ltd. | 1,314,030 | 13,015 |
| ^ | Santam Ltd. | 638,217 | 12,886 |
| | JSE Ltd. | 1,323,220 | 12,140 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 913,387 | 11,812 |
| | Illovo Sugar Ltd. | 4,201,098 | 11,585 |
| | Pick n Pay Holdings Ltd. | 3,636,371 | 8,818 |
| * | ArcelorMittal South Africa Ltd. | 2,373,294 | 8,353 |
| ^ | Lewis Group Ltd. | 1,316,784 | 7,817 |
| ^,* | Royal Bafokeng Platinum Ltd. | 1,129,971 | 7,304 |
| | Fountainhead Property Trust | 7,213,796 | 5,459 |
| | | | 5,707,149 |
| Taiwan (13.7%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 238,633,845 | 937,678 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 37,766,607 | 759,109 |
| | Hon Hai Precision Industry Co. Ltd. | 201,729,645 | 579,360 |
| | MediaTek Inc. | 25,963,192 | 406,843 |
| | Formosa Plastics Corp. | 86,778,616 | 223,922 |
| | Nan Ya Plastics Corp. | 101,095,253 | 221,687 |
| | Delta Electronics Inc. | 35,949,245 | 220,717 |
| | Cathay Financial Holding Co. Ltd. | 133,910,920 | 189,348 |
| | Formosa Chemicals & Fibre Corp. | 77,843,918 | 188,505 |
| | China Steel Corp. | 215,746,633 | 181,294 |
| | Fubon Financial Holding Co. Ltd. | 128,598,336 | 166,443 |
| | CTBC Financial Holding Co. Ltd. | 229,823,932 | 136,738 |
| | Uni-President Enterprises Corp. | 77,584,826 | 131,351 |
37
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Asustek Computer Inc. | 12,641,458 | 130,701 |
| | Quanta Computer Inc. | 46,781,165 | 128,357 |
| | Mega Financial Holding Co. Ltd. | 150,451,340 | 115,183 |
| ^ | Chunghwa Telecom Co. Ltd. ADR | 3,608,744 | 113,278 |
| | Largan Precision Co. Ltd. | 1,762,135 | 110,325 |
| | Catcher Technology Co. Ltd. | 12,972,463 | 109,534 |
| | Chunghwa Telecom Co. Ltd. | 31,411,913 | 98,227 |
| | Taiwan Mobile Co. Ltd. | 29,667,796 | 95,764 |
| | Cheng Shin Rubber Industry Co. Ltd. | 32,669,883 | 93,834 |
| | Taiwan Cement Corp. | 57,797,877 | 91,837 |
| | Hotai Motor Co. Ltd. | 7,421,000 | 87,076 |
| | Yuanta Financial Holding Co. Ltd. | 170,191,712 | 84,957 |
| | Formosa Petrochemical Corp. | 33,538,393 | 84,355 |
| | President Chain Store Corp. | 9,909,647 | 73,739 |
| | Advanced Semiconductor Engineering Inc. | 61,783,717 | 71,945 |
| | China Development Financial Holding Corp. | 249,778,649 | 71,639 |
| | First Financial Holding Co. Ltd. | 120,895,294 | 70,919 |
| | Far Eastern New Century Corp. | 68,419,788 | 70,107 |
| | HTC Corp. | 13,488,925 | 69,369 |
| | Hua Nan Financial Holdings Co. Ltd. | 122,187,022 | 68,836 |
| | Far EasTone Telecommunications Co. Ltd. | 29,393,343 | 63,554 |
| | SinoPac Financial Holdings Co. Ltd. | 137,450,663 | 61,355 |
| | Taishin Financial Holding Co. Ltd. | 132,189,408 | 60,040 |
| | Lite-On Technology Corp. | 38,999,607 | 59,660 |
| | E.Sun Financial Holding Co. Ltd. | 97,504,412 | 58,977 |
| | Asia Cement Corp. | 42,455,578 | 55,854 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 104,852,646 | 55,778 |
| | Compal Electronics Inc. | 77,832,629 | 55,528 |
| | Advanced Semiconductor Engineering Inc. ADR | 9,057,527 | 53,530 |
| | United Microelectronics Corp. ADR | 24,498,464 | 53,407 |
| * | Innolux Corp. | 154,532,724 | 53,383 |
| | Inventec Corp. | 56,078,489 | 51,709 |
| | Pegatron Corp. | 30,388,897 | 46,115 |
| | Novatek Microelectronics Corp. | 9,669,817 | 44,824 |
| | Foxconn Technology Co. Ltd. | 17,817,380 | 44,334 |
| * | Inotera Memories Inc. | 41,459,000 | 42,586 |
| | Siliconware Precision Industries Co. ADR | 5,606,703 | 41,602 |
| | United Microelectronics Corp. | 94,068,970 | 41,016 |
| | Giant Manufacturing Co. Ltd. | 5,138,721 | 40,235 |
| | Siliconware Precision Industries Co. | 26,111,860 | 38,692 |
| | TPK Holding Co. Ltd. | 4,715,667 | 36,025 |
| | Advantech Co. Ltd. | 5,496,942 | 35,603 |
| * | AU Optronics Corp. | 92,924,669 | 35,327 |
| | Shin Kong Financial Holding Co. Ltd. | 114,733,072 | 34,751 |
| | Wistron Corp. | 40,924,759 | 34,197 |
| | Epistar Corp. | 15,512,732 | 33,947 |
| | Synnex Technology International Corp. | 21,640,055 | 33,677 |
| | Teco Electric and Machinery Co. Ltd. | 30,154,000 | 32,791 |
| | Chang Hwa Commercial Bank | 54,142,681 | 31,478 |
| * | Acer Inc. | 50,729,905 | 31,371 |
| | Chicony Electronics Co. Ltd. | 10,553,060 | 27,482 |
| | Taiwan Fertilizer Co. Ltd. | 13,243,100 | 26,353 |
| | Pou Chen Corp. | 20,432,531 | 26,016 |
| | Realtek Semiconductor Corp. | 8,609,241 | 24,580 |
| * | AU Optronics Corp. ADR | 6,376,391 | 23,975 |
| | Yulon Motor Co. Ltd. | 15,192,584 | 23,641 |
| | Taiwan Glass Industry Corp. | 25,228,551 | 23,097 |
| | Formosa Taffeta Co. Ltd. | 19,908,868 | 20,821 |
| * | Walsin Lihwa Corp. | 62,903,770 | 20,664 |
| | Unimicron Technology Corp. | 23,593,754 | 20,082 |
| * | Taiwan Business Bank | 63,028,854 | 18,391 |
| | Vanguard International Semiconductor Corp. | 13,024,000 | 17,848 |
| * | Evergreen Marine Corp. Taiwan Ltd. | 30,917,969 | 17,578 |
| | Transcend Information Inc. | 5,178,981 | 17,107 |
38
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | China Airlines Ltd. | 45,336,050 | 15,173 |
| | Feng Hsin Iron & Steel Co. | 8,491,310 | 14,237 |
| | Capital Securities Corp. | 40,087,422 | 13,750 |
| | Cheng Uei Precision Industry Co. Ltd. | 6,797,473 | 13,682 |
| * | Eva Airways Corp. | 26,952,580 | 13,672 |
| | Eternal Chemical Co. Ltd. | 13,086,862 | 13,665 |
| | U-Ming Marine Transport Corp. | 8,051,356 | 13,558 |
| * | Macronix International | 57,276,541 | 13,508 |
| | Ton Yi Industrial Corp. | 11,487,000 | 12,239 |
| | Oriental Union Chemical Corp. | 12,181,000 | 12,112 |
| | China Motor Corp. | 12,828,000 | 11,619 |
| | Waterland Financial Holdings Co. Ltd. | 35,908,930 | 11,258 |
| | Wan Hai Lines Ltd. | 21,347,450 | 10,652 |
| | YFY Inc. | 22,827,000 | 10,064 |
| * | Yang Ming Marine Transport Corp. | 24,225,195 | 9,922 |
| | Cathay Real Estate Development Co. Ltd. | 16,212,000 | 9,407 |
| | Taiwan Secom Co. Ltd. | 3,629,000 | 9,200 |
| | Far Eastern International Bank | 26,113,210 | 9,172 |
| | President Securities Corp. | 16,210,000 | 8,893 |
| * | Nan Ya Printed Circuit Board Corp. | 4,628,521 | 6,536 |
| * | Yulon Nissan Motor Co. Ltd. | 350,188 | 4,460 |
| | Yageo Corp. | 1,287,123 | 613 |
| * | Ya Hsin Industrial Co. Ltd. | 5,306,018 | — |
| | | | 8,089,350 |
| Thailand (2.8%) | | |
| * | Advanced Info Service PCL (Local) | 21,443,477 | 160,779 |
| * | Siam Commercial Bank PCL (Local) | 27,951,057 | 143,308 |
| * | PTT Exploration and Production PCL (Local) | 25,495,106 | 125,839 |
| * | CP ALL PCL (Local) | 79,567,430 | 103,425 |
| | PTT PCL (Foreign) | 8,606,737 | 83,061 |
| * | Kasikornbank PCL | 12,816,700 | 76,031 |
| | Siam Cement PCL (Foreign) | 5,043,617 | 68,115 |
| * | PTT PCL | 6,891,600 | 66,722 |
| ^ | Shin Corp. PCL | 25,321,400 | 61,172 |
| * | Total Access Communication PCL (Local) | 13,907,100 | 53,654 |
| | Kasikornbank PCL (Foreign) | 8,336,849 | 50,770 |
| * | Bangkok Bank PCL (Local) | 8,389,343 | 48,928 |
| * | Airports of Thailand PCL | 7,356,900 | 44,430 |
| | PTT Global Chemical PCL | 20,151,407 | 38,509 |
| | Krung Thai Bank PCL (Foreign) | 60,234,151 | 32,480 |
| * | Central Pattana PCL | 22,794,528 | 32,008 |
| * | Bank of Ayudhya PCL (Local) | 25,624,750 | 29,912 |
| * | TMB Bank PCL | 392,658,500 | 27,959 |
| | BEC World PCL (Foreign) | 10,649,325 | 27,332 |
| * | BTS Group Holdings PCL | 101,993,400 | 26,369 |
| * | Charoen Pokphand Foods PCL | 31,480,400 | 26,326 |
| * | Bangkok Dusit Medical Services PCL | 56,486,000 | 25,928 |
| ^ | Big C Supercenter PCL | 4,351,800 | 25,606 |
| * | Thai Oil PCL | 15,027,400 | 24,302 |
| | Charoen Pokphand Foods PCL (Foreign) | 27,394,400 | 22,076 |
| * | PTT Global Chemical | 9,298,900 | 20,072 |
| * | True Corp. PCL | 94,579,900 | 19,801 |
| * | Thai Union Frozen Products PCL | 8,923,000 | 19,336 |
| * | Banpu PCL (Local) | 20,700,500 | 19,229 |
| * | Electricity Generating PCL | 4,513,500 | 18,357 |
| | Land and Houses PCL | 52,885,100 | 16,228 |
| ^ | IRPC PCL (Foreign) | 138,017,360 | 15,715 |
| | Glow Energy PCL (Foreign) | 6,482,855 | 15,596 |
| * | Siam City Cement PCL (Local) | 1,249,883 | 14,930 |
| ^ | Indorama Ventures PCL | 19,164,164 | 14,130 |
| * | Delta Electronics Thailand PCL | 7,831,100 | 13,834 |
| ^ | Ratchaburi Electricity Generating Holding PCL | 7,573,400 | 12,478 |
| * | BEC World PCL | 6,168,100 | 10,448 |
| * | Berli Jucker PCL | 6,513,000 | 9,637 |
39
| | | |
| Vanguard® Emerging Markets Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | IRPC PCL | 51,268,600 | 5,838 |
| ^ | Siam Cement PCL NVDR | 376,300 | 5,056 |
| * | Thai Airways International PCL | 8,863,100 | 3,568 |
| * | Indorama Ventures | 3,961,600 | 2,921 |
| | Bank of Ayudhya PCL | 1,776,107 | 2,073 |
| * | Intouch Holdings PCL | 509,200 | 1,317 |
| * | Siam Cement PCL | 11,600 | 156 |
| | | | 1,665,761 |
| Turkey (1.9%) | | |
| | Turkiye Garanti Bankasi AS | 37,454,183 | 137,970 |
| | Akbank TAS | 29,221,922 | 102,590 |
| | BIM Birlesik Magazalar AS | 4,125,013 | 95,488 |
| * | Turkcell Iletisim Hizmetleri AS | 14,493,560 | 84,649 |
| | Turkiye Halk Bankasi AS | 11,547,683 | 77,642 |
| | Haci Omer Sabanci Holding AS (Bearer) | 14,947,324 | 63,281 |
| | Turkiye Is Bankasi | 25,114,544 | 59,396 |
| | Tupras Turkiye Petrol Rafinerileri AS | 2,269,372 | 51,340 |
| | KOC Holding AS | 10,876,844 | 48,741 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 36,388,525 | 47,782 |
| | Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,605,685 | 43,244 |
| | Turkiye Vakiflar Bankasi Tao | 19,019,173 | 39,943 |
| | Eregli Demir ve Celik Fabrikalari TAS | 24,598,965 | 34,229 |
| | Yapi ve Kredi Bankasi AS | 15,518,732 | 32,445 |
| | Turk Hava Yollari | 9,593,289 | 30,802 |
| | Coca-Cola Icecek AS | 1,249,862 | 29,354 |
| | Turk Telekomunikasyon AS | 9,515,162 | 28,640 |
| | Enka Insaat ve Sanayi AS | 7,159,939 | 21,765 |
| | TAV Havalimanlari Holding AS | 2,618,932 | 21,028 |
| | Ulker Biskuvi Sanayi AS | 2,706,052 | 20,737 |
| | Arcelik AS | 3,058,040 | 18,902 |
| * | Ford Otomotiv Sanayi AS | 1,309,187 | 14,814 |
| | Tofas Turk Otomobil Fabrikasi AS | 2,150,571 | 13,200 |
| | Turkiye Sise ve Cam Fabrikalari AS | 7,829,841 | 9,828 |
| | Koza Altin Isletmeleri AS | 800,427 | 8,027 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | 1,736,374 | 7,732 |
| | | | 1,143,569 |
| United Arab Emirates (1.0%) | | |
| * | Emaar Properties PJSC | 52,882,706 | 157,263 |
| | First Gulf Bank PJSC | 17,255,078 | 81,562 |
| * | Arabtec Holding Co. | 27,251,399 | 66,663 |
| | Aldar Properties PJSC | 55,970,187 | 61,412 |
| | DP World Ltd. | 2,936,792 | 54,366 |
| * | Union National Bank PJSC | 18,647,279 | 36,542 |
| | Dubai Financial Market | 34,745,042 | 34,547 |
| | Dubai Islamic Bank PJSC | 12,209,316 | 22,600 |
| | Air Arabia PJSC | 47,857,508 | 17,252 |
| | Waha Capital PJSC | 17,028,890 | 13,959 |
| * | Dana Gas PJSC | 55,802,470 | 13,074 |
| | Dubai Investments PJSC | 7,580,798 | 9,016 |
| |
| | | | 568,256 |
| Total Common Stocks (Cost $58,410,556) | | 59,065,454 |
40
| | | | | |
| Vanguard® Emerging Markets Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2014 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | Coupon | | Shares | ($000) |
| Temporary Cash Investments (2.4%)1 | | | | |
| Money Market Fund (2.4%) | | | | |
| 4,5 | Vanguard Market Liquidity Fund | 0.124% | | 1,391,019,000 | 1,391,019 |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 6,7 | Federal Home Loan Bank Discount Notes | 0.120% | 5/23/14 | 4,800 | 4,800 |
| 6,7 | Federal Home Loan Bank Discount Notes | 0.050% | 5/30/14 | 6,000 | 6,000 |
| 6 | Federal Home Loan Bank Discount Notes | 0.077% | 6/13/14 | 500 | 500 |
| 6,7 | Federal Home Loan Bank Discount Notes | 0.060% | 6/20/14 | 8,000 | 7,999 |
| 6,7 | Federal Home Loan Bank Discount Notes | 0.075% | 6/24/14 | 2,500 | 2,500 |
| 6,7 | Federal Home Loan Bank Discount Notes | 0.068% | 7/2/14 | 1,000 | 1,000 |
| |
| | | | | | 22,799 |
| Total Temporary Cash Investments (Cost $1,413,818) | | | | 1,413,818 |
| Total Investments (102.0%) (Cost $59,824,374) | | | | 60,479,272 |
| Other Assets and Liabilities—Net (-2.0%)5 | | | | (1,214,858) |
| Net Assets (100%) | | | | 59,264,414 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $979,930,000.
* 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 2.0%, 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 April 30, 2014, the aggregate value of these securities was $93,151,000, representing
0.2% of net assets.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
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 Includes $1,059,556,000 of collateral received for securities on loan.
6 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full
faith and credit of the U.S. government.
7 Securities with a value of $16,999,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
NVDR—Non-Voting Depository Receipt.
41
© 2014 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA722 062014
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.5%)1 | | |
| Australia (2.9%) | | |
| | Commonwealth Bank of Australia | 190,484 | 14,012 |
| | BHP Billiton Ltd. | 381,142 | 13,423 |
| | Westpac Banking Corp. | 361,236 | 11,832 |
| | Australia & New Zealand Banking Group Ltd. | 323,510 | 10,403 |
| | National Australia Bank Ltd. | 273,371 | 9,001 |
| | Wesfarmers Ltd. | 142,165 | 5,658 |
| | Woolworths Ltd. | 144,944 | 5,037 |
| | CSL Ltd. | 61,095 | 3,895 |
| | Woodside Petroleum Ltd. | 90,057 | 3,423 |
| | Rio Tinto Ltd. | 52,516 | 3,029 |
| | Telstra Corp. Ltd. | 509,218 | 2,476 |
| | Westfield Group | 240,404 | 2,453 |
| | Macquarie Group Ltd. | 44,770 | 2,412 |
| | Brambles Ltd. | 224,766 | 1,976 |
| | Suncorp Group Ltd. | 154,453 | 1,876 |
| | Origin Energy Ltd. | 125,813 | 1,748 |
| | AMP Ltd. | 337,786 | 1,590 |
| | QBE Insurance Group Ltd. | 141,119 | 1,523 |
| | Insurance Australia Group Ltd. | 274,669 | 1,468 |
| | Santos Ltd. | 107,439 | 1,378 |
| | Amcor Ltd. | 137,521 | 1,320 |
| | Aurizon Holdings Ltd. | 236,561 | 1,142 |
| | Transurban Group | 164,075 | 1,108 |
| | Westfield Retail Trust | 358,074 | 1,064 |
| | Oil Search Ltd. | 128,220 | 1,062 |
| | Orica Ltd. | 49,245 | 1,005 |
| | Stockland | 265,761 | 963 |
| | Fortescue Metals Group Ltd. | 195,781 | 926 |
| * | Newcrest Mining Ltd. | 94,110 | 918 |
| | AGL Energy Ltd. | 61,899 | 909 |
| | Goodman Group | 185,147 | 860 |
| | Sonic Healthcare Ltd. | 47,847 | 789 |
| | GPT Group | 212,876 | 777 |
| | Lend Lease Group | 61,094 | 738 |
| | ASX Ltd. | 21,585 | 714 |
| | Mirvac Group | 412,091 | 672 |
| | Toll Holdings Ltd. | 136,282 | 672 |
| | Dexus Property Group | 622,693 | 659 |
| | James Hardie Industries plc | 50,767 | 652 |
| | Crown Resorts Ltd. | 41,628 | 623 |
| | Seek Ltd. | 39,750 | 623 |
| | Asciano Ltd. | 120,517 | 608 |
| | Ramsay Health Care Ltd. | 14,235 | 595 |
| | Computershare Ltd. | 50,792 | 585 |
| | Coca-Cola Amatil Ltd. | 65,595 | 566 |
| | APA Group | 90,953 | 564 |
| | WorleyParsons Ltd. | 32,556 | 511 |
| | Incitec Pivot Ltd. | 188,799 | 507 |
| | Bendigo and Adelaide Bank Ltd. | 45,262 | 485 |
| | Iluka Resources Ltd. | 55,499 | 461 |
| | ALS Ltd. | 65,146 | 456 |
| | Sydney Airport | 114,764 | 451 |
| | Challenger Ltd. | 67,101 | 441 |
| | Bank of Queensland Ltd. | 37,855 | 433 |
| | Boral Ltd. | 79,868 | 424 |
| * | Alumina Ltd. | 329,802 | 414 |
| * | BlueScope Steel Ltd. | 64,778 | 392 |
| | DUET Group | 193,504 | 391 |
| | Flight Centre Travel Group Ltd. | 7,692 | 386 |
| | CFS Retail Property Trust Group | 205,742 | 385 |
| | Federation Centres Ltd. | 160,596 | 373 |
1
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | REA Group Ltd. | 8,499 | 371 |
| | Leighton Holdings Ltd. | 20,680 | 368 |
| | Tatts Group Ltd. | 130,466 | 367 |
| | carsales.com Ltd. | 35,013 | 355 |
| | Navitas Ltd. | 50,787 | 348 |
| | Cochlear Ltd. | 6,278 | 343 |
| | Spark Infrastructure Group | 208,073 | 342 |
| | Primary Health Care Ltd. | 69,027 | 302 |
| | Aristocrat Leisure Ltd. | 61,333 | 288 |
| | Metcash Ltd. | 111,007 | 287 |
| | Caltex Australia Ltd. | 13,576 | 282 |
| | Ansell Ltd. | 16,247 | 274 |
| | Treasury Wine Estates Ltd. | 73,998 | 264 |
| * | Recall Holdings Ltd. | 56,290 | 238 |
| | SP AusNet | 181,140 | 236 |
| | Echo Entertainment Group Ltd. | 89,226 | 235 |
| | Arrium Ltd. | 207,759 | 232 |
| | Iress Ltd. | 29,801 | 230 |
| | Downer EDI Ltd. | 48,744 | 228 |
| * | Australian Agricultural Co. Ltd. | 187,667 | 223 |
| | DuluxGroup Ltd. | 41,778 | 223 |
| | Australand Property Group | 55,023 | 219 |
| | Tabcorp Holdings Ltd. | 62,437 | 216 |
| | Goodman Fielder Ltd. | 343,854 | 216 |
| | Harvey Norman Holdings Ltd. | 69,041 | 211 |
| | GrainCorp Ltd. Class A | 25,389 | 209 |
| | Investa Office Fund | 66,681 | 208 |
| | Beach Energy Ltd. | 126,692 | 203 |
| * | Senex Energy Ltd. | 319,614 | 199 |
| | IOOF Holdings Ltd. | 24,361 | 193 |
| | Fairfax Media Ltd. | 209,633 | 192 |
| | GUD Holdings Ltd. | 38,191 | 190 |
| | David Jones Ltd. | 51,454 | 188 |
| | Perpetual Ltd. | 4,177 | 183 |
| | JB Hi-Fi Ltd. | 9,939 | 179 |
| | Orora Ltd. | 137,521 | 178 |
| * | Aurora Oil & Gas Ltd. | 46,746 | 178 |
| ^ | Monadelphous Group Ltd. | 10,830 | 177 |
| | CSR Ltd. | 51,050 | 174 |
| | Charter Hall Retail REIT | 45,936 | 165 |
| | Qube Holdings Ltd. | 79,502 | 165 |
| * | Aveo Group | 83,081 | 157 |
| | TPG Telecom Ltd. | 28,191 | 156 |
| | Skilled Group Ltd. | 60,819 | 156 |
| | Adelaide Brighton Ltd. | 42,509 | 155 |
| * | Sims Metal Management Ltd. | 16,417 | 150 |
| | Reject Shop Ltd. | 15,756 | 147 |
| | Super Retail Group Ltd. | 15,235 | 144 |
| | UGL Ltd. | 22,674 | 143 |
| | Platinum Asset Management Ltd. | 23,151 | 142 |
| | Sigma Pharmaceuticals Ltd. | 209,696 | 141 |
| | G8 Education Ltd. | 32,202 | 140 |
| | NIB Holdings Ltd. | 54,642 | 140 |
| | Myer Holdings Ltd. | 66,718 | 138 |
| * | Qantas Airways Ltd. | 120,248 | 137 |
| | Mineral Resources Ltd. | 12,467 | 135 |
| | Macquarie Atlas Roads Group | 46,246 | 134 |
| * | Transpacific Industries Group Ltd. | 126,486 | 132 |
| | OZ Minerals Ltd. | 36,865 | 127 |
| | Magellan Financial Group Ltd. | 10,670 | 125 |
| | Breville Group Ltd. | 14,492 | 124 |
| | Cromwell Property Group | 133,608 | 123 |
| | Domino's Pizza Enterprises Ltd. | 6,516 | 120 |
| | Bradken Ltd. | 29,923 | 118 |
2
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Invocare Ltd. | 11,763 | 117 |
| | UXC Ltd. | 147,016 | 115 |
| | New Hope Corp. Ltd. | 38,080 | 111 |
| | iiNET Ltd. | 15,143 | 101 |
| | BWP Trust | 43,367 | 101 |
| * | Mesoblast Ltd. | 23,196 | 101 |
| | Charter Hall Group | 25,616 | 100 |
| | Seven West Media Ltd. | 57,269 | 99 |
| | Ardent Leisure Group | 37,877 | 94 |
| *,^ | Whitehaven Coal Ltd. | 67,077 | 91 |
| | Envestra Ltd. | 83,698 | 91 |
| | M2 Group Ltd. | 16,981 | 89 |
| | Shopping Centres Australasia Property Group | 53,266 | 86 |
| | Western Areas Ltd. | 21,942 | 85 |
| | PanAust Ltd. | 55,538 | 83 |
| | SAI Global Ltd. | 20,532 | 82 |
| | Mermaid Marine Australia Ltd. | 40,368 | 80 |
| | Independence Group NL | 19,752 | 80 |
| | Automotive Holdings Group Ltd. | 21,030 | 78 |
| | Evolution Mining Ltd. | 96,551 | 77 |
| | GWA Group Ltd. | 29,796 | 75 |
| | Regis Resources Ltd. | 32,830 | 74 |
| * | Sandfire Resources NL | 13,952 | 74 |
| | Mount Gibson Iron Ltd. | 105,993 | 72 |
| | Cardno Ltd. | 10,889 | 71 |
| | ARB Corp. Ltd. | 5,897 | 67 |
| * | Syrah Resources Ltd. | 17,825 | 64 |
| | Sirtex Medical Ltd. | 4,360 | 64 |
| * | AWE Ltd. | 42,522 | 62 |
| *,^ | Cudeco Ltd. | 35,034 | 61 |
| | Premier Investments Ltd. | 6,600 | 61 |
| * | APN News & Media Ltd. | 91,628 | 60 |
| | BT Investment Management Ltd. | 9,562 | 60 |
| * | Ten Network Holdings Ltd. | 229,769 | 58 |
| | Ainsworth Game Technology Ltd. | 14,747 | 57 |
| | Northern Star Resources Ltd. | 51,507 | 56 |
| | Tassal Group Ltd. | 14,474 | 56 |
| *,^ | Troy Resources Ltd. | 60,145 | 55 |
| * | Sundance Energy Australia Ltd. | 55,714 | 54 |
| * | Technology One Ltd. | 22,813 | 54 |
| | Atlas Iron Ltd. | 61,964 | 53 |
| | Tox Free Solutions Ltd. | 16,304 | 52 |
| | Southern Cross Media Group Ltd. | 43,760 | 52 |
| * | Transfield Services Ltd. | 57,532 | 51 |
| | FlexiGroup Ltd. | 14,142 | 51 |
| | Amcom Telecommunications Ltd. | 25,991 | 51 |
| | Seven Group Holdings Ltd. | 6,568 | 50 |
| | Village Roadshow Ltd. | 7,604 | 50 |
| | Cedar Woods Properties Ltd. | 7,313 | 49 |
| | Virtus Health Ltd. | 7,125 | 49 |
| * | Steadfast Group Ltd. | 34,009 | 48 |
| * | Beadell Resources Ltd. | 77,976 | 48 |
| | Retail Food Group Ltd. | 12,157 | 47 |
| * | Platinum Capital Ltd. | 30,543 | 47 |
| * | Energy Resources of Australia Ltd. | 38,157 | 47 |
| | Cabcharge Australia Ltd. | 13,013 | 47 |
| * | Papillon Resources Ltd. | 38,363 | 47 |
| * | Buru Energy Ltd. | 42,599 | 46 |
| * | Mayne Pharma Group Ltd. | 58,455 | 46 |
| | RCR Tomlinson Ltd. | 18,116 | 46 |
| * | Silex Systems Ltd. | 27,204 | 46 |
| * | Karoon Gas Australia Ltd. | 19,935 | 46 |
| * | Tiger Resources Ltd. | 135,207 | 45 |
| | McMillan Shakespeare Ltd. | 4,958 | 45 |
3
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Sundance Resources Ltd. | 523,712 | 44 |
| * | NEXTDC Ltd. | 25,198 | 43 |
| | Nufarm Ltd. | 10,866 | 42 |
| * | Sirius Resources NL | 16,659 | 42 |
| | Pacific Brands Ltd. | 86,743 | 41 |
| * | Aquila Resources Ltd. | 16,696 | 39 |
| *,^ | Linc Energy Ltd. | 33,594 | 32 |
| * | Macmahon Holdings Ltd. | 314,164 | 31 |
| * | Resolute Mining Ltd. | 53,798 | 30 |
| * | Medusa Mining Ltd. | 17,452 | 29 |
| | NRW Holdings Ltd. | 24,486 | 26 |
| * | Drillsearch Energy Ltd. | 16,393 | 25 |
| * | Energy World Corp. Ltd. | 66,725 | 18 |
| * | Paladin Energy Ltd. | 42,266 | 17 |
| *,^ | Lynas Corp. Ltd. | 111,800 | 17 |
| | Ausdrill Ltd. | 19,488 | 17 |
| * | Silver Lake Resources Ltd. | 36,487 | 14 |
| * | Perseus Mining Ltd. | 41,674 | 14 |
| * | Billabong International Ltd. | 27,566 | 12 |
| *,^ | Boart Longyear Ltd. | 41,694 | 11 |
| * | Coalspur Mines Ltd. | 29,796 | 5 |
| | | | 144,124 |
| Austria (0.1%) | | |
| | Erste Group Bank AG | 32,649 | 1,098 |
| | Voestalpine AG | 18,290 | 835 |
| | OMV AG | 16,201 | 757 |
| | Andritz AG | 8,191 | 509 |
| | IMMOFINANZ AG | 133,520 | 496 |
| | Raiffeisen Bank International AG | 12,869 | 407 |
| | Wienerberger AG | 20,167 | 374 |
| | Atrium European Real Estate Ltd. | 41,152 | 237 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 4,320 | 231 |
| | Telekom Austria AG | 22,628 | 225 |
| | Schoeller-Bleckmann Oilfield Equipment AG | 1,452 | 185 |
| ^ | Oesterreichische Post AG | 2,849 | 146 |
| * | BUWOG AG | 6,676 | 123 |
| | CA Immobilien Anlagen AG | 6,058 | 115 |
| ^ | Verbund AG | 5,556 | 108 |
| * | Mayr Melnhof Karton AG | 708 | 90 |
| | RHI AG | 2,157 | 75 |
| | Flughafen Wien AG | 734 | 72 |
| | Zumtobel AG | 2,692 | 56 |
| | Strabag SE | 1,787 | 50 |
| | | | 6,189 |
| Belgium (0.5%) | | |
| | Anheuser-Busch InBev NV | 96,280 | 10,494 |
| | KBC Groep NV | 31,872 | 1,945 |
| | Ageas | 40,288 | 1,734 |
| ^ | Umicore SA | 21,775 | 1,067 |
| | UCB SA | 12,956 | 1,063 |
| | Solvay SA Class A | 6,137 | 995 |
| | Delhaize Group SA | 11,531 | 859 |
| | Groupe Bruxelles Lambert SA | 6,546 | 662 |
| | Belgacom SA | 15,854 | 485 |
| | Sofina SA | 3,883 | 466 |
| | Colruyt SA | 7,369 | 417 |
| | Ackermans & van Haaren NV | 2,684 | 347 |
| | Telenet Group Holding NV | 4,319 | 253 |
| | Cofinimmo | 1,856 | 227 |
| | EVS Broadcast Equipment SA | 3,497 | 221 |
| * | bpost SA | 9,693 | 218 |
| | Cie d'Entreprises CFE | 1,711 | 189 |
| | Arseus NV | 3,167 | 179 |
4
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Befimmo SA | 2,451 | 179 |
| | NV Bekaert SA | 3,709 | 151 |
| | Melexis NV | 3,442 | 138 |
| *,^ | ThromboGenics NV | 4,042 | 129 |
| | D'ieteren SA | 1,939 | 90 |
| ^ | Nyrstar (Voting Shares) | 21,066 | 84 |
| * | KBC Ancora | 2,239 | 82 |
| * | AGFA-Gevaert NV | 18,029 | 69 |
| | Mobistar SA | 3,114 | 61 |
| | Elia System Operator SA | 1,101 | 58 |
| | Gimv NV | 1,096 | 57 |
| | Barco NV | 689 | 51 |
| | Cie Maritime Belge SA | 1,632 | 49 |
| * | Euronav NV | 4,007 | 48 |
| * | RHJ International | 9,317 | 46 |
| | Econocom Group | 3,691 | 40 |
| | | | 23,153 |
| Brazil (1.1%) | | |
| | Itau Unibanco Holding SA Preference Shares | 210,360 | 3,472 |
| | Petroleo Brasileiro SA Preference Shares | 446,592 | 3,319 |
| | AMBEV SA | 369,700 | 2,703 |
| | BRF SA | 104,224 | 2,360 |
| | Banco Bradesco SA ADR | 148,687 | 2,211 |
| | Petroleo Brasileiro SA | 308,346 | 2,161 |
| | Banco Bradesco SA Preference Shares | 127,670 | 1,900 |
| | Vale SA Preference Shares | 151,200 | 1,792 |
| | Itau Unibanco Holding SA ADR | 95,059 | 1,555 |
| | Cielo SA | 81,310 | 1,440 |
| | Itausa - Investimentos Itau SA Preference Shares | 322,284 | 1,416 |
| | AMBEV SA ADR | 185,701 | 1,346 |
| | Banco do Brasil SA | 118,393 | 1,243 |
| | Petroleo Brasileiro SA ADR | 89,018 | 1,236 |
| | Vale SA | 90,048 | 1,187 |
| | BM&FBovespa SA | 230,850 | 1,180 |
| | Ultrapar Participacoes SA | 46,448 | 1,166 |
| | Vale SA Class B ADR | 82,584 | 1,092 |
| | Vale SA Class B Pfd. ADR | 82,111 | 975 |
| | Banco Bradesco SA | 60,710 | 932 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 17,412 | 824 |
| | BB Seguridade Participacoes SA | 67,739 | 794 |
| | Embraer SA ADR | 22,882 | 787 |
| | CCR SA | 100,000 | 783 |
| | Telefonica Brasil SA Preference Shares | 36,480 | 766 |
| | Banco Santander Brasil SA | 105,700 | 706 |
| | Kroton Educacional SA | 27,065 | 580 |
| | Cia Energetica de Minas Gerais Preference Shares | 72,400 | 552 |
| | Souza Cruz SA | 51,900 | 474 |
| | BR Malls Participacoes SA | 49,400 | 425 |
| | Gerdau SA Preference Shares | 68,900 | 413 |
| | Lojas Renner SA | 14,000 | 412 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 42,500 | 403 |
| | Grupo BTG Pactual | 29,300 | 400 |
| | Natura Cosmeticos SA | 22,600 | 387 |
| | Itau Unibanco Holding SA | 23,920 | 368 |
| | WEG SA | 29,961 | 362 |
| | Tractebel Energia SA | 23,500 | 349 |
| | Tim Participacoes SA | 61,500 | 334 |
| | CETIP SA - Mercados Organizados | 25,607 | 326 |
| | Anhanguera Educacional Participacoes SA | 51,000 | 316 |
| | Hypermarcas SA | 42,212 | 311 |
| | Lojas Americanas SA Preference Shares | 40,631 | 308 |
| | Estacio Participacoes SA | 27,100 | 290 |
| * | Klabin SA | 55,200 | 290 |
| | Petroleo Brasileiro SA ADR Type A | 19,355 | 286 |
5
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cia Energetica de Minas Gerais | 35,922 | 276 |
| | Totvs SA | 15,600 | 255 |
| | Cia Energetica de Sao Paulo Preference Shares | 21,185 | 251 |
| | M Dias Branco SA | 5,800 | 251 |
| * | JBS SA | 70,298 | 243 |
| | Raia Drogasil SA | 28,200 | 240 |
| | Localiza Rent a Car SA | 16,000 | 239 |
| * | Qualicorp SA | 24,400 | 237 |
| | CPFL Energia SA | 27,900 | 237 |
| | Banco do Estado do Rio Grande do Sul SA Preference Shares | 41,963 | 235 |
| * | Fibria Celulose SA | 23,300 | 232 |
| | Metalurgica Gerdau SA Preference Shares Class A | 30,900 | 224 |
| | Cia Siderurgica Nacional SA ADR | 55,570 | 215 |
| | Gerdau SA ADR | 34,726 | 209 |
| | ALL - America Latina Logistica SA | 52,200 | 207 |
| | Bradespar SA Preference Shares | 23,800 | 206 |
| | Tim Participacoes SA ADR | 6,700 | 180 |
| | EcoRodovias Infraestrutura e Logistica SA | 29,800 | 178 |
| * | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 44,700 | 175 |
| | Cosan SA Industria e Comercio | 9,900 | 170 |
| | MRV Engenharia e Participacoes SA | 52,900 | 167 |
| | Cia Hering | 15,700 | 166 |
| | Cia Paranaense de Energia Preference Shares | 11,500 | 165 |
| | Centrais Eletricas Brasileiras SA Preference Shares | 28,700 | 162 |
| | BR Properties SA | 18,900 | 151 |
| | Porto Seguro SA | 10,272 | 150 |
| * | PDG Realty SA Empreendimentos e Participacoes | 240,800 | 148 |
| | Lojas Americanas SA | 22,976 | 147 |
| | Cia Energetica de Minas Gerais ADR | 19,000 | 143 |
| | Multiplan Empreendimentos Imobiliarios SA | 6,300 | 139 |
| | Braskem SA Preference Shares | 20,350 | 139 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 22,898 | 139 |
| | Odontoprev SA | 31,100 | 125 |
| | Mills Estruturas e Servicos de Engenharia SA | 9,400 | 119 |
| | Duratex SA | 26,571 | 115 |
| | Sul America SA | 15,609 | 114 |
| | AES Tiete SA Preference Shares | 13,700 | 108 |
| | Suzano Papel e Celulose SA Preference Shares Class A | 32,334 | 105 |
| | Diagnosticos da America SA | 17,700 | 105 |
| | EDP - Energias do Brasil SA | 23,600 | 103 |
| | Cia Siderurgica Nacional SA | 25,900 | 99 |
| | Equatorial Energia SA | 10,400 | 95 |
| | Centrais Eletricas Brasileiras SA | 26,900 | 94 |
| | Cia de Saneamento de Minas Gerais-COPASA | 5,900 | 92 |
| ^ | Oi SA ADR | 98,174 | 91 |
| * | B2W Cia Digital | 8,200 | 91 |
| | Marcopolo SA Preference Shares | 49,400 | 91 |
| | Transmissora Alianca de Energia Eletrica SA | 10,127 | 91 |
| | Smiles SA | 4,700 | 89 |
| | Arteris SA | 10,500 | 87 |
| * | Prumo Logistica SA | 151,000 | 80 |
| | Sao Martinho SA | 5,100 | 76 |
| * | Gol Linhas Aereas Inteligentes SA Preference Shares | 11,700 | 75 |
| | Gafisa SA | 40,500 | 66 |
| | Alpargatas SA Preference Shares | 13,189 | 65 |
| * | Ez Tec Empreendimentos e Participacoes SA | 5,300 | 65 |
| | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A | 3,800 | 59 |
| | Iochpe-Maxion SA | 6,300 | 57 |
| | Multiplus SA | 4,400 | 56 |
| | Cia de Gas de Sao Paulo Preference Shares Class A | 2,500 | 55 |
| | Alupar Investimento SA | 7,700 | 55 |
| | Linx SA | 2,500 | 55 |
| | Helbor Empreendimentos SA | 15,730 | 54 |
| | Cia Paranaense de Energia | 5,400 | 53 |
6
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Iguatemi Empresa de Shopping Centers SA | 5,300 | 53 |
| | Mahle-Metal Leve SA Industria e Comercio | 5,200 | 51 |
| | Guararapes Confeccoes SA | 1,100 | 51 |
| | Aliansce Shopping Centers SA | 6,200 | 51 |
| | Fleury SA | 7,600 | 51 |
| | JSL SA | 9,200 | 50 |
| | Randon Participacoes SA Preference Shares | 15,250 | 49 |
| * | Even Construtora e Incorporadora SA | 15,000 | 48 |
| | SLC Agricola SA | 6,300 | 48 |
| | Gerdau SA | 9,800 | 47 |
| | QGEP Participacoes SA | 11,900 | 46 |
| | International Meal Co. Holdings SA | 5,600 | 44 |
| | Direcional Engenharia SA | 9,000 | 44 |
| | Grendene SA | 6,900 | 44 |
| | Tecnisa SA | 13,900 | 43 |
| | Light SA | 5,273 | 42 |
| | Sonae Sierra Brasil SA | 5,200 | 42 |
| | Arezzo Industria e Comercio SA | 3,700 | 41 |
| * | LPS Brasil Consultoria de Imoveis SA | 8,200 | 41 |
| | Brasil Brokers Participacoes SA | 20,300 | 40 |
| | Abril Educacao SA | 3,100 | 40 |
| | Magnesita Refratarios SA | 18,300 | 39 |
| * | Usinas Siderurgicas de Minas Gerais SA | 10,800 | 39 |
| | AES Tiete SA | 5,800 | 38 |
| * | Marfrig Global Foods SA | 18,200 | 34 |
| | Oi SA | 32,250 | 32 |
| | JHSF Participacoes SA | 18,800 | 31 |
| | Marisa Lojas SA | 4,500 | 30 |
| | Brasil Insurance Participacoes e Administracao SA | 6,800 | 30 |
| * | Contax Participacoes SA | 4,000 | 30 |
| | Santos Brasil Participacoes SA | 3,200 | 26 |
| * | Rossi Residencial SA | 34,952 | 25 |
| | Tereos Internacional SA | 28,293 | 23 |
| * | Brasil Pharma SA | 12,200 | 20 |
| | Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares | 4,608 | 19 |
| | Cia Energetica do Ceara Preference Shares | 1,119 | 18 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 1,573 | 17 |
| | Eneva SA | 22,345 | 12 |
| | Oi SA Preference Shares | 9,610 | 9 |
| * | Klabin SA Rights Exp. 5/23/2014 | 1,673 | — |
| * | AMBEV SA Rights Exp. 5/29/2014 | 517 | — |
| * | Cia de Gas de Sao Paulo COMGAS Rights Exp. 5/28/2014 | 42 | — |
| | | | 57,331 |
| Canada (3.7%) | | |
| | Royal Bank of Canada | 169,904 | 11,339 |
| | Toronto-Dominion Bank | 218,480 | 10,511 |
| | Bank of Nova Scotia | 139,975 | 8,505 |
| | Suncor Energy Inc. | 177,244 | 6,837 |
| | Canadian Natural Resources Ltd. | 130,360 | 5,312 |
| | Canadian National Railway Co. | 88,966 | 5,211 |
| ^ | Bank of Montreal (XTSE) | 72,229 | 4,979 |
| * | Valeant Pharmaceuticals International Inc. | 36,500 | 4,881 |
| | Enbridge Inc. | 96,080 | 4,636 |
| | Canadian Imperial Bank of Commerce | 46,536 | 4,149 |
| | Manulife Financial Corp. | 216,400 | 4,063 |
| | TransCanada Corp. | 83,278 | 3,881 |
| | Potash Corp. of Saskatchewan Inc. | 103,396 | 3,738 |
| | Brookfield Asset Management Inc. Class A | 84,526 | 3,548 |
| | Canadian Pacific Railway Ltd. | 20,174 | 3,150 |
| | Cenovus Energy Inc. | 86,874 | 2,588 |
| | Magna International Inc. | 26,260 | 2,573 |
| | Sun Life Financial Inc. | 69,014 | 2,336 |
| | Goldcorp Inc. | 93,586 | 2,311 |
| | Barrick Gold Corp. (XTSE) | 125,008 | 2,182 |
7
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Agrium Inc. | 21,651 | 2,079 |
| | Encana Corp. | 89,480 | 2,073 |
| | Rogers Communications Inc. Class B | 44,900 | 1,783 |
| ^ | Crescent Point Energy Corp. | 43,400 | 1,766 |
| | Tim Hortons Inc. | 28,193 | 1,546 |
| | Thomson Reuters Corp. | 42,601 | 1,542 |
| ^ | Canadian Utilities Ltd. Class A | 41,276 | 1,525 |
| | National Bank of Canada | 36,260 | 1,505 |
| ^ | Pembina Pipeline Corp. | 37,800 | 1,485 |
| | Imperial Oil Ltd. | 29,490 | 1,440 |
| | First Quantum Minerals Ltd. | 68,329 | 1,361 |
| | Teck Resources Ltd. Class B | 59,010 | 1,345 |
| | Alimentation Couche Tard Inc. Class B | 46,200 | 1,302 |
| * | CGI Group Inc. Class A | 34,574 | 1,247 |
| | Talisman Energy Inc. | 120,066 | 1,241 |
| | Keyera Corp. | 18,232 | 1,213 |
| | Canadian Oil Sands Ltd. | 55,900 | 1,212 |
| | BCE Inc. | 26,800 | 1,193 |
| ^ | Loblaw Cos. Ltd. | 26,936 | 1,171 |
| | Power Corp. of Canada | 39,090 | 1,101 |
| | Silver Wheaton Corp. | 49,100 | 1,089 |
| | Husky Energy Inc. | 32,760 | 1,071 |
| | Cameco Corp. | 49,714 | 1,058 |
| | Fairfax Financial Holdings Ltd. | 2,400 | 1,046 |
| ^ | ARC Resources Ltd. | 34,900 | 1,035 |
| | Shaw Communications Inc. Class B | 42,420 | 1,028 |
| | Great-West Lifeco Inc. | 36,100 | 1,016 |
| | Intact Financial Corp. | 15,000 | 985 |
| * | Catamaran Corp. | 25,802 | 980 |
| * | Tourmaline Oil Corp. | 18,300 | 948 |
| | SNC-Lavalin Group Inc. | 19,000 | 862 |
| | Power Financial Corp. | 26,760 | 850 |
| | TELUS Corp. | 23,100 | 814 |
| | Franco-Nevada Corp. | 16,100 | 776 |
| | Saputo Inc. | 14,300 | 765 |
| ^ | Canadian Tire Corp. Ltd. Class A | 7,700 | 756 |
| | Methanex Corp. | 11,000 | 681 |
| | Open Text Corp. | 13,800 | 681 |
| ^ | Vermilion Energy Inc. | 10,100 | 672 |
| | Gildan Activewear Inc. | 13,100 | 670 |
| | Agnico Eagle Mines Ltd. | 22,658 | 669 |
| | Pacific Rubiales Energy Corp. | 40,865 | 667 |
| | Artis REIT | 45,000 | 656 |
| | Yamana Gold Inc. | 86,700 | 649 |
| | Metro Inc. | 9,850 | 607 |
| | Fortis Inc. | 20,000 | 588 |
| ^ | Baytex Energy Corp. | 13,900 | 579 |
| ^ | Enerplus Corp. | 25,400 | 563 |
| * | Kinross Gold Corp. | 134,449 | 546 |
| ^ | Allied Properties REIT | 17,400 | 543 |
| | Dollarama Inc. | 6,500 | 541 |
| | Precision Drilling Corp. | 40,900 | 532 |
| | TMX Group Ltd. | 9,964 | 525 |
| | Onex Corp. | 9,100 | 520 |
| | Bombardier Inc. Class B | 128,600 | 517 |
| ^ | Home Capital Group Inc. Class B | 12,200 | 515 |
| | Progressive Waste Solutions Ltd. | 21,100 | 514 |
| | IGM Financial Inc. | 10,300 | 513 |
| | Peyto Exploration & Development Corp. | 13,900 | 512 |
| * | MEG Energy Corp. | 14,200 | 511 |
| | Morguard REIT | 33,157 | 509 |
| | Finning International Inc. | 18,700 | 505 |
| | Eldorado Gold Corp. | 82,805 | 505 |
| ^ | AltaGas Ltd. | 11,800 | 503 |
8
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Penn West Petroleum Ltd. | 55,600 | 503 |
| | CI Financial Corp. | 15,200 | 494 |
| * | BlackBerry Ltd. | 61,072 | 466 |
| | Industrial Alliance Insurance & Financial Services Inc. | 10,500 | 433 |
| * | Osisko Mining Corp. | 60,300 | 432 |
| | Constellation Software Inc. | 1,900 | 421 |
| * | Turquoise Hill Resources Ltd. | 106,269 | 413 |
| | George Weston Ltd. | 5,400 | 407 |
| ^ | Pengrowth Energy Corp. | 61,600 | 400 |
| | Cominar REIT | 22,492 | 390 |
| * | New Gold Inc. | 73,400 | 371 |
| | TransAlta Corp. | 29,960 | 366 |
| * | Athabasca Oil Corp. | 48,500 | 360 |
| | Atco Ltd. | 7,200 | 351 |
| | Empire Co. Ltd. | 5,500 | 348 |
| | CAE Inc. | 25,300 | 334 |
| | West Fraser Timber Co. Ltd. | 7,400 | 331 |
| ^ | RioCan REIT | 13,100 | 325 |
| * | Paramount Resources Ltd. Class A | 5,900 | 321 |
| | Stantec Inc. | 5,300 | 314 |
| | Linamar Corp. | 6,200 | 310 |
| | CCL Industries Inc. Class B | 3,300 | 300 |
| ^ | Bonavista Energy Corp. | 19,000 | 298 |
| ^ | Emera Inc. | 9,600 | 297 |
| | Gibson Energy Inc. | 11,100 | 296 |
| | Canadian Western Bank | 8,700 | 295 |
| ^ | Whitecap Resources Inc. | 22,300 | 294 |
| ^ | Trilogy Energy Corp. | 10,700 | 293 |
| | MacDonald Dettwiler & Associates Ltd. | 3,700 | 287 |
| | FirstService Corp. | 5,800 | 286 |
| ^ | Veresen Inc. | 19,300 | 285 |
| * | Tahoe Resources Inc. | 12,800 | 285 |
| | H&R REIT | 13,403 | 282 |
| | Aimia Inc. | 17,300 | 279 |
| | ShawCor Ltd. | 6,200 | 276 |
| * | B2Gold Corp. | 91,136 | 262 |
| ^ | Ritchie Bros Auctioneers Inc. | 10,200 | 255 |
| | Russel Metals Inc. | 8,600 | 253 |
| * | Element Financial Corp. | 20,300 | 243 |
| | WSP Global Inc. | 7,061 | 242 |
| | Barrick Gold Corp. (XNYS) | 13,726 | 240 |
| * | Lundin Mining Corp. | 46,900 | 240 |
| | Davis & Henderson Corp. | 8,100 | 235 |
| | Trican Well Service Ltd. | 16,200 | 232 |
| ^ | Bank of Montreal | 3,309 | 228 |
| | Corus Entertainment Inc. Class B | 9,700 | 218 |
| | Westshore Terminals Investment Corp. | 6,700 | 218 |
| | Quebecor Inc. Class B | 9,200 | 217 |
| | TransForce Inc. | 9,800 | 214 |
| * | Canfor Corp. | 9,400 | 213 |
| * | NuVista Energy Ltd. | 21,000 | 210 |
| | Secure Energy Services Inc. | 11,600 | 208 |
| | Alamos Gold Inc. | 21,900 | 205 |
| | Capital Power Corp. | 9,100 | 204 |
| | Pan American Silver Corp. | 15,724 | 204 |
| | Cineplex Inc. | 5,400 | 204 |
| | Maple Leaf Foods Inc. | 12,300 | 203 |
| * | ATS Automation Tooling Systems Inc. | 15,000 | 194 |
| * | Imax Corp. | 7,400 | 190 |
| | Ensign Energy Services Inc. | 11,900 | 187 |
| | RONA Inc. | 18,500 | 187 |
| ^ | Extendicare Inc. | 30,200 | 186 |
| * | Detour Gold Corp. | 18,400 | 183 |
| | Genworth MI Canada Inc. | 5,200 | 182 |
9
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Great Canadian Gaming Corp. | 13,100 | 181 |
| | Pason Systems Inc. | 6,500 | 181 |
| ^ | Mullen Group Ltd. | 6,600 | 179 |
| | IAMGOLD Corp. | 50,600 | 176 |
| | Trinidad Drilling Ltd. | 15,600 | 174 |
| | Jean Coutu Group PJC Inc. Class A | 8,500 | 171 |
| ^ | Canadian Energy Services & Technology Corp. | 5,800 | 171 |
| | Toromont Industries Ltd. | 6,700 | 166 |
| | SEMAFO Inc. | 43,200 | 162 |
| * | Celestica Inc. | 14,500 | 161 |
| | HudBay Minerals Inc. | 18,465 | 158 |
| * | Bellatrix Exploration Ltd. | 16,100 | 157 |
| | Martinrea International Inc. | 15,500 | 156 |
| | Cogeco Cable Inc. | 2,800 | 153 |
| ^ | Superior Plus Corp. | 12,700 | 153 |
| | Bombardier Inc. Class A | 37,100 | 150 |
| | First Capital Realty Inc. | 8,900 | 146 |
| | Sherritt International Corp. | 34,400 | 146 |
| | Dundee REIT Class A | 5,500 | 145 |
| * | Bankers Petroleum Ltd. | 26,500 | 144 |
| | Laurentian Bank of Canada | 3,200 | 137 |
| | Canadian REIT | 3,300 | 136 |
| ^ | Boardwalk REIT | 2,300 | 130 |
| ^ | Northland Power Inc. | 8,239 | 129 |
| | Bonterra Energy Corp. | 2,400 | 125 |
| | AGF Management Ltd. Class B | 11,100 | 124 |
| * | Crew Energy Inc. | 10,700 | 121 |
| * | China Gold International Resources Corp. Ltd. | 46,000 | 118 |
| | Chartwell Retirement Residences | 12,400 | 118 |
| | AuRico Gold Inc. | 28,000 | 116 |
| ^ | Lightstream Resources Ltd. | 18,335 | 110 |
| | Black Diamond Group Ltd. | 3,500 | 110 |
| | Enerflex Ltd. | 6,900 | 110 |
| | Stella-Jones Inc. | 4,000 | 109 |
| * | Kelt Exploration Ltd. | 8,700 | 109 |
| | Centerra Gold Inc. | 21,000 | 108 |
| | Calfrac Well Services Ltd. | 3,100 | 107 |
| * | Dundee Corp. Class A | 7,200 | 105 |
| | Calloway REIT | 4,300 | 105 |
| | Innergex Renewable Energy Inc. | 10,400 | 101 |
| ^ | First National Financial Corp. | 4,600 | 100 |
| * | Dream Unlimited Corp. | 7,200 | 98 |
| ^ | Just Energy Group Inc. | 12,300 | 98 |
| ^ | Bell Aliant Inc. | 3,900 | 96 |
| * | Imperial Metals Corp. | 7,400 | 94 |
| | Manitoba Telecom Services Inc. | 3,400 | 94 |
| | Dorel Industries Inc. Class B | 2,600 | 93 |
| * | NovaGold Resources Inc. | 26,200 | 92 |
| * | Avigilon Corp. | 3,900 | 92 |
| | Algonquin Power & Utilities Corp. | 12,700 | 91 |
| | Aecon Group Inc. | 5,400 | 91 |
| | North West Co. Inc. | 4,000 | 88 |
| *,^ | Thompson Creek Metals Co. Inc. | 32,700 | 88 |
| | Transcontinental Inc. Class A | 6,000 | 87 |
| * | First Majestic Silver Corp. | 9,200 | 87 |
| | Parkland Fuel Corp. | 4,700 | 87 |
| * | Legacy Oil & Gas Inc. | 10,800 | 84 |
| *,^ | Westport Innovations Inc. | 6,300 | 83 |
| | Hudson's Bay Co. | 5,200 | 82 |
| * | Torex Gold Resources Inc. | 72,182 | 80 |
| | Canadian Apartment Properties REIT | 4,100 | 79 |
| * | Advantage Oil & Gas Ltd. | 12,300 | 78 |
| * | Birchcliff Energy Ltd. | 6,600 | 77 |
| * | OceanaGold Corp. | 29,200 | 74 |
10
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Pretium Resources Inc. | 10,800 | 70 |
| | Cott Corp. | 8,600 | 70 |
| * | Capstone Mining Corp. | 26,300 | 69 |
| *,^ | Silver Standard Resources Inc. | 6,500 | 64 |
| | Canaccord Genuity Group Inc. | 7,400 | 64 |
| ^ | Canexus Corp. | 14,100 | 62 |
| | Torstar Corp. Class B | 10,400 | 62 |
| | Savanna Energy Services Corp. | 7,300 | 59 |
| * | Dominion Diamond Corp. | 4,700 | 59 |
| | Norbord Inc. | 2,300 | 56 |
| * | BlackPearl Resources Inc. | 20,000 | 56 |
| | Reitmans Canada Ltd. Class A | 8,700 | 53 |
| * | Denison Mines Corp. | 38,200 | 52 |
| | Nevsun Resources Ltd. | 14,300 | 52 |
| * | Endeavour Silver Corp. | 10,800 | 49 |
| | Major Drilling Group International Inc. | 6,000 | 47 |
| * | Continental Gold Ltd. | 13,000 | 46 |
| | Sprott Inc. | 15,600 | 46 |
| * | Argonaut Gold Inc. | 12,000 | 44 |
| * | Dundee Precious Metals Inc. | 11,000 | 37 |
| ^ | Atlantic Power Corp. | 11,600 | 35 |
| | Alacer Gold Corp. | 14,100 | 34 |
| | Silvercorp Metals Inc. | 10,900 | 23 |
| | Wi-Lan Inc. | 6,100 | 19 |
| * | Torex Gold Resources Inc Warrants | 10,991 | 1 |
| | | | 184,232 |
| Chile (0.2%) | | |
| | Empresa Nacional de Electricidad SA ADR | 16,752 | 738 |
| | Banco de Chile | 3,938,115 | 509 |
| | Empresas COPEC SA | 37,451 | 490 |
| | Enersis SA | 1,505,735 | 487 |
| | SACI Falabella | 54,357 | 464 |
| | Latam Airlines Group SA (Santiago Shares) | 25,854 | 395 |
| | Cencosud SA | 117,208 | 389 |
| | Banco Santander Chile | 5,672,801 | 343 |
| | Banco Santander Chile ADR | 13,039 | 316 |
| | Empresas CMPC SA | 125,378 | 282 |
| | Empresa Nacional de Electricidad SA | 167,940 | 248 |
| | Corpbanca SA | 20,346,293 | 239 |
| | Banco de Credito e Inversiones | 4,042 | 224 |
| | Vina Concha y Toro SA | 102,740 | 218 |
| | Cia Cervecerias Unidas SA | 16,775 | 198 |
| | Aguas Andinas SA Class A | 297,215 | 184 |
| | Enersis SA ADR | 10,846 | 175 |
| | Sociedad Quimica y Minera de Chile SA ADR | 5,411 | 173 |
| | Colbun SA | 659,252 | 164 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 4,916 | 157 |
| | Sociedad Matriz Banco de Chile Class B | 495,744 | 152 |
| | AES Gener SA | 265,095 | 145 |
| | Sonda SA | 59,815 | 138 |
| | Inversiones La Construccion SA | 9,475 | 125 |
| | Administradora de Fondos de Pensiones Habitat SA | 81,126 | 113 |
| | Parque Arauco SA | 59,605 | 107 |
| | ENTEL Chile SA | 8,632 | 106 |
| | CAP SA | 5,685 | 85 |
| | Besalco SA | 88,861 | 77 |
| | Ripley Corp. SA | 116,780 | 76 |
| | Embotelladora Andina SA Preference Shares | 18,360 | 74 |
| | Latam Airlines Group SA | 4,562 | 66 |
| | Inversiones Aguas Metropolitanas SA | 36,076 | 60 |
| | Sociedad Matriz SAAM SA | 651,845 | 53 |
| | Salfacorp SA | 57,321 | 49 |
| | E.CL SA | 25,930 | 33 |
11
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Cia Sud Americana de Vapores SA | 583,637 | 28 |
| | | | 7,880 |
| China (1.7%) | | |
| | Tencent Holdings Ltd. | 109,736 | 6,909 |
| | China Mobile Ltd. | 627,861 | 5,976 |
| | China Construction Bank Corp. | 8,481,231 | 5,872 |
| | Industrial & Commercial Bank of China Ltd. | 8,530,245 | 5,097 |
| | Bank of China Ltd. | 9,176,800 | 4,043 |
| | CNOOC Ltd. | 1,960,656 | 3,241 |
| | PetroChina Co. Ltd. | 2,646,000 | 3,053 |
| | China Petroleum & Chemical Corp. | 3,064,314 | 2,720 |
| | China Life Insurance Co. Ltd. | 943,000 | 2,453 |
| | Ping An Insurance Group Co. of China Ltd. | 226,540 | 1,681 |
| | China Shenhua Energy Co. Ltd. | 536,000 | 1,456 |
| | China Overseas Land & Investment Ltd. | 526,480 | 1,296 |
| | Agricultural Bank of China Ltd. | 2,620,500 | 1,103 |
| | Hengan International Group Co. Ltd. | 104,054 | 1,097 |
| | China Telecom Corp. Ltd. | 2,064,034 | 1,056 |
| | China Unicom Hong Kong Ltd. | 653,574 | 1,002 |
| | China Merchants Bank Co. Ltd. | 553,272 | 991 |
| | Lenovo Group Ltd. | 766,000 | 873 |
| | China Pacific Insurance Group Co. Ltd. | 253,600 | 797 |
| | Belle International Holdings Ltd. | 684,000 | 711 |
| | PICC Property & Casualty Co. Ltd. | 504,466 | 667 |
| | ENN Energy Holdings Ltd. | 86,000 | 602 |
| | Brilliance China Automotive Holdings Ltd. | 384,000 | 593 |
| | China Minsheng Banking Corp. Ltd. | 572,300 | 577 |
| | Bank of Communications Co. Ltd. | 906,058 | 564 |
| | China Resources Power Holdings Co. Ltd. | 219,400 | 551 |
| | China National Building Material Co. Ltd. | 576,000 | 546 |
| | Great Wall Motor Co. Ltd. | 117,750 | 536 |
| | Beijing Enterprises Holdings Ltd. | 60,500 | 527 |
| | China Resources Land Ltd. | 250,000 | 516 |
| | China CITIC Bank Corp. Ltd. | 847,010 | 506 |
| | China Oilfield Services Ltd. | 210,000 | 503 |
| | Kunlun Energy Co. Ltd. | 322,000 | 503 |
| | Dongfeng Motor Group Co. Ltd. | 340,000 | 455 |
| ^ | Anhui Conch Cement Co. Ltd. | 121,500 | 454 |
| | Tsingtao Brewery Co. Ltd. | 60,823 | 444 |
| | China Merchants Holdings International Co. Ltd. | 136,000 | 427 |
| | China Gas Holdings Ltd. | 262,000 | 427 |
| | China Longyuan Power Group Corp. | 400,000 | 412 |
| | China Vanke Co. Ltd. Class B | 233,404 | 390 |
| | China Everbright International Ltd. | 310,000 | 389 |
| | China Resources Enterprise Ltd. | 134,000 | 382 |
| * | GCL-Poly Energy Holdings Ltd. | 1,261,000 | 379 |
| *,^ | Byd Co. Ltd. | 69,000 | 373 |
| | China State Construction International Holdings Ltd. | 218,000 | 365 |
| ^ | CITIC Pacific Ltd. | 196,000 | 344 |
| | GOME Electrical Appliances Holding Ltd. | 1,797,720 | 339 |
| | China Communications Construction Co. Ltd. | 498,375 | 327 |
| | CSPC Pharmaceutical Group Ltd. | 389,978 | 325 |
| | Beijing Enterprises Water Group Ltd. | 500,000 | 318 |
| 2 | People's Insurance Co. Group of China Ltd. | 826,000 | 317 |
| ^ | Evergrande Real Estate Group Ltd. | 684,000 | 306 |
| | Sino Biopharmaceutical Ltd. | 384,000 | 301 |
| | Sinopharm Group Co. Ltd. | 113,600 | 300 |
| | Shimao Property Holdings Ltd. | 144,500 | 287 |
| | Beijing Capital International Airport Co. Ltd. | 406,000 | 283 |
| | Guangdong Investment Ltd. | 258,000 | 281 |
| | Haier Electronics Group Co. Ltd. | 114,000 | 280 |
| | Huaneng Power International Inc. | 276,000 | 270 |
| ^ | Kingsoft Corp. Ltd. | 87,000 | 270 |
| *,^ | China Cinda Asset Management Co. Ltd. | 530,000 | 267 |
12
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Jiangxi Copper Co. Ltd. | 154,000 | 255 |
| *,^ | Aluminum Corp. of China Ltd. | 705,331 | 253 |
| | Longfor Properties Co. Ltd. | 195,000 | 252 |
| * | Hunan Nonferrous Metal Corp. Ltd. | 866,728 | 252 |
| | China International Marine Containers Group Co. Ltd. | 125,500 | 248 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 210,000 | 232 |
| * | New China Life Insurance Co. Ltd. | 76,534 | 226 |
| * | China Taiping Insurance Holdings Co. Ltd. | 141,200 | 225 |
| ^ | China Coal Energy Co. Ltd. | 408,000 | 221 |
| | Guangzhou Automobile Group Co. Ltd. | 209,857 | 212 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 208,000 | 211 |
| | COSCO Pacific Ltd. | 152,000 | 204 |
| | Sino-Ocean Land Holdings Ltd. | 384,000 | 204 |
| | CITIC Securities Co. Ltd. | 101,000 | 203 |
| | Zhuzhou CSR Times Electric Co. Ltd. | 69,000 | 203 |
| | Hangzhou Steam Turbine Co. Class B | 192,557 | 202 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 343,869 | 198 |
| | Cosco International Holdings Ltd. | 466,000 | 194 |
| | Shenzhou International Group Holdings Ltd. | 55,991 | 193 |
| | Haitong Securities Co. Ltd. | 137,200 | 192 |
| *,^ | China Huishan Dairy Holdings Co. Ltd. | 841,401 | 192 |
| | China Resources Gas Group Ltd. | 64,000 | 190 |
| | Fosun International Ltd. | 152,500 | 185 |
| | Geely Automobile Holdings Ltd. | 525,000 | 183 |
| | Country Garden Holdings Co. Ltd. | 439,817 | 176 |
| | Jiangsu Future Land Co. Ltd. Class B | 339,800 | 168 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 131,204 | 165 |
| *,^ | Hanergy Solar Group Ltd. | 1,140,000 | 164 |
| | Shanghai Industrial Holdings Ltd. | 51,000 | 158 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 87,200 | 157 |
| | Sinotrans Ltd. | 283,000 | 157 |
| | Weichai Power Co. Ltd. | 44,600 | 156 |
| | Jiangsu Expressway Co. Ltd. | 138,000 | 155 |
| | Yuexiu Property Co. Ltd. | 799,200 | 155 |
| * | Shunfeng Photovoltaic International Ltd. | 120,000 | 155 |
| | Guangzhou R&F Properties Co. Ltd. | 117,400 | 154 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 45,000 | 153 |
| | China Railway Construction Corp. Ltd. | 182,626 | 152 |
| | China Railway Group Ltd. | 331,000 | 148 |
| | ANTA Sports Products Ltd. | 100,000 | 147 |
| | CSR Corp. Ltd. | 197,000 | 144 |
| | Shanghai Electric Group Co. Ltd. | 360,000 | 142 |
| | Digital China Holdings Ltd. | 152,000 | 141 |
| * | China Shipping Development Co. Ltd. | 256,000 | 141 |
| | Biostime International Holdings Ltd. | 21,000 | 140 |
| * | ZTE Corp. | 68,212 | 140 |
| | Zhejiang Expressway Co. Ltd. | 160,000 | 138 |
| | Sunny Optical Technology Group Co. Ltd. | 118,000 | 138 |
| | Chongqing Rural Commercial Bank | 314,000 | 138 |
| | Kingboard Chemical Holdings Ltd. | 72,000 | 138 |
| | China Resources Cement Holdings Ltd. | 196,000 | 136 |
| | Zijin Mining Group Co. Ltd. | 541,301 | 132 |
| | Foshan Huaxin Packaging Co. Ltd. Class B | 266,600 | 129 |
| | China Everbright Ltd. | 96,000 | 129 |
| | Air China Ltd. | 220,000 | 125 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 166,000 | 125 |
| ^ | China South City Holdings Ltd. | 292,000 | 122 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 64,800 | 119 |
| | China Communications Services Corp. Ltd. | 234,000 | 119 |
| | Far East Horizon Ltd. | 174,000 | 118 |
| * | Great Wall Technology Co. Ltd. | 302,000 | 117 |
| | Tong Ren Tang Technologies Co. Ltd. | 40,000 | 116 |
| | Nine Dragons Paper Holdings Ltd. | 173,000 | 114 |
| | Agile Property Holdings Ltd. | 140,000 | 114 |
13
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| 2 | Sinopec Engineering Group Co. Ltd. | 101,135 | 113 |
| | Weifu High-Technology Group Co. Ltd. Class B | 34,600 | 113 |
| *,^ | China COSCO Holdings Co. Ltd. | 276,500 | 110 |
| | Haitian International Holdings Ltd. | 54,000 | 109 |
| | Intime Retail Group Co. Ltd. | 110,000 | 108 |
| | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 160,380 | 107 |
| | AviChina Industry & Technology Co. Ltd. | 200,000 | 107 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 61,173 | 107 |
| | Weiqiao Textile Co. | 191,000 | 106 |
| | Dah Chong Hong Holdings Ltd. | 166,000 | 106 |
| | China Shanshui Cement Group Ltd. | 267,000 | 103 |
| *,^ | China Shipping Container Lines Co. Ltd. | 426,000 | 102 |
| | CIMC Enric Holdings Ltd. | 70,000 | 102 |
| * | China High Speed Transmission Equipment Group Co. Ltd. | 145,000 | 101 |
| | Zhongsheng Group Holdings Ltd. | 82,000 | 100 |
| | Greentown China Holdings Ltd. | 97,879 | 99 |
| *,^ | China Modern Dairy Holdings Ltd. | 227,000 | 97 |
| * | Shenzhen Nanshan Power Co. Ltd. Class B | 290,400 | 97 |
| * | Shenzhen International Holdings Ltd. | 80,000 | 97 |
| * | Huadian Fuxin Energy Corp. Ltd. | 204,000 | 95 |
| | China BlueChemical Ltd. | 176,000 | 95 |
| | Fiyta Holdings Ltd. Class B | 119,740 | 93 |
| | Franshion Properties China Ltd. | 294,000 | 93 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 58,237 | 89 |
| | China Medical System Holdings Ltd. | 74,000 | 88 |
| | SOHO China Ltd. | 106,000 | 84 |
| | Sinopec Kantons Holdings Ltd. | 90,000 | 84 |
| | Huadian Power International Corp. Ltd. | 152,000 | 83 |
| | Golden Eagle Retail Group Ltd. | 63,000 | 82 |
| | Travelsky Technology Ltd. | 106,000 | 81 |
| | Greatview Aseptic Packaging Co. Ltd. | 132,000 | 81 |
| * | Beijing Jingneng Clean Energy Co. Ltd. | 186,000 | 80 |
| *,^ | China Foods Ltd. | 230,000 | 78 |
| ^ | China Lumena New Materials Corp. | 476,000 | 77 |
| * | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 64,000 | 76 |
| ^ | Tibet 5100 Water Resources Holdings Ltd. | 191,000 | 76 |
| | China Molybdenum Co. Ltd. | 169,000 | 75 |
| | Lao Feng Xiang Co. Ltd. Class B | 30,400 | 75 |
| | Huaneng Renewables Corp. Ltd. | 242,000 | 75 |
| ^ | NetDragon Websoft Inc. | 43,500 | 74 |
| | Lijun International Pharmaceutical Holding Co. Ltd. | 180,000 | 74 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 300,000 | 73 |
| | BBMG Corp. | 103,500 | 73 |
| * | Huishang Bank Corp. Ltd. | 158,452 | 72 |
| | China Suntien Green Energy Corp. Ltd. | 209,000 | 71 |
| | China Agri-Industries Holdings Ltd. | 176,800 | 71 |
| | Kaisa Group Holdings Ltd. | 221,000 | 70 |
| | Datang International Power Generation Co. Ltd. | 188,000 | 70 |
| | Dongfang Electric Corp. Ltd. | 44,800 | 70 |
| | CSG Holding Co. Ltd. Class B | 90,105 | 70 |
| * | Kingdee International Software Group Co. Ltd. | 232,000 | 70 |
| * | Coolpad Group Ltd. | 160,000 | 69 |
| * | Angang Steel Co. Ltd. | 114,000 | 69 |
| | China Singyes Solar Technologies Holdings Ltd. | 47,000 | 69 |
| * | Renhe Commercial Holdings Co. Ltd. | 1,164,000 | 67 |
| * | China Resources and Transportation Group Ltd. | 1,500,000 | 66 |
| * | Li Ning Co. Ltd. | 93,000 | 65 |
| | Baoxin Auto Group Ltd. | 85,000 | 64 |
| ^ | China Power International Development Ltd. | 178,000 | 64 |
| * | China Eastern Airlines Corp. Ltd. | 202,000 | 62 |
| * | Hua Han Bio-Pharmaceutical Holdings Ltd. | 292,000 | 61 |
| * | North Mining Shares Co. Ltd. | 1,310,000 | 61 |
| *,2 | China Galaxy Securities Co. Ltd. | 103,000 | 60 |
| | KWG Property Holding Ltd. | 108,500 | 60 |
14
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Skyworth Digital Holdings Ltd. | 124,000 | 60 |
| | Poly Property Group Co. Ltd. | 136,000 | 59 |
| * | BYD Electronic International Co. Ltd. | 94,000 | 58 |
| | China Shineway Pharmaceutical Group Ltd. | 33,000 | 58 |
| * | Hopson Development Holdings Ltd. | 58,000 | 57 |
| | Harbin Electric Co. Ltd. | 96,000 | 56 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 52,600 | 53 |
| | Guangshen Railway Co. Ltd. | 140,000 | 53 |
| | China Oil & Gas Group Ltd. | 320,000 | 53 |
| * | Sinopec Yizheng Chemical Fibre Co. Ltd. | 236,000 | 53 |
| | China Dongxiang Group Co. | 295,000 | 52 |
| | Ajisen China Holdings Ltd. | 61,000 | 52 |
| | Beijing Capital Land Ltd. | 152,000 | 51 |
| * | Glorious Property Holdings Ltd. | 355,000 | 51 |
| | Xinjiang Goldwind Science & Technology Co. Ltd. | 46,600 | 51 |
| * | Tech Pro Technology Development Ltd. | 102,000 | 51 |
| | Sunac China Holdings Ltd. | 98,000 | 50 |
| | Anxin-China Holdings Ltd. | 312,000 | 49 |
| | Sinotrans Shipping Ltd. | 169,500 | 49 |
| | Welling Holding Ltd. | 156,000 | 49 |
| * | China Precious Metal Resources Holdings Co. Ltd. | 480,000 | 48 |
| | Lee & Man Paper Manufacturing Ltd. | 88,000 | 48 |
| | Changshouhua Food Co. Ltd. | 47,000 | 48 |
| | Fufeng Group Ltd. | 125,000 | 48 |
| * | Bloomage Biotechnology Corp. Ltd. | 17,500 | 47 |
| * | China Traditional Chinese Medicine Co. Ltd. | 110,000 | 47 |
| | Yashili International Holdings Ltd. | 94,000 | 46 |
| | Shenzhen Investment Ltd. | 140,000 | 46 |
| * | Hi Sun Technology China Ltd. | 213,000 | 46 |
| | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 26,900 | 45 |
| | Xingda International Holdings Ltd. | 103,000 | 45 |
| | China Datang Corp. Renewable Power Co. Ltd. | 330,000 | 44 |
| | Guangzhou Shipyard International Co. Ltd. | 24,000 | 43 |
| | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 14,000 | 42 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 162,000 | 39 |
| | Wumart Stores Inc. | 40,000 | 39 |
| | Hilong Holding Ltd. | 75,000 | 39 |
| | NVC Lighting Holding Ltd. | 156,000 | 39 |
| * | Chinasoft International Ltd. | 130,000 | 38 |
| | Bosideng International Holdings Ltd. | 242,000 | 36 |
| * | China Lesso Group Holdings Ltd. | 66,000 | 35 |
| * | China WindPower Group Ltd. | 520,000 | 34 |
| * | China Power New Energy Development Co. Ltd. | 620,000 | 33 |
| *,^ | China Yurun Food Group Ltd. | 68,000 | 33 |
| *,^ | VODone Ltd. | 370,000 | 33 |
| * | Wisdom Holdings Group | 64,000 | 32 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 12,633 | 31 |
| | Daphne International Holdings Ltd. | 78,000 | 31 |
| | China Overseas Grand Oceans Group Ltd. | 52,000 | 31 |
| | Dongyue Group Ltd. | 71,000 | 29 |
| | Texhong Textile Group Ltd. | 38,500 | 28 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 13,200 | 28 |
| | Zhaojin Mining Industry Co. Ltd. | 45,500 | 27 |
| | China Southern Airlines Co. Ltd. | 88,000 | 26 |
| * | China ZhengTong Auto Services Holdings Ltd. | 31,000 | 17 |
| * | Chaoda Modern Agriculture Holdings Ltd. | 132,000 | 11 |
| * | Fosun International Ltd Rights Exp. 5/13/2014 | 11,895 | — |
| | | | 86,831 |
| Colombia (0.1%) | | |
| | Bancolombia SA ADR | 14,486 | 825 |
| | Ecopetrol SA | 423,943 | 789 |
| | Grupo de Inversiones Suramericana SA | 31,591 | 616 |
| | Almacenes Exito SA | 25,317 | 386 |
| | Ecopetrol SA ADR | 8,170 | 306 |
15
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Banco Davivienda SA Preference Shares | 19,341 | 276 |
| | Cementos Argos SA | 44,055 | 246 |
| | Bancolombia SA Preference Shares | 14,574 | 206 |
| | Interconexion Electrica SA ESP | 36,758 | 172 |
| | Isagen SA ESP | 104,160 | 170 |
| * | Cemex Latam Holdings SA | 16,262 | 150 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 7,306 | 144 |
| | Grupo Argos SA Preference Shares | 11,235 | 124 |
| | Corp Financiera Colombiana SA | 4,548 | 88 |
| | Grupo Aval Acciones y Valores Preference Shares | 107,541 | 73 |
| | | | 4,571 |
| Czech Republic (0.0%) | | |
| | Komercni Banka AS | 2,683 | 619 |
| | CEZ AS | 18,545 | 558 |
| | Telefonica Czech Republic AS | 9,755 | 148 |
| | | | 1,325 |
| Denmark (0.5%) | | |
| | Novo Nordisk A/S Class B | 230,682 | 10,470 |
| | Danske Bank A/S | 90,445 | 2,559 |
| | AP Moeller - Maersk A/S Class B | 765 | 1,826 |
| | Novozymes A/S | 27,255 | 1,307 |
| | Carlsberg A/S Class B | 11,980 | 1,198 |
| * | Vestas Wind Systems A/S | 26,127 | 1,160 |
| | Coloplast A/S Class B | 13,701 | 1,151 |
| | Pandora A/S | 13,441 | 906 |
| | AP Moeller - Maersk A/S Class A | 395 | 897 |
| | TDC A/S | 87,027 | 817 |
| | DSV A/S | 19,464 | 650 |
| | GN Store Nord A/S | 18,498 | 447 |
| | Chr Hansen Holding A/S | 9,710 | 438 |
| * | Jyske Bank A/S | 7,734 | 425 |
| | FLSmidth & Co. A/S | 7,328 | 392 |
| * | Royal UNIBREW | 2,463 | 383 |
| * | Matas A/S | 11,786 | 323 |
| * | Sydbank A/S | 11,263 | 300 |
| * | Topdanmark A/S | 9,790 | 287 |
| | H Lundbeck A/S | 8,518 | 248 |
| * | Genmab A/S | 6,193 | 231 |
| | NKT Holding A/S | 3,370 | 213 |
| | Solar A/S Class B | 2,959 | 205 |
| * | William Demant Holding A/S | 2,196 | 197 |
| | Tryg A/S | 2,042 | 194 |
| | SimCorp A/S | 4,076 | 157 |
| | ALK-Abello A/S | 1,004 | 139 |
| * | Auriga Industries Class B | 2,759 | 102 |
| | Rockwool International A/S Class B | 488 | 94 |
| | Spar Nord Bank A/S | 7,698 | 87 |
| | | | 27,803 |
| Egypt (0.0%) | | |
| | Commercial International Bank Egypt SAE | 95,580 | 513 |
| * | Sidi Kerir Petrochemicals Co. | 79,618 | 223 |
| * | Global Telecom Holding GDR | 58,751 | 219 |
| | Telecom Egypt Co. | 55,015 | 117 |
| | Talaat Moustafa Group | 84,619 | 108 |
| * | Orascom Telecom Media And Technology Holding SAE GDR | 85,774 | 75 |
| * | Egypt Kuwait Holding Co. SAE | 58,473 | 62 |
| | | | 1,317 |
| Finland (0.4%) | | |
| * | Nokia Oyj | 438,148 | 3,281 |
| | Sampo | 53,627 | 2,665 |
| | Kone Oyj Class B | 43,351 | 1,858 |
| | UPM-Kymmene Oyj | 77,060 | 1,350 |
| | Wartsila OYJ Abp | 20,849 | 1,164 |
16
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Fortum Oyj | 49,701 | 1,123 |
| | Metso Oyj | 23,890 | 962 |
| | Nokian Renkaat Oyj | 20,996 | 836 |
| | Stora Enso Oyj | 60,642 | 619 |
| | Elisa Oyj | 13,268 | 397 |
| ^ | Orion Oyj Class B | 12,656 | 386 |
| | Cargotec Oyj Class B | 7,444 | 333 |
| ^ | Neste Oil Oyj | 15,914 | 327 |
| ^ | Outotec Oyj | 28,990 | 325 |
| | Valmet Corp. | 27,394 | 320 |
| ^ | Huhtamaki Oyj | 11,387 | 299 |
| | Kesko Oyj Class B | 7,026 | 288 |
| | Amer Sports Oyj | 12,340 | 255 |
| | Sponda Oyj | 44,471 | 229 |
| | Tieto Oyj | 8,018 | 219 |
| * | Outokumpu Oyj | 616,440 | 189 |
| ^ | YIT Oyj | 17,206 | 177 |
| ^ | Konecranes Oyj | 5,372 | 173 |
| | Caverion Corp. | 15,327 | 170 |
| | Citycon Oyj | 34,804 | 131 |
| | Raisio plc | 14,364 | 94 |
| | Kemira Oyj | 5,900 | 90 |
| | Uponor Oyj | 4,437 | 88 |
| * | Rautaruukki Oyj | 5,301 | 66 |
| | Ramirent Oyj | 5,288 | 59 |
| | Cramo Oyj | 2,348 | 53 |
| | Metsa Board Oyj | 10,960 | 51 |
| | Sanoma Oyj | 7,321 | 49 |
| | | | 18,626 |
| France (3.4%) | | |
| | Total SA | 239,073 | 17,105 |
| | Sanofi | 135,375 | 14,610 |
| | BNP Paribas SA | 115,998 | 8,717 |
| | LVMH Moet Hennessy Louis Vuitton SA | 31,247 | 6,156 |
| | Schneider Electric SA | 64,180 | 6,025 |
| ^ | AXA SA | 224,392 | 5,856 |
| | Societe Generale SA | 83,354 | 5,191 |
| | Air Liquide SA | 35,517 | 5,081 |
| ^ | L'Oreal SA | 29,124 | 5,019 |
| | Danone | 63,576 | 4,694 |
| | Airbus Group NV | 65,274 | 4,487 |
| ^ | Vinci SA | 54,132 | 4,087 |
| | Vivendi SA | 149,094 | 4,006 |
| ^ | GDF Suez | 153,800 | 3,876 |
| | Orange SA | 213,188 | 3,454 |
| | Cie de St-Gobain | 48,148 | 2,950 |
| | Carrefour SA | 74,857 | 2,918 |
| | Pernod Ricard SA | 22,840 | 2,741 |
| | Cie Generale des Etablissements Michelin | 21,748 | 2,667 |
| | Essilor International SA | 22,977 | 2,461 |
| | Lafarge SA | 25,571 | 2,340 |
| * | Credit Agricole SA | 131,534 | 2,075 |
| | Legrand SA | 30,845 | 1,993 |
| | Safran SA | 29,535 | 1,988 |
| | Kering | 8,662 | 1,916 |
| | Renault SA | 19,473 | 1,904 |
| ^ | Technip SA | 13,686 | 1,541 |
| | Publicis Groupe SA | 17,631 | 1,508 |
| | SES SA | 36,568 | 1,378 |
| * | Alcatel-Lucent | 337,608 | 1,339 |
| * | Casino Guichard Perrachon SA | 10,195 | 1,299 |
| | Valeo SA | 9,044 | 1,242 |
| | Christian Dior SA | 5,914 | 1,217 |
| | Alstom SA | 28,995 | 1,198 |
17
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cap Gemini SA | 16,228 | 1,147 |
| | Arkema SA | 10,156 | 1,134 |
| *,^ | Bouygues SA | 24,653 | 1,110 |
| | Edenred | 32,690 | 1,105 |
| | Electricite de France | 28,656 | 1,100 |
| | Dassault Systemes | 8,233 | 1,013 |
| | Veolia Environnement SA | 54,120 | 1,010 |
| | Vallourec SA | 16,650 | 984 |
| | Sodexo | 8,963 | 966 |
| | Accor SA | 19,262 | 943 |
| * | SCOR SE | 24,393 | 893 |
| | Societe BIC SA | 6,478 | 860 |
| | Hermes International | 2,296 | 806 |
| | Iliad SA | 2,953 | 796 |
| | Bureau Veritas SA | 24,346 | 746 |
| | Rexel SA | 28,718 | 725 |
| | Natixis | 101,209 | 718 |
| | Groupe Eurotunnel SA | 53,118 | 713 |
| | Thales SA | 11,183 | 712 |
| | STMicroelectronics NV | 73,970 | 705 |
| | AtoS | 7,765 | 671 |
| | Zodiac Aerospace | 19,646 | 653 |
| | SEB SA | 6,591 | 608 |
| | Aeroports de Paris | 4,411 | 549 |
| *,^ | Peugeot SA | 28,526 | 505 |
| | Suez Environnement Co. | 25,083 | 493 |
| | Wendel SA | 3,181 | 480 |
| | Eutelsat Communications SA | 13,886 | 478 |
| | Lagardere SCA | 11,232 | 471 |
| | Klepierre | 9,333 | 428 |
| ^ | Ingenico | 4,815 | 420 |
| | Eurofins Scientific SE | 1,478 | 410 |
| | Havas SA | 49,634 | 395 |
| * | CNP Assurances | 16,414 | 379 |
| | Bollore SA | 583 | 372 |
| * | CGG SA | 21,462 | 371 |
| | Teleperformance | 6,177 | 354 |
| | Eurazeo SA | 4,170 | 352 |
| * | Eiffage SA | 4,416 | 334 |
| | Societe de la Tour Eiffel | 4,589 | 331 |
| ^ | Neopost SA | 3,984 | 327 |
| | Orpea | 4,455 | 324 |
| * | Faurecia | 6,944 | 313 |
| * | Korian-Medica | 8,250 | 310 |
| | Nexans SA | 5,175 | 291 |
| | Saft Groupe SA | 8,172 | 291 |
| * | ICADE | 2,637 | 269 |
| | Imerys SA | 3,027 | 266 |
| | Metropole Television SA | 12,110 | 260 |
| * | Fonciere Des Regions | 2,346 | 238 |
| * | Technicolor SA | 31,845 | 238 |
| | JCDecaux SA | 5,748 | 236 |
| | Sartorius Stedim Biotech | 1,226 | 233 |
| | Gecina SA | 1,684 | 227 |
| * | Plastic Omnium SA | 6,534 | 222 |
| | Rubis SCA | 3,054 | 217 |
| * | Air France-KLM | 14,541 | 209 |
| | Remy Cointreau SA | 2,212 | 194 |
| | Bourbon SA | 5,800 | 191 |
| * | UBISOFT Entertainment | 10,179 | 190 |
| ^ | Societe Television Francaise 1 | 11,014 | 188 |
| | Ipsen SA | 4,164 | 185 |
| | Euler Hermes SA | 1,421 | 171 |
| | BioMerieux | 1,421 | 155 |
18
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | GameLoft SE | 13,315 | 132 |
| | IPSOS | 3,244 | 126 |
| | MPI | 20,679 | 124 |
| | Eramet | 929 | 121 |
| | Etablissements Maurel et Prom | 6,590 | 118 |
| * | Beneteau SA | 6,653 | 115 |
| | Virbac SA | 437 | 105 |
| | Altran Technologies SA | 9,014 | 98 |
| | Alten SA | 1,875 | 96 |
| | Nexity SA | 1,966 | 88 |
| | Groupe Steria SCA | 3,037 | 86 |
| | Rallye SA | 1,619 | 82 |
| | Mercialys SA | 2,574 | 59 |
| | LISI | 348 | 56 |
| * | Vicat | 623 | 54 |
| * | Club Mediterranee SA | 2,064 | 54 |
| | Boiron SA | 633 | 53 |
| * | Trigano SA | 1,902 | 53 |
| | Ciments Francais SA | 466 | 50 |
| | Sopra Group SA | 431 | 50 |
| | Sechilienne-Sidec | 1,776 | 50 |
| | Faiveley Transport SA | 579 | 48 |
| *,^ | SOITEC | 15,677 | 47 |
| * | PagesJaunes Groupe | 18,978 | 43 |
| * | Peugeot SA Warrants Exp. 4/29/2017 | 22,357 | 43 |
| * | Groupe Fnac | 880 | 42 |
| | Mersen | 914 | 29 |
| | Vilmorin & Cie SA | 202 | 27 |
| | | | 170,073 |
| Germany (3.2%) | | |
| ^ | Bayer AG | 97,636 | 13,576 |
| | Siemens AG | 99,023 | 13,063 |
| *,^ | BASF SE | 108,621 | 12,601 |
| | Daimler AG | 113,218 | 10,541 |
| | Allianz SE | 53,649 | 9,337 |
| | SAP AG | 105,556 | 8,532 |
| | Deutsche Telekom AG | 363,760 | 6,112 |
| | Deutsche Bank AG | 121,266 | 5,341 |
| * | Volkswagen AG Preference Shares | 17,931 | 4,847 |
| | Bayerische Motoren Werke AG | 38,087 | 4,788 |
| *,^ | Muenchener Rueckversicherungs AG | 20,295 | 4,691 |
| | Linde AG | 21,592 | 4,484 |
| | Deutsche Post AG | 110,432 | 4,167 |
| | E.ON SE | 211,502 | 4,051 |
| ^ | Continental AG | 12,542 | 2,951 |
| | Adidas AG | 23,995 | 2,565 |
| | Porsche Automobil Holding SE Preference Shares | 21,542 | 2,382 |
| | Fresenius SE & Co. KGaA | 15,384 | 2,341 |
| | Henkel AG & Co. KGaA Preference Shares | 19,525 | 2,178 |
| | RWE AG | 55,985 | 2,136 |
| * | Commerzbank AG | 110,106 | 1,963 |
| | Deutsche Boerse AG | 26,469 | 1,941 |
| | Fresenius Medical Care AG & Co. KGaA | 25,392 | 1,749 |
| ^ | HeidelbergCement AG | 19,514 | 1,696 |
| * | ThyssenKrupp AG | 58,352 | 1,665 |
| | Infineon Technologies AG | 129,316 | 1,504 |
| | Henkel AG & Co. KGaA | 13,367 | 1,374 |
| * | Merck KGaA | 7,570 | 1,280 |
| * | ProSiebenSat.1 Media AG | 24,970 | 1,093 |
| | Beiersdorf AG | 10,469 | 1,051 |
| | Brenntag AG | 5,794 | 1,050 |
| | Hannover Rueck SE | 10,555 | 984 |
| | GEA Group AG | 20,233 | 906 |
| * | Volkswagen AG | 3,195 | 857 |
19
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kabel Deutschland Holding AG | 6,136 | 831 |
| ^ | K&S AG | 23,379 | 819 |
| | LANXESS AG | 10,221 | 778 |
| | LEG Immobilien AG | 11,287 | 753 |
| | Metro AG | 18,650 | 747 |
| | Symrise AG | 12,337 | 623 |
| ^ | Deutsche Lufthansa AG | 24,777 | 622 |
| * | QIAGEN NV | 25,612 | 562 |
| * | Sky Deutschland AG | 64,747 | 556 |
| | Deutsche Wohnen AG | 25,382 | 545 |
| | Fuchs Petrolub SE | 5,761 | 531 |
| | MAN SE | 4,098 | 525 |
| * | OSRAM Licht AG | 9,992 | 525 |
| | Wirecard AG | 12,331 | 519 |
| | United Internet AG | 11,908 | 512 |
| * | Bilfinger SE | 3,839 | 458 |
| | Fuchs Petrolub SE Preference Shares | 4,378 | 440 |
| | Deutsche Euroshop AG | 8,453 | 408 |
| | Hugo Boss AG | 2,761 | 384 |
| | Freenet AG | 10,358 | 359 |
| * | Evonik Industries AG | 7,652 | 302 |
| * | GAGFAH SA | 18,806 | 297 |
| | MTU Aero Engines AG | 3,038 | 286 |
| ^ | Hochtief AG | 3,010 | 281 |
| | Leoni AG | 3,662 | 273 |
| | Stada Arzneimittel AG | 6,209 | 271 |
| | Aurubis AG | 5,039 | 269 |
| * | Deutsche Wohnen AG-BR | 12,395 | 260 |
| | TUI AG | 15,051 | 251 |
| | Wincor Nixdorf AG | 3,793 | 248 |
| * | MorphoSys AG | 2,871 | 246 |
| | Axel Springer SE | 4,031 | 246 |
| | Fraport AG Frankfurt Airport Services Worldwide | 3,307 | 245 |
| ^ | Salzgitter AG | 5,667 | 241 |
| | Software AG | 6,141 | 231 |
| | Gerry Weber International AG | 4,199 | 222 |
| | Rhoen Klinikum AG | 6,770 | 219 |
| ^ | Suedzucker AG | 10,184 | 218 |
| | Takkt AG | 10,483 | 213 |
| * | Telefonica Deutschland Holding AG | 25,181 | 209 |
| * | Gerresheimer AG | 3,032 | 206 |
| | CTS Eventim AG | 3,099 | 197 |
| * | Aareal Bank AG | 4,315 | 196 |
| | DMG MORI SEIKI AG | 6,025 | 190 |
| | Wacker Chemie AG | 1,583 | 186 |
| | Norma Group SE | 3,454 | 181 |
| ^ | SGL Carbon SE | 5,371 | 179 |
| * | Dialog Semiconductor plc | 6,924 | 175 |
| | Celesio AG | 4,650 | 162 |
| * | Aixtron SE | 10,146 | 162 |
| | TAG Immobilien AG | 12,145 | 154 |
| | Drillisch AG | 4,135 | 154 |
| | Sixt SE | 3,725 | 151 |
| * | KION Group AG | 3,026 | 143 |
| * | Nordex SE | 8,788 | 141 |
| | Fielmann AG | 1,025 | 139 |
| | KUKA AG | 2,696 | 138 |
| * | Kloeckner & Co. SE | 8,705 | 132 |
| | Rational AG | 403 | 129 |
| | Pfeiffer Vacuum Technology AG | 1,066 | 127 |
| | Grenkeleasing AG | 1,154 | 121 |
| | Jungheinrich AG Preference Shares | 1,610 | 120 |
| | Krones AG | 1,243 | 119 |
| | Sartorius AG Preference Shares | 765 | 100 |
20
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Deutz AG | 11,888 | 99 |
| * | Talanx AG | 2,592 | 99 |
| | Bechtle AG | 1,108 | 99 |
| * | Duerr AG | 1,160 | 92 |
| | ElringKlinger AG | 2,213 | 89 |
| | CAT Oil AG | 4,221 | 89 |
| | Alstria Office REIT-AG | 6,316 | 87 |
| | SMA Solar Technology AG | 1,946 | 81 |
| | Puma SE | 265 | 78 |
| | Vossloh AG | 786 | 78 |
| | Draegerwerk AG & Co. KGaA Preference Shares | 596 | 71 |
| | Generali Deutschland Holding AG | 441 | 69 |
| | Biotest AG Preference Shares | 511 | 67 |
| | Aurelius AG | 1,743 | 65 |
| | Jenoptik AG | 3,717 | 62 |
| | Bertrandt AG | 370 | 56 |
| * | CompuGroup Medical AG | 2,051 | 55 |
| | QSC AG | 9,587 | 49 |
| | Hamburger Hafen und Logistik AG | 2,013 | 49 |
| | Kontron AG | 6,837 | 48 |
| * | Heidelberger Druckmaschinen AG | 14,326 | 45 |
| | Rheinmetall AG | 654 | 44 |
| | GFK SE | 841 | 43 |
| | KWS Saat AG | 75 | 27 |
| | | | 161,665 |
| Greece (0.1%) | | |
| * | Piraeus Bank SA | 240,739 | 568 |
| | National Bank of Greece SA | 119,221 | 466 |
| * | Alpha Bank AE | 456,327 | 442 |
| | OPAP SA | 22,643 | 362 |
| * | Hellenic Telecommunications Organization SA ADR | 45,296 | 358 |
| * | Mytilineos Holdings SA | 28,609 | 256 |
| * | Folli Follie SA | 6,547 | 227 |
| * | Titan Cement Co. SA | 6,193 | 195 |
| | Motor Oil Hellas Corinth Refineries SA | 14,637 | 185 |
| | Public Power Corp. SA | 10,498 | 159 |
| * | JUMBO SA | 9,407 | 152 |
| * | Alpha Bank Warrants Exp. 12/10/2017 | 52,093 | 122 |
| * | Marfin Investment Group Holdings SA | 146,964 | 102 |
| * | National Bank of Greece SA ADR | 19,700 | 77 |
| * | Hellenic Telecommunications Organization SA | 4,350 | 69 |
| | Hellenic Petroleum SA | 7,187 | 62 |
| | Hellenic Exchanges SA | 4,615 | 54 |
| * | Bank of Cyprus plc | 187,651 | 54 |
| | Athens Water Supply & Sewage Co. SA | 4,011 | 52 |
| * | Ellaktor SA | 8,992 | 48 |
| | | | 4,010 |
| Hong Kong (1.2%) | | |
| | AIA Group Ltd. | 1,417,358 | 6,893 |
| | Hutchison Whampoa Ltd. | 260,000 | 3,567 |
| | Hong Kong Exchanges and Clearing Ltd. | 151,767 | 2,729 |
| | Sun Hung Kai Properties Ltd. | 214,256 | 2,703 |
| | Cheung Kong Holdings Ltd. | 151,400 | 2,586 |
| | Sands China Ltd. | 301,200 | 2,211 |
| | Jardine Matheson Holdings Ltd. | 31,341 | 1,957 |
| * | Galaxy Entertainment Group Ltd. | 246,000 | 1,942 |
| | Hang Seng Bank Ltd. | 117,012 | 1,910 |
| | Hong Kong & China Gas Co. Ltd. | 633,038 | 1,461 |
| | Want Want China Holdings Ltd. | 881,251 | 1,385 |
| | CLP Holdings Ltd. | 163,000 | 1,303 |
| | Power Assets Holdings Ltd. | 150,000 | 1,297 |
| | Wharf Holdings Ltd. | 180,600 | 1,268 |
| | Link REIT | 251,500 | 1,252 |
| | BOC Hong Kong Holdings Ltd. | 404,500 | 1,187 |
21
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of East Asia Ltd. | 256,272 | 1,059 |
| | Li & Fung Ltd. | 678,000 | 987 |
| | Hang Lung Group Ltd. | 177,639 | 965 |
| | Hongkong Land Holdings Ltd. | 137,000 | 960 |
| | Jardine Strategic Holdings Ltd. | 24,500 | 877 |
| | China Mengniu Dairy Co. Ltd. | 163,000 | 839 |
| | Tingyi Cayman Islands Holding Corp. | 298,000 | 830 |
| | Swire Pacific Ltd. Class A | 66,852 | 772 |
| | Hang Lung Properties Ltd. | 254,000 | 758 |
| | New World Development Co. Ltd. | 598,224 | 619 |
| | Henderson Land Development Co. Ltd. | 102,400 | 612 |
| | SJM Holdings Ltd. | 209,000 | 581 |
| | Prada SPA | 72,300 | 580 |
| | MTR Corp. Ltd. | 131,000 | 495 |
| | Sino Land Co. Ltd. | 312,280 | 468 |
| ^ | AAC Technologies Holdings Inc. | 81,000 | 454 |
| | Wynn Macau Ltd. | 112,800 | 446 |
| | Techtronic Industries Co. | 139,000 | 444 |
| | Samsonite International SA | 137,396 | 437 |
| | First Pacific Co. Ltd. | 361,200 | 402 |
| | Prosperity REIT | 1,300,000 | 384 |
| | Melco International Development Ltd. | 118,000 | 363 |
| ^ | Sun Art Retail Group Ltd. | 277,079 | 361 |
| | Wheelock & Co. Ltd. | 87,000 | 359 |
| | Wing Hang Bank Ltd. | 21,000 | 339 |
| | Esprit Holdings Ltd. | 201,846 | 336 |
| | Cheung Kong Infrastructure Holdings Ltd. | 50,000 | 327 |
| | Swire Properties Ltd. | 106,846 | 322 |
| | Yue Yuen Industrial Holdings Ltd. | 101,500 | 314 |
| | ASM Pacific Technology Ltd. | 26,800 | 298 |
| | MGM China Holdings Ltd. | 84,000 | 293 |
| | Hysan Development Co. Ltd. | 65,000 | 279 |
| | Shangri-La Asia Ltd. | 163,519 | 270 |
| | VTech Holdings Ltd. | 19,100 | 264 |
| | New World China Land Ltd. | 312,000 | 259 |
| | NWS Holdings Ltd. | 147,500 | 253 |
| | Giordano International Ltd. | 354,000 | 238 |
| * | Semiconductor Manufacturing International Corp. | 2,680,000 | 220 |
| | Kerry Properties Ltd. | 66,500 | 219 |
| | PCCW Ltd. | 395,000 | 211 |
| | Chow Tai Fook Jewellery Group Ltd. | 135,200 | 190 |
| * | Citic 21CN Co. Ltd. | 332,000 | 185 |
| | Television Broadcasts Ltd. | 26,600 | 166 |
| | Hopewell Holdings Ltd. | 46,000 | 159 |
| | Xinyi Glass Holdings Ltd. | 200,000 | 158 |
| | Cathay Pacific Airways Ltd. | 83,000 | 157 |
| | Uni-President China Holdings Ltd. | 184,000 | 152 |
| * | FIH Mobile Ltd. | 270,000 | 146 |
| | Dah Sing Financial Holdings Ltd. | 32,544 | 145 |
| *,^ | Macau Legend Development Ltd. | 186,000 | 142 |
| | Johnson Electric Holdings Ltd. | 141,000 | 135 |
| | L'Occitane International SA | 53,500 | 132 |
| | Huabao International Holdings Ltd. | 275,000 | 130 |
| | NagaCorp Ltd. | 140,000 | 128 |
| * | Brightoil Petroleum Holdings Ltd. | 385,000 | 120 |
| | Luk Fook Holdings International Ltd. | 42,000 | 119 |
| | Vitasoy International Holdings Ltd. | 84,000 | 115 |
| ^ | Newocean Energy Holdings Ltd. | 162,000 | 107 |
| | Champion REIT | 225,000 | 106 |
| *,^ | Sino Oil And Gas Holdings Ltd. | 3,795,000 | 105 |
| | CITIC Telecom International Holdings Ltd. | 302,500 | 105 |
| | Truly International Holdings Ltd. | 154,000 | 104 |
| | Man Wah Holdings Ltd. | 60,800 | 100 |
| | Yuexiu REIT | 207,000 | 98 |
22
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SA SA International Holdings Ltd. | 115,995 | 97 |
| ^ | REXLot Holdings Ltd. | 900,000 | 95 |
| | Minth Group Ltd. | 60,000 | 95 |
| | Cafe de Coral Holdings Ltd. | 30,000 | 94 |
| | Shougang Fushan Resources Group Ltd. | 312,000 | 94 |
| | K Wah International Holdings Ltd. | 132,000 | 88 |
| | Yingde Gases Group Co. Ltd. | 86,000 | 87 |
| | Great Eagle Holdings Ltd. | 24,000 | 86 |
| * | Kerry Logistics Network Ltd. | 58,000 | 85 |
| * | United Co. RUSAL plc | 192,000 | 85 |
| | Ju Teng International Holdings Ltd. | 112,000 | 83 |
| | Stella International Holdings Ltd. | 33,500 | 83 |
| | Towngas China Co. Ltd. | 71,000 | 81 |
| | Landing International Development Ltd. | 1,095,000 | 81 |
| | TCL Communication Technology Holdings Ltd. | 74,000 | 79 |
| * | G-Resources Group Ltd. | 2,679,600 | 74 |
| | Pacific Basin Shipping Ltd. | 126,000 | 74 |
| | Lifestyle International Holdings Ltd. | 37,500 | 73 |
| | Dah Sing Banking Group Ltd. | 47,936 | 72 |
| | China Travel International Inv HK | 354,000 | 71 |
| | Shun Tak Holdings Ltd. | 144,000 | 71 |
| *,^ | China Rongsheng Heavy Industries Group Holdings Ltd. | 402,000 | 70 |
| * | Xinchen China Power Holdings Ltd. | 128,000 | 69 |
| | Pacific Textiles Holdings Ltd. | 52,000 | 66 |
| | Anton Oilfield Services Group | 94,000 | 62 |
| | Orient Overseas International Ltd. | 13,000 | 62 |
| * | Sinopoly Battery Ltd. | 1,000,000 | 62 |
| | SITC International Holdings Co. Ltd. | 136,000 | 60 |
| | Summit Ascent Holdings Ltd. | 37,974 | 57 |
| | Goodbaby International Holdings Ltd. | 104,464 | 57 |
| | Texwinca Holdings Ltd. | 52,000 | 56 |
| | Shui On Land Ltd. | 206,000 | 55 |
| * | SPT Energy Group Inc. | 90,000 | 49 |
| | Springland International Holdings Ltd. | 122,657 | 48 |
| | TCC International Holdings Ltd. | 98,000 | 48 |
| * | Hong Kong Television Network Ltd. | 164,000 | 47 |
| | Chow Sang Sang Holdings International Ltd. | 19,000 | 47 |
| | Value Partners Group Ltd. | 72,000 | 46 |
| * | China Public Procurement Ltd. | 904,000 | 46 |
| * | COFCO Land Holdings Ltd. | 187,840 | 43 |
| * | Louis XIII Holdings Ltd. | 43,000 | 43 |
| * | APT Satellite Holdings Ltd. | 33,000 | 41 |
| ^ | Midland Holdings Ltd. | 96,000 | 40 |
| * | Liu Chong Hing Investment | 19,982 | 38 |
| ^ | SmarTone Telecommunications Holdings Ltd. | 37,000 | 38 |
| * | Xinyi Solar Holdings Ltd. | 136,000 | 37 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 112,000 | 37 |
| | Honghua Group Ltd. | 155,000 | 37 |
| | Parkson Retail Group Ltd. | 117,500 | 34 |
| * | Lai Sun Development | 1,446,000 | 34 |
| * | Lung Cheong International Holdings Ltd. | 301,115 | 34 |
| | Emperor Watch & Jewellery Ltd. | 360,000 | 27 |
| * | United Photovoltaics Group Ltd. | 312,000 | 25 |
| * | Shenglong PV-Tech Investment Co. Ltd. | 1,034,191 | 20 |
| * | Mongolia Energy Corp. Ltd. | 816,000 | 17 |
| * | Sun Hung Kai Properties Ltd. Warrants Exp. 4/8/2016 | 17,854 | 12 |
| * | Chong Hing Bank Ltd. | 1,998 | 7 |
| * | Mongolian Mining Corp. | 68,000 | 6 |
| | | | 61,674 |
| Hungary (0.0%) | | |
| | OTP Bank plc | 34,324 | 656 |
| * | Richter Gedeon Nyrt | 14,252 | 244 |
| | MOL Hungarian Oil & Gas plc | 3,778 | 217 |
23
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Magyar Telekom Telecommunications plc | 62,225 | 89 |
| | | | 1,206 |
| India (0.9%) | | |
| | Housing Development Finance Corp. | 180,912 | 2,697 |
| | Tata Consultancy Services Ltd. | 54,996 | 1,996 |
| | Infosys Ltd. | 33,783 | 1,797 |
| | HDFC Bank Ltd. ADR | 44,568 | 1,785 |
| | Reliance Industries Ltd. | 112,258 | 1,745 |
| 2 | Reliance Industries Ltd. GDR | 48,109 | 1,494 |
| | Infosys Ltd. ADR | 24,748 | 1,329 |
| | ICICI Bank Ltd. | 63,497 | 1,309 |
| | Oil & Natural Gas Corp. Ltd. | 238,566 | 1,288 |
| | ITC Ltd. | 224,212 | 1,268 |
| | Sun Pharmaceutical Industries Ltd. | 85,832 | 902 |
| | Axis Bank Ltd. | 34,762 | 877 |
| | Hindustan Unilever Ltd. | 85,794 | 808 |
| | Bharti Airtel Ltd. | 141,783 | 772 |
| | Tata Motors Ltd. | 107,767 | 745 |
| | HCL Technologies Ltd. | 31,017 | 722 |
| | Mahindra & Mahindra Ltd. | 37,265 | 666 |
| | Larsen & Toubro Ltd. | 30,759 | 662 |
| | Wipro Ltd. | 57,577 | 499 |
| | Kotak Mahindra Bank Ltd. | 36,750 | 490 |
| | Sesa Sterlite Ltd. | 150,988 | 465 |
| | NTPC Ltd. | 239,006 | 461 |
| | United Spirits Ltd. | 9,874 | 453 |
| | State Bank of India GDR | 6,211 | 427 |
| | Dr Reddy's Laboratories Ltd. | 9,359 | 420 |
| | Tech Mahindra Ltd. | 12,643 | 384 |
| | Hero MotoCorp Ltd. | 10,422 | 381 |
| | Bajaj Auto Ltd. | 11,495 | 365 |
| | Lupin Ltd. | 22,190 | 364 |
| | Coal India Ltd. | 74,370 | 360 |
| | Asian Paints Ltd. | 37,014 | 310 |
| | Cairn India Ltd. | 50,775 | 282 |
| | Cipla Ltd. | 41,508 | 274 |
| | Jindal Steel & Power Ltd. | 63,005 | 267 |
| | Adani Enterprises Ltd. | 38,435 | 267 |
| | Ultratech Cement Ltd. | 7,800 | 262 |
| | Maruti Suzuki India Ltd. | 8,157 | 261 |
| | Zee Entertainment Enterprises Ltd. | 58,172 | 254 |
| | Power Grid Corp. of India Ltd. | 143,544 | 252 |
| | Nestle India Ltd. | 3,172 | 251 |
| | LIC Housing Finance Ltd. | 57,441 | 250 |
| | IndusInd Bank Ltd. | 31,400 | 250 |
| | Tata Steel Ltd. | 34,752 | 231 |
| | Aurobindo Pharma Ltd. | 23,959 | 228 |
| * | Federal Bank Ltd. | 144,273 | 217 |
| | Apollo Hospitals Enterprise Ltd. | 14,411 | 214 |
| | Idea Cellular Ltd. | 95,616 | 214 |
| | GAIL India Ltd. | 34,252 | 210 |
| | Havells India Ltd. | 13,312 | 206 |
| | Indiabulls Housing Finance Ltd. | 40,980 | 203 |
| | Titan Co. Ltd. | 48,049 | 203 |
| | UPL Ltd. | 45,275 | 202 |
| | JSW Steel Ltd. | 11,095 | 200 |
| | Yes Bank Ltd. | 26,777 | 196 |
| | Godrej Consumer Products Ltd. | 14,534 | 193 |
| | State Bank of India | 5,553 | 192 |
| | Shriram Transport Finance Co. Ltd. | 15,123 | 185 |
| | ICICI Bank Ltd. ADR | 4,180 | 178 |
| | NMDC Ltd. | 69,974 | 174 |
| | IDFC Ltd. | 93,959 | 174 |
| | Bharat Heavy Electricals Ltd. | 58,102 | 174 |
24
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hindustan Zinc Ltd. | 79,986 | 171 |
| | Bharat Petroleum Corp. Ltd. | 22,140 | 167 |
| | Central Bank Of India | 184,196 | 163 |
| | Hindalco Industries Ltd. | 72,576 | 162 |
| | Ambuja Cements Ltd. | 49,131 | 161 |
| | ABB India Ltd. | 11,390 | 160 |
| | Adani Ports and Special Economic Zone Ltd. | 50,136 | 157 |
| | Indian Oil Corp. Ltd. | 35,709 | 156 |
| | Reliance Communications Ltd. | 73,712 | 150 |
| | Reliance Infrastructure Ltd. | 17,599 | 149 |
| | Oil India Ltd. | 18,669 | 148 |
| | Petronet LNG Ltd. | 61,098 | 147 |
| | GMR Infrastructure Ltd. | 352,182 | 145 |
| | Bank of Baroda | 10,604 | 144 |
| | Tata Power Co. Ltd. | 108,176 | 140 |
| | Eicher Motors Ltd. | 1,341 | 138 |
| | Rural Electrification Corp. Ltd. | 34,799 | 137 |
| | Dabur India Ltd. | 46,096 | 137 |
| | Grasim Industries Ltd. | 3,156 | 137 |
| | Motherson Sumi Systems Ltd. | 31,696 | 134 |
| | Mahindra & Mahindra Financial Services Ltd. | 32,712 | 134 |
| * | Ranbaxy Laboratories Ltd. | 15,610 | 123 |
| | GlaxoSmithKline Pharmaceuticals Ltd. | 2,939 | 120 |
| | DLF Ltd. | 51,046 | 119 |
| | Hindustan Petroleum Corp. Ltd. | 21,982 | 117 |
| | Siemens Ltd. | 10,185 | 117 |
| | Mindtree Ltd. | 4,622 | 109 |
| | Punjab National Bank | 8,346 | 109 |
| | Glenmark Pharmaceuticals Ltd. | 9,702 | 97 |
| * | Oracle Financial Services Software Ltd. | 1,951 | 97 |
| * | Pidilite Industries Ltd. | 18,150 | 96 |
| | Bharti Infratel Ltd. | 26,769 | 96 |
| | Shree Cement Ltd. | 971 | 92 |
| | Jaiprakash Associates Ltd. | 101,329 | 91 |
| | Divi's Laboratories Ltd. | 3,935 | 90 |
| | Jammu & Kashmir Bank Ltd. | 3,223 | 90 |
| | Container Corp. Of India | 5,602 | 89 |
| | Cadila Healthcare Ltd. | 5,490 | 89 |
| | Bharat Forge Ltd. | 12,991 | 88 |
| | HDFC Bank Ltd. | 7,224 | 86 |
| | Marico Ltd. | 24,788 | 84 |
| | Colgate-Palmolive India Ltd. | 3,469 | 83 |
| * | Oberoi Realty Ltd. | 23,982 | 82 |
| | Power Finance Corp. Ltd. | 26,565 | 81 |
| | ACC Ltd. | 3,677 | 79 |
| | United Breweries Ltd. | 5,923 | 78 |
| | Reliance Capital Ltd. | 13,059 | 77 |
| | Apollo Tyres Ltd. | 28,669 | 76 |
| | Piramal Enterprises Ltd. | 8,374 | 75 |
| | Bajaj Holdings and Investment Ltd. | 4,212 | 73 |
| | Castrol India Ltd. | 14,722 | 72 |
| | Steel Authority of India Ltd. | 64,327 | 72 |
| | Britannia Industries Ltd. | 4,992 | 72 |
| * | Reliance Power Ltd. | 62,911 | 71 |
| | Canara Bank | 15,022 | 71 |
| | Page Industries Ltd. | 735 | 71 |
| | Aditya Birla Nuvo Ltd. | 3,850 | 71 |
| | CESC Ltd. | 9,350 | 71 |
| * | MRF Ltd. | 207 | 71 |
| | ING Vysya Bank Ltd. | 7,431 | 70 |
| | Bajaj Finserv Ltd. | 5,037 | 69 |
| * | GlaxoSmithKline Consumer Healthcare Ltd. | 991 | 69 |
| | Cummins India Ltd. | 7,352 | 67 |
| | Bhushan Steel Ltd. | 9,009 | 67 |
25
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ipca Laboratories Ltd. | 4,757 | 66 |
| | Mphasis Ltd. | 9,554 | 65 |
| | MAX India Ltd. | 18,124 | 64 |
| | Thermax Ltd. | 5,117 | 62 |
| | Sun TV Network Ltd. | 9,912 | 62 |
| | Torrent Pharmaceuticals Ltd. | 6,428 | 62 |
| | Arvind Ltd. | 20,018 | 61 |
| | JSW Energy Ltd. | 65,068 | 58 |
| | Crompton Greaves Ltd. | 21,131 | 58 |
| | Amtek Auto Ltd. | 19,970 | 58 |
| | Tata Global Beverages Ltd. | 22,864 | 57 |
| * | Jubilant Foodworks Ltd. | 3,560 | 56 |
| | NHPC Ltd. | 174,976 | 55 |
| | Union Bank of India | 21,229 | 53 |
| | Indian Hotels Co. Ltd. | 44,199 | 53 |
| | Bank of India | 13,460 | 52 |
| | Tata Communications Ltd. | 10,833 | 51 |
| | Exide Industries Ltd. | 23,787 | 47 |
| * | Just Dial Ltd. | 2,245 | 44 |
| | Tata Chemicals Ltd. | 9,174 | 43 |
| | L&T Finance Holdings Ltd. | 40,644 | 43 |
| * | Adani Power Ltd. | 53,808 | 43 |
| | IDBI Bank Ltd. | 37,908 | 43 |
| | Wockhardt Ltd. | 3,362 | 43 |
| | Indian Overseas Bank | 27,269 | 28 |
| * | Unitech Ltd. | 94,525 | 25 |
| | Era Infra Engineering Ltd. | 23,754 | 7 |
| * | Marico Kaya Enterprises Ltd. | 495 | 1 |
| | | | 43,089 |
| Indonesia (0.3%) | | |
| | Bank Central Asia Tbk PT | 1,828,328 | 1,741 |
| | Astra International Tbk PT | 2,586,130 | 1,666 |
| | Telekomunikasi Indonesia Persero Tbk PT | 5,670,440 | 1,115 |
| | Bank Rakyat Indonesia Persero Tbk PT | 1,209,378 | 1,039 |
| | Bank Mandiri Persero Tbk PT | 1,154,116 | 986 |
| | Perusahaan Gas Negara Persero Tbk PT | 1,265,500 | 584 |
| | Semen Indonesia Persero Tbk PT | 333,500 | 430 |
| | United Tractors Tbk PT | 185,560 | 349 |
| | Bank Negara Indonesia Persero Tbk PT | 810,630 | 339 |
| | Kalbe Farma Tbk PT | 2,301,200 | 308 |
| | Charoen Pokphand Indonesia Tbk PT | 931,000 | 304 |
| | Indofood Sukses Makmur Tbk PT | 457,000 | 280 |
| | Unilever Indonesia Tbk PT | 107,500 | 273 |
| | Lippo Karawaci Tbk PT | 2,823,500 | 262 |
| | Indocement Tunggal Prakarsa Tbk PT | 137,100 | 260 |
| | Gudang Garam Tbk PT | 48,500 | 238 |
| | XL Axiata Tbk PT | 418,000 | 187 |
| | AKR Corporindo Tbk PT | 451,900 | 186 |
| | Adaro Energy Tbk PT | 1,516,000 | 156 |
| | Media Nusantara Citra Tbk PT | 547,400 | 129 |
| | Summarecon Agung Tbk PT | 1,269,000 | 122 |
| | Bank Danamon Indonesia Tbk PT | 338,800 | 120 |
| | Jasa Marga Persero Tbk PT | 225,200 | 115 |
| | Ramayana Lestari Sentosa Tbk PT | 1,029,900 | 114 |
| | Ciputra Development Tbk PT | 1,284,100 | 113 |
| | Bumi Serpong Damai PT | 812,600 | 110 |
| * | Surya Citra Media Tbk PT | 398,600 | 109 |
| | Intiland Development Tbk PT | 2,608,300 | 103 |
| | Indo Tambangraya Megah Tbk PT | 42,500 | 94 |
| * | Delta Dunia Makmur Tbk PT | 5,774,787 | 93 |
| * | Trada Maritime Tbk PT | 576,500 | 92 |
| | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 1,091,000 | 91 |
| | Gajah Tunggal Tbk PT | 548,000 | 91 |
| | Bisi International PT | 1,629,600 | 87 |
26
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tower Bersama Infrastructure Tbk PT | 132,400 | 75 |
| | Indofood CBP Sukses Makmur Tbk PT | 81,500 | 71 |
| * | Citra Marga Nusaphala Persada Tbk PT | 229,000 | 69 |
| | Astra Agro Lestari Tbk PT | 26,500 | 67 |
| | Vale Indonesia Tbk PT | 216,600 | 67 |
| | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 293,100 | 62 |
| * | Matahari Putra Prima Tbk PT | 256,100 | 61 |
| | Global Mediacom Tbk PT | 294,000 | 56 |
| | Wijaya Karya Persero Tbk PT | 249,900 | 49 |
| * | Ace Hardware Indonesia Tbk PT | 729,200 | 47 |
| * | Arwana Citramulia Tbk PT | 550,622 | 47 |
| | Pakuwon Jati Tbk PT | 1,527,500 | 47 |
| | Mitra Adiperkasa Tbk PT | 82,600 | 46 |
| | MNC Investama Tbk PT | 1,711,000 | 45 |
| | Tambang Batubara Bukit Asam Persero Tbk PT | 46,500 | 40 |
| | Alam Sutera Realty Tbk PT | 815,000 | 38 |
| | Indosat Tbk PT | 100,000 | 34 |
| * | Bumi Resources Tbk PT | 1,618,500 | 29 |
| * | Berlian Laju Tanker Tbk PT | 968,000 | 16 |
| * | Bakrie and Brothers Tbk PT | 2,173,500 | 9 |
| * | Bakrie Telecom Tbk PT | 1,602,000 | 7 |
| | | | 13,268 |
| Ireland (0.1%) | | |
| | Kerry Group plc Class A | 18,109 | 1,429 |
| * | Bank of Ireland | 3,526,617 | 1,377 |
| * | Ryanair Holdings plc ADR | 11,184 | 598 |
| | Smurfit Kappa Group plc | 21,209 | 473 |
| | Kingspan Group plc | 23,523 | 443 |
| | Glanbia plc | 29,480 | 440 |
| | Paddy Power plc | 3,729 | 288 |
| | C&C Group plc | 41,891 | 249 |
| * | ICON plc | 6,300 | 244 |
| * | Ryanair Holdings plc | 23,375 | 222 |
| | | | 5,763 |
| Israel (0.2%) | | |
| | Teva Pharmaceutical Industries Ltd. | 113,055 | 5,542 |
| | Bank Hapoalim BM | 111,011 | 627 |
| * | Bank Leumi Le-Israel BM | 142,014 | 556 |
| | Israel Chemicals Ltd. | 46,726 | 415 |
| | Bezeq The Israeli Telecommunication Corp. Ltd. | 211,036 | 382 |
| | Strauss Group Ltd. | 18,088 | 327 |
| | Delek Group Ltd. | 589 | 239 |
| | NICE Systems Ltd. | 5,296 | 229 |
| | Elbit Systems Ltd. | 2,941 | 174 |
| * | Mellanox Technologies Ltd. | 4,539 | 159 |
| * | Israel Discount Bank Ltd. Class A | 87,333 | 156 |
| | Mizrahi Tefahot Bank Ltd. | 10,101 | 135 |
| | Frutarom Industries Ltd. | 5,312 | 127 |
| * | Israel Corp. Ltd. | 219 | 124 |
| * | Delek Energy Systems Ltd. | 157 | 111 |
| | Azrieli Group | 3,265 | 110 |
| | Paz Oil Co. Ltd. | 663 | 104 |
| | Cellcom Israel Ltd. (Registered) | 8,090 | 103 |
| | Osem Investments Ltd. | 4,261 | 101 |
| * | EZchip Semiconductor Ltd. | 3,995 | 96 |
| | Shikun & Binui Ltd. | 35,075 | 91 |
| | Alony Hetz Properties & Investments Ltd. | 11,949 | 86 |
| | Gazit-Globe Ltd. | 6,596 | 85 |
| | Harel Insurance Investments & Financial Services Ltd. | 14,790 | 84 |
| | Migdal Insurance & Financial Holding Ltd. | 47,854 | 78 |
| * | Partner Communications Co. Ltd. | 8,707 | 78 |
| * | Clal Insurance Enterprises Holdings Ltd. | 3,854 | 75 |
| * | Allot Communications Ltd. | 4,912 | 64 |
27
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ituran Location and Control Ltd. | 2,266 | 55 |
| * | Oil Refineries Ltd. | 184,043 | 51 |
| * | Evogene Ltd. | 2,628 | 46 |
| * | Mazor Robotics Ltd. | 5,016 | 45 |
| | Shufersal Ltd. | 1 | — |
| | | | 10,655 |
| Italy (1.0%) | | |
| | Eni SPA | 293,227 | 7,594 |
| | UniCredit SPA | 525,958 | 4,712 |
| | Intesa Sanpaolo SPA (Registered) | 1,367,343 | 4,679 |
| | Enel SPA | 753,258 | 4,266 |
| ^ | Assicurazioni Generali SPA | 144,915 | 3,388 |
| * | Telecom Italia SPA (Registered) | 1,366,846 | 1,756 |
| | Snam SPA | 235,682 | 1,418 |
| | CNH Industrial NV MTAA | 120,493 | 1,408 |
| * | Fiat SPA | 104,212 | 1,258 |
| | Atlantia SPA | 42,700 | 1,112 |
| | Terna Rete Elettrica Nazionale SPA | 202,147 | 1,095 |
| | Luxottica Group SPA | 18,870 | 1,082 |
| | Unione di Banche Italiane SCPA | 99,262 | 948 |
| | Saipem SPA | 34,825 | 934 |
| | Prysmian SPA | 34,791 | 906 |
| | Banco Popolare SC | 40,424 | 835 |
| | Telecom Italia SPA (Bearer) | 677,998 | 674 |
| | Tenaris SA | 29,761 | 658 |
| | Pirelli & C. SPA | 37,890 | 638 |
| * | Mediobanca SPA | 55,216 | 613 |
| * | Banca Popolare dell'Emilia Romagna SC | 50,300 | 580 |
| | Tenaris SA ADR | 12,520 | 552 |
| | Exor SPA | 10,041 | 459 |
| | Enel Green Power SPA | 155,299 | 444 |
| ^ | Italcementi SPA | 35,445 | 431 |
| * | Mediaset SPA | 76,587 | 424 |
| | Recordati SPA | 23,910 | 419 |
| * | Finmeccanica SPA | 43,641 | 404 |
| *,^ | Banca Monte dei Paschi di Siena SPA | 1,199,111 | 401 |
| *,^ | Banca Popolare di Milano Scarl | 380,881 | 385 |
| | ERG SPA | 20,451 | 353 |
| | Azimut Holding SPA | 11,222 | 350 |
| * | UnipolSai SPA | 92,629 | 341 |
| * | Yoox SPA | 8,423 | 302 |
| | Davide Campari-Milano SPA | 33,217 | 289 |
| | Unipol Gruppo Finanziario SPA Preference Shares | 41,459 | 274 |
| | Banca Generali SPA | 8,149 | 257 |
| | Mediolanum SPA | 25,893 | 233 |
| | DiaSorin SPA | 5,622 | 232 |
| * | Sorin SPA | 69,863 | 213 |
| | Tod's SPA | 1,503 | 211 |
| | Banca Popolare di Sondrio SCARL | 28,617 | 206 |
| | Gtech SPA | 6,361 | 187 |
| * | World Duty Free SPA | 13,384 | 180 |
| | A2A SPA | 144,973 | 177 |
| | Societa Cattolica di Assicurazioni SCRL | 6,519 | 161 |
| | Danieli & C Officine Meccaniche SPA | 6,539 | 157 |
| | Hera SPA | 52,485 | 155 |
| | Ansaldo STS SPA | 12,930 | 144 |
| | MARR SPA | 6,935 | 134 |
| | Salvatore Ferragamo SPA | 4,085 | 129 |
| * | Autogrill SPA | 13,384 | 128 |
| | Parmalat SPA | 35,444 | 123 |
| | Indesit Co. SPA | 8,523 | 122 |
| | Buzzi Unicem SPA | 6,809 | 121 |
| *,^ | Banca Piccolo Credito Valtellinese Scarl | 49,407 | 118 |
| | Brembo SPA | 3,126 | 116 |
28
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Interpump Group SPA | 7,591 | 108 |
| | Unipol Gruppo Finanziario SPA | 14,582 | 106 |
| | Cementir Holding SPA | 10,694 | 102 |
| | De'Longhi SPA | 4,585 | 100 |
| | Societa Iniziative Autostradali e Servizi SPA | 6,715 | 80 |
| | CNH Industrial NV (XNYS) | 6,507 | 75 |
| *,^ | Banca Carige SPA | 101,327 | 75 |
| * | Safilo Group SPA | 3,221 | 74 |
| * | Saras SPA | 40,518 | 70 |
| | Brunello Cucinelli SPA | 2,164 | 62 |
| | Credito Emiliano SPA | 6,039 | 62 |
| | Piaggio & C SPA | 14,781 | 61 |
| | ASTM SPA | 3,541 | 60 |
| * | Italmobiliare SPA | 1,194 | 54 |
| * | UnipolSai SPA B | 14,540 | 54 |
| | Ei Towers SPA | 909 | 52 |
| | Amplifon SPA | 7,821 | 51 |
| | Beni Stabili SPA | 57,111 | 51 |
| * | CIR-Compagnie Industriali Riunite SPA | 32,485 | 50 |
| | Industria Macchine Automatiche SPA | 1,016 | 50 |
| | ACEA SPA | 3,477 | 50 |
| | Iren SPA | 29,026 | 49 |
| | Geox SPA | 10,796 | 47 |
| | RCS MediaGroup SPA | 17,616 | 40 |
| | | | 51,469 |
| Japan (7.3%) | | |
| | Toyota Motor Corp. | 315,030 | 17,020 |
| | Mitsubishi UFJ Financial Group Inc. | 1,668,251 | 8,874 |
| | SoftBank Corp. | 111,700 | 8,319 |
| | Honda Motor Co. Ltd. | 213,500 | 7,085 |
| | Sumitomo Mitsui Financial Group Inc. | 157,948 | 6,244 |
| | Mizuho Financial Group Inc. | 2,826,507 | 5,536 |
| | FANUC Corp. | 24,600 | 4,439 |
| | Canon Inc. | 138,300 | 4,334 |
| | Japan Tobacco Inc. | 131,593 | 4,325 |
| | Takeda Pharmaceutical Co. Ltd. | 93,900 | 4,224 |
| | Hitachi Ltd. | 544,000 | 3,878 |
| | Mitsubishi Estate Co. Ltd. | 161,574 | 3,666 |
| | Seven & I Holdings Co. Ltd. | 91,500 | 3,610 |
| | KDDI Corp. | 67,200 | 3,584 |
| | East Japan Railway Co. | 48,000 | 3,502 |
| | Astellas Pharma Inc. | 294,500 | 3,284 |
| | NTT DOCOMO Inc. | 204,270 | 3,258 |
| | Bridgestone Corp. | 88,825 | 3,180 |
| | Central Japan Railway Co. | 24,200 | 2,972 |
| | Mitsubishi Corp. | 165,100 | 2,956 |
| | Mitsui Fudosan Co. Ltd. | 99,000 | 2,931 |
| | Shin-Etsu Chemical Co. Ltd. | 49,848 | 2,924 |
| | Mitsui & Co. Ltd. | 205,500 | 2,914 |
| | Nippon Telegraph & Telephone Corp. | 52,000 | 2,886 |
| | Mitsubishi Electric Corp. | 248,279 | 2,827 |
| | Kao Corp. | 74,074 | 2,789 |
| | Panasonic Corp. | 251,255 | 2,739 |
| | Komatsu Ltd. | 119,300 | 2,627 |
| | Denso Corp. | 56,900 | 2,592 |
| | Nippon Steel & Sumitomo Metal Corp. | 982,745 | 2,578 |
| | Nissan Motor Co. Ltd. | 298,201 | 2,573 |
| | Nomura Holdings Inc. | 437,500 | 2,534 |
| | ITOCHU Corp. | 217,800 | 2,441 |
| | Tokio Marine Holdings Inc. | 82,500 | 2,431 |
| | Murata Manufacturing Co. Ltd. | 27,108 | 2,260 |
| | ORIX Corp. | 151,660 | 2,198 |
| | Sumitomo Realty & Development Co. Ltd. | 55,846 | 2,167 |
| | Keyence Corp. | 5,383 | 2,077 |
29
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sony Corp. | 116,900 | 2,052 |
| | Kubota Corp. | 159,000 | 2,049 |
| | Mitsubishi Heavy Industries Ltd. | 376,870 | 1,984 |
| | Tokyo Gas Co. Ltd. | 378,000 | 1,981 |
| | Fast Retailing Co. Ltd. | 6,300 | 1,958 |
| | Fuji Heavy Industries Ltd. | 72,800 | 1,914 |
| | Toshiba Corp. | 482,000 | 1,888 |
| | Sumitomo Mitsui Trust Holdings Inc. | 449,460 | 1,852 |
| | Kyocera Corp. | 38,100 | 1,792 |
| | Daikin Industries Ltd. | 30,879 | 1,786 |
| | SMC Corp. | 7,200 | 1,714 |
| | Nidec Corp. | 29,306 | 1,657 |
| | Sumitomo Corp. | 126,600 | 1,643 |
| | Dai-ichi Life Insurance Co. Ltd. | 117,100 | 1,623 |
| | Daiwa Securities Group Inc. | 205,000 | 1,537 |
| | Inpex Corp. | 105,100 | 1,533 |
| | Hoya Corp. | 51,100 | 1,511 |
| | MS&AD Insurance Group Holdings | 64,591 | 1,449 |
| | JX Holdings Inc. | 277,607 | 1,442 |
| | Kirin Holdings Co. Ltd. | 104,000 | 1,440 |
| | Mazda Motor Corp. | 311,000 | 1,391 |
| | FUJIFILM Holdings Corp. | 53,700 | 1,387 |
| | Asahi Group Holdings Ltd. | 50,100 | 1,384 |
| | Daiichi Sankyo Co. Ltd. | 82,300 | 1,381 |
| | Nintendo Co. Ltd. | 13,000 | 1,364 |
| | Secom Co. Ltd. | 23,300 | 1,338 |
| | Fujitsu Ltd. | 219,906 | 1,293 |
| | JFE Holdings Inc. | 69,600 | 1,286 |
| | Otsuka Holdings Co. Ltd. | 44,500 | 1,282 |
| | Marubeni Corp. | 187,628 | 1,254 |
| | Suzuki Motor Corp. | 48,481 | 1,251 |
| | Daito Trust Construction Co. Ltd. | 12,132 | 1,235 |
| | Isuzu Motors Ltd. | 211,000 | 1,225 |
| | Sumitomo Electric Industries Ltd. | 88,300 | 1,222 |
| | Daiwa House Industry Co. Ltd. | 72,000 | 1,216 |
| | Eisai Co. Ltd. | 31,000 | 1,197 |
| * | Olympus Corp. | 39,000 | 1,191 |
| | Toray Industries Inc. | 181,000 | 1,181 |
| | Tokyo Electron Ltd. | 20,400 | 1,160 |
| | NKSJ Holdings Inc. | 45,675 | 1,140 |
| | Resona Holdings Inc. | 217,606 | 1,113 |
| | Ajinomoto Co. Inc. | 75,000 | 1,104 |
| | Dentsu Inc. | 25,949 | 1,064 |
| | Asahi Kasei Corp. | 155,000 | 1,054 |
| | Yamato Holdings Co. Ltd. | 47,600 | 980 |
| | Ricoh Co. Ltd. | 82,100 | 946 |
| | Shimano Inc. | 9,400 | 940 |
| | Kintetsu Corp. | 265,000 | 931 |
| | T&D Holdings Inc. | 76,900 | 918 |
| | Omron Corp. | 25,800 | 914 |
| | West Japan Railway Co. | 22,500 | 912 |
| | Sumitomo Metal Mining Co. Ltd. | 60,000 | 906 |
| * | Chubu Electric Power Co. Inc. | 79,200 | 902 |
| | LIXIL Group Corp. | 33,800 | 896 |
| | Tokyu Corp. | 142,000 | 894 |
| | Toyota Industries Corp. | 19,100 | 880 |
| | NEC Corp. | 311,000 | 875 |
| | Ono Pharmaceutical Co. Ltd. | 11,000 | 872 |
| | Osaka Gas Co. Ltd. | 231,000 | 871 |
| | Nitto Denko Corp. | 20,100 | 870 |
| | Oriental Land Co. Ltd. | 5,800 | 869 |
| | Aisin Seiki Co. Ltd. | 24,200 | 855 |
| | Aeon Co. Ltd. | 73,600 | 850 |
| | JGC Corp. | 26,000 | 842 |
30
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Japan Transcity Corp. | 276,000 | 840 |
| | Terumo Corp. | 41,000 | 814 |
| | Shiseido Co. Ltd. | 44,100 | 788 |
| | Makita Corp. | 14,800 | 787 |
| | Sekisui House Ltd. | 65,300 | 784 |
| | Hankyu Hanshin Holdings Inc. | 142,000 | 778 |
| | Mitsubishi Motors Corp. | 70,900 | 768 |
| | Unicharm Corp. | 14,100 | 765 |
| | Yahoo Japan Corp. | 172,200 | 752 |
| * | Kansai Electric Power Co. Inc. | 89,400 | 750 |
| | Sysmex Corp. | 22,746 | 721 |
| | Yakult Honsha Co. Ltd. | 13,200 | 713 |
| | Bank of Yokohama Ltd. | 141,000 | 709 |
| | Shizuoka Bank Ltd. | 71,000 | 678 |
| | Toyota Tsusho Corp. | 25,400 | 669 |
| | Chugai Pharmaceutical Co. Ltd. | 26,400 | 666 |
| | Sumitomo Chemical Co. Ltd. | 177,492 | 666 |
| | TOTO Ltd. | 47,000 | 665 |
| | Rohm Co. Ltd. | 13,800 | 660 |
| * | Tokyo Electric Power Co. Inc. | 174,200 | 659 |
| | Asahi Glass Co. Ltd. | 115,000 | 652 |
| | Tohoku Electric Power Co. Inc. | 68,200 | 649 |
| | Kawasaki Heavy Industries Ltd. | 174,000 | 646 |
| | Japan Exchange Group Inc. | 32,300 | 639 |
| | IHI Corp. | 160,000 | 638 |
| | Dai Nippon Printing Co. Ltd. | 70,000 | 631 |
| | NGK Insulators Ltd. | 33,000 | 624 |
| | Shionogi & Co. Ltd. | 35,600 | 624 |
| | Nikon Corp. | 39,700 | 622 |
| | Odakyu Electric Railway Co. Ltd. | 70,000 | 615 |
| | TDK Corp. | 14,400 | 614 |
| | Mitsubishi Chemical Holdings Corp. | 152,484 | 610 |
| | NGK Spark Plug Co. Ltd. | 26,000 | 595 |
| | Tobu Railway Co. Ltd. | 121,000 | 592 |
| | Keikyu Corp. | 71,000 | 589 |
| | Japan Pure Chemical Co. Ltd. | 28,400 | 582 |
| | Shimamura Co. Ltd. | 6,200 | 578 |
| | NSK Ltd. | 54,000 | 568 |
| | Taisei Corp. | 121,000 | 561 |
| | Chiba Bank Ltd. | 87,000 | 553 |
| | NTT Data Corp. | 14,300 | 552 |
| | Konica Minolta Inc. | 58,500 | 545 |
| *,^ | Seibu Holdings Inc. | 29,538 | 540 |
| * | Kyushu Electric Power Co. Inc. | 53,300 | 538 |
| | MEIJI Holdings Co. Ltd. | 8,617 | 529 |
| | Hirose Electric Co. Ltd. | 3,700 | 522 |
| | Taisei Lamick Co. Ltd. | 21,400 | 521 |
| | Yamaha Motor Co. Ltd. | 33,100 | 511 |
| | Obayashi Corp. | 79,000 | 510 |
| | Hakuto Co. Ltd. | 55,216 | 510 |
| | Nippon Yusen KK | 188,000 | 510 |
| | Isetan Mitsukoshi Holdings Ltd. | 40,800 | 508 |
| | Namco Bandai Holdings Inc. | 23,200 | 501 |
| | Toho Co. Ltd. | 139,000 | 500 |
| | Suntory Beverage & Food Ltd. | 14,100 | 492 |
| | Yushiro Chemical Industry Co. Ltd. | 48,700 | 491 |
| | Sekisui Chemical Co. Ltd. | 48,000 | 486 |
| | Lawson Inc. | 7,000 | 486 |
| | Fukuyama Transporting Co. Ltd. | 83,000 | 486 |
| | Aeon Mall Co. Ltd. | 20,280 | 484 |
| | Nippon Express Co. Ltd. | 102,000 | 482 |
| | Keio Corp. | 68,000 | 481 |
| | Mitsubishi Materials Corp. | 165,340 | 480 |
| | Yaskawa Electric Corp. | 42,263 | 477 |
31
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Asahi Organic Chemicals Industry Co. Ltd. | 219,000 | 476 |
| | Seiko Epson Corp. | 17,400 | 475 |
| | Yamada Denki Co. Ltd. | 127,260 | 470 |
| | Toppan Printing Co. Ltd. | 68,000 | 467 |
| | Chugoku Electric Power Co. Inc. | 35,100 | 460 |
| | Taiheiyo Cement Corp. | 131,000 | 460 |
| | Electric Power Development Co. Ltd. | 17,300 | 459 |
| | Sega Sammy Holdings Inc. | 22,700 | 458 |
| | Oji Holdings Corp. | 108,000 | 454 |
| | Santen Pharmaceutical Co. Ltd. | 10,000 | 446 |
| | Kuraray Co. Ltd. | 39,600 | 445 |
| | Sumitomo Heavy Industries Ltd. | 103,000 | 438 |
| ^ | Kourakuen Corp. | 34,000 | 438 |
| | Nippon Meat Packers Inc. | 25,000 | 433 |
| *,^ | Sharp Corp. | 172,302 | 432 |
| | Mitsui OSK Lines Ltd. | 127,397 | 425 |
| | Nitori Holdings Co. Ltd. | 9,100 | 417 |
| | Aozora Bank Ltd. | 139,901 | 416 |
| | Kobe Steel Ltd. | 317,000 | 416 |
| | Shimizu Corp. | 73,000 | 414 |
| | Taisho Pharmaceutical Holdings Co. Ltd. | 5,600 | 413 |
| | JSR Corp. | 25,100 | 411 |
| | Yokogawa Electric Corp. | 29,800 | 407 |
| | Kikkoman Corp. | 20,000 | 406 |
| | Kansai Paint Co. Ltd. | 29,000 | 405 |
| | Asics Corp. | 20,800 | 405 |
| | Shinsei Bank Ltd. | 206,000 | 402 |
| | Hino Motors Ltd. | 30,400 | 400 |
| | Brother Industries Ltd. | 28,600 | 400 |
| | Kajima Corp. | 105,000 | 400 |
| | Hulic Co. Ltd. | 33,000 | 398 |
| | JTEKT Corp. | 26,800 | 391 |
| | Joyo Bank Ltd. | 80,000 | 389 |
| | Nippon Paint Co. Ltd. | 25,000 | 387 |
| | Hisamitsu Pharmaceutical Co. Inc. | 9,200 | 385 |
| | Toyo Suisan Kaisha Ltd. | 12,000 | 384 |
| | Stanley Electric Co. Ltd. | 17,300 | 383 |
| | Nissin Foods Holdings Co. Ltd. | 8,000 | 383 |
| | Trend Micro Inc. | 11,800 | 382 |
| | Credit Saison Co. Ltd. | 17,900 | 381 |
| | Daihatsu Motor Co. Ltd. | 23,000 | 381 |
| | Nippon Valqua Industries Ltd. | 142,000 | 378 |
| | Tokyu Fudosan Holdings Corp. | 51,986 | 378 |
| | Suruga Bank Ltd. | 22,000 | 377 |
| | Tokyo Tatemono Co. Ltd. | 47,000 | 375 |
| | Century Tokyo Leasing Corp. | 12,900 | 373 |
| | Duskin Co. Ltd. | 20,100 | 372 |
| | J Front Retailing Co. Ltd. | 57,000 | 362 |
| | Advantest Corp. | 32,800 | 362 |
| | Hamamatsu Photonics KK | 7,800 | 351 |
| | Japan Airlines Co. Ltd. | 6,700 | 347 |
| | Fukuoka Financial Group Inc. | 84,000 | 343 |
| | USS Co. Ltd. | 23,500 | 343 |
| | Kyowa Hakko Kirin Co. Ltd. | 30,000 | 342 |
| | Don Quijote Holdings Co. Ltd. | 6,400 | 338 |
| | Alfresa Holdings Corp. | 5,400 | 336 |
| | Benesse Holdings Inc. | 8,600 | 327 |
| | Ebara Corp. | 55,000 | 327 |
| | Fujikura Kasei Co. Ltd. | 59,700 | 326 |
| | Rinnai Corp. | 3,900 | 325 |
| | Minebea Co. Ltd. | 40,000 | 324 |
| | KYORIN Holdings Inc. | 16,800 | 324 |
| | Nagoya Railroad Co. Ltd. | 101,000 | 320 |
| | Dainippon Sumitomo Pharma Co. Ltd. | 21,100 | 320 |
32
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of Kyoto Ltd. | 39,000 | 318 |
| | Mitsubishi UFJ Lease & Finance Co. Ltd. | 63,300 | 312 |
| | Suzuken Co. Ltd. | 8,600 | 310 |
| | Daicel Corp. | 37,000 | 310 |
| | Casio Computer Co. Ltd. | 26,900 | 307 |
| | Nisshin Seifun Group Inc. | 26,200 | 305 |
| | Koito Manufacturing Co. Ltd. | 14,000 | 304 |
| | Fuji Electric Co. Ltd. | 67,000 | 304 |
| | Ryohin Keikaku Co. Ltd. | 2,700 | 303 |
| | Mitsubishi Tanabe Pharma Corp. | 21,800 | 299 |
| | Hitachi Metals Ltd. | 22,000 | 299 |
| | Amada Co. Ltd. | 41,000 | 297 |
| | Yokohama Rubber Co. Ltd. | 33,000 | 295 |
| | Kyoritsu Maintenance Co. Ltd. | 8,624 | 295 |
| | SBI Holdings Inc. | 25,740 | 294 |
| | Seven Bank Ltd. | 77,600 | 294 |
| | THK Co. Ltd. | 13,800 | 292 |
| | Shimadzu Corp. | 34,000 | 290 |
| | Nomura Research Institute Ltd. | 10,000 | 290 |
| | Toho Gas Co. Ltd. | 59,000 | 289 |
| | M3 Inc. | 21,000 | 288 |
| | AEON Financial Service Co. Ltd. | 11,400 | 287 |
| | Toyo Seikan Group Holdings Ltd. | 19,300 | 287 |
| | Miraca Holdings Inc. | 6,600 | 286 |
| | Takashimaya Co. Ltd. | 30,000 | 284 |
| | Sony Financial Holdings Inc. | 17,700 | 284 |
| | FamilyMart Co. Ltd. | 6,800 | 282 |
| | Kurita Water Industries Ltd. | 13,400 | 282 |
| | Sumitomo Rubber Industries Ltd. | 20,300 | 282 |
| | Coca-Cola East Japan Co. Ltd. | 12,500 | 282 |
| | Shochiku Co. Ltd. | 34,000 | 281 |
| | Nabtesco Corp. | 13,000 | 281 |
| | Air Water Inc. | 20,000 | 281 |
| | Hokuhoku Financial Group Inc. | 144,000 | 278 |
| | Mitsubishi Gas Chemical Co. Inc. | 48,000 | 277 |
| | Kamigumi Co. Ltd. | 29,000 | 276 |
| | TonenGeneral Sekiyu KK | 29,000 | 274 |
| | FP Corp. | 8,800 | 274 |
| | Citizen Holdings Co. Ltd. | 37,200 | 273 |
| | Yamaha Corp. | 20,300 | 272 |
| | MediPal Holdings Corp. | 19,300 | 271 |
| | Keisei Electric Railway Co. Ltd. | 31,000 | 270 |
| | Ibiden Co. Ltd. | 14,900 | 269 |
| | Chiyoda Corp. | 20,000 | 268 |
| | Hiroshima Bank Ltd. | 65,000 | 267 |
| ^ | ANA Holdings Inc. | 122,000 | 266 |
| | Gunma Bank Ltd. | 50,000 | 266 |
| | Mitsui Chemicals Inc. | 109,000 | 266 |
| | Teijin Ltd. | 108,000 | 265 |
| | Chugoku Bank Ltd. | 19,700 | 261 |
| | Nissan Chemical Industries Ltd. | 17,500 | 261 |
| | Sawai Pharmaceutical Co. Ltd. | 4,200 | 260 |
| | Tosoh Corp. | 68,000 | 259 |
| | Mitsubishi Logistics Corp. | 18,000 | 258 |
| | Konami Corp. | 11,200 | 255 |
| | Nippon Chemiphar Co. Ltd. | 53,000 | 255 |
| | Taiyo Nippon Sanso Corp. | 32,000 | 255 |
| | GS Yuasa Corp. | 45,000 | 255 |
| | Iida Group Holdings Co. Ltd. | 16,881 | 252 |
| | Hokuriku Electric Power Co. | 20,000 | 248 |
| | Nomura Real Estate Holdings Inc. | 13,200 | 247 |
| | Sanken Electric Co. Ltd. | 35,000 | 244 |
| | Iyo Bank Ltd. | 27,000 | 243 |
| | Yamaguchi Financial Group Inc. | 26,000 | 240 |
33
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | DIC Corp. | 90,000 | 239 |
| | MISUMI Group Inc. | 9,800 | 238 |
| | Marui Group Co. Ltd. | 26,800 | 238 |
| | Nippon Kayaku Co. Ltd. | 20,000 | 238 |
| | K's Holdings Corp. | 8,142 | 236 |
| | Sankyo Co. Ltd. | 5,900 | 236 |
| | Nankai Electric Railway Co. Ltd. | 60,000 | 233 |
| | Haseko Corp. | 36,600 | 232 |
| | Idemitsu Kosan Co. Ltd. | 10,400 | 230 |
| | Nippon Electric Glass Co. Ltd. | 47,000 | 230 |
| | Hachijuni Bank Ltd. | 42,000 | 230 |
| | Kaneka Corp. | 39,000 | 229 |
| | Fujikura Ltd. | 53,000 | 228 |
| | Showa Denko KK | 171,000 | 228 |
| | COMSYS Holdings Corp. | 13,800 | 226 |
| | Alps Electric Co. Ltd. | 20,000 | 226 |
| | Hoshizaki Electric Co. Ltd. | 5,582 | 226 |
| | Otsuka Corp. | 1,900 | 225 |
| | Kanamoto Co. Ltd. | 7,000 | 220 |
| ^ | Nippon Paper Industries Co. Ltd. | 12,000 | 219 |
| | Nippon Shokubai Co. Ltd. | 19,000 | 219 |
| ^ | Sanrio Co. Ltd. | 6,892 | 219 |
| | Hakuhodo DY Holdings Inc. | 28,000 | 217 |
| | Pronexus Inc. | 31,600 | 215 |
| ^ | Dena Co. Ltd. | 12,700 | 215 |
| * | Shikoku Electric Power Co. Inc. | 18,300 | 214 |
| | Zeon Corp. | 23,000 | 214 |
| | North Pacific Bank Ltd. | 52,400 | 212 |
| | Toho Co. Ltd. | 11,000 | 212 |
| * | NTN Corp. | 61,000 | 209 |
| | Mitsui Mining & Smelting Co. Ltd. | 84,000 | 208 |
| | Jafco Co. Ltd. | 5,400 | 207 |
| | Keihan Electric Railway Co. Ltd. | 50,000 | 206 |
| | Mabuchi Motor Co. Ltd. | 3,000 | 205 |
| | Ube Industries Ltd. | 121,000 | 205 |
| | Kakaku.com Inc. | 14,368 | 205 |
| | Kawasaki Kisen Kaisha Ltd. | 102,000 | 205 |
| | Tsuruha Holdings Inc. | 2,000 | 201 |
| | Japan Securities Finance Co. Ltd. | 36,300 | 200 |
| | Park24 Co. Ltd. | 10,900 | 199 |
| | Calbee Inc. | 8,100 | 199 |
| | Dowa Holdings Co. Ltd. | 23,000 | 193 |
| | Izumi Co. Ltd. | 6,500 | 190 |
| | NHK Spring Co. Ltd. | 21,000 | 190 |
| | Disco Corp. | 3,100 | 188 |
| | Seino Holdings Co. Ltd. | 19,000 | 188 |
| | Hazama Ando Corp. | 42,100 | 186 |
| | Hitachi Construction Machinery Co. Ltd. | 10,000 | 186 |
| | Tokai Tokyo Financial Holdings Inc. | 27,600 | 185 |
| | Tsumura & Co. | 7,800 | 185 |
| | Nishi-Nippon Railroad Co. Ltd. | 48,000 | 185 |
| | Ushio Inc. | 14,100 | 184 |
| | Pigeon Corp. | 4,100 | 184 |
| | Wacom Co. Ltd. | 28,000 | 183 |
| | Obic Co. Ltd. | 6,100 | 183 |
| | Sojitz Corp. | 116,048 | 183 |
| | Azbil Corp. | 8,000 | 182 |
| | Sugi Holdings Co. Ltd. | 4,000 | 180 |
| | Anritsu Corp. | 16,000 | 179 |
| | Nagase & Co. Ltd. | 14,600 | 179 |
| | NOK Corp. | 10,800 | 177 |
| | Rohto Pharmaceutical Co. Ltd. | 10,000 | 176 |
| | Furukawa Electric Co. Ltd. | 78,000 | 176 |
| | Kewpie Corp. | 12,200 | 175 |
34
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Zenkoku Hosho Co. Ltd. | 7,800 | 175 |
| *,^ | Mitsubishi Kakoki Kaisha Ltd. | 114,000 | 173 |
| | Sundrug Co. Ltd. | 4,200 | 172 |
| | Ship Healthcare Holdings Inc. | 5,000 | 171 |
| | Kobayashi Pharmaceutical Co. Ltd. | 2,800 | 170 |
| | Maruichi Steel Tube Ltd. | 6,700 | 170 |
| | Toyobo Co. Ltd. | 105,000 | 170 |
| | Hitachi High-Technologies Corp. | 7,400 | 169 |
| | Japan Steel Works Ltd. | 40,000 | 169 |
| | Hikari Tsushin Inc. | 2,000 | 169 |
| | Hitachi Zosen Corp. | 34,000 | 167 |
| | Oracle Corp. Japan | 3,600 | 166 |
| | Showa Shell Sekiyu KK | 16,300 | 165 |
| | UNY Group Holdings Co. Ltd. | 25,500 | 165 |
| | Mitsui Engineering & Shipbuilding Co. Ltd. | 84,000 | 163 |
| | Nippon Steel & Sumikin Bussan Corp. | 46,000 | 163 |
| | Sankyo Tateyama Inc. | 8,200 | 162 |
| | Topcon Corp. | 9,200 | 160 |
| | House Foods Group Inc. | 9,600 | 160 |
| | Shinko Plantech Co. Ltd. | 21,200 | 160 |
| | Yamazaki Baking Co. Ltd. | 13,000 | 159 |
| | SCSK Corp. | 6,000 | 159 |
| | DMG Mori Seiki Co. Ltd. | 12,700 | 158 |
| | UACJ Corp. | 40,000 | 158 |
| | Tadano Ltd. | 11,000 | 156 |
| | Sohgo Security Services Co. Ltd. | 7,300 | 155 |
| | OKUMA Corp. | 18,000 | 154 |
| | Aoyama Trading Co. Ltd. | 6,200 | 154 |
| | Okasan Securities Group Inc. | 22,000 | 154 |
| | Nissan Shatai Co. Ltd. | 10,000 | 152 |
| | Kagome Co. Ltd. | 9,000 | 152 |
| | Horiba Ltd. | 4,400 | 152 |
| | Daido Steel Co. Ltd. | 31,000 | 152 |
| | Sumitomo Osaka Cement Co. Ltd. | 38,000 | 151 |
| | Taiyo Yuden Co. Ltd. | 12,200 | 151 |
| | Sotetsu Holdings Inc. | 42,000 | 150 |
| | Shibusawa Warehouse Co. Ltd. | 45,000 | 149 |
| | Hokuto Corp. | 7,400 | 149 |
| | Sapporo Holdings Ltd. | 35,000 | 148 |
| * | Leopalace21 Corp. | 28,600 | 148 |
| ^ | Daio Paper Corp. | 14,000 | 147 |
| | Ezaki Glico Co. Ltd. | 11,000 | 145 |
| | Japan Airport Terminal Co. Ltd. | 6,200 | 143 |
| | Tsubakimoto Chain Co. | 20,000 | 143 |
| | Hitachi Chemical Co. Ltd. | 9,700 | 143 |
| | Denki Kagaku Kogyo KK | 43,000 | 143 |
| | Glory Ltd. | 5,500 | 142 |
| | Toho Holdings Co. Ltd. | 7,000 | 141 |
| | 77 Bank Ltd. | 31,000 | 140 |
| | Nihon Kohden Corp. | 3,400 | 139 |
| | Awa Bank Ltd. | 26,000 | 139 |
| * | Tokyo Rope Manufacturing Co. Ltd. | 95,000 | 139 |
| | Lion Corp. | 25,000 | 137 |
| | Shiga Bank Ltd. | 25,000 | 137 |
| | Nachi-Fujikoshi Corp. | 22,000 | 136 |
| | Matsumotokiyoshi Holdings Co. Ltd. | 4,600 | 136 |
| | Nishi-Nippon City Bank Ltd. | 59,000 | 134 |
| | Yamato Kogyo Co. Ltd. | 4,600 | 133 |
| | Sanyo Special Steel Co. Ltd. | 34,000 | 133 |
| | Monex Group Inc. | 39,500 | 132 |
| | Square Enix Holdings Co. Ltd. | 8,200 | 132 |
| | Mochida Pharmaceutical Co. Ltd. | 1,871 | 132 |
| | Nippon Konpo Unyu Soko Co. Ltd. | 7,800 | 132 |
| * | Ulvac Inc. | 6,900 | 131 |
35
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Acom Co. Ltd. | 38,300 | 131 |
| | Takara Holdings Inc. | 17,000 | 130 |
| | Juroku Bank Ltd. | 37,000 | 129 |
| | Nisshinbo Holdings Inc. | 15,000 | 129 |
| | Wacoal Holdings Corp. | 13,000 | 128 |
| | Sumitomo Forestry Co. Ltd. | 12,600 | 128 |
| | Temp Holdings Co. Ltd. | 5,000 | 127 |
| | NET One Systems Co. Ltd. | 15,600 | 127 |
| | Kose Corp. | 3,800 | 126 |
| | Nichirei Corp. | 26,000 | 126 |
| | Ito En Ltd. | 5,900 | 126 |
| | Cosmo Oil Co. Ltd. | 67,000 | 125 |
| | Autobacs Seven Co. Ltd. | 8,100 | 125 |
| | Internet Initiative Japan Inc. | 5,400 | 125 |
| | Oki Electric Industry Co. Ltd. | 64,000 | 125 |
| | NOF Corp. | 18,000 | 125 |
| | Coca-Cola West Co. Ltd. | 7,100 | 124 |
| | MOS Food Services Inc. | 6,200 | 124 |
| | Senshu Ikeda Holdings Inc. | 26,900 | 124 |
| | Shimachu Co. Ltd. | 5,600 | 123 |
| | ST Corp. | 12,600 | 122 |
| | SHO-BOND Holdings Co. Ltd. | 2,700 | 122 |
| | ADEKA Corp. | 11,000 | 121 |
| | Panasonic Information Systems | 4,600 | 121 |
| * | Nippon Sheet Glass Co. Ltd. | 93,742 | 120 |
| | Toyoda Gosei Co. Ltd. | 6,500 | 120 |
| | Nihon M&A Center Inc. | 5,100 | 119 |
| | Earth Chemical Co. Ltd. | 3,300 | 118 |
| | Accordia Golf Co. Ltd. | 9,200 | 118 |
| | Nexon Co. Ltd. | 15,100 | 118 |
| | ABC-Mart Inc. | 2,600 | 117 |
| | Inaba Denki Sangyo Co. Ltd. | 3,800 | 117 |
| | Elematec Corp. | 6,800 | 116 |
| ^ | Rock Field Co. Ltd. | 6,500 | 116 |
| | Penta-Ocean Construction Co. Ltd. | 35,500 | 116 |
| | Daishi Bank Ltd. | 32,000 | 116 |
| | Start Today Co. Ltd. | 5,500 | 115 |
| | Capcom Co. Ltd. | 6,600 | 115 |
| | Kissei Pharmaceutical Co. Ltd. | 4,848 | 114 |
| ^ | ASKUL Corp. | 4,500 | 112 |
| | Ichiyoshi Securities Co. Ltd. | 9,400 | 112 |
| | Toyo Tire & Rubber Co. Ltd. | 15,000 | 112 |
| * | Kenedix Inc. | 32,000 | 111 |
| *,^ | Aiful Corp. | 32,300 | 110 |
| | Hioki EE Corp. | 7,000 | 110 |
| * | Hokkaido Electric Power Co. Inc. | 18,000 | 110 |
| | Resorttrust Inc. | 7,000 | 110 |
| | Matsui Securities Co. Ltd. | 11,900 | 110 |
| | Mizuno Corp. | 20,000 | 109 |
| | Itochu Techno-Solutions Corp. | 2,600 | 109 |
| | Hyakugo Bank Ltd. | 28,000 | 108 |
| | Kisoji Co. Ltd. | 6,000 | 108 |
| | Ogaki Kyoritsu Bank Ltd. | 40,000 | 108 |
| | Nishimatsu Construction Co. Ltd. | 30,000 | 108 |
| | Nagaileben Co. Ltd. | 5,600 | 108 |
| | Rengo Co. Ltd. | 24,000 | 107 |
| | Hokkoku Bank Ltd. | 32,000 | 107 |
| | Cosmos Pharmaceutical Corp. | 1,000 | 107 |
| | J Trust Co. Ltd. | 9,900 | 107 |
| | Nagatanien Co. Ltd. | 11,000 | 106 |
| | Nippon Shinyaku Co. Ltd. | 6,000 | 106 |
| | H2O Retailing Corp. | 14,000 | 106 |
| | Keiyo Bank Ltd. | 24,000 | 106 |
| | Furukawa Co. Ltd. | 58,000 | 105 |
36
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Japan Petroleum Exploration Co. | 2,800 | 104 |
| | Relo Holdings Inc. | 1,900 | 104 |
| | Kaken Pharmaceutical Co. Ltd. | 6,000 | 103 |
| | SKY Perfect JSAT Holdings Inc. | 19,100 | 103 |
| | Musashino Bank Ltd. | 3,200 | 103 |
| | Arcs Co. Ltd. | 5,100 | 102 |
| | Japan Aviation Electronics Industry Ltd. | 6,000 | 102 |
| ^ | Gree Inc. | 10,300 | 101 |
| | Matsuya Foods Co. Ltd. | 5,600 | 101 |
| | United Arrows Ltd. | 2,600 | 101 |
| | Kyoei Steel Ltd. | 5,800 | 101 |
| ^ | Dwango Co. Ltd. | 3,600 | 100 |
| | Kagoshima Bank Ltd. | 16,000 | 100 |
| | San-In Godo Bank Ltd. | 15,000 | 99 |
| | Sankyo Seiko Co. Ltd. | 28,400 | 98 |
| | Royal Holdings Co. Ltd. | 6,700 | 98 |
| | Higo Bank Ltd. | 19,000 | 98 |
| | Dunlop Sports Co. Ltd. | 8,000 | 97 |
| | Makino Milling Machine Co. Ltd. | 13,000 | 97 |
| | Maeda Corp. | 13,000 | 97 |
| | Lintec Corp. | 5,200 | 97 |
| | Canon Marketing Japan Inc. | 6,000 | 97 |
| | Miura Co. Ltd. | 3,400 | 97 |
| | Okumura Corp. | 21,000 | 96 |
| | Fuji Oil Co. Ltd. | 7,100 | 96 |
| | Nichiden Corp. | 4,000 | 96 |
| | Saibu Gas Co. Ltd. | 38,000 | 95 |
| | Meidensha Corp. | 23,000 | 95 |
| | Nifco Inc. | 3,401 | 95 |
| | Nisshin Steel Holdings Co. Ltd. | 9,200 | 94 |
| | Pasona Group Inc. | 18,500 | 94 |
| | Iwatani Corp. | 16,000 | 94 |
| | Toho Bank Ltd. | 28,000 | 94 |
| | Yoshinoya Holdings Co. Ltd. | 7,400 | 94 |
| | Kinden Corp. | 10,000 | 92 |
| | Aica Kogyo Co. Ltd. | 4,400 | 92 |
| * | Sumitomo Mitsui Construction Co. Ltd. | 89,300 | 92 |
| | Nippo Corp. | 6,000 | 92 |
| | Sanwa Holdings Corp. | 15,000 | 92 |
| | Hitachi Kokusai Electric Inc. | 8,000 | 91 |
| | Hitachi Capital Corp. | 3,700 | 91 |
| | Kyowa Exeo Corp. | 7,000 | 91 |
| | Komori Corp. | 7,100 | 90 |
| ^ | Nipro Corp. | 10,400 | 90 |
| | IT Holdings Corp. | 5,800 | 90 |
| | Kureha Corp. | 19,000 | 90 |
| | Tokyo Dome Corp. | 20,000 | 90 |
| | Fuji Machine Manufacturing Co. Ltd. | 10,100 | 89 |
| | Bank of Iwate Ltd. | 2,000 | 89 |
| * | Pioneer Corp. | 41,100 | 89 |
| | HIS Co. Ltd. | 3,200 | 89 |
| | Shinmaywa Industries Ltd. | 10,000 | 88 |
| | Bank of Okinawa Ltd. | 2,100 | 88 |
| | Onward Holdings Co. Ltd. | 13,000 | 87 |
| | Nippon Seiki Co. Ltd. | 5,000 | 87 |
| *,^ | Orient Corp. | 41,500 | 87 |
| | Dainippon Screen Manufacturing Co. Ltd. | 20,000 | 87 |
| | Nihon Parkerizing Co. Ltd. | 4,000 | 87 |
| | Takata Corp. | 3,700 | 87 |
| | OSG Corp. | 5,400 | 87 |
| | Yamanashi Chuo Bank Ltd. | 20,000 | 87 |
| | Sakata Seed Corp. | 6,200 | 87 |
| | Daifuku Co. Ltd. | 7,500 | 86 |
| | Hanwa Co. Ltd. | 22,000 | 86 |
37
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Aeon Delight Co. Ltd. | 3,900 | 86 |
| | Toyo Kanetsu KK | 36,000 | 86 |
| | Exedy Corp. | 3,200 | 86 |
| | Nippon Light Metal Holdings Co. Ltd. | 60,700 | 86 |
| | Kadokawa Corp. | 2,600 | 85 |
| | Toshiba TEC Corp. | 13,000 | 85 |
| | Tokuyama Corp. | 29,000 | 84 |
| | Calsonic Kansei Corp. | 17,000 | 84 |
| | TS Tech Co. Ltd. | 3,100 | 83 |
| | Tokyo Seimitsu Co. Ltd. | 4,900 | 83 |
| | Meitec Corp. | 3,100 | 83 |
| | Ryosan Co. Ltd. | 3,900 | 82 |
| | Nitto Kohki Co. Ltd. | 4,500 | 82 |
| | Tokai Rika Co. Ltd. | 4,700 | 82 |
| | Heiwa Corp. | 4,900 | 82 |
| | Yamagata Bank Ltd. | 19,000 | 81 |
| | Enplas Corp. | 1,400 | 80 |
| | Zensho Holdings Co. Ltd. | 7,900 | 80 |
| | Nitto Boseki Co. Ltd. | 19,000 | 79 |
| | Pola Orbis Holdings Inc. | 2,000 | 78 |
| * | Kumagai Gumi Co. Ltd. | 30,000 | 78 |
| | Maeda Road Construction Co. Ltd. | 5,000 | 78 |
| | KYB Co. Ltd. | 19,000 | 77 |
| | Toda Corp. | 22,000 | 77 |
| | Aomori Bank Ltd. | 28,000 | 77 |
| | Okamura Corp. | 9,000 | 77 |
| | Nichi-iko Pharmaceutical Co. Ltd. | 4,950 | 77 |
| ^ | Tokyo Electron Device Ltd. | 5,800 | 76 |
| | Fuji Media Holdings Inc. | 4,500 | 76 |
| | Okamoto Industries Inc. | 23,000 | 76 |
| | Tokyo Ohka Kogyo Co. Ltd. | 3,300 | 75 |
| | Morita Holdings Corp. | 9,000 | 75 |
| | Nihon Nohyaku Co. Ltd. | 6,000 | 75 |
| | Nippon Gas Co. Ltd. | 4,500 | 75 |
| | Mitsubishi Pencil Co. Ltd. | 2,500 | 74 |
| | Hyakujushi Bank Ltd. | 22,000 | 74 |
| | Nippon Television Holdings Inc. | 4,900 | 73 |
| | Daibiru Corp. | 7,300 | 73 |
| | Itoham Foods Inc. | 16,000 | 73 |
| | Nippon Soda Co. Ltd. | 13,000 | 72 |
| | NTT Urban Development Corp. | 8,200 | 72 |
| | Hitachi Transport System Ltd. | 4,700 | 72 |
| | Daiseki Co. Ltd. | 4,500 | 72 |
| | Toagosei Co. Ltd. | 17,000 | 71 |
| | DCM Holdings Co. Ltd. | 10,500 | 71 |
| | TSI Holdings Co. Ltd. | 10,500 | 71 |
| | Nitto Kogyo Corp. | 3,400 | 70 |
| | Asahi Diamond Industrial Co. Ltd. | 5,200 | 70 |
| | Colowide Co. Ltd. | 7,000 | 70 |
| | Bank of the Ryukyus Ltd. | 5,300 | 70 |
| | Kanematsu Corp. | 45,000 | 69 |
| | HI-LEX Corp. | 2,800 | 69 |
| | Fujitec Co. Ltd. | 6,000 | 69 |
| | GMO internet Inc. | 7,800 | 69 |
| | MonotaRO Co. Ltd. | 3,400 | 69 |
| | Takaoka Toko Holdings Co. Ltd. | 4,800 | 69 |
| | Kiyo Bank Ltd. | 5,807 | 68 |
| | Asahi Holdings Inc. | 4,300 | 68 |
| | Saizeriya Co. Ltd. | 5,900 | 68 |
| | Mitsuba Corp. | 4,600 | 68 |
| | Noritz Corp. | 3,800 | 68 |
| | Okabe Co. Ltd. | 4,900 | 67 |
| | Tokai Carbon Co. Ltd. | 21,000 | 67 |
| | Pilot Corp. | 1,600 | 67 |
38
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nikkiso Co. Ltd. | 6,000 | 67 |
| | Iseki & Co. Ltd. | 26,000 | 67 |
| | Ai Holdings Corp. | 4,200 | 67 |
| | Jeol Ltd. | 18,000 | 67 |
| | Japan Wool Textile Co. Ltd. | 9,000 | 67 |
| | TOMONY Holdings Inc. | 15,700 | 67 |
| | Mandom Corp. | 1,900 | 67 |
| | Avex Group Holdings Inc. | 3,600 | 67 |
| | Tokyotokeiba Co. Ltd. | 25,000 | 66 |
| | Max Co. Ltd. | 6,000 | 66 |
| | Fuyo General Lease Co. Ltd. | 1,900 | 65 |
| * | Pacific Metals Co. Ltd. | 14,000 | 65 |
| | Sankyu Inc. | 17,000 | 65 |
| | Nissin Kogyo Co. Ltd. | 3,500 | 65 |
| | Fuji Co. Ltd. | 3,400 | 64 |
| | Modec Inc. | 2,900 | 64 |
| | Mitsumi Electric Co. Ltd. | 9,900 | 63 |
| | Hokuetsu Bank Ltd. | 31,000 | 63 |
| ^ | WATAMI Co. Ltd. | 4,300 | 63 |
| | Mirait Holdings Corp. | 7,100 | 62 |
| | Megmilk Snow Brand Co. Ltd. | 4,700 | 62 |
| | Eizo Corp. | 2,300 | 62 |
| | Toyo Ink SC Holdings Co. Ltd. | 15,000 | 61 |
| | Miyazaki Bank Ltd. | 20,000 | 61 |
| * | Nippon Chemi-Con Corp. | 19,000 | 61 |
| | NSD Co. Ltd. | 4,900 | 61 |
| | Bank of Nagoya Ltd. | 16,000 | 60 |
| | Shima Seiki Manufacturing Ltd. | 3,600 | 60 |
| | Nanto Bank Ltd. | 16,000 | 60 |
| | Sumco Corp. | 7,800 | 60 |
| | Heiwa Real Estate Co. Ltd. | 3,800 | 60 |
| | IBJ Leasing Co. Ltd. | 2,600 | 59 |
| | Nippon Densetsu Kogyo Co. Ltd. | 4,000 | 59 |
| | Chiyoda Co. Ltd. | 2,500 | 59 |
| | Yodogawa Steel Works Ltd. | 15,000 | 59 |
| | Bic Camera Inc. | 8,100 | 59 |
| | Asatsu-DK Inc. | 2,600 | 59 |
| | Maruha Nichiro Corp. | 3,700 | 59 |
| | Aichi Bank Ltd. | 1,200 | 59 |
| | Shikoku Bank Ltd. | 29,000 | 58 |
| | Taikisha Ltd. | 2,700 | 58 |
| | Sumitomo Warehouse Co. Ltd. | 12,000 | 58 |
| | Fujitsu General Ltd. | 5,000 | 58 |
| | Musashi Seimitsu Industry Co. Ltd. | 2,600 | 57 |
| | TOC Co. Ltd. | 8,400 | 57 |
| | Michinoku Bank Ltd. | 27,000 | 57 |
| | Totetsu Kogyo Co. Ltd. | 2,800 | 57 |
| | Hogy Medical Co. Ltd. | 1,100 | 57 |
| | Takuma Co. Ltd. | 7,000 | 57 |
| | Kasumi Co. Ltd. | 8,000 | 56 |
| | Fujimori Kogyo Co. Ltd. | 2,000 | 56 |
| | Iino Kaiun Kaisha Ltd. | 11,400 | 56 |
| | Morinaga Milk Industry Co. Ltd. | 15,000 | 56 |
| | Nippon Flour Mills Co. Ltd. | 10,000 | 56 |
| | Star Micronics Co. Ltd. | 4,500 | 56 |
| | Jin Co. Ltd. | 1,900 | 55 |
| | Nishio Rent All Co. Ltd. | 1,500 | 55 |
| | Asahi Intecc Co. Ltd. | 1,500 | 55 |
| * | Nissha Printing Co. Ltd. | 4,200 | 55 |
| | Oita Bank Ltd. | 15,000 | 55 |
| | Tochigi Bank Ltd. | 14,000 | 55 |
| | Welcia Holdings Co. Ltd. | 900 | 54 |
| | Akebono Brake Industry Co. Ltd. | 10,700 | 54 |
| | Yaoko Co. Ltd. | 1,200 | 54 |
39
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Riso Kagaku Corp. | 2,200 | 54 |
| *,^ | Nippon Yakin Kogyo Co. Ltd. | 19,500 | 54 |
| | Nichias Corp. | 8,000 | 54 |
| | Komeri Co. Ltd. | 2,000 | 54 |
| | Nichicon Corp. | 7,300 | 54 |
| | Unipres Corp. | 2,800 | 54 |
| | Nippon Signal Co. Ltd. | 6,500 | 54 |
| | Takasago International Corp. | 11,000 | 54 |
| | Doutor Nichires Holdings Co. Ltd. | 3,000 | 54 |
| | Toyota Boshoku Corp. | 5,200 | 54 |
| | Kandenko Co. Ltd. | 10,000 | 54 |
| | Nissin Corp. | 19,000 | 54 |
| | Aida Engineering Ltd. | 5,600 | 53 |
| * | Sanix Inc. | 4,500 | 53 |
| | Maruetsu Inc. | 16,000 | 53 |
| | Tsukishima Kikai Co. Ltd. | 5,000 | 53 |
| | Ariake Japan Co. Ltd. | 2,200 | 53 |
| | Daido Metal Co. Ltd. | 5,000 | 53 |
| | Yokogawa Bridge Holdings Corp. | 4,000 | 53 |
| | Toshiba Plant Systems & Services Corp. | 3,600 | 53 |
| | Amano Corp. | 5,500 | 53 |
| | Tokyu Construction Co. Ltd. | 11,900 | 53 |
| | Tomy Co. Ltd. | 11,100 | 53 |
| | Keiyo Co. Ltd. | 11,400 | 53 |
| | As One Corp. | 2,000 | 53 |
| | Mars Engineering Corp. | 2,800 | 52 |
| | Fuji Seal International Inc. | 1,600 | 52 |
| | Oiles Corp. | 2,300 | 52 |
| | Xebio Co. Ltd. | 2,800 | 52 |
| | Kyudenko Corp. | 6,000 | 52 |
| | Ryoyo Electro Corp. | 4,300 | 52 |
| | Kintetsu World Express Inc. | 1,300 | 52 |
| | Mitsubishi Shokuhin Co. Ltd. | 2,300 | 52 |
| | Noritake Co. Ltd. | 21,000 | 51 |
| | Paramount Bed Holdings Co. Ltd. | 1,700 | 51 |
| | Broadleaf Co. Ltd. | 3,200 | 51 |
| | EDION Corp. | 8,800 | 51 |
| | Keihin Corp. | 3,500 | 51 |
| | Shizuoka Gas Co. Ltd. | 8,400 | 51 |
| | Marusan Securities Co. Ltd. | 7,200 | 50 |
| | Tachi-S Co. Ltd. | 3,200 | 50 |
| | Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,800 | 50 |
| | Gulliver International Co. Ltd. | 6,100 | 50 |
| | Fukui Bank Ltd. | 21,000 | 50 |
| | Mitsui Sugar Co. Ltd. | 12,000 | 50 |
| | Kameda Seika Co. Ltd. | 1,749 | 50 |
| | Showa Corp. | 4,500 | 49 |
| * | Juki Corp. | 24,000 | 49 |
| | Daihen Corp. | 13,000 | 49 |
| | Central Glass Co. Ltd. | 15,000 | 49 |
| | San-A Co. Ltd. | 1,700 | 49 |
| | Takasago Thermal Engineering Co. Ltd. | 5,000 | 49 |
| | Obara Group Inc. | 1,300 | 49 |
| | Nishimatsuya Chain Co. Ltd. | 6,800 | 49 |
| | Jowa Holdings Co. Ltd. | 1,400 | 49 |
| | Toyo Engineering Corp. | 11,000 | 49 |
| | YAMABIKO Corp. | 1,300 | 48 |
| | Raito Kogyo Co. Ltd. | 5,600 | 48 |
| | Kuroda Electric Co. Ltd. | 3,000 | 48 |
| | Kokuyo Co. Ltd. | 6,300 | 48 |
| | Sumitomo Real Estate Sales Co. Ltd. | 1,600 | 48 |
| | Shikoku Chemicals Corp. | 7,000 | 48 |
| | Tecmo Koei Holdings Co. Ltd. | 4,000 | 48 |
| | Sanden Corp. | 10,000 | 48 |
40
| | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | Market |
| | | Value |
| | Shares | ($000) |
| Toho Zinc Co. Ltd. | 15,000 | 48 |
| AOKI Holdings Inc. | 3,500 | 48 |
| Mitsui-Soko Co. Ltd. | 12,000 | 48 |
| Tamron Co. Ltd. | 1,900 | 48 |
| Seiko Holdings Corp. | 13,000 | 48 |
| Nitta Corp. | 2,300 | 47 |
| Futaba Corp. | 3,000 | 47 |
| Towa Pharmaceutical Co. Ltd. | 1,100 | 47 |
| Paltac Corp. | 3,800 | 47 |
| Next Co. Ltd. | 5,400 | 47 |
| SMS Co. Ltd. | 2,200 | 47 |
| Fujicco Co. Ltd. | 4,000 | 47 |
| Kitz Corp. | 9,800 | 46 |
| C Uyemura & Co. Ltd. | 1,000 | 46 |
| ZERIA Pharmaceutical Co. Ltd. | 2,200 | 46 |
| Eagle Industry Co. Ltd. | 2,900 | 46 |
| TPR Co. Ltd. | 3,100 | 46 |
| Nihon Unisys Ltd. | 4,500 | 46 |
| Sato Holdings Corp. | 2,100 | 46 |
| JCR Pharmaceuticals Co. Ltd. | 2,200 | 45 |
| Fancl Corp. | 4,100 | 45 |
| Wakita & Co. Ltd. | 4,000 | 45 |
| Taiyo Holdings Co. Ltd. | 1,500 | 45 |
| Toa Corp. | 24,000 | 45 |
| Riken Corp. | 11,000 | 45 |
| CKD Corp. | 4,900 | 45 |
| Ryobi Ltd. | 15,000 | 44 |
| Seikagaku Corp. | 3,700 | 44 |
| Alpine Electronics Inc. | 3,700 | 44 |
| Nichiha Corp. | 3,800 | 44 |
| Shinko Electric Industries Co. Ltd. | 6,600 | 43 |
| Tokai Corp. | 1,700 | 43 |
| DTS Corp. | 2,600 | 43 |
| Chudenko Corp. | 3,000 | 43 |
| Sanyo Chemical Industries Ltd. | 7,000 | 43 |
| Torii Pharmaceutical Co. Ltd. | 1,500 | 43 |
| Round One Corp. | 5,900 | 42 |
| Kyokuto Securities Co. Ltd. | 2,700 | 42 |
| Mito Securities Co. Ltd. | 12,000 | 42 |
| Transcosmos Inc. | 2,200 | 41 |
| Daikyo Inc. | 21,000 | 41 |
| Toshiba Machine Co. Ltd. | 9,000 | 40 |
| Nippon Synthetic Chemical Industry Co. Ltd. | 6,000 | 40 |
| Gurunavi Inc. | 3,000 | 39 |
| Mitani Corp. | 1,731 | 39 |
| Adastria Holdings Co. Ltd. | 1,770 | 39 |
| Namura Shipbuilding Co. Ltd. | 5,100 | 38 |
| Sumitomo Bakelite Co. Ltd. | 10,000 | 38 |
| Yokohama Reito Co. Ltd. | 4,700 | 38 |
| Toko Inc. | 13,000 | 38 |
| Sumitomo Seika Chemicals Co. Ltd. | 6,000 | 38 |
| Cocokara fine Inc. | 1,300 | 37 |
| Sanyo Electric Railway Co. Ltd. | 7,907 | 36 |
| Sun Frontier Fudousan Co. Ltd. | 3,600 | 36 |
| Ateam Inc. | 800 | 36 |
| Japan Drilling Co. Ltd. | 900 | 35 |
| Showa Aircraft Industry Co. Ltd. | 3,000 | 35 |
| Fuji Soft Inc. | 1,500 | 31 |
| Nippon Parking Development Co. Ltd. | 29,100 | 31 |
| OSAKA Titanium Technologies Co. Ltd. | 1,500 | 31 |
| Aderans Co. Ltd. | 2,000 | 28 |
| GMO Payment Gateway Inc. | 900 | 28 |
| Nihon Trim Co. Ltd. | 800 | 28 |
| Morinaga & Co. Ltd. | 12,000 | 26 |
41
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | KEY Coffee Inc. | 1,600 | 25 |
| | Hokkaido Gas Co. Ltd. | 9,000 | 24 |
| | Itochu-Shokuhin Co. Ltd. | 700 | 24 |
| | Tokyo Steel Manufacturing Co. Ltd. | 4,800 | 23 |
| | Ain Pharmaciez Inc. | 500 | 22 |
| | Valor Co. Ltd. | 1,500 | 19 |
| | Future Architect Inc. | 3,200 | 19 |
| | Okuwa Co. Ltd. | 2,000 | 18 |
| | Zuken Inc. | 1,600 | 13 |
| | Tsugami Corp. | 2,000 | 11 |
| | Mr Max Corp. | 1,800 | 6 |
| | Honeys Co. Ltd. | 60 | 1 |
| | | | 366,387 |
| Malaysia (0.5%) | | |
| | Public Bank Bhd. (Local) | 336,525 | 2,077 |
| | Malayan Banking Bhd. | 503,515 | 1,528 |
| | CIMB Group Holdings Bhd. | 629,042 | 1,449 |
| | Axiata Group Bhd. | 581,866 | 1,200 |
| | Sime Darby Bhd. | 334,300 | 967 |
| | Petronas Chemicals Group Bhd. | 425,989 | 879 |
| | Genting Bhd. | 249,400 | 750 |
| | DiGi.Com Bhd. | 424,600 | 722 |
| | Maxis Bhd. | 318,600 | 678 |
| | Petronas Gas Bhd. | 90,700 | 653 |
| | IOI Corp. Bhd. | 418,340 | 640 |
| * | Sapurakencana Petroleum Bhd. | 458,095 | 606 |
| | Tenaga Nasional Bhd. | 155,650 | 567 |
| | Genting Malaysia Bhd. | 356,500 | 461 |
| | Dialog Group Bhd. | 391,000 | 431 |
| | Kuala Lumpur Kepong Bhd. | 57,000 | 423 |
| | AMMB Holdings Bhd. | 179,300 | 395 |
| * | IHH Healthcare Bhd. | 320,500 | 394 |
| | Felda Global Ventures Holdings Bhd. | 243,600 | 337 |
| | PPB Group Bhd. | 63,100 | 318 |
| * | MISC Bhd. | 153,456 | 307 |
| | YTL Corp. Bhd. | 604,066 | 298 |
| | Alliance Financial Group Bhd. | 213,600 | 293 |
| | BIMB Holdings Bhd. | 223,300 | 291 |
| | Gamuda Bhd. | 205,400 | 290 |
| | Magnum Bhd. | 296,900 | 275 |
| | UMW Holdings Bhd. | 81,000 | 267 |
| | Petronas Dagangan Bhd. | 27,100 | 252 |
| | IJM Corp. Bhd. | 119,760 | 234 |
| | British American Tobacco Malaysia Bhd. | 12,200 | 229 |
| | Malaysia Airports Holdings Bhd. | 89,100 | 220 |
| | Hong Leong Bank Bhd. | 49,600 | 213 |
| | Bumi Armada Bhd. | 152,900 | 188 |
| | RHB Capital Bhd. | 73,700 | 187 |
| | Telekom Malaysia Bhd. | 96,000 | 182 |
| | Muhibbah Engineering M Bhd. | 200,400 | 178 |
| * | Perdana Petroleum Bhd. | 287,300 | 166 |
| | Berjaya Corp. Bhd. | 1,062,000 | 163 |
| * | YTL Power International Bhd. | 320,918 | 154 |
| * | IOI Properties Group Sdn Bhd. | 186,769 | 154 |
| | UEM Sunrise Bhd. | 200,900 | 142 |
| | KPJ Healthcare Bhd. | 141,000 | 140 |
| 2 | Astro Malaysia Holdings Bhd. | 131,487 | 134 |
| * | Kulim Malaysia Bhd. | 123,800 | 134 |
| | Puncak Niaga Holdings Bhd. | 140,200 | 126 |
| | Genting Plantations Bhd. | 36,400 | 124 |
| | AirAsia Bhd. | 182,000 | 124 |
| | Lafarge Malaysia Bhd. | 40,200 | 112 |
| | DRB-Hicom Bhd. | 145,200 | 111 |
| | Hartalega Holdings Bhd. | 55,700 | 108 |
42
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Pos Malaysia Bhd. | 74,800 | 103 |
| | Media Prima Bhd. | 124,600 | 95 |
| | KLCC Property Holdings Bhd. | 43,800 | 89 |
| | Hong Leong Financial Group Bhd. | 18,400 | 86 |
| | Mah Sing Group Bhd. | 111,360 | 77 |
| | Carlsberg Brewery Malaysia Bhd. | 19,800 | 76 |
| | OSK Holdings Bhd. | 139,400 | 71 |
| * | KNM Group Bhd. | 258,500 | 66 |
| | Berjaya Sports Toto Bhd. | 55,123 | 66 |
| | SP Setia Bhd. | 69,000 | 64 |
| | Eastern & Oriental Bhd. | 82,000 | 60 |
| | MMC Corp. Bhd. | 68,800 | 59 |
| | Top Glove Corp. Bhd. | 39,400 | 58 |
| * | Cahya Mata Sarawak Bhd. | 18,600 | 54 |
| | Axis REIT | 50,300 | 54 |
| * | Scomi Group Bhd. | 411,000 | 54 |
| | Wah Seong Corp. Bhd. | 88,781 | 54 |
| | HAP Seng Consolidated Bhd. | 54,100 | 53 |
| * | TIME dotCom Bhd. | 42,900 | 52 |
| * | Perisai Petroleum Teknologi Bhd. | 108,600 | 52 |
| | Malaysian Resources Corp. Bhd. | 107,900 | 52 |
| | Unisem M Bhd. | 143,400 | 52 |
| | TSH Resources Bhd. | 50,300 | 52 |
| | Sunway Bhd. | 52,943 | 50 |
| | IGB Corp. Bhd. | 59,300 | 50 |
| | CapitaMalls Malaysia Trust | 108,600 | 50 |
| | Gas Malaysia Bhd. | 44,800 | 50 |
| | IGB REIT | 139,000 | 49 |
| | Bursa Malaysia Bhd. | 21,100 | 49 |
| | QL Resources Bhd. | 50,300 | 48 |
| | Affin Holdings Bhd. | 39,903 | 46 |
| | Kossan Rubber Industries | 36,100 | 45 |
| | WCT Holdings Bhd. | 64,800 | 45 |
| | Supermax Corp. Bhd. | 58,600 | 44 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 25,400 | 31 |
| | Parkson Holdings Bhd. | 30,740 | 28 |
| * | Keck Seng Malaysia Bhd. | 8,705 | 19 |
| * | Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 | 28,250 | 18 |
| * | Dialog Group Bhd. Warrants Exp. 02/12/2017 | 24,550 | 10 |
| * | KPJ Healthcare Bhd. Warrants Exp. 01/10/2015 | 12,000 | 8 |
| * | BIMB Holdings Bhd. Warrants Exp. 11/27/2018 | 63,800 | 7 |
| * | Mah Sing Group Bhd. Warrants Exp. 03/18/2018 | 16,992 | 3 |
| | | | 23,420 |
| Mexico (0.5%) | | |
| | America Movil SAB de CV | 3,634,894 | 3,656 |
| | Fomento Economico Mexicano SAB de CV | 276,205 | 2,521 |
| | Grupo Televisa SAB | 306,200 | 2,009 |
| * | Cemex SAB de CV | 1,543,905 | 1,974 |
| | Grupo Financiero Banorte SAB de CV | 281,068 | 1,863 |
| | Wal-Mart de Mexico SAB de CV | 669,500 | 1,693 |
| | Grupo Mexico SAB de CV Class B | 524,147 | 1,574 |
| | Alfa SAB de CV Class A | 318,200 | 838 |
| | Grupo Bimbo SAB de CV Class A | 243,000 | 671 |
| | Grupo Financiero Inbursa SAB de CV | 232,500 | 595 |
| | Fibra Uno Administracion SA de CV | 181,700 | 594 |
| | Coca-Cola Femsa SAB de CV | 46,400 | 518 |
| | Mexichem SAB de CV | 136,584 | 508 |
| | Industrias Penoles SAB de CV | 21,170 | 493 |
| | Grupo Financiero Santander Mexico SAB de CV Class B | 174,965 | 416 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 28,251 | 346 |
| | Grupo Carso SAB de CV | 61,100 | 311 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 21,712 | 303 |
| * | OHL Mexico SAB de CV | 90,500 | 240 |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 37,900 | 228 |
43
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Genomma Lab Internacional SAB de CV Class B | 88,300 | 224 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 81,700 | 212 |
| | Arca Continental SAB de CV | 31,300 | 199 |
| * | Compartamos SAB de CV | 113,500 | 199 |
| | Grupo Elektra SAB DE CV | 6,680 | 192 |
| | Controladora Comercial Mexicana SAB de CV | 49,380 | 184 |
| * | Minera Frisco SAB de CV | 81,563 | 148 |
| * | Gruma SAB de CV Class B | 16,700 | 148 |
| * | Industrias CH SAB de CV Class B | 25,700 | 137 |
| | Alsea SAB de CV | 31,100 | 107 |
| | Bolsa Mexicana de Valores SAB de CV | 50,000 | 103 |
| * | Empresas ICA SAB de CV | 52,900 | 95 |
| | Mexico Real Estate Management SA de CV | 48,800 | 93 |
| | Grupo Comercial Chedraui SA de CV | 27,900 | 85 |
| | Grupo Aeroportuario del Centro Norte Sab de CV Class B | 21,900 | 80 |
| | Infraestructura Energetica Nova SAB de CV | 14,400 | 75 |
| | Corp Inmobiliaria Vesta SAB de CV | 35,900 | 73 |
| | TV Azteca SAB de CV | 131,300 | 72 |
| * | Organizacion Soriana SAB de CV Class B | 23,000 | 67 |
| | Grupo Sanborns SAB de CV | 37,600 | 62 |
| | Concentradora Fibra Hotelera Mexicana SA de CV | 33,400 | 56 |
| * | Qualitas Controladora SAB de CV | 19,419 | 55 |
| | Alpek SA de CV | 28,800 | 49 |
| | | | 24,066 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe Addoha SA | 18,751 | 139 |
| |
| Netherlands (1.0%) | | |
| | Unilever NV | 190,672 | 8,176 |
| * | ING Groep NV | 453,243 | 6,479 |
| | Koninklijke Philips NV | 120,720 | 3,865 |
| ^ | ASML Holding NV | 39,153 | 3,196 |
| | Unibail-Rodamco SE | 11,047 | 2,985 |
| | Aegon NV | 266,985 | 2,447 |
| | Heineken NV | 33,217 | 2,307 |
| | Akzo Nobel NV | 28,279 | 2,179 |
| | Koninklijke Ahold NV | 112,182 | 2,169 |
| | ArcelorMittal | 126,486 | 2,057 |
| ^ | Reed Elsevier NV | 76,538 | 1,562 |
| | Koninklijke DSM NV | 20,699 | 1,486 |
| * | Koninklijke KPN NV | 357,489 | 1,270 |
| ^ | Gemalto NV | 9,140 | 1,022 |
| ^ | Wolters Kluwer NV | 31,820 | 887 |
| | Randstad Holding NV | 12,089 | 707 |
| | Heineken Holding NV | 10,660 | 681 |
| | Ziggo NV | 15,552 | 675 |
| | Delta Lloyd NV | 25,460 | 670 |
| | Fugro NV | 7,388 | 490 |
| | TNT Express NV | 50,744 | 457 |
| | Koninklijke Boskalis Westminster NV | 7,809 | 443 |
| * | OCI | 9,944 | 425 |
| | Aalberts Industries NV | 11,049 | 368 |
| | TKH Group NV | 10,533 | 367 |
| | Corio NV | 7,630 | 358 |
| * | SBM Offshore NV | 19,113 | 350 |
| | Nutreco NV | 6,860 | 319 |
| ^ | Koninklijke Vopak NV | 6,240 | 311 |
| | Eurocommercial Properties NV | 6,705 | 308 |
| * | PostNL NV | 69,430 | 305 |
| | Arcadis NV | 7,397 | 263 |
| | ASM International NV | 5,982 | 262 |
| | Wereldhave NV | 3,024 | 254 |
| | ASML Holding NY | 2,875 | 234 |
| | USG People NV | 12,833 | 222 |
44
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Corbion NV | 8,357 | 194 |
| * | TomTom NV | 20,252 | 144 |
| * | APERAM | 5,075 | 132 |
| | Koninklijke BAM Groep NV | 21,784 | 118 |
| *,^ | Royal Imtech NV | 50,650 | 99 |
| | Vastned Retail NV | 1,807 | 93 |
| | Nieuwe Steen Investments NV | 13,998 | 85 |
| | BinckBank NV | 6,465 | 73 |
| | Accell Group | 2,813 | 56 |
| | Brunel International NV | 730 | 50 |
| | Koninklijke Ten Cate NV | 1,580 | 47 |
| | | | 51,647 |
| New Zealand (0.1%) | | |
| | Fletcher Building Ltd. | 115,843 | 985 |
| | Telecom Corp. of New Zealand Ltd. | 202,572 | 484 |
| | Ryman Healthcare Ltd. | 46,129 | 345 |
| * | Auckland International Airport Ltd. | 100,094 | 343 |
| * | Xero Ltd. | 9,053 | 249 |
| | SKYCITY Entertainment Group Ltd. | 62,137 | 227 |
| | Sky Network Television Ltd. | 37,933 | 219 |
| | Fisher & Paykel Healthcare Corp. Ltd. | 60,548 | 213 |
| | Contact Energy Ltd. | 39,469 | 194 |
| | Mighty River Power Ltd. | 78,502 | 157 |
| | Trade Me Group Ltd. | 39,618 | 135 |
| | Mainfreight Ltd. | 9,875 | 114 |
| | Kathmandu Holdings Ltd. | 32,196 | 101 |
| | Infratil Ltd. | 46,809 | 93 |
| | Air New Zealand Ltd. | 50,316 | 91 |
| | Chorus Ltd. | 57,044 | 87 |
| | Kiwi Income Property Trust | 87,338 | 87 |
| | Argosy Property Ltd. | 106,763 | 85 |
| | Freightways Ltd. | 18,883 | 81 |
| | Precinct Properties New Zealand Ltd. | 87,309 | 77 |
| | Goodman Property Trust | 88,153 | 76 |
| | Nuplex Industries Ltd. | 24,418 | 74 |
| | Vector Ltd. | 30,875 | 68 |
| * | Z Energy Ltd. | 18,996 | 64 |
| | Metlifecare Ltd. | 14,922 | 53 |
| | Warehouse Group Ltd. | 18,061 | 53 |
| | Vital Healthcare Property Trust | 45,667 | 53 |
| * | Synlait Milk Ltd. | 15,144 | 48 |
| * | a2 Milk Co. Ltd. | 63,344 | 44 |
| | | | 4,900 |
| Norway (0.3%) | | |
| ^ | Statoil ASA | 117,888 | 3,594 |
| | DNB ASA | 128,109 | 2,271 |
| | Telenor ASA | 67,612 | 1,589 |
| | Seadrill Ltd. | 41,705 | 1,459 |
| | Yara International ASA | 19,181 | 907 |
| | Subsea 7 SA | 44,075 | 883 |
| | Norsk Hydro ASA | 142,494 | 764 |
| | Orkla ASA | 87,878 | 727 |
| | Schibsted ASA | 11,802 | 679 |
| | Marine Harvest ASA | 52,553 | 644 |
| * | Storebrand ASA | 75,907 | 426 |
| | TGS Nopec Geophysical Co. ASA | 11,902 | 410 |
| | SpareBank 1 SR Bank ASA | 42,291 | 410 |
| * | DNO International ASA | 113,132 | 393 |
| ^ | Gjensidige Forsikring ASA | 14,293 | 264 |
| | Prosafe SE | 29,784 | 262 |
| | Petroleum Geo-Services ASA | 19,866 | 240 |
| | Aker Solutions ASA | 13,800 | 221 |
| * | Det Norske Oljeselskap ASA | 18,169 | 199 |
| | Tomra Systems ASA | 17,994 | 167 |
45
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cermaq ASA | 14,105 | 167 |
| * | REC Silicon ASA | 292,534 | 164 |
| | Opera Software ASA | 10,124 | 131 |
| | SpareBank 1 SMN | 14,608 | 130 |
| * | Nordic Semiconductor ASA | 22,372 | 125 |
| * | Norwegian Property ASA | 96,123 | 122 |
| | Golden Ocean Group Ltd. | 51,283 | 91 |
| | Fred Olsen Energy ASA | 2,341 | 75 |
| | Aker ASA | 2,156 | 73 |
| ^ | Atea ASA | 5,559 | 64 |
| * | Archer Ltd. | 36,563 | 50 |
| | BW Offshore Ltd. | 25,396 | 33 |
| * | Songa Offshore | 7,074 | 3 |
| | | | 17,737 |
| Peru (0.0%) | | |
| | Credicorp Ltd. (New York Shares) | 3,059 | 457 |
| | Credicorp Ltd. | 3,045 | 455 |
| | Cia de Minas Buenaventura SAA ADR | 29,411 | 382 |
| | Volcan Cia Minera SAA Class B | 545,941 | 206 |
| | | | 1,500 |
| Philippines (0.2%) | | |
| | Philippine Long Distance Telephone Co. | 8,840 | 571 |
| | Alliance Global Group Inc. | 742,000 | 520 |
| | SM Investments Corp. | 29,242 | 477 |
| | Ayala Land Inc. | 663,700 | 450 |
| | GT Capital Holdings Inc. | 21,414 | 417 |
| | Manila Electric Co. | 55,080 | 347 |
| | Bank of the Philippine Islands | 145,835 | 297 |
| | Ayala Corp. | 20,960 | 294 |
| | Aboitiz Equity Ventures Inc. | 229,110 | 291 |
| | SM Prime Holdings Inc. | 783,550 | 288 |
| | Universal Robina Corp. | 87,240 | 286 |
| | DMCI Holdings Inc. | 163,800 | 264 |
| | BDO Unibank Inc. | 127,740 | 254 |
| * | JG Summit Holdings Inc. | 223,300 | 253 |
| | Semirara Mining Corp. Class A | 25,550 | 236 |
| | Metro Pacific Investments Corp. | 1,962,000 | 224 |
| | First Gen Corp. | 514,300 | 219 |
| | Manila Water Co. Inc. | 349,600 | 209 |
| | San Miguel Corp. | 108,790 | 204 |
| | Vista Land & Lifescapes Inc. | 1,490,400 | 202 |
| | International Container Terminal Services Inc. | 77,100 | 187 |
| * | Metropolitan Bank & Trust Co. | 95,892 | 183 |
| | Filinvest Land Inc. | 4,980,000 | 178 |
| | First Philippine Holdings Corp. | 110,820 | 177 |
| | Energy Development Corp. | 1,362,900 | 171 |
| | Jollibee Foods Corp. | 37,720 | 146 |
| | LT Group Inc. | 293,900 | 121 |
| | Robinsons Land Corp. | 218,600 | 110 |
| | Aboitiz Power Corp. | 127,720 | 105 |
| | Megaworld Corp. | 782,000 | 82 |
| | Globe Telecom Inc. | 2,050 | 76 |
| | Petron Corp. | 251,500 | 69 |
| * | Bloomberry Resorts Corp. | 233,800 | 64 |
| * | Cosco Capital Inc. | 229,500 | 54 |
| | Security Bank Corp. | 20,020 | 54 |
| | Puregold Price Club Inc. | 51,500 | 53 |
| * | Emperador Inc. | 185,300 | 53 |
| * | Philippine National Bank | 22,895 | 45 |
| | Philex Mining Corp. | 157,700 | 32 |
| | | | 8,263 |
| Poland (0.2%) | | |
| | Powszechna Kasa Oszczednosci Bank Polski SA | 91,889 | 1,261 |
46
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Powszechny Zaklad Ubezpieczen SA | 8,140 | 1,155 |
| | Bank Pekao SA | 16,184 | 1,039 |
| | KGHM Polska Miedz SA | 20,817 | 754 |
| | Polski Koncern Naftowy Orlen SA | 36,091 | 540 |
| | PGE SA | 77,064 | 536 |
| *,^ | Bank Millennium SA | 119,837 | 352 |
| | Polskie Gornictwo Naftowe i Gazownictwo SA | 198,133 | 308 |
| | Enea SA | 51,364 | 260 |
| | Orange Polska SA | 65,655 | 224 |
| ^ | mBank | 1,351 | 221 |
| | Tauron Polska Energia SA | 102,169 | 181 |
| | Synthos SA | 108,677 | 171 |
| | Asseco Poland SA | 9,655 | 144 |
| * | ING Bank Slaski SA | 3,104 | 139 |
| * | Getin Noble Bank SA | 108,217 | 132 |
| | Eurocash SA | 9,585 | 127 |
| | Lubelski Wegiel Bogdanka SA | 2,869 | 117 |
| * | Globe Trade Centre SA | 39,878 | 100 |
| | Bank Handlowy w Warszawie SA | 2,641 | 98 |
| * | Cyfrowy Polsat SA | 14,316 | 97 |
| * | Netia SA | 47,099 | 84 |
| * | Grupa Lotos SA | 6,488 | 84 |
| * | Kernel Holding SA | 7,186 | 67 |
| ^ | Jastrzebska Spolka Weglowa SA | 4,357 | 60 |
| * | TVN SA | 9,759 | 53 |
| * | CD Projekt Red SA | 9,088 | 45 |
| | | | 8,349 |
| Portugal (0.1%) | | |
| | EDP - Energias de Portugal SA | 302,895 | 1,471 |
| | Galp Energia SGPS SA | 43,386 | 752 |
| | Jeronimo Martins SGPS SA | 28,610 | 500 |
| * | Banco Comercial Portugues SA | 1,530,753 | 465 |
| * | Banco Espirito Santo SA | 230,779 | 409 |
| ^ | Portugal Telecom SGPS SA | 68,150 | 283 |
| | Sonae | 82,237 | 155 |
| | ZON OPTIMUS SGPS SA | 17,027 | 123 |
| | EDP Renovaveis SA | 16,165 | 111 |
| | Portucel SA | 23,091 | 110 |
| | Mota-Engil SGPS SA | 12,362 | 95 |
| * | Banco BPI SA | 30,677 | 79 |
| | Semapa-Sociedade de Investimento e Gestao | 3,451 | 52 |
| | Sonaecom - SGPS SA | 15,610 | 50 |
| | Altri SGPS SA | 13,342 | 45 |
| * | Mota-Engil Africa Rights | 12,362 | 7 |
| | | | 4,707 |
| Russia (0.4%) | | |
| | Lukoil OAO ADR | 58,155 | 3,079 |
| | Gazprom OAO | 664,220 | 2,398 |
| | Gazprom OAO ADR | 308,202 | 2,227 |
| * | Sberbank of Russia | 759,171 | 1,549 |
| | Magnit OJSC GDR | 32,373 | 1,532 |
| | Mobile Telesystems OJSC | 205,061 | 1,488 |
| * | Sberbank of Russia ADR | 125,960 | 1,061 |
| | MMC Norilsk Nickel OJSC ADR | 54,974 | 994 |
| | Tatneft OAO ADR | 25,770 | 886 |
| | Rosneft OAO GDR | 139,712 | 878 |
| | NOVATEK OAO | 91,056 | 873 |
| | Uralkali OJSC | 186,735 | 827 |
| | AK Transneft OAO Preference Shares | 364 | 807 |
| | Surgutneftegas OAO ADR | 74,147 | 526 |
| | Rostelecom OJSC | 139,763 | 301 |
| | VTB Bank OJSC | 274,239,863 | 297 |
| | Sistema JSFC GDR | 12,381 | 296 |
| | MegaFon OAO GDR | 10,383 | 271 |
47
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | RusHydro JSC | 12,796,242 | 201 |
| | Surgutneftegas OAO | 277,600 | 194 |
| | VTB Bank OJSC GDR | 89,021 | 189 |
| | E.ON Russia JSC | 2,364,900 | 166 |
| | Severstal OAO | 18,087 | 127 |
| * | Acron JSC | 3,636 | 121 |
| * | Novolipetsk Steel OJSC | 79,599 | 92 |
| | Phosagro OAO GDR | 7,394 | 86 |
| * | Inter RAO JSC | 381,417,200 | 80 |
| * | PIK Group | 33,920 | 78 |
| * | Russian Grids OAO | 6,061,655 | 72 |
| * | Federal Grid Co. Unified Energy System JSC | 44,833,105 | 70 |
| | Aeroflot - Russian Airlines OJSC | 48,600 | 70 |
| * | Sistema JSFC | 59,800 | 62 |
| * | LSR Group GDR | 18,772 | 56 |
| | TMK OAO GDR | 6,181 | 49 |
| * | M Video OJSC | 8,020 | 49 |
| * | Mosenergo OAO | 2,043,038 | 42 |
| | TGK-1 OAO | 221,858,574 | 40 |
| * | Pharmstandard OJSC GDR | 3,666 | 30 |
| | Rosneft OAO | 3,288 | 21 |
| * | Raspadskaya OAO | 41,689 | 20 |
| * | Magnitogorsk Iron & Steel Works | 71,731 | 12 |
| | | | 22,217 |
| Singapore (0.6%) | | |
| | DBS Group Holdings Ltd. | 195,000 | 2,642 |
| | Singapore Telecommunications Ltd. | 857,000 | 2,625 |
| | Oversea-Chinese Banking Corp. Ltd. | 295,000 | 2,275 |
| | United Overseas Bank Ltd. | 130,000 | 2,263 |
| | Keppel Corp. Ltd. | 160,313 | 1,349 |
| | Singapore Airlines Ltd. | 126,117 | 1,046 |
| | CapitaLand Ltd. | 304,500 | 779 |
| | Global Logistic Properties Ltd. | 330,000 | 752 |
| | Noble Group Ltd. | 673,272 | 693 |
| | Genting Singapore plc | 648,000 | 687 |
| | Singapore Exchange Ltd. | 122,311 | 676 |
| | Wilmar International Ltd. | 215,173 | 585 |
| | Suntec REIT | 374,000 | 513 |
| | Singapore Technologies Engineering Ltd. | 165,000 | 504 |
| ^ | Singapore Press Holdings Ltd. | 149,000 | 498 |
| | City Developments Ltd. | 57,000 | 494 |
| | Cache Logistics Trust | 503,000 | 462 |
| | Frasers Commercial Trust | 455,000 | 462 |
| | Jardine Cycle & Carriage Ltd. | 12,000 | 450 |
| | Ascott Residence Trust | 463,000 | 444 |
| | Cambridge Industrial Trust | 715,000 | 423 |
| | Hutchison Port Holdings Trust | 573,000 | 390 |
| | ComfortDelGro Corp. Ltd. | 223,000 | 378 |
| | CapitaMall Trust | 236,600 | 377 |
| | Mapletree Logistics Trust | 427,000 | 375 |
| | Ascendas REIT | 187,000 | 342 |
| | Golden Agri-Resources Ltd. | 689,419 | 336 |
| | Sembcorp Industries Ltd. | 76,231 | 327 |
| | Singapore Post Ltd. | 281,000 | 317 |
| | CapitaMalls Asia Ltd. | 166,000 | 292 |
| | AIMS AMP Capital Industrial REIT | 239,996 | 271 |
| | First Resources Ltd. | 128,000 | 263 |
| | SATS Ltd. | 99,000 | 251 |
| | UOL Group Ltd. | 46,959 | 241 |
| | Sembcorp Marine Ltd. | 73,389 | 239 |
| | Olam International Ltd. | 133,545 | 238 |
| | CapitaCommercial Trust | 184,810 | 236 |
| | CitySpring Infrastructure Trust | 613,000 | 233 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 260,036 | 229 |
48
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tat Hong Holdings Ltd. | 340,000 | 220 |
| | Keppel Land Ltd. | 67,600 | 187 |
| | StarHub Ltd. | 56,000 | 186 |
| | Ezion Holdings Ltd. | 94,600 | 172 |
| | Raffles Medical Group Ltd. | 56,000 | 162 |
| | Mapletree Greater China Commercial Trust | 235,000 | 159 |
| * | Keppel Telecommunications & Transportation Ltd. | 110,000 | 157 |
| | Venture Corp. Ltd. | 25,500 | 156 |
| | Biosensors International Group Ltd. | 176,000 | 134 |
| | Ascendas Hospitality Trust | 225,000 | 129 |
| | Keppel REIT | 131,688 | 127 |
| | Swiber Holdings Ltd. | 229,000 | 117 |
| | Mapletree Industrial Trust | 74,000 | 85 |
| | Mapletree Commercial Trust | 84,000 | 85 |
| | Wing Tai Holdings Ltd. | 53,000 | 85 |
| | Super Group Ltd. | 29,000 | 81 |
| | Asian Pay Television Trust | 131,000 | 79 |
| | SIA Engineering Co. Ltd. | 20,000 | 76 |
| | United Engineers Ltd. | 43,000 | 74 |
| | Yanlord Land Group Ltd. | 78,000 | 72 |
| | M1 Ltd. | 26,000 | 70 |
| 2 | ARA Asset Management Ltd. | 44,000 | 64 |
| | Starhill Global REIT | 99,000 | 64 |
| | SMRT Corp. Ltd. | 64,000 | 62 |
| | Parkway Life REIT | 31,000 | 62 |
| * | Neptune Orient Lines Ltd. | 71,000 | 58 |
| | CDL Hospitality Trusts | 39,000 | 56 |
| | OSIM International Ltd. | 24,000 | 56 |
| | Ezra Holdings Ltd. | 66,000 | 55 |
| * | Vard Holdings Ltd. | 70,000 | 54 |
| | Cosco Corp. Singapore Ltd. | 92,000 | 53 |
| | OUE Hospitality Trust | 76,000 | 53 |
| | Hyflux Ltd. | 54,000 | 52 |
| | Sabana Shari'ah Compliant Industrial REIT | 63,000 | 52 |
| | Ascendas India Trust | 84,000 | 51 |
| | Lippo Malls Indonesia Retail Trust | 158,000 | 51 |
| * | United Envirotech Ltd. | 47,000 | 49 |
| * | HanKore Environment Tech Group Ltd. | 473,000 | 43 |
| * | Silverlake Axis Ltd. | 51,916 | 36 |
| | Fortune REIT | 25,923 | 21 |
| * | LionGold Corp. Ltd. | 120,000 | 9 |
| * | Blumont Group Ltd. | 316,500 | 7 |
| | | | 29,578 |
| South Africa (0.8%) | | |
| | Naspers Ltd. | 46,499 | 4,394 |
| | MTN Group Ltd. | 208,044 | 4,174 |
| | Sasol Ltd. | 64,232 | 3,600 |
| | Standard Bank Group Ltd. | 138,410 | 1,819 |
| | FirstRand Ltd. | 338,173 | 1,244 |
| | Shoprite Holdings Ltd. | 71,584 | 1,198 |
| | Steinhoff International Holdings Ltd. | 227,347 | 1,181 |
| | Sanlam Ltd. | 217,762 | 1,167 |
| | Remgro Ltd. | 51,399 | 1,035 |
| | Aspen Pharmacare Holdings Ltd. | 34,832 | 928 |
| | Bidvest Group Ltd. | 33,500 | 920 |
| | AngloGold Ashanti Ltd. | 50,653 | 916 |
| | Impala Platinum Holdings Ltd. | 71,238 | 803 |
| | Woolworths Holdings Ltd. | 82,695 | 563 |
| | Barclays Africa Group Ltd. | 35,908 | 526 |
| | Growthpoint Properties Ltd. | 221,350 | 512 |
| | Nedbank Group Ltd. | 22,387 | 480 |
| | Brait SE | 86,612 | 467 |
| | Gold Fields Ltd. | 104,759 | 445 |
| | Vodacom Group Ltd. | 35,720 | 426 |
49
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mondi Ltd. | 25,592 | 426 |
| | Netcare Ltd. | 173,306 | 420 |
| | Barloworld Ltd. | 37,455 | 409 |
| | Tiger Brands Ltd. | 14,817 | 396 |
| | Truworths International Ltd. | 49,157 | 395 |
| | MMI Holdings Ltd. | 156,329 | 393 |
| | Life Healthcare Group Holdings Ltd. | 98,655 | 392 |
| | Clicks Group Ltd. | 62,842 | 383 |
| | Mr Price Group Ltd. | 23,989 | 362 |
| | Mediclinic International Ltd. | 48,617 | 340 |
| | Imperial Holdings Ltd. | 17,806 | 332 |
| | RMB Holdings Ltd. | 65,151 | 313 |
| * | Anglo American Platinum Ltd. | 6,225 | 296 |
| | DataTec Ltd. | 58,163 | 292 |
| | Mpact Ltd. | 108,938 | 288 |
| | Kumba Iron Ore Ltd. | 7,516 | 268 |
| | Coronation Fund Managers Ltd. | 27,272 | 263 |
| | Nampak Ltd. | 67,858 | 253 |
| | Sibanye Gold Ltd. | 96,272 | 249 |
| | Discovery Ltd. | 27,626 | 240 |
| | JSE Ltd. | 25,216 | 231 |
| | Investec Ltd. | 24,899 | 219 |
| | Foschini Group Ltd. | 20,255 | 209 |
| * | Sappi Ltd. | 63,679 | 202 |
| | Capital Property Fund | 198,417 | 200 |
| | City Lodge Hotels Ltd. | 16,674 | 196 |
| | SPAR Group Ltd. | 16,206 | 190 |
| | Illovo Sugar Ltd. | 67,733 | 187 |
| ^ | Capitec Bank Holdings Ltd. | 8,326 | 180 |
| ^ | African Bank Investments Ltd. | 150,852 | 179 |
| | African Rainbow Minerals Ltd. | 9,498 | 179 |
| | Massmart Holdings Ltd. | 12,926 | 171 |
| * | Harmony Gold Mining Co. Ltd. | 47,823 | 157 |
| | Emira Property Fund | 108,262 | 149 |
| | Adcock Ingram Holdings Ltd. | 25,622 | 149 |
| | Exxaro Resources Ltd. | 10,640 | 145 |
| | Pick n Pay Stores Ltd. | 25,106 | 144 |
| * | Murray & Roberts Holdings Ltd. | 56,830 | 133 |
| * | Northam Platinum Ltd. | 33,930 | 133 |
| | SA Corporate Real Estate Fund Nominees Pty Ltd. | 336,061 | 132 |
| | Assore Ltd. | 3,401 | 132 |
| * | Aveng Ltd. | 60,206 | 129 |
| | Sun International Ltd. | 12,892 | 127 |
| | Tongaat Hulett Ltd. | 9,774 | 116 |
| | Aeci Ltd. | 9,706 | 108 |
| | Lewis Group Ltd. | 17,093 | 102 |
| | Omnia Holdings Ltd. | 4,672 | 100 |
| * | Super Group Ltd. | 36,378 | 98 |
| | AVI Ltd. | 17,248 | 95 |
| | Fountainhead Property Trust | 121,342 | 92 |
| | Liberty Holdings Ltd. | 7,250 | 87 |
| | PPC Ltd. | 28,961 | 84 |
| * | Telkom SA SOC Ltd. | 22,107 | 79 |
| | Grindrod Ltd. | 33,376 | 79 |
| * | PSG Group Ltd. | 6,713 | 67 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 5,074 | 66 |
| | Pick n Pay Holdings Ltd. | 26,672 | 65 |
| | Blue Label Telecoms Ltd. | 74,154 | 64 |
| | Group Five Ltd. | 15,342 | 63 |
| | EOH Holdings Ltd. | 7,382 | 59 |
| | Santam Ltd. | 2,842 | 57 |
| | Reunert Ltd. | 8,701 | 57 |
| | Clover Industries Ltd. | 30,888 | 57 |
| | Famous Brands Ltd. | 5,510 | 55 |
50
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Metair Investments Ltd. | 12,945 | 52 |
| | Astral Foods Ltd. | 3,140 | 29 |
| * | Royal Bafokeng Platinum Ltd. | 3,748 | 24 |
| * | ArcelorMittal South Africa Ltd. | 6,579 | 23 |
| | | | 39,159 |
| South Korea (1.6%) | | |
| | Samsung Electronics Co. Ltd. GDR | 25,104 | 16,206 |
| | Hyundai Motor Co. | 18,199 | 4,058 |
| * | SK Hynix Inc. | 61,980 | 2,417 |
| | NAVER Corp. | 3,264 | 2,350 |
| | Hyundai Mobis | 8,037 | 2,296 |
| | POSCO | 6,509 | 1,923 |
| | Kia Motors Corp. | 30,182 | 1,675 |
| | KB Financial Group Inc. ADR | 41,839 | 1,436 |
| | Shinhan Financial Group Co. Ltd. | 29,910 | 1,306 |
| | Hana Financial Group Inc. | 36,840 | 1,300 |
| | LG Chem Ltd. | 5,016 | 1,280 |
| * | Shinhan Financial Group Co. Ltd. ADR | 29,178 | 1,272 |
| | KT&G Corp. | 14,325 | 1,148 |
| | Korea Electric Power Corp. | 29,110 | 1,113 |
| | Samsung Life Insurance Co. Ltd. | 11,915 | 1,109 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 4,518 | 1,073 |
| | Hyundai Heavy Industries Co. Ltd. | 5,244 | 986 |
| | Samsung C&T Corp. | 13,990 | 880 |
| | SK Telecom Co. Ltd. ADR | 37,103 | 857 |
| | LG Electronics Inc. | 12,152 | 809 |
| | SK Innovation Co. Ltd. | 6,866 | 787 |
| * | LG Display Co. Ltd. | 26,940 | 718 |
| | POSCO ADR | 8,789 | 647 |
| | Samsung SDI Co. Ltd. | 4,287 | 630 |
| | LG Household & Health Care Ltd. | 1,292 | 592 |
| | Samsung Heavy Industries Co. Ltd. | 21,240 | 582 |
| | E-Mart Co. Ltd. | 2,492 | 570 |
| | LG Corp. | 10,179 | 568 |
| | Coway Co. Ltd. | 6,711 | 530 |
| | Hyundai Steel Co. | 7,891 | 517 |
| | SK Holdings Co. Ltd. | 2,904 | 515 |
| | Woori Finance Holdings Co. Ltd. | 45,470 | 513 |
| | Hyundai Glovis Co. Ltd. | 2,026 | 478 |
| | Amorepacific Corp. | 355 | 459 |
| | KT Corp. | 14,359 | 458 |
| | Hyundai Engineering & Construction Co. Ltd. | 8,192 | 444 |
| *,^ | LG Innotek Co. Ltd. | 3,742 | 414 |
| | Samsung Electro-Mechanics Co. Ltd. | 6,303 | 405 |
| | Lotte Shopping Co. Ltd. | 1,295 | 402 |
| | Korea Zinc Co. Ltd. | 1,218 | 401 |
| | KB Financial Group Inc. | 11,000 | 376 |
| | Hankook Tire Co. Ltd. | 6,380 | 370 |
| | Hotel Shilla Co. Ltd. | 4,390 | 370 |
| | Kangwon Land Inc. | 12,730 | 368 |
| | OCI Co. Ltd. | 2,072 | 364 |
| ^ | Celltrion Inc. | 7,646 | 357 |
| | SK C&C Co. Ltd. | 2,488 | 342 |
| | S-Oil Corp. | 5,796 | 339 |
| | Cheil Industries Inc. | 5,310 | 339 |
| ^ | NCSoft Corp. | 1,672 | 333 |
| | Orion Corp. | 434 | 332 |
| | Dongbu Insurance Co. Ltd. | 5,755 | 318 |
| | BS Financial Group Inc. | 20,770 | 318 |
| | Macquarie Korea Infrastructure Fund | 50,030 | 310 |
| | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 10,610 | 308 |
| | Daelim Industrial Co. Ltd. | 3,745 | 306 |
| | Hyundai Wia Corp. | 1,819 | 300 |
| | Sam Young Electronics Co. Ltd. | 25,760 | 287 |
51
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Lotte Chemical Corp. | 1,744 | 276 |
| | Industrial Bank of Korea | 22,290 | 275 |
| | Samsung Securities Co. Ltd. | 7,100 | 271 |
| | KCC Corp. | 542 | 270 |
| | Taekwang Industrial Co. Ltd. | 199 | 256 |
| | Samsung Techwin Co. Ltd. | 4,554 | 256 |
| | LG Uplus Corp. | 25,700 | 253 |
| | Samsung Engineering Co. Ltd. | 3,366 | 253 |
| | Daishin Securities Co. Ltd. | 27,720 | 251 |
| | SK Telecom Co. Ltd. | 1,173 | 243 |
| | Hyundai Department Store Co. Ltd. | 1,772 | 228 |
| | Samsung Electronics Co. Ltd. | 175 | 228 |
| | Korea Gas Corp. | 3,651 | 219 |
| * | Kumho Tire Co. Inc. | 17,280 | 218 |
| | Kumho Petro chemical Co. Ltd. | 2,557 | 217 |
| | AMOREPACIFIC Group | 409 | 212 |
| | Daum Communications Corp. | 2,894 | 210 |
| | GS Holdings | 4,481 | 209 |
| | CJ CheilJedang Corp. | 684 | 205 |
| | Daesang Corp. | 5,170 | 205 |
| * | Cheil Worldwide Inc. | 8,335 | 203 |
| | Paradise Co. Ltd. | 5,431 | 202 |
| | Hyosung Corp. | 2,788 | 199 |
| | Youlchon Chemical Co. Ltd. | 14,280 | 195 |
| | CJ Corp. | 1,607 | 195 |
| * | Doosan Infracore Co. Ltd. | 15,570 | 188 |
| | DGB Financial Group Inc. | 12,320 | 187 |
| | Hyundai Development Co-Engineering & Construction | 6,500 | 186 |
| | S-1 Corp. | 2,373 | 180 |
| | Mando Corp. | 1,467 | 176 |
| | Seoul Semiconductor Co. Ltd. | 4,368 | 176 |
| | Hanwha Corp. | 5,900 | 172 |
| | Korea Investment Holdings Co. Ltd. | 4,680 | 172 |
| | Shinsegae Co. Ltd. | 787 | 171 |
| | Daewoo Securities Co. Ltd. | 20,711 | 170 |
| | Namhae Chemical Corp. | 18,020 | 170 |
| | iMarketKorea Inc. | 5,560 | 168 |
| | SK Chemicals Co. Ltd. | 2,877 | 168 |
| | Korea Aerospace Industries Ltd. | 5,230 | 167 |
| *,^ | Wonik IPS Co. Ltd. | 16,586 | 166 |
| | LIG Insurance Co. Ltd. | 5,630 | 165 |
| | Hanwha Life Insurance Co. Ltd. | 24,970 | 163 |
| | Doosan Corp. | 1,259 | 162 |
| ^ | Halla Visteon Climate Control Corp. | 3,830 | 160 |
| ^ | GS Engineering & Construction Corp. | 4,517 | 159 |
| | Lotte Confectionery Co. Ltd. | 93 | 159 |
| * | Daewoo Engineering & Construction Co. Ltd. | 19,160 | 159 |
| | SK Networks Co. Ltd. | 17,070 | 157 |
| | Yuhan Corp. | 894 | 157 |
| | Daewoo International Corp. | 4,479 | 157 |
| ^ | Hyundai Mipo Dockyard | 1,148 | 157 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 5,200 | 153 |
| | Hanssem Co. Ltd. | 1,840 | 151 |
| | Samsung Card Co. Ltd. | 3,992 | 145 |
| | Doosan Heavy Industries & Construction Co. Ltd. | 4,251 | 144 |
| | Maeil Dairy Industry Co. Ltd. | 3,787 | 143 |
| ^ | Hanwha Chemical Corp. | 7,970 | 141 |
| | LG Hausys Ltd. | 790 | 139 |
| | Youngone Corp. | 3,240 | 132 |
| ^ | Kolao Holdings | 5,310 | 132 |
| | LS Corp. | 1,593 | 125 |
| | Hyundai Home Shopping Network Corp. | 819 | 123 |
| | Ottogi Corp. | 307 | 122 |
| | LG International Corp. | 3,990 | 118 |
52
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | SM Entertainment Co. | 2,434 | 115 |
| * | CJ E&M Corp. | 2,294 | 112 |
| | CJ O Shopping Co. Ltd. | 311 | 110 |
| * | SK Broadband Co. Ltd. | 26,386 | 109 |
| | Fila Korea Ltd. | 1,243 | 108 |
| * | Ssangyong Motor Co. | 10,890 | 106 |
| | LS Industrial Systems Co. Ltd. | 1,644 | 105 |
| | Young Poong Corp. | 91 | 105 |
| | Ahnlab Inc. | 2,032 | 104 |
| | Mirae Asset Securities Co. Ltd. | 2,540 | 104 |
| | Grand Korea Leisure Co. Ltd. | 2,480 | 104 |
| * | Korean Air Lines Co. Ltd. | 3,202 | 103 |
| | Kolon Industries Inc. | 1,501 | 100 |
| | CJ CGV Co. Ltd. | 2,130 | 99 |
| | Hyundai Greenfood Co. Ltd. | 5,900 | 99 |
| | Poongsan Corp. | 3,950 | 97 |
| | Medy-Tox Inc. | 657 | 97 |
| * | CJ Korea Express Co. Ltd. | 918 | 97 |
| | Daewoong Pharmaceutical Co. Ltd. | 1,411 | 96 |
| * | NHN Entertainment Corp. | 1,163 | 95 |
| | Seah Besteel Corp. | 3,350 | 90 |
| | Korean Reinsurance Co. | 9,144 | 90 |
| | GS Home Shopping Inc. | 379 | 86 |
| | LOTTE Himart Co. Ltd. | 1,184 | 83 |
| * | Hyundai Merchant Marine Co. Ltd. | 8,120 | 82 |
| * | Chabio & Diostech Co. Ltd. | 5,050 | 79 |
| | Lotte Food Co. Ltd. | 105 | 79 |
| | SKC Co. Ltd. | 2,370 | 79 |
| | NongShim Co. Ltd. | 261 | 78 |
| * | Hanmi Pharm Co. Ltd. | 680 | 77 |
| | SFA Engineering Corp. | 1,773 | 77 |
| | Dongsuh Co. Inc. | 4,930 | 76 |
| | Eo Technics Co. Ltd. | 1,113 | 74 |
| | LG Fashion Corp. | 2,820 | 73 |
| | Hana Tour Service Inc. | 1,130 | 73 |
| | Chong Kun Dang Pharmaceutical Corp. | 1,005 | 72 |
| * | Lumens Co. Ltd. | 5,290 | 71 |
| * | Green Cross Cell Corp. | 2,166 | 71 |
| | Nexen Tire Corp. | 5,080 | 70 |
| * | Osstem Implant Co. Ltd. | 2,787 | 69 |
| * | Seegene Inc. | 1,238 | 68 |
| * | Hanjin Shipping Holdings Co. Ltd. | 10,320 | 67 |
| | Hite Jinro Co. Ltd. | 2,740 | 66 |
| | Samchully Co. Ltd. | 442 | 66 |
| | Hyundai Hysco Co. Ltd. | 1,228 | 65 |
| | Hansol Paper Co. | 5,840 | 64 |
| | Lotte Chilsung Beverage Co. Ltd. | 42 | 64 |
| | Woori Investment & Securities Co. Ltd. | 7,482 | 63 |
| * | Korea Line Corp. | 2,370 | 62 |
| | Dongkuk Steel Mill Co. Ltd. | 6,470 | 62 |
| | Hyundai Securities Co. Ltd. Preference Shares | 9,390 | 62 |
| | KIWOOM Securities Co. Ltd. | 1,254 | 62 |
| * | GemVax & Kael Co. Ltd. | 3,321 | 62 |
| * | Medipost Co. Ltd. | 914 | 61 |
| *,^ | Taihan Electric Wire Co. Ltd. | 29,761 | 61 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 6,830 | 61 |
| * | Dongbu HiTek Co. Ltd. | 9,040 | 61 |
| ^ | Partron Co. Ltd. | 4,491 | 61 |
| | Hyundai Securities Co. Ltd. | 8,830 | 60 |
| | Dong-A ST Co. Ltd. | 569 | 58 |
| * | ViroMed Co. Ltd. | 1,140 | 58 |
| | Posco ICT Co. Ltd. | 6,926 | 58 |
| | Meritz Fire & Marine Insurance Co. Ltd. | 4,620 | 58 |
| | KEPCO Engineering & Construction Co. Inc. | 958 | 57 |
53
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hanil E-Wha Co. Ltd. | 2,750 | 56 |
| | Korea Kolmar Co. Ltd. | 1,690 | 56 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 857 | 56 |
| | Samyang Holdings Corp. | 780 | 54 |
| * | Gamevil Inc. | 801 | 54 |
| | Meritz Securities Co. Ltd. | 24,710 | 54 |
| * | LG Life Sciences Ltd. | 1,565 | 54 |
| | Namyang Dairy Products Co. Ltd. | 61 | 54 |
| *,^ | Hanjin Heavy Industries & Construction Co. Ltd. | 4,550 | 54 |
| | Sungwoo Hitech Co. Ltd. | 3,318 | 54 |
| | Youngone Holdings Co. Ltd. | 745 | 53 |
| | Huchems Fine Chemical Corp. | 2,510 | 53 |
| | GS Retail Co. Ltd. | 1,890 | 53 |
| | Hancom Inc. | 2,196 | 52 |
| | Hanil Cement Co. Ltd. | 449 | 52 |
| | Hanjin Transportation Co. Ltd. | 2,100 | 52 |
| | Interpark Corp. | 4,596 | 52 |
| | Sung Kwang Bend Co. Ltd. | 2,178 | 51 |
| | Hyundai Corp. | 1,590 | 49 |
| | Soulbrain Co. Ltd. | 1,212 | 48 |
| * | Ssangyong Cement Industrial Co. Ltd. | 5,250 | 48 |
| | Tongyang Life Insurance | 4,930 | 48 |
| | Ilyang Pharmaceutical Co. Ltd. | 1,960 | 48 |
| | CJ Hellovision Co. Ltd. | 2,780 | 48 |
| | YG Entertainment Inc. | 783 | 47 |
| | Green Cross Holdings Corp. | 3,370 | 46 |
| | Daou Technology Inc. | 3,300 | 46 |
| | MegaStudy Co. Ltd. | 672 | 45 |
| | Samsung Fine Chemicals Co. Ltd. | 1,100 | 44 |
| | Binggrae Co. Ltd. | 454 | 41 |
| * | Hyundai Elevator Co. Ltd. | 1,049 | 41 |
| * | Pan Ocean Co. Ltd. | 11,851 | 40 |
| * | Hanjin Shipping Co. Ltd. | 6,025 | 35 |
| | Able C&C Co. Ltd. | 1,095 | 31 |
| | Hankook Tire Worldwide Co. Ltd. | 1,049 | 21 |
| | Chongkundang Holdings Corp. | 389 | 19 |
| * | Hanjin Kal Corp. | 691 | 15 |
| * | GS Engineering & Construction Corp Rights Exp. 6/3/2014 | 1,457 | 12 |
| | Dong-A Socio Holdings Co. Ltd. | 81 | 10 |
| * | Pharmicell Co. Ltd. | 960 | 4 |
| * | CNK International Co. Ltd. | 78 | — |
| | | | 80,901 |
| Spain (1.3%) | | |
| * | Banco Santander SA | 1,270,097 | 12,632 |
| | Banco Bilbao Vizcaya Argentaria SA | 683,950 | 8,425 |
| | Telefonica SA | 474,433 | 7,962 |
| | Iberdrola SA | 609,911 | 4,261 |
| | Inditex SA | 25,885 | 3,889 |
| | Repsol SA | 123,978 | 3,338 |
| | Amadeus IT Holding SA | 44,971 | 1,870 |
| | Banco de Sabadell SA | 425,323 | 1,447 |
| * | Banco Popular Espanol SA | 170,885 | 1,259 |
| * | CaixaBank SA | 205,862 | 1,255 |
| | Abertis Infraestructuras SA | 53,426 | 1,203 |
| * | Bankia SA | 543,772 | 1,111 |
| | Banco Santander SA ADR | 102,664 | 1,023 |
| | Red Electrica Corp. SA | 11,941 | 983 |
| | Gas Natural SDG SA | 34,117 | 978 |
| | Grifols SA | 18,166 | 971 |
| | Ferrovial SA | 42,219 | 939 |
| * | ACS Actividades de Construccion y Servicios SA | 16,913 | 726 |
| | Enagas SA | 21,990 | 678 |
| | Bankinter SA | 76,977 | 589 |
| | Distribuidora Internacional de Alimentacion SA | 63,377 | 567 |
54
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Viscofan SA | 10,639 | 555 |
| | Grupo Catalana Occidente SA | 11,785 | 461 |
| | Mapfre SA | 102,685 | 433 |
| | Bolsas y Mercados Espanoles SA | 8,640 | 376 |
| | Acciona SA | 4,590 | 373 |
| | Construcciones y Auxiliar de Ferrocarriles SA | 771 | 369 |
| * | Abengoa SA - B Shares | 81,859 | 365 |
| * | Almirall SA | 20,351 | 341 |
| *,^ | Acerinox SA | 18,830 | 329 |
| | Obrascon Huarte Lain SA | 7,021 | 326 |
| * | Gamesa Corp. Tecnologica SA | 29,281 | 291 |
| | Endesa SA | 7,496 | 284 |
| | Zardoya Otis SA | 15,705 | 276 |
| | Indra Sistemas SA | 13,768 | 259 |
| * | Mediaset Espana Comunicacion SA | 21,072 | 234 |
| | Tubacex SA | 47,371 | 232 |
| | Ebro Foods SA | 9,631 | 222 |
| | Prosegur Cia de Seguridad SA | 26,190 | 175 |
| * | Zeltia SA | 40,605 | 153 |
| | Tecnicas Reunidas SA | 2,089 | 126 |
| * | NH Hoteles SA | 17,890 | 114 |
| * | Sacyr Vallehermoso SA | 16,101 | 106 |
| | Corp Financiera Alba SA | 1,675 | 103 |
| * | Faes Farma SA | 29,714 | 92 |
| * | Atresmedia Corp. de Medios de Comunicaion SA | 4,879 | 70 |
| * | Fomento de Construcciones y Contratas SA | 2,553 | 56 |
| * | Let's GOWEX SA | 1,955 | 56 |
| * | Liberbank SA | 43,845 | 55 |
| *,^ | Promotora de Informaciones SA | 87,946 | 49 |
| | Melia Hotels International SA | 2,951 | 37 |
| * | Abengoa SA | 5,630 | 31 |
| | | | 63,055 |
| Sweden (1.2%) | | |
| | Nordea Bank AB | 370,136 | 5,363 |
| ^ | Hennes & Mauritz AB Class B | 112,633 | 4,610 |
| | Telefonaktiebolaget LM Ericsson Class B | 356,282 | 4,296 |
| | Swedbank AB Class A | 123,744 | 3,312 |
| | Volvo AB Class B | 178,201 | 2,822 |
| | Svenska Handelsbanken AB Class A | 55,277 | 2,780 |
| | Skandinaviska Enskilda Banken AB Class A | 179,762 | 2,483 |
| | Atlas Copco AB Class A | 69,679 | 2,026 |
| * | Investor AB Class B | 50,897 | 1,972 |
| ^ | Atlas Copco AB Class B | 67,801 | 1,849 |
| * | Assa Abloy AB Class B | 34,726 | 1,843 |
| | Svenska Cellulosa AB SCA Class B | 64,917 | 1,825 |
| | TeliaSonera AB | 248,106 | 1,806 |
| * | Sandvik AB | 123,532 | 1,756 |
| | SKF AB | 62,795 | 1,631 |
| | Scania AB Class B | 37,683 | 1,148 |
| | Hexagon AB Class B | 32,214 | 1,031 |
| | Electrolux AB Class B | 34,583 | 961 |
| ^ | Alfa Laval AB | 34,415 | 917 |
| ^ | Boliden AB | 59,428 | 908 |
| | Investment AB Kinnevik | 23,391 | 825 |
| | Skanska AB Class B | 33,976 | 780 |
| * | Swedish Match AB | 22,611 | 776 |
| * | Lundin Petroleum AB | 34,930 | 750 |
| | Getinge AB | 21,021 | 616 |
| | Elekta AB Class B | 40,240 | 562 |
| | Trelleborg AB Class B | 26,168 | 560 |
| | Securitas AB Class B | 40,512 | 490 |
| * | Tele2 AB | 36,172 | 462 |
| | Meda AB Class A | 25,431 | 457 |
| | Wallenstam AB | 27,091 | 445 |
55
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Industrivarden AB Class A | 18,320 | 411 |
| | NCC AB Class B | 11,503 | 403 |
| | Fabege AB | 27,387 | 385 |
| | Hufvudstaden AB Class A | 26,208 | 384 |
| | Hexpol AB | 3,460 | 328 |
| | Castellum AB | 19,036 | 325 |
| | Husqvarna AB | 37,576 | 314 |
| * | Swedish Orphan Biovitrum AB | 28,055 | 308 |
| * | SSAB AB Class B | 34,329 | 260 |
| | Industrivarden AB | 11,808 | 248 |
| | ICA Gruppen AB | 7,101 | 239 |
| | Modern Times Group AB Class B | 5,314 | 237 |
| | BillerudKorsnas AB | 16,115 | 236 |
| * | SSAB AB Class A | 20,338 | 178 |
| | Avanza Bank Holding AB | 4,654 | 175 |
| ^ | Ratos AB | 16,909 | 172 |
| | Loomis AB Class B | 6,293 | 172 |
| | Nibe Industrier AB Class B | 5,534 | 155 |
| | JM AB | 4,457 | 151 |
| * | Betsson AB | 3,978 | 145 |
| ^ | Axis Communications AB | 4,513 | 135 |
| | Axfood AB | 2,504 | 133 |
| | AarhusKarlshamn AB | 1,985 | 133 |
| * | Fastighets AB Balder | 10,237 | 131 |
| | Saab AB Class B | 3,901 | 120 |
| | Holmen AB | 3,229 | 114 |
| * | AF AB | 2,956 | 107 |
| | Indutrade AB | 2,387 | 104 |
| * | Eniro AB | 12,275 | 98 |
| | Kungsleden AB | 10,770 | 88 |
| | Intrum Justitia AB | 2,901 | 84 |
| *,^ | CDON Group AB | 20,364 | 83 |
| | Wihlborgs Fastigheter AB | 4,138 | 80 |
| | Lundbergforetagen AB Class B | 1,475 | 69 |
| * | Concentric AB | 4,656 | 66 |
| | Klovern AB Preference Shares | 2,663 | 65 |
| ^ | Mekonomen AB | 2,334 | 63 |
| | Haldex AB | 4,667 | 60 |
| | Clas Ohlson AB | 2,654 | 59 |
| | Peab AB | 7,550 | 58 |
| | Nobia AB | 5,515 | 50 |
| | Melker Schorling AB | 893 | 49 |
| * | Investment AB Oresund | 1,836 | 46 |
| * | Rezidor Hotel Group AB | 7,305 | 45 |
| * | Lindab International AB | 3,531 | 44 |
| *,^ | SAS AB | 18,626 | 40 |
| | Bilia AB | 183 | 6 |
| * | Rezidor Hotel Group AB Rights Exp. 5/21/2014 | 7,305 | 3 |
| | | | 59,421 |
| Switzerland (3.1%) | | |
| | Nestle SA | 387,149 | 29,921 |
| | Roche Holding AG | 83,426 | 24,473 |
| | Novartis AG | 275,665 | 23,964 |
| | UBS AG | 417,912 | 8,740 |
| * | ABB Ltd. | 273,009 | 6,573 |
| * | Credit Suisse Group AG | 188,231 | 5,967 |
| * | Cie Financiere Richemont SA | 58,271 | 5,928 |
| | Zurich Insurance Group AG | 17,340 | 4,972 |
| * | Syngenta AG | 11,097 | 4,394 |
| | Swiss Re AG | 42,768 | 3,740 |
| * | Holcim Ltd. | 35,666 | 3,271 |
| | Swatch Group AG (Bearer) | 4,495 | 2,890 |
| | Adecco SA | 19,995 | 1,679 |
| | Transocean Ltd. (XVTX) | 38,637 | 1,651 |
56
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Givaudan SA | 1,043 | 1,646 |
| | Swisscom AG | 2,564 | 1,560 |
| | Geberit AG | 4,115 | 1,374 |
| | SGS SA | 550 | 1,374 |
| * | Actelion Ltd. | 13,643 | 1,343 |
| | Julius Baer Group Ltd. | 24,519 | 1,148 |
| | Sonova Holding AG | 7,374 | 1,065 |
| | Sika AG | 232 | 939 |
| | Lindt & Spruengli AG Regular | 15 | 875 |
| | Schindler Holding AG | 5,497 | 852 |
| | Aryzta AG | 8,586 | 794 |
| | Swiss Life Holding AG | 3,210 | 791 |
| | Kuehne & Nagel International AG | 5,445 | 745 |
| | Partners Group Holding AG | 2,543 | 696 |
| | Barry Callebaut AG | 472 | 641 |
| | Baloise Holding AG | 5,264 | 641 |
| | Clariant AG | 28,446 | 561 |
| | Lonza Group AG | 5,283 | 553 |
| | Swatch Group AG (Registered) | 4,533 | 547 |
| | Galenica AG | 511 | 520 |
| | Sulzer AG | 3,143 | 485 |
| * | Dufry AG | 2,911 | 482 |
| | BB Biotech AG | 2,670 | 448 |
| | Schindler Holding AG (Registered) | 2,896 | 442 |
| | Swiss Prime Site AG | 5,099 | 429 |
| * | Georg Fischer AG | 527 | 418 |
| | EMS-Chemie Holding AG | 903 | 352 |
| | PSP Swiss Property AG | 3,491 | 336 |
| | Temenos Group AG | 9,179 | 329 |
| | GAM Holding AG | 18,056 | 329 |
| | Forbo Holding AG | 312 | 323 |
| | Bucher Industries AG | 989 | 322 |
| | OC Oerlikon Corp. AG | 20,163 | 321 |
| | Helvetia Holding AG | 641 | 320 |
| | ams AG | 2,093 | 316 |
| | Lindt & Spruengli AG | 64 | 311 |
| | Nobel Biocare Holding AG | 21,430 | 299 |
| | Allreal Holding AG | 2,075 | 293 |
| | Transocean Ltd. (XNYS) | 5,627 | 242 |
| | DKSH Holding AG | 2,931 | 242 |
| | Mobimo Holding AG | 1,069 | 230 |
| | Flughafen Zuerich AG | 364 | 230 |
| | Panalpina Welttransport Holding AG | 1,420 | 223 |
| | Logitech International SA | 14,375 | 195 |
| | Kaba Holding AG Class B | 398 | 192 |
| | Pargesa Holding SA | 1,930 | 175 |
| | Vontobel Holding AG | 4,312 | 169 |
| | Belimo Holding AG | 57 | 161 |
| * | Meyer Burger Technology AG | 12,887 | 159 |
| | EFG International AG | 12,367 | 157 |
| | Straumann Holding AG | 697 | 155 |
| | Valiant Holding AG | 1,213 | 134 |
| | Burckhardt Compression Holding AG | 251 | 130 |
| | Autoneum Holding AG | 583 | 124 |
| * | Schmolz & Bickenbach AG | 75,992 | 109 |
| | Kudelski SA | 6,259 | 108 |
| * | Banque Cantonale Vaudoise | 177 | 105 |
| | Implenia AG | 1,385 | 102 |
| | Tecan Group AG | 810 | 101 |
| | Gategroup Holding AG | 3,127 | 97 |
| | Schweiter Technologies AG | 125 | 94 |
| | Kuoni Reisen Holding AG | 210 | 93 |
| | Rieter Holding AG | 403 | 91 |
| | Swissquote Group Holding SA | 2,287 | 90 |
57
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | St. Galler Kantonalbank AG | 191 | 82 |
| | Basler Kantonalbank | 852 | 74 |
| * | Valora Holding AG | 249 | 70 |
| | Huber & Suhner AG | 1,157 | 64 |
| | Ascom Holding AG | 3,260 | 61 |
| | Schweizerische National-Versicherungs-Gesellschaft AG | 755 | 52 |
| | Emmi AG | 140 | 51 |
| | AFG Arbonia-Forster Holding AG | 1,538 | 51 |
| | VZ Holding AG | 293 | 49 |
| | BKW AG | 807 | 30 |
| | Zehnder Group AG | 534 | 23 |
| | | | 157,898 |
| Taiwan (1.4%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,895,000 | 7,446 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 197,772 | 3,975 |
| | Hon Hai Precision Industry Co. Ltd. | 1,370,381 | 3,936 |
| | MediaTek Inc. | 176,086 | 2,759 |
| | Delta Electronics Inc. | 236,641 | 1,453 |
| | Nan Ya Plastics Corp. | 658,423 | 1,444 |
| | Formosa Plastics Corp. | 551,873 | 1,424 |
| | Chunghwa Telecom Co. Ltd. ADR | 44,806 | 1,406 |
| | Formosa Chemicals & Fibre Corp. | 557,283 | 1,349 |
| | Cathay Financial Holding Co. Ltd. | 894,238 | 1,264 |
| | China Steel Corp. | 1,486,657 | 1,249 |
| | Fubon Financial Holding Co. Ltd. | 926,880 | 1,200 |
| | Mega Financial Holding Co. Ltd. | 1,178,557 | 902 |
| | Uni-President Enterprises Corp. | 518,535 | 878 |
| | CTBC Financial Holding Co. Ltd. | 1,461,071 | 869 |
| | Asustek Computer Inc. | 83,169 | 860 |
| | Quanta Computer Inc. | 306,450 | 841 |
| | Largan Precision Co. Ltd. | 12,020 | 753 |
| | Catcher Technology Co. Ltd. | 82,310 | 695 |
| | Advanced Semiconductor Engineering Inc. ADR | 117,213 | 693 |
| | Chunghwa Telecom Co. Ltd. | 219,000 | 685 |
| | Taiwan Mobile Co. Ltd. | 202,800 | 655 |
| | Hotai Motor Co. Ltd. | 52,000 | 610 |
| | United Microelectronics Corp. | 1,373,180 | 599 |
| | Cheng Shin Rubber Industry Co. Ltd. | 205,379 | 590 |
| * | AU Optronics Corp. ADR | 153,918 | 579 |
| | Taiwan Cement Corp. | 361,210 | 574 |
| | President Chain Store Corp. | 74,952 | 558 |
| | Yuanta Financial Holding Co. Ltd. | 1,081,990 | 540 |
| | Formosa Petrochemical Corp. | 214,140 | 539 |
| | Siliconware Precision Industries Co. | 359,030 | 532 |
| | E.Sun Financial Holding Co. Ltd. | 763,539 | 462 |
| | Far EasTone Telecommunications Co. Ltd. | 210,000 | 454 |
| | First Financial Holding Co. Ltd. | 769,381 | 451 |
| | HTC Corp. | 87,491 | 450 |
| | Far Eastern New Century Corp. | 434,449 | 445 |
| | Hua Nan Financial Holdings Co. Ltd. | 763,739 | 430 |
| | Highwealth Construction Corp. | 183,200 | 409 |
| | China Development Financial Holding Corp. | 1,417,580 | 407 |
| | Taishin Financial Holding Co. Ltd. | 841,153 | 382 |
| * | Taiwan Business Bank | 1,256,705 | 367 |
| | Lite-On Technology Corp. | 237,700 | 364 |
| | Compal Electronics Inc. | 503,323 | 359 |
| | Foxconn Technology Co. Ltd. | 140,456 | 349 |
| * | Innolux Corp. | 989,533 | 342 |
| | SinoPac Financial Holdings Co. Ltd. | 757,964 | 338 |
| | Inventec Corp. | 366,554 | 338 |
| | Clevo Co. | 182,628 | 337 |
| | Novatek Microelectronics Corp. | 69,025 | 320 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 578,563 | 308 |
| * | Inotera Memories Inc. | 295,000 | 303 |
58
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Chailease Holding Co. Ltd. | 120,500 | 287 |
| | CTCI Corp. | 179,000 | 286 |
| | Pegatron Corp. | 185,954 | 282 |
| | Ruentex Industries Ltd. | 118,268 | 281 |
| | Teco Electric and Machinery Co. Ltd. | 258,000 | 281 |
| | Hermes Microvision Inc. | 6,493 | 270 |
| | WPG Holdings Ltd. | 218,000 | 268 |
| | China Life Insurance Co. Ltd. | 305,966 | 268 |
| | Asia Cement Corp. | 198,142 | 261 |
| | Giant Manufacturing Co. Ltd. | 31,881 | 250 |
| * | Nan Ya Printed Circuit Board Corp. | 169,000 | 239 |
| | Eclat Textile Co. Ltd. | 21,340 | 234 |
| | Shin Kong Financial Holding Co. Ltd. | 766,645 | 232 |
| | Hiwin Technologies Corp. | 24,304 | 231 |
| | Syncmold Enterprise Corp. | 132,000 | 230 |
| | TPK Holding Co. Ltd. | 29,958 | 229 |
| * | Ta Chong Bank Ltd. | 684,795 | 228 |
| | Wei Chuan Foods Corp. | 152,000 | 226 |
| | Airtac International Group | 21,000 | 226 |
| | TSRC Corp. | 148,500 | 218 |
| | Wistron Corp. | 259,409 | 217 |
| | Epistar Corp. | 99,000 | 217 |
| | Advantech Co. Ltd. | 33,216 | 215 |
| | Radiant Opto-Electronics Corp. | 53,314 | 215 |
| | Coretronic Corp. | 179,000 | 214 |
| | Chang Hwa Commercial Bank | 351,629 | 204 |
| | Powertech Technology Inc. | 126,000 | 204 |
| | Synnex Technology International Corp. | 129,189 | 201 |
| * | AU Optronics Corp. | 520,000 | 198 |
| | Phison Electronics Corp. | 29,000 | 197 |
| | Simplo Technology Co. Ltd. | 37,400 | 195 |
| * | Acer Inc. | 313,583 | 194 |
| | Gigabyte Technology Co. Ltd. | 124,000 | 194 |
| | Merida Industry Co. Ltd. | 28,000 | 188 |
| | Depo Auto Parts Ind Co. Ltd. | 45,000 | 181 |
| | Advanced Semiconductor Engineering Inc. | 155,000 | 180 |
| | Pou Chen Corp. | 140,524 | 179 |
| | Ruentex Development Co. Ltd. | 99,860 | 177 |
| | Far Eastern Department Stores Ltd. | 186,388 | 174 |
| * | Nan Kang Rubber Tire Co. Ltd. | 144,493 | 164 |
| | Huaku Development Co. Ltd. | 65,000 | 159 |
| | Chicony Electronics Co. Ltd. | 60,602 | 158 |
| | Kenda Rubber Industrial Co. Ltd. | 63,440 | 148 |
| | Tripod Technology Corp. | 73,000 | 144 |
| | Tainan Spinning Co. Ltd. | 212,000 | 143 |
| | Yulon Motor Co. Ltd. | 91,000 | 142 |
| | Taiwan Glass Industry Corp. | 150,354 | 138 |
| | Taiwan Fertilizer Co. Ltd. | 69,000 | 137 |
| | Greatek Electronics Inc. | 112,000 | 133 |
| | King Slide Works Co. Ltd. | 10,000 | 130 |
| | Ta Ya Electric Wire & Cable | 528,000 | 129 |
| | Unimicron Technology Corp. | 151,000 | 129 |
| | YFY Inc. | 287,000 | 127 |
| | Transcend Information Inc. | 38,000 | 125 |
| | Chipbond Technology Corp. | 72,000 | 123 |
| | Realtek Semiconductor Corp. | 42,420 | 121 |
| * | Medigen Biotechnology Corp. | 10,000 | 120 |
| | Wistron NeWeb Corp. | 51,000 | 119 |
| * | Asia Pacific Telecom Co. Ltd. | 247,152 | 118 |
| | Taiwan Secom Co. Ltd. | 45,000 | 114 |
| | Kinsus Interconnect Technology Corp. | 30,000 | 113 |
| | Formosa Taffeta Co. Ltd. | 108,000 | 113 |
| | D-Link Corp. | 172,000 | 113 |
| | Yungtay Engineering Co. Ltd. | 38,000 | 112 |
59
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Great China Metal Industry | 86,000 | 112 |
| | Chin-Poon Industrial Co. Ltd. | 59,000 | 111 |
| | Eternal Chemical Co. Ltd. | 106,000 | 111 |
| | Firich Enterprises Co. Ltd. | 22,000 | 109 |
| | Richtek Technology Corp. | 19,000 | 109 |
| * | Macronix International | 461,432 | 109 |
| | President Securities Corp. | 198,000 | 109 |
| * | Neo Solar Power Corp. | 91,000 | 108 |
| | Holtek Semiconductor Inc. | 60,000 | 108 |
| | Cathay Real Estate Development Co. Ltd. | 186,000 | 108 |
| | Everlight Electronics Co. Ltd. | 46,000 | 108 |
| | Vanguard International Semiconductor Corp. | 78,000 | 107 |
| | Topco Scientific Co. Ltd. | 57,114 | 107 |
| | Feng Hsin Iron & Steel Co. | 63,000 | 106 |
| | Standard Foods Corp. | 37,950 | 104 |
| | China Steel Chemical Corp. | 18,000 | 104 |
| | Zhen Ding Technology Holding Ltd. | 35,700 | 104 |
| | Lung Yen Life Service Corp. | 38,000 | 103 |
| | FLEXium Interconnect Inc. | 38,000 | 103 |
| | Yageo Corp. | 214,200 | 102 |
| | Kinik Co. | 36,000 | 99 |
| * | Winbond Electronics Corp. | 327,000 | 99 |
| | MIN AIK Technology Co. Ltd. | 18,000 | 98 |
| | Far Eastern International Bank | 273,867 | 96 |
| | Chroma ATE Inc. | 37,000 | 95 |
| | Tung Ho Steel Enterprise Corp. | 110,000 | 94 |
| | Grand Pacific Petrochemical | 146,000 | 93 |
| | Merry Electronics Co. Ltd. | 17,000 | 92 |
| * | Sino-American Silicon Products Inc. | 55,000 | 92 |
| | Ton Yi Industrial Corp. | 86,000 | 92 |
| | Altek Corp. | 88,000 | 89 |
| | Compeq Manufacturing Co. Ltd. | 135,000 | 89 |
| | Taiwan Sogo Shin Kong SEC | 65,000 | 88 |
| | Win Semiconductors Corp. | 98,000 | 88 |
| | AV Tech Corp. | 32,000 | 86 |
| | Elan Microelectronics Corp. | 46,000 | 85 |
| | St. Shine Optical Co. Ltd. | 4,000 | 85 |
| | King Yuan Electronics Co. Ltd. | 111,000 | 85 |
| | Micro-Star International Co. Ltd. | 77,000 | 84 |
| * | Ginko International Co. Ltd. | 5,000 | 84 |
| | Makalot Industrial Co. Ltd. | 16,000 | 84 |
| | Huang Hsiang Construction Co. | 55,000 | 84 |
| | Waterland Financial Holdings Co. Ltd. | 266,903 | 84 |
| * | Wowprime Corp. | 5,500 | 83 |
| | U-Ming Marine Transport Corp. | 48,000 | 81 |
| | Great Taipei Gas Co. Ltd. | 103,000 | 81 |
| * | Evergreen Marine Corp. Taiwan Ltd. | 142,000 | 81 |
| | Cheng Loong Corp. | 185,000 | 80 |
| | Capital Securities Corp. | 232,000 | 80 |
| | King's Town Bank | 84,000 | 78 |
| | Oriental Union Chemical Corp. | 78,000 | 78 |
| | Cheng Uei Precision Industry Co. Ltd. | 38,000 | 76 |
| | Taichung Commercial Bank | 229,515 | 76 |
| | China Synthetic Rubber Corp. | 79,000 | 76 |
| | Tong Hsing Electronic Industries Ltd. | 14,000 | 75 |
| | China Petrochemical Development Corp. | 190,350 | 75 |
| | Sanyang Industry Co. Ltd. | 80,000 | 73 |
| * | HannStar Display Corp. | 211,000 | 73 |
| | USI Corp. | 114,000 | 72 |
| | TTY Biopharm Co. Ltd. | 23,000 | 72 |
| | China Motor Corp. | 78,000 | 71 |
| | Wan Hai Lines Ltd. | 141,000 | 70 |
| | Tong Yang Industry Co. Ltd. | 49,000 | 70 |
| | Shinkong Synthetic Fibers Corp. | 217,000 | 70 |
60
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | LCY Chemical Corp. | 67,000 | 69 |
| | Feng TAY Enterprise Co. Ltd. | 24,758 | 69 |
| | ScinoPharm Taiwan Ltd. | 25,000 | 68 |
| * | China Airlines Ltd. | 203,000 | 68 |
| | Jih Sun Financial Holdings Co. Ltd. | 250,435 | 68 |
| * | Walsin Lihwa Corp. | 204,000 | 67 |
| | Radium Life Tech Co. Ltd. | 84,000 | 66 |
| | Career Technology MFG. Co. Ltd. | 46,000 | 65 |
| | Taiwan Hon Chuan Enterprise Co. Ltd. | 31,000 | 64 |
| * | Yang Ming Marine Transport Corp. | 156,000 | 64 |
| * | Tatung Co. Ltd. | 200,000 | 63 |
| | Casetek Holdings Ltd. | 12,000 | 63 |
| | Prince Housing & Development Corp. | 135,000 | 62 |
| | A-DATA Technology Co. Ltd. | 26,000 | 62 |
| | Kerry TJ Logistics Co. Ltd. | 51,000 | 61 |
| * | Motech Industries Inc. | 36,000 | 61 |
| | Parade Technologies Ltd. | 7,000 | 60 |
| | Formosa International Hotels Corp. | 5,000 | 59 |
| * | Wintek Corp. | 175,000 | 59 |
| | Faraday Technology Corp. | 43,000 | 59 |
| | China Bills Finance Corp. | 150,000 | 58 |
| | Chong Hong Construction Co. | 21,000 | 58 |
| | Shihlin Electric & Engineering Corp. | 46,976 | 57 |
| | Gourmet Master Co. Ltd. | 7,000 | 57 |
| | Cleanaway Co. Ltd. | 10,000 | 57 |
| | AcBel Polytech Inc. | 43,000 | 56 |
| | Soft-World International Corp. | 16,000 | 56 |
| | Formosan Rubber Group Inc. | 59,000 | 55 |
| | UPC Technology Corp. | 123,000 | 55 |
| * | Mitac Holdings Corp. | 67,000 | 54 |
| * | China Man-Made Fiber Corp. | 159,000 | 54 |
| | Ardentec Corp. | 63,000 | 54 |
| * | E Ink Holdings Inc. | 79,000 | 53 |
| | San Shing Fastech Corp. | 18,000 | 53 |
| | Namchow Chemical Industrial Co. Ltd. | 27,000 | 52 |
| | Kinpo Electronics | 138,000 | 51 |
| | YungShin Global Holding Corp. | 28,000 | 51 |
| * | Nan Liu Enterprise Co. Ltd. | 9,000 | 51 |
| * | Chung Hwa Pulp Corp. | 169,000 | 50 |
| * | PharmaEngine Inc. | 6,000 | 50 |
| * | Taiwan Styrene Monomer | 89,000 | 50 |
| | Lien Hwa Industrial Corp. | 79,000 | 50 |
| * | Shining Building Business Co. Ltd. | 62,000 | 50 |
| * | Qisda Corp. | 152,000 | 49 |
| * | Taiwan Liposome Co. Ltd. | 5,000 | 48 |
| | PChome Online Inc. | 7,000 | 48 |
| | Ho Tung Chemical Corp. | 106,000 | 47 |
| | Aten International Co. Ltd. | 15,000 | 47 |
| | Unity Opto Technology Co. Ltd. | 38,000 | 47 |
| | Kingdom Construction Co. | 45,000 | 46 |
| | Sercomm Corp. | 23,000 | 46 |
| * | Ritek Corp. | 296,000 | 46 |
| | Giga Solar Materials Corp. | 2,000 | 46 |
| | Flytech Technology Co. Ltd. | 12,000 | 46 |
| | National Petroleum Co. Ltd. | 51,597 | 46 |
| | Evergreen International Storage & Transport Corp. | 75,000 | 46 |
| | Hey Song Corp. | 43,500 | 46 |
| | Taiwan Semiconductor Co. Ltd. | 41,000 | 45 |
| * | Mosel Vitelic Inc. | 227,000 | 45 |
| | GeoVision Inc. | 8,000 | 44 |
| | G Tech Optoelectronics Corp. | 38,000 | 43 |
| | Poya Co. Ltd. | 6,928 | 43 |
| * | Via Technologies Inc. | 60,000 | 43 |
| | CyberTAN Technology Inc. | 44,000 | 43 |
61
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Eva Airways Corp. | 83,323 | 42 |
| * | Gigastorage Corp. | 34,000 | 41 |
| * | Toung Loong Textile Manufacturing | 14,000 | 40 |
| | Vivotek Inc. | 8,000 | 38 |
| | Universal Cement Corp. | 39,846 | 38 |
| * | Taiwan TEA Corp. | 59,000 | 37 |
| | IEI Integration Corp. | 23,000 | 33 |
| | Genius Electronic Optical Co. Ltd. | 8,714 | 30 |
| | Long Bon International Co. Ltd. | 44,000 | 27 |
| | O-TA Precision Industry Co. Ltd. | 37,000 | 26 |
| | ENG Electric Co. Ltd. | 3,000 | 2 |
| | | | 71,136 |
| Thailand (0.3%) | | |
| | Advanced Info Service PCL (Foreign) | 133,300 | 1,047 |
| | Kasikornbank PCL (Foreign) | 141,500 | 862 |
| * | PTT PCL | 71,700 | 694 |
| | Siam Commercial Bank PCL (Foreign) | 110,800 | 560 |
| | Airports of Thailand PCL (Foreign) | 75,200 | 465 |
| | PTT Exploration & Production PCL (Foreign) | 88,981 | 444 |
| | CP ALL PCL (Foreign) | 373,900 | 442 |
| | Siam Cement PCL (Foreign) | 30,000 | 405 |
| * | Siam Commercial Bank PCL (Local) | 77,800 | 399 |
| * | PTT Exploration and Production PCL (Local) | 72,800 | 359 |
| | Shin Corp. PCL | 135,496 | 327 |
| | Electricity Generating PCL (Foreign) | 74,700 | 304 |
| * | Central Pattana PCL | 208,800 | 293 |
| | BEC World PCL (Foreign) | 110,700 | 284 |
| | Bangkok Bank PCL (Foreign) | 47,798 | 280 |
| | TMB Bank PCL | 3,532,900 | 253 |
| * | Thaicom PCL | 198,000 | 248 |
| * | Indorama Ventures PCL | 332,500 | 245 |
| | PTT PCL (Foreign) | 24,200 | 234 |
| * | Thoresen Thai Agencies PCL (Foreign) | 343,241 | 221 |
| | Thai Union Frozen Products PCL (Foreign) | 101,220 | 219 |
| * | Charoen Pokphand Foods PCL | 255,900 | 214 |
| * | PTT Global Chemical PCL (Local) | 92,500 | 200 |
| | PTT Global Chemical PCL (Foreign) | 98,515 | 188 |
| | Thai Oil PCL (Foreign) | 112,700 | 183 |
| | Bangkok Expressway PCL (Foreign) | 171,800 | 182 |
| | Krung Thai Bank PCL (Foreign) | 326,975 | 176 |
| * | Bank of Ayudhya PCL (Local) | 142,515 | 166 |
| | Total Access Communication PCL (Foreign) | 41,300 | 160 |
| * | CP ALL PCL (Local) | 121,500 | 158 |
| ^ | Home Product Center PCL | 564,665 | 157 |
| | BTS Group Holdings PCL | 604,800 | 156 |
| | Pruksa Real Estate PCL | 210,700 | 149 |
| * | Big C Supercenter PCL | 24,200 | 142 |
| * | Bumrungrad Hospital PCL | 42,500 | 129 |
| * | Samart Corp. PCL | 197,200 | 126 |
| * | True Corp. PCL | 593,200 | 124 |
| ^ | IRPC PCL (Foreign) | 1,079,400 | 123 |
| * | Minor International PCL | 156,600 | 119 |
| * | Precious Shipping PCL | 125,400 | 107 |
| * | Cal-Comp Electronics Thailand PCL | 1,286,168 | 103 |
| * | Jasmine International PCL | 387,200 | 100 |
| * | Total Access Communication PCL (Local) | 25,400 | 98 |
| * | Delta Electronics Thailand PCL | 51,800 | 92 |
| * | Glow Energy PCL | 37,300 | 90 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 274,600 | 82 |
| | Charoen Pokphand Foods PCL (Foreign) | 100,400 | 81 |
| * | Bangkok Dusit Medical Services PCL | 176,000 | 81 |
| * | Banpu PCL (Local) | 76,000 | 71 |
| * | Siam Global House PCL | 161,800 | 68 |
| * | Hana Microelectronics PCL | 64,600 | 64 |
62
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Bangkok Expressway PCL | 57,600 | 61 |
| * | Siam City Cement PCL (Local) | 5,040 | 60 |
| * | Ratchaburi Electricity Generating Holding PCL (Local) | 35,300 | 58 |
| * | Land and Houses PCL | 187,400 | 58 |
| | CPN Retail Growth Leasehold Property Fund | 120,200 | 57 |
| * | Sino-Thai Engineering & Construction PCL | 99,100 | 57 |
| * | Hemaraj Land and Development PCL | 498,500 | 55 |
| * | Thanachart Capital PCL | 50,100 | 54 |
| * | Bangkok Life Assurance PCL | 24,600 | 54 |
| * | VGI Global Media PCL | 142,900 | 51 |
| * | Tisco Financial Group PCL | 40,100 | 49 |
| * | Central Plaza Hotel PCL | 50,100 | 48 |
| | Siam City Cement PCL (Foreign) | 3,800 | 45 |
| * | Robinson Department Store PCL | 28,100 | 44 |
| * | Berli Jucker PCL | 27,600 | 41 |
| * | Thai Airways International PCL (Foreign) | 104,374 | 25 |
| | Delta Electronics Thai PCL (Foreign) | 14,200 | 25 |
| * | IRPC PCL | 129,200 | 15 |
| | Bank of Ayudhya PCL | 10,169 | 12 |
| * | Thoresen Thai Agencies PCL Warrants Exp. 9/12/2015 | 50,973 | 10 |
| * | Thoresen Thai Agencies PCL | 13,200 | 8 |
| * | Land and Houses Warrants | 37,480 | 7 |
| | | | 13,368 |
| Turkey (0.2%) | | |
| | Turkiye Garanti Bankasi AS | 236,273 | 870 |
| | Turkiye Halk Bankasi AS | 105,739 | 711 |
| | Akbank TAS | 184,512 | 648 |
| | BIM Birlesik Magazalar AS | 25,438 | 589 |
| * | Turkcell Iletisim Hizmetleri AS | 85,639 | 500 |
| | Haci Omer Sabanci Holding AS (Bearer) | 100,154 | 424 |
| | Turkiye Is Bankasi | 151,859 | 359 |
| * | Ford Otomotiv Sanayi AS | 26,516 | 300 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 455,938 | 299 |
| | Anadolu Efes Biracilik Ve Malt Sanayii AS | 22,581 | 271 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 205,189 | 269 |
| | Tupras Turkiye Petrol Rafinerileri AS | 11,519 | 261 |
| | Coca-Cola Icecek AS | 10,490 | 246 |
| | KOC Holding AS | 53,803 | 241 |
| | Turkiye Vakiflar Bankasi Tao | 98,568 | 207 |
| | Eregli Demir ve Celik Fabrikalari TAS | 148,519 | 207 |
| | Aksigorta AS | 132,563 | 183 |
| * | Sekerbank TAS | 170,345 | 159 |
| | Turk Hava Yollari | 48,695 | 156 |
| | Enka Insaat ve Sanayi AS | 50,653 | 154 |
| | Yapi ve Kredi Bankasi AS | 73,367 | 153 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 170,403 | 153 |
| | TAV Havalimanlari Holding AS | 18,890 | 152 |
| | Turk Telekomunikasyon AS | 41,512 | 125 |
| | Ulker Biskuvi Sanayi AS | 16,128 | 124 |
| * | Zorlu Enerji Elektrik Uretim AS | 199,200 | 108 |
| * | Dogan Sirketler Grubu Holding AS | 292,447 | 100 |
| | Arcelik AS | 15,365 | 95 |
| | Tofas Turk Otomobil Fabrikasi AS | 11,752 | 72 |
| * | Petkim Petrokimya Holding AS | 45,663 | 65 |
| | Turkiye Sinai Kalkinma Bankasi AS | 71,200 | 65 |
| | Turkiye Sise ve Cam Fabrikalari AS | 51,434 | 65 |
| * | Pegasus Hava Tasimaciligi AS | 4,428 | 59 |
| | Aygaz AS | 12,065 | 50 |
| * | Asya Katilim Bankasi AS | 57,022 | 44 |
| * | Vakif Gayrimenkul Yatirim Ortakligi AS | 9,477 | 32 |
| | Koza Altin Isletmeleri AS | 3,153 | 32 |
| | | | 8,548 |
| United Arab Emirates (0.1%) | | |
| * | Emaar Properties PJSC | 318,830 | 948 |
63
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Arabtec Holding Co. | 259,710 | 635 |
| | First Gulf Bank PJSC | 108,364 | 512 |
| | Aldar Properties PJSC | 349,660 | 384 |
| | DP World Ltd. | 20,224 | 374 |
| | Dubai Investments PJSC | 268,595 | 319 |
| * | Drake & Scull International | 459,669 | 211 |
| * | Union National Bank PJSC | 106,368 | 208 |
| | Waha Capital PJSC | 106,864 | 88 |
| | National Central Cooling Co. PJSC | 134,628 | 87 |
| | Dubai Financial Market | 87,176 | 87 |
| * | Islamic Arab Insurance Co. | 275,587 | 83 |
| * | Eshraq Properties Co. PJSC | 119,000 | 80 |
| * | Dana Gas PJSC | 316,079 | 74 |
| | RAK Properties PJSC | 168,932 | 58 |
| | Dubai Islamic Bank PJSC | 28,042 | 52 |
| | Air Arabia PJSC | 133,811 | 48 |
| | Aramex PJSC | 1,000 | 1 |
| | | | 4,249 |
| United Kingdom (7.9%) | | |
| | HSBC Holdings plc | 2,253,975 | 23,031 |
| | BP plc | 2,230,747 | 18,835 |
| | Royal Dutch Shell plc Class A | 468,818 | 18,535 |
| | GlaxoSmithKline plc | 577,479 | 15,956 |
| | British American Tobacco plc | 226,006 | 13,051 |
| | Royal Dutch Shell plc Class B | 304,442 | 12,927 |
| | Vodafone Group plc | 3,180,507 | 12,075 |
| | AstraZeneca plc | 149,378 | 11,791 |
| | Diageo plc | 298,954 | 9,160 |
| | BG Group plc | 408,963 | 8,273 |
| * | Lloyds Banking Group plc | 6,443,061 | 8,216 |
| | Barclays plc | 1,910,831 | 8,159 |
| | Rio Tinto plc | 148,412 | 8,069 |
| | BHP Billiton plc | 247,812 | 8,045 |
| | Prudential plc | 301,574 | 6,933 |
| | SABMiller plc | 122,593 | 6,675 |
| | Unilever plc | 143,496 | 6,419 |
| | Glencore Xstrata plc | 1,172,932 | 6,329 |
| | National Grid plc | 436,651 | 6,206 |
| | Reckitt Benckiser Group plc | 76,152 | 6,148 |
| | BT Group plc | 938,109 | 5,856 |
| | Standard Chartered plc | 238,001 | 5,155 |
| | Imperial Tobacco Group plc | 114,924 | 4,966 |
| | Tesco plc | 953,849 | 4,725 |
| | Anglo American plc London Shares | 156,428 | 4,182 |
| | Compass Group plc | 256,625 | 4,088 |
| | Shire plc | 70,841 | 4,052 |
| | Rolls-Royce Holdings plc | 221,114 | 3,928 |
| | Centrica plc | 605,033 | 3,374 |
| | WPP plc | 156,187 | 3,368 |
| | Aviva plc | 343,502 | 3,061 |
| | Reed Elsevier plc | 196,706 | 2,901 |
| | SSE plc | 111,576 | 2,877 |
| | CRH plc | 90,027 | 2,625 |
| | BAE Systems plc | 379,132 | 2,565 |
| | ARM Holdings plc | 168,697 | 2,553 |
| | Legal & General Group plc | 677,590 | 2,426 |
| | Experian plc | 118,334 | 2,275 |
| | Next plc | 19,222 | 2,121 |
| | Associated British Foods plc | 40,325 | 2,025 |
| | Old Mutual plc | 574,788 | 1,943 |
| | Kingfisher plc | 274,405 | 1,942 |
| | Pearson plc | 100,783 | 1,890 |
| | Standard Life plc | 272,008 | 1,759 |
| | Tullow Oil plc | 115,112 | 1,712 |
64
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wolseley plc | 29,240 | 1,694 |
| | British Sky Broadcasting Group plc | 112,725 | 1,678 |
| | InterContinental Hotels Group plc | 47,013 | 1,607 |
| | Burberry Group plc | 62,827 | 1,578 |
| | Smith & Nephew plc | 100,883 | 1,573 |
| | Land Securities Group plc | 85,333 | 1,533 |
| | Weir Group plc | 32,468 | 1,477 |
| | Marks & Spencer Group plc | 194,664 | 1,455 |
| | Whitbread plc | 20,287 | 1,399 |
| | Capita plc | 73,692 | 1,351 |
| | Johnson Matthey plc | 23,803 | 1,317 |
| | ITV plc | 413,717 | 1,273 |
| | British Land Co. plc | 108,731 | 1,270 |
| * | Royal Bank of Scotland Group plc | 247,633 | 1,255 |
| | GKN plc | 178,340 | 1,159 |
| | Babcock International Group plc | 55,934 | 1,129 |
| | RSA Insurance Group plc | 626,543 | 1,040 |
| | United Utilities Group plc | 76,122 | 1,024 |
| | Investec plc | 112,671 | 994 |
| | Bunzl plc | 34,884 | 994 |
| | IMI plc | 36,727 | 932 |
| | J Sainsbury plc | 164,165 | 931 |
| | Smiths Group plc | 41,188 | 930 |
| | DCC plc | 17,714 | 908 |
| | Aberdeen Asset Management plc | 122,753 | 908 |
| | Sage Group plc | 122,282 | 882 |
| | WM Morrison Supermarkets plc | 258,303 | 877 |
| | Ashtead Group plc | 57,913 | 858 |
| | Intertek Group plc | 17,361 | 855 |
| | Randgold Resources Ltd. | 10,567 | 849 |
| | Rexam plc | 100,928 | 846 |
| | Carnival plc | 20,507 | 820 |
| | Severn Trent plc | 25,720 | 802 |
| | Travis Perkins plc | 27,117 | 783 |
| * | International Consolidated Airlines Group SA (London Shares) | 113,107 | 774 |
| | Resolution Ltd. | 153,169 | 773 |
| | Hammerson plc | 79,609 | 768 |
| | Direct Line Insurance Group plc | 181,027 | 766 |
| * | Persimmon plc | 34,370 | 763 |
| | St. James's Place plc | 57,045 | 743 |
| | Aggreko plc | 27,837 | 743 |
| | Petrofac Ltd. | 28,860 | 708 |
| | Meggitt plc | 87,452 | 705 |
| | AMEC plc | 33,305 | 696 |
| | Mondi plc | 41,186 | 685 |
| | Barratt Developments plc | 109,430 | 684 |
| | 3i Group plc | 105,947 | 681 |
| | G4S plc | 168,690 | 673 |
| | Tate & Lyle plc | 55,968 | 663 |
| | easyJet plc | 23,853 | 660 |
| | Taylor Wimpey plc | 360,228 | 641 |
| | Cobham plc | 121,350 | 633 |
| | Croda International plc | 14,479 | 631 |
| | Howden Joinery Group plc | 112,047 | 617 |
| | Coca-Cola HBC AG | 23,310 | 591 |
| | William Hill plc | 97,056 | 582 |
| | Schroders plc (Voting Shares) | 13,333 | 577 |
| | Inmarsat plc | 45,805 | 564 |
| | London Stock Exchange Group plc | 18,322 | 562 |
| | John Wood Group plc | 41,967 | 556 |
| | Melrose Industries plc | 111,583 | 539 |
| | Berkeley Group Holdings plc | 13,822 | 536 |
| | Admiral Group plc | 22,578 | 533 |
| | DS Smith plc | 99,381 | 530 |
65
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Antofagasta plc | 39,251 | 523 |
| | Drax Group plc | 46,000 | 515 |
| | SIG plc | 158,243 | 513 |
| | Pennon Group plc | 39,627 | 507 |
| | Inchcape plc | 46,626 | 507 |
| * | Thomas Cook Group plc | 170,551 | 504 |
| | Greene King plc | 33,392 | 503 |
| | Henderson Group plc | 117,741 | 500 |
| | Hargreaves Lansdown plc | 24,668 | 488 |
| | Derwent London plc | 10,292 | 473 |
| | Informa plc | 57,460 | 469 |
| | Kier Group plc | 16,402 | 461 |
| | Millennium & Copthorne Hotels plc | 48,960 | 460 |
| | Britvic plc | 37,092 | 454 |
| | Spectris plc | 11,793 | 444 |
| | Close Brothers Group plc | 18,314 | 433 |
| | Amlin plc | 56,611 | 428 |
| | Hikma Pharmaceuticals plc | 16,204 | 425 |
| | Provident Financial plc | 12,610 | 424 |
| | Balfour Beatty plc | 88,157 | 419 |
| | Rotork plc | 9,514 | 417 |
| | Bovis Homes Group plc | 30,538 | 408 |
| | IG Group Holdings plc | 37,899 | 408 |
| | ICAP plc | 58,075 | 407 |
| | Rightmove plc | 9,977 | 406 |
| | Booker Group plc | 162,982 | 405 |
| | Man Group plc | 242,875 | 405 |
| | Capital & Counties Properties plc | 71,380 | 403 |
| * | Hiscox Ltd. | 33,583 | 401 |
| | Catlin Group Ltd. | 44,607 | 398 |
| | Intu Properties plc | 80,515 | 398 |
| | Spirax-Sarco Engineering plc | 8,039 | 394 |
| | Segro plc | 66,310 | 392 |
| | Synergy Health plc | 18,456 | 387 |
| | Halma plc | 40,509 | 385 |
| * | BTG plc | 42,683 | 384 |
| | Restaurant Group plc | 36,332 | 384 |
| | Daily Mail & General Trust plc | 27,818 | 383 |
| | Rentokil Initial plc | 187,979 | 379 |
| * | Afren plc | 141,140 | 375 |
| | Great Portland Estates plc | 34,447 | 365 |
| | Michael Page International plc | 45,775 | 364 |
| | N Brown Group plc | 41,889 | 363 |
| | Dunelm Group plc | 22,807 | 361 |
| * | Sports Direct International plc | 27,171 | 360 |
| | TalkTalk Telecom Group plc | 73,698 | 357 |
| | Essentra plc | 26,219 | 356 |
| | Premier Oil plc | 59,940 | 343 |
| | Intermediate Capital Group plc | 45,723 | 343 |
| | TUI Travel plc | 47,149 | 341 |
| | International Personal Finance plc | 35,699 | 338 |
| * | Cairn Energy plc | 107,514 | 335 |
| | Hays plc | 130,545 | 333 |
| | Fresnillo plc | 22,952 | 331 |
| * | Ocado Group plc | 57,278 | 326 |
| | Serco Group plc | 55,500 | 316 |
| | Home Retail Group plc | 90,504 | 313 |
| | Grainger plc | 86,141 | 311 |
| | UBM plc | 27,705 | 308 |
| | Bellway plc | 12,533 | 305 |
| | WH Smith plc | 16,168 | 300 |
| | Regus plc | 83,682 | 296 |
| | Jupiter Fund Management plc | 44,853 | 295 |
| | Berendsen plc | 16,828 | 294 |
66
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Jardine Lloyd Thompson Group plc | 16,078 | 287 |
| | Victrex plc | 9,047 | 285 |
| | AZ Electronic Materials SA | 41,730 | 284 |
| * | Firstgroup plc | 128,372 | 281 |
| * | Dixons Retail plc | 366,768 | 279 |
| | Electrocomponents plc | 55,859 | 275 |
| | BBA Aviation plc | 52,368 | 275 |
| * | Mitchells & Butlers plc | 36,759 | 274 |
| | Ashmore Group plc | 45,331 | 269 |
| | Phoenix Group Holdings | 23,311 | 269 |
| | Ladbrokes plc | 102,664 | 266 |
| | Bwin.Party Digital Entertainment plc | 123,400 | 266 |
| * | Ophir Energy plc | 59,526 | 265 |
| | Alent plc | 48,998 | 264 |
| | Pace plc | 42,726 | 263 |
| | Telecity Group plc | 21,691 | 263 |
| | Polymetal International plc | 26,563 | 254 |
| * | Lonmin plc | 53,018 | 254 |
| | Bodycote plc | 20,578 | 254 |
| | Stagecoach Group plc | 39,669 | 249 |
| | Shaftesbury plc | 22,075 | 247 |
| | Cable & Wireless Communications plc | 276,057 | 247 |
| | Elementis plc | 52,300 | 246 |
| | National Express Group plc | 51,147 | 241 |
| | Playtech plc | 20,709 | 234 |
| | Lancashire Holdings Ltd. | 19,740 | 233 |
| | Beazley plc | 55,859 | 232 |
| | WS Atkins plc | 10,499 | 228 |
| * | Genel Energy plc | 13,754 | 225 |
| | Carillion plc | 35,427 | 222 |
| | Ultra Electronics Holdings plc | 7,724 | 221 |
| | Soco International plc | 29,740 | 217 |
| | Aveva Group plc | 6,088 | 217 |
| | Polyus Gold International Ltd. | 68,789 | 215 |
| | Hunting plc | 14,924 | 214 |
| | Grafton Group plc | 21,670 | 213 |
| | Fidessa Group plc | 5,613 | 213 |
| | Halfords Group plc | 28,183 | 211 |
| | Oxford Instruments plc | 9,640 | 210 |
| | Carphone Warehouse Group plc | 39,641 | 206 |
| | Countrywide plc | 20,425 | 204 |
| | QinetiQ Group plc | 55,532 | 198 |
| * | EnQuest plc | 82,313 | 191 |
| | Senior plc | 38,907 | 188 |
| | Micro Focus International plc | 14,315 | 188 |
| | Debenhams plc | 136,878 | 186 |
| | Greencore Group plc | 42,049 | 186 |
| | Vesuvius plc | 25,859 | 182 |
| * | SVG Capital plc | 25,251 | 181 |
| | Cineworld Group plc | 32,910 | 179 |
| | esure Group plc | 42,145 | 179 |
| | CSR plc | 18,442 | 179 |
| * | Enterprise Inns plc | 77,242 | 178 |
| | J D Wetherspoon plc | 12,487 | 178 |
| | Telecom Plus plc | 6,794 | 178 |
| | Domino's Pizza Group plc | 20,321 | 177 |
| | Brewin Dolphin Holdings plc | 32,202 | 176 |
| | Darty plc | 98,754 | 171 |
| | Homeserve plc | 29,628 | 169 |
| | Go-Ahead Group plc | 5,060 | 169 |
| | Keller Group plc | 9,790 | 165 |
| | F&C Asset Management plc | 81,419 | 164 |
| | Vedanta Resources plc | 10,069 | 161 |
| | APR Energy plc | 11,811 | 159 |
67
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Betfair Group plc | 9,568 | 156 |
| | Paragon Group of Cos. plc | 25,031 | 151 |
| | Premier Farnell plc | 39,658 | 149 |
| * | Evraz plc | 90,203 | 147 |
| | Galliford Try plc | 7,245 | 146 |
| | Genus plc | 8,465 | 145 |
| | Mitie Group plc | 26,792 | 144 |
| | Schroders plc | 4,253 | 140 |
| | De La Rue plc | 9,966 | 138 |
| | Interserve plc | 12,304 | 138 |
| | Moneysupermarket.com Group plc | 44,055 | 136 |
| | Dechra Pharmaceuticals plc | 11,624 | 135 |
| | Diploma plc | 12,113 | 135 |
| * | Centamin plc | 123,349 | 135 |
| | RPC Group plc | 13,174 | 134 |
| | Crest Nicholson Holdings plc | 22,593 | 133 |
| | Marston's plc | 51,234 | 127 |
| | Unite Group plc | 17,782 | 127 |
| | Morgan Advanced Materials plc | 21,868 | 124 |
| | Kentz Corp. Ltd. | 10,145 | 124 |
| | Spirent Communications plc | 76,600 | 123 |
| | African Barrick Gold plc | 29,009 | 122 |
| | Renishaw plc | 3,903 | 120 |
| | UDG Healthcare plc | 19,761 | 120 |
| * | Heritage Oil plc | 22,404 | 120 |
| | Domino Printing Sciences plc | 9,012 | 118 |
| | Bank of Georgia Holdings plc | 2,664 | 117 |
| | Northgate plc | 13,289 | 116 |
| | Fenner plc | 16,563 | 116 |
| | RPS Group plc | 23,055 | 115 |
| | Rathbone Brothers plc | 3,503 | 115 |
| | ST Modwen Properties plc | 17,840 | 112 |
| | ITE Group plc | 28,758 | 112 |
| | Stobart Group Ltd. | 48,087 | 111 |
| * | Xaar plc | 8,202 | 109 |
| * | Kazakhmys plc | 27,027 | 109 |
| * | Dignity plc | 4,500 | 109 |
| | Synthomer plc | 24,373 | 109 |
| | Laird plc | 22,705 | 107 |
| * | Kenmare Resources plc | 504,619 | 107 |
| | Savills plc | 10,292 | 104 |
| | Computacenter plc | 9,406 | 104 |
| * | Petra Diamonds Ltd. | 37,485 | 103 |
| | Foxtons Group plc | 19,196 | 103 |
| | Redrow plc | 20,744 | 100 |
| | Development Securities plc | 24,222 | 100 |
| | F&C Commercial Property Trust Ltd. | 48,866 | 99 |
| | Devro plc | 27,493 | 98 |
| | Dairy Crest Group plc | 12,322 | 96 |
| * | Premier Foods plc | 98,103 | 95 |
| | Kcom Group plc | 57,194 | 91 |
| | Tullett Prebon plc | 16,772 | 90 |
| | Greggs plc | 9,856 | 89 |
| * | Entertainment One Ltd. | 17,460 | 87 |
| | Cranswick plc | 4,310 | 87 |
| | Xchanging plc | 32,346 | 87 |
| | Al Noor Hospitals Group plc | 5,003 | 84 |
| * | Imagination Technologies Group plc | 25,120 | 84 |
| | 888 Holdings plc | 33,538 | 83 |
| * | SuperGroup plc | 3,600 | 81 |
| | Workspace Group plc | 8,283 | 80 |
| | Londonmetric Property plc | 33,406 | 78 |
| | Big Yellow Group plc | 8,947 | 78 |
| | Hansteen Holdings plc | 41,439 | 72 |
68
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Severfield-Rowen plc | 69,430 | 72 |
| | Ted Baker plc | 2,232 | 70 |
| * | Colt Group SA | 31,406 | 70 |
| * | Lamprell plc | 26,586 | 69 |
| | Cape plc | 13,478 | 68 |
| | Spirit Pub Co. plc | 46,178 | 61 |
| | Chemring Group plc | 16,079 | 61 |
| | Redefine International plc | 63,876 | 60 |
| | Ferrexpo plc | 23,306 | 57 |
| | Hochschild Mining plc | 20,486 | 57 |
| | Smiths News plc | 18,651 | 57 |
| * | Salamander Energy plc | 24,222 | 55 |
| | Morgan Sindall Group plc | 3,985 | 53 |
| | Shanks Group plc | 30,824 | 53 |
| * | Mothercare plc | 16,476 | 52 |
| | Helical Bar plc | 8,261 | 51 |
| * | Partnership Assurance Group plc | 22,162 | 49 |
| | Chesnara plc | 8,741 | 49 |
| | Speedy Hire plc | 50,811 | 48 |
| | SDL plc | 9,382 | 48 |
| * | NMC Health plc | 5,827 | 43 |
| * | Essar Energy plc | 20,122 | 23 |
| * | Asia Resource Minerals plc | 5,875 | 19 |
| *,^ | Aquarius Platinum Ltd. | 51,167 | 19 |
| * | Aquarius Platinum Rights Exp. 5/14/2014 | 102,334 | 13 |
| | | | 399,738 |
| United States (48.8%) | | |
| Basic Materials (1.5%) | | |
| | Dow Chemical Co. | 146,846 | 7,328 |
| | EI du Pont de Nemours & Co. | 107,922 | 7,265 |
| | LyondellBasell Industries NV Class A | 53,960 | 4,991 |
| | Praxair Inc. | 33,073 | 4,318 |
| | Freeport-McMoRan Copper & Gold Inc. | 121,371 | 4,172 |
| | Ecolab Inc. | 30,917 | 3,235 |
| | PPG Industries Inc. | 15,923 | 3,083 |
| | Air Products & Chemicals Inc. | 24,229 | 2,847 |
| | International Paper Co. | 51,290 | 2,393 |
| | Mosaic Co. | 40,650 | 2,034 |
| | Alcoa Inc. | 140,057 | 1,887 |
| | Nucor Corp. | 34,785 | 1,800 |
| | CF Industries Holdings Inc. | 7,195 | 1,764 |
| | Eastman Chemical Co. | 17,452 | 1,521 |
| | Celanese Corp. Class A | 23,641 | 1,452 |
| | Newmont Mining Corp. | 56,334 | 1,399 |
| | Sigma-Aldrich Corp. | 12,857 | 1,237 |
| | CONSOL Energy Inc. | 27,221 | 1,212 |
| | FMC Corp. | 14,878 | 1,146 |
| | Ashland Inc. | 8,429 | 814 |
| | International Flavors & Fragrances Inc. | 8,109 | 799 |
| * | WR Grace & Co. | 8,500 | 783 |
| | Southern Copper Corp. | 22,192 | 669 |
| | Allegheny Technologies Inc. | 15,443 | 636 |
| | Albemarle Corp. | 8,900 | 597 |
| | Airgas Inc. | 5,537 | 588 |
| | Peabody Energy Corp. | 29,672 | 564 |
| | RPM International Inc. | 12,800 | 546 |
| | Minerals Technologies Inc. | 9,000 | 535 |
| | Rockwood Holdings Inc. | 7,300 | 519 |
| | Royal Gold Inc. | 7,700 | 510 |
69
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Reliance Steel & Aluminum Co. | 7,000 | 496 |
| | Avery Dennison Corp. | 10,030 | 488 |
| | Sensient Technologies Corp. | 8,500 | 459 |
| | United States Steel Corp. | 17,631 | 459 |
| | PolyOne Corp. | 11,900 | 446 |
| | Huntsman Corp. | 16,900 | 423 |
| | Steel Dynamics Inc. | 22,700 | 415 |
| | NewMarket Corp. | 1,100 | 410 |
| ^ | Cliffs Natural Resources Inc. | 21,573 | 382 |
| | HB Fuller Co. | 7,600 | 352 |
| | Axiall Corp. | 7,400 | 345 |
| | Compass Minerals International Inc. | 3,600 | 330 |
| | Worthington Industries Inc. | 8,500 | 313 |
| | Domtar Corp. | 3,300 | 308 |
| | Cytec Industries Inc. | 3,200 | 305 |
| | Cabot Corp. | 5,200 | 301 |
| | US Silica Holdings Inc. | 6,000 | 271 |
| | Carpenter Technology Corp. | 4,300 | 270 |
| * | Clearwater Paper Corp. | 4,200 | 258 |
| * | Resolute Forest Products Inc. | 12,800 | 228 |
| | Olin Corp. | 8,100 | 228 |
| * | KapStone Paper and Packaging Corp. | 8,200 | 216 |
| * | Chemtura Corp. | 9,200 | 205 |
| | Balchem Corp. | 3,300 | 204 |
| * | Stillwater Mining Co. | 12,200 | 192 |
| | Westlake Chemical Corp. | 2,700 | 192 |
| * | Ferro Corp. | 13,400 | 174 |
| | Tronox Ltd. Class A | 6,900 | 169 |
| | Kaiser Aluminum Corp. | 2,400 | 169 |
| | Commercial Metals Co. | 8,100 | 156 |
| * | Polypore International Inc. | 4,400 | 153 |
| * | AK Steel Holding Corp. | 20,600 | 144 |
| * | Coeur Mining Inc. | 15,300 | 132 |
| * | Cloud Peak Energy Inc. | 6,600 | 130 |
| | Globe Specialty Metals Inc. | 6,700 | 130 |
| * | SunCoke Energy Inc. | 6,100 | 127 |
| * | Alpha Natural Resources Inc. | 27,090 | 116 |
| | AMCOL International Corp. | 2,500 | 115 |
| | Arch Coal Inc. | 24,600 | 113 |
| *,^ | Molycorp Inc. | 22,800 | 108 |
| * | Century Aluminum Co. | 7,800 | 107 |
| | Stepan Co. | 1,800 | 104 |
| * | Kraton Performance Polymers Inc. | 3,900 | 102 |
| | Innophos Holdings Inc. | 1,700 | 96 |
| * | Calgon Carbon Corp. | 4,600 | 92 |
| | PH Glatfelter Co. | 3,600 | 92 |
| * | Intrepid Potash Inc. | 5,300 | 86 |
| | A Schulman Inc. | 2,300 | 83 |
| | Innospec Inc. | 1,900 | 82 |
| | Koppers Holdings Inc. | 1,900 | 81 |
| | Deltic Timber Corp. | 1,300 | 79 |
| | OM Group Inc. | 2,500 | 73 |
| * | RTI International Metals Inc. | 2,600 | 73 |
| | Hecla Mining Co. | 22,712 | 70 |
| | Walter Energy Inc. | 8,200 | 59 |
| * | Allied Nevada Gold Corp. | 17,000 | 58 |
| | Tredegar Corp. | 2,700 | 56 |
| | Wausau Paper Corp. | 3,800 | 45 |
| | | | 74,514 |
| Consumer Goods (5.0%) | | |
| | Procter & Gamble Co. | 325,558 | 26,875 |
| | Coca-Cola Co. | 502,687 | 20,505 |
| | Philip Morris International Inc. | 192,289 | 16,427 |
| | PepsiCo Inc. | 184,584 | 15,854 |
70
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Altria Group Inc. | 242,296 | 9,718 |
| | Colgate-Palmolive Co. | 120,667 | 8,121 |
| | Ford Motor Co. | 457,420 | 7,387 |
| | Mondelez International Inc. Class A | 205,622 | 7,330 |
| | Monsanto Co. | 61,461 | 6,804 |
| | Kimberly-Clark Corp. | 48,524 | 5,447 |
| | General Motors Co. | 155,078 | 5,347 |
| | NIKE Inc. Class B | 68,525 | 4,999 |
| | Kraft Foods Group Inc. | 75,973 | 4,320 |
| | General Mills Inc. | 71,776 | 3,806 |
| | Johnson Controls Inc. | 77,825 | 3,513 |
| | Archer-Daniels-Midland Co. | 77,072 | 3,370 |
| | VF Corp. | 45,920 | 2,805 |
| | Lorillard Inc. | 43,942 | 2,611 |
| | Delphi Automotive plc | 36,479 | 2,438 |
| | Reynolds American Inc. | 40,157 | 2,266 |
| * | Tesla Motors Inc. | 10,507 | 2,184 |
| | BorgWarner Inc. | 34,794 | 2,162 |
| | Mead Johnson Nutrition Co. | 23,192 | 2,047 |
| * | Michael Kors Holdings Ltd. | 22,400 | 2,043 |
| | Harley-Davidson Inc. | 26,108 | 1,930 |
| | Kellogg Co. | 27,312 | 1,825 |
| | Stanley Black & Decker Inc. | 21,142 | 1,816 |
| | Estee Lauder Cos. Inc. Class A | 24,900 | 1,807 |
| | Hershey Co. | 18,264 | 1,758 |
| | Autoliv Inc. | 17,098 | 1,744 |
| | Beam Inc. | 20,650 | 1,724 |
| | Leggett & Platt Inc. | 52,357 | 1,720 |
| | Coach Inc. | 37,810 | 1,688 |
| | Mattel Inc. | 39,504 | 1,549 |
| | ConAgra Foods Inc. | 48,756 | 1,487 |
| * | Constellation Brands Inc. Class A | 18,547 | 1,481 |
| | Activision Blizzard Inc. | 73,487 | 1,470 |
| | Genuine Parts Co. | 16,334 | 1,423 |
| | Keurig Green Mountain Inc. | 15,180 | 1,422 |
| | Whirlpool Corp. | 8,959 | 1,374 |
| | Clorox Co. | 14,604 | 1,325 |
| | Tyson Foods Inc. Class A | 31,198 | 1,309 |
| | Leucadia National Corp. | 49,323 | 1,259 |
| | Brown-Forman Corp. Class B | 13,864 | 1,244 |
| | Coca-Cola Enterprises Inc. | 27,140 | 1,233 |
| | Bunge Ltd. | 15,256 | 1,215 |
| | Dr Pepper Snapple Group Inc. | 21,273 | 1,179 |
| | Hanesbrands Inc. | 13,600 | 1,116 |
| | PVH Corp. | 8,588 | 1,078 |
| | JM Smucker Co. | 11,081 | 1,071 |
| * | Monster Beverage Corp. | 15,600 | 1,045 |
| * | Electronic Arts Inc. | 36,676 | 1,038 |
| * | LKQ Corp. | 35,200 | 1,025 |
| * | Under Armour Inc. Class A | 20,800 | 1,017 |
| * | TRW Automotive Holdings Corp. | 12,493 | 1,004 |
| | Ralph Lauren Corp. Class A | 6,459 | 978 |
| | Church & Dwight Co. Inc. | 13,900 | 959 |
| | Campbell Soup Co. | 20,463 | 931 |
| | Polaris Industries Inc. | 6,900 | 927 |
| | Hillshire Brands Co. | 25,233 | 899 |
| | McCormick & Co. Inc. | 12,542 | 893 |
| | Harman International Industries Inc. | 8,012 | 878 |
| * | Mohawk Industries Inc. | 6,625 | 877 |
| | Newell Rubbermaid Inc. | 27,402 | 825 |
| | Molson Coors Brewing Co. Class B | 13,554 | 813 |
| | Avon Products Inc. | 52,225 | 798 |
| | Scotts Miracle-Gro Co. Class A | 13,000 | 796 |
| * | Jarden Corp. | 13,550 | 774 |
71
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Lennar Corp. Class A | 19,443 | 750 |
| | Herbalife Ltd. | 12,200 | 732 |
| | Lear Corp. | 8,671 | 720 |
| | Hormel Foods Corp. | 15,075 | 719 |
| * | WABCO Holdings Inc. | 6,700 | 717 |
| | Goodyear Tire & Rubber Co. | 28,200 | 711 |
| | Hasbro Inc. | 12,829 | 709 |
| | Energizer Holdings Inc. | 6,260 | 699 |
| | Snap-on Inc. | 6,000 | 696 |
| | DR Horton Inc. | 30,890 | 688 |
| | PulteGroup Inc. | 33,196 | 610 |
| | Nu Skin Enterprises Inc. Class A | 6,600 | 574 |
| * | Lululemon Athletica Inc. | 12,300 | 565 |
| * | Toll Brothers Inc. | 16,472 | 564 |
| * | WhiteWave Foods Co. Class A | 20,122 | 557 |
| * | Fossil Group Inc. | 5,200 | 555 |
| * | NVR Inc. | 491 | 529 |
| | Ingredion Inc. | 7,000 | 493 |
| * | Kate Spade & Co. | 14,100 | 490 |
| | Gentex Corp. | 16,839 | 483 |
| * | Middleby Corp. | 1,900 | 480 |
| * | Hain Celestial Group Inc. | 5,300 | 456 |
| * | Tempur Sealy International Inc. | 8,806 | 442 |
| * | Visteon Corp. | 5,000 | 434 |
| * | Iconix Brand Group Inc. | 9,500 | 404 |
| | Tupperware Brands Corp. | 4,700 | 399 |
| | Brunswick Corp. | 9,600 | 386 |
| | Flowers Foods Inc. | 18,500 | 380 |
| | WD-40 Co. | 5,200 | 379 |
| * | Tenneco Inc. | 6,200 | 371 |
| * | Darling International Inc. | 18,100 | 362 |
| | Carter's Inc. | 4,800 | 354 |
| | Vector Group Ltd. | 16,300 | 347 |
| | Dana Holding Corp. | 16,400 | 347 |
| * | Zynga Inc. Class A | 83,851 | 340 |
| * | Standard Pacific Corp. | 40,072 | 320 |
| | Wolverine World Wide Inc. | 10,800 | 303 |
| | Thor Industries Inc. | 4,800 | 292 |
| | Cooper Tire & Rubber Co. | 11,400 | 287 |
| * | Deckers Outdoor Corp. | 3,600 | 284 |
| * | TreeHouse Foods Inc. | 3,700 | 277 |
| | Lancaster Colony Corp. | 2,500 | 237 |
| * | Steven Madden Ltd. | 6,650 | 237 |
| | Fresh Del Monte Produce Inc. | 8,100 | 234 |
| | Ryland Group Inc. | 5,900 | 226 |
| | KB Home | 13,000 | 215 |
| * | Helen of Troy Ltd. | 3,400 | 213 |
| | Pool Corp. | 3,600 | 212 |
| * | Post Holdings Inc. | 4,050 | 212 |
| | Snyders-Lance Inc. | 7,900 | 210 |
| * | Take-Two Interactive Software Inc. | 10,000 | 204 |
| * | Boston Beer Co. Inc. Class A | 800 | 197 |
| * | Skechers U.S.A. Inc. Class A | 4,800 | 197 |
| | Universal Corp. | 3,600 | 196 |
| | B&G Foods Inc. | 5,800 | 190 |
| * | Meritage Homes Corp. | 4,600 | 177 |
| | Spectrum Brands Holdings Inc. | 2,300 | 177 |
| * | Dorman Products Inc. | 3,000 | 173 |
| | Cosan Ltd. | 13,600 | 165 |
| | Andersons Inc. | 2,550 | 159 |
| | Dean Foods Co. | 9,950 | 158 |
| | MDC Holdings Inc. | 5,300 | 146 |
| | Steelcase Inc. Class A | 8,600 | 142 |
| | Sanderson Farms Inc. | 1,700 | 140 |
72
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Herman Miller Inc. | 4,500 | 139 |
| | Pinnacle Foods Inc. | 4,300 | 131 |
| * | Crocs Inc. | 8,500 | 129 |
| * | American Axle & Manufacturing Holdings Inc. | 7,200 | 127 |
| | HNI Corp. | 3,600 | 127 |
| * | Select Comfort Corp. | 6,800 | 125 |
| * | Pilgrim's Pride Corp. | 5,700 | 125 |
| | La-Z-Boy Inc. | 5,100 | 124 |
| * | G-III Apparel Group Ltd. | 1,700 | 122 |
| | Interface Inc. Class A | 6,700 | 120 |
| * | Adecoagro SA | 12,200 | 109 |
| * | Tumi Holdings Inc. | 5,300 | 108 |
| | Coty Inc. Class A | 6,600 | 106 |
| | Schweitzer-Mauduit International Inc. | 2,400 | 105 |
| | Drew Industries Inc. | 1,900 | 96 |
| * | Caesarstone Sdot-Yam Ltd. | 1,800 | 94 |
| * | TiVo Inc. | 7,900 | 94 |
| | J&J Snack Foods Corp. | 1,000 | 94 |
| | Oxford Industries Inc. | 1,400 | 92 |
| * | Elizabeth Arden Inc. | 2,500 | 92 |
| * | Modine Manufacturing Co. | 5,400 | 89 |
| * | Diamond Foods Inc. | 2,900 | 89 |
| | Columbia Sportswear Co. | 1,000 | 86 |
| * | Seaboard Corp. | 35 | 85 |
| * | Winnebago Industries Inc. | 3,500 | 84 |
| * | ACCO Brands Corp. | 11,942 | 73 |
| *,^ | SodaStream International Ltd. | 1,700 | 72 |
| * | Federal-Mogul Corp. | 4,100 | 71 |
| * | Quiksilver Inc. | 10,600 | 68 |
| | Briggs & Stratton Corp. | 3,100 | 66 |
| | Titan International Inc. | 3,700 | 65 |
| | Callaway Golf Co. | 6,900 | 60 |
| | Knoll Inc. | 3,000 | 55 |
| | Cal-Maine Foods Inc. | 900 | 54 |
| * | Vera Bradley Inc. | 1,800 | 51 |
| | Ethan Allen Interiors Inc. | 2,000 | 48 |
| * | Chiquita Brands International Inc. | 4,200 | 48 |
| * | USANA Health Sciences Inc. | 700 | 47 |
| | | | 251,195 |
| Consumer Services (6.2%) | | |
| | Walt Disney Co. | 208,064 | 16,508 |
| | Wal-Mart Stores Inc. | 194,412 | 15,497 |
| * | Amazon.com Inc. | 43,898 | 13,351 |
| | Home Depot Inc. | 167,244 | 13,298 |
| | Comcast Corp. Class A | 237,361 | 12,286 |
| | McDonald's Corp. | 116,816 | 11,843 |
| | CVS Caremark Corp. | 140,276 | 10,201 |
| * | priceline.com Inc. | 6,173 | 7,147 |
| * | eBay Inc. | 137,660 | 7,135 |
| | Walgreen Co. | 103,906 | 7,055 |
| | Time Warner Inc. | 104,321 | 6,933 |
| | Costco Wholesale Corp. | 51,978 | 6,013 |
| | Starbucks Corp. | 84,782 | 5,987 |
| | Lowe's Cos. Inc. | 123,739 | 5,681 |
| | Twenty-First Century Fox Inc. Class A | 159,783 | 5,116 |
| * | DIRECTV | 65,363 | 5,072 |
| | TJX Cos. Inc. | 82,782 | 4,816 |
| | Target Corp. | 76,797 | 4,742 |
| | Time Warner Cable Inc. | 32,722 | 4,629 |
| | McKesson Corp. | 27,130 | 4,590 |
| | CBS Corp. Class B | 73,871 | 4,267 |
| | Viacom Inc. Class B | 48,804 | 4,147 |
| | Yum! Brands Inc. | 52,752 | 4,061 |
| | Las Vegas Sands Corp. | 47,157 | 3,732 |
73
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Comcast Corp. | 69,390 | 3,541 |
| | Cardinal Health Inc. | 40,965 | 2,847 |
| | Macy's Inc. | 47,138 | 2,707 |
| | Kroger Co. | 58,246 | 2,682 |
| | Twenty-First Century Fox Inc. | 83,507 | 2,615 |
| * | Liberty Global plc | 66,367 | 2,551 |
| | Sysco Corp. | 69,129 | 2,518 |
| * | AutoZone Inc. | 4,669 | 2,493 |
| * | Netflix Inc. | 7,007 | 2,257 |
| | Wynn Resorts Ltd. | 10,043 | 2,048 |
| * | Dollar General Corp. | 35,081 | 1,980 |
| | Whole Foods Market Inc. | 39,828 | 1,979 |
| | Omnicom Group Inc. | 29,246 | 1,979 |
| | Carnival Corp. | 48,140 | 1,892 |
| * | Chipotle Mexican Grill Inc. Class A | 3,719 | 1,854 |
| * | O'Reilly Automotive Inc. | 12,301 | 1,830 |
| | Ross Stores Inc. | 24,910 | 1,696 |
| | L Brands Inc. | 30,554 | 1,656 |
| | AmerisourceBergen Corp. Class A | 25,212 | 1,643 |
| | Starwood Hotels & Resorts Worldwide Inc. | 21,140 | 1,620 |
| | Tiffany & Co. | 18,261 | 1,598 |
| | Nielsen Holdings NV | 33,720 | 1,583 |
| * | Liberty Interactive Corp. Class A | 53,966 | 1,568 |
| * | Bed Bath & Beyond Inc. | 24,900 | 1,547 |
| | Kohl's Corp. | 28,112 | 1,540 |
| | Nordstrom Inc. | 24,915 | 1,527 |
| * | Hertz Global Holdings Inc. | 53,405 | 1,520 |
| | Marriott International Inc. Class A | 25,638 | 1,485 |
| * | DISH Network Corp. Class A | 26,010 | 1,479 |
| * | Liberty Media Corp. Class A | 10,787 | 1,399 |
| * | CarMax Inc. | 30,098 | 1,318 |
| * | Dollar Tree Inc. | 22,668 | 1,180 |
| | Gap Inc. | 29,109 | 1,144 |
| * | Sirius XM Holdings Inc. | 351,840 | 1,122 |
| | Delta Air Lines Inc. | 30,165 | 1,111 |
| * | Charter Communications Inc. Class A | 8,114 | 1,100 |
| * | MGM Resorts International | 41,402 | 1,045 |
| | Advance Auto Parts Inc. | 8,600 | 1,043 |
| | Staples Inc. | 82,801 | 1,035 |
| * | TripAdvisor Inc. | 12,568 | 1,015 |
| | Safeway Inc. | 29,488 | 1,004 |
| | Signet Jewelers Ltd. | 9,700 | 983 |
| * | Discovery Communications Inc. Class A | 12,841 | 975 |
| | Darden Restaurants Inc. | 19,341 | 961 |
| * | Liberty Global plc Class A | 24,117 | 960 |
| | Wyndham Worldwide Corp. | 13,398 | 956 |
| * | Discovery Communications Inc. | 13,503 | 947 |
| | Expedia Inc. | 13,168 | 935 |
| * | IHS Inc. Class A | 7,711 | 930 |
| | Royal Caribbean Cruises Ltd. | 17,107 | 909 |
| | Best Buy Co. Inc. | 34,872 | 904 |
| | H&R Block Inc. | 30,775 | 875 |
| | Interpublic Group of Cos. Inc. | 46,807 | 815 |
| | Southwest Airlines Co. | 33,015 | 798 |
| | Tractor Supply Co. | 11,600 | 780 |
| | Foot Locker Inc. | 16,533 | 769 |
| | PetSmart Inc. | 10,978 | 743 |
| | Service Corp. International | 39,200 | 736 |
| * | News Corp. Class A | 41,570 | 708 |
| | Scripps Networks Interactive Inc. Class A | 9,265 | 696 |
| * | Rite Aid Corp. | 92,400 | 675 |
| | Gannett Co. Inc. | 24,077 | 654 |
| | Omnicare Inc. | 11,008 | 652 |
| * | Ulta Salon Cosmetics & Fragrance Inc. | 7,200 | 632 |
74
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Avis Budget Group Inc. | 11,600 | 610 |
| | Graham Holdings Co. Class B | 901 | 605 |
| | Family Dollar Stores Inc. | 9,543 | 561 |
| * | Starz | 16,987 | 548 |
| | Alaska Air Group Inc. | 5,700 | 536 |
| | GameStop Corp. Class A | 13,116 | 520 |
| * | United Continental Holdings Inc. | 12,700 | 519 |
| * | American Airlines Group Inc. | 14,466 | 507 |
| | GNC Holdings Inc. Class A | 10,800 | 486 |
| | Williams-Sonoma Inc. | 7,500 | 471 |
| | Dick's Sporting Goods Inc. | 8,900 | 469 |
| * | Panera Bread Co. Class A | 3,000 | 459 |
| | Dun & Bradstreet Corp. | 4,130 | 457 |
| | FactSet Research Systems Inc. | 4,200 | 447 |
| * | Jack in the Box Inc. | 8,300 | 444 |
| * | AMC Networks Inc. Class A | 6,734 | 442 |
| * | Pandora Media Inc. | 18,800 | 440 |
| * | Hyatt Hotels Corp. Class A | 7,700 | 433 |
| | KAR Auction Services Inc. | 14,504 | 432 |
| * | Sally Beauty Holdings Inc. | 15,700 | 430 |
| * | Lamar Advertising Co. Class A | 8,127 | 406 |
| * | Urban Outfitters Inc. | 11,317 | 404 |
| | Six Flags Entertainment Corp. | 10,000 | 401 |
| * | Groupon Inc. Class A | 57,100 | 399 |
| * | Apollo Education Group Inc. | 13,775 | 398 |
| * | Copart Inc. | 10,900 | 395 |
| * | Yelp Inc. Class A | 6,600 | 385 |
| * | Live Nation Entertainment Inc. | 18,300 | 382 |
| | New York Times Co. Class A | 23,500 | 378 |
| | Dunkin' Brands Group Inc. | 8,218 | 374 |
| | Abercrombie & Fitch Co. | 10,168 | 374 |
| | International Game Technology | 28,205 | 354 |
| * | Lumber Liquidators Holdings Inc. | 4,000 | 349 |
| * | United Natural Foods Inc. | 5,000 | 345 |
| | Brinker International Inc. | 7,000 | 344 |
| * | Norwegian Cruise Line Holdings Ltd. | 10,461 | 343 |
| | Domino's Pizza Inc. | 4,600 | 342 |
| | Cablevision Systems Corp. Class A | 20,440 | 341 |
| * | Madison Square Garden Co. Class A | 6,200 | 339 |
| * | Sprouts Farmers Market Inc. | 10,300 | 329 |
| * | Cabela's Inc. | 5,000 | 328 |
| * | Buffalo Wild Wings Inc. | 2,200 | 321 |
| * | AutoNation Inc. | 5,766 | 306 |
| | Cato Corp. Class A | 10,600 | 302 |
| | DSW Inc. Class A | 8,820 | 295 |
| | Cracker Barrel Old Country Store Inc. | 3,100 | 294 |
| *,^ | JC Penney Co. Inc. | 34,234 | 292 |
| | Cinemark Holdings Inc. | 9,800 | 290 |
| | MercadoLibre Inc. | 3,100 | 289 |
| | Weis Markets Inc. | 5,900 | 272 |
| | Copa Holdings SA Class A | 2,000 | 271 |
| | HSN Inc. | 4,600 | 267 |
| | Dillard's Inc. Class A | 2,700 | 264 |
| | CST Brands Inc. | 8,023 | 262 |
| | Men's Wearhouse Inc. | 5,500 | 261 |
| | Bob Evans Farms Inc. | 5,500 | 258 |
| * | Grand Canyon Education Inc. | 5,900 | 254 |
| | Burger King Worldwide Inc. | 9,700 | 253 |
| | Wendy's Co. | 30,328 | 252 |
| * | Acxiom Corp. | 8,900 | 251 |
| | DeVry Education Group Inc. | 5,500 | 248 |
| | Penske Automotive Group Inc. | 5,400 | 248 |
| | Choice Hotels International Inc. | 5,600 | 247 |
| * | VCA Antech Inc. | 7,900 | 242 |
75
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | John Wiley & Sons Inc. Class A | 4,200 | 241 |
| | Hillenbrand Inc. | 7,900 | 240 |
| | Sotheby's | 5,700 | 240 |
| | AMERCO | 946 | 237 |
| | Lions Gate Entertainment Corp. | 8,900 | 236 |
| | Casey's General Stores Inc. | 3,400 | 233 |
| * | Big Lots Inc. | 5,900 | 233 |
| * | Ascena Retail Group Inc. | 13,400 | 231 |
| | American Eagle Outfitters Inc. | 19,643 | 227 |
| * | News Corp. Class B | 13,640 | 226 |
| | Chico's FAS Inc. | 14,200 | 226 |
| | Vail Resorts Inc. | 3,200 | 222 |
| * | Life Time Fitness Inc. | 4,600 | 221 |
| | Rollins Inc. | 7,300 | 220 |
| * | Office Depot Inc. | 53,467 | 219 |
| * | Five Below Inc. | 5,200 | 210 |
| | Sinclair Broadcast Group Inc. Class A | 7,800 | 209 |
| * | Caesars Entertainment Corp. | 11,200 | 207 |
| | Morningstar Inc. | 2,800 | 205 |
| | Pier 1 Imports Inc. | 11,200 | 205 |
| * | Asbury Automotive Group Inc. | 3,300 | 204 |
| | Interval Leisure Group Inc. | 7,900 | 204 |
| | PriceSmart Inc. | 2,100 | 202 |
| * | OpenTable Inc. | 3,000 | 202 |
| * | Jos A Bank Clothiers Inc. | 3,100 | 200 |
| * | Restoration Hardware Holdings Inc. | 3,200 | 200 |
| * | HomeAway Inc. | 6,100 | 199 |
| * | Bally Technologies Inc. | 3,000 | 195 |
| * | Dolby Laboratories Inc. Class A | 4,900 | 195 |
| * | DreamWorks Animation SKG Inc. Class A | 8,100 | 195 |
| * | ANN Inc. | 4,900 | 192 |
| * | Bloomin' Brands Inc. | 8,900 | 190 |
| *,^ | Sears Holdings Corp. | 4,294 | 188 |
| | Meredith Corp. | 4,200 | 185 |
| * | SolarCity Corp. | 3,400 | 181 |
| | Monro Muffler Brake Inc. | 3,200 | 181 |
| * | SUPERVALU Inc. | 25,297 | 177 |
| * | Murphy USA Inc. | 4,130 | 176 |
| | Cheesecake Factory Inc. | 3,900 | 175 |
| * | Fresh Market Inc. | 4,500 | 167 |
| * | Conversant Inc. | 6,800 | 166 |
| | SeaWorld Entertainment Inc. | 5,500 | 165 |
| | Lithia Motors Inc. Class A | 2,200 | 163 |
| * | Genesco Inc. | 2,100 | 160 |
| * | Shutterfly Inc. | 3,900 | 160 |
| | Aaron's Inc. | 5,400 | 159 |
| * | FTD Cos. Inc. | 5,200 | 158 |
| ^ | Arcos Dorados Holdings Inc. Class A | 17,000 | 155 |
| * | WebMD Health Corp. | 3,500 | 154 |
| | Regal Entertainment Group Class A | 8,100 | 152 |
| * | Express Inc. | 10,400 | 152 |
| | Group 1 Automotive Inc. | 2,100 | 151 |
| | Chemed Corp. | 1,800 | 150 |
| * | Bright Horizons Family Solutions Inc. | 3,545 | 145 |
| * | Rush Enterprises Inc. Class A | 4,400 | 141 |
| | Rent-A-Center Inc. | 4,800 | 140 |
| | Guess? Inc. | 5,200 | 140 |
| * | Pinnacle Entertainment Inc. | 5,900 | 137 |
| | DineEquity Inc. | 1,800 | 136 |
| * | Constant Contact Inc. | 5,200 | 134 |
| * | Orient-Express Hotels Ltd. Class A | 9,600 | 126 |
| | Regis Corp. | 9,500 | 125 |
| | Nexstar Broadcasting Group Inc. Class A | 3,100 | 124 |
| * | Beacon Roofing Supply Inc. | 3,400 | 121 |
76
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Conn's Inc. | 2,700 | 119 |
| * | Hibbett Sports Inc. | 2,200 | 118 |
| | Finish Line Inc. Class A | 4,300 | 118 |
| | Sonic Automotive Inc. Class A | 4,700 | 114 |
| | Papa John's International Inc. | 2,600 | 114 |
| * | JetBlue Airways Corp. | 13,900 | 110 |
| * | comScore Inc. | 3,500 | 110 |
| | Brown Shoe Co. Inc. | 4,500 | 106 |
| * | Vitamin Shoppe Inc. | 2,200 | 105 |
| * | Spirit Airlines Inc. | 1,800 | 102 |
| | Spartan Stores Inc. | 4,600 | 99 |
| * | Marriott Vacations Worldwide Corp. | 1,763 | 96 |
| * | Fiesta Restaurant Group Inc. | 2,600 | 95 |
| | Texas Roadhouse Inc. Class A | 3,800 | 94 |
| * | Krispy Kreme Doughnuts Inc. | 5,300 | 93 |
| *,^ | Media General Inc. Class A | 6,000 | 92 |
| | National CineMedia Inc. | 6,000 | 91 |
| * | Ruby Tuesday Inc. | 11,600 | 89 |
| * | Ascent Capital Group Inc. Class A | 1,300 | 89 |
| | Buckle Inc. | 1,900 | 89 |
| * | Boyd Gaming Corp. | 7,500 | 89 |
| * | BJ's Restaurants Inc. | 3,100 | 89 |
| * | Bankrate Inc. | 5,000 | 88 |
| * | Susser Holdings Corp. | 1,100 | 85 |
| * | RetailMeNot Inc. | 2,800 | 83 |
| * | Barnes & Noble Inc. | 4,800 | 79 |
| * | Zumiez Inc. | 3,200 | 78 |
| | Children's Place Retail Stores Inc. | 1,600 | 77 |
| * | Sonic Corp. | 4,000 | 76 |
| * | Orbitz Worldwide Inc. | 10,300 | 76 |
| | CTC Media Inc. | 8,000 | 69 |
| * | Red Robin Gourmet Burgers Inc. | 1,000 | 68 |
| * | Liquidity Services Inc. | 3,900 | 67 |
| * | Scientific Games Corp. Class A | 5,200 | 62 |
| * | ITT Educational Services Inc. | 2,300 | 62 |
| * | K12 Inc. | 2,600 | 62 |
| | Churchill Downs Inc. | 700 | 62 |
| * | Cumulus Media Inc. Class A | 9,500 | 61 |
| * | Blue Nile Inc. | 1,700 | 59 |
| | Allegiant Travel Co. Class A | 500 | 59 |
| | Capella Education Co. | 1,000 | 58 |
| * | Penn National Gaming Inc. | 5,200 | 58 |
| | Scholastic Corp. | 1,700 | 56 |
| | Stage Stores Inc. | 2,700 | 52 |
| | International Speedway Corp. Class A | 1,600 | 50 |
| * | Steiner Leisure Ltd. | 1,120 | 48 |
| * | Francesca's Holdings Corp. | 2,900 | 47 |
| | Fred's Inc. Class A | 2,600 | 47 |
| * | American Public Education Inc. | 1,300 | 45 |
| | Stein Mart Inc. | 3,500 | 44 |
| | Clear Channel Outdoor Holdings Inc. Class A | 5,400 | 43 |
| * | Biglari Holdings Inc. | 100 | 43 |
| * | Pep Boys-Manny Moe & Jack | 3,900 | 40 |
| * | Strayer Education Inc. | 900 | 38 |
| * | New Media Investment Group Inc. | 2,538 | 36 |
| * | Lands' End Inc. | 1,291 | 36 |
| | Weight Watchers International Inc. | 1,711 | 34 |
| * | Clean Energy Fuels Corp. | 3,600 | 32 |
| * | Aeropostale Inc. | 5,000 | 25 |
| * | Central European Media Enterprises Ltd. Class A | 8,100 | 22 |
| | | | 314,774 |
| Financials (8.9%) | | |
| | Wells Fargo & Co. | 629,726 | 31,260 |
| | JPMorgan Chase & Co. | 451,987 | 25,302 |
77
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of America Corp. | 1,274,794 | 19,300 |
| | Citigroup Inc. | 362,711 | 17,377 |
| * | Berkshire Hathaway Inc. Class B | 126,329 | 16,277 |
| | Visa Inc. Class A | 60,569 | 12,272 |
| * | Berkshire Hathaway Inc. Class A | 62 | 11,983 |
| | American Express Co. | 116,603 | 10,195 |
| | American International Group Inc. | 177,497 | 9,430 |
| | MasterCard Inc. Class A | 124,250 | 9,139 |
| | US Bancorp | 218,303 | 8,902 |
| | Goldman Sachs Group Inc. | 49,928 | 7,979 |
| | Simon Property Group Inc. | 35,825 | 6,205 |
| | MetLife Inc. | 106,075 | 5,553 |
| | Morgan Stanley | 175,716 | 5,435 |
| | PNC Financial Services Group Inc. | 60,994 | 5,126 |
| | Bank of New York Mellon Corp. | 135,724 | 4,597 |
| | Capital One Financial Corp. | 60,741 | 4,489 |
| | BlackRock Inc. | 14,668 | 4,415 |
| | Prudential Financial Inc. | 54,179 | 4,371 |
| | ACE Ltd. | 38,651 | 3,955 |
| | American Tower Corporation | 45,678 | 3,815 |
| | Travelers Cos. Inc. | 40,269 | 3,648 |
| | Charles Schwab Corp. | 128,886 | 3,422 |
| | State Street Corp. | 51,311 | 3,313 |
| | Aflac Inc. | 52,723 | 3,307 |
| | Discover Financial Services | 56,017 | 3,131 |
| | Marsh & McLennan Cos. Inc. | 62,025 | 3,058 |
| | Aon plc | 35,257 | 2,993 |
| | BB&T Corp. | 79,769 | 2,978 |
| | Allstate Corp. | 51,175 | 2,914 |
| | Public Storage | 16,083 | 2,823 |
| | Crown Castle International Corp. | 38,688 | 2,814 |
| | IntercontinentalExchange Group Inc. | 13,598 | 2,780 |
| | Chubb Corp. | 28,325 | 2,608 |
| | CME Group Inc. | 36,809 | 2,591 |
| | Ameriprise Financial Inc. | 22,788 | 2,544 |
| | Franklin Resources Inc. | 46,896 | 2,455 |
| | Equity Residential | 40,097 | 2,383 |
| | Loews Corp. | 54,087 | 2,378 |
| | SunTrust Banks Inc. | 61,326 | 2,346 |
| | Hartford Financial Services Group Inc. | 65,256 | 2,341 |
| | T. Rowe Price Group Inc. | 27,808 | 2,284 |
| | McGraw Hill Financial Inc. | 30,427 | 2,249 |
| | Prologis Inc. | 54,553 | 2,216 |
| | Ventas Inc. | 33,195 | 2,194 |
| | Principal Financial Group Inc. | 46,825 | 2,193 |
| | HCP Inc. | 51,527 | 2,157 |
| | Fifth Third Bancorp | 102,814 | 2,119 |
| | Lincoln National Corp. | 42,060 | 2,040 |
| | AvalonBay Communities Inc. | 14,865 | 2,030 |
| | Health Care REIT Inc. | 32,120 | 2,026 |
| | Vornado Realty Trust | 18,849 | 1,934 |
| | Moody's Corp. | 24,303 | 1,908 |
| | Weyerhaeuser Co. | 63,895 | 1,907 |
| | KeyCorp | 138,777 | 1,893 |
| | Boston Properties Inc. | 16,101 | 1,886 |
| | Invesco Ltd. | 49,348 | 1,738 |
| | Comerica Inc. | 35,198 | 1,698 |
| | Host Hotels & Resorts Inc. | 78,912 | 1,693 |
| | Regions Financial Corp. | 160,066 | 1,623 |
| | SLM Corp. | 62,655 | 1,613 |
| | Northern Trust Corp. | 25,821 | 1,556 |
| | New York Community Bancorp Inc. | 98,454 | 1,517 |
| | M&T Bank Corp. | 12,300 | 1,501 |
| | Progressive Corp. | 61,817 | 1,499 |
78
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Fidelity National Financial Inc. Class A | 39,502 | 1,271 |
| | Essex Property Trust Inc. | 7,318 | 1,268 |
| | Annaly Capital Management Inc. | 106,995 | 1,236 |
| | Hudson City Bancorp Inc. | 123,491 | 1,230 |
| | General Growth Properties Inc. | 52,143 | 1,198 |
| | Western Union Co. | 75,141 | 1,192 |
| * | Affiliated Managers Group Inc. | 5,783 | 1,146 |
| | EastGroup Properties Inc. | 17,300 | 1,094 |
| | American Realty Capital Properties Inc. | 82,800 | 1,084 |
| | Kilroy Realty Corp. | 18,000 | 1,072 |
| | Acadia Realty Trust | 39,200 | 1,064 |
| | Extra Space Storage Inc. | 19,100 | 1,000 |
| | Legg Mason Inc. | 21,251 | 996 |
| | Realty Income Corp. | 22,775 | 990 |
| * | Genworth Financial Inc. Class A | 55,274 | 987 |
| | Eaton Vance Corp. | 26,200 | 945 |
| | Equifax Inc. | 13,197 | 934 |
| | SL Green Realty Corp. | 8,859 | 928 |
| | Macerich Co. | 14,221 | 923 |
| | BOK Financial Corp. | 13,900 | 909 |
| | CIT Group Inc. | 20,800 | 895 |
| | Unum Group | 26,703 | 887 |
| | American Capital Agency Corp. | 38,894 | 883 |
| | Ramco-Gershenson Properties Trust | 53,300 | 878 |
| | XL Group plc Class A | 27,751 | 870 |
| | Kimco Realty Corp. | 36,826 | 844 |
| | Arthur J Gallagher & Co. | 18,742 | 844 |
| | Digital Realty Trust Inc. | 15,611 | 834 |
| | Plum Creek Timber Co. Inc. | 19,083 | 832 |
| * | CBRE Group Inc. Class A | 30,998 | 826 |
| | Huntington Bancshares Inc. | 89,481 | 820 |
| | Everest Re Group Ltd. | 5,046 | 797 |
| | Willis Group Holdings plc | 19,161 | 785 |
| | Valley National Bancorp | 77,884 | 780 |
| * | Markel Corp. | 1,245 | 779 |
| | ProAssurance Corp. | 16,700 | 759 |
| * | Alleghany Corp. | 1,847 | 754 |
| | Brown & Brown Inc. | 25,244 | 752 |
| | Federal Realty Investment Trust | 6,350 | 746 |
| | TCF Financial Corp. | 47,272 | 742 |
| | Washington REIT | 30,200 | 739 |
| | TD Ameritrade Holding Corp. | 22,631 | 722 |
| * | Realogy Holdings Corp. | 16,890 | 710 |
| | Universal Health Realty Income Trust | 16,700 | 709 |
| * | E*TRADE Financial Corp. | 31,400 | 705 |
| | Rayonier Inc. | 15,600 | 704 |
| | Investors Real Estate Trust | 80,500 | 702 |
| | Medical Properties Trust Inc. | 51,500 | 695 |
| * | Signature Bank | 5,800 | 689 |
| | Apartment Investment & Management Co. Class A | 22,000 | 678 |
| | Post Properties Inc. | 13,460 | 676 |
| | Corporate Office Properties Trust | 24,800 | 663 |
| * | Arch Capital Group Ltd. | 11,510 | 660 |
| | Cincinnati Financial Corp. | 13,071 | 637 |
| | UDR Inc. | 24,487 | 633 |
| * | Howard Hughes Corp. | 4,400 | 628 |
| | LTC Properties Inc. | 16,100 | 622 |
| | East West Bancorp Inc. | 18,000 | 621 |
| | Starwood Property Trust Inc. | 25,705 | 618 |
| | Torchmark Corp. | 7,750 | 618 |
| | Camden Property Trust | 8,948 | 613 |
| | WP Carey Inc. | 9,943 | 611 |
| * | Voya Financial Inc. | 17,017 | 602 |
| | First Republic Bank | 11,797 | 599 |
79
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | NorthStar Realty Finance Corp. | 36,700 | 588 |
| | Westamerica Bancorporation | 11,500 | 584 |
| | Jones Lang LaSalle Inc. | 5,000 | 579 |
| * | Ocwen Financial Corp. | 15,200 | 576 |
| | PartnerRe Ltd. | 5,424 | 572 |
| | Saul Centers Inc. | 12,200 | 560 |
| | Waddell & Reed Financial Inc. Class A | 8,300 | 560 |
| | Raymond James Financial Inc. | 11,200 | 557 |
| | CBL & Associates Properties Inc. | 30,600 | 556 |
| | Safety Insurance Group Inc. | 10,296 | 553 |
| | Zions Bancorporation | 19,082 | 552 |
| | Cullen/Frost Bankers Inc. | 7,200 | 550 |
| | Sun Communities Inc. | 12,000 | 547 |
| | Lazard Ltd. Class A | 11,600 | 546 |
| | Capstead Mortgage Corp. | 42,600 | 544 |
| | Duke Realty Corp. | 31,052 | 544 |
| | Liberty Property Trust | 14,298 | 536 |
| | NASDAQ OMX Group Inc. | 14,400 | 531 |
| | Invesco Mortgage Capital Inc. | 31,800 | 530 |
| | Inland Real Estate Corp. | 50,675 | 530 |
| | Brookline Bancorp Inc. | 58,172 | 528 |
| * | MSCI Inc. Class A | 12,800 | 519 |
| | Mack-Cali Realty Corp. | 25,200 | 513 |
| | CBOE Holdings Inc. | 9,600 | 512 |
| * | SVB Financial Group | 4,700 | 501 |
| * | Navigators Group Inc. | 8,700 | 496 |
| | Glimcher Realty Trust | 47,900 | 488 |
| | Mid-America Apartment Communities Inc. | 6,644 | 463 |
| * | MGIC Investment Corp. | 53,700 | 462 |
| | PacWest Bancorp | 11,479 | 452 |
| | Axis Capital Holdings Ltd. | 9,862 | 451 |
| | Montpelier Re Holdings Ltd. | 14,700 | 450 |
| | Assurant Inc. | 6,638 | 447 |
| * | Portfolio Recovery Associates Inc. | 7,800 | 446 |
| | Taubman Centers Inc. | 6,113 | 445 |
| | CNO Financial Group Inc. | 25,600 | 442 |
| | Geo Group Inc. | 13,132 | 440 |
| * | Liberty Ventures Class A | 7,570 | 439 |
| | DDR Corp. | 25,500 | 438 |
| | Omega Healthcare Investors Inc. | 12,400 | 431 |
| | Redwood Trust Inc. | 19,400 | 423 |
| | Reinsurance Group of America Inc. Class A | 5,400 | 414 |
| | National Retail Properties Inc. | 12,105 | 413 |
| | WR Berkley Corp. | 9,276 | 410 |
| | RLJ Lodging Trust | 15,200 | 405 |
| | Regency Centers Corp. | 7,586 | 398 |
| | RenaissanceRe Holdings Ltd. | 3,924 | 397 |
| | Alexandria Real Estate Equities Inc. | 5,371 | 396 |
| | Stock Yards Bancorp Inc. | 13,400 | 395 |
| | LPL Financial Holdings Inc. | 8,300 | 393 |
| | Assured Guaranty Ltd. | 16,300 | 390 |
| | Old Republic International Corp. | 23,367 | 387 |
| | Tompkins Financial Corp. | 8,200 | 387 |
| | American Campus Communities Inc. | 10,100 | 386 |
| | Hospitality Properties Trust | 12,768 | 384 |
| | Spirit Realty Capital Inc. | 35,599 | 383 |
| | Protective Life Corp. | 7,300 | 373 |
| | Senior Housing Properties Trust | 15,859 | 372 |
| | Prosperity Bancshares Inc. | 6,300 | 372 |
| | Gaming and Leisure Properties Inc. | 10,064 | 370 |
| | SEI Investments Co. | 11,417 | 370 |
| | Hanover Insurance Group Inc. | 6,300 | 368 |
| | Aspen Insurance Holdings Ltd. | 8,000 | 366 |
| | BankUnited Inc. | 10,701 | 353 |
80
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | American Equity Investment Life Holding Co. | 15,000 | 350 |
| | Two Harbors Investment Corp. | 33,600 | 349 |
| | MarketAxess Holdings Inc. | 6,400 | 345 |
| | People's United Financial Inc. | 24,024 | 343 |
| | Community Trust Bancorp Inc. | 9,300 | 343 |
| | LaSalle Hotel Properties | 10,300 | 341 |
| | Commerce Bancshares Inc. | 7,772 | 338 |
| | Allied World Assurance Co. Holdings AG | 3,100 | 334 |
| | Home Properties Inc. | 5,400 | 333 |
| | First Niagara Financial Group Inc. | 37,100 | 331 |
| | Corrections Corp. of America | 10,007 | 328 |
| | BioMed Realty Trust Inc. | 15,697 | 328 |
| | American Financial Group Inc. | 5,600 | 327 |
| | HCC Insurance Holdings Inc. | 7,100 | 326 |
| * | Popular Inc. | 10,498 | 324 |
| | FirstMerit Corp. | 16,558 | 321 |
| | CommonWealth REIT | 12,600 | 320 |
| | Urstadt Biddle Properties Inc. Class A | 15,610 | 319 |
| | City National Corp. | 4,357 | 316 |
| * | Zillow Inc. Class A | 2,900 | 315 |
| | Umpqua Holdings Corp. | 18,790 | 312 |
| | Synovus Financial Corp. | 97,200 | 312 |
| | Associated Banc-Corp | 17,500 | 307 |
| | American National Insurance Co. | 2,700 | 304 |
| | Washington Federal Inc. | 13,900 | 300 |
| | Chimera Investment Corp. | 96,200 | 297 |
| | Douglas Emmett Inc. | 10,600 | 293 |
| | BGC Partners Inc. Class A | 40,459 | 290 |
| | Ryman Hospitality Properties Inc. | 6,337 | 289 |
| | Sunstone Hotel Investors Inc. | 19,084 | 273 |
| * | Stifel Financial Corp. | 5,700 | 267 |
| | PS Business Parks Inc. | 3,100 | 266 |
| | Weingarten Realty Investors | 8,400 | 262 |
| | First Horizon National Corp. | 22,781 | 262 |
| | Equity Lifestyle Properties Inc. | 6,200 | 260 |
| | Brandywine Realty Trust | 17,600 | 256 |
| | Federated Investors Inc. Class B | 8,879 | 253 |
| * | Texas Capital Bancshares Inc. | 4,500 | 253 |
| * | Forest City Enterprises Inc. Class A | 13,127 | 248 |
| | DCT Industrial Trust Inc. | 31,300 | 245 |
| | Radian Group Inc. | 17,500 | 245 |
| | Validus Holdings Ltd. | 6,565 | 243 |
| | First American Financial Corp. | 9,100 | 242 |
| | UMB Financial Corp. | 4,100 | 241 |
| | Janus Capital Group Inc. | 19,742 | 239 |
| | Webster Financial Corp. | 7,800 | 235 |
| | StanCorp Financial Group Inc. | 3,800 | 232 |
| | Platinum Underwriters Holdings Ltd. | 3,700 | 232 |
| | Northwest Bancshares Inc. | 17,400 | 231 |
| | Piedmont Office Realty Trust Inc. Class A | 13,100 | 231 |
| | Hancock Holding Co. | 6,800 | 229 |
| | Healthcare Trust of America Inc. Class A | 19,500 | 228 |
| | First Citizens BancShares Inc. Class A | 1,000 | 225 |
| | Kemper Corp. | 5,700 | 225 |
| | Endurance Specialty Holdings Ltd. | 4,400 | 224 |
| * | Hilltop Holdings Inc. | 9,724 | 217 |
| | Symetra Financial Corp. | 10,500 | 217 |
| | PrivateBancorp Inc. | 7,800 | 215 |
| | First Financial Bankshares Inc. | 3,600 | 213 |
| | Sovran Self Storage Inc. | 2,800 | 213 |
| | Pebblebrook Hotel Trust | 6,100 | 210 |
| | Bank of Hawaii Corp. | 3,800 | 210 |
| | CubeSmart | 11,200 | 208 |
| | MFA Financial Inc. | 26,200 | 208 |
81
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Community Bank System Inc. | 5,500 | 205 |
| | Financial Engines Inc. | 4,600 | 204 |
| | Tanger Factory Outlet Centers | 5,700 | 203 |
| | Highwoods Properties Inc. | 5,000 | 202 |
| | Wintrust Financial Corp. | 4,500 | 202 |
| | United Bankshares Inc. | 6,802 | 199 |
| | Healthcare Realty Trust Inc. | 7,900 | 199 |
| | EPR Properties | 3,700 | 198 |
| | Bank of the Ozarks Inc. | 3,300 | 198 |
| | American Homes 4 Rent Class A | 12,300 | 197 |
| | Primerica Inc. | 4,300 | 197 |
| | DiamondRock Hospitality Co. | 15,900 | 195 |
| | Retail Properties of America Inc. | 13,500 | 193 |
| | Investors Bancorp Inc. | 7,209 | 193 |
| | Capitol Federal Financial Inc. | 15,700 | 189 |
| | Susquehanna Bancshares Inc. | 18,200 | 189 |
| | Lexington Realty Trust | 17,500 | 188 |
| | Home BancShares Inc. | 5,900 | 187 |
| | Alexander & Baldwin Inc. | 4,900 | 183 |
| | Iberiabank Corp. | 2,900 | 182 |
| | National Health Investors Inc. | 2,900 | 179 |
| | Evercore Partners Inc. Class A | 3,300 | 176 |
| | Hatteras Financial Corp. | 9,000 | 176 |
| | Glacier Bancorp Inc. | 6,800 | 174 |
| | Cathay General Bancorp | 7,300 | 172 |
| | Fulton Financial Corp. | 14,100 | 172 |
| | FNB Corp. | 13,500 | 168 |
| | Colony Financial Inc. | 7,664 | 167 |
| * | Virtus Investment Partners Inc. | 900 | 166 |
| | Altisource Residential Corp. | 5,900 | 166 |
| | Artisan Partners Asset Management Inc. Class A | 2,800 | 163 |
| | First Industrial Realty Trust Inc. | 8,651 | 159 |
| * | MBIA Inc. | 13,100 | 159 |
| | Newcastle Investment Corp. | 35,156 | 158 |
| | New Residential Investment Corp. | 25,600 | 156 |
| * | Altisource Portfolio Solutions SA | 1,500 | 156 |
| * | First Cash Financial Services Inc. | 3,100 | 151 |
| | Greenhill & Co. Inc. | 3,000 | 150 |
| | DuPont Fabros Technology Inc. | 6,200 | 150 |
| | CVB Financial Corp. | 10,300 | 149 |
| | Trustmark Corp. | 6,500 | 149 |
| * | St. Joe Co. | 8,179 | 146 |
| * | Forestar Group Inc. | 8,500 | 145 |
| | BancorpSouth Inc. | 6,100 | 142 |
| * | Enstar Group Ltd. | 1,100 | 142 |
| | Amtrust Financial Services Inc. | 3,610 | 140 |
| | Chambers Street Properties | 17,800 | 139 |
| * | Western Alliance Bancorp | 6,000 | 138 |
| | Park National Corp. | 1,900 | 138 |
| | Hudson Pacific Properties Inc. | 5,774 | 136 |
| | Interactive Brokers Group Inc. | 5,600 | 134 |
| | Potlatch Corp. | 3,500 | 134 |
| | CYS Investments Inc. | 15,400 | 132 |
| * | Strategic Hotels & Resorts Inc. | 12,200 | 132 |
| | International Bancshares Corp. | 5,700 | 131 |
| * | World Acceptance Corp. | 1,800 | 131 |
| | Kennedy-Wilson Holdings Inc. | 5,800 | 127 |
| | Mercury General Corp. | 2,555 | 122 |
| | Pinnacle Financial Partners Inc. | 3,500 | 121 |
| | First Financial Holdings Inc. | 2,100 | 121 |
| * | Walter Investment Management Corp. | 4,500 | 120 |
| * | TFS Financial Corp. | 8,900 | 119 |
| | Independent Bank Corp. | 3,200 | 119 |
| | Old National Bancorp | 8,300 | 117 |
82
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Credit Acceptance Corp. | 883 | 116 |
| * | Green Dot Corp. Class A | 6,500 | 113 |
| * | Trulia Inc. | 3,300 | 112 |
| * | Blackhawk Network Holdings Inc. Class B | 4,844 | 112 |
| | United Fire Group Inc. | 4,000 | 111 |
| | Horace Mann Educators Corp. | 3,700 | 111 |
| | Cousins Properties Inc. | 9,506 | 111 |
| | First Financial Bancorp | 6,800 | 110 |
| | Chemical Financial Corp. | 3,900 | 109 |
| | WesBanco Inc. | 3,600 | 109 |
| | National Penn Bancshares Inc. | 10,900 | 106 |
| | ARMOUR Residential REIT Inc. | 25,000 | 106 |
| | Selective Insurance Group Inc. | 4,600 | 106 |
| * | KCG Holdings Inc. Class A | 10,584 | 105 |
| | NBT Bancorp Inc. | 4,600 | 104 |
| | RLI Corp. | 2,400 | 103 |
| | City Holding Co. | 2,400 | 103 |
| | MB Financial Inc. | 3,800 | 102 |
| | Cash America International Inc. | 2,300 | 100 |
| | BBCN Bancorp Inc. | 6,400 | 99 |
| | American Assets Trust Inc. | 2,900 | 98 |
| * | Beneficial Mutual Bancorp Inc. | 7,500 | 98 |
| | 1st Source Corp. | 3,300 | 97 |
| | Boston Private Financial Holdings Inc. | 7,600 | 95 |
| | Pennsylvania REIT | 5,714 | 95 |
| | Columbia Banking System Inc. | 3,800 | 94 |
| | Parkway Properties Inc. | 5,000 | 94 |
| | S&T Bancorp Inc. | 4,000 | 93 |
| | FelCor Lodging Trust Inc. | 10,000 | 92 |
| | Sterling Bancorp | 7,700 | 92 |
| | First Midwest Bancorp Inc. | 5,600 | 92 |
| * | WisdomTree Investments Inc. | 8,100 | 91 |
| * | iStar Financial Inc. | 5,900 | 88 |
| | EverBank Financial Corp. | 4,600 | 86 |
| | Education Realty Trust Inc. | 8,400 | 86 |
| | Cohen & Steers Inc. | 2,100 | 85 |
| * | Encore Capital Group Inc. | 1,900 | 82 |
| | Oritani Financial Corp. | 5,500 | 82 |
| | Government Properties Income Trust | 3,200 | 81 |
| * | Move Inc. | 7,600 | 81 |
| | Chesapeake Lodging Trust | 3,000 | 81 |
| | Sabra Health Care REIT Inc. | 2,700 | 81 |
| | PennyMac Mortgage Investment Trust | 3,400 | 80 |
| * | Investment Technology Group Inc. | 3,800 | 78 |
| | Home Loan Servicing Solutions Ltd. | 3,500 | 78 |
| * | Tejon Ranch Co. | 2,500 | 78 |
| | Hersha Hospitality Trust Class A | 13,200 | 77 |
| * | Starwood Waypoint Residential Trust | 2,821 | 77 |
| * | Harbinger Group Inc. | 6,400 | 75 |
| | Franklin Street Properties Corp. | 6,000 | 73 |
| | Rouse Properties Inc. | 4,214 | 71 |
| | Infinity Property & Casualty Corp. | 1,100 | 71 |
| | Employers Holdings Inc. | 3,400 | 69 |
| | Alexander's Inc. | 200 | 69 |
| | Renasant Corp. | 2,500 | 68 |
| | Argo Group International Holdings Ltd. | 1,400 | 62 |
| * | First BanCorp | 12,000 | 62 |
| * | Greenlight Capital Re Ltd. Class A | 1,900 | 60 |
| | OFG Bancorp | 3,500 | 60 |
| | Cedar Realty Trust Inc. | 9,476 | 59 |
| * | eHealth Inc. | 1,400 | 59 |
| * | Piper Jaffray Cos. | 1,300 | 57 |
| * | Nationstar Mortgage Holdings Inc. | 1,700 | 56 |
| | Maiden Holdings Ltd. | 4,700 | 55 |
83
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ashford Hospitality Trust Inc. | 5,400 | 55 |
| | Simmons First National Corp. Class A | 1,500 | 54 |
| * | DFC Global Corp. | 5,700 | 53 |
| | Anworth Mortgage Asset Corp. | 9,800 | 53 |
| * | PICO Holdings Inc. | 2,200 | 51 |
| | Nelnet Inc. Class A | 1,200 | 51 |
| | CNA Financial Corp. | 1,200 | 49 |
| | First Commonwealth Financial Corp. | 5,600 | 48 |
| | First Financial Corp. | 1,448 | 46 |
| | GAMCO Investors Inc. | 600 | 46 |
| * | Ezcorp Inc. Class A | 3,700 | 39 |
| * | Citizens Inc. Class A | 4,800 | 32 |
| * | Tejon Ranch Co. Warrants Exp. 08/31/2016 | 369 | 1 |
| | | | 447,191 |
| Health Care (5.8%) | | |
| | Johnson & Johnson | 328,721 | 33,296 |
| | Pfizer Inc. | 772,858 | 24,175 |
| | Merck & Co. Inc. | 351,885 | 20,606 |
| * | Gilead Sciences Inc. | 181,564 | 14,251 |
| | Amgen Inc. | 91,930 | 10,273 |
| | Bristol-Myers Squibb Co. | 195,277 | 9,781 |
| | AbbVie Inc. | 187,218 | 9,750 |
| | UnitedHealth Group Inc. | 118,339 | 8,880 |
| * | Biogen Idec Inc. | 28,395 | 8,153 |
| * | Celgene Corp. | 49,434 | 7,267 |
| | Abbott Laboratories | 184,008 | 7,128 |
| | Eli Lilly & Co. | 120,311 | 7,110 |
| | Medtronic Inc. | 118,287 | 6,958 |
| | Allergan Inc. | 38,809 | 6,436 |
| * | Express Scripts Holding Co. | 92,400 | 6,152 |
| | Thermo Fisher Scientific Inc. | 45,961 | 5,240 |
| | Baxter International Inc. | 71,034 | 5,171 |
| * | Actavis plc | 20,691 | 4,228 |
| * | Alexion Pharmaceuticals Inc. | 23,845 | 3,772 |
| | Covidien plc | 51,700 | 3,684 |
| | WellPoint Inc. | 33,305 | 3,353 |
| | Aetna Inc. | 42,622 | 3,045 |
| * | Forest Laboratories Inc. | 32,054 | 2,946 |
| | Cigna Corp. | 34,584 | 2,768 |
| * | Regeneron Pharmaceuticals Inc. | 9,100 | 2,702 |
| | St. Jude Medical Inc. | 40,242 | 2,554 |
| | Stryker Corp. | 31,823 | 2,474 |
| | Becton Dickinson and Co. | 21,823 | 2,467 |
| | Perrigo Co. plc | 16,163 | 2,341 |
| * | Mylan Inc. | 45,139 | 2,292 |
| * | Illumina Inc. | 15,641 | 2,125 |
| | Humana Inc. | 18,594 | 2,041 |
| * | Vertex Pharmaceuticals Inc. | 29,154 | 1,974 |
| * | Boston Scientific Corp. | 152,972 | 1,929 |
| * | HCA Holdings Inc. | 35,973 | 1,871 |
| | Zimmer Holdings Inc. | 18,943 | 1,834 |
| | Zoetis Inc. | 57,408 | 1,737 |
| * | Intuitive Surgical Inc. | 4,793 | 1,734 |
| * | DaVita HealthCare Partners Inc. | 24,286 | 1,683 |
| * | Edwards Lifesciences Corp. | 14,850 | 1,210 |
| | CR Bard Inc. | 8,629 | 1,185 |
| * | MEDNAX Inc. | 19,200 | 1,138 |
| * | Endo Health Solutions Inc. | 17,199 | 1,083 |
| | Patterson Cos. Inc. | 25,979 | 1,057 |
| | Cooper Cos. Inc. | 7,695 | 1,015 |
| * | Henry Schein Inc. | 8,691 | 993 |
| * | Laboratory Corp. of America Holdings | 9,651 | 953 |
| | Quest Diagnostics Inc. | 16,474 | 921 |
| * | BioMarin Pharmaceutical Inc. | 15,543 | 905 |
84
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Varian Medical Systems Inc. | 11,290 | 898 |
| | Universal Health Services Inc. Class B | 10,728 | 877 |
| * | Waters Corp. | 8,825 | 870 |
| * | CareFusion Corp. | 21,858 | 854 |
| * | Hospira Inc. | 18,465 | 846 |
| * | Jazz Pharmaceuticals plc | 6,100 | 823 |
| | ResMed Inc. | 16,200 | 808 |
| * | Salix Pharmaceuticals Ltd. | 7,300 | 803 |
| * | Incyte Corp. Ltd. | 14,600 | 709 |
| * | IDEXX Laboratories Inc. | 5,400 | 683 |
| * | Hologic Inc. | 31,000 | 651 |
| * | Alkermes plc | 13,900 | 643 |
| | DENTSPLY International Inc. | 14,355 | 641 |
| * | Pharmacyclics Inc. | 6,600 | 624 |
| | West Pharmaceutical Services Inc. | 13,800 | 599 |
| | Questcor Pharmaceuticals Inc. | 7,000 | 575 |
| * | Cubist Pharmaceuticals Inc. | 7,887 | 553 |
| | Teleflex Inc. | 5,400 | 551 |
| * | United Therapeutics Corp. | 5,400 | 540 |
| * | Medivation Inc. | 8,500 | 512 |
| * | Tenet Healthcare Corp. | 11,250 | 507 |
| * | Covance Inc. | 5,700 | 503 |
| * | Community Health Systems Inc. | 13,202 | 500 |
| * | Mallinckrodt plc | 6,543 | 466 |
| * | Sirona Dental Systems Inc. | 6,000 | 451 |
| * | Seattle Genetics Inc. | 11,200 | 431 |
| * | Centene Corp. | 6,400 | 425 |
| * | Intercept Pharmaceuticals Inc. | 1,500 | 396 |
| * | Isis Pharmaceuticals Inc. | 14,700 | 391 |
| * | Neogen Corp. | 9,000 | 376 |
| * | Align Technology Inc. | 7,300 | 368 |
| * | Myriad Genetics Inc. | 8,500 | 359 |
| * | Team Health Holdings Inc. | 7,400 | 359 |
| | STERIS Corp. | 7,100 | 341 |
| * | InterMune Inc. | 10,200 | 327 |
| * | Cepheid Inc. | 7,500 | 326 |
| * | WellCare Health Plans Inc. | 4,800 | 324 |
| | HealthSouth Corp. | 9,020 | 312 |
| * | Brookdale Senior Living Inc. Class A | 9,800 | 312 |
| * | Alnylam Pharmaceuticals Inc. | 6,200 | 307 |
| * | PAREXEL International Corp. | 6,600 | 299 |
| | Kindred Healthcare Inc. | 11,900 | 299 |
| * | Health Net Inc. | 8,700 | 299 |
| | Techne Corp. | 3,300 | 295 |
| * | DexCom Inc. | 9,000 | 292 |
| * | Envision Healthcare Holdings Inc. | 8,600 | 291 |
| * | LifePoint Hospitals Inc. | 5,000 | 280 |
| * | NPS Pharmaceuticals Inc. | 10,500 | 280 |
| * | Alere Inc. | 7,500 | 250 |
| * | Charles River Laboratories International Inc. | 4,600 | 247 |
| * | Bruker Corp. | 11,700 | 242 |
| * | Nektar Therapeutics | 20,300 | 239 |
| * | Prestige Brands Holdings Inc. | 7,100 | 238 |
| * | NuVasive Inc. | 6,800 | 229 |
| *,^ | Opko Health Inc. | 27,600 | 228 |
| * | Insulet Corp. | 6,000 | 226 |
| * | HMS Holdings Corp. | 13,800 | 223 |
| * | Akorn Inc. | 8,600 | 217 |
| * | Synageva BioPharma Corp. | 2,500 | 216 |
| * | Air Methods Corp. | 3,800 | 212 |
| * | Bio-Rad Laboratories Inc. Class A | 1,700 | 209 |
| * | Theravance Inc. | 7,500 | 202 |
| * | ArthroCare Corp. | 4,151 | 201 |
| * | Impax Laboratories Inc. | 7,600 | 199 |
85
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Thoratec Corp. | 6,000 | 197 |
| * | Acorda Therapeutics Inc. | 5,300 | 188 |
| * | Medicines Co. | 7,000 | 186 |
| * | Magellan Health Services Inc. | 3,200 | 185 |
| * | ACADIA Pharmaceuticals Inc. | 9,000 | 181 |
| *,^ | Arena Pharmaceuticals Inc. | 28,200 | 180 |
| *,^ | MannKind Corp. | 27,300 | 179 |
| * | Haemonetics Corp. | 5,800 | 176 |
| | Hill-Rom Holdings Inc. | 4,700 | 176 |
| * | Puma Biotechnology Inc. | 2,300 | 174 |
| * | Hanger Inc. | 5,000 | 173 |
| * | Cyberonics Inc. | 2,800 | 166 |
| | Owens & Minor Inc. | 4,900 | 164 |
| * | Volcano Corp. | 9,163 | 161 |
| * | Acadia Healthcare Co. Inc. | 3,800 | 160 |
| * | Celldex Therapeutics Inc. | 10,100 | 151 |
| | Healthcare Services Group Inc. | 5,100 | 148 |
| * | HeartWare International Inc. | 1,700 | 144 |
| * | Ariad Pharmaceuticals Inc. | 19,241 | 140 |
| * | Globus Medical Inc. | 5,600 | 137 |
| * | Clovis Oncology Inc. | 2,500 | 135 |
| * | Emeritus Corp. | 4,400 | 131 |
| * | Pacira Pharmaceuticals Inc. | 1,800 | 123 |
| * | ImmunoGen Inc. | 9,500 | 123 |
| * | Masimo Corp. | 4,500 | 120 |
| * | Auxilium Pharmaceuticals Inc. | 5,200 | 117 |
| * | Integra LifeSciences Holdings Corp. | 2,557 | 117 |
| * | Healthways Inc. | 6,400 | 115 |
| | PDL BioPharma Inc. | 13,400 | 114 |
| * | Amsurg Corp. Class A | 2,600 | 113 |
| * | Bio-Reference Labs Inc. | 4,400 | 112 |
| | CONMED Corp. | 2,400 | 111 |
| * | Molina Healthcare Inc. | 2,900 | 108 |
| * | Accuray Inc. | 12,800 | 108 |
| * | PharMerica Corp. | 3,900 | 106 |
| * | Wright Medical Group Inc. | 3,800 | 104 |
| * | Aegerion Pharmaceuticals Inc. | 2,200 | 97 |
| * | ABIOMED Inc. | 4,000 | 95 |
| * | Amedisys Inc. | 6,600 | 90 |
| * | Natus Medical Inc. | 3,600 | 89 |
| * | Halozyme Therapeutics Inc. | 11,800 | 88 |
| * | NxStage Medical Inc. | 7,600 | 87 |
| | Analogic Corp. | 1,100 | 83 |
| * | Exelixis Inc. | 23,018 | 81 |
| | Meridian Bioscience Inc. | 4,000 | 80 |
| | Cantel Medical Corp. | 2,300 | 76 |
| * | Omnicell Inc. | 2,800 | 74 |
| * | Abaxis Inc. | 1,800 | 73 |
| * | Corvel Corp. | 1,600 | 73 |
| * | AMAG Pharmaceuticals Inc. | 3,800 | 69 |
| * | IPC The Hospitalist Co. Inc. | 1,700 | 69 |
| * | ICU Medical Inc. | 1,200 | 67 |
| * | Luminex Corp. | 3,300 | 63 |
| * | Quintiles Transnational Holdings Inc. | 1,300 | 61 |
| * | Merit Medical Systems Inc. | 4,000 | 51 |
| * | Momenta Pharmaceuticals Inc. | 4,200 | 48 |
| * | Quidel Corp. | 2,200 | 47 |
| * | Lexicon Pharmaceuticals Inc. | 30,600 | 47 |
| * | Orthofix International NV | 1,500 | 45 |
| * | Genomic Health Inc. | 1,700 | 45 |
| * | Syneron Medical Ltd. | 4,300 | 45 |
| | Invacare Corp. | 2,500 | 39 |
| * | Vivus Inc. | 6,300 | 33 |
| * | Infinity Pharmaceuticals Inc. | 2,300 | 22 |
86
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Dendreon Corp. | 7,205 | 19 |
| | | | 291,474 |
| Industrials (6.4%) | | |
| | General Electric Co. | 1,206,676 | 32,448 |
| | United Technologies Corp. | 109,039 | 12,903 |
| | 3M Co. | 80,502 | 11,197 |
| | Union Pacific Corp. | 55,163 | 10,505 |
| | Boeing Co. | 81,281 | 10,487 |
| | Honeywell International Inc. | 90,277 | 8,387 |
| | United Parcel Service Inc. Class B | 84,179 | 8,292 |
| | Caterpillar Inc. | 74,780 | 7,882 |
| | Lockheed Martin Corp. | 37,105 | 6,090 |
| | Accenture plc Class A | 74,745 | 5,996 |
| | Emerson Electric Co. | 82,355 | 5,615 |
| | Automatic Data Processing Inc. | 66,386 | 5,175 |
| | Danaher Corp. | 70,360 | 5,163 |
| | Precision Castparts Corp. | 19,883 | 5,032 |
| | General Dynamics Corp. | 43,762 | 4,790 |
| | FedEx Corp. | 33,215 | 4,526 |
| | Deere & Co. | 47,919 | 4,473 |
| | Eaton Corp. plc | 55,035 | 3,998 |
| | Raytheon Co. | 41,623 | 3,974 |
| | Illinois Tool Works Inc. | 44,627 | 3,804 |
| | Northrop Grumman Corp. | 31,014 | 3,769 |
| | Norfolk Southern Corp. | 39,863 | 3,768 |
| | Cummins Inc. | 22,053 | 3,327 |
| | CSX Corp. | 116,251 | 3,281 |
| | PACCAR Inc. | 49,775 | 3,185 |
| | TE Connectivity Ltd. | 47,720 | 2,815 |
| | Rockwell Automation Inc. | 21,570 | 2,571 |
| | Agilent Technologies Inc. | 43,733 | 2,363 |
| | Waste Management Inc. | 52,545 | 2,336 |
| | Ingersoll-Rand plc | 38,406 | 2,297 |
| * | Fiserv Inc. | 36,612 | 2,225 |
| | Parker Hannifin Corp. | 17,111 | 2,171 |
| | Tyco International Ltd. | 51,130 | 2,091 |
| * | LinkedIn Corp. Class A | 12,480 | 1,915 |
| | Sherwin-Williams Co. | 9,340 | 1,867 |
| | Fidelity National Information Services Inc. | 31,978 | 1,709 |
| | Pentair Ltd. | 22,994 | 1,708 |
| | Dover Corp. | 19,546 | 1,689 |
| | Amphenol Corp. Class A | 17,667 | 1,685 |
| | WW Grainger Inc. | 6,592 | 1,677 |
| | Xerox Corp. | 138,582 | 1,675 |
| | Fastenal Co. | 31,480 | 1,577 |
| * | Alliance Data Systems Corp. | 6,378 | 1,543 |
| | Paychex Inc. | 36,825 | 1,540 |
| | Cintas Corp. | 25,978 | 1,531 |
| | Roper Industries Inc. | 10,629 | 1,477 |
| | Fluor Corp. | 17,905 | 1,355 |
| * | Jacobs Engineering Group Inc. | 23,303 | 1,345 |
| | MDU Resources Group Inc. | 37,676 | 1,335 |
| | Textron Inc. | 31,870 | 1,304 |
| | Kansas City Southern | 12,885 | 1,300 |
| | AMETEK Inc. | 24,293 | 1,281 |
| * | Verisk Analytics Inc. Class A | 20,100 | 1,208 |
| | Vulcan Materials Co. | 18,060 | 1,165 |
| | Flowserve Corp. | 15,866 | 1,159 |
| * | Trimble Navigation Ltd. | 30,000 | 1,153 |
| | Robert Half International Inc. | 25,577 | 1,146 |
| | Rockwell Collins Inc. | 14,458 | 1,123 |
| | Republic Services Inc. Class A | 31,578 | 1,108 |
| * | Teledyne Technologies Inc. | 11,868 | 1,102 |
| | Joy Global Inc. | 18,135 | 1,095 |
87
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | PerkinElmer Inc. | 25,962 | 1,090 |
| | Pall Corp. | 12,499 | 1,052 |
| * | Stericycle Inc. | 8,731 | 1,017 |
| | CH Robinson Worldwide Inc. | 16,936 | 998 |
| | L-3 Communications Holdings Inc. | 8,595 | 992 |
| * | B/E Aerospace Inc. | 11,100 | 974 |
| | Chicago Bridge & Iron Co. NV | 11,910 | 954 |
| * | Colfax Corp. | 13,040 | 939 |
| | Towers Watson & Co. Class A | 8,200 | 920 |
| | Expeditors International of Washington Inc. | 22,195 | 915 |
| | TransDigm Group Inc. | 5,100 | 907 |
| * | FleetCor Technologies Inc. | 7,821 | 893 |
| | Sealed Air Corp. | 25,735 | 883 |
| * | United Rentals Inc. | 9,400 | 882 |
| | Xylem Inc. | 22,835 | 858 |
| | Ball Corp. | 14,760 | 829 |
| | Masco Corp. | 39,787 | 799 |
| | Rock-Tenn Co. Class A | 8,200 | 784 |
| | MeadWestvaco Corp. | 19,513 | 762 |
| | Packaging Corp. of America | 11,200 | 746 |
| | JB Hunt Transport Services Inc. | 9,681 | 737 |
| | Fortune Brands Home & Security Inc. | 18,350 | 731 |
| | Manpowergroup Inc. | 8,554 | 696 |
| | Owens Corning | 17,000 | 694 |
| * | Quanta Services Inc. | 19,400 | 684 |
| * | Sensata Technologies Holding NV | 16,049 | 682 |
| * | Crown Holdings Inc. | 14,241 | 672 |
| | AO Smith Corp. | 14,300 | 669 |
| | ADT Corp. | 21,871 | 661 |
| | Valspar Corp. | 9,042 | 660 |
| | Avnet Inc. | 15,043 | 649 |
| | Hubbell Inc. Class B | 5,500 | 647 |
| * | Mettler-Toledo International Inc. | 2,724 | 635 |
| * | Arrow Electronics Inc. | 10,982 | 623 |
| * | Flextronics International Ltd. | 69,125 | 621 |
| | Alliant Techsystems Inc. | 4,291 | 619 |
| | Oshkosh Corp. | 11,100 | 616 |
| | Allegion plc | 12,291 | 607 |
| | Acuity Brands Inc. | 4,800 | 598 |
| | Wabtec Corp. | 8,000 | 596 |
| | Donaldson Co. Inc. | 14,100 | 593 |
| | Timken Co. | 9,400 | 593 |
| | Martin Marietta Materials Inc. | 4,700 | 584 |
| | AGCO Corp. | 10,400 | 579 |
| | IDEX Corp. | 7,600 | 567 |
| * | Kirby Corp. | 5,600 | 563 |
| | FLIR Systems Inc. | 16,500 | 562 |
| * | Old Dominion Freight Line Inc. | 9,150 | 555 |
| | Trinity Industries Inc. | 7,300 | 548 |
| | Iron Mountain Inc. | 18,892 | 537 |
| | Terex Corp. | 12,402 | 537 |
| | Waste Connections Inc. | 12,000 | 536 |
| * | Owens-Illinois Inc. | 16,750 | 532 |
| * | Knowles Corp. | 18,873 | 527 |
| | Toro Co. | 8,200 | 521 |
| | Huntington Ingalls Industries Inc. | 4,929 | 508 |
| * | Genesee & Wyoming Inc. Class A | 5,100 | 505 |
| | MSC Industrial Direct Co. Inc. Class A | 5,200 | 474 |
| | SPX Corp. | 4,599 | 468 |
| | Generac Holdings Inc. | 7,800 | 459 |
| * | Zebra Technologies Corp. | 6,500 | 451 |
| | Global Payments Inc. | 6,700 | 448 |
| | Jack Henry & Associates Inc. | 7,900 | 436 |
| | Graco Inc. | 6,000 | 435 |
88
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | CoStar Group Inc. | 2,700 | 434 |
| | Manitowoc Co. Inc. | 13,600 | 432 |
| | Regal-Beloit Corp. | 5,700 | 426 |
| | Lincoln Electric Holdings Inc. | 6,300 | 421 |
| | Teekay Corp. | 7,500 | 421 |
| | Belden Inc. | 5,700 | 421 |
| | KBR Inc. | 16,500 | 419 |
| | Ryder System Inc. | 5,087 | 418 |
| | Total System Services Inc. | 13,035 | 414 |
| | Babcock & Wilcox Co. | 11,750 | 409 |
| | RR Donnelley & Sons Co. | 22,960 | 404 |
| * | Vantiv Inc. Class A | 13,110 | 403 |
| | Kennametal Inc. | 8,600 | 402 |
| | Eagle Materials Inc. | 4,800 | 400 |
| * | Spirit Aerosystems Holdings Inc. Class A | 13,300 | 399 |
| * | AerCap Holdings NV | 9,465 | 395 |
| * | WEX Inc. | 4,100 | 393 |
| * | CoreLogic Inc. | 13,945 | 391 |
| | Brink's Co. | 15,300 | 389 |
| | Broadridge Financial Solutions Inc. | 9,995 | 383 |
| | ITT Corp. | 8,867 | 383 |
| * | Armstrong World Industries Inc. | 7,100 | 373 |
| | Jabil Circuit Inc. | 21,619 | 373 |
| * | Foster Wheeler AG | 10,875 | 373 |
| | Valmont Industries Inc. | 2,500 | 372 |
| | Carlisle Cos. Inc. | 4,500 | 370 |
| | Triumph Group Inc. | 5,700 | 369 |
| * | Euronet Worldwide Inc. | 8,000 | 368 |
| | Air Lease Corp. Class A | 10,200 | 366 |
| | Curtiss-Wright Corp. | 5,700 | 364 |
| * | Hexcel Corp. | 8,600 | 359 |
| * | Graphic Packaging Holding Co. | 34,924 | 358 |
| * | Clean Harbors Inc. | 5,900 | 354 |
| | Sonoco Products Co. | 8,400 | 353 |
| | Deluxe Corp. | 6,400 | 352 |
| | FEI Co. | 4,400 | 350 |
| | Bemis Co. Inc. | 8,660 | 348 |
| * | Texas Industries Inc. | 4,000 | 347 |
| * | WESCO International Inc. | 3,900 | 342 |
| | Allison Transmission Holdings Inc. | 11,423 | 341 |
| | EnerSys Inc. | 5,000 | 338 |
| | Nordson Corp. | 4,500 | 335 |
| * | AECOM Technology Corp. | 10,300 | 334 |
| | EMCOR Group Inc. | 7,200 | 331 |
| * | Genpact Ltd. | 19,500 | 329 |
| * | Louisiana-Pacific Corp. | 19,900 | 326 |
| | Exelis Inc. | 17,535 | 325 |
| * | Esterline Technologies Corp. | 2,900 | 316 |
| * | Navistar International Corp. | 8,300 | 315 |
| * | Cognex Corp. | 9,100 | 313 |
| | URS Corp. | 6,500 | 306 |
| | Crane Co. | 4,100 | 298 |
| * | Korn/Ferry International | 10,200 | 296 |
| | Lennox International Inc. | 3,500 | 293 |
| | Aptargroup Inc. | 4,300 | 290 |
| | Landstar System Inc. | 4,600 | 290 |
| | GATX Corp. | 4,400 | 289 |
| | Applied Industrial Technologies Inc. | 6,000 | 288 |
| | Woodward Inc. | 6,400 | 287 |
| * | Moog Inc. Class A | 4,300 | 281 |
| | MAXIMUS Inc. | 6,600 | 281 |
| | Anixter International Inc. | 2,800 | 274 |
| | CLARCOR Inc. | 4,700 | 271 |
| | Convergys Corp. | 12,000 | 258 |
89
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | MasTec Inc. | 6,500 | 257 |
| * | Veeco Instruments Inc. | 6,900 | 255 |
| | World Fuel Services Corp. | 5,600 | 255 |
| | National Instruments Corp. | 9,300 | 254 |
| | Con-way Inc. | 5,900 | 251 |
| * | Outerwall Inc. | 3,600 | 250 |
| | Watsco Inc. | 2,400 | 247 |
| * | USG Corp. | 8,100 | 242 |
| * | Advisory Board Co. | 4,200 | 241 |
| * | Berry Plastics Group Inc. | 10,582 | 238 |
| * | Tetra Tech Inc. | 8,200 | 235 |
| | Corporate Executive Board Co. | 3,400 | 235 |
| * | Swift Transportation Co. | 9,600 | 231 |
| | Vishay Intertechnology Inc. | 16,200 | 230 |
| | Silgan Holdings Inc. | 4,584 | 228 |
| | Littelfuse Inc. | 2,500 | 226 |
| | Actuant Corp. Class A | 6,600 | 223 |
| * | TrueBlue Inc. | 8,000 | 214 |
| * | IPG Photonics Corp. | 3,300 | 213 |
| | AAON Inc. | 7,300 | 207 |
| * | Orbital Sciences Corp. | 7,000 | 206 |
| * | DigitalGlobe Inc. | 6,854 | 204 |
| * | MWI Veterinary Supply Inc. | 1,300 | 204 |
| | Mobile Mini Inc. | 4,600 | 203 |
| * | GrafTech International Ltd. | 17,600 | 197 |
| * | NeuStar Inc. Class A | 7,300 | 188 |
| * | Hub Group Inc. Class A | 4,200 | 188 |
| * | Huron Consulting Group Inc. | 2,600 | 185 |
| | Hyster-Yale Materials Handling Inc. | 1,900 | 183 |
| | Covanta Holding Corp. | 9,900 | 183 |
| * | Sanmina Corp. | 9,000 | 182 |
| | United Stationers Inc. | 4,800 | 180 |
| | Harsco Corp. | 7,500 | 179 |
| * | On Assignment Inc. | 5,100 | 179 |
| * | PHH Corp. | 7,400 | 176 |
| | Scorpio Tankers Inc. | 19,100 | 172 |
| | Barnes Group Inc. | 4,400 | 170 |
| | MSA Safety Inc. | 3,200 | 169 |
| | Brady Corp. Class A | 6,400 | 165 |
| * | DryShips Inc. | 56,300 | 164 |
| * | Rofin-Sinar Technologies Inc. | 7,400 | 164 |
| * | EnPro Industries Inc. | 2,300 | 164 |
| | ABM Industries Inc. | 5,900 | 160 |
| | Watts Water Technologies Inc. Class A | 3,000 | 160 |
| * | Trimas Corp. | 4,400 | 158 |
| * | FTI Consulting Inc. | 4,600 | 158 |
| * | Rexnord Corp. | 5,900 | 158 |
| * | HD Supply Holdings Inc. | 6,100 | 157 |
| | TAL International Group Inc. | 3,600 | 152 |
| | Franklin Electric Co. Inc. | 3,900 | 151 |
| * | VistaPrint NV | 3,800 | 150 |
| | Werner Enterprises Inc. | 5,800 | 148 |
| | Heartland Payment Systems Inc. | 3,600 | 147 |
| * | ExlService Holdings Inc. | 5,200 | 147 |
| | Otter Tail Corp. | 5,000 | 147 |
| * | Meritor Inc. | 12,100 | 144 |
| | EVERTEC Inc. | 6,100 | 144 |
| | General Cable Corp. | 5,600 | 143 |
| | Quanex Building Products Corp. | 7,600 | 143 |
| | Granite Construction Inc. | 3,800 | 142 |
| | Sturm Ruger & Co. Inc. | 2,200 | 142 |
| * | Trex Co. Inc. | 1,800 | 141 |
| | CIRCOR International Inc. | 1,700 | 138 |
| * | Navigant Consulting Inc. | 8,200 | 138 |
90
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | WageWorks Inc. | 3,200 | 136 |
| | Greif Inc. Class A | 2,500 | 135 |
| * | Aegion Corp. Class A | 5,300 | 135 |
| | Mueller Industries Inc. | 4,600 | 133 |
| | Forward Air Corp. | 3,000 | 133 |
| | Materion Corp. | 3,900 | 131 |
| * | Universal Display Corp. | 5,000 | 130 |
| | HEICO Corp. | 2,343 | 130 |
| * | Itron Inc. | 3,400 | 129 |
| | Methode Electronics Inc. | 4,600 | 128 |
| * | Plexus Corp. | 3,000 | 126 |
| | UniFirst Corp. | 1,300 | 125 |
| * | H&E Equipment Services Inc. | 3,200 | 123 |
| | ManTech International Corp. Class A | 4,100 | 122 |
| * | Tutor Perini Corp. | 4,000 | 118 |
| | Heartland Express Inc. | 5,400 | 118 |
| | Encore Wire Corp. | 2,400 | 117 |
| | MTS Systems Corp. | 1,800 | 116 |
| | Mueller Water Products Inc. Class A | 12,700 | 116 |
| * | II-VI Inc. | 8,000 | 115 |
| * | Cardtronics Inc. | 3,400 | 114 |
| * | Wesco Aircraft Holdings Inc. | 5,600 | 113 |
| | Kaman Corp. | 2,700 | 113 |
| * | RBC Bearings Inc. | 1,800 | 112 |
| * | OSI Systems Inc. | 2,000 | 112 |
| | John Bean Technologies Corp. | 3,800 | 110 |
| | HEICO Corp. Class A | 2,700 | 110 |
| | Knight Transportation Inc. | 4,600 | 109 |
| * | Atlas Air Worldwide Holdings Inc. | 3,100 | 108 |
| | Tennant Co. | 1,700 | 108 |
| | Seaspan Corp. Class A | 5,000 | 108 |
| * | Coherent Inc. | 1,800 | 107 |
| | Aircastle Ltd. | 6,100 | 107 |
| | US Ecology Inc. | 2,400 | 107 |
| * | Benchmark Electronics Inc. | 4,600 | 107 |
| | Universal Forest Products Inc. | 2,100 | 106 |
| | Booz Allen Hamilton Holding Corp. Class A | 4,400 | 102 |
| | Textainer Group Holdings Ltd. | 2,600 | 102 |
| * | Rogers Corp. | 1,700 | 102 |
| | G&K Services Inc. Class A | 1,900 | 101 |
| | Simpson Manufacturing Co. Inc. | 3,000 | 98 |
| | Schnitzer Steel Industries Inc. | 3,500 | 98 |
| | Acacia Research Corp. | 6,100 | 98 |
| | Ship Finance International Ltd. | 5,513 | 97 |
| * | Greatbatch Inc. | 2,100 | 97 |
| | NACCO Industries Inc. Class A | 1,800 | 96 |
| * | Federal Signal Corp. | 6,300 | 96 |
| | AZZ Inc. | 2,200 | 96 |
| * | Newport Corp. | 5,000 | 93 |
| * | GenCorp Inc. | 5,200 | 91 |
| * | Diana Shipping Inc. | 8,100 | 91 |
| * | DXP Enterprises Inc. | 800 | 91 |
| * | Taser International Inc. | 5,600 | 90 |
| | Gorman-Rupp Co. | 2,900 | 90 |
| | Matson Inc. | 3,700 | 88 |
| | American Science & Engineering Inc. | 1,300 | 87 |
| | Raven Industries Inc. | 2,800 | 87 |
| | UTi Worldwide Inc. | 8,700 | 85 |
| * | Monster Worldwide Inc. | 12,300 | 85 |
| | Nordic American Tankers Ltd. | 9,698 | 84 |
| | Lindsay Corp. | 900 | 79 |
| | ESCO Technologies Inc. | 2,300 | 77 |
| | Primoris Services Corp. | 2,700 | 76 |
| | Navios Maritime Holdings Inc. | 8,900 | 70 |
91
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | American Railcar Industries Inc. | 1,000 | 69 |
| * | Team Inc. | 1,600 | 69 |
| * | Era Group Inc. | 2,400 | 69 |
| * | FARO Technologies Inc. | 1,700 | 68 |
| * | Checkpoint Systems Inc. | 5,300 | 68 |
| | AAR Corp. | 2,600 | 67 |
| | Cubic Corp. | 1,400 | 66 |
| | Myers Industries Inc. | 3,500 | 65 |
| | Astec Industries Inc. | 1,600 | 64 |
| | Apogee Enterprises Inc. | 2,000 | 64 |
| * | EnerNOC Inc. | 2,600 | 61 |
| * | Sykes Enterprises Inc. | 3,000 | 59 |
| | Insperity Inc. | 1,800 | 58 |
| | Daktronics Inc. | 4,400 | 57 |
| | McGrath RentCorp | 1,700 | 54 |
| | Standex International Corp. | 900 | 53 |
| | CTS Corp. | 3,000 | 53 |
| | Albany International Corp. | 1,400 | 50 |
| | Badger Meter Inc. | 1,000 | 50 |
| * | TTM Technologies Inc. | 6,100 | 48 |
| | Comfort Systems USA Inc. | 3,200 | 48 |
| * | Aerovironment Inc. | 1,400 | 47 |
| | Resources Connection Inc. | 3,400 | 46 |
| | Park Electrochemical Corp. | 1,700 | 45 |
| | Griffon Corp. | 4,200 | 45 |
| | Powell Industries Inc. | 700 | 44 |
| * | ServiceSource International Inc. | 6,500 | 41 |
| * | Higher One Holdings Inc. | 5,500 | 33 |
| * | Engility Holdings Inc. | 673 | 29 |
| * | Nuverra Environmental Solutions Inc. | 1,380 | 23 |
| | Black Box Corp. | 230 | 5 |
| | | | 323,607 |
| Oil & Gas (4.7%) | | |
| | Exxon Mobil Corp. | 520,597 | 53,314 |
| | Chevron Corp. | 228,788 | 28,717 |
| | Schlumberger Ltd. | 155,463 | 15,787 |
| | ConocoPhillips | 144,029 | 10,703 |
| | Occidental Petroleum Corp. | 96,219 | 9,213 |
| | Halliburton Co. | 100,281 | 6,325 |
| | EOG Resources Inc. | 63,774 | 6,250 |
| | Anadarko Petroleum Corp. | 59,680 | 5,909 |
| | Phillips 66 | 69,618 | 5,794 |
| | Apache Corp. | 52,170 | 4,528 |
| | National Oilwell Varco Inc. | 49,506 | 3,888 |
| | Williams Cos. Inc. | 87,777 | 3,702 |
| | Valero Energy Corp. | 64,311 | 3,677 |
| | Baker Hughes Inc. | 52,155 | 3,646 |
| | Pioneer Natural Resources Co. | 17,251 | 3,334 |
| | Marathon Petroleum Corp. | 34,940 | 3,248 |
| | Devon Energy Corp. | 46,280 | 3,240 |
| | Hess Corp. | 34,051 | 3,036 |
| | Noble Energy Inc. | 41,373 | 2,970 |
| | Marathon Oil Corp. | 80,448 | 2,908 |
| | Kinder Morgan Inc. | 77,445 | 2,529 |
| | Chesapeake Energy Corp. | 79,164 | 2,276 |
| * | Weatherford International Ltd. | 96,303 | 2,022 |
| | EQT Corp. | 17,655 | 1,924 |
| * | Southwestern Energy Co. | 40,052 | 1,918 |
| | Cabot Oil & Gas Corp. | 48,782 | 1,916 |
| * | FMC Technologies Inc. | 32,775 | 1,858 |
| * | Cameron International Corp. | 27,213 | 1,768 |
| * | Concho Resources Inc. | 13,263 | 1,730 |
| | Range Resources Corp. | 18,822 | 1,702 |
| * | Cheniere Energy Inc. | 28,777 | 1,624 |
92
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Ensco plc Class A | 27,584 | 1,392 |
| | HollyFrontier Corp. | 24,422 | 1,284 |
| | Murphy Oil Corp. | 19,823 | 1,257 |
| | Noble Corp. plc | 40,360 | 1,243 |
| | Helmerich & Payne Inc. | 11,300 | 1,228 |
| | Cimarex Energy Co. | 9,941 | 1,184 |
| * | Whiting Petroleum Corp. | 13,400 | 988 |
| | Core Laboratories NV | 5,200 | 976 |
| | Tesoro Corp. | 16,400 | 923 |
| | Nabors Industries Ltd. | 33,711 | 860 |
| | Oceaneering International Inc. | 10,800 | 791 |
| | OGE Energy Corp. | 21,000 | 784 |
| * | Cobalt International Energy Inc. | 36,992 | 666 |
| * | Continental Resources Inc. | 4,806 | 666 |
| * | Gulfport Energy Corp. | 8,900 | 656 |
| | Denbury Resources Inc. | 37,426 | 629 |
| | QEP Resources Inc. | 19,699 | 605 |
| | Superior Energy Services Inc. | 17,835 | 587 |
| | Energen Corp. | 7,500 | 584 |
| | Patterson-UTI Energy Inc. | 16,959 | 552 |
| * | First Solar Inc. | 8,170 | 551 |
| | SM Energy Co. | 7,200 | 534 |
| * | Oasis Petroleum Inc. | 11,300 | 526 |
| * | Newfield Exploration Co. | 15,401 | 521 |
| * | WPX Energy Inc. | 23,399 | 498 |
| * | Dresser-Rand Group Inc. | 8,200 | 496 |
| * | Oil States International Inc. | 5,100 | 495 |
| * | Ultra Petroleum Corp. | 16,255 | 484 |
| * | Dril-Quip Inc. | 4,200 | 475 |
| ^ | Diamond Offshore Drilling Inc. | 7,818 | 427 |
| * | Kodiak Oil & Gas Corp. | 32,800 | 417 |
| * | Diamondback Energy Inc. | 5,600 | 403 |
| * | Laredo Petroleum Inc. | 13,000 | 380 |
| | CARBO Ceramics Inc. | 2,600 | 364 |
| | Bristow Group Inc. | 4,700 | 361 |
| * | Rowan Cos. plc Class A | 11,588 | 358 |
| * | Rosetta Resources Inc. | 7,400 | 350 |
| * | SandRidge Energy Inc. | 50,600 | 347 |
| | Western Refining Inc. | 7,800 | 339 |
| * | Atwood Oceanics Inc. | 6,700 | 332 |
| * | MRC Global Inc. | 10,900 | 318 |
| * | Key Energy Services Inc. | 31,100 | 312 |
| * | Unit Corp. | 4,700 | 310 |
| * | GT Advanced Technologies Inc. | 16,800 | 279 |
| * | C&J Energy Services Inc. | 9,100 | 274 |
| * | PDC Energy Inc. | 4,100 | 261 |
| * | InterOil Corp. | 4,100 | 259 |
| | PBF Energy Inc. Class A | 8,299 | 255 |
| * | Carrizo Oil & Gas Inc. | 4,600 | 253 |
| * | Helix Energy Solutions Group Inc. | 10,400 | 250 |
| | Exterran Holdings Inc. | 5,800 | 250 |
| * | Pioneer Energy Services Corp. | 15,700 | 235 |
| * | Chart Industries Inc. | 3,300 | 225 |
| | SemGroup Corp. Class A | 3,500 | 224 |
| | Tidewater Inc. | 4,300 | 219 |
| | Targa Resources Corp. | 2,000 | 216 |
| *,^ | Halcon Resources Corp. | 38,200 | 211 |
| | Energy XXI Bermuda Ltd. | 8,800 | 211 |
| | CVR Energy Inc. | 4,200 | 206 |
| | Comstock Resources Inc. | 7,200 | 200 |
| * | SEACOR Holdings Inc. | 2,400 | 200 |
| * | SunPower Corp. Class A | 5,700 | 190 |
| * | Matador Resources Co. | 6,400 | 184 |
| * | McDermott International Inc. | 25,277 | 183 |
93
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Basic Energy Services Inc. | 6,700 | 177 |
| * | Gran Tierra Energy Inc. XASE | 22,700 | 162 |
| * | Clayton Williams Energy Inc. | 1,100 | 159 |
| * | Stone Energy Corp. | 3,200 | 157 |
| * | Pacific Drilling SA | 15,800 | 157 |
| * | Matrix Service Co. | 5,000 | 155 |
| * | Parker Drilling Co. | 23,300 | 154 |
| | EXCO Resources Inc. | 23,425 | 149 |
| * | Magnum Hunter Resources Corp. | 17,400 | 148 |
| * | Bonanza Creek Energy Inc. | 3,000 | 146 |
| * | Hornbeck Offshore Services Inc. | 3,500 | 145 |
| * | Swift Energy Co. | 11,400 | 141 |
| | RPC Inc. | 6,300 | 140 |
| * | Bill Barrett Corp. | 5,600 | 133 |
| * | Goodrich Petroleum Corp. | 5,000 | 126 |
| * | Canadian Solar Inc. | 4,600 | 125 |
| * | Newpark Resources Inc. | 10,100 | 122 |
| | Delek US Holdings Inc. | 3,700 | 118 |
| * | Rex Energy Corp. | 5,300 | 112 |
| * | TETRA Technologies Inc. | 8,400 | 105 |
| * | Contango Oil & Gas Co. | 2,100 | 101 |
| | W&T Offshore Inc. | 5,000 | 96 |
| | Frank's International NV | 3,300 | 91 |
| | Gulfmark Offshore Inc. | 2,000 | 90 |
| * | Forum Energy Technologies Inc. | 3,000 | 90 |
| * | Approach Resources Inc. | 3,900 | 81 |
| * | Kosmos Energy Ltd. | 7,100 | 78 |
| * | Quicksilver Resources Inc. | 21,800 | 71 |
| * | Gran Tierra Energy Inc. (XTSE) | 9,800 | 70 |
| * | Ocean Rig UDW Inc. | 3,900 | 64 |
| * | Geospace Technologies Corp. | 1,000 | 58 |
| * | ION Geophysical Corp. | 11,500 | 51 |
| * | Northern Oil and Gas Inc. | 3,200 | 49 |
| * | Hercules Offshore Inc. | 10,400 | 46 |
| * | Forest Oil Corp. | 6,900 | 13 |
| | | | 237,574 |
| Other (0.1%)3 | | |
| 4 | Vanguard FTSE Emerging Markets ETF | 133,278 | 5,457 |
| * | Leap Wireless International Inc CVR | 5,200 | 13 |
| | | | 5,470 |
| Technology (7.5%) | | |
| | Apple Inc. | 106,886 | 63,072 |
| | Microsoft Corp. | 898,292 | 36,291 |
| | International Business Machines Corp. | 125,009 | 24,561 |
| * | Google Inc. Class A | 33,446 | 17,890 |
| * | Google Inc. | 33,625 | 17,709 |
| | Oracle Corp. | 411,819 | 16,835 |
| | Intel Corp. | 597,479 | 15,947 |
| | QUALCOMM Inc. | 202,295 | 15,923 |
| | Cisco Systems Inc. | 618,387 | 14,291 |
| * | Facebook Inc. Class A | 237,380 | 14,191 |
| | Hewlett-Packard Co. | 228,685 | 7,560 |
| | EMC Corp. | 236,127 | 6,092 |
| | Texas Instruments Inc. | 124,791 | 5,672 |
| * | Cognizant Technology Solutions Corp. Class A | 108,980 | 5,221 |
| * | Yahoo! Inc. | 105,824 | 3,804 |
| * | Adobe Systems Inc. | 58,693 | 3,621 |
| | Corning Inc. | 170,540 | 3,566 |
| * | Salesforce.com Inc. | 67,728 | 3,498 |
| * | Micron Technology Inc. | 124,022 | 3,239 |
| | Applied Materials Inc. | 141,382 | 2,695 |
| | Western Digital Corp. | 29,846 | 2,630 |
| | SanDisk Corp. | 30,415 | 2,584 |
| | Intuit Inc. | 30,180 | 2,286 |
94
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Seagate Technology plc | 39,783 | 2,092 |
| | Broadcom Corp. Class A | 60,905 | 1,876 |
| | Avago Technologies Ltd. Class A | 29,329 | 1,862 |
| | Analog Devices Inc. | 35,721 | 1,832 |
| | Motorola Solutions Inc. | 28,610 | 1,819 |
| * | NXP Semiconductor NV | 30,000 | 1,789 |
| * | Cerner Corp. | 34,006 | 1,745 |
| | Symantec Corp. | 81,905 | 1,661 |
| | NetApp Inc. | 45,186 | 1,609 |
| * | Juniper Networks Inc. | 63,094 | 1,558 |
| * | Check Point Software Technologies Ltd. | 23,369 | 1,497 |
| * | Autodesk Inc. | 31,093 | 1,493 |
| | Xilinx Inc. | 29,797 | 1,406 |
| * | Citrix Systems Inc. | 23,142 | 1,373 |
| | NVIDIA Corp. | 74,048 | 1,368 |
| | Altera Corp. | 37,623 | 1,224 |
| | KLA-Tencor Corp. | 18,392 | 1,177 |
| | Linear Technology Corp. | 24,951 | 1,110 |
| * | Akamai Technologies Inc. | 20,902 | 1,109 |
| * | Red Hat Inc. | 22,286 | 1,084 |
| | Microchip Technology Inc. | 22,130 | 1,052 |
| | Maxim Integrated Products Inc. | 32,036 | 1,039 |
| * | Equinix Inc. | 5,527 | 1,038 |
| * | Lam Research Corp. | 17,811 | 1,026 |
| | CA Inc. | 33,750 | 1,017 |
| | Computer Sciences Corp. | 17,090 | 1,011 |
| * | VMware Inc. Class A | 10,904 | 1,009 |
| * | Gartner Inc. | 13,100 | 903 |
| * | Skyworks Solutions Inc. | 21,600 | 887 |
| * | Teradata Corp. | 18,836 | 856 |
| | Harris Corp. | 11,638 | 856 |
| * | F5 Networks Inc. | 8,066 | 848 |
| | Marvell Technology Group Ltd. | 47,379 | 751 |
| | LSI Corp. | 66,966 | 746 |
| * | Informatica Corp. | 20,900 | 741 |
| * | Workday Inc. Class A | 10,045 | 734 |
| | Amdocs Ltd. | 15,538 | 723 |
| * | Yandex NV Class A | 26,862 | 712 |
| * | ANSYS Inc. | 9,255 | 706 |
| | Garmin Ltd. | 12,236 | 699 |
| * | VeriSign Inc. | 14,366 | 678 |
| * | Cree Inc. | 13,115 | 619 |
| | Pitney Bowes Inc. | 23,047 | 618 |
| * | Synopsys Inc. | 15,919 | 599 |
| * | SunEdison Inc. | 29,900 | 575 |
| * | NCR Corp. | 18,714 | 571 |
| * | Brocade Communications Systems Inc. | 58,100 | 541 |
| | IAC/InterActiveCorp | 8,019 | 532 |
| *,^ | 3D Systems Corp. | 10,800 | 511 |
| * | athenahealth Inc. | 4,100 | 507 |
| * | VeriFone Systems Inc. | 15,100 | 505 |
| * | TIBCO Software Inc. | 25,336 | 497 |
| * | Cadence Design Systems Inc. | 31,565 | 491 |
| | Solera Holdings Inc. | 7,100 | 460 |
| * | Aspen Technology Inc. | 10,600 | 456 |
| * | ON Semiconductor Corp. | 48,067 | 452 |
| * | Ingram Micro Inc. | 16,700 | 450 |
| * | PTC Inc. | 12,700 | 449 |
| * | Stratasys Ltd. | 4,600 | 446 |
| * | Nuance Communications Inc. | 27,400 | 441 |
| * | Concur Technologies Inc. | 5,200 | 418 |
| * | Polycom Inc. | 33,881 | 417 |
| * | Riverbed Technology Inc. | 20,900 | 407 |
| * | Splunk Inc. | 7,400 | 404 |
95
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | MICROS Systems Inc. | 7,600 | 391 |
| * | AOL Inc. | 9,091 | 389 |
| * | Allscripts Healthcare Solutions Inc. | 25,200 | 384 |
| * | FireEye Inc. | 9,700 | 381 |
| * | Rackspace Hosting Inc. | 13,100 | 380 |
| * | SINA Corp. | 7,700 | 368 |
| * | Atmel Corp. | 46,300 | 360 |
| * | JDS Uniphase Corp. | 28,200 | 357 |
| | DST Systems Inc. | 3,747 | 345 |
| * | Teradyne Inc. | 19,400 | 343 |
| * | ARRIS Group Inc. | 13,068 | 341 |
| * | Fortinet Inc. | 15,300 | 336 |
| * | Ultimate Software Group Inc. | 2,800 | 335 |
| * | ViaSat Inc. | 5,200 | 334 |
| * | RF Micro Devices Inc. | 38,500 | 325 |
| * | NetSuite Inc. | 4,119 | 318 |
| * | Cavium Inc. | 7,200 | 305 |
| * | CommVault Systems Inc. | 6,230 | 302 |
| * | Manhattan Associates Inc. | 9,400 | 296 |
| | Leidos Holdings Inc. | 7,869 | 293 |
| | Lexmark International Inc. Class A | 6,800 | 292 |
| * | SolarWinds Inc. | 7,200 | 290 |
| | Plantronics Inc. | 6,600 | 288 |
| * | Synaptics Inc. | 4,500 | 280 |
| * | Tyler Technologies Inc. | 3,400 | 278 |
| * | Palo Alto Networks Inc. | 4,200 | 267 |
| * | Verint Systems Inc. | 6,000 | 263 |
| * | SS&C Technologies Holdings Inc. | 6,668 | 260 |
| * | ACI Worldwide Inc. | 4,500 | 257 |
| * | Dealertrack Technologies Inc. | 5,600 | 256 |
| * | Rovi Corp. | 11,299 | 252 |
| | j2 Global Inc. | 5,400 | 250 |
| | Diebold Inc. | 6,626 | 249 |
| * | TriQuint Semiconductor Inc. | 17,400 | 247 |
| * | Finisar Corp. | 9,400 | 246 |
| * | Ciena Corp. | 12,200 | 241 |
| * | Freescale Semiconductor Ltd. | 10,856 | 239 |
| * | Tableau Software Inc. Class A | 4,291 | 237 |
| * | Microsemi Corp. | 10,000 | 235 |
| * | Medidata Solutions Inc. | 6,400 | 232 |
| * | ServiceNow Inc. | 4,600 | 229 |
| | Mentor Graphics Corp. | 11,000 | 228 |
| * | Aruba Networks Inc. | 11,300 | 223 |
| * | Advanced Micro Devices Inc. | 54,506 | 223 |
| * | Guidewire Software Inc. | 5,600 | 211 |
| * | Integrated Device Technology Inc. | 18,100 | 211 |
| * | Loral Space & Communications Inc. | 2,900 | 209 |
| * | EchoStar Corp. Class A | 4,600 | 207 |
| * | Qlik Technologies Inc. | 9,300 | 204 |
| | Intersil Corp. Class A | 16,500 | 204 |
| * | International Rectifier Corp. | 7,700 | 201 |
| * | Fairchild Semiconductor International Inc. Class A | 15,500 | 197 |
| * | SYNNEX Corp. | 2,900 | 195 |
| * | Progress Software Corp. | 9,100 | 195 |
| * | InvenSense Inc. | 9,000 | 194 |
| * | Cirrus Logic Inc. | 8,500 | 190 |
| | Power Integrations Inc. | 4,000 | 189 |
| * | Electronics For Imaging Inc. | 4,900 | 185 |
| * | Demandware Inc. | 3,700 | 184 |
| * | Netscout Systems Inc. | 4,700 | 183 |
| | Compuware Corp. | 17,322 | 179 |
| | Cogent Communications Group Inc. | 5,200 | 179 |
| | InterDigital Inc. | 5,100 | 177 |
| * | Sohu.com Inc. | 3,200 | 177 |
96
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Tech Data Corp. | 2,800 | 175 |
| * | Cornerstone OnDemand Inc. | 4,700 | 173 |
| | Hittite Microwave Corp. | 2,900 | 172 |
| | Cypress Semiconductor Corp. | 18,100 | 171 |
| * | Silicon Laboratories Inc. | 3,800 | 171 |
| * | Syntel Inc. | 2,100 | 169 |
| * | CACI International Inc. Class A | 2,400 | 167 |
| * | iGATE Corp. | 4,500 | 165 |
| * | QLogic Corp. | 14,100 | 163 |
| * | BroadSoft Inc. | 6,400 | 162 |
| * | PMC - Sierra Inc. | 23,700 | 162 |
| * | OmniVision Technologies Inc. | 8,100 | 158 |
| | Science Applications International Corp. | 4,053 | 158 |
| * | Sapient Corp. | 9,700 | 158 |
| * | Lattice Semiconductor Corp. | 18,600 | 157 |
| * | MedAssets Inc. | 6,700 | 153 |
| * | ScanSource Inc. | 3,900 | 150 |
| * | Infinera Corp. | 16,600 | 149 |
| * | Silicon Image Inc. | 26,200 | 147 |
| | CDW Corp. | 5,200 | 147 |
| * | ATMI Inc. | 4,300 | 146 |
| * | Diodes Inc. | 5,500 | 145 |
| * | InterXion Holding NV | 5,600 | 145 |
| | NIC Inc. | 7,800 | 143 |
| | Forrester Research Inc. | 4,000 | 142 |
| * | Kulicke & Soffa Industries Inc. | 9,400 | 138 |
| | Blackbaud Inc. | 4,500 | 137 |
| | MKS Instruments Inc. | 4,800 | 135 |
| * | Amkor Technology Inc. | 16,800 | 134 |
| * | Semtech Corp. | 5,500 | 132 |
| * | Monolithic Power Systems Inc. | 3,500 | 130 |
| * | RealPage Inc. | 7,300 | 130 |
| | Advent Software Inc. | 4,400 | 127 |
| * | FleetMatics Group plc | 4,200 | 126 |
| | Fair Isaac Corp. | 2,200 | 126 |
| * | MicroStrategy Inc. Class A | 1,000 | 121 |
| * | Spansion Inc. Class A | 6,600 | 118 |
| * | Unisys Corp. | 4,800 | 117 |
| * | Envestnet Inc. | 3,100 | 114 |
| | ADTRAN Inc. | 5,000 | 112 |
| * | Entegris Inc. | 10,100 | 112 |
| | Tessera Technologies Inc. | 5,000 | 110 |
| * | Shutterstock Inc. | 1,500 | 109 |
| * | Insight Enterprises Inc. | 4,100 | 107 |
| * | Dycom Industries Inc. | 3,400 | 107 |
| * | Rambus Inc. | 8,800 | 106 |
| | Micrel Inc. | 10,500 | 105 |
| * | Synchronoss Technologies Inc. | 3,400 | 104 |
| * | Silicon Graphics International Corp. | 8,500 | 103 |
| * | Bottomline Technologies de Inc. | 3,200 | 101 |
| * | NETGEAR Inc. | 3,000 | 97 |
| * | Premier Inc. Class A | 3,200 | 96 |
| * | LogMeIn Inc. | 2,100 | 95 |
| * | Fusion-io Inc. | 10,700 | 92 |
| * | Exar Corp. | 8,400 | 91 |
| *,^ | VirnetX Holding Corp. | 5,700 | 90 |
| * | Premiere Global Services Inc. | 7,000 | 89 |
| * | Sonus Networks Inc. | 27,039 | 88 |
| * | Interactive Intelligence Group Inc. | 1,400 | 88 |
| * | Cabot Microelectronics Corp. | 1,900 | 82 |
| * | Perficient Inc. | 4,400 | 80 |
| * | Web.com Group Inc. | 2,500 | 77 |
| | CSG Systems International Inc. | 2,900 | 76 |
| | Computer Programs & Systems Inc. | 1,200 | 76 |
97
| | | |
| Vanguard�� Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Blucora Inc. | 3,800 | 73 |
| * | Advanced Energy Industries Inc. | 3,300 | 72 |
| * | Harmonic Inc. | 10,000 | 70 |
| * | Ultratech Inc. | 2,600 | 69 |
| | Brooks Automation Inc. | 6,200 | 63 |
| | Pegasystems Inc. | 3,800 | 63 |
| * | Infoblox Inc. | 3,000 | 59 |
| | Quality Systems Inc. | 3,800 | 56 |
| * | EPAM Systems Inc. | 1,800 | 56 |
| * | Applied Micro Circuits Corp. | 5,600 | 54 |
| | Epiq Systems Inc. | 4,000 | 51 |
| | Ebix Inc. | 3,200 | 50 |
| * | Ubiquiti Networks Inc. | 1,300 | 50 |
| * | Marketo Inc. | 1,800 | 49 |
| * | Ixia | 3,900 | 48 |
| * | Emulex Corp. | 6,700 | 48 |
| | Monotype Imaging Holdings Inc. | 1,800 | 48 |
| * | Comverse Inc. | 1,900 | 47 |
| * | Digital River Inc. | 2,900 | 44 |
| * | Extreme Networks Inc. | 6,200 | 35 |
| * | Entropic Communications Inc. | 9,500 | 35 |
| | | | 375,342 |
| Telecommunications (1.1%) | | |
| | Verizon Communications Inc. | 492,260 | 23,003 |
| | AT&T Inc. | 624,631 | 22,299 |
| | CenturyLink Inc. | 66,538 | 2,323 |
| * | SBA Communications Corp. Class A | 13,734 | 1,233 |
| * | Level 3 Communications Inc. | 22,200 | 955 |
| * | T-Mobile US Inc. | 30,488 | 893 |
| * | Sprint Corp. | 97,921 | 832 |
| | Frontier Communications Corp. | 111,502 | 663 |
| | Windstream Holdings Inc. | 62,696 | 569 |
| * | tw telecom inc Class A | 14,600 | 448 |
| | Telephone & Data Systems Inc. | 11,473 | 312 |
| | Shenandoah Telecommunications Co. | 4,875 | 137 |
| | Consolidated Communications Holdings Inc. | 6,800 | 136 |
| | United States Cellular Corp. | 2,700 | 112 |
| * | Cincinnati Bell Inc. | 20,800 | 70 |
| * | General Communication Inc. Class A | 5,400 | 56 |
| | EarthLink Holdings Corp. | 14,900 | 51 |
| | Atlantic Tele-Network Inc. | 800 | 47 |
| * | NII Holdings Inc. | 20,387 | 18 |
| | | | 54,157 |
| Utilities (1.6%) | | |
| | Duke Energy Corp. | 82,832 | 6,170 |
| | NextEra Energy Inc. | 50,062 | 4,999 |
| | Dominion Resources Inc. | 65,694 | 4,765 |
| | Southern Co. | 100,504 | 4,606 |
| | Spectra Energy Corp. | 98,055 | 3,894 |
| | Exelon Corp. | 100,368 | 3,516 |
| | American Electric Power Co. Inc. | 54,767 | 2,947 |
| | Sempra Energy | 27,373 | 2,699 |
| | PPL Corp. | 71,073 | 2,370 |
| | Public Service Enterprise Group Inc. | 57,219 | 2,344 |
| | PG&E Corp. | 50,084 | 2,283 |
| | Edison International | 36,977 | 2,091 |
| | NiSource Inc. | 55,516 | 2,016 |
| | Consolidated Edison Inc. | 32,688 | 1,897 |
| | CenterPoint Energy Inc. | 75,687 | 1,874 |
| | Xcel Energy Inc. | 54,371 | 1,733 |
| | FirstEnergy Corp. | 48,261 | 1,629 |
| | Northeast Utilities | 33,382 | 1,578 |
| | DTE Energy Co. | 19,891 | 1,554 |
| | AES Corp. | 103,401 | 1,494 |
98
| | | |
| Vanguard® Total World Stock Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Empire District Electric Co. | 59,900 | 1,457 |
| | Entergy Corp. | 19,861 | 1,440 |
| | ONEOK Inc. | 21,906 | 1,385 |
| | TECO Energy Inc. | 75,857 | 1,362 |
| | Vectren Corp. | 33,368 | 1,354 |
| | NRG Energy Inc. | 37,332 | 1,222 |
| | MGE Energy Inc. | 26,565 | 1,015 |
| | Ameren Corp. | 23,467 | 969 |
| | Wisconsin Energy Corp. | 19,557 | 948 |
| * | Calpine Corp. | 40,084 | 919 |
| | American Water Works Co. Inc. | 18,756 | 854 |
| | CMS Energy Corp. | 22,348 | 677 |
| | Pepco Holdings Inc. | 22,795 | 610 |
| | National Fuel Gas Co. | 7,900 | 582 |
| | ITC Holdings Corp. | 15,700 | 580 |
| | Pinnacle West Capital Corp. | 9,640 | 539 |
| | AGL Resources Inc. | 9,900 | 535 |
| | SCANA Corp. | 9,927 | 533 |
| | UGI Corp. | 10,900 | 509 |
| | Atmos Energy Corp. | 9,900 | 505 |
| | Alliant Energy Corp. | 7,777 | 455 |
| | Black Hills Corp. | 7,500 | 433 |
| | UNS Energy Corp. | 7,100 | 426 |
| | IDACORP Inc. | 7,500 | 421 |
| | Westar Energy Inc. Class A | 11,600 | 416 |
| | Questar Corp. | 17,125 | 416 |
| | Portland General Electric Co. | 12,300 | 412 |
| | Integrys Energy Group Inc. | 6,300 | 386 |
| | NorthWestern Corp. | 7,900 | 382 |
| | Great Plains Energy Inc. | 13,600 | 365 |
| | Cleco Corp. | 6,800 | 357 |
| | ALLETE Inc. | 6,800 | 352 |
| | Aqua America Inc. | 13,825 | 347 |
| * | Dynegy Inc. Class A | 11,000 | 313 |
| | SJW Corp. | 9,380 | 255 |
| | Avista Corp. | 7,800 | 251 |
| | UIL Holdings Corp. | 5,900 | 217 |
| | Southwest Gas Corp. | 3,900 | 215 |
| | WGL Holdings Inc. | 5,300 | 211 |
| | Piedmont Natural Gas Co. Inc. | 5,800 | 208 |
| | ONE Gas Inc. | 5,476 | 200 |
| | Northwest Natural Gas Co. | 4,500 | 199 |
| | Laclede Group Inc. | 3,900 | 185 |
| | Hawaiian Electric Industries Inc. | 7,700 | 185 |
| | South Jersey Industries Inc. | 3,200 | 184 |
| | El Paso Electric Co. | 4,200 | 159 |
| | PNM Resources Inc. | 5,700 | 158 |
| | New Jersey Resources Corp. | 2,900 | 144 |
| | California Water Service Group | 4,300 | 97 |
| | American States Water Co. | 3,000 | 91 |
| | Ormat Technologies Inc. | 1,800 | 48 |
| | | | 82,942 |
| |
| | | | 2,458,240 |
| Total Common Stocks (Cost $4,031,623) | | 5,004,877 |
99
| | | | | |
| Vanguard® Total World Stock Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2014 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | Coupon | | Shares | ($000) |
| Temporary Cash Investments (2.6%)1 | | | | |
| Money Market Fund (2.6%) | | | | |
| 5,6 | Vanguard Market Liquidity Fund | 0.124% | | 129,065,343 | 129,065 |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 7 | Federal Home Loan Bank Discount Notes | 0.060% | 5/7/14 | 800 | 800 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.050% | 5/30/14 | 800 | 800 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.070% | 6/4/14 | 500 | 500 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.074% | 6/18/14 | 200 | 200 |
| | | | | | 2,300 |
| Total Temporary Cash Investments (Cost $131,365) | | | | 131,365 |
| Total Investments (102.1%) (Cost $4,162,988) | | | | 5,136,242 |
| Other Assets and Liabilities—Net (-2.1%)6 | | | | (104,213) |
| Net Assets (100%) | | | | 5,032,029 |
Securities with a market value of less than $500 are displayed with a dash.
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $103,896,000.
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 2.2%, 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 April 30, 2014, the aggregate value of these securities was $2,182,000.
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 $109,979,000 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 $1,400,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
100
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© 2014 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA6282 062014
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.8%)1 | | |
| Australia (5.8%) | | |
| | Commonwealth Bank of Australia | 1,830,051 | 134,621 |
| | BHP Billiton Ltd. | 3,649,810 | 128,535 |
| | Westpac Banking Corp. | 3,502,729 | 114,731 |
| | Australia & New Zealand Banking Group Ltd. | 3,094,839 | 99,524 |
| | National Australia Bank Ltd. | 2,607,523 | 85,859 |
| | Wesfarmers Ltd. | 1,297,313 | 51,632 |
| | Woolworths Ltd. | 1,392,342 | 48,387 |
| | CSL Ltd. | 583,657 | 37,209 |
| | Rio Tinto Ltd. | 496,544 | 28,635 |
| | Woodside Petroleum Ltd. | 700,604 | 26,631 |
| | Telstra Corp. Ltd. | 4,996,626 | 24,294 |
| | Westfield Group | 2,176,166 | 22,206 |
| | Macquarie Group Ltd. | 367,405 | 19,794 |
| | Suncorp Group Ltd. | 1,473,183 | 17,891 |
| | Origin Energy Ltd. | 1,248,500 | 17,344 |
| | AMP Ltd. | 3,357,154 | 15,799 |
| | Brambles Ltd. | 1,783,028 | 15,679 |
| | QBE Insurance Group Ltd. | 1,364,336 | 14,725 |
| | Insurance Australia Group Ltd. | 2,625,034 | 14,030 |
| | Santos Ltd. | 1,094,274 | 14,030 |
| | Amcor Ltd. | 1,385,649 | 13,298 |
| | Aurizon Holdings Ltd. | 2,357,042 | 11,380 |
| | Transurban Group | 1,677,854 | 11,332 |
| | Oil Search Ltd. | 1,307,474 | 10,832 |
| | Westfield Retail Trust | 3,483,671 | 10,350 |
| | Stockland | 2,623,199 | 9,509 |
| | AGL Energy Ltd. | 627,687 | 9,214 |
| | Goodman Group | 1,921,237 | 8,924 |
| | Fortescue Metals Group Ltd. | 1,836,320 | 8,686 |
| * | Newcrest Mining Ltd. | 872,951 | 8,514 |
| | Orica Ltd. | 415,950 | 8,489 |
| | Lend Lease Group | 612,141 | 7,398 |
| | Sonic Healthcare Ltd. | 438,007 | 7,225 |
| | ASX Ltd. | 215,559 | 7,133 |
| | Dexus Property Group | 6,464,121 | 6,839 |
| | Mirvac Group | 4,138,013 | 6,753 |
| | Computershare Ltd. | 570,315 | 6,574 |
| | GPT Group | 1,800,650 | 6,571 |
| | Crown Resorts Ltd. | 438,368 | 6,560 |
| | James Hardie Industries plc | 506,668 | 6,505 |
| | Ramsay Health Care Ltd. | 150,613 | 6,293 |
| | Seek Ltd. | 371,117 | 5,812 |
| | APA Group | 914,656 | 5,669 |
| | Asciano Ltd. | 1,096,538 | 5,534 |
| | Coca-Cola Amatil Ltd. | 618,611 | 5,340 |
| | Incitec Pivot Ltd. | 1,915,238 | 5,141 |
| | Bendigo and Adelaide Bank Ltd. | 458,822 | 4,918 |
| | Boral Ltd. | 900,612 | 4,780 |
| | Sydney Airport | 1,158,650 | 4,553 |
| | Tatts Group Ltd. | 1,614,414 | 4,541 |
| | Bank of Queensland Ltd. | 389,762 | 4,456 |
| | CFS Retail Property Trust Group | 2,243,866 | 4,201 |
| | Challenger Ltd. | 605,828 | 3,986 |
| | Toll Holdings Ltd. | 792,948 | 3,911 |
| | Iluka Resources Ltd. | 464,577 | 3,860 |
| | WorleyParsons Ltd. | 243,760 | 3,823 |
| * | BlueScope Steel Ltd. | 629,985 | 3,809 |
| | Federation Centres Ltd. | 1,634,357 | 3,794 |
| | Cochlear Ltd. | 68,810 | 3,761 |
| * | Alumina Ltd. | 2,749,057 | 3,453 |
| | Caltex Australia Ltd. | 152,133 | 3,158 |
1
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Leighton Holdings Ltd. | 176,060 | 3,131 |
| | Flight Centre Travel Group Ltd. | 62,014 | 3,110 |
| | Tabcorp Holdings Ltd. | 881,260 | 3,054 |
| | ALS Ltd. | 413,733 | 2,894 |
| | Metcash Ltd. | 1,098,499 | 2,838 |
| | Treasury Wine Estates Ltd. | 778,518 | 2,773 |
| | Ansell Ltd. | 164,176 | 2,765 |
| | Echo Entertainment Group Ltd. | 1,050,446 | 2,763 |
| | Aristocrat Leisure Ltd. | 585,445 | 2,747 |
| | REA Group Ltd. | 58,233 | 2,540 |
| | SP AusNet | 1,851,333 | 2,413 |
| | Perpetual Ltd. | 51,686 | 2,263 |
| | CSR Ltd. | 655,106 | 2,231 |
| | Downer EDI Ltd. | 476,117 | 2,223 |
| | DuluxGroup Ltd. | 407,983 | 2,179 |
| | Harvey Norman Holdings Ltd. | 682,883 | 2,090 |
| * | Sims Metal Management Ltd. | 225,947 | 2,066 |
| | Australand Property Group | 516,960 | 2,060 |
| | IOOF Holdings Ltd. | 258,755 | 2,046 |
| | Adelaide Brighton Ltd. | 537,278 | 1,958 |
| | Fairfax Media Ltd. | 2,058,319 | 1,881 |
| | TPG Telecom Ltd. | 315,857 | 1,751 |
| | Orora Ltd. | 1,307,446 | 1,695 |
| | Arrium Ltd. | 1,487,156 | 1,657 |
| | Platinum Asset Management Ltd. | 248,987 | 1,530 |
| * | Qantas Airways Ltd. | 1,328,806 | 1,512 |
| | Goodman Fielder Ltd. | 2,349,762 | 1,475 |
| * | Recall Holdings Ltd. | 336,409 | 1,421 |
| | Macquarie Atlas Roads Group | 440,460 | 1,278 |
| | Seven West Media Ltd. | 698,180 | 1,213 |
| | OZ Minerals Ltd. | 322,224 | 1,109 |
| | Envestra Ltd. | 1,016,218 | 1,103 |
| | Shopping Centres Australasia Property Group | 673,743 | 1,088 |
| | GWA Group Ltd. | 422,181 | 1,059 |
| *,^ | Whitehaven Coal Ltd. | 645,761 | 880 |
| | Atlas Iron Ltd. | 948,270 | 804 |
| | New Hope Corp. Ltd. | 258,978 | 753 |
| | Nufarm Ltd. | 183,942 | 712 |
| * | Ten Network Holdings Ltd. | 1,817,781 | 458 |
| * | Aquila Resources Ltd. | 172,733 | 403 |
| * | Gunns Ltd. | 649,105 | 96 |
| | | | 1,272,457 |
| Austria (0.2%) | | |
| | Erste Group Bank AG | 324,547 | 10,913 |
| | OMV AG | 163,865 | 7,661 |
| | Voestalpine AG | 130,004 | 5,939 |
| | Andritz AG | 85,238 | 5,295 |
| | IMMOFINANZ AG | 1,129,369 | 4,194 |
| | Raiffeisen Bank International AG | 129,878 | 4,106 |
| | Telekom Austria AG | 267,969 | 2,659 |
| | Vienna Insurance Group AG Wiener Versicherung Gruppe | 44,797 | 2,396 |
| ^ | Verbund AG | 73,987 | 1,434 |
| * | BUWOG AG | 56,468 | 1,037 |
| | Strabag SE | 17,306 | 484 |
| | | | 46,118 |
| Belgium (0.8%) | | |
| | Anheuser-Busch InBev NV | 902,496 | 98,370 |
| | KBC Groep NV | 314,062 | 19,165 |
| | UCB SA | 133,589 | 10,958 |
| | Solvay SA Class A | 66,123 | 10,716 |
| | Ageas | 247,704 | 10,660 |
| | Groupe Bruxelles Lambert SA | 86,703 | 8,767 |
| | Delhaize Group SA | 116,707 | 8,690 |
| ^ | Umicore SA | 131,754 | 6,458 |
2
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Belgacom SA | 156,529 | 4,791 |
| | Colruyt SA | 84,642 | 4,786 |
| | Telenet Group Holding NV | 58,462 | 3,429 |
| | | | 186,790 |
| Brazil (2.3%) | | |
| | Itau Unibanco Holding SA ADR | 2,682,489 | 43,885 |
| | Banco Bradesco SA ADR | 2,392,423 | 35,575 |
| | Petroleo Brasileiro SA ADR | 2,245,560 | 33,234 |
| | AMBEV SA ADR | 3,310,175 | 23,999 |
| | Petroleo Brasileiro SA ADR | 1,725,135 | 23,945 |
| | BRF SA | 862,062 | 19,524 |
| | Vale SA Class B Pfd. ADR | 1,583,050 | 18,791 |
| | Vale SA Class B ADR | 1,126,314 | 14,890 |
| | AMBEV SA | 2,026,505 | 14,814 |
| | Cielo SA | 824,084 | 14,599 |
| | Itausa - Investimentos Itau SA Preference Shares | 3,261,320 | 14,334 |
| | BM&FBovespa SA | 2,143,429 | 10,959 |
| | Ultrapar Participacoes SA | 432,937 | 10,869 |
| | Banco do Brasil SA | 975,686 | 10,244 |
| | Banco Bradesco SA | 567,523 | 8,717 |
| | Vale SA Preference Shares | 725,046 | 8,591 |
| | BB Seguridade Participacoes SA | 683,728 | 8,012 |
| | CCR SA | 985,853 | 7,715 |
| | Banco Santander Brasil SA | 1,058,176 | 7,071 |
| | Embraer SA ADR | 186,265 | 6,407 |
| | Petroleo Brasileiro SA | 851,132 | 5,966 |
| | Kroton Educacional SA | 270,931 | 5,803 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 119,172 | 5,668 |
| | Vale SA | 399,190 | 5,263 |
| | Gerdau SA ADR | 720,398 | 4,330 |
| | Itau Unibanco Holding SA | 278,990 | 4,298 |
| | Telefonica Brasil SA Preference Shares | 198,991 | 4,180 |
| | BR Malls Participacoes SA | 482,613 | 4,153 |
| | Lojas Renner SA | 137,582 | 4,048 |
| | Cia Energetica de Minas Gerais ADR | 527,179 | 3,975 |
| | Souza Cruz SA | 423,972 | 3,869 |
| | Grupo BTG Pactual | 281,189 | 3,837 |
| | WEG SA | 304,012 | 3,669 |
| | Lojas Americanas SA Preference Shares | 483,212 | 3,660 |
| | Cia de Saneamento Basico do Estado de Sao Paulo | 378,617 | 3,586 |
| | Tractebel Energia SA | 235,008 | 3,495 |
| | Natura Cosmeticos SA | 193,131 | 3,308 |
| | Petroleo Brasileiro SA Preference Shares | 433,739 | 3,223 |
| | Hypermarcas SA | 426,233 | 3,141 |
| | BRF SA ADR | 138,343 | 3,127 |
| | CETIP SA - Mercados Organizados | 241,120 | 3,072 |
| | Itau Unibanco Holding SA Preference Shares | 184,228 | 3,040 |
| | Anhanguera Educacional Participacoes SA | 483,100 | 2,990 |
| | Telefonica Brasil SA ADR | 139,681 | 2,961 |
| * | Klabin SA | 532,484 | 2,794 |
| * | JBS SA | 807,674 | 2,789 |
| | CPFL Energia SA | 318,934 | 2,705 |
| ^ | Cia Siderurgica Nacional SA ADR | 665,618 | 2,576 |
| | Cia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares | 54,330 | 2,571 |
| | Cia Energetica de Minas Gerais Preference Shares | 328,837 | 2,506 |
| | Totvs SA | 151,762 | 2,478 |
| * | Fibria Celulose SA | 248,600 | 2,475 |
| | Raia Drogasil SA | 279,870 | 2,385 |
| | Localiza Rent a Car SA | 158,613 | 2,369 |
| | Cia Energetica de Sao Paulo Preference Shares | 199,634 | 2,366 |
| | M Dias Branco SA | 51,162 | 2,211 |
| | Tim Participacoes SA ADR | 81,069 | 2,182 |
| | Metalurgica Gerdau SA Preference Shares Class A | 300,229 | 2,176 |
| | Bradespar SA Preference Shares | 248,268 | 2,149 |
3
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cosan SA Industria e Comercio | 121,834 | 2,089 |
| | ALL - America Latina Logistica SA | 500,216 | 1,981 |
| ^ | Cia Paranaense de Energia ADR | 136,800 | 1,963 |
| | Multiplan Empreendimentos Imobiliarios SA | 85,300 | 1,885 |
| | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 309,771 | 1,878 |
| | BR Properties SA | 224,947 | 1,797 |
| * | Usinas Siderurgicas de Minas Gerais SA Preference Shares | 447,154 | 1,749 |
| | Gerdau SA Preference Shares | 282,486 | 1,694 |
| | Cia Hering | 159,714 | 1,688 |
| | Porto Seguro SA | 110,512 | 1,611 |
| | Centrais Eletricas Brasileiras SA Preference Shares | 252,976 | 1,431 |
| | Duratex SA | 320,405 | 1,387 |
| | Braskem SA ADR | 101,880 | 1,386 |
| | EcoRodovias Infraestrutura e Logistica SA | 226,800 | 1,356 |
| | Tim Participacoes SA | 228,830 | 1,242 |
| | EDP - Energias do Brasil SA | 274,400 | 1,192 |
| | Oi SA Preference Shares | 1,198,973 | 1,151 |
| | Sul America SA | 151,488 | 1,111 |
| | Suzano Papel e Celulose SA Preference Shares Class A | 325,600 | 1,062 |
| | MRV Engenharia e Participacoes SA | 327,300 | 1,036 |
| | Centrais Eletricas Brasileiras SA | 294,299 | 1,027 |
| | AES Tiete SA Preference Shares | 112,916 | 887 |
| | Transmissora Alianca de Energia Eletrica SA | 98,144 | 878 |
| | Embraer SA | 101,400 | 877 |
| | Cia Siderurgica Nacional SA | 217,400 | 835 |
| | Lojas Americanas SA | 129,996 | 831 |
| | Multiplus SA | 56,323 | 721 |
| | Gerdau SA | 147,684 | 716 |
| | Oi SA | 707,744 | 714 |
| | Cia Energetica de Minas Gerais | 87,869 | 675 |
| | Light SA | 81,164 | 648 |
| ^ | Oi SA ADR | 678,005 | 630 |
| | Arteris SA | 57,398 | 474 |
| * | Usinas Siderurgicas de Minas Gerais SA | 126,320 | 454 |
| | Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 38,700 | 428 |
| | AES Tiete SA | 62,900 | 412 |
| | Guararapes Confeccoes SA | 7,677 | 358 |
| | Cia de Gas de Sao Paulo Preference Shares Class A | 12,751 | 280 |
| | Cia Paranaense de Energia | 24,000 | 237 |
| | Braskem SA Preference Shares | 33,000 | 225 |
| | Banco Bradesco SA Preference Shares | 9,198 | 137 |
| | Cia Paranaense de Energia Preference Shares | 4,200 | 60 |
| ^ | Oi SA ADR | 46,556 | 46 |
| * | Klabin SA Rights Exp. 05/23/2014 | 16,142 | 1 |
| * | AMBEV SA Rights Exp. 05/29/2014 | 2,835 | — |
| * | Cia de Gas de Sao Paulo COMGAS Rights Exp. 05/28/2014 | 218 | — |
| | | | 510,809 |
| Canada (6.5%) | | |
| | Royal Bank of Canada | 1,638,846 | 109,376 |
| | Toronto-Dominion Bank | 2,098,248 | 100,945 |
| | Bank of Nova Scotia | 1,378,534 | 83,765 |
| | Suncor Energy Inc. | 1,684,873 | 64,994 |
| ^ | Bank of Montreal | 738,609 | 50,912 |
| | Canadian Natural Resources Ltd. | 1,245,573 | 50,753 |
| | Canadian National Railway Co. | 842,304 | 49,337 |
| * | Valeant Pharmaceuticals International Inc. | 352,078 | 47,082 |
| | Enbridge Inc. | 934,127 | 45,076 |
| | Canadian Imperial Bank of Commerce | 454,877 | 40,555 |
| | Manulife Financial Corp. | 2,081,153 | 39,077 |
| | TransCanada Corp. | 800,347 | 37,299 |
| | Potash Corp. of Saskatchewan Inc. | 973,797 | 35,201 |
| | Canadian Pacific Railway Ltd. | 180,363 | 28,162 |
| | Brookfield Asset Management Inc. Class A | 642,909 | 26,988 |
| | Cenovus Energy Inc. | 855,467 | 25,483 |
4
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Magna International Inc. | 241,696 | 23,679 |
| | Sun Life Financial Inc. | 687,149 | 23,259 |
| | Goldcorp Inc. | 924,032 | 22,822 |
| | Barrick Gold Corp. | 1,210,946 | 21,135 |
| | Encana Corp. | 849,867 | 19,687 |
| ^ | Crescent Point Energy Corp. | 449,275 | 18,278 |
| | Rogers Communications Inc. Class B | 412,675 | 16,390 |
| | Agrium Inc. | 167,175 | 16,056 |
| | Thomson Reuters Corp. | 427,821 | 15,484 |
| | National Bank of Canada | 370,990 | 15,397 |
| | Imperial Oil Ltd. | 303,552 | 14,822 |
| ^ | Pembina Pipeline Corp. | 361,607 | 14,210 |
| ^ | First Quantum Minerals Ltd. | 674,805 | 13,440 |
| | BCE Inc. | 294,066 | 13,093 |
| | Alimentation Couche Tard Inc. Class B | 443,899 | 12,510 |
| | Teck Resources Ltd. Class B | 543,535 | 12,388 |
| | Talisman Energy Inc. | 1,185,711 | 12,257 |
| | Canadian Oil Sands Ltd. | 552,941 | 11,987 |
| | Power Corp. of Canada | 402,516 | 11,333 |
| ^ | Loblaw Cos. Ltd. | 255,194 | 11,094 |
| | Husky Energy Inc. | 337,947 | 11,044 |
| | Shaw Communications Inc. Class B | 446,400 | 10,813 |
| * | CGI Group Inc. Class A | 293,078 | 10,567 |
| | Fairfax Financial Holdings Ltd. | 23,926 | 10,432 |
| ^ | ARC Resources Ltd. | 347,360 | 10,306 |
| | Intact Financial Corp. | 153,173 | 10,058 |
| | Great-West Lifeco Inc. | 347,267 | 9,771 |
| | Cameco Corp. | 454,660 | 9,678 |
| | Silver Wheaton Corp. | 406,318 | 9,012 |
| * | Catamaran Corp. | 227,832 | 8,656 |
| | Power Financial Corp. | 271,660 | 8,630 |
| | Tim Hortons Inc. | 157,094 | 8,617 |
| ^ | Canadian Tire Corp. Ltd. Class A | 86,502 | 8,496 |
| | TELUS Corp. | 232,940 | 8,208 |
| | SNC-Lavalin Group Inc. | 175,622 | 7,967 |
| | Franco-Nevada Corp. | 163,209 | 7,867 |
| ^ | Canadian Utilities Ltd. Class A | 207,442 | 7,663 |
| | Saputo Inc. | 142,590 | 7,625 |
| | Fortis Inc. | 238,500 | 7,007 |
| | Bombardier Inc. Class B | 1,660,004 | 6,679 |
| | Yamana Gold Inc. | 860,513 | 6,446 |
| | Metro Inc. | 101,900 | 6,281 |
| * | MEG Energy Corp. | 169,500 | 6,102 |
| | Pacific Rubiales Energy Corp. | 364,716 | 5,953 |
| | Agnico Eagle Mines Ltd. | 195,703 | 5,780 |
| | IGM Financial Inc. | 112,666 | 5,612 |
| ^ | CI Financial Corp. | 170,000 | 5,522 |
| * | Kinross Gold Corp. | 1,308,359 | 5,312 |
| | Finning International Inc. | 192,160 | 5,190 |
| | Eldorado Gold Corp. | 814,704 | 4,965 |
| | Penn West Petroleum Ltd. | 541,602 | 4,897 |
| | George Weston Ltd. | 61,132 | 4,606 |
| *,^ | BlackBerry Ltd. | 582,466 | 4,448 |
| ^ | RioCan REIT | 167,183 | 4,153 |
| | TransAlta Corp. | 301,243 | 3,680 |
| * | Turquoise Hill Resources Ltd. | 933,654 | 3,629 |
| ^ | Bell Aliant Inc. | 84,373 | 2,078 |
| | Barrick Gold Corp. | 112,553 | 1,966 |
| | Bombardier Inc. Class A | 57,933 | 234 |
| | | | 1,420,276 |
| Chile (0.3%) | | |
| | Empresas COPEC SA | 429,540 | 5,619 |
| | Empresa Nacional de Electricidad SA ADR | 119,880 | 5,283 |
| | Latam Airlines Group SA | 303,234 | 4,633 |
5
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SACI Falabella | 530,187 | 4,523 |
| | Enersis SA ADR | 278,973 | 4,492 |
| | Cencosud SA | 1,241,286 | 4,125 |
| | Banco Santander Chile ADR | 150,276 | 3,647 |
| | Sociedad Quimica y Minera de Chile SA ADR | 113,845 | 3,632 |
| | Banco de Chile | 26,877,166 | 3,476 |
| | Enersis SA | 8,755,223 | 2,834 |
| | Empresas CMPC SA | 1,170,945 | 2,632 |
| | Banco de Credito e Inversiones | 47,098 | 2,616 |
| | Corpbanca SA | 177,219,236 | 2,080 |
| | Cia Cervecerias Unidas SA | 174,621 | 2,057 |
| | Aguas Andinas SA Class A | 3,310,798 | 2,050 |
| | Colbun SA | 7,680,914 | 1,906 |
| | Sociedad Matriz Banco de Chile Class B | 5,042,818 | 1,549 |
| | AES Gener SA | 2,769,266 | 1,517 |
| | ENTEL Chile SA | 117,939 | 1,448 |
| | CAP SA | 79,387 | 1,188 |
| | Latam Airlines Group SA | 72,072 | 1,042 |
| | Embotelladora Andina SA Preference Shares | 247,251 | 996 |
| | Banco Santander Chile | 15,222,058 | 921 |
| | Empresa Nacional de Electricidad SA | 350,630 | 519 |
| | Sociedad Quimica y Minera de Chile SA Preference Shares Class B | 1,990 | 64 |
| | | | 64,849 |
| China (3.5%) | | |
| | Tencent Holdings Ltd. | 1,043,272 | 65,684 |
| | China Construction Bank Corp. | 82,186,277 | 56,904 |
| | China Mobile Ltd. | 5,931,204 | 56,456 |
| | Industrial & Commercial Bank of China Ltd. | 81,938,500 | 48,960 |
| | Bank of China Ltd. | 85,606,541 | 37,718 |
| | CNOOC Ltd. | 18,237,536 | 30,144 |
| | PetroChina Co. Ltd. | 24,042,000 | 27,739 |
| | China Petroleum & Chemical Corp. | 29,071,400 | 25,808 |
| | China Life Insurance Co. Ltd. | 8,454,000 | 21,994 |
| | Ping An Insurance Group Co. of China Ltd. | 2,197,938 | 16,313 |
| | China Overseas Land & Investment Ltd. | 4,701,760 | 11,574 |
| | Agricultural Bank of China Ltd. | 26,356,715 | 11,090 |
| | China Shenhua Energy Co. Ltd. | 3,902,500 | 10,598 |
| | China Telecom Corp. Ltd. | 18,578,000 | 9,504 |
| | China Merchants Bank Co. Ltd. | 5,245,508 | 9,399 |
| | Hengan International Group Co. Ltd. | 856,017 | 9,024 |
| | China Unicom Hong Kong Ltd. | 5,398,123 | 8,276 |
| | Lenovo Group Ltd. | 7,081,966 | 8,070 |
| | China Pacific Insurance Group Co. Ltd. | 2,565,920 | 8,068 |
| | Belle International Holdings Ltd. | 6,032,839 | 6,273 |
| | China Minsheng Banking Corp. Ltd. | 5,835,300 | 5,887 |
| | Bank of Communications Co. Ltd. | 9,234,220 | 5,752 |
| | ENN Energy Holdings Ltd. | 816,000 | 5,707 |
| | China Resources Power Holdings Co. Ltd. | 2,162,400 | 5,435 |
| | Great Wall Motor Co. Ltd. | 1,171,250 | 5,328 |
| | Beijing Enterprises Holdings Ltd. | 608,800 | 5,302 |
| | China CITIC Bank Corp. Ltd. | 8,829,843 | 5,275 |
| ^ | Anhui Conch Cement Co. Ltd. | 1,364,500 | 5,095 |
| | Kunlun Energy Co. Ltd. | 3,168,000 | 4,950 |
| | China Oilfield Services Ltd. | 2,006,000 | 4,809 |
| | Brilliance China Automotive Holdings Ltd. | 3,110,000 | 4,806 |
| | China Resources Land Ltd. | 2,296,883 | 4,741 |
| | PICC Property & Casualty Co. Ltd. | 3,497,523 | 4,623 |
| | China Merchants Holdings International Co. Ltd. | 1,394,893 | 4,377 |
| | Dongfeng Motor Group Co. Ltd. | 3,266,000 | 4,366 |
| | China Resources Enterprise Ltd. | 1,422,000 | 4,049 |
| *,^ | Byd Co. Ltd. | 719,600 | 3,894 |
| | China Longyuan Power Group Corp. | 3,731,000 | 3,843 |
| | Huaneng Power International Inc. | 3,804,000 | 3,724 |
| | China Everbright International Ltd. | 2,924,000 | 3,668 |
6
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | GCL-Poly Energy Holdings Ltd. | 11,761,000 | 3,533 |
| | China Communications Construction Co. Ltd. | 5,283,000 | 3,466 |
| ^ | CITIC Pacific Ltd. | 1,783,000 | 3,132 |
| | CSPC Pharmaceutical Group Ltd. | 3,756,525 | 3,130 |
| | China National Building Material Co. Ltd. | 3,286,400 | 3,118 |
| | Tsingtao Brewery Co. Ltd. | 424,000 | 3,096 |
| ^ | Evergrande Real Estate Group Ltd. | 6,782,336 | 3,038 |
| | China State Construction International Holdings Ltd. | 1,758,000 | 2,941 |
| | China Gas Holdings Ltd. | 1,803,592 | 2,936 |
| | Sinopharm Group Co. Ltd. | 1,104,400 | 2,916 |
| | Shimao Property Holdings Ltd. | 1,387,094 | 2,751 |
| | COSCO Pacific Ltd. | 2,038,578 | 2,736 |
| | Beijing Enterprises Water Group Ltd. | 4,290,000 | 2,727 |
| | GOME Electrical Appliances Holding Ltd. | 14,329,357 | 2,705 |
| | Guangdong Investment Ltd. | 2,442,000 | 2,655 |
| ^ | China Coal Energy Co. Ltd. | 4,711,000 | 2,553 |
| | Jiangxi Copper Co. Ltd. | 1,540,000 | 2,548 |
| ^ | Kingsoft Corp. Ltd. | 813,000 | 2,520 |
| | Haitong Securities Co. Ltd. | 1,782,800 | 2,500 |
| | Guangzhou Automobile Group Co. Ltd. | 2,415,558 | 2,442 |
| | China Vanke Co. Ltd. Class B | 1,456,838 | 2,436 |
| * | New China Life Insurance Co. Ltd. | 802,460 | 2,367 |
| | Sino Biopharmaceutical Ltd. | 3,015,627 | 2,367 |
| | China Railway Group Ltd. | 4,983,000 | 2,232 |
| | Sihuan Pharmaceutical Holdings Group Ltd. | 2,007,000 | 2,218 |
| | China Resources Gas Group Ltd. | 740,000 | 2,195 |
| | Sino-Ocean Land Holdings Ltd. | 4,011,185 | 2,126 |
| | Shenzhou International Group Holdings Ltd. | 610,944 | 2,108 |
| | Haier Electronics Group Co. Ltd. | 841,215 | 2,069 |
| | Shandong Weigao Group Medical Polymer Co. Ltd. | 1,956,000 | 1,982 |
| | Country Garden Holdings Co. Ltd. | 4,884,287 | 1,958 |
| | Longfor Properties Co. Ltd. | 1,503,000 | 1,945 |
| | CITIC Securities Co. Ltd. | 964,500 | 1,938 |
| | Weichai Power Co. Ltd. | 538,200 | 1,880 |
| *,^ | Aluminum Corp. of China Ltd. | 5,096,000 | 1,827 |
| | Fosun International Ltd. | 1,501,500 | 1,820 |
| *,^ | China Huishan Dairy Holdings Co. Ltd. | 7,916,438 | 1,803 |
| *,^ | China Cinda Asset Management Co. Ltd. | 3,565,000 | 1,798 |
| | Kingboard Chemical Holdings Ltd. | 922,600 | 1,763 |
| | China Railway Construction Corp. Ltd. | 2,093,074 | 1,737 |
| | Geely Automobile Holdings Ltd. | 4,940,000 | 1,717 |
| | Chongqing Changan Automobile Co. Ltd. Class B | 929,261 | 1,678 |
| ^ | Yanzhou Coal Mining Co. Ltd. | 2,224,910 | 1,670 |
| ^ | Zijin Mining Group Co. Ltd. | 6,742,000 | 1,647 |
| | Shanghai Electric Group Co. Ltd. | 4,164,000 | 1,639 |
| | Inner Mongolia Yitai Coal Co. Ltd. Class B | 1,297,454 | 1,632 |
| 2 | People's Insurance Co. Group of China Ltd. | 4,230,000 | 1,625 |
| | Zhuzhou CSR Times Electric Co. Ltd. | 552,000 | 1,623 |
| | Shanghai Industrial Holdings Ltd. | 503,000 | 1,561 |
| | Shanghai Fosun Pharmaceutical Group Co. Ltd. | 452,500 | 1,536 |
| | Jiangsu Expressway Co. Ltd. | 1,356,000 | 1,528 |
| | Datang International Power Generation Co. Ltd. | 4,076,000 | 1,520 |
| | CSR Corp. Ltd. | 2,030,000 | 1,486 |
| | China Resources Cement Holdings Ltd. | 2,132,000 | 1,484 |
| | ANTA Sports Products Ltd. | 1,012,000 | 1,483 |
| * | China Taiping Insurance Holdings Co. Ltd. | 917,000 | 1,460 |
| | China Communications Services Corp. Ltd. | 2,870,800 | 1,457 |
| *,^ | ZTE Corp. | 706,226 | 1,445 |
| | Zhejiang Expressway Co. Ltd. | 1,636,000 | 1,416 |
| | Chongqing Rural Commercial Bank | 3,147,000 | 1,384 |
| | Guangzhou R&F Properties Co. Ltd. | 1,050,800 | 1,377 |
| | SOHO China Ltd. | 1,727,500 | 1,376 |
| 2 | Sinopec Engineering Group Co. Ltd. | 1,208,093 | 1,352 |
| | AviChina Industry & Technology Co. Ltd. | 2,480,000 | 1,327 |
7
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Air China Ltd. | 2,320,000 | 1,320 |
| | China International Marine Containers Group Co. Ltd. | 658,220 | 1,301 |
| | Franshion Properties China Ltd. | 4,060,000 | 1,280 |
| | Haitian International Holdings Ltd. | 635,000 | 1,279 |
| | China Everbright Ltd. | 942,000 | 1,262 |
| | Beijing Capital International Airport Co. Ltd. | 1,726,000 | 1,204 |
| * | Shenzhen International Holdings Ltd. | 971,500 | 1,182 |
| | Nine Dragons Paper Holdings Ltd. | 1,790,331 | 1,180 |
| | Agile Property Holdings Ltd. | 1,430,000 | 1,163 |
| | Far East Horizon Ltd. | 1,696,445 | 1,150 |
| | Shanghai Pharmaceuticals Holding Co. Ltd. | 627,000 | 1,150 |
| *,^ | China COSCO Holdings Co. Ltd. | 2,822,800 | 1,120 |
| | China BlueChemical Ltd. | 2,044,000 | 1,097 |
| | Biostime International Holdings Ltd. | 159,000 | 1,059 |
| | Yuexiu Property Co. Ltd. | 5,442,000 | 1,056 |
| | Golden Eagle Retail Group Ltd. | 768,000 | 993 |
| | Sinotrans Ltd. | 1,776,000 | 983 |
| | Sinopec Shanghai Petrochemical Co. Ltd. | 3,981,000 | 973 |
| ^ | Zoomlion Heavy Industry Science and Technology Co. Ltd. | 1,424,805 | 953 |
| *,^ | China Shipping Container Lines Co. Ltd. | 3,933,700 | 942 |
| *,^ | China Yurun Food Group Ltd. | 1,949,000 | 940 |
| | BBMG Corp. | 1,330,500 | 937 |
| | Lee & Man Paper Manufacturing Ltd. | 1,665,200 | 905 |
| | Poly Property Group Co. Ltd. | 2,043,000 | 887 |
| | Greentown China Holdings Ltd. | 878,621 | 885 |
| | China Agri-Industries Holdings Ltd. | 2,202,200 | 881 |
| | Zhongsheng Group Holdings Ltd. | 714,500 | 870 |
| | Travelsky Technology Ltd. | 1,136,000 | 868 |
| * | Huadian Fuxin Energy Corp. Ltd. | 1,852,134 | 866 |
| | CIMC Enric Holdings Ltd. | 592,287 | 859 |
| | Huaneng Renewables Corp. Ltd. | 2,708,000 | 842 |
| | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 534,490 | 819 |
| * | China Shipping Development Co. Ltd. | 1,460,000 | 802 |
| | Shenzhen Investment Ltd. | 2,414,808 | 789 |
| * | Li Ning Co. Ltd. | 1,131,250 | 788 |
| *,^ | Angang Steel Co. Ltd. | 1,264,000 | 769 |
| *,2 | China Galaxy Securities Co. Ltd. | 1,295,000 | 760 |
| * | Beijing Jingneng Clean Energy Co. Ltd. | 1,718,000 | 741 |
| | Huadian Power International Corp. Ltd. | 1,358,000 | 738 |
| *,^ | Huishang Bank Corp. Ltd. | 1,605,504 | 729 |
| ^ | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. | 230,000 | 688 |
| | KWG Property Holding Ltd. | 1,209,500 | 673 |
| * | Hopson Development Holdings Ltd. | 676,000 | 664 |
| * | China Hongqiao Group Ltd. | 909,386 | 623 |
| | CSG Holding Co. Ltd. Class B | 799,812 | 620 |
| * | Renhe Commercial Holdings Co. Ltd. | 10,734,000 | 616 |
| | China Molybdenum Co. Ltd. | 1,375,000 | 613 |
| | China Southern Airlines Co. Ltd. | 1,995,000 | 596 |
| | Yantai Changyu Pioneer Wine Co. Ltd. Class B | 235,484 | 585 |
| | Guangshen Railway Co. Ltd. | 1,502,000 | 569 |
| ^ | Zhaojin Mining Industry Co. Ltd. | 929,500 | 560 |
| | Wumart Stores Inc. | 564,094 | 555 |
| | Dongfang Electric Corp. Ltd. | 348,400 | 545 |
| * | Metallurgical Corp. of China Ltd. | 2,795,000 | 538 |
| ^ | Xinjiang Goldwind Science & Technology Co. Ltd. | 476,000 | 518 |
| * | China Eastern Airlines Corp. Ltd. | 1,672,000 | 517 |
| | China Dongxiang Group Co. | 2,813,000 | 499 |
| | Weifu High-Technology Group Co. Ltd. Class B | 147,300 | 481 |
| *,^ | Sinopec Yizheng Chemical Fibre Co. Ltd. | 2,151,000 | 479 |
| * | China Zhongwang Holdings Ltd. | 1,482,800 | 463 |
| | Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 251,691 | 440 |
| | Bosideng International Holdings Ltd. | 2,846,000 | 420 |
| | Harbin Electric Co. Ltd. | 698,000 | 409 |
| | Guangzhou Shipyard International Co. Ltd. | 226,800 | 402 |
8
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kingboard Laminates Holdings Ltd. | 1,035,500 | 402 |
| * | Shanghai Zhenhua Heavy Industries Co. Ltd. Class B | 996,370 | 386 |
| | China National Materials Co. Ltd. | 1,968,000 | 382 |
| * | Maanshan Iron & Steel | 1,818,000 | 381 |
| | Guangdong Electric Power Development Co. Ltd. Class B | 654,360 | 377 |
| | Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 440,500 | 365 |
| * | CITIC Resources Holdings Ltd. | 2,472,690 | 358 |
| | Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B | 208,900 | 353 |
| | Dazhong Transportation Group Co. Ltd. Class B | 547,900 | 350 |
| | Shenzhen Expressway Co. Ltd. | 744,000 | 339 |
| * | China Machinery Engineering Corp. | 510,361 | 338 |
| | Jiangling Motors Corp. Ltd. Class B | 90,183 | 336 |
| | Sinotruk Hong Kong Ltd. | 631,500 | 335 |
| * | BOE Technology Group Co. Ltd. Class B | 1,358,920 | 334 |
| | China Merchants Property Development Co. Ltd. Class B | 144,550 | 322 |
| *,^ | China Foods Ltd. | 934,000 | 316 |
| | Lianhua Supermarket Holdings Co. Ltd. | 528,200 | 293 |
| | Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 288,860 | 292 |
| | Shandong Chenming Paper Holdings Ltd. Class B | 584,700 | 288 |
| | Anhui Expressway Co. Ltd. | 518,000 | 282 |
| | Sichuan Expressway Co. Ltd. | 938,000 | 281 |
| | Anhui Gujing Distillery Co. Ltd. Class B | 125,900 | 267 |
| | Shanghai Friendship Group Inc. Co. Class B | 188,490 | 254 |
| | Sinofert Holdings Ltd. | 1,919,153 | 238 |
| * | Shanghai Haixin Group Co. Class B | 462,434 | 225 |
| | Sany Heavy Equipment International Holdings Co. Ltd. | 966,000 | 225 |
| | Shenzhen Chiwan Wharf Holdings Ltd. Class B | 143,700 | 210 |
| * | Chaoda Modern Agriculture Holdings Ltd. | 2,603,884 | 208 |
| | Shanghai Jinjiang International Hotels Development Co. Ltd. Class B | 137,100 | 192 |
| * | Shanghai Chlor-Alkali Chemical Co. Ltd. Class B | 402,235 | 184 |
| | Foshan Electrical and Lighting Co. Ltd. Class B | 198,820 | 181 |
| | Double Coin Holdings Ltd. Class B | 255,000 | 179 |
| | Tianjin Capital Environmental Protection Group Co. Ltd. | 286,000 | 152 |
| | Beijing North Star Co. Ltd. | 620,000 | 145 |
| | Shandong Chenming Paper Holdings Ltd. | 311,500 | 138 |
| * | Huadian Energy Co. Ltd. Class B | 468,600 | 136 |
| | Bengang Steel Plates Co. Class B | 372,700 | 112 |
| | Jinzhou Port Co. Ltd. Class B | 211,860 | 82 |
| * | Fosun International Ltd Rights Exp. 05/13/2014 | 117,117 | 1 |
| | | | 772,296 |
| Colombia (0.2%) | | |
| | Ecopetrol SA | 4,956,771 | 9,227 |
| | Bancolombia SA ADR | 127,956 | 7,285 |
| | Grupo de Inversiones Suramericana SA | 262,509 | 5,121 |
| | Almacenes Exito SA | 255,021 | 3,885 |
| | Cementos Argos SA | 449,039 | 2,504 |
| | Corp Financiera Colombiana SA | 109,624 | 2,119 |
| | Grupo de Inversiones Suramericana SA Preference Shares | 102,973 | 2,031 |
| * | Cemex Latam Holdings SA | 189,251 | 1,747 |
| | Interconexion Electrica SA ESP | 367,297 | 1,722 |
| ^ | Ecopetrol SA ADR | 42,112 | 1,579 |
| | Isagen SA ESP | 912,230 | 1,491 |
| | Grupo Argos SA Preference Shares | 134,550 | 1,483 |
| | Grupo Aval Acciones y Valores Preference Shares | 1,962,655 | 1,328 |
| | | | 41,522 |
| Czech Republic (0.1%) | | |
| | CEZ AS | 179,563 | 5,404 |
| | Komercni Banka AS | 18,060 | 4,164 |
| | Telefonica Czech Republic AS | 112,947 | 1,712 |
| | | | 11,280 |
| Denmark (1.1%) | | |
| | Novo Nordisk A/S Class B | 2,219,764 | 100,746 |
| | Danske Bank A/S | 893,874 | 25,291 |
9
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | AP Moeller - Maersk A/S Class B | 7,615 | 18,179 |
| | Novozymes A/S | 267,075 | 12,805 |
| | Carlsberg A/S Class B | 121,967 | 12,201 |
| * | Vestas Wind Systems A/S | 250,496 | 11,125 |
| | Coloplast A/S Class B | 112,773 | 9,472 |
| | AP Moeller - Maersk A/S Class A | 3,885 | 8,826 |
| | Pandora A/S | 130,177 | 8,775 |
| | TDC A/S | 897,640 | 8,430 |
| | DSV A/S | 199,525 | 6,664 |
| | Chr Hansen Holding A/S | 100,746 | 4,542 |
| ^ | FLSmidth & Co. A/S | 57,889 | 3,099 |
| | Tryg A/S | 26,943 | 2,559 |
| * | William Demant Holding A/S | 26,199 | 2,348 |
| | H Lundbeck A/S | 66,053 | 1,925 |
| | Rockwool International A/S Class B | 6,947 | 1,340 |
| | | | 238,327 |
| Egypt (0.1%) | | |
| | Commercial International Bank Egypt SAE | 900,067 | 4,831 |
| * | Global Telecom Holding GDR | 518,384 | 1,931 |
| * | Egyptian Financial Group-Hermes Holding | 541,418 | 994 |
| * | Egypt Kuwait Holding Co. SAE | 921,554 | 972 |
| * | Ezz Steel | 349,074 | 829 |
| | Telecom Egypt Co. | 362,333 | 769 |
| | Talaat Moustafa Group | 503,614 | 645 |
| * | Sidi Kerir Petrochemicals Co. | 165,354 | 463 |
| | ElSwedy Electric Co. | 90,127 | 439 |
| | | | 11,873 |
| Finland (0.6%) | | |
| * | Nokia Oyj | 4,259,145 | 31,891 |
| | Sampo | 532,755 | 26,478 |
| | Kone Oyj Class B | 431,034 | 18,477 |
| | Fortum Oyj | 505,166 | 11,413 |
| | UPM-Kymmene Oyj | 607,523 | 10,640 |
| | Wartsila OYJ Abp | 179,784 | 10,037 |
| | Stora Enso Oyj | 645,564 | 6,592 |
| | Metso Oyj | 156,401 | 6,295 |
| ^ | Nokian Renkaat Oyj | 152,621 | 6,073 |
| ^ | Neste Oil Oyj | 153,241 | 3,152 |
| | Kesko Oyj Class B | 74,328 | 3,042 |
| | Valmet Corp. | 148,897 | 1,740 |
| | | | 135,830 |
| France (7.1%) | | |
| | Total SA | 2,314,739 | 165,608 |
| | Sanofi | 1,304,219 | 140,753 |
| | BNP Paribas SA | 1,112,834 | 83,624 |
| | Schneider Electric SA | 619,647 | 58,168 |
| ^ | AXA SA | 2,157,911 | 56,314 |
| | LVMH Moet Hennessy Louis Vuitton SA | 281,192 | 55,394 |
| | Air Liquide SA | 353,279 | 50,543 |
| | Societe Generale SA | 810,258 | 50,461 |
| ^ | L'Oreal SA | 266,260 | 45,889 |
| | Danone | 614,228 | 45,355 |
| | Airbus Group NV | 628,967 | 43,236 |
| ^ | Vinci SA | 534,080 | 40,327 |
| | Vivendi SA | 1,445,078 | 38,825 |
| ^ | GDF Suez | 1,482,910 | 37,375 |
| | Orange SA | 2,047,402 | 33,171 |
| | Cie de St-Gobain | 450,175 | 27,580 |
| | Pernod Ricard SA | 223,716 | 26,848 |
| | Cie Generale des Etablissements Michelin | 213,295 | 26,157 |
| | Carrefour SA | 656,978 | 25,610 |
| | Essilor International SA | 221,381 | 23,707 |
| | Safran SA | 299,312 | 20,145 |
10
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Legrand SA | 298,362 | 19,279 |
| | Lafarge SA | 208,183 | 19,049 |
| | Kering | 84,331 | 18,652 |
| | Renault SA | 190,428 | 18,618 |
| * | Credit Agricole SA | 1,140,368 | 17,993 |
| | Publicis Groupe SA | 179,388 | 15,347 |
| ^ | Technip SA | 120,973 | 13,617 |
| | SES SA | 340,042 | 12,812 |
| * | Alcatel-Lucent | 3,109,916 | 12,333 |
| | Christian Dior SA | 59,848 | 12,314 |
| | Cap Gemini SA | 166,731 | 11,780 |
| | Valeo SA | 84,643 | 11,624 |
| | Electricite de France | 296,317 | 11,379 |
| | Sodexo | 101,141 | 10,905 |
| | Alstom SA | 247,774 | 10,239 |
| | Accor SA | 199,686 | 9,777 |
| *,^ | Bouygues SA | 204,598 | 9,215 |
| | Veolia Environnement SA | 478,032 | 8,918 |
| | Dassault Systemes | 71,855 | 8,842 |
| * | Casino Guichard Perrachon SA | 65,871 | 8,394 |
| | Bureau Veritas SA | 253,898 | 7,781 |
| | Edenred | 229,712 | 7,764 |
| | Vallourec SA | 130,957 | 7,739 |
| | AtoS | 86,049 | 7,434 |
| | Rexel SA | 294,303 | 7,430 |
| | Natixis | 1,043,301 | 7,406 |
| | Arkema SA | 66,081 | 7,381 |
| | Groupe Eurotunnel SA | 546,497 | 7,337 |
| | Thales SA | 114,756 | 7,307 |
| | Zodiac Aerospace | 219,672 | 7,304 |
| | Iliad SA | 25,873 | 6,975 |
| | STMicroelectronics NV | 704,201 | 6,715 |
| * | SCOR SE | 162,514 | 5,947 |
| | Suez Environnement Co. | 300,039 | 5,896 |
| | Aeroports de Paris | 43,853 | 5,453 |
| | Lagardere SCA | 127,840 | 5,358 |
| | Wendel SA | 34,699 | 5,231 |
| | Eutelsat Communications SA | 148,680 | 5,114 |
| | Klepierre | 109,889 | 5,042 |
| *,^ | Peugeot SA | 277,436 | 4,909 |
| | Bollore SA | 6,894 | 4,394 |
| | Societe BIC SA | 32,619 | 4,328 |
| * | CNP Assurances | 185,300 | 4,275 |
| * | Fonciere Des Regions | 37,951 | 3,855 |
| | Eurazeo SA | 43,223 | 3,644 |
| * | ICADE | 35,664 | 3,639 |
| * | Eiffage SA | 47,530 | 3,593 |
| | Hermes International | 10,119 | 3,553 |
| * | CGG SA | 202,222 | 3,499 |
| | Imerys SA | 35,536 | 3,121 |
| | JCDecaux SA | 73,649 | 3,023 |
| | SEB SA | 30,892 | 2,850 |
| | Gecina SA | 20,353 | 2,740 |
| | Remy Cointreau SA | 30,432 | 2,675 |
| * | Air France-KLM | 174,949 | 2,517 |
| ^ | Societe Television Francaise 1 | 123,219 | 2,098 |
| | BioMerieux | 18,331 | 2,002 |
| | Euler Hermes SA | 14,812 | 1,787 |
| | Ipsen SA | 39,339 | 1,747 |
| *,^ | Peugeot SA Warrants Exp. 04/29/2017 | 217,437 | 416 |
| | | | 1,547,456 |
| Germany (6.6%) | | |
| | Bayer AG | 942,300 | 131,021 |
| * | BASF SE | 1,051,898 | 122,028 |
11
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Siemens AG | 903,293 | 119,164 |
| | Daimler AG | 1,086,373 | 101,142 |
| | Allianz SE | 518,811 | 90,290 |
| | SAP AG | 1,018,479 | 82,322 |
| | Deutsche Telekom AG | 3,493,000 | 58,687 |
| | Deutsche Bank AG | 1,157,253 | 50,972 |
| | Bayerische Motoren Werke AG | 368,998 | 46,385 |
| * | Volkswagen AG Preference Shares | 164,178 | 44,382 |
| | Linde AG | 210,399 | 43,697 |
| *,^ | Muenchener Rueckversicherungs AG | 181,541 | 41,965 |
| | Deutsche Post AG | 1,079,096 | 40,718 |
| | E.ON SE | 2,080,239 | 39,847 |
| | Continental AG | 123,069 | 28,959 |
| | Adidas AG | 238,261 | 25,471 |
| | Fresenius SE & Co. KGaA | 149,593 | 22,761 |
| | Henkel AG & Co. KGaA Preference Shares | 198,677 | 22,163 |
| | RWE AG | 552,453 | 21,083 |
| | Porsche Automobil Holding SE Preference Shares | 175,945 | 19,459 |
| * | Commerzbank AG | 1,080,766 | 19,272 |
| | Fresenius Medical Care AG & Co. KGaA | 245,933 | 16,944 |
| | Deutsche Boerse AG | 211,389 | 15,502 |
| | Infineon Technologies AG | 1,273,976 | 14,813 |
| | HeidelbergCement AG | 161,844 | 14,063 |
| * | ThyssenKrupp AG | 487,043 | 13,901 |
| | Henkel AG & Co. KGaA | 131,198 | 13,490 |
| * | Merck KGaA | 73,639 | 12,448 |
| | Beiersdorf AG | 115,002 | 11,545 |
| | Brenntag AG | 58,952 | 10,679 |
| * | ProSiebenSat.1 Media AG | 242,730 | 10,624 |
| * | Volkswagen AG | 34,108 | 9,146 |
| | GEA Group AG | 202,728 | 9,080 |
| | K&S AG | 221,295 | 7,754 |
| | LANXESS AG | 92,175 | 7,019 |
| | Deutsche Lufthansa AG | 272,601 | 6,846 |
| | Hannover Rueck SE | 70,327 | 6,553 |
| | Symrise AG | 122,778 | 6,202 |
| | Metro AG | 153,157 | 6,136 |
| * | QIAGEN NV | 270,030 | 5,928 |
| | United Internet AG | 125,006 | 5,370 |
| | MAN SE | 41,466 | 5,317 |
| * | Bilfinger SE | 44,194 | 5,269 |
| * | OSRAM Licht AG | 99,043 | 5,200 |
| | Hugo Boss AG | 33,759 | 4,690 |
| * | Sky Deutschland AG | 494,472 | 4,244 |
| | Deutsche Wohnen AG | 186,690 | 4,008 |
| | Fuchs Petrolub SE Preference Shares | 39,379 | 3,961 |
| | MTU Aero Engines AG | 37,758 | 3,560 |
| | TUI AG | 204,213 | 3,400 |
| | Kabel Deutschland Holding AG | 25,054 | 3,394 |
| | Fraport AG Frankfurt Airport Services Worldwide | 44,472 | 3,289 |
| *,^ | Evonik Industries AG | 78,169 | 3,088 |
| ^ | Hochtief AG | 31,653 | 2,951 |
| | Axel Springer SE | 46,108 | 2,816 |
| * | Deutsche Wohnen AG | 129,660 | 2,716 |
| | Software AG | 66,022 | 2,487 |
| * | Telefonica Deutschland Holding AG | 298,560 | 2,484 |
| | Wacker Chemie AG | 18,908 | 2,223 |
| | Fielmann AG | 14,109 | 1,909 |
| ^ | Suedzucker AG | 84,441 | 1,804 |
| | Fuchs Petrolub SE | 19,108 | 1,762 |
| * | Talanx AG | 42,558 | 1,629 |
| | Celesio AG | 46,267 | 1,608 |
| ^ | Puma SE | 2,950 | 872 |
12
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Generali Deutschland Holding AG | 4,026 | 629 |
| | | | 1,451,141 |
| Greece (0.1%) | | |
| * | Piraeus Bank SA | 2,309,781 | 5,451 |
| * | Hellenic Telecommunications Organization SA | 276,472 | 4,417 |
| * | Alpha Bank AE | 4,305,294 | 4,170 |
| | National Bank of Greece SA | 447,654 | 1,750 |
| | Hellenic Petroleum SA | 82,741 | 711 |
| | | | 16,499 |
| Hong Kong (2.5%) | | |
| | AIA Group Ltd. | 13,604,881 | 66,169 |
| | Hutchison Whampoa Ltd. | 2,264,722 | 31,071 |
| | Cheung Kong Holdings Ltd. | 1,484,331 | 25,348 |
| | Hong Kong Exchanges and Clearing Ltd. | 1,313,800 | 23,627 |
| | Sun Hung Kai Properties Ltd. | 1,756,639 | 22,165 |
| | Sands China Ltd. | 2,728,400 | 20,031 |
| * | Galaxy Entertainment Group Ltd. | 2,342,000 | 18,488 |
| | Jardine Matheson Holdings Ltd. | 278,746 | 17,403 |
| | Hong Kong & China Gas Co. Ltd. | 6,456,586 | 14,898 |
| | Hang Seng Bank Ltd. | 877,600 | 14,328 |
| | CLP Holdings Ltd. | 1,788,757 | 14,300 |
| | Power Assets Holdings Ltd. | 1,555,812 | 13,449 |
| | Link REIT | 2,563,343 | 12,762 |
| | Wharf Holdings Ltd. | 1,761,275 | 12,364 |
| | BOC Hong Kong Holdings Ltd. | 4,131,882 | 12,124 |
| | Want Want China Holdings Ltd. | 7,563,805 | 11,890 |
| | Hongkong Land Holdings Ltd. | 1,400,265 | 9,814 |
| | Li & Fung Ltd. | 6,631,555 | 9,653 |
| | Jardine Strategic Holdings Ltd. | 249,000 | 8,908 |
| | China Mengniu Dairy Co. Ltd. | 1,633,000 | 8,404 |
| | Swire Pacific Ltd. Class A | 725,441 | 8,378 |
| | Hang Lung Properties Ltd. | 2,627,000 | 7,835 |
| | Henderson Land Development Co. Ltd. | 1,251,032 | 7,478 |
| | Bank of East Asia Ltd. | 1,538,007 | 6,353 |
| | Tingyi Cayman Islands Holding Corp. | 2,199,667 | 6,124 |
| | New World Development Co. Ltd. | 5,709,309 | 5,907 |
| | MTR Corp. Ltd. | 1,541,000 | 5,823 |
| | SJM Holdings Ltd. | 2,027,000 | 5,639 |
| | Sino Land Co. Ltd. | 3,479,600 | 5,218 |
| | Hang Lung Group Ltd. | 942,741 | 5,120 |
| | Techtronic Industries Co. | 1,568,000 | 5,010 |
| | Wynn Macau Ltd. | 1,238,100 | 4,900 |
| | Samsonite International SA | 1,426,220 | 4,532 |
| | Prada SPA | 563,006 | 4,515 |
| ^ | AAC Technologies Holdings Inc. | 785,000 | 4,395 |
| | Swire Properties Ltd. | 1,298,100 | 3,909 |
| | Wheelock & Co. Ltd. | 905,000 | 3,735 |
| | Esprit Holdings Ltd. | 2,228,344 | 3,710 |
| | Cheung Kong Infrastructure Holdings Ltd. | 555,000 | 3,627 |
| ^ | Sun Art Retail Group Ltd. | 2,692,555 | 3,510 |
| | Wing Hang Bank Ltd. | 211,500 | 3,410 |
| | Shangri-La Asia Ltd. | 1,848,390 | 3,052 |
| | Hysan Development Co. Ltd. | 698,000 | 2,994 |
| | ASM Pacific Technology Ltd. | 267,900 | 2,980 |
| | MGM China Holdings Ltd. | 843,376 | 2,947 |
| | First Pacific Co. Ltd. | 2,622,350 | 2,916 |
| | Yue Yuen Industrial Holdings Ltd. | 926,330 | 2,870 |
| | Melco International Development Ltd. | 883,000 | 2,717 |
| | NWS Holdings Ltd. | 1,512,500 | 2,594 |
| | VTech Holdings Ltd. | 179,100 | 2,471 |
| | New World China Land Ltd. | 2,911,400 | 2,417 |
| | Kerry Properties Ltd. | 718,000 | 2,364 |
| | PCCW Ltd. | 4,374,000 | 2,338 |
| | Cathay Pacific Airways Ltd. | 1,143,015 | 2,160 |
13
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hopewell Holdings Ltd. | 604,500 | 2,085 |
| | Television Broadcasts Ltd. | 324,400 | 2,027 |
| * | Semiconductor Manufacturing International Corp. | 23,738,000 | 1,951 |
| | Chow Tai Fook Jewellery Group Ltd. | 1,222,800 | 1,717 |
| | Xinyi Glass Holdings Ltd. | 2,110,000 | 1,668 |
| * | FIH Mobile Ltd. | 3,021,000 | 1,632 |
| | Johnson Electric Holdings Ltd. | 1,503,500 | 1,438 |
| *,^ | Macau Legend Development Ltd. | 1,778,000 | 1,360 |
| | Champion REIT | 2,711,000 | 1,278 |
| | Shougang Fushan Resources Group Ltd. | 3,994,000 | 1,202 |
| | L'Occitane International SA | 461,500 | 1,135 |
| | Cafe de Coral Holdings Ltd. | 348,000 | 1,094 |
| | Uni-President China Holdings Ltd. | 1,234,752 | 1,023 |
| | Great Eagle Holdings Ltd. | 284,000 | 1,018 |
| | Shui On Land Ltd. | 3,790,700 | 1,004 |
| | Shun Tak Holdings Ltd. | 2,025,625 | 998 |
| | Orient Overseas International Ltd. | 206,500 | 988 |
| | Huabao International Holdings Ltd. | 2,073,000 | 982 |
| * | Brightoil Petroleum Holdings Ltd. | 3,104,000 | 964 |
| | Lifestyle International Holdings Ltd. | 488,000 | 956 |
| ^ | SA SA International Holdings Ltd. | 1,093,844 | 919 |
| * | Kerry Logistics Network Ltd. | 596,000 | 877 |
| | Towngas China Co. Ltd. | 749,921 | 856 |
| * | United Co. RUSAL plc | 1,684,876 | 743 |
| | Dah Sing Financial Holdings Ltd. | 160,121 | 714 |
| | Texwinca Holdings Ltd. | 660,000 | 710 |
| | Dah Sing Banking Group Ltd. | 410,054 | 615 |
| *,^ | China Rongsheng Heavy Industries Group Holdings Ltd. | 3,311,729 | 574 |
| | China Travel International Inv HK | 2,748,000 | 554 |
| * | Xinyi Solar Holdings Ltd. | 1,966,000 | 531 |
| | Hopewell Highway Infrastructure Ltd. | 969,600 | 473 |
| | Parkson Retail Group Ltd. | 1,438,000 | 422 |
| | Hutchison Telecommunications Hong Kong Holdings Ltd. | 1,269,000 | 416 |
| | Kowloon Development Co. Ltd. | 311,000 | 380 |
| | Hutchison Harbour Ring Ltd. | 2,988,000 | 228 |
| * | Sun Hung Kai Properties Ltd. Warrants Exp. 04/08/2016 | 145,219 | 98 |
| | | | 546,774 |
| Hungary (0.0%) | | |
| | OTP Bank plc | 217,983 | 4,162 |
| | MOL Hungarian Oil & Gas plc | 52,979 | 3,048 |
| * | Richter Gedeon Nyrt | 167,805 | 2,874 |
| | Magyar Telekom Telecommunications plc | 440,019 | 628 |
| | | | 10,712 |
| India (1.7%) | | |
| | Infosys Ltd. ADR | 532,405 | 28,595 |
| | Housing Development Finance Corp. | 1,776,179 | 26,482 |
| | Tata Consultancy Services Ltd. | 535,257 | 19,430 |
| 2 | Reliance Industries Ltd. GDR | 613,945 | 19,067 |
| | HDFC Bank Ltd. ADR | 434,814 | 17,414 |
| | ICICI Bank Ltd. ADR | 312,745 | 13,345 |
| | Oil & Natural Gas Corp. Ltd. | 2,335,070 | 12,605 |
| | ITC Ltd. | 2,168,053 | 12,258 |
| | Sun Pharmaceutical Industries Ltd. | 873,228 | 9,173 |
| | Reliance Industries Ltd. | 582,080 | 9,048 |
| | Axis Bank Ltd. | 326,564 | 8,239 |
| | Bharti Airtel Ltd. | 1,438,933 | 7,836 |
| | Hindustan Unilever Ltd. | 801,901 | 7,548 |
| | Tata Motors Ltd. | 1,077,860 | 7,456 |
| ^ | Wipro Ltd. ADR | 592,181 | 7,082 |
| | HCL Technologies Ltd. | 299,799 | 6,976 |
| | State Bank of India GDR | 94,791 | 6,514 |
| | Mahindra & Mahindra Ltd. | 343,467 | 6,134 |
| | Larsen & Toubro Ltd. | 246,543 | 5,302 |
| | Sesa Sterlite Ltd. | 1,512,002 | 4,658 |
14
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dr Reddy's Laboratories Ltd. ADR | 100,206 | 4,516 |
| | United Spirits Ltd. | 96,224 | 4,419 |
| | NTPC Ltd. | 2,240,354 | 4,323 |
| | Kotak Mahindra Bank Ltd. | 302,271 | 4,028 |
| | Tech Mahindra Ltd. | 116,138 | 3,531 |
| | Coal India Ltd. | 713,969 | 3,460 |
| | Hero MotoCorp Ltd. | 89,869 | 3,286 |
| | Cairn India Ltd. | 513,872 | 2,858 |
| | Lupin Ltd. | 163,150 | 2,677 |
| | Asian Paints Ltd. | 318,791 | 2,672 |
| | Maruti Suzuki India Ltd. | 82,514 | 2,636 |
| | Bajaj Auto Ltd. | 79,065 | 2,511 |
| | Power Grid Corp. of India Ltd. | 1,423,977 | 2,499 |
| | Ultratech Cement Ltd. | 73,532 | 2,474 |
| | JSW Steel Ltd. | 134,967 | 2,428 |
| | Cipla Ltd. | 352,225 | 2,324 |
| | Zee Entertainment Enterprises Ltd. | 525,902 | 2,293 |
| | Ambuja Cements Ltd. | 693,144 | 2,277 |
| | IndusInd Bank Ltd. | 282,819 | 2,249 |
| | NMDC Ltd. | 874,924 | 2,182 |
| | GAIL India Ltd. | 344,491 | 2,116 |
| | Adani Enterprises Ltd. | 290,968 | 2,022 |
| | Hindalco Industries Ltd. | 901,413 | 2,011 |
| | Nestle India Ltd. | 25,258 | 1,996 |
| | Idea Cellular Ltd. | 885,092 | 1,979 |
| | Bharat Heavy Electricals Ltd. | 641,185 | 1,923 |
| | Godrej Consumer Products Ltd. | 133,225 | 1,765 |
| | Jindal Steel & Power Ltd. | 407,767 | 1,729 |
| | Shriram Transport Finance Co. Ltd. | 141,547 | 1,727 |
| | Adani Ports and Special Economic Zone Ltd. | 542,280 | 1,696 |
| | Tata Steel Ltd. | 254,424 | 1,694 |
| | IDFC Ltd. | 913,096 | 1,694 |
| | Indian Oil Corp. Ltd. | 342,895 | 1,498 |
| | Rural Electrification Corp. Ltd. | 379,069 | 1,497 |
| | Bharat Petroleum Corp. Ltd. | 188,254 | 1,422 |
| | Dabur India Ltd. | 476,597 | 1,418 |
| | Yes Bank Ltd. | 192,828 | 1,415 |
| | Tata Power Co. Ltd. | 1,062,913 | 1,378 |
| | Reliance Communications Ltd. | 669,521 | 1,362 |
| | Bank of Baroda | 92,880 | 1,261 |
| | Reliance Infrastructure Ltd. | 147,894 | 1,249 |
| | Mahindra & Mahindra Financial Services Ltd. | 301,749 | 1,233 |
| | Grasim Industries Ltd. | 27,587 | 1,198 |
| | Glenmark Pharmaceuticals Ltd. | 118,012 | 1,183 |
| * | Oracle Financial Services Software Ltd. | 23,113 | 1,150 |
| * | Ranbaxy Laboratories Ltd. | 145,069 | 1,141 |
| | DLF Ltd. | 486,907 | 1,136 |
| | Power Finance Corp. Ltd. | 362,960 | 1,108 |
| | ACC Ltd. | 51,267 | 1,100 |
| | Siemens Ltd. | 95,084 | 1,095 |
| | Oil India Ltd. | 135,261 | 1,071 |
| | Punjab National Bank | 81,393 | 1,060 |
| | Divi's Laboratories Ltd. | 44,983 | 1,030 |
| | Steel Authority of India Ltd. | 905,122 | 1,014 |
| | Jaiprakash Associates Ltd. | 1,121,951 | 1,005 |
| | Titan Co. Ltd. | 236,499 | 1,000 |
| | United Breweries Ltd. | 75,704 | 993 |
| | Container Corp. Of India | 61,631 | 982 |
| | Indiabulls Housing Finance Ltd. | 190,150 | 944 |
| | GlaxoSmithKline Pharmaceuticals Ltd. | 22,784 | 932 |
| | Shree Cement Ltd. | 9,652 | 912 |
| | Cadila Healthcare Ltd. | 56,111 | 910 |
| | Colgate-Palmolive India Ltd. | 37,601 | 895 |
| | Piramal Enterprises Ltd. | 97,223 | 872 |
15
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bharti Infratel Ltd. | 233,511 | 836 |
| | ICICI Bank Ltd. | 40,295 | 831 |
| | Reliance Capital Ltd. | 139,880 | 825 |
| | ABB India Ltd. | 58,607 | 822 |
| * | Reliance Power Ltd. | 653,447 | 743 |
| * | GlaxoSmithKline Consumer Healthcare Ltd. | 10,585 | 733 |
| | Infosys Ltd. | 13,464 | 716 |
| | Hindustan Petroleum Corp. Ltd. | 133,397 | 712 |
| | HDFC Bank Ltd. | 57,827 | 692 |
| | Bharat Forge Ltd. | 100,344 | 680 |
| | Mphasis Ltd. | 96,829 | 663 |
| | Wipro Ltd. | 75,365 | 653 |
| | Dr Reddy's Laboratories Ltd. | 14,261 | 640 |
| | Cummins India Ltd. | 69,284 | 630 |
| | Castrol India Ltd. | 120,359 | 592 |
| | Hindustan Zinc Ltd. | 259,833 | 556 |
| | Aditya Birla Nuvo Ltd. | 29,284 | 538 |
| | NHPC Ltd. | 1,633,715 | 515 |
| | GMR Infrastructure Ltd. | 1,224,671 | 505 |
| | Sun TV Network Ltd. | 80,010 | 499 |
| | Bank of India | 124,992 | 487 |
| | Crompton Greaves Ltd. | 175,398 | 479 |
| | Union Bank of India | 188,519 | 474 |
| | Bajaj Holdings and Investment Ltd. | 26,935 | 468 |
| * | Adani Power Ltd. | 582,769 | 466 |
| | Canara Bank | 89,942 | 427 |
| | Exide Industries Ltd. | 212,450 | 423 |
| | Wockhardt Ltd. | 32,119 | 408 |
| | IDBI Bank Ltd. | 356,488 | 404 |
| * | Unitech Ltd. | 1,523,516 | 402 |
| | Bharat Electronics Ltd. | 19,420 | 390 |
| | Godrej Industries Ltd. | 73,817 | 370 |
| | JSW Energy Ltd. | 404,030 | 359 |
| | Tata Communications Ltd. | 72,669 | 342 |
| | Oriental Bank of Commerce | 72,758 | 299 |
| | Ashok Leyland Ltd. | 808,985 | 299 |
| | Tata Chemicals Ltd. | 61,655 | 291 |
| * | Mangalore Refinery & Petrochemicals Ltd. | 276,782 | 274 |
| | Great Eastern Shipping Co. Ltd. | 38,057 | 211 |
| | Torrent Power Ltd. | 100,414 | 174 |
| * | Essar Oil Ltd. | 117,332 | 114 |
| | Corp Bank | 22,522 | 110 |
| | | | 374,673 |
| Indonesia (0.5%) | | |
| | Astra International Tbk PT | 23,062,458 | 14,859 |
| | Bank Central Asia Tbk PT | 14,060,800 | 13,391 |
| | Telekomunikasi Indonesia Persero Tbk PT | 57,692,400 | 11,340 |
| | Bank Rakyat Indonesia Persero Tbk PT | 12,269,900 | 10,537 |
| | Bank Mandiri Persero Tbk PT | 10,661,478 | 9,109 |
| | Perusahaan Gas Negara Persero Tbk PT | 12,110,400 | 5,593 |
| | Semen Indonesia Persero Tbk PT | 3,562,700 | 4,593 |
| | United Tractors Tbk PT | 1,899,558 | 3,571 |
| | Unilever Indonesia Tbk PT | 1,401,200 | 3,560 |
| | Bank Negara Indonesia Persero Tbk PT | 8,495,644 | 3,551 |
| | Indofood Sukses Makmur Tbk PT | 5,131,000 | 3,139 |
| | Kalbe Farma Tbk PT | 22,970,981 | 3,077 |
| | Indocement Tunggal Prakarsa Tbk PT | 1,521,700 | 2,888 |
| | Charoen Pokphand Indonesia Tbk PT | 8,548,500 | 2,795 |
| | Gudang Garam Tbk PT | 510,400 | 2,501 |
| | Adaro Energy Tbk PT | 16,720,458 | 1,720 |
| | Indofood CBP Sukses Makmur Tbk PT | 1,600,300 | 1,386 |
| | XL Axiata Tbk PT | 3,019,000 | 1,354 |
| | Bank Danamon Indonesia Tbk PT | 3,401,894 | 1,206 |
| | Media Nusantara Citra Tbk PT | 5,084,000 | 1,199 |
16
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Surya Citra Media Tbk PT | 4,201,900 | 1,146 |
| | Jasa Marga Persero Tbk PT | 2,131,500 | 1,089 |
| | Astra Agro Lestari Tbk PT | 400,000 | 1,018 |
| | Indo Tambangraya Megah Tbk PT | 444,600 | 983 |
| | Global Mediacom Tbk PT | 4,668,800 | 886 |
| | Tambang Batubara Bukit Asam Persero Tbk PT | 805,000 | 689 |
| | Vale Indonesia Tbk PT | 2,111,500 | 650 |
| | Indosat Tbk PT | 1,188,500 | 403 |
| | Aneka Tambang Persero Tbk PT | 3,116,500 | 318 |
| | | | 108,551 |
| Ireland (0.2%) | | |
| | Kerry Group plc Class A | 167,819 | 13,245 |
| * | Bank of Ireland | 31,386,390 | 12,255 |
| * | Ryanair Holdings plc ADR | 149,346 | 7,987 |
| | Smurfit Kappa Group plc | 172,469 | 3,842 |
| * | Ryanair Holdings plc | 20,481 | 194 |
| * | Irish Bank Resolution Corp. Ltd. | 236,607 | — |
| | | | 37,523 |
| Israel (0.4%) | | |
| | Teva Pharmaceutical Industries Ltd. | 1,075,639 | 52,728 |
| | Bank Hapoalim BM | 1,119,483 | 6,324 |
| * | Bank Leumi Le-Israel BM | 1,467,599 | 5,742 |
| | Israel Chemicals Ltd. | 521,664 | 4,630 |
| | Bezeq The Israeli Telecommunication Corp. Ltd. | 2,191,666 | 3,972 |
| | NICE Systems Ltd. | 68,235 | 2,953 |
| | Delek Group Ltd. | 5,226 | 2,118 |
| | Elbit Systems Ltd. | 32,841 | 1,939 |
| | Mizrahi Tefahot Bank Ltd. | 123,311 | 1,648 |
| * | Israel Discount Bank Ltd. Class A | 845,371 | 1,511 |
| * | Israel Corp. Ltd. | 2,583 | 1,459 |
| | Azrieli Group | 41,809 | 1,415 |
| | Gazit-Globe Ltd. | 96,243 | 1,237 |
| | Shikun & Binui Ltd. | 376,206 | 980 |
| | Osem Investments Ltd. | 40,567 | 964 |
| | Frutarom Industries Ltd. | 39,524 | 949 |
| * | Partner Communications Co. Ltd. | 91,767 | 822 |
| | Paz Oil Co. Ltd. | 4,811 | 752 |
| * | EZchip Semiconductor Ltd. | 29,223 | 700 |
| | Strauss Group Ltd. | 35,763 | 647 |
| | Cellcom Israel Ltd. (Registered) | 50,556 | 641 |
| | Harel Insurance Investments & Financial Services Ltd. | 111,920 | 639 |
| * | Delek Energy Systems Ltd. | 709 | 500 |
| * | Clal Insurance Enterprises Holdings Ltd. | 22,729 | 444 |
| | Ormat Industries | 53,230 | 397 |
| | Melisron Ltd. | 14,451 | 385 |
| | First International Bank Of Israel Ltd. | 22,480 | 363 |
| * | Oil Refineries Ltd. | 1,179,965 | 329 |
| | Delek Automotive Systems Ltd. | 29,330 | 296 |
| | Migdal Insurance & Financial Holding Ltd. | 171,429 | 281 |
| | Shufersal Ltd. | 56,514 | 211 |
| | | | 97,976 |
| Italy (1.9%) | | |
| | Eni SPA | 2,801,386 | 72,555 |
| | Intesa Sanpaolo SPA (Registered) | 13,388,869 | 45,818 |
| | UniCredit SPA | 5,046,748 | 45,218 |
| | Enel SPA | 7,393,385 | 41,876 |
| | Assicurazioni Generali SPA | 1,418,407 | 33,165 |
| * | Telecom Italia SPA (Registered) | 11,862,192 | 15,243 |
| | Snam SPA | 2,342,579 | 14,091 |
| | CNH Industrial NV | 1,057,733 | 12,356 |
| | Atlantia SPA | 453,897 | 11,824 |
| * | Fiat SPA | 978,632 | 11,815 |
| | Luxottica Group SPA | 198,987 | 11,413 |
17
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Unione di Banche Italiane SCPA | 981,394 | 9,368 |
| | Terna Rete Elettrica Nazionale SPA | 1,614,935 | 8,749 |
| | Banco Popolare SC | 385,416 | 7,965 |
| | Saipem SPA | 282,931 | 7,589 |
| | Telecom Italia SPA (Bearer) | 6,758,394 | 6,718 |
| | Pirelli & C. SPA | 382,730 | 6,444 |
| | Prysmian SPA | 246,327 | 6,416 |
| * | Mediobanca SPA | 556,888 | 6,181 |
| | Tenaris SA ADR | 137,850 | 6,072 |
| | Tenaris SA | 263,795 | 5,831 |
| | Enel Green Power SPA | 1,764,108 | 5,049 |
| | Exor SPA | 107,810 | 4,928 |
| * | Finmeccanica SPA | 472,922 | 4,377 |
| * | Mediaset SPA | 779,345 | 4,313 |
| | Davide Campari-Milano SPA | 358,248 | 3,114 |
| | Mediolanum SPA | 278,877 | 2,510 |
| | Gtech SPA | 81,948 | 2,405 |
| | Salvatore Ferragamo SPA | 52,119 | 1,652 |
| | Parmalat SPA | 439,213 | 1,526 |
| | Buzzi Unicem SPA | 80,635 | 1,430 |
| | | | 418,011 |
| Japan (14.6%) | | |
| | Toyota Motor Corp. | 3,018,449 | 163,081 |
| | Mitsubishi UFJ Financial Group Inc. | 16,122,007 | 85,761 |
| | SoftBank Corp. | 1,072,554 | 79,882 |
| | Honda Motor Co. Ltd. | 2,036,646 | 67,585 |
| | Sumitomo Mitsui Financial Group Inc. | 1,526,714 | 60,351 |
| | Mizuho Financial Group Inc. | 27,162,091 | 53,200 |
| | FANUC Corp. | 223,883 | 40,397 |
| | Canon Inc. | 1,288,177 | 40,365 |
| | Takeda Pharmaceutical Co. Ltd. | 879,931 | 39,579 |
| | Japan Tobacco Inc. | 1,199,600 | 39,429 |
| | Hitachi Ltd. | 5,278,350 | 37,629 |
| | Seven & I Holdings Co. Ltd. | 886,929 | 34,995 |
| | KDDI Corp. | 623,022 | 33,227 |
| | Mitsubishi Estate Co. Ltd. | 1,439,247 | 32,657 |
| | East Japan Railway Co. | 431,726 | 31,501 |
| | Astellas Pharma Inc. | 2,639,580 | 29,430 |
| | Mitsubishi Corp. | 1,636,694 | 29,309 |
| | Mitsui Fudosan Co. Ltd. | 960,500 | 28,432 |
| | Mitsui & Co. Ltd. | 1,971,918 | 27,967 |
| | Shin-Etsu Chemical Co. Ltd. | 468,366 | 27,475 |
| | Bridgestone Corp. | 759,797 | 27,205 |
| | Panasonic Corp. | 2,423,984 | 26,422 |
| | Central Japan Railway Co. | 214,512 | 26,348 |
| | Mitsubishi Electric Corp. | 2,233,148 | 25,428 |
| | NTT DOCOMO Inc. | 1,589,500 | 25,353 |
| | Nippon Steel & Sumitomo Metal Corp. | 9,638,069 | 25,287 |
| | Nippon Telegraph & Telephone Corp. | 451,057 | 25,030 |
| | Nissan Motor Co. Ltd. | 2,865,925 | 24,729 |
| | Denso Corp. | 540,145 | 24,605 |
| | Tokio Marine Holdings Inc. | 812,827 | 23,951 |
| | Komatsu Ltd. | 1,075,400 | 23,676 |
| | Nomura Holdings Inc. | 3,963,000 | 22,949 |
| | Kao Corp. | 602,500 | 22,683 |
| | ORIX Corp. | 1,462,700 | 21,194 |
| | Keyence Corp. | 51,921 | 20,029 |
| | Sony Corp. | 1,140,400 | 20,020 |
| | ITOCHU Corp. | 1,750,258 | 19,620 |
| | Sumitomo Realty & Development Co. Ltd. | 503,762 | 19,546 |
| | Murata Manufacturing Co. Ltd. | 230,500 | 19,215 |
| | Mitsubishi Heavy Industries Ltd. | 3,617,890 | 19,048 |
| | Fuji Heavy Industries Ltd. | 720,000 | 18,932 |
| | Fast Retailing Co. Ltd. | 60,400 | 18,769 |
18
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kubota Corp. | 1,437,266 | 18,524 |
| | Toshiba Corp. | 4,680,452 | 18,333 |
| | Sumitomo Mitsui Trust Holdings Inc. | 4,388,168 | 18,082 |
| | Daikin Industries Ltd. | 307,714 | 17,799 |
| | Kyocera Corp. | 373,724 | 17,576 |
| | SMC Corp. | 70,653 | 16,819 |
| | Sumitomo Corp. | 1,286,738 | 16,702 |
| | Dai-ichi Life Insurance Co. Ltd. | 1,105,100 | 15,313 |
| | Inpex Corp. | 1,049,800 | 15,310 |
| | Daiwa Securities Group Inc. | 2,018,500 | 15,136 |
| | Tokyo Gas Co. Ltd. | 2,859,242 | 14,981 |
| | Hoya Corp. | 501,800 | 14,842 |
| | JX Holdings Inc. | 2,784,230 | 14,466 |
| | Nidec Corp. | 254,392 | 14,382 |
| | Kirin Holdings Co. Ltd. | 1,021,756 | 14,151 |
| | MS&AD Insurance Group Holdings | 626,675 | 14,058 |
| | Secom Co. Ltd. | 238,444 | 13,690 |
| | Asahi Group Holdings Ltd. | 494,083 | 13,653 |
| | Mazda Motor Corp. | 3,040,000 | 13,593 |
| | FUJIFILM Holdings Corp. | 523,372 | 13,520 |
| | Daiichi Sankyo Co. Ltd. | 796,440 | 13,360 |
| | Nintendo Co. Ltd. | 121,700 | 12,774 |
| | Otsuka Holdings Co. Ltd. | 441,600 | 12,722 |
| | Marubeni Corp. | 1,886,174 | 12,604 |
| | Daiwa House Industry Co. Ltd. | 739,006 | 12,486 |
| | Suzuki Motor Corp. | 477,400 | 12,317 |
| | Eisai Co. Ltd. | 317,111 | 12,247 |
| | Sumitomo Electric Industries Ltd. | 878,894 | 12,165 |
| | Fujitsu Ltd. | 2,055,055 | 12,084 |
| | Toray Industries Inc. | 1,761,390 | 11,496 |
| | Tokyo Electron Ltd. | 198,266 | 11,277 |
| | Resona Holdings Inc. | 2,127,173 | 10,876 |
| | NKSJ Holdings Inc. | 432,000 | 10,778 |
| | JFE Holdings Inc. | 580,700 | 10,732 |
| | Dentsu Inc. | 258,418 | 10,598 |
| | Ajinomoto Co. Inc. | 718,697 | 10,578 |
| * | Olympus Corp. | 339,637 | 10,374 |
| | Asahi Kasei Corp. | 1,518,407 | 10,323 |
| | Ricoh Co. Ltd. | 822,241 | 9,475 |
| | Yamato Holdings Co. Ltd. | 451,658 | 9,294 |
| * | Chubu Electric Power Co. Inc. | 813,865 | 9,270 |
| | Shimano Inc. | 91,500 | 9,147 |
| | Tokyu Corp. | 1,446,537 | 9,111 |
| | T&D Holdings Inc. | 761,279 | 9,087 |
| | Sumitomo Metal Mining Co. Ltd. | 597,700 | 9,028 |
| | Daito Trust Construction Co. Ltd. | 88,700 | 9,026 |
| | Toyota Industries Corp. | 193,957 | 8,941 |
| | West Japan Railway Co. | 218,994 | 8,881 |
| | Oriental Land Co. Ltd. | 59,101 | 8,854 |
| | Isuzu Motors Ltd. | 1,503,200 | 8,730 |
| | Omron Corp. | 245,800 | 8,705 |
| | LIXIL Group Corp. | 325,373 | 8,622 |
| | Aeon Co. Ltd. | 746,100 | 8,617 |
| | Osaka Gas Co. Ltd. | 2,268,921 | 8,552 |
| | Ono Pharmaceutical Co. Ltd. | 106,900 | 8,479 |
| | Nitto Denko Corp. | 191,359 | 8,285 |
| | Terumo Corp. | 417,002 | 8,276 |
| | NEC Corp. | 2,923,000 | 8,222 |
| | Hankyu Hanshin Holdings Inc. | 1,493,700 | 8,186 |
| | JGC Corp. | 248,604 | 8,050 |
| | Makita Corp. | 151,200 | 8,042 |
| | Aisin Seiki Co. Ltd. | 227,109 | 8,026 |
| | Shiseido Co. Ltd. | 446,699 | 7,981 |
| | Sekisui House Ltd. | 637,989 | 7,658 |
19
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Mitsubishi Motors Corp. | 698,520 | 7,571 |
| * | Kansai Electric Power Co. Inc. | 885,100 | 7,422 |
| | Kintetsu Corp. | 2,057,500 | 7,231 |
| | Unicharm Corp. | 132,493 | 7,185 |
| | Bank of Yokohama Ltd. | 1,420,869 | 7,141 |
| | Yakult Honsha Co. Ltd. | 131,340 | 7,099 |
| | Shizuoka Bank Ltd. | 709,877 | 6,783 |
| | Toyota Tsusho Corp. | 257,202 | 6,775 |
| | Yahoo Japan Corp. | 1,546,200 | 6,755 |
| | Sumitomo Chemical Co. Ltd. | 1,793,500 | 6,729 |
| | IHI Corp. | 1,678,000 | 6,691 |
| | Chugai Pharmaceutical Co. Ltd. | 262,700 | 6,630 |
| | Asahi Glass Co. Ltd. | 1,162,300 | 6,590 |
| | Kawasaki Heavy Industries Ltd. | 1,761,037 | 6,536 |
| | Shionogi & Co. Ltd. | 370,300 | 6,491 |
| | Nikon Corp. | 403,820 | 6,331 |
| * | Tokyo Electric Power Co. Inc. | 1,669,563 | 6,315 |
| | Dai Nippon Printing Co. Ltd. | 692,566 | 6,238 |
| | Mitsubishi Chemical Holdings Corp. | 1,558,515 | 6,237 |
| | Odakyu Electric Railway Co. Ltd. | 695,210 | 6,103 |
| | Tobu Railway Co. Ltd. | 1,228,690 | 6,010 |
| | Japan Exchange Group Inc. | 303,400 | 6,003 |
| | TDK Corp. | 140,100 | 5,974 |
| | NGK Insulators Ltd. | 315,000 | 5,957 |
| | Taisei Corp. | 1,282,700 | 5,947 |
| | NTT Data Corp. | 152,100 | 5,876 |
| | Chiba Bank Ltd. | 900,500 | 5,724 |
| | Konica Minolta Inc. | 602,889 | 5,618 |
| | NGK Spark Plug Co. Ltd. | 244,608 | 5,600 |
| | NSK Ltd. | 528,000 | 5,551 |
| | Sysmex Corp. | 172,620 | 5,472 |
| * | Kyushu Electric Power Co. Inc. | 527,948 | 5,327 |
| | Nippon Express Co. Ltd. | 1,118,500 | 5,288 |
| | Yamaha Motor Co. Ltd. | 335,900 | 5,185 |
| | Tohoku Electric Power Co. Inc. | 544,500 | 5,182 |
| | Rohm Co. Ltd. | 108,100 | 5,170 |
| | Isetan Mitsukoshi Holdings Ltd. | 413,240 | 5,142 |
| | Taiheiyo Cement Corp. | 1,459,000 | 5,118 |
| | Nippon Yusen KK | 1,868,700 | 5,065 |
| | Lawson Inc. | 72,800 | 5,056 |
| | Namco Bandai Holdings Inc. | 233,700 | 5,049 |
| | TOTO Ltd. | 349,000 | 4,937 |
| | Hirose Electric Co. Ltd. | 34,800 | 4,912 |
| | Suntory Beverage & Food Ltd. | 140,000 | 4,889 |
| | Obayashi Corp. | 752,700 | 4,860 |
| | MEIJI Holdings Co. Ltd. | 78,645 | 4,826 |
| | Keikyu Corp. | 580,657 | 4,820 |
| | Sekisui Chemical Co. Ltd. | 474,000 | 4,804 |
| | Chugoku Electric Power Co. Inc. | 363,500 | 4,763 |
| | Keio Corp. | 672,031 | 4,756 |
| | Sega Sammy Holdings Inc. | 234,600 | 4,729 |
| | Toppan Printing Co. Ltd. | 674,000 | 4,629 |
| | Kuraray Co. Ltd. | 411,300 | 4,625 |
| | Oji Holdings Corp. | 1,093,200 | 4,593 |
| | Nissin Foods Holdings Co. Ltd. | 95,300 | 4,562 |
| | Electric Power Development Co. Ltd. | 171,800 | 4,556 |
| | Kobe Steel Ltd. | 3,423,000 | 4,493 |
| | Seiko Epson Corp. | 162,100 | 4,424 |
| | Brother Industries Ltd. | 314,700 | 4,402 |
| | Kikkoman Corp. | 216,000 | 4,389 |
| | Hulic Co. Ltd. | 361,043 | 4,355 |
| | Mitsubishi Materials Corp. | 1,501,000 | 4,354 |
| | Mitsui OSK Lines Ltd. | 1,285,500 | 4,289 |
| | Yokogawa Electric Corp. | 312,600 | 4,274 |
20
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| *,^ | Sharp Corp. | 1,686,657 | 4,228 |
| | Shimizu Corp. | 728,000 | 4,127 |
| | Santen Pharmaceutical Co. Ltd. | 92,500 | 4,123 |
| | Joyo Bank Ltd. | 833,072 | 4,055 |
| | Shinsei Bank Ltd. | 2,052,000 | 4,001 |
| | Kansai Paint Co. Ltd. | 285,000 | 3,985 |
| | Aozora Bank Ltd. | 1,337,488 | 3,979 |
| | Stanley Electric Co. Ltd. | 179,200 | 3,972 |
| | Yamada Denki Co. Ltd. | 1,067,800 | 3,945 |
| | Hino Motors Ltd. | 299,200 | 3,942 |
| | JTEKT Corp. | 269,800 | 3,937 |
| | Credit Saison Co. Ltd. | 184,784 | 3,937 |
| | JSR Corp. | 239,900 | 3,931 |
| | Nippon Meat Packers Inc. | 226,000 | 3,917 |
| | Nippon Paint Co. Ltd. | 253,000 | 3,914 |
| | Fukuoka Financial Group Inc. | 953,700 | 3,895 |
| | Suruga Bank Ltd. | 227,000 | 3,894 |
| | Nitori Holdings Co. Ltd. | 84,882 | 3,893 |
| | Asics Corp. | 199,100 | 3,875 |
| | Daihatsu Motor Co. Ltd. | 232,200 | 3,846 |
| | Kajima Corp. | 1,009,200 | 3,843 |
| | Taisho Pharmaceutical Holdings Co. Ltd. | 52,100 | 3,840 |
| | Trend Micro Inc. | 118,200 | 3,823 |
| | Tokyu Fudosan Holdings Corp. | 521,023 | 3,788 |
| | Hisamitsu Pharmaceutical Co. Inc. | 90,401 | 3,783 |
| | Tokyo Tatemono Co. Ltd. | 461,000 | 3,676 |
| | Rinnai Corp. | 43,500 | 3,625 |
| | USS Co. Ltd. | 248,000 | 3,615 |
| | J Front Retailing Co. Ltd. | 561,400 | 3,569 |
| | Toyo Suisan Kaisha Ltd. | 110,000 | 3,523 |
| | Japan Airlines Co. Ltd. | 67,294 | 3,484 |
| | Hamamatsu Photonics KK | 77,200 | 3,478 |
| | Kyowa Hakko Kirin Co. Ltd. | 300,000 | 3,416 |
| | Mitsubishi Tanabe Pharma Corp. | 248,800 | 3,412 |
| | Benesse Holdings Inc. | 89,500 | 3,405 |
| | Don Quijote Holdings Co. Ltd. | 64,100 | 3,381 |
| | Alfresa Holdings Corp. | 53,800 | 3,349 |
| | Casio Computer Co. Ltd. | 291,426 | 3,326 |
| | Bank of Kyoto Ltd. | 403,000 | 3,284 |
| | Nomura Research Institute Ltd. | 111,800 | 3,242 |
| | Sony Financial Holdings Inc. | 199,800 | 3,204 |
| | Yaskawa Electric Corp. | 282,000 | 3,180 |
| | AEON Financial Service Co. Ltd. | 125,800 | 3,168 |
| | Minebea Co. Ltd. | 388,000 | 3,144 |
| | Nisshin Seifun Group Inc. | 268,150 | 3,120 |
| | Mitsubishi UFJ Lease & Finance Co. Ltd. | 632,200 | 3,119 |
| | Koito Manufacturing Co. Ltd. | 142,900 | 3,108 |
| | Iyo Bank Ltd. | 344,300 | 3,096 |
| | Hokuhoku Financial Group Inc. | 1,604,000 | 3,095 |
| | Toyo Seikan Group Holdings Ltd. | 206,800 | 3,076 |
| | Nagoya Railroad Co. Ltd. | 967,000 | 3,068 |
| | Suzuken Co. Ltd. | 83,925 | 3,025 |
| | THK Co. Ltd. | 142,300 | 3,008 |
| | Fuji Electric Co. Ltd. | 662,000 | 3,004 |
| | TonenGeneral Sekiyu KK | 317,000 | 2,994 |
| | Hachijuni Bank Ltd. | 543,000 | 2,969 |
| | Ebara Corp. | 499,000 | 2,968 |
| | Ryohin Keikaku Co. Ltd. | 26,400 | 2,967 |
| | Amada Co. Ltd. | 409,000 | 2,958 |
| | Takashimaya Co. Ltd. | 312,000 | 2,956 |
| | Yokohama Rubber Co. Ltd. | 330,000 | 2,948 |
| ^ | ANA Holdings Inc. | 1,349,258 | 2,946 |
| | Seven Bank Ltd. | 775,860 | 2,941 |
| | Aeon Mall Co. Ltd. | 122,880 | 2,930 |
21
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Yamaha Corp. | 218,400 | 2,926 |
| | Marui Group Co. Ltd. | 328,800 | 2,921 |
| | FamilyMart Co. Ltd. | 69,600 | 2,890 |
| | Hitachi Metals Ltd. | 211,000 | 2,865 |
| | Citizen Holdings Co. Ltd. | 389,900 | 2,863 |
| | MediPal Holdings Corp. | 203,500 | 2,862 |
| | Hiroshima Bank Ltd. | 690,200 | 2,840 |
| | Nissan Chemical Industries Ltd. | 190,000 | 2,832 |
| | Shimamura Co. Ltd. | 30,332 | 2,826 |
| | Kurita Water Industries Ltd. | 133,500 | 2,812 |
| | Shimadzu Corp. | 329,000 | 2,810 |
| | Hokuriku Electric Power Co. | 226,200 | 2,809 |
| | Dainippon Sumitomo Pharma Co. Ltd. | 185,100 | 2,807 |
| | SBI Holdings Inc. | 245,290 | 2,805 |
| | Miraca Holdings Inc. | 64,700 | 2,805 |
| | Daicel Corp. | 334,000 | 2,797 |
| | Toho Gas Co. Ltd. | 569,000 | 2,792 |
| | M3 Inc. | 203,000 | 2,785 |
| | Keisei Electric Railway Co. Ltd. | 317,000 | 2,759 |
| | Kamigumi Co. Ltd. | 289,000 | 2,755 |
| | Sumitomo Rubber Industries Ltd. | 198,200 | 2,755 |
| | Nabtesco Corp. | 126,800 | 2,737 |
| | Mitsubishi Gas Chemical Co. Inc. | 472,000 | 2,725 |
| | Iida Group Holdings Co. Ltd. | 182,400 | 2,722 |
| | Konami Corp. | 118,900 | 2,711 |
| | Air Water Inc. | 193,000 | 2,708 |
| | Sumitomo Heavy Industries Ltd. | 626,200 | 2,664 |
| | Taiyo Nippon Sanso Corp. | 333,000 | 2,654 |
| | Gunma Bank Ltd. | 498,000 | 2,647 |
| | Toho Co. Ltd. | 136,600 | 2,630 |
| | Teijin Ltd. | 1,069,000 | 2,628 |
| | Sankyo Co. Ltd. | 65,500 | 2,619 |
| | Chugoku Bank Ltd. | 197,300 | 2,615 |
| | Chiyoda Corp. | 194,000 | 2,602 |
| | Keihan Electric Railway Co. Ltd. | 628,000 | 2,589 |
| | Ibiden Co. Ltd. | 142,700 | 2,576 |
| | Yamaguchi Financial Group Inc. | 277,000 | 2,554 |
| | Tosoh Corp. | 666,000 | 2,541 |
| | Mitsui Chemicals Inc. | 1,030,000 | 2,510 |
| * | Seibu Holdings Inc. | 136,305 | 2,493 |
| | Sojitz Corp. | 1,579,800 | 2,491 |
| | Showa Shell Sekiyu KK | 244,700 | 2,482 |
| | Nomura Real Estate Holdings Inc. | 132,800 | 2,481 |
| | Idemitsu Kosan Co. Ltd. | 111,700 | 2,470 |
| | Sawai Pharmaceutical Co. Ltd. | 39,900 | 2,469 |
| | GS Yuasa Corp. | 431,000 | 2,439 |
| | Alps Electric Co. Ltd. | 213,000 | 2,409 |
| ^ | Dena Co. Ltd. | 140,600 | 2,376 |
| | MISUMI Group Inc. | 97,084 | 2,362 |
| | Nippon Kayaku Co. Ltd. | 198,000 | 2,356 |
| | Mitsubishi Logistics Corp. | 164,000 | 2,353 |
| | Showa Denko KK | 1,750,200 | 2,332 |
| | DIC Corp. | 875,700 | 2,324 |
| | COMSYS Holdings Corp. | 139,600 | 2,289 |
| | Haseko Corp. | 359,300 | 2,275 |
| | Kobayashi Pharmaceutical Co. Ltd. | 37,400 | 2,271 |
| | Hoshizaki Electric Co. Ltd. | 55,793 | 2,258 |
| | Obic Co. Ltd. | 75,100 | 2,254 |
| | Otsuka Corp. | 19,000 | 2,249 |
| ^ | Nippon Paper Industries Co. Ltd. | 122,800 | 2,244 |
| | Nippon Electric Glass Co. Ltd. | 457,500 | 2,238 |
| ^ | Sanrio Co. Ltd. | 70,288 | 2,228 |
| | Dowa Holdings Co. Ltd. | 264,000 | 2,213 |
| | Hitachi Construction Machinery Co. Ltd. | 117,600 | 2,182 |
22
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Kaneka Corp. | 368,000 | 2,158 |
| | Advantest Corp. | 195,100 | 2,151 |
| | Hakuhodo DY Holdings Inc. | 275,900 | 2,140 |
| | Kakaku.com Inc. | 147,988 | 2,111 |
| * | Shikoku Electric Power Co. Inc. | 180,372 | 2,111 |
| | Zeon Corp. | 226,000 | 2,101 |
| | Sugi Holdings Co. Ltd. | 46,565 | 2,094 |
| | Nippon Shokubai Co. Ltd. | 181,000 | 2,088 |
| | NOK Corp. | 126,400 | 2,066 |
| | Mabuchi Motor Co. Ltd. | 30,100 | 2,061 |
| | Park24 Co. Ltd. | 111,500 | 2,038 |
| | NHK Spring Co. Ltd. | 224,200 | 2,029 |
| | Kawasaki Kisen Kaisha Ltd. | 1,007,000 | 2,022 |
| | Calbee Inc. | 81,504 | 1,999 |
| | Ube Industries Ltd. | 1,172,000 | 1,986 |
| | Yamazaki Baking Co. Ltd. | 162,000 | 1,979 |
| * | NTN Corp. | 578,000 | 1,978 |
| | Tsuruha Holdings Inc. | 19,604 | 1,973 |
| | Rohto Pharmaceutical Co. Ltd. | 111,600 | 1,969 |
| | Nishi-Nippon City Bank Ltd. | 854,700 | 1,944 |
| | Coca-Cola East Japan Co. Ltd. | 85,600 | 1,929 |
| *,^ | Acom Co. Ltd. | 553,200 | 1,885 |
| | Maruichi Steel Tube Ltd. | 74,200 | 1,882 |
| | Ushio Inc. | 143,100 | 1,869 |
| | 77 Bank Ltd. | 409,000 | 1,846 |
| | Azbil Corp. | 81,000 | 1,838 |
| | Tokai Tokyo Financial Holdings Inc. | 269,800 | 1,813 |
| | Pigeon Corp. | 40,300 | 1,804 |
| | Kewpie Corp. | 125,000 | 1,798 |
| | Sapporo Holdings Ltd. | 423,200 | 1,794 |
| | Tsumura & Co. | 75,400 | 1,792 |
| | Anritsu Corp. | 158,379 | 1,774 |
| | Daido Steel Co. Ltd. | 362,700 | 1,773 |
| | Sotetsu Holdings Inc. | 492,000 | 1,758 |
| | Sumitomo Osaka Cement Co. Ltd. | 439,000 | 1,746 |
| | Oracle Corp. Japan | 37,400 | 1,724 |
| | Seino Holdings Co. Ltd. | 174,000 | 1,720 |
| | Furukawa Electric Co. Ltd. | 761,000 | 1,713 |
| | Hitachi Chemical Co. Ltd. | 115,900 | 1,705 |
| | Glory Ltd. | 65,900 | 1,705 |
| | Denki Kagaku Kogyo KK | 512,000 | 1,698 |
| | Japan Steel Works Ltd. | 399,500 | 1,688 |
| | Nagase & Co. Ltd. | 136,200 | 1,669 |
| | Taiyo Yuden Co. Ltd. | 134,500 | 1,663 |
| | Hitachi High-Technologies Corp. | 72,300 | 1,654 |
| | Mitsui Engineering & Shipbuilding Co. Ltd. | 844,700 | 1,639 |
| | Takara Holdings Inc. | 214,000 | 1,638 |
| | Nishi-Nippon Railroad Co. Ltd. | 426,000 | 1,638 |
| | Disco Corp. | 26,800 | 1,629 |
| | Sohgo Security Services Co. Ltd. | 76,400 | 1,620 |
| | Nichirei Corp. | 333,000 | 1,617 |
| | Toyobo Co. Ltd. | 992,000 | 1,602 |
| ^ | Lion Corp. | 292,000 | 1,600 |
| | Shiga Bank Ltd. | 289,000 | 1,580 |
| | UNY Group Holdings Co. Ltd. | 244,400 | 1,577 |
| | Fujikura Ltd. | 366,000 | 1,576 |
| | Sundrug Co. Ltd. | 38,400 | 1,571 |
| | Mitsui Mining & Smelting Co. Ltd. | 616,000 | 1,527 |
| | Century Tokyo Leasing Corp. | 52,744 | 1,526 |
| | Toyoda Gosei Co. Ltd. | 82,400 | 1,518 |
| | OKUMA Corp. | 177,000 | 1,515 |
| | Yamato Kogyo Co. Ltd. | 52,400 | 1,511 |
| | Kaken Pharmaceutical Co. Ltd. | 87,201 | 1,503 |
| | Ezaki Glico Co. Ltd. | 114,000 | 1,501 |
23
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Okasan Securities Group Inc. | 214,000 | 1,494 |
| | Aoyama Trading Co. Ltd. | 60,100 | 1,491 |
| | Ito En Ltd. | 68,700 | 1,469 |
| ^ | Kagome Co. Ltd. | 86,100 | 1,457 |
| | Sumitomo Forestry Co. Ltd. | 142,900 | 1,453 |
| | Nisshinbo Holdings Inc. | 169,000 | 1,448 |
| * | Hokkaido Electric Power Co. Inc. | 234,400 | 1,434 |
| | DMG Mori Seiki Co. Ltd. | 114,600 | 1,430 |
| | Senshu Ikeda Holdings Inc. | 308,840 | 1,418 |
| | Juroku Bank Ltd. | 404,000 | 1,411 |
| | K's Holdings Corp. | 48,544 | 1,409 |
| | Daishi Bank Ltd. | 389,000 | 1,405 |
| | Wacoal Holdings Corp. | 141,000 | 1,391 |
| | NTT Urban Development Corp. | 157,700 | 1,387 |
| | North Pacific Bank Ltd. | 340,900 | 1,381 |
| | House Foods Group Inc. | 82,300 | 1,369 |
| | Autobacs Seven Co. Ltd. | 88,100 | 1,363 |
| | Kinden Corp. | 147,000 | 1,353 |
| | Japan Airport Terminal Co. Ltd. | 57,900 | 1,336 |
| | Matsumotokiyoshi Holdings Co. Ltd. | 45,200 | 1,334 |
| | SCSK Corp. | 49,776 | 1,317 |
| | Hikari Tsushin Inc. | 15,600 | 1,315 |
| | Keiyo Bank Ltd. | 295,000 | 1,298 |
| | Nissan Shatai Co. Ltd. | 85,059 | 1,296 |
| * | Nippon Sheet Glass Co. Ltd. | 1,002,344 | 1,286 |
| | Coca-Cola West Co. Ltd. | 73,200 | 1,274 |
| | Hitachi Capital Corp. | 51,200 | 1,262 |
| | Temp Holdings Co. Ltd. | 49,400 | 1,257 |
| ^ | Square Enix Holdings Co. Ltd. | 78,100 | 1,256 |
| | Shimachu Co. Ltd. | 57,100 | 1,255 |
| | Cosmo Oil Co. Ltd. | 669,000 | 1,252 |
| | Awa Bank Ltd. | 232,500 | 1,245 |
| | Jafco Co. Ltd. | 32,300 | 1,238 |
| | Izumi Co. Ltd. | 41,700 | 1,220 |
| | Japan Petroleum Exploration Co. | 32,400 | 1,206 |
| | Rengo Co. Ltd. | 267,000 | 1,193 |
| | Mochida Pharmaceutical Co. Ltd. | 16,600 | 1,170 |
| | SKY Perfect JSAT Holdings Inc. | 216,800 | 1,166 |
| | Itochu Techno-Solutions Corp. | 27,800 | 1,162 |
| | Kose Corp. | 34,600 | 1,150 |
| | KYORIN Holdings Inc. | 59,520 | 1,147 |
| | Start Today Co. Ltd. | 54,700 | 1,146 |
| | Higo Bank Ltd. | 220,200 | 1,132 |
| | ABC-Mart Inc. | 25,200 | 1,132 |
| ^ | Gree Inc. | 115,000 | 1,125 |
| | Nanto Bank Ltd. | 299,000 | 1,122 |
| | Nexon Co. Ltd. | 144,038 | 1,122 |
| | Maeda Road Construction Co. Ltd. | 71,895 | 1,115 |
| | Musashino Bank Ltd. | 34,700 | 1,112 |
| | Resorttrust Inc. | 70,800 | 1,111 |
| ^ | Nipro Corp. | 128,100 | 1,109 |
| | Kagoshima Bank Ltd. | 177,500 | 1,109 |
| | San-In Godo Bank Ltd. | 167,000 | 1,102 |
| | Matsui Securities Co. Ltd. | 119,500 | 1,100 |
| | Fukuyama Transporting Co. Ltd. | 187,000 | 1,094 |
| | Hokkoku Bank Ltd. | 319,000 | 1,068 |
| | Shochiku Co. Ltd. | 128,676 | 1,065 |
| *,^ | Orient Corp. | 491,832 | 1,036 |
| | Dainippon Screen Manufacturing Co. Ltd. | 237,000 | 1,034 |
| | Lintec Corp. | 55,400 | 1,030 |
| *,^ | Aiful Corp. | 300,392 | 1,026 |
| | Onward Holdings Co. Ltd. | 152,000 | 1,022 |
| | Sumco Corp. | 132,900 | 1,020 |
| | Hyakugo Bank Ltd. | 260,000 | 1,007 |
24
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Canon Marketing Japan Inc. | 62,500 | 1,007 |
| | TS Tech Co. Ltd. | 37,600 | 1,003 |
| | Exedy Corp. | 37,026 | 991 |
| | Capcom Co. Ltd. | 56,800 | 989 |
| | H2O Retailing Corp. | 130,000 | 981 |
| | Hyakujushi Bank Ltd. | 286,500 | 960 |
| | Komeri Co. Ltd. | 35,100 | 950 |
| | Toshiba TEC Corp. | 144,000 | 938 |
| | Tokai Rika Co. Ltd. | 53,400 | 928 |
| | Fuji Media Holdings Inc. | 53,500 | 901 |
| | Nippon Television Holdings Inc. | 59,500 | 887 |
| | KYB Co. Ltd. | 213,476 | 870 |
| | Toda Corp. | 246,000 | 862 |
| | Kissei Pharmaceutical Co. Ltd. | 36,700 | 859 |
| | Cosmos Pharmaceutical Corp. | 8,002 | 856 |
| | Pola Orbis Holdings Inc. | 21,868 | 856 |
| | Calsonic Kansei Corp. | 173,700 | 856 |
| | Takata Corp. | 35,800 | 844 |
| | Nippo Corp. | 53,531 | 818 |
| | FP Corp. | 26,006 | 809 |
| | Nisshin Steel Holdings Co. Ltd. | 78,100 | 802 |
| | Asatsu-DK Inc. | 30,400 | 688 |
| ^ | Toyota Boshoku Corp. | 66,000 | 682 |
| | Hitachi Transport System Ltd. | 44,100 | 677 |
| | Heiwa Corp. | 40,500 | 674 |
| | Kandenko Co. Ltd. | 106,000 | 569 |
| | PanaHome Corp. | 75,000 | 499 |
| | Sumitomo Real Estate Sales Co. Ltd. | 15,620 | 469 |
| | Shinko Electric Industries Co. Ltd. | 68,600 | 452 |
| | NS Solutions Corp. | 17,200 | 430 |
| | Tokyo Broadcasting System Holdings Inc. | 38,600 | 419 |
| | Toppan Forms Co. Ltd. | 44,600 | 410 |
| | Tokai Rubber Industries Ltd. | 38,200 | 395 |
| | TV Asahi Corp. | 20,400 | 355 |
| | Mitsubishi Shokuhin Co. Ltd. | 14,302 | 320 |
| *,^ | Aplus Financial Co. Ltd. | 101,100 | 134 |
| | | | 3,192,904 |
| Malaysia (0.9%) | | |
| | Public Bank Bhd. (Local) | 3,219,700 | 19,876 |
| | Malayan Banking Bhd. | 4,904,874 | 14,889 |
| | CIMB Group Holdings Bhd. | 6,001,500 | 13,825 |
| | Axiata Group Bhd. | 5,677,724 | 11,710 |
| | Sime Darby Bhd. | 3,562,097 | 10,304 |
| | Genting Bhd. | 2,525,700 | 7,592 |
| | DiGi.Com Bhd. | 4,227,166 | 7,183 |
| | Petronas Chemicals Group Bhd. | 3,289,068 | 6,785 |
| | Petronas Gas Bhd. | 905,000 | 6,520 |
| | IOI Corp. Bhd. | 4,238,765 | 6,486 |
| | Maxis Bhd. | 2,971,500 | 6,328 |
| | Tenaga Nasional Bhd. | 1,582,300 | 5,768 |
| * | Sapurakencana Petroleum Bhd. | 4,343,907 | 5,742 |
| | Kuala Lumpur Kepong Bhd. | 613,600 | 4,551 |
| | AMMB Holdings Bhd. | 2,005,300 | 4,413 |
| | Genting Malaysia Bhd. | 3,404,200 | 4,403 |
| * | IHH Healthcare Bhd. | 3,108,400 | 3,819 |
| | PPB Group Bhd. | 670,700 | 3,385 |
| * | MISC Bhd. | 1,655,723 | 3,308 |
| | Gamuda Bhd. | 2,248,100 | 3,178 |
| | Petronas Dagangan Bhd. | 334,300 | 3,106 |
| | British American Tobacco Malaysia Bhd. | 160,600 | 3,012 |
| | YTL Corp. Bhd. | 6,068,553 | 2,994 |
| | Felda Global Ventures Holdings Bhd. | 2,127,100 | 2,945 |
| | Hong Leong Bank Bhd. | 650,160 | 2,789 |
| | IJM Corp. Bhd. | 1,372,220 | 2,685 |
25
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | UMW Holdings Bhd. | 745,200 | 2,458 |
| | Telekom Malaysia Bhd. | 1,230,100 | 2,337 |
| | Malaysia Airports Holdings Bhd. | 828,300 | 2,043 |
| | RHB Capital Bhd. | 800,100 | 2,033 |
| | Bumi Armada Bhd. | 1,574,200 | 1,931 |
| * | YTL Power International Bhd. | 3,858,647 | 1,857 |
| 2 | Astro Malaysia Holdings Bhd. | 1,764,868 | 1,801 |
| | Alliance Financial Group Bhd. | 1,264,500 | 1,737 |
| * | IOI Properties Group Sdn Bhd. | 2,005,332 | 1,649 |
| | Lafarge Malaysia Bhd. | 488,410 | 1,361 |
| | Hong Leong Financial Group Bhd. | 249,800 | 1,172 |
| | UEM Sunrise Bhd. | 1,652,900 | 1,167 |
| | Berjaya Sports Toto Bhd. | 961,730 | 1,146 |
| | KLCC Property Holdings Bhd. | 498,900 | 1,017 |
| | AirAsia Bhd. | 1,372,200 | 934 |
| | MMC Corp. Bhd. | 1,006,400 | 863 |
| | SP Setia Bhd. | 908,100 | 839 |
| | Parkson Holdings Bhd. | 744,423 | 670 |
| | Malaysia Marine and Heavy Engineering Holdings Bhd. | 445,200 | 540 |
| | | | 195,151 |
| Mexico (1.0%) | | |
| | America Movil SAB de CV | 34,449,494 | 34,653 |
| | Fomento Economico Mexicano SAB de CV | 2,464,434 | 22,490 |
| | Grupo Televisa SAB | 2,978,100 | 19,536 |
| | Grupo Financiero Banorte SAB de CV | 2,593,960 | 17,196 |
| | Wal-Mart de Mexico SAB de CV | 6,515,653 | 16,475 |
| | Grupo Mexico SAB de CV Class B | 4,481,955 | 13,460 |
| * | Cemex SAB de CV ADR | 951,990 | 12,033 |
| | Alfa SAB de CV Class A | 3,283,098 | 8,645 |
| | Grupo Bimbo SAB de CV Class A | 2,193,028 | 6,058 |
| | Grupo Financiero Inbursa SAB de CV | 2,337,400 | 5,978 |
| | Fibra Uno Administracion SA de CV | 1,671,700 | 5,461 |
| | Coca-Cola Femsa SAB de CV | 483,824 | 5,404 |
| * | Cemex SAB de CV | 4,063,450 | 5,196 |
| | Mexichem SAB de CV | 1,316,223 | 4,899 |
| | Grupo Financiero Santander Mexico SAB de CV Class B | 1,673,650 | 3,980 |
| | Industrias Penoles SAB de CV | 144,819 | 3,371 |
| | Grupo Aeroportuario del Sureste SAB de CV Class B | 248,661 | 3,043 |
| * | Promotora y Operadora de Infraestructura SAB de CV | 208,093 | 2,908 |
| | Grupo Carso SAB de CV | 535,700 | 2,723 |
| | Kimberly-Clark de Mexico SAB de CV Class A | 964,640 | 2,508 |
| | Arca Continental SAB de CV | 358,883 | 2,287 |
| * | Genomma Lab Internacional SAB de CV Class B | 872,946 | 2,213 |
| * | Compartamos SAB de CV | 1,249,400 | 2,189 |
| * | OHL Mexico SAB de CV | 702,600 | 1,865 |
| | Controladora Comercial Mexicana SAB de CV | 488,300 | 1,816 |
| * | Gruma SAB de CV Class B | 186,500 | 1,648 |
| * | Minera Frisco SAB de CV | 746,051 | 1,353 |
| | Grupo Elektra SAB DE CV | 38,925 | 1,118 |
| | Infraestructura Energetica Nova SAB de CV | 204,309 | 1,064 |
| * | Industrias CH SAB de CV Class B | 188,667 | 1,008 |
| | Grupo Comercial Chedraui SA de CV | 327,800 | 998 |
| * | Organizacion Soriana SAB de CV Class B | 289,100 | 839 |
| | Grupo Sanborns SAB de CV | 461,440 | 758 |
| | Alpek SA de CV | 388,445 | 668 |
| | | | 215,841 |
| Morocco (0.0%) | | |
| | Douja Promotion Groupe Addoha SA | 142,052 | 1,052 |
| |
| Netherlands (2.0%) | | |
| | Unilever NV | 1,773,479 | 76,050 |
| * | ING Groep NV | 4,400,549 | 62,906 |
| | Koninklijke Philips NV | 1,017,800 | 32,583 |
| | ASML Holding NV | 379,741 | 30,993 |
26
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Unibail-Rodamco SE | 110,563 | 29,879 |
| | Heineken NV | 327,843 | 22,771 |
| | Akzo Nobel NV | 271,368 | 20,912 |
| | Koninklijke Ahold NV | 1,074,587 | 20,774 |
| | Aegon NV | 2,200,831 | 20,174 |
| | ArcelorMittal | 1,141,383 | 18,561 |
| | Reed Elsevier NV | 721,668 | 14,730 |
| | Koninklijke DSM NV | 197,650 | 14,193 |
| * | Koninklijke KPN NV | 3,556,963 | 12,638 |
| ^ | Gemalto NV | 88,825 | 9,931 |
| | Wolters Kluwer NV | 346,385 | 9,656 |
| | Ziggo NV | 164,964 | 7,163 |
| | Randstad Holding NV | 122,526 | 7,161 |
| | Heineken Holding NV | 110,056 | 7,034 |
| | Fugro NV | 90,195 | 5,977 |
| | Koninklijke Boskalis Westminster NV | 90,300 | 5,118 |
| | TNT Express NV | 517,224 | 4,661 |
| ^ | Koninklijke Vopak NV | 78,815 | 3,930 |
| * | OCI | 91,838 | 3,927 |
| * | SBM Offshore NV | 200,529 | 3,671 |
| | Corio NV | 74,049 | 3,470 |
| | | | 448,863 |
| New Zealand (0.1%) | | |
| | Fletcher Building Ltd. | 777,293 | 6,610 |
| | Telecom Corp. of New Zealand Ltd. | 2,087,074 | 4,986 |
| * | Auckland International Airport Ltd. | 1,080,104 | 3,699 |
| | Ryman Healthcare Ltd. | 453,165 | 3,385 |
| | SKYCITY Entertainment Group Ltd. | 732,455 | 2,675 |
| | Sky Network Television Ltd. | 430,618 | 2,485 |
| *,^ | Xero Ltd. | 84,584 | 2,327 |
| | Fisher & Paykel Healthcare Corp. Ltd. | 607,308 | 2,141 |
| | Contact Energy Ltd. | 421,074 | 2,068 |
| | Kiwi Income Property Trust | 1,050,362 | 1,042 |
| | Air New Zealand Ltd. | 541,724 | 982 |
| | Vector Ltd. | 271,917 | 601 |
| | Warehouse Group Ltd. | 147,257 | 431 |
| | | | 33,432 |
| Norway (0.6%) | | |
| | Statoil ASA | 1,075,131 | 32,776 |
| | DNB ASA | 1,220,345 | 21,631 |
| ^ | Telenor ASA | 688,800 | 16,185 |
| | Seadrill Ltd. | 402,813 | 14,095 |
| | Yara International ASA | 183,508 | 8,675 |
| | Norsk Hydro ASA | 1,513,819 | 8,119 |
| | Orkla ASA | 888,692 | 7,350 |
| | Subsea 7 SA | 325,302 | 6,514 |
| | Schibsted ASA | 94,767 | 5,453 |
| ^ | Gjensidige Forsikring ASA | 189,338 | 3,494 |
| ^ | Aker Solutions ASA | 175,045 | 2,804 |
| | | | 127,096 |
| Other (0.2%)3 | | |
| 4 | Vanguard FTSE Emerging Markets ETF | 870,522 | 35,639 |
| |
| Peru (0.1%) | | |
| | Credicorp Ltd. | 58,014 | 8,673 |
| | Cia de Minas Buenaventura SAA ADR | 250,627 | 3,258 |
| | Volcan Cia Minera SAA Class B | 2,536,277 | 958 |
| | | | 12,889 |
| Philippines (0.3%) | | |
| | Philippine Long Distance Telephone Co. | 98,060 | 6,339 |
| | SM Investments Corp. | 350,956 | 5,721 |
| | Ayala Land Inc. | 6,319,848 | 4,283 |
| | Ayala Corp. | 255,838 | 3,589 |
| �� | Universal Robina Corp. | 1,092,830 | 3,589 |
27
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of the Philippine Islands | 1,743,996 | 3,555 |
| | Alliance Global Group Inc. | 4,846,900 | 3,395 |
| | BDO Unibank Inc. | 1,626,158 | 3,227 |
| | Aboitiz Equity Ventures Inc. | 2,492,290 | 3,171 |
| | SM Prime Holdings Inc. | 8,498,545 | 3,120 |
| * | JG Summit Holdings Inc. | 2,404,100 | 2,729 |
| | International Container Terminal Services Inc. | 996,000 | 2,420 |
| * | Metropolitan Bank & Trust Co. | 1,198,390 | 2,282 |
| | Manila Electric Co. | 334,680 | 2,109 |
| | Jollibee Foods Corp. | 512,420 | 1,979 |
| | DMCI Holdings Inc. | 1,115,760 | 1,801 |
| | Aboitiz Power Corp. | 2,059,780 | 1,686 |
| | San Miguel Corp. | 884,680 | 1,658 |
| | GT Capital Holdings Inc. | 77,060 | 1,502 |
| | LT Group Inc. | 3,109,773 | 1,281 |
| | Globe Telecom Inc. | 33,550 | 1,247 |
| | Energy Development Corp. | 6,989,500 | 877 |
| * | Bloomberry Resorts Corp. | 3,198,200 | 869 |
| | Petron Corp. | 2,326,000 | 642 |
| * | Emperador Inc. | 2,155,296 | 616 |
| | | | 63,687 |
| Poland (0.3%) | | |
| ^ | Powszechna Kasa Oszczednosci Bank Polski SA | 985,562 | 13,525 |
| | Bank Pekao SA | 148,699 | 9,544 |
| | Powszechny Zaklad Ubezpieczen SA | 64,485 | 9,147 |
| | PGE SA | 831,215 | 5,776 |
| | KGHM Polska Miedz SA | 157,877 | 5,716 |
| ^ | Polski Koncern Naftowy Orlen SA | 379,924 | 5,689 |
| | Polskie Gornictwo Naftowe i Gazownictwo SA | 1,977,282 | 3,073 |
| ^ | Orange Polska SA | 767,429 | 2,622 |
| ^ | mBank | 13,918 | 2,277 |
| | Tauron Polska Energia SA | 1,196,514 | 2,120 |
| * | Getin Noble Bank SA | 1,306,778 | 1,591 |
| *,^ | ING Bank Slaski SA | 34,249 | 1,538 |
| *,^ | Bank Millennium SA | 469,155 | 1,378 |
| | Bank Handlowy w Warszawie SA | 35,900 | 1,336 |
| * | Cyfrowy Polsat SA | 192,514 | 1,308 |
| | Enea SA | 239,544 | 1,213 |
| | Eurocash SA | 86,787 | 1,148 |
| | Synthos SA | 725,727 | 1,144 |
| ^ | Jastrzebska Spolka Weglowa SA | 69,473 | 956 |
| | | | 71,101 |
| Portugal (0.2%) | | |
| | EDP - Energias de Portugal SA | 2,882,820 | 14,004 |
| | Galp Energia SGPS SA | 428,270 | 7,423 |
| | Jeronimo Martins SGPS SA | 289,847 | 5,069 |
| * | Banco Espirito Santo SA | 2,246,768 | 3,982 |
| ^ | Portugal Telecom SGPS SA | 593,938 | 2,468 |
| | EDP Renovaveis SA | 245,279 | 1,682 |
| | | | 34,628 |
| Russia (0.9%) | | |
| | Gazprom OAO ADR | 5,175,208 | 37,401 |
| | Lukoil OAO ADR | 549,803 | 29,106 |
| * | Sberbank of Russia | 9,823,946 | 20,048 |
| | Magnit OJSC GDR | 320,335 | 15,159 |
| | Tatneft OAO ADR | 279,885 | 9,627 |
| | MMC Norilsk Nickel OJSC ADR | 532,018 | 9,618 |
| | Rosneft OAO GDR | 1,405,021 | 8,833 |
| | Gazprom OAO | 2,104,535 | 7,598 |
| | Uralkali OJSC | 1,632,636 | 7,227 |
| | NOVATEK OAO | 748,756 | 7,179 |
| | Mobile Telesystems OJSC | 971,560 | 7,050 |
| | Surgutneftegas OAO ADR | 818,027 | 5,801 |
28
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Sberbank of Russia ADR | 608,200 | 5,124 |
| | AK Transneft OAO Preference Shares | 1,741 | 3,862 |
| | Sistema JSFC GDR | 161,702 | 3,860 |
| | VTB Bank OJSC GDR | 1,514,652 | 3,222 |
| | VTB Bank OJSC | 2,914,708,867 | 3,156 |
| | MegaFon OAO GDR | 101,578 | 2,649 |
| | RusHydro JSC | 124,626,634 | 1,953 |
| | Mobile Telesystems OJSC ADR | 92,735 | 1,554 |
| | Severstal OAO GDR | 182,881 | 1,293 |
| | Rostelecom OJSC ADR | 100,601 | 1,286 |
| | Rostelecom OJSC | 589,478 | 1,269 |
| * | Novolipetsk Steel OJSC | 1,045,493 | 1,207 |
| | E.ON Russia JSC | 15,946,100 | 1,119 |
| | Phosagro OAO GDR | 86,326 | 1,006 |
| | Aeroflot - Russian Airlines OJSC | 494,114 | 707 |
| * | LSR Group GDR | 220,387 | 662 |
| * | Inter RAO JSC | 2,425,730,009 | 511 |
| | TMK OAO GDR | 61,058 | 486 |
| * | Federal Grid Co. Unified Energy System JSC | 255,816,667 | 398 |
| * | NOMOS-BANK GDR | 31,641 | 392 |
| * | Pharmstandard OJSC GDR | 42,507 | 345 |
| * | Magnitogorsk Iron & Steel Works | 1,828,548 | 299 |
| * | Russian Grids OAO | 24,327,627 | 288 |
| * | Mosenergo OAO | 10,297,820 | 210 |
| | Polyus Gold OJSC | 10,781 | 161 |
| * | Mechel | 147,635 | 159 |
| *,2 | Yenisei Territorial Generating Co. GDR | 5,021 | 1 |
| | | | 201,826 |
| Singapore (1.1%) | | |
| | DBS Group Holdings Ltd. | 1,997,459 | 27,060 |
| | Singapore Telecommunications Ltd. | 8,376,200 | 25,657 |
| ^ | Oversea-Chinese Banking Corp. Ltd. | 3,068,266 | 23,663 |
| | United Overseas Bank Ltd. | 1,340,460 | 23,331 |
| | Keppel Corp. Ltd. | 1,592,883 | 13,403 |
| | CapitaLand Ltd. | 3,040,750 | 7,782 |
| | Global Logistic Properties Ltd. | 3,399,717 | 7,748 |
| | Genting Singapore plc | 6,968,212 | 7,384 |
| | Wilmar International Ltd. | 2,408,754 | 6,547 |
| | City Developments Ltd. | 715,498 | 6,199 |
| ^ | Singapore Press Holdings Ltd. | 1,842,121 | 6,160 |
| | Singapore Technologies Engineering Ltd. | 1,768,151 | 5,401 |
| | Singapore Exchange Ltd. | 960,174 | 5,310 |
| | Singapore Airlines Ltd. | 596,670 | 4,947 |
| | CapitaMall Trust | 2,947,800 | 4,699 |
| | Noble Group Ltd. | 4,252,072 | 4,378 |
| | Sembcorp Industries Ltd. | 984,000 | 4,224 |
| | ComfortDelGro Corp. Ltd. | 2,444,424 | 4,145 |
| | Jardine Cycle & Carriage Ltd. | 110,016 | 4,125 |
| | Hutchison Port Holdings Trust | 6,053,000 | 4,119 |
| | Ascendas REIT | 2,217,000 | 4,058 |
| | Suntec REIT | 2,701,495 | 3,703 |
| | Golden Agri-Resources Ltd. | 7,552,407 | 3,684 |
| ^ | Sembcorp Marine Ltd. | 924,600 | 3,007 |
| ^ | Olam International Ltd. | 1,569,726 | 2,801 |
| | CapitaCommercial Trust | 2,185,235 | 2,797 |
| | CapitaMalls Asia Ltd. | 1,554,000 | 2,738 |
| | UOL Group Ltd. | 493,000 | 2,531 |
| | Keppel Land Ltd. | 829,724 | 2,295 |
| | StarHub Ltd. | 646,840 | 2,146 |
| | Yangzijiang Shipbuilding Holdings Ltd. | 2,224,964 | 1,957 |
| | Singapore Post Ltd. | 1,582,000 | 1,787 |
| | Venture Corp. Ltd. | 262,000 | 1,605 |
| | Wing Tai Holdings Ltd. | 551,811 | 883 |
| | SIA Engineering Co. Ltd. | 225,000 | 860 |
29
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | M1 Ltd. | 294,900 | 792 |
| *,^ | Neptune Orient Lines Ltd. | 961,750 | 780 |
| ^ | SMRT Corp. Ltd. | 740,000 | 721 |
| | Yanlord Land Group Ltd. | 673,000 | 621 |
| ^ | Cosco Corp. Singapore Ltd. | 998,000 | 575 |
| | Indofood Agri Resources Ltd. | 477,000 | 406 |
| | | | 237,029 |
| South Africa (1.6%) | | |
| | Naspers Ltd. | 441,089 | 41,683 |
| | MTN Group Ltd. | 2,011,287 | 40,350 |
| | Sasol Ltd. | 615,629 | 34,503 |
| | Standard Bank Group Ltd. | 1,379,234 | 18,122 |
| ^ | Steinhoff International Holdings Ltd. | 2,373,207 | 12,332 |
| | FirstRand Ltd. | 3,346,169 | 12,312 |
| | Sanlam Ltd. | 2,162,932 | 11,587 |
| | Remgro Ltd. | 551,901 | 11,114 |
| | Bidvest Group Ltd. | 351,216 | 9,644 |
| | Aspen Pharmacare Holdings Ltd. | 349,128 | 9,305 |
| | AngloGold Ashanti Ltd. | 459,852 | 8,313 |
| | Shoprite Holdings Ltd. | 496,487 | 8,306 |
| | Impala Platinum Holdings Ltd. | 591,128 | 6,664 |
| | Woolworths Holdings Ltd. | 821,877 | 5,593 |
| | Barclays Africa Group Ltd. | 359,897 | 5,272 |
| | Nedbank Group Ltd. | 228,103 | 4,890 |
| | Growthpoint Properties Ltd. | 2,038,196 | 4,712 |
| | Tiger Brands Ltd. | 174,598 | 4,671 |
| | Vodacom Group Ltd. | 377,587 | 4,506 |
| | Mr Price Group Ltd. | 280,974 | 4,234 |
| | Life Healthcare Group Holdings Ltd. | 1,058,837 | 4,211 |
| | Netcare Ltd. | 1,678,100 | 4,071 |
| | Truworths International Ltd. | 493,235 | 3,963 |
| | RMB Holdings Ltd. | 777,329 | 3,730 |
| | Gold Fields Ltd. | 869,945 | 3,692 |
| | Imperial Holdings Ltd. | 193,064 | 3,601 |
| * | Anglo American Platinum Ltd. | 72,313 | 3,443 |
| | Coronation Fund Managers Ltd. | 336,687 | 3,251 |
| | Mediclinic International Ltd. | 458,087 | 3,204 |
| | Discovery Ltd. | 336,121 | 2,918 |
| | MMI Holdings Ltd. | 1,145,153 | 2,879 |
| | Barloworld Ltd. | 238,067 | 2,597 |
| | Nampak Ltd. | 662,676 | 2,472 |
| | Investec Ltd. | 272,761 | 2,401 |
| | Foschini Group Ltd. | 222,575 | 2,300 |
| | Kumba Iron Ore Ltd. | 63,994 | 2,279 |
| | SPAR Group Ltd. | 192,436 | 2,261 |
| | Mondi Ltd. | 134,817 | 2,245 |
| * | Sappi Ltd. | 679,608 | 2,154 |
| | African Rainbow Minerals Ltd. | 110,341 | 2,078 |
| | Sibanye Gold Ltd. | 784,024 | 2,025 |
| | Exxaro Resources Ltd. | 147,868 | 2,018 |
| | Brait SE | 366,985 | 1,978 |
| | AVI Ltd. | 342,750 | 1,891 |
| ^ | African Bank Investments Ltd. | 1,517,130 | 1,799 |
| | Massmart Holdings Ltd. | 133,317 | 1,767 |
| | Clicks Group Ltd. | 287,819 | 1,755 |
| * | Harmony Gold Mining Co. Ltd. | 487,471 | 1,602 |
| * | Northam Platinum Ltd. | 404,312 | 1,578 |
| ^ | Capitec Bank Holdings Ltd. | 69,704 | 1,509 |
| | Liberty Holdings Ltd. | 124,842 | 1,497 |
| | Capital Property Fund | 1,477,204 | 1,489 |
| | Aeci Ltd. | 132,612 | 1,481 |
| | Omnia Holdings Ltd. | 68,833 | 1,480 |
| | Assore Ltd. | 37,367 | 1,446 |
| | Tongaat Hulett Ltd. | 121,095 | 1,440 |
30
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Reunert Ltd. | 216,470 | 1,423 |
| | PPC Ltd. | 482,370 | 1,403 |
| | Pick n Pay Stores Ltd. | 234,774 | 1,341 |
| * | Telkom SA SOC Ltd. | 352,720 | 1,262 |
| * | Aveng Ltd. | 504,329 | 1,084 |
| | DataTec Ltd. | 199,049 | 1,001 |
| * | Murray & Roberts Holdings Ltd. | 426,103 | 998 |
| | Sun International Ltd. | 99,332 | 982 |
| | Grindrod Ltd. | 377,826 | 895 |
| ^ | Adcock Ingram Holdings Ltd. | 152,934 | 886 |
| | Santam Ltd. | 42,023 | 848 |
| | JSE Ltd. | 90,476 | 830 |
| * | PSG Group Ltd. | 82,600 | 818 |
| | Wilson Bayly Holmes-Ovcon Ltd. | 59,225 | 766 |
| | Pick n Pay Holdings Ltd. | 280,077 | 679 |
| | Illovo Sugar Ltd. | 242,377 | 668 |
| * | ArcelorMittal South Africa Ltd. | 189,691 | 668 |
| | Fountainhead Property Trust | 773,925 | 586 |
| ^ | Lewis Group Ltd. | 96,329 | 572 |
| * | Royal Bafokeng Platinum Ltd. | 67,222 | 434 |
| | | | 362,762 |
| South Korea (3.1%) | | |
| | Samsung Electronics Co. Ltd. GDR | 208,757 | 134,766 |
| | Hyundai Motor Co. | 174,755 | 38,965 |
| | POSCO ADR | 344,727 | 25,372 |
| | Samsung Electronics Co. Ltd. | 17,884 | 23,320 |
| * | SK Hynix Inc. | 593,130 | 23,128 |
| * | Shinhan Financial Group Co. Ltd. ADR | 514,252 | 22,421 |
| | NAVER Corp. | 30,994 | 22,319 |
| | Hyundai Mobis | 76,129 | 21,749 |
| | Kia Motors Corp. | 294,699 | 16,351 |
| | KB Financial Group Inc. ADR | 448,074 | 15,382 |
| | LG Chem Ltd. | 49,075 | 12,527 |
| | Hana Financial Group Inc. | 329,207 | 11,616 |
| * | Korea Electric Power Corp. ADR | 602,913 | 11,540 |
| | KT&G Corp. | 135,560 | 10,864 |
| | Samsung Life Insurance Co. Ltd. | 112,776 | 10,496 |
| | Samsung Fire & Marine Insurance Co. Ltd. | 43,664 | 10,372 |
| | SK Telecom Co. Ltd. ADR | 445,682 | 10,291 |
| | Hyundai Heavy Industries Co. Ltd. | 49,459 | 9,299 |
| | Samsung C&T Corp. | 139,891 | 8,797 |
| | LG Electronics Inc. | 121,605 | 8,100 |
| | SK Innovation Co. Ltd. | 68,720 | 7,873 |
| * | LG Display Co. Ltd. | 251,820 | 6,707 |
| | Samsung SDI Co. Ltd. | 40,966 | 6,016 |
| * | KT Corp. ADR | 366,178 | 5,826 |
| | LG Corp. | 100,238 | 5,589 |
| | Samsung Heavy Industries Co. Ltd. | 200,225 | 5,485 |
| | E-Mart Co. Ltd. | 23,355 | 5,340 |
| | SK Holdings Co. Ltd. | 28,862 | 5,120 |
| | Coway Co. Ltd. | 62,306 | 4,925 |
| | Hankook Tire Co. Ltd. | 83,903 | 4,868 |
| | Hyundai Steel Co. | 73,590 | 4,822 |
| | LG Household & Health Care Ltd. | 10,514 | 4,814 |
| | Amorepacific Corp. | 3,548 | 4,588 |
| | Woori Finance Holdings Co. Ltd. | 397,920 | 4,486 |
| | Hyundai Engineering & Construction Co. Ltd. | 80,672 | 4,368 |
| | Hyundai Glovis Co. Ltd. | 17,703 | 4,176 |
| | Samsung Electro-Mechanics Co. Ltd. | 62,856 | 4,040 |
| | Lotte Shopping Co. Ltd. | 12,720 | 3,945 |
| | Korea Zinc Co. Ltd. | 11,877 | 3,914 |
| | Kangwon Land Inc. | 127,450 | 3,686 |
| ^ | OCI Co. Ltd. | 20,112 | 3,534 |
| ^ | Celltrion Inc. | 72,866 | 3,398 |
31
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SK C&C Co. Ltd. | 24,738 | 3,396 |
| | Cheil Industries Inc. | 53,046 | 3,387 |
| | BS Financial Group Inc. | 217,850 | 3,335 |
| ^ | NCSoft Corp. | 16,370 | 3,257 |
| | Orion Corp. | 4,152 | 3,172 |
| | Dongbu Insurance Co. Ltd. | 55,235 | 3,053 |
| | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 104,600 | 3,036 |
| | KCC Corp. | 5,937 | 2,961 |
| | Hyundai Wia Corp. | 17,485 | 2,883 |
| | S-Oil Corp. | 47,184 | 2,761 |
| | Industrial Bank of Korea | 223,420 | 2,752 |
| | GS Holdings | 57,950 | 2,704 |
| | Samsung Securities Co. Ltd. | 68,543 | 2,619 |
| | Samsung Techwin Co. Ltd. | 45,333 | 2,545 |
| ^ | Samsung Engineering Co. Ltd. | 33,654 | 2,526 |
| | Lotte Chemical Corp. | 15,919 | 2,520 |
| | Daelim Industrial Co. Ltd. | 30,857 | 2,518 |
| | CJ CheilJedang Corp. | 8,292 | 2,490 |
| | LG Uplus Corp. | 237,380 | 2,338 |
| * | Cheil Worldwide Inc. | 94,180 | 2,292 |
| | Hyundai Department Store Co. Ltd. | 17,535 | 2,261 |
| | DGB Financial Group Inc. | 135,870 | 2,061 |
| | Hyundai Marine & Fire Insurance Co. Ltd. | 67,710 | 1,987 |
| | Hyundai Development Co-Engineering & Construction | 68,300 | 1,958 |
| | Hyosung Corp. | 27,202 | 1,943 |
| | CJ Corp. | 15,800 | 1,914 |
| | Doosan Heavy Industries & Construction Co. Ltd. | 54,445 | 1,840 |
| | S-1 Corp. | 24,000 | 1,826 |
| | Korea Gas Corp. | 30,189 | 1,808 |
| * | Daewoo Engineering & Construction Co. Ltd. | 217,759 | 1,806 |
| * | Doosan Infracore Co. Ltd. | 147,270 | 1,781 |
| | Daewoo International Corp. | 50,733 | 1,779 |
| | Samsung Card Co. Ltd. | 48,317 | 1,755 |
| | Daewoo Securities Co. Ltd. | 208,939 | 1,717 |
| | Mando Corp. | 14,258 | 1,715 |
| | AMOREPACIFIC Group | 3,310 | 1,712 |
| | Hanwha Corp. | 58,370 | 1,701 |
| | Shinsegae Co. Ltd. | 7,733 | 1,679 |
| ^ | Kumho Petro chemical Co. Ltd. | 19,762 | 1,676 |
| | Korea Investment Holdings Co. Ltd. | 45,020 | 1,654 |
| | Lotte Confectionery Co. Ltd. | 919 | 1,574 |
| | SK Networks Co. Ltd. | 169,120 | 1,559 |
| ^ | Hyundai Mipo Dockyard | 11,407 | 1,557 |
| ^ | Halla Visteon Climate Control Corp. | 37,180 | 1,556 |
| | Hanwha Life Insurance Co. Ltd. | 237,000 | 1,545 |
| | Yuhan Corp. | 8,764 | 1,542 |
| | LS Corp. | 19,182 | 1,505 |
| ^ | Hanwha Chemical Corp. | 78,840 | 1,397 |
| ^ | GS Engineering & Construction Corp. | 35,625 | 1,257 |
| | Doosan Corp. | 9,725 | 1,254 |
| *,^ | CJ Korea Express Co. Ltd. | 11,752 | 1,242 |
| | LG Hausys Ltd. | 6,559 | 1,158 |
| *,^ | NHN Entertainment Corp. | 13,994 | 1,145 |
| | Daum Communications Corp. | 15,461 | 1,122 |
| | Mirae Asset Securities Co. Ltd. | 26,914 | 1,106 |
| | Woori Investment & Securities Co. Ltd. | 125,536 | 1,063 |
| | Lotte Chilsung Beverage Co. Ltd. | 701 | 1,062 |
| * | Korean Air Lines Co. Ltd. | 32,902 | 1,058 |
| | Shinhan Financial Group Co. Ltd. | 24,159 | 1,054 |
| ^ | NongShim Co. Ltd. | 3,516 | 1,047 |
| ^ | Hyundai Securities Co. Ltd. Preference Shares | 127,343 | 842 |
| *,^ | Hyundai Merchant Marine Co. Ltd. | 79,630 | 801 |
| ^ | Samsung Fine Chemicals Co. Ltd. | 19,430 | 776 |
| ^ | Hite Jinro Co. Ltd. | 30,329 | 735 |
32
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | SKC Co. Ltd. | 20,370 | 675 |
| | KEPCO Engineering & Construction Co. Inc. | 9,553 | 570 |
| | KB Financial Group Inc. | 16,202 | 554 |
| * | Hanjin Shipping Co. Ltd. | 90,940 | 533 |
| ^ | Hyundai Hysco Co. Ltd. | 8,113 | 432 |
| | Hyundai Securities Co. Ltd. | 62,610 | 422 |
| ^ | Dongkuk Steel Mill Co. Ltd. | 37,240 | 358 |
| | Korea Electric Power Corp. | 7,298 | 279 |
| | POSCO | 699 | 207 |
| * | GS Engineering & Construction Corp Rights Exp. 06/03/2014 | 11,500 | 97 |
| | SK Telecom Co. Ltd. | 21 | 4 |
| | KT Corp. | 135 | 4 |
| | | | 681,405 |
| Spain (2.6%) | | |
| * | Banco Santander SA | 13,165,706 | 130,943 |
| | Banco Bilbao Vizcaya Argentaria SA | 6,591,466 | 81,193 |
| | Telefonica SA | 4,591,908 | 77,063 |
| | Iberdrola SA | 5,805,772 | 40,557 |
| | Inditex SA | 241,768 | 36,325 |
| | Repsol SA | 1,018,667 | 27,427 |
| | Amadeus IT Holding SA | 451,639 | 18,784 |
| | Banco de Sabadell SA | 3,999,393 | 13,607 |
| | Abertis Infraestructuras SA | 562,877 | 12,670 |
| * | Banco Popular Espanol SA | 1,637,942 | 12,070 |
| * | CaixaBank SA | 1,953,899 | 11,909 |
| * | Bankia SA | 5,195,495 | 10,613 |
| | Red Electrica Corp. SA | 123,568 | 10,172 |
| | Gas Natural SDG SA | 352,626 | 10,112 |
| | Ferrovial SA | 452,657 | 10,062 |
| | Grifols SA | 187,896 | 10,045 |
| * | ACS Actividades de Construccion y Servicios SA | 202,183 | 8,679 |
| | Enagas SA | 236,304 | 7,280 |
| | Distribuidora Internacional de Alimentacion SA | 686,597 | 6,142 |
| | Bankinter SA | 783,091 | 5,996 |
| | Mapfre SA | 1,127,603 | 4,756 |
| | Endesa SA | 94,161 | 3,571 |
| | Zardoya Otis SA | 185,338 | 3,251 |
| | Acciona SA | 29,114 | 2,368 |
| * | Mediaset Espana Comunicacion SA | 200,772 | 2,228 |
| *,^ | Acerinox SA | 104,483 | 1,827 |
| | Corp Financiera Alba SA | 19,479 | 1,201 |
| | | | 560,851 |
| Sweden (2.3%) | | |
| | Nordea Bank AB | 3,612,865 | 52,353 |
| ^ | Hennes & Mauritz AB Class B | 1,081,876 | 44,284 |
| | Telefonaktiebolaget LM Ericsson Class B | 3,379,716 | 40,754 |
| | Swedbank AB Class A | 1,209,789 | 32,376 |
| | Volvo AB Class B | 1,722,042 | 27,267 |
| | Svenska Handelsbanken AB Class A | 540,939 | 27,209 |
| | Skandinaviska Enskilda Banken AB Class A | 1,662,620 | 22,966 |
| ^ | Atlas Copco AB Class A | 709,771 | 20,642 |
| * | Investor AB Class B | 518,387 | 20,080 |
| * | Assa Abloy AB Class B | 358,832 | 19,045 |
| | Svenska Cellulosa AB SCA Class B | 651,650 | 18,320 |
| | TeliaSonera AB | 2,479,072 | 18,045 |
| * | Sandvik AB | 1,240,952 | 17,636 |
| | SKF AB | 480,388 | 12,475 |
| ^ | Atlas Copco AB Class B | 449,830 | 12,269 |
| | Scania AB Class B | 341,094 | 10,392 |
| ^ | Alfa Laval AB | 361,414 | 9,629 |
| | Skanska AB Class B | 412,882 | 9,480 |
| | Hexagon AB Class B | 293,145 | 9,385 |
| | Investment AB Kinnevik | 235,564 | 8,312 |
| * | Swedish Match AB | 236,885 | 8,127 |
33
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Electrolux AB Class B | 261,321 | 7,264 |
| | Getinge AB | 211,309 | 6,193 |
| ^ | Elekta AB Class B | 410,080 | 5,723 |
| | Industrivarden AB Class A | 214,205 | 4,805 |
| * | Lundin Petroleum AB | 217,834 | 4,676 |
| | Boliden AB | 304,061 | 4,644 |
| | Securitas AB Class B | 374,526 | 4,528 |
| * | Tele2 AB | 342,650 | 4,379 |
| | Husqvarna AB | 411,345 | 3,435 |
| | Industrivarden AB | 131,524 | 2,764 |
| | Modern Times Group AB Class B | 59,622 | 2,660 |
| ^ | Ratos AB | 220,363 | 2,248 |
| | Holmen AB | 54,362 | 1,921 |
| | Melker Schorling AB | 11,786 | 640 |
| | | | 496,926 |
| Switzerland (6.5%) | | |
| | Nestle SA | 3,633,612 | 280,821 |
| | Roche Holding AG | 800,607 | 234,855 |
| | Novartis AG | 2,653,540 | 230,679 |
| | UBS AG | 4,002,460 | 83,707 |
| * | ABB Ltd. | 2,623,870 | 63,173 |
| * | Cie Financiere Richemont SA | 566,056 | 57,591 |
| * | Credit Suisse Group AG | 1,815,405 | 57,553 |
| | Zurich Insurance Group AG | 167,742 | 48,101 |
| * | Syngenta AG | 104,536 | 41,395 |
| | Swiss Re AG | 419,793 | 36,707 |
| * | Holcim Ltd. | 257,243 | 23,593 |
| | Swatch Group AG (Bearer) | 34,255 | 22,027 |
| | Transocean Ltd. | 393,361 | 16,804 |
| | Givaudan SA | 10,606 | 16,738 |
| | Adecco SA | 196,275 | 16,478 |
| | Swisscom AG | 26,246 | 15,968 |
| | SGS SA | 5,796 | 14,479 |
| | Geberit AG | 41,530 | 13,871 |
| | Julius Baer Group Ltd. | 257,803 | 12,076 |
| * | Actelion Ltd. | 114,226 | 11,246 |
| | Sonova Holding AG | 76,172 | 11,004 |
| | Sika AG | 2,334 | 9,444 |
| | Aryzta AG | 96,603 | 8,930 |
| | Swiss Life Holding AG | 33,987 | 8,374 |
| | Schindler Holding AG | 51,329 | 7,952 |
| | Kuehne & Nagel International AG | 55,835 | 7,635 |
| | Swatch Group AG (Registered) | 57,069 | 6,886 |
| | Lindt & Spruengli AG | 115 | 6,709 |
| | Baloise Holding AG | 51,830 | 6,312 |
| | Lonza Group AG | 59,976 | 6,277 |
| | Clariant AG | 316,582 | 6,243 |
| | Partners Group Holding AG | 20,727 | 5,675 |
| | Galenica AG | 5,388 | 5,486 |
| | Swiss Prime Site AG | 64,260 | 5,402 |
| | Lindt & Spruengli AG | 1,038 | 5,051 |
| | PSP Swiss Property AG | 45,273 | 4,351 |
| | Sulzer AG | 27,979 | 4,317 |
| | GAM Holding AG | 206,893 | 3,768 |
| | Schindler Holding AG (Registered) | 24,620 | 3,758 |
| | EMS-Chemie Holding AG | 9,317 | 3,635 |
| | Barry Callebaut AG | 2,392 | 3,251 |
| | Pargesa Holding SA | 31,729 | 2,880 |
| ^ | DKSH Holding AG | 32,944 | 2,719 |
| * | Banque Cantonale Vaudoise | 3,209 | 1,905 |
| | | | 1,435,826 |
| Taiwan (2.4%) | | |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4,795,908 | 96,398 |
| | Hon Hai Precision Industry Co. Ltd. | 12,907,149 | 37,069 |
34
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | MediaTek Inc. | 1,663,440 | 26,066 |
| | Formosa Plastics Corp. | 5,584,873 | 14,411 |
| | Nan Ya Plastics Corp. | 6,494,615 | 14,242 |
| | Delta Electronics Inc. | 2,293,818 | 14,083 |
| ^ | Chunghwa Telecom Co. Ltd. ADR | 431,958 | 13,559 |
| | Taiwan Semiconductor Manufacturing Co. Ltd. | 3,353,973 | 13,179 |
| | Cathay Financial Holding Co. Ltd. | 8,526,436 | 12,056 |
| | Formosa Chemicals & Fibre Corp. | 4,957,306 | 12,004 |
| | China Steel Corp. | 13,788,504 | 11,587 |
| | Fubon Financial Holding Co. Ltd. | 8,192,861 | 10,604 |
| | CTBC Financial Holding Co. Ltd. | 14,594,699 | 8,683 |
| | Uni-President Enterprises Corp. | 4,929,012 | 8,345 |
| | Asustek Computer Inc. | 805,023 | 8,323 |
| | Quanta Computer Inc. | 2,976,598 | 8,167 |
| | Mega Financial Holding Co. Ltd. | 9,566,144 | 7,324 |
| | Largan Precision Co. Ltd. | 113,068 | 7,079 |
| | Advanced Semiconductor Engineering Inc. ADR | 1,174,916 | 6,944 |
| | Catcher Technology Co. Ltd. | 815,153 | 6,883 |
| | United Microelectronics Corp. ADR | 3,014,904 | 6,573 |
| | Taiwan Mobile Co. Ltd. | 1,872,648 | 6,045 |
| | Cheng Shin Rubber Industry Co. Ltd. | 2,098,220 | 6,027 |
| | Taiwan Cement Corp. | 3,588,768 | 5,702 |
| | Hotai Motor Co. Ltd. | 458,000 | 5,374 |
| | Yuanta Financial Holding Co. Ltd. | 10,741,708 | 5,362 |
| | Formosa Petrochemical Corp. | 2,119,580 | 5,331 |
| | Siliconware Precision Industries Co. ADR | 638,076 | 4,735 |
| | President Chain Store Corp. | 630,904 | 4,695 |
| | China Development Financial Holding Corp. | 15,832,318 | 4,541 |
| | First Financial Holding Co. Ltd. | 7,669,977 | 4,499 |
| | Far Eastern New Century Corp. | 4,329,545 | 4,436 |
| | HTC Corp. | 842,570 | 4,333 |
| | Hua Nan Financial Holdings Co. Ltd. | 7,620,600 | 4,293 |
| | Far EasTone Telecommunications Co. Ltd. | 1,794,643 | 3,880 |
| * | AU Optronics Corp. ADR | 1,016,779 | 3,823 |
| | Taishin Financial Holding Co. Ltd. | 8,402,194 | 3,816 |
| | SinoPac Financial Holdings Co. Ltd. | 8,392,657 | 3,746 |
| | E.Sun Financial Holding Co. Ltd. | 6,154,603 | 3,723 |
| | Lite-On Technology Corp. | 2,406,808 | 3,682 |
| | Taiwan Cooperative Financial Holding Co. Ltd. | 6,543,315 | 3,481 |
| | Asia Cement Corp. | 2,522,274 | 3,318 |
| | Compal Electronics Inc. | 4,611,510 | 3,290 |
| * | Innolux Corp. | 9,326,580 | 3,222 |
| | Inventec Corp. | 3,428,064 | 3,161 |
| | Novatek Microelectronics Corp. | 642,916 | 2,980 |
| | Pegatron Corp. | 1,916,038 | 2,908 |
| | Foxconn Technology Co. Ltd. | 1,127,663 | 2,806 |
| * | Inotera Memories Inc. | 2,552,000 | 2,621 |
| | Giant Manufacturing Co. Ltd. | 321,625 | 2,518 |
| | Synnex Technology International Corp. | 1,479,990 | 2,303 |
| | Teco Electric and Machinery Co. Ltd. | 2,038,000 | 2,216 |
| | Advantech Co. Ltd. | 342,105 | 2,216 |
| | Wistron Corp. | 2,635,193 | 2,202 |
| | Shin Kong Financial Holding Co. Ltd. | 7,232,180 | 2,191 |
| | TPK Holding Co. Ltd. | 277,422 | 2,119 |
| | Epistar Corp. | 965,000 | 2,112 |
| | Advanced Semiconductor Engineering Inc. | 1,785,847 | 2,080 |
| | Chang Hwa Commercial Bank | 3,469,116 | 2,017 |
| * | Acer Inc. | 3,064,822 | 1,895 |
| | Pou Chen Corp. | 1,388,125 | 1,767 |
| | Taiwan Fertilizer Co. Ltd. | 802,000 | 1,596 |
| | Chicony Electronics Co. Ltd. | 603,401 | 1,571 |
| | Yulon Motor Co. Ltd. | 962,898 | 1,498 |
| | Realtek Semiconductor Corp. | 522,768 | 1,493 |
| | Taiwan Glass Industry Corp. | 1,513,701 | 1,386 |
35
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Unimicron Technology Corp. | 1,452,975 | 1,237 |
| * | Walsin Lihwa Corp. | 3,624,000 | 1,191 |
| | Formosa Taffeta Co. Ltd. | 1,122,000 | 1,173 |
| | Vanguard International Semiconductor Corp. | 817,466 | 1,120 |
| * | Taiwan Business Bank | 3,725,673 | 1,087 |
| | Transcend Information Inc. | 319,455 | 1,055 |
| * | Evergreen Marine Corp. Taiwan Ltd. | 1,853,993 | 1,054 |
| | Siliconware Precision Industries Co. | 697,000 | 1,033 |
| * | Macronix International | 4,122,748 | 972 |
| * | Eva Airways Corp. | 1,849,221 | 938 |
| | Ton Yi Industrial Corp. | 856,600 | 913 |
| | Eternal Chemical Co. Ltd. | 870,056 | 908 |
| | Feng Hsin Iron & Steel Co. | 532,790 | 893 |
| | Capital Securities Corp. | 2,564,231 | 880 |
| * | China Airlines Ltd. | 2,601,913 | 871 |
| | Waterland Financial Holdings Co. Ltd. | 2,735,849 | 858 |
| | Cheng Uei Precision Industry Co. Ltd. | 422,591 | 851 |
| | Oriental Union Chemical Corp. | 838,191 | 833 |
| | U-Ming Marine Transport Corp. | 494,000 | 832 |
| | Taiwan Secom Co. Ltd. | 315,000 | 799 |
| | Chunghwa Telecom Co. Ltd. | 251,207 | 786 |
| | Far Eastern International Bank | 2,173,133 | 763 |
| | China Motor Corp. | 755,105 | 684 |
| * | Yang Ming Marine Transport Corp. | 1,651,305 | 676 |
| | Wan Hai Lines Ltd. | 1,318,702 | 658 |
| | Cathay Real Estate Development Co. Ltd. | 1,064,000 | 617 |
| | YFY Inc. | 1,389,451 | 613 |
| | President Securities Corp. | 938,349 | 515 |
| * | Nan Ya Printed Circuit Board Corp. | 274,395 | 387 |
| * | AU Optronics Corp. | 929,000 | 353 |
| * | Yulon Nissan Motor Co. Ltd. | 23,633 | 301 |
| | Yageo Corp. | 62,877 | 30 |
| | United Microelectronics Corp. | 11,978 | 5 |
| | | | 518,475 |
| Thailand (0.5%) | | |
| | Advanced Info Service PCL (Foreign) | 1,389,250 | 10,917 |
| | Kasikornbank PCL (Foreign) | 1,377,516 | 8,389 |
| | PTT Exploration & Production PCL (Foreign) | 1,669,578 | 8,321 |
| | PTT PCL (Foreign) | 539,900 | 5,210 |
| | Siam Commercial Bank PCL (Foreign) | 995,486 | 5,027 |
| | Siam Cement PCL (Foreign) | 370,048 | 4,998 |
| | CP ALL PCL (Foreign) | 4,192,000 | 4,954 |
| * | PTT PCL | 428,372 | 4,147 |
| * | Siam Commercial Bank PCL (Local) | 783,800 | 4,019 |
| | Shin Corp. PCL | 1,550,704 | 3,746 |
| | Bangkok Bank PCL (Foreign) | 612,629 | 3,583 |
| | Airports of Thailand PCL (Foreign) | 455,300 | 2,816 |
| | PTT Global Chemical PCL | 1,264,212 | 2,416 |
| ^ | Total Access Communication PCL (Foreign) | 587,700 | 2,276 |
| | TMB Bank PCL | 24,536,600 | 1,760 |
| * | BTS Group Holdings PCL | 6,411,300 | 1,658 |
| * | Bank of Ayudhya PCL (Local) | 1,405,009 | 1,640 |
| | Charoen Pokphand Foods PCL (Foreign) | 1,947,300 | 1,569 |
| * | Bangkok Dusit Medical Services PCL | 3,418,000 | 1,563 |
| | Big C Supercenter PCL (Foreign) | 254,900 | 1,524 |
| | BEC World PCL (Foreign) | 573,400 | 1,472 |
| | Krung Thai Bank PCL (Foreign) | 2,716,125 | 1,465 |
| | Thai Oil PCL (Foreign) | 876,700 | 1,425 |
| *,^ | Central Pattana PCL | 903,200 | 1,268 |
| * | PTT Global Chemical PCL | 567,800 | 1,226 |
| * | Charoen Pokphand Foods PCL | 1,445,900 | 1,209 |
| * | True Corp. PCL | 5,770,300 | 1,208 |
| * | Indorama Ventures PCL | 1,621,300 | 1,195 |
| | Thai Union Frozen Products PCL (Foreign) | 536,436 | 1,162 |
36
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Banpu PCL (Local) | 1,230,800 | 1,143 |
| | Glow Energy PCL (Foreign) | 465,500 | 1,120 |
| * | Land and Houses PCL | 3,419,100 | 1,049 |
| * | CP ALL PCL (Local) | 697,000 | 906 |
| * | Central Pattana PCL | 588,400 | 826 |
| * | BEC World PCL | 473,500 | 802 |
| * | Berli Jucker PCL | 472,900 | 700 |
| ^ | IRPC PCL (Foreign) | 5,950,900 | 678 |
| ^ | Siam City Cement PCL (Foreign) | 57,200 | 676 |
| * | Krung Thai Bank PCL | 1,183,500 | 664 |
| * | Total Access Communication PCL (Local) | 167,000 | 644 |
| | Delta Electronics Thai PCL (Foreign) | 339,900 | 600 |
| * | IRPC PCL | 5,210,700 | 593 |
| * | Electricity Generating PCL | 133,500 | 543 |
| | Electricity Generating PCL (Foreign) | 130,500 | 531 |
| * | Delta Electronics Thailand PCL | 203,300 | 359 |
| * | Ratchaburi Electricity Generating Holding PCL (Local) | 213,900 | 352 |
| | Ratchaburi Electricity Generating Holding PCL (Foreign) | 187,700 | 308 |
| * | Intouch Holdings PCL | 72,600 | 175 |
| * | Thai Airways International PCL (Foreign) | 676,002 | 163 |
| * | Siam City Cement PCL (Local) | 12,900 | 154 |
| * | Land and Houses Warrants | 683,820 | 135 |
| | Total Access Communication PCL | 35,000 | 135 |
| * | Airports of Thailand PCL | 20,500 | 124 |
| | Bank of Ayudhya PCL | 100,271 | 117 |
| | Big C Supercenter PCL NVDR | 18,900 | 111 |
| * | Big C Supercenter PCL (Local) | 2,900 | 17 |
| | | | 105,788 |
| Turkey (0.3%) | | |
| | Turkiye Garanti Bankasi AS | 2,363,121 | 8,705 |
| | Akbank TAS | 1,870,451 | 6,567 |
| | BIM Birlesik Magazalar AS | 256,391 | 5,935 |
| * | Turkcell Iletisim Hizmetleri AS | 877,412 | 5,125 |
| | Turkiye Halk Bankasi AS | 713,035 | 4,794 |
| | Haci Omer Sabanci Holding AS (Bearer) | 894,577 | 3,787 |
| | Turkiye Is Bankasi | 1,540,029 | 3,642 |
| | KOC Holding AS | 759,894 | 3,405 |
| | Tupras Turkiye Petrol Rafinerileri AS | 134,275 | 3,038 |
| | Anadolu Efes Biracilik Ve Malt Sanayii AS | 248,333 | 2,978 |
| | Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 2,255,989 | 2,962 |
| | Turkiye Vakiflar Bankasi Tao | 1,150,358 | 2,416 |
| | Turk Hava Yollari | 719,524 | 2,310 |
| | Eregli Demir ve Celik Fabrikalari TAS | 1,508,467 | 2,099 |
| | Coca-Cola Icecek AS | 87,935 | 2,065 |
| | Yapi ve Kredi Bankasi AS | 971,226 | 2,031 |
| | Turk Telekomunikasyon AS | 576,792 | 1,736 |
| | Enka Insaat ve Sanayi AS | 451,922 | 1,374 |
| | TAV Havalimanlari Holding AS | 164,626 | 1,322 |
| | Ulker Biskuvi Sanayi AS | 170,103 | 1,304 |
| | Arcelik AS | 190,858 | 1,180 |
| | Tofas Turk Otomobil Fabrikasi AS | 142,802 | 876 |
| | Koza Altin Isletmeleri AS | 80,209 | 804 |
| * | Ford Otomotiv Sanayi AS | 68,566 | 776 |
| | Turkiye Sise ve Cam Fabrikalari AS | 478,436 | 601 |
| | Aselsan Elektronik Sanayi Ve Ticaret AS | 78,700 | 350 |
| | | | 72,182 |
| United Arab Emirates (0.2%) | | |
| * | Emaar Properties PJSC | 3,403,889 | 10,122 |
| | First Gulf Bank PJSC | 1,111,005 | 5,252 |
| * | Arabtec Holding Co. | 1,869,376 | 4,573 |
| | Aldar Properties PJSC | 3,521,805 | 3,864 |
| | DP World Ltd. | 189,246 | 3,503 |
| * | Union National Bank PJSC | 1,174,264 | 2,301 |
| | Dubai Financial Market | 1,736,496 | 1,727 |
37
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dubai Islamic Bank PJSC | 629,296 | 1,165 |
| | Dubai Investments PJSC | 813,687 | 968 |
| | Air Arabia PJSC | 2,503,821 | 903 |
| | Waha Capital PJSC | 1,085,722 | 890 |
| * | Dana Gas PJSC | 3,582,752 | 839 |
| | | | 36,107 |
| United Kingdom (15.5%) | | |
| | HSBC Holdings plc | 21,459,283 | 219,265 |
| | BP plc | 21,029,551 | 177,557 |
| | Royal Dutch Shell plc Class A | 4,484,998 | 177,313 |
| | GlaxoSmithKline plc | 5,539,914 | 153,073 |
| | British American Tobacco plc | 2,153,217 | 124,339 |
| | Royal Dutch Shell plc Class B | 2,789,340 | 118,440 |
| | Vodafone Group plc | 30,213,846 | 114,712 |
| | AstraZeneca plc | 1,418,741 | 111,989 |
| | Diageo plc | 2,870,056 | 87,939 |
| | BG Group plc | 3,878,068 | 78,452 |
| * | Lloyds Banking Group plc | 61,415,322 | 78,318 |
| | Barclays plc | 18,318,276 | 78,221 |
| | BHP Billiton plc | 2,406,689 | 78,133 |
| | Rio Tinto plc | 1,421,668 | 77,294 |
| | Prudential plc | 2,907,616 | 66,844 |
| | Unilever plc | 1,374,742 | 61,497 |
| | National Grid plc | 4,233,737 | 60,176 |
| | Reckitt Benckiser Group plc | 733,755 | 59,234 |
| | Glencore Xstrata plc | 10,917,518 | 58,909 |
| | SABMiller plc | 1,073,069 | 58,430 |
| | BT Group plc | 8,937,308 | 55,793 |
| | Standard Chartered plc | 2,244,021 | 48,600 |
| | Imperial Tobacco Group plc | 1,095,658 | 47,349 |
| | Tesco plc | 9,136,943 | 45,264 |
| | Anglo American plc London Shares | 1,485,949 | 39,724 |
| | Shire plc | 668,485 | 38,232 |
| | Rolls-Royce Holdings plc | 2,128,500 | 37,808 |
| | WPP plc | 1,525,644 | 32,896 |
| | Compass Group plc | 2,044,326 | 32,564 |
| | Centrica plc | 5,781,563 | 32,244 |
| | Aviva plc | 3,355,916 | 29,908 |
| | SSE plc | 1,092,052 | 28,161 |
| | BAE Systems plc | 3,641,658 | 24,638 |
| | ARM Holdings plc | 1,591,534 | 24,088 |
| | Legal & General Group plc | 6,679,128 | 23,910 |
| | CRH plc | 772,867 | 22,532 |
| | Experian plc | 1,156,201 | 22,230 |
| | Associated British Foods plc | 399,485 | 20,059 |
| | Reed Elsevier plc | 1,336,509 | 19,711 |
| | Kingfisher plc | 2,705,970 | 19,149 |
| | Next plc | 171,382 | 18,907 |
| | Old Mutual plc | 5,584,650 | 18,877 |
| | Wolseley plc | 302,412 | 17,523 |
| | Standard Life plc | 2,700,422 | 17,458 |
| | Pearson plc | 927,187 | 17,387 |
| | Land Securities Group plc | 903,148 | 16,224 |
| | British Sky Broadcasting Group plc | 1,080,013 | 16,074 |
| | Smith & Nephew plc | 1,027,601 | 16,024 |
| | Tullow Oil plc | 1,029,376 | 15,312 |
| | Whitbread plc | 202,776 | 13,987 |
| | Capita plc | 754,741 | 13,840 |
| | Marks & Spencer Group plc | 1,849,221 | 13,826 |
| | British Land Co. plc | 1,142,811 | 13,352 |
| | ITV plc | 4,277,500 | 13,158 |
| | Johnson Matthey plc | 233,070 | 12,894 |
| | Burberry Group plc | 504,737 | 12,676 |
| | GKN plc | 1,875,298 | 12,191 |
38
| | | |
| Vanguard® FTSE All-World ex-US Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Royal Bank of Scotland Group plc | 2,401,283 | 12,166 |
| | Babcock International Group plc | 573,162 | 11,569 |
| | Weir Group plc | 245,139 | 11,151 |
| | Bunzl plc | 382,823 | 10,907 |
| | United Utilities Group plc | 775,645 | 10,433 |
| | Smiths Group plc | 447,716 | 10,107 |
| | InterContinental Hotels Group plc | 290,141 | 9,916 |
| | RSA Insurance Group plc | 5,714,358 | 9,488 |
| | J Sainsbury plc | 1,604,068 | 9,100 |
| | Intertek Group plc | 183,307 | 9,030 |
| | Sage Group plc | 1,250,296 | 9,019 |
| | Randgold Resources Ltd. | 106,048 | 8,525 |
| | Ashtead Group plc | 573,535 | 8,498 |
| | Severn Trent plc | 271,843 | 8,474 |
| | WM Morrison Supermarkets plc | 2,488,800 | 8,449 |
| | Carnival plc | 209,379 | 8,371 |
| | Travis Perkins plc | 281,298 | 8,121 |
| | Aberdeen Asset Management plc | 1,092,799 | 8,083 |
| | IMI plc | 317,678 | 8,057 |
| | Resolution Ltd. | 1,573,631 | 7,939 |
| | Hammerson plc | 816,413 | 7,879 |
| * | International Consolidated Airlines Group SA (London Shares) | 1,141,974 | 7,810 |
| | Aggreko plc | 290,076 | 7,742 |
| | Rexam plc | 899,902 | 7,545 |
| * | Persimmon plc | 334,083 | 7,414 |
| | Meggitt plc | 911,180 | 7,350 |
| | St. James's Place plc | 560,402 | 7,304 |
| | Petrofac Ltd. | 296,949 | 7,288 |
| | AMEC plc | 341,539 | 7,133 |
| | 3i Group plc | 1,105,661 | 7,102 |
| | easyJet plc | 253,495 | 7,014 |
| | Direct Line Insurance Group plc | 1,657,920 | 7,014 |
| | G4S plc | 1,744,384 | 6,964 |
| | Croda International plc | 155,674 | 6,780 |
| | Mondi plc | 405,904 | 6,748 |
| | Barratt Developments plc | 1,077,675 | 6,740 |
| | Cobham plc | 1,254,030 | 6,542 |
| | Taylor Wimpey plc | 3,570,692 | 6,350 |
| | Tate & Lyle plc | 530,994 | 6,295 |
| | London Stock Exchange Group plc | 203,306 | 6,231 |
| | Melrose Industries plc | 1,241,074 | 5,993 |
| | Inmarsat plc | 485,869 | 5,978 |
| | William Hill plc | 991,028 | 5,938 |
| | Schroders plc (Voting Shares) | 132,831 | 5,744 |
| | Coca-Cola HBC AG | 222,636 | 5,642 |
| | Informa plc | 685,331 | 5,597 |
| | John Wood Group plc | 409,906 | 5,435 |
| | Admiral Group plc | 228,764 | 5,402 |
| | Berkeley Group Holdings plc | 139,135 | 5,399 |
| | Antofagasta plc | 403,501 | 5,378 |
| | Drax Group plc | 459,583 | 5,145 |
| | Investec plc | 576,721 | 5,089 |
| | Hargreaves Lansdown plc | 256,626 | 5,080 |
| | Segro plc | 838,444 | 4,962 |
| | Intu Properties plc | 976,387 | 4,824 |
| | ICAP plc | 620,244 | 4,345 |
| | Daily Mail & General Trust plc | 312,479 | 4,307 |
| | Rentokil Initial plc | 2,107,049 | 4,246 |
| | TUI Travel plc | 567,948 | 4,108 |
| | Serco Group plc | 571,215 | 3,256 |
| * | Sports Direct International plc | 231,568 | 3,071 |
| | Fresnillo plc | 205,073 | 2,957 |
| ^ | Ashmore Group plc | 488,835 | 2,904 |
| | Polyus Gold International Ltd. | 851,719 | 2,662 |
39
| | | | | |
| Vanguard® FTSE All-World ex-US Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2014 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | | | Shares | ($000) |
| * | Lonmin plc | | | 498,590 | 2,392 |
| | Polymetal International plc | | | 245,113 | 2,347 |
| ^ | Vedanta Resources plc | | | 120,113 | 1,923 |
| | Schroders plc | | | 55,289 | 1,822 |
| | CRH plc | | | 55,217 | 1,608 |
| | | | | | 3,396,907 |
| Total Common Stocks (Cost $18,392,882) | | | | 21,860,110 |
| | | Coupon | | | |
| Temporary Cash Investments (2.8%)1 | | | | |
| Money Market Fund (2.8%) | | | | |
| 5,6 | Vanguard Market Liquidity Fund | 0.124% | | 614,903,345 | 614,903 |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 7 | Federal Home Loan Bank Discount Notes | 0.130% | 5/23/14 | 200 | 200 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.125% | 5/30/14 | 1,200 | 1,200 |
| 7 | Federal Home Loan Bank Discount Notes | 0.070% | 6/4/14 | 600 | 600 |
| 7 | Federal Home Loan Bank Discount Notes | 0.075% | 6/24/14 | 500 | 500 |
| 7,8 | Federal Home Loan Bank Discount Notes | 0.090% | 8/6/14 | 2,000 | 1,999 |
| | | | | | 4,499 |
| Total Temporary Cash Investments (Cost $619,403) | | | | 619,402 |
| Total Investments (102.6%) (Cost $19,012,285) | | | | 22,479,512 |
| Other Assets and Liabilities—Net (-2.6%)6 | | | | (564,674) |
| Net Assets (100%) | | | | 21,914,838 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $570,743,000.
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 April 30, 2014, the aggregate value of these securities was $24,606,000, representing
0.1% 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 $604,927,000 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 $3,099,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
40
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Common Stocks (99.9%) | | |
| Australia (4.2%) | | |
| | DUET Group | 1,441,132 | 2,910 |
| | Beach Energy Ltd. | 1,502,312 | 2,404 |
| | Primary Health Care Ltd. | 550,065 | 2,404 |
| | carsales.com Ltd. | 236,804 | 2,398 |
| | Spark Infrastructure Group | 1,356,209 | 2,229 |
| | Investa Office Fund | 715,356 | 2,227 |
| | Navitas Ltd. | 316,991 | 2,174 |
| | David Jones Ltd. | 592,225 | 2,170 |
| ^ | JB Hi-Fi Ltd. | 113,294 | 2,036 |
| * | Aurora Oil & Gas Ltd. | 457,389 | 1,738 |
| ^ | Monadelphous Group Ltd. | 105,733 | 1,724 |
| | Mineral Resources Ltd. | 155,875 | 1,692 |
| | GrainCorp Ltd. Class A | 191,528 | 1,580 |
| | Qube Holdings Ltd. | 745,903 | 1,545 |
| | Cromwell Property Group | 1,597,920 | 1,472 |
| | G8 Education Ltd. | 332,852 | 1,452 |
| | NIB Holdings Ltd. | 556,721 | 1,425 |
| | Myer Holdings Ltd. | 685,870 | 1,421 |
| | Charter Hall Group | 360,787 | 1,412 |
| | BWP Trust | 592,735 | 1,378 |
| | Super Retail Group Ltd. | 142,164 | 1,346 |
| | Invocare Ltd. | 132,791 | 1,316 |
| | Magellan Financial Group Ltd. | 111,092 | 1,298 |
| | Charter Hall Retail REIT | 346,776 | 1,247 |
| | Domino's Pizza Enterprises Ltd. | 67,265 | 1,241 |
| * | Transpacific Industries Group Ltd. | 1,183,517 | 1,231 |
| | Breville Group Ltd. | 143,060 | 1,222 |
| ^ | UGL Ltd. | 187,439 | 1,179 |
| | Automotive Holdings Group Ltd. | 309,215 | 1,153 |
| | Ardent Leisure Group | 459,063 | 1,141 |
| | Iress Ltd. | 144,965 | 1,118 |
| ^ | M2 Group Ltd. | 207,887 | 1,092 |
| | Regis Resources Ltd. | 448,215 | 1,016 |
| | PanAust Ltd. | 674,102 | 1,014 |
| | iiNET Ltd. | 149,149 | 996 |
| | Independence Group NL | 239,558 | 971 |
| | SAI Global Ltd. | 242,380 | 963 |
| | Cardno Ltd. | 143,806 | 937 |
| * | Sandfire Resources NL | 169,388 | 900 |
| ^,* | Mesoblast Ltd. | 201,707 | 875 |
| | Seven Group Holdings Ltd. | 113,434 | 869 |
| | Abacus Property Group | 381,653 | 867 |
| | Sigma Pharmaceuticals Ltd. | 1,274,085 | 860 |
| | Western Areas Ltd. | 222,183 | 858 |
| * | AWE Ltd. | 549,414 | 803 |
| * | Senex Energy Ltd. | 1,271,783 | 790 |
| | Bradken Ltd. | 188,967 | 746 |
| * | Aveo Group | 389,557 | 737 |
| | Premier Investments Ltd. | 78,088 | 721 |
| | FlexiGroup Ltd. | 191,472 | 689 |
| | Southern Cross Media Group Ltd. | 546,311 | 654 |
| | Mermaid Marine Australia Ltd. | 326,609 | 651 |
| ^,* | Sirius Resources NL | 254,259 | 640 |
| | ARB Corp. Ltd. | 55,841 | 634 |
| | BT Investment Management Ltd. | 98,550 | 615 |
| | Sirtex Medical Ltd. | 41,821 | 614 |
| | Village Roadshow Ltd. | 92,195 | 605 |
| ^,* | Drillsearch Energy Ltd. | 393,722 | 590 |
| * | Beadell Resources Ltd. | 949,546 | 585 |
| | Pacific Brands Ltd. | 1,229,345 | 579 |
| * | Karoon Gas Australia Ltd. | 249,607 | 574 |
41
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Evolution Mining Ltd. | 655,833 | 523 |
| | Northern Star Resources Ltd. | 457,884 | 501 |
| | Mount Gibson Iron Ltd. | 719,774 | 492 |
| * | Roc Oil Co. Ltd. | 1,095,937 | 489 |
| * | Transfield Services Ltd. | 537,504 | 481 |
| * | Steadfast Group Ltd. | 331,644 | 472 |
| | Ainsworth Game Technology Ltd. | 119,766 | 463 |
| * | Mayne Pharma Group Ltd. | 582,664 | 462 |
| | Cabcharge Australia Ltd. | 126,581 | 457 |
| ^,* | Syrah Resources Ltd. | 126,294 | 454 |
| * | Papillon Resources Ltd. | 371,193 | 451 |
| | NRW Holdings Ltd. | 425,357 | 445 |
| ^ | Ausdrill Ltd. | 509,302 | 442 |
| * | Australian Agricultural Co. Ltd. | 356,776 | 425 |
| ^,* | Paladin Energy Ltd. | 993,458 | 404 |
| | Tassal Group Ltd. | 103,829 | 401 |
| | Virtus Health Ltd. | 57,628 | 398 |
| | McMillan Shakespeare Ltd. | 43,871 | 397 |
| * | Saracen Mineral Holdings Ltd. | 1,272,900 | 392 |
| | Cedar Woods Properties Ltd. | 58,120 | 391 |
| | Skilled Group Ltd. | 150,298 | 384 |
| | Wotif.com Holdings Ltd. | 152,360 | 379 |
| | Amcom Telecommunications Ltd. | 193,528 | 379 |
| * | Platinum Capital Ltd. | 242,158 | 374 |
| ^,* | Virgin Australia Holdings Ltd. | 1,085,876 | 374 |
| | STW Communications Group Ltd. | 280,187 | 368 |
| ^,* | Horizon Oil Ltd. | 1,034,882 | 366 |
| ^,* | Medusa Mining Ltd. | 217,468 | 365 |
| | Tox Free Solutions Ltd. | 113,410 | 365 |
| | Australian Pharmaceutical Industries Ltd. | 675,699 | 365 |
| | Hills Ltd. | 224,358 | 353 |
| * | Sundance Energy Australia Ltd. | 358,111 | 347 |
| ^,* | Lynas Corp. Ltd. | 2,124,592 | 326 |
| | Retail Food Group Ltd. | 83,193 | 324 |
| ^,* | Linc Energy Ltd. | 339,008 | 319 |
| * | Energy World Corp. Ltd. | 1,178,478 | 313 |
| | Challenger Diversified Property Group | 117,338 | 299 |
| | MACA Ltd. | 149,109 | 298 |
| ^,* | Cudeco Ltd. | 169,624 | 297 |
| | RCR Tomlinson Ltd. | 112,269 | 286 |
| * | Silex Systems Ltd. | 167,045 | 282 |
| | Programmed Maintenance Services Ltd. | 105,223 | 279 |
| * | Tiger Resources Ltd. | 837,171 | 278 |
| | GUD Holdings Ltd. | 55,803 | 278 |
| | Oakton Ltd. | 203,982 | 275 |
| ^ | Credit Corp. Group Ltd. | 32,005 | 268 |
| * | APN News & Media Ltd. | 400,557 | 264 |
| * | Resolute Mining Ltd. | 455,877 | 258 |
| * | Mineral Deposits Ltd. | 131,685 | 245 |
| * | Technology One Ltd. | 102,908 | 242 |
| | Astro Japan Property Group | 67,032 | 237 |
| * | Sundance Resources Ltd. | 2,619,109 | 220 |
| | Cash Converters International Ltd. | 212,154 | 215 |
| | Thorn Group Ltd. | 107,826 | 215 |
| * | Energy Resources of Australia Ltd. | 174,119 | 214 |
| | Growthpoint Properties Australia Ltd. | 92,025 | 208 |
| | Decmil Group Ltd. | 108,517 | 206 |
| | Sunland Group Ltd. | 131,850 | 205 |
| ^ | Reject Shop Ltd. | 21,920 | 204 |
| * | Billabong International Ltd. | 457,986 | 203 |
| * | NEXTDC Ltd. | 115,462 | 199 |
| | UXC Ltd. | 249,891 | 196 |
| ^,* | Buru Energy Ltd. | 178,676 | 195 |
| | Panoramic Resources Ltd. | 313,454 | 184 |
42
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | BC Iron Ltd. | 44,075 | 180 |
| * | Emeco Holdings Ltd. | 720,007 | 175 |
| * | Infigen Energy | 954,536 | 164 |
| ^,* | Perseus Mining Ltd. | 487,089 | 159 |
| ^,* | Troy Resources Ltd. | 171,798 | 157 |
| | SMS Management & Technology Ltd. | 43,059 | 150 |
| * | Macmahon Holdings Ltd. | 1,472,493 | 144 |
| | Webjet Ltd. | 54,639 | 140 |
| * | Silver Lake Resources Ltd. | 354,158 | 136 |
| | Acrux Ltd. | 130,179 | 126 |
| ^ | Fleetwood Corp. Ltd. | 56,264 | 121 |
| ^,* | Starpharma Holdings Ltd. | 180,901 | 120 |
| | Watpac Ltd. | 150,993 | 113 |
| ^,* | Kingsgate Consolidated Ltd. | 132,156 | 110 |
| * | Nexus Energy Ltd. | 1,906,834 | 104 |
| ^,* | Boart Longyear Ltd. | 378,135 | 101 |
| * | Indophil Resources NL | 761,380 | 99 |
| | Aspen Group | 76,280 | 95 |
| | Imdex Ltd. | 139,048 | 95 |
| * | St. Barbara Ltd. | 448,542 | 90 |
| | Mincor Resources NL | 114,012 | 85 |
| * | ERM Power Ltd. | 45,210 | 77 |
| * | Intrepid Mines Ltd. | 297,788 | 76 |
| * | Kingsrose Mining Ltd. | 197,107 | 74 |
| * | Tap Oil Ltd. | 186,680 | 72 |
| ^,* | Coalspur Mines Ltd. | 334,093 | 56 |
| | Crowe Horwath Australasia Ltd. | 152,276 | 52 |
| | Forge Group Ltd. | 55,592 | 47 |
| * | Cape Lambert Resources Ltd. | 447,421 | 42 |
| * | Dart Energy Ltd. | 359,795 | 40 |
| * | Rex Minerals Ltd. | 127,504 | 40 |
| ^,* | Gindalbie Metals Ltd. | 703,895 | 38 |
| * | Equatorial Resources Ltd. | 71,238 | 34 |
| * | Kagara Ltd. | 274,560 | 31 |
| * | Galaxy Resources Ltd. | 254,475 | 14 |
| * | Mirabela Nickel Ltd. | 669,289 | 10 |
| * | Virgin Australia Holdings Pvt Ltd | 1,276,415 | 6 |
| * | AJ Lucas Group Ltd. | 2,618 | 2 |
| | | | 99,494 |
| Austria (0.7%) | | |
| | Wienerberger AG | 126,422 | 2,347 |
| ^ | Oesterreichische Post AG | 39,705 | 2,029 |
| | Schoeller-Bleckmann Oilfield Equipment AG | 13,049 | 1,659 |
| | CA Immobilien Anlagen AG | 85,719 | 1,634 |
| | Atrium European Real Estate Ltd. | 217,677 | 1,254 |
| | Flughafen Wien AG | 11,145 | 1,094 |
| * | Mayr Melnhof Karton AG | 8,562 | 1,090 |
| ^,* | Conwert Immobilien Invest SE | 72,384 | 1,043 |
| | RHI AG | 29,744 | 1,041 |
| | Zumtobel AG | 31,869 | 663 |
| 1 | AMAG Austria Metall AG | 16,684 | 574 |
| | Lenzing AG | 8,900 | 568 |
| | S IMMO AG | 48,753 | 385 |
| | Palfinger AG | 9,969 | 369 |
| | EVN AG | 26,305 | 367 |
| | Kapsch TrafficCom AG | 4,887 | 271 |
| | | | 16,388 |
| Belgium (1.3%) | | |
| | Ackermans & van Haaren NV | 28,755 | 3,718 |
| * | bpost SA | 110,876 | 2,499 |
| | Cofinimmo | 19,186 | 2,351 |
| | Sofina SA | 19,233 | 2,309 |
| | Arseus NV | 30,283 | 1,715 |
| | NV Bekaert SA | 40,887 | 1,664 |
43
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | Elia System Operator SA/NV | 29,560 | 1,568 |
| ^ | Befimmo SA | 19,521 | 1,423 |
| | D'ieteren SA/NV | 28,078 | 1,299 |
| ^,* | ThromboGenics NV | 35,508 | 1,131 |
| | Gimv NV | 20,967 | 1,087 |
| | Melexis NV | 25,852 | 1,040 |
| * | Warehouses De Pauw SCA | 13,115 | 1,012 |
| | Cie d'Entreprises CFE | 8,862 | 977 |
| | Tessenderlo Chemie NV (Voting Shares) | 25,824 | 791 |
| ^ | Nyrstar (Voting Shares) | 192,480 | 766 |
| * | AGFA-Gevaert NV | 163,982 | 628 |
| | Sipef SA | 7,131 | 623 |
| | Mobistar SA | 31,229 | 609 |
| | EVS Broadcast Equipment SA | 9,558 | 605 |
| ^ | Cie Maritime Belge SA | 19,345 | 575 |
| ^,* | KBC Ancora | 15,276 | 561 |
| | Barco NV | 7,256 | 541 |
| | Econocom Group | 47,718 | 512 |
| * | RHJ International | 94,301 | 462 |
| | Van de Velde NV | 6,914 | 368 |
| * | Euronav NV | 29,210 | 354 |
| | Wereldhave Belgium NV | 1,621 | 207 |
| * | Ion Beam Applications | 13,429 | 186 |
| * | Intervest Offices & Warehouses | 4,222 | 132 |
| | | | 31,713 |
| Brazil (1.4%) | | |
| | Estacio Participacoes SA | 269,400 | 2,885 |
| * | Qualicorp SA | 218,352 | 2,122 |
| | Equatorial Energia SA | 126,250 | 1,153 |
| | Mills Estruturas e Servicos de Engenharia SA | 90,578 | 1,142 |
| | Marcopolo SA Prior Pfd. | 577,816 | 1,060 |
| | Banco do Estado do Rio Grande do Sul SA Prior Pfd. | 185,946 | 1,043 |
| | Cia de Saneamento de Minas Gerais-COPASA | 66,598 | 1,039 |
| | Odontoprev SA | 246,627 | 990 |
| | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A | 61,900 | 959 |
| * | PDG Realty SA Empreendimentos e Participacoes | 1,496,100 | 919 |
| | Smiles SA | 47,493 | 900 |
| | Diagnosticos da America SA | 136,920 | 812 |
| | Alpargatas SA Prior Pfd. | 159,102 | 785 |
| * | B2W Cia Digital | 70,527 | 784 |
| | Sao Martinho SA | 48,400 | 725 |
| * | Gol Linhas Aereas Inteligentes SA Prior Pfd. | 113,000 | 724 |
| * | Even Construtora e Incorporadora SA | 224,022 | 721 |
| | Gafisa SA | 438,982 | 715 |
| | Aliansce Shopping Centers SA | 80,579 | 665 |
| * | Ez Tec Empreendimentos e Participacoes SA | 53,300 | 654 |
| | Iochpe-Maxion SA | 71,950 | 651 |
| | Iguatemi Empresa de Shopping Centers SA | 62,000 | 617 |
| | Fleury SA | 90,156 | 605 |
| | Direcional Engenharia SA | 123,294 | 602 |
| | Grendene SA | 90,064 | 570 |
| | Magnesita Refratarios SA | 245,201 | 521 |
| * | Marfrig Global Foods SA | 271,912 | 507 |
| | Arezzo Industria e Comercio SA | 44,600 | 499 |
| * | Prumo Logistica SA | 938,752 | 497 |
| | Alupar Investimento SA | 70,000 | 496 |
| | Randon Participacoes SA Prior Pfd. | 153,595 | 496 |
| | JSL SA | 83,600 | 453 |
| | QGEP Participacoes SA | 115,400 | 444 |
| | SLC Agricola SA | 57,600 | 439 |
| | Helbor Empreendimentos SA | 128,300 | 437 |
| | International Meal Co. Holdings SA | 52,800 | 418 |
| | Mahle-Metal Leve SA Industria e Comercio | 41,000 | 405 |
| | Linx SA | 18,178 | 397 |
44
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Brasil Brokers Participacoes SA | 191,600 | 376 |
| | Santos Brasil Participacoes SA | 42,946 | 344 |
| * | LPS Brasil Consultoria de Imoveis SA | 66,806 | 334 |
| | Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Prior Pfd. | 78,018 | 319 |
| | Abril Educacao SA | 22,700 | 290 |
| | Marisa Lojas SA | 41,600 | 281 |
| | Brasil Insurance Participacoes e Administracao SA | 61,427 | 274 |
| | Cia Energetica do Ceara Prior Pfd. | 16,642 | 261 |
| * | Contax Participacoes SA | 34,353 | 259 |
| | Tecnisa SA | 78,100 | 243 |
| * | Brasil Pharma SA | 138,900 | 227 |
| * | Paranapanema SA | 136,200 | 224 |
| * | Rossi Residencial SA | 300,115 | 215 |
| | Magazine Luiza SA | 56,100 | 192 |
| | Sonae Sierra Brasil SA | 22,400 | 181 |
| | Tegma Gestao Logistica | 19,900 | 167 |
| | JHSF Participacoes SA | 95,400 | 155 |
| | Tereos Internacional SA | 127,311 | 102 |
| | Eneva SA | 148,400 | 82 |
| | | | 34,377 |
| Canada (13.7%) | | |
| * | Tourmaline Oil Corp. | 187,024 | 9,683 |
| | Gildan Activewear Inc. | 132,512 | 6,774 |
| ^ | Vermilion Energy Inc. | 98,312 | 6,542 |
| | Methanex Corp. | 104,737 | 6,487 |
| | Open Text Corp. | 129,480 | 6,385 |
| | Keyera Corp. | 86,860 | 5,777 |
| ^ | Baytex Energy Corp. | 138,162 | 5,751 |
| ^ | AltaGas Ltd. | 133,303 | 5,680 |
| | Dollarama Inc. | 66,155 | 5,502 |
| | Onex Corp. | 96,141 | 5,491 |
| | Peyto Exploration & Development Corp. | 144,306 | 5,320 |
| ^ | Enerplus Corp. | 219,242 | 4,863 |
| | Industrial Alliance Insurance & Financial Services Inc. | 108,870 | 4,495 |
| | Precision Drilling Corp. | 314,137 | 4,084 |
| | Atco Ltd. | 82,538 | 4,030 |
| | Constellation Software Inc. | 17,436 | 3,862 |
| ^ | Pengrowth Energy Corp. | 584,299 | 3,796 |
| | CAE Inc. | 283,971 | 3,749 |
| | Empire Co. Ltd. | 58,151 | 3,678 |
| | Gibson Energy Inc. | 135,970 | 3,630 |
| * | Osisko Mining Corp. | 483,656 | 3,464 |
| ^ | Veresen Inc. | 226,525 | 3,350 |
| ^ | Bonavista Energy Corp. | 212,047 | 3,331 |
| | CCL Industries Inc. Class B | 36,337 | 3,304 |
| | MacDonald Dettwiler & Associates Ltd. | 41,353 | 3,207 |
| | Progressive Waste Solutions Ltd. | 131,694 | 3,206 |
| | Aimia Inc. | 198,172 | 3,191 |
| ^ | Home Capital Group Inc. Class B | 75,508 | 3,190 |
| | West Fraser Timber Co. Ltd. | 68,813 | 3,076 |
| | Canadian Western Bank | 89,295 | 3,026 |
| | H&R REIT | 142,437 | 2,999 |
| * | Athabasca Oil Corp. | 395,193 | 2,935 |
| | Stantec Inc. | 48,939 | 2,900 |
| | ShawCor Ltd. | 65,003 | 2,895 |
| * | Paramount Resources Ltd. Class A | 52,388 | 2,851 |
| ^ | Whitecap Resources Inc. | 215,059 | 2,837 |
| * | New Gold Inc. | 553,728 | 2,799 |
| | Linamar Corp. | 55,235 | 2,765 |
| | Cineplex Inc. | 70,471 | 2,656 |
| | Davis & Henderson Corp. | 89,466 | 2,591 |
| * | Lundin Mining Corp. | 493,427 | 2,521 |
| ^ | Ritchie Bros Auctioneers Inc. | 100,096 | 2,501 |
| | TransForce Inc. | 113,116 | 2,470 |
45
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Trican Well Service Ltd. | 166,722 | 2,388 |
| * | Element Financial Corp. | 198,700 | 2,380 |
| ^ | Mullen Group Ltd. | 85,597 | 2,321 |
| | Quebecor Inc. Class B | 97,338 | 2,296 |
| | Ensign Energy Services Inc. | 142,372 | 2,241 |
| | WSP Global Inc. | 64,397 | 2,204 |
| | TMX Group Ltd. | 41,730 | 2,198 |
| ^ | Russel Metals Inc. | 72,439 | 2,131 |
| | Secure Energy Services Inc. | 118,554 | 2,127 |
| | Westshore Terminals Investment Corp. | 65,138 | 2,117 |
| * | Tahoe Resources Inc. | 94,662 | 2,106 |
| * | Celestica Inc. | 189,231 | 2,099 |
| * | B2Gold Corp. | 726,351 | 2,087 |
| | Corus Entertainment Inc. Class B | 92,014 | 2,067 |
| * | Canfor Corp. | 90,588 | 2,055 |
| | Pason Systems Inc. | 73,703 | 2,047 |
| | Pan American Silver Corp. | 157,636 | 2,042 |
| | Capital Power Corp. | 87,857 | 1,973 |
| * | Imax Corp. | 76,280 | 1,955 |
| | HudBay Minerals Inc. | 222,670 | 1,900 |
| ^ | Trilogy Energy Corp. | 67,559 | 1,849 |
| ^ | Canadian Energy Services & Technology Corp. | 62,600 | 1,846 |
| | Toromont Industries Ltd. | 74,189 | 1,835 |
| * | Gran Tierra Energy Inc. | 250,760 | 1,793 |
| | Trinidad Drilling Ltd. | 158,493 | 1,773 |
| | FirstService Corp. | 35,197 | 1,737 |
| | Jean Coutu Group PJC Inc. Class A | 85,327 | 1,720 |
| * | Bellatrix Exploration Ltd. | 176,600 | 1,718 |
| * | Detour Gold Corp. | 170,870 | 1,701 |
| ^ | Superior Plus Corp. | 140,810 | 1,697 |
| | Bonterra Energy Corp. | 30,390 | 1,585 |
| | First Capital Realty Inc. | 96,699 | 1,584 |
| ^ | Genworth MI Canada Inc. | 44,703 | 1,568 |
| * | Bankers Petroleum Ltd. | 279,210 | 1,521 |
| | Calloway REIT | 61,664 | 1,507 |
| ^ | Canadian REIT | 36,431 | 1,502 |
| ^ | Boardwalk REIT | 26,468 | 1,492 |
| | Dundee REIT Class A | 56,320 | 1,484 |
| * | NuVista Energy Ltd. | 147,794 | 1,475 |
| * | Kelt Exploration Ltd. | 116,610 | 1,465 |
| * | Crew Energy Inc. | 128,523 | 1,456 |
| | IAMGOLD Corp. | 411,600 | 1,435 |
| ^ | Northland Power Inc. | 88,298 | 1,380 |
| | Maple Leaf Foods Inc. | 82,039 | 1,356 |
| | Sherritt International Corp. | 320,165 | 1,355 |
| | RONA Inc. | 133,893 | 1,350 |
| ^ | Lightstream Resources Ltd. | 224,453 | 1,350 |
| | Enerflex Ltd. | 84,711 | 1,348 |
| | Laurentian Bank of Canada | 31,378 | 1,348 |
| | Alamos Gold Inc. | 143,587 | 1,343 |
| | Algonquin Power & Utilities Corp. | 186,661 | 1,342 |
| * | Birchcliff Energy Ltd. | 114,084 | 1,323 |
| * | Legacy Oil & Gas Inc. | 169,300 | 1,318 |
| ^ | Parkland Fuel Corp. | 69,527 | 1,288 |
| | Manitoba Telecom Services Inc. | 46,016 | 1,272 |
| | Stella-Jones Inc. | 46,485 | 1,271 |
| | Calfrac Well Services Ltd. | 36,650 | 1,269 |
| ^ | Emera Inc. | 40,823 | 1,263 |
| | Black Diamond Group Ltd. | 39,900 | 1,254 |
| * | First Majestic Silver Corp. | 129,011 | 1,224 |
| * | ATS Automation Tooling Systems Inc. | 91,607 | 1,187 |
| * | Dominion Diamond Corp. | 94,393 | 1,186 |
| | Cominar REIT | 68,132 | 1,181 |
| | SEMAFO Inc. | 307,989 | 1,152 |
46
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | North West Co. Inc. | 51,159 | 1,131 |
| ^ | Allied Properties REIT | 35,882 | 1,120 |
| * | Advantage Oil & Gas Ltd. | 174,253 | 1,103 |
| ^ | Just Energy Group Inc. | 138,802 | 1,103 |
| | Innergex Renewable Energy Inc. | 113,224 | 1,095 |
| ^ | AuRico Gold Inc. | 262,033 | 1,090 |
| | Canadian Apartment Properties REIT | 56,448 | 1,083 |
| | Aecon Group Inc. | 63,295 | 1,063 |
| | AGF Management Ltd. Class B | 94,963 | 1,058 |
| | Transcontinental Inc. Class A | 71,429 | 1,041 |
| * | Capstone Mining Corp. | 391,677 | 1,033 |
| | Hudson's Bay Co. | 63,900 | 1,010 |
| | Dorel Industries Inc. Class B | 28,086 | 1,007 |
| | Artis REIT | 67,490 | 983 |
| | Chartwell Retirement Residences | 102,898 | 979 |
| ^,* | NovaGold Resources Inc. | 275,137 | 969 |
| | Granite REIT | 25,100 | 967 |
| | Canaccord Genuity Group Inc. | 110,261 | 953 |
| ^,* | Westport Innovations Inc. | 72,028 | 944 |
| | Centerra Gold Inc. | 175,534 | 900 |
| * | Avigilon Corp. | 37,900 | 892 |
| | Cott Corp. | 108,694 | 883 |
| ^ | First National Financial Corp. | 40,200 | 873 |
| ^,* | Silver Standard Resources Inc. | 88,104 | 872 |
| * | Torex Gold Resources Inc. | 780,604 | 869 |
| ^ | Canexus Corp. | 195,417 | 859 |
| | Nevsun Resources Ltd. | 229,331 | 831 |
| * | OceanaGold Corp. | 317,209 | 805 |
| * | BlackPearl Resources Inc. | 278,920 | 784 |
| | Martinrea International Inc. | 76,838 | 774 |
| | Major Drilling Group International Inc. | 97,824 | 769 |
| | Savanna Energy Services Corp. | 93,062 | 755 |
| | Alacer Gold Corp. | 312,059 | 746 |
| | Norbord Inc. | 28,534 | 699 |
| * | Great Canadian Gaming Corp. | 50,530 | 698 |
| * | China Gold International Resources Corp. Ltd. | 267,300 | 688 |
| * | Imperial Metals Corp. | 52,202 | 664 |
| * | Dream Unlimited Corp. | 48,330 | 661 |
| | Cogeco Cable Inc. | 11,883 | 650 |
| * | Argonaut Gold Inc. | 172,140 | 636 |
| | Morguard REIT | 41,144 | 631 |
| * | Dundee Corp. Class A | 39,330 | 574 |
| ^ | Extendicare Inc. | 85,575 | 526 |
| * | Endeavour Silver Corp. | 110,460 | 505 |
| * | Denison Mines Corp. | 368,167 | 504 |
| | GMP Capital Inc. | 66,200 | 502 |
| ^,* | Pretium Resources Inc. | 75,600 | 490 |
| * | Taseko Mines Ltd. | 213,370 | 461 |
| * | Dundee Precious Metals Inc. | 132,176 | 439 |
| ^,* | Thompson Creek Metals Co. Inc. | 161,015 | 432 |
| | Wi-Lan Inc. | 130,900 | 402 |
| ^ | Atlantic Power Corp. | 124,074 | 370 |
| | Torstar Corp. Class B | 58,391 | 348 |
| | Northern Property REIT | 13,500 | 345 |
| ^ | Silvercorp Metals Inc. | 164,393 | 342 |
| | Cascades Inc. | 58,366 | 342 |
| * | Continental Gold Ltd. | 94,200 | 335 |
| | Sprott Inc. | 109,700 | 325 |
| | Reitmans Canada Ltd. Class A | 47,773 | 290 |
| * | Gran Tierra Energy Inc. (Toronto Shares) | 35,000 | 249 |
| | InnVest REIT | 39,343 | 190 |
| * | Westport Innovations Inc. | 7,000 | 92 |
| * | Torex Gold Resources Inc Warrants | 56,907 | 3 |
| | | | 325,218 |
47
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Chile (0.4%) | | |
| | Vina Concha y Toro SA | 630,825 | 1,336 |
| | Sonda SA | 530,282 | 1,227 |
| | Parque Arauco SA | 562,020 | 1,006 |
| | Inversiones Aguas Metropolitanas SA | 482,977 | 799 |
| | E.CL SA | 601,026 | 763 |
| | Ripley Corp. SA | 1,020,235 | 663 |
| | Inversiones La Construccion SA | 38,290 | 504 |
| | CFR Pharmaceuticals SA | 2,441,572 | 498 |
| | Administradora de Fondos de Pensiones Habitat SA | 351,216 | 488 |
| | Sociedad Matriz SAAM SA | 5,642,437 | 456 |
| | Sigdo Koppers SA | 260,583 | 424 |
| | Salfacorp SA | 474,598 | 408 |
| * | Forus SA | 92,362 | 390 |
| * | Cia Sud Americana de Vapores SA | 7,455,806 | 355 |
| | Besalco SA | 356,875 | 311 |
| * | Coca-Cola Embonor SA Preference Shares Class B | 76,465 | 141 |
| | Masisa SA | 726,651 | 36 |
| | | | 9,805 |
| China (2.6%) | | |
| ^,* | Hanergy Solar Group Ltd. | 11,971,689 | 1,719 |
| * | Shunfeng Photovoltaic International Ltd. | 1,106,000 | 1,428 |
| | China Medical System Holdings Ltd. | 978,800 | 1,160 |
| | Skyworth Digital Holdings Ltd. | 2,376,497 | 1,140 |
| | Sinopec Kantons Holdings Ltd. | 1,169,962 | 1,093 |
| ^ | Tong Ren Tang Technologies Co. Ltd. | 371,744 | 1,074 |
| | Intime Retail Group Co. Ltd. | 1,086,937 | 1,067 |
| ^,* | China Modern Dairy Holdings Ltd. | 2,402,000 | 1,031 |
| ^ | China South City Holdings Ltd. | 2,372,000 | 993 |
| ^,* | China High Speed Transmission Equipment Group Co. Ltd. | 1,390,000 | 972 |
| ^ | China Power International Development Ltd. | 2,677,320 | 964 |
| | Digital China Holdings Ltd. | 990,671 | 918 |
| | Sunny Optical Technology Group Co. Ltd. | 777,000 | 910 |
| | Sunac China Holdings Ltd. | 1,713,000 | 872 |
| | China Shanshui Cement Group Ltd. | 1,995,757 | 772 |
| * | China Resources and Transportation Group Ltd. | 17,500,000 | 770 |
| | Greatview Aseptic Packaging Co. Ltd. | 1,211,000 | 739 |
| ^ | China Singyes Solar Technologies Holdings Ltd. | 500,600 | 735 |
| | China Suntien Green Energy Corp. Ltd. | 2,041,000 | 691 |
| ^ | Kaisa Group Holdings Ltd. | 2,107,000 | 670 |
| | China Oil & Gas Group Ltd. | 4,040,000 | 669 |
| ^ | Tibet 5100 Water Resources Holdings Ltd. | 1,637,000 | 649 |
| ^ | China Lumena New Materials Corp. | 3,950,000 | 637 |
| * | BYD Electronic International Co. Ltd. | 1,029,500 | 636 |
| * | Coolpad Group Ltd. | 1,458,978 | 633 |
| ^ | Baoxin Auto Group Ltd. | 823,500 | 624 |
| * | Hisense Kelon Electrical Holdings Co. Ltd. Class A | 521,000 | 619 |
| | Lijun International Pharmaceutical Holding Co. Ltd. | 1,466,000 | 601 |
| ^,* | Kingdee International Software Group Co. Ltd. | 1,951,200 | 586 |
| | Phoenix Satellite Television Holdings Ltd. | 1,635,783 | 586 |
| | Dah Chong Hong Holdings Ltd. | 911,988 | 581 |
| * | Hua Han Bio-Pharmaceutical Holdings Ltd. | 2,764,000 | 577 |
| | Lao Feng Xiang Co. Ltd. Class B | 226,220 | 561 |
| | Ajisen China Holdings Ltd. | 655,408 | 553 |
| * | China ZhengTong Auto Services Holdings Ltd. | 994,000 | 543 |
| * | North Mining Shares Co. Ltd. | 11,470,000 | 533 |
| | China Overseas Grand Oceans Group Ltd. | 887,000 | 528 |
| | Shenguan Holdings Group Ltd. | 1,182,000 | 506 |
| ^,* | Hunan Nonferrous Metal Corp. Ltd. | 1,743,223 | 506 |
| | China Shineway Pharmaceutical Group Ltd. | 287,000 | 504 |
| ^ | Dongyue Group Ltd. | 1,234,000 | 495 |
| * | China Lesso Group Holdings Ltd. | 905,000 | 482 |
| * | Tech Pro Technology Development Ltd. | 948,000 | 471 |
| | Yashili International Holdings Ltd. | 952,000 | 464 |
48
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sinotrans Shipping Ltd. | 1,509,190 | 437 |
| ^,* | VODone Ltd. | 4,947,566 | 436 |
| | First Tractor Co. Ltd. | 732,832 | 430 |
| * | China Precious Metal Resources Holdings Co. Ltd. | 4,238,000 | 427 |
| * | Hi Sun Technology China Ltd. | 1,977,000 | 425 |
| | Beijing Capital Land Ltd. | 1,246,000 | 420 |
| | Luthai Textile Co. Ltd. Class B | 292,300 | 414 |
| * | Bloomage Biotechnology Corp. Ltd. | 152,500 | 411 |
| ^ | NetDragon Websoft Inc. | 239,000 | 409 |
| * | China Traditional Chinese Medicine Co. Ltd. | 960,000 | 406 |
| ^,* | China Metal Recycling Holdings Ltd. | 332,400 | 404 |
| * | Glorious Property Holdings Ltd. | 2,780,000 | 399 |
| * | MMG Ltd. | 1,700,127 | 396 |
| | Yuexiu Transport Infrastructure Ltd. | 762,000 | 390 |
| ^ | Hengdeli Holdings Ltd. | 2,021,765 | 389 |
| | Hilong Holding Ltd. | 740,000 | 387 |
| ^,* | Chinasoft International Ltd. | 1,312,000 | 379 |
| | Welling Holding Ltd. | 1,203,600 | 378 |
| | Shanghai Jin Jiang International Hotels Group Co. Ltd. | 1,543,417 | 376 |
| * | Lonking Holdings Ltd. | 2,024,313 | 375 |
| | XTEP International Holdings | 920,379 | 370 |
| | Dalian Port PDA Co. Ltd. | 1,556,538 | 368 |
| | Jiangsu Future Land Co. Ltd. Class B | 743,150 | 368 |
| | Wasion Group Holdings Ltd. | 502,000 | 360 |
| ^ | Fufeng Group Ltd. | 944,606 | 360 |
| | China Datang Corp. Renewable Power Co. Ltd. | 2,673,000 | 356 |
| | NVC Lighting Holding Ltd. | 1,417,000 | 354 |
| | Hangzhou Steam Turbine Co. Class B | 336,912 | 353 |
| | West China Cement Ltd. | 3,216,000 | 350 |
| | Xingda International Holdings Ltd. | 792,000 | 349 |
| * | Tianjin Development Hldgs Ltd. | 426,000 | 346 |
| * | Interchina Holdings Co. | 7,695,000 | 343 |
| | CPMC Holdings Ltd. | 419,000 | 333 |
| | Changshouhua Food Co. Ltd. | 326,000 | 331 |
| * | China Power New Energy Development Co. Ltd. | 6,140,000 | 326 |
| * | China Huiyuan Juice Group Ltd. | 486,500 | 319 |
| | CIFI Holdings Group Co. Ltd. | 1,632,000 | 310 |
| | Anxin-China Holdings Ltd. | 1,900,000 | 299 |
| | China Water Affairs Group Ltd. | 876,000 | 295 |
| * | Livzon Pharmaceutical Group Inc. | 51,500 | 292 |
| | Chaowei Power Holdings Ltd. | 549,000 | 283 |
| | China Lilang Ltd. | 435,000 | 281 |
| * | Wisdom Holdings Group | 556,000 | 278 |
| | China SCE Property Holdings Ltd. | 1,259,000 | 273 |
| * | China Tian Lun Gas Holdings Ltd. | 295,500 | 273 |
| ^ | Daphne International Holdings Ltd. | 671,996 | 270 |
| | Fantasia Holdings Group Co. Ltd. | 1,986,000 | 265 |
| | Yuanda China Holdings Ltd. | 2,880,000 | 264 |
| | Tianjin Port Development Holdings Ltd. | 1,681,976 | 263 |
| | Cosco International Holdings Ltd. | 626,000 | 261 |
| | Weiqiao Textile Co. | 468,500 | 261 |
| * | Shanghai Industrial Urban Development Group Ltd. | 1,338,000 | 256 |
| | Tianneng Power International Ltd. | 710,000 | 247 |
| ^,* | Comba Telecom Systems Holdings Ltd. | 959,175 | 246 |
| | China National Accord Medicines Corp. Ltd. Class B | 52,900 | 234 |
| | Qingling Motors Co. Ltd. | 752,929 | 231 |
| * | Shougang Concord International Enterprises Co. Ltd. | 4,959,116 | 231 |
| ^ | Vinda International Holdings Ltd. | 155,000 | 227 |
| * | China WindPower Group Ltd. | 3,420,000 | 226 |
| | C C Land Holdings Ltd. | 1,173,000 | 223 |
| | Shanghai Diesel Engine Co. Ltd. Class B | 327,400 | 223 |
| | Texhong Textile Group Ltd. | 297,500 | 220 |
| * | Great Wall Technology Co. Ltd. | 562,000 | 218 |
| * | Mingfa Group International Co. Ltd. | 868,000 | 217 |
49
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shanghai Baosight Software Co. Ltd. Class B | 115,670 | 210 |
| | China Fangda Group Co. Ltd. Class B | 436,800 | 202 |
| | MIE Holdings Corp. | 1,070,000 | 202 |
| | Hubei Sanonda Co. Ltd. Class B | 178,600 | 201 |
| | Huangshan Tourism Development Co. Ltd. Class B | 158,500 | 200 |
| * | Sinolink Worldwide Holdings Ltd. | 2,370,000 | 187 |
| | Powerlong Real Estate Holdings Ltd. | 1,193,000 | 180 |
| | Xiamen International Port Co. Ltd. | 1,177,000 | 175 |
| ^ | Tiangong International Co. Ltd. | 996,000 | 173 |
| * | China Rare Earth Holdings Ltd. | 1,334,000 | 170 |
| | Huaxin Cement Co. Ltd. Class B | 109,100 | 166 |
| * | HKC Holdings Ltd. | 6,008,460 | 163 |
| * | Chongqing Iron & Steel Co. Ltd. | 1,125,500 | 161 |
| * | TCL Multimedia Technology Holdings Ltd. | 471,842 | 160 |
| * | SGSB Group Co. Ltd. Class B | 286,100 | 158 |
| | Hainan Meilan International Airport Co. Ltd. | 166,000 | 158 |
| | 361 Degrees International Ltd. | 684,000 | 157 |
| * | Xinjiang Xinxin Mining Industry Co. Ltd. | 844,000 | 153 |
| | Shanghai Shibei Hi-Tech Co. Ltd. Class B | 254,429 | 147 |
| | Peak Sport Products Co. Ltd. | 523,756 | 147 |
| * | Winsway Coking Coal Holdings Ltd. | 3,198,870 | 145 |
| * | SRE Group Ltd. | 4,930,302 | 141 |
| | Eastern Communications Co. Ltd. Class B | 269,950 | 139 |
| | Chongqing Machinery & Electric Co. Ltd. | 1,046,000 | 135 |
| * | INESA Electron Co. Ltd. Class B | 268,933 | 135 |
| | Minmetals Land Ltd. | 1,184,000 | 133 |
| | Lingbao Gold Co. Ltd. | 748,558 | 133 |
| | Maoye International Holdings Ltd. | 923,459 | 133 |
| | Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B | 138,500 | 126 |
| | Hefei Meiling Co. Ltd. Class B | 184,160 | 116 |
| | Changchai Co. Ltd. Class B | 179,100 | 111 |
| | O-Net Communications Group Ltd. | 397,000 | 103 |
| ^ | China ITS Holdings Co. Ltd. | 531,000 | 102 |
| ^,* | Boshiwa International Holding Ltd. | 469,000 | 102 |
| | China Automation Group Ltd. | 566,670 | 101 |
| | Shenzhen Chiwan Petroleum Class B | 47,000 | 98 |
| | Chen Hsong Holdings | 322,000 | 97 |
| ^,* | Hidili Industry International Development Ltd. | 815,000 | 96 |
| * | Sparkle Roll Group Ltd. | 1,392,000 | 95 |
| * | Chengde Nanjiang Co. Ltd. Class B | 271,700 | 95 |
| | Guangdong Provincial Expressway Development Co. Ltd. Class B | 299,900 | 94 |
| * | China Vanadium Titano - Magnetite Mining Co. Ltd. | 742,000 | 91 |
| | Shanghai Yaohua Pilkington Glass Group Co. Ltd. | 139,400 | 88 |
| | Shanghai Highly Group Co. Ltd. Class B | 147,000 | 80 |
| * | Kama Co. Ltd. Class B | 171,000 | 75 |
| * | Jinchuan Group International Resources Co. Ltd. | 644,000 | 74 |
| | Real Nutriceutical Group Ltd. | 314,000 | 67 |
| | Foshan Huaxin Packaging Co. Ltd. Class B | 135,000 | 65 |
| * | China Textile Machinery Class B | 80,200 | 65 |
| * | China High Precision Automation Group Ltd. | 401,000 | 63 |
| * | Shanghai Potevio Co. Ltd. Class B | 83,300 | 60 |
| * | Global Bio-Chem Technology Group Co. Ltd. | 1,678,000 | 58 |
| | Fiyta Holdings Ltd. Class B | 73,309 | 57 |
| * | Shanghai Dajiang Food Group Co. Ltd. Class B | 158,400 | 57 |
| | Dalian Refrigeration Co. Ltd. Class B | 57,600 | 49 |
| * | Shanghai Automation Instrumentation Co. Ltd. Class B | 71,500 | 47 |
| * | Shenzhen International Enterprise Class B | 38,200 | 47 |
| * | Shenzhen Nanshan Power Co. Ltd. Class B | 132,150 | 44 |
| * | China Tontine Wines Group Ltd. | 952,000 | 41 |
| * | Jinshan Development & Construction Co. Ltd. Class B | 67,500 | 40 |
| * | Real Gold Mining Ltd. | 239,476 | 26 |
| * | Chigo Holding Ltd. | 1,038,000 | 24 |
| | | | 61,221 |
50
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| Colombia (0.1%) | | |
| | Banco Davivienda SA Prior Pfd. | 102,306 | 1,457 |
| |
| Czech Republic (0.0%) | | |
| | Philip Morris CR AS | 310 | 164 |
| |
| Denmark (1.1%) | | |
| * | Jyske Bank A/S | 80,934 | 4,450 |
| | GN Store Nord A/S | 180,271 | 4,355 |
| * | Topdanmark A/S | 92,225 | 2,698 |
| * | Sydbank A/S | 82,335 | 2,196 |
| * | Genmab A/S | 52,116 | 1,942 |
| | NKT Holding A/S | 27,944 | 1,763 |
| | SimCorp A/S | 38,444 | 1,476 |
| * | Royal UNIBREW | 8,624 | 1,342 |
| * | Matas A/S | 41,917 | 1,150 |
| | Spar Nord Bank A/S | 91,736 | 1,033 |
| | ALK-Abello A/S | 6,396 | 887 |
| | Schouw & Co. | 12,578 | 702 |
| * | Bavarian Nordic A/S | 18,922 | 402 |
| | Solar A/S Class B | 5,174 | 358 |
| * | Alm Brand A/S | 71,984 | 350 |
| | D/S Norden A/S | 8,002 | 320 |
| * | Auriga Industries Class B | 7,220 | 267 |
| ^,* | Bang & Olufsen A/S | 24,421 | 252 |
| | | | 25,943 |
| Egypt (0.1%) | | |
| * | Orascom Telecom Media And Technology Holding SAE | 1,850,079 | 334 |
| * | Medinet Nasr Housing | 59,397 | 268 |
| * | Palm Hills Developments SAE | 435,649 | 255 |
| | Amer Group Holding | 1,017,108 | 255 |
| * | Six of October Development & Investment | 66,991 | 250 |
| | Arab Cotton Ginning | 184,483 | 162 |
| * | Oriental Weavers | 23,058 | 160 |
| * | Egyptian Resorts Co. | 494,654 | 127 |
| | Heliopolis Co. for Housing and Construction SAE | 26,698 | 123 |
| * | Maridive & Oil Services SAE | 82,112 | 85 |
| | Egyptian Financial & Industrial Co. | 43,090 | 73 |
| * | Abu Dhabi Islamic Bank | 53,172 | 58 |
| * | Nile Cotton Ginning | 31,192 | 29 |
| | | | 2,179 |
| Finland (1.7%) | | |
| | Elisa Oyj | 173,687 | 5,191 |
| ^ | Orion Oyj Class B | 108,329 | 3,306 |
| ^ | Huhtamaki Oyj | 118,471 | 3,115 |
| | Amer Sports Oyj | 130,305 | 2,694 |
| ^ | Outotec Oyj | 210,804 | 2,363 |
| | Tieto Oyj | 85,326 | 2,335 |
| | Konecranes Oyj | 65,545 | 2,116 |
| | Cargotec Oyj Class B | 44,236 | 1,977 |
| ^,* | Outokumpu Oyj | 5,706,012 | 1,746 |
| | Caverion Corp. | 143,344 | 1,592 |
| ^ | YIT Oyj | 144,020 | 1,481 |
| | Sponda Oyj | 273,363 | 1,410 |
| | Kemira Oyj | 89,336 | 1,366 |
| | Uponor Oyj | 67,068 | 1,329 |
| * | Rautaruukki Oyj | 87,305 | 1,088 |
| | Metsa Board Oyj | 221,233 | 1,036 |
| | Citycon Oyj | 257,607 | 967 |
| | Ramirent Oyj | 83,738 | 939 |
| | Raisio plc | 131,642 | 861 |
| ^ | Sanoma Oyj | 106,658 | 718 |
| | Lassila & Tikanoja Oyj | 30,573 | 595 |
| | Cramo Oyj | 25,473 | 569 |
51
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Stockmann OYJ Abp Class B | 32,328 | 459 |
| | F-Secure Oyj | 118,532 | 400 |
| * | Finnair Oyj | 77,235 | 322 |
| * | Oriola-KD Oyj | 81,211 | 269 |
| | HKScan Oyj | 22,851 | 121 |
| | | | 40,365 |
| France (2.9%) | | |
| ^ | Ingenico | 49,522 | 4,321 |
| | Teleperformance | 64,789 | 3,716 |
| ^ | Neopost SA | 39,171 | 3,217 |
| | Orpea | 42,725 | 3,108 |
| * | Faurecia | 67,473 | 3,037 |
| | Eurofins Scientific SE | 9,177 | 2,548 |
| | Rubis SCA | 34,864 | 2,483 |
| * | Technicolor SA | 293,697 | 2,196 |
| | Havas SA | 272,345 | 2,168 |
| * | Plastic Omnium SA | 62,350 | 2,122 |
| * | UBISOFT Entertainment | 110,101 | 2,055 |
| | Nexans SA | 36,250 | 2,041 |
| * | Korian-Medica | 47,055 | 1,766 |
| | Etablissements Maurel et Prom | 98,772 | 1,762 |
| | Bourbon SA | 48,071 | 1,586 |
| | Metropole Television SA | 73,427 | 1,574 |
| | IPSOS | 39,723 | 1,543 |
| * | Vicat | 17,519 | 1,520 |
| | Altran Technologies SA | 133,683 | 1,457 |
| ^ | Eramet | 9,911 | 1,293 |
| | Alten SA | 25,272 | 1,291 |
| | Nexity SA | 27,580 | 1,237 |
| | Rallye SA | 23,941 | 1,218 |
| | Virbac SA | 5,063 | 1,214 |
| | Mercialys SA | 44,829 | 1,031 |
| | Saft Groupe SA | 27,120 | 965 |
| * | GameLoft SE | 86,985 | 864 |
| | Sartorius Stedim Biotech | 4,424 | 841 |
| | Vilmorin & Cie SA | 6,165 | 814 |
| | Groupe Steria SCA | 26,356 | 742 |
| | Sopra Group SA | 6,218 | 716 |
| | LISI | 4,236 | 687 |
| * | SOITEC | 212,797 | 643 |
| | Boiron SA | 7,420 | 626 |
| * | Beneteau SA | 35,280 | 611 |
| * | FFP | 8,455 | 578 |
| | ALBIOMA | 20,640 | 576 |
| | April | 23,569 | 563 |
| | Derichebourg SA | 142,793 | 557 |
| | Societe d'Edition de Canal & | 62,415 | 549 |
| * | Club Mediterranee SA | 20,870 | 544 |
| | Ciments Francais SA | 4,617 | 497 |
| | Faiveley Transport SA | 5,908 | 487 |
| * | Groupe Fnac | 9,706 | 464 |
| | MPI | 77,028 | 462 |
| | Bonduelle S.C.A. | 15,840 | 459 |
| | Societe de la Tour Eiffel | 5,937 | 428 |
| | Mersen | 13,125 | 420 |
| | Jacquet Metal Service | 18,428 | 395 |
| * | Burelle SA | 351 | 378 |
| * | Bull | 64,342 | 342 |
| * | Boursorama | 18,049 | 302 |
| | Esso SA Francaise | 4,789 | 262 |
| | Assystem | 7,796 | 251 |
| * | Trigano SA | 8,932 | 247 |
| ^,* | Solocal Group | 107,918 | 246 |
| * | Parrot SA | 7,881 | 241 |
52
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Stallergenes SA | 2,818 | 223 |
| | Guerbet | 4,184 | 199 |
| | Seche Environnement SA | 4,332 | 191 |
| * | Haulotte Group SA | 9,244 | 177 |
| | Manitou BF SA | 9,233 | 175 |
| | GL Events | 5,304 | 134 |
| ^ | Maisons France Confort | 2,157 | 105 |
| | Union Financiere de France BQE SA | 3,200 | 92 |
| * | Etablissements Maurel et Prom Warrants Exp. 06/30/2014 | 38,916 | 7 |
| | | | 69,564 |
| Germany (3.9%) | | |
| | Wirecard AG | 125,645 | 5,293 |
| | Freenet AG | 117,550 | 4,071 |
| | LEG Immobilien AG | 55,304 | 3,690 |
| | Stada Arzneimittel AG | 69,051 | 3,011 |
| | Aurubis AG | 50,781 | 2,713 |
| | Leoni AG | 36,045 | 2,687 |
| * | GAGFAH SA | 167,693 | 2,652 |
| * | MorphoSys AG | 29,857 | 2,561 |
| | Deutsche Euroshop AG | 51,099 | 2,464 |
| | Rhoen Klinikum AG | 75,319 | 2,432 |
| * | Gerresheimer AG | 35,794 | 2,430 |
| * | Aareal Bank AG | 51,036 | 2,320 |
| | DMG MORI SEIKI AG | 67,842 | 2,138 |
| | Wincor Nixdorf AG | 30,224 | 1,980 |
| | Norma Group SE | 35,183 | 1,846 |
| | TAG Immobilien AG | 144,061 | 1,832 |
| ^ | Salzgitter AG | 42,746 | 1,816 |
| ^ | Drillisch AG | 47,014 | 1,755 |
| * | Dialog Semiconductor plc | 69,058 | 1,749 |
| ^ | SGL Carbon SE | 51,419 | 1,712 |
| * | KION Group AG | 35,142 | 1,664 |
| * | Aixtron SE | 103,062 | 1,641 |
| * | Kloeckner & Co. SE | 104,228 | 1,580 |
| ^ | KUKA AG | 30,350 | 1,556 |
| | Krones AG | 15,717 | 1,505 |
| | Gerry Weber International AG | 28,397 | 1,500 |
| | Rational AG | 4,505 | 1,439 |
| | Jungheinrich AG Prior Pfd. | 18,509 | 1,378 |
| | Pfeiffer Vacuum Technology AG | 10,987 | 1,307 |
| | Bechtle AG | 14,535 | 1,293 |
| | ElringKlinger AG | 31,380 | 1,267 |
| * | Duerr AG | 15,788 | 1,249 |
| | Sartorius AG Prior Pfd. | 9,323 | 1,214 |
| | CTS Eventim AG | 18,788 | 1,197 |
| * | Nordex SE | 70,042 | 1,121 |
| | Vossloh AG | 10,621 | 1,050 |
| | Alstria Office REIT-AG | 75,540 | 1,043 |
| | BayWa AG | 16,422 | 932 |
| | KWS Saat AG | 2,584 | 924 |
| | Indus Holding AG | 19,488 | 915 |
| | Biotest AG Prior Pfd. | 6,804 | 897 |
| * | Deutz AG | 104,877 | 877 |
| ^ | Rheinmetall AG | 12,837 | 855 |
| | Jenoptik AG | 49,626 | 828 |
| | Bertrandt AG | 5,234 | 793 |
| | Aurelius AG | 20,967 | 779 |
| | Draegerwerk AG & Co. KGaA Prior Pfd. | 6,336 | 750 |
| | Takkt AG | 35,267 | 715 |
| | Grenkeleasing AG | 6,701 | 702 |
| | KSB AG Prior Pfd. | 1,085 | 693 |
| | Sixt SE Prior Pfd. | 20,520 | 664 |
| * | CompuGroup Medical AG | 24,039 | 641 |
| ^,* | Heidelberger Druckmaschinen AG | 166,658 | 529 |
53
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sixt SE | 12,820 | 518 |
| | Wacker Neuson SE | 26,538 | 505 |
| | GFK SE | 9,411 | 486 |
| | Carl Zeiss Meditec AG | 15,332 | 467 |
| | Kontron AG | 64,059 | 447 |
| | CAT Oil AG | 20,245 | 425 |
| | Hamburger Hafen und Logistik AG | 16,872 | 409 |
| | Bauer AG | 15,649 | 407 |
| | SMA Solar Technology AG | 9,468 | 396 |
| * | DIC Asset AG | 36,039 | 355 |
| * | Patrizia Immobilien AG | 25,654 | 303 |
| | QSC AG | 56,381 | 290 |
| | Draegerwerk AG & Co. KGaA | 2,797 | 287 |
| | Comdirect Bank AG | 23,542 | 271 |
| | Deutsche Beteiligungs AG | 9,994 | 269 |
| * | H&R AG | 22,324 | 222 |
| ^ | Delticom AG | 3,695 | 176 |
| ^,* | Air Berlin plc | 63,732 | 153 |
| | CropEnergies AG | 10,226 | 67 |
| | | | 93,103 |
| Greece (0.6%) | | |
| | OPAP SA | 230,111 | 3,675 |
| | Public Power Corp. SA | 117,150 | 1,773 |
| * | JUMBO SA | 107,656 | 1,742 |
| * | Titan Cement Co. SA | 49,623 | 1,565 |
| * | Folli Follie SA | 37,028 | 1,285 |
| | Hellenic Exchanges SA | 63,027 | 743 |
| | Motor Oil Hellas Corinth Refineries SA | 58,459 | 738 |
| * | Mytilineos Holdings SA | 82,399 | 736 |
| * | Ellaktor SA | 107,389 | 567 |
| | Athens Water Supply & Sewage Co. SA | 35,763 | 462 |
| | Metka SA | 24,922 | 447 |
| | Eurobank Properties Real Estate Investment Co. | 30,426 | 352 |
| * | Marfin Investment Group Holdings SA | 476,822 | 330 |
| | Intralot SA-Integrated Lottery Systems & Services | 99,887 | 290 |
| * | Frigoglass SA | 33,992 | 197 |
| * | TT Hellenic Postbank SA | 44,448 | 10 |
| | | | 14,912 |
| Hong Kong (1.6%) | | |
| | NagaCorp Ltd. | 1,570,228 | 1,431 |
| * | Citic 21CN Co. Ltd. | 2,407,876 | 1,343 |
| | Vitasoy International Holdings Ltd. | 893,908 | 1,227 |
| | Yingde Gases Group Co. Ltd. | 1,158,000 | 1,169 |
| | Pacific Basin Shipping Ltd. | 1,950,766 | 1,138 |
| | Luk Fook Holdings International Ltd. | 379,000 | 1,076 |
| | Stella International Holdings Ltd. | 423,591 | 1,045 |
| | Giordano International Ltd. | 1,381,735 | 929 |
| | Minth Group Ltd. | 576,219 | 908 |
| ^ | Truly International Holdings Ltd. | 1,341,000 | 906 |
| ^ | REXLot Holdings Ltd. | 8,279,448 | 878 |
| | K Wah International Holdings Ltd. | 1,225,000 | 817 |
| * | Sinopoly Battery Ltd. | 11,840,080 | 735 |
| * | G-Resources Group Ltd. | 26,061,190 | 719 |
| | Landing International Development Ltd. | 9,425,000 | 694 |
| | Anton Oilfield Services Group | 1,032,000 | 685 |
| | Ju Teng International Holdings Ltd. | 892,000 | 661 |
| | Value Partners Group Ltd. | 1,022,000 | 659 |
| ^ | Summit Ascent Holdings Ltd. | 428,000 | 648 |
| ^ | Newocean Energy Holdings Ltd. | 976,000 | 645 |
| | Chow Sang Sang Holdings International Ltd. | 259,565 | 638 |
| * | COFCO Land Holdings Ltd. | 2,702,000 | 624 |
| | Pacific Textiles Holdings Ltd. | 490,000 | 623 |
| | SITC International Holdings Co. Ltd. | 1,334,000 | 589 |
| | TCL Communication Technology Holdings Ltd. | 534,542 | 572 |
54
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Yuexiu REIT | 1,096,000 | 518 |
| | Goodbaby International Holdings Ltd. | 883,000 | 485 |
| ^,* | Xinchen China Power Holdings Ltd. | 887,000 | 481 |
| * | Langham Hospitality Investments and Langham Hospitality Investments Ltd. | 952,879 | 472 |
| | CITIC Telecom International Holdings Ltd. | 1,350,004 | 468 |
| | Man Wah Holdings Ltd. | 276,800 | 455 |
| | Springland International Holdings Ltd. | 1,149,000 | 452 |
| | Trinity Ltd. | 1,746,000 | 449 |
| * | SPT Energy Group Inc. | 807,000 | 439 |
| | Varitronix International Ltd. | 386,000 | 427 |
| ^ | Honghua Group Ltd. | 1,799,000 | 426 |
| | TCC International Holdings Ltd. | 859,000 | 421 |
| | Singamas Container Holdings Ltd. | 1,917,960 | 416 |
| ^ | SmarTone Telecommunications Holdings Ltd. | 396,730 | 409 |
| | New World Department Store China Ltd. | 846,966 | 397 |
| | Sunlight REIT | 1,000,000 | 394 |
| ^,* | Yanchang Petroleum International Ltd. | 7,630,000 | 380 |
| | Far East Consortium International Ltd. | 1,053,858 | 380 |
| * | China Public Procurement Ltd. | 7,352,000 | 370 |
| | Prosperity REIT | 1,231,000 | 364 |
| | SOCAM Development Ltd. | 290,725 | 354 |
| * | APT Satellite Holdings Ltd. | 279,000 | 350 |
| ^,* | Sino Oil And Gas Holdings Ltd. | 12,045,000 | 335 |
| ^,* | Lung Cheong International Holdings Ltd. | 2,942,000 | 330 |
| | Ports Design Ltd. | 680,592 | 324 |
| | Emperor Watch & Jewellery Ltd. | 4,230,000 | 317 |
| | Microport Scientific Corp. | 457,000 | 310 |
| * | Lai Sun Development | 12,085,000 | 283 |
| * | Louis XIII Holdings Ltd. | 280,500 | 279 |
| | AMVIG Holdings Ltd. | 764,000 | 278 |
| ^,* | United Laboratories International Holdings Ltd. | 430,500 | 278 |
| ^,* | United Photovoltaics Group Ltd. | 3,454,000 | 272 |
| * | Liu Chong Hing Investment | 138,000 | 265 |
| | HKR International Ltd. | 634,400 | 260 |
| | Regal Hotels International Holdings Ltd. | 414,000 | 240 |
| | Road King Infrastructure Ltd. | 257,346 | 237 |
| | Dickson Concepts International Ltd. | 390,438 | 235 |
| ^ | Midland Holdings Ltd. | 514,000 | 216 |
| | Polytec Asset Holdings Ltd. | 1,440,000 | 212 |
| | China Aerospace International Holdings Ltd. | 1,978,000 | 197 |
| | Yip's Chemical Holdings Ltd. | 272,000 | 193 |
| ^,* | Silver base Group Holdings Ltd. | 1,234,475 | 162 |
| ^,* | Sunshine Oilsands Ltd. | 1,555,000 | 161 |
| * | L'sea Resources International Holdings Ltd. | 3,050,000 | 156 |
| | TPV Technology Ltd. | 876,000 | 146 |
| * | Inspur International Ltd. | 736,000 | 129 |
| * | China Merchants Land Ltd. | 968,000 | 124 |
| | EVA Precision Industrial Holdings Ltd. | 696,000 | 117 |
| * | Hong Kong Television Network Ltd. | 405,000 | 116 |
| | IT Ltd. | 412,000 | 112 |
| | Henderson Investment Ltd. | 1,405,000 | 109 |
| * | Neo-Neon Holdings Ltd. | 591,500 | 107 |
| * | CST Mining Group Ltd. | 15,432,000 | 101 |
| * | Mongolia Energy Corp. Ltd. | 3,603,000 | 76 |
| * | Heng Tai Consumables Group Ltd. | 3,480,750 | 64 |
| | China Environmental Energy Investment Ltd. | 2,892,000 | 56 |
| * | Mongolian Mining Corp. | 662,000 | 55 |
| * | PetroAsian Energy Holdings Ltd. | 3,380,000 | 54 |
| * | Chong Hing Bank Ltd. | 13,800 | 48 |
| * | China Household Holdings Ltd. | 1,625,000 | 47 |
| | Oriental Press Group | 262,000 | 29 |
| * | Shenglong PV-Tech Investment Co. Ltd. | 44,660 | 1 |
| | | | 37,697 |
55
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| India (1.5%) | | |
| | Aurobindo Pharma Ltd. | 143,003 | 1,361 |
| | Apollo Hospitals Enterprise Ltd. | 83,885 | 1,246 |
| | LIC Housing Finance Ltd. | 266,701 | 1,161 |
| | UPL Ltd. | 238,726 | 1,063 |
| | Indiabulls Housing Finance Ltd. | 206,925 | 1,027 |
| | Motherson Sumi Systems Ltd. | 226,629 | 956 |
| | Marico Ltd. | 253,952 | 860 |
| | Mindtree Ltd. | 35,593 | 837 |
| | Havells India Ltd. | 52,871 | 817 |
| | Eicher Motors Ltd. | 7,147 | 735 |
| * | Pidilite Industries Ltd. | 129,309 | 684 |
| * | Federal Bank Ltd. | 437,320 | 657 |
| | Jammu & Kashmir Bank Ltd. | 22,307 | 621 |
| | Apollo Tyres Ltd. | 225,464 | 597 |
| * | Jubilant Foodworks Ltd. | 34,638 | 544 |
| | Bajaj Finserv Ltd. | 38,799 | 535 |
| | ING Vysya Bank Ltd. | 55,914 | 525 |
| | Bajaj Finance Ltd. | 16,643 | 516 |
| | Arvind Ltd. | 164,332 | 501 |
| | Page Industries Ltd. | 5,158 | 497 |
| | MAX India Ltd. | 137,997 | 489 |
| | Petronet LNG Ltd. | 199,658 | 480 |
| | Emami Ltd. | 60,451 | 477 |
| | CESC Ltd. | 62,212 | 470 |
| | Ipca Laboratories Ltd. | 32,735 | 454 |
| | Biocon Ltd. | 57,919 | 453 |
| | Britannia Industries Ltd. | 30,250 | 434 |
| | Amtek Auto Ltd. | 147,122 | 425 |
| | Torrent Pharmaceuticals Ltd. | 43,585 | 418 |
| | Tata Global Beverages Ltd. | 165,766 | 412 |
| | Indian Hotels Co. Ltd. | 332,369 | 397 |
| | Thermax Ltd. | 32,338 | 394 |
| | Bhushan Steel Ltd. | 51,363 | 380 |
| | Hexaware Technologies Ltd. | 145,401 | 366 |
| * | MRF Ltd. | 1,054 | 359 |
| | Voltas Ltd. | 133,317 | 346 |
| | Berger Paints India Ltd. | 85,174 | 344 |
| * | Just Dial Ltd. | 17,558 | 344 |
| * | Housing Development & Infrastructure Ltd. | 297,978 | 340 |
| | Jain Irrigation Systems Ltd. | 249,031 | 338 |
| | Sundaram Finance Ltd. | 28,025 | 335 |
| * | Suzlon Energy Ltd. | 1,486,189 | 322 |
| | IFCI Ltd. | 715,531 | 303 |
| | L&T Finance Holdings Ltd. | 276,199 | 294 |
| | Indian Overseas Bank | 281,582 | 289 |
| | South Indian Bank Ltd. | 753,626 | 288 |
| | Coromandel International Ltd. | 78,364 | 285 |
| * | Oberoi Realty Ltd. | 82,794 | 284 |
| * | Hathway Cable & Datacom Ltd. | 67,087 | 273 |
| | Engineers India Ltd. | 69,398 | 263 |
| | Polaris Financial Technology Ltd. | 88,447 | 262 |
| | Syndicate Bank | 144,831 | 248 |
| | Indiabulls Real Estate Ltd. | 234,345 | 243 |
| | Videocon Industries Ltd. | 88,639 | 236 |
| * | Sun Pharma Advanced Research Co. Ltd. | 80,312 | 228 |
| | Strides Arcolab Ltd. | 24,786 | 214 |
| | India Infoline Ltd. | 157,859 | 209 |
| | Sobha Developers Ltd. | 33,742 | 208 |
| | IRB Infrastructure Developers Ltd. | 108,643 | 207 |
| | McLeod Russel India Ltd. | 45,274 | 203 |
| | TVS Motor Co. Ltd. | 121,091 | 192 |
| * | Dish TV India Ltd. | 243,226 | 190 |
| | Gujarat Gas Co. Ltd. | 28,068 | 177 |
56
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | The Ramco Cements Ltd. | 49,129 | 176 |
| | Karnataka Bank Ltd. | 86,492 | 176 |
| | Gateway Distriparks Ltd. | 59,349 | 174 |
| | PTC India Ltd. | 152,703 | 169 |
| | UCO Bank | 125,897 | 160 |
| | Indian Bank | 72,586 | 156 |
| | Jindal Saw Ltd. | 166,808 | 155 |
| | Gujarat State Petronet Ltd. | 128,117 | 155 |
| | Welspun Corp. Ltd. | 112,757 | 153 |
| | Gujarat Mineral Development Corp. Ltd. | 69,409 | 152 |
| | Future Retail Ltd. | 68,249 | 149 |
| | CMC Ltd. | 6,256 | 149 |
| * | Jet Airways India Ltd. | 35,377 | 147 |
| | Sintex Industries Ltd. | 191,650 | 146 |
| | Central Bank Of India | 158,386 | 140 |
| | Indraprastha Gas Ltd. | 28,904 | 137 |
| | Shree Renuka Sugars Ltd. | 360,673 | 131 |
| | Alstom India Ltd. | 17,227 | 131 |
| | Allahabad Bank | 77,424 | 129 |
| | Andhra Bank | 115,901 | 129 |
| | Radico Khaitan Ltd. | 72,936 | 128 |
| | India Cements Ltd. | 105,695 | 120 |
| | Rolta India Ltd. | 93,332 | 116 |
| | Balrampur Chini Mills Ltd. | 122,782 | 116 |
| * | Pipavav Defence & Offshore Engineering Co. Ltd. | 140,055 | 111 |
| | NCC Ltd. | 128,432 | 107 |
| | Century Textiles & Industries Ltd. | 19,210 | 107 |
| | Raymond Ltd. | 20,579 | 106 |
| | SREI Infrastructure Finance Ltd. | 177,118 | 98 |
| * | Bajaj Hindusthan Ltd. | 325,470 | 96 |
| | Financial Technologies India Ltd. | 18,072 | 95 |
| | Chambal Fertilizers & Chemicals Ltd. | 133,715 | 90 |
| * | Punj Lloyd Ltd. | 166,563 | 81 |
| | Multi Commodity Exchange of India Ltd. | 8,774 | 78 |
| | Gujarat State Fertilisers & Chemicals Ltd. | 82,282 | 75 |
| | Vijaya Bank | 99,615 | 68 |
| * | Hindustan Construction Co. Ltd. | 199,564 | 63 |
| * | IVRCL Ltd. | 254,830 | 61 |
| * | Lanco Infratech Ltd. | 462,657 | 57 |
| * | Shipping Corp. of India Ltd. | 62,424 | 44 |
| * | Gujarat NRE Coke Ltd. | 249,119 | 44 |
| * | Nagarjuna Fertilizers & Chemicals Ltd. | 233,445 | 44 |
| | Bombay Dyeing & Manufacturing Co. Ltd. | 42,640 | 41 |
| * | Tata Teleservices Maharashtra Ltd. | 275,959 | 41 |
| * | Parsvnath Developers Ltd. | 98,992 | 40 |
| * | Marico Kaya Enterprises Ltd. | 4,603 | 10 |
| * | Welspun Enterprises Ltd. | 3,802 | — |
| | | | 34,664 |
| Indonesia (0.8%) | | |
| | Lippo Karawaci Tbk PT | 21,536,218 | 1,997 |
| | Tower Bersama Infrastructure Tbk PT | 2,091,700 | 1,178 |
| | Summarecon Agung Tbk PT | 12,002,168 | 1,157 |
| | Bumi Serpong Damai PT | 7,724,349 | 1,046 |
| | Ciputra Development Tbk PT | 11,859,200 | 1,044 |
| * | Trada Maritime Tbk PT | 6,488,200 | 1,033 |
| | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 10,803,400 | 901 |
| | MNC Investama Tbk PT | 28,416,330 | 756 |
| | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 3,419,725 | 727 |
| * | Matahari Putra Prima Tbk PT | 3,014,200 | 724 |
| | AKR Corporindo Tbk PT | 1,619,100 | 668 |
| | Alam Sutera Realty Tbk PT | 13,174,900 | 607 |
| * | Citra Marga Nusaphala Persada Tbk PT | 1,921,500 | 577 |
| | Bank Tabungan Negara Persero Tbk PT | 5,352,170 | 536 |
| * | Ace Hardware Indonesia Tbk PT | 7,855,400 | 507 |
57
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Holcim Indonesia Tbk PT | 2,049,577 | 505 |
| * | Energi Mega Persada Tbk PT | 54,645,500 | 446 |
| | Medco Energi Internasional Tbk PT | 1,752,671 | 418 |
| * | Bumi Resources Tbk PT | 23,167,600 | 410 |
| * | Arwana Citramulia Tbk PT | 4,783,800 | 408 |
| | Pakuwon Jati Tbk PT | 13,160,168 | 401 |
| | Mitra Adiperkasa Tbk PT | 709,300 | 392 |
| | Ramayana Lestari Sentosa Tbk PT | 3,183,500 | 353 |
| | Wijaya Karya Persero Tbk PT | 1,775,000 | 349 |
| | Timah Persero Tbk PT | 2,161,820 | 281 |
| * | Garuda Indonesia Persero Tbk PT | 6,910,264 | 276 |
| | Surya Semesta Internusa Tbk PT | 3,429,500 | 247 |
| | Bisi International PT | 4,622,020 | 247 |
| | Gajah Tunggal Tbk PT | 1,340,000 | 223 |
| | Harum Energy Tbk PT | 976,100 | 200 |
| | Intiland Development Tbk PT | 4,902,000 | 193 |
| * | Agis Tbk PT | 4,733,000 | 185 |
| | Salim Ivomas Pratama Tbk PT | 2,119,500 | 184 |
| | Agung Podomoro Land Tbk PT | 6,369,500 | 145 |
| | Sampoerna Agro PT | 545,500 | 116 |
| * | Krakatau Steel Persero Tbk PT | 2,114,000 | 91 |
| | Indika Energy Tbk PT | 1,327,939 | 71 |
| * | Bakrie Telecom Tbk PT | 13,034,573 | 56 |
| | | | 19,655 |
| Ireland (0.5%) | | |
| | Kingspan Group plc | 187,223 | 3,528 |
| | Paddy Power plc | 40,541 | 3,128 |
| | Glanbia plc | 193,268 | 2,887 |
| | C&C Group plc | 359,217 | 2,137 |
| | FBD Holdings plc | 25,902 | 625 |
| | Aer Lingus Group plc | 136,095 | 287 |
| | C&C Group plc | 11,196 | 67 |
| | | | 12,659 |
| Israel (0.3%) | | |
| | Alony Hetz Properties & Investments Ltd. | 82,014 | 587 |
| * | Nova Measuring Instruments Ltd. | 51,548 | 531 |
| | Ituran Location and Control Ltd. | 19,255 | 465 |
| * | Nitsba Holdings 1995 Ltd. | 29,760 | 457 |
| * | Allot Communications Ltd. | 30,822 | 400 |
| | Menorah Mivtachim Holdings Ltd. | 30,185 | 362 |
| * | Evogene Ltd. | 20,089 | 354 |
| * | Mazor Robotics Ltd. | 39,132 | 354 |
| * | Tower Semiconductor Ltd. | 43,681 | 341 |
| | Phoenix Holdings Ltd. | 91,613 | 340 |
| * | Jerusalem Oil Exploration | 7,789 | 334 |
| * | Airport City Ltd. | 31,539 | 322 |
| * | Kamada Ltd. | 19,901 | 289 |
| | Amot Investments Ltd. | 87,438 | 287 |
| | Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 4,986 | 258 |
| * | Africa Israel Investments Ltd. | 109,166 | 239 |
| | Reit 1 Ltd. | 90,323 | 237 |
| * | Naphtha Israel Petroleum Corp. Ltd. | 30,682 | 230 |
| | Jerusalem Economy Ltd. | 21,043 | 210 |
| | Norstar Holdings Inc. | 7,407 | 199 |
| * | AudioCodes Ltd. | 35,741 | 195 |
| | Elco Holdings Ltd. | 16,380 | 184 |
| * | Africa Israel Properties Ltd. | 10,135 | 180 |
| | Electra Ltd. | 1,217 | 176 |
| * | Discount Investment Corp. | 17,081 | 157 |
| * | Gilat Satellite Networks Ltd. | 32,140 | 155 |
| * | Hadera Paper Ltd. | 1,743 | 87 |
| | Property & Building Corp. | 1,263 | 86 |
| * | Ceragon Networks Ltd. | 20,084 | 53 |
58
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Babylon Ltd. | 23,335 | 33 |
| | | | 8,102 |
| Italy (3.1%) | | |
| * | Banca Popolare dell'Emilia Romagna SC | 381,461 | 4,397 |
| ^,* | Banca Popolare di Milano Scarl | 3,707,398 | 3,749 |
| ^,* | Banca Monte dei Paschi di Siena SPA | 10,850,957 | 3,627 |
| * | UnipolSai SPA | 942,964 | 3,470 |
| | Azimut Holding SPA | 100,572 | 3,140 |
| ^ | Banca Popolare di Sondrio SCARL | 347,910 | 2,499 |
| * | Yoox SPA | 60,627 | 2,177 |
| ^ | Tod's SPA | 15,189 | 2,128 |
| | Unipol Gruppo Finanziario SPA Prior Pfd. | 321,027 | 2,122 |
| | Recordati SPA | 115,974 | 2,030 |
| | Banca Generali SPA | 62,295 | 1,961 |
| | A2A SPA | 1,578,951 | 1,932 |
| * | World Duty Free SPA | 142,750 | 1,918 |
| | Hera SPA | 626,836 | 1,847 |
| | Unipol Gruppo Finanziario SPA | 249,020 | 1,804 |
| | Societa Cattolica di Assicurazioni SCRL | 59,033 | 1,460 |
| | Ansaldo STS SPA | 124,063 | 1,379 |
| * | Autogrill SPA | 143,198 | 1,375 |
| * | Sorin SPA | 439,701 | 1,342 |
| ^,* | Banca Piccolo Credito Valtellinese Scarl | 552,584 | 1,319 |
| | Interpump Group SPA | 88,904 | 1,260 |
| | Danieli & C Officine Meccaniche SPA | 50,084 | 1,200 |
| | Brembo SPA | 31,295 | 1,157 |
| | ERG SPA | 65,797 | 1,136 |
| | DiaSorin SPA | 25,706 | 1,061 |
| | De'Longhi SPA | 48,530 | 1,055 |
| | Ei Towers SPA | 17,878 | 1,017 |
| | Credito Emiliano SPA | 92,988 | 953 |
| | Societa Iniziative Autostradali e Servizi SPA | 78,847 | 938 |
| ^ | Beni Stabili SPA | 1,025,659 | 917 |
| ^ | Italcementi SPA | 73,632 | 895 |
| ^ | Piaggio & C SPA | 211,028 | 873 |
| | Iren SPA | 499,163 | 848 |
| | Italcementi SPA RSP | 103,364 | 805 |
| | ACEA SPA | 53,668 | 770 |
| | MARR SPA | 38,499 | 746 |
| * | Italmobiliare SPA | 23,819 | 738 |
| * | Safilo Group SPA | 32,015 | 731 |
| | ASTM SPA | 40,949 | 694 |
| * | CIR-Compagnie Industriali Riunite SPA | 422,593 | 652 |
| ^ | Brunello Cucinelli SPA | 21,931 | 631 |
| | Astaldi SPA | 51,723 | 561 |
| | Indesit Co. SPA | 39,115 | 559 |
| ^ | RCS MediaGroup SPA | 238,114 | 547 |
| ^,* | Banca Carige SPA | 690,436 | 510 |
| | Industria Macchine Automatiche SPA | 10,241 | 504 |
| | Amplifon SPA | 76,629 | 500 |
| | Cementir Holding SPA | 51,239 | 488 |
| ^,* | Saras SPA | 245,561 | 426 |
| | Trevi Finanziaria Industriale SPA | 36,788 | 424 |
| | Danieli & C Officine Meccaniche SPA | 10,325 | 371 |
| ^ | Geox SPA | 83,231 | 362 |
| ^,* | UnipolSai SPA | 96,081 | 358 |
| * | Cofide SPA | 431,222 | 322 |
| | Esprinet SPA | 24,928 | 273 |
| * | Arnoldo Mondadori Editore SPA | 143,206 | 265 |
| * | Sogefi SPA | 40,379 | 257 |
| | Immobiliare Grande Distribuzione | 137,841 | 256 |
| * | Gruppo Editoriale L'Espresso SPA | 95,893 | 221 |
| * | Falck Renewables SPA | 97,198 | 186 |
| * | Italmobiliare SPA | 3,975 | 181 |
59
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Zignago Vetro SPA | 20,621 | 170 |
| * | DeA Capital SPA | 54,287 | 101 |
| * | Juventus Football Club SPA | 290,159 | 99 |
| ^,* | Fiera Milano SPA | 8,283 | 85 |
| | | | 72,779 |
| Japan (12.1%) | | |
| | Nankai Electric Railway Co. Ltd. | 558,000 | 2,164 |
| | Zenkoku Hosho Co. Ltd. | 73,700 | 1,651 |
| | Topcon Corp. | 85,746 | 1,495 |
| | Toho Holdings Co. Ltd. | 72,618 | 1,464 |
| | Horiba Ltd. | 41,814 | 1,445 |
| * | Leopalace21 Corp. | 277,600 | 1,436 |
| | Nihon Kohden Corp. | 34,981 | 1,433 |
| | Duskin Co. Ltd. | 75,360 | 1,393 |
| | Tsubakimoto Chain Co. | 185,250 | 1,322 |
| | Nifco Inc. | 46,608 | 1,302 |
| | Tadano Ltd. | 91,407 | 1,292 |
| ^ | Accordia Golf Co. Ltd. | 99,500 | 1,276 |
| | Toyo Tire & Rubber Co. Ltd. | 171,000 | 1,275 |
| | Nippon Konpo Unyu Soko Co. Ltd. | 74,300 | 1,255 |
| | SHO-BOND Holdings Co. Ltd. | 27,600 | 1,244 |
| | United Arrows Ltd. | 31,567 | 1,221 |
| | ADEKA Corp. | 110,755 | 1,217 |
| | Oki Electric Industry Co. Ltd. | 614,506 | 1,203 |
| | Nippon Shinyaku Co. Ltd. | 68,271 | 1,203 |
| | Tokuyama Corp. | 414,050 | 1,201 |
| | Sanwa Holdings Corp. | 193,637 | 1,183 |
| | Okumura Corp. | 258,213 | 1,180 |
| | OSG Corp. | 73,094 | 1,178 |
| | Toagosei Co. Ltd. | 279,584 | 1,170 |
| * | Ulvac Inc. | 57,500 | 1,090 |
| | HIS Co. Ltd. | 39,000 | 1,082 |
| | Sanken Electric Co. Ltd. | 155,069 | 1,080 |
| | NOF Corp. | 154,202 | 1,069 |
| | Nachi-Fujikoshi Corp. | 169,742 | 1,050 |
| | Maeda Corp. | 140,306 | 1,044 |
| | UACJ Corp. | 263,852 | 1,044 |
| | J Trust Co. Ltd. | 96,500 | 1,040 |
| ^ | Zensho Holdings Co. Ltd. | 102,461 | 1,036 |
| | Kyowa Exeo Corp. | 79,790 | 1,032 |
| | Iwatani Corp. | 175,740 | 1,031 |
| | IT Holdings Corp. | 66,200 | 1,026 |
| | Penta-Ocean Construction Co. Ltd. | 313,500 | 1,025 |
| | Aica Kogyo Co. Ltd. | 48,444 | 1,013 |
| | Ogaki Kyoritsu Bank Ltd. | 374,000 | 1,010 |
| | Wacom Co. Ltd. | 154,200 | 1,008 |
| * | Kenedix Inc. | 290,300 | 1,003 |
| | Arcs Co. Ltd. | 49,500 | 993 |
| | Hanwa Co. Ltd. | 248,415 | 972 |
| | Kanamoto Co. Ltd. | 30,600 | 961 |
| | Fuyo General Lease Co. Ltd. | 27,649 | 951 |
| | Miura Co. Ltd. | 33,118 | 941 |
| | Hazama Ando Corp. | 213,000 | 940 |
| | IBJ Leasing Co. Ltd. | 41,001 | 938 |
| | Ship Healthcare Holdings Inc. | 27,200 | 928 |
| | Saibu Gas Co. Ltd. | 362,734 | 909 |
| | Tokyo Dome Corp. | 203,000 | 909 |
| | Daio Paper Corp. | 86,454 | 907 |
| | Tokyo Ohka Kogyo Co. Ltd. | 39,573 | 905 |
| | Inaba Denki Sangyo Co. Ltd. | 29,315 | 900 |
| | Meidensha Corp. | 216,919 | 898 |
| | Nishimatsu Construction Co. Ltd. | 247,000 | 889 |
| | Kiyo Bank Ltd. | 74,996 | 882 |
| | Daifuku Co. Ltd. | 74,961 | 864 |
60
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nippon Seiki Co. Ltd. | 49,250 | 861 |
| | Nihon Parkerizing Co. Ltd. | 39,396 | 859 |
| | Nitto Boseki Co. Ltd. | 204,784 | 855 |
| | Nippon Gas Co. Ltd. | 51,400 | 851 |
| | Fuji Oil Co. Ltd. | 62,798 | 848 |
| | Nippon Soda Co. Ltd. | 152,587 | 848 |
| | Enplas Corp. | 14,753 | 848 |
| | Sumitomo Warehouse Co. Ltd. | 174,208 | 845 |
| | GMO internet Inc. | 95,382 | 843 |
| | Ryosan Co. Ltd. | 39,579 | 837 |
| | Tokyo Seimitsu Co. Ltd. | 49,623 | 836 |
| | Fuji Machine Manufacturing Co. Ltd. | 94,000 | 831 |
| * | Sumitomo Mitsui Construction Co. Ltd. | 805,200 | 829 |
| | Nippon Light Metal Holdings Co. Ltd. | 582,923 | 822 |
| | MOS Food Services Inc. | 41,210 | 821 |
| | Heiwa Real Estate Co. Ltd. | 52,272 | 821 |
| | Fujitec Co. Ltd. | 70,600 | 814 |
| | Shinmaywa Industries Ltd. | 91,500 | 808 |
| | Noritz Corp. | 45,235 | 804 |
| | Kokuyo Co. Ltd. | 104,900 | 802 |
| * | Pacific Metals Co. Ltd. | 172,000 | 800 |
| | Bank of Okinawa Ltd. | 19,004 | 797 |
| | NET One Systems Co. Ltd. | 97,600 | 794 |
| | Kureha Corp. | 167,338 | 791 |
| ^ | Kadokawa Corp. | 24,050 | 790 |
| | Toyo Ink SC Holdings Co. Ltd. | 193,151 | 788 |
| | Sankyu Inc. | 206,014 | 785 |
| | Sangetsu Co. Ltd. | 30,332 | 782 |
| | Daibiru Corp. | 77,443 | 773 |
| | Miyazaki Bank Ltd. | 251,932 | 770 |
| | Morinaga Milk Industry Co. Ltd. | 204,678 | 764 |
| | DCM Holdings Co. Ltd. | 112,088 | 758 |
| | Mandom Corp. | 21,547 | 757 |
| | Megmilk Snow Brand Co. Ltd. | 56,526 | 750 |
| | Hitachi Kokusai Electric Inc. | 65,542 | 749 |
| | Nichi-iko Pharmaceutical Co. Ltd. | 48,150 | 747 |
| | Doutor Nichires Holdings Co. Ltd. | 41,237 | 739 |
| | Hitachi Zosen Corp. | 150,420 | 738 |
| | Okabe Co. Ltd. | 53,600 | 737 |
| ^ | Dwango Co. Ltd. | 26,300 | 734 |
| | Daiseki Co. Ltd. | 45,987 | 733 |
| ^ | Welcia Holdings Co. Ltd. | 12,100 | 732 |
| | Komori Corp. | 57,300 | 729 |
| | Nippon Flour Mills Co. Ltd. | 130,459 | 728 |
| | TSI Holdings Co. Ltd. | 107,700 | 726 |
| | Bank of Iwate Ltd. | 16,324 | 725 |
| | Nissin Kogyo Co. Ltd. | 39,209 | 724 |
| | Itoham Foods Inc. | 158,000 | 716 |
| | Aida Engineering Ltd. | 74,300 | 709 |
| ^,* | Kumagai Gumi Co. Ltd. | 274,000 | 709 |
| | Yodogawa Steel Works Ltd. | 178,113 | 702 |
| | Kanematsu Corp. | 454,000 | 699 |
| | Japan Aviation Electronics Industry Ltd. | 41,000 | 698 |
| | Avex Group Holdings Inc. | 37,600 | 696 |
| | Meitec Corp. | 25,946 | 691 |
| | Yamanashi Chuo Bank Ltd. | 159,311 | 690 |
| | Mitsumi Electric Co. Ltd. | 107,400 | 688 |
| * | Pioneer Corp. | 318,013 | 687 |
| | TOMONY Holdings Inc. | 160,900 | 684 |
| | HI-LEX Corp. | 27,500 | 680 |
| | Makino Milling Machine Co. Ltd. | 90,901 | 677 |
| | Toho Bank Ltd. | 201,664 | 675 |
| | Relo Holdings Inc. | 12,300 | 674 |
| | Nihon M&A Center Inc. | 28,800 | 673 |
61
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hokuto Corp. | 33,324 | 669 |
| | Nitto Kogyo Corp. | 32,187 | 667 |
| | Mitsubishi Pencil Co. Ltd. | 22,400 | 666 |
| | Central Glass Co. Ltd. | 202,015 | 662 |
| ^ | Mizuno Corp. | 120,782 | 659 |
| | NSD Co. Ltd. | 53,100 | 656 |
| | Taikisha Ltd. | 30,263 | 655 |
| | Furukawa Co. Ltd. | 360,000 | 653 |
| ^ | Yamagata Bank Ltd. | 151,426 | 648 |
| | Xebio Co. Ltd. | 35,008 | 647 |
| | Ariake Japan Co. Ltd. | 26,800 | 647 |
| | Colowide Co. Ltd. | 64,500 | 647 |
| | Japan Securities Finance Co. Ltd. | 117,541 | 647 |
| | Okamura Corp. | 75,500 | 646 |
| | Internet Initiative Japan Inc. | 27,800 | 645 |
| | Toei Co. Ltd. | 114,648 | 642 |
| | Asahi Diamond Industrial Co. Ltd. | 47,322 | 640 |
| ^ | Bic Camera Inc. | 87,300 | 637 |
| | Ai Holdings Corp. | 39,800 | 635 |
| | TOC Co. Ltd. | 93,200 | 634 |
| | Eizo Corp. | 23,200 | 629 |
| | Tokai Carbon Co. Ltd. | 195,000 | 626 |
| | Bank of Nagoya Ltd. | 166,121 | 624 |
| | Alpine Electronics Inc. | 52,174 | 622 |
| | Jaccs Co. Ltd. | 140,000 | 621 |
| | Cocokara fine Inc. | 21,889 | 621 |
| | Nihon Unisys Ltd. | 60,949 | 619 |
| | Pilot Corp. | 14,700 | 618 |
| | Fuji Soft Inc. | 29,521 | 618 |
| | Nikkiso Co. Ltd. | 55,093 | 617 |
| | Transcosmos Inc. | 33,100 | 617 |
| | MonotaRO Co. Ltd. | 30,400 | 613 |
| | Fuji Co. Ltd. | 32,400 | 613 |
| | Mirait Holdings Corp. | 69,700 | 613 |
| | Asahi Holdings Inc. | 38,800 | 613 |
| | Futaba Corp. | 38,680 | 608 |
| | Musashi Seimitsu Industry Co. Ltd. | 27,315 | 603 |
| ^ | ASKUL Corp. | 24,000 | 599 |
| | Chiyoda Co. Ltd. | 25,100 | 596 |
| | Nichias Corp. | 87,855 | 595 |
| | Amano Corp. | 61,656 | 594 |
| | Ain Pharmaciez Inc. | 13,500 | 594 |
| | Maruha Nichiro Corp. | 37,346 | 592 |
| | Kyoei Steel Ltd. | 33,800 | 586 |
| | Hogy Medical Co. Ltd. | 11,350 | 585 |
| | Nichicon Corp. | 78,687 | 584 |
| | Shikoku Bank Ltd. | 289,303 | 584 |
| | Okinawa Electric Power Co. Inc. | 17,840 | 583 |
| | Totetsu Kogyo Co. Ltd. | 28,700 | 583 |
| | Keihin Corp. | 39,849 | 578 |
| | Nihon Nohyaku Co. Ltd. | 46,100 | 574 |
| | Toshiba Plant Systems & Services Corp. | 38,524 | 567 |
| | Sanyo Special Steel Co. Ltd. | 144,472 | 563 |
| | Aomori Bank Ltd. | 203,000 | 558 |
| | CKD Corp. | 61,200 | 558 |
| | Valor Co. Ltd. | 42,700 | 553 |
| | Yaoko Co. Ltd. | 12,100 | 548 |
| | Sumitomo Bakelite Co. Ltd. | 144,000 | 548 |
| | Sanki Engineering Co. Ltd. | 88,767 | 545 |
| | Ricoh Leasing Co. Ltd. | 20,806 | 543 |
| | Seiko Holdings Corp. | 148,291 | 542 |
| | Nippon Signal Co. Ltd. | 65,100 | 540 |
| | ZERIA Pharmaceutical Co. Ltd. | 25,700 | 539 |
| | Bank of the Ryukyus Ltd. | 40,419 | 535 |
62
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Earth Chemical Co. Ltd. | 14,943 | 535 |
| | Ichiyoshi Securities Co. Ltd. | 44,800 | 534 |
| | Senshukai Co. Ltd. | 62,400 | 531 |
| * | Nippon Chemi-Con Corp. | 165,696 | 530 |
| | Iino Kaiun Kaisha Ltd. | 107,600 | 529 |
| | Chudenko Corp. | 36,900 | 528 |
| | Iseki & Co. Ltd. | 204,000 | 527 |
| | FCC Co. Ltd. | 30,643 | 524 |
| | Nagaileben Co. Ltd. | 27,000 | 520 |
| ^ | Yoshinoya Holdings Co. Ltd. | 40,700 | 515 |
| | Akita Bank Ltd. | 185,000 | 515 |
| | Nippon Densetsu Kogyo Co. Ltd. | 34,403 | 511 |
| | Showa Sangyo Co. Ltd. | 158,000 | 510 |
| | Asahi Intecc Co. Ltd. | 13,900 | 509 |
| | Nippon Steel & Sumikin Bussan Corp. | 142,920 | 505 |
| | AOKI Holdings Inc. | 36,404 | 496 |
| | Riso Kagaku Corp. | 20,100 | 496 |
| | Toho Zinc Co. Ltd. | 155,758 | 496 |
| | Takasago Thermal Engineering Co. Ltd. | 50,616 | 495 |
| | Sakata Seed Corp. | 35,156 | 491 |
| | Oiles Corp. | 21,790 | 491 |
| | Showa Corp. | 44,500 | 489 |
| | Star Micronics Co. Ltd. | 39,500 | 488 |
| | Kisoji Co. Ltd. | 27,000 | 487 |
| | Hokuetsu Kishu Paper Co. Ltd. | 102,221 | 486 |
| | Fuji Seal International Inc. | 14,900 | 485 |
| | Japan Wool Textile Co. Ltd. | 65,189 | 484 |
| | Hokuetsu Bank Ltd. | 236,294 | 483 |
| | EDION Corp. | 82,733 | 482 |
| ^ | Jin Co. Ltd. | 16,500 | 481 |
| | Mitsui Sugar Co. Ltd. | 115,000 | 477 |
| | Tokyo Steel Manufacturing Co. Ltd. | 97,500 | 477 |
| | Tochigi Bank Ltd. | 122,000 | 476 |
| | Fujitsu General Ltd. | 41,000 | 473 |
| | Kameda Seika Co. Ltd. | 16,600 | 472 |
| * | Nippon Suisan Kaisha Ltd. | 205,062 | 472 |
| | Tomy Co. Ltd. | 99,217 | 471 |
| | Gunze Ltd. | 172,079 | 470 |
| | Mitsuba Corp. | 32,000 | 470 |
| | Chofu Seisakusho Co. Ltd. | 18,700 | 470 |
| | Aichi Bank Ltd. | 9,600 | 468 |
| | Marusan Securities Co. Ltd. | 66,695 | 467 |
| | Seikagaku Corp. | 38,964 | 467 |
| | Sato Holdings Corp. | 21,300 | 462 |
| | Daihen Corp. | 121,759 | 461 |
| | Sanden Corp. | 96,000 | 459 |
| | Fancl Corp. | 41,104 | 456 |
| | Shima Seiki Manufacturing Ltd. | 27,200 | 454 |
| | Nippon Synthetic Chemical Industry Co. Ltd. | 68,000 | 453 |
| | Joshin Denki Co. Ltd. | 55,653 | 451 |
| | San-A Co. Ltd. | 15,644 | 451 |
| | Nishimatsuya Chain Co. Ltd. | 62,800 | 450 |
| | Prima Meat Packers Ltd. | 204,000 | 450 |
| | Kitz Corp. | 94,848 | 448 |
| | Mitsui-Soko Co. Ltd. | 112,762 | 447 |
| | Nishio Rent All Co. Ltd. | 12,100 | 445 |
| | Fukui Bank Ltd. | 186,769 | 443 |
| | Yachiyo Bank Ltd. | 16,400 | 443 |
| ^ | Toyo Tanso Co. Ltd. | 18,410 | 443 |
| | Takasago International Corp. | 90,000 | 440 |
| | Takuma Co. Ltd. | 54,000 | 437 |
| | Unipres Corp. | 22,600 | 437 |
| | Izumiya Co. Ltd. | 91,969 | 436 |
| | Akebono Brake Industry Co. Ltd. | 85,757 | 436 |
63
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Nissha Printing Co. Ltd. | 33,300 | 434 |
| | Saizeriya Co. Ltd. | 37,721 | 432 |
| | Tokyo Tomin Bank Ltd. | 41,600 | 432 |
| | Riken Corp. | 105,000 | 430 |
| | Morinaga & Co. Ltd. | 194,518 | 429 |
| | Aeon Delight Co. Ltd. | 19,300 | 426 |
| ^ | Tamron Co. Ltd. | 17,000 | 425 |
| | Nisshin Oillio Group Ltd. | 126,262 | 423 |
| | Monex Group Inc. | 125,600 | 421 |
| | Oita Bank Ltd. | 115,435 | 420 |
| | Heiwado Co. Ltd. | 29,500 | 418 |
| | San-Ai Oil Co. Ltd. | 62,000 | 413 |
| | Tokyu Construction Co. Ltd. | 93,100 | 412 |
| | Yokogawa Bridge Holdings Corp. | 31,000 | 411 |
| | Toyo Engineering Corp. | 93,000 | 410 |
| | NEC Networks & System Integration Corp. | 19,300 | 408 |
| | Jimoto Holdings Inc. | 205,782 | 407 |
| | Nichiden Corp. | 17,000 | 407 |
| | Marudai Food Co. Ltd. | 136,591 | 407 |
| | Kintetsu World Express Inc. | 10,200 | 405 |
| | Tsukishima Kikai Co. Ltd. | 38,000 | 404 |
| | Sintokogio Ltd. | 56,200 | 404 |
| | Daisan Bank Ltd. | 240,037 | 402 |
| | Sanyo Electric Railway Co. Ltd. | 87,000 | 401 |
| | Takara Standard Co. Ltd. | 56,098 | 401 |
| | Seiren Co. Ltd. | 47,500 | 399 |
| ^ | Matsuya Co. Ltd. | 44,000 | 398 |
| | Toa Corp. | 211,000 | 397 |
| ^ | OSAKA Titanium Technologies Co. | 19,300 | 396 |
| | TOKAI Holdings Corp. | 113,200 | 392 |
| | Yorozu Corp. | 20,776 | 388 |
| | Shizuoka Gas Co. Ltd. | 64,100 | 386 |
| | Hitachi Koki Co. Ltd. | 51,700 | 385 |
| | Sanyo Chemical Industries Ltd. | 62,274 | 381 |
| | Broadleaf Co. Ltd. | 23,700 | 380 |
| | Osaka Steel Co. Ltd. | 24,000 | 379 |
| | F&A Aqua Holdings Inc. | 21,300 | 379 |
| | Misawa Homes Co. Ltd. | 30,800 | 378 |
| | Katakura Industries Co. Ltd. | 29,400 | 378 |
| | Hosiden Corp. | 83,067 | 378 |
| | Moshi Moshi Hotline Inc. | 37,300 | 378 |
| | Paltac Corp. | 30,500 | 377 |
| | Daikyo Inc. | 193,000 | 376 |
| ^ | Dr Ci:Labo Co. Ltd. | 11,700 | 374 |
| | Ryoyo Electro Corp. | 31,142 | 374 |
| | Kyokuto Kaihatsu Kogyo Co. Ltd. | 28,300 | 372 |
| | Kyudenko Corp. | 43,000 | 371 |
| | Ehime Bank Ltd. | 169,000 | 370 |
| | PGM Holdings K K | 37,600 | 370 |
| | Daiwabo Holdings Co. Ltd. | 214,761 | 370 |
| | Jowa Holdings Co. Ltd. | 10,600 | 368 |
| | Mitani Corp. | 16,300 | 367 |
| | Kurabo Industries Ltd. | 213,000 | 363 |
| | Geo Holdings Corp. | 39,600 | 363 |
| | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 85,000 | 359 |
| | Nippon Denko Co. Ltd. | 127,990 | 356 |
| | Noevir Holdings Co. Ltd. | 18,600 | 354 |
| | Taiyo Holdings Co. Ltd. | 11,700 | 354 |
| | Daido Metal Co. Ltd. | 33,000 | 351 |
| | Fuji Kyuko Co. Ltd. | 35,000 | 350 |
| | Gurunavi Inc. | 26,800 | 349 |
| | Shinko Plantech Co. Ltd. | 46,400 | 349 |
| | Higashi-Nippon Bank Ltd. | 138,684 | 348 |
| | Tokai Corp. | 13,600 | 346 |
64
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Nichiha Corp. | 29,800 | 343 |
| | Alpen Co. Ltd. | 18,600 | 343 |
| | Nitto Kohki Co. Ltd. | 18,800 | 342 |
| | Denki Kogyo Co. Ltd. | 57,400 | 342 |
| | Fujimi Inc. | 29,347 | 339 |
| * | Kintetsu Department Store Co. Ltd. | 94,000 | 334 |
| | Gulliver International Co. Ltd. | 40,700 | 333 |
| | Minato Bank Ltd. | 195,000 | 332 |
| | DTS Corp. | 20,000 | 332 |
| ^ | JCR Pharmaceuticals Co. Ltd. | 16,000 | 331 |
| | Wakita & Co. Ltd. | 29,000 | 329 |
| | Paramount Bed Holdings Co. Ltd. | 10,900 | 329 |
| | Eighteenth Bank Ltd. | 147,000 | 328 |
| | Toshiba Machine Co. Ltd. | 73,000 | 328 |
| | Kato Sangyo Co. Ltd. | 15,700 | 327 |
| | Kuroda Electric Co. Ltd. | 20,300 | 326 |
| | Aichi Steel Corp. | 88,029 | 325 |
| | Point Inc. | 14,900 | 324 |
| ^ | Japan Drilling Co. Ltd. | 8,200 | 322 |
| | YAMABIKO Corp. | 8,600 | 320 |
| | Daiso Co. Ltd. | 96,000 | 319 |
| | Goldcrest Co. Ltd. | 15,180 | 318 |
| | Fujimori Kogyo Co. Ltd. | 11,300 | 317 |
| | Canon Electronics Inc. | 18,694 | 316 |
| | Aderans Co. Ltd. | 22,009 | 313 |
| ^,* | Nippon Yakin Kogyo Co. Ltd. | 112,500 | 313 |
| | Kato Works Co. Ltd. | 54,205 | 313 |
| | Tsugami Corp. | 55,000 | 313 |
| | Okamoto Industries Inc. | 95,000 | 312 |
| | Obara Group Inc. | 8,300 | 312 |
| * | Sanix Inc. | 26,300 | 311 |
| | Toyo Corp. | 28,117 | 311 |
| ^ | Kyokuto Securities Co. Ltd. | 19,800 | 311 |
| ^ | Kappa Create Holdings Co. Ltd. | 32,188 | 310 |
| | Round One Corp. | 43,200 | 310 |
| | Yuasa Trading Co. Ltd. | 163,000 | 310 |
| | Sanyo Shokai Ltd. | 113,423 | 310 |
| | Royal Holdings Co. Ltd. | 21,200 | 309 |
| | Nichii Gakkan Co. | 35,000 | 309 |
| | Towa Pharmaceutical Co. Ltd. | 7,194 | 307 |
| | Inabata & Co. Ltd. | 32,600 | 307 |
| | C Uyemura & Co. Ltd. | 6,600 | 305 |
| | Nitta Corp. | 14,800 | 304 |
| | Descente Ltd. | 40,000 | 303 |
| | Sankyo Tateyama Inc. | 15,300 | 303 |
| ^ | Tekken Corp. | 103,000 | 301 |
| | Eagle Industry Co. Ltd. | 19,000 | 301 |
| * | Daiei Inc. | 106,450 | 299 |
| | Mitsuboshi Belting Co. Ltd. | 57,000 | 298 |
| | TPR Co. Ltd. | 20,100 | 297 |
| | Yokohama Reito Co. Ltd. | 36,600 | 296 |
| | KEY Coffee Inc. | 19,193 | 296 |
| | Plenus Co. Ltd. | 12,900 | 294 |
| * | Ihara Chemical Industry Co. Ltd. | 37,600 | 294 |
| | Sekisui Jushi Corp. | 22,000 | 293 |
| | Torii Pharmaceutical Co. Ltd. | 10,300 | 293 |
| | Raito Kogyo Co. Ltd. | 33,900 | 292 |
| | Shibusawa Warehouse Co. Ltd. | 87,549 | 291 |
| | Noritake Co. Ltd. | 118,000 | 289 |
| | Tecmo Koei Holdings Co. Ltd. | 24,100 | 288 |
| | TKC Corp. | 14,149 | 286 |
| | T-Gaia Corp. | 32,400 | 285 |
| | Max Co. Ltd. | 26,000 | 285 |
| | OBIC Business Consultants Ltd. | 8,800 | 285 |
65
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^ | WATAMI Co. Ltd. | 19,500 | 284 |
| | BML Inc. | 7,400 | 283 |
| | Keihanshin Building Co. Ltd. | 55,700 | 283 |
| | Mani Inc. | 6,300 | 282 |
| | As One Corp. | 10,700 | 281 |
| | Showa Aircraft Industry Co. Ltd. | 24,000 | 280 |
| * | Unitika Ltd. | 491,000 | 279 |
| * | Ishihara Sangyo Kaisha Ltd. | 291,000 | 277 |
| | Aiphone Co. Ltd. | 16,900 | 276 |
| | Tachi-S Co. Ltd. | 17,600 | 275 |
| | Belluna Co. Ltd. | 56,400 | 274 |
| | Kurimoto Ltd. | 131,000 | 273 |
| | Kumiai Chemical Industry Co. Ltd. | 40,000 | 272 |
| | Ministop Co. Ltd. | 17,900 | 271 |
| ^ | Tokyotokeiba Co. Ltd. | 102,000 | 271 |
| | Yellow Hat Ltd. | 14,100 | 270 |
| | Fudo Tetra Corp. | 121,000 | 270 |
| | Dydo Drinco Inc. | 6,644 | 270 |
| | Michinoku Bank Ltd. | 128,000 | 270 |
| | Nippon Thompson Co. Ltd. | 59,000 | 269 |
| | Itochu Enex Co. Ltd. | 47,600 | 267 |
| | SMS Co. Ltd. | 12,500 | 266 |
| | Japan Pulp & Paper Co. Ltd. | 78,000 | 266 |
| | Kasumi Co. Ltd. | 37,600 | 265 |
| | Japan Pure Chemical Co. Ltd. | 12,900 | 264 |
| | Token Corp. | 5,886 | 261 |
| | Sakai Chemical Industry Co. Ltd. | 92,546 | 261 |
| * | JVC Kenwood Corp. | 123,240 | 261 |
| * | Tokyo Rope Manufacturing Co. Ltd. | 178,000 | 260 |
| | Nippon Road Co. Ltd. | 51,000 | 260 |
| | Union Tool Co. | 11,000 | 258 |
| | Arcland Sakamoto Co. Ltd. | 13,000 | 257 |
| | Trusco Nakayama Corp. | 11,400 | 257 |
| | Roland DG Corp. | 7,600 | 257 |
| | St. Marc Holdings Co. Ltd. | 5,400 | 256 |
| * | Clarion Co. Ltd. | 136,000 | 256 |
| | UKC Holdings Corp. | 15,800 | 254 |
| | Japan Digital Laboratory Co. Ltd. | 17,300 | 252 |
| | GMO Payment Gateway Inc. | 8,000 | 251 |
| ^ | Zuiko Corp. | 4,500 | 251 |
| | Atom Corp. | 48,800 | 248 |
| | Mito Securities Co. Ltd. | 71,000 | 248 |
| | Ringer Hut Co. Ltd. | 16,600 | 247 |
| | Next Co. Ltd. | 27,800 | 242 |
| | Atsugi Co. Ltd. | 218,000 | 241 |
| | Toyo Construction Co. Ltd. | 68,000 | 241 |
| | Vital KSK Holdings Inc. | 34,000 | 241 |
| | Nohmi Bosai Ltd. | 21,000 | 241 |
| | Sun Frontier Fudousan Co. Ltd. | 24,000 | 240 |
| | Milbon Co. Ltd. | 7,260 | 240 |
| | Ryobi Ltd. | 80,435 | 238 |
| | Warabeya Nichiyo Co. Ltd. | 12,700 | 237 |
| | Chugoku Marine Paints Ltd. | 37,000 | 236 |
| | Foster Electric Co. Ltd. | 19,485 | 236 |
| | Oyo Corp. | 17,000 | 236 |
| | kabu.com Securities Co. Ltd. | 52,900 | 235 |
| | Jeol Ltd. | 63,000 | 234 |
| | Wood One Co. Ltd. | 83,000 | 232 |
| ^ | Nippon Ceramic Co. Ltd. | 14,600 | 229 |
| * | Juki Corp. | 111,000 | 228 |
| | Kansai Urban Banking Corp. | 182,000 | 228 |
| | Kohnan Shoji Co. Ltd. | 22,400 | 227 |
| * | Mitsubishi Paper Mills Ltd. | 263,000 | 226 |
| | Belc Co. Ltd. | 11,400 | 225 |
66
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Tsukui Corp. | 20,000 | 225 |
| | Tosei Corp. | 37,000 | 224 |
| | Godo Steel Ltd. | 158,000 | 222 |
| | Bunka Shutter Co. Ltd. | 38,000 | 222 |
| | Fujibo Holdings Inc. | 96,000 | 221 |
| | Tokushu Tokai Paper Co. Ltd. | 100,000 | 220 |
| | Ateam Inc. | 4,900 | 220 |
| * | SWCC Showa Holdings Co. Ltd. | 229,000 | 220 |
| | JSP Corp. | 14,600 | 219 |
| | Hamakyorex Co. Ltd. | 7,900 | 219 |
| | Kaga Electronics Co. Ltd. | 18,200 | 218 |
| | Konoike Transport Co. Ltd. | 14,000 | 218 |
| | Morita Holdings Corp. | 26,154 | 218 |
| | Yamazen Corp. | 33,500 | 216 |
| | Mitsubishi Nichiyu Forklift Co. Ltd. | 31,000 | 216 |
| | Optex Co. Ltd. | 13,200 | 215 |
| | Takara Leben Co. Ltd. | 78,000 | 214 |
| | Nippon Koei Co. Ltd. | 44,000 | 211 |
| | Modec Inc. | 9,500 | 211 |
| | Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd. | 58,000 | 209 |
| | J-Oil Mills Inc. | 78,000 | 209 |
| | Kyokuyo Co. Ltd. | 80,000 | 207 |
| | Goldwin Inc. | 40,000 | 207 |
| * | Japan Radio Co. Ltd. | 53,000 | 206 |
| | Topy Industries Ltd. | 121,795 | 206 |
| | Tsukuba Bank Ltd. | 57,100 | 206 |
| | Senko Co. Ltd. | 45,000 | 206 |
| | Topre Corp. | 20,300 | 205 |
| | Towa Bank Ltd. | 216,000 | 205 |
| | Daikokutenbussan Co. Ltd. | 7,900 | 205 |
| | Wowow Inc. | 6,100 | 205 |
| | Koa Corp. | 21,300 | 205 |
| | FIDEA Holdings Co. Ltd. | 109,100 | 204 |
| | Bando Chemical Industries Ltd. | 53,000 | 204 |
| | Nihon Dempa Kogyo Co. Ltd. | 25,310 | 203 |
| | Mie Bank Ltd. | 94,104 | 203 |
| ^ | Marvelous AQL Inc. | 30,400 | 203 |
| | Chiba Kogyo Bank Ltd. | 31,100 | 202 |
| | Ichibanya Co. Ltd. | 4,984 | 202 |
| | Yahagi Construction Co. Ltd. | 20,300 | 199 |
| ^ | Teikoku Electric Manufacturing Co. Ltd. | 6,900 | 197 |
| | Paris Miki Holdings Inc. | 39,400 | 196 |
| | Macnica Inc. | 6,500 | 193 |
| | Mitsubishi Steel Manufacturing Co. Ltd. | 96,000 | 192 |
| | Fujiya Co. Ltd. | 105,000 | 192 |
| | Doshisha Co. Ltd. | 12,800 | 192 |
| ^,* | Toho Titanium Co. Ltd. | 30,700 | 192 |
| | Roland Corp. | 13,400 | 190 |
| | Toyo Kanetsu KK | 80,000 | 190 |
| | Melco Holdings Inc. | 12,500 | 190 |
| | Cawachi Ltd. | 10,400 | 190 |
| | Fujicco Co. Ltd. | 16,205 | 189 |
| | Sanyo Denki Co. Ltd. | 28,000 | 189 |
| | CREATE SD HOLDINGS Co. Ltd. | 5,706 | 188 |
| | Shimizu Bank Ltd. | 7,700 | 188 |
| * | Sasebo Heavy Industries Co. Ltd. | 166,000 | 185 |
| | Sakata INX Corp. | 21,000 | 185 |
| | Hibiya Engineering Ltd. | 14,300 | 184 |
| | Idec Corp. | 20,900 | 184 |
| | Chiyoda Integre Co. Ltd. | 13,300 | 183 |
| | Jamco Corp. | 10,200 | 183 |
| | Nippon Beet Sugar Manufacturing Co. Ltd. | 97,000 | 183 |
| ^ | Japan Cash Machine Co. Ltd. | 10,700 | 183 |
| * | Nakayama Steel Works Ltd. | 245,000 | 182 |
67
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Bank of Saga Ltd. | 87,000 | 182 |
| | Namura Shipbuilding Co. Ltd. | 23,800 | 179 |
| | Mars Engineering Corp. | 9,500 | 177 |
| | Press Kogyo Co. Ltd. | 48,000 | 176 |
| | Meiko Network Japan Co. Ltd. | 16,263 | 176 |
| | Nippon Valqua Industries Ltd. | 66,000 | 176 |
| | Shindengen Electric Manufacturing Co. Ltd. | 43,000 | 176 |
| | SMK Corp. | 47,000 | 175 |
| | Ines Corp. | 26,500 | 174 |
| | Kusuri No Aoki Co. Ltd. | 2,600 | 174 |
| | Sumitomo Densetsu Co. Ltd. | 14,100 | 174 |
| | Maruwa Co. Ltd. | 4,900 | 174 |
| | Nagatanien Co. Ltd. | 18,000 | 174 |
| ^ | Gun-Ei Chemical Industry Co. Ltd. | 48,000 | 173 |
| | Toa Corp. | 17,000 | 171 |
| | Tsurumi Manufacturing Co. Ltd. | 14,000 | 171 |
| | Fujita Kanko Inc. | 52,000 | 171 |
| | Tatsuta Electric Wire and Cable Co. Ltd. | 34,100 | 171 |
| | Tsutsumi Jewelry Co. Ltd. | 7,500 | 170 |
| | Sumitomo Seika Chemicals Co. Ltd. | 27,000 | 170 |
| | Megachips Corp. | 14,381 | 170 |
| | Nittetsu Mining Co. Ltd. | 45,000 | 168 |
| | Weathernews Inc. | 6,400 | 168 |
| | Krosaki Harima Corp. | 80,000 | 167 |
| | Denyo Co. Ltd. | 11,200 | 167 |
| | Mitsui Matsushima Co. Ltd. | 115,000 | 167 |
| | Nippon Coke & Engineering Co. Ltd. | 143,000 | 167 |
| | Organo Corp. | 35,000 | 167 |
| | Nippon Kanzai Co. Ltd. | 8,200 | 166 |
| | Ohsho Food Service Corp. | 4,474 | 165 |
| | Kentucky Fried Chicken Japan Ltd. | 8,000 | 165 |
| ^ | COOKPAD Inc. | 8,200 | 164 |
| | Toli Corp. | 85,101 | 164 |
| | Asahi Organic Chemicals Industry Co. Ltd. | 74,555 | 162 |
| | Torishima Pump Manufacturing Co. Ltd. | 13,200 | 162 |
| | Konishi Co. Ltd. | 9,000 | 161 |
| | Kura Corp. | 8,000 | 161 |
| | Arata Corp. | 49,797 | 159 |
| | Daiken Corp. | 65,000 | 159 |
| | Tomen Electronics Corp. | 9,900 | 159 |
| | Shikoku Chemicals Corp. | 23,000 | 158 |
| | Osaki Electric Co. Ltd. | 26,000 | 157 |
| | Piolax Inc. | 4,500 | 156 |
| | Sankyo Seiko Co. Ltd. | 45,097 | 156 |
| | Riken Technos Corp. | 30,000 | 155 |
| | Cosel Co. Ltd. | 13,600 | 155 |
| ^,* | Japan Bridge Corp. | 105,388 | 154 |
| | Japan Vilene Co. Ltd. | 27,889 | 154 |
| | Benefit One Inc. | 17,600 | 154 |
| * | K&O Energy Group Inc. | 11,000 | 153 |
| ^,* | ValueCommerce Co. Ltd. | 17,000 | 151 |
| | Nomura Co. Ltd. | 21,000 | 149 |
| | Yushin Precision Equipment Co. Ltd. | 5,100 | 147 |
| ^ | U-Shin Ltd. | 24,500 | 147 |
| | CONEXIO Corp. | 18,800 | 145 |
| | Mitsubishi Research Institute Inc. | 6,800 | 144 |
| | Tenma Corp. | 11,000 | 144 |
| | ASKA Pharmaceutical Co. Ltd. | 16,000 | 143 |
| | Sinfonia Technology Co. Ltd. | 93,000 | 143 |
| | Funai Electric Co. Ltd. | 13,300 | 143 |
| | Iwasaki Electric Co. Ltd. | 59,000 | 143 |
| | Kitagawa Iron Works Co. Ltd. | 87,000 | 142 |
| | Nippon Carbon Co. Ltd. | 80,000 | 141 |
| | Chuo Spring Co. Ltd. | 46,000 | 139 |
68
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hosokawa Micron Corp. | 23,000 | 139 |
| | Ohara Inc. | 23,270 | 137 |
| ^ | Keiyo Co. Ltd. | 29,300 | 135 |
| | Shin-Etsu Polymer Co. Ltd. | 36,000 | 135 |
| * | Nissei ASB Machine Co. Ltd. | 8,400 | 134 |
| ^ | Ikyu Corp. | 12,300 | 134 |
| | Yusen Logistics Co. Ltd. | 11,600 | 134 |
| | Nissin Electric Co. Ltd. | 24,000 | 133 |
| | Nissen Holdings Co. Ltd. | 33,000 | 133 |
| ^,* | FDK Corp. | 112,149 | 131 |
| | Tocalo Co. Ltd. | 8,300 | 130 |
| | Sodick Co. Ltd. | 34,900 | 130 |
| | Daiwa Industries Ltd. | 21,000 | 130 |
| | Dunlop Sports Co. Ltd. | 10,600 | 129 |
| | Okuwa Co. Ltd. | 14,000 | 128 |
| | Pronexus Inc. | 18,735 | 128 |
| | Gakken Holdings Co. Ltd. | 47,000 | 127 |
| | Taisei Lamick Co. Ltd. | 5,200 | 127 |
| | Kinugawa Rubber Industrial Co. Ltd. | 30,000 | 125 |
| | Nippon Chemiphar Co. Ltd. | 26,000 | 125 |
| * | KNT-CT Holdings Co. Ltd. | 76,000 | 125 |
| | Shiroki Corp. | 64,961 | 125 |
| | T RAD Co. Ltd. | 47,000 | 123 |
| | France Bed Holdings Co. Ltd. | 68,000 | 123 |
| | Nippon Parking Development Co. Ltd. | 114,200 | 121 |
| | Nidec Copal Electronics Corp. | 15,200 | 120 |
| | Takaoka Toko Holdings Co. Ltd. | 8,400 | 120 |
| | Siix Corp. | 8,100 | 119 |
| | Pressance Corp. | 4,787 | 119 |
| | Toyo Securities Co. Ltd. | 43,000 | 118 |
| | Taihei Dengyo Kaisha Ltd. | 18,000 | 118 |
| | Axell Corp. | 7,600 | 118 |
| * | Janome Sewing Machine Co. Ltd. | 145,000 | 116 |
| | Toyo Kohan Co. Ltd. | 24,000 | 116 |
| | Parco Co. Ltd. | 14,400 | 115 |
| | Eiken Chemical Co. Ltd. | 7,100 | 115 |
| ^ | Rock Field Co. Ltd. | 6,434 | 115 |
| | Toridoll.corp | 11,600 | 115 |
| ^ | Nihon Trim Co. Ltd. | 3,300 | 115 |
| | Tamura Corp. | 48,000 | 114 |
| | Takiron Co. Ltd. | 28,000 | 114 |
| | Kyodo Printing Co. Ltd. | 42,000 | 113 |
| | Endo Lighting Corp. | 7,100 | 113 |
| | Hioki EE Corp. | 7,100 | 112 |
| ^,* | Livesense Inc. | 12,000 | 111 |
| | Fuji Oil Co. Ltd. | 35,900 | 111 |
| | Kamei Corp. | 15,000 | 110 |
| | Sagami Chain Co. Ltd. | 12,000 | 109 |
| | Achilles Corp. | 82,000 | 109 |
| | Icom Inc. | 4,700 | 108 |
| | Shinwa Co. Ltd. | 9,300 | 108 |
| | Tosho Printing Co. Ltd. | 28,000 | 107 |
| | T Hasegawa Co. Ltd. | 7,200 | 107 |
| | Mitsuuroko Group Holdings Co. Ltd. | 19,500 | 106 |
| | Komatsu Seiren Co. Ltd. | 21,000 | 106 |
| | Tokyo Rakutenchi Co. Ltd. | 23,000 | 106 |
| | Futaba Industrial Co. Ltd. | 23,600 | 106 |
| | Kanaden Corp. | 15,000 | 106 |
| | Onoken Co. Ltd. | 10,000 | 105 |
| | Aisan Industry Co. Ltd. | 13,200 | 105 |
| | Pacific Industrial Co. Ltd. | 15,000 | 105 |
| | Kita-Nippon Bank Ltd. | 4,000 | 105 |
| | Seika Corp. | 45,000 | 105 |
| | Kyoritsu Maintenance Co. Ltd. | 3,000 | 102 |
69
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Shin Nippon Biomedical Laboratories Ltd. | 12,900 | 102 |
| | Zenrin Co. Ltd. | 10,000 | 102 |
| | Ryoden Trading Co. Ltd. | 15,000 | 101 |
| | Takamatsu Construction Group Co. Ltd. | 5,900 | 101 |
| | Maezawa Kasei Industries Co. Ltd. | 9,600 | 100 |
| | Information Services International-Dentsu Ltd. | 8,000 | 100 |
| | Fuso Pharmaceutical Industries Ltd. | 31,000 | 100 |
| | Nissin Corp. | 35,000 | 99 |
| | Nihon Yamamura Glass Co. Ltd. | 59,000 | 98 |
| * | Open House Co. Ltd. | 6,000 | 98 |
| | Japan Transcity Corp. | 32,192 | 98 |
| | Sanshin Electronics Co. Ltd. | 15,600 | 98 |
| | Hisaka Works Ltd. | 11,000 | 98 |
| | CAC Corp. | 10,000 | 98 |
| | Rhythm Watch Co. Ltd. | 66,000 | 98 |
| | EPS Corp. | 10,200 | 97 |
| | Airport Facilities Co. Ltd. | 14,000 | 97 |
| | Tv Tokyo Holdings Corp. | 6,000 | 96 |
| | Uniden Corp. | 41,000 | 95 |
| | Asahi Co. Ltd. | 7,100 | 94 |
| | Pack Corp. | 5,000 | 94 |
| | Future Architect Inc. | 15,900 | 94 |
| | Tomoku Co. Ltd. | 35,000 | 94 |
| | Kitano Construction Corp. | 38,000 | 94 |
| | Kanematsu Electronics Ltd. | 7,000 | 93 |
| | Daiichi Jitsugyo Co. Ltd. | 22,000 | 93 |
| ^ | NIFTY Corp. | 6,500 | 92 |
| | NS United Kaiun Kaisha Ltd. | 41,000 | 92 |
| ^,* | Yamada SxL Home Co. Ltd. | 81,000 | 91 |
| | Chori Co. Ltd. | 8,200 | 91 |
| | Arakawa Chemical Industries Ltd. | 10,700 | 90 |
| | Matsuya Foods Co. Ltd. | 5,000 | 90 |
| | Fujikura Kasei Co. Ltd. | 16,000 | 87 |
| | GCA Savvian Corp. | 11,300 | 87 |
| | ESPEC Corp. | 11,408 | 87 |
| | Toenec Corp. | 18,000 | 87 |
| | Neturen Co. Ltd. | 12,700 | 87 |
| | NEC Capital Solutions Ltd. | 5,000 | 87 |
| | Panasonic Industrial Devices SUNX Co. Ltd. | 19,100 | 86 |
| | Tokyo Tekko Co. Ltd. | 23,000 | 86 |
| | Cleanup Corp. | 9,400 | 86 |
| | Sanoh Industrial Co. Ltd. | 13,800 | 85 |
| | Advan Co. Ltd. | 8,000 | 85 |
| | Maruetsu Inc. | 25,000 | 83 |
| | Koatsu Gas Kogyo Co. Ltd. | 16,000 | 82 |
| | Mitsui High-Tec Inc. | 13,000 | 82 |
| | Yomiuri Land Co. Ltd. | 21,000 | 81 |
| | Shinko Shoji Co. Ltd. | 8,800 | 81 |
| | Oenon Holdings Inc. | 32,000 | 81 |
| | Fuji Electronics Co. Ltd. | 6,700 | 80 |
| | Mory Industries Inc. | 21,000 | 79 |
| | Stella Chemifa Corp. | 6,200 | 79 |
| | Maruzen Showa Unyu Co. Ltd. | 25,000 | 78 |
| | Mitsui Home Co. Ltd. | 17,000 | 78 |
| | Kobelco Eco-Solutions Co. Ltd. | 22,000 | 78 |
| | Yushiro Chemical Industry Co. Ltd. | 7,700 | 78 |
| | Itochu-Shokuhin Co. Ltd. | 2,300 | 77 |
| | NIPPON STEEL & SUMIKIN TEXENG CO Ltd. | 20,000 | 77 |
| | Maezawa Kyuso Industries Co. Ltd. | 5,900 | 77 |
| * | Kanto Denka Kogyo Co. Ltd. | 32,000 | 77 |
| | Hokkaido Gas Co. Ltd. | 28,000 | 75 |
| | Starzen Co. Ltd. | 28,000 | 74 |
| | Yonekyu Corp. | 9,100 | 73 |
| | Daidoh Ltd. | 12,000 | 73 |
70
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dai Nippon Toryo Co. Ltd. | 49,000 | 73 |
| | ST Corp. | 7,500 | 73 |
| | Sinanen Co. Ltd. | 19,000 | 72 |
| | Chuetsu Pulp & Paper Co. Ltd. | 38,000 | 72 |
| | Furuno Electric Co. Ltd. | 10,600 | 72 |
| | Takihyo Co. Ltd. | 18,000 | 71 |
| | Fujitsu Frontech Ltd. | 6,400 | 71 |
| | Meisei Industrial Co. Ltd. | 15,000 | 71 |
| | Daisyo Corp. | 6,000 | 71 |
| | Olympic Group Corp. | 7,800 | 70 |
| | Uchida Yoko Co. Ltd. | 25,000 | 70 |
| | Pocket Card Co. Ltd. | 10,600 | 69 |
| | Kyoto Kimono Yuzen Co. Ltd. | 7,000 | 69 |
| ^ | Honeys Co. Ltd. | 7,390 | 69 |
| | Matsuda Sangyo Co. Ltd. | 6,200 | 69 |
| | Noritsu Koki Co. Ltd. | 9,600 | 69 |
| | Pal Co. Ltd. | 3,600 | 69 |
| | Gecoss Corp. | 7,300 | 68 |
| ^,* | Daiichi Chuo KK | 75,000 | 68 |
| | Riso Kyoiku Co. Ltd. | 31,030 | 68 |
| | Chugai Ro Co. Ltd. | 31,000 | 67 |
| | Chukyo Bank Ltd. | 39,000 | 66 |
| | Toho Co. Ltd. | 18,000 | 65 |
| | Hakuto Co. Ltd. | 7,000 | 65 |
| | Mimasu Semiconductor Industry Co. Ltd. | 7,100 | 64 |
| | Sekisui Plastics Co. Ltd. | 24,000 | 64 |
| | CMK Corp. | 25,700 | 64 |
| | Best Denki Co. Ltd. | 46,000 | 63 |
| | Tokyo Energy & Systems Inc. | 12,000 | 63 |
| | Taiho Kogyo Co. Ltd. | 6,600 | 62 |
| | Tonami Holdings Co. Ltd. | 34,000 | 62 |
| | Nice Holdings Inc. | 30,000 | 61 |
| | Cybozu Inc. | 17,600 | 61 |
| | Zuken Inc. | 7,600 | 60 |
| | Dai-ichi Seiko Co. Ltd. | 4,600 | 58 |
| | Alpha Systems Inc. | 4,000 | 58 |
| | NDS Co. Ltd. | 21,000 | 58 |
| | Mitsui Knowledge Industry Co. Ltd. | 39,500 | 58 |
| | Kinki Sharyo Co. Ltd. | 18,000 | 58 |
| | Nippon Sharyo Ltd. | 16,000 | 57 |
| | Hokkan Holdings Ltd. | 22,000 | 57 |
| | Shimojima Co. Ltd. | 5,600 | 57 |
| | Kyosan Electric Manufacturing Co. Ltd. | 16,000 | 55 |
| | Hodogaya Chemical Co. Ltd. | 28,000 | 55 |
| | Asunaro Aoki Construction Co. Ltd. | 9,500 | 55 |
| | Okura Industrial Co. Ltd. | 19,000 | 54 |
| | Toda Kogyo Corp. | 20,000 | 54 |
| | Aichi Corp. | 12,200 | 52 |
| | Daikoku Denki Co. Ltd. | 2,900 | 52 |
| ^ | Kourakuen Corp. | 4,000 | 52 |
| | Yurtec Corp. | 11,000 | 51 |
| | Toa Oil Co. Ltd. | 33,000 | 51 |
| | Corona Corp. Class A | 5,000 | 51 |
| | Right On Co. Ltd. | 7,000 | 50 |
| | Shoko Co. Ltd. | 37,000 | 49 |
| | Kojima Co. Ltd. | 15,100 | 48 |
| | Elematec Corp. | 2,800 | 48 |
| | Studio Alice Co. Ltd. | 3,400 | 47 |
| ^ | Tokyo Electron Device Ltd. | 3,500 | 46 |
| | Aeon Fantasy Co. Ltd. | 3,600 | 45 |
| | Inaba Seisakusho Co. Ltd. | 3,500 | 44 |
| | Pasona Group Inc. | 8,400 | 43 |
| * | Ichikoh Industries Ltd. | 32,000 | 43 |
| | Mr Max Corp. | 13,200 | 42 |
71
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sumitomo Precision Products Co. Ltd. | 11,000 | 40 |
| | CMIC Holdings Co. Ltd. | 2,400 | 38 |
| | Panasonic Information Systems | 1,400 | 37 |
| ^,* | Mitsubishi Kakoki Kaisha Ltd. | 22,000 | 33 |
| | Nippon Kasei Chemical Co. Ltd. | 21,000 | 27 |
| | Toko Inc. | 4,000 | 12 |
| | | | 285,796 |
| Malaysia (1.1%) | | |
| | Dialog Group Bhd. | 2,110,843 | 2,324 |
| | Genting Plantations Bhd. | 367,473 | 1,250 |
| | Media Prima Bhd. | 1,211,440 | 924 |
| | Bursa Malaysia Bhd. | 377,936 | 879 |
| | IGB Corp. Bhd. | 930,273 | 789 |
| | Top Glove Corp. Bhd. | 522,879 | 770 |
| | Magnum Bhd. | 818,744 | 757 |
| | DRB-Hicom Bhd. | 947,327 | 726 |
| | BIMB Holdings Bhd. | 541,240 | 706 |
| | HAP Seng Consolidated Bhd. | 696,700 | 676 |
| | Malaysia Building Society | 976,300 | 676 |
| | Carlsberg Brewery Malaysia Bhd. | 175,000 | 674 |
| | IGB REIT | 1,786,800 | 635 |
| | Sunway Bhd. | 648,600 | 617 |
| | Hartalega Holdings Bhd. | 308,000 | 598 |
| * | Kulim Malaysia Bhd. | 543,536 | 588 |
| | KPJ Healthcare Bhd. | 579,510 | 575 |
| | WCT Holdings Bhd. | 829,349 | 572 |
| | Eastern & Oriental Bhd. | 758,900 | 552 |
| | Pos Malaysia Bhd. | 394,700 | 545 |
| | Mah Sing Group Bhd. | 784,440 | 544 |
| | QL Resources Bhd. | 563,340 | 541 |
| | CapitaMalls Malaysia Trust | 1,084,300 | 502 |
| | TSH Resources Bhd. | 459,900 | 472 |
| | Berjaya Corp. Bhd. | 3,027,971 | 464 |
| | Kossan Rubber Industries | 336,000 | 422 |
| | Gas Malaysia Bhd. | 372,700 | 412 |
| * | TIME dotCom Bhd. | 336,200 | 411 |
| * | Keck Seng Malaysia Bhd. | 190,000 | 409 |
| | Axis REIT | 368,300 | 395 |
| | IJM Land Bhd. | 418,400 | 387 |
| * | Malaysian Airline System Bhd. | 5,263,000 | 372 |
| | Malaysian Resources Corp. Bhd. | 759,069 | 365 |
| * | Perdana Petroleum Bhd. | 614,756 | 356 |
| * | Cahya Mata Sarawak Bhd. | 121,300 | 355 |
| * | Perisai Petroleum Teknologi Bhd. | 720,200 | 347 |
| | Supermax Corp. Bhd. | 454,850 | 341 |
| | Dayang Enterprise Holdings Bhd. | 294,800 | 335 |
| | Muhibbah Engineering M Bhd. | 374,100 | 333 |
| | Pavilion REIT | 774,200 | 323 |
| | TA Enterprise Bhd. | 1,259,500 | 313 |
| | OSK Holdings Bhd. | 594,281 | 302 |
| | Wah Seong Corp. Bhd. | 397,932 | 240 |
| | Puncak Niaga Holdings Bhd. | 252,500 | 226 |
| * | KNM Group Bhd. | 868,669 | 221 |
| | Mudajaya Group Bhd. | 269,500 | 214 |
| * | Mulpha International Bhd. | 1,519,700 | 201 |
| * | AirAsia X Bhd. | 801,800 | 184 |
| * | Scomi Group Bhd. | 1,394,300 | 182 |
| | Unisem M Bhd. | 394,680 | 143 |
| | Malaysian Bulk Carriers Bhd. | 238,100 | 139 |
| | Lion Industries Corp. Bhd. | 425,900 | 86 |
| * | Dialog Group Bhd. Warrants Exp. 02/12/2017 | 91,395 | 38 |
| * | KPJ Healthcare Bhd. Warrants Exp. 01/10/2015 | 49,320 | 32 |
| * | Mah Sing Group Bhd. Warrants Exp. 03/18/2018 | 119,880 | 20 |
| * | KNM Group Bhd. Warrants Exp. 11/15/2017 | 178,323 | 20 |
72
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Malaysian Resources Corp. Bhd. Warrants Exp. 09/16/2018 | 253,023 | 17 |
| * | BIMB Holdings Bhd. Warrants | 154,640 | 16 |
| * | Puncak Niaga Holding Bhd. Warrants Exp. 07/20/2018 | 25,250 | 16 |
| * | Hartalega Holdings Bhd. Warrants Exp. 05/29/2015 | 22,560 | 15 |
| * | Kulim Malaysia Bhd. Warrants Exp. 02/27/2016 | 46,729 | 12 |
| * | WCT Holdings Bhd. Warrants Exp. 12/11/2017 | 82,009 | 11 |
| * | WCT Holdings Bhd. Warrants Exp. 03/10/2016 | 73,268 | 10 |
| * | Media Prima Bhd. Warrants Exp. 12/31/2014 | 9,277 | 2 |
| | | | 26,579 |
| Mexico (0.6%) | | |
| | Grupo Aeroportuario del Pacifico SAB de CV Class B | 394,994 | 2,376 |
| | Bolsa Mexicana de Valores SAB de CV | 665,316 | 1,365 |
| | Mexico Real Estate Management SA de CV | 689,400 | 1,309 |
| | Alsea SAB de CV | 357,900 | 1,236 |
| * | Empresas ICA SAB de CV | 605,000 | 1,087 |
| | TV Azteca SAB de CV | 1,946,722 | 1,068 |
| | Grupo Aeroportuario del Centro Norte Sab de CV Class B | 257,626 | 947 |
| | Corp Inmobiliaria Vesta SAB de CV | 426,000 | 862 |
| * | Grupo Aeromexico SAB de CV | 493,200 | 798 |
| | Concentradora Fibra Hotelera Mexicana SA de CV | 467,900 | 781 |
| * | Qualitas Controladora SAB de CV | 161,676 | 462 |
| * | Banregio Grupo Financiero SAB de CV | 62,261 | 360 |
| | Grupo Herdez SAB de CV | 110,500 | 328 |
| * | Grupo Simec SAB de CV Class B | 84,915 | 320 |
| * | Consorcio ARA SAB de CV | 630,510 | 277 |
| * | Corp GEO SAB de CV | 412,100 | 52 |
| * | Urbi Desarrollos Urbanos SAB de CV | 313,585 | 38 |
| | | | 13,666 |
| Netherlands (1.6%) | | |
| | Delta Lloyd NV | 211,200 | 5,558 |
| | Nutreco NV | 78,264 | 3,644 |
| | Aalberts Industries NV | 104,820 | 3,492 |
| | ASM International NV | 54,266 | 2,375 |
| | Arcadis NV | 64,277 | 2,285 |
| | Eurocommercial Properties NV | 47,049 | 2,160 |
| * | PostNL NV | 483,467 | 2,125 |
| ^ | Wereldhave NV | 24,700 | 2,077 |
| * | Corbion NV | 74,744 | 1,734 |
| | TKH Group NV | 46,289 | 1,613 |
| * | APERAM | 52,559 | 1,368 |
| | USG People NV | 77,129 | 1,335 |
| | Koninklijke BAM Groep NV | 230,003 | 1,247 |
| | Vastned Retail NV | 21,735 | 1,118 |
| ^,* | Royal Imtech NV | 474,411 | 925 |
| | BinckBank NV | 80,865 | 914 |
| * | TomTom NV | 117,353 | 832 |
| | Nieuwe Steen Investments NV | 137,384 | 831 |
| | Koninklijke Ten Cate NV | 25,118 | 748 |
| | Brunel International NV | 8,759 | 593 |
| * | Grontmij | 106,050 | 567 |
| | Accell Group | 23,543 | 468 |
| | Koninklijke Wessanen NV | 56,729 | 335 |
| * | AMG Advanced Metallurgical Group NV | 27,181 | 273 |
| ^,* | SNS REAAL NV | 96,364 | — |
| | | | 38,617 |
| New Zealand (0.5%) | | |
| ^ | Mighty River Power Ltd. | 850,154 | 1,705 |
| | Trade Me Group Ltd. | 430,760 | 1,470 |
| | Infratil Ltd. | 547,142 | 1,086 |
| | Mainfreight Ltd. | 86,033 | 994 |
| | Goodman Property Trust | 1,069,808 | 918 |
| * | Z Energy Ltd. | 269,845 | 909 |
| | Freightways Ltd. | 193,103 | 833 |
73
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Argosy Property Ltd. | 877,171 | 696 |
| | Kathmandu Holdings Ltd. | 181,890 | 572 |
| | Precinct Properties New Zealand Ltd. | 594,181 | 523 |
| | Chorus Ltd. | 341,404 | 522 |
| | Nuplex Industries Ltd. | 169,275 | 512 |
| | Metlifecare Ltd. | 128,375 | 456 |
| | New Zealand Oil & Gas Ltd. | 510,153 | 341 |
| * | a2 Milk Co. Ltd. | 468,164 | 328 |
| * | Synlait Milk Ltd. | 89,207 | 283 |
| | Vital Healthcare Property Trust | 240,827 | 278 |
| | Tower Ltd. | 107,704 | 151 |
| * | Bathurst Resources Ltd. | 434,735 | 25 |
| | | | 12,602 |
| Norway (1.6%) | | |
| * | DNO International ASA | 1,132,212 | 3,932 |
| | TGS Nopec Geophysical Co. ASA | 112,030 | 3,864 |
| | Marine Harvest ASA | 315,003 | 3,864 |
| | Petroleum Geo-Services ASA | 250,947 | 3,030 |
| * | Storebrand ASA | 487,782 | 2,738 |
| | Prosafe SE | 210,392 | 1,854 |
| | Tomra Systems ASA | 164,840 | 1,534 |
| * | REC Silicon ASA | 2,699,780 | 1,510 |
| | Opera Software ASA | 110,034 | 1,422 |
| | SpareBank 1 SMN | 145,451 | 1,292 |
| ^ | Atea ASA | 105,613 | 1,214 |
| | SpareBank 1 SR Bank ASA | 112,343 | 1,090 |
| ^,* | Nordic Semiconductor ASA | 183,807 | 1,031 |
| ^,* | Det Norske Oljeselskap ASA | 90,767 | 993 |
| | Aker ASA | 29,211 | 989 |
| | Fred Olsen Energy ASA | 29,169 | 931 |
| * | Norwegian Property ASA | 628,298 | 798 |
| | Wilh Wilhelmsen ASA | 74,712 | 723 |
| | Stolt-Nielsen Ltd. | 25,276 | 683 |
| | Golden Ocean Group Ltd. | 369,879 | 656 |
| | Leroy Seafood Group ASA | 17,417 | 617 |
| * | Salmar ASA | 42,281 | 612 |
| | BW Offshore Ltd. | 460,983 | 603 |
| | Cermaq ASA | 39,860 | 471 |
| | Austevoll Seafood ASA | 72,494 | 470 |
| ^,* | Norwegian Air Shuttle AS | 10,232 | 407 |
| | Odfjell Drilling Ltd. | 58,856 | 332 |
| * | Archer Ltd. | 210,681 | 287 |
| | Kvaerner ASA | 136,524 | 274 |
| | | | 38,221 |
| Philippines (0.6%) | | |
| | Metro Pacific Investments Corp. | 12,257,820 | 1,399 |
| | Megaworld Corp. | 12,077,454 | 1,264 |
| | Semirara Mining Corp. Class A | 122,877 | 1,134 |
| | Puregold Price Club Inc. | 982,200 | 1,013 |
| * | Philippine National Bank | 504,453 | 988 |
| * | Cosco Capital Inc. | 3,672,900 | 872 |
| | Security Bank Corp. | 317,511 | 856 |
| | Robinsons Land Corp. | 1,613,031 | 809 |
| | Manila Water Co. Inc. | 909,785 | 545 |
| | Rizal Commercial Banking Corp. | 496,100 | 535 |
| | Filinvest Land Inc. | 14,538,400 | 520 |
| | First Gen Corp. | 1,201,630 | 512 |
| * | Belle Corp. | 3,633,300 | 488 |
| * | Melco Crown Philippines Resorts Corp. | 1,442,100 | 442 |
| | Philex Mining Corp. | 2,046,281 | 412 |
| | Vista Land & Lifescapes Inc. | 2,821,000 | 382 |
| | First Philippine Holdings Corp. | 182,460 | 291 |
| * | Atlas Consolidated Mining & Development | 853,100 | 284 |
| | Cebu Air Inc. | 162,410 | 191 |
74
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Lopez Holdings Corp. | 1,853,100 | 190 |
| | | | 13,127 |
| Poland (0.4%) | | |
| ^ | Lubelski Wegiel Bogdanka SA | 37,736 | 1,545 |
| | Asseco Poland SA | 86,489 | 1,288 |
| ^,* | TVN SA | 183,266 | 999 |
| * | Grupa Lotos SA | 72,534 | 935 |
| * | Netia SA | 440,896 | 788 |
| ^,* | Globe Trade Centre SA | 246,784 | 617 |
| ^,* | Kernel Holding SA | 55,547 | 516 |
| | Budimex SA | 10,916 | 508 |
| * | Integer.pl SA | 4,450 | 391 |
| * | CD Projekt Red SA | 64,865 | 321 |
| * | Ciech SA | 29,620 | 317 |
| ^,* | Getin Holding SA | 275,043 | 290 |
| ^ | Warsaw Stock Exchange | 23,096 | 289 |
| * | Boryszew SA | 127,776 | 186 |
| * | Agora SA | 24,003 | 83 |
| | | | 9,073 |
| Portugal (0.5%) | | |
| * | Banco Comercial Portugues SA | 15,531,411 | 4,720 |
| | Sonae | 908,736 | 1,710 |
| | ZON OPTIMUS SGPS SA | 187,243 | 1,355 |
| | Portucel SA | 257,715 | 1,222 |
| | Mota-Engil SGPS SA | 129,463 | 991 |
| * | Banco BPI SA | 368,291 | 945 |
| | Semapa-Sociedade de Investimento e Gestao | 50,671 | 760 |
| | Altri SGPS SA | 159,956 | 544 |
| | REN - Redes Energeticas Nacionais SGPS SA | 65,536 | 246 |
| * | Mota-Engil Africa Rights | 101,072 | 56 |
| | | | 12,549 |
| Russia (0.1%) | | |
| * | PIK Group | 224,880 | 520 |
| * | M Video OJSC | 81,240 | 497 |
| * | Acron JSC | 9,423 | 314 |
| | TGK-1 OAO | 762,600,000 | 138 |
| * | OGK-2 OAO | 18,997,639 | 107 |
| | | | 1,576 |
| Singapore (1.8%) | | |
| | Ezion Holdings Ltd. | 1,076,844 | 1,958 |
| | SATS Ltd. | 752,729 | 1,906 |
| | Keppel REIT | 1,692,547 | 1,636 |
| | Mapletree Industrial Trust | 1,294,000 | 1,489 |
| | Mapletree Commercial Trust | 1,446,000 | 1,463 |
| | Mapletree Greater China Commercial Trust | 2,143,812 | 1,447 |
| | Mapletree Logistics Trust | 1,603,578 | 1,408 |
| | First Resources Ltd. | 553,629 | 1,137 |
| | CDL Hospitality Trusts | 779,066 | 1,117 |
| | Starhill Global REIT | 1,565,108 | 1,013 |
| | Asian Pay Television Trust | 1,623,000 | 978 |
| | Fortune REIT | 1,208,000 | 958 |
| | Raffles Medical Group Ltd. | 318,216 | 922 |
| | United Engineers Ltd. | 528,000 | 910 |
| ^ | Biosensors International Group Ltd. | 1,186,902 | 901 |
| | Parkway Life REIT | 440,485 | 882 |
| | Ascott Residence Trust | 901,021 | 864 |
| | Cambridge Industrial Trust | 1,410,260 | 834 |
| | AIMS AMP Capital Industrial REIT | 705,795 | 798 |
| ^ | Super Group Ltd. | 276,404 | 773 |
| | Frasers Centrepoint Trust | 531,210 | 762 |
| ^ | Hyflux Ltd. | 776,286 | 743 |
| | Cache Logistics Trust | 764,241 | 702 |
| 1 | ARA Asset Management Ltd. | 452,210 | 659 |
75
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Far East Hospitality Trust | 852,000 | 602 |
| | Lippo Malls Indonesia Retail Trust | 1,861,000 | 602 |
| | Frasers Commercial Trust | 586,200 | 595 |
| | Ezra Holdings Ltd. | 686,902 | 577 |
| * | United Envirotech Ltd. | 527,000 | 549 |
| | OUE Ltd. | 301,000 | 546 |
| ^ | OSIM International Ltd. | 235,080 | 545 |
| | First REIT | 573,000 | 531 |
| | CapitaRetail China Trust | 425,060 | 503 |
| ^ | OUE Hospitality Trust | 720,166 | 500 |
| * | Silverlake Axis Ltd. | 708,000 | 486 |
| | CitySpring Infrastructure Trust | 1,252,000 | 475 |
| | Sabana Shari'ah Compliant Industrial REIT | 569,000 | 465 |
| | Ho Bee Land Ltd. | 245,635 | 450 |
| | Ascendas Hospitality Trust | 773,000 | 444 |
| ^ | SPH REIT | 556,000 | 444 |
| | Ascendas India Trust | 718,662 | 439 |
| | Yoma Strategic Holdings Ltd. | 753,000 | 427 |
| * | Vard Holdings Ltd. | 508,000 | 392 |
| | Soilbuild Business Space REIT | 616,000 | 386 |
| | Midas Holdings Ltd. | 978,847 | 368 |
| * | HanKore Environment Tech Group Ltd. | 3,750,000 | 339 |
| | Religare Health Trust | 500,000 | 339 |
| | Boustead Singapore Ltd. | 214,000 | 324 |
| ^ | GuocoLeisure Ltd. | 415,000 | 320 |
| ^ | Croesus Retail Trust | 422,000 | 303 |
| | Hi-P International Ltd. | 642,000 | 298 |
| | Metro Holdings Ltd. | 379,000 | 278 |
| ^,* | Gallant Venture Ltd. | 1,115,679 | 268 |
| * | Raffles Education Corp. Ltd. | 1,110,839 | 262 |
| ^ | Perennial China Retail Trust | 573,000 | 254 |
| | Swiber Holdings Ltd. | 431,000 | 221 |
| | Fortune REIT | 276,589 | 217 |
| | CSE Global Ltd. | 398,759 | 189 |
| | GMG Global Ltd. | 2,444,000 | 176 |
| | China Fishery Group Ltd. | 550,729 | 172 |
| ^,* | Tiger Airways Holdings Ltd. | 466,800 | 164 |
| | Tat Hong Holdings Ltd. | 244,000 | 158 |
| | Hong Leong Asia Ltd. | 123,000 | 157 |
| ^,* | Ying Li International Real Estate Ltd. | 717,000 | 155 |
| * | Keppel Telecommunications & Transportation Ltd. | 96,420 | 137 |
| ^,* | LionGold Corp. Ltd. | 799,391 | 63 |
| * | Oceanus Group Ltd. | 4,182,000 | 57 |
| * | China Hongxing Sports Ltd. | 831,000 | 38 |
| * | Blumont Group Ltd. | 1,521,354 | 34 |
| * | China Milk Products Group Ltd. | 140,000 | — |
| | | | 41,509 |
| South Africa (0.4%) | | |
| * | Super Group Ltd. | 348,244 | 938 |
| | SA Corporate Real Estate Fund Nominees Pty Ltd. | 2,370,086 | 930 |
| | EOH Holdings Ltd. | 113,792 | 910 |
| | Emira Property Fund | 558,839 | 768 |
| | Famous Brands Ltd. | 69,430 | 696 |
| * | Metair Investments Ltd. | 160,584 | 649 |
| | City Lodge Hotels Ltd. | 38,979 | 457 |
| | Mpact Ltd. | 165,070 | 436 |
| | Blue Label Telecoms Ltd. | 475,055 | 412 |
| | Eqstra Holdings Ltd. | 504,428 | 350 |
| | Raubex Group Ltd. | 149,828 | 310 |
| | Invicta Holdings Ltd. | 25,501 | 291 |
| | Astral Foods Ltd. | 30,497 | 277 |
| | Clover Industries Ltd. | 132,036 | 243 |
| | Group Five Ltd. | 54,600 | 225 |
| * | Pinnacle Holdings Ltd. | 176,819 | 220 |
76
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Cashbuild Ltd. | 17,551 | 210 |
| * | Merafe Resources Ltd. | 1,222,650 | 129 |
| | DRDGOLD Ltd. | 257,096 | 82 |
| * | Ellies Holdings Ltd. | 143,593 | 57 |
| * | Oceana Group Ltd. | 1,844 | 16 |
| * | Great Basin Gold Ltd. | 345,634 | 1 |
| | | | 8,607 |
| South Korea (3.8%) | | |
| | Hotel Shilla Co. Ltd. | 36,306 | 3,057 |
| | Macquarie Korea Infrastructure Fund | 366,015 | 2,267 |
| * | Kumho Tire Co. Inc. | 165,250 | 2,083 |
| ^ | Paradise Co. Ltd. | 53,932 | 2,009 |
| | Korea Aerospace Industries Ltd. | 55,700 | 1,778 |
| ^ | Seoul Semiconductor Co. Ltd. | 41,837 | 1,684 |
| | LIG Insurance Co. Ltd. | 50,580 | 1,483 |
| ^ | Youngone Corp. | 32,284 | 1,320 |
| | Hanssem Co. Ltd. | 15,902 | 1,301 |
| ^ | Kolon Industries Inc. | 18,267 | 1,212 |
| | CJ O Shopping Co. Ltd. | 3,407 | 1,204 |
| ^,* | LG Innotek Co. Ltd. | 10,766 | 1,191 |
| | SK Chemicals Co. Ltd. | 20,117 | 1,173 |
| | Hyundai Greenfood Co. Ltd. | 65,525 | 1,102 |
| | LS Industrial Systems Co. Ltd. | 16,765 | 1,072 |
| | Korean Reinsurance Co. | 102,844 | 1,016 |
| | Daesang Corp. | 24,770 | 980 |
| * | CJ E&M Corp. | 19,563 | 955 |
| ^ | LOTTE Himart Co. Ltd. | 13,035 | 916 |
| | Hyundai Home Shopping Network Corp. | 6,028 | 905 |
| | Taekwang Industrial Co. Ltd. | 692 | 892 |
| ^,* | Chabio & Diostech Co. Ltd. | 51,534 | 808 |
| ^ | Grand Korea Leisure Co. Ltd. | 19,240 | 805 |
| ^ | Kolao Holdings | 30,599 | 762 |
| | Green Cross Corp. | 6,156 | 761 |
| | LG International Corp. | 25,661 | 760 |
| ^,* | SM Entertainment Co. | 15,936 | 755 |
| | Fila Korea Ltd. | 8,667 | 755 |
| | GS Home Shopping Inc. | 3,297 | 746 |
| | iMarketKorea Inc. | 24,300 | 736 |
| ^ | Partron Co. Ltd. | 54,086 | 734 |
| * | Hanmi Pharm Co. Ltd. | 5,984 | 675 |
| | KEPCO Plant Service & Engineering Co. Ltd. | 10,310 | 670 |
| | Meritz Fire & Marine Insurance Co. Ltd. | 53,660 | 668 |
| ^,* | ViroMed Co. Ltd. | 12,867 | 653 |
| | Young Poong Corp. | 562 | 647 |
| ^ | Medy-Tox Inc. | 4,298 | 637 |
| * | SK Broadband Co. Ltd. | 152,829 | 634 |
| ^ | Binggrae Co. Ltd. | 6,897 | 628 |
| | Hana Tour Service Inc. | 9,365 | 601 |
| | Dongsuh Co. Inc. | 39,112 | 600 |
| | Lotte Food Co. Ltd. | 793 | 595 |
| | Samchully Co. Ltd. | 3,906 | 587 |
| ^ | KIWOOM Securities Co. Ltd. | 11,846 | 583 |
| | CJ CGV Co. Ltd. | 12,380 | 577 |
| | Chong Kun Dang Pharmaceutical Corp. | 8,101 | 577 |
| | Eo Technics Co. Ltd. | 8,457 | 566 |
| ^,* | Seegene Inc. | 10,212 | 560 |
| | Hankook Tire Worldwide Co. Ltd. | 27,390 | 556 |
| * | Lumens Co. Ltd. | 41,124 | 553 |
| | Ottogi Corp. | 1,375 | 545 |
| ^,* | Wonik IPS Co. Ltd. | 53,284 | 534 |
| ^ | Interpark Corp. | 47,154 | 529 |
| | Hanil E-Wha Co. Ltd. | 25,620 | 524 |
| ^ | Youngone Holdings Co. Ltd. | 7,341 | 523 |
| | Huchems Fine Chemical Corp. | 24,668 | 521 |
77
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sungwoo Hitech Co. Ltd. | 31,865 | 515 |
| ^,* | Medipost Co. Ltd. | 7,542 | 505 |
| | CJ Hellovision Co. Ltd. | 29,370 | 503 |
| | Nexen Tire Corp. | 36,230 | 497 |
| | Hanil Cement Co. Ltd. | 4,298 | 496 |
| ^ | Posco ICT Co. Ltd. | 59,591 | 496 |
| | LG Fashion Corp. | 19,054 | 495 |
| | Poongsan Corp. | 19,738 | 487 |
| | Hansol Paper Co. | 44,020 | 485 |
| | JB Financial Group Co. Ltd. | 65,713 | 485 |
| | Kwang Dong Pharmaceutical Co. Ltd. | 54,020 | 483 |
| ^,* | Hanjin Heavy Industries & Construction Co. Ltd. | 40,220 | 475 |
| ^,* | Ssangyong Motor Co. | 48,980 | 475 |
| | Namyang Dairy Products Co. Ltd. | 532 | 472 |
| | Sung Kwang Bend Co. Ltd. | 19,985 | 469 |
| | SFA Engineering Corp. | 10,783 | 466 |
| * | Asiana Airlines Inc. | 97,072 | 463 |
| | Hyundai Corp. | 15,080 | 460 |
| | Samyang Holdings Corp. | 6,600 | 460 |
| ^,* | LG Life Sciences Ltd. | 12,993 | 450 |
| ^ | GS Retail Co. Ltd. | 15,980 | 445 |
| * | Cosmax Inc. | 6,603 | 444 |
| | Meritz Securities Co. Ltd. | 201,910 | 444 |
| ^ | Korea Kolmar Co. Ltd. | 13,310 | 439 |
| * | Ssangyong Cement Industrial Co. Ltd. | 47,830 | 438 |
| | Korea Electric Terminal Co. Ltd. | 10,270 | 433 |
| | Hancom Inc. | 18,122 | 432 |
| | E1 Corp. | 6,216 | 423 |
| ^,* | GemVax & Kael Co. Ltd. | 22,193 | 412 |
| ^ | YG Entertainment Inc. | 6,871 | 412 |
| | Green Cross Holdings Corp. | 29,720 | 409 |
| | Dongwon Industries Co. Ltd. | 1,298 | 408 |
| ^ | Dong-A ST Co. Ltd. | 3,946 | 405 |
| * | Hyundai Elevator Co. Ltd. | 10,132 | 392 |
| ^,* | Gamevil Inc. | 5,616 | 381 |
| | Hansae Co. Ltd. | 18,130 | 377 |
| | Tongyang Life Insurance | 38,060 | 370 |
| ^ | Seah Besteel Corp. | 13,433 | 363 |
| | Handsome Co. Ltd. | 14,288 | 362 |
| ^ | Ilyang Pharmaceutical Co. Ltd. | 14,838 | 362 |
| | Daishin Securities Co. Ltd. | 39,490 | 357 |
| | KT Skylife Co. Ltd. | 14,950 | 350 |
| | Daewoong Pharmaceutical Co. Ltd. | 5,084 | 345 |
| | Daou Technology Inc. | 24,310 | 340 |
| ^ | Maeil Dairy Industry Co. Ltd. | 8,952 | 339 |
| * | Woongjin Chemical Co. Ltd. | 23,640 | 332 |
| * | Hanmi Science Co. ltd | 22,165 | 320 |
| | MegaStudy Co. Ltd. | 4,643 | 314 |
| ^,* | Seobu T&D | 16,179 | 308 |
| | Golfzon Co. Ltd. | 16,818 | 307 |
| ^ | Ahnlab Inc. | 5,895 | 303 |
| ^,* | Com2uSCorp | 8,195 | 300 |
| | Taeyoung Engineering & Construction Co. Ltd. | 47,440 | 297 |
| | Soulbrain Co. Ltd. | 7,385 | 295 |
| | Dong-A Socio Holdings Co. Ltd. | 2,330 | 293 |
| | Hankook Shell Oil Co. Ltd. | 642 | 291 |
| * | Hanjin Kal Corp. | 13,540 | 291 |
| | Able C&C Co. Ltd. | 10,107 | 290 |
| ^,* | STX Pan Ocean Co. Ltd. | 86,400 | 288 |
| ^ | Lock & Lock Co. Ltd. | 18,759 | 285 |
| | Bukwang Pharmaceutical Co. Ltd. | 19,698 | 278 |
| ^,* | Korea Line Corp. | 10,431 | 274 |
| | Hanjin Transportation Co. Ltd. | 11,154 | 274 |
| * | Hanjin Shipping Holdings Co. Ltd. | 42,140 | 274 |
78
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Sindoh Co. Ltd. | 4,070 | 267 |
| | Daeduck Electronics Co. | 36,100 | 267 |
| | TONGYANG Securities Inc. | 118,630 | 264 |
| | POSCO Chemtech Co. Ltd. | 1,825 | 264 |
| * | TK Corp. | 13,259 | 262 |
| * | Hanwha General Insurance Co. Ltd. | 52,151 | 258 |
| * | Osstem Implant Co. Ltd. | 9,948 | 248 |
| | SK Gas Ltd. | 2,679 | 246 |
| ^,* | Doosan Engine Co. Ltd. | 28,930 | 243 |
| | Daeduck GDS Co. Ltd. | 14,590 | 242 |
| ^ | DuzonBIzon Co. Ltd. | 20,360 | 241 |
| * | Green Cross Cell Corp. | 7,374 | 240 |
| ^,* | Taewoong Co. Ltd. | 9,801 | 237 |
| | Dongyang Mechatronics Corp. | 24,200 | 233 |
| ^,* | Komipharm International Co. Ltd. | 26,575 | 227 |
| ^,* | Duksan Hi-Metal Co. Ltd. | 12,136 | 226 |
| * | Hansol Technics Co. Ltd. | 10,539 | 224 |
| | S&T Motiv Co. Ltd. | 8,240 | 223 |
| | Meritz Financial Group Inc. | 30,854 | 222 |
| * | SK Securities Co. Ltd. | 309,400 | 222 |
| | S&T Dynamics Co. Ltd. | 18,893 | 219 |
| ^,* | Neowiz Games Corp. | 13,715 | 218 |
| | SL Corp. | 12,420 | 214 |
| | Sam Young Electronics Co. Ltd. | 18,620 | 207 |
| | OCI Materials Co. Ltd. | 5,853 | 201 |
| | NH Investment & Securities Co. Ltd. | 30,199 | 196 |
| ^,* | 3S Korea Co. Ltd. | 35,930 | 195 |
| ^ | SBS Media Holdings Co. Ltd. | 45,730 | 194 |
| | Daekyo Co. Ltd. | 29,480 | 190 |
| ^,* | Dongbu HiTek Co. Ltd. | 27,650 | 187 |
| | Silicon Works Co. Ltd. | 8,072 | 180 |
| | Iljin Display Co. Ltd. | 12,970 | 174 |
| | Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 16,877 | 172 |
| | Humax Co. Ltd. | 13,919 | 169 |
| | Youlchon Chemical Co. Ltd. | 12,100 | 165 |
| | Chongkundang Holdings Corp. | 3,425 | 165 |
| ^,* | Taihan Electric Wire Co. Ltd. | 78,662 | 161 |
| | Daishin Securities Co. Ltd. Preference Shares | 27,330 | 157 |
| | Namhae Chemical Corp. | 16,640 | 157 |
| ^,* | Foosung Co. Ltd. | 47,710 | 156 |
| * | Hanwha Investment & Securities Co. Ltd. | 41,895 | 152 |
| ^ | NEPES Corp. | 16,272 | 149 |
| | INTOPS Co. Ltd. | 6,332 | 149 |
| ^,* | Kolon Global Corp. | 57,890 | 144 |
| * | Jusung Engineering Co. Ltd. | 27,644 | 143 |
| | Dae Han Flour Mills Co. Ltd. | 990 | 142 |
| ^,* | KTB Investment & Securities Co. Ltd. | 56,860 | 142 |
| | KISCO Corp. | 5,076 | 138 |
| * | Woongjin Thinkbig Co. Ltd. | 16,870 | 132 |
| * | ICD Co. Ltd. | 11,667 | 130 |
| ^,* | Pharmicell Co. Ltd. | 33,200 | 127 |
| | Kumho Electric Co. Ltd. | 5,290 | 125 |
| * | Woongjin Energy Co. Ltd. | 53,690 | 121 |
| * | Interflex Co. Ltd. | 5,636 | 118 |
| ^ | Melfas Inc. | 12,837 | 117 |
| | Hitejinro Holdings Co. Ltd. | 9,000 | 114 |
| ^ | Capro Corp. | 24,640 | 111 |
| | Cosmax Inc. | 2,608 | 107 |
| ^,* | Shinsung Solar Energy Co. Ltd. | 62,650 | 90 |
| * | Eugene Investment & Securities Co. Ltd. | 31,930 | 81 |
| ^,* | CNK International Co. Ltd. | 35,374 | 81 |
| | Kyobo Securities Co. | 12,060 | 81 |
| ^ | EG Corp. | 3,452 | 80 |
| | Dongbu Securities Co. Ltd. | 21,320 | 76 |
79
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| ^,* | Dongbu Steel Co. Ltd. | 25,318 | 76 |
| | Kolon Corp. | 3,490 | 73 |
| ^,* | SK Communications Co. Ltd. | 9,340 | 68 |
| ^ | Agabang&Company | 12,729 | 67 |
| * | China Ocean Resources Co. Ltd. | 27,290 | 63 |
| * | Insun ENT Co. Ltd. | 16,455 | 61 |
| * | STS Semiconductor & Telecommunications | 25,428 | 58 |
| ^,* | STX Engine Co. Ltd. | 16,747 | 57 |
| | Samyang Corp. | 1,170 | 52 |
| * | CUROCOM Co. Ltd. | 52,753 | 51 |
| * | Dongbu Corp. | 16,330 | 40 |
| ^,* | Tongyang Inc. | 94,750 | 26 |
| * | STS Semiconductor & Telecommunications Rights Exp. 05/23/2014 | 10,424 | 7 |
| * | Tera Resource Co. Ltd. | 168,016 | 2 |
| * | SSCP Co. Ltd. | 20,873 | 2 |
| * | Daewoo Songdo Development Co. Ltd. | 11,746 | — |
| | | | 89,184 |
| Spain (1.6%) | | |
| | Bolsas y Mercados Espanoles SA | 87,387 | 3,807 |
| * | Abengoa SA | 725,258 | 3,229 |
| | Viscofan SA | 52,453 | 2,733 |
| | Indra Sistemas SA | 135,175 | 2,539 |
| * | Gamesa Corp. Tecnologica SA | 239,666 | 2,382 |
| | Ebro Foods SA | 96,851 | 2,232 |
| | Obrascon Huarte Lain SA | 45,668 | 2,117 |
| | Tecnicas Reunidas SA | 34,098 | 2,054 |
| | Grupo Catalana Occidente SA | 50,470 | 1,975 |
| | Prosegur Cia de Seguridad SA | 229,595 | 1,537 |
| * | NH Hoteles SA | 199,782 | 1,276 |
| * | Almirall SA | 71,255 | 1,194 |
| ^,* | Sacyr SA | 169,961 | 1,120 |
| | Construcciones y Auxiliar de Ferrocarriles SA | 2,167 | 1,038 |
| ^,* | Fomento de Construcciones y Contratas SA | 41,713 | 920 |
| ^,* | Let's GOWEX SA | 30,123 | 856 |
| ^ | Melia Hotels International SA | 65,970 | 835 |
| * | Atresmedia Corp. de Medios de Comunicaion SA | 56,353 | 811 |
| * | Faes Farma SA | 258,952 | 802 |
| * | Zeltia SA | 195,461 | 737 |
| | Duro Felguera SA | 71,726 | 489 |
| ^,* | Liberbank SA | 379,578 | 474 |
| | Cie Automotive SA | 32,469 | 414 |
| * | Ence Energia y Celulosa S.A | 130,911 | 386 |
| | Tubos Reunidos SA | 96,966 | 301 |
| ^,* | Promotora de Informaciones SA | 475,218 | 265 |
| | Tubacex SA | 51,058 | 250 |
| * | Abengoa SA | 43,869 | 244 |
| | Papeles y Cartones de Europa SA | 37,021 | 205 |
| * | Deoleo SA | 365,266 | 200 |
| * | Realia Business SA | 92,502 | 171 |
| ^,* | Caja de Ahorros del Mediterraneo | 42,306 | — |
| * | Pescanova SA | 10,066 | — |
| | | | 37,593 |
| Sweden (2.9%) | | |
| ^ | Trelleborg AB Class B | 265,781 | 5,687 |
| | Meda AB Class A | 261,064 | 4,693 |
| | Castellum AB | 189,366 | 3,229 |
| | NCC AB Class B | 91,061 | 3,190 |
| | ICA Gruppen AB | 84,492 | 2,842 |
| | Hexpol AB | 26,963 | 2,555 |
| | BillerudKorsnas AB | 169,875 | 2,483 |
| | Fabege AB | 150,363 | 2,112 |
| * | Swedish Orphan Biovitrum AB | 178,320 | 1,961 |
| | JM AB | 57,132 | 1,941 |
| | Hufvudstaden AB Class A | 130,188 | 1,909 |
80
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Wallenstam AB | 115,170 | 1,890 |
| | AarhusKarlshamn AB | 28,094 | 1,881 |
| | Nibe Industrier AB Class B | 65,980 | 1,853 |
| | Loomis AB Class B | 67,098 | 1,830 |
| ^,* | SSAB AB Class A | 206,914 | 1,807 |
| * | Betsson AB | 43,492 | 1,590 |
| | Axfood AB | 29,348 | 1,564 |
| | Indutrade AB | 34,172 | 1,487 |
| | Peab AB | 185,752 | 1,438 |
| | Wihlborgs Fastigheter AB | 73,870 | 1,424 |
| | Saab AB Class B | 46,194 | 1,419 |
| * | Fastighets AB Balder | 107,646 | 1,381 |
| | Intrum Justitia AB | 47,364 | 1,373 |
| | Kungsleden AB | 164,855 | 1,347 |
| ^ | Axis Communications AB | 43,704 | 1,303 |
| | Lundbergforetagen AB Class B | 27,534 | 1,286 |
| * | AF AB | 31,776 | 1,154 |
| | Avanza Bank Holding AB | 30,412 | 1,142 |
| * | Eniro AB | 105,875 | 847 |
| * | Lindab International AB | 66,177 | 825 |
| | Nobia AB | 81,656 | 743 |
| ^,* | SSAB AB Class B | 87,411 | 661 |
| | Clas Ohlson AB | 28,293 | 628 |
| * | Concentric AB | 43,540 | 616 |
| | Haldex AB | 46,388 | 595 |
| * | Rezidor Hotel Group AB | 75,403 | 468 |
| ^ | Klovern AB | 84,989 | 467 |
| ^,* | CDON Group AB | 109,822 | 449 |
| * | Investment AB Oresund | 17,885 | 445 |
| | SkiStar AB | 30,187 | 399 |
| | Nordnet AB | 79,360 | 391 |
| | Bure Equity AB | 84,020 | 371 |
| | Fastighets AB Balder Preference Shares | 6,516 | 352 |
| ^,* | SAS AB | 161,460 | 347 |
| | Klovern AB Prior Pfd. | 14,008 | 343 |
| ^ | Mekonomen AB | 11,452 | 307 |
| ^,* | Active Biotech AB | 47,083 | 249 |
| | NCC AB Class A | 3,950 | 141 |
| * | KappAhl AB | 21,651 | 133 |
| | Bilia AB | 1,788 | 59 |
| * | Rezidor Hotel Group AB Rights Exp. 05/21/2014 | 75,403 | 35 |
| | | | 69,642 |
| Switzerland (3.0%) | | |
| * | Dufry AG | 30,589 | 5,062 |
| * | Georg Fischer AG | 4,685 | 3,717 |
| | OC Oerlikon Corp. AG | 191,624 | 3,053 |
| | Helvetia Holding AG | 6,022 | 3,002 |
| | Panalpina Welttransport Holding AG | 15,646 | 2,457 |
| | Bucher Industries AG | 6,880 | 2,241 |
| | Flughafen Zuerich AG | 3,524 | 2,223 |
| | BB Biotech AG | 13,093 | 2,195 |
| | Kaba Holding AG Class B | 4,441 | 2,139 |
| | Logitech International SA | 155,070 | 2,103 |
| | ams AG | 13,684 | 2,063 |
| | Straumann Holding AG | 8,817 | 1,957 |
| | Valiant Holding AG | 17,436 | 1,930 |
| | Nobel Biocare Holding AG | 135,967 | 1,897 |
| | Temenos Group AG | 50,695 | 1,818 |
| | Burckhardt Compression Holding AG | 3,486 | 1,807 |
| | Tecan Group AG | 13,463 | 1,684 |
| | Forbo Holding AG | 1,509 | 1,562 |
| | Mobimo Holding AG | 6,990 | 1,502 |
| | Allreal Holding AG | 10,449 | 1,474 |
| | Belimo Holding AG | 513 | 1,445 |
81
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Vontobel Holding AG | 34,822 | 1,365 |
| | Kuoni Reisen Holding AG | 3,049 | 1,346 |
| ^,* | Meyer Burger Technology AG | 98,055 | 1,212 |
| | Implenia AG | 15,969 | 1,171 |
| | Rieter Holding AG | 5,134 | 1,161 |
| * | St. Galler Kantonalbank AG | 2,479 | 1,065 |
| | Autoneum Holding AG | 4,923 | 1,044 |
| * | Schmolz & Bickenbach AG | 660,954 | 948 |
| | Gategroup Holding AG | 30,155 | 940 |
| | Schweiter Technologies AG | 1,235 | 934 |
| | Huber & Suhner AG | 16,835 | 926 |
| * | Valora Holding AG | 3,133 | 886 |
| | Emmi AG | 2,390 | 877 |
| | Daetwyler Holding AG | 5,537 | 875 |
| | Kudelski SA | 46,727 | 806 |
| | Ascom Holding AG | 39,032 | 726 |
| | AFG Arbonia-Forster Holding AG | 18,900 | 630 |
| | Schweizerische National-Versicherungs-Gesellschaft AG | 8,598 | 596 |
| | Vetropack Holding AG | 280 | 539 |
| | Basler Kantonalbank | 5,734 | 496 |
| | Liechtensteinische Landesbank AG | 9,843 | 487 |
| | VZ Holding AG | 2,859 | 480 |
| | EFG International AG | 35,981 | 456 |
| * | Basilea Pharmaceutica | 4,113 | 431 |
| | Siegfried Holding AG | 1,995 | 374 |
| | Zehnder Group AG | 8,511 | 371 |
| | BKW AG | 9,538 | 350 |
| | Swissquote Group Holding SA | 8,231 | 324 |
| | Verwaltungs- und Privat-Bank AG | 3,040 | 303 |
| | Alpiq Holding AG | 2,339 | 287 |
| * | Orascom Development Holding AG | 7,199 | 112 |
| * | Von Roll Holding AG | 44,164 | 86 |
| | Bachem Holding AG | 1,133 | 64 |
| | Cie Financiere Tradition SA | 1,060 | 58 |
| * | Petroplus Holdings AG | 36,495 | 1 |
| | | | 70,058 |
| Taiwan (6.4%) | | |
| | China Life Insurance Co. Ltd. | 3,035,324 | 2,659 |
| | Hermes Microvision Inc. | 62,036 | 2,577 |
| | Chailease Holding Co. Ltd. | 1,022,600 | 2,436 |
| | Eclat Textile Co. Ltd. | 210,583 | 2,309 |
| | Hiwin Technologies Corp. | 234,860 | 2,237 |
| | WPG Holdings Ltd. | 1,634,889 | 2,011 |
| | Radiant Opto-Electronics Corp. | 496,147 | 2,000 |
| | Ruentex Industries Ltd. | 774,160 | 1,841 |
| | Merida Industry Co. Ltd. | 264,822 | 1,775 |
| | Ruentex Development Co. Ltd. | 948,292 | 1,681 |
| | Simplo Technology Co. Ltd. | 314,053 | 1,636 |
| | Airtac International Group | 148,980 | 1,602 |
| | Kenda Rubber Industrial Co. Ltd. | 614,399 | 1,429 |
| * | Asia Pacific Telecom Co. Ltd. | 2,937,000 | 1,407 |
| * | Medigen Biotechnology Corp. | 114,680 | 1,382 |
| | Zhen Ding Technology Holding Ltd. | 465,400 | 1,352 |
| | Highwealth Construction Corp. | 590,816 | 1,319 |
| | Clevo Co. | 684,944 | 1,263 |
| | Powertech Technology Inc. | 760,662 | 1,231 |
| | CTCI Corp. | 751,667 | 1,200 |
| | Yungtay Engineering Co. Ltd. | 402,993 | 1,189 |
| | Far Eastern Department Stores Ltd. | 1,226,435 | 1,142 |
| | Kinsus Interconnect Technology Corp. | 295,282 | 1,116 |
| | St. Shine Optical Co. Ltd. | 52,419 | 1,113 |
| | Chipbond Technology Corp. | 643,852 | 1,103 |
| | TSRC Corp. | 736,711 | 1,082 |
| | Tripod Technology Corp. | 538,327 | 1,061 |
82
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Wowprime Corp. | 68,700 | 1,036 |
| | Chroma ATE Inc. | 400,040 | 1,032 |
| | Standard Foods Corp. | 373,865 | 1,029 |
| | King's Town Bank | 1,102,193 | 1,023 |
| | Everlight Electronics Co. Ltd. | 435,725 | 1,021 |
| | China Petrochemical Development Corp. | 2,523,077 | 995 |
| | China Steel Chemical Corp. | 166,853 | 963 |
| | MIN AIK Technology Co. Ltd. | 174,987 | 948 |
| | Coretronic Corp. | 780,000 | 931 |
| | Phison Electronics Corp. | 135,962 | 926 |
| | Merry Electronics Co. Ltd. | 170,153 | 925 |
| | Tong Hsing Electronic Industries Ltd. | 164,056 | 882 |
| | Makalot Industrial Co. Ltd. | 166,000 | 873 |
| * | Nan Kang Rubber Tire Co. Ltd. | 764,107 | 869 |
| | King Yuan Electronics Co. Ltd. | 1,129,963 | 863 |
| * | HannStar Display Corp. | 2,460,000 | 853 |
| | King Slide Works Co. Ltd. | 64,675 | 843 |
| * | Ginko International Co. Ltd. | 50,000 | 841 |
| * | Winbond Electronics Corp. | 2,787,000 | 840 |
| * | Sino-American Silicon Products Inc. | 495,945 | 832 |
| | Feng TAY Enterprise Co. Ltd. | 300,000 | 831 |
| | Gigabyte Technology Co. Ltd. | 531,271 | 830 |
| | Richtek Technology Corp. | 144,155 | 828 |
| | Firich Enterprises Co. Ltd. | 166,430 | 828 |
| | Micro-Star International Co. Ltd. | 750,000 | 822 |
| | LCY Chemical Corp. | 779,255 | 802 |
| | Tainan Spinning Co. Ltd. | 1,191,359 | 802 |
| | Tong Yang Industry Co. Ltd. | 539,919 | 775 |
| | Elan Microelectronics Corp. | 416,350 | 771 |
| | Yageo Corp. | 1,615,000 | 769 |
| | Compeq Manufacturing Co. Ltd. | 1,142,471 | 749 |
| * | Neo Solar Power Corp. | 621,819 | 738 |
| * | Tatung Co. Ltd. | 2,309,320 | 732 |
| | Tung Ho Steel Enterprise Corp. | 849,150 | 725 |
| | Chin-Poon Industrial Co. Ltd. | 373,072 | 700 |
| | ScinoPharm Taiwan Ltd. | 248,924 | 678 |
| | Win Semiconductors Corp. | 755,000 | 675 |
| | TTY Biopharm Co. Ltd. | 212,483 | 665 |
| | Formosa International Hotels Corp. | 54,369 | 639 |
| | Wei Chuan Foods Corp. | 427,835 | 637 |
| | Sanyang Industry Co. Ltd. | 680,037 | 623 |
| | Depo Auto Parts Ind Co. Ltd. | 154,313 | 622 |
| | Farglory Land Development Co. Ltd. | 377,854 | 620 |
| * | E Ink Holdings Inc. | 921,708 | 614 |
| | Lung Yen Life Service Corp. | 223,000 | 607 |
| | Grand Pacific Petrochemical | 952,928 | 607 |
| | Huaku Development Co. Ltd. | 245,499 | 602 |
| | Jih Sun Financial Holdings Co. Ltd. | 2,203,570 | 596 |
| | Wistron NeWeb Corp. | 254,142 | 594 |
| | Radium Life Tech Co. Ltd. | 755,267 | 592 |
| | AcBel Polytech Inc. | 448,000 | 589 |
| | Taichung Commercial Bank | 1,743,738 | 581 |
| * | Wintek Corp. | 1,721,962 | 577 |
| | Casetek Holdings Ltd. | 108,000 | 567 |
| | Prince Housing & Development Corp. | 1,209,304 | 560 |
| | USI Corp. | 873,518 | 553 |
| * | PharmaEngine Inc. | 65,000 | 545 |
| | Giga Solar Materials Corp. | 23,000 | 533 |
| | Parade Technologies Ltd. | 62,000 | 530 |
| | Kerry TJ Logistics Co. Ltd. | 441,092 | 530 |
| | Goldsun Development & Construction Co. Ltd. | 1,486,591 | 525 |
| | AmTRAN Technology Co. Ltd. | 749,692 | 519 |
| | Career Technology MFG. Co. Ltd. | 363,126 | 513 |
| * | Motech Industries Inc. | 301,311 | 511 |
83
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Shinkong Synthetic Fibers Corp. | 1,578,416 | 508 |
| | Chong Hong Construction Co. | 183,160 | 506 |
| * | Ta Chong Bank Ltd. | 1,512,587 | 504 |
| | China Synthetic Rubber Corp. | 521,562 | 499 |
| * | Qisda Corp. | 1,527,000 | 496 |
| | A-DATA Technology Co. Ltd. | 207,000 | 494 |
| | Taiwan Hon Chuan Enterprise Co. Ltd. | 239,258 | 494 |
| | FLEXium Interconnect Inc. | 180,801 | 492 |
| | PChome Online Inc. | 71,527 | 492 |
| | Kinpo Electronics | 1,294,196 | 483 |
| | Poya Co. Ltd. | 77,000 | 481 |
| | Grape King Industrial Co. | 107,000 | 480 |
| | Shin Zu Shing Co. Ltd. | 176,000 | 478 |
| | Cleanaway Co. Ltd. | 84,000 | 475 |
| * | Mitac Holdings Corp. | 578,000 | 468 |
| | Great Wall Enterprise Co. Ltd. | 447,839 | 464 |
| | Faraday Technology Corp. | 339,000 | 462 |
| | WT Microelectronics Co. Ltd. | 336,601 | 460 |
| | San Shing Fastech Corp. | 156,620 | 458 |
| | Taiwan Surface Mounting Technology Co. Ltd. | 304,468 | 455 |
| | Formosan Rubber Group Inc. | 481,888 | 451 |
| | Gourmet Master Co. Ltd. | 55,650 | 451 |
| | Lien Hwa Industrial Corp. | 711,356 | 450 |
| | TA Chen Stainless Pipe | 797,330 | 444 |
| | Elite Semiconductor Memory Technology Inc. | 243,000 | 443 |
| | Namchow Chemical Industrial Co. Ltd. | 229,000 | 442 |
| | TXC Corp. | 303,877 | 439 |
| | China Bills Finance Corp. | 1,132,800 | 439 |
| | Ardentec Corp. | 514,638 | 437 |
| * | CMC Magnetics Corp. | 2,814,000 | 434 |
| | YungShin Global Holding Corp. | 235,617 | 432 |
| | Sercomm Corp. | 212,000 | 428 |
| | D-Link Corp. | 651,000 | 427 |
| | ITEQ Corp. | 369,261 | 426 |
| | Unity Opto Technology Co. Ltd. | 338,000 | 418 |
| | Flytech Technology Co. Ltd. | 104,000 | 400 |
| | Taiwan Sogo Shin Kong SEC | 295,000 | 399 |
| | Soft-World International Corp. | 114,520 | 398 |
| * | Taiwan Liposome Co. Ltd. | 41,000 | 397 |
| | Ho Tung Chemical Corp. | 885,101 | 395 |
| | Dynapack International Technology Corp. | 151,299 | 395 |
| | Cheng Loong Corp. | 908,920 | 395 |
| | Senao International Co. Ltd. | 149,000 | 392 |
| * | Microbio Co. Ltd. | 383,562 | 392 |
| | Aten International Co. Ltd. | 124,260 | 391 |
| * | Yieh Phui Enterprise Co. Ltd. | 1,265,406 | 391 |
| * | Gintech Energy Corp. | 375,800 | 387 |
| * | Gigastorage Corp. | 311,800 | 379 |
| * | China Man-Made Fiber Corp. | 1,113,778 | 377 |
| | Test-Rite International Co. Ltd. | 522,725 | 375 |
| * | Ritek Corp. | 2,388,000 | 374 |
| | Sigurd Microelectronics Corp. | 375,000 | 373 |
| | Universal Cement Corp. | 387,000 | 371 |
| | Kinik Co. | 134,000 | 369 |
| * | Taiwan Life Insurance Co. Ltd. | 474,397 | 365 |
| | Test Research Inc. | 217,371 | 365 |
| * | Shining Building Business Co. Ltd. | 456,408 | 365 |
| | China Metal Products | 313,250 | 361 |
| | Rechi Precision Co. Ltd. | 335,600 | 361 |
| | Taiwan Paiho Ltd. | 274,183 | 360 |
| * | Mercuries Life Insurance Co. Ltd. | 640,240 | 359 |
| | UPC Technology Corp. | 802,510 | 357 |
| | Great China Metal Industry | 271,000 | 352 |
| | Zeng Hsing Industrial Co. Ltd. | 62,000 | 350 |
84
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Everlight Chemical Industrial Corp. | 380,702 | 350 |
| | Wah Lee Industrial Corp. | 181,883 | 348 |
| | Greatek Electronics Inc. | 290,000 | 344 |
| | BES Engineering Corp. | 1,298,468 | 341 |
| | Kingdom Construction Co. | 329,000 | 340 |
| | Taiwan PCB Techvest Co. Ltd. | 236,102 | 336 |
| | Evergreen International Storage & Transport Corp. | 547,502 | 336 |
| | Taiwan Semiconductor Co. Ltd. | 304,000 | 336 |
| | Masterlink Securities Corp. | 1,021,000 | 334 |
| | Sinyi Realty Co. | 186,356 | 332 |
| | Hung Sheng Construction Ltd. | 504,100 | 327 |
| | CyberTAN Technology Inc. | 329,571 | 321 |
| | Hey Song Corp. | 306,000 | 321 |
| | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 121,000 | 321 |
| | Shinkong Textile Co. Ltd. | 247,338 | 312 |
| | Pan-International Industrial Corp. | 421,488 | 311 |
| * | Taiwan Styrene Monomer | 551,980 | 311 |
| * | Li Peng Enterprise Co. Ltd. | 663,218 | 310 |
| | IEI Integration Corp. | 215,456 | 310 |
| * | Nan Liu Enterprise Co. Ltd. | 55,000 | 310 |
| | Solar Applied Materials Technology Co. | 348,201 | 310 |
| * | Taiwan TEA Corp. | 496,293 | 308 |
| | Taiflex Scientific Co. Ltd. | 158,034 | 307 |
| | KEE TAI Properties Co. Ltd. | 450,740 | 307 |
| | G Tech Optoelectronics Corp. | 265,000 | 303 |
| * | Chung Hung Steel Corp. | 1,168,047 | 301 |
| | Lealea Enterprise Co. Ltd. | 843,586 | 296 |
| | Accton Technology Corp. | 497,467 | 296 |
| * | E-Ton Solar Tech Co. Ltd. | 468,603 | 290 |
| | Ambassador Hotel | 313,519 | 289 |
| | ALI Corp. | 277,358 | 288 |
| | Alpha Networks Inc. | 361,919 | 287 |
| | Holy Stone Enterprise Co. Ltd. | 211,670 | 286 |
| | Federal Corp. | 399,798 | 286 |
| | YC INOX Co. Ltd. | 306,159 | 284 |
| | Huang Hsiang Construction Co. | 186,051 | 283 |
| * | Chunghwa Picture Tubes Ltd. | 4,542,000 | 282 |
| * | Via Technologies Inc. | 389,481 | 280 |
| | Asia Polymer Corp. | 361,500 | 280 |
| | Taiwan Acceptance Corp. | 110,000 | 279 |
| | Mercuries & Associates Ltd. | 420,005 | 278 |
| * | Chia Hsin Cement Corp. | 524,352 | 275 |
| | Gloria Material Technology Corp. | 338,484 | 275 |
| | Holtek Semiconductor Inc. | 152,279 | 274 |
| | Long Bon International Co. Ltd. | 438,000 | 272 |
| | OptoTech Corp. | 551,000 | 266 |
| * | Shihlin Paper Corp. | 187,428 | 266 |
| | Altek Corp. | 262,786 | 265 |
| | Syncmold Enterprise Corp. | 152,000 | 264 |
| | Gemtek Technology Corp. | 291,115 | 263 |
| | Lingsen Precision Industries Ltd. | 398,000 | 263 |
| | Long Chen Paper Co. Ltd. | 600,052 | 263 |
| | Systex Corp. | 132,000 | 261 |
| | Vivotek Inc. | 54,000 | 260 |
| | Lite-On Semiconductor Corp. | 351,000 | 258 |
| * | King's Town Construction Co. Ltd. | 305,712 | 255 |
| * | Toung Loong Textile Manufacturing | 87,000 | 249 |
| | Elitegroup Computer Systems Co. Ltd. | 334,180 | 248 |
| | CSBC Corp. Taiwan | 405,808 | 246 |
| | Tong-Tai Machine & Tool Co. Ltd. | 242,518 | 246 |
| | Kuoyang Construction Co. Ltd. | 476,648 | 242 |
| | Sincere Navigation Corp. | 278,000 | 242 |
| | GeoVision Inc. | 44,345 | 242 |
| | Jentech Precision Industrial Co. Ltd. | 71,698 | 241 |
85
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Chung Hsin Electric & Machinery Manufacturing Corp. | 358,000 | 241 |
| | Genius Electronic Optical Co. Ltd. | 69,732 | 240 |
| | Quanta Storage Inc. | 190,000 | 238 |
| * | Unizyx Holding Corp. | 427,000 | 237 |
| | Continental Holdings Corp. | 620,000 | 235 |
| * | Solartech Energy Corp. | 310,414 | 233 |
| | United Integrated Services Co. Ltd. | 212,000 | 232 |
| * | Taiwan Land Development Corp. | 629,542 | 232 |
| * | Walsin Technology Corp. | 765,408 | 229 |
| | Nien Hsing Textile Co. Ltd. | 231,083 | 228 |
| * | Unitech Printed Circuit Board Corp. | 583,738 | 228 |
| | Topco Scientific Co. Ltd. | 120,456 | 225 |
| | Lotes Co. Ltd. | 69,000 | 224 |
| | CHC Healthcare Group | 91,733 | 224 |
| | Visual Photonics Epitaxy Co. Ltd. | 208,941 | 222 |
| | Elite Material Co. Ltd. | 246,519 | 220 |
| | Chun Yuan Steel | 516,676 | 217 |
| * | Sunplus Technology Co. Ltd. | 570,000 | 217 |
| | Great Taipei Gas Co. Ltd. | 273,000 | 214 |
| * | Formosa Epitaxy Inc. | 367,000 | 211 |
| | Sonix Technology Co. Ltd. | 112,000 | 211 |
| * | Green Energy Technology Inc. | 252,746 | 210 |
| | HUA ENG Wire & Cable | 539,000 | 209 |
| | Global Unichip Corp. | 74,649 | 208 |
| | Taiwan Cogeneration Corp. | 312,903 | 208 |
| | Hung Poo Real Estate Development Corp. | 225,195 | 202 |
| | Darfon Electronics Corp. | 287,000 | 200 |
| | Ability Enterprise Co. Ltd. | 307,257 | 194 |
| | Taiwan Sanyo Electric Co. Ltd. | 168,300 | 192 |
| * | Globe Union Industrial Corp. | 289,000 | 191 |
| | China General Plastics Corp. | 374,180 | 189 |
| | Sampo Corp. | 491,311 | 189 |
| | Cyberlink Corp. | 61,076 | 188 |
| * | Asia Optical Co. Inc. | 188,000 | 188 |
| | Pixart Imaging Inc. | 92,920 | 182 |
| | Getac Technology Corp. | 340,000 | 181 |
| | Microlife Corp. | 66,500 | 181 |
| | Global Mixed Mode Technology Inc. | 57,199 | 180 |
| | Johnson Health Tech Co. Ltd. | 73,661 | 179 |
| * | Eastern Media International Corp. | 406,072 | 177 |
| * | TYC Brother Industrial Co. Ltd. | 272,710 | 173 |
| | Weltrend Semiconductor | 187,200 | 173 |
| | Forhouse Corp. | 419,000 | 170 |
| | WUS Printed Circuit Co. Ltd. | 320,000 | 170 |
| * | HannsTouch Solution Inc. | 616,392 | 169 |
| * | Etron Technology Inc. | 302,947 | 164 |
| * | Gold Circuit Electronics Ltd. | 586,280 | 161 |
| * | Concord Securities Corp. | 620,324 | 160 |
| | Ta Ya Electric Wire & Cable | 650,440 | 159 |
| * | Giantplus Technology Co. Ltd. | 371,000 | 159 |
| | Sitronix Technology Corp. | 79,282 | 157 |
| | China Chemical & Pharmaceutical Co. Ltd. | 213,000 | 157 |
| | Taiwan Fire & Marine Insurance Co. | 198,840 | 155 |
| | AV Tech Corp. | 57,053 | 154 |
| | Infortrend Technology Inc. | 243,885 | 153 |
| | Zinwell Corp. | 146,099 | 150 |
| | China Electric Manufacturing Corp. | 343,000 | 144 |
| | L&K Engineering Co. Ltd. | 159,000 | 142 |
| | Basso Industry Corp. | 113,000 | 140 |
| | ACES Electronic Co. Ltd. | 120,000 | 139 |
| * | Dynamic Electronics Co. Ltd. | 366,468 | 138 |
| * | Newmax Technology Co. Ltd. | 61,478 | 136 |
| * | Pan Jit International Inc. | 293,000 | 133 |
| | Asia Vital Components Co. Ltd. | 207,337 | 133 |
86
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Phihong Technology Co. Ltd. | 197,618 | 132 |
| | Shih Wei Navigation Co. Ltd. | 195,986 | 132 |
| | Tsann Kuen Enterprise Co. Ltd. | 91,295 | 129 |
| | Taiwan Mask Corp. | 377,650 | 129 |
| | First Steamship Co. Ltd. | 216,588 | 126 |
| | Jess-Link Products Co. Ltd. | 131,800 | 124 |
| | FSP Technology Inc. | 114,254 | 123 |
| | Bank of Kaohsiung | 381,210 | 120 |
| * | Silicon Integrated Systems Corp. | 420,592 | 120 |
| * | Pihsiang Machinery Manufacturing Co. Ltd. | 118,000 | 120 |
| * | Genesis Photonics Inc. | 172,214 | 117 |
| | Young Fast Optoelectronics Co. Ltd. | 119,000 | 116 |
| * | Wafer Works Corp. | 225,570 | 115 |
| | Young Optics Inc. | 58,000 | 115 |
| | Hsin Kuang Steel Co. Ltd. | 177,569 | 113 |
| * | Chung Hwa Pulp Corp. | 373,890 | 112 |
| * | Champion Building Materials Co. Ltd. | 292,000 | 104 |
| | KYE Systems Corp. | 234,000 | 101 |
| * | Microelectronics Technology Inc. | 188,212 | 100 |
| * | Global Brands Manufacture Ltd. | 295,045 | 99 |
| * | J Touch Corp. | 128,999 | 98 |
| | Silitech Technology Corp. | 72,419 | 98 |
| * | Tyntek Corp. | 290,003 | 98 |
| | LES Enphants Co. Ltd. | 145,059 | 98 |
| * | Entire Technology Co. Ltd. | 85,000 | 97 |
| | Advanced International Multitech Co. Ltd. | 90,000 | 92 |
| | International Games System Co. Ltd. | 32,213 | 92 |
| | Taiyen Biotech Co. Ltd. | 107,876 | 92 |
| | ITE Technology Inc. | 76,418 | 84 |
| | Sheng Yu Steel Co. Ltd. | 111,000 | 83 |
| | Sunrex Technology Corp. | 184,000 | 82 |
| | Chinese Maritime Transport Ltd. | 69,000 | 81 |
| | Avermedia Technologies | 192,290 | 79 |
| | Shihlin Electric & Engineering Corp. | 65,375 | 79 |
| * | AGV Products Corp. | 250,000 | 79 |
| | O-TA Precision Industry Co. Ltd. | 106,000 | 74 |
| | ENG Electric Co. Ltd. | 88,799 | 72 |
| * | Mosel Vitelic Inc. | 358,861 | 71 |
| | Chinese Gamer International Corp. | 32,000 | 65 |
| | Taiwan Navigation Co. Ltd. | 80,178 | 59 |
| | National Petroleum Co. Ltd. | 45,460 | 41 |
| | First Hotel | 44,257 | 28 |
| * | Bright Led Electronics Corp. | 51,000 | 27 |
| * | Mercuries Life Insurance Co. Ltd. Rights Exp. 05/14/2014 | 20,295 | — |
| | | | 152,357 |
| Thailand (1.0%) | | |
| * | Jasmine International PCL | 4,026,288 | 1,036 |
| * | BTS Rail Mass Transit Growth Infrastructure Fund | 3,165,076 | 945 |
| * | Minor International PCL | 1,214,800 | 926 |
| ^ | CPN Retail Growth Leasehold Property Fund | 1,752,427 | 835 |
| | Bumrungrad Hospital PCL (Foreign) | 273,613 | 834 |
| * | Robinson Department Store PCL | 517,800 | 810 |
| * | Siam Global House PCL | 1,648,616 | 689 |
| * | Thaicom PCL | 535,200 | 671 |
| * | Thanachart Capital PCL | 605,920 | 652 |
| * | LPN Development PCL | 1,083,888 | 585 |
| | Home Product Center PCL | 2,035,667 | 564 |
| * | Hana Microelectronics PCL | 561,500 | 560 |
| | Minor International PCL (Foreign) | 723,643 | 551 |
| * | Bangkok Land PCL | 10,843,700 | 548 |
| ^ | Central Plaza Hotel PCL | 492,400 | 473 |
| | Kiatnakin Bank PCL | 346,100 | 461 |
| * | Thoresen Thai Agencies PCL | 700,356 | 451 |
| * | Tisco Financial Group PCL | 362,950 | 447 |
87
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Pruksa Real Estate PCL | 639,890 | 445 |
| | Sino-Thai Engineering & Construction PCL | 695,357 | 401 |
| * | Dynasty Ceramic PCL | 238,000 | 386 |
| ^ | Bangkok Life Assurance PCL | 175,800 | 385 |
| * | Hemaraj Land and Development PCL | 3,462,400 | 382 |
| ^,* | TTW PCL | 1,201,300 | 349 |
| * | Home Product Center PCL | 1,252,797 | 347 |
| ^,* | Sri Trang Agro-Industry PCL | 740,900 | 339 |
| * | MBK PCL | 718,000 | 338 |
| * | Bangkok Life Assurance PCL | 154,134 | 337 |
| * | Cal-Comp Electronics Thailand PCL | 4,143,798 | 331 |
| * | Bumrungrad Hospital PCL | 105,160 | 320 |
| | Hana Microelectronics PCL (Foreign) | 284,010 | 305 |
| | Bangkok Expressway PCL (Foreign) | 278,700 | 295 |
| | VGI Global Media PCL | 822,500 | 293 |
| * | Bangchak Petroleum PCL | 295,100 | 292 |
| * | Thai Vegetable Oil PCL | 342,400 | 253 |
| * | VGI Global Media PCL | 685,600 | 244 |
| * | WHA Corp. PCL | 235,200 | 244 |
| | Bangkok Chain Hospital PCL | 1,051,125 | 239 |
| * | Univentures PCL | 975,700 | 237 |
| * | Major Cineplex Group PCL | 389,300 | 231 |
| ^ | Precious Shipping PCL | 269,200 | 229 |
| * | Esso Thailand PCL | 1,046,600 | 203 |
| * | Amata Corp. PCL | 405,300 | 197 |
| | Quality Houses PCL | 1,828,934 | 182 |
| | Precious Shipping PCL | 206,600 | 176 |
| | Hemaraj Land and Development PCL | 1,562,300 | 173 |
| * | Supalai PCL | 285,300 | 173 |
| | Univentures PCL | 707,100 | 172 |
| ^,* | Sansiri PCL (Local) | 2,806,100 | 166 |
| | Thanachart Capital PCL | 149,600 | 161 |
| * | TPI Polene PCL | 418,700 | 154 |
| ^,* | Italian-Thai Development PCL | 1,360,202 | 154 |
| * | Thai Reinsurance PCL | 1,480,500 | 148 |
| | Tisco Financial Group PCL (Foreign) | 118,850 | 146 |
| | Supalai PCL | 231,500 | 140 |
| * | Quality Houses PCL | 1,331,100 | 135 |
| * | Asian Property Development PCL (Foreign) | 782,960 | 131 |
| | Khon Kaen Sugar Industry PCL (Foreign) | 291,200 | 130 |
| | Maybank Kim Eng Securities Thailand PCL | 197,500 | 130 |
| | Samart Corp. PCL | 341,500 | 129 |
| | Bumrungrad Hospital PCL | 34,400 | 105 |
| * | Sahaviriya Steel Industries PCL | 9,411,500 | 105 |
| | Khon Kaen Sugar Industry PCL | 236,700 | 103 |
| | Home Product Center PCL | 276,800 | 77 |
| | Bangkok Expressway PCL | 63,300 | 67 |
| * | Khon Kaen Sugar Industry PCL | 140,000 | 61 |
| * | Samart Corp. PCL | 92,200 | 59 |
| * | G J Steel PCL | 27,117,250 | 50 |
| * | Saha-Union PCL | 40,000 | 47 |
| * | Tata Steel Thailand PCL | 1,725,500 | 42 |
| | Pruksa Real Estate PCL | 55,900 | 40 |
| * | Thoresen Thai Agencies PCL | 52,700 | 34 |
| * | Thoresen Thai Agencies PCL Warrants Exp. 09/12/2015 | 89,328 | 18 |
| * | Bangkokland PCL Warrants Exp. 05/16/2018 | 1,210,774 | 12 |
| * | BTS Group Holdings PCL | 12,368 | 3 |
| * | Bangkokland PCL Warrants Exp. 12/30/2015 | 97,606 | 1 |
| | | | 23,084 |
| Turkey (0.4%) | | |
| * | Petkim Petrokimya Holding AS | 501,210 | 715 |
| | Turkiye Sinai Kalkinma Bankasi AS | 764,698 | 695 |
| * | Asya Katilim Bankasi AS | 869,837 | 671 |
| * | Pegasus Hava Tasimaciligi AS | 44,936 | 603 |
88
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS | 659,225 | 474 |
| | Yazicilar Holding AS Class A | 44,668 | 408 |
| | Aygaz AS | 92,028 | 381 |
| * | Migros Ticaret AS | 40,780 | 369 |
| | Turk Traktor ve Ziraat Makineleri AS | 12,552 | 362 |
| * | Sekerbank TAS | 355,343 | 332 |
| * | Dogan Sirketler Grubu Holding AS | 950,935 | 325 |
| | Tekfen Holding AS | 126,370 | 320 |
| | Konya Cimento Sanayii AS | 2,412 | 306 |
| | Dogus Otomotiv Servis ve Ticaret AS | 80,260 | 305 |
| | Trakya Cam Sanayii AS | 250,773 | 286 |
| * | Dogan Yayin Holding AS | 1,011,735 | 245 |
| | Aksigorta AS | 175,747 | 242 |
| | Bizim Toptan Satis Magazalari AS | 24,664 | 234 |
| * | Zorlu Enerji Elektrik Uretim AS | 431,881 | 234 |
| * | Koza Anadolu Metal Madencilik Isletmeleri AS | 193,359 | 233 |
| | Is Gayrimenkul Yatirim Ortakligi AS | 351,053 | 230 |
| | Cimsa Cimento Sanayi VE Tica | 35,581 | 208 |
| | Aksa Akrilik Kimya Sanayii | 56,442 | 197 |
| | Albaraka Turk Katilim Bankasi AS | 229,944 | 183 |
| | Anadolu Cam Sanayii AS | 196,893 | 177 |
| * | Vakif Gayrimenkul Yatirim Ortakligi AS | 51,344 | 175 |
| * | Gubre Fabrikalari TAS | 87,760 | 175 |
| | Torunlar Gayrimenkul Yatirim Ortakligi AS | 97,105 | 165 |
| | Akfen Holding AS | 74,550 | 156 |
| * | Akenerji Elektrik Uretim AS | 223,987 | 137 |
| * | Ipek Dogal Enerji Kaynaklari Ve Uretim AS | 95,511 | 121 |
| | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 107,261 | 118 |
| * | Ihlas Holding AS | 631,611 | 102 |
| | Alarko Holding AS | 44,146 | 102 |
| | Turcas Petrol AS | 74,081 | 91 |
| * | Vestel Elektronik Sanayi ve Ticaret AS | 72,776 | 65 |
| * | Hurriyet Gazetecilik AS | 189,447 | 54 |
| | | | 10,196 |
| United Arab Emirates (0.1%) | | |
| * | Drake & Scull International | 1,185,819 | 544 |
| * | Eshraq Properties Co. PJSC | 772,487 | 518 |
| | RAK Properties PJSC | 800,000 | 272 |
| | National Central Cooling Co. PJSC | 339,412 | 220 |
| * | Islamic Arab Insurance Co. | 243,276 | 73 |
| | | | 1,627 |
| United Kingdom (16.9%) | | |
| | Inchcape plc | 501,305 | 5,446 |
| | DS Smith plc | 1,013,729 | 5,402 |
| | Pennon Group plc | 403,820 | 5,170 |
| | Provident Financial plc | 151,864 | 5,106 |
| | Spectris plc | 129,746 | 4,882 |
| | Henderson Group plc | 1,145,807 | 4,868 |
| * | Thomas Cook Group plc | 1,623,603 | 4,800 |
| | DCC plc | 92,444 | 4,740 |
| | Derwent London plc | 99,626 | 4,583 |
| | IG Group Holdings plc | 400,611 | 4,308 |
| | Rightmove plc | 105,736 | 4,308 |
| | Rotork plc | 94,555 | 4,147 |
| | Amlin plc | 547,047 | 4,136 |
| * | Hiscox Ltd. | 344,065 | 4,105 |
| | Hays plc | 1,585,127 | 4,044 |
| | Capital & Counties Properties plc | 714,623 | 4,031 |
| | Spirax-Sarco Engineering plc | 81,741 | 4,007 |
| | Great Portland Estates plc | 374,158 | 3,967 |
| | Booker Group plc | 1,590,655 | 3,957 |
| | Halma plc | 412,442 | 3,919 |
| | Howden Joinery Group plc | 705,000 | 3,881 |
| | Close Brothers Group plc | 161,846 | 3,823 |
89
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Hikma Pharmaceuticals plc | 144,501 | 3,792 |
| | Greene King plc | 240,034 | 3,614 |
| | Balfour Beatty plc | 758,969 | 3,604 |
| * | BTG plc | 396,904 | 3,569 |
| | Essentra plc | 254,776 | 3,456 |
| | Premier Oil plc | 585,716 | 3,354 |
| | Intermediate Capital Group plc | 446,683 | 3,353 |
| | Berendsen plc | 190,966 | 3,337 |
| | Catlin Group Ltd. | 368,836 | 3,294 |
| | Bellway plc | 133,061 | 3,240 |
| | Britvic plc | 261,540 | 3,203 |
| | Home Retail Group plc | 921,178 | 3,183 |
| * | Afren plc | 1,191,787 | 3,166 |
| | Shaftesbury plc | 283,078 | 3,165 |
| * | Dixons Retail plc | 4,001,331 | 3,043 |
| | UBM plc | 269,782 | 3,001 |
| | Jupiter Fund Management plc | 455,831 | 2,995 |
| | Carillion plc | 478,692 | 2,994 |
| | Man Group plc | 1,793,730 | 2,994 |
| | Stagecoach Group plc | 465,573 | 2,920 |
| * | Firstgroup plc | 1,330,928 | 2,908 |
| | TalkTalk Telecom Group plc | 580,204 | 2,812 |
| | Telecity Group plc | 229,402 | 2,782 |
| | Victrex plc | 88,121 | 2,775 |
| | BBA Aviation plc | 527,025 | 2,765 |
| | Phoenix Group Holdings | 234,433 | 2,703 |
| | Michael Page International plc | 339,562 | 2,697 |
| * | Ocado Group plc | 472,677 | 2,691 |
| | QinetiQ Group plc | 742,102 | 2,644 |
| | AZ Electronic Materials SA | 384,521 | 2,617 |
| | Ladbrokes plc | 1,007,919 | 2,614 |
| | International Personal Finance plc | 276,199 | 2,612 |
| | Bodycote plc | 211,683 | 2,612 |
| | Aveva Group plc | 72,407 | 2,582 |
| * | Ophir Energy plc | 578,645 | 2,578 |
| * | Genel Energy plc | 157,202 | 2,574 |
| | Cable & Wireless Communications plc | 2,791,274 | 2,493 |
| | Jardine Lloyd Thompson Group plc | 137,633 | 2,456 |
| | Lancashire Holdings Ltd. | 207,417 | 2,453 |
| | Regus plc | 693,497 | 2,452 |
| | WS Atkins plc | 112,865 | 2,448 |
| | Electrocomponents plc | 493,291 | 2,432 |
| | Beazley plc | 574,391 | 2,383 |
| | Elementis plc | 506,731 | 2,379 |
| | WH Smith plc | 128,141 | 2,376 |
| | Playtech plc | 207,368 | 2,341 |
| | Restaurant Group plc | 218,714 | 2,309 |
| | Ultra Electronics Holdings plc | 80,031 | 2,295 |
| | Grafton Group plc | 232,553 | 2,287 |
| | Hunting plc | 158,990 | 2,276 |
| | Senior plc | 462,042 | 2,233 |
| | Mitie Group plc | 413,062 | 2,225 |
| | National Express Group plc | 466,906 | 2,203 |
| | Vesuvius plc | 305,995 | 2,158 |
| | Carphone Warehouse Group plc | 413,832 | 2,156 |
| | Pace plc | 348,568 | 2,148 |
| | Bovis Homes Group plc | 154,831 | 2,071 |
| | Greencore Group plc | 466,970 | 2,063 |
| | Paragon Group of Cos. plc | 339,033 | 2,051 |
| | SIG plc | 627,248 | 2,033 |
| * | Cairn Energy plc | 644,812 | 2,008 |
| | Micro Focus International plc | 153,109 | 2,008 |
| * | Mitchells & Butlers plc | 259,762 | 1,935 |
| | Debenhams plc | 1,416,276 | 1,924 |
90
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | RPC Group plc | 189,484 | 1,920 |
| * | EnQuest plc | 823,235 | 1,911 |
| | Morgan Advanced Materials plc | 322,471 | 1,825 |
| | Homeserve plc | 317,994 | 1,814 |
| | Galliford Try plc | 89,889 | 1,809 |
| | CSR plc | 184,295 | 1,791 |
| | Soco International plc | 241,328 | 1,764 |
| | Rathbone Brothers plc | 53,288 | 1,743 |
| | Marston's plc | 698,250 | 1,736 |
| | Betfair Group plc | 106,293 | 1,736 |
| | Countrywide plc | 170,726 | 1,705 |
| * | SVG Capital plc | 236,969 | 1,702 |
| | UDG Healthcare plc | 277,020 | 1,678 |
| | Halfords Group plc | 223,305 | 1,676 |
| | Bwin.Party Digital Entertainment plc | 775,683 | 1,670 |
| | Kier Group plc | 59,161 | 1,663 |
| | Grainger plc | 457,359 | 1,650 |
| | Interserve plc | 147,260 | 1,650 |
| | Domino Printing Sciences plc | 125,605 | 1,645 |
| | Go-Ahead Group plc | 49,163 | 1,640 |
| | Fidessa Group plc | 42,799 | 1,622 |
| | Brewin Dolphin Holdings plc | 296,519 | 1,617 |
| | Dunelm Group plc | 101,974 | 1,615 |
| | Telecom Plus plc | 60,776 | 1,591 |
| | Premier Farnell plc | 420,779 | 1,583 |
| | Millennium & Copthorne Hotels plc | 168,456 | 1,581 |
| | Fenner plc | 224,622 | 1,572 |
| | Unite Group plc | 216,175 | 1,544 |
| | De La Rue plc | 110,928 | 1,537 |
| | Londonmetric Property plc | 650,245 | 1,519 |
| | N Brown Group plc | 170,509 | 1,478 |
| | Moneysupermarket.com Group plc | 475,191 | 1,466 |
| | Diploma plc | 129,154 | 1,441 |
| * | Dignity plc | 59,146 | 1,430 |
| | Laird plc | 300,496 | 1,412 |
| | APR Energy plc | 105,085 | 1,411 |
| | Crest Nicholson Holdings plc | 239,073 | 1,407 |
| | Domino's Pizza Group plc | 161,910 | 1,407 |
| * | Enterprise Inns plc | 605,116 | 1,397 |
| | J D Wetherspoon plc | 96,995 | 1,382 |
| | Savills plc | 134,444 | 1,362 |
| | Synthomer plc | 305,012 | 1,360 |
| | Tullett Prebon plc | 246,087 | 1,323 |
| | F&C Asset Management plc | 649,569 | 1,311 |
| | Hansteen Holdings plc | 749,604 | 1,305 |
| | Synergy Health plc | 61,965 | 1,299 |
| | Kentz Corp. Ltd. | 105,911 | 1,291 |
| | Alent plc | 238,501 | 1,283 |
| | Big Yellow Group plc | 146,707 | 1,275 |
| * | Petra Diamonds Ltd. | 457,879 | 1,263 |
| | Keller Group plc | 74,622 | 1,259 |
| | Northgate plc | 143,688 | 1,258 |
| | Bank of Georgia Holdings plc | 28,047 | 1,234 |
| | Oxford Instruments plc | 56,543 | 1,232 |
| * | Centamin plc | 1,125,446 | 1,230 |
| * | Heritage Oil plc | 230,262 | 1,229 |
| | Renishaw plc | 39,426 | 1,213 |
| | Workspace Group plc | 123,374 | 1,196 |
| | F&C Commercial Property Trust Ltd. | 587,789 | 1,187 |
| | RPS Group plc | 235,927 | 1,180 |
| | Redrow plc | 243,687 | 1,179 |
| | Cineworld Group plc | 215,146 | 1,173 |
| | Genus plc | 67,959 | 1,162 |
| | Spirent Communications plc | 719,243 | 1,158 |
91
| | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | |
| Schedule of Investments | | |
| April 30, 2014 | | |
| |
| | | | Market |
| | | | Value |
| | | Shares | ($000) |
| | Dairy Crest Group plc | 147,883 | 1,154 |
| * | Kazakhmys plc | 285,464 | 1,150 |
| | ST Modwen Properties plc | 181,706 | 1,141 |
| | Dechra Pharmaceuticals plc | 96,871 | 1,128 |
| | esure Group plc | 262,277 | 1,116 |
| | Foxtons Group plc | 207,251 | 1,115 |
| * | Xaar plc | 83,247 | 1,109 |
| | Cranswick plc | 54,437 | 1,099 |
| | ITE Group plc | 279,044 | 1,085 |
| * | Entertainment One Ltd. | 208,434 | 1,042 |
| | Greggs plc | 114,536 | 1,036 |
| | Darty plc | 554,706 | 961 |
| | Kcom Group plc | 598,487 | 952 |
| | Spirit Pub Co. plc | 703,811 | 933 |
| * | Evraz plc | 564,816 | 921 |
| | Computacenter plc | 82,031 | 903 |
| ^ | Ted Baker plc | 28,775 | 899 |
| | Chemring Group plc | 215,960 | 817 |
| | Stobart Group Ltd. | 342,706 | 794 |
| * | SuperGroup plc | 35,216 | 792 |
| * | Colt Group SA | 353,218 | 782 |
| ^,* | Imagination Technologies Group plc | 225,992 | 752 |
| | Shanks Group plc | 434,153 | 750 |
| * | Premier Foods plc | 743,730 | 723 |
| | African Barrick Gold plc | 167,471 | 703 |
| | Xchanging plc | 248,357 | 668 |
| | Al Noor Hospitals Group plc | 39,533 | 666 |
| ^,* | Kenmare Resources plc | 3,095,322 | 654 |
| | Cape plc | 124,813 | 633 |
| | Redefine International plc | 662,576 | 621 |
| | Helical Bar plc | 100,674 | 618 |
| | Devro plc | 170,511 | 609 |
| | Chesnara plc | 104,111 | 578 |
| | UK Commercial Property Trust Ltd. | 413,753 | 566 |
| | Speedy Hire plc | 590,729 | 562 |
| | Hochschild Mining plc | 191,386 | 534 |
| | Smiths News plc | 174,066 | 529 |
| | Development Securities plc | 125,803 | 517 |
| | Morgan Sindall Group plc | 38,158 | 510 |
| * | Salamander Energy plc | 219,336 | 497 |
| * | Lamprell plc | 189,604 | 492 |
| | Mucklow A & J Group plc | 57,393 | 437 |
| | Schroder REIT Ltd. | 470,283 | 425 |
| | Daejan Holdings plc | 4,919 | 388 |
| | SDL plc | 73,436 | 374 |
| | Ferrexpo plc | 148,475 | 366 |
| | Picton Property Income Ltd. | 342,986 | 358 |
| * | Gem Diamonds Ltd. | 118,777 | 333 |
| * | NMC Health plc | 44,463 | 331 |
| | 888 Holdings plc | 124,984 | 310 |
| * | Partnership Assurance Group plc | 139,176 | 310 |
| ^,* | Aquarius Platinum Ltd. | 826,661 | 301 |
| * | Asia Resource Minerals plc | 83,870 | 268 |
| | Anglo Pacific Group plc | 74,188 | 239 |
| ^,* | Mothercare plc | 73,260 | 231 |
| * | Essar Energy plc | 191,153 | 217 |
| * | Aquarius Platinum Rights Exp. 05/14/2014 | 1,653,322 | 207 |
| ^,* | New World Resources plc | 78,873 | 52 |
| * | Connaught plc | 50,771 | — |
| | | | 401,429 |
| Total Common Stocks (Cost $2,050,423) | | 2,368,551 |
92
| | | | | |
| Vanguard® FTSE All-World ex-US Small-Cap Index Fund | | | | |
| Schedule of Investments | | | | |
| April 30, 2014 | | | | |
| |
| | | | | | Market |
| | | | | | Value |
| | | Coupon | | Shares | ($000) |
| Temporary Cash Investments (8.2%) | | | | |
| Money Market Fund (8.2%) | | | | |
| 2,3 | Vanguard Market Liquidity Fund | 0.124% | | 192,744,071 | 192,744 |
| |
| |
| | | | | Face | |
| | | | Maturity | Amount | |
| | | | Date | ($000) | |
| U.S. Government and Agency Obligations (0.0%) | | | | |
| 4 | Federal Home Loan Bank Discount Notes | 0.075% | 6/24/14 | 500 | 500 |
| 5 | Freddie Mac Discount Notes | 0.105% | 6/18/14 | 100 | 100 |
| | | | | | 600 |
| Total Temporary Cash Investments (Cost $193,344) | | | | 193,344 |
| Total Investments (108.1%) (Cost $2,243,767) | | | | 2,561,895 |
| Other Assets and Liabilities—Net (-8.1%)3 | | | | (191,076) |
| Net Assets (100%) | | | | 2,370,819 |
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $172,665,000.
* Non-income-producing security.
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 April 30, 2014, the aggregate value of these securities was $1,233,000, representing
0.1% 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 $184,384,000 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.
5 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.
REIT—Real Estate Investment Trust.
93
© 2014 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA7702 062014
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) 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: June 19, 2014 |
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: June 19, 2014 |
| |
| | VANGUARD INTERNATIONAL EQUITY INDEX FUNDS |
| |
| By: | /s/ THOMAS J. HIGGINS* |
| | THOMAS J. HIGGINS |
| | CHIEF FINANCIAL OFFICER |
| |
| Date: June 19, 2014 |
* 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.
